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US.
AOM.
LIBRARY
MAY 4- 1336
ommfffis
COPYRIGHTED IN 1036 BY WILLIAM B. DANA COMPANY, NEW YORK.
Vfl 1
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ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1 J79.
Copy—
NEW YORK,
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BROOKLYN
William B.Dana
MAY 2, 1936.
William
TRUST
NO. 3697
THE CHASE
COMPANY
Chartered
Co.,Publishers,
Spruce Sts., N.Y.City
cor.
NATIONAL BANK
Kidder, Peabody
1866
NEW
George V. McLaughlin
President
YORK
& Go.
OF
BOSTON
THE
CITY
THE
OF
NEW
YORK
CHASE is
tra¬
PHILADELPHIA
ditionally a bankers' bank.
For
NEW YORK
many
it
years
has
BROOKLYN
served
large number
a
of banks and bankers
as
New York
\^HsEirgpBank
and
b
depository.
reserve
Member Federal
STATE
Deposit Insurance Corporation
AND
UnionlrustCo.
SAN
correspondent
and
COMMERCIAL BANKERS SINCE 1852
MUNICIPAL
FRANCISCO
BONDS
Member Federal Deposit Insurance Corporation
United States
$200,i iiliKiliTil
RESOURCES OVER
it:
Government
i
Securities
The
Hallgarten & Co.
FIRST BOSTON
Established 1850
CORPORATION
NEW YORK
NEW YORK
Incorporated
BOSTON
PHILADELPHIA
London
63 Wall
Street, New York
Telephones BOwling Green 9-5000
CHICAGO
Chicago
Brown Harriman & Co.
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
120
Broadway
The
New York
London
Amsterdam
NewTorkTru s t
BROADWAY
Capital Funds
NEW YORK
Berlin
Amsterdam
London
Municipal Bonds
Company
CARL M. LOEB& CO.
61
State and
.
$32,500,000
Barr Brothers & Co.
INC.
New York
Paris
IOO
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST.
EDWARD B. SMITH & CO.
31 Nassau
Street
&
MADISON AVE.
(Jolted States Government
NEW YORK
SECURITIES
New York
State
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
European Representative
London
•
s
Office:
Railroad
-
Municipal
Public Utility
BONDS
8 KING WILLIAM STREET
Easton
-
LONDON, E. C. 4
Correspondent
Edward
Minneapolis
B. Smith &
CHICAGO
*
R.W.Pressprich&Co.
Co., Inc.
St. Louis
Member Federal Reserve System
N.
Y.
and
MEMBERS NEW YORK STOCK EXCHANGE
New York
Clearing House Association
Chicago
Philadelphia
San Francisco
May 2, 1936
Chronicle
Financial
n
BAKER, WEEKS
& HARDEN
A. G. Becker & Co.
J. & W. Seligman & Co.
Investment Securities
1893
Established
Members
New York Stock Exchange
No.
Philadelphia Stock Exchange
52 WALL
Chicago
STREET, NEW YORK
Commercial Trust Bldg.,
Buhl
London
Bourse
Correspondente
.
Philadelphia
SELIGMAN
Building, Detroit
6 Lothbury, London, E.
Cities
And Other
YORK
NEW
Graybar Building, New York
York
Street
Chicago Board of Trade
Commercial Paper
New
Wall
64
New York Curb Exchange
Investment Securities
BROTHERS
C. 2
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
BIRMINGHAM
Foreign
NEWARK
New Jersey
MARX & CO.
Bonds
State & Municipal
Insurance Stocks
Newark Bank &
Royal Bank of Scotland
Incorporated
BIRMINGHAM, ALABAMA
by
Royal
1727
Charter
£3,780,192
Capital (fully paid)
fund
Reserve
J. S. R1PPEL &
CO
AND
MUNICIPAL
SOUTHERN
BONDS
CORPORATION
Over
Newark, N? J.
18 Clinton St.
£3,857,143
£64,009,174
Deposits
200 Years of Commercial
CHIEF
Foreign
3
FOREIGN
Bishopsgate,
Banking
DEPARTMENT
London, England
LOUIS
ST.
HEAD
OFFICE—Edinburgh
Australia and New Zealand
General Manager
BANK OF
Total number of offices, 254
William Whyte
NEW SOUTH WALES
St. Louis Securities
Associated Bank, Williams Deacon's
Bank, Ltd.
(ESTABLISHED 1817)
(With which are amalgamated the Western Australian
Bank and The Australian Bank of Commerce, Ltd.)
St/x
Coi
&
SAINT LOUIS
Paid Up
£8,780,000
Capital
Reserve Fund
Reserve Liability
6,150,000
8,780,000
of Proprietors
9090UVE st
£23,710,000
Members St. Louis Stock Exchange
Aggregate Assets 30th Sept., 1935. £110,559,000
A. C. DAVIDSON, General Manager
BRANCHES AND AGENCIES in the
Australian States.
New Zealand, Fiji, Papua.
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya
and Uganda
Head
Office: 26, Bishopsgate,
Branches
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
747
Mandated Territory of New Guinea, and
Bank transacts every description
The
tralasian
Wool
Banking Business.
Produce Credits arranged.
London
of Aus¬
and other
Southwestern
and
Missouri
Stocks
Bonds
and
Subscribed Capital
Paid
£4,000,000
Up Capital
£2,000,000
Reserve Fund
£2,200,000
The Bank conducts every description of banking
Head Office:
London Office:
George Street,
29 Threadneedle
Street, E.C.2
SYDNEY
Colony
London, E. C
Agents Standard Bank of South
New York
and exchange
business
Trusteeships and Executorships also
undertaken
Africa
Smith, Moore &Co.
NATIONAL BANK OF NEW ZEALAND, Ltd.
St. Louis
Corp
Established 1872
St. Louis Stock
The First Boston
Exchange
Wire
NATIONAL BANK
Chief office In New Zealand: Wellington
Sit James Grose. General Manager
Head Office: 8 Moorgate, London, E.
of EGYPT
Head Office
.
.
.
.
.
.
Subscribed
Cairo
—.0
Reserve Fund.
The
FULLY PAID CAPITAL
RESERVE FUND
.
....
£3,000,000
3,000,000
Bank
conducts
2,000,000
£1,000,000
£500,000
Currency Reserve ...
DETROIT
C. 2, Eng.
Capital........ £6,000,000
Paid up Capital
every
description
of banking
business connected with New Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
MICHIGAN
LONDON AQENC1
MUNICIPALS
and 7, King
and
CORPORATION
BONDS
William Street, E. C.
Branches
in all the
principal Tovms in
WATLING, LERCHEN & HAYES
EGYPT and the SUDAN
Members
New York Stock Exch.
New York Curb Assoc.
Detroit Stock Exchange
Chicago Stock Exch.
334
BUHL BLDG.,
DETROIT
Cotton Fads
Hong Kong & Shanghai
BANKING
CORPORATION
Carry
your
message
to
UTILITY
BONDS
Charles A. Parcel Is & Co.
Members
Detroit
Stock
PENOBSCOT BUILDING,
Exchange
these readers at
a
Authorized Capital (Hongkong Currency) HS50,000,000
PUBLIC
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
cost
Paid-up Capital (Hongkong Currency)__H$20,000.000
Reserve Fund In Sterling
£6,500,000
Reserve Fund in Silver (Hongkong Cur¬
advertising
columns.
rency)
Reserve
Liability
of
Proprietors
kong Currency)—..—
H$10.000,000
(Hong¬
HJ20.000.000
DETROIT, MICH.
C. DE C. HUGHES, Agent
72 WALL
STREET, NEW YORK
through
our
moderate
Vol. 142
MAY
2,
No. 3697
1936
CONTENTS
Editorials
page
_-2881
Financial Situation
Secretary Roper's Ten-Point Program
.2893
_ _ _ _
Looking Forward to the Inter-American Conference.
_
Reversal in Agricultural
..2896
The
Trends
:
.2894
2896
Proposed Tax Legislation..
Comment and Review
Book Reviews:
Regulation of Public Utilities in New Jersey.
2901
Money Matters
2902
Directory of Texas Manufacturers
2902
Week
on
the
2885
European Stock Exchanges
2886
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment.
2889 & 2938
2901
Course of the Bond Market.
Indications of Business
Activity
2902
_
Week
on
the
New York Stock Exchange
Week
on
the
New
York Curb
2883
2937
Exchange
News
Current Events and
Bank and
General
Trust
2914
Discussions.
Company Items
2936
______
2980
Corporation and Investment News_.._
Dry Goods Trade
3032
State and
3033
Municipal Department.
Stocks and Bonds
___2938
Foreign Stock Exchange Quotations.
2940
Dividends Declared
.2979
Auction Sales
New York Stock
2947
Exchange—Stock Quotations
New York Stock Exchange—Bond Quotations. _2946
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations..
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
Sver-the-Counter Securities—Stock
Quotations
& 2956
2962
2965
___2968
2972
& Bond Quotations.2975
Reports
Foreign Bank Statements
Course of Bank
.___
Clearings
2888
2938
Federal Reserve Bank Statements
2943
General Corporation and Investment News
2980
Commodities
The
Commercial Markets and the Crops
3023
Cotton
3026
Breadstuffs
3030
Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor: William Dana Seibert, President and Treasurer; William D. Biggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O.
Copyright, 1936, by WiUiam B Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
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Transient display advertising matter, 45 cents
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Contract and card rates on request.
Financial Chronicle
xrr
May 2, 1936
V
NEW ISSUE
J-''.'.
$18,720,000
CITY OF DETROIT,
MICHIGAN
Refunding 3'/2% and 4% Bonds
(Non-callable)
To be dated
To mature each June 1, as shown below
June 1, 1936
Principal and semi-annual interest (June 1 and December 1) payable in New York City or in Detroit, Michigan.
Coupon Bonds in the denomination of $1,000, exchangeable for registered Bonds.
Interest
Exempt from all present Federal Income Taxes
.
Tax Free in the State
of Michigan
These Bonds, to be issued for refunding purposes, in the opinion of counsel, will be general obligations of the
City of Detroit, payable from ad valorem taxes to be levied against all property in said City, subject to taxation
by said City, without limitation as to rate or amount.
AMOUNTS, MATURITIES AND PRICES
(Accrued interest to be added)
.
$12,870,000 4% Bonds
Prices to Yield
Bonds
Due
Prices to Yield
Bonds
Due
Prices to Yield
$325,000
1937
0.75%
$325,000
1942
3.00%
$845,000
1947
3.65%
325,000
1938
1.25
325,000
1943
3.25
975,000
1948
3.65
325,000
1939
1.75
325,000
1944
3.40
975,000
1949
3.70
1950-51
3.70
1952-56
3.75
Bonds
Due
.
325,000
1940
2.25
325,000
1945
3.50
975,000
325,000
1941
2.75
325,000
1946
3.60
975,000
ea. yr.
"
"
$5,850,000 3]/2% Bonds
$975,000 Bonds due each year 1957-62, priced to yield 3.65%
When,
as
and if issued and received by us and subject to the approval of legality by Messrs. Thomson, Wood & Hoffman,
EDWARD B. SMITH & CO.
LEHMAN BROTHERS
LAZARD FRERES & COMPANY
CHEMICAL BANK & TRUST COMPANY
New York City.
BROWN HARRIMAN & CO.
Incorporated
Incorporated
BANCAMERICA-BLAIR
E. H. ROLLINS & SONS
CORPORATION
PHELPS, FENN & CO.
KEAN, TAYLOR & CO.
MERCANTILE-COMMERCE BANK & TRUST CO.
Incorporated
A. C. ALLYN AND COMPANY
GOLDMAN, SACHS & CO.
WATLING, LERCHEN & HAYES
A. G. BECKER & CO.
B. J. VAN INGEN & CO. INC.
FIELD, RICHARDS & SHEPARD, INC.
THE ILLINOIS COMPANY
KELLEY, RICHARDSON & CO.
Cleveland
ELDREDGE & CO.
OF CHICAGO
Incorporated
Incorporated
CRAY, McFAWN & COMPANY
EDWARD LOWBER STOKES & CO.
REYNOLDS & CO.
ROOSEVELT & WEIGOLD
Detroit
Incorporated
'
McDONALD-COOLIDGE & CO.
FIRST NATIONAL BANK & TRUST CO.
Cleveland
of Minneapolis
THE FIRST CLEVELAND CORPORATION
'
THE MILWAUKEE COMPANY
WELLS-DICKEY CO.
Milwaukee
Minneapolis
HORNBLOWER & WEEKS
DOMINICK & DOMINICK
SCHOELLKOPF, HUTTON & POMEROY
-
KALMAN & COMPANY
MORSE BROS. & CO., INC.
St. Paul
'
CASSATT & CO.
Incorporated
NEWTON, ABBE & CO.
Detroit
Incorporated
WILLIAM R. COMPTON & CO.
Incorporated
j
(
SCHWABACHER & CO.
gan Francisco
Incorporated
W. H. NEWBOLD'S SON & CO.
Philadelphia
McDONALD, MOORE & HAYES, INC.
HAROLD E. WOOD & CO.
CITY NATIONAL BANK & TRUST CO.
Detroit
JOHN B. CARROLL & CO.
St. Paul
Kansas City
.
i
STARKWEATHER & CO.
Incorporated
April 30, 1936.
WHEELOCK & CUMMINGS,
Des Moines
INC.
ELI T. WATSON & CO.
RYAN, SUTHERLAND & CO.
DULIN & CO.
Incorporated
Toledo
Los Angeles
The Financial Situation
Curiously enough, the staggering estimates of im¬
THE past with two serious left the business com¬
munity few days have situations to consider,
neither of which is
the
pending deficits by the Secretary of the Treasury
The Secretary of
encouraging.
Treasury told the Senate Finance Committee
were
on
brought forward in support of
that
admittedly
produce
would
Thursday that the Federal deficit for the current
revenue
fiscal year
eral nature and defects of this
would probably reach
very
nearly $6,000,-
On the day before the House, by
000,000.
thanjthose it would replace.
readers to
an over¬
whelming vote taken after desultory debate, sent to
the Senate what the New York "Times"
we
quite properly described
the worst tax
as
Thursday
out
sent
of the vote
warned
"The
maintain
declined
ernment
sub¬
two.
or
Budget
This
both
of the
im¬
hardly
the
a
of
situation
in
The President at
months.
is
at
$3,235,000,000,
but this estimate
before
the
had,
estimated the
true,
deficit
was
made
invalidation of
the
sing taxes, and of
bonus
passage
measure.
time
deficit
year
the
business
fort it
from
an
a
substantial number of
Whether
estimate
in
somewhat different language,
and
to
what
relatively
as a
For
will
he
extent
be
permanent
our
and
our
part, we
courage.
accepted by thoughtful observers as particularly de¬
pendable.
The
We confess to
some
doubt as to the
ac¬
of either of the estimates taken separately.
$6,000,000,000 figure for the current year seems
to assume
larger cash bonus payments on or before
June 30 of this year
merely
as
a
than
we
should suppose probable,
matter of administrative
procedure.
Therejis, however, all too little reason to doubt that
the deficits of the two years taken together will be
less than
eight and three-quarter billion dollars
thereabout, and this, after all, is the important fact.
and
or
industry to
themselves
make their views
It is
too
effectively
concerning
perhaps not
it.
yet
even
late, but certainly
no
valuable time should
more
be lost.
Less
Taxation
"Planned
The
Economy"
Of course,
this proposed
law is at bottom to be
garded less
than
ure
tax meas¬
as a
as
a
of
re¬
scheme
use
power
of the Federal Gov¬
ernment to
cog
to
the
to
make
taxing
addfone
more
machine
the
de¬
signed by the Administra¬
tion to effect
of
sort
haphazard
a
"planned
or
econ¬
omy," the planning to be
done
by
leader,
group
a
as
of
States, holds
economic views
him
whose
President
the
United
the
permitting
solemnly to declare,
he did
on
Saturday even¬
ing last, that "reduction in
the costs of
does not
chasing
manufacturing
more
mean
and
power
pur¬
more
goods consumed. It means
those take note who suppose
of the New Era
the
to
hazards of the situation and
just such
ently about to be substi¬
curacy
business
arouse
just the opposite."
appar¬
existing corporation levies, can hardly be
to be
measure
more
unwilling to believe that we shall not in
due course regain our perspective, our com¬
sense
large
a
attributed to the failure of
votes.
the future will disclose.
mon
tuted for
in
as
are
uncertainty concerning the
taxes
phrases
the
as
dwindling likelihood of
population or to place a prop under an¬
which happens to be in control
obliged to record this change
which, in view of the great
from
United
our
unable to do for ourselves.
com¬
one
yield
of
a people, lost our earlier
principles of selfdependence—we had almost said our selfrespect—and turned in childish faith to a
group of Utopians and dreamers who glibly
and falsely promised to do for us what we felt
community is at
can
Chamber
as
The
liberty to draw what
the
period of this great depression he will
doubtless describe it as an era in which we,
fiscal
$2,675,000,000.
described
articulate
the
ending June 30, 1937,
for
spiritual
When the historian of the future chronicles
estimated
the
and
simple rules of the game, it defers rather than
hastens the day when the masses can have
more of the good things of life.
retary of the Treasury at
same
material
than formulate and enforce certain
The Sec¬
the
the
in
well states
of the
the
the
that when government undertakes to do
course
before
by
The truth of the matter is, as the Chamber
with its proces¬
ment Act
com¬
gov¬
tasks.
Adjust¬
Agricultural
which
When
"the more abundant
life," "greater purchasing power in the hands
of the masses," "care for the unemployed,"
and many others of a like sort, all purporting
to set forth proper objectives of government,
have become so frequent during the past few
years that the average person is in danger of
forgetting that all this is to be set down as
political buncombe, and that achievements
of the sort are to be attained only by the ef¬
forts of the people themselves in their daily
recent
the first of the year
of
Such catch
following closely the
fiscal
here that
say
thorough Senate revision is
other group
surprise to those who have
been
activities
whole.
States during the
opinion states the case
accurately and well.
It is a complete and
convincing answer to the assertions repeat¬
edly issued by politicians about the duty of
government to "take care of" some element in
Secretary of
the Treasury was
as a
pronunciamento of
week
past
portant respects, the esti¬
mate
to
of the Nation."
Commerce
Except in'somewhat
technical and not very
is
government
collective
attempts
retards
it
progress
The
of
legislative means or
executive fiat to impose upon business rules
of conduct pertaining to such matters as
wages,
hours, conditions and terms of em¬
ployment, or other restrictive measures inter¬
fering with the free play of economic forces,
stantially during the J past
week
on
and that what is
measure,
equality of opportunity for all, to
the sanctity of contracts, and to
society must conduct
major amendment in the
has
our
munity has been much too inclined to complaisance in
function
those
assume
large that the likelihood of
Senate
true
preserve
at
country
gen¬
refer
we
Suffice it to
now
by the House
the
measure
impression that the business
"The True Function of Government"
completion
upon
less
As to the
the face of this monstrous
disheartening,
more
Washington dispatches
at
of this issue.
under the
history; and, what is
our
even
it
in
measure
are
measure
full discussion of the bill to be found
a
another page
on
tax
a
substantially
a
It
was
situation (let
that the programs either
of the New Deal
were or are
really
new) that evoked from Adam Smith, the masterful
leader of
the
really liberal thought of his day, years before
adoption
of
the
Constitution,
the
following
celebrated comment:
"What is the
his
capital
can
species of domestic industry which
employ, and of which the produce is
likely to be of the greatest value, every individual,
it is
evident,
better
him.
can,
in his local situation, judge much
than any statesman
or
lawgiver
can
do for
The statesman who should attempt to direc-
Financial
2882
private people in what
their
which could
attention, but assume
council
no
which would nowhere be
of
a
who had
man
single
no
senate whatever, and
or
dangerous as in the hands
so
folly and presumption enough to
However, it would unfortunately be
the first
magnitude to
suppose
tion
in office is the
only offender in
now
It is necessary to
the
that the Administra¬
thesp matters.
make note of the fact that
all, of those who
the
to
degree
one
another, would seriously
or
counter* to the order of natural
goal.
our
In
some
and today
such
At other
points they
the monetary
the
use
the banks
or
guiding, controlling
upon
instruments for
as
restricting the normal play of
or
sound economic forces.
found to the
agricultural problem.
and credit system, and involve plans to
currency
Few
exceptions, if
general rule that restrictions
any, are
the
upon
natural flow of
goods from country to country are in
one
form or another part and parcel of the program
of candidates for the leadership of the opposition.
Laissez
Faire?
practice of the defenders
of the New Deal to insist that the issue is between
madness and
their
demn
opponents
moded"
doctrine.
founder
of
least
this
the first
course, none
faire"
that
ing
century and
a
this
nonsense
doctrine of
and
to
natural
The
or
at
convincing exponent of it, was, of
greatly improved
day been superseded
far
upon so
as
system is concerned.
the
or even
of this
essence
Here is the
picture
either of preference
or
therefore, being thus completely taken
obvious
and
way
he
soon
left
as
of its
perfectly free to
own
way,
away,
accord.
own
pursue
his
own
or
justice, is
interests in his
and to bring both his industry and his
capital into competition with those of
man
the
Every man, as
does not violate the laws of
he
restraint,
simple system of natural liberty es¬
itself
tablishes
any
other
At another
point he added emphasis with the fol¬
whatever
country it always is and always must be
they
great body of the people to buy
want
of
those
it
sell
who
the
cheapest."
Where, except in the
persons
of
a
very
minority of outstanding public figures such
we
to find
small
as
Sen¬
possibly Secretary of State Hull, are
political potentates
or
holders of, or as¬
pirants to, political office sponsoring doctrines that
remotely resemble such
that
But
resembles
it in
system?
a
our
earlier
There is little
post-war policies.
perhaps those who for political
reasons are con¬
stantly drawing imaginary issues between "planned
economy" and laissez faire, to the disadvantage of
course
by
of the
no means
latter,
are,
such fools
planned
to paraphrase Adam Smith,
as
those who believe them.
dissimilar
not
had then
economy
As to international restric¬
description of them paints
own
similar to that existing today
make it worth
while
to
as
to
quote him further and at
length:
"The
restraints
kinds.
upon
importation
"First, restraints
upon
duced
at
of two
were
I
.
.
the importation of such
foreign goods for home consumption
as
could be pro¬
home, from whatever country they
imported.
were
f
"Secondly, restraints
goods
importation
the
upon
of almost all kinds
from
those
of
particular
countries with which the balance of trade
was
sup¬
posed to be disadvantageous.
in
high
different
duties,
restraints
consisted
sometimes
and sometimes in absolute prohi¬
1
bitions.
"Exportation
was
encouraged sometimes by draw¬
backs, sometimes by bounties, sometimes by advan¬
tageous treaties of
and
sometimes
commerce
with foreign
States,
by the establishment of colonies in
distant countries.
"Drawbacks
were
given
upon
any
duty
frequently drawn back
and
two different
when
excise, either the whole
or
whole
or
a
upon
sorts
of
be exported
part of this duty
were
given
for
occa¬
were
subject to
or a
part of it
their exportation;
a
duty
again,
was
such exportation.
"Bounties
either of
upon
foreign goods liable to
ported in order to
back
ator Glass and
of
cause
a
headway dur¬
Interference with
doctrines
was
lowing simple but sweeping assertion:
the interest of the
idea
To these
are no more
tyranny than
sions. When the home manufactures
order of men."
"In every
so
"Those
systems,
of
no progress
championed
to follow.
more
name
tions, Adam Smith's
described it:
"All
the
about reached its limit.
His exposi¬
other than Adam Smith.
and
con¬
is!
liberty,
in
modern
the
lived
destined to make remarkable
was
has
world
expected.
with restrictions and
Smith
Adam
business
of this "out¬
exponents
as
What
tions have not to this
so-called
"laissez
berate
breath to
same
be
ever
a
policies and practices of the 1920's, and with the
the
that
worth, and indeed that
direction need
encompassed
when
return to the
a
hopeless undertaking?
a
assert
reply that the nations of the world
we
to
who
stage where the effort would cost
a
than it is
this
in
be
to
seem
those
are
reached
some
continuance of present
this
Does
There
a
It has become the settled
system, as far as feasible, the better off all
a
cases,
to light in designs
come
to man¬
way
view to the establishment of
a
concerned will be.
more
schemes to solve the so-called
confident in
ever
the world undertakes in
more
its affairs with
find form and expression in elaborate
plans
than
we are more
practical and reasonably judicious
now
these
by uncomfortable readjustments
It has always seemed to us, how¬
kinds.
belief, that the
age
and
upon
completely opposite character,
a
run
liberty that ought to
perhaps in all
cases,
built
been
systems have
would be attended
ever,
ideal not likely to be fully
an
degree, in view of the fact that nations
policies of
of many
per¬
practice, and that attainment of it even
economic
many,
another,
one way or
represents
in moderate
and
understands
man
did its author, that the system thus
as
attained in
striving to unseat
are
now
plans and devices which in
and
be
mistake of
a
existing Administration in Washington have their
own
outlined
intelligent
every
fectly well,
a
if not
course
around
fancy himself fit to exercise it."
Ideal
An
Of
a
authority
an
safely be trusted, not only to
but to
person,
May 2, 1936
they ought to employ
manner
capitals would not only load himself with
most unnecessary
Chronicle
im¬
sometimes given
~
the
were
either the
'
encouragement
some
beginning manufactures, or of such
industry of other kinds as were supposed
to deserve
particular favor.
"By advantageous treaties of commerce, particu¬
lar privileges were procured in some
foreign State
for the
what
goods and merchants of the country, beyond
granted to those of other coupntries.
were
"By the establishment of colonies in distant
coun¬
tries, not only particular privileges, but a monopoly
was
frequently procured for the goods and mer¬
chants of the
country which established them.
Financial
Volume 142
"The
of
sorts
two
restraints
importation
upon
2883
Chronicle
tend to restrict the rise in member bank reserves
for some time to come.
The
above-mentioned, together with these four encour-
and
agements to exportation, constitute the six principal
total of idle bank funds now is so great, however,
by which the commercial system (that is, the
that such incidents will be of no particular moment,
system displaced by the doctrines to become known
Only an increase of reserve requirements or liquidation of open market holdings of Treasury securities
could be counted upon to restore reasonable rela-
means
as
laissez
of
gold and silver in
faire)
to increase the quantity
proposes
country by turning the
any
tionships in the monetary scheme of things.
balance of trade in its favor."
It would
not be
an
task to write
easy
better
a
description of conditions existing today, notwithstanding that these words
third
penned during the
were
To many,
quarter of the eighteenth century.
doubtless, Adam Smith seemed to be but a voice crying in the wilderness. To others he certainly sounded
like
of
counsellor
a
destruction.
Many who were
inspired by his words were doubtless dubious about
the
possibility of making headway against the polit-
ico-economic
entanglements and tyrannies of that
day. But
today know that progress in breaking
we
restrictions
the
down
and
demolishing the inter-
ferences with business set up
by the planned econ-
proponents of that day was not impossible, and
omy
the achievements of mankind
during the 19th cen-
tury and the opening decades of the 20th bear elo-
Let
quent witness to the results of that progress.
in
us
will,
We, too, if only we
day not lose heart.
our
provide ourselves with the opportunity to
can
forge ahead.
As
matter of
a
of the
to be indications
appear
beginning of such progress in the more cour-
taken
forward-looking attitudes
and
ageous
1
fact, there
being
now
by leaders in the business community.
The
proceedings at the annual convention of the ChamStates
Commerce of the United
of
ber
past week furnish an example.
things said
doctrines
with
accord
this occasion
upon
such
as
While
during the
a
number of
are
not entirely in
we
have here been
propounding—most of them uttered by governmental officials but
some
those endorsed
of them
the
of
selves—most
excess reserves
by business
men
them-
particularly
pronouncements,
by the Chamber itself, seem to
us
Monetary gold stocks of the country increased
$12,000,000 in the week to April 29, and a new record
thus was established at $10,221,000,000. Further
additions to the total are assured, since gold engagements for shipment to the United States have been
■■ steady during the last 10 days.
The Treasury deposit of gold certificates with the Federal Reserve
banks brought such holdings of the institutions up
to $7,703,833,000 on April 29 from $7,663,838,000 on
April 22. Cash in vaults fell somewhat, and total
reserves increased to $8,056,426,000 from $8,019,834,000. Federal Reserve notes in actual circulation
dropped to $3,741,690,000
from $3,748,576,000.
Member bank deposits on reserve account advanced
to $5,506,314,000 from $5,441,618,000, at the same
time that Treasury deposits on general account were
falling to $679,209,000 from $712,424,000.
These
changes, together with smaller variations in foreign
bank and non-member bank deposits, caused a rise
in total deposits to $6,547,026,000 from $6,509,372,000. Although deposit liabilities increased, a
small decline took place in circulation liabilities,
and as total reserves were higher, the reserve ratio
increased to 78.3% on April 29 from 78.2% on
April 22.
The banking statistics, otherwise, disclosed only insignificant variations. Discounts by
the System increased $53,000 to $5,323,000, while
industrial advances were $280,000 higher at $30,-
to $4,684,000, but the total of
United States Government securities in the open
market portfolio dropped $62,000 to $2,430,279,000.
advanced $2,000
to
The New York Stock Market
be much less inclined toward the fantasies and the
fallacies
.
of the New
.
Deal
„
have shown,
(called
.
.
new,
xi~
11\
three years ago,
J
or
we
xi
.
and, what is
'
.,
give
as
really centuries old) than was the case
J
ix*
two
but
«.
more
,
,
x
x
important,
,
i
•
x
-u
evidence of willingness to fight for what is be-
?.
i
...
lieved to be right.
i
•
•
.
It
x
is encouraging
&
,
°
t
n
bankers' bills
Open market holdings of
319,000.
x
to be able to
record these facts.
ix
•
at
^
^
-xr
,
i
x
QTOCK prices melted on the New York market
^
...
,
.
,
«.
»
,
^
this week, under a drum-fire of steady liquidaml
\.
,,
,
.,
tion.
The decline was the most severe witnessed
,.
.
.
since
on
„
,
„
,
,
,
.
,r
,
^nor
,
the bull market started m March, 1935, and
.
,
ml
.,
14.
,
,
.
Thursday morning it resulted m low records
47
J3
by most of the prominent average compila,
,
«
,
.,
tor 1936
FederallReserve Bank Statement
tions.
Recessions
were
especially pronounced Mon-
ONLY modest changes, much in the currentprevi- day and Wednesday, while other sessionseffort was
trends,
recorded in line with
cononly modest movements. As usual, every reflected
ous
are
12 Federal Reserve banks,
made to find in external circumstances the reasons
deposited with the institu-
for the extensive declines, and there is, of course,
$39,995,000 of gold certificates, thus making
statement of the
dition
The Treasury
combined.
tions
up
Funds thus realized by the Treasury
no doubt that such influences were present.
The
huge budget deficit incurred by this Administration
remains the most decided adverse factor, and the
Current proposal for taxing corporate surpluses is
not calculated to lift the clouds. The market was
sufficient for the enormous current out-
made distinctly nervous by the new Federal Reserve
the Treasury balance with the Reserve
regulations covering bank advances to brokers,
effective yesterday, for borrowing margins of stocks
once again are curtailed thereby. Nor were the various European developments encouraging.
Potent
for a long period in which the monetary gold
stock
the
of
increased
country
steadily
without
corresponding deposits or sales of certificates in
compensation.
not
were
lays, and
banks
on
of the large Treasury
cause
bank
general account dropped $33,215,000.
balances
on
reserve
Be-
expenditures, member
account increased
$64,-
estimate of the
as these incidents may be, it would be idle to deny
that the long advance of more than a year in stock
legal requirements in-
prices has its own uncertain elements, and the cor-
$50,000,000 in the week to Wednesday night
rection now witnessed is not a matter for surprise,
Trading on the New York Stock Exchange exceeded
2,000,000 shares in most sessions this week, but a
696,000, and it is hardly surprising in these circumto
stances
excess
reserve
creased
to
an
find
that
the
deposits
official
over
aggregate of $2,690,000,000.
will start next
The Treasury
Monday to raise $50,000,000 in new
money
seat was transferred last Tuesday at $130,000, or
and
$20,000 less than the previous sale on April 1.
weekly through sales of discount bills over
above the amounts retired weekly, and this will
Financial
2884
There
was
very
little activity last Saturday, and
prices moved slightly higher in that session.
Monday, however,
On
selling wave swept over the
a
May 2, 1936
forth to account for this adverse development, and
included among them were the Federal revenue bill,
regulations governing margin requirements, and
new
uninterrupted throughout the
ses-
the political situation abroad. Yesterday the market showed a slight inclination to rise, but prices
for the most part showed little improvement over
the previous close, and in some instances turned
Highest priced issues and those which
are
lower.
market, and the resultant average decline was the
widest since
9
Chronicle
Leading stocks fell 1 to
July 26, 1934.
points, and the dreary procession of figures to
lower levels
sion.
was
out of line with actual
most
earnings suffered the
After further but more modest
widest breaks.
reces-
General Electric closed yesterday at 36%
against 37% on Friday of last week; Consolidated
Edison Co. of N. Y. at 29% against 30%; Columbia
sions
early
suits
for the
A
N. J. at 40% against 39%; J. I. Case Threshing
little
buying appeared at the lower levels, and at the
Another
Machine at 149% against 157; International Harvester at 81 against 82%; Sears, Boebuck & Co.
Wednesday and prices
at 65 against 65%; Montgomery Ward & Co. at 38%
Tuesday, prices steadied and the re-
on
entire session
end small fractional losses
selling
developed
wave
unimportant.
were
the rule.
were
on
Although
again receded all along the line.
compilations showed that the movement
drastic than
losses, with
American
some
stocks
less
was
Monday, it was more severe in
on
High-priced
respects.
average
suffered
some
extensive
of the soundest issues, such
off
Telephone,
sharply.
most
Lowest
average
levels for the current
early
Thursday, but after the initial selling
on
absorbed
prices started to
moved up
reached
were
was
Leading issues
recover.
readily, while others showed small gains.
The modest recovery was
the
year
upward movement
continued yesterday, but
the week
as
whole, all
a
the
vailed.
against 187
market
bond
much
on
Friday of last week; Columbian Car-
mours
at 139% against 142; National Cash Kegister
at 23% against 24%; International Nickel at 45%
against 47%;
Texas Gulf Sulphur at 34% against 35%; Conti-
nental Can at 75 against 77%; Eastman Kodak at
Lorillard
against 113%;
States Industrial
against
tillers at 39 against 42, and National Distillers at
28% against 29%.
Pronounced
bonds
against 21%;
were
the steel shares.
flotations offered
new
22%
at
Alcohol at 47%
50%; Canada Dry at 11% against 12; Schenley Dis-
Highest rated corporate bonds hardly varied at all,
Speculative and semi-speculative
day to day.
at 22%
157% bid against 163%; Standard Brands at 15%
early sessions of the week,
despite the huge amount of
Dairy Products
National
against 22%; National Biscuit at 33% against 34%;
while small fractional declines occurred thereafter.
from
against 162%.
pre-
diversity
States Government securities
United
well maintained in the
151%
at
bon at 112% against 116%; E. I. du Pont de Ne-
United
listed
Tel.
against 15%; Westinghouse Elec. & Mfg. at 106
drastic losses.
In
&
Tel.
Allied Chemical & Dye closed yesterday at 185%
as
of issues suffered
groups
against 40% ; Woolworth at 48% against 46, and
American
For
far from universal,
was
prominent stocks again drifted lower.
some
as
Gas & Elec. at 17% against 18; Public Service of
naturally dropped sharply, along with equi-
declines
were
day at 56% against 64%
Bethlehem
again present
among
United States Steel closed yesteron
Friday of last week;
Steel at 49% against 54%; Kepublic
Steel at 18% against 20%, and lroungstown Sheet k
ties, while foreign dollar bonds also were unsettled.
Tube at 51% against 53%.
Polish
exchange restrictions caused sensational de-
Auburn Auto closed yesterday at 34% against 37%
clines
in
the
Foreign exchange
sterling and
dealings,
that
shipment
units under
European gold
good
the
to
part
Exchange
variations
States
United
the
to
Owing in
the
in
modest
recorded,
were
intervention
rates
both
of gold for
Equalization Fund,
occurred
country,
light, "with
were
Some modest engagements
pressure.
British
of
issues
bond
dollar
for
of
only
the
the
small
on
Friday of last
week;
In the motor
group,
General Motors at
62
against 66; Chrysler at 95% against 100, and Hupp
Motors at 1% against 1%.
In the rubber
group,
Goodyear Tire & Kubber closed yesterday at 24%
against 27%
on
Friday of last week; United States
Bubber at 28% against 31%, and B. F. Goodrich at
18% against 20.
The railroad shares registered
were
further declines this week. Pennsylvania BB. closed
yesterday at 30% against 31% on. Friday of last
relatively steady, although small losses appeared in
week; Atchison Topeka & Santa Fe at 70% against
/European
currency
leading
Commodity prices
units.
several sessions.
On
the
touched
stocks
Curb
new
74; New York Central at 34 against 35%; Union
York
New
the
year
Exchange four stocks touched
the
New
York
Stock
new
high levels
Call loans
low levels.
new
while 406
On the New York
low levels.
new
stocks
Exchange 22
for
high levels
touched
and 190 stocks touched
on
Stock
Exchange remained
un-
the
Stock
the New York
half-day session
shares;
on
on
on
Exchange the sales at
Saturday last
Monday they
were
Tuesday, 2,231,520 shares;
shares;
on
day, 1,162,290 shares.
on
Monday, 467,610
on
were
536,370
2,296,240 shares;
on
Wednesday, 1,786,630
Thursday, 2,309,280 shares, and
Fri-
on
On the New York Curb Ex-
change the sales last Saturday
shares;
shares;
were
on
124,680 shares;
Tuesday, 477,930
Wednesday, 402,330 shares;
on
Thursday,
476,005 shares, and on Friday, 267,710 shares.
The stock market this week went
of
extended
through
liquidation resulting in
declines in most sessions.
30%
against
32%;
Southern
Bailway
Many
a process
severe
price
reasons were
put
at
14%
against 15, and Northern Pacific at 27% against
28%.
Among the oil stocks, Standard Oil of N. J.
closed yesterday at
59% against 62
on
Friday of
last week; Shell Union Oil at 15% against 16%, and
Atlantic Befining at 29 against 30%.
changed at %%.
On
Pacific at 123% against 120%; Southern Pacific at
In the copper
Anaconda Copper closed yesterday at 33%
against 36% on Friday of last week; Kenneeott Cop-
group,
per
closed yesterday at 36 against 37%; American
Smelting &
Befining at 73%
against
74%,
and
Phelps Dodge at 32% against 36.
Leading indications of industrial activity remained encouraging, but the stock market plainly
was in no mood to take account of shell factors,
Steel ingot production was estimated by the American Iron and Steel Institute at 71.2% of capacity
for the current week against 70.4% last week and
43.1% in the corresponding week of last
trie
power
year.
Elec-
production for the week ended April 25
Financial
Volume 142
reported by the Edison Electric Institute at
was
1,932,797,000 kilowatt hours.
This
with
compares
1,914,710,000 kilowatt hours in the preceding week
and
with
1,673,295,000 kilowatt hours in the same
Car loadings of revenue freight for
the week to April 25 amounted to 666,181 cars, the
Association of American Railroad reports.
This
week of 1935.
was
week
of
increase
an
of
and
23,524
107,245
cars
the previous
over
cars
the corresponding
over
indicating the
course
of the commodity mar¬
kets, the May option for wheat in Chicago closed
2885
Tuesday
on
small
irregular, with trading on a very
was
scale.
The
sharp decline at New York, to¬
gether with Polish decrees and the uncertainties of
the French
tiousness.
lative
situation, occasioned the greatest
British funds drifted
industrial
others held
at New York.'
fected.
British
almost all sections af¬
lacked
funds
few industrial stocks
support, and only
mining stocks
Friday of last week.
veloped in Anglo-American issues.
yesterday at 63%c.
at Chicago closed
corn
against >64%c. the close on
as
May oats at Chicago closed
Friday of last week.
set-back
Friday of last week.
some
spot price for cotton here in New York closed
against 11.80c. the close
as
Friday of last week.
yesterday
15.87c.
was
Friday of last week.
on
The spot price for rubber
against 16.00c. the close
as
Domestic
on
closed yester¬
copper
In London the
5/16
price of bar silver closed yesterday
pence per ounce as
per ounce on
In
transfers
as
yesterday at 44%c.
matter
of
the
London closed
on
cable
transfers
6.58%c., the close
Paris
on
cable
yesterday at $4.93 15/16
on
tional securities
firmer trend
ties.
centers
Prices drifted
don Stock
only
yesterday at
a
this
political uncertain¬
on
the Lon¬
The Paris Bourse reflected
heavy liquidation of almost all types of securities
during the
firs?half
The
the
were
of the week, this movement be¬
gains made by Communists and the extreme
sions
depressed the market on Monday, reces¬
being large because of the thinness of dealings.
Forced
liquidation of relatively small blocks of se¬
large losses. Rentes fell 1 to 2 points,
descriptions fell dras¬
International securities
Close
were
a
reasoned that the Left
slightly better tone. It was
might fail to obtain a strong
working majority in the next Chamber, in the run¬
off
balloting tomorrow,
toward recovery
ties
Left
regime.
experiments might be attempted
The Berlin
recovered when
the
by
a
Boerse fell at first, but
impression spread that formal
devaluation of the mark
might follow
a
serious dis¬
pute between the economic authorities of the
coun¬
try. All markets were profoundly concerned regard¬
ing
international
the
feared that France
the franc into line with
impression
was
currency
soon
position.
will devalue
so
as
It
to
was
bring
sterling and the dollar. This
heightened by Polish restrictions
gold exports and foreign exchange dealings.
was
the
aging,
political situation considered at all
now
that Italian troops
are
Ethiopia and the League has given
terminate the
war.
not indicate any
countries of
The
with
well
a
in
a
over
attempts to
Trade and industrial reports do
pronounced change in the leading
Europe.
London
Stock
maintained.
British funds
buying, and small gains
were
reflected
were
majority of industrial stocks.
rather
quiet in¬
recorded also
South African
tendency
French equi¬
uncertainty.
The Bourse was swept
Wednesday by fears of nationalization of banks
essential
and
industries, and by reports of unfor¬
international
developments, and a drastic
bank
cases
to
slowly, but French
amounted in
stocks showed losses that
equities also suffered,
as
some
Other French
10% of their market value.
did most international
curities, but gold mining stocks were firm.
rallying tendencies were noted
on
se¬
Modest
Thursday, partly
because the month-end settlement was effected eas¬
ily with the rate 5%%, against 5%% in the midmonth
Rentes improved
period.
French
a
little and most
equities regained parts of their previous de¬
clines, but the international section
register nervousness.
continued to
Prices declined in the early
trading yesterday, but a late rally wiped out most
of the losses.
Trading
on
the Berlin Boerse
was
somewhat live¬
lier than usual in the first session of the
the trend was firm.
lin
Exchange started the week
quiet session, in which prices
vestment
encour¬
sweeping
up
on
Nor
modest
a
irregular, while international issues like¬
were
wise reflected
on
and
developed in rentes.
decline resulted. Rentes gave way
other
in quiet de¬
analysis of the election results, Tues¬
last
currency
Sunday's
primary influence in all dealings.
tunate
and
Little busi¬
On the Paris Bourse the results of last
elections
ing due in good part to the Left gains in the elections
Sunday and the fears that unfortunate
Interna¬
national securities.
day, gave the market
little lower
and
similarly, al¬
Gilt-edged issues and gold shares improved,
good.
tically.
Exchange, with the decline at New York
important influence.
an
and
affected
yesterday at London, but the tone was
while French equities of all
unsettled
were
financial
initial lows
from
developed late in the day.
done
ness was
early
quite weak at the start, but a
were
closed
STOCK markets in the principal European owing
week, finan¬
numerous
were
curities caused
European Stock]Markets
cial
stocks
though others continued to show losses.
mand.
to the
an
generally at lower fig¬
Friday of last week,
Friday of last week.
on
were
rallied
funds
industrial
Left groups
foreign exchanges,
against $4.93% the close
and
against 45c.
as
Friday of last week.
on
the
pence
Friday of last week, and spot silver in
New York closed
the close
against 20 7/16
After
while small losses occurred in industrial and inter¬
day at 9%c., the same as on Friday of last week.
at 20
modest rally de¬
a
Thursday, prices firmed somewhat at
British
ures.
The
firm, while
London, but closings
yesterday at 25%c. as against 26%c. the close on
yesterday at 11.61c.
on
were
a
escaped the selling wave. Gold
yesterday at 97%c. as against 101%c. the close on
May
The interna¬
drastic downturn
Irregular downward movements were
"Wednesday, with
on
sharply, although
previous levels.
affected by the
was
cau¬
lower, while specu¬
receded
stocks
close to
tional section
the rule
week of last year.
As
Chronicle
were
man
off
on
the
issues of all
of the
week, and
Polish securities listed at Ber¬
new
exchange control, but Ger¬
descriptions showed gains.
Most
prominent industrial stocks showed advances
of 1 to 2
points, while good inquiry developed also
for fixed-income
tween Dr.
issued.
A
developing dispute be¬
Hjalmar Schacht and General Hermann
gold mining shares did quite well, while optimistic
Goering regarding the direction of German economic
week-end reports
from New York caused small gains
affairs
depressed the market Tuesday.
Anglo-American trading favorites. The tendency
corded
in
in
l
the
preceding session
were
Gains
re¬
canceled, in
Financial Chronicle
2886
Rumors of
of
tion
rowed
illustrated
Thursday.
and
curities
perplexing political and financial problems
country.
.
predicting
were
ers
usual May Day
suspension in Germany.
the
Long before the balloting took place most observ¬
market was closed
The Berlin
dull.
were
of
utility issues, but fixed-income se¬
yesterday, in accordance with the
political
franc, or in the ability of the coming Cabinet to
solve the
Fairly good gains were noted in leading
industrial
It is clear that the
trend has not stimulated confidence in the French
mark
the
perhaps best
by the severe decline in securities on the
Paris Bourse this week.
growing demand for formal devalua¬
stimulated interest in equities,
a
strength from each other, but the reaction of
conservative elements to the results is
with small advances.
most industrial stocks finished
degree the Left parties appear to have bor¬
some
After a
weak opening on Wednesday, prices tended to im¬
prove and closing levels were approximately un¬
changed. Reichsbank shares were slightly lower, but
part, but there was no hasty liquidation.
May 2, 1936
swing toward the Left in
a
France, and a larger representation for the Social¬
ists and Communists than was accorded them in the
European Diplomatic Moves
preceding election,
FORMAL diplomatic discussions regarding the in¬
creasing European difficulties were virtually
this week, but informal exchanges of
doubtless were in steady progress.
So far
suspended
views
est
to
problem is concerned, chief inter¬
the Rhineland
as
British inquiries
centers in the extensive
now
Berlin, regarding the precise meaning of the Ger¬
Government's varied proposals for maintaining
man
The French elections disclosed a
in Europe.
peace
decided trend toward the Left in that country, but
most observers believe the divided responsibility of
I
the various' Left groups
in the Chamber will make
direction
such matters
unlikely any pronounced changes in the
of
foreign affairs.
now
Further light on
Europe suffered another
awaited eagerly.
is
spell of nervousness last Wednesday, when
it was
disclosed that Austrian army maneuvers are
carried out
an
on
that Vienna
near
was
being
the German
observers jumped to the
Some
border.
extensive scale
conclusion
preparing to repel a German inva¬
a
propitious for
German move, since
a
Italy is deeply occupied with her Ethiopian war
while France is uncertain
But others
of
saw
tual
opposed to the Aus¬
Chancellor Hitler, in a May
reports that the Reich has aggressive
the last
intentions in
were rumors, over
week-end, that Poland and Hungary were
about to conclude some
Polish
There
Czechoslovakia.
or
political agreement, as the
Premier, Marjan Z. Koscialkowski, received a
But
Turkish repre¬
began to discuss in other capitals the
magnificent reception on a visit to Budapest.
such
reports were denied in Warsaw.
sentatives
is
hardly
matter for surprise
a
relatively few instances were recorded of ac¬
majorities
on
the first ballot. The popular sup¬
port of Communists attracted much attention, since
the
1,500,000 votes nearly doubled the best previous
showing.
Communist representation will be much
increased,
as a
Front
will
groups
are
matter of course, and it is estimated
run-off
the
after
that
election
220
about
have
the Left
tomorrow
Conservative
seats.
expected to control approximately 260
seats, leaving the Radical-Socialists holding the bal¬
of power.
ance
There
Center
a
to a large degree, although the general lean¬
group
ing also is to the Left,
In
shades of Radical-
are many
the party is considered
Socialists, and
accordance
the week
now
cussions and
as
with
ending
the name implies.
French
was
traditions
electoral
devoted to party discus-
compromises, with the aim of consoli¬
naming the candidates most likely to obtain suffi¬
Day speech at Berlin, yesterday, branded as false all
Austria
seats, or about 1,000
movements the reflection
in the troop
type of fascism.
the 018
previous election, and in such
any
it
Nearly 5,000
borne out.
were
dating the strength of Right and Left groups and
wehr and the various factions
trian
in
than
circumstances
that
outcome
during the election period.
dispute in Austria between the Heim-
internal
an
predictions
candidates contested
more
The strained
made the election
uncertain, but in general it may be said
that the
sion, and they argued with a degree of plausibility
that the time is
little
four years ago.
situation
international
cient
By the
test, last Sunday.
same
token,
however, the consolidations will have taken place
this week
all
chiefly
increased
the Left factions, which in
among
probability will
emerge
the
from the final test with
representation. Among the several shades
of Radical-Socialists the
for
individual
definite Left
of
that
was
noted,
party with
leanings gained their seats more read¬
surmised, for such
in
tendency
same
candidates
ily than those with Center
the
or
reasons,
formation
Radical-Socialists
the
NATIONAL elections in France, definitive bal¬
largely preliminary to the last Sunday,
Right Republicans actually gained ten seats
in the first
result
French Elections
are
Right factions than Left, and it is indicative
that the
is
request for permission to fortify the Dardanelles.
There
support in the balloting, tomorrow.
fewer
of
and
moderate views.
It
that the elections will
a
coalition
relying
headed
upon
a
bv
fairly
large section of the Popular Front.
were
loting by means of which most of the 618
who
constitute
will
lected, tomorrow.
been
chosen,
requires
a
the next Chamber
will be
se¬
Only 183 Deputies actually have
far, under the French system, which
so
run-off election in every district where
a
single candidate failed to receive an absolute ma¬
jority
on
the first test.
in
stituencies
which final
are
some
435 con¬
selections will be made
But the general trend
tomorrow.
ment
There
of popular senti¬
already has been reflected with at least an ap¬
proximation of accuracy, and all reports agree that
the trend is toward the Left, or more radical parties.
:
Communists
and their
made notable
gains in the balloting,
Socialist allies in the Popular
not appear
Front do
to have lost much strength, if any.
German
Economic
Deputies
To
Policy
CONFLICT within the highest German policy to
Govern¬
circles regarding the economic
ment
be
pursued by the Reich is reflected in a series of
maneuvers
relating to the officials who determine
the trend of
Dr.
affairs.
been evident that
Hjalmar Schacht, Minister of Economics and
President
with
Nazi
gram
of
the
agree
fully
regarding the anti-Semitic pro-
and other incidents that affected German ex¬
Dr. Schacht
and
Reichsbank, failed to
leaders
ports adversely.
of
It has long
was
Within his
own
sphere, however,
permitted to develop his own ideas
principles, and it is quite probable that the lack
formal
devaluation
of the German mark, inter¬
nally, is attributable to his influence, for some of
Volume 142
the other
Financial
German authorities
devaluation.
to be
mist/' calling for the appointment of
nomic dictator.
The
a
virtual
eco¬
due
mouthpiece of the Minister of Economics.
Whatever the intention may
Hermann
Hitler
the final arbiter in matters
as
and
foreign
exchange.
relating to
The
Goering's subordinate in such matters. But this
ar¬
rangement is said to have aroused the instant re¬
Gen.
able
banker, and
at
No information
of the
the outcome
referred to in
Berlin
a
Dr.
was
Schacht
and
based
of
the
The
export subsidy plan, which
contributions from German
on
mands have been made
agriculture
assume
a
of the
come
industry.
is
De¬
lately, it is understood, that
share of the burden of sub¬
sidizing German exports.
It is evident that the out¬
struggle may well be of importance for
the rest of the
world,
as
well
as
for the Keich.
be
to
are
obtained
from
countries with
decree
currency
issued, Monday, embargo¬
was
ing gold exports and placing restrictions
ings in foreign exchange.
This
fection of Poland from the
deal¬
on
virtual de¬
means a
European gold bloc, to
which the Warsaw Government adhered somewhat
loosely during recent
years,
remaining members
will
the
and the position of the
hardly
be
When President Ignacy
decree, statements
authorities
ing the
strengthened
Moscicki signed
issued by the Polish
were
firmly denying
any
and it also
currency,
intention of devalu¬
declared that all
was
foreign loans will continue to be serviced in the
currencies
for
called
by the indentures.
Notwith¬
standing such declarations, it is evident that the Po¬
lish
attempt to deflate and
relationships intact
now
preserve
is ended.
the currency
In well informed
circles it is assumed that the external value of the
Polish
be maintained
zloty will
in
a
range
com¬
parable with its gold equivalent of 18.994 cents, for
the time
being at least, while various expedients al¬
ready suggested by the recent history of the German
mark and the Italian lira
the
devices, such
due
to
as
are
introduced.
Some of
"blocked balances" for
foreigners, already
are
sums
provided for in the
exchange control decree.
As in other
to
the
for
in
deflationist
Poland.
The
Bourse
policy has been
internal
political
engen¬
pressure
change in monetary policy found expression
the fall from favor, two weeks
ago, of Colonel
Matuszewski,
and chief
tion"
former Minister
of
Finance
exponent of the "sound money and defla¬
program.
accentuated
was
This incident is reported to have
withdrawals of funds
from
the banks
country, and the demand for foreign exchange
reached such proportions that a heavy drain on the
reserves
Semitism
of the Bank of Poland resulted.
prompted
many
given,
reports
some
Austria, which
less
are
sharp rise in stocks and Government
a
The Ethiopian War
ITALIAN forces continued this week their unless
rapid
Ethiopia, and
the rains
interfere, Italy
of
soon
ally the entire country.
will be master of virtu¬
Just what other countries
will do in such circumstances is far from
the
clear, for
League of Nations has conceded its inability to
halt the aggressor
and there will be
further meet¬
no
ing of the League Council until May 11.
failure
mitted
of
the
The ad¬
League kept the European
Anti-
Jews to leave the countrv
Great Britain took
same.
prompting the League to adopt sanctions
against Italy, and it is not to be supposed that
British
anxieties
allayed
were
Italian encirclement of Lake
last
Sunday.
by
the
complete
Tsaria, which occurred
The League Council postponed its fur¬
ther consideration of the
Ethiopian
at the sug¬
war
gestion of French spokesmen, who faced the
a
national election.
An
uncer¬
anticipated Left
gain was realized in the French voting for
Chamber of
Deputies, but it remains to be
effect this will have
to
on
French
Italy and the Ethiopian
Both of the Italian
a
seen
new
what
policy with regard
war.
invading armies which started
toward Addis
ber,
were on
Ababa, the Italian capital, last Octo¬
the move this week. The mobile divi¬
sions of the northern Italian army,
mand
of Marshal
southward,
even
Pietro
under the
com¬
Badoglio, moved rapidly
though their
progress was
impeded
by the destruction of bridges and by other expedi¬
ents.
from
Capture of the capital
was
reported yesterday,
Rome, and although the reports
ture, it seems likely that the aim
ized.
were
soon
prema¬
will be real¬
Emperor Haile Selassie admitted the need for
relinquishing the capital, but he expressed
mination to continue his defense of his
Italians made
sure
a
deter¬
country.
that there would be
no
The
resistance
by dropping leaflets from airplanes threatening the
attempted.
of
the
General Rodolfo
ance
near
city
if
any
The southern Italian
Sasa
made doubtful
defense
army,
were
headed by
Graziani, encountered stiff resist¬
Baneh,
and further advances
by reports of sweeping rains.
are
Later
this month
military operations will become all but
impossible
as
other
the
rains descend, and an¬
summer
period of diplomatic
dickering
seems
indi¬
cated, at that time.
Treaty with Panama
of the
gold
It
securities.
a
Ignatz
committee.
rigorous than the restrictions imposed by Germany
and Italy.
The immediate reaction on the Warsaw
destruction
gold bloc countries, much opposition
official
in
dered
the
were
force in Czechoslovakia and
tainties of
thereby.
Sums
"blocked
state, that the control will be similar to those in
they loom large just the
TO ALL intents and purposes"floating"joined the
Poland
a
into
and the servicing of external
Official intimations
the lead in
units when
paid
repercussions of the conflict in the background, but
PolishJExchange Restrictions
numerous
special
a
permission for the transfer of such
be
made available
question at issue is reported to be the
continuance
all dealings
measure,
to be controlled by
are
advance into the heart
immediate
was
meeting and of what is
the "Schacht crisis."
as
pro¬
Berlin, Wednesday,
by Chancellor Hitler,
Goering.
to
German
conference followed
attended
•as
the
of
sentment
loans.
*
decree that
by the Bank of Poland.
foreigners
must
that
able for trade purposes
raw
The
stated that sufficient funds will be made avail¬
was
statement
bluntly indicated that Dr. Schacht would be Gen.
tracted
funds
Monday that Gen.
Goering had been appointed by Chancellor
materials
to
named
accounts" and
have been, the star¬
on
Under
foreign exchange
committee
abroad, which also added
pressure.
Monday caused little surprise, in these
circumstances.
in
publication is regarded as the
tling announcement followed
financial
issued last
as
published in the "German Econo¬
was
the
to
appeared
reaching out for extension of his powers,
article
an
Schacht
2887
and transfer their funds
to favor
known
are
Late last week. Dr.
Chronicle
ADJUSTMENT of the many
i\
between
the
United
outstanding problems
States and
Panama
parently will be delayed for at least another
ap¬
year,
Financial
2888
as
it is
Chronicle
Washington virtually has abandoned its attempt to
obtain
Senate.
Senate
The
treaty was placed before the
early last month, and it has been considered
only in secret sessions,
that the only official indi¬
so
cation of the terms is the summary
issued
month
a
in Washington, when signatures were attached.
ago
Some
opposition to the agreement is reported to have
developed, owing to changes and concessions that
make the "Panama Canal more
might
It is
recalled, moreover, that the Panama Congress
failed to
is
Effect
ratify
Date
vious
May 1
Established
Rate
Country
current
document, for this
has become
election
cautious
was
remarked that the agreement
campaign issue in a hotly contested
a
in
Panama, which also seems to make
procedure in Washington advisable.
a
The
Congress of Panama is not now in session, and Presi¬
is understood to be
dent Arias
unwilling to call
dispatch
the
added.
3*4
July
July
4
Hungary...
4
Aug. 28 1935
4^
4
1 1935
4H
India
3
Nov. 29 1935
Belgium
Bulgaria—
2
May 15 1936
2H
Ireland
3
June 30 1932
3J4
3tf
6
7
Italy
5
Sept.
9 1936
4K
Canada
2H
Aug. 15 1935
Mar. 11 1935
3.29
Apr.
6 1936
3.65
Chile
4
Jan.
24 1935
4H
Java
4H
June
2 1935
July
18 1933
5
Jugoslavia.
5
Feb.
1 1935
3K
6^
Lithuania
6
Jan.
2 1934
7
Colombia
4
..
■
servicing of
Czechoslo¬
Jan.
Oct.
depends in part
21 1935
Aug. 21 1935
3
Since the
political interest.
as
Contreras
Lopez
by
elected
was
vote of 132 to 1, and
a
by
dictator,
former
the
Juan
Gomez, who died in his bed late last year
a
quarter century of despotic rule.
generally conceded that the people of Venezuela
a successor
an
taken
a
into
visional
measures were
balloting terminated peaceably,
General Lopez acted
custody.
after
President
Gomez, and there
never
the
was
of
death
any
mentor.
The
populace
permit the Congress to
because Senor
Pro¬
President
doubt
and
was
name
reported
as
Dec.
4X
3X
South Africa
_
Greece
13 1933
3 1936
Holland
Lopez has promised "a
a
to his
as
willing to
new
it
Press
In
a
is
remarked
a
regime of
Caracas dispatch to the
that
President
Lopez faces the difficult task of guiding the country
racy.
protracted Gomez dictatorship to
a
democ¬
"It is generally predicted," the report added,
"that he will
use
a
firm hand in
during the transition period.
The
solidly behind him and ready for
maintaining
army
any
peace
is said to be
emergency."
Foreign Central Banks
THERE discount noofchanges the foreign central
the have been
of during the week
banks.
rates
Present rates at the
in the table which follows:
:
Spain......
5
Sweden
2H
Dec.
1 1933
3
Switzerland
2^
May
2 1935
2
5J*
3
Foreign Money Rates
IN bills Friday market discount rates for short
LONDON open 9-16%, as against 9-16@5/s%
on
on
were
Friday of last week, and 9-16% for three-months'
bills,
Paris
9-16%
against
as
Money
the
Friday of
on
call in London
on
last week.
Friday was J^%.
on
At
market rate remains at 5% and in
open
Switzerland at
2J£%".
Bank of
England Statement
£203,522,358, which compares with £193,110,380
However,
ago.
year
tended
by
reserves
as
the gain in gold
a
at¬
was
expansion of £1,428,000 in circulation,
an
fell off £807,000.
Public deposits decreased
and
ratio
last
ago;
any
leading centers
£11,624,071
was
£978,834 to other accounts.
off
fell
other securities
No
change
Below
are
The
re¬
a
week
on
Gov¬
£8,080,000 and loans
£436,284.
sists of discounts and advances and
respectively,
Loans
the ratio was 37.01.
year
Of
added to bankers'
dropped to 30.85% from 32.87%
ernment securities increased
The latter
pn
con¬
securities, which,
£811,175 and decreased £1,247,459.
rose
made in the 2% rate of discount.
was
the figures
for several years:
ENGLAND'sjcOMPARATIVE STATEMENT
BANK OF
April 29
May 1
May 2
May 3
May 4
1936
1935
1934
1933
1932
£
Circulation
Public deposits
Other deposits
Bankers' accountsOther accounts
416,875,000 392,578,531 378,508,821 373,507,315 356,580,278
8,007,373
7,840,485
8,811,136
10,296,748
7,453,000
143,736,542 155,547,683 152,508,239 137,440,957 111,730,222
104,704,589 115,522,833 116,210,757 99,655,022 75,060,256
39,031,953 40,024,850 36,297,482 37,785,835 36,669,966
101,329,996 104,871,044 89,329,209 67,656,127 69,075,906
20,931,152 15,876,215 15,124,658 22,912,341 30,812,810
6,002,842
5,345,808
11,634,554 11,584,952
8,290,231
Securities
9,778,850
9,873,373
11,277,787
19,227,858
12,640,921
Reserve notes & coin
46,646,000 60,531,849 73,633,246 73,420,911
39,879,901
Coin and bullion
203,522,358 193,110,380 192,142,067 186,927,226 121,460,179
Govt, securities
Other securities
Disct. & advances-
Proportion of reserve
37.01%
30.85%
2%
to liabilities
Bank rate
2%
45.91%
2%
50.20%
2%
32.68%
3%
Bank of France Statement
THE weekly statement dated April 24 reveals551,an¬
gold holdings, this time of
other loss
are
shown
in
326,030 francs.
The Bank's gold
now
aggregates
61,937,087,361 francs, in comparison with 80,932,676,995 francs last year and 75,755,983,799 francs
the
previous
year.
Credit
balances abroad,
bills
bought abroad and advances against securities also
show
decreases, namely, 4,000,000 francs, 8,000,000
francs and
serve
a
Discount Rates of
in
5X
May 15 1933
July 10 1935
order of
"political transformation of Vene¬
liberty and justice."
from the
.
7H
Sept. 30 1932
Oct.
Feb.
_
4
7
Germany
.
5
4 1934
Mar. 28 1936
5
France
him President, largely
zuela, directed toward the practices of
Associated
as
constitutional President to succeed his
as
things"
The
despot.
number of prominent Venezuelans were
selection
4
4
orderly selection by that body of
to the stern
successful and the
although
6
3X
Finland--,.
by the former dictator, and great precautions were
taken to insure
7 1934
Rumania
particular liking for the Congress named
no
Dec.
6K
the latter amount
term of office was started on Wednes¬
hand-picked
have
4H
Sept. 25 1934
£5,778,000 and other deposits rose £12,602,905.
The Congress that selected President Lopez
It is
13 1934
£620,997, raising the total again to a new high of
well
as
Eleazar
than
6
Portugal...
Dec.
THE statement of thefurther for thein week ended
Bank gain
April 29 shows a
bullion oB
ratification of the treaty, this
on
President of Venezuela
more
25 1933
5
5
accounts
after
4
Oct.
Estonia
serve
Vicente
6H
June 30 1932
IN A CONGRESSIONAL election, last Saturday,
was
4tf',
May 23 1933
5
2
1
day.
May 28 1935
3^
Poland
England
:
.
con¬
Venezuela
his seven-year
Morocco
Norway
2J*
2 H
-
said
Panama Government dollar loan
matter is of finacial
General
3H
6
1 1936
5
3H
vakia
Danzig
Denmark
__
were
Senate in 1937.
own
our
one
Japan
treaty will go over for
to be convinced that the
by
10 1935
a
Washington
officials in close touch with the situation
sideration
Rale
Batavia
special session in view of the disturbed political
conditions,
vious
reason.
Washington report of Wednesday to the New
a
York "Times'7 it
Pre-'
Date
Established
Effect
1
May
treaty signed in 1926, and there
a
the
on
Country
Austria
tendency in Washington to await action by
a
Panama
In
vulnerable.
Rate in
Pre¬
Rate in
early ratification of the pact by the United
States
CENTRAL BANKS
DISCOUNT RATES OF FOREIGN
indicated that the Administration in
now
May 2, 1936
56,000,000 francs, respectively.
ratio is
year ago
culation
now
at
and 77.52% two years ago.
show
bringing the
a
The
re¬
66.47%, compared with 79.97%
Notes in cir¬
contraction of 405,000,000 francs,
total
of notes
82,557,285,085 francs.
outstanding down
Circulation
a year ago
to
was
82,351,618,950 francs and the year before 81,501,825,055 francs.
French commercial bills discounted
Financial
Volume 142
record
increase of
an
current accounts of
nish
Below
we
fur¬
years:
STATEMENT
for both
Francs
discounted.,
b Bills bought abr'd
4,279,751,142 5,706,801,566
1,056,486,276 1,052,517,123
3,093,522,928 3,015,695,980
82,351,618,950 81,501,825,055
18,847,886,051 16,222,816,491
+ 387,000,000 14,391,809,968
1,299,443,722
—8,000,000
—56,000,000 3,349,954,523
—405,000,000 82,557,285,085
+ 28,000,000 10,617,352,312
Adv. against secure.
Note circulation
Credit .current accts.
Propor'n of gold
on
hand to sight llab.
a
Bank of
77.52%
79.97%
66.47%
—0.33%
an
A year ago
also
to 68,825,000 marks.
up
gold aggregated 81,132,000 marks and
before
year
checks
and
of exchange
bills
An increase
marks.
219,292,000
in
appears
of
769,317,000 marks and in silver and other coin of
marks.
69,670,000
Bank's
The
6.8% the previous
reveal
the
contraction of
a
total
tion
a
two
down
to
in
appears
ratio
is
Notes in circulation
year.
184,365,000 marks, bringing
Circula¬
3,886,467,000 marks.
stood at 3,424,070,000 marks and
year ago
years ago
reserve
with 2.49% last year
1.91%, in comparison
now
and
A decrease
at 3,307,669,000 marks.
in
reserve
foreign
currency
of 77,000
marks, in advances of 818,000 marks, in investments
of
extra choice
and
1% for
held
has
names
names
marks, in other daily maturing obligations of 54,furnish
we
comparison
a
of
different items for three years:
REICHSBANK'S
very
the
ceptance
days
are
Council for bills
%% bid and 5-16% asked.
of
Cold and bullion
the
219,292,000
81,132,000
68,825,000
27,788,000
21,818,000
20,264,000
4,318,000
5,848,000
5,376,000
—77,000
+ 769,317,000 3,866,741,000 3,570,302,000 2,798,579,000
176,315,000
306,077,000
+ 69,670,000
270,120,000
♦
14,824,000
15,278,000
1,532,000
36,627,000
40,684,000
71,284,000
—818,000
651,355,000
717,419,000
589,340,000
—39,338,000
514,529,000
632,073,000
380,610,000
—46,777,000
Silver and other coin...
on
other Ger. bks
Advances
Investments
Other assets..
....
The Federal
increased
bills, and 1% for 121- to 180-day bills.
Reserve
from
banks'
Open market rates
$4,682,000 to $4,684,000.
for acceptances are
concerned,
are
of acceptances
holdings
nominal in
far
so
the dealers
as
they continue to fix their own rates.
as
The nominal rates for open
market acceptances are
follows:
as
SPOT
DELIVERY
180 Days
Asked
Prime eligible bills-.
5is
%
90 Days
Bid
Asked
Prime
—120 Days—
150 DaysAsked
Bid
S16
X
Asked
he
—30 Days
60 Days
Asked
Asked
X
Bid
Bid
he
X
he
X
eligible bills
•
Bid
X
Bid
DAYS
——
Discount Rates of the Federal Reserve
% % bid
X % bid
Banks
Reichsmarks
No change
Reserve in foreign curr.
Bills of exch. and checks
The bill-buying rate
New^York Reserve
Eligible member banks
Eligible non-member banks
+ 2,018,000
Of which depos. abroad
Notes
Reichsmarks
to and including 90
Bank is J^% for bills
running from 1 to 90 days, %% for 91- to 120-day
Apr. 23, 1936 Apr. 23, 1935 Apr. 23, 1934
Reichsmarks
up
3-16% bid and %% asked; for four months,
34% bid and 3-16% asked; for five and six months,
Chanyes
Reichsmarks
American Ac¬
of the
Quotations
unchanged.
are
FOR DELIVERY WITHIN THIRTY
*
Rates
coming out and the demand is shortening up.
.
COMPARATIVE STATEMENT
for Week
Assets—
%% for
THE marketquiet prime bankers' acceptancesbeen
for this week. Few bills have has
been
109,000 marks, and in other liabilities of 7,531,000
Below
are
less known.
39,338,000 marks, in other assets of 46,777,000
marks.
Rates
steady.
running from four to six months
Bankers' Acceptances
increase in
marks, bringing the total
the
Paper has been in moderate supply and
demand
Germany Statement
THE statement for the thirdbullion of 2,018,000
quarter of April
gold and
shows
the
b Includes bills discounted abroad.
Includes bills purchased In France,
quiet this week.
very
quoted at 1% for all maturities. Trad¬
ing in prime commercial paper has been fairly active
this week.
French commercial
bills
continued
has
Francs
Francs
Francs
are now
Apr. 27, 1934
—551,326,030 61,937,087,361 80,932,676,995 75,755,983,799
13,554,466
9,015,243
5,540,522
—4,000,000
Gold holdings
Credit bals. abroad,
money
Rates
Apr. 26, 1935
Apr. 24, 1936
quotation all through the week
The market for
loans and renewals.
new
time
Changes
for Week
Rates
DEALINGExchange from day to day, % on 1%
in detail with call loan rates of the
Stock
remained the ruling
BANK OF FRANCE'S COMPARATIVE
a
New York Money
387,000,000 francs and creditor
28,000,000 francs.
comparison of the different items for three
a
2889
Chronicle
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
rates
following is the schedule of rates now in effect
The
the
for
various
of
classes
the different
at
paper
Reserve banks:
Liabilities—
Notes in circulation
DISCOUNT RATES OF FEDERAL RESERVE
—184,365,000 3,886,467,000 3,424,070,000 3,307,669,000
976,083,000
508,945,000
—54,109,000
721,890,000
142,831,000
215,732,000
164,352,000
—7,531,000
Other daily matur. oblig
Other liabilities
Propor. of gold & for'n
curr. to note
*
on
2.49%
1.91%
+0.14%
other banks expired March 31. 1936.
6.8%
t
Effect on
Date
Previous
May 1
Federal Reserve Bank
circu.'n.
Validity of notes
BANKS
Rate in
Established
Rale
Feb.
2
Boston
81934
2X
2
New York
New York Money
Market
IX
Feb.
21934
Philadelphia
2
Jan.
17 1935
2X
11 1935
2
Cleveland
a
on
minor
Although stock
aspects were apparent.
prices tumbled and probably occasioned a decline
in the demand for brokers'
the
May
2
Jan.
14 1935
Chicago-
2
Jan.
19 1935
St. Louis
2
Jan.
2
May
Kansas City
2
May
Dallas
2
May
8 1935
San Francisco
2
Feb.
16 1934
loans, such loans actually
increased
May
2
Atlanta
Minneapolis
MONEY quiet scale this week, butYork remained
market dealings in New a few changes
in
IX
Richmond
$19,000,000 in
week
night, probably because brokers enlarged their lines
in
anticipation of the effectiveness, yesterday,
Federal Reserve
gin
of
Regulation U, which increases mar¬
requirements.
Stock
Call loans
on
the New York
Exchange held to %% for all transactions,
loans.
Time loans
whether renewals
or
available at
No alterations appeared in com¬
1%.
mercial paper or
bankers' bill rates.
sold last
Monday
bills
in
due
average
an
were
The Treasury
issue of $50,000,000 discount
days, which
was
awarded at
an
annual bank dis¬
Beginning next week the Treasury will
of 0.089%, computed
count basis.
increase
273
new
its offerings
Course of Sterling
to Wednesday
on an
of such bills to $100,000,000
s
or
3 1935
2 X
14 1935
10 1935
2X
2X
2X
2X
Exchange
TERLING and the entire foreign exchange market
continue to follow trends which have been more
less
while
apparent since early in March.
The pound,
relatively sbft in relation to the dollar, is firm
against all other currencies, and
even
the dollar-
sterling rate must be considered exceptionally steady
this
week, though
on average
the pound has ruled
slightly easier in terms of the dollar.
has been
The market
largely influenced by a spirit of caution in¬
duced by the
uncertainties of the French currency sit¬
uation, which threatens to become more grave in
consequence
of the gains made by the Communist
Party of France and their close
weekly, half to be of the customary 273-day ma¬
Leftist Socialists, in the
turity, while the other half will mature Dec. 15,1936.
ber of
2X
2X
2X
9 1935
collaborators, the
first elections to the Cham¬
Deputies, which took place on April 26.
The
2890
Financial
final election will
exchange market
decisive trend
until the
occur
on
technical
or
the
Government.
week has
ability
The
been between
bankers'
position for
French Chamber of
new
ized and demonstrates its
duct
May 3, and the foreign
hardly be expected to show
can
transfers has been between
The
rate
The
$4.9354 and $4.9434- com¬
/k/'A
■...
following tables give the
Paris, the London
on
and the
for cable
range
of between $4.9334 a^d $4.9434
a range
week.ago.
of between
range
a
$4,933/8 and $4.9434 last week.
a
con¬
for sterling this
$4,933/2 and $4.94 3-16 for
sight, compared with
pared with
organ¬
inability to
range
London check
market gold price,
price paid for gold by the United States:
MEAN
LONDON CHECK RATE ON
Saturday, April 25-Monday, April 27_
Tuesday, April 28
75.00
____74.98
As
result of fears entertained
a
the
to
Saturday, April 25.___140s. lid.
Monday, April 27
140s. 10^d.
Tuesday, April 28
1403. 10^d.
GOLD
safety and investment.
PAID
FOR GOLD
BY
New York
74.988
Continental funds
$35.00
Wednesday, April 29
35.00
Thursday,
Friday,
35.00
—$35.00
April 30
35.00
May
Though last week the British budget
mild
some
shocks
for
the
message con¬
London
market,
especially the increase in the income tax, the dis¬
virtually without effect
foreign exchange trading.
Financial sentiment
disturbed
state
now
are
on
was
by the tax increases because it denoted
definite reversal of trend,
that
a
but competent observers
British financiers
and industrialists
concerning themselves with the continued steady
improvement in domestic trade and industry and
ended and will
time.
money
probably continue for
It may
is by
no means
considerable
a
also be asserted, despite the opening
phrases of this review, that the French situation is
less
factor in sterling
a
only
a
few weeks
ago.
exchange than
the
will
be
run-off elections of
The
able
Centrist
to
organize
elements
case
will
an
seem
to indi¬
May 3, despite
groups,
they
effective cabinet.
continue
numerically
stronger and will doubtless be' inclined to throw their
influence to the
new
Right.
London
National Government may
order to
effective action
secure
economic
have to carry on
months
as
London
both the
In
matters.
short,
seems
to feel that a
have to be formed in
on
either financial
London
expects
New
anticipates
doing for the past several
no
phase of international diffi¬
London
municipal issues
The British public are
rather extensively
receiving
are
few months ago.
a
a
being offered to yield
are now
ready market,
a
better return
The British steel and ma¬
The Manches¬
chinery trade is exceptionally active.
ter cotton
of
attitude
This
concerned
is
buying industrial shares
they
as
industry is the only disappointing feature
of the British industrial recoveiy.
The longer view
ness
of sterling promises greater firm¬
in terms of the dollar.
commercial account
the
are
The seasonal factors
in favor of
on
sterling and with
beginning of May tourist requirements
add
to
greatly to the strength of the
are
likely
pound.
It
probable that Great Britain will get the major
seems
part of the current year's American tourist spending.
Money rates in Lombard Street continue unchanged
from last week.
ply
y2%.
at
Call money
Two-
bills
sup¬
bills
are
54%
are
fractionally easier
are
11-16% last week.
against bills is in
three-months'
and
9-16%, four-months' bills
and six-months'
>
54%, against
at
All the gold
on
54®
offer in the Lon¬
don market continues to be taken for unknown des¬
immediate change.
hoarders.
On
Saturday
£118,000;
on
Monday,
£268,000;
years.
Bank of
on
se¬
last
Friday, £256,000.
available
on
£281,000;
Wednesday,
on
was
there
£237,000;
Tuesday,
on
Thursday,
On Tuesday the
England bought £137,310 in gold bars and
Thursday £375,000, bringing the total gold
chased
by the Bank since the beginning of the
pur¬
year
to
approximately £2,605,798.
At the Port of New York the
the week ended
April 29,
Reserve Bank of New
GOLD
MOVEMENT
Hence,
foreign exchange market there and the
on
£414,000, and
or
to
with the franc during the coming
it has been
security market is quite buoyant and
that every
tinations, chiefly, it is assumed, for account of private
acknowledged gains of the Leftist
not
the
.
Advices from both London and Paris
cate that in the
was
domiciled in
be
known to
is
strengthens sterling.
again
are
encouraged by the view of the Chancellor of the Ex¬
chequer that the period of cheap
seem
financial
appointment is already apparently being forgotten in
the London market and is
United
culty has been relegated to the background so far as
35.00
1
the
to
come
one-quarter years is very
much larger volume of European and
a
foreign funds
The London
than
tained
It
London.
74.989
(FEDERAL
which have
States in the past two and
_75.015
RESERVE BANK)
Saturday, April 25_
Monday, April 27
Tuesday, April 28
market, which is largely accountable for
PRICE
STATES
This trend counteracts to a
softness of the pound in terms of the dollar.
any
large, but
Wednesday, April29__ 140s. 9^d.
Thursday,
April 30._ 140s. 9J^d.
Friday,
May l__140s.
lOd.
THE UNITED
gold and for¬
on
large extent the movement of London funds to the
course
PRICE
the Continent
on
situation, which have now become
aggravated by the Polish embargo
it would
LONDON OPEN MARKET
French
eign exchange transfers, there has been a noticeable
movement of Continental funds into London for
other
PARIS
Wednesday, April 29.
Thursday,
April 30_
Friday,
May 1
—74.942
_
moving perhaps sideways, but inclined to
upward rather than downward.
curve
as
1936
May 2,
is well known that the volume of French and other
-A
mean
open
steady,
few weeks,
a
Deputies is
or
any
Chronicle
AT
as
York,
NEW
gold movement for
reported by the Federal
was as
follows:
YORK, APRIL
Imports
23-29,
INCLUSIVE
Ex-ports
$5,119,000 from Canada
1,468,000 from India
curity markets
are
tic progress, and
directing their attention to domes¬
if
any
with respect to the weakness in the New York
security
market.
week
more
It has been noted that in the past
that
for
$7,039,000 total
Net
or
foreign funds have left the New York
selling from that quarter, but that,
ties
135,000 from Russia
Change in Gold Held Earmarked for Foreign Account
Decrease
some
market, but London asserts that there is
there is
None
317,000 from Chile
anxiety is shown at all it is
more
on
no
decided
British
and
Continental
account.
$894,000
approximately $485,000 of gold was
received at San Francisco from China.
The
the contrary,
buying than selling of American securi¬
both
Note—We have been notified that
above
Wednesday.
or
figures
are
for the
On Thursday there
exports of the metal,
or
week ended
were
marked for
foreign account.
steadily downward since April 6, the London market
of gold was
received, of which $4,070,200
in industrial shares and in rails has been
France,
exceptionally
$986,000
from
on
imports
change in gold held ear¬
moving
While the New York stock market has been
no
On Friday $6,062,700
India,
came
$968,100
from
from
Financial
Volume 142
2891
Chronicle
England, $29,800 from Nicaragua and $8,600 from
the Paris banks have
Guatemala.
but lenders
but
There
metal,
exports of the
no
in¬
account
earmarked for foreign
held
gold
were
Canadian exchange
at
discount of
a
during the week
%% to
guilder and the Swiss franc,
discount of 3-16%.
a
Referring to day-to-day rates, sterling exchange
Saturday last
on
ers'
sight
fers
were
range
$4.93%@$4.93% and cable
was
$4.93%@$4.94.
London
on
On
trans¬
exchange
Monday
The
trading.
limited
in
steady
was
bankers'
for
$4.93 9-16@$4.93 13-16
was
Bank¬
steady in dull trading.
was
only lender of one-month funds.
The franc has been weak in terms of the
quoted
was
augmented their cash holdings,
unwilling to commit themselves for
longer periods and the Bank of France is practically
the
creased $38,400.
are
past few weeks has gone to London or has been ear¬
marked
for
the
France
as
but
undertone
sight
showed
slightly firmer.
was
The
$4.94 3-16 for bankers'
for cable
transfers.
transfers
cable
On Wednesday sterling
$4.93%@$4.93 15-16.
were
Bankers'
fluctuation.
little
$4.93%@$4.93 13-16;
was
slightly softer
a
$4.93 13-16@
was
range
sight and $4.93%@$4.94%
On
Thursday the^ pound
tinued steady in a limited
The
market.
con¬
was
range
$4.93%@$4.94 1-16 for bankers' sight and $4.93 13-16
On Friday sterling was
@$4.94% for cable transfers.
The
steady.
range
$4.93 13-16@$4.94 1-16 for
was
bankers'
sight
transfers.
Closing quotations
for
demand
and
Commercial
bills
at
ments
Friday
on
$4.93%
were
transfers.
cable
for
$4.93 15-16
cable
for
$4.93%@$4.94%
and
sight bills finished at $4.93%, sixty-day
$4.92%, ninety-day bills at $4.92%, docu¬
Ofor
days)
(60
payment
at
seven-day grain bills at $4.93%.
for payment
$4.92%,
and
Cotton and grain
London
ultimate
economic
[that
no
immediate deval¬
no
mark
concerning
appointment is
cooperation of
necessary
say
franc situation has already
the
of sterling
resume
sults from
that
exchange.
Government is
French
When
plexion.
pressure
re¬
likely to gain at least temporary
control after the final elections
ent
The
widespread fears in France and elsewhere
Left-coalition is
a
been indicated above in
on
May 3.
State and party
buffer between Dr. Schacht, Economics
as a
President of the
Minister and
avowed
Laval Cabinet, his
regarded
"stopgap" until the elections.
as
a
Leftist forces
are
for the present,
now
Reichsbank, and his
opponents in the more radical section of the
Nazi party.
These party members are known to be
Schacht has severely
in which the rearmament program
manner
was
The
authority
though it is generally believed that
The Paris Bourse has been
more or
Foncier
Credit
respectively, representing
13% and
while
age
on
11%
off
were
a
675
francs,
between Monday and Wednesday,
the Bourse French rentes declined
on
aver¬
last week,
sterling, the French
this week approximately the
having
on
same
several occasions fallen below
gold point from Paris to New York.
Since Fri¬
day of last week approximately $31,170,000 of gold
engaged for shipment to New York, of which
was
$4,070,200 arrived here
on
Goering is
It is generally
friendly to
Schacht,
Dr.
agreeing with him that the mark should not be de¬
valued, but opposed, as an army man, to his desire to
curtail armament
expenditures.
It is conceded that
the Prussian Prime Minister is not versed in
exchange
in
foreign
However, he is held somewThat
finance.
or
by the Nazi forces and may therefore be able
awe
soften
has
the
In final
opposition to Dr. Schacht.,
been
superseded
as
economic dictator and his
of exchange control through his position as
President of the Reichsbank must necessarily be
power
nullified.
Foreign exchange
circles anticipate fur¬
ther demoralization of the German
foreign exchange
Polish
The
Government, by decree
chase
the
or
export of gold and*foreign exchange.
decree
handed
all incoming
over
In explaining
pointed out that speculation in gold
foreign exchange in the
endangered the domestic
last few months has
money
The gold
market.
decree of the Polish Government represents a
step in its efforts to stimulate business.
Warsaw Government and the
followed
a
Under
foreign exchange must be
to the Bank of Poland.
the decree it was
consistent
deflationary
marks the
further
Both the
Bank of Poland have
policy,
efforts have failed to bring about a revival
The Polish decree
May 1.
of President
Ignacy Moscicki, on April 27 forbade the free pur¬
and
approximately 250 centimes since April 25.
franc has averaged
the
145
decline in these shares of
In terms of the dollar and of
as
less demoralized.
and
has been
it has seriously interfered with all his
situation.
Wednesday's market shares of the Bank of France
and
that
Dr.
criticized the rapidity and the
analysis, the appointment means that Dr. Schacht
they will not be able to hold office for long.
In
mark.
strong advocates of devaluation of the
com¬
Government
assured of continued
new
to
Sarraut became Premier after
M.
the fall of the
office is
Hence the creation of this
regarded
pres¬
The
Leftist in
largely
in order
necessary
numerous
authorities.
believed
FRENCH it is are under severe pressure. About
all that francs
to
with respect to the
materials
raw
The wording of the decree
foreign exchange.
intimates that the
Hermann
Prime Minister, has been
plans for increasing German exports.
Continental and Other Foreign Exchange
German
of
and
Chancellor Hitler,
of
made dictator of all matters
effect
in
is believed in
change from recent weeks.
the
Wilhelm Goering, Prussian
to
exchange
development appears the more serious since
by special decree
and
apprehension
occur.
of
course
carried out, as
closed at $4.93%.
circles
German marks show
The
British
the
result of the elections, it
a
uation of the franc will
had
the
Despite
informed
sterling
of
account
fund.
equalization
sight and $4.93 11-16@$4.93 15-16 for cable trans¬
Tuesday
large part
a
taken from the Bank of France during the
fers.
On
belga, the
that gold has been
In addition,
shipped to these centers.
of the gold
so
but
all
of business.
first defection of the
The current statement of the Bank of France shows
a
nations which have tied to the French franc.
further loss in gold
foreign exchange experts think that the Polish action
and
has
Bank
since
holdings of 551,326,030 francs
heavy increase in its discount portfolio.
a
lost
approximately $250,000,000 in gold
early in March.
mands
3%,
as
The
Day
money
in Paris
against %% in London.
the elections and the
com¬
In view of
ordinary month-end expansion
may
Some
have the effect of hastening abandonment of
gold by France.
serves
On March 31, 1936, the gold
re¬
of the Polish bank amounted to approximately
427,000,000 zloty and its ratio was 41.3%.
end of 1934 the
gold
reserves
At the
of the bank amounted
Financial Chronicle
2892
to about
to
In recent years'the legal
503,000,000 zloty.
mately $80,000,00.0
requirements have been reduced from 40%
reserve
30%.
States, England and France, it has steadily refused to
dropped steadily until for 1935
they
only
par
amounted to
65,000,000 zloty.
of the zloty is 18.99 cents.
On
For
ship gold for the maintenance of the peseta at
has relied upon
Dollar
of
April 27 the Free Qity of Danzig forbade sale
Polish Government against the
gold and foreign exchange.
the
on
trade
hedge
as a
Danzig gulden
The
a
was
on
New Dollar
This Week
6.58% to
6.63
Belgium (belga)
Italy (lira)
13.90
16.95
5.26
8.91
7.87
Switzerland (franc)
19.30
32.67
32.45
to 32.59
..40.20
68.06
67.82
to 67.89
The London check rate
75.03, against 74.97
New York
at
sight bills
6.58%
to 16.92
to
on
7.88
Friday
Friday of last week.
tances in
Friday of last week;
com¬
sight bills at 6.55%, against 6.55%. Antwerp
belgas closed at 16.91 for bankers' sight bills and
16.92 for cable
Final
transfers, against 16.90% and 16.91.
marks
quotations for Berlin
bankers'
40.20 for
were
sight bills and 40.21 for cable transfers, in
comparison with 40.20 and 40.21.
at 7.87 for bankers'
Italian lire closed
sight bills and at 7.88 for cable
transfers, against 7.88 and 7.89.
closed at
Austrian schillings
18.72, against 18.72; exchange
slovakia at
4.13%, against 4.13%;
0.75%, against 0.75%;
18.82%, and
Greek exchange
Czecho¬
on
Bucharest at
on
Poland at 18.82, against
on
Finland at
on
can
Payment in
be made only after
2.18%, against 2.18.
obtainable
not
are
in
foreign exchange has been
no
December.
some
has
cases
remittances
present
Delay
dollar remit¬
on
actually reached
made
usually
were
one year,
favorable than
more
were
within
days.
Bankers' sight
at
Ap¬
increasing extent for
an
which
whereas when conditions
>■
mercial
Spanish foreign exchange
rigid control.
It is understood that for articles other
granted "since
90
on
mounting
in effect confined to cotton, oil
now
than these necessities
at
6.58%, against 6.58%, and
necessities
and coffee.
In
6.56%, against 6.57%
cable transfers at
A
practically impossible to
for imports
currency
absolute
the French center finished
on
on
16.90
Paris closed
on
it
made
import accounts.
Spain, and is
3.92
Holland (guilder)-.
has
proval is being reserved to
Range
Parity
Parity
France (franc)
international trade.
world
ping documents by the exchange control board.
gold to the United States dollar:
Old Dollar
The volume
private debts.
approval has been given the import license and ship¬
devalued.
following table shows the relation of the lead¬
ing currencies still
at
foreign
and
has steadily fallen with the
and trade has been under
was a
May 1, 1935, when
on
in
deficit
balance
export of
or
result there
Danzig bank by persons trying to sell
zlotys purchased
the
purchase
As
exchange available
decline
or
par
foreign exchange entirely for the set¬
tlement of international
weeks the
some
running between 18.82 and 18.85.
purchase of Polish zlotys because of the decree of the
rush
of the
one
largest gold reserves, exceeded only by the United
"
the visible balances
rate has been
commercial account, probably
While the Bank of Spain has
exporters.
For the
1931 they amounted to 416,000,000 zloty and
year
on
$20,000,000 to $25,000,000 being owed to American
The economic plight of Poland is reflected
in the decline in her active trade balances.
May 2, 1936
67.83,
cable
transfers
mercial
francs
cable
Amsterdam finished
on
against
67.80
at
67.85,
sight bills at
closed
for phecks
Friday
67.81, and
against
67.78.
67.82, against
32.48
at
on
of last week;
Friday
on
com¬
Swiss
and at 32.49 for
Copen¬
transfers, against 32.56 and 32.57.
hagen checks finished at 22.04 and cable transfers
at
22.05,
against
and
22.02
22.03.
Checks
on
Sweden closed at 25.46 and cable transfers at 25.47,
against 25.44 and 25.45, while checks
on
Norway
finished at 24.81 and cable transfers at 24.82,
24.79
and
24.80.
for bankers'
against
Spanish pesetas closed at 13.64
sight bills and at 13.65 for cable trans¬
fers, against 13.64 and 13.65.
>
closed at 0.93% for bankers' sight
♦—
bills and at
and
0.93% for cable transfers, against 0.93%
EXCHANGE on the! South from those of recent
presents
features American countries
1
0.93%.
;
,
no
«
weeks.
EXCHANGE on the countries neutralsince Great
during the
follows
trends
war
characteristic
Britain's suspension of gold in
navian currencies
pound.
in close
move
The Scandi¬
1931.
sympathy with the
Holland guilders and Swiss francs have been
moved from Paris to both
countries at different times
The
during the past few weeks.
guilder is easier in terms of the dollar and of
sterling,
as
Dutch
money
has flowed into both British
and American securities.
the Swiss franc has
During the past few days
apparently been easier with
spect to the dollar, but this
due
heavy selling of Swiss francs by Italian interests
posed to be establishing by this
means
sup¬
sterling bal¬
of Argentina
The
tically
blocked
were
! inclined
wide expansion.
higher than at
Argentine)paper
pesos
closed
on
Friday, official
32.90
on
Friday of last week; cable transfers at 33.00,
against 32.93.
27.50,
rates,
cable
The unofficial free market close was
against
are
Brazilian
27.55.
milreis,
transfers, against 8% and 8.44.
free market close
The unofficial
5.57, against 5.57.
was
a
few weeks
currency.
ago
became
prac¬
Nevertheless, the Span¬
Peru
is
nominal
at
24.81,
against 24.80.
EXCHANGE oninthe Far Eastern countries follows
trends long
evidence.
All these currencies
practically all linked either by legal decree
relationship to the French franc.
It is widely
believed that Spain will devalue the peseta.
In view
expectation, foreign exporters of goods to
Spain, including American exporters, have for
some
heavy shippers of goods, despite the fact
Spain is far behind in debt payments
account.
It is
Chilean
exchange is nominally quoted at 5.19, against 5.19.
move
that
official
8% for bankers' sight bills and 8.44 for
close
time been
any
quotations, at 32.94 for bankers' sight bills, against
ish authorities have endeavored to keep the peseta in
of this
to
The export trade
—«—
Spanish peseta
a
strongly
time in several years.
in London.
ances
are
harmony with sterling.
March exports
re¬
largely to
very
new
currencies
of the South Americans is showing
or
was
in
move
exceptionally firm in terms of the French franc, with
the result that gold has
These
estimated that
Spain
on
owes
import
approxi¬
in strict relation to
processes
sterling, to which they are
or
by
of exchange control.
Closing quotations for
28.92, against 28.87
on
yen
checks yesterday were
Friday of last week.
Hong¬
kong closed at 32.70@32.75, against 32.70@32.75;
Shanghai at 29.92@30 1-16, against 29%@30 1-16;
Manila at 50.00,
against 50.05; Singapore at 58.05,
,
Financial
Volume 142
2893
Chronicle
against 58.00; Bombay at 37.32, against 37.30, and
to
Calcutta at
production,
37.32, against 37.30.
maintaining
"balanced relationship" between
a
and hours of labor.
wages
The "best
endeavors" of business should be devoted to "a fun¬
Gold Bullion in
European Banks
educational
damental
THE following table indicates the amount of gold
(converted into pounds sterling at par
bullion
efforts
and
to
their social
reassume
involving methods
program
get the States and subdivisions to
responsibilities
as soon as pos¬
exchange) in the principal European banks as of
sible, to study economies in government and the
April 30 1936, together with comparisons as of the
prompting of self-respect and mutual responsibility"
corresponding dates in the previous four years:
in individuals and groups,
of
"the most effective
186,927,226
646,928,154
19,599,650
90,367,000
68,036,000
79,685,000
76,313,000
85,019,000
12,096,000
7,397,000
8,380,000
121,460,179
622,896,573
38,295,600
90,017,000
1,074,387,007 1,215,465,546 1,203,689,987 1,280,748,030
1,077,608,918 1,216,408,752 1,201,584,225 1,281,057,993
1,173,180,352
1,168,957,377
Enejland
France
a
Spain
Italy
Netherlands
Nat. Belg__
96,467,000
48,182,000
23,928,000
6,554,000
Switzerland.
Sweden
.
_
6,604,000
Norway
Total week.
Prev. week.
These
a
193,110,380
647,461,416
2,994,750
90,776,000
63,005,000
55,163,000
82,042,000
49,918,000
17,002,000
7,394,000
6,599,000
203,522,368
495,496,699
2,464,950
89,106,000
42,575,000
59,487,000
Germany b_
Denmark
1933
1934
1935
1936
Banks of-
are
192,143,067
606,047,870
8,013,050
90,493,000
74,350,000
65,534,000
77,163,000
61,116,000
14,857,000
7,398,000
6,576,000
60,868,000
75,530,000
72,049,000
66,031,000
11,440,000
8,032,000
6,561,000
holdings of the Bank of France as reported in the new form
b Gold holdings of the Bank of Germany are exclusive of gold held
the gold
of statement,
7
abroad, the amount of which the present year is £976,300.
If
Mr.
Secretary
Roper's
ably to be interpreted
United
Tuesday, is prob¬
on
another effort on the part
Administration to conciliate American busi¬
of the
ness
as
the
before
address
Commerce,
and
It began with a recital of the
industry.
Roper expected
that his address would
which separates industrial and
from the Administration, he was
close the wide gap
business leaders
doomed
to
disappointment.
almost
was
for what it
ber showed
The 10-point program
significant for what it left out as
as
included, and the reaction of the Cham¬
quickly that some of the implied
criti¬
cisms of the address were resented.
sharpest dissent was manifested on the ques¬
The
States Chamber of
cooperation between business and
government."
of
tion
Secretary Roper's Ten-Point Program
and "every possible chan¬
approach" should be utilized to bring about
nel of
1932
the
Mr. Roper, who discussed
unemployment.
question at considerable length in his address,
and business
clearly implied that while industry
had done
a
good deal in expanding employment, they
had not done
enough and their efforts should be in¬
creased. He admitted the need of much
fuller knowl¬
and
edge than is now available of the nature, causes
unemployment, and held out hope of an
dire conditions which existed when President Roose¬
extent of
velt took
"occupational and unemployment census," more
office, spoke encouragingly of the progress
that has been made in recovery,
of
emphasized the need
relieving the Federal Government of responsi¬
bilities which
an
emergency
had compelled it to as¬
and invited the cooperation of industry and
sume,
further
in
business
reducing unemployment and
expanding the activities of capital.
of the Chamber
sire
or
purpose
of
The members
assured that "it is not the de¬
were
your
government to destroy those
fundamental
concepts and principles of American
business and
industry which have made possible our
national wealth and
progress," and the tone of hos¬
forming than a mere "head count," as soon as
censuses of business and manufactures which
now
suggestions that
purpose was
mistrust, and, while
tion
had
The
defending what the Administra¬
done, to invite support and confidence.
10-point program in which Mr. Roper
marized his
to
which
proposals contains,
conditions" with
persons
grams
on
objection should be
would have business
own
made. The obvious
were
to allay anxiety, dispel suspicion or
a
the surface, little
raised.
"survey its
sum¬
own
Mr.
Roper
needs and its
view to "employing as many
current improvements and future pro¬
as
demand." The benefits of lower costs of
duction
pro¬
should be passed on to consumers "as im¬
"constructive
however,
own
needs
and
are
In the meantime,
aggressive re-employ¬
and
ment" should not wTait.
If business will survey its
conditions, "a concrete picture of
immedi¬
will
basis for
employment potentialities will be secured,
ate
employment for those not now on pay rolls
be
found, and
future
be
a
proper
and necessary
Employment and production adjustments will
provided."
The criticism was
tility and irritation was wholly lacking in the criti¬
cisms and
being taken are completed.
in¬
the
Brown,
president
promptly challenged. Lewis H.
of the Johns-Manville Corpora¬
tion, denied that business, however
erted
greatly it ex¬
itself, could arbitrarily absorb 10,000,000 un¬
It had already re-employed, he declared,
employed.
5,500,000 workers,
more as
fast
as
and "will continue to employ
orders and work are available," but
"even in the best of times there were
several million
people unemployed because they were
unmployable."
What is needed is
the abandonment of government
policies which menace business and hold it back.
"If the first aim of the planned economy was to re¬
lieve
unemployment," he insisted, "it certainly has
So
hear again, and more loudly, the ap¬
provements in productive efficiency are secured, and
failed.
committees should be formed to
peal to the private employers to take up the load.
study technological
unemployment and facilitate the re-employment of
workers
displaced by machines." The durable goods
industries
should
be
stimulated
we
This, business can do, but not until it is cleared
today."
Secretary Roper adduced no figures to support
by provisions for
"capital goods and machinery replacements due to
intimation that business and industry had not
obsolescence, depreciation and other causes,"
their part.
fective
and
wisely engineered
home-building
"ef¬
pro¬
privately financed and managed and adapted
local needs," should be developed, and "more
grams,
to
aggressive endeavors" should be launched to expand
foreign trade "all along the line."
useful
of
A "long-range
public works plan" coordinating the efforts
national, State, local arid private agencies should
be worked out
business and
through
a
"research program" which
industry would conduct, and
tensive research
study" should be made with
an
a
"in¬
view
of
the confusion about us
ford
his
done
William L. Sweet, treasurer of the Rumhowever, cited official gov¬
Chemical Works,
ernment statistics as
affording "incontrovertible ev¬
idence" in refutation of the charge that
"industrial
production has virtually been restored to the 1929
level while employment still lags far behind." It is
a
fact, he declared, "that from 1930 to
manufacturing production
the level
of employment was
the 1929 level.
each
was
1932, when
declining rapidly,
sustained at 61% of
With the increases in production in
successive year
since 1932, employment has
2894
Financial
Chronicle
May 2,
1936
'
advanced
substantially, and
that both
our
latest figures show
production and employment
ing maintained in virtually the
prevailed in 1929."
Mr.
Sweet told
ployers had drawn
and wages
to an
1,000,000, at
nually.
dend
Chamber,
consumer
"If
of
as
ity at Washington, and agricultural, public works
manufacturing
em-
to give work
reserves
force averaging
than
more
than $1,000,000,000
more
"which
had
of
resources
similar
fields
other
relation
same
the
effect
of
figures
en-
a
than $9,000,-
more
obtainable for
were
business, they would undoubtedly
show that since 1929 American
and relief policies
verted
corporations, wholly
dependents
ury
are
continued which have
or
beneficieries
of
conditions
which American
have to meet.
industry and business
They have the accents of sincerity
and hopefulness, but they
are
The volume of dissent which
spoken in
rose
the Chamber of Commerce shows how completely
the Administration has alienated the industrial and
business interests whose cooperation,
bill, have paid out at least $20,000,000,000
employees in providing work and
the amounts warranted
beyond
wages
by the current volume of
business."
There
number
of
other important
things
Secretary Roper did not mention, or in remto which his remarks were only a part of the
story. He dwelt upon the stimulus which would be
a
are
a vacuum.
in the sessions of
an
total tax
man-
ring hollow when contrasted with the actual
apart from their large contributions to community
to
government
Mr. Roper's polished phrases and restrained
ner
chests and their
predominant share in the Nation's
con-
sixth of the country's population into Treas-
a
grants.
an-
purchasing power," represented
depletion of capital
000,000.
is being exerted to centralize initiative and author¬
payments, together with divi-
wage
disbursements
larging
their
on
excess
cost of
a
These
be-
In five years of the depression,
the
when the whole force of the Administration
groups,
are now
election, it
the
on
to invite.
now appears
speech is the best that the Administration
bringing about
eve
of
If the Roper
can
do in
rapprochement with the business
a
which for three years it has badgered and coerced,
it is a safe prediction that the
rapprochement will
be long in coming,
which
to the
0
r
given to the agricultural and industrial machinery,
railroad and electrical
dustries if inventories
expanded, outworn and
Conference which is expected to convene at Buenos
Aires sometime during the coming summer will not
insisted
that the "concrete
which has taken
and
realistic" recovery
place affords "a sound foundation
for
increasing capital expenditures and replacing
obsolete equipment," and pointed to the need of "a
further
permeation
of recovery
into
the durable
goods field." He could not have been unaware, howthat capital expenditures or investments in all
ever,
these lines
are
retarded by such
bill
one
which passed in
the
as
resentatives
cepted
by
Wednesday
on
vote of 267 to
by
93, and which
Senate
the
a
corporation tax
the House of Rep-
the
seems
without
overwhelming
likely to be
any
ac-
radical
very
change; by the steady increase of Federal expenditure, an unprecedented peace-time Treasury deficit,
and
Just what will be discussed at the Inter-American
machinery replaced, buildings and equiprepaired and new construction undertaken. He
outmoded
ment
Conference
equipment, and building inwere
a
corresponding rise in the Federal debt; by
direct government competition with
private indus-
be known
dent Roosevelt's
ered.
upon
business methods and the
profit motive.
As Mr. Brown said in the address
from which
have
we
quoted, "business still faces the
uncertainties of unreasonable and
arbitrary admin-
istration, and is constantly attempting to determine
the trend
of
sistent with
make it
government policies which
our
economic
are
incon-
system and which thus
impossible to plan for the future with
any
degree of confidence."
in
appeal to business to be
"aggressive" in
more
panding foreign trade, and to develop
ing
program
and work out
a
Roper's
a
long-term
ex-
home-buildprogram
of
public works.
icies
of
ments.
to
To every one of these things the polthe Administration offer serious
impedi-
It is difficult
devise
an
ahd efforts to
to
take
"educational
seriously the advice
program"
of
"methods
get the States and subdivisions to
re-
assume
their social
mies in
government" and promote "self-respect and
mutual
responsibility"
\
responsibilities," "study
among
individuals
econo-
and
proposing
a
conference,
February, shortly after Bolivia and Paraguay
the
long wrar in
Chaco, expressed his conviction that the time
had arrived for the American republics to "consider
their joint responsibility and their common need of
rendering less likely in the future the outbreak
tbe continuance of hostilities between them."
result, it
was
or
This
suggested, might be attained "through
the prompt ratification of all of the inter-American
instruments .already negotiated,"
peace
the
amendment
such
manner as
necessary,"
accord of
to those
of
existing
peace
or
world
in
experience has demonstrated to be
"through the creation by
or
new
com-
instruments of peace additional
already formulated."
peace,
"through
instruments
It
was
further sug-
gested that these steps "would advance the
inasmuch
as
the
cause
agreements
of
which
might be reached would supplement and reinforce
the efforts of the League of Nations and of all other
existing
or
future peace agencies in seeking to
pre-
vent war."
By a curious coincidence, the Chaco conference
which had been laboring to bring Bolivia and Paraguay
Similar exceptions are to be taken to Mr.
The President's letter
ques-
principally consid-
had accepted peace protocols to end the
most
spokesmen
ones
sent to the heads of the other American
governments
mon
pensions, and by repeated attacks by Adminis-
If Presi-
original suggestion prevails,
tions of peace will be the
dustry to support unemployment insurance and old
tration
definitely until the committee which is
to draw up the agenda finishes its work.
try and business, especially in the utility field; by
the heavy
charges imposed upon business and inage
Inter-American
t
to terms adjourned indefinitely the day before
President Roosevelt's letter
executive
any
committee
was.
"was
made
appointed
public.
deal
to
An
with
matters that might develop in the meantime,
but aside from the repatriation
of
war
prisoners,
which has gone steadily on, no indication has been
given of when the conference might reassemble. An
unofficial intimation was given that a meeting
would in any case be postponed until
new
in the two countries had been installed.
presidents
The
change
of government in Paraguay, however, had already
been accomplished by a revolt which ousted the
Alaya regime, and
on
March 11 the
new
President,
Financial
Volume 142
Rafael
Chronicle
sory arbitration of all inter-American disputes," "an
inter-American pledge not to recognize any change
of territory brought about by war or other force,"
and "application of sanctions for violation of either
the Briand-Kellogg Pact or the Argentine anti-war
office, declared
Franco, who had assumed
totalitarian
State, and independent party activities were put
that
Paraguay was to be thenceforth a
On April 18 a decree es-
under the ban for a year.
tablished
of prices in foodnationalization
control
government
pact."
"Upon the threat of hostilities," the "Times" summary of the Argentine draft treaty further recites,
"all American republics are to declare an immediate embargo on arms, petroleum, coal and other artides which might be used in war. JThis embargo
is to be declared against both belligerents, not only
articles, with
stuffs and other basic
producing the articles controlled,
decree of April 23 provided for the
of the industries
and
further
a
expropriation of large quantities of land and
redistribution in small peasant holdings.
sudden
What effect the
will have upon
State
emergence
their
of a Fascist
the Chaco settlement can as
yet be hardly surmised. It has not,
by the countries producing such articles but
however, lessened
proposal^ regarding the matters to be dis-
cussed have been
transmitted to Washington.
Guatemala, for example, has
of
a
submitted the draft
belligerent."
What is proposed is not the same thing as what
will be discussed, and we cannot be sure that all
the projects that have been put forward will find
a place in the conference agenda. It may be said
at once, however, that if the promoters of the conference intend to tie the united American republics
to the League of Nations, they will go far toward
nullifying all the good they hope to accomplish by
getting together. It is possible that the preliminary
suggestions about supplementing or reenforeing the
League, having been drawn up before the demonstrated failure of the League in the Ethiopian affair, may look different now that League prestige
has waned, but any attempt to ape the League would
discredit the conference from the start. To dream of
applying sanctions to a nation which is declared to
be an aggressor, especially in support of the cornpletely lifeless Kellogg anti-war pact, would be
ridiculous after the experience of the League with
that device, and neither the United States nor Latin
America can seriously wish to invite the political
recrimination and diplomatic wire-pulling which
have stained the reputation of Geneva,
On the other hand, if the American republics have
reached the point where they are willing unitedly
to support the original Monroe Doctrine, the conference that cements such an agreement will have
accomplished at least one happy result. The original
Monroe Doctrine, it should be remembered, cornprised nothing more than a declaration against European interference in the affairs of any American
State, and a refusal to recognize the right of further
European colonization on the American continent,
What has irritated Latin America is not these principles, neither of which has evet evoked dissent, but
the repeated assertion by the United States of a
right of political and armed intervention in Latin
American affairs on its own account. With the
proclamation by President Roosevelt of the policy
of "the good neighbor," the period of intervention,
it is to be hoped, has ended. If the conference feels
that the principle of non-intervention, as applicable
to the Latin American States as it is to this country,
should be embodied in a formal statement to which
all members should subscribe and whose prompt
ratification should be expected, there is no reason
why acceptance by the United States should be with-
providing for a pledge of mutual as-
covenant
international
The provision for mutual assistance sets
and
sistance
justice.
a
permanent court of
forth that "interventions or
aggressions by any for-
State were to be
the integrity and sover-
eign Power" against any American
considered
"a danger to
as
should
their resources in defense of the rights of the injured party."
The "mutual cooperation" thereby pledged was de-
eignty of the nations of this continent," and
by an undertaking to "place all
be met
clared to constitute "in itself an
association of the
republics, with sufficient powers for the
maintenance inviolate of American rights and in-
American
terests."
The Guatemalan
Minister at Washington
saying^ that the acceptance of this
provision would constitute a multilateral adherence
was
quoted
as
to the Monroe
Doctrine.
The court of international
justice, resembling in general in its constitution the
present World Court, would
apparently be an ar-
bitral body.
suggested the need of do-
The President of Chile
ing "something in favor of moral disarmament by
means
of a common and ample educational effort
the
mold
will
which
countries in
coming
generations
of
our
atmosphere of affection and mutual
an
understanding," at the same time that we "need to
avoid the conflicts of economic interests with a
policy of increasing tariff exemptions on reciprocal
trade." A number of States have expressed themselves
as
generally favorable to action which would
supplement the work of the League of Nations.
Argentina, on the other hand, in a draft treaty
of which
only
an
extended summary has been made
public, proposed agreements prohibiting (we quote
from
Washington dispatch of April 15 to the New
a
"Times")- either "the use of force or diplomatic intervention for the collection of public or
York
private
to
debts
or
for
making
merely
pecuniary
"the extension of diplomatic protection
nationals living in some other American coun-
claims,"
try,"
or
or
"sanitary restrictions against imports of
agricultural
or
animal products from any American
investigation in which the
country without previous
country producing the restricted products is to co-
operate," the final decision, in case of dispute about
the need of such restrictions, to be made by an international/ commission.
The draft treaty further
proposed the revision of existing sanitary restrictions, a five-year tariff truce, reinforcement of the
peace
efforts of the League "by organizing joint or
parallel action which will permit collaboration of
American
States
which
are
not
members
of
the
League or which have resigned from it," "compul-
also
by others through which the articles might pass in
transit. After an inter-American investigation of
the causes leading to an outbreak of hostilities, the
embargo is to be maintained against the nation declared to be the aggressor, but lifted from the other
general peace conference. President
Roosevelt's invitation has been widely accepted, and
interest in the
various
2895
/
held.
Secretary Hull has recently intimated an intention to urge upon the conference united action regarding neutrality. This is a thorny subject which
the conference may well approach with caution.
There
2896
Financial
Chronicle
May 2, 1936
■
•
.
is
weighty authority for believing that the neutral¬
ity resolution which Congress has lately re-enacted
with
amendments, far from contributing to the
maintenance
of
American
neutral
rights, will be
found, if it is subjected to any important test, actu¬
ally to put neutral rights in peril. If such a drastic
proposal of united action as has been brought for¬
ward
by Argentina
\
•
During 1931 and 1932 the farm population in¬
900,000 through excess of births over
creased about
deaths.
But in 1933
migration from farms increased
slightly, while that to farms decreased greatly, with
a
resultant net
migration from the farms of about
227,000.
In 1934 the net
migration from farms
was a
little
adopted by the conference,
the American republics would be
taking, on a grand
Farm population, however, owing to
the 481,000 excess of births over
deaths, continued to
scale, the
increase, reaching the highest point in the Nation's
history.
y-y'-:.';
were
dangerous step which the United
same
States, under pacifist influence, has taken, and
trality rules would be set up for the American
tinent which
not
are
neu¬
con¬
recognized elsewhere in the
world. It is to be
hoped that the conference, if it deals
question at all, will move guardedly and
with the
with
deliberation.
United
resistance
to
any
200,000.
over
The
Proposed Tax Legislation Is Econom¬
ically Unsound and Confusing
By A. WILFRED MAY
pos¬
sible
European aggression, harmonizing of such di¬
vergent policies as can be harmonized, and peaceful
from
settlement of any
inter-American controversies that
policies constitutes
a
to be tasks enough in the
present state of world affairs.
American financial
history.
While the Administra¬
eagerly enthusiastic
support of the scheme
may
arise, would
seem
The
Administration's
plan
to
extract
revenue
corporations in correlation with their dividend
tion's
step of epochal importance in
seemingly arises from the practical necessity of
Reversal in
In
tracting
Agricultural Trends
report just submitted to the National Re-
sources
Committee, the United States Department
of
Agriculture discloses
since 1930, and a distinct re¬
agricultural trends during the depression
sop
report deals with national land requirements
number
of
farms
of
which
a
steady decline in the
had
characterized
most
States since
1910, there has been a notable and wide¬
spread increase of about 9% in the past five years.
This report, which has not been
formally acted on by
the National Resources
Committee, is Part I of the
Supplementary Land Report which will appear in
11 parts when
complete.
This part
prepared
was
by two bureaus of the Department of Agriculture
afnd the Agricultural Adjustment Administration.
Other
parts of the report deal with the complete
problem of land requirements, exports, maladjust¬
of land
ments
forest problems, wild life and
use,
Indian lands.
a
instead
which
of
an
increasing production
amounted
to
almost
preceding the depression,
a
per
worker,
25% during the decade
decrease of about 20%
occurred between 1929 and 1934.
financial structure and
on
man¬
Although
plan's apologists have blithely thrown out the
of possible repeal after the hoped-for termina¬
practical
trial,
recent
"emergency,"
political
or
history
after
forces
recognition that,
once established, the principle of a
revenue-producing scheme is extremely difficult to
eradicate.
It is
particularly regrettable that logical consid¬
eration
on
the part of the public has been
prevented
by the tactics
of, the scheme's protagonists.
In
justification of the matter they have constantly and
artfully shifted their position among the individual
approaches based severally
revenue.
collection
reform, politics and
will fall far short of
brought forth
when
on
When it is demonstrated that the
the
as a measure
inherent basic
the dire need for tax
the element of
Instead of an increase in the
average size of farms
decrease is found to have occurred since
1930, and
political painlessness, the effect
tion of the present financial
a
and reveals that instead
with
ex¬
with promptness
revenue
agement will be profound and permanent.
the
years.
as
the Nation's corporate
increase of 500,000 farms
an
in the United States
versal of
The
wfcll
as
a
large amount of
a
of corporate "reform";
unsoundness is
revenue
revenue
requirements, it is
indicated,
is made the excuse;
and
political palatability to the electorate
must be
recognized as a predominating raison d'etre.
Furthermore, the most superficial, demagogic and ad
hominem attacks have been made
upon many
indi¬
viduals who have
sought to introduce logical testi¬
concerning the grave danger and inconsisten¬
mony
cies which
virtually country-wide except in certain parts of
entailed.
Certainly the burning need
dispassionate and considered appraisal of all the
long-term elements involved should be appreciated.
the cotton belt where
croppers are numerous.
Moreover, in view of the plan's direct and long-term
The
increase
in
the
number
of
farms
This increase has meant "in
many
has
been
cases," accord¬
ing to the report, "the reoccupation of abandoned
farms ; in other cases,
clearing the forest and making
new
farms; in
more cases,
subdivision of farms."
The report stresses the
probability that, in view of
the drought and the
Agricultural Adjustment Ad¬
ministration, there has been no increase in crop or
pasture land, and a general decrease in agricultural
production is noted.
In
to
1930, the first
and
from
year
farms
of the depression, migration
about
balanced, but by 1931
migration from the farms had decreased over 500,000
below the
pre-depression level while migration to the
farms continued at the low level.
In 1932 there
further drop of nearly 500,000
migrants from farms, while migra¬
was a
in the number of
tion to farms diminished
only slightly.
are
for
effect upon corporate
management and the general
financial
structure, the political implications and
even
the need for
revenue
should be relegated to rela¬
tively minor consideration.
lation
usual
whose
It is
consideration
one
must
piece of legis¬
transcend
the
demagogic approach which is concerned with
determining who is to be "soaked" with the
cost.
Let us,
therefore, scrutinize the various attempted
justifications of the plan individually and from a
long-term economic viewpoint.
The
plan of taxing surplus has been recurrenxly
advocated
ever
since
as
an
instrument of corporate "reform"
it received
endorsement
Finance Committee back in 1917.
velt cites the desire to
the
corporate tax
by the Senate
President Roose¬
simplify and equitably revise
structure
advocacy of the present bill.
as
the
basis
for
his
The quest for reform
and the
most
plan's cham¬
new
reasoning is
York) of Assistant
social
on
stock
earnings of the
the
stockholders
"rainy-day" surpluses to
building
up
corporate manage¬
And of
Has
structure.
the effects
and
the
on
after
sponsor,
warning the House Ways and Means Committee that
preferentials for cushion
the
on
ure
justified the
Certain it is that
to its
our
Treasury. Department ardently
the
Ways and Means
foregoing category of advocacy
entirely the financial
For
graduation
seems
unsoundness
and
per¬
amount of amendment
special exemptions,
introducing
can
eliminate the undermin¬
prac¬
fundamentally inherent in the plan's
Such details
technique.
as
well
parisons with existing levies
the
quantitative
as
are
underlying question.
com¬
wholly extraneous
This must be firmly
mind amid the extremely confusing and
kept in
irrelevant
arguments which are being employed by
politicians
and
officials
government
in
their
attempts to secure favorable public opinion.
One
stark
unalterable
and
scheme is that its
penalty
such,
will
means,
one
force
to
on
It
bursed.
inherent
a
pose
Instead
of
taxing earnings
their
distribution
as
by exacting
a
the portion thereof which is not dis¬
does
not
tax
stockholders
by
direct
that is, by taxing the aggregate profits
corporate management.
on
a
on
punitive
It endeavors to im¬
the undivided portion of earnings
a
tax
heavy enough to yield the equivalent of that which
would be obtained if
of tax
they
were
all divided.
The rate
the stockholders is determined not by the
on
to
is the general burden of debt crush¬
income class in which he fits
but
policy of his board of directors.
But the vital
.
~
unscientific, unbusiness-like and inequitable
our
lack of proper
term
provision for repayment.
corporate
Paul is
debt—now estimated
Our longat $35,000,-
paid by borrowing from Peter, and if Peter
is not available when called upon,
In
long-term corporate lending practice we have
our
completely disregarded the fundamental technique
and purposes
observed by
of borrowing, which, incidentally,
corporation, like
for the
the
an
individual, seeing
advantageous
a
be
no
in this
of the loan.
precaution that the bor¬
shall be repaid at maturity.
country
Cer¬
dispute concerning the obliga¬
tion to take all reasonable
less,
A
opportunity
profit after the payment
of interest and after the repayment
can
an
of capital, borrows with
use
expectation of gaining
tainly there
are
banks and other short-term creditors.
corporate
practice
Neverthe¬
has
been
woefully lax and uneconomic in both its contractual
as
well
its informal policies with respect to safe¬
as
guarding these rights of the long-term creditor class.
This has resulted in
creation of
a
injuiy to bondholders and in the
topheavy and unwieldy debt structure.
Practically all European countries have followed the
practice of providing sinking funds to retire entire
issues of debt at their maturity. This would seem to be
the sole effective method of
ing
automatically eliminat¬
of the "milking" and other devious and
many
abusive methods which have been
recent years
debt
obligations.
Apart from other abuses
unwarranted and excessive dividend
this line,
'
ments have in a multitude
odic
employed here in
to take away the assets properly backing
by the dividend
point with regard to dividend dis¬
Paul does not get
Our debt philosophy legitimizes perpetual
refunding in lieu of repaying.
paid.
the
discriminatory
graduated scale, but in effect inflicts
tax on
in
practical matter the preponderant effect
as a
penalty
and
Not only
rowed money
dollar of earnings that is not paid
on every
be
fact
technique inflicts
dividends.
in
out
vast national
other haphazard changes in the rates,
or
ing blow at soundness in corporate financial
to
overpowering obstacle to re¬
It is even responsible for
international monetary difficul¬
from depressions.
covery
ties.
earthquakes and constitutes the
and
predominating
000.000—is treated in a Ponzi-like manner; that is,
to over¬
implications of the measure's basic
no
tice which is
de¬
grounds of social desirability.
on
nicious economic
nor
repayment, has been largely responsible for our
system seems at fault even in ordinary times owing
Committee
method.
with respect
size, its manner of contraction and its methods
and the
corporation
Similarly, General Counsel Oli-
fended the bill before the House
look
debt structure,
ing during periods of falling prices, but our debt
inequities against the small
The
meas¬
of ill-considered
ground of eliminating allegedly existing
small stockholder.
pliant of
would crimp the
reserves
collection of the needed revenue,
government already
entire economy
recurrent financial
one
the
not
disjointed stabs at "reform"?
of
Guy T. Helvering, Commissioner of Internal
number
greater significance
ning" without considering the full implications and
And
bill's
even
enough ventures of half-baked "plan¬
on
ing of idle sterile cash withdrawn from circulation.)
the
of profits
to the broad phenomenon of the American
process
embarked
wealthy "insiders" to escape their just taxes.
(Corporate surplus is here represented as consist¬
and
undue proportion
an
customarily withheld from stockholders;
alleged abuses concerned with the interests of
debt
deliberately withholding fat surpluses from
Revenue
of total
stockholders, is the relationship of the dividend-pay¬
ing
community of deserving stockholders to enable a
few
proportion
question is therefore of primary importance
than
Thus the
taxation.
escape
that American
idea is fostered
ment is
for
increased
an
in the discussion.
customary defense of the plan in
dominant
berating
this
He fur¬
and reorganizations less common."
voiced
dividends
have been
Receiverships will be less frequent
ownership.
[sic]
ther
the
the
nearer
be adopted, must function as a
corporate managers to pay out in common
the contention that
The return received on
There will be greater inducement to
corporation.
suggested tax, irrespective of any modi¬
corporate profits, its justification necessarily incurs
"Stockhold¬
grounds, stating:
will be less frozen out.
the stock will be much
stock
He justified
Attorney General Robert H. Jackson.
the scheme
bribe to
the Debt Structure
on
fications that may
recent speech (before the Na¬
a
tional Democratic Club of New
ers
Since the
Typical of the present Administration's rele¬
pions.
vant
Effect
remedying of existing inequities is the fore¬
running argument of the
2897
Chronicle
Financial
Volume 142
over-borrowing
of
and
cases
have
along
pay¬
necessitated peri¬
likewise
in
many
bursement is that, irrespective of all attempts at
demonstrable instances (in the traction and railroad
rationalization
industries,
by the plan's champions, the tech¬
nique must arbitrarily and necessarily
crease
in
common
the
aggregate
stockholders.
total
cause an
in¬
of distributions
to
Taking
that the
for
example)
caused
eventual
default.
example, we find
funded debt of railway companies of classes
an
entire industry
as
an
1, 2 and 3 outstanding in the hands of the public,
2898
Financial
Chronicle
during the period from 1916 to Dec. 31, 1933, showed
net increase of
a
approximately 21%,
000,000 to $11,835,523,116.
which the
railroad
debt and in which
During this period in
earnings
the
The story
railroads
in
Annual
of $7,157,000,000
sum
of the practice followed by
our
debt management is contained
Report of the
Commission for
1935,
Interstate Commerce
follows: "It has been the
as
policy of railway companies
financial requirements
provide
to
While the bonds
ordinarily regarded
provision is made for its ultimate liquidation.
no
panies is constantly increasing
funding in the
will
at
occurs
difficult
are
trouble
cause
.
re¬
danger that
time when
a
strain
the
.
.
heavy fixed charges in such
are
of
expense
new
or
impossible to market,
or
a
mental to service furnished the
a
The
More important is the
maturity, if it
junior bonds
com-
heretofore usually followed
manner
is considerable.
railway
their investment in
as
railway properties is increased.
the
perpetual
as
The result is that the funded debt of the
>
refunded.
are
time
caused
by
this is detri¬
as
public.
.
.
We
.
giving consideration to methods of bringing about
reversal of the present trend in
railway financing.
We believe that the desired results
in part,
at least, through the
funds to be set up
the
be
can
obtained,
provision of sinking
by the railway companies out of
net income for the purpose
of retiring
part of their
the above-cited
With regard to our past general corporate dividend
policy and the allegation that
citation of certain
alter this
gleaned
figures
from
the
dends which
while cash dividend disbursements
these
the stockholder has
Thus it is evident that
already received
of corporate assets—the new
this
undue share
an
plan seeks to aggravate
tendency to undermine the debt structure and
delivers
an
and
at
the
and
1934
additional blow at
corporate soundness
rights of bondholders.
the
Department of
income
similar
paid out exceeded
produced by twenty-six billion dollars.
record
cated in
a
compiled
for
the
profitable
list of representative
year
shows
of funds."
were
that
An
1935 is indi¬
Co.
77% of the
distributed in dividends.
there
has
been
no
exces¬
detriment of under¬
lying fixed obligations, has existed through holding
companies.
Here
a source
of inherent and potential
The
bill,
as
the
holding
policies
passed
companies
of
by the
their
House,
which
dictate
subsidiaries.
besides
panies
through
the
operation
of
any past
Section 17,
com¬
will
dividend abuses
practiced by top Holding companies.
The
apparently
extinguishing the assets of intermediate holding
simultaneously aggravate
of $81,327,018
as
compared with
prudence involves
up
of
further tax load ?
a
exemption of banks and insurance companies
profits tax technique decisively
establishes
of the
■before
of
evil
Bank
Federal
the
Act
entire
provides
annual
equals
net
10%
until this
fund
In
much
as
as
the
protecting bank depositors and insurance
beneficiaries
vesting
banks
at least
carry
stock capital.
The latest
National
earnings to surplus
common
wisdom of
plan.
that
paying dividends shall
been
has
bondholders
granted, it is clear that in¬
equally
are
privilege of untrammelled
wise there is
entitled
to
reserve-building.
the
Like¬
exemption in instances where existing
formal contracts forbid dividend disbursement under
stated conditions.
is
be
to
In other
words, the bondholder
only in those
protected
instances where
prudent investment bankers have previously taken
it
themselves
upon
provisions
in
make ironclad safeguarding
to
indenture
Where
agreements.
has not been
done, the Federal Government
as
the
now
this
steps
despoiler of the impotent bond¬
holder's interests.
These
rates
partial modifications
well
as
as
the selective
granted in conjunction with certain amortiza¬
debts/again reflects the inconsistency of
entire
of
account
of
revenue
the
threat
inequities
to be necessary.
at the House
On
raising of sufficient
which
generally conceded
were
Ways and Means Committee hearings,
emphasize, however, that virtually
equity of the
symmetry and
would
the
a
loss
of
of exemption tends to impair the general
every case
it
consent
inter¬
and I should like to emphasize further that
revenue;
abuses
from
of special treatment involves
case
Hence
to
resulted
reform objectives.
As Commissioner Helve ring stated
"I should like to
every
has
and
Treasury officials have balked at modifica¬
revenue,
tion
which
plan
mingling its
is
modification
to
proposed
measure."
apparent that the Administration will
of the
of
only the most flagrant
plan; otherwise its
prospects
revenue
largely disappear.
In addition to the
the creditor
source
of
injury which it will inflict
class, the plan likewise is
harm
to
the
nine million stockholders.
istration's
interests
An
a
of
the
Nation 7
example of the Admin¬
is contained in recent argument
by Assistant Attor¬
General Jackson, who stated that the
unfairly penalized when
plows back its earnings, because he gets
from such reinvestment.
assumes
upon
great potential
misconception of this aspect of the matter
stockholder is
of
bitterly
are
burden—for
tax
from the undivided
holding investors arises from the directly conflicting
financial
pro¬
$30,119,895; is it not certain that the
if such
reserves
ney
interests
Corporations
present
tendency will be to refrain from the building
damage to the legitimate rights of senior-security-
the
the
made tax payments
This
"hoarding
important device stimulating
dividend payments to the
A
companies recently
by Standard Statistics
year's earnings
again
Between 1930
Commerce has esti¬
mated that total business income
sive
actually exceeded
earnings by $10,000 millions—or by 25%—
totaling $50,722 millions.
about
net income of
tion of old
total of $40,973 millions,
a
example, the Standard Oil Co. of Indiana in 1935
the
a
tax definitely offers
new
paid out.
are
complaining
United States Treasury Statistics of Income are in
period 1921-33, earned
the
or
exemptions does not in the least
fact; the
point.
All United States corporations, in the 13-year
sources
gressive premium graded in proportion to the divi¬
managing directors
have
therein,
already-existing instances and
Comparison with past tax rates
in and acts
a
funded debt before maturity."
stinted
as an instrument of reform,
technique would immensely aggravate
tax
new
of abuse.
refunded the indebtedness evi¬
are
denced by them is
for their
largely through the issue of
long-term bonds which at maturity
and
con¬
neglecting debt retirement and the
need for reform in
in the
declining, they
were
currently paid out the huge
in dividends.
thus increased their
companies
Thus, far from acting
from $9,916,-
or
May 2, 1936
This
that the stockholder
a
average
corporation
no
advantage
thought superficially
can
only get his share
of
surplus through its disbursement in dividends, and
disregards the fact that wise corporate utilization of
its
surplus brings added proportionate return and,
incidentally,
an
increased market price to the stock-
.
Financial
Volume 142
holders.
Mr.
that the
has further stated
Jackson
Chronicle
2899
the latter year the total corporate deficit amounted
proposed tax would afford "greater inducement to
to 24% of the national income.
stock
therefore, that but for the existence of
ownership, since the corporation by distribut-
ing dividends should have
itself
with
stock
difficulty in financing
no
issues."
His
with the bill's philosophy.
basic trouble
a
The only
worth
is
statement
quoting because it clearly illustrates
stock-
reason
Is it not apparent,
reserves,
a
multitude of enterprises would have been wiped out
and
that
labor
quential sufferer?
out four times
1934
In
been
General Motors
much in
as
chief
have
would
the
conse-
paid
it did in dividends,
wages as
financing would be rendered easier would be because
and the United States Steel Corp. in 1935 paid out
arbitrarily increased dividends would make the issues
in
palatable to prospective purchasers—a rather
more
strange policy of "window-dressing" for the
ment
endorse.
to
In
govern-
the interests of the
reality,
stockholder would be harmed by the imprudent
pation of
in
times of
his
and working capital behind
reserves
equity, by increased dependence
itors
dissi-
banks and cred-
on
depression, and by
increase in
an
30 times
wages
earned.
what it
According to
Department of Commerce figures, labor in 1934
ceived
income of $33,500,000,000,
an
re-
contrasted
as
with net corporate earnings of less than $2,500,000.
Hence
solvency.
The
aim
avowed
the chief butt of
that labor will be
we see
tax system that destroys
any
plan would upset still another
new
of
long-term corporate
namely,
the
economy.
By
Administration,
the
reorganizations and receiverships through the accen-
attainment
tuation of the
corpo-
stimulating the payment of increased dividends in
speculation
times of feast, it would naturally deepen the valleys
peaks and valleys in individual
health.
rate
An
increased
would thus be forced
the bondholder.
his
in
element
both
on
of
stockholder and
the
Moreover, although the President
for
"a fairer
distribution of the tax load among all the
of trouble in time
owners
of business
rate
imposes
profit earned
on
stockholders.
dividend
on
profits," the imposition of
In
as
much
policy rather than
holder may
from
indirectly
to
zero
42J^%
depends
Favor
would
be
weak
companies—a
Administration.
large
its
Nation."
The
defended
during
finally distributed.
the
to
over
process so
as
of
stockholders
those
in relatively
loudly decried by the
The strong corporation, possessing
this taxation by disbursing
earnings, while the weaker companies
are
actually
well
remedial
ment
which
relatively
has
as
having in the past
interest, for corporate
already depleted its
generous
distributions
manage-
treasury
finds
now
by
itself
hindered in replenishing its coffers.
Presumably
one
the
characterized it thusly:
English language
ministration has been the expansion of general business,
especially in the heavy goods industries, and
more
full and profitable employment of labor.
ever,
the
a
How-
been
has
repeatedly
Committee's
hearings
clarification.
"The bill is
make
can
it.
For
ex-
read English will have
as
the
who
any one
is
can
trouble in figuring out his
But the actual bill whicti has emerged from
unworkable
an
these stated aims
be
no
plain
as
The language
reduced to its simplest form and
minister
to
or
which establishes
mess
Nothing could
utter nonsense.
under
with,
comply
which have been,
statute
as
complex, unwieldy, and impossible to ad-
more
the pending plan.
of the main objectives of the Ad-
bill
House
simplification and
the House is
Furthermore, the proposed "reform" actually
penalizes those whom it regards
pending
ample, Chairman S. B. Hill of the sub-committee
need.
the social
our cor-
in its majority report on the ground of
as
taxes."
in
revision of
a
procedure, in corporate accounting, and in the under-
hindered in building up the reserves which they may
acted
follows: "Such
as
porate taxes would effect great simplification in tax
full personal income
shown
reserves, can escape
philosophy
standing of the whole subject by the citizens of the
pay
large, strong corporations
to Congress
message
of March 3 last, President Roosevelt justified the new
the small stock-
the balance when it is
on
of the bill which has
purpose
In his so-called tax
procedure.
his share of undistributed
on
profits, and subsequently
taxes
Another "reform"
tax ranging all the way
managers,
pay a
man.
need for "simplification" and "clarification" in tax
of
earnings, pursuant to the varying policies followed
by individual corporate
Here again
the
on
the amount of
on
business famine.
been prominently advanced is the fulfillment of the
groups
the rate of tax
as
our
gradu-
a
discriminatory penalty
a
the investment of different
of
in
the most serious injury is suffered by the laboring
beneficial
ated
to stockholders asked
message
of stabilization
or
can
than
the
provisions
be, brought forth under
For example, in lieu of the existing
which
the
tax-paying
directly and simply calculates
a
corporation
flat percentage of its
net earnings, the new House bill prescribes for cor-
porations
over
the $10,000 income class,
one
schedule
tax plan in hindering the conservation
by which 57 varieties of rates apply to 58 different
surplus, which is ordinarily invested in buildings,
machinery and other forms of earning assets, would
surely retard expansion in heavy goods industries
amounts of undistributed net income proportioned
new
of
and in
employment.
arising
from the
The expansion of employment
business
utilization
of industrial
to adjusted net income.
On another schedule
ap-
plicable to these corporations 95 separate rates apply
different
100
to
related
proportions
of ' dividend
adjust net income.
to
credits
"Simplification" is
profits is well exemplified in the growth of the auto-
apparently supposedly achieved
mobile
language which appears in the House bill (Schedule
industry.
As of the
year
1926, 79% of the
tangible invested assets of eight leading motor
panies had
earned
come
surplus.
The Ford Company, with
capital of but $40,000,
earnings
com-
from the previous reinvestment of
the result of plowing its
as
back into the
original
business
has
built
a
giant
organization and plant capitalized at $694,000,000
and
employing hundreds of thousands of
During the depression
years
per-
centage of the total national income which went to
labor
increased
from
63%
to
80%
in
1932.
"If the dividend credit is
than 71
In
the following
percentage of the
a
than 55 and less
more
(and such percentage is not shown in the
foregoing table) the tax shall be
a
percentage of the
adjusted net income equal to the
sum
of 9, plus
three-eights of the amount by which 71 exceeds the
percentage
men.
1929-1932 the
2a):
adjusted net income which is
via
adjusted
are
which
net
the
income."
dividend
The
credit
proposed
is
of
the
schedules
stated at fractional rates running to eight decimal
places, and varying at portions
of
every
unit
of
Financial Chronicle
2900
2, 1936
tI-%iY treatment afforded by these
is be subject to the special
exemptions, as well as of the future dividend policies
plexities of computation, it was found necessary to
of corporations, makes a reliable revenue estimate
include in a confidential section of the sub-cornwholly impossible. In lieu of the existing statute
of 42
percentage up to the maximum
unravel the
understood that in the attempt to
mittee's
report
algebraic formula resolving six
an
In place of the flat rate of computation
symbols.
operandi of the existing statute,
which is the modus
the
com-
allegedly simplifying legislation forces the
new
undertake a veritable succession
In the performance of computing its tax it must first calculate its "net income," next by using other sets of figures estimate its
corporate taxpayer to
of
complicated steps.
j•
/.
i
j
"adjusted net income," and, finally, figure its
un-
distributed net income" after first determining the
\
v
**
1
i•
X-
j•
c
x
j
.1
_
j
and
reserve policies.
The following comment of Walter
Lippmann, who had devoted previous study to the
effects of discretionary dividend
complicated
tax
Presidents
how far the
indicates
discussion,
which would bring in $1,100,000,000 to the hungry
Federal Treasury, there is being substituted a
method whose yield, it now develops, is wholly undeterminable. Mr. Helvering has formally admitted
to the press that the Treasury cannot estimate rev*nue receipts even for the first year and other Ad-
ministration spokesmen have definitely abandoned
the hoPe fat *he President's fundament^ stated
purpose of raising increased revenues of $620,000,000
*
«
.
well if I had not
read it."
apparent that the proposed bill by its
changes which
aims, and
accentuates the evils in
on
the contrary,
existing tax legislation, adds
inequities and complexities thereto, and
many new
vitiates
amendatory
any
be made, complies with none of
can
its advocates' "reform"
of the
of
and irrespective
nature
very
Political
which the
worthy general economic objectives
many
The
expediency
Inadequacy of Revenue Production
as
a
revenue
the needed
rev-
the sole aim
to be
seems
General palatability is
emphasis
on
the elimination of tax
on
the forcing of larger
payments to stockholders, and on the avoid-
personal income taxes.
Further-
it is estimated that 86% of our total number
0f corporations will receive preferred tax treatment
because their net income is less than $20,660.
lost
The
is compensated for by raised rates on
revenue
In this
the larger businesses.
manner
the politically
satisfactory sport of "soaking big business" is con-
veniently accomplished.
Thus,
measure,
nor
completeiy unsatisfac-
by the wealthy,
Conclusions
consider the bill
we
if the
„
of corporate abuse and
plan does fulfill.
of increase in
m0re,
government.
When
a
afforded through
ance
Thus it is
tem
there wiu be
tory hodge.podge made up
dividend
as
.
.deficiency • of revenue.
would understand the bill
quite
itable tas
an
ingtead
avoidance
subject by the citizens of the Nation
that
1
+
suggested bill is enacted into law we shall gam
understanding of the whole
has fared.
"Having done my duty by reading the new tax bill ,
Mr. Lippmann has said, "I beg to report that I
of achieving
purpose
annarent
•
j
+
we
Recommendations
and
must conclude that the currently pro-
posed legislation, irrespective of any amendatory
the deleterious effect of a hodge podge
changes and modifications which may be made by
Commissioner Helvering
the Senate, can achieve none of the objectives which
originally stated his conception of the "controlling
have been claimed in its behalf. Only the demands
again
we
see
confusion of divers aims.
considerations" of the bill
political expediency have been achieved.
follows:
as
"(1) Are the proposals adequate to meet the needs
additional revenue in the light of the budget
for
position
set forth in the President's message?
as
advance the principle of
"(2) Do the proposals
equity in
In
tax system?"
our
discussing the bill's
"As
stated:
a
....
.
r
he
purpose
revenue
has
of the elimination of
consequence
■
j.
-j
n
,the puraL
I
the Federal revenues to the extent
inequalities and sources of tax avoidance,
...
pose »
,.
to increase
balance
to
necessary
ri
Federal Government
j
i
regular budget
the
tha
x
,
is,
o
expenditures other than those made for the purpose
of
rehef,
In general, then, we need some_620
additional regular annual revenues and
and
of
millions
about 517 millions of temporary revenues,
to
be
spread
the next two
over
General Counsel Oliphant of the
or
the latter
three years."
Treasury Depart-
ment has also stated the revenue motive as
a
fusion of interests of reform with those of revenue
^as directly vitiated all efforts pertaining to a
logical attainment of justice, soundness, simplificaturn, or adequacy of income in the measure's process,
Moreover, enforcement of the contemplated proPosal8 woal* ^ a multitude of fresh abuses
directly antithetical to thegeneraleconomic reform
for which the government is avowedly striving,
.
»8,,.
...
..
.
.
111 place-of this ill-considered and uneconomic
T
gcheme
of the
alance all Federal
foremost
dure ig recommended:
jlowever
not
the government as a
wm DQt balance the
or
completely
nal estimates were made.
insertion of
the
the bill.
The
to quantitative yield
as
awry
An
since the origi-
upsetting factor has
ameliorating provisions into
exemption of banks and insurance com-
practical matter
If>
can-
bu(Jget immediately, the
personal income tax brackets should be lowered
that
the
base
and
equitably widened.
income
assessed
of
burden
responsibility
so
are
In Great Britain 90% of the
is
the income
of individuals
and
0nly the remaining 10% can be attributed to corporations and similar taxable entities.
(2) That if the needed
original expectations
have been knocked
been
^ foUowi
(1) That Fe(Jeral expenditure be cut down.
aim.
But
Con-
other
no
way, a
revenue can
higher flat rate of tax
income be imposed.
be secured in
on
corporate
If it is absolutely necessary,
make the rate higher,
as
position of
undistributed earnings, which
we
have
a
tax
on
demonstrated
this is preferable to the imto
be
pernicious and
un-
of corporations in
receivership and of those obligated to restore impair-
workable.
ments of
corporate tax which in actual operation brings in
panies,
to
the
special
treatment
capital, and the application of flat rates
companies having contractual obligations to main-
tain
surpluses will undoubtedly reduce the yield
below the
original estimates.
Furthermore, lack of
knowledge of the number of corporations which will
(3) That before
over a
we
billion dollars
throw out of the window
a year
a
and substitute therefor a
highly questionable and untried scheme of wholly indeterminable
revenue
return,
tax system to study by
a
we
at least subject our
scientific non-political eco-
Financial
Volume 142
nomic agency
way a
to be appointed by Congress.
In this
permanent tax system could be devised which
would eliminate any
defects present in existing law
and
continuing ill-considered and
put
end
an
to
politically-dictated tax experimentation.
Chronicle
92%;
at
2901
New Orleans Public Service 5s, 1952, lost 1, closing
93%
Standard Gas & Electric 6s, 1966, fell 4% to 64.
;
Higher
grades have
been
virtually
unaffected, and prime
investment issues have been in good demand.
of
$110,000,000 in
new
bonds
by
the
An offering
Brooklyn-Manhattan
Transit Co. for refunding purposes was
the largest of the
week and the largest utility offering in many years.
Gas
The
Course of the Bond Market
&
Electric Co. also offered
1961, for refunding
Pacific
$30,000,000 1st & ref. 3%s,
purposes.
Recent weakness among industrial bonds has been
This
week's
bond
has
market
continued
week's
last
de¬
tuated
but,
cline, being evidently affected by the break in stock prices.
declines
Lower-grade rails have been weak,
many
lative issues.
declined, but utilities of Baa grade
or
former levels.
There has been almost
the best grades of
en
declined
industrial issues
better held close to
evidence of strain
no
bonds, and United States governments
only fractionally.
Allied
factorily during the week.
Union Pacific 4s, 1947, advanced
2%
closed
clines
accorded the $40,362,000 Chesapeake & Ohio
3%s, 1996, offered at 99%, and the $24,000,000 Cincinnati
Union
Terminal
3%_s,
1971,
favorable, especially in the
offered
case
at
102%,
highly
was
of the latter issue.
Lower-
grade issues continued to decline in accordance with soften¬
ing in the stock market.
72;
Kansas
Southern
City
Erie 5s, 1967, lost 3%,
Southern
Pacific
5s,
1950,
declined
closing at
1%
84;
to
4%s, 1981, closed at 87%, off 1%.
The
defaulted section witnessed fairly substantial
price declines.
Utility bonds of the medium grade and speculative types
have
been
sympathetic
to
weakness
and losses of several points were
in
the
Georgia Power & Light 5s, 1978, at 79%
New
stock
market,
suffered by some issues.
England Power Association 5s,
were
down
4%;
1948, declined 2%
to
at
U. S.
Ik
120
on Average
1936
Govt.
Daily
Bonds
Cor par ale* by Groups
May 1— 109.69
Apr. 30., 109.76
Aaa
Aa
%
up
liquor
point
and
National
Steel
at
groups.
99%,
4s,
were
1965,
Mercantile
of
food
processors,
Marine
6s,
1941, moving
Foreign bonds have been generally lower.
declined
10
to 11
points,
dropped about 7 points.
the
and
the
Polish issues
Republic of Panama 5s
Italian issues also have been notice¬
ably weaker, while most of the lower-grade
European bonds
lost
fractional
ground.
South Americans made
tion to the general downward trend.
no
excep¬
Japanese governments
gained slightly, but the bonds of Japanese electric
companies
lost
fractionally.
Moody's computed bond prices and bond yield
averages
are given in the
following tables:
All
RR.
Individual Closing Prices)
120 Domestic
by Ratings
Corporate\by Groups
120
Domes¬
U.
P.
1936
Daily
Baa
on
120 Domestic Corporate
Indus.
Averages
tic
May
1—
Apr. 30..
4.21
3.60
117.22
108.03
93.99
104.51
108.03
116.01
117.02
108.03
93.85
104.51
108.03
109.80
109.31
115.81
121.38
4.21
93.99
108.03
115.81
121.38
108.03
29-
4.21
104.51
108.03
116.22
28-
4.20
A
RR.
5.14
4.48
3.81
4.28
5.15
4.29
5.14
3.80
3.60
Baa
4.28
3.81
3.60
94.29
Aa
3.60
104.33
109.49
117/02
117/22
107.85
28.. 109.77
tt
30
For-
Aaa
121.38
4.28
5.12
3.80
P.
U.
Indus.
eigns
4.28
3.86
4.48
4.28
3.87
4.49
4.28
3.87
4.48
4.28
3.85
X
X
27.. 109.85
109.49
121.38
117.22
108.03
94.29
104.51
25..
108.03
109.68
116.22
121.17
117.22
27-
4.20
108.39
3.60
94.88
3.80
105.03
4.28
5.12
108.21
116.42
4.48
4.28
25-
3.85
108.21
4.19
94.88
3.61
3.80
104.85
4.26
108.21
5.08
4.45
116.42
4.27
3.84
3.84
109.80
Inter¬
against
trend, advanced 2 points to 72.
121.38
24.
off
which
Pressed Steel Car 5s, 1933, dropped
4% points to 89.
national
109.31
109.85
and
Steels
Although fractional de¬
the rule in the bonds
109.31
29
and
paper
were
reactionary; new lows have been made
(Based
by Ratings
Corp.*
specu¬
Hygrade Food Products A 6s, 1949, declined 5% points to 69.
120 Domestic
Domes¬
more
MOODY'S BOND YIELD
AVERAGESt
tic
**
metal,
1950,
115%,
been
Yields)
120 Domestic Corporate*
Averages
'
4%s,
1% points lower at 104%.
have
MOODY'S BOND PRICESt
3 {Based
the
Copper 5s, 1947, declined % point to 101%.
points
% point to 113%; Great Northern 4%s, 1961, declined % to
off %.
generally to
by American Rolling Mill conv. 4%s, 1945, which
110%; New York Central 3%si 1997, at 100%
were
confined
non-ferrous
Stores
Chile
been
severe
Resistance to selling has been evident in the
have been generally
High-grade railroad bonds have held their ground satis¬
The reception
have
retailing,
accen¬
although most of the list lost ground,
5.96
X
X
109.68
121.38
117.22
23- 109.81
109.68
121.17
117.43
24..
108.21
4.19
3.60
94.88
3.80
105.03
4.27
5.08
108.03
4.46
109.86
116.42
121.38
117.43
108.39
23-
4.27
22.. 109.80
4.19
3.61
95.33
3.79
105.54
4.27
5.08
108.21
4.45
121.38
117.43
108.39
22—
3.84
109.86
116.62
4.28
21.. 109.81
4.18
3.60
95.18
3.79
5.05
108.21
4.42
121.38
117.63
108.21
21..
4.18
3.83
110.05
116.62
4.27
20- 109.90
105.37
4.26
3.60
95.48
3.79
105.37
4.26
5.06
108.21
4.43
116.62
4.27
20—
4.17
3.83
3.60
3.78
4.27
X
5.04
4.43
4.27
3.83
x
3.83
x
18.. 109.96
110.23
121.60
117.63
108.39
95.78
17— 109.96
105.72
108.39
110.05
121.38
116.62
117.43
108.57
18-
4.16
3.59
95.78
3.78
105.89
4.26
5.02
108.21
4.41
116.62
4.26
17..
4.17
3.60
3.79
4.25
5.02
X
5.86
t
X
16.. 109.95
110.23
121.38
117.43
108.57
95.93
106.07
108.21
4.40
110.23
116.62
4.27
15.. 109.92
121.60
117.43
16..
108.39
4.16
3.60
95.93
3.79
106.07
4.25
5.01
108.21
4.39
121.38
11
.43
15..
3.83
110.23
116.42
4.27
14.. 109.77
108.57
4.16
3.59
96.08
3.79
106.25
4.26
5.01
108.39
4.39
116.42
4.27
14„
3.84
4.16
3.60
3.79
4.25
5.00
4.38
4.26
3.84
x
4.25
5.00
4.37
4.26
3.85
4.25
x
4.99
4.37
4.26
3.84
4.25
4.99
4.37
4.26
3.83
13- 109.74
110.23
121.17
117.43
108.57
96.08
106.42
11— 109.75
108.39
110.23
121.38
116.22
117.43
108.57
13—
4.16
3.61
96.23
3.79
106.42
108.39
116.42
11
4.16
3.60
3.79
10- StockE xchang
9—
4.15
3.59
84.15
3.58
10- Stock
Excha nge CIo sed.
—
e
3.83
Close d.
5.83
X
x
X
9- 109.75
110.42
121.60
117.63
108.67
96.23
8„ 109.75
7— 109.75
106.42
108.39
110.42
116.62
121.81
117.63
108.75
96.39
106.60
110.42
108.57
116.62
121.81
117.63
108.75
96.23
3.78
106.60
4.24
4.98
117.63
108.75
4.15
96.23
3.58
3.78
106.60
4.24
X
121.81
7—
3.83
110.42
116.62
4.25
109.69
108.39
4.36
6
4.99
108.39
4.28
117.63
108.57
4.15
3.58
96.23
3.78
4.24
X
121.60
6
3.83
110.42
116.62
4.36
4- 109.64
106.60
4.99
4.36
4.26
3.83
3.59
3.78
4.25
X
3.78
5.83
108.39
110.23
116.62
121.60
117.63
4..
4.15
108.57
95.93
106.25
4.99
108.21
4.36
117.63
108.57
4.16
3.59
95.93
3.78
5.01
108.21
4.38
117.84
4.16
3.60
3.78
5.83
121.38
2..
3.83
110.05
116.42
4.27
1— 109.58
106.42
4.25
X
121.38
3-
3.83
110.23
116.62
4.26
2- 109.62
4.25
5.01
108.21
4.37
116.62
4.27
1
3.84
4.17
3.60
3.77
4.25
5.04
3.. 109.64
108.57
95.48
Weekly
Mar.27.. 109.66
20.
109.51
105.89
—
4.40
4.27
3.83
110.05
121.17
117.43
108.75
95.63
106.07
108.03
110.23
116.42
121.38
117.84
Mar. 27—
108.94
4.17
3.61
95.48
3.79
4.24
106.07
5.03
108.39
4.39
116.62
4.28
20-
3.84
4.16
3.60
3.77
4.26
3.83
Weekly
X
X
5.85
109.11
110.05
4.23
5.04
4.39
6- 109.46
110.98
121.17
118.04
109.49
13-
4.17
3.63
97.62
3.78
4.24
108.57
108.39
5.03
4.28
117.84
108.94
4.12
97.16
3.61
5.94
120.54
6—
3.85
110.61
116.22
4.39
Feb. 29- 108.98
107.67
3.76
4.20
4.90
108.39
115.81
4.25
4.26
Feb. 29..
4.14
3.85
3.64
3.77
5.87
4.23
4.93
4.30
4.26
3.87
6.09
13.
21.
120.75
117.63
108.75
95.63
106.07
108.03
116.22
5.80
108.95
110.79
120.96
117.43
109.12
98.09
15- 108.52
8- 108.22
108.57
108.57
110.61
115.81
120.96
117.43
108.94
21—
4.13
3.62
97.62
3.79
107.85
4.22
4.87
108.75
115.81
4.25
4.25
117.02
108.39
4.14
96.70
3.62
5.92
120.96
15-
3.87
110.23
3.79
106.60
4.23
4.90
108.57
4.24
116.82
4.16
3.62
3.81
6.05
120.75
8—
3.87
109.68
115.61
4.29
1— 107.96
105.54
4.26
4.96
108.57
115.41
4.36
4.25
1—
4.19
3.63
3.88
6.19
3.82
4.28
5.02
108.03
95.78
31.. 108.03
109.68
108.03
95.63
4.25
116.62
4.19
108.21
3.63
95.78
3.82
6.15
120.54
Jan. 31..
3.89
109.68
115.41
4.42
24- 107.89
17- 108.34
Jan.
105.37
4.28
5.03
108.57
4.25
107.85
4.19
3.64
6.13
116.62
24-
3.89
120.11
115.41
4.43
109.31
95.18
3.83
104.68
4.27
108.39
5.02
115.02
4.43
17..
4.25
4.21
3.89
6.11
4.29
4.26
3.91
6.17
120.75
116.82
105.37
108.57
10- 108.02
3- 107.94
108.39
119.90
115.41
107.14
3.66
93.99
3.83
103.48
107.31
108.21
119.27
114.04
114.63
106.07
10-
4.26
3.67
92.53
3.89
101.97
4.33
5.14
107.85
4.27
121.81
118.04
109.49
3—
4.32
3.96
110.98
112.69
4.54
Hlgh 1936 109.96
3.70
3.93
108.57
4.39
5.24
116.82
4.12
106.07
3.58
91.96
3.76
6.23
114.43
1936
4.03
119.07
Low
4.29
107.14
108.75
4.63
L«w
98.09
101.64
4.20
107.85
4.87
112.31
4.25
4.24
High 1936
3.82
4.33
3.71
5.89
91.67
3.94
101.31
4.39
5.28
107.67
4.65
112.11
Low 1935
4.29
4.34
4.05
3.68
3.94
6.31
4.41
94.14
5.30
106.78
4.67
Hign 1936
4.30
4.80
3.82
4.06
4.25
4.83
5.78
6.40
6.37
5.13
4.35
6-97
4.66
3.73
4.17
4.67
6.05
5.12
4.55
4.29
5.90
4.83
4.04
4.40
4.94
5.95
4.78
5.25
4.47
7.24
level'ESStSEJ?*tSJJ8!™™!.».«><>» either the
average
1936 107.77
High 1935 109.20
Lew
1935 105.66
106.96
119.69
114.43
105.72
99.20
116.82
108.57
98.73
77.88
90.69
101.47
118.66
110.05
101.31
81.90
94.29
103.32
107.85
98.73
112.50
105.89
97.00
83.11
99.52
92.39
104.68
1 Yr. Ago
May 1 '35 100.04
2 Yrs.Ago
May 1 '34 104.41
5.06
4.47
1 Yr. Age
May 1 '35
2 Yrs.Ago
May 1 '34
6.26
yield averages,
Actual
page
3291,
et each week.
BOOK REVIEWS
valuation
appraisal, depreciation and reserves, rates of
capital invested, uniform accounting, public con¬
security issues, the principles of utility rate making,
the special problems of electric
railways and motor buses,
return
Regulation of Public Utilities
By M. C. Waltersdorf.
Baltimore:
in
225
New
Jersey
pages.
The Williams & Wilkins Co.
$2.50
This
exhaustive study of public utilities
regulation in
Jersey deals with the historical development of
public
utilities in the State,
legal provisions regarding them, the
New
organization and procedure of the Commission, the service
promulgated for the various classes of utilities,
standards
on
trol of
and the functions and
operations of holding companies.
The author finds justification for the criticism
that State
regulation, inaugurated in 1911, has failed adequately to
protect the consuming public.
Part of the difficulty appears
to have arisen from the
gradual transformation of the
Commission into a judicial or
quasi-judicial body "at the
expense and sacrifice of the representative and
protective
Financial
2902
function," and part from the fact that the Commission has
control over intrastate service only.
Public ownership,
however, is not favored
as
an
immediate solution.
Some
difficulty has also developed from conflicting views of the
Commission and the courts.
Beyond such improvement as
would come from needed changes in the laws, the author
finds the chief hope in the divorce of Commission appoint¬
ments from politics, the selection of competent men, and
the recognition of commissioners as a professional class.
The book has an extended bibliography, and lists of
and the Commission.
While much of
book is primarily of interest to New
Jersey, the discussion in general is of a character to com¬
mend the book to all who have to do with public utility regu¬
lation, as well as to the patrons and consumers for whose
benefit regulation is established.
decisions by courts
of the
the contents
Chronicle
and
franc
May 2, 1936
the
pound, the connection between monetary
policy and unemployment, the British and other banking
crises, stabilization, and some aspects of foreign trade.
His
conclusion is that "the whole question of political and
economic stability depends on the extent to which nations
are prepared
to cooperate with one another in the main¬
tenance of peace and the furtherance of trade. .
.
If the
recognition of a monetary standard is to come first, it should
not be regarded as an end in itself, but only as a step towards
the recognition of other economic standards, such as those
of living, of financial morality and, finally, of freedom of
trade
between
all
countries
willing to maintain those
.
standards."
1
Directory of Texas Manufacturers
■
Compiled under the Direction of F. A. Buechel and Clara Ii.
Lewis.
185 pages.
Austin: The University of Texas.
$1
Money Matters
The second biennial edition of
By F. J. Scanlan.
156 pages.
London: P. S. King & Son, Ltd.
6s.
Progress" here offers
The author of "The Pound's
a
concise
examination and defense of Great Britain's monetary policy
and banking system.
He reviews the gold clause decisions of
the courts in Great Britain and elsewhere, the relation of
gold to
THE
and stabilization, the varied history of the
currency
TRADE—COMMERCIAL
OF
STATE
publication prepared by
University of Texas.
Two lists of manufacturers are given, one by cities and the
other by industries, the arrangement in each case being
alphabetical.
The publication, besides offering a con¬
venient and reliable guide to persons buying or selling Texas
goods, affords an interesting exhibit of the extent of industrial
progress in the State.
EPITOME
Smaller
of
Number
Freight Cars
on April 1
Friday Night, May 1, 1936.
Activity in many lines of business continued to move for¬
ward, the business index for the week ended April 25
to
a new
expansion in the steel industry, which has
to the continued
touched
for
a
new
rising
This is largely attributable
six-year peak of 90.7.
A strong and diversified demand
high peak.
practically all forms of steel has accelerated the upward
trend of ingot
production, with raw steel output now reach¬
ing the highest point since the spring of 1930.
since 1931.
Latest reports from production centers
that automobile
Motor company execu¬
expect that assemblies will exceed 100,000 units
now
into June.
well
weekly
indicate
production may not recede materially from
present levels in the month of May.
tives
United States
showed the best statement for any first quarter
Steel Corp.
is calculated
It
that
a
Electric output shows
only 384,000 produced in May, 1935.
substantial amount.
In the corre¬
sponding week last year it showed a heavy drop.
Retail
sales during April will make the best comparative showing
in most lines for the year to date.
Department store sales
for the country as a whole for the month of April may show
an average increase of more than 10%
over the 1935 level.
The protracted decline in the stock market had an unsettling
effect in many quarters, especially in the commodity mar¬
kets, but during the latter part of the week indications of a
general rally, especially in the securities market, were in
evidence.
Adverse legislation at Washington is held re¬
sponsible in large measure for the downward trends.
This
prolonged depression in stocks with the recent precipitous
breaks in leading issues appears to be very much out of
harmony with the business trend and prospects.
The grain
the week in
and cotton
markets suffered
of the week, but this was due almost
demand.
Wholesale
markets
a
better
the
best
volume
slashed through southwest Texas
rains soaked most
of the
men
valued
the
rain
at
millions
as
much-
State, the dust bowl area
of Oklahoma and southern Louisiana.
As farmers and stock¬
of dollars,
"twisters"
rav¬
aged eastern Wharton County and a ranch six miles north¬
west of Rockdale, Texas, killing four negroes.
Consider¬
able
damage
Louisiana
done
was
reported
at Lake Charles and
in
general
affected
the
heavy
Jennings.
rains,
Southern
areas.
with
high
more
spring-like.
Today it
winds
Heavy showers Monday and
Tuesday in Oklahoma boosted crop prospects.
In
York City area the weather of late has been
very
was
fair and
warm
the New
mild and
here, with
temperatures ranging from 58 to 75 degrees.
The forecast
was for fair, continued warm
tonight and Saturday.
Over¬
night at Boston it
was
repairs
on
50,097,
or
need of heavy repairs
in
cars
an
increase of 331
March
2.8%,
Locomotives
1,
April 30.
This
need
21.4% of the number
number
or
Class
in
freight
need
of
classified
line.
on
of
1
199,199,
totaled
or
This
repairs totaled
light
compared with March 1.
repairs
such repairs
need of
in
cars
reduction of 5,633
a
in
April
on
compared with the number in need of such
cars
while
was
on
April
on
an
1 totaled
9,642,
or
increase of 86 compared with
March 1, at which time there
were
21.2%.
I railroads
April 1 had 2,574 serviceable locomotives in storage
on
compared with 2,043
March 1.
on
--f-
Revenue Freight Car Loadings
Loadings of
Springfield, Mo., 68 to 86; Oklahoma City, 68 to 90; Salt
Lake City, 42 to 58; Seattle, 48 to
66; Montreal, 48 to 72,
and Winnipeg, 40 to 62.
19.2% Above A Year Ago
freight for the week ended April 25
1936, totaled 666,181 cars.
This is a gain of 23,524 cars, or
3.7%, from the preceding week, a jump of 107,245 cars, or
19.2%, from the total for the like week of 1935, and an in¬
crease of 56,477 cars, or 9.3%, from the total
loadings for
the corresponding week of 1934. For the week ended April 18
loadings were 5.2% above those for the like week of 1935,
and 8.6% over those for the corresponding week of 1934.
Loadings for the week ended April 11 showed a gain of 6.1%
when compared with 1935 and a rise of 7.3% when com¬
parison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
April 25, 1936, loaded a total of 313,303 cars of revenue
freight on their own lines, compared with 304,947 cars in
the preceding week and 262,735 cars in the seven days ended
April 27, 1935.
A comparative table follows:
revenue
REVENUE FREIGHT LOADED AND
RECEIVED
FROM
CONNECTIONS
(Number of Cars)
Loaded
on
Own Lines
Received from Connections
Weeks Ended—
Weeks Ended—
Apr. 25 Apr. 18 Apr. 27 Apr. 25 Apr. 18 Apr. 27
1936
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
1936
12,541
7,928
7,487
18,712
18,250
15,998
7,700
7,244
14,314
12,571
9,704
9,356
3,383
2,798
2,226
1,558
1,503
2,371
2,319
3,907
2,966
2,907
3,240
International Great Northern RR
2,365
2,346
Missouri-Kansas-Texas RR
4,554
4,543
13,920
40,077
4,621
19,433
Missouri Pacific RR
13,743
New York Central Lines
40,023
New York Chicago & St. Louis Ry
Norfolk & Western Ry
4,657
20,762
61,329
6,504
Pennsylvania RR
Pere Marquette Ry
58,430
17,786
6,152
23,115
15,523
17,332
9,429
5,558
15,029
8,760
1935
5,641
12,532
8,919
8,929
12,200
6,663
6,631
6,586
9,058
1,234
2,338
2,528
7,420
34,211
39,373
36,791
30,155
4,080
9,721
4,266
15,456
50,447
43,139
9,631
7,272
4,028
40,255
3,376
31,484
Ry
Total
4,262
6,119
4,059
4,458
4,263
25,429
x7,142
2,857
x6,312
5,431
23,143
5,021
x8,199
5,529
Southern Pacific Lines
5,437
6,287
25,758
Pittsburgh & Lake Erie RR
8,251
7,979
6,267
5,512
5,471
8,404
313.303 304,947 262,735 195,281
Excludes
1936
14,235
Gulf Coast Lines
x
1936
15,091
30,238
20,960
Chicago & North Western Ry___
Wabash
1935
19,324
28,997
20,094
13,969
19,316
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR
Chicago Milw. St. Paul & Pac. Ry
cars
184,890 153,996
interchanged between S. P. Co.-Pacific Lines and Texas & New
Orleans RR. Co.
TOTAL LOADINGS
AND
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
58 to 80 degrees; Baltimore, 58 to 80;
Pittsburgh, 62 to 78; Portland, Me., 60 to 74; Chicago, 48
to 66; Cincinnati, 62 to 78;
Cleveland, 62 to 72; Detroit,
to 64;
Charleston, 64 to 76; Milwaukee, 42 to 58;
Savannah, 62 to 80; Dallas, 68 to 84; Kansas City, 60 to 90;
on
compared with the number in
The Association further reported:
14.5%.
or
Freight
11.4%,
Weeks Ended—
-V
.
-
April 25, 1936
April 18, 1936
April 27, 1935
Chicago Rock Island & Pacific Ry_
23,220
22,448
20,448
Illinois
29,710
28,933
24,427
13,244
12,394
11,689
66,174
63,775
56,564
4S
/
announced
cars
of such repairs on March 1, at which time there were
254,598,
9,556,
5,302
of
Winds of
last Tues¬
day, killing four persons and injuring at least 12,
needed
Railroads
reduction of
consumer
The outstanding weather
from Texas the early part of the week.
great velocity
of American
a
the
April 1 had 249,296 freight cars in
entirely to beneficial
recorded
business for the period since 1931.
news came
tion
was
need
on
Retail sales increased
the previous week, owing to
over
railroads
I
Repair
repair, or 14.2% of the number on line, the Associa¬
heavy declines the early part
rains in many areas where needed.
15%
Class
need of
of
Need
in
total of
500,000 cars and trucks should be assembled in the United
States and Canada during the current month, as against
gains for
a
the Bureau of Business Research of the
Central System
St. Louis-San
Total
Francisco Ry
_i_
Volume 142
Financial
The Association
week ended
Loading of
This
ears.
week
in
in
of American
April 18, reported
revenue
was
1935,
and
50,952
cars,
642,657
18 totaled
5.2% above the corresponding
or
8.6%
above
the
week
roccesponding
1934.
Loading of
20,519
cars,
revenue
3.3%
or
Miscellaneous
in
freight for the week of April 18
above the preceding week.
freight
loading totaled 279,823
above the preceding week,
cars
1935, and 39,140
Loading
cars,
of
merchandise
increase of 27
an
the
week
Coal
less
in
but
1935,
but
an
increase
and
of
7,593
grain
increase of
16,579
corresponding week
in 1934.
freight
decrease of
a
and
cars,
totaled
above the
loadings
above
cars
the
the
cars
week
in
30,117
2,113 cars below
loading amounted to
above the preceding week and
decrease
of
districts
alone, loading
5,717
10,332 cars,
and
an
an
above
the
7,735
cars
cars
the
in
1,706
of
preceding week,
above the
same
5,389
week
week
for
cars
above the
cars
loading totaled
the
above
same
31,656
cars
in
cars,
1934.
an
above the
same
of live stock
increase
products
12,972
472
below
cars
increase of 179
Forest
cars
and 1,195
of
in
All
week in 1934.
same
except the Northwestern
loaded
1935.
week
above the
cars
districts
cars
in
of
increase
an
In
the
increase of
same
in
1934.
week ended
In
cars
1935, but
the
April
a
Western
18 totaled
the preceding week this year
week
cars,
in
an
above the
1935.
with
revenue
-
124
same
of
week
2,745
below the
week
in 1935
reported
increases
in the number
freight compared with the corresponding week
districts reported
Loading
increases
compared with
the
corresponding
of
in
freight
revenue
1936
compared
with
the
two
previous
follow:
years
2,160,146
2,927,453
2,408,319
545,456
586,568
611,141
9,785,876
Week of April
4
Week of April 11
Week of April 16..
1935
2,353,111
3,135,118
2,418,985
613,867
622,138
642,657
Four weeks in January
Five weeks in February
Total.
9,248,083
1934
2,183,081
2,920,192
2,461,895
559,070
579,981
591,705
.
and
1934.
9,295,924
In the following table we undertake to show also the load¬
ings for
April
separate
18,
showed
1930.
The
year.
roads
and
During
systems
this
period
for the
total
a
increases when compared with the
most
were
cars
1935,
in
cars
same
■
1934.
increases
increase
above the
Western
1,795
week in
cars
below the corresponding week
1934.
Four weeks in March
1934.
cars,
above the corresponding week
week
same
of
corresponding week in 1935,
same
totaled
preceding week, 751
3,870
stock
777
increase of
an
cars,
increase of 1,139 cars above the corresponding
the
below
cars
9,569
an
loading amounted to 6,827 cars, a decrease of
preceding week, but an increase of 396 cars above the
districts alone, grain and grain products loading for the week ended
April 18
totaled 18,262 cars, an
increase of 591 cars above the preceding week
this year, but a decrease of 122 cars below the same week in 1935.
Live
in
to
decrease of 2,260
a
however,
Coke
161,833
2,018 cars above
4,003
decrease
a
below
cars
cars
products
above the
cars
1935,
lot
week
It was,
1936
preceding week and 5,541
833
carload
loading amounted
1935.
All
an
above the
increase of
an
in
in 1934.
the
in
than
loading amounted to 109,800
Grain
cars
was
above the preceding week and
cars
corresponding week
same
30,291
cars,
above the corresponding week
cars
2903
preceding week, but
follows:
cars,
or
Ore
Railroads, in reviewing the
as
freight for the week ended April
increase of 31,516
an
Chronicle
week
ended
93
roads
of
week last
same
important of these roads which
showed
the New York Central Lines, the Baltimore &
Ohio RR., the
the
Pennsylvania System, the Southern System,
Chesapeake & Ohio RR. and the Illinois Central System:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARS)—WEEK ENDED APRIL 18
Total Revenue
Railroads
Total Loads Received
Freight Loaded
1936
from
1935
1934
1936
500
630
1,213
2,209
7,057
1,133
280
291
10,429
2,209
10,689
1,962
1,731
1,650
Boston & Maine
8,414
7,960
Chicago Indianapolis & Louisv
1,398
1,074
Central Indiana
Group B (Concluded)—
Georgia
Georgia & Florida
Central System
Louisville & Nashville.
30
21
69
57
1,045
985
1,868
1,826
6,499
5,839
9,563
6,856
6,872
6,965
Mississippi Central
10,298
6,541
Mobile & Ohio
240
288
228
133
119
3,118
3,336
2,238
401
327
301
1,416
3,201
1,417
2,967
11,913
5,120
Detroit Toledo & Ironton
13,621
4,901
13,523
14,264
12,857
4,642
8,034
>
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
2,391
1,984
1,639
8,285
7,726
Maine Central
3,039
8,233
2,459
240
Monongahela
3,356
1,935
40,077
Montour
Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis
10,470
1,729
4,621
6,171
Pittsburgh & Lake Erie
Pere Marquette
6,267
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia.
210
210
2,369
1,632
1,665
38,081
2,980
1,666
37,349
9,366
10,509
1,817
4,490
1,840
4,262
4,969
6,086
5,242
5,412
1,765
1,245
Grand total Southern District
Northwestern
236
201
34
43
36,791
11,520
2,011
4,211
37,787
12,673
2,328
8,433
3,531
5,437
5,038
216
292
22
32
316
355
298
225
214
697
1,371
Rutland
587
601
607
Wabash
1,429
1,105
5,431
5,203
8,251
3,369
5,301
3,495
5,206
3,619
2,854
148,912
143,741
140,138
154,735
150,983
Total
1,187
1,088
8,617
Belt Ry. of Chicago
542
749
25,850
1,932
24,550
15,029
2,628
2,077
276
252
15,043
1,426
264
8
7
962
623
764
19
25
6,916
6,837
6,402
10,734
784
11,235
638
581
27
55
318
289
193
32
26
Cumberland & Pennsylvania
Ligonier Valley
112
51
75
36
19
863
863
717
967
1,151
58,430
14,714
11,603
55,436
14,229
56,072
13,503
2,452
1,201
40,255
15,263
3,370
1.086
6,362
8,104
55
40
13
Long Island
147
103
570
628
111
120
372
321
1,996
3,101
1,656
1,807
1,681
2,996
3,032
2,322
1,465
2,487
378
363
378
546
639
51,535
48,297
29,482
29,055
95,834
91,151
88,288
60,671
60,616
1,791
9,356
2,770
7,244
764
Great Western
Milw. St. P. & Pacific.
St. P. Minn. & Omaha
Duluth Missabe & Northern
Duluth South Shore & Atlantic.
677
860
15,609
15,173
2,057
2,379
18,250
3,514
16,536
3,119
16,221
3,157
3,109
664
892
581
222
1,582
9,485
2,982
7,781
3,068
137
Dodge Des Moines & South.
Great Northern
481
683
568
433
366
7,494
Elgin Joliet & Eastern
Ft.
5,583
5,392
6,624
5,274
345
390
279
151
134
8,959
12,253
8,504
2,963
3,067
532
Green Bay & Western
Lake Superior &
630
505
543
577
332
508
326
82
64
1,694
4,423
1,488
Minn. St. Paul & S. S. M.
4,469
Northern Pacific
Spokane International
Spokane Portland & Seattle
1,712
2,421
3,123
2,502
8,155
1,487
4,472
8,350
123
95
108
246
184
1,480
2,015
1,390
1,105
965
74,006
75,819
69,752
43,895
42,951
19,324
19,428
19,516
5,558
5,362
2,754
2,767
2,616
2,169
292
2,137
212
182
61
36
13,969
1,335
13,647
1,370
11,234
14,060
7,487
7,534
1,160
849
603
Ishpeming
Minneapolis & St. Louis
8,815
1,752
3,031
Central Western DistrictAtch. Top. «fc Santa Fe System.
Alton
Bingham & Garfield
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy..
& Illinois Midland
Rock Island & Pacific.
11,248
2,495
Southern
10,403
7,586
7,287
2,479
2,131
1,020
& Eastern Illinois
Colorado &
780
772
1,862
1,632
2,205
1,048
2,967
2,116
1,146
2,180
(Pittsburgh)
West Virginia Northern
Western Maryland
3.087
3,115
2,334
132,232
Total.
118,011
117,893
1,391
37,342
Denver & Rio Grande Western.
Denver & Salt Lake
2,094
385
418
158
Fort Wcrth & Denver City
Illinois Terminal
960
1,702
0
1,181
1,823
1,055
1,127
0
1,150
1,904
1,544
820
3,149
13,971
1,534
1,252
1,303
74
5,840
5,261
North Western Pacific
59
770
742
576
345
Peoria & Pekin Union
Pennsylvania System
Reading Co
Union
180
4,496
551
3,429
Penn-Reading Seashore Lines.
.
18,033
430
i
527
Buffalo Creek & Gauley
Cambria & Indiana.
Central RR. of New Jersey
Cornwall
10,508
14,488
2,308
& North Western
Total
600
28,997
Bessemer & Lake Erie
956
10,924
4,723
17,594
District—
Allegheny District—
Akron Canton & Youngstown..
Baltimore & Ohio
377
993
54,285
Total.
1,924
9,631
1,498
363
1,428
16,822
16,342
159
Nashville Chattanooga & St L.
Tennessee Central
Chicago
Chicago
Chicago
Chicago
1,554
324
;
1,158
7,316
2,442
229
Wheeling & Lake Erie
Macon Dublin & Savannah
7,655
2,704
1,243
__
842
1935
1,531
7,201
Detroit & Toledo Shore Line..
Grand Trunk Western
875
Connections
1936
381
5,164
10,180
Erie
from
1934
1,708
18,742
19,194
Gulf Mobile & Northern
963
Delaware Lackawanna & West
Detroit & Mackinac
1935
829
Illinois
14
Central Vermont-.
Delaware & Hudson
b New York
1,225
Total Loads Received
Freight Loaded
1936
643
Bangor & Aroostook
Railroads
1935
Eastern District—
Ann Arbor
Total Revenue
Connections
218
150
76
132
84
95
16,311
96,871
91,256
Nevada Northern
Southern Pacific
(Pacific)
18,800
St. Joseph & Grand Island
Pocahontas
Included
Chesapeake & Ohio..
19,936
8,760
8,329
17,377
4,028
3,978
1,056
11,539
11,433
1,191
7,755
7,502
296
148
5
5
1,372
1,246
1,371
1,674
1,539
93,060
88,736
84,959
47,741
45,165
4,306
in U.
1,131
20,025
17,838
2,041
3,514
1,669
3,187
2,933
1,010
742
45,082
42,719
42,092
14,854
1,140
14,180
Norfolk & Portsmouth Belt Line
Virginian
Total.
3,928
308
323
Western Pacific
1,846
15,532
System.
4,590
P.
270
11,765
Union Pacific System
Utah
20,094
19,433
Norfolk & Western
15
366
Toledo Peoria & Western
District—
a
21
Total.
Southwestern District—
Alton & Southern
Atlantic Coast Line
9,380
8,917
Clinchfield
987
958
1,021
Charleston & Western Carolina
484
349
9,077
4,700
400
4,634
1,658
1,009
124
209
4,533
134
132
139
222
Fort Smith & Western
Group A—
195
Burlington-Rock Island
Southern District—
100
141
98
234
148
3,383
2.346
3,383
2,058
3,429
1.503
2,632
2,319
Gulf Coast Lines.
352
152
423
980
358
19
Kansas City Southern
50
55
1,982
1,270
2,345
1,094
70
1,509
1,682
140
Louisiana & Arkansas
1,735
998
1,158
1,613
1,618
Norfolk Southern
1,140
1,292
1,149
1,012
Piedmont & Northern
394
1,265
1,102
417
470
886
869
Durham & Southern
Gainesville
119
Midland *
Richmond Fred. & Potomac.
353
1,185
8,433
20,235
Southern System
Southbound
358
International-Great Northern
Kansas Oklahoma & Gulf
7,981
19,160
8,139
3,682
3,678
19,051
13,211
159
136
12,696
133
646
688
_
Seaboard Air Line
Winston-Salem
341
132
1,710
..
3,907
4,043
.
_
41,549
39,616
39,991
31,189
31,561
110
139
827
Louisiana Arkansas & Texas
151
83
117
460
Litchfield & Madison
371
401
436
360
840
Midland Valley
787
472
455
495
332
423
Missouri & Arkansas
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Total
265
133
136
133
4,543
4,383
13,545
4,418
2,907
2,797
13,920
13,238
8,929
50
8,064
24
35
236
16
218
19
Quanah Acme & Pacific
99
148
180
94
141
St. Louis-San Francisco
7,269
2,366
7,398
1,980
6,629
6,374
Texas & Pacific
4,530
4,442
Terminal RR. Ass'n of St.Louis
4,274
2,374
2,552
4,251
4,135
Texas & New Orleans
6,697
1,993
5,839
2,638
224
St.
Group B—
Louis Southwestern
Alabama Tennessee & Northern
347
284
212
161
Atlanta Birmingham & Coast._
611
649
678
849
867
1,095
Wichita Falls & Southern
2,780
Weatherford M. W. & N. W
Atl. & W. P.—W. RR. of Ala..
Central of Georgia
■
Columbus
& Greenville
Florida East Coast
Note—Figures for 1934 revised.
Central RR
845
723
708
4,121
4,096
3,828
1,081
2,491
123
318
333
232
254
1,820
1,402
584
490
2,683
18,145
3,964
15,916
236
210
55
159
88
35
40
31
34
53,531
50,964
48,583
58,124
53,883
272
1,375
*
Previous figures,
a
Not available.
b Includes
Total
2,174
2,721
3,882
1,606
figures for the Boston & Albany RR., the C. C. C. & St. Louis
RR., and the Michigan
Financial
2904
202,158 Surplus Freight Cars in Good Repair on
April 14
had 202,158 surplus freight
Class I railroads on April 14
and immediately available for service,
the Association of American railroads announced on May 2.
This was a decrease of 2,947 cars compared with the number
of such cars on March 81, at which time there were 205,105
in good repair
cars
The association further announced:
coal cars on April 14 totaled 62,320, an increase of 1,579 cars
previous period, while surplus box cars totaled 98,965, a decrease
surplus freight cars.
Surplus
above the
of
4,923
compared with March 31.
cars
26,830 surplus stock cars, an increase of 805 cars
Reports also showed
compared
decrease
with March 31, while surplus refrigerator cars totaled 6,004, a
of 560 for the same period.
♦
■
;—
Management
Inflation
May 2, 1936
seem
further devaluation
the
be that inflation of such severity
to
of the
dollar will not
frankly
government enters
which to meet its expenses.
It
probable
seems
ushered
The
in
by
a
that
upon
when
and
if
inflation
have
have
to
further
a
develop
does
with
money
to be in prospect.
seem
it
will
be
vigorous business expansion that will be welcomed by all.
a
In order that they might
agricultural,
to cause a
as
this country unless
in
policy of issuing fiat
a
At present that does not
developments that might result in
long way off.
soon
come
in
increase
mining,
real inflation now seem to be
into being
come
the total
manufacturing
volume
the production
of
construction
andi
a
should probably
we
goods
of
distinctly
greater than the increases which we have had in the three recovery years
of
1933,
of
unbalanced
1934 and 1935 combined.
have to
national
We should have to have
budgets and deficit financing.
a
continuation
Finally,
we
should
suspend gold exports.
Inflation of the type we have been discussing does not now seem to be
development
visibility
future
and
dim,
is
for
1936,
or
judgments
1937,
1938.
or
the
concerning
Beyond
developments
that
of
a
the
those
well be deferred until we have had the opportunity to
appraise those of the two or three years directly ahead.
may
years
Periods of
During
Bank
for
Rules
The prospects
probable
Development of Inflation During Next Three Years
Regarded Improbable by Col. Leonard P. Ayres—
Before Executive Council of A.
B. A. Presents
Uncontrolled
Chronicle
Moody's Daily Commodity Index Declines Sharply
Executive Council of
Speaking before the members of the
The average price of basic
this week.
Moody's Daily
April 28,
commodities declined sharply
Index of Staple Commodity
Prices closed this Friday at 169.2, as compared with 172.0
Cleveland Trust Co., Cleveland,
last week.
at Hot Springs, Va., on
the American Bankers Association,
Colonel Leonard P. Ayres, Vice-President of the
Ohio, and Chairman of the
A. B. A. Economic Policy Commission, declared that there
"are no effective
hedges against inflation."
"The best
hedge against inflation in France and Germany," he said,
"was to invest in foreign securities.
The next best was to
buy the stocks of the soundest and most conservatively
managed companies and to hold them.
Stock speculation
during inflation proved to be even more difficult and
hazardous than during ordinary times.
Investments in
proved profitable to users of the com¬
modities, but speculation in the commodity markets was as
dangerous as in the stock markets."
While stating that hfdid not seem probable that during
1936, 1937 or 1938 there would be "a period of rapidly rising
prices amounting to abnormally high levels, and ending with
a new stabilization of the dollar at a drastically decreased
gold value," Colonel Ayres gave the bankers three "im¬
portant guiding rules" for bank management during a period
of inflation.
Pointing out that "inflation is a long process,"
he observed that "at the present time, in the spring of 1936,
inflation is being widely discussed in this country as though
it were likely to develop in the not far distant future, per¬
haps this year, or in 1937 or 1938.
Such an outcome," he
continued, "seems most unlikely if we mean by inflation a
period of rapidly rising prices mounting to abnormally high
levels, and ending with a new stabilization of the dollar at
a drastically decreased gold value of perhaps 20c. or so on
our old
standard."
In part, Colonel Ayres also had the
durable commodities
following to
Such
principal losses
in prices of hogs, steel, hides,
also declines in rubber, corn
and silver, and moderate advances in silk and cocoa.
The
prices of copper, lead, coffee, sugar and wool remained
unchanged.
The movement of the Index during the week, with com¬
parisons, is as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
April
April
April
April
April
April
May
were
There
—
>The
that
sort
171.7
169.8
Year ago,
157.0
May 1
1935 High—Oct. 7 and 9
175.3
Low—Mar. 18
148.4
1936 High—April 18 and 23-172.1
Low—Jan.
4
167.2
Weekly Index of Wholesale Commodity
April 28 at Lowest Level Since July 16—
Average for April Below March Level
Prices for
The break in grain and flour prices together with lower
quotations for hogs, steers and beef, sent The "Annalist"
Weekly Index of Wholesale Commodity Prices to the
lowest level since July 16, the index declining to 123.1 per
cent of the 1913 average on April 28, from 123.9 April 21,
and 126.6 a year ago.
The "Annalist" also noted:
The break in wheat and
corn prices and the
accompanying decline In
breaking of the drought in the Southwest, as well
the uncertainty engendered by proposals at Washington for regulation
cotton reflected the
as
of the
commodity exchanges.
Butter, rubber and tin also
were
lower,
while eggs, rice, cocoa, hay and lubricating oil were higher.
THE
"ANNALIST"
WEEKLY
INDEX
OF
WHOLESALE
COMMODITY
PRICES
(Unadjusted for Seasonal Variation.
1913=100)
reason
of
2 weeks ago, April 17
Month ago, April 1„
"Annalist"
stimulated business boom with a specialized kind of bad
why expectations of the early development of an infla¬
ending.
were
—172.0
172.0
170.7
169.7
-169.3
169.6
169.2
24
25
27—_
28
29
30
1
period of inflation may be described in plain business terms as
a
artificially
an
say:
The
cotton and wheat.
tion
almost
to make
business boom
that almost surely take place before a real inflation can be produced.
The inflationary period which destroyed the value of our Continental
currency lasted for seven years.
That of the French Assignats lasted seven
years.
That of the Confederate currency lasted four years.
The German
inflation continued for 10 years, and the inflations of France and Italy
allowance
their
ran
The
for
courses
long
in
of
histories
inflations
are
the
surely mistaken
of the
processes
is
a
recent
indicate that serious
European inflations
business
when
activity
unbalanced national budgets.
It
for
long with unbalanced budgets the amounts of money in circulation and of
bank deposits will steadily increase.
The existence of this enlarged stock
of money need not result in serious
and progressive price advances if
depression prevails, for then it will circulate slowly, and the excess of
productive capacity will be so great that competing offers of goods will
clearly to be the rule that in
seems
any
eagerly meet each demand.
However, in the
and as expanding industry begins in
country that operates
course
to approach
and prices will
mount.
Once vigorous price advances begin to appear, buyers hasten to
fill forward requirements in anticipation of still further increases.
This,
in turn, produces the
expected! advances.
A self-stimulating spiral of
price advances is thus initiated.
Because of the abnormally large supplies
of money in existence the prices will mount far, and if,
meanwhile, the
capacity outputs,
government
the buyers will
continues
to
compete
the
increase
Food products
122.5
123.8
106.3
al06.3
104.7
170.7
170.7
161.8
Metals..
110.7
110.7
109.9
111.8
111.8
111.5
Building materials
Chemicals
borrowing, uncontrolled inflation will become
supply through
a
Revised,
progressive
the
European
inflations yield
Inflation
at least
its
have
and
safety that
large
as
as
small
the crisis
as
period approaches
a
proportion of its loans
a
proportion
as
the institution
should
THE
"ANNALIST"
MONTHLY
INDEX
are
greatly increased,
with
the intent of
mechanical
that in preparation for such
so
service
institute
charges
on
as
increasing them later
devices in
its
many
on,
of
its
a
operations
period the bank
operations
as
it
can
and it should install efficient
accounting department.
The third
which
important fact about inflations is that they end in depressions
bring exceptionally large numbers of bankruptcies.
The most diffi¬
cult part of an
The
inflation for
borrowing
depression
have
There
many
are
followed
been
of
a
bank is its termination.
which
processes
a
similarities
our
government has followed during the
which increases the volume of money.
between their procedure and the methods
type
by Germany, France and Italy in their inflationary periods.
OF
WHOLESALE
COMMODITY
PRICES
1913=100)
April, 1936
March, 1936
Farm products
117.3
119.1
122.2
Food products
Textile products
123.5
123.8
131.9
106.9
109.2
104.2
172.0
173.1
Fuels
Metals
April, 1935
160.4
110.6
110.2
109 7
111.8
111.8
111.7
Chemicals
97.6
97.9
98.6
Miscellaneous
85.7
85.6
79.5
123.9
124.9
125.8
73.5
73.6
74.9
„■
Building materials.
L.
exchange quotations for France, Switzerland, and Holland; Belgium
included prior to March, 1935.
Wholesale Commodity Prices Declined
Slightly During
Week of April 25, According to United States
Department of Labor
A
The second rule is that during inflations the expenses of bank
should
75.1
(Unadjusted for Seasonal Variation.
possible in short-term obligations
possible in long-term loans.
as
126.6
73.5
Reflecting the decline of the past eight or nine weeks, the
April average of the index showed a loss of 1.0 point from
the March level, the index declining to 123.9 from 124.9.
The "Annalist" presented its monthly index as follows:
b Based on
three important
guiding rules for the management of banks in such periods.
The first is that during inflations short-term interest rates rise above
long-term rates, and it is important both for the earnings of the bank and
for
123.9
73.0
exchange quotations for France, Switzerland and Holland;
Belgium included prior to March, 1935.
b All commodities on old dollar basis.
records of
80.9
b Based on
All commodities
reality.
Utiles for Management During Uncontrolled
The
98.6
85.9
123.1
All commodities
97.6
86.0
b All commodities on old dollar basis..
a
132.2
97.6
:
lines
for the goods,
money
1935
123.7
of time recovery will
various
come,
1936 Apr. 30,
117.7
Textile products
Fuels
prick
toward
increases
1936 Apr. 21,
116.7
Miscellaneous
13 years.
prosperity in
countries that have recently greatly expanded the volume of their nonredeemable paper money, and that these price inflations grow rapidly to
dangerous proportions if the countries continue to operate with badly
develop
Apr. 28,
that they fail
development of
slight downward movement marked the trend of whole¬
sale commodity prices during the week
ending April 25.
The all commodity index declined 0.1% to
79.6% of the
1926 average, according to an announcement made
April 30
by Commissioner Lubin of the Bureau of Labor Statistics,
U. S. Department of Labor.
Mr. Lubin said:
Despite this decrease the general index is 0.4% above the corresponding
Compared with the corresponding week of last year,
week of last month.
the current level of wholesale prices shows
a decrease of 0.9%.
Only 2 of the 10 major commodity groups—farm products and building
materials—increased during the week.
Foods, textile products, fuel and
lighting materials, and chemicals and drugs averaged lower.
Hides and
i
Financial
Volume 142
leather
and
products,
metals
miscellaneous
and
metal
commodities
housefurnishing
products,
remained
goods,
unchanged at the level of the
Raw materials declined 0.3%
and
modities
finished
other
during the week and semi-manufactured
products fell
farm
than
0.1%.
products
large group of all
The
of
commodities)
soda
crackers
dropped 0.1%.
Except for
(indus¬
materials and semi¬
raw
increase
in
Meat
Significant
chops
chuck
of the corresponding week
advance
Lubin's
of
month ago.
a
of April 30
announcement
and'
noted:
increases
0.5
and
0.4%,
The price
respectively.
bakery products group.
Higher prices were reported for all fresh meats.
reported
were
of
lamb,
following
the
for
1.6%;
each
round
rib
Lamb
items:
1.0%;
steak,
pork
loin
cutlets, each 0.9% ; beef liver and rib roast, each 0.8%, and
0.7%.
roast,
and
0.5%.
breast
and
roast and veal
declined
0.9%, showed the only significant price
advance of
an
rose
in 22 cities and increases in six.
macaroni
of
and
the cereals
costs
manufactured articles the index for each of these groups is above its level
Mr.
2905
result of price reductions
a
com¬
0.2%,
decreased
(non-agricultural)
and all commodities other than farm products and processed foods
trial
as
Wheat cereal, with
preceding week.
articles
Chronicle
Sliced bacon, which
0.5%, made the only price
rose
dropped 0.7%,
The price of sliced ham
the cured meats.
among
decreases of 0.6% were made by strip bacon
and whole ham.
Wholesale food prices declined 0.9% during the week, due largely to a
INDEX NUMBERS OF RETAIL COSTS
4.5% drop in dairy products and smaller decreases in the subgroups of
fruits
and
flour,
hominy
vegetables
grits,
and
and
meal,
corn
Additional food
0.9%.
advanced
items for which higher prices were reported were prunes, raisins,
fresh pork, canned tomatoes, Rio coffee, and glucose.
reported for veal,
coffee,
butter,
peanut
and
above
ago
but approximately
for
chemicals
the
and
The textile products group
cotton goods and silk and
higher.
Clothing,
knit
steady.
were
Prices of
rayon.
raw
woolen
and
lighting
materials.
caused the
were
A
worsted
and
goods
in
advance
in
to
a
month
The advance
ago.
due largely to
was
reported
advances
for
in barley,
cotton,
and wheat,
corn
apples,
eggs,
In addition
price increases were also
hops,
potatoes,
1.3%
clover seed,
peanuts,
and
wool.
The
farm
present
4.8%
77.8—is
index
products
index
for
increase, due
sand.
the
building materials group—85.5—registered a minor
wallboard, prepared roofing, and
to higher prices for rosin,
Prices
of
paint
materials,
the
on
averaged
hand,
other
lower.
The
hides
and
leather
were
Fractional
metais
and
of
102.9
The
did not affect the index for the
pig tin
group
It remained
whole.
a
as
for
the
implement,
agricultural
housefurnishing
prices declined
goods
0.3%.
Cylinder
0.9%
index
of
the
oil
motor
86.0%
at
56.9
59.5
66.9
60.7
40.7
76.4
62.4
61.8
66.5
54.4
87.3
62.2
61.2
60.5
65.1
54.0
85.1
Canned
at
82.8.
Stationary.
were
the average for
on
groups
of com¬
80.6
44.7
93.7
63.7
62.7
58.1
72.8
*
Preliminary.
The
dairy
in
7,6%
Egg
products
the price
prices
Pacific
dropped
the
13
Lower
with
price
higher
prices
38
by
reported
were
cities.
prices were in the Southern and
egg
ranged
changes
decrease of
largely to a
butter prices ranging up to
The price of cheese fell 0.7%.
from
decline
a
16.5%
of
in
advance of 15.3% in Mobile.
an
The cost of fruits
and vegetables
1.3%.
rose
1.6%, the canned varieties
Fresh fruits and vegetables
increased 0.1%, and dried fruits and
0.3%.
Apple prices rose 1.4%.
Reductions of 2.6%
reported for lemons, 1.7% for bananas, and 1.3% for oranges.
Potato
were
prices
The
4.5%
rose
advances
of
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
25
18
11
4
28
27
28
rise
of
1936
1936
1936
1936
1935
1934
1933
11.2%
Dried
0.9 and
81.7
59.1
for green beans.
0.5%.
The
cocoa
The
South
the
changes
price
each
1.5%.
declined
prunes
27
cities
Atlantic
3.8% for spinach
for
tomato
Raisins
and
the canned
among
and
soup
beans
with
made advances
peaches
fats
and
other cities.
12
The price of chocolate dropped 1.0%,
index
price
0.2%.
dropped
changes
for the
Lard
group
prices
0.3%.
fell
The
1.2% for
advance of 0.5% for
declines
were
0.8% for vegetable shortening, and
peanut butter,
0.1%.
advanced
0.5%.
oils
important
Coffee prices
from a decrease of 1.8% in New York
was
3.5% in Boston.
advanced
0.1%.
rose
largely offset by declines in
were
these price changes
increase of
an
of
of
0.7%, respectively.
in
The range of
lard
31 cities and decreases in five.
the cities
Among the canned fruits the price
larger
0.5%
of
Beverage and chocolate costs
and
in
pronounced
advances
were
an
of
compound.
of
cost
and
sugar
0.3% in the price of
The
decline
of potatoes,
price
rose
Angeles
most
rose
costs
most
due
entirely to
pronounced
decrease, 1.8%,
fell 16.5%, and there
apples and other
sharply in
1.7%,
0.2%,
rose
was
The largest
area.
this city egg prices
costs
sweets
an
increase
sugar.
food
in
fresh fruits and
76.8
result of increases in
a
most
declined
29
1936
as
were
Fresh vegetable price changes ranged from a drop of
pork.
In
Apr.
76.3
due
Reductions in
4.3%.
cities
The
areas.
Pittsburgh to
advanced
0.9%,
index declined
of butter.
reported by 48 of the 51 cities.
were
Twelve of
the
Apr.
76.9
111.0
75.6
Middle Atlantic
(1926 =100.0)
77.4
101.7
68.4
75.3
1934, and
April 29, 1933:
77.8
97.3
48.2
71.6
63.7
The
following table shows index numbers for the main
Farm products
65.2
62.7
67.6
75.1
100.
modities for the past 5 weeks and for April 27, 1935, April 28,
Commodity Groups
84.4
57.9
67.6
63.9
•more
784 price series
Statistics includes
the year 1926 as
78.5
58.0
Sugar and sweets
and
Automobile tires
higher.
78.3
57.8
Fats and oils
to
and cattle feed
week,
weighted according to their relative importance in the country's markets
and is based
78.4
67.7
Dried.
Increases
unchanged.
Labor
98.2
63.2
Fresh.
and
vehicle,
remained
group
during the
averaged
Bureau of
100.8
Fruits and vegetables
peaces
tubes and paper and pulp remained
The
120.7
60.4
vegetables
products
average.
index
fell
63.4
80.3
of
decreases in
metal
Crude rubber
The
95.1
79.5
products group was unchanged from the level
Average prices of both furniture and furnishings
prices
93.3
78.5
Average wholesale prices of shoes, hides, skins,
plumbing and heating subgroups remained unchanged.
The
93.2
77.8
a
stable.
price
1926
the
93.7
to
leather
of the preceding week.
and
Meats
Dairy products
area.
Brick and tile, cement, lumber, and structural steel remained firm,
i
69.8
vegetables decreased
below that for the corresponding week of a year ago.
The
60.1
82.3
2.7%
timothy seed, hogs, wethers, and live poultry.
Decreases, on the other
hand, were reported for cattle, lemons, oranges, fresh milk at Chicago,
flaxseed,
81.2
91.7
3.5% increase
a
sub-group of grains with each item sharing in the rise.
sharp
79.5
91.6
subgroup of petroleum products to rise, although lower prices
reported for gasoline from the Texas and Oklahoma fields
above
79.0
91.3
gasoline
of California
prices
fuel and
the group of
Farm product prices advanced 0.5% during the week and are now
in the
1929
Apr. 15
78.9
were
prices of anthracite and bitumi¬
the fractional decrease
sharp
1933
Apr. 15
All foods
Beverages and Chocolate..
The usual seasonal decline in wholesale
accounted for
1935
Apr. 9
.
Cereals & bakery products.
jute and burlap averaged
unchanged at last week's level.
coal
•,
Eggs
because of lower prices for
declined 0.3%
goods,
decrease 0.9%.
drugs group—78.2—to
Average prices of fertilizer materials
Mar.
-I
•
Ago
24 Mar. 10
Ago
Apr. 7
year.
Weakening prices of fats and oils, menthol, and mixed fertilizers caused
index
Corresponding Period in—
Weeks
Weeks 4
2
Current
current
The
vegetable oils.
month
a
6% below the corresponding date of last
nous
Commodity Group
dressed poultry, dried apricots, bananas, cocoa beans,
copra,
goods index—80.4—is nearly 1%
the
1936
mutton,
Lower prices were
♦
Santos
OF FOOD BY COMMODITY
Three-Year Average—100
GROUPS.
including oatmeal,
products,
Cereal
meats.
due
the
cities
largely to
vegetables and
of
the
the
of
the
substantial reductions in
Pacific
vegetables.
Costs
area.
substantial increase
a
cities
made by Pittsburgh.
fruits and
2.5% advance in
a
was
were
fresh
in
egg
in
Food
in
Los
the cost
of
prices.
46.4
Foods
80.4
81.1
80.2
79.7
79.7
85.4
66.6
Hides & leather products.
95.2
95.2
95.1
95.1
95.3
87.9
89.6
71.8
Textile products
Fuel & lighting materials.
69.7
69.9
69.9
70.1
70.4
68.8
75.0
52.4
77.4
77.5
77.6
76.8
76.7
74.3
73.5
62.5
58.1
Metals & metal products.
86.0
86.0
85.9
85.9
85.7
85.2
88.3
85.5
85.4
85.4
85.3
85.2
84.4
87.1
70.5
78.2
78.9
79.0
79.1
79.1
80.8
75.3
72.0
Housefurnishing goods...
82.8
82.8
82.8
82.7
82.7
82.0
83.0
72.3
Miscell. commodities-...
68.6
68.6
68.3
68.2
68.2
68.9
69.2
Three Year Average 1923-25=100
77.6
Building materials
Chemicals and drugs.
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
58.6
1936
Current
Regional Area
2
Apr. 7
Ago
*
.
Corresponding Period in—
Weeks 4
Mar.
Weeks
1935
1933
1929
Apr. 9
Apr. 15
Apr. 15
Ago
24 Mar.
10
All commodities other than
farm products
80.0
80.2
80.0
79.9
79.8
80.0
76.6
64.9
United States
78.9
79.0
79.5
81.2
60.1
79.0
79.1
79.0
78.8
78.8
77.5
79.2
66.2
New
77.9
77.9
78.4
78.9
59.8
99.6
77.1
77.3
77.0
76.9
77.2
*
*
*
Middle Atlantic
79.6
80.0
80.1
82.1
61.3
100.8
74.5
74.6
74.5
74.5
74.5
*
*
*
East North Central
79.2
79.1
80.1
82.0
69.2
102.5
81.8
81.9
81.6
81.3
81.2
♦
#
*
West North Central
101.8
79.6
79.7
79.5
79.2
79.3
80.3
73.5
61.5
100.8
All commodities other than
farm products and foods
Raw materials
Semi-manufact'd articles.
Finished products
England
Labor
Statistics
were
of
Thirty-nine foods
rose
in
price and nine remained
Mr. Lubin added:
The composite index for April 7 stands at
78.9% of the 1923-25 average.
2.9% below the level for the corresponding period last year.
Food
costs are now 31.2% higher than
they were on April 15, 1933, when the
index was 60.1.
They are, however, 21.7% below the level of April 15,
when the index
The cost of cereals
in
April 27, 1936.
the
prices
bread
group.
in 13
1.2%
a
was
and
77.3
80.4
58.7
101.0
81.9
81.9
82.5
85.6
60.7
97.8
77.0
76.4
77.1
79.0
61.9
98.9
*
.
Preliminary.
51
The
a
month
precipitous
drop
of
breadl
included
0.9c.
ago
when
in
prices
and whole wheat bread
reported for
were
of white
cities
rise
Sales
During
March
Federal
York
New
of
Department
Reserve
Stores
in
District
8% Above
March 1935—Increase of 12.6% Noted in Sales in
Metropolitan Area of New York During First Half
of April
During the month of March, reports the New York Federal
Bank, in its "Monthly Review" of May 1, "total
sales of the reporting department stores in the Second (New
Reserve
York)
District were 8% higher than last year, and after
differences in the total number of
making allowance for
shopping days and for the number of Saturdays, March sales
the best showing since last September."
Continuing,
made
the Bank also states:
100,8.
bakery products declined 0.4% between March
Lower prices
The price
of the
increases.
sharp decline of
caused
76.7
United States Department of
"Food costs declined in 23 and
the
"Lower
reported for 36 of the 84 foods included in the
unchanged."
and
101.4
76.7
food costs declined 0.1% during the
April 7, Commissioner Lubin, of the Bureau
This is
1929,
98.7
56.8
retail
in 24 of the 51 reporting cities," Mr. Lubin said.
index.
58.4
76.8
Total
of
Labor, announced April 22.
prices
59.5
79.6
74.1
Mountain
two weeks ended
rose
84.7
79.0
73.4
of Labor
ment
The index
of
82.2
78.3
73.6
Pacific
Drop of 0.1% in Retail Costs of Food During Two Weeks
Ended April 7 Reported by United States Depart¬
81.4
78.6
East South Central
West South Central
•Not computed.
81.3
South Atlantic
All commodities
in
fell
the
24
eight of the 13 items
0.8%
as
a
result
of
lower
index.
Four cities reported
Dallas partially offset the
the "bread war" among the bakeries
loaf in
per
for
declined
the
1.0%.
city.
Rye bread
Wheat
flour
prices
fell
dropped 0.7%
Average
department
any
month
daily sales
of
the
stores compared
since
Northern New
September,
Jersey
New
more
York,
Syracuse
favorably with
a
and
year
Capital
District
previous than in
pd the increases in
and Bridgeport stores
were
average sales of the
larger than in February.
Reporting department stores in the remaining localities, however, had less
favorable comparisons with a year ago in
March than in the previous
Sales of the leading apparel stores reporting to this bank
20% higher than last year, the largest increase in two years.
month.
over
were
Financial
2906
The
retail
merchandise
of
stocks
of
value
hand
on
department
the
in
volume, while the amount of
merchandise on hand in apparel stores continued higher.
As in December,
the rate of department store collections were slightly lower than a year
previous, but apparel store collections continued at a higher rate.
remained
stores
below
slightly
year's
last
1936
May 2,
Chronicle
Per Cent of
Accounts
Outstanding
Percentage Change
\
March 1936
Compared with
Feb. 29 Collected in
March, 1935
March
Commodity
Accounts
Groceries
Net Sales
1935
1936
—12.6
92.7
Collected
29
90.1
+ 17.4
50.9
50.4
+9.7
38.1
39.2
57.4
63.6
Cotton goods
in March
Hand
+ 3.9
—
Men's clothing.
Outstanding
Feb
Stock on
Locality
of Month
Per Cent of
from
Year Ago
a
Stock End
Sales
Percentage Change
Net
—4.8*
Rayon and silk goods
.
End
March
Shoes
Month
of
1936
1935
—0.1
Drugs
+ 11.4
+ 12.8
24.1
36.9
Hardware
Feb. to
March
+ 12.3
+ 2.8
36.3
36.0
+ 8.6
+9.3
—1.7
Stationery
+ 5.7
+9.5
+ 9.0
49.0
47.0
Paper
—3.4
46.4
46.6
Diamonds
+ 13.8
+ 8.3
+ 13.4
—5.4
37.4
37.6
Jewelry
+ 5.4
42.8
+ 6.9
+ 0.9
36.2
38.5
+ 3.1
+ 7.4
—3.0
29.7
30.8
Northern New York State
—2.4
+ 1.9
Southern New York State
—1.9
+ 3.9
+ 1.9
+ 6.4
New York
Buffalo
—
Rochester
_
--
Syracuse.-
-
Northern New Jersey
Bridgeport
-
-
-
-
Elsewhere
--
...
Hudson River Valley District
^
,
57.3
26.6
22.4
59.0
59.9
40.4
+ 4.4
64.3
51.4
+ 6.7
+ 8.0
57.6
+9.9
March
and
those of
a
+ 9.4
*
+5.7
—
—
+ 10.3
Textiles, Inc., not
Quantity figures reported by the National Federation of
trade.
+ 9.3
—0.5
44.5
44.0
+ 20.0
+ 7.7
39.9
41.0
departments
—
Chain Store Trade Activity
—
are
at
compared with
accelerated
greatly
a
Quickens
upward rise of chain store trade continued in March
The
according
rate,
Store
"Chain
to
Age," which states that reports of steadily expanding vol¬
appeared from all sections of the country and touched
ume
nearly all classes of business. "The publication further stated
Stock on Hand
Net Sales
that:
Percentage Change Percentage Change
March, 1936
Compared with
March 31,
March, 1935
March
1936
Compared with
31, 1935
Outstanding gains
which, spurred
the
+8.7
+21.7
Men's and boys' wear
+ 21.6
Women's and misses' ready-to-wear.
+ 20.4
Luggage and other leather goods
+ 18.9
—3.8
+ 14.8
—11.3
+ 9.7
+2.0
-
Furniture
Women's ready-to-wear accessories.
+ 9.3
+ 7.1
Musical Instruments and radio.
+ 7.1
+ 2.3
Men's furnishings.
+ 5.2
+ 4.2
The
+ 6.7
this
field' in March,
store
point, sales
The February
reflected by the
as
of the 1929-1931 average for the
to 101.3
rose
At
began to
improvement also
chains.
in the
6% greater than
were
figure was 99.4.
'seriously hampered trade in eastern and New England
however, were of short duration and business quickly
effects,
+ 6.4
Books and stationery
conditions
Flood
districts.
+ 10.4
index,
100.
as
month of 1935.
same
+ 3.7
Shoes
Age"
taken
Substantial
month.
store
trade in the chain
of
Store
month
+ 5.3
+ 9.4
Toilet articles and drugs
state
"Chain
+ 11.2
the
of
in the five-and-ten
The
sales of
the apparel and shoe chains,
made by
were
by the approaching Easter season, picked up sharply in
on
closing week
show
+ 22.7
Toys and sporting goods
Woolen goods.
+ 107.6J
-
Weighted average
previous in the following table:
year
—18". 41
included in weighted average for total wholesale
+ 17.2
the principal
-
t-
+ 20.4
in
stocks
+22.9
+41.9
—
---
+ 8.0
-___
sales
-
+ 5.0
All department stores
Apparel stores
-
46.7
+ 10.3
Capital District..
Westchester and Stamford
r
M
46.8
Linens and handkerchiefs
+ 3.7
+ 2.7
+ 2.4
+8.1
+ 2.2
Sales of
—3.9
Cotton goods..
—2.6
Silverware and
jewelry.
+ 0.2
As to sales in the metropolitan area
For
the
first half
the metropolitan
sponding period
of
area
12.6%
last
year,
of New York during
1935 ;
of
pre-Easter buying in the first half of the month than in the
of
chain store systems
in the Second (New York) District were 1.4% higher than
last year," according to the Federal Reserve Bank of New
York, "the smallest percentage increase since last Septem¬
ber."
In its "Monthly Review" of May 1 the Bank also has
March sales of the reporting
March
of last year,
one
Saturday
less
a
rather
shoe
chains
of
the
of this year than in
large decline from last year.
well
continued
of the candy chains
On the other hand, sales
in the case
for sales in several months;
there
daily 6ales of the
March
drug and candy chain stores showed the least favorable
comparisons
was
in
above
last
year's volume,
and
average
Although changes in the number of stores operated by the different types
chains
of
all
varied
chains
reporting
the total number
considerably,
little
was
of stores in
consequently the percentage change in average sales per
was
virtually the
same as
operation by
and
store of all chains
different in March than
a
year
ago,
1935 was 14%.
Five-and-ten depart¬
100.6 in March,
in March,
compared with 119.8 in February, and 108.0 in
as
February and 88.2
in
against 92.6
1935.
Commodity
modity
price
Reports Slight Decline
Average During Week of
Price
April 25, according to the wholesale com¬
compiled
index
Association.
The
week, 76.9 two
three weeks
76.7
77.0.
and
In its announcement,
Association went
with
of
seven
the
Moderate declines
of
one
11
principal
mixed
index carried it
March.
Lower
the
effect of
the
textiles
the week
pine and brick
foods
prices moving
net
any
change.
taking it, with exception
index,
Farm product
1, 1935.
during the week, with cotton and grains moving
somewhat lower; the
were
the
to
trends
highest
in
level
cotton
showed
average
were
index
relatively small,
were
show
to
slight rise in the
readied since
prices for cotton cloth, hemp, and silk
downward
price
the
ago
year
failing
groups
place in the
upward while livestock prices
group
A
to say:
on
took
were
and 77.0
ago,
under date of April 27, the
week, to the lowest point reached since Jan.
price trends
Fertilizer
For nine consecutive weeks the index has
between
77.8.
was
National
the
compared with 76.8 in the preceding
weeks ago, 76.7
four weeks ago.
fluctuated
by
previous week this index stood at 76.7%
of the 192G-28 average,
a
and
the
more
week
first
than
offset
burlap, with the result that
decline.
Higher prices
for
Southern
responsible for the index representing building material
to the highest point registered by it during the recovery
up
Cottonseed
effect of this
meal
advanced
too small to
$1
per
ton
during the week,
but the
be reflected in the index of
fertilizer material
Twenty-six price series included in the index declined
during the week
was
prices.
Percentage Change March 1936
Compared with March 1935
Number of
Shares
116.0 from
to
in February and*
104.0
against
94.0
drug group, 110.0
period.
the increase in total sales.
Type of Store
advanced
April 25
of
chains made the best showing in two years.
grocery
The February
month of 1935.
group
Fluctuations of the group indexes during
which undoubtedly affected the year-to-year comparison.
The 10-cent variety,
same
shoe
Commodity prices continued to fluctuate in a narrow range
the following to say:
however,
105.0
group,
in the week ended
Slight Increase in Chain Store Sales During March
Reported by New York Federal Reserve Bank
was,
for
figures for other groups were as follows:
chains,
in
first
♦
There
the
the
over
index
National Fertilizer Association
April, 1935.
"Total
natural
in
probably caused a greater concentra¬
tion
assumed a
again
The increase in March this year over
February.
grocery
March,
higher than in the corre¬
half
had
situation
chain group in March reached a new peak at 119.0,
The
105.0.
store
1935 ;
the occurrence of Easter this year on April 12,
a year ago;
compared with April 21
as
in
ment
has the following to say:
were
the
when
increase of 14%
an
The index
April, sales of the reporting department stores
of New York
flow
the apparel
was
108.6
+ 0.9
Miscellaneous.
the first half of April, the Bank
is
index
—5.4
+ 2.7
Silks and velvet
which
—0.6
—14.4
Hosiery
normal
a
condition.
—5.8
Home furnishings
resumed
Total
Sales per-
Sales
Store
while
21
advanced;
advances;
in
the
in the
second
preceding week there
preceding
week
there
34
were
declines and 37
declines
20
were
and
advances.
—1.1
.
Ten cent
+ 6.0
—0.5
—1.2
—4.6
—3.3
+ 18.2
+ 1.3
+ 18.6
—20.4
—32.9
+ 0.1
+ 1.4
+ 1.3
COMMODITY PRICE
__
Total
Compiled by the National Fertilizer Association.
Per Cent
Latest
Each Group
Foods
in the
Second (New York)
District averaged 10.3% higher than
last year, "a smaller increase than in the previous two
months."
The Bank, in its May 1 "Monthly Bulletin," adds:
increases
shoe
sales
last year.
year;
of
clothing,
smaller
creases
the reporting wholesale firms
diamond concerns all reported
the preceding few months, and)
stationery and
proportions
than
in
somewhat lower than
Hardware firms, however, made the best showing in more than a
and yardage
jewelry
1934, and
drug,
sales of silk goods continued
concerns
recorded
sales of groceries,
over
a
year
the largest
of
the
advance in sales since May,
paper showed moderate in¬
drug, hardware and jewelry firms were larger
this year
than last, while stocks of the grocery and diamond' concerns
smaller.
Collections
28
1936
Apr. 27
1925
77.2
Farm products
77.5
78.2
81.3
72.7
75.5
78.2
88.3
88.8
93.1
97.9
74.2
74.0
73.7
77.1
65.2
64.8
64.4
67.6
Grains
74.4
72.4
70.2
83.8
Livestock
75.7
76.0
76.2
77.4
,79.6
79.6
80.6
76.8
72.6
71.9
68.9
16.4
Fuels
10.3
72.6
7.7
Miscellaneous commodities..
Textiles
67.2
67.5
68.9
66.7
6.7
Metals..
83.0
83.0
82.4
82.5
5.8
Building materials....
79.4
79.0
77.7
1.3
Chemicals and drugs
94.4
94.4
94.2
94.4
0.3
Fertilizer materials
65.7
65.7
65.3
65.3
0.3
Mixed fertilizers
67.4
67.4
71.5
76.0
0.3
Farm machinery
92.6
92.6
92.8
91.9
76.7
76.8
77.0
77.8
100.0
AH groups combined
78.7
cotton goods and
ago.
Merchandise stocks
Year
Ago
Ago
72.0
Cottonseed oil
According to the Federal Reserve Bank of New York, total
men's
1936
Month
Mar.
Cotton
During March Reported Above Year Ago
The
Week
Apr. 18
1936
Fats and oils
22.3
Preced'g
Apr. 25
Group
Total Index
28.6
1926-28=100
Week
Bears to the
Wholesale Trade in New York Federal Reserve District
sales during March of
INDEX
+ 0.7
Shoe-
Candy
WEEKLY WHOLESALE
+ 18.2
+o".6
—1.3
Drug
Variety
24
^
+ 7.2
+ 0.7
Grocery
continued
to
average
were
slightly higher than last year.
Weekly Electric Output 15.5% Above
a
Year Ago
The Edison Electric Institute in its
weekly statement
closed that the production of
di
electricity by the electric ligl
Financial
Volume 142
and power
industry of the United States for the week ended
April 25, 1936, totaled 1,932,797,000 kwh.' Total output
for the latest week indicated a gain of 15.5% over the corre¬
sponding week of 1935, when output totaled 1,673,295,000
2907
Chronicle
at second month,
and payrolls without seasonal
b Indexes of factory employment
adjustment compiled by Bureau of Labor Statistics.
Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board of Governors.
Preliminary.
p
Revised.
r
FACTORY EMPLOYMENT AND PAYROLLS—INDEXES BY GROUPS
INDUSTRIES (1923-1925=100)
AND
kwh.
during the week ended April 18 totaled
1,914,710,000 kwh.
This was a gain of 12.5% over the
1,701,945,000 kwh. produced during the week ended April 20,
Electric output
Payrolls
Employment
Adjustment Seasonal
Seasonal
Variation
Seasonal
Without
Without
Adjusted for
Adjustment
The Institute's statement follows:
1935.
Mar.
Mar.
Mar.
Feb.
Mar.
Mar.
Feb.
Mar.
1936
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Feb.
1936
1935
1936
1936
1935
1936
1936
1935
Week Ended
Week Ended
Regions
Apr. 25, 1936
Apr. 18,1936
Apr. 11,1936
r70.8
Central
West
10.6
—
Southern
13.9
11.2
9.8
12.3
75.7
72.3
76.1
75.9
70.8
77.1
76.0
71.8
69.7
765.2
59.3
94.9
93.6
85.6
93.6
97.4
7-98.0
99.4
108.1
110.4
114.4
Mar.
7-_.
'
97.7
87.3
7-59.0
53.8
60.0
58.2
53.6
62.8
757.8
49.6
87.1
7*88.3
7-81.4
88.8
r89.3
783.0
73.8
e72.4
765.0
18.2
16.9
Lumber & prod'ts..
56.0
7-54.9
51.9
54.6
753.4
50.6
44.8
41.4
36.3
12.2
13.6
Stone, clay & glass
55.2
54.0
52.4
54.1
51.0
51.5
43.4
738.7
37.4
94.4
96.6
97.2
96.1
99.2
84.2
81.1
12.7
Textiles & prod'ts.
1. Fabrics
94.6
12.1
91.6
7-92.0
94.6
93.3
793.5
96.4
79.9
79.9
83.3
97.5
95.8
96.9
102.0
97.9
101.4
87.7
778.6
88.5
86.9
7-87.8
90.5
89.0
789.7
92.7
75.5
779.8
84.1
101.7 7*103.9
92.0
91.1
793.2
87.5
84.7
783.3
58.2
55.9
755.5
57.8
44.9
43.4
44.3
Automobiles
Wear, appar'l
Leather
products.
in Millions of
1934
Chem'ls
1,633
1.643
1,650
1,696.051
Apr. 11...
18...
Apr. 25
Apr.
May
2...
May
9__.
RECENT
FOR
DATA
1,391
1,375
1,410
1,402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,494
1,647
1,650
1,658
1,666
1,617
1.642
+ 9.8
+ 10.0
+8.0
+ 9.0
+ 12.7
+ 12.1
+ 12.5
1,673
+ 15.5
1,669
MONTHS
1930
1931
1,538
1,538
1,515
1.480
1,465
1.481
1,470
1,455
1,429
1,437
1,436
1,425
(THOUSANDS
1.723
1,708
1,715
1,733
1,725
1,698
1,689
1,717
1,723
1.705
1.722
1,647
1,641
1,676
1.644
1,637
1,654
1.645
1,602
OF
1.703
1.687
1,683
1,680
1,663
1.697
1,709
1,700
1.688
1.698
1.704
1,750
1,736
1,676
1,682
1,689
1,680
KWH.)
1.
97.9
Jan
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
8,664,110
8,025,886
Feb
March
_
April
May
June
July
August
.
7,795,422
8,388,495
8,197,215
8,521,201
Sept
Oct
Nov
...
Dec
7,131,158
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
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
6,112,175
6,310,667
6,219,554
6,130,077
7,218,678
6,931,652
7,094,412
6,317,733
6,633,865
6,507,804
6,831,573
7,009,164
7,538,337
6,638,424
refining
2.
Petrol,
93,420,266
85,564,124 80,009,501 77,442,112 86,063,969
Note—The monthly figures shown above are based on reports covering approxi¬
mately 92%
based
of the electric light and
about 70%.
on
power
96.9
90.5
88.9
84.5
112.7
102.7
97.5
96.1
industry and the weekly figures
107.9
111.1
113.2
109.1
113.9
102.3
97.2
96.0
108.7 7-109.4
109.0
107.6 7108.0
107.9
104.0
98.5
96.4
7-82.2
7-85.8
781.7
784.5
62.3
769.8
70.6
110.7
____
ref'g.
*
73.6
72.6
payrolls without seasonal adjustment com¬
piled by Bureau of Labor Statistics,
Index of factory employment adjusted for
seasonal variation compiled by Federal Reserve Board of Governors.
Underlying
figures are for payroll period ending nearest middle of month.
March 1936 figures
are preliminary, subject to revision,
r Revised.
Indexes of factory employment and
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
During March in
Employment—Decline,
first
three
February to March,
Considerable expansion
reported by the Board, which also indicates
at factories increased from
ployment
output of minerals declined."
while
in retail trade is
Fargo
Bank
Since
&
Trust
Activity
Co.
Reports Far
Highest
Levels
at
1930
According to the April "Business Outlook" issued by the
Fargo Bank & Union Trust Co. of San Francisco,
Far Western business activity is continuing at the highest
levels since 1930.
The bank's index, measuring Western
business in terms of the 1923-25 average (equaling 100)
stood at 86.9 in March, as against 86.4 in February and
73.2 in March last year.
The bank further stated:
The slight March
result
with
of
increases
industrial
Production
February levels
upturn in comparison with
in
department store
production
holding
and in freight
sales
and
even
bank
debits
was
the
carloadings,
registering
a
a
of
Indexes
Board
of
Governors
of
Federal
Board of Governors of the Federal Reserve
as
follows
on
System
April 25 its monthly indexes of industrial
decreased
of
showed
coal
Feb.
Mar.
Mar.
Feb.
Mar.
1936
1936
1935
1936
1936
1935
accounted
decrease
increased by
decline in total
the
for
than the usual seasonal amount
more
middle of March, and payrolls showed
the middle of February to the
tubes,
strike
where a
mobile
the
factories
a
W.
in progress in
was
number
considerable
employed:
residential
of
awards
December
slightly,
At auto¬
while
payrolls
according to figures of the
contracts awarded,
Dodge Corp., showed a
for
the middle of March.
declined
increase.
value of construction
in
Mar.
a
this
and
larger
other private
Without
Seasonal Adjustment
mills activity
Production of anthracite and
substantial reduction from the relatively high
the usual amount.
than
more
February,
Awards
Adjusted for
at this time
increase.
Employment increased in the machinery industry, at
sawmills, and at establishments producing wearing apparel.
There was a
decrease in the number of workers at plants producing rubber tires and
a
F.
Seasonal Variation
also increased, although
of the year.
There was
at silk mills
these industries
output at mines.
The
1923-1925=100)*
compared
for
reported
in output at cotton textile mills, while at woolen
by
bituminous
level
BUSINESS INDEXES
(Index numbers of Board of Governors,
a
meat-packing establishments and
decline is usual in
showed
production,, factory employment, &c.:
continued to increase during April.
There
in March, followed in the first
rapid rise in activity.
Estimates of the rate
output of steel
March.
Production of cement and
than seasonally from February to March, and activity
59%
of
rate
little change
from
Reserve System for March
The
the
lumber increased more
at
of 425,000
in March to a total
sharply
rose
and
in
by
April
Factory employment
♦
issued
of
weeks
Employment
production in that period averaged around 67% of capacity as
with
slight decline.
Monthly
automobiles
and trucks
seasonal increase
a
three
of
Board's summary,
25:
of
cars
passenger
was
Wells
of the 1923-1925 average."
quote further, as follows, from the
We
Union
Business
mining and makes allow¬
"remained unchanged in March
seasonal changes,
February figure of 94%
the
are
which
production,
industrial
of
both (manufacturing and
for
ance
index
combined
its
that
at
in
States, based upon statistics for March and the
weeks of April, states that "production and em¬
the United
Production and
Western
System, in
of general business and financial conditions
its summary
issued April
Wells
Industrial Production
However, in Mineral
The Board of Governors of the Federal Reserve
includes
T Total
98.2
7108.9
Output
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
7,011,736
6,494,091
6,771,684
6,294,302
98.2
112.1
Rubber products..
1931
1932
1933
96.7
110.7
except pet'm
and
1934
Ch'ge
98.0
petrol.
Increase
1935
1936
of
7*55.2
Chem. group,
P. C.
Month
86.8
110.3 7-108.2
&
products
1929
113.0
56.4
Paper and printing
Kilowatt-Hours
1932
1,655
May 23...
4
1933
102.2
Tobacco products-
Weekly Data for Previous Years
May 16.
Mar. 28...
Apr.
112.7
119.5
RR. repair shops..
Nonferrous metals
60.3
12.0
P. C.
1,724,131
1,728,323
1,724,763
1,712,863
1,700,334
1,725,352
1,701,945
1,673,295
1,698,178
1,701,702
1,700,022
113.8
10.0
RECENT WEEKS
1935
1,893,311
1,900,803
1,862,387
1,867,093
1,916,486
1,933,610
1,914,710
1,932,797
Mar. 21
98.2
13.6
Ch'ge
Mar. 14-..
66.9
780.5
8.1
Food products
1936
779.2
90.2
16.5
,
FOR
(In Thousands of
Kilowatt-Hours)
82.2
12.7
2.
Week of-
84.1
103.6
13.2
15.5
DATA
92.6
101.4 rl00.4
12.5
16.9
Coast
782.5
11.7
•
25.9
Total United States-
r83.2
15.8
13.5
Pacific
84.2
11.5
13.9
States
7*82.7
Machinery
13.0
Rocky Mountain
7-83.9
Transporta'n equip
7.2
10.0
17.4
Industrial
Central
84.3
4, 1936
Apr.
15.5
New England
Middle Atlantic
Total
Iron and steel
Major Geographic
Week Ended
Week Ended
seasonal increase
building
increased
from February to March.
and contracts for
seasonally,
construction advanced to the highest point since 1931.
for
publicly-owned projects continued considerably
and January,
when
the
relatively high.
smaller
dollar volume of such
Value
than
contracts
was
•
«
Distribution
General Indexes—
Industrial
which
trade,
Retail
had!
been
reduced
in
January
February
and
by
94
88
p97
Manufactures
J?94
92
86
p 98
94
91
unusually
Minerals
p94
110
97
p88
106
90
department and variety stores and by mail order houses serving rural areas
production, total
p94
96
91
Construction contracts, value: (a)
showed
Total
p47
52
26
p46
44
Residential
p25
25
16
P'26
22
All other
p6 4
73
35
V 63
62
r83.9
r82.7
84.3
Factory employment (b)
.
26
16
7-83 .2
7-82 .5
75.7
Factory payrolls (b)
sold
72.3
7-70.8
than
more
a
car
increased
seasonal
also larger than
was
Freight
34
84.2
weather,
severe
loadings
in
of
from
Total load¬
62
65
62
ings declined somewhat from the relatively high level of the three preceding
66
71
^months, however, reflecting
83
72
94
87
81
102
7-99
pl02
108
100
84
77
86
82
75
The
refining
91
106
125
94
130
sliowed
110
110
pl09
112
113
of
49
47
42
29
a
sharp reduction in shipments of coal.
172
153
172
Anthracite
148
130
132
135
87
p69
98
87
p48
93
54
?>40
99
45
143
132
pl43
140
130
90
85
Zinc
..
--
77
74
97
Silver
.
wholesale commodity
third
week
of
prices,
which
had
declined
February and the middle of March,
relatively little change in the following four weeks.
declined
foods
50
62
55
82
78
105
55
64
56
'
--
Indexes of production, car loadings and department store sales based
three-month moving
averages
on
daily
of F. W. Dodge data centered
Bank
Excess
half
of
of
April to
decline,
of
reserves
March,
was
March
a
of
member
increased
total of
due chiefly
Treasury
by
Credit
banks,
about
$2,640,000,000.
to
balances
after
declining
$300,000,000
sharply
in the
This increase,
operations of the Treasury.
at
the
Federal
Reserve
first
like
in
April these balances
were
drawn upon to
meet
in
the
last
three weeks
the preceding
After
banks
through the collection of taxes and receipts from the sale of
and
Retail prices
during March.
124
92
p 144
crude
the
153
140
«•«»
.
level of
between
34
p69
Tobacco manufactures
Minerals—Bituminous coal
general
somewhat
58
increased
p78
110
Cement
on
commodities
82
P106
Leather and shoes
Based
of
65
87
Automobiles..
a
classes
February to March by more than the usual seasonal amount.
70
83
Food products..
averages,
at
automobiles
new
80
plOO
Textiles
*
of
Commodity Prices
Manufactures—Iron and steel
..
number
February.
most
Production Indexes by Groups
and Industries—
Lead
The
Sales
66
_
Department store sales, value
Petroleum,
increase.
March.
in
p88
Freight-car loadings
Petroleum
considerably
the middle
were
new
built
up
securities,
expenditures.
Financial
2908
Partly
banks
Employment and Payrolls in Illinois Dur¬
March Over February Reported by Illinois
Department of Labor
increased.
ing
cities,
leading
May 2, 1936
Increases in
which had declined in March, increased in the
of April, when total loans and investments of these banks also
From
Feb.
26 to April
15 total loans and investments of
in
half
first
reporting member
these expenditures, deposits at
of
result
a
as
Chronicle
In
situation in Illinois
the industrial
reviewing
during
increase of about $800,000,000, reflect¬
ing increases of $380,000,000 in investments, of $180,000,000 in loans to
brokers and dealers in securities, and of $240,000,000 in so-called "other"
March, Peter T. Swanish, Chief of the Division of Statistics
and Research of the Illinois Department of Labor, said on
agricultural
April 29 that the statistical summary of data contained in
reporting member banks showed an
industrial
commercial,
for
loans
include
which
loans,
and
non-manufacturing enter¬
1.8% in employment and 3.5% in
reports of 4,607 manufacturing and
purposes.
prises "shows increases of
Federal Reserve District—
Activity During March Well Sustained
Conditions in Philadelphia
Business
activity
Reserve District
(Philadelphia)
Third
the
in
Federal
whole, states the Federal Reserve Bank
as a
Philadelphia in its "Business Review" of May 1, "has been
well sustained and the current level continues substantially
of
above that of last
recovering swiftly and effectively with respect to the supply
been
have
Early reports
and summer requirements.
and production of goods for spring
April has been maintained at a rate approxi¬
indicate that general business in
mating that in the previous month.
.
.
.
Agricultural operations throughout the District appear to approximate
Current income of farmers, chiefly from the sale of
spring levels.
average
1936, indexes "exhibit an increase of 4.1% in the
number employed and 10.0% in total wage payments.
The
index of employment for all reporting industries rose from
73.2 in March, 1935, to 76.2 in March, 1936, while the index
of
losses
because
of merchandise
experienced delays in the replacement
and
Substantial gains over
of floods.
year
a
also continued in
ago
early April, but these reflected in part the difference in the date of the
Business at wholesale showed a marked improvement in the
season.
month
and
compared with last year.
as
.
.
.
of
textile
the
Unfilled orders for cotton manufactures,
products.
have increased since the middle of
in the case of silk goods,
last month, and this is also true to some extent
hosiery and underwear,
decline in the sale of shoes.
.
was
in
The March index of productive activity,
75% of the 1923-25 average as compared with 73 in February and 75
The average for the first
January; in March 1935 this index was 72.
in
the
Above
Year
District—
Department Store Trade in March
Automobiles
of
Ago—Sales
Mid-
in
West
the
In
over a
manufacturing
man-hours
male
for
worked
ments the total hours
worked
and
In
the
in
1,778
1.0%
in these establish¬
combined, and
3.4% greater in March than in February.
were
establishments, reporting manincreased 4.7% for male
manufacturing
female
and
male
for
reported
enterprises
1,835
industries,
of
group
female workers,
and
establishments,
hours worked by male
Total
separately,
workers,
for female workers.
non-manufacturing
1,446 enterprises reported
group,
increase
an
2.2% in total man-hours worked by male and female workers combined.
Within this classification of industries, 1,274 concerns showed an increase
of
1.9% and 4.9% in the total number of man-hours worked by male and
of
female workers, respectively.
Increases in wholesale and
Seventh
with February
increased 4.1% and 1.8%, respectively.
workers during March
and female
3.1%.
increased
hours
number of
total
Hours
Reserve
Federal
Chicago
and
representing 1,750
group,
combined, in all reporting
female workers
and
male
workers
Wholesale
a
Changes in Man-Hours During March in Comparison
For
hours
Conditions
industries taken as
non-manufacturing
to males and
of 2.7% in the number of male andl
2.3% in the number of female workers employed during the February-March
period.
Total wage payments to male and female workers increased 1.6%
and 5.1%, respectively, during the same interval.
5% higher this year than last.
quarter was about
the number of
4.8% and 1.2%,
employed in
The
reporting
1,901
reporting enterprises, showed increases
adjusted for seasonal change and the number of working days,
is
industries,
of
.
.
March despite floods, and the rate of operation
continued well sustained in April.
which
increased 4.0%
females
males and
payments to
wage
enterprises, the number of male workers increased 1.6% and
female workers increased 0.8 of 1%.
Total wage payments
Output of factory products increased by a slightly larger amount than
usual from February to
period.
and 2.8%,
1.4% in the number of female workers during the February-March
Total
No important change is noted in the demand for
t
leather and leather products, except for some
to Sex
3,651 industrial enterprises, which designated the sex of
forces, showed increases of 1.8% in the number of male and
from
respectively, during the same period.
Within the manufacturing classification
District generally has been
The market for goods manufactured in this
some
in Employment and Wages Paid, According
Changes
manufacturing industries increased
respectively, during March in comparison with February.
well sustained and sales have continued larger than a year ago except for
In
Mr. Swanish also states:
their working
females
4Manufacturing
floor coverings and clothing, however,
advanced from 57.9 to 63.7, respectively."
payrolls
his review,
Reports
amount than usual from
Retail trade sales increased by a much larger
compared with March, 1935, the
said that
Swanish
March,
•
February to March, despite the fact that in several sections retailers sus¬
Easter
than-seasonal gains.
in industrial
higher prices and improved purchasing power of consumers
centers
tained
3.5% in employment and payrolls, respectively, thus represent greater-
and
been larger than for several years, reflecting in part
livestock products, has
increases of 1.8%
The current February-March
payments.
wage
Mr.
whoch were exposed to recent floods
1% in the number employed and a
of 0.1 of
increase
total
in
Division of
change was
decrease of 1.5%
the average February-March
Research show that
and
Statistics
an
He noted:
13-year period, 1923-35, inclusive, the records of the
For the
The Bank further notes:
year."
Trade and industry in those areas
.
payrolls."
noted by the Federal Reserve Bank of
year ago, were
Chicago in its
The Bank
of April 30.
Conditions Report"
"Business
Average actual hours worked by 379,830 wage earners in the 3,281 indus¬
department store trade in the
Federal Reserve District during March,
(Chicago)
reported:
trial
to
in
March,
from
1.0%.
or
in
39.5
from 40.0 in February
plants, man-hours in¬
increased
man-hours
reporting
enterprises
40.4
creased
the manufacturing
In
February to
in March,
40.0
1.3%.
or
In the non-
enterprises, the average number of hours worked
manufacturing
during March
41.4,
was
per
week
0.2 of 1% less than in February.
or
Wholesale Trade
Data
covering March sales of reporting wholesale trade groups show much
heavier
than
seasonal
and
hardware
in
gains
supplies,
electrical
in
a
Conditions in San Francisco Federal Reserve District—
Seasonal Expansion
slightly greater than usual expansion in drug sales, and a lees than average
increase in the grocery
The dollar volume sold during the month by
trade.
hardware firms exceeded that of the preceding month by 70%, that sold by
electrical supply firms rose 26%, drug sales increased 14%%, and grocery
sales 5%, as compared with average March gains of 36, 9, 12 and 12%,
respectively.
Increases over a year ago were higher in all groups than in
similar
comparisons for either January
contrasting
with
volume sold
in 1935
in
while
lower
month
year
the
first
the
in
quarter of 1936 exceeded
the
trade recorded
grocery
of
ratios
accounts
but
previous,
outstanding
seasonal
store
the
increase
took
those
of
17%,
stores
gain of 15%
Total
sales 10%
average
month
by
Detroit,
;
month.
while
Store
March
last
and
As
Distribution
number
March,
than
and
record
last November.
at
new
cars
last
March
close of
of
last
March.
much
as
as
above
a
year
the
March.
Increased
Output
the
cars
sold
Stocks of
new
cars
except that
rose
Following
in
a
a
were
noticeably
further
larger
the comparison
sales
car
between
the
the
for
same.
to
than
end
consumers,
a
of
year
expanded
the month, but
supply
of
March.
the total for
.
.
in
sharply
orders.
district cities
90
with
accordance
.
has contributed
Building permits
.
appreciable reduction
no
of
Aggregate sales
.
the
seasonal
effected in the
was
Industrial
.
employment
Seasonal expansion in daily
were
13% larger than
of
damage
to
marketing
crops
and
larger
was
a year
ago.
continued generally satisfactory during
and livestock
crops
farm products remained
delayed
end of this period caused
normal
in
than
March
growth
of
of
early lambs.
Prices of
last year.
unchanged from mid-March to mid-April.
Decrease in Number of
Reported
by
Unemployed Workers in March
Industrial
Conference
National
Board
The total number of unemployed workers in March,
1936,
how¬
was
to
since
those
shown
in
over
February and the
one
a
ratio of
of 50% for identical dealers
43%.
was
9,649,000, according to the regular monthly estimate of
National
April 29.
Industrial
This is
preceding month,
March, 1935.
From
earlier,
have
they
similar
greater gain
the
in
smaller
dropped off slightly
that
rather
notably
rose
somewhat
noticeable increase in February, the proportion
was
March,
by about the usual seasonal amount.
slight
year
Mid-West,
total retail sales declined in March,
previous; the year-ago ratio
West
were
number of
used
during
year.
the
Middle
at wholesale
ago.
excess
in
the
houses,
of
sales value of department stores was reported from all parts of the
Condition
Volume
Under
Saturday in
was
say:
in
sales
in
lumber
of
district during
period in 1935.
same
automobiles
particularly
March and early April, although frosts toward the
Stocks rose 7%
than last.
stock turnover
ago;
average
some
from
increase
to
accumulated
a
and daily
year,
days
31%
in/ building,
activity
continued
advanced
1935."
March,
in
than
exceeding the February figure by 54%.
and
with
decline
more
one
trading
remaining considerably
heavy
was
this
The
a year
Trends
stocks
of
automobiles
deferred payment sales to
month
of
year
were
March,
small
a
March
there
the number
45% in the current period comparing with
a
in
cities
last
over
in the
17%,
stores
smaller
recorded
heavier
8% larger this
although
though
retail,
and
in
in
showing
hand,
following to
new
greater than
was
not
of
February,
over
9%
distribution
the Bank had the
March
stores
Detroit
higher
April 23, the Bank continued:
materially to expansion in business during the past
value
"practically
production, trade, employment and payrolls
substantially
were
large
Seventh District depart¬
of
measures
date of
a
of
recorded little change from the
the
to
4%
were
other
were
although
by
the best
the
greater,
year
through March
did
a
than
Trade
28%,
firms
sales
far
on
sales
First-quarter sales totaled
in
than
ratios
Sales of Indiapanolis stores gained 41%
Milwaukee
Chicago made
in
March
higher
place during March in
preceding month.
larger.
ever,
All groups
during
had
trade, sales of reporting stores expanding 21% in the aggregate
Chicago
in
1%.
of
sales
activity ex¬
business
District
Reserve Bank of San Francisco, which said that
all
tendency for
comparison,
the
aggregate
Noted in Activity in March
Francisco)
(San
panded seasonally during March, according to the Federal
of the same period
that
decline
a
to
hardware
and
groceries
Department
A
that
The
months.
preceding
ago.
ment
over
February, the gain in drug sales
or
two
by 17%% in hardware, 17% in electrical supplies, and by only 1%
drugs,
had
in
declines
Twelfth
trial
and
of
Conference
Board,
made
public
decrease of 201,000, or 2.0%, from the
and a decrease of 390,000,
3.9%, below
or
The Conference Board continued:
February to March, 1936, the decrease in unemployment, by indus¬
groups,
trade,
a
Manufacturing
were:
and
mechanical
industries,
132,000;
79,000; domestic and personal service, 19,000; transportation, 4,000,
miscellaneous
industries,
7,000.
Unemployment
showed
an
increase
9,000 in mining.
Compared
11.6%
in
mechanical
extraction
with
March,
domestic
and
industries,
of
minerals,
1935,
unemployment
personal
8.4%
in
and
4.3%
service,
transportation,
in
in
10.9%
March,
in
7.8%
miscellaneous
1936,
decreased
manufacturing
in
trade,
industries.
4.1%
and
in
Financial
Volume 142
The
following table,
the
shows
industrial
Conference Board,
prepared by the
1935;
March,
in
groups
and
to
NUMBER OF UNEMPLOYED
432,000
3,460,000
3,213,000
1,374,000
1,147,000
1,071,000
490,000
296,000
Manufacturing and mechanical
Transportation
1,264,000
1,137,000
965,000
Trade
Domestic and personal service
Industry not specified
Other industries
a
both
change
296,000
All industries b
number
1,769,000
Total unemployed
9,649,000
9,850,000
forestry and fishing, public service, and pro¬
unemployed workers in 1930, satis-.
The numbers given are the
factory data being unavailable from which later changes in unemployment can
be
computed.
b Industrial
unemployed in census of
classification includes 3,188,000 listed as
of the
In
in
Rochester
Industrial
Board
Conference
in
several
In
the
ing
industries,
district;
each other in the
somewhat greater
metal plants and clothing factories.
including
payrolls
total
some
were
Binghamton-Endicott-Johnson City district, slight net losses in work¬
forces
reported
were
occurred
at
districts
by
while most of the payroll
several industries,
in
factories.
shoe
March in employment and pay¬
from February to
given below:
are
In¬
Reports
good part of the
a
industries
The percentage changes
February to March, 1936
Slightly Higher During March
dustrial Activity
for
Buffalo and Syracuse, larger forces in
employment and payroll gains in some of the
accounted for a good part of the advance.
district
textile
mills accounted
In
gains.
machinery industries contributed to the increases.
metal and
and
working forces,
textile
some
payroll
in
Slight gains and losses in employment practically offset
rolls
National
the other two districts, Albanytotal payrolls but practically no
Of
Binghamton-Endicott-Johnson City
accompanied by a larger
In the Utica district, the reemployment of a large
Albany-Schenectady-Troy
Revised.
c
the
decline
April, 1930.
CUv
Payrolls
Employment
during March, ac¬
cording to the regular monthly survey of the National Indus¬
trial Conference Board.
Further improvement was noted in
the first two weeks of April.
Under date of April 27 the
Industrial
activity
Conference Board
6%
a
and
steel
industries.
year
February to March in the
Orders for machine tools declined about
A
ago.
69% higher than
total
by slightly less than the usual seasonal
building
however,
contracts,
in residential construction;
increase occurred
sharp
rose
amount.
'j.
19265034 192386457 1932
Bituminous cpal
declined
electric
output declined 6harply;
result
a
as
flooded
increased
physical volume
higher than
a
year
by
of
more
production also
power
sales to
store
11.3%
point about
a
sales was about 9.5%
rural
The dollar value of
liabilities
the
lower than
generally
were
month.
preceding
the
in
prices declined 1.2% and retail prices 0.9%.
number of commercial
The
of
these
failures
3%
was
March, 1935,
12% over the
lower than in
showed
concerns
of
decline
a
from
Mid-March—Payrolls
than Usual, According to State
Department of Labor
Employment
payrolls
and
from
amounts
middle
the
March, according to
Commissioner
trial
2.3%
creased
New York
in
showed increases of somewhat
of
State factories
than the usual seasonal
more
February
of
the middle
to
statement issued April ID by Indus¬
a
F.
Elmer
the
Andrews.
in-,
Employment
and total payrolls
advanced 4.0%, and it is added that the usual changes from
February to March, as shown by the average movement for
over
monthly
period,
the last 21 years, are gains of 0.8% in employment and
payrolls.
smaller
The
than
during
increases
usual
missioner
2.8%
March followed
this year, when
this
gains in February of
sharp curtailment had occurred in
few firms, says Com¬
a
Andrews, from whose advices
also quote
we
as
follows:
March
The
laid off
showed
reports
that
by these firms in February
Reports
from
basis
collected
and
statements.
on
total
a
many
were
representative
1,566
these
for
353,227 workers
tabulated
of
now
the
these
been
State
the
form
factories
weekly payroll of $8,880,574.
and the results
employed
The reports
are
analyzed in the Division of Statistics
of Dr. E. B. Patton.
The State Labor Department's index of the volume of factory employment
77.0
in
March,
3.7% higher than
in March of
last
The index
year.
payrolls was 67.1, 6.2% above last March.
Both indexes
computed with the averages for the three years 1925-27 taken as 100.
factory
The upward movement this month was
industry
other two
from
in
reporting net
groups
in stone,
group
gains in
clay and glass products,
clothing and millinery, to
Employment
losses
amounted
0.1%
to
the number
in
the
employed.
light and
printing
and 0.3% in the furs, leather and rubber goods
The
and
power
and
4.6%
group.
goods
paper
group.
given in the following table:
are
Increases Feb. to March
+ 1.1%
1919
+0.3%
1930....
+ 1.4%
+0.6%
—0.7%
—0.2%
—0.6%
+ 1.0%
—
1918
+0.4%
—4.5%
+2.9%
+0.9%
+ 1.2%
recently
issued
the
Reserve
should
be
in
noted
which
that the
this connection
full
effect of the flood
the State is only
throughout certain parts of
prevailed
figures are predominately
payroll periodi nearest the 15th of March, while in most cases the
high water point was not reached until the 17th and 18th of the month.
But in a few instances where the payroll period extended into the week
of the flood sharp decreases were
reported.
Several companies in these
areas were unable to make returns because of the loss of records, although
of the
partially reflected because
for
the
number of
fact that the
the
total
due
plants
number of
to
lack
affected represents
so
rather
power
very
a
small percentage of the
Suspension of activity in a number of cases was
returns.
of
than
to the plant
damage
actual
to
and
materials.
1%
index was 70,
or 3%
above February and 9% higher than in March, 1935.
Heavy indus¬
tries, such as iron and 6teel, transportation equipment and building materi¬
als employed more workers and had larger payrolls than a month and a
employment in March was 78% of the 1923-25 average,
The index of
higher than in February, and 2% above last year; the payroll
year
ago.
Industries
the
in
bursements.
5%
comprising the textile
volume
of
employment but
Compared with
fewer
wage
a
year
group
a whole showed little change
considerably larger wage dis¬
this group of industries employed
as
reported
ago,
whose earnings were smaller by
earners
about 6%.
The
ment and
in
wage
payments
was
that composed of leather and shoe establish¬
3% fewer
the rolls and an 8% shrinkage
men on
payrolls.
It
that
estimated
is
March there
the middle of
at
841,000 wage earners in all Pennsylvania factories
were
receiving
approximately
a
weekly com¬
pensation of about $17,832,000.
Although average hourly earnings of 68c.
showed little change from the previous month and a year ago, the average
worked
hours
of
number
by
each
wage
earner
increased
from
35.9
in
thus causing the average weekly earnings to
$21.25 in March.
Last year in March
February to 36.6
in
March,
$20.82
in
February to
rise
from
average
wage
number
The number of
covered
12%
by the
over
a
hours
worked
was
and the
34.4
average
weekly
employee-hours worked by
report
92% of the
over
increased nearly 3%
over
wage earners
the previous month and
last year.
from
Reports
with
of
$19.96.
was
weekly
81
plants
payroll
of
in
1
Delaware,
$222,500,
employing
declined
about
Compared with last
year,
over
1%
10,000 workers
employment,
in
employment was 7%
the amount of payrolls and number of employee-hours 14 and
12% greater, respectively.
higher, and
Decreases Feb. to March
+0.1%
+ 1.1%
1917,
announcement
an
Bank also had the following to say:
payrolls and working time.
Percentage changes in employment from February to March in the last 22
years
In
week.
compensation
whose
earners
the
Increases ranged
5.4% in textiles,
in the water,
0.4%
are
fairly general, with nine of the 11
registered losses of less than % of 1%.
groups
6.3%
employing about 450,000
exceeded $9,500,000 a
received from 2,214 establishments
ments, where there were
throughout
March
according to indexes compiled
the middle of March,
ary to
Pennsylvania in¬
in
payrolls
and
than usual from the middle of Febru¬
more
only other group of industries which fell behind last year in both employ¬
had
who
workers
reemployed.
factories
During
and Information, under the direction
main
+ 1.7
—5.2
by the Federal Reserve Bank of Philadelphia from reports
It
Mid-February to
employment
slightly
conditions
Somewhat Larger
of
creased
period.
ment
was
+ 3.6
—0.2
Factories
ware
wage
Seasonal Increases in New York State Factory Employ¬
the
+ 0.7
+ 1.2
Larger-Than-Seasonal Increases Noted in Employment
and Payrolls in Pennsylvania Factories from MidFebruary to Mid-March—Decreases Noted in Dela¬
Factory
than the usual seasonal amount, bringing
department
ago.
prices
Commodity
Wholesale
in
+ 5.8
No change
Albany, Schenectady and Troy
Binghamton, Endicott and Johnson City
partial suspension of industrial activity in the
the
of
higher than in March, 1935.
same
—
Rochester
areas.
Retail trade
and
New York City
+ 7.5
+ 1.3
Buffalo
+ 6.3
+ 2.7
—.
compared with the preceding month but remained
as
the
+ 8.4
+ 3.6
Utica,-,...*.,.
Syracuse-—.——-
announced:
advances took place from
Greater-than-seasonal
automobile
slightly
advanced
also
City
increase in
an
decrease
workers
of
chemical
10,039,000
This group includes agriculture,
a
fessional service.
slight
a
employment and
7,524,000
2,125,000
7,756,000
2,095,000
8,270,000
works since 1930 census
new
York
therefore, per¬
up-State industrial districts reported net gains in
payrolls.
and
drop in total payrolls.
.
some
Allowance for
New
of
workers;
of
the total number employed';
in
registered
946,000
469,000
296.000
476,000
the six major
of
employment
Schenectady-Troy reported
414,000
3,081,000
1,260,000
1,058,000
405,000
Extraction of minerals
list
representative
95%.
Four
March 1936
Feb., 1936 c
March, 1935
the
industries,
comparatively small number
a
often more pronounced than in other
groups.
This month, relatively slight employment gains in the first three
subdivisions of this group resulted in net increases ranging from 13%
March, 1936:
Industrial Group
products
employs
centage changes in employment are
and
1936,
February,
glass
firms
unemployed workers in the various
of
number
2909
Chronicle
+ 1.8%
1931
Employment and Payrolls in Pennsylvania Anthracite
Collieries
Dropped from Mid-February to MidMarch
The
number
of
workers
on
the
rolls
of
Pennsylvania
anthracite companies declined 14% and wage disbursements
+ 1.6%
+2.3%
—
+3.8%
+ 1.5%
44% from the middle of February to the middle of March,
+0.4%
1936 (prelim.)..,+2.3%
according to indexes compiled by the Federal Reserve Bank
Employment
The number
greater and
total
of Philadelphia from reports to the Anthracite Institute
Upward in Most Industrial Districts
of workers employed
payrolls
were
in
7.5%
New York City factories
higher
in
March.
reported
a
Sharp seasonal
gains occurred in
reported
Boat and ship building and repairing
substantial net increase in working forces.
some
many
a
good
concerns
also
Smaller employment
industries.
Ten of the 11 main industry groups
in the number employed.
In the stone, clay
net increase
2.7%
was
gains in the women's clothing and millinery industries accounted for
part of the advance.
by
32
companies employing some 73,000 workers, whose earn¬
ings
approximated $1,724,000 a
week.
Employee-hours
actually worked in March in the collieries of 27 companies
showed
a
drop of 47%, following
month before.
decline in
an
equally sharp rise the
These decreases reflected largely a seasonal
the demand for anthracite fuel.
Reserve Bank also reported:
Continuing, the
Financial
2910
The
index
of
60.1% of the 1923-25 average in
February to 51.5 in March, and that of payrolls declined even more sharply
from 64.7 to 35.9 in the same period.
Compared with a year ago, however,
the
indexes
fell
employment
from
of both employment and
10%, respectively.
payments
wage
higher by 3 and
were
follow:
comparisons
Detailed
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia.
1923-25 Average—100
Employment
1935
1936
1933
1934
1935
1936
51.1
62.3
61.1
57.9
36.3
59.4
48.1
Agricultural Economics Reports Increase in
Farm Price Index During Month Ended April 15
That
57.2
61.4
62.7
60.1
47.7
55.2
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
31.3
43.3
42.0
the farm
price index increased 1 point during the
April 15, to 105, as compared with 104 on
March 15, and with 111 on April 15 a year ago, is reported
by the Bureau of Agricultural Economics under date of
April 29.
It also stated that substantial price advances
month
ended
recorded
for
meat
animals,
cottonseed
cotton,
potatoes, while prices of wheat, oats, barley and
We quote further from the Bureau's report:
45.8
February
March
January
May 2, 1936
Bureau of
were
Payrolls
1934
1933
Chronicle
Changes in the index numbers by
to
mid-April
cotton-seed,
were:
of commodities from mid-March
groups
truck crops, up 30 points: meat anumals, up 3; cotton and
3; chickens and eggs, down 2; grain, down 3; dairy products,
up
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
July
42.7
52.2
48.5
32.0
35.4
31.6
August
46.4
48.2
37.9
39.0
33.3
23.8
rice,
September
55.2
55.4
45.2
50.9
39.4
32.2
compared with last, but practically all other commodities
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
Average
50.4
57.9
52.0
38.4
46.7
39.9
May
down 4; fruits,
down 5.
Prices of potatoes, hogs, calves, sheep, lambs, work animals, milk cows,
chickens and wool
The Bureau's
121
was
Brazilian
They
shipments.
higher
were
Reported
than
production
previous
any
week
Lumber Manufacturers
associations covering the
and
hardwood
Association
1936-37 coffee crop,
tions starting July
regional
operations of important softwood
mills.
Reported new business during the
April 18 was 1% below output; shipments were
week ended
6% above production.
During the preceding week shipments
1%. above output; orders, 4% above.
All items in
were
the current week
shown
by reporting softwood mills in
excess of similar week of 1935, production at these mills
being 34% above last year's week; shipments, 26% above;
were
business, 10% above.
new
The Association's report further
showed:
During the week ended
feet
hardwoods
of
booked
orders of
Mills,
were:
and
227,300,000 feet.
587;
production,
567 mills
combined;
Revised! figures
226,220,000
produced
shipped
228,525,000
241,447,000
feet;
softwood
orders below
above
were
pine and Northern hemlock reported
production during the week ended April
Hardwood orders
18.
All regions but Western pine reported shipments above
All softwood regions but California redwood, Southern cypress
pine reported! orders above those of corresponding week of
all but Northern pine reported shipments above, and all but Northern
pine and Northern hemlock reported production above.
Identical
lent
softwood mills reported
of 34
days'
Forest
above
products
loadings totaled: 31,656
car
This
2,745
was
7,735
and
the
mills
same
mills.
feet,
totaled
219,704,000
Shipments
from
cars
39% above production.
9,940,000 feet,
ended April
2%
or
Production
hardwood
80
feet,
reported for the
as
4% above production.
or
Reports
above
5,389
the
same
30,000,000 bags.
being 30 milreis
the
1934-35
than
with
the
National
grade
no
quota
Brazilian
in
totaled
crop
crop
were
14,102,000
necessary,
to
estimated
An additional
maintain
at
cable to
what
the
bags,
slightly
they
to
the
the price paid
During
slightly
or
less
while during the current
Department has elected to buy
order
sell
to
production of about
acquired,
so
in the Brazilian bonfires.
but
found
was
planters
the
over
18,000,000 bags,
4,000,000
call
the
bags of low-
"statistical
equi¬
Exchange today revealed coffee stocks
interior warehouses, privately owned, as 12,334,000
bags as of March 31.
no
further coffee can move from plantations until
July 1, this total
will
by
the
Coffee
coffees
required
of that year's record
bag, and destroyed
per
and
the
40%
Nearly 12,000,000 bags
year,
exports,
Brazil
year,
naturally shrink in direct relation to demand for export and purchases
National Coffee Department under the "4,000,000-bag" purchase
the
arrangement.
^—
mills
Shipments
business
reported
as
of
the
231,507,000
were
223,050,000 feet.
new
82% above production.
or
504 soft¬
the production
week
same
was
give
18, 1936, by
below
Deal
on
for the
Production
feet,
week
were
5,475,000
feet.
same
was
on April
18, 1936, give unfilled orders
898,225,000 feet and gross stocks of 3,432,950,000 feet. "The 475 identi¬
softwood
or
mills
the
report unfilled
equivalent
645,679,000
feet,
similar
a
date
year
of
the
or
34
orders
days'
equivalent
883,844,000 feet
as
production
average
of
25
days'
April
on
compared
18,
with
production
average
on
ago.
Official recognition of the serious threat to the
stability of
West Coast crude oil price structure through over¬
production in various fields throughout the
this
week when
Central
Last
week's
and
a
226,447,000
and
production of
year ago
feet
it
and
was
479
identical
softwood
163,604,000 feet;
179,499,000
feet,
mills
shipments
and
orders
218,567,000
was
were,
respectively,
received,
214,716,000
194,633,000 feet.
Increase
of 3.8% Noted in
Sugar Consumption in 14
European
Countries
from
September,
1935
to
February, 1936
Lawrence
Committee
members
of
of
Vander
California
the
area was
afforded
Leek, Chairman of the
Oil
Producers, severely
for the excess output in
committee meeting in Los
group
their
respective sections at a
Angeles.
In commenting upon the situation
and the inherent
dangers of the continued excess production, he pointed out
that daily average production of crude for the first 24
days
of April of 572,278 barrels was more than 33,000 barrels
daily above the April allotment.
Even should present
production be lowered, he held that the April daily average
would be far in
of the 560,629 barrels reported for
Angeles Basin fields were credited with
the greatest excess production,
although in ratio to its
allotment, the coastal area was the worst offender. The
May quota for California was set at 540,000 barrels daily, an
March.
Identical Mill Reports
feet,
Reported Completed—Mixed Opinions Rule
Possibility of Higher Crude Prices—Drilling
Crude Production
Activities Gain—Daily Average
Off
criticized
7,596,000
as
Unfilled Orders and Stocks
1936,
Petroleum and Its Products.—California Oil Producers
Scored
For
Over-Production—South
American
cars
week
Reports from 496 softwood mills
feet
1933-34
Coffee Department
the
orders reported for the week
wood
cal
During
National
during the week ended
cars
above the preceding week;
cars
1934.
of
would be subject to approximately a
"defense quota," but did not indicate what price, if
any, would be paid for these coffees, the Exchange's an¬
nouncement said, adding:
a year ago.
corresponding week of 1935,
Lumber
or
the 1936-37 crop,
that
unfilled orders on April 18 the equiva¬
production and stocks of 129 days', compared with
average
days' and 126 days'
April 18, 1936.
of
Sugar Exchange
28.
Northern
1936 ;
25
the Exchange April
25%
As
Northern
by
The National
Department of Brazil, the autonomous body having
complete charge of all coffee matters, confirmed the fact
in
228,102,000
move from planta¬
1, 1936, according to cable advices from
Coffee
shipments,
output.
production.
and
regions but
announced
librium."
feet; orders, 234,508,000 feet.
All
and
for the preceding week
feet;
destruction, 25% of the
the crop which will
Brazil received by the New York Coffee and
year,
April 18, 1936,
softwoods
Brazil will compel planters to relinquish to the National
ship¬
from
April 15 last year.
on
Coffee Department, presumably for
year.
1% and 6%, respectively, above revised figures
of the preceding week; new business was 5% below the
average of the past six weeks, according to reports to the
year
lower.
1936-37
the
were
National
March 15, and 87
and
of
15 this
were
Growers Required to Transfer 25%
Crop to National Coffee Department,
"Presumably for Destruction"
industry during the week ended April 18, 1936,
1929
of
April
Coffee
of
of Year
70%
on
March 15, compared with 122 on Dec. 15, and 127 on March 15,
on
on
Reported Lumber Production and Shipments Heaviest
ments
higher
quarterly index of prices paid by farmers for all commodities
pared with 86
stood at 64% of the 1929 weekly average of production and
substantially
were
The ratio of prices received to prices paid was 87 on April 15 com¬
1935.
The lumber
and
declined.
rye
The
excess
Los
increase of 1,200
over the April total.
Completion of the three-cornered deal in which the interest
in the Barco concession
holdings of the Gulf Oil Corp. will
be transferred to the Socony-Vacuum Oil
Co., and the Texas
Corp. was reported in advices from Pittsburgh on Friday
(yesterday) Official announcement of consumation of the
deal will probably be made in New York at the
headquarters
Consumption of sugar in the 14 principal European coun¬
tries during the first six months of the current
crop year,
September, 1935 through February, 1936, totaled 3,853,651
long tons, raw sugar value, as compared with 3,712,670 tons
consumed during the similar period last
season, an increase
of
140,981 tons, or approximately 3.8%, according to
European advices received by Lamborn & Co.
The firm
the Colomvian government.
Mixed opinions rule in trade circles over the possibilities
of further advances in crude oil prices in the Nation's oil-
said:
producing
The 14 countries included in the Survey are
Austria, Belgium, Bulgaria,
Czechoslovakia,
France, Germany, Holland, Hungary, Irish
Italy, Poland, Spain, Sweden, and the United Kingdom,
Sugar stocks
/
to
on
4,711,500 tons
hand for these countries
on
March
against 4,858,700 tons
on
the
as
1,
same
Free
1936
date
State,
amounted
in
1935,
a
decrease of 147,200 tons, or approximately 3.3%.
Production
season
of
sugar
for
the
14
principal
countries
starting Sept. 1, 1935 is placed at 5,758,000 long tons,
against 6,490,000 tons in the previous season,
or
European
11.3%
a
for
the
raw sugar, as
decrease of 732,000 tons,
of either of the two latter
deal
and
companies, it was indicated. The
of jungle land in Colombia,
until 1982 under the terms of the agreement with
involves
runs
1,250,000
acres
the near future.
Production will be
stimulated by the record demand for
gasoline and talk of advance in posted crude schedules is
being revived in trade quarters.
Factors supporting further crude advances point to the
strength of both crude and refined product markets.
The
fact that producers on the whole are
keeping their output
above
down
a
to
areas
year
in
ago,
market
demand
levels
and
desire
some
concrete
recognition for their practical cooperation in maintaining a
stable market is cited as additional support for higher prices.
Financial
Volume 142
On the other hand, however, Texas production continues
to be a sore spot.
This year, to boot, it is accentuated by
"hot"
of
reports
oil
running
from
While
Rodessa.
Federal oil authorities have decided that there is
no
the
"hot"
oil
running from the Louisiana side of the Rodessa field,
they are keeping a close watch.
Ignoring the hot oil ques¬
tion, what heights production in the new field might rise to
as further
developments there are completed adds further
uncertainty.
Despite the
current haggle over production with its
proration rules in leading American fields and what-not,
major oil companies are doing more drilling for new oil
in the United States than for many years.
reserves
Rodessa,
expected, will be the center of the campaign which is
expected to take in all fields with the exception of the West
as
Coast oil
In
area.
addition
to the need for new proven properties to
provide adequate reserve supplies for the major oil com¬
panies, there is the fact that many leaseholds acquired
several years ago will expire unless drilling is started.
All
major companies and (or) their subsidiaries as well as the
leading independent companies plan to expend millions
of dollars in
the
never-ending search for
new
Chronicle
2911
Stocks of finished gasoline dipped 179,000 barrels in the
week ended April 25 despite a sharp increase in the operating
of
rate
refineries, according to statistics compiled by the
American
the week
Petroleum
above the level
suggested for May by the Bureau of Mines,
Oklahoma has set the May quota at the total estimated by
the Bureau for the month.
Daily average production in
Oklahoma during May, therefore, will be 538,300 barrels,
which represents ap increase of 13,300 barrels over April.
More than 50% of the increase was allocated to stripper wells
at the market demand hearing held
by the State Corporation
.
Representative price changes follow:
New York
313,045,000
at
the
and
foreign
close
petroleum held in the
April 18 of
week ended
of the
$.175
.192
.175
New Orleans—
.168
.21
Philadelphia
Camden
.168
.16
Pittsburgh
Boston
.145
.20
San Francisco.
Buffalo
.165
.19
St. Louis
.17
.175
Chicago
Declines
in
Oklahoma
and
California
the
major
factors in effecting a net reduction of 2,500 barrels in daily
average production of crude oil in the United States for the
week ended April 25, according to the American Petroleum
Institute.
The report placed output at 2,932,700 barrels,
which compared with the April estimate of 2,797,300 barrels
set by the Bureau of Mines, and actual
production in the
like 1935 week of 2,561,400 barrels.
Oklahoma producers pared daily average production 12,600
barrels to a total of 557,100 barrels, against an April market
demand estimate of 525,000 barrels.
California lowered
daily average production 4,300 barrels to 568,700 barrels,
against market demand set at 552,600 barrels.
Texas and
Louisiana showed moderate increases in their daily average
production totals.
There
were
no
were
crude oil price changes.
are not
New York
I North
^(Bayonne)
1
$.04%
Texas.
Los Angeles--
—
N. Y. (Bayonne)
Bunker C_
_.$1.05
Diesel 28-30 D
Terminal
New Orleans C
$.90
Phila., bunker C
1.05
1.65
California 27 plus D
$1.15-1.25
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)
27 plus
$.04
I Chicago,
I
32-36 G0-$.02%-.02%
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
Standard Oil N. J--$.07%
F.O.B. Refinery
Colonial Beacon._$.07%
New
Texas
.07%
Tide Water Oil Co.07%
Richfield Oil (Calif.) .07%
Warner-Qulnaln Co_ .07%
$.06
Los
Republic Oil
.07%
07%
.07%
Shell East
-.06%
.06
Chicago
New York—
Socony-Vacuum
xNot
.$.02%-.02%
I Tulsa—
|
-.04%
-.06%
Orleans.
.05%-.04%
.06
-.06%
06
-.06%
.07
Gulf
Ang., ex.
Gulf ports
Tulsa
including 2% city sales tax.
World
Tin
Increased During 12-Month
February, as Compared with Previous
Consumption
Period Ended
12 Months
According to the April issue of the International Tin Re¬
search
and
"Bulletin," compiled
Development Council's
the 12-month
period ended February, 1936, shows
increase
an
of
21%%, compared with the previous 12 months.
ures are shown in the following table, in detail:
The fig¬
P.C.
Lima (Ohio Oil Co.).
1.42
Darst Creek.
1.23
Midland District, Mich
1.02
1.23
Sunburst, Mont.
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
1.23
1.43
Petrolia. Canada
1.10
Mid-Cont't., Okla., 40 and above.. 1.18
Winkler, Texas
.85
Smackover. Ark., 24 and over
75-.80
REFINED
PRODUCTS.—SEASONAL
PECTED
TO
VANCES
IN
FIRM
RISE
SUB-NORMAL
AFFECTED
MARKET
FIRM
DESPITE
INCREASED
TO
SPOTS
1.15
over
GASOLINE
REFINERY
break
of
on
United States
66,439
45,795
United Kingdom
22,113
20,890
9,929
8,853
6,228
+ 15.9
+ 33.3
sore
Last week witnessed
France
an
out¬
8,339
.
Union of Soviet Socialist Republics.
Dec.
The local market
4,221
23,834
+ 8.5
145,492
119,750
+ 21.5
139,800
+ 5,700
Apparent world consumption.
Approximate world consumption in manufacture
Change in consumers' stocks—approximate
—9,250
The
following
is
from
also
129,000
+ 8.4%
issued
announcement
an
April 24 by the New York office of the Council:
No
figures
are
to incompleteness
and
available for Italy in January and February, 1936.
of the available data figures for tin
consumers'
change in
regarded
price-cutting that included Philadelphia, Boston
Failure of the weakness to spread
re¬
+ 5.9
—0.3
—5.8
5,625
stocks
Increase in
The
by
more
with
pared
of tin
in
year,
States
the United
than 20,000 tons in the
the previous
may
be
'
•
United States Consumers' Stocks
apparent consumption
creased
Owing
used in manufacture
approximate, but they
only
are
indicating general trends.
as
the West Coast.
this week bolstered the trade belief that prices will be
stored to more normal levels.
7,218
+45.1%
25,856
Italy
Other countries
by the
is ex¬
spots in the
9,902
Germany
DIP
RATES.
The seasonal rise in gasoline consumption, spurred
favorable motoring weather during the past week,
and
AD¬
STO CIvS
OPERATING
pected to bring early correction of the
or
1935
EX¬
LIKELY—LOCAL
STRONG—GASOLINE
nation's motor fuel markets.
.95
MARKETS—EARLY
SEEN
Inc.
February
$1.10
.97
IN
for
1936
Corning, Pa
Western Kentucky
by
The Hague Statistical Office, world consumption of tin
Year Ende d
Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and
-
.177
—
$.03%-.03% . New Orleans.$.03%-.04
.04%-.05
J Tulsa
.04%-.04%
shown)
$2.45
Illinois
.195
.16
—
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
.16
...
...
_
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
barrels
represented an increase of 1,208,000
barrels over the previous week, according to figures made
public by the United States Bureau of Mines on April 28.
Domestic stocks rose
1,061,000 barrels, while stocks of
foreign crude rose 147,000 barrels.
Minneapolis
$.192
Brooklyn
Newark
Fuel Oil, F.O.B. Refinery or
domestic
gallon.
a
Gasoline, Service Station, Tax Included
Commission.
United States
total at the close of
April 25—Pennsylvania bright oU stocks were advanced He.
In contrast to Texas, where the State control authorities
have set the daily average allowable some 15,000 barrels
of
The
barrels.
oil supplies
by the industry.
Stocks
Institute.
placed at 65,317,000 barrels. An increase of
174,000 barrels in refinery holdings was more than offset
by a drop of 353,000 barrels in bulk terminal holdings, which
reflected movement of gasoline into consuming channels.
Stocks of unfinished gasoline, the report disclosed, also
showed a substantial drop.
Inventories were off 299,000
barrels to a total of 7,220,000 barrels on April 25.
Daily
average production of cracked gasoline dipped 25,000 barrels
to 615,000 barrels.
Gas and fuel oil stocks rose in keeping
with the normal seasonal trend, an addition of 48,000 barrek.
lifting the total to 96,802,000 barrels.
Refinery operations were stepped up sharply during the
week with an accompanying spurt in daily average runs of
crude oil to stills, the report pointed out.
An increase of
2.3 points in operating rates lifted refineries to 77.3% of
capacity—near summer operating levels—with daily average
runs
of crude to stills rising 80,000 barrels to 2,875,000
was
year
whereas the
was firm to strong as far as bulk and
gasoline prices were concerned.
Some uneasiness
persists on the continuance of sub-normal prices in certain
to
sections of
Brooklyn, but the trade feels that they are not
important enough to provide a serious threat to the general
are
Fuel oils, however, are easing in response to the
pressure
created through seasonally-lower consumption. Another un¬
Holland
used
quantity
in
1936,
in¬
com¬
manufacture
depleted to the extent of about 10,000 tons.
market.
of America
ended February,
retail
settling factor was the possibility of a Federal tax of 1 cent
gallon on all fuel oil. Should this tax be created, the
American Petroleum Institute pointed out, it would add
$28,560,000 annually to the American shipping industry's
fuel bill, and raise railroad operating costs by
$21,000,000
increased
by 6,000 tons, from 54,550 to 60,770 tons.
the fact that consumers'
the
ended
year
February,
year.
recorded
also for
in
the
previous
4,000 tons in
year
year
they
were
under review
following countries:
Sweden
31.6%
25.1%
-.18.9%
Switzerland
India.
17.8%
16.9%
Canada.-..
10.6%
New Details of Quota Figures
A
new
duction
feature
and
in this month's "Bulletin" is a table of
monthly pro¬
exports for each of the countries concerned! in the ton control
The under-export for Bolivia
plan.
up
to the end of
March, 1936, totaled
8,081 tons; for Nigeria, 477 tons, and for the Congo, 599 tons.
Siam has
over-exported by 460 tons, and the Dutch East Indies by 380 tons.
February,
outside
and
the
Czechoslovakia
The American Petroleum Institute pointed out that the
proposed tax would affect all fuel oil sold in the United
States for heating or power generation.
The argument by
the trade association that such a tax nlight force the
shipping
industry, which now consumes approximately 20% of all
fuel oil used in the United States, to obtain its oil from
sources.
while
1936,
Appreciable percentage increases in consumption for the
a
a
The divergence is due
stocks increased by approximately
Tin
The
539,000
world
tons
The world
totaled
Consuming Industries
output of tinplate in
against
the first
two
months of
this
year
was
511,000
tons in the corresponding period of 1935.
production of motor vehicles in the first two months of this year
865,000,
1935.
February,
showing
an
increase
Comparing the
1936,
the
total
of
12-month
amount
of
6%%
compared
periods
tin
used
ended
in
the
with
January-
February,
1935,
manufacture
of
>
Financial
2912
tinplate
48,400
increased from
all other
in
industries
52,500 tons, and the amount used
tons to
tons to 87,300 tons.
from 80,600
World Stocks of Tin
tons,
increase of 901 tons during the month.
The propor¬
the current annual rate of consumption also increased
representing
stocks
of
tion
from
an
to
Oil
Crude
Average
Declines 2,500
Production
Barrels in Latest Week
The American Petroleum Institute estimates that the daily
crude
gross
average
Pennsylvania during the week
Anthracite production in
for the week ended
production
oil
April 25, 1936, was 2,932,700 barrels.
This was a loss of
2,500 barrels from the output of the previous week.
The
current week's figure was, however, above the 2,797,300
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
oil-producing States during April.
Daily average
production for the four weeks ended April 25, 1936, is esti¬
mated at 2,907,950 barrels.
The daily average output for
the week ended April 27, 1935, totaled 2,561,400 barrels.
Further details, as reported by the Institute, follow:
figure
ended April 18 amounted to 1,055,000 net tons, a
which more than doubles that for the preceding week.
Out¬
with that of April 18
put in the week of 1935 corresponding
amounted to 1,320,000 tons.
11% to 12%.
Daily
540,000 tons, or 7.4%, from the output in the preceding
week.
Production during the corresponding week of 1935
amounted to 5,933,000 net tons.
end of March, 1936, were 17,336
at the
of tin
visible stocks
The world
May 2, 1936
Chronicle
During the calendar year to April 18, 1936, a total of
129,387,000 tons of bituminous coal and 16,169,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 123,915,000 tons of soft coal and 16,438,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
statement follows:
STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)
ESTIMATED UNITED
Calendar Year to Date
Week Ended
various
receipts in bond at principal
Imports of petroleum for domestic use and
United States ports for the
daily average of 147,571
Tot. for
25 totaled 430,000 barrels, a
ended April
four weeks ended April 25.
for the week and 20,714 barrels daily for the
Tot. for
owning 89.6% of the 3,869,000
capacity of the United States,
estimated daily potentital refining
indicate that the industry as a
whole ran to stills, on a Bureau of Mines
durnig the week, and that all
bulk terminals, in transit and in
basis, 2,875,000 barrels of crude oil daily
companies had in storage at refineries,
Cracked gasoline
Tot. for
179,600
240,100
21,600
15,800
461,200
1,883,500
3,600
2,633
4,906
327,500
3,484
20,200
3,367
per'd
(In Thousands of Net Tons)
railroad carloadings and river shipments and
are subject to revision on receipt of monthly tonnage reports from district and State
sources, or of final annual returns from the operators.)
Aver.
Apr. 11 Apr.
1936p
1936p
Dept. of
Week Ended
4 Weeks
Week
Ended
Ended
culations
April 25
April 18
April 25
April 27
(April)
1936
1936
1936
North Texas
West Central Texas.
West Texas
East Central Texas..
East Texas
Southwest Texas
Coastal Texas
522,750
551,000
151,800
569,700
557,100
159,100
147,750
146,000
"
61,650
58,450
23,300
60,900
58,900
25,050
179,400
49,900
445,650
77,200
244,350
152,950
48,800
443,600
62,400
181,400
1,150,100
1,141,350
66,150
144,750
67,000
142,900
22,900
101,450
214,000
Coastal Louisiana..
160,900
210,900
209,900
124,350
30,200
108,450
40,900
33,100
12,050
5,450
63,700
105,700
10,450
5,000
50,350
32,300
4,100
63,200
5,100
63,400
33,900
33,350
11,400
5,950
63,800
2,244,700
2,364,300
2,362,500
2,338,300
552,600
568,400
572,700
569,650
457,300
2,797,300
2,932,700
2,935,200
2,907,950
Total east of California.
California
Total United States
34,900
10,350
Note—The figures indicated above do not include any
estimate of any oil which
might have been surreptitiously produced.
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED
APRIL 11, 1936
(Figures In thousands of barrels, 42 gals, each)
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Oasoline
Stocks
of
612
P.
C.
612 100.0
P.
Aver¬
Total
Oper¬
At Re¬
age
ated
fineries
489
79.7
Appalachian.
154
146
94.8
109
74.7
7,699
1,518
Ind.,111., Ky.
Okla., Kan.,
442
424
95.9
367
86.6
7,937
Missouri..
453
384
84.8
279
72.7
Inland Texas
330
160
48.5
96
60.0
Texas Gulf..
680
658
96.8
619
94.1
La. Gulf
169
163
96.4
127
77.9
4,643
1,297
5,813
1,480
80
72
90.0
54
75.0
253
_
No. La .-Ark.
Rocky
Reported
97
60
61.9
47
78.3
and
789
92.6
494
62.6
9.424
Terms, Nap'tha
&c.
Distil.
11,259
1,004
2,430
1,034
378
2,848
2,143
Estd.unrep'd
Apr. 18 '36
►
3,869
x
1,471
248
514
34
58
117
70
88
88
138
692
620
726
540
100
127
196
188
27
21
43
52
Michigan
13
11
5
15
7
22
Montana
62
57
46
33
51
29
25
24
22
45
59
30
41
20
19
s20
sl6
397
344
278
303
365
766
1,865
1,662
1,509
1,768
2,529
3,531
104
81
32
58
89
121
Texas
13
13
12
14
21
Utah
63
57
41
31
90
70
190
165
156
172
215
249
24
31
28
18
50
35
1,474
1,203
1,278
1,394
1,551
1,256
481
467
338
111
614
778
101
101
84
79
110
116
*
*
*
1
s4
s6
7,335
6,415
5,532
5,838
8,399
Mexico
North and South Dakota
Ohio
-
bituminous
Pennsylvania
Tennessee
Virginia
—
Washington
—
Virginia—Southern
Northern
a
b
Other Western States c
479
394
1,283
995
1,100
6,809
6,815
6,833
9,499
12,810
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.(
O. in Kanawha, Mason and Clay counties,
b Rest of State, In¬
Includes operations on the
a
and
the B. &
on
California,
Arizona,
Call
Active
to
104
753
casioned
2",423
1,070
71,376
2,875
2,795
44,217
44,043
21,100
21,453
7,220
7,519
so
Mineral Markets" in its
far
buying
as
was
Copper Sales Light
Domestic
business
no
total
now
Valley.
was
quiet, sales for the week amounting
Domestic sales so far this month
comment in metal circles.
157,558
The
tons.
quotation
was
unchanged
Bureau of Mines basis currently estimated,
y
y6,175 y97,727
market
foreign
change for
uncertainty
Street.
As of April 30, 1935.
The
was
the week.
the
over
France
Week—Anthracite Output Higher
The total production of soft coal during the week ended
April 18 is estimated at 6,795,000 net tons, a decrease of
international
resulted in
James
Production of Soft Coal Shows Decline from Preceding
93^
has
fairly
active,
the
though
Y.
a
true
been
meaning
a
arrangement
material
good
of the
buyer
among
improvement in
President
Murdoch,
price showed little
Prices eased somewhat in the
last two days
unexpected weakness in
copper of late, which
of
the future of the franc.
the large
copper
producers has
the copper industry, according to
of Noranda
Mines,
although it has not
yet stopped the practice of special discounts and contract terms,
he believes, is one of the most
Imports of
the
cents,
March.
observers here attribute in part to nervousness over
y37,867 y20,351
2,502
at
Consumption of copper during April is expected to show a moderate
increase over
on
in copper
With most producers well sold ahead, the inactivity oc¬
3,492 tons.
96,802
96,754
During Last Week—Copper and
Quiet—Platinum Lower
stated:
338
3,869
3,869
Includes
Revised.
issue of April 30
concerned, lead was the
only active metal in the last week.
Producers of lead had
been counting on a revival in demand, and they were not
disappointed in the volume of business that was placed by
consumers during the last
seven days.
Copper was quiet
here, but was moderately active abroad.
Demand for
zinc was disappointing, which seemed to have no influence
on
the ideas of sellers, who continue to regard the price
structure
as
firm.
Silver in
the open market dropped
back to 44% cents.
Refined platinum was reduced $1 per
ounce by the leading interest to $32.
Domestic antimony
advanced
cent.
"Metal and Mineral Markets" further
100
1,106
c
r
Included in "Other Western
Lead
for
and
"Metal
52
94,895
1,907
and
Nevada
and Zinc
202
447
Idaho,
Alaska, Georgia, North Carolina and South Dakota
States."
* Less than 1,000 tons.
8
1,998
6,773
and Tucker counties,
Oregon,
p Preliminary,
cluding Panhandle District and Grant, Mineral
Wall
1935
20
7,814
Grand total
360
19,994
77.3
42
10,836
1,974
Pennsylvania anthracite
2,441
1,576
6,676
2,076
41,644
2,537
2,681
100
25
242
U.S. B. of M.
April
788
253
20
118
The
t
F
589
148
533
net
3,869
498
52
28
118
xEst.tot.U.S.
Apr. 25' 36
725
244
70
184
(s)
(s)
147
205
194
89.6
Oil
6,433
289
401
3,468
...
Fuel
1,008
1,580
852
Mt._
Callfornia
Cos
in
C.
Daily
tail
Rate
East Coast.
Unfin'd
Finished
District
Reporting
*
647
Western
stated that
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Poten-
1
297
Kentucky—Eastern
2,561,400
New Mexico
1
412
2,104,100
41,000
34,800
12,300
Colorado
140
109
Total bituminous coal
29,950
104,500
34,450
34,150
29,950
29,850
102,400
30,500
104,100
Montana
71
840
-
Wyoming
Wyoming
99
(s)
537
1,032,550
68,300
145,700
Michigan
117
1
Kansas and Missouri
West
1,155,800
1,122,800
Northern Louisiana.
Eastern
46
53
New
61,650
59,250
25,050
180,200
51,700
446,300
78,200
247,750
64,000
59,450
25,000
180,800
50,850
447,400
79,450
248,850
Arkansas
339
9
Maryland
Panhandle Texas
Total Louisiana.
2
69
18
Iowa
1935
525,000
146,000
Total Texas.
2
158
20
130
Indiana
Average
Kansas
2
203
Georgia and North Carolina
Actual Production
(8)
2
Illinois
B. of M.
1929
16
Colorado
(Figures in barrels)
1934
1935r
219
Alaska
Arkansas and Oklahoma.
CRUDE OIL PRODUCTION
1923
4 Apr. 13 Apr. 14 Apr. 13
Alabama
Oklahoma.
April
Week Ended
State
daily during the week.
Int. Cal¬
COAL, BY STATES
ESTIMATED WEEKLY PRODUCTION OF
(The current estimates are based on
cracking units indicates that the industry as a
DAILY AVERAGE
20,037
fuel.
Sullivan County, washery and dredge coal, local sales, colliery fuel and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised.
made into coke, local sales and colliery
Includes lignite, coal
a
barrels of gas and fuel oil.
Bureau of Mines basis, produced an average of 615,000 barrels
on a
16,438,000
production by companies owning 95.9% of the potential
charging capacity of all
whole,
16,169,000
176,700
coke:
barrels of finished and
pipe lines as of the end of the week 72,537,000
unfinished gasoline and 96,802,000
21,969,000
479,000 1,320,000
79,800 % 220,000
per'd 1,055,000
175,800
Daily aver..
Beehive
Reports received from refining companies
barrel
1929
1935
1936
per'd 6,795,000 7,335,000 5,933,000 129,387,000 123,915,000 163,686,000
1,760,000
1,344,000
1,403,000
989,000
Daily aver..
Gulf Coast ports for the week
daily average of 61,429 barrels
1935
Pa. anthra.:b
weeks ended April 25.
Receipts of California oil at Atlantic and
1936 d
Dally aver.. 1,133,000 1,223.000
157,214 barrels daily for the four
barrels for the week ended April 18 and
Apr. 20,
coal:a
BItum.
week ended April 25 totaled 1,100,000 barrels,
daily average of 157.143 barrels, compared with a
a
Apr. 11,
Apr. 18,
1936 c
same
rate
copper
as
a
by
year
Germany so
ago.
which,
detrimental factors affecting the industry.
far this year have
on
imports of copper for
sources,
in metric tons, follow:
Official returns
the first two months of 1936 and
1935, by
been at about
Financial
Volume 142
next
month's
Tractor
From
1936
Belgium
392
1,481
United
171
907
3,000
3,420
907
788
Kingdom
Jugoslavia
Sweden
Rhodesia
Belgian
duction
1,667
1,204
413
3,991
3,635
786
Chile-..
658
Elsewhere
Totals
25,906
24,307
The
tons in the same
and roasted pyrites, which compares with 71,795
period last year.
Lead
booked
are
implements
and
machinery makers
"Iron
market
scrap
has
definite
developed
Prompt shipment lead
of the
some
for
purchases
$14.63
a
specified
was
as
Joseph
intake.
Lead
gross
ton to $14.54.
The pig iron composite is holding at $18.84
World
7
2.084c.
Mar. 10
1
2.124c.
Jan.
1934
2.199c.
2.008c.
Jan.
2
Smelting & Refining Co., and 4.45 cents, St. Louis.
1933
2.016c.
Apr. 24
Oct.
3
1.867c.
Apr.
18
week to current
1932
1.977c.
Oct.
4
1.926c.
Feb.
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
1930
2.273c.
Jan.
7
2.018c.
Dec.
restricted sales
Co.
during
the last
for delivery
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
2.286c.
Dec.
11
2.217c.
July
17
March last
1927
2.402c.
Jan.
4
2.212c.
Nov.
Zinc Firm at 4.90 Cents
grade
operations
have
a
Gross Ton
(Based on average of basic Iron at Valley
$18.84] furnace and foundry Irons at Chicago
36,000
about
tons.
business in
on
PhtladelpJIa,
Birmingham.
.17.901
Sales
Unfilled
1,400 tons.
and reports
well
up
18.841
One year ago.
reduced to
been
holding
are
April 28,1936, $18.84
One week ago
One month ago
Inquiry for zinc was fair, but this did not result in much business.
Galvanizing
Pig Iron
amounted to 400,108 tons, which compares with 378,221
period last year.
Western amounted to about
1
World production
«
common
2
9
128,747 short
tons in
the American Bureau of Metal Statistics reports.
for the week in Prime
8
1929
131,968 tons in February and 129,521
the
Low
High
Oct.
production of refined lead during March totaled
in
strips.
These products make
85% of the United States output.
2.124c.
Jan.
year,
orders
rolled
2.084o.
2.130c.
against
tons in the same
One month ago
One year ago..
2.130c.
firm.
the contract settling
tons,
in the first quarter
Finished Steel
Based on steel bars, beams, tank plates,
April 28, 1936, 2.097c. a Lb.
One week ago
2.097c.
wire, rails, black pipe, sheets and hot
The position of the market has
New York,
cents,
premium of five points.
a
pound.
a
COMPOSITE PRICES
1936
4.60
at
This seller again reported business on its own brands
in the East at
the
and
1936
continued
basis of the American
St.
to show real
began
result of the buying, and the general tone is
a
Quotations
lag.
and
of orders,
number
a
to
continue
position
quite
on
battery and pigments,
buying interest in June-delivery metal.
improved
weakness,
ton, and the finished steel index is unchanged at 2.097c.
gross
about 10,000
Though demand for May delivery
particular
this
large consumers,
of
signs
Age" composite price of No. 1 heavy melting steel has declined from
Buying Expands
Lead sold in good volume, sales for the week amounting to
good,
taking large tonnages of steel.
are
being held back by inadequate financing facilities.
a
tons, the largest turnover in six weeks.
was
Agricultural demand
products generally is at a high rate.
THE "IRON AGE"
lead
for at least six weeks, and pro¬
capacity
at
is still being sustained.
volume of active inquiry for equipment is said to be the largest in
history of the machine tool industry, but much of this business is
The
tons of copper ore, matte
farm
Machine tools
the
During the first two months of 1936 Germany imported 89,281 metric
plants
of
steel
for
205
States
Canada
9,214
4,399
9,542
3,438
Congo
United
1935
1936
From
1935
and the recent lull in purchases is soon expected
production,
to end.
Jan.-Feb.
Jan.-Feb.
2913
Chronicle
Buffalo,
and
Valley
High
Low
1936
$18.84
Jan.
7
$18.84
1935
18.84
Nov.
5
17.83
May 14
1934
17.90
May
1
16.90
Jan.
Jan.
7
lines
Louis,
near-by
Prime
favorable.
continue
positions,
with
the
held
2
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.66
Deo.
6
over
the
1931
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
7
15.90
Deo.
16
1929
18.71
May 14
18.21
Deo. 17
18.59
Nov. 27
17.04
July
19.71
Jan.
4
17.54
Nov.
Tin Business Dull
-
„
and prices
International Tin Committee to
Failure of the
take action
Domestic
quotas a week ago made buyers more cautious than ever.
on
Tinplate operations
consumption of tin has been holding up very well.
estimated at 85 to 90%
are
of capacity.
the
Chaco war, or
of the
result
favorable
more
Government
and
Based on No.
1 heavy melting steel,
Gross Ton
$14.63
quotations at Pittsburgh, Philadelphia
and Chicago.
14.75
10.42
High
Low
$14.75
Feb.
25
$13.33
Jan.
7
1935
13.42
Dec.
10
10.33
Apr.
23
1934
13.00
Mar. 13
9.50
1933
12.25
Aug.
6.75
Sept. 25
Jan.
3
between the
1932
8.50
Jan.
12
6.43
July
5
1931
11.33
Jan.
6
8.50
Dec.
29
1930
15.00
Feb.
18
11.25
Deo.
9
Jan.
29
in output is
recently concluded
agreement
There
companies.
either
in
is,
time limit should be imposed on the
a
a
1936
Bolivian
force in the view that
some
1
deliberate curtailment of supplies pending
a
exchange
the
April 28. 1936, $14.54
One week ago
One month ago
the "Economist," London,
"opinion is divided whether the deficiency
shortage of labor and the impairment of mine equipment
a
24
Steel Scrap
One year ago
Commenting on the Bolivian tin situation,
points out that
due to
3
averaged a
Buying in tin was on a small scale last week,
shade lower.
16.90
1932
authorities.
London quotation made buyers hesitate, according to market
.
1933
Uncertainty
firm.
tone
4 90
at
St.
1927
Western
cents,
1928
other
as
a
event,
validity
1929
17.58
8
14.08
Dec.
3
for sharing
1928
16.50
Deo. 31
13.08
July
2
the output of any participant unable to produce its allotted amoung among
1927
15.25
Jan.
11
13.08
Nov. 22
of
unused
other
and
quotas,
members
Chinese tin,
should
arrangements
made
be
fortunately placed."
more
99%,
that
nominally quoted
was
follows: April 23, 46.125c.;
as
April 24, 46.100c.; April 25, 46.125c.; April 27, 46.200c.; April 28, 46.225c.;
April 29, 46.125c.
/ The American Iron and Steel Institute
98%
Rise
Steel
in
Is
Output
Production
with
Resumed,
Up One Point to 69% of Capacity
The "Iron Age," in its issue of
and
diversified
April 30 stated that strong
temporarily checked last week.
Raw steel output this
week is at 69% of capacity, a gain of one point.
The "Age"
was
stated:
Apparently
duction
being
no
ingots are being stocked,
curtailed
was
replenished.
where
by
the
This
is
March
but at
depleted
floods,
particularly
in
true
plants where
some
Wheeling
Output is
structural
mills report
June 17
Orders
are
of bars is
plates,
bars,
exceeding
Trunk
heavier
the
the
totals
reverse
pipe
demand
steel
in
is
reported to be
by
railroad
and
most
instances,
Tin
true.
demand has
purchases
The
New
Lehigh
farmers,
in
but
in
line
all
small
parts
during
the
in
an
case
of
exception,
carrier is
While public
and
the
has
issued
formal
buy
500
inquiries
make
has
repairs
placed
and
steel
automobile
alterations
for
for
repairs
to
been
the year amounted
far
more
not
numerous
production
apparently leveling
of
include
100,000 cars
a
off.
this
relatively
hoppers,
for
year
passed
and
Age"
in
May.
which
have
also
last.
120,000-unit
However, retail sales
week through
than
the
projects,
mark
seem
to
last
Mar.
2
48 8%
47 9%
Dec.
2
56.4%
Mar.
9
Dec.
9
Mar. 16
6
49.2%
Apr.
20
52.9%
53.5%
65.8%
60.0%
53.7%
62.0%
64.6%
67.9%
70.4%
13
49.4%
49.9%
49.4%
Apr.
27
71.2%
45 8%
Dec. 16
55.7%
54.6%
49 .7%
48 .3%
Deo. 23
49.5%
Mar. 30
Dec. 30
46.7%
Apr.
6
Apr.
13
48 9%
50 8%
7
49
1936——
Jan.
7% Jan.
Oct.
14
21
50 4%
51 8%
Oct.
28
51
Jan.
,
20
Jan.
27
9% Feb.
3
5
50. 9%
Feb.
52 6%
Feb.
Mar. 23
50.0%
52.0%
51.7%
10
Nov. 11
17
Nov.
24
week, and
is
justify an output
Much steel is yet to be bought for
April 27 stated:
in
a
large
a
is
backlogs of steel rails to
run
them well to the middle
and further tonnages are in prospect.
Pending plate business
large total and is likely to be placed' within a short time.
