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JUS. ADM.
UBKAKT
MAY 25 1936
Tin'.
nmmetria
COPYRIGHTED IN 1936 «Y WILLIAM B. DANA COMPANY. NEW YORK.
VOL 142.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1S79, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1J79.
NEW YORK/ MAY 23, 1936.
^
BROOKLYN
NO. 3700
TRUST
THE
NATIONAL BANK
COMPANY
Chartered
CHASE
Kidder, Peabody & Co.
1866
NEW YORK
George V. McLaughlin
President
BOSTON
OF
THE
CITY
The
OF
NEW
chase
YORK
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
WfelkEiiTj[oBank
and
®
Member Federal
Deposit Insurance Corporation
Government
FRANCISCO
Securities
Member Federal Deposit Insurance Corporation
OVER
RESOURCES
depository.
reserve
United States
UnionlrustCo.
SAM
correspondent
and
COMMERCIAL BANKERS SINCE 1852
$200,000
United States
Government
E3
Securities
T'he
Hallgarten & Co.
FIRST BOSTON
Established 18S0
CORPORATION
NEW YORK
NEW YORK
BOSTON
PHILADELPHIA
London
AND OTHER
Incorporated
63 Wall
Street. New York
Telephone: BOwling Green 9-5000
CHICAGO
ChlMgo
Brown Harriman & Co.
SAN FRANCISCO
PRINCIPAL CITIES
Boston
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States
Wertheim & Co.
120
The
Broadway
State and
New York
London
Amsterdam
NewYorkTrust
Company
CARL M. LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
Berlin
Amsterdam
London
Municipal Bonds
.
$32,500,000
Barr Brothers & Co.
INC.
New York
Paris
ioo
Chicago
broadway
57TH ST. & FIFTH AVE.
40TH
PHILADELPHIA
Cleveland
New York
•
•
MADISON AVE.
New York
.
Pittsburgh
(^th Ave.)
&
BOSTON
•
Allentown
United States Government
NEW YORK
EDWARD B. SMITH & CO.
31 Nassau Street
ST.
SECURITIES
State
European Representative7s Office:
Railroad
-
-
Municipal
Public Utility
London
•
BONDS
8 KING WILLIAM STREET
Easton
LONDON. E. C. 4
Correspondent
Edward B. Smith &
Minneapolis
CHICAGO
*
R.W.Pressprich&Co.
Co., Inc.
St. Loui#
Member Federal Reserve
N.
Y.
System and
MEMBERS NEW YORK STOCK EXCHANGE
New York
Clearing House Association
Chicago
Philadelphia
San Francisco
May
Chronicle
Financial
;,v.
BAKER, WEEKS
& HARDEN
Becker & Co.
G.
A.
J. & We Seligman & Co.
Investment Securities
Established 1893
1936
23,
Members
New York Stock Exchange
64
No.
Wall
Street
New York Curb Exchange
Investment Securities
NEW
Philadelphia Stock Exchange
YORK
Chicago Board of Trade
Commercial Paper
STREET, NEW YORK
52 WALL
London
Graybar Building, New York
Chicago
New York
Commercial Trust Bldg.,
SELIGMAN BROTHERS
Buhl Building, Detroit
6 Lothbury,
Other Cities
And
Correspondents
Philadelphia
London, E. C. 2
Building, Amsterdam
Bourse
52, Avenue des Champs-Elysees, Paris
BIRMINGHAM
Foreign
NEWARK
MARX & CO.
New Jersey State
& Municipal Bonds
Newark Bank & Insurance
Royal Bank of Scotland
BIRMINGHAM, ALABAMA
Stocks
Incorporated by Royal Charter 1727
Capital (fully paid)
MUNICIPAL AND
SOUTHERN
CORPORATION BONDS
J. S. RIPPEL & CO.
£3,857,143
£64,009,174
Ooer
Newark, N. J.
18 Clinton St.
£3,780,192
Reserve fund
Deposits
^
200 Years of Commercial
Banking
Foreign
CHIEF FOREIGN DEPARTMENT
3
Bishopagate, London, England
LOUIS
ST.
HEAD
OFFICE—Edinburgh
Australia and New Zealand
General Manager
BANK OF
Total number of offices, 254
NEW SOUTH WALES
Associated Bank, Williams Deaeon's Bank. Ltd.
William Whyte
(ESTABLISHED 1817)
St. Louis Securities
(With which are amalgamated the Western Australian
Bank and The Australian .Bank ol Commerce, Ltd.)
Paid
St/x
a
£8,780,000
Up Capital
Reserve Fund
Reserve
6,150,000
—
8,780,000
Liability of Proprietors—
SAINT LOU/3
£23,710,000
QO90UVE st
NATIONAL BANK OF INDIA, LIMITED
Aggregate Assets 30th Sept., 1935. £116,559,000
A. C. DAVIDSON, General Manager
747
BRANCHES AND AGENCIES In the
States,
New Zealand. Fiji, Papua,
Bankers to the Government in
and Uganda
Kenya Colony
Head Office: 26, Bishopagate,
Members St. Louis Stock Exchange
London, E. C
Branches
Territory of New Guinea, and London.
transacts every description of Aus¬
Banking Business.
Wool and other
Produce Credits arranged.
in
India,
Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Australian
Mandated
The
Bank
tralasian
London Office:
Head Office:
Georgo Street,
SYDNEY
Missouri and
Southwestern
29 Threadneedle
^
Street, E.C.2
Agents Standard Bank
of South Africa
Subscribed Capital
£4,000,000
Paid Up Capital
£2,000,000
Reserve Fund
£2,200,000
The Bank conducts every description of banking
and exchange business
Trusteeships and Executorships also
undertaken
New York
Stocks and Bonds
Smith, Moore & Co.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
NATIONAL BANK
of EGYPT
Head Office
.
.
.
.
.
NATIONAL BANK OF NEW ZEALAND, Ltd.
RaaUUhtd 1872
Cairo
.
Chief Office In New Zealand: Wellington
Sir James Grose, General Manager
DETROIT
£3,000,000
3,000,000
FULLY PAID CAPITAL
RESERVE FUND .
.
.
Bead Office: 8
Moorgate, London, E. C. 2, Eng.
Subscribed
Capital...
£6,000,000
Paid up Capital
>.2,000,000
Reserve Fund
LONDON AGENCY
MICHIGAN MUNICIPALS
and .7,
and
...
£1,000,000
£500,000
Currency Reserve
King William Street, E. C.
The
Bank
conducts
every
description
of banking
business connected with New Zealand.
CORPORATION