Lining
tunnel
in the Fort Peck
development in Montana, 7,475 tons of
has reached the bidding stage, and Chicago Bridge & Iron Works
submitted
large
to 596,700 tons, compared with
small
55.4%
year,
a
steel
While the aggregate gain
only 30%, it is estimated that private projects have more than doubled'.
Automobile
the
for which
A
53.7% Feb.
Nov. 25
Oct.
Mills have sufficient
shops.
cars.
Oct.
1936—
Nov. 18
by demand for heavier forms.
Grand
2,500
loie
46 0%
48 .1%
recessive tendency in demand for light flat-rolled steel
part to expected lessened activity in automotive
production at midyear, substantial support is being given the steel market
due
own
2,000
on
Notwithstanding
The
its
considering the purchase of locomotives.
months of
71.2%
"Steel" of Cleveland, in its summary of the iron and steel
markets,
cars.
works projects have not been dominant in recent structural
do
22
in
950
to
5,400 freight
459,700 tons in the corresponding 1935 period.
figures
15
29
makes
activity, the week's
These
July
the country,
of
dropped to 14,125 tons from 20,000 tons in the preceding week.
Total lettings of construction steel as reported
by the "Iron
was
32.8%
35.3%
39.9%
42.2%
44.0%
of
a
the first four
8
expectations.
new inquiries of 41,800 tons include 12,000 tons
bridge at Far Rockaway, N. Y., and 10,000 tons for a bridge at Port
Arthur, Texas.
New fabricated structural projects reported this week and
last call for a total of 70,000 tons of steel.
Current awards, however,
for
1
July
as
with
manufacturers
pruchase 200 units and repair
will
Valley
Ohio
will be
are
Northern Ohio
materials
plate is
been
favorable
Marquette will
will
Haven
37.7%
July
plates,
&
Pere
Western
the
steel
is
June 24
products,
shapes,
increase in
Chesapeake
Eastern
finished
of
the outstanding item.
industry.
and
cars
March
products
business
indicating
The
character
now
unabated.
usual seasonal
building
decline
a
Cleveland.
slight curtailment in demand for sheets and strip steel, but
a
lighter steel
Jobbers'
the
are
3
July
July
unchanged, and)
are
May
6
May 13
May 20
May 27
where bars have recently been the principal outlet
shapes
for
movement
the
in
At Chicago,
steel,
April
Philadelphia districts
been registered at
changes
Interesting
apparent.
for
and
has
points
of the industry
1935—
4.44.6% Aug.
5
43.1% Aug. 12
42.2% Aug. 19
43.4% Aug. 26
42.8% Sept. 2
42.3% Sept. 9
39.5% Sept. 16
39.0% Sept. 23
38.3% Sept. 30
June 10
The
up
1935—
Apr. 22.
Apr. 29
still
are
point
three
capacity
This represents an increase of 0.8 points, or 1.1% from the
estimate for the week of April 20.
Weekly indicated rates
of steel operations since April 22, 1935, follow:
June
one
of
of the steel
district,
inventories
the
operations have risen to 90% of capacity.
important Chicago
an¬
of the capacity for the current week, compared with 70.4%
last week, 62.0% one month ago, and 43.1% one year ago.
pro¬
Pittsburgh and in the Valleys, and has also been raised at Buffalo.
at
April 27
for
demand
practically all forms of steel
has accelerated the upward trend of ingot production which
further
on
nounced that telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having
will
the low tender.
Award is pending on the United States liner
15,000 tons of hull steel will be required, and 6,000 tons of hull
into the two freighters for which the Matson Navigation Co.
go
taking bids May 4.
Building requirements,
as
are
evidenced
holding well, the past week bringing
Railroads
peake
continue
to
support the
a
by
total of
"Steel's"
compilation,
are
14,266 tons.
market with
large inquiries.
Chesa¬
Ohio has issued an inquiry for 5,400 freight cars, and Pere
500, requiring close to 60,000 tons of rolled steel.
Nickel
expected to award 777 freight cars early this week.
Two Western
roads are inquiring for 10,000 tons of
rails, and Nashville Chattanooga &
St» Louis has awarded 3,425 tons in addition to its former
purchase.
&
Marquette for
Plate is
After
having touched
the
previous
1930, steel operations last week eased
to
week
one
the
highest
point to
slight recessions at Pittsburgh and Youngstown.
point since June,
69%%, due principally
The rates and changes
as
follows:
Pittsburgh, 63, down two points; Youngstown,
point; Eastern Pennsylvania, 44, up % point; Chicago, 70%,
unchanged; Wheeling, 92, up eight points; Cleveland, 79%, down five
points; Buffalo, 70, up five points; Birmingham, 69,
unchanged; New
England', 75, down three points; Detroit, 100, unchanged;
Cincinnati, 84,
up four points.
last
week
79, down
are
one
Financial
2914
Sheetmakers
said
are
be considering modification in
to
the
for
"shipment at
one
lower at
time."
plate releases
not
Slight weakness has appeared
open-hearth grades holding firmly.
Large
tonnages of the latter have been covered recently only at a premium over
grades and specialties,
lots.
small
Continued gain
ended
increase of
This practically balances the gain of 7,000
6,000 units.
Y."YYY' Y'Y\:/ Y<.:
previous.
at
Clairton,
freighters
Corp.
Steel
Carnegie-Illinois
ovens
bulk
to
Pa.,
lighting 192
is
the
on
,;r;.
-
Bar
iron
preliminary to
what
is
cable
London
"Steel's"
for domestic
tells
of
continued
demand
for
pig
This compares with 70%
April 30.
.-YvY
estimated
at
64%, unchanged from the preceding( week.
was at 62%.
Leading independents are at
the corporation
ago
following table gives
the
nearest
comparison of the percentage of production
a
corresponding week of previous
together
years,
into Great Britain
+
46
1935
with the
Independents
1931
77%
iron
1929
1928
1927
—
+2
50
—1
47%
80
—1
75
103
+3
99
+3
90 *
—2
+3
80
90
85
82
+4%
24
%
%
—
101
...
+ 1. '
+4
32
—1
42
+4
48%
75%
49%
66
42
+2
28%
-
64
%
%
—
55
--------
—
1933
increasing
are
U. S. Steel
Industry
70%
-
the
Federal
Reserve
New York
Banks
—2
75
—1%
—Chicago
City
May 1
daily average volume of Federal Reserve bank credit
outstanding during the week ended April 29, as reported by
the Federal Reserve banks, was $2,473,000,000, a decrease of
$9,000,000 compared with the preceding week'and an in¬
crease of $5,000,000 compared with the
corresponding week
in 1935. After noting these facts, the Board of Governors of
the Federal Reserve System proceeds as follows:
a
1
1936
1936
1935
1936
1936
1935
$
Liabilities—
$
$
S
$
$
6,052
5,994
5,188
1,399
1,371
1,232
Time deposits
576
545
623
461
461
452
United States govt, deposits
Inter-bank deposits:
196
196
495
101
101
38
2,293
2,317
1,994
548
549
516
322
322
171
4
4
3
Demand deposits—adjusted
Domestic banks.
Foreign banks
Borrowings
345
326
271
41
32
46
1,46'
Other liabilities
April 29 total Reserve bank credit amounted to $2,472,000,000,
of $3,000,000 for the week.
This decrease corresponds with
decrease
■—
Apr. 29 Apr. 22 May
Apr. 29 Apr. 22
The
On
in
The "Journal"
1932 figures not available.
with
Week
is
1936
March
decreasing.
The
of
1930
needs, with export markets being neglected.
foreign trade figures show steel imports
and export
heavy
is
approximate changes, in points, from the week immediately preceding:
1934
the rate that has
and steel
27
April
ended
for the week
First
rates for May and June have been announced, unchanged
prevailed since the first of the year.
wage
slight readjustment at Pittsburgh.
by-product coke
consumers.
confidently expected to be the best iron ore season since 1930.
from
$33.08,
to
lc.
composite is 4c.
scrap
•
coke
for
Great Lakes,
The
75%% agains't 74%%+in the week before and 69% two weeks ago.
The
with
week
a
•
additional
requirements
meet
stirring
are
weeks
about
an
Steel
S.
Two
in automobile production brings the output for the week
April 25 to 125,000, compared with 119,000 the preceding week,
a
receded
"Steel"
previous week and 66% two weeks ago.
U.
'=•.v' ^Y-Y
;
by
compiled
production
further stated:
market, principally in blast
in the scrap
on
ingot
Journal"
Street
the
January.
furnace
composite
placed at about 70% %of capacity, according to the "Wall
moved up to
than
steel
$14.33
Steel
by canmakers are more liberal, and production has
85-90% of capacity.
Steel sheet sales and shipments in March
only exceeded the shorter month of February but were larger also
Tin
May 2, 1936
while the finished steel composite is unchanged.
cold-rolled
grades, and also to make a change in the time clause to liberalize the pro¬
vision
and
Iron
plan of
new
quantity differentials, to include galvanized sheets with hot- and
Chronicle
1,468
1,467
231
230
224
-
Capital account-—
a
decrease of $61,000,000 in Treasury cash and deposits with Federal Reserve
banks and
an
increase of $12,000,000 in monetary gold stock, offset in part
by increases of $64,000,000 in member bank
in
nonmember
bank
deposits
balances
reserve
$2,690,000,000 in
and
on
excess
bills,
were
balances and $6,000,000
Reserve
Member
accounts.
estimated to
be
approximately
of legal requirements.
Relatively small changes
purchased
reserve
Federal
other
April 29
industrial
reported in holdings
were
advances,
United
and
■'>.[
securities.
/.
of discounted and
States
Government
YY.y:
Y'Y-.-YY
VYyYY-
••
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained
Increase
Apr. 29, 1936
Bills discounted
Bills bought-.
U. S.
and
advances
_
or
Decrease
(—)
covering the
—
L000.000
the
entire
cannot be
In the
30,000,000
2,000,000
+4,000,000
+7,000,000
-3,000,000
2,472,000,000
—3,000,000
Monetary gold stock
10,221,000,000
Treasury & National bank currency--2,501,000,000
+ 12,000,000
+9,000,000
+1,500,000,000
—42,000,000
Member bank
5,859,000,000
5,506,000,000
—1,000,000
+64,000,000
—61,000,000
+ 230,000,000
621,000,000
balances.!
+370,000,000
+785,000,000
3,208,000,000
reserve
+6,000,000
+82,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
Nonmember deposits and
other Fed¬
eral Reserve accounts----
the
and
adjusted,
shows
a
investments,
$27,000,000
cities
101
in
22:
weekly reporting member banks in 101 leading
decrease for
increases
in
time
of
deposits,
to
brokers
brokers
to
and
and
securities
on
acceptances
banks,
and
in total
$13,000,000
in
demand
$132,000,000
deposits-
bal¬
in reserve
decrease of $108,000,000 in deposit
standing to the credit of domestic banks.
Loans
loans
the week of
$191,000,000
with Federal Reserve banks, and a
ances
and
dealers
dealers
to
and
in
New
outside
others
commercial
$4,000,000,
of
(except
paper
York
New
City
York
banks),
bought
$14,000,000,
declined
City,
$3,000,000.
declined
and
$5,000,000,
Holdings
$1,000,000,
loans
of
to
"other loans," $11,000,000.
Holdings of United States Government direct obligations increased $17,district, $9,000,000 in the Chicago district, and
$9,000,000 at all reporting member banks.
Holdings of obligations fully
000,000 in the New York
guaranteed
Returns of
banks
entire
April 22
on
loans
Money in circulation.
of
The condition statement of
balances
Total Reserve bank credit
reporting member
System respecting the
body of reporting member banks of
the Federal Reserve System for the week ended with the
loans
Other Reserve bank credit-
of
following will be found the comments of the Board
returns
5,000,000
including
$26,000,000 commltm'ts—April 29)
body
compiled.
of Governors of the Federal Reserve
--.2,430,000,000
(not
simul¬
Thursday,
on
week, instead of being held until the
same
close of business April
May 1, 1935
—
out
following Monday, before which time the statistics covering
cities
-
Government securities
Industrial
Apr. 22, 1936
5,000,000
_
(+)
given
are
taneously with the figures for the Reserve banks themselves,
The statement in full for the week ended
April 29, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 2944 and 2945.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 29, 1936, were as follows:
above, the statements of the New York and
Chicago member banks
Member Banks in
New
York
by the
New
City and
district
York
$1,000,000
Chicago—Brokers' Loans
increased
all
at
United States
and
increased
Government declined
$9,000,000 in the
reporting member banks.
$15,000,000
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
member
banks and also for the Chicago member banks, for the cur¬
the
New
York
in
the
district and
Holdings of "other securities"
district
and
at
all
reporting
trict,
rent
in
$12,000,000
Chicago
ing member banks.
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
/
'
Apr. 29 Apr. 22 May 1
Chicago
Apr. 29 Apr. 22 May 1
Loans and investments—total—
1936
1936
1935
1936
1936
$
$
$
$
Demand
deposits-adjusted increased
reporting
member
banks.
Deposit
balances
8,561
7,830
1,864
1,888
domestic
and the year
declined
ended April 22, 1936, follows:
Increase
(+)
or
Decrease
(—)
Since
1,560
Loans to brokers and dealers:
banks
A summary of the principal assets and liabilities of the
reporting member banks, together with changed for the week
April 22, 1936
Assets—
In New York City.
of
$61,000,000 in the New York district, $22,000,000 in the Chicago district,
$108,000,000 at all reporting member Banks.
and
$
8,571
in the New York dis¬
$121,000,000
$53,000,000 in the Chicago district, and $191,000,000 at all report¬
Time deposits increased $13,000,000 in the New York
district, $9,000,000 in the San Francisco district, and $27,000,000 at all
1935
$
"**
banks.
$
988
969
832
68
67
58
36
37
739
730
745
146
146
169
Accepts, and com'l paper bought
159
163
203
16
17
27
Loans
16
(except banks)
Accpts. and com'l
$
April 24, 1935
$
32
-----
April 15, 1936
Outside New York City
Loans
on
securities
to
(except banks)--
2
—
others
Loans and
investments—total..—21,783,000,000
—13,000,000
+1,900,000,000
1,009,000,000
—14,000,000
214,000,000
—5,000,000
+159,000,000
+40,000,000
2,049,000,000
—3,000,000
—100,000,000
351,000,000
—1,000,000
—60,000,000
+22,000,000
62,000,000
—4,000,000
—42,000,000
3,507,000,000
8,805,000,000
—11,000,000
+ 9,000,000
+217,000,000
+893,000,000
1,277,000,000
3,369,000,000
+1,000,000
+15,000,000
+493,000,000
+278,000,000
4,348,000,000
+132,000,000
372,000,000
Balances with domestic banks.— 2,310,000,000
—6,000,000
+591,000,000
+63,000,000
+266,000,000
Loans to brokers and dealers:
In New York City.
Outside New York City
Loans on real estate
—
Loans to banks
130
131
129
16
15
34
28
62
5
5
8
1,164
Other loans
1,189
1,172
267
267
247
Loans
on
on
securities
paper
real estate.
Other securities
——
3,545
3,523
3,290
1,006
1,033
746
548
1,196
549
1,212
262
1,077
92
280
89
79
279
234
2,056
Obligations fully guaranteed by
United States government—-
2,009
1,699
620
571
others
bought--
1,140,000,000
—
Loans to banks
U. S. Govt, direct obligations—
to
—
571
Other loans
U. S. govt, direct obligations
Obligations
fully
guaranteed
by
United States government
Other securities
Reserve with F. R. Bank
55
Cash in vault
Balances with domestic
banks.-
Other assets—net
-
51
41
36
35
34
74
76
70
,
183
182
266
495
471
569
i
82
72
80
Reserve with Fed. Reserve banks.
Cash in vault
+ 7,000,000
•
Financial
Volume 142
Increase I (+)
*
«
April 22, 1936
Liabilities—
April 15,
$
Demand deposits—adjusted
United States govt, deposits
Inter-bank deposits:
Domestic banks
Since
1936
April 24, 1935
+191,000,000 +2,029,000,000
+27,000,000
+45,000,000
—4,000,000
—341,000,000
751,000,000
5,512,000,000
—108,000,000
355,000,000
2,000,000
..
Recently, it
+1,000,000
+ 701,000,000
+155,000,000
—4,000,000
His
Government
Laws
Alters
Exchange and Checks Drawn
Governing Rills of
France—Changes
based
on
international
an
signed in Geneva
(Switzerland) in 1930, altering in several important details
the laws governing bills of
exchange and checks drawn on
France."
In presenting a summary of its understanding
of the more important
points of the amended laws, the bank
said that the "information, while believed to be
authentic,
is issued without
warranty."
The bank's summary follows:
agreement
Checks—Checks must contain the word "check" in their wording and may
be drawn only on banks, bankers and the
Public Treasury.
If the word
"check" does not appear the instrument would be
subject to stamp tax as
bill of exchange instead of the
simple check tax of francs 0.50.
Interbranch checks (not drawn to bearer) are
at
All
over
the
The
bordering
70 days if drawn in other countries.
on
time forfeits one's right to protest
(except for establishing date of presenta¬
tion), but does not prevent payment should the
in funds at
account drawn
against be
campaign.
are
of issue, or who indicates
banker ot Public
and the bearer of
who pays a
a
wrong
date,
Treasury, is liable to
minimum francs 100.
a
The
check
as
same
or
draws
on a person
described.
A similar fine is also due by a person
The drawer who issues
available funds, or sufficient funds, is also liable to the
of the check,
or
who is not a
fine of 6% of the amount thereof,
a
fine is due personally by the first indorser,
check of this nature.
the amount
fine of 6%
of
of the amount of the insufficient balance.
by corresponding
The bearer of
a
his endorsement.
reserve in
bill of exchange can no more refuse to accept partial pay¬
ments, if offered, and the drawee may exact that a corresponding notation
the bill.
Interest clauses
are
allowed but must contain the rate at which interest
payable otherwise they are void.
Advance
o*
Italian
Ethiopian
Troops
Toward
Government
Citizens to Defense of
Italians
Orders
Addis
All
Ababa—
Able-bodied
Capital
Addis Ababa to march north
today (May 2).
The capture
of Addis
Ababa by Italian troops appeared imminent late
this week, as an Italian motorized column advanced on the
city.
\11 Fascist organizations in Italy were ordered to
"stand ready in uniform" yesterday (May 1),
presumably
as
a
"test mobilization" at which the
capture of Addis
Ababa would be announced.
Emperor Haile Selassie was
said tc have ordered his capital undefended on
April 30, and
the seat of the Ethiopian Government
The only hope of the populace of Addis
Ababa appeared to be in storms which
might delay the
Italian advance.
Reporting that the Italians on May 1 occupied Debra
Brehan, about 75 miles northeast of Addis Ababa, along
a level
road, the correspondent at Addis Ababa of the New
York "Times" in
wireless message to that paper on
a
added:
There
Brehan
May 1
no
now
Ethiopian soldiers along the direct route between Debra
Ababa, although there are troops just off the road
Addis
abie to delay the Italian advance.
hold out
positions
much
be regarded as inevitable and any resistance will
take place to
The
Halo-Ethiopian war was last mentioned in the
"Chronicle" of April 25, page 2745.
There was little hope
of any League intervention that
might halt hostilities
before the fall of
the
capital, since the League Council is
not scheduled to meet until May 11.
Torrential rains on
the southern front, however, have caused a halt
in the
drive for Harar and
Rome advices of
follows:
Jijiga.
April 29 to the United Press read in part
longer and
Marshal Badoglio would be high commissioner for East
of Ethiopia.
all
Vinci-Gigliucci is understood
of the motorized column
from Addis
was
must
retreat
Italians Cross
All
along the front
Giarer
River,
some
places
Sasa
former
they
Turkish
and
every
or
face
be able
not
annihilation.
Their
in danger of
are
the
Italians
form the
which
Two Rivers
in
are
main
with
contact
Fafan
the
River
Ethiopian line of defense.
In
Baneh.
the
If General
will
him
depends
Italians
Rodolfo
without
tdfcc
have
forded
the
Graziani routs the
doubt stage another
from
Dolo
to
rivers
and
Noghelli in
on
in the present battle he
enemy
as
the
that
one
How successful he will
week.
a
advancing
are
spectacular dash such
how strong are the fortified posts the
on
Italians
columns
to
as
confident that
are
they will be
run
be
Ethiopians have built
able
to
it
make
when
them
pursue
they get the
Ethiopians
closely with
so
impossible for them to rally
on
the
their fast-moving
for another stand.
This
has been the experience in the campaign so
far, for when the
Ethiopians have been defeated they cannot be easily persuaded to fight
again.
The
Ethiopians
are being attacked frontally by the main Italian force
driving northward from Gabredarre along the main road to Sasa
but their chief danger is represented by strong Italian forces
that is
Baneh,
on
both their flanks and threatening to catch them in the
Establishment
of
Gold
Standard in
rear.
Belgium
According to the April number of the Federal Reserve
"Bulletin," the Belgian Government, by royal decree pub¬
lished in the "Moniteur Beige" and effective
April 1, 1936,
definitely fixed the gold content of the belga at 0.150632
gram fine gold, equivalent to 72% of the gold content estab¬
lished in 1926; made obligatory the redemption in
gold of
notes issued by the National Bank; abolished the
exchange
equalization fund, and decreed that the gold and foreign
exchange holdings of the National Bank should be re¬
valued on the basis of the new gold content of the belga.
In publishing the above in its
April issue (made public
April 26) the Board of Governors of the Federal Reserve
In
"Bulletin"
the
of March
was
for
May,
the reserves of gold and
on
were
given of the law
1935, under which the belga
the basis of 72%
of its former gold content:
foreign exchange of the National Bank of Belgium
provisionally revalued
of the
1935,• translations
30 and the decree of March 31,
tentatively stabilized
were
the basis of 75% of the former gold value
on
belga, and the exchange equalization fund
increment resulting from revaluation,
which
created out of the
was
accrued to the
present increment from revaluation of the bank's gold
State.
The
and foreign exchange
holdings on the basis of 72%, instead of 75%, of the former gold parity
also
the
to
accrues
taken in
measures
State.
March
Later
were
decrees
modifying
or
extending
the
given in translation in the "Bulletin" for
1935.
June,
*
United States Signs Reciprocal Trade Agreement with
Guatemala
The
State
Department at Washington announced on
April 24 the signing of a reciprocal trade agreement between
the
United
States and Guatemala.
The agreement, which
signed on April 24 at Guatemala City, requires approval
of the Guatemalan Congress; it is to become effective 30
was
respective countries.
advancing
on
to
be
in
Africa, including
Details of the agreement will not be made public for
command
of 3,000
to
the
southern
front
in
command
of
an
artillery unit.
simultaneous
for
several days, pend¬
are
and
They
City.
States
with
woods,
States
trial
and
in
Washington
Guate¬
and
expected to show favorable treatment by the United
imports from Guatemala of coffee, bananas, chicle
Guatemala with respect to imports from the United
respect
to
by
of cotton,
publication
iron
and steel
products,
lard and agricultural and
indus¬
machinery.
From
York
Washington advices, April 24, appearing in the New
of Commerce" of April 25, the following is
"Journal
taken:
Accompanying the State Department's announcement today
trade
statistics
which
mutually profitable
andi
imports
since
revealed
trade relations
that
for
the
many
two
countries
was
a
have
chart
enjoyed
but that both exports
years,
by the United States to Guatemala have
declined
appreciably
1929.
"As will be
the table," the announcement said, "present trade
between Guatemala and the United States is far below that of pre-depression
years.
The
men
Upon his departure
Ababa, Count Vinci-Gigliucci volunteered for active
service.
sent
ing arrangements
seen
table
approximated
figure
In
from
With continued improvement in world economic conditions the trade
agreement just
Addis Ababa,
In Washington advices, April 24, to
April 25, it was stated:
the New York "Times" of
of
Reports circulated here today that Premier Benito Mussolini had
already
detailed Count Luigi Vinci-Gigliucci, Italian
Minister to Ethiopia until
the severance of diplomatic relations, as civil
governor of Addis Ababa,
to
assume
charge under Marshal Pietro Badoglio,
commander-in-chief
of the East African armies, upon the capital's
fall.
He
the resistance
the
being attacked from three sides and they
are
mala
Count
of
being surrounded.
The fall of Addis Ababa
the west or north ot the capital.
as
but
progress,
leadership
days after it has been proclaimed by the Presidents of the
are
and
who may be
must
able
the
remove
other spot.
some
cele¬
System add:
attempt to halt the advance of Italian troops toward
the Ethiopian capital,
Emperor Haile Selassie yesterday
(Mayll) ordered all able-bodied citizens in the vicinity of
to
making
are
under
Military experts in Rome believe that the Ethiopians will
to
an
prepared to
had
delirious
a
by bills of exchange.
drawer specifically extends or shortens the period, or an endorser shortens
In
for
Wehib Pasha, have turned the road between Hamanlei
Daggah Bur into a formidable defensive system and are contesting
Definite
is
occasion
inch of the ground with the courage that is one of their chief characteristics.
check without
a
same
Bills of exchange drawn payable at a given time after sight must be
pre¬
sented for acceptance within one year from their date of issuance, unless the
on
Addis Ababa
that
news
the
general,
instruments and be subject to stamp taxes roughly six times greater than
be made
be
to
was
description of Italian military operations was
Rome dispatch of April 26 to
The
operating
the period
people waited for
country,
Ethiopians,
Bills of Exchange—"Bills of Exchange" must contain these words in the
body of the instrument, otherwise they would be considered as unnamed
those borne
in constant receipt of
was
encountering is shown in the relatively high casualty figures.
The
The
check without indication of place of Issue, date
a
he
war,
The Ogaden front, where a battle is in progress for possession of Sassa
Baneh, has been the scene of the most serious fighting of the East African
check cannot refuse partial payments.
a
The drawer who issues
is calculated to be
As minister from Feb¬
along the road to Jijiga and Harar.
time of presentation.
The holder of
of Ethiopia.
the following
the New York "Times":
the Mediterranean; within
Failure,to present within the specified
of operations
comprehensive knowledge, not only of Addis
a
announcement
An earlier
and
must be payable at sight and must be
presented for payment
within eight days of date of issue if drawn in
France; within 20 days if drawn
elsewhere in Europe or in countries
Marshal
to
bration of victory after nearly seven months of
campaigning.
permitted, but cashier's checks are
Checks
report
key positions in the interior.
a
prohibited.
ordered to
was
theater
northern
He has
mast of the interior
contained in
The National City Bank of New York announced on
April 23 that "the French Government has issued a decree,
he
the secret reports of Italian agents, official and
unofficial, who were posted
on
Summarized by National City Bank of New York
today,
1933, until the outbreak of the
ruary,
fallen.
French
at the
presence
of invaluable aid.
Ababa, but of
+1,000,000
Foreign banks
Borrowings
2915
disclosed
was
Badoglio.
$
$
14,187,000,000
4,985,000,000
Time deposits
(—)
Decrease
or
Chronicle
in
1935
signed should facilitate expansion of such trade."
showed
that
$9,299,000
1929
exports
had
were
risen
United
against
to
States
exports
imports
$11,436,000
of
to
the
Republic
$11,338,000.
against
imports
$3,833,000 against imports of
in
This
of
1925
export
$8,470,000.
$6,144,000.
Financial
2916
The
is
Guatemala
with
agreement
twelfth to be
the
signed by the United States in the program inaugurated in
1934 by Secretary of State Cordell Hull, and is the seventh
to be entered into with a Latin American country.
The
with Belgium, Hol¬
land, Sweden, Switzerland, Canada, Cuba, Brazil, Haiti,
Honduras, Nicaragua and Colombia; the Colombian pact
previous agreements were entered into
20, having been proclaimed (as
will become effective on May
noted
in
Roosevelt
page 2752)
by President
agreement with Nicaragua,
columns of March 14, page 1726, has as
referred to in these
25,
The
21.
April
on
April
of
issue
our
yet to be proclaimed.
tees
Requested
Bonds
Colombian
of
Foreign
by
Bondholders Protective Council to Record Names,
statement issued
a
the
April 28 the Foreign Bondholders
requested all holders of bonds
Republic of Colombia, of the various Colombian
departments and municipalities, and of the Agricultural
Mortgage Bank of Colombia to record their names and
addresses, and the amounts of their holdings with the
Council.
The request is made, the Council explained, "in
order that it may be able to keep in touch with as many
holders of Colombian bonds as possible, and to advise them
of developments in the situation and of any offers made by
the Colombian authorities for the servicing of its bonds,
which in the Council's opinion merit their consideration."
opinion
fifth
year
of the Colombian defaults, the
commit¬
delay in taking these proposed steps
that further
might impair the best interests of the bondholders.
In view of the improved financial position of the Republic of Colombia,
and
departments and municipalities, the reasons given for the cause of
are not valid or warranted today, nor are the continued defaults
its
the defaults
of payments was predicated upon shortage of
but since that time Colombia has not only paid every
other conceivable obligation, visible and invisible, and has used millions
of dollars of foreign exchange to purchase at low prices and repatriate her
The suspension
justified.
foreign
reserves,
foreign obligations, but in addition has recently accumulated a substantial
reserve
of
foreign exchange, an
increase from nearly $16,000,000 to
$20,000,000.
the
worth
an
important gold
output
January
was
producer, according to recent data, shows
highest ever attained—38,000 ounces
the
$1,330,000.
The
outstanding
174,000;
Addresses and Holdings
In
of
are
that
Holders
This being the
mittees.
Colombia,
■
May 2, 1936
Chronicle
obligations
of the Republic are:
Departments, $60,Republic of Colombia, $45,741,000;
$10,120,000; Mortgage Banks, $11,171,000.
municipalities, $20,436,000;
Agricultural Mortgage Bank,
A total of $147,642,000.
Protective Council, New York,
the
of
The Council's statement said:
Council, Inc. is a private organization,
Foreign Bondholders Protective
the request of the Secretary of State, the Secretary of the
set up at
and the Chairman of the Federal
It is
Treasury,
Trade Commission of the United States.
non-profit corporation, brought into existence at the request of the
a
United
States
effective
in order
Government,
and
there might
that
organization
impartial
to
carry
on
be an adequate,
the work
protecting American interests in defaulted dollar bonds of
of properly
foreign gov¬
Bulgaria Increases Service on 73^% Stabilization Loan
1928—Transfers
16% of May 15 Coupons
as
Against
15% Nov. 15, 1935
Speyer & Co. and J. Henry Schroder Banking Corp.,
American fiscal agents for the Kingdom of
Bulgaria 7^% stabilization loan 1928, announced April 29
that the Bulgarian Government has transferred sufficient
funds in dollars to provide for payment of 16% of che interest
due May 15, 1936 (as against 15% paid on Nov. 15, 1935).
Payment will be made, on or after that date, the agents said,
at the rate of $6.00 per $37.50 coupon and $3.00 per $18.75
New York, as
coupon, upon
presentation of such coupons, with an appro¬
priate letter of transmittal, at the office of either of the
fiscal agents for the stamping of such payment thereon.
Such coupons will be returned to the bondholders, to be
reattached to their bonds, in order that their claim for
the balance may be
preserved.
ernments.
of bonds nor does it undertake direct
The Council does not take deposit
It believes that bondholders should retain
representation of bondholders.
of their bonds and entire freedom of action unless and
control and custody
It merely requests owners
descrip¬
until direct representation becomes necessary.
of the bonds to record with the Council their names and addresses, a
held, and the amount held so that holders may
of the bonds
tion
be in¬
Council of any developments which may affect their interests.
formed by the
require direct representation of
If the situation should so develop as to
Council of
the Council will advise those who inform the
the bondholders,
their holdings.
Bondholders'
Chilean
The coupons due May 1,1936, of the Republic of Uruguay
6% external sinking fund gold bonds due May 1, 1960 and
due May 1, 1964, will be paid at the rate of 33^% per
annum, at the New York office of Hallgarcen & Co. and
at the Chicago office of Halsey, Stuart & Co., Inc., according
to announcement April 27 by J. Richling, Minister of the
Republic.
+»
Holders of
Advises
Committee
May 1 Coupons on Republic of Uruguay 6% External
Gold Bonds to be Paid at Rate of 3%% Per Annum
Accepting Payments Under
Government's Recently Announced Plan
Chilean Bonds Against
Chase National Bank to Receive Up to May 12
5% Funding Bonds, due Nov. 1 1956, of Yugo¬
slavia—$75,812 Available in Sinking Fund
Urging holders of Chilean dollar bonds against accepting
payments of interest at the rate of $4.75 per $1,000 bond, in
settlement of the two oldest unpaid coupons, under the plan
(referred
recently promulgated by the Chilean Government
April 25, page 2746, the Chilean Bondhold¬
to in our issue of
Committee
ers
said, in part
statement in which it
April 27 issued a
investigation,
careful
Upon
on
:
finds
the* committee
the
that
economic
recovery
of Chile which prompted the government to take up the question
of
readjustment
debt
Latest
the
official
continued
at
that
indicate
an
the
and
economic
on
flexible
settlement on the basis
obligations," and that the
holders of
urges
plan
dollar bonds against accepting
Chilean
in as much as collection of a
single
will
bondholders under the original
relinquish the rights of
loan
contract.
Bondholders Committee
The Chilean
a
year ago to
organized about
was
Shouse, J. Ros Mcintosh, Sylvan
Gotshal and Douglas G. Bonner.
Trustees
and
Agents of Defaulted Colombian Bonds
Fail
ments
Colombian
Colombia
are
Bondholders
indentures in
and
upon
Republic of
the trustees and fiscal
steps as are provided for in the trust
the event of defaults,
payable in
for
Committee
preparing to call
agents to take such
full,
in
and
by declaring the bonds
event of failure to
the
receive such payment to take foreclosure
proceedings
vided
was
for
in
the
trust
indentures,
it
as pro¬
announced
of the committees.
According to Mr. Hoover, with the
excep¬
tion of Medellin 6%% bonds,
"all the departments and
municipalities of Colombia have pledged assets which are
earning far in excess of the debt requirement."
The an¬
nouncement
In
the
case
continued:
of
Banks, legal steps
holders.
or
a
the Agricultural
can
These steps
are
ernment
may
at
future date,
might involve either
not
contemplate
Mortgage Bank
as
well
as
the. Mortgage
properly be taken to enforce the rights of the bond¬
request for the appointment of
The committees
some
of
♦
Announcement
was
made April 30 by J. P. Morgan &
Co.
receipt of sinking fund payments from the Argentine Gov¬
ernment, together with unexpended moneys now in the
sinking fund, they will have available a total of $486,521
for the purchase of Argentine external sinking fund 6%
bonds, issue of June 1, 1925.
Tenders of these bonds are
invited at a flat price, below par, until June 1, 1936.
a
making
a
suit
in the Colombian courts
receiver for these respective banks.
unmindful
an
of
the
fact
unilateral
which offer would
Tenders of Argentine
that the Colombian
offer
to
the
Gov¬
bondholders
certainly be opposed by the
Issue
External 6% Gold Bonds Series
Invited to Exhaust
National Bank,
New York, acting for the
Government of the Argentine Nation
external sinking fund 6% gold bonds series "B," issue of
Dec. 1, 1924, due Dec. 1, 1958, is inviting tenders of such
bonds, at a price belo**^ par, in an amount sufficient to exhaust
the sum of $332,698.93 which will be available in the sinking
fund on Jun 1, 1936 upon receipt of sinking fund payment
from the Government of the Argentine Nation.
Tenders
will be accepted until noon on June 1, 1936, at the Corporate
Trust Department of the bank, 11 Broad Street.
The
Chase
fiscal agents of the
on
April 26 by Lawrence E. de S. Hoover, Executive Secretary
'
of $75,811.80 in the sinking fund.
proposals will be accepted at a price involving payment
a sum in excess of principal amount and accrued interest.
of Dec. 1, 1924,
$332,699 in Sinking Fund
Be Asked by Protective Group to Declare Bonds
Due—Foreclosure
Proceedings
Planned
if
Pay¬
due
sum
No
UB,"
to
The
cient to exhaust the
protect the American holders of Chilean dollar
It consists of Jouett
bonds.
April 30 that the Chase National
and The National City Bank of New York, as fiscal agents
for the Government of the Argentine Nation, that upon
long-term
under the terms of the law embodying the provisions of the present
scheme
on
debt
"establishes
system which moulds itself to the principal of capacity to pay."
external
payments of interest under this plan,
coupon
announced
government's representation that the
refuses to accept the
the maximum which the country can devote to the
committee
The
was
position of
equitable than the terms of this plan.
"represents
service
It
Bank, New York, acting for the fiscal agents, will receive
until noon on May 12, 1936, offers for the sale to it of 5%
funding bonds due Nov. 1, 1956 of the Kingdom of Yugo¬
slavia (formerly Kingdom of the Serbs, Croats and Slovenes)
and fractional certificates of such bonds, in an amount suffi¬
$486,521 Available for Purchase of Argentine External
6% Bonds, Issue of June 1, 1925
The committee
plan
rate.
satisfactory
extremely
fiscal
country has improved sufficiently to warrant a
more
a
has
returns
Tenders
of
com¬
City of Sao Paulo (Brazil) Provides for Payment of
223^% of May 1 Coupons on 6% External Gold
Bonds of 1919
Holder® of City of Sao
Paulo, Brazil, 6% external secured
sinking fund gold bonds of 1919, due Nov. 1, 1943, are being
notified by the Chase National Bank, of New York, that
it has received funds with which to pay the May 1, 1936
coupon appertaining to these bonds, at the rate of 223^% of
the face value, amounting to $6.75 for each $30 coupon.
It was announced April 30 that payment will be made at the
Corporate Trust Department of the bank, 11 Broad Street,
New York City.
>
Partial
on
Payment'Made by Rio Grande do Sul (Brazil)
7% Gold Bonds, External Loan o* 1926
Ladenburg, Thalmann & Co., New York, as special agent,
is notifying holders of State of Bio Grande do Sul (Brazil)
40-year 7% sinking fund gold bonds, external loan of 1926,
that funds have been deposited with them, sufficient to make
a
payment, in lawful currency of the United States of
America, of 25% of the face amount of the coupons due
May 1, 1936, amounting to $8.75 for each $35 coupon and
$4.37-Hj for each $17.50 coupon.
In noting the foregoing,
an announcement in the matter, issued April 30, also said:
Pursuant
of the
to
United
with the
the
Decree
of
the
States of Brazil,
Chief
of
Provisional Government
the
acceptance of such payment is
No present provision has been made for the coupons
optional
accepted in full
holders, but, such payment if accepted, must be
payment of such coupons and of claims for interest represented
to
2917
Financial Chronicle
Volume 242
future adjust¬
ment.
sinking
issued;
goldl bonds, dated Nov. 1, 1922, due Nov. 1, 1942,
Republic of Chile 6% external sinking fund gold
fund
$39,604,000 of
bonds,
dated
Oct.
due April
1926,
1,
1,
issued;
1960,
$25,418,500
of
Republic of Chile 6% external sinking fund gold bonds, dated Feb. 1, 1927,
due Feb. 1, 1961, issued; $33,861,500
sinking
ing
Jan.
6%
fund
of Republic of Chile railway refund¬
external bonds, dated! Jan. 1, 1928, due
gold
Republic of Chile external loan
Sept. 1, 1928, due Sept. 1, 1961,
issued; $9,616,000 of Republic of Chile external loan sinking fund 6% gold
bonds, dated March 1, 1929, due March 1, 1962, issued, and $23,856,000
of Republic of Chile external loan
sinking fund 6% gold! bonds, dated
1,
1961,
May 1, 1930,
registration
Jan.
of
dated
bonds,
gold
notice of issuance of
is also made for the
(Provision
due May 1, 1963, issued.
on
issues upon
of
$15,189,600
issued;
6%
sinking fund
thereby.
due Nov. 1, 1931
Nov. 1, 1933 inclusive, but they should be retained for
Republic of Chile—$15,089,000 of Republic of Chile 20-year 7% external
loan
to the same amounts of the above
up
notice of assent to the form of service provided in Law No. 5580
31, 1935.)
Republic
of Chile
and Caja
Credito Hipotecario,
de
Chile
(Mortgage
Bank of
Chile)—$16,236,000 of Mortgage Bank of Chile guaranteed sinking
6%% gold bonds, dated June 30, 1925, due June 80, 1957, issued;
fund
$9,766,000 of Mortgage Bank of Chile guaranteed sinking fund 6%% gold
issued; $16,791,500
bonds of 1926, dated June 30, 1926, due June 30, 1961,
$588,380 of Cuban Sugar Stabilization 53^% Secured
Gold Bonds, due Dec, 1, 1940, Drawn for Redemp¬
tion on June 1 for Sinking Fund
According to announcement made April 30, the Chase
National Bank, New York, as trustee, is notifying holders
of Republic of Cuba sugar stabilization sinking fund 5^%
secured gold bonds, due Dec. 1, 1940, that there has been
drawn by lot for redemption and retirement on June 1,1936,
for the sinking fund, $588,380 principal amount of these
bonds.
Drawn bonds, it is stated, will be redeemed at
their principal amount and accrued interest to redemption
date at the principal office of the Chase Bank or the National
City Bank, or at the Havana branch offices of either bank.
Interest will
cease
to accrue
on
drawn bonds
on
and after
of
Mortgage
Bank
sinking fund 6% gold bonds of
issued, and $17,155,600
Chile guaranteed
of
dated April 30,
1928,
of
1928, due April
30, 1961,
Mortgage Bank of Chile guaranteed sinking fund 6% gold bonds of 1929,
dated May 1,
above
Law
issues
No.
(Provision is also made for
the
assent to the form of service provided in
1962, issued.
1929, due May 1,
the registration
notice of issuance of up to the same amounts of
on
of
notice
upon
6580 of
Jan.
31, 1935.)
Republic of Chile and
Consolidated Municipalities
Chile—$13,678,000 of Chilean consolidated municipal
ternal
of
the Republic
of
loan 31-year 7% ex¬
sinking fund gold bonds, series A, 1929, dated Sept.
1, 1929, due
Sept. 1, I960, issued.
(Provision is also made for the registration on notice
of issuance of up to the same amount of the above issue upon notice of
assent to the
form of service provided in
Application
for the
Law No. 5580 of Jan. 31, 1935.)
also made to the SEC early this month
was
registration of the following issues on the New York
Stock Exchange:
June 1.
City of Berlin
(Germany)—$10,086,000 of 25-year 6%% sinking fund
gold bonds, municipal external loan of 1925, due April 1, 1950, issued, and
Requirements
Embodied in Regulation is
By President Gay of New York Stock
Exchange With Board of Governors of Federal
Reserve System
i
Margin
Discussed
$13,429,000 of 30-year 6% external sinking fundi gold bonds, due June 15,
1958, issued.
Free State
of Bavaria—$5,997,000
external
of 6%% serial gold bonds,
loan of
1925,
external
20-year 6%% sinking fund gold bonds, due Aug. 1, 1945, issued.
due serially
from
$6,807,500 of
1936 to 1945, issued, and
^
April 30, Charles R. Gay * President of
Exchange, with other representatives
of the Exchange, discussed with the Board of Governors of
the Federal Reserve System, problems which have arisen
with respect to the recently issued Regulation U relating
to loans by banks for the purpose of purchasing or carrying
stocks on Security Exchanges, and fixing margin require¬
ments effective May 1.
Comments on the Regulation by
the Federal Reserve Governors in the April Reserve Bulletin
is referred to elsewhere in our issue of to-day. Stating that
the representatives of the New York Stock Exchange went
to Washington at the invitation of the Reserve Governors
to place before the latter their side of controversial questions
which have arisen, Washington advices April 30 to the New
At
Washington
on
the New York Stock
York "Times" added:
Trading
Volume on National Securities Exchanges
During March Below February, According to SEC
The dollar value of security transactions on all registered
securities
a
changes or interpretations if the facts appear to warrant.
Stock
a
sales
bonds soldi
stock
sales
all
bond
make for
of the market value
Stock
in March
(including rights and warrants) were
15.7% below February's figure.
Total par value of
or
$410,410,380,
a
decrease of 19.7%.
leading New York exchanges accounted for 96.1% of the value
on
23
registered exchanges, 95.5% of stock sales, and 99.8%
sales.
The dollar
value
Exchange)
of sales
in
March
on
all
was
exempt exchanges (except the Honolulu
$1,147,354,
decrease
a
15.1%
of
from
February.
security and loans by banks to brokers to '60%, leaving a cushion of
15%.
This is practical
as
under Regulation T, governing margin require¬
ments by brokers, the latter are permitted to
extend credit to customers
Information
only to 45% of the value of the security.
to
brokers,
some
extend
up to
about 70% in the loans
advocating that brokers be exempted from
even
Regulation U, because, Whatever their borrowing ability from
the banks, they could not extend, under
up to
Urged
of the Stock Exchange were anxious to
have it made possible for banks to
made
the terms of
45% of the value of
a
Regulation T(
Several other technical features of Regulation U
ground
was
Rule
new
which
are
the subject
discussed recently by the Board with repre¬
Governments and Municipalities Apply for
Registration of Securities on New
York Stock Exchange
Foreign
Rule
and municipalities
issue of
April 18, page 2590, further simi¬
with the Securities and Ex¬
change Commission by foreign issuers for the permanent
registration of their securities on the New York Stock Ex¬
change. Under the present rules of the SEC, foreign issuers
have
until
May 15 to apply for registration of their
our
lar applications have been filed
securities.
The additional issues for which
registration has been ap¬
plied for follow:
Deutsche* Reich
of 1924, due Oct.
(Germany)—$59,633,400 of German external 7% loan
15, 1949, issued, and $91,305,600 of German Government
international 5%% loan
Provincia
$4,222,600
de
of
of 1930, due June 1, 1965, issued.
Cordoba,
Province of
Republica
(Province of Cordoba)—
17%-year 7% sinking fund
Argentina
Cordoba external
gold bonds of 1925, due July 1, 1942, issued.
Estado du Rio Grande do Sul
(States of Rio Grande do Sul, United States
Brazil)—$10,000,000 of State of Rio Grande do Sul 40-year 7% sinking
fund gold bonds, external loan of 1926, due Nov. 1, 1966, issued, and
of
$28,000,000 of 40-year sinking fund 6% gold! bonds, external loan of 1928,
1968, issued.
Commission
new
Filing
in
SEC
announced
rules—Rule 568 and
the Securities Act of 1933.
Regarding the
668
authorizes
an
issuer
filing
a
registration
guarantee to incorporate by reference
statement for
any
answer
the
in the
registration statement for the guaranteed securities.
The second new rule, Rule 781, permits the omission of certain detailed
information specified in paragraph (3)
of Schedule B of the Act as to
issues of funded debt which, in the aggregate, amount to less than 5%
SEC
funded debt of the registrant.
Eases
Rules
on
Acquisitions
Securities—Several
Permanent
In addition to the foreign governments
78i—under
of the total
sentatives of the American Bankers Association.
referred to in
Issues
rules the Commission said:
registration of a
of debate and controversy were taken up at the conference, which lasted
same
Certain
The Securities
and
Exchange
April 25 that it has adopted two
more than a credit
security to customers.
three hours, but as to these the conferees were unwilling to discuss details.
Much the
Required from
Under Securities Act Eased by
Broader Credit Is
It is Said that representatives
due
of
was
The two
of
may
Exchange
decrease of
a
Total
of
securities transactions to others than brokers to 45%
of
and
It said:
(including rights and warrants) had a value of $2,429,2.9% from February.
Bond sales were valued at
$336,206,802, a decrease of 14.9%.
All objections
Regulation U broadly limits the loans which the banks
February, and
March, 1935,
Commission
announced
sales
959,831,
merely taken under advisement and no decisions made
statement issued by the Board.
or
Securities
the
101,922,766 shares,
The Board wiU carefully watch the new regulation in operation and will
amounted to $2,768,186,167,
increase of 184.0% over the value of sales in
April 27.
be prepared to give further consideration to requests that may be made for
raised to-day were
exchanges, in March
decrease of 4.6% from the value of sales in
an
A
new
of
Public
Utility
Exemptions Provided
rule was promulgated
by the Securities and Ex¬
change Commission on April 28 with respect to acquisitions
of public utility securities by others than members of nonexempt holding
company systems.
The new rule, 9A2-3,
replaces the Commission's former Rules 9A2-3 and 9A2-4.
The Commission on April 28 announced:
The
rule
provides
Holding Company
certain
Act,
which
exemptions
requires
Section
from
approval
by
the
9(a)(2)
of
Commission
the
of
acquisitions of public utility securities by persons who, either before or as
a
result of the transaction, own 5% or more of the voting securities of the
company whose securities are acquired
and 5% or more of the voting
securities of any other public utility holding company.
The
new
rule exempts
from Commission approval:
(1) Acquisitions where both the acquiring company and the Issuer of the security
acquired (and the subsidiaries of each) are organized within the same State, and
where specified proportions of the assets and business of each are within that State.
(2) Acquisitions by persons who, as a result of the acquisitions, will n6t own,
control or hold 10% or more of the security acquired and either will not be holding
companies or will be intrastate holding companies or holding companies otherwise
exempted from registration.
(8) Acquisitions of securities of foreign companies by persons who are not affiliates
of any American public utility company.
Acquisitions exempted under this rule, except
as
to securities of foreign
companies, are to be reported to the Commission within 30 days.
Financial
2918
It
shall not be construed as granting
companies unless they are otherwise
the requirement of registration.
expressly provided that this rule
is
exemption
an
from
exempt
to unregistered holding
Hearing June 1 by SEC into Transactions in Stock of
A. O. Smith Corp. by White, Weld & Co. to Deter¬
Exchange Act Has Been
Violated—Firm Declares Any Implication of Manip¬
ulative Practices Has No Justification
Following the issuance of an order on April
Securities and Exchange Commission calling a
23 by the
hearing on
June 1 of partners in the firm of White, Weld & Co. to
inquire into transactions by the firm in the common stock
of A. O. Smith Corp., to determine whether there has been a
violation of provisions of the Securities Exchange Act, a
statement was issued on April 25 by White, Weld & Co. in
which they said "any allegatioA or implication that we have
engaged in any manipulative or rigging practices has no
justification in fact."
The firm's statement follows in full:
received copies of an order of the Securities
We have just
and Exchange
be held to inquire whether
a violation of the Securities Exchange Act by our firm in
A. O. Smith Corp. stock. We assume that this public
directing that a public hearing
Commission
there has been
in
transactions
hearing will be a
reopening of the investigation which was
the Commission over
commenced by
six months ago.
representatives of the Commission came into our office
and informed us they wished to investigate our transactions in A. O. Smith
stock.
In all respects we cooperated with the Commission to the fullest
extent.
In addition to the Commission's examination of our books and
records, partners of this firm appeared at formal hearings and testified at
length before the head of the New York office of the Commission, who sat
Early in October
Examiner.
as
four months since these hearings were
concluded and
determination of the Commission to reopen the matter and
to hold public hearings comes to us as a surprise.
We believe, and our
counsel so advise, that the record and the testimony before the Commission's
Examiner conclusively showed that there had been no violation by our firm
of the Securities Exchange Act relative to the
manipulation or pegging of stocks, no matter how these newly enacted pro¬
visions may hereafter be interpreted or construed by the Commission (and
with respect to which no regulations have been issued by the SEC for the
guidance of the financial community).
As to the general allegation in the
Commission's order for the hearing to the effect that we entered orders to
buy with the knowledge that similar orders to sell would be executed, it is
obvious to us that this surprising contention arises from a complete mis¬
of the provisions
understanding of the
The facts as to our
facts.
transactions in this stock are briefly these:
option from certain large
of 1935 our firm received an
In March
holders on
10,000 shares of stock at
privately in the hands of a limited number of investment
buyers, with the understanding that no part of the optioned stock should
be acquired by the firm for its own account.
In accordance with this ar¬
rangement we placed the entire amount of the optioned stock with some 10
interests, all of whom were of substantial means and were familiar with the
history and propsects of the company.
The average price at which we
placed the optioned stock was about $60 per share.
As a result of the favorable outlook and prospects for the company,
the firm determined that the common stock was an advantageous purchase
for the firm itself.
As already stated, no part of the optioned stock was to
be acquired by the firm for its own account and, accordingly, from time
to time the firm purchased shares on the New York Curb Market and re¬
tained 3,600 shares for its own account; some of such purchases being prior
to completing the exercise of the option and the remainder thereafter.
The
average cost to the firm for these 3,600 shares, which the firm still holds,
was about $60 per share.
Incidentally, the firm has had no transactions
this stock since
In the hearings
September, 1935.
evidence
which have heretofore taken place there was no
whatsoever that we misled or deceived any of the 10 pur¬
of the optioned stock or that at any time we misrepresented anything
of any nature
chasers
or
that we
entered orders to be matched
This firm
did not in any sense engage
against other orders.
in any public distribution of or
stock.
In fact, far from endeavoring to distribute
substantial holdings of the partners, the firm together
selling campaign in'this
any
of the already
with the partners
and their families added to their
(including the
shares
today still
holdings a'total of 6,400
above-mentioned 3,600 shares) and this amount
is
held intact.
implication that we have engaged in any
practices has no justification in fact.
Finally, any allegation or
ulative or rigging
The SEC in its show-cause
order
says
manip¬
.
the Commission has reason
Weld
&
1, 1934.
Although the report of the Banking
Committee says these securities are not registered "in a
Currency
constitute
and
sense"
true
false and mislead¬
of active trading in the common stock of A. O. Smith
Corp
contrary to the provisions of Section 9 (a) (2) and Section
20 (b) of the Securities Exchange Act of 1934; and
Whereas,
the Commission is of the opinion that pursuant to Sec¬
tion 19 (a) (3) of the Securities Exchange Act of 1934, a hearing should be
held to determine whether it is necessary .
.
.
to suspend for a period
ing appearance
expel the said .
.
. partners .
membership on the New York Stock Exchange, New York Curb
and the Board of Trade of the City of Chicago.
exceeding 12 months or to
from
Exchange
.
.
ter¬
include securities in respect to
category would
third
which there
periodic reports, or other
information substantially equivalent to that supplied for listed and
data,
registration statements,
through
available,
is
registered under the
other Exchange.
some
on
The
of securities duly listed and
category is
A second
law
registered securities.
the basic approach to the two last
"create a fair field of com¬
Exchangas as a group and the overthe-counter markets and allow each type of market to develop in accordance
with its natural genius and consistently with the public interest."
According to the committee report,
categories is the same and is an effort to
named
petition among Exchanges and between
trading would have to meet the
of the commission that there
the satisfaction
to
trading
unlisted
existed in the vicinity of
distribution of and sufficient
security to render the admittance thereof
sufficiently widespread public
the Exchange
public trading activity in that
to
second or third
burden of proving
admit any security in the
"Any Exchange seeking to
category to unlisted
Exchange
that
on
necessary
appropriate in the
or
found.
of investors," the committee
public interest or for the protection
Securities Act Is Amended
The Securities Exchange
into statutory
and dealers
the securities to be traded in those
Act is also amended so as to put
effect the administrative program
for the regulation of brokers
markets, as well as
markets.
doing
form
on
an
interstate business and filing of
the commission may
as
brokers and dealers
information about them in such
The standard of inclusion is based
provide for the registration of all
These amendments
prescribe.
purchase or sale of securities not
to induce the
interstate commerce
listed on national Exchanges.
other instrumentalities of
the use of the mails or
national securities
he files his regis¬
tration statement, an undertaking that he will keep the registration state¬
ment current by periodic information and reports substantially the same
as those required for securities registered on a national Exchange.
The undertaking would become operative only if the aggregate offering
price of the issue, plus the aggregate value of all the other securities of the
same
class, outstanding, computed on the basis of the offering price,
The amendments would
who seeks
require also that an issuer of
capital file with the commission, when
new
amendment provides that persons
Another
Registered Exchanges—Bill Passed by Senate
tablishes New Over-the-Counter Regulations
Es¬
regulations for trading in over-the-counter securities
would be established, and trading in unlisted securities on
New
registered Securities Exchanges would be extended indefi¬
nitely, subject to the decision of the Securities and Exchange
Commission, under Administration amendments to the
Securities
Exchange Act of 1934 which were unani¬
mously approved by the Senate on April 24.
Senate passage
of these amendments was briefly noted in the "Chronicle"
of April 25, page 2754.
The bill, which has been sent to
the House, is based on recommendations submitted by the
SEC after a study of unlisted trading and over-the-counter
faith and
Federal Reserve
liability.
who act in good
regulation of the commission or the
in conformity with any
Board which is later rescinded or
invalidated shall not be subject to
Heavy Burdens Placed on Those of Small Incomes
Through Government Financial Activities Shown
in a Study by Guaranty Trust Co. of New York
discussing the tax drain on low
In
incomes, in its issue
Guar¬
Survey," made public April 27, the
of "The Guaranty
anty Trust Co. of New York states that "those whose incomes
are moderate or low, and who believe that government dis¬
paid
citizens, have been
pathetically indifferent to the part that they play in govern¬
ment financial activities."
"The Survey" points out that
"when the rank and file of American people fully under¬
stand that the major share of the cost of government must
be borne by them and that the benefits created
by this
spending are being paid for at an exorbitant rate and at
the
expense
of
unwarranted deprivations,
government
officials will find that the shortest road to political success
lies in the adoption of sound financial programs and bal¬
anced budgets, and not in subsidies to special groups or in
flagrant distributions of gratuities for the purpose of con¬
ducting experiments foredoomed to failure by established
economic principles."
In part, "The Survey" continued:
for their benefit and are
bursements are made mostly
for
the
by
chiefly
of
one
income brackets have not
ment
is
that
they have
understandable
the leading reasons why individuals in the lower
fully comprehended their part in financing govern¬
facts presented to them in a readily
that is not surprising in view of the
financial channels through which their
not had the
a
manner,
prosperous
more
situation
this
indirect, such
are
latter
as
excise
offers
tax
of
type
With few exceptions, the taxes on lower
or hidden levies, and the incidence of
flow.
contributions to government
incomes
and
economic
intricate
of
maze
practically
insurmountable
resistance
to
analysis.
Heavy Burden
On
the
reasonable
an
basis
of
the
estimate of
income of
on
<m
the traceable
the
of $219
sum
taxes paid by a
a
the
assumption that their budget
year
is a
family of four having
York State
has been arranged to
It represents a deduction of $4.20 out
contribution to government
weekly income of approximately $48, or a
of
a
of
about
The
9c.
of every dollar
out
individual
income
earn
Small Incomes
mentioned,
(which is not subject to Federal and New
$2,500
taxes)
taxes
permit the operation of a used car.
to
be caused by an abrupt
mination of trading in them.
income
Securities Exchange Act Would In¬
definitely Extend Unlisted Securities Trading on
Amendments
anomaly," the committee
"unfortunate
an
"more harm than good" would
decided that
Undoubtedly,
to believe that during the
for the purpose of creating a
Co
admitted to such trading
securities
include
would
these
.
.
not
and
in part:
period
beginning on or about Jan. 1, 1935, and continuing to Oct. 17, 1935,the
partners doing business under the firm name and style of White,
Whereas,
of
first
The
privileges prior to March
amounted to $2,000,000 or more.
stock¬
$55 per share under the direction to
place this stock
in
April 24 to the New York "Times":
in over-the-counter
It has now been
the apprent
of any
trading.
The original law carried an exemption, which
expired yesterday (May 1), from its registration provisions
for securities having unlisted privileges.
The amendments
would permit unlisted trading in three categories.
These
were
described as follows in a Washington dispatch of
Whether Seurities
mine
May 2, 1936
Chronicle
must
or
work
the money
a
spent.
individuals
little
more
in
the
than
family
one
to meet these indirect tax levies.
supply
who
month
out
of
the
every
$2,500
to
year
Although data compiled
by the Department of Commerce indicate that a surprisingly large number
of lower income families own automobiles, even in the case of such families
that
do not
have automobiles the
would amount
total traceable taxes,
as
Certainly, it must be conceded that the tax burden on
families in this
and may make the difference in many
painful frugality and a relatively comfortable existence.
income
group
between
But
computed! above,
to#$183 annually, or about $3.50 a week.
the
is
severe
foregoing analysis
of the tax burden
on
instances
falls far short of giving the complete story
A vast amount of taxes is
the lower income groups.
distributors, and such taxes are regarded as a
part of the cost of production and are included to some indeterminable
extent in retail prices.
Although it is impossible to figure the amount of
imposed
on
producers and
Financial
Volume 142
those hidden taxes
total
paid by
given family, there can be no doubt
a
Extensive
that the
but
substantial.
is
remain
estimate of the Brookings Institution, based on
an
both
With
already
has
of
not
arrived, when it can no
that they
indirect taxes is
Certainly
several years.
to
are
Section
out of
last
forms of government in the United States in
$92.18 by 1932, marking
of
than
To
As
in
recent
the
domestic
At
warehouses.
$100,725,976,
end
the
March.
which
November
last
of
these
acceptances
compared
is
sale
in
reported by the large banks in New York City.
was
the
York
New
District.
In
the
Boston
Federal
is
slightly above that of
and San
Chicago
City banks,
is
in
to accommodate normal acceptance credit
greater tendency
a
where
close to
apparently
volume
the normal
Net
the recent survey
export
$856,942,
de¬
for
$3,080,669,
off
went
acceptances
financing goods
stored
shipped
or
$1,524,218 and1 acceptances for the
the
within
United
foreign
banks
above that
somewhat
been
the
folio for
month
the
for
of March
this
months,
the
average
$64,000
due
was
OF
BY
ACCEPTANCES
FEDERAL
OUTSTANDING
RESERVE
March
Federal Reserve District
which permits
(New York).
(Philadelphia)
4.
(Cleveland)
6.
7.
FOR
362,637,906
12,178,157
13,196.445
3,127,375
(Minneapolis)
22,419,929
2,528,257
574,235
4,781,124
21,897,372
530,284
783,138
175,000
2,659,800
24,364,327
$359,004,507
(St. Louis).
9.
""2,132",853
21,309,715
(Richmond)
(Atlanta)
(Chicago)
8.
10.
$31,732,128
283,939,427
"T,084",495
__
$376,804,749
(Dallas)
12.
(San Francisco)
Grand total
.
Decrease for month, $17,800,242.
852,220
TO
NATURE OF
March
31,
1936
the
shows
.
of
595
one
63
Feb.
$113,706,075
90,837,790
93,918,459
$101,296,008
122,201,692
9,757,481
7,733,975
126,081,113
1,797,706
8,931,815
72,187,019
2,386,161
87,199,438
85,675,220
106,135.832
56,562,959
Dollar exchange-
29,
2,411,396
goods stored in or shipped
MARKET RATES ON PRIME BANKERS'
APRIL
24,
ACCEPT&NCES
1936
Dealers'
Days—
Buying
Dealers'
Rale Selling
$2,000,000 of
the Banking
member bank
required to adjust its
was
such adjustment.
no
the Philadelphia Reserve Bank,
bank
This
National
into
by another, and
suspension
charter,
National
a
somewhat
is
different—593
This change in composition, in the
members.
National
under
The end of the year
State institutions.
distribution
the
bank
reflects
bank,
conversion
one
consolidation,
a
suspension caused primarily by
one
followed promptly by the setting
was
of
the
bank—which, however, does not have the status of
a
non-
absorption
defalca¬
a
of
up
the
up
Federal
a
new
member—by
a
Deposit
Corporation
Insurance
so
that
guaranteed
deposits
to $5,000 each might be made available quickly to depositors.
One
than
In
bank
State
balanced by
member
from
the
System, but this
was
more
the entry of three non-members into membership.
member banks
June,
withdrew
held two-thirds of the deposits of all banks in
the district.
Regulation Embodying Stock Margin Rules
of Governors of Federal Reserve System
Board
in
Reserve
signed to Provide
For Speculation
The scope
Bulletin—Restrictions
Control
for
of
Use
of
De¬
Credit
of the recently-issued Regulation U, relating to
loans made for the purpose of carrying stocks registered on
national securities exchanges, is discussed in the
April num¬
"Bulletin," issued April 26 by the
Board of Governors of the Federal Reserve System.
Under
Regulation U. effective May 1, the Board fixed a margin
ber of the Federal Reserve
between foreign countries
Dealers'
jto $856,000 in
over
capital and surplus currently entitle it.
a
and 61
but
total,
State
State bank
of
$112,849,133
_.
CURRENT
well
of
following to say:
National
were
same
banks
of
tion.
March 30,1935
Domestic warehouse credits
on
which
beginning of 1935 member banks in this district numbered 656,
the
member
CREDIT
1936
Domestic shipments
Based
its
Act
surplus account required
Discussed
Imports
1934
in
conformity with
in
7,"
operations.
piember to hold only that amount of Federal
a
the membership in
Scope of
Decrease for year, $106,855,509.
CLASSIFIED ACCORDING
Exports.
there
as
$465,860,016
528,263
1,932,068
18,199,906
557,552
(Kansas City)
11.
much
as
Membership
March 30,1935
$30,936,999
In
"Surplus—Sec.
from
$926,000
retirement
September,
stock to which
decrease in
a
As to
DISTRICTS
Feb. 29, 1936
$31,975,267
267,840,118
12,273,935
3,032,504
490,247
1,299,776
18,453,038
530,984
714,428
(Boston)
2.
3.
1936
31,
over
advances to industries
port¬
being $835,000 compared with approximately
DOLLAR
1935.
funds turned
holdings of Reserve Bank stock when its capital was increased or decreased,
but
At
COUNTRY
from
the
to
in
the passage of that
case
6.
stock
the report has the
BANKERS'
of
use
13-B."
regular
from
payments
principally
capital
National and
1.
withdrawn
was
dividend!
in
Bank
Mr. Bean:
ENTIRE
the
only $792,000, insufficient to meet $856,000
accumulated
earnings
Bank's
of which
TOTAL
$868,000 in
amounted! to
"Surplus—Sec.
to
following is the report for March 31 as made avail¬
able by
buildings and premises in
on
which deals with
Act,
net earnings
Prior to
$600,000 in February.
The
transferred
was
Act of 1935,
survey
for contingencies and
reserves
year.
distribution
attributable to
profits
the
building
to the
during the
for
Reserve
past several
a
for depreciation
aside
Federal Reserve
the
decline
1935
$825,666.
reporting under
of
by the Secretary of the Treasury in accordance with Section
dividends,
the
countries
held on March 31, $149,695,844 of their own bills and $171,145,017 of other banks' acceptances,
a
total of $320,840,861.
The volume of bills in the discount market has
Accepting
of
A
increased
of financing domestic shipments
between
purpose
increased
States
bank
represents
exchange
in
from
working capital; $42,000 of the $76,000 was paid to the Secretary and
of
the
for
decreased
$3,307,000 to $2,668,000,
payment of a special
in Washington for the
System.
This was due principally
and
expenses
had to be added
available
then remained of
declined $588,455, while the largest
reductions, that of warehouse acceptance credits,
amounted to
$15,624,060.
On the other side, acceptances created for the purpose of
dollar
additions,
sundry
reduced, from
were
construction
construction
new
$34,000
all
of
and
in current
the
that little
earnings
this
13-B
it is noted that import acceptance credits went off
acceptances
creating
of
purpose
businesses
securities
from earnings
toward
$76,000 represented
to
credit business has been maintained.
In
States
of
Bank
Reserve
established!
to
increase
some
of
view
activity of acceptance
and
made
nothing had to be set
department than is the case in other districts
mands in the commercial loan
the Federal
United
of
to the fact
the
directly
is
have been made in connection
field investigations
Board of Governors of the Federal Reserve
year
a
districts
of
Deductions
related to the very heavy excess cash
the banks in this principal center.
Also, it is seen that
course,
found
reserves
there
of
Francisco
than 300
report:
assessment
ago, while in the Philadelphia,
decline amounts to 7%, 15.7%
and 12.5%, respectfully, against 26.2% for New York City banks.
This substantial reduction in the use of acceptance credits in New York
volume
72% of the total.
or
more
loans
despite
District the
Reserve
gratifying cooperation by
by their participation in
bank;
this
$4,350,000 in 1934 to $3,536,000 in 1935.
Compared with
the total outstanding at the end of March, 1935, the current figures show
a
reduction of 22.9%, of which reduction, in dollars, 89% was incurred
herein
by
district is evidenced
Philadelphia from working
increased materially during
1935, but amounts derived from discounts for member banks and purchased
bills were
negligible and income from securities of the United States
Government
declined
from
$3,152,000 to $2,821,000 in the face of an
increase in
average
holdings.
Total earnings, including profit on the
capital
with $56,562,959 at the end of
Also, almost all the total reduction in- acceptance volume shown
totaled
From
applications.
the
in
Profit and Loss Account
Mr. Bean continued:
months, continuously since Nov. 30, 1935, practically all
is in the volume of acceptances representing goods stored
reduction
of
off
136 applications in the aggregate amount
approved
were
In the
sharply in the year.
rose
falling
applications.
Earnings
ing the survey on April 27.
in
approved
some
was
Regarding the earnings of the Bank, we take the following
Secretary of the Council, in issu¬
Robert H. Bean, Executive
date
from the
$359,004,507, which is $106,855,509
outstanding at the end of March, 1935, said
was
$22,992,000
with the
the total volume down to
less
loans
such
there
to the end of 1935,
$16,543,000,
declined
acceptances
of
months
six
commercial
and
industrial
to
report added:
banking institutions in the
$17,S00,242 as shown in the monthly survey of the American
Acceptance Council as of March 31.
This reduction brings
bankers'
of
Federal Reserve Act in June,
available
The
The amount
Outstanding Bankers' Acceptance Dropped $17,800,242
During March to $359,004,507 March 31-—Domestic
Warehouse Credits Responsible for Most of Loss
volume
"there was continued activity
of credit to industry under
to the
added
capital
June, 1934,
total
corporate
report,
the
in the extension
13-B,
working
last
The
surplus of
open
market
The
for
rates
to
of the banking situation,
funds was reflected in the
paper
and small yields on
obligations.
feature
outstanding
an
high-grade
businesses."
increase of more than 200%.
an
Bank.
1934, which authorized Reserve banks to assist in making
only $28.74; but this figure rose
capita burden of
per
a
low
during 1935
painless.
in population at the same rate as in the
Receipts of all
represented
of
made by the member banks,
allowed to
were
of the growing supply of funds was
nationally.
and
According
of government cannot long continue to rise
the cost
proportion to the expansion
1912
arrive, if it
longer be maintained that the advantage
were
and
continuance
to increase, the time should soon
tending
and
severe
reserves
locally
government
burden on this income
considered moderate, and with the tax
is
investments
of
portion
deposit at the Reserve
on
Excess
about 42% of all the families of two or more persons in
have incomes below $1,500,
below what
purchases
considerable
a
.
.
the 1930
this country
and the income of 71% is less than $2,500.
nearly three-quarters of all American families living on an income
According to
census,
2919
Chronicle
Dealers'
Days—
Rate
30
3-16
X
120
60
3-16
3-16
x
X
150
90
180
Buying
—
Selling
Rate
Rate
requirement of 55% for loans through banks, similar re¬
quirements for loans through brokers, under Regulation T,
having been made effective April 1.
The regulations were
given in full in these columns" March 28, page 2059. In the
X
3-16
%
Ys
5-16
Reserve
5-16
strictions
"Bulletin"
at
this
it is stated
time
has
the
that
"adoption of these re¬
advantage of providing for
control of the use of credit for speculation in securities with¬
out
Annual Report of Federal Reserve Bank of Philadelphia
—While Bank Loans in
District
Declined, Marked
Expansion Occurred in Deposits—$22,992,000 in
Applications for Industrial Loans Approved
In its annual report
of
Philadelphia
for 1935 the Federal Reserve Bank
states that
"while bank loans declined
in
limiting the supply or raising the cost of credit avail¬
able for
commercial, industrial
regulations of
membership
March
21,
the
of
page
Federal
which
1908,
the
appeared on page 2060 of
was
Committee's regulations,
bursements
on
a
broad
scale."
The report also
says:
April "Bulletin":
Open
agricultural borrowing."
Market
indicated
was
this district, there was a marked
expansion in deposits which
ascribed largely to the continuance of government dis¬
or
Besides what is has to say as to margin rules, the Board,
in the April "Bulletin," also comments on the Open Market
Committee's
our
we
in
Committee,
these
regulations
March 28
issue.
the
columns
having
As to
the
quote the following from the
Financial
2920
the Committee's regulations, which were adopted pur¬
By the terms of
all
purchases and sales of government securities by Federal Reserve banks must
suant
be
to
made
decline
to
directed by the
Federal Open
carry out open market transactions in accordance
policies adopted by the Federal Open Market Committee.
The
in
engage
The
is
the
in
System
accordance
in
Committee.
the Executive Committee of the
to
Execeutive Committee
held
the duty of allocating the obligations
also given
was
market account among the Federal Reserve banks
open
with
by the Federal Open Market
also prescribe rules for open
determined
principles
Committee's
The
except as
market operations
open
duty of
Committee
the
law no Federal Reserve bank may engage in or
and under the
Committee.
with
adopted by the Federal Open Market
with policies
in accordance
Committee,
Market
contained in the Federal Reserve Act aa amended,
authority
regulations
margin requirements, the Board has
in the "Bulletin":
new
tlie following to say
:
of Security Loans
Regulation
3
On March
regulation (Regulation U)
a
on
banks in the United
System,
borrow
States, whether or not members of the Federal Reserve
to
funds
by
ential
55% on loans subject to
Regulation IT, except for certain loans to brokers and dealers in securities.
At
the
fixed
its
in
dealers
in
of
requirement
margin
a
Board changed,
time the
same
ments
and
fixed
effective April 1, the margin require¬
which relates to loans made by
Regulation T,
brokers
conformity with the margins
securities, to bring them into
required under Regulation U for loans by banks.
The Securities Exchange
the
Federal
registered
Reserve
and)
dealers
to
issue
securities.
on
order
In
the Act it also
prevent circumvention of the provisions of
Board
with respect to loans
in
to
authorized the
regulations relating to loans made by others for purchasing
carrying registered securities.
or
In
and
of
accordance
dealers,
the
brokers
and
of
old)
loans
that
dealers,
bank
time
but
declined,
there
been
has
securities,
on
within
months
recent
period
the
trading
the
stock
stock
on
customers
Required
exchanges has
their
and
margins
liquidation
been making
prices
as a
prescribed in
shown
Regulation T
and brokers'
increased,
advances
also expanded.
during the
result of the automatic operation of the margin formula
partly because of
and
in
margin
effective Feb.
requirements
1936.
As
by brokers
loans
on
increase in
an
1,
the
in
their
security from
broker and from
a
order to
there
or
law
in
and the
order to
Board
differences
be in
adopted
both
from banks,
the
better
a
a
given
nature
of
the
and
imposed
basis
even
enterprises will
the
as
and
permit,
speculative expansion, the
a
the
margin
same
requirements
lenders.
of
for control of the
of credit for speculation
use
in securities without limiting
agricultural borrowers.
or
with
so-called
extent that
since
carrying
or
not
the
restrict
otherwise,
for
other
any
on
Btocks
it
for
national
on
except the purchasing
purpose
exchanges.
bank to extend credit, whether
a
commercial, agricultural
exchange.
on
industrial
or
It does not prevent
securities
or
for
or
outstanding
loan,
to
or
call
outstanding
any
Certain loans
securities
loan
from
exempt
loan
The
exempted
the
not
the
transactions in
in
securities to aid in financing the
subject to
provisions
loans)
secured
by
Regulation
of
securities that
U.
Regulation
are
values prescribed
of
U,
as
distribution
to banks
Loans
loans
are
also
are
finance
to
essentially cash transactions.
in Regulation
stocks,
of purchasing
purpose
because
/
to dealers
are
U apply to loans
whether
not
or
(other than
registered,
carrying stocks registered
or
is
that
a
are
Loan
loan made solely for the
not
registered
values
on
a
prescribed
purpose of
purchasing
Regulation
U,
apply only to the initial extension of credit and
drawals
of
collateral.
incurred
on
or
registered
be
for
after
stocks
considered
all
or
the
in
for
determining
increase
an
require lenders
to call
for
the
amount
as
prescribed
though the margin
may
is
make
on
an
collateral
the
of
such
loan.
if
the
in
Under
a
furnished sufficient to margin the
customer
amount
loan value of
stocks
serving
as
is
to
are
available
dealers
or
market
The
in
securities,
value
Board
of
also
the
was
stocks,
prescribed
fixed
by
of the additional
equivalent
the
same
case
do
to
a
loan
a
bank
action
of
continued
previously prescribed loan values, which
sliding scale depending
the type
upon
had advanced from their low
In
to
the
their
case
of loans
customers
in
covered
by
This result
year.
The
a
loan of the
45% of the current
Regulation T
and
thereby dis¬
in the nature of
a
the extent to which the prices of the securities
loan
the
from
the
by banks to brokers and dealers who extend
with
Regulation
T,
year
automatic
an
value of
advanced,
that
1934, to
(222% since Feb. 1,
could
profits
be
not
margin
any
used
or
ceased
to
statutory formula
of restricting the
use
of
formula—the automatic increase
in
as
statutory
active stocks had reached
55%.
would
in higher
have
resulted
means
a
unnecessarily
of
generally
value,
by
used
It
For
for
Adoption
securities
in
hand,
large volume
a
as
a
is simple, easily
determining
margin
percentage
understood,
requirements
on
Board, therefore, that in the
flat rate for banks would best
of
uniformity the
requirement
that
serve
the public
the
to
caused
the
level.
it
requirements
was
in
then
greatly
rules
new
The
relaxation
as
Regulation T
was
adopted
has placed all
the
About three-fourths of the trading in securities
same
no
in
requirement
same
previously required for securities that had
was
this basis, and
on
statutory formula
margin
possible,
was
brokers.
the basis
already
therefore,
sake
by
rise in price.
securities
since few banks have
other
banks
a
of the 65%
on
rapid
a
and pyramiding
the judgment of the
was
the
loans
most
each dollar of advance in price.
A single figure expressed
the
on
existing banking situation
interest.
on
familiarity with market quotations and with the intrica¬
market
security loans.
margins,
on
for banks,
onerous
security loan business.
a
is
1936, however,
margin required
judgment, furthermore, the statutory formula would have
of security loans or
current
the
since
Further price increases for these securities
though only to the extent of 45c.
the Board's
for
another
was
,
the
operate for most securities,
not
margin
as
This so-called "anti-pyramiding" aspect
advantages of
that
was
rise in its price
a
margins and' the limitation of pyramiding—had by March,
had
without
1936) of its lowest price, with
withdrawn
in the stock market.
These
and
in
margin
40% early this
over
increase in the required
security remained unchanged during
a
advantage of the
of
in
advance
of the merits of the statutory formula.
automatic
133% to 182%
result
been
margin
rise
1936.
The average level of margin
had
securities
Regulation T in October,
additional purchases.
In
in
rapid
or
raised the
requirements for
newly-adopted margin requirements,
requirements
operating.
simplified
compared
as
At the
operations
same
under
with
the
time the
new
the
Board's
regulations.
$117,748,000 Tendered to Offering off$50,000,000 of
273-Day Treasury Bills Dated April 29—$50,110,000
Accepted at Average Rate of 0.089%
j
Tenders in amount of $117,748,000 were received to the
offering of $50,000,000, or thereabouts, of 273-day Treasury
bills, dated April 29, 1936, and maturing Jan. 27, 1937, of
which $50,110,000
were
accepted, it was announced on
April 27 by Henry Morgenthau Jr., Secretary of the Treas¬
The bids
the
received at the
were
branches
thereof up to
Time, April 27.
As to
the
2
Federal
p.
m.,
accepted
Reserve banks
Eastern Standard
bids,
Secretary Mor¬
genthau said:
Except for
one
bid of
99.940, equivalent to
lent
to
a
price
average
rate
rate
is about
of
$15,000, the accepted) bids ranged in price from
rate of about 0.079% per annum, to 99.929, equiva¬
a
of about
0.094%
Treasury
0.089%
per
per
bills
on
Previous reference to the
was
made in
our
issue of
annum,
to
annum
be
a
on
issued
bank
a
is
bank discount basis.
99.933,
The
and the average
discount basis.
offering of the Treasury bills
April 25, page 2751.
Treasury Operations and Member Bank Developments
in March
Reviewed
by Board of Governors of
Federal
Reserve
System—Excess Reserves of $2,Sufficient to Provide for Expansion
In
the
Federal
Beyond Needs
Reserve
April "Bulletin," made public
April 26, the Treasury operations during March are discussed,
and in stating that the
large financial operations occurred
without causing any disturbance in the
money market, the
Board of Governors of the Federal Reserve
System note that
"notwithstanding the reduction of $700,000,000 in member
bank
excess
reserves
during the month and the decline in
bankers' balances held
points since July, 1933.
accordance
occurred!
traded
was one
for the
reason
of Bank Credit
were
the past
The operation
increases
by the Board, from about 30% of current market value at the time
300,000,000
margin requirement of 55%.
effective April 1; for
in
actively
on
the issuance of
loan.
value,
collateral
loans of
at
there
not
Even
of certain loans to brokers
the Board
by
falls below
market.
provided additional collateral
collateral security for
type covered by Regulation U, except in the
during
requirements with rising prices of securities.
requirements
Margin Requirements Adopted
The
about
brought
had
discussed in the "Bulletin" for February,
was
formula
this
which
by brokers
loans
on
prices
carrying
or
regulations
margin
the
T,
bank
a
indebtedness
The
decline
a
margin
requirements
and with¬
to
outstanding loan should be thus reduced,
additional advance to
an
borrower
a
of purchasing
purpose
securing
collateral
result
Regulation
whether any collateral
in
additional
the
of
45 to 55% of current market value.
formula,
ury.
carrying stocks
to substitutions
indebtedness
May 1, 1936, for the
and
together
withdrawal
/entire
The
or
under
as
the Act,
in
authorized
its lowest price
have advanced in price above
may
from
and
national securities exchange.
under
down
specifically
is
Effective Feb. 1, 1936, the Board changed the maximum
July 1, 1933.
this
national
a
exchange.
A loan secured) exclusively by a bond or made for the
of purchasing or carrying a bond is not subject to the regulation,
purpose
laid!
formula
conditions,
in
statutory formula provided for a sliding scale of required
security
a
of
and made
on
securities
nor
of the margin
changes
,'/■ v
55%, the Board departed from
prescribed in the Securities Ex¬
stocks registered
require
any
for
does
not
bank from taking
a
insufficient collateral.
of
It
purpose,
carrying of
or
of purchasing
purpose
securities
loan collateral in addition to that required by the regulation, nor
a bank to reduce any loan, to obtain additional collateral
any
does
right of
any
national securities
a
for
registered
of
margin
standard but
a
margin required
was
Regulation U relates only to loans made for the
as
margins varying from 25 to 45% of current market value, according to the
all
Scope Of Regulation V
of securities, and
sufficient securities to enable
Act.
also
raising the cost of credit available for commercial, industrial
or
purchases and sales for their customers
with
payments or
Modification
accordance
The
Adoption of these restrictions at this time has the advantage of providing
the supply
differ¬
and to
find it necessary to make payments
minimum
a
stated
change Act.
in
cies
an
bor¬
whether the
purposes,
nearly
as
on
position to control
Regulation U
classes
was
on a
bank.
a
place borrowing for speculative
rowing be from brokers
margin
obtain
brokers in a position to
that brokers and dealers need such a
appears
possession
prescribing
formula
the
result of
a
It
dealers.
In
advance,
growing differential between the amount that could be borrowed
on
new
sustained
a
borrowings from banks have
requirements made by the Board
increases
have
by brokers to customers increased
loans
on
period largely
in
to
the
smaller amount of securities than the
have to pledge with them to obtain the same
in connection
receipt of
to the
have
credit
year
past
activity
their
In
those
decline has
continued
a
that banks have
appear
During most
except
securities.
on
these
loans
during this
it would
security loans,
During
to
since
Since
ceased.
Regulation T, relating to loans by brokers
issued by the Board, effective Oct. 1, 1934.
was
period
the law,
with
dealers
because they need
them to make
deliveries and transfers without delay.
Loans to brokers and dealers collateraled by their own securities (other than exempted loans) are subject
to the same margin requirements as are loans to persons other than brokers
Act of 1934 required the Board of Governors of
brokers
by
margin of 40% of the
a
somewhat
they frequently
deliver securities
securities
System to issue regulations
securities
or
which such brokers and
customers.
customers put
a
customers
money.
because
It is not retroactive.
Boardl
60%
of
The lower margins required from brokers when they
repledging
amount of
Exchange Act of 1934 and relates to loans made on or after May 1, 1936.
The
value
registered stocks
account of
their
carry
amount which the
relating to
issued pursuant to the provisions of Section 7 of the Securities
was
the
previously been 20%.
loans
by banks for the purpose of purchasing or carrying stocks registered
national securities exchanges.
This regulation, which applies to all
for
value
The same margin was fixed
for loans by brokers and dealers to other brokers and dealers subject to
Regulation T or to foreign brokers and dealers for the purpose of carrying
accounts for their customers.
The margin required on
such loans had
and
issued
Board
the
25
special loan
a
'carrying for
are
to
Regarding the
U
Regulation
current market
prior
in obligations other than government securities.
market operations
May 2, 1936
Chronicle
credit
the Board! fixed
in
volume of
large."
in the larger financial
centers, the
surplus funds in possession of banks was still
It is added that "excess reserves, at $2,300,000,000,
Financial
Volume 142
bank
provide the basis for expansion of
sufficient to
were
Balances
held by reporting member banks in New York City for other
banks amounted," it is stated, "to almost $2,200,000,000, and
those held by reporting member banks outside New York
City,
largely
on
behalf of
banks in
smaller cities,
credit
beyond present or prospective needs.
far
$3,200,000,000."
•
in detail, as follows:
From the "Bulletin" we quote more
Decline in Excess Reserves
;
balances of member banks in
Reserve
after
of legal requirements,
excess
remaining at about $3,000,000,000 since early in January, declined sharply
after the middle of March to about $2,300,000,000, and continued at that
level
the month.
This marked the lowest point
and compared with the temporary
during the remainder of
last year,
middle of
the
reached since
decline in excess reserve
the Treasury with the
Federal Reserve banks through the receipt by the Treasury of income and
gift taxes and of cash payments for new government securities issued on
March 16.
During the month Treasury deposits at the Reserve banks rose
peak of $3,300,000,000 attained in December.
The
balances was due to an
increase of deposits of
from about
the volume of
Excess reserves at
expansion of bank
credit far beyond present or prospective needs.
Balances held by reporting
member banks in New York City for other banks amounted to almost
$2,200,000,000, and those held by reporting member banks outside New
York City, largely on behalf of banks in smaller cities, to $3,200,000,000.
Notwithstanding the decline in excess reserves during the month, money
rates in the New York money market remained at the extremely low level
of the past two years.
The rate on four- to six-months' commercial paper
remained at % of 1%, to which it was reduced at the beginning of 1935,
bonds
$2,300,000,000
when
excess
$600,000,000
the new
privilege of exchanging their notes for either the bonds or
With a total of $560,000,000 of these notes outstanding,
the
exchange
notes.
$496,000,000 for the bonds and $48,000,000 for the
for bonds marks a change from the situation at
the recent past when a choice has been given the
subscriptions totaled
notes.
This
various
other
holders
of
61%
preference
70%
purchas¬
the
reflecting
the
March by inoome tax payments
and exceeded expenditures by about
gift taxes of nearly $150,000,000,
As
$150,000,000.
$1,100,000,000
at other depositary
Treasury deposits had been built up to about
and to
banks
Reserve
Federal
the
result of all of these transactions the working balance
a
increased by $1,100,000,000 during March, and by the end
the Treasury
of the month
at
bills that matured on March 16.
Receipts were
of more than $400,000,000
of Treasury
$450,000,000
also increased in
and
of these new securities, partly offset by
Treasury notes that were exchanged and of about
issuance
the
of
retirement
in
increased by $950,000,000
interest-bearing debt of the Treasury
The
March,
$1,000,000,000
banks.
Reporting Member Banks
bank developments during
Member
March
were
influenced by these Treas¬
banks
Loans and investments of weekly reporting member
operations.
ury
other
than government deposits, declined.
Member banks increased their holdings
of direct obligations of the United States Government in connection with
the new Treasury offerings.
During March reporting member banks also
expanded their holdings of other securities and their loans.
Deposits
in
leading cities increased sharply, while their reserves and deposits,
during the month as a result of payments of taxes to the Treasury
decreased
and
purchase by depositors of United States Government securities.
decline in excess reserves of member banks during March occurred
the
The
Early in the month banks outside New
chiefly at New York City banks.
York
added to their excess reserves and built up their balances with
City
City banks through the sale in the New York market of United
States Government securities maturing March 16 or exchangeable for new
New
York
issues
dealers
March
11,
funds borrowed
with
banks.
York
government
the
and
other
dealers
and
in
in
banks.
In the
balances
and
purchased by
weeks
two
with
balances
in
City banks
New York
New
in
sold
ending
reporting member banks
holdings of government
table,
in
decline
a
reserve
hand,
increases
some were
following
showed
in
securities
banks and
from these
the
in
City
and increases
On
reserves
brokers
indicated
as
New
securities
these
of
Some
bought by New York City
were
outside
date.
that
on
York
showed
domestic
decline
a
in
loans to
in New York City, and in deposits held
holdings of
securities
securities,
government
in
for domestic banks.
tiie
After
turn
ments to the
there
ties,
government and subscribed to new issues of government securi¬
was
reduction
ing obligations,
deposits,
demand
and
corporations,
which
State
include
and
local
showed
small
a
their holdings
in
decline
of government
while banks outside New York City made large purchases of the
securities,
and
issues
paid
account at
Treasury
adjusted
in
partnerships,
New York City banks, which held a large amount of matur¬
governments.
new
a
individuals,
of
deposits
midmonth, when the public made large tax pay¬
the
them
for
partly
cash
in
the purchasing banks.
and
partly
by credits
In transferring funds
Treasury,
and
their balances with
upon
York
City banks,
the
drew
withdrawal
of
their
upon
deposits held
to
meet
of
for
ammouncement was made by Henry Morgenthau, Jr., Secretary of the Treasury, of a new offering of
Treasury bills in two series to the aggregate amount of
$100,000,000, or thereabouts.
The plans of the Treasury
to offer weekly issues of bills in amount of $100,000,000
instead of $50,000,000 as has been the practice during the
past several months, is noted elsewhere in these columns
today.
The tenders to the new offering will be received
at the Federal Reserve banks, or the branches thereof, up
Eastern Standard Time, Monday, May 4.
Bids
at the Treasury Department, Wash¬
to 2 p.m.,
will
be received
not
ington.
City
Change
Amount
on
Mar. 11-
Feb. 26-
on
Mar. 25
Mar. 25
Mar. 11
Mar. 25
Mar.
11-
Mar. 25
Feb. 26Mar. 11
898
—129
+ 158
36
+1
+6
3,476
—46
+ 91
+ 318
—193
1,949
—276
—308
5,384
2,059
—348
+ 152
78
—1
+2
2,152
—188
+49
5,869
—84
—67
7,878
—210
+ 18
197
+ 66
580
+ 201
2,187
—264
3,198
—183
United States Govern¬
Balances with domestic
deposits—ad-
Justed
U. S. Govt,
Deposits
of
deposits..
Continued Ease in
These
in
large
-
+ 112
bank
market.
excess
without causing
any
disturb¬
Notwithstanding the reduction of $700,000,000
reserves
+ 58
Money Rates
financial operations occurred
in the money
member
-
domestic
banks
ance
...
during
the
on a
discount
highest bidders, will be offered in amount of
$50,000,000, or thereabouts.
One series will be 223-day
bills, maturing Dec. 15, 1936, and the other 273-day bills,
maturing Feb. 3, 1937; both series will be dated May 6,
1936.
The Secretary pointed out that bidders are required
to specify the particular series for which each tender is made.
The face amount of the bills of each series will be payable
on their respective maturity dates.
There
maturity of Treasury bills on May 6 in the amount of
without interest
is
a
$50,102,000.
The following is from Secretary Morgenthau's announce¬
ment of April 30:
The bills will be issued in bearer form only,
nations of
and in amounts or denomi¬
$1,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity
value).
No tender for
must
an
amount less than $1,000
be in multiples of $1,000.
the basis of 100,
Each tender
will be considered.
expressed on
three decimal places, e. g., 99.126.
The price offered must be
with not more than
be used.
Fractions must not
incorporated banks
dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
Tenders will be accepted without
and trust companies
cash deposit from
and from responsible and recognized
accompanied by an express guaranty of payment
are
by an incorporated
bank or trust company.
receipt of tenders on May 4, 1936,
the Federal Reserve banks or branches thereof up
Immediately after the closing hour for
all tenders received at
to the
closing hour will be opened and public announcement
of the acceptable
possible thereafter, probably on
morning.
The Secretary of the Treasury expressly reserves
to reject any or all tenders or parts of tenders, and to allot less
amount applied for, and his action in any such respect shall be
prices for each series will follow as soon as
the following
the right
than the
final.
Any tender which does not specifically
will be subject to
the
acceptance
rejection.
or
refer to a particular series
Those submitting tenders will be
rejection thereof.
Payment at the price
advised of
offered for
Federal Reserve banks in cash
May 6, 1936.
Treasury bills allotted must be made at the
other immediately
available funds on
bfcThe Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision
the
gift tax.)
bills shall be
poses
4550, ruling that Treasury bills are not
exempt from
No loss from the sale or other disposition of the Treasury
allowed as a deduction, or otherwise recognized, for the pur¬
of any tax now or hereafter imposed by
Department
the United States or any of its
Circular No. 418, as amended, and this
prescribe the terms of the
their
notice
of
Treasury bills and govern the conditions
issue.
"Comfortable
Change
Demand
be sold
Each series of the bills, which will
basis to the
thau Says
banks
Bills
223-Day Bills and $50,000,000 of 273-Day
On April 30
month
and
the
decline
in
Cash
Balance"—Secretary
Weekly
Seeks
Morgen-
Large Borrowing Will Be Made June 15.
the Treasury Morgentiiau announced on
April 29 that beginning. May 4 the Treasury will increase
its weekly sales of bills from $50,000,000 to $100,000,000
to provide funds for payment of the soldiers' bonus and to
maintain a "comfortable cash balance" because of unsettled
world conditions.
The extra $50,000,000 in bills sold each
week on a discount basis will mature on Dec. 15.
Also on
that date $357,921,200 in 2%% notes will mature.
The
other weekly $50,000,000 will be in bills maturing 273 days
from issuance.
Mr. Morgenthau also announced that the
Treasury would make a "healthy borrowing" on June 15,
when $686,616,400 in iy$% notes mature.
He did not
indicate how much this offering will be.
Further details of the announcement follow, as contained
in a Washington dispatch of April 29 to the New York
Secretary
Reserve balances
Bills in Two
1936—$50,000,000
Treasury to Increase Bill Offerings $50,000,000
to
Provide
for
Bonus
Payments—Also
Banks Outside New York
Amount
average
balances largely
banks.
This series
interior
Banks in New York City
of 1%,
reserve
[In millions of dollars]
obliga'ns
had first risen to a level of about
Offering of $100,000,000 of Treasury
New
Treasury
REPORTING MEMBER BANKS IN 101 LEADING CITIES
ment direct
banks
90-day acceptances continued at %
Treasury bills sold at a similar low rate.
The
on
possessions.
developments is indicated in the table.
Street loans
member
The rate
January and February,
the
to
their reserve balances
banks, chiefly in New York City.
domestic
in turn,
centers,
declined some¬
slightly above
2%%, the lowest average yield for these bonds in post-war years.
Yields
on high-grade
corporation bonds also continued at a low level.
in
to
banks outside New York City drew upon
New
financial
banks was still large.
of
long-term United States Government bonds, which
continued during March at
on
what
or
of
of
reserves
short-term
yield
an
paid for by increasing government deposits at
were
banks.
ing
of
and $677,000,000 for the notes.
immediate-payment basis, while
bonds
the
for
cash sales were on
the
of
the remainder
and exchanges,
subscriptions
cash
both
including
March,
$1,224,000,000
About
The
exchanges were for new notes rather than new bonds.
in
issues
totaled
choice in December,
In the case of a similar
maturing issues.
of the
new
in
times
larger
the
sufficient to provide the basis for
were
$2,000,000,000.
and
of
March included an offer for
Treasury in
of
about
and
in
Series—Both to be Dated May 6,
about $650,000,000 of 12-15-year 2%% Treasury
of five-year \Vz% Treasury notes.
In
addition, holders of 2%% Treasury notes maturing on April 15 were offered
public subscription
held
surplus funds in possession
Treasury Operations
of the
balances
bankers'
$400,000,000 to $1,100,000,000.
debt operations
Public
2921
Chronicle
"Times":
of
2922
It
was
in cash
Financial
Chronicle
expected that, through the larger bill offerings, about $350,000,000
would be added to
the
Treasury balance by June
President's proclamation was made in our issue of Dec.
15, and about
1933,
$650,000,000 by the end of July.
Officials
regarded it
Treasury would
finance
is
the
have
likely that by the
as
fairly
About
bonus.
2,000,000
method of ascertaiing what percentage
no
About
but
in
needed
to
$50 bonds,
ended April 24,
1936:
;
the
bonus
San Francisco
-
"
-
Total for week ended April
-
Total receipts through
$87,786,050 in cash payments of odd amounts
-
The
$50, and $60,000,000 to repay banks for loans made to veterans
24, 1936
April 24, 1936
receipts of newly-mined
April 17
There will be
bills will have
new
be paid off in cash,"
of the
payment
Transfer of silver to the United States under the Execu¬
tive Order
monthly may be raised by
of
it
months."
offering
was
■
SILVER TRANSFERRED
The Treasury's "working cash balance," April 24, the last day available,
Week ended April
"We desire to maintain
large, healthy balance because of international
a
conditions," Secretary Morgenthau said.
the till.'
'in
"It is
the
"We do not have enough
UNITED
24, 1936:
Philadelphia.
STATES
*
5,152.00 fineounces
1,035.85 fine ounces
4,109.00fineounces
...
..
question of getting enough money to meet the bonus and protect
government's position in the least expensive manner,"
the
April 27
1934)
San Francisco
.
on
'
,
New York
money
Denver
a
TO
(Under Executive Proclamation of Aug. 9,
$2,068,058,074.
was
The tabulation made available
by the Treasury follows:
ft?
/. '
<
announced.
ury
$50,000,000,
the subscriptions $117,748,000, the average rate 0.089% and the allocation
$50,110,000.
Total receipts since the order of
(given in these volumns of Aug. 11, 1934, page 858)
issued amount to 112,749,171.49 fine ounces, the Treas¬
was
-V-.;'-.V::H
.
tabulation issued by the Treasury
a
Aug. 9
basis of funds similarly obtained in recent
On 273-day bills sold by the Treasury today the
made known in
was
Department on April 27.
be insignificant, probably around an average
one-eighth of 1%, on the
of Aug. 9, 1934, nationalizing the metal, was in
10,733.69 fine ounces during the week of April 24,
amount of
exact
method.
this
By July 15 the Treasury will know what funds will be necessary.
"The rate of interest wll
to
10,733.69 Fine Ounces
accumulating funds for
of the difficulty of estimating the
because
$200,000,000
Order During Week of April 24 Amounted
tion
conversion privilege, and at maturity will
Secretary Morgenthau said.
bonus
About
of
week
during the
Silver Transferred to United States Under Nationaliza¬
Privilege
"This method gives us the elasticity we need in
amount.
silver
1,412,305.90 fine ounces
79,279,893.84fine ounces
"set-off" because of liens against adjusted
Conversion
no
ounces
ounces
♦"
$1,228,000,000 by reason of loans.
No
"The
a
ounces
noted in these columns April 25, page 2752.
were
About $507,000,000 will be transferred to the government life insurance
service certificates of
-
»;
be
would
during the early days of bonus borrowing.
fund in bonds.
438,083.03 fine
966,549.89 fine
7,672.98 fine
Philadelphia
Denver.
pay
31,
April 27
statement issued
the
(Under Executive Proclamation of Dec. 21, 1933, as amended)
Week
Estimates fix $1,836,213,950 as the amount to be paid
$1,984,000,000.
veterans
cash
of
amount
Below is
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES
there
.
maximum
under
applied,
to
will demand payment in cash.
information.
to
needed
according to Mr. Morgenthau's
800,000 have not applied so far,
The
have
veterans
cash
4441.
page
by the Treasury Department:
middle or end of July the
knowledge of the
accurate
May 2, 19S6
.
436.84 fine
...»
ounces
New Orleans
Secretary
Seattle..
-
....
added.
"June
than
15
might overshoot the mark; that is,
we
would
be needed,
or,
on
borrow more money
the other hand obtain less than would be
payment.
is
committing itself to
not
Nor does the
of
particular amount
any
to
ended
April 17.
the
bill issue plan preclude other methods of
new
ounce
April 25, page 2752, reference was
transferred during the previous week
silver
made
Treasury
borrowing.
10,733.69 fine ounces
112,749,171.49 fine
the "Chronicle" of
In
should note and bond issues be authorized to meet the bonus
necessary
"The
Total for week ended April 24, 1936
Total receipts through April 24, 1936
«*»
borrowing."
Gold
As to the Cash Balance
He indicated that the Treasury
four times
a
year—the regular financing dates of March 15, June 15, Sept. 15 and Dec.
15—although there could be
no
full guarantee that such a procedure would
be followed.
"That makes the situation
an
upset in the market.
"It does not cause
orderly," he said.
more
It gives investors a certainty as to when issues
During
Week of
working cash balance of from $500,000,000 to $1,000,000,000 in excess
a
of the amount needed to pay the bonus.
Avould endeavor to confine its borrowing, aside from bills, to
by Mints and Assay Offices
April 24—$4,774,596 Imports
Receipts
Mr. Morgenthau expressed the belief that the Treasury should maintain
The
of
Treasury
announced
gold was received
April 27
on
during the week
various mints and assay offices.
that
$7,492,985.12
of April 24
by the
It is reported that of this
amount
$4,774,595.79
represented
imports,
$403,864.46
secondary and $2,314,524.87 new domestic gold.
According
the Treasury, the gold was received as follows by the
to
various mints and assay offices during the week of
April 24:
will be made."
Mr.
Morgenthau
pbserved that
oversubscribed from two to
the past year bill issues had been
over
three times,
Imports
indicating the popularity of this
Philadelphia.New
Reference
the
to
offering of $100,000,000 of
Treasury
bills announced this week is made elsewhere in this issue of
the "Chronicle."
San
$6,383.30
of Hoarded Gold Received During Week
April 22—$16,292 Coin and $257,040 Certificates
Denver
New
52,020.56
Orleans
an announcement
issued by the Treasury Department
April 27 it is noted that during the week of April 22
Reserve
banks
and
the
Treasurer's
office
returned
the
to
Treasury, and
up
to April 22,
receipts have amounted to $140,820,407.69.
received
during
statement
the
GOLD
$16,291.56
shows,
gold certificates.
week
of
April
was
22,
gold
Federal
re¬
Of the amount
Treasury's
and $257,040
The following is the Treasury's statement:
RECEIVED
BY
FEDERAL
RESERVE
BANKS
AND
THE
Gold Coin
Week ended April 22
Gold Certificates
$247,240.00
106,398,140.00
$16,291.56
31,456,360.13
i
previously.
value,
of
passed.
sales
$9,800.00
2,424,820.00
"267,756.66
$2,434,620.00
$267,756.00
deposited with the New York Assay Office in the amount of
During the first
made in
issue of
our
to
April 25,
receipts
page
senting
States
a
of hoarded
gold
was
of
this
Newly-Mined
from
amounting to 1,412,305.90 fine ounces, purchased by
the Treasury in accordance
v;ith the President's proclama¬
tion of Dec. 21, 1933 (which authorized the Treasury De¬
partment to absorb at least 24,421,410 fine ounces of newlyduring the
on
time
of
the
Anril
24
annually), wTas turned over to the various mints
of April 24.
A statement issued by the
week
Treasury
April 27 indicated that the total receipts from
the
were
issuance
of
the
79,279,893.84 fine
proclamation
ounces.
sold
a
on
and
Reference
up
to
to
the
1,
1936,
of
maturity
been
bonds had
these
so-called
"baby
discount basis and increase
interest to
a
offered
were
6ales amounted
13,
1936,
are
the largest
for
$61,864,933.59.
when
receipts by
savings bonds represented
total 33%%
to
a
to the
public,
maturity value
of
a
month to date, repre¬
any
The highest daily record was
the Treasurer
maturity value
the
of
United
of $4,313,874.08
for
single day.
sale
of
savings bonds, including direct-by-mail
working day since the bonds were first offered', averages in
average
$1,000,000,
sales
for
excess
of
maturity value.
Secretary of the Treasury also announced that,
sup¬
plementing the sale of United States savings bonds by the
post offices, arrangements have been made and agreed upon
whereby the Federal Reserve banks are also designated
sales agents.
Silver
mined silver
Jan.
2752.
Silver by Mints and Assay
Treasury Totaled 1,412,305.90 Fine
Ounces During Week of April 24
Offices
savings
in which savings bonds
March
maturity value of
on
for
The
Receipts
States
issuance
Jr.,
Morgenthau
$361,561,975.
January, 1936, sales
The
the
are
year
1, 1935, to
reached
each
reference
first
Henry
$400,000,000-mark,
Morgenthau also stated:
$200,572.69 previously reported.
Previous
the
United
the
savings bonds
The
Week ended April 22
Note—Gold bars
Treasury,
that
greater than the purchase price, this cash sale represents a
maturity value of approximately $413,442,574.62.
Secretary
Received by Treasurer's Office:
Total to April 22
of
Since
the
26
on March 1, 1935, through April 18, 1936, cash sales
$310,081,930.96 have been received, the Secretary said.
$31,472,651.69 $106,645,380.00
previously
of
April
approximately
Received
Designated
Sales
Adjusted
Service
bonds,"
March
Total to April 22
Also
from
in 10 years through- accumulated
Received by Federal Reserve banks:
Received
Secretary
announced
As
(Under Secretary's Order of Dec. 28, 1933)
Banks
Distinct
Bonds
The
of
TREASURER'S OFFICE
Reserve
Agents—Issue
total
the
coin,
43,397.53
$403,864.46 $2,314,524.87
"Baby Bonds" March 1, 1935, to April 18,
1936, Totaled $310,081,931—$7,900,000 Redeemed—
$273,331.56 of gold coin and certificates.
Since the
issuance of the order, on Dec. 28, 1933, requiring all gold
be
$4,774,595.79
_
Cash Sales of
ceived
to
90,400.00
1,604,439.91
575,864.38
41,166.75
14,266.28
26,169.06
14,201.31
of
In
Federal
$423.05
184,100.00
-
$273,332
the
$123,961.06
4,577,100.00
139,091.93
York
Francisco
Total for week ended April 24, 1936.
on
New Domestic
Secondary
'
type of security.
The announcement continued:
The Reserve banks will issue
on
order
blanks
furnished
the savings
by
all
bonds
postmasters.
upon
The
application by mail
Reserve
banks
will
accept personal checks, subject to collection, in payment of the issue prices.
Application for savings bonds may also be made by mail to the Treasurer
of
the
The
United
new
States, accompanied
plan
will
expedite
tendering personal
checks.
to
Federal Reserve
the
appropriate
personal checks.
of the
by personal check.
issuance
Postmasters
Such patrons will
Treasurer of the United
banks
of
will
to
savings
furnish
those
bonds
purchasers
to
envelopes
purchasers
addressed
who
tender
be advised to draw cheeks to the order
States.
>
Financial
Volume 142
The
will
service
new
aid
those
The situation
which
resulted
adjusted service bonds
in
the
denomination
denominations
referred
two
to
of
of
$50,
$25,
cash
carry
United
by
service bonds to be issued
States
.$500
100,
savings
$1,000
and
are
bonds, issued in
both popularly
of
sales
troubles in 1929, and in citing as an illustration as to what
happened, he referred to the case of the garment workers
in New York
City.
they made
did
not
by States for the first full year of savings bond
offerings indicates that the State of Illinois leads the country in sales in
on
with
$34,351,300,
$24,777,536.
The
who
York
second
State is
Secretary of the Treasury emphasizes that the thousands of investors
made
the
legal
($10,000 maturity
similar
maximum
value for
maximum
during
purchase
any
purchases
the
calendar
calendar year)
one
for the
calendar
This holds
true
for individual holdings or whether the bonds
The fixed cash redemption
price,
printed
are
These
fixed
bility of
redemption
price
for
amounts
values, which
less than the purchase
are never
the face of each United States savings bond.
on
values
fluctuation
and
specific future needs
Redemptions from
March
the
investor
plan
to
possi¬
any
definite
for
before the maturity of the bonds.
or
on
1935,
1,
from
these securities
remove
permit
to April
$7,900,000,
1936, total
15,
An
of
a
bond
not only redeem his bond
may
days from issue date, but if he is the owner
greater face
a
value than the minimum
of $25, maturity value, redeem
units
bonds
new
States savings bond
time after 60
with
in
United
a
at any
he may,
and
of
owner
full
for
the
remainder,
back
dated
of $25,
face value
portion of his bond
any
corresponding with
to
the
March
the
Treasury,
charge
in
of
circle
food
dent
does
not
What
and
the
just
do seek
we
constant
industry
The
end
STATES
SAVINGS
BONDS—SALES
BY
STATES
FOR
THE
PERIOD MARCH 1, 1935, TO MARCH 1, 1936—MATURITY VALUE
State—
Total 12 Months
Illinois
$34,351,300.00
24,777,536.67
New York
Ohio
State—
Total 12 Months
Montana..
$3,680,100.00
cludes mail order sales)
19,837,225.00
North Dakota
2,712,925.00
2,688,400.00
South Dakota
2,670,625.00
2,661,775.00
2,411,900.00
1,936,650.00
1,847,275.00
1,454,826.-0
1,285,900.00
1,068,100.00
Missouri
19,300,975.00
Maryland
Iowa
18,113,750.00
Mississippi...
Pennsylvania..
17,218,075.00
16,166,538.33
Alabama
Minnesota
Kansas
15,573,200.00
14,783,700.00
Texas
Michigan
South Carolina
Connecticut
Maine....
14,571,425.00
14,407.825.00
12,943,625.00
12,202,275.00
Indiana
Wisconsin
Nebraska..
New Mexico
9,250,626.00
California
Utah
Arizona....
......
Idaho
1,049,800.00
817,650.00
790,425.00
786,000.00
Wyoming.
Oklahoma
6,248,000.00
Massachusetts
6,040,100.00
Washington
New Jersey
Kentucky
5,311,175.00
5,300,575.00
Vermont
Hawaii..
North Carolina.
4,954,425.00
4,870,125.00
776,900.00
544,750.00
435,050.00
242,725.00
Delaware
4,519,750.00
Alaska..
4,362,800.00
Puerto Rico
West Virginia.
4,246,225.00
Virgin Islands...
Tennessee
3,879,900.00
3,857,175.00
3,810,075.00
3,696,375.00
Samoa.
prices;
this
greater purchasing power and a reasonably
a
It is my belief,
price level.
I think it is yours,
as
America subscribe to that objective.
representative government is working.
hundred
which
upon
and
President spoke was the
of the birth of
the
ninety-third anniversary
hundred and second Jeffeyson
one
Besides the President, Governor Lehman
the only
Mr. Lehman re¬
the
during the last three years, and in his
was
other speaker.
Nation
State
and
concluding remarks said:
Perhaps it
Jefferson,
ticular
be considered academic to debate whether
may
he living today, would or
were
policy
or
Democratic Administration at
action of the
particular
a
not Thomas
or
would not have approved a par¬
the
More significant is the assurance that the philosophy of
Washington.
Democratic
party today embraces those principles, so forcefully exemplified
by Jefferson.
No matter
deny
what standards
have made much
we
stones
upon
small
salaried
and
In
word,
a
which the great numbers of
the
man,
professional
average
applied to the last three years, nobody can
are
progress.
happier
life.
small
It
in
is
the
interest
business
small
hereafter build
man—can
have laid the foundation
we
people—the wage earner, the
our
tradesman,
better
a
for
better
a
Those who believe
America.
of
the
and
man
home
100,625.00
Colorado
skyrocketing
or
viewed and praised the work of the Democratic party in
157,125.00
Oregon
are
Thomas Jefferson and the
3,416,375.00
Arkansas....
Louisiana......
22,552,200.00
__
District of Columbia (in¬
inflation
and agriculture of
occasion
of New York
UNITED
wages
goods
seek to avoid deflation and bankruptcy sales
as we
dinner of the club.
April 26:
The
have
we
The American electorate proposes
unsound
mean
be avoided
the first year,
on
Today
He continued:
one
shown in the following table issued by
complete.
was
for workers, more income
produced, more and better
eaten, fewer unemployed, and lower taxes," the Presi¬
said; "wages ought to and must go up with prices."
Toward that
are
and
corn
not different problems;
are
means more
Maturity value of sales of United States savings bonds in
the
several
States
and
Possessions, March 1, 1935, to
March 1, 1936, arranged in the order of their total sales for
Secretary Morgenthau
"Nebraska's
that
contended
strangling
farmers,
that
the
of
the
the troubles that started
inevitably reached the garment
and
finally
1921
in
Declaring that "higher
for
stable
Secretary
farmers
broken that throttlehold.
Wayne
Assistant
They overlooked
terms.
that it shall not be renewed."
values.
Taylor,
industrial
in
chiefly
and because it went unrelieved
ate less the farmer sold less and his income went down.
increasing volume of sales, an order creating the Division of Savings Bonds
of the Treasury Department.
This division comes under the supervision of
C.
the Nation.
President
vicious
should
affairs.
garment
1921 when the depression began
But back in the '20s people in power still
back in
they
are
the same problems."
Observing that "when the farm
districts stopped buying, New York's garment districts soon
started breadlines," he added, "because the garment worker
of the
fiscal
Treasury issued, because
city were
The
country.
Eighth Avenue.
on
The
dependent on the
workers' depression
this
in
wages
the
It began
prosperity
depression;
This
1936, the Secretary of the
4,
of
and
over
Eighth Avenue's clothing
original bond, will be issued.
On
of
among
approximately 2%% of the total sales.
in
farms
workers
eligible to make
are
1936.
year
1935
year
purchased by trustees or guardians for estates or institutions.
are
the
farm
Ohio is next in order.
whether the purchase is made
or
New
maturity value.
work
all
of the Nation worn outside of New
all the clothes
of
Their
begin in 1929.
thought
of
City, commenting as follows:
They make 40%
York
the
amount
debauch, a group selfishness" was described
as
having brought about the Nation's
President
the
sales
They are, of course,
confusion existed.
some
issues.
tabulation
"A decade of
their
on
States savings bonds, is
United
As adjusted
and
$50,
"baby bonds,"
as
separate
A
to
quarters when at first World War
some
confused with
were
clearing, according to indications.
in
hesitate
who
in order to purchase savings bonds at local post offices.
persons
2923
Chronicle
Virginia
Florida
Georgia
New Hampshire.
Rhode Island
Nevada
778,050.00
....
60,175.00
33,900.00
6,375.00
Guam
600.00
__
Total
.$361,561,975.00
Previous reference to the sale of "baby bonds" was made
in these columns of Jan.
11,
page
225.
in
it, be they Democratic, Republican, non-partisan or independent, should
pool
their
in
energies
of
support
Franklin
D.
York about 7:30 p. m.
on
beloved
our
President,
Roosevelt.
Tlie President arrived
April 25
New
in
bis special train, accompanied, among others,
on
by bis Secretary, Marvin H. Mclntyre, and Harry L. Hop¬
Works Progress Administrator.
kins,
He
Saturday
spent
night at bis home in East 65th Street, leaving there the next
clay for a two-day stay at his mother's Hyde Park (N. Y.)
at 10:20 p. m., April 27,
The President's ad¬
home, departing for Washington
arriving there the following morning.
dress before the National Democratic Club follows in
Nation-Wide
Thinking,
Nation-Wide
Prevent
Action
Future
velt—In
Three
Crises
York
New
National
Nation-Wide
Higher Wages for
Great
Declares
City
Democratic
Jefferson
at
Workers
a
to
Roose¬
Dinner
Stand
Asserts
and More
It is
and
Essentials
President
Club,
Farmers—Governor Lehman Also
In New York
Planning,
of
for
It
has
so many
unbroken
of
record
the
loyal,
competent
action
type of opposition
the three great essentials to prevent Nation-wide
are
ing up to these remarks the President stated
complain to
me
tell
I
that
these
the
deficit
of
the
He continued:
is
the
Government
and I tell them further that the only burden
burden
measures
our
children
would
have
to
this
bear
if
we
we
failed
need to
to
take
As
this
New
a
went
the
on
is
each
government,
for
the
future
suc¬
the
upon
service
State
of
on
its
its good fortune
Governor,
present
We
am
the
of
some
won
us
confident that
past will invite
laws
He
vast
majority of
Lehman to
Governor
as
an
economic unity.
the country was cut up bit by bit into segments.
and
individual
of
particular
people
more
the
met
same
winning today.
we are
a
this
which
for
has
youngsters met in the State
as
then and
century ago was regarded
a
humane
itself.
repeats
our
citizens
continue
his
at least two more years.
work for
problems
More
I
the
in
as
strengthen
History
today which
Yorker,
autumn
splendid
interests
localities,
put
the
blinders;
on
the single
or
problems of
they
could
But
time
as
We heard about
particular
see
only
community in which their
groups.
their
own
business
was
located.
of his address the President asserted that
grant
prevention
that.
are
is
needed
also in
before natural disasters
equally needed in taking
disasters which
It
measures
taking
occur.
It
Stating that "Hester Street and Park Avenue of this city
come to understand that they belong to the same
economic pattern and indeed to the same Nation as the
have both
cotton, corn and hog belts, and the flood
areas and the dust
bowls," the President essayed that "not so long ago it was
the farm against the city and the city against the farm.
From now on, if both are to survive, it must be the farm
with the city and the city with the farm."
broader vision of
the
other's
each
national
That is why,
any
the
The
countrysides
same
we
The
have been turning
fathers.
idea
them
near
now
is
way
my
have
spreading
to
come
on a
truly
be breaking another precedent—and they
come
without
or
say
here to the City of New York and talk with
problems of
Georgia, the
corn
would
of
the
South,
the floods
or
you
and hog problem of Iowa
of
the Northeast.
In
not hesitate to discuss the slum-clearance problems
Iowa or the Dakotas
in
smashing at least one
problem of the Dakotas, the dust storms of the West,
tornadoes
I
may
day is not complete
other problems of the big cities of the East with
Georgia
we
can
cotton
wheat
destructive
same
and
existence.
while I
that
precedent—I
about the
the
Nation
the founding
scale.
Washington
and
the
cities of
The
realize
to prevent economic
not natural but man-made."
only in these comparatively recent days that
back to
of the Nation is needed not in immediate
alone—we
of
building
unselfish
and
to
noted.
Legislature 25 years ago.
It is
In another part
relief
liberal
of
the
government in
today.
"the strong arm
measures
continued
been
has
America
Federal
$3,000,000, the national income of the people of the United
has risen from $35,000,000,000 in the year 1932 to $65,000,000,000
the year 1936,
fear
whereas
future generations."
is about
States
in
them
on
of
New York State has an
part.
Lehman.
has
He
State
that
"people
about the current costs of rebuilding Amer¬
ica, about the burden
year
In lead¬
generation
of State affairs
policies
a
take this occasion to compliment the
I want to
Herbert
crises for future generations to struggle through."
have had
us
a
full:
home State of New York.
my
best which the past has given us.
in
on
of
almost
administration
ceeding
April 25, President Roosevelt, speak¬
ing before the National Democratic Club, declared that "Na¬
tion-wide thinking, Nation-wide planning and Nation-wide
City,
progressive
loyally supported those
making of which
Income for
Speaker
pleasure to be welcomed this way to
a
a
the
the
or
farmer audience in
anywhere else.
strong arm of the Nation is needed not in immediate relief alone—
giant that.
It is needed also in taking
measures
of prevention before
Financial
2924
natural
disasters
economic
It is
occur.
which
disasters
equally needed in taking measures to prevent
Bill Providing for Uniform
Roosevelt Signs
President
Lading—Measure Seen as Aid to Export
Business
by
Howard
Ayres,
Vice-President of
Chamber of Commerce of State of New York
but man-made.
not natural
are
May 2, 1936
Chronicle
Bills
Interdependence of Farm and City
of
During the past three years the Hester Street and Park Avenue of. this
city have both
and
the flood
the cotton, corn and hog belts
Not so long ago it was the farm
Nation
same
as
the dust bowls.
andi
areas
From
against the city and the city against the farm.
to
if both are
now on
survive, it must be the farm with the city and the city with the farm.
Economists
1929.
us
I
pressed
still trying to
are
not
am
in
the
hindmost."
of
debauch,
of
the
result
back in
us
think I know.
What hit
selfishness—the sole objective
group
thought—"every man
And
that hit
find out what it was
professional economist, but I
a
decade
a
was
ex¬
himself and the devil take the
98% of the American popula¬
for
that about
was
workers
Nation
city
illustrate
me
New
in
1921 when the
'20s
They
the
York
did
depression
that
Nebraska's
take
the
York.
But
in
in
the
It began
1929.
back
in
in
industrial
it went
1921
unre¬
finally
and
clothing
different prob¬
not
are
Nebraska farmer could
war a
of clothes made
in New
suit of clothes he had to take two
same
farmer had to raise
cotton
a
overalls.
pair of
Obviously, the farmers stopped buying
districts
breadlines.
the
buying
stopped
That,
however,
one
who
person
less the
circle
grew
longer,
ate less
and
farmer sold less
complete.
was
American
And
Today
When
the cities
in
breadline meant
new
the
broken
started
power
a
on
Because
have
we
I
the
to
talking of
am
dweller
city
garment
worker ate
The vicious
that
food consumption,
and
people living in New
and
and
meat
decent
3,000,000
clothe
less.
wore
buying
man
soon
circle.
vicious
his income went down.
7,000,000
and
Every
districts
the
strangling
throttlehold.
The
electorate proposes that it shall not be renewed.
while
interest
and
living called for,
New
the
farmer
here
of
acres
is
fact
a
population.
York
City
today.
I
would
we
land
crop
need
than
we
If
of
all
using
to continue
propose
But this tie-up
1933
between cities and farms is
one
the
the
fight
for
more
of the chief
reasons
why
sought a national solution for a national problem.
We sought
simultaneously to raise the farmer's cash income and to add to the workingman's
pay
simple
of any newspaper published
alongside the financial pages of the same newspaper published in
By the way, every time I come to New York I look for that grass
in
envelope.
of
What
our
putting the
has
success
financial
been
you
can
by the
prove
pages
1936
1932.
which
to
was
But
in the city streets!
grow
individuals
some
the current costs of
tions.
are
is
about
never
in
$3,000,000,000,
the
to take these
1936,
year
need to fear
we
People complain to
is the
me
about
future genera¬
on
whereas the dificit of the Federal Government this
United States has risen from
000.000
satisfied.
rebuilding America, about the burden
I tell them that
year
the national
income
of
$35,000,000,000 in the
and
burden
tell
I
our
them
the
people
that the
have
of
burden
only
to bear if
we
today.
measures
and
national
deficits
Crises
tomorrow.
tions to struggle through.
are
satisfied—one
never
newly-organized brain trust—not
a
of
mine.
Let
trial
production
machinery and
men
by
two
we
that the only
have
had any
way
to
recovery—is
English.
methods.
You
One
can
is
cheapen the costs of indus¬
by
the development of new
technique and by increasing employee efficiency.
We
But do not dodge the fact that this means fewer
new
discourage that.
employed
and
more men unemployed.
The other way to reduce the
production is to establish longer hours for the same pay
to reduce the pay for the same number of hours.
If you lengthen hours
costs of
or
industrial
will need fewer workers.
you
for the
More
men
out
of work.
If you choose lower
number of hours you cut the dollars in the pay envelope
and automatically cut down the
purchasing power of the worker himself.
wages
who
often
of manufacture
costs
goods consumed.
more
It
does
not
mean
periods the buying
If you
power
This does not
should be
avoided
What
just
do
we
power
The
prices will
go
up,
unsound inflation
mean
as
we
seek
are
purchasing
more
power
of goods
consumption
is
reason
that
in such
seek to
a
avoid
or
but
more
end
obtained
representative
in
a
month
skyrocketing prices; this
deflation
and
bankruptcy sale
greater purchasing power and a
figures, show that
for
wages
more
and
That
cal
we
workers,
government
or
year.
reasonably
as
well.
income for
The
results
definitely
farmers
mean
objective
proven
and urging ratification, and by
and enlisting other advocates, did
great reform in
commercial
about
bring
to
practice.
this
v.";
■'
This
was
measure
introduced
at the last
of Con¬
session
by Senator Wallace H. White Jr., of Maine, and was
passed by the Senate on Aug. 16, 1935.
It was referred to
Marine and Fisheries on
the House Committee on Merchant
but the Committee did not report the measure to
March 23. The House passed
Aug. 19,
the House until this year, on
the
bill
April 6
on
with
amendment;
one
the amendment
comprised the changing of one word, making it present tense
instead
of
(April 7)
The following day
past.
the Senate
♦
President Roosevelt Signs Kerr Tobacco
Authorizes
States
Enter
to
Into
Bill—Measure
Agreements for
Production Control
The Kerr bill authorizing tobacco-growing States to enter
into compacts, or agreements, to provide "for control of
production of, or commerce in, tobacco in such States," was
signed by President Roosevelt on April 25.
The bill, as
finally approved, differs slightly from that passed by the
House on April 8, the Senate having adopted several amend¬
ments to the measure in passing it on April 21.
One of the
amendments provided for the inclusion of Massachusetts
and Florida among the States which may enter into compacts
for
the control of
The House concurred in the
tobacco.
Senate amendments
April 22.
Reference to the passing of the bill originally by the House
on April 8 was made in our issue of April 18, page 2594.
on
Roosevelt
Signs
Measure
Authorizing
$50,000,000 in RFC Loans for Flood Rehabilitation
President
April 17 President Roosevelt signed the bill authorizing
Finance Corporation to lend up to
$50,000,000 for the rehabilitation of property destroyed by
recent floods in the South and East.
Signing of the bill
followed Senate and House action in adopting a conference
report on the measure; the Senate adopted the report on
April 13, and the House on April 14 by a vote of 85 to 11.
Reconstruction
The
had
measure
on
cannot
our way.
more
been submitted
to
conference after the
April 9, increased the amount
of the loans to be advanced to $50,000,000 from the $25,000,000 authorized by a similar bill passed by the House on
April 4.
The Senate also added to the bill,as an amendment,
a bill which
provided for additional power on the part of the
Federal Housing Administration to insure loans.
As ap¬
proved by the Senate, the amendment provided for 20%
insurance, but this was reduced to 10% in conference.
The
following regarding the new act, is from Washington (Asso¬
ciated Press) advices of April 18:
Under the bill,
individuals
as
on
well
as
organizations and municipalities
and political subdivisions of States would be
The
upon
measure
provides that the RFC
security which offers "reasonable"
may
eligible for loans.
make flood rehabilitation loans
assurance
of repayment rather than
RFC
already has established
an
organization to handle the flood
loans and has opened special offices at Tupelo, Miss.;
Harrisburg,
Hartford, Conn., and
RFC representatives also have surveyed conditions in
Johnstown
and
other
flood-stricken
towns
with
a
view to
expediting the advances.
be
to
give aid to sufferers in "floods and other catastrophies."
The action of the Senate and House in passing
referred to, respectively, in our issues of
and April 4, page 2245.
U.
S.
Senate
by facts and
goods
produced,
social philosophy, and, incidentally, my politi¬
Passes
the bill, was
April 11, page 2423,
Anti-Discrimination
or
"Chain
Store" Bill
Higher
I believe from the bottom of my heart that it is the
philosophy of the 1936 America.
working.
eaten, fewer unemployed and lower taxes.
is my economic and
philosophy
is
But results,
are on our way—very
more
better food
a
possible
everything
this movement from the first, four times
hearings
The bill also amplified the powers of the Federal Housing Adminsitration
goods will be
constant price level.
It is my belief, as I think it is yours, that
industry and agriculture of America subscribe to that objective.
Toward
that
congressional
at
Springfield, Mass.
stable and
the
such security, and by insurance underwriters
on
action expressing approval
formal
appearances
down faster than the prices.
goes
increase buying
bought.
values.
declining price level.
a
money
Chamber supported
stipulating the "adequate" security formerly required.
just the opposite.
means
The history of the 1929 to 1933
period shows that
actually declines with
government, recognized and made legal by other nations,
provisions interpreted and established.
The new bill of
advance
State
taking
The
Reduction of
its
be taken without question as to safety.
can
The
same
Argues for Higher Wages for Workers, More Income for Farmers
and
all
Senate, in passing the bill
belongs
prices by cheapening the costs of production.
reduce that to plain
us
do not
these, for example,
He says
get full recovery—I wonder if he admits that
lower
own
our
can
On
Nation-wide thinking, Nation-wide planning and Nation-wide action are
the three great essentials to prevent Nation-wide crises for future
genera¬
Other individuals
forward
form author¬
a
be accepted by shippers without hesitation and given by carriers
with confidence that the interests of both are fully protected.
By bankers,
the
Prevent Future
Building national income, distributing it more widely, means not only
bettering of conditions of life but the end of, and insurance against,
to
with
lading
failed'
the
to
by
and
issued in
the
1932 to $65,000,-
year
further
children would
Nation-wide Action to
individual
ized
from
feed and
to
we
process
complicated and often divergent
and concise in expression,
equal
of
production
crop
are
having to take the numerous,
document clear
a
York City
then
good
of
lading, the foreign trade of the United States now can go
of
under
concurred in the House amendment.
food1 and better homes.
in
Instead
bills
could afford to buy the bread
vegetables and milk and cotton and wool that their health
more
According to an announcement issued April 20
by the Chamber, Mr. Ayres also stated:
gress
clothes, and when the
many
garment
half of
Other breadlines formed.
less.
as
York's
only
breadlines
garment district's
grew
New
was
interests of the country in a struggle for
to the commercial
equality, protection and for freedom from hampering con¬
ditions in foreign trade which has lasted two decades, Mr.
By 1932, however, he
had to raise 14 pounds of cotton to get those New York overalls.
farm
the export business as a
on April 16, of the White measure, providing for
uniform ocean bills of lading in accordance with the Hague
rules.
The enactment of the White measure brings victory
Roosevelt,
it
Eighth Avenue.
on
Before the
one
chiefly
in
The
But back in
because
and
this
Com¬
incentive to speed
result of the signing by President
up
the
of
in
the country.
over
farmers
Back in the '20s
to market.
pounds of cotton to buy
seven
all
prosperity
of
Avenue's
1932, to get that
half hogs
a
Eighth
wages
depression;
among
problems.
same
clothes
of
200-pound hog to market and buy a suit
a
and
and
corn
are
the
and
begin
inevitably reached the garment workers
lems; they
all
Their work
made
thought
farm
started
the garment
of
case
the farms of the Nation.
on
still
power
overlooked the
troubles
40%
City.
not
the
taking
sales they
the
on
by
They make
New
depression began
people in
terms.
happened
City.
of
dependent
workers'
garment
lieved
York
outside
worn
were
the
what
Vice-President of the Chamber of
Ayres,
of the State of New York, sees an
merce
Ayres said.
tion turned out to be "the hindmost."
Let
Howard
to understand that they belong to the same economic
come
pattern and, indeed, to the
Without
a
record vote, the United States Senate on
April
30 passed the Robinson Patman Anti-Price discrimination
bill, also known as the "Chain Store" bill. The measure as
passed by the Senate would prohibit price discriminations,
and give the Federal Trade Commission power to set certain
Financial
Volume 142
limited discounts for large scale purchases.
Reporting the
Senate action on April 30 a Washington account on that
date
opposition to the hill collapsed when various amend¬
ments were accepted.
From the account we also quote:
Tempted by a promise from Senator Robinson, Democratic leader and
sponsor of the bill, of a Friday-to-Monday week-end recess, the Senate
hurriedly wrote the amendments into the measure, with the understanding
that a final and probably drastically revised version would be worked out
in conference.
A
awaits action in the
the Judiciary
from the Senate
differing in some major respects
bill,
companion
measure,
reported by
House, having been favorably
Committee.
by Senator
This amendment
provides that the bill's price discriminating prohibitions on account of
quantity sales would not apply "where such commodities are sold to further
manufacture and in the production of a new product to be sold to the
Most vital of the amendments to the Senate measure was one
its scope to retail transactions.
Vandenberg to limit
public."
retail businesses and never
.
.
,
amendment which seeks to protect
Jersey, New York, Pennsylvania and other States
control boards have been established, from the bill's provisions
milk producers in New
where milk
silver is reported as follows in the
on
Montreal "Gazette" of April 24:
which operates in con¬
Commodity Exchange, has
announced a reduction in margin requirements, effective Monday (April
27).
At the same time, the Exchange announced the restoration of the
three-cent limit on price fluctuations for any single session.
Margin requirements for each contract up to 200 will be $1,000 per con¬
tract, as compared with the existing requirement of $1,500 per contract.
With the three-cent limit, prices will move within a range of three cents
above or below the previous closing price in any one day.
For some months
Canadian
Commodity
a
Association,
Clearing
of Canadian
junction with the silver section
five-cent limit has prevailed.
Summary of Bill Introeuced in United States Senate
Providing for Independence for Puerto Rico
tion
in
April 25, page 2754, we noted the introduc¬
States Senate on April 23 by Senator
United
the
Tydings of a bill providing for a referendum in Puerto Rico
on the question of the island's independence.
Some of the
provisions of the bill were indicated in the item referred to;
a summary of the bill, including excerpts, as given in a dis¬
"Herald
patch from Washington, April 23, to the New York
Tribune" follows:
Is Accepted
Robinson accepted another
Senator
production.
designed to apply to industrial
Milk Clause
Commodity Exchange has reduced the
That the Canadian
margin requirements
In our issue of
bill would
put the automobile industry "potentially at the mercy" of the Federal
Trade Commission.
The Commission, under the bill, is permitted to
investigate and decide when there might be so few available purchasers
in large quantities as to cause discrimination and promote monopoly.
The bill, said Senator Vandenberg, was originally intended to reach only
the amendment the
Senator Vandenberg argued that without
Silver Lowered by Canadian
on
Commodity Exchange
Industry
Threat to Auto
Saw
Margin Requirements
stated that threatened
"Times"
York
New
the
to
Senate
2925
Chronicle
"Section
Rico at a
be submitted to the people of Puerto
There shall
I.
special election to be held
the first Tuesday following the first Monday
on
November, 1937, the following question, to be voted on by secret, written
in
ballot:
covering price variances.
The
...
store" bills instead of one,
the Robinson-Patman
much of the same ground and
passed two "anti-chain
Senate actually
it had accepted as an amendment to
for yesterday
bill the Borah-Van Nuys bill, which covers
provides
criminal penalty for violations, as
a
contrasted with the Robinson-
provision for civil damages only.
Patman's
"Shall the people of Puerto Rico
to
Committee in favorably
The action of the House Judiciary
the Robinson-Patman bill
columns April 11, page 2425.
reporting
noted in these
was
be
He shall
for
Payments Over $10,000—Amend¬
Added Would Ask Information on Benefits
Benefit
circulation.
ments
Tariff
by Large Corporations from Protective
Senate
The
voice vote
a
of more than $10,000 made
under the Agricultural Adjustment Act. Approval of this
resolution by the Senate Agricultural Committee was noted
in the "Chronicle" of April 11, page 2428. Before the reso¬
lution was approved there were added several Democratic
amendments, designed to show how large corporations have
benefited
under
the
protective tariff.
Two Republican
amendments were defeated, however.
One of these would
have asked a complete accounting of the Rural Resettlement
report on all benefit payments
by the Civil Service Commission of every Federal employee
with the employee's salary. Although
the Democratic members of the Senate raised no objection
final
the
motives
of the resolution,
"politics."
passage
based
as
on
attacked
they
"Sec.
its
If
Barkley and Senator Tom Connally, Democrat, of Texas, offered
duties
on
of
effects
to
the
list
by
all
the
corporations
then
Connally
.
.
called
with
1934
net
incomes
over
Business
business done by the three most important
films, chemicals and dyes, cellophane and rayon, plate glass,
eras
and
iron
pipe, tin and electric appliances.
offered
Bone
com¬
one
.
amendment calling on Dr.
not germane,
the
its
Robinson
Senator
projects,
promptly
was
tabled,
calling
on
the
Secretary of
its
expenditures, its
jumped
32 to
personnel
and
its
A roll call vote
was
was
taken and
President
to
Extend
Invitations
to
the
shall
expenses
Legislature
The
incidental to said
held
been
have
the
and
shall
Rico
Puerto
results
certify to
the
the vote in saidi referendum.
result of
said referendum are in the affirmative,
proclaim and Title II of this Act shall become
so
provides that in the event of
a
yote for independence the local
constitutional convention to meet in San Juan at a
a
It would draft a con¬
by it, not later than June 1, 1938.
subject to limitations provided in the Act, to govern Puerto Rico
The limitations are:
Must be republican in form and contain bill of rights.
(1)
Shall provide that until Puerto Rico is independent, citizens of Puerto Rico
(2)
shall
of
Governor
States the
United
except for the Island of Celubra.
allegiance to the United States and that this allegiance shall be exhibited
on the part of the officers of the Puerto Rican Government.
(3) Religious toleration.
(4) Tax exemption for property belonging to the United States or used for
religious, charitable and educational purposes,
owe
by oaths
Rico and the United States to be upon a
Trade relations between Puerto
(5)
Public debt of Puerto Rico not to exceed limits fixed by the United States
(6)
Congress.
No loans to be made abroad without approval by the President of the United
(7)
Debts of the present Government of Puerto Rico to be assumed by the new
Government.
Public schools to be maintained.
(9)
(10) Acts
affecting
currency,
trade and Immigration to be
and Import
export
subject to approval of the President of the United States.
States.
(11)
Foreign affairs to be supervised by the United
(12)
All Acts of Legislature of new commonwealth to be reported to
the United
States Congress.
Puerto Rico to recognize right of the United States to expropriate property
(13)
Rican Government.
(14) Court decisions of the new commonwealth to be subject to review
by United
States courts.
States may intervene for the preservation of the government in
Puerto Rico and for the protection of property and individual liberty and for the
(15)
United
in Puerto Rico to
High Commissioner
States
United
of
(16) Authority
recognized.
(17) Citizens and corporations of the United States to enjoy all civil
citizens and corporations of Puerto Rico.
(18) Jurisdiction of United States District Court In Puerto Rico to
be
rights of
be as now
provided.
constitution shall
The
joint resolution, authorizing the President to extend to
all the governments of America, including Canada, an invi¬
tation to attend a conference on silver, was introduced in the
Senate on April 27 by Senator King, of Utah.
The resolu¬
tion, as introduced, appropriates $100,000 for the expenses
of the conference.
In part, the resolution says:
Resolved, etc., Thai the President is authorized to extend to the
including the Dominion of Canada,
conference for the purpose of considering and
an
and to formulate
with respect to silver.
a
govern¬
invitation to
devising plans to
increase the use of silver for monetary and other purposes, to
stabilization of the price of silver,
States
United
of the
contain these provisions:
also
property rights
(1)
Puerto Rico to be promptly adjusted and property
in
right of all United States citizens
serve
and corporations to be acknowledged and
(2) officials elected and serving when constitution is adopted
full terms as though elected under completely established govern¬
bring about
uniform policy for
have
and
first
of
President
with
of
constitution
President of
its
United
tive
of
Senate,
the
Rican
the United
is
drawn up
United
taxes;
(4)
government
to
The
States.
be submitted within
who
States,
commonwealth
United
contracts
which
he
shall
President
is
determine
one
its
to certify
year
the
shall be
new
to
conformity
conformity to
must be
submitted
for
executive
meet
may
orders of
to
commonwealth.
an
He
indebtedness.
The
annual report from
shall
opera¬
the government of the com¬
result in the commonwealth's
its bonded
entitled
the
approval to the
States, who shall have authority to suspend
or
thinks
contracts or
States
a
new
of
Rico, who shall inform constitutional convention.
Puerto
the
laws,
monwealth
fulfil
Puerto
final withdrawal of American sovereignty, every amendment to
Until
of
thus
foregoing provisions.
the
the Governor of
tion
treaty with
constitution
The
the
a
on
besides putting all this in constitution, it shall
(5)
Puerto Rico;
embodied in
lien
all obligations of United States to Spain under treaty
Puerto Rico to assume
ceding
Puerto Rico and municipalities shall
liabilities of
and
debts
(3)
valid
be
A
such governments
the necessary
safeguarded;
30.
All Governments of America
a
2
stitution
plans.
declared that the amendment
up,
Resolution Introduced in Senate for Silver Conference
of America,
electors and the safe¬
referendum.
said
such proclamation.*'
upon
time to be fixed
ment;
attend
to
election
said
certified
the
of
President shall
the
shall
ments
japply
provide for
After
duly
Title
be
—Authorizes
election, including the
Tugwell to tell the whole story of his resettlement
and asked that it be tabled.
amendment
said regular
discharge of governmental obligations.
amendment
more
cast-
.
.
Agriculture to report on the trend of large corporate land holdings up to
1933, which was passed, as were the Connally and Barkley amendments.
Then Senator W. Warren Barbour, Republican, of New Jersey, offered his
administration,
shall
to
and registration of
for public uses, to maintain military and other reservations and armed forces in
Puerto Rico and to call into the service armed forces organized by the new Puerto
Data
panies in each of the following industries: Aluminum, steel and iron, cam¬
Senator
Rico shall
Legislature shall call
States
United
the
on
asked the Tariff Commission to furnish the names
.
the gToss volume of
of and
elections
of
operative
tariff,
productive
Asks
Senator
resolution
Barkley
together with the rates
the principal commodities manufactured by them and the
tariff on the prices of these commodities to the consumer.
benefiting
$1,000,000,
of
The
Commission
Tariff
applicable
majority of the votes cast in
a
(8)
amendments.
by radio
either
unable to read,
persons
States.
Tribune":
Senator
to
prescribed basis.
Approval of the resolution was described in part as fol¬
a Washington despatch of April 27 to the New York
their
laws
All
IV.
therefor
lows in
"Herald
III.
President
listing
not under civil service,
to
known
governing the qualification
Puerto
by a
calling for a
Administration and the other would have required a
made
otherwise.
or
guarding
of
are
Rico of general
in Puerto
to insure that the provisions
referendum.
April 27 without objection approved
on
resolution by Senator Vandenburg,
"Sec.
before said election, and shall similarly
days
He shall take appropriate measures
Act
this
laws
conspicuously posted in
calendar
30
in Spanish and in English,
all public places in Puerto
copies of this Act,
be published in all newspapers
copies to
cause
of
Approves^Vandenberg Resolution forJReport
AAA
on
least
at
No.
hereby authorized and directed
translation of this Act into the Spanish
correct
cause
continuously and
Rico
broadcast
Senate
be prepared a
to
cause
language.
to
Yes.
be sovereign and independent
The Governor of Puerto Rico is
II.
"Sec.
.
appoint,
with
high commissioner to hold office at his pleasure.
failure to
President of the
the chief
consent
execu¬
of
the
2926
The
resident
House
to
Financial
of
government
commissioner
of
commonwealth
the
the
to
United
of
who
States
Representatives, with the right
Puerto
Rico
shall
shall
have
elect
seat
a
in
a
the
107.
bill
the
of
in
summarized
American obligations
law to terminate
when
in Puerto Rico made under American
appropriations from
agencies of the United
in Puerto Rico
date, nor
States funds be made for Puerto
United
on
same
Rico, with certain minor reservations.
Section
the
the
of
to
forest,
by
guard
of
public
Puerto
Rico
shall,
health,
Government
the
inauguration
will
however,
the
has
United States.
withdrawal of American sovereignty
and
Coast
made
the
new
to
operate:
naturalization,
Guard.
Operation
provision to take them
Transfers
only
in Puerto Rico.
be made
to
Rico
to
creditor
Section
of
United
110.
processing
any
of
the United
tions shall
continue
after
collected
in
as
During the third
the fourth year
Puerto
Rico
the
and
shall
the
of
from the United
similar
Section
112.
articles
(1)
government the
new
to
during the second
United
States
Puerto
may
all
citizens
not in
the
excess
of the
United States
resident
in
inauguration of the
Puerto
Rico
and
common¬
all
citiens
residing in the United States must select which citizen¬
ship they wish to retain.
Citizens who do not file declarations shall be
pitizens of Puerto Rico.
Section
114.
The
Puerto Rican bonds shall not
115.
be exempt
from United States taxation.
(A)
On the fourth day of July immediately following the
expiration of a period of four years from the date of the
inauguration of
the new government under the constitution
provided for in this Act, the
President
of
the
supervision,
States
in
and
military
and
under
Section
shall
surrender all
rights of possession,
or
sovereignty exercised by the United
territory and people of Puerto Rico, including all
reservations
(except the Culebra Naval Reservation
other
other
States
control,
the
over
and
such
United
jurisdiction,
naval
reservations
and
fueling
stations
as
reserved
are
105).
House Passes New
Morgenthau
$803,000,000 Revenue Bill—Secretary
Hearing Before Senate Finance
at
Committee Presents Statement on
Estimated Yield Under Bill
Treasury Deficit
and
The
new
tax
bill,
imposing levies
on
undistributed corporate surpluses and
designed to produce
$803,000,000 in additional revenue the first year and $623,-
000,000 each
thereafter,
year
was
Republican members almost unanimous in opposing passage.
The measure was
previously referred to in the "Chronicle"
of April 25, pages 2755-56.
The bill would tax corporation income,
graduated on the
basis of earnings withheld from distribution to
stockholders.
Only four changes were made in the bill by the House before
its approval.
All of these were proposed by the Ways and
were
between
the
Committee.
described
a
were
the floor
on
equitable taxation, particularly
more
and at the
same
time remove
greatest loophole for tax evasion—the ability of individuals to avoid
incomes by impounding income in corporate surpluses.
on
Republicans contended that the bill would shake the stability of business,
tend toward creation of monopolies and fall far short of its estimated yield.
They have branded it dangerous, unsound, vicious and radical.
In addition to
the revenue to be
produced from the
plan, $100,000,000 is expected from
corporate tax
new
80% "windfall" levy
an
on processors
did not pay AAA processing taxes and $83,000,000 from temporary
who
continuation of
The latter
The
with
profits and capital stock taxes.
excess
ultimately would be repealed, along with the present corporate
corporation rates would range up to
new
taxable income of
$10,000
adopted by the House
Washington dispatch of April
28 to the New York "Times":
293^%
for corporations
less and up to 42M%
or
for those with
larger net earnings.
Special concessions in the form of flat rates have been made for
tions which must
of their income to retire debts
use some
corpora¬
meet
or
deficits,
are
required
and those in receivership.
Banks,
trust
and insurance
companies
which
companies,
by law to build up reserves to protect depositions, would be omitted from
the
graduated corporation taxes and would
pay a
flat 15%
income.
on net
The bill also provides for refunds of taxes on floor stocks on hand at the
>;
commodities, but claims would not
on
be allosed for amounts under $10.
"""Secretary
of theTreasury Morgenthau
the first witness
public hearings
opened by the Committee on
April 30. Mr. Morgenthau predicted that the Federal
deficit in the current fiscal year would be $5,966,600,000,
or the largest in history except in time of war.
He attributed
the necessity of paying the bonus as part of the cause of the
Huge deficit.
(Another item, describing Treasury plans
to float additional weekly note issues of $50,000,000 to
meet bonus payments is contained elsewhere in this issue
of the "Chronicle").
At the hearing on the tax bill the
Secretary recommended that the Senate add to the $803,000,000 House bill the temporary processing taxes asked
by President Roosevelt.
He also estimated that the deficit
for the 1937 fiscal year would be $2,675,700,000.
Except
for the bonus payments voted by Congress, Mr. Morgenthau
said, there would have been declining deficits in both years.
Mr. Morgenthau's testimony was described in part as
follows in Associated Press Washington advices of April 30:
was
before the Senate Finance Committee when
the
bill
tax
new
Morgenthau's
were
deficit estimates
were
given
he
as
questioned
was
by the Senate Finance Committee, after reading a statement advocating
of the
enactment
President's
recommendations
tax
in
order
to
protect
Federal credit.
Appearing
as
the first witness
as
the Finance Committee opened hearings
the bill the Treasury chief said that Federal credit depends on
on
lous adherence to
budget just
an
soon
as
orderly
upon a
"scrupu¬
balance of the Federal
a
the needs and abilities of
as
possible and thereafter
looking to
program
people make that
our
steady reduction in the public debt."
said that the House bill falls short of
providing the
revenue
He
asked by the
President.
It
Mr. Morgenthau's first appearance on the controversial tax pro¬
was
which has been assailed by Republicans and
gram
convention of the Chamber of Commerce of the
a
blow to
re-employment
President
Roosevelt's
and business
suggestion
not even receive committee
Amendments
follows in
as
No
place where amendments to the corporate tax
corporations and partnerships,
high surtaxes
passed by the House of
Representatives on April 29, and was sent to the Senate,
where the Finance Committee began
public hearings on the
measure April 30.
The House vote was 267 to 93, with the
Means
to the
Its backers state that it will lead to
as
Mr.
Administration's
tax.
Associated Press Washington advices of April 29, after
recording House approval of the bill, said:
on
United States will
have no obligation to meet the
principal of indebtedness of the Government of Puerto Rico and
or
Section
came
time of invalidation of the AAA and
born in Puerto Rico
interest
Only 7 Republicans and 37 Democrats
Rico.
from Puerto Rico.
after
undistributed corporate profits
new
when the clerk
sum
refunded
articles imported from
on
States
imported
six months
Within
government
deemed
the
made to amend this section outside of the committee
was
income tax of 12K to 15%.
aggregate
not
time and merely mumbling the headings
a
amendments.
be
Rico.
the rate shall be 50% of the usual rate, and during
The Government of Puerto Rico may put tariffs on
year
75%.
articles imported
wealth
Puerto
provided' by law except
now
the inauguration
charge 25% of the usual tariff rate
on
Government
of
States shall pay to Puerto Rico
taxes
those relating to
or
Section
tariff
States
commonwealth
expended in Puerto Rico for the benefit of agriculture.
111.
After the inauguration of the new government trade rela¬
processors
year
organizations
during the existence of the
four at
or
only 16 minutes to complete the most decisive sections of the
Patents and
copyrights granted by the United States shall continue to be recognized in
Puerto Rico.
Debts of persons, corporations and other
agencies in Puerto
paid off
turning three
took
rates would have been in order.
connection
The following
continue
immigration
of
of
its
cease
and ammunition.
arms
life-saving activities
Puerto Rican
the
after
Government
convention with
final
on
the
months
keeping its
lighthouse,
and
when
cease
over,
States,
Federal
the
customs
six
national
United
services
Postal,
Within
109.
government
and
It
attempt whatever
constitution takes effect, and
States Government to stop doing business
further
form:
1936
of sections and subsections.
bill,
sections
Section
with
at times
of debate but without the right
vote.
Other
shall
Chronicle
Mr.
for
on a
speakers at the
as
offering
taxes
did
proposal for taxing
cor¬
temporary
processing
approval in the House.
Morgenthau, turning to the
porations
some
United States
recovery.
President's
basis of percentages of undistributed income, the center of
the controversy over the tax measure, said that it was merely an
The bill went through the
amending process in the House today un¬
touched, except for three amendments offered by the Ways and Means
of the
Committee.
extension
citizens of this nation."
One would do away with the aUowance of 2
lA months for corporations
decide how much of their earnings to distribute.
This
to
change
intended
to
plug
up
a
loophole
through
which
authorities
was
feared
$100,000,000 might be lost to the first year's yield of the undistributed
Another would liberalize the terms of the bill
applying to foreign enter¬
prises doing business in this country by providing that alien
corporations
in
the
from
United
sources
85%, instead of 75%
States
before
The third committee
profits
would be considered
amendment reduced from
taxable
plan,
arising
as
on
22}^%,
as
proposed in
income of so-called "deficit" corpora¬
statutory
net
income
exceeds/
their actual
as
the Ways and Means Committee
reported it.
In fact, only two efforts were made to change it in any way.
Representative Treadway, Republican, of Massachusetts, offered an amend¬
ment to eliminate the provision for submission to
Congress of information
all corporate salaries in excess of
$15,000, but he did not even ask for
a
division when the voice vote went against him.
Representative Sauthoff, Progressive, of Wisconsin, offered
give
an
a special
an
amend¬
inducement to corporations to increase payrolls by
extra deduction from taxable income of 50% of the amounts
by which corporations might increase their
wage
outlays from year to year,
but this went down by a standing vote of 67 to 22.
Apparently it
was
well understood before today's proceedings started
that the bill would be shoved
final vote
to
however, he disclosed that this
yield
$620,000,000
means
rapidly through the amending
might be taken tomorrow.
it concerned tax bill amendments,
process so the
The whole session today,
far
as
took only 2 hours and 46 minutes.
as
annually
in
only $310,000,000 for the first fiscal
"It must be recognized,"
the
and support of the
for raising
he said, "that the choice of
additional
corporate tax
new
permanent
income tax as
an
necessarily involves
revenue
revenue,
year
a
delay in
realization of increased receipts.
"Receipts from taxes
will
be collected
divided
in the
between
the
corporate incomes for the calendar year
on
main
two
during the calendar
fiscal
years,
the fiscal
year
year
1930
1937 and will be
1937, ending June
30, 1937, and the fiscal year 1938.
net
additional
revenue
be
to
expected
from the
application of
the corporate income tax is estimated to be $310,000,000 in the fiscal year
1937.
year
The full additional annual
revenue
and
would be collected in the fiscal
1938."
general
Salary Publicity Move Fails
allowing
estimated
unquestioned indorsement
Among those with Mr. Morgenthau
Otherwise the bill remained tonight
ment to
and
first time,
would raise
distribution of earnings.
on
undoubted
the
"The
15% the flat tax
those whose
or
in the original bill, of their income
in the United States.
the original bill, to
tions,
their
as
principle of "taxation according to ability to pay," which he said
"the
For
that
corporate profits tax.
must earn at least
had
counsel;
Guy T.
Helvering,
were
Herman Oliphant,
Commissioner of Internal
Treasury
Revenue,
George C. Haas, Director of Research.
In
his
prepared statement
the bill, Secretary Mor¬
day the President's budget
message was read to the Congress the Supreme Court of
the United States rendered a decision
holding the agri¬
cultural adjustment act unconstitutional.
Since that date
Mr. Morgenthau added that Congress has enacted, over
the President's veto, the adjusted compensation
payment
act of 1936, which
requires payment, beginning on June
15, of the entire amounts, which were to be due in 1945
genthau
noted
that
on
and thereafter
on the veterans'
Mr. Morgenthau continued:
The
The
additional
cost
of
on
the
making
adjusted service certificates.
these
payments
this
year,
when
dis¬
reading clerk consumed scarcely 2 hours of this time in which to read the
tributed
over
246-page
a
The Congress has provided for carrying on a continuing program
measure.
He
hopped, skipped and jumped through the
pages,
year.
the next
nine
years,
comes
to approximately
$120,000,000
Financial
Volume 142
of conservation of the nation's
agricultural
Thus
in
the
conform
to
President's
continuing
the
to
budget
message,
we
set forth
as
to the deficit caused
Mr.
shall need to provide additional
annually to meet these expenditures.
$517,000,000
because of the invalidation
of recouping approximately
means
of revenue sacrificed in the current fiscal year
by Senator Harrison, who wanted to know if the $35,000,000
was
AAA floor tax refunds inserted in the bill by the House should be
year.
government's financial program,
$620,000,600
of
revenue
We shall also have to find
a
One
which will result in
resources
expenditures of approximately $500,000,000
2927
Chronicle
Morgenthau reached in
a
The floor tax refund, he said,
out a sheet from which he read the answer.
should
be
added
deficit
the
to
that
furthermore,
and,
increased appropriations, voted and threatened
Senator King asked if the
relief, had been taken
by Congress for the army, navy, flood control and
"Herald Tribune" continued in part:
of
3
These include the
President
excess
profits tax and the corporation income tax.
proposed that there be substituted for these taxes a tax
to stockholders in dividends and that at the same time
Bill's
The status of the President's proposals
bill to give effect to two of them.
Treasury to yield additional
Net continuing
today is that the House has passed
follows:
as
From
as
follows:
of $623,000,000 yearly from a tax on cor¬
the unjust
one-half of the present
$80,000,000.
rate,
The bill thus fully
provides the $620,000,000 needed to take care of the
permanent agricultural program and the annual financing
of the soldiers' bonus.
It also provides for the first year
for recouping the loss of
fiscal year
for
the
of
of the payment
a
3-year program
$517,000,000 of processing taxes lost during the
However, it does not provide any temporary revenues
1936.
succeeding years to make up the balance of $337,000,000 of
two
temporary revenues desired.
.
.
.
President's
the
of the corporation income
repeal
to the
tax of
normal
form of tax
providing
the capital stock
tax
tax and the
In place of the repealed taxes it substitutes a
4%.
The estimated annual yield of $623,000,000
is the amont by which it is expected taxes paid by
viduals
under
the
proposed plan
It *s
while
vo
for
period in the full amount sought by the President, utilizes but
3-year
two of his 3
taxes on
suggestions.
The third
was
were
said.
questioned.
I
.
have
.
not
heard
the
I think there is little (hat
justice of this
tax very seriously
V
.
take it for granted that an
1
be enacted by the Congress.
I
unjust enrichment
assume, too,
that
or
you
"windfall" tax will
will give most serious
consideration to the matter of the deficiency in the temporary revenue for
a
3-year period expected from the House bid as compared with the Presi¬
dent's
estimates of the need.
For
I
turn, therefore,
of
different
corporation
to the proposed tax on
Taxes
approximately
stating
taxes—the
of 4%
the dividends paid to him.
a
normal tax of about
stock
capital
the
tax,
of
excess
Expected to Vote May 11 on $3,000,000,000 Frazier-Lemke Farm Mortgage Refinancing Bill—Peti¬
are
the
This stockholder thus pays what
the present law permits stockholders of large incomes
dimensions
of tax avoidance
figures tell the story.
Department
that under
the
Bill
House
to
Rules
by
Preparations were started yesterday (May 1), it was stated
Washington press advices of last night, for a House vote
May 11 on the $3,000,000,000 Frazier-Lemke farm mortgage
refinancing bill. House consideration of the measure were
reported as assured on April 30 when signatures to a petition
to force the bill out of the Rules Committee were said to have
in
reached the
required total of 218. Advices from Washington,
April 30, to the New York "Times" of May 1, we quote the
make a
of interest, the
When it
realized that the Rules
started and the leaders
Contemplating the issuance of $3,000,000,000 in new currency to
revolving fund for refinancing farm mortgages at low rates
bill kept administration leaders awake at
Committee would not report it out,
the petition was
into action to prevent it from being completed.
swung
For many
the
night for a long time.
Committee, and it was
out of the Agricultural
came
months much of their time was spent in trying to get names
petition and
their
efforts
met
with such success that,
off
although the
reached until today.
Court by Arthur
Bar Him from Trading
Brief Filed in United States Supreme
W. Cutten in Proceedings to
Grain Exchanges
on
brief filed
a
the United States
in
Supreme Court, on
April 25, Arthur W. Cutten, Chicago trader, held that the
government had no legal right to issue an order barring him
from the Nation's grain markets for two years. • According
to the brief, there was "no evidence of conspiracy" and
"there was no actual manipulation of grain prices."
Asso¬
ciated Press advices, April
He
Cutten]
[Mr.
Seventh
the
of
25, from Washington added:
contended that the tribunal should uphold the opinion
Circuit
Court
of
Appeals, which
set
aside the suspension
Commission.
The Circuit Court held
Grain Futures Act could not apply to
by the Federal Grain Futures
"is
words
violating"
section,
for
more
Mr.
purging
in
the
than two years previously which had been concluded.
contended,
Cutten
"was
the contract markets of
intended only
to
provide a
current practices seeking to
manipulate the market price of grain."
"The
of
"was not intended to authorize the
he added,
section,"
institution
purely punitive proceedings long after the practices have ceased."
Further advices
with which we are dealing?
It has been estimated by the Treasury
present
tax law
The
Supreme
Court
.
.
.
declined to hear counsel for Mr.
Cutten
Futures Commission.
After
Wendell Berge of the Department of Justice had argued for the government,
Chief Justice Hughes told counsel for Mr. Cutter that he need not reply.
against the order by the Federal Grain
argue
liability of
the income tax
The department has also estimated that under the present
(Associated Press), April 27, from Wash¬
ington stated:
An
the basis of 1936 earnings would approximate 964 millions.
on
of
Return
Committee
15 to 16% as compared to a normal tax
A few simple
corporations
Forces
tion
the payment of surtaxes which may run to rates as high as 75%
What
1%
House
pay
their share of corporate earnings which are not distributed as dividends.
on
turned and revenues exceeded the
and this year they were running about
in the bill.
processes taxes
paid by the individual who derives his income from other sources.
On the other hand,
to avoid
year's estimates for which he was responsible,
April 30 that it had not yet been determined
Committee would consider embodying the
on
the
alleged violations
distributions
full
profits tax and the corporate income tax; second, he is required to
is in effect
of collections;
For
1934, 5% in excess.
in 1933, 13% in excess, and
excess;
Chairman Harrison of the Senate Committee was reported
method
on
previous
'
This
three
that
exhibited a document
and actual collections over a period
above.
its
surtaxes
estimates
revenue
calculations by 4.6%,
earnings, the stockholder under present law first bears the burden
current
disclose
1
Mr. Morgenthau said, the tables were
initial
the
Investors'
makes
corporation
a
the
..
Reviews
Where
Years
not
1931, the Treasury estimated revenues 15% in excess
1932, 7% in
action
corporate income..
out
the fiscal year 1935, the first
in effect under the
Tax
the proposed unjust enrichment tax,
be
set
of six years.
In
Backs "Windfall"
As to
record did
the
Again reaching into his papers, Mr. Morgenthau
agricultural adjustment act.
need
if
asked
administrations had estimated their revenues too high.
for the enactment of processing
broader base but with lower rates than
a
Harrison
Representatives,
estimates, to raise temporary revenues
our
Tax Bill," put in Senator Harrison.
number crept near to the fatal 218, it was never
law.
be noted that the bill, as passed by the House of
failing, according to
would not have had to pass a
we
Senator
indi¬
corporations and
exceed the yield of corporate and
will
individual taxes under the present
and enactment of the
the deficit for this year would be on a
veto,
As to Estimates in Other
for
corporate income with rates based on the percentage
on
retained by the corporation.
a
in
suggestions
profits tax and by making dividends received by individuals subject
excess
new
follows
bill
President's
following:
Repeal Provisions Discussed
House
The
the
the
over
"And
from
enrichment tax ,$100,000,000:
extension of the capital stock tax for one year at
me
estimates for the present and next
been for invalidation of the AAA
declining basis," the Secretary added.
unjust enrichment tax and temporary extension of the capital stock tax,
divided
he had set down the deficit
The House bill is estimated by the
revenue
revenue
bonus
(b) net temporary revenue of $180,000,000 from an
porate earnings, and
and pulled out a sheet
years.
whether
Yield
arriving at a gross Federal deficit.
"If it had not
as
Estimates
(a)
the present exemp¬
be repealed.
corporations
which
on
fiscal
of dividends received by individuals
tion from the normal income tax of 4%
from
a
distributed
that portion of corporation income which is not currently
upon
in
account
Again Mr. Morgenthau reached into his papers
proposed by the President that
was
existing forms of corporate taxes be repealed.
capital stock tax, the
The
It
system of corporation taxes.
our
the
into
which
suggestion, and the one of major importance, was for a revision
The third
it would require
$43,000,000 instead of $35,000,000.
of the agricultural adjustment act.
Secretary Morgenthau observed that the President, in
outlining these needs, suggested 3 sources of revenue which
could be made available for the purpose.
One was for
processing taxes on agricultural products act.
"Another,"
he went on to say "was for a special form of income tax,
described as a "windfall" tax, on the unjust enrichment
accruing to some corporations and individuals as a result
of their escape from the payment of processing taxes.
The
amount of the processing taxes due prior to January 6 which
had thus escaped was approximately $237,000,000.
Sec¬
retary Morgenthau's statement as given in the New York
added
estimated at $517,000,000.
sheaf of papers before him and pulled
by invalidation of the AAA,
law
more
than
alleged attempt to evade income taxes of 1930 and 1933
against the trader in an indict¬
is said to have been charged
$4,500,000,000 of corporation income in the calendar year 1936 will be with¬
ment
held from stockholders and. that
According to the Associated Press, an indictment the previ¬
the individual
resultant
owners
yield
in
if this income
were
fully distributed to
of the stock represented in these corporations, the
additional
individual
income
taxes
would
be
avoidance
occurring
on
the scale indicated
by the figures
I
have cited, I do not see how any increase in individual income tax rates or
other
general and continuing taxation could be justified until this leak in
tax
our
system is stopped.
Whatever
times
all
business
be
may
the preparation
that
debatable
is
purely and
essentially
considerations
that
may
enter
as
a
not
on
simply
the
a
same
proposal to
equitable
put
all
taxes
on
basis;
to
give
no
given to and imposed upon the individual taxpayer who alone
or
partner derives his income from business profits.
According to the dispatch from Washington April 30
only a few questions were put to Mr. Morgenthau at the
hearing, its advices stating
i
a
period of two years was noted in our issue of Nov. 30,
page
3467.
■
into
advantages and to impose no penalties upon corporation stockholders that
are
for
1935,
of particular schedules, it will be well to bear in mind at
this
profits
the
The action of the United States Circuit Court
Appeals at Chicago, in reversing, on Nov.*25, 1935, the rul¬
ing of the Federal Grain Futures Administration suspending
Mr. Cutten from trading on the country's grain exchanges
of
Opposes Rise in Rates
tax
Federal Grand Jury in Chicago on April 28.
month is said to have charged attempts to evade income
taxes in 1929.
$1,300,000,000.
With
ous
about
by the
United States Supreme Court Affirms Decree
of Lower
Holding International Business Machines
Corp. to Have Violated Anti-Trust Laws—Illinois
Law Requiring Licensing of Farm Product Com¬
mission Merchants Upheld
Court
The
after
United
a
States
two-week
Supreme
recess,
Court, meeting on April 27
down 12 unanimous de¬
handed
cisions, including a ruling affirming a decree by the South-
2928
Financial
New
ern
York
International
Federal
violated
the
this
opinion,
Court
District
holding that the
Machines Corp. of New York City-
Business
had
which
anti-trust
Justice
laws.
Stone
delivered
but
does
the
practice
not sell
them.
Justice Stone's decision
complained
against
in
was
direct
said
so-called
"tying clauses" of the Clayton Anti-Trust Act.
Stating that one of the largest customers of the company
is the government, Associated Press accounts from Wash¬
ington, April 27, added:
A
special machine
millions of
In
its
made to help the Department of Justice sort the
was
fingerprint cards.
suit
against
the company the government
required in contracts "built
that Remington-Rand had
said
that
the
Chinese wall against competitors."
a
agreed to be bound by the
"The Clayton Act names
to
its
unambiguous
clause
exception in favor of
is
the
elimination
rather
that
than
the
the
competition
protection of
latter
monopoly,, and
condition whose substantial
a
business
of
be
cannot
not
are
Justice Roberts took
and
its goodwill,
achieved
otherwise
no
no
by
the
benefit to the lessor
and where
methods
tenable basis for
creation
it
which
do
not
licensing
and
bonding
of
farm
appear
tend
to
decision of the
on
product
case.
April 27
requiring
commission
mer¬
chants.
As to this, we quote the
following from the Wash¬
ington dispatch, April 27, to the New York "Journal of
Commerce":
,
license fee and a bond sufficient
protect shippers of farm products against loss from
insolvency or dis¬
honest dealing.
*
,
resulted
case
in
the
arose
out
Cross
interstate
on
in the Cross
case
on
Wheat,
shutting out
<
Justice Wheat said.
however,
refused
allow
to
testimony,
that
apparently
attack of the power companies in seeking to have the
one
activity declared unconstitutional,
Mr. Barry then testified that Alabama Power offered to sell its distri¬
bution
system
the
to
Government
because
use power
6
of
7
the
Alabama
towns
generated from the Tennessee
Valley Authority.
Mr. Barry showed that the company's gross revenue from
electricity was
Public Works Administration attorneys, fighting for the right to advance
PWA funds to municipalities for power plants, denied assertions
for five
of attorneys
private power companies that the projects would ruin their business
by unfair competition.
Represented by two former High Government officials, the companies
sought permanent injunctions against 10 projects in
expected eventually to reach the
The
Government
Federal power
which was
a test case
Supreme Court for
final ruling.
a
attorneys, fighting for one of the most important
program
as
of
Deal, defended the PWA, non-
legally authorized by
one
Congress to create
employment and revive industry.
Newton D. Baker, former Secretary of War, and Dean Acheson, former
Assistant Secretary of the Treasury, presented the case for the utilities—
the Alabama Power
Co., Oklahoma Utilities Co., Texas Utilities Co., Iowa
City Light & Power Co., and Central Vermont Public Service Co.
Arguments Before United States Supreme Court on
Action Involving Constitutionality of New York
Minimum Wage Law-^-Women's Groups
(Urge Void¬
ing of Law
to pay several shippers who had
company
the
law.
commerce
It
Indemnity Co., which bonded
asserted
because
most
that
of
the
the
law
produce
was
an
involved
originated outside the State.
of
material,"
testimony is
making allotments for municipal plants."
Justice
Arguments
New York
heard
minimum wage law, governing wages
Columbia
Supreme
Court
Issues
Two
Sustaining
Government in
Suit
by
Utilities—Private Companies Seek to Bar Use of
PWA Funds to Finance
and work¬
State, have been
children in the
and
women
during the week by the United States Supreme Court,
the
which
test
Court following
Decisions
•
.
the question of the constitutionality of the
on
ing hours of
on
District
that
gradually decreased, what of it?"
were
that PWA made 'reasonable' private utility rates one of the determining
factors in
insolvency of G. H. Cross & Co., which
Hartford Accident &
attacked
company,
imposition
the
inability of the
consigned products to it.
the
of
where
see
P. W. Turner, utility attorney, then said that "we intend to show later
,
The law requires the payment of a
$10
to
The test
don't
the "more abundant life" activities of New
or
in which the Court upheld the Illinois law
one
monopoly,
not
unlawful."
part in the consideration
Among other decisions of the Supreme Court
was
of
does
Government attor¬
towns.
seven
$14,995,030 in 1934, and increased to $16,364,857 in 1935.
final decision.
perceive
can
V
the
to
however, objected.
"I
"If the rates
no
command, we
:'s" ^v'-.
v
Barry, Alabama Power Co., Vice-President, started to testify
his company reduced rates
neys,
It added
exception to its prohibition of monopolistic
tying clauses," said the opinion.
"Even if we are free to make an excep¬
an
plants,
that
receiving PWA funds planned to
•
,
injunction against the New Deal's
$200,000,000 program for loans to cities for erection of municipal power
that
conflict to
May 2, 1936
Five utility companies are seeking an
James M.
prohibits the company from requiring
users of its machines to buy its
tabulating and . punching
cards, or pay a larger sum for leasing the apparatus.
The
company leases tabulating, punching and sorting machines,
tion
Chronicle
case
brought
was
the decision
Supreme
the
before
March 3 of the New York
on
Court of Appeals holding the law invalid, the opinion revers¬
ing
lower
a
Tipaldo,
decision
court
of
manager
convicted
had
which
Joseph
(X. Y.) laundry of paying
Brooklyn
a
Municipal Projects
Private utilities lost a ruling on
April 22 incident to a suit
against the constitutionality of certain Public Works Admin¬
fore in
istration activities, when Chief Justice Alfred A.
Wheat of
the District of Columbia
Supreme Court decided that inter¬
State
As was indicated hereto¬
these columns, the majority opinion said that the
law did not materially differ from the Federal Act
ruled
upon
departmental transactions
could not be entered in evidence.
He refused to admit the
testimony of Otto Ran, a former
member of the PWA Electric Power Board
of Review,
concerning negotiations between the Board and officials of
Texas utilities.
In the case in
question, the utility com¬
panies have been seeking to prove that PWA financial aid
has been given to
municipal plants to lower electric rates,
rather than to provide increased
employment.
The Gov¬
ernment
when
rate
recorded
another
important victory
Justice
April 20,
on
Wheat refused to hear
testimony regarding
reductions granted to seven Alabama towns
by the
Alabama Power Co.
during the last 20 years.
The utilities
were
endeavoring to show that the company had granted
progressively lower rates" to the seven towns, which later
received PWA loans to finance their own
municipal systems.
Associated Press Washington advices of
April 22 commented
on the decision on that
date as follows:
4
Jerome Frank, chief of
government counsel, said
the ruling would
materially reduce the volume of evidence and shorten the trial of five
suits brought by the Texas
company, the Alabama Power Company, the
Iowa City Power and
Light Company and the Oklahoma Utilities Com¬
pany.
The companies seek to block
$2,908,000 in
plants in Southern and Mid-Western communities.
Mr.
Frank said he
ponaed
from
them
was
Ickes
to
nection
a
PWA
letter
President
with
Item 6
on
and
to
grants
interpreted the ruling to disqualify 62 items subby Dean Acheson, utilities counsel.
Among
files
dated
September
8,
Roosevelt relating
certain
the list
loans
allocations
was
N. Y., on September
10,
of
1934,
to
from
Secretary
national power
PWA
a
to
reduce
electric
rates
instructions
to
throughout
the
attorneys from the bench Justice Wheat said that if
injured under
they sought to introduce was invalid.
they must
a
valid statute
If it
was
not
(PWA) the testimony
constitutional, he said,
prove the cause of
damage.
Hubert
L.
Allen, of Lubbock, Texas, Vice-President and General
Manager in charge of construction, and
George H. Carter, of Marlin,
Texas, attorney for Texas utilities, were
among the day's witnesses.
Mr. Allen testified to the
properties, services, capacity, rates and earn¬
ings of the company in the "South Plains"
area where PWA loans and
grants
of $423,000 have been
approved for a municipal power plant at Plainview,
Texas.
decision
the
to
in these
2247.
On
April 22 New York officials told the Supreme Court that the
minimum wage law was necessary to stop "fraud, exploita¬
tion and overreaching."
According to Associated Press ad¬
vices from Washington, April 22, two documents, signed by
Attorney General John J. Bennett Jr. and others, were pre*
sented
March
7, page 1570, and
the
company's
earnings in
$1,285,139 and that after deducting
"From these figures it is
petition from
a
that
region in
1935
amounted
expenses it had a net of but
us
to
$41,273.
parent," he said, "that the most meager
municipal plant would make it impossible for
without going into
bankruptcy."
a
as
page
Mr. Bennett is quoted as
preliminary to arguments.
There
to
be
can
certain
a
law.
wage
question that both the
no
extent
But
they
if
concepts of due
stated
if it
the
is
deprived'
are
established
known
and
public evil, if
Constitution
and
is
a
liberty
this
of
minimum
if the
process,
reasonable exercise of
a
employer and the employee
are
deprived of their liberty to contract by the minimum
promotes the
it
law
the
to
corrects
a
public welfare—in short,
it is consonant with
exercise of legislative
proper
according
wage
the police power—then
power.
Just before the arguments were concluded on April 29,
and the Supreme Court took the case under advisement, it
declared by former
Governor Nathan L. Miller of New
(said the New York "Times") that abridgement of
the right of contract and the fixing of wages are features of
the law which make it clearly unconstitutional.
was
York
Henry
Solicitor
Epstein,
spoke
for
Tipaldo,
Nathan
six
with
States
briefly addressed
L.
launched
Miller
General
would
of
New
similar
Arthur
laws.
the court and
follow
and
com¬
to operate
Stone
tiieir
indicated1
technicalities
Justices McReynolds
ties could
two
tomorrow
questions
of
how
remembered
Columbia
They
he
former
constitutional
Mr.
for
Governor
objections
was
refrained
Sutherland,
on
the
involved in the
were
of
minimum
the
Many
wage
the bench
on
from
of
was
these
inquiries
but
established,
was
participation
marked by those who
when
the
District
of
1923.
McReynolds,
bench,
case
of
was
the District law
Butler
and'
in
1923.
Vandevanter.
Jus¬
the fifth in opposition to the law,
Adkins
vs.
Children's Hospital.
Chief Justice Taft and Justices Sanford and Holmes.
Justice Hughes and
members
Sutherland, McReynolds, Butler
case.
the court opposed
members of
Justices
the
application, while Justice Stone showed in one
rejected in
was
present
Dissenting
then
that
law
are
Chief
counsel
Levitt,
announced that
with the
sympathy with the ideals of the law.
a
McKenna, then
which
in
and Butler indicated that they wondered,, if irregulari¬
the wage
in
occur
in
interest
The presence of Justice Brandeis
Four
arguments
by the laundry manager against the statute.
concerned
or
opened
York,
former Under-Secretary of the Treasury,
Dean Acheson,
support of the law.
the
Justices
Stone, Roberts and Cardozo
were
not
court.
(
Legislature
proceedings on April 20 were described
Washington advices of that date:
United Press
appeared
April 4,
stating:
tice
said
The
an
Questions put to Mr. Acheson by Justices
the plaintiffs had been
He
held that the Minimum Act was un¬
interference with the liberty of
was
References
contract.
columns
country.
In
it
and
Regarding the arguments before the Supreme Court, a dis¬
message addressed to Ickes from Hyde Park,
1934, bearing the penciled initials, "F. D. R."
program
constitutional
patch, April 28, from Washington to the New York "Times"
said, in part:
He wanted, he
said, to prove that PWA did not make loans and grants for
power systems with a view to
employment of labor but as part
administration
by the United States Supreme Court in the Ad-
kins case, when
L,
municipal
an
provided in the case of an adult
engaged in laundry work.
woman
con¬
Harold
policies in
funds.
After the court had
ruled, Mr. Acheson said he still intended to offer the
subpoenaed material but expressed doubt whether it would be
admitted.
of
less than the minimum wage
follows in
Mr.
evils
Epstein
affecting
cited the efforts of
women
in industry.
Held Guided
the New
York
Legislature to eliminate
The Legislature, he said,
knew of the
Financial
Volume 142
Supreme Court decision
the
on
District
and
law
avoid any
New
to
dangers.
Mr.
Hampshire,
Mr.
New Jersey
when
"On
who represented:
Justices
do
what
Connecticut,
and Rhode
Illinois,
had
Island,
scarcely started his argu¬
Sutherland, Stone and McReynolds
base the
you
of the Legislature to
power
Mr.
wage
erland
and
Mr.
Sutherland
that
though
even
be possible that some women
Mr.
Acheson
another
protect
that
Stone
the
New
Mr.
Acheson
to go so
The
not worth
was
application to
on
stated
that
the
law
designed
was
to
sharp practice."
or
far; could it not be necessitous circumstances?"
York
the
law
adjournment
hour,
Levitt
Mr.
told
the
court
"subject to all the infirmities that the court
was
case."
women's
professional
and
labor
organizations
appealed to the Supreme Court
on April 27 to hold the New
unconstitutional, it was stated in United Press
advices, April 27, from Washington to the New York "Jour¬
nal of Commerce," which likewise said:
York
law
The
asserted
women
the
with
The
that
the
law
"an
is
unconstitutional
interference
women's
plea
contained
was
in
a
brief
filed
as
a
"friend
of
of
Transit
filed
was
Women
Woman's
Women's
Equal Opportunity League of New" York.
Rate-Making Power—Views of Justice Brandeis
Behalf of Minority
Court.
It
stated
was
Washington that the
in Associated
Press
case,
Five members of the Court said through Mr.
judicial review of the facts
rate
that
the
stockyards
as
Hughes that there must
wqll as the law.
had
suffered
not
Justice Roberts
confiscation
con¬
through
the
changes.
Justices
Brandeis,
yards had
been
Stone and Cardozo,
undamaged
by the
must rule on the law and should not
while agreeing
Secretary's action,
that
held
the stock¬
that
courts
single out issues of fact for exceptions.
Some Agencies "Subservient"
The
stockyards
government
theless,
case
agencies
the Court
extend
their
alluded
seemed to
pearing concerned
to
concerned rate-making;
was
the
over
power
to
have
more
prospect
beyond
"Legislative agencies, with
the increasing
of
than rate-making in
administrative
constitutional
mind,
agencies
them to observe the requirements of law in
giving a
constitutional
cluded
that
a
findings of fact
rights of liberty and
may
conclusion
the
mercy
must
field pe¬
prospect,
be
were
multiplication
our
we can
retain
it is not because
"The principle
by
Senate
of
administrative
agencies,
judicial authority to examine the weight
we
reasons
are
applies when rights of either person
constitutional
liberty.
privileged to perform
our
But
judicial
of convenience to disregard it in others.
or
of property are
restrictions."
our
a
system there is
competent court
designed to
of
no
warrant
for
view
that
the judicial
authority."
to
H.
McFadden
Denies'
Charges of Collusion
^ Appearing before the Senate Committee on Agriculture
April 29, John H. Mc¬
collusion between his
firm of Geo. H. McFadden & Bro. of New York City and
that of Anderson, Clayton & Co. of Houston Tex.
W. L.
Clayton also appeared before the Committee at the same
time, and in indicating what Mr. McFadden had to say in
part at the Committee's hearing into Cotton trading we
quote the following from Mr. McFadden's statement.
Forestry in Washington
Fadden,, Jr. denied that there
Innumerable
doubtless
will
occasions
on
was any
be
found
on
which
market
the
positions of Anderson Clayton & Company and our Firm have been iden¬
tical with other spot cotton merchants
language of which I
intimates
same
We
are
am
but I still deny in the most emphatic
capable that this in any sense means, proves, or even
collusion.
The type
the
of business which
we
of business with
type
do and that Anderson Clayton does, is
variations,
principally
as
quantity.
to
governed by the same economic principles, our information comes
from the
same
sources, we
buy cotton in the same territories and we sell
it
same
countries.
It would be strange indeed,
in the
over
different.
glaringly
There
nothing
is
unusual,
tainly nothing unethical in what I have described.
exists
therefore, that if
period of years it should be found that our market positions were
a
and
exist
must
in
extraordinary,
It is
and
cer¬
situation which
a
type of business.
every
~
Mr. McFadden
appeared before the Committee to answer
allegations by Louis Brooks, New York cotton broker.
Previous denial by Mr. McFadden to the allegations was
noted in these columns April 11, page 2427, and the hearing
was further referred to on page 2757 of our April 25 issue.
According to the Associated Press accounts from Washington
April 29 Mr. Clayton, in his testimony attacked proposed
revisions in the New York Futures Exchange contract as
"coming from New York traders who desire to return to
the old manipulative contract."
These accounts added:
the
Elimination of the Southern delivery from the contract,
"a return to that type of cotton futures contract
McFadden
Mr.
followed
making actual delivery."
Joseph
J.
O'Donel,
Boston
and
New
York
Mr. O'Donel declared legislative changes
merchant, on the stand.
cotton
in
he said, would
which speculators
manipulators may buy in expectation of reaping rewards out of the
difficulties experienced by the seller
New York Cotton Exchange regulations were necessary for survival
of
smaller firms.
and
Holds
Press
Associated
Act in Discharging Reporter
Bargain with American News¬
Wagner
Declining
paper
NLRB
for
Examiner
to
Guild
Dean Charles E. Clark of Yale Law School,
trial examiner
Relations Board, ruled on April 24
for the National Labor
tices under the Wagner
say:
Morris Watson, a reporter,
can
He recommended that
and to negotiate with the Ameri¬
Newspaper Guild as the representative of its editorial
employees.
A
previous reference to this case was contained in the
of March 21, page 1915.
Dean Clark in his
decision ruled that the only reason for Mr. Watson's dis¬
labor
organization known as the American Newspaper Guild
through its Associated Press Unit, and engaged in concerted
activities for the purpose of collective bargaining and other
When the Legislature acts directly its action is subject to judicial
scrutiny
determination in order to prevent the transgression of these limits
aid and
protection."
The New York "Times" of
in
part
Dean
director
Press
Board
and
done,
of power.
in
Labor Act.
the Associated Press be required to reinstate in its employ
mutual
Pointing out that "the Constitution fixed limits to the
rate-making power by prohibiting the deprivation of property
without due process of law, or the taking of private
property
for public use without just compensation," Justice
Hughes
on
Inquiring
Agriculture
on
John
Market
charge on Oct. 18, 1935 was that he "joined and assisted a
the
be circumscribed by any legislative arrange¬
to administrative action going beyond the
can
give effect
constitutional
For
that
"Chronicle"
At this point came this significant expression:
of
of the
believe
cannot
Congress the power of rate regula¬
upon
Committee
Cotton
Into
although the
Courts Can't Be "Circumscribed"
"Under
I
that the Associated Press had engaged in unfair labor prac¬
with
duty in that case and for
protected
body
the regulating
basis.
adopt measures indispensable to its effective
to
power
by
ample
exercise."
of administrative
of evidence when the question concerns the right of
personal
if this be so,
Congress con¬
made subject to judicial review.
affords
experience
Violated
lightly regarded.
"It is said that
Secretary of Agriculture
the
re¬
guards.
one to
with
agree
decision of the question involved.'
value and income
to
tion, denies to it
and
officials and seriously to impair the security inherent in our
judicial safe¬
"That
have
rates
is to be effective there must come at some time
a
Constitution, which confers
ap¬
seeking
hearing and
involved,
1929
the
"a laboratory experiment"
than
more
no
if the correctness of findings
as
that
be made conclusive where
property are
said,
he
practically no redress for the wrong
throughout the long years in which ex¬
wealthy and litigious utility might practically nullify rate
a
facts
reading and then continued:
rights have been invaded, is to place rights at the
went
hearings and
regulation
evidence clearly establishes that the findings are
wrong and constitutional
limits
was
"all
'if rate regulation
end of
Trial
"But to say that their
ment
he said,
case,
"Surely," he said,
that
limits.
varying qualifications, work in
The Chief Justice paused in his
power
this
mean
ceiving evidence."
is not
"there will be
involving rate regulation in its simplest form.
Never¬
culiarly exposed to political demands," said Chief Justice Hughes' opinion.
"Some may be expert and impartial, others subservient.
It is not difficult
for
Meanwhile,
rates.
cessive rates have been exacted."
number of
only in passing language.
had elapsed, he said, since the order
years
done to the business community
from
accounts
according to the Government,
was
the first under the 1921 Packers and
Stockyards Act
to present to the tribunal "the
ordinary issues of valuation
and fair return in a stockyards rate
controversy."
In Washington advices April 27 to the New York "Times"
it was stated that all of the nine Justices joined in
declaring
the
Secretary's action justified, but Justices Brandeis,
Stone and Cardozo concurred for differing reasons, while
Justice Roberts agreed as to "the result" without
stating
his grounds.
It was added:
curred
reduced
to justify inquiry into their reasonableness,
as
and
States
A decision upholding a $2,743,000 valuation fixed
by
Secretary Wallace on the property of the St. Joseph, Mo.,
Stockyards Co. and his order reducing service charges was
handed down on April 27 by the United States
Supreme
be
high
Nearly two
remained in force and
Party, National Associa¬
Judicial Review—Cites Limits Under Constitution
in
have
Six and one-half years had elapsed
♦
Supreme Court Sustains Rates Fixed
by Secretary of Agriculture at St. Joseph Stock¬
yards—Justice
Hughes
However
Declares
that
Findings of Legislative Agencies Are Subject to
to
"Herald
the
Bindery Women's Unioni, the Brooklyn-Manhattan
League, the Business Women's Legislative Council of
and the
United
National
following
York
effective if the courts are to
be
cannot
findings of fact.
were so
pointed out.
Lawyers,
Women's
California
the
for
New
Justice Brandeis emphasized,
being reviewed,
case
regulation
Stockyards Co.
he
the
quote
we
the
to
Secretary of Agriculture decided that the rates of the St. Joseph
Before
brief
The
views
27
April
liberty of contract guaranteed by the Fourteenth Amendment."
court."
tion
that
the right to review
an
Several
by
*
history of the
illustrates
Yet
before
the Adkins
in
worker
a
Brandeis'
Washington
Tribune":
inquired.
minutes
found
where
cases
against "agreements closely akin to fraud
women
Ten
some
determination
or
law of the land, may be maintained.
Justice
to
since the
lower wage could be had1
a
He askedi
scrutiny
Legislative declaration or finding
by courts of competent jurisdiction to the end that the Constitution,
prescribing
time,
"Would it have
Justice
worth only $9 and some $16.
that
preclude
cannot
legislative finding.
or
the supreme
As
Mr. Suth¬
$12.40, it might
was
authorities.
proper
At
wage
mini¬
the
how
of
disregarded.
was
replied that in
minimum, exceptions for
the
details
minimum
a
were
particularly if the minimum
the
sought
applied in various classes of the laundry labor.
was
remarked
the law
from
police power," the attorney answered.
McReynolds
mum
declaration
necessarily subject to independent judicial review upon the facts and
this law?''
pass
McReynolds inquired.
"On tiie
is
as
questions.
began
2929
The!Legislature
any
Acheson,
ment
Chronicle
legal
Massachusetts,
strove
as
decision
Clark's
of the
has
ten
April 25 discussed the decision
follows:
was
filed yesterday with
Regional Labor Board here.
days,
here that
after
it will
service of
comply with
the recommendations then
Washington for issuance
of
go
an
Mrs. Elinore M.
Herrick,
Under its terms The Associated
the decision
upon
it,
the recommendations.
to
notify the
If this
is not
to the National Labor Relations Board
order requiring the organization to act.
Financial
2930
If
The Associated
appeal
Press
the
to
through
its
declines to obey the order,
then
Press
or The Associated
The association has contended
that the Wagner Labor Act is
W.
John
attorney,
Davis's
Mr.
chance
done
Davis,
was
and
make
would
that he
night
last
said
it
decision
the
read
to
offices
had
statement
no
had
not
until
he
a
had
so.
The
served
was
ciated
Press
Labor
Board
from
by
the organization early
on
sought
months
Press of violating the Wagner
last December. The Asso¬
accusfng The Associated
complaint
Labor Act
injunction to restrain the Regional
hearings, but this plea was denied after two
January
in
holding
an
Hearings were held early in
Bondy.
William
Federal Judge
April before Dean Clark.
Dean
New
found
Clark
York
Need
the
employees
Press
its
at
engaged in interstate
were
clearly applicable to the
seems
disclosed."
Free
for
The Associated
of
worked,
Watson
Mr.
and that the "policy of the Act
herein
situation
that
where
office,
commerce,
Declared
Press
Says Decision
of South Dakota
Supreme Court in
Reversing
Conviction of Editor of Aberdeen Paper on Con¬
Charges
tempt
tained
Urgent
Out
Growing
Criticism
of
Con¬
on
contempt of court charge the South Dakota Supreme Court
unanimous opinion, declared that the
free and unfettered press is perhaps more urgent
Pierre, S. D., in
a
a
Circuit
Court
Judge, Associated Press accounts April
24 from Pierre had the
the case and the
Court
held'
concluded,
lower
in part, regarding
say,
that
"proper
were
reversal
the
justifiable"
entirely
and
judgment."
"beet
would
the Supreme
case,
It
public
the
promote
con-
welfare."
The
News"
and
It
published editorials
Judge Howard Babcock, of
sentence
attention.
wide
attracted
case
began
when
"The
February,
in
Brown
County.
Defendants
in
the
were
the late J. A. Mathews, then publisher, and Howard 0.
a
Ander¬
editor.
Circuit
Judge
the
the
They
The
amounted
case
Mathews
was
of
The
corporations is "fundamentally unsound, will retard the
April 28, and which will be.acted upon by the membership
of the Chamber on May 7, were sent to President Roosevelt,
Secretary of the Treasury Morgenthau, members of Con¬
I.
throughout
the
Parkinson, President of the New York Cham¬
members
other
reduction
in
signing
the
said
report,
government expenditures"
radical
"a
that
is
the
sound
only
solution of the tax problem, declaring that this would prove
"the most effective way to
from
balance the budget and to hasten
the business
depression."
Referring to the tax bill introduced in the House (noted
in
April 25 issue,
our
few
"the
attempts
2755), the committee said that
page
moderate
to
of
are
the
severity
of
the new
insignificant consequence."
Point¬
ing out that if the government absorbs savings there will
be
capital resources for the development of new indus¬
expansion of existing ones to supply needed goods
consumption and to provide employment for a growing
no
tries
for
or
Only two
savings
of
days each
for
the
the
condition
on
newspaper
capital is
desirous of
sus¬
attacked
men
the jail
publishes
of
the
the
press.
sentences
were
by
written
at Aberdeen.
the institution
Brown
record
Bar
was
in this count
that
conceded
there
is
concluding:
operating for
as
much
created,
are
country
source
industries
not
are
by
will be
which
on
as
vital factor in maintaining
a
was
from
and
authority
which fully sustains his conclusions and judgment."
However, all the
in the four
surplus,
1933 divi¬
income, amount¬
1933.
to
profit withdrew
which
of
over
1929
years
for
dividends and
During
$24,-
over
approximately
$13,000,-
$11,000,000,000 to meet
over
Payrolls consumed
operating at a loss.
corporations
and
1921
dividends
of
excess
all corporations operating
used to maintain
all
including
between
years
against $41,000,000,000 of net income
as
a
large part of this
$11,000,000,000.
The
by
income taxes
produce
accumulations
previous
innumerable
and
adoption
The
fluctuations
surplus,
of
individuals
on
ways.
violent
exceeding current earnings which
dividends
payment of
possible
yield of
in
of income,
that in 13
$50,700,000,000
from undistributed
000,000
The report continued:
owners.
statistics
profit, show
four years
000,000,000
We think
respectable
very
of this
people
years.
ing to $9,700,000,000, occurred
these
vast
found by the court below,
and
Treasury
that period.
proceedings by the members
and entirely justifiable.
proper
completely supports the facts
be
must
County
the contempt
of
be
must
workers, creditors and
deficits
"We think
If these
larger, than the automobile, aviation, radio and other brand new
Furthermore,
for
with utter and unlimited license."
The opinion then criticized the articles in question,
industry;
savings.
corporate
form of government where business is carried!
a
industries
dends amounted to
Dwight Campbell, said:
Judge
capital for
private
is
security during a depression, the report said, citing
Department of Commerce estimates that from 1930 to 1934,
inclusive, business enterprises drew more than $26,600,000,000 from their existing resources to maintain payments
Mr.
19, 1934.
Mr. Anderson left "The American-News"
paper
or
other
Undoubtedly, the
Corporation surpluses
in
to
weekly
a
New
supply
the
taken by the government, the only other
or
the State.
adopting
State.
and
social
freedom
of
which
He
not publish
court."
contempt of
or
destroyed
are
available to
are
savings,
developments of the last 35
in jail.
do
sources
individual
is
one
contempt
"The need for a free and unfettered press is perhaps more urgent
it
Commerce
of
ber, who is Chairman of the special committee, and the 11
Anderson
censorship.
to
December, 1933.
now
opinion,
the
Chambers
the
ever it has been before, although we venture to think that it is not by
the Judicial Department of Government that freedom of the press or of speech is
most threatened in the present era.
Freedom, nevertheless, is not synonymous
of
400
and
gress
country.
large,
today than
the
soon
growth of industry, injure labor and jeopardize financial
security."
'Copies of the report, which was made public
and
in
Mathews
put before the Supreme Court on September
died in
fall, and
30
constitutional guaranties
that
charged
also
suspended
presiding
Messrs.
condition "you
on
attorneys
case
to
men
however,
condemnation
violating
as
News,"
sentenced the two
of
Faulkton,
of
American
jail sentences,
appealing
sentences
Bottum,
H.
"The
articles
future
last
J.
fined
$200 each and
In
world
static
a
Opposition to the pending Federal tax bill is voiced in a
of Commerce of the State of New
Special Committee on Fiscal Policies of Govern¬
ment, which holds that the proposed tax on surplus earnings
the
proceedings,
the
for
us,
York by its
Aberdeen
criticizing
1932,
for what they termed leniency
Sisseton,
concerning alleged graft in
newspaper,
pended
of
one
population, the report said:
American
son,
every
report to the Chamber
scheme of taxation
four-year-old
sustain "conclusions and
authority to
however,
in the
court
proceedings
contempt
sufficient
following to
Supreme Court's findings:
While it. reversed the
with
change,
accept
Proposed Tax on Surplus of Corporations "Funda¬
mentally Unsound" Says Report of New York
Chamber of Commerce—Proposals Viewed as Re¬
tarding Industry, Injuring Labor and Jeopardizing
Financial
Security—Reduction
in
Government
Expenditures Only Solution of Tax Problem
Stating that the charges resulted from editorial criticism
a
May 2, 1936
dead world."
recovery
in this country today than ever it has been before."
of
a
Thomas
April 24 the conviction of the Aberdeen
American-News and its editor and publisher in 1932 on a
"need for
becomes
Editorials
in
In reversing
at
must
take the case to that court.
unconstitutional.
At
"We
the NLRB may
of Appeals
Circuit Court
States
United
itself may
Chronicle
the
of
dividend
in
aided
benefited
proposed
law
distributions,
made
was
stabilizing
in
the national
would
which
the
economy
tend
would,
to
in
turn, affect adversely the stability qf the yield of individual income taxes
Charles
R. Gay Says "Straight Thinking" Is One of
Today's Most Urgent Needs—Tells University of
Pennsylvania Students Trained Men Are Required
in Industry
"Straight thinking" is
current
economic
President of
of
the
and
the New
Wharton
of the most urgent
one
business
Stock
York
School
It.
in
Gay,
Exchange, told students
Commerce
of
needs
Charles
problems,
and
Finance
at
the
and
and would
security prices,
able) the instability of
In
In
this proposed
practice
profits
to
regulations to
University of Pennsylvania on April 27. There is an increas¬
ing call, Mr. Gay said, for trained men in industry.
He
declared that much of the thinking nowadays is not straight,
"but oblique," and the kind of thought that takes proved
and practical experience by the hand and drags it suddenly
the
whole scheme of
off its
rise
at
course
sharp angle and proceeds to tangle up
a
its legs in the roadside brush and weeds."
Other quotations
from his address are given below, as contained in the Pihal-
To
man
is
the direction
that recovery will
upon
"In
of colleges
in the immediate past.
increasing call for trained
have
Unemployment remains
as a
disturb¬
the business situation, and the effects of growing taxation
production, distribution, jobs, salaries and wages cannot be foreseen.
the upturn lies a prospect quite different from that which faced
the graduates
an
take.
learned
to
do
men
in
industry,
Indications point toward
particularly for those who
in
some
or
of
the
precepts
onrushing
and
violation
avalanche caused
of
fundamentals
present-day theorists persist in trying to
experiment atop the next—giving, no
reckoning when chaos
the rest of
set
are
business
pile
one
disregard
by
of
experience,
unwise regulation
thought to the inevitable day of
be not only their portion but the portion of all
us.
"Profound
some
may
by utter
dictated
of
men
upon
stand
principles.
are
an
in
at
work
unsound
in
the
base,
opposition
to
I
national
would
any
business
life
and,
have
you
think
not
evolution
of
ancient
It
statutes
earnings represented! by capital assets
cases
many
enable
to
involve injurious and
the
corporation
the
meet
to
more
destruc¬
even
tax.
corporations may have large earnings because of the
inventories.
would
To
amount
tax
such
income
when
it
is
impos¬
practically to confiscation of working
proposed tax would diminish the income
preferred
without
stocks
of
holders
compensating
advantage
and may jeopardize the security of the investments of both
preferred and common stockholders, the report stated, and
any
in conclusion said:
The
expenditures.
extraordinary
Progress
tration and of
the
The
figures
tax problem
government
and is
a
interest
of
have
been
menace
to
bureaus
certain
budget and to hasten
the
created
groups
government expenditures
a
has
radical reduction
already
government
in
expanded
credit.
to
The
Numerous
flagrant waste.
brought to light in the expenditures of
Administration,
other
is
debt
expenditures have been attended with
examples of this
Works
of the
only sound solution
government
the
forces
fixed
...
order
in
their
of
distribute it
enormous
"Regardless
economic
things.
certain
years
value
judgment.
make
capital.
most
straight thinking.
some
adjustments,
some
business
sound
everything, and thereby eliminate judgment from
govern
high tax upon
a
dictated by
judgment and try to
with
non-liquid would in
The
sufficiently far-sighted'," he said, "to forecast with confidence
ing element in
less
sible to
delphia "Bulletin" of April 27:
"No
impose
scheme to force the distribution of corporate
a
the policy
dispense
and
tive
desir¬
tax involves serious Federal interference with
It is
regardless of
mistake
a
In
is
as
calling attention to other evils of the tax legislation
business management.
or
of reducing,
before Congress, the report said:
now
is
(instead
increase
economic life.
our
of
will be
recovery
Federal
Emergency
to carry
on
individuals.
Relief
Serious
efforts
found the most effective
way
the
Adminis¬
government activities
in
to reduce
to
balance
from the business depression.
while
that
economic
In
addition to Mr.
Parkinson, the report was signed by
Bennett, James G. Blaine, Frederick P. Condit,
Charles K. Etherington, James T. Lee. Edwin G. Merrill,
Walter H.
Volume 142
Jesse
Financial
S.
Phillips, John Sloane, Roy E. Tomlinson, John C.
Traphagen and James P. Warburg.
Chronicle
U.
S.
2931
Chamber
Labor
James
P.
The Administration's program to tax undistributed corpor¬
ate
earnings will foster monopoly, James P. Warburg declared
April 27 before the Union League Club in Philadelphia.
Mr. Warburg advocated balancing of the Federal budget by
broadening the base of the income tax so that "governmental
economy will become popular and governmental extravagance
unpopular."
He declared that at least half of the money
now
appropriated for relief is wasted, and he urged as
"constructive suggestions'' repeal of the Federal capital gains
tax and a study of the general property tax imposed by
States.
In making his
"constructive suggestions," Mr.
Warburg said:
on
1.
If it is really
prevent
or
of excessive booms and depressions, why not repeal,
a recurrence
at least
of tax reform to
way
drastically modify, the Federal capital gains tax?
I know of
single action that would do
no
more to
exchange booms, and consequently excessive depressions,
vinced that the Government would gain rather
and I
than lose in
am
by
Just
the capital gains tax affects security prices, so a great con¬
tributory factor to real estate booms and depressions is to be found in the
general property tax as
authorities.
real
or
Such
now
levied by
tax should
a
estate—not
upon
It would be well for
our
States and local taxing
income produced by land
upon
hypothetical
some
relation to income production.
this.
of
most
be based
capital
which
value
has
no
Other countries have long ago recognized
Federal Government to make
our
general property tax in order
be
to
able
to
a
Study of the
make recommendations
for
reform to the States and local authorities.
"(a) Recognize that at least half of the money now spent on relief is
wasted, and
"(b) Broaden the base of the income tax so that governmental economy
will become popular and governmental extravagance unpopular."
These
them
are
are
three definite
what
the
New
suggestions
Dealers
I admit that all of
taxation.
as to
would
call
"politically
impossible"—a
definition which applies for them to any action that will not bring immediate
results in popular votes.
I
challenge
I
Chamber oppose Administration
show that they
anyone to
are not to
the best interests of the
people.
that
barriers
anyone to
show that the whole country would not be better
off if they were adopted.
are
address before the 15th
Assembly District Republican
City on April 25, Mr. Warburg contended
that President Roosevelt, in his recent Baltimore speech,
actually proposed to reduce working hours without pro¬
portionately reducing wages.
This proposal of the Presi¬
dent's, Mr. Warburg said, proved a "shock to the President's
most enthusiastic supporters."
Mr. Warburg said that few
would quarrel with the principle that men should be permitted
to cease working after they have reached the age of 65, but
he pointed out that the President would compel retirement,
and said that he believed that "many elderly people would
an
Club in New York
be
Secretary of State Hull had
danger of a world war unless trade
there is
lowered.
Mr. Hull said that
revival of world
a
disease" of economic
distress, dictatorships and war.
The resolution adopted by
the Chamber regarding the Administration's pending tax
proposals said:
The first step in
bringing order into the finances of the Federal Govern¬
should be reduction of expenditures
Executive to those amounts which
of purposes
have
which
are necessary
bill
now
should have
and appropriate for the Federal Government.
the provision of revenues adequate to meet these ex-,
penditures through taxes that
The
pending in
are
equitably distributed and that do not
of States and local Governments.
revenue
Congress is
This bill has been
which should be made in expenditimes.
taxation
but
corporations at
a
ifaeasure of this kind
a
period of economic
and
recovery.
brought forward without consideration of the reductions
which have been indicated.
of
not
place in the legislation of
no
both by Congress and by the
needed for efficient accomplishment
are
accompanying system of Federal taxation that will
an
its purpose
as
are
There would not be the revenues
The chief features
attempts
not
are
designed
as means
regulate the management of American
to
time when in the interests of recovery and re-employment
a
business enterprise should be free from arbitrary impositions.
When
impose
government
attempts by
legislative
or
means
executive
fiat to
business rules of conduct pertaining to such matters as wages,
upon
hours, conditions and terms of employment, or other restrictive measures
interfering with the free play of economic forces, it retards both the material
and spiritual progress of the nation.
Business
the
would
.
.
ignore its gravest responsibility if it failed to
provide
greatest possible degree of economic security to the individual.
so
necessary to the
structive
solution
the
to
she has
or
but likewise a con¬
complex problem of security to the individual
outlived their capacity to earn a
Here again interference by government
one
The
furtherance of American ideals
will require not only the maintenance of high wages,
complex problem to
In
condemn legis¬
trade is necessary to halt the "virulent
when he
challenge
tax plans,
the annual convention after
to
warned
attainment of this end
But I challenge anyone to contest the soundness of these suggestions.
common
•
On the question of business and social security the Chamber
placed itself on record in part as follows:
If ib is really desired to balance the budget, why not do two things:
3.
Unemployment
Lower Trade Bar¬
lation to fix labor conditions and approve a proposed survey
of available employment.
These resolutions were presented
by encroachments threaten the
as
Approve
—
riers to Avert War
con¬
revenues
such action.
2.
Conditions
There should be
prevent excessive stock
Oppose
The resolutions Committee of the Chamber of Commerce
of the United States on April 30 recommended that the
ment
desired to do something in the
Resolutions
Commerce
Survey—Secretary Hull Urges
Warburg
Says Administration's Tax Plan
Would Encourage Monopoly—Urges Broader In¬
come
Tax Base and Repeal of Capital Gains Levy
of
Government Tax Plans and Proposals to Regulate
comfortable living.
to reduce the whole
in attempts
of legislative formulae can only postpone the final
solution by making it more difficult for business to assume its own
obliga¬
tions in the matter.
Declaring its opposition to Government
production, the Chambers resolution stated:
Proposed
control
Federal
hours
over
legislation
intended
governmental
about
bring
imposition of codes in
work
a
of
on
govern¬
most objection¬
Governmental determination of hours of work and wage rates
able form.
in
to
and wages in enterprises performing
ment contracts would involve the
Control
private enterprises engaged in government contracts necessarily would
affect
of
terms
employment
throughout
industry
and
would
uneconomic rigidity of business operations, thus producting
result
in
general public
detriment.
rendered
completely miserable if forced to retire into
possession of the ability to work and
impelled by a desire to do so."
From
"Times"
Washington dispatch of April 29 to the New York
regarding speeches made before the Chamber on
that date
we
idleness when still in
a
Outstanding
Administrations
Tax
quote:
developments at to-day's sessions was the assertion
among
Proposals Declared Unsound By
Franklin S. Edmonds of Philadelphia Chamber of
by William L. Sweet of the Rumford Chemical Works of Rumford, L. I.,
Commerce—Views
to
of
M.
L.
Seidman
of
New
York
that American
administration's
The
The administration's tax bill
declared
May 1, to be
"an unsound piece of legislation," this assertion being made
by Franklin Spencer Edmonds, in expressing the views of
a
Committee of the Philadelphia Chamber of Commerce
the
Senate
Finance
was
Committee.
those of the Chanber's Committee
on
on
The
views
were
Taxation and Public
Expenditure, of which Mr. Edmonds is Chairman. Quoted
as stating that the
proposed legislation "ought to be called a
bill for the aid of tax attorneys," Mr. Edmonds was also said
to have described it as hindering re-employment and as in¬
creasing tax instability. "I've read it, but I can't understand
it," he is reported to have stated. United Press advices from
Washington last night (May 1) as given in the New York
"World Telegram" also reported:
an
taxes to
a
16, 17 and 18%, and
increase of present 12 to 15% corporation
of
Chicago, and
for
the
volume of business
a
more
just
measure
its
heavy
policies
singled
were
out
Osgood, Vice-President of the First National Bank
Fred H.
Clausen,
taxation
and
President of the
Van Brunt
Manu¬
Both condemned the administration
expenditures
and
threw
back to
President
They said it was idle to talk of business absorbing more of the unemployed
untU
cloud
the
of
uncertainty,
represented
by
threatened
penditures for public purposes and possible inflation,
heavier
ex¬
had been removed
from the business horizon.
the
But
made to the assembled delegates to-day were not
arguments
consistently and uniformly opposed to administration programs.
A notable
departure from the otherwise critical trend was found in the address
of
M. B. Folsom, Treasurer of the Eastman Kodak Company of Rochester,
who discussed the merits and
shortcomings of the Social Security Act.
Urges Cooperation on Law
Mr.
Folsom
the present
that
the
no
employers
urged
to
cooperate
the
in
administration
next election
or
of
He warned
law and help correct defects as they might appear.
the fate of the legislation in the courts would
solution to the unemployment and old-age problems.
...
Sterling Morton, secretary and director of the Sterling Salt Company,
than the present
condemned the
Wagner Labor
Relations Act
as
a
measure
"consciously
calculated to create classes and stir up hatred between them."
bill.
M.
L.
Seidman, representing the New
York
Board of trade,
there is "just one thing definitely known about this proposed bill
abandon assured
highly
revenue
speculative
of
and
He contended the workers' demands for collective bargaining guarantees
testified
It will
were a
fiction that legislators had been "propagandized" into believing.
$1,132,000,000 in exchange for something which
conjectural
entirely
in
its
revenue
producing
C.
C.
possibilities."
Mr.
the
any
bill
would
cause
double
taxation
not
system as is here proposed must eventually work its
own
de¬
struction," he said.
"Here
in
Commodity Credit Corporation was said to have
on April 29 that the program for liduidabion of
exceed 1,000,000 bales of the 1934-'35 loan cotton,
announced
"Virtual Death Sentence."
a
The
Adhere to Original Plans for Liquidation
1,000,000 Bales of 1934-35 Loan Cotton
to
of
dividends withheld and also tax those
distributed.
"Such
C.
of
Seidman contended that
income because it would tax
this
law," Mr.
Seidman said,
"is proposed
a
virtual death
sentence, not alone against public utility holding companies but against all
holding companies of
a
"Presumably, there
can
by
financial
Roosevelt his challenge that business put men back to work.
"This would be to raise up to $900,000,000 in revenue," he added.
Mr. Edmonds said that would be
and
facturing Company of Horicon, Wis.
offer
similar increase of basic income tax rates
from 4 to 5% and graduated higher rates in the upper brackets.
taxation
for attacks by Roy C.
Senator King indicated a new line of Senate consideration when he asked
Mr. Edmonds if he would favor
is
the amount warranted
prevailing during the period.
Board of Trade.
before
corporations since 1929 had paid out at least $20,000,000,000
employes beyond
be simplified.
particular nature.
are many
instances in which the corporate structure
On the other hand, there must be
which the corporate structures of
this nature
are
numerous
necessary."
instances in
to
originally made known on April 4, would be continued
through September 1 without modifications in its essential
details.
Indicating this in Washington advices, the New
York "Herald Tribune" further stated in the same advices
as
April 29:
In response to
widespread reports that a change was contemplated in
the minimum price at
which this cotton could be released, the CCC stated
Financial
2932
that the producers
and cotton trade were advised that the
of 11.25 cents and
minimum price
10.25 would not be
changed during this specified period
points to producers under the average of the
and that the allowance of 25
markets would remain unchanged.
ten spot
April 4 announcement of the CCC was
April 11 issue, page 2431.
The
noted in
our
May 2, 1936
Chronicle
Region, said that the bulk of the
Cully A. Cobb, director of the Southern
be made by June 1. He urged)
applied for payment to do so as soon as possible
since reports indicated that producers in some sections were slow in sub¬
mitting their applications and that a greater number of applications could
price adjustment payments probably would
producers who had
handled than
be
not
being submitted.
are
Applications for cotton price adjustment payments for cotton already sold
later than May 15, other¬
should be made to the offices of county agents not
of Sugar Growers to Qualify in Con¬
Fixed by AAA—Soil Conserving
Crops Must Amount to 40% of Acreage in Sugar
Crops—Payments to Average $10 per Acre
Requirements
servation Program
servation
under the 1936 agricultural conservation
40% of the acreage in sugar crops,
for sugar payments
has been set at
program
Adjustment Administration announced
April 28. Under the program a producer who has 10 acres
in sugar beets or sugarcane would need to have at least
four acres in soil conserving crops, it is pointed out.
In
return
for
putting their land in soil conserving crops,
growers of sugar beets and sugarcane will receive, under
the program, payments averaging approximately $10 per
acre.
"This payment will vary between States and between
farms, depending upon the sugar produced," the Administra¬
tion stated.
The following is from the announcement issued
the
Agricultural
by the AAA April 28:
the general agricultural
provisions pertaining to sugar are a part of
The
conservation
under
established
officials
and coordinate with the sugar marketing quotas
the
Jones-Costigan Act.
Adjustment Administration
program
the provisions pertaining to
emphasized that
sugar crops
integral part of the general agricultural conservation program
constitute
beets
or
and do not
However, if his plantings of sugar
he wishes.
sugarcane
crops
for
his
the total soil-depleting
deductions.
After
planted in the country will be compared
planting time, the total acreage
the
with
total
States
area or,
be less
to
for the beet sugar
in the case of sugarcane, the quota established for the
of Louisiana and Florida.
If the total acreage planted is estimated
producing
to
subject to
be
produce the quota
to
necessary
acreage
will
payments
his
farm,
than
equal to the total
or
required with normal yields
acreage
each producer's payment will be based upon the
he has growing.
If the total acreage planted exceeds the total
for the quota, each producer's payments will be based upon his
the
produce
acreage
needed
quota,
rata share of the acreage needed to produce the quota.
pro
than
that needed for the quota, a producer having 100 acres of sugar beets would
be paid on the basis of 100 acres.
However, if only 95% of the total
acreage planted was required to fill the quota, then a producer with 100
acres of beets
would be paid on the basis of 95 acres.
This would apply
For
payments, however, and would not affect the right of the fanner
100 acres of beets.
only to
to
the total acreage planted in the country was less
if
instance,
produce his full
general agricultural
so on the basis of
his entire farm as a unit.
If he produces sugar
or sugarcane along
with his other crops, the only difference between his participation and that
of a farmer who grows only general crops is that the requirements, pay¬
ments and certain other phases of his participation are computed on two
the
As
bases—that of his
participates
farmer who
each
plan,
general
crops
of the
only one part
provisions are
sugar
conservation
does
beets
and that of his sugar beets or sugarcane.
soil
conserving acreage required
This
does
acres
to
must
acreage,
crops
on
not
with
If he also
his
general
has sugar
equal to 40%
beets
He reportedly was
of his
laborers this
of farm
acreage
The
payment
must be in addition to any other
these
payments
average
for soil
conserving
approximately $1
States and between farms,
...
an
as
same
in
crops
upon
the
he has been
project employment from about
3,000,000 to 2,300,000 persons by July 1.
Mr. Hopkins
estimated 300,000 of the 700.000 discharged men would be
farm labor or from food grown on their own plots
cared for either through
If
of land.
with no funds, welfare agencies
leaves relief rolls
family
a
probably will advance money until the worker's first pay
Unless
industry
private
permanently employs
number, however, they probably will be
major portion
a
of the
seeking Government jobs again
fall.
next
State relief administrators,
Reports to WPA revealed
Government
separated from
control since the dole ended last December, were
Dakota
The North
following
I
Mr. Hopkins' example.
D
day.
employment on
after the winter delay.
projects starting this spring
work-relief
heavier
Mr. Hopkins believed, could find
400,000,
The other
Welfare Director, E. A. Willson, announced all
if they can be placed.
That is a
relief clients must accept regular work
standard relief policy.
^ Mr. Hopkins also must decide soon whether about 250,000 veterans on
receive Government bonus bonds June 15 may continue on
relief who
work-relief projects.
pay
"take no arbitrary action,
he would
He said
intimation was that,
His
merits."
to
if
a
deciding cases on their
needy veteran used his
debts and had nothing left over, he would
money
be allowed to remain
the pay roll.
States
disposition of veterans on
here.
to decide
held the right
Their total has not been tabulated
Urged to Maintain Freedom of Radio Broad¬
casting—Report Says
Government Interference
Be
Resisted—J.
D.
Barnum
Reelected
A. N. P. A.
Should
President
Freedom of radio broadcasting from
for acreage put in these
For the country as a whole,
connection
with sugar
crops
sugar
produced.
government influence
with freedom of the press to Amer¬
ican liberty, the Radio Committee of the American News¬
paper Publishers Association reported on April 23.
A partial
account of the Association's annual convention in New York
is
of equal importance
City
given in the "Chronicle" of April 25, pages
was
Jerome D. Barnum,
ard,"
was
2764-65.
publisher of the Syracuse "Post-Stand¬
reelected President of the Association in the final
April 24.
executive session on
This payment will vary between
acre.
depending
in connection with sugar
grown
crops
approximately the
in connection with the general program.
crops
of soil conserving cropB
of Payment
for soil conserving
beets and sugarcane are
will
acreage
needed to meet the conditions of the program.
Rate
plentiful supply
Since the middle of March
summer.
paring WPA work rolls at a rate to reduce
To be eligible for the maximum payment in
the farmer must have at least 15% as
sugar crop
soil conserving acreage
refusing a bona fide farm job.
acting with Mr. Hopkins' consent.
Hopkins adopted a broad program to guarantee a
Mr.
crops
his
Rural
and
Progress
be withdrawn from any work-relief worker
1936, but merely that he has to have this
or sugarcane,
and type of labor offered on
Resettlement projects.
State's director of WPA employment announced Federal aid would
Works
in soil conserving crops as he had in his soil depleting base.
acreage
North Dakota farm operators asserted
problem is present again.
The
they could not compete with the wages, horns
including that planted prior to 1936, in the soil conserving
his farm this year.
connection
much
under the program as it affects other crops.
producer is required to plant this many
soil conserving crops in
who
in addition to other soil
the
that
mean
men
advices of that date:
direct relief rolls.
must be
conserving acreage required
able-bodied
private employment as farm hands this Summer,
Harry L. Hopkins, Works Progress Administrator, an¬
nounced on April 30.
He estimated that about 300,000 men
who had been discharged from WPA payrolls would obtain
agricultural employment, while 400,000 additional men will
probably be able to find employment on heavier work-relief
projects started this Spring.
Last Summer farmers com¬
plained that many men declined work in order to remain on
relief rolls, and in some areas Mr. Hopkins ordered State
relief directors to withdraw emergency grants so as to force
workers to accept private employment.
His comments on
April 30 were noted as follows in United Press Washington
Individual
The
Estimates
Hopkins
refuse
on
Acreage Requirements
Farms This Sum¬
300,000 Can Be
on
Taken Off WPA Rolls
plus his acreage of other soil-depleting crops exceed!
base
Men Who Do Not
Refused
be
to
Federal aid will be withdrawn from
The
each producer may plant whatever acreage of sugar
L.
mer—H.
separate program.
a
the program
Under
are an
Aid
Relief
Accept Private Employment
acreage
agricultural con¬
program.
Federal
which sugar beet and sugarcane producers
will need to have in soil conserving crops in order to qualify
The
be delayed because of work on the new
wise payments may
H.
E.
the
Harris,
Chairman of the Radio Committee, urged
adoption of a
resolution that the Press Radio Bureau
This resolution was subse¬
be continued for another year.
Price
Cotton
Adjustment Payments
on
1935 Crop in
Excess of $5,000,000, AAA Reports
Announcement
Adjustment
was
made
April
Administration
that
25
cotton
payments totaling more than $5,000,000
and that checks were being sent
daily, with the peak yet to
growers
about 7,000
in the New York "Times" of
Agricultural
price adjustment
bad been made to
out at the rate of
be reached. As of
by
the
April 23, payments totaling $5,372,700 have been made in 10
States, the announcement said, adding that payments have
also been made in
some
States which have not yet been re¬
ported to the Adjustment Administration.
ment
The announce¬
continued:
The adjustment
payment plan was intended to insure a higher return to
between
ence
the
movement
has
been
trol
provisions
for
for middling
payment procedure.
and
at
a
%-inch cotton
between
$35,000,000
and
time when
crop.
the
Federal
Communications
Commission
over
government to attempt to intimidate the press."
The Federal
tions
Communications
System
was
assailed in
one
of four resolu¬
upholding the freedom of the press which were unanimously adopted
This resolution dealt with the
seizure of private telegrams of publishers and others by the Black lobby
investigating committee of the United States Senate, aided by the FCC.
Two of these four resolutions were changed from the form in which they
were introduced at Wednesday's session by Colonel R.
R. McCormick of the
by the
more
than
500 publishers present.
con¬
a delay in ar¬
necessitated a change in
However, the whole movement is now well under way
payments since the
farmers need the
decision
money
the Black committee
tion
$45,000,000.
invalidated the production
of the Agricultural Adjustment Act caused
the
to
citizens, charged that the committee had undertaken a campaign of persecu¬
price paid
The decision of the Supreme Court which
rangements
Congress
markets and 12 cents per pound and to facilitate the
The amount to be paid growers
average
into channels of trade.
estimated at
been granted
the radio,
telegraph and telephone, as well as "dictatorial powers assumed" by the
Commission, and charged that this situation had opened' the door "for the
by
Chicago "Tribune," Chairman of the Committee on Freedom of the Press.
As amended on a motion by Colonel McCormick, the resolution attacking
daily
of cotton
April 24:
Harris, in his report, emphasized the power which has
Mr.
on
producers on their 1935 cotton crop by payments to them based on the differ¬
the 10 designated spot
quently approved by the convention.
Some of the principal
in the Committee's report were listed as follows
features
for the launching of the 1936
and the FCC
for its seizure
criticized "members of
"the policies of the
the original wording.
against individuals and newspapers which had
Congress
or
measures
before
Congress"
rather
present National Administration," which was
Colonel McCormick offered
the
of the private papers of
recent murder
of
called upon the press
a
that
substitute resolution for the one based upon
Walter Liggett,
Minneapolis newspaper
editor,
which
of the country to resist the attempts of any political
gangster alliances in Minnesota
or
elsewhere to abridge the freedom of the
Volume 142
by
press
any
Financial
The phrasing1 of this resolution
means.
pared with the original.
publishers
court
and
Charles
resolutions
explanation of
The
Mr.
as
com¬
The other resolutions, which commended! Louisiana
Philadelphia
H.
Taylor,
for
the
publishers
especially in
various
softened
"Inquirer" for legal battles resulting in
upholding the freedom of the press, were adopted without
decisions
change.
the
the
was
also
its
which
the
reports
the
on
publishers;
upon
Boston
followed
"Globe,"
without
moved
all
discussion.
Social
new
other
Federal
Security
Act,
whole.
radio
and
press
good and for the benefit of the country as a
of broadcast stations was in the
Pointing out that the operation
nature of
a
monopoly of the air controlled by private capital under govern¬
domination, he said that its monopolistic feature was its greatest
weakness.
This was so,
he explained, because broadcast stations must
always be licensed by the government, and because they can
operate only
in a very limited number of radio
channels, opening the door "for control
to who shall
as
speak arid in
some cases
what shall be said."
2933
study economies in
organizations of
governmentTand
the
prompting of self-
responsibility in the individuals and
our
in the groups and
citizens.
10.
Business should utilize every possible channel of
approach that will
result in the most effective
cooperation between business and
government.
It
is
my
firm conviction
that
business
as
employment will increase, relief demands
further expand and safe and secure
According
New
York
fulfills
these
responsibilities
decrease, national income will
recovery
and'
legislation,
mechanical and other publishing problems.
Harris, in his committee report, asserted that the
to
respect and mutual
labor,
should) cooperate in the public
ment
possible,
No
made.
was
heard
effects
of
manager
adoption,
changes
Chronicle
will be attained.
to a Washington dispatch April 28
"Times" the answer of organized
the
to
business,
through a group of spokesmen headed by President Harper
Sibley of the Chamber, and Lewis H. Brown of the JohnsMan ville Corp. of New
York, was that private industry
has brought about the
re-employment of 5,000,000 wage-
earners in
two years, but that
industry could not arbi¬
trarily, at the behest of government, re-employ all the
unemployed.
The dispatch went on to say:
To accomplish this, it was
argued, further cooperation of the government
with private
Re-employment Dominant Theme
tion
of
United
Secretary
States
Roper
of
Annual
Chamber
Urges
of
Conven¬
Commerce—
Greater
Cooperation
industry was necessary to these ends:
The free flow of capital into
private business, now hampered by rules of
the Securities and
Exchange Commission, should be opened up by simple
amendments to the Act, repeatedly
requested by business
Between
Private Business and Government—New
Deal Measures Held Inimical to
Recovery—Business
Seeks Free Flow of Capital into Private
Industry
A
10-point re-employment program was submitted to the
opening session of the annual convention of the Chamber
of Commerce of the United States
on
April 28 by Secretary
Roper, who urged that industry cooperate
with the government in
reducing the number of jobless.
In replying to this speech,
Harper Sibley, President of the
Chamber, and Lewis H. Brown of the Johns-Manville Corp.
of New York, declared that
private industry had already
brought about the re-employment of 5,000,000 persons
in two years.
They added, however, that industry could
not arbitrarily re-employ all those now
without work, and
said that to accomplish this, further
government cooperation
Commerce
of
was
men.
Capital should be encouraged to enter the real estate
mortgage market.
The profit incentive, still under attack and
demounced as
something repre¬
hensible and to be held in leash
by administrative regulation and penalized
be recognized and the Nation must
by statute, must
get back into full
working order "the American system of private enterprise."
Government enterprise, as in the
light and power industry, must not
compete with private enterprise, for the two
and "we must choose one or the other."
do
not
hand and hand,
go
The "ship of State" must
"swing to the right" into a new course which
will avoid the danger of
inflation, of increasing debt and overcentralization
of government.
Secretary Roper and the spokesmen for industry sounded the
note
of
peace and called for an end to
"hostilities" between government and
business and for mutual
cooperation to solve economic andfcocial problems.
The resolutions adopted
by the Chamber
referred to
are
under another head in this issue.
necessary.
The National Council of the
27, authorized
Chamber, meeting
on
April
Activity Resumed
national survey of re-employment
possi¬
a
Ends
San
at
Dispute
Francisco
Between
bilities by private industry.
At the same time the Council
criticized a number of Administration measures as
calculated
to ''cripple and retard" business, and
urged that private
a
Pact
and
Ship
tween San Francisco
industry
Docks After
Longshoremen
Owners
^
"paternalism" in government and
demagogues on our business institutions.
oppose
attacks of
the
address before the Chamber on
April 28, Secretary
Roper, in asserting that "business should, through its
properly constituted organizations, begin immediate re¬
search studies concerning long-term and
long-range public
works," added in part:
In his
One
of
the
dominant
elements
of
in
success
American
business
ness
has
analyzed fully what the
never
working hours and
for
It is
Busi¬
economically proper and sound
We know that in certain
industries,
should be.
wages
example, costs of production have decreased, while
wages paid have
increased and hours of labor declined.
But
business
has
not
approached
this
question
from
standpoint of
a
national
economic conditions to determine the exact
relationship between
production, wages and hours.
Each industry should give careful
study
the question of how improvements in
productive operations will result
in lower prices, increased consumption, and
hence
to
responsibility of business
that will
proper
wages
assure
the
most
to formulate definite and concrete
pro¬
effective results in
the
maintenance of
Prompt and
vigorous action in this connection will
bilities which should be reassumed
now
comes
decrease
by business, other private organi¬
zations, States and localities.
The best way to take
bureaucracy out of
government is to place more responsibility on
non-governmental agencies.
In
the
proposing to business his 10-point program to combat
unemployment situation, Mr. Roper said:
I have endeavored
must pay
study
as
I
Let
us
now
1.
to
emphasize the fact that since business
enterprise
the bills, it should submit the plans
ment situation.
with the unemploy¬
some
of the fields for
The
Business should survey its
own
needs
As improvements in productive
and its
own
as current
efficiency
conditions from
improvements and
had previously
(April 18).
The
secured, business should
production which
result.
Business should form and launch industrial committees
to study in
comprehensive way technological unemployment and methods for
speeding
up the transfer into our fields of earning
capacity of workers replaced by
a
machines.
4.
that
Business should stimulate the
will
provide for
durable-goods industries by early action
and machinery replacements due to
capital goods
obsolescence, depreciation and other
5.
Business
American home standards.
should
foreign trade all
Administration's
7.
launch
more
aggressive
to
expand
a
research program, conducted
by
industry and
business, for the purpose of informing business
works plan
on a long-term useful
public
looking to the coordination of proper national, State, local and
private endeavors.
8.
Business should
make
the necessary methods and mechanics
to
be
utilized
in
main¬
taining this balanced relationship.
9.
Business must recognize and
mental
educational
program
apply its best
Involving methods
endeavors
and
to
efforts
States and subdivisions to reassume their social
responsibilities
a
to
as
funda¬
get
New
by Harry Bridges,
ratified
the
Under
the
agreement there
tentative
Sloss
will
settle
all
the
York
"Times"
of
President, and Ivan
Cox,
plan
peace
of
and
as
"hot
further
no
but
all
night
that of
factions
the
laid
stoppage of work due to
handle
to
Saturday
"hot"
and Judge
cargo,
disputes.
Sloss demanded
longshoremen
action"
will be
not refuse
a
definite
of
answer
whether they would
to
cargo."
He
issues had not been recognized
pointed
out
"Yes"
from
spokesmen
for
obey rulings relating to "job
that his rulings on these two
by the union.
The following regarding the agreement is from San
Fran¬
cisco (Associated Press) advices of
April 21:
The agreement,
which reestablishes the 1934 arbitration award as a basis
relationship between both parties, was signed after employers' and
long¬
shoremen's representatives had met with
Judge M. C. Sloss, Federal arbi¬
trator in maritime disputes.
of,
week
which
that his
Three
Judge Sloss
he
would
sent
letter
a
attempt
to
settlement
both
of
sides
the
outlining
dispute,
conditions
and
warning
rulings would have to be obeyed.
paragraphs
of
the
longshoremen
International
or
letter
the
Longshoremen's
were
included
employers,
Association
in
the
who severed
local
here
agreement
at
the
relations with
the
at
the
start
of
the
dispute last week.
The
paragraphs
were:
No. 4—Specified resumption of the severed
at work pending settlement of disputes, even
relations, longshoremen to continue
unloading "hot cargo" if necessary.
No. 5—Awards of the arbitrator to be promptly
obeyed.
No. 6—Reestablishing, as a basis of
relations, the 1934 award,
violent maritime strike two years ago, under which
wages, shorter hours and joint operation of
present dispute,
started
one
when
of
many
ago,
Santa
Rosa, which had been listed
of the
as
made after the
longshoremen obtained higher
hiring halls.
here
longshoremen
years
since the
refused
"unfair"
to
coast-wide
unload
the
strike
Grace
two
liner
by the Left-Wing Maritime
Pacific.
Lloyd's'Shipbuilding Statistics for First Quarter 1936—
Volume of Merchant Vessel
Tonnage Under Con¬
struction Increased by Almost
20%
Nearly 20% increase since the beginning of the
the volume of merchant
intensive research
study of the relationships
that should be maintained with respect to
production, wages and hours of
labor and
the
our
along che line, and especially in cooperation with the
reciprocal trade agreement program.
Business should have
signed
disputes; longshoremen will
Federation
endeavors
to
affecting not only this port's commerce,
entire Pacific Coast, followed a public session at which
their cases before Judge M. C. Sloss, Federal arbitrator.
The
home-building
privately financed and managed and adapted to local
needs,
to foster better
6.
causes.
Business should develop effective and
wisely engineered
programs,
day
decision,
request of
are
pass on to the consumer the benefits of the lower costs of
3.
agreement was
tion
under
summarize these:
the
Secretary of San Francisco Local 38-79, International Longshoremen's
Association; William J. Lewis, Pacific Coast President, and W. T.
Morris,
Secretary of the same union, and Thomas G. Plant, President, and A.
Boyd,
Secretary of the Waterfront Employers Association.
The employers associa¬
Last
them.
see
the viewpoint of employing as many
persons
future programs demand.
2.
to cope
With this in view I have indicated
busy
were
said that
April 22 said:
Judge
to
serve
from carrying responsi¬
men
The advices
In reporting the
signing of the agreement on April 21, San
Francisco advices that
and hours.
bureaucracy in the national government that
3,000
some
pact agreed upon is in full effect.
additional employment.
It is the
grams
an agreement, on April 21, be¬
longshoremen and ship owners, ending
dispute, it was stated in press advices from
week's labor
San Francisco, April 25, that
loading and unloading cargoes.
and
industry has been the trend toward higher
wages and lower costs.
obvious that hours and wages should differ
according to industries.
Following the reaching of
the
soon
as
vessel tonnage
year
in
under construction
the world is shown by a statement recently
Lloyd's Register of Shipping for the quarter end¬
ing March 31 last.
Included in the returns are all ships of
throughout
issued by
100 gross tons and upwards, each, which are not
being built
except Russia, from which authen¬
tic reports have not been available for some time.
In its
in all maritime countries
Financial
2934
fnllnwin**
fhfb
me
wuuwiiig
April 15, Lloyd's
for publication
released
statement,
-
advance
.
09Knftft
during the last quarto
tons of the total
Nearly 100,000
„rnoo
^ounted to atout 276,000 gross
^ 1,800,OOntoa
was accounted for by the shipyards
December
and
worldto
tons, and brings the total of
gain
IreIlJ,
16,000 tons.
declines
#
Director of New York Reserve Bank—Three Chair-
change in the volume of work under way in that country.
is shown in the following Lloyd's Register table, the figures
group,
senting
Other
Basis"—J.
>
Ireland, the United States, and the other maritime countries taken as a
and
Qf
men
production has compared! in the last two quarters in Great Britain
How
four in Great Britaill
J. Herbert Case Joins R. W. Pressprich & Co. as General
Partner—Retires as Chairman, Reserve Agent and
For the United States the advance was
There were also gains for Japan, Holland and Sweden, while
were recorded for
Denmark and France.
Italy reported no
tons, Lloyd's Register points out
small
teI tive sucb ve88elB were under
and one in Holland.
Ireland, while Germany reported an increase of 62,000
Great Britain and
of
.
.
2, 1936
Of large ships, there are now being built iour, each of which is of
20,000 gross tons or greater.
Three of these are being constructed in
Great Britain and Ireland, and the other in Holland.
At the end of the
had
snv •
w
,
The
Chronicle
Bank
repre-
St-
at
Banks
Retain
Wood
W.
Post
Elected
Louis—W.
H.
"Honorary
on
Vice-President
Hutt
Resigns
of
from
Philadelphia Institution
tons:
gross
Afar. 31
1936
3i
Dec.
J. Herbert Case, whose term as Chairman of the Board and
1936
United
iGr^taritainandneiand..----..--.-----------
8J2.36i
4y,*ou
7fl'25?
Federal Reserve Agent at the Federal Reserve Bank of New
uu,u/,
i
other countries
927.993
766,696
1,820,114
1,643,163
world total—
————
—
of
Of ail the merchant vessels
show that
returns
under
world
total
a
that
with
gross
Of this aggregate,
755,112 tons
supervised
70% of the entire world production.
and
and
over
therefore,
Ireland,
by Lloyd's
being
is
y
a
Great Britain and Ireland—
Apwit
,u
—,
308,348
Banks
274.216
579,259
582,664
200,505
225,475
"7""""
"""""""
of
gam
a
more
160,000
'
+
tons
gross
the
last two
the
of
Mar. 31
1936
31
Dec.
160,670
—
.
United States
45,065
Othe^oountries
22 920
22)920
"""'"""111
World total................
tankers
Motorized
600,896
......
continue
predominate largely.
to
600,896
„
,
.
,
,
merchant
ships
Continued
and
.
,.
,
438,560
almost
,
..
...
general
,
.
in the
construction
motor
throughout the world are reported! by Lloyd's Register.
.
.
.
The output of motorships
in the various countries during the last two
quarters are shown by Lloyd's in the following gross tonnage table:
vessels
31
Afar.
31
Dec.
....
,
T
.
as
Chairmen and
.
.
7
.
as
brought
on
the Federal
chairman because of bis long experience in banking affairs;
Chairmen of 6 banks now occupy their positions on an honorary basis,
There are 4 chairman vacancies. The remaining 2 chairmen receive salaries,
reported to be $20,000 a year each.
The Chairmen who are paid include J. J. Thomas,
1935
member of the
a
Federal Reserve Board until its recent revision, wrho was made Chairman
Kansas
City bank, and W.
B.
Gerry,
Federal Reserve Bank, who
Minneapolis
was
former
a
made
Governor of the
Chairman
recently,
Their terms, however, expire in December.
The Federal Reserve Board previously designated Frederic A. Delano,
the uncle of President Roosevelt,
out salary.
Chairman of the Richmond Bank with-
as
E. S. Burke Jr., Cleveland, and H. W. Martin, Atlanta,
also designated
Chairmen
were
on an honorary basis.
402,890
...
——
143,691
The unfilled offices of chairman and Federal Reserve Agent, the Federal
fil'noA
Germany
376,714
216,731
Great Britain and Ireland
fKjSS-
1936
j,
:Mr* Case-
,.
of
~
,,
Case
0f the
increases
i
However, the Reserve Board refused to make the exception in regard to
Of the world total
of tankers.
composed
is
~
I he Board s announcement explained that
It is well known here that intensive pressure was
combustion
of
and
if
Reserve Board, particularly from banking and business circles, to retain
of all types,
tons
„
Mr.
537,071 tons are being built with internal
engines.
Of the aggregate of 160,670 tons for Great Britain
and Ireland, 156,390 tons are motorized.
'
It is also noted that practically a third of the entire current production
of
Louis
i
April 30 by the Board
"TimpV" nf Mnv 1 said*
limes or lviay i, saia.
25,200
"
St.
Un
»
on
In reporting this announcement of the Reserve
Board, Washington advices, April 30, to the New York
>
29,665
26,200
——
-
j
announced
March 1."
28,200
-
.....
.
year, serving on an honorary basis m
accordance with the procedure initiated by the Board on
62,264
.
Denmark.....—............................
japan..
,
end of the current
1935
114,040
63,700
45,300
.....
..
-
^
was
these officials "have consented to remain
SS!rirrrr::r:r:—rrrrrrr47,835
Sweden
,
largely honorary
a
Federal Reserve Agents in these cities, respectively, until the
.
Great Britain and Ireland
.
Philadelphia, Chicago,
,
.
shown by Lloyd's Register in the following table,
is
Boston,
However, it
close ot the year.
figures representing gross tons:
quarters
tho
of the Philadelphia Bank, and C. C. Walsh, Chairman
the HaPas institution, will continue in office until the
was
the quarter
for
W
'30
Curtis, Chairman of the Boston Bank; R. L. Austin, Chair-
just ended.
.
.
.
The figures include only
vessels of at least 1,000 gross tons.
The returns for tanker tonnage during
reported
Anril
man
iflonnn
than
the Board and Federal
pffpptivp
0f Governors of the Federal Reserve System that F. H.
oQJQO«
construction,
,
Tvyivyy Att
,
tanker
For
.
.349,866
Yauwmgs^
otSrfoSriM^.1/!—1——I
_or ,ot.a
tprminatpfl
This edict alsoaffected the Chairman of the Reserve
Dallas.
M
Chairman of
as
was
.
,
basis".
1935
229,393
—
—
Case's term
th©^ placing the Chairmanships upon
during the past two quarters in the following table of gross tonnage:
3i
this nffi™ fnr
tn
beginning of March, at which time the Board announced
(0n March 4) that it "has initiated a procedure looking toward
compared with an excess of 225*000 tons in the previous quarter. . . .
Lloyd's Register gives the comparative returns of new work andl launchmgs
Other countries..-—.—
Class C director of the New
last, armnintnH
Keserve Agent was terminated, enective April dU, by tbe
Board of Governors of the Federal Reserve System at the
as
Dec.
as a
was
reserve DanK, he Was last appointeG to this Ottice tor
three-year term ending Dec. 31, 1937.
"RfiSPrvfi
During the quarter just ended new orders under construction aggregated
gross tons more than the tonnage launched during the same period,
Mar. 3i 1936
general partner, effective yesterday (May 1).
Bank- lift
^
,
Mr.
Register,
185,000
New work—
as a
resigned, effective April 30,
are
being constructed in Great Britain and Ireland andi 536,282 tons in other
countries.
Ninety per cent, of all the merchant shipbuilding in Great
Britain
_
In order to join the general investment firm, Mr. Case also
Lloyd's Register of Shipping, and intended
Society.
#
,
_
_
New York,
tons, each, and upwards, the
1,286,394 tons is being built throughout the
of
the supervision of
classification
for
ioo
^
,r
York expired on April 30; has joined R. w. Pressprich & Co.,
as
•
Japan.—".""Ill—-I-I—I"—-11—96,'l69
76) 198
Reserve Board announced, include those vacated to-day by E. M. Stevens,
of Chicago; J. S. Wood, of St. Louis, and Mr. Case, of New York, as well
Denmark."—"
41,305
50,585
as
24,860
24,860
11 360
175
—
Italy
—
-
uStS'states
'
the chairmanship at San Francisco.
On March 1, when the terms of the 6 chairmen
Accompanying the growth in motorship production is an increase in the
of
construction
indicated
total
advanced
A
increases
...
gain
such
I.H.P.
,
was
S4rito
relative
United
at
(the position is now called president)
to
a
362,833
to
during the
were
small,
also reported in the indicated horsepower of steam recipro-
twnAf'
production
ranking
eighth
December, is
pared to a
gain
and Ireland
new
of
now
of the
leading maritime
the nine
The
countries.
gross
principal
tons
in French production
16,000 tons for the American output.
com-
Great Britain
lead Germany by 525,000 tons, while Germany's production
figure Is 166,000 tons greater than that of the third ranking country, Japan.
Japan leads
under
more
Denmark.
Holland
way
The
by about
than
latter
and the American total
4,000 tons
Sweden,
who,
in
and HoUandI
turn,
is
ha.
57,000
S3 000
tons
country leads the United States by only
to,m
ahead
The
is only 200 tons greater than that of France, whose
tonnage:
/
Great Britain and Ireland........
-
-
Holland...
u^ted states
—--—
-
Italy..""—I—III—"—I—"II———II
Dec.
31
1935
842,361
317,053
743,086
254,121
150,662
.....
Germany
Japan..—II—I
1930
expected to
118,610
146,280
104,325
"K
49,760
IimI
33,371
25)590
25,'590
as
termi-
given
was
the advanced age of
save
a
highly paid position to
the Federal Reserve system $285,000
annually as soon as the change is fully effective,
The Board of Governors of the Federal Reserve System
announced on April 30 that J. S. Wood has been elected VicePresident by the St. Louis Federal Reserve Bank; the ap-
pointment became effective yesterday (May 1).
Mr. Wood
at the
•^an^'J"s term> as Previously noted, having expired
April oU.
on
^
In addition to Mr. Case. announcement of another resignation from the Reserve System was also made this week—that
,
of William H. Hutt
as First Vice-President of the Federal
Reserve Bank of Philadelphia. Mr. Hutt was elected to that
post 0n March 13 of this year, as noted in our issue of March
21, page 1922.
Announcement of his resignation was made
Qn
A
il 30 b
n
Sr P
^
i
•
th
Philadelphia Reserve Bank.
1.
„
advices'
May 1, It was Stated.:
Mr. Hutt had served
production of these nine countries during the last
quarters is shown by Lloyd's Register in the following table of gross
comparative
Mar. 31
reason
Transformation of the office of chairman from
of
5,000 tons,
figure is about 24,000 tons in advance of that accredited to Italy.
two
The
had Previously been Chairman and Reserve Agent
shipbuilding nations
seventh, having changed places with France,
of
about 6,000
shrinkage of
miT
during the quarto ended March 31 last in
ranking
Richmond and San Francisco.
one without salary is
420,945 shaft horse-
announced
of the banks of Philadelphia,
those holding the offices.
all countries
for
...
leading maritime countries
the
among
to
States,
the end of
due
being built
I.H.P.
.
Very little change was shown
the
engines
962,530
to
turbines, Lloyd's Register also reports an advance
The
power.
840,261
During the March quarter the
use.
the world total rising from
quarter,
however.
engines for marine
horsepower of
from
For steam
last
oil
were
the Federal Reserve Board also dropped the Gover-
nated effective today,
nors
as
+.L.
xt
da5L to tlie New
st
i
In Phila-
«nv
,,
Times
deputy Governor of the bank for 18
years.
e
of
He
did not comment on his resignation or on his plans for the future In its
statement, the Bank said that "through his efforts over a period of years
personnel of this Bank has been strengthened and developed and, in
going» he leav^s behind a group of well trained and experienced officers
and employes.
TT
As Deputy Governor, Mr. Hutt
was a close associate of former Governor
George W. Norris, whose appointment
as President of the bank was rejected
by the Federal Reserve Board-in Washington in February under a 65-year-
by the Board.
jy[r. Case's retirement from the New York Reserve Bank
was
announced
as
follows by George L. Harrison, President:
Volume 142
Financial
FEDERAL
RESERVE
BANK OF
YORK
NEW
[Circular No. 1664, April 30, 19361
Effective
as
In
Case, by the Board of Governors of the
1936.
of the same date, Mr. Case has
Federal
Reserve
resigned
Bank of New York,
as a
Class C Director
which office he was last
to
appointed for the three-year term ending Dec. 31, 1937, in order that he
may become a general partner in the firm of R. W. Pressprich & Co.,
GEORGE
Mr.
L. HARRISON, President.
Case in announcing the severance of his affiliations
Reserve Bank of New York, issued the
the Federal
following statement
expressed the desire for
announcing that 1 have
general partner.
friends there, who might, he
intimated, include bankers.
there would be
would have been
To
stances.
able
a rare
experience.
rendered
privilege and
I
cannot
pay too
during these trying
under the inspiring
years
To
serve
a
such
close a long
an
New
liberal education under any circum¬
as
I have had has been
an
unforget-
high tribute to the unselfish service
by my fellow directors and officers,
more
The extent to which this Bank, which plays
important part in the economic life of this region, has won the
co-operation of the banking community and the confidence of the public
an
generally, bear their
own
service with which these
testimony to the devotion and the
men
experience, I want to add
with'such
men
in such
an
have approached their job.
personal
my
own
of public
From my intimate
testimony; for
enterprise has been Its
sense
participation
me,
reward.
My present association with the firm of Pressprich & Co., is a natural
outgrowth of a long and active interest in the problem of sound investments,
particularly
more
public nature.
it
as
a
quasi-
Recent economic changes have put ever increasing emphasis
join his firm
as
look forward the
ance
banks and other institutions of
concerns
upon the importance of this
to
with Mr.
problem, and when Mr. Pressprich invited
general partner I
a
more
keenly
to
this
Pressprich dates back
was
some
me
extremely happy to accept.
new association
I
because my acquaint¬
20 years; to become his partner
is to forge a new link in an old
friendship.
Co., also-issued the following statement
The partners of R. W. Pressprich & Co.
are
on
Pressprich &
April 30:
deeply gratified that Mr.
a distinguished record in the
banking world, both
Chairman of the Board of the Federal Reserve Bank of New York and
as
commercial banker, has decided
a
to join them as a general
partner.
They feel that his broad experience will be extremely helpful to both the
firm and its clients and his counsel and advice should be
especially valuable
at a time
when,
as at
present, investment policies
greatly affected by
are
world-wide unsettlement.
it
announced
was
Mr.
following
of Mr. Case's
summary
career
was
made
available at the New York Reserve Bank:
J. Herbert Case
born in Elizabeth, N. J., on
Aug. 20, 1872. At the
age of 16, Mr. Case obtained his first banking position as clerk in the
City
National Bank of Plainfield, N. J. Four years later he
joined the staff of
the Market and Fulton National Bank in New York
was
City where he
became
discount
clerk.
In
1902 he
was
instrumental
Plainfield Trust Co. in Plainfield, which he served
as
in
soon
organizing The
Secretary and Execu¬
tive Vice-President for eight years.
During that period he organized the
Peoples Bank & Trust Co. of Westfield, N. J. In 1910 he returned to New
York
Vice-President of the Franklin Trust Co., then owned
by The
Farmers Loan & Trust Co., and two years later became
Vice-President of
the parent company. He was
largely responsible for
as
buliding
up
the credit
department of The Farmers Loan & Trust Co. and became widely known
on the commercial paper market.
When the United States entered the war in 1917 Mr. Case
was induced,
some
personal sacrifice,
to
become
Deputy Governor of the
Federal
Reserve Bank of New York, a position which he held until
the early part
of 1930, when he was appointed Chairman of the
Board of Directors of the
Bank.
In the capacity of Deputy
Governor, Mr. Case played an important
part in the
war
financing operations of
the Government.
part of his service with the Bank he had charge,
as
after
a
Aldrich, who is the
Senior Deputy Governor,
report to the Secretary of the Treasury
the British method of issuing
Treasury bills, which was the basis for the
procedure later instituted in this country. When Gates W.
McGarrab
resigned the Chairmanship of the Federal Reserve Bank of New York to
become President of the Bank for International
Settlements, Mr. Case was
as
his successor,
assuming the duties of Chairman in February of 1930.
The
change of policy of the Board of Governers in putting
the Chairmanships of the Reserve banks on an
"honorary
basis", was referred to in the "Chronicle" of March 7, page
was admitted to the New York Bar and became
member of the law firm of Byrne, Cutcheon & Taylor.
After serving as a lieutenant in the United States Naval
a
Reserve, Mr. Aldrich in 1919 became a member of the law
Murray, Aldrich & Webb, counsel for the Equitable
firm of
Trust Co. of New York.
During Stay.
Dr.
Miguel Mariano Gomez, President-elect of Cuba, con¬
a visit to
the United States on
April 30, when he
sailed from New York City on the United Fruit liner
Peten,
accompanied by his family and several officials. During his
stay of a month in the United States Dr. Gomez was received
by President Roosevelt, he and his wife having been guests
cluded
April 23.
a
tea at the White House
At a Press Conference in Washington on April
22 Dr. Gomez praised the good
neighbor policy of President
Roosevelt, said the New York "Times" from which we quote
the following from Washington
April 22,
In 1929 he
was
elected President
of the
Equitable Trust Co.
The following year, when the
Equitable was merged with the Chase National Bank, he
became President of the consolidated institution, and in
January, 1933 was elected Chairman of the Governing Board
and President, retaining these titles until January, 1934
when he
was
elected Chairman of the Board of Directors.
director of the American Telephone & Telegraph
a
Co., Westinghouse Electric & Manufacturing Co., Rocke¬
Inc., and the Discount Corporation of New
feller Center,
York.
When elected, Mr. Aldrich will be the 45th President of
the Chamber, which
was founded in 1768, and received its
original charter from King George III in 1770.
The Chamber
will hold its annual election on May 7.
A.
L.
Lindley
and
Edward
Roesler
Nominated
by
Governors of New York Stock Exchange
as
The New York Stock Exchange on April 28 officially
posted on the floor of the Exchange the candidates as offi¬
and
cers
Governors to
May 11.
In addition
be
elected
to those
at
the
named
annual
election,
by the Nominating
Committee, as announced April 13, and noted in our issue
April 18, page 2606, the notice also contains the names
of Allen L. Lindley and Edward Roesler as independent
of
candidates
they
for
having
membership
been
on
nominated
Lindley and Roesler
are
the
by
Committee,
Governing
petition.
The Messrs.
at present members of the Govern¬
ing Committee, but failed to be re-nominated by the Nomi¬
nating Committee.
There
12 candidates for 10 posts on the Governing
are now
Committee to
be filled
at the
of
the
constitution
receiving
the
largest
terms
May 11
of
election.
Under the
the
number
Stock
Exchange
of
votes
will
be
10
the
declared
elected.
A.
L.
At
Eggers Elected
to Board of Governors
York Curb Exchange
recent
a
New
York
H.
L.
to
fill
meeting
Curb
an
member
the Board
was
elected
a
of
member
New
of
the
partner
a
of
vacancy.
Mr. Eggers, who
Exchange in August, 1929, will
until the next annual election
of
Governors
Eggers,
existing
of the
Governor
of
Exchange, Alan L.
& Co.,
Wisner
the
of
Board
became
serve
as
a
a
in
February, 1937.
At present he is also Chairman of the Nominating Committee
of the Exchange.
Harry Rodwin
New
York
Private
President-Elect Gomez of Cuba Concludes Visit to the
United States—Received
By President Roosevelt
on
of the late Nelson W. Aldrich,
in 1912 he
1558.
of President and Mrs. Roosevelt at
son
Presidency of the Chamber since its organization 168 years
Born in Providence in 1885, Mr. Aldrich was graduated
University in 1907 and obtained his degree
from Harvard Law School three years later.
Subsequently
on
chosen
ineligible for re-election,
April 29.
on
During the major
1920, during the prolonged absence of
Acting Governor of the Bank. Early in 1929,
visit to London, he made
a
Nominates
ago.
as of fiscal agency
operations. To these
duties at various times were added the
supervision of loans to member banks
and of foreign operations.
In
as
Commerce
from Harvard
of open market operations as well
Governor Strong, he served
of
United States Senator from Rhode Island for many
years,
one of the
youngest men to be selected for the
through his speaking and writing
at
Chamber
is said to be
Petition
The
he said, indicating that it
outside financial assistance.
of the Chase National Bank of New York, has been nomin¬
ated for President of the Chamber of Commerce of the
State of New York to succeed Thomas I. Parkinson, who has
Case, who has made such
as
State
But he declared
inauguration, May 20.
Winthrop W. Aldrich for President
He is
R. W. Pressprich, senior partner of R. W.
previously
York
no
.
He implied that any policy matters
The Cuban economic situation is
improving,
might develop that Cuba needed
institution
leadership first, of the last Benjamin Strong, and
recently of George Harrison.
such
a
with such associates
serve
business discussions.
no
would await consideration until after his
served two terms and is therefore
My retirement from the Federal Reserve Bank brings to
and delightful association dating from the War.
.
.
Winthrop W. Aldrich, Chairman of the Board of Directors
A statement has been issued
to-day by the Federal Reserve Bank of New
York concerning my retirement as Chairman, Federal Reserve
Agent and
Class C Director, and by R. W. Pressprich and Co.
as a
expressed his appreciation of the reciprocal
increase in the ties of friendship between the two countries.
Asked if he would conduct conversations in New York with
bankers, he
replied in the negative, with the qualification that he would see many old
April 30 in which he paid tribute to
on
he
an
the other officers and directors of the Bank:
joined that firm
formal statement
a
trade agreement concluded last year
by his country with the United States
and of the abrogation of the Piatt
Amendment, and
New York,
with
period of social and economic develop¬
a
peace.
Federal Reserve System, as Chairman of the Board and Federal Reserve
of the
in
was
ment, with her people desirous of establishing a regime of law, concord and
Agent at the Federal Reserve Bank of New York, expired at the close of
business April 30,
2935
Cuba, he [Dr. Gomez] said,
To all Banks and Trust Companies in the
Second Federal Reserve District
The designation of Mr. J. H.
Chronicle
'
Resigns
State
as a General Counsel
in the
Insurance Department to Enter
Practice—To
Continue
Present
Duties
However with Department
Announcement
was
made
on
April 27 by Louis H. Pink,
Superintendent of Insurance of the New York State, of the
resignation of Harry Rodwin, General Counsel in the re¬
habilitation and liquidation of the title and
mortgage
guaranty companies taken over by the State, to re-enter
private practice, effective May 1.
Mr. Pink said that this
does not mean that Mr. Rodwin is leaving the Department,
as he will continue to perform
substantially the same work
as at present and no successor will be
appointed. Mr. Pink's
announcement added:
Mr.
Rodwin joined the legal staff of the Liquidation Bureau of the In¬
surance
Department in March 1932.
tion procedure employed in the
In that year he developed the liquida¬
Mortgage Guarantee and Title Company
of New York, upon which subsequent rehabilitations and
liquidations of
modeled.
guaranty companies were
all
He was placed in charge of the
Rehabilitation and Liquidation
Broadway early in 1934, later being designated.
legal division when the Title and Mortgage
organized at 160
Bureau was
the major
and directed
work
organized the Schackno reorganiza¬
In that position he
General Counsel.
tion
legal steps of the
Department in re¬
habilitation and liquidation.
retiring President is J. G. Parker. The retiring Viceare M. A. Linton and J. F. Little.
Four new mem¬
The
Prsidents
retiring members of Council are J. R.
Larus, J. D. Buchanan, Valentine Howell, and H. H. Wolf-
Educational
Director
ot
Presentation
3.
Informal
appointed educational director of the Investment Bankers
announced in Chicago, 111.,
In making the an¬
York, to join the Association.
nouncement Mr. Wood stated:
New
the association's educational
The investor is confronted with
always one of the
major divisions of the association, is formulating plans to increase its serv¬
ices to the investor in response to the new requirements that present condi¬
problems, and the educational department,
P. A. Walters, Vice-President of Stone & Webster and
Blodget, Inc., in Chicago, is Chairman of the Committee
responsible for this phase of the Association's work. It was
stated that Mr. Dillman would assume his duties immedi¬
He has been engaged in work of a similar nature ever
since he was graduated from Northwestern University in
ately.
^ -V-.;
■; ■■OVy.
1923.
S. A. Welldon to Represent
Bank for
of
Meeting
American Banks at Annual
International
Settlements
represented at the annual meeting
International Settlements, to be held in
American banks will be
Bank
for
Basle, Switzerland, May 11, by Samuel A. Welldon,
President of the First National Bank of New York.
ViceMr.
departed for Europe from New York several days
The following is from the New York "Herald-Tribune"
Welldon
April 29:
was
three years ago.
interest in the B. I. S. is now about half of
Around two
years ago
banks in this country,
Comptroller of the Currency, began liquid¬
ating in Europe, principally in France and Switzerland, their B. I. S.
For about
a year,
however, the bank has been refusing to authorize
transfers of its shares from one country to
American interest is disposed of
itself will be the purchaser,
another, and if any more of the
abroad it is probable that the B. I. S.
with the idea of placing the stock advantageously.
this country
going to the
does not carry voting rights, the right to vote
The stock
central bank in subscribing countries or to the
in the United
private banking groups, as
States and Japan, which bought the stock.
first
the
to meet in this country
time, the invitation
last year authorizing the President to act to this end.
the World Power Conference there wTill
gress
also
First National Bank here
American banks and was supplied with
played by power in all technical,
ideas; to dramatize the role of
in the modern world."
The Conference is being
planned by the American National Committee, of which Sec¬
retary of the Interior Ickes is Chairman. Morris L. Cooke is
Chairman
Director
of
of
Executive
the
the
0.
Committee;
Merrill
C.
is
F. Durand,
scientist and engineer, will be Chairman of the Conference.
It is expected that approximately 3,000 will attend the Con¬
Conference,
and
William
Dr.
ference, including some 700 official members from Europe.
The list of American writers
World
tributions to the discussion
topics
special
the program
of
the
Washington
Government
that
the
of the Third
American
of the economics of
The list includes
engineers,
and
on
Power Conference indicates
con¬
power—the
meeting—will
be
most
notable group of economists,
a
administrators,
and
experts
power
utility executives.
The
legislation authorizing
the President
to extend
the
invitation to the Conference, was signed by President Roose¬
velt
Aug. 26, 1935, following its passage by the Senate
Aug. 22 and. the House on Aug. 13. Reference was made
in our issue of Aug. 24, page 1210, to the House action, in
on
on
which item
the text of the
resolution
was
given.
United
States
Building and Loan League to
Annual Convention in New York Oct 14-16
Hold
The 44th annual convention of the United States Building
and Loan League will be held in New York
City, Oct. 14, 15
bringing the representatives of savings, building and
loan units throughout the country to this city for the first
and 16,
Exchange to
Hold
First Annual
May 5—Jerome Lewine, First President, to
Dinner
be Guest
of Honor
Lewine,
Large
on
of the World Power Conference, it is stated,
"to examine the part
the interchange of data and
As
credentials.
Commodity
Congress
economic, social, and public bearings; to provide a forum for
planning to be in Europe at the time of the annual meet¬
Mr. Welldon was
International
Second
the
The purposes
are
Bank of Chicago, but now the
has the power to cast the American vote.
ing, he was asked to vote for the
Jerome
held
be
Dams.
The group in
originally consisted of J. P. Morgan & Co., the First National
Bank of New York and the First National
the proper
12.
having been extended by President Itoosevelt, whose action
was taken in accordance with
a resolution passed by Con¬
partly on the insistence of the
stocks.
to be
Power Conference,
World
Third
the
Washington, D. C., have been announced as Sept. 7
This conference is being held in the United States
held in
for
of
dates
significant.
The American stockholding
what it
in Wash¬
Be Held
to
power
May 11
of
Conference
Power
In connection with
tions create.
ago.
current interest.
topics of
Request of Congress
at
The
to
activities are probably more
important at present than ever before.
the
papers.
ington Sept 7 to 12—Invitation to Hold Confernece
in United States Extended by President Roosevelt
April 30 by the President of the Association, Orrin G. Wood,
of Estabrook & Co., Boston.
Mr. Dillman resigned as staff
economist of "Business Week," business news magazine in
of
new
discussion of
World
Third
Association of America, it was
many new
of
be:
will
presented at the previous meeting.
and financial writer, has been
David Dillman, economist
that
business
Other
Discussion of papers
2.
Investment Bankers Association
We feel
The
expire.
now
enden.
Appointed
Dillman
to replace those whose terms
bers of Council will be elected
1.
David
May 2, 1936
Financial Chronicle
2936
first President of the Commodity Ex¬
change, Inc., will be the honor guest at the first annual
dinner of the Exchange, to be held at the Waldorf Astoria
Hotel, in New York, the evening of May 5.
J. Chester
Cuppia, Vice-President of the Exchange and Chairman of
announced April 29 that
over 500 reservations had been received up to that time for
the Committee on Arrangements,
which will be attended by Presidents of the local
commodity and security exchanges, senior officers of leading
banks and trust companies and many producers and users
the dinner,
of commodities.
time in
Floyd Y. Keeler, President of the Commodity Exchange,
a greeting and Mr. Lewine will make a brief
reply. At the informal speakers table will be: Charles R.
Gay, President of the New York Stock Exchange, Fred S.
Moffatt,
President of the New York Curb Exchange,
George Hintz, President of the New York Cocoa Exchange,
Chandler A. Mackay, President of the New York Coffee &
Sugar Exchange and Robert P. Boylan, President of
Chicago Board of Trade.
the
and for the second time in
the League's
Announcement of the coming convention
made
was
April 18 by LeGrand W. Pellett, of Newburgh, President of
the League. Mr. Pellett stated:
The tremendous growth
decades since
setback
by
of the building and loan business in those three
last met in
New York is evident
in spite of
the temporary
occasioned
was
associations
our
last.
has
we
which
by six years of depression. Today we hold
$4,500,000,000 in home mortgages, about nine times the volume held
some
Yet
the
in
1905
number
increased
nition
of
when
homes
the
in
only about 33%.
conventions
United
the
in
met
in
has thus been
There
States
an
New
that
York
same
City
period
increasing recog¬
the years
monthly
of the economic soundness of the type of long-term,
repayment loan which the building and loan associations supply.
A
accelerated
over
much
three
loan
will extend
31 years
history.
the
years
were
all
direction
and which
as
progress
when the
too
of
was
its
on
the
from
type of loan
being insisted
adoption
experiences
Efforts
tragic.
the
in
depression
which
just
as
has
about
come
with
the
the
in
past
short-term, straight
Government
all
have
been
in
originated with these institutions,
strongly by
our
institutions in 1905
now.
ITEMS
ABOUT
Arrangements
BANKS,
made
were
TRUST
COMPANIES,
April
for
27
the
&c.
transfer
of
Henry L. McVicker's New York Stock Exchange membership
to John J. Track at $130,000.
The previous transaction
at
was
$150,000,
on
April 1.
4
American
Hold
Session in Williamsburg, Va., May 5
Institute
of
Architects
to
The annual session of the American Institute
Annual
one
week,
on
Curb Exchange
will be held
It is stated that
problems which will confront the Institute
this year will be to work out some feasible plan whereby the
banks of the United States engaged in lending money for
houses may have the benefit of architect's advice on planning
and construction as well as their own check on the borrower's
next
Arrangements
May 5, in Williamsburg, Va.
of the chief
credit.
were
made April 30 for sale of
4
$1,000 from the last previous sale.
4
At
of
a
regular meeting of the board of directors of the Bank
the
Manhattan
was
Co., New
elected
a
York, held April 30, Auguste
member
is President and director of the
Held in
The Actuarial
28
by J.
Actuarial Society of America to Be
New York May 21 and 22
Secretary, will hold its annual meet¬
ing at the Waldorf-Astoria Hotel, in New York City, May
21 and 22. New officers will be elected, including the Presi¬
dent, two Vice-Presidents, Secretary, Treasurer, and Editor.
tor
of
the
Clark
Thread
Co.
of the
board.
Mr.
Snool Cotton Co.
and
the
Richard
and direc¬
Stowell-MacGregor
Corp.
Society of America, it wTas announced April
B. Maclean,
New York
The New York Cotton Exchange seat of John H. Quinlan
was sold April 28 to William
L. Anderson for $10,000, off
Richard
Annual Meeting of
a
membership at $36,000, off $1,000.
4
J.
Mv
Budinger, formerly
an
Assistant Vice-President of
the Commercial National Bank & Trust
Co.,
recently appointed
a
Vice-President.
4
New York,
was
'y '-V,;
S.
Frederick
Cutter
&
to
The
Mr.
Louis
♦
share
Scotia
April 26 while
route
en
Two
York
promoted to
an
Steiglitz,
a
for
of
A.
"News
receiver
Lentz,
affairs
the
out
additional $10,283,
.
.
addition
secured
of
years
with his
depositors'
stock
a
it
refund
Lentz
has paid its
not only
on
its stock
said,
assessment,
is
of $100
$45,000 at a par value of $60 a share were
State Banking Department on
4
April 28 at his New York apartment, 14
brief visit to the city. He was
East 16th Street, while on a
Mr. Higginson was born at Lenox and was
graduated from Harvard University in 1887.
He became
an investment banker,
but had been retired from business
business in
He was a
nephew of the late Major Henry Lee Higginson, founder of
the Boston Symphony Orchestra.
several
During his
years.
he was in
career
Chicago, Boston and New York for many years.
4
Because
increased
of
Bank of Bryan,
of
deposits
in
the
Citizens
National
Ohio, the stockholders have voted to increase
capital structure and to retire the outstanding $15,000
the
preferred stock. In noting this, Bryan advices, appearing
"Money and Commerce" of April 25, said:
in
There will be
stock and
the
issuance of
with
issue of
an
$25 for surplus.
200 shares at $125 each,
stock will
new
of which $100 is
for
A stock dividend of 10% on common stock and
bring the total
common
capital to $86,000,
surplus of $29,000, making in all $115,000.
a
have
Deposits
years ago,
and
total $1,264,493.
Concerning the affairs of the defunct Citizens' State Bank
of Noblesville, Ind., a
to the
The
dispatch from that place
on
April 11
Indianapolis "News" contained the following:
State
Citizens'
started
approximately
Bank,
in
liquidation
three
years,
today
(April
11)
10% dividend to depositors which will amount to
$48,000.
This is the third dividend, a total of 30%,
of
payment
a
distributed.
4
Huntington, Ind., advices to the Indianapolis "News" on
27 reported that distribution of a 5% dividend, or
$49,689.25, on claims of creditors of the defunct Citizens'
State Bank of Huntington would be started on April 29 by
April
Le Favour, special representative of the Indiana De¬
J. H.
Financial Institutions.
The amount, the dis¬
patch stated, would raise the total paid to $197,000, or 20%
partment of
of
total
claims.
4
The Board of Directors of the Mercantile Trust and
Sav¬
ings Bank of Chicago, 111., on April 17, announced the elec¬
tion of William W. Farrell as President of the institution.
Mr.
Farrell,
last
15
who
years,
has been
has paid in full preferred
quarterly report showed1.
but will be able to
claims in full
assessment, Mr. Lentz said.
$16,253.
more
than
a
The amount
third
of the amount of collected
realized
on
the remaining
assets
the stockholders.
CURB
EXCHANGE
Irregular price movements showing a sharp downward
tendency were in evidence during the fore part of the week,
was considerable improvement apparent on Thurs¬
day as stocks turned upward.
Low-priced oil issues were in
moderate demand and showed some gains and gold mining
shares were fairly firm at times and some of the more active
issues moved to higher levels.
Specialties, on the other hand,
were the weak stocks and dipped close to the lowest levels of
the year.
Public utility shares were quiet, most of the
changes being in minor fractions.
Curb market movements were irregular during the short
trading period on Saturday, and while there was a slight ten¬
dency toward higher levels, most of the demand centered
around the low-priced oil stocks, some of which registered
advances up to 2 points.
Fractional gains were recorded
by a number of the public utility preferred issues and there
were
mixed movements in the mining and metal shares.
Specialties made little progress either way and alcohol shares
were quiet.
Among the stocks closing on the side of the ad¬
vance were Gulf Oil of Pennsylvania, 2 points to 85; Masonite
Corp., 5 points to 90; Aluminum Co. of America, 1% points
to 128, and Great Atlantic & Pacific Tea Co. non-voting
stock, 234 points to 11434Pittsburgh Plate Glass also
closed
Senior Vice-President for the
Grut, who died recently.
succeeds Harry N.
on
the side of the advance.
Sharp price recessions were apparent as the market slipped
downward on Monday.
The declines spread to all parts of
the list and included several of the issues that are usually
inactive.
ment
steadily since the bank was organized about three
grown
now
report
and
but there
George Higginson Jr., of Lenox, Mass., a retired invest¬
ment banker and head of the well known Boston family of
old.
Lentz's
the present estimated value of the remaining assets,
$6,100,
will be divided among
April 18, which subsequently on the same date approved an
increase in the bank's capital from $45,000 to $60,000.
73 years
Mr.
claims, the bank
totaling $53,223, the
With all claims paid,
'Mr.
father's firm,
dale, Farmingdale, N. Y., from $75,000 at a par value
that name, died on
Louisburg bank,
the
r;':.:
.
to
claims
$439,775,
make
capital stock of the Bank of Farming-
approved by the New York
of
representing 8.5% interest.
THE
share to
the
Although the bank collected only slightly more than half its total assets
importers. In 1889, with the late
Jacques S. Halle, he founded the firm of Halle & Steiglitz.
each
for
We quote the paper:
closing
M. Steiglitz & Son, textile
Plans to reduce the
:
Observer"
and
.
partner and founder of the New
number
a
L.
In
Exchange firm of Halle & Steiglitz, New York,
associated
Raleigh
depositors.
York
died
April 28 at his home in this city.
He was 78 years old.
Before entering the brokerage business Mr. Steiglitz was
Albert
Stock
of
member of
Today the bank will begin paying the final 2%% dividend to the bank's
and
4
bank since its organization.
rate of $1 per $50 par
the
showed, depositors will have been paid $120,924, their claims in full,
the
at
director
a
■::/
In
bank's general office in Toronto.
years later, Oct. 1, 1923, he was transferred to New
as Agent, the office he held at his death.
Superintendent
at
stock.
affairs.
Scotia, Mr. Murphy continued with the en¬
larged Bank of Nova Scotia, and in 1921 was
paid
of April 19 reports
First National Bank
of Louisburg, N. C., had announced on April 19 that the
institution would begin payment of a dividend to its de¬
positors the following day, prior to the closing of the bank's
55 years
entered the
employ of the old Bank of Ottawa, where in 1916 he was
made Manager of the Montreal branch of the institution.
In 1919, when the Bank of Ottawa was merged with the
Nova
was
the Department of Economics at St.
the bank's Advisory Council, said the
the first quarter of this year amounted to $2.58 per
O'Neill,
earnings for
of
that
old, began his banking career in 1898 when he
of
Harry
The
Place, Ont., Canada, the deceased banker, who was
Bank
dividend
the
"'V;
City, died of a heart attack on
to New York from Biloxi, Miss.
Born in Carlton
be paid by the
is the first to
said
University and
bank's
in New York
24, from which this is learned,
of April
share.
Dr.
Agent of The Bank of Nova
Peter Wilfred Murphy,
dividend
Moser
value
Mr. Cutter, who lived in Flainfield, N. J., was
He had been in business in Wall Street
1900.
since
institution, at a dinner
the stockholders, held at the Coronado Hotel,
observe the second anniversary of the bank.
The St. Louis
"Globe-Democrat"
old.
years
was
continuing, said:
in the brokerage firm of
died of a heart attack on
York,
New
dividend
Byron W. Maser, President of the
"f
♦
2%
a
meeting of
Cutter, a partner
Dixon,
April 29.
63
declared
Hance with the brokerage
John A.
of
St. Louis, Mo., had
announced on April 23 by
That the Mutual Bank & Trust Co. of
anniversary of the
firm of
Jesup & Lamont, New York, of which he is senior partner.
Mr. Hance, who will celebrate his eighty-second birthday
on Oct. 6, started with the firm on May 1, 1886.
Yesterday (May 1) marked tile fiftieth
association
2937
Chronicle
Financial
Volume 142
In the public
included both
utility
common
group
the downward
move¬
and preferred stocks and many
specialties eased off as much as five points.
Out-...
standing among the declines were such active stocks as
Aluminum Co. of America, 11 points to 117, Creole Petro¬
leum, 2V8 points to 2634; General Investment pref., 434
points to 41 34; General Tire & Rubber, 5 points to 74; PanAmerican Airways, 334 points to 5234; Pittsburgh Plate
Glass, 4 points to 118; Royal Typewriter, 434 points to 58,
Wayne Pump, 234 points to 2734; Childs Co. pref., 3 points
to 45, and Flintkote Co., 234 points to 3734The market was again unsettled on Tuesday, stock move¬
ments advancing and declining at times, but with a strong
tendency toward lower levels in the closing hour.
Oil shares
were fairly steady and showed occasional gains in small frac¬
tions.
The transfers were slightly higher than during the
of the
preceding session, the total sales reaching approximately
shares.
The declines included among others,
Babcock & Wilcox, 3 points to 75; Consolidated Mining &
Smelting, 10 points to 260; National Power & Light pref.,
6 points to 75; Ford Motor of Canada B, 234 points to 2534;
Masonite Corp., 2% points to 8534, and Minnesota Mining
& Metal, 234 points to 2734Specialties led the downward swing on Wednesday, many
of the active stocks in this group dipping close ot their lowest
levels for the current year.
Gold mining shares were in light
demand and a number of active issues registered fractional
478,105
Most of the utilities were down and so were the
Transactions were slow, the volume
of transfers dropping down to 403,445 shares against 475,105
on Tuesday.
The declines included Aluminum Co. of Amer¬
ica, 234 points to 11734; Childs Co. pref., 3 points to 40;
Consolidated Mining & Smelting, 334 points to 25634;
General Tire & Rubber, 334 points to 70; Gulf Oil of Penn¬
gains.
4
leaders in the oil group.
We learn from the
20%
dividend,
"Michigan Investor" of April 25 that
amounting to $61,000, will
be
paid
to
a
de¬
positors of the old First National Bank of Marshall, Mich.,
according to a recent announcement by the trustees.
The
paper
This
added:
amount
represents
bank since the bank
a
total
of 81% paid to
holiday, Feb. 11, 1933.
paid depositors.
the depositors of
the
There still remains 19% to be
sylvania, 234 points to 7834; Pittsburgh Plate Glass, 534
points to 109, and Standard Power & Light pref., 4 points
to 25.
2938
Financial
Prices turned upward during the late trading on
Thursday,
and while the low priced oil stocks led the upturn, there was
considerable interest displayed in the public utility issues.
Many specialties improved but several shares, usually on
the inactive side, took a sharp downward turn and closed
under their previous transactions. The transfers for the day
were
approximately 475,105 shares against 403,445 on
Wednesday. Noteworthy among the stocks closing on the
side of the advance were Aluminum Co. of
America, 4H
points to2122; Childs Co. pref., 3 points to 43; Gulf Oil of
Pennsylvania, 3% points to 82^; Pittsburgh Plate Glass,.
2 points to 111 and General Tire &
Rubber, 3% points
to 73J£.
Opening prices were somewhat irregular on Friday but the
upward trend gradually steadied and many active stocks
closed on the side of the advance.
The gains were small as
most of the changes were within a comparatively narrow
compass.
There were a few good advances scattered through
the list and these included such active stocks
Gulf Oil of
as
Pennsylvania, 2^ points to 85; Masonite Corp., 434"points
to 80}/i\ Pittsburgh Plate
Glass, 4 points to 115 and Royal
Typewriter, 2J4 points to 6234. As compared with prices
of
theTpreceding week, last night's quotations were lower,
Aluminum Co. of America closing at 121 against 12634 on
Friday a week ago, American Cyanamid B at 3314 against
34; American Gas & Electric at 35^4 against 3734; Consoli¬
dated Gas of Baltimore at 8734 against 91; Cord
Corp. at
5 against
5%; Fisk Rubber Corp. at 534 against 6; Ford of
Canada A at 22 % against 23
Niagara Hudson Power at
834 against 8^4; South Penn Oil Co. (1.60) at 35 against
37«4; and Standard Oil of Kentucky at 17% against 18.
DAILY
TRANSACTIONS
AT
THE
YORK
NEW
CURB
EXCHANGE
Chronicle
May 2,
THE
PARIS
Quotations of representative stocks
each
Stocks
Week Ended
Apr. 25 Apr. 27
1
Francs
Bank of France
7,300
920
405
Banque de Paris et Des Pays Bas
Banque de 1'Union Parisienne..
Canadian Pacific
Bonds (Par
Apr. 30
May 1
Francs
Francs
7,300
6,700
7,200
885
881
837
846
400
400
377
376
7,200
189
Canal de Suez
187
180
176
178
181
19,000
18,700
18,800
18,600
18,900
19,000
935
912
906
835
836
1,310
.
1,210
1,230
Cie Distr. d'EIectrlcitie
CieGenerale
Apr. 28 Apr. 29
Francs
Francs
Francs
7,800
d'EIectrlcitie
1,200
1,220
Cie Generale Transatlantique_._
Citroen B
l",220
17
20
18
19
18
83
81
83
80
Comptolr Nationale d'Escompte
Coty S A
915
906
906
884
°
889
110
110
110
110
110
Courrieres
216
212
211
203
206
Credit Commercial de France...
Credit Lyonnaise
553
539
540
523
530
1,630
1,570
Eaux Lyonnalse..
100
1,570
1,510
1,520
1,520
1,530
1,440
1,620
1,550
1,430
1,440
Energie Electrique du Nord
Energie Electrique du Littoral..
474
459
464
448
485
700
685
680
656
615
Kuhlmann
620
590
589
556
L'Air Liqulde
970
920
930
870
878
Lyon(PLM)
833
806
815
809
808
1,113
1,078
1,087
1,051
1,065
Nord Ry
Orleans Ry
378
Pathe Capital
379
378
575
380
383
18
18
17
17
1,250
1,172
1,210
68.30
66.50
1,275
66.80
65.75
377
16
1,330
Pechiney
Rentes, Perpetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4J*%, 1932 A
Rentes 4^%, 1932 B
Rentes 5%, 1920
Royal Dutch...
890
66.30
67.10
71.00
69.20
69.40
68.50
68.40
69.00
70.25
68.40
68.70
67.60
67.75
68.50
74.60
73.10
73.30
72.10
72.10
73.50
72.00
72.40
71.00
71.10
71.80
97.00
95.25
95.75
94.40
94.70
95.25
2,570
1,460
2,530
1,450
Schneider & Cie
1,505
1,418
1,425
2,480
1,320
1,368
2,480
1,365
1,385
2,570
Saint Gobain C & C
2,570
1,587
52
52
51
49
39
39
39
37
36
1,550
1,500
1,500
1,443
1,433
Societe Francalse Ford
Soclete Generale Fonciere
Societe Lyonnaise
Societe Marseillaise
535
Tublze Artificial Silk, pref
Union d'Eelectricitie
57
535
51
538
538
538
69
70
71
70
69
478
468
463
416
422
49
.
72.75
49
48
47
44
Value)
{Number
of
Shares)
received by cable
as
day of the past week:
Wagon-Lits
May J. 1936
1936
BOURSE
Saturday...
Monday
Tuesday—
Wednesday.
Thursday..
Friday
Foreign
Domestic
124,680
467,610
477,930
402,330
476,005
267,710
Foreign
Government
$1,192,000
2,632,000
2,822,000
2,210,000
2,482,000
1,642,000
Corporate
$47,000
40,000
43,000
77,000
THE
Total
$5,000
43,000
21,000
2,909,000
20,000
44,000
39,000
25,000
$1,244,000
2,715,000
44,000
BERLIN STOCK
2,307,000
2,551,000
1,702,000
each
io,^oo
you,uuu
ctuSOO.UUU
Week Ended May 1
Apr.
1936
Stocks—No. of shares.
-1935
2,216,265
1936
991,780
1935
65,167,887
14,680,610
Bonds
Domestic
$12,980,000
253,000
195,000
$13,428,000
Foreign government
Foreign corporate...._
__
Total
$29,086,000
$411,253,000
6,897,000
254,000
$360,683,000
7,339,000
4,553,000
$29,573,000
$372,575,000
$422,522,000
233,000
4,372,000
EXCHANGE
RATES
FOREIGN
a
record for the week
EXCHANGE
BANKS TO
APRIL
RATES
CERTIFIED
BY
FEDERAL
RESERVE
1922
OF
112
113
114
114
115
147
148
147
147
147
91
91
*88
88
88
134
135
133
135
135
Deutsche Bank und Dlsconto-Gesellschaft.. 88
Deutsche Erdoel (4%)
119
Deutsche Reichsbahn (German Rys) pf 7%. 126
88
88
88
88
119
118
120
121
126
127
127
127
88
88
89
89
Berliner Handels-Gesellschaft
Berliner Kraft u. Licht (8%)
(6%)
Dresdner Bank
88
Farbenlndustrie I G
Gesfuerel
(7%)
166
Noon Buying Rate for Cable Transfers in New
Value in United States Money
Country and Monetary
Apr. 27
Apr. 28
Apr. 29
Apr. 30
$
$
$
$
$
$
.169096
.012950*
.041323
.041332
.220435
koruna
Denmark, krone
.169057
.012950*
Czecjoslo'kia,
.187016*
.220400
Switzerland, franc
Yugoslavia, dinar
138
140
139
139
139
15
16
*
184
184
184
184
230
185
227
229
230
185
184'
185
186
187
185
187
186
Ex Dlv.
COURSE
OF
BANK
pared with
decrease
a
com¬
Preliminary figures compiled by
a year ago.
us
telegraphic advices from the chief cities of the
possible to obtain weekly returns will be
Our
preliminary
.169000
.169015
.169042
.012825*
.012825*
.012825*
$7,278,537,614 for the
.041317
.041321
.041310
there is
.220354
.220420
.220441
.220403
4.938291
4.938833
4.938291
.021787
.021787
.021787
.065845
.402007
.009365
.009365
.678428
.678375
$6,081,038,922,
week in 1935.
loss for the week ended
comparative
.401925
.009362
same
at
year.
against
At this center
Friday of 26.1%.
Our
for the week follows:
summary
.065831
.402010
a
stands
total
.678328
.065837
Clearings—Returns by Telegraph
Week Ending May 2
Per
1936
$3,114,465,267
237,102,952
$4,214,954,768
242,899,753
—26.1
279,000,000
New York
1935
321,000,000
—13.0
204,000,000
76,498,670
64,800,000
105,153,000
94,459,491
87,208,118
56,506,895
53,571,605
—13.7
.294466*
.294366*
.295133*
.078666
.078666
.078666
Chicago
.248086
.248108
.248065
Philadelphia
.187375*
.187766*
.187775*
Boston
.044885
.044865
.044900
Kansas City
.007316
.007316
.007316
St. Louis...
San Francisco
176,095,000
67,462,150
72,400,000
118,135,000
Pittsburgh
121,300,286
.136417
.136414
.136403
.254562
.254587
.254569
.325757
.325714
.325196
.324475
.324839
.022858
.022858
.022858
.022866
.022866
,
.
Detroit
95,666,182
61,115,758
50,525,920
29.384,000
Cleveland
Baltimore
China—
New Orleans
Hankow(yuan)
CLEARINGS
clearings this week will again show
.012950*
.296875
15
16
185
.041328
.296875
day
93
17
185
.169030
.325707
.296875
15
92
17
16.5% below those for the corresponding week last
.187083*
.022868
dol'r
15
92
...
(8%)
.187014*
Asia—
Chefoo (yuan)
14
92
91
Norddeutscher Lloyd
.187050*
England, pound sterl'g 4.937500 4.937125 4.936375
Finland, markka
.021800
.021787
.021787
France, franc
.065829
.065835
.065835
Germany, reichsmark. .402007
.402111
.401938
Greece, drachma
.009378
.009371
.009368
Holland, guilder
.678167
.678221
.678300
Hungary, pengo
.294550* .295000* .294525*
Italy, lira
.078716
.078716
.078700
Norway, krone
.248118
.248057
.248020
Poland, zloty
.188050
.188025
.187466*
Portugal, escudo
.044965
.044905
.044925
Rumania, leu
.007358
.007316
.007325
Spain, peseta
.136428
i.
.136442
.136425
Sweden, krona.;
.254566
.254532
.254479
138
Mannesmann Roehren..
from which it is
May 1
.187050*
137
Holt-
170
138
May 1, bank exchanges for all cities of the United States
Apr. 25
.187050*
168
country indicate that for the week ended today (Saturday
York
Unit
Europe—
Austria, schilling.....
Belgium, belga
Bulgaria, lev
166
139
Hamburg Electric Werke (8%)
Hapag
167.
137
.
(6%)
based upon
25, 1936, TO MAY 1, 1936, INCLUSIVE
1
36
Bank
TREASURY UNDER TARIFF ACT
May
30
36
We
just passed:
Apr.
29
36
Siemens & Halske (7%)
cable transfers in the different countries of the world.
Apr.
28
36
daily to the Secretary of the Treasury the buying rate for
give below
Apr.
37
Relchsbank (8%)
FOREIGN
27
■Per Cent of Par
Rheinische Braunkohle
Salzdetfurth (7 H %)
Pursuant to the requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now
certifying
Apr.
25
Commerz'und Privat-Bank A. G._
Dessauer Gas (7%)
Jan. 1 to May 1
New York Curb
Exchange
5>iyO,UUU »l<S,^.iO,UUU
received by cable
as
day of the past week:
Allgemeine Elektrlzitaets-Gesellschaft
Sales at
EXCHANGE
Closing prices of representative stocks
.296458
.296875
Cent
—2.4
—11.8
+ 11.7
+ 12.3
+28.4
+ 9.7
+8.1
—5.7
24,497,000
+ 19.9
.296875
dol'r
.297291
.297291
.296875
.297291
Shanghai (yuan) dol
.297291
.296875
.296875
.296666
.297083
.297083
Tientsin (yuan) dol'r
.297291
.297291
.297291
.297291
Twelve cities, five days..!.........
$4,422,652,515
644,879,920
$5,545,549,300
639,023,340
—20.2
Other cities, five days
Total all cities, five days
All cities, one day
$5,067,532,435
1,013,506,487
$6,184,572,640
1,093,964,974
—18.1
$6,081,038,922
$7,278,537,614
—16.5
.297291
.297291
Hongkong, dollar..
.325541
India, rupee
Japan, yen...
Singapore (S. S.) dol'r
.372660
.28^350
.288620
.578625
.578375
.578375
.372515
.324687
.325750
.296875
.297291
.325833
.325833
.326041
.372600
.372700
.372720
.372660
.288620
.288760
.288760
.288720
.578750
.579062
.578750
+0.9
Total all cities for week
—7.4
Australasia—
Australia, pound
3.933375*,3.930625* 3,932968* 3.933828* 3.934062*3.934375*
(-aa*'o
Zealand, pound. 3.964500*3.961750* 3.963750*3.964531* 3.964375*3.963750*
New
r»
no
j
r\r» t
m
o
Aonwen j,
nr\r>
a
rm
^
Africa—
South Africa, pound.. 4.881875* 4.880833* 4.877500* 4.880250*
4.884500* 4.883125*
North America—
Canada, dollar
Cuba, peso
Mexico, peso
.999000
.999000
.277675
.277675
.277676
.277675
.277625
.277625
Newfoundland,
.992562
.993250
.994375
.994062
.994453
.994625
dollar
South America—
Argentina, peso
Brazil, miireis
Chile, peso
Uruguay, peso
Colombia, peso
*
.995052
.999200
.329243*
.995677
.999000
.329193*
.996875
.999000
.329168"
.996588
.999000
.329193*
.996988
.329275*
.997161
.329250*
.085500*
.085450*
.085450*
.085500*
.085500*
.085500*
.050950
.050950*
.050950*
.050950*
.050625*
.050625*
.569800*
.569800*
.569800*
.569800*
.569800*
.569800*
.797500*
.797500*
.797500*
.797500*
800000*
.800625*
Nominal rates; firm rates not available.
Complete and exact details for the week covered by the
foregoing will
furnish
them
appear
in
to-day,
our
issue of next week.
inasmuch
as
We cannot
the week ends
today
(Saturday) and the Saturday figures will not be available
until
noon
today.
of the week in all
Accordingly, in the above the last day
cases
has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—
For that week there is
a
the week ended April 25.
decrease of 1.5%, the aggregate
Financial
Volume 142
of clearings for the whole country being $5,745,156,256,
against $5,831,869,196 in the{same week in 1935.
Outside
of this city there in an increase of 9.7%, the bank clearings
at this center having recorded a loss of 7.7%.
We group
accordingjto the Federal Reserve districts in which
located, and (from this it appears that in the New
York Reserve District, including this city, the totals record
a decrease of 7.2%, in the Boston Reserve District of 8.5%
2939
Chronicle
Week Ended April 25
Clearings
atInc.
$
are
Philadelphia Reserve District of 0.4%. The
Cleveland Reserve District has to its credit a gain of 16.9%,
the Richmond Reserve District of 6.3% and the Atlanta
Reserve
District
of
23.2%.
In the*Chicago Reserve
District there is an improvement of 18.5%, in the St.
Louis Reserve District of 10.1% and in the Minneapolis
Reserve District of 1.8%.
The Kansas City Reserve Dis¬
and
the
in
increase of 8.7%, the Dallas
Reserve
15.9% and the San Francisco Reserve
District
trict is able to show
District of
of
an
20.9%.
V
In the following we
furnish
a summary
by Federal Reserve
districts*
SUMMARY
OF BANK
%
Federal Reserve Dists.
S
$
250,206,054
—8.5
223,894,352
3,848,225,904
—7.2
3,479,385,781
"
341,146,049
—0.4
302,591.519
"
259.937.147
222,321,081
109,884,522
103,375,601
44,437,478
+ 16.9
+6.3
+23.2
+ 18.5
+10.1
+1.8
+8.7
+ 15.9
202,042,546
"
203,258,331
+20.9
175,649,480
Boston ....12 cities
New York.. 12
3rd
Philadelphia 9
4th
Cleveland.. 5
5th
6th
Richmond .6
Atlanta
10
"
133,385,751
108,230,188
7th
Chicago ...18
"
461.877.148
389,628,477
8th
St. Louis
4
"
123,595,603
112,285,659
Minneapolis 7
10th KansasCIty 10
*'
91,664,683
90,046,282
"
129,094,926
118,708,092
11th Dallas
5
"
51,494,668
Fran..12
"
245,676,228
12th San
Total
"
110 cities
We
94,092,008
74.673,223
42,715,383
30,314,718
140,593,639
90,209,936
340,189,205
87,999,024
—1.5
5,198,247,075
+9.7
1,800,899,633
4,086,235,088
1,341,013,187
223,728,105 +56.6
280,270,851
285,189,066
350,247,645'.
add [our
now
68,265,179
64,301,686
214,409,129
55,691,469
63,439,256
2,083,391,430
2,284,584,925
32 cities
91,212,662
201,319,518
2,821,465,039
209,468,860
145,852,747
64,705,804
5,831,869,196
5,745,156,256
Outside N. Y. City
Canada
$
S
%
228,989,540
3,569,942,933
339,613,107
1st
2nd
9th
1933
1934
Dec.
1935
1936
Seventh Feder al Reserve D istrlct—Chi cago—
287,930 —34.2
189,479
Mich .-Ann Arbor
detailed statement showing last week's
figure for each city separately for the four years:
Springfield..
8,160,349
3,403,840
452,294
294,441,644
*
851,382
4,526,788
828,905
959,708
10,543,000
765,523
3,629,546
11,832,025
263,111
5,055,076
2,037,944
425,824
215,705,898
469,243
2,560,771
880,435
915,848
3,234,609
1,568,252
248,157
174,377,995
494,336
1,927,778
669,171
665,014
Total (18
461,877,148
389,628,477
+ 18.5
340,189,205
214,409,129
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
+8.3
74,900,000
Mo.—St. Louis..
81,100,000
+ 17.6
23,328,088
27,438,588
Ky.—Louisville
+ 7.2
13,554,571
14,529,015
Tenn.—Memphis
66,200,000
19,790,593
1,624,431
39,700,000
14,991,469
600,000
Grand iRapids.
Lansing
Ind.—Ft. Wayne
Indianapolis
South)Bend._
Terre'Haut..
Wis.—Milwaukee
Iowa—Ced. Raps.
Des Moines
Sioux City
111.—Bloomington
Chicago
Decatur
Peoria
Rockford
cities)
Inc.
S
Me.—Bangor
S
Reserve Dlst rict—Boston
N.H.—Manches'r
479,080
1,708,389
197,093,690
625,875
355,648
574,295
2,893,629
1,524,160
10,710,153
3,775,365
8,790,500
458,756
Total (12 cities)
228,989,540
Portland
Mass.—Boston..
Fall River
Lowell
New Bedford..
Springfield....
Worcester...
_.
Conn.—Hartford
New Haven..
R.I.—Providence
25
b
b
503,000
+5.0
384,000
400,000
Total (4 cities).
123,595,603
112,285,659
+ 10.1
87.999,024
55,691,469
1,721,324
46,751,202
15,889,183
1,531,962
373,124
Ninth'Federal
Second
-
or
Dec.
1934
1933
$
$
_%
590,290
—18.8
1,580,231
221,493,028
—11.0
750,687
—16.6
+8.1
330,853
+ 7.5
555,955
2,655,363
+ 9.0
+ 3.3
1,266,742
9,411,514
3,331,502
+20.3
7,903,600
+ 11.2
+ 13.8
+ 13.3
489,671
1,835,164
194,739,582
650,415
266,874
502,247
2,754,610
1,290,634
9,827,325
3,521,777
7,569,700
465,430
2,290,622
1,110,000
8,150,031
3,223,542
6,504,400
336,289
+ 36.4
446,353
250,206,054
—8.5
223,894,352
201,319,518
Feder al Reserve D istrlct—New
York—35.0
+4.0
26,208,654
+26.8
501,359
440,426
20,318,142
522,573
250,678
,745,221,901
373,893
20,823,345
33,690,277
17,077,228
27,806,686
3,397,347,442
+ 10.2
5,222,843
+25.3
3,388,344
+ 31.3
2,307,705
+36.7
254,131
+21.9
15,021,899
+21.2
21,332,142
Total (12 cities) 3,569,942,933 3,848,225,904
—7.2 3,479,385,781
Buffalo...
Elmlra
7,057,083
865,836
30,900,000
728,429
Jamestown
497,575
New York
3,460,571,331
Rochester
6,422,949
Syracuse
4,567,377
3,444,838
Conn.—Stamford
J.—Montclalr
Newark
Northern N. J.
Third Federal
Pa.—Altoona
...
Bethlehem
426,969
377,152
N.J.—Trenton..
1,213,189
2,242,000
Total (9 cities).
339,613,107
341,146,049
Philadelphia
Reading
..
Scranton
Wilkes-Barre..
York
...
—7.7
N.*Dak.—Fargo.
S.Dak.-Aberdeen
Mont.—Billings.
330,000,000
1,105,328
2,021,414
997,041
+ 19.3
Total (7 cities).
Tenth Federal
Neb.—Fremont
.
Pueblo
Total (10 cities)
300,000
14,415,782
20,562,394
2,821,465,039
272,133
257,360
b
318,136
821,843
292,000,000
868,733
250,230
1,920,483
1,162,214
960,177
—28.5
4,267,800
—0.4
302,591.519
209,468,860
Feder al ReserveD istrlct—Clev eland—
Ohio—Canton
b
b
San
Francisco
San Jose
Santa Barbara.
total
Outside New York
b
—
-
Winnipeg
-
b
b
90,422,973
b
63,605,898
Halifax
Hamilton
Calgary
St. John
202,042,546
145,852,747
Victoria
London
Va.—Norfolk
...
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Wash'gt'n
Reserve Dist rict—Richm ond—
2,291,000
31,550,208
*1,200,000
29,593,264
+6.6
+29.7
55,180,292
19,436,780
55,005,732
15,630,545
109,884,522
103,375,601
924.951
—
Edmonton
106,318
1,633,000
27,589,960
778,420
22,776,793
578,795
Lethbridge
32,092,186
6,927,030
Moose Jaw
+ 24.4
48,961,394
12,043,570
+6.3
91,212,662
64,705,804
+8.9
+ 0.3
300,000
2,031,000
Reglna
Brandon
Saskatoon
.....
Brantford
Fort William—
Total (6
cities).
New Westminster
Medicine Hat
Sixth Federal
Tenn.—Knoxvllle
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jacksonv'le
Ala.—Blrm'ham.
Mobile
Miss.—Jackson..
Reserve Dist rict—Atlant
3,207,534
14,114,316
46,400,000
1,135,274
*800,000
17,866,000
17,404,887
1,119,767
b
3,127,498
13,198,489
35,100,000
918,990
619,645
15,113,000
+ 32.2
33,300,000
+23.5
+29.1
+ 18.2
+35.0
+ 29.7
b
31,239,245
Total (10 cities)
133,385,751
108,230,188
2,023,017
10,336,312
863,197
La.—New Orl'ns.
98,728
+ 6.9
12,893,525
81,416
26,314,428
Vicksburg
Peterborough—
+2.6
b
+21.3
42,715,383
30,314,718
44,437,478
r4
3,325,550
7,765,519
24,000,000
Sherbrooke
Kitchener
Windsor
852,062
844,046
Prince Albert—
441,510
*
412,431
Moncton
10,025,000
11,303,705
861,839
b
6,866.022
Kingston
8,072,673
Chatham
657,844
b
+ 18.7
89,902
20,976,589
77,499
12,280,102
+23.2
90,209,936
1,331,000
1,817,000
b
b
•
Franc!
SCO
18,107,003
3,111,000
235,909
13,963,027
7,584,911
2,692,050
2,238,859
2,563,847
86,829,865
1,552,156
776,248
140,593,639
11,168,735
+ 39.9
1,436,519
+ 56.3
21,097,016
5,148,000
* 356,516
19,526,172
9,822,057
3,255,402
2,743,160
3,281,990
106,185,504
1,926,137
1,131,895
1,175,631
203,258,331
+ 20.9
175,649,480
—1.5
2,284,584,925 2,083,391.430
+9.7 1,800,899,633 1,341,013,18
1935
$
—
+ 93.2
+ 15.9
Canada—
Quebec
117,109
2,104,000
1,613,268
+ 28.0
+ 12.1
+ 54.2
+37.5
+ 16.4
+ 18.2
+ 38.7
+ 34.9
+ 15.3
+ 53.3
Inc.
Ottawa
226,242
1,891,180
District—Da lias—
Reserve
1936
45,606,337
5,908,500
756,535
Fifth Federal
578,109
22,865,895
3,926,446
46,469
b
938,764
5,198,247,075 4,086,235,088
3
Week Ended April 23
61,682,011
7,707,400
1,047,968
W.Va.—Hunt'ton
719,459
34,062,870
4,224,874
City
Clearings at,—
+ 12.1
+ 16.9
+ 12.6
938,361
+ 14.7
35,056,860
+ 11.3
5,252,547
1,261,000 1+14.3
a656,108 j+19.9
+53.1
1,928,710
as
(110
cities)
66,287,488
9,500,200
1,366,578
222,321,081
74.673,2 23
+ 17.8
5,745,156,256 5,831,869.196
Calif.—L. Beach-
14,218,100
1,482,042
259,937,147
94,092,008
+ 18.4
118,708,092
245,676,228
Ore.—Portland.
Utah—S. L. City
74,326,765
Total (5 cities).
+8.7
129,094,926
Total (12clties)
Yakima
Columbus..
+ 17.3
1,571,440
19,332,396
1,203,049
1,380,617
48,330,239
2,030,878
440,992
337,143
+ 1.0
79,452 1+21.9
Stockton
Spokane
Cleveland
101,900,014
81,928
52,184
1,653,918
22,363,809
1,778,480
2,173,515
62,603,462
2,625,033
328,460
431,219
96,833
78,994
2,541,019
30,586,353
1,762,929
2,270,990
87,879,036
2,759,737
492,964
626,071
+ 27.7
+0.9
26,016,317
7,086,000
591,349
20,101,311
11,079,862
3,881,766
2,743,372
5,689,312
121,637,000
1,826,788
Vancouver
119,572,567
94,150 —16.1
+ 38.4
1,836,193
+ 21.5
25,169,781
1,924,055 4—8.4
+2.2
2,222,043
83,730,526 t +5.0
2,746,376 f +0.5
+ 7.0
460,885
444,631 1+40.8
Reserve Dis trict—Kans
33,301,911
7,945,000
911,879
27,635,074
12,896,977
4,590,021
3,806,116
7,672,907
140,235,000
2,800,860
1,634,925
2,245,558
Wash.—Seattle-
29,975,477
Pa.—Pittsburgh.
63,439,256
bf
41,182,194
b
68,265,179
51,494,668
+ 16.3
b
+ 1.8
Total (5 cities).
43,266,801
Youngstown
90,046,282
2,953,280
50,337,673
+ 8.4
341,842
1,656,542
Wichita Falls..
Galveston
Montreal
b
+49.6
—10.2
La.—Shreveport.
Fort Worth...
Cincinnati
Mansfield
+43.9
2,507,206
1,056,713
40,196,686
5,846,989
1,441,000
a786,994
..
Dallas
Toronto
Fourth
395,645
2,544,636
44,211,437
13,012,164
1,332,117
450,865
246,542
1,641,495
Eleventh Fede ral
Texas—Austin
Sacramento..
+ 5.2
—1.4
St. Joseph
Colo.—Colo. Spgs
Pasadena
+ 16.2
—7.9
Wichita |
Mo.—Kansas City
3,216,486
2,057,920
685,193
202,000,000
1,050,937
1,381,500
1,483,163
882,477
1,478,000
—0.3
1,994,014
59,659,423
23,301,600
1,726,776
461,618
Helena
5,194,264
b
+io~5
2,546,655
60,176,121
23,532,353
2,043,989
543,843
569,308
91,664,683
Minneapolis
St. Paul
Grand
+ 13.2
b
335,030
1,036,895
331,000,000
1,199,693
2,050,155
858,206
1,153,118
3,135,800
370,118
1,237,048
Lancaster
+ 16.1
636,290
Reserve Dlst rict—Phil ad elphia-
a460,124
Chester
Reserve Dis trict—Minn eapolis
Twelfth Feder al Reserve D istrlct—San
6,736,468
624,368
8,768,609
—6.7
10,861,876
927,871
29,700,000
574,591
428,648
3,748,477,766
6,830,805
3,643,825
2,623,234
273,474
Bingham ton...
N.
402,248
915,733
177,000,000
520,216
248,420
b
b
2,252,414
Minn.—Duluth
Kan.—Topekaj..
488,876
N. Y.—Albany..
b
528,000
Omaha
Week Ended April
Flrst Federal
692,486
252,300
491,119
8,179,000
435,727
3,160,987
10,364,222
556,277
111.—Jacksonville
Quincy
Hastings.
Clearings at1935
99,660,781
2,548,767
2,078,788
938,630
13,709,000
1,144,640
4,570,115
22,420,410
991,628
*
Lincoln......
1936
383,178
7,264,798-
282,849
81,726,345
1,447,308
1,092,182
"
+6.8
93,335,499
+ 24.9
2,041,184
931,022 + 123.3
698,861 1+34.3
12,430,000 1+10.3
+ 62.2
705,595
+8.9
4,198,083
+ 51.1
14,835,955
+ 1.2
980,147
+ 14.0
7,155,249
+ 12.3
3,032,261
—2.9
465,901
+20.7
243,884,242
608,617 +39.9
+ 78.5
2,535,421
+ 7.2
773,079
+ 31.6
729,431
Detroit
CLEARINGS
Inc.or
Week Ended Apr. 25, 1936
1933
1934
Dec.
the cities
they
or
1935
1936
Sarnla
-
—
Sudbury
112,626,536
91,962,739
57,164,625
18,622,459
24,516,841
4,053,462
2,223,139
4,767,218
6,164,595
1,999,508
1,661,590
2,791,340
3,630,923
4.153.605
302,729
486.297
1.397.606
527,759
943,901
559,344
602,352
273,159
587.298
656,710
1,160,238
3,075,746
321,727
715,505
536,524
472,733
or
Dec.
%
+ 62.2
+ 70.3
69,441,010
54,013,250
+ 63.0
35,071,339
+47.4
12,632,725
+ 19.9
20,441,444
+ 43.1
2,833,221
+ 22.2
1,819,601
+47.4
3,234,028
+42.7
4,321,116
+ 60.7
1,243,968
+ 36.9
1,213,799
+ 38.9
2,010,161
+ 12.3
3,234,000
2,066,943 + 101.0
+ 24.2
243,821
1934
108,090,865
81,225,566
36,622,974
15,246,817
4,017,653
3,539,613
1,933,013
3,505,785
4,089,010
1,664,709
1,411,445
2,340,339
3,374,178
2,568,889
238,196
330,963
1,093,765
367,151
714,078
451,092
433,040
169,018
624,049
527,123
848,452
1,967,854
241,764
759,205
355,429
+ 36.8
1,038,727
415,646
+ 34.6
660,714
444,162
+ 42.9
449,211
166,850
528,995
466,585
763,378
1,891,534
232,669
683,701
+ 34.1
415,581
454,508
+ 27.0
+ 25.9
+ 63.7
+ 11.0
+40.7
+ 52.0
+ 62.6
+ 38.3
+4.7
a
Not
96,486,918
76,681,029
63,238,662
11,667,087
3,581,905
3,254,389
1,807,387
3,096,660
4,870,586
1,289,231
1,187,458
2,244,866
3,098,991
2,801,378
259,765
268,818
1,001,533
396,672
676,255
414,018
378.632
168,305
467,853
511,054
689,482
2,050,188
198,291
662,377
437,803
366,000
366,260
+29.1
+29.1
485,359
804,078
393,042
+ 23.5
363,608
635,195
+ 26.6
632,154
373,840
561.633
350,247,645
223,728,105
+56.6
280,270,851
285,189,066
423,975
64,301,686
Total (32 cities)
1933
included in totals,
b No clearings available.
* Estimated.
2940
Financial Chronicle
May 2, 1936
THE ENGLISH GOLD AND SILVER
MARKETS
We
reprint
the
Samuel Montagu
CHARTER
following from the weekly circular
& Co. of London, written under date
of
of
April 18—The Citizens National Bank of
Warren, Warren, 111
$50,000
President, H. W. Burmeister;
Cashier, E. L. Geach.
Primary
organization.
April 15 1936:
VOLUNTARY LIQUIDATIONS
GOLD
The
Bank of England gold reserve
149,928
on
April 8
as
day.
against notes amounted to*£201.compared with £200,849,881 on the previous
Wednes¬
Purchases of bar gold announced
by the Bank during the week amounted
to £479,756.
In the
of
market, business has been fairly active; about
£1,240,000
at fixing, daily
offeringslbeing ratherfabove
open
April 207-The First National Bank of
Holden, Holden, Mo
30,000
Effective: April 15,
1936.
Liq. committee: R. L. Whitsett,
S. W. Raber and Robt. L.
Miller, all of Holden, Mo.
Absorbed
by Bank of Holden,
Holden, Mo.
April 24—The First National Bank of
Gladbrook, Iowa
50,000
Effective: April 8, 1936.
Liq. agent: W. K. Bramwell, Hamp¬
ton, Iowa.
Not absorbed or succeeded
by any other associa¬
tion.
bar|goldiwas disposed of
the
during the three working
average
General
little
demand
fromlthe
Continent
days
of the
continued
change, althoughlthe premium
to ease
over
week
and
under
prices
shown
gold exchange parities tended
slightly.
'
Equivalent Value
of £ Sterling
Ounce
140s. 10%d.
lOd.
140s. lOd.
140s. 10.17d.
Average--
registered from mid-day
on
British South Africa
British Malaya
Kongkong
United States of America
France
Germany
Netherlands
France
United Stat esof AmericaOther countries
-
Anglo-Egyptian Sudan..
Other countries
£396,472
13,282
10,195
11,300
1,110
671
£433,030
on
April 11 carried gold
£623,000.
The Transvaal gold output fori March, 1936
amounted to 933,776 fine
ounces as compared with
894,624'finelounces for February, 1936 and 8821309
fine ounces for March, 1935.
Owing to the Easter
holidays
the
week under review contained
The market snowed
a
following reports of conversations
only
firmer tone, some speculative
in
Washington between Mr.
the market.
The Indian Bazaars have given consistent
support but there
enquiry for silver for forward delivery and yesterday"cash-silver
was
quoted at 20 l-16d. with two months at a premium of
l-16d.
Today demand from the same quarter caused a further rise
at
of 3-16 to
20%d.
20%d.
and 20 5-16d. for the respective deliveries.
The market at the moment
presents
nance of the present level
depends
steady appearance, but the mainte¬
mainly upon the Indian Bazaars.
The following were the United
registered from mid-day
on
a
Kingdom imports andfexports of silver
April 6 to mid-day
on
April 11:
Imports
x£60,019
28,880
4,017
2,411
19,917
212
Belgium.
Germany
.
France
Denmark
£4,651
1,253
2,790
Other countries
£8,694
IN LONDON
-Bar Silver Per Oz.
Std.—
2 Mos.
IN
NEW YORK
(Per Ounce .999 Fine)
Apr. 8-14, incl
45 cents
20 l-16d.
Arch
Co. (quarterly)
Electric Securities (quarterly)
20.167d.
MARKET—PER
Preferred (quarterly)
Bandini Petroleum Co.
CABLE
daily closing quotations for securities, &e., at London,
reported by cable, have been as follows the past week:
Sat.,
p.
Consols,
British
fine
oz.
2%%
Tues.,
Wed.,
Thurs.,
Fri.,
Apr. 25
Gold,
Mon.,
Apr. 27
Apr. 28
Apr. 29
Apr. 30
May 1
140s lid.
140s.10% 1.140S.10J
85 11-16
Holiday
20 3-16d.
20 5-16d.
1.140s.9%d ,140s.9%d. 140s. lOd
85%
85%
85%
.
85%
3% %—
W. L
107%
106
105%
105%
105%
Holiday
117%
117%
117%
117%
117%
British 4%—
1960-90-----
States
on
the
same
the
United
days has been:
eign)
...Notavailable
U.
S. Treasury
44%
44%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
S. Treasury
(newly mined)
50.01
77.57
77.57
77.57
77.57
77.57
77.57
CURRENT NOTICE
—Announcement is made of the formation of Edward J.
as
members
of the
New
York
Stock
Duffy & Co.,
Exchange and the New York Curb
Exchange, with offices at 111 Broadway, New York City. Members are
Duffy, Alfred Poole Duffy, Michael J. Donovan, Lawrence J.
Edward J.
Clarke, Edward W. Rejaunier and George R.
Swift.
NATIONAL BANKS
$1
30c
50c
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
June 30 June
16
$2
75c
May 29 May
June 15 May
May 15 Apr.
May 15 May
1 June
July
1 June
July
May 29 May
1 June
July
1 June
July
June
1 May
June
1 May
June
2 May
1 May
June
June 15 May
June
May
June
May
May
May
8
29
9
20
15
8
15
15
1
June
June
10
May
n
$1%
$1%
25c
25c
j._
$1%
--
h50c
40c
Service, 6% pref. (quar.)
(quar.)
-
$1%
1211
Preferred (quar.)
Carolina
Telephone & Telegraph
(quarterly)
Caterpillar Tractor (quar.)
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Mail Order (quar.)
$2%
50c
$2%
Jl%
37 %c
Extra
12%c
12%c
Compo Shoe Machine (quar.)
62 %c
25c
Consolidated Retail Stores, preferred
Continental Steel
h$ 4
50c
Cosmos Imperial Mills
Crown Drug Co., common
20c
10c
Publishing, 7% preferred
Dayton Power & Light Co., 6% pref.
(monthly)
Dayton & Michigan RR. Co., 8% pref.
(quar.)_
Derby Gas & Electric, $6% preferred__
43 %c
h$ 1%
June
15
15
30
9
15
15
5
5
15
15
28
15
23
9
30
1
20
24
15
15
15
9
50c
June
$1
h70c
July
May
May
June
15
Apr.
Apr.
25
25
July
8%
June
1 May
$1%
5
40c
May
Apr. 27
75c
May
May 21
$1%
May
May 21
25c
May 15 May
8
50c
July
" June 18
June 18
$1%
July
Foote-Burt
(quar.)
40c
Extra
$1.60
Goodyear Tire & Rubber, 1st pref.
(quar.)
Grand Union, $3 preferred
$1
May
8
June
June
12
June
May 16
43 %c
June
June
15c
(semi-annual)
(quarterly)
(quarterly)
June
May 15
$1%
12%c
(B. H.) knitting Co. (quarterly)
Class B
(quarterly)
7% preferred (quarterly)
(quar.)
Hollinger Consolidated Gold Mines, Ltd
June
5c
July
July
May
May
$1%
June
50c
June
$irs
Ingersoll-Rand
Inland Steel
75c
Jarvis (W. B.) Co.
(quar.).I-I-I
Kansas City Stock Yards of Maine
(quar.)
__
_
(quar.)_
Lehigh Coal & Navigation (semi-annual)
Lehn & Fink Products
Corp., common (s.-a.)
Lexington Water, 7% preferred
Lindsay Light & Chemical (quar.)
Loblaw Groceterias. A & B
(quar.)
Lunkenheimer Co. (quar.)
Mallory Hat, 7% preferred (quarterly)
Manufacturers Casualty Co.
(quar.)
Manhattan Shirt (quar.)
McKesson & Robbins, $3 preferred
(quar.)
McKinley Mines Securities
Dredging
preferred
itdf_
Memphis Natural Ga
Minneapolis Gas Light, 7% preferred
(quar.)_.
6% preferred (quarterly)
-
Morse Twist Drill & Machine
(quarterly).
Mull ins Mfg. Corp., $7
preferred
June
50c
Aug.
25c
June
$1%
May
May
July
$1%
12%c
$1%
June
15c
May
-
Northeastern Water & Electric Corp., $4
pref__
Nova Scotia Light & Power Co.,
6% pref. (qu.)_
Occidental Insurance Co.
(quar.)
June
June
$1 %
June
25c
June
25c
May
May
May
May
40c
15c
75c
May 20
May 20
June
June
~
20
June
17
May
May
4
4
l|May
12
May 11
May 15
Aug.
1
May 15
Apr. 25
Apr. 25
June
5
May
May
May
Apr.
May
May
May
May
May
Apr.
May
May
15
15
15
30
15
20
$1%
$1%
$1%
$1%
$1
June
May
June
June
May
May
May
Apr.
May
May
May
Apr.
June
June
21l
kU2&
Norfolk & Western Ry.
(quar.)_
7% preferred
June
$1%
$1%
$1%
17
July
June
Extra
Horn & Hardart of N.
Y., preferred (quar.)
6% preferred
1
June
$3
75c
Hale Bros. Stores, Inc.
Haloid Co., preferred
Kelvinator Corp. (quar.)
Lake of the Woods
Milling, preferred
Lake Superior District
Power, 7% pref.
June
July
25c
(semi-annual)
Mead Corp., 6%
21
May
9
May 29
May 20
7i75c
Dunlop Rubber, common
II
Electric Shareholdings
Corp., preferred-Fall River Gas Works
(quar.)
Florence Stove (quar.)
Preferred (quar.)__
McWilliams
May 21
May 15
1 Apr.
May
1 May
June
1 May
May 20 Apr.
May 15 May
2 June
July
2 June
July
1 June
July
1 June
July
June
1 May
Juno
1 May
1 Apr.
May
June
1 May
1 Apr.
May
June
1 May
15c
5c
Canadian Oil Cos.
Northwestern Public Service,
from the office of the
June
75c
25c
Steel, 7% preferred (quarterly)
New 5% preferred
(initial)
Bigelow-Sanford Carpet
Preferred (quar.):
Blue Ribbon Corp.,
6%% preferred-Borden Co., common
(quar.)
Bourne Mills (quarterly)
Brach (E. J.) & Sons
(quar.)_.
Bridgeport Gas Light Co
Brooklyn Edison (quarterly)
Buckeye Pipe Line Co
6% preferred (quarterly)
Bar N. Y. (for¬
U.
June
1 May
9a
1 May 21
1 May 21
;
5% preferred (quarterly)
in
25c
25c
Interstate Hosiery Mills
(quar.)
Holiday
14
1
Hazel-Atlas Glass Co.
20 5-16d.
1 May 20
15 Apr.
June
(monthly)
Manufacturing Co. (quarterly)
Belding-CorticeUi, Ltd. (quar.)
Hanes
Apr.
$1%
Belden
California Water
June
1
15
30
20
20
15
June
11.373c
Hackensack Water Co.
Class A preferred
The
20%d.
50c°
Badger Paper Mills, Inc., 6% pref.
(quar.)
Baltimore Radio Shoe, Inc.
(initial)
Greene R. R.
20%d.
1 May
May 11 Apr.
June
1 May
June
1 May
June
1 May
h$4
_
Associated National Shares, series A
Golden Cycle
$4.94% and the lowest $4.93 %.
20%d.
June 16 June
7%c
$1%
American Capital Corp., $5% pref.
(quar.)
American Electric Securities
Corp.—
Glidden Co. (quar.)
Prior preferred (quar.)
20 5-16d.
FINANCIAL
May 15 Apr. 30
June
20c
25c
_
20%d.
The highest rate of
exchange on New York recorded during the period
from April 9 to April 15 was
per oz..
50c
25c
$7 preferred
Quotations during the week:
Average—20.125d.
American
Holders
Payable of Record
$1%
7 % convertible preferred
£115,456
Cash
(quar.)
Allegheny Steel (quar.)
7% preferred (quar.)
Alpha Shares, partic. stock (semi-ann.)
American
When
Share
Curtis
Coin at face value.
20 l-16d.
20 l-16d.
20 %d.
Company
Connecticut Power Co.
(quarterly).
Consolidated Edison (quar.)
Exports
Irish Free State
Netherlands
Per
Name of
Bethlehem
Morgenthau and Chinese bankers and this persisted in
spite of a denial of
any agreement regarding silver
having been reached.
Ilk Sales on China and Continental account have been
made, but these have
been moderate and the
scarcity of offerings contributed to the firmness of
Silver,
but which
are:
Preferred (quar.)
SILVER
ENGLISH
second table in which
dividends previously
announced,
Archer-Daniels-Midland (quarterly)
Special
Strathnaverlwhich sailed from Bombay
Apr. 9
Apr. 14
Apr. 15
a
Participating preferred (quar.)
►»
x
follow with
American Fidelity
(quarterly)
American Metal Co., 6% cumulative
preferredAmerican Tobacco Co., common & common
B__
£3,796,768
Japan
France-
show the
we
Acme Wire
Belgium
Norway
83,230
42,229
24,637
405,828
46,642
203,562
54,792
2,255
Australia
New Zealand
was more
the
Then
The dividends announced this week
Exports
£2,478,327
7,780
430,088
17,398
Tanganyika Territory
British India
demand
the
Kingdom imports and exports of
gold
April 6 to mid-day* on April 11:
Imports
three working days.
In
bring together all the dividends announced
we
the United
were
to the value of about
we
grouped in two separate tables.
have not yet been paid.
12s. 0.73d.
12s. 0.77d.
12s. 0.77d.
12s. 0.76d.
140s.
The SS.
first
are
current week.
April
9
April 14
April 15
following
Dividends
'
Per Fine
The
DIVIDENDS
review.
have
Quotations during the week:
as
ISSUED
May
May
May
May
May
May
May
June
June
May
June
June
June
June
$1%
June
30c
May
9
12
5
18
1
15
20
15
20
15
30
20
20
30
13
29
21
21
9
15
5
Financial
Volume 142
Per
Name of Company
Ohio State Life Insurance
Pacific Fire Insurance
Share
(quarterly)
(quarterly)
Extra
Parker Rust-Proof Co., common
Preferred (semi-annual)
(quarterly)
Pender (David) Grocery, class A (quar.)
87 He
Pennsylvania State Water, $7 prer. (quar.)
Philadelphia Suburban Water Co., pref. (quar.)Potomac Electric Power Co., 6% pref. (quar.)_
5H% preferred (quarterly)
Reynolds Metals Co., common
5H% preferred (quarterly)
Safety Car Heating & Lighting
Seaboard Oil of Delaware (quarterly)
Sears, Roebuck & Co. (quar.)
SIM
Southern
California
„37^c
$10.03
$10.05
$2.51
15
1
15 May 15
15 Ape. 30
June
1
May
May
7 May
7 May
June
$2.51
Apr.
Apr.
Apr.
Apr.
25c
June
5c
June
95c
25c
May 15
2
2
Sterling Products, Inc
Stewart-Warner Corp. (semi-ann.)
_
Stix, Baer & Fuller
Tobacco Securities Trust Co., Ltd.—
15 May 20
25 Mar. 31
June
Extra
25c
25 Mar. 31
25 Mar. 31
25 Mar. 31
15
15
15
June
7
9
May 16 May
15 May
15 May
1 May
1 May
May 15
May 11 May
15 May
June
1 May
1 July
Aug.
May 15 May
8 May
May
June 30 May
1 June
July
1 June
July
May 29 May
June 15 May
June
2 May
Ordinary capital stock (interim)
Trunz Pork Stores (resumed)
Union Gas Co. of Canada, Ltd
United Biscuit Co. of Amer. (quar.)
Preferred (quarterly)
United Corps., Ltd., class A
United Electric Service of Italy, Amer. shares.United Gas Improvement (quar.)
United States Playing Card (quarterly)
«
June
Extra
United States Steel, 7% preferred
United Stores, preferred
Vanadium-Alloys Steel Co
20
20
4
27
20
June
15
June
May
May
May
May
May
May
15
15
31
15
15
15
June
June
Virginia Coal & Iron (quarterly)
VogtMfg. (quarterly)
(Northam) Co., $3 pref. (quar.)
Washington Rail & Electric
Wesson Oil & Snowdrift Co., Inc.—
Conv. preferred (quar.)
Western Tablet & Stationery Corp., 7% pref__
Westinghouse Electric & Mfg
Preferred (quarterly).
Westvaco Chlorine (quar.)
June
Warren
June
June
June
May 15
July
May
May
—
June
19
May
May
May
May
May
May
11
11
15
15
1
1
June
15
June
June
...
Wilcox-Rich, class B
May
May
July
Will & Baumer Candle Co., Inc
Preferred (quarterly)
Williamsport Water, $6 preferred
4
26
5
15
1
1
29
July
Extra
—-
Per
Name of Company
Share
50c
Bunker Hill & Sullivan
Extra
;
June
(quar.)
Worcester Salt, preferred (quarterly)
May 20
May
5
May
July
Youngstown Sheet & Tube, preferred
June
20
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Per
Share
Name o* Company
Alaska Packers Accociation
75c
-
Holders
Payable of Record
5c
50c
25c
Mining
Bunte Bros. 5% preferred, initial (quar.)
Burroughs Adding Machine Co
Byron Jackson Co
Calamba Sugar Estate (quarterly)
7% preferred (quar.)
Cableo & Wireless Holding,
pref. (final)
1
June
June
1
1
June
1
June
5
25c
1
May 15
May 15
May 25
May
2
May
5
May 15
40c
July
1 June 15
35c
July
1 June 15
June
2 Apr. 21
su?5H%
California Packing (quarterly)
37 He June 15 May 29
Calumet & Hecla Consolidated Copper
June
25c
1 May
1
25c
Campbell, Wyant & Cannon Foundry (qu.)
May 29 May
9
Canadian Converters Co. (quar.)
50c
May 15 Apr. 30
Carman & Co.. class A
June
7i50c
1 May 15
Carnation Co.
nx
July
1 June 20
7% pref. (quar.)
Oct.
1 Sept. 20
preferred (quar.).
$IX
Jan2 '37 Dec. 20
preferred (quar
Castle (A. M.) (quarterly)
50c
May 11 May
4
Cayuga & Susquehanna RR. (semi-ann.)
$1.20 July
1 June 20
Cedar Rapids Mfg. & Power (quar.)
75c
May 15 Apr. 30
Celanese Corp. of Amer., 7% cumul. prior prefJuly
1 June 16
MX
June 30 June 16
7% cumul. 1st preferred
Central Cold Storage (quarterly)
May 15 May
5
Central Illinois Light, 7 % preferred
June 29
June 29
6% preferred
Central Miss. Valley El. Prop. 6% pref. (quar.)
June
1 May 15
Central Vermont Public Service, pref. (qu.)
May 15 Apr. 30
Centrifugal Pipe Corp. (quar.)
May 15 May
5
Quarterly
5
Aug. 15 Aug.
Nov. 16 Nov.
5
Quarterly
June
1 May 18
Century Ribbon Mills, preferred (quarterly).
Chain Belt
1
May 15 May
Champion Paper & Fibre (quarterly)
May 15 Apr. 30
Preferred (quarterly)
July
1 June 15
8
Chesapeake & Ohio Ry., pref. (semi-annual)-July
1 June
Chestnut Hill RR. Co. (quar.)_
June
4 May 20
June
1 May 20
Chicago Yellow Cab (quar.)
Chile Copper
May 28 May
8
June 30 June
1
Chrysler Corp
-
,
-
1st guaranteed preferred (s.-a.)——-.
Cincinnati Union Terminal Co.—
Aug.
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Clearfield & Mahoning RR. (s.-a.)__-.
Cleveland Electric Illuminating (quar.)
Preferred (quarterly)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)
Registered guaranteed (quar.)
Registered guaranteed (quar.)
Colgate-Palmolive-Peet (quar.)
Preferred (quar.)
Columbia Gas & Electric Corp. (quar.).
5% cum. preferred (quar.)
5% conv. cum. preferred (quar.)....
6% preferred, series A (quar.)
Columbia Pictures Corp., $2M pf. conv. (qu.)_.
July
20
June 20
Oct.
Sept. 19
Jan 1*37
July
July
July
-
June
Dec.
19
June 20
June 20
June
10
May
9
Aug. 10
Sept.
Dec.
June
5
Apr.
Apr.
Apr.
Apr.
May 15 May
June 10 May
July
1 June
June
1 May
July 15
Comos Imperial Mills
(quarterly)
Confederation Life Association (quar.)
May
July
May
May
May
May
Columbus & Xenia RR. Co_
Nov. 10
June
Commercial National Bank & Trust (quar.)
Commonwealth Utilities, 6H% pref. C (quar.)
20
20
20
20
2
25
15
15
15
15
6
24
15
June 30 June 25
Sept. 30 Sept. 25
Quarterly
Quarterly
Connecticut Light & Power, 6H% pref.
(quar.)
preferred (quarterly)
Consolidated Cigar 7% pref. (quar.)
Consolidated Oil
1 July
Corp., $5 pref. (quar.)
Consolidated Paper (quar.)
Consumers Power Co., $5 pref. (quar.)
$1
$1H
SIM
$15*
$1H
25c
$1H
$1H
$1.65
$15*
Dec.
June
31 Dec. 25
1 May
15
May 15
May 15
May 15
May 20
June
June
June
June
June
15
June
15
June
15
June
July
July
July
July
15
20C
May 15 Apr. 25
May 31 May 15
Aug. 31 Aug. 15
Quarterly
Corporate Investors, Ltd. (quar.)
Crown Cork & Seal, Ltd. (quar.)
Crum & Forster, preferred (quarterly)
Cuneo Press, Inc., 6H% preferred (quarterly).
Deere & Co., preferred (quar.)
Delaware & Bound Brook RR. Co. (quar.)
20c
Nov. 30 Nov. 15
15
15
Dec. 31 Dec.
15
1 June
15
July
__
June
1 May 15
May 15 Apr. 24a
June
1 May 25
1 Aug. 25
Dec.
1 Nov. 25
May 10 Apr. 30
1 June 13
July
Sept.
-
Oct.
Jan.
June
1 Sept. 12
1 Dec. 12
1 May
6 May
14
4
May
May
May
May
4
16 June
6
American News N. Y. Corp.(bi.-mo.)
American Papbr Goods 7% pref. (quar.)
June
—.—
4
4
5
Sept. 16 Sept.
7% preferred (quar.)
7% preferred (quar.)
SI
i
American Re-Insurance
-
Anaconda Wire & Cable
Argo Oil Co
Armstrong Cork
Asbestos Mfg. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Associated Dry Goods Corp., 1st pref. (quar.)
Atlantic Coast Line RR. pref. (semi-annual)-Atlantic Macaroni, Inc
Atlas Imperial Diesel Engine, class A & B
Automatic Voting Machine (quar.)
Bangor & Aroostook RR. Co., common
20
1 May
8
11 Apr. 24
2 Oct.
Febl' 37 Jan.
c3.3%
12Hc
62c
(quar.)
$1H
—-
5
16 Dec.
June
K Preferred
,
Dec.
Nov.
_
Belding-Heminway (quar.)
Bendix Aviation (quarterly)
Bast & Co. (quarterly)
Blackstone Valley Gas & Electric, pref. (s.-a.)_
Blauner's, Inc. (quarterly)
Preferred (quarterly)
Bloch Bros. Tobacco (quar.)
Quarterly..
Quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Blue Ridge Corp., $3 conv. pref. (quar.)
Bourjois, Inc., $2H pref. (quar.)
Brewer (C.) & Co. (monthly)
Monthly
5
May 15 Apr. 30
May 29 May
1
2 June 20
July
2 June 20
July
June 15 May 15
May 15 May
1
June
1 May 11
1 July 20
Aug.
Amoskeag Co., common
Preferred
(semi-annual)
1
20c
May
6
May
6
May
6
May
May 15
Bankers & Shippers Insur. Co. of N. Y.
Beacon Mfg. Co., 6% preferred (quar.)
June
Copperweld Steel (quar.)
Quarterly
15
Sept. 30 Sept. 15
(s.-a.)
B (extra)
Refining
" I
May 15 May
May 15 May
July
6% preferred (quarterly)
6-6% preferred (quarterly)
7% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6-6% preferred (monthly)
6.6% preferred (monthly)
Continental Can Co. (quarterly)
June 30 June
B
American Smelting &
12Hc
11
11
Apr. 30
Dec. 31 Dec.
June 30 June
—
/
1 May
1 May
Sept. 30 Sept. 15
(.quar.)
Albany & Vermont RR. (quarterly)
Allegheny & Western Ry. (semi-ann.)
Allied Laboratories (quar )
$3H convertible preferred (quar.)
Altorfer Bros., preferred
i
Aluminum Manufacturing, Inc. (quarterly)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
American Baking Co., 7% pref. (semi-ann.)
American Bus Shares, Inc
American Can Co., common (quar.)
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Factors, Ltd. (monthly)
American Hardware Corp. (quar.)
Quarterly
Quarterly
When
2 June 15
July
9 Apr. 30
May
May 15 May
1
1 June 20
July
1 June 27
July
1 June 27
July
May 15 May
1
(quar.)
American Home Products (monthly)
American I. G. Chemical, A (s.-a.)
A (extra)
June
7%
5 H %
Agnew Surpass Shoe, pref.
June
10c
Bristol-Myers Co. (quar.)---Extra
British Celanese, first preferred
Brooklyn Union Gas
Buck Hill Palls Co.
(quar.)
Buffalo Ankerite Gold Mines (quar.)
Holders
When
Payable of Record
Cincinnati Inter-Terminal RR—
Venezuelan Oil Consolidated, com. (final)
Ventures, Ltd., initial
Vick Chemical Co. (quarterly)
Below
20
Edison Co.—
__
———
23
8
8
11
11
20
20
12a
15
15
15
15 June
May
6% preferred, series B (quar.)
Stamper No. 1 Trust, series A ($500)
Series AA ($500)
Series B ($100)
Series BB ($100)
Standard Oil of Calif, (quarterly)
Extra.
1 Apr.
May
May 12 May
May 12 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
1 June
July
1 June
July
June
$1M
12Mc
62 He
2941
Holders
When
Payable of Record
June
Sherwin-Williams
5% preferred, initial (quar.)
Signode Steel Strap (quarterly)
Preferred (quarterly)
Chronicle
25c
25c
50c
$3
25c
75c
37 He
37 He
37 He
$1H
$1H
$1H
o75c
68 He
$1
20
May
May 15 May 15
May 19 May 13
1 June 20
July
1 May 29
July
1 May 29
July
8 May
May
4
May 15 May
1
July 31 July
3
June 12 May 20
May 15 Apr. 25
June
1 May 15
May 15 May
1
May 15 May *1
May 15 May 11
Aug. 14 Aug. 11
Nov. 15 Nov. 11
June 31 June 25
Sept. 30 Sept. 25
Dec.
June
31
Dec. 24
1 May
5
May 15 May
1
May 25 May 19
June 25 June
19
Delaware RR. Co.
;
(s.-a.)
Dentist's
Supply Co. of New York (quar.)
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Dexter Co. (quarterly)
Diamond Match Co., interim
50c
June
May 15
50c
July
June
55c
June
May 15
55c
July
June
75c
5c
20c
$2
$1H
35c
$2
$1
50c
50c
50c
iig
$15*
May 15 Apr. 30
1
May 15 May
June
1 May 15
May 20 May 18
July
1 June 15
June 30 June 20
Sept. 30 Sept. 19
Dec. 21 Dec.
Sept.30
Dec.
June
June
Extra
25c
June
Preferred (extra)
25c
Dome Mines, Ltd.
15
15
15
June
1 May 15
May 15 Apr. 30
June
1 May
1 May
1
35c
(quarterly)
Extra
Dominion Bridge (quarterly)
Dominion Coal, preferred (quarterly)
Dow Chemical Co.
Sept.
1
Dec.
1
50c
July
July
May
July
May
May
May
July
July
20
20
15
1
15
15
15
1
1
$2
r30c
38c
50c
(quarterly)
Preferred (quarterly)
$15*
15c
Dow Drug (quarterly)
Eastern Gas & Fuel Assoc., prior pref. (quar.).. $1.12H
$1H
6% preferred (quar.)
Eastern Shore Public Service Co., $6H Pf- (qu.)_
$15*
$1H
$6 preferred (quar.)
East Mahanoy RR. (semi-ann.)
$1H
50c
Eaton Mfg. Co. (quar.)
40c
El Dorado Oil Works (quarterly)
50c
Elgin National Watch
$1
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred (semi-ann.)
Ely & Walker Dry Goods (quarterly)
Emerson Dry Co., 8% preferred (quarterly)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar/
4% guaranteed (quar.
Emporium Cap well (semi-ann.)
Erie & Pittsburgh RR. 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.)__
Fairbanks, Morse & Co., 6% conv. pref. (qu.)__
Fansteel
31
1 May
35c
-
Metallurgical Corp. $5 pref. (quar.)__
$5 preferred (quar.).
$5 preferred (quar.).
11
June 30
20c
Quarterly
Quarterly
15
June 30 June 20
June 15 June
1
25c
Diem & Wing Paper Co., 7% preferred (quar.)__
Doctor Pepper Co. (quar.)
15
June 30
June 30
Apr. 30
June
15
May
May
May
1
1
4
June 15
June
15
1 May
1 May
10
June
June
15 June
5
June
10
1
May 15 May
May 29 May 20
June
15 June
5
June
Sept. 20
Sept. 20
May 21
July
June
June
May 21
Aug. 21
Oct.
Oct.
Sept.
Nov. 21
Dec.
Sept. 26
Oct.
June
15
10
May 29
Sept. 10 Aug. 31
Dec.
10 Nov. 30
June
May 29
Aug. 31
Sept.
Dec.
Nov. 30
Oct.
Sept. 14
May 12a
June
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Financial
2942
Chronicle
May 2, 1936
Holders
Name of Company
Farmers & Traders Life Insurance
July
(quar.)
June
(quarterly)
Fire Assoc. of Philadelphia
(s.-a.)
First National Bank (N. Y.) (quar.)Fitz-Simons & Connell Dredging & Dock (qu.)_-
—
Sept. 10
June 2
June
Florida Power Corp., 7% preferred
7% preferred A (quar.)_
16 Apr. 24
June 15
June
May
May
May
May
Apr.
May
July
June
(quar.)
June
—
Ford Motor Co.. Ltd.. ordinary
May
Freeport Texas (quar.)
Preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
7% preferred (quar.).
General Cigar, preferred (quarterly)
General Poods (quarterly)
General Metals (quar.)
Globe-Democrat Publishing Co., pref. (quar.)__
Globe Wernecke Co., pref. (quar.)
June
(quarterly)
Preferred (quarterly)
Great Lakes Dredge & Dock (quar.)
Great Western
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard. Spencer, Bartlett & Co. (mo.)
Monthly
Hobart Mfg., class A (quarterly)
Hollander (A.) & Son (quar.)
Holt (Henry), partic. A
Honolulu Plantation Co. (monthly)
Hooven & Allison Co., 7% preferred (quar.)
Hormei (G. a.) (quarterly)
Preferred
(quarterly)
Houdaille Hershey, class A (quar.)
Class B (quarterly)—
Hutchinson Sugar Plantation Co. (monthly)
Illuminating Power Security (quar.)
7% preferred (quarterly)..
Imperial Chemical Industries, Ltd., Amer. dep.
res. for ord. reg. (final)
xw
Imperial Life Assurance of Canada (quar.)
!
Quarterly
L
Quarterly
Indiana Pipe Line Co
International Harvester, preferred (quar.)
Interstate Hosiery Mills (quar.)
Iron Fireman Mfg. (quar.)
.-
—
_
—
....
(quarterly)--
preferred
_
.
Extra.
Kroehler Mfg. Co., class A preferred (quar.)
20
20
1
July
May
May
May
May
May
May
May
20
15
25
15
15
15
15
29
4
May
May
May
May
May
May
July
May
Apr.
May
May
Apr.
Apr.
May
5
1
1
9
15
15
6
1
25
1
4
25
25
19
June 26 June 16
June
1 May 18
May 15 Apr.
June
1 May
May 10 Apr.
June
1 May
May 15 May
May 15 May
July
1 June
July
1 June
May
5 Apr.
May
9 Apr.
May 15 Apr.
30
June
8 Apr.
17
July
1 June 30
11
30
15
2
2
20
20
30
30
30
Oct.
1 Sept. 30
Jan2 *37 Dec. 31
May 15 Apr. 24
June
1 May
5
May 15 May
1
June
May
7
Sept.
Aug.
6
5
Nov.
June
May 25
15 July
1
June 30 June 20
Sept. 30 Sept. 20
Dec. 31 Dec.
21
May 15 May
1
May 15 May
5
June
1 May 11a
June
1 May 11a
May 20 May
1
May 20 May
1
May 15 May
9
May 15 Apr. 20
June 15 May 15
July
1 June 20
July
1 June 20
June 30 June 24
Sept. 30 Sept. 24
(quar
(quar.^
Dec.
31 Dec. 23
June
Kroger Grocery & Baking (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
Krueger (G.) Brewing (quarterly)
Landers, Frary & Clark (quarterly)
Quarterly
Quarterly
1 May
8
1 June 19
July
July
31 July
7
June
16 June
2
Chemical
Montreal Light, Heat & Power (quar.)
Moody's Investors Service, preferred
Moore (Wm. R.) Dry Goods (quar.)
Dec.
Lansing Co. (quarterly)
Lehigh Coal & Navigation (s.-a.)
Lessing's, Inc
Lexington Utilities preferred (quar.)
15 June
_
June
4
10 June
May 11 Apr. 30
May 11 Apr. 30
Libbey-Owens-Ford Glass (quarterly)
Life Savers (quarterly)
Liggett & Myers Tobacco (quar.)
Common B (quarterly)
Lincoln National Life Insurance (quar.).
Quarterly
Link Belt (quar.)
Preferred (quar.)
Lock-Joint Pipe Co. 8% preferred (quar.)
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc., $6HI cumul. pref. (quar.)__
June
June
15 May 29
1 May
1
June
Aug.
May 15
May 15
July 25
Nov.
Oct.
June
_
27
June
5% preferred (quarterly).
5% preferred (quarterly).
Angeles Gas & Electric Corp., pref. (quar.).
...
56 H preferred
Lumbermen's Insurance (Phila.) (s.-a.)
Lunkenheimer Co., preferred (quar.)
Preferred (quar.)
Preferred (quar.)..
July
1
Oct.
1
Jan2 '37 Dec.
Lord & Taylor, 1st prefeired (quar.)
June
Oct.
Loose-Wiles Biscuit Co., common
May 15
July
July
31
May 15 Apr.
Aug.
1 July
July
1 June
Oct.
1 Sept.
June
1 May
May 15 Apr.
May 15 May
May
4
May 15 Apr.
July
1 June
Oct.
1 Sept.
29
17
Jan.2'37 Dec.
Lynch Corp. (quarterly)
Macy (R. H.) <fc Co. (quar.)
Madison Square Garden (quar.)
18
16
30
5a
24
20
21
21
May
May
May
Aug.
Nov
15
June
Managed Investments (quar.)
18a
5
8
29 May 15
29 May 15
1
15 May
1
15 Aug.
May
Extra
Magnin (I.) & Co., $6 preferred (quar.)
$6 preferred (quar.)
56 preferred (quar.)
15
15 May
1 May
Nov.
1
May 15 May
May 15 May
Extra
Marconi Wireless Teleg., ordinary
Massachusetts Bonding & Insurance Co. (quar )
Maytag Co., $6 1st preferred (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly) __L
7% preferred (quarterly)
Mclntyre Porcupine Mines (quar.)
Meadville Telephone (quarterly)
Mercantile Stores 7% preferred (quar.)
Mergenthaler Linotype, resumed
Mid-Continent Petroleum Corp
Midland Grocery Co., 6% pref. (s.-a.)
1
1
Apr.
July
May
Aug.
25
15
30
31
.
Nov. 30
May
1
Apr. 30
Apr. 30
May
1
May
1
—
Bradford
June 20
Sept
Dec.
1 Nov. 26
June 30 June 20
June
1 May 15
50c
Muskogee Co., 6% cumulative pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (qu.)_
6% preferred (quarterly)
6% preferred (quarterly
Mutual Telep. Co., Hawaii (monthly)
National Bearing Metals Corp., com. (increased)
National Biscuit (quarterly)
Preferred (quarterly)
National Casket Co. (semi-ann.)
National Lead, preferred A (quarterly)
National Oats Co. (quar.)__
National Power & Light Co. (quarterly)
Newberry (J. J.) new 5% prof. A (quar.)
Oil
S1H
tin
nH
25c
40c
SIM
SIM
$1M
25c
15c
91H
10c
New Jersey Zinc (quar.)
Nineteen Hundred Corp., class
Class A
50c
50c
A (quar.)
(quar.)
50c
;
Class A (quar.)
4% guaranteed (quarterly)
4% guaranteed (quarterly)
North Pennsylvania RR. Co. (quarterly)___—
Oahu Ry. & Land Co. (monthly)
Oahu Sugar Co (monthly)
Old Dominion Co. (Me.)
Onomea Sugar Co. (monthly)
Ontario & Quebec Ry. (semi-ann.)
Debenture (semi-ann.)
Owens-Illinois Glass (quarterly)..
Paauhau Sugar Plantation Co. (monthly)
Pacific Gas & Electric, 6% pref. (quar.)
5H preferred (quar.)
Pacific Lighting Corp. (quar.)
Parker Pen (quar.)
Quarterly
Peninsular Telep. Co. 7% pref. (quar.)
__
_
_
.
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Penman's, Ltd. (quar.)
Pennsylvania Power Co., 6% pref. (qu.)
—
-
6.60% preferred (monthly)
Petroleum Corp. of America
Phila. Germantown & Norristown RR. Co.
(qu.)
Phillips Petroleum (quarterly)
Extra.
Phoenix Finance Corp.. 8% pref.
Preferred (quarterly)
(qu.)..
28 Dec.
17
9
20
Dec.
1
16
15
20
30
31
30
15
25
ii
si
Dec
21
si
May 25 May
May 15 May
May 15 May
June 15 May
May 20 May
June
1 May
June
1 May
May 15 Apr.
May
5 Apr.
May 15 Apr.
May 15 Apr.
May 15 Apr.
June
1 May
Sept
1 Aug
May 15 May
Aug. 15 Aug.
16
11
6
25
11
1
1
29
30
30
30
20
15
15
5
5
Nov. 16 Nov.
Feb. 15 Feb.
5
May 15 May
June
1 May
June
1 May
May 29 May
June
5 May
June
1 May
June
1 May
July 10 June
Oct. 10 Sept.
5
20
20
7
20
1
1
15c
20c
30c
20c
S3
2M%
SIM
10c
37Mc
3ik
25c
25c
sr
ir
June
_
Nov
19
22
5
30
30
Jan 10'37 Dec. 31
(quarterly)
Pitney-Bowcs Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie (semi-ann .)-_
6% preferred (semi-annually)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.—
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Plymouth Fund, class A
Special
Powdrell & Alexander (quar.)
—
-
May 15 May
Oct.
1 Sept.
June
1 May
July
1 June
Oct.
1 Sept.
Jan2'37 Dec.
1
15
15
10
10
10
July
7 June 10
Oct.
6 Sept. 10
Jan5'37 Dec. 10
June
Sept.
May 20
Aug. 20
Dec.
Nov. 20
June
May 15
July
Juen 15
June
1
June
June
(quarterly)
—
—
Quaker Oats, preferred (quar.)
Quebec Power Co. (quarterly)
Railway Equipment & Realty, new 1st pref
New 1st preferred (quarterly)
Rapid Electrotype (quarterly)
Quarterly
Quarterly
Reading Co. (quar.)
1st preferred (quarterly)
-
Reliable Stores,
first
preferred
Remington-Rand
Resumed (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
Rochester Gas & Electric, 6% pref. C & D (qu.)_
7% preferred B (quarterly)
Rochester & Genesee Valley RR. (s.-a.)
Rolls-Royce Ltd., ordinary (final)
Bonus
Ruud Mfg. (quarterly)
St. Louis Bridge Co., 6% 1st pf. (s.-a.)
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co., pref
Preferred.
San Carlos Milling
Scotten-Dillon
June
1
July
May
July
May
May
May
May
June
15
May
May
July
Apr. 24
June 20
May
1
Apr. 30
Apr. 24
May
1
Apr. 24
Apr. 30
June
1
June
June
1
Sept.
Sept.
1
Dec.
Dec.
1
May
Apr. 16
May 21
July 15
June
July
July
July
July
July
June
June
June 10
June 10
June 10
June 10
May
May
8
8
July
May
May
June 15
Apr.
Apr.
9
9
June
June
5
July
July
June 15
June 15
June
Sept.
Preferred
Dec.
Co., Ltd. (monthly)
Seaboard Surety Co.. capital stock
Second Twin Bell Syndicate (monthly)
Servel, Inc.
7% cum
7% cum.
7% cum.
(quarterly) _L
preferred (quar.).
preferred (quar.)
preferred (quar.)
Shawinigan Water & Power (quarterly)
Shenango Valley Water, 6% pref. (quar.)
Singer Mfg. Co., Amer. dep. rec. for ord. reg
Sioux City Gas & Electric, pref. (quar.)
Smith (S. Morgan) Co. (quar.)
Quarterly
Solvay American Investment Corp., pref. (qu.)_
Soundview Pulp Co
Southern California Edison Co., Ltd. (quar.)
Southern Canada Power Co., Ltd., com. (quar.)_
Spiegel May Stern, preferred
Stamford Water Co. (quarterly)
_
May
May
May
May
June
May
2
May
6
Apr. 30
Apri.30
May 20
July
June 20
Oct.
Sept. 19
Jan 2'
Dec.
19
May
May
Aug.
Apr.
May
Apr.
Apr.
Aug.
24
20
24
30
1
Nov.
Nov.
May
Apr.
May
Apr.
Apr.
July
May
May
May
May
June
June
May
May
Aug.
May
Standard American Trust Shares
Stanley Works, 6% preferred (quarterly)
(A.) & Co..
(quarterly)
Sterling Brewers
Sterling Securities, conv. 1st preferred
Preferred
17
12
30
29
21
31
25c
Northern RR. Co. of N. J., 4% gtd. (quar.)
Sept. 28 Sept. 17
May 20 May
June
1 May
July 15 June
May 29 May
May 15 Apr.
June 15 May
June
1 May
June
1 May
June
1 May
May 15 Apr.
May
9 Apr.
May 15 Apr
Aug. 15 July
Nov. 14 Oct.
$1
SIM
(quar.)
(quar.)
June 27 June 18
May 19 Apr.
May
May
Apr.
June
Mlay
Sept
Aug.
50c
Norfolk & Western Ry. adj. pref.
North American Edison Co. pref.
North American Oil Oonsol..
Stein
May 27
1 Aug 27
;i
Quarterly
Preferred
1
1
;i
Quarterly
Motors Products, new stock (quar.)
New
1 Oct.
4
4
1
1
15
15
30
30
1
1
Jn.2'37 Jn.2'37
June
Pullman. Inc. (quarterly)
15 Dec
May 10 May 10
May 29 Aprl 30
Preferred
Oct.
Quarterly
Quarterly
Morris Plan Insurance Society (quar.)
Procter & Gamble (quarterly)
Public National Bank & Trust (quar.)
Public Service Corp. of N. J., 6% pref. (mo.)
Public Utilities Corp. (quarterly)
Sept. 15 Sept.
June 15 May
June 15 May
May 10 Apr.
May 15 Apr.
May 15 May
July
1 July
25c
Pref en ed
June
(quarterly)
Preferred (quarterly)
Preferred (quarterly)...
25c
(quarterly)
Extra
Jan 1*37
May 15 May
May 15 May
May 15 May
May
9 May
Montgomery & Erie RR. (semi-annual)
1
Nov. 16 Nov.
common
Monsanto
Extra
Holders
When
Payable of Record
37HP
12Hc
new
Extra
1
May 15 May
Aug. 15 Aug.
_
Minneapolis Honeywell Regulator,
Oct.
.
Share
of Company
Monmouth Consolidated Water, 7% pref. (qu.)_
Monolith Portland Cement, 8% pref
July
Landis Machine Co. (quar.)
1
July
July
(quar.)
Quarterly
Quarterly
Kayser, (Julius) & Co
Kelvinator of Canada, Ltd., 7% pref. (quar.)—
Kendall Co., cumul. partic. pref. ser. A (quar.).
Cumul. partic. prer. ser. A tpartic.)...
Kentucky Utilities, jr. pref. (quar.)
Junior preferred
Keokuk Electric 6% pref. (quar.).
Keystone Steel & Wire Co
King Oil (initial)
Klein (D. Emil) (quarterly)
Los
25
22
27
30
20
May
1
June
Dec.
Julian & Rokenge (semi-ann.)
Kalamazoo Vegetable Parchment Co.
Ludlum Steel Co.,
15
15
15
15
June
Heileman (G.) Brewing (quar.)
Hercules Powder preferred (quar.)
Class A preferred
Class A preferred
Oct.
Sept.
May
May 16 Apr.
May 16 Apr.
June
1 May
July
1 June
Oct.
1 Sept.
June
(quar.)
Preferred (quarterly)
Hartford Times Inc.. $3 pref. (quar.)
Heela Mining (quarterly)
Johnson Publishing, 8%
June 24
June
May
May
May
May
Electro-Chemical
Quarterly
Jantzen Knitting Mills, preferred
Aug.
July
21
21
15
15
14
14
15
Janl '37 Dec. 20
Greenfield Tap & Die, 6% preferred
Gurd (Charles) preferred (quarterly)
Hamilton Watch, 6% preferred
Harbison-Walker Refractories Co., com.
Common extra
10
May
July
June
Extra
Quarterly
Quarterly
Preferred
10
Oct.
Quarterly
Ferro Enamel
Preferred
Per
Name
of Record
May
May
July
May
May
June
May
May
1
15
15
20
30
15
5
1
2
1
15
2
4
Volume 142
Financial
of Company
Strawbridge & Clothier Co—
6% prior preferred series A (quar.)
Sun Oil (quar.)-—
Preferred (quar.)
Syracuse Lighting Co., Inc., 6% prei. (quar.) 11
Tacony-Palmyra Bridge, 7M% preferred
Tampa Electric (quarterly)
Preferred A (quarterly)
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quar.)
Sept. 1
May 15 Ai>r. 30
May 15 Apr\30
June
1 May 20
June
1 May 20
_
June
15
(quarterly)
I
2.
U*A
581-3<
Light & Rys. 7°/q preferred (monthly)
June
June
July
June
July
July
May
July
July
Aug.
Canal (quar.)
United Standard Oilfund of America, extra
United States Playing Card (quar.)
Extra.
(quar.)—II
Upper Michigan Power & Light Co.—
6% preferred (quar.)
6% preferred (quar.)..
6% preferred (quar.)
Utica Gas & Electric, 7% pref. (quar.)
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
Preferred
1 May 21
1 June 11
1 Sept. 11
Janl'37 Dec. 11
July
fc:::::::::::::
United Verde Extension Mining Co.
15
15
1 May 15
1 June 15
1 May 15
1 June 15
10 June 20
15 Apr. 30
1 May
1 June
1 June 20
1 June 20
3a
1 July
26
1 Oct.
Feb 1'37 Jan.
26
26
Nov.
Wjyf^thlWm.) Jr* (monthly)-
c
The following corrections have been
/ Payable in common stock,
mulated dividends.
J Payable
Lincoln Printing pref. div. of
0
Blue Ridge Corp., opt. $3 conv.
*Surplus
Members
Keystone Steel & Wire Co., three additional shares
p
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
stk. div. equal to 50c., or l-20th sh. of spec.
such div.
Kress (S. H.)
Payable in special preferred stock.
t
x
Less tax.
1
Per 100 shares.
u
Payable in U. S. funds.
u>
Less depositary expenses.
A deduction has been made for expenses.
y
Condition of the Federal Reserve Bank
New York
York City
CLEARING HOUSE
1936
New York at
comparison with the previous week and the
Apr. 29, 1936 Apr. 22, 1936
Time
Average
National City Bank
10,929,400,
25,431,700'
Continental Bk. & Tr. Co
4,000,000)
Chase National Bank...
150.270.0001
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
40,707,000
51,725,400
177,277,300
12,788,600
62,597,400
16,109,900
91,781,400
59,017,400
3,812,700
67,625,800
3,435,200
68,456,900
5,249,700
8,067,800
22,242,300
7,907,000
8,176,200
612,480,000
144,472,000
367,495,000
al,394,267,000
449,649,000
M,308,005,000
474,549,000
713,958,000
241,773,000
497,265,000
520,509,000
50,371,000
cl,799,316,000
46,889,000
d803,255,000
16,489,000
5,646,000
32,485,000
156,939,000
12,697,000
38,010,000
84,422,000
13,990,000
21,619,000
3,600,000
85,786,000'
302,036,000
75,157.000
80,134,000
2,493,000
20,797,000
1,730,000
42,283,000
9,371,375,000
Assets—
hand due due
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
Manufacturers Trust Co.
Cent. Hanover Bk. dc Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co
Com'l Nat. Bk. <fe Tr.Co.
Public N. B. & Tr. CoTotal
♦
As
.
—
—
...
official reports:
National,
trust companies, March 27, 1936.
Includes deposits in foreign branches
per
March 4,
as
follows:
a
of
returns
are
not
are
INSTITUTIONS
1936;
$230,860,000; b $77,006,000;
OF
publishes regularly each week
number of banks and trust companies which
BUSINESS
The
IN THE
FOR
THE
NATIONAL AND
market—
Industrial advances
—
United States Government
WEEK
ENDED
FRIDAY,
APRIL
3,095,000
3,344,000
1,752,000
7,664,000
1,805,00ft
6,134,000
68,473,000
482,760,000
178,150,000
68,473,000
482,760,000
178,150,000
465,444,000
168,990,000
729,383,000
729,383,000
744,318,000
741,894,000
755,601,000
securities:
Bonds
Treasury notes
Treasury bills
----
Government securities..
Total U. S.
gold
Foreign loans on
securities
Gold held abroad—
Due from foreign
banks
of other banks.
Federal Reserve notes
1936
""239*666
241,000
279,000
6,515,000
7,999,000
136,597,000
10,849,000
26.738,000
137,182,000
11,724,000
26,312,000
126,036,000
10,849,000
Uncollected items
All other assets
24.
109,884,000
Other securities..—.
27,487,000
-
CLEARING HOUSE WITH THE CLOSING
STATE BANKS—AVERAGE
2,291,00ft
742,229,000
Total bills discounted
Bank premises
the figures for the week ended April 24:
NOT
1,053,00ft
1,368,000
1,727,000
1,754,000
7,656,000
—
1,693,000
1,743,000
3,436,000
guaranteed
408,000
members of the New York Clearing House.
following
Goyt. obligations.
S.
by U.
direct and (or) fully
Total bills and
York "Times"
a
Secured
Bills bought in open
C$82,451,000; d $27,183,000.
The New
3,145,504,000 3,103,462,000 2,214,203,00ft
-
Other bUls discounted
1,977,000
42,987.000
46,27LO6O
$
Bills discounted:
422,000
March 27,
1936; State,
Other cash t
Total reserves—
May 1, 1935
3,044,144,000 3,002,225,000 2,146,519,009
1,144,00ft
1,802,000
1,607,000
66,540,00ft
99,435,000
99,753,000
Redemption fund—F. R. notes
528,776,000
743,339,100
Chemical Bk. & Tr. Co-
Guaranty Trust Co
$
$
United States Treasury.*
6,000,000
20,000,000
127.500.000
corresponding
date last year:
Deposits,
Average
of
shows the condition of the Federal Reserve
the close of business April 29 1936,
The following
Bank of
Gold certificates on
Bank of Manhattan Co..
pref. stk.
for each 50c. of the amount of
1
10 Dec.
Deposits,
Profits
Bank of N. Y. & Tr. Co.
of common stock
for each share held.
1
Net Demand
and
Undivided
pref. ser. 1929, l-32d of one sh. of com.
of the holder 75c in cash.
stk. or at the opt.
in
Capital
Allis-Chalmers
1
ASSOCIATION FOR THE WEEK ENDED SATURDAY. APRIL 25,
*
h On account of accu¬
1-5 sh. of pref. stock for each share held.
n
1
The weekly statement issued by the New
Clearing House is given in full below:
Clearing House
Payable in scrip,
q
in preferred stock.
Advance-Rumely, liquidating stock div. of M sh. of
capital stock held.
m
Sept. 10 Sept.
YORK
made:
stock on each share of Advance-Rumely
June 10 June
NEW
Apr. 30
Payable in stock.
May 15 May
Dec.
MEMBERS OF THE
June 20
July
May
Transfer books not closed for this dividend.
a
Weekly Return of the New York City
Clearing House
OF
Apr. 20
May 20
June
s
1 July
Aug.
(quarterly)
8TATEMENT
Nov.
June
W.) (quar.)...
Woolworth (F.
27
9 Apr. 20
Oct.
__
Nov.
Extra
.
5 Apr. 30
July
15
May 15
May 15
May 15
Aug.
Aug.
Quarterly.
e
(quarterly)
.
June
June
May 15 Apr.
(quarterly)
16
Apr. 20
Apr. 20
May
1
June
Winstead Hosiery Co. (quarterly)
Extra
1
June
June
June
i.
Zellers, Ltd., 6% preferred_..
...
15
Apr. 30
July
May
May
May
Wilson & Co
June 15 June
May
June
May 30
15
5
11
1
21
May
I.
Extra
15
15
15
15
30
May
5
June
30
June
July
May 15 Apr.
May 15 May
June
1 May
May 11 May
May 21 Apr.
Unilever, Ltd., ordinary (final)
Unilever (N. V.) ordinary (final)
Union Bag A Paper (quarterly)
Union Oil of California (quar.)
Union Tobacco, class A (liquidating)
Common
(liquidating)
United Dyewood, resumed
Preferred
United
15
May
June
(s.-a.)
Royalty Co., class A (monthly)..
Electric, 6% pref. (quar.)
7% preferred (quar.)
West Virginia Pulp & Paper Co., pref. (quar.)
Weyenberg Shoe Mfg., 7% preferred
Willington Fund, Inc. (quarterly)
15
15
June
June
Troy & Greenbush RR. Assn. (s.-a.)
Twin Bell Oil Syndicate (monthly)
Preferred
May
July
Toburn Gold Mines
Preferred
June
10
May
Aug.
May
May
July
May
West Penn
15
15
June
10
Oct.
May
May
May
Aug.
Apr.
June
Class A (monthly)
Weston Electrical Instrument, A (quar.)
June 15
July
July
July
July
,
July
June
—
West Jersey & Seashore RR.
Westland Oil
Tennessee Electric Power Co.—
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)
Thatcher Mfg.. convertible pref. (quar.)
Thompson (John R.) (quarterly)
Tide Water Assoc. Oil (quar.)
Tide Water Oil
I
July
Oct,
(quarterly)
Washington Ry. & Electric, 5% pref. (semi-ann.)
5% preferred (quar.)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)...
_
Western Cartridge, 6% preferred (quar.)
Western Tablet & Stationery
June 15 May
._
„
Vulcan Detinning, preferred
Preferred (quar.)
15
25
June
1 May 11
pr. 20
May 15
1 May
June
__
Holders
Payable of Record
Share
Name of Company
Payable of Record
Share
When
Per
Holders
When
Per
Name
2943
Chronicle
6,411,000
4,058,859,000 4,027,780.000 3,151,712,000
Total assets
FIGURES
Liabilities—
Other Cash,
Res. Dep.,
Dep. Other
Including
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
$
Investments
Bank
Notes
651,210,000
784,636,000
781,986,000
actual circulation
Deposits—Member bank reserve acc't— 2,464,816,000 2,420,397,000 2,004,387,000
24,080,000
325,840,000
309,973,000
U. S. Treasurer—General account.—
F. R. notes in
Loans,
Disc, and
30,413,000
225,528,000
Foreign bank
$
Manhattan—
Grace National
Sterling National.._.
Trade Bank of N. Y.
26,506,600
20,793,000
4,504,600
3,231,000
$
$
2,249,700
559,000
200,845
4,747,800
4,359,000
1,433,963
143,962
29,901,300
24,619,000
5,357.565
101,000
1,587,000
483,000
4,856,000
101,300
1,756,000
Brooklyn—
People's National—
TRUST COMPANIES—AVERAGE FIGURES
Other
deposits
Total deposits
items
Capital paid in
Surplus (Section 7)—
Surplus (Section 13b).
Reserve for
—
contingencies
All other liabilities
Res. Dep.
Loans
Disc, and
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers
United States
$
Dep. Other
$
Gross
Trust Cos.
Deposits
$
$
$
N.
Y. and
3,265,200
1,593,004
*1,095,246
*3,018,700
*9,638,700
9,959,113
8,376,800
830,983
1,028,725
710,000
2,625,300
18,155,660
726~200
3,031,000
2,626,793
31,256,000
9,968,931
222,000 119,138,000
40,200.794
57,681,700
8,953,904
12,193,887
19,580,000
29,723,300
68,602,411
*6,046,600
91,897,000
33,008,647
147,025
63,774,300
9,712,586
11,969,412
19,542,500
39,757,800
67,376,761
Brooklyn—
Brooklyn..
Kings County
*
Includes amount with Federal Reserve as follows:
Ratio
F.
of
total reserves to
R. note liabilities
Empire, $3,611,700; Fidu¬
deposit and
Commitments
to
82.5%
make
t "Other cash" does not
76.9%
10,065,000
6,322,000
purchased
industrial
vances...
82.1%
10,240,000
combined
Contingent liability on bills
for foreign correspondents
7,000
ad¬
Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
given by the United States Treasury for the gold taken
when the dollar was on Jan. 31, 1934, devalued from
59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
These are certificates
over
from the Reserve banks
100 cents to
ciary, $788,505; Fulton, $2,798,900; Lawyers, $8,843,700.
4,058,859,000 4,027,780,000 3,151,712,000
Total liabilities..
Banks and
Elsewhere
Cash
Invest.
5,649,000
194,676,000
3,030,730,000 2,993,169,000 2,228,792,000
142,925,000
127,987,000
123,740,000
59,372,000
50,905,000
50,907,000
49,964,000
50,825,000
50,825,000
6,064,000
7,744,000
7,744,000
7,500,000
8,849,000
8,849,000
5,885,000
4,078,000
3,665,000
—
Deferred availability
31,458,000
215,474,000
Financial
2944
Chronicle
May 2, m6
Weekly Return of the Board of Governors of the Federal Reserve System
The following is
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
as a
week last year.
whole in comparison with the figures for the
The second table shows the
Reserve note statement (third table
Reserve Agents and the
Wednesday.
on
Thursday afternoon, April 30,
The first table presents the results
preceding weeks and with those of the corresponding
The Federal
following) gives details regarding transactions in Federal Reserve notes between the
resources
Federal Reserve banks.
and liabilities separately for each of the twelve banks.
The comments of the Board of Governors of the Federal Reserve System
upon
the
for the latest week appear in our department of 11 Current Events and Discussions."
returns
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 29,
COMBINED
Apr. 29
1936 Apr. 22 1936 Apr. 15 1936 Apr,
$
ASSETS
Gold ctfs.
on
$
8
1936 Apr.
1
1936 Mar. 25 1936 Mar. 18 1936 Mar. 11 1936
$
$
$
$
1936
May 1, 1935
*
hand & due from U.S.Treas.x 7,703,833,000 7,663,838,000 7,664,835,000 7,665,346,000 7,665,345,000 7.665,840,000 7,667,338,000 7.667,830,000 5,750,844,000
Redemption fund (F. R. notes)
Other cash *
Total
seven
on
—
12,942,000
339,651,000
13,741,000
342,255,000
13,736,000
341,744,000
13,732.000
336,358,000
14,864,000
350,037,000
14,873,000
15,019,000
346,078,000
353,632,000
15,253,000
344,928,000
20,522,000
244,515,000
8,056,426,000 8,019,834,000 8,020,315,000 8,015,436,000 8,030,246,000 8,034,345,000 8,028,435.000 8,028,011.000 6,015,881,000
reserves
"
)
-'
Bills discounted:
Secured
by
U.
S.
obligations,
Govt,
2,858,000
2,465,000
4,684,000
30,319,000
—
3,021,000
2,249,000
5,323,000
direct and (or) fully guaranteed
Other bills discounted
4,489,000
5,270,000
6,193,000
5,502,000
7,254,000
6,065,000
4,682,000
30,039,000
4,690,000
30,313,000
4,688,000
4,674.000
4,674,000
30,257,000
30.363,000
30,501,000
3,074,000
3,304,000
5,630,000
2,727,000
2,886,000
2,618,000
t2,308,000
t2,612,000
4,920.000
6,378,000
4,679,000
30,321,000
3,338,000
2,765,000
3,713,000
2,480,000
4,676,000
4,696,000
30.195.000
26,444,000
2,857,000
2,773,000
I
Total bills discounted
Bills bought in open
market
Industrial advances
—
265,723,000
265,785,000
215,726,000
321,839,000
265.691,000
265,687,000
265,687,000
265,711,000
265,756,000
1,554,889,000 1,554,889,000 1,554,895,000 1,554,894,000 1,554,889,000 1,554,893,000 1,554,896,000 1.594,648,000 1,530,779,000
609,667,000
609,667,000
619,913,000
609,667,000
577,857,000
609,667,000
609,667,000
609,667,000
609,667,000
U. S. Government securities—Bonds
Treasury notes
Treasury bills
Total U. S. Government securities-. 2,430,279,000
2,430.341,000 2,430,249,000 2,430,252,000 2,430,243,000 2,430,271,000 2,430,319,000 2,430,287,000 2,430,475,000
181,000
Other securities
181,000
181,000
181,000
181,000
181,000
181,000
181.000
Foreign loans on gold
2,470,786,000 2,470,513,000 2,471.626,000 2,470.880,000 2,472.715,000 2,471,692,000 2,471,130,000 2,470.259,000 2,467,993,000
Total bills and securities
Gold held abroad
i~6oo
633~000
~~~633~666
634~000
650,000
650*000
644~5O6
""647",000
"""702*,66O
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
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
527,356,000
47,865,000
35,973,000
17,670,000
636,336,000
47,864,000
35,549,000
18,334,000
509.419,000
47,865.000
42,006,000
18,982,000
541,743,000
63
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other assets
-
48,006,000
36,286,000
49,616,000
40,274,000
11,155,728,000 11,163,378,000 11,295,187,000 11,090,682,000 11,164,386,000 11.137.192,000 11,237,628,000 11.116,541,000 9,135,191,000
Total assets
LIABILITIES
3,741,690,000 3,748,576.000 3,761,762,000 3,781.039,000 3,772,016,000 3,732,333,000 3,730,979,000 3,731,534,000 3,161,879,000
F. R. notes In actual circulation
Deposits—Member banks' reserve account 5,506,314,000 5,441,618,000 5,333,048,000 5,161,317,000 5,077,088,000 5,059,147,000 5.143,768,000 5,786,173,000 4,721,320,000
U. S. Treasurer—General account
679,209,000
712,424,000
76,209,000
391,113,000
964,390,000 1,085,687,000 1,146,565,000 1,067,364,000
829,731,000
64,391.000
83,356,000
15,378,000
86,116,000
Foreign banks
53,826,000
71,622,000
63,441,000
64,576,000
66,016,000
278,147,000
272,512,000
Other deposits
260,677,000
269,214,000
273.948,000
280,758,000
267,161,000
261,980,000
275,801,000
6,547,026,000 6,509,372,000 6,497,363,000
Total deposits
^
521,228,000
130,657,000
145,501,000
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)—
Reserve for contingencies
26,513,000
34,108,000
9,005,000
All other liabilities
total
of
691,750,000
130,707,000
145,501,000
26,513,000
34,102,000
7,489,000
6,47f,277,000 6,493,377,000
494.186,000
130,699,000
145,501,000
26,513,000
34,107,000
7,360,000
6,546,089,000 6,539,128,000 6,514,189.000 5,073,584,000
554,751,000
514,646,000
130,724,000
130,715,000
145,501,000
26,513,000
622,988,000
130,741,000
145,501,000
26,513,000
34,100,000
7,678,000
145,601,000
34,105,000
26,513.000
34,105.000
7,408,000
7,281,000
507,067,000
130,638,000
145,501,000
26,513,000
34,107.000
26,992,000
547,076,000
146,666,000
144,893,000
19,209,000
30,806,000
11,078,000
11,155,728,000 11,163,378,000 U,295,187,000 U,090,682,000 11,164,386,000 11,137,192,000 11,237.628.000 11,116,541,000 9,135,191,000
Total liabilities
Ratio
560,830,000
130,697,000
145,501,000
26,513,000
34,104,000
7,785.000
to
reserves
deposits
and
78.3%
F. R. note liabilities combined--
78.2%
78.2%
78.2%
78.2%
78.2%
78.4%
78.2%
Contingent liability on bills purchased for
foreign correspondents
73.6%
20,009
25,576,000
Commitments to make Industrial advances
25,607,000
25,670,000
25,664,000
25,048,000
25,421.000
25,537,000
25.709,000
17,051,000
Maturity Distribution of Bills and
Short-term
$
Securities—
3,670,000
28,000
$
$
$
$
$
$
S
$
4,530,000
3,714,000
128,000
221,000
756,000
723,000
146,000
3,639.000
38,000
695,000
276,000
622,000
47,000
59,000
5,181,000
403,000
125,000
920,000
568,000
925,000
583,000
660,000
252,000
253,000
915,000
546,000
Total bills discounted
5,323,000
5,270,000
6,193,000
5,502,000
7,254,000
-15 days bills bought in open market—
394,000
671,000
280,000
3,339,000
775,000
380,000
639,000
576,000
2,798,000
697,000
1,567,000
750,000
428.000
354,000
291,000
449,000
869,000
489,000
554,000
2,083,000
1,410,000
2,150,000
1,630,000
2,998,000
3,062,000
368,000
777,000
483,000
840.000
1,382,000
3,578,000
4,684,000
4,682,000
4,690,000
4,688,000
4,674,000
4,674,000
4,679,000
4,676,000
4,696,000
1,716,000
267,000
1,580,000
343,000
1,580,000
1,609,000
1,764.000
1,562,000
1,424,000
354,000
149,000
465,000
81,000
372,000
479,000
452,000
537,000
27,481,000
438,000
682,000
486,000
27,699,000
482,000
27,474.000
352,000
405,000
27,421,000
515,000
300,000
27,303,000
329,000
311,000
499,000
27,615,000
1,676,000
161,000
27,328,000
1,676,000
251,000
440,000
581,000
27,091,000
24,124,000
30,319,000
30,039,000
30,313,000
30,257,000
30,363,000
30,501,000
30,321,000
30,195,000
26,444,000
-15 days bills discounted
6-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
6-30 days bills bought In open market
1-60
days bills bought in open market
1-90 days bills bought in open market
Over 90 days bills bought In open marketTotal bills bought In open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
424,000
61-90 days industrial advances
Over 90 days industrial advances
584,000
Total industrial advances
529,000
4,099,000
985,000
4,263,000
129,000
485,000
402.000
286,000
469,000
4,191,000
641,000
1,042,000
55,000
84,000
344,000
120,000
6,065,000
5,630,000
4,920,000
6,378,000
364,000
1,781,000
2,071,000
633,000
160,000
338,000
1-15 days U. S. Government securities—
16-30 days U. S. Government securities—
19,200,000
25,806,000
21,010,000
9,200,000
21,710,000
7,164,000
43,850,000
48,965,000
22,674,000
21,710.000
25,806,000
24,000,000
21,010,000
27,106,000
19,200,000
7,164,000
40,256,000
9,200,000
31-60 days U. S. Government securities.47,506,000
49.806.000
44,080.000
94,376,000
87,663,000
116,410.000
193,048,000
46,816,000
48,816,000
61-90 days U. S. Government securities—
103,576,000
119,037,000
94,376,000
71,082,000
74,488,000
87,663,000
47,606,000
120,495,000
93,133,000
Over 90 days U. S. Government securities 2,215,015,000 2,219,374,000 2,220,316,000 2,238,260,000 2,255.851,000 2.267,428,000 2.258,496,000 2,215,357,000 2,028,711,000
Total U. S. Government securities
2,430,279,000 2,430,341,000 2,430,249,000 2,430,252,000 2,430,243,000 2,430,271,000 2.430,319,000 2,430,287,000 2,430,475,000
.
i
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
""
—
"
'"181,000
""l8l",666
isi'ooo
"""isi'ooo
181",000
18T.000
1*81", 000
18~1~0(X)
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Total other securities
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
4,012,215,000 4,031,692,000 4,041,109,000 4.050,111,000 4,029,102,000 4,009,450,000 4,004,698,000 4,008,276,000 3,424,484,000
269,072,000
279,347,000
257,086,000
270,525,000
283,116,000
277.117.000
273,719,000
276,741,000
262,605,000
3,741,690,000 3,748,576,000 3,761,762,000 3,781,039,000 3,772,016,000 3,732,333,000 3,730,979.000 3,731,534,000 3,161,879,000
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
By eligible
hand & due from U.S. Treas. 4,029,903,000
3,928,000
paper
U. S. Government securities
-
♦
"Other cash" does
x
Jan.
3,846,000
60,000,000
4,575,000
69,000,000
3,859,000
68,000,000
4,090,831,000 4,109,189,000 4,118,918,000 4.096,202,000
Total collateral
These
are
57,000,000
4,045,343,000 4,045,343,000 4.024,343,000 3.990,843,000 3,996,843,000 3,966,843.000 3,931,843,000 3,284,979,000
not Include Federal
Reserve notes,
certificates given by the U. S. Treasury for the
5,298,000
67,000,000
4,190,000
„
59,000,000
4,063,141,OOo| 4.060.033.000
3,681,000
88,000,000
3,211,000
123.000,000
4,682,000
232,100,000
4,058.524,000 4,058,054.000 3,521,761,000
t Revised figure.
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 cents
on
31,1934, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated a3 profits by the Treasury under the provision*
of the Gold
Reserve
Act
of
1934
Volume 142
Chronicle
Financial
2945
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 29, 1936
Two Ciphers
(00) Omitted
Federal Reserve Bank of—
Total
Boston
New York
Phila.
RESOURCES
S
%
$
$
Gold certificates
on
Atlanta
Chicago
%
$
%
%
Louis Minneap. Kan. City
St.
Dallas
San Fran.
I
%
%
S
S
hand and due
from U. S. Treasury
Redemption fund—F. R.
notes
..
Other cash *
Total
Cleveland Richmond
7,703,833,0 504,980,0 3,044,144,0 411,315,0 587,188,0 252,058,0 205,645,0 1,488,860,0 223,951,0 149,812,0 207,099,0 141,891,0 486,900,0
644,0
347,0
191,0
12,942,0
2,429,0
1,607,0
2,070,0
290,0
1,111,0
494,0
1,048,0
376,0
2,335,0
31,920,0 19,253,0 10,552,0
339,651,0
32,684,0
99,753,0 41,627,0
6,940,0
19,067,0
5,007,0
45,230,0
15,022,0
12,596,0
8,056,426,0 540,093,0 3,145,504,0 453,289,0 619,752,0 271,502,0 218,267,0 1,534,456,0 240,021,0 157,042,0 227,277,0 147,392,0 501,831,0
reserves
Bills discounted:
Sec. by U. S. Govt, obligations,
direct & (or) fully guaranteed
2,858,0
490,0
1,693,0
Othftr bills
2,465,0
36,0
1,743,0
5,323,0
526,0
3,436,0
320,0
20,0
21,0
4,684,0
348,0
2,903,0
1,754,0
7,656,0
471,0
439,0
190,0
5,324,0
1,826,0
265,723,0 17,956,0
1,554,889,0 103,893,0
609,667,0 35,828,0
68,473,0 20,755,0 23,973,0
482,760,0 116,714,0 144,293,0
178,150,0 39,651,0 49,759,0
2,430,279,0 157,677,0
181,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
2,470,786,0 161,454,0
742,229,0 183,235,0 220,310,0 120,799,0 101,202,0
discounted
.
Total bills discounted
Bills bought in open market
Industrial advances
30,319,0
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Govt, securities.
Other securities
Total bills and securities
Due from foreign banks.
Fed. Res. notes of other banks
631,0
19,664,0
522,097,0
48,031,0
38,093,0
Uncollected items
Bank premises
All other resources
50,0
.
21,0
37,340,0
5,063,0
4,156,0
45,0
I
10,0
,
50,0
58,0
2,0
100,0
50,0
105,0
32,0
283,0
180,0
265,0
85,0
150,0
12,0
103,0
155,0
315,0
163,0
830,0
578,0
87,0
61,0
133,0
133,0
327,0
3,872,0
2,148,0
521,0
1.462,0
951,0
1,733,0
1,093,0
12,834,0
77,244,0
26,638,0
60,0
805,0
51,469,0
6,525,0
1,448,0
63,0
714,0
239,0
6,515,0
126,036,0
10,849,0
27,487,0
376,0
58,420,0
3,113,0
235,0
20,0
320,0
11,019,0
66,320,0
22,870,0
28,415,0
171,029,0
121,720,0
13,492,0
14,528,0
13;013,0
19,347,0
21,918,0
81,704,0
28,004,0
45,551,0
15,531,0
77,206,0
26,625,0
56,254,0 131,921,0
19,399,0 45,492,0
321,164,0 123,200,0
75,610,0 116,844,0
181,0
95,000,0 199,331,0
324,040,0 123,820,0
77,236,0 118,264,0
97,181,0 201,016,0
28,0
23,0
1,257,0
20,665,0
2,284,0
1,325,0
1,213,0
40,869,0
2,919,0
1,019,0
78,0
3,007,0
74,629,0
4,830,0
376,0
3,0
19,0
877,0
13,604,0
1,531,0
429,0
4,0
1,306,0
22,555,0
2,452,0
203,0
1,096,0
30,498,0
3,360,0
346,0
19,0
505,0
1,993,0
19,226,0
1,525,0
26,786,0
3,580,0
774,0
295,0
45,0
■
Total resources
11155728,0 763,741,0 4,058,859,0 683,860,0 900,369,0 438,349,0 345,023,0 1,941,416,0 390,361,0 250,722,0 380,860,0 266,622,0 735,546,0
LIABILITIES
F. R. notes in actual circulation. 3,741,690,0 341,554,0
Deposits:
781,986,0 278,447,0 364,427,0 170,905,0 159,700,0
867,540,0 160,966,0 113,339,0 144,607,0
74,134,0 284.085,0
,
Member bank reserve account. 5,506,314,0 289,371,0 2,464,816,0 289,015,0 404,338,0 170,877,0 113,591,0
U. 8. Treasurer—Gen'l acc't—
Total deposits
40,204,0
6,170,0
309,973,0
30,413,0
278,147,0
Other deposits
679,209,0
83,356,0
Foreign bank
5,084,0
225,528,0
39,319,0
7,671,0
1,536,0
37,068,0
7,754,0
1,982,0
33,554,0
902,593,0 149,160,0
30,280,0
2,918,0
38,627,0
3,669,0
4,310,0
5,057,0
4,070,0
9,672,0
6,547,026,0 340,829,0 3,030,730,0 335,819,0 452,864,0 212,410,0 151,846,0
Deferred availability items
521,228,0
130,657,0
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
57,432,0
9,397,0
9,902,0
2,874,0
1,413,0
145,501,0
26,513,0
Reserve for contingencies
All other liabilities
34,108,0
9,005,0
Total liabilities
123,740,0
35,642,0
51,495,0
50,907,0
12,322,0
13,406,0
4,231,0
12,548,0
3,000,0
993,0
3,111,0
546,0
50,825,0
7,744,0
8,849,0
4,078,0
340,0
20,196,0
4,229,0
5,186,0
3,448,0
5,616,0
75,278,0
12,020,0
21,350,0
754,0
1,391,0
1,267,0
2,511,0
7,573,0
176,0
1,007,0
29,690,0
2,001,0
4,505,0
2,416,0
1,331,0
2,418,0
5,753,0
2,072,0
13,692,0
954,962,0 194,677,0 114,840,0 197,019,0 160,706,0 400,324,0
40,377,0
4,580,0
14,371,0
78,644,0 162,587,0 127,429,0 353,893,0
30,685,0 28,787,0 26,986,0
34,036,0
2,501,0
8,970,0
171,0
1,302,0
24,498,0
3,764,0
4,655,0
546,0
13,697,0
893,0
362,0
1,470,0
235,0
2,989,0
3,149,0
1,003,0
29,433,0
3,954,0
3,613,0
21,383,0
28,057,0
3,795,0
3,783,0
1,252,0
10,152,0
9,645,0
1,121,0
1,849,0
1,142,0
844,0
1,328,0
241,0
248,0
313,0
11155728,0 763,741,0 4,058,859,0 683,860,0 900,369,0 438,349,0 345,023,0 1,941,416,0 390,361,0 250,722,0 380,860,0 266,622,0 735,546,0
Ratio of total res. to dep. & F. R.
note liabilities combined
78.3
79.1
82.5
73.8
75.8
70.8
70.1
84.2
67.5
68.8
66.5
62.8
73.3
25,576,0
2,927,0
10,240,0
340,0
1,465,0
2,407.0
375,0
80,0
1,945,0
104,0
590,0
582,0
4,521,0
Commitments to make industrial
advances
*
"Other
cash"
does
include Federal
not
Reserve notes.
FEDERAL RESERVE NOTE
Two Ciphers
(00) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Phila.
5
S
$
$
Federal Reserve notes:
Issued to F.R. Bk. by F.R. Agt 4,012,215,0 359,921,0
Held by Fed'l Reserve Bank..
270,525,0
18,367,0
held
by
Cleveland Richmond
%
Atlanta
Chicago
%
S
$
St.
Louis Minneap. Kan. City
$
1
Dallas
San Fran.
%
$
$
874,045,0 292,672,0 377,873,0 180,900,0 179,469,0
92,059,0
14,225,0
13,446,0
9,995,0 19,769,0
902,307,0 168,783,0 117,435,0 152,948,0
34,767,0
4,096,0
7,817,0
8,341,0
82,213.0 323,649,0
8,079,0
39,564,0
3,741,690,0 341,554,0
781,986,0 278,447,0 364,427,0 170,905,0 159,700,0
867,540,0 160,966,0 113,339,0 144,607,0
74,134,0 284.085.0
4,029,903,0 376,617,0
3,928,0
526,0
57,000,0
890,706,0 295,000,0 381,000,0 189,000,0 151,685,0
2,127,0
320,0
20,0
21,0
915,000,0 161,632,0 113,000,0 144,000,0
100.0
103,0
141,0
12,0
8,000,0
5,000,0
12,000,0
83,000,0 329,263,0
293,0
265,0
32",bbb"o
4,090,831,0 377,143,0
In actual circulation
Collateral
STATEMENT
892,833.0 295,320,0 381,020,0 189,021,0 183,685,0
915,100,0 169,644,0 118,103,0 156,141,0
83,293,0 329,528,0
Agent as se¬
curity for notes issued to bks.
Gold certificates on hand and
due from U. S. Treasury
Eligible
paper
U. S. Government securities
..
Total collateral
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
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 banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week
appears in our department of "Current Events and 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
also been revised further
partly
In "Other loans."
The Item "Demand deposits—adjusted" represents the total amount of demand
deposits standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, &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.
SETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON APR. 22, 1936
(In Millions of Dollars)
Federal Reserve District-
Total
Boston
%
%
$
%
1,212
9,434
1,166
1,787
573
536
2,847
10
980
11
27
69
19
15
3
6
2,049
-
Phila.
$
214
Loans and Investments—total.
New York
1,009
ASSETS
149
145
213
21,783
'
Cleveland Richmond
Atlanta
St.
Chicago
$
$
$
Louis Minneap. Kan. City
$
1
Dallas
624
391
43
7
2
San Fran.
S
$
631
$
445
2,137
2
18
Loans to brokers and dealers:
In New York City
Outside New York City
Loans
on
securities to others
banks)
Acceptances and com'l paper bought.
Loans
on
4
2
2
3
(except
real estate
Loans to banks
876
•
50
205
61
29
44
351
44
172
21
5
7
5
32
10
7
24
2
1,140
85
246
65
186
22
22
66
39
6
16
21
62
3
28
3
4
1
9
7
4
1
2
66
41
170
'
22
366-
Other loans
3,507
304
1,330
176
208
""107
136
410
106
122
127
123
358
U. S. Govt, direct obligations
8,805
402
3,759
322
829
254
200
1,533
239
157
245
171
694
Obligations fully guar, by U. S. Govt.
1,277
18
575
99
69
38
39
155
51
14
43
37
139
Other securities
3,369
170
1,399
305
258
76
77
390
104
54
123
47
366
Reserve with Federal Reserve Bank..
4,348
236
2,124
214
304
122
58
712
Cash in vault
42
109
372
122
65
14
31
17
10
58
11
Balance with domestic banks
2,310
120
180
158
213
182
157
387
122
Other assets—net
1,345
79
540
88
110
38
42
106
14,187
956
6,528
761
1,018
377
299
4,985
299
943
274
695
195
170
751
16
228
57
58
41
43
5,512
232
2,381
301
324
204
194
9
323
105
78
244
5
11
10
18
78
272
172
269
24
17
25
27
249
2,033
381
230
438
333
833
812
174
120
145
118
1,040
137
9
3
19
27
113
740
233
119
351
173
260
"""4
""339
77
32 t
1
■
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks..-
Foreign banks
Borrowings
Other liabilities
Capital account
355
1
3
2
1
5
2
1
1
833
25
339
21
14
27
10
"~"38
10
4
2
3,533
231
1,600
223
334
88
86
345
83
56
89
11
,
'
May 2, 1936
Financial Chronicle
2946
Mayjl
United States Treasury Bills—Friday,
fflte
*inanr"1
.<>
,
.
Rates
quoted
(Jitmmftt'*' * (liliromrie
6 1936
May
William Street,
May 20 1936
May 27 1936..
Corner Spruce, New York.
3 1936..
June
June
June
Government Securities on the New
Exchange—Below we furnish a daily record
the transactions in Home Owners' Loan, Federal Farm
United
States
York Stock
of
Treasury certificates
Mortgage Corporation's bonds and
the New York Stock Exchange.
'
on
>
10 1936
17 1936
June 24 1936
July
1 1936
July
8 1936..
July
15 1936..
July
22 1936.
July
29 1936..
32ds
Quotations after decimal 'point represent one or more
Aug. 12 1936
Aug. 19 1936
-
Aug. 26 1936
►'
Daily Record of U. S. Borid Prices Apr. 25 Apr. 27 Apr. 28 Apr. 29 Apr. 30
May 1
2 1936
Sept.
Sept.
9 1936..
Sept. 16 1936
117.30
(High
Treasury
117.25
117.28
----
117.30
117.25
117". 26
117.27
117.30
117.25
117.28
117.27
5
5
4
1
High
107.27
107.26
106.25
107.26
Low.
107.27
107.26
107.23
107.24
Close
107.27
107.26
107.25
Close
Total sales in $1,000 units...
3Ms, 1943-45
3
31
112.30
113
112.25
Low.
112.29
112.29
112.25
Close
112.30
112.29
112.25
13
6
1
11
[High
ZHB, 1946-56
—-
----
Total sales in $1,000 units...
----
-
—
-
.
High
Close
_
0.20%
13 1937
0.20%
Jan.
20 1937
0.20%
Jan. 27 1937
0.20%
Railroad
Week Ended
Shares
108 4
108.1
Thursday
108.1
Friday..
2,309,280
1,162,290
108.1
10,322,330
$43,333,000
$5,395,000
Saturday
Monday
Total..
14
1
5
7
75
104.17
104.12
104.15
104.12
104.9
104.9
Sales at
104.12
104.12
104.9
988,000
104.9
104.12
New York Stock
_
104.15
104.12
104.12
104.12
104.12
104.15
1
1
15
7
50
104.31
105
104.30
104.31
104.30
Low.
104.31
104.30
104.28
104.28
104.28
104.29
104.25
Close
104.31
105
104.30
104.31
104.30
104.26
2
25
6
6
11
8
115
Jan. 1 to May 1
Week Ended May 1
1935
1936
1935
1936
Exchange
10,322,330
$4,472,000
$63,147,000
$116,073,000
1,134,575,000
$328,344,000
134,532,000
702,920,000
$1,375,324,000
$1,165,796,000
6,098,000
41,537,000
$53,200,000
74,729,569
$15,512,000
5,395,000
43,333,000
219,874,443
4,989,800
Stocks—No. of shares.
Bonds
Government
•
108.18
High
Low.
Close
108.18
----
----
108.18
----
108.19
---.
----
108.18
----
----
108.19
22
108.31
108.29
108.28
108.29
High
----
'
Low.
----
Close
----
108.18
108.17
108.17
108.31
State and foreign
Railroad and industrial
2
4
----
108.29
Total sales in $1,000 units...
----
Total
124,676,000
----
----
----
----
----
Stocks and Bond
2
8
(High
105.27
105.29
105.26
105.25
105.20
Low.
105.22
105.29
105.24
105.25
105.20
Close
105.26
105.25
105.20
105.21
105.18
105.20
4
Averages—Below
the daily closing
are
106
Total sales in $1,000 units...
-
105.22
105.29
Total sales in $1,000 units...
104
150
High
105.24
Low.
105.19
----
Cllse
105.24
----
-----
105.19
----
of representative stocks and bonds listed on the
New York Stock Exchange as compiled by Dow, Jones & Co.:
averages
105.16
3Ms, 1949-52.-.
(High
•
—
„
Close
----
10
---
108.28
108.28
108.2/
108.31
----
108.30
108.30
108.28
4
2
5
11
46
.14
107.17
107.14
107.13
107.13
107.14
107.12
107.12
107.12
107.10
Close
107.14
107.12
107.13
107.12
107.10
Total sales in $1,000 units...
2
105
6
11
28
3
[High
3Ms, 1944-46
-
..
.
10
-
102.2
102
102
101.30
101.29
101.28
101.30
101.28
101.29
101.27
101.25
102
101.30
101.30
101.31
101.29
145
32
310
207
80
103.8
103.12
103.9
103.10
103.9
103.7
103.9
103.7
103.8
103.8
103.8
103.9
103.9
103.8
Close
102
102.5
102.1
Low.
102
102.1
102
102
Close
102
102.1
102
101.29
24
104.10
104.10
104.10
Close
---
-
43.51
29.05
52.46
104.98
11.081
82.78
105.80
101.09
43.28
29.19
52.13
140.74
110.80
82.31
105.80
•100.91
143.65
42.30
28.63
51.25
104.93
110.55
82.44
105.78
100.93
Apr. 28.
146.75
43.40
29.58
52.50
105.31
110.53
82.78
105.70
101.08
Apr. 27.
147.05
43.01
29.61
52.47
105.44
110.61
83.14
105.84
101.26
Apr. 25.
151.93
44.93
30.80
54.41
105.65
110.89
83.79
105.84
101.54
during
market action of 200
typical issues.
Amott-Baker statistics show that eastern
Despite the April decrease,
four months of 1936.
issues have increased 2.3% in the first
The
average
104.9
104.10
104.8
104.9
104.10
104.8
with $389 on Jan. 1 last.
27
25
102.30
102.26
102.29
102.24
102.30
102.26
9
38
2
10
19
----
103.1
103.3
102.29
----
103.1
102.31
102.25
----
103.1
103.2
102.29
----
69
69
High
103.22
103.23
103.20
103.22
103.23
103.20
Low.
103.22
103.23
103.18
103.20
103.23
103.17
Close
103.22
103.23
103.18
103.20
103.23
50
7
20
38
2
Prices decreased during
the averages.
New
103.20
Total sales in $1,000 units...
Total sales in $1,000 units...
'
102.14
Low.
102.14
——
—•
—
102.8
Close
102.14
—
—
—
102.8
—
22
102.12
102.11
High
'•
----
----
102.8
102.10
102.6
102.12
102.6
3.3%;
York,
4.9%.
Buffalo,
to
$572
$1,000 of face value during the first third.
$411;
Buffalo,
were:
New
$385;
Other prices quoted
Philadelphia,
$365,
and
Pitts¬
Theater issues fell 6% during the month, causing a net decrease of 1.7
9
27
102.27
102.26
102.25
102.21
for the first four months.
102.27
102.23
102.24
102.21
102.16
third increase is 4.5%.
Close
102.29
102.29
102.26
102.26
102.21
102.16
Total sales in $1,000 units...
13
133
11
2
21
32
101.17
-
York,
burgh, $273.
102^29
--
were:
prices remained the highest of the five cities, rising from $523
per
102.92
-
The decreases
2.9%, and Pittsburgh,
Issues in the five cities have maintained a gain for the first four
Boston
102.25
26
1.9%; Philadelphia,
months of the year excepting Buffalo which decreased 0.7%.
High
1
April in four of the five cities used in compiling
Boston prices remained unchanged.
Low.
Total sales in $1,000 units...
3s, series A, 1944-52
decreased 2.5%
April, according to statistics compiled today by Amott, Baker & Co. on the
104.9
1
Home Owners' Loan
NOTICES
CURRENT
104.9
Close
•
Total
104.10
Low.
2MB, 1942-47
Bonds
price per $1,000 of face value was $398 on April 30 (Thursday) compared
High
Federal Farm Mortgage
ties
104.10
.!
Total sales in $1,000 units...
•
Rails
104.8
'
-
Rails
145.67
101.27
60
48
104.10
High
212
101.30
101.26
12
102
228
100
Low.
3s, 1942-47
trials
—Average prices of eastern real estate bonds
8
101.28
102
Total sales in $1,000 units...
Federal Farm Mortgage
Stocks
147.07
103.4
103.8
101.30
4
177
53
97
High
3s, 1944-49
40
ties
103.3
Total sales in $1,000 units...
Federal Farm Mortgage
Utili¬
roads
103.8
Low.
3^8, 1944-64
10
Grade
255
[High
Mortgage
Second
Grade
101.26
Total sales in $1,000 units...
Federal Farm
First
Indus¬
1.
May
Close
2MB, 1948-51
10
70
Apr. 29.
Low.
2%b, 1945-47
Total
Apr. 30.
107.9
107.7
107.7
102
[High
2%B, 1955-60
20
Utili¬
trials
108.27
108.23
108.27
Low.
Total sales in $1,000 units...
20
Rail¬
Date
108.30
108.26
10
30
Indus¬
-
108.30
108.31
—
Bonds
Stocks
-----
2
mmt
'
'
5
----
109
—
Low.
SHB, 1941
m
38
105.19
101
Total sales in $1,000 units...
Hotels dropped 3.3% for the month but the first
The gain in securities issued with office buildings
the underlying security for the
101.21
101.20
101.15
loss of 2.6.
Low.
101.18
101.21
101.17
101.18
101.15
101.9
four months the
Close
101.22
101.23
101.19
101.20
101.15
Total sales in $1,000 units...
9
89
22
14
22
first four months
was
3.4 despite
an
as
April
101.12
Home Owners' Loan
I High
2Mb, series B, 1939-49..
101.22
101.25
192
High
101.20
101.22
101.19
101.15
101.15
Low.
101.18
101.18
101.16
101.14
101.14
101.9
Close
101.20
101.21
101.17
101.14
101.14
101.9
$1,000 units...
4
90
11
7
23
only
Transactions in registered bonds
sales
2MB, 1942-44
Totai sales in
Note—The
bonds.
above
Housekeeping apartments fell 1.1% in April, but in the first
—Eastman,
same
includes
of
2.3%.
was
announce
the admission of Basil B.
1
time, Thomas C. Eastman has retired
coupon
as a
1917
was
a
where he remained until
become
an
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, May 1
Figures after decimal point represent one or more S2ds of
five years has
1923, at which time he returned to New York to
been
a partner
Asked
Rate
Maturity
—Prentice,
Blauner
that
Frank
&
L.
Brady,
Black,
members
who
2M%
104.10
104.12
102.4
102.6
105.10
105.12
15 1937...
3%
102.21
102.23
15 1937.
_.
3%
103.2
103.40
Mar. 15 1938...
3%
105.7
105.9
3M%
3M %
101.6
101.8
104.19
104.2
101.12
Feb.
101.27
101.29
Dec. 15 1936...
Mar. 15 1941...
101.6
101.8
June 15 1938
15 1940...
1M%
101.12
101.14
Feb.
Sept. 15 1936...
Dec. 15 1940...
1M%
1M%
101.2
101.4
Apr.
101.8
101.10
15 1939
m%
101.29
101.31
2M%
103.20
103.22
Aug.
1 1936
Sept. 15 1937.
..
York
Stock
as a
in Boston.
FOOTNOTES FOR NEW YORK STOCK
♦
Bid and asked prices; no sales on this day.
t Companies reported In receivership,
a
Deferred delivery
n
New stock,
r
Cash sale.
x
Ex-dividend.
y
Ex-rights.
Exchange,
Boston
general partner and will hereafter
104.19
2%%
2M%
2K%
100.26
101.10
1M%
1M%
New
has been manager of their
Asked
1 1938...
100.24
1 %%
Mar. 15 1939...
Mar. 15 1940...
Bid
Sept. 15 1938...
1M%
Dec. 15 1939...
15 1936
be their resident partner
104.17
a
past
with Elmer & Nettleton and its successor firm,
offices, has been admitted to their firm
Int.
Mr. Elmer became
7, 1930 and for the
Wainwright, Luce & Nettleton.
announce
Bid
After two year's service
officer in the Bank of the Manhattan Co.
member of the New York Stock Exchange on Aug.
Rate
a
graduate of Cornell University 1913, and from 1913 to
associated with J. & W. Seligman & Co.
No sales.
Maturity
At the
in the Army he became associated with the Northern Trust Co., Chicago,
were:
Int.
Elmer,
general partner to become
limited partner of the firm.
Mr. Elmer is
table
gain
Dillon & Co.
member of the New York Stock Exchange, as a general partner.
101.9
Home Owners' Loan
June
$53,200,000
1,014,000
Total sales in $1,000 units...
June
$4,472,000
1,212,000
786,000
929,000
736,000
----
High
June
219,000
424,000
1,182,000
1,146,000
108.2
108.4
Sales
$4,795,000
10,931,000
9,989,000
8,742,000
10,831,000
7,912,000
$649,000
7,787,000
9,419,000
5,716,000
108.4
Bond
$582,000
108.2
108.4
Total
States
Bonds
Bonds
j
8,274,000
2
Exchange,
United
State,
Mis cell. Municipal &
For'n Bonds
and
Number of
May 1 1936
1, 86,630
----
1
2
Low.
3Ms, 1946-49
0.20%
6 1937
Jan.
Wednesday
----
•j'
Close
3^s, 1941-43
Dec. 30 1936
Jan.
Tuesday
111.4
111.4
Total sales in $1,000 units...
Zysa, 1940-43
16 1936
10
104.15
3s, 1946-48
9 1936.
.
Dec.
$3,564,000
8,573,000
111.4
'High
3s, 1951-55
Dec
536,370
2,296,240
2,231,520
111.2
108.4
108.4
----
Total sales in $1,000 units...
2 1936.
Dec.
Stocks,
112.26
----
111.2
108.4
108.4
Low.
3^8, 1943-47
Dec. 23 1936
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Nov. 25 1936.
Daily, Weekly and Yearly
112.23
•
111.2
108.4
108.4
----
Nov. 18 1936
Transactions at the New York Stock
112.23
111
----
Nov. 10 1936
----
----
111.2
—
Close
0.20%
0.20%
0.20%
0.20%
4 1936
Nov.
----
----
111
V
'
Low.
-
---
----
112.28
Total sales in $1,000 units...
-
----
112.26
4s, 1944-54
28 1936.—
—
-•
-
-
----
112.28
10
Oct.
0.20%
21 1936
----
----
32
High
14 1936
Oct.
'
107.25
Total sales in $1,000 units...
0.20%
7 1936
Oct.
.27
11
----
| Low-
4MB, 1947-52
Sept. 30 1936
Oct.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
5 1936
Aug.
0.20%
0.20%
Sept. 23 1936
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
May 13 1936
COMPANY, Publishers,
DANA
B.
Asked
Bid
Asked
Bid
WEEKLY
PUBLISHED
WILLIAM
for discount at purchase.
are
PAGES
2947
Volume 142
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND
YEARLY
Occupying Altogether Nine Pages—Page One
HIGH
.'
;
•
.
•....
„■
^
NOT PER
SALE PRICES—PER SHARE.
LOW
AND
for the year.
.
_
Apr. 25
49%
49t4
113
114
*112
115
64
64
*60
CENT
NEW YORK
59
*59
59%
10S4
59%
9%
59%
10%
60
*25%
25%
25
11%
10%
11%
10%
26
11%
60
25%
25%
25%
23%
2%
25%
59%
500
10%
25%
24%
2%
25
25
60
Adams
No par
25
25
24l2
*234
60
61%
4l2
4%
*68
4%
4
4
2234
234
59%
4%
59
3%
234
58%
4
2%
234
15,200
16
15
16%
16%
Wo par
Pref A with S30 warr_._100
1434
1434
*15%
900
Pref A with $40 warr_._100
16
*15
500
Pref A without
12% Jan
12% Jan
30%
30%
*27
29
600
32
2,600
2H% prior conv pf..Wo par
Wo par
Allegheny Steel Co
~6~966
Alleg & West Ry 6% gtd__100
Allied Chemical & Dye.Wo par
2%
2%
1434
15%
15%
15%
16%
27
27
27
27
*25
3312
34
31%
33
31
31%
30
30
30
*
105
186i2 188
26
26%
*
105
180"
186%
25%
7%
7%
6%
*6934
71
4512
2178
70%
6934
45
42
22%
3%
21%
338
36
107
42i4
21%
3%
34%
36%
105
102
51
50
50%
50
48%
42%
68%
44%
68%
42%
70
44
53
122
40
121
5334
128
*90
*22
3634
98% 102
50
50%
*35
3%
42
123% 12534
164% 164%
*69
*4234 45
124% 125
125
121
57
90
90
90
90
89%
*32
57
*32
57
*3134
90
90%
57
*32
58
164% 164%
30
31%
58
9
57
*3134
25%
23%
24
23%
23%
24
20%
22
2034
22
21%
22
21%
23%
23%
23%
9178
90
90
90
90
90
90%
91
91%
92
%
lo
%
%
*12i8
1334
10%
12%
7%
34%
7%
34l2
14i8
1414
7*2
7
30%
*12%
32
*28
16%
7
3912
39%
3%
26
16l2
16%
%
*11
634
34
30
14
*13%
%
11%
7%
31%
15%
26
26
16
26%
16%
16
7
6%
634
38
38
37%
38%
3%
39%
37%
3%
37%
38%
3%
40
3%
19
18
19%
18
18
183s
1138
11%
10%
11
9%
10%
*26i8
27
24
2534
23%
24%
*69
75
69
69
66
67
22i2
21%
22%
21%
21%
11
10%
29%
11
10
10%
29%
28%
29
2212
1034
*30%
*125
3912
10%
52
43
3034
40%
21
21%
29l8
*99% 105
163
"27%
100
100
100
27%
100
74%
21
19%
20
18%
19%
2834
20%
*28
2534
28%
26
26
7134
*14412 145l2
71% 74%
144% 144%
105% 105%
145% 145%
7% preferred
Am Agric
•
584
*5
4i8
vJ£
26%
2712
19%
21%
2178
*104% 110
9
♦834
5812
78
5%
5%
'MB? '
2712
14334 *136
♦140
142
f
*23
28
21%
19%
4
*50
55
*27i2
30
27
3638
4234
37i8
4284
33%
36%
21%
23
10912 *108
11
1312
39
40%
*108
*12
40
50
*24
33%
39%
20%
109% *107%
41 s4
22%
11
*10
38%
40%
*120
121
*120
108
107
108
*106%
434
5i8
*7218
*
115
"56%
1078
4%
5i4
70%
73
56%
1078
♦
5%
72%
115
~51~
10%
88
Wo par
(Alleg Co) .25
10
Corp_.20
American Crystal Sugar
10
900
Amer
,
New.l
European Sees..Wo par
Amer & For'n Power...No par
4,200
American Ice
38%
38%
384
3%
334
1934
21%
21
2134
5,500
9%
23%
10%
10%
10%
10,600
Amer Internat Corp...Wo par
25
2434
25%
8,800
American Locomotive..Wo par
67%
67%
2138
22%
22
22%
3,100
1038
27%
10%
4,000
Amer Mach & Metals..No par
28
3,200
Amer Metal Co Ltd
No par
6% conv preferred
100
10
10%
28%
40
*34%
9
9%
129
129
129
38
*34%
984
75
700
129
300
40
300
9%
9%
44,000
50%
48%
49%
00
49%
4,800
42%
19%
40
4234
42
42%
20%
7,300
27%
*99% 10334
18% 19
26% 26%
71%
*6734
7434
145% 145%
105% 105%
19%
1834
*
1934
*
169
.
70,600
169
90
2738
99
"26%
27%
38,000
99
"26%
*98
107%
400
19%
29%
3,000
74%
35,500
14434
500
18
18%
19
26%
26%
26%
73
733S
145% *142
a;70%
144
520
105% 106%
«.
*136
*4%
143
5
-
-
M
-
140
140
*140
5
434
4%
—
—
10
•
16,300
150
pref
Wo par
$5 preferred
No par
Am Rad & Stand San'y.Wo par
100
Preferred
American Rolling
25
Wo par
American Seating v t c.Wo par
Amer
Shipbuilding Co .No par
Amer Smelting & Refg.Wo par
Preferred
..100
7,700
1
5
200
1,400
Feb 20
1834 Apr 30
Jan
7
26% Apr 30
89% Jan 21
18
Apr 30
2
7
3
25% Jan
5634 Jan
136% Jan
66
Feb
96
June
Jan
3
30
Mar
Feb 17
14
Mar
Apr
24
20% Apr 30
10734 Jan 4
1
48% Apr 30
129
Jan
6
Am Sumatra Tobacco..No par
20% Mar 21
Teleg.___._100
149% Apr 30
Tobacco
25
Common class B
25
Mar 13
87
..100
Preferred
15% Oct
6% Nov
40
/29% Apr
7
Jan 14
1%
Oct
14% Oct
4% Mar
36% Feb 28
9
Mar
95% Feb 27
32
Mar
29% Jan 14
18% Mar
Feb 13
4% Apr
13% Mar
15
35% Mar 20
6
72
Jan
42% Mar 13
z24
Jan
133
Feb
13% Mar 26
60% Apr 7
10% Mar
134% Mar
Feb 19
27
Mar
5
5
33% Apr 8
91% Mar 20
15234 Mar 11
Mar 23
2734 Nov
75% Deo
33% Nov
12% Dec
32% Dec
49% Aug
838 Mar
6
34
Jan
3784 Feb
11% Nov
10% Mar
Apr
116% Mar
4%
130% Nov
36% Nov
9% Nov
7
4
165
Nov
38% Nov
1% Mar
52% Apr
2738 Jan
1584 Mar
66
Mar
4% Mar
20
Mar
31%
Apr
41% Aug
25% Dec
159
Sept
32% Nov
9534 July
21% Dec
26%
64%
Jan
Dec
121
Feb
144
101%
Dec
117% Aug
May
73% Jan 22
63
Jan
76
June
4
125
Feb
143
July
33% Feb 19
Apr 14
12
Mar
88
Feb
113
36
Jan 29
32%
Dec
43
3
141% Jan 29
50%
Dec
70%
Feb
Dec
140%
27%
160%
104%
May
Feb
117
60% Mar
26% Jan 28
178
Feb 14
2
150
24% Mar 18
38% Aug
Oct
6
100
Dec
9% Dec
9% Aug
42
Aug
17
Aug
28
104
Jan
3%
Oct
88% Mar 13
434 Apr 30
Dec
9284 Deo
3
6
136
19%
8% Apr
102% Feb
JAm Type Founders...Wo par
Mar
34% Aug
9% Dec
3584 Nov
6
13% Apr 11
143
100
Preferred
12
Deo
3
Mar
Mar
108
27%May
3% Mar
7
Jan 28
33%
Jan 27
6
7
100
Aug
Mar
9
Wo par
Sugar Refining
2% Mar
2
Jan
100
Preferred
American
6
57% Mar
Amer Steel Foundries..No par
Amer Telep &
Nov
133% Jan
104
Dec
115
25
cum...100
Preferred
65
Jan
5% Jan 14
36% Feb 20
157
Dec
Jan
41% Mar
17% Apr 23
9% Apr 30
23% Apr 28
66
Apr 28
21% Apr 28
10
Apr 28
27
Apr 30
124
Apr 2
x35% Jan 3
7% Feb 20
43
Oct
33%
8
100
2d preferred 6%
American Snuff
American Stores
1,000
145
Mill
Safety Razor
Amer
2,000
2
Co .Wo par
$6 preferred
1,400
49,400
2
Jan
Light..No par
4,600
100
Jan
3
100
Nov
May
38
46
37
Amer News, N Y Corp .Wo par
Amer Power &
Amer
7
1
100
Preferred
Amer Mach & Fdy
25% Mar
42% Deo
Apr 22
18%
37%
18%
8%
No par
non-cum
Mar
43
36% Apr 22
3%
27
169
"26%
534 Jan
50
38%
3834
6%
10
934 Mar 26
Jan 20
2,300
Feb 21
234 Apr
13
38
168
14% Feb 17
10
conv pref
Amer Home Products
Jan
84 May
1534
6%
15184
72
1584
1,000
149%
1
Apr 30
8,700
129
3
Apr 30
6%
Jan
2
12
638
Nov
Jan
Mar
25
*36%
Mar
4% May
Wo par
6%
70
95
No par
37%
47% Nov
24% Mar
Preferred
534
Feb
Jan
Jan
22% Mar
6% Feb
$6 preferred
37
Deo
5784
21
1334 Feb 13
6
2d preferred
1
Dec
Deo
13%
32% Mar
1,000
Amer Hide & Leather
4%
80
34
1,000
Amer Hawaiian SSCo
75% Oct
37% Oct
2284 Nov
40
33% Mar 30
8% Jan 2
23% Apr 30
16% Jan 9
5,800
800
Nov
95% Mar
2
13%
16
Deo
9
43
4
5834 Apr 16
27%
Wo par
Dec
24%
110
127
Apr 8
3% Apr 30
984 Jan 2
6% Apr 30
29»4 Jan 2
100
6% 1st pref
Dec
June
89
Am Coal of N. J
Amer Encaustic Tiling
Jan
2% Mar
73% Feb 19
3
13%
7%
56%
%
20%
102
20%
•19%
*20
20
*10is4 102
734
8%
57
5434
56%
1
%
%
4%
3%
4%
7%
4%
4%
4
4
55
*45
55
4
25%
20%
70
52,200
900
102% 102%
7%
8%
56%
5634
%
%
4%
3%
5,800
3,900
2,000
4%
1,900
4
4,200
Preferred
Am Water Wks & Elec.Wo par
1st preferred
Wo par
American Woolen
No par
..100
Preferred
fAm Writing Paper
Preferred
1
No par
Amer Zinc Lead & Smelt... 1
19%
9234
734
5434
Apr 28
Jan 3
Apr 28
Apr 30
8
4% Apr 30
3% Apr 20
% Apr
2
25
44
*25
29
$5 prior pref
27% *25
27% """loo
25
29% *22
32%
32%
30%
34%
33% 178,600 Anaconda Copper Mining..50
32% 33%
39
39
40
04
38%
*38%
1,500 Anaconda W & Cable.-Wo par
40%
21
22
Wo par
22%
22%
21%
7,600 Anchor Cap
20% 2134
$6.50 conv preferred.No par
*107% 109
*107% 109
109
*107% 109
13
10
10%
10%
10%
10% """300 Andes Copper Mining
*10% 12
39
38
37
38
38
37%
38%
2,700 Archer Daniels Mid'ld.Wo par
121
120
120
120
120
120
40
*119
7% preferred
..100
107%
500 Armour & Co (Del) pref-.100
10634 107
108
107% 107% *105
5
5
5
5
434
4%
30,100 Armour of Illinois new
4%
4%
27
Apr 27
28
Jan 20
35
Jan
♦
70
115
"48%
50%
10%
10%
For footnotes see page
102
25%
25% 1*20%
4
70
55%
10%
*21%
19%
4%
*45
*118i4 121
*107
American Chicle
Jan
11484 Jan 14
27
*15%
Dec
119
41
26
129
19%
1
4%
3%
27
40%
20%
Feb 14
31
No par
100
Dec
2
50% Mar
Apr 30
57% Apr 27
100
Chain
Dec
48% Jan
41%June
134% Jan
30
7% preferred
Dec
14%
1438
33%
132% Jan 25
2
166% Jan 14
Apr 28
Apr 28
25
1038
*
8%
56%
56%
%
%
♦45
20%
734
5
3%
26
102% 104
57%
5
6i8
4%
40
11534 Feb 24
American Car & Fdy...Wo par
Preferred
3%
14%
Dec
26
Feb 28
72
121
163
American
Apr
Feb
Mar 17
8% Jan
2
124
18%
Jan
98% Mar
72% Apr
7434 Mar
129% Jan
2% Mar
25% Nov
Dec
Jan
Nov
Nov
Nov
107
Nov
141
Nov
10%
Dec
'
56%
%
?8
55% Apr
3
13%
28%
41
5%
Jan
31%
6%
■
104% 104%
8%
8%
59
143
5%
Apr 20
65
..100
Preferred
1,000
142
5% Jan 29
42% Feb 18
25
Jan
Dec
187
Sept
3% Mar
/49
June
47% Jan 29
125% Mar 11
63% Feb 15
6
12
....
"
Jan
10
..100
Sept
4
173
22%
5
74% Feb 27
50
Preferred
2,300
105
Chem (Del) .Wo par
50
American Can
27,500
32
Jan 31
75
Am Brake Shoe & Fdy .Wo par
51,800
7
9% Mar
7
20% Jan
50
Preferred
11,800
106% 106%
105
634 Jan
No par
American Bank Note
74
a;20%
Mar
Mar
Amerada Corp
Feb
Nov
2% Dec
125
2
28% Mar 26
23% Mar 12
Am Comm'l Alcohol
60
60
59
60
59
58
57%
58%
58% 5934
60%
6012
*137
*137
*136%
*136%
136% 136% *136%
22
24%
20% 2334
23%
2234 25%
23%
20% 23
24l2
24l2
113
113
113
*113
114
113
113%
113% 114% *113
*11312 II4I4
27%
27%
27%
27%
28%
28%
28% 29%
28% 28%
2934
*29l8
50
50
40
52
48%
50%
50%
50%
51%
50%
50%
52i2
137
*133
*133% 137
*133% 137
133% 133% *133
133i2 *133% 133%
23
23
23
*23
22%
22%
22%
2238
*22%
22% 2234
2334
151
158
149% 155
15134 154
159% 16434
158% 161%
16334 164
89
89
89
90
89
90
89%
89%
8934
9034
89%
9034
91
91
90
90%
89%
90%
9034
90%
90% 91
91%
9H2
*10534 10638
Apr
30
22
10%
28%
73%
7478
634
31%
208
Amer Colortype Co
11%
3%
20%
10%
2334
76%
23%
20
.
4%
7
1534
6%
37%
38%
*66%
21%
42%
19
•
2834
27%
2834
40%
161
161
169
*161
43
19%
4334
2138
3%
*10%
7
Jan
26%
9%
129
*122
129% *126% 129% *122
41
*38
38
*38
40%
3934
10
9%
9%
10%
9%
10%
52
49
49
48
52
48%
334
11%
157
8%
173
Feb 14
13%
19
3%
n3%
103
100% Dec
37% Nov
2438 Dec
20% Dec
32
Mar
120
*10%
8
6%
3134
6%
37%
38%
3%
6%
7'8
40l2
12
11%
%
11%
6%
30%
13%
*24%
15%
Feb
Oct
7484 Nov
J1% Dec
Jan
14
1,100
92
23%
98
116
21
12
5,000
24
39% Feb 11
6
'mmm^mm
934
2434
2412
22%
*90
Apr 29
50% Apr
800
57
*9
9
9
24
9%
30
Apr
28% Mar 24
1,500
9%
2334
9
10%
*834
IOI4
5
2
2%May 1
34
Apr 20
12,600
90
45% Feb
35% Jan 21
1,800
89
Apr 28
69
6,800
89%
6%
27
Alpha Portland Cem..Wo par
Amalgan Leather Co...
1
900
61%
*58
58
58
134 Mar
Wo par
5% pref
Allis-Chalmers Mfg
1,760
22%
10
29% Feb 18
Mar
Wo par
13,500
49
47
46% 48%
4734
4934
♦125
127%
125% 125% *125% 127
59
49%
32%
1,400
124% 125
164% 164%
30% 32
2
Wo par
100
110
71
42
127
58
48
44%
70
126
30%
2,200
5,800
50%
43%
123% 124%
122% 124
164
164%
31
32%
126
50%
100
warr
84 Mar
2% Mar
4% Jan 31
Allied Stores Corp
300
2,400
41%
42%
123
900
3%
36%
69
70
♦68%
1,700
102
100
44
42%
20,800
23
2%
*34
12214 124
164% 164%
33%
313s
58%
57%
50%
4634
9034
*32
3034 Feb 18
29% Feb 18
2
2
Allied Mills Co Inc
900
70
4334
22%
3%
3%
24,000
70
70
43
22%
36
5,300
7%
43
69%
40%
23
122
122
25%
7%
43%
126
61
*60%
*126
43
124
4U4
34
3338
69
68%
12312 12412
125
125l2
*163l2 165
7%
70
98% 102
50% 50%
43
43%
50%
44
186
25
2434
634
41%
22%
3%
101% 102
48i2
184"
182
24%
7%
*34
48l2
105
70
3%
37
51
*43
25
6%
*
105
177"
182
•
43%
2134
3%
*3134
'
24%
7%
6934
*
/ 105
178
181% 184
25
23%
2434
7l2
*
105
31%
fAllegheny Corp
Apr
186
Mar 25
195
2% Apr 28
12% Jan 2
15
17%
18%
18%
7,500
15
234
13% Oct
1% June
Jan 23
5% Jan 27
Mar 25
195
84 Apr
74
Sept
1
Mar 25
17%
2
2%
15%
16%
*69
3% Jan
2
91
13% Apr 28
W Paper Co
No par
Albany.& Susque RR Co..100
A P
Jan
4% Mar
6% Sept
104% Mar
8
6% Apr
2
June
8
Mar
9
Mar 25
91
Vicksburg RR Co. .100
Alaska Juneau Gold Min__.10
28
61% Apr 22
234
16%
29%
107
100
June
4% Mar
8434 Jan
21% Jan
15%
2%
16%
338
4%
*3%
18,700
Jan
2
Way El Appliance.Wo par
Ala &
_
14%
14%
Air
Jan
51
3534 Feb 14
Feb 28
15
28
36
8,800
32
110
28
15
2%
33
2178
_
.
Highest
share $ per share
Apr
52% Nov
1
Feb
100% Jan 10
18
20
4434
4%
per
13% Feb 21
17
234
*29%
•6934
Air Reduction Inc new.No par
*88
4
*17
7U
11,300
$
share
Apr 20
7434 Feb 10
16
1834
20
*
900
60%
4
"l5~"
*3%
4
2%
Address Multigr Corp.
10
Advance Rumely
No par
Affiliated Products Inc.Wo par
5934
14%
"l4~34
13%
*3%
1334
25%
*234
*88
*68
mm
2,100
No par
25%
3%
334
Adams Millis
per
50
118
*15
3
2%
18
*17
5
24
2%
4
13%
*3%
13%
*3%
414
234
*68
13%
*23
24%
58
3
*68
m+m
4'4
61%
1
1378
1334
24%
58%
3
*234
100
1,300
$
share
Mar 31
42
25
Express
per
lll%Mar 18
59
Apr 28
9% Apr 30
10038 Jan 2
25
Apr 30
22% Jan 21
zl% Jan 14
738 Jan 2
58
Apr 28
100
Preferred
*25%
$
No par
Acme Steel Co
20,400
10%
Straus
Preferred
50
6334
10%
958
Abraham &
120
115
*112
Par
Lowest
Highest
Lowest
Shares
48
*43%
115
Year 1935
Lots
On Basis of IQO-share
Week
$ per share
45
*43%
*112
115
fits
0
STOCK
FiYPW A vn-p
£iAvXlAiN VjrJtii
hp
t
Tltluy
May 1
S per share
45
44%
r
rVUTSCLuy
Apr. 30
$ per share
*112
115
*112
63
•
1
cuncsuuj/
Apr. 29
$ per share
*45
47
$ per share
50
w
Apr. 28
Apr. 27
$ per share
*47%
ufluuy.
,
Range for Previous
Range Since Jan. 1
STOCKS
for
1V1
'
.
,
Sales
is'ip/f rt nn
rpM / /»0
rt • *
jl uesaay
TUT on ft nn
fHflinr/t fiti
ouiuTuay
day. No account Is taken of such sales
the day's range, unless they are the only transactions of the
NOTICE—Cash and deferred delivery sales are disregarded In
In computing the range
2946
70
♦
70%
115
"49%
9%
51%
10%
*48
7034
70%
....
*48
55
115
49%
9%
""56
10
Preferred
71
115
*
50%
10
71
55
1,800
$6 conv
Wo par
pref
100
Preferred
"
50%
9*900
Armstrong Cork
10
3,400
Arnold Constable Corp
Co...No par
5
Jan
8
2
3
10% Apr 30
37
Apr 30
15% Jan
10434 Jan
120
Mar 27
105% Jan
434 Jan
66% Jan
109
3
2
2
Jan 14
47% Feb 24
7% Jan 9
35
Jan 10
25%
104%
11%
7084
Apr 9
Apr 27
Feb 1
Feb 1
2
10
3
Mar
31
Mar
49
Aug
8
Mar
30
Dec
16%
Apr
37
Dec
17%
Jan
Apr
7% Mar
48
Mar
4% Mar
5
35% Mar
% Mar
Jan 10
2% Mar
Feb
2
2
31
Apr 2
3934 Apr 16
784 Mar
73% Mar
46
Mar
38%
2234
94%
1034
6884
2%
IIS4
5%
9
Feb 15
2684 Mar
5
111
Jan 30
15
Feb 17
50
Jan
10% Sept
Oct
3% Mar
96%
7
36
Jan 13
117
Jan
84
Jan 28
Aug
97
Apr
3% Apr
55% May
125
Jan 28
85
122
110% Jan 20
7% Jan 25
62% Mar 23
15
Mar
4
Jan
25% July
4
Mar
109
12%
52
Deo
Dec
Nov
Sept
Nov
Dec
Deo
Dec
Dec
Aug
122% July
110
109
6%
70%
Deo
Jan
Jan
Jan
5084
Dec
9%
Dec
New York Stock Record—Continued—Page 2
2948
HIGH
AND
LOW
SALE PRICES—PER
Saturday
Monday
Apr. 25
Apr. 27
$ per share
$ per share
*17
15
116
*105
1414
*105
$ per share
116
13
145s
109
*105
14ig
*105
109
30&S
38
*59
60
126
29lg
316
*34
578
312
35g
*314
334
1858
*25l2
44
*114
14
12
12
14
14
30
28U
297g
*55
2134
*57
60
125
1812
1834
33
1734
31l2
*34
*35
5
514
5
314
33g
314
33g
314
3
34
32
6i2
19
32
1634
22lg
4378
24l2
44
31
1758
2U2
*114
14
*135g
96l2
*85
I8I4
167g
177g
76
70
14
14
377g
86l2
13l2
87l4
14
89i8
*885g
89i8
29
293g
26lg
207g
5334
5558
20i8
287g
21is
5114
53
50U
5458
167g
5314
5438
17
1714
116
16l2
116
40
40
163s
*17i8
112
*113
1914
19i2
92l2
19i2
51
*8412
20U
51
4834
98i4
97l2
2678
41i2
27l2
74
7434
17lg
16l2
*111
39
37
-
11414
~1738
18l2
48
4834
*95
9812
4034
4II4
2634
40l2
41
2614
2618
2634
70l4
7134
67l2
7U2
612
6I4
*112
14ig
47i2
6U
63g
*ll2
63g
6
6
214
143s
4958
2
2
1358
2i4
1412
14
48
1312
4314
14
4534
4612
46
2
1534
52
183g
1678
46i4
*95
1778
17i2
48
4714
44
70
*6i4
*U4
7
2
400
53
53
4312
758
38i2
43i2
46
58
39l2
46i4
58
4514
*55
46
45
57
*55
10
His
10
10l8
*978
IOI4
1334
14l2
1334
14ig
14
*51i4
4334
834
10712 109i2
13ig
2,300
46*4
77g
77g
41
*37i2
46i2 47
1017g 10178
4512 46i4
57
*54
13i2
*103l2 109
258
2714
273g
10ig
28i4
2338
2334
21
14ig
103l2 103l2
3
9ig
2558
23
*95
3
234
8l2
914
9
918
10
IOI4
1412
14ig
10512 106i2
934
103
*95
27g
9ig
27g
14
100
234
a99
3
800
10,000
1,500
2,600
57
9ig
1334
14
107l2 107l2 *10534 106i2
13l2 14i8
133s
1414
106i2 107U
145g
85g
858
54
7,700
35,300
1,500
1,000
14
914
9
14i4
4714
4334
8
38l2
4538
46i4
10134 102
47
10214 10258
47
*54
48j4
8l2
*38i2
39
98i2
50
3,600
6812
54
39
20,300
570
43l2
46 84
47l2
10178 102ig
10
187g
47i2
16,300
14,000
1,100
54
77g
""116
2612
43
83g
11
3ig
25
26i2
25
6
6ig
5
*13
1378
13
Preferred
Atlas Tack Corp
No par
Auburn Automobile—No par
Austin Nichols
No par
..No par
Prior A
14i4
Asked
Preferred
100
Baltimore & Ohio
17
16l2
1612
5
4I8
Preferred..
100
100
__6
Bayuk Cigars Ino
1st preferred
No par
3,900
11,000
240
95,600
99
500
3
3i8
22,700
912
95g
16,200
2414
23ig
3134
1
1
117g
1214
3334
11
3034
1U2
12
*38
13l2
5112
*-_..
*
12
*58
2714
*40
10
14ig
16
1512
1512
9834
227g
32
30l2
Blaw-Knox Co
1434 Apr 28
1838 Apr 20
10934 Jan 24
No par
Preferred..
Blumenthal & Co pref
100
Boeing Airplane Co
Class B
Preferred
997g
*
7
7i8
697g
70l2
2314
2414
21 l2 2134
*55
56
67g
67g
145
9978
7
14914
*136lg 140
67
7
7lg
139i2 14734
136
141
120
69
10,200
2212
23l2
15,300
2II4
23
54
577g
68
2258
2358
2214
2312
1934
2158
19
2138
57
56
56
*__
~26l2
36
6i2
2784
36
684
2612
*39
2734
2814
2812
45
43
43
7
*6l2
*9714 105
51
5314
50
4,700
•
210
5,700
400
14
89l2
102
90i4
102
58l2
50
57
45
50i4
66
66
63i2
65l2
6312
6534
557g
*138
56i4
54 I8
56i4
54i8
55
*13g
2
*13g
2
3ig
*U4
5l8
3ig
3
3ig
3
13g
*li4
13g
U4
5
3
5
*8
3ig
9
26i2
27
5
712
27
54
2ig
*13s
2i8
3lg
3lg
U4
U4
*318
li4
4l2
3i2
U4
13g
5ig
8
5
*8
5
9
27l2
*6
5
1,250
5418
5538
*13g
2i8
3ig
3ig
1,600
*li4
13g
800
5
5
18,200
14lg
*45
*U2
1,900
3ig
33g
314
15g
3U
3i2
11,400
3
314
234
3
212
27g
234
27g
27g
8,600
7h
7i2
73s
73g
7
634
67g
400
14i4
7i2
1278
14i4
1314
4434
4484
43
*15g
2
334
3i2
4
334
*27i2
*255g
28i2
2658
-
25i2
25
For footnotes
312
27i2
25i2
see
page
/
15g
3i2
314
1234
127g
1212
1234
13
1314
3,200
43ig
1&8
437g
15g
42
4338
4114
42
2,500
300
1*2
*134
2
37g
4
3h
35g
*334
4
2,600
35g
334
3i2
3i2
334
334
1,400
25l2
2412
2514
2514
24i2
25
26
25
25
25
2414
2946.
lh
24
*25
*24l2
51i2 Mar
50i2Mar 25
Apr 7
104
6
30
Jan
6
1038 Apr 30
54
Jan
3
1078 Jan 20
Apr 30
13
Mar 23
153s Apr 23
114
Apr
53(i Mar
2
Mar
Chesapeake Corp
No par
Chesapeake & Ohio
25
tChic & East 111 Ry Co
100
6% preferred
100
Chicago Great Western...100
Preferred
100
9
Mar 23
1
19
Mar 24
514
Feb 13
Us Mar
113s Mar
32
Jan 10
2534 Mar 17
376s Jan 13
Apr 13
40U Apr 2
16i* Jan' 2
57*4 Mar 24
16
Feb 19
96
91
Jan
4
Apr 1
10078 Feb 21
Apr 27
984 Feb 19
Jan
253g Jan
6
17234 Apr 16
7
142
6
35
1234 Apr 24
80l2 Feb
101
4
Mar 13
1934 Apr 30
Apr 22
7834 Apr 15
3214 Jan 6
3U2 Feb 19
71U Feb 18
35i4Marl3
61
li2 Jan
278 Jan
4
Jan
2
Jan
4
2i2 Apr 29
1
634May
1212 Apr 30
41i4May
1
par
No par
JChic Rock Isl «fe Pacific.. 100
27
1,400
7% preferred
100
6% preferred
100
Chicago Yellow Cab...No par
25
1,200
Chickasba Cotton Oil
10
Feb 19
314 Jan 13
6I4 Jan 15
258 Feb 6
8i8 Feb
12
7
Jan 31
313g Jan 6
278 Feb 11
578 Feb 11
478 Feb 21
12i8 Feb 21
20i2 Jan 2
56
Feb
6
8
H2 Apr 23
3i2 Apr 24
3
Feb
8
Jan 11
314 Apr 28
778 Jan 10
1934 Jan
24
2
Apr 30
U July
2i2 Mar
7i2 Mar
8i8 Sept
50
858
30
Dec
100
July
4784 July
2784
70i2
8?s
234
Nov
Dec
Dec
Dec
17»s Nov
553s Oct
55
Oct
42
Dec
5i2 Deo
38
Deo
46»4 Aug
100
Aug
71l2 Aug
6334
111*
87g
1784
100
Aug
Dee
Deo
Deo
Deo
984 Nov
97i2 Dec
3
Nov
Apr
Oct
June
143g Nov
1484 Nov
24i2 Nov
284 Jan
28
3i8
10i2
22i2
Nov
Jan
Jan
Jan
3i2 Nov
205g Jan
66
Deo
42i2
Feb
U8
Jan
634 Oct
333s Nov
1758 Dec
56i2
1384
4014
Oct
Jan
Oot
43g Mar
3212 Feb
8214 Feb
14
Nov
48
Nov
88
Aug
85
Mar
95
7
Dec
4534 Mar
83i2 Apr
July
8i8 Deo
IIU4 Nov
126i2 Nov
36i2 Jan
19i2 Apr
16i8 Nov
60
55
6234 Nov
29
May
62i2 Aug
22U
34
Nov
Feb
Mar
353g
Nov
Jan
2U4 Nov
6i8 July
123g
96U Mar
Jan
109i2
Jan
Jan
653g
Dec
3&S Mar
153,
Dec
88I4
Dec
21
Deo
23
2
7
Dec
90
22i2 Deo
5978 Jan
Mar
7
2
4
30*2 Aug
99i2 Apr 13
IO4I4 Mar
2
2612 Apr 27
Nov
*21
Jan
2
Mar
3858
Jan
278 Apr 27
Conv preferred
7
Mar
Apr 14
19U Mar 24
59
100
Chicago Pneumat Tool.No
Mar
51
Chicago & North Western. 100
100
Feb 21
984 Jan 17
2214 Jan
112 Apr 30
Preferred
57
Apr 29
6918 Apr 17
74i2 Feb 4
II4 Apr 28
10
178 Feb 10
14
8
92i2 Jan
Apr
Apr
74
4
116
8U Mar
14 July
1314 Mar
2478 Mar 23
663 Mar 20
25>4 Feb 13
Jan
7
14 Sept
3*4 May
87
2
Mar
Apr 27
Feb 4
Feb 7
45®4 Jan
Jan
314 Mar
28U
3118
384
33U
43i2 Jan 11
18i2 Feb 24
5212 Apr 18
par
Preferred
Jan
23
5
58
6
90
2i2 Mar
107
No par
14
May
36*2 Mar
5
473« Jan 21
7% preferred
100
Champ Pap & Fib Co 6 % pf 100
8i2 Apr
24i2 Feb
2318 Jan
3038 May
13g Apr
17
2378 Aug
114
33s Apr 23
14
Cerro de Pasco Copper.No par
Certain-Teed Products.No par
JChic Milw St P & Pac.No
1&8
12U Mar
Apr 28
6i2 Apr 29
98i2 Apr 28
2,700
lh
3
48i2 Mar 11
Central RR of New Jersey. 100
Century Ribbon Mills.No par
Preferred
100
17g
178
3l2
No par
JChic Ind & Louisv pref.. 100
Chicago Mall Order Co
5
3
312
100
160
17«
334
10
1,300
134
27g
Apr 30
Jan
13
912
17g
133g
4312
15g
414
312
2
6
1
28l2
314
2
25s Jan
16i2 Apr 29
Apr 27
57
37
*714
212
*63g
2
2
14'8 Apr 29
No par
2734
134
*7
5
—25
714
3
8
1
2734
4614
*?12
5
100
2734
2714
134
..
8I4 Jan
Checker Cab
3l8
27
2i2 Jan
100
No par
6
Apr 27
No par
5% preferred
100
Central Agulrre Asso. .No par
2,500
3,200
5234
25
Mar
2214 Apr 30
19
Apr 30
54
May
1
Common
5478
I
par
90
5334
*13g
2
8
54®4 Jan 16
1,100
89i2
Jan
par
92
97
90l4
9014
*9034
10214 *10U4 103
*101i4 103
21
21
1934
1934
2014
50
52
50
52
49i2
49i2
*63
64
64
64
6558 6558
1312
9i8 Jan
7
100
102
1234
Mar
Caterpillar Tractor
No
Celanese Corp of Am..No
10,400
1334
par
187S Feb 13
6478 Mar
69
Apr
i2 June
8ig Mar
62®4 Mar
Case (J I) Co
Preferred certificates
14
127g
Jan
20i8 Feb 14
113i2 Feb 24
lli2 Jan 10
2034 Apr 28
No par
Preferred A..
1358
1334
90
1334 Apr 24
No par
.No par
Carolina Clinch & Ohio Ry 100
Stpd
100
Carriers & General Corp
1
20
5234
105
Jan 15
1414 Feb 14
214 Jan 20
100
19,500
51
45
Mar
2i8 Apr 15
Canada Dry Ginger Ale
Canada Southern
5334
*98
100i2 Apr 13
28U Mar
618 Mar
395g Ju y
Mar
83jj Apr 30
par
97i2
98i2
517g
Feb 28
26i2 Jan 29
63i8 Mar
33s July
4*4 Mar
No par
Campbell W & C Fdy..No
97i2
52i2
9812
99
Jan
43
85
Calumet & Hecla Cons Cop.25
734
49i2
1234
54
113
958 Mar
165s June
10314 Jan
53
100
Preferred—
*614
500
48
Apr
2014 Feb 19
215s Feb 11
5612 Jan 31
No par
100
Butte Copper & Zinc
By era Co (A M)
JCelotex Co
Feb 28
120U Mar 26
65s8 Jan 15
100
Deo
8
Apr 24
8i2 Apr 30
87s Jan 2
22
16,900
68
Jan 7
Jan 2
Feb 4
Apr 30
30^ Apr 30
33 Jan 2
"3",300
136lg *136
4
No par
7l2
65
Jan
No par
14434 14912
70
Jan
Jan 17
4i2
33i2
40*4
97»4
California Packing
Callahan Zinc-Lead
99
"7"
48
57
Bush Term B1 gu pref ctfs.100
49i2
9812
4314 Apr 30
41
45
Debenture
49i2
*
li2 Jan
13i2 Apr 30
par
Capital Adminis clA
*
19
2
1U8 Mar
Sept
1178 Mar
28*4 J*n
384 Mar
6
Budd Wheel
200
99
Deo
10Si8 June
3312 Sept
95
Sept
1484 Nov
117i2 Mar
24i2 Oct
lli2 Jan 30
33s Feb 14
No par
7% preferred
Rights
1st paid rts
13
50l2
9812
Dee
May
Jan
83i2 Mar
No par
Budd (E G) Mfg
13
*95"
1484
66*4
20i8 Nov
Jan 21
7% preferred
800
*49i2
Deo
Nov
Oct
Apr 27
Preferred
38l2
*
115
6
Bruns-Balke-Collender.No par
Bucyrus-Erle Co
10
Canadian Pacific
Cannon Mills
9834
*96~
Dec
15i2 Nov
678 Mar
3712 Mar
10734 Jan
64
Brooklyn Union Gas...No
44,100
*13
116
88
Dec
$6 preferred series A.No par
1112
*38
Feb
Mar
Byron Jackson Co
30
8
8
Apr
76i2 Apr
114U Jan 15
Mar
June
38
No par
Bklyn Manh Transit
IU4
III4
*20
32
18
Sept
25i4 Dec
4912 Aug
Mar
21
1,400
*53l2
-
Apr 11
Mar
Mar
30i4 Feb
tBotany Cons Mills class A.50
Bridgeport Brass Co...No par
Briggs Manufacturing.No par
Briggs & Stratton
No par
Bristol-Myers Co
6
Brooklyn <fe Queens Tr.No par
11
1U2
III4
37i2
14l2
3
Mar 19
102
40
100
Corp
3134
-«.
19
Jan
Apr
25&g Jan
3,500
5,400
21
28
7i2
7i2
9i8
36i8
IO6I4
314
16
..10
Boston & Maine
3II4
1038
*53i2
46*4 Apr 30
9378 Feb
393g Jan
No par
3134
30ig
Apr 28
1678 Apr 30
No par
Borden Co (The)
37,500
7,300
9.400
85
Jan
5
Bon Ami class A
JBush Term
50
23
Apr 30
6
Bohn Aluminum & Br
Borg-Warner
par
100
10,400
5,200
28
27i2 Sept
16i8 Apr 28
110
538
125S
1712
438
1734
12,800
Feb
Feb
Feb
Feb
Feb
1484 Mar
7
4534 Apr 30
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Burroughs Add Mach._No
64
54i2
24U
34U
49i2
117i2
20»4
Dec
57i2 Nov
1078
51
9834
5412
134
65s
2284
10i2
*49i2
51
*96~
91
3i2
5>4
li2 Feb
Jan
1034
glO
14i2
35
102
134
3ig
2«4 Ju y
15i8 Mar
Jan
23l2
31
118
*1234
2734
89
812
Mar 18
678 Feb 241
334 Apr 22
Jan
,
34
Jan 18
23l2
37
2634
13
538
63
Dec
67t4 Apr
6334 Apr
20
(Del) .No par
6% preferred...
20
3034
Us
38
35
5012
2734
35i2 May
100i2
48
No par
Beth Steel Corp
1
*37U
39
102
8i2
Jan
Jan 24
Apr 20
Best & Co
31l4
11
27ig
90i4
2734
14
109
Beneficial Indus Loan..No par
23
lll2
15
*
67g
67g
*98l2 105
2ig
Oct
5i2 May
79
1
*57
Sept
19i2
45i2
8884 Apr 22
31»4 Apr 15
243s Mar 5
3014
11
38
438
1738
115
Mar
Mar
8
9
12,500
510
May
4
Jan
2
5
2738
1,100
28
48i2 Nov
15
14
13i8 Jan
22
11
58
10214 10214
87l4
Apr 18
Feb 14
Mar 5
Jan 15
Mar 11
215g Jan 20
22l2
5512
26l2
1378
126I4
30i8
54U
1018
46i2
7*4
3284 Apr
10684 Jan
26
85i2 Jan
a;20
13
8
Feb 18
2
Bendix Aviation
31l4
U8
1112
58
54
Oot
Apr
73
Jan
Beldlng Heminway Co .No par
Belgian Nat Rys part pre!—
64
12
141
*35
1658
57l2
140
5312
20l2
Feb
*57
107g
3114
1138
55l2
152
7i2
*98l2 105
1
10lg
7
2814
64
11
146
42
17
lh
73g
*7
1612
32
4
434
*56b8
2214
30l2
17l2
160i2
59
«ti4
6.
*49l2
52
100
478
m2
*1234
"7"
73g
15018 15734
142
142
*141
14U2
73
73
737g
6978
25
25h
25U
2212
24
24
23
23l2
"738
10
38
13^2
1212
17i2
4*4
1714
10
4l2
1U8
39
nig
314
26
16
10U
3014
III4
*53i2
*53l2
434
2578
4
117g
1
3334
3ig
5
4lg
1178
159
Mar
1
Nov
Bullard Co
15
32l2
V8
99
Mar
6
Apr
72
Bulova Watch
*10
23l2
33l2
1
5212
3
6
16i8
18i2
35i8
•4
33
9,500
434
5
33l2
100
6
Feb
92i8 Deo
3714 Jan
17i2 Dee
1978 Dec
36i2 Mar 25
3,800
1658
*52
19i2 Apr
Feb
Dec
90i2 Jan 28
16U Mar 4
22
*5614
227g
3034
*
Dec
Deo
8
2414
19
*
44
60
Feb
22
59
16
100
Feb 28
2U2
17
*1412
Mar
35
2H2
57
40
48
2934 Feb
3584 Mar
665g Mar
85
2134
x25
Oct
Nov
1834 Nov
109
Sept
50
21ig
26i4
107
Mar 17
978
90
20
2112
25i2
18
100
Preferred
111
Apr
712 Mar
807s Apr
Beech-Nut Packing Co
24
19
*37
384 Mar
70
Beech Creek RR Co
958
2312
26i4
112U Apr 3
13i4 Jan 6
82U Jan 10
14ig Jan 6
6312 Jan 6
26
Beatrice Creamery
838
2214
834
Apr 30
417S Jan 3
100
Brown Shoe Co.
"2" 500
1578 Apr 30
No par
Barnsdall Oil Co
26i4
71
1218
9
Apr 29
29i2 Apr 30
21
60
6M% conv preferred
25
25
2614
24
1214
Jan 17
1758 Apr 30
3012 Apr 27
638 Apr 28
34
Apr 30
100
Barker Brothers
914
*56l4
12
2
100
Preferred..
Bangor & Aroostook
2734
478
1834
1214
*53i2
Jan
17s4 Mar 6
IO984 Apr 2
106
Apr 24
6Us Feb 10
8658 Apr 13
104i8 Apr 6
3584 Feb 21
3
........
87g
13
33U
2
3i6 Apr 27
253g
2034
6
17
27i8 Jan
48
—No par
100 *112
Burns Bros class A
26l2
Apr 22
13i2 Apr 24
Rights
Bloomlngdale Brothers.No
4U4
54l2
734
1,300
1,900
10,500
26
43
858
10
4012
53
9i2
20
500
2638
6878
43
47
200
2558
65i4
77g
*56
2,600
38,500
9,000
41
5612
39
3934
46l2 4712
*102l2 103l2
10
2
Apr
200
*95
4312
1514
934
30
98l2
41i4
734
15
3
90*4 Jan
22i8 Feb 27
105U Mar 24
Apr 3(f
110
53
107
2
3
38
*938
1078
107
1,200
-
43l2
*107l2 107l2
1458
1478
100
Atlantic Refining
40
17
7414
8I4
58
Jan
11
1,100
26,600
98
2758
1514
51l2
59i2
4818
59
21&g Apr 24
Preferred
Atlas Powder
1534
4D2
15i8
48i8
Feb 21
3
*90
98l2
17g
1414
49i2
44
Feb 17
98
40i2 Apr 28
Aviat Corp of Del (The) new 3
*14i2
71
48
100
106
At G & W I SS Lines..Aro par
20,100
*11134 113
26l2
10212 103
Topeka & Santa Fe__ 100
Jan 20
1258 Apr 30
Baldwin Loco Works..No par
15
41
45
25
3
8^8 Jan
95
28,000
3ig
32i2
173s
227g
9434
50
6
*56
113
98i2
8
48
14
*90
*42
97l2
2
*3934
113
14
44
4934
*134
*5614
*43l2
778
1714
22l2
17U
4834
*6l2
51
115
39
40
175g
*97U
4U4
% per share
3I4T 18,500'
111
110
11234
3512 3512
3714
3714
15
1538
16l2
1434
157g
157g
15
1434
1534
1514
19
*1634
19U
*1634 183g
*1634
19
*1634
183g *1634
11U2 112
*110l2 113
*110l2 113
*11U2 113
*11U2 113
*
*85
85
85
92l2
89
*80
86
*80
85
16i2
3 per share
Atlantic Coast Line RR...100
71i2
1634
113
11414
38ig
112
100
100
Preferred
$ per share
80
60
3ig
3i8
30i4
165g
22I4
31
1578
*42l2
96
—
*37
2034
*885S
Atch
200
*11118 11178
20lg
2058
2I84
*10912
-
88
1
7% 2d preferred
Highest
$ per share
par
100
Associated Oil
Lowest
10,300
14
1712
2914
1634
1714
32,100
69
7U2
71
71
71
2,300
112
lllig lllig *110
*110
113
10
20i8
2034
203g
21
2038
20i2
2,900
*109i2 llOU *109i2
*109l2
'm
*109i2
*37
*37
*37
377g
377g
*37
3778
377g
88
*86lg
*86
86i2 86^2
*86
8778
300
887S
13i8
1314
1314
1314
14
14
13J8
14i2
6,000
*885g
89ig
*8834
891g
*8834
89i8
*8834
89lg
27l2
26
26l2
26i3 277g
27i2
64~500
267g
277g
20ig
205g
20U 205g
20i8
20i2
2014
2034
8,800
52
*51
5134
5212
51i4
51i4
*51i4
52l4
1,200
46
51l2
50ig
4934
4534
4978
4834
50l4 100,800
16l2
16l2 165g
16ig
1618
16i2
17
1634
6,800
76
*11118 112
21
17
314
314
21
114
1358
*89
1634
1714
44
114
96
29i2
23
*42
15
9612
3
32
1612
2314
4378
11412
*135g
3778
1,000
*56
60
3
*3
16
*37
*99i2 100
2338 2334
*12412 129
*12438 129
1734
1758
I8I4
*1812
19
32
34
3234
3378
3438
6l2
6l2
6l2
612
6l2
37
34
34i2 *35
3812
514
434
5
5i8
558
6l2
3712
63g
97
*86l2
160
27,700
*11
—.No
Associated Dry Goods
6% 1st preferred
""206
71i4
*1338
285g
Corp
Preferred
125
31
116i2 *113l2 115
*109i2
7012
Artloom
Highest
'
17l2
75
3,900
243,800
60
12414 126
3l2
22i2
22
23l2
Par
~~6~606
45
S16
*89i4
1758
7234
*40
Year 1935
Lowest
109
!10214 IO2I4
17l2
23
*15l2
22
*103
45
*14
35g
*42
*11U8 112
100
1558
1338
Range for Previous
On Basis of 100-sftare Lots
EXCHANGE
the
116
1338
108
*40i4
703g
9958 100
15i2
*105
1338
67i2
7034
9934100
2134
2334
1214
1214
*13
17i2
2734
29
534
32
19i8
26i4
67l2
*57
314
1534
116
1258
*1258
60
*3
44
7038
15i4
*96
41
68
Shares
*103
106
41
r3 is
5i8
3634
109
*95
2914
1
*34
*103
40i2
100i8 lOOig
*12414 129
19
19i2
183g
38
38i4
30i2
7
714
7lg
37i2
37i2
37i2
534
109
$ per share
Range Since Jan. 1
STOCK
Week
*105
13ig
105
51S
STOCKS
NEW YORK
Friday
May 1
$ per share
157g
40l2
22
Sales
Apr. 30
116
13
105
126
*19l8
3784
*7i8
*105
13i2
*103
3034
*57
15i2
116
1234
115
114l2 *105
41i4
41i4
*40l2 41
74
67
73
7312
100
♦100&8 10278
101l2
23
24
2158 23i2
14
*12
14
*12l2
14
14
*13l2
16l2
S16
$ per share
1534
1514
*105
3038
Thursday
Apr. 28
Wednesday
Apr. 29
17
*105
1714
SNARE, NOT PER CENT
for
Tuesday
May 2, 1936
31'4 Apr
1
3014
6
Jan
43g Mar
36
Mar
37i8 Mar
1
Apr
78 June
s8
15s
1
Feb
Feb
61Vi Nov
53U Deo
2>s Jan
314 Dec
2U Jan
55g Dec
Mar
9
Dec
19i8 June
14 Mar
z35
Nov
3
Jan
84 Mar
13s June
358 July
458 Mar
20
Mar
484
55g
105s
2058
Jan
Jan
Jan
Deo
84 July
15g Mar
5484 Dec
25s Jan
414 Dec
114 July
914 July
Sept
4
Jan
1984
3134
Dec
25
Deo
New York Stock
Volume 142
HIGH
AND
LOW
SALE PRICES—PER
Record—Continued—Page
Sales
SHARE, NOT PER CENT
Apr
Monday
25
Tuesday
Wednesday
27
Apr. 28
Apr. 29
$ per share
$ per share
Apr
$ per share
$ per share
8%
83g
32
*31*4
100*8 101*4
17*2
17*2
*821a
83*2
*45
8*4
7*2
31*4
95ig 10034
17
1634
*7*2
60
8
94*4
1678
97
83
82
82
7*2
*28*2
93*2
1634
8212
60
*45
60
*45
*28
31*4
82l2
*45
31*4
1678
*5*4
5
558
5*4
5*4
5*4
1'
36
32
3678
37*2
32l2
343g
*10778 110
*10778 110
*10778 109
38
35
38
3758
35l2 36
*85
*48
51
*125*2
87*8
*56*2
17
*85
50
"
5234
-mm*
87*2
*85
*125l2
8678
58
*48
so"
48
....
*125*2
87
*57
84%
58
*57
17
17
16*8
*103*2 104l2 *10334 10434
45
4512
4212 45
11034 111
10934110
20*2
434
21
18*2
19
4Vg
412
167g
167g
82
82
60
*45
60
5
5*8
36
534
"2", 100
7,400
108*2
*83*9
36*2
*83*2
~
*48
505g
50
200
3734
3,900
*48
50
85
16*8
163g
*«■-
*125*2
*56*2
16*2
*49*2
*125*2
85
84*2
58
16*4
157g
>
— -
4%
17
47g
100
16
8,900
100
9,900
390
43g
28
26
27
26
26
255g
26
247g
247g
230
27
27*4
26
27
26*2
27
25
28
27
27
200
2412
2434
24?8
24
25
25l2
26
24*4
510
24
24
*46
18*8
100
*85*4
55*4
2434
1095s 113
34
345g
35
48
18*2
100
35
*46
35*8
48
46
18*4
165s
16*2
*98
17*2
9*4 100
9934
*85*4
53i2
87
46
90
*86
90
*22
23
24
24*4
*19
107*2 10834
33
33*4
*45*4 48
173g
16*2
*99*4 100
*86
25*?
24
23*2
105l2 112
32
90
l/*2
45*2
17*8
100
30
86*4
53*4
97
1,400
20
54
54
65*2
53
55*2
52*2
5134
527g
54*4
17,100
11384 11334 *U3% 1137S
800
113*2 113*2
113*4 113*2 *113*4 116
113% 113%
71
72*8
73*4
7012
69l2 73
7134
7278
68%
70*2
70»2
72*4
26,500
112*4 112*4 *112
11278 *111*2 11258 *11134 1125g *111*2 112*2 *110
100
112%
106*4 106*4
106*4 106*2 10634 107
106
106
106*4 107*8
10534 1067g
2,100
18
17
17
18*4
17
1778
17
17*2
17*2
18%
17%
17%
35,500
'
2l2
258
25g
258
2*2
23g
23s
2*2
2*4
2*2
2% 104,100
2%
61*4
61*4
63
59*2 6012
59*4
59*2
63
59»4 60*4
61*4
61*4
1,100
8
8
8
8
8
8
700
7*2
7*2
*7%
7*2
*7*2
8*4
37
37
37
36
3534
36*4
35l2 36
35*2
35%
36%
36*2
4,400
21
*18
22
*18
19
*16*8
18
18
*17
19
200
18*4
18*4
,
v
11*2
*2034
*9
11*2
*21
912
*70
80
78
7634
5
434
16
1658
29is
31*8
106
106
10512 105i2
*4
7, 4*4
438 •••;. 4
13
13
1278
115s
84
378
*18*4
20*4
14%
1?8
*70*2
77*4
1978
38*2
27s
31*8
*38
59*4
7412
*164
478
70
*70
84l2
*105
834
7634
84l2
*105
8*2
34
7*4
4*4
"7%
4
34
7*4
58
*35s
34
4*4
~~7*4
34
378
*19
22
21
19
20
18*4
15
13
1434
13
134
69*4
75*2
18*8
36*4
2l2
365g
258
29i8
30*4
36
36
58*4
58*4
178
178
73
70
78
7512
187S
178
70*4
77*4
1878
38%
27s
3184
37
3858
38*2
*3312
59l2
74l2
58
20
169
258
30
73*4
*164
478
278
3134
36*4
59i2
75*4
167
4i2
73
*164
434
4*2
22
19*4
1334
178
697g
76
185g
74*4
167
45g
*7634
78
84%
109
7
7*4
58
358
35g
22
*158
*11
104
1 4
11
11
10*4
12
11*4
9534
10*8
9434
1158
97
*93
40
*38
2038
6*8
15
*95
15g
15S
10*8
11*2
*38
31*8
104
1%
97
103
33
20*2
39
19%
103
103
6*4
38
2038
1834
102
103*4
5*2
6*4
5%
1278
3134
104
134
7334
18*2
36*8
2*4
2912
35*2
56*4
72*8
73
534
15*8
13*8
15
78
76
76
*48
60
*48
60
52
53
758
73*2
29*4
8*8
7634
*7l2
8l2
73*4
29*4
29
77*2
2914
2078
21
37
40*4
1678
5*2
19l2
37*2
15i8
54l2
*8*8
5412
80*8
81
*29
22
41*4
17
558
812
29*2
23*4
4134
17*4
558
155s
512
*_
1334
35*2
*96
7%
95*2
158
95*2
9934
9934 *100
15g
1*2
14
11
107g
95g
1*2
60
60
53
51
5112
12%
*
5*2
5*2
13%
16
Jan
11
May
....100
20
Preferred
21*4
48*2
*812
61*4
Preferred
No par
Consol Ed Co of N Y.No par
55 preferred
No par
Consol Laundries Corp .No par
Consol Oil Corp.......No par
Consol RR of Cuba pref
5% pref vtc
100
Container Corp of America.20
Continental Bak cl A.No par
Corn Exch Bank Trust Co.20
Corn Products Refining
25
"
6 ,700
30%
4,200
300
1,800
130
400
19
8,900
102*4
1,100
Cr W'mette Pap 1st pf No par
Crown Zellerbach vtc No par
Crucible Steel of America.. 100
Davega Stores Corp
5
8*2
*7%
8*2
500
75i2
72*8
15,700
2914
2034
29
76*4
*29%
7734
*29*8
1912
75*2
29%
21
21%
2134
22%
3,900
Diesel-Wemmer-Gilb
37
3884
16*8
55g
3634
39*2
38
39
17,100
Delaware A Hudson
1534
16
17,400
Delaware Lack A Western..50
52
35
34
34
40
39*2
3912
20*8
4984
343g
39*8
18%
49*4
*734
20
18*4
5378
51*2
56
59
4*2
34i2
395g
1,400
Deere & Co
Preferred
6%
700
Denv & Rio Gr West
1397g 13978
4*2
4*2
300
Det
49%
*51%
54
""300
2,000
Diamond
*115
142
134
512
14i2
134
6*2
14l2
**15
143
6
____
138*8 142i2
12912 1295s
*115
23
7*8
*163
*
~3234
6*4
36
129*4 129*2
*115*4
*22
27*4
7*8
678
6*2
....
23
16334
163*2
33
6*4
36*4
157
163*8
156
15734
157
16312 163l2
162
"31*4
16312
32*2
*
6
6
3034
36
*111*2 112
*111*2 112
11*4
11*2
1038
1158
6
6*8
6*4
6*4
14*4
1458
1458
1278
62
63
637g
58*2
53
5634
5634
57*2
For footnotes
see
page
31
32*4
534
327S
3334
112
5S4
112
10*4
57g
1034
1234
1334
59*4
53*2
57
52
2946.
6*8
31*4
-
-
«
102
Mar 27
7
Jan 27
14
115*4
2634May 1
6334 Apr 15
4778 Apr 28
105
1*2 Jan
6*8
Jan
2
7
63*2 Jan
38
7
Apr 28
18*2 Apr 29
99i2 Mar 13
4
Jao 15
IOI2 Jan
6
Jan 30
1034 Mar
4
Feb 18
600
20
15,700
130
800
11434
140
27*4
20
6*2
2,200
2,600
240
10,200
600
28,200
20
Mar
6
4412 Jan 14
24*4 Apr 13
104
Feb
4
9*4 Mar 11
21*8 Mar 9
27
Jan
2
31
Feb
26
Mar
42
Jan 10
11534 Feb
7
Jan
8
6
512 Jan 10
78 Mar 11
1*8 Jan
6
1
May
14
114
Feb
133
Apr 30
100
3
129
Apr 30
Feb
8
7
112
Mar 23
18
Mar 11
6*4 Apr 30
Apr 28
156
158
Jan 27
28*2 Jan
6
534 Apr 28
3034 Apr 27
110*4 Jan 23
jan
4134 Mar
Jan
Mar
48
Nov
100
Deo
14
Mar
Oct
Mar
47*2 Apr
40*2
Jan
37
Dec
15
Mar
89*2 Mar
2
Mar
6*4 Mar
19
Jan
1878
Dec
23*2 Mar
11
Mar
Feb
5
Deo
65
Mar
130
Deo
3
2
Aug
6
Jan
Oct
19
Dec
Jan
213s Jan 31
Apr
8
1*2
5*8
35*2 Aug
114*2 Mar
26*2 Jan
No par
32*4 Jan
preferred
No par
29*2 Jan
2
5038
Jan
120*2 July
41
Nov
Mar
6
3438
Jan
34*8 Jan
2
33
Dec
41*2 May
38*2 Dec
Jan
4458 Deo
54*4 Apr 30
ll7s Jan 23
34*8
684 May
125s
Jan
7584 Jan 30
17*2 Mar
5838
Deo
37
32
Mat 26
13*2 Mar
1878 Mar 26
638 Mar
184 Jan 15
*4 June
1
*4 June
lSg Deo
8*4 Deo
3
Jan 15
8*4 Mar 9
18*4 Jan 17
115*2 Jan 31
163
8
133*8 Apr 1
11534 Feb 14
25
Apr
Jan 13
9 7s Feb 11
170*2 Apr
166
1
Mar 13
37
Apr 6
9*4 Jan 30
44*8 Feb 19
114
2
June
1234 May
103
Mar
865s Mar
Nov
17*2 Dec
Deo
19
Aug
116
Nov
146*2 Nov
Feb
132
Oct
104
Feb
115
Aug
12
Nov
12678
384 Mar
110*2
Jan
141
Jan
165s
Jan
3*4 Mar
193a June
107
3
preferred
$6
10*2 Deo
6834 Nov
28
Sept
24*2 Deo
4312 Jan
19*8 Jan
Feb 17
69*4 Mar 26
645s Mar 26
$7
8,200
4% Deo
12*4 Deo
Dec
2284 Mar
1*8 Mar
18,300
Jan
Nov
June
Nov
June
55s Sept
2
2
Jao
May
Nov
734 Feb 21
638
Deo
May
75
6
23*8 Feb 20
93g Feb 7
14
8*2
8034
47*2
2434
105*4
47
16
Feb 20
Deo
Deo
105*4 Deo
2*8 Deo
Mar
61
934 Mar
38
June
70*2 Jan 27
6
9*8
z95
1638 Mar 17
Electric Power & Light.No par
Deo
Sept
Mar
Oct
4*8 Mar
3578 Jan
534 Apr 29
Elec A Mus Ind Am shares...
234 NOV
35
H84
23*2
43*2
7412
3*2
60
148*4
378 Mar
17,100
Dec
6934 Deo
78% July
165
May
7^8 Deo
3978 Mar
193s Dec
4878 Nov
4
94,900
Deo
447s Deo
34
15*8 Mar
6
Apr 30
Deo
178 Dec
2878 Mar
Feb
Electric Boat
Dec
Nov
99*4 NOV
20*2 Deo
1738 Feb
10
30,600
23*8
1178
Dec
Jan
65
42
Deo
Deo
Jan
Mar
58
638
12*4
101*8
8*4
13g
7
73
52
7*2 Jan
22*8 Feb
3434 Nov
105*8 Nov
69
Jan 21
Mar
Jan
Jan
Jan
102
19*2 Apr 28
86®4 Jan 20
100
Preferred
Julr
46*4
6234
Jan
89*4 Apr
Apr
Dec
4*2 Mar
% Apr
1
7
15
22
5*8 July
Jan
4
38 Aug
5
52
1478 Apr 30
6*2 Mar
100*2 Dec
2*2 Jan
9
Apr 15
43*4 Jan 6
7*8 Apr 27
Co 20
6% non-voting deb
100
Duquesne Light 1st pref
100
Durham Hosiery Mills pf.100
Eastern Rolling Mills.
5
Eastman Kodak (N J) .No par
6% cum preferred
100
Eaton Mfg Co
No par
Eitingon Schild
No par
Elec Auto-Lite (The)..
5
Preferred
Feb
4
90
No par
Duplan Silk
9
4
Apr 23
5
DuP de Nemours (EI) &
Dec
278 Feb
18*2 Feb
14*4 Mar
29
100
Oct
11
4584 Nov
21*2 Nov
Jan
6
Dresser(SR)Mfg convANo
Preferred
71
Mar
Mar
734 Apr 28
50*8 Jan 6
140
158
15634 158*2 *15734 159
162
16312 *163
162
32*4
35
78i2 Feb 20
168*2 Apr 15
738 Mar 6
377s Jan 10
Dominion Stores Ltd..No par
134
X3034
31%
3134
32%
6
6
6
*534
6
33
3334
31*8
34*2
34
*111*2 112
*111*2 112
*111% 112
11
10
11
10*4
11*8
1134
6
6
534
57g
57g
6%
127g
1234
1334
1378
13%
14%
56
53
56
58*4
57*4
5778
50
5212
46*4
52
51%
50*4
6
32*4
3
Jan 14
4*4 Apr 30
Douglas Aire Co Inc..No par
par
Oct
Jan
Nov
8
Jan
Convertible class B__No par
100
3
Mar
Mar 20
18*4 Apr 30
41*2 Jan 2
Dunhill International
«...
162
Feb 11
4
38
~2~2o6
-
268*2 Jan
46
Participating pref erred... 2 5
30,400
100
Duluth S S & Atlantic
----
77«4 Jan 11
Distil Corp-Seagr's Ltd No par
Dome Mines Ltd
No par
20
5*4
3
Feb 21
1,000
19
51*4
*12
Mar
18,500
40
19%
Match
100
1
Apr 17
9
Mar
40*2 Jan 25
preferred
500
13
*78
2
20*2
26*4
19*8
234
119*2 Jan 11
54%
31
6
4
34*2
1,700
3012
Apr 30
Apr 24
*3334
*39
1%
30*4
14*4
31*2
1334
17
34
34
39
23%
27
1*8 Jan 16
43s Apr 18
No par
34
39
1334
30*8
2
10
3078
33
678 Jan
*8 Apr 28
3*2 Apr 30
20*2 Apr 17
Apr 29
Mackinac
•3034
3038
3034
*30%
15
15
15
*10*4
*11*2
*1134
1
*7g
%
78
1%
*7g
*7g
134
*1*8
*1*8
134
1%
*1*8
*1*8
5*4
512
5
538
512
5*2
5%
14
14
14
14*8
14l2
*1312
*13%
*115*4
115
*11514
*115*4
133
139
13734 13914
138*4
13312 138*8
*12914 135
*12914 135
130
*129*4 135
*115*4
*115*4
11434 H5l4 *114
*22
*22
27*4
*22
*22
27*4
27U
684
634
6*2
6*2
6*4
63g
6*4
*3112
14U
6
153
18
8
Jan
6
*10*8
57*8
101
4
18
8
3
43s Jan
Ry Co.100
5% non-cum preferred.. 100
Devoe & Raynolds A. .No par
54*2
Jan
3?8 Apr 28
11*2 Apr 30
12884 Jan
1,300
72,500
9
102
7*8 Feb 13
20*8 Feb 13
3858 Feb 17
108i2Marll
6*8 Feb 10
16*4 Mar
105*2 Mar 11
11*2 Feb 5
100
5638
5834
15*4
&
105
58*2 Sept
11*4 Nov
pref. .100
8%
8
56
6*8
100
Detroit Edison
180
20
Corp. 10
53%
8%
62
*1*4
No par
5278
8%
5534
4% Apr 30
15*4 Apr 30
?7*4 Apr 30
60
No par
Oct
Mar
Feb
76
1
Dec
July
119*2 Aug
72
Aug
115*2 Jan
Mar
Cushman's Sons 7% pref—100
1
Oct
Oct
74
Curtiss-Wright
A
58
Jan
Feb
Oct
80
1C
Class
Dec
82
6*4 169,200
15*4
72,200
*734
*49*2
62
*1412
No par
No par
49
1
50
No par
Preferred
83
49
10*8 Apr 28
Cudahy Packing
Curtis Pub Co (The)
90*2 Dec
Mar
No par
100
100
Dec
1584
Nov
115
Preferred
50
Mar
7
95*2 Apr 29
10
39*2
56*4
110*4
9778
16*2
84
29*8
578
Dec
Mar
Mar
31
110
Dec
Deo
24
100
(The)
40*4
48*2
338
35*2
21
17*2 Deo
101*4 Nov
4978 Dec
33*2 Jan
133g Jan 22
41
Cuba RR 6% pref
Cuban-American Sugar
Jan
14*8 Nov
7% Jan 17
28
Apr 30
Preferred
Cuba Co
Feb
7
Jan
Deo
2212 Deo
Mar
155s Mar 16
8% preferred
Cutler-Hammer Inc
*5
4
Jan 10
7
6*8 Mar
512
29
Nov
45*2 Jan 14
10
6
8
Feb
72*2 Oct
3*4 May
14*4 May
1578 Feb
72*8 Feb
1*2 Mar
43*8 Jan
29%
Feb 17
12*4 Feb 27
Mar
69 1
No par
1%
82
4412 Jan
2534 Mar
5
1034
62
No par
734
Deo
978 Nov
Jan 15
No par
preferred
Deo
107*4 Deo
Mar 25
Crown Cork A Seal
52.70
50
109
Mar 24
Crosley Radio Corp
500
100
Mar
78
12,200
Preferred
2,900
49
*78
*1*8
1
Jan
9
6984 Mar
85
2
67*4 Jan
Continental Can Inc
101
85
Jan
30,000
47
105
5*2 Feb 17
Deo
Deo
73*2 Feb 13
100
60
16
Apr 29
Cream 0/ Wheat ctfs
10834
107*8 Apr 29
24*8 Feb 21
21
May
72*4 Jan 27
77
#
135
67
6734 Apr 16
Apr 17
7314 Apr 27
11534 Mar 3
115
20
8I2 Apr 28
No par
49
I47g
*5*2
35*2
103s Jan
1*8 Jan
48
18
8
878
100
tConsolidated Textile
No par
Consol Coal Co (Del) vtc.25
*48"
*10*4
19
No par
60
18
4838
734
100
Prior preferred
100
Prior pref ex-warrants.. 100
Consol Film Indus
1st
3434
No par
49
*130
59*4
7*2
par
734
5*4
2*4
100
734
73*8
15*4
Apr 30
Apr 30
Apr 28
Apr 20
Mar 16
Connecting Ry & Ltg
par
48
*10%
49*2
21*4
49*4
18%
102
137g
43g
*3958
No par
No par
Jan 10
17
Congoleum-Nalrn Inc. .No
Congress Cigar
No
*48"
4
20
*38*4
78
4
48*4
9
97
5,400
660
5
55g
137g
8
2158
1105a Jan
No par
No par
No par
95*4
39*2
19
*4
48*2
9
Jan 14
95*4
38
S
34
8
Jan
69
18,400
18*2
*4
40
9
Jan
55*4 Apr 30
1034
38
8
3434
Jan
55
Apr
11
19*8
*4
40
44
110
46
10*2
40*2
135
49
10
93
Apr 30
11
102*2 102*2 *1017g 102*2
6
8
Apr 13
Apr 15
34
10%
93*2
102.
6M% preferred
100
Comm'l Invest Trust..No par
54.25conv pf ser of *35No par
Commercial Solvents
No par
Commonw'lth A Sou...No par
4
Apr 11
z46*2 Jan 22
51i4 Jan 23
38*2 Feb 11
11
96
135
49
1*2
96
140
52
734
29%
29*2
140
*49
*95
103
7*2
28
60
*10*4
*457g
90*2 Jan
8O84 Jan
Mar
215g Apr
Coty Inc
2634
5434
54
56*4
Jan 11
35*2 Apr 30
2*8 Apr 30
29*8 Apr 28
17,700
35
47
Jan
100
25*4
144
18
100
14
6,700
35
31
53s
36
4*2
26*8
54%
8
13*8
7334
35
*457S
Jan
166%
24*2
93s Feb 19
36i4 Feb 20
3778 Mar 11
134
5% preferred
Commercial Credit
new
8
58*8 Dec
49
Jan
31*2 Apr 30
Preferred
Feb
93
Mar 20
44*2 Mar 26
Consolidated Cigar
Feb 28
126
684 Jan
*2 Mar
No par
56 preferred series.
Conde Nast Pub Inc
6
Aug
5338 Apr
15*8 June
2434 Mar 24
52.76 conv pref
No par
Columbia Gas A Elec..No par
Preferred series A
100
Conv preferred
Jan
5284 Dec
72*2 Nov
Jan 6
Mar 16
Jan
Insurance...2.50
800
*140
*10*4
Plct Corp v t c
Feb
Jan 15
Jan
Motors
2%
35
112
16
Continental Oil of Del......5
Continental Steel Corp No par
800
4*2
110
94
Continental
36
4*2
July
100
Continental
57
72
72*4
166% *164
June
20
No par
6,800
56
IO884
18*2
..100
v t c
23,700
56
145
18
4% 1st preferred
4% 2d preferred
32,500
3534
*140
*10*4
37
55*4
4*4
Oct
48
87*4 Jan 13
2438 Mar 5
34
70%
87
June
6
32
*164
Dec
48
Jan
2%
52
5%
36%
4812 Deo
80
18
31*4
35*2
*48"
16
36*4
27% July
73
2%
74
97g
100
May
Oct
6*2 Nov
27*8 Deo
2
20
31*4
78
538
Preferred
Colorado A Southern.100
8*4
3*8
24*8
211s
19*8
37
2
Cont'l Diamond Fibre......5
57
*10
No par
3*4 Apr
12*4 May
247g May
100
Feb 20
2,200
12,400
2*8
*50
3834
18%
29%
78
21
75
18%
36
*38
*76
74%
19
30
38
19*2
103l2
102*1 Mar 16
Oct
Dec
Nov
937s Dec
Mar
3
Apr 30
2*2
94
10%
74*4
18%
_
39*2 Apr 30
107U Jan 3
100
Preferred
69%
1534May
.100
1,000
167
par
Alkman.par
Class B
30*2
778
11
preferred
Preferred
6,100
36%
4*2
95
6%
Collins &
134
5534
32*8
Colgate-Palmolive-Peet No
55*8 Jan 16
Oct
35
9
26
8612 Apr
Jan 31
134
69
46
Jan 15
1%
69
46*8 Mar 24
110«4 Feb 14
84
..No par
4,300
1%
69%
23'4 Jan 21
107U Jan
35
Apr 27
6
124
Class A
"lb" 500
47
33l2
*104*2 105
22
738 Mar
100
Preferred
19
53%
33*2
*16
484 Jan
Coca-Cola Co (The). ..No par
14
47
8
22
12
69'4 Sept
7
Feb 26
Feb 17
Jan 15
1%
6978
7534
18*2
134
*69
103*4 *100
900
1978 Feb 14
86ia Feb 19
45% Apr 8
70*2
127*2
97*4
5712
20%
106i2
51*8
13%
54*4
477g
75g
18,200
"17"
26
S*8
1,000
34
334
Feb
Mar
Apr 28
18%
24
758
7%
%
*3%
9
31
48
19
35
8%
*7*4
h
3&8
Mar 14
312 Mar
Mar 25
50
Preferred
58
1134 Jan 24
35
10378 Apr 13
Feb 26
1334
2478
477g
*105
Jan
Mar 30
127g
35
*90
2,000
71,000
Jan
48
1334
2234
527g
545g
3,500
4*2
12*4
12
"7"
7
*
19*8
13
35
47
12
3*2
34
*20*4
18*4
4*4
43g
11*2
*105
2,400
61,900
105*4 105*4
105*4
4
227g
83s
'
105
4
12*8
35
102
2,500
16
297g
21*2
52*4
47
120
434
1534
29*4
35
*95
4%
1534
293g
35
47
10
84*2
15*4
2138
56
40
1,700
74%
27*4
21
102
240
78
78
16
35
*95
9
*70
4%
4%
20*8
9
*70
*70
412
35*8
55*4
*4638
71
*70
11%
29%
1053g
37g
1134
167
:
84%
47g
458
105
9
7634
7634
*70
15*2
2778
21
87g
74
11*2
*20*8
11
20*8
*10*2
9
834
*105
22
*16
11*2
2034
*70
4*2
434
16*8
16*8
293g
30*s
105*4 10534
4
378
12
1158
I67s
*7*4
20
78
*70
3112
*105
11*2
74
5*4
1678
31
11*2
22
70
9
*70
84*2
11*2
*2034
8*2
22
834
74
*77*8
*6734
*478
12
11*2
25
7
25
82
Col
200
% per share
60
Columbian Carbon
84,700
$ per share
4% bet'm't stk 50
Cluett Peabody A Co..No par
2,900
,
1734
100*2
*86
101
86
No par
guar
3,800
32%
*44
45*4
16*«
100
32
111% 112*4
33
31*2
x45*4
Equipment
Ilium Co pf
No par
Graph Bronte Co (The) .1
^Colorado Fuel A Iron .No par
*27
110*2 117
5
5,100
27*4
5 per share
45
47g
29
32
Clark
Highest
5 per share
100
Clev El
Clev
Lowest
100
No par
Preferred
City Investing Co
City Stores
Colonial Beacon Oil
28
116
Year 1935
Highest
85*2 Jan 21
15*4 Jan
727S Jan
1,140
*2484
35
5
18%
*27
*2478
....25
Chrysler Corp
City Ice A Fuel
'
18
*26
116
No par
Chile Copper Co
434
18
4*4
-
7,500
104i2 *103
104*2 *104*4 104%
43*4
39*2
42*2
4234
41%
110
110
109*2 109*2
19
£
58
10934110
17
Cliilda Co
Spec
1~9O6
52"
85%
*56*2
1534
Par
Cleveland <fc Pittsburgh
"
"51"
84*4
57
3678
140
3434
5%
33
32*4
3478
*106*2 108*2 *107
38
57
5
50
82
57*4
20
2,300
16*2
34
32*8
1075g 10S
*48
7%
30*2
9534 253,000
17
1,900
*49*4
*125*2
8684
84%
108*2 108*2
94*2
82
5*8
37
7%
30*4
953g
Range for Previous
IQO-sharc Lois
Lowest
*45
17
60
5
7*2
Shares
30
91&s
82l2
10334 10334 *103
43
41
4134
1912
434
478
16*8
7
*28*2
9678
49*2
50
4912
7*2
31*4
*85*2
"
50*4
*48
$ per share
On Basis of
Week
$ per share
30
Apr
YORK STOCK
EXCHANGE
the
Friday
May 1
Thursday
2949
Range Since Jan. 1
NEW
Saturday
3
STOCKS
Jan
Mar
2*2 Mar
27*2 Dec
8
Jan
172U Nov
164
July
305s Oct
838 Nov
3834 Oct
113*2 Sept
1484 Dec
83s Feb
7*2 Aug
345s Dec
3184 Deo
New York Stock
2950
HIGH
AND
LOW
PRICES—PER
SALE
NOT PER
SHARE,
Record—Continued—Page 4
Sales
CENT
STOCKS
NEW
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Apr. 25
Apr. 27
Apr. 28
Apr .29
Apr. 30
May 1
$ per share
$ per share
$ per share
$ per share
46
46
5 per share
Shares
*48%
%
*64
75
*61
66
*61
64
125
64
*125% 1257g
12%
11%
125
1134
67
13
19%
15
74%
77%
534
75
*66
72
70
70
78
*75
85
*75
80
13
18%
!
6%
*61
12
75
71
19%
534
6%
*11
11%
69%
12%
18
11%
14%
1,800
Elec Storage
84
84
1,000
1%
1%
400
t Elk Horn Coal Corp..No par
6% part preferred
50
11%
*61
11%
70
69
*75
80
584
64
125% 125%
12
*66
•
15
*11%
46%
64
*64
12%
17%
16
18%
*1134
15
6
5%
534
46%
%
*61
67
70
Par
134
*1255g 125%
13
11%
Lowest
5g
84
2
*66
69%
*75
5%
12%
71
69-%
80
584
534
-
-
-
-
-
-
20
2,100
900
700
200
Endicott-Johnson Corp
Preferred
50
100
Engineers Public Serv_.No
$5 conv preferred
No
$5H preferred
No
12%
8,100
17
18
2,700
*11
14%
.100
35
22
*94
95
*42
48
10% Mar
15
May
40%
Dec
2
Apr
6
Nov
3%
Dec
*72
74%
97g
934
4
4
3%
3%
23
40
39%
*23%
25%
28%
104% 104%
*4134 42
26
*23%
7
3
234
2%
890
Fairbanks Co
*111
104
104
*23
7
7
6
*11134 116%
111
332
29%
%6
33%
323g
32%
32%
3234
31
135
35
87g
*11%
25%
*80%
87g
117g
25%
84%
56%
*56
*143
145
377g
38%
37%
/3734
'
1%
2
*25%
27
*26
*27
2634
103
40
*23%
684
34i2
14%
8%
10%
55%
145
103% *10234 103%
41
41
26
*23%
41%
26
108
332
32
68
29%
*125
*90
108
no
33
30%
*60
68
30
30%
132
130
7,400
50
332
23,800
31%
4,400
332
332
68
30%
40
10,900
130
10
250
4%
13
9
102
42%
24
1034
*148
434
13
13
9%
102
8%
734
934
884
190
9%
106
5,100
200
9%
2334
*21
24%
22
23
80
75%
*54%
76%
55%
73
75%
55
54%
54%
*53
*143
145
145
*143
145
8%
8%
2,700
------
36
36
36%
97,600
General Electrio
37%
38%
31,700
General Foods
2
14,500
Gen'l Gas & Elec A
26%
27
29
29
29
*25
30
80
2
1«4
1%
1%
*27
55
61
61
61
1,800
118
118
190
*107
2
*2834
*47
47
49
*107
118
58%
118%
61%
119% 11934
28
7%
47
29
7%
47
3%
3334
3334
117% *116
2
2%
30
29%
"3%
3%
3384
*333g
"3%
35
114% 116
2%
29%
2
2734
60%
62% 378,500
11934 11934
29
7%
*44%
29
7%
49
1,500
3,000
3,500
400
2%
2834
Preferred
100
General Motors
Corp
55 preferred
.10
..No par
Gen Outdoor Adv A
No par
Common
No par
General Printing Ink..No par
No par
60
700
100
Gen Realty & Utilities.
1
56 preferred
..No par
General Refractories..-No par
831-
83%
83%
84
1,500
8%
70%
8%
72%
7%
8%
8%
8%
9,800
Gimbel Brothers
69%
69%
6934
70%
2,200
46%
4534
10534 106
11,200
*90
93%
92
92
28%
247g
28
97
95
95
2734
*95
*9%
9%
*92
2%
3%
334
;
93%
234
3%
334
17%
834
*89
9%
*91
8%
*91
93%
234
2%
2%
3
3%
3
3%
334
3%
18
18
16%
18
17
*29
32
29
29
*27%
*85
92%
9
*8%
92%
2%
*91
3%
3%
17%
31%
3
31
30
30%
30
17%
35%
16
2%
2
17%
35%
2%
j6
33
3234
1%
34
*140
*52
2334
*69%
56
284
*32
14
34%
34
327g
33
1427g *140
1427g
68
75
*50%
2334
76
56%
3
36
2234
*50%
22
23%
76
*69
55%
55
57%
2%
*69%
2%
23g
36
*27
*27
7
7%
7%
7%
11,700
17%
1734
18
14,900
------
87%
85
86%
87
87%
1,300
25
23%
24%
24%
25%
59,700
90
90
92
92
400
9
1,700
8%
30%
1634
33%
2
33%
143% 1433g
75
*50%
*8%
*91
9
92%
41,900
92%
------
*
*112"
30
16%
16%
16%
16%
4,300
32%
35%
34%
35%
36,100
1%
2%
2%
59,800
33
3334
7,000
144
14 4%
240
32%
33
143% 143%
*50%
75
56%
2%
55
52
54
35
*27
2%
22%
2%
3584
*50%
22%
*6<
36
14%
*13%
*1047g 106
6
6%
13%
*103
115
*103
115
33%
*31%
35
*31%
34
36
*36
40
36
14%
1334
5%
see
6
page
5%
2946
104
36
125
14
14
14
1047g 1047g *1047g 1087g
For footnotes
38
35
5%
*
ho
t>
------
------
60
300
36
90
8%
9%
884
9
14%
14%
*14%
15
6,500
400
112
60
*98
34%
*123
14%
103%
35
125
14%
108% *104% 108%
4%
5%
5%
5%
00
117i2 Jan 13
53% Jan 6
118
Jan 27
18% Jan
534 Jan
2
3
No par
100
Goodyear Tire & Rubb. No
1st preferred
Gotham Silk Hose
par
No par
No par
Preferred
...100
47% Mar 21
70% Jan 0
120% Jan 3
71
Apr
6
120% Apr 15
33% Apr 25
8*4 Mar 6
Graham-Paige Motors
1
1
Rights w 1...
Great Western Sugar. .No par
*98
35%
125
14%
106
5%
18
Apr
Oct
6184
Feb
59%
Feb
1534
72% Oct
110
Jan xl20% Deo
26% Mar
59% Nov
120
Nov
*107% Jan
10
Mar
21
3
Aug
6% Dec
42% Nov
Feb 17
50
Mar 21
17%
Feb
105
Jan 17
108
Mar 14
93%
Jan
106
Jan 10
2
Apr 28
2734
3314
324
15%
Apr 30
Apr 30
Apr 30
Apr 30
83
Apr 18
684 Jan 6
69
Jan
6
4414 Apr 30
1053g Apr 4
37g Jan 2
7
Apr 30
1714 Apr 30
110
Feb 10
13% Jan 21
78
Jan
6
21*4 Jan 21
87
Jan
2
8I2 Apr 28
77
Jan
6
2% Apr
9
Apr 29
Apr 30
30% Jan 29
2812 Jan 16
6% Feb
6
Feb
4
50
118% Mar 14
3% Jan 21
43
Feb 21
44% Apr 8
60% Feb 7
18% Jan 16
90
Jan 24
11% Mar 12
80% Mar 6
55%
114%
7%
10%
Jan 14
Jan 27
Feb 28
Feb 17
21% Jan
110
6
Feb 10
23% Apr 15
98% Apr 15
31% Apr 15
9934 Feb 17
12% Mar 11
95
Apr 4
1% Mar
15% Mar
80
Jan
109
Dec
Oct
4% Nov
41% Deo
109
Oct
'4 Apr
1484 Mar
I684 Jan
3% Dec
39% Dec
33% Dec
14
Apr
51
12
Mar
70%
Jan
2% Mar
18
Mar
23%
Feb
104%
Jan
1% Apr
14% May
104
Dec
7% Mar
40
Mar
Nov
19% Aug
93
884
Aug
Dec
7534 Deo
49% Deo
111
484
Oct
Jan
22
Nov
105
Deo
14% Deo
82
Dec
1534 Mar
2678
Jan
Apr
2% Apr
20
Apr
1% June
92
70
5% Mar
Jan
10% Dec
85
4%
Deo
Oct
13% Nov
2% Mar
14% May
5
Jan
2934
Jan
35% Apr
18% Mar
35% Nov
33% Mar 25
22%
Oct
33% Nov
26
Mar
38% Sept
23% Jan 15
2
Jan
2
33% Mar 9
20% Feb 19
32U Jan
6
44
Feb 21
3
Mar 16
16
31
Jan
7
100
Preferred
Jan
32
38
17g Apr 28
..No par
Gt Nor Iron Ore Prop. .No par
Great Northern pref
100
37% July
136
Jan
6
50i2Mar
9
Mar
9
144%May
39
1
9% Mar
10
9% Mar
35% Deo
26%/ Jan
Dec
34% May
119
Jan
140
May
Apr
60
Deo
52
*30
104
No par
Gold & Stock Tel'ph Co...100
Goodrich Co (B F)
Preferred
Greyhound Corp (The)
34
*123
1
Guantanamo Sugar
*31
35
1
7,400
38
126
100
2,700
10934 112
104%
No par
Prior preferred
234
36
3434
Glldden Co (The)
Gobel (Adolf)
Goebel Brewing Co
Gold Dust Corp v t c
53%
33%
*123
5
%
407g Nov
95
36
*104
Oct
Jan
Sept
34
33
35%
145%
95
32%
130
Nov
64% July
Apr 14
Apr 30
36
105
35
*123
76
66
34
*104
35
130
18% Nov
Mar
Greene Cananea Copper.. .100
36
105
Mar
30
*32%
35
4
19
40% Nov
127% Jan
6% Nov
76
38
*123
Aug
10% Nov
28% Dec
*32%
*104
100
*2%
*108
146
Mar
21
39%
112
5% Mar
2
25% Nov
*20%
*108
Jan
2
500
112
22% Nov
a:133g Oct
115
9
2,400
*100
100% Sept
48% Dec
1134 Mar
7% Mar
Feb
14
113
5% Mar
8434 Jan
32% Mar
28% Mar
43
112
Dec
13% Dec
107g Dec
Apr 28
14
*113
Deo
47%
22
*38
115
7
Nov
55
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
5
14%
*114
Mar
6,100
/
40
1434
No par
Preferred
52%
*30
15
125
23
13%
1434
3
Mar
5984 Mar 17
3,100
29%
71
1434
19lj Jan
39
16
39%
15
Jan 21
Feb 13
58% Jan 14
143% Apr 20
25
14
15
140
95
No par
*67
9%
1434
2
70i2 Jan 2
54% Feb 21
1184 Jan 11
15% Feb 11
33% Feb 10
No par
69%
55%
2%
8%
2
6
MarlO
No par
69
9%
734 Apr 30
5>4 Jan
17
Jan
150
Part paid rets
Grant (W T)
76
87g
Jan 23
6
Conv pref series
Granite City Steel
401->
9%
15%
114%
1034 Apr 28
141
3434 Feb
14% Jan
2,000
14
8%
*14%
2
5
2,100
40%
35%
Jan
Feb
63
16%
14
*33
22
12% Feb 19
104% Apr 21
28
40
10
3
6% Jan 15
1334
36
Jan
4% Feb 19
11% Mar 20
40
35
Apr 28
42U Apr 30
Mar 27
13
*35%
9%
6
3
40
*33
9
97
Jan
3% Apr 30
22
116
Mar
12
Grand Union Co tr ctfs
*12
115
5% Nov
Gr'by Con M Sm & Pr stpd 100
*36
115
7g May
6
5,300
14
*112
6% Jan 23
18% Jan 27
3>4 Jan
4,800
44%
115
484 Mar
19,500
41
*37
Feb 20
3%
2
Nov
53% Feb 29
2%
29
70
30% Nov
75
3%
28%
Dec
36% Nov
31% Apr 30
3%
16%
Deo
30% Apr
17% Mar
112% June
2%
*27
30
111
4
3
16%
9% Mar
60% Mar
8
2%
2634
Jan
Deo
77% Feb
3%
16%
0%
7984
1984 Mar
3%
25
2% Mar
20% Jan
1
3%
223g
*27
*91
303g Dec
Feb
Feb
38
2%
22
2%
884
Dec
19
% Apr 24
3
22%
35
1784
*108%
19
29
303g
16%
32%
1%
32%
75
6,600
18%
16
1427g 143
47g
18%
27
2%
16%
34%
2%
33%
484
1734
92%
2%
3%
334
1634
3%
30%
17
610
4%
91%
87%
2334
25%
9,600
4%
*108%
"19"
18
90
30%
35%
2%
17%
*108%
"1884
Dec
587g Aug
473g Jan 17
7,500
83
1734
88%
24%
Sept
July
Apr 14
*114% 115%
2%
2%
83
17%
25%
102%
Marl6 1135
312 Apr 28
83%
8%
73%
*117
Feb 17
25
44% Nov
35% Feb
Jan 20
28% Jan
125
3212 Apr 28
83
197g
64
1
No par
83
18%
303gMay
No par
83
18
127
Apr 30
132 Apr 23
Gen Railway Signal
Preferred
Gen Steel Castings pf.No par
*117
108
Gen Public Service
Gillette Safety Razor.-No par
Conv preferred
No par
18%
47% Mar 5
111% Apr 21
3834 Feb 17
6,600
600
20%
6
4ig Jan
2,300
18,300
18
6
3412 Apr 30
109i2 Apr 30
24ig Apr 30
25i2Mar21
37g
16
20
10484 Feb
48% Jan 11
29% Jan 9
1184 Mar 2
36%
36%
*117
lOOig Feb 26
40
Apr 30
114
6
34%
7%
13% May
84% Apr
25
Feb
1534
7%
173g
106% Mar
33% Feb 11
50
3434
734
113% Apr 22
2
No par
Gen Ital Edison Elec Corp
General Mills
..No par
33%
7%
4
110
1% Aug
16
8
Feb 28
Jan
*24% Jan
4% Jan
3% Aug
Aug
45% Dec
25
15% Aug
18
Aug
35%
46
Feb
Oct
33
106
July
7g
Feb
15%
44%
2
16% Mar
28% Mar
16
Apr
Mar
33%
106
6
4% Feb 1
25% Mar 6
49% Feb 14
8
32%
47%
44%
106% 106%
45g
4%
2
9
38
Apr 30
2014 Jan 27
2012 Jan
8% Dec
11
16%
434
Apr 28
212 Jan
12% Mar
6% Mar
6
35%
47%
3
9
6
34
106
May
73s Jan
Feb
1534
4%
95
384 Mar
50
34
46%
54
Jan
35
106
Apr
Mar
19
I684
5
72
101
69% Mar 30
21% Nov
Aug
No par
167g
83%
87g
50
*85
Apr
Apr
53g Mar
5
16%
83%
106
Jan
40
Apr
Feb
16%
434
734
17%
48
Mar
4% Feb
35
477g
Feb
92
48
35%
106
97
Jan
34
4934 497g
106% 106%
5
5%
734
77g
25
3
Jan
14
No par
34%
16%
8
I834 Apr 30
Conv pref series A.. .No par
3634
72%
Deo
Dec
30
37%
75
125
41% Mar 25
20%
35
8
Dec
Deo
41% Feb 17
36
75
115
15
39%
39% Apr 23
37%
87g
9
Jan
4012 Apr 30
384
29
Apr
Mar
84
34%
28%
155
4
17
333g Feb 18
7g Jan 2
38%
16%
79
122% Jan 7
31% Feb 24
18% Mar 25
53% Apr 8
% Mar
34i2 Apr 30
37
87g
2»4 Jan 10
Apr 29
8t2
3484 Jan 7
No par
37
78
3
..No par
56 preferred
*107
*107
"3%
'
43s Jan
58 pref class A
40
6034
68
57 pref class A
*27
116
100
37%
45
2%
.100
No par
7% preferred
36%
*27
3034
No par
34%
35
»---
Class A
3634
*27
2%
3034
5
37%
55
*117%
5
10
__No par
36%
134
60% 61%
6034
61%
61%
61%
118% 119% 118% 118% *118% 119%
63% 66%
62% 64%
603g
63%
119% 11934 *11984 120
119% 120
29
29%
31%
29%
29% 2934
7%
734
7%
7%
7%
7%
2%
No par
35%
*30
32
..No par
Preferred
Gen Amer Trans Corp
General Asphalt
36%
37%
1%
61%
2%
Gen Amer Investors
7% cum preferred
General Cigar Inc
55
*3034
Gabriel Co (The) cl A ..No par
Gamewell Co (The)
No par
500
49
3%
32%
Fuller (G A) prior prefNo
par
$6 2d pref
No par
1,300
*26
39
10
100
56
49
"4"
7% pflOO
Preferred.
80
*26
334
Fkin Simon <fe Co Ino
1
w
Free port Texas Co
24
24
*74
49
37
w
General Cable
10
*26
*107
Fourth Nat Invest
4,600
1,200
10
49
4"
......
5
*26
39
Rights
No par
49
*
..No par
No par
Preferred
$8 preferred
General Bronze
49
37g
*37%
*117%
Foster-Wheeler
General Baking
55
47
100
60
78
49
new. 10
5,800
150
25
*47
No par
Corp
1134
11%
*148
27
*118% 1197g
66% 67
119% 119%
32% 33%
8
8%
46% 4634
100
No par
Floreheim Shoe class A .No par
25%
22%
1%
10
12,200
11,400
25
2
100
443g
8%
*143
par
24%
8
9%
14
10%
36
preferred
43%
11%
8
2,300
9%
*100
43%
25%
150
5
4%
9%
35%
(Wm) Sons Co .No
Firestone Tire & Rubber
4Hs conv pref
8%
377g
38%
Filene's
t Follansbee Bros
270
145
Fidel Phen Fire Ins N Y2..50
Food Machinery
59
*143
Federal Water Serv A -No par
Federated Dept Storea.No par
300
31%
150
100
2,700
58%
*144
Preferred
Federal Motor Truck.-No par
Federal Screw Works.-No par
3,600
31%
148
..No par
7
7
*35
58
147
15
Preferred
36%
7
35
33
9
9%
102% 102%
44
43%
253g
26%
11%
10%
Federal Light & Trac
Federal Min & Smelt Co-.100
109% 109% *109% 111%
26%
26%
24%
26%
80%
25%
36%
1%
------
58
14
100
Preferred series A
31%
*12%
6% conv preferred
Fajardo Sug Co of Po Rlco_20
First National Stores.
33
1334
9
9%
*102% 106
43% 44%
2634 27%
1034 11%
100
1,000
59
13%
Preferred.
4,200
59
5
25
Fairbanks Morse & Co .No par
6
11,700
33
47g
56
*143
28%
35
5%
834
11%
22%
80%
135
2734
------
113
60
47g
148
148
30%
*125
27%
2,100
3,300
3,500
1,400
34
5
1334
68
2934
30%
*111
200
6,200
~60~
35%
5
*56
68
135
113
100
*26%
*26%
61
*107
29%
*
62
9%
9%
9%
9%
*102% 106
*102% 106
45
4534
43% 45%
287g 29%
29%
27%
12
12
11%
12%
14934
*65
66
2834
*
~60~
*147
*111
%6
35
14
109
332
64
14
*90
%6
35
5%
110
%
*59"
5%
*90.
11134
66
30%
135
27%
3234
68
297g
2634
26%
'16
34
*66
110
27%
%
33%
37
36%
113
103% 103%
40%
41% 42
41%
26
*23% 26
*23%
684
634
6%
7%
35% 36
35%
35%
10934 IO984 *109% 111%
27% 28
25%
27%
26
110
*111
10334 104
43
40%
112%
29%
257g
27%
25%
36%
36%
♦
2%
884
*111
28
29
3%
,
23
♦111
*110
3
400
Jan
8
3
1,600
19% Dec
4
Exchange Buffet Corp-No par
100
14
Mar
Feb
8% Mar 19
534 Mar 25
600
14,500
Mar
Mar
15% Mar
534
*132
145
141
*129
*130
150
150
1377g 1377g *131
36
40
38%
3634
39%
3434
32% 35%
33% 3534
19
19%
19i2
19%
1912
1834
20% 20%
20% 21
94
*94
*91
95
95
94
94
91%
90%
91%
41
45
43
43
41
*40
*40
45
40% 41
72
75
72
74
*71%
*71%
71% 71% *71% 74
S
9%
9%
934
9%
8%
*9%
87g
834
87g
3
3%
3%
3%
3%
3%
3%
3%
3%
*3%
3
3
3
3
3
3
3
3%
2%
234
23
23%
23%
2234
23%
22% 23
22% 2234
22%
39
38
38
38%
3834 39% *38
38%
39%
39%
25%
25%
25% *23%
*23%
*23% 25% *23% 25% *23%
150
34%
*2034
7% Deo
407g Jan
584
660
Nov
55% Nov
7
6
4,700
55
Jan
*534
10%
Feb
Mar
Aug
Apr 24
534
44%
15%
4%
7%
8%
684
69%
12
534
10
Jan 15
14%
Nov
29
534
44
69
Deo
8% Nov
50
5
5%
3%
9%
Jan 10
134
5
50
2,100
10,400
43%
Feb 15
Jan
Mar
Evans Products Co
13%
31%
43
19
14
Eureka Vacuum Cleaner
13%
10%
2734 Feb 21
3
Jan
1% Mar
5884 Nov
% Jan
1% Aug
66
Sept
13% Dec
8584 Nov
14% Aug
30%
44
Apr 29
11*4 Jan
13%
11
7% Feb 2i
17% Feb 21
16
30%
45
12584
4
100
13
10%
5234
4
5U Apr 7
11
Apr 30
100
29%
44%
7
Jan
6
13%
12%
Feb
Jan
31
46
69
71% Apr 13
75
Apr 13
78
Apr 27
First preferred
Mar
% Mar
% Apr
134
Jan
13%
11%
39
6
55
30
42
7
5
48
Jan
Second preferred
Erie & Pittsburgh
1434
5514 Jan
1% Feb
37g Feb
par
par
137g
11%
47%
Apr 29
% Jan 2
1% Jan 4
62i8 Jan 31
125
Apr 29
No par
$6 preferred
30%
*2%
8%
42%
46
Jan 14
13%
3
5 per share
par
2934
'
$ vsr share
71*
14%
5%
$ per share
par
31%
.
3%
46
*142
137g
29%
5%
3134
684
Highest
5 per share
451 j
-.
14%
31%
*5%
3%
11%
Lowest
15% Apr 17
Erie
12
17%
125g
Highest
3
Equitable Of/ice Bldg_.No
16
12%
Battery..No par
2,000
*12
11
Year 1935
EXCHANGE
1%
47
%
*1%
11%
.82
6%
12%
19%
*12%
17g
46-%
*125% 126
70
*76
46
47%
34
*1%
*61
67
*67
*5g
1%
48%
477g
2
*125% 126
*12% 13
%
1%
48%
%
*%
*1%
1936
Range for Previous
On Basis of 100-share Lots
Week
$ per share
Range Since Jan. 1
YORK STOCK
the
May 2,
Preferred
5
No par
....100
Gulf Mobile & Northern...100
Preferred
100
Gulf States Steel
.No par
Preferred
100
105
25
Feb
4
Mar
3
6
Apr
Jan
7
48
Mar
6
12
Mar
Jan 24
118
Mar
0
48
Mar
43%
11%
34%
33%
108
May
Dec
Dec
Nov
Dec
Jan
4
33% Apr 29
21%
Jan
3034
Dec
2
36% Jan 16
30
Jan
35
Dec
Jan
9
Mar
8
Jan
2
6
4
4
14
11% Apr
21% Feb
110
Jan 11
8
63
Mar 30
Hanna (M A) Co 55 pf.No par
103
120
14,100
19
4
Mar
39
Jan
Harbison-Walk Refrac.No par
Preferred
100
5%
Mar 19
1984 Mar
55
Deo
74% Nov
284 May
0
10
60
7
2
2
Feb
35
60
106
Jan
Jan
Jan
"
1
30
4,800
3,500
46% July
80% Jan 27
3% Feb 7
25
Water
7% preferred class A
36
1534
Feb
Hall Printing
10
Hamilton Watch Co...No par
Preferred
100
Hackensack
125
103%
Jan 23
7
H4 Jan
26i2
9U
3012
283g
55
Hat Corp of America cl A
6H% preferred
Hayes Body Corp
1
100
2
30ig Jan
12
Jan
3
3
Jan 20
!04ig Feb 17
4% Apr 30
119
Feb
105% Mar 18
41% Apr 1
126
Apr 23
16% Mar 25
115
Jan
9
9
Mar
5
6% Apr
Oct
14% Nov
Jan
112
Dec
100% Sept
105
Nov
16
Mar
30%
Deo
9984
Jan
121
5%
Feb
14% Dec
113% Dec
81
Feb
1% Mar
8%
Dec
Oct
HIGH
SALE
LOW
AND
NEW
f/Yf
Monday
Tuesday
Wednesday
Apr. 25
Apr. 27
Apr. 28
Friday
May 1
Week
$ per share
Shares
Apr. 29
$ per share
$ per share
$ per share
$ per share
$ per share
*110
125
*110
128
*111% 124
*118% 128
122
*121
12234 *118
122% *120% 122% *118
*14934 163
*14984 163
*14934 163
*14934 163
27%
2534 20
26%
27%
27%
27% 27%
92
97
92
*85
94%
*110
124
*110% 123%
118
118
*120
*14934 163
26%
26%
*14934 163
26
25%
*86
•* «.
*470
24%
24%
75
41
40%
75
2334
77%
734
3%
*10
11
16
$7
21%
21%
21%
36
*31
*6334
64
*63%
*11%
9%
12%
10%
10%
2934
30
*110
114%
28%
109%
11%
12%
12%
*4%
*3%
6%
5
*334
29
384
11%
10%
i
\
334
3134
*31
334
3%
30%
♦
4534
*156
159
3
5
47%
4%
45%
♦1253s 12734 *125%
4%
5%
5%
2%
•23s
3%
134
2%
2%
20
263s
23%
40
40
40
107
*107% 109%
*23
23%
23%
49%
16%
16%
55
14%
*1134
*8634
55
55
*27%
•121%
72%'
97
2934
3%
1034
3%
45
127% 127% *125% 12734 *125% 12734
4
4
4
4%
4%
334
*2%
2%
2%
2%
2%
2%
*1%
2
22%
38
1%
24%
20%
22%
38
38
38
107
107
23%
23%
23
49
49
49
50
15
15%
55
13%
11%
11%
84
84
18%
19
19
"l9"
19
28%
27%
27%
27
27%
*26%
26%
113
•
113
84
\
70
70
«,
67
69
68
68
9634
9484
96%
93
96
96
9734
125
12434
153
125
*122
125
*__._
•
153
*
90
"78%
88
22
22%
22
1934
19%
18%
21
20%
19%
18%
94
3778
83
29%
4%
*90%
33%
30
35%
*79%
29%
4%
33
2O84 21%
10434 10434
*484
33%
80
*26%
19%
94
35%
19
*92
33%
18%
18%
19%
8,800
27%
29%
29%
18%
18%
19
19
27%
28
1,200
1,600
6,300
x27%
.
22%
28
*86
95
20%
95
*86
2184
21%
10
22
5,900
4,500
1984
20%
19%
1934
19
19%
19
20%
20
90%
91
91
20%
91%
35%
33%
35%
35%
36%
74
77%
79%
73
74%
29
28
28
27
27
4%
30%
4%
30%
4%
4%
4%
30%
30%
30%
31
21
21%
21
21%
21
21%
104% 104%
484
434
104% 104% *104% 104%
5
*4%
4%
4%
5
28
4%
5
*77
80
*77
80
*76
80
80
80
*68
74%
*69%
74
*69%
22%
23%
22%
*2084
77%
22%
*2084
73%
22%
23%
74
20%
70%
23%
20%
35
35
*12
3384
*28
34
*67S4
2278
20%
10%
21%
22%
*2084
34%
20
23%
23%
34%
20%
9%
13%
16%
95%
9%
238
22%
19%
20
22%
*25"
*17%
*
14
10%
2%
12
9634
15%
54
53
8%
8%
*8%
1284
*
17
16%
99
16%
18
99
10%
2%
11%
9634
14%
9
13%
5,600
20
95%
10%
2%
1178
9
93
96%
14%
15%
9%
2%
934
2%
*8
10%
*8%
10%
13%
16%
1284
13
1234
13
15%
16
95
95%
9%
94%
95
2%
9%
92%
2%
90
90%
15
1534
15%
42
8%
2%
10
9%
91
93
91%
14%
15%
934
8%
42%
4134
49%
50
49%
50%
53%
8
7%
734
7%
784
8
*26%
26%
2634
26%
2678 27
*100% 102
*100% 102
10078 10078
101% 101%
IOO84 101%
10084 10134
50%
27%
27%
101% 101%
101S4 102%
164
*163
*163
164
*160% 164
20
1984
20% 20%
20% 20%
*162
164
16%
*95
16%
98
9%
9%
9%
2%
8%
8,800
10
12%
15%
8
1,200
60
19%
*2%
2%
10%
400
2,700
2,800
230
6,800
4,100
10%
92%
92%
4,300
3,700
15%
15%
15%
13,600
39%
40%
40
40%
48%
50
4934
50%
3,300
11,400
8
8
10
9%
4,100
7%
734
x25%
25%
26
26
100% 100%
100% 101%
101
101
500
101
101
3,400
*160
167
163% 164
19
*19%
20
*28
28%
19
19%
19
27%
38
36%
46%
26%
27%
37%
37%
37%
35%
4534
36
7
3
Apr 30
5% Jan
8
Jan
8
160
1,300
8
37% Jan 30
Apr 27
23
Apr 28
107
47% Jan
2
15
Apr 29
53% Apr 29
12% Apr 30
10% Apr 30
82
Jan
2
—100
Kress (S H) & Co
No par
Kroger Groc & Bak—No par
Laclede Gas Lt Co St Louis 100
5% preferred
100
Lambert Co (The)
No par
Lane Bryant
No par
Lee Rubber <fe Tire
—5
Lehigh Portland Cement—25
4% conv preferred
..100
Lehigh Valley RR
50
Lehigh Valley Coal .
No par
Preferred..
50
Lehman Corp (The).. No par
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Libby McNeill & Libby No par
Life Savers Corp
.5
Tobacco..25
25
Preferred
—100
200
1,600 Lily Tulip Cup Corp...No par
-
58% Jan 18
93
Apr 28
5
129
12134 Feb
Jan 11
Jan
2
26
2
39
13
Jan 27
17
x27% Apr 30
80
Jan
7
46
*107
2%
6
42
*108
22
*144
21
14%
13%
21
*13%
20%
66%
22%
*3734
70%
25%
*37%
38%
*128% 135
31% 31%
42%
42%
*13
13%
39%
65%
39%
06
223s
23%
64%
22%
38%
38%
25%
*68%
13%
20%
66
2334
38%
*3784
14%
20%
*13%
13%
13%
20%
*20%
6,800
1,000
210
14%
250
20%
800
24%
63
63%
20%
*63%
23
23%
24
20%
20,800
*13%
38%
13%
20%
13%
20%
68%
25
35%
65
1,500
12,000
Ludlum Steel
Conv
*128% 135
29%
4178
12%
37%
3184
42%
1234
39%
For footnotes sec page
29%
41%
30%
29
42
41
38%
*37%
37%
*37%
*128% 135
*128% 135
28
29
29%
29%
30%
41%
40%
41%
40%
4134
12%
37%
12%
13
13
13
37%
37
3734
37
1283s 1283s *128% 135
2946.
.
100
20
preferred..
No par
Forbes...—10
MacAndrews A
6%
preferred
....—100
13%
13
13%
No par
7,800
6,500 Macy (R H) Co Inc...No par
2,700 Madison Sq Gard v t o-No par
38
37%
38
1,800
Mack Trucks Inc
Magma Copper
10
16% Sept
90
Aug
Oct
Jan
Mar
Feb
Apr
3
7% Feb
Apr
2
1534
33% Feb 25
91% Mar 10
Jan
84
13% Mar
20% Apr 28
25% Jan 2
110% Feb 10
6% Mar 3
Mar
7% Jan
43
Jan
Oct
2%
8
23
8
81% Apr 23
77% Jan 3
Jan
Mar
10
29% Apr 24
22% Apr 30
8
Mar
1984 Mar
103% Apr
162% Feb
19
Apr 29
104% Feb 28
2
Apr 23
3% Jan
40% Mar 13
109% Jan 30
21% Apr 28
142
Jan
13
Jan
23
Mar 24
102% Apr
14% Mar
4
10034 Apr
15% Apr 27
42% Apr 28
63% Mar 6
11% Jan
6
31% Jan 29
115
Jan 16
116% Jan 15
105
Feb 28
23% Feb
6
39% Feb 21
50% Feb 19
6
54% Jan 8
44% Apr
108% Jan 15
3% Feb 11
8% Mar 24
Mar
1% Mar
5% May
67% Mar
10% Oct
9
Feb 19
164«4 Feb 28
42
Jan 21
130% Mar 10
37
Apr 6
4
14% Apr 18
49% Mar
42
113
Dec
Apr
6% Nov
32% Aug
46
28%
9
Dec
Aug
Jan
Jan
14%
Dec
17%
Jan
Feb 17
11% Jan
3% Aug
1534 Nov
9534 Nov
17% Jan
94% Apr
9334 Apr
122
21
151%
15%
Mar
167% May
Oct
2834 Nov
13% Mar
17% Mar
24% Mar
31%
Aug
Jan
Feb
102
Feb
1
Mar
107% Nov
26% Jan 27
Jan 30
151
77% Apr
Dec
27«4 Nov
49% Oct
10% Nov
29-% Nov
120
Aug
21% Mar
6% Sept
112% Apr 11
35
40% Apr 30
8% Jan
34% Jan
May
Jan 17
17% Jan 13
23% Jan 28
Jan
5
1% Mar
33
Apr
45
6%
41
27%
Mar
5
16% Feb
57% Jan
22% Apr 28
129
Nov
9
Feb
20% Feb 20
38% Apr 28
127% Jan
27% Jan 30
Dec
21
Oct
8% Mar
10% Mar
Mar 16
July
30%
Nov
16% Mar 17
9734 Mar 13
Oot
80
Apr 29
Apr 30
Apr 30
Jan
Apr 30
9% Anr 29
97
Oct
90%
66% Apr
22% May
12
47% Jan
30
80
19% Mar
213s Oct
7% Apr 30
x25% Apr 30
Deo
20% Nov
Jan
47% Jan 31
26»4 Feb 6
10% Apr 7
Jan
Dec
22
May
33% Jan 31
Apr 30
Dec
2
20% Apr 27
12
Nov
42
34% Apr 28
19% Apr 29
7% Jan 2
39% Apr 30
Feb
93
120%
14%
97% Feb 25
28
90
130
96
91% Feb 11
12%
15%
94%
8%
2%
99% Nov
28% Nov
18% Jan
41% Apr 14
Marl6
Aug
37
126% Dec
31% Nov
25% Mar 20
66
Jan
Jan
7
73
Apr 30
18% Jan 7
4% Apr 30
30
Apr 28
74% Feb 26
Nov
Mar
Feb 28
103% Mar 16
4% Apr 29
16
36
120% Apr
6
3% Mar
10% Aug
28% Jan
Jan
34
2
lb",800
35%
45%
Dec
Mar 24
21% Mar
19
"5",800
36%
Oct
14
50
6
2
46
45
46
4434
44%
44% 4634
46%
*104
106%
107
106% *105
105% *104
107% ♦105% 107% ♦104
2%
2%
2%
2%
2%
2%
2%
23g
2%
2%
2%
5
5
5%
5%
4%
5%
5%
5%
6
5%
6
41
41
41
41
41
4134
41
41S4
4184
42
41%
3534
36%
78
115% Mar
334 Mar
6% Mar
Apr
28% Jan
36%
35%
28
38% Mar
117% Mar
20% Apr 30
25% Jan
Works..No par
No par
No par
Loew's Inc
No par
Preferred^
No par
Loft Inc..
No par
Long Bell Lumber A
No par
Loose-Wiles Biscuit...
25
5% preferred
100
Lorillard (P) Co
10
7% preferred
100
X Louisiana Oil
No par
Preferred.
—100
Louisville Gas & El A ..No par
Louisville A Nashville.... 100
July
49
6
Feb 21
90% Feb 21
19% Jan
Deo
49% Nov
24%
120% Feb 24
121
Dec
Deo
36% May
110
Feb 24
77% Feb
42»4
110
Dec
130
78% Jan 15
118
35% Apr 27
43
Apr 21
37
2
2984 Feb 19
123
Dec
Dec
8% May
70% June
6% Mar
2234 Apr
Apr 29
Dec
16
14% Mar 2
88% Jan 18
113
5
3%
238
28%
56% Dec
5% Mar
19% Feb 17
Jan
*108
114
*108
114
*108
114
114
*108
114
111% *108
22%
22%
22%
21%
21%
21%
2138
21%
21% 2134
22%
145% 145% *145% 14784 *145% 14734 147% 147%
145% 145% 145%
36%
6%
42% Mar
Jan 30
67
Apr 29
37% Apr 29
37%
25
29% Feb 27
63% Feb 21
23% Jan 30
15
Liquid Carbonic
27
39
Oct
47% Dec
130% Nov
4% Mar
21% Jan
98% Jan
Feb 10
111
Dec
434 Aug
3a May
3% Feb 10
36% Feb 8
44
Mar 26
27
Link Belt Co
27%
3784
65% Nov
% July
Lima Locomot
27
40
367g Nov
154
1% Mar
1% June
Mar 18
1,500
1,600
29
39
Jan
7% Feb
3,500
27%
Ma/
34% Mar
334 Apr 30
37%
29%
4034
29%
*40
Nov
22% Jan
123% July
1% Mar
Preferred
Series B
Jan
8
2
4
Jan
Dec
129% Mar
2% Jan 6
1% Jan 9
20% Apr 30
Dec
5
4234
22%
54% Feb 19
Jan
13%
190%
43% Apr 30
125% Feb 6
1
No par
A-No par
Kennecott Copper
No par
Keystone Steel & W Co No par
Kimberly-Clark
No par
Kinney Co
No par
Preferred
No par
Kreege (S S) Co.....
10
7% preferred
.100
Kresge Dept Stores....No tar
Liggett & Myers
3
Jan
135
Feb 21
2
70
35
40
13%
9
13
4%
241
Apr
8
Jan 23
Jan
Deo
June
26
149%
89% Apr
2
Jan
Jan
5
2% July
4934 Mar
Jan
1434 Jan
300
23%
*
20
19%
35%
56%
148%
234
87
200
Oct
7% Deo
23% Sept
3% Mar
Class B
300
Nov
838
1% May
4% Mar
185% Apr 11
Kendall Co pt pf ser
2,000
108
Mar
884 Mar
4
Kelvinator Corp
140
20% 20%
10434 105
*27%
July
4
6% Mar 11
41
Mar 23
24% Jan
11,600
4%
31
130
46% Mar
2% Feb
5% Feb 14
1534 Mar
1
1,600
79%
Jan
May
79,100
Jan
4%
Preferred
120
Nov
20%
—No par
No par
100
Joliet & Ch RR Co 7% gtd 100
Jones & Laugh Steel pref-.100
Kan- City P & L pf ser B No par
Kansas City Southern
100
Preferred
100
Kaufmann Dept Stores $12.50
Kayser (J) & Co
5
Keith-Albee-Orpheum
pf-100
Kelsey Hayes Wheel conv cl A1
34,200
94
81
80
30
17%
27
121
Oct
Johns-Man villa
"810
80%
4%
5%
*19%
88
79%
*114% 120
120
120
*78%
79%
Oct
60% Mar
134 Oct
9% May
Jewel Tea Inc
153
*
88
*86
1.1001
13,600
Deo
36%
2
Preferred..
100
125
153
122
125
♦
*90%
20%
*9
121%
70%]
23
37
20%
27
93
22
7334
23%
23%
*35
27
70%
153
100
*21
20
97%
82%
30%
5
*33% 3584
21% 21%
104% 10434
*434
5%
*67%
23%
85
*19%
121% *113
*113
*86
94
38%
*81
1034
*10%
*
85
71%
*
20%
*29%
*4%
13%
13%
1034
93%
21%
83
13
70%
23%
3784
15%
54%
86
90
20%
15
*53%
18%
20%
33
19
2934
*90%
16
54
10%
....
49
48%
16
Jan
5%
6% Feb 14
Corp-No par
100
No par
600 International Salt
No par
1,300 International Shoe
100
1,100 International Sliver
120
7% preferred
100
66,600 Inter Telep <fc Teleg—No par
3,000 Interstate Dept Stores-No par
Preferred
100
,170
No par
700 Intertype Corp
1
800 Island Creek Coal..
20
Preferred
1
25
Mar
8% Feb 14
Int Printing Ink
160
Dec
40
36% Feb 14
Pow cl A ..No par
No par
Class C
No par
Preferred
100
900
5334
12%
10%
100
22,800
*23
23
No par
39
107% 107%
107% 107%
No par
....No par
23%
22%
*38%
Dec
15
Feb 18
9
Class B
5,000
Dec
59%
Feb 19
114% Feb 20
1334 Apr 13
7% Jan 18
18% Jan 11
Apr 29
3
Inter Pap &
600
Dec
19% Jan 9
2% Jan
2
9% Apr 3C
3% Apr 29
2734 Apr 29
160
Apr 28
Preferred
2,000
3%
22%
38%
9% Mar
15
Apr
70
11% Apr 30
334 Jan 7
Cement..No pa/
No par
...100
25
7.600 Int Hydro-El Sya cl A
2,400 Int Mercantile Marine.No par
Int Nickel of Canada..No par
83,700
Preferred
100
100
2
1%
1%
85
*113
45%
44%
45%
43%
Oot
84 Apr
45
6
6% Jan 6
6
Apr 23
Internat Harvester
700
2
109
7,300f International
31,800
1934 Mar 6
3% Feb 19
28% Feb 19
17%
2734 Apr 28
108% Apr 30
1,400 Int Business Machines .No par
Internat Carriers Ltd
1
168
168
162%
Jan
Dec
6% Mar
34% Apr 7
147
Feb 14
93
Dec
5%
1334
284
2% Mar
23% May
100
Prior preferred
700
60%
Jan
Feb
6% Mar
13% Apr 17
No par
Internat Agrlcul
5,700
3%
28
28
Interlake Iron
43
2
Jan
4% Jan
C-.100
Rys of Cent Am .100
Intercont'l Rubber
1,400
16,800
3%
3%
19
'
120
*20%
10%
28
162
3%
10%
*3
2%
10%
28
161
30
31
9%
3%
80
81
"££"
82%
83%
*114% 120
118% 118% *114% 120
17
17%
1834
17
19
19%
30
30
27% 27%
28
31
18%
18%
18%
18%
18%
19
28
2884
27% 28%
28% 29%
*23
3034
Preferred
Internat
100
Nov
4% Mar
1 Interboro Rap Trvt
2,500
Nov
7
0
5% Jan 23
17% Feb
100
Certificates
11%
27%
83%
29%
110
870
8634
153
*85
5%
19
12434 *122
20%
6%
5
11
*
*31%
1834
534
4%
2934
234
2734
44
13%
12%
14%
*122
120
6
8684
9734
83%
12%
6
55
55
*121%
*72
6
11%
*334
16%
*16%
*5%
53%
12%
1034
13
14%
12%
88
20%
28%
*19%
3
*278
-
6
44% * 45%
43%
4434
44%1
43%
78
80
81%
79%
80%
76%
156%
156% *152
156% 15634 *152
3
2%
2%
3
2%
2%
5
5
5
5%
5%
534
80%
157%
«...
12
11%
3%
4434
43%
78%
157
-
73
18% Feb 24
No par
6,800 Inland Steel
20
15,800 Inspiration Cons Copper
1
300 Insuranshares Ctfs Inc
10%
6
5
160
....
«■
94%
10%
Deo
Jan
1% Mar
11% Apr 24
..No par
Preferred
9334
July
31%
58
10
7,400 Industrial Rayon
2,200
*130
Dec
42
100
Indian Refining
*5%
2734
3%
5%
4%
4%
4584
44%
47%
12734 *125% 12784
4%
4%
5
284
2%
278
1%
1%
2%
23%
24%
25%
39
3834
40%
107% 107% 107%
23
23%
23%
49%
49%
49%
50%
17
55
160
15834
3%
3
5
47%
29
8334
3%
*49%
*16%
29
"3",300
Jan
495
100
Sec ctfs series A
10%
9%
12%
3
RR
94"
93
6
10
10%
Leased lines
29
Jan
Dec
Feb
49
67% Feb 19
18% Apr 30
31
Apr 30
.100
6% pref series A
320
110
110
*130
2884
3
278
46
78%
*157
29
300
13
2834
28%
110
1
10
30,000
10
11
2238
6% Mar
12% Jan 15
13% Apr 30
No par
Hudson Motor Car
63%
9%
10
100
9,800 Hupp Motor Car Corp
35
*11
Dec
30% Mar
Apr 17
75
_
5
Preferred
32.400
20%
19%
63%
13
*4%
*3%
5
160
44
46
83%
83
800
12%
6%
10%
3%
167% 168
171
^*168
10%
10%
29
334
30%
3
*9%
95
934
*5%
*334
11%
11
9%
*31
July
3034
Dec
338
8
Feb
44% Feb 20
33
Mar
4
65% Jan 14
Jan 7
48s4 Jan 21
3% Apr 30
812 Apr 27
50
partlo pf
Hudson & Manhattan....100
108%
93
*4%
5
29%
3%
Fin
Houston Oil of Tex v t c new 25
Howe Sound Co
9%
2734
*130
6
Household
1,400
283s
10%
13
Apr 30
4,900
10
96
*5%
12%
12%
5%
*4%
32
*3%
i
6
*»«•«.—
934
544
Apr 22
23
3%
*11
109% 111
110
94
11%
6%
9%
13
28
28%
2734
109
Apr 28
40
Jan
118
6% Mar
19%
35% Apr 22
Apr
1
470
8%
63%
2
Jan 13
Jan
584 Mar
44% Feb 19
12
Apr 6
No par
Class B
17,600
1%
104
5
Feb
119
Houdallle-Hershey cl A No par
50%
32
Oct
Deo
Dec
8134
73% Apr
Jan 13
80
Homestake Mining
3%
20%
90
131
800
1434
36%
Jan
Feb
112
8%
1%
Deo
Mar
Feb 17
300
14%
June
11
108
__
1%
June
162
71
400
14%
141
Jan
122
.100
..100
4934
9
Jan
19%
120
Jan
2
3534 Jan
2
9
5
No par
3%
63%
10
10
9%
(A)
7% pref
812
31
*11
13
*11
Holly Sugar Corp
5134
63%
63%
Hollander <fc Sons
30% Jan
Jan
142%
105% Feb 17
135
Apr 17
Jan 30
75% Apr 28
113
Apr 29
No par
734
13%
1%
18%
*30
63%
*130
97%
11%
*6%
12%
*28
30
1,700
4,900
128
85
127
Jan 27
141
Jan 23
No par
Holland Furnace
33,800
34
,
20
63%
98%
95
97
6%
19
*32
6434
12%
10%
2934
109%
*138
*138
■
35
*32
*11%
1%
-
Conv preferred-.
300
84
100
.No par
preferred
7,300
2434
*75
cum
Hershey Chocolate-.
900
40%
23%
75
15%
134
20%
14%
1%
1834
15%
1%
No par
$ per share
163% Mar 24
No par
4934
3%
3%
9%
9%
Hercules Motors.
Hercules Powder
499
40%
24%
75
51
8%
-
40
40%
23
8%
.
3%
14%
16%
2
19%
2
784
35g
m>
600
*450
475"
40%
24
77%
50
4934
3%
878
14%
1%
16%
2
49
10
8%
23%
838
778
50%
3%
*75
*75
9%
49%
384
3%
475
40%
«...
110
*110
*40
77%
23%
25%
*74%
9%
50%
9
50
111
490
40%
24%
40%
25
.100
Preferred
% per share
133
Mar
6
118
Apr 30
150% Jan 27
25% Apr 30
25
Helme (G W)
110
110
478
470
499
41
499
40%
*470
♦111
*111
*451
Hazel-Atlas Glass Co
-
2,200
89%
*87
89%
*130% 131
*130% 131
*130% 131
*130% 131
*130% 131
*130% 131
75%
75%
75%
76%
75%
75%
75%
75%
*76%
77% *76% 77%
113
113
113
113
*113
114%
1143s
*113% 11434 *113% 114% *113
34
34%
33
34
33%
3438
3234
33%
38
38
35% 36%
10
10%
10
9%
10
10%
10
xl0%
10%
,10
*10%
1034
33%
3234
32
34
32%
32%
32%
31% 33%
32%
34%
34%
*111
-
Highest
$ per share
$ per share
Jan
2
120
Par
""l00
Lowest
Highest
Lowest
'
90
90
«•
—
—
122
Year 1935
IQO-share Lot
On Basis of
YORK STOCK
EXCHANGE
the
Thursday
Apr. 30
Saturday
Range for Previous
Ranoe Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
PRICES—PER
JOT
94%
2951
New York Stock Record—Continued—Page 5
Volume 142
18% Mar
27% Nov
43
Oct
Dec
55% Nov
10834 Oct
37%
2%
4%
Oot
Dec
41% July
112
Deo
26% Nov
124
Apr zl49% Dec
% July
1% Jan
15
Dec
4% June
23
Aug
10% Mar
Mar
64
Dec
12% Mar
90% Jan
26
Sept
135
Sept
34
37% Nov
113
Feb
46
Feb
130
May
30% Apr
Deo
57% Nov
5%
18%
37*4
18% June
Jan
Jan
3034
11%
Deo
Dec
New York Stock Record—Continued—Page 5
Volume 142
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Apr. 27
Apr. 25
$ per share
Tuesday
NEW
Apr. 28
$ per share
128
*110
*118*2 128
$ per share
*110
122l2 *120*2 12212 *118
*14934 163
*14934 163
*14934
273s
27l2
27U
2714
26U
92
*85
9414
97
9478
*130i8 131
*130i8 131
*13018
*76i4
77i8
*76i4
7714
7514
*11314 11434 *11314 114l2 *113
38
38
35i8
36i2
3318
10
10
*1038
1034
.10
32
34
3414
3414
32i8
*111
...
*451
499
*111
*470
75
41
2334
2538
*7414
2478
499
41
7712
9%
5018
3%
10
40i2
247g
75
40i2
9
9%
50
50*8
384
3%
*10
734
4914
3%
11
16
8l2
I6I4
2
1412
178
2H2
19i8
*11
Ids
IOI4
958
2934
30
J212
IOI4
2934
109% 109i2
109
*138
97'li
11*2
1178
*6*8
6*4
1238
1258
1214
*4*2
658
*412
5
*334
95s
6
32
*3*2
11
334
*31
29
3
334
11*2
103s
334
33g
30%
3134
171
*168
■
23*4
75
75
35g
734
4934
3*4
9*2
9
15ig
134
20*4
63%
*11
10
28
283g
110
10*4
278
10*8
33g
13
65S
5
29
3
107g
35g
29
29
160
160
4934
50*4
3*2
9*4
338
33g
10*4
14*2
1438
1434
32,400
32
63*2
6
*334
2934
234
97g
3*4
28
2784
161
162
13
544
Apr 22
33
65*4 Jan 14
75
3,300
Indian
29
7,400
Industrial Rayon...
110
2,200
Ingersoll Rand
Refining
"e'.soo
15,800
12
117g
12*4
2,500
6
534
6*4
100
47g
5
5*4
110
30
3034
870
278
10%
*3
3*4
1,400
10*2
107g
16,800
3*8
35g
5,700
28
28
28
700
168
168
1,400
Inland Steel—
4584
83
46
837g
159
3
3*8
5
5
47*4
47*2
*1253s 12734
5*4
5*4
*23g
3*4
2*4
2*4
26
2638
40
40
*107*2 109*2
*23
235g
*49*2
50*2
44
46
4312 4434l
8334
78*2 80*8
15834 157
157*2
3
3
3*4
*27g
4*2
53g
4l2
4*2
455g 473g
44*8 4584
*1253« 12734 ♦1253s 12734
5
458
45s
4*2
278
27g
2?s ,
284
134
2*8
178
178
23% 25*2
2312 2412
40
40*2
3834 39
107
107*2 107*2 107l2
23
23*4
23*4
23*4
49*2 49*2
49U 49*4
16*2
16*2
16*2 *16*8
7812
*157
*16*2
17
55
55
55
1412
13
14*4
12*8
11
11*2
88
8634
14*4
*1134
*8634
♦19*8
*27*2
•121%
55
97
«
7,300'
31,800
43i2
4434
38
107
43*4
38
107
38
107i2 107*2
23
23
49
50
49
49
7
100
19*4 Jan
9
Intercont'l Rubber
No par
2*2 Jan
2
Interlake Iron
No par
Internat Agricul
No par
Prior preferred
.100
1034
*10*2
♦
84
18*2
27*4
19
19
"l9"
27
27*4
*26*2
153
113
*
70
113
70
85 *._..
*113
67
1
69
153
93
*122
125
♦
1
96
125
153
9434
122
96*2
66,600
3,000
68
96
....
68
9734
125
2934
90
203s
*86
90
*86
88
88
88
22
23
22
22*2
22
22*4
20%
19*2
21
*19*2
1984
19*4
1934
19
19*4
205s
19l2
18*4
1934
18%
19*2
19
20*4
19
20%
20
94
90*2
91
91
203s
91*2
203s
33
I8S4
19
29*2
*85
*23
*20*4
203s
*90*2
23*2
21*4
20&S
94
3784
38*8
83
84
*29*2
*45s
30*2
5
3534
*33*2
21*4
213g
10412 10434
*434
57g
*81
100
"82*8
*90*2
355g
*79*2
94
3778
29*2
4*2
458
33*2
33
2034
21*8
10434 10434
*484
80
5*4
81
79*4
797g
7412
*26*2
43s
29
28
28
27
27
30
31
20*2
2078
4*2
10434 105
434
434
80
*77
*21
20*2
20*2
*2034
*35
37
35
35
34*4
20*4
21*4
20
20*2
*9
2078
10*2
13*4
14
13
17
*8*4
1284
16*2
99
9512
"16*8
258
113s
25g
9
23g
10*4
25g
9
2*4
934
1178
934
10
10*8
12
7478
2278
912
13I8
16*2
95i2
9%
23g
16&8
13*4
4*4
4*4
418
30*4
30*2 30*2
21
213s
21*2
104*4 104*4 *104*4 104*2
5
4%
4%
*4*8
4*4
30*8
21
*77
*6978
22%
*2034
*12
80
13*4
16*8
95
95*2
9*4
2*4
5,600
*8
10*2
13
*8*4
1234
10*2
1284
15*2
94i2
85g
2*8
97g
16
95
163s
98
230
Stores $12.50
Kayser (J) & Co
5
Keith-Albee-Orpheum
pf.100
Kelsey Hayes Wheel conv cl A1
4034
39
40
3734
3534
4478
39
37*2
35l2
38
37*2
37*2
37*2
36
285g
37*2
36*4
36*8
35l2 3578
36*8
35*2
36*2
45
46
46
4484 4584
45*4 463g
44l2 4684
46*2
*104
107
10512 *104
10678 *105
1067g
*107
107*2 *10512 107*2 *104
2*2
212
2*4
2i2
25g
23g
23g
258
2%
23s
2l2
212
5
5
6
6
6
5*8
5*4
512
518
47g
5*8
5*2
41
41
41
41
41
42
42
41
4184
4184
4I84
4U2
14*4
21
*68*2
25*2
70*2
25*2
13l2
20*2
66*2
22*2
135g
20*2
68*2
25
13*2
20*4
65*2
223g
1312
20*2
66
23%
1312
*20*4
6412
225g
14*2
20*4
1312
20*2
*13*2
66
2384
63
63*2
*13*4
20*8
*63i2
23
235s
24
20*4
250
800
1,500
12,000
*3758
38*2
31*2
4258
*13
3938
*3734
38*4
*12838 135
29l2
31*2
4278
13*4
4178
3938
37*2
12*2
3I84
425g
I284
39*2
*3784 387g
*3758 377g
*37%
3878
38*4
38*4
1283s 1283s *1283g 135
*12838 135
*12838 135
28
29
29
30*4
29*4
29*4
29i2 30*2
41
4134
40*8 41*2
4078
4H4
4H2 42
12i2
37*8
For footnotes Bee page 2946.
12l2
13
13
13
133g
13
13*8
37*2
37
3784
37
38
37l2
38
34
Mar
6
Jan
Dec
21
Nov
Mar
43
Jan
258
Mar
Oct
Mar
1984 Mar
103*2 Apr
3
2
May
42
3
28
8
No par
100
No par
No par
Lane Bryant
5
Lee Rubber & Tire
Lehigh Portland Cement—25
.
-.100
50
No par
50
Preferred
(The)-- No par
5
Lehn & Fink Prod Corp
Corp
Liggett & Myers
No par
Tobacco..25
25
—100
Series B
Preferred
Works. .No par
-No par
Liquid Carbonic _
- - - .
-No par
No par
No par
No par
Loew's Ino._
Loft Inc
Long Bell Lumber A
No par
Loose-Wiles Biscuit...
25
7% preferred
100
10
100
Marl6
223g Apr 30
678 Mar
3378 Jan 31
20*2
3414
19i2
7*s
12i2
Apr
Apr
Apr
Jan
Apr
15i2
94*2
8*2
2ig
9%
Apr
90
Apr
27
28
29
2
29
30
30
2
30
29
30
12
Jan
2
157g
42*4
63*8
11*8
31*8
Apr
Jan
Apr
Aor
97
Marl6
9784 Mar 13
162*2 Feb
19
7
Apr 29
257s Jan 2
3712 Apr 29
3512 Apr 27
43
Apr 21
104l2 Feb 28
2
Apr 23
33g Jan 2
40*2 Mar 13
109*8 Jan 30
2U8 Apr 28
Jan
47*4 Jan 31
2634 Feb
6
10*2 Apr 7
16*4 Mar 17
23
Mar 24
102i2 Apr
100
Preferred
Louisville Gas & El A
No par
Louisville & Nashville....100
100
MacAndrews &
20
142
Jan
7
13
Jan
3
20*8 Feb 20
5712 Jan
Forbes..
6% preferred
10
100
No par
Inc...No par
Gard v t o-No par
Magma Copper
10
7,800
Mack Trucks Inc
6,500
Macy (R H) Co
2,700
1,800
Madison Sq
2
Apr 28
1
Ludlum Steel
July
6
129
Jan
4
38*4 Apr 28
127l2 Jan 9
273s Jan 30
40*8 Apr 30
858 Jan 2
3412 Jan
6
6*8
41
Dec
Dec
2784 Nov
113
Apr
6*2 Nov
Jan
80
Oct
56*8 Apr
22*4 May
80
Nov
12
27*2 Dec
46
Aug
28*2 Jan
Mar
19*4 Mar
Oct
21%
5
May
8*2 Mar
10% Mar
32% Aug
9
Jan
14*2
173g
Dec
Jan
9
14% Mar
4
5
Mar
Feb
6
1*2 Mar
163s Feb
6
5*2 May
67*8 Mar
10*2 Oct
8
Apr 27
Apr 28
Mar 6
Jan 6
Jan 29
10034 Apr
115
Jan 16
21i2 Mar
63g Sept
21
Mar
Apr
Apr
Jan
15*2 Oct
116*2 Jan 15
94*4
9334
Feb 28
151i2
165
23*4 Feb
6
39*4 Feb 21
5078 Feb 19
44*4 Apr 6
547g Jan 8
108*4 Jan 15
3% Feb 11
83s Mar 24
45
Jan 17
11278 Apr 11
No par
Lorillard (P) Co
Oct
3038
283g Jan
77i2 Jan
5% preferred
Dec
20*4 Nov
30
8H4 Apr 23
Lambert Co (The)
22
Jan
66
(S H) & Co
120*4 Dec
14i2 Dec
Feb
7478 Feb 26
5% preferred
1412
65s Mar
7*2
1534
100
Preferred.,
20*8
65
24%
Nov
Kresge Dept Stores....No tar
Link Belt Co
210
Feb
93
23
1,600
"lb",800
2
130
Apr
8
Lima Locomot
1,000
Apr
Mar 24
21*8 Mar 3
33*4 Feb 25
91*4 Mar 10
Feb
50
115*4 Mar
334 Mar
25*4 Jan 2
1103g Feb 10
Lily Tulip Cup Corp...No par
6,800
6
20*2 Apr 28
par
1,600
"5",800
Apr
10
1,500
3,500
20,800
90*2 Feb 21
121
Aug
99*2 NOV
126*2 Dec
103i2 Mar 16
458 Apr 29
7% preferred...
37
38*2 Mar
117i2 Mar
2912 Apr 24
73g Jan 8
Conv pref erred ......No par
*128*2 135
6
Feb 21
126*4 Feb 24
18i2 Jan 7
4ig Apr 30
30
Apr 28
t Louisiana Oil
21
114
*108
114
♦108
*108
114
114
114
*108
111*2 *108
213g
22i2
21*8
22l2
21*8
22*8
213g
2134
21*8 2138
22*8
147*2 147*2
145*2 14512 *145l2 14734 *145*2 14734
145*2
145*2 145l2
77*2 Feb
129
par
10
100
Preferred
120*2 Apr
96
7*2 Apr 30
3:25% Apr 30
*28
Mar
par
.No par
...
Jan
49
1334 Mar
Libby McNeill & Llbby No par
Life Savers Corp
5
27*2
Jan
110
97*2 Feb 25
Libbey Owens Ford Gl. No par
26*2
Nov
41% Apr 14
1,300
19*2
Aug
16
36
7
4,100
27l8
90
6*8 Mar
Oct
24*2
Apr 30
26
26
2558
x25%
101
101
1003g 1003g
101
101
100% 101*2
*160
167
16378 164
19
19
*19*2 20
19
70*2 June
2
29»4 Feb 19
123
Feb 24
73
3,300
27
16*% Sept
3*4 Mar
10*4 Aug
11,400
20
878 May
84
8
27*8
2
14i2 Mar
Feb 28
50*2
1934
Oct
Dec
5658
90*8 Oct
31*4 Nov
28*4 Nov
18*4 Jan
7
28*4 Jan
Preferred
Jan
14
Jan 30
2
247s Jan 2
25% Mar 20
9Hi4 Feb 11
Jan
20% Apr 30
40*2
27
*1358
80
8
29
*144
3:27*4 Apr 30
4934
500
Dec
Deo
78
26
par
Kresge (S S) Co
Dec
Dec
39
50
200
110
558 Mar
2
40*4
3,400
4234
19*4 Feb 17
67
2
Jan 27
48*2
7*2
20*2
23i2 Jan 30
Jan
13
17
3978
273s
Dec
19*4 J&n
3978 Apr 30
47*4 Jan 2
20*4
22
Jan 11
1
Lehigh Valley Coal
29*2
*108
78*4 Jan 15
118
2
4,100
20*2
Dec
1*8 Mar
6*2
130
58*2 J&n IS
93
Apr 28
5
12134 Feb
40
164
Dec
2878
Apr 29
19
238
10*4
734
Dec
4i2 Mar
21*2 Jan
98*2 Jan
2234 Apr
May
Lerner Stores
367g Nov
65% Nov
154
Dec
8878 Jan 18
1434 Jan
Lehman Corp
Jan
Nov
23g
2
153s
42*4
Jan
8
3*8
2
15*4
50*2
49*4
50
53*4
8
8
75s
784
7«4
27
2634
*263g 267g
26*4
2678
*10038 102
10078 10078 *100*2 102
101*4 101*2
10034 101*2
IOO84 IOI84
2278 Mar1
34*8 Mar
135
4234
190*2 Dec
5
Jan
87
*2*4
13,600
Jan
3g May
Jan
par
2*8
3,700
June
3g July
Apr 29
par
Class B
4% conv preferred
Lehigh Valley RR
92i2
155g
Jan
26
149*2
Mar 18
4
15
Kendall Co pt
6,800
4,300
Dec
5
3*8 Feb 10
363s Feb 8
Feb 10
Kelvinator Corp
9*2
10
Jan
1338
2% July
Oct
47*4 Dec
130*2 Nov
111
90*2
1534
46
100
Preferred
Kaufmann Dept
9*2
29*2
36*2
400
2,700
2,800
Jan
22*4 Jan
12378 July
Mar 26
90
42
37
City P & L pf ser B No par
Kansas City Southern
100
9*4
20*2
*40
163s
*95
13
3
54*4 Feb 19
129*2 Mar 2
73s Feb 8
44
10*8
9212
15*4
15
*162
10
60
20
5
20*2 Dec
434 Aug
Jan 30
97g
92*2
40
164
Steel pref-.100
Kan
34
15*4
*163
Preferred
23*2
147g
4134
49*4
7%
164
No par
100
Johns-Manvilie
19*2
1578
101*2 101*2
10134 102*2
*163
*160*4 164
..No par
Jewel Tea Inc
*28
35
Oct
1*2 May
4*4 Mar
178 June
113
Preferred
*2034
195g
Oct
134
9*4 May
1*4 Mar
27
Kroger Groc <fe Bak—No par
Laclede Gas Lt Co St Louis 100
*25
2
Oct
7*2 Deo
23*% Sept
43g Jan
82
100
No par
1,200
20
834 Mar
83S
28
8,800
1412
27*4
70
Nov
Feb
Mar
July
2258
23*2
15*8
27*4
140
300
108
2*2
4
16
77*4
93
50%
200
11,600
46*4 Mar
42*4 Mar
No
pf ser A-No
No
79.100 Kennecott Copper
1,600 Keystone Steel <fc W Co No
300 Kimberly-Clark
No
No
2,000 Kinney Co
120
July
53i2 Feb 21
74
91
8*2
4,500
34,200
130
47*8 Jan 2
15
Apr 29
5312 Apr 29
12*8 Apr 30
103s Apr 30
100
Preferred
Jones & Laugh
Jan
36*4 May
49l2 Nov
223g
96*2
83s
5
80
37*4
Oct
Nov
25
225g
8
2*4
95g
91l2
418
31
2138
104l2 104i2
5
1,200
1,600
6,300
22
21
80
8,800
10
4*8
30i2
80
30
5,900
28
20*2 Apr 30
Deo
121
Feb 21
5i2 Jan
Joliet & Ch RR Co 7% gtd 100
"""810
23*2 May
60*2 Mar
29*4 Feb 27
7378
1212
1578
8%
100
5*4
363g
Apr 28
Island Creek Coal
1.1001
Dec
2*8 Mar
23
No par
Intertype Corp
13,600
Dec
15
Apr 27
7% preferred
100
Inter Telep <fc Teleg...No par
Interstate Dept Stores-No par
700
95
36*8
77*4
125*4 Feb 6
334 Apr 30
7
3
8
Dec
59*4
107
*697g
223g
20
8*4
19*2
*76
*27*4
28
8
Apr
Jan
Dec
.No par
International Salt
800
20
89*2 Apr
Oct
17*2
378
2214
38*4
100
Preferred
74
2278
23l2
3334
93
54
53
Corp.No par
Kress
9684
145g
2I84
74
23*4
2312
34*4
18
27*4
*86
35*4
*68
99
217g
35*4
70*2
23*4
*17*2
95
73
2278
*
*86
28
333g
*6784
9
183s
127*4
*78*8
79*2
*114i2 120
18*2
18*2
19*4
27*4
29*4
2912
19
19
18*2
3558
7334
2058
1738
27
79*4
120
33%
80
23*4
23i2
*67*4
23ig
*92
120
357g
80*2
83
29*2
94
*90*2
33*8
"78%
,170
153
153
~8o" 81
82*8
83i8 "82"
*11412 120
118*2 118*2 *114*2 120
19
17
17
17%
I884
19*4
30
31
30
28
27*2 27*2
19
18*4
18*4
18*2
18*2
18*4
28
28*2
2834
29*2
27*2 28%
*31*2
100
Preferred
4934 Mar 24
4*2 Jan 2
437g Apr 30
9
Int Printing Ink
Mar 23
160
6
13*2
85
8
Jan
IOS4
19
*19*2
20
27
27
2678
121*2
121*2 *113
2
158 Jan
84
1338
35*2 Jan
565s Jan
148*2 Jan 23
234 Apr 30
2*4
International Silver
10%
41
No par
International Shoe
86
I
Inter Pap & Pow cl A ..No par
120
18*2
83*8
100
Preferred
1,100
27*4
120
Int Nickel of Canada. .No par
1,300
85
153
"83*8
120
25
Int Mercantile Marine.No par
54i2
12*8
par'
100
Int Hydro-El Sys cl A
Mar
Jan
4*4 Mar
3% Mar
No par
Preferred
49
157g
19
9634
Internat Harvester
15
113s
Feb 14
185*4 Apr 11
Apr 28
No par
160
40
1
International Cement..No
*535g
1338
160
Int Business Machines-No par
16
13
97g Apr 30
314 Apr 29
2734 Apr 29
Class C
600
48*2
lli2 Apr 30
Class B
900
25
6
Jan
Apr 23
600
*38i2
39
107*2 107*2
Feb 18
114i2 Feb 20
1334 Apr 13
778 Jan 18
187g Jan 11
8*4 Feb 14
6^8 Feb 14
36% Feb 14
5*4 Feb 14
1534 Mar 4
578Mar 11
Apr 29
6
5,000
22,800
Feb 19
147
9
54
28*4
70*8'
2,000
2
Jan
16
19
125
100
Jan
334 Jan
5334
27*2
93
7,600
2,400
83,700
Dec
34 Apr
9i2 Mar
15
Apr
18*4 Feb 24
13*2 Apr 17
3458 Apr 7
3
15i2
20*2
70*8
700
Dec
5*2
1334
70
6
6*8
1
No par
55
13i2
11*8
125
i
93
20
tlnterboro Rap Tr v t O..100
Internat Rys of Cent Am. 100
15
53*2
1278
IO84
♦113
44*2
*23
38
235s
28*4
*12112
44*4'
23l2
127g
1078
72*27 7012 71%
9734
9314
97*2
12434 *122
12434
*72
*122
55
55
4538
78
80
797g
80*8
81*s
76*8
156*2
156*2 15634 ♦152
156*2 *152
3
27g
27g
3
27g
2*4
5
5
5
534
5*8
5*4
44
45
45*2
4378
447g
455g
127*4 127*4 ♦12538 12734 *125*2 12734
4
4
4
4*4
4%
334
2*2
2*2
2*2
*25g
27g
2i2
2
*17g
17s
2
178
178
2212 24*4
227g
235g
20*2 227g
6038
284
109
No par
Inspiration Cons Copper
In8uranshares Ctfs Inc
Internat Carriers Ltd
*156
Jan
Feb
43
100
Preferred
31
Jan
2734 Apr 28
108*2 Apr 30
..No par
No par
Certificates
300
4*8
10
Preferred
6
Nov
45
2
11*4 Apr 24
10*2
Nov
7
6*4 Mar
Jan
58
94%
73
1934 Mar 6
314 Feb 19
287S Feb 19
1
Deo
Jan
13% Apr 30
10
31%
1*2 Mar
49
No par
100
*5*4
July
6*2 Mar
100
10*8
Deo
42
6
100
9334
495
5778 Feb 19
57* Jan 23
100
Dec
Feb
6*2 Mar
4834 Jan 21
3*4 Apr 30
8*2 Apr 27
Leased lines.
6
4
Apr 17
173g Feb
July
3078 Mar
338
8
12*4 Jan 15
Jan
6% pref series A..
10*4
Feb
Mar
Dec
7
63g
18% Apr 30
31
Apr 30
94"
19*8
44*4 Feb 20
Apr 30
RR Sec ctfs series A
*130
162*2
Dec
Apr 28
Illinois Central
2834
3*8
Jan
22%
23
Hupp Motor Car Corp
10
110
11
40
5
97g
10
3034
6
470
25
118
Jan
658 Mar
Apr
...100
Hudson Motor Car
"
Jan
8I34
2
par
Preferred..
320
63*2
Dec
Apr
36*2 Dec
534 Mar
100
Hudson & Manhattan....100
300
35
63*2
Oct
131
104
5
Feb 17
Howe Sound Co
800
90
Feb
12
19*4 Jan 13
50
Jan
Mar
4478 Feb 19
108
v t c new
Deo
71
35i2 Apr 22
112
Apr
1
partic pf
June
73*4
No par
Fin
June
162
119
Jan
Feb
141
Jan
Apr 29
2
30*8 Jan
9
120
Jan
122
Jan 13
80
Jan
11
No par
100
Houston Oil of Tex
4,900
1,400
*9*8
9,800
11*2
3*2
Household
113
85
142i2
105i2 Feb 17
135
Apr 17
75*4 Apr 28
5
Class B
30,000
5
1034
2734
5134
*11
(A)
Holly Sugar Corp
7% pref
33,800
158
6
10
160
85g
2512 Apr 30
No par
Houdaille-Hershey cl A No
20*2
9*8
3
Hollander & Sons
Homestake Mining
1*2
*5*4
12*2
Holland Furnace.;
300
....
*31
preferred
800
83g
13
cum
Hershey Chocolate...-No par
Conv preferred
No par
17,600
193g
93
6
2934
3*8
3*4
*75
2734 283g
108*2 110
95"
934
*5*4
12*8
*4*4
*35g
2834
300
7,300
1,700
4,900
8*2
*130
93
6
""666
158
9*4
*130
1038
Jan 30
20*8
*11
1095g 111
96
Jan 23
128
63*2
10
2812
84
__100
31
13
10
No par
No par
$7
$ per share
127
Jan 27
141
163i2 Mar 24
3534 Jan 2
Hercules Powder
400
40*2
2434
2
Hercules Motors
135g
1%
18*g
63l2
13
29
29%
312
IU4
334
30%
167l2 168
40*2
24*4
Apr 30
Jan 27
25
100
600
499
407g
Jan
118
156*4
40
*450
....
475
120
Helme (G W)
Preferred
Highest
$ per share
$ per share
133
Mar
6
$ per share
Par
"2:266
110
Year 1935
Lowest
Highest
Hazel-Atlas Glass Co.__.__25
10*8
33*4
110
23
934
*5%
12*4
*4*4
*334
98"I2
3234
24
77i2
8*4
94
5
95
33*4
40*4
34
*30
63%
9i2
2734
lli2
6i8
12i2
5i2
*358
i
63i2
*130
97
*28
1%
1834
36
6434
♦llSg
*138
14*4
*32
35
*6312
3158
51
178
20
*31
11412
734
15*4
15s
12i2
*110
23*4
312
9*4
19
97g
475
3%
878
1438
10*8
Range for Previous
100-share Lot
Lowest
"""166
3412
34
33%
4078
50
64
122
10
490
*75
3%
3234
*470
838
878
36
*120
*110
49
*1H4
*110*8 1237g
118
111
77l2
*6334
124
118
10*4
3278
*40
778
2
$ per share
Shares
110
40l2
2414
*75
213s
28i4
110*4
32*4
32l2
478
*32
I
10
On Basis of
STOCK
Week
*110
34
33
3438
40l2
23%
16i8
2
2114
May 1
*14934 163
*14934 163
263g
26*2
25i2 26
92
90
90
*87
*86
89*4
89*4
131
*13018 131
*130*8 131
*130*8 131
75i2
75l2
76*4
75*4
75*4
75*4
75*4
113
113
*113
113
113
11438
114*2
...
470
the
$ per share
*]lli8 124
122
12234 *118
163
*14934 163
2714
2534 26
*111
...
$ per share
Friday
Apr. 30
125
*121
YORK
EXCHANGE
Thursday
Wednesday
Apr. 29
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
2951
26% Jan 27
151
Jan 30
175g Jan 13
233g Jan 28
77*2 Apr
35
9
Feb 19
16434 Feb 28
42
Jan 21
130*2 Mar 16
37
Apr 6
493g Mar 4
14i8 Apr 18
42
Feb 17
1313 Mar
17*8 Mar
24% Mar
31*4 Feb
102
Feb
1
Mar
1*4 Mar
33
Apr
10734 Nov
11*2 Jan
3*4 Aug
1534 Nov
9534 Nov
17*4 Jan
49*4 Oct
1038 Nov
29% Nov
120
122
2834 Nov
27% Nov
43
37*2
Mar
1284 Mar
90*4
Jan
377g Nov
113
Feb
Oct
Dec
5518 Nov
10884 Oct
2% Oct
4% Dec
41% July
112
26*2
18*2 Mar
124
Apr Z14918
38 July
li2
15
4i2 June
23
103g Mar
34
Aug
Aug
167*2 May
Dec
Nov
Dec
Jan
Dec
Aug
64
Dec
26
Sept
135
Sept
46
Feb
130
May
18% June
30'4
30*2 Apr
5*2 Jan
18% Jan
57*4 Nov
11*4
37%
Dec
Deo
Dec
New York Stock Record—Continued—Page 6
2952
HIGH
LOW
AND
SALE PRICES—PER
STOCKS
Sales
SHARE, NOT PER CENT
NEW YORK
for
Saturday
Monday
Tuesday
Wednesday
Apr. 25
Apr. 27,
Apr. 28
% per share
$ per share
$ per share
178
178
*11
12
*8i4
*1%
10
978
*8i2
178
1058
*158
38
*30
38
17
17
16
16
*18
20
1914
19i2
334
87s
414
178
8%
*32i2
1434
19%
2
38
414
414
938
9l8
*2
214
*6i2
8i2
25
24
25
8i2
24i2
178
8%
23%
3i8
*2%
9
4134
4134
*42
44
1414
15%
14
15
7
7
27i2
29%
4478
1578
*49
50
50
*50
*107i2 10978
30i2 30i2
12l8
13i2
1314
1214
50
109
109
49
310
9
400
38%
1434
*31%
38%
15
15%
19%
18%
19
4%
4%
8%
8%
2
*30%
14%
19
3%
884
*134
*534
25
22%
22%
3
*2%
3%
44
41%
41%
15
14%
153g
7
7
*50
*50
109
109
7
50
30
30
30
30
1338
12%
1258
1234
1234
12%
12%
12%
12%
1234
12%
*125
127
127
127
126
127
*94
95
*94
95
*94
*6738
70
67%
66
68%
65%
66%
108% 108% *108
10834
8i2
8%
8%
8%
*58
62
63%
60%
*8
%
*l2
*%
2
*158
178
*1%
3%
3%
35g
*2%
3
412
*3i8
3%
21
21
21%
21%
7
678
738
7%
20
19
20
1834
2%
23g
2%
23g
4
4
458
4%
23
22l2 2258
2234
92
92
9034
91%
3758
38%
37%
38%
*45
48
4538
4538
*66
*66%
6784
6734
U8
1%
1%
1%
30
29
29%
29%
17
17
16%
17%
9i8
I0834 *108
8
914
65
65
10884
914
60
60
*l2
84
158
158
35g
*15s
3%
3l8
34
*12
*3
4
*3U
2112
75g
2U8
*212
21
734
2158
*21
634
1914
212
258
434
4i2
47s
24
22
24
2
314
3%
2U2
734
20i2
2i2
478
2334
93
9314
9138
4078
46
37%
*453s
4034
*45
*66
68
*67
68
9112
4038
31
3U4
1%
28%
1734
18
1534
13s
U4
46
1%
30
1838
20
3,000
*21
95
7,900
210
M
240
1,600
600
29%
30
123g
12%
*12%
12%
115
115
1234
2,300
100
107
900
42
4,400
12
12%
12
18,000
9%
2,300
73g
60
*51
59
36»4
*32%
36%
43%
10
11,700
Midland Steel Prod
125
8
340
94
10
1,700
67%
40
17,200
900
Minn Moline Pow ImplNo par
Preferred
No par
%
300
t Minneapolis & St Louis.. 100
200
Minn St Paul A SS Marie. 100
%
%
134
134
*1%
*2%
33g
300
33g
43g
*3
3%
2
260
20%
1,400
8,800
15,100
20%
20%
6%
7%
*7%
7%
18%
20%
1934
2038
2%
2%
23g
2%
1,000
4%
4%
23%
43g
434
6,400
22%
23%
2,400
94
94
94%
3,300
3834
383g
39%
98,100
*45
46
45%
45%
200
*6534
1%
6734
6638
663g
110
1%
1%
13g
15,100
28%
16%
29%
17%
29%
29%
18%
19
8,100
16,100
*11%
11%
12
12
12%
72
72
70
71
*27
28
26%
27
25%
26
*25%
26
I684
*4678
18is
17
48i2
15%
46%
1678
23ls
158
160
*158
235g
2214
24
1678
15
1578
15
155g
14
15%
*45
4634
45%
45
45%
22l2
*158% 160
22
2234
2238
21%
2134
111
108%
1H2
10%
29
31
32
280
269
275
*260
165
*150
165
*150
142
142
141
10i8
1038
978
1%
U4
1%
34
58
34
31%
96%
62%
32i2
9912
914
33l2
*9912 102
9%
11%
914
12
*33
45
*44
*11084 IIH4
*104%
*31
-
-
-
—
43
10%
1034
3778
37?s
353s
2514
36i8
2514
55
55
4*8
IU4
418
12
*127l2 130
U4
*97
*33
99
21%
23%
16,700
2234
27,600
260
*150
260
*245
260
*245
255
165
*150
165
*150
165
142
141% *141
10
9%
10%
2934
*141
142
141
10
*1
Us
1®4
%
5934
57%
31%
32
31
%
5834
31%
95
95
90%
95
9%
400
------
110
24,100
10
134
1%
1%
900
58
*1
%
%
2,300
13,900
4,800
58
57%
30%
97%
59
58%
60
32
31%
32%
97%
97%
97%
1,900
3,400
9
1034
11
130
*12734 130
*97
99
3i8
3
3%
838
834
7i2
83s
73s
414
8
5
5
278
3
1034
9i2
10%
99
3
10
934
4%
4%
10%
11%
1
*97
738
3
3%
10%
140
5%
370
11
200
*12734 132%
1%
1%
1%
4%
2%
3%
3%
99
5,400
•
_
.3% ..6,500
8
-7% ...8
4%
4%
434
234
2%
2%
3%
*2%
10%
.11%
4,200
3%
*2%
9%
*97
99
3
4%
11
3,000
50
128% 130
8
7%
4%
2%
*238
3%
4
3%
3%
4l2
3
*212
95s
3i8
11
*128% 132%
1%
1%
1%
*97
99
11
53g
130
Us
1%
*4%
4%
49%
10%
1,700
2,400
6,500
*65
68
65
65
64
65
63
63
61
61
61
110
84
84
84
86
8612
86%
86%
86
86
*85%
87
90
*90i8
9412
94l2
9312
93%
93%
*13s
95
95
95
*95
97%
*134
178
227
*224
*90i4
*138
224
108
108i8 *108
24
2558 2578
54%
*5412 55
83a
712
*9712
7%
2812
~2~9%
53
*2414
2614
228
*221
108
*107
26"
5412
7%
2334
25
*5414
55
758
8
9
104
*7%
25&S
*52i2
3
*10078 103
*75g
29"
*97i2
2534
~2~7%
52
52%
53
278
278
2?8
2414
1334
493s
13i2
1334
2414
12%
46i2
48
44i8
*20
For footnotes see page
8
9i2
*98
*52l2
*278
*223
108
224
*100U
83A
*10012 104
178
*138
134
.
1234
4512
2946.
278
—
-
--
25
55
55
23%
54%
8
7%
7%
1%
*13g
220
*107
2334
—
-
-
98%
2734
*9734
26%
52
52
*52
*234
*20
3
24%
26%
234
*20
*13g
225
220
-
24%
5434
8
*100% 103
*101% 102
6%
7%
6%
6%
*9734
24
1%
225
61
99%
27%
5334
234
22
24
54%
734
102
6%
*9734
27%
*53
2%
*22
24%
1,000
8%
49,100
200
1,100
----
27%
44,300
5334
60
2%
400
26%
30
Oct
Jan
June
Mar
714 Apr
6i2
67U
714
3384
90i2
57$
38i2
8i2
85i2
11
Apr
Feb
Mar
Nov
Apr
47i2 Apr
13 U2 Mar 30
97
Feb 20
35i2 June
1478 Dec
1438 Dec
11H2 Deo
1984 Dec
4518 Sept
Jan
May
131
Dec
40
Apr
Mar
Dec
97i2 Dec
Jan
Mar
Oct
Nov
1084 Dec
Dec
158g Jan
1155s Dec
1484
Dec
97i2 Dec
65% Nov
83S Nov
2084 Mar
6034
Oct
22
24% Jan
2i2 Mar
9i2 Mar
8U Mar
33i2
42%
684
20i2
247«
Dec
Dec
60i| Mar
11618
Apr
Oct
Dec
Sept
Oct
85
Nov
85
Nov
Apr 13
58
Jan
150
Dec
10978 Mar 16
12% Mar 23
76is Mar 24
105
75
Mar
1*8 Feb 10
2*4
514
6i2
26*8
Feb
Feb
Feb
Apr
9% Feb
26ig Apr
4
Feb
7
7*4 Feb 11
2&S Dec
1
Mar
II4 Mar
lOSg Apr
2i2 July
57s May
1
3
Mar
6
55
6
2184 Mar
4178 Dec
3778 Mar
22% Mar
3
4
Jan
Mar 27
2234 Mar
6
61% Mar 11
217s Feb 19
30%
17i2
15%
3884
162U
30
Apr
Feb 19
Mar
9
Jan. 9
Jan 24
Feb 11
25% Mar
11234Mar
111
6
6
2
Feb 28
15% Mar 11
333s Mar 6
3778 Apr 14
Dec
6*8 Nov
I6I4 Dec
23
45% Apr
5984 Feb
Feb 25
July
4i2 Dec
1734
July
103
1% Feb 10
4
li2 Mar
IO84 Mar
8
71
Nov
84 Nov
84 Apr
*2883 Apr
7
7% Nov
68
is Mar
7
10
8
14
21
14
Jan *11H4 June
37« Mar
31
Feb
60
Dec
14 Apr
3184 Dec
7% Mar
914 Aug
Jan
4i2 Dec
Nov
9484 Nov
4078 Deo
66
Feb
65i2May
1*8 May
33is Dec
15*8 Dec
9i2 Aug
Sept
1314 Mar
484 Mar
16U
15*4
8184
26i2
213s
Nov
30
47i2
Oct
62
Jan
11
Apr
14
Mar
4i2 Mar
684 Feb
Oct
Nov
Dec
Nov
19i2 Jan
27i2 Jan
1458 Dec
1414 Dec
Apr
363s Nov
Mar
Mar
Mar
108
Sept
*106
Sept
H2 Mar
158i8 Dec
23i2 Deo
2318 May
34i2 Nov
32i2 July
22U
14H2
13i2
127s
21
May
2218
Dec
113U Nov
108
Aug
45*
Jan
Jan
206
Jan
1215s
Jan
No par
984 Feb 19
162i2May
140i2 July
143g Aug
4% pf 100
% Jan 8
i2 Jan 10
National Pow A Lt
Nat Rys of Mex 1st
2d preferred
100
National Steel Corp
National Supply of Del
_
25
25
Preferred
..100
National Tea Co
No par
..No par
...No par
Newberry Co (J J)
No
7% preferred
5% preferred series A
t New Orl Tex A Mex..
Newport Industries..
N Y Air Brake
New York Central
par
100
100
100
....1
No par
No par
N Y Chic A St Louis Co—.lOO
Preferred series A
100
New York Dock
100
Preferred
..100
N Y A Harlem
5714
1978
74ig
8*4
His
3234
41
Apr 29
Jan
2
Jan
6
Apr 28
Mar 14
Apr 29
Apr 15
110i2Mar 25
104i2 Apr 7
10U Feb 4
9
Apr 30
32% Jan 8
27% Jan 2
17»4 Jan 2
36i2 Jan 2
4
Apr 21
10i2 Apr 20
50
t N Y Investors Inc
N Y Lacka A Western
119
Jan
6
No par
100
1
Jan
2
90
Jan 10
100
3
Apr 24
t N Y H A Hartford
Conv preferred
100
N Y Ontario A Western
100
N Y Railways pref
par
No
N Y Shipbldg Corp part stk..l
7% preferred
Ad J us
Jan
100
100
North American Co
13%
13%
24,200
50%
19,300
Oliver Farm
36
Mar
1178 Jan 17
13i4 Jan 24
3878 Mar 5
69% Jan
3
113i2 Jan 15
105
Apr
*814 Mar
7i2
Jan
2114 June
43i2 Jan
109
Jan
Apr 14
1384 Feb 6
35s July
438 Mar
42% Mar 4
4214 Apr 13
35i2 Feb 21
63% Mar 6
18i2 Mar
4
17% Feb 17
6i2Mar
Feb 28
2U Feb
98
Jan
Dec
Oct
Dec
Apr
1
43
135
Nov
Aug
Aug
1214 Mar
6
Mar
4
6
Dec
Deo
Nov
Dec
Mar
19
Dec
978 Mar
39
Dec
2
Mar
4
Mar
6%
167s
112
Mar
% May
5
558 Feb
11%
107»
36i2
2984
96
Nov
25s
Oct
Oct
69
June
93i2 Apr 23
II4 Apr 21
107
Jan 31
79
May
55s Oct
2&8 Mar
is Mar
14 May
618 Mar
27a Jan 14
84 Aug
139
1U
99
8%
Deo
Deo
June
Dec
May
Jan
165s Aug
6i2 Nov
334 Deo
2i8 Nov
I6is
Jan
87
Jan
92i2 July
1021s Deo
2i2 Dec
2
235
5
158
Mar
218
Dec
4
108i2 Apr 21
30U Jan 8
66
Apr 16
1034 Mar 19
99
Jan
108
June
9
Mar
28
Nov
2
Mar
105% Apr 7
12i2 Feb 21
57
Jan
101
86i2 Mar
13ia Mar
3578 Jan
H8 July
No par
1
No par
Ea
Apr 13
108
84 Nov
Jan
Telegraph ...50
Ohio OH Co
48%
Mar
1% Nov
8384
2078
778s
113s
13%
4134
6114
118i2
Jan
Norwalk Tire A Rub..No par
Preferred
..50
133g
9
51
23*8 Apr 30
52»4 Feb 6
658 Jan 6
2418 Jan
4834
6
Feb 17
97i2 Apr
12%
Apr
96
..50
45
40
Mar 17
..100
13%
2
106
50
Northern Pacific..
48%
14 Mar
403s Mar
Jan
83
98
1234
i2 July
1% Feb 11
75
210
Preferred
46%
478 Mar
Feb 11
100
North Amer Aviation
13%
3
14% Feb 7
7i2 Feb 24
55s Feb 24
5% Feb 24
155s Mar 13
73% Feb 6
No Amer Edison pref..No par
No German Lloyd Amer shs__
47
147s Feb 17
Deo
....100
4% pref
Northwestern
5
738 Apr 28
4is Apr 29
2i2 Jan
7
*25s Jan 17
9i2 Apr 27
61
Apr 30
Northern Central..
6%
55
103
150
t Norfolk Southern
5434
Jan
Nov
145
Norfolk A Western
103%
54
Mar 19
500
44,900
20
Jan
5%
Mar
130
260
5734 Nov
Jan
33
Mar 17
N Y Steam $6 pref....No par
$7 1st preferred
No par
1%
225
*107
Nov
168
Preferred stamped
*8312
Dec
3378 Nov
143
Natomas Co..
48%
11
156
305
Nelsner Bros
47
204
3578 Mar
3
105s Mar
6884 Mar 17
3734 Apr 3
50*4 Apr 11
28
Apr 30
4
6
10
Apr 28
2738 Apr 30
28*4 Jan 2
Jan
41
7
21
2384 Mar
136
4514 Dec
1414 Nov
2
11%
48
Apr 22
74i2 Apr
Jan
108% Jan
107% Jan
June
Deo
16414 Apr 14
13734 Jan 21
33
48
Mar 24
108
Jan
9
4
178 Deo
10
23'4 Dec
378 Dec
100
834
IU4
50
15U Mar 26
Apr 23
108
Apr 30
Jan
Mar
684 Mar
Sept
19i2 Nov
3
May
978 Deo
..100
33
---
Feb 17
14
Apr 30
20
Mar
30
Preferred B
12
—
l)8i2 Jan
1134 Feb 14
43
2
1
May
1214 Dee
66i8 Oct
Preferred A
37%
10%
*2i2
No par
Jan 31
493g Jan 24
21
21
Nat Enam A Stamplng.No par
National Lead
100
16i4Mar 11
157gMar 11
11514 Apr 16
23
*8 June
28
32>4 Jan
4
153
t Nat Depart Stores..No par
Nat Distil Prod
Mar
4
4
100
165
341%
1,300
50i2 Apr
24
5% Apr
2% Oct
334 Mar
214 May
10
32%
8412
Feb 28
1784 Mar
1778 Mar
No par
7% cum pref
Nat Cash Register
Nat Dairy Prod
3
21i2 Feb 28
84
Apr 30
31is Apr 30
1
269
4,300
28,700
Feb 28
1
11
par
No
11%
31
30
36i2 Feb 19
160
May
III4 Apr 30
10
Corp
28%
4%
30%
5i8
Aviation
National Biscuit
28%
30
58
5
3
Nat
*1034
10%
27%
2
16i8 Apr 24
Apr 28
12i2 Apr 30
912 Apr 30
*30%
3
3i8
400
160
Nash Motors Co
34
338
*5
Preferred
*30
%
5734
*4%
*97
15% Jan
5
Mulllns Mfg Co class A...7.60
Class B
1
100
47%
1%
Motor Wheel
No par
-.100
3i8
*234
*238
10i2
*
Jan
60% Jan
®4 Jan
2838 Apr 30
7% pref class A
34
44
50
Mother Lode Coalition.No par
Motor Products Corp..No par
7% pref class B
1
54
1%
....No par
40
........
51
10
Mont Ward A Co Inc. .No par
2
214 Apr 28
378 Jan 3
20ij Jan
89U Jan
35*4 Jan
National Acme
9
9
9
834
8%
8%
16,500
11%
1134
113s
11%
12%
12%
37
*33
33
32
32
1,100
3234
45
600
44
46
*43%
4334
4334
4414
4312
43i2 *4334
*11034 111% *11034 IIH4 *11034 111% *11034 111% *11034 111%
*104%
*104l2
*104%
*104l2
*104%
40
30
40
*33
40
*30
39
40
*34
*25% 40
9
10%
11,100
9%
9%
1034
934
93S
934
9%
9i8
36
35
35
37
36
2,600
3434
35%
36%
3434
37%
34% 139,200
33%
34%
3414
333g
35i2
32%
313g
32%
32%
25
22
23
22
23
23
3,200
21%' 23
22%
20%
9
1U4
37i2
20
60
984
10%
*H4
84
6138
*3234
100
108
11
*141% 142
....100
Conv preferred....
112
21%
*107% 109
29%
*160
21%
t Missouri Pacific
Mohawk Carpet Mills
Monsanto Chem Co
108
*3014
*275
21
6
14ia Jan
112
10
2934
36l2
23
5ij Jan
100
5,200
33%
"23"
21%
2
234Mar 27
2>4 Jan 2
No par
111% 111%
21%
*111
108"
2858
in2
2934
108
9%
Jan
Jan
2
*107% 109
1034
30%
103g
2834
28%
273g
*111
111
108
13
33
Jan
Jan
1% Jan
2,800
22,700
13
235s
107%
6%
57U
«8
17i2 Jan
Preferred series A
Morrel (J) A Co.
Morris A Essex..
8
2
6
17
7
13%
12%
10%
Mo-Kan-Texas RR
9
Apr
1034
17%
22
9%
100
Mar
21
17%
2134
33
31%
159% 159%
100
No par
Feb 21
88
No par
Nashv Chatt A St Louis.. 100
173g
22%
11
7% preferred
4% leased line ctfs
Mission Corp
110
5
1214 Apr 13
9
x65
1,190
26,800
1638
13
No par
Jan
21*8 Jan
10
22%
Mar
19
*17% Apr 30
No par
17%
12
46
Jan
40*8 Jan
5*4 Jan
No par
800
22
34%
15934 160
22%
2234
6% pref series A
31
Munslngwear Inc
32,800
22
11
28
25
27
30
123s Jan
Murray Corp of Amer
Myers F A E Bros
1,400
15%
1778
13
Jan
Apr
Mar
Mar
Apr
55U Jan 31
7
Apr 30
51
Apr 27
70
46%
15%
*45
Apr 13
1734
395s
103is
8%
37*4
...No par
2234
109
60
340
1678
112
6238
2,900
21
112
1112
29i2
200
18%
*107
*32
11%
45%
1634
158
221s
21%
*1138
12&8
4612
32%
...
834
12%
11
8% cum 1st pref
100
& Lt 6% pf.100
Minn-Honeywell Regu.No par
Milw El Ry
63%
74
13%
10
No par
8%
12%'
3334
Mid-Continent Petrol
108% 108%
%
3
3,200
*62%
8%
62
*2%
------
125
94
x67
12
13
1
100
15,900
14,900
73%
25%
10%
3234
Mengel Co (The)
7% preferred
93g
1278
34i2
..No par
193g
74
10
$6 pref series A
Melville Shoe
3734
9%
*73
13
1
18%
*12%
12%
33%
5
36%
13
1334
McKesson & Robblns
9%
18%
13%
1U2
3434
108
37%
43
43%
75
23%
1334
1134
100
Conv preferred
Merch A Mln Trans Co No par
Mesta Machine Co
5
Miami Copper
5
13%
12%
1858
2384
No par
.
12
97% Jan 10
700
74
2334
13i2
1H2
3438
115a Apr 21
No par
No par
70
69
1314
1314
26
29
par
1,700
14
105
73g
Feb 24
par
cl'A.No
lli2 Apr 29
97*8 Jan
14
3is Mar 19
10i2Mar 18
3084 Apr 6
4i2Mar 18
5034 Mar 5
J918 Mar 5
110
...100
*67
Feb
Feb 13
....No
JMcCrory Stores
Class B
Mar
1
45
6% conv pref
Mead Corp
105
108% 108%
93
McCall Corp.
Jan
Apr
29
Apr
13U Mar
10
103
Jan
Feb
3
Mar 17
par
5,100
67
73g
6% Apr 28
27% Apr 27
1537S Jan 17
No par
104
14%
Jan 6
Apr 30
Jan 22
$3 conv pref
McLellan Stores
*90% 108
108
Jan 10
7s
4
684 Mar 17
10>4 Jan 14
23
No par
ex-warrs_.No
preferred
Mclntyre Porcupine Mines..5
McKeesport Tin Plate-No par
107
3
7
7
3
Jan 10
Feb 3
Feb
Feb
Jan
55
McGraw-Hill Pub Co ..No par
8%
Jan
378
17i2
10i2
57U
23i4
53i2 Jan
400
41%
1^8 Jan 2
7% Jan 2
8I4 Apr 29
38
Apr 25
14% Apr 30
1738 Feb 26
2U Jan 3
8% Apr 30
Ha Jan 7
Apr 28
16,900
9
$ per share
49
19%
42
$ per share
4334 Apr 28
13% Apr 30
43%
42
104%
1,500
115
*18%
1934
44%
Preferred
10
par
No par
Preferred
Prior
13,300
No par
May Department Stores
Maytag Co
No
110
$ per share
18*4
21*
41%
II *a
100
Marlln-Rockwell
160
50
Highest
I per share
100
Prior preferred....
2d preferred
Mathelson Alkali Wks .No par
Preferred.
100
4,600
Lowest
7
5,000
60
Highest
100
Marshall Field A Co ...No par
50
96
3634
100
Martin-Parry Corp ...No par
300
109% 109%
125
2234
(Del) .6
Market Street Ry
Preferred
700
75
26%
^
^
11,100
1314
25
„
1
7
75
*11%
—''m
25
41%
15%
13
1314
Manhattan Shirt
Maracalbo Oil Explor
Marine Midland Corp
14%
12%
125
20%
t Manhattan Ry 7% guar. 100
Mod 5% guar
100
7
*66% 68
6034
100
No par
1,900
29
30
*94
*94
100
Preferred
80
*40
110
12%
12%
t Manatl Sugar
Man del Bros
2%
2%
50
109%
29%
Par
5,600
8%
115
*109
115
*107
*109
109l4 *109
*10918 115
18
18
19i2
*1734
1734
1734
19%
*1734
19%
43
242
4H2
4138
40% 4258
4034
45%
*4214
106
107
108
*103
*107
105
104
10534 104
9
9
934
87s
93s
934
9%
8%
912
42
4314
42%
41%
42%
41%
40%
4314 4314
12
12
IDs
12i2
1158
11%
11%
11%
1214
*90i2 108
*90% 108
*90%
*90% 108
*90i2 108
14
1438
1534
1512
1438
14%
15S4
15%
14%
107
*105
104
10914 *107
109U 105
10914 *105
67
67
67
67
70
70
6912 69i2
66%
7
758
7%
73g
77s
714
7%
77s
778
51
51
*52
55
54
*54
61
*50
*4638
*33
36
3678
*32%
*3258
*325g 3678 *3258 3678
43
43
44
43%
44l2
4334 4434
43%
42%
9
10
938
9i2
1038
9%
93g
ioi8
8%
1838
1858 2038
19% 217%
1938
2038 20l2
18%
38
363s
3534 4078
3534
37%
35%
3978 4012
*108
200
1%
Year 1935
100-share Lots
Lou est
12
8
1087s 109
12412 126
1%
1134
2
8%
31
6514
On Basis of
EXCHANGE
*8
83g
*5%
9
1214
*2978
1%
11
10%
28
28
28%
28%
30%
29%
158
*155
158
157% 157% *155
44
4334
43%
43%
44%
44%
16
17
15%
15%
13%
16%
49
49
*49
49%
49%
49%
28%
49
*158
*7
4%
8%
2%
2
14%
*6%
15834 15834
4414
4334
16%
1534
4478
16%
334
*42
7
6%
27%
15834 15834
39
16
8
29i2 30l2
*157i2 15734
4514 4514
I6i2 17
49% 50
8%
20
3
*7
1%
10%
153s
378
15l2
15i8
Shares
19%
3%
834
*1S4
*5%
*2134
15%
44
*4134
$ per share
*30
20
3i2
312
$ per share
Ranoe for Previous
Ranoe Since Jan. 1
STOCK
Week
10i8
8%
41
*3i8
*3
May 1
*15g
8i2
334
878
1%
*3i2
23%
914
*6
the
$ per share
178
10%
10
912
Friday
Apr. 29
Thursday
Apr. 30
May 2, 1936
new..No
par
Jan
2
4U Jan 17
7
2
5U4 Jan 16
2
23
Jan
6
Jan 16
12i2 Apr 30
2418 Jan 6
Mar
Mar
3
3684 Feb 20
57
Mar 24
4i2Mar
30
6
Jar. 22
17i2 Jan 15
50%May
1
35i2 Mar
314 Nov
*20
Mar
914 Mar
16U
Oct
55
73s
102
Dec
Dec
Nov
101* Nov
99
Aug
25U Dec
52i2
Deo
214 Jan
32i2 Jan
14U Dec
2714 Dec
New York Stock Record—Continued—Page 7
Volume 142
AND
SALE PRICES—PER
LOW
Apr. 25
Wednesday
$ per share
$ per share
18
19
Apr. 27
$ per share
1934 20
$ per share
18
19%
114
*110
9
*75
134
14%
48%
79
*46
*113
*115
145
142
145%
~
~
145
----
48%
15
75
*46
139
15
14%
7
6%
6%
11%
6%
34%
50%
*14%
11%
*11%
13%
11%
50
6%
3378
6%
7
35%
49
50
*6%
3334
48%
14%
35
50%
16%
14%
1434
*6
15
127
124
150
150
14%
234
9*4
*13%
2%
234
13%
10%
17
124
9%
*13%
65%
65%
61
65
75
70
72
934
24
334
43%
25%
7%
9%
8
834
68
64%
10%
24%
9%
23%
3%
427S
2378
37g
43%
25%
6*4
8%
10*4
7%
9%
12%
734
63%
9%
8%
65
10%
24
37g
6%
2
67%
72%
4%
4%
7
7
38
34
34
34
31%
39%
29
3078
40
28*4
37%
29%
38%
30*4
39%
*113
116*4 *113
111% 111% *111
41%
*4
42
38
*4
534
116*4
112
113
*111
41%
24%
6%
8%
1034
8%
11%
9%
74%
4%
113% *113
112
111
39
1%
1%
1%
4
8,700
140
29%
38%
28%
111
*111
34%
4834
1478
11,100
4,200
110
130
480
1,200
3,900
1234
100
17
64
71%
8%
70
978
15,000
700
384
19,100
42
2,500
7,100
2434
7%
9%
II84
1»4
39
800
65
*59
65
*60
65%
*59
62
*59
*19
21
21
21
*19
23
*87%
*8%
90
89
9%
12%
2%
80
*7%
*717S
44%
*6%
9%
13
11%
10
12%
2%
46*4
*87%
*8%
*11%
13%
15%
16
32%
16%
3178
13%
16%
30%
3284
24,900
46%
90
13%
15S4
34
46%
46%
46%
46%
46%
89
86%
*8%
11%
8684
*86
9
11%
2
2
76
78
76
*7*4
11%
*7%
11%
*62
40*4
8
*6%
*80
80
77g
7%
*6,
85
85
*80*
10
10%
97s
10
1*4
33%
*48%
1*4
1%
1%
33%
34%
*48%
75%
*48*4
9
9
34%
75%
8%
36%
7*4
834
10
1%
33%
75%
9%
1%
33%
39
*38%
*178*4 182
834
878
*69% 75
2
*1%
*1334
1778
8%
8%
*80% 81%
*32% 34
2
*17g
15%
15%
23
23%
8%
35%
*36% 38%
*178*4 183
*178*4
65
*1%
*13*4
634
75
634
*2%
778
25g
*23%
44
-
33%
33%
75%
8%
35%
35%
180
-
180
8
8%
2
*1%
*1334
2
8%
65
*1%
*1334
17%
8
6%
80%
31
2
13%
15
23
72%
28
*1%
13%
*23
1334
14%
17%
7%
"""700
2
2
2
7
7
70
1378
23
23
14%
584
14%
1434
6
5%
2
2
2
*134
738
7%
234
2%
41%
*534
21
43
20%
43%
18
44
2%
20%
42%
2%
22
2%
20%
7%
2%
42%
118
133% 133%
149% 149%
*113
*113
41% 42%
20%
20%
105% 105%
42%
20%
105% 10534
*95
*90
39%
18%
118
39% 40
106*4 107
118% 118%
....
39% 40%
19%
18%
105% 105%
118%
118% 118%
39
39
39%
107
106% 107
118% 118% all7
133%
133% 133%
*149
151
*149%
*113%
*113%
39%
39% 40 84
177g
19%
18%
105
105% 103%
..
•
—
2
2
1,100
7%
7%
2%
2%
21%
41%
3
2,700
6,500
21%
4284
6,400
118% *118
107
118%
40
40%
10634 107
117
118
40
19%
105
95
93
93
92
92
11%
11%
12
11%
1178
10%
11%
10
10%
10
10%
934
10%
97
93
96%
72
69
71*4
68%
6%
32%
30
55**32 55**32
Feb 10
6*4 July
13
Feb 19
20%
4%
74%
97%
Jan
Apr
Apr
9
3% Mar
10% Jan
% June
6% MM
71% Dec
12
Feb
6
8
Aug
87*4 Feb
12*4 Jan
7
3
67
Nov
28
1
11
6
32%
39%
*43*4
*38%
*1134
*80%
*2
534
6%
32%
39%
44%
31
38%
43%
40
*38%
14
*11%
81
81
92
93
93%
93%
69
70
69%
5%
31%
70%
23
24
6
2078
84
*81
114%
6%
21%
8434
84
44
*39
42
42
42
40
*38%
40
40
40
*38%
38%
38%
13
12%
12%
81
80
80
14
*14
2184
98%
19%
21
20
97
98
*2284
*
1%
*1%
98
*23
*
"5%
42%
*42
43
500
*38%
40%
100
1234
12
*12
1378
78
78
78
*76
80
*17S
*12%
14
20%
98%
2334
112%
5%
21%
98%
97
2284
*
98
23
113
~~5~
21
23%
*
2178
98%
23%
113
19
16%
5%
1834
18%
578
187g
80%
79
79%
80
80
80
80
80
SI
79
80
*80
82
*10%
10
78%
10%
80
12
*23
28
*23%
2984
*23%
26
1034
*23%
29%
90
91
*83
90
*83
90
*83
90
25%
25%
26%
10
25*4
5134
61
61
*61
62
13%
*12%
13%
*12%
*24%
30
*26
30
38%
19%
2%
18
51%
*37%
14
79%
5%
25%
25%
*104% 108
43%
43%
50
51%
5034
60
61%
61%
13%
*12%
13%
31
2%
14
82%
95
*28
*1%
2%
16
20
5%
105
105
*101
108
46
47
44
45
51
37%
51%
50%
61
37%
For footnotes see page
37%
2946
37%
*26
36%
400
40%
19%
81%
6
14,400
21,100
7,100
12
85
12%
26%
*1238
5%
31%
43%
2034
5%
95
4878
38%
*39
19%
12%
26%
48
5%
31
8134
95
26
1%
23%
23% *22%
113%
114% *106
1278
29%
108
78
14
*91
26
*12%
2
*12%
*26%
108
*38%
38%
16%
98
98%
5%
30%
38%
42%
20
2178
*
5%
31%
42%
2
17
21%
*96%
5%
3034
5%
31
69%
*14%
2%
*14
5%
69
30
37
24%
108
IO84
2534
108
5%
25%
*108
11
26
110
4234
45
50
5078
61
61
*60
61
1378
*12%
*27
36%
*3584
140
300
3~9~266
*1238
*25
36%
4384
5078
44%
51%
29%
36%
14
Mar 24
1% Jan
18% Jan
67
Apr
7%
60%
8%
17%
3%
Apr
Apr
Apr
Jan
Apr
Apr
Apr
4% Jan
7*8 Jan
10*4 Apr
1% Jan
64% Mar
69
7
3
28
20
25
20
13
28
28
28
2
6
27
2
13
Mar 13
4
Apr 30
4% Jan 2
28*4 Jan 2
28% Apr 29
30
110
38
4
Feb 19
MM
5
Apr 20
Apr 27
Jan
2
25% Apr 28
64% Jan 3
4
Feb 13
Apr
5% Jan 23
47% MM 10
26% Apr 22
10
Apr
1
1178 Apr 2
17% Jan 24
278 Mar 17
73
Feb 21
79
Jan
2
6
100
Pierce Oil Corp pref
Pierce Petroleum
100
...No par
Ptllsbury Flour Mills
25
Pirelli Co of Italy Am shares..
Pittsburgh Coal of Pa.....100
39% Apr
49% Feb 17
7% Feb 19
17% MM
2% Feb
43% Aug
35*4 Feb 19
9% Mar
16% Mar
34% Nov
64% Deo
13
54
88
Feb 19
72*4 Feb 27
100
Preferred
Pitts Ft Wayne & Chic
pf 100
Plttsb Screw & Bolt.-No par
2
17
Jan 15
8
Jan
Jan
2
2
Pond Creek Pocahon. .No par
U7S Jan 6
22% Apr 17
Poor & Co class B
12
Jan
1% Apr 24
Jan
2
4% Jan
40% Feb
5
Apr 29
11% Jan 31
85% Mar
3
5
Jan 17
21
Jan
9%
91%
41%
3*4
16%
26%
Apr 11
Apr
Apr
Feb
Apr
MM
8
8
4
6
2
3
19*4 Feb 19
9*4 Mm 4
3% Jan 11
12% Feb 6
t Pressed Stee- Cm
No par
2
2
1
2% Apr 29
Preferred
Gamble
100
No par
Apr 30
36
Jan 16
42% Apr 29
49
Jan
50
No par
Preferred B
$3.60 conv 1st pref .No par
t Radio-Kelth-Orph—No par
Raybestos Manhattan.No par
Reading
..60
1st preferred
—50
2d
preferred
50
Real Silk Hosiery..
10
100
Preferred
Rels (Robt) &
1st
..5
Reo Motor Car
90,700 Republic Steel Corp—No par
3,300
6% conv preferred..... 100
1,700
6% conv prior pref ser A.100
6
1,100 Revere Copper & Brass
Class A
—10
100
Preferred
100
130
—
—
3,800 Reynolds Metals Co—No par
300
5H% conv pref—
100
1
2,700 Reynolds Spring—
13,000 Reynolds (R J) Tob class B.10
Class A
—10
100
1% Jan
7%May
18
117*4 Ap
39
7
Apr 29
5% Jan 16
2
122% Feb 26
48% Jan 15
107
Apr 28
7
Mm
26%June
Apr
62
Nov
June
25
NOV
1
Mar
Mm
6% MM
1% MM
% Feb
43s June
.%May
6% May
12%
57|
2%
16%
4%
42%
115
Jan
Jan1
Dec
132
Deo
148
Deo
113
July
Jan
1
133% Apr 17
117% MM 27
117
Apr 16
8
35% Mm
Feb 19
Apr 14
7
40
110
88
Feb 20
47j Jan 2
1678 Apr 30
Apr 30
78% Apr 30
79
10
Jan 13
16% Jan 30
28
28
3
12
Apr 20
26% Apr 27
Apr 28
24?8 Apr 30
105
Apr 27
90
Feb 17
6
Oct
36
33
Apr
Apr
3% Apr
20% Apr
30% Dec
43% Jan
43% Nov
38
Deo
11
Aug
72
Nov
3
Oot
Mar
18
Nov
23% Jan 15
7
June
69
Aug
88
21% Oct
98% June
2% Mm
110
99*4 Apr 15
24% Jan 23
Apr 15
8% MM 25
26% Feb 19
114
99
Feb 19
95
Jan 13
18% Feb 17
9
Mar
28% Mar
78% Oct
5% Apr
36
Jan 10
13
120
Jan 23
75
34
117
Feb
5
Jan 13
35
Roan Antelope Copper Mines.
32
3
88% Feb 17
Jan
1% Mar
16% Mar
29% Mar
Mm
2
Apr 29
Deo
1
3
2
50
60
92
8
Jan
Feb 17
Oot
Jan 14
3% Jan 14
22
10% Jan
19% Feb
27
13% Deo
62% Jan
Apr 8
Apr 22
4
28
Deo
17*4
Mar
Jan
Jan
103
June
8% Feb
Mm
Jan
1% Apr
Apr
19% Apr
85% Jan
22% MM
Deo
65
4
37
14
Jan
17
11972 Deo
50
89
70
527g
Oct
5% Mar
49% Mm
9
Feb 24
44% Apr 24
97g Jan
Nov
117
29%
3
121
MM
99
6
53% July
73
1
2
Deo
26% Dee
85% MM
3
Jan
Nov
Nov
Jan
46% Nov
104% Deo
Apr
5
Deo
Nov
20% MM
62% Feb
2478 mm 20
2878 Jan
35% Jan
2% Aug
13
48% Mm
73%
9%
38%
48*s
2% Nov
16% Deo
3% Sept
6% Mm
114
104
Nov
76% Jan
12% Aug
44% Aug
Oot
7
2
38
Apr
2
83% Jan
Nov
1% Dec
10%
1%
24%
6%
2
97% Mar 21
68% Apr 28
8
Dec
Jan
66% Mm
104% Apr
Deo
10% Dec
7812 Nov
Mar
16% Jan
103 May
17*8 Jan 6
14% Jan 17
Deo
40
1
3678 Jan
4
85
Aug
112
Feb
Jan
10
Mar
Apr 30
Nov
55
100
9*4 Apr 30
10
Apr 28
54% Feb 3
43s
180
Feb 27
92
10
x68% Deo
14% Deo
Feb
156
107
July
Nov
4% Nov
5% MM
22% Mar
172
11978 Feb 15
136% Jan 27
Westphalia El A Pbw„
Ritter Dental Mfg
No par
1,300
2% July
103% Feb 21
113% Apr 3
128
Apr 4
146
Apr 14
55% Apr 14
58% Feb 28
65% Feb 10
Rhine
July
31
Apr
65% Aug
Feb *5
180
50
6
Feb 21
3
Mar
% July
12
Feb
3
5
61
7% Apr 30
3
2% Feb
37% Jan
4
Jan
35% Apr 28
176
MM
Apr 30
Plymouth Oil Co
Preferred
Mar
35% MM
Feb 21
7
pf (ser of Feb 1 '29). 100
July
July
84
2
Pub Ser Corp of N J...No par
MM
Jan 31
Pittsburgh & West Va
100
Pittston Co (The)
No par
Procter &
Feb
38%
1%
3%
1%
72
21
No par
23
53% Apr
13% Mm
68% Jan
Class B
Dee
Deo
5
100
t Postal Tel & Cable 7% pf 100
19%
28%
45%
85%
Oct
12% MM
88
6% preferred
Pittsburgh United
Porto-Rlc-Am Tob cl A .No par
Dec
11
78% Jan 29
38% Jan 6
7
Apr 23
49*8 Apr 2
97g Jan 10
Deo
14
5% MM
is4 Feb 24
16
Apr 6
No par
3% Jan 13
Nov
19% May
7
100
5
167S Mar 13
Mar
4
13% Oct
7% Mar
15% Feb
100
25
5
85% Apr 17
49
100
Feb
MM 13
Pitts Steel 7% cum pref
Pitts Term Coal Corp
Preferred
Mm 28
2
50
1% Nov
81
July
84*4 Sept
116% Mar
66
Jan
May
Oct
3
2
Apr 24
1% Jan 2
33% Mm 23
Deo
8% Dec
15
108%
114% Jan 9
111% Apr 25
Feb 17
8
43s
Apr
32% Deo
Mar 13
100
No par
6
Feb
12
734 Apr 29
101% Sept
14% Sept
21% Nov
17% Mar
93
No par
Sept
30
MM 27
19% Mm 4
40% Apr 11
49% Jan 11
10
12
43
Apr 30
No par
Nov
80% Dec
6% Aug
5% Aug
30% Nov
18
Phillip Morris & Co Ltd
20
Mar
24
Jan
Jan
Jan
8% Jan
% July
64% Feb
57% Apr
2% MM
Oct
Deo
1% Deo
Mar
Jan 13
7
3
7
Oct
Feb
21
Dec
3
Apr 30
Jan
% Apr
4%
8%
7%
18
6% Jan 28
12*4
15%
25%
45%
81%
3%
Phelps-Dodge Corp.
25
Philadelphia Co 6% pref...60
$6 preferred
No par
f Phlla Rapid Tran Co
60
7% preferred.
50
9% Aug
May
2% Mm
14
10% Mar 24
48% Mm 24
39
Feb 21
16
Pfeiffer Brewing Co...No par
6
6
56
.6
Jan
Jan
No par
Petroleum Corp of Am
Co.....No par
preferred
100
23,900 Remington-Rand—.... —
$6 preferred—
2,900
25
Prior preferred
2,000
—25
Rensselaer & Sar'ga RR Co 100
600
1378
2934
400
6% Jan
.100
Preferred B rets——No par
70
Nov
18
Pub Ser El & Gas pf $5.No par
4,900
5,800
56
2
41%
19%
55»32 552332
Mar
1134 Apr 30
par
No par
iMoo Pullman Inc
1834
68,600 Pure Qil (The)
No par
104
103
350
8% conv preferred.... .100
95
*90
300
6% preferred
100
6% pref rets
11%
1178
6,100 Purity Bakeries
No par
10%
10% 220,300 Radio Corp of Amer—.No par
41%
Deo
19
Jan
.100
.100
100
-
Deo
31% Dec
Deo
6% preferred
7% preferred..
8% preferred..
-
5*8
13% Mar
21
600
-
3% Deo
142% Dec
19
......100
Pet Milk
5%
Mm
123
200
41
4
6
1
17*4 Nov
10
Jan
118
-
r6
Mm
Jan
133% *131% 133
151
151
151
*113%
400
39% Apr
667s Feb
Aug
1
3% Apr
Deo
Nov
June
.No par
11%
71*8
30
9,700
9*4 Feb 10
14
129
12
$5 preferred...
95
96%
1,700
Feb 11
Mm
70
1,100
12
552*32 552*32
93
93%
800
7%
97
552332 552332
93
9334
6
7,900
6,400
2,200
2
11%
552332 5523„
300
23
7%
118%
118% *118
3934
40%
4034
108
*106% 107%
116% 116% 117% 117%
135
*130% 135% *131
*148% 150
*149% 150
2
14
7%
40
780
1,070
13%
6
*106
10,400
31
22%
2
*118
7%
72
14
2%
734
21%
4334
300
17
14%
*5%
10
134
14
"
500
5,600
*1%
2%
6%
21%
4378
65
14%
14
v
8%
23
1334
*22%
6
38
----
29%
31
2%
7%
2%
97
*1%
*1334
6%
44%
65
70%
*1%
14%
8
17
28%
14%
23*4
*35
1,100
17
80
Deo
111%
....100
Preferred
----
2
4
17% MM 25
9*4 Feb 11
164% Mar
55
116% Mar
Apr 27
..100
Phoenix Hosiery
8%
6%
31
38", 700
8,100
*180
Marquette
Prior preferred
Phillips Jones Corp
7% preferred
Phillips Petroleum
28,800
*8
........
400
83
Mm
July
17% Sept
92
Feb 27
100
Peoples QL&O (Chic)
9
4278
778
38
125
150
100
Phlla & Read C & I
2%
3478
75%
67%
1%
68
30
380
Jan 20
47% Apr 30
14% Apr 28
111
5,800
9,400
2
8
Jan
130
100
81
13%
8%
*1334
31
40
2%
*33%
*48%
75%
*1%
7%
73%
300
1134
35
66
16
8%
11%
700
■.
2%
*34% 35
*17834 182
8
7%
134
70%
*6%
88
11%
8
65
634
76
42%
*75%
34%
*48%
8%
*65%
7%
1%
63%
*22%
13%
25
11*4
11*4
11%
11%
55«32 55**32
•
1%
63
1%
6*4
2%
778
234
*113
•
83
10
11%
*48%
9
*75%
1%
69%
30%
15
15
8
10%
78%
42%
*6
85
*80
9
*65%
x40%
42%
7%
*6
2
2
79%
9
83
*65%
41%
42%
40%
8%
11%
11%
2
8%
*86
9%
75%
79
7*4
83
*65%
44%
10%
*9
11%
2%
2
79
2
1234
9%
*8%
11%
77
2%
80%
11%
86%
44%
85
*80
47
1334
15%
31%
9,300
6,200
Feb
Jan
4% Mm
22%
8
No par
Preferred..
200
14
2
912 Jan 4
414 Jan 3
30*4 Jan 11
23
Preferred
67%
21%
15%
16*4
36%
74*4
21%
*59
21%
14%
1578
32*4
*46%
Jan
3% Jan
41
Pere
23
53
106
Nov
11% Nov
26% Dec
3
Pref called
75%
14
2.60
Preferred series A
*70
11% Apr
114% Mar
No par
Penlck & Ford
76
Feb 24
Apr 27
Mar 2
Feb 19
Jan
1
Parke Davis & Co
200
32*4
134i2
20*4
96i8
20% Deo
107
Jan
1
Park Utah CM.
28
4% Apr
140
...10
Parker Rust Proof Co
*25
*21%
4634
Second preferred
26
7
Jan
Mar 25
118
5
Park-Tilford Ino____
26
*59
89
N
Pan-Amer Petr & Trans
Peoria A Eastern
Jan
3% July
75
14
100
Pac Western Oil Corp. .No Par
30
13
2518 Mar 30
115i2 Feb 24
.100
No par
6% preferred
100
*68
46*4
No Par
Pacific Telep & Teleg
2,100
76
3578
25
Pacific Ltg Corp
Pacific Mills...
*25
14%
15%
34%
46%
No par
No par
Pacific Gas & Electric
5
*69
15%
.10
1st preferred
2d preferred
40
72
33
Pacific Coast
*4
*70
15%
167g
128
*38
76
36
Owens-Illinois Glass Co
25
Pacific Amer Fisheries Inc.—5
534
26
*68
16*4
Jan
38%
77
15%
47
*4%
*73
14
No par
100
38
33
2
Apr 30
Jan 15
38%
584
*25
24U Apr 27
87
20
31
2
123
.60
42,200 Pennsylvania
2,000 Peoples Drug Stores-..No par
112
Jan
100
4,300 Penney (J C)
No par
1,000 Penn Coal & Coke Corp
10
10,200 Penn-Dixie Cement...No par
800
1712 Apr 30
Jan 2
...No par
100
Prior preferred
Outlet Co
5,700 Parmelee Transporta'n.No par
14,300 Pathe Film Corp
No par
7,700 Patino Mines & Enterpr No par
3
3,200 Peerless Motor Car...
II684
*25
21%
Preferred
Otis Steel
3,100 Panhandle Prod & Ref.No par
250
8% conv preferred
.100
.No par
2,600 Parafflne Co Inc
1
28,100 Paramount Pictures Inc
First preferred
...100
7,200
24
39
*113
113
...No par
934 168,300 Packard Motor Car
29%
6%
29%
38%
113
3"200
70
*4
Otis Elevator.
Preferred
2,000
73%
4%
6%
34%
30%
*33
33
II684
10
"
1478
7%
1384
6%
73
6%
31
38
26,200
142
278
% per share
8
50
70
4
534
34
*4%
7%
8%
1134
67%
73%
73
6%
24
7
1%
67%
67%
38
5*4
25%
*22%
3%
*41%
334
3%
7
28%
38%
39
9%
23
41
11%
*31
67
9%
9%
24%
6%
6%
38*4
*4%
25%
40%
534
64%
23
23%
1%
67%
73%
4%
34
6%
838
8%
66%
42
11
11%
1%
*33
678
74
8
3%
73*4
4%
4%
62%
69
8%
6884
41%
68
75
62%
71%
62
70%
6%
834
67
27g
62
8%
9
73%
234
69
7
834
17
2%
61
23
67
6%
234
934
75%
5%
*4%
17
*13%
2%
24%
334
70%
1%
9%
*13%
64%
*69
2
12%
% per share
107
190
9%
% per share
100
Preferred A
300
12%
Highest
$ per share
Oppenheim Coll <fc Co—No par
150
8%
*13%
Lowest
Omnibus Corp(The) vtcNo par
121
1134
Par
Highest
16,300
121
934
938
9%
11*4
1478
Lowest
"i",7o6
75
«...
Year 1935
of 100-share Lots
EXCHANGE
*149
149
12%
23%
7%
48
9%
3%
42%
23*4
3%
23
33%
12%
10%
*74%
2
33%
34
149
68
11%
1%
11*4
6%
24
41
25
6%
123
8%
*23
4334
*6
*11%
149
15%
2%
60%
70%
67
858
67%
6
11%
149
15
*55%
75
14%
14%
5%
11%
6%
47% 48
15%
15%
12034 12034
9%
2%
234
142
141
14%
6%
34%
4834
15%
48
149*4 149*4
12
12%
12
*46
*115
*122
15
124
153
10%
14%
50
138
1134
33%
34%
4934
15%
128
13%
*46
*66
6
6
1134
5%
*150
10%
Shares
1434
14%
6%
*127
13%
$ per share
74
*115
137% 139
12
7
*52
*115
7
;
$ per share
Range for Previous
Ratios Since Jan. 1
On Basis
Week
........
48%
15
..
.
Apr
*40
75
*115
xl39
May 1
30
9
9%
*70%
48%
•
19%
24%
134% *133%
14
15%
*60
79
*46
24%
the
113% *111
9%
9%
2534
Apr
29
STOCKS
NEW YORK STOCK
Friday
Thursday
187g
18%
18%
17%
113% *110
11378
113% *110
10
9
9
*9%
9%
25
25
25%
25%
25%
24% 25%
133% 133%
*133%
133% 133%
13
1478
14%
13%
14%
137g
13%
18%
*110
*110% 114
*10%
10%
25% 2534
133% 133*4
15% 15%
SHARE, NOT PER CENT
Tuesday
Apr. 28
Monday
Sales
for
HIGH
Saturday
2953
13% Jan
9
MM 10
Apr
Apr
17% Apr
101
12%
43%
55%
11%
June
Mar
Mm
20% Deo
Nov
25% Nov
Mm
5% Dec
20% Nov
97
Nov
95% Nov
16
Deo
37% Deo
115
Nov
32
Deo
113% Deo
3184 Deo
58% Nov
Apr
67
Dec
13% Mar
20% Deo
5% Mar
217S Feb
33
Nov
Deo
New York Stock Record—Continued—Page 8
2954
HIGH
AND
LOW
SALE PRICES—PER
SHARE, NOT PER
CENT
Sales
Apr
25
$ per share
*
.
*81%
Monday
Tuesday
Wednesday
Thursday
27
Apr. 28
Apr. 29
$ per share
$ per share
Apr
$ per share
55
54
54
53%
53%
53%
80
7484
75
*77%
6%
2334
75%
*434
23%
75%
*484
25%
25%
2334
25%
2
2
2
2
3%
334
3%
23
2
334
9
9
8
23
*16
23
*8%
*15
32
32
30% 31
*110% 111% 110% 110%
*111% 112
*111% 112
*13
13%
11%
12%
42
42
4178
39%
100% 100% 100
100%
2%
2%
2%
234
1234
1234
*1184
13%
70
6934
1
1
1
2
2
2
35%
32%
31
40
II84
70
68%
1
1%
2% '$} 2
3234
3%
334
67%
19%
14%
19%
14%
3%
65%
17%
13%
*25
2534
22
24
22
5
5
*257g
26%
*128% 129
70
:
*88
70
90
48%
23%
48%
23%
14
14%
*111% 112
434
47g
28
28
159
159
26
32%
15%
2234
*40
*87g
*68
26%
33%
1534
23%
417g
10
69
*107% 109
678
678
*4
6
32
46
16
1634
114% 11434
9%
1034
28%
25%
434
434
7
26
24%
125
127% 127%
69
69
68
6
107g
11%
29%
30%
6%
11%
29%
30%
3
3
*112% 113
40%
40%
36
36%
*25
2984
63%
2884
62%
*27
68
68
34
32%
4
,*4%
*99
2%
*11
68%
1
%
2
2%
33%
159
380
34
Seaboard Oil Co of Del.No par
*334
378
14
6,000
23%
115
10
978
26%
2484
434
25%
115
10%
2578
13
159
30%
22%
41%
13%
19%
37%
14
19%
*153
8%
*107% 109
638
10
678
8%
3034
17%
6%
834
*30%
16%
*33
6,000
6
4,200
Sharpe & Dohme
47
300
No par
Conv preferred serA .No par
320
Sheaffer (W A) Pen Co.No par
50
Shell Transport & Trading.£2
Shell Union Oil
..No par
Conv preferred
..100
Silver King Coalition Mines.5
30%
*44%
15%
115
10%
10%
25%
434
434
25%
*25
12434 125
125
68
*59
30%
48
1578
115%
1034
26
834
434
1,700
Simms Petroleum
10
25%
4,700
Skelly Oil Co
25
126
68%
127
*23%
2,600
13%
13%
2378
13%
81,600
So cony Vacuum Oil Co Inc. .15
25%
27%
13%
20
*30
6%
2534
2834
27
29
27
3
3
1123s H2%
39% 40%
34%
36%
3
3
112% 112%
38%
33
26
34%
27
25
*48
*66%
22%
1434
25%
28
3
33%
25
59%
6634
67
278
9%
9
9
*48
50
17%
12%
*79%
18%
12%
16%
1778
12%
10
78
724
17
11%
80
•
33%
76
124
30
30
3,700
200
3,800
65,000
30
1,300
7,100
3,800
112%
1,100
3834
37,200
3478
30,400
27
100
58%
5934
86,500
*25%
26%
400
66
67
67
67%
2,200
2,100
1,000
234
23A
2%
2%
8%
8%
8%
9
*46
16%
17
15%
11%
76
10%
77%
123% 123%
123
11%
4%
4%
*9%
10
28%
834
21%
30%
1%
25%
7%
20%
29%
d2
27
26
26%
26
2434
26
25%
*7%
20%
8%
2078
29%
1%
7%.
20%
7%
2i
7%
500
20%
26%
8%
2078
21
21%
29%
1%
6%
7%
29
29
29%
7
29%
1%
6%
7%
28%
8
7%
*7%
6%
5%
3234
34%
35%
36
10%
10%
9
9%
7%
28%
1%
*6%
7%
57g
7
7%
7%
35
33
35%
34
1034
9%
33%
3378
*6034
7
61
3434
35
10,100
934
10
14,100
34
61
10
10%
13,200
36%
500
34
35
34
34
347g
1,600
*60
61
*60
61
*60
10
*9
98
*9534
9%
*26
26%
27%
6
578
*25% 30%
17%
17%
105% 105%
59
15%
9%
6%
9%
25
2678
25
5%
*25%
6
28%
5%
*25%
16%
17%
16
105% 10584
59
*50%
15%
14%
105
*55
6
*5%
5%
28%
16%
*95%
"
10
9%
6io
5
*9
9
98
*95%
9% i
5% 1
9%
*534
61
9%
98
*9%
11
25%
27
25
25%
26%
5
5%
5%
578
27%
27%
16%
2978
16
16%
105%
104
59
*55
14%
16
14%
5%
26
26%
15%
16%
11%
16%
27
10478
104
104
104
104%
59
*55
59
*55
300
6,800
15,300
300
23,100
1,400
59
1578
58%
14%
15%
15%
57
1534
36,666
60
60%
12%
12%
57%
11%
12
11
11%
1178
12
2134
19
20%
1934
58%
12%
20%
58%
1234
57%
11%
58%
12%
21%
*11%
197g
20%
17%
19%
19
20%
1134
1034
11
11
11
10%
8%
10%
8%
10%
11
1078
11%
2,000
8%
8%
19,800
878
24
2434
32%
*11%
32%
5%
60
'
9
*103% 104%
5%
5%
9
*8%
72
56
11%
72
8
834
8%
8%
105
103% 103% *102
5%
534
5%
5%
734
734
734
734
*22% 24
24%
2378
32
31%
32%
32%
10%
934
9%
10%
69
73
68%
5%
70
102
5%
7%
102
92
For footnotes see page 2946.
103
9,700
103%
600
5%
5%
5%
3,600
7%
7%
7%
7%
700
24%
23%
24%
5,300
32%
3134
24%
32%
33
31%
10
10%
70%
69
70
8%
8,900
45,900
5
103
5%
7%
24%
5%
484
4%
4%
4%
4%
88
89
89%
89%
86% 87%
*125% 12934 *12534 12934 *12534 12934 *126
12934
41
42
41
41
41
4234 4234
41%
l9
%
%
%
%
%
34
%
*88
7%
5934
23
32%
5.800
10%
10
10
3,500
69
934
.
103
69%
69%
210
126
4%
5
5
3,200
8634
4%
86
87
87
1,800
126
49
*126
Thatcher Mfg
$3.60 conv pref
5
10
1
100
..No par
9% Jan
12934
10
40%
41%
41%
41%
2,800
lo
%
%
%
14,800
Jan 11
Mar
Jan 24
23
Mar
20
Oct
70
3384
71%
4ig
1284
53i2
2412
21U
14%
6
Mar 19
Feb 10
Mar 19
Jan 28
Jan 8
Jan 28
6% Mar
8
Mar
4
2% Mar
2% Apr
.
No par
10
Film]CorpNo
par
No par
City Rap Trans.No
par
100
No par
Under Elliott Fisher Co No par
Preferred
100
Union Bag & Pap Corp.No par
Mar 12
Apr 27
40i2 Mar 18
60% Mar
115% Jan
*11
357g Jan 30
2»4 Feb 11
U84 Feb 19
93g Jan 8
3
2
Apr 15
Apr 27
Jan
6
Jan
6
718 Jan
6
958 Apr 27
Jan
6
IOI4 Mar 11
39i2 Apr 7
3884 Feb 3
1514 Feb 29
1438Mar 6
2
42
Apr 13
3378 Apr 27
44
Jan
59
Jan
Mar 25
858 Jan 18
314 Jan 2
3
2
Tri-Continental Corp..No par
6% preferred
No par
Mar
Apr 16
Apr
Jan
Jan
8I4 Jan
245s Jan
No par
1% Mar
3% Mar
36
Apr 28
25
.100
3584 Mar
12% Mar
5834 Jan
Apr
177g
1
No par
Jan
2734 Mar
5
15
3
4
25i2May
No par
Mar
8
25
Jan
1
par
111
Apr 28
658 Jan
Apr 30
100
Mar
78 July
634 Mar 12
Apr 20
Transcon & Western Air Inc.5
Transue & Williams St'l No par
Truax Traer Coal.
Truscon Steel
6
Jan 17
145g Feb 19
2978 Apr 20
9% Feb 14
9
Tide Water Oil
No par
Timken Detroit Axle
10
Timken Roller Bearing.No par
Transamerica Corp
Jan 27
Feb 17
2
Jan
95
1
$3.50 cum pref
Tidewater Assoc Oil
Preferred
Mar
Mar
Jan 30
934 Apr 30
100
Thorn pson-Starrett Co .No par
Rights
6
No par
Thompson (J R)
Thompson Prods Inc_.No
Preferred
Ulen & Co..
7
12% Sept
122% June
Feb
3
Preferred
Preferred
Mar
10134 July
40 ig Feb
30
Feb
27
No par
The Fair
Twin
7
I6I2 Apr 30
145s Jan 2
28
20th Cen Fox
Jan
258May
8%May
Nov
2%
1%
I84
434
97g Feb 17
par
Thermoid Co
500
6
1334 Mar 17
17U
36i2
397a
334
113i2
475g
91
Third Avenue
Third Nat Investors
10
5%
*24%
65
Texas Pacific Coal & Oil
Texas Pacific Land Trust
Texas & Pacific Ry Co
1,500
25% •25%
*10
ioo
........
Mai 27
511s Jan
2534 Apr 29
33
7
*25%
10
*
25
2
Feb 24
124
..5
7.800
26
25%
3234 Jan
Corp (The)
25
Texas Gulf Sulphur...No par
9%
26
9%
25%
9
9%
98
Apr 28
Apr 30
129
2
Telautograph Corp
34%
*33%
34%
3% June
Feb 24
2
No par
34
*9
2684
9%
Class A
35
9%
59% Apr
3% Mar
18
Jan
..100
5% July
313g Apr 13
Jan
Tennessee Corp
10
Apr 27
Apr 30
Jan 3
3714 Apr 30
No par
35
Feb
1218 Apr
72
Texas
938
Apr
118
25
11,700
934
518
912
2434
2634
No par
35
Mar
42
78
1
33,900
*95%
9%
5%
6
1
Superior Oil
678
10
26%
6
No par
Superheater Co (The)..No
34%
978
July
5
100
6%
10
10
t Symington Co..
34%
July
15
No par
33%
98
6%
50
Preferred
6%
9%
934
978
10
par
No par
33%
*9
27%
1138
Preferred
6%
*95%
10%
Sterling Products Inc
Sterling Securities cl A.No
31%
*31%
2184 Apr 27
1438 Apr 19
1207S Jan 10
Mar 13
3378
10
7
Feb 20
7% Mar
8% Mar
33% Feb
4378 Mar
Swift Internat Ltd
1,300
1284 Mar
24i2 Mar 20
5,500
734
1058 Mar
Feb 19
Feb 21
Feb 20
2
13% Jan
112
7
10
9%
734
Feb
Feb 17
31
23
800
132
Mar 26
2884
387g
20%
327g
237g Jan 29
20U
2812
lis
578
7i8
55s
287b
400
160
Jan
36% Jan 25
Swift & Co
1%
Jan
2934May 1
1578 Apr 30
9,200
734
20
934 Mar
Sutherland Paper Co
__10
Sweets Co of Amer (The)...50
*7
107%
534 Apr 30
678 Jan 4
Standard Oil Export pref. .100
Standard Oil of Calif.-No par
Standard Oil of Indiana
25
Standard Oil of Kansas
10
Standard Oil of New Jersey .25
Starrett Co (The) L S..No par
Apr
10% Aug
15i4
112i2May
7i2 Feb 29
3434 Mar 3
109U Feb
3,400
*1%
7
Feb
IOP2 Mar 18
26
1%
Jan
Feb 20
23ia Jan 2
1234 Apr 27
Superior Steel
6%
4
45S Apr 28
Apr 27
1,800
1%
7%
4
Apr 28
Mar
Feb 26
34
98
10%
7%
Mar
4638 Nov
2
6%
10
*6034
4%
Mar
24
Jan 31
17
11
*10
6%
7%
$6 cum prior pref
No par
$7 cum prior pref. ..No par
3234
34
34%
61
7%
3378
34%
36
9%
34
35%
734
*32
10%
38
*7%
4%
4%
10%
13
Apr 17
72
Stand Investing Corp..No par
t Studebaker Corp (The)
1034
21%
30%
1%
No par
Sun Oil..
4%
4
1
Preferred
190
10%
934
..No par
Jan
95
6334 Mar 20
Preferred
60
2
7734 Apr 13
1035g Jan 9
1,000
11%
Jan
Jan 22
11% 103,000
1,000
22,700
Oct
6i2
Mar 12
80
31
434
Mar 13
..No par
Mar
6
684 Jan 15
63
Standard Brands
295g Dec
203g Jan
5i2 Mar
63ig Mar
83g Feb
3184Mar 30
132
Apr 11
75
Apr 17
44
Stone & Webster
31
Mar
14i2 Jan 25
3234 Apr
99
*121% 124
30
Jan
Apr 27
No par
33,700
4%
4%
Conv preferred A
Mar
314 Mar
Spiegel-May Stern Co..No par
6H% preferred
..100
Square D Co
No par
1678
1034
27%
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
20,600
11
30
Spear & Co
18%
5
*28
100
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Convertible preferred
Stewart-Warner
33%
478
9
19i4 Feb 20
120
Apr
75g Mar
714 Mar
40i2 Nov
ID4 Feb
100
11%
Mar
3
4
49%
*76
40
Oct
Mar
Dg May
Jan 16
77g Jan
6434 Jan
par
27a
31
49
1st preferred
2034 Mar
6914 Apr
4&g Feb
3
16%
77%
124
Jan 17
Jan
18
18%
16%
7
Jan 21
*43
50
58 Aug
19
Spalding (A G) & Bros.No
Jan
4i2 Feb 7
435g Mar 12
34
28
3
Jan 16
Apr
<
% June
100
t Stand Gas & El Co..No par
28%
*22
58%
100
Preferred
I84 Apr
7
Mobile & Ohio stk tr ctfs 100
Stand Comm Tobacco
33%
27
Southern Railway
Jan
Mar
8
13
25
8,700
7,300
5
Oct
6
22
55
6
160
109
7
28% Jan
25
Apr
31% Dec
10484 Mar
7
34
3
Apr
Mar
Mar 31
22% Feb 18
100
100
4,000
37%
34%
Preferred
1
6
12
7
46
26
Southern Calif Edison..
Southern Pacific Co
Apr
Apr 27
657g Jan
100
Nov
3
10U Mar
% June
4U Feb
32
434 Apr 27
South Am Gold <fc Platinum..!
So Porto Rico Sugar...No par
82
20i2 Feb
83g Feb
50i2 Feb
934 Apr 28
19s4 Jan 2
Mar
2912 Mar
10134 Mar
22i2Mar 26
1634 Apr
1434 Apr 30
110i2 Jan 2
112
11
Feb 29
%per share
73
6234May
155s Jan
IDs Jan
2034 Jan
434 Jan
4318 Jan
30% Apr
3812 Jan
110
578
11%
3
112
Solvay Am Invt Tr pref
10%
26
55%
19%
1034
124
90
68
*25%
6684
27g
76
76
124
*21
1,600
28%
3
112% 112%
38%
37%
26
68
*25
400
49,400
50
2334
2334
15
15%
15%
129
128% *127
5%
16,400
1,300
101
23
2634
67
87g
67
25%
57%
6%
49%
3
2534
66%
*2%
190
*47%
26%
28%
60%
107
21
101
600
*30
20
10%
26%
934
69
19%
10
26%
17%
1578
834
10%
584
*21%
59%
19%
6%
*8%
10%
63%
18%
16%
10%
638
934
2634
50
*100
5%
59%
*48
*8%
534
1078
2634
*284
9%
100
*66%
*99% 102
112% 112%
40
38%
34%
35%
40
21,600
22,500
17%
10
5%
10%
23
40
30
10
534
14%
22%
*36%
1634
10
25
25
3
14%
14%
2134
2934
*127
10%
27
86,300
1634
129
11
25
8,800
30%
31
*126
10%
5%
10%
2434
2538
15%
18%
6434
30
29%
107
17
4,800
25%
107
534
834 G.rX- :•
25,100
30%
66
8%
159
100
25%
65
10
12
*153
9
59% Jan 21
35s Apr 17
68
2334
159
334 Jan
42
7% preferred
100
Smith (A O) Corp
No par
Snider Packing Corp...No par
Apr 23
19% Jan
52
134 Feb
32% Apr 27
.100
2,400
*153
2
Jan 20
16% Jan 13
76
53% Jan
78 Jan
360
85
13
31
127
100
97% Feb
238 Apr 30
II84 Apr 28
Sloss-Sheff Steel & Iron.
4434
66%
834
Preferred
11% Apr 27
383s Apr 30
160
44
14%
21%
16%
1,200
23%
40
31
No par
85
30%
1678
Simmons Co
81
257g
31
1,800
6,700
38,200
4534
81
107% 107%
6%
6%
6%
16,900
*42%
40
66
1
2334
25%
*30%
*8%
8%
66
1
.
Servel Inc
Shattuck (F G)
6
5%
47
*65
19
19
19%
19%
49
48%
4634
4634
66
67% 68%
67%
102
101% 101% *100
23
22%
22% 23%
1478
15%
14%
15%
10%
*21%
21%
37%
8%
107% 107%
10%
534
25%
2734
13%
1934
159
Preferred
1
47
22%
10
24
280
21,400
Second Natl Investors
No par
Sharon Steel Corp. ...No par
24%
4%
434
434
24% 25%
123% 125
*59
68%
125%
68%
3%
30% 31%
*44% 48
1434
1538
114% 115%
157S
100
Seagrave Corp
No par
Sears, Roebuck & Co..No par
18%
31%
par
300
64
48
Preferred
8,200
17%
1334
*44%
J 5%
t Seaboard Air Line...No
32,700
1,300
6234
5%
No par
4%
13%
47
-.100
65%
!8%
47
1
Preferred
Scott Paper Co
4%
65
23%
5%
6% preferred
64%
17%
3%
ATo
6
13%
21%
62
Safeway Stores
65
63
2578
66
2,400
1378
29
834
14,100
18%
25%
67
Schulte Retail Stores
13%
22%
5%
*46%
*31%
32%
834
1,300
5,300
1734
26
66
114% Mar
65
28%
1234
15%
113
Jan
1334
23%
578
25%
*37
Jan
111
18%
13%
159
109
65%
13
159
-.100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
6
5H% preferred
100
110
68%
1
1284 Feb 11
22i2 Feb 6
35i2 Jan 8
Mar 25
300
2%
2934 Feb 28
35g Mar 4
63g Mar 4
30
12
68%
33%
2%
1st preferred
100
t St Louis Southwestern...100
10i2 Feb 19
par
"4",000
80
100
2%
12
1% Jan
2% Jan
778 Jan
1175g Feb 19
Jan 24
1,000
10,400
40
7434 Apr 28
534 Apr 24
2278May
18
12%
3834
$ per share
57
Feb 3
$ per share
100
112%
*12
7% pre!
100
St Joseph Lead
10
t St Louis-San Francisco.-100
Preferred
64%
37g
65%
14%
21
15%
120
23
111% 111% *111% 112
*111% 112
*111% 112
*111% 112
478
484
4%
478
4%
5
5%
5%
4%
4%
26
28
27
26
27%
27%
26% 2734
27%
27%
19
*55
%
2
4
4%
*23%
21%
35%
10%
10%
*35%
35%
*6034
*9%
*95%
10%
*6%
*26%
*9%
27%
33
1
2%
2278
21
7%
10%
3%
*8
*15
112% *111
67%
85
50%
634
3%
3,600
4,400
993g
43%
2334
13%
50%
35
2
99%
2%
82
50%
1%
9,600
40
43%
*48
*634
23%
2
38%
24
934
*7%
21%
30%
22%
2
39%
99%
2%
12%
68%
44
27g
*27%
Rutland RR
Lowest
Highest
483s Jan
Ruber'dCo (The) cap stkNo par
100
2334
3%
(N Y shs)
700
6%
*5
12
83
9%
47g
Royal Dutch Co
11%
83
234
11
600
85
12
43
3
33%
56
*77
10%
*10%
Par
*55%
23
*15
112% *111
88
10%
*33
3%
*8
10%
48%
23%
*9%
83
1%
23
83
*278
*123%
2%
3%
42
22%
13%
8%
8%
8%
32
*30»4
3034
16
17%
17%
19
20% 20%
19%
*49% 4934
4984
49%
70
69% 7034
6734
*100% 102
*100% 102
24% 24%
2134
24%
1478
15% 1534
1534
*124% 127
125% 125%
*10%
934
25%
434
23%
62%
*334
33%
5%
*46% 47
31% 32
*44% 48
16
15%
11434 115%
47%
46
25
2
6434
3%
66%
1734
1338
48
68%
%
1
6234
37g
68%
16%
16%
*11434 11478
107g
1078
2734 28%
2%
12%
2%
4%
65%
4%
5%
*46%
31%
39%
99%
lis4
6934
35
62%
6%
*11%
9978 100
234
2%
5
32%
112
12%
3878
24%
Lowest
53%
634
Year 1935
On Basis of 100-share Lots
EXCHANGE
85
31%
31%
30%
31%
3134
111
*110
*110
*10978 111
115
112%
11%
*5
684
31
31%
112
66
47
3%
*8
*15
110
*4%
32%
3%
10%
23
110
65%
378
*67%
19%
14%
47
2
2%
3%
8
*16
*46
Shares
75
6%
6
$ per share
54%
*4%
34%
$ per share
the
Range for Previous
Range Since Jan. 1
STOCK
Week
57
6%
70
Apr. 30
Friday
May 1
85
6%
STOCKS
NEW YORK
for
Saturday
May 2, 1936
478 Jan 21
26
Apr 30
1434 Jan
1005a Jan
52
6
3
Jan 20
12lS Jan
6
56
Apr 27
11
Apr 30
147g Jan 2
10i2 Apr 29
7i8 Jan 3
93
Jan
6
47g Jan
6
7% Apr 30
225g
Jan
2
313g Apr 27
914 Jan 21
6514 Jan 22
4i2 Apr 28
86
Jan
62
Jan 15
1414 Mar
110
8
5
Feb 28
12% Mar 5
9i2 Feb 18
29ig Feb 13
1214 Feb 14
32% Mar
6
8i2Mar 23
3934 Feb 25
19ig Feb 4
106i2Mar 3
60
1734
72i2
1434
2758
16i2
12
Mar 11
Feb 19
Feb 18
Feb 25
Apr
4
Jan
2
Feb
4
107ig Mar 11
7
Feb 29
107g Feb 18
32% Mar 2
41
Mar
2
1234 Jan 31
83
Mar
6
85g Jan 20
3
99
125i2 Apr 23
4012 Apr 30
% Apr 27
133
Jan 13
1%
5
Jan
Mar
Oct
3% Mar
Sept
32%
Dec
% Apr
1% Apr
6% Sept
4
Mar
16% Mar
2834 Apr
3%
8%
Jan
Jan
14
Apr
13% May
50
May
5% Apr
61% Jan
2% Mar
2
June
16
Mar
5%
Jan
133g Mar
1% Mar
17
Apr
7% Mar
84
Jan
2684 Mar
4% Mar
28% Mar
478 Mar
7% Mar
5% Mar
178 Mar
69
Apr
3% Oct
3% Mar
13
Aug
24% Oct
2% June
18
Mar
1% June
5334 Mar
Jan 17
125
Dec
5284 Feb 19
29
May
1
Apr 24
Highest
New York Stock
Volume 142
Record—Concluded—Page 9
LOW
SALE
PRICES—PER
NEW YORK STOCK
the
NOT PER CENT
SHARE.
STOCKS
for
AND
Sales
JUI
HIGH
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Apr. 25
Apr. 27
Apr. 28
Apr. 29
Apr. 30
May 1
$ per share
$ per share
% per share
$ per share
$ per share
817*
8234
2334
24
77*
2I84
117
120* 121*
*95*
24*
22*
16*
*18
26*
*114
96
23
21
23
17
15*
17
22*
26*
16*
25*
27*
26*
109* 110
5*
71
61
99
26
5*
4034
12
21*
99*
23
5*
71*
14*
9534
2484
24*
20*
20
20
25*
26*
*114
72*
25*
5*
40*
7034
15
70
7*
5*
58*
99
*114
41
1134
21*
99
71
70
14*
14*
14*
*109
7
6*
5*
5*
5
6884
57*
6884
6834
57*
6*
5*
6734
*5734
57*
158
*98
99
95
96
95
95
35
32
1*
3*
*2*
*12
1334
11*
12
11
*28*
*14*
30
27*
13*
28*
1434
25*
1*
1*
1*
15*
14*
J/31*
2*
11*
7
6*
5*
6834
*156
14*
31*
*2*
70*
1434
*156
53s
67»4
58
500
158
70
7,900
33
33*
3*
12*
8,500
2938
14*
97*
1,000
2,500
*93
85
87*
5,200
27
27
13*
1384
13
14
14
96*
"92" 92
93
89
86
88*
86*
8734
*161* 164
*161* 164
*161* 164
*161* 164
11* 11*
1034
10*
10*
11*
11*
10*
46
48
45*
4784
50* 5084
45* 49
*92
98
16
98
*7
*92
8
*13*
84
7
8*
7
*84
734
26*
66
89
8534
87
7434
64* 65*
125* 126
134
134
72
72*
64*
60*
121* 123
131
*162* 163
131
*126
4*
1*
41
2034
35
♦111
11334
*42* 43*
*72
112
6*
*6*
*4
74
'
35*
1834
35*
42*
*72
*
*70
...
6
112
4
....
....
5*
4
5*
21
*11
48
700
2,400
8*
9,900
8
700
29* 144,200
68* 31,700
89
18,900
6634
90*
88
....
*162*
438
1*
135
....
*162*
....
4*
434
16,900
1*
1*
4,100
35
16*
17*
33*
34*
3334
42*
....
.
.
.
.
5*
35
112
"40"
*72
*70
5*
21
*11
......
4*
18*
34*
♦
400
133*
1*
*32*
1734
5*
*11
*126
35*
*4l"
*72
72
55
132
112
*70
72
41
....
5*
21
9,000
10,200
18*
3434
50
....
43
800
*72
*70
40
37
*40
....
....
......
....
......
5*
5*
35* 35*
133* 133*
112
112*
6*
*4*
6,600
2,700
400
130
130
21
*11
United Dyewood
3
13
Jan
2
Jan
Jan 15
Preferred
No par
t United Paperboard
100
United Stores class A ..No par
Preferred class A
No par
Universal Leaf Tob...No par
Preferred
100
Universal Pictures 1st pref.100
t Universal Pipe & Rad
1
Preferred.
100
U S Pipe & Foundry
...20
1
5758 Apr 29
153
Mar 23
Jan
7
1* Apr
7
7
6
50
1312 Apr
21* Jan
2
10
Jan
9
Apr 29
255s Apr 28
13
Apr 30
No par
91
Jan
4
20
85
Jan
2
U S Gypsum
100
Corp
5
U S Industrial Alcohol.No par
U S Leather v t c.
No par
Class A v t c
No par
preferred vtc
U S Realty & jmpt
U S Rubber
100
No par
.....No par
1st preferred
...100
Smelting Ret & Min._ .50
Preferred
U S Steel
67<4May
50
Corp
100
Preferred.
100
U S Tobacco..
No par
Preferred
...100
Utilities Pow & Lt A
Vadsco Sales
...
.1
No par
Preferred..
100
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
161* Mar 25
87b Jan
2
Feb
3
39
6* Apr 30
1134 Apr 29
71
Jan
8
17i2 Apr 29
28* Jan 16
100 *110* Feb 17
7% lstpref
Vick Chemical Inc
5
2978 Apr 13
914 Feb 17
4734 Feb 17
16i2 Feb
17* Oct
1* Feb
2034 Mar
834 June
4* Mar
255s Apr
10?
Apr 23
Feb
Oct
9* Mar
Feb 10
12* Feb 7
7* Mar 26
Feb
8
Apr
3* Mar 24
2234 Mar 23
38* Apr
6
5
99
Feb 17
Mar
5
110* Feb 15
169* Feb 18
14* Feb 21
59
Apr
2
9* Jan 27
18* Jan 28
85
Mar 12
4
80>4 Apr 9
96* Jan 24
75* Apr
72* Apr
132* Apr
143* Jan
163* Mar
6* Mar
2* Jan
50
No par
6% preferred
7% preferred
100
100
Va Ell & Pow $6 pf
No par
Virginia Iron Coal & Coke. 100
5% preferred
100
96
7*
Deo
Nov
Nov
Dec
Dec
Dec
Jan
92»4 May
18* Nov
110
11*
7*
78
Nov
Dec
Jan
Oct
51
Mar
73* Nov
133*
Feb
zl69* Deo
Aug
*
Oct
9*
Oct
1484 Mar
Jan 23
19* Jan 23
39* Jan 2
20
87* Mar
2* Jan
3* Apr
46
Apr
24*
784
4584
1384
20*
29
69* Jan 10
159* Jan 24
115
Mar
60*
19* Jan
80
65
3* July
7% Apr
9
9
11
21
20
2
18
Jan 18
27* Feb 19
36* Mar 3
* June
5
July
11
Mar
73
Nov
2* Jan
1938 Mar
22* Dec
3* Oct
20* Oot
39* Deo
4* Mar
15
Nov
65* Mar
4* Mar
96
Nov
87
Nov
165
Deo
143
Jan
5
Feb
35* Mar
3* Mar
7* Mar
53
Jan
3
Mar
9* Mar
24* Mar
9I84
Dec
62*
Jan
27* Mar
73* Mar
119* Jan
14934 Feb
1
Mar
* Mar
19* Apr
11* Apr
1018 Nov
50* Nov
9* Sept
16* Sept
Sept
73
11*
17*
48
124*
7384
60*
119*
14034
165
Deo
Jan
Deo
Apr
July
Nov
Nov
May
Aug
4* Aug
2
Nov
66* Nov
2I84
Jan
11*
Feb
33
Nov
114
Nov
114
Mar
2
91
Feb
46
Feb
5
34
May
4* Jan
32
Jan
7
6
105
Jan 23
109
Mar 24
4
Apr 27
21
Apr 18
Deo
Dec
70
Aug
63
Apr 30
44*
68
40
Vicks Shr & Pac Ry Co pi .100
Common
100
Va-Carollna Chem
Jan
Aug
Nov
Jan
160* Feb 6
3* Jan 2
1* Apr 29
3434 Apr 22
Nov
78
Apr 15
2
13»4 Dec
20
26*
Jan
13
Jan
Mar
7
20* May
46
35
84* Feb 25
68i| Jan 3
46* Jan 21
116* Jan 7
131
Apr 27
20* Oct
9* Mar
4* Mar
Dec
76* Apr 14
2
47
79* Mar
7534 Nov
24
111* Jan
90* July
26* July
30-* Dec
118
758 Apr 30
16* Jan
Feb
Oct
113
Jan
6i8 Apr 30
5
Apr 30
1434
82* Mar
Highest
$ per share
111
7
109
$ per share
44
Jan
Jan 11
117
79
...100
Preferred
8838 Apr 8
2812 Feb 7
138i4 Mar 6
9734 Feb 26
318s Feb 7
323s Feb 18
2U4 Apr
28* Mar
281^ Jan
4ii Jan 3
66I1 Jan 2
143s Apr 30
No par
Corp
U S Freight
No par
U S & Foreign Secur... No par
U S
9
15
93
United Electric Coal
No par
United Fruit
..No par
United Gas Improve—-No par
Prior
IO84 Apr 27
10
100
Corp
Preferred
7% preferred
7*
28
No par
Preferred ..........No par
United Drug Inc
6
U S Hoff Mach
12*
84*
71&8 Jan
2078 Apr 30
108ii Jan 7
9018 Jan 2
228s Jan 2
205s Apr 30
228s Jan 6
5h Apr 30
4014 Apr 29
United Corp
100
12*
$ per share
United-Carr Fast Corp No par
1,800
23,400
*634
*82
67*
37
33*
34*
35*
34*
35*
133* 133* *133* 133* *133* 133*
112
112
♦111* 11334
11134 112
4
434
*4*
6*
*4*
6*
21
161*
1134
$ per share
16i* Apr 27
24* Mar 18
113
Jan 18
68
Jan 21
Preferred
135
♦
111
*41
4234
....
*11*
47*
Lowest
Highest
United Amer Bosch..No par
United Biscuit
..No par
Preferred
100
United Carbon..
No par
U S Dlstrib
900
*70* 73
57* 253,300
56*
5784
3,800
121* 123* X122* 122*
*162*
37
111
*
Un Air Lines Transp v t C..5
110
200
25
100
Preferred
—100
Union Tank Car
..No par
United Aircraft Corp.
5
100
132
....
34
8
2884
*2*
230
123* 124
135
*35*
17*
63*
88*
59*
5534
1*
*10
6*
21
*9
89
*72
26*
6734
86
4*
112
4234
112
63*
1*
35*
17*
33*
38
3812
34*
133* 133* *133* 133*
112
7*
28*
4*
*37*
112
8
734
26*
1*
*70
5*
12*
84
4*
*72
...1.
*70
12
83*
1*
19*
*27
86*
85*
161* 163*
11
1034
47*
44*
6*
6*
6*
4*
41
27
12*
1*
1*
*35*
18*
33*
*11
84
5
4*
1*
*35*
20*
3438
8
*162*
*162*
434
32*
2*
11*
6*
II84
1234
85*
734
30*
7334
1*
15
84
26* 28*
68*
65*
85*
86*
72
71*
59* 61*
121* 124
884
73*
73
7
6*
13*
85*
8*
12*
27
*92
13
31*
*87*
*72*
1334
96
*84
14*
84
31
13*
96
9634
350
1*
1484
11*
*
600
97
3234
3*
3*
11*
2684
300
1,400
10,900
1*
14*
10
32*
45,100
96*
1*
14*
32*
*2*
15
5,600
7,100
10984 *10884 109*
158
1*
15*
34*
3*
90
5*
5*
70
*155
98
12,900
8,500
11*
99
156
1*
14*
5,000
21
11*
21*
100*
4*
5*
155
95
25*
5*
20
57*
......
41*
41
100
15
5,800
3,200
1,200
77,600
73*
5*
584
600
....
72*
*24*
24
156
17
1*
24*
21*
72*
6*
7*
5*
6984
58*
6934
58*
25*
24
21*
109* 109* *108* 110
6
21
2534
5*
40*
11*
11
11*
22
21*
*100* 101*
5*
5*
5*
70
71*
70*
1434
9
21
70*
41*
14*
19*
25»4
15*
73*
2584
584
Union Oil California..._
Union Pacific
1,200
70,200
23,900
16*
2234
16*
*114
..
Union Carbide & Carb.JVo par
15,500
7,300
25
16
19*
16*
32,100
2,100
*95
Par
Year 1935
of 100-share Lots
Lowest
Shares
96
9584
24*
22*
25*
22*
.
2284
22*
123* 124
118* 124
101
5*
15*
5*
96
2434
21*
15*
5*
41*
11*
IO84
21*
100
99*
6*
7384
22
96
26
6*
4138
78*
20*
22*
120
155
*153* 157
138
*14*
34*
*2*
28
76
7834
21*
72*
*6734
58*
72
*59*
7134
*7*
6*
.....
75
*109* 110
9
*7*
*114
1034
,
7634
118
25*
5*
40*
12
6*
73*
15*
25
27
41*
22* 2284
*99* 105
73*
15*
16*
72*
6*
638
24*
*114
74*
2784
6
41*
11*
7734
79*
22* 2234
117* 12134
96*
96*
24* 24*
21
22*
16*
15*
1734
1734
97
25
96*
24*
....
7438
8I84
2334
121*
Range for Previous
Range Since Jan. 1
On basis
Week
$ per share
78
78*
2955
Dec
63
Dec
2* Mar
17* June
8* Mar 16
48*4 Mar 19
133* Apr 28
85
Jan
114
Jan
Jan
6
72*
9 * Feb
30* Feb
8
7
2
June
15
Feb
4*
37
Dec
Dec
120* Oct
112* Deo
734 Nov
33
Nov
83
May
■
*121*
80*
*135
*121*
80*
80*
145
*135
3*
*234
63g
234
_
*77
80
*135
234
2*
2*
6*
7*
6
6
6*
578
7*
1334
14
*5*
13*
13*
31*
31*
31
31
*5*
116
*28*
*18*
*10*
*2*
*59*
10*
49
*40
4884
134
1*
1*
9*
10*
834
10*
*23*
2434
22
22
*24
2434
24
*23
24
23*
20*
*7*
8*
*80
7*
22*
7*
*80
*80
*134 "1*
37* 37*
*80* 81
*99* 100
104* 106
*94
96
*1J 9
121*
*113*
9
..
-
—
9*
*134
*113*
8*
*1534
2
2
2*
6
6*
79*
80*
39*
113* 114*
37*
141
*138
120
....
8*
103* 103*
92* 93*
*119
*113*
8*
17
2*
6*
76
80*
3534
38*
108* 114
6*
141
120
141
....
8*
16
1534
2*
2*
534
534
75*
78*
37
35*
10634 109*
137
137
*1*
35*
80*
99*
102
*135
2*
6*
6
6*
10
Preferred B__
100
Waldorf System
No par
1,900
40
Walgreen Co
No par
116* 116* *116* 117
634
634
6*
6*
2734
28*
*16*
18*
*10
13
2*
*53*
9*
*42*
2*
58*
9*
47
*54
8*
48
*42*
1*
8*
300
3,300
8*
22*
32,800
Waukesha Motor Co
Webster Elsenlohr
80
101
93*
35
8*
1*
50
35*
3,700
97*
95*
100* 10034
94
9
92
73
3434
76*
36*
101* 105*
133
135
24
24
*3734
39
300
94
120
120
*113*
8*
*1484
5*
75*
5*
81
*80
99*
....
-
-
-
120
3,900
500
2
5*
77*
135
21*
*55
69
*55
69
*55
69
85
*70
85
*70
85
*70
85
30
30
28
28
27
2734
25
27
94
94
94
95
95
95
95
23*
20*
22*
14*
20*
14*
334
23*
14*
21
14*
4*
14*
3*
22*
14*
3*
20
19
1634
17
1634
*19
4*
8*
4*
8*
3*
7*
3*
18*
3*
4*
16
19
4*
3*
4
384
3*
8*
7*
72*
8
7*
7*
57*
60
570
50
51*
54
1,900
67
68*
75
69
7284
33*
67*
70
*68*
33*
34
34
68*
73
33*
16*
33*
17*
49
47*
52
48
48*
113
46*
47*
33*
17
118
47*
53
49
47*
48* 5184
53*
*113* 115* *109* 115* *10934 115* *10934
15
17
17
17*
1538
1534
15*
7
6
5*
6*
6*
6*
6*
52*
For footnotes see page
8
57
73
48*
334
68
60
52
113
384
7*
1,400
6,100
26,900
1,400
23,700
2,200
68
*57
18
8
18
49
67
16
4
*17
48
65
118* 120
3*
7*
16*
4*
48*
26*
71
18*
4
1,900
3,600
74*
4734
53
120
4
3*
600
29,700
26
60*
17*
22*
14*
24
52
120
21*
14*
48*
24*
56*
73*
14*
2,700
7284
47*
6038
46*
24*
35
22
14*
.....
23*
5734
73*
20*
3,000
......
24*
56*
63
34
86
90
73
*54
74
86
2946.
56
7284
7434
75*
71*
100
Preferred
100
6% preferred
West Penn Power pref
6% preferred..
100
—100
100
Western Maryland
2d
preferred..
—100
Western Pacific.
—100
100
Preferred
Western Union Telegraph. 100
Weston Elec instrum't.No par
48*
*60*
70*
94
No par
West Penn El class A ..No par
100
72*
27
35
25*
1
2,400
46,400
47
4634
25*
70*
2438
Conv preferred
410
1,600
35
1,900
17
18*
17*
18* 110,100
119* 121
12034 121
1,220
4784
4634
47*
4734 48
6,100
52
5184
4834
5134
52* 24,600
115* *10934 114* *110
115*
17
17
16*
15*
16*
10,200
6*
6*
6*
6*
6*
8,500
18*
121
......
2* Apr
47* Jan
2
3
17
17
4
29
2
9* Apr 30
44
Apr 29
1* Jan 2
4* Jan 2
15* Jan 7
21
Apr 30
4*
10*
734
15*
34>4
Apr 15
5
63* Mar
109* Feb
1
Apr
3
1* Mar
6
Feb 11
Jan 8
4* Mar
26* June
Feb
Mar
Mar
118
Jan 16
10
Feb 28
1
114
1*
May
Jan
Feb
11784
Dec
3* Nov
534 Dec
4* Deo
9* Nov
33*
120
Dec
Apr
63s NOV
34* Feb 21
19
Feb 25
18
Jan 24
3* Jan 24
70
Jan 24
14* Feb 19
57* Feb 8
2* Feb 29
10* Mar 31
25* Apr 11
28* Feb 19
29* Jan
2
5
Mar
11
Dec
Feb
3
Deo
28* Jan
2* Mar
14* Mar
* Mar
47
Dec
10 3g
Dec
52
Dec
1*
1*
Dec
11* Feb
6
1*
Jan
2
34* Apr 30
78
Feb 25
91* Jan
7
96
Jan
2
87
Feb 20
116* Jan 6
111* Jan 6
8* Apr 27
15
Apr 30
2
Apr 25
5* Jan 2
72* Jan 6
34* Jan 13
94* Jan 6
123* Jan 7
22* Apr 28
36* Jan 14
21
Apr 30
2*
46*
82*
100*
Jan 13
2*
7*
20*
25*
Mar
Mar
17
Aug
Aug
32
Sept
4
Mar
85
19* Apr 28
6%May 1
.100
Wells Fargo & Co
Wesson Oil & Snowdrift No par
Westingh'se Air Brake-No par
Westtnghouse El & Mfg
50
1st preferred
—50
73
75
46*
27
35
21*
11,100
25*
73
46*
*73*
39
600
2,600
33,400
47*
77
46
27
*73*
25*
24*
*86
......
9
69
23*
360
17
.
*70
21
270
200
.
3634 37*
10434 10738
135
5
No par
Preferred
*1*
3434
80
102
119* 119*
*113*
600
*80
"l*
*55
*4*
No par
2,500
69
14*
Warren Bros
No par
4,100
684
85
*91*
2334
*14*
No par
22
638
2
21*
$3.85 conv pref
t Warner Quinlan
2134
7
534
21*
5
Warner Bros Pictures
21*
6*
*70
2284
100
20*
*55
22
Preferred
1,400
2*
37*
21*
No par
23
*2
38
Class B.
23
6
38
39
17* Apr
10* Jan
22
85
*38
26* Aor
No par
21
2
24*
3784
21*
54,400
1*
69
22*
38»4
2284
1
200
Apr 30
(H)Good & W Ltd No par
Preferred
Ward Baking class A ..No par
Convertible pref
No par
Warren Fdy & Pipe...No par
534
23*
2234
1,300
Walk
4* Jan
9* Jan
30
11514 Apr
5* Jan
...100
*18
2
23
24
......
Jan
No par
6)4% preferred
t Walworth Co.
20
*95*
137
59*
10*
934
1*
100
12*
2*
2*
32,300
2,400
1*
7*
1934
99*
10334 108*
18
18
15*
*135
28*
28*
*10
*55
23*
5
3,300
5*
*70
*38
25
100
Preferred A
13
*2484
*3784
21*
24*
Mar 11
Apr
2* Jan
31*
*1*
77*
3634
Feb 19
135
100
100
5*
12*
15
74
86
130
Preferred
t Wabash
31
16
35*
1,900
123
7*
1234
34*
8*
6*
100 *114* Jan 16
...100
70* Feb 3
31*
*80
94
130
800
Virginia Ry Co pref
Vulcan Detinning
12*
*5*
35*
80*
....
.
30
"l*
103
.
......
3
6*
11934
*15*
145
*234
1J9
8*
145
2*
*93
*113*
*135
3
*80
1®4 "l*
36
35*
80* 80*
99* 100
37*
*80*
81*
99* J 00*
103* 103*
*93
9534
19
*17*
"T*
35*
*119
6
~8*0
145
7*
7*
*5*
12*
13*
13*
30*
30*
30*
30*
116* 116* *116* 117
7
7
6*
684
28
28
28*
28*
*17
18*
*16*
18*
*9
13
13
*9*
2*
2*
2*
*2*
*55
*52*
59*
59*
10
9*
9*
9*
44
44
4434
4434
1*
I84
1*
1*
9*
8*
8*
9*
*20
20*
20* 2034
23
22
21* 22
21
21*
19* 21
7*
784
*634
6*
♦116* 117
7*
634
27
29*
18*
18*
*1734
*10
13
13*
2*
2*
2*
60
59
59*
1034
10*
9*
49
*234
13
7*
29*
134
*76*
*135
*5*
116
7*
"
145
80*
145
122*
122* *122
78*
79*
79*
*77*
*122
*121*
*121*
Apr
1
Jan
Deo
30*
Deo
784 Nov
90
Feb
3
Nov
55* Nov
72
Jan
34
Mar
84* Oct
91* Deo
99* Nov
30*
121
Feb 21
104*
Jan
116
Mar 23
95
Jan
39* Mar
36
Mar
92
6*
7*
1*
2*
20*
July
3
18
Mar
122* Feb 10
145* Apr 18
3334 Jan 25
32* Mar
120*
11434
10*
1934
3*
7*
77*
3534
9884
90
Feb
126
10
Mar
3
29
Jan
12* Feb 21
20* Feb 24
Feb
7
9* Feb
7
4
95
Feb 13
48* Mar
Jan
Jan
2
7
Apr 8
110
Apr 21
98* Apr 23
Jan
Feb
6*
Mar
Mar
Feb
Mar
Nov
Dec
Dec
Deo
Dec
Jan
Jan
Nov
Deo
Nov
Dec
16'4 Mar
33* Deo
38* Dec
25* Nov
Wheeling & L Erie Ry Co. 100
6% non-oum preferred-.100
Wheeling Steel Corp.—No par
34
Jan 14
60
Mar 87
18
Jan
35* Sept
50
Jan
4
90
Mar 24
25
Mar
100
86
Class A
No par
Westvaco Chlor Prod.-No par
Preferred
23* Apr 30
May
1
39
Jan
28* Jan 10
37* Jan
0
50
Nov
14* Mar
32* Nov
Jan
102* Nov
19* Dec
24* Jan
434 Dec
20* Deo
3* Dec
9* Nov
109* Feb 19
28* Mar 4
46*
6
12*
6* Mar
.50
18* Feb
3
White Rk Mln Spr ctf.No par
14* Apr
3* Apr
16
Apr
2* Jan
7* Apr
27
28
28
24* Jan 10
7
29
11
Jan 14
87
Jan 15
58
Apr
Apr
5
51
Jan
65* June
1184 Mar
25* Mar
25* Nov
White Motor
White
Sewing Mach—No
Conv
par
preferred
No par
Wilcox Oil & Gas
5
No par
Wilson & Co Inc
$6 preferred
Woolworth (F W) Co
Worthington P & W
Preferred A
Preferred B
—100
10
100
100
100
71* Apr 23
4434 Apr 23
23* Apr 30
56
Apr 30
47
Jan
Zonite Products Corp
100
No par
105
Jan
35* Mar 23
75
Mar 23
Mar
Mar 23
20
6
Mar 11
79
Feb 10
45
Jan 23
351a
7384
1784
2*
31*
6712 Apr 30
33* Apr 28
884 Jan 3
83* Jan 6
44* Jan 21
41'4 Jan 6
No par
56* Feb
Jan
1
3*
66
62* Jan
Youngstown S & T
5)4 preferred
Zenith Radio Corp
5* Mar 30
Oct
1* Mar
6
106
Wrigley (Wm) Jr (Del)-No par
.25
Yellow Truck & Coach cl B.IO
Preferred
100
Young Spring & Wire.-No par
Mar
5* Jan 13
4
Wright Aeronautical...No par
Yale & Towne Mfg Co
17
6
11* Jan 28
5* Apr 28
_
20* Mar 26
121* Mar 26
55
Apr
6
61* Apr 11
116
Feb 19
19* Apr
3
9* Jan
4
Apr
Mar
Mar
Apr
June
May
18
Mar
13
Mar
38* Apr
1* May
2* June
79
61
Nov
Nov
51* Nov
68
Deo
8284 Apr
35* Nov
9* Dec
96
53*
46*
105
Nov
Deo
Dec
Dec
14* Nov
784 Deo
New York Stock Exchange- Bond Record,
2956
On Jan. 1 1909 the
Exchange method of quoting bonds was changed and prices
May 2,1936
Friday, Weekly and Yearly
are now "and interest"
except for income and defaulted
bonds.
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the
only transactions of the week, and when selling
ocular weekly range are shown in a footnote In the week In which
they occur.
No account Is taken of such sales In computing the range for the year.
Friday
STOCK EXCHANGE
Week Ended May 1
«js
Week's
Last
BONDS
N. Y.
Range or
Friday's
Sate
Price
U. S. Government
Bid
&
Low
High
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
NO.
BONDS
Since
Week Ended May 1
Price
Low
High
Foreign Govt. & Mun. (Con.)
♦Chilean Cons Munlc 7s
1960 M S
16 1947-4952 A
15 1943-1945 A
O
117.25
117.30
15
115.3
Treasury 3% s—-Oct
O
107.23
107.27
76
105.24108
♦Chinese (Hukuang Ry) 5s
Treasury 4s
16 1944-1954 J
D
112.23 112.23
113
41
111
113.5
109
111.13
♦Cologne (City) Germany 6%s_1950
Colombia (Republic of)—
♦6s Apr 1 1935 coup on._Oct 1961
♦6s July 1 1935 coup on.Jan 1961
♦Colombia Mtge Bank 6%S—1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947
Treasury 4%s_—Oct
Dec
118.8
Treasury 3%s—-Mar 15 1946-1956 M S
Treasury 3%s—June 15 1943-1947 J D
111
111.4
5
108.1
108.1
108.4
102
106.17108.12
Treasury 3s
M S
104.9
104.9
104.17
99
102.20104.18
J
D
104.26 104.25
105
J
D
108.17 108.17
108.19
28
107.19109
S
108.28
108.31
10
108
105.29
407
105.24
103
-Sept 15 1951-1955
Treasury 3s.—-June 15 1946-1948
Treasury 3%s—June 15 1940-1943
Treasury 3%s_.-Mar 15 1941-1943
Treasury 3%s_-.June 15 1946-1949
Treasury 3%s_—Dec 15 1949-1952
M
105120
J
D
J
D
105.16
A
108.27 108.23
109
O
107.7
107.17
Treasury 3%s—Apr
1 1941 F
15 1944-1946 A
Treasury 2%s_..Mar
15 1955-1960 M
S
Treasury 2%s—Sept
15 1945-1947 M S
Treasury 3#s
Aug
105.18
107.7
101.26 101.25
103.4
103.3
102.2
148
68
155
1029
102.29105.2
109.8
103.24106.2
103.19105.25
108.5
109.12
105.12107.20
100
102.5
103.12
551
100.31103.12
Treasury 2%8___Sept 15 1948-1951 M S
101.27 101.26
102.5
472
101.7
Federal Farm Mortgage Corp—
3%s
Mar 15 1944-1964 M
104.8
104.10
S
Week's
Friday
Range
Asked
outside of th
102.8
Copenhagen (City) 5s
25-year gold 4%s
♦Cordoba (City) extl s f 7s
♦7s stamped
♦External sink fund 7s
<fc
Low
Range
Since
Jan. 1
Asked
High
No.
10
Low
11%
High
12%
11%
12
D
50%
51%
7
43
52
IVI
S
23%
23%
3
23%
27%
A
O
25%
25%
1951 J
11%
19%
19%
52
19%
J
19%
19%
21
J
21
29
19%
A
O
19%
19%
19%
19%
19%
M N
F
A
1952 J
D
1953 M N
1957 F
97
93%
A
93%
19%
19%
97%
94%
*45
1937 M N
47
3
12
13
28
27
17
19%
17%
17%
92%
88%
20
20%
99%
97
63%
55%
70
54
60
45
1957
♦7s stamped
1937
Cordoba (Prov) Argentina 7S--1942
Costa Rica (Republic of)—
Bid
"22
45
65%
*64
"65%
56
60
75%
77%
73
80%
30%
31
30%
31
33%
23
50
34$*
*54
Y'j
83
102.20104.15
♦7s Nov 1 1932 coupon on
1951 M N
103.3
186
100.26103.10
♦7s May 1 1936 coupon on
1951
J
103.20 103.17
103.23
139
101.20103.26
2%s
Mar
1 1942-1947 M S
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
102.6
102.14
63
102.16 102.16
102.29
212
101.12 101.9
101.25
348
99.16101.29
101.9
101.22
136
99.17101.29
104.8
3s
May 15 1944-1949 IVI N 102.26 102.24
3s
Jan
15 1942-1947 J
1 1939-1949 F
2Mb series B__Aug
2 % s series G
A
1942-1944
102.6
101.9
100.15102.16
100.17103.1
Foreign Govt. ^MunicipalsAgricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupod on. 1947 F
♦Sink fund 6s Apr coup on___1948 A
Akershus (Dept) ext 5s
J
f 7s series B
s
18%
18%
O
1963 IVI N
♦Artloqula (Dept) coll 7s A—1945
♦External
A
100
J
8%
*8%
8%
1945 J
♦External
s
f 7s series C
1945 J
♦External
s
f 7s series D
1945 J
♦External
s
f 7s 1st series
1957 A
♦External
sec s
f 7s 2d series. 1957 A
♦External
sec s
f 7s 3d series. 1957 A
9
8%
Antwerp (City) external 5s
1958 J
Argentine Govt Pub Wks 68-.-1960 A
Argentine 6s of June 1925-. -.-1959 J
Extl s f 6s of Oct 1925
1959 A
External
f 6s series A
100
99 M
1957 M
S
99 M
External 6s series B
1958 J
D
Extl
1960 M N
99 %
99 %
s
s
f 6s of May 1926
External
f 6s (State Ry)-__1960 M
8%
8%
8%
96%
99%
99%
99%
99%
99%
99%
99%
99%
99%
S
99 M
Extl 6s Sanitary Works
1961 F A
Extl 6s pub wks May 1927-.-1961 M N
99 M
Public Works extl 5 %s
98 M
98
s
1962 F
1955 J
Australia 30-year 5s
External 5s of 1927
A
19
6
17%
18%
4
18%
100
4
9
15
9
8%
9%
8%
8%
8%
97
"l
9
4
3
9
22
11
99%
100%
36
100
25
100%
36
100
31
100
24
99%
100
29
29
99%
24
98%
58
29
J
105 M
105
105%
—.1957 M S
105M
104%
105%
63
1956 M N
99 %
99%
100%
86
External g 4%s of 1928
21
21%
98
100%
7%
10%
8
10%
8%
10%
7%
10%
10
7%
10
8%
10
8%
95% 101%
97% 100%
97% 100%
97% 100%
97% 100%
97% 100%
97% 100%
97% 100%
97% 100%
97% 100%
94%
99%
104% 106
104% 106
98% 101
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
1944 M
S
1949 F
A
External loan 4%s
1949 F
Sinking fund 5%S—Jan 15 1953 J
A
Denmark 20-year extl 6s
External gold 5%s
1942 J
1955 F
External g 4%s
Apr 15 1962 A
Deutsche Bk Am part ctf 6s.-.1932
5*Stamped extd
to Sept 1 1935— M
Dominican Rep Cust Ad 5%s„1942 M
1st
5 %s of 1926
2d series sink fund
5%s
ser
External 30-year
s
1957 J
J
1945 F
A
1949 M S
Stabilization loan 7s
Bergen (Norway) ext s f 5s
—
1955 J
J
1955 J
f 7s
D
1956 M N
1960 M S
♦Berlin (Germany) s f 6%s
1950 A O
♦External sinking fund 6s.-.1958 J D
♦Bogota (City) extl
s
1945 A
f 8s
O
♦Bolivia (Republic of) extl 8S-.1947 M N
♦External secured 7s
J
1958 J
♦External sinking fund 7s___1969 M S
♦Brazil (U Sof) external 8s
1941 J D
♦External s f 6%s of 1926—1957 A O
♦External s f 6%s of 1927---1957 A O
♦7s (Central Ryl__
♦5 Bremen (State of) extl 7s
Brisbane (City) s f 5s
Sinking fund gold 5s
20-year s f 6s
a94%
1952 J
D
1935 M
S
107%
100%
24%
15M
1958
26%
107%
104%
111%
107%
100%
23%
24%
15
94%
27
10
2
92%
26%
97
32
105%
23
105% 110
101% 109%
112
16
109
108
34
100%
24%
18
105% 109%
100% 102%
3
23%
24%
5
23%
15%
5
13
108
6
118%
28%
27%
21%
9%
10
21
8%
7
15
9%
9%
7%
53
31
31
32%
27
25 %
25
25%
79
6%
6%
27%
22%
25
25%
67
22
26%
27%
19
21%
6%
25%
27
*26
a98%
99
1950
26%
33
"18
98%
100
99
100
6
103
2
102%
35%
30
29%
30%
35%
95
100
95
100
101% 104
Budapest (City of)
External
s
External
s
f 6s ser C-2
31M
97%
I960
f 6s ser C-3
1960
♦Buenos Aires (Prov) extl 6s—1961
♦6s stamped
1961
♦External
f 6%s
s
9
39
100%
100%
101%
38
41
O
Extl
s
f 4%-4%s
Bulgaria
(Kingdom
J
5s
1952 M N
.
10-year
2 Ms
Aug 15 1945
25-year 3Us
F
A
...1961 J
♦Farm Loan
s
f
♦Farm Loan
8
f 6s.-Oct
♦Farm Loan ,6s ser A Apr
59%
49
"39 M
39%
40%
"28
39%
1942 M N
14%
A
14M
J
14%
♦Ext sinking fund 6s.__Sept 1961 M S
♦External sinking fund 6s
1962 M S
♦External sinking fund 6s
1963 M N
♦Chile Mtge Bank 6Ms
1957 J D
♦Sink fund 6%s of 1926
♦Guar s f 6s
13%
14%
9%
106%
112%
16
4
13
15%
3
13
10%
24
107%
46
105% 109
112%
71
111% 115
15%
9%
16%
13%
QQ
13
100%
100%
*38%
9%
32%
31%
96%
74
94% 100%
45
38%
43%
10%
"12
9%
32%
1
12%
14M
"14%
31%
3
31%
27%
36
30
30%
29
27
34%
34%
10
28%
37
14%
30%
68%
30%
68%
61%
41%
94%
94%
106%
64%
70%
96%
105% 108%
102%
22%
103
102
175%
170
171
171%
105% 172%
176%
174%
177
176% 182%
174% 177%
24%
27
24%
29%
24
25
24
29
32%
34
31%
39%
28
29%
28
34
35%
177""
25%
"33%
D
35%
32
45%
93
22%
34
174%
104%
27
183
F
99
110
A
105%
M N
all5%
MN
104%
115%
*34%
35
100
104% 108
114% 118%
28%
34%
105%
116%
28%
"35"
28%
29%
26
35
29%
26%
A
26%
25%
23%
s
f 6s
ser
A—.1952 A
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7%s '50
Helslngfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured
28%
94%
93%
97
26%
A
O
94%
23%
23%
22%
J
J
20
20
19
A
O
106
106
coup on—1945 J
1946 J
♦7s unmatured coupon on
♦Hungarian Land M Inst 7%s.l961
♦Sinking fund 7%s ser B
1961
Hungary (Kingdom of)—
O
14%
41
14
16
14%
14%
14%
14%
14%
14%
14%
66
13%
14%
46
14
15%
15%
14%
28
13%
14%
22
14%
9
14%
62
20%
20%
20%
20%
20
30
20%
20%
25%
32%
25%
"26"
J
J
24%
104% 110
24%
26
a43
38
45
M N
M N
1944 F
A
1960 M N
1651 J D
Italian Cred Consortium 7s A--1937 M S
External sec s f 7s ser B
1947 M S
Italian Public Utility extl 7s.-.1952 J
J
Japanese Govt 30-yr s f 6%8—1954 F A
Extl sinking fund
5%s_
1965 M N
41%
all2%
68%
72%
41%
120
72%
151
92
92
92
1
27
113% 115
60%
75
83%
97
53
68%
04%
63%
62%
64
60%
59
61
32
51%
96
96
85
91% 100
82
94%
80%
82
25
78
89%
31
30
32%
12
25
32%
27%
31%
Jugoslavia State Mtge Bank—
♦7s with all unmat
coup.-.1957 A
O
62
61
43
33%
15 1960 J
O
58
59%
1960 A
37%
14
15%
15%
13%
15%
14
15%
13
13%
16
12%
13%
1961 J
D
13
13
13%
36
1961 A
O
12%
12%
12%
12%
24
12%
12%
13
33
12
♦Leipzig (Germany)
s f 7s
1947 F
Lower Austria (Province of)—
♦7%s June 1 1935 coup on.-.1950 J
*26
A
♦Medellin (Colombia) 6%s_—1954 J D
♦Mexican Irrlg assenting 4%s..l943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
9
*6%
J
D
100% 101
7%
10%
5%
7%
10%
10%
9%
12%
9%
12%
4
5
D
5
5%
5%
.5%
5%
4%
4%
4%
4%
♦STreas 6s of '13 assent (large) '33 J
6%
6%
60
58
"eo"
17%
♦6 %s Sept coupon off
1958 M
S
17
♦6%s Sept coupon off
1959 M S
*16
1952 J
5%
7%
7%
7%
9%
9
J
Milan (City, Italy) extl 6%s—1952 A O
Minas Geraes (State of, Brazil)—
♦Montevideo (City of) 7s
106
6%
11%
"5%
1954 J
♦Assenting 4s of 1904
-.1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦§ Small
9%
*3%
*6%
♦Assenting 5s large
♦Assenting 5s small
♦4s of 1904
32
98
D
D
♦External s f 6s series A
-.1959 M N
New So Wales (State) extl 6s_.1957 F A
External s f 5s
Apr 1958 A O
51%
47%
101%
101%
18
51%
47%
49
50
63
15%
19%
14%- 19%
47
53
43
48%
101
102%
100% 103
101
101%
101
13%
13%
13%
1.1962M N
see
64%
80
Jan 1961 J
6s_
f 6s
79
55
65%
64%
Feb 1961 F
s
70
71
♦Ry ref ext
For footnotes
22
"37
57%
♦Ext sinking fund 6s
♦Guar
98
"61%
55%
15 1938 A
s f
60%
6
112%
98%
26
175
28
Italy (Kingdom of) extl 7s
38%
99%
100%
92%
98%
"il
"""9%
15 1960 A
♦Chile (Rep)—Extl s f 7s
♦External siDking fund 6s
Haiti (Republic)
93
60%
107%
63
106
"22%
1968
95
"62%
14 M
68
66
M N
1968 F
31
59%
58%
10%
71
63
*65%
*50%
94%
1964
9
62%
100%
♦Carlsbad (City) sf 8s
1954 J
♦Cauca Val (Dept) Colom 7 Ms. 1946 A
♦Cent Agrlc Bank(Ger) 7s
1950 M
6s..July
♦7s part paid
♦Sink fund secured 6s
♦6s part paid
4
of)—
♦Sink fund 7s July coup off..1967 J
J
♦Sink fund 7 Ms May coup off 1968 M N
♦Caldas Dept of (Colombia) 7 Ms '46 J
J
Canada (Dom of) 30-yr 4s
i960 A O
48%
67
65
(Municipality of)—
8
1976 A O
1984 J
44
70%
30
63
63
66
O
♦8s unmatured
coupons on
1954
Gr Brit & Ire (U K
of) 5%s
1937
t4% fund loan £opt 1960—1990
♦Greek Government s f ser 7S..1964
31%
"58%
1977
Extl re-adj 4%-4%s
3% external s f 8 bonds
98%
43%
99% 103
99% 100%
92
96%
100
100%
37%
54%
10
13%
100% 105%
100% 105%
104% 100%
100% 102%
99
93%
69
S
1949
97
*72
1976
97
*38
97
S
1956 M
98%
62 M
1961
22
A
German Govt International—
♦5%s of 1930 stamped
1965 J D
♦5%s unstamped
.—1965
♦German Rep extl 7s stamped.-1949 AO
Graz
105
105%
O
unstamped...
1949
German Prov & Communal Bks
neons Agrlc Loan) 6%s
1958 J
15
105%
♦Frankfort (City of) s f 6%s___1953 M N
French Republic 7%s
stamped. 1941 J D
7%s unstamped
1941
External 7s stamped
1949 J D
unstamped
134
11
105
(Republic) 8s A—1948
♦Certificates of deposit
Estonia (Republic of) 7s
1967 J
Finland (Republic) ext 6s
1945 M
7s
6
51%
105%
♦El Salvador
External sink fund 6 %s
99%
100%
104%
♦Dresden (City) external 78—1945 M N
31%
97%
97%
—1961
♦0%s stamped
Refunding s f 4%-4%s
11
50
J
1940 A
♦7 %s February coupon on
Irish Free State extl s f 5s
*72
60%
100%
51
100%
10%
104%
104%
1940 A
97
♦6s July 1 1935 coupon on
1962
Buenos Aires (City) 6%sB-2—1955
*96
16%
6%
9%
S
1957 M
104%
112
94
*100%
100%
J
♦Public wks 5%s
June 30 1945 J D
♦Cundinamarca 6%s
1959 M N
Czechoslovakia (Rep of) 8s
1951 A O
Sinking fund 8s ser B
1952 A O
♦7s
Austrian (Govt) sf 7s
♦Bavaria (Free State) 6%s
Belgium 25-yr extl 6%s
External s f 6s
30%
page 2961.
13%
12%
103
I
aK
New York Bond Record—Continued—Page 2
Volume 142
2957
i
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 1
Foreign Govt.
& Munic.
Norway 20-year extl 6s
20-year external 6s
40-year s f 5*s
fe
A
-
A
..1953 M
D
A
S
72*
73*
13
102*
27
102
104
105
102*
105*
82*
15
104
1960 J
ser.1961 A
1940 A
_
106
.
...1961 J
1966 J
f 7s—1941 A
1947 F
Au« coupon off
Rio Grande do Sul
(State
♦8s April coupon off
♦6s June coupon off
1946 A
1953 F
1946 A
1967 J
extl 6 Mb
1952
A
1953 J
1936 J
State Mtge Inst 7s
♦Sinking fund g 6 Mb
64
79
111*
77
96."
D
*16*
_
17*
_
......
*100*
23*
16
19*
17*
103
23*
9
23*
22*
111
2
109
109
111
......
110*
6
109
27*
30*
D
O
22*
10-yr coll
38
8
15
21
14
19*
Atl Gulf 4 WISS col tr 5s
19*
19*
18*
19*
62*
60*
21
20
10
20*
10
24*
25*
14
17*
14* 21
15
20*
54*
67
112
122*
26
62*
115
115
1
26
6
22*
♦17*
17*
17*
21
J
J
S
J
O
19*
19*
15
......
85
85*
S
64*
57
A
27*
26
21
17
wan
25*
Bangor 4 Aroostook 1st 5s
90*
6
64*
75
69*
33*
32*
4s stamped
Batavlan Petr guar deb 4*8
Battle Crk 4 Stur 1st gu 3s
Beech Creek 1st gu g 4s
6
57
6
26*
5
27
15
23*
23*
57
A
37*
37*
37*
2
33
♦External s f 6s
Venetian Prov
IVI N
11964
A
IVI N
Mtge Bank 7s—1952 A O
Vienna (City of)—
♦68 Nov coupon on
1952 M N
Warsaw (City)
external 7s
11958 F A
Yokohama (City) extl 6s
J
D
1961
92
101*
74
IVI N
158
*162
102
74
102
23
74
75
74*
75*
29
11
11
11
10
102
102
102
5
......
44*
44*
44*
...
44*
...
....
61*
♦Albany Perfor Wrap Pap 68—1948
with warr assented
1948
Alb A Susq 1st guar
3*s
1946
{Alleghany Corp coll tr 5s
1944
A
O
A
O
F
A
89*
1949 J D
—1950 A O
83*
*68
69
5s stamped
.1998 A
1942 IVI
4s.
Allied Stores
Corp deb 4*s_. .1950
Allls-Chalmers Mfg conv deb 4s 1945
♦Alplne-Montan Steel 7s..
1955
Am Beet Sugar 6s ext
to Feb 1 1940
Am 4 Foreign Pow deb 5s
2030
American Ice 8 f deb 5s
.1953
Amer I G Chem conv 5 Mb
1949
Am Internat
Corp
35-year
A
O
s
O
MN
IVI
S
F
A
IVI
S
J
J
f deb 5s
„
100
3
110
110*
99*
7
S
99*
128
......
......
71*
71*
113*
109*
112*
113
113
113
O
73
no*
112*
109*
112*
88*
1
204
70
70*
364
74*
61*
80*
78*
80*
105
74
90
114
*106*
*73*
*100*
*100*
J
O
..
...
*100*
114
108*
114
87
66
65
113
9
112
.....
....
.....
....
113* 115
109* 118
101* 120
75
68*
100* 101*
101* 101*
98*
1967 M S
1955 IVI N
79
O
F
A
T
J
1
*
103*
...
S
102*
104*
*109*
.....
231
....
43
4
81
108
79
75
A
O
43
93*
94
36
73
24
34
23
89*
31*
23
36
18*
33
17*
23*
23*
19*
19
17*
S
J
J
105*
105*
J
104*
105*
103*
80*
104*
1968 J
J
J
D
M N
J
A
99*
105*
103*
80*
*80
J
F
20
.21*
20
19
35
106
103*
80*
95*
D
104*
1957 IVI N
109*
1950 F
105*
106
110*
1947 IVI N
*127*
1950 J
A
2
100
105*
104*
113*
121*
128*
104*
109*
111*
33
29
102* 106*
109* 110
79
76
J
30
27
78*
73
J
32*
25*
24*
43
81*
78
120*
deb 3*s
....
78*
1945 IVI N
s f
1
....
43
5s
cons g
26*
30
33
IVI
1952 J
6s A
100
121*
129*
......
D
19
1961 A
sec
120*
127*
1938 J
1981
F
35
784
63
3
....
16
6
7
88
26*
26*
20
100*
105* 108*
104* 108
105* 107*
103* 106
69
75
109
85
95*
115
119* 122
12
124* 127*
104
105*
17
108
....
3
*103
J
A
......
1937 M S
......
1957 IVI N
73*
A
*108*
104*
73*
110
105* 106*
103
109*
104*
76*
114*
85*
86
10
59*
59
61
84
61*
59*
61*
12
1940 J
J
1942 A
O
1962 A
O
cons gu
5s A
1957 J
J
1969 J
1969 A
O
95
96*
HAnover 2-7900
14*
106
1
10'4
17
103* 105*
12
17*
9*
111* 118*
13*
14*
117
118
18
111*
111
111*
116*
118*
28
116
118*
117*
118
118
118
6
116
116
26
1956 F
A
115*
113*
112*
125*
J
......
113
......
91*
103*
1944 J
J
115*
D
-
T.
&
T.
-
Teletype
NEW
NY 1-911.
Wires to Chicago. Indianapolis and St. Louis
115
A
D
1946 M S
-
108* 112*
113* 116*
1955 J
Coll trust 4Mb
A.
16
21
1970 F
J
J
90
68*
48*
67
68*
92* 101*
106
107*
103*
117
107
103*
Members— New York Curb Exchange
—
4
29
80*
106
104
J
1951 M S
103
108* 111
104* 104*
65*
84*
19* 30*
20
J
113*
10
113*
19
126*
7
90*
92*
161
102*
103*
115*
107*
34
25
103*
120
115*
106*
102*
BROKERS
—
7
25
1955 J
Coll trust gold 5s
Dec 1 1954 J
Collateral trust 4Vis..
1960 J
-
55
20
O
Vilas & Hickey
Exchange
15
1952 A
Canadian Northern deb 6 Mb—1946 J
Canadian Pac Ry 4% deb stk perpet J
1
49 WALL STREET
....
19*
*17*
O
Railroad, Public Utility and Industrial Bonds
Private
....
102
90
103* 109
1950 IVI
July
Guaranteed gold 5s
Oct
Guaranteed gold 5s
Guar, gold 4Mb
June 15
Guaranteed gold 4*s
Guaranteed gold 4*8—Sept
88* 101*
BOND
Telephone
38
107
.....
For footnotes see page 2961.
New York Stock
1
....
D
Canadian Nat guar 4*s
Guaranteed gold 5s
113* 134*
107* 110*
112
113*
112* 115
109* 119*
'
66
Canada Sou
79
117*
112
28
91*
80
*107*
5s equip trust ctfs
88*
80*
♦Camaguey Sugar 7s ctfs
83*
527
111*
113*
78*
Cal Pack conv deb 5s
101* 106*
113
99 M 105
98
88
S
1944 J
♦Consol 5s
104
64
113
95
Bush Term Bldgs 5s gu tax ex.. 1960 A O
By-Prod Coke 1st 5*s A
1945 M N
Cal G 4 E Corp unf 4 ref 5s
1937 M N
100*
66*
15
118*
109*
115*
109
A
135
106
D
1965 F
20
112*
105*
Debenture 6s
90
102
112
65
95*
O
Bruns 4 West 1st gu g 4s
Buffalo Gen Elec 4*s ser B
60
5
105*
103*
95
~27~
♦Certificates of deposit
{♦Bush Terminal 1st 4s
1
70*
102
J
13
{{♦Burl C R 4 Nor 1st 4 coll 5s 1934
458
102*
74*
100 M 105
102
J
108* 113*
84 M 100*
"28*
81
97
102*
85
87
27*
26*
95*
131
99*
127
*24*
Buff Roch 4 Pitts gen g 5s
Consol 4Mb
97
1946 J
{♦Am Type Founders 6s ctfs._.1940 A
76
108* 110*
99* 101*
118* 143*
91*
97
112*
J
73
124
......
92*
102*
O
78
91
100
110
90*
101*
104
102 M 106*
92
75
1955 A
48*
36*
50
...
100
108*
91*
101*
104
A
104*
87*
97*
86
85
48
20-year sinking fund 5*s—.1943 M N
Convertible debenture 4*s__1939 J
J
s
91
110
124
125
Brown Shoe
101
65
I960 J
Teleg coll tr 5s.
110
53
1
42
D
IVI N
5*s„ 1949, J
deb 4*s.l945 IVI
conv
Am Rolling Mill conv
Am Telep 4
89*
82*
*
O
1st lien 4 ref 6s series A
Debenture gold 5s
1st lien 4 ref 5s series B
69*
55
....
69
*103*
_
119
81*
103* 106*
....
42
1950
gu 4a
,
1
106
119
Bklyn Un Gas 1st
101
109
....
104
10
Gen mtge 5s series E
49
53
104
104*
79*
112
1
113
81
.
O
♦Certificates of deposit
98* 102
97
105*
93
13
15-year sec 6s, series A
1949
Bklyn Qu Co 4 Sub con gtd 5s.1941
1st 5s stamped
1941
Bklyn Union El 1st g 58
1950
,
70
104*
103% 107*
128*
Bklyn-Manh R T
106*
69*
88*
89*
99*
67*
47*
100 M
127*
71*
7
17
O
89
11
5
104*
1960 A
94*
....
104*
103*
120*
78
*105*
100*
104* 106*
120
{{♦Bowman-Bllt Hotels 1st 78.1934
Stmp as to pay of $435 pt red
Brooklyn City RR 1st 5s
.1941
Bklyn Edison Inc gen 5s A
1949
50
40*
100*
104
J
92*
55*
40
93
104*
103*
1948 J
50
*110
33 M
61
106*
D
..
.1936 J
1951 A
34
7
95*
J
J
79*
67*
104*
J
J
94
100
31
105
D
65*
100
22
J
1942 J
79
99*
8
J
93*
*63
40*
12
67*
105
J
55*
100
29
43*
67*
79*
58
......
47
42
S
{♦Boston 4 N Y Air Line 1st 4sl955
I {*Botany Cons Mills 6 Mb
1934
49*
50
53*
30
46
45
43
A
79
42*
45
1936 J
1st g 4*s ser JJ
102
39*
37*
37*
67
*62*
43*
49
Boston 4 Maine 1st 5s A C
1st M 5s series II
COMPANIES
<fc Paper 1st 5s. 1953 J D
Adams Express coll tr
g 4s_.. 1948 IVI S
Coll trust 4s of 1907
1947 J D
Adriatic Elec Co. ext 7s
1952 A O
Ala Gt Sou 1st cons A
D
5s
1943 J
1st cons 4s ser B
D
1943 J
97*
Bing 4 BIng deb 6*8
93*
INDUSTRIAL
♦{{Abltlbl Pow
95*
Big Sandy 1st 4s
166
100
32
45*
45*
45*
95*
81 M
95 M
1989 J
♦Debentures 6s
100* 103*
73*
83
68*
76*
73*
82*
9*
11*
8
69*
95 %
J
cons 3 >$8—1943 3
♦Berlin City Elec Co deb
6*8—1951 J
♦Deb sinking fund 6
Mb
1959 F
29
92
*67*
105M 110
♦Berlin Elec EI 4 Underg 6*8.1950 A
Beth Steel cons M
4Mb ser D—1960 J
51*
......
6
122
76
95*
79*
67*
Belvidere Delaware
75
J
103 H
51
1951 J
2d guar g 5s
29*
14
27
S
97
UOM 112*
118*
118
7
21
..1951
Beech Creek ext Istg 3
Mb
Bell Telep of Pa 5s series B
1st 4 ref 5s series C
32*
68
A
107*
1
....
79*
1943 J
Con ref 4s
35
26*
25*
Trondhjem (City) 1st 5*s
1957
♦Uruguay (Republic) extl 8s -.1946
♦External s f 6s
I960
F
27*
32*
57
*
106
114
105M 107*
UOM 113*
85
1996 IVI
F
ser
21*
20*
25
A
Ill*
120*
109
76
1960 F
Ref 4 gen M 5s
14
15*
57
25*
....
84
D
1995 J
1941 M N
■\ Conv 4 Mb
......
1961 A O
1947i M N
extl 7s
29*
23*
D
M N
78
....
.....
84
J
Southwest DIv 1st 3*-5s
1950 J
Tol 4 Cin DIv 1st ref 4s A—.1959 J
Ref 4 gen 5s series D__
2000 IVI
81*
6
31*
M N
....
106*
113*
106* 109
108*
102 M 106*
105
95*
D
July .1948
Ref 4 gen 6s series C
19*
16*
36
1971 J
1952 M
f 5*s guar
g
.
6
28
26
....
Ill
105
95*
77*
MN
1940
Bait 4 Ohio 1st
g 4s
July—1948 A
Refund 4 gen 5s series A
1995 J
1st gold 5s
A
21
*__.._
.
103 M 105*
94 M
98*
J
J
1959 J
1937 J
19*
15*
*
1
9
107
S
1948 J
.1948 J
88*
64*
58*
27*
D
107
107*
105*
J
M
1945 IVI N
5s assented
23
22*
19*
......
J
111*
*118
105*
{Baldwin Loco Works 1st 5s— .1940 IVI N
27
17*
14*
9
17*
iii*
J
Auburn Auto conv deb 4
J*8—.1939 J
Austin 4 N W 1st
gu g 5s
1941 J
28*
25
45
*20
111
......
106*
*104*
110*
*106*
*112*
121
16
14
22*
16*
D
..1946 F
1955 F
Elec Pow s f
5*s
Tokyo City 5s loan of 1912
Allegh 4 West 1st
Alleg Val gen guar
1944 J
Atl 4 Dan 1st g 4s
2d 4s
39
D
1962 IVI S
D
—1946 J
May 1
15*
15*
......
.1936 M N
Styrla (Province of)—
Coll & conv 5s
tr 5s
18*
22*
J
M N
1958 J
Landowners
Sol88°ns (City °f) extl 6s
♦Coll & conv 5s
J
14*
1946 J
Assn 6s_.1947 F
5*8—
1958 J
18*
14*
A
1945
coupon on—1962
coupon on.. 1962
*7s Feb coupon off
J
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s
July. 1952
General unified 4*s A
1964
L 4 N coll gold 4s
Oct—1952
111
*
107
D
1965 J
Cal-Arlz 1st 4 ref 4*s A
Atl Knox 4 Nor 1st
g 5s
Atl 4 Chart A L 1st
4*s A
19*
99* 101*
4
23*
1960 J
..1948 J
105
96*
108*
D
Rocky Mtn DIv 1st 4s
29*
28*
112*
22*
1945 J
of) extl 7s
♦
104 M
1950 J
1995 A
..1995 Nov
Conv g 4s issue of 1910
Conv deb 4*s
22
15
3
....
111
22*
O
F
*o8 9Troat? * Slovenes (Kingdom)
AND
30
D
18
1951
(Germany)~7s
J Gen™* 8uar6*s
♦Saxon
RAILROAD
110
1995 M N
1955 J
1955 J
58
(Deptof)
106*
UOM 115*
104 M 113*
Conv gold 4s of 1909
Conv 4s of 1905
57
♦Stamped
♦Tolima
10
Stamped 4s
44
1952 M N
IVI N
{♦8s July coupon off
s
83
19
74
96
110*
15*
11*
U*
95
84*
101*
1
114*
19
102
30*
71M
....
110*
93
77
23 M
74*
100
,
48*
113*
128
64
O
100
49
104*
114*
16*
12*
12*
79
48
25
23*
*70
118*
O
15*
84
104*
99 M
31
Adjustment gold 4s
f 4s ser B
(Del)
Atch Top 4 S Fe—Gen
g 4s
66
34
394
141
17*
80
33 M
17
97*
12*
J
34
106*
12
O
A
24
102'
102,932
36*
34*
104*
15*
s
Armstrong Cork deb 4s
16*
16*
80*
O
103*
61
High
111
106
14*
11*
A
102
97
104*
97*
81
U*
J
34
Low
31
106*
90*
58
14*
15*
O
34
No.
Since
Jan. 1
J
67
1st M
High
110
Range
Bonds Sold
1939 J D
1955 F A
14
25
12
Asked
108*
S
70
12
off.. 1957
♦External 8s July coupon
off. 1950 J
•External 7s Sept
coupon off. 1956 M
•External 6s July coupon off.
1968 J
♦Secured at 7b
1940 A
♦Santa Fe (Prov
Arg Rep) 7s._1942 M
External
1964 M
P L E 4 W Va
Sys ref 4s
May coupon off
Oo„ «
^Pod
San Paulo (State
of)—
s f
Ark 4 Mem Bridge 4 Ter 5s
Armour 4 Co (111) 1st
4*s
77
1964 IVI N
extl 6s
♦Saarbruecken (City) 6s
Sao Paulo (City of
Brazil)—
Sydney (City)
30
67*
D
1968 J D
1966 M N
Roumanla (Kingdom of
Monopolies)
*7s August
coupon off
1959 F
•Slieslan
79*
&
102' s3z 102'532
36
33*
....
Atlantic Refining deb 5s
May coupon off...
!?!! Sov \ !235
an«L (Prov 35
Silesia
10
J
Certificates of deposit
Anaconda Cop Mln s f deb 4Mb I960 A O
♦
Anglo-Chilean Nitrate 7s
1945 IVI N
{♦ Ann Arbor 1st g 4s
1995 Q J
of)
7s June
coupon off
Ta
78*
....
1950 M S
7s A
Rio de Janeiro
(City of)—
♦8s April
coupon off...
♦Saxon Pub Wks
24
S
108*
♦
Trans-Con Short L 1st 4s
1947 A
1950 J
f 7s
?^LMay
24
O
♦Prussia (FreeState) extl
6*8.1951 M S
♦External s f 6s
1952 A O
♦8s
10-year 5s conv coll trust
1944 IVI
{♦ Am Writing Paper 1st g 6s—1947 J
100* 103*
100* 104*
102* 102*
22*
27
78*
86*
72*
82*
Prague (Greater City) 7*s—1952 MN
(City)
107*
77
...1947 M S
1959 M S
♦8s June coupon off
*7 Ma July
coupon off
S°?*e (City)
Rotterdam
70
Friday's
Bid
Low
Amer Water Works 4 Electric—
Deb g 6s series A.
..1975 MN
105* 108
61
Range or
Sale
Price
High
106
16
....
Last
Inter st|iPerod
STOCK EXCHANGE
Week Ended May 1
68
External sink fund g 8s
Porto Alegre (City
of)—
♦78
100*
101*
Low
18
105
1963 M N
Poland (Rep of) gold 6s
♦Rhlne-Maln-Danube
No
73*
102*
.
1955 M N
1953 J D
♦7s Sept coupon off
s
High
106*
*102*
......
..1958 M N
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st ser_
♦Nat Loan extl s f.6s 2d
Queensland (State) extl
25-year external 6s
Jan. 1
107
100®32
100*
100*
......
♦Stamped
Pernambuco (State of)—
s
N. Y.
Since
106*
100"32
BONDS
Range
or
Asked
106
-
106*
1965 J D
1963 M S
extl s f5s—1970 J
(City) extl 6s
1952 F
Oslo (City) 30-year s f 6s
Panama (Rep) extl
5*s
♦
Extl s f 5s ser A
&
Week's
Friday
Friday's
Bid
Low
Municipal Bank
Stabilization loan
Range
Sale
(Concl.)
Oriental Devel guar 6s
Extl deb 5*8
Week's
Last
$
Price
1943 F
...1944 F
External sink fund 5s
♦Nuremburg
Friday
B-cs
YORK
18
115*
112*
110*
110*
122*
87*
102*
113*
105*
118*
118*
117
114*
114
126*
94*
105
115*
108
100* 104*
New York Bond Record—Continued—Page 3
2958
May 2, 1936
S'W
BONDS
§1
cBennett
'Bros. & Johnson
ffllf
.
£M embers
|
St L Dlv 1st colltrg4s
Hew Tork,
135 So. Le Smile St.
Trirmte Wire
Dig by 4-5200
Connections
Randolph 7711
•2^. Y. 1-741 -4* 'Sell System Teletype •>- Cgo. 543
Friday
Week's
Last
Range or
BONDS
Sale
N. Y. STOCK EXCHANGE
Price
Week Ended May 1
Friday's
Bid
&
Low
J
1938
D
F
110
103 H
102%
105 H
*81%
85%
73
90
33
29
30 %
25
23
29
30 H
23
24
J
J
J
15
28
30
102
102 %
52
63
03%
102%
4
J
42
1939 M N
1992 M S
...1993
1995
100 %
91H
92H
37
107
106 H
107 %
64
106 H
96 H
106 H
~98H
91H
98
87
103%
93 H
103 H 110
1
102
106%
99
161
89
99 H
81
4
67
88
125
125
2
94H
94
121H 126 H
92 H 100
105
105 %
24
102 H 106
124%
112%
110H
124 H
111 H
110%
127%
116H
126
110 H
14
124H
111%
110%
42
93
92%
124%
114
110%
UIH
110H
Craig Valley 1st 5s_.May__.1940
47
70
*109
Potts Creek Branch 1st 4s.-.1946
R & A Dlv 1st con g 4s
1989
141
116H 137
110H 120 H
110H 112%
118H 124 H
110H 113H
110H 113H
*107
*112
112% 116%
*109%
108 H 109 H
1941
1949
*110
110
ser
5 (Chicago & East 111 1st 6s
1934
(♦C & E 111 Ry (new Co) gen 5s.1951
♦Certificates of deposit
Chicago & Erie 1st gold 5s
1982
Ch G L & Coke 1st gu g 5S.....1937
(♦Chicago Great West 1st 4s... 1959
105H
106%
110H
52
110
111%
112
28
111
111
117H
1977
.1971
A
27
117
111%
117H
"112
1958
1st & ref 4%s serB
50 %
106
Chic Burl & Q—IU Dlv 3%s___1949
Illinois Division 4s
—..1949
General 4s
49 H
50%
41
1
82
96
20
14
23
15 H
37
14
117H
117H
1
104 H
105
6
MN
J
J
M S
(♦Chic Ind & Loulsv ref 6s
1947 J
J
♦Refunding g 5s ser B
♦Refunding 4s series C__
1947 J
27 H
28%
40
J
1947 J
105
J
♦1st & gen 5s series A
1966 MN
♦1st & gen 6s series B.May._1966 J
J
Chic Ird & Sou 50-year 4s
J
1956
45
1
29H
157
45
17
48
"42""
...
_
42
18
loo"
22
10
19H
22
21
7
99 %
*111%
1957 J
100 %
33
21%
116
118H
104 H 105 H
26 H
39%
49
28H
29
48%
28H 46 H
28
15H
16H 29
92 %
111 %
40 H
65H
58 H
43
\?&
f 5s
15-year deb 5s with warr
1943
Copenhagen Telep 5s Feb 15...1954
Crown Cork & Seal
57
s
f 4s
J
F
102%
108%
105%
105%
104
100%
D
A
106
106
104%
102%
55%
J
S
1942
D
1952
J
1st ref 7 %s series A._
1936
D
1st lien & ref 6s
1936
O
ser
B_.
53
59
Gold 5%s
Del Power & Light 1st 4%s
1937 M N
J
1971 J
1st mortgage
.1909
1969
4%s.,
J
J
J
J
100%
101
J
♦105%
102%
*104%
107%
106%
31%
31%
14%
13%
24%
J
A
107
31%
31%
14%
14%
*4
*
♦Second gold 4s
116
1995
J
17H
37H
39
37
39
43H
32
39
42%
42%
5
MN
D
♦Conv
N
4%s series A
1949 M
{(♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
F
(♦Chic RI & P Ry gen 4s. .r_.1988 J
♦Certificates of deposit
{♦Refunding gold 4s
1934 A
♦Certificates of deposit..
{♦Secured 4%s series A
♦Certificates of deposit
♦Conv g 4 Ha
Ch St L & N O 5s
16
A
J
"11%
♦20
1952 M S
1960 MN
1963 J
J
1944 J
1st mtge 4s series D
...1963 J
Chic & West Indiana con 4s
1952 J
1962 M
1st & ref 5 Ha series C
Childs Co deb 5s
1962 M
—1943 A O
Chile Copper Co deb 5s
1947 J
(♦Choc Okla 4 Gulf
1952 M N
1968 A O
cons 5s
Cln G & E 1st M 4s A
Clearfield Bit Coal 1st 4s
Series B (small)
Ref & impt 6s ser C
Ref & lmpt 5s ser D
Ref & lmpt 4Hs ser E
Cairo Dlv 1st gold 4s
10%
25 H
21
16
25%
10 H
17
33
70
80
35
20
32H
31H
46%
31H
15 %
76
15
14H
20
13 H
7%
16H
27
15H
15H
8
14 H
8
86
7H
105
43%
20%
19%
22%
20%
*
89H
91H
77
74H
105®,e 105*732
105**32 105**32 1 05%
107 %
107H
107%
106
106 H
109 %
108 H
102
103%
102%
100%
106%
106H
*I05V
20
20
50
20
6
1
106%
81%
*81%
81%
72%
71%
82
A
J
J
J
J
73
O
72%
*
103%
29
83%
68
106%
83%
5
86
8
75
7
74
70
75
229
69%
118
118%
112%
S
*101
F
A
*50
M
S
101
.
J
......
------
105%
89%
106%
89%
89%
88
86
85%
119
98
99
99
65%
54%
54%
60
8
12
99%
62
3
1
22
103
101%
97% 103
101% 104
95
100%
60% 71
57
52%
50% 06%
8%
65
8
7%
8%
32
7
10
M N
*8%
9%
8
11
M N
4%
*3%
4%
8%
♦Certificates of deposit
8%
195!
{ (♦Proof of claim filed by owner.
107
8
60%
M S
Fonda Johns & Glov 4%s
107
104% 104%
59
42%
.
1
65
J
^
77
104
109
.
102%
103%
103%
107
....
101%
84
101
33
116% 119%
13
101
S
33
....
mom
57
101%
D
108
117
102%
J
111
....
M
M
104%
108
104
mm
21
101%
100%
105%
105%
99%
77%
105%
74%
75%
m
72%
23%
112
....
M N
105®, 6 108%
10S*'« 108
27%
27%
82%
*117%
*110%
......
•••
•
S
100% 103
5
4%
4
3%
6%
6%
1
J
J
105
105
10
105
105
101% 102
4
101% 106
102% 103
J
D
105
105
15
105
105%
100
110%
106% 106%
107% 110%
22
108
1957 M N
110%
110H
110H
33
mmommmm
J
*107%
J
111
110% 113
J
64
O
D
*61%
102
88
89 %
J
„
104%
96% 104%
J
J
J
D
53
111% 116%
103% 105
89
101 %
105 H
98
S
A
26
117
96
M
F
85
148
78%
105
94%
100%'
M N
J
J
....
14
64
89
....
35%
75%
67
90%
*120
J
83
90
....
109
64
*86
M N
A
*75H
I
107
82
107
110
108
102%
M N
73
108
*106 %
1
8
108 H
89
27%
113
M
108 H
1977 J
1939 J
1
M
108 H
For footnotes see page 2961.
27%
......
107
15%
116
105
128% 131
27%
106%
50
106H
*104
2
«.••••.
O
108
108
96H
5
107%
O
108
106H
1941 J
111
107%
27%
O
106
*100
1963 J
15%
112%
103%
105%
52%
12%
16%
104%
103%
17%
*112
50%
40
103%
105%
*130%
......
1953 A
106
60
*101H
100H
*96 H
—...
116
35""
115
107%
1953 A
1953 A
6
104
100 H
Series B
Gen conv 4s series D__
36
103
7
71
108% 110
50
95%
47
31%
4%
"35"
74
35
23
111
111
A
J
108% 112
99% 105%
4
1993 J
Coov 4s series A...
J
39
38
27
66
17
102%
82%
11%
86%
13
38%
20%
20%
17%
J
J
47
42
26%
4%
107
D
102
*83
38
31%
13%
9
16%
16%
*106
J
101H
46 H
1940 J
30
26
*106
J
101%
80H
65
60
J
105% 108%
78 %
106%
32
94
61
102%
102% 105%
105% 110
105% 108%
105% 108%
32%
16%
stamped
105%
27
6
107
60
O
10
78 H
....1940 J
1965
1940 J
Series C 3%s
1940 J
Erie RR 1st cons g 4s 4s prior—1996 J
1st corsol gen lien g 4s
1996 J
Penn coll trust gold 4s
1951 F
J
21
106 H
107
107%
83%
106 H
"104"
5s
Erie & Pitts g gu 3%s ser B
Ernesto Breda 7s.
91
"§9%
El Paso & S W 1st 5s
1965 A
110
*89
2020 J
2020 J
Clearfield & Mah 1st gu 4s
1943 J
Cleve Cln Chi & St L gen 4s— ..1993 J
General 5s serial B
40
*109%
1937 J
Aug 2 1936 Q F
gu 4s
1942 M N
1st mtge 5s series B
1st guar 5s series C
27
71H
15H
14H
8
Cln H & D 2d gold 4 Ha
C I St L & C 1st g 4s
Cln Union Term 1st 4 Ha A
01%
15
15H
14H
D
1944 J
1st ref 5 Ha series A
56
17
70
"15H
D
Guaranteed g 5s
Guaranteed 4s
J
1995 J
♦El Pow Corp (Germany) 6%s.l950 M S
♦1st sinking fund 6%s__,
1953 A O
Elglr Jollet & East 1st g 5s
1941 M N
42 H
13%
1951 J
1st 5s series B
54%
55%
43
—
*103%
1939 J
7
114
J
1956 M N
10
9
J
Ed El 111 Bklyn 1st coos 4s
Ed Elec (N Y) 1st cons g 5s
18H
17 %
17H
12H
316
1937
East T Va & Ga Dlv 1st 5s
32 H
71H
33%
.31%
O
Chic T H & So East 1st 5s
1960 J
D
lnc gu 68
Dec 1 1960 M S
ChlcUnSta'n lstgu4%sA—1963 J
J
10H
D
g 4s
Cln Leb & Nor 1st con
16%
16 %
D
June 15 1951 J
June 15 1951 J
Gold 3 Ha.
Memphis Dlv 1st
D
17
17
98
105
109
{East Cuba Sug 15-yr s f 7 %s_1937 M S
♦Ctfs of deposit
9%
48%
45 H
56
"43"
43H
9
"25
104""
68
113%
♦103^,6
105%
25
6%
38 H
M N
19
*20
D
♦2d 4s assented
...1995
Detroit Term & Tunnel 4%s..l901 M N
J
Donner Steel 1st ref 7s
1942 J
Dul & Iron Range 1st 5s
1937 A O
17 H
6
♦1st ref g 5s.
May 1 2037 J
♦
1st & ref 4 %s stpd.. May 1 2037 J
♦1st 4 ref 4 Ha ser C. .May 1 2037 J
243
101
108%
115%
♦Detroit & Mac 1st lien g 4s... 1995
♦
1st 4s assented..
1995
37
I
"7
85%
113
18H
6%
56
60
102%
105%
65%
108% 110%
108% 111%
A
57%
7
103%
49% 61
75%
49%
46% 70%
102% 104%
104% 106%
78% 90%
111
69%
43
55%
13
110
49 H
44
102
40
116
56%
43
2
103
103% 106%
104
106%
110%
*30%
*32%
55
48
101%
9
110
55 %
43
"18
106%
104%
1952
F
J
*40
105
100% 103%
1965
ser
♦Gen 4%s series F—May 1..1989
(♦Chic Milw St P & Pac 5s A.. 1975
MN
107%
103
Gen <fe ref M 4s
Dul Sou Shore & Atl g 5s
M N
104
2
Gen & ref 5s series E
♦
41H
102% 102%
107
109%
12
61
83
"84"
l03"
♦Assented (subj to plan)
♦Ref & lmpt 5s ser B
Apr '78
(♦Des M & Ft Dodge 4s ctfs—1935
(♦Des Plaines Val lstgu 4%s..l947
Detroit Edison gen & ref 5s ser C '62
Gen & ref 4%s series D
1961
68
MN
32
27
58%
54%
*55%
102%
104%
102%
1943 M N
1st & ref 4%s
5
10
96
58%
56
J
Cumb T & T 1st & gen 5s
53
59%
102%
109%
105%
104%
101%
53
D
1937
Dayton Pow&Lt 1st & ref*3%s 1960
Cuba Nor Ry 1st 5%s
Cuba RR 1st 5s g
20
*101
1950 M N
Crown Willamette Paper 6s ...1951 J
Crown Zellerbach deb 5s w w__ 1940 M
68
Stpd 4s nor-p Fed lnc tax 1987
♦Gen 4%s stpd Fed lnc tax..1987
♦Gen 5s stpd Fed lnc tax
1987
♦4 Ha stamped
1987
§♦ Secured g 6 Ha
1936
13
62
s
47%
♦General 4s
40
57
Consolidation Coal
♦20%
O
D
Consumers Gas of Chic gu 5s.-1936 J
Consumers Power 3%s—May 11965 M N
1st mtge 3%s
May 1 1965 M N
Container Corp 1st 6s
1946 J D
47 H
6
104
106% 109%
103,532 106
31
24
592
6391
1039,6 106
29
20
"SO
19 H
30
28
100
107
1950 J
1960 J
55H
Jan. 1.2000 A O
gen g 3His.. 1987 MN
1987 MN
105% 107%
26%
103%
♦Debenture 4s
55 %
♦Convadj 5s
(♦Chic & No West
107% 109
30%
31%
52%
[
l09
24
53
50
111% 111%
111
112%
20%
54
*45
112
110
17
34%
23%
J
J
104
1955 A
J
""26
99% 104
98% 104%
♦Debenture 4s
♦Gen g 8%s ser B May 1
1989
♦Gen 4%s series C__May 1..1989
♦Gen 4%s series E_.May 1..1989
"52
99
11
25
D
50
83
147
21%
Chic L S & East 1st 4 Ha
1969
♦Chic M & St P gen 4s ser A—.1980
J
113
21
112
15
65% 80%
98% 104%
48% 70%
80%
59%
30
239
108%
!
*24%
103®,6
103®,6
106%
107
103**32
103**32
39
91
103%
68%
70%
103%
103%
102%
111%
109
23
14
56
112
*107
{♦Den & R G 1st cons g 4s
1936 J
{♦Consol gold 4%s
1936 J
(♦Den & R G West gen 5s__ Aug 1955 F
14
102
27
139
*104%
Den Gas & El 1st & ref a f 5s... 1951 M N
Stamped as to Penna tax
1951 M N
91
103
J
107% 113%
100 H 113H
O
102%
105% 110%
105% 110%
100% 107%
95
102%
21
55 H
MN
67
68
3
""8
"80
1C3%
63%
103%
103%
102%
108%
110%
106%
102%
1955 J
110
117%
100%
101%
*110%
80
104 H 107H
108H 113
11
110
65%
Del & Hudson 1st & ref 4s
1989
2d consol gold 4s..
Warm Spring V 1st g 5s
Chic & Alton RR ref g 5s
1st & ref 5s
108% 111
108%
1943
guar
Debenture 5s
106
106
*109""
108%
110%
100%
101%
♦Debenture 4s
77 H
80
O
A
161H
*107
(♦Consol Ry non-conv deb 4s. .1954 J
105 H 107%
99 H 103 H
43H
*111%
*104%
1951
23
24
22H
107
1960
lmpt 4%s.—
20, ~
*20
4s...1954
Ref & lmpt 4 %s ser B
_
*18
Champion Pap & Fibre deb 4%sl950 M S
Chesap Corp conv 5s—
1947 MN
10-year conv coll 6s
1944 J D
Ref &
14
J
J
111% 111%
*104
111
4%s
1951 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s... 1956 J
Consol Gas (N Y) deb 5%s
1945 F
Debenture 4%s
1951 J
D
102%
112
"94% i6I%
*110%
Conn Ry & L 1st & ref 4%s
J
A
101% 107
108% 110%
93% 100%
96
104%
*110
*110
36H
J
*2 6"
110%
1949
68
20
*106H
106%
1955
52
14
J
|104%
1948
25
13H
S
11
Comm'l Invest Tr deb 5%s
Conn & Passum Rlv 1st 4a
Stamped
High
Low
11
Col & H V 1st ext g 4s.
Col & Tol 1st ext 4s
2
*10
Cent RR & Bkg of Ga coll 5s. ..1937 M N
Central Steel 1st g s f 8s
—1941 MN
Certain-teed Prod 5%s A
1948 M S
General gold 4%s
14
108H
No.
98
110% »110%
.Jan 151901
Debenture 5s
38
O
J
Ches & Ohio 1st con g 6s
105 H
27 H
A
A
gu
20
*9
1987
Guaranteed g 5s
110H
102 H 107 H
High
100
98
O
B.1942
o
1942
J
Series A 4%s guar
1942
MN
Series C 3%s guar
1948
Series D 3%s guar
1950 A F
A
Gen 4%s ser A
1977
J
Gen & ref mtg 4%s ser B
1981
O
Cleve Short Line 1st gu 4%s..l961
o
Cleve Unior Term gu 5%s
1972
o
1st s f 5s series B guar
1973
o
1st s f 4%s series C
1977
D
Coal River Ry 1st gu 4s
1945
J
(♦Colon Oil conv deb 6s
1938
A
(♦ColoFuel & Ir Co gen s f 5s.. 1943
A
{(♦Col Indus 1st & coll 5s gu._1934
Colo & South 4%s ser A
1980 M N
Columbia G & E deb 5s.. .May 1952 M N
Debenture 5s
Apr 151952 A O
108:
O
Cent Pac 1st ref gu g 4s—....1949
Through Short L 1st
5
66
25
108 %
106$
105 H
66
25
7
A
1961
1987
Central N J gen g 5s.—
General 4s
*105%
D
MN
Cent Hud G & E 1st & ref 3%s_1965
Cent 111 Elec & Gas 1st 5s
1951
4s
High
54%
49 H
110
A
gu
LOW
5
110
D
(♦Cent New Engl 1st
No.
50
107%
-
♦Cent Branch U P 1st g 4s.—.1948 J
Cent Dlst Tol 1st 30-yr 5s
1943 J
(♦Central of Ga lstg 5s.-.Nov 1945
♦Consol gold 5s—
1945
♦Ref & gen 5%s series B
1959
♦Ref & gen 5s series C
1959
♦Chatt Dlv pur money g 4s—1951
♦Mac & Nor Dlv 1st g 5s
1946
♦Mid Ga & Atl Dlv pur m 5s_1947
♦Mobile Dlv 1st g 5s
1946
Jan. 1
106%
1st & cons g 6s ser A.-Dec 151952 J D
Carriers & Gen Corp deb 5sww 1950 MN
Cart & Ad 1st gu g 4s
1981 J D
_
Since
Asked
High
50
-1949
(♦Car Cent 1st guar g 4s
Caro Clinch & O 1st 5s.—
Range
Since
Jan. 1
Asked
99%
*103%
*100%
100
Cleve & Pgh gen gu 4%s ser
Series B 3%s guar
Chicago,
T.
&
Low
...1990 M N
Spr & Col Dlv 1st g 4s......1940 M S
J
W W Val Dlv 1st g 4s
1940
Cleve-Cliffs Iron 1st mtge 4%s.l950 M N
J
Cleve Elec Ilium 1st M 3%s—1965
York Curb exchange
%AILROAD 'BONDS
One Wmil Street
Bid
J
Cln Wabash & M Dlv 1st 4s.l991
Range
Friday's
Sale
Clev Cln Chic & St L (Concluded,)—
5/#c* Exchange
f
Price
Sjs
Week Ended May 1
Range or
Last
sft,
N. Y. STOCK EXCHANGE
Week's
Friday
103
-
-
_
-
65
....
3
"52"
63
104%
103%
105%
33%
33%
2
29
34
33%
33%
33%
8
30
33%
34
7
30%
103
12
7
103%
1
101% 104%
101
105%
103
34
104
New York Bond
Volume 142
Friday
BONDS
Last
N. Y. STOCK|EXCHANGE
Range
Sale
Week Ended May 1
Price
J
{{♦Gen Theatres Equip deh 6s_1940 A
3
A
Since
Asked1
High
Jan. 1
No.
Low
76
81M
76
76
OS
24
22%
19
30 M
24
26 M
26
73
----
19
30
22 M
12 M
J
12M
20
32
34
32 M
104 %
107 %
104 %
108 %
105 M
66
104 M
104
104 %
55
"99"
ioo"
"22
F A
70
*104
109M
101M
72 M
105%
109%
101%
5
Gouv A Oswegatchle 1st 5s
1942 J d
Gr R & I ext 1st gu g
4%s
1941 3
J
Grand Trunk Ry of Can g 6s..1936 M s
Grays Point Term 1st gu 6s...1947 J
*90
100
£
Goodyear Tire A Rub 1st 5s...1957 » N
Gotham Silk Hosiery deb 6s...1936 J
10-year deb 5s w w
1946
£
f
{{♦Gould Coupler lsts f 6s
1940
General 5%s series B_.
General 5s series C
General 4%s series D
General 4%s series E
90
90
99
83
91
100^32
101*16
99
110 M
110
110%
1UM
45
106%
107
101%
100%
110%
101
101M
101M
111M
100%
105 %
92
84
100 M
110
100%
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
Gulf Mob & Nor 1st
5%s B...1950 A
1st mtge 6s series C._
1950 A
Gulf A S 11st ref A ter 6s.Feb 1952 3
Stamped
3
Gulf States Steel deb
5%s._<
1942 J
100
105 M
105
*51
96 %
90%
90 %
^
M N
A...1957 F
♦Adjustment Income Ss.Feb 1957 A
"83 M
30 %
^
J
N,
1953
J™
1955
1951
™
♦77
~78%
107
89
91%
86
79
M
189
95 M
28
90
100 M
73
13
100
145
85 M
90
~96%
140
45
46
107
30
34 M
34 M
4
103 M
3
{ 3
-■
93
ioak"
118
94
137
91
92
15
50
_
10
71%
92%
67%
88
106% 108%
28%
33%
99% 101%
21%
39%
103% 106%
106% 108
103% 104%
95
89%
87%
93%
50
93
93
94
94
90
----
92 M
92
93
22
N
N
91M
99%
91M
93 %
17
87%
86%
----
1951
A-.July 1952 A O
1956 3
3
1956
128
46%
72
74
96
65%
91M
75 M
90M
75 M
92 %
98
90%
79%
98%
78
155
75%
86%
87
87
16
80
90
92
93
3
88%
96
4
81%
86%
91%
91%
99%
79
95
87 M
88
73 M
89
79M
92 M
193
79 M
2
83 %
2 %
162
81M
84
107
84
M
D
107 M
102 M
41
*28
%
81
15
48
"43" "43
42
1
112%
30
83
84
86
132
108%
45
103%
24
41
10
73%
1%
4
84%
96%
102
105%
40%
57%
37%
53%
111
113%
74%
85
67
88%
109%
102% 106%
107
41
42
32
37%
39
33
29"
38%
29
29
32
93
94
92%
96%
*32
102
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4M8---1961 3
Stamped
1961 3
Plain
1961 J
Kings County El L A P 5s
1937 A
102
*108
98 M
15
103 M
30
114
*13
99
*102 %
160
104
105%
104 M
38 %
100
r
160
85
27%
31
99
102%
68 M
19
66
66
80%
80%
67%
87
104% 112
41
67 M
68
"67 M
67 M
67 M
77
77
100
41
2003 MJN
47%
51%
93
1950 A
..1938 3
Unified gold 4s
1949 M
20-year p
1937 M
m
deb 5s
Guar ref gold 4s
Lorlllard (P) Co deb 7s
6s
1949 M
.1944 A
1951 F
A
O
D
9
N
9
O
A
135
1941 A
ser D
2003 A
{{♦Manatl Sugar 1st s
♦Certificates of deposit..
-•
t*Manhat Ry (N Y) cons g 4s. 1990 A
♦Certificates of deposit
101%
102
13
102
77
131%
122%
91%
112
112
O
107% 111%
103% 110%
{♦Mllw A State Line 1st 3%s_.1941
{♦Minn A St Louis 5s ctfs
1934
♦
1st A refunding gold 4s
1949
♦Ref A ext 50-yr 5s ser A
1962
M St P A SS M
con g
"88"
114%
99
103
103%
62
60
41%
41%
71%
59
59
68
47%
41
1
*91"
23
100
74
98%
98
82%
79%
102
105
59
46%
109
108%
100%
13%
1%
110%
100% 102
13
18%
1%
8%
29%
29%
33
102% 103%
95
103%
104%
103%
103%
92
104%
98%
67%
101%
101%
88
103%
103%
94
109
106
95
104%
105
95
*83"
88
70%
60%
84
*._._-
"35"
36
*60
75
5%
5%
3
3
5%
37%
5%
36
31
95
""3
35
88
49%
70
.
79
5
9
3
6
1
4
52
28
32%
46%
32
"42"
34
11
29
42%
40%
44
39
38
52
28
28
2
23%
18%
81%
39
30%
93%
25
*20%
1949 IVI
S
1978 J
3
1941 M N
1959 J
J
1990 J D
Mo-K-T RR pr lien 5s ser A... 1962 J
J
40-year 4s series B
1962 3
3
Prior lien 4 %s series D
1978 3
J
♦Cum adjust 5s ser A
Jan 1967 A O
{♦Mo Pac 1st A ref 5s ser A
1965 F A
♦Certificates of deposit—
64
108
101%
13%
1%
109
37%
92
103
*93%
108%
3
100
100
103%
58
36
72%
36%
36
101%
101%
102%
*26
S|
83
61
81
81
60%
94% 100
82%
82%
♦
3
92
91
86
*87
83
83
3
36
110
76
49%
89%
78%
41
70
61
"45%
26%
86%
69%
60%
87%
62
22
64
86%
41
65%
35
43
48%
43
30%
55
26%
29
27
27%
36
72%
27
27
81
1
59%
49%
52%
26%
69
70
Sj
1977 M
8
12
10%
13
170
10%
33%
16%
27%
27
355
27
35%
27
28
27%
29%
28%
29%
33%
36%
27
-—1975 M
27
27
♦Certificates of deposit
1978 M N
♦Certificates of deposit..
♦Conv gold 5%s
1949 M N
♦1st A ref g 5s series H
1980 A
O
♦Certificates of deposit..
♦Certificates of deposit..
22
60
61
35
88
3
3
♦1st A ref 5s series I
102% 104%
34%
103%
103%
J
♦General 4s
99
119
32%
M N
M SI
Q F|
-.1946 J
88
115
118%
103%
118%
103%
1938 J
1st A ref 6s series A
96%
108% 113
112
♦IIIII
88
86
*103%
1938 J
26-year 5%s
1st ref 5%s series B
1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
81
111% 112
94%
*""""
107
104% 107%
101% 102%
105
108%
102
88
L>
4s lnt gu_1938 J
5s
1st cons 5s gu as to lnt
105%
*95
D
O
-
4s...1947 M
108%
*113
-
gu
95
113
110
110
{{♦MllwANorlstext4 %s(1880) 1934 3
{♦Mil Spar A N W 1st
122%
107%
104%
101%
107%
104
"43%
1971 3
1939
84
107% 108%
*74
1961 3
1939
118
111M
107%
1940 A
1st ext 4%s
102
107% 109%
103% 106
59
1979 J
Con ext 4%s
98
99% 102%
133%
131
104"
1952 M N
1st mtge 5s
111
96%
96%
45%
60%
104% 106
104% 105%
101
103%
108%
103%
1951 M
Milw El Ry A Lt 1st 5s B
108
104
1957 A
Ref A impt 4%s series C
Mid o IN J 1st ext 5s
90
103% 106%
115
119%
133% 137
121% 126
33
1950 A
Jack Lans A Sag 3 %s
1st gold 3%s
6
92%
34
40
96%
97
58%
64%
70%
107%
103%
1968 M
♦Mlag Mill Mach 1st s f 7s
1956 J
Michigan Central Detroit A Bay
City Air Line 4s
1940 3
122%
82%
81%
33%
107%
1st ext 4s
1959 M N
{♦Man G B A N W 1st 3%s__.1941 3
Metrop Ed 1st 4%s ser D
Metrop Wat Sew A D 5%s
8
108%
-•
Merldlonale Elec 1st 7s A
5
8
131%
121%
90%
♦2d 4s
2013 J D
Manila Elec RR A Lt s f 5s
1953 M S
Manila RR (South Lines) 4s._.1939 M N
1947 A
15
18
101%
F A
M N
M N
f 7%s_.1942 A O
35
102"
Mob A Montg 1st g 4%s
1945 M S
South Ry Joint Monon 4s...l952 J
J
Atl Knoxv A Cin Div 4s
1955 M N
Proof of claim filed by owner
McKesson A Robblns deb 5%s.l950
2
104%
101%
1946
♦Lower Austria Hydro El 6%s.l944
{♦{McCrory Stores deb 5%s
1941
1
13
103%
105%
"88
2003 A
;
33
101%
162
2003 A
1st A ref 4%s8erlesC
46
96%
58%
105%
104%
57
104%
14
171
111
96%
58%
F A
1980 M SI
1st A ref 5s series B
Gold 5s
124%
19
135
124
111
124%
O
O
O
O
O
2003 A
49%
54%
106%
118%
118%
O
Louis A Jeff Bdge Co gu 5 4s...1945 M 9
Louisville A Nashville 5s
1937 M N
Unified gold 4s
1940 J
3
5%s series A
46%
50%
*106
O
Louisiana A Ark 1st 5s ser A...1969 J
3
Louisville Gas A El (Ky) 5s„.1952 M N
♦1st A ref 5s series G.
M
41
68
98
"43"
1940
Long Dock Co 3%s ext to
LoDg Island gen gold 4s
102%
100 M
58
"95%
Little Miami gen 4s series A
1962 M N
Loews Inc deb 3%s
—.1946 F A
Lombard Elec 7s ser A
D
1952 J
121
100 M
67 M
60
5
3
2003 M N
♦1st A ref 5s series F
49
105
11
61%
61%
99%
96%
93%
44%
100
101
64%
99%
95%
1951 F
cons
16
58
6s
1st
69
60
O
101%
72%
69%
""3
58
N
80%
97
98
60
General cons 5s
2003 IVI
Leh Val Term Ry 1st gu g 5s...1941 A
Lex A East 1st 50-yr 5s gu
1965 A
Liggett A Myers Tobacco 7s
1944 A
27%
104%
104%
104% 105%
98
57
71%
1964
Lehigh Val (Pa) cons g 4s
General cons 4%s
3
104%
1974
1954
High
104
98
f 5s
1938
1st refund
21
12
22
f 5s
103% 108%
112% 114%
100 M
68
*68M
s
209
102%
65%
119
*114M
Kreege Foundation coll tr 4s. .1945 J
115
165
30
105
*121
*100
104%
89
103%
102
103%
105% 106%
106
*156M
Purchase money 6s
1997 A
Kings County Elev 1st g 4s...1949 F
Kings Co Lighting 1st 5s
1954 J
First and ref 6 Ms
1954 J
Kinney (G R) A Co 7 M % notes 1936 J
102
107
98
*104 M
105 M
s
1st A ref
"16
25%
65%
Secured 6% gold notes
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g 4%s
102
100% 104
99% 105%
104%
103%
1954
100%
59
111
1st A ref
f 5s
O
Si
O
{{♦Met West Side El (Chic) 4s_1938 F A
♦Mex Internat 1st 4s asstd
1977 M S
102%
45
40 M
41
{♦Kreuger A Toll cl A 5s ctfs.. 1959 M S
Laclede Gas Light ref A ext 5s. 1939 A O
Coll A ref 5 Ms series C
1953 F A
Coll A ref 5Ms series D
1960 F A
99
34
stmp (par 5645)..1943
stmp (par $925)..1943
42
*104
♦Ctfs with warr (par
J925)._1943 —-Keith (B F) Corp 1st 6s
1946 M S
Kendall Co 5 Mb
1948 M
For footnotes see page 2961.
10 M
93
8
Low
98
102%
116% 141%
35%
47%
9%
14%
5
*68%
"98"
1945 M N
36%
92 M
1st A ref
104%
Mead Corp 1st 6s with warr
34
93 M
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
97%
9
♦Karstadt (Rudolph) 1st 6s—1943 MN
1942 F
13
NO.
22%
102%
102%
104%
101%
6
90
J
Cons sink fund 4%s ser C
1943 3
210
♦Certificates of deposit
K C Pow A Lt 1st
mtge 4M8--1961
Kan City Sou 1st
Coll tr 6s series B__
14
266
38
High
102%
104
1940 Q
43
75
1954 J
103%
102%
Marlon Steam Shovel s f 6s
Market St Ry 7s ser A.April
40 M
68 M
2
1942 F
100 %
131
50
35 M
41M
24%
J
Mfrs Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
35
80
Coll tr 6s series A
9M
J
65%
60%
94%
94%
34
{♦Iowa Central Ry 1st A ref 48.1951 M S
gold 3s
1950
Ref A Impt 5s
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4 Ms—1980 J
35 %
1
60
34
J
James Frank A Clear 1st 4s
1959
Kan A M 1st gu g 4s
1990
{♦K C Ft S A M Ry ref g 4s...1936
99%
124
36%
9M
D
1954 J
1st A ref 4s
50 M
50
1932 M s
1997 J
1954 J
Lehigh C A Nav
f 4 %s A
Since
Asked
102%
Lake Sh A Mich So g 3%s
♦Lautaro Nitrate Co Ltd 6s
s
Range
Jan. 1
A
*104
1941
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
97
Bid
Low
85
90%
87
Price
1937
98%
75
Range or
Friday's
Sale
Lake Erie A West 1st g 5s
2d gold 5s
94
82
91%
100% 101
103 M
103 M
92
84%
I!
Week's
Last
91%
72%
*106%
103 M
64%
85%
100%
102%
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 1
87
*100%
J
68%
103% 104%
*92
98 M
106%
3
1st coll trust
6% g notes
1941 IVI N
1st lien A ref 6
Ms
1947 F A
lnt Telep A
Teleg deb g 4Ms—1952
Conv deb 4Mb
1939
Debenture 5s
1955 F A
w w
80
81%
82
*28
O
Internat Hydro El deb 6s
1944 A O
lnt Merc Marine s f 6s..
1941 A O
Internat Paper 5s ser A A B..1947
J
Ref s f 6s series A
1955 M S
lnt Rys Cent Amer 1st 6s B..1972 |M N
w w
68
23
69%
83
Corp 5s stamped 1942
"■
Internat Cement corv deb 4s__1945 M N
{♦Int-Grt Nor 1st 6s ser A
1952 3
3
♦Ctfs
94
•
lnt Agrlc
♦Ctfs
70
82
80%
A O
ser
83 M
86 M
80 %
1932
♦1st 6s series B
♦1st g 5s series C
1
105% 112
102% 102%
101% 102%
87% 89
78
1966
♦Adjustment 6s
107%
80%
{Interboro Rap Tran 1st 5s
Interlake Iron 1st 5s B
104
83
F A
J 3
of deposit..
7% notes
of deposit
39
D
1965 3
deposit
38%
119%
80%
30%
96 M
Ry gen 5s ser A
Gen A ref 5s series B
Inland Steel 3%s series D
of
114
D
7
♦Certificates
{♦10-year 6s
♦Certificates
{♦10-year conv
♦Certificates
41%
121%
84 %
31H
*81M
*86M
♦100M
"
9
F A
1961
100%
82
Ind Bloom A West 1st ext
4s. .1940
Ind 111 A Iowa 1st
g 4s
1950
1965
47
105%
103
48%
123
89%
39%
98
Illinois Steel deb 4 Ms
1940
uuuuiauifCQjut;ui>110....*....lirtU
♦Ilseder Steel Corp mtge 6s —1948
{♦Ind A Louisville 1st gu 4s...1956 3
68M
92
J
89
104
*105
3
»
78
94
100 %
69%
64%
105
%
85 %
•
Western Lines 1st g 4s
1951 F
111 Cent and Chic St L A N
O—
Joint 1st ref 5s series A
1963 J
1st A ref 4 Ms series C
1963 J
Ind Union
83 %
30 M
106
81M
f N
3
Aug 1 1966 *
3MS—1951
39 M
121%
85 M
Litchfield Dlv 1st gold 3s.-.1951
-J
Loulsv Dlv A Term g 3
Ms.-1953 £
Omaha Dlv 1st gold 3s
1951 *
St Louis Dlv A Term
g 3S...1951 J
g
64%
104
106%
101M
82
3
37%
122
10
*89 M
°
A
M
1952
Gold 3 Ms
79 M
104 M
*106
Purchased lines 3 Ms
Collateral trust gold 4s
Refunding 5s
Springfield Dlv 1st
31%
44%
104 M
102
102
37
116
57
*100
1952
1950
31
31M
3
A
1951 ™
1936
35
121%
*
1955
g
41
72
69
104 M
102
14%
98%
81%
94%
77% * 77%
102% 104%
107% 110
39
49%
*103 %
106 M
A
Refunding 4s
15-year secured 6 Ms
40-year 4Mb
Cairo Bridge gold 4s
7M
91M
31M
♦66M
70
90
103
*54
115
99% 101%
107%
105
106%J107
"97
121M
O
1949
1951
103
*42 M
35
-
110
60
*110
__
1951
358
*74%
{♦Housatonlc Ry cons g 5s
1937 M N
H A T C 1st g 6s lnt
guar
1937 «
Houston Belt A Term 1st 5s__.1937
i,
Houston Oil sink fund 6Ms A.. 1940
£
Hudson Coal 1st s f 5s ser A
1962 3
1st gold 3 Mb
Extended 1st gold 3 Ma
1st gold 3s sterling
Collateral trust gold 4s
635
527
*74 %
103
3
3
A
Illinois Bell Telep 3Ms ser B..1970
Illinois Central 1st gold 4s
1951
80
100"32 102%
107 M 113
107M 116
103% 112%
96% 105
96% 105
9%
%
A
Hudson Co Gas 1st g 6s
Hud A Manhat 1st 5s ser
38
135
*106%
96
1952 3
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 4%s__.1999
♦Hoe (R) & Co 1st mtge
1944
51
65
9
—
♦Hansa SS L 6s (Oct 1 '33
coup) '39
♦6s (Oct '36 coupon
on)....1939
Telephone Whitehall 4-2900
108% 110
101% 103%
106 %
-J
-J
NEW YORK
88
88%
110%
1977 J
Members New York Stock Exchange
63 Wall St.
100
7
ibo*'a
...1973 3
1976 J
4s
6
56
100
"2
D. H. SlLBERBERG & Co.
100
99
6
91%
83
3
Feb
Feb
..1940 M N
HackensackiWater 1st
35 M
107% 108 M
104
105 M
103% 106
100
102 M
M
92
1952 ■»
Gen mtge. 4s ser G
1946
Gen mtge 4s ser H
1946
Units (equal amts of G & H).1946
♦Green Bay & West deb ctfs A
11
111
Gt Cons El Pow (Japan) 7s...1944 F
1st & gen s f 6 %s._.
1950 3
Great Northern gen 7s ser A.. 1936 J
1st A ref 4%s series A
1961 3
FOR BANKS AND DEALERS
20%
29
34
108
3
150
13
*29
J
O
J
1945
BROKERS IN BONDS
High
78 M
O
♦Certificates of deposit...
{♦Ga A Ala Ry 1st cons 5s
1945 J
{{♦Ga Caro A Nor 1st ext 6S..1934 J
♦Good Hope Steel & Ir sec 7s. .1945 A
Goodrich (B F) Co 1st 6%s...l947 3
Conv deb 6s.
2959
Range
or
Friday's
Bid
Low
Gen Steel Cast 5 %s with warr.1949
Record—Continued—Page 4
Week's
198 IF
-
A
7
22
5
27%
27
"7 %
7%
27%
26%
26%
27%
27%
27
29
123
27
35%
27
27
27
1
27
33%
8%
29
27%
125
7%
36
27%
26%
•
7
12%
35%
32%
May 2, 1936
New York Bond Record—Continued—Page 5
2960
Week's
Last
Range or
Sale
Friday's
Inter st j
Period
Week Ended May 1 1
Bid
Price
&
at4% July.. 1938
^♦Mobile & Ohio gen gold 4s.__ 1938
♦Montgomery Dlv 1st g 5s..1947
♦Ref & lmpt 4%s
.—1977
♦Sec 6% notes
1938
Mohawk <fc Malone 1st gu g 4s_1991
Monongahela Ry 1st M 4s ser A.'60
Mont Cent 1st gu 6s
1937
1st guar gold 5s
1937
M
Deb 6s series A
1
85%
10%
M
S
91
_
-
«.
w
-
-
21
104%
18
107%
25
102
12
J
D
J
100
100
J
86
86
J
100%
s
f 6s series B
1955 A
O
A
O
1955 A
O
C___1955
*
82
*
105%
104%
D
93%
92%
1955 M N
98%
97
88
85 %
87
8514
88
83
82%
____
84%
105%
94%
98%
9
104
105%
84
98 %
92 X
114
114
4
IVI N
109%
109%
6
A
*85
A
*104%
J
1955
_
94%
90
J
68
M N
1941
87%
87%
M N
Mutual Fuel Gas 1st gu g 5s...
Mut Un Tel gtd 6s ext at 5%.
90
32
F
Constr M 4 %s series B
89
40
89
F
Morris & Essex 1st gu 3%s
Constr M 5s series A
m.
«.
m
M
-
-
1945
109% U4
108 X 110 X
Nassau Elec gu g 4s stpd
1951
J
D
F
A
102%
102%
IVI N
103%
103%
103%
J
J
♦Jan 1914 coupon on
♦Assent cash war ret No 4 on..
-
-
war
fat RR Mex pr lien
♦Assent cash
3%
war
73X
102
103%
10214 104X
1
144
103
83
105
4X
6X
3%
1
3%
5%
4%
3%
2%
3%
Ref & lmpt 5s series C
Ref & lmpt 5s series D
4
4
4
3%
9
ret No 4 on
3%
....
D
J
104%
3%
103%
106
97
66
1
66
J
D
*120
J
J
78%
80
21
J
J
68
68
4
J
D
New England Tel & Tel 5s A...
-
-
123%
123%
4
122
122
1
119% 122
A
O
105%
J
80%
82
J
*56%
60
J
*101
100
101%
102
105% 107H
20
105%
52
88 X
74
75
24
A
O
93%
93
D
93%
92%
94%
94%
49
J
86
88 X
89
90 X
97
J
J
89
88
89
18
80 X
92X
First & ref 6s series B
New Orleans Term 1st gu 4s...
General gold 5s
24 %
36
32 X
42
37
2
33)4
42
F
A
32%
33
59
30
41
A
O
J
J
F
95%
O
82%
81
O
89%
88
J
J
100%
100
J
Ref & lmpt 5s series C
A
A
A
J
104%
-
-
-
95%
4
'
•.
_'
173
89
278
90%
100%
281
79
98
11
100
82%
80%
84
F
A
96%
96%
97%
94%
100
80 X
105%
119"
74 X
O
A
109"
430
84
A
F
43
32)4
28
'
94
285
13
95
33
90
95X
101H
100 X
90
74 H
98
90
86 H
96%
101X 104 H
A
103%
7
O
92%
92
93%
116
82
97 H
M S
3-year 6s__
O
A
81%
79%
82%
303
70 X
88
87 X
A
..Oct 1
O
F
A
F
A
A
O
A
O
J
88
D
107
90
107
A
F
;
103%
107
*106%
57
6
66%
-
1
106 J* 108 X
77 X
66 X
75
58
107 X 109 £4
122 H 125 X
-
-
7
66%
65
65
66
107%
107%
13
124%
107%
94 X
105 X 109
24
107%
124%
1
N Y & Erie—See Erie RR.
F
A
116%
IVI N
N Y Greenwood L gu g 5s.
96%
M N
I
IVI N
*103%
99%
99%
IVI N
105
IVI N
•
-
-
-
-
M
) A
-
J
*105%
*106%
S
O
-
.
-
-
S
s
*27%
*28
31%
-
-
-
-
) A
__
30
27%
29%
J
29
29
29
31%
30%
31%
39
40
O
19
3
136
54
17%
17%
31%
29%
31%
I IVI N
99
99
44%
43%
5J
D
2 A
O
1 A
O
5
30%
41
39
51%
26%
40%
16%
4
57
45%
1
38%
101
89
56%
42%
49%
35%
103
103
2
103
88
1
93%
104% 106%
105
40%
J
5
29
88
39
5 J
29%
27%
103
88
5 MN
5 Apr
37
29%
100
38%
39
38%
37%
37%
37%
104
18
l>
2 M S
29%
27%
7
7 IVI N
7 J
104
30
_
_
5
29%
J
U
5
29%
27%
J
100%
94 X 100 H
103
108
104X 105
105% 105%
100% 100%
-
29%
O
IVI N
92 X
100% 102 X
106
[ A
5 J
113X 110X
102
-
5
rM
..
-
133
105
*99%
29%
T M
♦1st & ref 4 %s ser of 1927.
3
-
100%
*101
*J
♦Non-conv debenture 3%s_.
♦Non-conv debenture 4s
9
116%
96%
105%
5
41%
40%
134
38%
38%
__
*104%
*
-
„
-
i
48%
47%
99% 104 X
31%
31%
7
99% 104%
109%
7
104%
104%
*107%
109%
104%
50
«.
82%
108%
1 IVI N
107%
106%
107%
20
107% 108%
108% 111
106
107%
5 M N
N Y & Rlchm Gas 1st 6a A
107
106%
107
12
106
1 IVI N
7 IVI N
7J
J
*70
A
*56
76
A
3 IVI N
58
58
1) F
9 M N
6 J
110%
86
6
101%
110%
102
110%
*80
D
86
-
-
-
-
2
9
97
16%
16%
107%
8
102%
102
102%
80
10
106% 108
96% 102%
88%
96%
48% 57%
136%
137%
26
135
13%
15%
42
12%
1
93
7 M h
49%
137
♦Certificates of deposit.
12%
93
50
1
51
1 IVI N
6 O
A
D
13%
12%
119%
119%
121
46
115
155
22%
21%
63%
121
107%
107%
1
106% 107%
A
104%
104%
105%
46
7 IVI
8
103%
103%
0
103% 106%
102% 105
3 F
A
104%
103%
104%
105
21
103% 106
105
105%
38
101% 106%
1J
1
F
9 M N
For footnotes
see page
2961.
101% 103%
49
101
104
55
73
107%
65
""48%
9
102% 104%
105%
2
1077,6 110%
"49%
"9
107716
*105%
48%
55
125%
126%
J
32%
"64%
62%
*120
"79"
68
55
27
56
12
42
32%
72
49%
119% 122
7
33%
21
67
60
83
97%
123% 151%
242
86%
127
61%
59%
122%
60
70
70
102%
102.
*103
104
104
*102%
106
106
15
102% 106%
102
103
145
101% 104%
90%
99
103% 107%
108% 108%
90%
90%
104%
*108%
47
93%
43
105
106%
"83
111
111%
5
113%
113%
113%
7
110% 112%
111% 114
6
111% 113%
120
8
118% 121%
106
106%
IVI N
113%
107%
106
120
120
D
112%
111
112%
49
D
1965 J
1968 J
118%
118%
119%
44
115% 120%
1042932 1042932
101%
102%
108%
107%
107
107%
5
!1042932 106%
.1964 M N
1970 A O
102%
O
108%
J
107%
Debenture g 4%s
General 4%s series D
1981 A
Gen mtge 4%s ser E
1984 J
Peop Gas L & C 1st cons 6s...1943 A
O
1947 M S
4s. .1940 A O
109
276
s
110%
87%
114
162
99% 104%
105% 111%
77
105% 111%
115% 117%
*117%
87%
110%
"l3
87%
6
10
1
10
Apr
April 1990
47
48%
104% 106
1948 IVI N
A
105
105
11
47%
*106
D
F
101
93
*100%
105
cons
5
83
J
4%s series B
1981 J
Pennsylvania P A L 1st 4%s..l981 A O
Pennsylvania RR cons g 4s
1943 IVI N
Refunding gold 5s.
Peoria & Eastern 1st
♦Income 4s
6
102%
56
IVI
Penn-Dlxle Cement 1st 6s A... 1941 M S
Pa Ohio & Det 1st & ref
A O
4%s A. 1977
General 5s series B
Secured gold 5s
99% 101%
101
101
102%
102
General 4%s series A
106% 108%
103%
106%
86
1.1948
1960
102% 104%
102%
1952 IVI N
1963 F A
4%s
11
100%
1944 J
Consol gold 48
4s sterl stpd dollar
May
Consol sinking fund
63%
65
47
106% 111%
92
76
9
2
,
17
108% 111%
Peoria & Pekin Un 1st
6%s.._1974 F
Pere Marquette 1st ser A 5s... 1956 J
1st 48 series B
1956 J
A
J
94%
94
94%
16
1st g 4%8 series C
Phlla Bait & Wash 1st
g 4s
General 5s series B
1980 IVI
S
95%
94
95%
112
89
98
112%
112%
1
111
113
123
120
124
General g 4%s series C
General 4%s series D
1977 J
J
113
1981 J
D
115%
115%
Phlla Co sec 5s series A
Phlla Elec Co 1st & ref
1943
1974 F
Reading C A I
1971 F
J
ref 5s__1973
Conv deb 6s
A
.1949 IVI
Pitts C C & St L 4%s A
Series B 4%s guar
Series C 4%s guar
Series D 4s guar
A
O
1942 A
Series G 4s guar
Series H cons guar 4s
Series I cons 4%s
Series J cons guar 4%s
General M 5s series A
Gen mtge 5s ser B
1949
F
1964
1st M
4%s series B
4%s series C
Pitts Y & Ash 1st 4s ser A
1st gen 5s series B
1st gen 5s series C
111%
105
104
109
11
111%
111% 112%
113%
128
20
30
3
111
70
114
113%
110
110%
106% 106%
110
*108
112
111
in
109
109
108% 108%
*110
*119
24
111
112"
A
43%
70
85
106%
*110%
120%
118%
119%
O
119%
118%
119%
119%
119%
115% 119
118
118%
115% 121
119%
116
120
108%
IVI N
108%
107
110
"85
*73"
92%
75
91%
74
91%
*109
85
82%
85%
85
83
85%
16
1948 J
1962 F
li9*% li9%
*119%
*113%
J
F
"67%
97
97
3
67
71
100
104%
■74
29%
5s. 1933 J
f♦Providence Sec guar deb 4s.. 1957 IVI N
1♦Providence Term 1st 4s
1956 IVI
Pub Serv El & G 1st & ref 4s.. 1971 A
Pure Oil Co s f 4%s w w
1950 J
4%s without warrants
1950 J
14
94
95%
94
F
M
105%
116%
76%
28
64%
82
212
28
41%
23
80
94
12%
21%
79
92%
105%
113%
102%
92
J
15
-
-
_
-
-
107%
119%
103%
«
1
-
*. «.
15
103% 109%
649
110% 131%
21
102% 103%
*105
Gen A ref 4%s series A
1997 J
Gen A ref 4%s series B
1997 J
Rem Rand deb 5%s with warr.1947 IVI N
63
IVI
1941
IVI N
63
94
23
91% 103
158
63
63
158
82%
99%
36
107%
41
96% 100%
106% 108%
107
10
105% 107%
104%
106%
99%
106%
107
99%
1947 MN
1956
98
80%
104% 108
31%
89%
1948 J
{♦Debenture gold 6s
.1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
98%
67
72%
*94
107%
6
77%
79%
28
88%
*11%
conv g
Deb 4%s with warrants..
Rensselaer A Saratoga 6s gu
8
107%
*110
D
^♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk(65% pd)
103% 106
20
120
*112
1975 A
deb 5s
110
95%
111% ""4
A
1958 A
1960 A
89
108%
55
32%
25% 34
106% 109
45%
28%
1974 J
5%s without warrants
95
105%
*72
A
1st 5s 1935 extended to 1950
J
Porto Rlcan Am Tob conv 6s__1942 J
s f
107%
106%
52%
27%
106%
106%
1970 J
1st 4%s series D
1977
Port Arthur Can & Dk 6s A... 1953
1st mtge 6s series B
1953
Port Gen Elec 1st 4%s ser C..1960
Purity Bakeries
*"l3
"29"
Gen 4 %s series C
1977 J
Pitts Va & Char 1st 4s guar... 1943 M N
♦Pitts & W Va 1st 4%s ser A.. 1958 J
D
1st M
2
113
106%
D
1953 J
1957 M N
.1960 F
1963 F
123
112%
105
25
1942 M N
....1945 M N
Series E 3%s guar gold
Series F 4s guar gold
98% 104
113%
46
O
1940
21
106%
106%
S
J
Philippine Ry 1st s f 4s
1937
PUlsbury Flour Mills 20-yr 6s.. 1943 A O
Pirelli Co (Italy) conv 7s.....1952 IVI N
103
*115%
112%
105%
4%s.._ 1967
_
109%
101%
102
A
D
1967 J
M N
1st & ref 4s
Phlla &
J
109%
M N
22%
106%
102%
102%
17
102%
J
15
16%
7 M N
N & W Ry let cons g 4s.
102
110% 111%
108%
102
63
D
}!♦ Pressed Steel Car
107%
F
100
105
101
96
J
1
72
21
102%
84
O
O
A
46
107%
F
3
5 A
0 A
83
120%
121%
106%
102%
^♦Postal Teleg & Cable coll 5s. 1953 J
6 J
Nord Ry ext sink sunt 6%s...
45
119
107%
93
47
[) M N
89%
121%
2
'l02%
81
88
86
107
54
78%
7 F
_
112
118
121%
1955 J
28-year 4s
38
109
2
1955 F
Guar 3%s trust ctfs D
Guar 4s ser E trust ctfs.
••
"11
119%
Penn Co gu 3%s coll tr A
1937 M
Guar 3%s coll trust ser B...1941 F A
Guar 3%s trust ctfs C
D
1942 J
9
113% 115
112
102
Parmelee Trans deb 6s
.1944 A
Pat <fc Passaic G & E cons 5s. .1949 IVI
♦Paullsta Ry 1st ref s f 7s
1942 M
5
112%
96%
114%
111%
119%
119%
s f g 4%s...l955 J
jt*Pan-Am Pet Co(Cal)conv 6s '40 J
♦Certificates of deposit
Paramount Broadway Corp—
37
35
*111
D
Paducah & 111 1st
36
101% 101%
102
103%
111% 114%
13
112%
1952 IVI N
1968
1953
112% 113%
111
113%
113%
112
39%
26%
112
1938 J
$♦ Park-Lexington 6%s ctfs
99% 102%
11
T03%
1963 M
Paris-Orleans RR ext 5%s
107% 109
106%
Oslo Gas & El Wks extl 5s
30%
110%
H3"
1946 J
1961 J
♦1st M s f g 3s loan ctfs
Paramount Pictures deb 6s
21
....
121%
Guar stpd cons 5s
Ore-Wash RR «fc Nav 4s
4s
62
109
112
112
108
104% 106
104% 107
104% 107%
al02% al02%
30%
28%
30%
*109%
A
1946 J
1946 J
com g
36
*109
108%
*106%
J
Ore Short Line 1st cons g 5a
30%
.
105%
105%
Ontario Power NT 1st 5s
Ontario Transmission 1st 5s.__1945 IVI N
A
110%
104%
1947
O
MN
29
D
..1936
O
1937
^1943 F A
Ohio River RR 1st g 5s
O
33
"53
105%
1948 J
A
♦1st 68 series C.
104%
*107
Ohio Connecting Ry 1st 4s
1943 M S
Ohio Indiana & West 5s..Apr 11938 Q
J
O
Ohio Public Service 7%s A
1946
F
A
104%
104%
111%
109%
99% 109
108
104%
105
1937 J
122
F
J
17
o
1938
77 H
45)4
124 X
122
A
N J Junction RR guar 1st 4s__.
N J Pow & Light 1st 4%s
100
107
o
Pacific Tel & Tel 1st 5s...
Ref mtge 5s series A
83 X
58
107
19
105
O
Pac RR of Mo 1st ext g 4s
♦2d extended gold 5s
123%
1961 M N
Istg4%s series B
-
39
306
106%
Pacific Gas & El gen & ref 5s A. 1942 J
1st & ref 4s series G_
1964 J
OX
3%
103 X 107
77 H
66
120)4 121
M N
102
110%
105%
111
105%
J
4X
4%
1951
100
111
J
6X
3
101
J
OH
——
134
80
1941
Og & L Cham 1st gu g 4s
73
65
104% 112%
74% 86%
93
103%
62
109%
J
Ref mtge 4%s ser B__
.1961 A O
Ref mtge 5s
.1964 M N
J
Northwestern Teleg 4%s ext. .1944 J
Norweg Hydro-EI Nit 6%s
1957 M N
Oregon RR & Nav
78%
1941
B
ser
108%
109%
79%
F
1938
Nor Ry of Calif guar g 6s
Nor States Pow 5s ser A
1st & ref 6s
J
1997 Q
2047
2047
2047
2047
2047
Otis Steel 1st mtge 6s ser A...1941 IVI
Pacific Coast Co 1st g 5s
1946 J
2X
192
ret No 4 on..
♦4s Apr 1914 coupon off
Assent cash
104 X
57%
4X
*3%
ret No 5 on.
4%s
war
11
*3
*2%
♦Assent cash
103
-
70%
103%
103%
104%
92 X
75
70
1st & ref 7s series B
86
89%
*60
♦Apr 1934 coupons
Reg & lmpt 6s series B
66%
i—
112% 115
65%
70%
♦Stmpd as to sale Oct 1933 <fc
Ref & lmpt 4%s series A
100% 10414
4
a
84%
84%
...
J
__1939 J
2000 J
11
87
101%
*
High
121%
120
*113%
cpns
North Pacific prior lien 4s
Gen lien ry & Id g 3s Jan
97% 103
Low
No.
High
*120%
1974
^♦North Ohio 1st guar g 5s
♦Ex Apr'33-Oct'33-Apr'34
106% 107 X
107
103%
J
Low
103 % 104 %
106%
J
106%
103%
*104%
107%
107%
96
Since
1974
North Cent gen & ref 5s A
Gen & ref 4%s series A
105 % 109
103 % 105%
IVI N
Gen & ref
f 4%s series
91
9%
O
f 6s series D
15%
S
1965 A
s
9%
M
f 5s series A
8
6
10%
s
Gen «fe ref
14 %
19
*10%
J
03H
Jan. 1
Bid
High
82
25~~
*14
S
Gen & ref
Gen & ref
L
9
A
.
Price
Range
Friday's
A
Asked
Sale
Week Ended May 1
"l4%
F
Montecatlnl Mln & Agric deb 7s '37 J
Montreal Tram 1st & ref 6s
1941 J
Morris & Co lstsf4%s
5
M
1943 J
1962 J
Montana Power 1st 5s A
No.
93%
97%
N. Y. STOCK EXCHANGE
Jan. 1
High
93%
*
S
BONDS
Since
Bonds Sold
Range or
Last
Range
Asked
Low
MN
♦MoPac 3d 7sext
Friday
Friday
—1
BONDS
N. Y. STOCK EXCHANGE
Week's
1043,6
104
108%
107%
113%
104% 113%
*104%
109%
141
107
110
New York Bond Record—Concluded—Page 6
Volume 142
II
BONDS
N
Y.
STOCK EXCHANGE
Range
BONDS
Since
N. Y. STOCK EXCHANGE
AQ-BQ
Jan. 1
Week Ended May 1
High
NO.
11234
408
10734 126
9634
9734
202
Bid
Low
Republic Steel Corp 4 34 s
ser A.
110
1950 M S
Gen mtge 434s series B
1961 F A
Purcb money 1st M conv 5)4s '54 M N
Revere Cop A Br 1st mtge 4348.1956 J
J
♦Rhelnelbe Union
I 7s
1946 J
♦Rhine-Ruhr Water series 6s... 1953 J
~28 "
Gen mtge 5s series E
34
3334
28
3334
Uljlgawa Elec Power
15
28
3334
68
38
49
Union Elec Lt A Pr
(Mo) 5s._ .1957 A O
Un E L A P (IU) 1st
J
g 5 34s A
1954 J
{♦{Union Elev Ry (Chic) 5s...1945 A O
Union Oil of CaUf 6s series A—1942 F A
"91~"
132
13
9
82
84
42
4234
11
*11234
108
*14
153
2934
10934
10434
90
9434
7934
90
3734
54
11234 11234
10734 109
13
2134
108""
16
16
114
""3
3234
27
43
3034
10934
10434
47
153
85
2734 4234
10734 10934
10334 10534
75
85
J
J
J
39
62
2
2
3
1950 J
♦Certificates of deposit...
♦Con M 4 34s series A
1978
♦CtfS of deposit 8tamped
{♦St L 8 W 1st 4s bond ctfs
1990 J
1937 J
1937 J
J
J
M
J
1946 A
149
1634
35
90
29
62
10
5234
43
34
49
3234
*102
*102
2134
"10334
"2134
10534
98
10934
9834
51
119"
*13
A
A
*1134
1959 A
634
""734
M S
634
♦Certificates of deposit
{♦Atl 4 Blrm 1st g 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs... 1935 A O
♦Series B certificates
52 J4
""334
"9434
1951 M
71
78
3834
5134
75
86
1534
26
1434
2334
2734
1734
15
1434
1334
7634
119
334
434
"9434
"9534
1952 J
*81
♦{Siemens & Halske
1935 J
1951 M S
"4634
1949 F
A
11034
11034
1946
1941
"80
6
19
f 7s
♦Debenture s f 634s
Sierra & San Fran Power 6s
♦SUesla Elec Corp s f 634s
SUeslan-Am Corp coll tr 7s
A
Skelly Oil deb 4s
1951
J
Socony-Vacuum OH 334s
i960
97
U
Sou A Nor Ala cons gu g 5s
1936
Gen cons guar 50-year 5s
1963
South BeH Tel A Tel 1st s f 5s.. 1941
Southern Colo Power 6s A
1947 J
So Pac coll 4s (Cent Pac
coll)..1949 J
10334
J
9834
56
10434
53
10734
107
10734
10534
8734
10534
8834
96 34
8734
8734
8634
8734
8634
San Fran Term lsi 4s
1950 A O
So Pac of Cal 1st con gu g 5s... 1937 M N
So Pac Coast 1st gu g 4s
J
1937 J
U034
11034
So Pac RR 1st ref guar 4s
1st 4s stamped
105
10434
105
"Io§~
1955 J
Southern Ry 1st cons g 5s
Devel A gen 4s series A
Devel A gen 6s
Devel A gen 634s
97
1956 A
1996 J
43
132
10234
10334
"119
5634
5934
7534
7834
159
72 34
7534
*9534
84
40
118
97
10634
19
J
8734
6
65"
1
106
10634
33
1834
4
19
Tenn Cent 1st 6s A
or B
1947 A O
Tenn Coal Iron A RR gen 5s_. 1951 J
J
Tenn Cop A Chem deb 6s B...1944 M S
"2234
8934
10334
517
10534
9334
10534
10534
"l9
9334
29
10334
17
1947 J
Term Assn of St L 1st g 434s...1939 A
1st cons gold 5s
1944 F
92
*12234
103
97
Tenn Elec Pow 1st 6s ser A
9634
11034
11834
Gen refund s f g 4s
,1953 J
Texarkana A Ft 8 gu 534s A...1950 F
Texas Corp conv deb 5s
1944 A
Tex A N O con gold 5s
1943 J
Texas A Pac 1st gold 5s
...2000 J
10734
101
10234
9934
10234
48
98
11034
2
11834
2
10734
16
101
iS
103
*10334
12234
123
k"
"I3
102
10234
12
1979 A
Gen A ref 5s series C
102
10234
101
10234
37
10134
10034
10234
10834
89
...1980 J
TexPac-MoPacTer534s A
1
64 M S
Third Ave Ry 1st ref 4s
i960 J
J
♦AdJ lnc 5s tax-ex N Y-.Jan 1960 A O
Ave RR 1st g 5s
1937 J
J
10834
"66""
3234
Third
Toho Elec Power 1st 7s A.—1955 M
6534
32
10234
9334
S
67
2
44
3534
155
10234
9334
10
7834
10434
10034
33
1
108
10834
25
103
10334
11034
10234
27
24
10134 10434
108
21
10634 10934
98
10334
111
11234
25
3534
10334 10734
10034 10234
29
8334
2934
33
2834 3334
2934 4234
110
102k
10134
10734
9834
10734
9934
"32"
"II
10534
10534
10034
2934
10634
10034
2934
157
10034
2934
2934
2934
2
30
19
3634
23
D
2934
4134
10034 10234
10134 102 34
105
31
Virginia Midland
Va A
5s.
9634
9934
J
D
.
.1949
M
33
98
10034
72
71
*10834
334
*434
1434
1434
10634
165
126
10634
2
5
"~3k
J
2003 J
gu gs
t cons
♦ioik
O
1958 A
{Wabash RR 1st gold 5s
1939 MN
1939 F A
33
9534 9934
9734 10134
64
7234
60
69
87
9534
10634 108
10734 10734
334
634
"If
10634
10634 108
6134
70
100
10034
115""
85
5s—4,
Virginia Ry 1st 5s series A
1st mtge 434s series B
118
"lik
65
*60
S
90
109
27
115
133
6534
8834
10634
1
5
1936 M N
gen 5s
Southwest 1st
J
1955 MN
A
138
3134
3434
*2434
J
1942
ctfs.
10034
2
*112
S
1957 MN
ser
122
103
J
J
119
108
S
1955
f 4s series B
Vf Iron Coal A Coke lst g
104
20k
105
26
81
9234
109**32 11134
10234 10434
42
9834 10434
8434 9634
6734 6734
10034 10034
1962 MN
27
89
108
9934
11034
5834
6234
47
66
66
1962 MN
♦2d gold 5s...
lst Hen g term 4s
Det A Chic Ext lst 5s
Des Moines Dlv lst
g 4s
Omaha Dlv lst g
334s
1941
1941 M
1976 F
8234
60
77
4
89
9534
13
2634
2834
38
28
16
27
3634
3234
3534
27
K
1980 AO
Warner Bros Plct deb 6s
10534
O
1955 A O
1939 M S
Co deb 6S..1939 M
S
934
1334
♦Warner Bros Co deb 6s
1134
2434
♦Deposit receipts
Warren rr 1st ref gu g
334s
2000 F A
Washington Cent lst gold 4s... 1948 Q M
1941 M
Wash Term lst gu
334s
lst 40-year guar 4s
"2634
7334
29
29
"27
25
10334
7334
8134
1
10534
76
85
32
86
36
30
68
46
6634
26
4134
4134
68
61
80
80
77
82
'elk
"99k
3
1
*10834
*10834
Wash Water Power s f 5s
1939 J
J
111
111
2
D
123
123
S
12234
12234
12334
12234
105'132
2
West Penn Power 1st 5s
lst sec 5s series Q
lst mtge 4s ser H
75
9834
9634
10334 10634
10234
11434 11634
106 34 108
ser
J
*10834
1952
100
1977
West N Y A Pa lst g 5s
Gen gold 4s
{♦Western Pac lst 5s
105" 32
D
10834
10234
...1937
1943
1946 M
A
♦5s assented
S
3434
.1946
Western Union coll trust 5s
1938 J
Funding A real
M N
107k
iOl 34
10534
10634
2534
8834
8534
est g 434s
1950
15-year 634s
..1936
25-year gold 5s
1951
30-year 5s..
..I960
♦Westphalia Un El Power 6s.—1953
9934 10634
Wheeling Steel 434s series A—1966
92k 104""
White Sew Mach deb 6s
53
68
85
34
1
37
3534
106
107
11034 112
12134 12434
119
12234
105''32 10634
108
l06
109
11
41
109
10234 10434
106
"33
110
9634 10134
106
3434
110
44
34
19
4234
10534 107
10734
10134
50
103
10134
75
10534
106
27
10134 10334
10334 10634
10634
2534
8834
8534
108
62
104
108
{♦Wickwlre Spencer St't lst 7s. 1935
♦Ctf dep Chase Nat Bank
J
J
♦Ctfs for col A ref conv 7s A .1935 MN
Wllk A East lst gu g 5s
..1942 J D
10234
*10934
3434
2
110
10034
10834
10234
10934
10534
J
10234 10634
8034 9334
8734 9834
7634 93
77
9134
7634
9134
10634 11734
10634 10634
9934
10734
9434 100
10534 10834
10934 10934
Westchester Ltg 5s stpd gtd. ..1950 J
..1961 J
9234
9834
4634
158
8834
Western Maryland lst 4s
lst A ref 534s series A
71
14
95
9634
90
84
3434
80
1956 J
31
108 j4
70
82
5934
4234
5134
11234
3134
10334
3234
3634
90
A
E..1963 M
2634
25
3234
6334
9434
8134
ser
26
92
A
1946 F
"IS
31
33
82
S
F
1945
27
2734
"2634
25
1955 A
6s debentures
{♦Warner-Quinland
27
26
26
♦Certificates of deposit
834
1034
104
72
1
9534
2834
3034
27
A
1978 AO
Walworth Co lst M 4s
734
634
2
6534
9534
2634
*
♦Certificates of depositWalker (Hiram) GA Wdeb
434 s 1945
21
1634
334
"8034
6534
S
♦Certificates of deposit
♦Ref A gen 5s series D
4
84
8034
1939
♦Ref A gen 4 )4s series C
10234
9134
♦Ioik
1941
♦Certificates of deposit.
♦Ref A gen 5s series B
21
4H
734
634
9134
*
534s A.1975 M S
1934
5
101
10134
1954
Toted0 & Clllc DIv g 4s
* Wabash Ry ref A gen
66
6834
7134
88
9834
78
8934
9734 10234
5734
7634
10434 10734
1434 34
1934 28 34
8134 117
10034 10034
105
7434
F
A
J
D
M
S
J
J
....2361 J
J
..2361 J
West Shore lst 4s guar..
J
Registered..
Wheeling A L E Ry 4s
ser D
1949 M S
A
Winston-Salem S B 1st 4s
{♦Wis Cei 150-yr lst gen 4s
♦Wor A Conn East lst 4 34s
1943 J
Youngstown Sheet A Tube 5s. .1978 J
lst mtge s I 5s ser B
1970 A
O
81
92
104
105
10734 112
9934 10134
9934
15
90
2134
2234
5534
62
2034
2034
31
3134
45
67
100
10634
9934
"l7"
10934
1634
10634
10134
10934
1734
1934
*75
10
934
9
10
84
96
2034
2034
5534
45
5
3
107
2
46
"""4
10134
10634 10734
99341102
107
1534
1534
9
9
934
4
io£k
232
104k
10634
165
104
110
2534
2534
1534
1434
*10
J
J
3334
6
99
2034
J
1960 J
J
1949 J
♦Certificates of deposit
♦Sup A Dul dlv A term lst 4s 1936 M N
♦Certificates of deposit
108
85
10034
D
J
2534
99
9934
1940 MN
Will A S F lst gold 5s
1938 J
Wilson A Co lst M 4s series A.. 1955 J
4
42
*10534
*11134
1966 M S
F
2634
9034
8634
10534
10634
10534
10634
10634
10634
10734
98
120
1977 A
Gen A ref 5s series B
s
Virginia El A Pow 4s
....
"2234
9534
S
Cons
1
J
72
4s series A
2
S
J
,rY®rt'entes Sugar 7s
85
65
M S
Staten Island Ry 1st 434s_.__.1943 J
Gen A ref 5s series D_
320
*10234
1964 J
{{♦Stevens Hotels 6s series A—1945 J
♦Studebaker Corp conv deb 68.1945 J
Sunbury A Lewlston 1st 4s
1936 J
Swift A Co 1st
M/334s
1950 M
73
125
89
8834
11134
111j4 11434
10734 11134
103
10834
8834
RR lst consol 4s
"8634
1951 J
g 5s... 1955
145
*10534
1938 M
..1938
203
98
7334
7734
1956 A
S'west Bell Tel 334s ser B.
91
58
1994 J
...1956 A
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
East Tenn reor lien g 5s.
Mobile A Ohio coll tr 4s
{♦Spokane Internat 1st
J
....1955
"9034
10
44
11134 123
85
68
59
101
*10034
'
J
D
1st 4)4s (Oregon Lines) A...1977 IVI S
Gold 434s
1968 M S
Gold 434s..
1969 IVI N
Gold 4 34s
1981 M N
7
"5
*11634
A
O
10334
11
47
1941
7034
103
85
2
j 14
1959
50
334
299
119
111
1947
3934
2834
A
"7934
59
*87
4634
97
18
119
Debenture 5s
Vanadium Corp of Am
16
8
18
IIS""
9734
1134
16
106
10034
16
"II34
106
1944
cons g
7
15
106""
1944
Vandalla
94
10634
Utah Lt A Trac lst A
r* 15s
Utah Power A Light lst 6s
Utll Power A
Light 534s
conv 5s.
90
106
11334
1937 M N
S Co 15-year 6s
"89"
113
J
91
11434 119
19
2034
1634
Shlnyetsu El Pow 1st 634 s
s
1944 M
♦{Vera Cruz A P 1st gu
4348—1934 J
{July coupon off
J
50
'5234"
~89~"
"94""
11334
1953
2434
2234
2034
50
28
11
634
(Del.) 5s
RR A Can gen 4s
11734 130
9034
9934
100»» 103
8434
91
8234
8734
8934 9834
10534 107j4
104h 10634
1734
21
J
Gold 4s
1968 J D
United Biscuit of Am deb 5s... 1950 A O
United Drug Co.
M S
'^United RyS St L 1st g 4s
1934
E ^Aubber lst & ref 5s ser A.. 1947
United S
High
10534
12034 122
9834
*
94
{♦Universal Pipe A Rad deb 6s. 1936
♦Unterelbe Power A L*bt 6s. .1953
24
1634
1935 F
1948 F
Sharon Steel Hoop s f 5)4s
Shell union OH deb 334s
"62
634
534
834
634
1634
434
6
434
734
June 2008 M
81
10834 112
334
334
'
--
1945
9
110
♦334
Oct 1949 F
♦1st At cons 6s series A
119
*1134
1134
--
Union Pac RR 1st A Id
gr 4s.-.1947 J
1st Hen A ref 4s
June 2008 M
Gold 434s_
1967 J
1st Hen A ref 5s
Low
ioik
125
97
1947 MN all2
deb
87
11734 12234
57
*50
O
M N
A O
{♦Refunding 4s
10334
12234
*52
conv
6734
10434 10734
10334 10434
10434 10634
*111
"Si"
S
♦Un Steel Works
Corp 634s A—1951 J
♦Sec, s f 634s series C
1951
♦Sink fund deb
634s ser A—.1947
1734
9734
10834
12-year 4s
No.
105
125
9834
A
1945 M
f 7s
92
2034
18
*10534
12234
J
J
S
J
s
85
105
*1534
10434
10334
5234
♦Adjustment 5s
103""
*105
Stamped
♦Certificates of deposit
10
1934
1734
52
Stamped
Scioto V A N E 1st gu 4s.
1989
I {♦Seaboard Air Line 1st g 4s.. 1950
♦Certificates of deposit
{♦Gold 4s stamped
1950
♦Certlfs of deposit stamped
12
60
J
J
J
D
{♦St Paul E Gr Trk 1st 4 34s...1947 *
J
{♦St Paul & K C Sh L gu 4 34s._ 1941 F A
St Paul Minn & Man 58
1943 J
J
Mont ext 1st gold 4s
..1937 J L>
tPaclflc ext gu 4s (large)
1940 J
J
St Paul Un Dep 6s guar
1972 J
J
Guars! 634s series B
21
88
4s.. 1968 J
S A*A Ar Pass lst gu g 4s
1943
San Antonio Pub Serv 1st 6s... 1952
Santa Fe Pres A Phen 1st 5s...1942
Schulco Co guar 634 s
1946
5
15
M N'
♦2s g 4s lnc bond ctfs
Novl989 J
J
♦1st terminal A unifying 58—1952 J
J
Guaranteed 5s
66
1634
15
M 8
1989
♦Gen A ref g 5s ser A
St Paul City Cable cons 5s
2034
2034
1834
J
85
18
16
♦Prior Hen 5s series B
con g
7934
7634
85
♦Certificates of deposit
St Paul A Duluth 1st
7434
7634
39
♦Certificates of deposit
...1952 F
7s.
80
6
10
85
*78
1
159
sec a f
.. .
35
"2734
*25
27
4734
10734
5234
4134
37
104
♦Guar
Since
Jan. 1
*12134
♦Tyrol Hydro-Elec Pow 7 34s..1955 MN
28
10
*
1933 M N
{♦St L Peor A N W 1st gu 5s...1948 J
St L Rocky Mt A P 5s stpd
1955 J
{♦St L-San Fran pr Hen 4s A...1950 J
J
24
St Louis Iron Mt A Southern—
g 4s
S
J
""5
*10334
{{♦R I Ark A Louis 1st 434s—1934M S
Royal Dutch 4s with warrants. 1945 A O al53
♦Ruhr Chemical s f 6s
1948 A
Rut-Canadan 1st gu g 4s
"2734
1949 J
30
Rutland RR 1st con 4Hs
1941 J
St Joe & Grand Island 1st 4s...1947 J
St Jos Ry Lt Ht A Pr 1st 5s
1937 M N
St Lawr & Adr 1st g 5s
1996 J
J
2d gold 6s...
1996 A O
♦§Rlv A G Dlv 1st
M
2834
34
Range
Asked
High
*103
2834
2834
4234
4134
10434
4934
9134
3934
J
A
D
J
O
1977 M S
1962 M 6
43£s series D
D
Truax-Traer Coal conv 634s—1943 MN
Trumbull Steel 1st s f 6s
1940 MN
2934
2534
2834
A
*10
J
2834
3934
Bid
M S
2834
28
40
♦Rio Grande Juno 1st gu 5s
1939 J
{♦Rio Grande West 1st gold 4s.1939 J
♦1st con & coll trust 4s A
1949 A
Roch G A E
2734
1942
Toronto Ham A Buff 1st g 4s..1946
Trenton G A El 1st g 5s
..1949
Trl-Cont Corp 5s conv deb A.. 1953
28
M N
1955 F
10234 105
5
30
Price
Low
Tol W V A Ohio 4s ser C
28
28
A
warr '55 A O
{ {♦Richfield Oil of Calif 6s
1944 M N
1952 J
73
*2334
2834
1953 F
♦Certificates of deposit..
35
10334
30
"2834
♦Rhelne-Westphalia El Pr 7s.. 1950 M N
♦Direct mtge 6s
1952 M N
Rlchm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7s
108
9634 10034
10634 10934
Range or
Friday's
Sale
IS
High
10634
30
J
♦Cons mtge 6s or 1928
♦Cons M 6s ol 1930 with
Low
103
10634
10334
J
s
Last
■3-a
Asked
Range or
Friday's
Sale
Price
A
10734
Last
Week Ended May 1
2961
Week's
Friday
Week's
Friday
12134
103
105
94
102
11034 111
116
11834
10534 11134
8734 10234
10234 105
9934 10334
11734 12434
98
104
97
10434
97
10434
10534 10934
5734
2234
10034 10334
9134 96
llH
e
Cash Sales transacted during the
current week and not Included In the
yearly
range
No sales.
r
Cash sale only transaction during current week,
transaction during
current week.
week,
current
n
Under-the-rule
a
Deferred deUvery sale only
sale only transaction during
{ Negotiability Impaired by maturity,
t Accrued Interest payable
at exchange rate of $4.8665.
{ Companies reported
as
being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price.
♦ Bonds Belling flat.
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 J
D
7834
7734
Tol A Ohio Cent ref A Imp 334s 1960 J
10334
Tol St L A
10034
W.lst 4s
D
1950 A O
36
6
7734
8634
9934 10434
9634 101
1
Deferred DeUvery Sales transacted during the current week and not Included
In the yearly range.
No sales.
2962
New York Curb
Exchange—Weekly and Yearly
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week In which they occur.
In the
following extensive list
furnish
No account Is taken of such sales In computing the range for the year.
on the New York Curb Exchange for
(April 25, 1936) and ending the present Friday (May 1,1936). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
we
a
complete record of the transactions
the week beginning on Saturday last
Sales
Friday
Last
Week's Range
of Prices
Low
High
Week
Price
Acme Wire
t c com
v
Range Since Jan. 11936
433*
109$*
Air Investors
2%
33*
Apr
Apr
43*
Mar
11
153*
Mar
10
54
54
443*
23*
Jan
623*
Feb
Jan
4
J*
Mar
27
Apr
35
Feb
Jan
15*
483*
823*
Feb
23*
Conv preferred
23*
3
27
27
Warrants
3*
1
39
39
703*
613*
723*
633*
373*
673*
Allen Industries com
Alles A Fisher Inc com.
1,300
%
33*
1153*
1133* 113
100
Aluminum
Goods
Mfg..
Aluminum Ind com
Aluminum Ltd com
16
73
63*
1
33
453*
53*
Amer Cynamid class A..10
Class B n-v
"303*
23*
Jan
1
Feb
33*
43*
Feb
Burco Inc
253*
Feb
Jan
128
3,550
87
Jan
152
500
109
Jan
1213*
300
15
Feb
163*
Mar
Jan
133*
Mar
Burma Corp Am dep rcts..
Butler Brothers
10
Cable Elec Prod vtc
*
Cables & Wireless Ltd—
1153*
""166
45
100
87
100
35*
30
6% preferred
Amer Mfg Co com
Amer Meter Co
Amer Pneumatic
193*
27
Jan
863*
Jan
46 3*
443* Mar
63* May
313*
Jan
Jan
293*
63*
343*
100
1,450
93*
23*.
Feb
Jan
33*
Mar
333*
Apr
Jan
Feb
24 H
5
13*
43*
Amer deposit rets
Assoc Gas & Eleo—
883*
900
82
Jan
36
500
33
Apr
Apr
13*
1,000
700
1
8
10
10$*!
113*
2,100
13*
13*
13*
13*
4,800
11,900
8
Atlanta Gas Light
pref-100.
Atlantic Coast
Fisheries..*1
9 3*
Atlantic Coast Line
CO--50.--
*1
$3 preference A
*
12
Warrants
1,400
"123*1
533*
500
3,900
9
*
47
80
700
1,300
200
625
3*
warr.
20",400
100
48
723*
48
Baumann(L)ACo7%pfdlOO|
Bellanca
"23*
1,200
142
"600
24
200
*
*
com
*|
pref
*
14>*
143*
363*
153*1 T066
37
Black A Decker
Mfg Co..*
Bliss (E W) A Co com
*
20
163*
Blue
23*
44-3*
153*
73*
40
100
40
1
*
Blumenthal (8) A Co
Bohack (H C) Co com
7% 1st preferred
*[
100)
Bridgeport Machine
Preferred
-
Brill Corp class B
Class A
.1001
Brillo Mfg Co com
Class A
*[
.100[
*
-
»[
coup
Registered
For footnotes see page 2967
Cent Hud G & E
Cent Maine Pow
10
v
Jan
6% pref without
7% preferred
Conv preferred
Conv pref op ser
Jan
Apr
Apr
33*
93
Apr
Feb
163*
Jan
Feb
163*
Feb
51
Jan
55
Jan
Apr
43*
Feb
Jan
11
Jan
83*
Apr
11
Mar
9
Apr
123*
47
Apr
70
Jan
3*
553*
23*
Apr
Jan
553*
23*
Apr
Apr
Apr
Jan
90
125*
43
163*
Feb
May
Apr
Apr
1163*
116
16 3*
65
Jan
Jan
102
Jan
,000
143*
525
42$*
Apr
Apr
Feb
Apr
Jan
83*
,700
„
9,100
,100
325
105
109
50
11
900
343*
153*
16
57
613*
50
13*
13*
253*
Jan
43*
143*
193*
Jan
Jan
,300
[,100
13*
100
183*
313*
20
19
253*|
25
19
Cleve Elec Ilium com
Cleveland Tractor com
iin
AU
4
413*
423*
Jan
Mar
Jan
63i i
54
58
563; i
Jan
400
24
Jan
475
343*
Jan
45
*
A A
*
15*
23*
443*
♦
Feb
Jan
Apr
253*
93*
50
13*
63*
18
Jan
293*
153*
203*
l*
29
100
73*
263*
163*
203*
33*
0/8
Jan
Mar
97
Jan
Mar
Mar
Jan
Feb
Feb
Feb
Mar
Feb
Apr
Mar
300
7,200
2
4£
2,500
1043*
43*
r
•
10l3*j
Preferred
173*
53*
153*
53*
87
873*
1143*
173*1
„6
91
260
43*
92„.
5,000
11,000
II,000
2,300
Jan
45
97
Jan
112
3*
13
113*
153*
5
84
Jan
16
49
23
6
92
113
Jan
116
226
Jan
290
4
Jan
80
90
Jan
Jan
6
105
S
9£
i
1(
H
41
1
J
4$*
Apr
1,200
5
Apr
100
65
200
1|
|
1
.
Jan
!
„.
Jan
7
13*
63*
Jan
Jan
Jan
Jan
1
123*
653*
23*
Mar
1
H
Feb
Feb
Apr
50
1203*
Jan
22,900
5,700
12,000
193*
9
H
53*
13*
Jan
Jan
Apr
Jan
Jan
6,500
1,200
8
Courtauld's Ltd
Jan
273*
Am dep rets ord
Preferred
100
Creole Petroleum
5
Crocker Wheeler Elec
Croft Brewing Co
*
—1
Crowley Mllner A Co.---*
Crown Cent Petroleum..1
100
263*|
*28$*
3*
13*
53*
23*
10
5,700
100
12.00J
24
Apr
Jan
Jan
Jan
Apr
Mar
Jan
J
Apr
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Jan
32
Jan
Mar
Jan
Feb
Mar
Feb
10
525
Jan
Apr
Mar
X
400
500
Jan
Feb
Feb
3 3*
1 3*
Apr
Jan
13*
5*
Apr
Jon
114
6 3*
Mar
100
25
Feb
Mar
Mar
4
73
1,000
600
|
Jan
Apr
Apr
Jan
3*
H
12,200
97
*
Crane Co com
Feb
Apr
Jan
Apr
5
Feb
Mar
Apr
Apr
—*
2)*|
*
Feb
Apr
93
Feb
23*
88
H
63*
93*
34
63*
533*
83*
293*
273*
Mar
900
n
reg--£l
Cramp Shp A Engine ..100
Jan
13*
83*
73*
136
443*
8,400
1143* 114)*
250
91
100
Feb
Mar
Jan
49
5
com
Feb
523 *
163 *
6
3$ *
83 -*
12
36
300
100
Feb
Jan
1,375
I,375
21,700
21,700
14
4
43*
83*
Jan
400
133*
100'
$6 preferred A
Cosden Oil
~ix\
125
953*
Corroon A Reynolds—
Common
Feb
Feb
Feb
Apr
2,200
16,400
10
Copper Range Co
Cord Corp
Jan
Apr
Mar
13 *
11
2
7% prior pf 100
Continental OH of Mex
Continental Securities
com
Jan
Mar!
35 *
1,600
12
28
23*
Cooper Bessemer
$3 preferred A
Feb
193 *
Apr
*
263*
13*
Cont G A E
Apr
100
96
*
Consolidated Min A Smelt.
27
Jan
133*
1013*
*99
P Bait com*
Jan
Feb
Mar
Jan
44
*
Feb
Feb
11
"73* "I
*
Compo Shoe Machinery
1
Connecticut Gas A Coke—
A
Jan
Feb
Jan
200
1
5% preferred
Feb
Jan
33*
Southern!
Feb
May
97
-|
Commonwealth Edison 100
Commonwealth A
Secur $3 pref
Feb
5*
11
2,000
*\
Columbia Gas A Eleo—
Conv 5% pref
erred.. 1001
Columbia Oil A Gas vtc..*
Columbia Pictures new
*
Warrants.
Jan
Apr
33*
4,800
Arms_25
30
■
Feb
73i 1
69 3i i
Apr
Apr
Jan
44
Jan
Jan
100
165*
HO
Jan
Jan
Jan
113
Feb
Jan
Feb
5*
300
Apr
Apr
4
183*
38
com. .*
Rosenberger
39
43*
Jan
Jan
Jan
Apr
Mar
173*
3
413*
1,400
'163*1
.X I
Jan
53
Jan
Feb
74
625*
35*
35*
313*
64
303* 1
63*
253* ;
22
I24$i ;
38
34 i
59
1
50
43*1
A1WU
Apr
Apr
13*
Feb
700
434
City Auto Stamping
*
City A Suburban Homes 10
Claude Neon AilgUbO
Lights JLilUa
Inc..l
Consol Retail Stores
8% preferred
Consol Royalty OH
Mar
1075*
105*
343*
13*
pref-*!
Consol G E L
Feb
100
3,300
6,100
4 3*
Consolidated Aircraft....1
Consol Copper Mines
5
Mar
93*
23*
*
Jan
33*
113*
133*
353*
7J*
68
Preferred B
Preferred BB
Cities Serv P & L
$7
$6 preferred
Jan
Apr
250
75
25
121
93*
293*
30
300
148
203*
29
Feb
82
38
Jan
Apr
300
98
333*
Jan
Jan
Mar
22$*
Jan
22
Jan
43*
5
Feb
Jan
19
132
Apr
Feb
18 3*
Chi Ids Co pref
100
Chief Consol
Mining Co..l
Cities Service com
Preferred.
VlWUUV
3
21
92
1
Como Mines
Feb
Jan
Feb
Jan
80
103*
343*
Community P A L $8 pref *
Community Water Serv
*
Feb
70
i
Jan
Feb
20
100
Jan
Mar
103
Mar
100
109
Corporation
10
Chesebrough Mfg......25
Chicago Flexible Shaft Co f
Chicago Rivet & Mach
*
Colon Oil Corp com
Colt's Patent Fire
383*
Feb
Apr
Apr
Apr
300
Charts
Feb
Jan
Mar
Mar
33*
100
*
Cohn A
Apr
Jan
190
40
100
Cockshutt Plow Co
Apr
23*
73*
Jan
903*
'29.100 —A*..
Feb
113*
9
Jan
Feb
215*
"103*
Club Alum Utensil
Co._.»
33*
123*
43*
293*
73*
Feb
400
Centrifugal Pipe
Apr
1,000!
50)
293*
73*
Mar
100
warr
Feb
3*
3*
Jan
600
Mar
Jan
Clinchfield Coal Corp.. 100
3*
3,900)
Feb
Jan
25,700
7% pref...100
Feb
36
Feb
Apr
3",900
200
*
Feb
Jan
Apr
Jan
2,500
7% pf 100
k
7
"23*
93*
13*
*
143*
40
-
*
preferred
$7 div preferred
1st preferred
Jan
101
4,200
1,600
Mar
Apr
7% 1st partic pref
100
7% prior preferred-.lOO
Celluloid Corp com
15
Jan
75)
133*
243*
113*
173*
Mar
Jan
5,100
10
Catalin Corp of Amer
Celanese Corp of America
63*
hi
100
4
5|-
13*
"283* "283*
Carrier Corporation
Castle (A M) & Co
Jan
133*
23*
443*
153*
4
Jan
Jan
100
33*
1
2,300
33*
133*
203*
103*
153*
250
625
213*
873*
773*
73*
Feb
4,000
3*1
Feb
Jan
com
Feb
33*
473*
163*
83*
Jan
Jan
Carolina P & L $7 pref..
$6 preferred..
23*
33*
19
700
250
13*
Class B
Carnation Co
123*
223*|
2,200
Mar
163*
Jan
20
""13*
25|
Bearing
Brazlllan Tr Lt APow..
Mar
123*
Jan
Apr
Convertible class A
Jan
1,200
3*
com.*)
Borne-Scymser Co
93*
Feb
96
Mar
Jan
1,200
Carman & Co—
121
1
100
63*% pf-100
Botany Consol Mills
Bourjois Inc
Mar
Feb
34
103*
Il3*
9
9
Apr
Mar
Jan
"l3*|
Canadian Indus Alcohol A*
B
non-voting
Canadian Marconi
Capital City Products
Carib Syndicate
25c
1
10$*
92
9
Jan
Feb
7X
Jan
83*
101
Ridge Corp com
$3 opt conv pref
93*
Jan
73*
Feb
100
Feb
4
3*
3*
13*
Jan
Feb
Jan
263*
13*
33*
83*
93*
,
Feb
Jan
Jan
Mar
Mar
Cent States Elec com
Jan
Apr
Mar
Jan
Mar
Cent & South West
Util.l
109
100
51
com
85
Apr
Preferred
Jan
43*
993*
633*
43*
203*
Jan
300
""300
"41
233*
233*
1033* 104
603*
723*
23*
Am dep rets A ord shs. £1
Am dep rets B ord shs £1
Feb
Feb
6
Mar
500
1,800
200
Cent P <fc L
29
183*
23*
9$*
Warrants
Feb
Jan
1,550
8
Automatic-Voting
pref
Mar
1043*
3*
33*
33*
73*
3*|
*.
com
Jan
'333*1
523*
23*
Atlas Corp
common
Bell Tel of Canada
Bell Tel of Pa
Jan
313*
13*
*1-
common.
Babcock A Wilcox
Co
13
Jan
'l6|
Amer.*
Class A
1,800
3,400
18j*
13*
43*
Jan
Jan
Chapman Valve Mfg
'16
3*
Assoclates Investment Co *
Associated Rayon corn-
Mach.*
Axton-Fisher Tobacco—
1,200
113*
.__*
Automatic Products
800
8,400
27,400
3,100
63*
Class A
Aircraft
63*!
40
13*
13*
ll
Atlas Plywood
Corp
500
5
1083*]
43*
I
113*
£1
Common.......
Mar
Jan
85
73*
85
93*
-
Jan
243*
13*
393*
23*
2
23*
73*
303*
Jan
28,000
63*
——
Feb
Apr
Apr
Apr
19
18
|,nC1,
,;l
Mar
Jan
»te
25
13*
213*
800
Jan
Jan
23*
2
Jan
Mar
18
100
46
273*
600
22
Feb
Mar
Jan
300
13*
13*
Locomotive
14
I
---r
393*
433*
100
^3*
4/*|
12
Jan
200
27
33
* —.
Jan
14,600
Feb
Feb
Jan
( Apr
Feb
Feb
433*
114
73*
303*
193*
173*
253*
273*
193*
13*
53*
53*
Brit Amer Oil
Mar
7
108
6,100
A/&
7%
124$*
29
203*
®
of
Feb
118
600
24
6
Bower Roller
Feb
Mar
Jan
700
com. ..*
V t c common
Jan
Jan
19
150
853*
1 °fj3*
33
-.5
$5 preferred
Option warrants
Feb
Feb
33*
4,100
Common class A
*
Preferred
10
Arkansas P & L $7
pref..*
Art Metal Works
com
5
Associated Elec
Industries
conv
9
Mar
110
50
43*
353*
22
*
Arkansas Nat Gas
$2.50
483*
363*
40$*
Apr
Apr
500
Canadian Car & Fdy Ltd-
333*
800
13*
233*1
1033*
Amer dep rets pref shs £1
Calamba Sugar Estate-.20
Feb
363*
913*
Jan
Jan
300
$3 convertible pref
Jan
Feb
450
13*
*
Hedges
Mar
Jan
2
8,600
26
Angostura Wupperman-.l
Apex Elec Mfg Co com..*
Appalachian El Pow
pref.*
Arcturus Radio Tube
1
Convertible
Mar
43*
773*
9
33*
I9
13*
*
Amsterdam Trading—
American shares
Anchor Post Fence.
Benson &
Mar
101
Jan
27
19
Service.*
1st preferred
Preferred
Blckfords Ino
73
75
Jan
Mar
Jan
183*
------
1
Amer Potash A
Chemical.*
Am Superpower
Corp com*
Baldwin
Jan
23*
*i«
373*
i 223*
25
Amer Thread Co
pref
Apr
43*
63*
13*
29
100
Maracaibo Co
Laundries
Mar
Apr
25
93*
32 3*
283*
2!%
Mar
4i"
41
*
21
1123*
35
Amer Hard Rubber
com.
Amer Laundry Mach
Amer L & Tr com
25
com
300
38
Corp 10c
273*
83*
Bulova Watch $33* pref--*
Bunker Hill & Sullivan.. 10
Jan
333*
$2 preferred
$2.60 preferred
Buckeye Pipe Line
50
Buff Niag & East Pr
pref 25
$5 1st preferred
3*
1113*
83*
33*
353*
28
*
23*
233*
20
8
.
200
123
43*
233*
Brown Fence & Wire B_
Class A preferred!
293*
Brown Forman Distillery, "
Bruck Silk Mills Ltd
*
200
115
123
Amer Gas & Elec com
Assoc
Apr
Am dep rets ord reg-.lOs
British Col Pow clA
*
Brown Co 6% pref
100
3*
com
7% conv preferred
100
Amer Equities Co com
"
Amer Fork A Hoe Co com*
Amer Foreign Pow
warr
Amer
233*
87
3*
87
Am Cities Pow & Lt—
Class A
25
Class B
Preferred
American General
Apr
1936
Range Since Jan
Shares
Am dep rets ord reg._£l
British Celanese Ltd—
33*
73
10c
Amer Dlst Tel N J
19
93
10c
com
Jan
"53
33*
100
Common class B
S3 preferred
$5.50 prior pref
Feb
115
for
Week
British Amer Tobacco—
Am dep rctsord bearer £l
Apr
Apr
16
100
American Book CoAmerican Capital—
76
Jan
93*
com."
of Prices
High
22
21
25
Aluminum Co common...
preferred
Feb
Feb
23*
com
Feb
58
1
Allied Internatl Invest ..*
Alliance Investment com.*
6% preference
Feb
Jan
115
Allegheny Steel 7% pref 100
Class A
Jan
11
Alabama Gt Southern—50
Ala Power $7 pref*
$0 preferred
*
6%
Jan
Mar
11
*
American Beverage
463*
1133*
183*
1
com
Allied Products cl A
Apr
Apr
Jan
15
*
Week's Range
Sale
Price
20
Class B
Last
Shares
7% 1st pf 100
Supply Mfg cl A
*
Agfa Anaco Corp com
Alnsworth Mfg Corp
STOCKS
(Continued)
Adams Mlllls
Aero
Sales
Friday
for
Sale
STOCKS
8
13
8
1
Feb
|
Volume 142
New York Curb Exchange—Continued—Page 2
Friday
STOCKS
Last
(Continued)
Week's Range
of Prices
Sale
Par
Crown Cork Internatl A__*
Crown Drug Co com___25c
Preferred
26
Price
14%
Low
High
14%
5
5
24
23
15
1,900
5%
24
1,300
6% % preferred
11
5%
Jan
25
4%
37%
Jan
Feb
11%
42%
1
1%
14,800
11
Mar
%
Mar
Feb
109
Feb
Mar
11
23
22%
12%
23
"""666
400
£1
7% pref.100
6
'Ion
Derby Oil A Ref Corp eom*
3%
17
Detroit Paper Prod
1
11
£1
»
Guardian Investors....
12
Apr
Gulf Oil Corp of Penna..25
16%
Apr
Mar
Jan
11
Apr
14%
Mar
Apr
25
Mar
Hall Lamp Co
Durham Hosiery class B._*
Duval Texas Sulphur
*
Apr
1
1%
800
4%
12%
13%
10%
19
Apr
Helena Rubensteln
*
1%
13
Apr
Jan
Heyden Chemical
10
43%
Hires (C E) Co cl A
_»
21%
11
2,600
24%
31
700
3,800
4%
100
98
1,000
30
107
3%
69%
30
11
Mar
Mar
14%
4%
Jan
Jan
Mar
Mar
Apr
Apr
Apr
49 %
Jan
23%
12%
4%
Mar
25%
Feb
Jan
28
110
3
70
35%
Mar
7%
Feb
Jan
Am dep rets pref.—8 sb
Hartford Electric Llght.25
Hart man Tobacco Co..—*
Harvard Brewing Co
Hazeltlne Corp
Hecla Mining Co
Jan
Holophane Co
25
Jan
Feb
Mar
Jan
106
Hormel
(Geo A) A Co
1%
1,600
31
Hygrade Food Prod
59%
41%
Jan
Jan
85
Jan
83
Mar
30
Apr
42%
Feb
3%
Jan
1% May
Jan
43
Jan
24%
6%
43%
Jan
Elsler Electric Corp
*
Elec Bond A Share com..5
17
50
17
500
30
Jan
42%
3%
Apr
Apr
4%
Mar
2%
1,800
3%
6,800
2%
13%
Apr
23%
Mar
Common
1
10,000
22%
Jan
28%
Feb
6,600
62%
Jan
76%
Mar
%
%
21
Apr
May
Apr
1,000
1
25%
400
6
Jan
2%
40%
Feb
Feb
30
Apr
9%
7%
Feb
Jan
Jan
May
40
37
40
1,600
30%
Jan
53%
Feb
39%
39%
50
38%
Jan
55
Feb
52%
Feb
53%
Feb
9%
Jan
Apr
Imperial
Chem
Industries
£1
Amer deooslt rets
40
Jau
Imperial Oil (Can) coup..*
Registered
I
..*
21%
21%
20%
21%
22%
22%
18,800
300
20%
Jan
9%
24%
24%
Imperial Tob of Canada.5
Imperial Tobacco of Great
13%
13%
13%
1,900
13%
Apr
14%
Mar
38%
38%
300
Britain and Ireland...£1
Indiana Pipe Line
15%
Feb
25%
Mar
64%
Apr
79
Mar
76
80
2,600
74%
Jan
87
Mar
9%
300
9%
0%
Apr
Apr
Jan
12
Mar
9%
Jan
51%
Mar
Jan
8%
Mar
Jan
37
Mar
Feb
Feb
400
100
Jan
39%
9%
Jan
Feb
10
Feb
20
Apr
Jan
97
Feb
3%
7
16
6%
16
Jan
0%
3%
Jan
6%
5%
Indian Ter Ilium Oil—
77%
20
92%
10
Indiana Service
1,100
9%
6%
40%
6%
44
9
7%
46%
7*
1,600
1,075
300
5%
5%
600
94%
5%
18%
2
250
5%
91%
Apr
Jan
10
92
Non-voting
class
*
A
Class B
*
Jan
Vtc common
1
7% preferred
100
Feb
98
Jan
17%
"""600
34
35%
250
Empire District E16%_100
Empire Gas A Fuel Co—
6% preferred
100
0%% preferred.....100
7% preferred..
100
8% preferred
100
45
45
25
Feb
Jan
19%
Apr
30%
Jan
37
Feb
Intl Metal Indus A
62
Feb
Internat Mining
Warrants
1
43
Jan
62
Feb
International Petroleum..*
Jan
67%
Feb
48%
Jan
65%
67%
Feb
15
"49"
50
53
250
47
Jan
Empire Power Part Stk__*
22%
22
22%
350
21
Jan
Emsco Derrick A Equip.
18
17%
18
2%
1,300
15
Jan
22,600
2
Jan
100
39
10c
50
2%
2
39%
39%
European Electric Corp—
Option warrants
200
Jan
Corp
1%
200
Jan
3%
25
11
Jan
20%
Jan
1,950
69
Apr
84
Feb
300
29
Apr
34
1%
200
3%
44
7%
8%
3%
International Products.
6% preferred
36%
3%
11
12
Internatl Safety Razor B. *
Apr
Internat* 1
Feb
Class A
800
7
11
3%
35%
3%
37%
J.2,200
3%
2,000
4
"i%
1
"I% "l%
""166
10%
1%
200
Jan
%
Feb
1,000
%
Jan
1%
Feb
Jan
21
Feb
Interestate Hos Mills
14%
Apr
23%
10%
7%
Jan
10%
1
Interstate Power $7 pref.*
Iron Cap Copper com...10
Feb
%
3
'15%
7%
14%
7%
17
8%
12",700
Falrchlld Aviation......
Falstaff Brewing
...1
5%
13%
6%
13%
1,600
100
5
6
2,500
Jan
7
Jan
25
26
29%
32%
200
31%
FIdello Brewery..
....1
Film Inspection Mach...*
%
Fire Association (Phlla).lC
First National Stores—
7% 1st preferred....100
200
%
%
77%
'*,6
%
77%
112% 112%
.1
5%
preferred........100
2,200
1
7%
*
Vitamin
28%
Jan
Jan
16%
Feb
Irving Air Chute
1
Apr
17
Jan
Italian Superpower A
25
4%
6
Apr
31%
Jan
28%
Jan
40%
Mar
Feb
20
%
Jan
1%
Feb
%
Feb
1%
Feb
77%
Mar
100I
100
70
9,400
51
51
53
250
36%
40
42,300
41
43
450
Feb
112
Apr
4%
Apr
89
117
9
Feb
Jan
Feb
51
Apr
70
Feb
36%
Apr
45
41
Apr
60
Apr
Feb
7%
22%
•
7%
20%
23%
25%
Ford Motor of Can cl A..*
26
8%
5,700
9,700
7%
20%
Apr
9%
28%
Feb
Apr
150
25%
Apr
32
Feb
Feb
Ford Motor of France—
American dep rets
100
Fort Worth Stk Yds Co..
3
3%
3
Jan
30
200
Jan
16
JaD
4%
30
3%
Apr
Jan
Jan
7%
64
Apr
Feb
Jan
Jan
1%
Jan
2%
Jan
4
Jan
14%
Feb
2,500
Jan
JaD
Jan
2%
Feb
%
Feb
Apr
Feb
9%
Apr
32
*ia
»t«
Jan
8%
28%
23%
4,900
29%
800
27%
25%
80
20%
JaD
33%
Mar
Jan
Apr
1%
Feb
%
Jan
%
70%
7
7
25*
Iron Fireman Mfg v 10.10
22%
25%
""250
25
20%
22%
1,400
16
1%
600
%
1,200
1
Warrants
3J6
Jan
31%
Feb
Mar
Apr
26%
1%
%
Jan
83%
Jan
Feb
Feb
Jersey Central Pow A Lt—
5%% preferred
6% preferred
7% preferred
..100
100
100
Jonas A Naumburg_._2.50
Jones A Laughlln Steel. 100
Feb
80
80
50
76
Jan
91
Mar
87
88
20
87
Apr
Jan
98
Feb
Jan
44
3%
32%
3%
1,200
850
35
1%
30
4%
Feb
Apr
Kansas City Pub Service—
Common vtc
%
Vtc preferred A
3%
•
Kansas G A E
7% pref.100
Kingsbury Breweries
1
7% preferred B
1
4%
112
112
1,800
1,000
10
2%
1%
2%
900
4%
3%
4%
4,800
%
1%
Mar
Jan
111%
1%
Jan
1%
6%
113
Mar
Mar
Apr
Jan
3%
74
Jan
4%
Jan
Jan
5%
Jan
•is
Jan
Jan
Mar
100
5% preferred D
..100
Kirby Petroleum
1
Klrkland Lake G M Ltd.l
500
2%
%
18%
1
4%
4%
100
3%
Mar
Ltd...£l
%
%
100
%
Mar
Feb
Klein (Emil)
Jan
Klelnert Rubber.......10
Froedtert Grain A Malt—
18%
Knott Corp common
15
17
"2%
18%
2%
700
2%
2,100
2%
Jan
Gen Electric Co Ltd—
Am dep rets ord reg—£1
19%
14%
19
4%
Mar
Feb
Kolster Brandes
preferred
100
Kress (S. H.) A Co pref.100
Kreuger Brewing
...1
18%
Jan
12%
Jan
20%
18%
Feb
1,600
La kawanna RR of NJ
49
Feb
Lake Shore Mines Ltd
1
54%
Feb
Lakey Foundry A Mach._l
Lane Bryant 7% pref..100
Lanpendorf United Bak—
6%
42
40
Warrants
300
%
%
,5.« May
40
100
6% pflOO
Apr
*t6
15%
53 convertible pref...
49%
General Tire A Rubber..25
75
Jan
75
'""180
67
Jan
1
General Telephone com. 20
1
400
1
JaD
14%
49%
16%
3,800
50%
800
69
75
2%
49
Jan
73
72
Gen Pub Serv 56 pref
Gen Rayon Co A stock..*
200
10%
12
2,100
96%
Apr
10% May
20%
3,100
14
"52% "55%
lb"306
6%
2,300
100
Jan
1,200
85*
Mar
Feb
Jan
81%
2%
18%
Mar
52%
Mar
Feb
Jan
Class A
Lefcourt
55 preferred
Gilbert (A C) com.....
"5"
5
Jan
Jan
69
82
Apr
Apr
Apr
102
'""525
90%
Feb
Apr
73
Jan
Lit Brothers com—
Feb
Preferred
5
Apr
8%
Lehigh Coal A Nav
*
Leonard Oil Develop...25
8%
8%
1%
1
6%%
4%
4
18%
3%
39%
18%
Lockheed Air Corp..
1
7%
6%
Feb
Lone Star Gas Corp.....*
11%
10%
33%
34
250
24
Jan
16%
14%
316
16%
300
8
Jan
316
5,400
%
JaD
3%
3%
200
2%
Jan
#i«
4%
Apr
25%
Feb
Mar
21%
Jan
Goldfleld Consol Mines. 10
3t6
Gorham Inc class A com.*
2%
700
2%
Jan
Mar
Common
Feb
7%
Feb
Preferred class B
21
100
21
16%
13%
18%
17
300
16%
Grand Rapids Varnish...*
Gray Telep Pav Station..*
14
20%
1,200
1,600
10
Jan
16
Apr
18%
Apr
32%
Jan
14%
20%
.........*
3%
...100
80%
preferred
Loudon
100
Packing
*
Explor.l
5%
2,000
6%
%
3
Apr
Jao
Jan
Feb
Feb
Jan
Mar
Jan
15%
4%
Jan
Jan
25
Jan
11%
Jan
2
46%
Feb
Mar
111
Apr
15
Mar
JaD
17%
Apr
5%
20%
18%
,7%
12%
1,700
6%
Apr
10%
Jan
6,600
9%
Jan
14%
Mar
3%
72%
Apr
120
Jan
88
Mar
275
64
Jao
76
Mar
Apr
Feb
Feb
4%
82%
70%
7%
14
5,600
5%
Feb
11%
400
6%
Apr
8%
Feb
45,500
9%
Jan
15%
Mar
95
6%
13%
Jan
95
2%
84%
Apr
Apr
2%
55%
9%
Apr
60
Louisiana L P A L Co—
$6 preferred
*
Lucky Tiger Comb G M 10
5
Mangel Stores Corp.....*
6%% pref
3%
80%
68%
2%
40
Lynch Corp common
2967
Jan
Apr
18
75
Long Island Ltg—
Louisiana Land A
Vtc agreement extended
8,500
*17% "17% ""166
•
Apr
21
......
Gorham Mfg Co—
Mar
18%
Feb
Feb
Class B
Mar
7%
45
34
2
4,100
Jan
8%
37%
107%
Feb
13%
Mar
59%
Jan
1,600
Apr
13%
2%
78
Jan
5%
43%
13%
13%
2%
Godchaux Sugars class A_*
Class B
*
100
100
*
Jan
51
7,400
40%
preferred
Apr
"Ii% "12% "8"300
Stores
Lerner
Feb
Mar
9
1%
45
Glen Alden Coal._......*
18
Loblaw Groceterias cl A..*
100
Jan
Feb
107
12%
2%
Lion OH Development...*
Jan
Apr
Mar
21
12%
18
12%
93
1
Mar
Jan
70
1
com
47
79%
6
74%
6
.'
Realty
68%
*79% *82*
11%
Preferred
375
6% preferred A
100
Georgia Power $6 pref
*
11%
19%
1,200
16%
1
24
Jan
99
98
19%
Jan
Jan
Koppers Gas A Coke Co—
6%
58 conv pref B
*
20
8
13
"14%
Gen Investment com....
page
Jan
Feb
Feb
Kings County Lighting
reg..£l
Gen Flreprooflng com....*
Gen Gas A Elec—
Jan
7%
14%
5%
39%
38%
%
*
6,300
38%
*
Florida P A L 57 pref.... •
Ford Motor Co Ltd—
.»
International
4%
13%
20
Ferro Enamel Corp com..*
Flat Amer dep rcets
14%
Feb
33%
New warrants
13
.1
*
Feb
%
*i«
*16
%
Jan
3%
Apr
37%
Feb
3% May
Warrants
*
Jan
Utility—
900
...
Apr
Apr
04
._*
Class B
1%
2,000
3,000
100
Feb
1%
6%
12
Registered
Feb
C<23%
^21 %
*
Feb
Jan
Jan
1%
11%
*
Jan
69
29
Internat Hydro-Eleo—
Pref $3.50 serle8......50
"48"
"""250
3%
72%
29%
1%
11%
Internat Holding A Inv_„*
29%
1%
"69%
International Cigar Mach *
9%
44
16%
Elgin Nat Watch Co...15
3%
Industrial Finance—
42
Electrographlc Corp com.l
Class B
25%
65%
2%
35,300
*
com
Jan
33%
19%
Elec Shovel Coal 54 pref..*
Flak Rubber Corp
Apr
22%
350
69
1
Fansteel Metallurgical
Fedders Mfg Co com
Jan
110
3,600
Insurance Co of N Amer. 10
Fanny Farmer Candy
35
Jan
5
35
17
*
Ex-cell-O Air A Tool
Apr
4%
33%
64%
Option warrants
Lead
Jan
29%
105
4%
18
1
ww
70
33%
1
Electric Shareholding—
Common
375
5
66%
Elec P A L 2d pref A
31%
Hygrade Sylvania Corp..*
Illinois P A L $0 pref
»
6% preferred
100
Illuminating Shares cl A.t*
*
com
Feb
30
6% preflOO
Ind'polls P A L 0% % pflOO
55 preferred
....
13%
Hydro Electric Securities. *
Jan
41
12%
21
Jan
Jan
Jan
Apr
10%
%
21%
Mar
17
11
Edison Bros Stores com..*
23%
62%
1%
10%
38
Easy Washing Mach "B"_*
Economy Grocery Stores.*
65%
15%
23
100
Jan
5,600
109
"25%
7% pref stamped
100
7% pref unstamped..100
Mar
31
29%
108
*
Jan
11%
1%
17%
50
Jan
18
29%
...»
Hud Bay Mln A 8melt
Feb
Jan
$7 preferred series A
*
100
Mar
4
10 preferred series B
Jan
Feb
Mar
21%
15%
100
*
preferred
6
1,700
Eastern States Corp
7%
80
Jan
50
3
55
23
200
3,100
Feb
110
Jan
500
Apr
Apr
Feb
1%
43%
Feb
Jan
Mar
1,450
Mar
Feb
Jan
10
Feb
1
63%
6%
14%
17%
Huylers of Delaware Inc—
7
31%
Jan
10
Humble Oil A Ref
7%
74
Jan
10%
11%
1 %
43%
21%
Jan
Jan
5,200
30%
1%
3%
1,000
Mar
Jan
l'ioo
7%
Jan
3,300
6%
Mar
"~7% ""7% "8%
12
14
Feb
Mar
2%
9%
39
175
%
15%
8%
72%
Apr
.*
com
73%
3,100
68
13%
4%
11%
12%
Jan
Apr
1
Holt (Henry) A Co cl A._*
124%
3%
71%
7%
1
Apr
Jan
Apr
72%
72%
72%
61%
see
5%
1%
08
......*
Jan
65%
30
20
25
Jan
£94 %
100
72%
61%
For footnotes
Jan
84%
8%
Mar
30%
53 preferred
Mar
Jan
2,000
Apr
Mar
4%% prior preferred. 100
6% preferred.
100
Globe Underwriters
Apr
Jan
7%
8%
Eastern Malleable Iron..25
Gen Outdoor Adv
Apr
%
Mar
Feb
91
18%
5%
6%
pref class B
6%
2
Jan
Jan
31%
10%
3%
Apr
300
7%
conv
700
600
6%
*
Horn A Hardart
Common
56
200
130%
128
81
"3,700
19%
70
East Gas A Fuel Assoc—
Conv preferred..
General Alloys Co
Feb
Apr
50
"16% "13"
22
10
Am dep rets ord
Mar
24%
82
50
500
11%
56
124
98
41%
9%
11%
Flintkote Co
%
110%
Jan
8%
1%
25%
28
100
preferred..
25
450
72
900
4%
Dublller Condenser Corp.l
Duke Power Co
10
7%
320
27
7%
2%
10,700
Feb
69%
Evans Wallower
High
85
May
£94%
Eureka Pipe Line
Low
70
85
17
24%
10
com
Range Since Jan. 1 1930
%
77%
50
29
Draper Corp
$6 ore ferred
Elec Power Assoc
2
100
24%
Dow Chemical
Eagle Plcher Lead
for
Week
Shares
81
Gulf States Utll $0 pref..*
$5.50 preferred
*
22%
%
270
100
preferred
"2%
1
*9
Douglas (W L) Shoe Co—.
Equity Corp
..25c
com
114%
127
24%
6%
17
11
Dominion Steel A Coal B 25
pref
*
Grocery Sts Prod
Holllnger Consol G M...5
Amer deposit rets
conv
Greenfield Tap A Die
"26""
112
127
112%
63%
11
3%
8%
11%
6
Doehler Die Casting
58
25
Apr
Distillers Co Ltd—
Class A.
*
7% 1st preferred....100
Gt Northern Paper
41
Corp com.*
Products
2
Distilled Liquors Corp
7%
stock
com
62%
9%
3%
Diamond Shoe
Driver Harris Co
of Prices
High
17
*
Preferred
7% preferred
Week's Range
Low
Handley Page Ltd—
Am Dep Rec ord Reg
Detroit Gray Iron Fdy
Dictograph
Non-vot
12
600
Price
Great Atl A Pao Tea—
Apr
1%
Mar
De Havlll Aircraft Ltd—
Dennlson Mfg
Sale
Par
Feb
23
10
Dayton Rubber Mfg com.*
..36
15%
Jan
Mar
225
106
1%
Darby Petroleum com
♦
Davenport Hosiery Mllls.6
Class A
11%
4%
300
100
Last
(.Continued.)
High
Low
7%
*
Cusi Mexican Mining.-50o
STOCKS
Range Since Jan. 1 1936
for
Week
Shares
2963
Sales
Friday
7
Cuban Tobacco com vtc.-*
Cuneo Press com
Sales
w w
100
4%
4
42%
2%
200
42%
1,100
4%
600
45
90
4
42%
Jan
Jan
Mar
Feb
Jan
Feb
New York Curb
2964
Friday
stocks
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Mapes Consol Mfg
Price
Low
25*$
100
24 X
17*4
200
14
Mar
5
5*$
3*4
200
3*4
1,400
1,600
1,700
4,000
80*4
76
2X
2
25$
Massey-Harris common..*
Mayflower Associates,
May Hosiery Mills—
$4 pref w w
McCord Rad & Mfg B...*
McWilliams Dredging
.*
5X
5
5%
90
56
56
50
10*$
11*$
71%
75
90
Memphis Nat Qas com..6
Memphis P A L 7% pref..*
8*$
5%
100*4
Mar
1*$
4
Feb
7*$
Jan
56
Jan
Apr
Apr
64
Apr
Feb
47
Jan
Jan
13*$
Apr
$1.301st preferred.
Pacific Tin spec stk
Apr
1,000
1,450
91X
800
7*4
2,300
6*4
8H
59
Jan
Feb
105*$
8*$
Mar
Jan
Apr
82*$
Jan
30*$
~"l'% ~~6~
l",306
89%
5X
"7%
31300
31%
3H
he
100% 100%
"506
4*$
2,100
IX
1,300
'is
100*4
IX
IX
,#1S
554
900
5X
"T
Merritt Chapman A Scott*
»
*
X
Michigan Gas A Oil
Michigan Sugar Co
4*$
Preferred
...10
Middle States Petrol—
5*$
1*4
*
60
3%
I*$
4
IX
1*4
400
3,000
....»
"23"
"24*$
Jan
62
Jan
Apr
X
102
Molybdenum Corp.
Montgomery Ward A
Montreal Lt Ht A Pow
1*$
Feb
6*4
Jan
Feb
Preferred A
91*$
114
Jan
Phillips Packing Co
Feb
Apr
81
Jan
93
Feb
41H
Jan
70
Jan
13*4
Jan
34
Feb
Pierce Governor com.
Pines Wlnterfront Co
40
85
Apr
Pioneer Gold Mines Ltd._l
85
Feb
Apr
Pittsburgh Forglngs
_.l
Pittsburgh A Lake Erie. 60
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Potrero Sugar com
5
Jan
138
30
Apr
3,300
44
Apr
Apr
35*$
59%
Feb
700
12*4
200
11*4
Jan
15*$
Mar
39
47
Mar
23*$
1,500
35Q
Apr
100
1%
1%
Feb
11,600
100
43*$
Jan
Jan
Jan
26 X
100
24*$
33
33
150
33
18%
18*$
20%
3,800
51.
48%
2%
57
3,800
20
»
*
National Gypsum cl A
5
National Investors com__l
X
*
1
23
Jan
Providence Gas
57
Apr
Prudential Investors
Jan
Jan
IX
300
316
IX
"is
1*$
2;
800
75
ff*$
4J$
Jan
Jan
Jan
4*$
89
6
Feb
Apr
Jan
86*$
Feb
8*$
Mar
Apr
Jan
Feb
Apr
Jan
Apr
National Sugar Refining.
26 X
27
700
23
Jan
30
10
10*$
moo
2,200
10
Nat Tea Co 6*$% Pf
National Transit
Nat Union Radio Corp.
Nebel (Oscar) Co com
is.,
l
1
*
Nebraska Power 7% pf.100
Nehl Corp com
•
Nelsner Bros 7% pref..100
113
5*4
'llx
Nelson (Herman) Corp...5
Neptune Meter class A...*
Nestle-Le Mur Co ol A
•
Nev Calif Eleo com
..100
10
113
5%
5
14%
800
15X
1,500
3%
2,200
Jan
Jan
Jan
Apr
Jan
Jan
Mar
2*$
123
79 x
4
78
82
3%
ox
"82~~
Newmont Mining Corp. 10
2,900
4
ox
2,100
100
89
3,100
3
80%
200
New Process com..
N Y Auction Co com..
*
N Y Merchandise.
•
45
46X
200
N Y A Honduras RosarlolO
N Y Pr A Lt 7% pref
100
32
35
350
108
109
50
3
*
$6 preferred
N Y Shipbuilding Corp—
Founders shares
N Y Steam Corp com..
Mar
11
'Ex
*
.
H
H
111*$
4%
110*$
12*$
10*$
2*$
Feb
Apr
Jan
Jan
74
7% preferred
..100
New Bradford Oil
5
New England T A T Co 100
New Jersey Zinc
26
New Mex A Ariz Land
1
New Haven Clock Co
X
8*$
10 %
12.50
*
69*$
1*4
6*$
74*t
24*$
2*4
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Feb
9
Feb
Feb
Jan
Telep 6*$% pref..l00
120X
NY Transit.
6
N Y Wat Serv 6% pfd..100
Niagara Hud Pow—
Common
—..16
Jan
15*4
Feb
2
Feb
3*$
Jan
113
Apr
Feb
8%
5«
Class A oot warr
Class B opt warrants
Class B common.
9%
6
.
34
*
NlpiBSing Mines..
..6
Noma Electric
__l
10*4
2%
5X
9
2,000
2,900
4,700
28X
2%
5%
40
2X
6%
2,700
Common
1
3%
$6 preferred
*
40 X
2,400
1,850
43
3%
4
6
6
4%
40%
43
North American Match. _*
No Amer Utility Securities*
3%
36%
6
Quaker Oats
Feb
4*$
Feb
21*4
75*4
4*$
Apr
Feb
Feb
128
•
92*$
6*$
9*4
96*4
25*$
3*4
52
Mar
Mar
Feb
Jan
Jan
Jan
Jan
77*$
100
Feb
77*4
Feb
72
122
69
570
109
1,700
New wl
(Daniel)
200
93*4
1 *4
4
5*4
4,100
800
29*4
13*$
"2*4
30
33
30
34
2*$
25*4
*4
Jan
Feb
Jan
2*$
27
S,c
100
11*$
Jan
800
13*$
82*4
Mar
6,100
400
1*4
Jan
2*$
Mar
19*4
Jan
30*$
Apr
•is
Feb
Feb
37
Jan
7,500
*4
Jan
800
13
X
8*$
Apr
1*$
Apr
9*$
Feb
Apr
10*4
9*$
Apr
11*$
Apr
Feb
98*$
Apr
102*4
Mar
Jan
103
Jan
100
20
103*4
Mar
105
Apr
39
41*$
110
Jan
53
Feb
21
24
130
37*$
14*4
Jan
48
53
400
48
Feb
48
48
50
48
60
Feb
113
113
50
111
Apr
Apr
Apr
27*$
60*$
114
Apr
115
Apr
117*4
Apr
Jan
97
Feb
Jan
110
Feb
105
51
105
94
94
10
92
100
100
10
98
2*4
Jan
3*4
3*$
*4
98*4
Jan
6*4
Jan
55
275
50*$
Jan
67
Jan
22*$
23
300
22
Jan
14
Jan
34*4
15*$
Apr
"~6*$ "'0% "i",500
Jan
9
126*$
90
125
Apr
137*$
Jan
144
144
10
141
Jan
149
Apr
Feb
5*$
16*$
17*4
400
14*$
Jan
18*$
19
425
17
Jan
18*$
21*$
1
500
*$
Jan
2*$
Jan
*4
400
*$
1*$
Feb
SI6
1,100
*4
Jan
Jan
X
Feb
50
5*4
Feb
19*$
Apr
1
X
*$
Jan
75
20*$
Jan
8*4
Apr
Mar
*i«
Jan
Jan
1*$
Mar
20*$
1
1
7
*4
15
"2*$
14%
5*4
2*$
7*$
%
15*$
5*4
2*4
..»
Russeks Fifth Ave
Rustless Iron A Steel
3*$
15*4
3*$
14
""%
.*
"4*$
3*$
Jan
Jan
Salt Creek Producers
Apr
79
Jan
77*$
X
1,400
1,700
2,600
12*$
4*4
8,600
700
7
Jan
9*4
Feb
2,700
Scoville
Scranton
3*$
"7*4
4*4
\X
21*$
Jan
38
22
1,500
15*4
Jan
26*$
Apr
Seeman Bros Inc
41
2,600
85*4
Jan
48
Feb
Segal Lock & Hardware..*
27
27*$
50
27
Apr
35
Jan
Seiberling Rubber
Selby Shoe Co
106*$ 106*$
112*$
"loo
112*$
109*4
Feb
Feb
Jan
*
com..
11
13
7*$
Apr
1,200
1*$
1,400
4
Apr
Apr
2*4
6*$
Apr
2
Jan
105*4
4*$
19*4
200
12,500
4*$
14*$
Jan
Jan
~2~406
5is
Jan
500
4X
3*$
74*4
2,400
3,90.0
175
70
*4
800
'is
3*$
57*4
3%
3*4
3*$
57*4
7*$
3*$
38*$
8
3*$
1*$
8,900
4
62
410
8
4*4
:
31
Jan
Jan
Jan
Mar
Apr
Jan
30
Jan
Apr
Jan
Apr
Jan
400
2*$
4
42
500
2*4
2*$
3
3
9,000
1,500
Apr
Apr
Apr
Mar
1*$
41*$
Feb
Feb
19
7
3*$
41*$
2*$
Jan
70
Apr
7i6
Jan
Mar
Jan
1,400
300
Feb
Apr
Mar
Jan
1,700
1,800
Apr
Mar
Mar
1,000
23
Feb
Apr
Mar
1*4
39*4
42
Water Co. $6 pref
Securities Corp General..*
28 X
106*4
3*$
15*4
'16
36
Jan
Jan
3*4
16*4
30
Manufacturing.25
Spring Brook
20
Feb
Jan
28
24*4
110
8*4
1*4
4*$
316
10
27
104*$
7
62*$
70
._.*
20%
Mar
Jan
58
Schiff Co com..........
Schulte Real Estate com.
Savoy Oil
6*$
15*$
16
62*4
Ryan Consol Petrol
*
Safety Car Heat A LightlOO
St Anthony Gold Mines.. 1
St Regis Paper com
5
7% preferred..
100
Jan
Jan
35
5
he
36
Jan
3
400
104*4
1*$
4
....20
8*$
500
Feb
Apr
Feb
2*4
25
10
98*4
7%
Mar
0*ii
__*
Jan
7
Jan
125
126
...*
Apr
Northern Pipe Line
10
Nor Sts Pow com class A100
Feb
52
*
46
0*$
39*4
Royalite Oil
Royai Typewriter.
7*$
Apr
22}$
•
Mar
Jan
Mar
Feb
100
Rossla International
101*$
34*$
18*$
700
Feb
Jan
Jan
500
13*$
44*$
3*$
Feb
Jan
23*$
66*4
23
75$
Root Petroleum Co
$1.20 conv pref
Jan
Jan
Apr
3*4
3*$
6*4
22*$
6% preferred ser D..100
Roosevelt Field, Inc.
6
Apr
140
"23"
*
Feb
Jan
Jan
Apr
Jan
9*4
X
___.*
com
Feb
Feb
7*4
28*$
2*$
3*$
Jan
1*$
9*4
11*4
*$
2*$
Feb
Feb
6*4
Feb
4*4
Apr
92
Feb
7is
5*4
73*$
Feb
Jan
Jan
10
6*4
Feb
34*4
Apr
Feb
1*$
Feb
41*$
55
Feb
Mar
2*$
I
1
Jan
5*4
41*$
Apr
46*$
Jan
1*4
Jan
Mar
2
Jan
4*$
4*4
32*$
32*$
250
30*$
Jan
2*$
3*$
6,700
25$
Jan
40
Feb
Feb
Mar
Selected Industries Inc—
Common
$5.50 prior stock
25
Allotment certificates..
Feb
14*$
6,800
7%
Apr
5i6 May
1*$ Mar
Mar
2967
""454
Richmond Rad com..
1
Rochester Gas A Elec Corp
87*4
page
Apr
Jan
39
7%
10*$
1*4
Rice Stix Dry Goods.....*
Richfield Oil pref
25
108*4
*'•»
36*$
38
5*$
11
Feb
Feb
130
Jan
175
2,500
Jan
5*4
8*$
66*4
Apr
Feb
Jan
111
10*$
$3 convertible preferred*
v t c...50c
Red Bank Oil Co
*
Reed Roller Bit Co......*
6*i
Apr
112 X
| Jan
69
115"
Raytheon Mfg
75*$
103
100
Jan
7*$
15
121*$
50
100
9*$
1,700
*4
Jan
Jan
-
107*4
% pref
7,100
8*4
14*4
Apr
55
106
Ohio Brass Co cl B com...*
Ohio Edison $6 pref
*
Mar
3*$
12*$
»
Jan
100
Northwest Engineering..*
Novadel-Agene Corp
*
Apr
♦
.....
Common
20*$
Northern N Y Utilities
Ohio Power 6% pref
Class B
Reybarn Co Inc
Reynolds Investing
35
70
2*$
2*$
10*$
Raymond Concrete Pile—
Jan
200
79
"fx
Rainbow Luminous ProdClass A.
.♦
11*$
Feb
Feb
pfdlOO
7% preferred
._»
com
Relter-Foster Oil
Feb
5*4
49*$
100
200
9*4
0% preferred
100
Quebec Power Co
*
Ry A Light Secur com....*
Ry A Util Invest cl A....1
Apr
8,900
Feb
100
Feb
100
516
Jan
18*$
8*4
36*$
8*$
..*
71
%
%
1
Jan
50
99*$
Apr
8*4
36*4
50
Apr
Feb
Jan
99*$
16
Jan
200
100
13*4
Jan
200
19
104
120% 121%
5%
5%
5,600
7*4
40
Jan
7*$
8X
•
Reeves
14*$
116*t
4*$
19,000
Mar
9*$
.*
$0 preferred
Jan
300
8%
X
IX
36
900
9*$
115
Nor Amer Lt A Pr—
Nor Cent Texas Oil Co
Nor European Oil com
Nor Pennsy rr_
Pub Utll Secur $7 pref
Puget Sound P A L—
$5 preferred..
Feb
155$
7%
516.
IX
15
Jan
'10*$ "12*$ "illoo
"~9X
6% prior lien pref...100
7% prior Hen pref
100
38
Jan
90
Apr
4*$
200
100
110
Apr
Apr
425
10
2*$
100
Jan
7 *4
58
7,900
36
12
1,300
6>$
37*$
10*$
Feb
50
"ir
Pyle-National Co
5
Pyrene Manufacturing.. 10
5*4
Niagara Share—
Nlles-Bement-Pond
6% preferred
7% preferred
Jan
96*$
55
116*4
34
Pub Service of Okla—
Apr
30
15
18
Apr
100
Reliable Stores com..
*
Apr
9*$
Public Serv Nor 111 com..*
Common
......60
86
100
7%
Apr
12
14
5*$
37*4
"10*4
7% 1st preferred
100
Pub Serv of Indlana$7 pref*
$6 preferred
•
30*$
105
7%
100% 101
1
41
117
115
400
*
$0 preferred
Apr
Jan
14
•is
Feb
1*$
2*$
50
*
10
93*$
70*$
Apr
220
*
8% 1st preferred
14
.
150
Jan
Apr
107*4
Pub Serv of Colo—
14
100
44
87
....»
Feb
Conv part preferred...*
National Steel Car Ltd...*
316
IX
6*$
Producers Royalty.
1
Propper McCallum Hoe'y *
Apr
8*$
*$
2*$
17*4
common
Jan
18*$
2
4,166
130
Mar
112*$
12
111
Jan
Jan
55*4
31*$
"34% "35" """l25
•
Premier Gold Mining....1
Pressed Metals of Amer..*
48%
80
"4X "Elf
510
8*4
5*$
22*$
Jan
;
114*4
Prosperity Co class B..:.*
10
T,66o
Pratt A Lambert Co
Feb
800
-§r
Jan
Mar
5*4
Apr
2.000
"75"
77
*
National Refining oom..25
2X
49*$
13*$
31
IX
*
Apr
Powdrell A Alexander....*
Power Corp of Can com..*
33
IX
*
Feb
»
Jan
2%
84%
84%
Feb
Meter
Apr
May
1
2%
1
12
Pitts Bessemer A L E RR50
Feb
6
48*$
44%
115
May
Jan
Mar
103
""306
58
33*4
115*$
13*$
20
112
Pltney-Bowee Postage
Apr
27*$
4*$
2*$
44*$
Il5"
"91"
6
Feb
106*$
10
125
60
Jan
3*$
280
28*$
37
Jan
17
600
6*$
7*$
25
Feb
5*4
100
20,100
33
6
150
138*$
1%
National Container Corp—Common
•
Nat Service
*
Jan
Feb
Apr
Apr
23*$
4%
"2
Nat Bond A Share Corp..*
National Candy Co com..*
5*4
100
Piedmont A Nor Ry
Jan
13
National Baking Co com.l
Natl Bellas Hess com
1
Nat Rubber Mach
•
Feb
35
38
Apr
66*4
Mar
5
100
4*$
19*$
107
109*4
105*4 105*4
125*4 128
5*4
3*4
55*4
10
ser
152
4*$
8N
160
138
v t c
com
A
conv
Jan
12
"26"
Murphy (G C) com
*
Nachman-Sprinfllled Corp*
Nat Mfg A Stores com
National P A L $6 pref
pref
Pie Bakeries Inc com
Apr
44
Mountain Sts Tel A Tel 100
Mueller Brass Co com
1
$5.60 preferred.
Warrants
$3
..1
8
3,000
6
5*$
19
~90~
90
*
Common
142
4%
5*$
Apr
85
Phoenix Securities-
29*$
7,200
25
May
44
Phi la Elec Co $5 pref
♦
Phila El Pow 8% pref...25
28
5X
National Fuel Gas
Jan
107*4
♦
150
10
pref..
Mar
Jan
16X
31X
38
.*
...
260
9%
.100
Mountain Producers
Jan
83*$
.
Jan
91X
38
1*$
Jan
4
100
Pet Mllx Co 7% pref.-.100
Philadelphia Co com
*
109
Mtge Bank of Col Am shs_*
Ohio OH
Pa Water A Power Co
Perfect Circle Co.
""io
8
4*$
Pennsylvania Sugar Co..20
Feb
Mar
5*4
19*4
...50
13
22
146 X 149
3*4
45*4
110
$6 preferred
Jan
575
Moody's Invest Service..*
Moore Corp Ltd com
*
1st preferred
1
Jan
29%
•
7%
Penn Mex Fuel Co
Jan
26*$
75
2~,400
55*$
6*$ 140,800
300
4*4
85
53
17*$
Pennroad Corp v t C.....1
Feb
325
50*4
Apr
Apr
Jan
Jan
100
Pa Gas A Eleo class A....*
Pa Pr A Lt $7 pref..
•
Apr
50
36*4
5*$
Mar
52
49
400
35
Mar
28*4
500
75$
38*4
33*$
4*4
2*$
83
23*$
51*4
24
4J$
Jan
29
107
Apr
5*$
2.50
Jan
Jan
1
*
.
Nor Ind Pub Ser 6%
new
Jan
"ii
Jan
f 32
Apr
800
Plymouth-
Peninsular Telep com
Preferred..
Jan
Jan
Jan
Jan
20
Apr
Feb
6
Apr
20
6*$
50
Apr
Apr
Moh A Hud Pow 1st pref.*
2d preferred
*
N Y
..10
Pender D Grocery A_._.
Class B
Feb
Jan
3*4
29*$
26*$
300
Parker Pen Co.
19
25
83
6
300
3,000
3,100
15*4
3*4
17*$
8*$
6*$
22
5*$
Mar
Feb
Jan
Parker Rust-Proof
Jan
37*$
*
Pan Amer Airways
Patchogue
Jan
Jan
1*$
11
106
20
6*$
4*$
43
24*$
82 X
13*$
400
600
Jan
78
4*$
Mar
High
101*$
10
104*$
1
Jan
1%
OX
4X
32*$
Paramount Motor
276
27
Miss River Pow 6% pfd 100
Mock Judson Voehrlnger.*
Nat Leather
90
8*$
31*4
10*4
3%
Mar
300
.
Low
Shares
400
31*$
5
lux 'lux lux
Mining Corp of Can. ...*
Minnesota Mining A Mfg *
Minn Pow A Lt 7% pf 100
conv
Feb
Apr
Mar
6*$
31*$
6*$
45
*
14
1
43
.*
103*$ 103*$
14*4
14*$
2
2*4
Pantepec Oil of Venez
Apr
3
10%
...
High
13
Range Since Jan. 1 1936
for
Week
of Prices
5*$% 1st pref.
.£.25
Pacific Ltg $6 pref......
Paolfle P A L7% pref..100
Pepperell Mfg Co
Mldvale Co.
Nat Auto Fibre A
Pacific Eastern Corp
1
Pacific G A E 6% 1st pf.25
Penn Salt Mfg Co
»
t c
3*$
1*4
5*$
89
Jan
40
100
v
Jan
79%
5%
7% preferred
100
Merchants A Mfg cl A...1
Participating preferred.*
2X
13*$
Week's Range
Low
Page-Hersey Tubes Ltd..*
6
20%
Class B
Class A conv pref
...*
Overseas Securities......•
Jan
""166
Midland OH Corp—
$2 conv pref
Midland Steel Prod
5
com
Outboard Motors B com.
Apr
Apr
"26"
t c_.
Jan
Mar
Jan
3X
"26"
v
9*4
22*4
Price
Ohio P S 7% 1st pref...100
02 X
Mercantile Stores com...*
Class A
Apr
76
73*$
Mead Johnson & Co
Metrop Edison $6 pref
Mexico-Ohio Oil.
Feb
Pacific Pub Serv
...
6*$% A preferred
27 X
42
.1
Maaonlte Corp common-.*
Mass Utll Assoc v t C....1
Messabl Iron Co
Jan
Oilstooks Ltd
7%
5
Sale
Par
High
16*$
Margay Oil Corp
*
Marion 8team Shovel....*
Last
(Continued)
Shares
Marconi Internat MarineAmerican dep receipts. £1
Maryland Casualty
STOCKS
Range Since Jan. 1 1936
25%
*
May 2, 1936
Sales
Friday
Week
Par
$2
Exchange—Continued—Page 3
Sales
2*$
45$
Feb
84
"86
88
350
81
Jan
90
Mar
86
88
450
78
Jan
95
Mar
2965
New York Curb Exchange—Continued—Page 4
Volume 142
Sales
Friday
Range Since Jan. 1
STOCKS
Last
Week's Range
for
0Continued)
Sale
of Prices
1936
Week
Par
Low
Price
High
Specialists in Curb Bonds
High
Low
Shares
Belf ridge Prov Stores—
2H
Amer
dep reo
£1
Sentry Safety Control—.1
Seton Leather
Shattuck Denn Mining.. .5
654
Shawlnlgan Wat & Pow._*
Shenandoah Corp com
1
2054
$3 conv pref
..25
Sherwin-Williams com..25
100
%
%
10
com
11
6
800
754
2054
3,100
2054
300
Jan
%
7%
4%
19%
Apr
JaD
Apr
Members New York Stock Exchange
Jan
2354
Members New York Curb
454
Feb
Jan
124
12254
1,600
1%
Api
100
135
1,650
47%
118%
Jan
Jan
Mar
254
Peter P. McDermott & Co.
Feb
Apr
854
50
1%
50
„
154
15
Mar
Feb
110%
256
„
254
5% cum preferred...100
Sherwin-Williams of Can.*
"17"
*17**
100
17
Apr
Singer Mfg Co
336
340
130
332
Mar
55
39
Apr
14554
Exchange
NEW YORK
...
DIgby 4-7140
Apr
116
BROADWAY
Apr
2054
365
Jan
Sales
Friday
Feb
Range Since Jan. 1 1936
STOCKS
Singer Mfg Co Ltd—
Amer dep rec ord reg.£l
5
5
1,000
25
1,200
13,300
Last
Week's Range
for
0Concluded)
...100
Sale
of Prices
Low
High
Week
Jan
Feb
Par
Jan
3%
554
3454
Mar
U 8 Int'l Securities......*
1st pref with warr..
*
Price
High
Low
Shares
Smith (L C) A Corona
Typewriter
2354
Sonotone Corp
2054
2%
v t c com....
254
1
254
19
1%
Jan
354
Feb
4154
2854
Apr
Jan
27
Apr
Southern Calif Edison—
-
Mar
25%
Jan
254
200
Apr
14554
10
2%
145 %
554
400
4%
Apr
754
154
500
1
Jan
254
Feb
Feb
149
Jan
Feb
800
6%
32%
Jan
37%
Jan
1154
4054
Mar
Mar
56
56
100
64
Jan
68
Mar
8
35
-----
1,900
9
%
Am dep rots ord reg..£l
54
500
32 54
650
2%
54
2%
100
1
200
3754
38%
716
__
Square D class A pref
Stahl-Meyer Inc com
..*
32
•
»
32
--1 —
250
%
Jan
2%
Apr
H
Jan
Jan
29
Jan
33
54
Feb
Feb
54 Feb
3354
Feb
Conv preferred
Stand Investing $5.60 pf.*
Oil (Ky)
10
Standard
Jan
1854
100
35%
Jan
4954
Feb
Apr
Jan
2354
Jan
Standard
Oil (Neb)
25
Standard Oil (Ohio) com 25
6% preferred
..100
Standard PAL com
...»
Common class B.
...»
Preferred
12
102
2%
2%
2%
Jan
97
Jan
900
2%
350
%
1,400
2,400
1,300
916
%
1
1,100
2%
716
6% preferred
10
Steel Co of Can Ltd
Stein (A) A Co common._*
6 54% preferred
Sterchl Bros Stores
21 %
175
27%
25
%
1
600
4,900
105
2%
27%
Standard Silver Lead
Starrett Corporation
12%
31%
12
28
29%
103
17%
11%
3
3%
62
100
62
2%
Apr
2%
Apr
25
Apr
H
%
2%
454
Jan
300
*
Feb
1
Waco Aircraft Co
..*
Class B__
Feb
Walker Mining Co
Feb
Wayne Pump common..
1854
Apr
Feb
Western Air Express
__1
Western Auto Supply A..*
Western Cartridge pref. 100
Apr
Apr
754
Apr
Jan
6%
Mar
Apr
Jan
1
Jan
254
Apr
Feb
29 54
Apr
3
Teck-Hughes Mines
1
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
Texas Gulf Producing..,
Texas P A L 7% pref..100
Texon Oil A Land Co
»
Jan
Apr
9,300
1 %
Jan
100
3%
15%
Feb
JaD
18
18
17%
6%
Taylor Distilling Co
1
Technicolor Inc common^
4%
454
5
46,700
18%
17%
19
10,300
62
63%
3%
23
1
7954
100
1
354
400
154
154
2454
354
2
6,900
354
1%
354
79
500
100
3,600
Apr
Mar
654
83
254
%
Jan
354
Apr
154
Jan
3
Jan
32)4
Apr
354
1,200
3%
22%
95
18
2%
154
Jan
654
81
50
83
3
6%
654
600
754
81
Apr
87
Jan
27
6% May
8
200
2
254
700
2654
2954
9,900
8%
754
8 54
1,300
38%
3854
154
1054
Feb
554
Mar
1054
254
Jan
2
2
Jan
254
Jan
3254
454
Jan
1054
3754
Jan
154
150
39
19
34
100
Jan
46
10154
Western Tab A Sta
v
t o__»
454
2254
Apr
Feb
West Va Coal A Coke
954
Feb
5
Apr
66
2054
Apr
10054
285
99%
2154
600
1554
Apr
Jan
64
100
2054
Mar
10154
Williams (R C) A Co...
Williams Oll-O-Mat Ht.
7%
preferred
100
*
354
354
454
2,500
Apr
2454
Jan
Wll-low Cafeterias Inc
1
154
154
800
Mar
6%
6554
Jan
Conv preferred
Wilson-Jones Co
*
754
854
400
Feb
62
Jan
Jan
4%
5
5%
2,100
6
35%
~~3%
5,500
5
700
37%
4,300
Jan
102
4%
6
Mar
102
5
Apr
4%
35 %
Jan
Mar
854
3954
Mar
Woodley
2%
Feb
454
Mar
7,600
4%
17H
Apr
Jan
6
18,800
3254
Apr
Mar
4%
4%
4,300
4%
Mar
70%
70%
25
4%
25%
4%
3%
6
70
Jan
%
200
%
4%
5%
12,800
101% 101%
6
6%
101%
40
4%
100J4
%
4%
4,000
6
Jan
Apr
Apr
Jan
554
79
754
554
Mar
10
Mar
Apr
Apr
1354
3
1554
Feb
Mar
Feb
Apr
Mar
Feb
Feb
854
854
754
8
254
254
1,800
40
Jan
Feb
83
Mar
354
Petroleum
Jan
80
Wise Pr A Lt 7% pref..100
Wolverine Portl Cement 10
29%
3%
4%
27
1
70
lu454
Jan
Jan
Feb
31
Mar
Jan
354 May
7%
10%
2%
17%
Jan
78
10554
2354
Jan
7
Jan
554
Jan
11
Mar
Jan
31
Feb
Woolwortb (F W) Ltd—
Amer deposit rets
29
6s
Wright-Hargreaves Ltd..*
Yukon Gold Co
7%
5
22,300
754
Mar
954
Feb
4,300
154
Jan
454
Feb
Jan
Feb
154
754
Feb
BONDS—
$
Feb
Abbot's Dairy 6s
Feb
104
104
104
1,000
104
Apr
107
102 54
Jan
10554
Mar
Feb
Mar
Alabama Power Co—
954
Feb
6854
Mar
1942
10454 10454
32,000
6
*
1946
104%
1951
9954
9854
Feb
10054
1
Apr
1st A ref 5s
1956
98
9954
9854
71,000
Apr
6,000
96
Feb
100
Jan
66
Jan
1st A ref 5s
1968
"8554
8554
8754
19,000
84
Mar
95
Mar
4
Jan
1st A ref 454s
1967
8054
8054
8254
85,000
8054
Mar
9154
Feb
Apr
10854
10554
Mar
55 %
100
Tobacco Allied Stocks
Tobacco Prod Exports
1st A ref 5s
1st A ref 58..
1
65
Thermold 7% pref
200
3%
2",700
3%
2%
Apr
Tobacco Securities Trust
Aluminum Co
Am dep rets ord reg_.£l
Am dep rets def reg_.£l
39
40
150
104
Todd Shipyards Corp
•
Toledo Edison 6% pref. 100
7% preferred A
100
104
10
199*
5%
3254
"366
%
Mar
Mar
Jan
2154
554
%
54
106
Mar
1,600
113
J»n
Amer Com'lty Pow 554s '53
Am EI Pow Corp deb 6s
'57
*23* *
Amer G A El deb 5s..2028
10754
Apr
Am Pow A Lt deb 6s. .2016
Apr
54
Feb
Amer Radiator
Jan
154
Feb
Am Roll Mill deb 6s..1948
3%
3%
4
4,400
354
Jan
554
Jan
3%
3
3%
3,900
154
Jan
654
Feb
454s.. 1947
10454
Amer Seating 6s stp
Triplex Safety Glass Co—
Am dep rets for ord reg__
..1946
Appalachian El Pr 58.1956
Appalachian Power 5s. 1941
10554
2024
11554
Apr
Arkansas Pr A Lt 6s. .1956
10054
Mar
Associated Elec 4 54s. .1953
5654
Debenture 6s
2154
1154
Tri-State T A T 6% pref 10
Trunz Pork Stores
Tublze Chatlllon Corp
1
10
654
A
2754
Tung-Sol Lamp Works... 1
Mar
Jan
1,600
6%
2854
1054
Mar
654
2254
1154
13
Feb
Jan
954
Mar
400
23 54
Jan
3754
Mar
2,500
854
Apr
Feb
300
12%
Apr
Mar
1154
1354
3,000
11%
Apr
254
254
100
254
Apr
Jan
1054
"i054
OCi Of Of
2654
854
1454
1654
1654
454
3054
JaD
1254
Mar
Mar
754
Mar
8%
12 54
»
12
Unexcelled Mfg Co
10
Union American Inv'g...*
13
1
»
1
I
Feb
Feb
Feb
7
United Chemicals com..
$3 cum A part pref
United Corp warrants
♦
United Dry Docks
*
12
7%
41
1
1%
1%
15%
7%
42%
500
12
100
300
754
3554
Apr
Feb
1%
4,300
154
Apr
4,000
54
954
Mar
1%
..1
8
7
8%
..»
94
93
98%
104,100
2,900
2%
11,200
1%
United G A E 7% pref. 100
A..*
"1%
"~5%
23*666
6%
~4%
6
»
$6 conv 1st pref...
•
United Milk Products...*
Apr
4
Jan
Jan
200
37
43
9,100
13
39%
13
75
»
8154
Jan
54
8654
Jan
354
Jan
554
29 54
654
Jan
43
2%
warrants
Jan
22
Mar
1,000
11,000
10354
10454
10354
10454
10654
10354
Feb
1054
Feb
Apr
Feb
354
Jan
1354
Jan
2854
Feb
Jan
10854
Mar
106
99%
40,000
9254
10254
Jan
10354
Jan
10554
10454
37,000
10354
Jan
105
Apr
Jan
Mar
4,000
10354
Apr
10754
Feb
32,000
10454
Apr
10654
Feb
8,000
10754
10854
4,000
11554 11554
124,000
10054 101
56
63,000
5854
11354
*eb
Feb
117
98
Feb
10254
Apr
Mar
66
Apr
6554
Feb
7,000
3554
Jan
52%
Feb
21,000
2854
2754
Mar
3854
Feb
Mar
3954
Feb
Feb
Feb
10354
106
4654
3654
37
.1949
3554
3554
1950
3754
3654
1968
Conv deb 4%g
Conv deb 6s
3754
3654
40
"8354
3954
7954
8254
9954
Debenture 5s
Conv deb 554s
1977
Assoc Rayon 5s
1950
Assoc TAT deb 554® A *65
Atlas
48
3554
1938
Conv deb 4548 C...1948
190,000
Jan
3854 195,000
3854 345,000
30
Jan
4054
29
Mar
4054
4054
7954
34,000
33
Mar
4554
2,000
76
Jan
8554
58,000
78
Jan
10054
Mar
9954
9954
31,000
9654
Jan
ldl
Apr
8754
7754
8454
36,000
7754
Apr
108
Mar
79
79
79
Apr
"7654
7354
8154 179,000
78
30,000
7354
Apr
75
Apr
93
14,000
11454
Jan
117
11,000
116
454s~1955
Plywood 654s._ 1943
6s with
1938
warrants
10
Jan
Jan
6s stamped xw
Apr
80
9154
10154
Feb
Apr
Mar
Apr
Mar
Mar
Mar
Mar
Feb
Mar
Mar
6s
e tamped w
W-.1938
6s without warrants 1938
1938
1st M 5s series A...1955
1957
1st M 6s series B
series C
1998
Am dep rets ord reg
£1
Unitea Profit-Sharing....*
6%
600
5%
6s
Birmingham Gas 5s
1959
Jan
14
Mar
4854
Apr
Buffalo Gen Eleo 5s. .1939
554
Jan
654
25
85%
84
85%
350
25
40%
40%
40%
35
51,600
11,200
%
'32
%
...
U S Finishing common...*
100
100
"
18%
page 2967.
17%
19%
4*700
Jan
145
4,000
10554
Feb
107
9254 125,000
13,000
8154
8954
Jan
76
Jan
106
Apr
10654 107
9054
81%
11?
Jan
10554
Apr
109
5,000
104
Apr
Mar
108
9,000
10254
27,000
Apr
11654
Jan
102
Jan
Cedar Rapids M A P 5s '53
11254
11254 11254
Jan
11854
Feb
Cent Ariz Lt A Pr 5s 196u
10554
10554 106
10954
9854
11154
10554
Jan
10754
Feb
Central German Power
2854
Apr
3354
Jan
654
2454
104**
89*4
3,000
115,000
Feb
Apr
Mar
102
10,000
10554 10554
10454 10554
10554
1956
10954 111
'si«
% Apr
100
9454
8754
109
10054 102
Feb
Jan
2,000
10954
154
Jan
106
10054
4154
254
54
106
99
106
1956
Jan
'ja
8054
Canada Northern Pr 5s '63
90
Apr
Jan
Apr
123
Jan
Carolina Pr A Lt 6s
Jan
4 54
1754
11654
134
Apr
Mar
121
3,000
4,000
14154
Canadian Pac Ry 6s.. 1942
83
54
U S Eleo Pow with warr..l
Jan
12254 12254
141
Jan
10
8854
11954
Jan
Jan
Jan
1
»
_•
10054
Feb
154
154
1,000
141%
Broad River Pow 5s.. 1954
Jan
Boston Consol Gas 58.1947
75
11554 11554
11954 12054
11554
Blnghamton L H A P 5s '46
Birmingham Elec 454s 1968
Mar
8
10
7654
1960
Bethlehem Steel 6s
54
Jan
90
Bell Telep of Canada—
2%
1054
954
10454
254
9154
754
954
Jan
Gen A ref 5s
27,000
10754 10854 101,000
98
99
225,000
10754 10754
Conv deb 554s
4254
254
United Molasses Co-
U S Foil Co class B......1
22
23,000
Apr
Baldwin Locom Works—
14%
Warrants
10654 107
10454 10454
754
754
9654
Associated Gas A El Co—
Atlanta Gas Lt
($17.50 paid in)
50
United Aircraft Transport
com
10654
10454
Feb
Tri-Contlnental warrants.,
Union Gas of Canada..
Union Traction Co (Pa)
deb 5s *52
Aluminum Ltd deb 5s 1948
Trans Lux Pict Screen—
Common
80c div pref new
Twin Coach Co
s f
Feb
Apr
4854
Jan
103
107
Tonopah Belmont Devel.l
Tonopah Mining of Nev_.l
see
79
1
500
6%
150
Tlshman Realty A Const.*
Preferred
101
4J4
254
Westvaco Chlorine Prod—
Tampa Electric Co com..*
Tastyeast Inc class A
1
Warrants
Jan
10
97
West Texas UM1 $6 pref..*
18
i
Preferred
4
3%
Western Power 7% pref 100
25%
700
Syracuse Ltg 6% pref.. 100
Taggart Corp common
*
U S Dairy Prod class A
Class B
66
Maryland Ry—
7% 1st preferred
100
754
300
125
15
com
Jan
Aor
46
Western
1
Jan
2%
100
Preferred
700
27%
6
63
28
OH
Sunshine Mining Co...10c
preferred
6254
97
„
Jan
25%
Sunray
Common class B
61
354
154
6254
2
4%
3%
Pref non-voting
32
Jan
554
3,000
5%
17%
.»
United ElastloCorp
United Gas Corp com
Apr
%
•
•
Swiss Oil Corp
1254
2254
1,700
Wahl (The) Co common.
Waltt A Bond class A
"~l66
•
8wan Finch Oil Corp
Swiss Am Elec pref
Jan
100
154
19
Mar
59
654
11
2254
2254
Vogt Manufacturing
Jan
Feb
Jan
Jan
Feb
1
2254
1%
100
6%
17%
4%
8un Investing common
For footnotes
preferred
6
Sullivan Machinery
United Shoe Mach
7%
5%
17%
2%
1
Stroock (S) A Co....
Stutz Motor Car.
$3
Conv preferred
Utll Pow A Lt common.
"~7% "~7%
__20
com
»
3%
325*
7%
4%
Stetson (J B) Co com
Stlnnee (Hugo) Corp
United Lt A Pow
Utility & Ind Corp
13 %
50
Sterling Brewers Inc
Option
Mining Co...5
154
154
454
454
•
Utah Apex
354
754
1
Universal Products
Feb
54
16,400
18
Venezuelan Petrol new...1
Va Pub Serv 7% pref.. 100
100
1st preferred
2d preferred
Class
554
%
3
Apr
Jan
Jan
54
1,000
454
Venezuela Mex Oil Co__10
41
454
4%
United Wall Paper
Feb
Jan
4154
Jan
Universal Coneol Oil....10
Universal Insurance..
8
Apr
454
Apr
1
1,600
1454
Apr
Jan
754
20
1,000
1,700
3654
105
Apr
""*250
4%
.54
*23
1
Utility Equities Corp....*
Priority stock......_..»
2,800
354
3554
4
Utlca Gas & Elec 7% pf 100
18
84
Jan
Apr
54
Feb
40
Apr
154
3%
54
354
3154
454
1
Feb
17%
135*
354
Jan
150
3%
60c
154
654
*20*
154
74 54
300
400
United Verde Exten
4154
39
17%
Mar
3154
20
800
2%
75
2
32
U 8 Stores Corp com.....*
United Stores v t c
Utah Pow & Lt $7 pref...*
Utah Radio Prod
Apr
Apr
3%
154
..10
U 8 Radiator Corp 00m.
7% preferred
100
U 8 Rubber Reclaiming..*
Jan
454
Standard Dredging Co—
Common
7454
...._»
Universal Pictures com
Spanish & Gen Corp—
Am dep rets ord bear.£l
Standard Brewing Co
»
Standard Cap <fc Seal com.6
Apr
554
35
8%
25
So'west Pa Pipe Line...50
Feb
27%
1%
10
Southland Royalty Co
South Penn Oil
34%
400
5%
26%
*
180
900
2654
3854
2754
28%
Southern Colo Pow cl A.25
Southern N E Telep.__100
Southern Pipe Line
Southern Union Gas
39
2854
26%
254
14554
6% original preferred.25
6% preferred B
25
554% pref series C
25
U 8 Lines pref
U 8 Playing Card
2
Jan
Mar
Jan
6s partlc ctfs
..1934
10354 10454
6,000
17,000
10454
Mar
New York Curb Exchange—Continued—Page 5
2966
Sales
Friday
Week's Range
for
Sale
Price
$
Low
1956
102 M
1st & ref 4 Ms ser F.1967
5s series O
1968
98 %
102
98 M
Cent Ohio Lt A Pr 5a. 1950
Cent Power 5s
ser
D..1957
Cent Pow A Lt 1st 68.1956
88
Cent States Eleo 5s...1948
62 M
5^s ex-warrants... 1954
Cent States PAL 6Ms '63
64
101M 103
Week's Range
for
Sale
of Prices
{Continued)
Price
69
23,000
94
Jan
Idaho Power 5s
101M 102 M
24,000
54,000
24,000
1,000
27,000
99M
Illinois Central RR 6s 1937
93 H
Jan
Jan
102*
98 M
98M
104M 104M
97 M
97 M
89 M
91M
87 M
88 M 138,000
61
65 %
44,000
63 M
73,000
67M
65
68 M
74,000
109M 109M
101M 102M
Conv deb 5a
.1950
Cities Service Gas 5 Ms '42
Cities
Service
Gas
Pipe
Line 6s
71M
67
93 M
97
77 M
77 %
100M
70
70 M
69 M
45
110M
l»t 4Mb series C...1956
112
106 M
104M
103
70
107 M 107M
103M 105
102M
100 M 102 M
89*
Apr
98 *
98 M
82 M
61
Jan
5 f deb 5Ms ..May 1957
91*
91*
108,000
24,000
99 M 121,000
93 M
14,000
Apr
Indiana Electric Corp—
6s series A
1947
97 M
99 M
Apr
Apr
Jan
111M
101M
Apr
103 M
80
67
Apr
Mar
Jan
Jan
98 M
69 M
Jan
80M
Apr
Apr
69 M
Jan
80 M
Feb
Ind'polis & P L 5s
97*
Mar
Jan
102 M
Apr
Mar
104 M
Feb
73 M
73 M
45
110M HOM
110M 110M
111M 112
8,000
102
172,000
65 M
Jan
76 M
Mar
44,000
1,000
66M
Jan
76 M
Feb
34
Feb
45M
Apr
5,000
2,000
12,000
106M 106M 103,000
18,000
104M 105
103
103 M
8,000
69 M
125
72 %
77,000
ser
A..1943
Crucible Steel 6s
112M 112M
5s series C
109
109M
1,000
103 *
Jan
102*
Apr
63M
Jan
Apr
Mar
111M
Jan
Jan
17,000
88
Jan
29 M
96
Jan
11,000
3,000
104M 104M
78
Jan
106 M
105
Jan
Feb
77
Feb
"
127*
Jan
109
Jan
Feb
90
Mar
96 M
105M
7M
8M
50,000
104 M
Jan
106M
4M
Jan
17
Feb
94
"l05M
105
6,000
Jan
Feb
Jan
76
Mar
Feb
75
Mar
Feb
76
Mar
11,000
53 M
107
Jan
109 M
Feb
46,000
98 M
Apr
103
Feb
101M
Apr
103
101H
56
Jan
101«
"78"" 119*666
74 M
Apr
88
70,000
67M
Apr
79M
Jan
92
Feb
57 M
59
58
~99M
4,000
59
58
f
'
50
3,000
54
4,000
107M 107M
98 M
99 H
~76M
74M
68 M
67M
69 M
81M
Apr
18,000
79
Apr
87 H
Jan
102M
3,000
100
Mar
Apr
100M
104M 105M
105M 105M
99
Apr
102 M
101
17,000
104 M
Apr
106 M
8,000
104 H
Jan
106
Jan
15,000
104 M
Apr
!06M
Feb
20,000
101M
Jan
105M
Mar
101
1947
100
~io5M
~~56*"
Isarco Hydro Elec 7s. 1952
Italian Superpower 6s. 1963
104 M
Jan
Apr
Jan
Mar
5,000
21,000
51
Apr
20,000
105M
102 M
Jan
107 M
Mar
Jan
105 M
Jan
4M
4M
M
Jan
11
Feb
Jan
10M
Feb
1M
Jan
3
Jan
M
101M
Jan
Jan
2M
103M
Feb
41,000
6M
16,000
5%
1M
1M
6
5,000
lM
lM
102M
3,000
102 M
79 M
1,000
6,000
245,000
81M
83
9,000
16,000
93
Feb
104
Jan
104
Apr
Jan
99
Apr
Kansas Power 6s
83*
Apr
105 M
Mar
107
Feb
Apr
110
Jan
74
99 M
Jan
Mar
Jan
Jan
88 M
84 M
117
100M 101M
84M
86 M
7,000
21,000
45,000
Mar
Jan
92
Feb
Jan
Mar
104*
104M 105M
60,000
103 M
105
Jan
106M
Mar
Apr
107
117
117
5,000
115M
Jan
118M
Mar
3,000
100 M
Feb
103M
Apr
Jan
118M
101M 101M
106 H
Jan
Apr
97 M
Jan
90*
34,000
<
8,000
101
,
3,000
93
103M 104
98 M
~"90
99
90
...1955
.1969
90
90
92 M
40 H
Jan
105 M
1,000
52
Jan
55
Apr
Mar
90M
36
27,000
4,000
3,000
15,000
47,000
75 M
Jan
35 M
102 M
Apr
1M
Apr
Jan
92
Apr
Jan
39M
104 M
1M
82
103 M 104
1M
81M
2M
84
75 M
Apr
Apr
54
89
Feb
,
Jan
Residential Mtge
99 M
Feb
100 M
Mar
102 M
102 M 103
15,000
102 M
103 M
93
103 M
102 M
13,000
2,000
45,000
Apr
Apr
Feb
103 M
Mar
94 M
145,000
90 M
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Fla Power Corp 6 Ms. 1979
H02
102
Florida Power A Lt 5s 1954
93
93
M
103M
93
91
Jan
105M
106 M
95M
100
Jan
106 M
Apr
98
Feb
Jan
Feb
Gary Electric A Gas—
Jan
104 M
Apr
102 H
Apr
104 M
Mar
11,000
104 M
Apr
106
Jan
97,000
108 M
102 M
Feb
HIM
15,000
Jan
104M
Apr
Apr
104M 104M
8,000
103 M
Jan
105M
103M 104M
11,000
102M
Feb
104 M
Apr
105M 105M
8,000
105
Apr
107M
Mar
107
Feb
107M
Jan
"104k" "ioik 165k
"si'ooo
103 M
Jan
105 M
Jan
105M
107 M
Feb
75 M
Jan
83M
Mar
40
Jan
40
92 M
96
Jan
104 M
104M 104H
109M
109M HOM
103M 103 %
~I04M
"105M
79
80 '
81
18,000
6 Ms
165k 105k "11",600
1946
McCallum Hosiery 6M 8 '41
60
60
98
98 H
5s series F
.1962
Middle States Pet 6Ms '45
Midland Valley 5s
1943
"~88M
102*
Minneap Gas Lt 4Ms. 1950
4Mb
1978
103 M
6s
100*
1955
_
Mississippi Pow 6s
1955
~~85*~
Miss Pow A Lt 5s
1957
92
""63*"
95
28,000
93,000
88 M
Jan
96 M
96
92 M
Jan
99M
Mar
Missouri Pow A Lt 5 Ms '55
Missouri Pub Serv 6s_1947
89 M
26,000
83M
Jan
Mar
General Rayon 6s A..1948
Gen Vending Corp 6s. 1937
61,000
99
Mar
Mar
99
85
100.
86 M
4,000
9,000
25,000
r26M r26 M
23M
24 M
86 M
97 M
86 M
96 M
79 M
79
1,000
6,000
40,000
98 M 129,000
85
19,000
89 M
1953
85M
"~85M "87M
4Ms...1941
93
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stmp
1950
100
106
6i~666
100M
106
106M
Grocery Store Prod 6s 1945
Guantanamo & West 6s '58
95
4,000
18,000
4,000
4,000
1,000
106M 106M
70
70
51M
51M
67M
67M
105M 105M
Guardian Investors 5s. 1948
Gulf Oil of Pa 5s
1947
Gulf States Utll 5s... 1956
Feb
1,000
1,000
4,000
23,000
Jan
90 M
89
97 M
Jan
102*
99
Jan
79
Jan
102 M
89 M
Jan
60
22 M
22
Mar
27
Mar
27
Apr
2030
86*
86M
Jan
94
Feb
Nat Pub Serv 6s ctfs. 1978
22*
95 M
Mar
99 M
Jan
Feb
Nebraska Power 4Mb. 1981
6s series A
.2022
Nelsner Bros Realty 6s '48
82
79
Apr
93
32 M
85
Jan
38 M
93
Apr
Apr
90
Jan
106
Apr
Apr
106 M
90M
Mar
Feb
Apr
Apr
Mar
Jan
104*
5s series B
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Deb 5s series B
Nevada-Calif Elec 5s_1956
N E Gas A El Assn 58.1947
Conv deb 5s
1948
108 M
Jan
Feb
82 M
Mar
44
Jan
60
Mar
75
Feb
Apr
107M
Feb
Apr
106 M
1961
Jan
103*
Feb
Mar
Hackensack Water 5s. 1938
108 M
Jan
109*
Apr
105M 105 M
87
88 M
11,000
18,000
1938
1936
103M 103M
Houston Gulf Gas 6S..1943
103M
99 M
103M 103 M
99
100
17,000
9,000
8,000
"l05*
98*
2967
47,000
103M 103M
100
100M
104M 104M
84M
87
92
107M 107 M
106 % 106H
78
103 M
106 M
Jan
62
Mar
Feb
*
104 M
107M
Mar
Feb
Apr
Jan
Jan
Jan
Feb
Mar
Apr
Apr
98 M
Jan
102 M
102 H
Mar
84M
Apr
95 M
57,000
74,000
89 M
105
Mar
96 M
103 H
7,000
107
May
Mar
106 M
103
12,000
102 H
Mar
Mar
101M
17,000
29,000
17,000
10,000
Mar
Jan
93M
106 H
105M
105
Jan
Jan
Jan
Feb
Jan
Jan
107
Feb
Feb
108 M
Feb
7,000
106 M
Mar
108 M
Jan
64 M
18,000
57M
Jan
68M
Feb
100H
16,000
93 M
Jan
100 M
Apr
6M
13,000
5M
Apr
11M
Feb
104M 104M
104M 104M
105
105M
3,000
102 M
Apr
106
6,000
102M
Apr
107 M
Jan
104
Jan
106
Feb
97
Apr
Feb
85 M
Apr
102M
93M
105k
105M
112M 112M
106M 106 M
100
5M
10,000
72,000
97
98 H
85M
86 M 101,000
22 M 269,000
5,000
21
120
"106""
90 M
120
105M 108M
90 M
93
1,000
9,000
70,000
68*
_
96*
96 M
99 M
161,000
82M
75M
84 &
9,000
~~76*
77 M
11,000
5s stamped
1942
Income 6s series A..1949
N Y Central Elec 5Ms '50
New York Penn A Ohio—
Ext
Jan
N Y P&L Corp 1st 4Ms '67
N Y State G & E 4MS-1980
Jan
Jan
Feb
Niagara Falls Pow 8s. 1950
101M
Mar
23M
Feb
Jan
110
Jan
Jan
120
Apr
105M May
86 M
Jan
109
Feb
95M
Feb
109 M
66
Jan
113M
Apr
Apr
79M
Feb
65M
64M
Apr
79 M
Apr
79 H
Feb
85
Jan
99 M
Mar
88 M
Jan
102 M
Mar
88 M
Feb
Feb
5s
series
A
1959
104 M
Mar
108
Mar
107 M
Mar
Mar
Mar
3,000
112M
Apr
106 M
114
5 Ms series A.
.1956
Nor Cont Utll 5Ms... 1948
No Indiana G A E 6s. 1952
Apr
108
Jan
Jan
81
Jan
Feb
104
Feb
Mar
2,000
107M
Jan
105
Apr
102M
Jan
107M 107M
105 M
Mar
HOM
107 M
103 M
108 M
101M
"l05M
102*
Mar
105 M
Feb
Apr
Apr
112M
108M
Mar
"ioe""
105*
109
HIM 111M
105M 106M
105H 105M
85M
85 M
7,000
7,000
111
Apr
Jan
Jan
20,000
105M
11,000
105M
Mar
109
Jan
1,000
84 M
Mar
90
Feb
31,000
12,000
1,000
90 M
53
97
Mar
Apr
106 M
Mar
Jan
No Amer Lt A Pow—
Mar
104
74 M
69
105M 105M
63,000
102H 103M 103,000
109
1st 6 Ms
1962
N Y A Westch'r Ltg 4s 2004
Debenture 5s
.1954
107
Jan
Feb
108M
117M
101
4Mb stamped..I960
Jan
Feb
Jan
18
Jan
New Orl Pub Serv—
43 M
Apr
10,000
93,000
93M
97 M
67 H
95 H
107 M
Apr
51,000
91M
Jan
103 M
103 M
69
92 M
Jan
32 *
104 *
68 M
67
New Eng Pow Assn 5s.1948
Debenture 5 Ms
1964
Apr
Mar
62 M
68 M 101,000
103
~
1951
12,000
89M
102M 104
65M
5*666
2,000
105M 106
1950
98 H
109M 109M
Nippon El Pow 6Ms.. 1953
105 X
98 M
88
~~66*
105 M
72
29
6M8 with warrants. 1943
Houston Light A Power—
5,000
104M
91M
.1950
Conv deb 5s
30M
87 M
103 M
New Amsterdam Gas 5s *48
Mar
104 M
102 *
Hamburg Elec 7s
1935
Hamburg El Underground
5M
1957
Mar
Apr
Jan
100 M
6 Ms
102 M
108
70
56 M
1944
Munson SS 6 Ms ww. 1937
Narragansett Elec 5s A '57
103
105
104M 104M
1977
Jan
Montana Dakota Utilities
88 M
Mar
101
1,000
105M 106H
"l07M
93 M
94 M
6,000
91
Mississippi Riv Fuel 6s '44
Miss River Pow 1st 5s 1951
Jan
59
94 M
103M 104
_
Minn P & L
4,000
22,000
106M 106M
104M 104M
Memphis P A L 5s A. 1948
Metropolitan Ed 4s E.1971
30
85 M
Feb
1941
warr
99
100
'
& Smelt—
7s with warrants... 1941
88 M
87 M
96
Deb gold 6s June 15 1941
Deb 6s series B....1941
Jan
103 M
Milw Gas Light 4 Ms. .1967
103 M
Apr
97 H
4,000
McCord Rad A Mfg 6s 1943
107M
Jan
102 M
Apr
63,000
Sink fund deb 6M8.1950
Lehigh Pow Secur 6s..2026
Lexington UtMties 58.1952
7s without
107 M
Feb
90
104M 104H
104*
104*
Mln
Feb
95 M
102M 104M
Kimberly-Clark 6s
1943
Koppers G A C deb 5s 1947
Llbby McN A Libby 5s '42
Lone Star Gas 6a.....1942
Long Island Ltg 6s... 1945
Los Angeles Gas A Elec—
38,000
Mass Gas deb 5s..... 1955
52
Jan
106M
Mansfield
'
106
Apr
Feb
117
Jan
Apr
Apr
Apr
108 M
102
108
105
Louisville G&E 4 Ms C '61
Manitoba Power 5 Mb. 1951
Jan
61
Jan
105M
5 Ms series E
..1947
Louisiana Pow A Lt 5s 1957
Jan
Jan
Apr
.1957
5s series B
Feb
Mar
12,000
53
Kansas Pow A Lt 6s A 1955
Mar
98M
80M
Feb
Mar
Kentucky Utilities Co—
1st mtge 5s ser H..1961
6 Ms series D
.1948
105
105 M
50
Mar
103 M
1947
105
106 M
117
100M
4 Ma series C
Mar
102 M
63 M
17,000
..1961
5s series I...
105M
90
Jan
103 M 103M
103 M
88 M
70
'
Jan
58
Jan
106 M
194*
5s series B
Jones A LaughUn Stl 5s '39
Kansas Gas A Elec 6s.2022
Apr
Jan
39 M
Jan
Jersey Centra Pow & Light
103 M
85 M
102
50
28,000
49
Jamaica Wat Sup 5 Ms *55
Apr
Jan
100M
107*
47 M
44
78
47 M
Feb
1942
Stamped
Jan
48
Jan
32,000
Jan
100M
Jan
Feb
80
Feb
Jan
36
Feb
74
86 M
110
99 M
90M
page
75M
Jan
104M 104 M
56
56 M
5M8 series F
European Mtge Inv 7s C'67
see
Feb
Jan
104M
Feb
Lighting 5s
1967
European Elec Corp Ltd—
6Ms
1966
For footnotes
HIM
Apr
79
Apr
Feb
Erie
Ref&lmprSs
13,000
Jan
104 M 104M
Apr
6
Ercole Marelll Elec Mfg—
0Ms series A
..1953
Hydraulic Pow 5s
Feb
HOM
Iowa Pow A Lt 4 Ms. .1958
Iowa Pub Serv 5s
1957
109
6M with warrants.. 1943
1st 5s series A
1953
1st 4mb series D... 1978
1st 4Ms series E...1981
Feb
107
81M
112 M
122
El Paso Natural Gas—
Hood Rubber 7s
101 M
Jan
91
65
1961
105*
103 M
A St Ry 5 Ms.
108 M
Jan
105 M
63
warrants
107*
105
5s series A
Jan
3,000
79
5s series B
Jan
102 M
Hall Print 6s stmp... 1947
107 M
6,000
82
Iowa-Neb LAP 5s...1957
Jan
104
4Ms series B
Without
Mar
109
Mar
104
Great Western Pow 6s 1946
1,000
95 M
.1958
w w
107 M
102 M
(Adolf)
Feb
..1956
5s series D.
103
El Paso Elec 6s A
Glen Alden Coal 4s...1965
Jan
Feb
18,000
7,000
1952
4Mb series F_
106
104M
107M 107M
Eleo Power A Light Ss.2030
Elmlra Wat Lt A RR 5s '56
Gesfurel 6s
Jan
Invest Co of Amer—
1,000
10,000
3,000
20,000
107
104
6
Georgia Power ref 5s__1967
Georgia Pow A Lt 5s. .1978
96
100
Interstate Public Service—
1,000
107
104
6Ms
Certificates of deposits..
Gen Wat Wks A El 5s. 1943
Debenture 6s
106
104 M
General Bronze 6s
1940
General Pub Serv 6s_.1953
Gen Pub Utll 6
Ms A.1956
Apr
33,000
..1952
Mar
112M
113M
102
90
102 M
105
68 ex-warr stamped. 1944
Gatlneau Power 1st 5s 1956
95%
67 M
International Salt 5s.. 1951
1,000
281,000
17,000
15,000
103M 103 M
99
3,000
97M
78
78
1,000
106 M 106M
15,000
87 M
102
105M
Banks 6s 5s stmpd.1961
Firestone Cot Mills 6s 1948
Jan
67 M
94 M
1957
7b series F__
106M 106M
88 H
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Detroit Internat Bridge—
Finland
86
Apr
65
'
Apr
Mar
39
102 M 103M
105 M 106
Fairbanks Morse 6s__1942
Federal Sugar Ref 6S..1933
Federal Water Serv 6Ms'54
7s series E
Mar
107 M
106
96
102M
Deb6Ms...
1938
Empire Dlst El 5s
1952
Empire OH A Ref 6Ms 1942
Mar
65
1955
113
Jan
106 M
106 M
95
Derby Gas A Elec 6s. .1946
1950
6 Ms series C
Jacksonville Gas 5s
1952
Deb 7s
Aug 1 1952
Certificates of deposit.
Dixie Gulf Gas 6M8..1937
Apr
100 M
66
Intercontlnents Pow 6s '48
113M
105 M
125
39
95
Denver Gas A Elec 5s. 1949
Aug 1 1952
Certificates of deposit.
103 M
Jan
97
Isotta Fraschln! 7s... 1942
Cumberld Co P A L 4Ms'66
Dallas Pow & Lt 6s A.1949
Delaware El Pow 5Ms 1959
A '57
Interstate Power 5s_.1957
Jan
120
109M
1940
Cuban Telephone 7Ms 1941
Cuban Tobacco 5s
1944
ser
105 M
Jan
~~65*
1st lien A ref 5s....1963
Feb
Jan
Arp
Mar
Jan
1,000
~
Conv deb 6Ms w w.1943
Consol Pub 7Ms stmp. 1939
Consumers Pow 4MS..1968
Cont'l Gas & El 5s
1958
Crane Co 5s
Aug 11940
5s... 1950
Jan
99
95
102
29,000
15,000
Interstate Irn A Stl 4 Ms'46
Interstate Nat Gas 6s. 1936
110M
110M
HOM
110M
7~66O
125
ioek look
1939
1st A coll 6s
Indiana Service
101M
Jan
104
110M HI
Indianapolis Gas 5s A. 1952
96 M
Consol Gas (Bait City)—
Gen mtge 4mb
1954
Consol Gas El Lt A P (Bait)
1st ref s t 4s
..1981
Consol Gas Utll Co—
1957
5s
Apr
Jan
109
Jan
95
Indiana A Mich Eleo 5s '55
86 M
Jan
106 M 106 M
101M
Indiana Hydro-Elec 5s '68
93
106
Feb
Apr
Feb
Jan
100M 101M
87 M
89
97 M
97 M
Feb
86 H
1961
93 %
Jan
81H
109
28,000
1953
5s series C
Apr
1,000
82 M
82
108 M 108 M
98
6 Ms series B
109 M
1956
1962
6s
38,000
104
68 series A
Connecticut Light A Power
7s series A
1951
5s series D
Jan
Mar
107M
1,000
10,000
74M 103,000
1957
4Mb series C_.
58
107
1st A ref 5Ms ser B.1954
1st A ref 5s ser C
1956
63 M
Jan
1,000
111 Northern Utll 5s... 1957
65
High
Low
50H
9,000
111 Pow A L 1st 6s ser A '53
International Sec 5s. .1947
110M
Community Pr & Lt 5s '67
"~95~"
73
107 M 107M
94
96
Apr
104 M
7,000
13,000
23,000
76M
77 M
75M
78 M 476,000
4,000
100M 101M
71
1st M 5s series B...1954
3Ms series H
1965
Com'wealth Subsld 6 Ms *48
mtm¥.
11,000
Apr
3,000
103M 103 M
1st M 58 series A...1953
1st M 4s series F...1981
73
1947
73*
97
Commonwealth Edison—
1st 4Mb series D
69
9
International Power See—
1943
Cities Serv P A L 5 Ms 1952
6MB
1949
Commerz A Prlvat 5 Ms '37
High
Indiana Gen 8erv 5s.. 1948
66
Chic Jet Ry <fc Union Stock
Yards 5s...
.1940
Chic Pneu Tools 6 Ms. 1942
1927
Cincinnati St Ry 5Ms A *62
6s series B
...1955
Cities Service 5a
1966
Low
1949
6s series B
Jan
83,000
104M 105
Chic Rys 6s ctfs
100*
Range Since Jan. 1 1936
Week
99 M
98
Chlo Dlst Elec Gen 4 Ms '70
Gohel
Last
High
Central 111 Pub Service—
4M% series H
1981
Cent Maine Pr 4Ms E 1957
Sales
Friday
Range Since Jan. 1 1936
Week
{Continued)
of Prices
Low
High
BONDS
Hygrade Food 68 A...1949
Last
BONDS
6s series E_
May 2, 1936
1,000
106 M
Jan
Jan
92 M
53
92
92 M
53
55 M
107M 107M
Jan
64M
108
Jan
Jan
New York Curb Exchange—Concluded—Page 6
Volume 142
Friday
Last
BONDS
Week's Range
Price
for
of Prices
Sale
(Continued)
High
6a series O
.1966
103 K 103 K
104 K
68 series D
1969
103 K
4kb serleeE
1970
103 K 102 K
100 K 100 K
104
104
104
102
102
101K
101K
N'western Power 6s A. 1960
65 K
65
67
Certificates of deposit...
N'western Pub Serv 6s 196?
65K
65 K
161""
101
Ogden Gas 5s..
High
Low
102
31,000
25,000
102 K
J&n
102 K
Jan
Jan
98
50,000
15,000
6,000
103 K
Feb
100K
Mar
14,000
1,000
28,000
51
Jan
50 K
Jan
98K
1960
Apr
Apr
Feb
Feb
102 K
Apr
105
38,000
103 K
Apr
107 K
107
109 K
1,000
109
Jan
112
Feb
Jan
106 K
Apr
Apr
Jan
107K
Jan
PdWSFSLrai-lSoC Wo"
^..2022
Therip.oid Co 6s stpd. 1.937
107
Feb
Tide Water Power 5S..197S
102
Mar
105
Feb
Tletz
86
Apr
Jan
Toledo Edison 5s_.
Apr
Tennessee Elec Pow
Jan
Tenn Public Service 5s 1970
Mar
Ternl Hydro Elec 6 Ks 1953
Texas Elec Service 5s. I960
Texas oa'-jitn.jrs__ .j 94 5
106K
18,000
105
106 K
106
104 K 104 K
104K
103
103
8,000
15,000
9,000
17,000
9,000
kb series E
1961
Okla Gas A Elec 6s...1950
6s series A
1940
Okla Power A Water 6s '48
109K
102 K
87
86
97K
97 K
87 K
98 K
104K
94K
1941
120 K
105K 105 K
1st a ret 4Kb e
1957
1st A ref 4Kb F._.zl960
120 K
105M
105K
105 K
Paclflo Invest 5s ser A. 1948
99
Pacific Ltg A Pow 5s..1942
Pacific Pow A Ltg 5s. .1955
Palmer Corp 6s......1938
99
45,000
6,000
2,000
8,000
Jan
100
Jan
Twin City Rap Tr 5Ks
Apr
107
Jan
Ulen Co—
121K
107K
107K
102 K
Mar
Jan
Jan
Mar
116K
94K
Apr
Feb
Apr
Apr
103K
100
Jan
105
Apr
Jan
107 K
101K
119K
105K
105K
98K
Jan
Apr
Apr
Jan
80 K
102 K
83
102 K
94,000
1,000
Jan
80
Mar
101K
99K
102 K
102
1979
105
1971
100
58,000
104K
103 K
105
3,000
104 K
100
100 K
42,000
97K
103
106
104 K
9,000
101K
Mar
98K
Mar
105
Jan
108
Mar
Feb
Feb
7
Apr
1974
Apr 1
1959
Un Lt A Rys (Del) 5KB '52
United Lt A Rys (Me)—
80 K
66 K
5,000
21,000
93K
Jan
34
Mar
69~666
106 K 107
79
83 K 180,000
106k
Apr
108
Mar
76 k
Jan
87k
Jan
85
66 K
70 K
10,000
86 K
89 K
106
87 K
6s series A
-.1973
82
Feb
108
Jan
86K
Jan
Jan
100
Mar
6K% serial notes.-.1939
6K% serial notes... 1940
103 K
6
111K
'ilOK
Hydro-El 6 kb '60
112
110K
92 K
92 K
~5§K
52 K
Piedmont A Nor 5s...1954
105
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s... 1948
54 K
106 K
29,000
10,000
105
20,000
3,000
106 K
102 K
1,000
10,000
56
27%
86
88
188,000
89
91K 97,000
105 K 106
42,000
87jK 90K 201,000
110
110K
80 K
83 K
110K
86K
105 K
41K
15K
Apr
113K
112K
94K
108K
Mar
Mar
Mar
Apr
Apr
Jan
Mar
Jan
56
Jan
Mar
101K
4Kb
14,000
37,000
78
106
12,000
7,000
108
4Ks series F
1961
Fotomao Elec Pow 58.1936
79
106
1937
Vamma Water Pow 5Ks'57
Va Public Serv 5Ks A.1946
106 K
Mar
1st ref 5s
Jan
108
Mar
6b
96 K
Jan
105
Apr
Mar
108
7,000
"84 K
"86K "moo
Feb
76K
Apr
105K
Mar
106
83K
107
86 K
94K
95K
99
Power Securities 6s... 1949
Prussian Electric 6S..1954
99
9,000
2,000
B
ser
1950
"94 K
110
66 k
May
84 k
Jan
Jan
Mar
102
Apr
Jan
110
Feb
Mar
106 k
Feb
Apr
Jan
Jan
107k
Apr
Apr
32h
33k
Jan
78
Jan
89 k
Apr
80
Jan
93k
Apr
May
Apr
104 k
27
100 k
Jan
Feb
116k
Jan
58 k
Apr
106
Jan
Jan
91k
104 k
Jan
111k
76 k
98 k
Jan
86 k
Feb
Jan
102k
Mar
81k
'
Feb
Jan
105 k
Feb
106 k
100k
Feb
92k
Mar
Apr
Jan
99
5;000
3,000
36,000
24,000
4,000
100 K 104
99
100K
96k
100 k May
98
Feb
Jan
107
Jan
100
Feb
104
101k
Apr
Mar
95 K
90
97 k
Mar
20K
95k
91k
83 k
Jan
Jan
Jan
94
Jan
3,000
18 k
27
Jan
7,000
94 K
Ward
1937
104 K
104 K 105
104k
106 K
106 K 106 K
105 k
Mar
106
Jan
107
Wash Water Power 5s.196q
106"
106 K 106 K
106 K
106
105
Feb
107 k
Feb
West Penn Elec 5s
101
Jan
103 k
Mar
Jan
108K
Mar
Mar
Mar
Baking 6s
Jan
108K
102 K
Jan
Jan
91K
Mar
iWest Penn Traction 5s *60
90H
Jan
Jan
96 K
Apr
West Texas Utll 5s A. 1957
"91K
100K
Jan
Feb
West Newspaper Un 6s '44
West United G A E 5 kb'5*
105 K
9,000
6,000
14,000
101
13,000
106
13,000
92 K 116,000
61K 82,000
106
8,000
Wheeling Elec Co 6s.. 1941
"moo
132K
Apr
Jan
140 K
Mar
108K
Jan
111K
Feb
Feb
107
Jan
1966
110
Feb
Wash Gas Light 5s
1958
Wash Ry A Elect 4a..l951
2030
1978
102K
102 K
i4~666
101K
Jan
104H
4Kb series E
...1980
1st A ref 4Kb ser F.1981
4kb series I
1960
102 K
103 K
1,000
102
Jan
104 K
103
102 K
102 K
Jan
104 K
Jan
Apr
101
Feb
105K
103 K
96K
5s series F
99
103 k
107
107 k
Jan
Feb
Mar
104
91K
59
105 K
103
1958
103
94k
Mar
106K
Feb
107 k
"i4~6o6
106 K 107
103 K 104
Jan
Jan
105
107
59 K
106
Jan
107
Feb
17,000
4,000
2,000
9,000
6,000
101k
Jan
105
Feb
101
Jan
104 k
Feb
88k
33k
66
Apr
Mar
Feb
Feb
101
104 K
102 K
103 K
Pub Serv Subsld 5 Kb. 1949
37,000
51,000
22,000
91K 143,000
88
26,000
84 K
71,000
102
104 K 103 K
Wise Pow A Lt 5s E..1956
100 K
105 K
Wlso-Mlnn Lt A Pow 5s *44
1956
Feb
Jan
2,000
140K
101k
Jan
Feb
104
140K 140K
Jan
98K
Jan
Apr
Aor
Mar
32
Mar
Apr
Jan
7,000
20 K
Waldorf-Astoria Corp—
78 with warrants...1954
66 K
25 K
100
90 k
96
90
1946
106 K
97K
Feb
104
99
100 K
100K
Potrero Sug 7b stmp__1947
Power Corp(Can)4 Kb b '59
Mar
105 k
95 K
Valvollne Oil 5s
Jan
103 K
Portland Gas A Coke 6s '40
Potomac Edison 5s... 1958
110
2,000
5,000
2,000
Utlca Gas A Elec 5s D.1956
5s Series E
....1952
106
Mar
97
....1944
103
27K
Jan
106k
Jan
105 k
104 K 104 K
105 K 105 K
Utah Pow A Lt 6s A..2022
23K
J
Pomeranian Elec 6s..1953
Poor A Co. 6s
...1939
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—_
Jan
40
Apr
27
55
27 K
56
110
105K
12
Mar
Mar
104
106k
USA Brit Internat 5s 1948
U 8 Rubber Co—
Feb
Feb
93K 94
100 K 101K
29
105
104 k
100
..1952
Jan
106 K
Feb
Mar
10oh
32
106K
6s series A
Jan
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E 4 kb '57
4K series D.
6Ks
5Ks
114K
66,000
42,000
88,000
17,000
55 k
107 K
...1945
106 K
111K
110K
6s series C
f 6s
United Lt A Pow 6s...1975
Jan
1979
1st A ret 5s
s
90
104 K
United Industrial 6 kb 1941
1st
98
107
Mar
May
98 K
Jan
113k
45k
112K
96 K
99 k
6,000
12,000
5,000
104 K
1957
Jan
115K 115K
2,000
Phlla Electric Co 5s..1966
Phlla Elec Pow 5K8..1972
!
Mar
41k
115K
4Kb
"3"666
106 K
Pledm't
100 K
5s series A__....... 1954
5s series B
1967
112H
....1981
Peoples Lt&Pr 5s
..1944
Union Amer Inv 5s A-1948
Union Elec Lt A Power—
105K
_.196£
C
78
Jan
Jan
Feb
30,000
49,000
S,000
31,000
2,000
1944
112K 112K
95 K
series
89
9,000
106 k
110 k
109k
-
6s 2nd stamped
68 3d stamped
'105K I05K
105 K 105 K
11
10
6s
25J)00
81K
55
52 H
103 K
101
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
Peoples Gas L A Coke—
48 series B
*5°
92 K
Apr
Jan
Jan
Jan
107K
Feb
Penn Pub Serv 6s C..1947
Apr
Apr
105
102K
107K
8,000
24,000
104
105 k
2,000
15,000
105
100 K
106
100 H
.
99
106K
kb series B.
1959
Pennsylvania Power 5s *60
5,000
3,000
105 K 105 K
106 K 106 K
Penn Ohio Edison—
6b series A xw_.4...1950
106 k
106 K
Apr
Feb
Apr
Mar
Jan
60k
Apr
1957
100K
65
Jan
104
104 K 104K
30
(Leonard) 7KS-1946
93 K
114
81K
Park A Tllford 6s._..1936
Penn Cent LAP 4Ks 1977
4kb series B
102
6s
1962
Feb
45
5,000
74
53 K
Texas
105K
Oswego Falls 8s
1947
Paclflo Coast Power 6s 1940
Pacific Gas A El Co—
5s series D
..1954
Penn Water Pow 5s... 1940
1956
_
105 K 105K
106
106
.
os
49
5,000
79
Mar
109 K
Apr
16,000
92
103 K
1964
Feb
62
108
104
Mar
High
76 k
58
104K
106 K 106 K
105K
107
Low
62 k May
46 k
jen
65
58
104
1957
series B
os
63
104 K
104 K
36,000
108
Range Since Jan. 1 1936
$
67 K 124,000
2,000
62
62 K
60 K
41,000
6,000
1963
Deb 5
(Hugo) Corp—
7-4% stamped
1936
7-4% stamped
1946
Super Power of 111 4K8 '68
1st 4K»
1970
Syracuse Ltg 5 kb
1954
106
6s series C
ga
68K
67K
Mar
for
Week
Stlnnes
105 K
105
6s series D
Penn Electric 4s F
Feb
Mar
Feb
62 K
107
106K 106
105K 105K
1st A ret. 4kb ser D 1966
Ohio Public Service Co—
1st 6b series B
104K
104K
101K
104K
104K
Standard Pow A Lt 6s. 1957
Standard Telep 6KS..1943
Jan
Jan
Ohio Power 1st 6s B..1952
5
of Prices
Low
High
165" 1Q4K
1946
Ohio Edison 1st 63
Week's*Range
Sale
Price
Range Since Jan. 11936
$
Northern Indiana P S—
No States Pow 5Ks—1940
N'western Elec 6s....1946
Last
BONDS
(Concluded)
Week
Low
2967
Sales
Friday
Sales
Puget Sound PAL 5Ks '49
101
88 K
88K
1st A ref 6s series C.1950
85
85
1st A ref 4Kb ser D. 1950
81
80 K
Quebec Power 5s
103 K
Queens Boro G a E 4Kb '58
5Ks series A
1952
Jan
104 K
5,000
Jan
93 K
103 K
103 K 103 K
..193?
89 K
Feb
Apr
106K
Mar
Apr
106 K
Jan
Jan
105K
Apr
100
Jan
104
Jan
1,000
2,000
3,000
Jan
95
Feb
Agricultural Mtge Bk (Col)
20-year 7s
1934rl946
20-year 7s
.1947
110K
Apr
112
Jan
Baden 7s
27K
Mar
33
Feb
Buenos
27
Feb
"moo
105 K
Mar
108 K
Feb
13,000
10,000
12 K
Apr
19 K
Jan
101K
Jan
105
Mar
Cauca Valley 7s
1948
Cent Bk of German State A
Jan
127
Apr
Prov Banks 6s B...1951
87
Safe Harbor Water 4 kb '79
St. Louis Gas A Coke 6s '47
106 K 106K
106K
San Antonio P S 5s B_.'58
San Joaquin L A P 6s B '52
l03"
74
25
12
K
13
Mar
104 K
127
2,000
124
109 K
1955
103
127
Saxon Pub Wks 6s.-.193?
109 K
2,000
1,000
109
Jan
110
Apr
33
Jan
30
Scbulte Reai Estate—
Aires
6s with warrants... 1935
21K
Second Int'l Sec 5s...1948
...1948
Shawinlgan WAP 4Kb '67
4Ks series B
1968
1st 4Kb series d...1970
Sheridan Wyo Coal 68.1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s
2025
Sou Calll Edison Ltd—
Debenture 8kb
1945
Ref M 3kb May 1 1960
Ref M 3 kb B July 11960
1st A ref mtge 4s...1900
Refunding 4Kb
1965
Sou Calif Gas Co 4Kb 1961
Sou Counties Gas 4ks.'68
Sou Indiana G A E 6kb '57
Sou Indiana Ry 4s
1951
21H
21
1935
23 H
12,000
30 K
30
Mar
62 K
8
,
64 K
8K
11,000
13,000
99
1953
Feb
96
%
5,000
19,000
72
24
23 K
11,000
3,000
5,000
27
German Cons Munlo 7s '47
100
71K
Danzig Port A Waterways
External 6Ks
1952
Jan
94
94
23 K
23 K
1955
27
Jan
Apr
Apr
104
Feb
Hanover (City) 7b.... 1939
108
Feb
102 K 102 K
103K
33.QOO
106K
100 K
Apr
Mar
103
107
Mar
Hanover (Prov) 6K8--1949
Lima (City) Peru 6kb..*58
103
103
Mar
Mar
10K
10 K
Maranho 7s
15
15
15
1,000
Mar
Medellln 7b series E..1951
10 K
10 K
10K
Mar
Mendoza 7KB.....-.1951
85
84 K
85
75K
4,000
4,000
7,000
—
-
98 K
107
61
98
106 K
103
102 K 102 K
65
65 K
98 K
97
104 K 104 K
104K 104 K
102 H 102 K
102K 102 K
61
99
K
61
98
8,000
100 K
Jan
Jan
103 K
20,000
100K
Jan
65K
98 K
104K
3,000
58
Jan
34,000
97
Apr
56,000
101
105K
37,000
103 K
103
59,000
103
72K
105K
105 K
105 K
70
100K
Feb
Feb
104 K
Jan
Mar
105 K
Apr
101
Jan
Jan
104K
104 K
Mar
100 K
106K
Mar
1947
Secured 6s
Certificates of deposits..
1958
107 K
30,000
13,000
Mar
108
Feb
10^
106 K
Jan
107
Mar
106 K
12", 066
105 K
Apr
107
Jan
Mtge Bk of Chile 6S...1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Rio de Janeiro 6kb..1959
103 K
107 K
103
Feb
107
Jan
107K
66K
Feb
108
Jan
82
Feb
Jan
104
Jan
92 K
Jan
99
Feb
5Ks
—1921
5Ks certificates.... 1921
Santa Fe 7s
1945
99
Jan
103
Apr
92 K
Jan
103 K
91
Jan
103
43,000
S'western Assoc Tel 5s.'61
S'western Lt A Pr 5s_.1957
97 K
97K
101K 100 K
103
S'western Nat Gas 68.1945
102
10 IK
103 K
97K
97K
So*West Pow A Lt 68.2022
98 K
12,000
43,000
31,000
13,000
1945
101K
Stand Gas A Elec 68..1935
69
Certificates of deposit.
1935
69K
Certificates of deposit.
Debenture 6s
1951
"70~ "
Convertible 6s
64 K
Debenture 6s.Dec 11966
101
1,000
71
69K
70K
70 K
70
70 K
64 K
69 K
63 K
101
68K
101K
71
99
Mar
Feb
Jan
105 K
Jan
21k
Jan
Feb
jan
Jan
66
Mar
66k
Mar
Jan
11
Jan
33 k
34
Mar
100 k
Apr
Mar
...1949
Santiago 7s...
1961
7s
57 k
8
95 H
89k
Mar
Jan
Jan
97k
Feb
Jan
69 k
Jan
73
22 k
21
Apr
ApiH
28h
Apr
Feb
28k
Feb
Apr
Mar
Jan
Jan
Jan
Jan
Feb
32h
26k
12 k
Feb
27
22k
10 k
8k
13k
9k
71k
12
17k
Jan
Jan
Mar
Jan
14
Mar
85
May
Apr
63
Feb
76
Jan
20
Apr
Mar
22
Apr
Jan
Mar
Apr
Jan
Jan
Jan
18
18
15
14k
Jan
08 k
Jan
23k
17k
2k
21K
15K
93,000
22,000
10 k
12 k
1K
IK
IK
2,000
10,000
11,000
ik
ik
IK
IK
IK
Jan
92k
7s Stamped........1945
77
102 K
107K
21k
26k
12
8Kb certificates....1919
Jan
101
72 K
1,000
10,000
20,000
Jan
Jan
17k
Russian Govt 6K8—1919
103 K
Jan
18
75
1951
4s stamped
1,000
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
Issue of Oct 1927
107
106
104h
Mar
28
..1952
6s series A
Danish 5 KB-
18
*.
18k
17
31k
102
«•
Jan
Apr
55 k
1952
...1947
7Kb stamped
8,000
..
Feb
107 k
22k
3,000
1,000
11,000
18,000
103
Jan
3,000
10,000
23 K
Southern Nat Gas 6s. 1944
Standard Investg 5KsL 939
18 K
19K
20
18 K
102 K
102 K 102 K
107 k
(Province)—
5s
Scripp (E W) Co 6 KB-1943
Seattle Lighting 5s_..1949
19 K
18K
.1951
7s stamped
Jan
28
30
102k
Jan
Mar
and municipalities—
103
8,000
87
106
foreign government
i7~666
110K
105k
Jan
Jan
103
io5~"
27K
S'west Pub Serv 6s
York Rys Co 5s
101K
Ruhr Gas Corp 6KS..1953
Ruhr Housing 6 Kb.-.1958
Servel Inc 5s
105 K 105 K
106 K 107#
1952
101
111K
27K
6s ex-warrants
107
Wise Pub Serv 6s A
I04"K
101
Rochester Cent Pow 5s 1953
Rochester Ry. A Lt 5s 1954
Sauda Falls 5s
K
78K
Yadkin Rlv Pow 5s...1941
Apr
Feb
105
1968
Reliance Managemt 5s 1954
86
83 K
Apr
Mar
IK
ik
ik
Jan
Apr
Apr
Mar
Mar
2k
2k
2k
58
UK
UK
14,000
3,000
71
50
11K
11K
Feb
Feb
60
11k
Jan
Jan
12 k
12 k
11k
Jan
Jan
Ma
Apr
Jan
Jan
Feb
30,000
52,000
69
Jan
83K
Feb
69
Jan
81
Feb
16,000
80,000
76,000
69K
Jan
84K
Feb
69
Jan
81
Feb
64K May
63 K
Apr
80
Feb
76
Feb
63,000
4,000
97
Jan
102K
Feb
*
No par value,
the rule sales
range,
x
a
Deferred delivery sales not Included In year's range,
n Under
r Cash sales not Inoluded In year's
not included In year's range,
Ex-dlvidend.
No sales.
Abbreviations
Used Above—'"cod," certificates of depoeit;""cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t 0," voting trust certificates; "w 1," when Issued; "w w," with warrants: "xw.
without warrants.
2968
May 2, 1936
■
I-/-?
:
Other Stock Exchanges
Sales
Friday
New York Real Estate Securities
Stocks (Concluded)
As*
Bid
Unlisted Bonds (Concluded)
Bid
Ask
v
Mergenthaler
Linotype
t c
*
New Eng Tel A Tel
Alden 6s
1941
44
Pennsylvania Bldg 68.1939
33
35X
32
36
Prudence Bonds Corp—
Drake (The) 6s
39
36
6th Ave & 29th St Coro6s*48
60
63
Natl Tower Bldg 6 Xs.1944
Oliver Cromwell ctfs
72
75
10X
11X
44
61 Bway Bldg 5X8---1950
Unlisted Stocks—
29
1939
43
5Xs, 1940, 17th series..
Dorset ctfs of deposit
6Xs, 1934, 3d series
5Xs. 1940,16th series..
45
City A Suburban Homes-.
Llnooln Bldg Corp v t o
8
«)4
5
Week
2
2
120)4
2)4
__*
35c
Old Colony RR_.
100
38)4
1)4
Old Dominion
470
25
335
Jan
51
Feb
117)4
Mar
130
Mar
3
80
40c
1,550
44
518
5
IX
_*
1554
15 X
Pennsylvania RR
50
25
28)4
1)4
18)4
1)4
11)4
15X
31
Qulncy Mining
Reece Butt'n Hole Mach 10
18 H
Reece Folding Mach
Shawmut Assn tr ctfs
*
12
*
16)4
10
Stone & Webster
Place
Dodge
4th Unit Ino units
11
8
9th Unit Ino units
Corp
Income with vtc
12
70)4
IX
17X
Jan
15H
28)4
Apr
Apr
70o
Jan
18)4
205
15)4
Jan
Jan
Apr
18)4
1)1
Jan
Mar
154
50
255
2
Jan
Feb
39
Feb
Apr
2
11
Jan
1,349
14 X
Feb
21H
1)4
Jan
Jan
13 H
12 %
706
18 X
2)4
12
3)4
3)4
100
Established 1853
39
1
95
24)4
24)4
Feb
Apr
3
Apr
104
Feb
Mar
85
7
7)4
145
85
84
85)4
1,741
40)4
41
65c
65c
~4~"
54
3H
Waldorf System Inc
Warren Bros Co
"8 X
100
Utah Apex Mining
Utah Metal A Tunnel
Broadway
5)4
174
40)4
Corp. 2 5
Preferred...
NEW YORK
BALTIMORE, MD.
91
94)4
Venezuela Holding Corp.*
Venezuela Mexican Oil. 10
Baltimore Stock Exchange
STEIN BROS. &) BOYCE
5
181
200
1X
l
Feb
"16
X
Jan
Jan
90o
30o
Apr
1
Feb
May
Jan
7)4
Apr
4
13)4
13
*
*
2)4
1,345
100
74c
50
Jan
16
Feb
10)4
2,530
Jan
10 X
Apr
4
40
2)4
York, Pa.
Louisville, Ky.
Hagerstown, Md.
56c
Feb
58o
Apr
522
2)4
1
United Gas Corp
United Shoe Mach
6.S. Calvert St.
554
Apr
Mar
38)4
665
Suburban El Secure com..*
.*
Union Twist Drill Co.. ..5
on
2)4
35c
Feb
11
Torrlngton Co
Orders Executed
Jan
1)4
Texla Oil Corp..
Park
High
3)4
1:X
38X
416
2)4
North Butte
Low
Shares
43
38)4
119)4 121
40
*
100
N Y N H & Hartford—100
Pacific Mills
3)4
39 Bway Ino units
Tudor City—
47
47)4
for
of Prices
Low
High
Price
Par
Mass Utilities
Week's Range
Sale
Closing bid and asked quotations, Friday, May 1
Unlisted Bonds
Range Since Jan. 1 1936
Last
Exchange
Bonds—
York and Baltimore Stock Exchange*
Chicago Board of Trade and Commodity Exchange, Inc.
Members New
Eastern Mass St RailwaySeries A 4)4s
1948
Series B 5s
1948
76
78
$37,000
70
Jan
78
Apr
82
77
82
1,000
70
Jan
84
Apr
Baltimore Stock Exchange
Apr. 26 to May 1, both inclusive, compiled from official sales lists
Last
Sale
Stocks—
Par
Arundel Corp...
Bait Trans t Co com
.•
v
Price
17
♦
*
88
5%
preferred.
100
Eastern Sugar Assoc com.l
Preferred
l
Finance Co of Am cl A
Houston Oil pref..
100
New Amsterdam Cas
5
Penna Water & Pow
com. *
Seaboard Comm'l B
2
103
h
2)4
Jan
Feb
New York Stock
20)4
27)4
Apr
30
Feb
New York Curb (Associate)
Mar
36
Feb
444
Jan
22X
5
7)4
Jan
Members:
Feb
22
480
28)4
91)4
180
221
84
Jan
92
Apr
102
114
Jan
116
Jan
17X
Mar
Jan
28)4
105)4
Mar
28
88
10 So. La Salle St.,
23
200
17
90
96)4
40)4
273
88
Jan
39)4
251
39X
Apr
50
JaD
10)4
10)4
100
9)4
Jan
11)4
Apr
15 X
17 X
1,115
Jan
20 X
Jan
Feb
1)4
Mar
Last
Week's Range
for
Jan
Sale
of Prices
Week
16)4
15
38
54
9)4
9)4
1
1
54
184
9
Apr
99
1
Apr
Chicago Stock Exchange
Feb
11X
2
Jan
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Price
Par
Stocks—-
37
287
31
Jan
37)4
292
23)4
Feb
Apr
Feb
25X
3)4
Jan
Adams (J D) Mfg com
*
16 X
Apr
55
Feb
Adams Royalty Co com..*
654
Apr
16 X
Jan
Advance Alum Castings..5
2)4
45
10 X
45
9)4
45
129
23
10)4
92)4
777
90
90
9Vs
m
8
14 X
13)4
36 X
15 X
3,902
36)4
246
23M
1976
Read Drug & Chem 5 Xs'45
165
2 X
40
9X
23)4
26)4
99)4
100
24
380,500
28
16,650
99)4
1,000
5,000
100)4
Week's Range
for
Sale
of Prices
High
7X
21X
Amer Tel & Tel
100
Boston A Albany
151)4
100
Prior preferred
..100
Cl A 1st pref stpd.-.lOO
A
Apr
45
40
Jan
46
Feb
26 X
180
24 X
Ap
32 X
Feb
4X
5X
4,450
4X
Apr
12 X
*
pref. 100
5
27 X
Feb
Automatic Products
32)4
Feb
Automatic Washer
15)4
Jan
17
Jan
84
Jan
100
101)4
Apr
15 X
Feb
Jan
3,500
1,450
3 X
27 X
Apr
33 X
Jan
36X
Apr
8X
9X
1,450
11
Feb
2
3X
31
32
8)4
5
4X
7X
5X
7X
Feb
10
2
Apr
80
14
Feb
18
Jan
Apr
Apr
50
2
4X
1
com.
12 X
100
conv
Backstay Welt Co com
pf *
Low
Jan
20
2X
5X
1,050
6X
Jan
20X
100
20X
Apr
12X
20X
*
27 X
10 x
26
29X
11X
21,400
21X
Jan
32
4,700
7X
3
Jan
12X
Jan
7
Mar
22X
Apr
30X
83X
111X
Mar
Feb
9X
5X
70
108 X
100
120
22 X
25X
4,000
66
24 X
Borg Warner Corp com. 10
6
75
2,350
108 X 108 X
50
64
Jan
107X
Jan
Mar
Apr
Apr
Mar
Mar
Mar
Brown Fence <fe Wire—
High
Mar
9X
20X
""9X
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
Bliss A Laughlln Inc cap. 5
com
Jan
15X
9X
15X
*
Beatrice Creamery com.25
Bendlx Aviation
3X
27
*
B
29
*
Apr
Bruce Co (E L) com
Apr
Butler Brothers
25
Jan
149 X
Apr
178
Feb
20
97)4
Jan
107X
Apr
-
134 X
114
117X
Jan
143
Feb
Cent 111 Pub Serv pref
66 X
277
65X
Jan
70
Feb
-
-
-
8X
10
7
100
3
Apr
30X
Mar
26X
Jan
450
13
9
3X
34 X
18 H
Mar
Jan
8,250
14X
X
27
200
32
13
Canal Construct conv pref*
Castle A Co (A M) com..10
Cent Cold Storage com ..20
Mar
*
28
7X
Jan
iox
Mar
310
IX
38X
Jan
Jan
42 X
Jan
5
Mar
Jan
39 X
15
30
15
Jan
17
Feb
58 X
60 X
370
57
Jan
66
Feb
IX
59
*
350
15
Cent 111 Secur common--.1
41
IX
400
1
Jan
2X
Feb
IX
IX
9,450
IX
Apr
Feb
Feb
Central S W—
5)4
Preferred stamped... 100
Class
12X
45
24 X
Boston A Maine—
Common
Feb
Amer Pub Serv Co
107)4
65)4
Mar
25X
Altorfer Bros conv pref
129
"66)4
550
8X
Jan
5X
Apr
IX
7,187
12 X
Jan
21
Apr
4X
149X 164)4
300
Feb
50
15
1,900
36)4
7% preferred
22 X
7X
21 X
Jan
107
100
100
5
22 X
Blgelow-Sanf Carpet pf 100
Boston Elevated
1)4
Feb
7
21
34
215
1)4
5
Mar
7%
Apr
Class
26
.50
60
18X
Jan
17 X
Amer Pneumatic Serv Co—
6% non-cum pref
1st preferred
Feb
6
9254
9X
Class A
Common
16X
150
Jan
Range Since Jan. 1 1936
Shares
70
6X
Apr
Week
Low
Apr
17X
Apr
Sales
Last
120 X
9X
13)4
Boston Stock Exchange
Friday
Jan
87
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Price
High
97 X
Allied Products Corp cl A. *
Common
10
Bastlan-Blessing Co com.*
Par
Low
350
116 X
113
115
Abbott Laboratories com. *
Associates Invest Co com. *
...1975
Range Since Jan. 1 1936
Shares
Mar
25)4
2)4
Asbestos Mfg Co com
Stocks—
High
34)4
Bonds—
5s flat
Low
25
34)4
Baltimore City—
B 5s flat
Sales
Friday
Armour & Co common—5
A
CHICAGO
21
Western National Bank. 20
Bait Transit Co 4s flat 1975
Chicago Stock Exchange
Chicago Curb Exchange
Feb
11
Exchange
92)4
10
U 8 Fid A Guar
Paa! H.Davis &@ol
Apr
22
MtVer-Wood Mills comlOO
100
High
16 X
405
25
Preferred
4)4
Low
1,308
12X
*
2nd preferred
25
Merch A Miners Transp..*
Monon W Penn PS7% pf25
18)4
2)4
Week
Shares
11)4
*
Mfrs Finance com v t
Mfrs Finance 1st pref
SECURITIES
Listed and Unlisted
Range Since Jan. 1 1936
for
115)4 115)4
28
Fidelity A Deposit
20
Fid A Guar Fire Corp...10
3
20)4
25
Consol G E L & Pow
of Pr ices
High
Low
2
"4 X
*
Preferred
Week's Range
X
t o_*
1st preferred v t c
Black A Decker com
CHICAGO
Sales
Friday
5
22
20 X
6
654
6X
1st pref
100
5
5
100
8)4
8
100
8)4
Class D 1st pref stpd. 100
15
Calumet & Hecla
25
10)4
Copper Range..
25
7H
Apr
1054
Jan
Common
Feb
Prior lien preferred
Preferred
130
354
Jan
20 x
Apr
41
Feb
6
Apr
Apr
14X
12)4
Feb
5
8X
8X
Apr
17
Jan
15
Feb
256
25
X
9
105
41
12
Boston Personal Prop Tr_*
Boston A Providence-.100
5X
929
5X
22
Cl B 1st pref stpd
Cl Cist pref stpd
65
12
30
14 X
15
170
12
Jan
8X
com
*
56
25 X
49
Jan
3X
68X
90
21
Jan
40
35
Jan
54 X
Apr
40X
Jan
48
Apr
48
54
580
47
50
*
Feb
Jan
Apr
Jan
Cherry-Burrell Corp com. *
Chicago Corp common
*
Preferred
48
30
5
10)4
12 X
1,037
5)4
Jan
14 X
Apr
7X
8)4
1,598
6X
Jan
9X
Apr
Chic Rivet & Mach cap
*
Chicago Towel Co conv pf *
Chic Yellow Cab Ino cap.*
1)4
IX
100
X
Jan
IX
Feb
Cities Service Co
com
*
Club Aluminum Uten Co. *
*
ex
6)4
7X
192
354
Jan
11X
Mar
Commonwealth Edison. 100
6% cum pref
100
61)4
61X
62 X
407
41X
Jan
83
Mar
100
72)4
72)4
73
317
60
Jan
84
Mar
Feb
Apr
Jan
3X
62 X
16
4X
16,250
47 X
1,700
45
28X
103
4
Arp
5X
Mar
43X
33X
Apr
52
Feb
300
Jan
48
Feb
27 X
50
27 X
Apr
31
28X
190
25
Jan
34X
10
100
Jan
103
105
Jan
Apr
Feu
24 X
28 X
Jan
4X
4X
1,800
24,150
19X
4X
2X
Mar
31X
7X
IX
IX
IX
550
IX
Apr
3X
Jan
101 x
1,350
96 X
Jan
54 X
50
54
Apr
110X
59X
Apr
X
X
1,200
X
Feb
3X
3X
10
2X
Jan
1,200
34X
Apr
26
99
Apr
Feb
Consumers Co—
Jan
28X
Compressed Ind Gases cap*
4)4% prior pref
4
27X
.
43 X
43
4X
45 H
*
Chicago Flex Shaft com..5
Chicago Mall Order com. .5
1454
144X
East Gas A Fuel Assn—
Common
300
50
25
52
*
154)4 154)4
East Boston Co
IX
1
Feb
2054
1554
156X
Apr
Feb
Chain Belt Co
-
Eastern Mass St Ry—
Common
Common
100
3)4
3)4
740
m
1st preferred
100
59
58)4
60
366
Preferred B
100
15
14
15
265
8X
Feb
7
235
3
Feb
7X
Apr
Apr
*
11
10)4
11
260
8)4
Jan
14X
Feb
*
52
52
53 X
60
Jan
6
Adjustment
Eastern SS Lines com
2d preferred..
Economy Grocery Stores.*
Edison Eleo Ilium
Recpts $150 pd
Employers Group
17)4
160
6
17)4
160
17 X
50
20
33
52
Mar
17
Apr
23X
*
General Capital Corp
*
897
15554
Jan
169
280
150
Jan
555
20
Apr
165)4
27)4
Mar
Mar
20
22 X
38 X
135
37
Jan
41
Apr
15)4
18X
557
15)4
Apr
19X
Feb
30
15)4
Feb
31X
209
30
Jan
35
Jan
Hathaway Bakeries—
Preferred
.*
*
154
1
Class B
Helvetia OH to
Isle Royal Copper
Loew's Theatres
60c
60c
2
2
26
25
10)4
10)4
154
10)4
100
100
Preferred
100
For footnotes see page 2971
9
322
30 X
10
60
30 X
80
Common
100
*
Preferred
.
34 X
101
4X
37
104
5X
110
25
24
26
13,850
1,950
123
5X
Preferred
100
Curtis Lighting Inc com..*
Dayton Rubber Mfg com. *
124
160
101
1)4
7)4
47
Jan
Feb
Feb
Apr
Apr
4X
117)4
Jan
Apr
8
Apr
24
Apr
30 X
Apr
120
Mar
Jan
131X
554
5)4
20
3X
Jan
9
1154
iox
12X
1,550
Jan
14X
Mar
24 X
400
iox
19X
Jan
25 X
Mar
70
21X
Jan
25
Common
22 X
24 X
*
25
25
10
Cum class A pref
De Mets Inc pref
Decker A Cobn—
7
35
Mar
254
Jan
Deep Rock Oil
Jan
IX
Feb
Jan
2X
Apr
Dexter Co (The) com
5
Econ Cunnghm Drug com *
754
18X
35 X
100
Cord Corp oap stock
5
Crane Co common......25
54
954
Mar
conv
16
pref.. *
7X
16
300
20
13
13X
410
17X
18X
1,250
23
13X
17X
4
X
Jan
9X
10
Feb
9)4
1BX
Jan
17X
18X
Jan
20
Apr
Mar
Apr
Apr
Mar
Jan
11
Feb
Eddy Paper Corp (The)..*
24X
70
23
Apr
30
15 X
16 X
2,700
15X
Apr
18
Feb
Eleo Household (Jtll cap.5
Elgin Nat Watch Co...15
"l5X
Jan
34
33
37
1,100
27 X
Jan
18X
37X
Feb
Jan
45
Jan
FitzSlms A Con DAD com*
19
19
19X
300
16X
Jan
23
Apr
Maine Central—
Common
X
5
7% cumul pref
Continental Steel—
154
75
120
54 X
Apr
37
21)4
*
Gillette Safety Razor
163
159)4 161
100
new stk
Apr
99
Jan
Jan
Financial
Volume 142
Friday
for
of Prices
Week
Price
Gardner Denver Co com..*
General Candy A
5
Gen Household util com.*
Low
High
Last
Shares
47
13 34
15 34
800
634
7%
4,950
90
Stocks (Concluded)
High
Low
Jan
47
Apr
Jan
1534
854
Apr
Apr
Week
WHIlams-Oll-O-Matlc com*
1134
for
of Prices
Low
High
Price
Par
39
Week's Range
Sale
Range Since Jan. 1 1936
45
6%
Sales
Friday
Week's Range
Sale
Par
2969
Sales
Last
Stocks (Continued)
Chronicle
Zenith Radio Corp com..*
3
Jan
Wisconsin Bankshares com*
53*
165*
11%
53*
1534
Low
10
50
11%
534
1734
1 1936
Range Since Jan.
Shares
2,550
High
Mar
1334
Mar
Jan
85*
Jan
Jan
534
11
5,250
195*
Apr
Godcbaux Sugars Inc—
Class A.
»
34 34
Class B
*
16%
33
34 34
700
22 %
Jan
3934
Mar
14 34
16%
Jan
18k
25 34
22 34
Jan
Apr
Apr
"27 k"
28%
29 %
1,200
1,300
3,700
83*
24%
26%
Apr
Harnlschfeger Corp com. 10
'u~
14
15 %
Heileman Brew Co G cap.l
Heller (WE) pref—
12%
12
13
Goldblatt Bros Inc com..*
Great Lakes D & D com..*
Hall Printing Co com
♦
Without warrants
Borders Inc
25
.
834
106
1
Rights
w
1_
*
1
Katz Drug Co com
Jan
9H
834
Jan
17
135*
2634
1334
23
8%
Feb
11
Apr
150
17*4
Jan
Apr
2,350
400
9
108
1934
"56 k
130
53*
38 34
19%
20
24
25%
1,100
21%
33%
6,100
67%
1,630
19%
32%
1/54
4%
37%
6
39%
Common
10
Preferred
100
4%
6% preferred
LaSalle Ext Unlv com
Lawbeck
250
2,930
1,300
23
83* May
22
»
com
Cumulative preferred..*
Llbby McNeil A Llbby..lO
Lincoln Printing Co—
Jan
Feb
100
19*4
1095*
Jan
Apr
24k
Mar
May
24
31
Feb
Mar
183*
Feb
24
323*
Apr
40
Apr
43
Jan
70
Mar
Apr
6
Apr
Feb
40
Apr
45*
32
150
434
Apr
1034
Cincinnati Stock Exchange
Apr. 25 to May 1, both Inclusive, compiled from official sales lists
Feb
Jan
115
Mar
Last
Week's Range
for
10
Apr
14
Jan
Sale
of Prices
Week
3434
Feb
43
Jan
77
Apr
90
Jan
Apr
37%
77
2%
250
10
2%
900
1%
150
4%
360
13*
15*
285*
3*4
23%
120
21
30
3%
21
40
8%
11
900
Common
*
10%
$334 preferred
»
42 34
42
43
150
Lindsay Light com
10
Lion Oil Refining Co com.
Loudon Packing com
•
4%
4
5
750
12
1,900
95*
11%
7
Mar
Aluminum Industries
*
20
Jan
Amer Laundry Mach
32
Feb
Jan
7
Feb
Burger Brewing
Champion Coated
Apr
Price
41
5
354
353*
1134
Jan
Jan
Jan
115*
Apr
Jan
Apr
46
McCord Rad A Mfg A...*
Electric com...5
McGraw
33
McQuay-Norris Mfg com. •
Manhatt-Dearborn com
.
.
734
Jan
15
200
7
Apr
834
Feb
34
Jan
54%
Feb
7
353*
Mer A Mfrs Sec cl A com.l
Preferred.
*
293*
65*
Jan
Mar
59
60
33
Apr
43
Apr
1,000
27
Jan
33
Mar
90
55
Jan
61
2
*
Marshall Field common..*
35
27
59
27 34
1534
5%
28
234
1,270
15*
Jan
14
1534
634
3,300
113*
Jan
534
534
27
29
1034
225*
*
534
213*
20
100
102
Cincinnati Ball Crank pref*
Cincinnati G & E pref. .100
CNO&TPpref
35*
105
100
Cin Post Term pref
2,850
70
Apr
354
Jan
Mar
Apr
8
Jan
Jan
26
19
34
Jan
50
50
754
*
"22"
Coca-Cola A
*
Crosley Radio—
Crystal Tissue
Eagle-Plcher Lead
*
1134
2 34
Jan
Apr
434
1034
Feb
7
354
Mar
734
Feb
Jan
54
Feb
Magna vox
2%
Jan
Manischewitz
Meteor
3
354
%
34
7,000
234
200
1
Mar
35*
160
1
Mar
5
134
33*
134
1
1
7
7%
45
45
10
5*
54
Jan
Feb
334
234
190
3 3*
Jan
50
38*4
Jan
10
Mar
Apr
*
Natl Gypsum cl A com..5
National Leather com
10
"ik
Natl Pressure Cooker com 2
Randall A
North Amer Car
90
4934
Apr
52
1934
150
17
Jan
2534
100
11
Jan
Mar
30
3234
480
28
Apr
1554
32)4
56
1,600
38 34
Jan
65
134
143*
2,050
13*
Jan
25*
Apr
1534
734
4034
%
1
28
May
Feb
100
14
100
55*
323*
Jan
10
Osbkosh Overall Co
Jan
42
Jan
1,150
26
Apr
134
35
3 5*
Jan
Apr
14
1,750
Jan
2654
160
734
Jan
20
25
20
Apr
40
1034
27
1934
Peabody Coal cl B com—*
Penn Gas A Elec com
•
2
034
Jan
2
25
9
Jan
50
27
Mar
100
19
Apr
50
1,450
134
Jan
1134
0%
preferred
7% preferred
Quaker Oats Co—
334
1,150
120
234
2 34
23*
Apr
2734
Jan
4
Jan
65*
Mar
2
Jan
43*
Feb
83*
75*
10
7
Feb
9
734
310
6
Jan
75*
1
20
4
100
Apr
Feb
134
334
54
33*
43
44
1834
44
1834
754
318
31
175
31
..10
81
49 34
51
103
Apr
Apr
Cleveland Stock
for
21
Jan
9
Jan
355*
Feb
6134
6134
Par
Stocks-
Price
Low
High
35
35
Feb
Airway Elec Appl pref. 100
Allen Industries Inc
1
185*
Feb
Apex Electric Mfg
18
185*
2034
115
Mar
Prior
preferred
City Ice & Fuel
*
100
*
100
17
100
17
*
64
108
146%
20
142
Jan
147
Apr
Cleveland Ry
100
Ctfs of deposit100
Cliffs Corp vtc
*
Commercial Bookbinding. *
65
65
64
63
64
20
1934
734
225*
734
6
11
234
1134
22
47%
111
4,200
234
Jan
634
Apr
750
134
Jan
334
Feb
May
1534
Feb
11
10
17
Jan
26
600
35
Jan
55
Mar
40
111
Apr
125
Apr
112
69
Feb
Feb
234
Jan
10
99
Feb
20
61
Feb
1534
1,050
85%
18%
40
334
133*
795*
Mar
14
200
3,200
4,400
1,000
70
Jan
Apr
485*
102
102
2
104
Mar
105
*
46
50
187
345*
Jan
55
Apr
14
15
249
10
Jan
1534
Apr
215*
Apr
26
1754
Apr
Apr
2834
Apr
1834
355*
Metropolitan Pav Brick..*
Cumul 7% preferred-100
Miller Wholesale Drug...*
Monarch Machine Tool..*
Jan
Murray Ohio Mfg
203*
Apr
25
Jan
Myers (F E) & Bro
300
854
Jan
1234
2V*
Mar
43*
Feb
National Refining
soq
%
2
Jan
National Tile..
3H
650
May
Arp
Jan
Nestle LeMur cum cl A.
1,615
15
4
434
25
5
40
215*
334
2134
Mar
Jan
15
Mar
70
434
2734
173*
Jan
JaQ
Mar
Apr
Jan
Feb
Jan
Mar
Mar
Feb
Apr
7
62
62
10
62
Apr
62
Apr
li
11
11
18
11
Apr
15
Mar
18
18
18
10
1634
1854
183*
455*
19
455
4554
25
183*
4554
554
534
295
5
Jan
5
190
5
May
234
3
130
23*
4%
454
Mar
Apr
Apr
1834
Jan
26
Feb
4554
Apr
834
Mar
Feb
1,400
1
*
*
25
454
225*
15
434
215*
225*
43*
McKee, A G, class B
*
Medusa Portland Cement *
18%
Feb
Feb
Jan
91
Apr
123
36
Jan
Mar
Apr
6
Jan
7
Apr
48
Interlake Steamship
110
8
48
Kelley Island Llm «fc Tras. *
Lamson & Sessions
*
3
2454
Feb
60
Jan
2%
Jan
Apr
Feb
534
10334
20
85*
55
36
Apr
10%
Mar
50
Jaeger Machine
%
66
53
Apr
2%
Feb
Feb
Jan
53
Mar
10
Feb
pref..100
Grelf Bros Cooperage A..*
Hanna (M A) $5 cum pfd_*
Gt Lakes Towing
Mar
54
195*
7134
110
3534
1434
""2 k
Jan
Mar
Apr
Apr
3234
30%
21%
Apr
31
2834
20%
105
543*
Jan
28%
237
4,225
Apr
Jan
Jan
Mar
2
Jan
2134
59
1534
54
1075*
615*
595*
1934
654
Jan
Mar
21
10
15 V*
29 %
107
24
50
28
15
33
1,140
1134
90
Apr
31
70
25
64
185*
55
160
18
154
112
310
4%
100
40
31
100
11
5
High
Mar
5434
pref
Faultless Rubber—
32
2%
Low
25
*
Dow Chemical
25
69%
6634
10834
10
Jan
350
—
22%
100
Range Since Jan. 1 1936
Shares
Mar
Jan
85%
3%
4834
Jan
Jan
May
Sales
Cleve Elec 111 $4.50 pref--*
2%
Thompson (J R) com...25
30
Jan
Apr
Exchange
Jan
67%
4%
45*
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Mar
100
14
16
Apr
Apr
Mar
A. T. ft T. CLEV. 595
140
11
22 34
43
85
5
Mar
Union Trust Building* Cleveland
123
Swift International
25
*
*
53*
Jan
12
Jan
Feb
Nineteen Hundred Cp cl A*
33*
534
Viking Pump Co—
30
30
21
30
Feb
434
305*
27
27
Apr
35
Jan
«Jan
Jan
15
Mar
Common
*
18%
20
310
15?*
Jan
24
Feb
*
40%
40%
120
3954
Mar
41
Jan
Packer Corp
18%
38%
4%
750
1754
333*
Jan
205*
Feb
Richman
Jan
385*
Feb
Seiberllng Rubber
800
__
Ohio Brass B__
Preferred
Vortex Cud Co-
Patterson-Sargent
*
*
*
1834
*
(Montg) A Co cl A.*
"30%
Walgreen Co common
oag*
17%
38%
4
100
Apr
31
700
30
Apr
149
30
142
Jan
17
2971.
4
30
149
Wleboldt Stores Inc com.*
For footnote- see
Apr
Jan
Swift A Co
Wahl Co com
1434
5
23
30
*
.30
St Louis Natl Stkyds cap. *
Stelu & Co (A) com
*
Ward
Feb
Apr
111
South Colo Pow A com. .25
Class A
1234
11234
43%
Sou'west G A E 7% pfd 100
Southwest Lt A Pow pref. *
Common
Jan
1434
1253*
22
100
*
*
Mar
45
Apr
Slgnode Steel Strap Co—
Util A Ind Corp
Convertible pref
30
Feb
15
Elec Controller & Mfg—*
Utah Radio Product com.*
Jan
40
20
234
*
Jan
28
20
790
5
Convertible preferred._*
25
174
148
116
2%
45
Feb
Mar
29
146
*
15
10534 May
43
12634
534
Standard Dredge—
Common
20
Jan
634
Apr
8
10534 May
195* Mar
160
*
Cleve-Cliffs Iron pref
11%
634
9
126
50c
Common
100
205
116
126
t c
Reliance Mfg Co com..10
Preferred.
Apr
554
6
334
114
SIvyer Steel Castings com *
Mar
26
354
Jan
3%
112
Preferred
65
Mar
Mar
Week
Jan
100
..100
Ross Gear & Tool com
Jan
16
of Prices
Mar
4
350
Sancamo Electric Co...
44
83
Week's Range
650
35*
200
v
32
Sale
S"
52
v t c
Feb
61
26
2234
634
63*
115*
1134
10534 10534
Last
Apr
234
100
0% preferred
23
Friday
Mar
4
Jan
Raytheon Mfg—
Common
92
Mar
Jan
17
32
600
5034
Preferred
Jan
20
Jan
350
200
23*
51
-—*
85
250
Apr
1934
3534
49%
Common
180
23
Feb
19
5034
Apr
903*
23
Telephone CHerry 5050
Feb
3534
60
*
Feb
185
*
Apr
29
275*
33*
Public Service of Nor IllCommon
834
Feb
19
Common..
Jan
GI ILL I Sl^jfWOODcbi
Feb
10%
-_*
534
Fe^
Apr
5
.__*
Apr
10
27
*
412
73*
85
Jan
23
93*
155*
.10
Potter Co (The) com
Prima Co com
7
Apr
Members Cleveland Stock Exchange
Feb
50
1,850
25
Perfect Circle (The) Co..*
Pines Wmterfront com...6
1165*
85
4
85
Ohio Listed and Unlisted Securities
Feb
434
9%
com.
com
105
Jan
Feb
Mar
54
1034
20
Conv preferred
Parker Pen Co
Jan
1103*
7
Northwest Util—
Prior lien pref
10054
2
Jan
Feb
Feb
150
400
93*
21
105
Feb
Feb
26
100
100
154
1734
454
Jan
434
7% preferred
522
434
Apr
3
B
Jan
1%
6
com
Northwest Bancorp com..*
Northwest Eng Co com..*
4
1035* 104 5*
13
Jan
13
H
27
Noblitt-Sparks Ind com..
12 34
»
1
Jan
503*
40
com.
Nat'l Union Radio com__l
85
13
Apr
*
Feb
4934
14%
National Rep Invest Trust
Cumul conv pref
♦
105
*
55
49
"32 k
Nov
102
23
Moores Coney B
1154
13
Naehman Springfield com
National Battery Co pref.
60
25
5
National Pumps..
Procter & Gamble
19
49%
1023* 102 5*
Apr
234
83*
2.50
US Playing Card
Preferred
National Standard
Jaeger
Jan
Monroe Chem Co—
Muskegon Mot Spec cl A. *
Mar
654
Feb
Midland Util—
*
27
Jan
1,131
20
*
Leonard
pref.
Jan
334
1954
2834
.__*
Kroger
34
2
3%
8,000
1,100
Midland United Co—
conv
195*
99
23
1,000
8
Modlne Mfg Co com
409
14%
234
7
Miller A Hart
Mar
2334
42
*
Gibson Art
2%
*
13%
61
100
Formica Insulation
7%
3%
100
100
100
Jan
8934
*
20
Early A Daniel pref
254
Conv preferred A
9 34
215*
85
.100
Cincinnati Street Ry
Cincinnati Telephone
Middle West Corp cap.-.5
Stock purchase warrants
7% prior Hen
6% preferred A
7% preferred A
High
290
11534 11534
14
Hobart A
•
Low
11
5
5
100
1st preferred
Churn gold
Mlckelberry's Food ProdCommon
1
Common
Range Since Jan. 1 1936
Shares
High
Apr
100
41
Low
Feb
35*
4
3,250
734
Far
Feb
Apr
734
Stocks-
Cin Union Stock Yard
Lynch Corp com
Sales
Friday
54
7%
12
Jan
Apr
Jan
1234
80
1%
.....
79
24
Mar
1,600
29
3%
Mar
Apr
*eb
325*
11
77
2Vs
75
2234
Apr
85
36%
Corp 0% pfd .100
Leath&Co
3,000
10
100
1
6
$6,000
24
82
10
Ky Util Jr cum pref.....50
Kingsbury Brew cap
5%
70
2234
Apr
Kellogg Swltchbd—
Ken-Rad T A Lamp com A*
70
1927
Feb
205*
100
18
24 %
1927
5s series A
Apr
50
Bonds—
Chicago Ry 5s ctfs
Apr
Jan
19%
"24 k
Jefferson Electric Co com. *
Kalamazoo Stove com...*
'
106
*
Iron Fireman Mfg v t o -.*
Jarvls (W B) Co cap
2334
6
120
11
18
Houdaille-Hershey cl B._*
Illinois Brick Co
25
111 North Util Co oref-100
Interstate Power $6 pref.
22%
11
*
com
900
3,100
9%
22%
*
com
Hormel & Co
8%
255*
3334
113*
17
50
16
Apr
65*
3434
152
2254
-----
28
145
.*
*
13
13
58
20
*
59
*
234
1134
2234
6034
25*
21
714
125
934
20
Apr
27
Jan
563*
Jan
68
Feb
2
Jan
454
12 •
120
25
S M A Corp
15
15
245
Jan
Union Metal Mfg
8
8
15
854
1434
554
Jan
Jan
Feb
Jan
1954
105*
Jan
Vlchek Tool.---
11
11
40
10
Jan
12
Jan
8% cumul pref
100
1
Feb
Feb
Feb
Jan
Mar
Financial
2970
Weinberger Drug Inc
*
W Res Inv Cp 6% pr pf 100
Youngstown Sheet & Tube
Cumul
5%% pref—.100
Week's Range
for
Sale
of Prices
Low
High
Price
Low
Shares
Stocks (Concluded)
High
Par
38
17
Jan
18
Feb
Vanadium Alloy Steel
82
70
70
Jan
83
Feb
Victor Brewing Co
86
112
112
112
Apr
112
Apr
for
of Prices
Low
High
Week
Price
*
17%
82
112
Week's Range
Sale
17
......
Range Since Jan. 1 1936
Last
Week
1
Westinghouse Airbrake.—*
W'house Elec & Mfg
50
2,
Sales
Friday
Range Since Jan. 1 1936
Last
Par
May
Sales
Friday
Stocks (Concluded)
Chronicle
10
32
32
Low
Shares
31
High
Feb
35
Jan
70c
1,000
60c
Jan
90c
Jan
39%
103% 114%
674
34%
Jan
47%
Mar
264
97
Jan
122%
Apr
50
101
Jan
106%
Mar
Jan
5%
Feb
70c
70c
35%
Unlisted—
102
Lone Star Gas 6% pref.100
Pennroad Corp vtc.....*
Watling, Lerchen & Hayes
103%
4
269
3%
Bonds-
107
Pittsburgh Brew 6s.-.1949
Members
New York Stock
3%
107
$1,000
107
Jan
Jan
107
New York Curb Associate
Exchange
Chicago Stock Exchange
Detroit Stock Exchange
Established 1874
Buhl Building
DETROIT
DeHaven & Townsend
Telephone, Randolph 5530
Members
PHILADELPHIA
Sale
Stocks—
Auto
Par
City Brew com—__1
Baldwin Rubber
1
com
of Prices
High
Low
Price
10
49%
49%
13
15
"15"
5
95%
95%
19
19
Continental Motors
Det <fe Cleve Nav
10
1
com..
2%
3
10
com
Detroit-Cripple Creek
Detroit Forging com..
Det Gray Iron com
1
*
5
Det-Mich Stove
1
com
3%
4
"10%
5%
9%
10%
4%
8%
*
Dolphin Paint A
B
24
24
*
com.
5
5
1%
1%
_*
Eureka Vacuum com
5
Federal Mogul com
......
com
10
"61""
Goebel Brewing com
Graham-Paige com
1
1
7%
2%
Hoover Ball & Bear com .10
11
Hudson Motor Car com..*
*
1%
3%
Apr
4
350
2
Apr
4%
100
2%
10%
9
6%
16
1%
9%
4,488
2,532
275
5
8%
42
5%
5%
5%
11
Jan
4%
5%
5
21%
6%
5%
17%
1%
5%
Jan
21%
Feb
22% Mar
Jan
12%
Feb
Apr
50
Feb
6%
.
7
Jan
Jan
29
Feb
no
15
23
Apr
23
Apr
702
12%
5%
Jan
17%
11%
Apr
6%
2%
Jan
450
Wolverine Tube
com
1
*
19%
Feb
Apr
8%
3%
1
Apr
1%
Jan
5
8%
2%
com
20
Apr
Mar
25
8%
3%
Wolverine Brew
Feb
655
23
1%
Mar
1,600
5%
5%
27
9
Feb
Jan
*
1%
8%
6%
Feb
4%
5%
Universal Cooler A
------
Mar
Apr
42
18,448
1
19%
25
Feb
Apr
2,481
3,365
15
Apr
Feb
15
1,034
6
Apr
Mar
Jan
5,932
42
12
78%
10%
4%
15%
15%
1,425
10
9%
com
Apr
Jan
,3,S
894
18%
15%
8%
Wayne Screw Prod com..4
18%
Jan
4
""9%
Warner Aircraft
Apr
Jan
16
1,462
1,607
1
*
15%
1%
9%
1%
19%
3,830
6,540
2,812
Feb
Jan
3
Apr
Apr
Mar
Apr
15
11%
Mar
Jan
"is
400
Feb
9%
3%
Jan
,S16
Mar
7%
Jan
9
692
8%
Jan
1%
Mar
20
Jan
Apr
Par
Stocks—
American Stores
-
American Tel & Tel
100
UNION
BANK BLDG.,
Tel
120
Week
Price
Bankers Securities pref..50
Bell Tel Co of Pa pref—100
Co——*
14%
Budd Wheel Co
*
Chrysler Corp
5
9%
95%
Budd (E G) Mfg
Rights 1st paid
*
com.
Electric Storage Battery 100
General Asphalt
10
"46%
10
"62"
General Motors
Navigation*
Mitten Bank Sec
3%
21%
119%
9%
2%
5,969
45
131
130
34
Jan
11%
14%
8%
Jan
Feb
30
Horn & Hard (N Y) com.*
Lehigh Valley
310
—50
Corp..25
Preferred.......
25
Natl Power & Light
*
Pennroad Corp vtc
*
Pennsylvania RR_ .....50
PennaSalt Mfg
-.50
Phila Electric of Pa $5 pref *
Phila Elec Power pref.-.25
Phila Insulated Wire
*
Phila Rapid Transit
7% preferred
50
—50
246
318
1,419
286
50
Reo Motor Car Co
8%
9%
3%
4%
9%
4%
29%
124%
113%
8%
9%
9%
3
227
376
205
4
,
3%
28%
125
112
8%
11
18%
17%
5
"23"
23
34
34
_*
*
Mar
50
Mar
Mar
638
Mar
53
325
150
2,696
120
78%
■
5%
41
*
14%
109%
Apr
Apr
Apr
122
83
116
Jan
3%
18%
7%
30%
90%
Feb
Mar
Mar
78
800
May
1'ie
*
*
3,«
%
Feb
Apr
Jan
193
5
35%
1%
Feb
Feb
130%
116%
645
9%
13%
2%
18%
28%
115
Mar
May
39
76
22
8%
8
Jan
14%
5%
117
34%
22
50
.___*
10%
4%
31%
127%
113%
34%
Tonopah-Belmont Devi.. 1
Tonopah Mining
1
United Corp com
Preferred
437
1,315
4,788
2,804
22
75%
Union Traction
101
1,435
34%
Sun Oil Co
Tacony-Palmyra Bridge. .*
1,191
5%
5
Salt Dome Oil Corp ...... 1
Scott Pap A 7 % pref... 100
177%
1,520
1,476
32
8%
Phila & Read Coal & Iron. *
Philadelphia Traction
High
36
27%
149%
10
Horn & Hard(Phlla) com.*
Lehigh Coal &
1,172
1,994
27% 29%
149% 164%
3%
3%
24%
24%
121% 123%
13%
14%
2%
3%
8%
10%
91% 101%
18% 20%
45% 48%
24% 27
58%
66%
*
Gimbel Bros com
Low
Shares
118% 120%
152
Baldwin Locomotive.... *
Westmoreland Coal
2,320
6%
7%
5%
6%
40%
41%
14%
15%
108% 110
11
11%
8
8%
480
Feb
1,960
Apr
9%
425
Apr
47%
19%
Feb
1%
8%
Apr
Feb
Mar
10,478
Apr
771
Apr
113
Feb
65
Apr
15
Feb
430
Jan
Feb
8%
Apr
Bonds—
Elec & Peoples tr ctfs 4s *45
Phila Elec 1st & ref 4s_1971
PITTSBURGH, PA.
Phila Elec Pow
A. T. & T. Tel. Pitb-391
Court-6800
for
of Prices
Low
High
27%
Westmoreland Inc
/ Pittsburgh Stock Exchange
j n6W York Curb Exchange (Associate)
Tvr«mhpra
e
ers
Week's Range
Sale
United Gas Impt com
Preferred
h. s. edwards & co.
Range Since Jan. 1 1936
Last
Curtis Pub Co
Jan
Jan
14
1,540
4
Apr
Mar
Apr
23
_*
26%
Mar
12%
9%
7%
54%
6%
2%
566
Apr
4
250
1,630
Apr
12
14
675
Jan
Feb
%
9
Apr
Mar
May
400
1,760
Feb
7%
10%
Jan
Mar
2
27
10
B
13
Jan
23
Brewing com
Tivoli
Jan
•
2%
7%
2,507
9%
24%
5%
Jan
Jan
15%
_
905
4
Jan
Jan
com.. *
_
Mar
Apr
2%
2%
3%
15
com.
3%
4%
101
1,110
1,500
6
18
Square D "B"
Jan
20%
"18%
Timken-Det Axle
23%
585
5
5
Jan
Sales
Friday
Jan
May
Apr
2,360
1,038
2,425
4
*
15
19
705
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Apr
86%
1,409
95%
19%
2%
3%
16
11
10
com
Apr
Apr
Philadelphia Stock Exchange
Feb
57%
13
9,415
com
Rickel (H W) com
..2
River Raisin Paper com..*
Scotten-Dillon com
10
49%
615
7%
2%
12%
com
Reo Motor
210
7
2%
Motor Wheel
com
14
4,853
Murray Corp
Parke-Davis
Apr
63%
5
"i y
3%
10
60
6%
Mid-West Abrasive comSOc
Packard Motor Car
High
Jan
16%
20%
■
—
Michigan Sugar com
14
14
Kresge (S S) Co com
10
Lakey Fdy & Mach com„ 1
McAleer Mfg com
*
Mich Steel Tube com..2.50
Low
1%
14%
8%
*
Federal Motor Truck com *
General Motors
2
-
Detroit Paper Prod com.. 1
Det Steel Prod
Week
Shares
4,190
6,105
50c
Chrysler Corp com
Con8ol Paper com
30 Broad Street
Range Since Jan. 1 1936
for
2%
11%
2%
2%
10%
Bohn Alum & Brass com..5
Burry Biscuit
NEW YORK
1415 Walnut Street
Sales
Week's Range
Last
Philadelphia Stock Exchange
■
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Friday
<
New York Stock Exchange
1
Detroit Stock Exchange
16%
19% $12,700
106% 106%
-1,000
1,000
110% 110%
5%s..l972
10
106%
110%
20
Jan
Apr
Jan
Mar
106%
110%
Apr
Apr
BROADWAY, NEW YORK
Specialists In Pittsburgh Listed and Unlisted Stocks and Bonds
st. louis markets
I. M. SIMON & CO.
Pittsburgh Stock Exchange
Business Established 1874
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Enquiries Invited
on
all
Mid-Western and Southern Securities
Sales
Friday
Last
Sale
Stocks-
Par
Allegheny Steel
Price
#
com
Preferred
100
Arkansas Nat Gas Corp__*
Preferred
*
Blaw-Knox Co
_*
Carnegie Metals Co
of Prices
High
30Ys 33%
110% 115
5%
5;
7%
7%
49% 50%
14%
16
2%
3%
_
100
Armstrong Cork Co
Week's Range
Low
50 %
15
1
Clark (D L)tCandy Co..
Columbia Gas & Elec Co. *
5
5
MEMBERS
Range Since Jan. 1 1936
for
New York Curb
Chicago
Board
New York Stock Exchange
Week
Shares
Low
527
30%
110%
3%
7%
47%
14%
2%
100
30
45
St.
High
Apr
Apr
38%
115
1,084
5,650
Jan
7%
62%
Apr
Apr
Apr
20
Feb
4%
Jan
Jan
6
Jan
Exchange
Louis, Mo.
Apr
Mar
16%
18%
819
14
Jan
21%
Apr
18%
10%
19
367
Jan
20
Feb
10%
492
Jan
11%
Mar
22%
24
185
Jan
40
660
Sales
Mar
1%
35%
99%
16%
7%
15%
1%
St. Louis Stock Exchange
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Friday
Last
Devonian Oil
Duquesne Brew
10
19
5
com
Follansbee Bros pref.__100
~24"
"
Fort Pittsburgh Brew
Harb-Walker Refrac
1
1%
1%
"99%
34%
98%
10%
*
Koppers Gas & Coke pf 100
_
Lone Star Gas Co...
*
McKinney Mfg Co
*
Mesta Machine Co
5
11 %
1%
.....
1%
42%
5
Mountain Fuel Supply.
Natl Flreproofing Cork cm*
_
142
31
Jan
110
97
Jan
12%
7,308
10
Jan
1%
44%
410
1
Apr
329
41
Jan
5%
1,195
560
4%
Jan
50c
Mar
1%
41%
106%
14%
2%
50%
7%
2%
5%
100
5
2%
5%
208
1%
Jan
3
3
100
2%
98%
Jan
4
Jan
Apr
140
Plymouth Oil Co
Renner Co
San Toy Mining
5
2%
Feb
Pittsburgh Brewing
*
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt._ *
Preferred
8%
14
_
2c
2c
4%
5,217
21
22
37%
2
2971
8
13%
1
2
Jan
Jan
Mar
Feb
Mar
Mar
Apr
Feb
Apr
Stocks—
Par
American Credit Indem.10
for
of Prices
Week
Price
50
B
Brown Shoe
*
com
Burkart Mfg com
Preferred
Chic Sou Air Lines pref
Columbia Brew com
5
1
High
39
Feb
27
Feb
30
13%
Jan
Apr
28%
64%
55
29
25
1,054
58
70
55
55
48%
Jan
77
10
32%
8%
Apr
Apr
32%
9%
6%
44%
63
32%
9%
4%
42%
42%
117
"6%
6
118
310
25
50
139
3
30%
116
Jan
Feb
Apr
118
Apr
Apr
Mar
Feb
Feb
Jan
Apr
Mar
Apr
Apr
6%
270
4%
Jan
7%
Feb
2%
11%
10%
11%
7%
200
Apr
100
4
Jan
3%
11%
11%
11%
7%
Feb
100
2%
9%
6%
9%
25
4
Jan
8
Apr
18
Jan
53%
14%
Apr
Jan
Hamilton-Brown Shoe
Apr
Hussmann-Llgonler pref..*
Hussmann-Llgonier com.*
Preferred
2c
Mar
4c
Jan
Huttig S & D
3%
Jan
5%
Jan
2%
11%
com
10
11%
7%
*
com
*
640
21
Apr
26
Jan
1,801
30
Jan
40
Mar
8
International Shoe com..*
2%
Low
45
23
4%
Pepper com...
*
Ely & Walk D Gd 1st pf 100
Flastaff Brew
Jan
Jan
Range Since Jan. 1 1936
Shares
21%
59
*
*
Dr
1%
1%
51
32%
8%
_*
Hydraulic PressBrick pflOO
Hyde Park Brew.
*
125
50
High
55
22
*
Apr
com
Low
29
American Invest A
Feb
11%
16%
Week's Range
Sale
Jan
1,000
35
22
25
OfUTA
115
100
4
Shamrock Oil & Gas...-.*
United States Glass
215
995
1%
2c
1
Standard Steel Spring. j__*
United Engine & Fdry___*
111% 117%
8
8%
14% 15%
1%
.1
(Associate)
of
Trade
Telephone Central 3350
Apr
Feb
Feb
9
Stock
315 North Fourth St., St.
Mar
5
20
275
Louis
Feb
Key Boiler Equip com
*
8
15%
49%
13
15%
50%
13
14
100
350
5
15%
110
47%
85
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Feb
Mar
Feb
Financial
Volume 142
Friday
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
23
24^5
285
23
23
23
25
21
Apr
Feb
11%
13%
11%
14%
91
10
Jan
25
com
Mo-Portland Cem com..25
Natl Candy com..
1st preferred
*
100
Nlch Beazley Airpl com..5
Natl Oats com
*
RIce-Stix Dry Gds com
2d preferred
St Louis Pub Serv
13%
118
118
100
100
*
com
Id preferred
Securities Inv
Wagner Electric
com...
10
1,400
7
Jan
13
Feb
10
10%
1,100
10
Apr
Standard Brands Inc
*
15%
15%
15%
100
Apr
Apr
Tide Water Associated Oil*
16
16
16
100
15%
14%
Jan
14%
16%
18%
United States Steel Corp.*
Warner Bros Pictures Inc.5
59
58%
60%
600
58%
Apr
71
Apr
9%
10%
1,600
9%
Apr
14%
Feb
Dean Witter & Co.
New
Feb
Apr
Jan
Jan
17
Apr
10%
"29%
7% preferred
100
102
Apr
15c
9
52
Feb
53
8%
40
Apr
40
Apr
125
43
30
214
60
681
1%
38%
123
3%
Mar
Feb
43
Mar
Apr
9%
27
10
27
Apr
30
22
Jan
37
32%
32%
$1,000
3,000
28%
Jan
35%
New York
Mar
Chicago
Board
Chicago
Los Angeles
Stock
Oakland
Portland
New
Honolulu
Fresno
-
:
-y ■■
...
Par
of Prices
23%
Calif Cotton Mills
Calif Ink Co A
Low
4
Bolsa-Chica Oil A
10
6
5%
6%
1,100
5%
Apr
8%
10
2%
2%
2%
100
2%
Apr
3%
Jan
12c
12c
1,000
12c
Apr
30c
Preferred vtc
27
100
31%
*
com
1%
3%
Jan
3%
Feb
37%
3,107
35
Jan
38
Mar
15%
16%
290
15%
Jan
23%
Jan
5
Jan
Jan
30
31
570
31%
FeD
100% 102
50
Jan
Cons Chem Indust A..
_
_
.
Crown Willamette pref
Crown Zellerbach vtc
*
*
30
101%
*
7%
_.*
Preferred A.
92%
Preferred B
10
5
5
100
37
35
24%
24%
Jan
Emporium Capwell Corp.*
16
17%
11%
Apr
Mar
Emsco Derrick & Equip-.5
Fireman's Fund Insur
25
5%
Apr
18
400
Farmers & Mer Nat Bk.100
48c
430
61
10
45c
430
*
9%
Gladding-McBean & Co..*
14%
50c
430
59%
8%
14%
1,600
1
64%
45
10%
1,100
3,500
14%
100
Jan
1
3%
Jan
4%
101
Apr
Apr
35
Apr
35
Apr
14%
Feb
20%
Apr
20c
Feb
67 %c
Mar
Feb
440
430
Apr
10%
Apr
Apr
Jan
19%
Mar
Jan
Jan
13%
30%
Feb
70%
11
11
11
200
*
24%
24%
24%
500
._*
19%
19
20%
2,100
23%
18%
Jan
24%
Apr
Holly Development Co.._l
1.25
1.20
1.40
4,800
46c
Jan
1.50
Apr
..10c
11c
10c
lie
6,000
9c
Jan
16c
Feb
1
55c
5
3
Lincoln Petroleum Corp..l
Lockheed Aircraft Corp__l
12c
12c
Warrants.
Los Ang Gas & El 6%pf 100
Los Ang Industries, Inc..2
Los Ang Investment Co. 10
7%
112%
3%
5%
48c 62 %c
*
Feb
*
B common
7
7%
112% 114%
800
7
Apr
Letourneau
111
Mar
11%
116%
Jan
303
Jan
Leslie-Calif Salt Co
2%
Jan
4
Feb
Lockheed Aircraft
5
Jan
6%
Jan
Los Ang Gas & Elec
500
65c
Feb
.1
Menasco Mfg Co
80c
5%
2%
4%
2%
5%
2%
3,000
100
2%
2%
Jan
4
Feb
60c
60c
60c
100
32c
Jan
82 %c
Mar
Mills Alloys Inc A
*
Mt Diablo Oil Mng & Devi
Nordon Corp.
5
20c
Jan
1.00
28
.
.
„
.
.
*
1
preflOO
*
Apr
6%
Mar
24
Magnavox Co Ltd
Magnin & Co
(I)
com
6% preferred
2%
*
100
Marchant Cal Mach com 10
17c
21c
10,200
15c
Jan
28c
Apr
1
27c
27c
27c
500
25c
Jan
43c
.1
70c
70c
75c
700
50c
Jan
85c
Feb
Natl Automotive Fibres._*
Pacific finance Corp
Pacific Gas & Elec Co
10
20%
34%
20%
Natomas Co..
25
6%
115
28
2%
17%
107%
17%
Jan
Jan
18
Feb
Jan
30%
Jan
Jan
31%
Feb
Jan
30
Apr
Jan
24%
9%
Jan
Apr
16%
Jan
3
Apr
5%
Jan
Apr
29%
Apr
Jan
33
Feb
25%
25%
4,101
7%
4,330
115%
5%
1%
1%
2%
2%
17%
17%
107% 107%
5%
18
11%
11
230
115
5%
1%
Feb
Apr
Apr
Jan
6%
40p
28%
Apr
6%
93
111
Apr
11%
Mar
116%
125
5%
Apr
600
1%
Jan
2%
2,359
16
125
50
104%
10
4%
Jan
3%
Jan
Jan
18
Mar
Jan
Jan
Feb
Feb
Feb
Apr
16%
17%
3,324
13
Jan
107%
20%
38%
12%
1,485
6,864
33%
Jan
47%
11%
Mar
13
Jan
68%
65%
14%
Jan
86
Mar
Jan
82
Feb
Apr
Apr
Mar
Apr
Feb
Oceanic Oil Co
25%
28%
28%
7%
Jan
Feb
Mar
30 :: 23
161
3
Mar
21%
27%
342
225
3
70%
38%
10%
9
1,085
3%
.*
B
Jan
14%
11%
,
Jan
Jan
33%
5%
14%
26
11%
Feb
48%
140
11%
Apr
Jan
Apr
552
Langendorf Utd Bak A— *
Feb
8c
Mar
4%
42%
54%
947
s%
95c
47%
875
8%
29c
112
Jan
6,346
8%
Feb
Jan
Apr
9%
Island Pine Co Ltd com.20
Apr
80c
24
99
36
10%
15%
27%
15%
Apr
854
29
9
Apr
3,190
27%
23%
Apr
80c
9%
18%
21
35%
26%
3c
1
Feb
Mar
Jan
Feb
63%
27%
Lyons-Magnus Inc A
Mascot Oil Co
30%
250
44
27
8c
700
Jan
3%
15%
27%
48c
3,300
Mar
585
26%
638
5%
47%
280
15%
26%
8.850
3%
Jan
275
*
8c
3%
5%
Mar
4%
Hale Bros Stores Ins
Hutchison Sugar Plant..15
8%
100%
36%
9%
13c
5,500
34
14%
20
Jan
14%
*
Honolulu Plantation
Jan
203
14
Golden State Co Ltd
Hawaiian Pineapple
5
Honolulu Oil Corp Ltd—*
96%
23%
42%
58%
33%
8%
14%
*
96%
745
42%
61%
10
10%
Apr
Apr
675
Galland Merc
com
Apr
91
410
3%
Mar
7%
91%
17%
36
Feb
425
16
99
109
435
17%
100
Jan
Apr
Feb
Mar
5,076
165
4%
General Motors
29%
100
39%
24%
17%
36%
Laundry.„_*
5
30%
3%
32%
Food Mach Corp com.-.10
Foster & Kleiser com,... 10
Gladding McBean
Jan
8%
11%
8%
Goodyear Tr & R
Klnner Alrpl & Motor
$3 preferredEldorado Oil Works
Gen Paint Corp A com
Globe Grain & Mill Co..25
Jade Oil Co
Di Giorgio Fruit com
Jan
54%
7%
8%
91% •93
91
92%
92
Feb
17%
com
~
*
16%
15%
17%
Feb
37
Apr
Emsco Der & Equip Co...5
Exeter Oil Co A
1
Feb
16%
12
25
51
37
1,000
900
Apr
Apr
*
12%
2,800
47
1
Corp
32%
4%
225
Cons Aircraft
Apr
12%
47
Feb
Apr
35
Feb
16
95%
4%
45
37%
78%
27%
11%
Jan
Jan
100
35
25
Apr
300
4%
Feb
690
Mar
12
250
11%
25%
32%
1%
370
55
3%
35
Jan
Jan
Apr
1,828
151
95%
27%
Crystalite Products pref 100
Jan
989
Apr
Consolidated Oil Corp....*
Consolidated Steel com... *
Apr
2,842
44%
12
192
12
Jan
12
Jan
70
31%
*
Feb
32
100
_
34
12
42%
Claude Neon Elec Prod..
Feb
Jan
Apr
66%
42%
3%
22%
5%
30%
Feb
27%
Jan
Apr
12
30c
95%
17
66%
-
25
General Motors Corp
General Paint Corp B
%
High
Apr
23%
%
47
Apr
*
10
47
lie
5
3%
20%
180%
15%
2,979
31%
3,000
Citizens Nat T & S Bk..20
17
29
16c
Chrysler Corp
750
1,520
2,650
12c
Chapman's Ice Cream
21%
4%
26%
22%
27%
1%
12c
42%
3%
95%
27%
13%
185
22
%
1
California Bank
Hancock Oil A
22%
27%
10
550
31
Feb
B
Buckeye Union Oil pref.. .1
400
185
Low
14%
Clorox Chemical Co
High
Bandini Petroleum Co...l
4
185
20
—
1%
100
23
Range Since Jan. 1 1936
Shares
California Packing Corp..*
Associated Gas & Elec A.. 1
1%
14%
20%
3%
__*
com.
High
Caterpillar Tractor.
*
Claude Neon Elec Prods.. *
*
1%
3%
Low
3%
__
Range Since Jan. 1 1936
Shares
Price
20%
Calamba Sugar com
California Copper.
Week
High
Inc.
Exchange
Week
Atlas Imp Diesel Eng A__5
Bank of California N A. 100
LOS ANGELES
Soles
Low
for
of Prices
Assoc Insurance Fd Inc. 10
Angeles Stock Exchange
Price
Exchange,
Sales
Week's Range
Anglo-Calif Natl Bk S F.20
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Par
(Asso.)
Exchange
Exchange
Last
14%
Byron Jackson Co
Stocks—
.
Alaska Juneau Gold Min 10
Angeles Stock Exchange
for
Cotton
Stock
Honolulu
.
Friday
.
J.■
Dobbs-Crowe-Wagenseller & Durst
Week's Range
of
Trade
Exchange
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Stocks—
Sole
Exchange
Coffee fc SugarEx.
Commodity
Taooma
Stockton
York
New York
Seattle
Sale
Last
Stock
Jan
.
Friday
York
Mar
Listed and Unlisted
Los
Jan
Feb
New York Curb Ex.
San Franclcco
San Francisco Stock
Spring St.,
Apr
San Francisco CurbExchange
PRIVATE LEASED WIRES
Mar
Feb
Feb
LOS ANGELES SECURITIES
626 So.
10
Apr
San Francisco StockExchange
Municipal and Corporation Bond•
Apr
127%
10%
34%
27%
Jan
9%
28%
Mar
Beverly Hills
Sacramento
Member Los
7%
Members
Apr
5
30
t United Railways 4s. 1934
400
8%
Apr
Bonds—
1941
7%
Jan
20c
Apr
27
t Scullin Steel 6s
8
Jan
25
123^ 124%
9%
9%
28% 31
■
Feb
Mar
53
43
123 %
*
15
com
9%
75c
100
2%
High
10%
13%
7%
205
15c
Low
*
40
2%
*
com
Stlx Baer & Fuller
1%
Range Since Jan. 1 1936
Shares
*
Mar
119
Jan
High
Packard Motor Car
Radio Corp of America
53
_.*
Southwestn Bell Tel pf. 100
116
Low
Price
Feb
13%
14%
Feb
Week
1
40
100
Scullin Steel pref
9%
for
of Prices
No Amer Aviation Inc
Mar
28
Par
Week's Range
Apr
10%
30%
Jan
25
16%
8%
100
15c
Scruggs-V-B D G 1st pf 100
79
6%
219
1
16%
1%
*
1,170
118
1
"l6%
175
Stocks (Concluded)
High
Landis Machine
Q
Last
Sale
Laclede-Chris Clay com..*
Laclede Steel com
20
Q
Sales
Friday
for
Sale
Par
2971
Sales
Last
Stocks (Concluded)
Chronicle
Occidental Petroleum
Pacific Indemnity Co
Pacific Lighting Corp
10
*
Preferred
*
106%
Pacific Western Oil
*
12%
Republic
1
Petroleum
Rice Ranch Oil Co
6
25c
..1
Samson Corp B com
*
Security Units of Ben Int
Security-First Nat Bk
20
Signal Oil & Gas A com...*
Signal Petroleum Co
5%% preferred..
Southern Pacific Co
21
18%
Jan
23
Feb
600
31%
Feb
39%
Apr
500
48%
100
106% 106%
13
12%
6%
5%
200
25c
25c
10
5,200
500
65c
23
50
53%
234
53
50%
54%
1,450
30%
27
30%
1,500
50c
18%
48%
105%
Mar
21%
Feb
Apr
Nor Amer Inv
5%%
11%
6% pref. 100
81
81
82
25
100
74
74
74
20
*
preferred
55%
Feb
North Amer Oil Cons—10
14%
14%
16
1,415
Jan
107%
Feb
Occidental Insur Co
10
32
32
12% May
Jan
2%
17%
Feb
Oliver United Filters B—*
8
32%
8%
2,705
6%
Apr
15
15
15
10c
Jan
40c
Apr
15
Pacific G & E com——25
34
33
50c
Feb
34%
32%
28%
45
50c
Feb
Jan
54%
50%
Jan
60
Jan
11%
Jan
30%
Apr
Apr
Apr
Paauhau Sugar
6% 1st preferred
25
5% % preferred
25
6% pref..*
Pac Light Corp
Pac Pub Serv non-vot com*
*
Pac Tel & Tel com—^.100
100
69
*
*
*
*
100
41
25c
Apr
25c
25%
Jan
28%
Feb
35
Jan
38
Apr
28
28
28%
1,000
28%
Jan
Phillips Petroleum
-25
26%
26%
400
26
Jan
27
Apr
Pig'n Whistle pref
100
30%
30%
1,600
24
Jan
38%
Feb
Ry Equip Rlty com
*
37%
26%
28%
37%
40%
2,900
37%
Apr
47
Feb
*
Union Bank & Tr Co
50
*
..25
Universal Cons Oil Co
10
Van de Kamps Bakeries.
.*
Weber Showcase & F pref *
Wellington Oil Co
1
1
14%
11%
141%
22%
14%
14%
'100
11
12%
141% 141%
24%
20%
Mar
14%
Apr
19%
Feb
39.100
11
Apr
14%
Feb
20
120
Jan
6,200
20%
Apr
150
Mar
Jan
15%
Apr
Feb
21%
10%
Apr
Mar
12
12
12%
900
19%
100
9%
19%
9%
9%
413
5%
Feb
8%
7%
8%
5,300
4%
Jan
9%
Apr
7%
7%
8%
400
5%
Jan
10%
Feb
7%
Paraff ine Co's com
5%
6%
-
_
109
*
Shell Union Oil com
100
Preferred
-*
Signal Oil
5
Sou Pac Gold Gate A
*
22c
Feb
63c
Feb
Feb
1.40
Jan
Imperial Development_25c
1%C
l%c
l%c
3,000
lc
Jan
2%c
Apr
Tom Reed Gold Mines...1
34c
34c
34c
2,000
34c
Jan
44c
Feb
Spring Valley Water Co..*
Standard Oil Co of Calif..*
7c
7c
7c
5,000
6c
Jan
15c
Jan
Thomas-Allec Corp A
*
B
*
Tide Water Ass'd Oil com. *
Unlisted—
152
5%
Commercial Solvents
*
27%
3%
Commonwealth & South..*
Continental Oil
(Del)
5
2%
31
150% 161%
5%
5%
26% 27%
4%
3%
2%
2%
30
31
682
150%
4%
Apr
100
300
26%
Apr
800
3%
2%
Jan
600
200
31
Jan
177%
7%
30
6% preferred.
Transamerica Corp
100
....
Curtiss-Wright Corp
5
4%
4%
4%
100
1
6%
5%
6%
2,200
Goodrich (B F) Co
*
Montgomery Ward & Co.*
New York Central RR—*
18%
18%
18%
100
39%
34%
39%
39%
100
34%
34%
100
4%
5%
18%
36%
34%
22%
15%
21
25
Universal Consol Oil
10
12
12
Wells-Fargo Bk & U T.100
294
290
Western Pipe &
3
Apr
Apr
Apr
7%
Mar
Apr
7
Apr
12
*
25
7%
23%
44%
41%
3
Steel Co. 10
•
No par value,
c
3
16
16%
103% 105
11
12%
Union Sugar Co com
33%
Jan
3
16%
103%
Union Oil Co of Calif
Feb
Apr
Apr
30%
2%
1%
8%
38%
Apr
Yellow Checker Cab A.-50
Cord Corp
54
Mar
Feb
Apr
90
.3%
3%
15%
16%
115% 115%
28
30%
55%
52%
28
30%
2%
2%
1%
1%
8%
8%
41
37%
1.00
5
90
109
5,700
3,200
5
18
90
3%
15%
115%
30%
46c
100
18
5%
19%
109
1.10
(Del)--
5%
6% prior preferred.. 100
Schlesinger&Sons(BF)pfl00
44c
Aviation Corp
5%
3
117
1.00
Bendix Aviation Corp
3
117
44c
American Tel & Tel
3
117
S J L & Pow 7% pr
1.10
Zenda Gold
127%
148% 150
68
74%
41
41%
pref 100
Preferred
1
Gold.
120
24
23%
107% 107%
1
100
com
Southern Pacific Co—100
Minind—
Cardinal
6%
22
23%
107%
Roos Bros
Soundvlew Pulp Co
Black Mammoth Cons.lOc
21%
2,008
3,414
Apr
Jan
17
Mar
31
30
Jan
7%
12%
19%
33%
14%
Mar
28
290
Feb
39%
29%
26%
104%
4%
18%
1,004
40
4,761
2,846
387
119
470
139%
32%
Apr
Jan
Apr
Jan
28%
107%
7%
24%
Jan
130
Feb
Jan
152
Apr
Jan
Jan
20
Apr
38%
200
Jan
2
40
Jan
Feb
Jan
68
1,077
Feb
97%
48%
*3%
7%
Jan
Jan
Jan
Feb
Apr
Feb
Apr
Mar
Jan
24
Feb
155
4%
17%
80%
Jan
Feb
384
23%
Apr
91%
29%
5
104%
Jan
110
Mar
119
395
Feb
Feb
Feb
Feb
28%
19%
12
5%
21
149
*
100
1,200
38
27%
28%
106% 107
121
6% preferred
25c
25%
70
30
31%
28%
.
25c
"25%
7%
106%
6%
Non-voting preferred
38
Taylor Milling Corp
Transamerica Corp
Western Air Express
19%
48%
1,700
25%
Standard Oil of Calif
Union Oil of Calif
34%
33%
11%
38
25
25
—25
6% preferred
21
50
*
1
So Calif Edison Co
Original pref
65c
19%
34
38
13%
32%
30
37
37
10
113
10
104
Jan
112
Feb
50
3
Apr
8
Feb
Apr
19
Feb
Jan
116
278
15%
200
3,393
510
3,750
250
300
125
2,937
40
1,565
210
116
23%
Apr
42
Jan
23%
2%
1%
6%
.
Jan
37%
2%
14%
30%
58%
Apr
38%
3%
Jan
2%
Jan
9
47%
4%
Apr
Jan
19
Jan
101
Jan
12%
296%
32%
960
315
Jan
Exchange—See
page
Apr
Apr
Mar
t In default.
Apr
San Francisco Curb
Feb
*8%
Jan
Cash sale, x Ex-dividend, y Ex-rights, t Listed,
Feb
Mar
34%
Apr
Apr
Apr
Feb
Feb
Mar
Jan
38
Jan
Feb
327
Apr
10
26%
33%
Jan
Mar
Apr
Apr
21
1,787
290
Feb
Jan
11
5,793
70
Apr
Mar
92,365
1,161
Feb
Mar
106%
14%
28%
16%
15%
24%
15%
7%
Jan
2979.
2972
May 2, 1936
Financial Chronicle
Canadian Markets
LISTED
Provincial and
Province of Alberta—
Bid
AND
UNLISTED
Municipal Issues
Ask
Toronto Stock Exchange
Province of Ontario—
Ask
Sales
Friday
Jan
1 1948
80
82
5 Ha
Jan
3 1937
103 %
Last
4%8.-..„Oct
1 1956
78
79%
5s
Oct
1 1942
Week's Range
for
Sale
of Prices
Week
95
96%
93%
5s
6s
Prov of British Columbia—
6s
July
4%s
Oct
12 1949
1 1953
92
Province of Manitoba—
1 1941
68
June 16 1954
103%
6s
Dec
105
2 1959
I—'
O O CnK>
100
100%
110
111
109
110
Consumers Gas
110
Cosmos Imnerial
Par
Price
100
200
*
Preferred
100
Mar
2 1950
114%
Feb
1 1958
110%
114%
Dominion Coal pref
Dominion Stores
6s
June
15 1943
6%s
Nov
15 1946
Oct
Distillers-Seagrams
Low
*
20%
5
20%
103
18%
4%
5%
970
4%
Jan
14%
Apr
17%
Mar
8
Apr
11%
Feb
25
10
Mar
13
Apr
30
86
Feb
101
Mar
8%
1%
20%
Feb
24
Apr
10
10%
Jan
23
Feb
20
20
Apr
20
13%
68
13%
23%
92%
69%
54%
55
92%
50
55
*
*
3%
"29"
""7%
.*
.*
Canadian Pacific Ry—
4s
perpetual debentures
Sept 15 1942
4%s
Deo
15 1944
91
91%
109% 110
100% 101%
58
115)4 116%
.
6a
July
1 1944
4 %s
Sept
1 1946
103
103%
5a...
Deo
1 1954
107
107%
4%s
July
1 1960
102% 103%
Preferred
com
National Grocers.
Ask
Canadian National Ry—
4 %s
Bid
Ask
Canadian Northern Ry—
113
113%
116
116%
113% 113%
4s
1 1957
111% 111%
3s
Jan
6s
1 1969
116% 117%
58
Oct
1 1969
118
118%
58
Feb
1 1970
118
Page-Hereey
Pantepec Oil
107
108%
Photo Engravers
99
100
Power Corp
118%
4%s
1 1946
Grand Trunk Pacific Ry—
1 1936
101% 102
_
Apr
Apr
15%
6%
Feb
4%
13%
103%
Apr
14%
Apr
Apr
105%
Feb
45
104
Apr
3%
Jan
40c
Jan
2.25
7%
7%
95
6%
Jan
9
Feb
14%
260
Jan
54
50
1.15
44
47%
10
42,663
44
Feb
Feb
Mar
5
17
Jan
22
Feb
45
65
Jan
69
Mar
18%
Jan
20%
18%
Mar
18
67
19%
19%
3,114
17%
538
Mar
3%
10
17%
2%
Mar
1.10
175
1.00
Apr
Feb
4
Feb
2.25
Jan
2
5
2
Apr
7%
Jan
5
5%
2,470
5
Apr
7%
Jan
31
32%
535
31
Apr
16%
3,710
15%
31%
Mar
Feb
17%
12%
Jan
97
Jan
105
Jan
27%
Jan
39
Mar
Jan
165
Mar
230
Mar
103
102
40
180
33
499
390
146
112
175
Jan
35
25
Apr
1.00
6
590
Apr
7%
130
59
130
5%
130
7%
8
85%
75
7%
5%
Feb
Feb
Apr
5%
135
Jan
130
10
Jan
Apr
12%
85%
4%
110
6
Jan
12%
Apr
86
260
79
Jan
95
Feb
6%
12,350
Jan
3%
Apr
6%
23
23%
105
23
Apr
27
Jan
13%
13
14
920
11%
Jan
18%
Feb
25%
25%
26%
370
19
Jan
29%
Apr
29
29%
100
29
106% 106%
100
Chemical
31
100
Jan
40
2
Apr
77
55
74
Feb
Mar
110
2
74
74
Jan
25
2
*
Apr
Mar
80
Feb
Jan
10
Apr
Jan
67%
60%
Apr
7
*
62
63%
591
57
59%
65
49%
Jan
8%
30
8%
Mar
11
Jan
106
Apr
"57"
25
:
8%
*
20
2%
*
7
6%
57
105
105
55
102
Jan
10
Tip Top Tailors pref.-.100
Twin City
*
10
200
9
Apr
11
4,103
Apr
Feb
12%
Jan
12%
Feb
United Steel com
•
2%
3%
275
2%
Jan
•
27%
29%
1,796
Apr
,18%
804
26%
17%
4%
34%
Feb
Walker (Hiram) com
Mar
19
Feb
50
4%
Apr
10
Jan
Union Gas..
—.*
Preferred
WA. 3401-8
10%
*
Western Canada Flour
18%
*
18
5
*44
44
45
51
50
51
14
13%
14%
2,600
100
99%
99
99%
166
*
2%
2%
49
-.100
Preferred
Westons (Geo) com
*
New preferred
Exchange
10
4%
Western Grocers
Apr. 25 to May 1,
12%
40
795
40
*
Preferred
Members Toronto Stock Exchange
Toronto Stock
70
13%
192
5%
100
Tip Top Tailors
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
King Street West, Toronto.
12%
4%
*
Steel of Canada
15
Jan
Feb
Apr
*
*
Riverside Silk A
Standard
STOCK BROKERS
29%
25
Simpsons Ltd pref
Co.
Jan
188
St Lawrence Corp
&
27
Jan
4
18
1
i
Russell Motors pref
Duncanson, White
35
410
8%
40
•
Pressed Metals
Grand Trunk Ry—
6s
Sept
Mar
5%
156
ion
Orange Crush 1st pref-.100
125% 126 %
July
32%
Ontario Equitable
1 1962
Jan
July
July
4%s
4%s
6%s
59
152
100
1 1962
Sept
1 1951
June 15 1955
Feb
1 1956
53% Mar
Apr
3%
6% May
Jan
2%
50
1,135
152
*
Preferred.:
Bid
Mar
*
B
Government Guaranteed Bonds
Feb
72%
100
A
Mulrheads
Dominion
15%
102%
*
100
132
Feb
Feb
100
2
5%
32%
*
:
Jan
3%
100
M cColl-Frontenac
Moore Corp com
64%
1.00
•
—100
Preferred
Canadian Pacific Ry—
310
17%
•
100
Preferred.
Apr
67
*19%
Loews Theat (M) pref..100
Massey-Harrls com
92%
18
•
*
B
10
1.00
•
Maple Leaf MiU
16%
28%
29
10
45%
*
Laura Secord
Jan
Apr
29
104
*
*
Loblaw Groc A
3%
Apr
13%
20%
2,140
12%
4%
13%
*
Lake of the Woods
7
20
10,072
3%
6%
3%
"6%
*
Kelvlnator
Feb
2%
80
20%
B
Jan
21
20
Internatl Utilities A
1%
24
13%
5
Internatl Milling pref—100
Ask
10
21
Imperial Tobacco
Bid
1,540
23
22%
Hunts A
Ask
455
1%
*
Internatl Nickel com
Bid
Feb
8
13
14%
15
*
Preferred
Railway Bonds
Apr
99
Gypsum
Harding Carpets
Private wires to Toronto and Montreal
Jan
34%
18%
13
Gen Steel Wares com
Inc.
Apr
99
Hinde & Dauch
Co..
Feb
22%
103
"99"
100
*
Hamilton Cottons pref. .30
&
Apr
205%
8
W) 1st pref..100
Goodyear Tire
*
14 Wall St.
Jan
Apr
8%
Frost (S &
Gundy
Jan
17%
102
3,596
Ford A
Wood,
189
21%
Fanny Farmer
Bonds
637
*
Preferred
Canadian
225
211
14%
English Elec Co. of Can..*
Famous Players
*
New York
1936
High
Low
Shares
25
Easy Washing com
*
Economic Investment.-.50
116
200
19%
102
Eastern Steel Products...*
1 1951
High
199
19%
103
Dominion Steel & Coal B 25
May
1 1961
Prov of Saskatchewan—
109% 110%
115
1
Mar
104%
15 1965
4%s
Sept 16 1952
...
1 1962
Jan
Stocks (Concluded)
4s
Province of Nova Scotia—
5s_
...June
Range Since Jan. 1
117%
4s
4%s
June 16 1936
Apr
15 1960
Apr
15 1961
4%s
1 1959
4%s
CT>
Prov of New Brunswick
4%s
May
4%s
Aug
4%s
15 1943
6s
Province of Quebec—
101
4%s
4%s
Sept
112%
117%
Zimmerknit.
2%
9
Jan
20
44
May
65
j an
21
51
May
50
Apr
13%
Api
Jan
17%
Apr
2%
102
Mar
Apr
99
3
Feb
both inclusive, compiled from official sales lists
Banks—
Sales
Friday
Last
Week's Range
Stocks—
Par
Price
Canada
for
of Prices
Sate
Week
Lo-w
High
Range Since Jan. 1 1936
Shares
100
*
6% preferred
1.40
100
7%
Alberta -Pacific Grain
A Iberta
Pac Grain pf
4%
1.55
7%
4%
28
*
Beatty Brothers pref
10
10
100
100
100
Beauharnols Power
Blue Ribbon
28
100
Beatty Brothers
Bell Telephone
1.40
*
100
u
141
142
2%
144
*
5
pref.50
30
30%
com
Blue Ribbon 6%%
2%
Brantford Cord 1st pref. 25
5
1,215
1.25
Jan
2%
12%
Feb
Nova Scotia
Feb
Royal
65
3
Jan
6
Jan
Toronto
25
25
Jan
39
100
6%
75
10
10
93
195
271
2%
141
Jan
Apr
15
Jan
Jan
105
Mar
Apr
Loan
and
Jan
5
Apr
National Trust
Jan
31
Apr
Toronto Mortgage
30
Mar
31%
15%
35
9%
85c
Mar
1.40
Jan
22%
21%
24
16,452
16%
Jan
Anr
29%
29%
60
28%
Jan
27%
32%
34%
39%
35
90
33
Jan
37%
555
37%
Jan
47%
4%
18%
Mar
*
*
1st preferred
4%
94
*
6%
100
Canada Packers
*
Canada Steamships
2%
16
100
Canada Cement
Preferred
2%
16
66
*
80
80
525
2%
16%
350
4%
185
95
6%
67
2%
13
Jan
Jan
Feb
Mar
6
90
Jan
95
Apr
577
6
Jan
8
Feb
30
58
Jan
75
Feb
May
93
Feb
41
85%
1%
1%
25
1%
Apr
7
7
10
6%
Apr
15
Feb
Canada Wire & Cable A..*
20%
Jan
27
Mar
Apr
4.
Feb
57
Feb
25
25
55
*
2
2
5
Canadian Bakeries pref 100
Canadian Canners
*
45
46
45
4%
97%
100
Canadian Dredge
6%
7
280
5%
5%
6
620
45
*
♦
40
5,110
8
"14%
14%
50
125%
75
11
12%
6,588
*
2%
2%
Cockshutt Plow
*
7%
Consolidated Bakeries
*
7%
15%
14%
10
125
"11%
Canadian Wineries
..25
235
9
8
.
100
25
46%
158
7%
158
8
Cndn Industrial Alcohol B*
Consolidated Smelters
56
6%
Canadian Ind Alcohol A. .♦
Preferred
50
*
Canadian General EIec__50
Canadian Pacific
27
*
Canadian Car
Canadian Oil
4%
98
256"
250
80
2
43%
4
88%
6
5%
37%
150
3%
Jan
5%
Mar
98
Feb
Feb
8%
Mar
Apr
Apr
Feb
8
Jan
Feb
49%
Jan
165
Jan
12%
Apr
Apr
Feb
7%
Apr
7%
Apr
11
Jan
Apr
18
Jan
126%
Mar
15%
Feb
14%
123
10%
Jan
Jan
>
Feb
3
160
2%
Apr
8
680
7%
Apr
8%
Feb
853
15%
Apr
18%
Mar
16%
274
58
271
Jan
300
Feb
182
Feb
235
Mar
150
153
27
Jan
160
Feb
80
80
12
80
Apr
90
Mar
12%
12%
54
12%
Apr
14%
100
80
1,234
200%
Jan
3%
292
196%
50
137%
Jan
119
Toronto Stock
Mar
119
Bruck Silk
Canada Bud
Price
*
Canada
*
Malting
Canada Vinegars
201
Feb
Mar
120
Feb
Sales
for
of Prices
Sale
*
Apr
115
compiled from official sales lists
Week's Range
Last
Par
196
Exchange—Curb Section
Friday
Stocks
1
2
198% 196%
Apr. 25 to May 1, both inclusive,
Feb
Canada Steamships pf.100
1st preferred
Conv preferred
285
Feb
Jan
Feb
Apr
4%
215
Canadian Bakeries
Feb
Jan
Mar
*
213
164
Jan
41
_
Apr
Feb
Jan
3%
1,515
Bread
182%
225
Erie20% pref...*
27
5
12,072
Preferred
Feb
38
Trust—
30
1.00
Canada
221
4
100
11%
Brewing Corp..
Jan
24
100
30%
39%
200
167
Huron &
10%
35~~
28
230
Feb
95
25
203
167
Canada Permanent
30%
Burt (F N)
Feb
222%
230
Huron & Erie
10%
Building Products A
170
Jan
Jan
51%
100
Jan
3%
95
B C Power A
Jan
190
84
57%
100
...
150
Mar
Brewers & Distillers
•
149
7
56
Jan
10
Brazilian
British American Oil
283*
Apr
100
281
—.100
Montreal
Abltlbl
201*
58
151
182% 189
150
200
200
56%
100
Imperial
High
Low
100
Dominion
149
200
60
Commerce
Low
High
Range Since Jan. 1 1936
Shares
12%
8%
13%
75
9%
31%
30%
32
20%
20%
23
9
Canadian Wire Box A.
Corrugated Box pref— .100
_
Low
High
^
12%
May
1,595
6%
Mar
755
30%
Apr
21
350
20
23
12%
*
,
Week
23%
285
78
79
50
16%
9%
35
27%
Jan
21
Jan
23%
Apr
77
Apr
90
*
2
2
2
175
2
Apr
2%
*
4
4
4%
40
2
Jan
7
Dominion Bridge
•
36%
1,170
32
Jan
6%
545
4
_
.
Dom Tar & Chemical-
35%
♦
5%
.100
Preferred
4
100
Preferred
Howard Smith
9
*
.
4
34%
*
Honey Dew pref
5%
73
*
Hamilton Bridge
34%
9
10%
..
56
.Tan
75
4
May
34%
50
30
Jan
9%
90
7
Mar
10%
Apr
35
Feb
Jan
24%
Apr
4
Jan
7%
Apr
30
Jan
42
Jan
33%
Jan
Apr
31
Apr
39%
34%
1
Jan
1%
Mar
Jan
4.00
Mar
Int Metal Indust
4%
5%
400
10
35
35
35%
37%
»
31
31
32
Montreal Power
North Star Oil
Preferred
*
No
par
_.
value
...5
__
5
/ Flat price.
Apr
Apr
•
35
Feb
10%
20,735
37
Jan
37
20%
22%
ino
Feb
Apr
31
31
20%
Preferred
6%
40
31
m
International Petroleum..*
7%
79
Jan
Feb
25
*
Imperial Oil
5
40%
Jan
Mar
9%
14%
Humberstone Shoe
21%
Jan
40
4%
76
Apr
Feb
Mar
DeHaviland Aircraft..
Crown Dominion Oil
Mar
11,571
407
1%
1%
25
3.55
3.75
210
3.15
Mar
Feb
Volume 142
Financial. Chronicle
2973
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
Par
Prairie Cities Oil A
Week's Range
of Pices
Week
Price
Low
High
Shares
2
2%
125
IX
4
4 %
170
100
115
*
20 %
*
Standard Paving
Preferred
2M
100
Stop & Shop com
Supertest Pete ord
Tamblyns (G)
Stocks (Concluded)
High
Low
Jan
2%
Mar
4
Apr
OH
Jan
50
111%
Jan
Apr
21%
475
19%
Jan
117%
23%
Mar
2 %
400
3.00
Mar
115
20%
2
15
15
5
Jan
1.15
11
Jan
Last
for
of Prices
Low
High
Week
Pice
Par
Stadacona-Rouyn.
*
Shawkey Gold Mines
1
St Anthony Gold
1
Sudbury Basin....
*
Sudbury Contact
....1
32c
30c
33c
1.00
80c
Range Since Jan. 1 1936
Shares
Low
High
Jan
38% c
Feb
75c
75c
Apr
90c
Apr
11,950
18c
Jan
36c
Feb
3.70
3.90
3,053
3.00
Jan
4.95
Feb
15%c
15c
15%c
Jan
1.05
83c
Mar
18 %c
1.15
Feb
90c
26,100
56,15/
6o
1.00
Sylvan!te Gold
...1
2.41
2.28
2.45
10,685
2.25
Mar
2.90
Feb
Sullivan Consolidated
Feb
3.80
18%o
20c 22 He
21%c
61,800
45,200
1
Feb
27
Week's Range
Sale
*
Simpson (R) pre!
Shawlnigan
1936
Range Since Jan. 1
.*
Rogers-Majestic
Sales
Friday
for
Sale
Stocks (Concluded)
Toronto Stock Exchange—Mining Section
Exchange—Curb Section
Friday
Feb
*
50c
50c
20
__*
34%
35%
545
30
Jan
38
Feb
Tashota Goldflelds
...1
36c
36c
40c
22,675
280
Jan
62o
*
38
38
76
32
Jan
40
Mar
Teck-Hughes Gold
._*
4.90
4.50
4.90
18,276
4.30
Mar
6.40
Jan
100
112
112
28
110
Apr
114
Mar
Texas-Canadian
*
2.20
2.19
2.40
16,030
2.15
Apr
2.50
Apr
Jan
5
Feb
Toburn Gold
1
1.30
1.30
1.36
500
1.20
Jan
1.60
Feb
Towagamac
25c
25c
"~1~95
1.75
2.00
1,710
30,015
1.17
1.28
5,418
1.00
Jan
12 He 13%c
Preferred
Thayers
*
Toronto Elevators
2%
__*
34
34
Toronto Elevators pref-100
United Fuel prof
100
Walkerville Brew
20%
"2
%
20
Yt
m
2%
2%
15
34
Apr
39
Feb
112
110
*
2 %
34
Feb
25
110
Apr
119
Feb
Ventures
22
65
20
Apr
29
Feb
Waite-Amulet
Feb
Wayside Consolidated .60c
2 %
350
2%
May
3%
Exploration. 1
——>
...
13c
Exchange—Mining Section
Last
Low
Acme Gas & Oil
•
12c
Afton Gold
1
67 He
High
for
Shares
Range Since Jan. 1 1936
Low
12c
Apr
3Hc
7,500
3c
Jan
6c
6c
3,000
3o
Jan
9%C
Feb
•
7.90
7.60
8.05
8,664
7.55
Mar
9.00
Feb
Ymir Yankee Girl
*
45c
45c
5,900
38c
Mar
71c
Jan
Toronto Stock
Exchange—Mining Curb Section
12c 14 He
23,400
12c
May
18%c
71c
21,200
64c
Feb
82c
Apr
50c
2 000
50c
Jan
70c
Feb
1%C
Jan
Sales
Friday
Feb
66c
Last
Week's
Sale
Stocks—
Par
2c
1%C
2%C
8 He
7 He
8Hc
45,500
46,600
3%c
*
3%c
Jan
10%c
Feb
4.60
4.60
4.60
220
4.10
Jan
4.95
Feb
Brett-Trethewey
1
1.31
1.18
1.32
13,500
1.15
Apr
1.39
Apr
Central Manitoba..
1
85c
84c
86c
3,640
65c
Apr
97c
Jan
Low
Price
Churchill Mining...
Argosy Gold Mines Ltd
1
Arntfield
Aider mac Mines
10c
6%c
6%C
9%c
13,500
6%c
May
25c
Feb
4%c
4Hc
5c
Jan
6%o
Feb
Dalhousle Oil
7c
7 He
5%C
Jan
ll%c
Feb
East Crest Oil
Barry-Hollinger
1
4%c
4c
4%c
35,300
3%c
Mar
7C
Jan
*
Grozelle-Klrkland.
Base MetalB
20c
20c
24c
15,200
20o
Apr
40c
Jan
5%c
4%c
5%c
18c
17 %C
19c
7c
8c
2c
43c
•
—1
Bear Exploration
38
40
Low
30,300
*
7 He
10,000
60,200
2%C
)
Bagamac Rouyn
Shares
High
9%c 10%c
Cobalt Contact
.1
Astoria-Rouyn
Range Since Jan. 1 1936
for
Week
8c
.-.1
Ashley Gold
Range
of Prices
Feb
Anglo-Huronian
Feb
Feb
6c
—1
Algoma Mining
Apr
20%0
5%C
Apr. 25 to May 1, both inclusive, compiled from official sales lists
High
50c
1
Ajax Oil & Gas
Alexandria Gold
71,600
3%c
1
Week
of Prices
Price
Feb
Feb
Sales
Week's Range
Sale
Par
Stocks—
37o
2,50
1.37
Wiltsey-Cogblan
Wright-Hargreavee.
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Friday
Jan
Jan
1,60
3%c
White Eagle
Toronto Stock
20o
Feb
2c
High
7o
Jan
54,000
2o
Jan
6c
Apr
24,950
ll%o
Jan
25o
Feb
33,600
3 %o
Jan
2%c
8,000
1 He
Jan
9H o
3HO
Mar
48c
5,725
40c
Jan
78c
16c
Feb
Apr
Feb
7%c
8c
3,000
6Ho
Jan
13%c
Feb
1
4c
4c
3,500
4c
Apr
5%c
Mar
Home Oil
•
94c
1.05
3,325
72 Ho
Jan
1.430
Feb
Hudson Bay
*
23%
25%
3,333
_
3,000
28c
Mar
50c
Jan
BeattleGold Mines—.
*
1.38
1.37
1.45
1.30
Mar
1.84
Feb
Jan
28%
Kirkland Townslte.
1
55c
55c
62c
55c
May
76c
3,000
Jan
Jan
22c
7,396
15%c
16c
1
22%
14 Ho
Feb
8,575
Big Missouri
Bobjo Mines
Feb
Lake
*
6c
4%c
6%c
99,500
3 Ho
Jan
9%c
Malroblc Mines
1
3c
3c
3%C
46,700
l%o
Jan
7c
Feb
Mandy Mines
•
21c
20c
23c
3,750
12c
Jan
34c
Mar
Night Hawk Pen...
1
5,000
l%o
Jan
4%c
Nordon Corp
5
17c
2%c
17c 18%c
OH Selections
*
6c
6c
23 %c
20c
4%r
4c
82c
10%c
9c
8c
6c
.1
14c
14c
15c
19,950
13c
Apr
23o
Jan
7.50
*
Bralorne Mines
7.10
7.50
1,640
5.55
Jan
7.85
Maron
16c 16%c
1,225
9c
Jan
25%c
Apr
Mar
5.65
4.90
5.65
3.80
Jan
6.50
Feb
7%C
7c
8Hc
15,167
19,300
2c
Jan
11%C
Apr
10c
9%c
12c
9,500
6c
Jan
18o
Feb
ParkblllGold
1.08
1.05
1.17
5,800
73c
Jan
1.39
Feb
Paw nee-Kir kland.
1,132
21,149
5c
Jan
14c
Feb
95%c
Mar
1.40
Feb
50c
BRXGold Mines
Buffalo Ankerlte
1
Buffalo Canadian
*
Bunker Hill
»
Calgary A Edmonton
Calmont Oils
_.
1
...
10c
•
Canadlan-M alartic
25%
1.10
10c
1.04
1.16
1
_
Pend-Orellle
1
Porcupine-Crown.
Cariboo Gold
1
1.39
1.39
1.41
500
1.15
Jan
1.60
Mar
Castle Trethewey
1
1.43
1.43
1.49
7,140
1.24
Jan
1.69
Jan
-.1
3.40
3.03
3.42
44,920
2.41
Mar
1.09
1.00
1.09
4,075
1.44
1.35
1.50
20,195
_
_
.
Robb Montbray
*
2c
Central-Patricia—1
Cbemlc&l Research i
—
Chlbougamau Pros....
Clerlcy Consolidated
.
*
10c
.
Commonwealth Pete...
Coniagas
3.25
1—
*
Conlaurum
Dome Mines
Dom
3.00
2.30
2.20
52 H
*
48%
1
Explorers
Sudbury Mines
520
2.51
22,051
6,425
5c
625
Wood-Kirkland...
Apr
Jan
10 %c
10%c
3.45
Feb
2.80
Jan
1.80
Jan
2 75
Jan
4%c
Jan
7c
28,925
.98
Apr
1.38
Mar
8,775
6.90
Jan
9.50
Mar
14,000
3c
Jan
10c
Feb
..1
5%c
5%c
5Hc
64,600
4H c
Mar
11c
Feb
*
95c
88c
95c
53,465
75c
Mar
1.45
Jan
A
23c
21c 24%c
31,900
14%c
Jan
28c
Feb
16c 19%c
1
6%c
1
18c
Grandoro
♦
15,863
60
Jan
26%c
35,800
3%c
Jan
7%c
18c
May
30c
Halcrow-S way ze
...1
Hard Rock
9c
6,400
5%c
Jan
12c
1,400
82c
Apr
1.20
Feb
11c
49,225
4c
Jan
15C
Mar
8c 149,100
lo
Jan
8%c
Apr
Feb
4c
4%c
42,000
4o
Apr
90
Feb
5%c
65,457
3 %o
Jan
7%c
Mar
5c
5c
3,500
4o
Jan
8c
Feb
21c
Jan
Montreal Curb Market
Canadian Commodity Exchange Inc.
Mar
59c 133,012
49c
8c
8c
1.00
...1
85c
Drury & Thompson
Jan
8%c
1
....
Feb
5%0
Feb
8,369
91c
1.00
3c
3Hc
1
Grull-Wihksne
31%C
Jan
Members
Montreal Stock Exchange
Feb
6%c
18c 19 %c
4%c
53c
Greene-fitabell
Jan
2Ho
Apr
5c
1
18 Ho
Feb
54
1.03
......
13,800
29,000
CANADIAN SECURITIES
Apr
42
8.45
Granada Gold
Jan
24c
4%c
Feb
98c
Graham-Bousquet
Apr
7c
May
Jan
7.95
...
26c
Jan
Apr
3c
4%c
4%c
Goldale
Mar
4%c
1
8.10
1
14c
4 Ho
5c
1
Feb
1.67
4%c
—
Franklin Gold
Gunnar Gold
Apr
1.60
1
—
Falconbrldge
Federai-Klrkland
Goodflsh Mining
3.25
54
5c
98c
50,000
Jan
14,600
33,000
6%c
4%c
3.55
Jan
•
Eldorado
God's Lake
5%c
Ritchie Gold
1.25
90C
7%c 10 %c 380,275
5%c
_
Feb
------
1.20
87c
12c
10%c
«««««»
66c
8c
Feb
11%C
Mar
75c
Jan
1.03
Apr
2c
Jan
6c
Jan
1.20 289,686
30c
Jan
1.20c
PHONE
Apr
HARBOUR
1254
Apr
2,000
30,215
1,500
360 ST. JAMES ST. W., MONTREAL
12c
68,100
7c
Jan
13c
15c
Jan
18%c
Apr
14%
2,000
11,618
13c
15%
13%
Mar
17%
Jan
1
37 He
34 %c
40c
44,000
11c
Jan
44c
Apr
Howey Gold
J M Consolidated
...1
63 He
57c 63He
22,300
Mar
75c
Kirk Hudson Bay
...1
Sales
Jan
22,764
65 %o
290
Exchange
Friday
Apr
15c
15%
Montreal Stock
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Harker Gold
*
Highwood-Sarcee
Holinger Consolidated ...5
Homestead Oil
50c
1
Klrkland-Lake
-
*.
„
55
Lake Shore Mines
48c
48c
1,600
30c
42c
44c
19,600
42o
6,812
29,800
51H
Jan
5o
Jan
19c
Feb
28,310
131,714
1.03
Apr
1.14
Mar
12c
Jan
29% c
Mar
24,000
23,414
2%c
Mar
6%c
Feb
Bell Telephone
6.05
Mar
Feb
Brazilian Tr, Lt & Pr
53%
55
7c
7c
10c
1.13
1.03
1.14
19c
21c
3%c
Cap Gold
Lebel Oro.
Lee Gold Mines
3c
3 He
67c
Feb
Jan
62c
Feb
Apr
58c
Jan
69%
Feb
*
7.10
6.65
7.20
...1
3.80
3.50
3.95
37,303
8.12
Jan
4.73
Feb
*
17c
14 %c
17c
83,700
5%c
Jan
19%o
Mar
—1
Little Long Lac.
18%c
16c
19c
25,700
7,126
5%o
Jan
20c
_
Mac ass a Mines
Manitoba & Eastern..
Maple Leaf Mines
43%
41
45
40
7.75
Apr
Mar
49%
Jan
1
1.48
1.40
1.55
31,250
1.22
Mar
1.67
Apr
...1
Mclntyre Porcupine.
4%C
4%c
5%c
60,800
11,625
2Hc
Jan
15o
Feb
21c
Jan
42c
Jan
37,275
2,500
3,425
36,200
1.19
Apr
1.65
Jan
13c
Jan
24c
Feb
1.11
Apr
1.60
Jan
7%c
Jan
1.00
Mar
5,800
0%o
.
McKenzle Red Lake..
McMlllan Gold
McVlttie-Graham
1
24c
23c
26c
McWatters Gold
*
1.40
1.25
1.44
Merland Oil
•
14c
14c
15c
Mining Corp
•
1.15
1.11
1.15
Minto Gold
*
80c
74c
87c
13c
12 %c
..1
13c
Jan
15o
Mar
Morris-Klrkland
1
64c
60c
64c
8,200
580
Jan
80c
Feb
Murphy Mines
1
3%c
2 %c
3%c
ho
Jan
4%o
Feb
Newbec Mines
«
2 He
2%c
3Hc
54,800
5,700
2c
Jan
4o
Fod
Ni pissing
6
2.55
2.44
2.60
2.40
Apr
3.05
Jan
50%
52%
44%
Jan
55%
Apr
28 %o
Jan
44c
Apr
34c
Jan
70o
Jan
Moneta-Porcuplne
Northern Canada Mining *
40c
35c
40c
3,010
8,085
6,650
1
65c
37 %c
70c
99,500
9c
8%c
9%c
52%
Noranda
O'Brien Gold
... —
Olga Oil & Gas New..
*
Omega Gold
1
57 %c
51c
60c
41,920
26,221
*
4.05
4.00
4.15
10,245
Pamour-Porcupine
—
—
...]
Peterson-Cobalt
92c
86c
1.50
1.30
2%c
Paymaster Consolidated..]
Perron Gold
•2 %c
96c 281,878
1.53
19,520
8Ho Mar
I4%c
Mar
40c
Mar
79c
Feb
3.50
Mar
4.85
60%
Jan
c
Jan
96o
Apr
1.12
Jan
1.74
Feb
2Hc
17,000
2%c
JaD
o
Feb
Pickle Crow
1
6.60
5.80
6.70
50,559
3.95
Mar
6.95
Apr
Pioneer Gold
1
10%
9.80
10%
4,815
9.60
Jan
12.00
Jan
4%
Premier Gold
1
2.33
2.25
2.35
21,800
1.80
Jan
2.48
Mar
Prospectors Airways..
«
2.25
2.25
2.25
500
2.25
Apr
3.25
Jan
Preston (new)
>
27c
27c
30c
46,600
21c
Mar
30c
Apr
1.06
.1
1.13
1.13
6,300
90c
Mar
1.34
6c
6c
6c
Feb
7%c
Jan
—J
2.06
1.99
2.10
2,000
16,200
5c
Read-Authler
1.44
Jan
2.20
Apr
Reno Gold
._.]
1.18
1.10
1.18
6,575
1.00
Mar
1.25
Apr
1.08
1.00
1.12
104,525
50c
Jan
1.22
Apr
11%C
9c
13c
124,550
5Ho
Mar
lie
Apr
Quebec Gold Mines
Quemont Mining
Read Lake-Gold Shore
Roche-Long Lac
Royallte OH
,
.1
•
San Antonio
.1
Sheep Creek
27
]
1.14
29%
975
27
May
39%
Feb
2.22
2.50
10,525
2.15
Mar
3.45
Jan
70c
2.30
50o
Sherritt-Gordon
27
71c
2,900
56c
Jan
74c
Apr
1.12
1.25
33,499
1.00
Jan
1.40
Apr
39,702
14,840
2.87
Jan
3.58
Apr
3%c
Mar
8%o
Feb
Slscoe Gold
1
3.38
3.20
3.45
South Tiblemont
•
4%i
4%c
4%C
Jan
15
Acme Glove Works Ltd..*
50c
Jan
of Prices
Low
High
Price
Par
Stocks—
eek's Range
Sale
46c
19%c
Lamaque-Contact
Lava
-
44C
Last
15
*
Agnew-Surpass Shoe
Agnew-Surpass Shoe pref.*
Alberta Pac Grain A
*
8%
104
m
-
m
11%
141%
100
*
10%
Corp A.*
29%
Jan
Jan
107
Mar
45
4
Jan
6
Jan
3
270
2,872
313
10,855
51%
10
10%
141
Jan
54%
Jan
15
Jan
17%
Feb
Mar
Mar
Jan
15%
Jan
32%
Feb
5%
Feb
12
13%
595
12
May
34%
6%
36
61
33
7
1,686
65
67%
251
58
23
24
305
22%
100
1.25
.
1%
29
1%
39
30
1%
40
9%
5%
13%
Jan
37%
Jan
'
270
6%
31
Jan
Jan
8
Feb
Jan
74
Feb
Jan
25%
Jan
Apr
3%
Feb
Jan
41
7
20
6%
Apr
7
5%
6
2,845
5%
13%
26%
Apr
Apr
8
Mar
Feb
Canadian
14%
685
27
260
118
117
120
115
117
Apr
128
Jan
*
7%
19
19
19
10
18
Feb
21
Mar
25
25
5
23%
Jan
30
Jan
49
49
Jan
26%
Converters.. 100
Canadian Cottons
100
Cndn Cottons pref
100
Cndn Fairbanks pref—100
-
-
100%
7%
*
6%
.25
11%
*
Cockshutt Plow
255
Cons Mining <fc Smelting.25
Jan
50
Jan
105
98%
Apr
100
Jan
23%
Jan
34
Mar
26
Apr
48
Jan
7%
6%
Apr
12%
Apr
11%
Jan
10%
Jan
15%
Feb
Apr
9%
Feb
201
Jan
293%
Mar
15
Mar
17
Feb
31%
50
31
602
7%
6%
10%
9
4,620
7%
715
12%
3,101
7%
100
7
1,113
150
250
269
15%
16
18%
21%
1,505
18%
Apr
Dominion Bridge...--—*
35
35
36%
1,950
32
Dominion Coal
14%
14%
14%
1,122
14%
111% 112%
5%
4%
2,630
___._*
Corp Seagrams
Dominon
pref.—-100
Glass...
..100
Dominion Steel <fe Coal B 25
Dominion
Textile—
Preferred
Paper
East Kootenay Power
5
70
70
100
*
»
Eastern Dairies
1
-
m
-
-
-
-
*
Foundation Co of Can
*
par value.
20%
Feb
Feb
59
144
805
17
Jan
8
2%
24%
15%
Feb
79
10
20%
17%
115
2%
1%
20%
Feb
Api
Jan
2%
1%
Jan
Jan
34%
40%
Jan
430
23%
106
Feb
70
5%
2
23%
Enamel & Heating Prod..*
English Electric A
146
45
Jan
370
4%
*
Electrolux Corp
5
72
146
*
Feb
99
20%
Crown Cork
Feb
48
150
7
17%
31%
15
98%
26
31
Hydro-Eleo pref 100
Candn Industrial Alcohol.*
Mar
Mar
10
98%
«
Candn
B
100% 100%
31%
«
Candn Foreign Investm't.*
Canadian Pacific Ry
13%
.
100
Celanese——
Rights
Nc
Feb
16
7
Car <k Foundry.*
Preferred
*
Feb
Apr
66
Preferred...---.----25
Canadian
Dryden
150
4
Ondn Canners conv pref..*
DLst
Mar
28
...*
Class
10
100
126
*
L anadian
Apr
Apr
10
298
6%
Can North Power Corp...*
Canadian Bronze....
8%
High
15
Apr
34%
Building Products A.——*
*
Preferred
100
Steamship..
20
Low
15
4%
Canada Cement
Canada
10
23
12
*
Bruck Silk Mills
54
12%
11%
141% 144%
10%
11%
Shares
4
*
B
4%
10
10
*
bathuret Power & Paper A*
British Col Power
8%
104
54
Ang-CdnT pf7%Canreg.50
Associated Breweries
4%
15
Range Since Jan. 1 1936
for
Week
145
5
20
795
4%
Jan
Apr
146%
Jan
4%
Apr
7
Feb
1
Feb
2%
Feb
2
Jan
19%
1
10%
13
Jan
3%
V/ft
28%
Feb
Feb
Jan
3
Feb
Jan
24
Feb
18%
Apr
Mar
Financial
2974
Chronicle
May 2,
1936
Canadian Markets—Listed and Unlisted
1
»
<
'
'
r<-
;
!
Stocks {Concluded)
Week's Range
of Prices
Week
Low
Price
Par
445
7
6%
7
801
3H
3%
Gurd, Charles.
*
Gypsum, Lime A Alahast.*
Hamilton Bridge
*
7
6%
Hamilton Bridge
100
Preferred....
—-
-
*
International Power
*
13.60
Mar
11%
3*4
10%
Apr
90
85
14
47%
1,984
27,284
1,935
4%
55
4
81
55
17
18
4
80
International Power pf.100
lake of the Woods...
*
18
640
3
-*
*
McColl-Frontenac Oil
3,355
13 H
43%
45 H
Massey-Harris
90
15%
88
13%
Int Nickel of Canada
Lindsay (CW)
36
10%
-
Imperial Tobacco of Can.6
*
Apr
32 H
14 H
15H
10 H
270
140
3
Stocks
High
3%
6%
6%
4%
25%
4H
pref.. 100
6
*
Low
Shares
3%
7%
General Steel Wares...—*
Holllnger Gold Mines
Howard Smith Paper
High
-
Week's Range
for
;
Sale
for
Sale
Sales
Last
Range Since Jan. 1 1936
Last
of Prices
Low
High
Week
Jan
Jan
6%
;; 8%
Mar
Apr
8%
Jan
Apr
88
36
Price
28 %
365
*
18
18%
181
17%
Preferred....
~~35c
54
Feb
Jan
6
Feb
14%
Mar
Mar
brines Ltd
3%
Jan
88%
Feb
16%
Jan
22
Feb
3
Jan
5
Apr
4
Jan
.
25
i
13
52
56c
Big Missouri Mines......1
Brazil Gold A Diamond.. 1
Faloonbrldge Nickel.
Francoeur Gold....
.
Apr
37c
Jan
Jan
45c
Mar
55o
Apr
75c
Jan
20o
Mar
40o
Apr
20c
51
2o
Jan
5c
Jan
1.44
1.35
1.50
12,404
1.10
Apr
2.30
Mar
560
Jan
63%
Apr
8.40
5,885
6.90
Jan
9.60
Feb
7,600
19o
Apr
44o
Feb
500
22Hc
Apr
27%c
Feb
*
Western Grocers Ltd pf 100
Winnipeg Electric
—*
Winnipeg Electric pref.100
46c
54 %
53 %
Jan
Mar
39%
160
13
May
25
34
Jan
103
»
Jan
44
Feb
Lee Gold Mines Ltd
Feb
Mclntyre-Porcupine M._5
O'Brien Gold Mines Ltd-.l
65c
56 c
Parkhlll Gold
23c
20c
23c
Mar
Apr
50
6
Apr
8
107
11
101%
Jan
18
10
18
49
511
225
48
12%
14
101
------
1.75
1.70
8%
8%
-
-
■»
-
46
-
123W
1.12
Jan
1.75
Feb
3.95
Mar
6.95
Apr
Jan
Quebec Gold Mining Corpl
1.12
1.10
1.15
93c
Mar
1.32
Jan
110
Jan
Read-Autbier Mine
1
2.05
1.95
2.10
1.43
Jan
2.20
Mar
21
Jan
Siscoe Gold......
1
3.40
3.25
3.50
2.88
Mar
3.60
Apr
Apr
Mar
57
1,900
4,040
12,470
29,179
Feb
------
-
f
*•■- "■ **
8.00
225
7.65
Jan
8.90
Feb
9c
12c
Apr
1.42
Feb
Apr
50c
12%c
Feb
Wright-Hargreaves
*
7.65
Feb
97
Jan
6%
15
8~oo
Jan
Mar
104
Mar
Unlisted Mines—
Apr
2%
Feb
Arno Mines
9c
7c
Jan
Jan
11%
1.05
1.15
98o
Mar
35
40
Jan
50
Cndn Malartlo Gold
Central Patricia Gold
1
46
1
3~34
3.05
3.40
5,775
2.43
Mar
3.62
Jan
125
Apr
Apr
Apr
39,680
1,800
2o
8
Duparquet Mining
1
6%c
6c
7 He
23,900
6c
Apr
I0%c
Jan
Eldorado Gold
1
99c
99c
1.00
1,250
.97
Apr
1.38
Mar
Howey Gold
1
1
57c
57c
400
55e
Mar
71o
Jan
4,500
3.18
2.20
Feb
123U
5
1.70
917
119%
20%
Jan
32
4,164
19%
Jan
23%
16%
Apr
30
Apr
Mar
■,
539
57
Jan
Macassa Mines Ltd
3.50
3.90
Jan
4.73
Jan
San Antonio Gold M Ltd.l
2.20
2.23
850
Mar
3.40
Jan
Sberrltt-Gordon Mines... 1
1.13
1.22
1,00
Jan
1.40
Apr
30c
33C
3,700
27,760
18%c
Jan
39o
Feb
59%
115
2.42
2.42
100
2.38
Mar
2.89
Feb
1.45
1.65
1,905
1.35
67%
60%
27
49%
150
30
2%
Jan
42
154
2
127%
Jin
Jan
Apr
1
Unlisted Stocks—
38
Mar
Jan
2.50
Feb
Jan
Abitibl Pow A Paper Co.
Cum 6% pref
100
1.45
32
219
6*4
Jan
13
Feb
Apr
Brewers A Dlst of Van...*
1.00
1.00
1.00
100
80c
Mar
1.40
Jan
Mar
Brewing Corp of Can—...*
2%
2%
2%
260
Jan
16H
644
2%
13%
4H
18%
86%
Feb
Mar
Feb
Apr
18
Jan
23
40
22
Mar
18
107
Jan
110%
4%
43
2%
Jan
15
3%
.
Feb
Feb
3%
110
25
Sylvan! te Gold
32c
Stadaoonna-Rouyn Mines *
Apr
155
23
j
3~ 85
.
Jan
14
64
_*
Mar
20
Jan
Jan
3
Feb
Wayside Cons Gold
12
27
2lc
Feb
Ventures Ltd
18
no
i
------
Apr
1.97
118
2%
12c
4.90
1.80
10
58
Feb
13c
1.05
4.50
1.90
130
150
2.50
90c
4.90
»
13
58
6.35
Jan
1.05
.1
120
150
1.15
Mar
1.60
1
Teck-Hughes Gold
62%
....--
Mar
4.30
Sullivan Consol...
Feb
13
63
83c
3,025
2,700
2,500
Jan
Jan, •:18*
11%
120
J
;
925
21%
16%
-
550
Perron Gold.
10
29
m
18Ho
Jan
5,870
Apr
20%
16%
--
Jan
Feb
1.51
4%
12%
28
„
Jan
31H
6.65
110
28
—-
70c
1.36
340
18
6c
46H
Jan
35o
5.80
14
1,180
Feb
Apr
Mar
3c
40
14,505
18,900
1.45
Jan
.1
Mar
6.65
14%
2 00
29c
1
220
101
Apr
Feb
Jan
...1
17%
4%
20 H
-
55%
18c
13c
150
45
41%
1
Pickle-Crow Gold
6
1
Jan
Jan
2,000
69c
160
14
3c
Feb
17%
55
240
1,333
8%c
Feb
69
Jan
6c
9,400
16,600
20c 20 He
3c
3c
Apr
68o
Jan
52
Apr
11
Apr
28%c
865
68c
Jan
11
17,410
50c
55
8c
23c
1,200
v.: ioo
11
Mar
43
Jan
Jan
54c
50c
11
Lamaque Contact Gold M*
Lebel Oro Mines Ltd
1
Jan
100
Preferred.;
Wabasso Cotton.
50c
..1
152
16%
Tuokett Tobacco pref--100
*
..1
Lake Shore Mines
13%
*
..25
Preferred.
J-M Consol Gold
Jan
51
—*
Vlau Biscuit
Jan
60
44%
199%
Sher-Williams of Can pf 100
Steel Co of Canada.
34
Apr
18
100
Rberwln Williams of Can.*
Apr
65%
107
Shawlnlgan W A Power..*
Southern Can Power
31
10
100
.
Feb
41
A preferred
St Lawrence Paper pref
36
160
4%
Preferred.......
Jan
225
*
.50
St Lawrence Flour MillslOO
^
30
Mines
160
Preferred. i_...25
Roll&nd Paper pref..-.100
St Lawrence Corp
.
*
1
1
Internatl Mining Corp.-.l
Apr
-
43
53%
8.00
8.15
23 He
Greene-Stabeli
6
—*
Apr
20c 23 He
23c
23c
49
51%
*
Jan
39
7,281
Jan
24,000
Feb
1,865
53%
37
500
4Hc
7%
17%
,
223
52%
223
............
31
32 %
3%c
Jan
85
65
20c
Apr
31
*
.. .
Jan
22c
30o
1,000
4%c
Bulolo Gold Dredging....5
CartleivMalartlo Gold
1
Consol Chib Gold Flelds..l
Dome Mines
.._*
8lc
61c
500
7,900
3,705
m
12%
5
-
52
42%
Regent Knitting.....
v
25
13
Pqwer Gorp pf Canada... *
Quebec Power.,—..
6,203
v
------
------
Ottawa L H & P pref—100
Ottawa Traction
100
Penmans
60
43%
42%
14%
*
100
Ontario Steel Products—*
Preferred
87
41%
42
National Steel Car Corp..*
Ogilvle Flour Mills
56
87
*
Preferred
32
56
31%
.
Niagara Wire Weaving—*
Noranda Mines...
*
36
31
Mitchell (JS).
National Breweries
2,516
36
*
Montreal L, H A Pr Cons.*
Montreal Telegraph
40
Montreal Tramways.
100
935
16%
5
Feb
22c
22c
1
57
Feb
19
32 c 36 He
62 c
55c
68%c 68%c
68%c
119
.34K
Apr
Jan
Mines—
—1
Apr
High
26 H
Base Metals Mining Corp*
Beaurort Gold.
1
MJf Mar
Low
28
Alton
Jan
Range Since Jan. 1 1936
Shares
Walker-Good & Worts.—*
Jan
:
17%
Apr
Mar
13 H
43%
Par
Jan
6%
Feb
(Concluded)
Goldale Mines Ltd
5%
15%
5%
15%
Market
Friday
Sales
Friday
Curb
Montreal
Montreal Stock Exchange
11%
Jan
18
Mar
51%
Jan
58
Mar
Preferred
9
7
8
15
57%
56
15
16
Jan
May
50
100
Commerce....
Montreal.......
Nova Scotia.
100
.....100
Royal.
100
78
78
78
25
65
Mar
31%
8%
31%
32
250
805
Apr
35
20
20
15
20
Jan
23
2
2
50
2
Feb
2%
Feb
Feb
137
..100
Canadlenne
16
137
2
133
Jan
140
Feb
Canada Bud Breweries... *
Canada Malting Co Ltd.. *
Canadian Light & Pow. 100
148
151
231
148
Apr
170
Feb
Canadian Marconi Co
62
185
Mar
214
Feb
Consolidated Bak of Can. *
13
271
Jan
300
Feb
Consolidated Paper Ltd..*
75
164
Jan
181
"148"
185
188
282
282%
165
165
132
57%
185
------
,
167%
1
Donnaconna Paper B
Ford Motor of Can A
16H
2%
HANSON BROS
Canadian Government
Mnnicipa
INCORPORATED
Preferred
v
5H
255 St. James St., Montreal
Sparks St., Ottawa
•
Indastrial Bands
No par value
145
Last
Sale
Par
Asbestos Corp voting tr..»
Bathurat fovvA Pap el B.*
Beauharhols Power Corp.*
Belding-Cort cum pref.100
Brit Amer Oil Co Ltd
*
Price
29
"2 %
Week's Range
of Prices
High
jOw
26%
3%
2%
136
"22 k"
21 %
Week
Shares
Low
2,095
13 H
17%
Jan
3%
25
3%
Mar
2%
260
2%
Mar
135
10
24%
4,650
130
16%
Jan
Jan
28%
5%
3%
135
27%
Apr
30 Broad Street
Feb
40
30
9
Jan
13
25
105
Jan
118
New York
•
107%
Feb
1.11
50
20%
May
27%
Jan
Jan
48$*
8%
Industrial and Public
Apr
Canada Vinegars Ltd....*
20%
20%
20%
Cndn Dredge & Dk Ltd.
Can Gen Invest Trust..100
44
44
47
7%
*
2%
.
19%
Commercial Alcohols Ltd. *
"80c
*
Dom Tar A Chemical Ltd *
19%
1.80
29
Dom Eng Works Ltd...
8%
5%
80 c
29
8
5%
72%
100
37
Asbestos
Corp of Can 5s *42
*
Inter City Baking Ltd. .100
Jan
3%
Feb
Feb
24%
20
105
2%
18%
50
1.75
Jan
50
75c
Feb
90
26%
3
Jan
Feb
Bell Tel Co of Can 5s. 1955
Brltlsb-Amer Oil Co 5s '45
Corp cl A..*
UtilCorp class B ..1
*
Brit Col Power 5%s__1960
5s
Mar 1 1960
Brit Columbia Tel 5s. 1960
106
6%
801
4%
Feb
Feb
Burns A Co 5Hs-3 Hs. 1948
60
-
-
80
Feb
Calgary Power Co 6s.. 1960
97%
2.75
Apr
Jan
19%
Feb
12
Canada Bread 6s
1941
Canada Cement Co 5 Hs '47
Cana Cannera Ltd 6s. 1950
108%
105%
105%
106%
80%
103%
101%
89%
112%
/27%
105%
104%
75
11%
12%
390
8
Jan
19
Feb
90c
1.00
2,760
70c
Jan
1.46
Feb
21%
20%
22%
9,153
20%
Jan
24%
Apr
25
27
Jan
30
Apr
3
36
37%
10
10
1.00
Melcners Distillers Ltd B. *
1.10
Mitchell A Co Ltd (Kobt)*
Montreal Ref & Stor vot tr*
"5H
....
5
2
45
19
50
2%
Apr
2,375
33%
Jan
395*
4
Jan
14%
Feb
500
Jan
2.26
Feb
5
660
9%
540
6
Jan
Apr
Canadian Con Rubb 6s '46
Canadian Inter Pap 6s '49
Can North Power 68—1953
Can Lt A Pow Co 5s.. 1949
Canadian Vlckers Co 6s '47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5 Hs. 1961
3%
75
6%
375
2
25
9%
Apr
13%
Feb
Dominion Coal 5s
3%
Dom Gas A Elec 6%s.l945
Dominion Tar 6s
1949
Apr
5%
Feb
6
Apr
8
Jan
2
Apr
Voting preferred
.*
Page-Hersey Tubes Ltd..*
9
30
9
Jan
85%
86
225
79
Jan
Power of Can
9
2
9
94%
Apr
Jan
Feo
1940
Donnaoonna Paper 5 Hs '48
Duke Price Power 6s.. 1966
East Kootenay Pow 7s 1942
99
99
25
97%
Mar
101
Feb
Eastern Dallies 6s
*
7
7
130
6%
Jan
10
Jau
Fam
Sarnia Bridge Ltd A
*
Sou Can P Co Ltd pref.100
Thrift Stores Ltd
*
10
10
20
7
Feb
11
Apr
98%
99
48
98
pref.100
Jan
100
Mar
2%
2%
100
1.50
Jan
3
Feb
1949
88
-
-
104
60c
50c
60c
3,175
50c
Apr
90c
Jan
WalkewUi* Krewerv Ltd
2%
2%
2%
970
2%
Apr
3%
Feb
Gt Lakes Pap Co 1st 6a '50
98%
-
-
-
106%
106
109
96
-
-
Minn A Ont Paper 6s. 1945
Montreal Island Pr 5 Hs '57
par value) 3s
1939
Montreal Tramway 6s 1941
New Brunswick Pr 6s. 1937
104
Northwestern Pow 6s. i960
102%
90%
113%
28%
-
-
-
106
-
-
_
-
_
-
-
-
-
-
-
-
Certificates of deposit...
Nova 8cotia LAP 5s.1958
Ottawa Lt Ht A Pr 68.1957
Ottawa Traction 5HS.1955
Ottawa Valley Pow 5 Hs '70
Power
•
85
96%
100% 101%
/48%
49%
/93
---
-
79
-
-
82
-
-
80%
49% 51
89% 91
104% 105%
29
/28
89% 91
Montreal LHAP (360
107%
81%
88%
97%
105
United Distillers of Can..*
MoColl Frontenao Oil 6s '49
84
104% 105%
78
76%
105% 105%
Play Can Corp 6s '48
Fraser Co 6s unstpd—1950
6a stamped
.1950
Gatlneau Power 5s... 1956
General Steelwares 6s. 1962
*
-
104%
106%
-
Jan
76
Mar
103
85c
9%
3%
-
104% 106
Jan
9
9%
-
Feb
25
10
26%
115%
12
368
25
/48%
36
7%
Ait
6Hs
Feb
1 1942
6Hs
Feb
1 1947
MaoLaren-Que Pr 6Hs '61
Manitoba Power 5H8.1951
Maple Leaf Milling—
2%s to '38—5Hs to '49
Massey-Harris Co 6s.. 1947
Jan
2
*36%
Bid
104% 105
Apr
Feb
Utility Bonds
102%
8
1.35
minimi
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
580
80c
HAnover 2-6363
98%
8%
29
Dominion Cannon 68.1940
26
115%
13
2
3
*
Inter Utilities
eum
Jan
Smith H Pa Mills 6Hs '53
102%
11%
"2
.
Reliance Grain Co Ltd
Feb
16%
83
82
Apr
7% May
95c
*
Melchers Dlst Ltd A
Feb
39 %
44
102
BeauharnolsLH&P 5%s '73
Beauharnols Pr Corp 5s '73
1.50
2%
.
Feb
135
1.80
Apr
Feb
100
2
•
Ask
/43%
97%
4
7%
20
Bid
Abltlbl P & Pap ctfs 5s '63
Alberta Pao Grain 6s. 1946
12 %
100
*
...
Home Oil Co Ltd.......
Inter
7%
1.50
Catelli Mae Prods pref A 30
City Gas A Electric Corp. *
Int Paints (Can) Ltd A.
Int Petroleum Co Ltd
Jan
Mar
Corporation
mill'
Apr
26
Imperial Oil Ltd
6H
40
Bell System Tele. NY 1-208
Jan
112
Voting trust ctfS
104H
Feb
Apr
110
9
•
Apr
9
Cum pref..
Mar
SECURITIES
Municipal
•
Jan
112
Foreign Pow Sec Corp
Fraser Cos Ltd.
Jan
40
22% May
26%
Apr
13% Apr
240
29 %
66
Royal Securities Corporation
High
2,204
29
110
Dominion Stores Ltd
775
28%
Private wire connection between New York, Montreal and Toronto
•
_
Canadian Wineries Ltd.
90
13H
Feb
21%
Range Since Jan. 1 1936
for
Canada Paper Co pref
100
Can Nor P Corp Ltd pf 100
Canadian Vickera Ltd
Jan
Apr
May
31H
Apr
Jan
96H
2% May
Feb
Feb
f Flat Price.
Government
Sales
Friday
-
Apr
48 H
65
26%
*
CANADIAN
Montreal Curb Market
Brit Col Packers (new)
310
1,040
32 H
31H
101% 102%
3H
2%
22 %
25
22 %
27 %
3%
330 Bay St., Tarenta
Apr. 25 to May 1, both inclusive, compiled from official sales lists
Stocks—
.*
Weston Ltd..
4H
23 H
53
48 H
102 %
2%
18%
Jan
4%
2%
67
3%
21H
23
48%
32%
Feb
Feb
Apr
1,800
5
*
100
Royallte Ol! Ltd
Public Utlitv and
ESTABLISHED >lt«J
56
9H
2
15%
80
2H
*
General Steel Wares pf 100
Massey-Harris Ltd preflOO
McColl-Frontenac OllpflOO
Price Bros Co Ltd
100
8%
15%
2%
Donnaconna Paper A....*
'!!
78
15
Feb
Banks—
Canada
•
Calgary Power Co pref.100
15
Corp of Can 4 Hs '69
5s
Deo
Price Bros A Co 6s
1 1957
1943
Certificates of deposit.
..
Provincial Pap Ltd 5Hs '47
Quebec Power 5s
1968
Shawlnlgan W A P 4 Hs '67
Simpsons Ltd 6s
1949
Southern Can Pow 5s. 1955
Steel of Canada Ltd 6s '40
United Grain Grow 6s. 1948
United Secure Ltd 6Hs *62
Winnipeg Elec A* Oct 2 '64
50%
51
101% 102%
91
64%
66
64% 66
106%
104% 105%
100
-
-
101
-
-
94%
78
96
100
122%
122%
101%
103%
102%
104%
105%
112%
103%
124%
124%
102%
104
103
105%
-
-
-
-
-
-
104%
83
84
82%
83%
Financial
Volume 142
Chronicle
2975
Over-the-Counter
Citizens
STOCKS & BONDS
Utilities Company
Common
Established 1914
74
Trinity PL, N Y.
Members
•
mmmm
New
York
Whitehall 4-3700
Open-end telephones wire to Baltimore, Boston, Newark and Philadelphia.
Quotations
New York
Bid
03%s July
o4s
048
Nov
<23 He
a3%s
o3%s
o3%s
<z3948
May 1 1959
048
May 1 1977
110
048
Oct
11094
11394
o494s
04948
a494s
04948
0494s
04948
11094 111
11094 111
11094 111
o4s
1957
...
1 1980
o4tf a Sept
o4948 Mar
1 1960
11962
1 1964...
0494a Mar
11394
11394
Ask
Bid
10394 104
1975
i 04948
04948
04948
11094 o494s
111
04948
11494 0494s
11494 o494b
11494 o6s
113 X
April 1 1966
1972
1974
1976
1977
1978
Apr 15
June 1
Feb 15
Jan
1
Nov 15
11494
11494 11594
11494 11594
11494 11594
—
115
Mar 11981
May 1 & Nov 11957
Mar 1 1963
June 1 1965.
July 1 1967.
Deo 15 1971
Dec 1 1979.
Bank and Insurance Stocks
Bought, Sold and Quoted
11594
MUNDS, WINSLOW & POTTER
11594 116
11594 11694
40 Wall
11594 11694
11694 11794
11694 11794
11794 11894
11894 11994
Canal & Highway—
5s Jan & Mar 1946 to *71 b
121
120
New York Bank Stocks
Highway Imp 494a Sept '63
Canal Imp 494s Jan 1964—
Can & Imp High 4948 '65..
13294
13294
m
mmm
mmm
130
—
Port of New York
Bid
394a '65
Ask
Par
J&J 3
Canal Imp 4s J&J '60 to '67
BargeCT4s Jan 42 to '46
Barge G T 494s Jan 11945.
11494
11794
100
75
85
20
25
50
85
National Bronx Bank...50
National Safety Bank. 12 94
15
17
National—50
Chase—.
34%
36%
Penn Exchange........ 10
1294
31
33
Peoples National.......60
52
Commercial National.. 100
170
176
Public National
40
Fifth Avenue.........100
960
990
.13.55
...
City (National)
First National of N Y..100 1885
Flatbush National
Ask
100
25
Kingsboro National... 100
1925
105% 10694
103% 104%
4s
ser
B
1936-60—J&D
494s ser B 1939-53_M&N
Inland Terminal 494s ser D
1936-60
..MAS
101%
112%
10%
42~"
Sterling Nat Bank & Tr.25
Bank
-12%
32%
33%
18
20
Yorkville
75
Trade
Bank...
100
.
.
r
,
114
New York Trust
107% 109
Companies
Holland Tunnel 4%s ser E
104% 106
M&8
112% 11494
Par
Bid
Ask
United States Insular Bonds
105
115
Empire
475
485
Fulton
59
57
Bankers
Bank of Slcllly
Philippine Government—
48 1940.
Bid
6s
Aprl
Feb
106
U S Panama 3s June 11981
105
1952
5948 Aug
Bid
Honolulu 5s
105
1959
1952...
1955
5s
Ask
10194
106
1941
Ask
Govt of Puerto Rico—
100
3.00
3.50
;
10
Bronx
8%
County.......
Brooklyn
107
11194 113
Hawaii 494s Oct 1956
...20
Central Hanover
104% 107%
51%
53%
494s July 1958
112
113%
Chemical Bank & Trust. 10
6s July 1948—
110
112%
Clinton Trust
113
114
Colonial Trust
113
114
Continental Bank & Tr.10
56%
U S conversion 3s 1946
11494 11694
Conversion 3s 1947
9%
10
..........
Ask
2294
........
2394
206
214
100
Guaranty
Irving
Kings County.....
Lawyers
Bid
100
.....
275
280
10
1594
1494
1730
100 1685
......
25
44
Manufacturers....
20
44
47
25
114
117
47
118% 119)4
Corn Exch Bk & Tr.. -20
10194 10394
10794 109
12
112
Par
-
Italians. 100
Banca Comm
948 July
25
9%
60
—
Bk of New York & Tr. .100
4
Ask
Merchants Bank
60
...
Authority Bonds
1936-60
4 948 Oct
Bid
27
50
Bensonhurst
12594
12594
Bid
Bayonne Bridge 4s series C
1938-53
Hlghway Improvement—
4s Mar & Sept 1958 to '67
Bid
2594
...
George Washington Bridge
Gen & ref 4s Mar 11975.
ser
Par
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
2.10
494s April 1940 to 1949- b
Ask
Port of New York-
Gen & ref 2d
Ask
Bid
World War Bonus—
«■
'
York, Chicago and other Stock and Commodity Exohanges'
103 94 10494
Jan 25 1937..
Ask
2.90
-
Street, New York
Whitehall 4-5500
Members New
New York State Bonds
Bid
•
City Bonds
Ask
10294 10394
106
10694
1 1958
Private wires to principal cities in United States and Canada.
•
Over-the-Counter Securities—Friday May 1
on
101% 10294
10494 10594
104 94 10594
1975
1954
1954
1960
1976
1
May 1
Nov 1
Mar 1
Jan 16
July 1
May 1
Bought & Sold
Security Dealers Association
75
13
18%
57%
New
York..
Title Guarantee & Tr
15
16%
-25
80
20
994
Underwriters....
100
United States
100 1960
70
1094
80
2010
Federal Land Bank Bonds
Bid
3s
3s
1955 opt 1945...
—J&J
1956 opt 1946
—J&J
8a 1956 opt 1946
-M&N
Ask
Bid
99% 100%
99'J32
99>*„
100
100
.MAN
394s 1955 opt 1945..
101% 10294
1946 opt 1944...
—J&J
109% 109%
104% 105
4s
4s 1957 opt 1937
.M&N
4s 1958 opt 1938
MAN
4948 1956 opt 1936
J&J
4948 1957 opt 1937...J&J
494s 1957 opt 1937..M&N
4948 1958 opt 1938..M&N
Ask
10594 106
101
10194
10294 10294
10394 103 J4
10794 10894
Chicago Bank Stocks
Bid
Pax
Ask
100
Trust
JOINT STOCK LAND BANK BONDS & STOCKS
Continental Illinois Bank &
Trust...........33 1-3
Par
First
American National Bank &
210
230
National
Bid
Ask
100
271
277
Harris Trust & Savings. 100
Northern Trust Co.—.100
355
375
785
835
143% 148%
MUNICIPAL BONDS
Bought—Sold— Quoted
Insurance Companies
Par
MUNICIPAL BOND DEALERS-COUNSELORS
120 So. La Salle
Aetna Casualty &
St., Chicago
State 0540
Teletype CGO. 437
Bid
Par
Bid
9994
52
Home Fire Security
.10
Homestead Fire....... .10
33%
Importers & Exporters. .10
Ask
25
31%
......-10
Aetna Life...
Ask
95%
49
Surety 10
Aetna Fire............10
6
594
694
2694
8
Agricultural.
Joint Stock
Bid
Atlanta
5s...
Ask
Bid
99% 100%
Atlantic 58...
100
Burlington 5s.
100
California
...
5s.
100
Chicago 5s...
/12
13
Dallas 5s.....
100
101
69
72
Denver 5s
First Carollnas 5s........
First of Fort
...
5s..
Ins Co of North Amer. .10
6994
25%
Knickerbocker
-5
1294
33%
Lincoln Fire
-5
394
Maryland Casualty
Mass Bonding & Ins
.25
42
45
Merch Fire Assur com.2%
Merch & Mfrs Fire New'k 6
56
60
13
13%
15
69%
72%
10
25
27%
47%
28%
49%
34%
7%
94%
36%
8%
98%
.
American Reserve..
American Surety
100
North Carolina 5s...
99% 100%
99% 100%
Ohio-Pennsylvania 5s
Oregon-Washington 5s
97%
99% 100%
99
........10
Baltimore Amer
.2 94
Automobile
Bankers &
Shippers..—25
———100
Boston.
Pacific Coast of Portland 5s
100
Camden Fire
100
Carolina
100
93
96
Pac Coast of San Fran 5s..
100
99
100
660
First Texas of Houston 5s.
First Trust of Chicago 5s..
Fletcher 5s..............
100
100
•
Pennsylvania
••
9794
100
Greensboro
-
...
9594
Greenbrier 5s
-
100
...
...
Illinois Midwest 5s.......
75
78
Illinois of Monticello 5s...
98
100
Iowa of Sioux City 6s
100
Kentucky of Lexington...
100
...
Phoenix
5s
102
99% 100%
5s
107
10894
Potomac 6s
100
101
St Louis 5s
/34
36
Exoess
National Liberty
10
136
12
New York Fire
Northern
New Hampshire Fire
New Jersey
North
.
.10
.
5
12.50
River.
2.50
40
42
Northwestern
National.25
10%
12%
Pacific Fire
10
44
47
Phoenix
75
Fidelity"^ Depot"Mdll 120
93
31
Fire Assn of Philadelphia 10
73
Tennessee
100
9%
29%
95%
77%
11%
31%
Provldenoe-Washington -10
Republic (Dallas)..... 10
....
5s
Union of Detroit 5s
Firemen's of Newark—..5
99% 10094
Franklin Fire...—.——.5
'
Preferred
4494
■
1894
95
2494
3394
4694
r45
2194
100
25 %
129
133
127
72
100
5s
3194
42
/29
Southwest
70
9
Southern Minnesota 5s....
San Antonio 6s..
20
•IP
26
3%
1194
18
67
131
24
5
694
394
—2
44
—
894
New Amsterdam Cas.. —5
New Brunswick Fire... .10
22
494
1
7194
1594
494
National Union Fire... .20
30%
25%
46%
23%
Eagle Fire
294
Employers Re-Insurance 10
TThriorQ I
—
National Casualty..... .10
National Fire.........
20
...5
10
...
675
...,
29%
City of New York
10
Connecticut Gen Life.—10
Continental Casualty
5
-
15
.2 94
American of Newark
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
87
53..
100
100
Maryland-Virginia 5s
Mississippi-Tennessee
84
23%
30%
87
100
Fremont 5s..............
Ask
81
10
American Equitable.....5
American Home..... —10
American Re-lnsuranoe .10
98
100
New York 5s
96
9494
58..
First of Montgomery 6s...
First of New Orleans 5s...
Wayne
Lincoln 5s
Louisville 5s
101
25
American Alliance
Land Bank Bonds
13194
82
Accident—
5
Rochester American... .10
86
1794
19
38
40
2494
26%
29
32
'
La Fayette 5s
9794
...
9994
101
General Alliance—...1
18%
20%
Rossla
99% '100
Virginia-Carolina 5s
Virginian 5s
Georgia Home
—.—10
Glens Falls Fire..
...5
Globe & Republic..—5
Globe & Rutgers Fire
15
26
28
St Paul Fire & Marine- .25
40
42
Seaboard Fire & Marine —5
14
16
14
16
Seaboard Surety.
.10
Security New Haven.. .10
preferred....——.15
64
5
27
6994
28%
.1
9
100
Joint Stock Land Bank Stocks
Par
Atlanta
Bid
Ask
Par
32
38
Lincoln..............100
...
33
38
North
Dallas...—......
63
67
Pennsylvania.
1
5
Atlantic..
Denver
75
80
First Carollnas
2
6
Fremont...——..
4
8
Des
Moines
For footnotes see page 2978.
Carolina
Potomac
100
Bid
Ask
2d
8
12
Great American
26
29
Great Amer Indemnity
..100
20
24
Halifax Fire
.....100
24
28
Hamilton
100
54
......
San Antonio
Virginia
5
Virginia-Carolina .....100
57
X
X
.........
30
35
.
10
Fire..—.....10
1194
2194
2394
38
4094
25
27
1394
12694 12994
694
694
21%
22%
Sun Life Assurance.... 100
480
510
20
30
Travelers
100
562
572
U S Fidelity .& Guar Co ..2
US Fire
.......10
35%
24%
6994
74 94
37%
26%
72%
77%
..—....5
33%
35%
......
.10
14
21194
Springfield Fire & Mar. .25
Stuyvesant—
Harmonla—...—...-10
Home...
Southern Fire
205
12
Hartford Fire.—.——..10
Hartford Steam Boiler—10
Hanover Fire
1294
..........
IT s Guarantee.....
Westchester
Fire
.2.50
1394
5194
5394
3294
1594
53%
5694
3494
j
2976
Financial
Quotations
Chronicle
May 2,
1936
Over-the-counter Securities—Friday May 1—Continued
on
DEFAULTED
Guaranteed Railroad Stocks
Railroad Securities
Offerings Wanted
3o$epb Walkers Sons
Members ?{ru> York
120 Broadway
DUNNE&CO.
Sloth Excbaig*
Dealers in
Teh REctor
Members New York Security Dealers Ass'n
GUARANTEED
NEW YORK
20
2-6600
STOCKS
Pine
Street, New York
JOhn 4-1300
sg^S/
RAILROAD
Guaranteed Railroad Stocks
Bought
Parenthesis)
(Guarantor In
Earnings
Dividend
Par in Dollars
6.00
89
200
99
B08tou &
2.00
(New Haven)
36
and Special Studies
on
Request
SLOANE
E.
129
& CO.
41 Broad St., New York
TorJ^ Security Dealers Association
HAnover 2-2455
Bell System Teletype NY 1-484
133
155
Members New
38
8.75
8.50
.100
(New York Central)
Providence
Quoted
103
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston & Albany
JOHN
93
195
6.00
.1(H)
Albany & Susquehanna (Delaware & Hudson)
BONDS
—
Asked
10 50
Vloksburg (Illinois Central)
Alabama &
Bid
Sold
—
160
•
Railroad
.100
3.00
56
59
(L A N-A O L) 4%— .100
4.00
94
97
.100
6 00
96
Chicago Cleve Clno & St Louia pref (N Y Central)- .100
6 00
94
98
3 60
86
88
Akron Canton & Youngs town
2.00
48
51
2 00
45
47
6s. 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston
Albany 1st 434s, April 1 1943
Boston & Maine 3s, 1950
Bonds
99
Cleveland & Pittsburgh
Betterman stock
•
Canada Southern
(New York Central)
Carolina Cllnchfleld & Ohio
Common
6% stamped
(Pennsylvania)
Delaware (Pennsylvania)
Fort
Wayne A Jackson pref (N Y
5 50
Central)
100
Georgia RR A Banking (LAN-ACL)
Lackawanna RR of N J (Del Lack & Western)— .100
Michigan Central (New York Central)
Morris & Essex (Del Lack & Western)
New York Lackawanna A Western (D L A W)
86 34
10 00
8934
187
192
4 00
74
78
50 00
.101
'
950
50
80
-
91
...
_
6 00
96
100
Northern Central (Pennsylvania)
4 00
97
100
Old Colony
7 00
37
4
50
65
69
Chicago Union Station 354s, series E, 1963
1
50
38
40
3 00
76
86
7 00
162
167
Choctaw A Memphis, 1st fie, 1952
Cincinnati Indianapolis A Western 1st 5s, 1965
Cleveland Terminal A Valley 1st 4s. 1995
7 00
(N Y N H & Hartfoid)
Oswego A Syracuse (Del I^ck & Western)
...50
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
Preferred.....
Pittsburgh Fort Wayne & Chicago (Pennsylvania). .100
A
{Delaware A
Saratoga
183
112
Goshen A Decker town 1st
150
73
75
146
150
Canal (Pennsylvania)— .100
100
Susquehanna (D L A W).
.100
Valley (Delaware Lackawanna A Western)
Vloksburg Shreveport A Pacific (Illinois Central).. .100
10 00
254
258
United New Jersey RR A
6 00
90
94
5 00
Utica Chenango &
100
105
6 00
80
83
5 00
80
85
..50
3 50
50
53
50
3 00
64
67
Preferred
Western)
West Jersev A Sea Shore {Pennsylvania)
EQUIPMENT TRUST CERTIFICATES
Private
Wirea to
Railroad
Bid
Atlantlo Coast Line
Baltimore &.
434s..
Ohio 4^s
Bid
Ask
b 1.75
1.25
3^8
T1936-19441!
102 >4
100^
102
/40
104
70
73
92
Maryland A Pennsylvania 1st 4a, 1951
Meridian Terminal 1st 4s, 1955..
43
103
Little Rock & Hot Springs Western 1st 4s, 1939
Macon Terminal 1st 5s, 1965
95
60
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949...
Montgomery A Erie 1st 5s, 1956
New York Central secured 3%s, 1946
New York A Hoboken Ferry general 5s, 1946
Pennsylvania RR 3$*s, series C, 1970
Portland RR 1st 334s, 1951....
Consolidated 5s, 1945
Rook Island-Frisco Terminal 434s. 1957
64
95
9634
9634
81
7/
100
10034
70
72
88
90
8834
9034
92
87
-
-
'
.
65
68
90
92
111 34
11034
95
-
-
99 X
9834
102
10234
67
69
GARLOCK PACKING COMPANY
3 25
63.25
2.00
5s
64.50
3.00
2 00
534s----
64.50
3.00
63.90
4^s
6s
10134
Ask
64.65
Missouri Pacific 4348
2 75
65.00
4.00
63.90
Boston & Maine
88
85
Equipment Bonds
63.25
5s
60
102
534s. 1978....
Virginian Railway 1st lien & ref 33£s, series A, 1966.
Washington County Ry 1st 334s, 1954..
Philadelphia, Pa.
York
New
70
9834
9634
95 34
59
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951
Toledo Terminal RR 434®. 1957....
Toronto Hamilton A Buffalo 434«. I960
Union Pacific debenture 334s, 1971..
Stroud & Company Inc.
114
9734
St Clair Madison A St Louis 1st 4s, 1951
Quotationa—Appraisal* Upon Request
95
87
105
Hoboken Ferry 1st fis, 1946
Kanawha A West Virginia 1st 5s, 1955
Kansas Oklahoma A Gulf 1st 5s, 1978
3 00
89
/6 7
Georgia Southern 3c Florida 1st 5s, 1945
108
3 00
Warren RR of N J (Del Lack A
Chateaugay Ore A Iron, 1st ref 4s, 1942
146
j
87
101 x
83
180
.100
preferred
Tunnel RR St Louis (Termine' BP)
67
_
m
85
Convertible 5a, 1940-45
Buffalo Creek 1st ref fie, 1961.
6 90
100
Hudson)
St Louis Bridge 1st pref (1 ein lnal RR)
Second
_
6 00
Preferred
Rensselaer
40
10434
'63
Prior Uen 4s, 1942
Prior lien 4348. 1944
-
100
104
69
-100
-
99
'
66
—
73 >4
72
3 875
..
Asked
Bid
534s. 1945
2 75
63.10
2.00
New Orl Tex A Mex 434s_.
New York Central 434s___
Quotations and Analysis
robinson, miller & co.
63.50
2.00
63.10
2.00
63.10
2.00
Canadian Pacific 43$s
Cent RR New Jer 434s...
63.00
2.00
62.50
1.75
Northern Pacific
434s
Chesapeake & Ohio 534s..
61.50
1.00
Pennsylvania RR 4Hs
62.00
1.00
62.00
1.00
Public
63.00
2.00
Par
62.76
2.00
63.00
2.00
62.75
2%
62.75
2%
Dec
63.10
68....
N Y Chic & St L
Canadian National
45$s_.
68
2.00
63.10
61.00
0.50
5s
62.75
2.00
62.00
1.00
65.25
4.25
July 1936-49
2$£s series G
65.25
4.25
non-call Dec 1 1936-60
66.76
6 00
66 75
6 00
1.25
INC.
HAnoMe282 52 William Street, N.Y.
Utility Stocks
4s series E due
6s
3.75
62.00
6^8
43*8
3.75
64.50
5s
2 25
64.56
N YNH A Hartf
2.25
63.10
434s
5s
Chicago A Nor West 4J^s.
6s
Chic Mllw A St Paul 4^8.
5s
Chicago RI <fc Pac 4348...
6s.
72
78
Pere
Marquette 434s
Reading Co 434s
78
72
Jan &
-
5s
Alabama Power 07 pref..*
81
85
434s
..
Denver A R G West
81
85
5s
81
85
St Louis-San Fran 4s_....
ft?
4.50
4.60
534s
63.00
6^8
Erie RRfi^s
4 50
65.50
6s
65.50
65.&
43$s
2.50
Southern
62.25
6s
Great Northern 434s
6s
J...
Hocking Valley 6s
1 50
2.75
2.50
62.00
....
63.25
63.00
<Hs
1.25
62.00
1.25
62.00
...
68
5348--
1.25
63.10
2.00
62.75
Illinois Central 434s
2 00
62.00
Loulsv & Nashv
6s
Maine Central 5s
5^8
1
64.00
4>4s
2 00
61.75
58
1 00
2.00
61.75
434s..
43fcs
4%
63.25
Long Island
65.00
63.25
Internat Great Nor
64.00
Minn St P & S S M 4s
Pacific
434a
65.50
4.50
65.50
Louis Southwestern 5s.
4.50
62.75
1.75
70
72
Arkansas Pr A Lt 07
85
87
Miss Riv Pow 6% pref.100
Mo Pub Serv 07 pref... 100
3
5
Mountain States Pr com.*
634
734
734
pref.*
Assoc Gas A El orig pref. *
06.50 preferred
*
07 preferred
*
Atlantic City El 06 pref..*
BangorHydro-El 7% pf 100
Birmingham Elec 07 pref.*
Buff Nlag A E pr pref...25
Carolina Pr A Lt 07 pref
*
.
2.00
1.00
1.00
1.00
1.00
95
.
preferred A...100
100
109)4
Consol Traction (N J) .100
Consumers Pow 05 pref..*
4534
1st $6
06.60 preferred B
7%
-
-
-
108
106
4734
104
105
106
107
108
96
98
1.00
5>4s
10034
102 34
3.25
6s
101
103
preferred
100
Dallas Pr & Lt 7% pref. 100
Dayton PrA Lt 6% pf.100
Derby Gas A Elec 07 pref. *
3.25
4 00
Western Maryland
434s-~
5s.
Western Pacific 5s
534s
7%
109
11134
2.00
53
Essex-Hudson
100
192
198
4.50
Foreign Lt & Pow units..*
95
65.50
4.50
Gas A Elec of Bergen..100
122
■
-
-
-
-
-
-
34
Y%
t c
Philadelphia Co 05 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
57
2.00
65.50
v
*
Penn Pow A Lt 07 pref...*
63.00
Hamilton Gas Co
07 preferred. 1
preferred
100
Okla G A E 7% pref...100
Pacific Pow ALt7% pf 100
111
63.00
Gas
preferred... 100
7%
Continental Gas A El—
102
cum
N Y A Queens E L P pf 100
Nor States Pr $7 pref.. 100
Ohio Edison 06 pref
*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf..l00
105
100
100
6% preferred
6.60% preferred
102
4.00
37
100
preferred
99
65.00
36
N Y Pow A Lt 06 cum pf.*
2.00
434s
67
*
60
$7
100
Wabash Ry
22
6634
es
62.00
5s
$7 prior lien pref.
125
20 34
59
2.00
62.00
5s
Virginian Ry 434s
121
65
3.00
62.00
434s
79
2434
III34 11334
NewEngGAE534% pf-*
N E Pow Assn 6% pf_.100
New Eng Pub Serv Co—
100
3.00
62.00
5s
39
Cent Pr & Lt 7% pref..100
Columbus Ry Pr A Lt—
63.75
63.00
434s
Union Pacific
90
77
37
103
Cent
63.00
....
Pacific 4s
62
87
preferred
-
-
5
35
New Jersey Pr A Lt 06 pf- *
New Orl Pub Serv 07 pf..*
Cent
63.75
;
5^8
Texas
*
Ark Pub Ser pref. 100
Maine Pow 6% pf 100
-
60)4
23)4
14
3
32
preferred
100
Nassau A Suff Ltg pf.. 100
Nebraska Pow 7% pf-.lOO
65
1.75
3.00
63.00
58
434s
114)4
Ask
114
10
Newark Consol Gas... 100
113
111
7%
Bid
112
b2
62.75
63.75
5s
Southern Ry
634
-.
6%
5s
00
65.00
4^8
St
Par
Ask
Bid
6%
preferred
..100
Rochester G A E 7% B 100
6% preferred C
100
Sioux City G A E 07 pf.100
Sou Calif Edison pref B.25
South Jersey Gas & El.100
10434
45
47
10134
10934
108
103 34
83
103
.
108
8534
105
110
11154 11254
9734
9834
103
10434
104
107
75
77
10754 10854
82
7934
10434
8034
8154
107
105
Hudson County Gas...100
192
198
Idaho Power 06 pref
*
104
105
.100
Lt 1st pref..*
110
111
23
3834
2434
Tenn Elec Pow
Interstate Natural Gas..*
preferred
100
67
68
Interstate Power 07
22
25
Texas Pow A Lt
7% pf.100
100
102
7%
ABBOTT, PROCTOR & PAINE
120
BROADWAY, NEW YORK CITY
Membwi of New York Stock
Exchange and other
Stock and Commodity Exchanges
For footnotes
see
page 2978.
preferred
Illinois Pr A
pref.*
Jamaica Water Sup pref .50
Jer Cent P A L 7% pf_.100
Kan Gas & El 7% pf.,.100
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pf.100
7% preferred
100
Los Ang G & E 6% pf.. 100
Memphis Pr & Lt 07 pref.*
Mississippi P & L 06 pf
*
37
7%
6% pref 100
88
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
94
96
United G A E (N J) pf.100
Utah Pow A Lt 07 pref...*
68
70
Utica Gas A El
80
82
o3
86
-
«
-
111
7434
7734
7% pf..l00
Virginia Ry
100
Washington Ry A Elec—
5% preferred
100
70
72
Western Power 07 pref.100
111 34
-
-
-
8534
2754
192
57
8734
2834
198
58
10834 110
91
93
68
6234
95
63)4
9634
103
107
110
112
100
...
Financial
Volume 142
Quotations
2977
the
Specialists in —
Associated Gas & Electric
s. A. O'BRIEN
Water Works Securities
System
&
Complete Statistical Information—Inquiries Invited
CO.
Members New York Curb Exchange
150
SmRT.BRENT&Co.
75 FEDERAL ST., BOSTON
BROADWAY, NEW YORK
Hancock 8920
CO rtlandt 7-1868
INCORPORATED
Direct Private
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Public
Bid
Amer States P S
66
5%s.l948
Kansas Eleo Pow 1st 6s '37
Amer Wat Wks & El 5s '75
99)4 100%
Ariz Edison 1st 5s
86)4
1st 6s series
1948
1945
Ask
Bid
Ask
105
Kan Pow A Lt
107% 108%
1st
4%s '65
88%
Keystone Telep 5)4 s. 1956
105%
100%
-
90%
94%
Long Island Ltg 6s...1955
106%
Ark Missouri Pow 1st 6s '63
66
68
Los
Associated Electric 5s. 1961
63%
64%
104% 104%
106% 107%
Assoc Gas & El Co
35
36
A
4%s '58
Assoc Gas & Elec Corp—
Income deb
Income deb
1st & gen
29
32
4)4s
1960
Mtn States Pow 1st 6s 1938
99% 100%
105
106%
34
Newport N & Ham 5s. 1944
New Eng G & E 5s...1962
Conv deb 4s.
1973
58
60
New York Cent Eleo 5s '52
Conv deb 4%s
Conv deb 5s
1973
58%
60
N Y Edison 3%s
D...1965
100%
1973
63
64%
Northern N Y Util 5s. 1955
102%
68
104% 104%
102
103%
99% 101
69%
71%
102% 102%
Income deb
4%s—1978
Conv deb 5%jS
1973
66%
Debenture 4s
1983
35
Ohio Ed 1st &
4%s
1983
37
Okla Nat Gas 6s A...1946
5s
1983
39
5%s
1983
41
Participating 8s
1940
Bellows Falls Hy El 5s 1958
98
Blackstone V G & E 4s '65
6s
_
99
103%
108%
108%
Cent Ark Pub Serv 5s 1948
94%
96%
Central C & E
73%
71%
6%s...l940
1st lien coll tr 6s
1946
Cent III Light 3%s_—1086
Cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s
ser
G '60
.1948
B
Old Dom Pow 58 May 15'51
Pacific Gas & El 3%s H '61
'
102
series
4s.1965
cons
Pacific Tel & Tel 3 %s B '66
Parr Shoals Power 5s. 1952
65
66%
103
■
101% 101%
'
100%
4)s
Teletype: New York 1-107S
Water Bonds
Bid
Alabama Water Serv 5s *57
Alton Water Co 5s
1956
98
Bid
Ask
105%
75%
72%
Public Serv of Colo 6s.1961
Pub Serv of N H 3%s C '60
67
/65
105% 106%
104% 104%
Pub Serv of Okla 4s A. 1966
102% 102%
Birmingham Water Works
Morgantown Water 5s 1965
105% 106%
New York Wat Serv 5s '61
103
105
Newport Water Co 5s. 1053
107)4
101% 102%
1954
100
102
5 His series A
1954
100
102
Butler Water Co 5s... 1957
California Wat Serv 5s '58
104%
Chester Wat Serv 4%s '58
Citizens Water Co (Wash)
-
-
-
79
77%
102
104
Ohio Cities Water 6)4s *53
Ohio Valley Water 5s. 1954
1951
103
104%
Ohio Water Service 6s. 1958
City of New Castle Water
Ore-Wash Wat Serv 5s 1957
1941
Penna State Water 5 )4s '52
Penna Water Co 5s
1940
101%
City W (Chat) 5s B...1954
101
1st 5s series C_.
1957
Clinton W Wks Co 5s. 1939
105%
1946
85
1946
86
100
Davenport Water Co 5s *61
5s series A
1942
1942
104
5s series D
1960
102
103%
6s series B
103%
100%
48%
Sou Cities Util 5s A.. 1958
S'western Gas & El 4s. I960
Tel Bond & Share 5s__1958
Dayton Ltg Co 5s
1937
102%
-
-
103% 104
52
53
80%
82%
-
105% 105%
Utica Gas & El Co 5s.1957
124% 126%
Duquesne Light 3%s.l965
Edison El 111 (Bos) 3%s '65
106% 106%
105% 105%
1942
Wash& Suburban 5 %s 1941
Federal Pub Serv 1st 6s *47
/40
106%
90%
92%
101% 102%
90
88%
104% 105%
Federated
Util
5%s._1957
69%
*
-
-
71%
Virginia Power 5s
Western Mass Cos 4s. 1939
Western Pub Serv 5%s '60
West Penn Pr 3 %s ser I *66
Green Mountain Pow 5s *48
103
104
Iowa Sou Util 5%s
100
101%
Kan
1950
City Pub Serv 3s. 1951
39%
Wisconsin G & El 3%s'66
Wisconsin Pub Ser 5 %s *59
-
-
-
101% 101%
'•
-■
6s serels A..
1952
98
5s series B
1952
96%
_
104%
•
„
101
Indianapolis Water 4 )4s '40
105
_
103
106
1st lien & ref 5s
1960
106
97
95
106
104%
Lexington Wat Co 5 His '40
1949
101
'41
B'way Barclay 1st 6s. 1941
Certificates of deposit...
Ask
/36%
39
-
-
-
-
-
-
i960
98
100
98
100
101
102
Wichita Water Co 5s B. '56
102
6%s_.1944
Broadway Motors Bldg68 stamped
1948
Cbanin BIdg Inc 4s... 1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s.. 1948
%
S f deb 5s
63 %
66 %
70 %
1960
104)4
1949
103
1952
103% 105)4
Ask
mmm
78
mmm
55
mmm
92
Bid
Nat Union Mtge Corp—
Series A 2-6s
1954
Series B 2-5s
Potomac
Bond
1954
Corp
51 HI
East Ambassador Hotels—
72
70 %
72 %
50 Bway Bldg 1st 3s lnc
48
50
/47%
1953
75
Potomac Cons Deb Corp—
2-6s
1953
43
45
43
45
43
45
69%
76 %
/39%
Fox Theatre & Off Bldg—
1st 6%s
Oct 1 1941
SHI
1944
1949
1946
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
Keith-Athee Bldg (New
Rochelle) 1st 6s
1936
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
66
45 HI
1947
T/>ndnn Terrace A pts 6s '40
68
/45%
47HI
67%
53 HI
69 HI
56
(Bklyn)._...1942
1936
1st 6%s (L I)
38
(Mtge Guarantee series).
Bondholders part ctfs
/36
38
(Mtge Security series)..
f29
47%
50
91 HI
Savoy Plaza Corp—
Reaity ext 1st 5%s_1945
ture
Corp 2-6s
Potomac
Realty
1953
67
...
Atlantic
Debenture Corp 2-6s *53
Realty Bond & Mortgage
deb 2-6s
1953
Nat
...
Nat Cons Bd Corp 2-5s *53
43
45
43
45
Union Mtge Co 5 %s& 6s'37
Universal Mtg Co 6s '34-'39
/54
/54
43
...
71
1 O
Nat Deben Corp 2-6s_1953
45""
Telephone and Telegraph Stocks
Bid
Ask
Par
Teleg (N J) com.*
117
120
New York Mutual Tel. 100
100
123
Bell Telep of Canada.. 100
142
125%
144%
N'west Bell Tel pf 6 )4 % 100
Pac & Atl Telegraph
25
Peninsular Telephone com*
Preferred A
100
Am Dist
Preferred
Bell Telep of Pa pref.._100
121
123
Clncln & Sub Bell Telep.50
89
91
/58
59
Cuban Telep 7% pref__100
44
62
51
Emp & Bay State Tel
Franklin Telegraph
100
/49%
100
Gen Tel Allied Corp $6 pf.
42
/32
34%
Int Ocean Telegraph
•
/20%
/20%
22%
22%
94
Sherry Netherland Hotel—
1st 5%s
May 151948
/21%
60 Park PI (Newark) 6s '37
/54%
48 HI
50 HI
616 Madison Av 1st 6%s'38
/16
19_"
/10%
90
92
100
101
106
115
137
Ask
19
29
19%
111
21
21
114
Roch Telep $6.50 1st pf. 100
So <fe Atl Telegraph
25
Sou'New Engl Telep
100
21
25
141
143
S'western Bell Tel pref.100
123% 125%
111%
-
mm
Tri States Tel & Tel—
Preferred
140
25
10
Wisconsin Telep 7% pf.100
10%
114
11%
116
46%
87 %
61 Bway Bldg 1st 5%s 1950
General 7s
1945
/44%
82 %
»
Bid
117% 119%
24%
56 %
•
47
Mtn States Tel A Tel..100
1945
13
/54
/50%
58 HI
6s
Syracuse Hotel (Syracuse)
1st 6 His
Oct 23 1940
Textile Bldg 1st 6s
1958
Trinity Bldgs Corp—
68HI
61 HI
1st 5
1939
2 Park Ave Bldg 1st 4s 1941
93 HI
/43
LudwlglBauman—
1st 6s
66
Roxy Theatre—
1st fee &l'hold 6tfs.l940
mmm
Lincoln Tel & Telegraph.. *
Loew's Theatre Realt Corp
1st 6s
63%
1943
1953
Potomac Maryland Deben¬
77
1953
Par
11
Lewis Morris Apt
Bldg—
1st 6%s
Apr 15 1937
Lincoln Bldg lnc 5 His.1963
12
84
5s income
2-«s
39
/9%
5His double stpd... 1961
Realty Assoc Sec Corp—
Potomac Franklin Deb Co
/36
35
...
31%
/80%
165 Bway Bldg 1st 5%s '51
Co
77
1st 6 %s stamped...1948
Fuller Bldg deb 6s
/32%
...
77
(all
47%
$
Prudence
74 Hi
1400 Broadway Bldg—
5 His unstamped
Graybar Bldg 5s
41%
1 Park Ave 6s..Nov 6 1939
/33
1958
1939
100%
103 E 57th St 1st 6s.. 1941
Film Center Bldg 1st 6s '43
*
0
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
38 %
33
52d & Madison Off Bldg—
6s
N v
1947
40 Wall 8t Corp 6s
42 Bway 1st 6s
July 7 1939
45
/54
Bondholders part ctfs
19th & Walnut Sts (Phlla)
1st 6s
500 Fifth Avenue—
coco
/45%
/37%
—
5%s series Q
43
&
1934-43
(Central Funding series)
Nat Bondholders part ctfs
/39%
/30%
5%s sereies C-2
69 %
unstamped... 1949
Nat
74
31
N Y Title & Mtge Co—
5 %s series F-l
/6
Eqult Off Bldg deb 5s.l952
Deb 5s 1952 Legended
502 Park Ave 1st 6s.. 1941
72
/29%
34%
5%s series BK
5 34s
Ino 2-5s
35
1946
Mtge Co
Mortgage Bond Co of Md
93
1st <fc gen 6s
%s_1937
Cont'l InvDebCorp 2-6s *53
Ask
52%
Potomac Deb Corp 2-6s '53
46%
75
6s
1st mtge 2s stmp &. reg'55
N Y Eve Journal 6
31HI
*46
6%s_1939
44%
Home
90
N Y Athletic Ciub—
89%
/47%
_.
1945
68 %
/28%
6%s
1947
Munson Bldg 1st
Apr 28 1940
1947
87%
Metropol Playhouses lnc—
58
Dorset (The) 1st 6s... 1941
1st & ref 5%s
1948
6s
56
Court & Remsen St Off Bid
104"
5s series C
6s series A
103
76
Ask
30%
Metropolitan Corp (Can)—
6s
1st leasehold
/28
Metropolitan Chain Prop—
33
B'way & 41st Street—
1st 6s
Rid
Majestic A pts 1st 6s. .1948
32 HI
92
101)4 102%
1950
Issues) 2-5s
Broadmoor (The) 1st 6s
103
100% 102%
Surety Guaranteed Mortgage Bonds and Debentures
Real Estate Bonds and Title Co. Mortgage Certificates
46
101
101)4
n y 1-588
Bid
Bid
105
Westmoreland Water 6s '52
10S
104%
Allied Mtge Cos Inc—
All series
2-5s
1
/43
/49%
/29%
/30 %
82)4
101
Bell System Tel.
v
150 Broadway, N. Y.
Alden 1st 6s..i_Jan 1 1941
102
1951
W'msport Water 5s
INCORPORATED
-cr
2360
I960
Terre Haute Water 5s B '56
80)4
1st mtge 5s
1st mtge 5)4s
102
Public Utilities—Industrials—Railroads
BArclay 7
98% 100%
100
5s series B
1958
1957
Kokomo W W Co 5s__1958
BAKER & CO.
111
101
West Virginia Water 5s '61
Western N Y Water Co—
105
104
Joplin W W Co 5s
AMOTT,
100
102% 103)4
io /%
Water Serv Cos Inc 5s. 1942
103
Jamaica Water Sup 5 Hfc *55
Reports—Markets
1967
Texarkana Wat 1st 6s. 1958
Union Water Serv 5 %s *51
105%
Interstate Water 6s A. 1940
Estate Securities
93%
99% 100%
Sedalia Water Co 5 )4s '47
South Bay Cons Wat 5s '50
6s series A
105%
1970
1958
58 series B
102%
I9g2
Indianapolis W W Secure—
Real
1941
Sou Pittsburgh Wat 5s '55
5s series A
1960
Illinois Water Serv 5s A '52
5s
105)4
91%
100)4
1st & ref 5s A
98%
'
1st lien & ref 5)4s._1953
1st lien & re' 5)4s..l954
t
1950
Roanoke W W 5s
Scranton Spring Brook
Water Serv 5e
1961
100
102
1954
58
99
104
4)4s
108
6s
97
102
107
Scranton Gas & Water Co
106
5)4s series B
1977
Huntington Water 5s B '54
103
107)4
Plainfield Union Wat 5a '61
New 4 34 % preferred. 100
1st lien «fe ref 5s
105% 106
40%
•
E St L & Interurb Water—
Hackensack Wat Co 5s '77
Duke Price Power 6s.. 1966
105
St Joseph Water 5s
...
Greenwich Water & Gas—
101% 102%
104
102
99% 101%
Roch & L Ont Wat 5s. 1938
99%
106
106% 108
99%
1948
Richmond W W Co 58.1957
97%
1958
104% 105
47%
101
100
Pittsburgh Sub Wat 5s '58
...
Consol Water of Utica—
Scranton Electric 5s.. 1937
103% 103%
1948
Pinellas Water Co 5)4s '59
88
100
1948
Prior lien 5s
87
6sserle8 A
Connellsville Water 5s. 1939
1950
Phlla Suburb Wat 4s. .1965
103% 103%
102% 102%
3%s. 1970
88
106
1st & ref 5s
102% 104
Conn River Pr 3 %s A. 1961
Consol E & G 5-6s A.. 1962
86
102)4 104
1st consol 4s
1958
94
97~~
1st consol 5s
...
105%
1947
1st mtge 5b
91
95
Peoria Water Works Co—
101
Commonwealth Wat (N J)
5s series C
.1957
108% 108%
Consumers Pow
1951
1951
5)48 series B
-
Sioux City Gas & El 6s '47
Sou Calif Gas 1st 4S..1965
5)4a
5s
San Diego Cons G&E 4s '65
Consol Edison NY 3%s'46
Debenture 3%s
1956
Muncle Water Works 5s '65
New Jersey Water 5s.. 950
New Rochelle Wat 5s B '51
Community Water Service
106
99)4 101)4
102
102)4
104)4
101)4 103
92
90)4
94
92)4
99)4 101)4
104)4 105)4
1957
5s Berlea B
105%
-
108
Monongahela Valley Water
5)4s
1950
103
105%
--
105)4
106
Monmouth Consol W 5s *56
103
Colorado Power 5s... 1953
Columbus Ry P A L 4s '66
104%
104
Middlesex Wat Co 5 %s' 57
.
5s
Ask
Long Island Wat 5He. 1955
100
104%
Ashtabula Wat Wks 5s *58
Atlantic County Wat 5s '58
5%s series A
104% 106
Pennsylvania Elec 5s. 1962
Telep Corp 1st 4s '65
Peoples L <fe P 5%s ...1941
Pub Util Cons 5%s...l948
PLACE, NEW YORK
5)48 series A
101%
Penn
104% 105%
86
87%
101% 102%
EXCHANGE
5s series C
103% 103%
30
31%
33%
1978
29%
29%
3%s.__1978
3%s.—1978
Income deb 4s
Angeles G & E 48.1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
40
Tel.: HAnover 2-0010
Utility Bonds
68
1—Continued
Over-the-Counter Securities—Friday May
on
Securities of
Chronicle
'
*
70
72
94
45
HI
Walbridge Bldg (Buffalo)—
1st 6)49
Oct 19 1938
Westinghouse Bldg—
1st fee <fe leasehold 6s '39
New England
119% 121%
Tel & Tel 100
Federal Intermediate Credit Bank
Bid
/55%
/45%
47%
98% 100%
64%
/27
F I C l)4s
May
F I C l)4s.—June
F I C 1)48...July
FIC1)4S— Aue
F I C 1)43...Sept
15
15
15
15
15
1936
1936
1936
1936
1936
b
.30%
b .30%
b .30%
b .30%
5* .35%
Debentures
Ask
Bid
F I C
1)43...Oct
FIC 1)43...Nov
F I C l)4s
Dec
15 1930 b .35%
16 1936 b .40%
15 1936 b .40%
/71%
For footnotes see page 2978.
15 1937 b
F I C 1)43...Feb
15 1937 b .50%
FIC l)4s
31%
FIC 1)43... Jan
15 1937 b .55%
Apr
.50%
Ask
2978
Financial
Quotations
Chronicle
Over-the-Counter Securities
on
May 2, 1936
Friday May 1—Continued
-
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Sought, Sold & Quoted
Investment
QUAW & FOLEY
DISTRIBUTORS
Members New York Curb Exchange
30
PINE STREET
63 Wall
YORK
NEW
Telephone ANdrews 3-5740
REORGANIZATION
WHEN
Company Securities
GROUP.
Street, New York
Kneeiand 8C Co.—Western Trading
'
SECURITIES
Incorporated
BOwIing Green 9-1420
Correspondent
Investing Companies
ISSUED SECURITIES
RIGHTS
Par
Administered
1.88
Amerex Holding Corp
Amer Business Shares
Angeles.
*
1.18
Investment Tr of N Y
13%
Investm't Banking Corps
1.09
3%
5%
4%
6%
Corp*
.50
Mass Investors Trust
1
Mutual Invest Trust
1
1.42
1.55
18%
Nation Wide Securities. _1
3.98
4.08
3.95
4.35
Voting trust certificates.
1.65
40
43
4
6
No Amer Bond Trust ctfs.
*
25.27
27.17
No Amer Tr Shares 1953..
%
Series 1955
2.55
Series 1956
3.09
2.46
Series 1958
Series AA
American
Book
100
73
9%
29
99
8% cumul preferred
100
55
60
43
44%
15
16
3.07
100
31
33
7% preferred
100
25
American Hardware
30%
31%
*
20
22
100
18
21
Amer Maize Products
American
Mfg
100
Preferred
American
Republics com.*
Andlan National Corp—*
Art Met*
Construction. 10
Beneficial Indus Loan pf.*
Bowman-Biltmore
73
4%
47%
15%
51%
49%
17
100
Preferred...
Carrier Corp 7% pref__100
Climax Molybdenum
*
Columbia Baking com
pref
2
26%
117
30
122
3.85
Selected Amer Shares Ino.
3.46
9%
Selected American Shares.
3.40
Selected Cumulative Shs..
Selected Income Shares...
4.61
Selected Industries
50%
52
52
119
42
100
50
16
Draper
56%
_
47%
MM.
19"
*
68
70
107
109
*
1
1%
Foundation Co—
*
American
*
shares
Gair (Robert) Co com
Preferred
Gen Flreprooflng
*
*
87 pf.100
Golden Cyole Corp
10
Graton & Knight com
Preferred
*
4%
6
4%
32%
4%
34%
5
100
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
5l"
5%
24%
26
32
cum
pf.10
10
conv
*
preferred
Welch Grape Juice pref. 100
West Va
Pulp & Pap com.*
Preferred
White (S S) Dental Mfg.20
White Rock Mln Spring—
15%
2%
48
WJR The Goodwill Station
17
19
Worcester Salt
2%
112
30%
336
87 1st preferred
100
Wllcox-Glbbs common. .50
22%
36%
125
109
Am
1939
/89
/89
Am Wire Fabrics 78..1942
96
Type Founders 6s. 1937
Debenture 6s
1953
1st
3%8
7%
26%
100
/71
l%s
Sept 11939
Haytlan Corp 8s
1938
1961
9
24
.55
Investors..*
.70
20.67
22.23
Investors Fund of Amer..
17%
17%
B
2.56
2.66
Voting trust ctfs
1.01
1.09
Un N Y Bank Trust C 3
3%
Un N Y Tr Shs
1%
Wellington
se rF
4
2
17.19
Fund
18.87
1.08
105
2%
BURR & COMPANY INC.
-
NEW YORK
Boston
-
57 William St.
18
Chain
10%
Store
Securities
45%
115
3
8
10
4
6
Chain Store Stocks
44
Par
100
15%
Borland Shoe Stores.....*
17
13%
7% preferred
100
Blckfords Ine
*
mmmmm
10
100
15
Melville Shoe pref
..100
Miller (I) & Sons com
*
39
45
100
104
108
8%
63
125
128
Ask
11%
12%
116
28
30
Bid
109
Melville Shoe—•
37
Diamond Shoe pref
Preferred
100
Green (H L) 7% pref..100
Katz Drug preferred
*
Kobacker
Bid
Par
Kress (S H) 6% pref
Lerner Stores pref
14
conv
24
100
55
Ask
7%
88
36%
7%
$2.50
pref
*
Boh&ck (H C) common..*
7% preferred
100
120
Bid
Edison Bros Stores pref 100
Fishman (M H) Stores...*
14%
7%
Ask
Aug
15 1937
Stores
14%
16%
99
100
103
105
*
8
85
...
100
Reeves (Daniel) pref
Rose 5-10-25c Stores
110%
111
6
8
38
35%
100
101
104
100
109
114
100
105
..5
93
Sohlff Co preferred
100
United Cigar Sts 0 % pf. 100
108
...
..100
preferred
6%% preferred
Murphy(OC) $5 pf
Neisner Bros pref..
100
23
26
23
6% pref ctfs
U 8 Stores preferred
26
3
7
101.30 102.1
91
2s
Aug
15 1938
102.29 103.1
98
l%s
June
15 1939
101.5 101.7
Merchants Re frig 6s..1937
Nat Dairy Prod deb 3 %s'51
Nat Radiator 5s.
1946
N Y
100%
72
Shipbuilding 5s-.1946
No Amer Refrao
6%s.l944
Otis Steel 6s ctfs
1941
99% 101
99% 100
101.7
18%
97%
—
Sugar Stocks
Par
Cache La Poudre Co....20
Eastern Sugar Assoc
1
/34
36
96
98
89%
92%
102%
-
Preferred
-
102% 103
Scovllle Mfg 5%s
1945
Std Tex Prod 1st
6%s as '42
Struth Wells Titus 6%s '43
105% 106%
13%
/II %
/58
/19
/62%
Wither bee Sherman 6s '44
Woodward Iron 5s
1952
83
80
1
Haytlan Corp Amer
*
Bid
Ask
21
22
11
12%
20%
%
23
Par
Savannah Sugar Ref_....*
7%
preferred
100
West Indies Sugar Corp_.l
Bid
Ask
117
119"
115
2%
1%
3%
-
Penn-Mary Steel 5s... 1937
Reynolds Investing 6s 1948
Willys-Overl'd 1st 6%s *33
101.5
Journal of Comm
Loew's
1%
22
Chicago
9l"
/16%
97%
71
6%s.l937
Inc deb 3%s._1946 t—
U S El Lt & Pr Shares A..
1.32
1%
100.12 100.15
Jones A Laughlln Steel—
4%s
1.52
1.21
8%
27%
15 1936
104
1955
2.83
38
Aug
102
Deep Rook Oil 7s
1937
Federal Farm Mtge Corp—
2.55
1.40
Preferred
23%
l%s
1%S
100
Chicago Stock Yds 6s. 1961
Cudahy Pack conv 4s. 1950
1.64
1.11
Home Owners' Loan Corp
Bear Mountain-Hudson
River Bridge 7s
Steel shares
Tobacco shares..
Guardian Inv Trust com.*
135
...100
Ask
104%
American Tobacco 4s. 1951
1.01
United Gold Equities (Can)
Standard Shares
1
4%
32%
Miscellaneous Bonds
American Meter 6s... 1946
1.36
343
118
Bid
1.25
shares
1.44
43
3%
Young (J S) Co com...100
7% preferred
100
200
100
1.46
1.54
6.05
_____
101
100 zl01% 103%
43
100
1.10
1.32
1.22
Warren Northam—
*
17%
99
15
1
preferred
7%
40
43%
*
King Royalty common
1st 6%
.98
Trusteed Industry Shares
Trusteed N Y Bank Shares
1.12
1.42
shares
B
103
Trico Products
Jacobs (FL)Co
Kildun Mining Corp
Lawrence Portl Cement 100
88
Taylor Milling Corp
_*
Taylor Whar I & S com..*
Corp
6.83
Trusteed Amer Bank Shs B
Incorporated
Standard Cap & Seal
Standard Screw
Trustee Standard Oil Shs A
1.19
RR Equipment shares..
5%
24%
22
25
13.72
2.38
2.33
1.46
Petroleum
113
35 %
Singer Manufacturing.. 100
Sparta Foundry common
1.59
D
1.34
Huron Holding Corp
83
49
Lord & Taylor com
109"
5
Un Piece Dye Wks pf__100
U S Finishing pref
100
Great Northern Paper. .25
Herr-Hall-Marv Safe. .100
1.46
6.36
12.62
new
1.09
Mining shares
Pharmaoal
Unexcelled Mfg Co
47
D
shares
Merchandise
74%
37%
7
6%
100
1.89
52
71%
5%
100
47
1.74
Chemical
100
Tublze Chatillon
Foreign shares
Supervised Shares
Trustee Standard Invest C
Food shares
Yeast
Scovill Mfg
6.36
1.51
44"
com
C
2.08
42
*
*
2.32
1.39
shares
22 %
100
*
3.67
BB
1.92
102
4%
Pathe Film 7% pref
Publication Corp com
2.32
B
Group Securities—
Agricultural shares
5% preferred
100
New Haven Clock pf
100
North Amer Match Corp.*
Remington Arms
53
100
Corp..
*
$7 1st preferred
50
Douglas Shoe preferred .100
Driver-Harris pref
Preferred
AA
Investing shares
*
-
3.34
6*08
33
100
Casket
.90
91.17
5.53
116
10%
52%
100
Doehler Die Casting pref.*
Flour Mills of America
31
114
7
100
Preferred
1
100
.97
Ino
State Street Inv Corp
General Investors Trust..
Building shares......
com
3.90
*
*
6.25
3%
preferred
20.00
3.63
23.19
5.60
Automobile
Merck & Co Inc
18.81
5.35
6
20
53
Preferred
6%
49
18%
*
conv
Super Corp of Am Tr Shs A
21.09
B
20
pf
Standard Utilities
9.20
4%
*
21
26.45
11.08
Ask
4.89
Standard Am Trust Shares
Spencer Trask Fund
41
*
3
1
50
24.55
37
*
4
Leather
*
1.68
29.80
4
J—
Ohio
50
1.55
27.73
Maytag warrants
Oldetyme Distillers
105
Dixon (Jos) Crucible
5%
40%
50
*
Dictaphone Corp..
*
*
40
$7 preferred
100
Dentists' Supply Co of N Y
Crowell Pub Co com
25c
Eqult Inv Corp (Mass)..5
Equity Corp cv pref
1
Fidelity Fund Ino
♦
Fundamental Investors Ino
46
50%
1.59
7.05
Fundamental Tr Shares A.
Bid
38%
8%
19
Columbia Broadcasting A *
*
Class B
.65
1.45
3.64
4.50
B
Macfadden Publlca com..*
Norwich
4.60
.40
6.35
Northwestern
3%
11.59
4.30
Royalties Management
4.20
Dividend Shares
Nat Paper & Type com
53%
11.09
2.50
D
Par
National
1.63
C
Preferred
3%
1.05
1.48
Representative Trust Shs.
Republlo Investors Fund.6
110
5.45
Mock Judson & Voehrlnger
Hotels
1st preferred
100
Canadian Celanese com..*
$1 cum
70
4%
.94
Quarterly Ino Shares..25c
40"
2.25
1920
6%
4
»
Plymouth Fund Inc A.lOo
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B
Diversified Trustee Shs B.
Securities
Class B
114
10
Malllnson (H R) Ino com.
Preferred
100
77
102%
3.13
Northern
Paclflo Southern Inv pref.*
Class A
*
Cumulative Trust Shares.*
Market
Preferred..,
American Hard Rubber—
2.41
3.07
Common B shares
Industrial Stocks
8%
77%
2.46
mod
Series ACC mod
Fixed Trust Shares A
26
3%
73
Accumulative series
Teletype N. Y. 1-1666
Members New York Security Dealers Association
*
N Y Bank Trust Shares
Series AA
BOwllng Green 9-3665
Ask
1.79
3.13
Corporate Trust Shares...
115 Broadway, N. Y.
Tel. BArclay,7-0700
Bell System Teletype NY 1-1493
Arch
26.32
"60
29.98
Commercial Nat'l Corp
Bristol & Willett
American
24.41
.40
16%
Century Trust Shares
in the
Bid
19.41
*
COMPREHENSIVE SERVICE
Par
2%
17.95
28.03
1
.
Ltd
8% preferred
v t o_.
6
5
*
com._
1
Fund
Crum & Forster Ins com 10
Amer Air Lines Ino
48%
Central Nat Corp cl A..
Class B
Exchange, Inc.
Established
7%
47%
Canadian Inv Fund Ltd.l
/New York Security Dealers Association
Over-the-Counter
Major Shares Corp
Maryland Fund Ino
6%
7%
Corp
Corp
Schoellkopf, Hutton &
Pomeroy Ino com
4%
Bullock
C. E. UNTERBERG & CO.
A
*
First Boston
.75
3%
Bancamerlca-Blair
4.28
Broad St Invest Co Inc.
Sylvania Industrial Corp.
Broadway, New York
93.46
91.60
.98
British Type Invest A
61
Investors Fund C
1.08
Assoc Stand Oil Shares...2
Climax Molybdenum Co.
commodity
~ic
41
12%
Bancshares Ltd part shs50c
Bankers Nat Invest Corp *
Members |
44
41
*
1
Am Insurance Stock
Cal.
Ask
Bid
10
com
7% preferred
23
21%
Baslo Industry Shares...*
—
Invest Co of Amer
Amer & Continental Corp.
Amer General Equities Inc
Teletype N Y 1-1397
Los
Par
16.72
1.70
ST., N. Y.
HAnover 2-8780
A8k
15.72
Established 1919
BROAD
Bid
*
Members of the New York Security Dealers A ssn.
25
Fund
Affiliated Fund Inc com..
M. S. Wien & Co.
•No
85
d
par value,
Coupon.
a
Interchangeable, b Basis
/Flat price,
to
i When Issued,
z
prioe.
e
Registered coupon
Ex-dlvtdend.
y
Now selling
York Curb Exchange.
(aerial).
on
New"
85
-
21
64
-
-
t Now listed
on
New York Stock
Exchange.
t Quotations per 100 gold rouble bond equivalent to 77.4234
grams of pure
gold.
Financial
Volume 142
2979
Chronicle
Over-the-Counter SecuritiesFriday May I—Concluded
Quotations
on
STRASSBURGER & CO.
MONTGOMERY
138
Par
Bid
Bond A Mortgage Guar. 20
Empire Title A Guar...inn
Par
Ask
X
%
7
Lawyers Mortgage_.* ..20
Lawver* Title A Guar
12
inn
(Since 1880)
Ask
Bid
■-
Exchange—San Francisco Stock
Francisco
Curb
Exchange—Chicago
Members: New York Stock
1H
1
1
STREET
FRANCISCO
SAN
Realty, Surety and Mortgage Companies
Exchange—San
2
Board of Trade—New York Curb Exchange (Associate)
■
Direct Private Wire
German and
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to
Antioquia
—1946
*..1946
Bank of Colombia 7%. 1947
Bank of Colombia 7 %. 1948
Barranqullla 8s'35-40-46-48
Bavaria 6Hs to
*1945
8%
Palatinate
Bavarian
1945
Bogota (Colombia) 6 Mb '47
Bolivia 6%
1940
Brandenburg Eleo 6s.. 1953
Brazil funding 5%-1931-51
Brazil funding scrip.._
British
Hungarian
Bank
7 Ms
1962
Coal Ind
6Hs
/18
19H
19H
16H
Corp—
1953
Buenos Aires scrip
Hungarian Discount A Ex¬
change Bank 7s
1963
27 H
/19
/15
23
Koholyt 6 Ha
1943
Land M Bk Warsaw 8s '41
f 9
11
/24
/66H
/68
26
/18
fl5
,
/26
16H
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
67
Water
Mannheim A Palat 7s. 1941
(Colombia) 7%.. 1947
Callao (Peru) 7^%..1944
Ceara (Brazil) 8%
1947
City Savings Bank, Buda
pest, 7s
.....1953
Columbia scrip Issue of *33
Issue of 1934 4%
Costa Rica funding 5% *51
Costa Rica Pac Ry 7 Ms *49
ga
1949
1945
Munich 7s to.*
f27
---
f2 7
f 39
Munlc Bk Hessen 7s to '45
Municipal Gas A Eleo Corp
Recklinghausen 7s ..1947
Nassau Landbank 6 Ms '38
Natl Bank Panama 6H%
4l"
Burmelster A Wain 6s. 1940 /111
Call
1948
7%
f9%
10 %
/10H
/2H
11H
1948-1949
CC&D7
6 Ha (A
&B)_.1946-1947
7 Hs
1962
National Hungarian A Ind
/2 4
/60
/46 '
/5 5
/24
/52
63""
47
Mtge 7%
1948
Oberpfals Eleo 7%...1946
<
57
Oldenburg-Free State 7%
to
1945
27
53 M
28
Duesseldorf 7s to
1945
/25H
/23H
Panama 5% scrip
Porto Alegre 7%
25 M
Protestant
Dulsburg 7% to
1945
/23H
25M
/24
26
many) 7s
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s *36
_
Dortmund Mun Utll 6s '48
East Prussian Pow 6s. 1953
European Mortgage A In¬
vestment
7 Ms
1966
/32H
/25
Rhine Westph Eleo
27"
Rio de Janeiro
160
149
French Nat Mall S3 6
German defaulted
7% '36
1933
'46
R C Church Welfare 7s '46
154""
28
26""
/24H
fS
/25-45
32
/26
f27
29
American Toll Bridge
1
29
Anglo National Corp
Argonaut Mining
*
American Tel & Tel..__ 100
26H
/25
/23H
25H
28 H
30
4,000
39c
Jan
260
Jan
610
15%
10X
Mar
14X
Jan
5M
10
5X
Feb
Mar
24 H
2,712
18 X
Jan
7%
33X
13
11%
Apr
12%
Apr
Jan
4%
3% May
Jan
6H
28 X
Apr
7%
Mar
11%
12H
5%
110
3%
100
7H
7%
3,605
27M
27 X
25
68
5%
_
*
i
_
_
3%
1
7%
•
3%
1
1935
/15
/40
75
100
2
75
May
1.15
1.15
.1.00
3,000
45
8%
8%
100
8%
Apr
8%
4%
4%
3,367
3
Jan
7%
Feb
/23H
/70
25 H
75
80c
95c
1,300
65c
Jan
Feb
1H
1H
100
65c
Jan
/15
15%
Consolidated Oil.
*
12
12
220
12
Apr
1%
1H
15%
Crown-Will 2d pref.,.
*
76
76 H
95
76
Apr
87
_1
2
*
5
6%
1,582
4%
Jan
9%
56c
56c
106
56c
Apr
80c
34
Curtiss-Wright Corp.
Cypress Abbey
Dominguez Oil Fields
36%
36 X
60
31
Jan
36X
39
Foster
81
81
15
72
Jan
81
25H
/23H
/40
/30
f35
/15
/23H
50
Kleiser
A
pref.100
6%
"8l"
General Metals..
22
22 H
870
17
Gr West El Chem com..20
61
61
5
62
21
21
10
21
43 H
43 H
20
40 H
1.05
Preferred
25
/23
20
*
Hawaiian Sugar
.20
Feb
Apr
Mar
Apr
1.05
Apr
Feb
1.55
Apr
Apr
/8
May
1.05
May
/15H
f 72
flCM
f 15
17H
Honokaa Sugar Co
Idaho Maryland
..1
/27
30
Kennecott Copper
39H
Kinner Air & Mot..
Catharina
(Brazil)
1947
.1956
Pub
Utll" 7s
1946
unstamped. 1936
7s unstamped
1946
Tucuman City 7s....1951
1.05
/37H
/44—55
1
1
39c
37c
40c
1
2.80
2.70
3.00
34 %
34 %
25
50c
62c
1
_54c
lie
Jan
58c
Lincoln
Feb
1
13c
14c
1,500
10c
Mar
20c
Apr
24,150
13c
Jan
35c
24%
6H
3H
44X
Petroleum
1
31c
27c
31c
21X
21X
100
21%
Apr
5H
3H
4.65
5M
850
2.65
Jan
99
Menasco Mfg Co.
1
Monolith Port Cement..*
3H
3H
200
3H
Apr
*
Copper..*
37 X
38 X
650
36 X
'I'm
27 H
/25
/75
M J & M & M Oil
Marine
/69
97
Bancorp
28
/26
City
20
Sugar
10
27 H
Jan
10H
250
6H
Jan
2,535
3%
Apr
6%
Feb
120
3.10
Apr
3.10
Apr
Feb
50
3.10
42 H
42 H
42 H
18
*
9%
8%
10 H
1,830
3%
3%
100
11H
5%
1,074
6H
IX
1,624
1
*
1
10
5H
5H
Feb
Mar
Jan
12%
Feb
Apr
5%
Mar
14%
5H
Apr
Apr
9%
Feb
3
Jan
6%
Apr
IX
2H
Jan
6%
3%
10
200
850
Jan
32
130
32
Apr
Apr
36
10H
10 x
200
10%
Apr
14%
Jan
Southern Calif Edison—25
25
25%
1,292
28 H
Feb
26 H
27
24H
25X
27%
Feb
5H% preferred
__25
6% preferred
25
Sou Pac Gold G 6% pf 100
Sunset McKee B
*
on
Wednesday
..$10 lot
Feb
27
Apr
1H
5
$ per Share
13 H
Gloucester, par $10
38
60H
63
1%
National Bank A Trust Co., Westfield, par $100..
$100
Valley RR., par $100
20 Rockland-Rockport Lime Co. common
2 Hampden
1 Wilton RR., par
5 Pemlgewasset
58
100
$4 lot
30 Worcester Salt Co. common, par $100
I Elizabeth Motion Picture Co., par
$100.
15 International Match Corp., pieferred, par $35
Per Cent
Bonds—
$3,000 Rio Grande Southern RR. 4s, 1940, coupon Jan., 1922 A sub. on...lH flat
By Crockett & Co., Boston:
Equipment com—*
Preferred
5
11H
11H
$4 lot
$5 lot
$10 lot
6%
.122
10%
$50
$50.
$10
20 Farr Alpaca Co., par
450 A. W. Lawrence & Co., par $10
76 The Angus Park Manufacturing Co., par $100
9 Baush Machine Tool Co. preferred, par $100
preferred
8 Stedman Rubber Flooring preferred, par $100
$25 lot
,
1
Western Air
...175
10X
Apr
Apr
11X
8H
Feb
5M
1,500
25c
Jan
55c
Feb
3.75
4.10
591
3.75
Apr
4.50
Apr
11H
447
11
Apr
11H
Apr
42%
Jan
54H
Apr
9% May
14%
53 X
54
65
*
9%
9H
10
228
17
20
15
Jan
500
5
Jan
17
7%
firm of Bull &
8H
20
9%
Feb
Feb
Jan
Feb
2971.
announcement is made of
NOTICES
of Bull, Eldredge & Popper as of April 30.
the formation of the New York Stock Exchange
Eldredge with offices at 39 Broadway.
Partners in the new
M. Bull Jr., Douglas R. Coleman, John E. Kassebaum,
firm are Chas.
Coxhead, Leo Kirsch and Harry L. Hoglander.
of the firm of Frank & Sterling as of April 30,
member of the New York Exchange, and Oliver R.
Grace announce the formation of Sterling, Grace & Co. to conduct a general
brokerage and investment counsel business.
Offices of the new Stock Ex¬
change firm will be at 111 Broadway.
—Following the dissolution
1936, Duncan Sterling, a
Francis J.
to
Kelly announces the formation of Francis J. Kelly & Co.
investment securities,
in
deal
specializing in Illinois and Kentucky
with offices located at 208 S. La Salle St., Chicago.
formerly connected for 10 years with the Continental Illinois
municipal bonds,
Parker,
Trust Co.
McEIroy & Co. announce that
admitted to the firm as a
associated for four years
was an
q
attorney
Duer McLanahan has been
general partner. Mr. McLanahan was formerly
with the New York Trust Co., and before that,
with the law firm of Curtis, Mallet-Prevost,
m.-P. Murphy & Co. announce
Colt & Mosle.
that plans have been completed to
consecutive season their branch office at Lake Placid,
opened during the latter part of June and will be
direction of Judd Tumbridge.
for the fourth
The office will be
Harris,
Ayers & Co., Inc. announce
that A. Wunnenberg, who was
John A.
associated with them, has rejoined their organization.
Bradley, formerly assistant Treasurer of W. A. Barstow & Co.,
become associated with the company.
formerly
8c
20
180
32c
11
4.10
—Following the dissolution
under the
$ per Share
Feb
5H 1/
CURRENT
N. Y.
By A. J. Wright & Co., Buffalo:
10 x
54""
For footnotes see page
open
10
130
122
26
52 M
15
Feb
Feb
30c
5
Express—-.1
National Bank &
$ per Share
30 Algoma Consolidated
Corp., Ltd., common, no par; 30 Algoma Consolidated Corp., Ltd., preferred,
no par; 10 Universal Chain Theatres Corp. common, no par
*—.$8 lot
5 Philadelphia Record Co. preferred, par $100—
80
5 Philadelphia Record Co. common, par $100
21
30 George B. Newton Coal Co. first preferred, par $100
10
par;
Jan
Jan
12
10 x
West Coast Life Ins
Mr. Kelly was
By Barnes & Lofland, Philadelphia:
28 H
37
29
1,707
20
Agricult
Stuart B.
$ per Share
Stocks
Mar
30
12 H
5H
Warner Bros Pictures
Stocks
28 H
40
*
Victor
By R. L. Day & Co., Boston:
28
12H
Super Portl Cement B___*
Waialua
151
Jan
40
28 H
United Corp
United States Pete
$810 lot
(N. Y.), no par
*
41
14
32
Shasta Water
$ per Share
Co. of Chester common, no par
Terminals Auction Co., par $100
25 Philadelphia Terminals Auction Co., par $100
5 American Dredging Co.. par $100
4
100
_
Silver King Coal
10 Philadelphia
Feb
Jan
3.10
Park Utah Mines
SALES
35 The Irving Worsted
Apr
21c
Cement. .100
Radio Corp (Del)
Radio Keith Orpheum..
4 Swarthmore National Bank A Trust Co., Pa., par $100
Jan
Apr
Apr
Apr
1,900
3%
Packard Motors.
87.61
44c
Feb
Mar
27c
*
Corp
Preferred
JJUl
6%
36
Apr
25c
10H
Pacific Portl
Jan
Jan
2,200
*
Eastern
4
6
36
5%
36
Pacific
Union of Soviet Soo Repub
no
Feb
Apr
Oahu
common
95c
2c
Mountain
Slocks
50c May
Feb
15c
Montgomery Ward
Detroit A Canada Tunnel Co.
Apr
600
96
1,400 Bowman-Biltmore Hotels Corp. common
5 Baush Machine Tool Co. common
34X
1,030
26
II Massachusetts Lighting Co. 8%
Apr
8c
95
24 Gloucester National Bank,
Feb
34 X
25c
/23
sold at auction
3.90
2c
1950
10% gold rouble...1942
Jan
25c
1947
91.35
1.60
_*-_.10
Warrants
Kleiber Motors
Vesten Eleo Ry 7s
87.61
75c
5,485
Tucuman Prov 7s
Ask
Jan
Jan
Italo Petroleum
28
Wurtemberg 7s to..—1945
Feb
22c
4H
3.15
1,400
3,380
4,377
9,046
25
/24
Apr
Apr
2.95
35
1.55
1.45
Preferred..
16
Mar
4.30
8%
4.30
1.40
International Cinema
11H
10 H
Jan
1.40
8%
4.00
20
/22
(Del.) preferred, no par...
Apr
50c
Stocks
Stocks
H
67
Apr
22 X
43 H
1.05
$2,000 Kaybon Realty Corp. (N. Y.) 5% deb. bonds, registered, due Jan. 1,
1970; 1 Kaybon Realty Corp. (N. Y.), no par; 2 Bonner Holding Corp.
Shares
26
Apr
H
40
2978.
20 Zenda Gold Mines
Jan
Apr
May
947
By Adrian H. Muller & Son, New York:
Shares
Jan
Mar
14,250
•
40
Feb
Mar
1.40
The following securities were
of the current week:
par
Apr
1.05
AUCTION
60 Shoe Lace Co.,
Jan
16
25 H
Petroleum
Richfield Oil pref
par
Jan
90c
Republic
Farr Alpaca Co.,
1.35
"I'm
/25H
Bid
5
Jan
Mar
1.05
Stlnnes 7a
Union of Soviet Soo Repub
Shares
Mar
4H
84
*
10
Cities Service.*
tSoviet Government Bonds
Shares
85
Apr
Apr
Chic & So Air L...
O'Connor Moffatt
Shares
Feb
9H
28M
Claude Neon Lights
1
Columbia River Packers.. *
Occidental Pete
48 Small Issues Corp.
Feb
Mar
1.15
Stettin
Hanover Harz Water Wks
For footnotes see page
1.00
Jan
6
Apr
10
Apr
26
/23
Slem A Halske deb 68.2930 /265
1940
/44
93
1953
1943
Jan
165
2
75
_*
pref-.lOO
52
73
2
75
10
Calif Art Tile B__
20
1.05
Serbian 5s
June 1
7% gold rouble
Feb
60c
*
Bunker Hill-Sullivan
f25
Apr
May
16 %
13 X
3
5
Cal Ore Pow 6%
Cardinal Gold-
20
177 X
71c
22 %
*_*
Bendix Aviation
/25
Apr
58c
„_5
.
Apr
150
5H
Imp Diesel B
Atlas Corp
Aviation Corp
Bancamerica-Blair
886
15%
11X
58c
Arkansas Nat Gas A
Baldwin Locomotive
/75
/ 75
900
%
150
5
Atlas
/26H
/28
19%
164 X
19
20
152 H
1.05
Serbian coupons
13%
15^
1957
/29
9%
1.35
10
/12H
6%
High
Jan
9%
19H
1
20
/9H
/19
Young
Coupons
stamped
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
37
100
....5
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon State Mtge 6s_ .1947
Dawes
6%
/34~"
9%
9%
Holly Development
Holly Oil Co
Santa Fe scrip
8%
12-1-34
Haiti
Amer Power & Light
*
American Radiator Co...*
Hobbs Battery A
8%
Guatemala 8s 1948
Low
83
11
Santa
German
Range Since Jan. 1 1936
for
Week
Shares
High
39" "
/46
Coupons
Dec 1934 stamped
April 15 1935
Low
Price
34
/38
German
Par
/36
/33
1957
7%
Salvador 7% ctf of dep '57
Salvador 4% scrip
coupons
..
Stocks—
of Prices
Salvador
/26
Jan to June 1934
July 1934 to Mar 1936
28_"
/25H
Week's Range
Sale
f25
July to Dec 1933
German scrip
German called bonds
Last
Saarbrueoken M Bk 6s '47
29
German
Building A I
bank6H%
1948
6%
Sales
Friday
(Ger¬
Rom Cath Church 6 Hs
f27
German Atl Cable 7s..
1968
Church
May 1, both inclusive, compiled from official sales lists
to
39%
Nat Central Savings Bk of
Hungary
San Francisco Curb Exchange
Apr. 25
f25
Hungarian defaulted coups /20-40
Hungarian Ital Bk 7 Ms *32 /24
38 %
Jugoslavia 5s
1956
/44 55
Coupons..:.
33
Cons
Clt 7% to
Brown
25 M
Ask
Bid
Ask
/23H
/31
has also
Financial
2980
Chronicle
General Corporation and
RAILROAD—PUBLIC
FILING
OF
REGISTRATION STATEMENTS
SECURITIES ACT
Prospectuses
UNDER
and
Exchange
Total
Type
$26,071,260.00
22,132,000.00
Commercial and Industrial
Investment Trusts
2
The total includes the following issues for
have been
which releases
published:
Capital Corp.—300,000 shares of no par value common capital
(SS details in V. 142, p. 2827.)
(Docket No. 2-2113, Form A-2,
included in Release No. 750.)
General
stock.
Chemical Co.—101,310 shares ($10 par) common stock and
Monsanto
full and fractional subscription warrants
the
p.
common
evidencing rights to subscribe to
(See details in V. 142,
stock, to be issued to stockholders.
(Docket No. 2-2119, Form A-2,
2835.)
included in Release No. 755.)
Other securities included in the total are as follows:
Bullion
filed for five issues under the regulations
182, which exempt
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:
from
(
No. of Issues
16
were
contained in Part III of Release No.
Commission on April 28
announced the filing of 18 additional registration statements
(Nos. 2105-2122) under the Securities Act.
The total in¬
volved, excluding the refiling, is $48,203,260, all of which
represents new issues.
The securities involved are grouped as follows:
Securities
Investment News
UTILITY—INDUSTRIAL—MISCELLANEOUS
*
The
May 2, 1936
Imports, Inc. (2-2105, Form A-l) of Nogales, Ariz., has filed
a registration statement covering 300,000 shares ($1 par) class A common
stock, to be offered at par.
Net proceeds from the sale of stock are to be
used for purchase of bullion, it is stated.
W. A. Kissel Co., of N. Y. City,
is the principal underwriter, and Noel Davenport, of Col ton, Calif., is
President.
Filed April 16, 1936.
Capital City Products Co. (2-2106, Form A-2) of Columbus, Ohio,
a registration statement covering 88,000 shares (no par) common
stock, of which 1,000 shares owned by a stockholder are to be offered
publicly at the market.
All of the stock being registered is presently
outstanding, it is stated.
American Industries Corp. is the principal
underwriter as to the 1,000 shares to be offered.
E. P. Kelly, of Columbus,
is President.
Filed April 16, 1936.
has filed
Adeline Lake Gold Mines,
Ltd. (File 3-3-610) 2408 Stanley St., Niagara
Offering 400,000 shares (no par) stock at 25 cents per share.
Niagara Falls, Ont., is President.
No underwriter is named.
Nu-Creme Chemical Co. (File 3-3-611) 902 W. 36th St., Baltimore,
Md.
Offering 60,000 shares of A stock ($1 par) and 12,000 shares B stock
($1 par) in units of 10 shares of A stock and 2 shares of B stock for the
sum of $14.40 per unit.
C. F. Argabright, 4626 Schenly Road, Baltimore,
Md., is President.
No underwriter is named.
Falls, Ont.
T. A. Barnett,
Hollywood Film Industries, Inc. (File 3-3-612) 900 Market St.,
Wilmington, Del.
Offering to brokers and security dealers 80,000 shares
($1 par) and 20,000 shares of class B stock ($1 par) in units
of 4 shares of class A and 1 share of class B at $5 per unit.
High H. Gwynne,
6075 Franklin Ave., Hollywood, Calif., is President.
No underwriter is
of class A stock
named.
Yodine Chemical
Co. (File 3-3-613) 927 Market St., Wilmington, Del.
Offering to brokers and security dealers 970 shares of class A common stock
($100 par) at par.
S. Harris MacGee, 1106 North Vine St., Los Angeles,
Calif., is President.
No underwriter is named.
Carlotta Metals Co. (File 3-3-614) 215 North Carson St., Carson City.
Nev.
Offering to brokers and security dealers 980 shares of class A common
($100 par) at par.
W. A. Hayes, 225 Mallorca Way, San Francisco.
Calif., is President of the corporation.
No underwriter is named.
stock
In making
In
available the above list the Commission said:
does the act of
no case
filing with the Commission give to any security
the merits of
its approval or indicate that the Commission has passed on
the issue or that the registration statement itself is correct.
The last
in
previous list of registration statements
April 25, page 2812.
was
given
issue of
our
Mid-West Abrasive Co. (2-2107, Form A-l) of Detroit, Mich., has filed
registration statement covering 50,620
The proceeds from the sale of the
liquidation of a bank loan and to working
Grosse Pointe, Mich., is President.
Filed
a
stock.
shares (50-cent par) common
stock are to be appued to the
capital.
James T. Jackson, of
April 16, 1936.
Acme Steel Co.—New Vice-President—
C. M. MacChesney, formerly Secretary and Treasurer has been elected a
and reelected Secretary.
C. J. Sharp has been elected
Vice-President
Vice-President and Treasurer, while H. H. Clark has been named
President in charge of Eastern sales.—V. 142, p. 2812.
Walton-Dodge Manufacturing Co. (2-2108, Form A-l) of Detroit,
Mich., has filed a registration statement covering 48,000 shares ($10 par)
common stock, to be offered at par.
The proceeds from the sale of the
stock are to be offered at par.
The proceeds from the sale of the stock are
to be advanced to Walton-Dodge Co., a wholly-owned subsidiary.
John
D. Dodge, of Detroit, is President.
Filed April 16, 1936.
Dike Gold
Mines, Inc. (2-2109, Form A-l) of San Francisco,
registration statement covering 250,000 shares of ($1 par)
common stock, to be offered at par.
The proceeds from the sale of the
sale of the stock are to be used for property development and general
operating expenses.
W. A. Kissel Co., of N. Y. City, is the principal
underwriter, and Bently Neuman, of San Francisco, is President.
Filed
April 16, 1936.
Great
Calif., has filed
a
Belmont Brewing Co. (2-2110, Form
filed
A-l) of Martins Ferry, Ohio, has
registration statement covering $250,000 of 1st ref. mtge. 6% bonds,
due April 30, 1946, to be offered at par plus accrued interest.
The proceeds
from the sale of the bonds are to be used for the retirement of outstanding
bonds and for the payment of existing obligations.
Belmont Holding Co.,
of Dover, Del., is the principal underwriter, and Robert T. Norment, of
Englewood, N. J., is President.
Filed April 17, 1936.
Adeline
See list
Roller Bit Co.
(2-2111, Form A-2) of Houston, Tex., has filed
registration statement covering 31,050 shares (no par) common stock.
will be used in the general develop¬
P. Farish, of Houston, is President.
Filed April 17, 1936.
a
The proceeds from the sale of the stock
ment and expansion of the business.
S.
Perfection
Grain
Shocker
Co.
(2-2114,
Form A-l) of Minneapolis,
a registration statement covering 27,500 shares ($10 par)
stock, to be offered at par.
The proceeds from the sale of the
stock are to be used for working capital and general corporate purposes.
Minn., has filed
common
Franklin Flick &
Co., Inc., of N. Y. City, is the principal underwriter,
and Wm. F. Thorne, of Minneapolis, is President.
Filed April 18, 1936.
Institutional
Securities, Ltd. (2-2115, Form A-l) of Jersey City,
N. J., has filed a registration statement covering 2,500,000 (one cent par)
bank group shares and 2,500,000 (one cent par) insurance group shares.
The proceeds from the bank shares are to be invested in the securities of
specified insurance companies.
Hare's, Ltd., of N. Y. City, is the prin¬
cipal underwriter, and Emlen S. Hare, of N. Y. City, is President.
Filed
April 18, 1936.
Gold Mines,
Akron Canton &
Youngstown Ry.- -Earnings.
Net after rents
President.
Net
after rents
\
Household
Finance
Corp. (2-2120, Form A-2) of Chicago, 111., has
a registration statement covering 125,000 shares of outstanding
(no
par) class A common stock.
All the stock is being offered by stockholders
who will receive the proceeds from the sale of the stock.
B. E. Henderson,
of Chicago, is President.
Filed April 22, 1936.
filed
Petroleum Corp. (2-2121, Form A-l) of Dallas, Tex., has
registration statement covering 577,852 shares ($1 par) preferred
288,926 shares (one cent par) common stock, to be offered in
units consisting of two shares of preferred and one share of common at $10
a unit.
The proceeds from the sale of the stock are to be applied to the
purchase of properties, the payment of notes, drilling of wells, and to general
working capital.
Pressor & Lubin, of N. Y. City, is the principal under¬
writer.
S. C. Yingling, of Dallas, is President.
Filed April 22, 1936.
National
filed
stock
a
and
Southern States Oil Co. (2-2122, Form A-l) of Charleston, S. C., has
filed
registration statement covering 25,000 shares (no par) preferred
stock and 25,000 shares (no par) common stock, to be offered in units
consisting of one share of each at $33.75 a unit.
The proceeds from the
sale of the stock are to be applied to the development of plant and properties
and to general working capital.
Victor de Villiers, of N. Y. City, is the
principal underwriter, and Leonard D. Long, of Charleston, is President.
Filed April 22, 1936.
a
313,912
82,615
24,915
Net after rents
1,144,897
110,909
12,427
1,179,632
247,996
176,046
866,520
37,000
def92,869
1,448,269
325,935
35,673
def3,479
1—
From Jan.
Gross from
$304,232
10,186
$413,174
84,554
56,570
$412,583
55,017
;—
1933
1934
1935
1936
$532,439
140,023
82,713
-
railway
Net from railway
Net after rents
165,469
—V. 142, p. 2142.
Alabama Water Service Co.-
■Consolidated Balance Sheet
Dec. 31—
1935
Liabilities—
1934
1935
Assets—
Plant, prop, rights,
franchises, &c..$9,037,368 $7,452,427
Miscell. investm'ts
17,121
18,682
1st mtge.
Cash in banks and
1934
1st mtge. 6% notes
due ser. May 1,
Accts.
bds.,
A, due
due Jan. 1, 1957.14 ,875,000 $4,090,000
140,614
109,520 Munic. bds. assum
11,232 Conv. debs., with¬
1,
and
warr.
5% gold
ser.
129,283
working funds.,
x
1935-1936.
75,000
..
147,759
16,266
Mat'ls & suppliesCommission on pf.
49,331
23,325
14,236
Notes payable
Accounts payable.
27.500
872,000
out fixed matur.
14,236.
26,000
872,000
notes receivable.
Acer, unbilled rev.
date..
capital stock
Debt disct. & exp.
process
21,119
33,262
of amort.
paid accounts.
1,500
22,563
83,732
7,107
22,986
Accrued items
Misc. curr't liabll.
Def'd chgs. & pre¬
23,893
-
54,295
Unearned revenue.
17,633
84,397
4,985
37,896
Cons, depos. & ac¬
crued. int. there¬
69,450
54,486
Reserves
276,220
569,320
$6 cum. pref. stock
679,000
679,000
on.
600,000
600,000
Capital surplus—
636,044
541,240
Earned surplus—
296,918
191,994
$9,468,521
$7,845,452
y
a
Milling Co. (2-2118, Form A-l) of Denver,
Colo., has filed a registration statement covering 1,750,000 shares of
(10 cent par) class A common stock, to be offered initially at par.
The
proceeds from the sale of the stock are to be applied to the rehabilitation
and development of the company's property.
C. C. Gilmer, of Black
Hawk, Colo., is President.
Filed April 20, 1936.
458,363
194,550
115,839
Alabama Great Southern R REarnings.—
March—
Gross from railway,
Net from railway
of wrhich
Gold Mountain Mining &
$93,571
11,754
def 1,588
—V. 142, p. 2142.
($25) 6% cumulative preferred stock, of which 71,726 shares
by stockholders.
Chester H. Loveland, of San Frnacisco,
Filed April 20, 1936.
Co. (2-2117, Form A-2) of Indianapolis, Ind..
registration statement covering 60,000 shares ($1 par) capital
55,000 shares are presently outstanding and owned by
stockholders.
The proceeds from the sale of the 5,000 shares to be offered
by the company are to be used for general corporate purposes.
Paul H.
Davis & Co. of Chicago, is the principal underwriter.
Louis Schwitzer, of
Indianapolis, is President.
Filed April 20, 1936.
$180,202
84,739
55,530
525,866
206,074
131,291
!
547,741
210,999
123,283
Schwitzer-Cummin8
has filed
stock,
1933
$175,241
61,204
35,136
From Jan. 1—
Gross from railway
Net from railway
be offered
are to
1934
1935
1936
$179,011
67,178
34,442
..
California Water & Telephone Co. (2-2116, Form A-2) of San Fran¬
cisco, Calif., has filed a registration statement covering 72,000 shares of
outstanding
Ltd.—Registers with SEC—
first page of this department.
March—
United Gilpin Corp.
(2-2112,, Form A-l) of Denver, Colo., has filed a
registration statement covering 300,000 shares (50 cent par) common
stock, to be offered at 70 cents a share.
The proceeds from the sale of the
stock are to be used for general corporate purposes.
C. L. Schwerin, of
Chicago, 111., is President.
Filed April 18, 1936.
on
Gross from railway
Net from railway
a
Reed
Lake
given
Vice-
Total
$9,468,521
$7,845,452
stock.
Common
Total.
x After reserve for
uncollectible accounts and notes of $20,433 in 1935
and $11,220 in 1934.
y Represented by 6,000 no par shares.
Note—The income account for calendar years was given in "Chronicle"
of April 25, page
2812.—V. 142; P. 2812.
Alleghany Corp.—Annual Report—
O. P. Van Sweringen, President, says in part:
^
The value of the securities and deposited cash pledged under each of the
corporation's two collateral trust indentures, dated Feb. 1, 1929 (securing
the 1944 bonds) and June 1, 1929 (securing the 1949 bonds), as shown by
the appraisal of Feb. 1, 1936, is in excess of the required 150% ratio.
The appraised value of the securities and deposited cash pledged under
the corporation's collateral trust indenture dated April 1, 1930 (securing
the 1950 bonds) continues to be less than the required 150% ratio; therefore
provisions in this indenture relating to impounding of income, restrictions
on voting rights of securities and restrictions on creation of other than cutrent indebtedness continue in force.
The balance sheet and income account show the effect to Dec. 31, 1935,
of the March 15, 1934, readjustment plan for the 1950 bonds.
This plan,
by approval of the Federal courts of jurisdiction, has become binding on all
holders of these bonds and has resulted in the satisfaction of their interest
coupons maturing Oct. 1,
these bonds have received
1934, to April
or
are
1, 1939, inclusive.
entitled
to
receive for
Holders of
these
coupons
cumulative prior preferred convertible stock on the basis of five shares for
such coupons in respect of each $1,000 bond and have also received or are
entitled to receive a new right of conversion for each $1,000 bond into
100 shares of common stock, exercisable at the option of the holder at any
time prior to Oct. 1, 1944.
Each share of cumulative prior preferred con¬
vertible stock is convertible at the option of the holder at any time into
10 shares of
common
stock.
During the year 1935, $145,000 of 1950 bonds
Financial
Volume 142
were
Chronicle
2981
converted into
14,500 sharos of common stock and 13,140 shares of
prior preferred convertible stock were converted into 131,400 shares of
common
stock.
Substantially all of the corporation's income in 1935 was derived from
on its
ownership of 1,248,900 shares (69.39%) of the capital
stock of Chesapeake Corp.
The net income of the latter amounted to
$4.02 per share in 1935, received principally from dividends on its holdings
of common stock of Chesapeake & Ohio Ry., which paid dividends during
1935 at the annual rate of $2.80 per share.
The Chesapeake Corp., after
meeting interest, sinking fund requirements and operating expenses, paid
dividends during 1935 at the annual rate of $3 per share.
On Feb. 1, 1936, Chesapeake & Ohio Ry. made an additional payment of
$1,074,775 under the option contract with this corporation dated Feb. 1,
1932, for the purchase of 215,000 shares of common stock of the Erie RR.
and 167,300 shares of the common stock of New York, Chicago & St. Louis
RR., pursuant to an amending agreement which extends the time within
which such optioned stocks may be purchased to Feb. 1, 1938.
The bal¬
ance payable to
complete the purchase under this contract is $550,000.
The 6% note obligation of this corporation, secured by the corporations
rights under this option contract, has also been reduced to a balance of
$550,000 and extended to Feb. 1, 1938, at an annual interest rate reduced
from 6% to 4%.
The contracts for the acquisition by the Missouri Pacific RR. of the termi¬
nal properties at St. Joseph and North Kansas City, Mo., from Terminal
Shares, Inc. (a wholly-owned subsidiary of this corporation), remain in¬
completed.
The master appointed by the U. S. District Court at St.
Louis in charge of the Missouri Pacific found that "taking into considera¬
tion traffic or control value, in the light of the conditions then existing
and to be reasonably anticipated, the securities and accounts contracted
for were worth to the Missouri Pacific the price agreed to be paid."
Ex¬
ceptions to the master's report were filed and under date of Dec. 2, 193o,
the Court sustained exceptions to the master's report and ordered the
trustees of the Missouri Pacific "to take such action as they are advised
may be most proper and desirable to avoid purported obligations
.
.
.
under the contracts in question,
and to recover the moneys
already paid by debtor pursuant to said contracts,
.
Under
date of Dec. 7, 1935, the Court authorized the trustees to employ special
counsel, who have instituted proceedings in the courts of Missouri to set
aside these contracts and recover for the Missouri Pacific the $3,200,000
Specialist9
in
dividends
_
.
.
„
,
.
^
.
.
paid
This corporation has retained counsel to resist
these proceedings, which it believes wholly unwarranted.
on
account thereof.
_
Earnings for
Years Ended Dec.
1935
Total income
Interest
Other
on
funded debt.
interest.
General expenses
Registrar
and
agent fees
res.
1933
1934
19j*2
y$3,882,587 y$3,277,557 y$2,827,444
3,775,075
3,929,962
3,933,387
95,552
154,239
104,111
zl61,966
zl30,493
62,854
$4,402,677
3,933,387
110,353
143,413
transfer
21,300
12,946
29,450
16,455
$184,254
$983,043
Fiscal agent & trust fees.
Prov. for
31
35,919
13,979
against de¬
posit in closed bank.
14,000
_
—
—
All
Rights and Scrip
McDonnell & Co
fNew York Stock
Member* <
''New
120
BROADWAY,
TEL.
Exchange
York Curb Exchange
NEW YORK
RECTOR
2-7815
companies owning property or rights in Kansas City or North Kansas City.
°.Poes not include unpaid and accrued interest on $11,152,000 Missouri
Pacific RR. 20-year 5}4% convertible
gold bonds, series A, nor on $14,203,133 balance of Missouri Pacific RR. contracts with Term. Shares, Inc.
„
e
Secured
by the obligation of Chesapeake & Ohio Ry. under option
contract dated Feb. 1, 1932.
f Discount on refunded interest
interest expense upon
g
26,634
shares,
maturity of
to
be
issued
coupons
(bonds due 1950) credited to
coupons.
in
exchange for interest
bond issue.
h Authorized,
150,000 shares, no par; converted
13,140 shares; outstanding, 104,886 shares.
Note—Securities held
at
as
into
coupons,
common
1950
stock,
investments stated in the above balance sheet
cost of
a
$159,260,948 at Dec. 31, 1935. and $159,260,888 at Dec. 31,
had an indicated market value of $77,456,549 based upon closing
bid prices at Dec. 31, 1935, and $58,013,767 based upon
closing bid prices
at Dec. 31, 1934.
1934,
Statement
of Collateral
Trust
Indentures and
Feb. 1, 1936
Purchase
Money Debt
as
of
(a) Collateral Trust Indenture Dated Feb. 1, 1929, Securing
$31,466,000 1944 BondsPledged securities and deposited cash:
756,000 shares common stock Chesapeake Corp.
50,000 shares preferred stock of Missouri Pacific RR.
177,700 shares common stock of Missouri Pacific RR.
50,000 shares common stock of Pittston Co.
$4,066,000 5-yr. b}4 % sec. gold notes of Term. Shares, Inc.
$334,000 deposited cash (received on retirement of $334,000
of Term. Shares, Inc., 5-yr. 5H% sec. g. notes)
♦Appraised value of above securities and deposited cash as of
Feb. 1,1936
..--$57,836,070
Impounded income (after payment of Feb. 1, 1936, semi-annual
interest of $786,650)
1,914,421
Annual interest requirement
1,573,300
Total annual income at present rates of payment
2,268,000
-
x
Net loss
$1.336.806prof$215,526
Exclusive of profit on sale of securities, amounting to $1,008 in
$689 in 1934, $3,022 in 1933 and loss of $11,939,368 in 1932.
x
1935,
y
After deducting $613,360 reserve in respect of interest on $11,152,000
Missouri Pacific RR.
Co. 20-year 5^% convertible gold bonds, series A,
and $781,172 reserve in respect of interest on $14,203,133 balance of
Missouri Pacific RR. contracts with Terminal Shares, Inc.
z
Including readjustment
Palance Jan.
1935,
1,
Surplus Account
$2,296,581.
:
Add: Amortization
bonds due 1950 (for period April 1 to
reversal of "other interest" accrued to Dec. 31,
interest
1950.
expenses of bonds due
Earned
on
of discount
on
Dec. 31, 1934), $110,394;
1934, on $1,100,000 un¬
secured notes payable exchanged for 22,000 shares of prior preferred con¬
vertible stock, $66,916; adjustment of 1934 dividend accruals, $59; total,
$2,473,951.
Deduct: Net loss from income account, $184,254; unmatured
discounted interest on bonds due 1950, converted into common stock dur¬
ing the current year, $25,069; premium paid on U. S. Government securi¬
ties purchased in prior year, $3,081; balance, Dec. 31, 1935, $2,261,547.
Paid-in Surplus Account
Balance, Jan. 1, 1935, $7,452,773.
Add: Part of consideration received
upon issuance of prior preferred
convertible stock (96,026 shares) for
interest coupons from bonds due 1950, $3,264,884; part of consideration
received upon issuance of prior preferred convertible stock (22,000 shares)
for unsecured notes
payable, $880,000; part of consideration received upon
(14,500 shares) at $10 per share upon conversion
of bonds due 1950 ($145,000 principal amount), pursuant to the plan of
reorganization; $1 per share being allocated to capital and $9 per share to
surplus, $130,500; profit from sale of securities, $1,008; balance, Dec. 31,
issuance of common stock
1935, $11,729,165.
Note—Company set up on its books, as a deferred charge, interest on its
1950 bonds for the five-year period April 1, 1934, to April 1, 1939, amount¬
ing to $6,133,000.
The interest has been discounted to $5,397,040 as of
April 1, 1934, on a 5% discount basis.
This discount of $735,960 is being
amortized during this five-year period.
The interest on these bonds is
paid or payable by issuance of 122,660 shares of the company's prior pre¬
ferred convertible stock issuable at $44 per share, of which $10 per share is
allocated to capital and $34 per share to surplus.
Consolidated Balance Sheet Dec. 31
1935
.a
Securities held
as
investments, at cost..
b Securities in escrow
c
1934
159,260,948 159,260,888
34,677,600
34,677,600
18,572,195
18,572,195
582,900
661,732
Securities under contract of sale
U. S. Government securities (pledged)
Cash and cash items
129
619
1,171,000
2,559,082
7,254
Cash deposited under collateral trust indenture
•Cash impounded by trustees
Cash held by trustee of Term. Shares, Inc., notes..
1,171,000
1,630,293
Special deposits
Deposit in closed bank (less reserve)
8,978
75
10,330
76
10,330
958,356
-d Accrued dividends and interest receivable
809i951
Unmatured refunded int. coup, (bonds due 1950),
chargeable to int. exp. upon maturity of
3,962,887
coupons
(b) Collateral Trust Indenture Dated June 1, 1929, Securing
$21,938,000 1949 BondsPledged securities and deposited cash:
449,000 shares common stock of Chesapeake Corp.
54,100 shares preferred stock of Missouri Pacific RR.
125,000 shares common stock of Missouri Pacific RR.
300,000 shares common stock of Pittston Co.
30,000 shares common stock of Leh. Coal & Nav. Co.
$1,848,000 5-yr. 5H% sec. g. notes of Term. Shares, Inc.
$152,000 deposited cash (received on retirement of $152,000
of Term. Shs., Inc., 5-yr. 5^5% sec. gold notes)
♦Appraised value of above securities and deposited cash as of
Feb. 1,1936------$35,351,104
Impounded income
573,996
Annual interest requirement
1,096,900
Total annual income at present rates of payment
1,356,000
-
(c) Collateral Trust Indenture Dated April 1, 1930, Securing
$24,387,000 1950 BondsPledged securities and deposited cash:
43,900 shares common stock of Chesapeake Corp.
$11,152,000 20-year 5H% convertible gold bonds, series A,
90,000
195,200
146,240
3,546
due 1949, of Missouri Pacific RR.
shares preferred stock of Missouri Pacific RR.
shares common stock of Missouri Pacific RR.
shares common stock of Pittston Co.
shares common stock of Leh. Coal & Nav. Co.
54 shares prior lien stock of Wheel. & L. E. Ry.
$8,331,000 5-yr. 5>$ % sec. g. notes of Terminal Shares, Inc.
$685,000 deposited cash (received on retirement of $685,000
Term. Shs., Inc., 5-yr. 5M% sec. gold notes)
♦Appraised value of above securities and deposited cash as of
Feb. 1, 1936.
$13,276,237
Impounded income
205,832
Annual interest requirement refunded to April 1, 1939.
Total annual income at present rates of payment
$133,142
(d) Purchase Money Debt ($548,800) —
Pledged securities and deposited cash:
25,000 shares common stock of Missouri Pacific RR.
$582,900 of U. S. Government securities.
$64.79 deposited cash
(incl. $57.09 impounded in
closed bank).
Value of above securities and deposited cash as of Feb. 1, 1936,
as indicated by market quotations
Annual interest requirement
Total annual income at present rates of payment
—
*
$675,850
27,440
$17,307
The quarterly appraisal
the
contains
dated Feb. 1, 1936, delivered to the trustee,
following statement: "Included in the securities appraised
above are certain notes of Terminal Shares, Inc., which notes were issued
under a collateral trust agreement dated as of Jan. 1, 1931.
In December,
1935, two suits were instituted in Missouri by the trustee for Missouri
Pacific RR. to impress a prior lien for $3,200,000 (and int.) upon the se¬
curities described in the collateral trust agreement as the security pledged
for the payment of the said notes of Terminal Shares, Inc., and for other
relief
Total
221,762,759 216,803,663
15-year 5% convertible bonds 1929.
20-year 5% convertible bonds 1929.
20-year 5% convertible bonds 1930
Purchase money debt (assumed)
e 6% note due Feb. 1,
1936
•6% notes (unsecured)
Accounts payable
.Accrued interest payable
Payments made by C. & O. under option contract-
31,466,000
21,938,000
24,387,000
31,466,000
21,938 000
24,532,000
548,800
617 400
1,591,650
1,593!566
.
Deferred liabilities
Prior preferred convertible stock
•Cumulative prior preferred convertible stock
534% preferred stock (par $100)
!o74
1,753,823
3,440,700
53,745,846
7,452,773
2,296,581
221,762,758 216,803,663
or
to secure
purchase-
Chesapeake & Ohio Ry. Co. at $13.25 per share (the
aggregate option price being $5,065,475, against which aggregate payments
of $3,440,700 have been made), at cost: 215,000 shares common
stock of
Erie RR.; 167,300 shs. common stock of New York
Chicago & St. Louis RR
c Missouri
Pacific RR. (owned by Terminal Shares, Inc., and
pledged
.under Terminal Shares, Inc., 5-year h\i% secured
gold notes, which in
turn are pledged under Alleghany Corp. collateral trust bond
indentures)
at cost to Terminal Shares, Inc., less amounts received on
contracts: All
-capital stock of St. Joseph Belt Ry.; all capital stock and certain open ac¬
counts of Union Terminal Ry. and certain notes and 2-3 of
capital stock of
.North Kansas City Bridge & RR. and 2-3 of notes and
capital stock of
North Kansas City Development Co., and 2-3 of
capital stock of other
Co.—Earnings—
[A subsidiary of Commonwealth & Southern Corp.]
1936—Month
Period End. Mar. 31—
$1,400,516
Gross
earnings
Operating expenses
Fixed charges
614,301
402,631
Prov. for retirem't res've
on
140,500
195,178
preferred stock-
$47,904
Balance
66,753",900
Pledged under collateral trust bond indentures
Alabama Power
Divs.
53,891,746
11,729,165
2,261,546
Paid-in surp us
a
100 000
113
hi,048,860
66,753,900
Earned surplus
money debt at cost.
b Under option to
1
......
291,296
766,651
3,440,700
f 475,546
gl ,171,896
•Common stock
Total
affecting such securities.
The effect, if any, of said suits upon the
estimated, and,
accordingly, in determining the value of the said notes, no deduction has
been made because of the pendency of such suits."—V. 141, p. 3216.
value of the said notes of Terminal Shares. Inc., cannot be
—V.
1936
$376,840
Quar. End. Mar. 31—
Operating profit
24,909
Other revenues
Total income
$401,749
Depreciation
charges, &c
,
/
Miscell.
Net profit
Pref. divs. of for'nsub..
Preferred dividends
Common dividends
com.
82,341
32,090
$287,319
7,564
67,435
162,485
$49,835
Surplus
Shares
stock
$749,407
$510,069
-Earnings1935
1934
1933
$250,679 def$118,641
22,65622,273
$29,300
25,704
$273,335
82,733
11,372
def$96,368
69,994
14,365
$55,004
73,537
18,278
$179,230 def$180,726
7,564
7,819
67,435
67,434
def$36,811
5,545
67,434
$104,232 def$255,980 def$109,790
out¬
standing (par $10)—
Earnings per share
x
$21,543
142, p. 2142.
American Bank Note Co.x
-1935
1936—12 Mos.—1935
$1,339,761 $17,089,345 $15,640,047
602,883
7,655,390
6,764,385
403,977
4,858,953
4,814,243
116,175
1,483,455
1,209,130
195,182
2,342,138
2,342,218
652,773
652,773
$0.33
$0.17
After expenses and Federal taxes.
652,773
652,773
Nil
Nil
Financial
2982
Consolidated Balance Sheet March
1936
Com. stk.
993,703
53,100
1,776,450
Mktable.
Contract
deposit__
1,671,450
payable.
Advances
on
274,709
155,176
154,090
67,435
162,485
70,728
67,435
577,191
Earned surplus... 5,521,610
444,485
4,848,099
Pref. divs.
Com. dlvs.
payable
payable
Approp. surplus..
appro¬
444,485
577,191
42,296
priated surplus.
Prepaid expenses .
1935
68,173
7% cum. pref. stk
In
1,845,169
28,032
1,163,107
amortizarion
Cash
U. S.A. treas. bills
.
1,952,803
<
24,339
1,244,918
1,214,476
304,356
Receivables
4,420,445
public-- 4,413,025
debt.w--24,059,000 24,327,500
held by
Funded
Custtomers' secur.
300,000
Mater. & supplies-
Co.
Util.
Texas
1,037" 789
&line ext.
287,156
174,390
314,253
total.
18,651,966 17,275,043
Total
18,651,966 17,275,043
Accrued
Fed. income taxesPref. stk. dlvs. pay¬
Alton RR.—Earnings—
7'.
March—
1936
1936
,
1935
1934
$1,124,669 '> $1,037,790
258,542 ;,236,982
30,305
38,469
:
.
$1,217,561
231,880
from railway
231,880
def35,702
after-rents.wi.ui-J»• >def35,702
Gross from railway—
Net
—
-,
r.
...
Net
From Jan. 1—
Net after rents...—
—V.
'.■*.>10,746
142, p. 2654.
Issue
Shoe
Brake
American
/',•/ ' / : i•;/ . •
& Foundry Co.—New
Voted—/"Jvi'V
v
28,549
<
Stock
American Can Co.—Obituary—
v ;
;
Frederick S. Wheeler, Chairman of the Board died on April 24.—V. 142,
i455.
American Encaustic Tiling
and $58,851
Note—The income account for callendar years was given in
"Chronicle"
reserve
of April 25, page 2814.—Y.
142,
2814.
p.
Co., Inc. (& Subs.)- -Earnings
1935
Gross sales
$5,783,905
362,213
Returns, allow. & disc.
Raw materials consumed
2,378,751
Direct labor
737,420
1,530,012
Manufacturing expenses
Administrative expenses
171,924
368,234
Selling expenses
1934
1933
1932
$5,022,885
340,473
2,045,605
622,872
1,366,135
193,743
373,644
$4,776,638
301,765
1,762,135
550,267
1,284,335
172,247
338,276
$4,444,845
$235,351
32,468
$80,414
29,115
$367,611
33,699
$19,635
39,462
$267,819
$109,529
155,349
309,210
158,216
140,139
309,210
$401,310
157,806
$59,097
175,542
309.225
316,130
164,389
170,262
213,868
$354,955
$504,210
$235,984
$646,445
Calendar Years—
290,002
1,759,148
509,876
1,279,050
199,525
387.608
•
.
P.
..47,636,783 47,814.502
Total
for uncollectible accounts of $74,868 in 1935
♦After
in 1934.
American Writing Paper
V>V.;
meeting held April 28 approved an amendment
to the certificate of incorporation providing for the issuance of 5}4 %
convertible stock in place of the 7% preferred issue.
.1
•
uAt the annual meeting which preceded the special meeting, W. B. Given
Jr., President, said shipments and net earnings of the consolidated com¬
panies were up about 25% in the first quarter of this year, compared with
the corresponding period last year.—V. 142, p. 2487.'". '
_Y.s:
Stockholders at a special
liabil.
Deficit
47,636,783 47,814,502
Total
2,888,327
673,952
;
curr.
Reserves
'••x:
3,136,616
2,887,534
631,189 i r.;: 614,303
17,476 'f«i « /15.405
Net from railway
Misc.
37,474
24,730
1,770,906
1,725,183
37,407
12,515
1,905,098
1,678,942
able by sub. cos
1933 •
$1,020,694
280,881
.. -.
67,383
;
i
railway—3,712,686
759,930
Gross from
200,380"
370,790
&
state
local taxes
7/,
299,864
140,389
329,205
94,578
400,302
depos
Accounts payable-
252,810
Accrued interest--
—V. 142. p. 1275.
9,643,400
(par
$100)
Pref. stk. of West
Prepaid accts.---.
*
7,974,600
9,643,400
Common stk.
2,371,039
2,241,622
of
process
7,974,600
(par $100)
& exp.
Bond disc.
$
I
Liabilities—
$
Plant, prop., rts.,
franchises, &c.-40,540,020 40,930,803
Other assets------
1934
1935
1934
$
Assets—
cus¬
tomers' orders..
183,562
77,173
2,939,786 .1,401,672
——~
of
391,032
339,969
414,774
Reserve for taxes.
invest'ts
Invest,
Accounts
911,124
141,600
4,495,650
6,527,730
391,032
4,495,650
Balance
Co.—Consolidated
Service
Sheet Dec. 31-
$
stock—:• 6,527,730
Pref. foreign subs.
acquired
for resale
Cash
Common
10,669,646
1,871,832
1,833,133
Accts. receivable..
$
Preferred stock—
Land, bldgs., ma¬
chinery, &c
10,270,634
Inventories
1935
Liabilities—
\
$
Assets—
Public
American
31
1935
1936
May 2, 1936
Chronicle
Co. (Ltd.)—Stock Subscribed
Robinson, Miller & Co., Inc., reorganization manager for the
announces that more than 96% of the stock of the new American
company,
Encaustic
Inc., out of 200,000 shares offered to creditors and stock¬
holders has been subscribed for, indicating general interest in the reorgan¬
ization and confidence in the success of the new company.
The new company, it is stated, begins its career with ample working
capital and it is believed that the new company under its new management
Will regain the enviable position held by the old company in the tile industry.
The stock of the new company was admitted to trading on the New York
Stock Exchange on April 30, and the old stock was delisted on the same
date.—V. 142, p. 1109.
Tiling Co.,
Operating profit
Other income
Total income
Other
expense
Interest
on
bonds
Depreciation
loss
Net
Consolidated Earnings for 3 Months Ended March 31
1936
1935
1934
$1,407,580
1,334,707
$1,114,097
1,114.566
$875,863
885.609
$62,503
7,498
$72,873
7,251
loss$469
5,806
loss$9,746
$70,001
77,303
38,356
Costs and expenses
$80,124
77,302
39,554
38,749
$5,337
77,303
loss$4,014
77,317
51,838
48,588
Operating profit.
Other income
Equities Co.—New Director—
Seymour has been elected a director, succeeding E. B. Robinette.
1933
$1,465,430
1,402,927
sales
Net
5,732
American
F. W.
deceased.—V. 141,
p.
3850.
Total income
Interest.
Depreciation
American-Hawaiian Steamship Co. (&
Period End. Mar. 31—
Operating earnings
Oper. and gen. expenses.
$3,712,362
3,367,063
$2,580,974
2,674,481
def$33,890
7,050
$345,298
16,503
def$93,507
13,100
$120,913
Net profit from oper.
6,413
de-
prec.& Fed.inc.taxesi
$361,801
170,985
def$26,840
58,250
$127,327
58,189
Provision for deprec'n—
def$80,406
169,367
deductions
Other
1936—3 Mos.—1935
1936—Month—1935
$1,284,522
$780,790
1,163,608
814,680
Other income
Total profit before
Subs.)—Earns.
Net loss,_
x
Does not
36,640
Consolidated Balance Sheet Dec. 31
-
Assets—
1935
&
Notes
559,559
938,819
def$85,090
$69,137
—V. 142, P- 2654.
American Hide & Leather
Co.—Earnings—
and
reserves
x$517,ll9 loss$278,739
for expenses
expenses.
77,568
Reserved for income taxes.
$439,550 loss$278,739
Net profit
$549,339
93,500
Includes $72,924 of
Light & Traction Co. (& Subs.)—Earnings—
American
Gross oper. earnings
$37,360,034 $34,587,695
19,944,544 18,360,272
General taxes & estimated Federal income taxes—
2,578,620
2,270,284
4,655,561
2,341,207
1,933,480
4,522,561
Net earnings from operations of subsidiary cos._
Non-operating income of subsidiary companies
$7,911,024
375,328
$7,430,174
Provision for retirement of
-
general plant
Total income of subsidiary companies
..
Int., amort. & pref. divs. of subsidiary cos.:
Interest on bonds, notes, &c
Amortization of bond discount & expense
Proportion
common
386.684
$8,286,352
$7,816,858
3,468,545
3,446,120
161,741
637,500
7,441
of earnings, attributable to
161,408
637,500
preferred stocks
on
Equity of Am. Lt. & Tr. Co. in earns, of sub. cos.
Income of Am. Lt. & Tr. Co. (exclusive of income
received from subsidiaries)
Expenses of American Light & Traction
Holding company interest deductions
$3,560,771
$4,011,123
1,039,815
803,114
$4,363,886
253,378
95,455
284,036
Co__u
76,963
$4,702,104
$4,002,885
804,486
surplus
804,486
preferred stock
Balance
-
$3,897,618
have declared a dividend of 25 cents per share on the
stock, no par value, payable June 15 to holders of record May 15.
payment was made on March 16 last, this latter being the first
distribution made since Aug. 10, 1931, when a regular quarterly dividend
directors
A like
of like amount
was
$1.16
„
...
of the company, stated at the annual
meeting, held April 21, that orders on books on April 18 totaled approxi¬
mately $9,500,000, against $2,800,000 a year ago.
Mr. Dickerman said that prospects were more pleasing than at any time
in five years.
He said, however, that there were no definite inquiries of
substantial size likely to be closed within the next 30 to 60 days, but that a
large potential demand existed.
.
The company had orders for 50 engines on April 18, of whicn 38 were for
American and 12 for Canadian delivery, compared with 14 locomotives,
all for domestic delivery, in 1935, according to Mr. Dickerman.
The in¬
crease, he said, was reflected in all the company's lines, but chiefly in
,
locomotives.
considerable locomotive orders when the recent
hurricanes occurred and caused a revision of purchasing plans,
The railroads were placing
142, p.
1803.
1936
.
„
Profit
Total
1935
$845,572
975
income.
Selling and administrative expenses..
Depreciation and obsolescence
Provision for Federal income taxes.__
$714,043
$846,547
330,448
174,910
57,635
manufacturing operations._
on
Interest earned (net)
$729,658
15,614
290,377
188,537
34,477
1934
$557,744
16,022
$573,766
236,300
191,026
20,135
Net profit
Shares capital
$283,554
$216,266
$126,304
stock.
421,681
422,470
422,470
Earnings per share
$0.67
$0.51
$0.30
Our usual comparative income statement for the calendar year 1935 was
published in V. 142. p. 1456.
1935
$
Raw materials, &c.
4,294,974
2,011,809
1,970,440
& chgs
278,688
Notes & accts. rec.
Prepd.
exps.
y
1935
Liabilities—
y
1934
$
1934
$
Land, bldgs., ma¬
chine equip.,&c. 12,021,232 12,540,904
Pats., process, &c.
9,746
10,975
Investments
113,254
114,148
Supplies on hand..
230,811
235,920
z
$
Capital stock...20,249,776 20,249,776
Accounts & wages
payable
Deficit
1,354,622
673,445
1,067,933
1,702,846
4,298,952
1,924,913
180,191
308,857
20,930,954 19,614,8621
Total
20,930,954 19,614,862
Represented by 421,981 no par shares,
z After reserve for depreciation
1935 and $3,563,179 in 1934—V. 142, p. 1456.
of $4,179,519 in
Anglo-Chilean Consolidated Nitrate Corp.—Time for
Co.—Bookings—
William C. Dickerman," President
he stated.—Y.
distributed.
Earnings for 3 Months Ended March 31 (Including Subsidiaries)
$3,198,399
$1.41
Earnings per share of common stock
—V. 142, p. 2306.
American Locomotive
$8,865,533 $9,024,482
Total
Anaconda Wire & Cable Co.—25-Cent Dividend—
The
Total
floods and
I
common
Cash..
Balance transferred to consolidated
791,334
Consolidated Balance Sheet Dec. 31
$5,050,939
Total income
1,396,961'
33,769
$8,865,533 $9,024,482
11,058
minority
stock
on
240,345
Capital surplus... 1,396,961
1,145,175
Deficit
After depreciation of $492,867 in 1935 and $343,651 in 1934.
Assets—
Dividends
1
of subsidiary cos. (after elimin¬
ating inter-company transfers)
General operating expenses
Maintenance
Dividends
Other liabilities.—
19,251
1
30,048
158,900
5,153,500
42,930
390,655
b Repre¬
by 90,000 no par shares valued at $2,250,000, less 734 shares in
treasury valued at $18,350.
c Represented by 200,000 shares of $1 par
value less 2,748 shares in treasury.—V. 142, p. 230*6.
a
1935
1936
12 Months Ended March 31—
bonds
Mortgage bonds.. 5,771,920
sented
$455,839
non-recurring income of which $20,391 was reported
but not segregated in the report for the first six months of the fiscal year.
—V. 142, P. 1109.
x
24,400
Total
Mar. 31/36 Mar. 30/35 Mar. 31/34
Operating profits after repairs, deprec.
j
9 Months Ended—
.
Taxes payable--
Deferred charges —
-
551,730
deposit
on
Common stock-
Accrued interest on
4
Trademarks, good¬
will, &c
Cash
1934
stock.12,231,650 $2,231,650
197,252
197,252
Accounts payable.
163,307
225,182
Accrued accounts.
18,787
9,273
1,018,036
4
Investments
1935
b Preferred
c
accounts
receivable, &C--
with trustees
Net profit before Fed¬
eral income tax
Liabilities—
1934
Land, buildings,
equip., &c
$7,041,824 $7,154,651
Cash
270,873
247,039
a
$194,200 def$267,084
Non-recurring items
41,118
x$82,298
$75,481
$154,181
$181,757
include flood loss of $32,312 which was added to deficit account.
$190,815 def$249,773
3,384
defl7,310
def$85,090
$69,137
41,097
_
Inventories
Balance
'
Deposit Extended—
The New York Stock Exchange has been
notified thau the time for the
sinking fund debenture bonds, due Nov. 1, 1945,
readjustment plan dated Jan. 27, 1936, of the corporation has
been extended to and including June 1, 1936.—V. 136, p. 2612.
deposit of 20-year 7%
under the
Arizona Power
Fred
B.
Hofft,
Corp.—Report to Stockholders—
President, says:
the properties and franchises of Arizona Power
The corporation acquired
Co. on Sept. 30, 1935.
The
corporation
was
formed pursuant to a plan of reorganization for
July 24, 1934, and confirmed July 8. 1935, by the
In accordance with the
Arizona Power Co. dated
U. S.
District Court for the District of Arizona.
plan and the decree of the court, Arizona Power Co. as of Sept. 30, 1936,
Financial
Volume 142
conveyed all its properties and franchises to the corporation, in consideration
of the issuance by the corporation of its securities in exchange for those of
the predecessor company and the assumption of certain of its liabilities.
The corporation is conducting all of the business formerly
Arizona Power Co.
Chronicle
Atchison Topeka & Santa Fe Ry. System—Earnings—
[Includes Atchison
Period End. Mar. 31—
Operating revenue—Electric
.
1936—Month—1935
1936—3 Mos—1935
revenues.$ll,857,317 $10,318,931 $32,963,965 $29,252,269
9,964,442
8,774,079
28,487,514
26,042,302
tax accruals...
1,160,742
856,731
3,007,012
2,586,674
Other debits
50,793
64,845
114,554
256,360
Railway
Railway
Railway
$116,647
!
11,063
Total..,
Operating
$127,711
98,030
expenses
Operating income...
Non-operating income.
on
Miscellaneous interest.
$11,868
11,868
Balance Sheet Dec. 31, 1935
Assets—
Liabilities—
x
Interest receivableAccounts receivable
Common stock
1,885,950
37,587
595
34,525
71,863
Other deposits
Accounts payable
Accrued accounts
Defer red credits
17
998,070
Reserves
3,622
11,868
Sinking fund reserve
Total
$5,905,654
Ann Arbor RR.-
y
Represented by 16,623
March—
1935
1934
1933
$344,081
85,698
55,049
$278,271
74,086
40,269
$232,494
39,590
1,430
984,693
170,209
83,196
-
928,714
201,294
110,572
773,631
160,548
63,008
645,978
67,003
def38,571
"
—V. 142, p. 2814.
Gross from railway
1936—Month—1935
1936—12
Mos.—1935
$538,443
331,016
$503,704
268,352
$7,302,716
3,947,566
$7,358,424
4,041,848
$207,427
$235,352
$3,355,150
11,631,366
3,098,823
1,398,209
12,629,352
4,382,705
2,619.780
11,217,911
3,680,180
1,810.712
3,429,312
1,583,824
—V. 142, p. 2815.
Atlas Powder Co.
(& Subs.)—Earnings—
1,299
62,831
1936
1935
of goods
sold,
livery & other
1934
1933
$3,084,028
$13,604,289
$3,292,122
$1,875,414
de¬
12,302,307
2,829,311
2,891,770
1,906,076
Other income-
$1,301,982
191,824
$254,717
33,861
$400,351
34,643
def$30,663
Federal income tax-
$1,493,805
222,835
$288,578
43,243
$4o4,995
80,360
def$8,031
$1,270,970
4,184,424
$245,336
4,188,198
$354,635
4,063,867
def$8,031
3,878,845
$4,433,534
124,128
124,982
$4,418,502
$3,870,813
133,660
562,410
$4,456,326
$4,184,424
$4,169,659
$3.34
$0.48
$0.92
expenses
year.
$5,455,394
436,658
Preferred dividends
Common dividends
$3,316,576
10,795
.
1933
$4,035,983
1,440,218
708,243
.
Dr800
Surplus, March 31
Net revs, from op or
leased prop.
1934
$4,735,771
1,867,019
1,160,226
.
Electric Power & Light Corp. Subsidiary
Period End. Mar. 31—
Operating revenues
Operating expenses
1935
$4,450,661
1,459.387
776,133
.
Net from railway
Net after rents
Surplus begin'g of
Co.—Earnings—
RR.—Earnings.-
12,563,925
.
Net income
Arkansas Power & Light
280,742
def27,814
def86,169
1936
Net after rents
From Jan. 1—
Cost
1—
Gross from railway
358,154
39,357
defl4,767
3 Mos. End. Mar. 31—
$356,624
78,680
45,793
Net from railway
Net after rents.
def26,355
356,926
32,455
def24,588
def6,421
$4,703,690
1,632,159
895,000
-
Net sales
193 6
Gross from railway
1933
$100,439
2308.
March—
Gross from railway
Net from railway
no-
Earnings.
Net from railway
Net after rents
From Jan.
$5,905.654
Total
Represented by 12,037 no-par shares,
par snares.—V. 141, p. 2876.
x
1934
$131,728
19,269
1,112
Atlantic Coast Line
1,661,425
Customers'&extension deposits
68,698
42,104
1935
$125,121
15,776
def3,946
419,589
46,888
defl0,859
Net from railway
Net after rents
p.
—Earnings.—
1936
From Jan. 1—
Gross from railway
142,
$366,931
13,312
$1,203,750
Funded debt
796
Materials and supplies
Deferred charges
$6 preferred stock
$1,354,883
13,234
$145,404
18,263
def2,754
Net from railway
Net after rents
—V.
y
Property, plant & equipment.$5,470,093
Investments (at cost or less)..
153,236
Sinking fund & special deposits
31,510
Cash
131,406
Note receivable—customer...
4,185
$623,275
13,307
Atlanta & West Point RR.-
-
Net income
Sinking fund appropriations
681,338
13,234
March—
Gross from railway
280
_
oper. expenses.
Net ry. oper. income.
$34,607
22,458
funded debt.
oper.
Qverage miles operated.
—V. 142, p. 2488.
$29,680
4,926
Gross income
Interest
Topeka & Santa Fe Ry.—Gulf, Colorado & Santa Fe
Ry.—Panhandle & Santa Fe Ry.]
conducted by
Earnings for Three Months Ended Dec. 31, 1935
Gas.
2983
:.
1
22,632
126,293
122,550
$3,737,154
Nil
Rent from
(net)
-
Other income (net)
748
1,567
14,214
15,491
$218,970
156,573
$238,218
157,447
$3,432,195
$3,331,267
1,879,649
1,892,042
Consolidated Balance Sheet March 31
1936
Assets—
Gross corp. income
Int. & other deductions-
|
Balance
y$62,397i
y$80,771
$1,552,546
Property retirement reserve appropriations
596,400
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
949,265
Balance
z
_
—
$1,439,225
592,800
949,269
$6,881 def$102,844
-
y Before
property retirement reserve appropriations and dividends,
Dividends accumulated and unpaid to March 31, 1936, amounted to $1,-
186,581, after giving effect to dividends of $1.75 a share on $7 preferred
$1.50 a share on $6 preferred stock, declared for payment on
April 1, 1936.
Dividends on these stocks are cumulative.—V. 142, p. 2815.
stock and
Associated
Units
In
Gas
&
Electric
Co.—Consolidation
of Five
Approved—
order
April
17,
and Frankfort Water Co.
The Federal Power Commission in its order found that the proposed
consolidation would effect savings and economies in the operations of the
applicant companies, would favorably affect their ability to
adequate service, and is consistent with the public interest.
>
The consolidation of these units is in line with the definite
maintain
policy of the
Associated Gas & Electric System to reduce the number of companies in the
System wherever feasible. As a result of this policy the number of companies
merged, dissolved
otherwise disposed of by the System
or
now totals 325.
Weekly Power Output—
For the week ended April 18, Associated Gas & Electric System reports
net electric output of 76,447,095 units (kwh.), which is an increase of 13.6%
Powder Co
U. S. Govt,
secur.
Accts. & notes
rec.
Employ, notes
3,137,396
1,257,000
rec.
2,041,940
Inventories
15,170
2,466,657
receivable, &c__
Cm-rent
from
acct.
3 Mos. End. Mar. 31—
Gross
x
Operating income
Other income
Total income
Interest, discount, &c._
Deprec. & depletion
.
1936
1935
$9,822,915 $10,072,230
7,266,925
7,758,053
1934
1933
$9,067,893
6,986,146
$8,246,017
6,794,610
$2,314,177
92.813
$2,081,746
57,781
$1,451,408
39,033
$2,645,491
y8,049
1,191,810
$2,406,990
y8,536
1,165,863
$1,490,441
120,549
1,258,880
153",719
C"r4,328
$2,139,528
99,356
1,314,655
38,200
Cr30,893
Aban. of undevel-. leases.
Prop, retirements (net).
Canceled leases, develop.
expenses, &c
z Plant
prop. & eq. 6,721,959
Goodwill, patents,
&c
4,053,002
Rentals
and
amort,
49,220
—
71,935
46,866
$932,301
801,644
Dividends
Balance, surplus.
Previous surplus
Surplus adjustm'ts
$926,799
25,508,122
9,476
(net)
„
Profit & loss, usrplus.$26,444,398
Earns, per sh. on 2,290,-
412 shs. cap. stk.
$0.40
Total
24,494.902 24,142,7301
$85,691
$130,657 def$426,998
24,673,249
25,026,942
$85,691
24,190,718
March-
1936
Net from railway
Net after rents
—V.
142, p. 2308.
24,494,902 24,142,730
deprecia¬
Atlas Tack
Corp.—Grants Option—
The company has notified the
New York Stock Exchange that it has
granted an option to the Bishop & Babcock
Manufacturing Co. to purchase
750 shares of capital stock, out of the stock of the
corporation held in its
treasury, at any time up to and incl. April 8, 1937, at the
price of $20
per
share.—V. 142, p. 1974.
Baltimore & Ohio
March—
RR.—Earnings.—
1936
;
1935
1934
$11,870,650 $12,511,400 $12,714,592
1,584,749
3,774,242
3,403,326
349,330
2,713,108
2,512,436
From Jan. 1—
Gross from railway
Net from railway
37,273,405
7,807,386
4,526,928
34,262,401
9,312,308
6,296,498
—Y. 142, p. 2817.
33,985,852
7,999,419
5,160,929
1933
$8,516,370
2,029,831
995,551
26,016,461
6,785,348
3,811,396
Bangor & Aroostook RR.—New President—
Wingate F. Cram, Treasurer of the company, has been e'ected
President
succeeding John Henry Hammond, who has been named Chairman of
the
Board and Executive Committee,
Franklin A. W. Field has been elected
Treasurer and
Clerk.—V.
142,
p.
2489.
Earnings for March and Year to Date
1936—Month—1935
*688,542
$675,603
H'aqi
83,481
1936—3 Mos
1935
$2,028,681
$2,239 533
fr 'Jvio
1.175,990
1,190,202
$220,614
13,603
$238,116
10,275
$649,814
42,832
$862,320
51,965
$207,011
61,810
$227,841
69,850
$606,982
183,532
$810,355
207,443
$145,201
Tax accruals
Gross income
$157,991
$423,450
$602,912
55,972
Net income—V. 142, p. 2489.
Barnsdall Oil Co.
1
202,877
187,011
(& Subs.)—Earnings—
Formerly Barnsdall Corp.
$0.41
$0.31
$0.04
•Earnings.—
$312,094
53,394
8,293
1935
$286,264
44,946
9,354
$275,903
27,579
def3,950
defl6,240
845,608
95,076
def8,885
740,814
28,834
def57.096
752,315
35,198
def51,275
590,976
def27,361
defl04,341
1934
3 Mos. End.
1933
$221,075
10,042
far. 31—
Prof .after int. & Fed. tax
Deprec., intang. develop.
costs, &c
Net profit--
From Jan. 1—
Gross from railway
639,392
$6,714,126 in 1935. a Inclb Reserve for contingencies
only.—V. 142, p. 2816.
accrued liabilities,
Deductions
$24,803,905 $24,599,945 $24,276,409
Atlanta Birmingham & Coast RR.Gross from railway
Total
—
$718,208
1,145,206
x Including repairs,
maintenance, administration, insurance and other
charges,
y Interest only.—V. 142, p. 2815.
Net from railway
Net after rents
4,456,327
y Represented by 261,438% no par shares,
z After reserve for
tion and obsolescence of $7,133,798 in 1936 and
(par
$25)
8,714,625
4,184,424
b508,206
130,227
42,630
Other deficit
$926,799
undeveloped leases
9,860,900
8,714,625
1,239,609
Def'd items (net).
Operating income
of
9,860,900
Common stock..
4,052,967
956,940
368,350
Period End. Mar. 31—
25,322
con¬
845,287
6,975,546
cos_.
Gross oper. revenues
257,752
&
tingencies
Preferred stock...
investments
Misc.
Operating expenses
293,178
accounts
Surplus.
Taxes (other than income
taxes)
accrued
pref. stock..
2,267
750,935
securs..
Net after rents.
$2,555,990
89,501
revenue
Total oper. expenses..
on
y
Net after rents
(& Subs.)—Earnings—
82,730
Reserve for uncoil.,
46,595
ties or groups reported a decrease under
increases of more than 20% above 1935
Associated Oil Co.
176,934
68,597
20,228
2,667,268
483,725
accrued
Dividends
due
subsidiaries
$
a672,986
213,261
1,582,677
unconsold.
Mktable.
1935
$
Accts. & notes pay.
Federal inc. taxes
1,397,000
1,999,959
Misc. accts. & notes
Gross from railway
Net from railway
last year, while a number reported
figures.
week was 80,560,910 units.—V. 142, p. 2816.
Liabilities—
3,189,329
Stock of the Atlas
above the corresponding week a year ago.
This is the largest percentage
increase since the week of Sept. 21, 1935.
Not one of the operating proper¬
Gross output for the
1936
$
2,627,470
Sees, of affil.
down
handed
the Federal Power Commission
authorized consolidation of five Associated System companies into KentuckyTennessee Light & Power Co.
The companies which are being consolidated
into the new corporation are Kentucky-Tennessee Light & Power Co.,
Southern Utilities, Co., Tennessee General Utilities Co., Dover Power Co.
an
1935
$
Cash
1936
$1,275,308
804,265
$471,043
1935
$721,814
1,059,653
loss$337,839
1934
xl933
x$759,712 loss$155,278
640,344
697,525
$119,3681oss$852,803
Earnings per share on
■ r
capital stock
$0.21
Nil
$0.05
Nil
x Including profit of approximately
$200,000 from sale of a 7% interest
in the Great Lakes Pipe Line Co.
Note—Investments in leaseholds, amounting to $171,789 and
intangible
well drilling and development, amounting to $372,131 have
been charged
against earnings for the period in lieu of depletion; all investments in lease¬
holds in 1933 having been charged against capital surplus and all leaseholds
since then being carried at $1.—Y. 142, p. 2489, 2146.
Financial
2984
Chronicle
Belmont Brewing
Iour-for-One—
Bayuk Cigars, Inc.—To Split Stock
See list given on
The company has sent a letter to stockholders proposing an amendment
the company's charter and by-laws which will provide for a 4-for-l
to
split-up of the no-par common stock.
The amendment yyill also provide
additional shares of common stock of the same class for sale, the proceeds
of which would be used for retirement of the $2,179,400 of first preferred
stock outstanding.
'
these proposals at their annual
,
Stockholders will be asked to approve
meeting to be held on May 6.
Stockholders will be asked to authorize
action of the directors in
adopting a bonus plan for officers and employees for 1935, announced in a
letter, addressed to stockholders Oct. 21, 1935, and they will be asked to
continue the plan in effect for 1936.—V. 142, p. 2816.
Beaumont Sour Lake
Gross from railway.
Net after rents
Gross from railway
Net from railway--
rents—i
Net after
142,
—_
—
-
Net after rents-
1933
1934
1935
$168,567
$579,152
47,425
$455,356
def87,133
defl74,036
58,222
def63,245
defl85,405
1,530,952
defll0,730
def2,462
1,396,272
def87,474
def67,098
1,107,771
def359,970
def317,281
509,319
def429,337
def442,580
*
Gross from railway
Net from railway
Net after rents
—V. 142, p. 2658.
Beneficial Industrial Loan Corp.
1934
$160,414
42,395
defl0,900
1933
$107,345
23,777
def20,017
454,712
124,013
defl4.483
453,109
127,339
* defll,998
328,070
72,146
def57,871
(& Subs.)— -Earnings
1934
1935
Calendar Years—
1932
1933
Operating income
..$17,124,163 $15,567,299 $13,434,636 $14,111,678
Oper. exp. (incl. prov.
for doubtful loans)...
8,213,632
9,929,467
9,299,822
8,206,504
Net operating income.
Gross income
Int.
debts.
6% conv.
interest
on
Other
$7,194,695
59,721
,267,478
255,776
$5,228,132
301,504
$5,898,046
204,386
$7,254,415
251,242
421,374
955,143
,523,253
255,4311
$5,529,636
622,008
$6,102,433
(356,277
373,025
835,481
273,500
355,000
145,262
254,612
257,939
134,083
Income credits
25,516
500,000
11,255
419,985/
Amort, of exp. for busi¬
devel., deb. disc.
& exp. & commiss. &
exp. in connection with
sales of capital stock.
Additional provision for
ness
47,577
_
1935
$127,897
9,782
def32,361
619,737
237,240
75,708
-
Net from railway—--—
—V.
& Western Ry.—Earnings.—
1936
$203,071
69,048
12,833
March—
-Earnings.—
$545,728
def60,453
def37,588
railway
Net from railway
Prov. for Fed. inc. taxes
.
will also be asked to approve
Stockholders
of this department.
1936
March—
Gross from
^
Commission immediately.
Co.—Registers with SEC-
page
From Jan. 1—
524,080 shares of common stock.
Of this amount 393,060 shares will be taken care of by the 4-for-l split-up
of the 98,265 shares of common stock now outstanding.
The remaining
131,020 shares will remain authorized, but unissued, and will be available
for sale for the retirement of the preferred stock when market conditions
are favorable.
'
An amendment to the by-laws is proposed to enable the directors to fix
as the record date for the determination of stockholders entitled to rights
any date not more than 30 days prior to the allotment date, instead of the
15th day before the allotment of rights as now provided in the by-laws.
If stockholders approve the sale of additional common stock, rights to
subscribe to it will be first offered to common stockholders pro rata and
stock purchases warrants will be issued to common stockholders.
Stockholders as of the date of the taking effect of the amendments will
be entitled to the stock split-up, and certificates for three additional shares
of no-par common will be issued.
It is expected that registration of the
additional common stock will be sought from the Securities and Exchange
,
first
Bessemer & Lake Erie RR.
„
...
1936
May 2,
doubtful notes
Other charges
Net inc.
applic. to min.
Net incomePref. stock
_
4,787
22,980
36,824
41,973
$5,574,292
stockh 'lders ofsub.
$4,710,031
753,980
3,138,761
$4,317,176
753,977
3.138,602
$4,206,962
cos.
_
753,979
A divs__
ser.
Common stock divs
3,138,776
753,886
3,137,788
2308.
p.
$1,681,537
Surplus
Co.—Earnings—
Belgian National Rys.
Shares of
[In Belgian Francs]
Calendar Years—
Income from traffic
Inc. from various sources-
1935
1934
•
1933
1932
2,165,484,923 2,167,131,886 2,277,973,082 2,400,422,690
48,094,188
48,039,305
51,943,595
51,555,359
362,265,000
31,259,446
Est. & renewal accts.—Cr.
362,265,000
35,250,023
362,265,000
27,814,819
362,265,000
32,596,434
$424,597
$315,287
2,092.444
2,092,444
$1.70
2,092,259
$1.89
$1.65
Earnings for Three Months Ended March 31
1936
Consol.
2,213,579,111 2,215,171,191 2,329,916,677 2,451,978,049
439,976,461
454,052,632
434,325,737
General service, gen.exps410,383,655
372,415,830
308,657,647
297,468,788
Maint. of way, structures
259,522,403
777,918,971
927,463,616
729,131,627
Maintenance of equip't—
681,340,325
487,038,222
532,097,940
475,212,192
Transportation expenses.
452,616,575
$817,291
2,173,394
$2.21
stock
(no par).
Earnings per share
net
1935
1934
1933
$1,388,183
$1,276,706
$1,236,088
$1,006,007
1,199,689
2,314,989
$0.51
1,088,212
2.092,444
$0.52
1,047,594
2,092,444
$0.50
817,513
2,092.284
$0.39
after
earns,
all int., amort., chges.
& prov. for min. int.
Total receipts
Renewals
common
outstanding
and Fed. income tax..
Net inc. applic. to com.
stock after pref. divs-.
Shares
stock outst.
com.
Earnings
share
per
Balance Sheet Dec. 31
Net operating
78,710,599 def47,982,130 defl3,343,190defl68,502,150
2,583,197
income-
Previous surplus
Income from
Assets—
deposits and
16,403,909
investments
Withdrawal from res. fund
— —
26,108,424
28,343,262
6,469,556
32,331,761
31,740,077
115,789,424
287,093,658
6% int. to the renewal fd_
73,182,000
68,827,679
Int. on loans received
25,189,836
30,000,000
29,902,002
30,000,000
29,902,002
30,000,000
227,401
Int. on bond issue of 1931
30,000,000
demnities
632,626
581,584
540,263
501,812
585,561
4, 440,865
Cash
1,697,340
,989,329 50,346,480
d Miscel. notes and
receivable
accts.
Investments
Purchase
67,265
18,810
-
292,556
30,417
87,500
under
92,415,991
55,208,611
Bethlehem Steel
1935
1934
1933
1932
$7,565,284
206,261
$6,113,069
323,222
$3,495,071
135,747
$6,436,291
1.027,788
$3,630,818
1,210,782
4,396,723
127,521
336,756
3,710,139
3,724,278
297,000
600,427
$3,163,921
$1,903,120
$1,242,891
$2,639,519
$1,903,120
$1,242,891df$l,915,742
2,097,663
$1.51
2.097,663
$0.91
908,850
Int. & miscell. expenses.
5,608,112
335,994
_
Federal taxes
.
Divs. paid or accrued
Z
of
stock
z$l,601,242
314,500
out-
share
'•. *
LOSS
„„„
„
(par $5)
per
226,444
229,029
524,402
Surplus
com.
2,097,663
Nil
2,097,663
$0.59
V
;c
r
Note—The parent company's proportion of 1935 undistributed net income
non-consolidated foreign and domestic subsidiary and affiliated com¬
panies, amounting to approximately $180,000, based on exchange rates at
m->A
:—in 1934 the company's
the close of 1935, is not included in 1934 earnings
.•
*
,
proportion of these profits totaled $316,000.
1935
1934
$1,204,789
251,496
$1,169,260
4,577
192,675
3,795
145,961
$860,820
$803,537
Interest
Federal taxes
profit
Earns, per sh. on 2,097,663 shs.cap.stk.(par$5)
56,204,383'
55,208,611
56,204,383
Total
248,009
9,579
$
$
Liabilities
S
1934
$
b Cash
5,320,989
4,049,203
Accounts
Market, securities-
3,131,336
3,183,609
Accruals
651,704
1,055,976
356,185
payable-
the
its
subsidiaries
merger
Consolidated Income Statement Quarter Ended March 31
1936
Total
income of corp.
its subsidiaries
1935
$6,205,477
1,741,038
$4,474,649
1,615,045
1934
1933
&
charges
Prov. for deplet., deprec.
and obsolescence
$4,025,956 loss$866,144
1,672,730
1.658,381
3,861,374
3,466,902
3,255,270
$603,065
x$607,298
x$902,044 x$5,769,451
$0.56
Nil
3,244,926
Nil
1935
1934
of
Interest
$758,977 loss$267,463
$0.36
1.38
.41
Corp.—Preferred Dividend—
loss$9,875
261,920
6,971
141,392
Consolidated Balance Sheet Dec. 31
1935
Assets—
5,340,359
Steel Corp. (N. J.) was merged with
into the present Bethlehem Steel Corp. (Del.).
did not involve the disposition or acquisition of anv
properties or assets by any corporation other than those included in the
consolidated statement,
except incidental expensas, the results of the
operations of the Bethlehem Steel Corp. (N. J.) and its subsidiaries prior
to Feb. 26,1936, are treated in the foregoing statement as if their businesses
had been conducted during the entire quarter by Bethlehem Steel Corp.
(Del.) and its subsidiaries.
The expenses incident to the merger accrued
prior to April 1, 1936, have been or will be charged to surplus.
The cost of repairing the damage to properties caused by floods in March,
1936, amounting to approximately $1,150,000, will be charged to the
reserve
for contingencies provided in prior years.
The income of the
corporation during the first quarter, however, was affected by the sus¬
pension of operations due to the floods, which resulted in higher operating
costs and lower volume of shipments.
The estimated value of orders on hand March 31, 1936, was $78,469,055
as
compared with $74,015,251 at the end of the previous quarter and
$57,202,828 on March 31, 1935.
Steel production averaged approximately 45.3%
of capacity during
the first quarter as compared with 43.9% during the previous quarter
and 39.1% during the first quarter of 1935.
Current steel production
is approximately 65% of capacity.
three
1933
1936
$1,301,338
243,266
3 Mos.End.Mar.31—
Operating profit
Depreciation
Net
4,329,283
389,487
June 5, 1936.
E. G. Grace, President, says:
On Feb. 26,
1936, Bethlehem
Since
$7,771,545
1,007,423
$10,617,303
—
Depreciation
Selling, gen. & adminis.
standing
205,893
213,890
surplus...
declared a dividend of $1.75 per share on the 7%
stock, and of 25 cents per share on the 5% cumulative
preferred stock, payable in each case on July 1, 1936, to holders of record
after cost of
Other income
Shares
12,500
cumulative preferred
$9,925,649
691,654
Calendar Years—
Earnings
211,742
&c._
of sub-
have
The directors
Corp.—Earnings—
(Including Domestic and Canadian Subsidiaries)
Net income
416,931
taxes,
127,852,249
Bendix Aviation
expenses
for
insurance,
Represented by 2,173,394 no-par shares in 1935 and 2,092.444 in 1934.
by 215,413 no-par shares,
c After depreciation,
d After
reserves.—V. 142, p. 1630.
47,691,849
-
Total income-
56,307
1.865,762
thrift
b Represented
1587.
Gross profit
sales.
198,760
25,687
2,150,458
Employees'
a
discussion
—V. 141, p.
Total
1,317,168
Balance, deficit
13,302,500
770,049
Paid-in surplus...
refunding
for
778,940
251,862
tax
cap. stk.
2,821,280
4,816,949
accounts
nominal
Federal
Outside interests in
19,496,919
of differences in
Amortiz.
14,916,080
4,237,000
,675",000
Earned
-
bonds
a
—
6% conv. deben__
Notes pay. to bks-13
Reserve
509,026
161,743
Int. on the fund to assure
int. on the partic.
Common stock..15 ,523,205
series A stock
accounts
miscell.
exp.,
10,770,650
cum.
Due to affil. cos
acquisition of 6%
&
$
10 ,770,650
$3.50
Other cur. liabils—
for
fund
1,355,000
10,000,000
2,003,180
4,830,885
amortization fund
Reduction in portfolio
Provision
1934
$
b Pref.
4,352,844
def. charges, &c.
the
to
530,599
.
Unamortized disc't
-—
int.
of
1935
Liabilities—
$
Furn. & fixtures
debentures
regulariza-
tion of annuities and in¬
Allotment
c
d Instal. notes rec .49
153,506,465
24,022,976
48,117,662
29,881,282
134,186,311
2,464,763
59,540,622
95,114,508
Total
Int. to reserve fund
Int. to fund of
1934
1935
-
1,439,718
Notes & accts. rec.
3,109,451
2,253,852
Fed'l & State taxes
776,759
446,379
Inventories
5,497,852
1,483,786
4,109,964
Special improvem't
assessments, &c.
141,565
2,486,026
146,550
147,250
shs.
7%
pref.
(par $100)
stock
Nil
Nil
Earns. per sh. on 933,887
shs.
5%
(par $20)
pref.
stock
238,543
2,473,840
Net profit for periodEarns, per sh. on 933,887
Investments
1,389,736
Pref. cap. stock
Miscell. real estate
& sundry secur.
Trade
rec.
75,730
.
64,568
Surplus
Officer & employee
108,808
Patents,
10,488,315 10,488,315
16,880,614 14,231,765
9,065,931
1
182,503
Plant and equip.
The
150,800
9,140,928
210,723
accounts
c
a
public
Capital stock
have
Carpet
declared
30,525,225 26,964,413
26,964,413
Represented by 2,097,663 shares of $5 per value,
b Including time
deposits of $575,000 in 1935 ($1,950,000 in 1934).
c After depreciation
of $6,857,756 in 1935 and $6,246,512 in 1945.—V. 142, p. 943.
a
Co.—25-Cent Common Div.—
dividend
of 25
cents
per
share
on
the
p.
no par
1974.
Blue Ribbon
Total—-— ——30,525,225
a
value, payable June 1 to holders of record May 15.
A similar payment was made on March 2 last, this latter being the first
distribution on the common stock, since Feb. 15, 1934, when a sepecial
dividend of $1 per share was paid.
Prior to the regular quarterly dividends
of $1.50 per share were paid from May 1, 1924 to Aug. 1, 1930, inclusive.
stock,
Corp., Ltd.—Accumulated Dividend—
The directors have declared
Total
-
142, p. 2817.
directors
common
—V., 142,
patent
rights, &c
Prepaid exps., &c.
$0.08
Loss.—V.
Bigelow-Sanford
of
subs, in hands of
acceptances
not current
x
of accumulations
the
a
dividend of 50 cents
a
share
on
account
6J^% cum. pref. stock, par $50, payable May 1
Similar distributions were made in each of
the 17 preceding quarters, prior to which regular quarterly disbursements
of 8M cents per share were made.—V. 142, p. 775.
to holders
on
of record April 28.
Volume 142
Financial
Chronicle
2985
Birmingham Electric Co.—Earnings—
Consolidated Balance Sheet Dec. 31
[National Power & Light Co. Subsidiary]
1936—Month—1935
1936—12 Mos —1935
$533,077
$516,634
$6,185,113
$5,985,199
expenses
407,393
396,487
4,819,876
4,632,621
Period End. Mar. 31—
Operating
Operating
Net
revenues
from oper__.
rev.
$125,684
$120,147
$1,365,237
$1,352,578
5
89
742
1,063
$125,689
49,799
$120,236
49,978
$1,365,979
599,634
$1,353,641
609,002
$766,345
480,000
$744,639
480,000
429,227
429,244
$142,882
$164,605
Other income
sets,
:
y$75,890
y$70,258
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
Deficit.
to
587, after giving effect to dividends of $1.75 a share on $7 preferred stock
a share on $6 preferred stock, declared for
payment on April 1,
1936.
Dividends on these stocks are cumulative.—V, 142, p. 2818.
al935
Liabilities—
y
b Co's
4,910,331
Accrued accounts.
1,091,366
1,304,894
stock taxes. 2,126,586
1.018,344
Prov. for income &
1,799,876
Owing
foreign
to
affiliates
4,552,966
155,006
Deferred credit...c2,974,629
cap.
stock
Conting. reserves.
for
corp.
Surplus
purposes
$
12,793,323
5,
j,675,277
cap.
1,430,358
.
1934
$
Common stock..12,
5,793,323
Accounts payable.
in & ad vs.
foreign affil.
531,361
406,566
239,352
242,488
vestments, &c_.
113,001
Mktable. securs.. 4,001,250
448,007
386,696
290,246
17,361,980 13,443,620
143,939
4,001,250
5,244,388
7,091,398
564,346
Deposit in closed
z
banks
y Before
property retirement reserve
appropriations and dividends,
Dividends accumulated and unpaid to March 31, 1936, amounted ot $214.-
1934
from
customers
held
Balance
1935
$
coll.
Invest,
Gross corp. income
Int. & other deductions.;
z
a
Assets—
Plant, buildings,
machinery, &c_. 9,585,322 10,169,695
Cash
3,854,324
4,641,268
Cost of dies, Jig-
x
Other
;
claims,
in¬
Accts. receivable.
_
Inventories
6,319,070
11,308,685
Deferred items...
532,725
and $1.50
T°tal
42,468,414 34,305,214
|
Total.
42,468,414 34,305,214
Consolidated balance sheet at close of 1935 gives effect to the
change
relationship which occurred last year between the parent company and
Briggs Motor Bodies, Ltd. Parent company's interest in the English com¬
pany is now represented in the balance sheet by investment in and advances
to that
company through Briggs Trust Ltd., a wholly owned subsidiary,
b Consists of 36,550 shares in
1935 and 38,750 shares in 1934.
c Increase
a
Bliss & Laughlin,
Stockholders at
25,000 shares
Inc.—Preferred Stock Issue Voted—
a special meeting held
April 20, approved the issuance of
5% convertible preferred stock of $30 per value.—V.
of
142, p. 2489.
Borg-Warner Corp. (& Subs.)—Earnings—
3 Mos. End. March 31—
Operating profit
1936
1935
®o
1933
1934
$2,334,978
101,783
$2,014,623
104,904
$1,545,795
157,265
1os3$6,961
95,973
$2,436,761
450,655
80,450
330,294
$2,119,527
383,697
74,757
277,227
$1,703,060
397,964
274,131
165,872
$89,012
401,261
69,742
$1,575,363
$1,383,846
Other income
Total income
Depreciation
Interest
Federal taxes
"c'rlO
Minority interest
Net profit
Pref. divs. of constituent
$865,093 loss$381,981
companies
Pref.
1,162
2,204
56,760
------
Borg-Warner
32,382
55,832
Surplus
Shs.
com.
Earnings
$1,542,981
1,150,957
$1,328,014
1,150.926
$1.34
stock (par $10)
$1.15
share
per
$519,444 def$442,170
1,150,909
1,150,909
Nil
$0.70
agement
Assets—
x
$
Misc. invest'ts..
S
142,325
hold information
regarding management contracts confidential.
Directors
empowered to continue their efforts to have the information not made
Bridgeport Brass Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Net income after taxes, depreciation,
charges
Shares capital stock (no par)...
Earnings per share
2,543,266
2,786,274
7,473,441
6,337,416
Notes & bonds pay
214,995
1,263,882
Accounts
Due fr. closed bks.
25,609
8,650,105
27,600
8,317,003
16,544
25,445
Cash..
Marketable
Inventories
Accrued
int.
Pref. stk. called..-
Dividends
Notes & accts.
7,588,587
162 450
351,500
Deferred charges.-
Notes
5,643,806
Prepayments
399,221
rec.
Total'
x
mon
depreciation,
3,820,700
1 373,800
38,149,941
487,447
422,157
41,325,853 38,149,941
1936—Month—1935
_def$493,849
638.115
$593,397
625,899
def$l0,855
1,899,225
$1,339,038
1,873,701
$1,131,964
$32,502
$1,910,080
$534,663
...
Deductions
Net deficit
142,
1936-3 Mos.—1935
$3,579,618
869,428
502,998
90,399
Net oper. revenues
Net ry. oper. income
...
p.
$10,693,588 $10,676,630
1,048,832
2,172,468
def309.575
1,048,274
298,720
290,764
2818.
1936
from oil &
rentals, incl. operating
gas
oper.)
1935
$1,022,609
$586,662
547,440
944,731
expenses.
Net profit
Common stock & surplus Jan. 1.
Reserve for contingencies
$77,878
$39,221
929,654
11.721
838,413
$1,019,254
22,583
$889,356
25,091
$996,671
$864,265
x
Dividends paid on preferred stock.
Surplus.
x
_
—
—
-
-
11,721
All deductions made except income taxes.
Balance.
Assets—
1936
Cash...——
&
1935
$121,239
$134,471
632,639
514,270
1,109,457
993,120
235,833
141,057
218,179
Inventories less
Producing oil
Deferred assets...
p.
Notes payable
&
1935
$650,000
$1,028,099
for the year 1935, per resolution of board of directors Nov.
1935.—V. 142, p. 1459.
was
114,456
15,
6% gold debentures
cumu.
stock
62,300
111,900
504,550
513,850
996,671
expenses
Ltd.—Earnings—
1936—Month—
$1,198,827
689.937
Net earnings
-V.
1936—9
Mos.—1935
$1,097,579 $10,463,961
620,926
5,688,177
$9,803,813
5,162,852
$4,775,784
$4,640,961
$508,890
$476,653
14z. p. 2490.
British
American
Oil
Co.,
Ltd.-—Debentures Offered—
A. E. Ames & Co., Ltd.; Wills, Bickle & Robertson; Wood,
Gundy & Co., Ltd., and Dominion Securities Corp., Ltd.,
recently offered in the Canadian market $4,000,000 serial
stock...
To be dated June 1, 1936.
Due annually—$500,000 2H% debentures
1, 1937-1941, incl.; $500,000 3% debentures each June 1, 19421944, both incl. Principal and int. (J. & D.) payable at par at any branch
in Canada (Yukon Territory excepted) of the bank designated in the deben¬
tures as paying agent for this issue.
Redeemable as a whole at the option
of the company upon 45 days' notice, at par plus int. and a premium of 1 %.
Company may purchase debentures for redemption on the market or by
private contract at prices hot exceeding the redemption price.
Denom.
$1,000; registerable as to principal only.
Trustee: Chartered Trust &
Executor Co., Toronto, Ont.
In the opinion of counsel these debentures are investments in which
Canadian and British Insurance Companies Act, 1932 (Dominion), states
companies registered under it may invest their funds.
each June
Capitalization—[On redemption of outstanding 15-year 5% convertible
sinking fund debentures ($4,103,500) called for redemption on May 29,
1936, and upon completion of present financing;]
Authorized
Issued
ing March 1, 1945$5,000,000
$4,000,000
2 H % and 3 % serial debentures to mature
serially 1937 to 1944 (this issue)
4,000,000
4,000,000
Common shares (no par value)
3,200,000 shs.
2,622,642 shs.
864,265
••
pref.
($100 par)
Business—'Company incorporated under
a
Dominion charter in 1909 to
acquire the business of an Ontario company of the same name, established
engaged, directly and through its subsidiaries, in the production,
transportation, refining and distribution of petroleum and its products.
Through wholly-owned subsidiaries the company owns and operates oil
properties and gathering pipe-lines in Oklahoma, East Texas, Kansas and
Montana, as well as tank ships fof the transportation of crude oil and
finished products to and from its refineries at Montreal and Toronto.
Company also charters ocean-going tankers for the transportation of crude
oil from the Gulf of Mexico to Montreal.
A trunk pipe-line, owned by one
of the above subsidiaries, connects the Cutbank, Mont., oil field with the
in 1906, is
15,678
Total
.$2,357,486 $2,029,472
Briggs Manufacturing Co. (& Subs.)—Earnings—
Calendar Years—
Operating
Power Corp.,
10-year 4% sinking fund debentures matur¬
2659.
xGross profit.
Other income (net)
British Columbia
Gross earnings
$425,000
143,965
miscell
Common
assets
less reserves
142.
1936
34,802
$2,029,472
Liabilities—
7%
Other assets
Total
31
196,070
25,270
14,867
res.
prop¬
erties at cost...
Permanent
March
Trade vouchers pay.
notes
receiv. less res..
—V.
Sheet
$2,357,486
Accounts
$321,850
138.703
debentures at 100 and interest.
Bridgeport Machine Co.—Earnings—
3 Months Ended March 31—
Sales and rentals (incl. receipts
Cost of sales &
235,913
Note—The bonus charged to operations for 12 months ended March 31,
1936,
Period End. Mar. 31—
$3,325,221
def88,424
def594,307
100,458
revenues.
Cross income
$1,402,716
73,288
10% paid to all employees
excess profit taxes
Net profit
-.20 ,618,906 15,889,259
RR.—Earnings—
Period End. Mar. 31—
Other income.
$1,322,532
80,184
$395,138
Net profit before empls. bonus & income taxes
341,617
Mos.—
$1,381,584
59,051
$374,263
20,875
Other income, less miscellaneous charges
Bonus of
-—12
$389,199
14,936
y
Boston & Maine
V.
deprec
Provision for income &
reserves...
.
2818.
—3 Mos.—
Net profit from operations before deducting
Provision for depreciation
;
6,482
Total
$0.36
p.
Briggs & Stratton Corp.—Earnings—
1,013,512
(not
current)
Special
$94,168
520,992
$0.18
$186,906
520,992
142,
Period Ended March 31, 1936—
Including 79,925 shares of Borg-Warner com¬
and 296 shares of preferred in 1936 (996 in 1935).—V. 142, p. 2309.
Operating
Excluding unconsolidated subsidiaries.—V.
177", 413
4, 675,920
.
payable
pay.
Surplus
.41,325.853
After
—
Federal tax reserve
and
divs. receivable.
546,250
payable
and accrued
1934
1935
x$194,343
650,304
$0.30
_
securs.
y
1936
and all other
S
3,280,000
7% pref. stk. 1 ,380,000
stock.-.12, 308,820 12,308,510
825,000
Sinking fund bonds
Common
376,275
Support Man-
SEC Stand—
on
public, and should their request be denied, to allow the Bower stock to be
delisted from national exchanges.—V. 141, p. 3684.
Cum.
13,020,739
z Less $200,000 reserve.
-Stockholders
1935
Liabilities—
$
Prop'ty. plant &
equipment
14,109,309
Pat'ts & good-will.
1936
Bearing Co.-
were
x
1935
Roller
Stockholders at their recent annual meeting approved the position of the
directorate, which seeks to have the Securities and Exchange Commission
Consolidated Balance Sheet March 31
1936
Representedib^) 1,979,000 shares (no par),
Bower
Com. divs. Borg-Warner
Corp.__
^oLUoo0^ f9rei8n accounts due to fluctuations in exchange and includes
$2,736,324 arising out of reorganization of wholly owned foreign subsidiary,
xAfter depreciation of
$25,205,017 in 1935 and $25,593,938 in 1934.
y
57,985
287,727
divs.
Corp.-
m
1935
1934
$11,933,680
489,541
$7,511,281
$12,423,221
1,258,140
1,771,933
1933
1932
$3,080,256
362,067
$893,002
$7,984,110
1,626,646
961,171
74,601
200,066
$3,442,323
1,516,094
174,015
$1,208,629
2,470,403
$5,121,625
$1,591,425 z$l,896,422
Dividends
$9,266,200
5,835,600
3,391,050
489,500
Balance, surplus
Shs .com .stk .out. (no par)
Earned per share
$3,430,600
1,942,450
$4.77
$1,730,575
1,940,250
$2.64
$l,591,425df$2,385,922
1,935,000
1,979,000
472,829
315,627
Coutts, Alta.
Company owns and operates five
which two are located in Toronto, Ont., and one
Montreal, Que., Moose Jaw, Sask., and Coutts, Alta.
company's refinery at
modern refining plants, of
Total income
Depreciation...
Federal taxes
Prov.
for
contingencies.
Other deductions
Net
x
and
income
126,948
160,789
$0.82
400,000
234,648
Nil
After deducting
manufacturing cost of sales and selling, administrative
general expenses,
z Loss.
each in
The refining and distribution of petroleum products constitute the
principal activities of the company in Canada.
Tank storage and dis¬
tributing centers are maintained at 814 well located points in Ontario,
Quebec, Nova Scotia, New Brunswick, Manitoba, Saskatchewan and
Alberta.
Company owns and controls 605 service stations which are op¬
erated directly and through tenants.
In 1935 it operated 543 tank cars for
transporting crude oil and finished products.
Assets—According to the consolidated balance sheet of the company
and its subsidiaries in Canada as at Dec. 31, 1935, adjusted to give effect
(1) the redemption of all the outstanding 15-year 5% convertible sinking
due March 1, 1945 ($4,103,500) called for redemption on
May 29, 1936, on the basis of their being redeemed for cash but not giving
effect to any conversion into common stock of any of these debentures.
to
fund debentures
into common stock at $30 per share is optional with
until May 19, 1936. (2) The sale of $4,000,2^ % debentures to mature in
five equal annual instalments, June 1, 1937, to June 1, 1941, and $1,500,000
3% debentures to mature in three equal annual instalments, June 1, 1942,
to June 1, 1944, the net tangible assets were as follows;
The right to convert
Earnings for the Three Months Ended March 31
1936
1935
1934
the holders of these debentures
1933
Net profit after
deprecia¬
tion, taxes, &c
$2,503,248
Earns, per sh. on com._-
$1.26
$3,247,141
$1.64
$1,550,608 loss$895,963
$0.78
Nil
000 serial debentures, consisting of $2,500,000
Financial
2986
Refinery plants and equipment; bulk storage and
branch distributing stations and equipment;
service stations and equipment; tankers and
tank cars—at cost, including trucks and auto*
mobiles at cost less depreciation
$26,262,401
Less: Reserve for depreciation.
10,745,095—$15,517,306
Mortgages receivable after provision for losses. _
701,667
Investment in and advances to sundry companies
at cost less reserves provided, and payments on
account of interests in oil and gas properties in
342,902—
Turner Valley, Can
1,044,570
Wholly owned subsidiaries in the United States
19324
of America—
405,000
Investment in capital stock
2,038,724—
Advances
Dcforrcd.
■■
Net current assets after making
w w
2,443,724
172,389
7,921,871
-w
provision
for all current liab._
$27,099,862
Total net tangible assets
Equal to $3,387.48 for each $1,000 debenture to be presently outstanding
including this serial issue and after redemption of the 15-year 5% con¬
vertible sinking fund debentures.
► Profits—The profits of the company and its subsidiaries in Canada for
the year ending Dec. 31 were as follows;
t
,
Profits Before
Depreciation,
Depreciation
Deb. Int. and
and Equip-
Income Taxes
Income Tax
ment
at the 1935 Rates
Interest
$4,415,745
4,378,521
4,451,529
4,757,599
5,007,966
$1,138,328
1,201,155
1,176,650
*1,351,605
*1,292,373
$439,774
$2,837,641
2,750,668
2,832,872
2,944,281
3,222,613
1933
1935---
on
Dominion &
Net Profits
Provincial
Plant
Available
for
Debenture
426,697
442,005
461,713
492,979
♦To conform with the requirements of the Dominion Companies Act,
1934, depreciation written off assets other than plant and equipment,
amounting to $296,351 in 1934 and $266,688 in 1935 is included in these
amounts, while in previous years similar depreciation was not so included,
being charged directly against profits.
!,917,615
of net profits for the above five years
rate of 10.90 times interest requirements on
be presently outstanding, including this serial
issue and after redemption of the 15-year 5% convertible sink¬
Yearly
which
average
is
the
at
debentures
3,222,613
which is 12.04 times interest requirements on
presently outstanding, including this serial issue and after re¬
demption of the 15-year 5% conv. sinking fund debentures.
Purpose—Proceeds will be used towards reimbursing the
company
in
part for expenditures in redeeming its presently outstanding 15-year 5%
convertible sinking fund debentures called for redemption on May 29,1936.
—V.
142,
1112.
P.
Brooklyn Edison Co., Inc.—Earnings—
Period End. Mar. 31—
1936—3 Mos.—1935
Sales of electric energy—
kilowatt hours
314,803,505
Trust Indenture—These bonds will be issued under and secured by a trust
by the company to City Bank Farmers Trust Co. and
Brooklyn Trust Co.. as trustees, under which City Bank Farmers Trust Co.
will act as authenticating trustee and Brooklyn Trust Co. -will act as custo¬
dian trustee, and will be additionally secured by a supplemental indenture
executed by the company to Gilbert H. Thirkield, as individual trustee.
The trust indenture permits the issuance of additional 4%% series bonds
or bonds of other series, subject to the restrictions of the trust indenture,
which would rank, as to security, pari passu with the serial bonds and the
4%% series bonds.
The aggregate principal amount of bonds at any one
time issued and outstanding under the trust indenture is limited to $200,000.000.
V
The trust indenture permits, under certain conditions, the substitution of
pledged collateral, but does not permit any substitution for the bonds of
New York Rapid Transit Corp. initially to be pledged, or any substitution
other than bonds of New York Rapid Transit Corp. for the bonds of Williams
burgh Power Plant Corp. initially to be pledged.
No notice is required to
be given to bondholders in connection with any such substitution, except
on certain conditions.
The trust indenture permits the withdrawal and
cancellation of pledged bonds to meet sinking fund requirements for such
bonds, and, within the limitations of the trust indenture, for other purposes,
and contains other provisions concerning the pledged collateral.
The trust
indenture provides that, to the extent permitted, the trust indenture or any
supplemental indenture may be modified, by the affirmative vote of the
holders of two-thirds of the outstanding bonds, or of the particular series
thereof affected, at a meeting of the bondholders.
indenture executed
Company—Corporation
was
organized
in
New
York,
May
24,
1923,
Brooklyn Rapid Transit Co.
Company
is a holding company owning or controlling directly or in¬
directly stocks and other securities of the corporations engaged in the busi¬
ness of transportation and other related activities in Brooklyn.
Manhattan
and Queens, New York.
Company owns all of the outstanding capital
stock of (a) New York Rapid Transit Corp., which operates a system of
interconnected subway, open cut, and elevated lines in Brooklyn, Man¬
hattan and Queens, and (b) Williamsburgh Power Plant Corp., which
supplies power, although not all, used by other subsidiaries of the company.
Company and its subsidiaries also own more than a majority of the out¬
standing stocks of Brooklyn & Queens Transit Corp. and stock of other
companies, operating surface lines (both trolley and bus) and engaging in
related activities, in Brooklyn and Queens.
Application of Proceeds—Company's presently outstanding funded debt
1936—12 Mos.—1935
consists of $82,660,000 Rapid Transit Security 6% sinking fund gold bonds,
290,300,9131,174,160,5541,114,395,453
series A, due July 1, 1968, redeemable at 105 and int., and of $10,000,000
sinking fund bonds, series A, due June 1, 1949, re¬
Net proceeds to the company from the sale of
4%% series bonds, estimated at $107,371,310
after the deduction Of expenses in connection with the issue and sale thereof,
together with general funds of the company to the extent required, are to
15-year secured 6%
Operating revenues:
From sales of elec.
whole
1937,
102%%; 1938, 104%%; 1939, 105%%; 1940, 105%%; 1941, 104%%;
1942, 107%; 1943, 106%%; 1944, 105%%; 1945, 105%; 1946, 104%%;
1947, 103%%; 1948, 103%%; 1949, 103%%; 1950, 103%%; and 1951,
103 %; except that if the company should participate as stated in the trust
indenture in a plan for the unification of transit facilities in the City of
New York, the serial bonds may be redeemed as a whole at any time up to
and incl. July 1, 1937, at the following prices for the respective maturities:
1937, 102%%; 1938, 104%; 1939, 105%; 1940, 104%%; 1941, 103%%;
1942, 106%%; 1943, 105%%; 1944, 104%%; 1945, 103%%; 1946, 103%;
1947, 102%%; 1948, 102%; 1949, 101%%; 1950, 101%%; and 1951, 101%;
plus accrued int. in each case to the date of redemption.
tion of
ing fund debentures.
ended Dec. 31, 1935, net profits were.
debentures to be
Prior to maturity, the serial bonds are subject to redemption, in
or
in part, at the following prices for the respective maturities:
pursuant to a plan and agreement dated March 15, 1923, for the reorganiza¬
to
For the year
May 2, 1936
Chronicle
en.$12,198,083 $12,834,162 $44,856,276 $45,642,879
529,779
459,342
2,845,569
1,861,156
From miscell. sources.
oper.rerniues._$12,727,862 $13,293,504 $47,701,845 $47,504,035
5,023,196
19,855,032
20,100,101
4,950,900
1,360,752
4,560,865
4,458,973
1,272,704
for
Federal income tax)
2,519,291
9,827,809
9,209,429
2,618,600
Total
deemable at 103 and int.
the serial bonds and the
Operating expenses
be used for the following purposes
Retirement expense
Taxes
(incl. pro v.
aggregate with the respective trustees of the indentures under which the
company's presently outstanding bonds were issued to provide for the re¬
demption of said bonds (including redemption premiums and interest to
the date of redemption) on July 1, 1936, and (b) the deposit of $10,488,450
with the custodian trustee under the trust indenture, subject to disposition
_
_
Operating income
Non-operating revenues.
Non-oper. rev. deducts.
Gross corporate inc.
Int. on long-term debt.
_
.
_
debt
Dr25.718
$4,390,264 $13,458,139
170,069
557,369
Dr35,478
Drll2,001
$3,970,278
837,257
$4,524,856
73,760
$13,903,506 $14,292,254
3,349,030
3,349,030
86.173
& misc. deducts.
837,257
$13,735,532
687,875
Drl31,152
amort, of
discount
& ex¬
pense
$3,885,657
110,338
Miscell.
int.,
$3,059,260
Net income
—V. 142, p.
(as described below).
Interest on the bonds to be redeemed, the redemp¬
tion premiums and expenses in connection with such redemption, are to be
paid out of the general funds of the
$3,601,425
$10,166,310
$10,608,362
1631.
•
Transit
Corp.—$110,000,000
Bonds Offered—Offering was made to the public April 28 by
a banking group headed by Hay den,
Stone & Co., Brown
Harriman & Co., Inc., Lazard Freres & Co., Inc., J. & W.
Brooklyn-Manhattan
Seligman & Co., Lehman Brothers, Halsey, Stuart & Co.,
Inc., White, Weld & Co., Field, Glore & Co., Goldman,
Sachs & Co., Kidder, Peabody & Co., Stone & Webster and
Blodget, Inc., W. C. Langley & Co., Bancamerica-Blair
Corp., Ladenburg, Thalmann & Co., G. M.-P. Murphy &
Co., E. H. Rollins & Sons, Inc., and W. E. Hutton & Co.
of $110,000,000 rapid transit collateral trust bonds.
The
financing consisted of $65,000,000 4Yi% series due May 1,
1966, offered at 100 and int., and $45,000,000 3% and 3%%
serial bonds, due 1937-1951, offered at various prices (see
below).
The financing involves the offering of the largest block of
securities to be undertaken under the Securities Act of 1933.
company.
The trust indenture will provide that such $10,488,450 may be with¬
drawn for the purpose of acquiring prior to July 1, 1936, any, or effecting
the redemption on
334.861
388,166
(a) the deposit of $99,922,800 in the
July 1, 1936 of not less than all, outstanding Rapid
Transit Corp. 1st & ref. mtge. 6% sinking fund gold bonds, series A, due
July 1, 1968, and for the purpose of financing the purchase of equipment
by the Rapid Transit Corp.
Upon the withdrawal of such cash, there
will be required to be pledged under the trust indenture, 1st & ref. bonds
or Rapid Transit Corp. refunding mortgage bonds, or the unsecured demand
promissory note of the Rapid Transit Corp., such bonds to be pledged in
the ratio of $100 for each $105 cash withdrawn and such note to be pledged
in a principal amount
equal to the cash withdrawn.
If less than all out¬
standing 1st & ref. bonds of series A shall be pledged under the trust in¬
denture and all outstanding bonds of said series shall be redeemed on July
1, 1936, the bonds so pledged shall, on request of the company, be sur¬
rendered for cancellation, upon pledge under the trust indenture of a
similar
note of the Rapid Transit Corp. in a principal amount equal to
105% of the principal amount of said bonds of series A so surrendered for
cancellation.
New
Capitalization
and
Pledged
Collateral
Bonds—Maturity—Price— Yield
3%% Bonds
Due
Amount
$2,700,000
2,700,000
2,700,000
3,200,000
3,700,000
May
Price
Yield
Amount
2.84%
3.11%
3.32%
3.49%
3.63%
$3,700,000
3,700,000
3,700,000
3,700.000
3,500,000
1942
105.00
1943
104.00
1944
103.00
1945
102.00
1946
101.00
May
Apvrox.
1947
1
Price
Yield
100.00
3.75%
3.80%
3.85%
3.89%
3.93%
1948
99.50
1949
99.00
1950
98.50
1951
98.00
Give
Under Trust
standing with
New York Rapid Transit Corp.—
Brooklyn Union El. RR. 1st mtge. gold bonds
(5%), due Feb. 1, 1950 (non-callable)
Kings County El. RR. 1st mtge. bonds (4%),
due Aug. 1, 1949 (non-callable)
1st & ref. mtge. bonds (or refunding bonds or
cash
or
stated)
demand note in lieu thereof
as
the Public
Indenture
a$15,956.000
6,467,000
above
$9,989,000
_
Ref. mtge. 5% sinking fund gold bonds, series
A, due July 1, 1968
Ref. mtge. 6% sinking fund gold bonds, series
B, due July 1, 1968
Capital stock, no par value (all outstand'g shs)
Williamsburgh Power Plant Corp.—
Gen. mtge. 5% sinking fund gold bonds, due
July 1, 1968 (prior 1st mtge. to be cancelled).
Capital stk., no par value (all outstanding shs.)
86,417,500
...
_
12,953,000
282,760 shs.
$16,369,600
10,000 shs.
Brooklyn-Manhattan Transit Corp.—
Rapid Transit coll. trust serial bonds, due
serially May 1, 1937 to May 1, 1951
Rapid Transit coll. trust bonds, 4%% series
due May 1, 1966-__
$45,000,000
--
3% Bonds
$2,000,000
2,000,000
2,500,000
1937
1938
1939
102.25
103.50
104.50
0 75% I$2,500,000
1.23%
2,700,000
1.46% I
1940
1941
104.00
102.50
1.96%
2.47%
Accrued interest to be added in each.
A prospectus dated April 27 affords the following:
The $45,000,000 rapid transit collateral trust serial
bonds are to be dated
May 1, 1936 and will mature serially May 1, 1937 to May 1, 1951 (as
above).
The $65,000,000 rapid transit collateral trust bonds, 4%% series, are
to be dated May 1, 1936 and will mature May 1, 1966.
Interest (both issues) payable M. & N.
Principal and int. payable in
N. Y. City in lawful money of the U. S. of America.
Coupon bonds of
$1,000 denom., registerable as to principal only.
The 4%% series bonds
are subject to the operation of a sinking fund, beginning not later than
Nov. 1, 1951, designed to retire (assuming an average acquisition price of
par) all the 4%% series bonds by maturity.
The company has agreed, on
request of the underwriters, to make application to list the 4% % series bonds
Preferred stock series A (no par) $6 cum
Com. stock (no par), less 10,117 shs.
the New York Stock Exchange.
,
..
.
series bonds are subject to redemption, m
prices: 105% to and incl. May 1, 1946;
104% thereafter to and incl. May 1, 1951; 103% thereafter to and incl.
May 1, 1956; 102% thereafter to and incl. May 1, 1961; 101% thereafter
to and incl. May 1, 1965; 100%% thereafter to and incl. Nov. 1, 1965;
and 100% thereafter to maturity; except that if the company should par¬
ticipate as stated in the trust indenture in a plan for unification of transit
facilities in the City of New York, the 4% % series bonds may be redeemed,
as a whole, at the following prices:
102% to and incl. July 1, 1937; 103%
thereafter to and incl. May 1, 1956; and thereafter at the redemption prices
above specified; plus accrued int. in each case to the date of redemption.
Prior to maturity, the 4%%
or
in part, at following
whole
65.000,000
249,468 shs.
reac¬
quired, and less 24,130 shs. held by Willamsburgh
Power Plant Corp. acquisition of
contemplated._
which by B.-M. T. Corp. is
735,664 shs.
a Excludes
$11,000 principal amount held by B.-M. T. Corp., but
includes $7,000 principal amount held by Brooklyn & Queens Transit Corp.
Summary of Earnings
-Years Ended June 301934
1935
1933
.
on
Effect
To Be Out¬
.
Due
Apvrox.
1
to
To Be Pledged
.
Serial
(.Adjusted
Present Financing)
$34,274,334 $33,893,415
Maintenance
4,754,252
4,659,000Depreciation
1,100,000
1,100,000
Other operating expenses 13,021,324
12.946,108
Taxes (incl. Fed. inc.)..
2,590,882
2,662,224
Operating
revenues
Operating income
$12,807,875 $12,526,081
Non-operating
income:
From Bklyn. & Queens
Tr.
& dividends...
$11,648,853
$5,527,981
268,029
System, rentals
int.
6 Mos. End.
Dec. 31, '35
33,534,581 $16,868,808
4,528,938
2,355,028
1,100,000
550,000
6,868,780
13,390,417
1,567,018
2,866,372
Other income
Gross income
Rent deductionsBalance
944,336
951,604
647,646
526,242
529,753
570,323
269,207
$14,278,454 $14,007,440 $12,866,823
311,577
314,075
313,850
$6,065,217
156,902
(net)
available
debt service
for
$13,966,877 $13,693,365
$12,552,972
$5,908,314
Volume 142
Financial
Balance available for debt service is before amortization of properties
leased under Contract No. 4 and related certificates, for the respective
periods amounting to approximately $500,000, $550,000, $580,000, and
$304,000, and adjustments applicable to years prior to year of entry, and
includes amounts earned on account of accumulated preferential deficits
of prior
111999434372568780
years^ for thesespective periods amounting to $1,446,792, $910,561,
The annual interest requirements on the $22,423,000 of underlying
elevated bonds outstanding with the public and on the $110,000,000 of
bonds, together with serial maturities and sinking fund payments, are as
follows:
'
11199965532375424860
•.
Annual
Interest
Annual
Interest on
on
Serial
Underlying
.
May 0—
Elevated
and
Bonds*
__
_
1959.
LtM
J
1 JT*.
01
...
—
-.
—
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,144,034
922,792
691,470
449,617
196,784
Interest Re-
•
Advertising
quirem'ts "f
"
.
V
■
*
7,386,000
7,386,000
2,955,000
5,909,000
5,909,000
2,660,000
1,773,000
1,773,000
1,477,000
1,477,000
1,183,000
1,183,000
1,183.000
1,183,000
1,183,000
887,000
887,000
591,000
591,000
591,000
591,000
591,000
591,000
591,000
591,000
591,000
591,000
295,000
295,000
295,000
295,000
295,000
! 295,000
»
295,000
295,000
295,000
-
7.961,230
7,886,230
8,011,230
7,930,230
7,828,980
7,727,730
8,126,480
8,506,480
8,367,730
8,228,980
8,090,230
7,951,480
7,612,730
7,062,830
7,062,035
7,062,804
7,061,824
7,062,802
7,062,400
7,062,280
7,062,127
7,062,537
7,062,127
7,062,514
7,062.272
7,062,950
7,062,097
7,062,264
295,000
295,000
295,000
295,000
295,000
295,000
295,000
295,000
295.000
$5,114,000
5,114,000
5,114,000
2,045,000
4,091,000
4,091,000
1,840,000
1,227,000
1,227,000
1,023,000
1,023,000
817,000
817,000
817,000
817,000
817,000
613,000
613,000
409,000
409,000
409,000
409,000
409,000
409,000
409,000
409,000
409,000
409,000
205,000
205,000
205,000
205,000
205,000
205,000
205,000
205.000
205,000
205,000
205,000
205,000
205,000
205,000
205,000
205,000
205,000
205,000
Cash-....
6,123,875
2,771,757
380,362
89,954
604,497
Coupon deposit
Dividend deposit
Securities, at cost
Notes & accts.
rec.
(net)
Interest receivable (net)
Materials and supplies
notes &
accts.
176,539
2,954,903
not
receivable
435,215
Com. stock (735,664 shs.)..
Mln. int. in cgp. stk. & sur
Funded debt
Real estate mortgage
liability.on
funded debt
Other interest accrued
12,178,646
3,968,354
Tort claims & judgments...
Reserves
Excess of par or
over cost
securities
Assets—
Cash
2,036,952
1,566,040
1,627,124
3,863,020
7,452
53,821
36,429,758
846,132
27,289,753
Total
-$300,407,609
life insurance
x
Notes
&
receivable
Inventories
Interest accrued
on
_
1936—12 Mos.—1935
$5,469,759 $5,466,046 $22,084,173 $21,713,283
4,439,708
4,283,543
16,780,244
16,542,467
683,899
662,674
2,768,226
2,637,515
$346,152
Dr324
$519,829
271,106
$2,535,703
42,698
$2,533,301
998,225
reve¬
in suspense
15,618
12,288
62,251
25,903
$361,446
217,716
___
$803,223
$2,640,652
$3,557,429
Exclusive
of
in
This figure includes amounts
held in suspense pending the final determination of the validity of an order
of Public Service Commission dated March 3, 1934, which directed a
temporary reduction of 5% in rates of tariff schedules.—Y. 142, p, 1280.
x
revenues
suspense,
y
55,221
1,201,266
48,600
Sink'g fund assets,
y Land, bldgs.,machin'y, equip.&c 1,278,314 1 1,233,678
Circulation, good- r "
* '
will, &c.____jV3,556,490
3,556,496
Deferred assets...
228,651
220,739
Total....
:
Mar. 31,'36 Dec. 31/35
payable
Funded
and
$159,812
$155,530
89,452
104,638
2,437,500
2,437,500
_
long-
term debts
245,085 Prepaid
44,195
1,233,922
'
71,237,
______
subscrip¬
tions &advtg.
28,554
114,304
7% cum.1st iJf.stk. 1,226,000
7% cum. 2d pf.stk. ''902,400
z Common stock..
802,994
.112,160
1,226,000
907,500
802,994
•
Surplus....——'1,151,577
$6,912,596 $6,877,200
Total.
28.021
"
Reserves
1,102,855
—$6,912,596 $6,877,200
After allowance for doubtful accounts of $166,475 in 1936 and $146,464
y After allowance for depreciation of $972,488 in 1936 and $982,405 in 1935.
zRepresented by 50,000 no par shares.—V. 142, p. 2490.
•
x
in 1935.
Bullion
•See list
Imports,; Inc.—Registers with SEC—
given
on
first page of this department.
Bullocks, Inc.—$5,000,000 Bonds and 40,000 Shares of
Preferred Stock Offered—Public offering of $5,000,000 secured
4% bonds and 40,000 shares of 5% cumulative preferred
stock was made April 30 through an underwriting group
consisting of Blyth & Co., Inc.; William R. Staats; Dean
Witter & Co.; Banks, Huntley & Co.; Bateman, Eichler &
Co.; E. H. Rollins & Sons, Inc., and Wm. Cavalier & Co.
Bonds were priced to yield from 1% on the 1937 maturity
to 4% on the 1946 maturity.
The 5% cumulative preferred
stock was offered at $100 per share.
The net proceeds of the financing will be used for the retirement of the
company's outstanding secured sinking fund 6% gold bonds and first mort¬
6 % gold bonds, both of which will be retired at 103, and the company's
outstanding 7 % cumulative preferred stock at the redemption price of 110.
gage
Holders of the outstanding 7% cumulative preferred are being offered a
prior opportunity to exchange their shares for shares of the 5% cumulative
preferred on the basis of 1 l-10th shares of the new preferred for each share
of the 7% preferred surrendered.
This offer remains open until May 6.
The new secured 4% bonds are being issued in series (A to F) of $500,000
to be due each year May 1, 1937, to 1941, incl., and
$2,500,000 Series F
to mature May 1, 1946.
*
Bullock's, Inc., operates dry goods stores in Los Angeles.—V. 142, p.2659.
Burlington & Rock Island
March—
1936
Gross from railway
R R.—Earnings.—
1934
1935
1933
$70,408
def6,451
def23,801
$59,855
def23,559
def39,748
$63,353
def4,818
defl8.157
$56,173
def6,887
def20,440
201,272
def28,599
def77,539
Net from railway
Net after rents
192,971
def41,737
def87,624
196,442
defl 1,279
def54,938
191,728
def2,452
def49,531
From Jan. 1—
Gross from railway—,
Net from railway
Net after rents
_
_
—1
—V. 142, p. 2310.
(A. M.) Byers Co. (& Subs.)—Earnings-3
Period—
lonths
Ended-
12 Mos.
Afar. 31'36
Dec. 31 '35
Afar. 31'35
$184,234
'
$187,583
Afar. 31'36*
$197,779
Net loss after taxes, pat't
amort., deprec., &c._
—V. 142, p. 619.
$823,283
California Water & Telephone Co.—Registers with SEC
See list given on first page of this department.—V. 141, p. 3373.
Calumet & Hecla Consolidated Copper
Calendar Years
—
Cost of sales
Miscellaneous
Deprec. and depletion—
1933
1932
$3,937,458
21,004
$1,481,216
$4,059,006
2,411,634
99,054
1,801,980
$3,958,464
2,341,986
232,265
2,060,576
$1,498,053
3,442,720
$617,188
-
1934
$4,025,857
33,149
$6,032,028
4,282,902
57,543
2,308,771
Miscellaneous
Total
Co.—Earnings
1935
$5,976,744
55,284
Copper sales
$253,662
$676,365
$4,174,856
Mark-down of invest—
—
-
16,837
65.690
985,677
1,178,822
for 3 Months Ended March 31
•
1936
Revenue from copper sold
Cost of
1935
$2,561,173
1,524,288
Total income
Depreciation-Depletion
-----
Other charges
Net profit
$177,401
$1,041,271
361,025
533,629
62
Operating gain
Other income
$630,235
452,834
$1,036,885
4,386
same
$177,401
124,043
131,502
32,610
..
$146,555 loss$ 110,755
-
1935
$4,746,023
24,679,577
453,327
2,012,987
Assets—
Real estate, timber, &c_
x Mine lands and plantInvestment in other cos_
Cash.
-
_1
Copper on hand
Copper sold not delivered
Supplies at mine
-
Deferred charges
Capital stock.
Notes payable
Accounts payable
Paid in surplus—
Deficit
Total
x
1,601,844
387,157
1934
$4,752,146
26,223,620
380,034
1,149,288
763,172
280,024
1933
$4,756,009
27,431,130
647,725
135,692
1,419,129
259,300
4,368,804
441,913
1,039,719
373,618
6,552,166
10,773,999
1,124,876
372,122
1,524,824
648,430
1932
$4,713,339
28,709,145
902,694
222,424
/
1,967,698
1,423,846
1,091,710
355,567
$38,719,737 $39,772,337 $42,438,849 $47,754,157
-.-$50,137,550 $50,137,550 $50,137,550 $50,137,550
500,000
1,200,000
560,235
1,132,631
1,138,217
1,607,187
Def. credts & reserves._
Net income
17,520
.
Other assets.___
/J :
Liabilities—
Accts.
accts.
Total..
Net income
$298,592
.
17,520
Accounts receivable
Brooklyn Union Gas Co.—Earnings-
yRevenues in suspense.
$85,649
:y:
Accrued liabilities
U. S. Govt, securities
1936—3 Mos.—1935
$103,425
value of
Notes receivable
revenues
$43,800
Comparative BalanceSheet Dec. 31
701,054
-Y. 142, P.2818.
Period End. Mar. 31—
$163,726
63,425
14,651
re¬
Earned surplus
Expense tax, depr., etc.Interest, etc
1
$183,956
58,620
21,910
Mar. 31 ,'36 Dec. 31,'35
$264,541
surr.
elim.
in consolidatio, net
Capital surplus
$300,407,609
20,599,865
150,401,700
capital value
of inter-co. &
acquired
Total
29,938,138
100,000
incl. payrolls..
Dividends payable
Int. accrued
$71,128
19,897
7,430
$51,193
_
1
Cash
$24,946,800
Bklyn. & Queens Tran. Corp:
Accts. pay.,
25,728
122,920
$81,476
20,067
10,215
Operating profit
_
t
$597,126
1,495
1,766
70,089
360,048
Income Statement
Preferred stock. $6 cum
Tax
Special deposits of securities
(at cost), and cash
Deferred charges
nues
29,093
134,647
rtrt/i
1936—3 Mos.—1935
587
I
Other deductions (net)
<«
467
569
Materials used
Total dept. expense
Liabilities—
Road & equipment accounts.$270,723,507
f
468
I
expense
Loss
Consolidated Balance Sheet Dec. 31, 1935
Assets—
•<
$656,426
1,447
1,754
78,115
391,152
Circulation expense.
v
$7,581,230
7,521,230
$7,386,000
,
V.
BalanceSheet
4M% Series Serial Bonds
-_
•
'
Principal Underwriters—The names of the several principal underwriters
and the amounts of 4^ % series bonds and serial bonds which they have
severally underwritten are as follows:
Name—
JT
$220,832
„Debt
Service
Require'ts^.
$5,581,230
$2,000,000
5,521,230
2,000,000
5,461,230
2,500,000
5,386,230
.2,500,0005,311,230
2,700,000
5,230,230
'2,700,000
5,128,980
,2,700,000
5,027,730 .2,700,000
4,926,480
3,200,000
4,806,480
3,700,000
4,667,730'
3,700,000
4,528,980 t ; 3,700,000
4,390,230
3,700,000
4,251,480
3,700,000
4,112,730
3,500,000
3,946,830
3,116,000
3,805,035
*3,257,000
3,656,804
3,406,000
3,501,824
3,560,000
3,339,802
3,723,000
3,170,400
3,892,000
2,993,280
4,069,000
2,808,127
4,254,000
2,614,537
4,448,000
4,650,000
2,412,127
2,200,514
4,862,000
1,979,272
5,083,000
1,747,950
5,315,000
1,506,097
5,556,000
1,253,264
5,809,000
Hayden, Stone & Co., New York
Brown Harriman & Co., Inc., New York
Lazard Freres & Co., Inc., New York
J. & W. Seligman & Co., New York
Lehman Brothers, New York
Halsey, Stuart & Co., Inc., Chicago, 111
White, Weld & Co., New York
Field, Glore & Co., New York
Goldman, Sachs & Co., New York
Kidder, Peabody & Co., New York
Stone & Webster and Blodget, Inc., New York
W. C. Langley & Co., New York
Speyer & Co., New York.
Bancamerica-Blair Corp., New York
Ladenburg, Thalmann & Co., New York
G. M.-P. Murphy & Co., New York
E. H. Rollins & Sons, Inc., New York
W. E. Hutton & Co., New York..
Graham, Parsons & Co., New York
Cassatt & Co., Inc., New York
H. M. Byllesby & Co., Inc., New York
Hall gar ten & Co., New York
Hemphill, Noyes, & Co., New York
Hornblower & Weeks, New York
Paine, Webber & Co., New York
Schoellkopf, Hutton & Pomeroy, Inc., New YorkAlex Brown & Sons, Baltimore
R. W. Pressprich & Co., New York..
Baker, Weeks & Harden, New York
Chas. D. Barney & Co., New York
Dominick & Dominick, New York
Estabrook & Co., New York
Laurence M. Marks & Co., New York
F. S. Moseley & Co., New York
Riter & Co., New YorkShields & Co., New York
Starkweather & Co., Inc., New York
Swan, Culbertson & Fritz, New York
A. C. Allyn & Co., Inc., New York
A. G. Becker & Co., New York
Lawrence Stern & Co., Inc., New York
Whiting, Weeks & Knowles, Inc., Boston
Battles & Co., Inc., New York
Bacon, Whipple & Co., Chicago
Singer, Deane & Scribner, PittsburghSchwabacher & Co., San Francisco
X
Aflrt
1936—Month—1935
Net profit
Total
,ring Fund
*
xGross
1
$246,255
*
and Sink-
"
It is assumed, for the purposes of this tabulation, that the underlying
elevated bonds which mature in 1949 and 1950 will be refunded or extended
without change of interest rate and without amortization.
Mtges.,
D/lf/1 Art
Period End. Mar.31
Gross revenue
Maturities
Annual
Bonds
$4,524,750
4,464,750
4.404,750
4,329,750
4,254,750
4,173,750
4,072,500
3,971,250
3,870,000
3,750,000
3,611,250
3,472,500
3,333,750
3,195,000
3,056,250
2,890,350
2,748,555
2,600,324
2,445,344
2,283,322
2,113,920
1,936,800
1,751.647
1,558,057
1,355,647
.
Serial
Total
'1
4K %
Ser.
>
,..$1,056,480
1.056.480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1,056,480
1955--.-...
a
2987
Brush-Moore Newspapers, Inc.—Earnings—
Provision for Fed. taxes.
Yrs. End.
1960
1961--
Chronicle
136,984
23,501,548
23,501,548
23,501,548
35,616,580
34,999,392
32,838,465
23,501,548
28,692,129
$38,719,737 $39,772,337 $42,438,849 $47,754,157
After depreciation and depletion.—Y.
142, p. 2491.
Financial
2988
Cambria & Indiana
1935
_
$114,945
51,364
109,522
1934
$113,977
46,435
104,777 \
310,962
122,931
304,252
114,809
277,852
Gross from railway
Net from railway
Net after rents.
293,694
285,959
1935
1933
$105,611
40,102
84,645
323,912
129,254
276,270
Plant,
Canada Northern
13,379,420 13,475,797
Cash
1,633,599
2,821,318
1,240,535
Marketable, sees— 5,070,289
Notes & accts. rec. 5,461,411
5,307,005
Inventories
13,698,806 13,509,318
z
136,736
130,974
$235,881
Operating expenses-.
earnings
1936—3 Mos.—1935
$1,128,530 $1,070,415
416,056
396,186
$222,192
—-
Other receivables
$712,474
$674,229
Total
The announcement stated that if
the bondholders approve the plan by
allowing their bonds to remain on deposit, then the committee will vote
if and when the company should take the necessary proceed¬
ings to have it submitted to meetings of holders of both bonds and shares.
The plan provides, among other things:
That no change be made in the company's senior security, the first
mortgage 5% debenture stock, of which $2,186,719 is outstanding.
That the arrears of interest on the first and general mortgage 6% bonds
be canceled and that the principal amount of $17,548,000 of such bonds be
replaced by: $10,528,000 first and general mortgage 5% bonds maturing
April 1, 1956; 140,334 shares of new 5% convertible preference stock ($50
par value), which shall be the only preference stock to be outstanding under
the plan; and 175,480 new common shares.
This would give each present
holder of $1,000 par value of 6% bonds $600 principal amount of new first
and general mortgage 5% bonds, eight new 5% convertible preference shares
and 10 new common shares.
That the existing 6% cumulative preference stock, of which 150,000 shs.
are outstanding, be replaced by 165,000 new common shares and that the
existing 120,000 common shares be replaced by 12,000 new common shares.
Further, the proposed arrangement contemplates writing down the com¬
pany's assets as follows: Value of fixed assets after deducting depreciation
reserve further reduced by $6,600,129; bond discount and expenses written
off $783,362, and deficit account eliminated $7,831,751, making a total of
$15,215,243.
,
The committee's plan, if carried ihto effect, would result in a new capi¬
talization for the company as follows:
i
First mortgage 5% debenture stocks due 1943, $2,186,719.
New first and general mortgage 5% bonds due 1956, $10,528,800.
New 5% convertible preference stock, $50 par, $7,019,200.
New common stock (352,480 shares), $6,577,590.—V. 140, p. 1653.
for the plan,
Canadian National Lines in New
1936
March—
England.—Earnings
1933
1934
1935
$131,445
defl,890
def39,134
Net from railway.
Net after rents
$92,217
defl3,264
def51,735
$117,477
18,159
def28,015
331,475
def49,802
Gross from railway
$74,341
def22,171
def71,642
282,658
defb6,477
.defl77,305
276,015
def48,628
255,429
def42,066
defl90,113
defl90,191
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
defl63,150
—V. 142, p. 2147.
Canadian National
Rys.—Earnings—
1936—Month—1935
1936—3 Mos—1935
$14,470,710 $13,841,344 $40,279,771 $38,370,736
13,529,177
12,745,859
40,203,029 37,889,037
Period End. Mar. 31—
Operating revenues
Operating expenses
$941,533
revenue
$1,095,485
$76,742
$481,699
Earnings of System for Third Week of April
i
Gross earnings
—V. 142, p. 2660.
QQfi
$3,595,061
Canadian Pacific Lines in
1936
March—
1
Jrirrpji
$3,116,971
1935
1934
$224,281
52,944
22,253
$293,136
111,397
78,616
780,677
160,893
65,820
Net after rents
hp
$478,090
Maine.—Earnings.—
$272,570
70,569
36,457
Gross from railway
Net from railway
649,505
135,057
46,552
752,926
217,866
126,099
1933
$206,895
70,541
i
39,015
1
From Jan. 1—
Gross from railway
Net from railway
Net after rents
592,588
185.766
96,086
—V. 142, p. 2310.
Canadian Pacific Lines in
1936
March—
Vermont.—Earnings.—
1935
1934
1933
$69,656
def47,945
def73,296
$74,799
def21,041
$78,709
defl8,147
def43,089
def38,914
$66,180
def28,723
def50,186
230,197
defll6,134
defl90,325
216,215
def79,381
defl45,005
227,689
def63,174
defl26,799
179,124
def79,86l
defl48,179
Gross from railway
Net from railway
Net after rents..
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 2310.
Canadian Pacific
Ry.—Earnings—
$10,679,577
9,331,843
expenses
-$1,347,733
$1,147,235
$2,827,703
$2,101,694
Earnings of System for Third Week of April
1936
1935
$2,355,000
Gross earnings
$2,327,000
Increase
$28,000
—V. 142, p. 2820.
Cannon Mills Co.
(& Subs.)—Earnings—
1935
1934
1933
1932
$30,495,252 $24,191,996 $18,440,268 $16,355,286
23,656,307
18,892,639
11,463,064
13,664,293
Calendar Years—
Net sales
Cost of goods sold
Gross profit from sales $6,838,945
Inc. from commissions._
724,775
Gross profit from oper. $7,563,720
Sell., admin. & gen. exp.
2,221,884
Prov. for depreciation..
802,318
$5,299,357
716,068
$6,015,425
1,944,015
776,647
$6,977,205
668,766
See list given on
$7,645,971
1,741,976
783,351
$3,167,476
1,753,613
801,767
$3,294,762
$5,120,643
475,258
545,821
$612,095
571,713
Income charges
$4,919,079
1,647,491
$3,770,021
1,199,639
$5,666,464
1,742,051
$1,183,808
705,838
Net income for yearDividends
$3,271,588
1,975,557
$2,570,382
$3,924,412
$477,970
1,137,835
sur.
1^96 3)31
year—
10,326,411
$199,716
9,840,929
Gross income
Gross surplus
Surplus
adjustment
2.370,666
page
of this department.—-V. 142, p. 2820.
Corp.—Definitive Debentures Ready—
15-year 5% debentures are now available at
Definitive debentures for
the offices of the Guaranty Trust Co.,
p.
140 Broadway, New York.—V. 142,
2660.
Carlotta Metals
See list given on
first
Co.—Registers with SEC—
page
Carolina Power &
of this department.
Light Co.—Earnings—
[National Power & Light Co. Subsidiary]
Period End. Mar. 31—
1936—Month—1935
1936—12 Mos.—1935
$850,347
437,636
17,077
$782,466 $10,071,571
395,904
4,930,837
17,077
205,658
$9,776,745
4,791,736
203,320
$395,634
1,440
$369,485
1,606
$4,935,076
32,761
$4,781,689
32,674
$397,074
196,401
$371,091
196,910
$4,967,837
2,358,600
$4,814,363
2,364,826
Balance
y$200,673
y$174,181
Property retirement reserve appropriations
x Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$2,609,237
960,000
$2,449,537
960,000
1,255,237
1,255,237
$394,000
$234,300
Operating revenues.....
Operating expenses
Rent for leased prop.(net)
Balance
Other income
Gross corp.
(net)—
.
income—
Int. & other deductions
Balance
y
.
(
Before property retirement reserve appropriations and dividends.
Dividends accumulated and unpaid to March 31, 1936, amounted to
$783,971, after giving effect to dividends of $1.75 a share on $7 pref. stock
x
and $1.50 a share on $6 pref. stock, declared for payment on April
Dividends on these stocks are cumulative.—V. 142, p. 2820.
1,1936.
Central Illinois Light
Co.—$11,146,400 Preferred Stock
Offered—As part of a preferred stock refunding operation
for the company, public offering of 111,464 shares of 4^%
preferred stock ($100 par) was made April 29 through an
underwriting group headed by Bonbright & Co., Inc., and
including First Boston Corp., E. W. Clark & Co., Blyth &
Co., Inc., and Central Republic Co.
The shares were
priced at $102 and divs.
A prospectus dated April 29
affords the following:
Dividends payable
Q.-J.
Transfer agents: Office of the company,
Peoria, 111.; agents of the company, 120 Wall St., New York.
Registrars:
Commercial Merchants National Bank & Trust Co., Peoria, III.; Bankers
Trust Co., New York.
Redeemable at the option of the company, as a
whole or in part (chosen by lot), at any time on not less than 30 and not
more than 60 days' notice at $110 and divs.
Entitled, on voluntary liquida¬
tion, to $105 a share, and on involuntary liquidation to $100 a share, in
each case with accrued dividends.
Authorized by the Illinois Commerce
Commission.
Company—Company, 65.7% of the voting capital stock of which is owned
by Commonwealth & Southern Corp. (Del.), was incorp. in Illinois April
11, 1913.
In 1933 it acquired the businesses, except the transportation
business, formerly owned and conducted by Illinois Power Co. and Illinois
Electric Power Co. (also subsidiaries of Commonwealth & Southern Corp.).
Company serves a population, all in Illinois, estimated to be in excess of
280,000, supplying electricity, gas, or steam or hot water heating, or
several of such services, in Peoria, Springfield, Pekin, DeKalb, Sycamore,
and various other communities, as well as in rural areas.
Company's
electric operations in Springfield are subject to competition with municipal
operations.
Natural gas is purchased from Panhandle Illinois Pipe Line
Co.
Company owns four electric generating plants with an aggregate
rated installed generator capacity of 88,500 kw. (effective capacity 75,400
kw.), together with certain gas plants (used for stand-by purposes), steam
plants, electric transmission lines, substations, and electric and gas dis¬
tribution systems serving as of Dec. 31, 1935, 59,745 electric and 45,637
gas customers' meters.
Outstanding
Reflecting Later
as of
Changes and
Capitalization—■
Mar. 31 1936 Present Financing
First & ref.mtge. 30-year 5% gold bonds, 1943 $7,178,500
1st & consol. mtge. bonds, 4M% series due
April 1,1963
9,376,300
$9,376,300
1st & consol. mtge. bonds, 3K% series, due
April 1, 1966
7,178,000
6% preferred stock, cum. (par $100)
8,723,500
7% preferred stock, cum. (par $100)
2,422,900
4)^ % preferred stock, cum. (par $100)
11,146,400
Com.stk. (no par, 210,000 shs.), stated at— 10,833,987
10,833,987
—
840,620
-
—
Purpose—Net proceeds from the sale of 111,464 shares of 4H% preferred
stock (estimated at $11,002,266 after deducting expenses), together with
treasury funds in an estimated amount of approximately $700,000, will be
used by the company to repay funds borrowed to provide for or to reim¬
burse the company's treasury for, moneys expended for, the redemption
on June 29,
1936, of the 111,464 shares of its outstanding 6% and 7% pre¬
ferred stock, at the stipulated redemption price of $105 a share, or the pur¬
chase, prior to such date, of the said shares at not more than the redemption
price thereof.
Company will also pay, as part of such redemption price,
the accrued dividends on its 6% and 7% preferred stock called for redemp¬
tion for the full quarter ending June 30, 1936, and will charge the amount
thereof to
surplu^.
Earnings for
Year Ended Dec.
31
1936
Total gross earnings
Net earnings.
—
Int.& other fixed charges
income.
Net
(lsf Quar.)
$2,304,267
902,531
199,605
702,926
1935
$7,507,782
2,886,291
786,950
2,099,340
1934
$7,037,387
2,780,740
888,096
1,892,644
1933*
$5,538,133
2,145,276
644,399
1,500,877
*
Includes operations of properties formerly owned by Illinois Power Co.
and Illinois Electric Power Co. for only six months.
The annual dividend requirement on the 111,464 shares of 4K% Pre¬
ferred stock will be $501,588.
Certain
Terms
of the Preferred Stock—It will be provided in proposed
amendments to the articles of incorporation of the company that preferred
stock shall be presently authorized in an aggregate of 250,000 shares and
may be issued in different series, of which the dividend rates, redemption
prices and amounts payable on liquidation will be determined by the board
of directors.
No stock having a priority over the preferred stock may be
issued without the affirmative vote of at least two-thirds of the preferred
shares outstanding; and the company may not incur indebtedness exceeding
—$11,622,441 $10,040,645 $10,069,970
66,138
Ci285,765
229,040
$6,756,331
Cr229,846
15% of the stated capital represented by outstanding shares of preferred
stock and stock junior thereto, together with surplus, except indebtedness
$9,840,930
$6,986,177
$3.92
$0.48
maturing within
Surplus at end of year.$ll,556,304 $10,326,411
41,240,557 38,874,522
Total
$3,083,792 def$659,865
6.986,177
7,416,196
Earns, per sh. on 1,000,000 shs. common stock
(no par)
first
Carriers & General
$2,690,994
476,481
$4,539,518
379,561
Net profit from oper—
Other income credits—
Surp. at begin, of
41,240,557 38,874,522
—
1936—3 Mos —1935
$9,515,608 $29,283,992 $26,438,271
8,468,372
26.456,289 24,336,576
1936—Month—1935
Period End. Mar. 31—
Gross earnings
Net inc. added to
2,495,822
24,726
Capital City Products Co.—Registers with SEC—
Canada Steamship Lines, Ltd.—Reorganization Plan—
protective committee representing the first and general mortgage 6%
bonds announced a plan for reorganization of the company's capital struc¬
ture.
The plan has not yet been approved by the board of directors.
Net profits..
....
1,907,961
89,069
x After
depreciation of $11,504,384 in 1935 and $11,113,696 in 1934.
Represented by 1,000,000 shares (no par),
z Including, among other
things, 12.200 shares of company's stock reacquired.—V. 140, p. 2856.
A
Working
$
y
—V. 142, p. 2147.
Net
1934
$
Liabilities—
Capital stock—25,000,000 25,000,000
625,000
Notes payable
500,000
869,004
Accounts payable. 2,289,884
493,889
Dividends payable
492,480
281,805
Salaries & wages..
326,088
Fed. & State taxes
975,047
1,194,772
83,640
Reserves
100,753
Surplus
11,556,304 10,326,411
y
&c—
Deferred charges..
Power Corp., Ltd.—Earnings—
1936—Month—1935
$372,617
$353,166
$
property,
and Investments
Period End. Mar. 31—
1935
1934
$
Assets—
x
2310.
Gross earnings
Net
RR.—Earnings.—
331,261
139,949
Net after rents
From Jan. 1—
—V. 142, p.
Consolidated Balance Sheet Dec. 31
1936
$88,485
26,162
78,688
March—
Gross from railway
Net from railway
May 2, 1936
Chronicle
$3.27
$2.57
one year or issued under the company's existing mortgage
and deed of trust to Bankers Trust Co. or a
mortgage providing for refund¬
ing bonds issued under the existing mortgage or to the extent secured by
pledge of an equal principal amount of bonds issued under either of such
mortgages, unless the question of incurring such indebtedness has been
Financial
Volume 142
submitted to the stockholders and has not been voted against by holders
of 33 1-3% or more of the preferred stock
outstanding.
No additional preferred stock may be issued unless the net income of the
during 12 consecutive months of the 15 months preceding such
issuance has been equal to 2^ times the dividend requirements on all
preferred stock and stock senior thereto, if any, to be outstanding after the
additional issue.
The outstanding preferred stock may not be increased
beyond 131,464 shares unless, prior to such aditional issue, the stated capital
as of March 31, 1936, represented by shares junior to the
preferred stock,
shall have been increased by an amount at least equal to the aggregate par
value of the additional shares of preferred stock proposed to be issued.
No dividends may be declared on any stock junior to the preferred stock
either out of paid-in surplus or out of surplus created by reducing stated
capital, nor may dividends on any such junior stock be declared unless,
after making provision for their payment, the balance of earned surplus
shall amount to at least twice the annual dividend requirements on pre¬
ferred stock and any stock senior thereto then outstanding.
The preferred stock will be fully paid and non-assessable.
Each share
company
will be entitled to
of
The shares
vote.
one
preemptive rights.
Underwriters—The
of preferred stock will have no
Chronicle
name
of each underwriter and the respective amounts
are as follows:
4*4 % preferred stock severally underwritten
51,464
17,500
16,250
16,250
10,000
—
shs.
shs.
shs.
shs.
shs.
Other
Stock
and
The company has called for redemption on June 29, 1936, at the trust
department of Commercial Merchants National Bank & Trust Co. of
Peoria, 111., all of its outstanding preferred stock, amounting to an aggre¬
gate par value of SI 1,146,400.
The 6% and 7% preferred stock will be
redeemed at 105% plus divs. in each case for the full quarter ending June
30, 1936, which accrued dividends are respectively SI.50 and $1.75 per
share.
On June 29, 1936, all dividends on the 6% and 7% preferred stock
shall cease to accrue.
Stockholders desiring to receive payment for their
stock prior to the redemption date, June 29, 1936, will be paid $105 per
share plus divs. to date of payment upon tender of their certificates for that
purpose prior to June 26,
1936, in negotiable form, to Central Illinois
Light Co., 316 South Jefferson Ave., Peoria, 111.—V. 142, p. 2660.
representing the Phoenix interest are Walter W.
LeRoy Jr., Courtland W. Palmer and Albert E.
directors succeed Robert M. Nelson, George N.
Armsby, Harry W. Croft, J. E. Lewis and Charles S. Payson and fill a
Edward
A.
The
new
1936
vacancy on the Board.
The five directors held
over are George M.
Brown, Chairman of the
Audendried Whittemore, Vice-Chairman; Chester
E.
Rahr,
President; C. O. Brown, Vice-President, and D. F. Brown, Vice-President.
company;
All present officers of Certain-teed
—V. 142, p. 2822.
Interest
Net income
Prior lien stock dividend
Preferred stock dividend
$964,082
$926,037
$591,533
5,617
28,431
17,138
$283,317
$263,961
Taxes
Net earnings before interest
Funded debt interest
—
General interest
..
Amortization of bond discount and expense
Amortiz. of pref. stock selling commissions & exp._
Net income before preferred dividends
2,086
5,682
32,765
16,508
Figures for the three months ended March 31, 1935, reflect adjust¬
made subsequent thereto but applicable to that
period.—V. 142,
1977.
x
ments
Central Investment Corp. —Balance Sheet March
Assets—
on
Land,
31, 1936
Liabilities—
hand and in banks._
sur.
$195,723
Accounts
all8,355
receivable
Accrued
val. of life ins. pels.
bldg.,
$1,424,506
$21,426 def$100.195
consolidated
income
1935
equip.,
b9,995,345
170,472
&c
Deferred charges...
payable
interest.-
tax,
advances
2,274
payable—current
10,000
7,000
Notes payable, due in 1944..
First mortgage bonds
Deferred rental income...
Stated capital stock
Notes
and
subsidiary cos..
e3,650
7,904
117,468
117,468
payment of divs.
8,394
8.4C3
27 ,742,891
29 ,000,083
_
Investments
Other
775,000
883,500
Accounts payable.
Fed. income taxes.
624
3,099
696,164
662,340
investments
payable
279,619
Misc.
Res.
prof,
company
reserve
assessments
19,218
5,775,300
234,252
945,768
Total
.$10,506,686
will be entitled to receive 90% thereof,
of $2,696,006.
three months ended Mar. 31 were published
for depreciation
The
earnings for the
V. 142. p.2822.
subsidiaries
March—
in
1936
Net from
1935
153,503
railway
Net after rents
From Jan. 1—
Gross from railway
$1,314,130
207,958
84.116
3,807,394
493,657
123,733
Net from railway
after rents
Net
3,518,251
423,113
83,552
—46,205
$7 pr. lien
__
Deficit..;
Total..,..
28,186,272 29,517,065
22, 535,422
Central Power &
1934
Represented by
117,400 shares of no par value,
b Represented by
c Represented by 133,250 shares of no
par
by 3,373,351 shares in 1935 and 3,373,634 shares
in 1934 (including scrip) of $1 par value,
e Accounts receivable only.
11,500 shares of
no
par value,
d Represented
value,
Consolidated Balance Sheet Dec. 31
Assets—
1935
.$173,429,470 $176,993,944
1,232,026
1,187,876
Special deposits.
110,188
135,981
Bond discount & expense in process of amort._
8,612,195
7,744,284
Prepaid accounts and deferred charges
251,684
314,308
Cash in banks and on hand
5,934,917
6,620,322
Working funds
48,568
48,646
U. S. Treasury bonds and certificates
2,700,000
2,099,580
Cash on deposit for payment of divs. & interest.
xl79,084
476,957
Notes, accts. & warrants receivable
3,475,122
3,323,586
Materials & supplies
1,169,792
1,015,981
_
Total
------
_
$197,143.049 $199,961,467
1935
1934
Cumulative prior-lien preferred stock:
$7 div. series, 117,400 shares, stated value..
$6 div. series, 11,500 shares, stated value
Cumulative preferred stock:
$11,367,526
1,058,000
Common stock
Deficit
Preferred stock of subsidiary
Minority int. in
common stock &
surplus of subs.
Deferred liabilities
Notes
payable
3,465,222
625,007
257,834
1936
Maintenance
lying bonds
Accounts payable
current
or
liabilities
payable,_
149,393
9,423,520
...
Total
x
713,426
1,292.330
2.360,672
1,905,568
204,548
186,639
9,781,715
$197,143,049 $199,961,467
Preferred dividends only,
y
See Note C above,
z
See Note D above.
—V.142, p.2822.
Champion Hardware Co.—Resumes Dividends—
The directors have declared
a
dividend of 50 cents per share on the
capital
par $100, payable May 15 to holders of record May 5.
This will be
the first payment made since Aug. 15, 1934, when 75 cents
per share was
paid.
Dividends of 75 cents per share had been distributed each three
months from Aug. 15, 1931, to and including Aug. 15, 1934.
Prior to
xl935
$1,657,662
631,359
53,256
100,931
195,131
161,553
169,398
$697,025
2,687
Funded debt interest
$515,429
5.224
$699,713
Other income (net).
$520,654
445,246
12,231
34,416
432,919
General interest
Amortization of debt discount & expense.
11,680
33,476
Net income before dividends
$221,636
$28,759
Adjustments made subsequent to March 31, 1935, but applicable to the
period beginning Jan. 1, 1935, have been given effect to in this column.
—V. 142, p. 2492.
x
Central RR. of New
Jersey.—Earnings.—
1936
.
Gross from railway
Net from railway
.
Net after rents
p.
471,000
711,883
1,224,079
2,354,585
1,615,847
208,096
r
Accrued State and local taxes
Federal income taxes
Aug. 15, 1931, quarterly dividends of $1.50
3854; V. 139, p. 2825.
.
1935
$2,294,144
1934
-
'
$2,308,960
560,021
187,803
$2,719,973
884,776
569,396
$2,241,301
307,008
def225,516
7,732,388
1,755,282
317,527
7,029,429
1,482,979
476,557
7.687,228
2,597,375
1,733,767
6,541,306
1,857,204
1,049,113
1—•
_
1933
650,887
365,086
2311.
Certain-teed Products
Corp.—New Control—
See Phoenix Securities Corp. below.
Wallace Groves, President of the Phoenix Securities
Corp., and Walter
S. Mack Jr., Vice-President, were on April 30,
elected directors of this
company,
following acquisition of control of Certain-Teed by Phoenix
Securities.
Mr. Mack said there was no thought of
attempting a
merger of
per
share
were
paid.—V. 141.
p.
Charleston & Western Carolina Ry.
March—
1936
Gross from railway
Net from
142,
12,240,182
24,227,924
66,785
21,609,934
47,261,417
28,586
106,660,800
1,886,780
328,500
Current maturities of serial debentures & under¬
2,634.486
221,106
defl58,957
15,115
641,018
64,506
114,993
194,610
Taxes
—V.
$11,367,526
1,058,000
12,240,182
24,225,889
66,785
21,362,620
46,412,132
27,506
104,793,200
1,936,043
220,000
y$7 dividend series, stated value.
z
Capital surplus
$979,171
139,397
$1,881,553
Provision for retirement
Net after rents
1934
Plant, property, rights, franchises, &c
Miscellaneous investments.-
1933
$1,289,011
261,360
127,799
Light Co. (& Subs.)—Earnings—
Operation
Power purchased
Gross from railway
Net from railway
29,517,065
stock,
3 Months Ended March 31—
Total gross earnings
From Jan.
22,041,047
...28,186,272
Total
Reserves
—V. 142, p. 2310.
March—•
288,306
698,120
pref.. 11, 367,526 11,367,526
pref.. 1, 058,000
1,058,000
c Cum.
pref. stk_.12, 240,182 12,240,182
d Common stock..24, 225,889
24,227,924
Capital surplus.
66,786
66,786
Miscellaneous
Earnings-
$1,427,827
305,209
275,373
b $6 pr. lien
Preferred stock dividends accrued
Gross from railway
14,475
on
sale of bonds of
292,192
Accrued interest.
Central of Georgia Ry.
1,650
14,500
liab
curr.
for
1,650
_
Res. for conting..
Liab. under syndi¬
684,677
a In the determination of the accounts receivable at
March 31, 1936, no
consideration hsa been given to balances due from hotel guests and tenants
at that date, $99,284, upon collection of which (as
provided for in the lease
b After
to
Taxes accrued...
Funded debt..
agreement) the
in
1934
Notes
accts.
receivable
4,517.000
Deficit-
$10,506,6861
given
1935
91,016
Liabilities—
;
commission
Note
Total
$780,318
was
Liabilities—
$
34,249
Organiz. expense.
Special deposit for
97,808
103,585
Lease
Capital stock
years
$1,338
$26.539)
Lessee's
def$37,760
calendar
1934
$
Cash
Accrued taxes (incl. Fed. inc.
26,789
for
account
25, page 2822.
Comparative Balance Sheet Dec. 31 (Company Only)
Assets—
a
Other income (net).
Accounts
def$37,760
125,293
173,762
23,033
111,350
116,550
416,288
Balance surplus
$966,168
$647,190
Provision for retirement-
1932
$1,746,595
Common divs., stock
277,090
65,865
158,430
366,124
187,321
.
1933
$128,392
49,923
99,971
16,259
701.902
$912,241
13,795
_
-Annual Report-
1934
$21,426 def$100,195
Administrative expense.
'Chronicle" of April
year.
$33,834
36,967
94,931
<
2,130
cate subs
314,510
98,554
218,738
368,092
266,749
.
Maintenance
Cash
1935
$140,102
25,451
91,574
1,650
a
738.286
—
reappointed for the ensuing
Central & South West Utilities Co.Calendar Years—
Total income,
$2,720,815
..
Power purchased
Gas purchased
Cash
were
x!935
$2,917,172
Operation
p.
six
Illinois Public Service Co.—Earninas—
3 Months Ended March 31—
Total gross earnings
large invest¬
directors
new
Colpitts,
Winter.
The
Redemption of 87,235 Shares of 6% Preferred
24,229 Shares of 7% Preferred Stock—
a
ment.
Provision for taxes
Bonbright & Co., New York
The First Boston Corp., New York
E. W. Clark & Co., Philadelphia.
Blyth & Co., Inc., New York
Central Republic Co., Chicago
Central
2989
Certain-Teed with the Celotex Corp. in which Phoenix has
railway
Net after rentfc
_
1935
—Earnings.—
1934
1933
$207,394
74,518
54,137
$211,295
80,332
61,533
$204,378
86,437
66,131
$163,502
53,246
35,090
547,526
172,446
112,044
524,805
161,917
543,837
209,707
149,346
427,903
121,391
66,675
From Jan. 1—
Gross from railway
Net from railway
Net after rents
110,133
—V. 142, p. 2311.
&
Ohio
Chesapeake
Ry.—Bonds
Offered—Morgan
Stanley & Co., Inc., Kuhn, Loeb & Co. and Edward B. Smith
& Co. on April 29 offered at 99^ and int. $40,362,000 ref. &
irnpt. mtge. 3*A% bonds, series D.
Dated May 1, 1936; due May 1, 1996.
Interest payable M. & N. in
N.Y. City. Coupon bonds in denom. of $1,000, registerable as to principal.
Fully registered bonds in dnoms. of $1,000, $5,000, $10,000 and authorized
multiples of $10,000. Coupon and registered bonds interchangeable. Red.
in any part, for the sinking fund on 30 days' notice on any int. payment
date at 100%.
Also redeemable, as a whole or in part, at the option of the
company, upon 30 days' notice on any interest payment date at the following
prices: on or prior to May 1, 1941 at 105%; thereafter and on or prior to
May 1, 1947 at 104^%; thereafter and on or prior to May 1, 1953 at 104%;
thereafter and on or prior to May 1, 1959 at 103H%> thereafter and on or
prior to May 1, 1965 at 103%; thereafter and on or prior to May 1, 1971 at
102^%; thereafter and on or prior to May 1, 1977 at 102%; thereafter
and on or prior to May 1, 1983 at 101 ^ %; thereafter and on or prior to
May 1, 1989 at 101%; thereafter and on or prior to May 1,1992 at 100
%;
and thereafter at 100%.
Interest accrued on such redemption dates will
also be payable.
Guaranty Trust Co. of New York, corporate trustee.
Issuance—The issue and sale of these bonds are subject to authorization
by the Interstate Commerce Commission.
Financial
2990
Chronicle
Legal Investments—In the opinion of counsel, these bonds will be legal
the State of New York.
investments for savings banks in
Data from Letter of W. T. Harahan, President of the
Company
1
OperaVg
Expenses
Ratio
1926—153,524,289 104,796,900
1927... 154.084,689 103,241,252
1928. .-145,626,404
95,220,878
98,117,587
1929.-.150,667,975
86,921,031
1930—137,173,037
1931
74,497,861
119,552,170
1932-.- 98,725,859
55,965,115
58,326,084
1933--.105,969,522
60,814,971
1934.--109,489,077
63.289,894
1935—-114.031,434
1
Gross
& Miscell.
Income
42,799,337
42,748,090
43,916,750
46,845,995
44,971,419
37,598,665
34,306,301
38,675,807
38,051,289
68.3%
67.0%
65.4%
District of Columbia.
879,836
281,819
233,346
890,050
269,492
237,153
756.745
694,654
208,216
186,357
railway
218,515
195,436
Chicago Indianapolis & Louisville Ry.—Earnings.1936
11,818,623
3.6
March—
6.8
Gross from
3.9
Net from
4.5
Net after rents
1933
1934
1935
$700,561
124,574
$661,505
$503,116
176,150
119,953
21,149
defl.Olj
def35.056
74,000
def46,246
2,534,254
545.518
138,975
1,903,423
264,588
def95,623
1,814,585
303.799
def98,652
1,579,066
175,209
defl89,457
railway
railway.
$857,161
From Jan. 1—
4.2
Gross from railway.
Net from railway
3.4
3.2
Net after rents
3.7
3.8
—V. 142, p.
4.1
2823.
Chicago Milwaukee St. Paul & Pacific RR.- —Annual
Report—
General Statistics for Calendar Years
,
1935
1932
1933
1934
11,129
11,172
11,226
11,263
1,256
953
Miles oper., average
1,293
1,001
57,704
2,979
7
1,640
1,671
1,851
63,976
3,448
Equipment—
Locomotives
Passenger equipment.
Freight equipment
Company serv. equip—
Floating equipment
55,746
3,028
6
1,160
62,481
3,221
7
7
Operations—
3,457.266
Passengers carried
3,697,034
3,538,215
3,181,431
Pass, carried one mile--.349,938,768 341,742,308 308,540,537 262,209,615
2.266 cts.
Rate per pass, per mile-.
1.728 cts.
1.641 cts.
1.845 cts.
29,225,330
Freight (tons) carried.-. 34,358,187
31,970,081
29.181,842
Frt. (tons) carr 1 mile.-.9509741617 8779972,372 8340187,534 8122139,450
1.025 cts.
Rate per ton per mile—
0.969 cts.
0.973 cts.
0.991 cts.
$5.27
Earns, per frt. tr. mile..
$5.28
$5.13
$5.42
Income Account
for Calendar Years
1934
1935
1932
$
1933
"
$
$
$
77,311,239
6,041,992
7,679,106
1,441,456
73,382.543
5,616,950
7,508,299
1,352,000
71,571,456
5,699,841
6,998,529
1.225,394
70,302,779
5,947,700
7,440,209
1,210,145
92,473,793
87,859,792
85,495,220
84,900,833
17,023,868
Maint. of equipment— 17,849,146
Traffic expenses
2,546,099
Transportation.-___— 36,184,971
General expenses.
2,592,933
Miscell. operations
629,469
Transp. for invest.—Cr.
409,970
12,851,519
16,849.617
2,456,437
33,346,658
3,819,533
558,853
227,070
10,162,788
17,240,737
2,437,541
31,374,166
3,024,148
475,116
117,655
13,446,229
18,683.044
2,812,759
33,545.311
3,481,174
509,799
400,197
Total oper. expenses._
Per cent. op. exp. to earn
Net oper. revenues
69,655,547
(79.28)
18,204,245
23,500
6,405,000
64,596,841
(75.56)
20,898.379
28,044
6,942,500
72,078,119
(84.90)
12,822,714
34,901
7,921,000
11,775,745
13,927.835
4,866,813
937,408
424,859
604,123
773,539
423,713
501,275
994,505
420,468
685.424
Operating Revenues—
Freight
Passenger
Mail, express, &c
Incidentals, &c
Total oper. revenues.——
Maint. of way, &c_
"
On Dec. 31,
1935, the company operated 3,106 miles of road of which
owned in fee, nine miles were operated under lease, eight
miles were operated under contract and 322 miles were operated under
tr3/Ckd>^6 rights.
* •
\
Pursuant to a decision of the ICC, dated April 2, 1929, authorizing the
company to acquire control of the Pere Marquette Ry. by purchase of
capital stock, the company acquired and now owns directly 48.21% of the
capital stock of the Pere Marquette Ry. and through wholly-owned sub¬
sidiaries an additional 0.9% of the capital stock.
Virginia Transportation Corp., a wholly owned subsidiary, owns 45.67%
of the capital stock of Erie RR., 7.44% of the common stock of New York
Chicago & St. Louis RR., and 42.75% of the capital stock of the Chicago
i& Eastern Illinois Ry. which is now in process of reorganization.
iThe above four railroad companies, together with the company itself,
were among the companies allocated to "System No. 6—Chesapeake and
Ohio-Nickel Plate" by the ICC. No application to the Commission looking
to the physical consummation of said allocations by consolidation, lease, or
otherwise, has as yet been made.
The company holds an option from the Alleghany Corp., for the acqusition of 215,000 shares of the common stock of the Erie RR.
and
167,300 shares of the common stock of New York Chicago & St. Louis RR.
iThis option, if exercised, would vest in the company, either directly or
ithrough wholly owned subsidiaries, a numerical majority of the capital
'Stock of the Erie RR. and of the common stock of New York Chicago &
St. Louis RR.
The necessary authority from the ICC for the exercise of
this option has not as yet been applied for.
123,341
115,710
—V. 142, p. 2312.
Earned
Security—Upon the redemption and payment of the series B bonds and
the Raleigh & Southwestern bonds there will be $65,146,000 of ref. & improv.
mtge. bonds outstanding, and also
$22,868,000 of such bonds in the
company's treasury, all of which will be secured, in the opinion of counsel
for the company, by a direct lien on all of the 2,768 miles of road now owned
in fee by the company (excepting 48 miles acquired sinee the date of the
mortgage and not subjected to the lien thereof by subsequent supplements)
on the company's interest in
17 miles of road operated under leasehold
agreements, on 218 miles of road operated under trackage rights, and on the
company's owned equipment and its leasehold interest in leased equipment,
all subject to the prior liens, in so far as they attach, of mortgages securing
underlying bonds in the principal amount of $117,792,000 of which bonds
in the principal amount of $116,420,000 are publicly held and to equipment
obligations outstanding in the hands of the public on Dec. 31, 1935, in the
principal amount of $51,454,000.
The mortgage permits the issuance of
additional bonds thereunder (for a wide variety of purposes as set forth in
indenture), but does not permit additional bonds to be issued under present
underlying mortgages except to a limited extent to refund prior debt secured
by certain of said underlying mortgages.
The mortgage does permit the
extension, at any rate of interest, of bonds constituting prior debt.
Sinking Fund—A sinking fund calculated to be sufficient to retire the
entire issue on or before maturity will be provided. Company will covenant
to make semi-annually from Nov. 1, 1936 to May 1, 1996, both inclusive,
sinking fund payments of $103,000 plus an amount equal to interest at the
annual rate of 3H% on the series D bonds theretofore retired through
operation of the sinking fund. Sinking fund moneys are to be applied to the
purchase of such bonds at or below 100%, or if not so obtainable to redemp¬
tion at 100% of such bonds called by lot.
Company—Company was incorp. as successor to the Chesapeake & Ohio
RR., by decree of foreclosure and sale of the Circuit Court of the City of
Richmond, Va., and deed pursuant thereto dated July 1, 1878, and under
the Acts of the General Assembly of Virginia passed subsequently to July 1,
1878, extending and defining its powers Effective, Sept. 28, 1922, and July
31; 1930, its charter was amended under, and is now subject to, the general
laws of Virginia.
Company is authorized to do business in the States of
Virginia, west Virginia, Kentucky, Ohio, Indiana and Illinois, and in the
2,767 miles
1933
$284,607
Net after rents
11,223,780
11,242,144
10,349,176
10,823,580
10,902,181
10,778,546
10,435,997
9,988,886
40,949,005
9,909,520
65.1%
63.4%
62.3%
56.7%
55.0%
55.5%
55.5%
1934
$237,936
59,432
56,410
From Jan. 1—
Times
Deducts.
1935
$306,726
98,752
81,824
Gross from railway
Net from
Railway
Operating
Revenues
1936
Net after rents
Fixed Chgs.
Railway
Operating
1
increased from
142, p. 1282.
$274,279
87,979
68,324
March—
Gross from railway
Net from railway
Earnings for Calendar Years
Years
on
Chicago & Illinois Midland Ry.—Earnings.-
Purpose—Net proceeds from the sale of these bonds will be used, together
provided by the company to the extent required, (a) to
call on May 1, 1936 for redemption at 110% on July 1, 1936, $35,088,000
ref. & improve, mtge. 4H% bonds, series B, due Jan. 1, 1995, and (b)
to provide for the payment at maturity of $756,000 of Baleigh & South¬
western Ry. 1st mtge. 4% bonds due July 1, 1936.
with funds to be
Cal.
May 2, 1936
Jan. 21, 1935.
The regular quarterly dividend was
25 cents to 37
cents with the March 2,1936, payment.—V.
and
were
<
$177,048,000
51,454,000
Mortgage bonds
Equipment trust obligations—
First preference stock (par $100)
Second preference stock (par $100)
6 Yi, % cum. conv. pref., series A (par $ 100)
Common stock and scrip (par $25)
—
-
3,000
200
95,800
191,348,041
16,057,276
27,096
Uncollectible ry. rev
5,992.000
Taxes
10,038,180;
:
Operating income
i
Non-Oper. Income—
,
Rents received-
949,511
424,921
579,955
-
Income from lease of rd.
Miscellaneous income—
13,742,134
15,626,362
6,967,210
22,371,304
Int. in unfunded debt—
543,390
Rents for hire of equip.
joint facilities, &c
7,013,306
Miscell. deductions
73,316
22,638,273
329,302
22.935,574
104,712
22,981,736
6,948.486
6,924,323
73,894
7,101,898
97,903
18,008,748
72,792.184
205,649
T6,247,621
49,656,624
14,412,141
32,821,241
73.496
122,617
23,269,678
8,010,733
38,029
65,830,749
6.961.435
47,110,765
2,545,859
31,242,382
1,578.859
72,792,184
49,656,624
32,821,241
11,992,568
Gross income
on
j
!
Deduct—•
Int.
funded debt--..
Deficit
-
.
Previous deficit
Miscell. credit items
.
Capitalization Outstanding in the Hands of the Public as of Dec. 31, 1935
76,416,517
(82.64)
90,595,283
2,658,330
Deficit
Miscell. debit items
Total deficit
73.693
'
93,253,613
Comparative Balance Sheet Dec. 31
1935
S
Public Works
As of Dec. 31, 1935, the company was liable as guarantor by endorsement
for the payment of the principal of and interest on $49,535,000 of bonds of
which $46,300,000 were the bonds of companies for which
railroad companies were also liable.—V. 142, p. 2822.
other proprietory
prop.
408,697
407,162
Govt, grants
43,495
48,331
5,596,032
5,307,827
5,464,844
1,497,801
10,544,857
6,599,438
154,253
5,476,206
1,498,801
10,541,357
sold
March—
1936
Payrolls & vouch
Stocks
1934
1935
Bonds
1933
2,244,644
1,196,207
$6,400,280
1,356,453
513,750
56,677,859
2,185,703
1,337,556
$5,166,697
1,133,093
169,725
22,364,265
5,829,392
2,992,242
18,075,371
3,362,602
881,051
18,689;899
5,648,610
3,060,761
15,435,888.
3,301,164
471,682
$7,702,639
Net after rents-
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p.
2311.
Advances
invest--.
Cash
9,134,683
117,156
Special deposits.
Loans & bills
38,119
rec
March—
1936
Gross from railway
1934
1935
108,il5
3,986,775
3,462,893
935,061
1933
$1,186,596
325,905
128,007
$1,245,865
383,631
209,349
879,569
313,499
$1,350,010
317,896
Net from railway
Net after rents._
$889,923
116,284
def71,825
3,243,606
677,393
50,082
Net after rents
277,509
:
,
3,260,625
313,166
9,000
2,640,516
305,248
402,654
bond int.accr.
2,217,119
2,756,537
9,116,360
448,093
18,147
2,172,592
4,203,121
Deferred liabil..
—unmatured.
rec.
assets
Deferred assets.
Unadj. debts.-.
Gross from railway
Net from railway..
9,027,882
Fund, debt mat.
400,870
2,782,023
From Jan. 1—
curr.
Int. mat. unpd.
1,389,052
2,865,167
8,463,762
312,033
36,015
2,596,992
4,269,033
Mat'ls & suppl's
Int. & divs. rec.
Oth.
2,231,278
5,309,939
537,415
Conv. adj. mtge.
bal. receivable
Misc. accts.
147,793
bals. payable.
-
Traf. & car serv.
& conductors.
Earnings.—
2,214,764
5,906,339
Misc. accts. pay
11,330,462
unpaid
7,033,703
2,620,826
204,351 Unmat. int. accr
8,813,090 Unmat. rents ac¬
crued
305,408
1,020,255
462,367
52,163 Other curr. liab.
Due from agents
Chicago & Eastern Illinois Ry.-
—V. 142, p. 2311.
Notes
Other
unmatured.463,718,438 476,443,182
Loans & bill pay.
5,839,666
6,249,491
Traf. & car serv.
Miscell. physical
Inv.in affll. cos.;
Gross from railway
Net from railway
205,778
debt—
Funded
mtgd. prop'ty
property
Chicago Burlington & Quincy RR.- -Earnings.
$
105,175,913
119,307,300
107,048
Preferred stock. 119,307,300
leased
railway
Common stock
Depos. in lieu of
to banks.
on
S
105,158,522
Liabilities—
equip..681,100,991 681,984,319
Impt.
1934
1935
1934
S
Assets
Road &
The company is not indebted to Reconstruction Finance Corporation,
the Railroad Credit Corp., the Federal Emergency Administration
of
or
55,352
Add'ns
to
thru.
357.473
42,975,318
2,221,827
49,117,163
prop,
Income
and surplus
516,301
497,688
43,104
..
43,104
72,792,185
Fund, debt ret'd
thru.
and
def281,981
52,119,002
2,990,889
Unadj. credits.. 51,962,236
Corp. surplus:
Income
surplus--
Deficit
93,253,613
.
Total
741,033,292 743,632,700
Total..
741,033,292 743,632.700
Chicago Great Western RR.—Earnings.—March—
1936
Gross from railway
Net fro
m
railway
Net after rents
1935
1934
$1,450,355
347,551
90,876
$1,156,637
157,773
def51,467
$1,272,252
318,995
97,447
$966,019
111,711
defl22,893
3,801,237
411,105
def315,581
3,396,649
388,318
def267,692
3,500,185
747,869
55,339
2,893,016
325,309
def404,915
From Jan. 1—
Gross from railway
Net from railway
Net after rents
common
12 }>£ cents per share 'n
regular quarterly dividend of 37 H cents per share on the
stock, par $5. both payable June 1 to holders of record May 9.
a
A similar extra dividend was paid in each of the four quarters of 1935.
In
addition an extra dividend of 50 cents per share was paid on Jan. 20, 1936,
and Year to Date
1935
1936
1933
1934
941,598
railway
after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
Chicago Mail Order Co.—Extra Dividend—
The directors have declared an extra dividend of
to
March—'
Gross from railway
Net from
Net
—V. 142, p. 2822.
add tion
Earnings for March
1933
$7,171,597
1,486,894
532,116
$7,316,059
1,839,483
862,867
$5,800,009
884,142
def205,232
24,458,742
4,785,738
20,180,978
3,165,786
20,335,849
4,552,800
1,420,655
302,919
1,550,669
17,043,685
2,366,146
def868,792
$8,712,026
2,184,051
—V. 142, p. 2492.
Chicago
Wilmington
&
Franklin
Coal
Co.-
:.50
Accumulated Dividend—
A dividend of $4.50 per share was paid on account of accumulations on
the 6% cum. pref. stock, par $100 on May 1 to holders of record April 28.
Volume 142
Financial
A similar payment was made on Feb.
1, last and compares with dividends
of $1.50 paid on Nov. 1 and
Aug. 1,1935, this latter payment being the first
made
on the
preferred stock since Nov. 1, 1932 when a regular quarterly
dividend of $1.50 per share was distributed.—V.
142, p. 2148.
^
March—
1936
$6,961,441
1,050,931
49,271
Gross from railway
Net from railway
Net after rents....
—V. 142, p. 2661.
1935
$5,790,465
1,019,042
289,006
$6,204,924
1,298,912
576,187
19,465,284
1,731,923
def825,914
Gross from railway
Net from railway
16,494,025
2,448,638
179,562
17,309,218
14,350,511
1,064,615
3,375,714
1,164,676 def1,463,245
1934
1933
$4,849,696
293,353
def564,641
1936—Month—1935
1936—3 Mos.—1935
$6,410,397
$5,505,971 $17,703,379 $15,365,015
5,600,297
4,746.419
16,362,752
13,886,241
525,562
501,120
1,506,522
1,352,236
1,628
5,175
223,511
252,343
646,208
746,224
98,457
102,429
294,539
280,118
Railway oper. revenue..
Railway oper. expenses,
Railway tax accruals x
b
Uncollectible ry. revenue
Equipment rents
Joint facility rents
Net ry. oper. deficit,
b Includes Railroad
Retirement Act accruals
b Includes
accrual
(19367)
$37,430
$97,968
of
Fed.
$937,935
$1,073,686
116,120
120,595
134,232
341,522
ICC classification.
Accruals for
new
Railroad Retirement Act effective Aug. 1, 1934
charged
expenses in 1935 transferred to railway tax accruals for com¬
x
in general
parative purposes.
New
Officer—
15,
1936.—V.
Chicago St.
142.
2312.
1936
Gross from railway.
4,035,144
188,387
def402,013
1, 1957 (upon completion of this financing
outstanding series A and series B bonds), will be
secured, in the opinion of the company's counsel, by a direct first lien on all
of the property and
equipment of the company used for or in connection
with its union passenger station and terminal
facilities, whether now owned
or hereafter
acquired (all such present property being owned in fee or under
perpetual lease, except the right of way for the temporary southwest con¬
1933
$1,212,124
$902,294
23,170
defll3,621
142,040
def23,964
251,585
97,510
3,294,512
325,626
defl34,821
3,491,834
671,620
234,009
1935
$
Liabilities—
,477,999
52,814,163
48,674,715
4,084,063
11,498,934
Accts. payable..
Notes
payable
Notes receivable) 10 ,329~260
/
500,000
417,826
I
7,871,820
Land,
bldgs.,
Stated
Gold
&c
50 ,317,280
Cash
63 ,018,761
Market
6 ,947,692
secur
Bk.loan & drafts
11
Sink, fund cash.
Accts.
receivable/
Inventories....
Other assets
Goodwill
37,,350,081
33,237,310
8 ,303,034
10,784,190
1
1
1 ,485,754
1,660,382
__
Deferred chrgs..
6%
2,739,586
118,802
def302,458
1936
$
capital..
21,571,955
bonds
1935
:.
c-
$
.'•»
21,661,635
25,000,000
debs,
Notes
37,588,991
33,682,303
of
$100)
5,150,500
......
payable
5,000,000
pay.on
6%debs._;
1,507,525
taxes, &c
832,929
1,062,887
3,293,018
849,920
760,245
23,865,307
Earned surplus.
171,543,406
9,194,864
12,574,808
Approp. surplus
Unapprop. surp.
189,229,862
72,751,090
23,958,773
47,380,976
Total.^
v
8,085,544
189,229,862 171,543,406
were
Equip.—owned.
13,991
4,274,177
4,274,177
1,467,985 Non-negot. debt to
949,433
proprietary cos.
Misc.phys.prop. 1,467,985
892,136
7,773
813,956
196,475
2,948
1,576
936,295
Misc. accts. rec...
Mat'ls & supplies.
Rents receivable..
Unadjusted debits
$
stock
3,500,000
3,500,000
Preferred stock
3,000,000
3,000,000
First mtge. bonds.36,000,000 36,000,000
13,991
Cash
Misc.
6,355
815,956
193,164
accts.
wages
625,000
.
Int. mat. unpaid..
Divs. mat. unpaid
Unmat. int. accr..
3,255
4,955
941,003
Deferred
44,238,837 44,307,334
625,000
275,846
17,147
90,018
181,259
585,730
90,036
100,000
4,111
221,198
and
payable.
535,000
liabilities
2,871
192,955
UnadJ. credits
Total
44,238,837 44,307,334
published in V. 142,
t.
The company has called for
redemption on July 1, 1936, all of its out¬
standing $12,000,000 series A, 4H%, and $12,000,000 series B, 5%, 1st
mtge. bonds, due July 1, 2020, ai 107H and int.
Payment will be made
Morgan & Go. or at the office of Kuhn, Loeb & Co.,
142, p. 1811. V-' ' x
at the office of J. P.
in New York.—V.
&c.—
Steele Mitchell and George B.
Young have been elected to the board of
directors to fill vacancies left by W. P.
Belden, deceased, and S. L. Mather,
resigned.
> At directors' meeting following stockholders' meeting, James L. Luke was
elected treasurer and D. R. Forrest was elected Assistant
Treasurer, a
newly created office.—V. 142, p. 2663.
Clinchfield
RR.—Earnings.-
March—
Gross from railway.....
1936
Net from railway
1934
1933
...
s
$473,690
208,086
194,886
$558,457
302,534
296,915
$368,991
162,670
117,370
1,617,724
From Jan. 1—
Gross from
Net after rents
1935
$497,195
207,746
203,246
Net from railway
Net after rents
1,363,896
583,396
543,996
1,542,894
782,066
748,824
1,133,704
509,086
376,735
758,204
739,402
—V. 142, p.2312.
Crank
Co.
(& Subs.)—Earnings—
1936
los| after depreciation and other charges
1935
$13,416
Mrs. Natalie J. Van Vleck has been elected a director to take the place
of her mother, Mrs. Elinore I.
Johnson, who retired on account of illness.
—V. 142, p. 2494.
$18,116
Colorado Fuel & Iron
March—
1936
Gross from
railway
Net from railway
Net from rents
1935
$1,336,340
511,484
393.234
From Jan. 1—
Gross from
railway
Net from railway
Net after rents..
3,818,386
1,408,480
1,081.629
—V. 142, p. 2148.
Cincinnati
Union
1934
1933
$1,082,151
380,597
278,100
$1,129,522
469,248
340,580
$809,461
235,024
157,953
3,094,954
3,121,611
1,217,232
886,940
2,404,112
698,388
515,574
1,003,705
721,930
Terminal
Co.—Bonds
Offered—
Morgan Stanley & Co., Inc., and Kuhn, Loeb & Co. on
May 1 offered at 102^ and int. $24,000,000 1st
mtge.
^lA% bonds, series D, to be unconditionally guaranteed
as to
principal, interest and sinking fund payments, jointly
severally, by endorsement, by the seven proprietary
companies, as set forth below.
railroad
Dated May 1,1936; due May 1,1971. Interest
payable M. & N. in N. Y.
Gity. Guaranty Trust Co. of New York, trustee.
Coupon bonds in denom.
of $1,000, registerable as to
principal. Fully registered bonds in denom. of
$1,000, $5,000 and authorized multiples of $5,000.
Coupon and registered
bonds interchangeable.
Redeemable, at option of company, as a whole or
in
part, upon 60 days' notice, on any int. date at
following prices and int.:
If red. on or before
May 1, 1939, at 107%; if red. thereafter and on or
before May 1, 1942, at
106^% ; thereafter and on or before May 1, 1945,
at 106%; thereafter and on or
before May 1, 1967, at 106% less
H of 1%
for each period of two
years or fraction thereof elapsed from and after
May 1,
1945, to the date of redemption; and after May
1, 1967, and prior to ma¬
turity, at 100%.
Redeemable for the sinking fund upon 60
days' notice
on any May 1, on and after
May 1, 1945, at 100% and int.
Issuance—1The issue, guaranty and sale of these bonds are
subject to
authorization by the Interstate Commerce
Commission.
Legal Investment, in the opinion of counsel, for
savings banks in the
State of New York.
Data from Letter of C. D.
Co.—Reorganization—
J. & W. Seligman & Co., reorganization
managers, on April 29 announced:
The U. S. District Court for Colorado has entered a decree dated April 25,
Cincinnati New Orleans & Texas Pacific
Ry. —Earns.
Company—Owns
General exp
Dec. 31 '35
$
Liabilities—
Common
Colgate-Palmolive-Peet Co.—New Director—
Ball
3 Months Ended March 31—
Net
and
Mar. 31'36
$
35,631,525 35,637,060
railway..T._
After depreciation.
The earnings for the 3 months
ended March 31
p. 2823.
Cincinnati
-
Mar.31'36 Dec. 31 '35
Assets
Invest.—Road
Accrued interest
x
$12,000,000
24,000,000
3,000,000
3,500,000
3,500,000
Cleveland Cliffs Iron Co.—New Directors,
•/
,•
Bros.,
Federal tax prov
Reserves
Total
of Mar. 31, '36 (Adjusted to Reflect Present Financing)
Outstanding Bonds Called for Redemption—
5.000,000
Dodge
Prem.
as
Funded debt—
1st mtge. 5% gold
bonds, ser. C, due May 1, '57_$12,000,000
1st mtge. 3H% bonds, ser.
D, due May 11971-15% cumulative preferred stock (par $100)
3,000,000
Common stock (par
Total
$
raach., equip.,
here¬
Sinking Fund—A cumulative sinking fund, commencing Jan. 1, 1945, of
$75,000 semi-annually is provided for, payable in either cash or series D
Sinking fund moneys are to be applied to the purchase or redemp¬
tion of series D bonds.
It is calculated that such sinking fund payments
will be sufficient to retire
approximately $6,400,000 series D bonds on or
before their
maturity.
Deferred assets.
1936
x
as regards property
bonds.
Chrysler Corp.—Consolidated Balance Sheet March 31Assets—
subject,
after acquired, to the
priority of liens existing at the time of acquisition, for
the retirement of which liens
bonds may be reserved under the first mort¬
gage.
The total authorized issue of bonds under the first
mortgage may not
exceed $46,500,000 at
any one time outstanding.
Bonds may be issued
under the
mortgage, under certain conditions, up to such authorized
amount, which would rank pari passu with the series C and series D bonds.
Special deposits
1934
$1,107,730
1—
Net from railway..
Net after rents....
—V. 142, p.2661.
Ry.—Earns.
1935
$1,407,538
108,430
defl28,215
held
Security—These $24,000,000 series D bonds, together with $12,000,000
,
Paul Minneapolis & Omaha
March—
Gross from railway.
Net from railway..
Net after rents
From Jan.
p.
are
General Balance Sheet
f
E. M. Durham Jr., chief executive officer of the
company, announced
the appointment of J. D.
Farrington as chief operating officer, effective
May
Chicago & St. Louis Ry.
series C 5% bonds, due
May
and retirement of the
Capitalization Outst.
unemploy.
insur.
effective Jan. 1, 1936..
34,966
103,004
a Effective Jan.
1, 1936 included in appropriate revenues, account
UTlOUU
The properties of Cleveland Cincinnati
nection which is held under
lease), but
Chicago Rock Island & Pacific Ry.—EarningsPeriod End. Mar. 31—
2991
Ohio Ry., Cincinnati New Orleans & Texas Pacific
Ry., Cleveland Cincin¬
nati Chicago & St. Louis
Ry., Louisville & Nashville RR., Norfolk &
Western Ry. and Pennsylvania RR.
by New York Central RR. under a 99-year lease, effective Feb. 1, 1930,
under the terms of
which, among other things, the lessee assumes obligation
to the lessor in respect of its
guaranty of these bonds.
Chicago & North Western Ry.—Earnings.-
Net after rents
From Jan. 1—
Chronicle
1936, confirming the "plan of reorganization of the Colorado Fuel & Iron
(and the Colorado Industrial Co.) dated March 1, 1935" following a
on March 12 and 13, 1936, in the reorganization proceedings.
The new company provided for in the plan has been
organized under the laws
of Colorado and a copy of its certificate of
incorporation has been filed
with and approved by the court.
The Court has fixed May 22, as the date for an adjourned
hearing at
Co.
hearing held
which the Court will consider the form of the various documents and the
remaining steps to be taken to carry out the plan.
The new securities
provided for in the plan will not be ready for distribution until after this
hearing and after the properties have been transferred to the new company.
Notice of such distribution will be given at that time.
In the meantime,
holders of the Colorado Industrial Co., 1st
mtge. 5% bonds and of pref.
stock and
common stock of the Colorado Fuel & Iron Co. need
not take any
action in order to obtain the new securities.—V.
142,
p.
Colorado & Southern Ry.March—
1936
Gross from railway
Net from
railway——
Net after rents..
1935
1934
....
Net after rents
1933
$527,672
80,189
1,116
$446,510
def2,545
def71,629
$397,177
58,905
def 16,108
$369,869
24,193
def50,762
1,527,434
218,430
def6,622
1,270,715
75,497
defl30,301
1,174,282
167,109
def50,220
1,120.848
124,408
def92,645
From Jan. 1—
Gross from railway.
Net from railway
,
—V. 142, p.2312.
Columbus & Greenville
March—
Ry.—Earnings.-
1936
Gross from railway
$95,802
1935
1934
1933
7,868
$72,604
defl,447
defl,203
$77,579
6,684
3,130
$50,040
def6,598
def6,320
252,900
15,983
2,217
Net from railway..
Net after rents.
199,188
defl9,151
def21,288
215,593
15,604
6,198
143,084
def28,336
def29,043
14,430
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 2312.
Brooke, Pres., Dated April 29
union passenger station, passenger equipment termi¬
nal and connecting railroad tracks and lines
incident thereto in the City of
Cincinnati, Ohio. Construction of the station and terminal facilities was
completed and they were formally placed in operation on
Commonwealths
a
April 1, 1933,
except that a part of the southwest connection is of
temporary construction
is on a temporary right of
way.
All of the company's outstanding
common stock is owned in equal amounts
by the seven railroad companies
named below as guarantors of these bonds.
Distribution, Inc.—Listing Approved
The New York Curb Exchange has approved the listing of 208,131 shares
of
capital stock, $1 par.—V. 142, p. 2312.
Commonwealth & Southern
and
Purpose—Net proceeds from the sale of these bonds, together with other
funds to be furnished to the company
by the proprietary railroad com¬
panies, are to be applied by the company to the redemption at
107^% on
July 1, 1936, of its outstanding $12,000,000 Series A 4H % and
$12,000,000
series B 5% first mortgage gold bonds, due
July 1, 2020.
Guaranty—These bonds are to be guaranteed, as to principal, interest
and sinking fund payments, jointly and
severally, by endorsement, in ac¬
cordance with the terms of a guaranty agreement dated
July 1, 1930, and a
supplemental guaranty agreement to be dated May 1,1936, by the following
proprietary railroad companies: Baltimore & Ohio RR., Chesapeake &
2824.
-Earnings.—
Corp. (& Subs.)—Earns.
Period End. Mar. 31—
1936—Month—1935
1936—12 Mos—1935
$10,836,867
$9,910,420 $124,946,758 $116,588,614
Operating expenses
5,669,635
4,997,405
63,283,611
58,611,868
Fixed charges
3,306,916
o,383,040
40,996,308
40,161,029
Prov. for retirem't res__
960,o44
869,412
10,671,189
10,054,853
Dividends on pref. stock
749,755
749,743
8,996,952
8,996,746
Gross earnings
Balance
Electric
-
$150,016
def$89,180
$998,697 df$l ,235,883
Output—
Electric output of the system for the month of March
kwh.
as
was 603,160,108
compared with 524,411,788 kwh. hours for March, 1936 an increase
For the three months ended March 31, 1936, the output was
of 15.02%.
Financial
2992
1,791,687,761 kwh. as compared with 1,542,760,077 kwh. for the corre¬
sponding period in 1935, an increase of 16.14%.
Total output for the year
ended March 31, 1936 was 6,664,983,791 kwh. as compared with 5,852,491,048 kwh. for the year ended March 31, 1935, an increase of 13.88%.
Gas
Output—•
Gas
of the system for the month of March was 1,185,617,800
compared with 940,566,600 cu. ft. for March 1935, an increase of
26.05%.
For the three months ended March 31, 1936, the output was
3,895,089,800 cu. ft. as compared with 3,012,787,000 cu. ft. for the corre¬
sponding period in 1935, an increase of 29.29%.—V. 142, p. 2148.
ft.
cu.
output
as
Chemical
Consolidated
Industries,
Inc.—Earnings—
1936
1935
1934
x$106,888
y$115,045
z$126,277
3 Mos. End. Mar. 31—
1933
Chronicle
$78,474
Directors have declared
Equivalent if applied directly to the class A stock and giving no con¬
participating provisions of the shares, to 45 cents a share
no par shares of $1.50 cumulative participating class A preference
x
240,000
stock.
Equivalent, if applied directly to the class A stock and giving
y
no con¬
sideration to the participating provisions of the shares, to 51 cents a share
on
no par shares of $1.50 cumulative participating
The class B common stock is closely held.
225,000
stock.
class A preference
Equivalent under the participating provisions of the shares to 43 cents
on the combined 211,000 shares of class A preference stock and 80,000
In the first quarter of 1933, net profit was equal to
38 cents a share on 205,000 shares of class A preference stock.—V. 142, p.
Stores, Inc.—$4 Preferred Div.—
dividend of $4 per share on the
a
8% preferred
to holders of record May 15.
This will be the first
payment since the regular quarterly dividend of $2 per share was paid on
Oct. 1, 1931.
Consummation of the plan for funding of arrears on the issue has been
postponed, according to H. N. Arnstein, Vice-President, although 75% of
each class of stockholders approved it, pending outcome of a suit brought by
a preferred stockholder in
the Delaware Chancery Court.
In connection
with the above declaration the board stated it intends to authorize further
dividends from time to time so when the proposed amendment to the charter
finally becomes effective, accumulations will not exceed $36 a share, the
amount of arrears as of April 1, last, and which sum was used in formation
of the
See also Y. 142,
plan.
Consumers Power
p.
2664.
Co.—Earnings—
[A Subsidiary of Commonwealth &
sideration to the
on
Retail
stock payable June 1
Net profit after deprec.,
taxes, &c
May 2, 1936
Consolidated
Corp.]
Southern
1936—Month—19351936—12 Mos—1935
Period End. Mar. 31—
$2,477,029 $31,227,315 $29,108,119
1,208,129
15,151,815
14,173,660
384,960
4,902,701
4,765,963
237,500
2,925,000
2,866,500
350,605
4,207,980
4,199.879
$2,715,912
Operating expenses
1,348,392
Fixed charges.
359,797
Prov. for retirem't res..
262,500
Dividends on pref. stock
350,671
Gross earnings.
W x
a
share
shares of class B stock.
1284.
Balance.
$295,833
$394,550
$4,039,818
$3,102,116
—V. 142, p. 2495.
Continental Oil Co. (Del.)—New Vice-President—
Harry J. Kennedy, formerly General Sales Manager of the company,
Consolidated Edison Co. of N.
Income Statement
of Parent Company
company
1936—12 Mos.—1935
5,318,197,100 5315,385,60017972824,300 18182,985,100
Sales of
gas—cu.ft
Operating revenues:
$5,519,302
$5,599,107 $18,939,018 $19,541,280
273,513
sources
460,709
1,686,640
1,842,922
Totaloper. revenues $5,792,815
Operating expenses
3,344,984
Retirement expense
412,538
Taxes
970,633
$6,059,816 $20,625,658 $21,384,203
3,378,092
13,427,892
13,403,084
300,848
1,129,031
1,000,605
844,103
3,481,602
3,164,990
Operating income.$1,064,659
Non-operating revenues.
8,221,927
Non-oper. rev. deduct'ns Dr499,017
$1,536,772
$2,587,132
$3,815,522
10,134,640
35,810,962
41,116,417
Dr519,892 Dr2,007,458 Drl,253,169
Gross corporate inc..
on
has
He
the
for 42 years.—V. 141, p. 3223.
Coty, Inc.—Court Orders Election—
Chancellor Josiah
From sales of gas
Int.
been elected Vice-President in Charge of the Marketing department.
succeeds E. S. Karstedt, who retired a year ago after having served
1936—3 Mos.—1935
Period End. Mar. 31—
From misc.
Y., Inc.—Earnings—
long term debt..
$8,787,569 $11,151,520 $36,390,635 $43,678,769
1,631,317
1,737,500
6,843,817
6,950,000
O.
Wolcott
on
April 22 appointed Albert L. Massey
special master to hold a stockholders' meeting for the elction of directors, on
application of John T. Ryan of Brooklyn, a stockholder.
The corporation, Mr. Ryan contended, held no election in 1934, 1935 or
1936 because of lack of a quorum.
The by-laws provided for an annual
meeting on the first Monday in April.
Mr. Ryan said several directors had resigned and the four remaining had
carried on during an unusually difficult period because their resignation
would have left the company without guidance and would have subjected
the stockholders to the risk of heavy losses.
The petition was filed with the
consent of Paul Leahy, attorney for Coty, Inc.—V. 142, p. 2495.
Crown Cork & Seal Co.—New Directors—
A. K. Shaw, A. C. Nugent and C. E. McManus Jr., have been elected
directors, succeeding Edward W.Diehl and Lloyd H.Diehl.—V. 142, p. 1117.
Misc. int. & amortiz. of
debt discount & exp._
Net income.
81,865
$7,074,387
133,794
456,805
431,991
$9,280,225 $29,090,012 $36,296,777
Dividends declared
cum.
on $5
preferred stock..
Bal. avail, for divs.
$7,074,387
Period End. Mar. 31—
10,496,245
$9,280,225 $18,593,767
$25,800,532
$1,787,207
Shs. com.stk. (nopar)..
1,790,466
Earnings per share
$0.15
11,020,535
1936—12 Mos.—1935
10,854,532
37,832,534
38,209,527
4,743,387
11,538,328
4,491,138
11,199,619
Sales of electric energy—
K M kw.hours
1,279.492
1,177,063
Sales of steam—M lbs__
5,440,670
5,149,460
Operating revenues:
From sales of gas
$11,645,341
From sales of electric
$12,032,305 $41,728,501 $43,539,757
47,165,371
energy
48,743,171
5,142,645
589,454
4,880,293
112,655
From sales of steam__
sources.__
175,113,787 175,488,413
10,852,116
3,374,854
Preferred
,
$1,449,425
1,800.000
Nil
10,537,671
722,378
revenues__$64,542,812 $65,768,427 $231,069,260$230,288,220
28,197,063
28,457,273 110,373,568 111,254,720
5,498,055
5,329,679
19,099,022
19,648,413
expenses
Retirement expense
Taxes (incl. provision for
Federal income tax)..
12,379,448
12,536,942
45,707,632
42,783,643
Operating income
$18,468,244 $19,444,531 $55,889,037 $56,601,443
Non-operating revenues.
91,206
77,379
246,859
474,609
Non-oper. rev. deduct'ns Drll5,201
Drll0,364
Dr470,723
Dr350,462
a dividend of $1.75
per share on account
7% cum. pref. stock, par $100, payable July 1 to
A similar distribution was made in each of the
preceding quarters and compares with $1.25 per share paid on July 2.
75 cents per share on April 2, 1934, and 50 cents per share on Jan. 23,
have declared
holders of record May 29.
seven
1934
,
1934.
Accruals
per
on
the pref. stock after the current dividend will amount to
share.—V. 142,
p.
Gross corporate inc...$18,444,250
long term debt..
Misc. int.,
amortiz. of
debt disc, and exp. and
5,230,513
on
Cream of Wheat Corp. (&
Quar. End. Mar. 31—
profit after charges
Subs.)—Earnings—
1935
1936
Divs.
on
pref.
$364,546
Earns, per sh. on 600,000
shs. com. stk. (no par)
For
the
12
$304,306
31,
1936,
net
433,220
160.298
161.480
2,180,226
1,988,632
642,723
646.728
stock of
-__x$12,756,872x$13,826,338
Applicable to:
$5 cum. pref. stock of
after depreciation and Federal taxes, equivalent to $1.90 a
with $1,159,180 or $1.93 a share for the 12 months ended
Crosley
247,522
Co.
Delaware & Hudson
of New
$21,880,070 $23,367,977
of minority stockholders.—V. 142, p. 2663
Consolidated Mining & Smelting Co. of Canada, Ltd.
—By-Laws Approved—Executive Committee—
Stockholders
amendment to the by-laws raising annual
remuneration of the directors to $1,000 a year from $500.
Another by-law
was voted guaranteeing the recent refund bond issue
of West Kootenay
Power, a subsidiary.
Capital stock split-up on five-for-one basis and
authorization of appointment of an Executive Committee of three members
by the directors were approved.
Following annual meeting, directors appointed Sir Edward Beatty, Sir
Herbert Holt and James J. Warren as members of new Executive Committee
approved
of the Board.^-V. 142, p.
Consolidation
an
2663.
Coal
Co.,
Inc.
(& Subs.)—Earnings—
Earnings for 3 Months Ended March 31, 1936
Coal sales, royalties, &c
Expenses, taxes, insurance and royalties
$10,426,243
9,723,311
$1,482,559,
Stock-—
after rents
$702,932
profit
20,201
$723,133
50,000
_____
secured notes
sale
o_
capital assets, net
Depreciation
Depletion
Federal income and
profit.
r
*
.....
excess
profits taxes
—
"
6,563
265,134
48,084
48,384
x$304,968
x Includes $228,462 from North Western Fuel Co.,
a wholly owned sub¬
sidiary company the capital stock of which is pledged but is without any,
provision for interest on company's 25-year 5% sinking fund bonds.
Inter¬
est on these bonds up to June 30, 1938, is payable currently only if earned
during each six months' period, otherwise at or before maturity of bonds.
Profit and Lot>.\ Account follows: Balance of profit and loss credit at
Dec. 31, 1935. $55,779; profit for quarter ended March 31, 1936, $304,968;
total, $360,474; deduct provision for interest on 25-year 5% sinking fund
bonds payable at or before maturity, $114,902; balance, March 31, 1936,
$245,845.—V. 142, p. 2150.
$1,626,971
def82,799
def33,006
358,991
defl39,913
5,664,989
302.201
6,451,372
966,841
4,850,462
def292.518
116,380
811,520
def481,764
6,026,206
797,924
.
after rents.
142, p. 2315.
—V.
Delaware Lackawanna & Western RR.—Earnings.—
$4,177,996
1,168,423
89,352^-^ 309,239
Net
$3,667,635
431,399
Gross from railway
Net from railway
11,933,184
1,948,360
Gross from railway
from railway
Net after rents
From Jan. 1—
142,
p.
Net ry. oper income
Available for interest
Interest
p.
Denver & Salt Lake
after rents.
after rents
—V. 142, p.
340,896
1,422,663
365,339
1,429,436
$1,081,766
$1,064,097
Ry.—Earnings.—
1934
1933
$126,992
47,117
75,727
$96,642
30,905
19,323
$80,761
9,079
2,320
788,639
424,414
184,948
263,395
311,276
113,489
340,440
119,054
91,535
1935
1—
Gross from railway
Net from railway
Net
$344,369
1936—3 Mos—1935
$5,277,646 $4,319,740
952,684
933,423
345,354
368,056
$195,156
27,938
37,304
1936
Gross from railway
Net from railway
From Jan.
def61,347
„
2496.
March—
Net
1,184,954
830,184
1936—March—1935
$1,764,994
$1,500,582
252,550
308,095
28,347
128,474
31,176
132,239
473,938
476,609
$442,762
Net deficit
142,
9,893,940
1,250,269
Rio Grande Western RR.—Earnings—
revenue
—V.
807,397
10,982,551~~T1,326,679
1,856,057
2,286,117
2496.
Period End. Mar. 31—
Net
1933
$3,460,489
525,459
55,111
-
928,497
after rents
Net
—V.
1934
1935
$3,684,866
637 673
1936
March—
Operating revenues
Total income
$2,275,593
409,093
$1,774,804
38,188
From Jan. 1—
Gross from railway__ J__
Net from railway
Net
1933
1934
1935
$1,754,405
53,572
def45,907
517,272
Gross from railway
from railway
Net
RR.—Earnings.—
1936
March—
Denver &
Operating
Other income
Net
and
petitioned the Ohio Utilities Commission for authority
of 4J^ % preferred stock at not less than par to provide
for redemption of $7,800,000 outstanding 6% preferred stock at 110 and to
reimburse the company's treasury for uncapitalized capital expenditures
which have been validated by the Commission.
Permission also is sought
to amortize the premium to be paid for redemption of the outstanding
stock.—V. 142, p. 621.
Net
on
ended March 31, 1936,
Net sales, $6,847,523; costs, royalties, depreciation, &c., $5,992?292; other deductions, $36,039; Federal taxes. $131,315: net profit. $687,877.
Current assets as of March 31, 1936, amounted to $5,836,567, and current
Dayton Power & Light Co.—To Refund Preferred
187,469
Includes the interest
on
$315,269
$0.57
to issue $10,000,000
on
York, Inc
Interest
1935
1936
$687,877
$1.26
Net profit after depreciation. Federal taxes, &c—
Earns, per sh. on 545,800 shs. com. stock (no par).
stock of Cons.
Edison
Loss
share comparing
March 31, 1935.
The company has
companies held by
minority stockholders
x
$1,143,005
(& Subs.)—Earnings—
Radio Corp.
liabilities were $1,483,324,
comparing with $4,627,832
respectively, on March 31, 1935.—V. 142, p. 2664.
Com. stks. of affiliated
common
was
—V. 142, p. 1286.
$32,563,785 $34,111,745
Co. of
New York, Inc
Bal. avail, for divs.
$0.52
$0.61
profit
$10,496,245 $10,496,245
Net income
Edison
$314,896
$367,740
$0.50
$0.61
months ended March
The consolidated income account for the quarter
296,566
affiliated companies__
Cons.
1933
1934
Net
follows:
misc. deductions
r
$19,411,546 $55,665,174 $56,725,590
4,990,506
20,278,439 49,978,484
$8
2824.
3 Months Ended March 31—
Int.
$957,440
1,800.000
Nil
of accumulations on the
and Federal taxes
Total oper.
1933
1934
$1,778,849
1,790,630
$0.15
Dividend—
The directors
(including Affiliated Cos.)
1936—3 Mos—1935
Salesofgas—M cu.ft...
Operating
1935
1936
and all taxes..
10,496,245
______
Consolidated Income Statement
From misc.
Publishing Co.—Earnmgs—
on
stock
common
Curtis
Quar. End. Mar. 31—
Net earns, after deprec.
2315.
318,836
360,875
79,978
Volume 142
Financial
Derby Gas & Electric
Chronicle
Cor p.'—Accumulated Dividends—
The directors have
declared a dividend of 70 cents
per share on the $6.50
cumulative preferred stock, and a
dividend of 75 cents per share on the $7
cumulative preferred stock, both
payable May 1 tolholders of record April 25.
Like
payments
were
made
on
Feb. 1 last and
regular quarterly dividends of
S1.62H
had been
distributed.—V. 142, p. 781.
on
Quar. End. Mar. 31—
Total
x
Nov. 1, 1935, prior to which
and $1.75 per share,
1934
$40,343
209
def4,219
Net after rents
—V. 142, p. 2151.
117,401
def4,651
defl7,835
$23,204
11,282
$416,685
104,908
261,534
$70,574
31,362
66,285
$103,247
33,687
68,289
$34,486
37,025
71,217
3,346
Dominion
853
106,069
defl 1,681
def30,051
125,559
8,190
defl 0,838
1,303
3,072
def$28,302
def$32
def$76,829
Feb.
V.142,p. 781.
Sales-
Stores, Ltd.
Four Weeks Ended—
25
def4,732
1 228
$46,897
1936
22
Mar. 21
April 18^
1935
1934
1933
$1,413,478
1,452,088
1,513,367
1,510,891
Jan.
125,642
def 7,187
def 23,600
$93,965
9,282
Including depreciation.
1933
$49,457
9,945
3,157
1,956
railway
$1,226,611
1,352,553
1,417,909
1,385,259
$1,373,111
1,481,037
1,528,273
1,505,736
$1,398,267
1,501,638
1,555,614
1,505,417
—V. 142, p. 2316.
Detroit Paper Products
Corp.
Assets—
Cash
x
1935
$41,694
def4,967
$62,698
7,875
Balance, surplus
1936
Net after rents
From Jan. 1—
Gross from
railway
Net from
1933
$625,611
535,463
66,944
Gross income
Int. on under lying bds__
on gen. & rer.
bds._
Amortiz. of discount on
funded debt
2825.
$46,901
railway
1936
hand and
in banks
1935
-Balance Sheet March 31
Liabilities—•
on
Dow Chemical Co.—Stock Increase Voted—
The stockholders at a
special meeting held April 21 amended the com¬
Articles of Association by increasing the authorized amount of
no par value stock from
1,000,000 to 2,000,000 shares and the amount of
1935
1936
pany's
Accts. pay.—trade
$49,399
22,141
$109,140
224,494
7,820
93,185
2,202
Land, bldgs. and
machinery
Def.
charges
to
109,963
11,628
69,104
1,462
317,313
223,426
future operations
14,027
8.471
U. S. Govt,
bonds,
x Notes &
accounts
recelv.—trade..
Miscell. receivables
Inventories
Other assets
22,141
y
(not due)
$103,728
Federal taxes payAccruals
Reserve
for
1934
$683,994
516,894
73,134
Int.
-
March—
V
Gross from
railway
1935
$680,216
538,061
79,456
$386,784
29,901
expenses—
Net oper. income
Total miscell. income
Detroit & Mackinac
Ry.— Earning s.-
Net from
Operating
-Earnings of System-
1J36
$2,932,494
2,221,528
324,182
revenue
Taxes
York Crrb
Exchange has approved the listing of 62,500 out¬
standing shares of 6% cumulative
preferred stock, $20 par, with attached
warrants, and 214,350
outstanding shares of common stock, $1 par.
The
Exchange will also list 62,500 additional shares
of common stock, $1 par.
upon notice of
issuance.—V.
p.
oper.
respectively,
Detroit Gasket &
Manufacturing Co.—Listing—
The New
142,
2993
Denver Tramways Corp.
$41,960
16,414
17,069
20,516
preferred stock from 30,000 to 60,000 shares.
Holders of the company's
7% cumulative preferred stock will have the privilege of exchanging it,
share for share, for the new
5% cumulative preferred stock.
The quar¬
terly dividend at the 7% annual rate will be paid Aug. 15, 1936, on all stock
5,608
over-
applied burden.
Cap. stock (par$l)
5,587
206,000
377,682
Surplus March 31.
-i*
m
»
-
-
-
surrendered for exchange.
Any of the 7% stock which shall not have been
deposited for exchange prior to June 22, will be called for redemption on
Aug. 15, 1936.
z282,630
208,760
The directors took action
providing for
preferred stock for the new
exchange of the outstanding 7 %
5% cumulative and called for
Aug. 15,1936, all its 7% preferred stock, which shall not in
so exchanged.
No additional stock was offered for
cumulative
redemption
on
the meantime have been
$730,584
ioSc
1935.
Total mmi'm
$555,375
$730,584
After
for depreciation,
reserve
snares.
'
Th® earnings
V. 142, p. 2825.
z
Represented by 52,000
for the three months ended March 31
were
sale.—V.
$555,375
reserve lor doubtiul accounts of $3,006 in 1936 and $3,057
y
in
p.
2152.
MLcoko
LJuIutn Missabe
JL
1933
1932
$3,554,326
1,591,027
$2,952,066
1,399,495
$2,562,417
1,263,655
$2,303,580
1,242,199
$1,963,299
323,121
$1,552,571
281,896
157
854
$1,298,762
238,781
2,764
$1,061,381
226,649
8,636
19,782
$1,269,821
18,795
$1,057,217
17,226
$826,095
12,297
148
355
267
92
100
92
Gross operating inc
$1,660,043
Hire of freight cars
(debit
$1,289,062
$1,074,811
$838,496
376,135
16,502
330,434
299,791
12,981
1934
1933
$82,214
def348,651
def369,894
$85,151
def459,315
def469,086
$52,104
def259,348
def300,543
306,438
232,017
261,455
def 1,181,017 defl ,078,788 defl ,239,508
def301,628 def1,148,223 defl ,275,787
163,925
12
92
En™ in no
Earnings
1935
$105,929
def403,426
def444,116
Gross from railway
1934
INortnern Ky.
1936
Net after rents
From Jan. 1—
1935
j\jn^korn
oc
March—
Gross from railway
Net from railway
published in
Detroit & Toledo Shore Line RR. —Annual
ReportCalendar Years
142,
ni.l.if-L
no par
Operating
Operating
revenues
expenses
Net rev. from
ry. oper.
Railway tax
accruals
Uncollectible ry.
rev
Ry. operating income. $1,640,021
Rent from locomotives.
Rent from work
equip't.
Joint facility rent inc
.
balance)
22,619
16,238
287
225
64
165,131
157,321
Net ry. oper. income.
$1,037,662
'Misc. rent income
2,038
Inc. from funded sees
10,583
Income from unfunded
$731,070
1,881
12,607
$570,755
2,547
19,484
securities & accounts.
1,435
1,254
53
37
Gross income
Miscel. rents—income.
$1,051,771
$746,849
85
Interest
Int.
on
$630,195
Duluth
Amort,
of
discounts
85
85
def45,939
,
556
124,092
1,346
1935
6,693
245,378
13,508
def20,638
220.192
161.074
def7,665
10,469
def75,009
def24,467
1935
1934
Liabilities—
Plant, prop., rights,
franchises, &c_.$1,058,377 $1,025,133
Invest, in pref.stk.
of parent co
88
$930,665
900,000
.
""516
$503,599
$271,319
360,000
xl48,560
in
expense
649
$623,564
540,000
$84,340
2,612
$50,190
def27,030
def11,311
East Missouri Power Co.—Balance Sheet Dec. 31Assets—
458
""441
1933
dei£,512
$84,325
10,o54
—V. 142, p. 2152.
126,096
""617
1934
379,894
95,038
19,307
after rents—
Net after rents
530
201
1936
2,247
cess
"
$100)
y
Common stock
363,675
Funded debt
2,247
255,500
1,243
Accounts payableDue to affiliated co
4,568
6,359
5,595
2,495
3,829
Accrued interest--
2,402
2,345
4,447
pro¬
946
of amortiz.
from
1934
$85,800
363,675
296,500
Deferred liabilities
Prepaid accounts &
deferred charges
Due
1935
$85,000
7% pref. stock (par
Debt discount and
Dividends.
362,862
def47,806
defl29,067
def35,383
$112,392
20,509
defl,603
From Jan. 1—
on
charges.
^I'non
$125,543
Winnipeg & Pacific Ry.—Earnings-
Gross from railway
Net from railway
85
471
122,087
funded debt
Miscel income
Net
$399,225
24
funded debt.
unfunded debt..
on
4,236
1933
def 12,624
443,370
1,956
def74,055
444,208
March—
41
9Q7
Miscel. tax accruals
506,788
_—
Gross from railway
Net from railway
2,570
37
120,083
_
1934
$164,087
11,986
def 6,261
22,164
5,394
Net from railway...
Net after rents.
7,866
1,274
_
1935
18,775
Gross from railway.
$368,857
2,444
17,446
36,097
other reserve funds
Miscellaneous income.
1936
$187,888
32,564
Net after rents.
156,482
Income from sinking and
def933,839
Duluth South Shore & Atlantic Ry.
—Earnings.—
March—
Gross from railway
Net from railway
383
170,218
.
def 913,390
—V. 142, p. 2316.
—V. 142, p. 2497.
429,257
Rent for locomotives—
Rent for work
equip't.
Joint facility rents
Net from railway.
Net after rents
Accrued
835
taxes
1,082
6,964
3,842
Acer. divs. on pref.
parent
'
i
Balance
x
2,924
82,136
company
$30,665
In addition
$83,564
$143,599
$122,759
company paid a special stock dividend of 110% ($1,572,000).
Cash
*
.-.-I-.
stock
1935
1934
$
Special deposits
Traffic
&
car
vice bal.
529,015
110,000
65,565
ser¬
receiv.
vice bal. payable
payable..
223,899
151,776
4,702
60,120
60,070
Audited accts. and
Misc. accts. pay.;.
Int. matured unpd
Unmat. int. accr..
73,895
118,987
dends receivable
3,397
3,416
"5,743
3,217
143
911
Unadjusted credits
1,579,874
1,488,401
Addition
241
629
235,117
30,436
debits
237,052
19,883
918
liabils.
curr.
Deferrert
assets.
17,846
liabilities
Other
to
through
and
surplus
Capital surplus
Surplus
x
After
1934.
Total
$1,175,315 $1,183,701
y
reserve
April 25,
page
Eastern
2826.—V. 142,
1,856
Total1...
Earnings for March
March—
1936
Gross from railway
Net from railway.
Net
after rents
Year
1935
$363,446
216,446
120,944
$355,344
201,195
102,059
From Jan. 1—
Gross from railway
Net from railway
and
2,616,298
Period End. Mar. 31—
2826.
(& Subs.)—Earnings-
1936—Month—1935
Net after rents
1,070,661
644,358
367,830
10,808,711
Date
1934
$384,279
244,106
146,473
K
1,168,858
710,053
395,756
1,022,584
636,207
359,871
—V. 142, p. 2315.
Maintenance
res.
accruals
$712,471
328,760
29,007
60,416
82,991
46,363
$8,506,287
4,159,886
342,384
725,000
960,639
571,782
,270,277
3,918,965
321,631
725,000
999,321
564,761
$164,932
$1,746,595
77,652
27,230
30,126
$1,740,596
77,652
$1,611,586
$1,560,137
Preferred dividend B, V. G. & E. Co.
Applicable tb minority interest
Applicable to Eastern Utilities Associates
1933
$182,171
78,822
23,397
687,537
373,050
176,354
Ebasco Services,
Inc.—Weekly Input—
For the week ended April 23,
March—
1936
Gross from railwayNet from railway.
after rents
From Jan.
_
Net after rents
142,
p.
$712,435
426,144
311.585
$269,163
2,839,640
1,708,606
1,252,794
1,854,962
1,060,359
779,795
910,988
362,672
211,324
2152.
Discount
101,329
75,955
Co., Electric
Power
,
a
the kilowatt-hour system input of
&
Light Corp. and National Power & Light Co.,
compared with the corresponding week during 1935, was as follows:
director of this company.—V.
as
-Increase-
1936
National Power &
—V.
142,
p.
Light Co--. 80,916,000
2826.
1935
86,163,000
33,911,000
67,986,000
Amount
16,169,000
6,159,000
12,930,000
18.8
18.2
19.0
Economical-Cunningham Drug Stores, Inc.—Earnings
6 Months Ended March 31—
Corp. of New York—New Director—
Art emus! L. Gates has been elected
p.1288.
1933
$1,015,523
617,441
443,297
1—
Gross from railwayNet from railway.
—V.
1934
2,245,544
1,272,454
912,333
_
Net
1935
$805,721
459,094
330,76 1
-
1936,
the operating companies which are subsidiaries of American Power & Light
American Power & Light Co.-.102,332,000
Electric Power & Light Corp.. 40,070,000
RR.—Earnings.—
49,500
53,307
—V. 142, p. 2316.
Operating Subsidiaries of—
Detroit Toledo & Ironton
1936—12 Mos —1935
$719,825
353,224
28,720
60,416
90,878
43,499
$143,086
Operation
Balance
11,029,256
to
70,319
—$1,175,315 $1,183,701
1,856
2,648,066
Profit & loss credit
.11,029,256 10,808,711
....
<159,615
198,382
61,592
no par shares.
Utilities Associates
Gross earnings
Retirement
p.
Pref. div. P. G. Co. of N. J
Total
1,501
~
for uncollectible accounts of $2,695 in 1935 and $2,664 in
Represented by 14,547
Taxes (incl. inc. taxes)._
Interest & amortization.
prop,
income
balance
15,017
1,122
180,716
198,382
Note—The income account for calendar years was given in "Chronicle" of
434,714
109,365
32,995
3,000,000
3,033,400
504,853
113,663
Materials and sup¬
plies
Interest and divi¬
Deferred assets
3,000,000
3,000,000
17,939
10,017
Total
$
ser¬
179,311
Misc. accts. recelv.
curr.
car
138,452
35,977
from agents
Unadjusted
&
wages
Net bal. receivable
Other
Long-term debt...
Traffic
liabil.
1934
$
Capital stock
9,468,139
818,342
110,000
60,120
Time drafts & deps
Liabilities—
S
Investm't In road,
equipment, &c_ 9,343,968
Cash...
1935
17,833
Materials and supp
Comparative General Balance Sheet Dec. 31
1,487
curr.
Reserve
and notes receiv.
Assets—
Miscell.
113,941
Customers' accts.
1936
$3,373,268
$1.42
charges
Earnings per share on common stock
—V. 141. p. 4014.
1935
$3,974,698
283,441
Sales
Net income after
$1.27
262,290
Electric Boat Co.—Director—142
A. L. Moeldner has been elected
V. 140, p.3386.
a
director to succeed A. S.
Roberts.—
Financial
2994
of Boston—Earnings
Edison Electric Illuminating Co.
Period End. Mar. 31—
Operating revenues
Operating expenses
Depreciation,
Uncollectible
1936—Month—1935
1936—12 Mos.—1935
$2,611,711
$2,592,592 $30,161,319 $29,822,839
1,101,440
1,031,630 13,162,391
12,141,897
288,333
288,333
3,460,000
3,055,000
12,000
20,000
165,801
240,000
505,400
501,000
5,496,774
5,666,417
-
.
.
revenue-
Taxes accrued
rents
Interest and discount
Income balance
-V. 142, p.
$7,876,353
223,815
Falconbridge Nickel Mines, LtdL- -Earnings—
$774,500
4,759
244,994
$8,100,168
83,319
3,097,456
$8,931,813
79,920
3,543,183
$524,747
$4,919,393
$5,308,710
1935
1934
$ ;l,289,317
$1,073,496
435,031
295,175
342,180
206,039
$560,737
39,828
def81,677
3,559,725
1,120,186
763,068
2,534,875
504,261
134,286
1,711,073
115,155
def280,300
359,927
4,261,292
1,258,810
Net from railway
Net after rents
—V. 142, p.
864,693
2317.
■To
Engineers Public Service Co.-
the number of shares.
1
2,548,326
1,215,067
$579,119
1,167,435
$427,127
53,700
51,000
180,075
138,206
1,124,112
$517,766
45,000
120,472
554,352
$331,185
30,898
93,546
$345,345
(& Subs.)—Earnings—
Federal Screw Works
1936
sales
Selling, administrative and general expense
Depreciation
1935
$72,565
43,021
Gross profit on
$82,852
57,237
28,674
$870
[Including Chicago &Erie RR.]
1936
1935
1934
1933
$6,457,357
1,695,911
$6,094,835
1,655,415
1,104,249
$7,123,687
2,499,847
1,892,932
$5,215,071
1,121,362
491,379
17,736,882
4,613,408
2,888,883
18,861,068
5,718,177
3,879,691
15,582,428
3,432,739
1,440,951
March—
from
railway
railway
1,153,873
Net after rents
From Jan. 1—
Gross from railway
19,341,430
5,104,238
Net from railway
Net after rents
3,381,225
142, p. 2498.
Pipe Line Co.—Earnings—
1935
Calendar Years—
Gross oper. income
Total
$870
10.369
Oper. and general exps__
1932
Not
Other income
Total income
$9,499 prof$16,760
Net loss before Federal taxes
142,
P.
2318.
(Marshall) Field & Co. (& Subs.)—Earnings—
$23,811,415 $23,151,856 $22,058,300 $15,433,200
94,532
442,734
762,000
2,073,500
Net loss after all charges
During the first quarter of 1936 sales of discontinued lines were $1,081,000
according to James O. McKinsey, Chairman.
"Discontinued lines are those
liquidate when we adopted the policy to discontinue jobbing,"
McKinsey stated.
"The inventory of these discontinued lines on
No loss will be incurred in liquidating this inven¬
tory."—V. 142, p. 1465.
we
decided to
Mr.
March 31 was $146,000.
Earns, per sh. on
common
-Earnings—
(& Subs.)
3 Months Ended March 31—
Net profit after charges & Fed.
Florence Stove Co.—Calls
Preferred Stock—
Directors voted to call the remainder of the
company's outstanding pre¬
In
a
letter to stockholders Robert
Inc.—Recapitalization—
S. Byfield, President, announced that
assuring adoption of the plan as of May 6.
This plan, in effect, will result
a $50 debenture, with escrow receipt representing one share
of common stock attached, receiving in exchange eight shares of common
stock, the debentures to be retired.
3 Months Ended March 31
$97,716
Dr958.329
200,000
200,000
loss$22,383
Dr28,245
200,000
sur$2,400,175
335,529
$219,213
554,742
$1,060,612
1,615,354
$250,628
1,865,983
2,838
2,160
$837
2,820
2,364
x$4,043
$4,347
$956
$335,529
$554,742
$1,615,354
Operating
expenses
Interest on 5% debentures,
Deficit (before
Profit & loss surplus._
$2,735,705
Balance Sheet Dec.
Plant.
1935
x
over
Deferred
Accounts
Surplus
profit
was
an
sale of securities)
on
of operating expenses and debenture interest
the three months ended March 31, 1936, for this
excess
interest earned during
1934
$2,500,000 $5,000,000
34,574
credits._
41,867
payable.
151,565
215,330
y2,735,704
335,529
Taxes accrued
investments
As there
series A
period there were no net earnings (as limited by the certificate of incorpora¬
tion) which would be required to be distributed at the end of the year.
As at March 31, 1936, the accrued interest since the last payment date per
$100 debenture was $0,416.
Statement
Capital stock
$3,335,548 $3,539,319
1,415,312
1,648,794
Deferred debits...
164,074
Accts. receivable..
204,451
172,878
Mat'l & suppl's...
28,346
Cash
315,980
189,867
Other
31
Liabilities—
1934
1935
Assets—
x
1935
1936
Cr2,498,742
Balance, deficit
Previous surplus
of Surplus for the 3 Months Ended
March 31, 1936
$60,821
Capital surplus—Balance, Dec. 31, 1935
____
Excess of amounts received on issuance of 5% debs., series A,
with
escrow
principal amount
receipts annexed, over the
4,814
of debentures issued
-
$65,635
Total
Total
$5,550,8591
...$5,463,712
.$5,463,712 $5,550,859
Total
After depreciation of $7,251,815 in 1935
(1934, $7,241,609).
y Com¬
prised of $235,704 earned surplus and $2,500,000 paid-in surplus.—V. 140,
p. 2862.
x
stock
ferred stock issue, amounting to a little less than 3,000 shares.
The
will be redeemed at 110 and dividend on June 1.—V. 142, p. 1465.
in each holder of
comparable
$57,494
Dr76,707
200,000
Dividends
$0.15
Nil
Nil
stock--
Gross sales, less returns and allowances, for the quarter totaled $2,029,589, against $2,666,066 in March quarter of 1935.—V. 142, p. 1816.
Income Statement
$101,433
Surplus adjustments
$120,287
$42,745
taxes.loss$268,511
423,405 shs. (par $1)
307
income
1934
1935
1936
Interest earned
Net
1933
1934
1935
1936
Quar. End. Mar. 31—
Net sales.
$101,740
deduc'ns.
$36,907
20,147
instructions consenting to the recapitalization of the company had been
received from holders of more than 60% of its 5% debentures, thereby
$31,990
69,750
income
-
Income charges.
Foreign Bond Associates,
1933
1934
$1,452,881
1,279,319
141,571
Taxes
$25,615
11,291
income
Fisk Rubber Corp.
RR.—Earnings.—
Miscellaneous
2,721,544
3 Months Ended March 31—
Preferred Stockholders to Elect Directors—
Owing to the failure of the company to pay more than eight quarterly
on the preferred stock, holders of those shares of record of April 23
will be entitled, as a class, to elect 7 of 15 directors to be chosen at the
coming annual meeting.
Charles D. Barnes, John A. Morris and Thomas W. Streeter, holders or
representatives of holders of preferred stock, have been asked by the manage¬
ment to act as a proxy committee for the holders of said stock, and have
advised that their intention is to vote for H. L. Ferguson, A. Fletcher,
P. A. S. Franklin, A. W. Page, R. Winthrop, A. C. Forbes and H. J. Pritchard, all of whom either hold or represent preferred stock.
The first five
now are serving as directors.—V. 142, p. 2826.
Net oper.
839.597
1,439,016
$237,921
$352,293
$206,740
Note—Above figures exclusive of non-operating revenue.—V. 142, p.1816.
—V.
dividends
Eureka
1,204,959
2,219,782
Operating profit.
vote upon a reduction of the amount of capital of the company from
$99,135,146 to $42,985,601, by reducing the amount represented by out¬
standing common shares of no par value from $58,059,513 to $1,909,968,
and changing the common shares into stock of $1 par value without altering
—V.
1,262,884
be held May 18 will be asked
to
Net from
1,264,668
Net profit
Other
The stockholders at their annual meeting to
Gross
2,000,721
Change Par Value of
Common Stock—
Erie
2,536,732
1933
1—
Gross from railway
45,794
2,760,457
Deprec. & def'd develop.
1936
From Jan.
64,406
Provision for taxes
$1,534,289
514,621
Net after rents
73,238
2,876,608
(lbs.)
Copper in matte produc'd
(lbs.)
Refined nickel produced
(lbs.)
Refined copper produced
(lbs.)-..
Gross operating profit..
Elgin Joliet & Eastern Ryv —Earnings.—
Gross from railway.
Net from railway
81,193
Nickel in matte produc'd
2666.
March—
1933
1934
1935
1936
3 Mos. End. Mar. 31—
treated
$8,719,525
212,288
$471,556
Gross income
Miscellaneous
$751,629
22,871
$736,761
5,585
259,620
income
Non-operating income.-
1936, including $1,911,883 cash and mar¬
ketable securities, amounted to $2,967,153, and current liabilities were
$613,337.
This compares with cash and marketable securities of $1,523,331,
current assets of $2,736,936 and current liabilities of $644,297 on March
31. 1935.—V. 142, p. 2155.
Current assets as of March 31,
Tons
$704,538
32,223
Net oper.
May 2, 1936
Chronicle
1935
1934
1933
$17,769,983 $16,574,139 $15,922,280
Years End. Jan. 31—
1936
sales
....$17,096,377
of 485 shares
Balance
Earned
surplus
7,777
$57,858
•
(before increase in market value of securities
as a separate item on the balance sheet,
owned—added
(The) Fair, Chicago—Earnings—
Net
Portion of redemption price paid on the redemption
common stock applicable to capital surplus.
amounting to $8,344):
Balance, Dec. 31, 1935
$40,864
Profit realized from sale of securities
(based on average cost),
20,121
$22,712; less provision for Federal income tax, $2,591
Cost of goods sold, gen.,
16,201,755
16,205,259
391,091
selling & adm. exps
Deprec. & amortization.
16,818,443
238,977
17,382,805
236,090
Net prof, after deprec.
$38,957
77,324
$151,089
134,327
$128,694 def$674,070
106,124
145,877
$116,282
13,498
$285,416
32,992
$274,572 def$567,946
Miscellaneous income
Prov. for Federal taxes.
Prov.
on
_
243,689
24,000
Balance of surplus
for possible losses
receivables in add'n
to normal
100,000
charge
$102,783
$252,423
490,000
$53,827
$250,572 def$667,946
306,250
$387,217
dividends
Deficit
191,100
$250,572
$859,046
1936
Assets—
$
$
,
5,866,278
1
1
14,995
39,280
189,384
153,542
660,943
1,993,682
2,750,762
115,953
1,092,350
Tax antic, war'ts..
Deferred charges..
Cash
Receivables
Inventories
Total
$
Liabilities—
Preferred stock
x
Common stock._
1,970,581
2,875,435
11,268,254 12,149,263
Prov.
for
3,500,000
5,085,357
30,000
Reserves
acc'ts, cl'ms, &c.
x
1936
1935
5,694,328
Good-will, &c
Sundry investm'ts,
1935
$
3,500,000
5,085,357
30,000
Federal
18,350
income tax
Surplus
Accounts
—
Accruals
Total
1,485,342
39,000
1,975,415
940,435
768,736
61,250
319,219
to be paid out as dividends once in each year.
However, earned surplus
resulting from such profits may be declared as dividends.
After allowance
for the fiscal agent's fee applying to dividends, the earned surplus applicable
to each two shares of common stock outstanding on March 31, 1936, was
$24.17.
Balance Sheet March 31
1936
Cash in bank
Receivable
$34,748
Net profit after depreciation. Federal
taxes, &c__-._
Earnings
per
common
share
244,196 shares
$5)
on
stock (par
1936
$255,917
$1.04
M
payable—Fiscal
530
Accr'd int. on 5% de¬
255,810
278,773
bentures, series A._
Accrued int. receivable
725
1,063
Prov.for Fed. taxes.-
Deferred charges,
690
717
Securities
owned
&c.
^
253
agent's fees
Accrued
expenses
$31,576
694
8,822
1,095
[264
rl9ie
5,829
i
550
\
5% debs., series A, due
Sept. 1, 1948
166,750
Common
stock
(par
219,900
1,000
112,044
1,000
65,489
$0.10)
Surplus
1
2587.
1934
$250,292
$504,279
$1.02
$2.06
^
l
Acc'ts
27,091
$293,769 $325,524
Total.
.$293,769 $325,524
agreement dated Oct. 6, 1933, with the fiscal agent,
is obligated to pay to the fiscal agent an amount equal to
10% of any dividend that may be declared, and upon termination of the
agreement, 10% of the earned surplus and undivided profits of the com¬
pany; no provision has been made in the above balance sheet for any such
payments which may be made subsequent to March 31, 1936.
Note—Under the
1935
$3,107
206
receivable
1935
for securities
purchased but not
1,589
livered
Miscellaneous accounts
12,149,263
Co.—Earnings—
3 Months Ended March 31—
1936
Liabilities—
Payable
received
ties sold but not de¬
Total
Products
1935
$17,348
for securi¬
183,750
395,306
11,268,254
payableDividends payable
Represented by 372,100 shares of no par value.—V. 141, p.
Evans
$104,847
—
Note—The certificate of incorporation requires that any profits from the
earnings required thereby
Assets—
Comparative Balance Sheet Jan. 31
Fixed assets
March 31, 1936-
7,062
sale of securities shall be excluded from the net
Net profit
Preferred
$60,985
4,042
2,890
1
Excess of oper. exp. and deb. int. over interest earned
Dividend paid Jan. 15, 1936 (75c. per share)
Portion of redemption price paid on the redemption of 485 shares
common stock applicable to earned surplus
Total
the
company
Chronicle
Financial
Volume 142
As at March 31,
amounted to $163.96.—V.
Net after rents....
From Jan. 1—
the research
work of a predecessor syndicate which had been engaged in
development since June, 1931.
Corporation has constructed or sold houses for construction in Minne¬
sota, Wisconsin, Michigan, Indiana, Iowa, Connecticut, Massachusetts
and New Jersey, and has dealers or houses under contract for sale in these
and other States.
The corporation has arrangements with leading manu¬
facturers of materials and equipment from whom the parts used in its
products are purchased.
The corporation distributes its products direct
and is also in process of developing a nation-wide General Houses dealer
organization.
Management—Active management is in the hands of the following officers
and directors: John Cummings Lindop, Chairman, Howard T. Fisher, Pres.,
Renslow P. Sherer, Arthur Fisher, Vice-Pres., Chicago; Frederick T. Fisher,
New York; Frederick W, Smith, Treas., R. Graham Hagey, Vice-Pres.
and Philip W. Moore Jr., Sec., Chicago.
Purpose—The purpose of the issue is to provide working capital to take
care of the business of the corporation and the
necessary tooling and working
capital in connection with the distribution of its products, especially its
Ry.—Earnings.—
1936
$1,184,853
508,719
360,475
\
1933
1935
1934
$1,088,764
370,074
234,182
$1,172,269
555,001
426,393
$992,175
2,806,620
794,937
431,223
3,032,238
1,293,592
915,193
2,688,360
1,179,785
818,796
490,462
362,594
,
Gross from railway
Net from railway
3,129,071
1,213,824
852,557
Net after rents.
—V. 142, p. 2318.
Fort Smith & Western
March—
Ry.—Earnings.—
I 1936
Gross from railway
Net from railway
Net after rents
1935
$59,402
5,735
def3,612
From Jan. 1—
Gross from railway
Net from railway.
1933
1934
$48,555
def2,140
def8,684
$50,600
1,878
def4,484
$50,115def918
def6,079
low-cost
Balance Sheet Jan. 18, 1936
202,182
43,186
168,717
11,627
def9,069
17,359
169,502
14,951
def2,841
159,435
7,425
Fort Worth & Denver
March—
i;
Furniture and fixtures
1935
1934
$408,056
72.311
14,637
$418,494
136,103
75,086
1933
$364,014
100,838
48,695
1,144,570
1,253,765
1,134,657
183,183
13,950
413,573
234,664
338,343
189,204
Total.
announced
his
resignation
142, p. 1983.
General Motors
Quar. End. Mar. 31—
losses of sub.
$273,666
178,310
5,550
9,750
bonds of subsidiary company
on
pref. stock of subsidiary company
400
additional
expense
2,422
construction contracts
Deposits
on pending contracts..
7% pref. stock
Common stock (par $5)
5,107
1,250
337,935
......$352,801
Total
142, p. 2828.
Corp.—Earnings—
1936
,
1935
1934
4
1933
J.$341,306,065 $251,674,903 $205,124,080 $120,000,163
$452,960
155,908
5,850
9,750
&
affil.
52,464,174
31,510,371
sh. on com.
after pref. dividends._
1935
1936
Profit for period.
Provision for depreciation
on
on
for
not consolidated.
$1.17
$0.68
cos.
Earns,
Earnings for 3 Months Ended, March 31 (Incl. Subs.)
Dividend
Reserve
Net earns., incl. equities
in undiv. profits or
Vice-President of this
as
$5,687
payable
Accrued taxes
Machinery Corp.—Consolidation Abandoned—
♦Net sales.....
company, effective April 30.—V.
Interest
Accounts
See Niles-Bement-Pond Co. below.—V.
(Robert) Gair Co., Inc.—Vice-President Resigns—
has
187
1,187
306,024
$352,801
General
—V. 142, p. 2318.
Bursch
196
Development and organiz. exp.
1,381,375
415,841
232,731
From Jan. 1—
Gross from railway
Net from railway
Net after rents
900
Inventory
Prepaid rent, &c., expenses
City Ry.—Earnings.—
$470,426
148,254
81,852
_
4,898
Materials, &c
deft,292
1936
Gross from railway
Net from railway
Net after rents
H.
Liabilities—
$39,409
Accounts receivable
—V. 142, p. 2318.
R.
house.
Asse/s—
Cash
Net after rents
,
Dec. 1, 1932, the corporation at that time taking over
on
research
142, p. 2498.
Florida East Coast
March—
Gross from railway.
Net from railway
2995
by the corporation
1936, the asset value oer $100 debenture with escrow
receipt annexed (the net asset value of two shares of common stodk, as
defined in the indenture, plus the principal amount of one such debenture)
29,319,523
6.870,007
$0.63
$0.11
per
t
♦Excluding inter-divisional transactions.
Alfred P. Sloan Jr., President, issued the following statement April 27:
"Net earnings applicable to the common stock for the first quarter
ended March 31, 1936, were equivalent to $1.17 per share on the average
shares outstanding during this quarter. This compares with earn¬
ings of $0.68 per share for the first quarter ended March 31, 1935.
"Net earnings applicable to the common stock for the 12 months ended
March 31, 1936, were equivalent to $4.18 per share on the average common
shares outstanding during this period.
"Net earnings available for dividends, including equities in the undi¬
vided profits or losses of subsidiary and affiliated companies not consoli¬
dated, for the first quarter ended March 31.1936, amounted to $52,464,174,
compared with net earnings of $31,510,371 for the first quarter ended
March 31, 1935. After deducting dividends of $2,294,555 on the preferred
stock, there remains $50,169,619, being the amount earned on the common
shares outstanding, which compares with earnings on the common stock of
$29,215,816 for the first quarter ended March 31, 1935.
•
?
"Net earnings available for dividends, including equities in the undivided
profits or losses of subsidiary and affiliated companies not consolidated,
»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. •> •
"Gash, United States 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 transac¬
tions, for the first quarter ended March 31,1936, amounted to $341,306,065,
compared with $251,674,903 for the first quarter ended March 31, 1935.
"Net sales of General Motors Corp., excluding inter-divisional transac¬
tions, 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 3i, 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."
common
Profit for period before providing for interest
on
income notes and income taxes *
*
to
$80,056
$281,451
The provision for interest on income notes and income taxes amounts
approximately $60,000.—V. 142, p. 1983.
General
American
Transportation Corp.—Stock Sub¬
Offering—
scribed—No Public
It
announced April 29 that out of the 169,600 shares of stock recently
offered to stockholders of the corporation, more than 162,700 shares had
been subscribed. * The small amount of unsubscribed stock is
was
being pur¬
Kuhn, Loeb
chased by the underwriters and will not be publicly offered.
& Co. was the principal underwriter.—V. 142,
p. 2827.
General Asphalt
Co.—Earnings—
Period End. Mar. 31—
loss after deprecia¬
tion. taxes, &c_
1936—3 Mos. -1935
1936—12 Mos.—1935
•Net
x
•
$88,471
Adjusted.—V. 142, p. 2318.
General Cigar Co.,
j,
Quar. End. Mar. 31—
Profit after charges and
Federal taxes (est.)..
Com. stk. outst. (no par)
Earnings per share
—V. 142, p. 784.
x$5G,352
(
:
;
prof$8,611
$186,320
■;
Inc.—Earnings—
1936
1935
1934
$327,778
472,982
$0.51
$323,995
$335,277
472,982
$0.52
472,982
$0.50
1933
-
$110 203
472,982
$0.04
.
General Electric Co.—New Treasurer—
J. W. Lewis, who since 1923 has been assistant to President Gerard
Swope,
elected Treasurer of the company at the meeting of the board of directors
was
held April 24.
He succeeds R. S. Murray, who is retiring on May 1 because
of ill health, after 43 years service with the company.
Prices of
Lamps Cut—
A reduction
averaging 20% in the list prices of larger-sized Mazda lamps,
effective May 1, was announced on April 24 by Gerard Swope, President
of the company.
This constitutes the
company's 18th major price reduc¬
tion in lamps since 1921.
Popular types of lamps which have been reduced in list prices are as follows:
150-watt "clear" and inside-frosted types, from 35 cents
to 25 cents;
200-watt "clear," from 55 cents to 45 cents; 300-watt "clear," from 90 cents
to 75 cents; 500-watt "clear," from $1.55 to
$1.40; 150-watt "daylight,"
from 65 cents to 50 cents; 200-watt
"daylight," from 90 cents to 80 cents;
300-watt "daylight," from $1.35 to $1.20; 500-watt "daylight," from $2.30
to $2.15; 50-100-150 "indirect three-light," from 80 cents to 60
cents; and
100-200-300 "indirect three-light," from $1 to 80 cents.
The company has notified the New York Stock
Exchange that
at
on
and after
Room 304,
Deliveries of stock upon transfer will be made at Room 939, 120 Wall St..
New York, N. Y.—V. 142, p. 2828.
Foods
Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1936
1935
1934
Gross profit
x
...$11,792,233 $10,214,455 $12,718,908
Exp. & other charges-.
7,115,443
6,376,692
8,034,316
Operating profit
$4,676,790
137,242
Other income.
Total income
$4,814,032
$3,935,619
$4,684,592
195,595
$4,160,823
155,230
574,280
$4,067,150
$3,361,339
$3,679,650
$3,238,168
5,251,440
$0.77
5,251,440
5.251,462
$0.70
5,251,462
$0.61
z
See y
$4,316,053
495,351
582,534
stock
Koutstanding (no par).
Earnings per share
Includes
$3,837,763
97,856
746,882
See
Federal taxes
$0.64
share in results of operations of controlled
companies,
y Depreciation provided during the quarter aggregated $429,399, of which $46,177 has been included in selling, administrative and
x
proportionate
feneral expenses, $96,827 has been included in selling, quarter aggregated
431,547, of which z Depreciation provided during the administrative and
general expenses.—V. 142,
p.
2667.
A prospectus affords the
following:
Authorized
5,000 shs.
150,000 shs.
General Railway Signal
Quar.
End. Mar. 31-—
Net loss after deprec...
Federal, taxes, &c
Earnings
per
common
share
Co.—Earnings—
1936
1935
$171,683 prof$96,371
1934
1 933
$180,447 prof$52,832
on
Nil
stock
$0.19
Nil
$0.06
Income account for quarter ended March 31,
1936, follows:
Operating
loss, $91,516; depreciation, amortization of patents, &c., $73,950; taxes,
$6,217; net loss, $171,683.—V. 142, p. 1120.
Georgia Power Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.|
'Period End. Mar. 31—
Gross earnings
Operating expenses
Divs.
on
pref. stock
1936—Month—1935
1936—12 Mos—1935
$2,064,635' $1,862,035 $24,258,821 $22,324,839
1,085,421
931,167
11,877,221
10,847,209
522,511
517,464
6,287,268
6,138,423
133,750
110,000
1,496,250
1,320,000
245,870
245,873
2,950,448
2,950,486
$77,082
Balance
$57,529
$1,647,633
$1,068,720
—V. 142, P. 2159.
Georgia & Florida RR.—EarningsOutstanding
None
117,837 shs.
History and Business—Corporation was organized in Delaware July 30
1932, for the purpose of developing low-cost prefabricated houses, house
garages, and other similar structures, including the design,
engineering
planning, specifying, ordering, and sale of equipment, layouts, materials
andfprefabricated parts used in connection with such houses.
Company
contemplates offering facilities for instalment financing in connection with
the purchase of its products.
Active development work was commenced
Up—
Retail deliveries of the Buick Motor Co. totaled 5,842 in the second 10-day
period of April, compared with 5,568 in the first period and with 2,552 in
the corresponding period of last year.—V. 142, p. 2667.
Fixed charges...
(Del.)—Stock Sold—Sadler & Co.,
Chicago, on April 11 offered (as a speculation) at $5.25 per
share,'50,000 shares of common stock.
The issue has all
Capitalization—
7% preferred stock
Common stock ($5 par)
Retail sales for the year to date have amounted to 46,104 units, against
45,236 in the corresponding period of 1935.
Prov. for retirem. reserve
General Houses, Inc.
been sold.
gain
nearly 8%
the 5.S48 total for second 10 days of April, 1935.
Sales in the first 20 days of April of 11,743 units were up 25.8% over
total of 9,337 in corresponding period of March and were 7% greater than
the 10.974 sales in the first 20 days of April, 1935.
over
Bicick Retail Sales
1933
$12,010,246
7,849,423
$4,880,187
486,322
714,215
Depreciation
Net profit.
Shares
common
Sales Increase—
of 16% over the o,434 cars sold in first 10 days of the month and
May 1. 1936, its New York Transfer Office will be located
570 Lexington Ave., New York, N. Y.
General
Pontiac
Pontiac retail sales totaled 6,309 units in second 10 days of April, a
Transfer Agent—
Period End. Mar. 31—
Railway oper. revenue.
_
Netrev. from ry. oper..
Net ry. oper. income
Non-operating income..
Gross income.
Deductions
Surplus applic. to int.
1936—Month—1935
1936—3 Mos.—1935
1,273
24,976
19,731
354
$270,297
13,544
def8,614
4,082
$255,613
14,479
def4,230
3,581
$12,121
1,005
$20,085
1,086
def$4,532
2,803
def$648
$11,115
$18,999
def$7,335
def$3,809
$108,366
19,585
10,847
$111,206
3,160
Financial
2996
■Third Week
March—
to
April
21—•
$313,223
1934
1935
1933
$271,380
52,295
55,234
$296,467
52,342
50,312
$250,104
27,663
27,281
844,024
121,742
132,645
Net after rents
741,965
98,289
112,687
817,688
141,172
139,758
693,455
67,114
68,016
1—
Net after rents
2321.
1936
1933
$190,294
39,408
33,398
$140,216
34,571
7,698
438,845
29,793
def5,591
501,079
74,299
55,742
412,940
94,759
37,169
1—
612,867
102,280
Gross from railway
Net from railway._____
42,997
Net after rents.
142,
1934
$160,594
23,7C3
8,202
12,158
Net after rents
—V.
1935
$213,134
36,013
March—
director to succeed Gerard
B. Lambert.
At his own request Mr. Lambert, who was formerly President
of the company, was not proposed for reelection.
Stockholders approved an amendment to he certificate of incorporation
which will permit the company to engage in other business than razors
and razor blades when and if opportunities occur.
President Stampleman
informed the stockholders that the company has in mind at the present time
nothing in the way of new lines of business in which to engage.
The man¬
agement desires the power to branch out into other lines, however, if it is
later deemed advisable.—V. 142, p. 2828.
Barron, Jr., has been
elected
Professor Nathan Isaacs of Harvard University was elected Chairman of
21 at a special meeting called before the annual meeting
of stockholders, which was held at noon.
He succeeded to the post held
by Ellis A. Gimbel, who rasigned because of the unusual nature of the
proxy fight, being the father of the head of the opposition committee.
Two new directors were elected, Theodore Kaufmann and William Saxe.
Final tabulation of preferred stock proxies revealed that out of 160,900
sharas eligible to vote,
105,308 shares voted for the management and
26,312 against.
At the conclusion of the annual meeting, the new board of directors met
and elected Ellis Gimbel Chairman.
Mr. Gimbel, as stated above, had
the Board on April
prior
resigned
the
to
annual
meeting.
Other officers were reelected.
of the Milwaueke store, was elected
Charles Zadok, merchandising manager
a
Vice-President.
$6,500,000 Mortgage Extended—
A mortgage for $6,500,000 held by
the Broadway & Thirty-third
and 4J^% thereafter.
According to an agreement filed
on April 22, the principal is to be reduced $75,000 semi-annually beginning
March
1, 1942.
The Hudson & Manhattan RR. Co., owner of certain rights in and to
the next five years
premises, and Gimbel Brothers, Inc., as lessee of a portion of the
premises, consented to the execution of the extension agreement. '
The building was leased by the Broadway & Thirty-third Street Realty
Corp. to Gimbel Brothers, Inc., for 15years from March 1, 1936, at
an annual rental of $445,000,
in addition to all taxes, assessments, &c.
This was in substitution of a previous lease, now canceled and rescinded.
The new lease has been assigned to the Metropolitan Life Insurance Co.
the
1935
1934
1933
$5,060,143
1,132.045
$4,782,935
1,350,066
638,005
$3,779,304
603,978
defl68,458
744,884
410,693
15,025,122
2,146,306
439,868
13,823,440
2,250,205
125,839
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—
& Western RR.- —Earning s.-
Green Bay
1936
$131,312
38,466
22,269
Net from railway
Net after rents
1934
1933
$126,033
33,991
23,974
$93,488
10,534
3,664
$79,284
382,599
91,705
50,068
March—
343,623
68,424
44,126
269,840
24,330
3,032
245,767
26,983
5,180
1935
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
—V. 142, p.
—
of
200,000 shares of 4H % $50 par convertible preferred stock and an increase
of common capital stock from 800,000 no par shares to 1,000,000 shares.
The new preferred stock will be offered to common stockholders at the
Stockholders at
special meeting held April 24 authorized the issuance
a
Shares not
of common stock will be offered to present prior pref¬
erence stockholders in the ratio of two new shares for each present share.
The additional common shares will be held for conversion of the new pre¬
$52.50 for each four common shares held.
rate of one share at
taken by the holders
ferred stock.
Proceeds from the sale of the new stock will be used to retire the present
65,000 shares of $100 par 7%
to
cumulative prior preference stock and also
See also V. 142, p. 2667.
Co.—Acquisition—
Greenfield Tap & Die
acquired the J. M. Carpenter Tap & Die Co., a branch
Corp. of Detroit.
Directors in annoucning the
acquisition stated that the transaction climaxes several months of negotia¬
tion and gives Greenfield a manufacturing plant in the automobile district.
The Carpenter company is the oldest tap and die company in the United
States.
The Detroit plant will be devoted exclusively to the manufacture
of special taps not regularly made heretofore by Greenfield.
The company has
of
&
Whitman
Barnes
Earnings for Three Months
Net
profit after Federal taxes
2828.
The
Chicago Stock Exchange has approved the application of the com¬
pany to list 50,000 additional shares of common stock, no par,
mitted to trading on notice of issuance and registration under the
to be ad¬
Securities
Net
after rents
Gross from railway
Net from railway
Net after rents
Golden
Cycle Corp.—Extra Dividend—
share in addi¬
regular quarterly dividend of 40 cents per share on the capital
stock, par $10, both payable June 10.
A similar extra was paid in each of
tee three preceding quarters, and extra dividends of 60 cents per share were
distributed on June 10 and March 10, 1935, and on Dec. 10, 1934.—V. 142,
p. 785.
a
and parts..$14,621,785
14,280,434
1,529,635
153,790
335,274
23,976
Sell., adv. & misc.
Miscell.
charges
Depreciation
exps.
(net)._
Sub. co.'s loss from oper.
reserves and dis¬
$11,594,998
10,512,767
1,049,407
108,317
351,384
48,081
$8,333,233 $10,490,995
10,437,221
6,834,020
1,234,781
828,663
585,667
181,692
725,546
372,195
318,632
206,923
Excess
count on
Net
loss...
Preferred
1935
Sink,
fund deposit
Deferred charges.
Adv. to distrib's.
_
_
Fds. in closed bks_
156,663
6,220
9,314
112,667
25,903
ii 2~ III
39,627
9,043
Cash
306,262
45,228
523,037
Collec. drafts, &c.
Misc.notes & accts.
391,773
54,758
85,268
accts.
13,089
8,530
1, 718,114
10,470
1,288,870
Inv. in for'n subs.
Inventories
1934
1935
Liabilities—
$533,800
$664,100
2,387,409
Funded debt
1,764,000
Accounts payable- 1,575,903
2,371,773
7% pref. stock
x
Common stock.
_
Notes payable
137,770
1936
59,489
Net from railwav
tintsdefl2:339
—V. 142, p.
129,194
52,360
439,986
9,494
366,484
147,105
Materials & suppl.
Investments
cred. bals.
78,528
payable (non600,000
current)
Res.
70,000
Operating res've__
Earned deficit
..$8,608,147 $8,521,680
y
Total
87,780
508,646
2,618,751
2,109,287
60,420
1,645,387
84,427
397,477
3,921,509
3,766,086
Deposit accounts.
Accounts
Reserves
dep. with
353,616
11,457
Other accts. receiv.
Earned surplus
3,201
Note—The income account
sidiaries,
for calendar years was given
1643.
Merger with Two
34,892,461 34,461,483
in "Chronicle"
Total
34,892,461 34,461,483
Total
of March 7, page
1,810,254
3,392,818
8,042
808,842
858,555
Suspense items
1,500,000
7,687,500
737,120
842,744
932,272
Res. for bad accts.
Deferred charges __
3,666,216
226,511
745,162
846,544
Tot. curr't assets
1,584,085
44,012 7% cum. pref. cl.
A ($25 par)
1,500,000
465,593 Com. stk.($25 par) 7,687,500
24,420 Capital surplus— 1,810,254
41,484
accts.
receivable
'
Subsidiaries—
May 11, 1936, an
agreement of merger and
Water Co. and its wholly-owned sub¬
Co. and Rutherford Water Co., will be
stockholders for approval.—V. 142, p. 2828.
between Hackensack
Boiling Springs Water
submitted to the
Hanover
Fire Insurance
Co.—Personnel—
meeting of the board of directors held April 22, Montgomery Clark
President.
A. E. Gilbert, formerly Secretary, was elected
Vice-President and a director, and F. Elmer Summons, formerly Secretary,
was elected Vice-President and Secretary.
Walter H. Bennett was also elected a director.—V. 142, p. 78b.
was
elected
_
Hamilton Watch
Co.—Earnings—
in
1934
*935
$4,160,324]
2,965,346/
Cost of sales
i934)
Gross pforit
Depreciation
Selling and administration expenses._
$1,194,977
--
514,388
$680,590
Operating income
26,714
Other income
44,516
508,646
2,452,245
407,962
___$8,608,147 $8,521,680
Represented by $2,387,409 shares ($2,371,773
After deducting depreciation.—V. 142, p. 2828.
payable.
Accrued liabilities.
58,180
211,137
100,000
34,068
for conting..
Capital surplus
13,833
230,654
126,077
company
Note
Funded debt
Bond & mtges. pay
Gross salas
10,814
Appraisal surplus.
x
48,000
& finance
Accruals
cust.
§>
31,730,228
$
14,250,000 14,250,000
98,500
15,000
$
Liabilities—
Prop., plant & eq.32,187,173
12,993
Constr. w'k in prog
311934
1935
1934
$
' "*
Consol. Balance Sheet Dec.
Co.-
1935
Consumers
43,38b
defSO.lll
2322.
Hackensack Water
on
60,242
defl6,683
^7.816
28,325
def38,200
Gross from railway
Net after
9,369
$130,251
19,977
def4,279
358,643
Net after rents
1933
$106,161
30,8o8
640
1934
$131,815
1935
$160,721
53,367
26,340
Gross from railway
Calendar Years—
Land contract
Total
1,411,000
906,618
Obligs. of subs, to
banks
261,50b
38,33t>
At a
31
Distrib's, dealers &
57,086
receivable-
Employees'
26.934
1934
56,224,468
163,895
6,474
Investments
$2,837,786
$474,959
Balance Sheet Dec.
$5 760,956
Assets—
Fixed assets
Prepayments
$2,810,852
sur$66,996
______
$1,701,325
Consolidated
y
$474,959 prof$66,996
$1,701,325
1,069,144
362,352
116,476
299,858
80,882
Island RR.—Earnings.—
Net from railway
consolidation
divi dends
Deficit
1,261,619
At the annual meeting on
Cr157,258
debs., &c
1'2££'048
843,343
1932
1933
1934
1935
cars
Cost of sales
1933
$388,692
135,806
59,17o
March
Graham-Paige Motors Corp. (& Subs.)—EarningsCalendar Years—;
Sales of
1934
$464,384
156,026
72.728
—V. 142, P. 2322.
agents
The directors have declared an extra dividend of $1.60 per
1935
$479,279
144,575
67,130
1,646,899
534,524
240,755
Gross from railway.____
Cash
tion to
1936
$597,732
223,320
107,140
Net from railway
Cash
Exchange Act of 1934.—V. 140, p. 1311.
$45,421
RR.—Earnings.—
Gulf Mobile & Northern
March—
Assets
Inc.—Application Approved—
Ended March 31. 1936
and other charges
—V. 142, p.
provide funds for the retirement of funded debt.
Goldblatt Bros.,
6,291
def901
2322.
Gulf & Ship
Glidden Co.—New Stock Issue Approved—
12,759,756
10,489,095
2,629,693
831,547
578,471 def1,325,366
2668.
—V. 142, p.
2321.
by the landlord, with the consent of the tenant.—V. 142, p.
with SEC—
1936
the Metropolitan Life Insurance Co.
Street Realty Corp., Samuel Nass.
the Gimbel Department Store Building, on Broadway
between 32d and 33d streets, has been extended to Sept. 1, 1951, at 4% for
3,444,229
$5,858,964
1,553,505
Gross from railway
Net from railway
from
Vice-President, of
255,993
def369,930
Ry.—Earnings.—
Gross from railway
&c.—
4,645,804
945,079
363,111
Dike Gold Mines, Inc.—Registers
first page of this department .
March—
a
Inc.- -Annual Meeting—New Directors,
Gimbel Brothers,
4,906,620
957,864
480,398
42,001
142, p. 2160.
Great Northern
Activities—
William A.
defl67,985
See list given on
Co.- -New Director—To Broaden
Razor
$1,085,180
Grand Union Co.—Smaller Preferred Dividend—
The directors have declared a dividend of 25 cents per share on account of
accumulations on the $3 cum. conv. pref. stock, no par value, payable
June 1 to holders of record May 8.
Dividends of 37 M cents per share had
been distributed in each of the five preceding quarters and prior to then
regular quarterly dividends of 75 cents per share were paid.
Accumulations after the payment of the current di idend will amount to
$2.37H Per share.—V. 142, p. 1986.
Great
Safety
1933
1934
$1,894,299
516,290
322,247
5,695,693
1,296,136
837,999
Net after rents
2159.
p.
Gillette
Earnings.—
1935
$1,788,759
432,818
279,585
1—
Gross from railway__—
Net from railway
—V.
Georgia Southern & Florida Ry.—Earnings.—
Gross from railway
Net from railway
first page of this department.
1936
Gross from railway
$2,018,824
Net from railway.
471,012
Net after rents—_____
314,499
From Jan.
Gross from railway
Net from railway.
From Jan.
,
March—•
$316,531
61,851
63,558
with
Mining & Milling Co.—Registers
SEC—
Grand Trunk Western RR.-
1936
,
Jan.
Gold Mountain
1935
$327,772
May 2, 1936
See list given on
Gross from railway
Net from railway
—V. 142, p.
1
1936
1935
$18,475
Earnings.—
Georgia RR.
From
-Jan.
of April
1936
$18,475
Period—
Gross earnings
—V. 142, P. 2828.
Chronicle
of $1
par.
$707,304
Total income
75,426
Other expenses
Taxes
Net income
Preferred dividends
x
After deducting all
.
95,000
$536,878
67,738
1933
Not Available
x$916,300
x$436,S77
140,350 It t 99,102
392,199
346,857
$383,751
24,093
,082
7,273
$407,843
79,110
39,272
(loss$l ,809
146,751
$289,462 loss$148,560
manufacturing costs, exclusive of
depreciation.
Volume 142
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
Notes receivable.
_
Accts. receivable._
Mktable.
secure.
2,775
incl.
Houses
for
z
4,006
3,386,909
1,000,000
140,901
44,241
Earned
1,000,000
610,041
21,749
surplus.-.
Capital surplus...
74,182
163,203
.
Treasury stock._
Tota
$241,692
164,671
$217,388
147,887
$27,270
2,431
$77,021
8,055
$69,501
6,744
$29,701
16,884
$85,076
57,579
$76,246
50,791
$12,126
$12,816
$27,497
$25,455
Household Finance Corp.—Registers with SEC—
See list given on first
page of this
department.—V. 142,
$4,689,9381
$5,225,654 $4,689,938
Total
Calif.—Earnings—
1936—3 Mos —1935
$1,001,181
$1,505,993
1936—9 Mos.—1935
$4,427,903
$3,308,989
March—
1936
1934
1933
$6,961,565
1,713,167
1,100,435
2,060,322
1,396,378
$5,270,015
1,325,016
696,099
23,634,020
5,220,569
3,029,649
Net from railway-....Net after rents..
—V. 142, p. 2323.
1935
$7,302,331
1,864,293
1,008,821
20,611,477
4,264,219
2,726,729
19,067,791
5,194,660
3,350,533
16,523,087
3,672,895
1,881,492
Earnings
March—
853,430
40,078
1,243,186
59,570
2,783,334
96,364
3,893,039
126,963
73,884
Intangible develop, exps.
Deprec., deplet. & aban¬
89,931
233,510
238,240
donments
Net profit
-V. 142. p. 1818.
$33,790
Haverhill Gas Light
Period End. Mar. 31—
Operating
$113,306
Taxes
Net oper. revenues
$169,662
$195,781
$4,368
$567,705
364,380
23,186
82,774
$4,891
$95,767
$97,362
44
81
89
$4,369
2,916
$4,936
2,916
$95,848
35,000
313
Balance
Retirement res. accruals
Interest charges
251
2.456
$1,139
Hazel-Atlas
Glass
Co.
$1,768
Gross
$58,391
$58,913
$22,636,490
16,996,311
718,581
$5,846,996
2,491,656
Selling, general and administrative expenses
$4,921,598
2,155,011
$3,355,340
308,365
1936
Total income.
Provision doubtful accounts, &c.
on property retired
$2,766,587
237,641
$3,663,705
55,250
126,402
509,206
439,678
$2,133,264
$3,071,176
y2,172,04 5
Profit sales of securities
1..
Net profit
Dividends
Surplus
Earnings per sh.
on
434,474 shs.
cap.
$2,174,426
2,172,045
$899,131
$7.07
$2,381
$5.00
stk. (par $25)
41,162
$2.64
Hercules Powder Co.,
3 Mos. End. Mar. 31—
Gross receipts
Net earnings
Fed'd income tax
(est.).
per
2829.
Inc.—Earnings—
1934
1933
$7,890,314
983,869
yl78.768
$7,204,411
937,708
140,648
$6,859,204
1,010,875
137,948
$4,007,062
257,296
30,318
1935
Plant, prop., rights,
franchises, &c..$
x
$797,060
10,229,141
Liabilities—
1934
56,779
bonds,
71,995
28,563
9,100
9,800
63,208
67,139
30,540
Acer, unbilled rev.
Materials & suppl.
Comm. on pref.
capital stock
33,228
35,179
Debt discount and
cess
Def.
of
$872,926
10,040,110
$226,978
9,727,806
$10,983,258 $11,026,201 $10,913,037
153,140
184,686
184,702
$9,954,783
185,255
437,909
437,654
291,365
thereon
and
29,020
6%
com.
,
stock
stk.
out.
($100
par)
890,000
890,000
Common stock.
1 ,140,000
Capital surplus
Earned surplus...
81,515
186,597
1,140,000
81,516
161,800
y
$6,355,379 $6,349,934
Total
$6,355,379 $6,349,934
x After reserve for uncollectible accounts of
$13,146 in 1935 and $13,739
in 1934.
y Represented by 57,000 no par shares.
Note—The income account for calendar years was given in "Chronicle"
of
April 25, page 2830.—V. 142,
p.
2830.
Incorporated Investors—Earnings—
3 Months Ended March 31—
Dividends received
Interest
x
1936
1935
$394,818
1,974
received
x
583,879
$1.12
per share
From all
sources
583,533
$1.05
stituting payment for participation
in undivided earnings
after deducting all expenses incident to
and sale,
582,679
$0.07
manufacturing
ordinary and extraordinary repairs, maintenance of plants, acci¬
dents, depreciation, &c.
y Includes other deductions of $6,736.
,
Consolidated Balance Sheet March 31
1936
S
Assets—
1935
$
1936
$
Liabilities—
Plants & property. 15 ,960,440
x
Cash
1935
$
Preferred stock...
Accts.
16,502,228
4,119,948
receivable.. 3 ,172,454
3,041,977
3 ,621,925
„
Commonstock__15,155,850 15,155,850
9,619,400 11,424,100
Accts. pay. and ac¬
Hercules Powd.Co.
capital stock...
Other assets
Invest,
securities.
Govt.securities..Marketable
sees.
_
Materials & suppls
Finished products.
Deterred charges..
Goodwill
Total
x
crued
1,679,309
69,987
1,164,277
2,504,906
210,052
3,508,847
3,302,737
107,707
5,000,000
accounts-
642,650
1,691,349
Pref. div. payable-
107,250
Deferred credits..
1,053,962
2,951,181
397,888
3,455,077
3,603,878
98,797
5,000,000
Fed'ltaxes (est.)..
Reserves
153,104
52,887
628,551
16,521
487,782
3,657,954 3,843,678
10,392,245 10,403,861
Profit and loss
1
12,032
Management fee
Taxes
.
Transfer agents' fees and expenses.__
Printing stock certificates
notes payable
Miscellaneous expenses
on
15,550
18,143
$363,555
45,031
7,440
$317,349
45,442
18,002
4,974
—
_
«.
_
_
3,615
2,400
726
_
486
816
82
$303,917
990,356
$304,252
850,333
$248,123
663,547
$1,294,273
$1,154,586
768,065
$911,671
532,884
$386,521
$378,787
Undivided earnings Jan. 1.
paid.
919,467
x
$374,806
Representing amount included in price of
new
shares for participation in
accrued gross earnings before expenses for the quarter to date and in the
balance in undivided earnings account.
.
Statement of Paid-in
Surplus Account Three Months Ended March 31, 1936
Balance Jan. 1, 1936 (as reduced by realized net losses and transfers to
capital stock on account of stock dividends paid). $31,633,935; Credits
during period: Net gain realized on sales of investment securities during the
period ($1,471,163.11) less estimated provision for taxes applicable thereto,
$1,247,213; adjustment of tax provision applicable to prior periods, $50,000;
surplus paid in (portion of selling price of new capital issues allocated to
surplus), $1,640,308; total, $34,571,456.
Charges during period:
Stock
dividend payable April 30, 1936 to stock of record March 20, 1936—
67,960 shs. at $5 each (incl. 20 shs. to be issued as dividend on certificates
in treasury), $339,800; net charge on account of treasury capital stock trust
certificates (resulting from sales thereof in the period and valuation at
$5 each of certificates in treasury at beginning and end of period), $40,316;
expenses and taxes in connection with issues of capital stock, $543; balance,
$34,190,796.
Note—Unrealized appreciation of investment securities at March 31,
1936 ($13,057,850 after deducting estimated provisions for possible taxes on
account of such appreciation) as compared with unrealized appreciation of
$9,028,185 reported at Dec. 31, 1935 indicated a total unrealized apprecia¬
tion attributable to the three months of $4,029,665 not included in income
and
surplus
accounts.
,
40,302,641 42,023,536
Represented by 606,234 shares of
507,057
184,686
1934
$299,205
$408,824
76,972
17,500
5,475
4,474
Undivided earnings March 31..
582,729
$1.18
$307,338
40,667
Part of proceeds of capital stock con¬
Dividends
(no
par)
Earnings
503,388
cum. pref. stk.
$9,551,021
on com.
26,966
503,788
Reserves
218,507
Surplus at March 31-.$10,392,209 $10,403,861 $10,436,970
ser.
Consumer's depos.
and accr. interest
pro¬
amortiz.
charges
1934
A.._$3 ,439,000 $3,439,000
Accounts payable.
5,387
6,054
Due to affiliated co
2,385
1,740
General taxes
58,722
67,149
Fed. inc. tax (see
auditors' report)
4,384
18,243
Divs. on pref. stock
4,450
4,450
Misc. curr. llabil..
4,858
4,433
Unearned revenue
5,271
5,193
119,805
78,127
28,881
33,862
receivable
in
1935
1st mtge. 5% gold
054,881 $5,984,225
Accounts & notes
Interest
$805,101
10,178,157
999,263
240,271
88,979
Total income
1935
Surp. at begin, of year..
Total surplus.
Divs. on pref. stock
p.
1936
Net profit for period..
1,218,617
365,393
212,037
310,230
332,187
Consists of $281,154 net profit from sale of securities on basis of actual
cost, and $256,853 reserve for securities restored to income,
y Regular
cash dividend of $5 per share,
excluding extra cash dividend of
$1,146,840 charged to surplus.—V. 142,
109,982
1,246,183
376,442
248,782
228",547
x
or
1933
$332,723
83.357
31,526
Illinois Water Service Co.—Balance Sheet Dec. 31
Total
Profit
1934
$442,612
133,314
90,042
153,506
$3,004,22^
$2,533,169
x538,007
Other charges
Federal taxes.
1935
$446,810
1,450,471
529,614
375,349
Net after rents.
prepaid accounts
Loss
Co.—Earnings.—
$479,899
177,932
119,797
From Jan. 1—
Gross from railway
Net from railway
expense
Gross operating profit..
Other income
19,026,655
4,278,296
1,833,380
Gross from railway
Net from railway
Net after rents..
working funds.,
Mar. 30/35
$30,001,175
23,425,897
728,282
manufacturing profit..
21,824,083
5,922,114
3,481,248
Cash in banks and
Mar. 28/36
Costs, ordinary tax, &c
Depreciation and depletion
23,304.672
4,719,160
2,654,560
—V. 142, p. 2323.
(& Subs.)—Earnings-
12 Months Ended—
Net sales, royalties, &c
1933
$6,102,248
1,572,347
732.022
March—
Assets—
Net income
—V. 142, p. 1987.
1934
$7,888,889
2,294,621
1,446,442
26,905,272
6,053,915
3,259,892
From Jan. 1—
Gross from railway
$97,452
35,000
3,534
Non-oper. income—net.
1935
$8,307,218
1,948,385
1,166,611
Illinois Terminal
$563,210
354,022
23,521
89,899
System
$9,149,043
2,242,810
1,174,989
Net from railway
Net after rents.
—V. 142, p. 2323.
1936—12 Mos.—1935
of
1936
Gross from railway
Net from railway
Net after rents
Co.—Earnings—
1936—Month—1935
$43,588
$45,395
30.885
31,459
1,448
2,498
6,885
6,545
re /enues
Operation.
Maintenance
Shs.
1122.
$7,936,647
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
raw
and Federal taxes
Divs.
p.
Illinois Central RR.—Earnings.—
& gen. exp.,
materials,
oper., selling & admin,
exps.,
State,
county
x
Mos.—1935
$77,531
50,261
oper.
incl.
share,
1936—3
$31,900
19,773
Net rev. from opers._.
Deductions
29,870
Hancock Oil Co. of
jjili ftiftyb
j
29,338
2,561
Net revenue
depreciation of $2,931,630 in 1935 and $2,961,158 in 1934.
y Represented by 400,000 shares of no par value,
z Represented by 13,415
no par common shares in
1935 (11,948 shs. in 1934).—-V. 142, p. 2668.
Period End. Mar. 31—
Gross oper. income
vO«
$84,059
54,721
expenses
Net rev. from transp..
Rev. other than transp._
119,270
1,093,258
...$5,225,654
i ransit
1936—Month—1935
—V. 142, p. 2323.
After
Costs,
Operating
74,722
163,203
118,130
1,017,253
33,537
tvcipiQ
Period End. Mar. 31—
Gross rev. from transp..
un¬
improved land..
Fixed assets-
x
"~3~624
3,386,900
Common stock..
em¬
ployees and
x
3,000
deposits
Empl's'
y
due
Investments
$44,489
27,129
39,272
Preferred stock.
50,506
accounts
amts.
from employees
■
Customers' depos.
2,226
56,033
^1934
72,904
95,000
Taxes
1,073,910
103,153
1,590,523
1
$35,435
payable
Accruals
10,563
1,554,956
rec..
Cash value insur..
rionoiuiu
1935
Liabilities—
Accts.
$378,734
_
Inventories
Accrued int.
Deferred
1934
$344,304
65,801
1,795,478
2997
Total
no
par
40,302,641 42,023,536
value.—V. 142,
p.
787.
Statement of Capital and Surplus March 31, 1936
Hollinger Consolidated Gold Mines, Ltd.—ExtrtDiv.—
The directors have declared
extra
dividend of five cents per share in
addition to the regular monthly dividend of like amount on the
capital
stock, both payable May 19 to holders of record May 4.
Similar pay¬
ments were made on March 24 and Jan. 28, last, Dec. 2, Oct. 7 and
an
July 15,
1935.
See also V. 140, p. 973, or furtner dividend record.—V. 142, p.
1818.
Hollywood Film Industries, Inc.—Registers with SEC—
See list given on first page
of this department.
Horn & Hardart Co. (N. Y.)—New Chairman & President.
Joseph V. Horn, formerly President,, has been elected Chairman of tne
Board, a newly created office, Edwin K. Daly was
succeeding Mr. Horn in that office.—V. 140, p. 4402.
elected
President,
Capital stock ($5 par value) 2,790,821 shares (consisting of 2,725,512 shs.
issued and 67,960 shs. to be issued April 30, 1936 as a dividend on stock of
record
March
20,
1936, less 2,651
shs. corresponding to treasury capital
stock trust certificates, of which 2,631 were issued and 20 to be issued
issued
as
a
for seven qualifying shares) are
represented by the same number of capital stock trust certificates), $13,954,105; balance of paid-in surplus, $34,190,796; undivided earnings (as
above), $374,806; total capital and surplus, $48,519,797; unrealized appre¬
ciation of investment securities (value at market quotations, $61,581,238,
less cost, $45,986,149), $15,595,089; less estimated provision for possible
taxes
on
account
of unrealized appreciation of investment securities,
$2,537,238), $13,057,850; net resources, $61,577,558.
Note—Subsequent to March 31, 1936 Incorporated Investors delivered
4,941 shs. of capital stock trust certificates of Incorporated Investors for
stock
dividend.
Shares
(save
2998
Financial
$108,508 in cash to fill orders received by the general distributors March 23,
1936 to March 31, 1936, inclusive.
Condensed, Statement of Net Resources
Chronicle
March
of
1.96%,
March 31, 1936
On March 31, 1936 the company had cash
May 2, 1936
The number of passengers carried on the entire system
as
was
93,209,386, an increase
compared with March, 1935.
608,988,110
162,834,764
Stocks-
61,247,488
164,393
_
Interest and dividends receivable
—-
Making cotal resources of
$64,693,903
Against which the company had liabilities of management fee
payable April 1, 1936
76,971
Estimated State and Federal taxes (including $2,537,238 pro¬
vision for possible taxes on account of unrealized appreciation
of in vestment securities)
3,03 5,373
Accrued expenses.
4,000
_
Leaves total net
The net
resources
of
$61,577,557
after deduction of above liabilities
equivalent to
$22.07 for each of 2,790,821 shares per statement of capital and surplus—
V. 142, p. 2501.
■
resources
Indiana Associated
Operating revenues
771,822,874
lease
for
—
Period End. Mar. 31—■
$91,038
$291,319
112
314
Operating expenses
Net operating revenue
Taxes.
Income from operation
Current rent deductions-
53,926
54,503
155,977
49
307
12,125
37,275
36,396
$31,471
$24,249
$97,446
$1,832,921 $14,031,237 $13,491,285
156,376
1,354,280
973,195
$1,791,157
218,707
$1,676,544 $12,676,957 $12,518,090
218,707
1,968,368
1,968,368
$1,457,836 $10,708,588 $10,549,721
_
Gross inc. from oper-
$738,925
$1,355,207
1,344,509
325,615
17.012
Cr753
33,639
389,490
77,776
2,857
33,474
389,490
88,513
354
$2,880,129
2,318,238
389,310
3,966
18.971
357,033
160,919
14,309
$866,428
$825,995
212,469
Selling and administration expenses
Other expenses, less other income
Int. on prior lien 6% s. f. gold bonds.
Int. on gen. mtge. 6% income bonds.
Depreciation
Depletion
_
_
Period End. Mar. 31—
1935
<2
Accts. & notes
200,052
470,867
987,169
418,840
132,047
rec.
Inventories.
Stripping
Investments
Other
and
Total
x
9,371
reserve
6,491,500
1,395,672
Com. stk. (par $1)
393,309
Capital surplus
6,277,992
Operating deficit.. 2,075,040
1,006,183
393,309
6,294,505
1,208,612
Int.
bonds
accr.
on
__
gen.
mtge. 6s
16,010
Total.....
y
After
for
reserve
13,193,379 13,783,244
depreciation
$1,041,731
$1,222,530
4,854
3,879
3,127
7,019
44,149
34,936
31,272
58,966
42,389
34,812
27,721
61,673
$18,880
$169,325
$166,597
$132,626
$872,406
$1,055,933
Iron
Corp.—New Director—
2830.
International
6%
for doubtful accounts and notes of $114,022 in
$159,471 in 1934.
141, p. 2279.
Interlake
6,491,500
income
$151,506
elected
183,646
560,650
mtge.
$8,892,652
7,670,122
Harry A. Arthur, Presdent of American International Corp., has been
a director of this company, succeeding W. B. Castle.—V. 142, p.
62,065
pay.
accruals
$8,960,487
7,918,756
$18,972
1934
20,584
128,712
560,650
Gen.
_____13,193,379 13,783,244
After
accts.
Prior lien 6s
yLand, plant and
equipment
10,758,756 10,848,152
Prepaid expenses &
deferred charges
pay—trade
1936—9 Mos.—1935
$1,035,200
883,693
$128,354
White Plains Road line
Liabilities—
Accts.
$2,976,935
5,025
3,868
3,451
6,626
Queensboro line
Lexington Ave. line..
Bal. of net oper. rev._
-V. 142, P. 2669.
1934
$2,931,431
$147,326
Net operating revenue
Consolidated Balance Sheet Nov. 30
329,546
201,334
647,528
1,184,464
431,834
124,377
$637,347
Rental of jointly oper. lines:
reserve.
1935
$2,964,496
12,438
1936—Month—1935
$386,156
in 1934, $277,245 in 1933, which has been charged directly against special
216,276
$2,912,663
18,768
Gross operating income. $1,016,219
Operating expenses
868,893
Exclusive of depreciation upon idle plant, $394,444 in 1935,
A oofif
868
$716,105
Other rent items
'_
$636,479
Manhattan Division Operations
$382,617
872.110
.
$1,471,025 $10,718,157 $10,651,177
834,545
7,805,493
7,686,680
$715,378
726
—
Balance-
Jan. 1 '33 to
Nov. 30, '35 Nov. 30, *34 Nov. 30, '33
Net sales
x
101,455
$10,651,177
13,188
$1,582,329
866,950
Net income from oper.
Non-operating income
12 Mos.End. 12 Mos.End.
U. S. Treas. notes.
9,568
$1,471,025 $10,718,157
9,879
Balance—City and co. $1,582,329
Payable to city under
[Incl. Indiana Limestone Co. of New York, Inc.]
Cash in banks
19,270,734
Contract No. 3
Period—.
Net loss
$1,964,674
173,516
19,427,190
$80,915
$272,194
337
154,441
Indiana Limestone Corp .—Earnings—
x
$33,458,428 $32,762,020
$4,024,137
2,191,215
purchase
of
enterprise—
Fixed charges
x
1936—9 Mos.—1935
1936—Month—1935
$4,117,012
2,152,337
105
12,425
for
assets of
of oper.
Operating taxes-
Cost of sales
1.91%
$1,572,450
Gross operating re venue.
Balance
97
prop
Net operating income
—V. 142, p. 1819.
757,321,965
Gain
Subway Division Operations
Used
$97,969
rev._
Operating expenses
Rent
System
1936—3 Afos.—1935
50
Uncollectible oper.
1.94%
1.84%
Subway Division
Manhattan Division.-
were
Telephone Corp.—Earnings—
1936—Month—1935
Period End. Mar. 31—•
July 1,1934, to
Mar. 31, 1935
597,421,771
159,900,194
July 1,1935, to
Mar. 31, 1936
333.750
____
during the month
approximately
or
Traffic for Nine Months of Fiscal Year
$2,948,270
Investments, at market quotations:
Bonds
1,789,624,
of
Machines
(& Subs.)—
Corp.
1934
1933
$1,688,849
717,412
$2.35
$1,502,206
703,345
$2;13
x Net before Federal taxes was
$2,232,621 in 1936, $2,024,414 in 1935,
$1,946,424 in 1934 and $1,733,937 in 1933.—V. 142, p. 2502.
International Cement
1935 and
depletion.—V',
and
Business
Quar. End. zMar. 31—
1936
1935
Net inc. after int., res.,
deprec. & Fed. taxes.. $1,889,921 x$l,771,914
Shs. com. stock (no par)
738,934
717,412
Earnings per share..
$2.56
$2.47
Calendar Years—
Corp. (& Subs.)—Earnings—
1935
1934
bl933
bl932
Sales.net
$14,085,302 $13,648,881 $10,852,081 $11,108,602
Mfg. cost,sell., &c.,exp.
8,900,361
8,672,776
6,996,483
8,588,086
—
Indianapolis Union Ryv -EarningsCalendar Years—
1935
1934
$292,381
Operating profit
1933
$252,296
>,184,941
155,047
Total income
3
Deprec. and depletion._
Total operating income
oss$252,296 loss$292,385 loss$298,915
1,018,136
1,064,636
1,079,236
income.
$765,840
$772,251
12.415
16,651
12,228
326
656
461
49,576
49,576
1,588
49,577
...—;
facility rents
Rent for leased roads
Miscellaneous rents
41
34
40
647
583
413,650
413,650
417,404
1,704
1,616
2,204
1,706
$287,135
on
$288,953
$294,791
123,429
118,286
114,204
$163,706
funded debt
Amortiz. of discount
on
$170,667
$180,587
funded debt
Miscellaneous income charges.
Disposition of net income:
Income applied to sinking and other
reserve
funds
Income
balance
transferred
profit and loss
The balance sheet
p.
as
to
...
Net profit
$2,520,516
104,723
$5,339,988
2,748,103
977,794
565,648
$5,145,492
2.814,335
979,434
684,993
$3,981,791
2.764.106
991,701
328,250
$2,625,239
2.717,855
992.620
351,131
$1,048,443
626,278
Common dividends
573
Miscellaneous tax accruals.
Interest
Federal taxes, &c
204
418
Rent, for locomotives
Int. and amortization
$780,321
Deductions from gross income:
Hire of freignt cars—debit balance.
Joint
$3,855,598
126,192
Other income..
Uncollectible railway revenues.
Non-operating
$4,976,105
169,388
$298,9 li;
Operating income:
Subsidiary dividends...
39
$422,149'
Surplus
No.
$666,730 loss$102,2661oss$1436367
156,570
313,481
16
$510,122 def$102,266def$1749.848
626,278
626,278
626,278
$1.06
Nil
Nil
shs. (no par)._
626,278
Earnings per share..$1.64
com.
b Certain items have been reclassified for comparison.
Consolidated Earned Surplus Account Year Ended Dec. 31, 1935—Earned
surplus at Dec. 31,1934, $10,755,408; net profit for the year ended Dec. 31,
1935, $1,048,443; total, $11,803,851.
Net foreign exchange adjustment,
resulting principally from differences in rates of foreign exchange applicable
in preparation of the consolidated statements, $266,812; unamortized dis¬
count and expense relating to 5% debentures retired and premium and other
expenses incidental to such retirement, $1,519,778; amount transferred to
statutory surplus of subsidiary company in Argentina, $26,415; dividends
paid: International Cement Corp., $1 per share, $626,278; subsidiary co.,
to minority holder of its common stock, $16.
Earned surplus at Dec. 31,
1935, $9,364,552.
Earnings for the Three Months Ended March 31
of Dec. 31, 1935 was given on page 2323.—Y. 142,
1936
1935
1934
$3,636,823
2,152,050
701,854
$2,784,946
1,705,095
617,601
$2,852,617
1,813,236
630,919
$782,920
110,165
204,450
$462,249
221,229
125,418
$408,461
217,130
141,435
$468,304
$0.71
$115,601
$0.18
$49,896
$0.08
2501.
1
Net sales...
Inland Steel Co.—75-Cent Dividend—
The directors have declared
a
q
larterly dividend of 75 cents per share on
Manufacturing cost, incl. depreciation
Shipping, selling & administr'n exp_.
the
common stock, no par value, payable June 1 to holders of record May 15.
A similar amount was paid on March 2, last.
This latter compares with
50 cents paid in each of the three preceding
quarters and 25 cents each three
months from Sept. 1, 1934, to March 1, 1935, incl. In addition, extra divi¬
dends of 25 cents were paid on Dec. 2 and Sept. 3, 1935.
For detailed
record of dividend payments see Dec. 12 issue of "Industrial Number" of
"Railway &
Industrial Compendium."
Operating profit
Int. charges and financial expenses..
Res. for inc. taxes and contingencies.
Net profit-
Earnings
per
____
share
Consolidated Balance Sheet Dec. 31
Consolidated Earnings for 3 and 12 Months Ended Mar. 31
Period End. Mar. 31—
Net prof. aft. int., depr.,
depl., Fed. taxes, &c_
Shs. cap. outst. (no par)
Earnings
x
per
share
1936—3 Mos.~1935
1935
1935
Liabilities—
Cash
$1,934,632
1,440,000
$1.34
1934
1936—12 Afos—1935
$2,465,797 x$8,886,653
1,200,000
1,440,000
$2.05
$6.17
$5,091,150
1,200,000
$4.24
Including J. Ryerson Co. in last six months only.—Y. 142, p. 2669.
a
2,247,229
6,775,450
Accounts & notes
Accounts
receivable
Prov. for taxes.
,066,497
Inv. in securities.,
1,378,684
,841,116
,260,368
Inventories
4,836,174
Insurance
1,651,595
Deferred
Institutional Securities,
Ltd.—Registers with SEC—
Interborough Rapid Transit Co.—Report for March—
c
The lines
gained
on
Common stock..21,776,628
21,776,628
Cap. stock of sub.
cos.
not owned
on
the West Side lost almost
the East Side.
The loss
on
as
many
Total
135,436
138,176
218,303
10,755,409
Dr366,352
Surplus of sub.
After
44,695,139 51,763,103
co.
Argentina set
in
Total..
accord,
44,695,139
51,763,103
for doubtful accounts of
$347,652 in 1935 and $298,005
reserve for depreciation and depletion of $31,008.
c Repres, inted by 626,278 no-par shares, but before deducting cost of treasury
stock ($366,352).—V. 142, p. 1292.
a
in J 934.
reserve
b After
passengers as were
the Sixth Avenue line
was
3.89% and
Italo-Argentine Electric Co.—Final Dividend—
of record April 29.
part of the city.
141, p. 3074.
3,630
Consol. adj. acct..
with Argen. law
244,718
Earned surplus
9,364,552
Treasury stock... Dr366,352
the Ninth Avenue line 3.31%. The loss on these lines was due mainly
to the competition of the new bus lines recently placed in operation in this
on
199,532
28,750
17,729,500
aside
gers, an
line.
353,684
238,724
237,441
12,000,000
in
part:
Traffic—The Subway Division during March carried 74,601,884 passen¬
increase of 1,767,097, or approximately 2.43%, as compared with
March, 1935.
Each line on the division showed improvement over the
corresponding month of last year, ranging from 1.34% on the BroadwaySeventh Avenue line to 6.01% on the Pelham Bay Park line.
The Manhattan Division during March carried 18,607,502 passengers,
an increase of 22,527, or approximately .12%, as compared with March,
The lines on the East Side showed considerable improvement in
1935.
traffiG, 3.54% on the Second Avenue line and 2-.68% on the Third Avenue
$
...
Funded debt
Thomas E. Murray Jr., receiver, in his monthly report for March says
in
__
reserves
credits
eral lands, rights,
bldgs., mach'y &
equipment
34,675,911 35,956,553
Bond discount, pre¬
paid exps., &C__
604,017
1,164,647
1934
688,403
297,500
Accr. int. & exps..
b Plant sites, min¬
See list given on first page of this department.
$
838,209
165,723
payable.
The company paid a final dividend of 4 pesos a share on April 30 to holders
A dividend of 3 pesos was paid on Nov. 6, 1935.—V.
Volume 142
Financial
Chronicle
International Great Northern RR.—Earnings.—
March—
1936
dross from railway
Net from
1935
1934
Kimberly-Clark Corp. (& Subs.)—Earnings—
1933
$984,706
155,403
def8,122
$931,772
131,695
5,530
$1,183,558
379,165
201,123
2,820,744
393,300
def21,481
2,847,010
492,670
93,656
3,093,477
879,443
380,679
Calendar Years—
$1,040,346
329,884
152,784
2,695,759
691,135
264.297
railway-
Net
after rents
From Jan. 1—
Net
•-V. 142, p. 2323.
xl936
Operating profit
xl934
$471,217
$350,023
$303,138
$181,936
223,144
31,335
38.000
212,891
36,357
13,000
194,091
35,844
$111,492
$57,544
$40,889
loss$47,999
on
Net to surplus
$1,824,470
.
292,646
$802,653
773,096
$1,974,104
xl92,500
399,459
$1,224,749
102,172
$1,199,235
82,500
431,545
105,530
1,575,749
165,000
465,368
203,415
287,576
42,175
222,871
prof.40,699
149,556
prof. 13,914
117,868
35,342
$1,052,395
597,780
182,696
$438,056
597,780
$444,018
597,780
$588,755
597,780
396,143
sur$271,919
487,173
$0.93
$159,724
487,173
$153,763
487,173
$405,168
487,173
__
Netprofit.
Preferred dividends
Common stock.
Subject to adjustment at end of fiscal year.—V. 142, p. 1644.
Deficit
special meeting of shareholders has been called for May 14 to seek
their approval of an increase in the authorized
capital stock to 500,000
shares of $10 par value from the present 200,000 shares of no
par value.
Stockholders also will be asked to elect two directors to fill vacancies on
per share
Kansas Gas & Electric
from oper__
Other income
$219,612
653
953
Gross corp. income
Interest & other deduct's
J
$220,265
82,556
revs,
$201,267
$2,647,639
12,459
Earnings for the Quarter Ended March 31
$202,220
82,342
:$2,660,098
988,821
y$137,709
y$119,878
Property retirement reserve appropriations
z Dividends
applicable to pref. stocks for period,
whether paid or unpaid
$1,671,277
600,000
$1,649,708
600,000
520,784
520,784
$550,493
$528,924
Before property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 pref. stocks were paid on Jan. 2, 1936.
After the payment of these dividends there were no accumulated
unpaid
dividends at that date.
Regular dividends on these socks were declared
for payment on April 1, 1936.—V. 142,
p. 2831.
.
y
z
Kansas Oklahoma & Gulf
March—
4,699,156
509,788
$497,967
38,035
$384,721
37,377
$87,611
78,822
$173,796
111,266
Total income
Bond interest
Federal income taxes
Net loss of subsidiaries..
$536,002
90,275
92,000
$422,098
93,533
63,000
prof.5,000
$166,434
$285,061
100,155
$353,727
149,445
$270,564
149,445
$62,615
149,445
$204,282
$121,119
def$86,830
$0.42
$0.24
Cost of sales
Net after taxes
on
stock
common
1934
33,260
$116,478
44,525
17,152
465.279
210,493
128,043
461,355
240,609
153,236
382,986
174,486
92,925
From Jan. 1—
Gross from railway
62,098.
297,945
200,229
142, p. 2503.
Consolidated
1935
Cash
$
721,632
....
Sheet Dec.
Balance
Calendar Years—
1935
admissions,
&c
$14,601,061
1934
1933
1932
$13,823,731 $13,612,675 $26,296,246
12,757.431
12,306,971
12,208,551
25.494,584
799,497
925,550
1,132,614
1,945,732
Operating expenses, &c_
Deprec. and amortiz...
1935
on
: ,044,133
$591,211
15,239
153,289
sale of invests.
240~858
Other income..
509,856
Deposit for paym't
$
Accounts payableNotes payable-...
821,137
49~ 628
54,988
61,541
35,378
Total income
183,250
188,600
Due to affil. co...
486,452
534,163
61,810
Fed. inc. tax prior
sec.
Notes & accts.rec
.
35,109
2 484,918
3 715,464
1,774,951
4,107,915
Acer.
593,692
235,696
463,201
81,031
Acer,
Due from affil.
Int.
In
co.
of
secure,
.
.
_
(est.)
years
int.
on
1st
mtge. bonds
capital assets
Prov. for loss of affil.
$759,740
734,874
791,296
stock
Jan. 2,1936
1st mtge. 5% gold
60,898
pay.
73,794
68,500
85,403
205,500
31,449
393,431
2L160
47,500
ioToso
"§"660
Cr9,771
Crl4,854
cos.
Sundry deductions
Federal taxes
to
int. in sub.
Cr6,026
Total
prof$403,073
$176,316
$642,293 a$2,477,348
1932 statement includes the net loss of Orpheum
Circuit, Inc.,
subsidiary companies (in bankruptcy), which amounted to $2,723,943.
b Unrealized profits of affiliated companies have not been
its
taken up.
Assets—
b
S
1935
Liabilities—
S
Land, buildings,
equipment, &c.20,755,445 22,039,912
Leaseholds
and
goodwill.
Cash
1
1
1,999,421
1,380,084
123,964
149,814
Invest,
The, Corp.
8,045
3,047
2,623,167
2,519,145
333,339
359,953
367,624
713,811
affil.
$
Notes
and
accts.
a61,408
426,011
72,609
232,980
366,119
310,796
703,500
95,584
81,695
45,520
57,943
6,366
780,721
6,167,359
12,392
776,963
6,405,941
Notes & accts. pay.
and expenses
Serial
bonds
pay..
holder of sub.
co.
Reserve
Surplus
...26,203,334 27,173,4401
Accounts
Total
payable only,
b After
Represented by 1,206,381 shs. of the
and
value of lc.
Stockholders at the deferred annual meeting held April 24
unanimously
proposed plan of reorganization of the company's
capital
Over 70% of common stock and
80% of preferred stock was
approved the
142,
2326.
p.
tional shares
of
stock, class A, no
stock, class A, no
common
common
—V. J41, p. 141, p. 117.
p.
1935
1934
$16,633,230 $17,182,877
17,534,229
17,609,448
17,939,108
18,072,214
18,300,976
18,545,165
1933
$15,401,157
16,692,181
17,389,973
17,354,758
$14,628,143
14,844,670
15,231,342
15.314,935
2327.
the
of
Woods
Milling
Co.,
LtdAccumulated
The directors have declared
accumulations
on
the
holders of record May
and on Dec. 16, 1935,
7%
15.
a dividend of $1.75 per share on account of
pref. stock, par $100, payable June 1 to
A similar payment was made on March 2. last
cum.
this latter being the first distribution made on tne
preferred stock since Sept. 1, 1931, when a resgular quarterly dividend of
$1.75 was paid.—Y. 142, p. 789.
Gross from
& Ishpeming RR.1936
Earnings-
1935
1934
1933
$39,728
def39,041
def56,690
railway
Net after rents
Gross from railway
Net from railway
Net after rents
—V. 142, p.
—
$34,680
def35,575
def50,344
$34,606
def27,657
def43,442
def26,258
def39,609
113,284
defl23,763
def174,038
101,726
defll2,934
def157,889
93,705
def95,885
defl42,319
def 117,938
$23,170
67,377
def77,824
2327.
Lehigh Coal & Navigation Co.—15-Cent Dividend—
The
directors
have
declared
a
semi-annual
dividend
of
15
cents
per
share on the common stock, no par value, payablo May 29 to holders of
record April 30.
A similar payment was made on Nov. 30, 1935 as against
25 cents paid on May 31 1935, Nov. 30 and May 30, 1934; 20 cents paid
on
Nov. 29,
—V. 142, p.
1933 and 10 cents distributed
1473.
the listing of 150,000 out¬
25,000 addi¬
par, upon notice of issuance
par, and will list
on
May 31 and Feb. 28, 1933.
1936
March—
Gross from
railway
Net from railway
Net after rents.
Kentucky-Tennessee Light & Power Co.—Consolidation
See Associated Gas & Electric Co., above.—V. 133, p. 3255.
1935
1934
1933
$112,064
24,952
$147,511
1,492
$121,874
34,851
11,173
$111,311
30,320
6,706
268,201
98,236
26,682
378,093
116,445
44,330
392,266
122,052
52.274
51,540
27,676
From Jan. 1—
Gross from railway
trading
Lehigh & Hudson River Ry.—Earnings.-
Corp.—Listing—
The New York Curb Exchange has approved
standing shares of
142,
Lake
amortization,
each.—V. 142,
structure.
Ken-Rad Tube & Lamp
Unlisted Trading—
From Jan. 1—
Kellogg Switchboard & Supply Co.—Plan Approved—
represented.—V.
V.
Net from rail way
....26,203,334 27,173,440
depreciation
par
—
_
March—
Int. of mln. stock¬
a
141
The company had an average of 4,260 stores in operation during the four
weeks ended April 18, 1936, as against 4,306 in the like period last year.—
Lake Superior
Rent & other dep.
Deferred accounts
Total
par shares.—Y.
and
mtge. instal. due
within one year.
and notes
46,238,100 46,042,914
no
Dividend—
Accrued taxes, int.
deposits &
other assets
Deferred charges..
c
22
12,064
894,656
894,656
10,213,625 11,885,000
pay. to affil. cos.
&c
and other cos...
12,064
1934
6,430,400
Jan. 1 *38 to Sta¬
dium
Interest,
In
1936
25
Feb.
on
Funded debt
receivable
Investm.
$
stk. K-A-O 6,430,400
pr
Common stock..
Probable liabll.
Notes and accts.
Accrued
7%
c
9,963,000
19,494,667 19,494,667
7,363,028
7,196,110
Kroger Grocery & Baking Co.—Sales4 Weeks Ended—
Jan.
April 18
1934
Total
Represented by 489,173
y
Mar. 21
Consolidated Balance Sheet Dec. 31
1935
.
for depreciation and depletion of $12,696,032 in 1935 and
reserves
King Royalty Co.—Removed from
The
a
46,238,100 46,042,914
After
$11,505,675 in 1934.
p.2892.
Net loss
and
Common stock.
7,544,000
9,963,000
The New York Curb
Exchange has removed from unlisted
privileges the common stock, no par.—V. 142, p. 2503.
minority
co
7,330,000
Surplus
x
Settlement of lease oblig.
Applicable
y
1,444,496
27,602
27,230
65,826
24,582
64,250
149,445
pref. stock
Jan. 2 1936
on com.
6% cum. pref. stk.
(par $100)
$435,132 def$599,311
,
188,600
532,340
149,445
wages
on
pay.
Div.
183,250
761,503
taxes, sal'ies
and
Div.
affil. cos. (cost). 8 721,191
8,721,191
Property....
_28, 492,049 28,957,526
Deferred charges.
568,642
642,669
x
544",759
$1,284,990
678,453
Interest and discount
Loss on investments and
584,385
300,000
U. S. Govt.securs.
Other market
$271,509 df$1144,069
163",623
1934
Liabilities—
bonds
Operating profit
31
1934
$
Assets—
Inventories
Theatre
$761
Nil
owned subsidiary (excl. of inventory adjustment of $105,000 and
any profits
or losses since June 30, 1935),
$47,174; provision for dividends on preferred
stock, $597,780; net profit on common stock, $536,668; profit per share
(487,173 shares), $1.10.
Other assets—
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
$150,206
149,445
Nil
of bond interest.
Net from railway
Net after rents
25.500
9,200
The income statement for the 12 months ended March
31, 1936, follows:
Net sales (excl. of inter-plant sales), $20,824,756; cost of sales,
$17,194,851;
general and selling expenses, $2,028,206; profit from operations, $1,601,698.
Other income, $168,588; total income before
bond interest, $1,770,286;
bond interest, $367,163; provision for Federal
taxes, $221,500; net income
after taxes, $1,181,622; net loss of William Bonifas Lumber
Co., a wholly-
1933
$165,592
83,253
52,931
95,819
5,000
3,000
on
Condensed
1935
$155,860
576,095
Net from railway
Net after rents
Net amount earned
common stock
Amount earned per share
Ry.—Earnings.—
1936
$191,416
94,405
52,931
Gross from railway
1933
$3,262,511
2,761,884
326,830
General & selling exps..
Prov.for divs.on pfd.stk.
Balance
1934
$3,829,616
3,379,559
362,445
$5,023,479
4,204,698
434,060
$2,637,583
987,875
Balance
1935
$5,706,911
Net sales (excl. of inter-
$2,617,170
20,413
Profit
Nil
Profit from operation.
Other income
Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. Mar. 31—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$451,572
$424,929
$5,480,323
$5,210,992
Operating expenses
231,960
223,662
2,832,684
2,593,822
rents,
Nil
1936
The Chicago Stock Exchange has approved the
application of the com¬
pany to list 300,000 shares of common stock, $10 par, to be admitted to
trading on notice of issuance, and registration under the Securities Exchange
Act of 1934.—V. 142, p. 2503.
—V.
Nil
Estimated.
x
the board.
Net
x90,000
412.347
Shs.com.stk.out.(nopar)
Earnings
A
1932
$906,588
sales, &c
Net loss of subsidiary.
Kalamazoo Stove Co.—To Increase Stock—
1933
$1,006,526
218,223
149,634
Int., amortization, &c._
Prov. for doubtful accts.
Other int., cash discount
xl933
office
selling expenses
Depreciation
Reserve for taxes
x
xl935
1934
$20,246,139 $16,529,315 $13,804,355 $13,174,479
1,629,191
1,361,239
1,205,752
1,289,820
1,161,487
1,150,583
1,141,565
1,131,529
15,630,991
13,010,967
10,550,450
9,950,477
Total income
Federal income taxes
273,580
40,146
46,000
branch
exps.
Other income
Intertype Corp.- -Earnings—
Quar. End. Mar. 31—■
Gross prof. bef. deprec..
and
1935
sales...
Sell., gen. & adrn.
Depreciation
Cost of sales.
Gross from railway
Net from railwayNet after rents
Head
2999
Net from railway
Net after rents
—V. 142, p.
2327.
333,668
96,976
27,551
3000
Financial
Chronicle
Lion Oil
Lehigh & New England RR.—Earnings.—
March—
Net
1935
1936
Gross from railway
Net from railway.
Refining Co. (& Subs.)
1933
1934
Calendar Years—
Gross oper. income._
$202,771
def20,176
defl6,890
$239,912
25,815
28,497
$333,020
104,714
88,720
$243,154
64,386
65,767
901,427
176,080
143,296
after rents
May 2, 1936
790,847
151,435
150,400
996,671
337,074
287,877
676,830
107,773
116,275
1935
-Earnings1 QQQ
1934
1932
$7,120,417
5,358,933
1,057,276
&c—
Adm. & gen. exp.,
$6,020,630
4,497,479
1,042,287
$704,208
41,358
$480,864
257,987
$651,933
69,125
$788,561
18,030
$745,566
742,349
62,336
$738,850
$721,059
853,572
106,992
$806,591
945,731
134,408
127,080
$4,818,462
3,319,8721
$5,479,987
4,691,426
846,656/
From Jan. 1—
Gross from railway
Net from railway
Net
after rents
Miscellaneous income
Total income
—V. 142, p. 2327.
Res. for depr. &
Earnings.—
Lehigh Valley RR.
March—
1934
163,193
.046,248
459,225
111,028
11,523,174
2,259,862
1,136,275
9,983,036
2,164,283
1,147,702
$3,564,715
522,758
From Jan. 1—
Gross from railway
Net from railway.
Net
1935
1936
Gross from railway
Net from railway
Net after rents
after rents
depl.,&c
Interest & bond discount
$2,976,491
615,430
239,560
10,781,820
3,150,750
2,159,300
58,066
Taxes
1933
$3,857,532
1,227,261'
894,173
676,564
Cr 17",962
Special items (net)
of net loss of sub.
Amt.
applic. to int. of
minority com. stock¬
cos.
Crl31
holders.
8,648.578
1,516,419
Net loss
400,951
—V. 142, p. 2504.
Before
x
Cr8,433
......
$58,987 prof$12,652
minority stockholders'
interest
$221,542
in net
loss
x$400,628
of subsidiaries
of
$15 530.
Lehn & Fink Products
Co.—Larger Semi-Annual Div.-—
The directors have declared
a semi-annual dividend of 62 Mi cents per
on the common stock, par $5, payable June 1 to holders of record
share
with 50 cents paid on Dec. 1, 1935.
Prior to
this latter date the company was on a regular quarterly dividend basis.
Dividends of 37 M cents per share had been distributed each three months
from Sept. 1, 1934 to and including June 1, 1935.
From June 1, 1932 to
and including June 1, 1934 dividends of 50 cents per share had been dis¬
bursed each quarter.—V. 142, p. 2832.
/
.
May 15.
This
Earnings for Three Months Ended March 31
profit
Lexington
(Ky.)
Water
The directors have declared
Co.—Accumulated Dividend-—
dividend of $1.75
share on account
cum. pref. stock, par $100, payable June 1
to holders of record May 20.
Similar payments were made in each of
the four preceding quarters.
The last regularly quarterly dividend was
paid on June 1. 1933 —V. 142, p. 1475.
a
per
the 7%
on
Lily-Tulip Cup Corp. (& Subs.)—Earnings-
depreciation,
after
depletion
and
all
other charges except Federal taxes..
The profit for March, 1936, was $43,737.
$107,956 loss$164,931
Consolidated Balance Sheet Dec. 31
Liabilities—
1934
1935
Assefs—
a
hand
$383,273
$155,515
oblig. (secured).
409,122
406,601
assets.
1,434,702
68,503
1,052,800
44,637
Invest. & advances
27,686
66,594
plant and
equip, (at cost). 4,761,382
Deferred charges..
255,845
4,458,743
263,745
receivable
curr.
oblig. (unsec.)
on
b Prop.,
1934
1935
1933
In
$1,261,534
$1,382,419
Total income
Misc. deducs. from inc..
Depreciation
c
655,547
752,303
$558,363
3,042
$605,987
$630,115
7,981
$561,405
13,804
249,805
$609,433
17,922
251,428
$638,096
152,056
3.446
30,246
214,306
discarded
After
a
$6,676,3941
$7,112,758
45,000
52,480
38J354
47J82
44,375
Net inc. to surplus
Common dividends
$291,626
280,482
$259,142
279,207
$292,901
277,670
$349,169
278,307
machinery
$11,144
def$20,065
189,539
189,538
$1.54
Balance, surplus
com. stk. (no par)_.
Earnings per share..—
Shs.
$1.37
$15,231
189,545
$1.54
$70,862
189,545
$1.84
Dr80,838
167,399
Total
b After
reserve
3,386
5,492,082
Dr80,838
351,575
$7,112,758 $6,676,394
for doubtful notes and accounts of $14,016 in
reserve
$57,325 in 1934.
1935 and
for depreciation and depletion of $7,100,-
1935 and $7,046,481 in 1934.
c Represented by 270.000
shares,
d Represented by 3,865 shares.—V. 142, p. 2673.
623
in
Louisiana & Arkansas
Res. for Fed. inc. tax
3,255
5,492,082
stock.
Deficit
Total..'.
65,197
186,034
stock
Common stock.,
d Treasury
906,877
$564,387
23,225
Miscellaneous income
Obsolescence
$1,465,240
570,556
interest
capital
& deficit of subs,
$560,789
3,598
Operating income
70,845
240,596
562,328
Deferred liabilities
1932
18,536
380,426
patent license
agreement
Accrued liabilities.
Gross
profit after deduct¬
ing cost of goods sold. $1,660,101
Admin., selling and other
expenses
1,099,312
127,204
572,529
—
Accounts payable.
Install,
payments
Minority
Calendar Years—
$392,588
$292,153
Notespay.&purch.
Notes & accounts
Inventories
Other
1934
1935
Notespay.&purch.
Cash in banks and
on
of accumulations
1935
1936
Net
compares
Net
Ry.—Earnings.—
1936
March—
Gross from railway
Net from railway..
no-par
1935
1933
1934
110,454
$370,550
109,281
67,155
$344,016
114,096
78,877
$308,864
111,175
67,478
1,319,098
484,164
1,034,680
305,930
309,797
183,412
1,038,982
356,034
236,816
938,697
348,040
214,489
$474,116
176,609
after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
142;
p.
2328.
Consolidatea Balance Sheet Dec. 31
1934
1935
Assets—
Cash
$564,868
$496,493
Notes, drafts, trade
receivable (net).
345,039
719,100
Mdse. inventory..
293,648
691,305
stock..
$121,571
10,822
17,333
and State taxes,
x
85,943
1,014,000
1,588,664
113,369
1,014,000
1,561,877
Common stock..
$2,821,0001
Total
$2,872,208 $2,821,000
220,287
28,605
defl3,353
241,565
60,333
7,658
165,122
def 1,975
def40,015
From Jan. 1—
Gross from railway
—
Co., Inc. (& Subs.)—Earnings
1936
.
1935
1934
1933
$3,063,992
2,796 ,'947
52,140,423
1,938,071
111,805
115,494
125,254
$1,419,247
1,557,036
127,289
$151,552
$274,881
.
86,911
$77,099 loss$265,078
67,276
64,122
80,283
$361,792
Gross
$231,835
x
1935
$109,585
Dr4,060
J__
$105,673
Dr3,071
$105,525
86,284
15,172
revenue
Operation
Maintenance
$102,601
98,758
15,397
18,538
15,363
Taxes, excluding Federal income tax..
915
714
Net corporate loss..
Interest on bonds
$12,210
1,500
Interest miscellaneous.
261
$30,807
1,500
2,976
$13,971
$35,284
Income deductions
1936
$4,522,759
4,136,073
Depreciation
Operating profit..
276.274
61,103
6,057
Net after rents
Non-operating revenue—Net
(& Subs.)— -Earnings-
Sales
def3,282
$52,646
def2,095
defl4,972
Louisiana Ice & Electric
Represented by 189,539 no-par shares in 1935 and 189,538 no-par shares
7.45 scrip in 1934.
y After depreciation of $749,798 in
1935 and
$708,072 in 1934. z Represented by 3,400 snares (at cost).—V. 142, p. 2672.
Cost of sales
343
$93,458
26,003
5,354
Total operating revemie
$2,872,208
1933
1934
21,664
$101,799
Three Months Ended March 31—
x
3 Mos. End. Mar. 31—
Ry.—Earnings.1935
$75,823
10,534
—V. 142, P. 2328,
and
Link Belt Co.
1936
March—
Gross from railway
Net from railway.
Net from railway
Net after rents
z59,194
8,047
1,070,326
146,217
48,822
6,945
8,327
yMach..equip.,&c 1,069,983
Miscell. assets
115,126
Deferred charges._
47,439
Spec. mfg. license2,323
Pats., trade-marks
and good-will—
investments
Total..
1934
$165,628
Surplus
Invest, in co.'s own
common
1935
payable
Reserve for Federal
accept. & accts.
Other
Liabilities—
Accts.
Accrued expenses.
Louisiana Arkansas & Texas
...
Net loss before provision for
ments
renewals & replace¬
(deprec.) & Federal income tax
_
Comparative figures for 1935 have been restated for comparative pur¬
They are comparable with the earnings of the properties owned as of
March 31, 1936.
x
Total income
.
46,358
8,301
Net profit
Shares
common
6,614
24,243
$307,133
$200,978
673,073
$0.37
Sundry chargas
Federal taxes
$144,375 loss$200,956
11,699
4,715
673,073
$0.21
14,600
675,017
Nil
profit after charges and taxes of $124,234.
Balance Sheet March 31
1936
1936
1935
Liabilities—
Assets—
1,735,811
1,325,460
Preferred stock
2,949,889
2,109,365
d Common
Inventories
2,960,852
2,566,928
Accounts
b Securities
Accrued
c
4,735,880
in
5,477,863
payable.
for
Prov.
172,600
172,600.
365,153
Com.stk.in treas
525,932
582,405
147,960
19,122,182
18,447,795
Deferred charges.
_
b At market,
Reserves.
64,875
Com.
Loblaw Groceterias Co.,
Period End. April 4—
Sales
Net
10,703
Materails
150,290
3,271,363
&
Gross from railway
788
689,157
668,579
,
$1,896,199
368,423
23,311
Net
after rents
—V. 142, P. 2505.
1,061,449
146
■
401
$1,489,312 $1,439,891
Total
$1,489,312 $1,439,891
141, p. 3695.
the first and
refunding mortgage has notified the New York Stock Exchange that it has
released and delivered to the company, 175 shares South East & St. Louis
$100 par value, due to the fact that all the
Louis Railway Co. was conveyed to the
property of the South East & St.
trustee
by supplemental indenture.
Earnings for March and Year to Date
-Earnings.1936
132
1,096,518
36,966
12,377
Railway Co. capital stock,
61,145
67,056
...
129
17,727
1,197
1,044
stock
The United States Trust Co. of New York as trustee under
1935
1934
1933
$1,801,974
225,944
defQ2,694
$1,992,013
456,589
170,410
$1,751,220
398,909
108,339
5,381,004
557,810
def341,903
5,634,288
1,154,977
339,872
5,508,518
1,521,908
1936
March—
Gross from
railway
Net from railway
Net after rents
1935
1934
1933
$7,063,749
1.541,058
1,199,596
£6,183,523
1,427,852
1,111,162
$6,504,572
$4,555,262
1.896,561
1,625,941
613,220
277,013
21,432,704
5,024,646
18,114,646
4,011,544
3,110,393
18,307,665
5,309,864
4,405,305
14,706,766
From Jan. 1—
From Jan. 1—
Gross from railway
Net from railway
-V.
68,966
Earned deficit
(whole shares)..
(fractional
Louisville & Nashville RR. Co.—Collateral Released—
Ltd.—Sales—
1936—4 Whs—1935
1936—44 Wks.—1935
$1,310,522
$1,233,370 $13,656,238 $13,062,228
Long Island RR.-
Net from railway
Net after rents
12,000
sup¬
19,122,182 18,447,795
-•V. 142, p. 2161.
March—
shs.)
Capital surplus...
11,059
plies, merch'd'se
Prepayments
profit after charges
& taxes
126
10,163
cap.
2,695
stock
561
Com.
302,713
cap.
7,964
.
111,606
68,969
Line exten. deps..
26,020
79,326
Accrued liab. ins..
receivable
5,168
29,825
3,715
1,728
156,077
Accrued taxes
Accounts receiv'le.
plies—general.
1,500
5,540
15,087
2,808
on
dep..
36,000
15,055
d Represented by 709,177 no par
f 2,285 shares
e
int.
consumer
29,000
Interest
33,604 shares at cost in 1936 and 36,104 in 1935.
at cost in 1936 and 53 in 1935.—V. 142, p. 2833*
shares,
3,033
162,946
Suspense..
Total
1,530
2,500
bonds—
96,548
3% (at par)
Miscell. curr.assets
After depreciation,
17,688
deps..
liab...
Accrued interest on
29,000
Cash
U. S. Treas. bonds
Total
c
Consumers
Accrued
Cash in closed bks.
Total
470
stocks &
Materials & sup¬
5,284
99,204
e
1,330
Invests.,
_
3, 753,295
Surplus
273,124
stk.
9,700
3,425
9,241
$100,000
34,790
17,008
Ice coupon
-
128.482
184.483
Local taxes
f Pref. stk. in treas
94,636
16,274
_
cap.stk.tax
66,153
3,514,200
10,584,739
519,150
social
Reserves
employees'
purch. trusts
749,273
176,381
taxes.
72,096
6,220
Ice cream cabinets
bonds
Govt.
for
security
Accrd.
57,416
atcost—......
20,882
$100,000
Notes receivable..
3, 514,200
stock. 10, 584,739
income taxes
Dodge
Steel Co
Int. in
Prov.
49,414
5,505,800
Fixed assets
Invest,
5,694.119
48,181
interest..
1935
$
Accts. & notes rec.
Cash
Conveyance equip-
Work in progress.
Funded debt
Accounts payable-
$983,654
Plant prop.& eqpt.$1,149,555
at cost..-----
1935
1936
Liabilities—
1935
1936
Assets—
675,017
$0.08
For the month of March, 1936 company reported sales of $1,635,240.and
net
Consolidated Balance Sheet March 31
$118,076 loss$205,671
stock
oustanding (no par)..
Earnings per share
a
poses.
5,679,197
891,802
defl9,280
692,282
Gross from railway
Net from railway
Net
—V.
after rents
142, p. 2673.
3,889,543
3.064,418
2,083,702
Financial
Volume 142
McWilliams Dredging
Chronicle
Co.—Dividend Again Raised—
The directors have declared a dividend of SI per share on the common
no par value, payable June 1 to holders of record May 20.
This
stock,
Michigan Gas and Electric Co.
compares with 75 cents
paid on March 1, last; 50 cents paid in each quarter
of 1935; 25 cents per share distributed each three months from Sept. 1,1933,
to Dec. 1, 1934, incl., and 37
H cents per share paid previously each quarter.
In addition the company paid an extra dividend of 25 cents on Dec. 1,
1935, and
Sept. 1 and June 1,
—V. 142, p. 961.
Maine Central
$988,587
250,122
123,219
53,936
$3,061,963
473,703
70,784
112,644
$2,982,939
622,187
258,942
133,889
def$38,768
168,710
Gross income
Deductions
$177,155
175,815
$183,428
505.762
$392,831
545,151
Net income
.def$207,478
$1,340 def$322,334 def$152,320
—V. 142, p. 1821.
Maryland & Pennsylvania RR.—Earnings—
Calendar Years—
Total oper. revenue
1935
1934
1932
1933
$450,363
363,343
33,324
$473,815
371,743
35,333
$67,046
9,208
$46,183
14,823
$66,739
13,622
$76,254
$61,006
$80,361
76,317
80,028
83,220
$16,136
Gross income
$422,333
343,480
32,670
76,217
.
_
356,822
6,699
$60,081
Net ry. oper. income.
Non-operating income.
$430,567
$53,696
6,385
Total oper. expenses
Other oper. charges
$64
$19,022
$2,859
Rentals, interest & mis¬
cellaneous inc.chargesi
Balance, deficit.
General Balance Sheet Dec. 31
Assets—
1935
Road & equipment $4, 714,892
lmpr. on leased ry.
property
1934
Liabilities—
23,157
22,820
5,876
5,876
172,194
173,821
71,263
52,324
42,243
64,131
5,419
3,819
Special deposits
Traffic &
car serv.
Agents & conducts.
1 401,000
balances.
Aud.
98,795
91,889
16,409
21,897
pay.
514
4,347
unpaid
1,796
2,091
vouchers
wages
&
payable-_
Miscel.accts.
mat'd
Funded debt mat'd
50
50
19,924
19,661
4,016
299,902
784
284,473
surplus1 168,575
loss....._
171,564
1,168,575
188,396
unpaid
balances-
24,589
18,619
Unmat'd
rec.
16,020
18,919
rentals
Mat'l & supplies._
59,625
56,402
Freight in transit.
2,754
2,945
21,012
23,174
Miscell. accts.
Unadjusted
debits
Other
$5,159,049 $5,159,668
int.
Approp.
&
liabs..
curr.
Deferred
Profit &
Total
1,401,000
Traffic & car serv.
Int.
balances...
$1, 976,500 $1,976,500
Funded debt
prop
1934
1935
Capital stock
$4,716,814
Invs. in affil. cos..
____
1956
QUOTED
liabilities
Total..
$5,159,049
$5,159,668
MEMBERS NEW YORK STOCK EXCHANGE
15
Broad
Street
New
A. T. & T. Teletype
York
N. Y. 1-752
Melville Shoe Corp.—Preferred Stock Offered—Cassatt &
Co., Inc., announce that the entire issue of 22,287 shares of
4K% preferred stock (convertible until Jan. 1, 1945) has
been subscribed for at $104 per share by the exercise of rights
offered to stockholders.
The Irving Trust Co. reported
that subscriptions received on the exercise of warrants
issued to the common stockholders amounted to 21,376
shares, and subscriptions received from the holders of 1st
preferred stock (which has been called for redemption)
amounted to 11,703 shares.
This resulted in an allotment
to holders of 1st preferred stock of slightly under 8% of
the
amount
The
subscribed
for.
preferred stock carries dividends cumulative from May 1, 1936,
and is redeemable, in whole or in part, at any time upon 45 days' notice
at $105 per share, plus accrued unpaid dividends.
It is convertible at any
time until Jan. 1, 1945, as follows: On or before Jan. 1, 1938, into
shares
of common stock; thereafter and on or before Jan. 1, 1940, into 1
shares
of common stock; and thereafter and on or before Jan. 1,1945, into 1 share
of common stock.
If called for redemption prior to Jan. 1, 1945, the con¬
version right continues through the fifth day before the redemption date.
Transfer agent, Irving Trust Co., New York.
Registrar, City Bank
Farmers' Trust Co., New York.
The outstanding common stock is listed on the New York Stock Ex¬
change.
The corporation has agreed to make application in due course
for the listing on the Exchange on official notice of issuance of the addi¬
tional common stock issuable upon conversion of the 4 K % preferred stock,
and the registration of such additional shares under the Securities Exchange
new
Act of 1934.
Subscription warrants were issued to common stockholders of record
April 6, evidencing their right to subscribe to this issue of 4 J-6% preferred
share on April 27, 1936.
Holders of the 1st pref. stock
(called for redemption) were offered an opportunity to purchase on April 27,
1936, at the same price, so many of the 22,827 shares of the 4pref.
stock as were not purchased by the holders of the common stock.
stock at $104 per
-V. 142, p. 2329.
Capitalization Giving Effect to Present Financing
Master Electric Co.—
Authorized
Transfer Agent—
The Chase National Bank has been
appointed transfer agent of the com.
stock—V. 142, p. 2834.
*
1936
$4,007,404
3,376,803
$687,482
14,350
30,452
7,221
500,000 shs.
1,278 shares of
*371,461 shs.
stock held by the corporation for
33,430 additional shares of common stock
will be initially reserved for the conversion of the 4
% preferred stockUndericriling—E. A. Pierce & Co. and Cassatt & Co., Inc., New York,
have jointly and severally agreed to underwrite the subscription by the
holders of common stock and (or) first preferred stock of the 22,287 shares
of4K% preferred stodk at the subscription price of $104 per share.—V. 142,
p. 2834.
$716,212
17,120
66,925
;
$630,600
26,285
$739,505
Interest and dividends received
Discounts and royalties
share)
Includes
common
future delivery to employees.
1935
2,921,932
Outstanding
22,287 shs.
99,992 shs.
4J4% preferred stock (par $100)
25,000 shs.
Second preferred 6% cum. stock (par $5)
100,000 shs.
Common stock (no par) (declared value $1.25
per
Maytag Co.—Earnings—
3 Months Ended March 31—
Sundry income
SOLD
Eastman, Dillon S Co.
1936—3 Mos.—1935
1936—Month—1935
$963,671
68,646
def81,986
43,218
revenues
Other income
Cash
1st & ref. B 5 Dec.
RR.—Earnings—
Net operating revenuesNet ry. oper. income---
Miscell.phys.
1st & ref. A 6 Sept. 1943
Dec. 1, 1934.
on
BOUGHT
Period End. Mar. 31—•
Operating
special dividend of 50 cents
a
3001
10,930
51.242
8,082
Memphis Natural Gas Co.—Dividend Doubled—
Total income.
Sundry deductions
Depreciation
62,498
Federal and State income tax—est. prov. current
period.!
104,500
...
95.000
020,994
Cr39,634
The directors have declared
a
dividend of 20 cents per share on the
com¬
stock, no par value, payable May 11 to holders of record April 30.
This compares with 10 cents paid on Feb. 15, 1935, and on May 24, 1934;
this latter payment was the first made since April 15, 1932, when a regalar
mon
quarterly dividend of 15 cents
per
share
was
distributed.—V. 140, p. 3722.
Memphis Power & Light Co.—Earnings—
$590,594
$0.18
Earns, per sh. on 1,617,922 no par shs. com. stock.
$568,778
of its wholly-owned Canadian
subsidiary .—V. 142, p. 2673.
Mead Corp. (&
Period End. Jan. 31—
Operating revenues
Operating expenses
Subs.)—Earnings—
Years Ended—
Net sales
Cost of sales
Dec. 29
'35 Dec. 30
Net
*34 Dec. 31
'33
Jan.
.$14,130,119 $12,277,923 $10,497,824
10,524.267
9,202,013
8.358,091
Sell. & admin, expenses1,108,461
913,322
823,665
Operating profit
Other income
[National Power & Light Co. Subsidiary]
$0.16
The company does not include in its interim reports the
operating results
$2,497,391
313,654
----
$2,162,588
300,656
1
'33
$1,316,067
210,493
$603,487
198,583
from oper...
1936—12 Mos.—1935
$7,058,561
4,477,449
$6,419,103
4,085,748
$267,648
$250,511
340
$2,581,112
11,415
$2,333,355
341
$267,989
64,507
$250,851
66,272
$2,592,527
781,745
$2,342,756
821,666
Balance
y$203.482
y$184,579
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,810,782
667,125
$1,521,090
679,127
rev.
Other income (net)
$9,295,510
7,961,922
730,101
1936—Month—1935
$757,962
$669,436
490,314
418,925
Gross corp. income—
Int. & other deductions.
9,401
,
Gross income
$2,811,045
1,277,348
Depreciation
Int.& taxes
on
fund.debt
494,914
169.703
Other int. & cash disc
$2,463,244
1,335,449
512,767
136,618
$1,526,560
1,041,488
$802,070
976,178
557,962
540,554
124.364
z
to current market
Amortiz. of def. expense
Amortiz. of props
52,885
57,256
25,000
75,510
107,311
49,509
Prov. for contingenciesIdle plant exp. & misc.
-
Federal income taxes
Minority interest
-
on
75,000
47,446
134,913
85,693
44,135
29,183
11,811
Merchants & Miners
43,525
1,493
Cr.323,897
$501,607
x49,968
$31,436 loss$384,6201oss$713,279
106,559
$451,639
preferred stock.
Surplus
x
41,334
50~,666
After the payment of these dividends tnere
dividends at that date.—V. 142, p. 961.
$
$
619,207
Mexican
1,751,844
receivable
54,998
1,772,478
43,035
Life insurance
183,866
159,292
Inventories..
2,667,612
2,469,129
612,692
623,369
Misc.
receivables.
Deferred notes and
accts. rec.,
&c._
Investments
801,946
724,379
Plants & properties
stated at cost.a.29,793,412
28,935,229
contracts for pur.
from oper..
1936—Month—1935
$661,063
$629,724
444,533
438,650
Dec. 30 '34
S
Net earnings
$216,530
$191,074
1936—2 Mos.—1935
$1,354,426
$1,289,587
898,496
881,966
$455,930
$407,621
529,363
491,768
47,500
-V. 142, p. 2834.
94,673
144,361
Preferred Stock—
222,029
5,040
224,141
State income
107,311
8,717
The directors have declared an initial dividend of 25 cents per share on
the $1 non-cumulative prior preference stock, payable May 1 to holders
of record April 23.
A recapitalization plan which eliminated accrued divi¬
dends on the old preferred stock was approved on Jan. 15 last —Y. 142.
Current
instal.
Michigan
on
purch. contracts
Div.
payable
by
subsidiary
co
taxes(
Fed. income taxes.
\
76,974
Funded debt
Plants & properties
under cancellable
Contr.,
earns,
Accrued items
Customers' notes &
accts.
Dec. 29 '35
on
Light & Power Co., Ltd.- -Earnings-
Oper. exps. & depreciat'n
Liabilities—
Transportation Co.— To Vote
[Canadian Currency]
Gross
Accounts payable.
Other accts. pay..
dividends,
Jan. 2, 1936.
961.
Period End. Feb. 29—
574,220
and
on
accumulated unpaid
at a special meeting to be held on May 7 will
consider'a
of insurance known as "Stockholders'
of insurance known as
Insurance."—V. 142,
$31,436 def$384,620 def$819,836
Dec. 29 '35 Dec. 30 '34
Assets—
Cash
no
Stockholders
p.
Last quarter of 1935.
Consolidated Balance Sheet
were
Insurance Plan—
rtain type
certain tvne
Net profit
Divs.
132",233
121,660
41,334
394,876
$447,087
y Before
property retirement reserve appropriations
Regular dividends on $7 and $6 pref. stocks were paid
97,095
Adjust .of material prices
394,876
$748,781
Balance
308,090
265,903
processes,
proc. rights, &c_
687,500
687,500
Deferred charges._
203,549
353,572
7,495,242
7,974,323
10,080,574
8,823,087
Minority interests
987,532
1,202,709
Cum. pref. stock__b3,331,200
3,331,200
Common stock..cl2,974,940
12,971,478
Capital surplus
1,528,943
1,789,873
Earned surplus
287,921 def438,081
p.
Bakeries
Co.—Initial
Dividend
on
New
1477.
Reserves
..
.
Midland Valley
RR.—Earnings.-
March—
1936
Gross from railway.
Net from railway.
_
Net after rents
1935
1934
1933
$98,295
34,972
18,908
$86,979
18,881
2,736
$99,227
35,289
22,801
$86,437
24,323
8,268
377,996
198,379
146,837
305,940
124,778
72,796
308,127
126,217
80,746
302,099
124,475
73,566
From Jan. 1—
Total
37,639,728 36,653,0951
Total
37,639,728 36,653,095
a Cost to the
corporation includes appreciation of $1,444,980.84
through
appraisals of certain properties by predecessor companies,
b Represented
by 33,312 shares (no par), excluding 330 shares held in treasury,
c Repre¬
sented by 588,450 shares (no par),
excluding 3,101 shares in treasury —
V. 142, p. 791.
Gross from railway.
Net from railway.
_
Net after rents
—V. 142, p. 2507.
Mid-West Abrasive
Co.—Registers with SEC—
See list given on first page of this department.
Financial
3002
Liabilities—
1934
1935
Plant,prop.,rights,
franchises, &c..$7,582,953 $7,544,234
Cap. stk. comm'ns
& exp. in process
of amortization.
18,670
16,124
43,955
Invest, and adv...
43,855
of amort..
Cust's
3,550
3,010
Payments
182,662
175,797
funds
rec.
on
2,657
2,657
3,049
204,258
120,991
128,117
128,116
64,817
32,191
Reserves
mat'ls & supplies
128,120
133,696
& merch. inven.
-...
Capital surplus
Earned surplus.—
$8,511,562 $8,447,4111
$8,511,562 $8,447,411
Total
reserve for uncollectible accounts of $19,462 in 1935 ($21,346 in
b Represented by 15,560 shares of $100 par and 2,500 shares
stated at realized value of $75 per share,
c Represented by 818 shares
stated at realized value of $100 per share,
d Represented by 4,878 shares
stated at realized value of $90 per share.
I Note—The income account for calendar years was given in "Chronicle"
of April 25, page 2834—V. 142, p. 2834.
Less
a
1934).
Minneapolis Gas Light Co.—Bond Exchange Offer—
F. W. Seymour, President, in a letter mailed April 27 to holders of the
1st mtge. gold bonds, AM % series due 1950, announced details of the offer
to
first mortgage bonds 4%
exchange these bonds for the company's new
series due 1950.
1, 1936, at 103%
4%s are callable on the next interest date, July
Thr
Slus int.have the privilege of exchanging for exchange at 102%. Present
The new 4s are to be offered the 4 % % bonds for the new 4s
olders
on a par
for par basis with an adjustment of
$27.92 in cash for each $1,000
principal amount of 4%s exchanged.
This sum is made up of the difference
between the current call price of the 4%s and the price at which the 4s
are
offered for exchange amounting to $6.25, int. from Jan. 1, 1936 to
June 1,1936 on the 4%s, amounting to
$18.75 and $2.92 representing % of
interest from June 1, 1936 to Jan. 1, 1937.
Holders of the 4%%
bonds who accept the exchange offer will, therefore, receive interest at the
rate of 4% % through the calendar year 1936.
The offer is to become effective on June 1,19367in the event that holders
of at least $5,500,000 (or such lesser principal amount as may be stated
by the company by written notice to the exchange agent) of the 4 %%
bonds, shall have accepted the offer on or before 3.00 p.m. on May 11, 1936
(or such later date, but not later than May 29, 1936, as may be stated
by the company by written notice to the exchange agent) and provided the
company shall receive payment from the underwriter on June 1, 1936 for
the new 4% bonds, not reserved for exchange.
The AM% bonds are to be deposited with the company's agent. Con¬
tinental Bank & Trust Co., 30 Broad St., New York, accompanied by
letter of transmittal.
Bonds deposited under the offer to exchange may
be withdrawn at any time prior to 12.00 o'clock noon on May 9, 1936,
upon at least two-days' written notice to the depositary.
Depositors will
incur no expense, all such expenses being borne by the company.
G. L. Ohrstrom & Co., Inc., the underwriter, is cooperating with the
company in effecting the exchange offer.—Y. 142, p. 2835.
1%
Minneapolis & St. Louis RR.—Earnings.—
'
March—
Net
1933
1934
1935
1936
$731,174
159,972
63,797
$574,478
31,779
def4,767
$634,776
88,961
34,385
$528,706
defl3,129
def69,892
1,903,888
174,109
def63,602
1,606,270
def5,618
defl41,807
1,764,341
172,736
12,772
1,529,032
def81,609
def260,143
Gross from railway
Net from railway
after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
_
—V. 142, P. 2835.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Period End. Mar. 31—
Total
Other income—net
_
456,316
$665,535
$1,913,130
$2,068,597
1935
1934
1933
$58,990
8,304
defl05
$62,557
13,080
6,550
$43,409
2,332
def2,297
204,235
41,294
21,156
Rental of terminals
$2,898,204
3,011,401
253.645
16,511
42,202
107,394
1,380,179
$76,921
20,920
12,617
Hire of equipment
155,426
6,552
defll,999
160,755
20,490
3,063
118,217
def4,173
def21,016
Interest on funded debt
Net deficit
167,770
Cr36,869
50,695
162,412
1,325.492
142, p. 2329.
Mississippi Central RR.-
Earnings.-
1936
March—
Gross from railway
Net^from railway
Net
$2,397,725
2,796,822
469.891
...
Taxes
—V.
1936—3 Mos.—1935
1936—Month—1935
$880,678
$1,107,942
933,925
1,005,373
74,793
99,530
6,577
Cr2,429
13,896
16,402
38,216
58,198
$516,537
revenues
Total expenses
after rents
From Jan.
1—
Gross from railway
Net from railway
Net after rents
—V. 142, P. 2329.
Missouri Edison Co.
$84,736
11,880
def865
$68,716^
9,469
defl,092
208,193
18,397
defl5,147
241,880
31,327
def4,109
164,410
14'820
def43.663
4,176
notes
oper.
$77,143
5,186
def8,433
.
Net after rents.
pref. stk. subsc.
-Earnings1934
1935
Calendar Years—
;
Operating revenues
Operation
$197,406
96,071
5,942
20,229
$180,132
85,940
14,823
1,586
$54,175
47
92
$58,802
35,750
3,288
Provision for retirement reserve
7,096
19,029
12,034
xl.857
$58,754
Maintenance
$54,267
35,750
3,448
Taxes—State, local, &c
Federal and State income
—V. 142, p.
2329.
Missouri Pacific RR,—Reorganization
Plan—
of reorganization has been presented to the Interstate Commerce
Commission by the protective committee for the holders of Missouri
Pacific 1st & ref. mtge. 5% gold bonds (John W. Stedman, Chairman).
The hearings being held before the ICC on the reorganization were
adjourned April 24 until June 23.
Adjournment was taken after John W.
Stedman had completed explanation of the plan submitted by him on be¬
half of the protective committee for the 1st & ref. bonds.
A plan
A
60-day recess was requested
by Ernest S. Ballard,
Total net earnings
on funded debt
Interest
...
General interest
3,419
3,419
$16,344
6,973
$11,650
4,831
Amortization of debt discount and expense
Net income.
x
on
____
$7 pref. stock, $3.7917 per share
Federal income tax only.
Balance Sheet Dec. 31
Assets—
1935
franchises,
in
$1,210,905
44,167
Notes
_
debt
9,599
14,762
Accounts
46.56S
charges
19,691
Accrued
2,144
of pref.divs.
1,610
Customers' accts.
Dividend
on
2,144
Surplus
3,694
1935 and $3,504 in
Federal income taxes
for uncollectible accounts of $3,903 in
shares,
121,018
$1,367,669 $1,333,925
Total...
no-par
1,728
63,933
8,364
—
Capital surplus
2,400
1,610
2,276
121,018
Reserves
83,819
Misc. accrued liab.
14,845
reserve
2,979
payable
27,944
After
zl-,857
2,979
pref. stock..
14,736
x
8,747
7,575
26,384
1934.
y Represented
by
only.—V. 142, p. 1822.
2,356
52,000
10,877
payable.
taxes
& notes receiv..
$1,367,669 $1,333,925
650,000
2,815
co
Mat'ls & supplies.
Total....
240,000
to
Accrued interest..
Special deposit for
1934
$184,000
52,000
payable
affiliated
Cash....
pay.
Common stock.
Deferred liabilities
40,748
Prepaid accts. and
x
y
Funded
process
of amortization.
deferred
$183,800
240,000
650,000
$7 pref. cum. stock
&c__$1,227,489
Debt discount and
exp.
1935
Liabilities
1934
Plant, prop.,rights,
z
counsel for the
of time would be required to prepare
witnesses who opposed the debtor's plan, and to
Missouri Pacific, who said that length
for cross-examination of
prepare
a
case
against
the Stedman plan.
No objection was offered,
although W. Lloyd Kitchel, counsel for the Stedman committee, said he
desired to expedite the proceedings as much as possible.
Following formal explanation of the Stedman plan, which is drastic in
its treatment of equity holders, Mr. Stedman said:
"The plan which I have presented on behalf of the committee is both
drastic and realistic.
It has to be if we are successfully to restore Missouri
Pacific credit in particular and railroad credit in general, which has been so
seriously affected by the reduction in revenues due to lower rates and severe
competition, and by the increase in expenses, including taxes.
To these
unfavorable conditions must be attributed the great loss to be sustained
by
the
old
stockholders
under the committee plan.
A well-balanced,
such as this plan sets up, cannot
sound and conservative capital structure,
of necessity provide for both the former debt and
"In dealing with the old debt, the committee in
the former equity.
this plan has applied the
principle that equitable treatment means not only the observance of priori¬
ties, but also, in return for not foreclosing, the giving to senior liens for
that part of their principal not entitled to first mortgage bonds, new junior
securities which,
under improved general conditions, should command
higher market values—perhaps, in the case of conversion, at the expense
of the old junior creditors.
"The committee is firm in its conviction, first, that this plan is fair;
second, that it deals with a large and complex problem with the maximum
of simplicity; and third, being realistic, both in the ideal and practical
sense, it is workable."
An
introductory statement to
the Stedman plan, after
giving a description of the system,
plan as follows:
outlines the basis of the
Failure of the Missouri Pacific to meet its interest obligations in
1933 was due to its topheavy debt capitalization, which made it impossible
for the system to withstand the general effects of the depression, adverse
crop conditions and the increasing competition from trucks, inland water¬
ways, coastwise shipping and pipe lines.
(2) Such failure was not due to management, so far as operations were
concerned.
On the contrary, since L. W. Baldwin took charge in 1923,
(1)
property has been developed and improved and even during the depres¬
to revenues compares favorably with that of other
So far as operations are concerned, the management
has been thorough, alert and aggressive.
(3) The properties are in good condition, have little deferred maintenance
and will require only normal expenditures for capital account.
The cash
position is such that the reorganized company will have adequate working
capital and will be able to absorb without difficulty the expenses of reor¬
ganization.
The system will undoubtedly in the near future require addi¬
tional equipment, which can be financed by means of equipment trusts,
the down payments on which can be readily met from cash made available
from the equipment depreciation accruals.
However, to give the reor¬
ganized company some leeway in the matter of capital expenditures, a
certain amount of the proposed new first mortgage bonds should be placed
in its treasury for future issue in the discretion of the directors with the
approval of the ICC, and the plan will so provide.
(4) Financial direction has not been up to the standard of the operating
management, and the interests which took control in 1930 have brought
about transactions which appear not to have been in the best interests of the
company,
and which have caused considerable loss.
Specifically, they
caused the company to enter into contracts for the purchase of terminal
the
sion its performance as
lines in its territory.
properties and industrial tracts at St. Joseph and Kansas City, Mo., at a
price and upon terms which the Court has held to be exorbitant and oppres¬
sive; and they also purchased certain amounts of Missouri Pacific preferred
and common stocks, which transactions special counsel to the trustees
appointed by the Court has reported to have been illegal.
(5) The various component parts of the system, excluding the Denver &
Rio Grande Western and for the time being the Texas & Pacific, should be,
so far as legally possible, consolidated into one company.
It is the opinion
of the committee that in the public interest the Texas & Pacific should also
be included in the consolidation, in view of its natural traffic relations with
the Missouri Pacific lines and the potential economies from coordination
of their services and facilities.
The committee has not yet been able to
formulate an offer of new securities which would be on the one hand rea¬
sonable, and on the other hand acceptable to the present holders of the
minority common stock of that company.
Nevertheless, there is no valid
reason why the operating economies above referred to should not be realized
at least in part, and the committee recommends that the management of
the new company receive governmental sanction to exercise a closer control
and to bring about a more unified operation of the properties of the new
company and of the Texas & Pacific.
■
(6) Neither the preferred nor the common stocks of the Missouri Pacific
RR. have any present or prospective value and should be allotted in reor¬
ganization only an opportunity to share in future prosperity upon making
a payment in cash for the privilege.
(7) In the preparation of any plan of reorganization, two important
factors bearing on the reestablishment and preservation of railroad credit
should be given weighty consideration:
(a) The retention of present investors, fiduciary and otherwise, in rail¬
road bonds, who must be looked to as the only reliable source from which
the financial requirements of the railroads can be met.
It must be remem¬
bered that their original investment was made on the strength of the lien
securing their bonds and that they sought not the fluctuating profits of
partnership, but security and a fair and stable return.
To give them the
assurance needed to win their cooperation, the treatment to be accorded
them must preserve to the greatest reasonable extent their lien position.
(b) Making possible for the long future the financing of capital needs and
consolidations, not entirely by the issuance of first mortgage bonds and
equipment trust certificates, but at least in part by the sale of stock.
To
accomplish this, in the case of the Missouri Pacific System, provision must
be made to retire considerable portions of the new income bonds by (1) a
sinking fund, and by (2) giving to the holders a privilege to convert into
common stock at reasonable prices.
(8) Any provisions for the retirement of debt should be confined to
eliminating that portion of debt, which cannot safely or soundly be borne
by the company in all circumstances which may be expected in the light of
past experience.
In conformity with this principle, the committee has
provided no sinking fund for the first mortgage bonds to be issued in re¬
organization, since it believes that the charges upon this debt could be met
under any circumstances likely to arise.
It should be borne in mind that a
certain amount of capital must always be invested in railroads and that it
is desirable that some portion of the capital should be in a form suitable for
investments by trustees, savings banks, life insurance companies, and others
in a fiduciary position, i. e., senior mortgage bonds.
Since this plan ren
Net earnings from operation
Other income (net)
Dividends
1933
1934
1935
234,261
42,829
11,548
Net from railway
Misc. curr. liabil..
Ry.—Earnings.—
29,043
15,326
Gross from railway
11,958
■.
182,515
11,364
def28,378
1936
$94,631
Net after rents
From Jan. 1—
30,854
57,352
„
221,311
56,464
27,444
Missouri & North Arkansas
Gross from railway
10,873
'"7
245,600
56,395
14,843
—V. 142, P. 2329.
59,082
Divs. declared
$60,092
9,164
def7,115
227,496
37,562
def3,327
Net after rents
Net from railway
_
$83,736
25,246
14,952
From Jan. 1—
Gross from railway
Net from railway
March—
Dept. review
5,932
7,074
receivable
Total
46,912
taxes,
Accrued interest.
of bond interest.
&
64,278
subject to Treas.
239,220
273,138
Spec. dep. for pay.
Construe.
62,306
43,752
inc.
Fed.
24,193
,
Cash in banks and
&
66,662
53,675
deposits
261,777 Acer.taxes—State,
11,351
h on hand
Accts.
81,800
1,743,500
4,300,000
local, &c
paid accts
a
81,800
1934
$89,746
22,572
6,279
1936
Net after rents
Accounts payable.
Def'd chgs. & pre¬
Working
373,300
1,743,500
4,289,000
_
debt
Funded
242,748
439,020
373,300
6% cum. pref. stk.
c $6 cum. pref. stk.
2,502
5,462
$948,000
439,020
prior lien
stock
8,948
Spec. dep. with tr.
Debt disc.& exp. in
proc.
$948,000
stock
d $6 cum.
1933
1935
$76,298
6,115
def8,070
railway
Net from railway
Gross from
7% cum. prior lien
1936
RR.—Earnings.-
March—
1934
1935
b Common stock.
Dep. in closed bks.
& restricted dep.
Missouri Illinois
-Balance Sheet Dec. 31-
Michigan Gas & Electric Co.
Assets—
May 2y
Chronicle
Volume 142
Financial
duces fixed interest debt to what the
committee believes to be an abso¬
lutely safe level, any further amortization seems neither wise nor
necessary.
The committee has, however,
provided a sinking fund for any additional
first mortgage bonds to be issued in the
future and for the income bonds
to be issued in
reorganization, and has provided a fund for capital expendi¬
tures, which is far more effective than a
sinking fund, since it tends to make
unnecessary the enlargement of mortgage debt.
Comparative Capitalization of New Company
The present plan is
fundamentally different in principle from the plan
submitted by the debtors.
The debtors' plan preserves almost intact the
present capitalization and relies, for the
contraction in capitalization which
is obviously
necessary, upon the future operation of a so-called retirement
fund, through which it is proposed to retire the
principal of the capital debt
at heavy
discounts, by using income equitably applicable to interest.
The
committee's plan, on the
contrary, provides for an immediate contraction
in
capitalization, and is, in the
committee's opinion, a realistic attempt to
up a reorganized company with a balanced
and conservative capital
structure, which will afford to those security holders whose
set
present position
the maximum possible salvage and income.
the great contrast between the two
plans
in this respect,
particularly in the amount of contingent interest debt to
be created:
_
Total stock
$356,178,500
875,140 shs.
1,099,370 shs.
1,974,510 shs
The following tables show the
present capitalization and annual charges
compared with the proposed capitalization and
charges under the com¬
mittee's plan (computed as of
July 1, 1936):
amount
of equipment trust
obligations as is included in the debtors' plan,
the committee's
plan assumas that the $1,515,000 of
although
equipment trust
obligations maturing during the six months
ending June 30, 1936, will
have been paid.
The figuras for debtors'
plan include the so-called Mis¬
Missouri-Illinois RR.; and the committee's
souri Terminals but
exclude the
figures include the
Missouri-Illinois,
but exclude Missouri Terminals.
Secondly, in arriving at the amounts and terms of the offers of
new securi¬
ties to be made to the
present security holders, the committee
has not at¬
tempted to apply any rigid mathematical
formula, as is done in the debtors'
plan.
It is obvious that the value of
any class of security is dependent upon
a number of
factors and that any
attempt such as is made in the debtors"
plan to take one factor and build from it
an arbitrary,
rigid and unyielding
formula will lead not
only to injustice, but often to
absurdity.
This com¬
mittee has not,
therefore, in determining the relative value of
mortgage
liens, confined itself to the 1932-1934
earnings, which, because of the pres¬
ence of an unusual
number of abnormal
factors, unreasonably distort the
normal relationships.
It has weighed also the
following factors among
others:
The earnings record
over a
period long enough to determine
average.
(b) The prospective earnings as
testified to
ICC produced by the trustees
in
a
reliable
by the witnesses before the
bankruptcy.
(c) The strategic importance of the
mileage securing the issue, and its
ability to produce traffic for the system.
(d)
The actual value to the
company of the property, particularly in
where the importance of
such property is not
fully reflected in earn¬
The latter would include
terminals, equipment, important col¬
lateral, &c.
cases
ings.
Furthermore, debtors' plan
?nly to the extent earned.
interest on two grounds:
the unpaid
with
and
proposes to give new bonds for
unpaid interest
The committee
objects to this treatment of
First, it fails to make any provision for a
portion
case interest is
secured equally
The committee believes that if
the unpaid interest is not to
capitalization, the sacrifice should be made
interest, although in each
principal.
increase
not
the
This would exhaust the
reasonably prospective earnings,
to the common stock
the benefit of any return to marked
a return on it
would be earned on the basis of
$500,215,143
630,280 shs.
1,055,676 shs.
1,675,956 shs;
_
Committee's Plan
x For the
purposes of the above comparison, the item
of fixed interest
debt of the committee's
plan has been adjusted to include the same
of
by the bondholders.
by the stockholders,
Second, the committee does not consider
Erovident the capitalization of unpaid interestininfull
mortgage
accordingly provided for the capitalization
bonds.
as
1928,
Capitalization
as
Present
of unpaid interest
but has limited such
capitalization to either preferred or
stock, depending^upon the rank and
priority of the present lien.
Although the plans are entirely different in
principle, there are certain
considerations, as to which the facts are not in
dispute, which cause the
committee's plan to bear some
superficial resemblance to the debtors'
plan,
lor instance, the
committee believes that a
consolidation of all the properties
is desirable
and that a new blanket first
mortgage on all the properties should
be issued.
Secondly, the extent to which earning power can
safely be rebed upon under adverse
conditions has been so
clearly demonstrated during
the past few
years that the amounts of the
principal of fixed interest-bear¬
ing debt provided for in the debtors'
plan and in the committee's plan,
respectively, are not widely divergent.
Furthermore, there is no material
difference between the committee s
and the
worth
debtors' estimates of the rela¬
of
on most
the smaller
mortgage liens.
In their
other points of detail, the
plans differ.
principles,
however,
Capital Structure of New Company
It is
the committee's
position that the financial structure of
any reor¬
ganized company must be based upon
reasonable prospective
earnings, and
must meet
the
following requirements:
(1) The annual charges on the fixed interest debt
must be covered by the
minimum earnings
reasonably to be expected;
(2) The annual charges on the contingent interest
debt should be covered
by the probable
(3) Dividends
normal future
Contingent interest debt
A return
on
the preferred stock should be
assured with
earnings; and
a
moderate
to the common stock should
be possible as the bonded debt
is reduced
through
the operation of sinking funds or
through conversion
privileges, and as an improvement in general economic
conditions occurs.
» The following tables
give all the information deemed pertinent with
respect to earnings of all Missouri
Pacific Lines, including Missouri-Illinois
BR.:
.
Operating
Revenues
1933
1932
-
1929..
Amount Available for Interest
-Trustees'
Normal Yr.
Missouri Pacific
Aver.
Aver.
1932-34 cl932-35
34,676,000
Actual
1930
cl929
$29,469
3,266
1,029
$24,742
3,475
1,122
10,518
$9,389
$28,186
$34,148
43
43
311
529
$10,561
$9,432
$28,497
$34,676
$7,709
$8,456
$7,658
2,107
1,419
969
874
722
930
1,216
e$20,412
S9.609
dl50
d75
e$20,562
$9,684
Internat.-Great Northern.
2,365
(eliminating Inter¬
company items)
Missouri-Illinois
Grand total
a
Forecast1936
$20,562,000
9,684,000
6,043,000
10,184,000
10,185,000
11,313,000
23,464,000
28,497,000
Funded Debt (000's
Omitted)
$16,886
Gulf Coast Lines
Total
on
Bal. Avail.
for Interest
97,018,000
96,805,000
89,310,000
90,726,000
127,871,000
155,894,000
179,294,000
b
1931
1930
Includes arbitrary amounts for the
Missouri-Illinois RR. for which
available.
no
forecasts
b Balance available for Interest
excludes debit in 1934 and credit in 1935 of
in connection with Federal Retirement
Act of 1934.
$762,000
are
v
I
c Earnings for Missouri
Pacific, New Orleans Texas & Mexico and InternationalGreat Northern for years 1929 to 1934 are as
furnished by debtor, and exclude
all
items of non-operating income unearned
by controlled companies.
Intercompany
items between the three
companies are eliminated in the totals.
Earnings for 1934
and 1935 have been further
adjusted to eliminate debits and credits in
connection
with the Federal Retirement Act of 1934.
d Estimated amount.
No forecasts are available for
this company,
Before credit for estimated savings of
$280,000 to be effected by consolida¬
tion, but after deduction for both the railroad's own
pension plan and the
Railway
Pension Act charges, only one of which should
properly be deducted.
It also does
not reflect any income taxes.
With these adjustments and with
some adjustment
for savings through proposed
purchase of new equipment, it is felt that
$21,500,000
per year is a reasonable figure for the estimated normal
year.
e
$595,812,853
70,190,100
84,208,900
$354,663,500
87,514,000
*109,937,000
—-$750,211,853
50,536,872
$552,114,500
--------
-
.... .......
Totals
Add preferred dividend arrears.,..—.
-----
Grand total
*
178,311,000
$800,748,725
No par value.
Par value of $100 assumed for purposes of
comparison.
Annual Charges
r
Present
Contingent interest
—
Total interest charge.
Preferred dividends
....
-----
...
*
New System
$25,753,378
3,509,500
....
——
Proposed
System
$24,790,711
962,667
Fixed interest————..
*$16,036,165
4,375,700
$7,120,615
8,915,550
Does not include estimate of
$3,000,000 for additions and betterments
fund and $890,000 for
sinking fund.
New Company—It is intended to transfer the
properties now comprising
the Missouri Pacific System to a new
company, or, if necessary for
legal
to a new company and a wholly-owned
subsidiary company or
companies, to be organized for that purpose under the laws of such State or
States as the reorganization
managers may select.
Obligations Undisturbed—The following obligations will remain undis¬
reasons,
turbed in the
which,
as
reorganization, to wit, all the system equipment obligations,
of June 30, 1936, will be:
Missouri
Pacific RR.—Series B-F
New Orleans Texas & Mexico
Ry.—Series
International-Great Northern
$10,560,000
1,086,000
1,342,000
A, B and C
RR.—Series
A
and
B
Total
Plaza-Olive Building first mortgage bonds
This issue will remain undisturbed
$12,988,000
—
738,000
—.
to
principal.
There will be modi¬
fications, however, in the interest rate/maturity, &c.
as
New Securities Which Will Be Issued
by the New Company
First mtge. bonds authorized, $350,000,000 (of which $100,000,000
be used only for the purposes of refunding).
Bonds may be issued in
series, the bonds of each series to be
payable on such date or dates (not
earlier than the maturity date of the bonds of series
A, except as to the bonds
of series B and except as provided in
respect of bonds issued for equipment),
to bear interest at such rate, to contain such
provisions in regard to redemp¬
tion and conversion and such other provisions as
may be provided in the
bonds of the respective series.
The first mortgage bonds to be issued in the
reorganization shall be of
two series, each limited to the amount then issued:
(а)
may
Series A shall mature 50 years after their date, bear int.
from
per annum and red. all or part on
int. date on 90 days' notice at 105 and interest
-*$121,090,000
Series B shall mature 15 years after their
date, bear int. from
July 1, 1936, at rate of 4% per annum and red. all or part on
July 1, 1936, at rate of 4%
any
int. date
on 30 days' notice at 1003^ and interest
18,508,000
$25,056,850 to.be pledged to secure collateral trust 10-year notes.
no sinking fund
requirements for the bonds issued in re¬
organization, i. e., series A and B.
any
*
Plus
(б) Collateral Trust Notes issued in three series. A, B and C
($14,433,500,
$5,850,000 and $2,745,000, respectively), each limited to the amount to
be issued in the reorganization and each
maturing 10 years after their
date.
Secured by pledge of $25,056,850 first
mortgage bonds, series A,
50-year 4%, of the new company.
Series A will bear interest at a rate per annum which will
permit the sale
at par (for the purposes of the
computations in this plan
the rate of 43^ % will be used), payable
semi-annually on the first days of
January and July; red. all or part on any int. date on 60 days' notice at
103 and int.
of these notes
System Revenues and Earnings
Trustee's forecast—Constructive normal
year a$ 130,390,000
Trustee's forecast—1936 a
107,245,000
Calendar year 1935 b.__
1934
$176,352,500
Total debt and interest
charge
Preferred stock ($100
par)
Common stock ($100 par)
New System
•
There will be
earnings;
increase over the normal
(4)
System
$503,704,603
75,671,450
16,436,800
—
It
common
tive
Proposed
'
Fixed interest debt-Unpaid interest on above-.
secured by lien,
and
earnings.
It is also
proposed to issue 5% preferred stock.
With only a moderate
increase over the normal year's estimated
earnings, the dividend of $4,375,700 should be covered.
x$177,867,500
178,311,000
Debtors' Plan
Fixed interast debt
Contingent interest debt
(a)
interest
$176,353,000, upon which the annual charge will be $7,120,615, or
75% of the probable minimum.
It also appears from the above
tables that the probable normal future
earnings, as testified to by the operating officers of the road, will be about
$21,500,000 per year.
In line with this, the committee has provided for an
issue of income bonds in the amount of
$178,311,000, upon which the annual
interest charge would be
$8,915,550.
Adding to this the prior charges,
including an estimated amount of $3,000,000 for the additions and better¬
ments fund and
$890,000 for sinking fund, the total charges through the
income bonds would be
approximately $20,000,000, which is covered by
the frrobable normal
debt of
about
$189,981,859
310,233,284
following table illustrates
Total debt
Preferred stock
Common stock
3003
From the above tables the committee
believes that the 1932-1935 aver¬
age, approximately $9,500,000, can
safely be taken as the minimum annual
earnings to be expected in the future.
This plan contemplates that the new
company will have a fixed
but would leave
prosperity, and
1929, or even 1930
conditions.
Accordingly, the new common stock will be given to those
classes of existing security holders whose
present position is wholly specu¬
lative.
It is important,
however, that this common stock shall not be
vitiated by dilution, and
only a reasonable amount, such as the 1,100,000
shares provided for in the
plan, should be presently issued.
entitles; them to consideration,
The
Chronicle
Series B will bear interest at the rate of 3K% per
annum, payable semi¬
annually, January and July; red. all
or
part on any int,. date
on
30 days'
notice at par and int.
Series C will bear interest at rate of IK % Per
annum, payable January
and July; red. all or part on any int. date on 30 days' notice at
par and int.
(c) General Mtge. Income Sinking Fund 5% Bonds—Will be limited to the
to be issued in the reorganization
($178,311,000).
Bonds will
from date and will bear contingent interest payable
April 1
and Oct. 1 at rate of 5% per annum.
Such interest will be contingent on
earnings and will be required to be paid, prior to the maturity of the
prin¬
cipal, only when, and to the extent that, available net income of the new
company is sufficient for such payment.
Interest shall be non-cumulative
amount
mature 75 years
during first five
years
but cumulative thereafter.
est shall not bear interest.
Accumulations of inter¬
Bonds will be entitled to the benefit of a sinking fund to be
created by
the annual payment on April 1 in each year of an amount
equal to 3^ of 1 %
of the greatest aggregate amount of these bonds at
any one time outstand¬
ing, less the amount of any of such bonds as shall have been converted
into common stock.
Said annual payments shall be
non-cumulative and
shall be payable only to the extent of the available net
income after
pay¬
ment, or the setting aside for payment, of the full interest requirements for
the then current year on the bonds outstanding in the hands of the
public.
Bonds shall be redeemable, all 'or part, on any int. date on 60
days'
no¬
tice at 100% of the principal amount of the bonds
redeemed, plus, if re¬
deemed while non-cumulative, such interest as may have become
payable
or, if redeemed while cumulative, plus full cumulative interest
accrued and unpaid.
Bonds will be convertible at the option of the holder at
any time (but,
in the case of bonds called for redemption, only up to and
including the day
which shall be two weeks prior to the redemption date) upon the
following
basis: For each $1,000 bond, 8 shares of common stock and one $500
thereon,
gen¬
eral
income bond (non-convertible), secured by the same lien
appropriate provisions for adjustment of interest and dividends and
for adjustment in case of an increase or reduction in the amount of the
com¬
mon stock or other contingencies.
(d) Preferred Stock limited to an authorized issue of 1,500,000 shares
($100 par), of which 875,140 shares shall be issued in the reorganization.
Entitled to receive divs. (A. & O.) at rate of 5% per annum before
any divs.
shall be paid upon the common.
Divs. cumulative if and to tho extent
earned in any fiscal year, but not otherwise.
In event of dissolution, windwith
mortgage
Financial
3004
liquidation, holders entitled to receive out of assets the par value
that shall have been declared thereon, and
with all accumulated arrears, before any distribution shall be made to
holders of common stock.
Each share of preferred stock shall be entitled
to two votes.
Preferred stock red., all or in part, on any div. payment
date on 60 days* notice at 105 and divs.
(e) Common Stock, limited to an authorized issue of 4,500,000 shares
(no par), of which 1,099,370 shall be issued in the reorganization.
Each
ing
May 2, 1936
Chronicle
share entitled to one vote.
series
.
purchase warrants representing 252,189 shares,
rights to purchase 211,149 shares, and series B repre¬
Existing
A representing
senting rights to purchase 41,040 shares.
The common stock warrants will be issued
in two series, as follows:
purchase Y share of the common stock
$62.50 per share.
Series B, entitling the holder to purchase 1-20 share of the common
stock of the new company at the price of $62.50 per share.
The warrants of both series will be valid for 10 years after the date of the
consummation of the plan and may be exercised by the surrender thereof
in amounts calling for an integral number of shares of common stock of
the new company and upon payment of the purchase price.
The proceeds of the exercise of the warrants shall be used, in the dis¬
cretion of the board of directors, either for retirement of 1st mtge. bonds,
for retirement of gen. mtge. income bonds, or for capital expenditures.
Series A, entitling the holder to
of the new company at the price of
Certificates of Beneficial Interest in Texas & Pacific Ry. Preferred Stock
There are now owned by the Missouri Pacific ER. and pledged under its
1st & ref. mtge. 237,030 shares of Texas & Pacific Ry. non-cumulative 5%
preferred stock, being the entire amount outstanding.
Full dividends were
earned in 1935 on this preferred stock and it constitutes an asset of value
to the 1st & ref. mtge. bondholders.
It is proposed to give to those holders
an interest in this preferred stock as part of the new securities which they
will receive upon the reorganization.
This preferred stock has voting power and its ownership, together with
about 60% of the Texas & Pacific common stock, gives the Missouri Pacific
control of that company.
It is desired that this control should not be
diminished, so instead of distributing this preferred stock, it will be trans¬
ferred to a suitable trustee or trustees, and certificates of beneficial interest
therein will be distributed to the present 1st & ref. mtge. bondholders.
Such certificates will be issued under a deposit agreement on terms which
will give the holders thereof the right to receive any dividends or other in¬
come payable on account of such stock, and the right to possession thereof
in the event of a default by the new company on any of its securities, and
it is held by
in wnole
also contain
the Texas & Pacific preferred stock to par¬
any consolidation or merger of the Texas &
will give the new company the right to vote the stock so long as
the trustee, and the option to redeem such certificates at any time,
or in part, at $105 per certificate.
The deposit agreement will
provisions which will permit
ticipate on suitable terms in
Pacific into the Missouri Pacific System which may
be proposed during
the life of the deposit agreement.
There being outstanding in the hands
of the public 1st & ref. mtge. bonds
in the principal amount of $224,040,500, it is apparent that there are suf¬
ficient shares of the Texas & Pacific preferred stock to give to the bondhold¬
ers for each $1,000 bond held a certificate representing
1 1-20 shares of
preferred stock, and the deposit agreement will so provide.
There will be
a small balance of preferred shares which it will not be necessary to deposit
in order to provide the requisite amount of certificates and these shares will
be pledged under the new
first mortgage.
Existing Securities
of securities dealt with in
Treatment of
of the various classes
Certain amounts
this
Elan, by varioustreated in the annualin the Missouri Pacific System.reality
although companies included report as outstanding, are in The
eld
shall be
of such system-owned securities
plan contemplates that certain
and no securities of the new company issued
The amounts of the respective classes of obligations
and stocks stated as outstanding are only the amounts actually outstanding
in the hands of the public.
The securities so to be eliminated are as follows:
canceled in the reorganization
Prln-
Securities
Each
bonds.
New Orleans Texas & Mexico Ry.—
$822,300 International-Great Northern RR. adjustment mtge. 6%
75,000 shares International-Great Northern RR. capital stock.
Owned by
bonds.
Improvement Co.—
$899,000 Missouri Pacific RR. conv. 5Y % bonds.
16,100 shares Missouri Pacific RR. preferred stock.
7,600 shares Missouri Pacific RR. common stock.
$2,095,000 International-Great Northern RR. adjustment mtge. 6% bonds.
There is also eliminated the following debt:
$10,565,227 debt of New Orleans Texas & Mexico Ry. to Missouri Pac. RR.
2,847,317 debt of International-Great Northern RR. to^Missouri Pacific
RR. and New Orleans Texas & Mexico Ry.
Owned by Missouri
Equipment Trust Certificates (as of June
30, 1936) •
the reorganization
equipment trust certificates will be undisturbed in
and assumed by the new company.
Missouri Pacific RR.—Series B-F
New Orleans Texas & Mexico Ry.—Series A, B and C
International-Great Northern RR.—Series A and B
r All
$10,560,000
1,086,000
1,342,000
$12,988.00
Total
EXCHANGE OF NEW FOR
TABLE OF
-Will
—Outstanding—
Secured
cfe
Divisional Mtges.
SECURITIES
Receive
Tex. &
Conv.
1st
Inc.
Pre¬
paid
4%
4%
5%
ferred
Int.
Notes
Bds.
Bds.
10-Yr,
Un¬
Principal
Existing
Securtties
OLD
Mtge.
$
§
Com-
Pac.
mon
Pref.
Stock
C.B.I.
$
Stock
$
Leased Line Sees.—
Pacific RR of Mo—
First 4s__
Each
q6,996
100%
q2,573
100%
6,996
$1,000
Second 5s___
2,573
Each $1,000
CarondeletBr4Hs__
Each $1,000.,
238
Real estate 5s
799
Each
100%
St L I Mtn & Sou-
4s.34,548
....
Each $1,000.____
a738
Cairo & Thebes 1st 4s. 1,699
Each $1,000
Central Br Un Pac 4s.
1,628
Each $1,000
34,548
100%
Plaza Olive Bldg 6s
.
850
849
50%
50%
407
168
25%
977
Each
1,140
755
68
cl06%
$1,000
Boonville St L & W—
First 5s
Each
250
63
18
63
25%
...
$1,000
25%
Loans—
Each
RCC loan
Each
23,135
4,851
$1,000
lj^s
3,440
4,627
20%
3,234
dl4%
fl2.3%
100%
Series F
....
Each
95,000 15,833
25,000
4,583
25,000
Series H
4,688
Each $1,000
Each
10,705
h$l,784
3,940
60% 622.1%
20,583
57,000
60% 621.7%
5,833
15,000
60% 622.7%
25%
5,938
6,250 15,000
60% 623.8%
25%
13,515
15,300 36,720
60% 621.1%
25%
h9,500
25%
$1,000
Series I
4,460
25%
23,750
Each $1,000
Series G_
...p61,200 10,455
$1,000
....
Notes
49,722
6,630
12,140
2,284
45,493
Bds.
9,174
5^8
$1,000
Each
5Ys
Convertible
-
Each $1,000
Tex. &
Stock
12,431 43,921
25% 188.3%
10,296
j90%
40,944
90%
shs
stock.1820,995 shs
Preferred stock. k701,901
Common
Pac.
Pref.
C.B.I.
—-
New Orleans Texas &
Mexico Ry.—
First mortgage—
15,770
4,600
786
5,900
907
Each $1,000
Series
C 5s
Each $1,000.
Series D 4^s
Each $1,000
2,354
Income 5s
Each $1,000
kl0,269 shs
Commonstock
7,885
40%
5,738
40%
1,840
40%
2,360
.40%
942
40%
2,690
Each $1,000
Series B 5s
4,833
6,308
3,256
14,346
Series A 53^8
50% m30.6%
7,173
4,125
50%m28.8%
1,246
50%m27.1%
2,950
1,497
50%m25.4%
1,177
235
50% ml0%
2,300
....
8,625
4,571
-
—-
....
International & Great
Northern Ry.—
17,250
19
2,846
6,000
825
5,500
756
473
RR Credit Corp loan..
1st mtgeser
A 6s
e
6,900
40%
Each $1,000.
Series B 5s
2,400
40%
2,200
40%
Each $1,000
Series C 5s.
Each $1,000
14,083
14,083
Adjustment 6s
Each $1,000
.—
—-
50% n26.5%
3,000
1,425
50% n23.7%
2,750
1,306
50% n23.7%
—.
100%
Missouri-Illinois RR.—
First
524
20%
393
2,622
5s
Each $1,000.....
Common
o
918
35%
and interest rate reduced to 4%.
Assumed by new company
a
1,573
60%
stock.kllO,300 shs
Final maturity
10.4% for interest arrears,
c $453,000 Chicago
I. A. & L. notes to be deposited with mortgage trustee
and balance ($687,000) to receive 100% 5% preferred, plus 6% on existing securities
for interest arrears,
d Represents interest arrears calculated at 4%.
e Railroad Credit Corp. loans to Missouri Pacific RR. and International-Great
Northern RR. to be consolidated and receive 100% 10-year secured 1Y% notes
for difference between amount due and the remaining distributive shares of Missouri
extended to
1950.
b Including
Rock Island & Pacific-R.
International-Great Northern RR. and G. C. L.
inteiest arrears calculated at 3^%.
6 Includes 17.2% for interest
224,041 certificates of beneficial Interest, each representing
1 1-20 shares Texas & Pacific 5% non-cum. pref. stock.
i Includes 13.3% for interest arrears,
j In addition secured serial
receive
warrant to purchase 2Y shares of new common at $62.50 per share for each $1,000
bond,
k Each share present stock receives warrant to purchase % share of new
common at $62.50 per share.
I Each share present stock receives warrant to pur¬
chase 1-20 share of new common at $62.50 per share.
Pacific RR.,
f Represents
arrears,
m
o
h Represents
Includes
17.7%
Includes 15.0% for
n Includes 15.4% for interest arrears,
p Not including $40,000,000 principal amount
& Co.
10-year secured 3Y % notes.
for interest arrears,
interest arrears,
pledged with RFC and J. P. Morgan
q 10-year secured 4M % notes,
r
Other Securities
Outstanding
securities are still outstanding which are
entitled to securities of the Missouri Pacific RR. under its reorganization
plan of 1917.
The plan provides that holders of these securities will be
entitled to the same securities of the new company which they would have
received if they had converted their present securities in accordance with
the provisions of the earlier reorganization plan, except that no provision is
made in the plan for holders of common stock of the then Missouri Pacific
Railway.
This was only entitled to participate in the securities of Missouri
Pacific RR. by payment of an assessment of $49.95 a share plus accrued
interest from May 22, 1917, at the rate of 6% per annum.
This right
appears to have no practical value.
Small amounts of miscellaneous
Terminal Shares,
On Dec.
Inc.
31, 1930, Terminal Shares, Inc., a
wholly-owned subsidiary of
Alleghany Corp., entered into four separate contracts with Missouri Pacific
RR., whereby Terminal Shares, Inc., agreed to sell and Missouri Pacific
RR. agreed to purchase certain securities representing control of terminal
properties and industrial sites in St. Joseph and North Kansas City, Mo.,
for a total consideration of over $21,000,000, the securities to be delivered
when full payment had been made.
Missouri Pacific has paid on account
of the purchase price $3,200,000.
In proceedings instituted before the
U. S. District Court, Eastern Division, Eastern Judicial District of Mis¬
souri, the Administrative Judge under date of Sept. 15, 1935, rendered an
opinion in which he held that the contracts in question were improvident,
unfair, unlawful and overreaching and he thereupon directed the trustees
to take action to avoid the purported obligations of the Missouri Pacific
under the contracts in question and to recover the moneys already paid by it
pursuant to said contracts.
Guy A. Thompson, the sole trustee, has com¬
menced such actions, which are now pending.
The debtors in the plan of
reorganization filed by them have made provision for the allocation of cer¬
tain securities of the new company to Terminal Shares, Inc., in recognition
of these contracts as valid.
In view of the proceedings above referred to,
and while the matter is pending in the courts, it has not been considered
specific
proper to deal with the subject in this plan and consequently no
provision is made for the properties of Terminal Shares, Inc., nor are the
earnings of the properties taken into consideration in computing the earn¬
ings of the company as the same are referred to herein.
The treatment to be accorded this matter should be reserved for future
action of the Commission, after determination of the Court proceeding.
6,250
of the obligations mentioned, there are certain
companies having unsecured claims, some of
Preferred claims have been and are currently
them entitled to a preference.
Missouri Pacific—
3,048
ferred
creditors of the several debtor
717
1,229 r5,850
$1,000
5%
In addition to the holders
el00%
1st & ref 5s series A...17,841
Each $1,000
4%
Bds.
General Creditors
165 e2,745
$1,000.
JP Morgan 6% loans.. 5,850
Each
18,508
80%
RFC loan 6s
4%
(5) Texas Pacific-Missouri Pacific Terminal RR. of New Orleans—
Y of $6,040,000 first mortgage gold bonds, 5Y%, 1964.
(b) Joint:
(1) Terminal Railroad Association of St. Louis—Y of interest (and
sinking fund, if any) of: $7,000,000 1st mtge. bonds, 4H%,
1939; $5,000,000 1st consol. mtge. gold bonds, 5%, 1944; and
$35,100,000 gen. mtge. ref. 4% sinking fund gold bonds, 1953.
(c) Several:
(1) Houston Belt & Terminal Ry.—Yt of interest and sinking fund on
$3,738,000 1st mtge. 5% gold bonds, 1937.
412
60% b25.3%
Little Rock & H S W—
First 4s.
Int.
Common
Stock
make payments now
100%
$1,000./
Pre-
Terminal Company Guarantees
q3,828
100%
River & Gulf Div
Inc.
proposed that the new company continue terminal operations and
being made in accordance with the following guarantees
or agreements existing as of Dec. 31, 1934:
(a) Joint and several:
(1) Arkansas & Memphis Ry. Bridge & Terminal Co.—1-3 of
$3,169,000 first mortgage gold bonds, 5%, 1964.
(2) Kansas City Terminal Ry.—1-11 of $49,569,000 first mortgage
4% gold bonds, 1960.
(3) Memphis Union Station Co.—1-5 of $2,500,000 first mortgage
5% gold bonds, 1959.
(4) Texarkana Union Station Trust—30% of $1,500,000 5% series A
trust certificates, 1957.
q799
3,828
$1,000
Mo Pac Ry 3d 4s
Conv.
Mtge.
————Will
—
It is
q238
Each
1st
10-Yr.
$1,000
Secured serial
in respect thereof.
Owned by Missouri Pacific RR.—•
139,731 shares New Orleans Texas & Mexico Ry. capital stock.
$116,000 Missouri-Illinois RR. 1st mtge. series A sink, fund 5%
11,475 shares Missouri-Illinois RR. common stock.
—
Secured
cipal
General 4s
stock
(f) Common
Receive
Un-
paid
—Outstanding—
up or
of their shares with all dividends
....
being paid by the trustees.
If such claims remain unsettled, they will be
paid by the new company in cash.
General unsecured claims not entitled to
a preference will, when duly allowed by the special master, be entitled to
receive common stock at the rate of 9-10 of a share for each $100 of principal
and interest so allowed.
Voting Trust
h2,500
h2,500
will be created for the protection of the holders of general
mortgage income sinking fund 5% bonds.
All of the preferred stock and
common stock of the new company issued in the reorganization will be
h6,120
placed in the voting trust and
A voting trust
for.
voting trust certificates will be issued there¬
Financial
Volume 142
The voting trustees shall be three in number, two to be
designated by
Pacific RR. 1st &
of which John W. Stedman is Chairman, and one to be
designated by the joint action of the committee for New Orleans Texas
& Mexico Ry. 1st mtge. bonds and the trustee under the 1st mtge. of Inter¬
the
3005
Chronicle
protective committee for the holders of Missouri
ref. mtge. bonds,
National Dairy Products
Atlantic Refining 4%
national-Great Northern RR.
Reorganization Managers—The reorganization managers shall be not
than three, two to be designated by the protective committee for
Missouri Pacific RR. 1st & ref. mtge. bonds and one to be designated by
the joint action of the committee for New Orleans Texas & Mexico Ry.
(When issued)
more
YARNALL & CO.
International-Great
1st mtge. bonds and the trustee under the 1st mtge. of
Northern RR.
List
of Companies
Consolidated into
Be
to
New
1528
Company
New Orleans Texas & Mexico Ry.
Missouri Pacific RR.
(Gulf
Iberia St. Mary & Eastern
Chester & Mount Vernon RR.
Street
New Iberia & Northern RR.
A. T. & T.
RR.
Fort Smith Suburban Ry.
Orange & Northwestern RR.
Kansas-Missouri Elevator Co.
Marion & Eastern RR.
Rio Grande City Ry.
St. Louis Brownsville & Mexico Ry.
Missouri Pacific RR. in Nebraska
San Antonio Southern Ry.
Natchez & Louisiana Ry. Transfer Co.
San Antonio Uvalde & Gulf RR.
San Benito & Rio Grande Valley
Natchez & Southern Ry.
New Orleans Texas & Mexico Ry.
Ry.
Sugar Land Ry.
(Gulf
Co.
International-Great Northern RR.
Velasco Wharf & Warehouse
Coast Lines)
Asherton & Gulf Ry.
Missouri-Illinois
Beaumont Sour Lake & Western Ry.
Missouri
The
1935
1934
*933
$5,904,878
742,733
104,269
$6,436,808
1,607,357
854,590
$4,624,081
20,845,150
4,739,788
2,079,980
17,084,107
17,648,071
4,199,668
1,970,873
14,349,526
2,630,328
583,341
1936
.
732,666
80,632
2,409,368
378,268
—V.142.p.2835.
Mobile & Ohio RR.—Annual
1,202
1,202
322,979
19,319,956
302,924
17,844,705
211,354
16,374,217
-
Pass, carried one mile..
1932
1933
1,216
1934
1935
Average miles operated
Operations—
Passengers carried
3,062,818
_
Tons moved one mile...879,459,275
Aver, rate per ton perm.
Aver .rev. train load (tons)
0.902 cts.
468.99
513.19
$6,712
528.92
$7,109
538.41
$7,366
Gross earnings per mile.
1,226
160,537
15,016,124
1.865 cts.
1.800 cts.
1.603 cts.
2,564,366
3,001,414
2,932,738
868,613,163 840,138,952 769,975,696
0.918 cts.
0.891 cts.
0.885 cts.
1.719 cts.
Aver, rate per pass, mile
Revenue tons moved
Comparative Income Account for Calendar Years
1935
1934
1933
Freight..
$7,935,555
$7,741,631
$7,438,544
Passenger
332,126
321,126
262,439
Mail, express, &c
430,432
395,972
395,577
Incid'l & joint fac. (net)
155,638
86,098
65,436
$6,407
1932
$7,064,620
280,088
377,070
129,551
;,853,751
$8,544,827
$8,161,996
$7,851,329
1,379,759
1,971,499
469,434
3,495,257
21,225
x394,639
1,455
1,213,737
2,028,755
3,209,567
1,994
1,034,886
1,869,916
457,938
3,029,286
4,587
503,159
1,711
434,564
2,501
1,184,233
1,511,893
500,912
3,354,230
22.106
487,085
4,269
$7,730,359
1,123,392
369,459
3,044
302,348
376,409
$7,434,093
1,110,734
336,430
5,574
419,317
379,461
$6,828,676
1,333,320
407,484
$7,056,190
795,139
579,218
4,365
378,428
365,456
352,283
353,599
$1,051,261
72,131
$1,140,782
def30,048
$1,155,733
177,587
$1,304,941
def509,802
77
27.107
Total oper. revenues.
Operating Expenses—
Maint. of way & struc..
Maint. of equipment
Traffic
—
Transportation
Miscell. operations
General
Trans, for invest.—Cr__
Total oper. expenses.
rev. from oper
Net
Taxes.
revenues.
_
Hire of equipment
Joint facility rents
Total other expenses.
Operating income
Non-Opcr. Income—
Inc. from lease of road.
136
Int.
on
277
35,663
1,248
$137,608
unfunded debt--
accruals
9,950
480
9,025
115,181
1,813
9,443
115,744
5,409
1,478,169
209,525
1,463" 441
$1,704,221
240,414
$1,549,892
$2,237,427
General Balance Sheet Dec. 31
1935
(Corporate and Receivers Accounts Combined)
1935
1935
1934
Liabilities—
A oop/o—
1934
$
Common stock
Common stock—
6,007,200
6,007,200
31,900,339 31,900,339
2,113,470
2,026,872
Equip, tr. oblig
3,618,000
3,658,500
Governm. grants
18,386
14,307
Loans and bills pay
689,293
694,364
road...39,830,629 39,760,584
16,034,250 16.034,610
731,132
phys. prop.
736,653
Invest,
$
in
Invest, in equip
Funded debt
Funded debt
Misc.
Notes & advancesNotes & advances~~
Invest, in affil cos.:
138,104
603,000
178,171
12,709
6,126
12,849
Bonds
.
...
Notes
Advances
Other investments
Cash
Special^deposits
Loans
and
1,093,999
13,681
100
—
138,104
603,000
178,171
20,944
6,826
1,171,149
Stocks
97
balances payable
wages
73,611
858,235
1,739,671
4,944,300
payable—
Misc. accts. pay__
Interest
226,436
Funded
debt
69,111
266,204
Material
751,530
14,231
361,135
Other
& supp
curr.
_
assets.
Deferred assets.
_.
Unadjusted debits 4,408,169
acquisition of
a plant, it is the intention of the company to have the switches
manufactured under contract in order that production may be started at
earliest possible date.
the
The company was incorp. in Delaware in 1933 and its charter was amended
July 26, 1935, changing the par value of the common stock from $10 to
per share.
Authorized capitalization consists of 1,000,000 shares of
stock, of which 10,100 shares are outstanding. The company has
from Morgan J. Lewis, its President, patents on the automatic switch and
telephone device, in payment for which 500,000 shares of common stock are
to be issued to him. Of this number of shares, Mr. Lewis has agreed to
donate 250,000 shares to the company's treasury, which are to be distributed
with the sinking fund notes.
The company's automatic electric switch is designed to replace fuse type
switches, approximately 40 million of which are in use in industry and
homes in this country. A potential market of two million new switches each
year exists
for home and building entrances, not including industrial
switches.
The telephone device may be used either for automatically
answering a telephone or for recording and playing phonograjph records
and radio broadcast programs.—V. 142, p. 2440.
on
$1
common
Secretary and Treasurer of the company.—V. 142, p. 2835.
Murray Corp. of America—New Director—
E
A. Potter Jr.. has been elected a director.—V. 142, p. 1994.
Nashville Chattanooga & St. Louis Ry.—Earnings.—
1936
1934
$1,077,098
115,666
58,985
$1,232,797
255,658
177,306
3,043,011
264,095
68,976
.
Gross from railway
Net from railway
229,289
National
Gypsum
The New York Curb Exchange has admitted to listing and registration
the class A non-voting common stock, $5 par.—V. 142, p. 2675.
National
See list
Petroleum Corp.—Registers with SEC—
given on first page of this department.
(Conde) Nast Publications, Inc. (& Subs.)—Earnings
1935
Calendar Years—
Gross
rev.
from sale
1934
1933
1932
of
publications,adv., &c. $7,631,653
Produc., sell, gen. and
adminis. expenses
7,491,341
$6,460,085
$140,312
yl9,144
$159,456
Operating profit
$5,558,121
$5,799,255
6.052,807
5,560,430
5,425,577
$407,277
def$2,309
$373,679
12,842
11,455
3,922
$420,120
$9,146
$377,601
94,142
106,294
82,845
30,411
31,861
26,484
3,733
Cr4,767
8,046
18,230
13,921
1,800
x2,790
257,985
375,146
321,343
$208,167 prof$19,928
$501,188
4,592,859
4,382,904
sub.
applied to minor, int..
Provision for Federal and
State taxes
235,471
Depreciation
_
Loss
—
Miscellaneous
487,589
2,897,272
deduct'ns
Earned surplus at
balances at Dec. 31, 1934 have been
of balances in 1935.
Shs. com. stk. (no
par)__
Earnings per share
x
2,088,089
2,589,276
$63,907
2,653,183
$2,108,016
$2,088,089
$2,589,276
108,297
191,740
$1,916,277 $2,088,089
340,000
303,453
$0.06
def$1.62
Includes $632 minority interest.
$2,589,276
313,424
def$0.20
end
of year...
Grand totals...64,820,558 64,405,234
1,916,277
$1,708,110
-
Previous earned surplusTotal..
additions to prop¬
restated to conform to reclassification
Co.—Admitted to Listing and Regis¬
tration—
Special approp. for
64,820,558 64,405,234
2,788,482
285,402
143,045
—V. 142, p. 2330.
Propor. of profit of
489,507
1,271,005
3,416,046
668,372
459,107
30,465
553,914
17,306
265,454
240,767
Profit & loss—Bal.
-v.^
83,457
173,500
erty since June 30
1907.
1933
$965,760
93,826
45,381
Amortiz. of bond & note
issue comm. & exps—
5,500
—
equipment
1935
$1,208,607
228,537
169,499
3,300,774
406,238
Gross from railway.....
Net from railway
Net after rents
Interest paid
548,109
8,279
260,274
89,822
61,229
276,377 Unmatured interest
accrued
717,145
9,199 Otherjmrr. liabtl—
393,836 Deferred liabilities
4,172,899 Taxes
Note—For comparative purposes,
Corp.—New Officers—
Sherwin A. Hill has been elecoed Secretary and H.J. Robertson, Assistant
Accrued deprec. on
Totals
734,339
421,339
189,482
268,677
ma¬
tured unpaid
5,277,588
Other unadj. credits 4,782,452
conduct
Misc. accts. receiv,
1,204,584
769,939
462,212
The net proceeds of this offering, estimated at $250,000, are to be used for
the purchase of plant and equipment and for working capital. Pending the
Total
268,677
unpaid
193,397
Balances due from
h* agents &
1,094,162
670,451
359,780
1935
Morgan Industries, Inc., Philadelphia—Securities Offered—Initial public financing for the company, which has
been organized for the purpose of manufacturing and mar¬
keting, either directly or through licensees, an automatic
electric switch and
an
automatic
telephone answering
device, both of which are fully covered by patents owned by
the company, is announced by the Capital Investment
Co., Philadelphia.
The offering consists of 250,000 shares (SI par) common
stock and $250,000 6% sinking fund notes maturing March
15, 1946, offered in units of 100 shares of stock with each
$100 of notes at $135 per unit.
Other income
Dividends matured
receiv.
1,216,644
741,535
427,186
Net from railway
Net after rehts
—V. 142, p. 2508.
3,551,890
matured
unpaid
Traffic & car serv.
balances
74,510
786,031
1,667,813
Audited accounts &
bills
receivable...
car serv.
1933
$244,644
140,286
59,165
Net after rents.
.
Traffic &
Resumed—
1934
$483,922
326,845
215.238
Net after rents.
Figures for 1934 have been restated for comparable purposes,
x Includes $74,616 credited to general expenses in 1935 covering amount
accrued in 1934 under the Railroad Retirement Act.
Co .—Dividend
$432,658
281,166
171,274
1936
From Jan. 1—
140
$1,583,767
Net loss
899
Cement
$336,893
189,988
92,567
Gross from railway
Net from railway......
March—
169,145
equip, obligations
51,764
$263,821 def$402,976
9,245
18,790
1,831
1,524,017
178,268
funded debt.
on
16,549
480
$28,071
7,046
17,173
1,246
2,826
1,523,937
Misc. income charges
Interest
199
257
Total gross income
Deductions—
tax
12,449
6,658
9,474
Miscellaneous rents
on
16,860
3,781
7,197
unfunded
securities and accounts
Miscellaneous income
Int.
Portland
company
Motor Products
Income from funded sees
Misc.
57
29,679
16,900
1,724
7,340
physical property
from
82
29,722
19,841
non-oper.
Dividend income
Income
478,592
29,643
income.
rent
1,629,360
122,253
defl60,337
on
From Jan. 1—
Gross from railway
Report-
Traffic Statistics for Calendar Years
Miscell.
2,155,791
343,971
27,986
March—
Net from railway
Net after rents
Miscellaneous
1,932,568
104,562
defl61,513
Monongahela Ry.—-Earnings.—
From Jan. 1—
Gross from railway
Uncollectible
$580,177
99,499
2,837
paid a dividend of 12 M cents per share on its common
April 30 to holders of record April 23.
This was the first dis¬
tribution made since Jan. 30, 1932 when a quarterly dividend of 25 cents
per share was paid.—V. 142, p. 1296.
stock
6,976,394
1,446,331
504,730
March—
$778,615
126,327
22,315
Ry.
Earnings for March and Year to Date
Gross from railway
1933
1934
1935
$687,751
57,706
def33,526
2,327,444
385,407
97,855
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Houston North Shore Ry.
Net from railway
Net after rents
1936
$891,181
188,517
75,459
—V. 142, p. 2330.
RR.
Miss. River & Bonne Terre
Houston & Brazos Valley Ry.
Teletype—Phila. 22
Earnings for March and Year to Date
March—
Gross from railway
Net from railway
Net after rents.
Austin Dam & Suburban Ry.
Asphalt Belt Ry.
*
Walnut
Philadelphia
Coast Lines)—(Concluded)
Boonvllie St. Louis & Southern Ry.
Gairo & Thebes RR.
Deb. 3%'s
Convert. Pref.
State taxes only,
y
$1,599,813
340,000
def$0.61
Financial
3006
Consolidated Earnings for
3 Months Ended March 31—
Net profit after taxes and depreciation
New
1936
1935
$71,525
$93,567
Consolidated Balance Sheet Dec. 31
Assets—
Liabilities—
1934
1935
Chronicle
3 Months Ended March 31
Employees'
$557,015
746,285
29,541
477,680
rec.
accts.
Inventories
...
Investments
$752,976
588,626
34,177
428,753
15,435
1935
1934
8,365
payable
Accounts
& accrued Uab..
$623,428
Notes pay. to bks.
100,000
866,500
1,000,000
19,927
mtge.6H % bds
Provision for Fed'l
and State taxes.
Real estate, mach.
and equipment.
2,709,642
210,605
2,590,545
Deferred charges..
297,368
Magazine titles,
sub. lists, &c... 2,104,785
Dep.
by
under
_
230,595
def40,132
defl02,697
250,962
def4,122
def76,481
New Orleans & Northeastern RR.-
-Earnings
..
1936
Gross from railway
Net from railway
623,217
163,124
32,627
20,176
1,700,000
Capital surplus
998,783
Current surplus.— 1,599,813
35,531
1,700,000
830,857
1,916,276
int.
Gross from railway
Net from railway
Common stock..
$6,811,583 $6,951,192
Total
Represented by 340,000 no par shares.
National Printing Appliance Corp.—Stock Offered—
Public offering of 35,000 shares ($1 par) capital stock was
made April 30 by Kennedy, Hall & Co. and Whittaker
Net
York.
The shares were priced
share.
Stock offered as a speculation.
A
prospectus affords the following:
1936
Co.—Earnings—
share
1936
1935
1934
$325,262
992,920
$0.33
$227,297
Net after rents
Period End. Mar. 31—
Operating
misc.
interest
and
New York Central
Cost
Net
$235,623
13,500
6,900
$403,970
2,700
40,500
1,500
$256,323
Non-oper. exp. incl. taxes, ins., gen.
exp. reclamation, assets, acct. int.,
acct.
maint., &c., depl. dredged
lands, misc. deprec., land sales and
cancellations and prospecting..
after rents
Net
after rents
...
85,286,164
19,312,358
8,775,989
99,095
99,095
41,606
$722,288
$355,419
$325,262
$0.33
Earns, per share on 992 capital shares
As of March 31, the company's balance sheet showed current assets of
$1,817,014, of which $1,497,552 was cash or equivalent. Current liabilities
142, p. 2330.
'
stood at $326,165.—V.
Co.—Earnings—
[American Power & Light Co. Subsidiary]
$537,899
306,255
$513,951
281,507
1936—12 Mos.—1935
$6,914,064
$6,545,122
3,647,283
3,403,963
Other income (net)
$231,644
5,144
$232,444
6,389
$3,266,781
259,976
$3,134,159
273,628
Gross corp. income
Int. & other deductions.
$236,788
86,474
$238,833
$3,526,757
1,038,376
$3,414,787
1,039,282
y$150,314
y$152,377
$2,488,381
450,000
New York
Chicago & St.
March—
expenses
1933
75,271,457
17,639,335
7,604,326
75,532,888
19,279,563
8,211,194
62,189.249
14,201,991
3,536,067
Louis
RR.—Earnings.—
1936
1934
1933
$3,048,897
1,089,785
694,065
$3,216,068
1,212,026
750,891
$2,176,326
9,678,754
3,308,502
2,015,584
Net after rents
1935
$3,364,471
1,183,643
739,552
Gross from railway
Net from railway
8,517,284
2,866,703
1,696,955
8,689,735
3,169,051
1,875,812
6,545,297
1,704,087
491,577
543,701
146,985
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 2167.
New York
Connecting RR.- —Earnings.—
March—
1936
Gross from railway
Net from railway
1935
$234,297
109,663
From Jan. 1—
Gross from railway
Net from railway
717,302
570.290
368,603
Net after rents
1934
1933
$257,308
$284,278
196,807
231,435
123.549158,531
179,299
Net after rents
New York Dock
726,061
563,143
364,956
$242,500
203,058
128,746
757,735
620,951
410,293
717,093
587,534
353,311
Co.—Earnings—
Consolidated Income Account for Calendar Years
1935
Total
1934
$2,855,174
395,204
Deprec'n & retirement-.
268,451
Other expenses
797,344
Taxes
704,403
Net operating income.
Serial gold note interestOther deductions
1933
1932
$2,964,274
409,811
281,434
863,307
718,912
$2,715,081
329,884
377,135
748,836
637,456
$2,935,124
$689,772
108,210
$690,809
136,150
$621,771
316,180
$620,729
599,511
$797,981
489,400
265,293
157,109
$826,959
489,400
$937,951
489,400
307,312
182,502
$1,220,240
revenue
Maintenance
286,418
159,875
277,785
384,240
837,067
815,303
502,000
406,250
188,425
Net loss N.Y.Dock Co
$113,820
$108,734
$41,263
pf$123,565
x
Surplus Account 1935—Loss from ordinary operations (as above),
$113,820; other charges: Indebtedness of New York Dock Ry. written
down, $2,118; property retired, $41,095; sundry adjustments (net), $12,444;
realization of non-permanent investments: loss on syndicate
participations,
$827,908; loss on six mortgages, $663,606; loss on five parcels of real estate,
$183,856 and uncollectible mortgage interest accrued, $11,797; total loss,
$1,856,649; earned surplus Jan. 1, 1935, $1,470,273; reserve written down,
$314,029; discount on company obligations (net), $247,570; marketable
securities adjusted to market value at Dec. 31, 1935, $36,758; balance of
earned surplus Dec. 31, 1935, retained as an appropriated reserve,
$211,985.
$2,375,505
487,500
1936—Month—1935
revenues
1934
—V. 142, p. 2675.
Bond interest
...
Operating
Operating
1935
From Jan. 1—
Gross from railway
Net from railway
17,293
Federal income tax
Period End. Mar. 31—
$2,735,629
313,054
RR.—Earnings1936
Other income
Nebraska Power
1936—3 Mos.—1935
$3,517,250
624,322
$823,106
1,511
$29,093,943 $25,738,390 $27,965,563 $19,837,959
7,033,842
6,166,305
8,119,118
4,381,105
3,398,320
3,092,486
4,391,084
961,089
$465,964
300
17,293
$722,288
Net profit....
45,909
88,442
System
1936—Month—1935
March—
Gross from railway
Net from railway
Net
of
(Including New York Dock Trade Facilities Corp.)
misc.
credits and charges.
Total
337,497
—V. 142. p. 2331.
Returns
Discount,
447,142
132,379
164,310
$1,178,319
182,316
r
revenues
Net ry. oper. income
—V. 142, p. 2331.
995,820
$0.22
$639,594
3,000
54,000
8,400
Land rentals
Water operating
469,261
140,223
166,210
Earnings
Earnings for Three Months Ended March 31,1936
Gold dredging
Rock operations
1933
$109,630
12,273
29.328
$220,474
995,820
$0.23
1934
$155,957
46,165
54,561
586,464
194,218
157,249
after rents
1935
$127,137
21,867
28,882
From Jan. 1—
per
Corporation was incorp. in 1936 to take over all of the assets of Klean-OMat, Co.,Inc., manufacturers of "Klean-O-Mat" machines and cleaning com¬
pounds for use in cleaning matrices, magazines and other component parts
of line casting machines.
The "Klean-O-Mat" process thoroughly cleans
the magazines and its 1,500 matrices in about 30 minutes, as compared with
about 4^ hours for the same hand methods used since the linotype machine
was invented nearly 50 years ago.
About 20 of the machines are now in use by newspaper publishers and
commercial printing plants in the United States and Canada, and in the
U. S. Government and Canadian Government printing offices, the first
four having been placed in service in 1931.
Until the incorporation of the
corporation, no organized and sustained sales or advertising program was
maintained, but with the improvement in financial and general business
conditions the corporation now intends to develop the market.
It is esti¬
mated that there are between 6,000 and 7,000 daily newspapers and com¬
mercial printing plants large enough profitably to employ the "Klean-OMat" process, using the large machines, and the company intends to pre¬
pare to market a smaller hand operated machine.
The authorized capitalization consists of 100,000 shares of capital stock
($1 par), of which 9(5,000 shares are issued and outstanding, including the
present offering.
The company has offices and laboratories at 60 Hudson
Street, New York.
Registrar, Continental Bank & Trust Co., 30 Broad Street, New York.
Transfer agent, Registrar & Transfer Co., 7 Dey St., New York.
Cotransfer agent, Registrar & Transfer Co., 15 Exchange Place, Jersey City,
N. J.—V. 142, p. 2835.
per
365,500
def31,897
defl61,357
$193,428
58,882
38,712
Gross from railway
Net from railway
Brothers & Co., Inc., New
Earnings
545,134
111,593
def2,628
102,833
1,069
New Orleans Texas & Mexico Ry.— -Earning s.March—
Gross from railway
Net from railway.
,
Natomas
14,574
$133,934
def546
def40,885
—V. 142, p. 2167.
in
Note—Company has agreed to repurchase, after April 1,1936, 12,677 shs.
of common stock for $355,135 if called upon to do so.—V. 142, p. 133.
3 Months Ended March 31—
Net profit after depreciation, deple¬
tion, Federal taxes, &c
Shares capital stock outstanding
529,167
1933
$197,136
50,025
17,601.
;■
525,888
revenues
subsidiary co—
$1.50
$195,627
44,123
From Jan. 1—
202,487
38,679
144,466
552,898
x
at
—
1934
1935
$230,725
75,802
28.195
Net after rents
fluctuations
Deferred
Minority
x
195,531
def52,336
defll3,238
..
Net after rehts
135,368
50,223
Res. for for. exch.
$6,811,583 $6,951,192
197,516
defl6,946
def75,484
-.
1933
1—
From Jan.
March—
184,230
patterns
Total
$80,975
def5,675
def28,829
1935
—V. 142, p. 2167.
returnable unsold
Misc. &cont. res.
1934
$79,053
defl3,053
def34,350
Net after rents
sub¬
plan..
Prov. for possible
cash refunds on
scription
2,210,976
$63,216
defl6,315
def36,962
Gross from railway
Net from railway
employ,
stk.
1936
$63,140
def8.602
def27,599
-
Net after rents
18,022
1st
$399,218
100,000
Jersey & New York RR.—Earnings.—
March—
Gross from railway
Net from railway
•
Cash
Accts. & notes
May 2, 1936
Earnings for the 3 Months Ended March 31
(Including New York Dock Trade Facilities Corp.)
Net
rev.
from oper
86,456
^
Quar. End. Mar. 31—
Net
Balance..
Property retirement
z
reserve appropriation
Dividends
applicable to preferred
period, whether paid or unpaid
stock
499,100
$1,389,326
Before property retirement reserve appropriations and dividends,
Regular dividends on 7 % and 6 % preferred stocks were paid on March 2,
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 142, p. 2836.
I
y
z
1936.
Ry.—Earnings.—
March—
Gross from railway
Net from railway
1936
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
/
'
1934
$23,700
1,987
135.061
_
1935
$35,265
9,810
6,803
88,138
56,569
13,170
72,819
6,935
42,889
4,913
194
def487
1933
$18,981
def5,294
def8,116
58,767
defl5,891
def25,272
New Jersey Bell
Telephone Co.—New Vice-President—
nearly 40 years of service in the telephone industry, Frank E.
Congdon, Vice-President, in charge of personnel and public relations, is to
retire, effective May 1, it was announced on April 18 by Chester I. Barnard,
President.
Pending his actual retirement Mr. Congdon will serve as as¬
sistant to the President.
Andrew P. Monroe, General Traffic Manager, has been appointed VicePresident to fill the vacancy of Mr. Congdon.—V. 142, p. 1298.
prof $7,005
1934
s
with trustee
68,670
4,364,027
33,162
1,128,436
306,657
192,526
4,449
43,063
7,097
31,895
Temporary invest.
Compen. ins. fund
Cash
sec. &
inevst
rec.
Charges accrued..
Mat'ls & suppliesInterest
accrued..
Special deposits.._
Prepaid exps. and
1935
1934
$
$
Liabilities—
Preferred stock
10,000,000 10,000,000
Common stock... 7,000,000
7,000,000
304,307 Funded debt
19,264,500 19,724,500
Vouchers and pay¬
6,346,451
rolls
27,384
196,113 Accounts payable.
270,002 Contractors'
per¬
215,997
centages retained
15,535 Acer. Federal and
other taxes
38,004
13,174 Acer, bond int
35,710 Accrued serial note
190,870
141,639 Acer, other
Current account
264,495
274,334
274,334
300
87,757
37,680
108,647
17,169
45,606
203,916
58,350
203,916
64,244
interest
deferred charges
N. Y.DockRy.:
69,993
150,534
150,661
392,615
138,452
465,123
678,580
2,173
H
A
300
gage
Com. cap. stock
After
$14,034
$
Property acct--
—Y. 142, p. 2330.
$12,009
1935
Assets—
Accts. & notes
$42,861
17,390
13,067
1933
$649,062
347,128
294,928
Capital assets.-.30,487,533 30,314,015
Cash
on
deposit
a
Other
Nevada Northern
1934
$677,121
347,609
343,545
Consolidated Balance Sheet Dec. 31
498,679
$1,539,281
1935
$725,641
365,254
372,396
,344
loss.
for
Balance
1936
$684,509
373,214
371,638
Revenues..
Expenses
Taxes, interest, &c
Total
a
After
interest...
273,940 Deferred credits..
Reserves
37,397,515 38,466,906 |
reserve
mort¬
Total
37,397,515 38,466,906
for depreciation of $7,216,384 in 1935 and $7,088,227 in
1934.
New Director—
John W. "Walters has been elected
a
director to fill the term left vacant
by the retirement of Earle E. T. Smith.—V. 141, p. 2897.
Financial
Volume 142
New York Edison
Sales of electric energy—
kwh.
742,139,470
Operating
of the company and its accountants and counsel felt that the allegations
contained in the bill of complaint upon which the court order was obtained
could be adequately and consluvisely answered.
However, the company
Co., Inc.—Earnings—
1936—3 Mos.—al935
Period End. Mar. 31—
al936—12 Mos—bl935
„„
„
685.946,256 2743494,739 2606956,565
revenues:
energy$25,166,165 $25,697,008 $94,157,965
756,075
802,426
3,488,914
$92,262,973
revenues.-$25,922,241 $26,499,435 $97,646,879
Operating expenses
12,380,136
12,519,329
49,820,729
Retirement expense
2,369,176
2,051,446
7,695,040
Taxes
(incl. prov.
for
Federal income tax
4,384,734
4,780,867
16,805,572
$95,361,670
50,071,777
8,290,02o
Fr. sales of elec.
3,098,697
Fr. miscell. sources
Total oper.
Operating income
$6,788,193
Non-operating revenues.
440,106
Non-oper. rev. deduct'ns
Dr92,751
Gross corporate inc...
Int. on long-term debt..
$7,135,547
1,745,957
„
15,730,309
"$7J47,792
$23,32 5,536 $21,269,558
456,008
1,734,145
1,924,375
Dr47,245
JD/374,274
Drl39,650
$7,556,555 $24,685,408 $23,054,282
1,616,890
6.596,582
6,467,60o
Misc. int., amort. of debt
discount & expense &
$5,309,978
Net income
382,567
$5,844,616 $17,613,981
$16,204,110
New York Edison Co.
for tne period covered
thereby prior to Aug. 1, 1935.
b The figures shown are those of the New
York Edison Co. and the United Electric light & Power Co. combined.
The figures shown include those of the former
and United Electric Light & Power Co., combined
a
142, p.
1479.
$6,030,411
682,652
Net ry. oper. income— def375,934
x Net defT after charges.
1,446,790
oper. revenues.
Net
from ry. oper..
Before guarantees on separately
1936—3 Mos.--1935
$5,730,825 $18,537,323 517,094,616
1,459,174
3,731,283
4,357,264
627,683
756,792
L764.581
289,286
2,512,582
1,291,802
operated properties.—V.142, p.
New York Ontario & Western
1934
1933^
$496,861
4,751
def63,414
$870,043
234,569
136,693
$832,166
237,700
163,593
2,281,433
446,512
2,109,284
443,294
2,596,606
676,209
2,453,466
717,549
210,168
Net after rents
From Jan. 1—
....
186,776
397,141
477,071
2168.
York
$413,854
94,014
37,838
$399,169
96,863
40,406
$305,045
defl8,392
def65,553
1,000,252
135,526
19,377
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1,087,568
168,603
1,069,697
845,712
defl01,161
def247,127
Norfolk & Western
Net ry. oper. revenues..
Queens Electric Light &
Period End. Mar. 31— 1936—3 Mos—1935
Power Co.—
1936—12 Mos.—1935
Net ry. oper. income...
Other income items
funded debt.
Net income
-V. 142, p. 2333.
$6,539,447 $21,074,542 $18,383,305
9,470.203
6,788,368
2,560,187
7,778,528
5,209,121
2,063,616
202,498
228,422
256,177
$2,862,008
178,805
$2,319,794
294,376
$2,025,417
North American Aviation,
$7,981,027
536,439
$5,437,544
883,895
$7,444,588
$4,553,648
,
Inc.—Earnings—
Net profit after taxes, deprec.,
1934
1935
1936
3 Months Ended March 31—
c$974,971
a$33,8691ossb$36,798
&c
quarter if there were included therein North American Aviation's propor¬
tion of the net loss of subsidiary not consolidated in which a majority stock
interest is held.
It also includes $1,199,942 profit realized from sale of
securities.—V.
142, p. 2334.
North American Co.
(& Subs.)—Earnings—
1936
$
85,655,803
3,384,411
4,166,179
Heating
Gas
-
76,537,256
2,930,327
3,024.054
3,882,615
9,977,097
5,039,068
1,169,074
Operating revenues—
80,204,502
10,626,885
12 Months Ended March 31—
Transportation
Sales of electric energy—
4,038,996
1,142,265
3,785,495
12,557,571
3,720,473
Coal
136,385.658 124,949,049 504,898,830 467,768,670
kilowatt hours
1936—3 Mos.—1935
$7,224,710
3,338,669
2,806,005
56,002
$2,683,202
oper. revenues.
on
Ry.—Earnings-
1936—Month—1935
Period End. Mar. 31—
Railway
Electric
&
204,642
53,355
18,008
Mnn
^
Gross from railway
Net from railway
Net after rents
1933
1934
1935
1936
$369,908
72,418
26,787
Gross from railway
Net from railway
Net after rents
aAfter depreciation of $180,046.
b After charging depreciation of $149,802.
c The above net profit would be reduced to $903,152 for the March
$676,257
116,406
22,778
Gross from railway
Net from railway
New
2837.
Ry.—Earnings.—
1935
1936
March—
—V. 142, p.
Norfolk Southern RR.—Earnings.—
March—
Interest
RR.—Earnings—-
1936—Month—1935
Period End. Mar. 31—
Railway
x
were
Gross income
New York New Haven & Hartford
rev.
advised by its New Jersey counsel that even if the restraining order
dissolved in the near future, an appeal therefrom could be taken which
might not be heard and disposed of by an appellate court before next
year.
Under these circumstances, Mr. Burt said, the company woud lose
its contract for the sale of its new $4.50 cumulative convertible preferred
stock, which was an integral part of the plan of consolidation and was
conditioned upon the agreement of consolidation becoming effective before
April 26, 1936.—V. 142, p. 2837.
was
—V. 142, p. 2333.
474,843
95,048
79,611
miscell. deductions
—V.
3007
Chronicle
Miscellaneous
1935
1934
$
$
1,550,208
Operating revenues:
From sales of elec. en.
From miscell. sources.
$5,515,251
164,799
$5,803,524 $20,181,939 $20,751,323
22,061
1,040,902
93,507
$5,680,050
2,905,325
465,549
$5,825,585 $21,222,842 $20,844,831
3,015,961
11,914,671
12,082,281
500,898
1,942,914
1,958,004
110,041,420 102,175,801
37.821,076
40,628,735
Total operating revenues
Operating expenses—
6,422,197
Maintenance
Total oper. revenues..
Operating expenses
Retirement expenses
Taxes
(incl.
prov.
for
Federal income tax)._
907,957
924,305
3,225,450
2,886,645
Operating income
$1,401,218
Non-oper. revenues
2,809
Non-oper. rev. deducts.
Dr3,211
$1,384,420
897
DrSIS
$4,139,805
5,495
Dr 16,714
$3,917,900
17,117
Drl7,546
$1,385,004
150,000
$4,128,586
693,252
$3,917,471
600,000
Provision for income taxes
Gross corp. income
Int.
on
long-term debt..
$1,400,817
218,750
„
_
11,529
89,079
328,830
388,392
$230,279
$239,079
$1,022,083
$988,392
14,370
$1,170,537
Net income..
Divs.declared
on
$1,145,924
pref.stk
$2,929,078
15,200
$3,092,133
10,480
166,144
53,174,188
14,906,538
641,833
188,889
49,623,118
15,488,672
687.956
195,696
50,543,883
16,180,835
681,188
105,330
Cr225,752
8,305,407
1,251,428
13,827,806
Cr279,613
8,199,579
983,482
13,291.018
Cr273,960
8,278.562
951,466
13,121,594
North American pref. stock.
14,278,040
1,819,555
11,056,325
1,820,034
11,498,865
1,820,034
stk. divs. & surplus..
12,458,485
9,236,291
9,678,831
775,765
4,441,777
64,493
Net profit on merchandise sales
Net income from rentals
Other income
Gross income
Interest on funded debt
Other interest
.
charges
Interest during construction,
of property and plant
charged
Preferred dividends of subsidiaries—
Minority interests in net inc. of subs.
Approp. for depreciation reserve
$2,913,878
$3,106,503
Balance for divs. and surplus
for
stock.
Balance available
divs.
on com.
Divs.
$1,170,537
$1,145,925
—V. 142, p. 1649.
3 Mos. End. Mar. 31—
Gross
on
Bal. for
New York & Richmond Gas
revenues
New York Steam
Period End. Mar. 31—
Sales of steam—1,000 lbs
American Light & Power
1936
$296,929
1935
$276,033
1934
$308,287
1933
$306,5sg
27,842
15,475
54,726
84,657
5,440,670
5,149,460
Co. or Capital Transit Co.—V
Northern Alabama
Ry.—Earnings
1936
March—
11,538,328
11,199,619
Operating revenues:
From miscell. sources.
$5,142,645
2,968
$4,880,293 $10,852,116 $10,537,671
3,828
50,627
56,128
$5,145,613
2,341,314
222,064
$4,884,122 $10,902,744 $10,593,800
2,268,923
6,383,098
6,471,892
205,978
465,970
447,984
Retirement
expense
Taxes
(incl. prov.
for
Federal income tax)..
508,582
497,462
1,450,890
1,332,127
Operating income.... $2,073,652
Non-oper. revenues
19,590
Non.oper. rev. deducts.
Drl0,376
$1,911,757
23,495
Erl2,884
$2,602,785
$2,341,795
74,147
Dr36,364
91,534
Er37,573
Gross corp. income...
Int. on long-term debt._
$2,082,866
355,532
$1,922,368
356,676
$2,640,568
1,424,057
$2,395,755
1,429,058
59,398
73,045
261,984
262,232
$1,667,935
$1,492,645
$954,526
$704,464
628.353
631,528
Misc.
int.,
debt
amortiz.
&
discount
$34,457
6,735
2,587
def953
defl3,877
185,595
84,275
147,696
53,216
35,878
4,432
147,754
58,965
18,375
119,549
39,407
defl7,852
*
Gross from railway
Net from railway
—V. 142, p. 2168.
Divs.
declared
on
&V3iil9ibl8
Net from railway
Net after rents
Northwestern Public Service Co.—Balance Sheet Dec. 31
$1,667,935
$1,492,645
$326,173
$72,936
1936
1935
1934
1933
$295,161
77,209
14,400
$381,950
139,842
94,651
$267,909
76.776
31,148
Gross from railway
976,125
Net from railway
Net after rents
303,070
164,960
953,332
258,264
75,103
1,017,637
316,228
192,386
792,546
208,818
72,543
From Jan. 1—
Niles-Bement-Pond
*
Co.—Proposed ConsoVn Abandoned—
Although proxies approving the proposed consolidation between NilesBement-Pond Co. and General Machinery Corp. were received from holders
of more than two-thirds of the stock of Niles-Bement-Pond Co., the stock¬
holders of the latter company adjourned their special meeting April 28
acting on or approving the consolidation.
Clayton R. Burt, Vice-Pesident of the company, who presided at the
meeting, stated that the consolidation had to be abandoned because of the
delay occasioned by a New Jersey court order which restrained the submis¬
sion of the proposed consolidation to stockholders.
He said that the officers
process
—
2,456,700
1,831,400
1,694,875
8,171,000
18,545 Deferred liabilities
149,362
112,957 Accounts payable167,619
1,831,400
1,694,875
8,504,000
($100 par)
581,147
41,643
105,364
538,270
667,486
227.086
Total....
see contra.
taxes, &c
Fed. income taxes.
Reserves
Earned surplus
338,968
207,396
140,511
87,153
fund.
207,329
216,419
Acer. State & local
accounts,
receivable, &c..
debt,
on
Accrued interest-
207,329
&c
Mat'ls & supplies.
Common stock..
Acer. int.
Spl. deps. for int.,
xCusts'
y
Funded debt
Deps. for bond int.
(see contra).—
$
2,456,700
incl. work'g
funds
1934
$
6% cum. pref. stk.
534,268
Other assets
($100 par)
14,189,475
of
amortization
1935
Liabilities—
7% cum. pref. stk.
warrants & notes
—V. 142, p. 2168.
without
$
Bond disct. & exp.
Cash
$275,232
65,428
19,037
Net after rents
1934
$
Plant,prop., rights,
accts.
&
def'd charges-..
Susquehanna & Western RR.—Earnings.—
March—
10,717,127
8,368,302
1,593,851
def911,483
1,037,745 def1,699,259
Prepd.
for
Gross from railway
Net from railway
10,883,165
194,144
defl96,032
—V. 142, p. 2333.
in
—V. 142, p. 2333.
New York
568,807
after rents
franchises, &C..13 ,969,501
pref.
divs. on com. stock.
1933
$2,998,130
def223,203
def498,251
1935
stocks
Balance
1934
$4,048,719
929,826
774,711
From Jan. 1—
Gross from railway
Assets—
& misc. deductions...
Net income
1935
$4,012,623
401,637
281,169
12,173,431
817,978
295,054
Gross from railway
Net from railway
Net
Earnings.—
1936
$4,586,590
804,063
March—
of
exp.
1933
13,567
Northern Pacific Ry.Total oper. revenues..
Operating expenses
1934
$45,777
14,410
Net after rents
From sales of steam..
—
1935
$52,179
19,663
From Jan. 1—
1936—12 Mos.—1935
142, p. 1997.
$65,433
29,969
Gross from railway.,.
Net from railway
Net after rents
Corp.—Earnings—
1936—3 Mos.—1935
com.
Note—Above figures do not include the results of operations of North
Co.—Earnings—
Net inc. after taxes, de¬
preciation & charges..
—V. 142, p. 2837.
2.910,759
45,029,055
806,448
4,558,813
def76,744
70,381
155,928
47,715,529
Amort, of bond discount & expense.
& misc. deductions
10,634,539
44.092,727
882,016
4,331,027
21,742
53,648
241.955
Net operating revenues
Interest
Dividends
Miscell. int., amortlz. of
debt discount & exp.
6,446,115
10,957,216
2,858,666
11,849,041
3,425,917
Taxes, other than income taxes..
101,175,055
36,120,694
6,480,009
171,967
182,134
673,054
237,298
152,640
186,040
886,866
100,471
281,858
178,521
15,942,741 16,257,0761
Total
15,942,741 16,257,076
After reserve for uncollectible accounts of $33,151 in 1935
and $27,905
y Represented by 52,150 no par shares.
Note—The income account for calendar years was given in
"Chronicle"
x
in 1934.
of April 25, page
838.
Preferred Dividends—
directors have declared a dividend of $1.75 per share on the 7%
pref. stock, par $100, and a dividend of $1.50 per share on the 6%
pref. stock, par $100.
The dividends are payable on June 1 to
holders of record May 21.
Similar payments were made on March 2 last.
Dividends of $1.31M and $1.12^ per share were paid on the respective
The
cum.
cum.
Financial
3008
issues
Northwestern
1936—Month—1935
Operating
1,869,934
282,227
$7,765,956
25,724
5,518,529
847,880
$7,226,245
34,419
5,251,671
722,769
$476,398
$420,943
$1,373,823
$1,217,386
$2,635,614
7,055
Operating expenses.
Operating taxes
Net oper.
-V.
142,
p.
income--..
2511.
783,302
11,846
Gross from railway
647,982
defl8,943
def95,782
-
Net from railway
Net after rents
142, p.
638,845
def81,024
defl40,136
def8,879
def83,324
operations by order dated Sept.
1936—Month—1935
2,884
$214,798
35,833
$223,367
43,706
$13,839
3,950
$14,976
5,208
192
$250,631
53,340
1,683
$267,073
52,500
281
Amortiza'n deductions
Other
Divs.
7,715
98,055
10,046
3,892
102,878
$1,830
$1,306
$94,624
$86,807
3,000
1,200
15,100
32,400
34,471
4,385
574
30,178
4,297
967
98,581
13,155
$154,424
1,721
93,578
12,891
$16,371
$15,765
$53,977
$46,234
322
_
.
__
Note—The
common
operating income.
—V. 142, p. 2168.
Leather Co.—Securities
Offered—The First Cleve¬
April 16 last offered at 102 and int. $900,000
10-year 5% convertible sinking fund debentures.
At the
same time 3,350 shares (no par) common stock were offered.
Ohio
land Corp. on
listed on any securities exchange but are dealt
in over the counter, are to be offered to the public from time to time at the
market prices
then prevailing.
Of the 3,350 common shares registered
1,000 shares are owned by the underwriters and no underwriting discount
or
commission will be payable in respect thereto.
The amount of the
underwriting discounts or commissions on the remaining 2,350 shares will
depend on the price at which these shares are sold to the public.
If sold
at the estimated market price of $25 per share, the underwriting discounts
or commissions will amount to $3.50 per share, or $8,225 in the aggregate.
None of the proceeds from the sale of these shares will be received by
the company.
The proceeds (estimated at $25,000) from the sale of the
1,000, shares now owned by the underwriters will go to them and the
proceeds ($50,525) from the balance of 2,350 shares will go on to Philip H.
Schaff as agent for certain shareholders of the company.
Debentures dated Jan. 1, 1936; mature Jan. 1, 1946.
Principal and int.
(J. & J.) payable at principal office of Union National Bank, Youngstown,
trustee, or, at option of holder, at office of Company in Girard, Ohio, in
any coin or currency which at the time of payment is legal tender in the
United States of America for the payment of prviate debts.
Reimburse¬
ment may be had for any Penna., Conn, or Maryland personal property
tax not exceeding five mills, four mills and 4^ mills, respectively, on each
dollar of the principal amount or taxable value, which ever is greater, or
These shares, which are not
for Mass.
income tax not exceeding 6% per annum upon the interest
re¬
exceeding two mills per annum on each dollar
exceeding 6% on the income yield.
Red. all or
part at the option of company at any time prior to maturity at principal
amount plus a premium equal to
of 1 % of such principal amount for
each whole year or fraction thereof intervening between date fixed for re¬
demption, and Jan. 1, 1946, plus int. to date fixed for redemption, witn
the exception that if the redemption date is on or after July 1, 1945, the
redemption price will not include any premium.
Minimum sinking fund
of $25,000 per year.
In addition, the company is required to pay into the
sinking fund annually, beginning Jan. 1, 1937, an amount equal to 10%
of net earnings for the preceding fiscal year, which payments are subject
to reduction in proportion to the debentures converted into common shares.
Convertible at the option of the holder into no par common shares (as
then constituted) of the company at any time up
to Dec. 27, 1945, or in
case of earlier redemption, up to and incl. fifth day prior to the date fixed
for redemption, at the basic conversion prices of $25 per share up to and
incl. Jan. 1, 1938; $27.50 per share after Jan. 1, 1938, and up to and incl.
Jan. 1, 1940; $30 per share after Jan. 1, 1940, and up to and incl. Jan. 1,
1942; $35 per share after Jan. 1, 1942, and up to and incl. Jan. 1, 1944;
and $40 per share after Jan. 1, 1944, and up to and incl. Dec. 27,1945.
i
History and Business—Company was incorporated in Ohio, on March 18,
1901.
Company has one wholly-owned subsidiary, Ohio Leather Corp.
Company since organization has engaged in, and intends to continue to
engage in, the manufacture, sale and distribution of upper leather used
ceived
or
for any Ohio tax not
of taxable value, or not
.
in the manufacture of shoes,
including all types and kinds of finishes in
black, white and colored calf, fancy calf grains and suedes, and leather for
women's hand bags.
Capitalization
of Dec. 31, 1935
Title of Issue—
*
Authorized
lstpref. stock 8% cum. (par $100)
13,984 shs.
2d preferred stock 7% cum. (par $100)
10,000 shs.
Common stock (no par)
75,000 shs.
now
offered.
Consolidated Income Account for Calendar Years
1935
Net sales of leather and
by-products..
Processing revenue
—
—
_
_
-
M
2,929
Pacific
„
1,570,173
231,436
1934
$2,787,929
249,622
addition to
Fire
Insurance
an
142,
p.
2678.
Co.—Extra Dividend—
extra dividend of 25
cents per share in
regular quarterly dividend of $1 per share on the capital stock,
par $25, both payable May 12 to holders of record May 8.
A similar extra
dividend was paid on Feb. 11 last, at which time the regular quarterly divi¬
dend was raised from 75 cents to $1 per share.
An extra dividend of 50
cents was paid on Nov. 4, 1935, and extras of 25 cents were distributed on
Aug. 5 and May 5, 1935—V. 142, p. 794.
a
Pacific Lighting Corp.1936
Assets—
Plant props, and
franchises
.230,319,495
Invests, in
7,695,961
3,301,866
sees.
Cash
Accts.
rec.,
-Consol. Bal. Sheet March 31—
1936
1935
Liabilities—
$
$
228,201,880
7,872,994
5,912,551
less
8,689,058
reserve.
Pref.
1935
$
stock...
19,666,500
y Common stock 29,937,924
Pref. cap. stock
of subsidiaries 25,223,450
Minority int. in
x
com.
5,922,684
129,593
2,026,241
stock
19,666,500
29,937,924
25,247,950
&
76,355
Mat'l & supplies
2,407,720
securities....
1,654
95,450,000
1,933,930
2.087.094
1,000,000
Accrd. bond int.
371,875
Accrued taxes..
4.511.095
Accrd. divs. pay.
1,542,045
Miscell. accruals
274,966
Reserves
71,380,705
2,120,590
1,659,208
1,542,413
320,616
65,018,310
11,650,055
surplus of sub.
Funded debt...
Consumers' deps
DIsct. & exp. on
Misc.def.charges
1,785
89,500,000
Earned surplus.
Notes receivable
8,588,999
950,285
& advances for
5,784,422
861,285
construction
_
Accts. payable..
Notes payable. .
Total.
x
262,029,743 256,711,653
Represented by
shares.
262,029,743 256,711,653
Total
196,665 no-par shares,
14,598,371
783,732
3,312,699
y
Represented by 1,608,631
no-par
The
earnings for the 12 months ended March 31 were published in V. 142,
p. 2839.
Pacific Gas & Electric
Co.—$30,000,000 Bonds Offered—
in the extensive refunding program of this
company was carried out April 28 with the offering of
$30,000,000 1st & ref. mtge. bonds, series H, 3%%, due
1961, at a price of 102% and int.
The bonds are of the
same series as a $90,000,000 issue marketed in March last
and are offered by a nation-wide underwriting group headed
by Blyth & Co., Inc.
Other members of the underwriting
group are Brown Harriman & Co., Inc.; Edward B. Smith
& Co.; The First Boston Corp.; Lazard Freres & Co., Inc.;
Dean Witter & Co.; Bonbright & Co., Inc.; H. M. Byllesby
& Co., Inc.; E. H. Rollins & Sons, Inc.; Bankmerica Co.;
Mitchum, Tully & Co.; Elworthy & Co.; Wm. Cavalier &
Co.; Brush, Slocumb & Co., and Schwabacher & Co.
Another
step
The present financing brings to a total of $215,000,000 the refunding
operations carried out by the company since March, 1935.
In addition to
$120,000,000 of series H, 3H% bonds now to be outstanding, three
issues of 4% bonds, aggregating $95,000,000 were sold last year, all for the
purpose of retiring higher interest-bearing obligations.
(For description
of series H bonds see V. 142, p. 2168.)
Dated Dec. 1, 1935; due Dec. 1, 1961.
Business—Company was organized in California on Oct. 10,1905.
Com¬
pany and certain of its subsidiaries engaged principally in the production
(including purchase), transmission, distribution and sale of electric energy,
and the purchase, transmission, distribution and sale of natural gas through¬
out a large part of northern and central California, including the principal
cities therein.
Approximately 69.86% of the consolidated gross operating
revenues of the company and its subsidiaries, in the year 1935, was derived
from the sale of electric energy and 28.78% was derived from the sale of gas.
the
as
Outstanding
4,266 shs.
6,175 shs.
48,657 shs.
Pursuant to action of the shareholders taken March 23, 1936, the com¬
pany filed amended articles, under which it is now authorized to issue
125,000 common shares (no par) and on that date the driectors set aside
and reserved 36,000 of the authorized but
unissued common shares to
bejavailable for issuance in satisfaction of the conversion rights attached to
the debentures
'
stock has been called for redemption and transferred
current liabilities.—V.
to miscellaneous
The directors have declared
Net
.
_
63
pref. stk.
on
accr.
950
2,309
8,573
_
_
deductions
cluded in oper. exps__
$166,680
Operating expenses
$12,092
Federal income taxes in¬
1936—3 Mos—1935
$50*814
$55,549
Operating taxes
$721,538
416,851
81,320
19, 1935.—V. 141, p. 2443.
Telephone Co.—Earnings
Period End. Mar. 31—
Operating revenues
Uncollectible oper. rev.
$717,592
415,899
86,895
interest
Balance
Ohio Associated
$52,296
33,535
6,669
2,277
funded debt.
on
1936—12 Mos.—1935
'
1936—Month—1935
$11,562
Gross income
Other
The property of the company was sold at foreclosure on Nov. 29, 1935,
pursuant to bankruptcy proceedings previously taken.
The Interstate
Commerce Commission authorized the company to abandon its road and
def71
$54,462
34,318
8,582
Operating income
Interest
&c.—
def50
Other income
1
1651, 2334.
Northwestern RR. Co. of S. C.—Foreclosed,
82,132
30,036
16,461
def673
& Rockland Electric Co.- -Earnings—
Operating revenues
Operating expenses
Depreciation
496,884
defl57,167
def256,078
82,997
28,798
142, p. 2511.
Period End. Mar. 31—
$169,202
def50,794
110,013
44,274
57,897
Net after rents
Orange
$244,639
16,528
defl0,214
$28,406
9,659
2,049
131,176
76,049
Gross from railway.
Net from railway
1933
1934
$232,124
defl3,291
def33,503
def35,369
Net after rents
From Jan. 1—
—V.
1935
1936
$264,757
9,835
1933
$29,012
10,809
1,821
$34,848
10,128
25,106
Net after rents
From Jan. 1—
Northwestern Pacific RR. —Earnings.—
March—
Gross from railway
Net from railway
1934
1935
1936
$55,971
33,905
railway
Net from railway
Gross from
—V.
SEC-
Ry.—Earnings.—
Oklahoma City-Ada-Atoka
March—
1936—3 Mos.—1935
$2,457,336
•
11,245
1,784,445
240,703
revenues
Uncollec. oper. rev
Co.—Registers with
given on first page of this department
See list
Telephone Co. —Earnings—
Bell
Chemical
Nu-Creme
Dec.
Period End. Mar. 31—
May 2, 1936
Chronicle
2, 1935, and on Sept. 2, 1935, dividends of $1.16 2 3 per
share on the 7% stock and $1 per share on the 6% stock were paid.—?Y. 142, p. 2838.
on
1933
$3,150,109
254,993
Summary of Consolidated Income Statements for Calendar
1935
1934
Years
'1933
.$92,084,934 $87,555,480 $84,596,084
Oper. exps. (excl. prov. for deprec.).. 39,998,280
37,946,930 36,901,690
Provision for depreciation
12,281,573
12,447,101
12,057,695
Gross operating revenue
Total
_
Selling, general and adminis. expenses
Provision for doubtful accounts, &c__
Other
expenses
$3,801,609
3,235,987
324,720
2,976
21,289
$3,037,552
2,613,163
15,600
Cost of sales and operating revenue.
26,523
Other deductions
308,113
6,964
18,950
$3,405,102
2,726,632
332,392
6,176
21,602
30,393
•
Net operating revenue
Gross income
Balance
$201,034
5,718
Other income
$63,836
1,420
$287,904
17,967
$39,805,080 $37,161,447 $35,636,698
313,760
Miscellaneous income
Interest
on
14,133,374
873,485
(est.)
$206,753
35,000
$65,256
15,500
$49,756
48,000
Total
Dividends paid or provided for:
On first pref.
common
15,137,854
781,731
73,476
.$15,057,407 $15,658,059 $15,993,062
Net deductions
34,128
43,295
48,657
8% cum. stock
stock 7% cum. stk.
On second pref.
On
44,663
$257,871
Less int. charged to construction
Net profit
387,989
$305,871
$171,753
Provision for Federal taxes
14,832,349
781,047
50,547
funded debt
Amortization of bond disc. & exp
Miscellaneous interest
Profit before Federal taxes
339,544
.$40,118,841 $37,500,992 $36,024,687
stock
34,162
43,527
110,821
34,248
43,727
48,657
115,245
95,315
107,382
$14,942,161 $15,562,743 $15,885,679
Net inc. before Federal inc. tax—$25,176,679 $21,938,248 $20,139,008
Provision for Federal income tax
1,654,744
2,315,025
1,957,301
—V. 142, p. 2677.
Ohio Edison
Net income transferred to surplus.$23,521,935 $19,623,223 $18,181,706
Co.—Earnings—
Net income transferred to surplus, as
shown:
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—1935
Gross earnings
$1,334,450 $16,217,037 $15,482,286
$1,454,586
750,010
600,760
7,302,662
7,004.001
Operating expenses
Fixed charges
288,676
328,814
4,085,358
3,853,112
Prov. for retire, reserve.
125,000
125,000
1,350,000
1,275,000
Divs. on pref. stock
155,576
155,570
1,866,894
1,866,883
(a) Includes gas rev. in dispute in a
rate proceeding, provision for the
computed amounts thereof being
charged to earned surplus
$2,258,000
(b) Is before deducting min. int. in
earnings of sub. cos., which the
company charges to earned surpl.
412,306
Period End. Mar. 31—
Balance
-V. 142, p. 2838.
$135,322
$124,305
$1,612,122
$1,483,289
in
The annual interest charges on the
the hands
of the public
as of
$1,931,000
$786,000
428,950
409,101
consolidated funded debt outstanding
Dec. 31, 1935, adjusted to give
Volume 142
Financial
Chronicle
effect to the issuance and sale of $120,000,000,
principal amount, of the
series H bonds and the application of the proceeds thereof and to the sub¬
sequent assumption of the outstanding funded debt of certain subsidiaries
now in process of
dissolution, amount to $12,448,915, of which $658,620
represents the
annual interest
charges
[Incl. Coast Counties Gas & Electric Co .]
1935
x
Purpose of Issue and Application of Proceeds
The
estimated
net
proceeds
by the company from the
sale of the additional series H bonds, after
deducting estimated expenses
(other than premiums and other expenses in connection with the redemp¬
tion of the bonds mentioned below), will be
$30,046,479, exclusive of ac¬
crued interest.
Company intends to use such net proceeds, together with
treasury finds, for the following purposes:
(1) To provide the means to redeem $18,446,000 1st mtge. 5% sinking
fund 40-year gold bonds, due July 1, 1946, of Great Western Power Co.
(payment of which has been assumed by the company), on July 1, 1936,
at 106 and int.
The total amount necessary to redeem the bonds is $20,003,210, which consists of $18,446,000 principal, $1,106,760 premium and
$450,450 int. to July 1, 1936.
(2) To provide the means to redeem $11,555,000 1st mtge. 5% 40-year
gold bonds, due Aug. 1, 1949, of Sierra & San Francisco Power Co. (pay¬
ment of which has been assumed by the company), on Aug. 1, 1936, at 110
and int.
The total amount necessary to redeem the bonds is $12,985,500,
which consists of $11,555,000 principal, $1,155,500
premium and $275,000
int. to Aug. 1, 1936.
A prospectus
dated April 28 affords the following:
Listing—Company has agreed, at the request of the principal under¬
writers to apply for listing the series H
bonds, including this additional
issue, on the New York Stock Exchange and for registration of the series H
bonds, including this additional issue, under the Securities Exchange Act
of 1934.
Summary
of Funded
[Adjusted
Bonds
give
to
of predecessor
Debt
and
effect
companies
Present
(assumed
by
Gas
&
$10,487,100
35,782,000
20,000,000
Series G, 4% due Dec. 1, 1964.
94,253,000
Series H, 3%% due Dec. 1, 1961.
120,000,000
Bonds of subsidiary companies due 1937 to 1952
11,274,000
Min. int. in cap. stocks and surplus of sub. cos.—Pref. stock__
3,513,800
Common stock
71,100
Surplus
63,216
First pref. stock, cumulative (par $25):
Issued and outstanding 6% and 5H%
130,865,625
Common stock (par $25)
156,533,925
1, 1941-
_
Company and Operations—Company and its subsidiaries, San Joaquin
Light & Power Corp. and Midland Counties Public Service Corp., are
engaged in the production (including purchase), transmission, distribution
and sale of electric energy for domestic, commercial,
industrial, agricultural
and municipal purposes throughout a large part of northern and central
California, including the principal cities (herein.
The company and its subsidiary, San Joaquin Light & Power
Corp.,
are also
engaged in the purchase, transmission ."distribution and sale of
natural gas for residential, commercial and industrial
purposes throughout
a
large part of northern and central California, including the principal
cities
Natural
therein.
gas,
constituting approximately 99% of th^gas
distributed, is purchased, with minor exceptions, from producing companies
(not controlled) operating in tl>e Kettleman Hills and Semi-tropic oil and
gas field and the Trac^Jnd Buttonwillow gas fields.
Manufactured gas
is produced by the company and San Joaquin Light and Power
Corp. to
supplement, when neceSsary, their natural gas supply and for use in certain
outlying communities bot connected with their respective natural gas
transmission mains.
,
Special deposits
1935
Liabilities—
2,738
Cash
standing
Merchandise,
553,314
'
The company and certain of its subsidiares, as an incident to their
gas
and electric business, sell small quantities of certain
gas and electric appli¬
In addition, in connection with the development of its
business,
the company actively promotes the sale of electric and
gas appliances to its
203,299
67,120
19,249
121,496
470,355
Unred. coupons
Accrued items
144,963
138,674
Accrued
ma-
1,536,541
1,258,049
dividends
81,229
Accrued Fed. tax.
288,120
8,883
8,883
Dividends declared
Prepaid
ferred items
10,021,000
Accounts payable..
Consumers' depos.
1,857,790
terlals & supplies
and
de¬
$
8 980,000
480,350
rec.
1934
$
L'g-term debt out¬
1,441,348
Notes & accts.
218,027
170,914
Consumers' dep.for
exten.(ref'dable)
60,487
39,426
Deferred credits..
11,878
Reserves
62,389
10,874
1,288,307
Pref. stocks of sub.
cos.
y
outstand'g.
3,553,100
3,553,100
,666,673
3,781,268
427,171
Capital stocks of
parent company
Surplus
Total
18,235,747 20,059,4191
,181,913
Total
18,235,747 20,059,419
x Less
depreciation of $3,012,302 in 1935 (1934, $2,961,160).
y Repre¬
sented by 406,369 shares in 1935
(1934, 420,133 shares) 1st pref. stock,
300,000 shares 2d pref. stock, 262,109 shares in 1935
(262,123 shares in
1934) common (non-voting) stock, and 200,000 shares common
(voting)
stock, all of no par value,
z After provision for writing down excess costs
of water rights, franchises,
&c., of $808,975.
The income account for calendar
25,
Financing]
Pacific
Electric Co.) maturing 1936 to 1948
Gen. & ref. mtge. bonds 5% due Jan. 1, 1942
1st & ref. mtge. bonds—Series B, 6% due Dec.
$
12,026,803 zl3,350,360
2,605,742
2,898,494
years was
Capitalization Outstanding
to
Fixed assets
Investments
be received
to
1934
$
Assets—
bonds of subsidiaries.
on
3009
Pacific Public Service Co.—ConsolfBal. Sheet Decl 31—
2839.
page
given in "Chronicle" of April
financing During 1935—Early in the year negotiations were undertaken
with a view to taking advantage of the current low rates of interest on
long-term loans, and to utilize, as far as possible, surplus cash on hand on
which very low returns were being realized.
Effective as of May 14, 1935,
company issued to the Standard Oil Co. of Calif, its five-year note for
$6,000,000 at 3% interest, payable quarterly, seemed by pledge of stocks,
bonds and notes of subsidiary and associated
companies.
At the com¬
mencement of the negotiations, $6,335,000 of five-year
5% notes was held
by the public.
Prior to May 14 the company reacquired $335,000 with
funds from its treasury.
The proceeds of the note were used to retire the
balance of $6,000,000, the treasury being drawn on for the
call-premium
amounting to $30,000.
Annual retirement instalments of $300,000 are
payable on May 14 of each year until 1940, when the balance of
principal
becomes due.
No discount was involved, the
treasury receiving in cash
the full face value of the note.
This refinancing resulted in an annual
interest saving of $120,000 and 7
Yt months' saving at this rate is included
in the current year's results.
During the year Coast Counties Gas & Electric Co. issued and sold $3,000,000 first mortgage series B bonds at 4% interest.
With the proceeds,
together with surplus funds from the treasury, the first mortgage series A
bonds at 5% interest of $3,686,000
outstanding and a call-premium of
$184,300 thereon were paid off on Nov. 1, 1935.
The interest saving is
at the rate of $64,300
per annum, two months of which is reflected in the
current year's results.
California Consumers Co.—During the past
tion
was
year the plan of reorganiza¬
by the Federal Court having jurisdiction over the
A new company, California Consumers Corp., was formed,
approved
receivership.
and all the assets of California Consumers Co. were
transferred to it.
Pacific Public Service Co. has received, in exchange for the securities it
California Consumers Co. and its unsecured
loan,
held in
approximately
9.66% of the capital stock and $75,000 of 5% bonds (3% fixed—2% income)
of the new company: and a release of claims
against this company including
dismissal of the $1,035,000 dividend suit.
The securities of the new com¬
pany are carried on the books of this company at $15,001.—V.
142, p.
2839.
ances.
consumers,
through co-operation with other agencies in advertising sales
assistance and otherwise.
following companies:
Percentage of
Voting Power
50%
45.8%
Standard Pacific Gas Line, Inc
Vallejo Electric Light & Power Co...
names
of the several principal underwriters and the
bonds which they have severally
agreed to
amounts of additional series H
purchase,
follows:
are as
Blyth & Co., Inc
$6,600,000
3,700,000
3,700,000
3,700,000
2,700,000
2.700,000
1,800,000
1,800,000
Brown Harriman & Co._
Edward B. Smith & Co..
The First Boston Corp..
Lazard Freres & Co
Dean Witter & Co.
Bonbright&Co
H. M. Byllesby & Co.
.
_
E. H. Rollins & Sons,Inc.
$1,800,000
250,000
250,000
250,000
250,000
250,000
250,000
Bankamerica Co
Mitchum, Tully & Co
Elworthy & Co
Wm. Cavalier & Co
Brush, Slocumb
Schwabacher
&
&
Co..
Co
Dissolution of Certain Sunsidiaries—During the year 1935
proceedings
commenced for the winding up and voluntary dissolution of the
following subsidiaries of the company: (a) Mt. Shasta Power Corp. and
Modesto Gas Co.; (b) Sierra & San Francisco Power
Co.; Great Western
Power Co. of Calif., and certain corporations which were the latter's
direct
were
subsidiaries at the date of the commencement of such
proceedings, namely,
California Electric Generating Co., Napa Valley Electric
Co., Feather
Co., City Electric Co., and Great Western Power Co., and
Battle Creek Power Co., California Gas & Electric Corp., Northern
California Power Co., Consolidated, Snow Mountain Water & Power
Co.
and Standard Electric Co. of Calif,
(the properties of which had been
transferred to, and the liabilities of which had been assumed
by, the com¬
pany, prior to the institution of such proceedings).
The only steps remaining to be taken to complete the final dissolutions
of the subsidiaries of the company mentioned,
except Great Western Power
River Power
(c)
Co. of Calif, and California Electric
Generating Co., are the filing of the
certificates provided for in General Corporation Law of the State of Cali¬
fornia,
Pro
Forma
Consolidated
Balance Sheet
Dec.
31,
$662,416,117
5,200,405
Disc. & exp. on cap. stock._
Sinking funds and
spec.
dep.
Cash and cash items
Notes & accts.
(less res.)
Material & supplies.
Accrued int.
rec.
381,641
1,217,529
13,143,858
10,201,453
4,302,333
investments
2,312
Unamort. bd. disc. & exp__
22,657,032
on
A special meeting of stockholders has been called for
May 15 to authorize
class of preferred stock consisting of 50,000 shares of
$100 par value,
which may be issued in series.
The initial series is to be known as 4%
Unexpired taxes.
939,560
Unamort. valuation expense
Other deferred charges
686,038
270,776
$130,865,625
156,533,925
Common stock
Min. int. in cap. stocks &
surplus of subsidiaries
Funded debt
3,648,116
291,242,100
Bonds called but not red
payable
959,715
1,992,586
Drafts outstanding
Customer's meter & line dep.
Divs. payable, Jan. 1936...
Bond interest due
2,385,698
285,420
233,094
1,329,775
Accrued interest—not due..
Accrued taxes, &c
2,751,772
8,483,632
78,514,680
Reserves—For depreciation.
For
ins., casualty, &c
3,900,690
For inv. in Standard Paci¬
fic Fas Line, Inc
For excess
gas
amts.
719,956
charged
consumers
Capital surplus
Earned surplus
..$721,419,053 I
Note—The
4,975,000
901,680
31,695,589
Total
$721,419,053
above pro-forma consolidated balance sheet
gives effect as
1935, to transactions, certain of which have not as yet been
at Dec. 31,
completed.—V.
142, p. 2679.
Owens-Illinois Glass Co.—Record Date
for
Rights—
The company has set June 5 (not April 29 as
previously reported)
record date of rights to purchase 63,380 additionat.shares of
stock at $100 per share at the rate of
Rights will expire on July 24.
Payment may be made in cash
the remainder
on or
one
as the
$25 par value
share for each 20 held.
or $25 a share at the time of
purchase and
before July 24, or at any time after
July 30, or before
Dec. 15.—V. 142, p. 2839.
share
and
con¬
scribed be sold to underwriters.
Proceeds are expected to be used to retire
outstanding bank loans, to
provide funds for capital additions and improvements, to improve the cash
position
p. 795.
of the
corporation
and
for
other
corporate
purposes.—V.
142,
Paramount Pictures, Inc.—Annual Report—J. E. OtterPresident, in his remarks to stockholders accompanying
the report for the fiscal year ended Dec. 28,
1935, says:
son,
The reorganization of the company in accordance with the
plan approved
by the U.S. Court under Section 77-B of the Bankruptcy Act was completed
and made effective on July 1, 1935.
As the securities issued pursuant to
the reorganization plan bear date of Jan. 1, 1935, which is the
effective date
of accruals in connection therewith, the figures in the profit and loss
state¬
ment presented herewith cover the full year, except that as to certain
foreign
subsidiaries the figures are for the 12 months
ending Nov. 30, 1935.
In¬
cluded in the item of expenses in the profit and loss statement is
a ratable
portion of the allowances to the trustees for their services and of other ex¬
penses of management under the trusteeship deemed applicable to the
operations of the first half of the year 1935 (as distinguished from expenses
applicable to reorganization) and corresponding to the expenses of the
superseding management.
Operations of companies which are not wholly
owned or substantially wholly owned are included in the
profit and loss
statement only to the extent that dividend income earned in
1935 has been
received therefrom.
Operations of Olympia Theatres, Inc., in receiver¬
ship, and of Paramount Broadway Corp., are not included in the
profit
profit for the year, after all current charges, including depreciation
and Federal taxes, and after interest of $1,576,600 on the
company's
20-year 6% debentures, but before the special inventory reserve of
$2,500,000 referred to in the next paragraph, amounted to $3,153,167.
In the financial statements of the company
covering operations for the
second and third quarters, reference was made to the adverse
effect of the
reorganization of the studio management.
The high cost pictures made
during the period of the studio reorganization which had hot been released
at Dec. 28, 1935, would normally involve a
charge against 1936 operations.
Inasmuch as the excess costs of these pictures were an incident of the
studio
reorganization, the directors have set aside out of 1935 profits the sum of
$2,500,000 as a special reserve against the picture inventory, absorbing
all of such estimated excess costs in 1935
operations, rather than spreading
it over the active life of the negatives.
The consolidated balance sheet shows that cash and marketable
securities
on
Dec. 28,1935, amounted to $18,093,850, of which
in Great Britain and Dominions, and
balances
Cash
$5,467,812 represented
$289,993 in other foreign
balances of Olympia Theatres, Inc., in
receivership, of
Paramount Broadway Corp., and the company's equitable interest in
cash
balances of the partially owned companies whose operations are not
countries.
con¬
are not included in the above amount.
Picture inventory net
after all reserves amounted to $15,926,811.
Total current assets including
solidated,
after reserves, were $38,045,009, with current
$9,782,463, leaving net working capital of $28,262,546.
liabilities
of
The assets and management of the company
having been taken over from
the trustees under 77-B reorganization proceedings on
July 1, 1935, the
a group of its executive and
accounting officers
study of the value of the assets and liabilities of the
directors thereafter caused
to make a
common
a
convertible preferred stock be first offered to the common
stockholders, at a
price to be determined by the directors, at the rate of 1-20 of a share of
preferred for each share of common stock, and that any balance not sub¬
inventory,
Total
105
subject to adjustment of the
conversion basis in certain contingencies.
It is proposed that approximately 23,804 shares of the new
4% cumulative
The
1st pref. stock
Accounts
cumulative convertible preferred stock, callable at
vertible share for share into common stock,
and loss statement.
1935
Liabilities—
Plants and properties
Investments—at cost
Companies, Inc.—To Issue New Pref. Stock—
a new
The company owns substantial interests, n the
Underwriters—The
Paraffine
and its consolidated subsidiaries
board the values determined in
laid down
company
as of Jan.
1, 1935, and to report to the
accordance with principles and formulae
result of such study and report all items
by the board.
As a
goodwill and all items known or deemed to be worthless were eliminated.
1, 1935 valuations, investments in and advances to
subsidiaries which were inactive, in liquidation, or the abandonment of
which was contemplated, were written down to their estimated realizable
of
In making such Jan.
value and the values of real estate and equipment were reduced to
not
a
basis
higher than cost less depreciation by the elimination of appreciated
Financial
3010
Chronicle
May 2, 1936
Earnings of
values
appearing on the books with respect to certain properties and by
The accompanying
1935 valuation.
The general reserve, shown on the accompanying balance sheet in the
amount of $6,713,024, was set up by the directors to provide for any
adjustments of values taken over from the trustees, for claims still pending
of further reserves for a number of properties.
means
balance sheet is based on such Jan. 1,
and for
contingencies.
interest in the common stock of Paramount Broad¬
way Corp. was written down to $1, and the assets, liabilities and operations
of that corporation are accordingly not included in the consolidated state¬
ments.
Bonds of Paramount Broadway Corp. were outstanding at Dec.
28,1935, in the principal amount of $8,875,000.
Until the principal amount
of bonds outstanding shall have been reduced to $4,437,500, Paramount
Pictures, Inc., has guaranteed the payment of fixed interest of 3% per
annum, and the application to the purchase or reduction of such bonds of
not less than $100,000 per annum.
Interest and sinking fund requirements
are being currently met from the net cash income of Paramount Broadway
Corp. without recourse to the guaranty.
Paramount Pictures, Inc. has
leased certain office space in the Paramount Building, now occupied for its
executive offices, until 1945 and thereafter until 1955 or until such earlier
date as the principal amount of bonds outstanding shall have been reduced
to $4,437,500, and has guaranteed a lease to one of its wholly owned sub¬
sidiaries on the Paramount Theatre in the same building.
During the year 1935 the reorganization of a number of subsidiary comThe company's 100%
?anies was successfully and the Western Massachusetts Theatres, Inc.,
'heatres, Inc. (Saenger) completed, including the Paramount-Richards
in which companies
approximately 50% of the stock is owned by Paramount
Pictures, Inc., and the wholly owned Minnesota Amusement Co.
Olympia
Theatres, Inc., is still in receivership, but substantial progress has been
made looking toward the reorganization of this company.
Since the reorganization, a number of important steps have been taken
in simplifying
the corporate structure of the company.
Paramount
Pictures Distributing Corp., Paramount International Corp. and Paramount
Pictures Corp. (an intermediate holding company) have been merged with
the parent company, and in addition some 45 theatre corporations have been
eliminated either by merger or otherwise.
It is the policy of the manage¬
ment to simplify corporate structure as much as possible.
This policy is
being proceeded with vigorously.
1
The income account tables and the consolidated balance
sheet
p.
are
given in the advertising pages of this issue.—V. 142,
1653.
$31,252,047
7,472,983
3,782,149
Net from railway
Net after rents
RFC Awards
Pennsylvania Coal & Coke Corp. (& Subs.)—Earnings
1935
1934
1933
1932
1,573,071
$3,220,251
253,401
b2,988,470
1,526,160
$2,906,152
195,524
a2,769,866
1,445,753
$1,972,763
138,588
a2,035,181
1,296,273
$1,909,589
152,617
a2,015,647
Miscell. colliery earnings
$21,620
79,127
$59,238
69,184
$201,006
61,404
Total colliery profit-Deprec. & depletion, &c.
$57,507
79,081
Mined tonnage sold (net)
Selling and shipping exp.
Equipment Trusts—
Directors Reelected—Increase in Debt Voted—
Edgar C. Felton, John E. Zimmerman and Martin W. Clement were
reelected directors of the company at the annual election of stockholders
held
on
Each of the directors was elected for a term of four years.
by a committee appointed under the authority
April 28.
The directors were nominated
resolution adopted at the annual meeting of the Pennsylvania RR.
stockholders on April 14.
At the election approval was also given by a stock vote for an increase
of
of
a
$75,000,000 in the company's authorized indebtedness.
Actual issuance
of
of securities under this authority will be at the discretion of the board
directors.—V. 142, p. 2680.
Penn Central
Light & Power Co.—Consolidated Balance
Sheet Dec. 31—
;
1935
Fixed
capital
Investments
Accts. receiv.
affil.
$
Liabilities—
Funded
633
cos
8,773,900
3,902,609
1,000,000
27,875,000 27,875,000
debt
27,227
Accts. pay. to par.
300
34,543
CO.—NY PA NJ
Due from affil. cos.
Utilities Co
Cash dep. for pay¬
ment of pf. divs.
due Jan. 2, 1936
61
Accounts payable.
Sals. & wages pay.
218,547
800,440
552,628
151,573
revenue-
"2",912
67,584
stks., due Jan. 2,
1936
Interest accrued--
218,547
345,700
210,875
513,254
11,428
Miscell. accruals..
9,465
239,860
16,144
405,497
Notes receivable
364,861
Reserves...
199,230
2,043,405
2,070,115
3 ,649,235
3,735,213
48,609
48,154
..
Accounts receiv'le.
U.
in
Treasury
5,942
667,292
678,035
S.
notes.
Int. & divs. rec'le.
Materials
&
5,963
Taxes accrued
& line
sup¬
plies, &c
Def. debit items..
deposits..
Contribs.
for
tensions
Refund,
(non¬
for line extens'n
in
$399,281
Crl8,461
prof$786
$56,783
74,021
$239,373
47,411
$380,820
105,833
Miscell. income (net)
Earns.of subs, after divs.
76,223
—
182
to parent company
of
$17,238 loss$191,962 loss$274,805
Includes
prepaid royalties./
b The lessor of a major portion of the
properties which the company operates has consented to a reduction of
$44,222 in the minimum royalty required under the lease for 1935.
Costs
and expense also includes prepaid royalty amounting to $112,935.
a
Income Statement for
[Including
Allied Companies
Income from
by Virtue of
Operated
Gross earnings
Oper.
exps.
$931,818
905,917
from allied
$975,737
875,195
$3,024,292
3,019,212
$3,004,467
2,911,635
$25,900
and taxes.--
Profit
Miscell. inc.
$100,541
$5,079
$92,831
(incl. divs.
co.'s.)
24,908
Charges to income
a
Net
13,902
87,228
69,280
$50,808
24,117
Gross income
a
1936—12 Mos.—1935
1936—3 Mos.—1935
$114,443
23,450
$92,307
79,602
$162,111
82,942
Total
Includes
depletion
and
$90,993
depreciation
of
$12,705
$21,707
for
months of 1936, $22,697 for the firtft three months of 1935,
12 months of 1936 and $78,325 for the 12 months of 1935.
Note—Undistributed
earnings
of allied
companies
the first three
$76,108 for the
the period not
for
°
1935
/
1934
Accounts payableAccrued wages
&
and
accts.
receivable, &c__
Accts.
rec.
511,604
462,794
23,546
2,465
65,810
16,875
4,889
68,802
allied
$1 ,648,880 $1,648,880
Notes pay. secured
taxes
companies-
Sundry assets
Securities
Int. in net assets of
Contingent
reserve
Res. for ins. funds
Surplus of sub
Surplus..
1934
1935
Notes
50,000
50,000
145,871
139,939
103,893
50,000
156,082
311,853
1 ,128,291
131,728
25,000
155,352
302,078
1,076,284
Restricted bank
311,852
28,614
77.080
48,666
6,626
6,369
156,082
48.081
13,883
3,069
155,351
73,649
9,257
72,220
7,220
houses
Insurance funds..
...
...
Net after rents.
...
1935
1934
$344,323
dfe78,138
def224,558
$372,439
def86,889
def224,811
def31,594
def202.493
1,154.742
1.080,144
def336,813
def732,757
1,207,862
def133,045
def621,798
Gross from railway.
Net from railway
...
...
def 146,108
...
Net after rents
—V.
_
def563,194
320,692
def 113,306
def255,031
142, p. 2335.
Pennsylvania Water & Power Co.—Earnings—
3 Mos. End. Mar. 31—
Net
revenue
1936
1935
1934
1933
$1,561,974
$1,446,058
$1,380,740
$1,314,178
794,465
262,895
803,549
263,464
790,862
263,603
775,853
265,056
$531,570
456,714
$540,085
327,172
$527,258
327,172
$510,797
324,901
$74,856
$212,913
$200,086
$185,897
$1.23
$1.25
$1.22
$1.18
after exps.,
maint., renew. & repl.
expenses and taxes
charges
Dividends paid
Surplus
Earns, per sh. on 429,848
shs. cap. stk. outst'g
(no
par)
142, p. 1131.
Stockholders at
a
on
Refunding
special meeting to be held on May 20 will consider the
issuance of $22,000,000 principal amount of a new series of 1st & ref. mtge.
bonds, to be designated series D to provide for redemption of all outstanding
series C bonds, and the payment in part of certain maturing underlying
bonds of the company.
They will also consider the issuance of $14,125,000
principal amount of refunding mtge. 5% bonds dated Sept. 1, 1897, and the
pledging of these bonds as additional security under said 1st & ref. mtge.
See also V. 142, p. 2680.
Perfection Grain Shocker
Co.—Registers with SEC—
of this department.
12 Months Ended March 31—
—
security
Adv. to affil. CO..
$3,594,870 $3,529,263
Net earnings
Total
$3,594,870 $3,529,263
Pennsylvania RR. Regional System—Earnings—
$29,808,884 $29,853,117
7,948,681
7,993,335
$21,860,202 $21,859,781
2,393,290
2,393,290
[Excludes L. I. RR. and B. & E. RR.]
-
Note—Expenses incurred
on
$6,247,662 $13,717,864 $15,986,087
account of damage
caused
Balance
x
$19,466,912 $19,466,491
Restated and adjusted for comparative purposes.—V.
Phillips Packing
Registration—
Co.,
Inc.—Admitted to
142, p. 2681.
Listing
and
The New York Curb
Period End. Mar. 31—
1936—Month—1934
1936—3 Mos.—1935
Railway oper. revenues_$31,322,178 $30,957,808 $97,971,814 $88,086,831
64,796,790
22,016,785
75,477,191
Railway oper. expenses. 23,850,668
5,170.338
2,009,798
5,427,000
Railway tax accruals
2,109,600
155,740
482,537
Unemployment insur
Railroad retirement act535,885
535,885
26~829
Uncollect, ry. revenues8,124
1,676,325
683,543
526,597
1,755,950
Equipment rents
Jomt facility rents.
430,462
214,455
148,842
575,387
excluded.
xl935
Net income..
Dividends on preferred stock
a After
depreciation and depletion of $652,840 in 1935 and $579,471 in
1934.—V. 142, p. 1131.
Netry.oper.income— $3,772,287
xl936
Income deductions
Funds deposited as
Total
1933
$104,677
def41,017
def90.051
$427,742
Operating revenue (including non-operating)
$65,315,404 $62,915,759
Oper. exps. (incl. renewals and replacements re¬
serve and all taxes)
35,506,520
33,062,642
Inventory—supply
Deferred charges..
1936
_
Philadelphia Electric Co. System—Earnings—
ac¬
counts
Inventories
Investments
Pennsylvania Reading Seashore Lines.—Earnings.—
March—
302,079
24,266
69,257
1,294,250
50,381,695 50,494,096
Issued and outstanding 166,600 shares at a stated equity of $1,000,000.
See list given on first page
subs.by virtue of
lease
4,485,572
4,485,572
1,111,785
Peoples Gas Light & Coke Co.—To Vote
Liabilities—
Capital stock
Total
ap¬
Note—The income account for calendar years was given in "Chronicle"
—V.
Consolidated Balance Sheet Dec. 31
Assets—
Property account$2,082,256 $2,111,276
Cash.
157,027
203,163
a
50,494,0961
surplus
$79,169
included above $2,844 for the first three months of 1936, $5,358 for the
first three months of 1935, $4,609 for the 12 months of 1936 and $5,649
for the 12 months of 1935.
aris¬
as
of April 25, page 2839.—V. 142, p. 2839.
Interest
$26,691
50,381,695
Gross income
income
(beforei
Fed. income taxes)_
value
stk.—de¬
From Jan. 1—
Clearfield Bituminous Coal Corp. lease]
Period End. Mar. 31—
reduct.
stated
com.
Corp.
Gross from railway.
Net from railway
3 and 12 Months Ended March 31
6,743
created
ing through
praisal
x
$77,007
Total profit---
156,523
ex¬
contribs.
signated
$261,439
Cr22,066
525,764
Consumers' service
deposits
Surp. res.
through
$75,232
Crl8,449
31,876
156,936
Divs. pay. on pref.
$9,947 loss$139,602 loss$195,875
85,179
203,406
121,837
$21,574
Cr22,360
Net loss
Real estate earnings
$
$
44 ,376,733 44,257,467 $5 cum. pfd. stock 8,773,900
206,908 $2.80 cum. pf. stk. 3,902,609
209,154
xCom. stk. (par $1) 1,000,000
from
Special deposits
Invest.
1934
1935
1934
$
Assets—
refundable)
Net colliery loss
69,338,519
16,465,578
8,196,060
The $17,460,000 issue equipment trust certificates on which bids were
opened by the Reconstruction Finance Corporation on April 23, 1936 was
awarded to the highest bidder, Salomon Bros. & Hutzler, for $18,717,547,
a premium of $1,257,547, the unit price being 107.202447.
$258,675
62,800
Calendar Years—
85,021,181
22,307,812
14,679,536
87,932,518
23,308,259
16,025,799
97,769,028
22,555,231
13,800,603
Net after rents
Unbilled
Including interest in net assets of companies allied by virtue of Clear¬
field Bituminous Coal Corp. lease..
1935
1934
1933
30,901,463 $31,789,767 $22,940,086
8,742,842
5,445,327
8,954,905
5,913,773
2,478,103
6,269,028
From Jan. 1—
Gross from railway
Net from railway
Cash
'
Only
Company
1936
March—
Gross from railway
by floods are
the
common
Exchange has admitted to listing and registration
stock, no par.—V. 142, p. 2681.
Phoenix Securities
Teed Products
Corp.—Acquires Control of Certain-
Corp.—
Walter S. Mack, Jr., Vice-President of this company, announced on
April 28 that it had acquired control of the Certain-Teed Products Corp.
through deals which gave it 48% of Certain-Teed's preferred stock.
Hold¬
ers of the preferred stock have the right to elect a
majority of the directors
of Certain-Teed Products because the preferred dividends have been in
arrears for seven years, such power being given to that stock if the divi¬
dends are in arrears for two years.
Control of Certain-Teed was acquired by buying certain shares of pre¬
ferred stock and closing a contract to purchase additional preferred shares.
volume 142
Financial
The purchases, it was explained, were made from holders of
—V. 142, p. 2681.
Pittsburgh & Lake
March—
Erie
a
1935
1935
1934
$1,375,799
254,396
290,306
$1,446,326
338,890
361,426
$842,730
20,938
4,262,001
589,029
773,038
after rents
From Jan. 1—
3,827,365
698,366
840,486
3,671,833
604,249
760,833
2,596,906
142,951
244,402
1933
Equipment
Gen.
8,604,591
182,528
expend
521,173
879,581
Other investments 1,069,478
Cash
236,096
Special deposits...
274,020
1936
1935
-
Other deductions.
Interest
Net profit.
$191,692
11,567
$66,176
11,608
51,664
86,122
$203,259
3,846
52,910
77,153
loss$47,372
25,712
53,269
77,572
loss$83,218
.
.
485
805
64,756
72,240
Assets—
Mar. 31'36
58,836
394,800
765,301
5,383
2,117
_
Int. & divs.
rec
Working fund adv.
Rents & Ins.
Accts. & notes rec.
alter reserves...
Miscell. accts.
499,247
23,186
54,507
rec.
Due from empl's..
Market sec. loaned
389,443
51,254
54,418
$1,500,000
Dec. 31'35
$1,500,000
Funded debt
3,520,000
3,520,000
Accounts payable224,681
254,683
Accrued interest..
64,533
16,133
Accrued taxes
119,635
84,652
Accrued
Fed.
&
dep. agreement.
189,800
189,800
Inv. in marketable
39,983
64,010
Misc. current liab.
to trustees under
State inc. taxes.
Accrued payrolls..
employees' stock
14,364
3,858,161
58,923
35,262
3,858,161
466,307
15,008
478,369
Other unadj. debs.
securities
1,077,247
1,723,956
30,264
Patents
Deferred charges..
Treasury stock. Dr826,914
Dr826,914
62,355
a After
depreciation of
b 65,447 no par shares,
V. 142, p. 2840.
Total....
$2,935,053 in
Represented
c
1936
$9,074,762
1936
$2,890,995 in 1934.
by 1,500,000 no par shares.—
From Jan. 1Gross from railway..
Ne from railway
168,842
7,067
4,834
Net after rents
—V.
142,
p.
1935
1934
1933
$95,706
35.203
38,399
216,532
42,920
$52,173
1,963
142,205
1,229
1,974
2337.
Pittsburgh Shawmut & Northern RR.—Earnings.—
March—
1936
Gross from railway
Net from railway
Net after rents
$85,985
12,764
4,361
.
From Jan. 1—
Gross from railway
Net from railway
Net
272,587
50,655
23,476
after rents.
—V.
142,
p.
1935
1934
$104,931
22,958
13,648
$110,358
258,999
29,797
3,500
293,480
62,279
34,097
207,059
21,926
1,174
2337.
Pittsburgh Terminal Coal Corp.—Par Value Reduced—
ap¬
stock option given to Charles E. Speak.—V. 142, p. 2169.
Pittsburgh & West Virginia Ry.—To Extend Notes—
Stockholders at their annual meeting on May 4 will vote on
ratifying the
of maturing notes and loans from the
Reconstruction Finance
Corporation and Railroad Credit Corporation originally authorized and
extension
2,001,454
413,927
152,892
1,769,912
333,201
135,224
1,733,433
436,719
203,333
1,648,539
Oklahoma—Earnings—
1934
1933
1932
$7,195,777
4,780.270
$6,947,471
4,493.773
$7,176,118
4,144,051
$2,593,482
42,783
$2,415,508
132,340
$2,453,698
60,573
$3,032,067
$2,636,265
$2,547,847
$2,514,272
$3,082,080
671,746
655,927
654,529
781,465
Bal. avail. to Pub. Ser.
Co. of Oklahoma— $1,964,519
Int. deduct. of parent co.:
$1,891,921
$1,859,743
$2,300,615
962,506
32.453
972,786
33,331
976,485
28,108
Total
Int. and other deductions
subsidiary
cos
Interest
on fund, debt
General interest
Amortiz. of bond. disc.
954,512
26,488
and expense
51,103
51,521
68,029
68,300
$845,441
535,360
$785,596
534,815
97,197
$1,227,723
533,606
660,940
The income account of the company only for calendar years was
given in
"Chronicle" of April 25, page 2841.
Balance Sheet Dec. 31
1935
Assefs—
Bond disc.
in
process
of
1,118,934
1,191,101
4,848,036
4,299,118
Net after rents
From Jan. 1—
$279,437
88,577
100,896
$277,164
90,440
98,090
$274,869
103,831
121,618
837.431
271,282
309,114
753,839
238,850
258.280
1933
—V. 142, p. 2682.
474,833
84,847
63,586
(& Subs.)—Earnings—
1936
deposits.
419,273
Accounts payable.
Acer. State & local
63,112
411,714
101,062
394,621
491,753
Fed. income taxes.
210,703
178,357
Accrued interest..
432,325
225,909
259,235
260,486
x
$1,248,543
$1,178,531
Dr55
Net earnings before income deductions & before
provision for depreciation.
$1,248,488
Interest on funded debt
631,205
Sundry income deductions
50,502
$1,178,729
636,278
48,277
Provision for Federal income tax
x Provision for
depreciation
taxes
Misc. curr. liabil..
41,492,343 43,470,562
After
1934.
in
reserve
1935
$306,396
41,492,343 43,470.562
1934
$
"
Prepayments
x
1935
$
Liabilities—
48,579,006
64,280
41,345
Accounts & notes
636,998
759,508
331,610
plies
Cash and
281,587
1,281,598
exp. in process
$
Stock of S'western
4,352,977
4,574,122
26,252,900 27,647,900
702,031
678,015
Accounts payable.
160,443
203,206
Accrued liabilities. 1,410,238
1,372,011
Misc. current liabs.
27,425
32,903
Reserves
3,048,853
3,583,882
Surplus
864,128
589,477
Funded debt
Consumers' depos.
2,400,000
1,358,967
2,099,580
Bond discount and
of
1,572,829
Miscell. assets
1934
$
7% prior lien stock 3,213,100
3,213,100
6% prior lien stock 5,177,500
5,175,900
y Common stock..10,000,000 11,000,000
Lt. & Pow. Co..
working
U. S. Treas. bills..
2,675,468
1,733,525
3,217,000
55,209,596 58,070,518
Total
55,209,596 58,070,518
x After reserve for uncollectible accounts of
$99,408 in 1935 and $88,840
in 1934.
y Represented by shares of $100 par.—V. 142, p. 2841.
Reed Roller Bit
1 605
$360,208
17,050
2,801,440
589,477
for uncollectible accounts of $51,921 in 1935 and $40,129
Fixed capital.....46,246,813
Co.—Registers with SEC—
See list given on first page of this department.—V. 142, p. 2683.
Rochester
Net
income to earned surplus (subject to the
adequacy of the prov. for depreciation)
Total
9,245
Comparative Consolidated Balance Sheet Dec. 31 {Incl. Subs.)
186,171
The provision for depreciation made by the
company for the threemonth periods ended March 31, 1936 and
1935, is based
369,645
282,787
1,939,894
856,748
Reserves
Total..
868
&
sec.
Earned surplus
amortization
205,703
exten.
warrants & notes
receivable, &c._
Mat'ls & supplies.
197
Net earnings from opers. before prov. for
deprec.
Other miscellaneous income—Net
Funded debt-
Consumers'
Customers' accts.
funds
$2,065,500
563,818
323,150
expenses
General taxes
5,175,900
10,000,000 11,000,000
18,896,000 19,247,900
1,499,700
1935
$2,253,622
659,555
345,523
Operating
•
($100
2,000,000
Materials and sup¬
3 Months Ended March 31—
Gross operating revenues..
stock
par)
31,547
receivable
Portland General Electric Co.
Com.
3,213,100
833,122
$163,058
32,932
23,477
685,753
236,220
257,867
($100 par) 3,213,100
6% prior lien pref.
stock ($100 par) 5,177,500
42,833
sscts
Gross from railway
Net from railway..
Net after rents
$
stock
977,021
x
Gross from railway
Net from railway
1934
$
7% prior lien pref.
Prepaid accounts.
Cash
(incl. work.
funds)
Total
1934
1935
Liabilities—
$
& exp.
Other assets
{Company only)
1934
$
Plant, prop, .rights,
franchises, &c..32,449,110 34,396,946
Earnings for March and Year to Date
1935
50,013
$932,415
535,535
125,000
Net income
Divs. on prior lien stocks
Divs. on common stock.
ratified by the stockholders and the creation of a proposed 3
^ % equipment
trust, series of 1936, in the principal amount of $2,000,000 to mature
serially
1936
417,074
163,122
1935
Gross earnings..
$7,456,772
Oper. expenses and taxes
4,863.290
from 1 to 10 years from date.
March—
^
U. S. Treas. bills..
Stockholders at their annual meeting held March 30 voted to
reduce the
value of the common stock from $100 to $1.
Stockholders also
a
1933
$567,966
140,603
50,724
Consolidated Income Account Year Ended Dec. 31 (Incl. Subs.)
amortization—
par
proved
1934
$655,370
196,925
106,727
Calendar Years—
$69,891
9,747
1,504
16,651
1935
$677,946
182,131
92,613
Public Service Co. of
1933
25,919
to Date
—V. 142, p. 2171.
969
224,600
60,831
73,996
,47,052
38,879,655 39,229,419
Year
and
1936
From Jan. 1—
Gross from railway
and.
$93,628
30,226
28,805
4,976,520
469,092
1,022,618
9,544,994
$726,922
180,209
79,312
Net from railway
Net after rents.
of
$45,393
def9,444
def8,147
i
March—
$8,878,987
Pittsburgh & Shawmut RR.- —Earnings.—
March—
Gross from railway
Net from railway
Net after rents.
858
43,352
Net earns, from operOther income (net)
1,066,067
1,663,047
31,031
53,138
$9,074,762 $8,878,987)
Total
38,879,655 39,229,419
Gross from railway
Net from railway
Net after rents
408,090
Paid-in surplus...
Earned surplus
b
Inventories
Total
Mar.31*36
273,623
50,791
12,430
__
Earnings for March
Capital stock
321
273,811
48,214
39,683
59,807 Deferred liabilities
63~235
425,025 Tax liability
738,550 Accr'd depreciat'n
7,337
—equipment— 5,178,808
1,786 Other unadj. cred.
455,417
Approp. surplus
1,022,618
8,818 Profit and loss
9,194,048
472,309
paid
in advance
$69,350 loss$203,925
Liabilities—
c
280,947
183,609
7,273,700
70
Other curr. liabil
.
Total
Dec. 31*35
ma¬
226,139
298,402
89,943
Unmat. int. accrd.
Balance Sheet
chinery & equip.$4,289,080 $4,417,160
Cash
1,125,121
963,627
164,978
Int. matured unpd
Divs. mat'd unpd.
rec..
$
1,316,900
500,400
9,017,500
4,000,000
35,625
_
agents & conduc
Misc, accts. rec.
Materials & supp.
loss$88,872
41,500
$165,056
Other income
$53,567
12,609
.
balances receiv.
Net bal. rec. from
$47,162
136,034
$341,782
1,954
48,400
86,389
39,983
Operating profit
$337,990
146,298
.
Traffic & car serv.
1933
1934
$205,809
152,242
$329,920
11,862
Expenses.
cos
oblig. stock._
Non-voting 6% stk
Govt, grants
7,859 Long-term debt—
519,730 Traffic & car serv.
balances payable
812,462
1,252,477 Audited accts. &
wages payable.
350,014
304,395 Misc. accts. pay_.
Misc. phys. prop..
Inv. in affil.
Loans & bills
$496,191
166,271
-
Div.
8,661,079
182,967
1934
$
1,316,900
500,400
9,017,500
4,000,000
35,625
7,180,000
Guaranteed stock.
Deposits in lieu of
57,569
Pittsburgh Screw & Bolt Corp.—EarningsQuar. End. Mar. 31
1935
Liabilities—
Common stock
equip—Road. 25,327,131 25,351,759
—V. 142, p. 2682.
Land, bldgs.
$
mtgd. prop, sold
Gross from railway...
Net from railway
Net after rents
a
1934
$
Assets—
Invest, in road and
$1,349,959
147,986
218,094
...
Net
3011
General Balance Sheet Dec. 31
RR.—Earnings.—
1936
Gross from railway.
Net from railway
Chronicle
large interest.
Lake
&
Ontario
Water
Balance Sheet Dec. 31—
Service
Corp.—
Y~
x
annual
accrual
respectively, on an
2-10% and 1 1-10% of the book value of
properties
public service, plus an interest accrual for each threeequal to 1% of the estimated balance in the reserve
for
of 1
used and useful in
month
period
depreciation as of the end of each calendar year.—V. 141,
Richmond
Calendar
Fredericksburg & Potomac
Years—
Ry. oper. revenues
Ry. oper. expenses
Ry. tax accruals
Uncollectible ry. revs
Equip. & jt. facil. rents.
Net ry. oper. income.
Non-operating income..
Gross income
Int.
on
Other
funded debt
Deficit
RR.—
1935
1934
Liabilities—
-Earnings
1934
1933
$6,128,701
5,012,368
291,337
$5,885,276
4,652,535
414,665
$6,306,559
4,931,939
324,011
196
171
120
360
415,589
380,888
424,495
486,158
$375,857
194,982
$443,987
211,403
$393,220
253,420
564,255
167,327
$570,839
311,369
14,664
$655,390
316,991
14.127
$646,640
322,613
31,707
$731,582
328,235
14,006
$244,806
573.376
$324,271
573,376
$292,320
573,376
$389,341
575,975
$328,570
$249,105
Misc.
Service Corp...
Accounts payable.
75,500
Due to parent co_.
Accrued liabilities-
2,717
137,500
13,315
42,770
68,977
64,966
40,873
67,056
invests.
&
130
special deposits.
tee,
Cash
x3,090
&c
on
hand and
in banks
67,838
614
33
Acer, unbilled rev.
20,467
Materials & suppl.
19,344
17,036
19,741
Accts. & notes rec
Due from affil. cos
Dep.
61,364
with trustee
pref.
income tax
Consumers' depos.
Consumers*
Unearned
x
$186,634
6,019
64,167
$5,427,809 $5,480,475
1,129
432
Extension deposits
Reserves
27,469
507,875
28,989
483,236
50,000
9,209
50,000
1,777,893
565,853
1,776,642
485,229
for
9,209
3,723
93,172
1,477
405
z
stock
called
redemption,
Common stock..
Capital
&
paid-in
surplus
Earned surplus
Total
5,767
revenue
Pref.
stock
Prepd.tax.,ins.,&o
Deferred charges..
$2,303,000 $2,320,000
Provision for Fed.
26,665
55,140
y
debt
Due to N. Y. Wat.
for red. of
$281,056
1934
Funded
1932
$6,507,586
5,407,515
308,453
1935
Property, plant &
equipment
$5,232,303 $5,208,228
Cash held by trus¬
1935
deductions
Cash dividends.
p. 2902.
Assets—
Total
$5,427,809 $5,480,475
Includes miscellaneous investments and deposits,
y After reserve for
accounts of $4,971 in 1935 and $4,740 in 1934.
z
uncollectible
by 2,000
Represented
no par
shares.
Note—The income account for calendar years was given in "Chronicle"
of April
25,
page
2842.—V. 142, p. 2842.
Financial
3012
Roan
1936
£449,500
exp.,
,
—
Estimated profit, subject to taxation
£68,241
(& Subs.)—Earnings—
1935
Years Ended Dec. 31-—
Gross profit on sales
$203,234
Research, development and patent expense
Profit
—
loss$17,524
1st mortgage note payable to Fed¬
on
eral Reserve Bank-
Interest
16,500
2,652
1,246
1,610
bank loans
on
Miscellaneous interest expense
173
Amort, of exp. in connection with 1st mtge. loan__
Estimated provision for Federal income tax
427
20,000
-
$166,133
loss$23,033
x Includes
miscellaneous income,
y After
deducting depreciation of
$34,536 (depreciation in the amount of $1,667 has been charged to selling
administrative and general expenses).
I
Note—Depreciation provided by the company in 1935 has been charged
as follows:
Cost of goods sold, 32,007, and selling, administrative and
general expenses, $1,815.
v
1,260,473
694,814
20,322
$715,137
784,059
$314,656
261,748
$890,858
917,119
$52,907
def $26,261
-Third
1936
Period—
Gross earnings
—V.
1,571,206
870,702
20,166
$407,586
272,817
-
Jan. 1 to
Week of April—
1935
$349,900
def$68,922
April 21
1936
1935
$5,557,153
$326,421
$4,778,115
142, p. 2843.
Sangamo Electric Co.—Application Approved—
The Chicago
Stock Exchange has approved the application of the com¬
shares of common stock, no par, to be ad¬
issuance, and registration under the Securi¬
ties Exchange Act of 1934,-^; 142, p. 2172.
pany to list 17,250 additional
mitted to trading on notice of
Schulte Retail Stores Corp.
Quarter Ended March 31—
Sales
—V. 141, p. 2127.
Sales—
1936
$5,628,000
...
-
Net profit-
$1,385,384
496,393
305,769
8,886
$134,768
Gross income
Net income
y$217,979
79,914
111,248
44,342
1936—3 Mos
1935
$4,524,235
$3,845,520
1936—Month—1935
-
1934
$508,141
121,182
119,823
63,902
Selling expenses
Administrative and general expenses
Interest, &c.,
Period End. Mar. 31—
Ry. operating revenues- $1,690,782
Net rev. from ry. oper.
661,481
Net ry. oper. income.__
400,205
Non-operating income.7,380
Deductions
1134.
142, p.
Rustless Iron & Steel Corp.
x
1935
£454,272
325,608
22,923
37,500
£136,000
incl. London & Mine admin, charges..
Prov. for deb. stock int. and prem. on redemption.
Reserve for depreciation
-V.
Earnings for March and Year to Date
253,500
22,500
37,500
revenue
Oper.
May 2, 1936
Antelope Copper Mines, Ltd.—Earnings—
3 Mos. Ended March 31—
Gross
Chronicle
Schwitzer-Cummins
Co.—-Registers with SEC-
See list given on first page of this department.
Scott Paper
Co.—Earnings—1
Mar. 31, '36 Mar. 31, '35 Apr. 1, '34
606,661
533,981
$2,861,297
$2,577,091
$2,243,077
Mfg. & maintenance exp.
1,582,154
1,464,522
1,235,867
Depreciation
147,855
126,995
126,732
Selling & gen. expenses..
808,141
727,578
641,568
Federal income tax
56,350
37,578
32,850
Pennsylvania income and
32,195
capital stock taxes
^See..x£;5
3 Months Ended—
Cases sold
Earnings for the Three Months Ended March 31, 1936
Net sales..
Gross sales, less discounts, returns and allowances
Cost of goods sold
$492,846
355,962
61,930
Selling, general and administrative expenses
Provision for doubtful
accounts
521
Research, development and patent expenses
14,996
Net profit from operations
Miscellaneous income
$59,434
2,806
Net profit-..-i-—-
Interest
$62,3,40
1st mortgage note payable to Federal Reserve BankAmortization of expenses in connection with 1st mortgage loan-
4,000
114,259
491,876
30,434
$220,417
35,060
71,772
$206,060
35,500
63,324
$190,301
38,416
59,095
$93,130
$113,585
$107,235
$92,790
253,249
Nil
Common stock dividend
168,868
168,860
$1.09
$1.01
168,843
$0.89
4,113
Estimated provision for Federal income tax
Apr. 2, '33
455,215
$1,872,678
1,045,805
$234,601
27,511
113,960
Preferred stock dividend
Total income
1935
$5,032,000
on
Net profit
107
!
$54,019
Liabilities—
Afar. 31'36 x£>ec.31'35
Assets—
on
y
$92,646
134,183
444,706
Accounts receiv-
Fixed
for
Reserve
$72,918
25,419
20,000
53,464
Fed¬
377,288
1st mtge. 6% note
2
Patents.........
275,000
Common
stock
Total
$l,4ul,618 $1,319,5181
2,000
b364,671
531,463
$1,401,618 $1,319,518
Prepared on the basis of adjusting the balance sheet to give effect to
acquisition of the assets and assumption of the liabilities of its subsidiary,
Rustless Iron Corp. of America, in accordance with a plan of liquidation
andfagreement effective as of Jan. 1, 1936.
y After reserve for doubtful
accounts of $4,601 in 1936 and $4,078 in 1935.
z After reserve for depre¬
ciation of $510,918 in 1936 and $507,526 in 1935.
a Represented by 733,585
no-par shares after deducting 22 shares held in treasury at a cost of $105.
b Represented by 732,707 no-par shares after deducting 900 shares held in
treasury at cost of $2,132.—V. 141, p. 3701.
x
1
Gross from railway
$252,487
def41,494
def56,685
Net from railway
Net after rents
From Jan.
1934
$249,610
defl0,796
def28,074
1933
$291,288
13,342
def4,933
$255,351
defl,531
defl0,084
1—
Gross from railway
Net from railway
Net after rents
—
740,066
def34,404
def80,099
742,315
def71,381
defl05,420
..
Total current liabilities
..
800,973
8,896
def39,416
737,877
16,569
defl0,870
Safety Car Heating & Lighting Co.—$1 Dividend—
dividend of $1
share on the capital
stock, no par value, payable July 1 to holders of record June 15.
Similar
distributions were made on April 1 last, Dec. 23, July 1 and April 1, 1935,
Dec. 22, Aug. 15 and April 2, 1934, and on Dec. 23, Sept. 15 and May 15,
1933.—Y. 142, p. 1484.
a
per
Safeway Stores, Inc.—Sales—
4 Weeks Ended—
Jan. 25
Feb. 22...
1936
1935
1934
-
St. Louis Brownsville & Mexico
March-
Seaboard Air Line Ry.-
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Ry.- -Earnings.—■
to operators
man
1935
$1,275,191
$1,098,818
173,831
312,344
164,008
287,211
183,237
261,688
$1,210,641
$823,972
5,879
12,008
$653,891
20,498
$511,086
14,742
$1,216,520
119,094
266,500
$835,980
99,483
159,375
$674,390
83,074
120,831
$525,828
179,295
55,724
136,300
14,500
68,000
87,945
14,000
36,000
11,000
23,500
$612,126
$439,177
$0.35
$368,219
$0.29
1936
Balance
—
Other income
—
,
Total income
Deprec. and depletion..
Intang. develop, costs._
Prov. for Fed. inc. tax..
-
on
$0.49
cap.stk.
Net after rents
_
_
_
—
_
_
_
Net after rents
831,063
34,944
Period End. Mar. 31-
Operating revenue
Operating expenses
1934
1933
$2,807,884
10,592,869
1,504,780
842,705
8,957,595
9,904,352
2,011,805
1,087,153
8,521,967
1,039,291
defll5,947
306,167
def73,996
Net ry. oper. income..
Other income
Total income
Deductions
Bal. avail, for int.,&c-
System
1936—Month—1935
$3,730,971
3,279,339
al42,141
23,071
1936—3 Mos.—1935
$3,201,658 $11,049,803
9,664,864
3,106,656
a578,844
defl77,973
28.525
62,805
$9,312,048
8,970,410
def481,058
88.626
$165,212 def$149,448
8,283
6,977
$641,649 def$392,432
22,582
17,262
$156,929 def$156,425
$619,067 def$409,694
Federal Judge C. B. Davis authorized Berryman Henwood, trustee
$107,091
21,415
$101,555
21,800
$181,576
32,318
loss$85,676
5,051
$90,727
35,000
$93,443
42,700
$153,090
49,700
$125,727
$136,143
$202,790
Net loss
Preferred dividends
Deficit.
1932
loss$79,755 loss$149,258
1,937
3,832
11,750
Balance Sheet Dec. 31
Liabilities—
1935
1934
$507,616
$568,810
Assets—
xLand, buildings,
mach'y,eqpt.,&c
Goodwill
1
1
22,300
19,900
59,655
270,266
335,611
Cash
rec.
Inventories
232,490
317,069
83,505
3,120
Municipal bonds..
Notes & accts.
Common stock.
1934
$500,000
613,500
123,328
19,068
8,750
2,000
140,000
25,550
613,500
-
Notes & accts. pay.
Accrued items
Divs. payable
Prem. on pref. stk.
Capital surplus
Deferred charges..
72,425
20,223
3,000
2,000
98,500
20,026
Earned surplus
receivable
Alter
y
172,301
4,917
114,308
Long-term notes &
Total
1935
$450,000
Preferred stock
$1,279,674 $1,432,197
Total
$1,279,674 $1,432,197
depreciation of $355,155 in 1935 and $342,161 in 1934.
shares.—V. 142, p. 2685.
y
Repre¬
sented by 122,700 no par
Sears,
Roebuck
&
Co.-—Stock
Increase
Approved—
New Director—
Ry.—To Pay Interest—
for
the company to pay semi-annual interest on the first mortgage 4% bonds
in the sum of $400,000 on May 1 and Nov. 1 of each year, subject to further
instructions of the court.
862,367
62.193
$3,525
Operating loss
Other income
x
After charges of $84,386 for March 1936 and $123,021 for period Jan. 1
to March 31, 1936, for accruals for Federal Railroad Retirement Act of
1935, and Federal and State Unemployment Acts.—V. 142, p. 2339.
a
St. Louis-Southwestern
595,327
38,914
Compensat'n fori njuries
$3,431,262
669,011
380,035
499,909
def217,799
678,860
38,792
$525
3,000
161,681
428,338
229,043
of
$742,984
$3,541
4,065
1,351,799
Earnings
1933
$532,685
$13,019
16,560
1,399,740
497,987
308,296
From Jan. 1—
Gross from railway.
Net from railway.
1934
$610,561
1935
Prov. for depreciation._
1935
$290,809
$0.24
$852,988
21,707
$3,076,813
145,565
def95,532
67,765
Seagrave Corp. (& Subs.)—Earnings—
Calendar Years—
Net salesCost of sales, selling and
admin, expenses, &c__
Ry.—Earnings.—
yN
195,230
Including service charge for use of facilities representing this company's
porportion or depreciation sustained by the Association.
y After deducting share of products accruing to operators of Kettleman
Hills absorption plant.—V. 142, p. 2685.
$344,050
85,547
1936
See
x
$501,739
202,885
120,716
$3,576,657
486,679
226,265
1933
y$706,316
xAmort. of int. in Kettleman No. Dome Assoc.
Prov. for contingencies.
Total income
—
1934
of Kettle-
expenses
$414,441
94,831
46,391
552,843
343,170
1,726,370
599,110
(& Subs.)—Earnings—
Interest
-
8,611,529
609,581
$1,696,817
Hills absorp .plant
Operating
1933
—V. 142, p. 2339.
March—
Gross from railway.
Net from railway
9,993,013
2,476,939
1,210,216
9,187,715
1,690,489
Gross operating revenue
Share of prod, accruing
1934
St. Louis-San Francisco
1933
$2,921,763
630,714
255,650
1935
$3,497,835
873,633
481,789
—V. 142, p. 2340.
1935
613,427
388,616
1934
53,611,631
909,656
454,762
Earnings
10,003,344
1,807,050
656,224
Net after rents
1,703,666
Net after rents
$3,272,001
462,868
1936
$567,680
197,042
116,765
P* From Jan. 1—
Gross from railway
Net from railway
2,352,549
1,391,472
693,787
$3,686,165
871,610
503,543
March—
Gross from railway
Net from railway
1936
Gross from railway
Net from railway--Net after rents--
2,^64,872
$919,452
—V. 142, p. 2844.
Net profit
Earns.per sh.
1933
$23,106,110 $18,842,638 $16,486,586 $14,995,855
23,470.722
20,281,505
17,508,289
15,375,857
Mar. 21
24,776,706
20,770,761
17,810,088
15,885,573
April 1825,100,634
21,321,010
17,630,191
16,256,401
The company had 3,378 stores in operation on April 18, 1936, as against
3,240 a year ago.—Y. 142, p. 2683.
—
1934
$3,352,395
699,970
.......
—V. 142, p. 2683.
The directors have declared
.
1935
$926,600
$947,864
2,404,531
L
*
3 Mos. End. Mar. 31—
1935
1936
Assets & Current Liabilities Mar 31
1936
Current Assets—
Seaboard Oil Co.
Rutland RR.—Earnings.—
March—
earnings ending June 30, 1935, in the amount of $42,271, of which
applicable to the three months ending March 31, 1935.
was
Total current assets
584,977
Total
$20,280
275,000
2,000
a366,698
Surplus
ment of
Allother
Bank-
Reserve for relining
furnaces, &c
1935.
16, 1935, were made retroactive to Jan. 1,
The first estimate of such taxes was included in the six months' state¬
Cash
payable to Fed¬
eral Res.
These taxes enacted May
Condensed Statement Comparing Current
eral income tax.
16,867
705,713
2
assets
$70,902
76,621
Accrued liabilities.
$86,397
133,250
13,564
716,516
Inventories
Prep'd & del. assets
z
Mar. 31*36 xDec. 31 '35
Accounts payable.
hand..!
standing (no par)
Earnings per share-....
x
Balance Sheet
Cash in banks and
Balance for surplus
common stock out¬
Shs.
The stockholders at their annual meeting held April 27 approved a pro¬
posal to increase the capital stock to 5,200,000 shares, from 5,000,000.
The additional shares are to be offered to officers and employees at $45 a
share, with a further provision that the company may not grant privileges
Financial
Volume 142
purchase an aggregate in excess of 30.000 shares.
Privilege to purchase stock will expire on Dec. 31, 1941.
3013
Chronicle
—Third Week of
to officers and directors to
Charles B. Roberts
was
elected
a
director.
Sales for Four
1936
Feb.
Mar. 26
w
Shawmut
Southwestern Associated Telephone
Period End. Mar. 31—
1933
1934
1936
$77,522
9,388
1,500
$69,317
9,732
1,200
$69,064
10,580
8,600
$58,342
39,991
$39,558
39,990
$58,385
40,205
$59,998
59,273
$18,351
Total income
1935
$50,446
def$432
$18,180
$725
Expenses
Fed. cap. stock tax
Net
Operating
Association—Earnings—-
earnings
Dividends declared.
Surplus.
9,066
with SEC—
See list given on first page of this department.
—V. 142, p. 2516.
3 Mos. End. Mar. 31—
$2,180,805 $36,472,484 $31,648,113
Southern States Oil Co.—Registers
1933o
$15,826,847
14,215,630
23,731,274
18,519,608
31,435,278
36,034,157
Apr. 23
to April 21—
1935
Jan. 1
1936
April
1935
1936
$2,340,172
Weeks Ended
1935
1934
$25,541,825 $23,147,066 $20,395,895
33,965,053
29,007,986
22,362,353
26
Period—
Gross earnings
—V. 142, p. 2845.
Uncollectible oper. rev
Operating expenses
Operating taxes.
Net oper. income
$232,807
300
143,343
14,418
$202,163
600
134,527
12,989
$74,746
$18,648
$24,434
Co.—Earnings—
1936—3 Mos—1935
1936—Month—1935
$77,125
$67,244
100
200
47,311
44,065
5,280
4,331
revenues
$54,047
—V. 142, p. 2341.
Southwestern
Bell
Co.—Definitive
Telephone
Bonds
Ready—
refunding mortgage 3 lA % bonds series B
1964, in definitive form will be available on and after April
The company's first and
Surplus Account March 31
on
securities sold__
Dr392
66,896
prof44,982
Net profit for period after
dividends (as above)..
$2,715,628 def$544,230
Cr3,086
1,402
38,572
,771,408
Capital surplus, Dec. 31 $2,781,992
Adjust, of prior periods.
Loss
Dec.
1933
1934
1935
1936
18,180
credit arising from
repurchase of shares. _
24,476
$2,734,557 def$557,601
$2,703,688
Capitalsurp., Mar. 31 $2,845,325
x
Invest, at
cost.-$5,526,723 $5,313,483
3 Mos. Ended March 31—
317,175
103,429
65,814
81,691
173,619
175,692
Inv. inshs. of affil.
1,936,633
32,630
banks..-—--.- 1,936,625
12,848
Cash
325,542
Accrued int. rec—
$561,177
9,384
Accts. receivable--
Accts. pay. &accr.
taxes
$511,306
250,077
6,350
15,838
6,004
$306,022
154,605
$233,036
167,073
$151,416
Net earnings from
Other income
zl5,789
—
operations.
(net)
$65,962
16,527
Net earnings before interest
Funded debt interest
General interest
Amortization of bond discount and expense
$7,861,114 $7,720,215
Total
$502,534
8,772
$570,562
204,999
8,486
51,054
Taxes
y
380,286
57,183
49,693
9,683
Notes receivable.-
$1,370,739
312,638
97,325
53,295
79,922
158,375
166,649
$1,478,599
Operation
Power purchased
Gas purchased
Common stock..$5,000,000 $5,000,000
Capital surplus
2,845,325
2,703,688
1935
1936
.
Total gross earnings
Provision for retirement
1935
1936
Liabilities—
1935
1936
Assets—
York, 140 Broad¬
Southwestern Gas & Electric Co.—Earnings—
Maintenance
Condensed Balance Sheet March 31
due
27,
temporary bonds,
York City.—V. 142, p. 2341.
way, New
725
Dr935
def432
18,351
Net
1,
for exchange against the surrender of the outstanding
at the trust department of Guaranty Trust Co. of New
.$7,861,114 $7,720,215
Total.
Market value, $6,253,900 in 1936 and $4,128,800 in 1935.
y Repre¬
sented by 400,000 (400,832 in 1934) no-par shares,
z Provision for Federal
Disct. & expense on company's
bondrepurchased.
x
taxes
only.—V. 142,
Silvercote
1303.
p.
Inc.—Stock Offered—A new issue
Products,
10,000 shares class A stock ($10 par) was offered publicly
of
April 16 by Mason, Moran & Co., Chicago, at $10 per share.
organized in Chicago two years ago and manufactures a
non-metallic reflective type of insulation which is predicated upon the
principles of thermos bottle construction, consisting of heat-repelling sur¬
faces enclosing air spaces.
In addition to the insulation of houses, many
new uses for their products have been found in the insulation of motor cars,
refrigerator freight cars and trucks, &c.
The stock is cumulative as to annual dividends at the rate of 60 cents
Company
Net income before preferred dividends
Preferred stock dividends
Balance
The
income
April 25,
page
account
&c. .30,725,618 31,255,945
franchises,
pense in
2,761,441
Taxes
charges.
Ltd.—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$2,684,610 $38,967,628 $36,686,300
719,961
9,277,830.
9.178,308
416,806
4.619,393
4,712,116
504,011
616,639
7,801.058
7,435,381
612,740
335,359
4,840,613
4,537.519
373,309
$2,987,431
702,361
_J(
Depreciation..!^
$795,008
Balance for surplus
$595,844 $12,428,733 $10,822,975
of
450,000
debs
local taxes—187,883
207,031
555,000
on
555,000
Fed'l income taxes
488,555
484,102
1,189,998
1,467,710
Accrued interest..
144,850"
388,098
_
Pref.
deposit fo
stock dividends
y
maturity
serial
.
167,073
...
170,689
46,877
20,939
1,531,403
Earned surplus...
765,736
*468,553
531,717
148,315
1,282,431
Reserves
|
36,272,209 35,983,797
Total
divs.
Misc. curr. liabils.
170,689
608,358
173,927
.
Receivables
Mat'Is & supplies
stock
payable
payment of pref.
—V. 141, p. 767.
....
Curr.
Accrued State and
Utilities Co. (par¬
Cash
earnings
Expenses
Accounts
Cent. & So.West
Vice-President in Charge
elected a Vice-President.
Per. End. Mar. 31—
45,723
from
ent company).
Gross
45,432
charges
rec'le
623,400
20,050,000 19,722,600
339,584
384,583
190,643
payable217,031
debt
Deferred liabilities
1,453,118
Prepaid accts. and
deferred
Common
Funded
of amortization.
Notes
8,834,600
3,390,500
8,834,600
stock.. 3,000,000
8% cum. pref. stk.
process
Cash
Southern California Edison Co.,
z
57,713
41,745
pref stock
($100 par)
Bond disct. and ex¬
Sloss-Sheffield Steel & Iron Co.—Neiv Vice-Presidents—
of Sales, and Ben Davis, General Manager, was
7 % cum
$
$
Liabilities—
$
Other assets
1934
1935
1934
Assets—
Plant, prop.,rights,
stock at
Russell Hunt, Sales Manager, has been elected
"Chronicle" of
given in
Balance Sheet Dec. 31
1935
share to the extent earned and is also convertible at any time into
common stock on a share-for-share basis.
Each class A share is accom¬
panied by a warrant entitling the holder to purchase one share of common
$7.50 per share to and including Oct. 1, 1937, and at $10 per share
from that date to April 1, 1939.
All of the net proceeds raised through this issue are to be used exclusively
for working capital.
/
was
years
2844.
was
per
Fixed
calendar
for
332,792
36,272,209 35,983,797
Total
deposit for bond interest,
y After reserve for uncollectible
$76,426 in 1935 and $72,044 in 1934.
z Represented by
363,500 no par shares at stated value.—V. 142, p. 2844.
Includes
x
of
accounts
Sovereign
Inc.—Shares Offered—*
Investors,
mutual fund was introduced April 27
offering of 5,000,000 shares this company's stock.
Sovereign Investors, Inc. was organized by Sovereign Corp., it was
announced by W. R. Bull, President and director.
According to the
prospectus, Sovereign Investors, Inc. will engage in the business of investing
and reinvesting its assets in a diversified list of securities.
The issues of
companies on an "approved list" of the corporation; United States Govern¬
ment obligations; and municipal and State bonds legal for savings banks and
trust funds in
New York are eligible to be purchased by Sovereign
A
new
type of limited management
with the public
—V. 142, p. 2004.
Southern California
Telephone Co.—Rates Reduced—
The California Railroad Commission ordered a reduction in the company's
telephone rates in the Los Angeles area estimated at $1,250,000 in gross
on annual
basis on current operations and about $975,000 in net.
New
rates are effective June 1.—V. 142, p. 1303.
Southern Natural Gas
Co.—Earnings—
Investors, Inc.
The
(Controlled by Federal Water Service Corp.)
1936—3 Mos—1935
Per. End. Mar. 31—
1936—12 Mos.—1935
$1,159,884
442,739
$4,705,605
2,002,548
$3,494,151
1,521,789
$1,033,778
4.235
$717,145
;$2,703,057
1.398
17,594
$1,972,361
8,974
$1,038,013
$718,543
:$2,720,651
$1,981,335
625,490
480,372
x$412,522
Total oper. revenue
$238,170
$1,661,652
Operating expenses
627,874
Other income (net)
new
trust will differ from the usual type
of mutual fund in its manage¬
provisions, investment of funds being supervised by the sponsoring
corporation under the control of the board of directors of Sovereign Investors
Inc., with the assistance of independent investment counsel.
Officers and directors of Sovereign Investors, Inc. include Mr. Bull, one
ment
originators of American Founders group; H. C. Ray, George A.
Bailey, Rufus S. Tucker and Andrew R. Smith, Vance, Chapin & Co., Inc.
independent investment counsel.
of the
has been retained as
(E. R.) Squibb & Sons—New Chairman—
All
charges, incl. int.,
deprec. & Fed. taxes._
Net income
Theodore Weicker,
one
as
$2,720,651
$1,981,335
Equivalent to 74 cents per share on class A stock.
balance sheet as of March 31, 1936, shows current assets
of which $1,098,898 is cash, and current liabilities of $734,238. Capitalization, as shown on the balance sheet, excluding secured notes
and mortgage bonds held in the treasury, comprises $14,423,000 of first
mortgage bonds, $5,776,405 of adjustment mortgage bonds, 554,535 shares
of class A stock and 274,939 shares of class B stock.—V. 142, p. 2686.
associated for 32
years
with E. R. Squibb & Sons
has been elected Chairman of the com¬
Stockholders reelected directors and added
of its principal executives,
board
pany's
of directors.
John J. Graeber to the board to
fill
a
vacancy.—V. 141,
p.
2905.
x
The company's
Standard Brands,
of $1,718,943,
Southern Pacific
1936
Gross from railway
Net from railway.
l
Net after rents
_
1935
.$11165,783
2793,320
1,233,615
$9,317,669
2,244,200
1,045,597
31,454,260
6,950,274
2,920,712
26,309,572
5,811,379
2,273,280
.
..
.
of certain
or
Gross
.
.
Net after rents
.
Foreign
Subsidiaries for
periods ended
Feb. 28, 1935 and Feb. 29, 1936)
1936—3 Mos—1935
1936—12 Mos.—1935
profit (after de¬
mfg. & other
1934
$8,698,334
2,241,370
1,069,429
1933
.
$6,531,487
872,209
def369,484
sold)—$11,590,972 $10,464,746 $44,639,725 $43,023,673
Selling, administrative &
7,120,653
general expenses
Net profit from oper. $4,470,319
Other income credits.124,244
Gross income
Gross from railway..
Net from railway
23,813,447
19,144,712
4,817,145
1,815,712
1,384,933 defl864,005
—V. 142, p. 2844.
$4,594,564.
122,497
673,576
Income charges
Fed. & foreign inc. taxes
7,088,821
28,421,531
28,634,983
$3,375,924 $16,218,193 $14,388,690
249.272
513.975
893,655
$3,625,197
180.421
455,522
$16,732,168 $15,282,346
814,465
721,161
2,340,958
1,978,947
Net income before de¬
Southern Pacific SS.
Lines.—Earnings.1935
1936
March—
Gross from railway
$470,058
13,167
Net from railway
Net after rents
2,972
$406,376
def38,960
def39,731
1934
$401,854
defl2,663
defl3,595
1933
$329,043
def69,101
def69,993
ducting amount ap¬
plicable
to
minor,
int. in subsidiary.. $3,798,489
Amount applic. to min.
interest in pref.
and
common stocks of sub.
4,947
$2,989,252 $13,576,744 $12,582,238
5,180
22,771
22,310
1—
Gross from railway
1,272,966
def99,276
defll4,925
Net from railway
Net after rents.
—V.
Jan. 31
cost of goods
From Jan. 1—
Fnom Jan.
operations
Period End. Mar. 31—
ducting
Co.—Earnings—
March—
(Includes
Inc. (& Subs.)—Earnings—
1.114,156
def209,498
def212,105
1,022,651
defl98,752
def201,483
878,842
def266,120
def272,033
142, p. 2341.
-Earnings
-
1936
March—
_
_
-
Net from railway
Net after rents
..
1935
1934
1933
$7,780,375
2,255,623
1,532,757
$7,007,149
1,905,743
1,235,516
$7,409,822
2.328,008
1,674,115
$5,726,338
1,285,713
659,849
22,451,947
5,981,992
3,805,316
19,793.558
4,752,630
2,845,662
20,496,928
5,961,288
3,981,214
17,212,492
4,026,542
2,125,234
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$3,793,542
16,055
..
..
Surplus charges
dividends
Common dividends
Preferred
$2,984,071 $13,554,433 $12,559,467
28,627
25,419
2,683,117
$3,809,597
parent company
Surplus credits
Total
Southern Ry.Gross from railway.
Net income applic. to
$3,012,699 $13,579,853 $15,242,584
16,265
506,600
579,745
123,518
494,236
493,878
6,999
,
123,613
2,529,083
3,161,345
10,748,585
12,645,377
Surplus for the period. $1,149,901 def$288,429
Earnings per share on
common stock
def$0.2902
x$0.2262
$1,830,430
$1,523,583
y$1.0328
x
0.9541
Based on 12,645,380 shares in hands of public March 31, 1935.
y Based
12,645,415 shares in hands of public March 31, 1936.—V. 142, p. 1659.
x
on
3014
Financial
March—
148,477
27,852
6,250
Gross from railway
Net from railway
Net after rents
142,
p.
$37,699
defl ,014
def6,119
106,407
def8,836
def23,985
May 2, 1936
as
described, $346,826; transfer to capital stock
account to reflect the reclassification
1934
$52,502
11,591
2,998
Net after rents
From Jan. 1—
—V.
1935
1936
Gross from railway
Net from railway
Chronicle
$2,172, to earned surplus
Spokane International Ry.—Earning s.1933
$36,885
defl ,568
def6,903
$28,929
defl3,976
def20,248
103,135
def7,569
def25,572
84,264
def36,677
def56,340
2341.
of 5,502,543 shares of capital stock
(par 10 cents) into 687,817% shares (par $1), $137,563; balance, March 31,
1936, $5,990,303.
Balance Sheet
Mar. 31'36
Dec. 31'35
Securities at cost..$6,633,260
Cash
165,135
$6,916,230
162,486
44,621
Assets—
Dividends receiv..
30,021
320
Deferred charges.-
Liabilities—
Accounts
Mar. 31*36
$37,995
March-—
1936
Gross from railway
Net from railway-Net after rents
tributors, Inc...
1934
49,215
1,612,706
396,603
33,097
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 2341.
$560,342
179,808
92,887
1,429,304
348,330
84,311
1933
$482,722
231,871
152,765
$276,866
48,876
788,859
126,944
Standard Power & Light Corp.—To
Change Par Value—
At their annual meeting to be held May 5, stockholders will be
asked
change in the common stock from no par value to $1 par value.
—V. 141, p. 769.
to approve a
1936
1934
$125,505
2,456
1933
364,193
defl4,804
def 151,778
—V. 142, p. 2341.
$154,101
25,669
defl2,146
$132,056
23,106
def9,069
445,522
81,300
def24,548
def39,997
399,984
defl2,851
def120.435
Net from railway
Net after rents
402,959
76,625
def24,604
Stewart-Warner Corp.—New Director—
Gardiner Symonds has been elected
resigned.—V. 142, p. 2845.
Studebaker
a
deliveries of Studebaker dealers in the United States were
56% ahread.
U. Pot the first 20 days of April factory sales exceeded 1935
by 51% and
retail deliveries were 62% ahead of the
corresponding period last year.
Total Studebaker passenger car and truck sales were as follows*.
Factory Sales
Retail Deliveries by
U. S. Dealers
Domestic and Export
1935
1936
14,154
3,914
Apr. 1 to Apr. 20
Income
Account for
1935
21,202
5,906
3
1936
9,007
2,911
Months Ended
March
selling and general
on
431,285
194,427
102,563
29,639
;
Earned surplus (deficit) Jan. 1, 1936__
$104,654
1,975,622
-
1936
-
Capital surplus, Jan. 1, 1936
Paid-in surplus arising in connection with stock issued
under the
stock compensation plan and stock issued
upon conversion of
10-year convertible 6% debentures
Net surplus, March 31, 1936
$1,870,967
16,297,637
Asse&—
Cash
on
$
deposit
on
Sight
.---$14,450,997
$
5,160,352
1,385,690
1,180,664
out¬
Accts. and notes
454,224
6,405,233
335,563
to subs, not con¬
solidated
46,027
92,624
134,787
133,459
Non-current Invest-
ments&receivs.,
res. for
losses
14,274,374 14,862,361
on
debentures
Prepaid
exps.
Accts. pay., trade.
Accrued expenses.
leased properties
not used in opers.
185,841
4,856,271
1,151,622
164,283
205,053
195,370
180,938
198,943
179,717
6,823,046
6,841,045
218,085
167,351
2,151,729
Dealers'
10-year
deps.
on
6%
debs., due Jan. 1,
conv.
1945
Property, plant &
equipment
Unamort. disc't
289,855
4,176,051
1,302,747
Other current llab.
248,555
Invests, in & ad vs.
less
'%
$
drafts
sales contracts..
Other current assets
.
banks
Dec. 31'35
Res. for net loss on
receiv., trade.-555,991
Inventories
6,499,387
w
from
Mar. 31'36
against exp. sight
5,357,555
drafts
reserves
79,038
108,000
140,000
475,984
Surplus.
331,782
(In Japanese Yen)
1935
Assets—
Fixed
1934
property. 96,691,073
Investments
Uncalled
Liabilities—
72,446,840
70,016,549
Capital stock— 45,750,000
34,495,000
instal¬
Bills
ments on cap.
7,069,124
677,355
Bills & accts.
&
accts.
payable
8,441,250
4,642.903
Cash
334,126
payable.-
1,161,477
803,457
Miscell. llablls-.
311,643
Divs.
re¬
ceivable
Res. for employ.
benefits
Legal
sup¬
2,915,938
plies, &c
Miscell. assets..
142,849
2,556,537
40,414
Sinking fund—
386,293
424,709
Dlsct. & exp. on
bonds
1934
Funded debt
11,445,374
16,206,279
stock
Materials,
1935
95,558,017
4,726,000
462,778
1,684,800
4,533,000
5,342,500
5,293,500
950,000
reserve
1,250,000
Res. for equaliz¬
ing dividends.
Res.
4,148,462
478,701
1,805,800
reserve
Conting.
2,294,492
771,734
277,744
3,983,079
for
disad¬
vantage on the
rate of
exchge.
Surplus
475,984
331,783
Total
134,252,402
121,411,380
134,252,402 121,411,380
-V. 141, p. 288.
Tacony-Palmyra Bridge Co.—Preferred Stock Offered—
Perry & Co., Inc., Boston, and Graham, Parsons & Co. on
April 28 offered at 100 and div. (from May 1, 1936) 6,133
shares of 5% cumulative convertible preferred stock ($100
par).
The offering is the unsold portion of 9,500 shares
first
offered to
Such rights
common
and
class
A stockholders at par.
expired April 25, 1936.
An issue of $2,500,000 1st (closed)
mtge. sinking fund 4%% bonds
together with 20,600 shares of class A stock were registered at the same
with
the
Securities
and
Exchange
Commission.
The
$2,500,000
4%% bonds are to be sold by the company to two investors purchasing
for the purpose of investment and not with the view to any public distribu¬
tion thereof, each such investor having given the company a firm commit'
ment to
purchase $1,250,000 of the bonds for cash
at
100 plus int.
When
the bonds
Mobilities
Advs.
hand and
standing
Legal reserve
Dividends paid to public only
Appropriations for contingency & equlizing divi¬
time
24,327
Consolidated Balance Sheet
Mar. 31 '36. Dec. 31*35.
1,216,632
70,000
674,850
204,914
1936
expenses,
debentures
Earned surplus (deficit) March 31,
1,351,101
54,000
713,117
beginning of period.
Total surplus
$15,738,736
but before deprec. and interest and discount on
debentures
Depreciation on property, plant and equipmentInterest at 6% per annum on debentures
Net profit
Tl37,593
Net income
Total
Net profit from sales, after deduct, manuf.
cost, incl. amortiz.
of special tools, dies,
&c., and
Amortization of discount
2,607,907
1,470,313
818,172
532,929
Interest
2,402,993
2,443,031
1,624,859
14,086
4,655
31,
[Including Principal Subsidiary Companies]
Net sales, domestic and foreign
i
2,243,636
199,395
Gross income
as at
50,000
469,155
773,913
Net operating income
Surplus
1934
5,069,847
1,226,645
721,054
200,000
Balance Sheet Dec. 31
by President Paul G. Hoffman.
working capital increased during the quarter $979,346—from $6,758,586 on Dec. 31 to $7,737,932 on March 31.
r»Net sales for the quarter totaled $15,738,737 compared with
$33,837,892
for the period March 9 to Dec.
31, 1935.
& Mr. Hoffman reports that during the first quarter Studebaker
factory
sales (in units) were
50% ahead of the same period a year ago, and retail
'
bonus
Depreciation
dend
Net
Consolidated
Directors'
Corp.—Quarterly Report—
1 to Mar. 31
1935
5,856,581
1,354.722
1,234,311
200,000
50,000
Operating re venues
Operating expenses
General expenses—head office
Reserve for employees' benefits
director to succeed Sidney Adler.
The corporation earned $104,655 in the first
quarter of 1936 according to
profit and loss statement released April 29
Jan.
Co., Ltd.—Earnings—
Ry.— Earnings.—
1935
$133,698
3,757
def31,122
-
Taiwan Electric Power
Other income-
Staten Island Rapid Transit
railway
or
6 Months Ended Dec. 31—
year.—V. 142, p. 2845.
Gross from
—$6,828,735 $7,124,430
Including $148,728 ($96,540 in 1935) set aside for treasury stock In
State of Delaware,
y Excluding realized
unrealized profit or losses on securities.—V. 142, p. 2845.
x
Co.—Weekly Output—
Electric output for the week ended April 25, 1936, totaled
91,995,671
an increase of 14.4% compared with the corresponding week of last
Net from railway...
Total
6,377,840
26,967
accordance with the laws of the
defl 15,537
kwh.,
Net after rents
From Jan. 1—
Gross from railway
28,266
(Currency in Japanese Yen)
Standard Gas & Electric
March—
$6,828,735 $7,124,4301
Total
def32,186
1,152,150
461,599
231,293
91,631
572,696
payable..
Capital stock
x Paid-in surplus.,
5,990,303
y Earned surplus.
9,894
Earnings.—
1935
$602,507
178,493
$27,030
14,608
88,116
687,818
Due to Mass. Dis¬
1,092
Distrib.
Spokane Portland & Seattle Ryv
Dec. 31*35
payable
& accrued taxes.
Acer, int., paymnet
deferred by pro¬
visions of inden.
Com.stock (par$l) 2,155,660
are so purchased from the
company by the two
company is to pay out of the proceeds therefrom to Arthur
Inc. for the services of the latter as the company's agent in
investors, the
Perry & Co.,
effecting such
private placement of the entire amount of 4% % bonds, a commission equal
to 2% of the principal amount of the 4%% bonds, less
$4,688.
A prospectus, dated April 15, affords the
following:
The 5% cumulative convertible preferred stock is redeemable in whole or
in part on 30 days' notice at 110% on or before May 1, 1946, and thereafter
at a premium decreasing 1% each year until the redemption
price is par,
and thereafter at par; convertible into class A stock on the basis of
2%
class A shares for each of the first 3,000 5% preferred shares surrendered
for conversion, and 2 class A shares for each of the second
3,000 5% pre¬
ferred shares surrendered for conversion; and 1% class A shares for each
of the remaining 3,500 5% preferred shares surrendered for
conversion;
the sinking fund provisions requiring a sinking fund payment of $65,000
on Jan.
1, 1957, and eacn year thereafter, to be applied to the purchase
or redemption of 5% preferred stock at
prices not exceeding the redemption
price.
Underwriter—Company received a firm commitment from Arthur Perry
& Co., Inc., Boston to purchase on May 1, 1936 that
part of the 9,500
shares of 5% preferred stock not subscribed for on or before
April 25 by class
1,035,127
1,067,511
419,538
567,596
Purpose—The estimated aggregate net proceeds of $3,342,705 from the
l
sale of 9,500 shares of 5% preferred stock and from the
private placement
of the $2,500,000 4% % bonds will be used in the
and
def. charges
Capital surplus
Earned deficit
16,321,965 16,297,637
1,870,968
1,975,622
Trade name, good¬
will & pat. rights
1
A and
common
stockholders.
following manner:
$2,380,320 to redeem on June 1, 1936, at 105 plus int., all the $2,256,000 outstanding 1st mtge. 6% sinking fund gold bonds;
(2)
649,372 to redeem on June 1, 1936, at 105% plus int., all the
$646,000 outstanding sinking fund 7% gold deb. bonds; and
(3)
412;537 to redeem on Aug. 1, 1936, at 105% plus div., all the
$400,000 outstanding 7%% preferred stock.
History and Business—Company was incorporated in New Jersey, June
25, 1926.
Was organized for the purpose of constructing and operating a
toll bridge over the Delaware River between
Tacony (a district of Phila¬
delphia) and Palmyra, N.J.
Revenue arises from the collection of tolls
charged for traffic using the bridge.
The bridge was opened to traffic
Aug. 15,1929; was completed Dec. 31, 1930.
The company's gross receipts from tolls have been as follows: 1931 tolls
(net). $639,969; 1932, $577,159; 1933, $509,736; 1934, $511,964; 1935,
$537,083.
The principal property of the company consists of a four lane toll
bridge,
with separate foot walks, having a length between bulkhead lines of
2,196.23
feet.
The construction is of steel, concrete and
stone, with a double leaf
(1)
Total
29,957,033 30,259,592 |
Total
29,957,033 30,259,592
reserve for doubtful accounts
and notes of $13,072 in 1936 and
$14,083 in 1935.—V. 142, p. 2845.
Supervised Shares, Inc.—Earnings—
(Excluding Realized
or
Unrealized Profits
or
3 Months Ended March 31—
Cash dividends
Losses
on
Securities)
1936
1935
Expenses
$86,491
13,275
$88,128
11,719
Earned surplus, Jan. 1.
$73,215
26,967
$76,409
18,787
$100,183
$95,197
2,172
88,117
364
Deduct— Accrued
distributable funds included in
consideration paid for capital stock
reacquired
(less comparable amounts received on sub¬
scriptions)
Distribution to stockholders (payable
April
Earned surplus, March 31
15)-III
bascule
87,565
$7,267
profit from sales of securities during the period amounted to
$96,853, which has been credited to paid-in
surplus to apply against net loss
from sales of securities
previously charged there against.
.
4
Statement of Paid-in Surplus Three Months
Ended March 31, 1936
sif3
A 1936, $6,377,840; net profit from sales of securities
(less $15,000 Federal income tax), $96,853; total, $6,474,693.
Excess of
cost of capital stock reacquired over
par value thereof (less a comparable
„
excess
of consideration received for
capital stock subscribed) after charging
the channel of the
Delaware River.
Capitalization
as at
Dec. 31, 1935
Authorized
Outstanding
10,000 shs.
3,860 shs.
32,000 shs.
30,000 shs.
100,000 shs.
24,000 shs.
c 1st mtge
6% sinking fund gold bonds
$2,500,000
$2,204,000
c Sinking fund
7% gold debentures
1,000,000
613,500
a By certificate of amendment to
certificate of incoporation, filed March
25, 1936, the authorized amount of 7% % cum. pef. stock has been reduced
from 10,000 shares to 4,000 shares, and the call of such
4,000 shares for
redemption on Aug. 1, 1936, and payment therefor out of the proceeds
of the sale of 9,500 shares of
5% cumulative convertible preferred stock
a
$9,894
over
7%%
cum. pref. stock
(par $100)
b Class A participating stock
(no par)-_
b Common stock (no par)
has been authorized.
Financial
Volume 142
b Since Dec. 31, 1935 the stated value of said class A stock
and of the
common stock has been reduced by amendment to the company's certificate
of incorporation from $12.50 per snare to $1 per share.
Also since Dec. 31,
1935 the authorized amount of said class A stock has been increased to
50,000 shares, of which 20,000 shares are reserved to enable holders of 5%
preferred stock to convert such 5% preferred stock into class A stock.
Also
since Dec. 31, 1935 the authorized amount of common stock has been
reduced to 24,000 shares (no par), being the same amount now outstanding.
c To be redeemed out of
proceeds of sale of $2,500,000 1st (closed) mtge.
sinking fund 4%% bonds and in part out of proceeds of sale of $950,000
5% cumulative convertible preferred stock.
Income Account Years Ended Dec. 31
1935
Operating
$511,965
36,576
89,112
59,572
$509,737
7)73
$326,703
8,085
$325,569
7,076
$348,819
expenses
Certain costs and expenses
$334,788
$332,645
192,671
22,010
194,141
15.967
197,555
14,180
$134,137
$124,679
$120,910
Administrative and general expenses
61,366
$34&,045
Other income.
.
.
39,174
86,172
58,820
I""
count, &c., deductions.
s
sale
on
Balance..
—V. 142, p. 2518.
Texas Mexican
142,
p.
$83,049
2,703
$78,759
9,798
12,000
14,700
8,223
48,696
$74,548
10,173
10,500
15,266
8,166
49,864
$85,752
10,444
10,500
15,564
7,830
49,569
45,890
30
Other expenses
Net loss
$14,659
7,500
7,500
6,000
$19,261
7,500
7,500
6,000
Preferred dividends
Class A dividends
Common dividends
~
$8,186
7,500
15,000
12.000
$19,422
1x15,000
7,500
6.000
Assets—
Cash
-
$15,999
Accounts receivable
Accrued accounts
102
Dividends payable, Feb. 1_...
99,411
Investments
Prepaid commutation tickets..
Accrued int. on investments..
537
Funded debt
Cost of bridge and approaches.
3,853,494 Reserves
Other equipment
15,545 7% % preferred stock
Other real estate
4,044 Class A participating stock...
Deferred charges....
180,509 Common stock
Cash with sinking fund trustees
16,718 Surplus account
Cash in closed bank
1,720 Surplus from valuation:
valuation
1
Treasury stock
$43,651
7,500
2,238
2,917,000
29,016
400,000
375,000
—V.
142,
p.
$4,188,082
1934
1933
$2,674,225
491,438
54,798
$2,152,828
151,404
def282,373
9,543,581
2,151,081
8,132,649
1,527,450
495,846
7,432,954
1,081.147
def205,924
6,341,697
337,264
def928,427
1—
2343.
Texas Pacific Land Trust—To Elect New Trustee—
The company has called special
to elect a trustee in the place of
been tendered.—V.
140,
Third Avenue Railway
Per. End. Mar. 31—
Period End. Mar. 31-—
125,074
1
Dr 11,400
Net oper. revenues
Non-oper. income—net.
Balance
Retirement accruals
Interest
Net
1936—Month—1935
1936—12 Mos.—1935
$4,077,209
$3,877,158
1,633,111
1,504,337
247,982
225,316
453,690
468,104
income
$348,553
134,723
$160,875
$156,061
2,275
$1,728,010
30,089
$1,693,813
19,133
$158,337
35,833
626
$1,758,100
430,000
11,886
$1,712,947
429,999
10,343
$123,284
Taxes
**
•Earnings—
$160,695
35,833
1,577
Maintenance
$121,877
$1,316,213
$1,272,604
20,284
37,484
defl79
-V. 142,p. 2342.
Projector Corp.—Stocks Offered—Stone &
Co., New York, in March last offered 80,000 shares class A
stock and 20,000 shares class B stock at $1 per share.
Shares
are offered as a speculation.
A circular shows:
Capitalization—Class A ($1 par) non-voting stock, 150,000 shs.; class B
($1 par) voting stock, 50,000 shs.
Organization—Corporation was organized in New York, March 18, 1936,
for the purpose of taking over and expanding the present established
business and plant of the Coxsaclde Mfg. Corp.. which is engaged in the
manufacturing and distributing of the "Superior'' motion picture projector
machine.
This projector was originally introduced to the theatre field in
1921.
Corporation will also engage in the manufacture of radio sets and
automatic radio tuning devices, and£has taken over a television patent
recently allowed, and expects to subsequently engage in the manufacture of
television apparatus and receiving sets, as well as the further researching
and
developing of television equipment.
Management—The management is to be vested in the hands of the
following officers, directors and engineers:
Elias T. Stone, New York, President and director; Albert W. Chase,
Catskill, N. Y., Vice-Pres.; Walter A. Warner, Joseph LaVia, Astoria,
L. I., Treas. and director; Sol J. Weinstein; Michael J. JLevinson.
Purpose—Net proceeds will be used primarily to acquire all of the capital
stock of the Ooxsackie Mfg. Corp. Also for working capital to increase the
production and distribution of the Superior motion picture projector
machines—V. 142, p. 2518.
Tennessee Central Ry.
Earnings.—
1936
1934
$176,947
42,681
26,856
$191,509
55,486
35,882
$148,061
27,594
10,642
602,094
163,318
108,135
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
$196,672
43,045
25,064
Net from railway
Net after rents.
$9,720,995
7,303,192
...
Gross income.
Deductions
986,831
851,268
$186,503
46,533
$1,539,951
340,949
$1,566,535
337,776
$235,959
228,149
Non-oper. income
107,669
$198,715
37,243
Operating income
$223,035
235,911
$1,880,900
2,054,004
$1,904,311
2,053,808
Net income.
$7,810
def$2,875 def$173,104 def$149,497
—V. 142, p. 2343.
Tide Water Oil Co.—To Reduce Stock—
The company has notified the New York Stock Exchange of a proposed
decrease in the authorized capital stock by $5,714,900 preferred Stock.
2847.
Securities
549,019
137,681
88,256
560,711
171,844
108,253
476,805
117,118
61,179
1933
—V. 142, p. 2688.
Trust
an
Co.,
Ltd.—Interim Div.—
interim dividend of 5%, less tax, on the
1936. A similar dis¬
ordinary registered stock for the year ending Oct. 1,
tribution was made a year ago.—V. 140, p. 2884.
Toledo Peoria &
Western RR.—Earnings.—
1936
March—
Gross from railway
Net from rail way
$144,158
33,802
13,684
541,585
157,802
80,632
Netafterrents
1933
1934
1935
$193,938
54,914
24,817
$145,876
29,077
13,677
$i 12,687
18,396
6,777
401,025
75,057
28,180
317,961
59,042
24,457
381,952
86,633
34,300
From Jan. 1—
Gross from railway
Net from railway
—
Net after rents—V. 142, p.
I
2343.
Tri-State
Telephone & Telegraph Co.—Earnings—
1936—3 Mos—1935
1936—Month—1935
Period End. Mar. 31—
Television &
March—
Gross from railway
$1,140,147 $10,017,688
845,975
7,490,906
$4,188,082
Total
$363,355
137,848
22,732
41,899
revenues
1936—9 Mos.—1935
1936—Month—1935
$1,186,668
872,214
115,739
The directors have declared
Operating
Operation
System—Earnings—
[Railway and Bus Operations]
Tobacco
Tampa Electric Co.
meeting of certificate holders for May 20,
Harold J. Abrams whose resignation has
1676.
p.
300,000
—V. 142, p. 2518.
it
RR.—Earnings.—
1935
Net from railway
Net after rents
—V. 142, p.
Total..
152,731
def10,076
def32,862
$2,913,728
669,99
329,888
Gross from railway
1935
Liabilities—
204,578
51,437
27,562
1936
Taxes
Balance Sheet Dec. 31,
335,824
116,790
81,416
$3,423,560
935,236
465,911
Operating revenues
Operating expenses
Includes $7,500 payable May 1,1934.
$49,215
def5,756
defl3,019
313,872
86,689
54,073
J.
Netafterrents
5,353
Interest
$73,564
32,622
25,100
882,187
$69,195
Taxes
1933
$99,475
18,855
9,102
2342.
3,135
11,030
-1934
$112,893
33,673
22,000
Texas & New Orleans
1933
16,500
14,196
8,219
$353,821
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
From Jan.
Oper. & maint. expenses
Depreciation
1935
1936
loss713
Admin. & gen. expenses.
$560,933
Ry.—Earnings.-—
March--/
—V.
com¬
Total income
$32,249
$54,524
Gross from railway
Net from railway
Net after rents
$76,572
of
pany's bonds retired..
Location
1936—Month—1935
1936—12 Mos.—1935
$1,161,044
$1,057,615 $13,708,127 $12,551,962
645,133
567,260
7,656,084
6,722,421
Fixed charges
226,906
223,910
2.680,242
2,664,327
Prov. for retirement res.
105,000
105,000
1,260,000
1,260,000
Dividends on pref. stock
129,479
129,195
1,550,868
1,551,391
expenses
$77,285
Tolls, &c
Co.—Earnings—
Period End. Mar. 31—
Gross earnings
Operating
1934
1936
Power
Electric
[A Subsidiary of Commonwealth & Southern Corp.]
1935
$75,624
.
3 Mos. End. Mar. 31—
x
Tennessee
March—
Gross from railway
Net from railway
Net income.
Profit
3015
1933
$537,083
37,034
90,636
Tolls collected
1934
Chronicle
$459,413
1,158
340,937
33,988
Uncollectible oper. rev..
Operating expenses
Operating taxes
Net operating income.
$423,829
1,890
339,737
15,466
$1,359,211
3,258
1,002,638
97,810
$1,266,722
$83^333
Operating re venues
$66,736
$255,505
$205,680
4,577
991,970
64,500
—V. 142, P. 2519.
Trunz Pork Stores,
Inc.—-To Resume Dividends—
.
The directors have declared a dividend of 25 cents per share on.the com.
stock, no par value, payable May 11 to holders of record May 4. This will
be the first dividend paid since Feb. 7, 1935, when a disbursement of 15
cents per share was made.
Dividends of 15 cents were also paid on Nov. 9
and Aug. 10, 1934, and distributions of 25 cents per share were made each
quarter from Feb. 9,1931 to and including May 10,1934.—V. 142, p. 1137.
Union
Pacific
RR.—Annual
and
balance
Report—A
sheet
comparative
Dec.
31, 1935,
"Reports and Documents" on subsequent
pages of this issue.
The highlights of the report, released
for publication April 29 by W. A. Harriman, Chairman,
may be summarized as follows:
income
account
as
of
will be found under
New
Merchandising methods of rail transportation developed by
the
company are featured in the report to stockholders.
New comforts and services to coach passengers, as well as
the fast "stream¬
liners" in the development of which the Union Pacific was the pioneer, are
among the means of attack to recover passenger travel, the revenue from
which was 20% ahead of 1934 in spite of low rates averaging 1.7 cents per
passenger mile.
.
To handle increased freight traffic, new freight locomotives, capable of
hauling heavy loads at 60 miles per hour to maintain the fast and reliable
service now in effect, have been ordered and freight cars rebuilt.
Earnings of $6.54 per share were reported on the common stock, slightly
ess than In 1934, and $6 per share was again paid in dividends to common
stockholders.
Funded debt was reduced $2,243,335 by the payment of maturing equip¬
ment trust certificates.
Texas Electric Service
Co.—Earnings—
[American Power & Light Co. Subsidiary!
Period End. Mar. 31—
Operating revenues
Operating expenses
1936—Month—1935
1936—12 Mos.—1935
$552,852
296,671
5,000
$511,120
271,328
6,369
$6,897,822
3,638,153
68,607
$6,558,083
3,245,269
76,429
$251,181
$233,423
1,613
$3,191,062
707
252
$3,236,385
15,498
$251,888
142,768
$235,036
142,696
$3,191,314
1,712,851
$3,251,883
1,720,174
Balance
y$109,120
y$92,340
Property retirement reserve appropriations
z Dividends
applicable to preferred stock for
period, whether paid or unpaid
$1,478,463
362,506
$1,531,709
300,000
Rent for leased property
Balance
Other income
(net)
Gross corp. income
Int. & other deductions.
r
y
375,678
375,678
$740,279
Balance
$856,031
Before property retirement reserve appropriations and dividends,
z Regular
dividend on $6 preferred stock was paid on Jan. 2, 1936.
After the payment of this dividend there were no accumulated unpaid divi¬
dends at that date.
Regular dividend on this stock was declared for
payment on April 1,
1936.—V. 142,
P.
2688.
Operating revenues increased $8,967,442.
Freight revenues increased
$6,433,497, or 6.4%.
Freight ton miles increased 10%, but at 3.3% lower
average revenue per ton mile.
Passenger revenue increased $1,932,252.
or 20.9%.
Passenger miles increased 24.7%, but at 2.9% lower average
revenue per
passenger mile.
All of the increase in revenue and more was absorbed by increased operat¬
ing expenses, of which $3,700,000 was due to wage and salary restoration—
back to the 1929 level.
The balance of the increase was due to the increased
volume of business handled, to increased expenditures for maintenance,
to improvements in service and to increased expenditure for advertising.
Mr. Harriman points out that Union Pacific dollars circulate:
$53,699,000 were paid to over 33,000 officers and employees.
$1,273,000 in pensions to some 1,600 retired employees.
$30,276,000 for materials and supplies, &c.
$18,686,000 for rents, services, &c.
$10,795,000 for taxes.
$14,438,000 for interest to bondholders.
$3,982,000 to about 12,000 preferred stockholders.
$13,337,000 to about 40,000 common stockholders.
These items total $146,486,000.
He described the introduction of six new "streamliners".
Two trains
are in service—one in local service between Salina, Kan., Topeka, Kan,,
and Kansas City, Mo., and the other in service between Chicago and
Portland on a schedule of 39% hours (approximately 57 miles per bour),
18 hours below the fastest schedule formerly in effect.
'
Financial
3016
Chronicle
Four new trains will be placed in service during May and June—one
between Chicago and Los Angelas and one between Chicago and San
Francisco, also on a 39%-hour schedule, and two between Chicago and
Denver on a daily schedule of 16 hours (over 65 miles an hour), more than
nine hours less than the fastest schedule now in effect.
In describing the general improvement in passenger service, Mr. Harri-
in
"At the close of the year substantially all of
our main-line trains were air-conditioned.
the cars used by
debenture bonds due April 1, 1950, have been
June 1 at 105 and interest.
Payment will be made
Goldman, Sachs & Co., 30 Pine St., N. Y. City.—V. 142, p. 2175.
A total of $150,000 5%
called for redemption on
at
United
states:
man
United Electric Service Co. of
United Gilpin
80)$ hours in 1928.
Two-thirds of the program for rebuilding 3,235 box and automobile cars,
United
shares
converting equipment.
common
a
decrease
of
m "investment in road and equipment."
This was due to credit¬
ing the account (1) with the cost of branch lines and other property retired
because no longer economically useful and (2) with the cost of equipment
to be rebuilt which, under Interstate Commerce Commission regulations,
must be written out of the account.
The charge in connection with prop¬
erty retired and not replaced more than accounts for the decrease of $4,953,279 in the profit and loss account.
Traffic Statistics for Calendar Years
1935
Revenue pass, carried-1,501,195
Rev. pass. carr. 1 mile.,647,613,293
Rate per pass, per mile.
1.70 cts.
1934
1933
1932
1,217,001
940,144
1,109,225
519,437,248 429,554,155 431,062,420
1.75 cts.
2.10 cts.
2.38 cts.
Revenue freight (tons)__ 22,614.691
21,011,051
20,205,266
19,498,647
Tons (1,000) per mile__10,363,530
9,422,936
8,298,797
7,982,255
Ave. rate per ton p. mile
1.032 cts.
1.067 cts.
1.094 cts.
1.158 cts.
Avg. tr. load (rev.) (tons)
458
448
411
409
Consolidated Income Statement (Union Pacific System)
[Excluding offsetting accounts between the companies]
Calendar Years—
1935
1934
1933
Aver, miles of road oper.
Revenues—
Freight
Passenger--Mail
Express
Allother
Ry.
oper.
Exvenses
9,583.42
$
106,960,617
11,172,153
4,419,380
1,808,053
5,044,738
9,783.85
$
100,527,120
9,239,901
4,236.618
1,764,340
4,669,520
revenues..129,404,941
Transportation
Ry.
_*
from ry. oper_
The Exchange will also list 65,100 additional shares
$1 par, upon notice of issuance.
stock, no par.
of class B stock,
114,812,397
10,146,882
19,786,242
2,626,925
34,818,393
7,234,225
10,240,310
19,218,329
3,265,034
38,007,962
8,251,482
74,612,667
36,477,791
11 041,032
78,983,117
35,829,280
10,591,037
7.485,188
6,689,631
7,225,706
Net inc. fr. transp. op.
from investm'ts
18,615,068
18,444,384
18,747,128
18,012,537
and other sources
15,253.168
1 5,523,163
18,082.096
Inc.
United States & Foreign Securities Corp.-
Other income-.:
33,967,547
15,252.198
36,829,224
15,251,028
36,448,276
15.813,388
18,535,529
3,981,724
13,337,460
Sinking fund requirem'ts
10,000
18,715,349
3,981,724
13,337.460
10,000
21,578,196
3,981,724
13,337,460
20,634,888
3,981,724
15,560,370
1,386,165
4,259,012
6.62%
7.92%
1,092.794
7.49%
Net inc. fr. all
sources
on
Divs.
on common
pref. stock
stock.
Balance—
Per cent
on com.
stock.
1,206,345
6.54 %
-
$305,212
Assets—
1935
Liabilities—
1934
Plant, prop, .rights,
franchises, &c_.$5,265,233 $5,245,767
Investments
1,200
Special Deposits
1,200
115,916
83,937
1,921
__
Cash in banks and
working funds.
Notes
&
_
warrants
receivable
710
yAccts. receivable
See
50,554
x52,067
rev.
9,134
Mat'ls & supplies.
32,110
9,560
33,884
14,264
14,556
Accrd.unbilled
Security and organi¬
1935
Int.
on
43,138
Misc.curr.
liabils.
23,682
23,682
3,000
3,409
pref. stk.
59,446
3,000
funded debt
on
Unearned
2,942
34,639
274,570
764,089
600,000
820,000
prepaid accounts
10,771
13,281
revenue.
34,914
Deferred liabilities
261,236
Reserves
zation expenses.
Deferred charges &
793,469
600,000
$6
pref. stock
z Common stock.
820,000
Capital surplus.84,633
_
Earned surplus
Total
1934
bonds, series A,
due May 1, '51.$2,583,500 $2,583,500
Notes payable
8,000
Accounts payable.
3,165
4,608
Due to affil. cos
2,254
2,324
General taxes
10,016
7,618
Divs.
$5,499,894 $5,455,1751
233,475
Total
84,633
x Includes
notes and warrants receivable of $852.
y After reserve for
uncollectible accounts of $11,438 in 1935 and $7,175 in 1934.
z Repre¬
sented by 9,900 no par shares.
Note—The income account for calendar years was given in "Chronicle"
of April 25, page 2848.—V. 142, p. 2848.
United States
Distributing Corp.-
x
1935
Liabilities—
$
Prop., plant and
equipment
16 ,587,480 17,096,996
254,552
Notes trade
364,838
ceptances & accts
3,577,516
,203,182
2,252,187
205,367
205,367
Comp. ins. funds,
&
Common stock—
2,009,383
Bonds & mtges
2,632,543
4,423,646
1,747,845
.
3 ,493,238
Inventories
cash
z
9,991,550
Notes payable..—
Accounts payable
ac¬
receivable
$
Preferred stock
Cash
y
-Consolidated Balance
1934
Leaseholds & impt.
to leased prop'y
1934
$
9,996,800
2,008,333
3,018,371
4,482,805
2,707,329
and accrued
30.829
taxes,
8,000
49,000
94,226
&c__
e
71,707
Total
claims, &c. def.
123,709
17,858
Unearned income-
15,000
52,017
75,588
800,000
108,224
456,459
Eq. notes (non-cur-
1
1
158,211
203,778
Subs.)—
1934
$283,402
237,276
1933
$73,048
213,661
1936
$438,547
295,556
Sell., admin. & gen. exp.
Profit from operations
After
23,546,112
n
reserves
24,720,648!
Conting. reserve—
350",666
Min. int. in subs—
156,146
38,955
$46,126 loss$140,613
31,095
28,684
$77,221 loss$ll 1,929
33,008
30,037
28,569
13,958
2,133
133
4,588
Cr 55
$85,037
$20,924
$11,893 loss$l58,973
$0.40
$0.09
37,593
57,881
15,160
1,173
Cr4,391
Res. & other inc. charges
on
foreign exchange
credits
Net profit for period -1
Earns, per sh. on 215,203
(par $5)-
—
$0.05
Nil
Balance Sheet March 31
Assets—
a
1935
1936
Plant property
$716,089
1
1
234,346
3,299,771
16,945
Cash
Accts. receivable
..
Due from empl
209,183
2,691,766
17,927
Dep. in closed bks.
Mtge. receivable..
94,850
57,156
992,400
9,265
15,893
42,670
5,894
15,830
42,670
Deposits on leases,
contracts, &c
Investments-
Treasury stock—.
1935
$1,111,017 $1,111,017
Capital stock
Accts. pay. &accr.
94,850
38,632
1,126,319
Inventories
Total
b
accts., incl. Fed.
taxes (est.)
Depos.
on
273,781
10,690
300,000
Notes payable
Secured loans pay.
Res've for foreign
c
c
997,196
172,465
exch. adjustm't.
Reserves for taxtax.
92,927
1,229,501
1,389,310
Earned surplus
Earned surplus.—
surplus...
Capital surplus
$5,576,887 $4,888,051
214,913
acct. of
uncompl. sales—
44,286
Prep'd & def. chgs.
1936
Liabilities—
$698,195
Pats., goodwill, &c
12,046
300,000
505,821
169,844
80,721
1,104,379
1,389,310
$5,576,887 $4,888,051
Total
a After
deducting reserves of $465,706 in 1936 and $414,598 in 1935.
b Represented by shares having par value of $5.
c Reserve for taxes not
due within one year.—V. 142, p. 1660.
U. S. Industrial Alcohol Co.—New Vice-Presidents—
J. Tenney Mason and Harry M. Sloane have been elected Vice-Presidents
of the company.
G. H. Walker, Jr., was elected a director to succeed his
father, retired.—V. 142, p. 2345.
States
&
International
3 Months Ended March 31—
Cash dividends received
Securities
Corp.—
1934
1935
1936
$244,466
23,644
$226,535
7,553
6,694
$187,998
25,980
$268,109
$240,782
$213,979
171,713
387",297
6,500
3,978
143,437
6,266
3,037
30,609
27,774
17*, 190
$56,252 loss$178,267
Interest received and accrued
$46,685
Other income
Total income
—
400
Interest paid
on
investments
-
Prov. for Federal income taxes
-
Balance Sheet March 31
Assets—
159,665
$
Sec.
504,356
sold
1,004,402
rec.,
Interest,
1,109,479
23,546,112
but
Liabilities—
$
Accounts
Res.
45,904
for
$
payabletaxes
1935
s
13,860
&
accrued exps
34,716
14,340
pref. stock.23,920,000 23,980,000
500,000
500,000
d Special reserve.- 9,475,000
9,475,000
e Common stock.
24,855
24,855
9,705,631 10,038,574
Capital surplus
445,525
1,664,436
Operating deficit—
b First
accr'd
&c
fl07,521
334,019
cost—42,556,897 41,352,903
24,720,648
Secure, at
1936
1935
695,272
not
delivered
Accts.
earned
c
Second pref. stk.
_
for
1934.
Note—The income account for calendar years was given in "Chronicle"
25, page 2849.—V. 142, p. 2849.
of April
$71,054
$110,009
31.486
50,447
3,660
3,491
Income taxes accrued
Cash
354,661
185,000
Total
$142,990
49,463
income._
Gross income
Loss
1935
$342,045
270,991
$192,453
Interest & other
1936
depreciation and depletion of $4,116,279 in 1935
and $3,899,898 in 1934.
y After reserve of $485,673 in 1935 and $458,519
in 1934.
z Represented by 401,876H shares (no par) in 1935 and 401,666H
x
.32,203,742 31,575,335
United States Hoffman Machinery Corp. (&
Gross profit on sales
a
Total
Total.
15,841
954,329
4,505,164
above book value by approximately $7,627,439 in 1936 and less than the
above book value by approximately $5,980,626 in 1935.
g 94,100 shares
of 2d. pref. and 1,987,653 shares common stock.—V. 142, p. 1837.
550,757
surplus....
Capital surplus...
Operating surplus.
32,203,742 31,575,335
100,000
68,768
954,329
5,080,645
Dividends receivable, interest accrued, &c.
15,433
Other investments
&
100,000
&
cum.
Notes payable, &c.
(non-current)..
taxes
b 210,000 shares (no par)
div.
c 50,000 shares (no par) $6 cum. div.
d General reserve
set up out of $5,000,000 paid-in cash by subscribers to 2d pref. stock,
e 1,000,000 shares,
f Including 15,000 shares of common stock of corpora¬
tion under option to the President until March 1, 1936 at $25 per share.
The aggregate value of securities owned based on available market quota¬
tions or estimated fair value in the absence thereof, was greater than the
a
$6
162,660
146,060
324,000
Capital
for
accrued expenses
cost)—31,832,922 29,812,976
g Inv.in U.S.& Int.
Securities Corp.
1
1
Net profit for 3 months.
22,465
charges.
Common stock—
Res.
-
Other expenses
324,000
Deffered
d
46,304
all7,443
Securities sold but
not delivered
$
pref. stock.-21,000,000 21,000,000
2d pref. stock
50,000
50,000
General reserve. 4,950,000
4,950,000
c
Loans,
accts.
re¬
ceivable, &c—.
1935
$
b 1st
110,016
Inv. in affil. cos..
Goodwill
1936
1935
1,716,054
181,667
Capital stock and other taxes
Acer. int. receiv..
Other assets
2l",350
$185,474
Liabilities—
Cash—
Provision for insur.
137,374
32,033
$379,897 loss$237,030
Balance Sheet March 31
1936
Net realized loss
Contr.liab.for pur.
of cap. stock
Prov. for Federal
market¬
able securities..
59,562
7,280
Assets—
United
1935
Assets—
2,659
Other expenses
182,122
$5,499,894 $5,455,175
Sheet Dec. 31—
7,392
25,200
463
shs. cap. stk.
_
$274,128
522",224
Provision for Federal income taxes...
1st lien 5H% gold
Fed'l income tax.
x
$319,887
profl"3"8~,I06
Capital stock and other taxes
Surplus
Union Water Service Co.- -Consol. Bal. Sheet Dec. 31—
$247,943
26,186
Interest paid
Depreciation
—V. 142, p. 2848.
1934
$270,037
28,256
21,593
-
Quar. End. Mar. 31—
33,868,236
15,332,707
-Earning s-
1935
$267,235
37.977
Net realized loss on investments
18.435,739
Divs.
1936
3 Months Ended March 31—
Cash dividends receivedInterest received and accrued
Income
Total income
Fixed & other charges.
United Dry Docks.
United Shipyards, Inc., is the proposed new name of
f Secur. (at
36,870,095
10.940,524
_
Railway tax accruals
Shipyards, Inc.—Listing—New Name—
New York Curb Exchange has approved the listing of 279,218)4
B stock, $1 par, in lieu of 558,437 outstanding shares of
of class
1932
9,838.31
$
93,640,663
10,414,277
4,420,933
1,793,446
4,543,079
83,567.403
43,243,835
7.398,960
oper.
rev.
92,305,079
9,144,638
4,191,647
1,357,691
4,091,403
The
Net profit for three months.
12,422.935
22,482,976
2,818,134
37,524,784
8,318.574
expenses.93,401,644
36,003,297
9,967,676
Other oper. and income
charges (net)
7,420,553
Net
$
120,437,499 111,090,458
Maint. of way & struc— 15,509,973
Maint. of equipment
23.924,089
Traffic
3,325.787
Allother
9,803.04
Corp.—Registers with SEC—
See list given on first page of this department.
During the year the company expended $9,870,202 for additions and
betterments and improvements, of which $4,798,851 was for rebuilding or
$901,594
Italy—Dividend—
The Banca Commerciale Italiana Trust Co., as depositary, under a
deposit agreement, providing for the issuance of American shares of United
Electric Service Co. of Italy, have received on the "Italian shares" deposited
with its agent at Milan cash dividend applicable to the company's fiscal
year ended Dec. 31, 1935, amounting to 0.50 lire Italian share (less Italian
tax of 10% thereof), which it has converted into United States currency.
The bank, as dividend distributing agent, will pay a dividend of 11 cents
per "American share" on May 8, 1936, to holders of record of American
shares at the close of business on May 1, 1936.—V. 139, p. 1881.
commenced early in 1935, had been completed at the end of the year, and
the remainder will be completed before the heavy traffic period this year.
was
Dry Docks, Inc.—New Name—
See United Shipyards, Inc., below.—V. 142, p. 250.
passengers
Special attention has been
given to making coach travel attractive and comfortable.
The interior of
the coaches has been remodeled and redecorated, providing new and adjust¬
able seats, commodious lounge rooms and other new conveniences and
comforts.
Low price meals are served coach passengers on all trains."
Explaining the purchase of 15 new-type, modern freight locomotives,
capable of handling heavy trainloads at a speed of 60 miles per hour, Mr.
Harriman analyzes the reduction of from 23 to 55% in the running time of
freight schedules during the last seven years, giving as an illustration the
fast freight schedule from Council Bluffs, Iowa, to Odgen, Utah, the
Union Pacific's heaviest traffic line, 1,000 miles—now 39H hours as against
Notwithstanding this, there
May 2, 1936
United Biscuit Co. of America—Bonds Called—
Total
a
was
43,214,678 42,382,195
Total
—43,214,678 42,382,195
The aggregate value of securities owned based on market quotations
less than the above book value by approximately $7,109,235 in 1936
Financial
Volume 142
b Represented by 239,200 no par $5 div. shares
in 1935.
c Represented by 100,000 no par $5
of amount paid in cash by subscribers to 2d
pref. stock.
© Represented
by 2,485,543 no par shares,
f Dividends
receivable, interest accrued, &c.—V. 142, p. 2690.
and $20,669,044 in
is offering common stockholders rights to subscribe to
$500 principal amount of the new 3 H % convertible debentures for each
60 shares held, according to a notice filed with the New York Stock Ex¬
change.
See also V. 142, p. 2849.
The
company
United States Rubber
The annual stockholders' meeting
until June 3.—V.
Wabash
Co.—Managers' Plan Approved—
Ry.—Earnings.—
1936
1935
1934
1933
$3,898,149
1,011,217
Gross from railway
Net from railway
$3 ,601,973
$3,515,272
1,060,440
603,010
$2,690,262
385,227
defl64,907
9,464,704
2,559,876
1,140,043
8,006,576
1,114,604
def501,624
The stockholders at
From Jan. 1—
Gross from railway
Net from railway
Net after rents,
21 approved the
1,312,516
the board of directors.—V. 142, p. 2690.
Quarterly Report—The directors on April 28 declared a divi¬
the 7% cumulative preferred
stock, par $100 (the rate paid since January, 1933), payable
May 29 to holders of record May 4.
dend of 50 cents per share on
Earnings for 3 Months Ended March 31
1934
1933
$6,578,731 df$3,795,473
10,795,225
9,603,706
1936
1935
.-$17,664,596 $12,428,449
Deprec., depletion, &c- 12,489,576
11,395,180
3 Mos. End. Mar. 31—
a
Total earnings
$5,175,020
Profit...
$1,033,269df$4.216,494df $13399,179
Net profit from disposal
of
1,219,354
3,362
U. S. Steel bond interest
$3,002,157
$1,549,216
150,585
63,222
27,341
189,404
$1,438,875
$3,182,195
119,375
295,912
58~084
63,222
85,154
193,728
415,159
99", 820
375,783
$1,118,662
$1,067,687
$2,322,746
$1,988,281
115,204
115,204
230,409
230,409
$1,003,458
$952,482
$2,092,337
$1,757,872
$1.52
$1.44
$3.17
$2.66
with SEC
Total income
Deb. int., disct. & exp__
Bank interest
Prov. for income taxes._
Net profit
Preference dividends
Surplus
Earns, per share on 660,000 shs com stk no par
142.
$223,801
1,950,000
$5,482,565 $14,711,411
1,507,400
2,018,860
$2,173,801
1,801,405
See list given on first page of
$3,975,206
Net loss
_prof$3,376,304
Preferred dividends
1,801,405
Deficit:.
.sur$1,574,899
$8,791,370 $18,531,676
including ordinary
repairs and maintenance of plants, and taxes, &c.
b Proportion of over¬
head expenses of the Lake Superior Iron Ore properties and Great Lakes
Transportation service, normally included in the value of the season's
production of ore carried in inventories, but which because of the extreme
curtailment in tonnage of ore to be mined and shipped is not so applied.
After deducting all expenses incident to operations,
a
Myron
Taylor,
C.
Chairman,
the
made
following
statement
accom¬
panying the report of earnings of the corporation for the quarter ending
"Operations
measured
by
finished
product
output
averaged
for
the
p.
First Quarter—
1936
1935
$17,664,596 $12,428,449
Earnings..
Increase
$5,236,147
after deducting deprec.
bond interest and other
charges
(not including preferred
dividend declared)
3,376,304 def2,173,801
5,550,105
Percentage of increase in earnings, 42.1%.
Percentage of increase in
tonnage shipped, 22.2%.
"New bookings since Jan. 1 has been gradually expanding.
Bookings
during the first quarter exceeded the tonnages in the first quarter of 1935
by 25%.
In the month of April to the 23d inst. the tonnages have con¬
tinued to expand.
Present operations, based on shipments made, exceed
60% of capacity.
"Prices received on shipments made averaged about the same as in
the fourth quarter of 1935, but somewhat blow the prices realized
in
first quarter of 1935.
"During the quarter there were expended on capital account for additions
and betterments and in payment of maturing subsidiary companies' bonds
and mining royalty notes, a total of $13,000,581.
"The increased operations in the quarter resulted in affording employ¬
ment to a larger number of employees and increased work time, viz.:
Net
Vice-President of the company, was elected a director at
Walter C. Janney.—V. 140,
v
3737.
(American Power & Light Co. Subsidiary)
Operating revenues
Operating expenses
Net
1936—12 Mos.—1935
$8,998,667 $7,928,657
4,655,366
4,404,969
1936—Month—1935
$749,751
$669,318
395,022
378,940
Period End. Mar. 31—
$354,729
7,289
$290,378
$4,343,301
2,196
45,123
$3,523,688
30,917
$362,018
85,273
$292,574
93,777
$4,388,424
1,073,839
$3,554,605
1,124,174
y$276,745
y$198,797
$3,314,585
693,445
$2,430,431
from oper..
revs,
Other income (net)
Gross corp. income
Int. & other deducts
Balance
Property retirement reserve appropriations
z Dividends
applicable to preferred stock
622,288
for
622,319
620,330
$1,998,821
.$1,187,813
period, whether paid or unpaid
Balance
y Before
property retirement reserve appropriations and dividends,
Regular dividend on $6 preferred stock was paid on March 14, 1936.
the payment of this dividend there were no accumulated unpaid
dividends at that date.—V. 142, p. 2690.
z
After
income
depletion,
First Quarter—
1936
1935
198,269
189,267
$69,259,055 $60,201,072
Aggregate number of hours worked.. 94,697,949
82,646,882
Increase
4.8%
15.0%
14.6%
Number of employees
Total payroll
—V.
142,
p.
2521.
Water Service
United
Interest
on
on
directors have
on
paid on Dec.
Utah
f Assets—
1936
$81,834
18,681
8,371
1935
$85,035
25,206
9,834
$43,015
1,290
defl4,892
$80,392
27,255
360,796
134,375
278,932
91,762
181,252
41,712
368,336
162,022
76,176
34,913
defl3,001
86,316
1933
10,291
—V. 142, p. 2346.
27,210
6,454
Mills,
Inc.—Pays $1 Div.—
The company paid a dividend of $1 per share on its common stock, par
May 1 to holders of record April 20. This was the first payment
May 15, 1934, when a dividend of 50 cents per share was dis¬
tributed.
Dividends of $1 per share were paid on Feb. 15, 1934, and on
$100,
cap.
1,001
9,153
4,000
1,017
9,713
stks.
of affiliated cos.
Due from affiliated
companies
Adv.
from
co.
Debt discount and
exp.
27,281
1,230
32,941
1,230
expenses.
63
135
expenses.
at
parent
bearing int.
4%
Mis cell, accruals.
_
Acer. int. tax, &c_
150
reacquired bonds
x
$1,216,647 $1,320,996
x
------
305,000
12,215
305,000
12,173
99,431
Capital stock
Paid-in surplus
Total...
125,833
$1,216,647 $1,320,996
Represented by 5,100 shares no par value.—V. 142, p. 2851.
Western Pacific
RR.—Earnings.—
1934
$896,267
172,975
78,723
def80,640
2,790,028
258,161
def123,957
Net after rents
Net from
1935
$899,700
104,619
def6,208
2,541,768
232,708
def152,453
2,366,819
358,331
110,102
1,810,436
def98,994
def312,519
1936
Net from railway
From Jan.
1933
$1,036,910
139,714
def15,128
March—
$632,675
def 18,261
1—
railway
Net after rents
142, p. 2346.
—V.
on
made since
Nov. 15,1933, as against 50 cents paid on
Nov. 15, 1932.—V. 141, p. 1952.
Aug. 15,1933, and
on
Aug. 15 and
<
Western
Ry. of Alabama.—Earnings.—
March—
Gross from railway
Net from railway.__—-
Virginia Iron, Coal & Coke Co.—Earnings1936
Quar. End. Mar. 31—
Gross operating revenue
Operating expenses ... -
1934
$384,755
380,742
Net after rents
1933
$227,879
218,480
25,599
$18,908
18,450
$4,013
26,125
$9,399
18,920
$10,840
32,286
$37,358
28,408
$30,138
30,188
$28,319
41,368
$21,447
Net oper. revenue
Total net
1935
$453,383
434,475
$362,922
377,682
prof$8,950
loss$14,759
Rev. from other sources.
revenue
Bond interest, &c
Net loss
—V.
pref.
7,809
8,317
funds
Gross from rai way
Cotton
17,217
98,000
Liability to deliver
Cash and working
Gross from railway
& Mohawk
$748,000
17,239
Due affil. cos..
Earned surplus
1934
1935
1936
$714,000
58,500
Long-term debt
$1,152,546 $1,272,426
other cos
Liabilities—
1935
1936
Inv. in affiliated &
Total
From Jan. 1—
Utica
$2,369
Comparative Balance Sheet March 31
15, 1934.—V. 141, p. 2911.
Net after rents
$1,628
Net income.
Unrealized disc't on
Ry.—Earnings.—
Gross from railway
Net from rail way
1,321
44,691
7,328
5,302
1,503
unfunded debt
Corp.—Accumulated Dividend—
March—
2,278
38,805
5,477
4,720
1,335
Provision for Federal income tax
declared
Gross from railway
4,496
1,247
36,693
3,687
4,358
595
Amortization of debt discount & exp.
the
Net from railway
Net after rents
4,682
funded debt
Interest
1935
$58,926
3,607
fes, &c_
a dividend of $3 per share on account of
$6 cumulative preferred stock, par $100, payable
June 15 to holders of record May 27.
A dividend of 81H cents per share
The
1934
$67,011
1936
$60,021
$9,833
Salaries & expenses, trustees,
General taxes.
Organization
Stores
Cos., Inc.—Earnings—
12 Months Ended March 31—
Total income
Prepaid
accumulations
was
/.V.'.v'
Subs.)—Earnings—
Washington Water Power Co. (&
affected
operations and earnings.
New additional taxation and social
security legislation requirements also influenced earnings.
The following
is a comparison of results for the first quarter of 1936 with 1935:
this department.
stockholders' meeting, replacing
the annual
March 31, 1936:
quarter 47% of capacity, the highest average for any first quarter since
that ending March 31, 1931.
Interference with operations by severe
winter weather and in March by flood conditions in the Pittsburgh district
$2,707,660
243,774
Warner Co.—New Director—
$6,989,965 $16,730,271
1,801,405
1,801,405
600,000 '
180,037
1661.
P.
Reed C. Bye,
Special expenses
$2,635,277
72,383
1,411,636
27,238
Provision for deprec
$l,033,269df$4,2J6,494 df$13399l79
1,253,708
1,262,709
1,308,656
3,362
3,362
3,576
Deficit from oper..prof$3,976,304
b
Feb. 28, '35 Feb. 29, '36 Feb. 28, *35
90,543
Other income
24,000
$5,199,020
Total income
Subsidiary bond interest
Period—
Feb. 29, '36
Profit from oper. after all
charges of manuf., dis¬
tribution & managem't $1,458,672
—'V.
sundry prop., &c._
-6 Mos.
3 Mos-
Walton-Dodge Manufacturing Co.—Registers
Corp.—50-Cent Preferred Dividend—
United States Steel
Ltd. (& Subs.)
& Worts,
(Hiram) Walker-Gooderham
the adop¬
by the directors.
and William P. Allen, Arthur
Britton, Samuel B. Howard and William M. Stevens were elected to
tion of the stock option plan as recommended
The number of directors was raised to 15
W.
10 ,123,764
2 ,437,494
1 ,085,587
11,163,014
2,725,168
—V. 142, p. 2850.
their annual meeting held April
managers' share plan to 1946 and also approved
extension of the
933,722
502,033
490,884
Net after rents
a
Directorate Increased—
scheduled for April 23 was adjourned
142, p. 1660.
March—
Foundry Co.—Offers Rights—
U. S. Pipe &
Light Corp.—Meeting Adjourned—
Utilities Power &
1935.
in 1936 and 239,800 shares
div. shares,
d Set up out
3017
Chronicle
1936
March—
1935
1934
$1,358,807
722,131'
587,581
$1,313,431
Gross from railway
Net from railway
4,371,260
2,409,350
4,000,977
2,141,282
Net after rents
2,071,539
1,769,966
3,736,726
2,031,742
1,782,492
Net after rents
From Jan.
Net after rents
—V. 142, p.
727,163
625,463
1933
$1,037,766
486,410
421,292
346,180
11,684
1,409
296,458
defl2,444
def 18,695
Traffic Statistics for Calendar Years
1935
1934
'
1933
1932
883.07
891.73
145,591
4,157,700
888.85
163,330
4,809,356
891.79
car'd earn.rev.
car'd 1 mile—
No. pass, carried 1 mile
per mile of road
150,224
4.281,983
156,129
4,190,009
8,346
$80,697
8,115
$100,559
7,211
$90,088
7,056
$91,172
Av.rev.rec.fr. each. pass. 55.427 cts.
61.568 cts.
2.091 cts.
59.969 cts.
2.104 cts.
58.395 cts.
2.176 cts.
%4
10,498,243
1399338066
Total passenger revenue-
1,672,008
1,446,136
No. of tons car'd 1 mile.
earning
No.
315,962
def16,780
def31,534
«
1.941 cts.
No. tons car'd of freight
revenue
carried 1 mile
mile of road
tons
per
May 2 will consider
increasing the number of directors from 11 to 12.— -V. 142, p. 2522.
on
def889
def2,217
(aver.)
3,337,013
To Increase Directorate—
Preferred stockholders at their annual meeting
1933
^
$104,132
Maryland Ry.—Annual Report—
Av. rev. per pass, per m.
1—
1934
$120,673
4
def5,070
2346.
Western
No. pass,
No. pass,
$1,383,200
729,878
660,036
Gross from railway
369,787
12,787
def1,672
Net from rail way
Miles of rd. oper.
Virginian Ry.—Earnings.—
1935
$113,526
300
def6,053
From Jan.
$13,049
142, p. 2850.
Net from railway
1—
Gross from railway
1936
$131,014
*
9,175
3,833
Total freight
Av. rev. per
14,406,323
13,892,808
11,718,462
1703333944
1652592597
1428191266
1,490,741*
1,928,878
1,859,248
1,601,488
revenue...$14,270,367 $13,408,910 $11,901,802 $11,383,066
X.00856
$.00838
$.00811
$.00833
ton per mile
■/
Financial
3018
Income Account for
Operating
1935
Revenues—
1934
1933
1932
$7,541,521
5,867,389
100,559
89,797
20,560
__
$6,882,793
5,019,010
90,088
$6,378,369
5,004,697
91,172
92,677
22,458
90,850
18,257
8,976
75,824
7,620
90,008
May 2, 1936
Wheeling & Lake Erie Ry.—Earnings.-
Years
Calendar
•
Freight —Coal and coke_ $7,590,774
Miscellaneous
6,679,593
Passenger
80,697
Mail-!
85,390
Express
20,495
Milk.
4,445
Other revenue
105,147
Chronicle
21,344
85,329
1933
1934
1935
1936
March—
$1,132,812
269,400
176,931
Net after rents
$1,068,943
142,494
64,758
$1,121,720
382,391
262.979
$579,712
71,161
defl8,146
3,346,956
785,913
537,090
Gross from railway
Net from railway
3,198,453
607,576
342,762
2,898,262
1,940,694
398,624
113,193
From Jan. 1—
Gross from railway
Net from railway
Net after rents
887,793
570,174
—V. 142, p. 2691.
$13,717,455 $12,185,799 $11,696,045
79,416
40,868
259,123
86,403
118,382
126,516
Total transport;, rev._$14,566,541
Grain elevator
Other incidental
140,182
84,679
revenue
revenues-$14,791,403 $13,883,275 $12,345,048 $12,081,684
Operating Expenses—•
Maint. of way & struc..
1,979,202
1,863,418
1,583,674
1,419,684
Maintenance of equip..
3,433,022
3,026,056
2,301,643
2,110,688
Traffic expenses
437,197
417,145
381,166
436,119
Transportation expenses
3,734,934
3,589,708
3,119,418
3,149,717
Miscellaneous operations
69,550
61,159
54,584
67.425
General expenses
565,782
516,768
429,978
451,584
Transp. for invest.—Cr_
14,269
30,171
25,126
113,852
Total oper.
Total oper.
expenses..$10,205,419
Net rev. fromry. oper__
4,585,984
Tax accruals..--.785,664
Uncoil, railway revenue.
548
,
$9,444,083
4,439,191
717,717
-955
income-_.^$3J99,772
$7,845,337
4,499,711
736,550
2,594
$3,720,519
Total oper.
Income Items
$3,760,567
$7,521,365
4,560,319
780,213
3,106
$3,776,999
Joint facility rent income
Joint facil. rent deduct.
$152,933
$228,441
$72,465
$30,661
Dr219,734
Z>r220,078
Z)r226,663
Dr216,487
Hire of equipment (net).
374,708
377,296
453,833
$4,105,178
$4,060,202
$3,714,863
Net after rents
Net oper.
income
Dividend income
Inc. from funded
securs.
Inc .fr .unfund
.&accts
18,941
1,536
9,936
2,244
Inc. from sink, funds
Miscellaneous income
66,583
61,185
52,692
Dr42,730
1,376
4,014
38,976
9,527
2,008
57,360
52,827
Dr62,397
1,650
rents
Misc. non-oper. prop
Net inc.from misc.prop.
.sec
67,299
55,613
Drl9,603
51.958
Drll,487
32
def342
Net after rents
—V. 142, p.
56,749
328,978
2,705,101
327,990
13,213
55,188
328,945
2,704,304
88,710
37,344
10,414
13,065
35,151
10,732
13,073
2,674.188
150,997
10,992
11,104
14,096
$3,187,118
1,002,657
53,237,972
995,255
$3,266,264
936,051
$3,240,697
612,893
4,233,227
Deductions from Gro^s Income—
Rents for leased roads__
52,568
328,991
2,703,390
63,004
15,815
10,135
rents....
funded debt
Int.
on
equip. certificates
Int.
on
unfunded debt..
Amort, of dis.
Misc. income
on
fd. dt_
charges
Total deductions
Net
income
General
Balance
1935
$
2,627,392
23,615
Special deposits.
Traffic
and
Liabilities—
170,248,723
2,348,321
22,164
car
receivable
89,699
123,168
Net balance rec.
155,486
135,623
560,782
1,394,523
478,979
1,416,382
1,763
74
selling, adminis. & gen. exps., but
before provision for depreciation .
Other
income-interest
earned,
dis¬
count taken, dock operations, &c._
as¬
73,481
61,031
6,695
7,414
370,955
380,085
vances
on
8,219
9,622
unadjust¬
729,478
43,282
113,662
4,513
13,989
2.104
13,989
3,612
14,332
trustees, &c
Int.—Amer. Wire Fabrics Corp. bds_
73^% conv. gold notes
Wickwire Spencer Steel Corp. at 6%
Int.—10-yr.
12 335
Marketable securs.
Liabilities—
$
951, 882
Cash...
811,800
12,335
4,283, 954
105,948
850,237
4,439,842
601,657
601,657
116,898
cept, rec
Accts. rec. less res
Inv. less reserves
901,385
_
..
companies
A
124, 302
124,302
62,917
37, 326
39,256
~67~267
69 311
_
674,475
799,400
799,400
193,854
1st mtge.
Accts.
bonds—
payable
193,855
rev.
tax claims
6,858
26,651
69,504
436,515
199,286
133,006
481,558
166,523
liability...
1,085,426
689,445
23,206,737
Chase
debt
(1st
&
prior
12,679,000 12,679,000
debts
int.
accrued
3,639,340
revenues
Net oper. revenues
Net ry. oper. income.__
Other income.
1,540,437
accrued—
Res. for conting..
1936—3 Mos.—1935
$4,047,272
1,413,337
1,191,629
13,956
$3,905,355
1,264,102
1,165,384
19,113
$458,619
265,508
$1,205,585
791,331
x
24,843,794 24,877,0181
After
for
reserve
24,843,794 24,877,018
Total
depreciation and obsolescence of $10,112,885.—V. 142,
p.2526.
Wisconsin Gas & Electric Co.—Bonds Called—
All of the outstanding 1st mtge. gold bonds, series
A, due June 1, 1952,
have been called for redemption on June 1 at 105 and interest.
Payment
will be made at the Harris Trust & Savings Bank, 115 West Monroe St.,
Wisconsin
Power
&
Light
Co.—Consolidated Balance
Sheet Dec. 31—
Assets—
1935
Net income
$98,509
$193,111
$414,254
$245,500
1
to
April
21—
1935
$4,934,938
$4,641,856
123,947
3 Months Ended March 31—
discount
exp.
in
&
1936
$683,106
Maintenance
Taxes
Provision for depreciation
Net earnings from operations
Other income
Net earnings
on funded debt
on
Amortization of debt discount & expense
....
Dividend requirements of Western
Electric Co. pref. stocks
$657,980
352,875
6,691
21,479
20,711
$302,818
unfunded debt
Net income
4,849
$684,094
352,875
6,921
Interest
Interest
$653,130
987
purchased
Operation
$277,702
207,035
208,422
United Gas &
Note—The income account for the three months ended March 31,
1935
gives effect to the allocation of certain year-end and interim adjustments.
Net income before allocation of these adjustments amounted to $264,881.
At the annual meeting of stockholders held March 12, 1936, a
72,146
508,858
50,809
882,799
Acer. taxes—State,
Federal inc. taxes.
187,103
147,643
264,574
280,809
Accrued interest..
518,455
874,611
727,258
423,709
Accounts payable-
&
xCustomers'accts.
local, &c
Accr. divs.on
583,517
curr.
46,515
30,015
23,259
26,956
3 ,411,507
3,056,729
927,000
624,271
liabil..
Surplus
x
63,812,102 63,731,842
After
reserve
151,128
262,641
549,492
pref.
stock....
Misc.
Reserves
Total
34,224
34,245
816,100 34,469,700
205,782
190,844
363,523
187,509
Deferred liabilities
bond int., &c
63,812,102 63,731,842
Total....
for uncollectible notes and accounts of
and $77,721 in 1934.
Note—The income account for calendar years was
of April 25, page 2852.—V. 142, p. 2852.
$100,416 in 1935
given in "Chronicle"
Worthington Pump & Machinery Corp. (& Subs.)—
Calendar Years—
x
Operating loss
Other income
Gross loss.
Federal income tax
Net loss
1935
1934
1933
1932
$177,647
$1,174,017
$1,292,575
86,259
90,820
107,933
$1,903,084
234,796
$91,387
$1,083,197
$1,184,642
$1,668,287
$1,083,197
1.041,161
$1,184,642
1,695,430
$1,668,287
3,848,931
def$42,036
Cr574,125
$510,788
Cr530,373
$2,195,430
4,000
$95,388
Previous surplus
Fed. tax reserve of prior
years not required
572,740
Total surplus
Trans, from gen. reserves
Trans, to gen. reserves._
$477,352
14,786
—
—
—
—
500,000
Res. for special purposes
no
longer required....
company.—V. 142,
tive expenses.
cap.
cos..
Funded debt. ....33
Special deposits for
charges,
1839.
in
1,397,225
deferred charges
resolution
was adopted amending the articles of incorp. by decreasing the number of
authorized and issued 6H% cumul. pref. shares by 6,288 and the stated
capital from $14,900,200 to $14,271,400, such change being effected by the
cancellation of 6,288 6H% cumul. pref. shares then in the treasury of the
p.
int.
stk. & surplus of
1,309,682
1935
$2,001,738
241,129
20,078
673,523
69,714
168,662
175,500
6,174,100
7,309,250
7, 309,250
subsidiary
process
of amortization.
accts.
10, 656,800 10,656,800
Par)
Min.
other special dep
(& Subs.)—Earn.
$2,247,608
253,867
22,012
776,239
99,342
236,528
176,512
Power
45,918
Sinking funds and
& notes rec
Total gross earnings
Gas purchased
70,000
($100 par)
($100 par)
6, 173,100
Common stk.($50
Mat. & supplies..
Western United Gas & Electric Co.
717,976
63,000
ities Co
Prepaid
$282,350
250,745
from
rec.
North West Util¬
Cash
1936
$
Liabilities—
6% cum. pref. stk.
Note
$385,966
Jan.
1934
S
1934
$
7% cum. pref. stk.
$1,184,497
798,531
—Third Week of April
1936
1935
198,452
Cap. & surplus.Drl0,606,478 Drl0025003
Plant,prop.,rights,
franchises, &c..59,761,021 59,135,338
$361,603
263,094
Period—
1,856,063
accrued..
176,284,117 175,938,690
Fixed charges
Gross earnings (est.)
—V. 142, p. 2852.
1,496,425
1,910,654
198,452
Class B notes
Debt
Gross income..
9,876,439
Drl59,355
2,515,000
3,639,340
10,230,341
Prop. acct. deposit Drl59,545
Class A notes
2,515,000
Investments
1936—Month—-1935
$1,301,286
$1,444,588
459,251
475,809
356,581
452,453
5,022
6,166
Period End. Mar. 31—
116,283
Bank
note int. accrued
Bonded
184,150
119,045
145,801
Bank
note
Nat.
303,752
184,150
Nat.
Chicago, 111.—V. 142, p. 2853.
prop. W. Va.
C.&P.Ry.Co.
Earnings for March and Year to Date
Operating
303,752
150,357
Accr. int. tax claim
mtge.
Total
7,287
21,498
liab.
Total
674,475
Spen¬
Steel Corp..
Chae
_Crl0,222 198
97,455
410,424
539,235
411,875
532,277
6,194,553
176,284,117 175,938,690
13,000
demand
Wickwire
706,460
7,090,248
740,572
13,000
est.
mortgage
10-yr. 7>£ % notes-
Class B notes, int.
accr
equipment-
104,485
Bonded
Unmatured rents
Tax
122,243
Col. of internal
bldgs.,
mach., &c
27,966, 943x17,824,374
Res. for deprec. &
.
265,458
Accrued accounts-
rics Corp
Depositors'
Corp
Misc.notes & accts.
Deferred charges
$
336,315
Amer. Wire Fab¬
ctfs.—Wor¬
cester
Dec. 31 '35
$
payable.
cer
Inv. in sub. & affil.
CI.
Accounts
Real
& trade ac¬
Notes
Mar. 31 '36
•36 Dec. 31 '35
$
252,115
725,026
payable
curr.
12,894
$75,782
Class A notes, int.
Int. matured
Other
8,326
pf$107,122
Consolidated Balance Sheet
Mar. 31
Assets—
Audited accts. &
wages
10,117
$121,651
Net loss
1935
Total
34,043
113,662
lien bonds)
Depr. & depl. of
debits
$112,002
47,047
113,689
Provision for depreciation
1,513,100
1,119,976
Oth. unadj. cred.
505,278
Profit and loss.. 23,626,252
ed
$279,249
on prepaid accts., dis¬
allowed, bad debts & fran¬
counts
chise taxes, &c—;
62,180*865
Accrued deprec'n
advance, &c__
16,099
$67,705
obsolescence
553,640
Oper. reserve—
pre¬
miums paid in
Other
30,256
allowed
Int.
$
53,286,898
17,742,050
6,138,200
224,322
Other def'd liab.
funded
debt
Insurance
$95,903
$248,993
13,233
Total
car ser¬
accrued
Work'g fund ad¬
Disc't
Traffic &
Unmat. int.
sets
'35 Mar. 31 '35
31
$54,472
_
230,000
926,911
Misc. accts. pay.
receivable
Other current
$
vice bal. pay.
Miscell. accounts
receivable
1934
53,286,898
ist pref. stock.. 17,742,050
2d pref. stock..
6,138,200
Govt'l grants
2,414
Funded debt
62,180,866
Equip, tr. oblig.
1,042,000
Non-nego.
debt
to affil. cos
230,000
Loans & bills pay
from agents &
conductors
Mar. 31 '36 Dec.
Prof, from oper.—after deductions for
rec., &c
Real est.,
31
Common stock¬
service bal'ces
Mat'l & supplies
Int. & dividends
Dec.
1935
$
Cost of property
owned
170,208,558
Cash
Sheet
51,330
116,479
1934
Assets—
119,402
23,072
5,954
10,317
Steel Co. (& Subs.)—Earnings—
3 Months Ended—
3,298
22,589
7,755
1,694
$138,726
3,853,590
$127,049
$82,098
4,189,775
Gross income
on
131,507
29,254
2346.
Wickwire Spencer
82
5,380
18,486
9,376
1,784
$142,112
4,202,315
Total other income
Int.
$42,854
9,744
3,708
def601
From Jan. 1—
Gross from raiway
Net from railway
I
Miscellaneous
111,211
10,843
def3,075
$46,923
14,092
7,896
$35,884
3,473
Legal & other profession services for
Other Income—
Miscellaneous
1933
1934
1935
114,398
13,977
railway
Gross from
Earnings.-
1936
$45,543
13,503
7,738
Net from railway
123,690
$4,107,677
Wichita Falls & Southern RR.March—
Profit and loss surplus
x
After
Cr40,651
$477,352
$572,740
$1,041,161
$1,695,430
deducting cost of sales including all operating and maintenance
of plants and equipment, selling, general and administra¬
aeprec.
Volume 142
Financial
1935
Assets—
1934
$
Accts. & notes
Liabilities—
Inventories
Sec. of attil.
y
10,371,612
939,004
Misc.
.
20,951,000 20,951,000
.
1,400,000
Accounts payable.
Accrued payrolls..
811,566
89,752
48,508
Fed., &c., tax res.
Miscell. curr. liab.
cos. not
2,207,142
46,000
186,598
curr. assets.
Deferred charges..
236,468
Mtge.
payable
30,000
33,065
321,697
32,990
321,697
Common shares, class A
Class B
a
Total
23,286,408
—
21,586,725
Hire of equipment
of terminals
Rental
Otherincome.net.
Int.
funded debt
on
Ry.—Earnings—
1936—Month—1935
$951,133
$789,173
706,663
674,241
74,582
54,918
57.112
71,051
44,412
42,407
59,314
33,589
159,843
161,687
expenses
Net deficit
First series, 4^%. b $27,446,200 series A, and $6,000,000 series B.
$27,446,200, series A, indicated as outstanding under the plan, does
The
general mortgage bonds, series A, to the amount of $1,829,300
as collateral
security to the special bank loan of $1,150,000.
Upon
being reacquired by the company these bonds may be sold, pledged or
disposed of without restriction on such terms as the company may determine.
issued
7% pref. stock, $10,321,671
Taxes
Authorized
Outstanding
$7,500,000 a$3,500,000
50,000,000 b33,446,200
5,000,000
5,000,000
281,712 shs. 281,712 shs.
.283,581 shs. 283,581 shs.
—
Preference shares.
572,740
treasDrll56433Drl,156,433
class B 6% pref. stock and $12,992,149 common stock,
z Represented by
$194,503 clss A 7% pref. stock and $961,930 class B preferred stock —
V. 141. p. 941.
Total
plan of consolidation and readjustment provided for the
Winnipeg Electric Co.; Manitoba Power Co., Ltd.; Northwestern
Fust mortgage bonds
Gen. mtge. bonds and (or) deb. stock
sur¬
x
After depreciation of $9,542,038 in 1935 and $9,254,053 in 1934.
Includes property in liquidation amounting to $607,060 in 1935 and $606,798
in 1934.
y Represented by $5,592,833 class A
Wisconsin Central
general
Power Co., Ltd.; Winnipeg Selkirk & Lake
Winnipeg Ry.; Suburban Rapid
Transit Co.
not include
23,286,408 21,586,7251
Period. End. Mar. 31—
Total revenues
in
course.
The
merger of
477.352
Pref. stk in
z
1935, of all the security holders
affected and has since been sanctioned by the Public Utilities
Commission
and the appropriate court in Manitoba.
Arrangements are being pushed
forward so that the exchange of securities can be made at as
early a date as
possible, and a further announcement will be made in this connection in
due
approval,
_
in subsidiary
Capital surplus
plus
3019
plan received the
Capitalization, Giving Effect to Plan
of
Interest
Profit and loss
Total
138,899
205,536
sub. company..
Minority
30,662
30,000
Adv.pay .on contr_
2,284,024
425,813
33,821
127,849
40,000
112,052
Purchase contract.
consolidated—
Foreign
$
$
Capital stock.
Notes payable
632,576
2,424,309
4,779,483
3,313,422
5,889,055
rec.
1934
1935
$
Property, plant &
equipment
10,403,541
Cash
614,828
Miscell. securities.
545,070
*
Chronicle
The
Comparative Balance Sheet Dec. 31
$150,794
1936—3 Mos —1935
$2,562,768
2,099,619
194,603
$2,134,889
1,947,342
160,488
132,286
176,619
469,219
186,479
125,814
97,112
469,415
$670,068
$850,770
$248,722
159.495
-V. 142, p. 2346.
Note—The general mortgage
bonds and
(or) debenture stock, series A
and series B, are being issued in
exchange for other securities of Winnipeg
Electric Co. and its subsidiary and affiliated companies.
Pursuant to the
provisions of the plan, the amount of general mortgage bonds and (or)
debenture stock, series A, may be varied to a small extent by reason of the
fact that in the exchange of the presently existing
sterling securities cer¬
tificates for debenture stock will not be issued in fractions of $1, but such
fractions will be adjusted in cash.
The amount of general
mortgage bonds
and
(or) debenture stock, series A and series B, may be reduced, and thp
common shares, class B, increased in the event that any of the
bondholders of Northwestern Power Co., Ltd., convert their bonds into
number of
shares of Winnipeg Electric Co. before making the exchange.
Under the plan, contingent certificates are issued by the company in the
$1,921,234, and it is agreed with the bearers that while any of
these are outstanding the company will not pay any dividends on its
common
amount of
capital stock or make any distribution to shareholders.
These contingent
certificates do not form a charge on the assets of the company and are not
included in the foregoing statement of capitalization.
Yale & Towne Mfg.
Quar. End. Mar. 31—
Earnings—The following table shows the results of the operation of the
giving effect to the plan and indicates that
Co.—Earnings—
company for the past four years
1934
z$271,233
100,330
'
Depreciation
1935
y$105,619
115,295
y$137,588
116,334
$170,903
x71,033
Net earnings
1936
loss$9,676
x72,998
1933
y$5,830
112,923
interest at 4H % on the present issue of $3,500,000 1st mtge. 4K % bonds
would have been earned on an average of about 9% times per annum, after
full depreciation of $1,000,000 per annum and taxes other than income
taxes.
Net income
Dividends
.com
sur$99,870
486,656
.stk .out. (par $25)
per share
$82,674
486,656
$0.35
$49,779
473,556
$0.05
Nil
Yazoo &
1936
1935
1934
$1,212,396
378,517
156,168
From Jan. 1—
Gross from railway
$1,004,887
235,218
59,388
$927,324
234,299
40,032
2,693,195
454,941
def95,744
2,756,292
727,454
101,349
2,503,568
605,401
def75,450
—V. 142, p.1492.
Yellow Truck & Coach Mfg. Co. (&
Calendar Years—
Net sales.
1935
Subs.)—Earnings—
1 934
1933
&
propor. of sub. and
contr. cos. not consol.
397,266
loss370,166
&c
for
733,457
The
1,000,000
1,000,000
$1,577,786
157,500
157,500
157,500
10.5
9.5
8.8
10
1st mtge.
on
figures in the above table
ment
dated May 15,
Assets
Physical properties
Sundry
investments
Cash in banks and on
Consumers'
&c.,
$74,947,763
12,913
hand..
3,367,248
accts.
&
dep.
Nil
1935
$10,926,150
1,139,935
Depreciation
226,893
Prov. for Fed. inc. taxes.
122,000
834,637
1st mtge.
3,500,000
33,446,200
Accounts payable
619,049
—
8,938
Bond interest
41,368
578,220
1,382,979
Other interest
51,539
Other liabilities
330,259
Water power rentals
64,691
118,560
120,000
Notes pay. to bank (secured).
Lake of the Woods & Lac Seul
1,150,000
506,542
storage
(Winnipeg).
68,688
11,488,454
Depreciation reserve
Res. for injuries &c
750,002
7,290,947
Property reserve
1933
$5,618,376
241,545
234,230
13,853,447
bonds
Scrip ctfs. (Northwestern)
with
Compensation
Nil
1934
$6,765,078
lossll,811
228,157
$5,000,000
Common shares..
a
General mortgage bonds
rec.,
;
funds
*
Pref. shares ($100 par)
Pavement chgs.
Nil
of the actual
Sheet, Dec. 31, 1935
Liabilities—
$503,000 loss$886,468 loss$982,348 loss3787,051
sales
statements
[Drawn to conform to the general plan of consolidation and readjustment]
Bond discount & exp. (est.)..
Profit from operat'ns.
on
1935.
Pro Forma Consolidated Balance
prepayments, &c.
1936
Net
based
are
Earnings for Quarter Ended March 31
x
62.500
$1,383,053
Unexpired Insurance, miscell.
$3.35
62,500
results of operations for the said years, adjusted in general to conform to the
conditions proposed under the general plan of consolidation and readjust¬
45,011
Net profit
Earn, per share on 150,000 shs. 7% pref. stk.
$2,640,286
1,000,000
Materials and supplies.
and
3,950,452
$2,445,553
$1,494,856
Board, &c
Dominion inc. taxes._
3,595,686
"
157,500
4M %
Workmen's
•
Federal
62,500
bonds
Working
Losses in connection with
sub. transportation cos.
sold,
62,500
Times bond int. earned.
less reserve
679,229
3,569,359
$2,557,356
1,000,000
1932
-$35,856,799 $28,249,839 $19,668,171 $16,437,874
Net prof, before prov. for
deprec. & special adj..
1,339,500 Ioss370,904
271,225 loss2857,136
Prov. for depreciation..
909,022
912,830
883,408
929,915
Credit arising from in¬
vestment fund
171,762
Co.'s propor. of net profit
$6,590,738
$1,656,874
Int. at
Net from railway.
Net after rents..
1932
$6,041,239
Bank int. at rate applic.
under the plan (sub¬
$832,233
247,331
26,140
3,271,252
833,346
207,343
Net from railway.
Net after rents
3,682,424
ject to reduction as
bank loan is reduced).
Deprec. as provided in
plan of consol. & re-
1933
1933
$2,719,374
Nil
Mississippi Valley RR.—Earnings-
March—
Gross from railway
1934
$6,126,716
& taxes other
exps.
than income taxes
$180,091
486,656
x Estimated
by Editor,
y Includes other income of $20,772 in 1936,
$10,382 in 1935, $33,529 in 1934 and $33,449 in 1933.—V. 142. p. 2007.
Prov.
1935
$6,401,799
Oper.
Deficit
Shs
Earnings
$21,254 def$107,093
x71,033
x72,998
Surplus
$2,543,991
loss838,036
229,945
(before int.
on series
B bond)
Total
a
$79,965,401
398,354
Total
$79,965,401
281,712 shares class A, and 283,581 shares class B.—V. 142,
p.
2853.
Net profit.
$791,042 loss$239,968
$7,315 lossl067,981
Including the company's proportion of net profits or losses of wholly
owned and controlled companies not consolidated.
For the 12 months ended March 31, 1936 net sales were
$40,017,871 and
net profit amounted to $1,534,010 after
deducting provision for deprecia¬
tion of $907,758 for plants and equipment and
provision for Federal income
taxes of $167,012.
x
Assets—
1934
1935
$
buildings,
machinery, &c._ 15,429,889 15,354,482
Inv. In affil. cos— 9,121,971
9,224,732
Notes receivable-_
210,712
154,545
Cash....
5,125,333
2,710,730
Spec. dep. for pay't
of damage claims
91,581
x
Accts. receivable
2,461,172
90,191
1,524,585
2,485,603
9,614,511
3,670
63,184
1,800,822
1
Inventories
1
9,958,439
Sight drafts, &c
Prepaid
727
expenses.
Deferred charges-_
Patents, &c
1934
$
stock...15,000,000 15,000,000
Class B stock
13,000,000 13,000,000
Common stock... 8,000,000
8,000,000
Accounts payable
2,206,436
1,389,076
Allied cos.—curr't
638,214
Accrued liabilities.
6~87~353
732,281
Res. for employees'
130,596
196,256
8,925,095
770,446
8,070,072
665,512
308,782
488,779
113,907
5,811,154
229,385
6,314,154
Reserve for depre¬
ciation, &c
Sundry reserves..
for poss.
fund
Profit & loss def—
After
x
p.
reserves
of
$138,760 in
Total
1935
and
groups,
NOTICES
of the
members
Exchange,
manager
announce
Ifew York Stock Exchange and
that
M.
of their stock department.
Donald
Grant
& Co., 30
been
Pine St., New York City, have prepared for
yielding 4% to 5%, 5% to 6% and
over
arranged by
6%.
—McHeffey & McDonough, accountants and auditors,
Edward Henry Umgelter, LL.M.,
a
has
The firm maintains office
,
classified list of dividend-paying common stocks
a
announce
that
C.P.A., has been admitted to the firm
general partner.
—T.
L.
Watson
&
Co.
announce
that
associated with them for the past year,
Frost
Haviland, who has been
has become
a
general partner in
their firm.
—Birnbaum &
under repurchase
agreement
44,014,602 41,412,2801
Co.,
loss
Employees' saving
Total.
investors
as
saving fund
Curb
—Hendrickson
Preferred
Res.
York
&
in New York and Boston.
$
Liabilities—
Land,
New
appointed
Consolidated Balance Sheet Dec. 31
1935
CURRENT
—Redmond
44,014,602 41,412,280
$159,432
in
1934.—Y.
141,
2913.
announce
Co.,
members New York
Security Dealers Association,
the removal of their offices to 60 Broad St., New York City.
—Auerbach, Pollak & Richardson, members New York Stock Exchange,
have moved their
Fifth Avenue office to 521 Fifth Ave.
—Homer & Co., Inc., 40 Exchange Place, New York City, has issued its
quarterly review of the high-grade railroad bond market.
—Hoge, Underhill & Co; announce that Charles C. Hoge Jr. has been
Yode-Ine Chemical
admitted
Co.—Registers with SEC—
as
a
general partner in their firm.
—S. Watson Maxwell Jr., for many years associated with Hoit, Rose &
See list given on first page of this department.
Troster, is now with J. Arthur Warner & Co.
Youngstown Sheet & Tube Co.—New Vice-President—
J.
C. Argetsinger,
been elected
a
General Counsel and Secretary of the company has
Vice-President.
All other officers
ception of W. C. Reilly, Vice-President, who
several weeks ago.—V. 142, p. 2854.
were
reelected with
announced
ex¬
his retirement
Winnipeg Electric Co.—Consolidation and Readjustment
Plan Declared
Announcement
Operative—
was
made
in Toronto,
readjustment of the Winnipeg Electric group of companies has been declared
operative and is now in force.
Broadway, New York,
are
distributing the May
over-the-counter review.
—Noel, Berman & Langley, members New York Stock Exchange, have
moved their offices to 67 Wall St.
•
■—Mackenzie Williams has been appointed manager of the stock depart¬
ment of
April 23, by Edward Anderson,
K. C., President of the company, that the general plan of consolidation and
—Bristol & Willett, 115
issue of their
Billings, Olcott & Co.
—Rich, Clark & Petersen have
admitted Walter V. Brady as a general
partner in the firm.
—Quaw & Foley announce the removal of their offices to 30 Broad St.
Chronicle
Financial
3020
May 2, 1936
UUpuris auA goxmujeuis.
PUBLISHED
ADVERTISEMENTS
AS
UNION PACIFIC RAILROAD COMPANY
THIRTY-NINTH ANNUAL REPORT—YEAR ENDED
To the Stockholders
of Union Pacific Railroad Company:
DECEMBER 31<
1935
'
operations and affairs of the Union Pacific Railroad Company
the Oregon Shore Line Railroad Company, whose entire capital stock is
the Oregon-Washington Railroad & Navigation Company, whose entire
capital stock (except qualifying shares held by Directors) is owned by the Oregon Short Line Railroad Company, and the Los
Angeles & Salt Lake Railroad Company, whose entire capital stock is owned, one half each, by the Union Pacific Railroad
Company and the Oregon Short Line Railroad Company. For convenience, the four companies are designated by the term
The Board of Directors submits the following report of the
for the year ended December 31, 1935, including
owned by the Union Pacific Railroad Company,
"Union Pacific
System."
INCOME
The
operated mileage at close of year and income for the year 1935, compared with 1934, after excluding offsetting accounts
Union Pacific Railroad Co., Oregon Short Line Railroad Co., Oregon-Washington Railroad & Navigation Co., and
Los Angeles & Salt Lake Railroad Co., were as follows:
between the
1934
1935
Decrease
Increase
Operated Mileage at Close of Year
9,572.36
1,542.14
4,158.72
9,779.15
1,542.32
4,162.85
206.79
15,273.22
15,484.32
211.10
$129,404,941.39
93,401,644.45
$120,437,499.09
83,567,403.13
$8,967,442.30
9,834,241.32
$36,003,296.94
45,932.69
$36,870,095.96
10,940,524.24
16,535.25
"'$2~9",397.44
$25,989,688.68
1,690,190.59
$25,913,036.47
1,712,385.59
$76,652.21
$27,679,879.27
$27,625,422.06
$54,457.21
$6,865,088.52
2,199,722.42
$7,012,168.69
2,168,869.34
$30,853.08
Miles of road
Miles of additional main track
Miles of yard tracks and sidings
Total
Mileage Operated
.18
4.13
Transportation Operations
Operating
Operating
revenues
■Revenues
over expenses
expenses
9,967,675.57
Taxes
Uncollectible railway revenues
Railway
Rents from
use
of
Operating Income
joint, tracks, yards, and terminal facilities
Hire of equipment—debit balance
Rents for use of joint tracks, yards, and terminal facilities
-
$866,799.02
972,848.67
$22,195.00
$147,080.17
$116,227.09
$9,064,810.94
Net Income from
$9,181,038.03
$18,615,068.33
Transportation Operations
$18,444,384.03
$170,684.30
$9,739,351.47
4,589.050.61
$9,530,685.91
5,203,419.77
120,303.40
329,360.00
339,394.05
$208,665.56
Income from Investments and Sources other
than Transportation Operations
Dividends
Interest
stocks owned-
on
on
_
..
_
bonds, notes, and equipment trust certificates owned
Rents from lease of road
_
_
Miscellaneous rents
_
_
120,139.82
332.640.63
471.985.64
_
_
Miscellaneous income
__
_
_
$614,369.16
163.58
3,280.63
132,591.59
Total
$15,253,168.17
$15,523,163.13
$269,994.96
Total Income
$33,868,236.50
$33,967,547.16
$99,310.66
$14,438,173.37
82,008.36
805,548.11
$14,563,023.83
20,963.76
7,593.43
660,617.36
$15,332,707.34
$15,252,198.38
$18,535,529.16
$18,715,348.78
$3,981,724.00
$3,981,724.00
Fixed and Other Charges
Interest
on
funded debt
Interest
on
loans and open accounts—balance
_
Miscellaneous rents
_
__
6,977.50
_
_
Miscellaneous charges
_
Total
Net Income from All Sources
$124,850.46
""'$61,'044.60
615.93
144,930.75
$80,508.96
$179,819.62
DISPOSITION OF NET INCOME
Dividends
on
Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 1, 1935
2 per cent paid October 1, 1935---
$1,990,862.00
1,990,862.00
Common stock:
IK
IK
IK
IK
cent
per cent
per cent
per cent
per
$3,334,365.00
3,334,365.00
3,334,365.00
3,334,365.00
paid April 1, 1935
paid July 1, 1935
paid October 1, 1935
payable January 2, 1936
13,337,460.00
13,337,460.00
$17,319,184.00
Total Dividends
$17,319:184.00
10,000.00
10,000.00
$17,329,184.00
$17,329,184.00
$1,206,345.16
$1,386,164.78
Sinking Fund Requirements
Total Appropriations of Net Income
Rfr
Surplus, Transferred to Profit and Loss.
OPERATING
-
RESULTS FOR YEAR
$179,819.62
1935 COMPARED WITH YEAR 1934
Per
1935
1934
9,583.42
$100 527 120.17
$129,404,941.39
$120,437,499.09
Average miles of road operated
•
■
1
Decrease
200.43
9,783.85
$106 960 617.03
11,172,152.95
4,419,380.16
1,808,053.36
1,893,179.01
202,861.38
1,012,803.92
16,637.66
1,919,255.92
Increase
Cent.
2.0
.
Operating Revenues
1.
2.
3.
•
Freight
Passenger
Mail
4.
5.
Express
Other passenger-train
6.
Other train
7.
Switching
8.
Water line.
9.
-
Other
10.
_
Total operating revenues
-
-
-
9,239,900.82
4,236,617.68
1,764,339.88
1,556,621.79
169,289.25
1,067,992.25
24,692.66
1,850,924.59
6.4
$6,433,496.86
1,932,252.13
182,762.48
43,713.48
336,557.22
33,572.13
20.9
4.3
2.5
21.6
19.8
$55,188*.33
5.2
8,055.00
"68,331.33
32.6
3.7
$8,967,442.30
7.4
Financial
Volume 142
OPERATING
RESULTS FOR
Chronicle
3021
YEAR 1935 COMPARED WITH YEAR 1934—(Concluded)
Per
1935
1934
Increase
Decrease
Cent.
Operating Expenses
11.
12.
$15,509,973.39
23,924,089.05
$12,422,934.84
22,482,976.43
53,087,038.55
1,441,112.62
6.4
$39,434,062.44
3.325.786.79
43,232,584.59
10,250.09
2,325,385.25
5.081.960.80
8,385.51
$34,905,911.27
2.818.134.04
37,513,940.70
10,843.51
1,677,910.56
6.640.663.05
$4,528,151.17
507,652.75
5,718,643.89
13.0
1.401,644.45
$83,567,403.13
1,834,241.32
$36,003,296.94
$36,870,095.96
$9,040,217.55
608,848.65
288,826.92
29.782.45
1,695,581.06
986,680.74
234,252.00
24,010.44
$9,967,675.57
$10,940,524.24
$45,932.69
$16,535.25
$29,397.44
29. Equipment rents (debit)
30. Joint facility rents (debit)
$25,989,688.68
6,865,088.52
509,531.83
$25,913,036.47
7,012,168.69
456,483.75
""53",048". 08
31. Net railway operating income
$18,615,068.33
$18,444,384.03
$170,684.30
.9
72.18
69.39
2.79
4.0
22,614,691
10,363,530,156
21,011.051
9,422,936,359
1,603,640
940,593,797
10.0
458.27
1.032
$5.33
448.48
9.79
1,510,195
647,613,293
1,217,001
519,437,248
293,194
128,176,045
428.83
58.78
1.701
$1.00
$1.68
426.82
2.01
.96
Maintenance of Way and structures
Maintenance of equipment
,
13.
Total maintenance
14.
Traffic
15.
-
—
17.
Transportation—rail line
Transportation—water line
Miscellaneous operations
18.
General
19.
Transportation for investment—Credit
16.
20.
—
Total operating expenses
21.
Revenues
22.
State and county
Federal income
over expenses
24.8
18.0
15.2
$593.42
5.5
38.6
647,474.69
1 "558,702.25
23.5
"8,385.51
11.8
$866,799.02
2.4
$655,363.51
377,832.09
38.3
/VTaxes
23.
24.
25.
Federal capital stock
All other Federal
26.
Total taxes
27.
Uncollectible railway revenues
28.
Railway operating income
-
Per cent—Operating expenses of operating revenues
6.8
23.3
24.0
$54,574.92
5,772.01
8.9
$972,848.67
177.8
.3
2.1
$76,652.21
$147,080.17
11.6
Freight Traffic (Commercial Freight only)
Tons of
freight freight carried
Ton-miles, revenue freight
Average distance hauled per ton (miles)
Average revenue per ton-mile (cents)
Average revenue per freight-train mile
revenue
-
7.6
2.2
1.067
.035
$5.37
$.04
3.3
.7
Passenger Traffic (Excludes Motor Train, other than Streamlined Train)
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passengers per passenger-train mile
Average revenue per passenger-mile (cents)
Average revenue per passenger-train mile, passengers only
Average total revenue per passenger-train mile
„
GENERAL
57.82
24.1
24.7
.5
1.7
1.751
.050
$.01
$.08
$1.01
$1.76
2.9
1.0
4.5
BALANCE SHEET—ASSETS
{Excluding offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., OregonWashington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
December 31,
1935
December 31,
1934
Decrease
Increase
Investments:
Road and
Less
Equipment
$915,872,783.30
$916,774,377.70
$23,823,091.13
$23,823,091.13
$901,594.40
—
Receipts from improvement and equipment fund
Appropriations from income and surplus prior
July
to
1907,
1,
credited to this account
13,310,236.52
$2,940,494.29
$25,189,433.13
14,786,110.05
17,554,726.27
$25,004,808.57
16,064,615.79
18,844,061.40
$57,530,269.45
$59,913,485.76
$79,157,246.70
73.433,747.72
$79,157,156.70
75,212,479.75
$152,590,994.42
$154,369,636.45
$23,847,082.76
$23,919,537.82
$268,948.29
$206,914.79
$1,115,723,789.31
$1,120,991,119.16
$24,977,190.19
400,000.00
59,661.86
33,676.74
3,703,444.95
1,015,768.48
4,004,003.66
16,752.254.55
1,199,659.00
97,195.66
$23,942,874.96
400,000.00
67,175.35
30,970.39
2,960,680.14
1.064.353.77
4,967,728.08
15,361,317.12
1.382.973.78
144,721.55
115,263.70
10,907.57
117,191.70
31,179.65
$52,369,026.36
$50,471,166.49
$69,224.62
3,201,093.03
$69,973.39
2,738,466.30
$3,270,317.65
706.
$491,549.01
2,448,945.28
$2,747,038.74
705.
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
$879,641,050.06
$185,740.18
2,561,298.56
Investment in road and equipment
704.
$37,133,327.65
$878,739,455.65
701.
13,310.236.52
$37,133,327.65
Total
$2,808,439.69
$1,695.09
794,992.64
508,824.48
$1,962.82
826,686.68
663,184.30
Investments in affiliated companies:
$901,594.40
'
<r
Total
Stocks
Bonds, notes, and equipment trust certificates
Advances
Total
707.
$193,455.55
$184,624.56
$1,278,505.74
1,289,335.13
$2,383,216.31
Investments in other companies:
Stocks
Bonds, notes, and equipment trust certificates.
_
Total
United States Government Bonds and Notes
703.
$305,808.83
$112,353.28
Sinking funds
Total Investments
$90.00
$1,778,732.03
$1,778,642.03
$72,455.06
$62,033.50
$5,267,329.85
Current Assets:
708. Cash
710. Time drafts and deposits
711. Special deposits
712. Loans and bills receivable
713. Traffic and car service balances receivable
714. Net balance receivable from agents and conductors.
715. Miscellaneous accounts receivable
716.
717.
718.
719.
_
_
_
__
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets:
_
__
Baltimore and Ohio Railroad Co. capital stock applicable to pay¬
ment of extra dividend of 1914
Misufillanfinns itpms
Total Current Assets
$1,034,315.23
$7,513.49
2,706.35
742,764.81
48,585.29
963,724.42
1.390,937.43
183,314.78
47,525.89
1,928.00
20,272.08
$1,897,859.87
Deferred Assets:
720.
722.
Working fund advances
Other deferred assets
Total Deferred Assets
$748.77
"
$4"6"2,626'.73
$461,877.96
Unadjusted Debits:
723.
725.
727.
Rents and insurance premiums paid in advance
Discount on funded debt
Other unadjusted debits
Total Unadjusted Debits
Grand Total
_
$1,305,512.21
$1,491,833.80
$1,172,668,645.53
$1,175,762,559.14
$267.73
31,694.04
154,359.82
$186,321.59
■
_
_
♦
$3,093,913.61
May 2, 1936
Chronicle
Financial
3022
GENERAL BALANCE SHEET—LIABILITIES
{Excluding offsetting securities and accounts between the Union Pacific Railroad Co.,
Washington Railroad & Navigation Co., and Los Angeles & Salt
'
■
:
.
,
■
■
,
,
"7
•
.
December 31,
December 31,
A '•
'
'
Oregon Short Line Railroad Co., OregonLake Railroad Co.)
Decrease
Tncreasc
1934
1935
■:'•••*
•
751.
Capital Stock:
.
$1,452,965.03
6,497,962.41
137.345.96
$67,698.99
979,518.81
20,462.41
104,139.11
4,416,927.50
97,404.94
6,734.17
4,416,925.70
1.80
137,622.07
134,978.33
2,643.74
124,242.78
3,334,365.00
8,175.00
1,407,537.41
279,167.25
157,632.19
126.327.97
3,334,365.00
17,300.00
1,430,193.67
$19,125,761.92
$18,113,728.37
$7,673,144.71
5,408,733.34
$8,006,472.10
6,482,906.31
1,074,172.97
$13,081,878.05
$14,489,3/8.41
$1,407,500.36
$6,916,099.74
103,104,787.45
$6,400,090.18
99,313,726.43
1,183,421.54
1,106,074.75
1,737,780.16
2,228,391.49
$112,310,383.48
$109,679,988.26
$2,630,395.22
$825,378,656.61
$823,587,825.92
$1,790,830.69
$30,604,196.47
34,972,570.88
536,828.66
278,948.29
$30,593,297.52
34,972,570.88
536,828.66
221,312.29
$10,898.95
$66,392,544.30
249,224,550.40
$66,324,009.35
254,177,829.65
$68,534.95
$315,617,094.70
$320,501,839.00
Grants in Aid of Construction
757.
$11,699,629.48
$1,520,664.02
7,477,481.22
157,808.37
754.
$1,817,491.40
$11,145,589.43
Total
$667,787,610.00
$4,170,768.73
Stock
$321,835,600.00
345,952,010.00
$665,544,275.00
Total Capital
Funded Debt
$222,292,500.00
99,543,100.00
$321,835,600.00
343,708,675.00
Preferred stock
755.
'
$222,292,500.00
99,543,100.00
Common stock
Nonnegotiable Debt to Affiliated Companies
$2,243,335.00
$2,243,335.00
$2,353,277.33
$554,040.05
Current Liabilities:
Traffic and
759.
car
service balances payable
760. Audited accounts and wages payable
761.
Miscellaneous accounts payable
762.
Interest matured unpaid:
Coupons matured, but not presented __
_
Coupons and interest on registered bonds, due first proximo
Dividends matured unpaid:
Dividends due but uncalled for
Extra dividend on common stock declared January 8,1914, payable
to stockholders of record March 2, 1914, unpaid
Dividend on common stock payable second proximo
763.
764
Funded debt matured unpaid
767
Unmatured rents accrued
768
Other current liabilities
_
_
Total Current Liabilities.
_
$2,085.19
9,125.00
22,656.26
11,839.76
19,320.16
291,007.01
176,952.35
$1,012,033.55
Deferred Liabilities:
Other deferred liabilities
770
771. Tax liability
-
-
liabilities
Total Deferred
$333,327.39
Unadjusted Credits:
773.
Insurance reserve:
Reserve for fire insurance
776.
Reserve for depreciation
778.
Other unadjusted credits:
Contingent interest
*
Miscellaneous items
__
_
..
Unadjusted Credits
Total
Total Liabilities
__
_
Surplus:
Appropriated for additions and betterments
Reserved for depreciation of securities
Funded debt retired through income and surplus
Sinking fund reserves
Total
Appropriated Surplus
__
Total Surplus
—
As this consolidated balance sheet excludes all intercompany items,
$516,009.56
3,791,061.02
$554,358.62
*1,122,316.74
57,636.00
$4,953,279.25
$4,884,744.30
securities
Los Angeles & Salt Lake Railroad Company owned by other
System companies are not included. The difference between the par and
of the
face value of such securities as carried on the books of the
Lake
Salt
(less
discount
unextinguished
on
bonds
the
Los Angeles &
and discount
charged to Profit and Loss but added back in consolidating the accounts)
and the amounts at which the securities are carried on the books of the
$31,672,894.22
$31,672,894.22
$1,172,668,645.53
$1,175,762,559.14
owning companies is set up here to balance
Grand Total
TO INVESTMENT IN ROAD AND
EXPENDITURES CHARGEABLE
Extensions and Branches
$3,093,913.61
EQUIPMENT
$211,939.68
3,502,129.04
6,156,133.20
—
Additions and Betterments (excluding
equipment)
Equipment
-
—
$9,870,201.92
;
Total Expenditures
Credits to Investment in Road and Equipment for retirements:
Cost of property retired and not
Cost of equipment retired.
*
replaced
.
$6,389,11/ .60
4,382,678.72
-
—
—
_
Total Credits.
$10,771,796.32
-
—
—
$901,594.40
Net decrease in "Investment in Road and Equipment"
—Arthur B.
NOTICES
CURRENT
Co. announce that Martin McLean
Treman &
associated with the firm in charge of its institutional advisory
—Bernard Scheffres, formerly with Salomon Bros. &
Hutzler, has become
Average price for 20 insurance company stocks as of April 24 was
Allen & Co.
as
of April 17,
a
28.79
according to
net decrease of 0.93,
a
net decrease of 2.43.
ratio of price to book value on April 24 was 1.23, a net decrease
Average
of .04 from
—Craigmyle, Marache &
ment
eight
the general market last week, as evidenced by the averages
with
compiled by
The average for the common stocks of
10 leading management companies influenced by the leverage factor
19.20 at the close of April 24 compared with 21.08 on April
average
of the mutual funds closed at
14.10
stood
April 24 compared with
on
floor
as
their former offices at 39 South LaSalle St.,
will occupy the
The
officers
Owen V. Van
Chicago.
the
organization
are:
the
Char'es
E.
Enyart,
President:
—Announcement
Long
as
now
is made of the
formation
of
Hugh W.
a
general
partner
of Fenner
&
Beane.
Long
&
Associated
Thomas F. Chalker of New York.
The
new
firm will act
as
with
and
underwriters
connected for
Guy E
formerly
with
Brown Harriman
&
Co.,
Inc.
as
sales
banking and
business circles in the Pittsburgh district.
—Chas. E. Quincey & Co., 24 Broad St., New
York City, have issued
their current interest table for United States Treasury issues accrued
an
interest table
each different $1,000 bond
for Home
Owners Loan
or note,
during
together with
Corporation and Federal Farm
Mortgage bonds.
—Henry Clews & Co.
announce
the removal of their branch office at 253
Broadway to the ground floor of the Woolworth Building at 233 Broadway.
This office will continue to be in
—Frederic
A.
Pakas,
now
charge of William G. Taylor.
formerly
a
member
of the
New
York Mining
associated with J. Arthur Warner & Co. in t aeir Jersey
C|tvjrffice as trader in mining and oil stocks.
—Jenks, Gwynne & Co., 65 Broadway, New Vork City, have prepared
withdrawal of
Mr. Long in his own firm are Ernest J. Lewis of Los Angeles, Calif.,
and distributors of investment securities.
Co.,
Toole was formerly
associated with its main office at One Wall Street.
Kraft,
Exchange, is
Inc. with offices at 44 Wall St., New York City and of the
Mr.
with Spencer Trask & Co., The firm also announces that
Treasurer of the Pittsburgh Bond Club, and is well known in
Secretary; J. A. Horacek, Treasurer, and W. L. Oden-
kirk, Assistant Secretary-Treasurer.
Mr.
years
Camp, Peter V. Peil, and Sidney G. Vigo, Vice-Presidents;
Paul M. Ohnemus,
connected with Harha-
representative in Pittsburgh, has been appointed sales representative for
Blyth & Co., Inc. in the Pittsburgh territory.
He was recently elected
They
entire LaSalle St., frontage of the 13th floor.
of
was
1 Wall St. announce the opening of an
Co.,
Toole.
Dillon
the month of May 1936 on
Feil, Inc., investment dealers and brokers in
stocks and bonds, announce the opening of new and larger quarters on
same
Edward
Carleton is
The
17.
14.68 at the close of the previous week.
—Enyart, Van Camp &
of
—Owen
—The investment companies common stock price index declined
at
bank counselor for Moody's
he supervised bank portfolios, mainly
Previous to that he
way^& Co., a commercial paper house.
the 1.27 reported a week ago.
Distributors Group, Incorporated.
Jr. is now
department.
uptown New York branch office in the Graybar Building under the manage¬
Average price for 18 bank and trust company stocks as of April 24 was
17,
than six years Mr. McLean was a
of New York State banks.
Average ratio of price to liquidating value for these 20 stocks
decreased .04 from the 1.27 reported a week ago.
93.61 compared with 96.04 on April
more
Investors Service, in which capacity
associated with Newman Bros. & Worms in their bond department.
compared with 29.72
For
a
circular discussing the possible effect of the present
drought menancing
the wheat belt.
—Kean,
announce
Taylor
&
Co.,
members of the New York Stock
the removal of their New York office to 14 Wall St.
Exchange,
\
Volume 142
Financial Chronicle
3023
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY
throughout the list.
COMMERCIAL EPITOME
lots,
Friday Night, May 1, 1936.
Coffee—On
the
25th inst.
closed 1
futures
lower with transactions of 8,750
3 points
to
Rio contracts started
bags.
unchanged and closed 1 to 5 points lower, with sales of 2,500
bags.
Rio de Janeiro futures
and the No. 7 price was up 300
reis.
in the market for actual coffees,
as
to
125 reis higher
50 to
were
There
was
Havre futures closed A to A francs higher.
price.
Santos contracts with sales
to
of 7,250
7
points down for
bags.
closed 2 to 7 points lower with sales of 4,500
Janeiro futures
from Brazil
little trading
which remained unchanged
On the 27th inst. futures closed 6
were
were
and others off
50 reis
highly irregular with
as
much
20 transferable notices
as
15
many
Rio de
offers unchanged
In the local market,
points.
issued
were
Rio contracts
bags.
Cost and freight offers
higher.
against the Santos
con¬
tract, and although most were stopped immediately,
in that contract
again broke under 8c.
brought coffee into
new
tract since
to
May
The declines today
low ground with May Rio selling
down to 4.50c., the lowest price for any
September, 1931.
"Rio" future
con¬
Havre closed A franc lower
A franc higher for futures.
On the 28th inst. futures closed 13 to 14
Santos
contracts
points higher for
bags.
Rio
13 points higher with sales of 4,500 bags.
with
contracts closed 8 to
Rio de Janeiro futures
transactions
were
of
21,500
50 to 125 reis lower.
Cost and
freight offers Brazil continued irregular with some marked
lower and others quoted higher.
The general range of
Santos Bourbon 4s was 8.00 to 8.423^c.
Havre futures
were A to
A franc lower.
Strength in the market today
was
attributed to the news that Brazil might institute a
defense quota of 25% on the 1936-37 crop, and to the further
improvement in the Brazilian exchange rate.
On the 29th inst. futures closed 6 to 7 points down for
Santos contracts, and 4 to 7 points down for Rio contracts.
Sales were 57 lots, or 14,250 bags, in the "D" and 31 lots,
or
7,750 bags in the "A."
Brazilian cables reported the
exchange rate 40 reis stronger at 17.720, the new schedule
of the futures market 25 to 50 reis higher, and the spot
unchanged at 11.400.
In the Santos contract May and
September were switched at 25 points and March straddles
were
effected at 346 points.
ult. futures
On the 30th
closed 3 to 5 points down on
Santos contracts, and 5 to 7 points down on Rio contracts.
Trading in the former totaled 6,000 bags, and in the latter
4,000 bags.
Cost and freight market Peaberry 4s were
8.00c., while Flatbeans were 20 points higher.
One Santos transferable notice was issues, bringing the total
in that contract against May to 38.
Twenty-one Rio
offered
at
notices have been issued so far.
The Rio futures market
closed lower, with May 25 reis lower at 11$275, and July
off the same amount at 11S200.
Spots were unchanged
11$400 and the open dollar rate 80 reis weaker at 17S800.
Today prices closed 5 to 10 points down for the Rio
contract, and 7 to 5 points down for the Santos contract,
with transactions totalling 24 contracts.
Bid prices on the
new Rio coffee contract, which started
today, were 36 to
50 points higher on the various months, compared with
the level of the old contracts.
African coffees, which are
deliverable on the new contract, were offered at 5%c. in
the spot market.
at
Rio coffee prices closed as follow*:
May
July
September
4.411 December
4.571 March
4.691
4.78
4.88
Santos coffee prices closed as follows:
March
7.941 September
—8.061 December
.8.171
May
July
Cocoa—On the 25th inst. futures closed
8.28
8.38
1 point higher.
light, with sales of only 31 lots, or 415 tons.
Cash cocoa in London was unchanged to I Ad. higher, while
futures ruled 1 Ad. higher for all but the late delivery, which
was unchanged.
Transactions in futures totaled 140 tons.
It is the general belief that liquidation of the May
contract.,
has been fairly well completed, with very few contracts re¬
maining.
Local closing: May, 5.03; July, 5.12.; Sept., 5.20,
and Dec., 5.27.
On the 27th inst. futures closed 2 to 3
Total sales were 291 lots, or 3,899 tons.
points down.
Cash cocoa in the London market was I Ad. higher, and
futures were l^d. lower to I Ad. higher, with 450 tons
traded in the latter market.
In the local market approxi¬
mately 100 lots of May were liquidated, 34 outright, and the
remainder by straddles with later deliveries.
Manufac¬
turers were believed to be fairly active buyers of contracts.
Local closing: May, 5.00; Julyr 5.10; Sept., 5.18; Oct., 5.20;
Dec., 5.25.
On the 28th inst. futures closed 1 point lower
Trading
very
GOODS—WOOL—ETC.
or
965 tons.
Trading
was
very
light, totaling 72
London closed steady, unchanged to 1 An,d.
lower.
It is reported that chocolate manufacturers here
keep buying actual cocoa on all minor recessions. However, it
is learned from certain quarters that these interests have not
been able to accumulate enough at steady prices to add to
their
reserve
stocks—which
are
estimated at but 60 to 90
days forward needs.
Several manufacturers are reported
so lightly
supplied with Superior Bahias from Brazil that
they cannot fill a month's business.
To this situation is
ascribed the widening premiums on this grade over the May
future.
Local closing: May, 4.99; July, 5.09; Sept., 5.17;
Dec., 5.24; Mar., 5.32.
On the 29th inst. futures closed
7 to 4 points up.
Sales for the day totaled 159 lots, or- 2,131
tons.
London cash cocoa unchanged, and futures IA to
4^d. higher.
Sales of the latter 370 tons.
A large portion
of the business on the local
Exchange was confined to the
May option in the form of liquidation and switching to more
distant deliveries.
Towards the close shorts were bidding
aggressively for May, and there being a scarcity of offerings,
the price advanced 7 points above the previous trading level,
sixteen new notices were tendered, bringing the total thus
far to 31.
Local closing: May, 5.06; July, 5.14; Sept., 5.22;
Oct., 5.23; Dec., 5.28.
On the 30th ult. futures closed 1 to 2 points lower.
Trans¬
actions totaled 16 lots, or 214 tons.
The market was dull.
Closing: July, 5.12; Sept., 5.20; Dec., 5.27; March, 5.35.
Today prices closed 4 to 2 points up.
Sentiment on cocoa
futures was better, with May liquidation completed, and
prices rallied considerably, closing at about the highs of
the
day.
The improvement followed better European
markets and London buying in this market.
Offerings of
actual cocoa were held for high figures, and manufacturer
demand was again in evidence.
Trading was largely in
Sept. and Dec.
Local closing: Sept., 5.24; Dec., 5.29;
March, 5.37; May ('37), 5.42.
1
Sugar—On the 25th inst. futures closed unchanged to
point lower.
Transactions totaled 300 tons.
In the
market for raws an operator bought 3,000 tons of Philippines,
June-July shipment at 3.85c.
This was considered a little
easier as this sugar had been held at 3.90c. earlier in the
week.
There appeared to be very little interest on the part
of refiners, and no further offers were made or renewed
in the market for raws.
Refined prices remained unchanged
at 5c. locally, with withdrawals still under expectations.
There were reports of resales being made at 4.80c.
London
futures were Ad. lower, with trading quiet.
On the 27th
inst. futures closed unchanged to 2 points higher, with
sales of 4,800 tons.
Although trading was light, the under¬
tone
was
steady.
Forty-one transferable notices were
issued, but they were promptly stopped.
May held at
2.88c., but one point under the eight-year top made last
week.
In the market for raws there was very little of
interest.
An interesting item of news was the report that
Puerto Rican production would be unrestricted this year
because of the necessity of using about 84,000 tons of the
reserve
stocks to meet the quota increase.
It was esti¬
mated that this would mean a jump of about 85,000 tons
in production in this area.
A news dispatch from the
Philippines purported to quote sugar planters as stating
that the 63,000 tons, mentioned by the AAA as part of
the quota which would take the full duty if shipped this
year, would likely not be shipped as a poor crop had already
necessitated the use of all but 53,000 tons of the reserve.
London futures were Ad. higher to Ad. lower, with trading
quiet and raws unchanged.
On the 28th inst. futures
closed 1 point higher to 1 point lower.
Sales were 2,400 tons.
The May contract ruled again at 2.88c., or 1 point under
the eight-year high made last week.
No further notices
were
issued.
There is so much uncertainty concerning
the action of Congress on the many bills before it that
have a bearing on the sugar markets that traders generally
are loath to make any further commitments until a more
definite line is obtained on this prospective legislation.
In the market for raws, offers were about unchanged.
About 60,000 bags of Puerto Ricos due to arrive May and
June, one cargo late July or August, and some May-June
shipment Philippines were offered at around 3.85c.
London
futures were easy at Ad. to Id. lower, while raws were
offered at 4s. llAd., or about 0.93c. f.o.b. Cuba.
On
the 29th inst. futures closed 2 to 3 points off.
In the final
hour futures acted heavy under selling by trade and Wall
Street commission houses, the latter selling having been
induced by the weakness of the stock market.
Cuban
interests were thought to have sold against f.o.b. Cuba
purchases of 1937 sugar.
Total transactions were 269 lots,
or
13,450 tons.
Very little interest was shown on the
part of refiners in the offerings of raw sugar, and no imme¬
diate prospect is in sight for improvement in either price
or
demand, according to observers.
The refiners are
Financial
3024
reported to be covered against their sales of refined mid¬
way through July.
On the 30th ult futures closed unchanged to 2 joints
7,100 tons.
Late buying,
speculative interests, was
responsible for the firmer tone towards the close.
The
higher.
market for
were
were
totaled
Transactions
assumed to
from Wall Street
come
raws was
Porto Ricos for early arrival
inactive.
held at 3.75c., while Philippines for
offered at 3.85c.
London closed
June-July shipment
unchanged to
%d
Today prices
closed 1 to 4 points down.
Trading was fairly active, the
major portion of which was centered in the September de¬
livery, which sold as low as 2.81c.
The cost and freight
market was quiet, with offers unchanged from yesterday.
No sales have been reported here for the last two days.
lower, with transactions totaling 4,000 tons.
34d to %d. Sales there
In the local market transac¬
London futures closed with losses of
estimated at 10,000 tons.
tions totaled 148 contracts.
were
Prices
were as
follows:
2.59
2.84
2.80 January
July
March
2.54 May.
-
—2.80
September.
Lard—On
the
25th
inst.
futures
closed unchanged
to
points lower.
Volume of trading was light and without
any special feature.
Cash demand continues slow and
consuming interests continue to buy on a small scale for
immediate needs.
Final hog prices at Chicago were mostly
10c. lower, due to the heavier receipts than anticipated.
The top price was $10.90.
The Liverpool market was
steadier after the sharp break on Friday.
Closing prices
there were unchanged on the spot position and 9d. higher
on the deferred months.
On the 27th inst. futures closed
5
It was rather surprising to many in
didn't decline considerably further
in view of the extreme weakness of the grain markets, the
lower hog market and declining tendency of most other
markets.
However, there was a steady quiet demand on
the part of trade interests, and this, with some short covering
held the market relatively steady.
Export shipments of
lard over the week were quite heavy and totaled 84,000
pounds, destined for London.
During the past few months
export clearances of lard to Europe have shown a slight
improvement.
Liverpool lard futures closed easier, un¬
changed to 6d. lower.
Receipts of hogs at the principal
Western markets were quite heavy and totaled 70,000,
against 65,000 for the same day a year ago.
Prices at
Chicago declined 15c. to 25c., the top price registering
$10.70, and most of the sales ranged from $10.15 to $10.70.
On the 28th inst. futures closed 7 to 15 points lower.
This
weakness was attributed to the weakness of hogs, which
were off 25c. to 35c.
Commission houses were conspicuous
5 to 12 points lower.
the trade that prices
on
the
However, local
selling side in the early trading.
considerable
further de¬
clines.
During the past two days hog prices at Chicago
have declined 40c. to 50c.
Yesterday prices averaged 25c.
to 35c. lower than Monday's finals.
The top price was
$10 and the bulk of sales ranged from $10 to $10.50.
The
Western hog movement was liberal and totaled 58,000,
against 50,600 for the same day last year.
Liverpool
futures closed easy, 6d. lower on the spot position, and
trade interests and professional shorts offered
resistance to this pressure and stemmed any
9d. to Is. 3d. lower
Shipments of
totaled 39,200 pounds,
for Liverpool.
On the 29th inst. futures closed irregular,
2 points lower to 2 points higher.
Closing hog prices were
steady on the heavyweights and weak on the lightweights.
The top price at Chicago was $10.55, and most of the sales
ranged from $9.85 to $10.45.
Hog receipts were fairly
liberal and total marketings for the Western run were
45,700, against the same figure a year ago.
Liverpool lard
futures declined further and prices at the close were 6d.
lower on the spot position, and 3d. lower on the distant
months.
Export clearances of lard from the Port of New
York were heavy and totaled 298,200 pounds for Liverpool
on
the distant months.
lard for export were rather light and
and Manchester.
'
On the 30th ult. futures closed 15 points down on the May
option, and 2 to 7 points lower for the rest of the list.
Western hog receipts were fairly heavy and totaled 46,200
against 37,900 for the same day a year ago.
Prices in
Chicago at the close were 5c. to 10c. higher, the top price
ruling at $10.65, with the bulk of sales ranging from $9.85
to $10.55.
Liverpool closed irregular, 6d lower on the spot
lard position, while the deferred months were 3d higher.
Foreign demand for lard continues spotty and there were no
shipments reported from the Port of New York.
Today
futures closed 23 points down on the May delivery, and 12
to 20 points down on the rest of the list.
Weakness in hogs,
due to a heavier hog movement than expected, and renewed
weakness in wheat were given as the causes of the declines
in today's lard market.
DAILY CLOSING PRICES
Sat.
OF LARD
Mon.
FUTURES IN
Tuts.
Wed.
CHICAGO
Thurs.
Fri.
May
July
10.87
10.90
10.80
10.80
10.67
10.67
10.67
10.75
10.65
10.65
10.77
10.82
March
10.95
10.85
10.75
10.77
10.62
10.55
September
10.72
10.67
10.52
10.52
10.50
10.70
Pork—Quiet.
Mess, $31.25 per barrel; family, $31.37,
nominal, per barrel; fat backs, $21.25 to $25.25 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., 1534c.; 6 to 8 lbs., 14%c.; 8 to 10 lbs.,
^
May 2, 1936
Skinned, loose, c.a.f.: 14 to 16 lbs., 2034c.; 18 to
Bellies, clear, f.o.b.,
10 lbs., 22c.; 10 to 12
lbs., 20Ac.
Bellies, clear, dry salted, boxed, N. Y.: 14 to
16 lbs., 15Kc.; 18 to 20 lbs., 1534c.; 20 to 25 lbs., 15*4c.;
25 to 30 lbs., 15%c.
Butter, creamery, firsts to higher than
extra and premium marks, 2834 to 2934c.
Cheese, State,
whole milk, held, 1935, fancy: 21 to 22c.
Eggs, mixed
colors, checks to special packs: 1934^'to 2434c.
1434c.
20 lbs., 2034c.; 22 to 24 lbs., 19%c.
New York: 6 to 8 lbs., 2224c.; 8 to
made to hold linseed oil price
bid.
Cake is inactive, and disposal of by-product difficult.
Quo¬
tations: China wood: tanks, forward, 17.9 to 18c., drums,
spot, 1824c,
Coconut: Manila, tanks, April-June, 434c.;
coast, 3«34c to 3 34c.
Corn: crude, tanks, west mills, 834
to
8VsO.
Olive, denatured, spot, Spanish, 73 to 74e.;
shipment, forward, 71 to 72c.
Soya bean: tanks, mills,
634c.; C. L. dms., 8.1c., L. C. L., 8.5c.
Edible. 76 degrees,
1014c.
Lard, prime, extra strained winter, 11 %c.
Cod,
crude, Newfoundland, nominal; Norwegian yellow, 36c.
Turpentines, 40 to 44c.
Rosins, $4.50 to $5.90.
Oils—An attempt is being
at
8.8c., but it is reported that 8.7c. can be done on a
Cottonseed
Oil
Crude, S. E., 714c.
sales, including switches, 94 contracts.
Prices closed
as
follows:
April
May
June
9.08@
9.05©
9.06©
8.77 ® 8.80
9.02@9.08 August
9.05@
September
July
-
October
8.60©
November
8.57@8.70
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 25th inst. futures closed 4 to 7
points
Transactions totaled 650 tons.
Spot ribbed smoked
sheets remained unchanged at 16.00.
London closed un¬
changed to l-16d. higher.
Singapore closed l-32d. higher.
Local closing: May 15.98; July 16.10; Sept. 16.22; Dec.
16.33; March 16.44.
On the 27th inst. futures closed
5 to 7 points lower.
Transactions totaled 1,040 tons.
Spot
higher.
ribbed smokfed sheets declined to 15.96 from 16.00.
London
closed unchanged to 34d. higher.
Singapore closed
to l-16d. advance.
Local closing: May 15.93; July
l-32d.
16.05;
Sept. 16.15; Dec. 16.27; March 16.38.
On the 28th inst.
futures closed 23 to 24 points lower.
Transactions totaled
3,920 tons.
Spot ribbed smoked sheets declined to 15.81
from 15.96.
Singapore closed 1-16 to 3-32d. lower.
London
closed 34 to 3-16d. lower.
In a surprise move the Inter¬
national Rubber Regulation Committee in London raised
the rubber export quotas for the third and fourth quarters,
1936, to 65% of basis quotas, as compared with the present
of 60%.
This will increase the world supply of
quota
rubber for
here
and
this year about 30,000 tons.
Rubber markets
reacted sharply on this decision.
Local
abroad
closing: May 15.70; July 15.81; Sept. 15.92; Oct. 15.95;
Dec. 16.03; March 16.14.
On the 29th inst. futures closed
12 to 20 points higher.
Transactions totaled 4,320 tons.
Spot ribbed smoked sheets in New York advanced to 15.93
from 15.81.
London closed 34d. higher.
Singapore closed
3-32d. to 34d. lower.
Local closing: Mav 15.90; July 15.97;
Sept. 16.06; Oct. 16.09; Dec, 16.16; Jan. 16.19; March 16.27.
On the 30th ult. futures closed 6 to 8 points lower.
Trans¬
actions totaled 1,300 tons.
Spot ribbed smoked sheets
declined
to
15.87
from
15.93.
London
closed
l-16d.
to
34d. lower.
Singapore closed unchanged to l-32d. higher.
Local closing: May, 15.82; July, 15.90; Sept., 15.98; Oct.,
16.01; Dec., 16.10.
Today futures closed 1 to 4 points up.
Although trading
was quiet the undertone was
steady.
Tender of 230 tons for
delivery against May contracts, was made today without
causing any real disturbance to prices.
The London rubber
market closed steady and unchanged to l-16d.
higher.
Local closing: May, 15.83; July, 15.91; Sept., 16.02; Dec.,
16.12; March, 16.23.
Hides—On
the 25th inst. futures closed 2 to 5 points
Transactions totaled 240,000 pounds.
Sales in the
domestic spot market amounted to 2,000 April light native
cows sold on April 23 at 1024, which was a decline of 34c.
from the last previous sale.
In the Argentine spot market
13,000 frigorifico steers sold at 1234c., unchanged from previ¬
ous
sale.
Local closing: June, 11.53; Sept., 11.85; Dec.,
12.14; Mar., 12.46.
On the 27th inst. futures closed 9 to 11
points lower.
Transactions totaled 480,000 pounds.
Stocks
of certificated hides in warehouses licensed by the Exchange
decreased by 1,420 hides to a total of 867,293 hides.
The
domestic spot hide market remained quiet and devoid of
any new feature.
Local closing: June, 11.42; Sept., 11.75;
Dec., 12.05; Mar., 12.37.
On the 28th inst. futures closed
18
to 22
points lower.
Transactions totaled 3,600,000
pounds.
No sales were reported in the domestic spot market,
nor were any
reports received of sales in the Argentine spot
department.
Stocks of certificated hides in warehouses
licensed by the Exchange remained unchanged at 867,293
hides.
Local closing: June, 11.20; Sept., 11.53; Dec., 11.87.
On the 29th inst. futures closed 1 to 3 points down.
Trans¬
actions totaled 2,000,000 pounds.
Sales in the domestic spot
market totaled 12,000 hides,
consisting of March-April
Colorado and butt branded steers at 12c. and 1234c., respec¬
tively.
This reflected a decline of 34c. against the last
previous reported sales of these grades.
In the Argentine
spot market, 2,000 frigorifico light steers sold at 10 15-16c.
against the last sales at 1134 cents, while 1,500 extremes sold
higher.
•
*
Chronicle
a
Financial
Volume 142
at 12 15-16c.
Local
11.84;
12.14.
Mar.,
closing: June, 11.19; Sept., 11.52; Dec.,
points lower.
Trans¬
actions totaled 1,240,000 lbs.
Sales in the domestic spot
markets amounted to 18,000 March-April branded cows at
10c., reflecting a decline of Yc. against the last previous
sale of this grade.
In the Argentine market, 2,500 frigorifico
ight steers sold at 10 15-16c., unchanged.
Local closing:
11.17; Sept., 11.50;.Dec., 11.80; March, 12.10
Today futures closed 10 to 11 points down.
The market
opened 5 points down on all deliveries.
An easy trend was
in evidence throughout the session and prices closed at the
lows of the day.
Transactions totaled 7 contracts or 280,000
lbs.
Certificated stocks of hides in warehouses licensed by
the Exchange remained unchanged at 870,281 hides.
Local
closing: June, 11.06; Sept., 11.40; Dec., 11.69.
Ocean
Freights—Demand of shippers not broad.
Only
West Indies round trips were fairly active.
active in spots.
Charters
included:
Trips—Prompt,
Savannah-West Indies, round,
$1.20.
Prompt,
West
Indies, round,
80c.
North Atlantic, prompt
redelivery,
United
Kingdom-Continent,
$1.40.
Sugar—May,
United
Kingdom-Continent, Santo Domingo, 13s.; Cuba, 14s.
Scrapiron—Boston,
Mass., to one port United Kingdom, 12s. 6d., free discharge, end AprilMay.
New York to United Kingdom, 12s. 9d., free discharge.
Grain
booked—Included 3 loads Montreal-Scandinavia, 14c.; 5 loads New YorkCopenhagen, 12c.; 15 loads New York-Italy, 14c.
Coal—Bituminous production continues to show large
gains over a year ago. Output as forecast for last week was
up 300,000 tons to 7,050,000 tons; the three weeks total
21,180,000 tons, and the weekly average 7,060,000 tons.
Comparable figures of a year back were 16,342,000 tons and
5,447,000 tons. The whole gain is attributed to industrial
consumption and the increased buying power of rural com¬
munities.
Copper—It
is
figured
that
consumers
purchased
this
month
about 160,000 tons of the red metal, an amount
sufficient to meet three months' requirements at the current
rate of
consumption. In view of this fact, the copper market
expected to be unusually quiet during May and probably
through June. With the peak of auto¬
mobile production probably passed, the copper demand will
naturally fall off.
However, several leading copper pro¬
ducers believe that a substantial increase in public utility
buying is in prospect for the near future.
If this should
materialize, the copper trade undoubtedly will be given a
fresh stimulus with advancing prices, even though most of
the other large consumers have met needs for some time to
is
will continue inactive
come.
Tin—This
metal
continues
in
the
doldrums,
with the
volume of business very
light and prices confined within an
extremely narrow range.
Many in the trade are it seems
awaiting April statistics before doing much in a business way.
Tin statistics are expected to be favorable.
It is predicted
that American tin deliveries for the month will total 5,500
to 6,000 tons.
The world's visible supply will probably reveal
but little change. Bolivia is reported to be 8,000 tons behind
her accumulative export quota, and as that country makes up
for lost time, the supplies will gradually become larger.
Tin
afloat to the United States is 5,309 tons.
Tin arrivals so far
this month have been: Atlantic ports, 4,935 tons; Pacific
ports, 125 tons. Commodity Exchange warehouse stocks are
unchanged at 1,202 tons.
Lead—A
good wholesome demand has been in evidence
for this metal, and predictions are made that sales for the
week will very likely total 10,000 tons or over.
Some report
an
uninterrupted brisk demand ever since last week.
All
producers report some orders for June shipment, books
having been opened on Monday.
The bulk of the pur¬
chasing is, however, for May delivery, needs for which are
estimated to be about 50% covered.
Prices are very firm,
and indications would seem to point to a rise in price should
the demand continue brisk.
On the other hand, it is re¬
ported that surplus stocks of lead have not been reduced as
rapidly as is the case with most of the metals.
This may
act
up
as
somewhat of
a
restraint
on
those inclined to mark
the price.
Zinc—The only
redeeming feature of the zinc Situation
large shipments, which seem to have buoyed
up the trade and caused producers to hesitate in any action
to cut prices.
With shipments at 4,000 to 6,000 tons per
week steadily, the industry is regarded as travelling along
in a satisfactory way despite the current low sales.
Unfilled
orders for prime Western and brass special zinc on the
books of the producers are the smallest since Sept.
Zinc
ore production is being cut, and the statistical position of
the entire industry is being kept in a sound condition.
is the continued
Steel—The
industry registered a further gain this week,
operations being estimated at 71.2% of capacity. A
month ago the steel industry was operating at 62% of
capacity, while at this time last year the rate was 43.1%.
The United States Steel Corporation showed the best state¬
ment for any first quarter since 1931, recording
earnings of
94c. on preferred stock for the first quarter. The Corporation
is now operating at about 60% of capacity, and the outlook
is still very promising. Except for the weakness in the iron
and steel scrap markets, there are as yet few definite indica¬
tions that peak operations in the steel industry have been
reached.
Heavy steel demand gained in April, while light
steel declined, except for tin plate, which showed a marked
increase as revealed by the rise in production during the
steel
month
from
3025
65
to
90%
of
capacity.
fabricated structural steel total
On the 30th ult. futures closed 2 to 4
June,
Chronicle
New inquiries
for
40,000 tons, including
12,000 tons for a bridge at Far Rockaway, N. Y., and 10,000
tons for a bridge at Port
Arthur, Texas. The New Haven
over
and the
Lehigh Valley will each repair 2,000 freight cars.
Chesapeake & Ohio has issued formal inquiries for 5,400
freight cars, while the Pere Marquette will buy 500 auto¬
mobile cars. Probably structural steel is showing the most
rapid improvement among the heavy steels. March ship¬
ments were 102,478
tons, against 73,477 tons in February.
Contracts closed during March were 104,868 tons
against
133,477 tons. It is estimated that consumption of tin plate
this year will reach over
2,000,000 boxes of tin plate for
beer cans alone, demand from this source
having shown a
heavy increase.
The
:
f
•
.
Pig
.
■
Iron—Notwithstanding the impressive
showing of
industry, the pig iron business for the month of
April has been quite disappointing, and the trade is now
hoping for some real activity to develop in May. Perhaps
the chief reason for this
dullness, which has been prevalent
now since
the first of the year, is that
castings, the chief
product of pig iron, are being replaced in many instances
by substitutes.
Thus, makers of machinery who formerly
used a cast iron base are
substituting sections of structural
steel that are welded
together.
Rapid strides in the manu¬
the steel
facture of finished steel have made inroads into the demand
for
castings.
for
cast
However,
no substitute has yet been found
cylinder blocs in automobiles, so
car manufacturers remain
important consumers
of iron.
With the automotive
industry going strong for
several weeks past, and still
showing up well, it is believed
that very shortly the
pig iron trade is bound to reflect the
sustained improvement in steel and the automotive indus¬
tries.
Since cycles in pig iron often
lag behind those in
finished steel, the pig iron trade feels that even with finished
steel on the downgrade
pig iron will still be advancing.
Prices are holding firm.
iron
and
steel
that motor
Wool;—No
wool
appreciable change has
situation.
There is
no
there doesn't
taken place in the
to prices, and
successful getting together of
definite
trend
seem to be
any
the different elements in the trade.
The mill
for cheaper raw material.
Dealers would be
demand
is
glad to meet the
market provided they could
acquire Western wool for
worsted manufacturing on a
satisfactory basis. The greater
part of the United States wool clip coming out of the thirteen
Western States,—most of it yet to be sheared—is in
strong
hands.
Growers generally appear to be well informed on
situation, knowing the Eastern need of wool and the
high prices prevailing for foreign apparel wools, and ap¬
parently are disposed to let things drift, feeling that eventu¬
ally the generality of dealers and manufacturers will ack¬
nowledge their strong position by meeting their prices. At
the present time there doesn't seem to be
any real prospect
of a break in the situation.
Meanwhile, sales of half-blood
and fine clips of Texas and
territory origin range from 81c.
to 85c., though some owners of old
clip territory half-blood
are still
asking 85c.
Foreign apparel wools are arriving in
Boston in about equal volume to new
clip domestic wool.
Late imports from New Zealand
comprised 6,236 bales of
greasy, 303 bales of slipe and 102 bales of scoured wool.
the
Additional
re-exports
of
quantities and destinations
Australian
are
are
Silk—On the 27th inst. futures closed
totaled 2,110 bales.
Spot
Transactions
$1.66.
In the
occurring,
but
not available.
to 2%e. lower.
advanced 2c. to
Japanese market Grade D advanced
73^
to
10 yen, reaching price levels of
717^ to 720 yen.
Yoko¬
hama futures gained 8 to 29 yen, while the Kobe bourse
closed, at 1 to 29 yen higher.
Total cash sales for both
centers
were
bales.
275
Local
bales, with total future trades of 8,950
closing: May, 1.52^; June, 1.52; July, 1.47^;
Aug., 1.45K; Sept., 1.45^; Oct., 1.44^; Nov., 1.45;
Dec., 1.44.
On the 28th inst. futures closed
33^ to 5c. higher.
Trans¬
Spot advanced 3^c. to $1,663^.
There was no outstanding feature to the trading, the
strength
being ascribed largely to short covering on the part of the
professional element.
Japanese cables came in steady.
Grade D advanced 5 to 10 yen, bringing this grade to 7223^
yen in Yokohama and 730 yen in Kobe.
On the Yokohama
Bourse futures were unchanged to 7 yen higher, and at
Kobe 8 yen up to 10 yen lower.
Sales of cash silk in both
markets totaled 225 bales, while 7,300 bales of futures
changed hands.
Local closing: May, 1.56; June, 1.56;
July, 1.51; Aug., 1.49; Sept., 1.48Oct., 1.49; Nov., 1.48;
Dec., 1.48.
actions totaled 950 bales.
On the 29th inst. futures closed 1 to lj^c. loweri
Trans¬
totaled 900 bales.
Spot declined Yc. to $1.66.
There were no markets in Japan because of a national
actions
holiday.
Local closing: May, 1.56; June, 1.55; July, 1.51;
Aug., 1.483^; Sept., 1.48; Oct., 1.473^; Nov., 1.48; Dec.,
1.47^.
On the 30th ult. futures closed
33^ to 5c. higher.
Sales
Spot advanced 4c. to $1.70. Following
Wednesday's holiday, Japanese Bourses reported gains of
17 to 29 yen and 16 to 25 yen, the former range at Yokohama
and the latter range at Kobe.
Grade D advanced 223^ yen
in Yokohama and 15 yen in Kobe, the
price ruling at 745
yen at both centres, or 35 yen above the recent low of 710
yen.
Transactions on both Bourses totaled 4,000 bales.
totaled 1,240 bales.
Local
closing:
1.59; July, 1.56; Aug.,
1.60; June,
May,
statistics
Exported to—
From,
1.51^; Dec., 1.51^.
down.
Monthly silk
selling of silk futures, with
1.53; Sept., 1.52; Oct., 1.52; Nov.,
Today futures closed 1 lA to 23^c.
1 1935 to
Aug.
Britain
Exports from
23^c. lower early this
afternoon and finally closed at the lows of the day.
Total
sales were 35 contracts.
The price of crack double extra
silk in the New York spot market was unchanged at 1.70.
The Yokohama Bourse closed unchanged to 8 points lower,
Houston..
59,931
Corpus Christi.
Texas City
Mobile
Jacksonville
&c.
Savannah
Charleston
1.50; Dec., 1.49.
26,609
49,009
2,166
38,085
38,018
30,706
4,051
8,854
COTTON
-
-
-
-
•,
——-
-
—
-
-
-
-
-
-
50
——-
-
•
1,668
1,384
55
—
-
-
-
-
-
-
-
3,659
---«
-
-
9,092
6,694
-
-
-
300
----
1,086
792
-
-
16,024
9,200
-
2,609
4,020
■
1,224
1,152
•
----
-
-
-
1,130
----
7,376
1,700
-
2,897
8,564
-
'
2,439
2,200
Boston..
494
8,724202,805 1166,826
41,355
13,337
3,500 27,017 266,488
32,382
22,151
761
----
..
----
----
4,393
Gulfport
9,662 213,510 1143,866
13,208286,498 1409,645
1,078 46,159 278,464
6,838
2,769
200,282
3,042
3,385
Norfolk
China
150
105,820
1,568
80,634
96,543
144,814
■
_
745
108
139,542 102,829
7,477
3,918
9,014
Wilmington
New York_
965
250
4,567
Lake Charles
Pensacola,
176,818 74,408
196,169 101,346
31,191 18,239
836
254,243 258,401
Orleans
Total
Other
Japan
375,223
427,992
67,945
2,109
Italy
many
53,921
----
6,976
Beaumont
except for June, which was 1 point higher.
Grade D silk
advanced 10 yen to 755 yen. a bale.
Local closing: June,
1.57; July, 1.54; Aug., 1.51; Sept., 1.50; Oct., 1.50; Nov..
France
157,598 136,647
246,993 137,439
Galveston
New
Ger¬
Great
May 1 1936
were productive of some
the result that the market was llA to
1936
May 2,
Chronicle
Financial
3026
-
-
-
-
-
-
250
-
-
'
,
----
1,656
8,053
2,379
143,953
157,240
182,214
4,351
15,177
12,435
12,881
10,052
14
'
Baltimore
Friday Night. May 1, 1936.
The
indicated by
of the Crop, as
Movement
tele¬
our
San
is given below. For the
week ending this evening, the total receipts have reached
20,044 bales, against 34,771 bales last week and 34,922 bales
the previous week, making the total receipts since Aug. 1,
1935, 6,340,725 bales, against 3,856,197 bales for the same
period of 1934-35, showing an increase since Aug. 1, 1935,
from the South tonight,
grams
of
-
l
----
-
14
—
Francisco-
45
34,269
3,306
312
----
229
77
13,519
*'
•
-
-
-
184,925
57,313
-
'
----
----
•
'
-
—
-
---
6,350
270,602
315
315
—
.-11203,7141642,266 766,827335,7901385,513
Total
-
5,789
6,098
2,727
•
68,669
36,172 838,402 i 5208,684
1934-35-1 657,927340,648 346,039 416,847,1361.029100,849 718,7643942,103
Total 1933-34- 1158,441 707,469
1288,506 596,683 1 586,812 236,867 903,89 7 6478,675
Canada—It has never been our practice to include in the
shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
NOTE—Exports
to
above table reports of cotton
the same from week to week, while reports from the customs
returns concerning
2,484,528 bales.
-
31,791
5,011
Seattle
Total
-
210
PhiladelphiaLos Angeles
v
slow in coming to hand.
In view,
receiving regarding the matter, we will
the Dominion the present season
have been 20,612 bales.
In the corresponding month of the preceding season the
exports were 12,341 bales.
For the eight months ended March 31, 1936, there were
173,222 bales exported, as against 160.724 bales for the eight months of 1934-35.
districts on the Canadian border are always very
however, of the numerous inquiries we are
438
Houston
Corpus
Christi.
611
—-
—
73
108
262
243
797
42
_
1,489
236
567
1,710
426
Galveston
-
-
-
-
3,132
3,828
1,644
2,109
659
1,994
28
415
186
276
889
243
194
129
12
87
Savannah
_
8
44
963
——
—
-
-
—
-
-
-
mJ
"
—
-
-
-
-
-
29
882
Charleston.
10
__
_
-
_
—
.
-
—
-
14
296
239
84
678
521
67
62
98
128
__
521
-
-
—
Baltimore
-
_
.....
On
2,600
3.759
1,610
3,944
4,520
3,611
Leaving
Houston
New
Receipts to
May 1
Stock
Since Aug
This
Week
1 1934
1935
1936
16,090
17,597
5,701
Total 1936-
882,069
11
62,843
4,258 1,049,489
189
273,521
4,693
5",828 973,378
536,651
3,199
378,576
40,183
30,240
395,434
362,991
12,081
648,597
47,167
"768
129", 105
118",688
8,780
3,505
84,316
11,423
310
72,077
6,810
112,395
3,132 1,489,047
44,479
3~,828 1,669,427
42
270,007
38,036
7,290 1,642,269
Beaumont
New Orleans
370",478
1,247
Corpus Christi
3,252
2",037
Texas City
Houston
159,348
3,693
302,781
Gulfport
Mobile
Pensacola
Jacksonville
814
509,969
3,215
184,759
103,471
42", 678
42",067
15,879
20,511
32,049
16,865
19,478
21.632
"3",986
17;701
398
Savannah
3,569
2,485
459
Brunswick--
"963
209", 062
'554
10
55,818
21,478
38,730
142
97
678
353
140,457
36,652
16,576
51,165
521
Charleston
26,072
29
24,508
Lake Charles
296
Wilmington
Norfolk—
N'port News, &c_
New York
Boston
Baltimore
1,775
Philadelphia
15,7913,856,197 1,817,291 1,907,841
20,044 6,340,725
Totals
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
1933-34
1934-35
1935-36
Receipts at—
1930-31
1931-32
1932-33
3,252
4,258
5,828
Mobile
Savannah
1,247
310
33,401
7,279
27,199
2,488
1,264
963
554
904
3,354
735
296
97
120
955
320
826
678
353
235
911
266
275
Houston
_
Orleans.
768
19
Brunswick
—
Wilmington
_
_
Norfolk
Newport News
-
-
-
-
Total this wk_
-
-
-
-
-
-
-
------
371
2,326
20,044
15,791
75,235
90,027
-
-
1,035
2,389
6,312
Since Aug. 1__ 6,340,725 3,856,197 6,896,498 7,789,791
1,517
------
------
------
-
573
All other
31,266
53,102
9,239,706 8,272.275
the week ending this evening reach a total
59,835 bales, of which 9,055 were to Great Britain,
2,573 to France, 7,534 to Germany, 11,112 to Italy, 19,037
to Japan, 50 to China, and 10,204 to other destinations.
In the corresponding week last year total exports were 88,451
bales.
For the season to date aggregate exports have been
5,208,684 bales, against 3,942,103 bales in the same period
of the previous season.
Below are the exports for the week:
The exports for
of
Week Ended
Exported to—
May 1 1936
Exports from—
Great
Ger¬
Britain
Galveston
France
2,306
906
Houston
-
-
-
Corpus Christi--
-
-
--
---•
New Orleans
-
-
-
-
Pensacola, Ac...
-
—
944
■
4,318
884
-
1,479
4,758
2,385
8
168
10,430
-
—
•
-
-
—
_
-
736
----
663
2,346
1,245
9,055
2,573
7,534
11,112
19,307
14,080
12,497
5,457
1,951
5,654
6,118
14,911
29,012
66,016
775
9,514
11
381
1,445
,
50
-
180
338
663
11,609
917
1,835
-
365
13,877
2
1,107
Los
18,021
884
_
3,048
11
193
Total
Other
■
500
8,061
.
4,349
Norfolk
Angeles
-
50
12,360
1,216
3,895
-
China
Japan
105
Jacksonville
Charleston
-
61
Lake Charles
Mobile
-
-
Italy
many
610
2,969
Total 1934--.
22,000
25,288
10,840
5,500
l",6l7
514,651
353.288
384,594
179,259
42,678
117,671
32,049
128,456
10,204
59,835
27,355 88,451
20,073 127,931
9,262
5,623
9,198
3,669
5,996
6,845
33,850
37,555
51,559
1,774
1,603
3,500
64,645 1,752,646
68,374 1,839,467
76.803 2.790,4 88
Speculation in cotton for future delivery was decidedly
active, but at the expense of prices.
The market was
under severe pressure for two successive days during the
early part of the week as a result of predominantly bearish
weather reports.
Generous soaking rains were received in
many areas of the cotton belt where urgently needed. There
were other bearish influences such as pronounced weakness
more
in
the
stock
and
grain markets.
market
of the cotton
as
Some viewed the action
not so unfavorable
when the pre¬
ponderance of bearish factors is considered.
On the 25th inst. prices
closed 6 points lower to 3 points
During most of the session the trading was quiet,
but towards the close a moderate selling movement developed
higher.
and there
being no appreciable support, prices sagged.
The
May delivery, however, was pretty well supported and was
the only month to show a gain at the close, the other months
being off 4 to 6 points.
Predictions of unsettled weather in
the Southwest for over the weekend, influenced considerable
deliveries.
Trading was narrow and
Liverpool market, though prices were
steady unchanged to 1 point lower.
Average price of mid¬
dling based on the 10 designated spot markets Saturday, was
11.55 cents.
On the 27th inst. prices closed 6 to 11 points
selling of the
1,705
4,157
11,077
5,360
5,314
10,737
7,752
19,991
7,854
3,058
22,555
24,058
24,310
4,137
3,435
3,132
3,828
7,290
2,037
Galveston
Total 1934_
"756
Other ports..
Total 1935---
Total
174
6,000
1,420
1,842
136
Total
Since Aug
1 1935
Galveston
Total 1935
1,600
700
2,833
Norfolk
j
This
Week
Charleston
10,600
16,307
3,743
2,500
"317
Savannah
1934-35
wise
Stock
Coats-
Foreign
3,000
_____
Orleans.
Charleston
Mobile
1935-36
Other
many
France
3,100
7,251
2,422
Galveston
the week's total receipts, the
Aug. 1 1935 and stocks to-night, compared with
last year:
New
Ger-
Britain
20,044
The following table shows
total since
we
Shipboard Not Cleared for-
May 1 atGreat.
Totals this week.
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
10
282
'
Lake Charles
Wilmington
In addition to above exports, our
7,290
2,037
1,247
825
that for the month of March the exports to
42
_
-
say
884
New Orleans—;_
Mobile
Norfolk-
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
featureless
down.
the
new crop
in
There
market
the
were a
on
this
combination of factors working against
Beneficial rains in the drouth
date.
belt, together with weakness in the wheat
considerable liquidation
also active.
As a result
the market was heavy throughout most of the session, prices
closing at about the lows of the day.
Offerings of May
cotton were rather liberal in view of Tuesday being first
notice day.
Certificated stocks at the eight delivery points
fell 492 bales to total 16,957 bales.
In view of the fact that
much of this cotton is by the Producers' Pool, the trade does
not
anticipate notices, except possibly against limited
amounts.
There were no evidences of further selling of May
by the Producers' Pool.
A gradual narrowing of differences
between the average price of spot cotton at the eight delivery
points and the May contract, attracted attention, as the
pool announced some time ago it would sell its May contracts
only on a parity with the average price of spot cotton at the
eight delivery points.
The Cotton Exchange Service an¬
nounced that the pool last week sold approximately 2,000
running bales of spot cotton and 6,900 of May contracts,
which reduced its holdings of May to 193,100 bales, and of
spot cotton to about 212,000 bales.
The average price of
middling cotton at the usual designated spot centres was
11.59 cents.
On the 28th inst. prices closed 3 to 6 points
area
of the cotton
and stock markets, brought about
and hedge selling.
The shorts were
lower.
Further rains in the Western cotton belt caused
extensive
more
liquidation, resulting in further declines.
The
only support the market had was short covering by local
traders at the close and moderate buying by trade interests,
hardly sufficient to bring about a real recovery.
Yesterday
Financial
3026
closing:
May, 1.60; June, 1.59; July, 1.56; Aug.,
1.53; Sept., 1.52; Oct., 1.52; Nov., 1.513^; Dec., 1.513^.
Today futures closed 1% to 2L£c. down.
Monthly silk
Local
were productive of some selling of silk futures, with
the result that the market was \ Yi to 23^c. lower early this
statistics
finally closed at the lows of the day.
Total
The price of crack double extra
afternoon and
sales
35 contracts.
were
market was unchanged at 1.70.
The Yokohama Bourse closed unchanged to 8 points lower,
except for June, which was 1 point higher.
Grade D silk
advanced 10 yen to 755 yen. a bale.
Local closing: June,
1.57; July, 1.54; Aug., 1.51; Sept., 1.50; Oct., 1.50; Nov..
silk in the New York spot
1.50; Dec., 1.49.
Exported to—
From
Aug.
1935 to
1
Ger¬
Great
May 1 1936
France
Britain
Exports from
Houston
Corpus Christi.
6~976
Beaumont
26,609
&c.
2,166
Savannah
Charleston
1,668
4,393
9,200
9,092
6,694
from the South tonight, is
438
567
236
73
108
611
42
797
243
262
1,489
884
1,644
2,109
659
1,994
28
Christi.
1,710
426
Galveston
Houston
Corpus
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
415
186
276
889
243
194
129
12
87
8
44
_
New Orleans
Mobile
-
825
Savannah
882
Charleston
Lake Charles.—
—
—
-
29
-
-
-
-
-
•
-
-
-
-
-
300
55
792
-
-
-
-
-
-
-
-
-
2^897
98
128
Norfolk
"210
""45
"77
31,791
5,011
Angeles...
13,519
14
5",789
34,269
3,306
San
Francisco.
312
184,925
6,098
6,350
270,602
57,313
2,727
68,669
315
229
Seattle
Total.
1203,714^42,266! 766,827^35,790J1385,513
Total 1934-35.
| 657,927340,648
Total 1933-34. 1158,441707,4691288,506
596,6831586,812236 ,867 903,897 6478,675
Canada—It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
NOTE—Exports to
the same from week to week, while reports from the customs
7,290
2,037
1,247
963
521
521
In addition to above exports, our
On
shows the week's total receipts, the
Aug. 1 1935 and stocks to-night, compared with
Leaving
Stock
1934-35
10,600
16,307
3,743
2,500
"317
_
1,600
"700
6,000
1,420
1,842
2,833
136
174
Total
22,000
25,288
10,840
5,500
This
Since Aug
Since Aug
1 1934
This
1 1935
Week
1935
1936
ports...
Total 1936.
16,090
17,597
5,701
.
Total 1935
273,521
4,693
973,378
536,651
3,199
378,576
40,183
30,240
395,434
362,991
12,081
648,597
47,167
"768
129", 155
118",688
84,316
"310
72,077
6,810
112,395
8,780
3,505
184,759
11,423
3,215
103,471
42,678
15,879
20,511
32,049
42,067
16,865
in
the
19,478
21.632
of
the cotton
"3",986
17",701
398
3,569
2,485
3,132 1,489,047
44,479
3",828 1,669,427
42
270,007
38,036
7",290 1,642,269
5",828
2,037
370",478
Savannah
Brunswick
1,247
159,348
3,693
302,781
Charleston
"963
209",062
"554
10
55,818
21,478
38,730
882,069
3,252
142
Galveston
Texas City
Houston
Corpus Christi—
Beaumont
-
New Orleans
11
62,843
4,258 1,049,489
189
•
Gulfport
Mobile
Pensacola
Jacksonville
814
509,969
459
Lake Charles
Wilmington
296
Norfolk
678
97
353
N'port News, &c_
New York
Boston
1,775
24,508
29
26,072
521
Baltimore
Philadelphia
15,791 3,856,197 1,817,291 1,907,841
20,044 6,340,725
Totals--
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
Orleans.
Mobile
Savannah
768
310
—
...
-.
19
'
296
678
_
.
Norfolk.
353
Newport News
371
573
-»
—
mmm.
3,354
735
120
235
m.
All other
1,517
'
904
554
97
963
—
Wilmington
-»
10,737
7,752
19,991
7,854
3,058
1,705
4,157
11,077
5,360
5,314
955
320
911
266
m.
m.
826
275
_
m.
1,035
2,389
6,312
2,326
31,266
90,027
53,102
20,044
15,791
75,235
Since Aug. 1__ 6,340,725 3,856,197 6,896,498 7,789,791 9,239,706 8,272.275
Total this wk_
for the week ending this evening reach a total
59,835 bales, of which 9,055 were to Great Britain,
2,573 to France, 7,534 to Germany, 11,112 to Italy, 19,037
to Japan, 50 to China, and 10,204 to other destinations.
In the corresponding week last year total exports were 88,451
bales.
For the season to date aggregate exports have been
The exports
of
5,208,684 bales, against 3,942,103 bales in the same period
of the previous season.
Below are the exports for the week:
Exported to—
Week Ended
May 1 1936
Exports from—
Great
Britain
Ger¬
France
906
Houston
Corpus Christi..
New Orleans
Lake Charles
-
-.
-
..
China
50
12,360
4,318
944
2,385
663
-
8
-
—
—
-
_
_
_
_
884
11,609
168
10,430
_
„
_
_
_
11
381
180
338
365
_
-
^
-
736
1,445
-
...
(
663
2,346
1,245
9,055
2,573
7,534
11,112
19,307
50
Total 1935
14,080
Total 1934
12,497
5,457
1,951
5,654
9,514
6,118
14,911
29,012
66,016
2,969
-
2
-
•
193
Norfolk
-
1,835
-
1,107
Los Angeles
-
3,048
18,021
13,877
917
-
11
1,479
-
500
8,061
105
4,349
—
Total
Other
4,758
884
61
Jacksonville
Charleston
3,895
-
—
Pensacola, Ac—
1,216
.
_
Mobile
Japan
Italy
many
610
2,306
Galveston
775
10,204
59,835
27,355 88,451
20,073 127,931
6,845
33,850
37,555
51,559
1,774
1,603
3,500
64,645 1,752,646
68,374 1,839,467
76.803 2.790,488
early part of the week as a result of predominantly bearish
Generous soaking rains were received in
weather reports.
of the cotton belt where urgently needed. There
other bearish influences such as pronounced weakness
many areas
stock
and
grain markets.
market
as
not
so
Some viewed the action
unfavorable when the pre¬
ponderance of bearish factors is considered.
On the 25th inst. prices
closed 6 points lower to 3 points
During most of the session the trading was quiet,
but towards the close a moderate selling movement developed
and there being no appreciable support, prices sagged.
The
May delivery, however, was pretty well supported and was
the only month to show a gain at the close, the other months
being off 4 to 6 points.
Predictions of unsettled weather in
higher.
the Southwest for
over
the weekend, influenced considerable
deliveries. Trading was narrow and
Liverpool market, though prices were
steady unchanged to 1 point lower.
Average price of mid¬
dling based on the 10 designated spot markets Saturday, was
11.55 cents.
On the 27th inst. prices closed 6 to 11 points
down.
There were a combination of factors working against
featureless
the
market
new crop
in
the
on
this
date.
Beneficial rains in the drouth
belt, together with weakness in the wheat
and stock markets, brought about considerable liquidation
and hedge selling.
The shorts were also active.
As a result
the market was heavy throughout most of the session, prices
closing at about the lows of the day.
Offerings of May
cotton were rather liberal in view of Tuesday being first
area
—
9,262
5,623
9,198
3,669
5,996
514,651
353,288
384,594
179,259
42,678
117,671
32,049
128,456
Speculation in cotton for future delivery was decidedly
more active, but at the expense of prices.
The market was
under severe pressure for two successive days during the
selling of the
22,555
24,058
24,310
4,137
3,435
33,401
7,279
27,199
2,488
1,264
3,252
4,258
5,828
3,132
3,828
7,290
2,037
1,247
Galveston
Houston
1930-31
1931-32
1932-33
1933-34
1934-35
1935-36
Receipts at—
Total 1934
were
140,457
36,652
16,576
51,165
l",0l7
Norfolk
Other
Week
Total
wise
Stock
Coats-
Foreign
3.000
Orleans.
700
2,422
Houston
New
Other
many
France
3,100
7,251
Galveston
Savannah
1935-36
Charleston
Ger¬
Britain
Charleston
Receipts to
May 1
Brunswick
Shipboard Not Cleared for—
Great
Mobile
New
telegrams to-night also
May 1 at—
20,044
2,600
last year:
we
there were
for the eight months of 1934-35.
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
678
The following table
total since
173,222 bales exported, as against 160,724 bales
10
84
-
3,759
1,610
3,944
4.520
in coming to hand.
In view,
regarding the matter, we will
For the eight months ended March 31, 1936,
exports were 12,341 bales.
296
-
——
3,611
36,172 838,402 5208,684
346,039:416,847,1361,029'l00 ,849 718,764 3942,103
42
239
Baltimore
Totals this week.
3,132
3,828
-
10
-
67
62
1,656
8,053
4,351
15,177
12,435
12,881
10,052
that for the month of March the exports to the Dominion the present season
have been 20,612 bales.
In the corresponding month of the preceding season the
14
-
-
250
7,376
1,700
182,214
say
282
■
—
Wilmington
2,379
143,953
157,240
1,130
1,086
districts on the Canadian border are always very slow
Sat.
266,488
50
however, of the numerous inquiries we are receiving
Receipts at—
27,017
315
Los
returns concerning
2,484,528 bales.
3^500
14
Philadelphia...
given below. For the
week ending this evening, the total receipts have reached
20,044 bales, against 34,771 bales last week and 34,922 bales
the previous week, making the total receipts since Aug. 1,
1935, 6,340,725 bales, against 3,856,197 bales for the same
period of 1934-35, showing an increase since Aug. 1, 1935,
of
3,659
Baltimore
tele¬
our
L384
1,224
1,152
Boston
indicated by
the Crop, as
Movement of
The
16*024
8,854
2,609
4,020
2,200
New York....
Friday Night, May 1, 1936.
grams
3", 385
761
4,051
..
Gulfport
COTTON
3,042
32,382
38,085
38,018
30,706
Wilmington.
Norfolk
22,151
49,009
2~439
Jacksonville--.
8,724 202,8051166,826
41,355
13,337
150
9,014
105,820
1.568
80,634
96,543
144,814
Mobile
,662 213,5101143,866
,208 286,4981409,645
,078 46,159 278,464
6,838
2,769
494
8,564
200*282
745
108
139,542 102,829
3,918
7,477
4.567
Lake Charles..
Pensacola,
965
836
254,243258,401
Orleans..
Total
375,223
427,992
67,945
2,109
176,818 74,408
196,169 101,346
31,191 18,239
250
Texas City
Other
China
Japan
Italy
many
157,598136,647
246,993137,439
59,931 53,921
Galveston
New
1936
May 2,
Chronicle
of the cotton
notice
Certificated stocks at the eight delivery points
16,957 bales.
In view of the fact that
much of this cotton is by the Producers' Pool, the trade does
not
anticipate notices, except possibly against limited
amounts.
There were no evidences of further selling of May
by the Producers' Pool.
A gradual narrowing of differences
between the average price of spot cotton at the eight delivery
points and the May contract, attracted attention, as the
pool announced some time ago it would sell its May contracts
only on a parity with the average price of spot cotton at the
eight delivery points.
The Cotton Exchange Service an¬
nounced that the pool last week sold approximately 2,000
running bales of spot cotton and 6,900 of May contracts,
which reduced its holdings of May to 193,100 bales, and of
spot cotton to about 212,000 bales.
The average price of
middling cotton at the usual designated spot centres was
11.59 cents.
On the 28th inst. prices closed 3 to 6 points
day.
fell 492 bales to total
lower.
Further rains in the Western cotton belt caused
extensive
more
liquidation, resulting in further declines.
The
only support the market had was short covering by local
traders at the close and moderate buying by trade interests,
hardly sufficient to bring about a real recovery.
Yesterday
Financial
Volume 142
notice
was
day for May contracts, and while only one
issued in the local market, selling of this delivery
heavy and there
also extensive switching of long
accounts in that month to later deliveries.
The steady
narrowing of the difference between May and the spot
price has caused considerable nervousness among those
was
where the Producers'
Pool may begin releasing
their May
figured at approximately 192,000 bales.
The weather map revealed extensive rains over the greater
part of Texas and in portions of Oklahoma.
As a con¬
sequence a wave of selling set in that carried prices 8 to 10
points below the previous close, the maximum decline for
the day.
Average price of middling based on the 10 desig¬
nated markets was 11.43 cents.
On the 29th inst. prices
closed 2 to 5 points down.
Trading was moderately active,
with pressure largely in the nearby positions.
Under this
selling prices dropped 5 to 9 points, which proved to be the
maximum declines of the day.
May sold down to 11.40
cents, but recovered and closed at 11.45 cents.
News and
developments were decidedly bearish, and considering this
fact, the market held up surprisingly well.
With the ex¬
ception of Oklahoma, where rains were regarded as still
insufficient—most of the areas throughout the Western belt
received beneficial rains.
The report, however, pointed out,
that temperatures continued too low for good germination
and growth of early planted cotton in the eastern half of the
belt.
However, the report was sufficiently bearish to induce
contracts, which
rather
on the part of professionals and the
South, especially in the new crop positions.
The heaviness
of the stock market and the downward tendency of wheat,
adverse influences that should have had quite a de¬
pressing effect.
There was considerable selling of July and
continued May liquidation, though there were no signs of
any pool dealings.
Spot houses and New Orleans brokers
sold July prominently in the latter half of the day.
Jap¬
anese interests accumulated most of the
offerings on a scale
down, as did the trade.
Average price of middling based
on the 10
designated spot markets Wednesday, was 11.36
cents, compared with 11.43 cents Tuesday.
On the 30th ult. prices closed steady, unchanged to 2
were
points
down.
Trading was moderately active.
The out¬
standing features of the day's business were the sale of
about 12,000 bales of July contracts against purchases of
loan cotton in the South and
of
brokers
in
on
and
May
contracts
were
rallied, and this seemed to have
a
sell¬
pool
through
out
came
bids at 11.45c., with a few sales at 11.46c.
the day stocks
some
sale of 7,000 bales of May by
Houses with Southern connections
July,
Later
whole¬
effect generally, cotton prices rallying from the earlier
depressed state.
Futures—The
highest,
Saturday
There
was
little in the
to serve as an
news
Monday
Tuesday
Apr. 25
Apr. 27
Apr. 28
in
making
commitments.
Demand for spot
Recent developments indicated a decline
in the spot basis in the South.
The average price of mid¬
dling at the eight delivery points was 11.46c., and at 10
designated markets 11.36c.
quiet.
Today prices closed 4 to 12 points up.
Trading was quiet
during most of the session.
Chief supporters of the market
included
the
Liverpool.
Continent, Wall Street, shorts, the trade and
Selling
New
Orleans.
falls
in
the
beneficial and
of
reports
portion
state
and Oklahoma
ficient
moisture.
are
Prices
still
on
from
the
that the
South
recent
and
rain¬
of the
belt have been highly
But certain areas of Ar¬
lasting effect.
kansas
about the highs
principally
came
Latest
western
suffering from lack of suf¬
the
local
Exchange closed
at
of the day.
Closing
11.58
_
11.52-11.53 11.49
—
Sat.
11.83
Mon.
Tueg.
11.77
11.49
Wed.
Thurs.
11.60
11.55
Fri.
11.61
Closing
Range.
U.37»
_
11.61c.
12.15c.
10.75c.
1935
1934
1933
1932
1931
1930
8.25c.
5.60c.
9.50c.
1928
1927
1926
1925
1924
1923
11.35ft
:
1920
41.25c.
1912
11.40c.
15.30c.
1919
.29.40c.
1911
18.95c.
1918
_28.70c.
15.45c.
15.25c.
1917
20.70c.
1910
1909
30.30c.
1916
12.30c.
1908
10.20c.
27.50c.
10.40c.
1907
1906
11.55c.
13.00c.
11.95c.
1905
7.90c.
24.40c.
16.70c.
1922
18.95c.
1915
1914
1929 .....19.55c.
1921
12.40c.
1913
Market and Sales
The total sales of cotton
week at New York
are
at
10.85c.
11.75c.
New York
the spot each day
during the
indicated in the following statement.
on
Fpfr 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.
Futures
Spot Market
Closed
Closed
Steady, 3 pts. adv..
Quiet, 6 pts. dec
Quiet, 8 pts. dec
Wednesday. Quiet, 9 pts. dec
Quiet, 5ppts. dec
Thursday
Steady, 6 pts. adv.—
Friday
Saturday
Monday
Tuesday
._
__
__
Total week.
Since
SALES
Market
Aug. 1
Spot
Barely steady.
Steady
Steady
.J..
Steady
Steady
Steady—
Contr 'ct
Total
.
"300
"300
207
207
507
51,890
507
3i",656
82,890
Thursday
Friday
Apr. 30
May 1
11.45
—
11.45
11.51
11.25ft
—
11.25ft
11.29ft
11.31ft
Closing. 11.19-11.20
11.13
11.09
—
11.04
—
—
11.04
11.08-11.10
Aug.—
Range.
Closing
11.03ft
10.98ft
10.94ft
10.89ft
10.89ft
10.93ft
10.72/&
10.72ft
10.56ft
10.52ft
10.51ft
10.62ft
Sept.—
Range..
Closing
.
Oct.—'
Range.. 10.37-10.42 10.27-10.35 10.18-10.25 10.14-10.24 10.12-10.19 10.19-10.27
Closing. 10.37
10.27
—
10.21
—
10.17
10.16-10.17 10.27
10.17ft
10.17ft
—
Nov.—
Range..
Closing
10.33ft
10.26ft
10.21ft
10.27ft
Dec.—
Range— 10.35-10.40 10.26-10.32 10.16-10.25 10.13-10.24 10.13-10.20 10.20-10.29
;
Closing. 10.35
10.26
10.21
10.17
10.17
10.28-10.29
Jan.{1937)
Range.. 10.40-10.45 10.29-10.34 10.20-10.25 10.17-10.25 10.15-10.21 10.23-10.32
Closing
10.38ft
.
10.29
10.23ft
10.19ft
10.19
10.31-10.32
10.32ft
10.25ft
10.22ft
10.21ft
10.33ft
Feb.—
Range—
Closing. 10.41ft
March—
Range— 10.44-10.48 10.33-10.40 10.24-10.30 10.22-10.32 10.20-10.25 10.27-10.35
Closing. 10.44
—
10.33
10.27
10.25
10.23
10.35
April—
i, Range..
Closing
re
_
Nominal.
"
,
Range for future prices at New York for week ending
May 1 1936 and since trading began on each option:
Option for—
Apr.
Range for Week
Range Since Beginning of Option
1936—
10.51
May 1936— 11.40 Apr. 29 11.59 Apr.
June
1936..
July
1936— 10.99 Apr. 30 11.28 Apr.
8 1935
Sept. 30 1935 11.34 Oct.
25 10.33 Aug. 24 1935 12.07 May 17 1935
10.58 Sept.30 1935 11.38 Oct.
8 1935
9 1936 11.97 May 25 1935
25 10.21 Jan.
Aug. 1936—
10.39
Sept. 1936—
Oct.
10.42
1936— 10.12
Nov. 1936
Apr. 30 10.42 Apr. 25
Dec.
1936—
Jan.
1937—
Feb.
Jan;
9 1936 11.55
Nov. 25 1935
Sept.
3 1935 11.40 July
Jan.
9 1936 11.45
Dec.
Mar.
3 1936 10.19
Jan.
9.76 Jan.
9 1936 10.69
Jan.
2 1936
9.94 Feb.
25 1936 10.53
Apr.
22 1936
10.60~
Apr.
18 1936
9.80
10.12
—
26 1935
3 1935
8 1936
1937—
Mar. 1937—
The
10.13 Apr. 29 10.40 Apr.
10.15 Apr. 30 10.45 Apr.
25
25
10.20"
25
Apr. 30 10.48 Apr.
Visible
16.20"
Mar. 27 1936
Supply of
Cotton to-night, as made up
as follows.
Foreign stocks as
this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
by cable and telegraph, is
well
as
afloat
are
To make the total show the complete
figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
May 1—
1936
616,000
115,000
1935
666,000
82,000
1934
1933
930,000
107,000
678,000
104,000
731,000
240,000
176,000
18,000
74,000
748,000 1,037,000
248,000
596,000
129,000
278,000
24,000
18,000
75,000
84,000
41,000
78,000
6,000
5,000
5,000
8,000
782,000
525,000
234,000
25,000
86,000
121,000
595,000
528,000
991,000
Total European stocks
1,326,000
India cotton afloat for Europe—
182,000
1,276,000
132,000
167,000
138,000
266,000
803,000
1,907,841
1,396,198
38,292
2,104,000 1,773,000
121,000
88,000
300,000
192,000
64,000
90,000
372,000
486,000
1,226,000
972,000
2,867,291 4,069,208
1,467,685 1,709,661
836
51,737
.6,539,849 6,124,33 1
8,440,812 9 ,513,606
-
Stock at Liverpool
bales.
Total Great Britain
;
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
72,000
Stock at Venice and Mestre
10,000
5,000
Stock at Trieste..
Total Continental stocks......
American cotton afloat for Europe
Egypt, Brazil,&c., afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns.
179,000
99,000
291,000
863,000
1,817,291
1,779,076
3,482
U. S. exports to-day
Total visible supply
1,067,000
Of the above, totals of American and other descriptions are as follows:
bales.
Manchester stock.
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. ports stock
U. S. exports to-day
22.30c.
Apr. 29
11.19-11.28 11.13-11.19 11.05-11.13 11.01-11.10 10.99-11.04 11.08-11.11
_
U. S. interior stock
New York Quotations for 32 Years
1936
Wednesday
July—
Liverpool stock
The official quotation for middling upland cotton in the
New York ?narket each day for the past week has been:
April 2b to May 1—
Middling upland
at
Range—
Stock at Bremen
was
prices
Range- 11.55-11.59 11.51-11.54 11.44-11.50 11.40-11.50 11.43-11.47 11.48-11.51
litical, both home and abroad, and the outlook for the new
crop getting under way.
In view of all this, most traders
cautious
closing
June—
Stock at Manchester
are
and
iUaj/(1936)
incentive to operators to trade either way.
There are many
uncertainties hanging over the market, legislative and po¬
cotton
lowest
New York for the past week have been as follows:
are
heavy selling
pool brokers.
3027
was
committed to the long side of May, and this has played its
part in the heavy pressure against this option, in that traders
feel that the situation has now reached close to the point
ers
Chronicle
first notice
was
....
Total American..
East Indian, Brazil, Ac.—
Liverpool stock
4,573,849 4,169,331 5,939,812 7.508,606
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India.
India, &c
Total American
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
329,000
64,000
49,000
436,000
39,000
61,000
23.000
Manchester stock
Bremen stock
Total East
.
287,000
230,000
430,000
390.000
51,000
43,000
49,000
64,000
192,000
187,000
153,000
111,000
112,000
89,000
933,000
924,000
179,000
167,000
192,000
300,000
1,817,291 1,907,841 2,867,291 4 ,069,208
1,779,076 1,396,198 1,467,685 1 ,709,661
3.482
38,292
836
51,737
18,000
62,000
132,000
66,000
182,000
99,000
291,000
863,000
500,000
58,000
288,000
40,000
134,000
121,000
138,000
90,000
266,000
372,000
803,000 1,226,000
64,000
67,000
88,000
486,000
972,000
1,966,000 1,955.000 2,501,000 2,005,000
.4,573,849 4,169,331 5,939.812 7,508,606
6,539,849 6,124,331
6.46d.
6.81d.
11.61c. / 12.25c.
9.34d.
8.78d.
5.44d.
6.Old.
5.97d.
6.48d.
8,440,812 9,513.606
5.93d.
11.30c.
8.78d.
5.89d.
4.66d.
5.20d.
5.47d.
5.63d.
8.55c.
8.64d.
Continental
imports for past week have been 127,000 bales.
The above figures for 1936 show a decrease from last
week of 42,497 bales, a gain of 415,518 bales over 1935, a
decrease of 1,900,963 bales from 1934, and a decrease of
2,973,757 bales from 1933.
At the
Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
Financial
3028
out in
the previous year—is set
corresponding period of
for leading contracts
past week have been as follows:
the
detail below:
closing quotations
in the New Orleans cotton market for
New Orleans Contract Market—The
to-night, and the same items for the
the week and the stocks
May 2, 1936
Chronicle
Ship¬
ments
Towns
Receipts
Week
May
1
j
Week
3
| Week
Season
|
May
May
24
Eulaula
607
Montgomery.
20
Selma
Ark., Blythville
12
Forest City-.
25
38
Helena—...
3
Hope
Jonesboro
556
Little Rock..
139
Newport
99
Pine Bluff...
37
Walnut Ridge
Ga., Albany...
Athens
24
Atlanta
1,652
763
Augusta
Columbus...
900
Macon.-j...
322
Rome
165
La., Shreveport
3
Mlss.Clarksdale
257
Columbus...
50
Greenwood..
186
2
Jackson
Natchez...
"l45
Vicksburg
9
Yazoo City..
3,139
Mo., St. Louis
76
N.C.,Gr'nsboro
183
58,168
15,424
81,017
85,564
109,317
27,113
36,598
31,825
10,532
160,177
31,197
112,512
34,443
24,335
65,994
290,165
180,207
41,339
53,458
15,293
71,408
120,686
41,201
172.466
56,027
8,789
30,726
37,746
187,556
7,349
11.39
11.35
11.36
1142&1143a
11.14-11.15 11.05
11.02
10.96
10.98
11.04
10.23
June
3
65
366
167
853
145
308
20
23
1,881
131
178
12
94
6,560
20,906
156
4,298
179
8,400
181
5,346
23,901
44,203
122,375
27,634
435
19,220
10.33
10.21
10.17
10.12
10.13
133
40,856
November
460
84.480
20,027
December. 10.33
10.24
10.17
10.12
10.13
10.23
Jan.(1937) 10.35
10.26
10.19
10.14
10.15
10.25
46,841
29,118
383
40
10.25
10.18
10.20
Bid. 10.30
1
28,052
46
85,759
17,080
78,000
24,844
"~9
4,616
36,979
11,157
63,405
58,662
80,426
17,388
13,175
16,307
1,208
59,260
15,260
49,673
12,924
17,154
50,452
'
May 1
Apr. 30
Apr. 29
(1936) 11.50-11.51 11.43
July
85
Ala., Birming'm
Apr. 28
Friday
Thursday
Wednesday
Tuesday
Apr. 27
Stocks
ments
I/OVIObG
■
.
1
Week
Season
Ship¬
Receipts
Stocks
Monday
Apr. 25
1936
Movement to May 1
Saturday
Movement to May 3 1935
683
"30
139
17
30
9
164
3
"114
1,078
500
146
90
15,590
19,659
24,743
46,351
14,284
29,192
11.481
4,250
34,154
75,025
248
"522
112
1,875
14,244
73,417
97,277
26,950
13,421
423
3,435 155,409
2,512 127,554
400 31,100
132 39,560
250 24,604
15 22,933
1,978 19,512
25,242
L399 26,459
171
16,782
2,962
166
6,927
298
10,177
3,139
2,331
117
3,613
282
3,254
2,646 102,903
700
12,511
378
18,760
75
21,858
20
22,181
1,783
32,569
8
19,148
57,537
853
130,633
23,264
676
16,419
~495
134,330
2,050
17
24,988
3,906
21,696
28,335
561
42,218
16,931
4,619
5,381
••
2
2
1~085
23
"180
37
93
117,498
14,767
2,452
841
9,521
240,318
1,645
1,085
173,940
3,298
August
...
September
October
..
February
.
10.31
10.39
March
Bid.
bid
April
Tone—
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
Options... Bzrely stdy Barely stdy
J. C. Botts Named for Presidency
Steady.
Steady.
Steady.
Barely stdy
Steady.
of New York Cotton
Exchange—Other Nominations—New York Wool Top
Exchange Nominees—John C. Botts has been
nominated
Alpheus C.
Vice-President, and Clayton B. Jones for Treasurer,
it was announced by the Exchange April 25.
Mr. Botts is
now Vice-President, Mr. Beane is a member of the Board of
Managers, and Mr. Jones is Treasurer. Nominations for the
Board of Managers follow:
for President of the New York Cotton Exchange,
Beane for
Brown, James Coker, Richard T. Harriss Jr.,
Knell, Jerome Lowine, George F. Mahe, John H.
Moore, Homer W. Orvis, Joseph A. Russell, P.
Manfred Schwarz. Alvin L. Wachsman, and Philip B. Weld.
Eric
Frank G.
Alliot,
William J. Jung, Frank J.
McFadden Jr., Perry E.
Oklahoma—
15 towns*
S.C., Greenville
Tenn..Memphis
Texas, Abilene.
Austin
Brenham
Dallas
Paris
Robstown
San Antonio.
551
385,503
149.467
1,720
11,907 1,885,545
98
54,745
38
18,472
34
12,082
171
52,944
5
34,148
10,525
"l4
5,146
Total, 56 towns
*
totals
above
8,099
2,448
4,519
44
220
"21
7,156
12,074
1,360
26,806
"54
3,597
15,648
56,666
595
8,625
"22
6,747
16,585
8
254
7,798
"85
59,293'l779076
16,342
•
3,351,4691 43,322!l396198
15 towns in Oklahoma.
stocks
interior
the
that
show
have
decreased during the week
35,399 bales and are to-night
382,878 bales more than at the same period last year. The
than
receipts at all the towns have been 7,552 bales more
the
same
week last year.
Thomas F. Cahill has been nominated for re-election to the
52,917
35,708
640
79,616
23,894 4,911,489
348 109,368
3,970
18,319398,041
15,051
46,759
55
10,593
Includes the combined totals of
The
"25
3
24,664
17
Waco.
8,886 1,336,161
12
24,003
21,054
""
255
1
Texarkana..
4,398 102,285
2,434 55,187
26,225 555,642
2
1,502
5
2,344
27
3,883
683
8,751
9
10,506
1,350
Fund for a period of three
E. Malcolm Deacon, James B. Irwin, and Byrd W.
Wenman have been nominated for Inspectors of Election.
The annual election of the Exchange is to be held on June 1,
office of trustee of the Gratuity
years.
and the
new
officers
assume
office
on
The Nominat¬
June 4.
ing Committee consisted of Leslie E. Keiffer, Chairman,
William Wieck, Frederick L. Munds, Arthur J. Pertsch,
Henry H. Royce, Harry L. Goss, and Adolf G. Hagedorn.
The New York Wool Top Exchange announced on April 27
that Philip B. Weld has been nominated for reelection as
President, Arthur R. Marsh as First Vice-President, H. Clyde
Moore, Second Vice-President, and Clayton B. Jones as
Treasurer.
The following were nominated for the Board of
GovernorsMarshall Geer Jr., Frank J. Knell, James C. Royce.
Wachsman, Joseph R. Walker,
J. Victor di Zerega.
William A. Boger,
.
Gordon S. Smillie, Max W. Stoehr, Alvin L.
1—
Overland Movement for the Week and Since Aug.
showing the overland movement
made up from telegraphic
The results for the week and since
Herbert K. Webb, Arthur O. Wellman, and
We give below a statement
for the week and since Aug. 1, as
reports Friday night.
Aug. 1 in the last two years are as follows:
Since
Since
Shipped—
3,139
1,540
Aug, 1
Week
Aug. 1
Week
Via St. Louis
3,809
5,346
185,358
69,369
2,828
10,872
164,701
582,337
3,029
3,000
183,436
89,130
77
12,832
149,513
476,131
.14,087
1,015.465
8,238
911,119
521
29
4,723
26,130
9,166
251,473
4,179
24,174
11,965
249,485
5,439
286,769
4.434
285,624
8,648
728,696
3,804
625.495
Via Mounds, &c
Via Rock Island
253
Via Louisville
Via Virginia points.
Via other routes, &c
Deduct Shipments—
Overland to N. Y., Boston,
Between interior towns
&c_.
195
.
.
.
*
1,085
1,043
81
226
Including movement by rail to Canada.
The foregoing shows the
net overland movement
week's
bales,
the week last year, and that for
aggregate net overland exhibits an
this
has
year
been
against 3,804 bales for
the season to date the
increase over a year ago
8,648
of 103,201 bales.
-1934-35
1935-36
Since
Since
In Sight and
Spinners'
Takings
Week
Week
Aug. 1
Aug. 1
15,791
3,804
90,000
3,856,197
143,692 11,199,421
*35,399
658,738
Net overland to
6,340,725
728,696
4,130,000
109,595
*26,980
8,116,692
248,720
20,044
8,648
115,000
Receipts at ports to May 1
May 1
625,495
3,635,000
Deacon,
the
have
*29,453
568,360
consumption to April 1
82,615
108,293
Total in sight
North, spinn's' takings to May
*
8,335~959
12,426~519
May 1.
1__
17,899
867,175
8,947
969,838
Movement into
sight in previous
Bales
years:
Since Aug. 1—
Bales
11.773,698
12,497,057
14,874,422
162,195 1933
..169,694 1932
119,420 1931
1934—May 4
1933—May 5
1932—May 6
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton onWeek Ended
Saturday Monday
May 1
Tuesday
Wed'day Thursday
Friday
11.39
11.60
.
Mobile.
Savannah
11.45
11.40
11.35
11.60
11.45
11.42
11.35
11.38
11.44
11.43
11.24
11.28
HOL.
11.29
11.59
11.24
11.69
New Orleans
11.50
11.49
Galveston
and
Byrd W.
new
will
officers
assume
office
on
June 3.
The
Nominating Committee consisted of Messrs Keiffer (Chair¬
man), Wieck, Munds, Pertsch, and Goss.
Lower World
March
of American
Stocks
Reported
New
by
York
Cotton
Cotton
at
End of
Exchange—
The total stock of American cotton in the world at the end of
March,
including
Government-financed
holdings,
was
approximately 11,179,000 bales, compared with 12,604,000
on the corresponding date last season, a decrease of 1,425,000
bales, according to the New York Cotton Exchange Service.
This decrease results from the fact that world
consumption
staple this season is much in excess of the
1935 crop, which was held down by the Agricultural Adjust¬
ment program,
the Exchange Service said on April 27,
further stating:
of the American
If consumption
during the full season should aggregate 12,300,000 bales,
would be about 7,300,000 bales,
against 9,041,000 at the end of last season.
If the Government should
dispose of, say. 700,000 bales of its spot cotton between now and the end of
the season (July 31), it would then have a balance spot stock of about 4,000,000 bales, which, on the foregoing assumption, would leave an enseason stock in private hands of about 3,300.000 bales.
In predepression
years, when the world used 14,500.000 to 15,000,000 bales of American
end-season world stock i.e., the carryover,
as
cotton
a
year,
the average carryover was about 5,000,000 bales.
With
consumption now running at an annual rate of, say, 12,000,000 to 12,500,000
bales,
a carryover
of about 4,000,000 to 4,250,000 bales may be considered
It will thus be seen that the prospect is that the total carryover of
American cotton at the end of this season will be much in excess of what
normal.
may be considered normal, but
will be decidedly subnormal.
the amount of "free" cotton in the carryover
Exchange, it is stated, indicate that
the greater portion of the decline in stocks of American cotton
from March 31 last year to the corresponding date this year
has occurred in the United States, but stocks abroad also
show
a
marked decrease,
notwithstanding the large increase
in exports this season over last season.
The total stock in
the United States at the end of March was 8,731,000 bales,
Decrease.
Week—
Irwin,
B.
been
The statistics of the
over
James
nominated for' inspectors of election.
The annual election of the Exchange is to be held on June 1
and
1934-35
1935-3&
May 1—■
Malcolm
El
Wenman
11.54
11.54
11.59
Norfolk
11.90
11.85
11.75
11.65
11.65
11.65
Montgomery.
11.59
11.53
11.49
11.34.
11.34
11.39
11.69
11.74
11.20
compared with 9,973,000 last year, a decrease of 1,242,000
bales.
The stock abroad was 2,448,000 bales, compared with
2,631,000, a decrease of 183,000 bales.
Stocks of American cotton in the world, according to the
Exchange Service, show very great reductions from the peak
accumulations reached four years ago.
At the end of March
in 1932, the stock in the United States was 12,682,000 bales,
and the stock abroad was 4,612,000, making a total world
stock of 17,294,000 bales.
Hence, the world stock at the end
of March this year shows a decrease of 6,115,000 bales from
that on the corresponding date four years ago.
Augusta
11.84
11.78
11.74
11.69
Memphis
11.30
11.25
11.20
11.15
11.55
Houston
11.49
11.44
11.39
-
11.15
11.39
11.44
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening denote that the central portion of the
cotton belt has received a great deal of rain but in some
Little Rock...
11.19
11.13
11.09
11.04
11.04
11.15
Dallas
11.19
11.13
11.04
11.04
11.09
sections the rainfall
11.19
11.13
11.09
11.09
11.04
11.04
11.09
of fields.
...
Fort Worth
_..
was
The rain
excessive and resulted in the washing
was
badly needed in Mississippi and
Volume 142
will
be
Financial
followed by
the completion of planting in many
sections.
Rain
Texas—Galveston
Rainfall
Amarillo
2 days
1 day
2 days
0.59 in.
Abilene
1.18 in.
1 day
—
Dallas
Del Rio
—
0.14 in.
1 day
0.94 in.
1 day
0.40 in.
2 days
Corpus Christi
1.02 in.
1 day
Brownsville
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
1.04 in.
El Paso
dry
Houston
1. day
0.48 in.
Henrietta
Kerrville
2 days
3 days
0.40 in.
1.56 in.
Luling
Nacogdoches
1 day
2 days
0.96 in.
Palestine
Paris
2 days
1 day
San Antonio
3 days
Okla—Oklahoma City,
1.10 in.
1.02 in.
1.52 in.
1.76 in.
dry
Ark—Eldorado,.
1 day
Fort Sm-'th
Little Rock
0.44
n.
1 day
1.58 in.
1 day
0.83 in.
2
Pine Bluff
Louisiana—Alexandria
1.81 in.
Amite
days
3 days
2.09 in.
New Orleans
2 days
0.48 in.
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—-Mobile.,
2 days
1.42 in.
3 days
2 days
4 days
3.50 in.
Birmingham
5.24 in.
2.45 in.
1.48 in.
3 days
1 day
Miami
0.46 in.
1
Montgomery
Florida—Jacksonville
0.12 in.
day
2 days
l day
Tampa.
Georgia—Savannah
0.34 in.
0.06 in.
dry
Atlanta
1 day
Augusta
1 day
0.08 in.
-.1 day
dry
0.03 in.
Macon
S. C.—Charleston
N .C.—Ash evill e
Charlotte.
0.28 in.
dry
^
2 days
1 day
_
Raleigh
Wilmington
0.30 in.
0.01 in.
dry
Tennessee—Memphis _*
3 days
1 day
1 day
Chattanooga
Nashville
0.47 in.
0.14 in.
0.04 in.
low 60
mean
Bales
mean
68
low 56
mean
71
low 54
mean
68
low 58
mean
71
82'
82
80
84
84
81
82
84
82
77
80
80
80
78
81
84
82
300
3,341
ToFiume—April 28—Laura C, 205
To Genoa—April
28—Monfiore,
3,729—April
70
low 48
80
88
86
96
84
82
86
92
86
86
98
86
86
82
84
86
86
92
89
88
86
86
85
87
86
85
84
84
82
3029
NEW ORLEANS—To
Trieste—April 28—Laura C, 300
To Venice—April 28—Laura C, 3,341
Thermometer
0.24 in.
Austin
Chronicle
conck, 486
To Gdynia—April 27—Tennesse, 300—April
205
29—Quist4,215
-
mean
77
low 62
mean
73
low 66
mean
74
To
low 58
mean
72
low 58
mean
75
25—Vasaholm,
To
To
To Oporto—Apri 24—Jomar, 409
To Lisbon—April 24—Jomar, 110
low 58
low 52
mean
m
To
69
low 58
mean
72
low 44
mean
71
low 40
mean
63
low 54
mean
70
low 54
mean
70
low 58
mean
72
low 56
low 56
mean
74
mean
73
low 52
mean
70
71
69
low 56
mean
low 52
mean
low 59
mean
low 53
mean
low 64
mean
low 50
mean
low 52
mean
low 58
mean
low 60
mean
low 60
mean
low 62
mean
low 56
mean
72
70
75
68
68
71
70
71
72
700
Gothenburg—April 25—Vasaholm, 17
Wasa—April 25—Vasaholm, 114
Japan—April 25—Eidsbold, 500
MOBILE—To
Liverpool—April
Darian,
To
1,000
1,398
Barcelona—April 29—Quistconck, 1,398
17
'
114
500
-
409
-
110
15—Wacosta,
345—April
20—
1 033-
1 378
i5^-Wacosta,
Manchester—April
2,141—April
Darian, 830
20—
2,971
45
-
To
Ghent—April 21—Antinous, 45To Havre—April 18—Michigan, 674
To Bremen—April 21—Antinous, 2,385
To Rotterdam—April 21—Antinous, 100....
To Genoa—April 15—Ada O, 1,835
To Gdynia—April
21—Antinous, 300
To Varburg—April 14—Vasaholm, 472
To Dunkirk—April 18—Michigan, 270
CHARLESTON—To Manchester—April 30—Magmeric, 1,107--To Hamburg—April 30—Magmeric, 338
-
-
674
-
-
2,385
100
-
1,835
-
300
472
270
1,107
338
—
NORFOLK—To Liverpool—April 30—City of Flint, 598
To Manchester—April 30—City of Flint, 65
598
65
PENSACOLA, &c.—To Liverpool—April 28—Gateway City, 111.
To Manchester—April 28—Gateway City, 82
To Havre—April 28—Kenowis, 8
To Bremen—April 28—West Madaket, 180
311
82
8
180
—
low 68
mean
68
76
low 62
mean
73
To Japan—April
low 56
mean
To Bremen—April 22—Estr, 736
low 54
mean
low 52
mean
68
mean
68
Liverpool—April 22—Drechtdijk, 365
24—President Van Buren, 221; President
Taft, 1,000 ..April 27—Chichibu Maru, 24
68
68
low 54
LOS ANGELES—To
low 58
mean
mean
64
mean
69
low 42
mean
61
736
-
Total
59,835
68
low 48
low 58
'
365
1,245
low 46
mean
62
low 48
mean
68
low 60
mean
low 48
mean
72
65
The following statement has also been received by tele¬
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since
Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
graph, showing the height of rivers at the points named at
Cotton
Takings,
from which statistics
amounts
or
out
gone
1935-36
of
1934-35
Week and Season
May 3,
May 1, 1936
Feet
Above
zero
Above
Receipts
zero
Above
.
zero
Above
zero
24.6
10.0
of gaugeof gauge-
Above
zero
of gauge-
from
the
16.8
20.2
Visible supply April 24.
Visible supply since Aug. 1
American in sight to May 1__
10.6
3.5
42.5
21.6
44.6
Plantations—The
following table
indicates the actual movement each week from the
plantar
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
*"
l
Week I
Receipts at Ports
Stocks at Interior Toions
Receipts from Plantations
Ended1936
1935
1934
1936
1935
Season
Week
Season
Feet
14.1
of gaugeof gauge-
Week
1934
1936
|
1935 | 1934
6,582,346
6,879*719
4,295,259
108,293 12,426,519
113,000 2,425,000
779,000
62,000
1,589.600
10,000
12,000
419,000
Bombay receipts to April 30—
Other India Ship'ts to Apr. 30
Alexandria receipts to April 29
Other supply to April 29*5
Total supply
Deduct—
82,615
86,000
2,000
22,000
9,000
8,335,959
1,991,000
634,000
1,432,200
456,000
6,887,639 21,934,378
6,485,089 19,728,878
6,539,849
Visible supply May 1
6,124,331
Total takings to May l_a
Of which American
Of which other
*
6,283,474
6,539,849
347,790 15,394,529
228,790 10,639.929
119,000 4,754,600
6,124,331
360,758 13,604,547
205,758
8,861,347
155,000 4,743,200
Embraces receipts in Europe from Brazil Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 4,130,000 bales in 1935-36 and 3,635,000 bales in 1934-35—
76,655
takings not being available—and the aggregate amount taken by Northern
foreign spinners, 11,264,529 bales in 1935-36 and 9,969,547 bales in
1934-35, of which 6,509,929 bales and 5,226,347 bales American,
b Esti¬
43,330
mated.
22,351
Jan.—
and
24_.
103,103
31_.
86.523
52,473 114,61 f2,285.388 1,801,024 2.084,406
44,884 100,0302,249.7361,767,312 2,027.706
50,871
28,060
11,172
7-.
70,572
54,614
85,3112,196,265 1,740,457 1,964,746
17,101
27,759
14..
63,630
56,534
64.035
40,895
84,9942.158,6581,708,042 1,910,901
73,5602,124,6671,677,356 1,861,686
70,9032,103.5751.639,950 1,815.174
26,023
8,480
31,149
31,693
45,509
22,543
42,943
1,007
24,345
24.391
77,204
Feb.
21..
28..
8,103
Mar.
6_.
48,205
28,622
13..
38.439
47.370
24,287
20..
30,138
27..
48,797
24,491
63.8242,057.0371.603.937 1,759,566
80,965 2,012.824; 1,587,972 1,720,902
76,2971,967,1671,559,937 1,687,665
64,5791,944,8951,535.485 1,662,788
35.770
35,607
25,927
|
I
68,2551,902,4721,492,794 1,620,120
34,922
34.771
15,829
21,251
Apr.
3_.
101724-
25,529
70,9481,871,4821,474,028 1,581,871
74,2941,833,9131,451,845 1,546,878
79,1741,814,4751,423,178 1,506,117
May
1,667
Nil
8,216
Nil
8,322
2,103
39
Movement from All Ports—The
receipts
Bombay and the shipments from all India
season from Aug. 1 as cabled,
ports for the week and for the
follows:
for three years, have been as
43,060
22,525
Cotton
42,301
1,713
India
of India cotton at
39,702
1935-36
Nil
Nil
4,617
6,763
,
Since
s
'
25,587
32,699
Nil
Nil
15.333
Nil
39,301
38,413
Nil
Nil
36,803
1934-35
1933-34
April 30
Receipts—
Bombay
Week
Since
Week
Aug. 1
113,000 2,425,000
Since
Week
Aug. 1
86,00C 1,991,000
Aug. 1
85,000 1,919,000
I
1-.
20,044
15,791
75,2351,779.0761,396,198 1,467,685
The above statement shows:
from the plantations since Aug.
(1) That the total receipts
1 1935 are 6,986,346 bales;
in 1934-35 were 4,139,457 bales and in 1933-34 were
7,076,600
bales.
(2) That, although the receipts at the outports the
past week were 20,044 bales, the actual movement from
For the Week
Since Aug. 1
Exports
From—
Great
Britain
Conti¬
Jap'nds
nent
China
Great
Total
Conti¬
Britain
nent
Japan &
China
Total
Bombay—
-
1935-36-
3,000
14,000
i~66o
11,000
8,000
12,000
50,000
7~666
2,000
3,000
1934-35-
1933-34-
82,000
49,000
31,000
88,000
51,000
54,000
62,000
2,000
10,000
288,000
172,000
218,000
491,000
779,000
462,000
507,000
634,000
725,000
65,000144,000
51,000
41,000
376,000
223,000
272,000
815,000 1,011,000 2,202,000
732,000
974,000 1,929,000
790,000
561,000 1,623,000
65,000
38,000
22,000
324,000 1,011,000 1,423,000
270,000
974,000 1,295,000
283,000
561,000
898,000
«
Otherlndia-
Slantations was nil bales, stock week.
ecreased 35,399 bales during the at interior towns having
1935-36—
1934-35—
1933-34-
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached
59,835 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Liverpool—April 29—Elmsport, 1,498
1,498
Manchester—April 29—Elmsport, 808
808
Antwerp—April 28—Maasdam, 150
150
To Ghent—April 28—Maasdam, 401
April 25—Indiana, 55456
To Rotterdam—April 28—Maasdam, 60
60
To Havre—April 25—Indiana, 197
197
To Dunkirk—April 25—Indiana, 413
413
To Japan—April 25—Kurama Maru, 11,167;
Skramstad, 1,193 12,360
To Copenhagen—April 24—Toledo, 85
85
To Genoa—April 24—Monfiore, 1,216
1,216
To Gdynia—April 24—Toledo, 671
671
To Gothenburg—April 24—Toledo, 57
57
To China—April 25—Kurama Maru, 50
50
HOUSTON—To Japan—April 27—Skramstad, 4,318
4,318
To Barcelona—April 28—Mar Blanco, 1,779
1,779
To Ghent—April 25—Maasdam, 374
April 24—Indiana, 95
—April 30—Nashaba, 638
1,107
To Bremen—April24—Iiedderheim, 2,874
2,874
To Hamburg—April 24— Hedderheim, 1,021
1,021
To Rotterdam—April
25—Maasdam,
1,309
April
30—
Nashaba, 320
4 1,629
To Reval—April 25—Maasdam, 140
140
To Havre—'April 24—Indiana, 28
April 30—Nashaba, 797
825
To Dunkirk—April 24—Indiana, 81
81
LAKE CHARLES—To Liverpool—April 28—Elipsport, 13
13
To Manchester—April 28—Elmsport, 48
48
To Ghent—April 28—Nashaba, 2--2
To Havre—April 28—Nashaba. 105
105
JACKONSVILLE—To Manchester—April 28—Magmeric, 11
11
To
To
-
Total all—
1935-36—
15,000
|
1934-35—
64,000
13.000
1933-34-
8~OO6 11.0001
1
1
38,000
22,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
27,000 bales.
Exports from all India ports record an increase
of 93,000 bales during the week, and since Aug. 1 show an
increase of 273,000 bales.
Alexandria Receipts and
Alexandria, Egypt.
Apr. 29
Shipments
1935-36
1934-35
1933-34
50,000
7,997,904
110,000
7,157,956
185,000
8,091,849
Receipts (cantars)—
This week
Since Aug.
1
This
Exports (Bales)—
Week
Since
Aug.
This
1
Week
To Liverpool-To Manchester,
4,000 178,146
5,000 131,851
&c
To Continent and India— 11,000 551,379
To America.
1,000 33,881
Total exports
21,000 895,257
Since
Aug.
This
1
Week
Since
Aug.
1
114,748
124,106
604,746
33,588
236,852
5",666 154,064
13,000 550,390
3.000
66,443
9,000 877,188
21,000 1007749
9~666
-
CORPUS
(^HRISTI—To Japan—April 21—Kuroma Maru, 884--
884
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Apr. 29
50,000 cantars and the foreign shipments 21,000 bales.
were
3030
Financial
Manchester
Market—Our report
received by cable to¬
night from Manchester states that the market in yarns and
steady.
Demand for both home trade and foreign
markets is improving.
We give prices today below and
leave those for previous weeks of this and last year for
comparison:
cloths is
1935
1936
Cotton
8% Lbs. Shirt¬
Cotton
32s Cop
8% Lbs. Shirt¬
ings, Common
Middl'o
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
TwiSt
to Finest
Upl'ds
d.
d.
d.
s.
d.
s.
d.
d.
d.
d.
s.
s.
d.
d.
Jan.—
24
10
9 4
@11%
@96
6.17
10%@11%
9
4
©
9
7.08
6
9% @11%
9
4
@96
6.14
10%@11%
9
4
@
9
6
7.07
9% @11%
9% @11%
9%@11%
9 2
@94
6.07
2
@
9
4
7.05
9
2
@94
6.21
9
2
@
9
4
7.06
9
2
@94
@94
6.17
9
2
@
9
4
7.10
9 2
6.04
10%@11%
L0%@11%
10%@11%
10% @11%
9
9% @11
9 2
@
9 4
9%@11
9
10%@11%
6.30
10
9 1
@93
@94
@93
6.12
9%@11%
9% @11%
9%@11%
31
6.34
9% @11
8 7
Feb.—
7
14
21
28
7.09
Mar.—
6
13---
20
27
1
9 2
9
2
@
9
9
0
©
@
9 2
6.59
9 1
6 30
@11%
4
7.10
9
2
@94
6.44
9%@11%
9
0
@
9
2
6.36
9
1
@93
@93
6.50
9%@11
9
0
@
9
2
6.35
April—
3
9%@11%
9%
11%
9% @11%
9%@11%
10—
r
*
17
24
9
1
6.57
10
@11%
9
0
2
6.65
1
@93
6.58
10
9
0
9
2
6.63
9
1
@93
6.62
@11%
10% @11%
@
@
9
9
9
0
@
9
2
6.78
9
1
@93
6.46
10%@U%
9
0
@
9
2
6.81
May—
9%<3>11%
1
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand¬
High
ard
Density
.30c.
Liverpool
Trieste
45c
Flume
Stand-
High
ard
Density
45e.
Manchester.30o.
Stand¬
High
Density
ard
30c
85o
1 00
Salonica
850
1
.650
450
Piraeus
Venice
.50c
*
00
30c.
.45c.
27c.
42c.
Japan
Rotterdam
30c
45c.
Genoa
45c
60c.
Shanghai
Bombay z
50c
61c
Bremen
30c
45c
57c
Hamburg
32c
50o
65c
Copenhag'n 42c
Naples
40c
Barcelona
Antwerp
Havre
55c
40c
55c
42c
57c
47o
Oslo
46c
Stockholm
.42c.
•Rate la open.
z
65c
Leghorn
Gothenb'g
57c
Only small lots
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Apr. 17
50,000
618,000
282,000
44,000
20,000
193,000
72,000
Apr. 10
53,000
Forwarded
624,000
292,000
Total stocks
Of which American
95,000
Total imports
Of which American.
26,000
196,000
78,000
Amount afloat
Of which American
Apr. 24
63,000
631,000
295,000
59,000
34,000
162,000
55,000
May. 1
55,000
616,000
287,000
68,000
1 8,000
156,000
47,000
The tone of the Liverpool
market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Chronicle
[
12:15
\
1
Moderate
Good
business
business
demand.
inquiry.
doing.
doing.
24
6.58d.
hours, caused quick decisions
6.50d.
6.46d.
Market
Steady,
[
2
-j
1
opened
Quiet but
Steady, un¬ Quiet
Steady,
Steady,
but
4 pts. stdy., 4 to 2 to 3 pts. 1 to 3 pts. changed to st'y; 2 to 4
2 pts. dec.
advance.
5 pts. dec.|
decline.
decline.
pts. adv.
to
Quiet,
Steady,
Quiet but Quiet,
un¬
Quiet but
changed to stdy., 5 to stdy., 5 to changed to 3 to 4 pts. 5 to 6 pts.
decline.
advance.
1 pt. dec.
6 pts. dec.
7 pts, dec.
1 pt. adv.
Market,
steady, un¬
4
P. M.
Prices of futures at
Liverpool for each day
tone.
On the 29th inst.
prices closed 3^c. to 1
down. Weather
decidedly bearish, and induced considerable
liquidation and short selling on the part of professionals.
Stop loss selling was also a feature.
Further beneficial rains
over
a fairly
large portion of the winter wheat area and
prospects for further unsettled weather had a very disturbing
effect on many committed to the long side of wheat.
The
weak stock market and the lower grain markets also had
their effect in creating bearish sentiment.
May wheat was
supported early in the session by interests who in turn sold
the new crop deliveries, notably September.
In addition,
shipping sales of approximately 70,000 bushels, mostly soft
red wheat, were reported by local cash handlers.
Wheat
deliveries at Kansas City, which represent the new crop,
were
comparatively weaker than Chicago futures, closing
\y% to 134c. lower.
On the 30th ult. prices closed 1 to l%c. higher.
A firm
reports
tone
the
are
given below:
Apr. 25
Fri.
Thurs.
Wed.
Tues.
were
were
to be the
over
of
d.
d.
d.
6.26
6.23
July
d.
d.
d.
d.
d.
d.
6.21
6.16
6.14
6.16
d.
d.
6.14
6.11
6.16
5.96
5.93
5.97
6.16
5.58
5.62
6.04
6.02
5.97
5.96
5.98
5.96
5.74
5.69
5.68
5.64
5.62
5.63
5.62
December—
5.67
January (1937)--
5.67
5.62
5.61
5.57
5.55
5.55
5.55
5.54
5.51
5.55
5.56
March
5.67
5.62
5.61
5.57
5.55
5.55
5.55
5.54
5.51
5.55
5.56
May
5.67
July
5.64
October
5.61
5.50
December
-
—
-
—
-
-
-
-
—
-
-
«
5.61
5.55
-
-
-
5.54
5.58
5.52
5.44
_
_
_
5.39
.
_
5.55
-
-
5.54
5.52
-
-
-
-
-
5.50
5.53
5.41.
-
indicated
for most
Today prices closed weak, % to l%c. down.
Good rains
parts of domestic winter wheat territory, together with
disappointing
in
action
of
the
Liverpool
market,
prices.
estimate
DAILY
For
of
interest in wheat
the
much
State
Kansas
of
yield was 131,625,000
82,762,000 bushels.
CLOSING
PRICES
OF
WHEAT
Sat.
Mon.
115%
CLOSING
the
on
in
newest
bushels.
Open
was
No. 2 red
DAILY
did
bringing about the decline.
Bearish figures
winter wheat production were also a factor
depressing
5.55
5.48
5.36
--
-
5.40
was
belt.
113
5.56
5.51
Middle West and parts of
over
5.64
6.07
October
Northwest,
Unsettled weather
Liverpool wheat showed unexpected
strength, and closed % to %d. higher.
Rotterdam wheat
ended % to %c. higher.
5.98
5.62
6.14
The weather map showed precipitation
American
wheat
current
New Contract
May (1936)
High tempera¬
reported in the late trading, and this appeared
Southwest.
the
Short covering based on strength in
feature of the trading.
was a
signal for fresh buying, prices closing at about the
the
probable
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Much of
during most of the session.
deferred futures.
Liverpool also
to
May 1
in evidence
was
early activity was closing out of spreads between May
today
Mon.
Sat.
the part of many long
on
decline in
influence
against wheat, and for a time it looked as though the wheat
market was entirely devoid of support.
However, despite
some considerable short
covering later in the session, prices
showed no appreciable recovery and closed at about the lows
of the day.
Bullish private wheat crop estimates, a decline
in the visible supply, and marked improvement in demand
for Manitoba wheats were ignored.
Outside markets also
showed weakness, Kansas City wheat dropping the full 5c.
limit for the day.
Liverpool wheat closed 1 to 1 %d. lower.
Rotterdam wheat finished % to lAa. lower, and Winnipeg
l%to2Hc. off.
On the 28th inst. prices closed unchanged to %c. higher.
The feeling prevalent among traders was that the declines of
Saturday and Monday had pretty well discounted what
benefit was derived from rains in the wheat belt, and a
reaction in the upward direction would follow.
As a result
fresh commitments were made on the long side by many in
the trade, and this did much to check any further declining
tendency.
There was considerable buying of May, especially
by mills, and as an offset July was sold rather heavily, and
so was September in the last hour.
But this latter pressure
was not sufficient to deprive the market of its steady under¬
the
Futures.
the Southwest.
Rains were reported
of Kansas and Oklahoma, and this together
highs of the day.
6.42d.
6.52d.
Inquiry
areas
of wheat, and heavy liquidation followed. A sharp
the stock market played its part as an adverse
tures
doing.
6.59d.
Mid.Upl'ds
Good
A fair
business
P. M.
Friday
A fair
A fair
Market,
Thursday
Wednesday
Tuesday
Monday
large
over
with the forecast for additional showers within the following
and
Saturday
Spot
May 2, 1936
induced by rains in
PRICES
WHEAT
OF
Sat.
May
July
September.
-
100%
90%
89%
IN
Tues.
113%
NEW
Thurs.
Fri.
114%
112%
FUTURES
Mon.
97%
86%
85%
Tues.
98%
87%
85%
YORK
Wed.
112%
IN
Wed.
97%
86%
84%
CHICAGO
Thurs.
99
87%
85%
Fri.
97%
86%
84%
Season's High and When Made
September
BREADSTUFFS
December
Friday Night, May 1, 1936.
Flour—The pronounced
the
early part of the week resulted in sharp reactions for
prices, bakery patents declining 15c., family 20c.,
semolina 30c., and rye flour 5c.
This naturally drove buy¬
of
flour
the sidelines
to
again.
Bakers
are
reported
to have
enough flour on hand or on contract to take care of
nearby needs, and are, therefore, expected to remain aloof,
buying in a hand-to-mouth
the winter wheat
Wheat—On
crop
the
way
until they
are
convinced that
will be smaller than first estimates.
25th inst.
prices closed 3^c. to lj^c.
entirely by reports of beneficial
rains and a forecast for wet weather in the regions of the
wheat belt where most needed, liquidation on a rather sub¬
stantial scale developed.
Under this pressure the new crop
deliveries sagged.
However, the relatively light supplies of
wheat in store, with notice day a short distance ahead—kept
the May delivery; relatively firm.
Notwithstanding the
promise of beneficial rains, it is calculated that irreparable
damage has been done by the drought to a considerable
portion of the growing winter wheat crop, and that the
relief will only serve to check further losses.
On the 27th inst. prices closed 27/gC. to 4c. lower.
This
severe break in prices was attributed largely to heavy selling
down.
Influenced almost
DAILY
CLOSING
PRICES
OF WHEAT
weakness in the wheat markets
flour
ers
May__
I
Season's Low and When Made
Apr. 16, 19341 September
78%
July
6,1935
July 31, 19351 December
81
July
6,1935
Aug.
1. 1935IMay
88%
Aug. 19, 1935
102%
97%
.98%
Sat.
May___
July
81%
82%
83%
October-..-
Corn—On
the
25th
inst.
FUTURES
Mon.
79%
80%
81%
futures
Tues.
80
81
82%
closed
IN
Wed.
79%
80%
81%
WINNIPEG
Thurs.
79%
80%
81%
Fri.
78%
79%
80%
unchanged to
%c. lower.
The recent bulge in corn appears to be-re¬
sponsible to a large extent for the increased movement of
the grain from the farms.
Although this movement is
not exceptionally large, it serves as a restraint to those
bullishly inclined.
Sales of the spot grain were fair. Trading
in futures was very light and without
special feature.
On
the 27th inst. prices closed 134c. to 2c. lower.
Cash in¬
terests put out hedges in May corn and commission houses
sold July.
Some locals bought corn against sales of wheat.
However, the declines in this grain were largely due to
the
weakness
of
the
wheat
markets.
On
the
28th
inst.
prices closed unchanged to %c. higher.
This was clearly
a reflection of the better
spot market and the improved tone
in wheat.
Commission houses were good buyers of July.
Eastern houses bought September, and shipping sales were
100,000 bushels, while receivers booked 12,000 bushels to
arrive.
Rotterdam corn closed steady.
On the 29th inst.
prices closed 34.'to %c. higher.
This grain showed sur¬
prising strength in face of the weakness of wheat, and was
Financial
Volume 142
attributed to
part of commission bouses.
to
ysc. higher.
quiet.
Open
CLOSING
PRICES
very
FLOUR
interest
in
Spring pats.,high protein $6.50 @6.701 Rye flour patents
$4.00 @4.05
Spring patents
6.20@6.501 Seminola, bbl., Nos. 1-3. 7.40@7.50
Clears, first spring
5.45@5.651 Oats, good
2.40
Soft winter straights
2.00
4.90@5.10 Cornflour
Hard winter straights
5.65@5.90 Barley goods—
Hard winter patents
Coaxso
2 35
5.80@6,00
Hard winter clears..
Fancy pearl,Nos.2,4~&7 4.00@4.75
5.05@5.25
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by
figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last
Flour
Receipts at-
No. 2 yellow
CORN
Man.
81%
.
Wed.
79%
8024
Fri.
Thurs.
8124
81 %
81
198,000
Duluth
Milwaukee
15,000
Toledo...
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
— .
— _.
—
Season's High and
September
8424
December
65
May
6824
Wed. Thurs.
6324
6324
6124
6124
5924
6024
Sat. Mon.
Tues.
6324
61%
6224
6234
6024
6024
60%
5924
5924
vV"'-';'
May
July
A
September
Fri.
6334
6124
5924
When Made
1
Season's Low and When Made
Jan.
5, 19351 September
6724
Mar. 25, 1935
June
6, 19351 December
6024
June
1, 1935
July 29, 19351 May.—
56
Aug. 13, 1935
Detroit
Indianapolis..
St.
Louis....
Peoria
107,000
40,000
15,000
...
Kansas City
_
_
Omaha......
St. Joseph
Wichita
Sioux City
Buffalo
Oats—On the 25th inst. prices closed unchanged to ^c.
lower.
Though the market held fairly steady, trading was
Total
wk.
'36
Same wk.
'35
quiet and there
Same
'34
;v
affecting this particular grain.
On the 27th inst. prices closed He. to He. off.
This grain
held up comparatively well considering the sharp declines
in the other grain markets.
However, outside of relative
steadiness in face of the heavy declines in wheat, there
little
was
or
was no news
On the 28th inst.
feature to this market.
no
prices closed unchanged to He. lower.
Trading was quiet
and without special feature.
On the 29th inst. prices
to
He. lower.
This grain followed the action of
wheat, doing just the opposite of corn.
Prices in this grain
yielded on very slight pressure.
closed
the 30th
On
There
was
dormant.
of this
ness
in
He.
closed unchanged to
lower.
nothing of interest in this market, trading being
Today prices closed H to He. up. The steadiness
market
feature
ult. prices
was
rather surprising in view of the
Outside
wheat.
of
a
steady
tone,
there
weak¬
was
no
DAILY
CLOSING
375,000i
376,000
348,000!
Since Aug. 1—
1935
OF
Sat.
/
OATS
Mon.
4124
DAILY CLOSING PRICES
OF
Sat.
.
May
July
September
1933
2,066,000
2,706,000
1,747,000
Tues.
2524
2624
2624
Thurs.
3934
IN
3924
Fri.
4024
CHICAGO
Wed.
2524
2624
2624
4,823,000
3,640,000
1,614,000
Thurs.
2524
2524
2624
2524
2524
2624
Fri.
2524
26
2624
Rye
1,416,000
688,000
640,000
'13,382,000174,732,000160,137,000
Barley
317,000
54,000
87,000
1,644,000
704,000
776,000
57,492,000
9,169,000 42,619,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 25 1936, follow:
Flour
Receipts at-
Wheat
Corn
bbls.\96lbs. bush. 60 lbs
New York
168,000
Philadelphia.
81,000
2,000
2,000
27,000
12,000
12,000
_
Baltimore
New Orleans *
Galveston
Montreal
St. John West
Boston
2,000
19,000
20,000
Total
Barley
2,000
33,000!
6,000
15,000
4~666
83,000
....
10,000
292~6O6
1~9~666
"moo
wk. *36
291,000
Jan.1'36' 4,966,000
Since
Rye
4,000,
.
19,000
1,000
7,000
167,000
109,000
24,000
12,000
17,000
Oats
bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush. 48 lbs.
YORK
Wed.
4024
FUTURES
Mon.
2624
2724
2724
NEW
Tues.
4024
OATS
IN
Oats
14,180,000 273,118,000140,502,000112,679,00019,608,000 77,981,000
13,747,000160,803,0001149,397,000 40,648,000 10,464,00050,702,000
1934..
Halifax
PRICES
L
No. 2 white
wk.
Quebec
to the market.
Corn
Ibs.'bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lbs,
120,000
391,000
52,000
1,093,000
281,000
760,000
274,000
153,000
98,000
723,000
189,000
61,000
57,000
63,000
6,000
118,000
2,000
406,000
48,000
68,000
8,000
68,000
2,000
29,000
28,000
3,000
15,000
37,000
31,000
54,000
374,000
189,000
435,000
148,000
19^666
53,000
17,000
602,000
68,000
58,000
66,000
439,000
92,000
375,000
91,000
661,000
110,000
18,000
114,000
12,000
40,000
4,000
13,000
"moo
6,000
8,000
85,000;
82,000
738,000
96,000
2,000
5,000
Minneapolis
YORK
NEW
IN
Tues.
Wheat
bbls.l96lbs. bush. 60
Chicago
OP
Sat.
Saturday and since Aug. 1 for each
of the last three years:
26,423,000
corn,
bushels.
DAILY
us
from
There was
Today prices closed He. down.
nothing of particular interest to report about this market.
Trading
3031
rather substantial
buying movement on the
May corn was well supported.
Later in the day quite a little selling of May developed,
against which there was considerable purchasing of the
July delivery, at a price differential of 2c.
Sales by local
shippers were estimated at 75,000 bushels, while country
offerings were somewhat lighter.
The trading basis in
the spot market was steady to lc. higher, the latter for
white grades.
On the 30th ult. prices closed % to %c. higher.
The
feature of the trading in this grain was buying by a leading
cash house.
Shipping sales were 91,000 bushels, and re¬
ceivers booked 8,000 to arrive.
Rotterdam corn closed %
a
Chronicle
Week 1935
Since Jan.1'35
660,000
18,539,000
61,000
1,051,000
1,167,000
246,000]
324,000|
3,998,000* 10.971.000'
64,000!
4,228,000'
143,000]
29,000!
5,478,000
2,289,000
74,000!
83,000
800,000
6,000
296,000
21,000
291,000
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
Season's High and When Made
September
4424
3524
37
December
May
Jan.
June
Aug.
I
Season's Low and When Made
7, 19351 September
3134
June 13, 1935
4, 19351 December
3324
June 13,1935
1. 19351 May
2924
Aug. 17, 1935
The exports from the several seaboard ports for the week
ended
..
DAILY CLOSING PRICES
OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July.—
3124
3134
3124
3124
31
3124
3124
3124
3024
3124
3034
3124
Rye—On the 25th inst. prices closed unchanged to He.
lower.
There was very little to report concerning this
grain.
Trading was very quiet, with the undertone steady.
On the 27th inst. prices closed lHc. to lHc. off.
Although
pressure was slight, prices yielded rather readily, influenced
in large measure by the heavy selling and sharp break in
wheat.
On the 28th inst. prices closed Hc- down to
Hcup.
There was very little of interest in the trading, traders
apparently awaiting further ^developments in wheat.
On
the 29th inst. prices closed He. to He. lower.
This was
almost entirely a sympathetic movement in line with the
Saturday, April 25 1936,
shown in the annexed
are
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
New York
252,000
50,230
1,000
1,000
2,000
24,000
12,000
19,000
"MOO
109,230
85,885
6,000
11,000
Boston
'
Newport News
New Orleans.
.
Montreal
'mm-rn
-
167~000
St. John West
109,000
Halifax
292~o6O
Quebec
Total week 1936..
Same week
...
820,000
720,000
1935.—.
~2i~666
The destination of these exports for the week and since
July 1 1935 is
as
below:
weakness of wheat.
On the 30th ult. prices closed % to He. off.
Usually this
grain responds readily to the action of wheat, but the pro¬
nounced strength of the latter had no effect on
rye, prices
closing at fractional losses.
to
to
explain this heaviness.
He. lower. There was
ing
or
There
nothing in the news
To-day prices closed unchanged;
CLOSING
OF
RYE
Sat.
May
July---September...
Season's
September
December
May
DAILY CLOSING PRICES
OF
5134
5124
51%
IN
CHICAGO
Wed.
51
Thurs.
5024
5024
51 24
5024
5124
Fri.
Since
Week
Since
July 1 to—
Apr. 25
July 1
Apr. 25
July 1
Apr. 25
July 1
1936
1935
1936
1935
1936
1935
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
CLOSING
PRICES
OF
BARLEY
40 24
3934
4124
4124
FUTURES
Mon.
39,000
12,230
16,000
35,000
Brit. No. Am. Col.
3874
40 24
41
-
PRICES
5024
Total 1936
3834
3824
3734
-3834
Total 1935
The
3924
IN
CHICAGO
Thurs. Fri.
GRAIN
Boston
38
38
39
Baltimore.
New York.
Corn. New York—
No. 2 yellow, all rail
_
8124
Barley
Bushels
Wichita
Hutchinson.
2 white
Fort Worth
Sioux
40
Rye, No. 2, f.o.b. bond N. Y_„ 61
Barley, New York—
4734 lbs. malting
5034
Chicago, cash
53-90
2,000
274,000
37,000
27,000
56,000
1,000
268,000
59,000
19,000
34,000
272,000
3,000
157,000
3,000
2,000
13,000
328,000
330,000
733,000
44,000
811,000
1,266,000
52,000
2,258,000
101,000
605,000
2,025,000
4,071,000
347,000
351,000
293,000
10,000
153,000
64,000
14,000
122,000
175,000
611,000
18,000
974,000
829,000
!*.
8,000
31,000
144,000
i.
'<■.
W
«.
22,000
1,000
3,000
1,000
550,000
.
581,000
8,702,000
City.
Omaha
Oats, New York—
No
Rye
Bushels
2,000
295,000
729,000
538,000
Galveston
St. Joseph
11224
8724
Oats
Bushels
320,000
172,000
New Orleans
Kansas
No. 2 red, c.i.f., domestic
STOCKS
Corn
Bushels
2,000
50,000
Philadelphia
GRAIN
Manitoba No. 1. f.o.b, N.Y.
27,000
Wheat
3624
38
3724
3,054,403
Bushels
United States—
37
Closing uotations follow:
Wheat, New York—
88,000
59,794,000
90~666
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, April 25, were as follows:
37
3634
3724
73,121,000
10,000
72,000
2,000
4,000
at
Wed.
3734
3834
820,000
720,000
144,930
3,608,196
39,172,000
33,324,000
531,000
4,000
visible
granary
Tues.
36
3734
3834
568,000
240,000
12,000
451,978
321,000
621,000
7,000
7~666
38.,
OF BAR1 EY FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs. Fri,
May.
July
2,062,288
109,230
85,885
Other countries...
38
41
CLOSING
United Kingdom.
Continent
5024
FUTURES IN WINNIPEG
Tues.
Wed.
Thurs. Fri.
3934
4134
42)4
>
Week
Mon.
41 p
Sat.
DAILY
5134
5124
5134
RYE
Sal
May
July--
Tues.
51%
I
High and When Made
Season's Low and When Made
76
Jan.
5, 1935'September
45
June 13, 1935
5324
June
3, 19351 December
4824
June 13,1935
5224
Aug.
1, 19351 May
4624
Aug. 19, 1935
May
July.
DAILY
FUTURES
Mon.
5324
5234
5324
-
.
Since
West Indies
PRICES
*;
Corn
Week
So. & Cent. Amer.
particular feature to the trad¬
no
Wheat
and Since
was
news.
DAILY
Flour
Exports for Week
City
St. Louis
Indianapolis
846,000
816,000
1,000
—
Peoria
Chicago..—
"
afloat—
..
3,840,000
—
-
-
•
54,000
45,000
'
6,700,000
......
Financial
3032
Corn,
Wheat,
Cushels
745,000
United States—
Milwaukee
8,866,000
4,491,000
Minneapolis
Duluttl.
.
.
.
_
185,000
4,492,000
Detroit
Buffalo
Oats,
Bushels
Barley,
Rye,
Bushels
Bushels
593,000
10,347,000
8,624,000
5,000
781,000
1,157,000
36,000
88,000
42,000
8,000
91,000
2,654,000
2,213,000
10,000
591,000
Bushels
1,220,000
6,170,000
2,662,000
55,000
1,186,000
Montreal
-—
Ft. William & Pt.
36,659,000
35,993,000
11,436,000
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Wheat
Bushels
8,341,000
Canadian—
321,000
2,308,000
Arthur 50,563,000
99,000
3,205,000
other
Other Canadian &
Corn—WithTmostly favorable weather conditions, the preparation of
beds for corn planting was active during the week, but not much
planting was accomplished, principally because of cool weather.
Some seeding was done in the southern Ohio Valley, and considerable
corn was planted in Missouri and eastern Kansas, the
crop being about
three-fourths seeded in the southeastern portions of the latter State and
about one-third in the former. In Iowa much ground is ready for planting
seed
actual
and
7,081,000 12,065,000
7,130,000 12,492,000
8,950,000 7,679,000
Note—Bonded grain not included above:
Oats, New York, 8,000 bushels:
Buffalo, 73,000; total, 81,000 bushels, against none in 1935.
Wheat, New York,
676,000 bushels; New York afloat, 52,000; Philadelphia, 87,000; Boston, 41,000;
Buffalo, 6,912,000; Duluth, 551,000; Chicago, 89,000; Erie, 86,000; Albany,
4,019,000; total, 12,513,000 bushels, against 9,367,000 bushels in 1935.
1936-. 39,267,000
7,549,000
Total April 18, 1936
41,652,000
7,660,000
Total April 27, 1935
39,795,000 13,873,000
Total April 25,
457,000
3,161,000
points
51,628,000
2,596,000
202,000
688,000
Total April 25,
1936-110,532,000
112,721,000
109,028,000
5,225,000
4,978,000
5,253,000
3,506,000
3,530,000
3,194,000
39,267,000
110,532,000
7,549,000 35,659,000
little_was seeded in the south; seed corn is of poor
a
Total April 18,
Total April 27,
1936
1935
improved the outlook in that area.
In Texas, before the rains occurred the latter part of the week, there
was some dry planting in the north, but the bulk of cotton there is yet
implanted; later rains improved conditions and will facilitate planting
operations.
In Oklahoma the rains were mostly inadequate; planting is
very slow, in fact, little ground has yet been prepared because of dryness.
In Arkansas but little has been planted in the north; however, excellent
progress was reported from
nation is slow in Louisiana.
Total April
25, 1936-149,799,000
1936
154,373,000
Total April 18,
Total April 27,
The world's shipment
7,081,000 12,065,000
3,506,000 4,306,000
7,549,000 40,884,000 10,587,000 16,371,000
7,660,000 40,971,000 10,660,000 16,710,000
148,823,000 13,873,000 16,689,000
1935
Broomhall to the New
ended
5,225,000
12,144,000 13,415,000
of wheat and corn, as furnished by
York Produce Exchange, for the
April 24, and since July 1 1935
week
and July 2 1934, are
Wheat
Since
Since
Week
Since
Since
Apr. 24
July 1,
Apr. 24,
July 1,
July 2,
1936
1935
Bushels
Bushels
Bushels
1936
1935
Bushels
North Amer.
Bushels
Bushels
well
144,000
880,000
Argentina.—
35,626,000:
4,593,000
68,409,000154,444,000
1,370,000 94,687,000
256,000
38,000
43,000
4oo]66o 7,738,000 15,998,000
167,714,000
4,445,000 245,578,000
94,458,000
328,000
India—
744,000
Oth. countr's
were
33,265,000 36,152,000
408,000! 37,233,000, 36,596,000
Report for the
290,592,000220,346,000
Week Ended April 29—The
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended April 29, follows:
the
the
"high" of wide extent was
Plains, attended by much
lower temperatures well into the central-valley sections, and by the morn¬
ing of April 22 the cool wave had reached the middle Atlantic area, with
freezing weather extending into the central Appalachian districts.
The
latter part of the week was considerably warmer in eastern sections, but
there was a general tendency to subnormal temperature from the Ohio
Valley northward and northeastward. On April 22 and 23 there was rather
extensive precipitation from the Mississippi Valley eastward, but
the
latter part of the week had mostly fair weather, though at the same time
moderate to heavy rains occurred over considerable sections of the dry
At the beginning of the week a pronounced
advancing southeastward over the Northern
Southwest, especially Texas
This was the third week
and Kansas.
in succession with subnormal temperatures
country and abnormal warmth over much of
the West.
The weekly means for the week just closed ranged mostly
from around normal in some south-central districts to move than 6 degree
below normal in other sections east of the Great Plains.
The greatest
minus departures are shown for the area from the Northern Plains east¬
ward to the Atlantic Ocean.
West of the Rocky Mountains high tem¬
over
the eatern half of the
peratures for the season persisted, with the weekly averages ranging from
6 degrees to 9 degrees above normal over a considerable area.
In the East, freezing weather extended to southern West Virginia and
eastern Kentucky and farther west to central Missouri and southwestern
Kansas.
The lowest temperature reported from a first-order station was
Lake, N. Dak., on April 22, though at Doucet, Quebec,
minimum reading of 4 degrees below zero was reported on
April 23.
In Gulf sections the temperature did not go as low as 50 degrees
at any time during the week.
„
,
Moderate to heavy rains occurred during the week in most all sections
from southern Nebraska southward to the west Gulf and Rio Grande;
also over much of western and northern Missouri, most of Arkansas, the
18 degrees at Devils
Canada,
a
,
northern
portion
of the
Ohio Valley, and the far
Northwest.
In the
Lake region, the Eastern States, the extreme lower Mississippi Valley,
and the far Southwest, there was very little precipitation, while the amounts
were
mostly light in the northern Great Plains.
outstanding feature of the week's weather was
The
substantial rains that occurred the latter part
the moderate to
the
of the period in much of
Kansas southward to the
southern border of the country.
These rains were timely and beneficial,
though, in most cases, they were too light to more than temporarily relieve
conditions and much more follow-up rain will be necessary to restore the
soil in this section to normal moisture condition.
Also, the amounts were
too light to be of material benefit in a good many places, especially in much
of Oklahoma, the extreme western portions of Kansas and Texas, and
some adjoining sections to the west.
There was also beneficial precipi¬
tation in most of Montana, Idaho, and the north Pacific States.
Farm work made mostly good progress in central and eastern portions
of the country, though it was too dry to plant in the Southwest before
the occurrence of ram the latter part of the week.
Field work made
better advance in much of the South and in most of the more eastern
States, though in central and eastern districts, as well as the South, cool
weather retarded growth and germination of spring-planted crops, where
persistently
dry
area
from
Missouri
and
planting has been accomplished.
There was some scattered frost damage
in south-central portions of the country and in the upper Ohio Valley.
decidedly beneficial to winter
wheat in much of the western portion of the belt.
In Kansas moderate
to heavy falls occurred rather generally, except
in the extreme west,
which saturated the topsoil and materially improved the outlook.
Wheat
made fair to good progress in the eastern half of the State, where it is 6
to 8 inches high in many places; in the west its condition continues poor
to only fair and very poor in the extreme west.
In Oklahoma rainfall
was
generally too light to be of much benefit and winter wheat shows
marked deterioration in many important producing sections.
The rains
in Texas will be helpful.
In other portions of the belt there is no material
change in the general condition of winter wheat, though cool weather,
especially in the central and eastern portions, retarded growth and progress
was mostly slow.
In the more eastern States wheat continues in generally
Small Grains—Rainfall of the week was
good condition.
Wheat Belt the weather was generally favorable and
seeding made satisfactory progress.
This work is nearly completed in
South Dakota and Minnesota, except in the Red River Valley of the latter
State where it is well advanced.
In North Dakota planting made excellent
advance, especially in the south and west.
In Montana rains of the week
will be beneficial to spring grains and additional moisture in theiPacific
Northwest will be decidedly helpful.
'* There was considerable oat seeding in the Ohio Valley and this work is
In
the
to show
volume
However, in view of the
substantial
8%.
The sales
continued cold
but in other sections of the country gains ranging
increase over last year of 7 to
was held down by
an
in New England
15% were indicated.
from 5 to
Trading in the wholesale dry goods markets was
featured
by a much better demand for summer goods, and in view of
steadily increasing number of out-of-town buyers, fur¬
ther
nearing completion in upper Mississippi Valley sections.
While seeding
islnearly done in Iowa more than half of oats and barley in that State
have not yet germinated, because of cool weather and dry topsoil.
orders were confidently expected, particularly
with various impending promotional events,
heavy
connection
such
Wholesalers
Baby's
National Cotton Week and
Mother's Day,
as
Week.
their part continued to refrain from
on
placing
orders
beyond
their
immediate
requirements,
although they were believed tb have regained their con¬
fidence to some extent, because of the recent spurt in sales
cloths and its ensuing steadying effect on the price
Business in silk goods continued rather dull,
of gray
structure.
partly under the influence of the weaker trend of raw silk
Some interest was shown in chiffons and muslins
in general the market was disappoint¬
prices.
for evening wear, but
Trading in greige goods was listless, and the increas¬
ing.
ing number of weavers switching to rayon for
their fall lines
although not sufficiently to attract
new
business.
Trading in rayon yarns continued active.
Heavier numbers were ordered by weavers for fall fabrics.
Demand for acetate yarns remained fairly active, and inter¬
caused prices to weaken,
showed further expansion.
est in spun rayon
Domestic Cotton Goods
—Following
recent spurt,
its
trading in print cloths again lapsed into its previous desul¬
It
state.
tory
was
the part of the
on
recent
apparent that more curtailment moves
mills would be required to maintain the
In
movement.
buying
this
connection, much
will
the decision of the Pinehurst meeting with
regard to further reduction of output, either collectively or
depend
upon
The
individually.
served
also
although
steady,
continued
retard
to
some
in
decline
business.
Prices,
sellers were
the stock market
nevertheless, held
said
to
be willing to
quotations on transactions involving large quantities.
Trading in fine goods remained seasonally quiet. A number
shade
of
reorders
fancies
on
for
summer
were
received
at
un¬
Clos¬
ing prices in print cloths were as follows:
39-inch 80s,
7 3/16 to 71/4c.; 39-inch 72x76s, 6%c.; 39-inch 68x72s, 5%c.;
38%-inch 64x60s, 5 3/16 to 5%c.; 38y2-inch 60x48s, 4%c.
Stocks of mills were said to be low.
changed prices.
Woolen Goods
mained
Prices
orders
equivalent
firm.
continued
they
future, in
were
as
to 2
While
frained from placing any
dise,
in
—Trading
fabrics re¬
supplied with
3 months' production.
men's
wear
quiet, but mills were believed to be
unfilled
expected
or
clothing
manufacturers re¬
duplicate orders for fall merchan¬
to
enter the market in the near
much as their sales continued
to run ahead
of last year, reflecting the brisk business reported
Business in women's
clothing centers.
active.
wear
by retail
goods was fairly
Many mills opened their fall lines at prices averag¬
season, and one of the
ing 10 to 15% above those of last
largest producers advanced prices
last year.
up
to 40% compared with
The call for white and pastel coatings was very
heavy, and manufacturers had difficulty in keeping up with
the brisk demand.
Foreign Dry Goods —Trading in linens became increas¬
Orders and reorders for linen two-piece suits
were placed freely.
Printed linens
ingly active.
as
Spring
The total volume of department store sales in the
about 8% below the correspond¬
buying.
local area was estimated at
in
Weather
the persistent
the
5,831.000372,243,000423,718,000 5,253,000
Total
of State taxes as
downward trend on the stock market
said to be the chief retarding influences on consumer
as
weather,
2,693,000140,000,000133,743,000
Black Sea...
Australia...
ing in the metropolitan area.
ditions were fairly seasonal, payments
1934
July 2,
1934
week was somewhat
gains recorded during the earlier part of April, sales in this
district for the entire month were, nevertheless, expected
Corn
Week
Exports
1,1936.
disappoint¬
Although local weather con¬
York, Friday Night, May
New
Retail trade during last
ing period of last year.
following:
shown in the
northern
though little has been done in the
THE DRY GOODS TRADE
'
Canadian!!...
the south and some middle sections. Germi¬
East of the Mississippi seeding made very
good progress in most places,
portions of the area.
Summary—
American
quality.
Cotton—In'general, conditions were more favorable in the Cotton
Belt.
While temperatures continued too low for good germination and
growth of early planted cotton in the eastern half of the belt, the better
moisture
conditions in the West, especially in Arkansas and Texas,
4,306,000
4,218,000
5,736,000
water
1936
2,
May
Chronicle
well
for
as
for accessories
dresses
sold
well, with
cerning crush-resistance
stimulant
to
consumer
the various improvements
and washability
demand.
Business in
con¬
a
real
burlaps
was
acting
as
quiet and mostly confined to spot and afloat goods.
Prices
eased somewhat, in line with slightly lower Calcutta cables.
Domestically,
at
5.50c.
lightweights
were
quoted
at
4.10c.;
heavies
Financial
Volume 142
Chronicle
3033
Federal Reserve Bank of New York, New York, N. Y.
Offering of $9,097,100 Municipal Bonds Taken Over From
PWA Holdings—Notice was given on April 28 that the above
Corporation will receive sealed bids at the office of H. A.
Mulligan, Treasurer, 1825 H St., N. W., Washington, D. C.,
until 12 o'clock noon (Eastern Standard Time), on May 12,
for the purchase of all (but not less than all) of any of the 42
issues of securities aggregating $9,097,100, described below:
The successful bidders for said securities will be required to accept delivery
of the securities at the Federal Reserve bank or branch named in the ac¬
companying list, and to pay for the same in cash or in other immediately
available funds at any Federal Reserve bank or branch thereof, within 15
at the bid
days of acceptance o bid, at the bid prices plus accrued interest to the date
of
of payment, less the amount of the checks accompanying the bids.
Signed
or certified copy of the approving legal opinion of counsel, where indicated,
as to the legaility of the issue will be furnished the purchaser without cost.
Said
securities
successful
are
offered
bidders will not
and
will
expressly
or
be sold
on
the
condition
obligation
to
or
use
agency
ties.
or
the
that
the
by implication indicate to anyone
that RFC, or the United States of America, or any agency
thereof, has
any
responsibility whatsoever with respect to such bonds, or refer
name of the RFC, or the United States of America or any
as an inducement to anyone to purchase any of said securi¬
19,000 Village of Rouses Point, N. Y., 4% street improvement bonds,
maturing Oct. 1 as follows: $1,500, 1936-47, incl.; $1,000, 1948.
Clay, Dillon & Vandewater, New York, N. Y.
Federal Reserve
Bank of New York, New York, N. Y.
117,000 County of Caldwell, N. C., 4% school building bonds, maturing
Dec. 1 as follows:
$4,000, 1936-38, incl.; $5,000, 1939-52, incl.;
$6,000, 1953; $3,000,
1954-62, incl.; $2,000,
1963.
L.
M.
Abernethy, Granite Falls, N. C. (as to $66,000 of bonds); J. T.
Pritchett, Lenoir, N. C. (as to $51,000 of bonds).
Federal
Reserve Bank of Richmond, Richmond, Ya.
62,000 City of Fayetteville, N. C.f 4% municipal wharf bonds, ma¬
turing Aug. 1 as follows: $3,000, 1936-49, incl.; $4,000, 1950-54,
incl.
Masslich & Mitchell, New York, N. Y.
Federal Reserve
Bank of Richmond, Richmond, Va.
82,000 City of Lenoir, N. C., 4% bonds (one bid to cover the three
issues)
fire alarm system bonds, maturing Aug. 1 as follows:
$1,000,
1936-52 incl.; total, $17,000. Street impt. bonds,
maturing Aug. 1
as follows:
$2,000, 1936-49 incl.; $1,000, 1950; total, $29,000.
Waterworks impt. bonds, maturing Aug. 1 as follows:
$1,000
1936-49
incl.; $2,000,
1950-60 incl.; total, $36,000.
L.
H*.
Wall, Lenoir, N. C.
Federal
Reserve Bank
of Richmond.
Richmond, Va.
thereof,
The following are the issues referred to in the accompanying letter and
offered for sale in accordance with the terms thereof:
$108,000 City of Anniston, Ala., 4% public school house bonds, maturing
Jan. 1 as follows:
$3,000, 1937-43, incl.; $4,000, 1944-50, incl.;
$5,000, 1951-61, incl.; $4,000, 1962.
J. F. Matthews, attorney
for the City Of Anniston, Ala.
Federal Reserve Bank of Atlanta.
Atlanta, Ga.
22,500 Town of Clanton, Chilton County, Ala., 4% municipal improve¬
ment bonds, maturing Aug. 1 as follows:
$500, 1936-44, incl.;
$1,000, 1945-62, incl.
Omar L. Reynolds, Clanton, Ala.
Fed¬
eral Reserve Bank of Atlanta, Atlanta, Ga.
223,000 The County Board of Education of Walker County, Ala., 4%
school warrants, maturing Aug. 1 as follows:
$9,000, 1936;
$10,000, 1937-53, incl.; $11,000, 1954-57, incl.
J. J. Curtis,
attorney for the County Board of Education of Walker County,
Ala.
Federal Reserve Bank of Atlanta, Atlanta, Ga.
308,000 City of Phoenix, Ariz., 4% sanitary sewer extension bonds,
maturing July 2 as follows: $8,000, 1939; $9,000, 1940; $10,000,
1941; $11,000, 1942; $12,000, 1943f $13,000, 1944; $14,000, 1945;
$15,000, 1946; $16,000,
1947; $17,000, 1948; $18,000, 1949;
$19,000,
1950; $20,000,
1951; $21,000,
1952; $22,000, 1953;
$23,000, 1954-56, incl.; $14,000, 1957.
Elliott & Lewis, Phoenix,
Ariz. ($100,000 par value of issue).
Hess Seaman, Assistant
City Attorney, Phoenix, Ariz. ($240,000 par value of issue).
Los Angeles Branch, Federal Reserve Bank of San Francisco,
Los Angeles, Calif.
1,235,000 The City of Fort Smith, Sebastian County, Ark., 4% waterworks
revenue bonds, maturing Oct.
1 as follows:
$10,000, 1937-39,
incl.; $11,000, 1940-41, incl.; $12,000, 1942-44, incl.; $102,000,
1945; $110,000, 1946; $115,000, 1947-48, incl.; $120,000, 1949-52,
incl.; $130,000, 1953; $95,000, 1954.
Harry P. Daily, Fort
Smith, Ark.
Little Rock Branch, Federal Reserve Bank of
St. Louis, Little Rock, Ark.
200»000 City of Kokomo, Howard County, Ind., 4% sewage works
revenue bonds, maturing Aug. 1 as follows: $9,000,1937; $10,000,
1938-1939, inch; $14,000, 1940-41, incl.; $16,000, 1942-44, incl.;
$20,000, 1945-48, incl.; $15,000, 1949.
Matson, Ross, McCord
& Clifford. Indianapolis, Ind.
Federal Reserve Bank of Chicago,
Chicago, 111.
14,500 Consolidated School District No. 10 of Dunklin County, Mo.,
1
4% bonds, maturing Aug. 1 as follows:
$2,000, 1937; $1,000,
1938-40, incl.; $2,500, 1941-43, incl.; $2,000, 1944.
Benjamin
H. Charles, St. Louis, Mo.
Federal Reserve Bank of St. Louis,
St. Louis, Mo.
31,000 School District of Thayer No. 68, of Oregon County, Mo., 4%
school bonds, maturing Nov. 1 as follows: $1,000, 1936-41, incl.;
$2.000,1942-53, incl.; $1,000,1954.
T. W. Mesara, Thayer, Mo.
Federal Reserve Bank of St. Louis, St. Louis, Mo.
69,000 City of Fallon, Churchill County, Nev., 4% waterwroks improve¬
ment bonds, maturing Jan. 1 as follows:
$1,000, 1937; $4,000,
1938-54, incl.
Brobeck, Phleger & Harrison, San Francisco,
Calif.
Federal Reserve Bank of San Francsico, San Francisco,
Calif.
86,000ICity of Camden, N. J., 4% water improvement bonds, maturing
Jan.
1 as follows:
$3,000, 1937-64, incl.; $2,000, 1965.
Edwin
G. C. Bleakly, City Counsel, Camden, N. J.
Federal Reserve
Bank of Philadelphia, Philadelphia, Pa.
52,000 Township of East Brunswick, County of Middlesex, N. J., 4%
water bonds, maturing April 1 as follows:
$2,000, 1939-55, incl.;
$1,000, 1956r-73, incl.
Caldwell & Raymond, New York, N. Y.
Federal Reserve Bank of New York, New York, N. Y.
201,000 Regional Board of Education of the School Districts of the
Borough of Penns Grove and the Township of Upper Penns
Neck, Salem County, N. J., 4% regional school district bonds,
maturing Oct. 1 as follows: $9,000, 1939-47, incl.; $10,000, 1948S. Rusling Leap, 7l0 Federal St., Camden, N. J.
59. incl.
Federal Reserve Bank of Philadelphia, Philadelphia, Pa.
16,500 Common School District No. 14 of the Town of Guilderland,
N. Y., 4% school building bonds, maturing Sept. 1 as follows:
$500. 1936-45, incl.; $1,000, 1946-52, incl.; $1,500, 1953-55, incl.
Begley, Diamond & Begley, Schenectady, N. Y.
Federal Re¬
serve Bank of New York, New York, N. Y.
56,000 Town of Holland, Erie County, N. Y., 4% water bonds, series
of 1934,
maturing Feb. 1 as follows: $2,000, 1937-64, incl.
Thomson, Wood & Hoffman, New York, N. Y.
Federal Reserve
Bank of New York, New York, N. Y.
66,000 Town of Lloyd, Ulster County, N. Y., 4% sewer bonds, maturing
Sept. 1 as follows: $3,000, 1936-39, incl.; $4,000, 1940-44, incl.;
$5,000, 1945-48, incl.; $6,000, 1949-50, incl.; $2,000, 1951.
Andrew Wright Lent, Highland, N. Y.
Federal Reserve Bank
of New York, New York, N. Y.
4,907,000 City of New York, 4% rapid transit subway serial bonds, ma¬
turing July 1 as follows: $506,000,1950; $621,000,1951; $645,000,
1952; $671,000, 1953; $698,000, 1954; $726,000, 1955; $755,000,
1956; $285,000, 1957.
Paul Windels, Corporation Counsel of the
City of New York, New York, N. Y.
Federal Reserve Bank of
New York, New York, N. Y.
$12,000, 1951-59, incl.; $9,000, 1960-62, incl.
Reidsville, N. C.
mond,
Federal
Reserve
Bank
of
Brown & Trotter,
Richmond. Rich¬
Ya.
10,000 City of Carrington, N. Dak., 4% sewage disposal
plant bonds
maturing June 1 as follows: $1,000, 1946-53, incl.; $2,000, 1954.
C. B. Craven, Carrington, N. Dak.
Federal Reserve Bank of
Minneapolis, Minneapolis, Minn.
114,000 Village of Fairport, Lake County, Ohio, 4% 1st
mtge. water¬
works revenue bonds, maturing Feb. 1 as follows:
$4,000, 193742, incl.; $5,000, 1943-60, incl.
Arthur J. Ritari, Fairport, Ohio
Federal Reserve Bank of Cleveland, Cleveland, Ohio.
32,500 City
of Fremont, Sandusky County, Ohio, 4% city portion
sewer bonds,
maturing Oct. 15 as follows:
$1,000, 1936$2,000, 1937; $1,000, 1938-39, incl.; $2,000, 1940; $1,000, 194142, incl.; $2,000, 1943; $1,000, 1944-45, incl.;
$2,000. 1946$1,000, 1947-48, incl.; $2,000, 1949; $1,000,
1950-51, ind •
$2,000, 1952; $1,000, 1953-54, incl.; $2,000. 1955; $1,000, 1956^
58, incl.; $2,500, 1959.
B. A. Fouche, City Solicitor, Fremont.
Ohio.
Federal Reserve Bank of Cleveland,
Clevelannd
Ohio
Village of Quaker City. Ohio, 4% bonds (one bid to cover both
issues), waterworks bonds, maturing Sept. 1 as follows:
$100
1936; $300, 1937-54 incl.; total, $5,500.
Waterworks revenue
bonds, maturing Jan. 1 as follows: $1,000, 1937-57 incl.: $1 500
1958-60 incl.; total, $25,500.
I. E. Stubbs, Quaker
City, Ohio'
Cincinnati Branch, Federal Reserve Bank of
Cleveland, Cin¬
cinnati, Ohio.
City of Clinton, Custer County, Okla., 4% sewage disposal bonds
of 1935, maturing Jan. 15 as follows:
$1,500, 1938-56, incl.$500, 1957.
R. H.
Dunn, Clinton, Okla.
Federal Reserve
Bank of Kansas City, Kansas
City, Mo.
Grady County, Okla., 4% court house and jail bonds of 1934,
maturing April 1 as follows: $1,000, 1953; $4,000, 1954.
Chap¬
man & Cutler, Chicago, 111.
Federal Reserve Bank of Kansas
City, Kansas City, Mo.
City of Drain, Douglas County, Ore., 4% water bonds, maturing
March
1
as
follows: $1,000,
1939-53, incl.
Teal, Winfree,
McCulloch & Shuler, Portland, Ore.
Portland branch, Federal
Reserve Bank of San Francisco, Portland, Ore.
School District No. 15, Union County, Ore., 4% school
building
bonds
maturing Sept.1 as follows: $700, 1936-38, incl.; $800,
1939-o4 Incl.
George T. Cochran, La Grande, Ore.
Portland
Branch, Federal Reserve Bank of San Francisco,
Portland, Ore.
Town of Clinton, S. C., 4% water works improvement revenue
bonds, maturing Aug. 1 as follows: $2,000,1936-64, incl.
R. W.
Wade, Clinton, S. C.
Federal Reserve Bank of Richmond.
Richmond, Va.
City of Greenwood, S. C., 4% sewer revenue bonds, maturing
March 1 as follows: $1,000, 1956;
$2,000, 1957-62, incl.
Ben¬
jamin H. Charles. St. Louis, Mo.
Federal Reserve Bank of
Richmond, Richmond, Va.
relief
31,000
29,000
5,000
15,000
14,900
58,000
13,000
24,700 School District No. 33 of Spartanburg County, S.
C., 4% school
building bonds, maturing June 1 as follows: $1,300, 1936-54, incl.
Donald Russell, Spartanbur, S. C.
Federal Reserve Bank of
Richmond, Richmond, Va.
14,000 City of Beresford, S. Dak., 4% water works
bonds, maturing
Aug. 15 as follows: $14,000, 1954.
Arthur Frieberg, Beresford
S.
Dak.
Federal
Reserve
Minn.
Bank
of
Minneapolis,
Minneapolis,
36,000 Independent District of Groton, Brown County, S. Dak.,
4%
school bonds, maturing Dec. 30 as follows:
$2,000, 1936-49. incl.:
$3,000, 1950-51, incl,.; $1,000, 1952-53, incl.
Chas. J. Lundberg,
Groton, S. Dak.
Federal Reserve Bank of Minneapolis, Minne¬
apolis, Minn.
15,000 The City of Sioux Falls, S. Dak., 4% city hall bonds,
1934, ma¬
turing Aug. 15 as follows: $3,000, 1945; $8,000, 1946; $4,000,
1947.
Hugh S. Gamble, Sioux Falls, S. Dak.
Federal Reserve
Bank of Minneapolis, Minneapolis, Minn.
215,000 City of El Paso, Tex., 4% sewer revenue bonds, maturing Sept. 1
follows:
$10,000, 1943; $15,000, 1944-46, incl.; $20,000, 1947W. P. Dumas, Dallas, Tex. El Paso branch, Federal
Paso, Tex.
Guadalupe County, Tex., 4% court house and jail warrants,
series 1934, maturing Oct. 15 as follows:
$5,000, 1936-62. incl.$2,000, 1963.
C. F. Gibson, Austin, Tex.
San Antonio branch.
Federal Reserve Bank of Dallas, San Antonio, Tex.
City of University Park, Tex., 4% water revenue bonds, maturing
May 1 as follows: $1,000, 1937-38, incl.; $2,000. 1939; $3,000,
1940-42, incl.; $4,000, 1943-52, incl.; $5,000, 1953-58, incl.;
$1,000, 1959.
W. P. Dumas, Dallas, Tex.
Federal Reserve
Bank of Dallas, Dallas, Tex.
Town of Amherst, Va., 4% water supply improvement bonds,
maturing March 1 as follows: $1,000, 1938-58, incl.
Thomas
Whitehead, Town counsel, Amherst, Va.
Federal Reserve Bank
of Richmond, Richmond, Va.
Town of Chatham, Va., 4% water improvement bonds, maturing
March
1 as follows: $500,
1937-56, incl.
Langhorne Jones,
Chatham, Va.
Federal Reserve Bank of Richmond, Richmond,
Virginia.
as
54, incl.
Reserve Bank of Dallas, El
137,000
84,000
21,000
10,000
Financial
3034
9,500 Town of East Bank, Kanawha County. W. Va., 4%"water works
revenue bonds, maturing March 1 as follows: $500, 1937-55, incl.
Caldwell & Raymond, New York, N. Y.
Federal Reserve Bank
of Richmond, Richmond, Va.
on Awards of Municipal
text of the official release
Bonds—We give
Official Report
herewith
the
from the above-
named Federal agency, supplementing ou;r earlier report in
these columns on the sale of the $4,364,200 of 4% bonds
taken
over
from the
municipal security holdings of the PWA:
The bonds, the successful bidders and the prices paid were:
$48,000 County of Marshall, Ala., 4% court house bonds, Marx & Co.,
Birmingham, Ala., $1,029.70 per $1,000.
120,000 City of Tuscaloosa, Ala., 4% school bonds, 1934, Equitable
Securities Corp., Nashville, Tenn., $982.70 per $1,000.
48,000 School District No. 1 of Coconino County, Ariz., 4% school
improvement bonds, Boettcher & Co., Denver, Colo., and
associate, $1,026.60 per $1,000.
.
17,000 Norris City Township High School District, No. 181, White
County, 111., 4% school building bonds, Channer Securities Co.,
Chicago, 111., $1,035.10 per $1,000.
^n0/iau
r,
10,500 Town of Cleghorn, Iowa, 4% water bonds of 1934, Shaw, McDermott & Sparks, Inc., Des Moines, Iowa., $1,043.60 per $1,000.
12,100 Town of Royal, Clay County, Iowa, 4% water works bonds,
Jackley & Co., Des Moines, Iowa, $1,060.63 per $1,000.
1,500,000 State of Kansas, acting by and through the State Highway
Commission, 4% revenue anticipation warrants, series A, The
First Boston Corp., New York, N. Y., and associates, $1,100.59
per $1,000.
20,500 Village of Paw Paw, Mich., 4% sewage disposal bonds, Channer
Securities Co., Chicago, 111., $1,045.50 per $1,000.
25,000 School District of Humansville, Mo., 4% school bonds, City
National Bank & Trust Co., Kansas City, Mo., $1,007.89 per
$1,000.
22,000 Consolidated School District No. 1 of Webster County, Mo.,
4% bonds, Callender, Burke & MacDonald, Kansas City, Mo.,
$970.70 per $1,000.
70,500 City of Lovelock, Nev., 4% water works improvement bonds,
Boettcher & Co., Denver, Colo., and associates, $1,005.00 per
$1,000.
75,000 The Board of Education of the Borough of Rumson, m the
County of Monmouth, N. J., 4% school bonds, J. S. Rippel &
Co., Newark, N. J.i $1,095.67 per $1,000.
148,000 The Board of Education of the Township of Teaneck, Bergen
County, N. J., 4% school district bonds, B. J. Van Ingen & Co.,
Inc., New York, N. Y., $989.14 per $1,000.
258,000 Union Free School District No. 1 of the Town of Haverstraw,
Rockland County, N. Y., 4% school district bonds, Geo. B.
Gibbons & Co., Inc., New York, N. Y., and associates, $1,060
per $1,000.
229,000 Board of Education of Union Free School District No. 19 of the
Town of Hempstead, N. Y., 4% school construction bonds,
Geo. B. Gibbons & Co., Inc., New York, N. Y., and associates
$1,067 per $1,000.
170,000 Central School District No. 1 of the Towns of Hunter, Jewett
and Lexington, County of Greene, N. Y., 4% school building
bonds, Phelps, Fenn & Co., New York, N. Y., $1,075.50 per
$1,000.
337,000 Board of Education of Union Free School District No. 6 of the
Town of North Hempstead, Nassau County, N. Y., 4% school
improvement bonds, B. J. Van Ingen & Co., Inc., New York,
N. Y., and associate, $1,091.59 per $1,000.
50,000 Village of Plandome, Nassau County, N. Y., 4% water bonds of
1934, Roosevelt & Weigold, Inc., New York, N. Y., $1,073.40
per $1,000.
153,000 Union Free School District No. 1 of the Town of Wilson, Niagara
County, N. Y., 4% school building bonds, Geo. B. Gibbons &
Co., Inc., New York, N. Y., and associates, $1,070 per $1,000.
126,000 Board of Education of Central School District No. 2 of the
Towns of Yorktown, New Castle
and Cortland, Westchester
County, N. Y., 4% school bonds, 1935, Phelps, Fenn & Co.,
New York, N. Y., $1,056.80 per $1,000.
124,000 County of Burke, N. C., 4% school building bonds, First Na¬
tional Bank of Morganton, Morganton, N. C., $1,046.80 per
$1,000.
58,000 County of Davidson, N. C., 4% school improvement bonds,
Piedmont Financial Co., Inc., New York, N. Y., $1,057.76 per
$1,000.
140,000 County of Yadkin, N. C., 4% school bonds, Lewis & Hall, Inc.,
Greensboro, N. C., $1,017.37 per $1,000.
103,000 Dickinson School District No. 1 of Stark County, N. Dak., 4%
school bonds, The First National Bank of Dickinson, Dickinson,
N. Dak., $1,020.10 per $1,000.
.
49,000 County of Pushmataha, Okla., 4% court house & jail bonds of
1934, C. Edgar Honnold, Oklahoma City, Okla., $1,007.60 per
$1,000.
15,500 School District No. 33, Tulsa County, Okla., 4% building bonds
of 1934, Foster Petroleum Corp., Westerly, R. I., $1,015.10 per
$1,0°08,000 Maplewood Water District, Multnomah County, Ore., 4%
water bonds, Baker, Fordyce Co.,
Portland, Ore., $1,021.20
per $1,000.
:
27,600 School District No. 48, Yamhill County, Ore., 4% school building
bonds, Atkinson, Jones & Co., Inc., Portland, Ore., $1,020.70
;
per $1,000.
38,000 School District No. 44, Anderson County, S. C., 4% school
building bonds, McAlister, Smith & Pate, Inc., Greenville, S. C.,
$1,025.80 per $1,000.
82,000 Florence County, S. C., 4% court house bonds, The RobinsonHumphrey Co., Atlanta, Ga., $1,035.60 per $1,000.
12,000 City of Watertown, S. Dak., 4% street improvement bonds,
Northwestern National Bank & Trust Co., Minneapolis, Minn.,
$1,055 per $1,000.
120,000 City of Amarillo, Tex., 4% water revenue bonds, series 1934,
A. S. Huyck & Co., Chicago, 111., and associate, $1,028.89 per
$1,000.
23,000 City of Galveston, Tex., 4% school bonds of 1929, series B,
J. L. Mosle & Co., Galveston, Tex., $1,035.30 per $1,000.
35,000 Wharton Independent School District, Wharton County, Tex.,
4% school building bonds, series of 1934, Dewar, Robertson &
Pancoast, San Antonio, Tex., and associate, $1,018.70 per $1,000.
36,000 Town of Bluefield, Va., 4% sewer improvement bonds, Scott,
Horner & Mason, Inc., Lynchburg, Va., $1,006.10 per $1,000.
33,500 Town of Burkeville, Va., 4% water bonds, Frederick E. Nolting,
Inc., Richmond, Va., $1,022.77 per $1,000.
.
May 2,
Chronicle
1936
Under PWA operations local communities always pay from local finance
the greater part of the cost of any PWA permanent improvement they have
selected and
PWA has approved.
PWA makes
a
Government grant of
less than half the cost.
Although PWA has actually purchased only $524,196,475, it has obligated
itself through contracts with local, county and State governments to pur¬
chase $842,731,965 worth of bonds.
The balance of the purchase will not
be made until construction on community projects has progressed to the
point where the community itself may fill its contract with PWA.
The
PWA will purch se an additional $318,535,490 worth of bonds beforelthe
PWA program is completed.
MHM
The sale of $17,460,000 worth of Pennsylvania railroad bonds yesterday
closes out those purchased from that railroad during the period when PWA
was offering outright loans to railroads for modernization purposes.
The
Pennsylvania electrified much of its lines, built new locomotives and other
equipment with the $70,165,000 which PWA lent it in instalments starting
Jan. 25, 1934.
The profit on yesterday's sale of railroad bonds was
$1,257,547.
There has been active competitive bidding from investment sources for
the municipal bonds which PWA purchased to stimulate construction
employment and is now reselling.
News Items
Kentucky—Legislature Provides New Sources of Revenue—
On the last lap of its special revenue session, the Kentucky
General Assembly has passed bills expected to produce more
$7,000,000 annually, and has before it in various stages
bills estimated to produce an additional
$3,500,000.
It is generally believed that these estimates of revenue are
than
another group of
conservative and that actual collections will reach the State
•
.
,
~
.
,
^
a
Report on Bond Sales Profits and Interest Collections—The
following statement (Press Release No. 1878) was made
available on April 24 by the above named Federal agency:
Through sales made yesterday by the Reconstruction Finance Corpora¬
accepted by the Public Works Admin¬
as security for loans, PWA increased its bond sales profits and
interest collections total to $20,744,194, it was reported to Administrator
tion of municipal and railroad bonds
istration
Xckes
to-day.
The profit from the bond sales alone
RFC transactions to $7,148,677,
from
brings the total thus far accrued
according to the report.
This,
by PWA up to April 23,
added to $13,595,517, interest collected from bonds
represents a total of $20,744,194.
Profit .from the bond sales goes into the PWA revolving fund and is
available for making loans to expand the employment creating PWA pro¬
„
The law authorizing the revolving fund requires
gram.
that it shall be
used only for loans.
Grants, when made, must come from other
The interest paid to PWA by municipalities and other political
sions must be paid into the Treasury.
The profits from the sale
sources.
subdivi¬
_0
of bonds to-day alone amount to $1,540,623.
bond sales to RFC and to others, making
This added to previous profits on
a
total
gf $7,160,805.
PWA
has
$5,248,137.
„
.
purchased bonds costing $524,196,475.
Of these PWA has
public, a total of $390,276,059.
cancellations have amounted to
Bonds still held by PWA total $128,672,278.
sold to RFC, which resells to the investing
Sales to third parties, maturities and grant
administration's goal of
,
^
$12,000,000
a year.
Promising to be the most productive of the levies is the retail liquor
stamp tax of 13 cents a pint on whisky and 25 cents added to the old $1.25
a barrel tax on beer.
The whisky tax stamp must be affixed by the whole¬
saler, except for stocks already on retailer's shelves, for which special
stamps are being sold.
This Act, effective April 30, is expected to produce
upwards of $2,000,000 a year.
Other measures passed by both Houses include a cigarette tax of 1 cent
on 10-cent cigarettes and 2 cents on 15-cent grades, stamps to be affixed
by wholesalers or manufacturers, expected to yield $1,000,000; personal
income tax of 2% to 5%, expected to yield $1,500,000; corporate income
tax of 4% on net, $1,400,000; inheritance taxes, $500,000, and race track
license and admission taxes, to yield $200.000.
The lower house has approved a 3% tax on water light and gas bills,
to produce $900,000 annually and a $1 tax on automobile drivers' licenses,
to produce $400,000.
These latter two now go to the Senate.
Other measures pending are a 3% tax on automobile sales, to produce
$800,000; 10% amusement tax, $500,000; 2 cents per quart on lubricating
oil sales, $400,000; 1 cent on soft drinks, bottled or fountain, $250,000,
and natural gas severance tax, $250,000.
The cigarette bill dropped the proposal to tax cigars and other manufac¬
tured tobacco products and the administration is believed to have abandoned
its intention of an "outage" tax of 4 mills per pound on burley and 3 mills
per pound on dark fired sold over warehouse floors.
New
Jersey—Legislature Passes New Relief Administra¬
Set-Up—The eight-day siege of the State House by a
group of relief recipients was lifted on April 29, although the
object which they sought—to compel the Legislature prompt¬
ly to pass a tax program for relief—was not achieved.
The
Legislature, before adjourning early on the morning of
April 30, passed a bill creating a new set-up for emergency
tion
relief administration in the State but did not pass a single
tax bill to finance it.
A Trenton press dispatch gave a
report
we
on
this latest action of the Legislature, from which
quote, as follows:
Under
passed in the Assembly by a vote of 49 to 2 and in the
returned to the municipali¬
of a State financial assistance commission of five
members, the personnel to be the same as the present State House Com¬
mission.
The members are Governor Harold G. Hoffman, William H.
a measure
Senate by 19 to 0, the administration of relief is
ties under supervision
State Treasurer; Frank J. Murray, State Comptroller; State
and Assemblyman Homer C. Zink,
Essex, chairmen, respectively, of the State and House Appropriations
Albright,
Senator Charles E. Loizeaux, of Union,
of
Committees.
Load
Put
on
Communities
The bill provides
for an executive director, who shall be secretary of the
commission, and 14 assistant directors assigned to district offices.
The
function of the commission will be to allocate State funds to municipalities
unable to carry the relief fund alone, but administration of relief will be
left to municipalities.
Local governing bodies may handle their relief
cases either through the office of Overseer of the Poor or they may appoint
commissions of three or five members to carry on the work.
Despite the Legislature's failure to pass a tax bill, the invading relief
clients, who had eaten, slept and held mock sessions of a "workers' legisla¬
ture" on the Assembly floor since April 21, claimed a moral victory in that
they had "exposed to the country the nature of our Tory Legislature and
dramatized the needs of the unemployed which were present,"
New
Jersey—Municipal Credit Outlook for 1936—Marked
in the rehabilitation of the finances of most New
Jersey municipalities is reported in a special survey, "The
New Jersey Municipal Credit Outlook, 1936," just published
by the Municipal Service Department of Dun & Bradsstreet, Inc.
:
\
progress
.
In no State, the survey declares, has there been a more pronounced and
general reversal of an unfavorable financial trend among city and county
governments than in New Jersey in the last two years.
Certain exceptions
are cited, but they are held to be unrepresentative of the general outlook.
This widespread recovery, in a State in which municipal solvency was at
a low ebb in the recent
past, is ascribed by the author of the study, H.J.
Frey, fully as much to the constructive legislative and administrative
measures of the last two years as to the improving business trend.
Particular stress is placed upon the facts that most of the larger cities of
the State, and many of the smaller ones, have adopted cash basis budget
systems; that there has been adoption of a system of quarterly tax payments
well synchronized with the fiscal year; and that the new bond law is operat¬
ing not only to prevent excessive borrowing in the future, but to bring about
a steady reduction of debt to within more conservative limits.
Generally optimistic in tone, the survey comments that the favorable
financial trend might easily be interrupted in many communities if the State
fails to find an equitable solution to the problem of financing unemploy¬
ment relif, and the full relief burden is thrown back upon the local govern¬
ments and the general property tax.
Detailed statistics of local debts and resources for payment, presented in
the survey, show that the debt level is still much higher than the average
throughout the country, and that well-planned and economical administra¬
tion is a consequent necessity over a period of years.
The
average direct and overlapping debt of cities over
in the State
10,000 population
is shown to be $201 per capita and 11.3% of taxable wealth, as
compared with an average of $109 per capita and 7.3 % of taxable wealth for
cities of over 50,000 in the country at large.
A few excessively indebted
municipalities, the survey suggests, face th,e necessity of scaling of interest
and extensive readjustment of debt structure.
The relatively high debt of the area, however, is partially offset, the
survey concludes, by higher-than-average resources for payment and by the
constructive legislative steps already taken for rehabilitation and control.
But further confidence will be engendered, it is observed, if proposed legisla¬
tive action results in more general strengthening of the budget system, in
Volume 142
Financial
elimination of still continuing weaknesses in the tax collection procedure,
and in
finding rational
means
for financing of relief.
Appeals Court Gives Dorrance Estate Tax to State—A special
dispatch from Trenton to the New York "Herald Tribune"
of May 1 had the following to say in regard to the final dis¬
position of the huge tax assessment on the estate of Dr. John
T. Dorrance, involving about $12,000,000, a matter of liti¬
gation over a six-year period:
The New Jersey Court of Errors and Appeals today affirmed an in¬
heritance tax assessment of $12,247,333 against the estate of Dr. John T.
Dorrance of Camden, Campbell soup manufacturer, which has been in
litigation since his death in 1930.
Eight of the ten judges voted to affirm the decision given originally by
Vice-Chancellor Malcolm G. Buchanan, sitting in the Prerogative Court,
and sustained by the Supreme Court.
Two of the members of the Court,
Justice Clarence E. Case and Judge Walter D. Hetfield, voted for modifi¬
cation of the judgment.
The decision of the Court of Errors and Appeals
disposes of this case, so far as the courts of New Jersey are concerned. There
is a possibility that further efforts to effect a
compromise will be made. In
the event of failure, an appeal probably will be taken
by the executors to
the United States Supreme Court.
This
the
involves
conflict between New Jersey and Pennsylvania as to
residence of Dr. Dorrance, who maintained a home for many
case
a
legal
in Cimmaminson Township, Burlington County, and who,
before his death, acquired an estate in Radnor, Pa.
years
several
Chronicle
3035
Treasury Department would, under aU circumstances, honor requisitions
made by any State agency to the extent of
any balance standing to its
credit in the unemployment insurance fund.
"If the New York State
unemployment insurance Act should
finally be
adjudged invalid," Mr. Taylor wrote, "this would not, in my opinion,
deprive the State of New York of its equitable interest in the
unemploy¬
ment trust fund."
Mr. Bennett said that the effect of the
correspondence "is to remove any
which may have existed that employers who make contributions
under the Act might be unable to obtain refunds in the event
the Act is
doubt
held unconstitutional."
Senate
Approves $75,000,000 Relief Fund—The Democratic
a surprise move, on April 30 voted $75,000,000 to
continue unemployment relief, it is stated in an
Albany
dispatch of that date. The fund was divided as follows:
Senate, in
1.
$35,000,000 of the $55,000,000 unemployment relief bond issue ap¬
proved by the voters last November was made available immediately.
2. $10,000,000 was appropriated from the
general fund.
3. A $30,000,000 bond issue was
approved in a resolution, which must
be passed by the voters in November.
Republicans voted in a unit against the $10,000,000 appropriation, con¬
tending it would necessitate a new tax.
Senate Majority Leader John J.
Dunnigan, Bronx Democrat, who in¬
troduced the relief measures, said he would
sponsor a bill calling for restora¬
tion of the 1-cent
emergency gasoline tax to finance the $10,000,000 appro¬
years
priation.
Immediately after the death of Dr. Dorrance, Pennsylvania levied an in¬
heritance tax of $15,000,000 on an estate
appraised at more than $115,000,000.
The assessment was sustained by the
November, carried
without delay and the tax was collected.
New Jersey maintained that the
legal residence of Dr. Dorrance was in
this State and members of his
family, while resisting the levy imposed by
Pennsylvania, supported this claim.
Evidence has been produced that
Minority Leader George R. Fearon, Syracuse Republican, cited the
stipulation when opposing the $10,000,000.
"There will be no necessity for this extra
$10,000,000 immediately if the
$15,000,000 of the bond issue is going to be made available immediately,"
Pennsylvania Supreme Court
Dr. Dorrance dining his lifetime claimed New
Jersey as his legal place of
residence, that he voted here and obtained his automobile licenses in Bur¬
lington County.
Payment of the Dorrance tax has been envisioned fre¬
quently during the prolonged relief crisis as at least a partial solution of
this problem.
New
City—Charter
liminary Report
Revision
Board
Submits
Proposed Changes—The New York City
on April 26 made public its
200-page preliminary report and draft of the proposed new
city charter upon which it has been working for over a year.
While many new features and
important changes are pro¬
posed in the form of the city government, no substantial
of
opinion.
on
advocated in the form of the borough
question involving a considerable divergence
The principal changes proposed call for the
are
a
abohtion of the Board of Aldermen and the substitution of
Common Council of 29 members by
a
preferential election or by
proportional representation.
Following are some of the
highlights of the proposed new charter, as they were listed
in the New York "Herald Tribune" of
April 27:
Board of Aldermen—The present board of 65 members would be
abolished,
and for it substituted a City Council of 29
members, which would be the
city's sole legislative body.
The Board of Estimate and Apportionment
would be retained as the city administrative
body.
City Planning Commission—A powerful, non-political commission of six
members and the chief engineer of the Board of Estimate
would be created
to guide the development and growth of the
city.
Comptroller—The comptroller s power of audit would be strengthened, and
he also would be given the right of
subpoena and to examine under oath.
Department of Finance—A new department, to be headed by a City
Treasurer to be appointed by the
Mayor, would be created to handle the
collection, custody, borrowing and disbursement of city funds.
The Boroughs—Borough autonomy would be
preserved, with virtually all
of the powers of the borough presidents retained.
Deputy Mayor—A new post would be created to relieve the Mayor of
many of his routine duties.
Action
on
the
issue
measure
a
which
would
be
stipulation, however,
placed before the voters in
$15,000,000 of it would
that
be made available
immediately after its approval.
he said.
.
.
■
.
•
Chairman Jeremiah Twomey of the Finance
Committee, who pressed for
passage of the appropriation bill, said it could not be accurately determined
when the present relief funds would be exhausted.
Only
one
Senator, Thomas C. Desmond, Newburgh Republican, opposed
Pre¬
Charter Revision Commission
amendments
i
bond
the $30,000,000 bond issue.
York
government,
The
Charter—The
question of adopting the proposed charter
would be submitted at a referendum on Election
Day this fall.
If adopted,
the charter would govern the city elections in 1937.
The City Council—There would be submitted at the same time a
separate
question, to elect members of the City Council by proportional representa¬
tion in borough-wide elections, one member
being elected for each 75,000
votes cast.
Pennsylvania—Special Legislative Session Called for
May 4—Governor George H. Earle on April 27 called the
on May 4, to consider
security, elimination of con¬
gestion and fire hazards at State institutions, and unemploy¬
ment relief, among other things, according to
Harrisburg
press dispatches of the 27th.
Although the Governor had
previously intimated that the special session would be
limited in scope, his official proclamation is said to list 17
subjects for legislative action, including a few controversial
proposals.
State Legislature into special session
flood relief and control, social
Tennessee—State
Appeals Ruling on Bond Income Tax—
appealed to the Supreme Court on April 22 from
the ruling by Chancellor L. D.
Bejach of Memphis, that
income from public bonds issued in other States is not tax¬
able in Tennessee, according to the Associated Press.
The
suit was brought by the Union and Planters Bank & Trust
Co.
of Memphis, against Finance Commissioner
Dancey Fort,
it is said.
In its appeal the State contends that the Chan¬
cellor erred in exempting
Mississippi bonds from the Ten¬
The State
income tax.
nessee
United
United
States—Municipal Bankruptcy Act Attacked—A
dispatch from Washington on April 29 had
Press
the
following to say in regard to a suit filed against the
Federal Municipal Bankruptcy Act of
1934, in an effort to
have the law declared invalid:
Constitutionality of the Municipal Bankruptcy Act recently extended by
Congress to 1940 was submitted today to the Supreme Court in a case
involving Cameron County Water Improvement District No. 1.
The Reconstruction Finance Corporation has
intervened because its loan
operations to improvement, drainage and irrigation districts
may
be
involved.
New York Stafop—Governor Lehman Asks
$40,000,000 for
Relief Purposes—An additional appropriation of $10,000,000
out of the 1936-37 budget for
unemployment relief and sub¬
mission of a new $30,000,000 relief bond issue to the
people
next fall were called for on April 24
by Governor Lehman.
In a special message to the
Legislature, the Governor ex¬
plained that the $10,000,000 was necessary to finance the
State's share of the relief load through Feb.
1, 1937, while
the bond issue would be needed to assist in
meeting relief
expenses for
the calendar year 1937—estimated by Mr.
Lehman at from $60,000,000 to
$70,000,000, according to
Albany press dispatches.
Palmer Hutcheson of Houston, Tex., counsel for
holders of 10% of the
district's bonds, argued against the law's
validity.
He said the legislation
He argued that the Texas Constitution
precluded
invaded States' rights.
municipal corporations from availing themselves of reorganizing
proceedings.
He asserted that bondholders' contracts would be
violated if the district's
reorganization plan was approved.
Hutcheson was questioned at length on the RFC
contention that the
Supreme Court had no jurisdiction.
He explained that it would be to his
interest if the Court were to hold that the district had
appealed improperly
to the Fifth Circuit Court of Appeals.
He said, however, that he believed
the district had properly appealed to the Circuit
Court from the riding of
the Federal District Court that the law was
unconstitutional.
OFFERINGS
MUNICIPAL BONDS
Legislature Votes Budget With $15,000,000 Reduction—
Governor Lehman's executive budget, with slashes
totaling
Francis, Bro.
about
$15,200,000, was approved by the Senate and the
Assembly on April 27, thus ending a deadlock over the
original $308,000,000 bill that lasted for almost six weeks.
The bill as approved by a conference committee of the
two
houses recently, was passed by a vote of 49 to 2 in the
Senate
and unanimously in the
Assembly, according to Albany
ESTABLISHED
ALABAMA
the State unemployment
fund,
May 1, will be returned to employers
in the event that the law is invalidated
by the United States
Supreme Court.
We quote, in part, as follows from an
Albany report to
on
EQUITABLE
Securities Corporation
New York
Birmingham
April 24:
recently upheld by the Court of
appeal will be taken to the United
Chattanooga
Nashville
Knoxville
Memphis
was
Appeals, with the expectation that an
States Supreme Court.
Although the contributions are collected by the State Industrial Com¬
missioner the law requires that they be "deposited in or
invested in the
obligations of the 'unemployment fund' of the United States
Government
or its authorized agent."
The Attorney General said that employers subject to the
law are willing
to pay their contributions, but feel they are entitled to
the assurance
in
doing so, that in the event of a decision against the
constitutionality of the
law, the payments so made would be refunded.
He made public a
reply
from Wayne C. Taylor, Acting Secretary of the
Treasury, stating that the
Negotiations
Municipal Bonds
that contributions to
The constitutionality of the law
TULSA
Bond Proposals and
Refund Pledged if Law is Upset—Attorney
General John J. Bennett, Jr., on April 24, made
public corre¬
spondence between himself and the United States
Treasury
Department, on the basis of which Mr. Bennett gave assur¬
the New York "Herald Tribune" of
Co.
Investment Securities
Job Insurance
due for the fir&t time
&
1877
ST, LOUIS
advices.
ance
WANTED
Arkansas—Illinois—Missouri—Oklahoma
ALABAMA
BUTLER
COUNTY
(P.
O.
Greenville),
Ala.—BOND SALE
CON¬
TEMPLATED—The County Board of Education is said to be ready to
advertise for sale a block of $70,000 school bonds.
FAIRHOPE, Ala.—BOND SALE—The $42,000 issue of
bonds offered for sale
coupon
town
on April 30, was awarded to the First National Bank
Mobile, as 4%s, at a price of 97.40, a basis of about 5.12%.
Denom.
$1,000.
Dated May 1, 1936.
Due on May 1 as follows: $2,000, 1937
to 1942: $3,000, 1943 to 1948, and $4,000, 1949 to 1951.
Princ. and int.
(M. & N.) payable at the Bank of Fairhope.
of
Financial
3036
May 2, 1936
Chronicle
COLORADO
ARIZONA
Ariz.— BOND CALL—
We wish to call attention to the fact that a call for $33,000 of bonds, dated
Dec. 15, 1916, was reported in these columns recently under the Colorado
listings—V. 142, p. 2868.
This was incorrect as Apache County is located
in Arizona, as shown above.
The 5% bonds, being called for payment as
APACHE
COUNTY
(P. O.
Saint
of May 15, are divided as follows:
Nos. 13 to 15, of court house bonds.
office.
Johns),
Payable at the County Treasurer's
1
Nos. 16 to 45, of court house bonds.
Payable at the office of Sidlo,
Simons, Day & Co. of Denver.
Due on Dec. 15, 1946, optional on Dec. 15, 1931.
BOULDER, Colo.—BOND CALL—The city is said to be calling for pay¬
May 10, on which date interest shall cease, various paving improve¬
ment district, sanitary sewer improvement district and strom sewer improve¬
ment district bonds aggregating $19,500.
ment on
O. Idaho
Colo.—BONDS VOTED—The $60,000 3^% school building
Denver.—V.
2368—were approved by the voters at the election held on April 17.
CLEAR CREEK COUNTY SCHOOL DISTRICT NO. 5 (P.
Springs),
bonds which were sold to the J. K. Mullen Investment Co. of
142, p.
LINCOLN COUNTY
rants to and
including those registered May 24; 1935, of Sch. Dist. No.
all warrants to and including those registered
ARKANSAS BONDS
Markets in all State, County
(P. O. Hugo), Colo.—WARRANT AND BOND
CALL—The County Treasurer is said to be calling for payment the following
warrants and bonds: All registered warrants of Sch. Dist. No. 9; all war¬
18;
April 1, 1935, of Sch. Dist.
all registered warrants of Sch. Dist: No. 24; all warrants to and
including those registered on May 19,1934, of Sch. Dist. No. 29; all warrants
to and including those registered July 15, 1935, of Sch. Dist. No. 32; all
No. 22;
& Town Issues
registered warrants of Sch. Dist. No. 42, and on Sch. Dist. No. 23—bonds
dated Aug. 15, 1919.
The County Treasurer is said to have funds to pay
about seven bonds of this issue, although they are not optional now.
SCHERCK, RICHTER COMPANY
PROWERS COUNTY CONSOLIDATED SCHOOL DISTRICT
NO.
(P. O. Lamar), Colo.—BOND CALL—It is reported that Nos. 1 to 38,
6% school bonds, dated May 1, 1921, are being called for payment
at the International Trust Co. of Denver on May 1.
Denom. $1,000.
Due on May 1, 1951.
8
LANDRETH BUILDING, ST. LOUIS, MO.
of the
PUEBLO, Colo.—BOND CALL—It is stated by Geo. J. Stumpf, City
Treasurer, that he is calling for payment various special improvement
district bonds.
Further details will be furnished on request.
ARKANSAS
SILVERTON SCHOOL DISTRICT NO. 1, Colo.—BOND ELECTION
held on May 4 at which a proposal to issue $27,000
—An election will be
State & Municipal Bonds
school refunding bonds
CONNECTICUT
WALTON, SULLIVAN & CO.
LITTLE ROCK,
ST. LOUIS, MO.
ARK.
ARKANSAS
O. Fort Smith),
Board of School
648, of 5% school bonds, dated July 1,
1915, are being called for payment on July 1, (or thereafter if not presented
for payment on that date), as provided in its deed of trust to the MercantileTrust Co. (now the Mercantile-Commerce Bank & Trust Co., St. Louis).
Holders of said bonds should present them for redemption at the place of
payment above named on date called or thereafter.
Interest shall cease
FORT SMITH SPECIAL SCHOOL DISTRICT (P.
Ark.—BOND CALL—J. W. Ramsey, Secretary of the
Directors, states that Nos. 296 to
said bonds on date called.
on
will be voted upon.
BRIDGEPORT, Conn .—BOND OFFERING—Perry W. Rodman, City
Comptroller, will receive sealed bids until noon (Daylight Saving Time)
on May
12 for the purchase of $500,000 not to exceed 4% int. coupon
(registerable as to principal) series B refunding bonds, authorized by Special
Act of the Legislature, approved Feb. 12, 1935.
The bonds will be dated
May 15, 1936.
Denom. $1,000.
Due May 15 as follows: $55,000 from
1938 to 1941 incl., and $56,000 from 1942 to 1946 incl.
Prin. and int.
(M. & N. 15) payable in lawful money of the United States at the City
Treasurer's office.
The bonds will be prepared under the supervision of the
First National Bank & Trust Co., Bridgeport, which will certify as to the
genuineness of the signatures of city officials and the seal impressed on the
certificates.
A certified check for 2% of the bonds bid for, payable to the
order of the City Treasurer, is required.
The approving opinion of Ropes
Gray, Boyden & Perkins of Boston will be furnished the successful bidder,
CONNECTICUT
of)—PLANS ADVANCE PAYMENT OF
$8,306,000 in outstanding State bonds
(State
BOND PRINCIPAL—Half of the
maturing July 1 may be bought back by the State before that date.
State
Treasurer John S. Addis stated he was considering such a move because of
California Municipals
the
$50,000 State ot California Relief llA% due Jan. 1/44, to yield 2.30
DONNELLAN & CO.
CALIFORNIA MUNICIPALS
$125,000 San Francisco, Water
...
4s 12-1-49 2.60%
^Bootlie.&ilLeiieQ Co.
ill
west
LOS ANGELES
7th st.
The
State Treasurer under authority of
So far the
Teletype-S P 396
Telephone Exbrook 7067
be used to buy up bonds at par with interest to July 1.
$13,336,000 in bonds issued from time to time up to 1920 by the
the 1911 General Assembly will be wiped
out entirely on July 1, leaving the State entirely free of bonded indebtedness.
The bonds were issued for the general fund as the result of a deficit occurring
may
in 1911.
San Francisco, Calif.
111 Sutter St.
"splendid cash position of the sinking fund."
If he finds this plan
State's "best interest," he said, $4,794,130 in available cash
to be for the
teletype
LA
566
MEMBER LOS ANGELES STOCK EXCHANGE
State
has redeemed $5,030,000 leaving $8,306,000 still out¬
standing and maturing July 1.
The State has $4,794,130 on hand in cash
now for bond redemption purposes July 0," Mr. Addis said.
"On or before
July 1, funds will be available to redeem the remaining outstanding bonds
maturing then.
There is also cash on certificates of deposit, all maturities
before July 1, amounting to $3,350,000.
In the sinking fund there are mis¬
cellaneous bonds due in May and June, totaling $822,000 and miscellaneous
bonds due July 1, 1936, in the amount of $538,000.
The sinking fund
now consists of cash on hand, cash on certificates of deposit which will
mature before July 1, and bonds payable on or before July 1 of an amount
sufficient to redeem the full amount of $13,336,000 worth of bonds out¬
standing."
HARTFCRD, Conn .—BOND SALE—The $450,000 1% coupon refund¬
ing bonds offered on April 27—V. 142, p. 2868—were awarded to Lincoln
R. Young & Co. of Hartford on a bid of 100.219, a basis of about .93%.
Estabrook & Co. of New York and Putnam & Co. of Hartford, were second
high bidders, offering 100.011.
Dated May 1,
May 1 in each of the years from 1937 to 1941.
Other bids were as follows:
1936.
Due $90,000 on
Bidder—
CALIFORNIA
BEARDSLEY
SCHOOL DISTRICT,
Brown Harriman & Co.,
Kern County, Calif.—BOND
May 20 a proposed $80,000 bond
for school building and improvement will be submitted to the voters.
ELECTION—At an election to be held on
issue
HERMOSA BEACH, Calif .—BONDS DEFEATED—At the election held
on April 14—Y. 142, p. 2026—the voters defeated the proposed issuance of
$66,000 in municipal auditorium and improvement bonds, according to
the City Clerk.
IMPERIAL, Calif.—BONDS VOTED—The voters are reported
approved recently the issuance of $97,500 in refunding bonds.
to have
OCEANSIDE, Calif.—BONDS DEFEATED—At the election held on
April 14—V. 142, p. 2541—the voters defeated the issuance of the $30,000
extension bonds by a count of 1,128 "for" to 677 "against," just short
of the required majority.
It is stated that the proposal will be re-submitted
shortly.
OXNARD
*JNION
a
—
Rate Bid
99.9599
99.93
Gregory & Son, Inc., New York
Halsey, Stuart & Co., Inc., New York, and the R. F. Griggs Co.,
Waterbury
Lazard Freres & Co.. Inc., New York
The First Boston Corp.,
New York, and Day, Stoddard &
99.90
Boston
Chicago—
Boston; Cooley & Co., Hartford, and Edw. M.
Bradley & Co., Inc., New Haven
E. H. Rollins & Sons, Inc., New York, and Mansfield & Co.,
Williams,
Inc.,
Harris Trust & Savings Bank,
99.836
99.829
99.828
99.794
R. L. Day & Co..
99-78
-
99.69
99.562
Blyth & Co., Inc., New York; Dick & Merle-Smith, New York,
and Paine, Webber & Co., Hartford
Rutter & Co., New York, and Roy T. H. Barnes & Co., Hartford-
99.554
99,431
Hartford
water
DEFEATED—At
Tnc, New York
Coffin & Burr, Inc., Boston
-
Bancamerica-Blair
SCHOOL DISTRICT, Calif.—BONDS
of the district defeated a
high school reconstruction bonds.
Corp.,
New York
HIGH
recent election the residents
proposal to issue $69,000
Calif.—BOND ELECTION DEFERRED—We are
that the election which was scheduled for
recently—V. 142, p. 2368—will not be held
for some time as the proceedings have been held up on the proposed issuance
of the $200,000 harbor bonds.
BONDS
FLORIDA
REDWOOD CITY,
informed by the City Treasurer
time in May, as noted here
some
PIERCE-BIESE CORPORATION
COUNTY (P. O. San Diego), Calif.—BOND OFFERING
—Sealed bids will be received by J. B. McLees, County Clerk, until 11
a. m.
on May 4 for the purchase of a $7,500 issue of Jacumba School
District bonds.
Interest rate is not to exceed 5%, payable A. & O.
Denom. $500.
Dated April 1, 1936.
Due $500 from April 1, 1937 to
1951 incl.
Prin. and int. payable in lawful money at the County Treasurer s
office.
A certified check for $225, payable to the Chairman of the Board
SAN DIEGO
of
Supervisors, must accompany the
SAN FRANCISCO,
JACKSONVILLE
Orlando
Tampa
bid.
Calif.—SECRETARY ICKES RULES OUT
CITY'S
HETCH-HETCHYPOWER DISTRIBUTION—A United Press
dispatch from Washington on April 23 reported as follows:
"Secretary of Interior Harold L. Ickes, ruled to-day that San Francisco s
'plan No. 4' for distributing power from Hetch-Hetchy Dam did not com¬
ply with the Raker Act.
He said that an alternative plan, submitted
informally by the city, would be held legal.
"The alternative plan, which Mr. Ickes said he would approve, pro¬
vided that the city must procure its own transmission lines from the dam
and distribution lines within the city.
"The so-called 'plan No. 4' provided for the city to transmit power
from the dam to Newark, then sell the energy to Pacific Gas & Electric Co.
"Mr. Ickes held that 'the arrangement constituted a salef of electric
energy for the purpose of resale in violation of the Raker Act.
Florida
PLAN FOR
premium of $185 for 3% bonds.
Dated May 1, 1936.
$3,000. 1937 to 1945- $5,000, 1946 to 1953, and $6,000.
Due as follows:
1954 to 19o6.
Municipals
LEEDY. WHEELER &
Jacksonville,
Bell
Orlando
System
CO.
FSa.
Teletype
10
FLORIDA
City),
SAN MATEO COUNTY SCHOOL DISTRICT (P. O. Redwood
Calif.—BOND SALE—The $85,000 Jefferson Union High School District
April 27—-V. 142, p. 2868—were awarded to Schwabacher
& Co. of San Francisco as 3s, for a premium of $201.11, equal to 100.23b,
a basis
of about 2.98%.
Dean Witter & Co. of San Francisco offered a
bouds offered on
Miami
TAX SCHOOL DISTRICT NO. 10
Fla.—BONDS NOT SOLD—The $9,500 issue of 4%
bonds offered on April 17—V. 142, p. 2195—was
received, according to the Secretary of the Board
Instruction. Due $500 from Dec. 1, 1937 to 1955 incl.
ESCAMBIA COUNTY SPECIAL
(P. O. Pensacola),
coupon semi-ann. school
not sold as no bids were
of Public
Volume 142
Financial
Chronicle
3037
JACKSONVILLE,
Fla.—BOND OFFERING— Sealed bids will be re¬
ceived until 2:30 p. m. on July 1, by M. W.
Bishop, Secretary of the City
Commission,.for the purchase of a §500,000 issue of coupon refunding bonds,
issue of 1936.
Interest rate is not to exceed 6%, payable J. & J. 15, to be
agreed upon between the City Commission and the purchaser or purchasers,
the first 200 of said bonds, numbered 1 to
200, incl., maturing July 15,
1950, and the balance of said bonds, numbered from 201 to 500, incl.,
maturing on July 15, 1951.
Denom. $1,000.
Dated July 15, 1936.
Prin.
and int. payable at
Jacksonville, or at the Manufacturers Trust Co., the
city's fiscal agency in New York City, at the option of the holder.
As a
part of and in connection with the proposals for said bonds, the City Com¬
mission will also receive bids for the amount of
interest, not exceeding 6%,
said bonds shall bear.
The legal approving opinion of Thomson, Wood &
Hoffman of New York, will be furnished to the successful bidder.
No bids
for less than par will be considered.
Delivery of said bonds will be made at
10 a. m. on July 15, at the office of tue
City Commission in Jacksonville.
A certified check for
2% of the par value of the bonds bid for, payable to
the order of the City Treasurer, is
required.
1
SEAFORD, Del.—BONDS NOT A WARDED—No award
was
made of
1941 to 1955 incl.; callable after five years.
IDAHO
SCHOOL
DISTRICT,
Idaho—rBONDS VOTED—At
a
recent
election the district voted in favor of the issuance of $25,000 school building
improvement bonds.
SHOSHONE
CLASS
A
will
6
on
be voted upon.
TWIN
It
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Kellogg), Ida.—BOND ELECTION—At an
May 12 ? proposition to issue $36,000 school bonds
COUNTY
NO.
election to be held
is
FALLS.
stated
by
W.
Idaho—BOND
OFFERING
NOT
SCHEDULED—
H.
Eldridge, City Clerk, that the City Council has
taken no further action regarding the authorization of the $300,000 in
water supply bonds mentioned in these columns recently.
ILLINOIS
CHICAGO PARK DISTRICT, 111.—SALE OF $17,336,087 REFUND¬
ING
BONDS
REFLECTS
RESTORATION
OF
DISTRICT'S
?rogram which we have all, we to work out ever meet the deferment of the
arks in 1934.
First of hoped were anxious to since consolidation in in¬
terest
principal on the old bonds.
This is now taken
through the sale of tne Series D and Series A bonds, past due interest
and, in
of
some cases,
being paid from the proceeds of the former and past due principal from the
latter, Halsey, Stuart & Co., Inc. having elected under their option to
in cash all bonds due up to and including June 30, 1936.
"Secondly, we wished to rearrange our subsequent maturities so as to
give a better organized schedule and one more in line with the taxpayers'
pay
ability to
pay.
"The third
This too was accomplished through the refunding operation.
and final step was to clear up all unfunded debt and to put
the district in very strong cash position.
This was accomplished through
their sale of the additional block of bonds and should relieve us of the
necessity of any furtner financing for some years to come."
In referring to the refunding offer, Mr. Dunham stated that Halsey,
Stuart & Co., Inc., as refunding agent, are still receiving deposits of bonds
and that the present indications are that most of the old issues will be de¬
posited before the expiration date for receiving deposits on May 14 next.
CHICAGO PARK DISTRICT, 111.—BOND SALE—Halsey, Stuart &
Co., Inc., of Chicago have purchased at a price of par a block of $14,795,212
4% refunding bonds, which are being issued pursuant to the provisions of
the refunding plan which was recently declared effective.
The purchasers
acted as agents for the district in obtaining the required number of assents
to the program, which involves the refinancing of a total of $99,085,708
bonds issued by the 22 superseded park districts. Of the bonds sold to the
bankers, $4,291,546 are series D, due in 1955 and optional in 1946, and
$10,503,666 mature in 1953 and optional in 1946. Proceeds of the latter
block will be used to pay off past-due bond principal, while the cash realized
from the sale of the smaller amount will be applied to the payment of delin¬
quent bond interest. The bankers, it is said, do not contemplate re-offering
the
bonds for
some
time.
CHICAGO SANITARY DISTRICT, III.—GENERAL OFFERING OF
BONDS—Offering of $2,000,000 4% series B refunding bonds, due Jan. 1,
1955—optional Jan. 1, 1943-1954, is being made by the Chase National
Bank, the Northern Trust Co., Chicago, and Kelley, Richardson & Co.,
Inc.
The bonds are priced to yield 3.40-3.50% to optional date and
4%
thereafter.
These bonds, part of an original offering of $41,469,000 which
refunded a like amount of bonds maturing from 1936 to 1953, inclusive,
constitute, in the opinion of counsel, valid and legally binding obligations
of the Sanitary District of Chicago, and all taxable property therein is
subject to the levy of taxes to pay the same without limit as to rate or
amount.
They are interest exempt from all present Federal income taxes.
COOK COUNTY FOREST PRESERVE DISTRICT (P. O.
Chicago),
111 .—SUCCESS OF REFUNDING PLAN ASSURED— Stifel, Nicolaus &
Co. of St. Louis and A. C. Allyn & Co., Inc. of Chicago, refunding
agents,
are expected to announce shortly receipt of the requisite amount of assents
to the
plan for refunding $12,515,750 district bonds, of which about $3,800,000 are in default.
The same investment bankers have successfully
negotiated the refinancing of $47,000,000 of county bonds, as announced
in these columns several days ago.
The plan for the Forest Preserve Dis¬
trict involves the exchange of $8,677,000 of bonds maturing after June
1,
1936, for an equal amount of series A bonds, due 1956 and optional on the
Jan. 1, after maturity of the bond exchange, $3,400,000 of which will bear
interest at 4M% and $5,277,000 of which will carry a
4% rate, and the
exchange or payment in cash of $3,838,750 of past due bonds and bonds
maturing up to June 1, 1936.
'
refund the issues maturing prior to June 1 there are to be issued
$3,838,750 of series B bonds, maturing in 1951 and optional in 1946, bearing
interest at 4%.
It is regarded likely that these bonds will be sold to provide
the necessary cash to retire the bonds they are to replace.
CRYSTAL LAKE, 111.—BOND SALE—The city has disposed of the
$55,000 funding bonds recently authorized by tne City Council.
The issue
will bear 4% coupons, payable semi-annually on June 1 and Dec. 1. Denom.
$1,000.
Dated May 12, 1936.
Principal and interest payable at the
American National Bank & Trust Co. of Chicago.
ATTICA,
receive
bids
Ind.—BOND OFFERING—The City Clerk-Treasurer will
5 p. m. May 11, for the purchase of $16,500 bonds.
until
Denom.
BEAVER TOWNSHIP (P. O. Morocco), Ind.—BOND SALE—The
$22,291.50 4M% school building bonds offered on April 18—V. 142, p.
2369—were awarded to the City Securities Corp. of Indianapolis at
jpar
plus a premium of $938, equal to 104.207, a basis of about 3.83%. Due
semi-annually
as follows: $500, June 15, 1937; $1,391.50, Dec.
$500, June 15, and $1,200, Dec. 15 from 1938 to 1949 incl.
ELKHART
COUNTY
15,
1937;
O. Goshen), Ind.—BOND OFFERING—
(P.
FOUNTAIN COUNTY (P.
Due Dec. 1, 1955.
O. Covington), Ind.—BOND OFFERING
—The County Auditor will receive bids until 2 p. m. May 4, for the purchase
of $136,000 courthouse bonds.
JACKSON TOWNSHIP (P. O. Charlottesville RR.), Ind.—BOND
OFFERING—"William Oldham, Township Trustee, will receive bids until
9 a. m. May 15, for the purchase of $68,250 4% school
building bonds, of
which $26,250 will be issued by the School Township and $42,000
by the
Civil Township.
Denom. $500 and $1,000, except one for $750.
Dated
May 1, 1936.
Principal and semi-annual interest (June 30 and Dec. 30)
payable at the Greenfield Banking Co., in Greenfield.
Due each six months
as follows:
$1,000 June 30, and Dec. 30, 1937; $2,000 June 30, 1938 to
Dec. 30, 1943; $2,000 June 30 and $2,500 Dec. 30, from 1944 to 1946;
$2,500 June 30, 1947 to June 30, 1949; $3,000 Dec. 30, 1949 to Dec. 30,
1950; $3,250 June 30, 1951; and $3,500 Dec. 30. 1951.
WARRANT OFFERING—The trustee will receive bids at the same time
for a warrant in the amount of $675, bearing interest at 5%.
Dated
1936.
Interest payable June 30 and Dec. 30.
May 1,
Payable Jan. 15, 1938.
MARION COUNTY (P. O. Indianapolis), Ind.— WARRANT SALE—•
The $500,000 tax anticipation warrants offered on April 28—V. 142,
p.
2869—were awarded to the Union Trust Co. of Indianapolis, the Indiana
National Bank, the Fletcher Trust Co., the Merchants National Bank,
the Indiana Trust Co. and the American National Bank, all of Indianapolis,
on a 1% interest
basis, plus a premium of $165. Dated May 1, 1936.
Due
Dec. 1, 1936.
CREDIT
STATUS—Complete restoration of the credit standing of Chicago Park
District is indicated in its sale on April 28 of $17,336,087 3M% bonds at
par to Halsey, Stuart & Co., Inc. of Chicago.
With the exception of sales
in 1935 by the City of Chicago and the Chicago Board of Education, the
price obtained by the Park District for its bonds marks the highest figure
obtained for a great many years by any major taxing body in Cook County.
The price compares with 103.60 for 4s (equivalent to a 3.55% basis) re¬
cently received by the Cook County Commissioners in its sale of $11,510,910
bonds and 100.05 for $20,718,890 4s received by the Sanitary District of
Chicago in November, 1935.
"The favorable price received for our bonds results from the success of our
refanding operation.'
said Robert J. Dunham, President of the Board,
following the meeting at wnich the sale was made. "It reflects th« marked
improvement in local municipal credit and
emphasizes
especially tue
present investment standing of Chicago Park District bonds supported by
their unlimited tax rate and other attractive features.
The sale of 3)4%
bonds rather than 4s will result in an annual saving of $86,680, and a total
saving exceeding $1,650,000 if the bonds remain outstanding during their
entire life.
Naturally the taxpayers are the chief beneficiaries of this
saving.
"The sale of this block of bonds marks the final step in the financial
care
Ind.—BOND SALE— K. J. Brown & Co. of Muncie have
purchased an issue of $28,000 4% water works bonds, due $1,000
annually
from 1938 to 1965, incl.
Denom. $500.
Legality approved by Matson,
Ross, McCord & Clifford of Indianapolis.
The County Auditor will receive bids until 10a.m. May 15 for the
purchase
of $40,000 county unit road
refunding bonds.
DELAWARE
COLE
INDIANA
ASHLEY,
WALTON, Ind.—BOND OFFERING POSTPONED—Offering of $6,000
storm water sewer construction
bonds originally scheduled for April 27—
V. 142, P. 2543—has been postponed to May 22.
IOWA
ADEL, Iowa—BOND SALE DETAILS—It is stated by the Town Clerk
that the $12,000 water works revenue bonds purchased by Jackley & Co.
of Des Moines, as 5s, reported in these columns last March—V.
142,
p. 1862—are due on March 1 as follows: $500, 1937 to 1939; $1,000, 1940;
$500, 1941; $1,000, 1942; $500, 1943; $1,000, 1944 and 1945; $500, 1946,
and $1,000 from 1947 to 1951.
BARTLETT
CONSOLIDATED
INDEPENDENT
SCHOOL
DIS¬
TRICT
(P. O. Bartlett), Iowa—BOND OFFERING—G. W. Potter,
Secretary of the Board of Directors, will receive bids until 8
p. m.
May 4
for the purchase at not less than par of $7,000 refunding bonds.
BUENA
VISTA
ELECTION—We
order to vote
COUNTY
are
(P.
informed that
O.
an
Storm
Lakes),
election will be held
Iowa—BOND
on May 6 in
the issuance of $1,000,000 in primary road paving bonds.
The special election is said to have been called on April 20 by the County
Supervisors
on
after
petitions
bearing
than
more
2,000
had
names
been
prasented.
EDDYVILLE
INDEPENDENT SCHOOL
DISTRICT,
ELECTION—The School Directors have ordered that
May
on
18
for the purpose
of voting
on
election
an
be held
the question of issuing $15,000
building bonds.
school
Iowa—BOND
^
FAIRFIELD, Iowa—BOND OFFERING—On May 8 at 7:30 p.
City Council will offer for sale a block of $18,300 refunding bonds.
m.
the
q
JONES COUNTY (P. O. Anamosa), Iowa—BOND SALE—The $93,300
4% courthouse construction bonds offered on April 28—V. 142, p. 2870—
awarded to the
were
White-Phillips Corp. of Davenport
as
2s for
a
premium
of $51, equal to 100.053.
The Iowa-Des Moines National Bank & Trust
Co. of Des Moines was second high, bidding a premium of $50 for 2s.
NASHUA, Iowa—BOND SALE—The $23,000 issue of sewer bonds
on April 22—V. 142, p. 2701—was awarded to a syndicate
composed of the State Bank of Waverly, the Waverly Savings Bank, the
First National Bank of Waverly, and the Farmers State Bank of Plainfield,
as 2Ms, paying a premium of $50, equal to 100.21, a basis of about 2.48%.
Due from Dec. 1, 1938 to 1955, inclusive.
offered for sale
POCAHONTAS COUNTY (P. O. Pocahontas), Iowa.—BOND ELEC¬
on May 14 at which a proposal to issue
TION—An election is to be held
$225,000 road bonds will be voted
POLK
COUNTY
(P.
O.
upon.
Des Moines),
Iowa—BOND OFFERING—
Allen Munn, County Treasurer, will receive bids until 10 a. m. May 8
for the purchase of $618,000 bonds as follows: $444,000 pauper warrant
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.
Certified check for
$19,000 required.
Principal and interest will be payable at the County Treasurer's office.
Bidders are to specify the rate of interest bonds are to bear.
Legal opinion
of Chapman & Cutler of Chicago will be furnished by the county.
The
county will also supply the bonds.
OAK
RED
SALE—The
INDEPENDENT SCHOOL DISTRICT,
Iowa—BOND
D. Beh Co. of Des Moines has purchased $65,000
Carleton
2H% school refunding bonds, paying par.
house
a
The district is to
pay
the bond
$275.90 service charge.
j
WARE CONSOLIDATED SCHOOL DISTRICT (P. O.
>
Ware), Iowa—
BOND SALE DETAILS—We are now informed by the District Secretary
that the $15,000 refunding bonds purchased by Jackley & Co. of Des
Moines, as 3Ms, at par, as reported here recently—V.
142, p. 2707—are
fully described as follows: Denom. $1,000.
Coupon bonds, dated
May 1, 1936.
Due on Nov. 1, 1943.
Interest payable M. & N.
more
WILLIAMSBURG
INDEPENDENT
SCHOOL DISTRICT
(P. O.
Williamsburg), Iowa—BOND SALE—The $47,000 issue of school building
offered for sale on April 27—V. 142, p. 2870—was awarded to
W. D. Hanna & Co. of Burlington, as 2Ms, paying a premium of $352.50,
equal to 100.75, a basis of about 2.42%.
Due from 1937 to 1956 incl.
bonds
KANSAS
AUGUSTA,
Kan.—BOND
OFFERING
CONTEMPLATED—In
con¬
with the report given in these columns recently of the approval
by the voters of the $70,000 dike construction bonds—V. 142, p. 2870—
we are informed by W.
W. Cron, City Clerk, that the bonds have not
been printed as yet but they are expected to be ready for sale in the near
nection
future.
AXTELL, Kan.—BOND ELECTION—An election will be held on
May 8 for the purpose of voting on a proposal to issue $11,000 sewerage
system bonds.
COUNTY (P. O. Fort Scott). Kan.—BOND SALE—
of $30,000 county poor relief bonds, bearing 2% interest, was
recently to the Citizens National Bank of Fort Scott at a price of
BOURBON
HARDIN
SCHOOL
DISTRICT,
tion to issue $25,000 school
recent
election, 127 to 12.
111.—BONDS
building bonds
was
VOTED—A proposi¬
approved by the voters at a
'
LITCHFIELD,
111.—BOND SALE—Lewis, Pickett & Co., Inc. of
Chicago have purchased an issue of $330,000 water works revenue bonds,
the proceeds of which will be used for the acquisition of that part of the
local water system which is now privately owned.
Public offering of the
issue will be made
soon.
An
sold
issue
101.51.
CRAWFORD COUNTY (P. O. Girard), Kan —BOND SALE DE¬
TAILS—It is stated by the County Clerk that the $45,000 relief bonds
purchased by the State School Fund Commission, as reported here recently
—V. 142, p. 2708—were sold as 2Ms at par, and mature from Feb. 1, 1937
to 1946, inclusive.
3038
Financial
Chronicle
GARDEN CITY SCHOOL DISTRICT NO. 1 (P. O. Careen
City),
Kan.—BONDS VOTED—On April 7 the voters of the district approved a
proposition to issue $50,000 school building bonds.
Treasurer's office.
It is one of the terms of the offering that the
bonds when issued will be the legal and valid binding obligations of the
State.
The opinion of the Attorney-General of Maryland and the opinions
of
Ritchie, Janney, Ober & Williams and Mullikin, Stockbridge & Waters
of Baltimore to this effect will be delivered to the successful bidder. Bid¬
JEFFERSON
COUNTY (P. O. Oskaloosa). Kan.—BOND SALE—
$8,000 issue of 2H % semi-ann. public work relief bonds offered for
sale on April 27—V. 142, p. 2871—was awarded to the Lathrop-HawkHerrick Co. of Wichita, paying a premium of $58.48, equal to 100.731, a
basis of about 2.12%. Dated April 1,1936. Due from April 1, 1937 to 1946.
The
KANSAS.
State
ders may, if
equivalent form of expression, but without leaving this question to the
decision
KANSAS
CITY,
Kan.—BOND
SALE—The
city
recently
approved by the voters at
was
Rate
on
Rate
on
1.50
None
None
193245
Total
1933.__
1934-.-
1935-.on
the question of issuing $30,000 street
Uncollected
End
Levy
Mar. 31, 1936 PerCent
of Fiscal Year Per Cent
$1,983,551.94
28.5%
1930--. £6,949,298.65
1931-.- 7,120,355.81
1932-__ 6,750,043.47
,
,
Uncollected
Year
approved by the voters, 96 to 47, at a recent special
2,145,737.87
2,221,870.50
2,570,258.53
1,462,392.32
1,258,402.58
6,349,972.16
5,410,069.53
5,399,001.98
$23,408.91
56,130.77
90,13d .40
230,684.01
291,931.04
622,393.23
30.1%
32.92%
40.48%
27.03%
23.31%
Total
1931.
KENTUCKY
Total Receipts
.$37,110,584.00
41,173,885.53
42,135,874.99
58,632,559.92
65,245,021.43
-
1932-
-
1933.
COUNTY
(P. O. Madisonville) Ky.—BOND SALE—A
$60,000 issue of 4K% semi-ann. funding bonds is said to have been pur¬
chased recently by Magnus & Co. of Cincinnati, paying a premium of $750,
equal to 101.28.
1934
1935-
PARIS, Ky.—BONDS SOLD—The Security Trust Co. of Lexington, is
reported to have purchased on April 18, an issue of $48,000 4% semi-ann.
electric light revenue refunding bonds.
1.34%
3.63%
5.40%
11.53%
Receipts and Disbursements Last Five Years
Fiscal
Year
RICHMOND, Ky.—BONDS AUTHORIZED—'The City Council
April 24 authorized the issuance of $40,000 filtration plant bonds.
2.20
None
Record of Tax Collections
Fiscal
VERMILLION, Kan.—BONDS VOTED—A proposition to issue $21,000
MONROE
.2,193,964,655.95
381,520,037.26
(per thousand)
Population—Census of 1930, 1,631,526; Census of 1920,1,449,610.
*
Mortgage from Northern Central Ry. Co. securing annuity of $90,000
to State, proceeds in case of sale to be
applied to reduction of funded debt,
this valuation being a capitalization of the annuity at 6%.
10 years.
on
real and personal property
securities (per thousand)
Floating debt
Tax anticipation notes
Bank loans (against uncollected taxes)
a recent
WETMORE, Kan.—BOND ELECTION—An election is to be held
$46,395,000.00
1,500,000.00
Real and personal property (Sept. 30, 1935)-Securities (Sept. 30,
sold an
Bank of
SEDGWICK COUNTY (P. O. Wichita) Kan .—BOND SALE—The
$40,000 issue of 2 hi % registered semi-ann. public work relief bonds offered
for sale on April 22—V. 142, p. 2708—was awarded to the Ritenour Invest¬
ment Co. of Wichita, at par.
Dated March 15, 1936. Due in from one to
May 4 for the purpose of voting
improvement bonds.
and
Financial Statement March 31, 1936
hall bonds.
was
or
bids
Funded debt:Loans, serial annuity plan
Offset to funded debt—* Annuity
mortgage
TEiX9I1}1G bS/SiS"*""
PHILLIPSBURG, Kan.—BONDS AUTHORIZED—'The City Council
has passed an ordinance authorizing the issuance of $17,000 community
election.
conditional
as
election.
waterworks bonds
bidders
approval of bidders
LAWRENCE, Kan.—BONDS VOTED—A proposition to issue $19,250
library addition construction bonds
of the
or their counsel.
All bids conditioned upon the
counsel, whether named or unnamed, will be treated
rejected unless the condition is waived by the
bidder to the satisfaction of the Board before the award has been made.
of— WARRANTS
revenue
issue of $22,000 2^% relief bonds to the Commercial National
Kansas City for a premium of $305, equal to 101.386.
they wish, make the legality and validity of the bonds one of
"subject to legality" or using any
the terms of the bid by making the bid
OFFERED
TO
PUBLIC—The
anticipation warrants, series A, sold by the Recon¬
struction Finance Corporation on April 23, at a price of 110.059, as noted in
these columns at that time—V. 142, p. 2866—-were offered by the First
Boston Corp.; Lazard Freres & Co.; R. H. Moulton & Co., Inc.; Phelps,
Fenn & Co., all of New York, and the Illinois Co. of Chicago, for public
subscription priced to yield from 1.80% on the 1940 maturity to 2.60%
on the 1946 maturity.
Dated Aug. 1, 1934. Due from Aug. 1, 1940 to 1946.
$1,500,000 4%
May 2, 1936
State
-
Disbursements
$38,837,129.68
40,387,924.79
45,122,519.38
58,824,983.46
63,238,370.27
MASSACHUSETTS
BARNSTABLE (P. O. Hyannis), Mass.—BOND OFFERING—Clarence
M. Chase, Town Treasurer, will receive bids until
noon
(Daylight Saving
Time) May 6 for the purchase at not less than par of $125,000 coupon sewer
bonds.
Bidders are to name rate of interest, in a mutiple of
%.
Denom.
$1,000.
Dated May 15, 1936.
Principal and semi-annual interest payable
on
at the Merchants
National Bank of Boston or at the Hyannis Trust Co.,
Hyannis. at holder's option.
Due yearly on May 15 as follows:
$7,000,
1937 to 1941; and $6,000, 1942 to 1956.
Bonds will be prepared under the supervision of and certified as to their
genuineness by the Merchants National Bank of Boston, and their legality
approved by Storey, Thorndike, Palmer & Dodge of Boston, whose opinion
will be furnished the purchaser.
Delivery will be made at the Merchants
LOUISIANA
ATCHAFALAYA
BASIN
LEVEE
DISTRICT
(P.
O.
Port
Allen)
La.—BOND
SALE
DETAILS—In
connection
with
the
offering by
Jones, Inc., of New Orleans, of the $767,000 5% semi-ann.
improvement bonds, report of which appeared here recently—V. 142, p.
2871—we are informed that Weil & Co.; Moore & Hyams; W. Edward
Brown & Co., and Fred J. McCormac, all of New Orleans, were associated
with the above firm in the purchase of the bonds paying par.
Scharff
&
National Bank of Boston for Boston funds.
All legal papers incident to the issue will be filed with the Merchants
National Bank of Boston where they may be inspected.
CALDWELL PARISH
(P. O. Columbia), La.—BONDS VOTED—At
on April 21—V. 142, p. 2197—the voters are said to have
approved the issuance of $70,000 in court house bonds.
the election held
LOUISIANA, State of—BOND SALE—The $2,500,000 issue of 4H%
semi-ann. highway, series P bonds offered for sale on April 28—V. 142, p.
2197—was awarded to a syndicate composed of the Chase National Bank,
the Chemical Bank & Trust Co., Brown Harriman & Co., R. W. Pressprich & Co., all of New York; Kelley, Richardson & Co. of Chicago; the
Whitney National Bank, the National Bank of Commerce, the American
Bank & Trust Co., ail of New Orleans; the Union Trust Co. of Indianapolis;
the First of Michigan Corp. of Detroit; Robinson, Humphrey Co. of Atlanta;
Whiting, Weeks & Knowles of Boston; Lamar, Kingston & Labouisse,
W. Edward Brown & Co., Inc., all of New Orleans; Charles H. Newton &
Co., Inc., of New York, and Marx & Co. of Birmingham, paying a price
of 107.819, a basis of about 3.64%.
Dated April 15, 1936. Due from April
15, 1940 to 1961 incl.
ORLEANS
LEVEE
DISTRICT
(P.
O.
on
on any
shall
cease./
these notes
of
Levee
1936,
Due
on
June 1, 1937.
Md.—TAX COLLECTIONS HIGHER—City taxes and
during the first three months of 1936 totaled
$17,465,843, or 38.99% of the year's estimated levy of $44,796,338, accord¬
ing to the monthly report issued by Herbert Fallin, Budget Director. This
compares with $16,431,076 collected in the like period last year, or 38.04%
of the estimated amount of $43,199,872.
In 1934, the city collected $14,113,380, or 33.48% of that year's estimated levy of $42,156,082.
Current taxes collected during the first three months amounted to $12,082,671, or 42.76% of the estimated $28,258,423 to be collected this year.
The estimated $28,258,423 represents 90% of the total levy for the year,
which amounts to $31,398,247.
During the corresponding period last year
$10,396,529 was collected, equivalent to 40.01% of the year's estimated
amount of $25,986,274.
The estimated amount in 1935 represented 88%
collected
accounts
of the year's total levy of $29,529,856.
Delinquent taxes collected amounted to $711,029, or 20.32%
mated
$3,500,000 to be collected this
collected in the
same
period of 1935
or
year.
26.73% of the year's total of $3,350,-
(Stat* of)—BOND OFFERING—Hooper S. Miles, State
Treasurer, will receive sealed bids until noon on May 27 for the purchase of
$1,500,006 3% coupon (registerable as to principal only) certificates of
indebtedness, known as "emergency reconstruction bond issue of 1936."
The obligations will be issued pursuant to Chapter 83 of the Acts of the
Special Session of the 1936 General Assembly. They will be dated June 1,
1936. Denom. $1,000. Due June 1 as follows: $87,000, 1939; $91,000, 1940;
$96,000, 1941; $100,000, 1942; $104,000, 1943; $109,000, 1944; $114,000,
1945; $119,000, 1946; $124,000, 1947; $130,000, 1948; $136,000, 1949;
$142,000 in 1950 and $148,000 in 1951.
Principal and interest (J. & D.)
payable in Baltimore. The loan and interest thereon is exempt from the
Federal income tax and from State, county and municipal taxation in
Maryland. Each proposal must be accompanied by a certified check for
5% of the amount bid for, payable to the order of the State Treasurer. The
obligations will be delivered to the successful bidder on June 1, 1936, at the
p.
and payable Nov. 25,
were
1936.
follows:
as
Discount
.19%
.19%
.19%
.20%
.20%
.26%
-
Beverly Trust Co. (plus $1.60)
Newton, Abbe & Co
Faxon, Gade & Co
-
BOSTON, Mass.—NOTE SALE—The issue of $3,000,000 notes offered
April 30 was awarded to Halsey, Stuart & Co. and Hemphill, Noyes &
Co., both of New York, on a 1.20% interest basis, plus a premium of $35.
on
Salomon Bros. & Hutzler of New York submitted the only
.
other bid received,
1.28% interest, plus $13 premium.
Notes are dated May 4, 1936 and will
mature Nov. 6, 1936.
The bankers are making public offering of the issue priced to yield 0.80%
The notes, according to the bankers, are legal investment for savings banks
in the States of New York and Massachusetts.
In the opinion of counsel,
the obligations constitute general obligations of the city, payable from
unlimited ad valorem taxation.
The city reports an assessed valuation for
1935 of $1,650,000,000, and net bonded debt, including current loan, as
$135,151,373.
CLINTON,
Oct. 29,
Mass.—NOTE SALE—-The issue of $50,000 notes, due
on April 23 was awarded to Faxon, Gade & Co. of
discount.
1936, offered
Boston at 0.64%
EVERETT, Mass.—NOTE SALE—The $600,000
revenue anticipation
April 29—V. 142, p. 2871—were awarded
.31% discount basis.
The
First National Bank of Boston bid .335% discount.
Dated April 29, 1936,
and payable Nov. 12, 1936.
Other bids were as follows: Merchants National Bank of Boston, 0.34% ;
Middlesex County National Bank, 0.35%; plus $2, Faxon, Gade & Co.,
0.36%; Everett National Bank, 0.369%; Bank of Manhattan, New York,
0.37%; Newton, Abbe & Co., 0.38%; Whiting, Weeks & Knowles, 0.42%
temporary loan notes offered
on
to the National Shawmut Bank of Boston on a
FRAMINGHAM, Mass.—NOTE SALE—The $200,000
of the esti¬
This compares with $895,440
000.
MARYLAND
April 29—V. 142.
First National Bank, Boston
It is stated that
BALTIMORE,
other
on
anticipation
2871—were awarded
revenue
First Boston Corp. (plus $1.35)
Whiting, Weeks & Knowles
trustee, or at the
MARYLAND
$56,000
125,000
$181,000
Other bids
is
be redeemed at the Whitney National Bank of New Orleans,
State Treasurer's office.
6
of May 15, 1936
Bidder—
Commissioners,
Dated June 1, 1932.
may
None
Notes Outstanding as
Beverly National Bank of Beverly on a .17% discount basis.
The
Merchants National Bank of Boston bid .18% discount.
Dated April 29,
no
REDEMPTION NOTICE—It
Board
or
$32,965.63
to the
stated by the above Secretary
that Nos. 1 to 2,700 of 6%
"New Orleans Lake Front Improvement bonds," issued by the Board
under authority of its ordinance passed on May 26, 1932, are being called
for payment at par and accrued interest on June 1, on which date interest
the
«
temporary loan notes offered
bid.
BOND
of
-
BEVERLY, Mass.—NOTE SALE—The $200,000
bid for less than the entire issue
will be considered.
Interest payable J. & D.
All bidders must agree to
accept delivery of the bonds in New Orleans, and pay the purchase price
thereof upon tender of the bonds by the Board of Commissioners, together
with the opinion of nationally recognized bond attorneys, approving the
validity of the bonds. These bonds are said to be full faith and credit obli¬
gations of the Board, payable out of the revenues of the Board. A certified
check for $27,000, payable to the Board of Commissioners, must accompany
the
Bonds
None
$181.00
9,983.24
111,065.71
$23,605,030
$26.60
Total.
New Orleans), La.—BOND
a. m.
(Central Standard
interest payment date, at the option of the Board
highest premium, and
-
Barnstable high school addition
This issue
of Commissioners, and in the event they are so called for redemption, they
shall be redeemed at par plus accrued interest, after usual notice of redemp¬
tion.
The bonds will be awarded to the bidder offering to pay par, accrued
interest and the
_
Uncollected
Afar. 31,'36
31, 1936Borrowed against tax titles
Population, 8,037.
May 18, by Charles J. Donner, Secretary of the Board of Com¬
be redeemed
Tax
Levy
$574,058.00
489,965.92
587,844.02
634,326.67
Tax titles March
missioners, for the purchase of a $2,700,000 issue of 5% refunding bonds.
Denom. $1,000. Dated June 1, 1936. Due on June 1, 1961. These bonds
may
Statement
Assessed valuation (1935)
Tax rate (1935)
OFFERING—Sealed bids will be received until 11
Time)
Financial
Year—
revenue antici¬
April 27—V. 142, p. 2871—were
on a .364% discount basis.
Newton, Abbe & Co. of Boston were second high, bidding .375% discount.
Payable $100,000 Nov; 25, 1936 and $50,000 Jan. 29 and March 5, 1937.
pation temporary loan notes offered
on
awarded to the Second National Bank of Boston
BOND SALE—On April 27 the town sold $20,000 water bonds to
Weeks &
Knowles, of Boston,
We show herewith
a
Whiting.
The Second
bid of 101.26 for 2H%price of 100.59 for 2%s.
on a
National Bank of Boston offered
a
complete list of the tenders received for each of the
issues:
For $200,000 Notes
Bidder—•
Discount
Second National Bank of Boston
0.364%
0.375%
0.384%
$1.25)
0.42%
0.423%
Whiting, Weeks & Knowles
0.62%
Faxon, Gade & Co. for $100,000 due Nov. 25, 1936
0.47%
Faxon, Gade & Co. for $100,000 due Jan. 29 and March 5, 1937--0.57%
Newton, Abbe & Co__.
First Boston Corp
First National Bank of Boston (plus
Leavitt & Co_
-
Financial
Volume 142
For $20,000
Water Bonds
Int. Bate
Rate Bid
2M%
Bidder—
101.26
Whiting, Weeks & Knowles..
Second National Bank of Boston.
100.59
First National Bank of Boston
First Boston Corp.
100.35
:
100.30
-
100.037
Newton, Abbe & Co
HAVERHILL, Mass.—BOND OFFERING—Arthur T. Jacobs, City
Treasurer, will receive bids until 11a.m. May 4 for the purchase at not
less than par of $150,000 municipal relief loan bonds.
Denom. $1,000.
Dated May 1, 1936.
Prin. and semi-ann. int. (M .& N. 1) payable at the
National Shawmut Bank of Boston, in Boston.
Due $15,000 yearly on
May
1937 to 1946.
Bonds are engraved under the supervision of and certified as to genuine¬
ness by the National Shawmut Bank of Boston; their legality will he ap¬
proved by Storey, Thorndike, Palmer & Dodge, whose opinion will be fur¬
nished the purchaser.
All legal papers incident to this issue will be filed
with said bank, where they may be inspected.
Bonds will be delivered to the purchaser on or about May 15, at the
National Shawmut Bank of Boston, in Boston.
Financial Statement, April 1, 1936
Water debt (included in above)
.$53,711,393.00
1,542,524.48
137,000.00
22,000.00
—
—
_;
Sinking funds other than water
Population: 1935, 49,516.
HUDSON,
Mass.—NOTE
--
SALE—Jackson
Curtis of Boston have
Due Dec. 15,1936.
&
purchased an issue of $60,000 notes at 0.44% discount.
LYNN, Mass.—BOND SALE—The two issues of coupon (registerable)
bonds described below, which were offered on April 30, were awarded to
the First Boston Corp. of Boston:
$125,000 street and sidewalk paving bonds, as
of 100.137, a basis of about 1.21%.
1937
from
to
114% bonds
Due $25,000
at a price
on May 1
1941.
bonds, as -2>£s, at a price of 100.137, a basis of about
2.49%.
Due May 1 as follows: $4,000, 1937 to 1946, and $3,000
100,000 sewer
1947 to 1966.
Dated May 1, 1936.
Prin. and semi-ann. int. (M. 1 and N. 1) payable
of Boston, or, at holder's option, at the City
Halsey, Stuart & Co. of New York were second high
premium of $2,910 for the two issues at 2M%.
at the First National Bank
Treasurer's office.
bidders, offering a
MILTON, Mass.—RISE OF 60 CENTS IN TAX RATE—A tax rate of
$28.40 for 1936, an increase of 60 cehts over last year, was announced
recently by the Milton Board of Assesstors.
While a net increase in valuation of $442,400 was reported, Chairman
William W. Churchill of the board explained the higher tax rate was due
a
decrease in the town's assets.
The three main items
are a
decline of
$11,000 in State income tax returns, a $40,000 increase in appropriations
and an increase of $14,000 in Milton's share of the Boston Elevated deficit.
Total valuation was placed at $38,226,750, compared with $37,784,350
last year. Real estate valuation increased $449,350, but personal property
decreased $6,950.
Mass.—NOTE SALE—The $125,000 revenue anticipation
on April 27—V. 142, p. 2871—were awarded to
the Mer¬
NATICK,
offered
notes
chants National Bank of Boston on a 0.53%
discount basis.
The West
Newton Savings Bank offered to take $75,000 notes on a 0.53% basis and
$50,000 on a $0.54% basis.
Due $75,000 on Feb. 19 and $50,000 on
March 19,1937.
Other bids
were
as
follows:
Discount
Bidder—
Leavitt & Co
—
0.5723%
0.584%
0.60%
—.
First National Bank of Boston
Faxon, Gade & Co. (plus $12.50)
NORTHBRIDGE,
Mass.—NOTE
OFFERING—The
Town
Treasurer
will receive sealed bids until 11 a. m. on May 7 for the purchase of $50,000
dated May 8,
notes,
Treasurer
at discount
1936, and due on Nov. 24, 1936.
Mass.—NOTE OFFERING—Sealed
PALMER,
Town
will be received until
noon
of $100,000 notes, dated May 8,
bids addressed to the
May 6 for the purchase
1936, and payable on Dec.
on
3039
Inc., Buffalo; Kalman & Co., St. Paul; Morse Bros. & Co., Inc., and
William R. Compton & Co., both of New York; Schwabacher &
Co., Los
Angeles; W. H. Newbold's Son & Co., Pittsburgh: John B. Carroll & Co.,
Inc., and Cassatt & Co., both of New York; McDonald, Moore & Hayes,
Detroit; Harold E. Wood & Co. and City National Bank & Trust Co.,
both of Chicago; Starkweather & Co., New York; Wheelock &
Cummins,
Des Moines; Eli T. Watson & Co., New York; Ryan, Sutherland & Co.
of Toledo, and Dulin & Co. of Los Angeles.
As awarded, the issue of $18,720,000 bonds consists of:
$12,870,000 4s, dated June 1, 1936, and due June 1 as follows: $325,000
from 1937 to 1946 incl.; $845,000 in 1947, and $975,000 from
1948 to 1956 incl.
5,850,000 3 J^s, dated June 1, 1936, and due $975,000
1 from
Net valuation for year 1935 (property)
Total bonded debt, including this issue
to
Chronicle
1957
to
1962
on
June 1 from
incl.
BONDS OFFERED— FOR INVESTMENT—As announced in the ad¬
vertisement on page XIV, the successful banking group is reoffering the new
issue of refunding bonds at prices to yield from 0.75% to 3.75%,
according
to interest rate and maturity.
$18,720,932 BONDS CALLED FOR REDEMPTION—The City of
Detroit on April 28 called for redemption 61 issues of its outstanding bonds
aggregating $18,720,932.
The bond issues to be retired carry interest
rates of from 5 to 6% and vary in size from $5,000 to $5,851,000.
The
proceeds of the current sale of refunding bonds will be used to effect the
redemption.
Payment of the bonds called for redemption will be made
at Bankers Trust Co., New York; at the National Bank of Detroit, or at
the City Treasurer's office, Detroit.
The redemption dates extend from
July 1 to Oct. 16, 1936.
DEXTER SCHOOL DISTRICT, Mich.—BONDS VOTED—At an elec¬
on April 23 the voters, by 122 to 10, gave their assent to a proposal
$53,000 school building bonds.
tion held
to issue
GRAND RAPIDS TOWNSHIP (P. O. Grand Rapids), Mich.—BOND
OFFERING—Earl D. Hulliberger, Township Clerk, will receive sealed bids
until 7.30 p.m. on May 18 for the purchase of $6,500 not to exceed 4%
interest coupon special assessment district bonds.
Dated April 1, 1936.
Denom. $500.
Due April 1 as follows: $500 from 1938 to 1944 incl. and
$1,000 from 1945 to 1947 incl.
Registerable as to principal only and
payable as to principal and interest (A. & O.) at the Peoples National
Bank, Grand Rapids.
A certified check for $2,000 must accompany each
proposal.
'
'
■
.
MATTAWAN CONSOLIDATED SCHOOL DISTRICT NO. 7, Frac¬
tional, Antwerp Township (P. O. Mattawan), Mich.—BOND OFFER¬
ING—C. J. McNeill, Secretary of the Board of Education, will receive
sealed bids until 5 p.m. (Eastern Standard Time) on May 4 for the purchase
of $39,000 not to exceed 4% interest coupon (registerable as to principal
only) general obligation school building bonds.
Dated Nov. 15, 1935.
Due Nov. 15 as follows: $1,000, 1937 to 1951 incl.; $1,500 from 1952 to
1959 incl. and $2,000 from 1960 to 1965 incl.
Principal and interest
(M. & N. 15) payable at the office of the Treasurer of the Board of Edu¬
cation.
MICHIGAN
(State, of)—COVERT ROAD REFUNDING
BONDS
$4,700,000 Covert road refunding bonds which are
by the State Highway Commission have already been printed
and signed by the proper State officials, according to report.
The financing
will represent a refunding of the bonds of 19 districts in eight counties,
with maturities running for from 10 to 20 years.
The maturities of the
bonds being replaced have maturity dates from 1933 to 1941. The districts
involved lie in these counties: Washtenaw, Oakland, Monroe, St. Clair,
Macomb, Sanilac, Wayne and Lenawee.
COMPLETED—The
to be issued
REYNOLDS TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Howard
City), Mich.—BOND OFFERING—B. E. Meier, Secretary of the Board
of Education, will receive sealed bids up to May 1
or
for the purchase of all
portion of $20,000 3% bonds, due $1,000 annually on June 30 from
any
1938 to 1957 inclusive.
RIVER
ROUGE,
„
Mich.—NOTE SALE—Raymond
J. Peters, City
May 5 for the purchase of
$25,000 not to exceed 4% interest delinquent tax notes, secured by de¬
linquent taxes of 1933 and 1934.
The notes are dated May 1, 1936.
Denom. $5,000.
Due May 1 as follows: $10,000 in 1937 and $15,000 in
1938; callable on 15 days' notice by publication.
Legal opinion of Miller,
Canfield, Paddock & Stone of Detroit will be furnished the successful
Clerk, will receive sealed bids until 8 p.
4, 1936.
held
on
bidder.
WALTHAM, Masf.—NOTE SALE—An issue of $300,000 revenue antici¬
pation notes offered on April 30 was awarded to Leavitt & Co. of New
York on a 0.343% discount basis.
Dated April 30, 1936, and payable
$75,000 on each of the dates Dec. 8, Dec. 15, Dec. 22 and Dec. 29, 1936.
m.
Other bidders were:
Discount
Name—
Newton, Abbe & Co., Boston
Waltham Savings Bank, Waltham
First National Bank of Boston
:
Faxon, Gade & Co., Boston
Whiting, Weeks & Knowles, Boston.
We
Premium
.347%
.36%
.374%
.39%
.47%
—
SAULT STE.
MARIE, Mich.—BOND ELECTION—An election wilfbe
on the question of issuing $75,000
on June 1 for the purpose of voting
community building-rink project bonds.
VERNON TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O. Durand),
Mich.-—BID REJECTED—An issue of $56,000 not to exceed 4% int. re¬
funding bonds offered on April 29 was not sold, the only bid received being
rejected.
Braun, Bosworth & Co. of Toledo bid for 4H% bonds.
Dated
May 1, 1936.
Due May 1 as follows: $3,000, 1937; $4,000, 1938 and 1939,
and $5,000, 1940 to 1948.
$1.00
Northwestern Municipals
Buy for Our Own Account
MICHIGAN MUNICIPALS
Minnesota, North and South Dakota, Montana,
Oregon, Washington
Cray, McFawn & Company
WELLS-DICKEY COMPANY
DETROIT
Telephone—Minneapolis Atlantic 4201
Telephone CHerry 6828
Teletype—Mpls287
A. T. T. Tel. DET347
MINNESOTA
MICHIGAN
BAY
CITY SCHOOL
will be received
DISTRICT, Mich
Bids
by the Board of Education until June 3 for the purchase of
an
INTERNATIONAL FALLS SCHOOL DISTRICT (P. O. International Falls), Minn.—BOND ELECTION—An election is said to be
scheduled for May 14, in order to vote on the issuance of $50,000 in junior
issue of $660,000 refunding bonds.
high school bonds.
COMSTOCK AND CHARLESTON TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 3 (P. O. Galesburg), Mich.—BOND OFFER¬
ING—Paul M. Neale, Secretary of the Board of Education, will receive
sealed bids until 5 p.m. (Eastern Standard Time) on May 4 for the purchase
of $28,000 not to exceed 4% interest coupon (registerable as to principal)
KELLOGG,
Minn.—CERTIFICATE
OFFERING—Jerry
Keenan,
Village Clerk, will receive bids until 8 p. m. May 8 for the purchase of
$12,500 4K% certificates of indebtedness.
feneral obligation schoolfrom 1936 to 1939 1incl.; $1,000 from 1940 to 1950
>ec
building bonds. Dated Dec. 15, 1935 Due
15
follows: $500
as
incl. and $1,500 from 1951 to 1960 incl.
Rrincipal and interest (J. & D. 15)
payable at the office of the Treasurer of the Board of Education.
DEERFIELD, Mich.—BOND OFFERING—Edna Pieh, Village Clerk,
will receive sealed bids until 6 p. m. on May 4 for the purchase of $30,000
water works bonds.
Dated June 1, 1936.
Denom. $1,000.
Due
June 1
1958
as
incl.
follows: $1,000 from 1939 to 1948 incl. and $2,000 from 1949 to
Interest payable J. & D.
A certified check forH$500 must
accompany
each proposal.
Mich.—BOND SALE—The $18,720,000 coupon or regis¬
refunding bonds offered on April 29—V. 142, p. 2709—
a comprehensive banking syndicate managed by Edward
B. Smith & Co. of New York on a bid of 100.0048 for $12,870,000 4s, due
serially from 1937 to 1956 incl., and $5,850,000 3J^s, maturing from 1957
to 1962 incl., the net interest cost of the financing to the city being 3.774%.
DETROIT,
tered
were
series
F
awarded to
Members of the successful syndicate, in addition to Edward B.
Smith &
Co., are Lehman Bros.: Lazard Freres & Co.; Chemical Bank & Trust Co.;
Brown Harriman & Co.; Bancamerica-Blair Corp.; E. H. Rollins & Sons;
Phelps, Fenn & Co.; Kean, Taylor & Co., all of New York; Mercantile
Commerce Bank & Trust Co., St. Louis; A. C. Allyn & Co., Inc., New
York; A. G. Becker & Co., Chicago; Watling, Lerchen & Hayes, Detroit;
Goldman, Sachs & Co., New York; Newton, Abbe & Co., Boston; Eldredge
& Co. and B. J. Van Ingen & Co., Inc., both of New York; Field, Richards
& Shepard, Inc., Cleveland; Illinois Co. of Chicago; Kelley, Richardson
& Co., Chicago; Cray, McFawn & Co., Detroit; Roosevelt & Weigold
and Reynolds & Co., both of New York; E. Lowber Stokes & Co., Phila¬
delphia; McDonald, Coolidge & Co., Cleveland; First National Bank &
Trust Co. and Wells-Dickey Co., both of Minneapolis; Milwaukee Co.
Milwaukee; First Cleveland Corp., Cleveland; Hornblower & Weeks and
Dominick & Dominick, both of New York; Schoellkoph, Hutton & Pomeroy,
MINNEAPOLIS, Minn.—BOND OFFERING— George M. Link, Secre¬
Estimate and Taxation, will receive bids until 11 a. m.
May 21 for the purchase at not less than par of the following coupon, fully
tary of the Board of
registerable bonds:
$500,000 public relief bonds.
Due in equal annual instalments beginning
with 1937 and ending with 1946.
48,365 permanent impt. (work relief) bonds.
Due $3,365 in 1937; and
$5,000 yearly from 1938 to 1946.
Dated June 1, 1936.
Bidders are to name a single rate of int., in a
multiple of M.% or 1-10%, but not to exceed 6%.
Certified check for 2%
of amount of bonds bid for, payable to O. A. Bloomquist, City Treasurer,
required.
Purchase will be required to pay, In addition to the purchase
price, a fee of $1 per $1,000 bond, to apply on the expense of preparing the
bonds.
will
Approving opinion of Thomson, Wood & Hoffman of New York,
be furnished
by the city.
Bonded Indebtedness as of April 1, 1936
(Does not include bonds offered for sale but not issued)
Funded debt after payment of bonds due April 1, 1936:
School bonds.,
.$19,152,360.74
Public Relief bonds
5,635,000.00
Water works bonds
3,098,000.00
Local improvement bonds:
Assessed locally.
6,124,249.34
Assessed at large—
1,980,988.73
—
Other general obligation bonds
26,891,139.26 $62,881,738.07
^
Deductions to determine net city debt burden;
Self-supporting debt:
Water works bonds
Sinking fund
$3,098,000.00
-
Less amt. for water bds,
Net city debt burden
$5,048,277.52
287,434.53
4,760,842.99
—'
' 7,858,842.99
$55,022,895.08
Financial
3040
Additional deductions per Minnesota laws:
Assessed portion of local impt. bonds—
The remaining $4,850,000 of said notes will be numbered from B-lfto
B-4,850, incl., except that registered notes originally issued shall be other¬
$6,124,249.34
$7,395,000.00
477,485.15
6,917,514.85
Misc.
outstanding bonds.
Less sinking fund reserve.
wise numbered but shall be convertible into coupon notes so
13,041,764.19
$41,981,130.89
Net indebtedness per Minnesota law
Permissible legal
indebtedness:
10% of valuation for debt determination
Legal margin for additional issues per Minnesota law
Bonds sold March 20 and not delivered by April 1:
Sold by City Council
$1,700,000.00
Sold by Board of Estimate and Taxation.
840,000.00
$54,114,888.20
12,133,757.31
$2,540,000.00
Overlapping debt—Hennepin County only:
Debt outstanding April 1, 1936 (less sinking fund)
±--<
—
$2,357,386.52
Resultant addition to city debt burden (approx. 92%)__
$2,168,796.00
Additional bonds required to complete the MinneapolisSt. Paul sewage project by December, 1936 (approx.)
2,633,000.00
Floating debt: Operating income of 1935 for city purposes, other than
poor relief, exceeded expenditures by $245,885.51, and the unencumbered
cash balance at tne close of 1935 for all funds exceeded the corresponding
balance at the close of 1934 by $1,160,188.26.
Surplus city cash carried on deposit in Minneapolis banks
April 23, 1936, amounted to_.^
$5,747,020.00
Collateral coverage at that date was^
7,428,600.00
PAUL, Minn.—BOND OFFERING—It is reportedly
Clerk, that the Village Council will meet at 8 p.m.
May 4, to receive and consider bids for Series A to E bonds, both in¬
clusive, as authorized by resolution adopted Oct. 14, 1935, not heretofore
ST.
NORTH
A. M. Jankoski, Village
on
exchanged.
F. Wilsonuntil 8 p. m. May 18, for the purchase of
Minn.—BOND OFFERING—-Clinton
ROBB1NSDALE,
Village Recorder, will receive bids
$29,000.99 refunding bonds.
FUND BOND OFFERING—It is
Sinking Fund Commissioners
May 4, for $44,500 of bonds,
$33,000 of 4)4% Minnesota Rural Credit bonds, due on Feb. 15,
Minn.—SINKING
ROCHESTER,
reported that tenders will be received by the
at the office of the City Clerk, at 1 p. m. on
including
1944.
May 2, 1936
Chronicle
MISSISSIPPI
will be delivered to the purchaser on or about
sub-series B will mature
notes of said
$215,000, 1938
1943; $265,000, 1944 to 1949; $310,000, 1950 and 1951; $330,000, 1952;
$340,000, 1953 to 1955, all inclusive.
Bidders for said notes are specify rate of interest in multiples of M of 1 %,
payable (A. & O.) such rate not to exceed 4% per annum. Bidders for said
notes may specify the price offered for the notes of sub-series A in the amount
of $5,000,000, the price offered for the notes of sub-series B in the amount of
$4,850,000, or the price offered for both sub-series on an all or none basis.
No bid of less than par will be considered.
Prin. and int. payable at the
Chemical Bank & Trust Co. in New York City, in any coin which is legal
tender at the time of payment.
Said notes are coupon, registerable as to
principal or convertible into fully registered notes, and said registered notes
shall be convertible into coupon notes.
The approving opinion of Thomson,
Wood & Hoffman, of New York, will be furnished.
A certified check equal
to 4% of the par value of the notes bid for, payable to Newton James, State
Treasurer, is required.
If definitive notes shall not be ready for issuance at the time when same
are to be issued, interim certificates shall be issued in lieu of such definitive
notes.
Such interim certificates shall be in the denomination or denomina¬
tions of $1,000 or any multiple thereof, and shall be exchangeable without
cost to the holder thereof for the definitive notes described therein when the
latter are ready for issuance. The interim certificates shall provide that the
bearer thereof shall be entitled to all the rights and privileges of an owner or
to
holder of the notes described therein.
Said notes are payable as to both principal and interest solely from the
"Highway Note Sinking Fund" provided for by House Bill No. 38, Laws of
Mississippi, 1936, into which is required to be paid monthly an amdunt
equal to the amount produced by a one and one-quarter (1 \£) cents per
gallon gasoline tax levied under the statutes of Mississippi, including
among others House Bill No. 38, Laws of Mississippi, 1936, and Article 2
of Chapter 116, Mississippi Code of 1930, as amended by Chapter 93,
Laws of Mississippi, 1932, and by House Bill No. 94, Laws of Mississippi.
1936, and in the event the "Highway Note Sinking Fund" shall at any time
be insufficient to pay when due the principal of and interest on said notes,
said Act provides that the deficiency shall be paid into the said fund out of
any funds then in the State Treasury to the credit of the State Highway
Fund derived from any excse tax on gasoline, all in accordance with the
provisions of said Act.
No bids of less than par will be considered.
Bidders for said notes also
shall specify the place for the delivery of the notes, which shall be at the
Chemical Bank & Trust Co., 165 Broadway, New York City, or any bank or
trust company in the City of Jackson, Miss.
St. Louis.
Securities Corporation
MISSOURI
Nashville
Knoxvllle
Chattanooga
numbered) and
Said $4,850,000
stated
EQUITABLE
Birmingham
July 1, 1936.
Oct. 1, as follows:
WAYNE COUNTY (P. O. Waynesboro), Miss.—BOND SALE—It is
by Carlos Trigg, Chancery Clerk, that John R. Nunnery & Co. of
Meridian, have purchased $55,000 6% semi-ann. court house bonds at par.
Dated Sept. 1, 1935.
Due as follows:
$1,500, 1936 at 1940, and $2,500
from 1941 to 1959, incl.
Legal approval by Charles & Trauernicht, of
Municipal Bonds
New York
on
Memphis
LITTLE
RIVER DRAINAGE
Mo .—DEBT
READJUSTMENT
DISTRICT (P. O. Cape Girardeau)
PLAN
TO
BE
COMPLETED—The
following news story was sent to us on April 23 by B. F. Burns. SecretaryTreasurer of the above district:
MISSISSIPPI MUNICIPALS
Approval this week by President Roosevelt of the bill extending the
provisions of the Amended Bankruptcy Act until 1940 will enable the Little
River Drainage District to complete its debt readjustment plan as begun
when the district filed voluntary bankruptcy in Federal Court here last
week.
The district is availing itself of the provisions of Section 80 of the
Act, recently held constitutional by the Circuit Court of Appeals for the
Fifth Circuit, at New Orleans, La.
The plan of debt readjustment submitted by the district has been accepted
by owners of 97.6% of all outstanding bonds and provides for the payment
of the principal of the bonds on the basis of 30 cents on the dollar with
nothing for interest.
An additional payment of $84.08 on each $1,000
bond will also be made on all bonds that have not had that payment made
Bought—Sold—Quoted
Scharff & Jones
INCORPORATED
TELEPHOl
TELEPHONE RAYMOND 1189
A. T. T. TEL. N. O. 180
180
New Orleans
them.
on
H. I. Himmelberger of Cape Girardeau, as trustee, holds $7,640,500 of the
and the Reconstruction Finance Corporation $184,000, while the
bonds
MISSISSIPPI
ALCORN COUNTY (P.
O. Corinth), Miss.—BOND SALE—It is stated
by the Clerk of the Chancery Court that $30,000 4)4% semi-ann. refunding
bonds were purchased by the First National Bank of Memphis.
Dated
March 1, 1936.
Prin. and int. payable at the Central Hanover Bank &
Trust Co. in New York.
Legal approval by Charles & Trauernicht, of
ownership of $69,000 is unknown, and the remainder is widely scattered.
Bankruptcy action became necessary, drainage officials said, because of the
2.4% of the outstanding bonds to accept the plan of
debt readjustment.
The proposed plan was made possible by the RFC
loan of $2,405,500 made to the district after an exhaustive survey of the
refusal of the owners of
ability to pay had been made.
Before it was closed the RFC
engineering examiners here to determine the maximum amount that
This survey was based on a 10-year average of prices of
farm commodities grown in the district and the average yields during the
period.
Physically, about 50% of the land in the district still is timbered and nonrevenue producing, the timber value having been removed years ago.
In
1913 the collection of drainage taxes began, and with the rise in land prices,
increase in emigration, the inflation accompanying the World War, these
collections were successful up to 1920, a continuous decrease occurring
thereafter and reaching a low point in 1932.
Failure of the landowner to
pay and impossibility to enforce payment compelled the district to stop its
annual maintenance work with the result that the ditches filled up and grew
district's
sent its
St. Louis.
could be loaned.
ATTALA COUNTY (P. O. Kosciusko), Miss .—BOND ELECTION—
An election is said to be scheduled for May 12, in order to vote on the pro¬
posed issuance of $850,000 in 4%
standing 5% and 6% bonds.
refunding bonds, to take care of out¬
BAY SPRINGS SCHOOL DISTRICT (P. O. Bay Springs), Miss.—
BONDS SOLD—A $20,000 issue of school bonds is reported to have been
purchased by the Bank of Bay Springs.
De
KALB
SCHOOL
DISTRICT
(P.
O.
De
Kalb)
Miss.—BONDS
SOLD—It is stated by he Secreary of the School Board that $25,000
4%
semi-ann. school bonds was purchased at par by the Public Works Adminis¬
tration.
up,
losing about 70% of their drainage capacity, and rendering much or the
The failure of crops went hand
land unfit for cultivation.
COUNTY
JONES
(P.
PUBLIC—Scharff & Jones,
O.
Laurel),
Miss.—BONDS
OFFERED
TO
Inc. of New Orleans, are offering an issue of
$180,000 4% direct obligation refunding bonds.
Denom. $1,000. Dated
April 15, 1936.
Due on April 15 as follows: $5,000, 1937 and 1938, 1940
and 1941; $10,000, 1942 and 1943; $5,000, 1944; $10,000, 1945 to 1949;
$5,000, 1950; $10,000, 1951; $15,000, 1952 to 1955, and $10,000 in 1956.
Prin. and int. (A. & O.) payable at the Chase National Bank in New York
City. Legality to be approved by Char els & Trauernicht, of St. Louis, Mo.
Financial
Statement
(Officially
reported
April
13,
1936)
$13,495,324.00
Assessed valuation for 1935
373,000.00
718,500.00
Total county-wide bonded debt
Tota road district bonded debt
I
$1,091,500.00
139,424.30
Less cash sinking funds
Combined net county and road district bonded debt
$952,075.70
41,492
Population (1930 census)
in hand with
failure to pay taxes.
The Little River Drainage
District is the largest of its kind in the United
States, having over 1,200 miles of dredged ditches and levees.
Its head¬
water diversion levee protects the entire St. Francis basin extending from
Cape Girardeau to Helena, Ark., from Mississippi river floodwater wnich is
now near flood stage at Cape Girardeau, and is out at the base of the dis¬
trict's levees.
During the serious 1927 flood, the Mississippi inundated
about one-fourth of the district, the water escaping from the Dorena break
near
New Madrid.
Recently four other Southeast Missouri drainage districts
prodceedings in the United States District Court here.
filed bankruptcy
Oregon), Mo.—BOND SALE
DETAILS—We are now informed by the Secretary of the Board of Educa¬
tion that the $42,000 3 M % school bonds purchased by the Commerce Trust
Co. of Kansas City, as reported here recently—V. 142, p. 2710—were sold
at a price of 100.17.
Coupon bonds, payable J. & J.
Denom. $1,000.
OREGON
SCHOOL DISTRICT (P. O.
Due in 20 years.
ST. JOSEPH,
,
Mo.—BOND OFFERING CONTEMPLATED—The City
in June.
Combined net
county and road district bonded debt only 7% of assessed valuation.
Tax Collections
(
Council is planning to sell $150,000 relief bonds
1932-33
1933-34
1934-35
Levied
$476,045.00 $514,868.00 $510,557.00
Collected.
365,615.00
371,263.00
427,340.00
Jones County has never defaulted on any of its direct county obligations,
nor on any of its road district issues.
Provision has been made to pay all
principal and interest due in 1936.
Aug. 4 in order to vote on the issuance of $250,000 in
County bonded debt only 2.76% of assessed valuation.
Fiscal Year—
LEAKE
COUNTY
(P.
O.
Carthage),
Miss.—BOND OFFERING—
W. G. Hamil, Clerk of the Board of County Supervisors, will receive bids
until noon May 4, for the purchase at not less than par of $3,500 6% bonds
of Laurel Hill Consolidated School District.
Dated May 1,1936.
Principal
and semi-annual interest
surer's office.
Board of
(May 1 and Nov. 1) payable at the County Trea¬
of bid, payable to the Clerk of the
Certified check for 5%
ST.
LOUIS,
Mo.—BOND
* ELECTION—It
is
stated by
Charles L.
held on
Cunningham, Deputy City Comptroller, that an election will be
follows:
bonds, divided as
$150,000 fire equipment, and $100,000 fire station bonds.
UNION
TOWNSHIP
DRAINAGE
DISTRICT
(P.
O.
La
Grange)
$75,000
Mo.—BOND SALE DETAILS— In connection with the sale of the
4% semi-ann. refunding bonds to the Reconstruction Finance Corporation,
as reported here recently—Y.
142, p. 2873—it is stated by the Secretary
of the Board of Supervisors that the bonds were sold at par, and mature
from
April 1, 1939 to 1968.
WASHINGTON, Mo.—BONDS AUTHORIZED—An ordinance has
passed by the city authorities providing for the issuance of $20,000
been
bonds.
Supervisors, required.
MISSISSIPPI, State of—NOTE OFFERING—Sealed bids will be
received until 11 a. m. on May 14, by Greek L. Rice, Secretary of the State
Highway Note Commission, in the Governor's office in Jackson, for the
purchase of $9,850,000 highway notes.
Notes to be issued in coupon form,
in the denomination of $1,000 each, or, at the option of the holder, in regis¬
tered form, in the denominations of $1,000, $10,000 and $50,000.
Dated
April 1, 1936.
$5,000,000 of the said notes will be numbered from A-l to
A-5,000 incl., (except that registered notes originally issued shall be other¬
wise numbered but shall be convertible into coupon bonds so numbered) and
will be delivered as promptly as possible after the sale of said notes.
This
sub-series A will mature on April 1 as follows:
$500,000 in 1937; $125,000,
1938 and 1939; $175,000, 1940 to 1946; $225,000, 1947 to 1949; $275,000,
1950 and 1951; $300,000, 1952 to 1955, and $600,000 in 1956.
MONTANA
BILLINGS, Mont.—BOND OFFERING— O. W. Nickey, City Clerk,
will receive bids until June 2 for the purchase of $50,000 airport hangar
bonds.
BUTTE,
Mont.—BOND REFINANCING
city is said to be considering the refinancing of
that are callable on July 1. at 3 %.
CONTEMPLATED—'The
about $1,000,000 in bonds
GLENDIVE, Mont.—BOND OFFERING—August Colin, City Clerk, will
June 1 for the purchase of $34,000 6% bonds of
Denom. $500. Certi-
il
receive bids until 7.30 p. m.
.
_
Special Improvement Oiled Paving District
fied check for 5%, required.
No. 10.
Financial
Volume 142
3041
Chronicle
GREAT FALLS SCHOOL DISTRICT NO. 1, Mont.—BONDS DE¬
FEATED—A majority of the votes cast on April 18 on the proposal to issue
$125,000 school building bonds favored the issue, but the election was voided
because only 24% of the taxpayers voted.
It is necessary that 51 % of the
opinion for an election to be valid.
SCHOOL
KESSLER
Mont.—BOND ELETION—At an
proposal to issue $17,000 school rebuilding
DISTRICT,
SCHOOL
Helena), Mont.—BOND ELECTION—The Board of Sdhool Trustees have
Mont.—BOND OFFERING—The City Council will
16 for the purchase of $26,000 refunding
NEW JERSEY MUNICIPALS
SHERIDAN COUNTY (P. O. Plenty wood), Mont.—BOND ELEC¬
TION CONTEMPLATED—A petition is said to have been signed, favoring
election to vote
■
'
Bought
Sold
-
Quoted
LOBDELL & CO.
48 Wall
reported
been
to have
Co. of Omaha as
purchased
by
the
123 S. Broad St., Phi a.
St., New York
KingaUy 1030
HAnover $-1720
CHADRON, Neb.—BOND SALE—An issue of $100,000 refunding bonds
A. T. A T.: NY 1-735
Kirkpatrick-Pettis-Loomis
DOUGLAS
COUNTY
(P. O. Omaha), Neb.—BONDS SOLD—An
issue of $48,000 County School District refunding bonds has been sold to
the Greenway-Raynor Co. of Omaha.
MUNICIPAL BONDS
New Jersey
FRANKLIN COUNTY (P. O. Franklin), Neb.—BOND SALE PEND¬
ING—It is reported by the County Auditor that the $40,000 3
34,% semi-ann.
warrant funding bonds approved by the voters at an election held on Feb. 14
—V. 142, p. 2873—have been contracted for.
and General Market Issues
B. J. Van Ingen
FRONTIER COUNTY (P. O. Stockville) Neb.—BONDS DEFEATED
—At the election held on April 14—V. 142, p. 2372—the voters are said to
have defeated the proposed issuance of the $27,500 in court house bonds.
WILLIAM
57
T.
A.
16
-
the issuance of approximately $60,000 m court house
on
■-
NEBRASKA
is
New York
100 Broadway
receive bids until 8 p. m. May
bonds.
bonds.
2-7333
N. Y. 1-528
A. T.&T.
DISTRICT NO. 1 (P. O.
adopted a resolution authorizing the issuance of $100,000 school building
bonds, provided the voters approve the^proposal at an election to be held
on May 9.
an
or
Telepho
LEWIS AND CLARK COUNTY
LODGE,
ipal Bonds
New Jersey
election to be held on May 2 a
bonds will be submitted to a vote.
RED
Company
H. L. Allei
voters express their
A.
& Co. Inc.
Telephone: John 4-8364
STREET. N. Y.
N.
T.:
MORRILL, Neb.—BOND ELECTION—At an election to be held on May
a proposal to issue $35,000 bonds will be submitted to the voters.
J
Newark Tel.: Market 3-3124
Y. 1-730
SCOTTSBLUFF, Neb.—BOND ELECTION—The City Council hasset
May 12
as
issue for
the date fpr a special election at which a proposed $10,000 bond
an addition to the public library will be voted upon.
NEW
building
We Are
MAINE—NEW
JERSEY
MUNICIPALS
Colyer, Robinson $ Company
Specialists in
HAMPSHIRE-VERMONT
INCORPORATED
1180
Municipal Issues
MArket 3-1718
Raymond Blvd., Newark
New Yor
& T. Teletype
NWRK 24
A. T.
Wire:
REctor 2 2055
E. H. Rollins & Sons
Incorporated
200
Devonshire
NEW
HILLSBOROUGH
NEW
St., Boston, Mass.
HAMPSHIRE
COUNTY
(P.
O.
Manchester),
N.
H.—
OFFERING
DETAILS—The $300,000 3% funding bonds being offered
May 6—Y. 142, p. 2710—bids for which will be received by
Thomas F. Sheehan, County Treasurer, will be dated July 1, 1935, in
$1,000 denoms. and mature $15,000 each July 1 from 1936 to 1955, incl.
Principal and interest (J. & J.) payable at the Manchester Trust Co.,
Manchester.
This institution will supervise the preparation of the bonds.
The approving opinion of Ropes, Gray, Boyden & Perkins of Boston will
be furnished the successful bidder.
for sale
on
NASHUA, N. H.—NOTE SALE—The $100,000
notes offered on April 28
142, p. 2873—were awarded to the Second National Bank of Nashua
0.40% discount basis.
The First Boston Corp. bid 0.483% discount.
Dated April 29, 1936.
Due March 27. 1937.
—V.
JERSEY
BUTLER, N. J.—BOND OFFERING—John F. Bormuth, Borough Clerk,
will receive sealed bids until 8p.m. (Daylight Saving Time) on May 11 for
the purchase of $20,500 4% coupon or registered refunding bonds.
Dated
May 1,1936. One bond for $500, others $1,000 each. Due May 1 as follows:
$3,000from 1937 to 1942, incl. and $2,500 in 1943.
Principal and interest
(M. & N.) payable in lawful money of the United States at the First National
Bank, Butler. The sum required to be obtained at the sale of the bonds is
$20,500.
A certified check for 2% of the bonds bid for, payable to the
order of the Borough, must accompany each proposal.
CLIFFSIDE PARK. N. J.—BOND SALE—The $205,000 434% coupon
registered funding bonds offered on April 27—V. 142, P. 2711—were
a price of par to Burley & Co. of New York City.
Dated June 1,
1935, and due June 1 as follows:
$12,000, 1940; $18,000, 1941; $12,000.
1942; $13,000, 1943; $15,000, 1944; $17,000, 1945; $18,000, 1946; $20,000,
1947; $22,000, 1948; $23,000. 1949; $10,000 in 1950 and 1951. and $15,000
or
sold at
in 1952.
on a
Other bids
were
as
follows:
Bidder—
Discount
Nashua Trust Co
0.54%
0.56%
-0.58%
Faxon, Gade & Co
Leavitt & Co. (Plus $1.75)
NEW
JERSEY
the issue.
BAYONNE,
N. J.—COURT ORDERS INCREASE IN TAX ORDINANCE—Chief Justice Thomas J. Brogan, sitting at the Court House on
April 19, granted
writ of mandamus compelling the city to include in its
tax ordinance for this year the sum of $141,857.83 to satisfy a judgment for
that sum obtained by the Montrose Contracting Co., Nov. 9, 1935, in the
a
Common Pleas Court.
W. Heilenday, counsel for the contracting firm, informed the
city had only included $73,911.91 in this year's budget to
judgment. Corporation Counsel Alfred Brenner, who represented
the city in court, declared the municipality had intended to get the balance
from another fund, but the Chief Justice agreed that the entire sum must be
Frank
court that the
meet the
raised this year.
The Montrose company obtained the judgment
city's water line a few years ago.
for its work in lowering
the
RISE OF $4.60 IN TAX RATE SEEN—'The City Commission
on
April 22,
unanimously adopted the 1936 ordinance, which requires the raising of
$4,980,577.21 by local taxation.
It was estimated that the figure set in the ordinance will mean increase
of about $4.60 a thousand in the tax tate this year.
The rate in 1935 was
$41.58.
The total budget for the year is $6,289,132.01.
From this figure there
appropriated and another $598,The city budget is $4,494,717.24, to which there is added $1,794,414.77 for school purposes, for the
city's contribution to Works Progress Administration projects and other
is deducted $710,000
554.80
as
as
miscellaneous
surplus
revenues
revenue
anticipated.
items.
BELMAR, N. J.—BONDS AUTHORIZED—The Board of Commissioners
of the borough has passed on final reading an ordinance authorizing the
issuance of $303,500 refunding bonds.
BRIGANTINE, N. J.—COMMISSION FAVORS USE OF BONDS IN
TAXES—During the regular meeting of the Municipal
PAYMENT OF
Finance Commission, acting in and for the above-named city on April 24,
the following matters were discussed, according to the minutes of the
meeting, prepared by G. C. Skillman, Secretary:
"Copy of letter from Louis S. Lebenthal relative to the finances of the
city of Brigantine was read by the chairman and directed to be answered
along general lines.
It was pointed out that there are certain factors
pertaining to the city of Brigantine which cannot be overlooked, and that
while it is true that debt service has not been met, the annual tax levy
includes the full debt service requirements.
The Commission is well aware
of the fact that the financial situation in Brigantine is such that the city
will not for a long period of time be able to resume interest payments if the
principal of indebtedness is to be met in full (and the Commission is of the
further opinion that there should be no compromise on the principal of
indebtedness).
"If some arrangement can be made whereby the creditors of the city are
willing to allow bonds to be used for the satisfaction of liens and taxes it
may have a salutary effect inasmuch as the city's experience with the
acceptance of bonds during the latter part of 1935 was highly satisfactory.
It is, therefore, recommended that the city do everything possible to bring
about a willingness on the part of the creditors to have taxes and liens
settled by the use of bonds.
"It was regularly
moved, seconded and carried that the hearing to
determine the outstanding obligations of the city of Brigantine and other
related matters be continued until Friday, May 15, at 10 o'clock a. m. at
the office of the State Auditor, Room 125, State House, Trenton, N. J."
,
COLLINGSWOOD, N. J.—BOND OFFERING—R. S. Wigfield, Borough
Clerk, will receive sealed bids until 8 p. m. (Eastern Standard Time) on
May 18 for the purchase of $150,000 4%. coupon or registered refunding
bonds of 1936.
Dated June 1, 1936.
Due July 1 as follows:
$2,000,
1937 to 1940, incl.; $3,000, 1941 and 1942; $5,000, 1943 to 1945, incl.;
$10,000, 1946 to 1949, incl.; $15,000, 1950 to 1952, incl.. and $9,000 from
1953 to 1956, incl.
Principal and interest (J. & J.) payable at the Memorial
National Bank, Collingswood.
A certified check for 2% must accompany
each proposal.
Hawkins, Delafield & Longfellow of New York will approve
DOVER SCHOOL DISTRICT, N. J.—BOND ELECTI ON—The Board
of Education has called an election for May 12 at which a proposal to issue
$285,000 school building improvement bonds will be submitted to the voters.
GLOUCESTER CITY, N. J—BOND REFUNDING PROPOSED—'The
City Council on April 21 gave first reading to an ordinance which provides
authority for the refunding of $2,145,000 indebtedness.
IRVINGTON, N. J.—BOND SALE—The $160,000 coupon or registered
general impt. bonds offered on April 27—V. 142, p. 2711—were awarded
Co. and Campbell, Phelps & Co., both of New York,
jointly, as 2s, bidding for the entire issue, at a price of par plus a premium
of $51.04, equal to 100.03, a basis of about 1.99%.
Dated May 1, 1936
and due May 1 as follows: $20,000 from 1937 to 1939, incl. and $25,000 from
1940 to 1943 incl.
A. G. Becker & Co. of New York, bidding for $159,000
bonds as 2Ms. offered a premium of $32.
to Edward B. Smith &
KEARNY, N. J.—BONDS PUBLICLY OFFERED—'Webster, Kennedy
& Co., Inc., of New York, are offering a new issue of $450,000 refunding
SH% bonds, dated Jan. 1, 1936, and due July 1,1941 to 1952, inclusive, at
prices to yield from 2.50%,to 3.50%, according to maturity. The bonds are
exempt from all present Federal income taxes and legal for savings banks
and trust funds in New York State.
LIVINGSTON TOWNSHIP SCHOOL DISTRICT (P. O. Livingston),
N. J.—BOND OFFERING—Thomas R. Collins, District Clerk, will receive
sealed bids until 8 p. m. (Daylight Saving Time) on
of $14,500, 2H. 3, 334, 334, 3% or 4% coupon or
May 14 for the purchase
registered school bonds.
Denom. $1,000.
Due May 1 as follows:
$1,000 in
1937 and $1,500 from 1938 to 1946, incl.
Principal and interest (M. &1N.)
payable at the Livingston National Bank.
A certified check for 2%,
payable to the order of the Board of Education, must accompany each
proposal.
The approving opinion of Hawkins, Delafield & Longfellowiof
New York will be furnished the successful bidder.
Dated May 1, 1936.
NEWARK, N. J.—$1,000,000 LOAN ARRANGED AT 1% INTEREST
Co. and J. S. Rippel & Co. on April 28 offered
$1,000,000 temporary relief note issue from the city at the record
rate of 1% interest.
This is the lowest interest rate ever paid by the city
on any issue.
The city will borrow the money in $250,000 lots on May 1,
May 15, June 1 and July 1.
The temporary notes will be replaced by a
permanent bond issue Dec. 15.
—The Fidelity Union Trust
to take a
NEW
JERSEY
(State of)—TREASURER WARNS AGAINST FUR¬
following statement, forecasting a
THER DIVERSION OF FUNDS—The
deficit at the close of the fiscal year on June 30, was issued recently by
William H. Albright, State Treasurer:
"The State's financial position today is, to say the least, not attractive.
This is due to the diversion of millions
motor
of dollars from the general State fund,
To
fuel tax fund and highway system fund to emergency relief.
attempt further diversion from any of these
contractual obligations and debt service.
funds will mean repudiation of
fund balance of $2,671,032.64 is the lowest in many
years and, based on estimates of receipts and expenditures for the re¬
maining two and one-half months of the fiscal year, will show a deficit of
several hundred thousand dollars on July 1.
"The motor fuel tax fund has barely enough balance to meet debt service
charges due May 1 and July 1.
It would be unthinkable to impair the
State's credit by any further diversion of cash from this fund, which is now
the lowest it has ever been since the account was opened.
"The general State
Financial
3042
"Some weeks ago it was estimated the general State fund would show a
balance of close to $5,000,000 on July 1. Promptly $4,000,000 was diverted
from
fund
this
estimates,
we
to
relief.
deficit.
a
with receipts falling below
Now,
emergency
anticipate
$10,000,000 bond issue for emergency relief at the rate of $1,250,000
and interest yearly."
a
PISCATAWAY
OFFERED FOR
TOWNSHIP
O.
New
Market),
L.
(P.
Aden
&
INVESTMENT—H.
Co.
J .—BONDS
N.
of New York and
J. S.
Rippel & Co. of Newark, jointly, are marketing an additional $245,000
4% serial funding and refunding bonds.
The bankers were the successful
bidders recently at a sale of $110,000 4% serial funding bonds, paying a
price of 96.037.
The $245,000 bonds currently offered are dated May 1,
1936.
Denom. $1,000.
Due May 1 as follows:
$10,000, 1937 to 1952
incl.; $5,000, 1953 to 1956 incl.; $15,000 from 1957 to 1959 incl., and
$10,600 in 1960 and 1961.
Principal and interest (M. & N.) payable at
the Marine Midland Trust Co., New York, or at the First National Bank,
Dunellen.
Legality approved by Caldwell & Raymond of New York.
The
bonds are part of original issues of $210,000 funding and $145,000 refunding
bonds, authorized pursuant to Chapters 60 and 233.
SECAUCUS, N.
will
J.—SINKING FUND BUYS ISSUE— The Sinking
Fund Commission recently purchased $15,000 worth of fire engine bonds
from the municipality at an interest rate
receive
Surchase Bidders less to
onds.
at not
than parrate $81,000 coupon, fully registerable, sewer
of of interest, in multiple of or l-10th%,
cash basis.
MEXICO
ARTESIA, N. M.—BONDS VOTED—A proposed $30,000 bond issue
a municipal hospital was approved by the voters at a recent election.
AZTEC, N. M.—BONDS VOTED—An issue of $20,000 sewer system
approved by the voters at a recent election.
COLFAX
COUNTY SCHOOL DISTRICT NO. 24 (P. O. Raton),
$20,000 issue of school bonds offered for
April 30—V. 142, p. 2547—was awarded to E. F. Hutton & Co. of
Albuquerque, according to the County Treasurer.
Dated July 1, 1936.
Due from July 1, 1939 to 1955.
Mex.—BOND SALE—The
on
FORT
SUMNER, N. M.—BONDS VOTED—At
a
recent election the
approved a proposition to issue $60,000 sewer system construction
bonds.
■
GRADY, N. M.—BONDS VOTED—The citizens recently
approval to the issuance of $25,000 school bonds.
gave
their
SPRINGER, N. M.—BONDS SOLD—A $19,000 issue of 4% semi-ann.
water
of the property subject to
the taxing power of
village is $2,292,180.
The total bonded debt of the village, including
offering, is $328,200, of which $120,000 is water debt.
The
population of the village (1930 census) was 4,015.
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 village.
The fiscal year commences Feb. 1.
The amount of taxes
levied for the fiscal years commencing Feb. 1, 1933, Feb. 1, 1934, and
Feb. 1, 1935, was respectively $42,362.50, $42,887.50 and $42,872.90.
The amount of such taxes uncollected at the end of each of said fiscal years,
the
the present
respectively $2,740.48, $2,221 and $2,726.23.
The amount of such
remaining uncollected as of the date of this notice is respectively
$1,166.01, $1,202.55, and $2,544.17.
The taxes of the fiscal year com¬
mencing Feb. 1, 1936, amount to $53,799.58, of which nothing has been
collected, as the tax roll has not been completed.
BUFFALO
SEWER
AUTHORITY
(P.
O.
Buffalo),
N.
Y.—BIDS
ON ISSUE OF $3,358,000 BONDS—ORIGINAL SALE NOT
CONSUMMATED—Daniel H. McCarriagher, Chairman of the Authority,
will receive sealed bids until 11 a. m. (daylight Saving Time) on May 4
ASKED
for
the purchase of $3,358,000 not to exceed 4% interest series of 1936
bonds.
The sale of the issue privately on April 7 to Blyth & Co. of
sewer
bearing a 3M% coupon—V. 142, p. 2547—was
The bonds will be dated April 1, 1936 and issued in
form in $1,000 denoms.; registerable as to principal or as to both
principal and interest; or registered form in units of $1,000, $10,000 or
$50,000.
Both coupon bonds and registered bonds fully interchangeable
upon payment of a nominal fee.
The bonds will mature annually on
April 1 as follows: $80,000,1940 to 1944, incl.; $100,000,1945 to 1949, incl.;
$120,000, 1950 to 1954, incl.; $160,000, 1955 to 1959, incl.; $200,000 from
1960 to 1963, incl., and $258,000 in 1964.
All of the bonds must bear
the same rate of interest, expressed by the bidder in a multiple of % of 1 %.
Principal and interest (A. & O.) payable at the fiscal agency of the Au¬
thority, the Marine Midland Trust Co., New York.
A certified check for
$67,160, payable to the order of the Authority, must accompany each
proposal.
Legal proceedings incident to the issuance and sale of the bonds
are subject only to the approval of Gregory U. Harmon, Corporation Counsel
of the City of Buffalo and General Counsel for the Sewer Authority, and
Caldwell & Raymond, bond attorneys of New York City, whose favorable
approving opinion as to legality will be furnished without charge to the
successful bidder on delivery of the bonds.
Delivery will be made at the
Marine Midland Trust Co., 120 Broadway, New York City, on or about
June 1, 1936.
At the option of the purchaser, temporary bonds will be
delivered about 10 days after the award, exchangeable without cost for
works bonds
is said to
been purchased at par by the Public
have
consummated.
coupon
for
voters
Financial Statement
•
The assessed valuation
not
N.
a
Denom. $1,000.
Dated March 1,1936.
Principal
(March 1 and Sept. 1) payable at the Bath Na¬
tional Bank or the Farmers & Mechanics Trust Co., in Bath.
Due yearly
on March
1 as follows: $3,000, 1937 to 1956; $4,000, 1957 to I960, and
$5,000, 1961.
Certified check for $1,600, payable to the village, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be
furnished to the purchaser.
New York and associates
NEW
sale
name
but not to exceed 4%.
and semi-annual interest
taxes
(P. O. Union), N. J.—BONDS OFFERED FOR
INVESTMENT—A. C. Allyn & Co., Inc., of New York, are offering on
the market $30,000 4J^ % general refunding bonds, part of an issue of $50,000 authorized pursuant to Chapter 233 of the New Jersey Pamphlet Laws
of 1934.
Dated March 1,1936.
Denom. $1,000.
Due serially on March 1
from 1939 to 1944 incl.
Principal and interest (M. & S.) payable at the
Chase National Bank, New York, or at the Union Center National Bank,
Union Township.
Legality approved by Reed, Hoyt & Washburn, of
New York City.
The bonds are payable from unlimited ad valorem taxes.
Chapter 60 requires that the township conduct its financial affairs on a
was
1936
Y.—BOND OFFERING—John W. Taggarfc, Village Clerk
bids until 2 p. m. (Eastern Standard Time) May 5 for the
was
of 4%.
UNION TOWNSHIP
bonds
May 2,
N.
BATH,
are
"It must also be remembered that this fund is charged with the liquidation
of
Chronicle
Works Administration.
the definitive bonds.
DESCRIPTION OF ISSUE—The bonds are part of a total of $8,250,000
April 15,
1936, and are being issued for the purpose of constructing sewage facilities
to provide an effectual and advantageous means for relieving the Niagara
River, Buffalo River, and Lake Erie from pollution by the sewage and
waste of the City of Buffalo, and relieving the City of Buffalo from in¬
adequate sanitary and storm water drainage and for the sanitary disposal
or treatment of the sewage thereof, pursuant to Chapter 349 of the Laws
of 1935 of the State of New York, and as more particularly described in
said resolution adopted on April 15, 1936.
The bonds -will be direct and general obligations of the Buffalo Sewer
Authority, payable as to both principal and interest from, and secured by a
pledge of, the rents and revenues of the Authority from whatever sources
derived, all to the extent and in the manner more particularly described in
said Chapter 349 of the Laws of 1935 of the State of New York and the
resolution adopted on April 15, 1936.
The Authority covenants in the
resolution aforesaid that it will establish, maintain, levy and collect rents
bonds authorized by a resolution adopted by the Authority on
Offering*
—
Wanted
New York State Municipals
County—City—Town—School Diatrict
Gordon Graves fit Co.
MEMBERS NEW
WALL ST.,
1
YORK
STOCK EXCHANGE
N. Y.
Whitehall 4-5770
NEW
YORK
AMHERST COMMON SCHOOL DISTRICT NO. 14 (P. O. Amherst),
N.
Y.—BOND SALE—The $22,500 coupon, fully registerable, school
and charges for its facilities which
due and reasonable allowance for
April 29—V. 142, p. 2874—were awarded to the
Marine Trust Co. of Buffalo on a bid of 100.36 for 4.10s, a basis of about
in the estimates, to provide funds sufficient to pay all operating expenses
and the interest and principal of the bonds as the same shall become due and
4.06%.
Dated May 1, 1936.
1958; and $500 May 1, 1959.
payable.
building bonds offered
on
Due $1,000 yearly on May 1 from 1937 to
shall be at least sufficient, after making
contingencies and for a margin of error
Interest during the period of construction and for not exceeding
will be paid from the proceeds of the bonds.
six months thereafter
AUBURN, N. Y.—DEBT STATEMENT—In connection with the recent
2% bonds to Barr Bros. & Co., Inc. of New York at
price of 101.796, a basis of about 1.59%—V. 142, p. 2373—we give the
following:
award of $159,021.04
a
$2,754,481.50
307,500.00
2,446,981.50
52,244,930.00 $52109,545.00
1,019,179.22
1,057,717.90
424,609.97
367,699.15
1,443,789.19
1,425,417.05
Less water bonds
Resulting net debt
Assessed valuation, subject to taxation
Operating budget (city and school)
Debt service
Gross budget.
(P. O. Peekskill), N. Y.—BOND
SALE—'The
$18,000
142, p. 2874—
York as 3.40s at a price
of 100.18, a basis of about 3.38%.
Dated Dec. 1, 1935, and due $1,000
on Dec.
1 from 1936 to 1953 incl.
George B. Gibbons & Co., Inc., of
New York, second high bidders, offered a price of 100.14 for 3.40s.
Roe
*1936
1935
Federal, New York
in New York State
municipal officers, banks and savings banks, insurance com¬
panies, trustees and other fiduciaries.
for State and
CORTLAND
Report of Essential Facts as of March 15 1936
Trends (Fiscal Year Ending June 30)
Total bonded debt
In the opinion of counsel, the bonds are exempt from
State and city income taxes, and legal for investment
were
Park Water
District
bonds offered on April 28—V.
awarded to A. C. Allyn & Co., Inc., of New
Other bids
were as
follows:
Int. Rate
Bidder—
3.60%
3.50%
Roosevelt & Weigold
Mahopac National Bank
Rate
Bid
100.32
100.10
Tax rate per $1,000:
City, due July 1
School, due Sept. 1
County, due Feb. 1
*
$11.69
$4.88
$5.28
$12.73
$4.81
$5.11
Fiscal year 1935-36 incomplete.
Debt Statement, March 15 1936
Funded Debt—
General city bonds, (including this issue)
School bonds (including this issue)
Water bonds
$2,020,102.86
632,365.06
-
288,500.00
109,711.97
___
Assessment bonds
$3,050,679.83
Unfunded Debt—
porary bonds (improvements under construction)
iporary bonds (public welfare)
$8,475.00
90,000.00
Gross-Debt—
Gross debt.
-$3,149,154.83
288,500.00
Legal netVlebt
2,860,654.83
(Does notrinclude tax anticipation notes of $130,000.00, payable June 30
1936, to be retired from tax collection receipts of current year.)
-
Less water bonds
Tax Collection Report
x
Fiscal Year-
1935
1933
1934
Gen'l property tax.-_1,181,779.00
1932
1,232,008.74
l,010i596.00
1,238,784.00
83,601.00
48,920.77
67,476.00
9,260.26
85,485.00
11,439.15
Uncollected at end of
fiscal year
Uncoil d Mar. 15 '36x
Beginning July
213,954.34
1.
Current city, school, State and county taxes in process ofc ollection.
Bond
m
,
Total dueTo be paid by—
Other funds
Principal Maturing *
1939
1938
19,500.00
19,500.00
280,282.00
1937
19,500.00
308,082.00
1936
$89,402.75
9,500.00
79,902.75
Assessed Valuation
x
,
(1935-36, $52,109,545.00)
Legal debt limit (10% assessed valuation)
$5,210,954.50
Total net debt
2,860,654.83
Debt margin (March 15 1936)
2,350,299.67
The city has no overlapping debt and Cayuga County has no bonded
debt.
The city has never defaulted on its obligations.
Fiscal year, July 1
to June 30.
April 1 as follows: $1,000, 1937 to 1940 incl.; $2,000, 1941 to 1945 incl.;
$3,000, 1946 to 1949 incl.; $4,000 from 1950 to 1953 incl. and $5,000 from
1954 to 1956 incl. Bidder to name one rate of interest on the issue, expressed
in a multiple of M or 1-10 of 1%.
Principal and interest (A. & O.) payable
in lawful money of the United States at the principal office of the Manu¬
facturers & Traders Trust Co., Buffalo. The bonds are payable in the first
instance from a levy upon the property in the Eden Water District but, if
not paid from such levy, the town is authorized and required by latv to
levy on all of its taxable property such ad valorem taxes as may be necessary
to pay both principal and interest on the issue without limitation as to
rate or amount.
A certified check for $1,140, payable to the order of the
town, must accompany each proposal.
The successful bidder will be
furnished with the approving opinion of Reed, Hoyt & Washburn of New
York City.
Financial Statement
The assessed valuation of the property subject to the taxing power of
town is $3,388,292.00; the total bonded debt of the town, including
the
the
bonds described above, is $57,000.00; the population of the town according
to the most recent United States census is 2,773; the bonded debt of the
town does not include the debt of any other subdivision having the power to
levy taxes upon any or all of the property subject to the taxing power of the
town.
The fiscal year of the town begins on Jan. 1. The amounts of taxes levied
by the town for the fiscal years beginning Jan. 1, 1933, Jan. 1, 1934, and
Jan. 1, 1935, were, respectively, $19,932.16, $19,235.00, and $14,128.00;
the amounts of such taxes uncollected at the end of the respective fiscal
$000, $000, $000; and the amounts of such taxes which re¬
uncollected as of April 22, 1936 were, respectively, $000, $000,
The amount of taxes levied for the current fiscal year was $18,178.00,
and the amount of such taxes which have been collected is $18,178.00.
years
were
mained
$000.
$278,782.00 $299,782.00 $327,582.00
Tax levy
259,282.00
*
This issue not included.
EDEN. N. Y.—BOND OFFERING—E. M. Webster, Town Clerk, will
(Daylight Saving Time) on May 9 for the
purchase of $57,000 not to exceed 4% interest coupon or registered water¬
works construction bonds.
Dated April 1, 1936.
Denom. $1,000.
Due
receive sealed bids until 2 p. m.
HAMBURG,
N.
Y.—BOND SALE—The
has
Peoples Bank of Hamburg
Due June 15 as
1946 incl., and
purchased $18,000 3.15% tax equalization bonds.
$1,000 in 1939 and 1940; $2,000 from 1941 to
$4,000 in 1947.
follows:
HAVERSTRAW UNION FREE SCHOOL
—PROPOSED
DISTRICT NO. 1,
N. Y.
BOND ISSUE—The district plans to come to market soon
offering of about $200,000 construction bonds.
George B. Gibbons
& Co., Inc., of New York recently purchased from the Reconstruction
Finance Corporation an issue of $258,000 4% bonds at a price of 106.
These latter are dated March 1, 1935, and mature serially on March 1
from
1937 to 1953 incl.
The bankers are re-offering them for public
investment at prices to yield from 0.75% to 3.20%, according to maturity.
with
an
Volume 142
Chronicle
Financial
Financial Statement (as Officially Reported)
payable to Orville E.
Valuation, as determined by State Tax Commission
Assessed valuation, 1935-36
Outstanding bonded debt April 17, 1936
census
NORTH DANSVILLE, N. Y.—BOND SALE— The $25,000
coupon or
registered emergency relief bonds offered on April 28—V. 142, p. 2712—
were awarded to Adams, McEntee & Co. of New York as
2.40s for a premium
of $67.50, equal to
100.27, a basis of about 2.35%.
Rutter & Co. of New
York offered a premium of the same amount for
2)4% bonds.
Dated
May 1, 1936.
Due May 1 as follows:
$2,000, 1937 to 1941; nad $3,000,
1930, 5,621.
Above financial statement does not include the debt of other political
subdivisions which have the power to levy taxes within the district.
Taxes—-There is no uncollected tax problem in this district.
Under
Section 435 Education Law, Rockland County provides the district with
any
balance required to accomplish 100% tax collection each
HEMPSTEAD
East
UNION
Rockaway),
N.
FREE
SCHOOL
DISTRICT
No.
1942 to 1946.
Other bids were as follows:
Bidder—
E. H. Rollins & Sons
year.
19
(P.
O.
Y.—BONDS
OFFERED FOR INVESTMENT—
George B. Gibbons & Co., Inc., of New York, are offering for public
investment, at prices to yield from 1% to 3.30%, according to maturity, a
new issue of $229,000
4% coupon or registered bonds, dated Sept. 1, 1934,
and due Sept. 1 as follows:
$10,000 from 1937 to 1949 incl., and $11,000
from 1950 to 1958 incl.
Principal and interest (M. & S.) payable at the
Bank of New York & Trust Co., New York.
Legality approved by Haw¬
kins, Delafield & Longfellow of New York.
The issue was sold to the
bankers by the Reconstruction Finance Corporation at a price of 106.70.
In
.
Rate
Premium
2.50%
2.60%
2.70%
3.00%
3.00%
3.10%
3.10%
3.20%
Marine Trust Co
J. & W. Seligman & Co
Roosevelt & Weigold, Inc
Bacon, Stevenson & Co
George B. Gibbons & Co., Inc
Merchants & Farmers National Bank, Dansville
Manufacturers & Traders Trust Co._
$50.00
24.75
67.50
7.50
67.50
35.50
Par
64.78
ORANGE COUNTY (P. O. Goshen), N. Y.—BOND OFFERING—
Harry L. Stanley, County Treasurer, will receive sealed bids unti 2 p. m.
(Eastern Standard Time) on May 13, for the purchase of $240,000 not to
exceed 6 % interest coupon or registered welfare home bonds.
Dated May 1,
1936. Denom. $1,000.
Due May 1 as follows: $15,000 from 1942 to 1945,
incl., $20,000 from 1946 to 1948, incl. and $40,000 from 1949 to 1951, incl.
Financial Statement (Officially Reported)
Valuation, as determined by State Tax Commission
Assessed valuation, 1935-36
Total bonded debt, April 21, 1936
Population (estimated), 5,250.
Smith, District Treasurer, required.
Approving
Dillon & Vandewater, of New York, will be furnished to
opinion of Clay,
the purchaser.
$8,021,433
3,369,002
258,000
255,000
Additional bonds authorized but not issued
Population, United States
3043
$12,044,214
8,551,392
649,400
Bidder to
name one rate of interest on the
issue, expressed in a multiple of
Principal and interest (M. & N.) payable in lawful
of the United States at the National Bank of Orange County,
Goshen.
The bonds will be payable from unlimited ad valorem taxes on all
The above financial statement does not include the debt of other political
subdivisions which have the power to levy taxes within the district.
Taxes—This school district
has no uncollected tax problem.
Under
money
Chapter 167, Laws of 1934, Nassau County provides the district with
balance required to accomplish 100% tax collection each year.
taxable property of the county.
A certified check for $4,800, payable to
the order of the County Treasurer, must
accompany each proposal.
The
any
approving opinion of Hawkins,
HINSDALE, ISCHUA AND CLARKSVILLE CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Hinsdale), N. Y.—BOND OFFERING—Leland
E. Linderman, District Clerk, will receive sealed bids until 2
p.m. (Eastern
Standard Time) on May 11 for the purchzse of $142,000 not to exceed 6%
int.
coupon
registered
school
building
bonds.
OSWEGO, N. Y.—BOND OFFERING—Frank D. Dowdle, City Cham¬
berlain, will receive sealed bids until 11 a. m. (Eastern Standard Time)
on May 12 for the
purchase of $160,000 not to exceed 6% int. coupon or
registered emergency relief bonds.
Dated May 15, 1936.
Denom. $1,000.
Dated
Due $16,000
of int.
HUNTER,
on
on May 15 from 1937 to 1946 incl.
Bidder to name one rate
all of the bonds, expressed in a multiple of
or l-10th of 1%.
Prin. and int. (M. & N.) payable in lawful money of the United States at
the First & Second National Bank & Trust
Co., Oswego.
The Continental
Bank & Trust Co. of New York will supervise the preparation of the bonds
and
certify
the genuineness of the signatures of municipal officials and
as to
the seal impressed on the certificates.
The bonds will be general obligations
of the city, payable from unlimited ad valorem taxes on all of its taxable
successful bidder.
DISTRICT
Delafield & Longfellow of New York will
be furnished the successful bidder.
May 1, 1936.
Denom. $1,000.
Due May 1 as follows: $5,000,1939 to 1941, incl.; $6,000,
1942to 1946,incl.:$7,000,1947to 1949, incl.;$8,000 from 1950 to 1954incl.
and $9,000 from 1955 to 1958, incl.
Bidder to name one rate of int. on the
issue, expressed in a multiple of M or l-10thof 1%. Prin. and int. (M.& N.)
payable in lawful money of the United States at the Exchange National
Bank, Olean.
The bonds are direct general obligations of the District,
payable from unlimited taxes.
A certified check for $3,000, payable to the
order of Olive B. Granbow, District Treasurer, is required.
The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
or
1-10 of 1%.
or
property.
A certified check for 2% of the bonds bid for, payable to the
order of the City Chamberlain, is required.
The approving opinion of
Caldwell & Raymond of New York will be furnished the successful bidder.
JEWETT
AND
LEXINGTON
CENTRAL
SCHOOL
NO. 1, N. Y.—BONDS OFFERED FOR INVESTMENT—
Phelps, Fenn & Co. of New York, who recently purchased from the Recon¬
Finance Corporation $170,000 4% bonds dated Sept. 1, 1934,
Sept. 1, 1945 to 1961, are reoffering them at prices yielding from
3.00% to 3.40%.
These bonds, issued for school building purposes, are,
in the opinion of counsel, general obligations of the district, payable both
principal and interest from unlimited ad valorem taxes on all the taxable
property therein.
They are legal investments for savings banks ahd
trust funds in New York State, according to the bankers.
OYSTER BAY (P. O. Oyster Bay), N. Y.—OFFERING OF MASSAPEQUA WATER DISTRICT BONDS—Edwin M. McQueen, Town Clerk,
willreceive sealed bids until 11:00 a. m. (Eastern Standard Time) on May 19
for the pin-chase of $18,750 not to exceed
4% interest coupon or registered
water bonds. Dated May 1, 1936.
One bond for $750, others $1,000 each.
struction
and due
Due May 1 as follows:
$750 in 1941 and $1,000 from 1942 to 1959 incl.
Principal and interest (M. & N.) payable at the Long Island National
Bank, Hicksville. Legality to be approved by Clay, Dillon & Vandewater
of New York City.
The bonds must all bear the same rate of interest, to be
expressed by the bidder in a multiple of M or 1-10 of 1 %.
The bonds are
general obligations of the town, payable primarily from assessments on
property benefited in the water district and if not paid from that source,
HUNTINGTON, N. Y.—CERTIFICATES SALE—An issue of $75,000
home and work relief certificates was sold recently to Demorest & Co. of
New York on a 1)4% interest basis.
Due July 1, 1936.
MALONE, N. Y.—BOND OFFERING—Karl H. Walbridge, Village
Clerk, will receive sealed bids until 8 p. m. on May 25 for the purchase of
$25,000 street impt. bonds.
Dated July 1, 1936.,
Due July 1, 1946.
all of the taxable property of the town will be
subject to the levy of un¬
limited ad valorem taxes to service the indebtedness.
MONROE COUNTY (P. O. Rochester), N. Y.—BOND OFFERING
PLANNED—Clarence A. Smtih, County Manager and Director of Finance,
informs us that plans are being made for public offering of an issue of $1,900,000 floating debt funding bonds.
PEEKSKILL, N. Y.—BOND OFFERING—On May 12 at 2 p. m. the
Village will offer for sale an issue of $45,000 city hall bonds.
Denom.
$1,000.
Int. payable June 1 and Dec. 1.
Due yearly on Dec. 1 as follows:
$1,000, 1937 to 1941; $2,000, 1942 to 1946, and $3,000, 1947 to 1956.
NEW
YORK
LECTIONS—With
CITY—COMPTROLLER
few
REPORTS
ON
TAX
PEMBROKE AND DARIEN UNION FREE SCHOOL DISTRICT
NO. 7 (P. O. Carfu), N. Y.—OTHER BIDS— The $85,900 school budding
on April 23 to Halsey, Stuart & Co., Inc. of New York as
COL¬
days to go, in which to complete collections
before the penalty incurring period begins, Comptroller Frank J. Taylor,
on April 25 announced that tax receipts, at the close of business,
April 24,
had reached the record breaking sum of $90,579,689.39. This he declared is
almost $20,000,000 more than was collected, during the similar period, last
a
more
bonds awarded
3.20s, at
of about
as
a
premium of $193.27, equal to a price of 100.225, a basis
p. 2875—were also bid for as follows:
follows:
Int. Rate
Manufacturers & Traders Trust Co
The collection of taxes, this year, began on April 1, and from the beginning
was every indication of an unprecedented rush on the
part of tax¬
payers to pay. The collections on the very first day amounted to $39,425,332
which was about $13,000,000 more than was paid in on the first day of the
Marine Trust Co
E. H. Rollins & Sons___
tax
.
Premium
3.40%
3.50%
3.50%
3.70%
George B. Gibbons & Co., Inc
there
agreement, or, at the rate of $2,000,000 a day—since April 1 to date,—funds
due until June 20.
plus
Bidder—
year.
collecting period of 1935.
»
From that time on, the collections have been coming in to City Collector
William Reid, at such a rate, that Comptroller Taylor has been able to pay
back, within two months, some $50,000,000 borrowed under the bankers'
par
3.18%—V. 142,
also bid for
$514.71
438-.09
425.00
238.00
SCHENECTADY, N. Y.—BOND ISSUANCE DOUBTFUL—C. H.
Greene, City Comptroler, states that although the educational board has
asked that $1,000,000 bonds be issued for school buildings, it is extremely
doubtful that the ordinance covering the issue will receive favorable action
in the Council.
not
Of the $90,579,669
collected in taxes, thus far, this year, $63,643,146 was
paid for taxes due in the first half of 1936, and $26,936,542 was for advance
payments of taxes due Oct. 1.
The record for 1935, shows that taxes for the first half of that year, in the
same period, amounted to $49,194,522 and for the second half of the same
year, the collections were $21,716,419 making a total of $70,910,942.
This
was $19,668,747 below the total collected, for the same
period this year.
Comptroller Taylor pointed out that while the law prescribes April 30,
as the last day in which to pay taxes, for the first half of the
year, without
incurring a penalty, nevertheless, the day following is usually one of heavy
receipts because of the great rush of last minute payments through the
mails. Hence there are really five days of computation still remaining before
he can actually figure out the total receipts for the first half of 1936.
As a result of these record-breaking collections, he will be able,
today,
tqpay off another $5,000,000 to the bankers, thus cutting down a $70,000,000 indebtedness, incurred two months ago, to $15,000,000, and saving in
the process, considerable interest.
NEW YORK, N. Y.—PLANS BOND ISSUE FOR WORLD'S FAIR
PROJECT—City Comptroller Frank J. Taylor has drafted and forwarded
for approval of the State Legislature, a bill authorizing him to issue not
than $7,000,000 corporate stock and serial bonds to provide the
city's
share in financing the New York 1939 World's Fair.
The proceeds of the
more
issue,
coupled with the $4,125,000 expected to be contributed as the
State's share of the project, will send the plans for the fair well forward,
the Comptroller said.
The proposed law is to be an amendment to the
Greater New York Charter "by inserting a new section following section
169f, which new section is to be numbered section 169g and to read as
follows:
"Section
169g.
Notwithstanding any limitations contained in this Act
law, the Board of Estimate and Apportionment is hereby
empowered to authorize the Comptroller to issue corporate stock and serial
bonds in the manner now provided by law in addition to corporate stock
and serial bonds now permitted by law to be issued, to an amount not
exceeding $7,000,000 which may be used to acquire additional land for
Flushing Meadows park and to meet the city's share of the cost of buildings
and improvements of New York 1939 World's Fair and the city's share of
or
in any other
SPRINGPORT,
FLEMING, AURELIUS, LEDYARD AND SCIPIO
1 (P. O. Union Springs). N. Y.
CENTRAL SCHOOL DISTRICT NO.
—OTHER
BIDS—The
Roosevelt &
$165,000 school bonds awarded on April 23 to
Weigold, Inc. of New York as 3.10s, at par plus a premium
a basis of about 3.08%—V. 142, p. 2875—were
of $363, equal to 100.22,
also bid for as follows:
Bidder—
Bancamerica-Blair Corp__
int. Rate
-
3.10%
Halsey, Stuart & Co., Inc
3.10%
Marine Trust Co. and George B. Gibbons & Co., Inc. 3.20%
E. H. Rollins & Sons
726.00
988.68
512.00
3.40%
3.40%
3.50%
Rutter & Co
Safford & Co.
$248.00
222.75
775.50
3.20%
3.25%
3.30%
Manufacturers & Traders Trust Co
Granbery,
jointly
Premium
551.10
989.84
709.50
and Kean, Taylor & Co.,
Edward B. Smith & Co
Bacon, Stevenson & Co
TROUPSBURG, JASPER AND WOODHULL CENTRAL SCHOOL
NO. 1 (P. O. Troupsburg), N. Y.—BOND OFFERING—
DISTRICT
Virl Boelln, District Clerk, will receive sealed bids until 2 p. m. (Eastern
Standard Time) on May 5 for the purchase of $79,000 not to exceed 4%
int.
coupon
or
registered school building bonds.
Dated March
1,
1936.
Denom. $500.
Due March 1 as follows: $2,000,1939 to 1945, incl.; $2,500,
1946 to 1950, incl.; $3,000, 1951 to 1955, incl.; $3,500, 1956 to 1960 incl.;
$4,000, 1961 to 1965, incl.
Prin. and int. (M. & S.) payable at the Chase
National Bank, New York City.
Bidder to name one rate of int. on
the issue, expressed in a multiple
of \4 or l-10th of 1%.
A certified check
$1,580, payable to the order of Herman B. Holt, District Treasurer,
each proposal.
The bonds are direct general obi gations
of the District, payable from unlimited taxes.
The approving opinion of
for
must accompany
Clay, Dillon & Vandewater of New York will be furnished the successful
bidder,
(These bonds were orginally offered on April 24, at which time all bids
were
rejected.)
a
TROUPSBURG, JASPER AND WOODHULL CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Troupsburg), N. Y.—BONDS NOT SOLD—
All of the bids for the $79,000 not to exceed 4% interest bonds offered on
April 24—V. 142, p. 2712—were rejected.
The issue will be reoffered.
fulness
Dated March 1, 1936 and due March 1 as follows:
the cost of all other work incidental thereto.
Such corporate stock and
serial bonds issued under the provisions of this section shall mature within
period of time not exceeding the minimum estimated duration and use¬
of the public improvements, the cost and expense of which are
for thereby, to be expressed and declared in a resolution or
ordinance authorizing the improvement, but in no event to exceed 20 years,
except corporate stock or serial bonds issued for the acquisition of land in
provided
which event the term of said bonds shall not exceed 40 years.
"Section 2.
This Act shall take effect immediately."
UNION FREE SCHOOL DISTRICT No. 5, Schenec¬
County, N. Y.—BOND OFFERING—Harry A. Winne, District
Clerk, will receive bids until 10 a. m. Eastern Standard Time, May 11, at
the law offices of Roy W. Peters, 505 State Street, Schenectady, for the
purchase at not less than par of $23,000 coupon, fully re^isterable, school
building bonds.
Bidders are to name rate of interest, in a multiple of
14% or 1-10%, but not to exceed 5%.
Denom. $1,000.
Dated June 1,
1936.
Principal and semi-annual interest (June 1 and Dec. 1) payable at
the Schenectady Trust Co., in New York.
Due $2,000 yearly on June 1
from 1939 to 1949; and $1,000 June 1, 1950.
Certified check for $500,
NISKAYUNA
tady
$2,000,1939 to 1945 incl.;
$2,500, 1946 to 1950 incl.; $3,000, 1951 to 1955 incl.; $3,500 from 1956 to
1960 incl. and $4,000 from 1961 to 1965 incl.
UTICA, N. Y.—RATE OF INTEREST TO BE NAMED—In connection
with the offering of $520,000 bonds on May 5, details of which appeared
in these columns
are
to
name
recently—V. 142, p. 2876—we
are now
advised that bidders
the rate of interest which the entire offering will bear, in a
multiple of M % or 1-10%, but not to exceed 4%.
WATERVLIET, N. Y.—BONDS AUTHORIZED—'The City Council
on
April 17 approved resolutions authorizing the issuance of $385,000
high school construction bonds.
VALLEY STREAM, N. Y.—BOND SALE— The $70,000 coupon or
registered tax revenue bonds offered on April 30—V. 142, p. 2876—were
awarded to the Marine Trust Co. of Buffalo as 1.90s, at par plus a premium
of $92.40, equal to 100.132, a basis of about 1.85%.
Dated May 1, 1936,
3044
Financial Chronicle
and due May 1 as follows:
SI8,000 from 1937 to 1939 incl., and $16,000
in 1940.
Other bids were as follows:
Bidder—
Int. Rate
Bacon, Stevenson & Oo
George B. Gibbons & Co., Inc
Manufacturers & Traders Trust Co
Adams, McEntee & Co., Inc
-—
Premium
2.40%
2.40%
2.50%
3.25%
$133.00
100.87
102.20
35.00
Financial Statement
village is $37,484,738.02.
The total bonded debt of the village including
the above mentioned bonds is $1,098,500.
The population or the village
(1930 census) was 11,790.
The bonded debt above 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 Village.
The fiscal
year commences March 1.
The amount of taxes levied for the fiscal years
commencing March 1, 1933, March 1, 1934 and March 1, 1935 was re¬
spectively $265,829.25. $344,894.06 and $358,480.64.
The amount of
such taxes uncollected at the end of each of said fiscal years was respec¬
tively $59,170.03, $78,073.60 and $79,229.27.
The amount of such taxes
remaining uncollected as of the April 21, 1936 is respectively $19,017.63,
$37,326.35 and $71,401.60.
The taxes of the fiscal year commencing
March 1, 1936, have not yet been levied.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—PLANS
BOND ISSUANCE—William S. Coffey, County Treasurer, states that
of about $500,000 bonds.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—REJECTS
CHARTER CHANGE—The proposed new charter for the county, prepared
by the Westchester County Commission on Government, was defeated by
the Board of Supervisors on April 30 by a vote of 31 to 8.
Rejection by the
board is believed to preclude the possibility of the submission of the new
document to the State Legislature and, in turn, to the voters of the county,
for at least two years.
The new charter provided for replacement of the
present board of 42 supervisors with a county president and a board of
control of 10 members.
It also would consolidate town functions and do
away with many county offices.
WILSON UNION FREE SCHOOL DISTRICT NO. 1, Niagara
County, N. Y.—BONDS PUBLICLY OFFERED—George B. Gibbons &
Co., Inc. of New York are making public offering of a new issue of $153,000
4% coupon or registered bonds at prices to yield from 0.75% to 3.30%,
according to maturity.
Dated Sept. 1, 1934 and due Sept. 1 as follows:
$4,000 from 1936 to 1942 incl.; $5,000, 1943 to 1948 incl.; $6,000, 1949 to
1954 incl.; $7,000 from 1955 to 1962 incl. and $3,000 in 1963.
Principal
and interest (M. & S.) payable at the First National Bank, New York.
Legality approved by Clay, Dillon & Vandewater of New York City.
The bonds were purchased by the bankers at a price of 107, at the recent
sale held by the Reconstruction Finance Corporation.
Financial Statement (Officially Reported as of
bonded debt
Interstate Securities Corp.$—For the 1st $20,000-For the remainder
Kirchofer
$2,774,143
2,052,866
164,000
-
—
50,126.00
4H%)
4)|%\
50,013.00
3M%J
Craigie & Co. and Equitable Securities Corp.-
50,035.00
50,065.00
4%
4K%
BOND CALL—It is stated by J. G. Spence, City Clerk, that the city
elected to call in and redeem refunding bonds numbered from 25 to
has
78, the bonds numbered from 25 to 36 bearing interest at 5% per annum,
and the bonds numbered from 37 to 78 incl., bearing interest at 5M%.
totaling $54,000, at par and accrued interest on June 1, on which date
interest shall cease, upon presentation of such bonds with all coupons
maturing on or after Dec. 1, 1936.
Denom. $1,000.
Dated July 1 1933.
Due on June 1, 1948.
Bonds are to be presented for payment at the
Central Hanover Bank & Trust Co. in New York City.
These bonds are
said to be part of an original issue of $137,000.
GREENVILLE, N. C.—BONDS APPROVED—The Local Government
Commission is reported to have approved the issuance of $75,000 in street
improvement bonds.
HOKE COUNTY (P. O. Raeford), N. C.—NOTE SALE—The Bank of
Chapel Hill is reported to have purchased $10,000 revenue anticipation notes
%, plus a premium of $1.
at 3
NORTH
CAROLINA, State of—REPORT ON INTEREST SAVINGS
THROUGH MUNICIPAL BOND REFINANCING—Charles M. Johnson,
Treasurer and director of loca] government, has announced $36,-
State
422,086 in interest savings have been effected for 18 counties and 28 cities
and towns in North Carolina which have carried through refinancing plans
A number of other plans are being worked
out, he said.
The State itself, he added, has effected a considerable saving in interest
by lowering the rate on the floating debt which was outstanding Jan. 1,1933.
In 1933 the interest was 6% and now it is 3.53%, a saving of $2,566,351
over the life of the bonds.
The sinking fund in the period made a profit
of $150,000 by selling short maturity bonds and investing in long maturity
with the aid of the Commission.
securities.
During the period the State paid $21,033,360
on
outstanding principal
of bonds by retiring $18,724,000 and putting $2,309,960 in the sinking
fund, he said.
The total State debt, which would be reduced further by the additional
purchase of long term 5% bonds and issuance of shorter term obligations
under plans of the Treasurer and Governor Ehringhaus, stood at $167,789,000 on March 20 or over $1,000,000 less than a month earlier.
—All bias received on April 28 for the $494,000 coupon refunding bonds
offered on that date—V. 142, p. 2876—were rejected. Bonds are dated
May 1, 1936, and mature serially
on
May 1 from 1938 to 1971.
RALEIGH, N. C.—BOND CALL—Mayor George A. Iseley, through
Niagara County iias no outstanding bonded
statement does not include debt of other political
debt.
Above financia
subsidisions having the
the terms of the bonds herein drawn by lot, is calling for redemption at
par, on June 1, of which date interest shall cease, out of sinking fund
block of $42,000 refunding bonds of 1934, due
money, a
levy taxes within the District.
Taxes—There is no uncollected tax problem in this District.
Under
Section 435 Education Law, Niagara County provides the District with
any
4K%\
-
$ Purchaser.
Population, estimated 1,200.
power to
$50,015.00
& Arnold Branch Banking & Trust Co.:
For the 1st $30,000
For the remainder
R. S. Dickson & Co.—For the 1st $30,000
For the remainder
F. W.
Rvxcc
3%%\
31?% f
_
1936
PERQUIMANS COUNTY (P. O. Hertford), N. C.—BIDS REJECTED
April 1, 1936)
Valuation, as determined by State Tax Commission
Assessed valuation, 1935-36
Total
Rate
i
Oscar Burnett & Co. and Lewis & Hall & Co
The assessed valuation of the property subject to the taxing power of the
consideration is being given to the early issuance
May 2,
i
balance required to accomplish 100% tax collection each year.
State Aid—Of the 1935-36 School District budget amounting to $47,487.72
this District estimated its State Aid item to be $28,083.22 or 59% of the
and numbered from 85 to
126.
These bonds should
on
June 1, 1948,
be presented on or
after June 1 at the Corporate Trust Department of the Chemical Bank &
Trust Co. of New York with all coupons maturing after June 1, 1936.
The
coupons maturing on that date should be detached and presented/
payment in the usual manner.
Registered bonos should be accom¬
panied by duly executed assignments or transfer powers in blank.
for
entire budget.
WYOMING COUNTY (P. O. Warsaw), N. Y.—OTHER BIDS—The
$108,000 building hospital and refunding bonds recently sold to the Manu¬
facturers & Traders Trust Co. of Buffalo as 2s at par plus a premium of
$431.08, equal to 100.399, a basis of about 1.95%—-V. 142, p. 2876—were
also bid for as follows:
Int. Rate
Bidder—
Premium
Marine Trust Co
2%
Granbery, Safford & Co
Blyth & Oo
Halsey, Stuart & Co., Inc
Harris Trust & Savings Bank
Bacon, Stevenson & Co_
2%
2.10%
2.10%\
2.20%
2.20%
2.20%
2.40%
2.50%
2.75%
$335.00
191.16
367.20
125.00
332.53
205.20
128.52
226.80
175.00
Par
CORTLANDT
CENTRAL
/
-
Stranahan, Harris & Co
George B. Gibbons & Co., Inc
Burr & Co
Wyoming County National Bank
YORKTOWN,
NEW
CASTLE
AND
SCHOOLlDISTRICT NO. 2, N. Y.—BONDS PUBLICLY OFFERED—
Phelps, Fenn & Go. of New York, who recently purchased from |the
Reconstruction Finance Corporation an issue of $126,000 4% bonds, dated
Jan. 1, 1935, andJdueJJan. 1, 1937 to 1954, are making public re-offreing
at prices to yield 1% to 3.30%.
These bonds, issued for school purposes,
are, in the opinion of counsel, general obligations of the district, payable
both principal and interest from unlimited ad valorem taxes Von all the
taxable property therein.
They are legal investments, according to the
bankers, for savings banks and trust funds in New York State.
RANDOLPH
COUNTY
(P.
O.
Asheboro),
N.
C.—BOND SALE—
The $82,000 bonds described below, which were offered on April 28—V.
142, p. 2876—were awarded to R. S. Dickson & Co. of Charlotte as follows:
$15,000 school refunding bonds at par for 4K&Due $7,000 on May 1,
1938, and $8,000 in 1939.
67,000 general refunding bonds for a premium of $12, the first maturing
$18,000 bonds to bear 4M% and the balance 3%%.
Due May 1
.
as
follows: $9,000,
1940 to 1942, and $10,000 from 1943 to 1946,
all incl.
Denom.
$1,000.
Dated May 1, 1936.
Coupon bonds registerable as
to both principal and interest.
Prin. and int. (M. & N.) payable in New
York City in lawful money.
McAlister, Smith & Pate of Greenville were second high bidders.
They
offered par for the $15,000 issue at 4%, and a premium of $14.03 on the
$67,000 issue, of which $37,000 would Dear 4% interest and $30,000,3 H%*
RANDOLPH
COUNTY
(P.
O.
Asheboro), N. C.—BOND CALL—
Board of County Commissioners,
It is stated by R. C. Johnson, Clerk of the
that the county has elected to call in and redeem refunding bonds, num¬
bered 1 to 40, bearing 4H% interest; Nos. 41 to 43, bearing 4%% interest;
Nos. 44 to 80, bearing 5% interest, and Nos. 83 to 94, bearing 6% in¬
terest, totaling $70,000, at par and accrued interest on June 1, on which
date interest shall cease, upon presentation of such bonds with all coupons
on or after Dec. 1, 1936.
Denom. $1,000.
Dated June 1, 1933.
Due on Dec. 1, 1951.
Any of the said bonds may be presented for re¬
demption at the Central Hanover Bank & Trust Co. in New York.
These
bonds are said to be part of an original issue of $82,000.
maturing
1ROCKINGHAM COUNTY (P. O. Wentworth), N. C.—NOTE SALE—
$20,000.00
GREENSBORO, N. C. Water & Sewer 5s
Due Jan. 1961-63 at
It is stated by Eugene Irvin, County Treasurer, that $50,000 revenue
anticipation notes were purchased by R. S. Dickson & Co. of Charlotte,
at 1.25%, plus a premium of $1.25.
Denom. $25,000.
Dated April 28,
1936.
Due on June 27, 1936.
Payable at the National City Bank in
New York City.
4.25% basis & interest
WRIGHTSVILLE
BEACH (P. O. Sea Gate),
N. C.—MATURITY—
In connection with the sale of the $2,500 revenue anticipation notes to the
F. W. CRAIGIE & COMPANY
Peoples Bank & Trust Co. of Wilmington, at 6%, as noted here recently—
V. 142, p. 2877—it is reported by the Secretary of the Local Government
Commission that the notes mature on Oct. 21, 1936.
Richmond, Va.
Phono 3-9137
A. T. T. Tol. Rich. Va. 83
NORTH
DAKOTA
ALICE, N. Dak.—BOND SALE—We
are
informed by the Village Clerk
142, p.
1 1936.
that the $3,400 registered bonds offered for sale on April 20—V.
2713—were sold to two local investors, as 4s at par.
Dated Jan.
Due from
Feb. 1,
1939 to 1955.
FARGO COMMON SCHOOL DISTRICT NO.
5 (P. O.
Fargo),
N. Dak.—BOND OFFERING—C. H. Thue, Clerk of the Board of Educa¬
tion, will receive bids until 2 p. m. May 15 for the purchase of $11,000 4%
Denom. $500.
Certified check for 2% required.
school building bonds.
"
GARRISON, N. Dak.-—BONDS NOT SOLD—It is stated by the City
Auditor that no bids were received for the $2,500 5% semi-annual sewage
disposal plant bonds offered on April 28—V. 142 } p. 2713.
r
NORTH
CONCORD,
N.
C.—BONDS
NEKOMA, N. Dak.—BOND SALE—The $3,000 issue of 5H % semi-ann.
electric system bonds offered for sale on April 25—V. 142, p. 2548—was
purchased by John W. Maher of Devils Lake, according to the Village
Clerk.*»Due $500 in 1938, 1941, 1944,1947, 1950 and 1952.
CAROLINA
APPROVED—The
Local
Government
Commission is said to have approved the issuance of the $30,000 public
improvement bonds authorized recently by the Board of Aldermen, as
noted here.—V. 142, p. 2876.
ODESSA SCHOOL DISTRICT NO. 15 (P. O. Harvey), N. Dak.—
CERTIFICATE OFFERING—N. A. Bjorke, District Clerk, will receive
bids until
2 p. m., May 9 for the purchase of $1,000 certificates of
Cert, check for 2% required.
in¬
debtedness.
»
FARMVILLE, N. C.—BONDS AUTHORIZED—On April 7 the Board
of Commissioners of the town
passed three ordinances authorizing the
issuance of bonds aggregating $119,000.
Enlargement and extension of
the electric light system
will be financed with the proceeds of $100,000
bonds. Another $10,000 will be used to extend the water supply system
and $9,000 will finance sewer improvements.
WAHPETON, N. Dak.—BONDS AUTHORIZED—A resolution auth¬
orizing the issuance of $36,000 refunding bonds has been passed by the City
Council.
WALHALLA SCHOOL DISTRICT, N. Dak.—BOND SALE—An issue
District to the Federal
of $30,000 school building bonds has been sold by the
Reserve Bank of Minneapolis.
GOLDSBORO, N. C.—BOND SALE—The $50,000 refunding bonds of¬
fered
April 28 —V. 142, p. 2876—were awarded to the Interstate Secur¬
Tne purchaser offered to pay a premium of $15,
100.03, the first maturing $20,000 bonds to bear interest at 39^%
and the balance of the issue at 3K%.
R. S. Dickson & Co. of Charlotte
offered to pay a premium of $13 for $30,000 4}4s and $20,000 3 Hs.
Dated
May 1, 1936.
Due $5,000 yearly on May 1 from 1938 to 1947, incl.
LIST OF BIDS—The following is an official tabulation of the bids received:
on
OHIO
ities Corp. of Charlotte.
equal
co
ADA
VILLAGE
SCHOOL
DISTRICT
(P. O. Ada). Ohio—BOND
offered on April 1—V. 142,
SALE—The $2,699.50 4% debt funding bonds
E.iberty Bank,
2034—were
sold at a price of par to the First National Bank and the
both of Ada, jointly. Dated April 1, 1936. Due $260 each
April 1, 1937, to April 1, 1941, and $359.50 Oct. 1, 1941.
six months from
Financial
Volume 142
Chronicle
3045
NEWCOMERSTOWN, Ohio—BOND
engine bonds offered
on
April 25—V.
SALE—The $8,000 coupon fire
142, p. 2549-—were awarded as 3s
to
OHIO
Ryan, Sutherland & Co. of Toledo.
Dated April 1, 1936, and due $800
on April 1 from 1938 to
1947, inclusive.
The bonds were sold to the bankers as 3s, at par plus a premium of
$34,
equal to 100.42, a basis of about 2.93%.
Cool, Stiver & Co. of Cleveland,
bidding for 3 Ms, offered a premium of $18.66.
MUNICIPALS
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
AKRON
NEW
PHILADELPHIA, Ohio—BOND SALE—The Sinking
Commission will purchase $25,200 bonds, divided as follows:
BUILDING, CLEVELAND
CINCINNATI
Denom. $1,000.
Due serially on Dec. 1
from 1937 to 1951, inclusive.
10,200 street grading and resurfacing bonds.
One bond for $1,200,
others $1,000 each.
Due serially on Dec. 1 from 1937 to 1946, incl.
Each issue is dated Dec. 1, 1935.
SPRINGFIELD
COLUMBUS
OHIO
ADAMS COUNTY (P. O. West Union), Ohio—BOND ELECTION—
A proposition to issue $25,000 poor relief bonds will be voted upon at the
May 12 primaries.
,
AKRON, Ohio—BONDS SOLD TO PWA—Don H. Ebright, Director
of Finance, states that the Public Works Administration has contracted to
purchase $1,456,000 4% bonds, divided as follows:
$500,000 grade crossing elimination bonds.
Due from 1942 to 1966, incl.
393,000 sewer bonds.
Due from 1937 to 1961, inclusive.
199,000 street paving bonds.
Due from 1937 to 1946, incl.
169,000 sewer bonds.
Due from 1937 to 1961, incl.
137,000 street widening bonds.
Due from 1937 to 1961, incl.
58,000 sewer bonds.
Due from 1937 to 1961, incl.
The issues of $393,000, $199,000 and $169,000, totaling $761,000, have
already been taken up by the Public Works Administration, while delivery
of the balance of $695,000 is impending.
ASHLEY, Ohio—BOND ELECTION—At the May 12 primary election a
proposal to issue $12,000 waterworks bonds will be submitted to the voters.
BELLEVUE, Ohio—BOND ELECTION—The City Council has auth¬
orized submission to the voters of a proposed $45,000 bond issue for grade
NEWTON FALLS, Ohio—BOND OFFERING—Ernest L. Clabaugh,
Village Clerk, will receive bids until noon May 5 for the purchase at not less
than par of $8,000 5% general refunding bonds.
Denominations to suit
purchaser. Dated April 1,1936. Principal and semi-annual interest (April 1
and Oct. 1) payable at the office of the Sinking Fund Trustees. Due $1,000
yearly on Oct. 1 from 1938 to 1945 incl. Certified check for $500, payable to
the Village Treasurer, required.
Approving opinion of Squire, Sanders &
Dempsey of Cleveland will be furnished by the village.
OHIO, State of—AVERAGE YIELD OF 30 CITY BONDS SHOWS
SLIGHT DECLINE—The general decline in security markets had not been
reflected in quotations of Ohio municipal bonds during the week ended
April 30th, as prices were fractionally higher in extramely quiet trading.
The average yield of bonds of 30 Ohio cities compiled by Wm. J. Mericka &
Co., Inc., whose New York office is located at One Wall Street, declined
from 2.94 to 2.93.
Average yield for 15 largest Ohio cities moved from
3.23 to 2.92.
And the 15 secondary cities from 2.96 to 2.95.
Averages are
weighted according to outstanding debt of each city.
OLMSTED FALLS VILLAGE SCHOOL DISTRICT, Ohio—BOND
ELECTION—At the May 12 elections the voters will pass on a proposition
to issue $45,000 school building improvement bonds.
^ PERRY COUNTY (P. O. New Lexington), Ohio—BOND ELECTION
separation.
BRADNER,
Ohio—BOND ELECTION—A.
waterworks
improvement
May 12 elections.
bonds will
be
proposal to issue $15,000
submitted to the voters at the
—At the May 12 primary elections a proposition to issue $65,000 emergency
poor relief bonds will be submitted to the voters.
PORTSMOUTH,
CLARK COUNTY (P. O. Springfield), Ohio—BOND OFFERING
DETAILS—Harold M. Fross, County Auditor, will receive sealed bids
until noon on May 14 for the purchase of $185,223 4% road improvement
and poor relief bonds, divided as follows:
$157,800
relief bonds. Due March 1 as follows: $16,000, 1937; $16,900,
1938; $17,900, 1939; $19,000, 1940; $20,100, 1941; $21,400, 1942;
$22,600 in 1943 and $23,900 in 1944. A certified check for $5,000
poor
is required.
27,423 road impt. bonds.
Ohio—BOND
City
ELECTION—'The
Council
RICHWOOD, Ohio—BOND OFFERING—Paul B. Van Winkle, Village
Clerk, will receive bids until noon May 9 for the purchase at not less than
of $10,400 4% sanitary sewer system construction bonds.
Denom.
$800.
Dated Dec. 1, 1935.
Interest payable semi-annually.
Due $800
par
yearly
on
Oct. 1 from 1937 to 1949, inclusive.
amount of bonds bid
Certified check for 1% of
for, payable to the Village Treasurer, required,
t
County, Ohio—BOND ELECTION—The Board of Education
Each issue is dated May 15, 1936.
Bids may be made for the bonds
to bear interest at a rate other than 4%, expressed in a
multiple of M of 1 %.
is asking the residents of the district to give their assent to the
$60,000 school building bonds.
(The above report of the offering supplements that given in
a
Ohio—BOND SALE—The State Teachers' Retire¬
System has purchased an issue of $4,000 5% refunding bonds. Dated
June 1, 1936.
Denom. $500.
Due $500
on
Oct. 1 from 1941 to 1948, incl.
CUYAHOGA FALLS, Ohio—BOND ELECTION—At the May 12 pri¬
mary election proposals to issue four blocks of bonds will be submitted to
the voters, as follows: $49,098 street improvement bonds; $1,000 cemetery
improvement bonds; $15,534 sewer bonds, and $1,912 park improvement
bonds.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—BOND SALE—
The $8,700 special assessment sewer and water supply impt. bonds offered
on April 24—V. 142,
p. 2376—fwere awarded to Ryan, Sutherland & Co. of
Toledo as 3Ms. at par plus a premium of $34, equal to 100.39, a basis of
about 3.69%.
#lROOTSTOWN
previous issue.)
CONTINENTAL,
-
TOWNSHIP RURAL SCHOOL DISTRICT, Portage
ROSS TOWNSHIP
RURAL
SCHOOL
May 12
issuance of
on
DISTRICT, Wood County,
Ohio—BOND ELECTION—,At the May 12 election the Board of Educa¬
tion will ask the voters for authority to issue $88,000 school building bonds.
TOLEDO, Ohio—BOND EXCHANGE—C. H. Austin, City Auditor,
bonds are exchanging them for new series H
refunding 4s in the principal amount of $98,000.
Dated March 1, 1936.
Denom. $1,000.
Due $7,000 on March 1 from 1938 to 1951, incl.
Interest
payable M. & S.
Principal and interest payable at the Chemical Bank &
Trust Co., New York City.
states that holders of the original
TRUMBULL COUNTY (P. O. Warren), Ohio—BOND ELECTION—
E. C. Rogers, Clerk of the Board of County Commissioners, has issued no¬
tice that at the May 12 primary election a proposal to issue $329,600 emer¬
gency
Dated Nov. 1, 1933 and due serially on Oct. 1 from 1936 to
1948, inclusive.
has
passed a resolution authorizing the submission of a $75,000 bond issue for
flood protection to the voters at the May 12 primary election.
Due March 1 as follows: $5,423 in 1938; $5,000
from 1939 to 1941 incl. and $7,000 in 1942.
A certified check for
$2,500 must accompany each proposal.
ment
IJund
$15,000 airport hangar bonds.
poor
relief bonds will be submitted to the voters.
WILLIARD, Ohio—BOND ELECTION—At the May 12 election the
people will vote
on a
proposition to issue $15,000 sewer construction bonds.
DAYTON, Ohio—BOND SALE—The city has sold $355,000 refunding
bonds to Van Lahr, Doll & Isphording of Cincinnati.
The amount is com¬
OKLAHOMA
prised of two issues, one of $183,000 bearing interest at 2)4 % and the other
of $172,000
2X%.
,
DOYLESTOWN, Ohio—BOND SALE—'The $4,000
bonds offered
coupon water
works
on
March 25—V. 142, p. 1688—were awarded to the National
Bank of Orrville
Dated March 1, 1936.
Due $500
on
as 4s, at par and accrued interest.
Oct. 1 from 1937 to. 1944 incl.
FAIRVIEW (P. O. North Olmsted), Ohio—BONDS NOT SOLD—
No bids were submitted for the $538,445 4% refunding bonds offered on
April 24—V. 142, p. 2549.
The offering consisted of:
$505,695 special assessment refunding bonds.
Due Oct. 1 as follows:
$51,195 in 1941 and $50,500 from 1942 to 1950, incl.
24,000 general obligation refunding bonds.
Due Oct. 1 as follows:
$2,000from 1941 to 1946,incl., and $3,000 from 1947 to 1950, incl.
8,750 general obligation refunding bonds.
Due Oct. 1 as follows: $500
in 1941 and 1942; $700, 1943; $750, 1944; $1,000 from 1945 to
1949, incl., and $1,300 in 1950.
All of the bonds are dated Oct. 1, 1935.
GROVE
CITY,
Ohio—BOND ELECTION—At the May 12 primary
on the question of issuing $25,000 sewage
will decide
disposal system bonds.
HANCOCK COUNTY
The voters
on
May
(P. O. Findlay), Ohio—BOND ELECTION—
12 will vote
on
CONSOLIDATED
SCHOOL
DISTRICT
NO.
Buffalo), Okla.—BONDS SOLD—It is reported by the
4
District
(P. O.
Clerk
that the $15,000 school bonds offered for sale without success on Feb. 18—
V. 142, p. 1333—were sold to the County Treasurer, as 4Ms.
Due serially
in from 5 to 19 years.
FAIRFIELD COUNTY (P. O. Lancaster), Ohio—BOND OFFERING
—Edson Kindler, Clerk of Board of County Commissioners, will receive
bids until noon May 14, for the purchase at not less than par of $19,000
6% poor relief bonds.
Denom. $1,000.
Dated April 1, 1936.
Interest
payable semi-annually.
Due $2,000 March 1, 1937 and 1938; and $3,000
yearly on March 1 from 1939 to 1944.
Certified check for 1 % of amount of
bonds bid for, payable to the Board of County Commissioners, required.
election the voters
BUFFALO
"~ENID
SCHOOL
Okla.—BOND SALE— The $250,000
April 27—V. 142, p. 2877—were awarded to City
Small, Milburn & Co., Ransom-Davidson
Co., both of Whichita, the First National Bank of St. Paul, and the Baum,
Bernheimer Co. of Kansas City, jointly submitted the next best bid, which
would have given the money to the district on a 2 5-7% interest basis.
school
bonds offered
DISTRICT,
on
Treasurer Richard H. Bell as2s.
Due in 10 years.
ENID, Okla.—BOND OFFERING—H. E. Evans, City Clerk, will
a. m. May 4, for the purchase at not less than par of
$140,000 water works bonds, to bear interest at rate named in the successful
bid.
Due $20,000 yearly beginning three years from date of issue.
Certified
check for 2% of amount of bid, required.
receive bids until 10
P
TEMPLE
SCHOOL
DISTRICT,
Okla.—BOND
SALE—A
$20,000
issue of school bonds
was sold recently to the Brown Crammer Investment
The first maturing $15,000 bonds will bear 3%% interest
Co. of Wichita.
and the balance 3 M
%.
TULSA, Okla.—BONDS ELIGIBLEFORPOSTAL SAVINGS DEPOSITS
—It is stated by the Mercantile-Commerce Bank & Trust Co. of St. Louis,
that the direct obligation and board of education bonds of the above city
now conform to the requirements of the postal savings regulations and are
eligible to secure postal savings funds.
the question of issuing $58,000 poor
relief bonds.
HIGHLAND COUNTY (P. O. Hillsboro), Ohio—BOND ELECTION—
A proposed bond issue of $20,000 for poor relief will be submitted to the
voters for approval at the May 12 primary election.
HUBBARD
voters on
SCHOOL
May 12 will
DISTRICT,
pass on
Ohio—BOND ELECTION—The
the question of issuing $30,000 school building
Oregon Municipals
bonds.
IRONTON, Ohio—BOND SALE—The $375,000 refunding water works
bonds offered
on
April 29—V. 142, p. 2376—were awarded
composed of Charles
A.
Hinsch
&
to a
to
100.42,
basis of about 2.94%.
Dated June 1, 1936.
June 1 in each of the years from 1937 to 1951, incl.
a
CAMP & CO., INC.
syndicate
Co., H. L. Emerson & Co., Walter,
Woody & Heimerdinger and Widman, Holzman & Katz, all of Cincinnati,
and Johnson, Kase & Co. of Cleveland, as 3s, for a premium of
$1,575, equal
Due $25,000
Porter
Building,
OREGON
LUCAS COUNTY (P. O. Toledo). Ohio—BOND ELECTION—At the
May 12 primary elections a proposal to issue
relief bonds will be submitted to the voters.
$829,000 emergency poor
COOS COUNTY
(P. O. Coquille), Ore.—BOND OFFERING UNDE¬
TERMINED—In connection with the $376,000 funding bonds that were
MIAMISBURG, Ohio—BOND SALE—The issue of $25,000 coupon
swimming pool bonds offered on April 27—V. 142, p. 2549—was awarded
to Ryan, Sutherland & Co. of Toledo.
Dated Dec. 1, 1935. and due $2,500
on
Portland, Oregon
on
approved by the voters on Jan. 31, as noted in these columns—V. 142, p.
1160—it is stated by the County Clerk that the bonds can be issued by
July 1, but they will not be offered until some legal questions are determined.
Dec. 1 from 1937 to 1946 incl.
The bonds
were
sold to the bankers
$193,50, equal to 100.77,
a
as 2 Ms, at par plus a premium of
basis of about 2.35%.
Other bids were as
follows:
Bidder—.
Int. Rate
Middendorf & Co
Premium
Lawrence Cook & Co_
2M %
2M %
2%%
2%%
Field, Richards & Shepard, Inc
Cool, Stiver & Co
Stranahan, Harris & Co
First Cleveland Corp__
2H%
67.50
2% %
2%%
2 H%
42.50
Paine, Webber & Co
Fox, Einhorn & Co
_
$51.00
44.60
105.50
91.00
35.67
27.82
MORROW COUNTY (P. O. Mount Gilead), Ohio—BOND ELECTION
—At the May 12 primary election a proposal to issue $18,000 funding
bonds will be voted upon.
COOS COUNTY
SCHOOL DISTRICT NO.
12
(P. O.
Marshfield),
Ore.—BOND SALE—The $2,000 issue of 5% semi-ann. school bonds
offered for sale on April 27—V. 142, p. 2878—was purchased by the Coos
Bay National Bank, of Marshfield, paying a premium of $15, equal to
100.75
DISTRICT NO. 24 (P. O. Salem),
Ore.—NOTE SALE—The $100,000 school notes offered on April 27—
V. 142, p. 2878—were awarded to the First National Bank of Portland,
the only bidder, on a 1M% interest basis.
Dated May 1, 1936.
Due
May 1, 1937.
MARION
COUNTY
ONTARIO,
SCHOOL
Ore.—BOND SALE—The
$26,000
issue of refunding,
2878—was awarded
Series 9-C bonds offered for sale on April 24—V. 142, p.
Jones & Co. of Portland, as 4Ms, at a price of 98.33, a basis
of about 4.46%.
Due on May 1 as follows:
$1,000 in 1940, and $2,500
from 1941 to 1950, inclusive.
to Atkinson,
Chronicle
Financial
3046
OREGON,
sinking fund to provide for retirement of the bonds.
Beside the principal,
the borough also owes interest of $10,997 and costs of $2,178, according to
The Realty Co. claim.
The purchaser of the property must maintain the water supply to con¬
sumers without interruption, the court provided, and must apply to the
Public Service Commission for a certificate of public convenience and
State of—BONDED DEBT REDUCED—Oregon's bonded
on Oct. 1 will total $49,000,000, according to State Treasurer
Outstanding bonds now aggregate $50,586,760, a reduction of
$15,000,000 in the past 10 years. The indebtedness includes $24,416,760 of
highway bonds, $23,875,000 veterans' bonds, $2,170,000 Oregon district
interest bonds and $125,000 Oregon farm credit bonds.
The State has
assets in the form of cash, sinking fund investments, first mortgages and
indebtedness
Holman.
continue
Attorney Charles G. Lane was appointed
operation of the plant.
to sell the water system.
The debt is approximately 2J^% of
property taken over of $26,121,914.
the assessed valuation of the State.
May 2, 1936
'
POTTER
TOWNSHIP
(P.
O.
Pa .—BOND OFFERING—
receive bids at the Citizens
of $9,000
coupon bonds.
Bidders are to name rate of interest, in a multiple of )4%
but not to exceed 4%.
Denom. $500.
Dated April 1, 1936.
Due $1,500
yearly on April 1 from 1937 to 1942, incl. Certified check for $250, required.
Monaca),
Charles W. Weinman, Township Treasurer, will
National Bank, Monaca, until 7 p. m. May 14, for the purchase
Commonwealth of
PENNSYLVANIA
POTTSVILLE, Pa.—BONDS AUTHORIZED—The City Council has
the issuance of $101,000 bonds to finance the erection of a
authorized
municipal building.
Moncure Kiddle & Co.
POTTSVILLE
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING—
S. Fernsler,
District Secretary, will receive sealed bids until
(Eastern Standard Time) on May 13 for the purchase of $45,000
2, 2)4,2)3, 2)4, 3, 3)4 or 3 )3 % coupon or registered school bonds.
Dated
June 15,
1936.
Denom. $1,000.
Due June 15 as follows: $10,000 in
1941, 1946, 1951 and 1956; $5,000 in 1961.
Bidder to name one rate of
interest on all of the bonds.
Interest payable J. & D.
A certified check
for 2%, payable to the order of the District Treasurer, must accompany
each proposal.
The bonds will be issued subject to the favorable legal
opinion of Townsend, Elliott & Munson of Philadelphia.
Howard
7 p. m.
St, Philadelphia
1520 Locust
PENNSYLVANIA
Pa.—BOND
DISTRICT,
SCHOOL
ALLENTOWN
SALE—The
$410,000 coupon debt funding bonds offered on April 27—V. 142, p. 2549—
awarded to Halsey, Stuart & Co. and the Bancmerica-Blair Corp.
of New York and Butcher & Sherrerd of Philadelphia as 2s for a premium
of $2,076.24, equal to 100.5064.
The Harris Trust & Savings Bank of
Chicago offered to pay a premium of $1,300 for 2% bonds.
Due serially
were
READING, Pa.—NOTE SALE—The City Bank & Trust Co., Reading
Trust Co.
TOWNSHIP
RIDLEY
in 10 years.
Butcher & Sherrerd of
Pa.—BOND
Philadelphia also participated in the purchase of
Premium
Int. Rate
Bidder—
SCHOOL
DISTRICT
(P.
O.
Woodlyn),
A. Mallon,
District Secretary, will
(Daylight Saving Time) on May 6 for the
668.30
2%
236.16
4,874.90
2k%
—
payable as to principal and
Delaware County National Bank, Chester.
A
payable to the order of the District Treasurer,
must accompany each proposal.
Issue will be sold subject to the approval
of the Pennsylvania Department of Internal Affairs and the favorable legal
opinion of Saul, Ewing, Remick & Saul of Philadelphia.
incl.
2%
-
George E. Snyder & Co
Kidder, Peabody & Co
W. H. Newbold's Son & Co
2H%
234%
Registerable
as
to principal only and
interest (M. & N.) at the
certified check for $1,000,
4,304.59
First Boston Corp
3,710.50
BELLEFONTE, Pa.—BOND ELECTION—At the April 28 election a
proposal to issue $136,000 bonds will be submitted to the voters,
j
SLIGO, Pa.—BOND OFFERING—A. L. Neil, Borough Secretary, will
m. May 8 for the purchase of $10,000 3% coupon
Denom. $500.
Dated March 1, 1936.
Interest pay¬
able semi-annually.
Due in 30 years; redeemable after one year.
receive bids until 8 p.
(P. O. Lavelle), Pa.—
BOND OFFERING—John E. Welker, District Secretary, will receive bids
until 6 p. m. May 4, for the purchase of $90,000 coupon, registerable, high
school bonds.
Denom. $1,000.
Dated April 1, 1936.
Interest payable
April 1 and Oct. 1.
Due $3,000 yearly on April 1 from 1937 to 1966, incl.
BUTLER TOWNSHIP SCHOOL DISTRICT
Certified check for $1,800, required.
The above issue failed of sale at the original offering on March 26.
purchased
Kurchase of $50,000 2, 2)4, 2)4, 394 or $10,000 on May 1 from 1937 to 1941
lay 1, 1936.
Denom. $1,000.
Due 3% coupon refunding bonds. Dated
$574.00
2%
Graham, Parsons & Co
E. H. Rollins & Sons
all of Reading, have
OFFERING—Vincent
receive sealed bids until 8 p.m.
Other bids were as follows:
the issue.
and the Union National Bank,
$325,000 0.90% notes, due Aug. 1, 1936.
registerable bonds.
DISTRICT, Pa.—BOND OFFERING—
School Directors, will receive bids
$20,000 4% coupon, registerable as
to principal, school building
bonds.
Denom. $1,000.
Dated Dec. 1,
1935.
Interest payable June 1 and Dec. 1.
Due $1,000 yearly from 1939
to 1958, incl.
Certified check for 1% of amount of bonds bid for, required.
SCHOOL
SUMMERVILLE
C. H. Wall, Secretary of the Board of
until 8 p. m. May 8 for the purchase of
.
COUDERSPORT, Pa.—BOND OFFERING—F. A. Stebbins, Borough
Secretary, will receive bids until May 18 for the purchase of $10,000 5%
improvement and sewer bonds.
Denom. $500.
Dated May 1,
1934.
Due as follows:
$500, 1948: $3,000, 1949 and 1950, and $3,000,
street
ISLAND
RHODE
1951.
DISTRICT, Pa.—BOND OFFERING— Ophelia
C. Minard, District Secretary, will receive bids until 2 p. m. May 9 for the
purchase of $21,500 4% school bonds.
Denom. $500.
Dated May 1,
1936.
Interest payable May 1 and Nov. 1.
I.—MATURITY—The $145,000 3% poor
of the city's trust funds at par mature
$13,000 in 1937 and $12,000 from 1938 to 1948, incl.
PROVIDENCE,
EAST
EMPORIUM SCHOOL
R.
relief bonds sold last February to two
annually
follows:
as
WESTERLY, R. I.—NOTE SALE—The $100,000 tax anticipation notes
on April 29 were awarded to the First Boston Corp.
at 0.247%
discount. Dated April 29, 1936, and due Nov. 4, 1936. Other bids were as
offered
MEYERSDALE, Pa.—BONDS AUTHORIZED—The Town Council has
an ordinance providing for the issuance of $62,000 refunding bonds.
follows:
passed
^.
Bidder—
"
PENN, Pa.—BOND SALE—The issue of $13,000 coupon (registerable
as to principal) bonds offered on April 6—V. 142, p. 2377—was awarded,
to Glover & MacGregor, Inc., of Pittsburgh as 334s at par plus a premium
of $169, equal to 101.30, a basis of about 3.39%.
Dated May 1, 1936,
and due $1,000 on May 1 from 1943 to 1955 incl.
Singer, Deane & Scribner
of Pittsburgh offered a premium of $207 for 3 M % bonds.
"
Second National Bank of Boston
Tax Collections
Uncollected
-
1933-
-
WEST
operate an electric power
Bonds and notes authorized, not issued:
Public Welfare Relief Bonds of 1932
year
public impt.
March 1, 1936-
notes,
MUNICIPAL
of 22 to 19 on April 28
acquired and
plant.
Southern Municipal Bonds
$59,568,900.00
aThree
REJECTS
have empowered the town to
600,000.00
1% funding debt note due Sept. 1,1936—
*
I.—SENATE
R.
killed the measure which would
City of Pittsburgh is as follows:
$62,361,417.09
$58,968,900.00
Bonded debt outstanding
WARWICK,
UTILITY MEASURE— The State Senate by a vote
Analysis of Funded and Floating Debt—March 31, 1936
The actual indebtedness of the
$54,533.88
6,089.93
2,651.19
$431,172.47
432,367.23
430,113.90
1935
1934
142, p. 2878.
April 22, 1936
Levy
Year—
PITTSBURGH, Pa .—FINANCIAL STATEMENT—The following is
given in connection with the recent sale of $500,000 public impt. notes to
Brown Harriman & Co. of New York as 134®, at a price of 100.22—V.
Gross amount of indebtedness
-0.345%
0.347%
First National Bank of Boston
700,000.00
dated
500,000.00
1,592,517.09
-
Net floating debt
McALISTER, SMITH & PATE, Inc.
$62,361,417.09
87
Credit to be deducted from said gross indebtedness:
Bonds of said City included in said gross
Telephone WHItehall 4-6765
bonded debt which have been purchased
GREENVILLE,
by the Sinking Fund Commission and are
held in the several sinking funds
$1,156,300.00
Cash held in said sinking funds for the re¬
demption of the bonded debt of the city
last mentioned
143,220.83
Appropriation for 1936
NEW YORK
BROAD STREET
CHARLESTON, S. C.
S. C.
SOUTH
S.
CHARLESTON,
4,318,040.00
CAROLINA
C—REPORT
ON
PROGRESS
CHANGE—In connection with the report carried in
5,617,560.83
-
OF
EX¬
BOND
these columns recently,
city had made an exchange offer to holders of $3,350,000 outstand¬
ing 4% bonds, for new serial 3% and 4% bonds—V. 142, p. 2378—it is
reported by Joseph C. Barbot, Clerk of the Council, that Aug. 1, 1936 has
been fixed as the date of expiration on the exchange offer.
He says that over
$2,000,000 of the old bonds have already been exchanged.
The bonds of
this issue not exchanged shall be held by the City Treasurer subject to such
further orders and directions of the City Council as shall hereafter be made,
that the
Net debt outstanding (which
authorized but not issued)
includes bonds and notes
$56,743,856.26
Water bonds outstanding (included in above bonds outst'd'g) $6,681,600.00
Cash in water bond sinking fund
$447,564.26
Bonds in water bond sinking fund
16,800.00
__
either
Included in above sinking funds
463,564.26
$6,218,035.74
Net water debt
Schools:
Gross bonded school debt, March
$21,923,949.88
1,907,832.33
31, 1936
Less bond retirement fund__
through ordinance or resolution.
FLORENCE, S. C —BONDS NOT SOLD—'The $300,000 issue
*
of coupon
refunding bonds offered on April 30—V. 142, p. 2879—was not sold as the
only bid received, an offer of 95.00 for 4)4% bonds, was rejected. Dated
May 1, 1936. Due from 1941 to 1965.
GREENVILLE, S. C.—BOND BILL PENDING IN LEGISLATURE—
Dillard, City Clerk, that a bill is before the Legislature
city to refinance an issue of water works bonds issued during
1918, to the amount of $1,000,000 but no definite action has been taken as
It is stated by B. F.
Net school debt-
$20,016,117.55
Last assessed valuation of taxable property in the City of Pittsburgh
85% of real valuation:
Valuation on land
$591,172,360.00
Valuation on buildings
620,695,530.00
$1,211,867,890.00
Population, U. S. Census, 1920, 594,277; 1930, 669,817.
There is no litigation nor controversy, pending nor threatened, concerning
the validity of these notes, the boundaries of the municipality, or the titles
of the officials or their respective offices.
Bonds and notes authorized but not
*
Welfare
Public
Relief Bonds
by electors April 26, 1932)
a
Note
or
notes—term three
issued
March 1, 1936 to be sold April 21
PLAINS
TOWNSHIP
SCHOOL
$1,200,000.00
$13,750,939.48
(P.
O.
Plains),
PORT VUE, Pa—DEFAULT ON DEBT SERVICE FORCES SALE OF
WATER PLANT—Sale of the municipal water plant to the highest bidder
at
June 15 was ordered by Judge William H. McNaugher
April 16 as the result of a foreclosure proceeding
by The Realty Co., owner of $31,000 in bonds issued by the borough
when it bought the plant from the Port Vue Water Co. in 1922.
In ordering the sale, Judge McNaugher' stated that the borough had
admitted failure to comply with a previous decree requiring it to set up a
public auction
on
10
Union), S. C.—NOTE OFFERING— Sealed
a. m. on June 1 by J. V. Askew, County
months
of 1937,
and statutes controlling such
loans, said loan to be
The loan shall be awarded to the
bidder, and the County Governing Board must accept
the lowest
responsible bid regardless from where it comes, provided, however, if, in
the opinion of the Legislative Delegation, the lowest bidder is not a re¬
sponsible bidder. The County Governing Board shall accept the bid which
in the opinion of the Legislative Delegation is the lowest responsible bid.
Pa.—
BOND OFFERING—Sealed bids addressed to the District Secretary will be
received until May 12, for the purchase of $16,000 operating expense bonds.
in Common Pleas Court
(P. O.
received until
Supervisor, for the purchase of $72,000 county notes. Dated on or about
June 1, 1936. Due on Jan. 15, 1937. Bids shall be made by stating the rate
of interest without offering a premium on such bid and the money thus
borrowed shall be deposited in one or more of the banks in the county. The
loan to be made in conformity with and pursuant to the authority contained
in the regular County Supply Bill for the county, for the year 1936, and
lowest
500,000.00
DISTRICT
UNION COUNTY
bids will be
awarded to the lowest bidder therefor.
dated
Feb. 29, 1936 delinquent city taxes
yet on the measure.
six
(sanction!
--^^$200,000.00
years,
to authorize the
SOUTH
DAKOTA
RAPID CITY, S. Dak.—BONDS VOTED—At the election held on April
21—V. 142, p. 2037—the voters approved the issuance of the $90,000 in
not to
to the
exceed 4% water improvement bonds by a wide margin, according
City Auditor.
Dated July 1, 1936.
Due $6,000 from 1942 to 1956,
'
inclusive.
BOND OFFERING—In
connection with the offering scheduled for May 4, of the two issues of 4%
semi-annual bonds aggregating $37,500, report of which was given in these
WATERTOWN,
S.
Dak.—ADDITIONAL
Financial
Volume 142
Chronicle
3047
columns recently—V. 142, p. 2879—we are now informed by B. H.
Stover,
City Treasurer, that the following issue is also being offered on that date,
bringing the total offering to 850,000:
inasmuch as the committee feels that many of the bondholders have not yet
had time to reach a decision in the matter.
$12,500 4%
VOTED—At the election held on April 25—V. 142, p. 2879—the voters
approved the issuance of the $75,000 in school building bonds by a wide
margin, it is stated.
YOAKUM
street grading bonds.
Denom. $1,000, one for $500.
Due
May 1 as follows: $1,000, 1938, 1940, 1942, 1944, 1946, 1948,
1950; $1,500, 1952 and $2,000 in 1954 and 1956.
on
bonds.
Denom. $1,000.
Dated Oct. 1,
1935.
$4,000, 1938; $10,000, 1939 to 1945. and $15,000, 1946 to 1965.
Prin. and int. (A. & O.) payable at the City Treasurer's office, or at the
National City Bank in New York.
Legality to be approved by Chapman &
Cutler of Chicago.
(A loan in this amount was approved by the Public
142, p. 1335.)
CHATTANOOGA,
Tenn .—BOND
TENDERS
INVITED—T.
R.
Preston, Chairman of the Sinking Fund Commission, will receive sealed
City
Council
on
a
GILES COUNTY (P. O. Pulaski), Tenn.—BONDS DEFEATED—
on April 23—V. 141, p. 2551—the voters defeated the
proposed issuance of $60,000 in high school building bonds, according to
At the election held
report.
COUNTY
(P.
O. Centerville), Tenn.—BONDS SOLD—
bonds recently authorized by the County
\
HUMBOLDT, Tenn.—BOND SALE DETAILS—We
are
now
informed
by Mayor Howard J. Foltz that the $129,500 5% refunding bonds offered
to the public in March, as noted here at that time—V.
142, p. 2037—were
purchased by the Nashville Securities Co. of Nashville, not the First
National Bank of Memphis, as we had
previously reported.
Dated April 1,
1936.
Due on April 1 as follows: $5,000, 1942 to 1945; $10,000, 1949 to
1952; $15,000, 1953; $10,000, 1954 to 1958, and $4,500 in I960.
JACKSON, Tenn.—BOND OFFERING DETAILS—In connection with
the offering scheduled for May 5, of the $140,000 water works and
sewage
revenue and general obligation bonds,
report on which appeared in these
columns recently—V. 142, p. 2879—we are advised that the bonds are more
fully described as follows: Denom. $1,000.
Dated May 1, 1936.
Due on
May 1 as follows: $14,000, 1938, 1939 and 1942, and $7,000 from 1943 to
1956.
Prin. and int. payable at the office of the City Treasurer.
The
bonds will be sold to the highest and best bidder at
any interest rate, in
multiples of % of 1%, provided the interest rate on the first $70,000 of
maturities shall not exceed 3%, and on the last $70,000 shall not exceed
3H%.
Bids may be made on either the first $70,000 of maturities or the
second $70,000, or both.
The bonds will not be sold for less than par and
accrued interest.
A cert, check for $1,000 must accompany the bid.
KNOXVILLE, Tenn.—BOND TENDERS
IN\HTED—It is stated by
R. Rex Wallace, Director of Finance, that he will receive sealed tenders
offering for sale $25,000 refunding bonds to the city, dated Jan. 1, 1933,
and maturing on Jan. 1, 1958, for the purchase by the
Due in 1954,
also refunded.
May 12
a
an election that will be held
proposal to issue $32,000 sewer system construction bonds will
VERMONT
general fund and school warrants for county bonds.
HICKMAN
Due in 1955,
1914.
will receive sealed bids until 8 p. m.
of $61,000 4% bonds to finance the construction
lake, standpipe and filtration plant.
$40,000 school building
Court have been disposed of.
Due in 1956,
1916.
VERGENNES, Vt.—BOND OFFERING— George W. Stone, City Clerk,
has
DYER COUNTY (P. O. Dyersburg), Tenn.—BOND AND WARRANT
EXCHANGE CONTEMPLATED—The County Refinancing Committee is
said to have completed a plan recently, calling for the exchange of $81,000
The
1916.
be voted upon.
authorized the issuance
of
Tex.—BONDS
PAYSON, Utah—BOND ELECTION—At
purchase of said bonds the sum of $75,000.
Tenders or bidders shall
specify the interest rates and number of bonds to be tendered, and shall
state the time and place said bonds will be delivered if tenders are accepted.
Tenders shall be accompanied by certified check upon any incorporated
bank or trust company for 1% of the face amount of bonds tendered or
purchased, payable to the Sinking Fund Commission.
Tenn .—BONDS AUTHORIZED—The
Yoakum).
UTAH
tenders of any issues of city bonds until 10 a. m. on May 5, according to
The Sinking Fund Commission is said to have available for the
report.
DICKSON,
O.
(P.
$10,000 Road District No. 1 bonds.
Dated Jan. 10.
optional in 1936.
13,000 Road District No. 3 bonds.
Dated Jan. J.0,
optional in 1926.
11,000 Road District No. 4 bonds.
Dated July 10,
optional in 1924.
An issue of $18,000 5% road and bridge bonds was
Due on Oct. 1 as
follows:
Works Administration last February, as noted here.—V.
DISTRICT
ZAVALA COUNTY (P. O. Crystal City), Texas—BOND REFUNDING
CONTRACT—It is reported that the county has entered into a contract
with Mahan, Dittmar & Co. of San Antonio, for the
refunding of the
following 5% bonds into 4% bonds;
TENNESSEE
BRISTOL, T enn.—BONDS OFFERED TO PUBLIC—'The Cumberland
Securities Corp. of Nashville, is offering $374,000 4% semi-ann. water works
revenue
SCHOOL
(Standard Time) on May 13, for the
purchase of $20,000 couponref. bonds. Dated May 1,1936. Denom. $1,000.
Due $2,000 on May 1 from 1937 to 1946, incl.
Bidder to name one rate of
interest on the issue, expressed in a multiple of lA of 1%.
Principal and
interest (M. & N.) payable at the First National Bank of Boston.
The
bonds will be valid general obligations of the city exempt from taxation in
Vermont, and all taxable property in the city will be subject to the levy of
unlimited ad valorem taxes to pay both principal and interest.
They will
be engraved under the supervision of and authenticated as to genuineness
by the First National Bank of Boston; their legality will be approved by
Storey, Thorndike, Palmer & Dodge of Boston, whose opinion will be
furnished the purchaser.
The original opinion and complete transcript of
proceedings covering all details required in the proper issuance of the bonds
will be filed with the First National Bank of Boston, where they may be
inspected. Bonds will be delivered to the purchaser on or about Monday,
May 25, 1936, at the First National Bank of Boston, 17 Court Street office,
Boston, Mass.
Financial Statement, April 15, 1936
Assessed valuation 1935
$1,177,600
Total bonded debt (not including this issue)
154,000
Water bonds (included in total debt). J
116,000
Population 1,850 (estimated).
WINDSOR
COUNTY
(P. O. Woodstock), Vt .—BOND SALE—The
jail construction bonds offered on April 29—V. 142, p. 2551—
Perry & Co. of Boston on a bid of 100.22 for 2Ms,
a basis
of about 2.47%.
Ballou, Adams & Whittemore of Boston were
second high, bidding for 2%s.
Dated Jan. 1, 1936.
Due July 1 as follows:
$3,000, 1937 to 1946; and $2,000, 1947 to 1956.
$50,000
were
coupon
awarded to Arthur
The bids
were as
follows:
Bidder—
Int. Rate
Ballou, Adams & Whittemore
Vermont Securities, Inc
E. H. Rollins & Sons
First National Bank of Boston
Windsor County National Bank
Rate Bid
2%%
2%%
2H%
2%%
3%
3%
3%
3%
3%
First Boston Corp
Ross & Co
National Life Insurance Co
Coffin & Burr.
101.14
101.05
100.42
100.02
102.005
100.75
100.533
100.227
Par
Sinking Fund Board
in compliance with the law
received until
10
a.
m.
on
authorizing the same.
Sealed tenders will be
May 12.
Tenders shall be accompanied by a
certified check upon an incorporated bank or trust
company for 1% of the
face amount of the bonds tendered for purchase.
Bidders may stipulate,
if desired, that their tenders are for the
purchase of all or none of the bonds
tendered, and shall state the interest rate, the time and the place of delivery.
PARIS, Tenn.—BONDS AUTHORIZED—The City Council
passed
bonds.
a
on
April 16
resolution to authorize the issuance of $20,000 street improvement
RHEA COUNTY (P. O.
Dayton), Tenn.—BOND SALE—The $25,000
issue of 6% semi-annual highway bonds offered for sale on March 7—Y.
142,
1335—was purchased at par by Gray, Shiilinglaw & Co. of Nashville,
accordingto the County Judge.
Dated July 1,1935.
Due on July 1, 1955.
p.
VIRGINIA
ARLINGTON COUNTY (P. O. Clarendon), Va.—
ELECTION
reported that an election will be held on May 12 in order to have the
voters pass on the proposed issuance of $250,000 in school bonds.
—It is
BLACKSTONE, Va .—BOND CALI^-C. H. Hardy, Town Clerk, states
calling for payment at par and accrued interest on June 1 Nos. 1 to
25, of 5H% semi-annual public improvement bonds, water works issue of
1916.
Denom. $1,000.
Due on June 1, 1950; optional on June 1, 1936.
These bonds were payable at the Peoples Bank of Detroit, but said bank has
that he is
since consolidated with the First National Bank of Detroit; however, such
bank was later supplanted as paying agent on these bonds by the First
National
now
WILSON COUNTY (P. O. Lebanon), Tenn .—BOND ELECTION—
A special election is to be held on May 14, at which a
proposal to issue
$160,000 high school building bonds will be
Bank of Blackstone, at which bank the bonds and interest will
be paid, on the date called.
BLACKSTONE, Va.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on May 4, by C.
issues of 3 H% semi-ann.
H. Hardy, Town Clerk, for the purchase
bonds, aggregating $70,000, divided as
$25,000 funding, and $35,000 refunding bonds.
Dated June 1,
1936.
Due in from 1 to 20 years.
Legality to be approved by Chapman &
Cutler of Chicago.
submitted to the voters.
of two
follows:
TEXAS BONDS
Bought
—
H. C. BURT
Sold
—
BLAND SANITARY DISTRICT NO. 1
ORANGE,
& COMPANY
Houston, Texas
PRINCE GEORGE COUNTY
NAVIGATION DISTRICT (P. O.
Beaumont), Tex.—
BONDS AUTHORIZED—The District Board is said to have
authorized the
issuance of $36,000 in floodgate bonds.
It is understood that this issue
has also been approved by the County Commission Court.
COUNTY
(P.
O. Beeville), Texas—BOND ELECTION—The
County Commissioners have called an election to be held on May
23, for
the purpose of voting on the question of
issuing $225,000 road bonds.
BEXAR
COUNTY
DISTRICT
NO.
5
WATER
(P.
An election is to be held
DETAILS—In
connection
with
the
of
the National Bank of Orange.
or
BEE
SALE
Nolting,
Richmond, at a price of 100.53, as reported in these columns
recently—V. 142, p. 2879—it is stated by the Town Treasurer that the
bonds are more fully described as follows: Denom, $500.
Dated May 1,"
1936.
Due $2,500 from May 1, 1947 to 1966 incl.
Prin. and int. payable
at the Town Treasurer's office, the Citizens National Bank of Orange,
Inc.,
TEXAS
BEAUMONT
Va.—BOND
sale of the $50,000 3 M % semi-ann. refunding bonds to Frederick E.
Incorporated
Sterling Building
(P. O. Prince George), Va.—
BOND OFFERING—It is reported that the Clerk of the Board of Super¬
visors will receive sealed bids until May 5, for the purchase of a $20,000
issue of 5% semi-annual sewer bonds.
Quoted
CONTROL
AND
IMPROVEMENT
O. San Antonio), Tex.—BOND ELECTION—
May 2 at which a proposal to issue $25,000 sewer
(P. O. Prince George), Va .—BONDS
AUTHORIZED—The County Supervisors recently approved a bond issue
of $50,000 to finance the construction of water and sewer facilities.
STAUNTON,
Va —BOND OFFERING—Sealed
bids
will
be
received
until 7:30 p. m. on May 14, by H. E. Baylor, City Treasurer, for the pur¬
chase of a $44,000 issue of 3% coupon or registered school bonds.
Denom.
$1,000.
Dated Mayl, 1936.
Due on May 1 as follows:
$2,000, 1937 to
1954, and $4,000 in 1955 and 1956.
Prin. and int. (M. & N.) payable in
money at the City Treasurer's office.
A certified check for 2%,
lawful
payable to the city, is required.
on
system installation bonds will be voted upon.
GLADEWATER COUNTY LINE INDEPENDENT
SCHOOL DIS¬
TRICT (P. O. Gladewater), Tex.—BOND ELECTION—The
District will
NORTHWESTERN MUNICIPALS
Sold an election on be voted at which a proposal to issue $250,000
uilding bonds will May 9 upon.
Washington
school
OVERTON
SCHOOL
DISTRICT,
Texas—BONDS
VOTED—A
proposed bond issue of $60,000 for construction of a new school
building was
approved by the voters at a recent election.
—
Montana
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—SPO 176
are
DISTRICT (P. O. Van), Tex.—BONDS VOTEDsaid to have approved recently the issuance of
$130,000 in
bonds.
WASHINGTON
construction
WICHITA
FALLS
INDEPENDENT
SCHOOL
DISTRICT
(P. O.
Wichita Falls), Texas—REPORT ON PROGRESS OF BOND
REFUNDING
PLAN—In connection with the report carried in these columns
recently
to the effect that a bond refunding plan on the obligations of
the above dis¬
declared operative—V. 142, p. 2879—we are informed
by
Wm. R. Humphrey, Secretary of the Bondholders' Protective
trict had been
letter dated
Committee,
April 27, that the committee at the close of business on the
27th had received options covering $651,000 bonds and additional
options
are being received in considerable volume each
day.
He states that the
committee shall continue to receive options even
though April 25 is past,
a
Idaho
SCHOOL
The voters
in
—
SEATTLE
SPOKANE
years.
VAN
Oregon
Ferris & Hardgrove
PITTSBURG, Tex.—BONDS VOTED—At the election held on April
142, p. 2378—the voters approved the issuance of the
$50,000 not
to exceed 5% sewer revenue bonds
by a count of 114 to 20.
Due in 20
14—V.
school
—
SCHOOL DISTRICT NO. 177 (P. O. Seattle),
OFFERING—Ralph S. Stacy, County Treasurer, will
bids until 11 a. m. May 23 for the purchase of $11,000 coupon
school bonds, to bear interest at no more than 6%.
Principal and
interest payable at the County Treasurer's office.
Certified check
of amount of bonds required.
KING
COUNTY
Wash.—BOND
receive
district
annual
for
5%
PIERCE
COUNTY
(P.
O.
Tacoma),
Wash.—BOND
OFFERING—
Paul Newman, County Treasurer, will receive bids until 10:30
a.
m.
May
16 for the purchase of $13,500 Pierce County Consolidated School District
No. 342 bonds.
Bidders are to name rate of interest, not to exceed 6%.
Financial
3048
thereof, not to exceed §1,000. Int. payable an¬
nually.
Principal and interest payable at the County Treasurer's office or
at the State's fiscal agency in New York.
Due serially for 15 years.
Certified check for 5% of amount of bid required.
Denom. §100 and multiples
SPOKANE COUNTY SCHOOL
DISTRICT NO. 21 (P. O. Spokane),
2 p. m.
OFFERING—Sealed bids will be received until
Wash .—BOND
April 30, by Paul J. Kruesel, County Treasurer, for the purchase of a
$12,000 issue of coupon school building bonds.
Interest rate is not .to
exceed 6%,
payable semi-annually.
Dated when issued.
Bonds will
mature in from two to ten years after date of issue, redeemable at any
time after three years from date of issue.
Prin. and int. payable at the
County Treasurer's office at or the fiscal agency of the State in New York,
or at the State Treasurer's office. A certified check for 5%
must accom¬
on
pany
the bid.
.
SPOKANE COUNTY SCHOOL DISTRICT NO. 102 (P. O. Spokane),
Wash.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
May 7 by Paul J. Kruesel, County Treasurer, for the purchase of a $10,000
issue of coupon school bonds.
Interest rate is not to exceed 6%, payable
semi-annually.
Dated when issued.
Bonds are to run for a period of from
two to 10 years after date of issue.
The school district reserves the right
to pay or redeem the bonds, or any of them, after three years from the date
thereof.
Prin. and int. payable at the County Treasurer's office, or at the
fiscal agency of the State in New York, or at the State Treasurer's office.
A certified check for 5% must accompany the bid.
COUNTY
STEVENS
(P.
Wash.— WARRANT CALL—
O. Colville)
The County Treasurer is said to have called for payment on April 10, at
his office, all warrants drawn on the general fund of various school districts.
Chronicle
May 2, 1936
the lowest percentage of delinquency, with only 2%
of the total tax levy going to sale.
Kewaunee County was second with
2.3% of the tax levy sold for taxes.
Other Wisconsin counties which sold
less than 5% of their tax levy were: Green Lake, 4%; Sauk, 4.5%; Jefferson,
4.8%, and Dodge, 4.9%.
"Tax delinquency is not confined to northern Wisconsin counties.
The
greatest percentage of delinquency occurred in Milwaukee County, with
30.5%, and Racine County, with 30.3% of the taxes going to sale.
Other
counties with tax sales amounting to more than one-fourtn of the tax levy
were: Burnett,
25.9%; Florence, 26.8%;, :Kenosha, 26.9%, and Rusk,
27.8%."
"Green County had
WYOMING
GREYBULL, Wyo.—BOND OFFERING—Sealed bids will be received
by Geo. A. Clark, Town Treasurer, until 8 p. m. on May 15, for the pur¬
chase of a $15,000 issue of coupon community hall construction bonds.
Due $1,500 from 1937 to 1946 incl.
Principal and interest payable in
Grey bull. A certified check for 5% must accompany the bid.
SCHOOL DISTRICT NO.
COUNTY
UINTA
1
(P. O. Evanston),
Wyo.—BOND SALE—The $55,000 issue of coupon school bonds offered
April 25—V. 142. p. 2206—was awarded to the First Security
Trust Co. and Edward L. Burton & Co., both of Salt Lake City, paying a
premium of $88, equal to 100.16, according to the Clerk of the Board of
Trustees.
Dated March 1, 1936.
Due from March 1, 1938 to 1960. He
states that the net interest cost on the bonds is slightly less than 3 X %.
Brown, Schlessman, Owen & Co. of Denver offered $283.80 premium at a
rate slightly over 3X%.
for sale on
COUNTY SCHOOL DISTRICT NO. 80, Wash.—BOND
E. Gilson, County Treasurer, will receive bids at his
m. May 11 for the purchase of $8,500 bonds,
bear interest at no more than 6%.
Interest payable annually.
Due
STEVENS
OFFERING—G.
Canadian Municipals
office in Colville until 2 p.
to
serially in 15
years;
redeemable after one year.
Information and
TACOMA, Wash.—BOND SALE—The $297,000 issue of water bonds
April 29—V. 142, p. 2880—was awarded to a
syndicate composed of Eldredge & Co. of New York; Ferris & Hardgrove,
of Spokane, and Drumheller, Ehrlichman & White, of Seattle, as 3.10s,
paying a premium of $56.43, equal to 100.019, a basis of about 3.095%.
Dated Jan. 1, 1936Due from Jan. 1, 1938 to 1951.
i
.
•.'
Markets
'
.
of 1936, offered for sale on
O. Charleston), W. Va.—BOND ELEC¬
TION—It is reported that an election will be held on May 12 in order to
vote on the issuance of $2,200,000 in school construction bonds.
"In reply to your
COUNTY (P. O. Neillsville), Wis.—BOND OFFERING—
be received until 10 a. m. on May 7, by Calvin Mills,
Sealed bids will
$30,000,
1938; $90,000, 1939; $100,000, 1940, and
These bonds are issued pursuant to
$13,000 in 1941.
Section 67.14 of the Wisconsin statutes,
payable from the proceeds of the gas tax, the interest
to be borne by the county.
The basis of determination of the best bid
will be the lowest interest rate bid and inteerst cost to the county.
The
successful bidder is to pay for the printing of the bonds.
The approving
as
The
amended.
CANADA
ALBERTA (Province of)—TREASURER REPORTS ON DEBT CON,
VERSION LEGISLATION—Hon. Charles Cockroft, Provincial Treasurer
has written to us as follows:
are
opinion of Chapman & Cutler of Chicago, will be furnished to the successful
bidder.
No bids other than sealed bids will be considered and there will
be no auction bidding.
A certified check for 2% of the par value of said
bonds, payable to the County Treasurer, must accompany the bid.
of
imposed with a view to bringing revenues in line with expenditures.
This
Government is of the opinion that any future borrowings which would have
the effect of increasing the debt, should be discontinued until such times
as the earning possibilities of the Province increase.
"Good management will be the essence of the affairs of this Government
for the next few years.
We are quite convinced when the public realizes
our objective, they will the more appreciate the value of Alberta securities.
"It is quite true that legislation was passed granting the refunding privileges
to the cities, but these privileges are subject to the order of the LieutenantGovernor in Council, or in other words, the cities could do nothing without
the consent of the Provincial Government.
"I trust that this will give you the information you desire."
CANADA
COUNTY
KENOSHA
(P.
O.
Kenosha),
Wis.—BOND
SALE—The
$160,000 highway bonds, series F, offered on April 24—V. 142, p. 2716—
were awarded to R. W. Pressprich & Co. and Salomon Bros. & Hutzler of
Chicago as 3s, for a premium of $4,855, equal to 103.034 ,a basis of about
1.06%.
The Harris Trust & Savings Bank of Chicago offered to pay a
premium of $4,731 for 3s.
Dated May 1, 1936. Due on May 1 as follows:
$75,000 in 1937 and 1938, and $10,000 in 1939.
Wis.—BOND OFFERING—It
will sell at public auction on
May 4, at 2 p. m., an issue of $100,000 highway improvement bonds.
Interest rate is not to exceed 5%, apyable J. & D.
Rate to be in multiples
of
of 1 %.
Denom. $1,000.
Dated May 1, 1936.
Due on June 1, 1939.
Prin. and int. payable at the County Treasurer's office.
Purchaser to pay
for ptinting of the bonds and the approving opinion of Chapman & Cutler
of Chicago.
A certified check for 2% of the bonds, payable to the County
Treasurer, must accompany the bid.
COUNTY
OCONTO
(P.
O.
Oconto),
is stated that Josie M. Cook. County Clerk,
'
OSHKOSH, Wis.—BONDS SOLD—A $503,000 issue ot 3X% sewagetreatment system mortgage revenue bonds is reported to have been pur¬
chased on April 27 by the First Boston Corp., the Milwaukee Co. of Mil¬
waukee and
the Wells-Dickey Co.
of Minneapolis, jointly.
Denom.
$1,000.
Dated Nov. 1, 1935.
Due on Nov. 1 as follows; $10,000, 1938
to 1941; $11,000, 1942; $12,000, 1943 and 1944; $13,000, 1945 and 1946;
$15,000,1947 and 1948; $16,000, 1949; $18,000, 1950 to 1952; $20 000 1953
to 1955; $22,000, 1956 to 1958; $24,000, 1959 to 1961, and $26,000, 1962
to 1965.
The city reserves the right to redeem this issue in whole or in
part, in the inverse order of maturity (selection as among bonds of the same
maturity to be made by lot), on any interest parent date after three years
from date of the bonds, upon payment of principal and interest accrued to
date of redemption, plus on each bond a premium of X of 1% for each year
or fraction
thereof from th eredemption date to the date of maturity.
Prin. and int. (M. & N.) payable at the City Treasurer's office or at the
New York Trust Co., New York.
Legality to be approved by Chapman
&» Cutler
offered
purchasers at prices to yield
the 1962 to 1965 maturities.
Coupon bonds, registerable as to principal only. The yields on maturities
1939 to 1946 incl., computed to May 1, 1939, the first optional date. Yields
1947 to 1965 incl. computed to maturity.
RACINE, Wis.—BOND SALE—The $80,000 school building construc¬
bonds offered on April 27—V. 142, p. 2552—were awarded to the
of Chicago, as 2Ks, for a premium of $1,010,
equal to 101.2625, a basis of about 2.57 %.
The Channer Securities Co. of
Chicago, was second in the bidding, offering a premium of $1,005.
Dated
Aug. 1, 1935.
Due $5,000 on Aug. 1 from 1936 to 1951.
tion
Bancamerica-Blair Corp.
1
RICHLAND
OFFERING
COUNTY
DETAILS—In
(P.
O.
Richland
connection
with
the
Center),
offering
Wis.—BOND
scheduled
for
May 15, of the $40,000 3% semi-ann. highway, series G bonds, reported
in these columns recently—V. 142, p. 2880—it is stated by the County Clerk
that the bonds are dated May 15, 1936, and are in the denomination of
Principal and interest payable at the office of the County
$1,000 each.
Treasurer.
Purchaser to furnish legal approving opinion. These bonds are
issued under Chapter 67, Laws of Wisconsin.
SUPERIOR,
cently passed
a
Wis.—BONDS AUTHORIZED—'The City Council re¬
resolution authorizing the issuance of $172,000 refunding
bonds.
WISCONSIN, State of—TAX SALES IN 1935 EXCEEDED $16,000,000—More than $16,000,000, or about one-fifth of all 1934 general property
in Wisconsin, went to tax sale in December, 1935, according to
taxes levied
study of tax sales just released by the Wisconsin Taxpayers'
Sales of delinquent taxes in 1934 amounted to $21,900,000, and in
a
Alliance.
the peak
year, 1933, to $24,000,000.
"The total general property tax levy in
the levy on real estate amounted to an
1934 was $91,500,000, of which
estimated $83,600,000, or 91%
of the total," according to the report.
"Personal property taxes consti¬
tute about 9 of all general property taxes levied in Wisconsin."
"Treasurer's of Wisconsin's 71 counties and the City Treasurer of Mil¬
waukee were forced to purchase $15,300,000, or 95%, of the total delin¬
quent taxes sold last December.
Private bidders purchased only 5% of the
tax sale.
"Many counties which depended upon taxes to meet operating expenses
have been forced to borrow and have pledged delinquent taxes against
these borrowings so that if any of the $15,300,000 delinquent taxes retained
by the counties is subsequently collected, these counties will be required to
pay off their loans with the cash they secure.
(Dominion
of)—INTERNAL
corporation
HIGHER—Canadian
FINANCING CONTINUES
continued to expand in
bond offerings
April, bringing total Canadian financing for the first four months of this
year up to $257,034,899, compared with $85,599,600 for the corresponding
period last year, according to the Dominion Securities Corp.
Railway financing leads in volume, the total so far this year amounting
to $133,000,000 against $48,400,000 in the first four months last year,
according to the report.
Public utilities have borrowed $62,075,000,
against $4,438,000 last year while industrial
and miscellaneous financing
aggregated $41,963,392, against $11,153,000 last year.
Municipal
of $19,146,507 compare with $2,078,600 but Provincial bond
issues have dropped to $850,000, against $19,530,000 in the first four months
has
borrowings
1935.
of
For the month of April, sales
of public utility and industrial issues totaled
last year.
$15,240,000, compared with $4,000,000 in the same period
Dominion, Provincial and muncipal financing was negligible.
CANADA
DEAD—The
(Dominion
of)—LOAN COUNCIL
Dominion-Provincial
Loan
Council
PLAN CONSIDERED
plan proposed by the
salvage the credit of the Western Canadian
Provinces in return for control over their future expenditures is apparently
Dominion
Government
to
dropped, according to an article in a recent issue of the Toronto
It is no longer practical politics.
So far nothing has been evolved
it, and there is a prospect that Saskatchewan and perhaps British
Columbia may within the next three weeks have to default on bond maturi¬
ties due in New York.
be
to
"Globe."
to succeed
Alberta First Blow
The first
Aberhart
of
of Premier
claimed he had
blow to the Loan Council scheme was the refusal
Alberta
to
come
under it,
although it
was
already accepted it in principle. As a result, Dominion Finance Minister
Dunning refused to give him further assistance from the Dominion Treas¬
ury, and Alberta, first among Canadian Provinces to do so, defaulted on a
$3,200,000 bond maturity on April 1.
It was a domestic default and hence without international consequences,
on May 1 Saskatchewan is due to pay $2,002,000 in New York, and on
May 15 British Columbia must meet a $3,500,000 maturity there.
Premier Pattullo of British Columbia is now in Ottawa, for the third
but
of New York.
BONDS OFFERED FOR SUBSCRIPTION—The above bonds were
for general public investment by the above
from 2% on the 1938 maturity, to 3.25% on
on*maturities
letter of the 15th instant, it is quite true that legislation
enacted at the last sitting of the Legislature providing for the conversion
Provincial indebtedness at a lower rate of interest.
This decision was
arrived at after carefully considering our financial position.
"Great care was exercised in bringing down the budget; new taxes were
was
County Clerk, for the purchase of a $233,000 issue of highway improvement
county bonds, series G.
Interest rate is not to exceed 5%, payable May
and Nov.. Denom. $1,000.
Dated May 1, 1936.
Due on May 1 as fol¬
lows:
ELGIN 6438
WEST, TORONTO
(P.
WISCONSIN
CLARK
KING ST.
VIRGINIA
WEST
COUNTY
KANAWHA
BRAWLEY, CATHERS & CO.
IS
time, seeking Federal assistance.
He has shown no more inclination to
accept Loan Council supervision than Premier Aberhart, and his counter¬
proposals are understood to have been just as unacceptable to Mr. Dunning
as were those of Premier Aberhart for compulsory conversion.
In between his visits to Ottawa he has been in New York, but is reported
to have had no success there.
What might save British Columbia's situation
temporarily, however, is the fact that he has a $39,000,000 sinking fund,
which might be raided to meet next month's maturity.
Saskatchewan's emergency is more immediate.
She has no reserves, and
only eight days to raise the money. Unlike Alberta and British Columbia,
she was willing to accept a Loan Council, but it was considered by the
Cabinet inadvisable to amend Canada's Constitution for the sake of a single
Province.
Instead, Alberta and British Columbia will apparently be allowed to go
own
way and try out the monetary experiments,
whether in the
their
shape of social credit or simply inflation, for which large support exists
in
There is a possibility that some alternative to the Loan
Council plan may be proposed and accepted by British Columbia, but it
will have to be a plan that safeguards the Dominion's credit.
both Provinces.
Some alarm has been felt in political
of Western Provinces
on
circles here lest the possible default
New York obligations would bring into
operation
against the Dominion as a whole the clauses of the Johnson Act, which
prohibits the sale in the United States of securities of countries which have
defaulted in respect of previous obligations.
Inquiry, however, is said to
indicate that this danger does not exist.
CANADA (Dominion of)—ISSUES $30,000,000
TREASURY BILLS—
bills ma¬
by tender of $30,000,000 in Dominion of Canada Treasury
turing Aug. 1, 1936, at a price to yield 0.920%, was announced
by the Bank of Canada.
The bills were sold at an average
$99.76856.
This is a continuation of the Government's system
term financing.
Sale
LOW SOUTH TOWNSHIP (P. O.
April 30
price of
of short-
Wakefield), Que.—BOND OFFER¬
C. Noonan, Secretary-Treasurer, will receive sealed bids until
5 p. m. on May 4 for the purchase of $12,000 5% bonds, dated June 1, 1936
and due serially in 20 years.
Payable at Wakefield, Montreal and Ottawa
ING—J.
MONCTON, N. B.—BOND SALE—The $64,000 3X % coupon refunding
bonds offered on April 9 were awarded to a group composed of
Irving,.Brennan & Co., Johnston & Ward and W. C. Pitfield & Co.
Dated
May 1, 1936.
Due in 20 years.
school
to
SHERBROOKE, Que.—BOND ELECTION—The voters will be asked
approve an issue of $480,000 bonds, according to report.
@FedFRASER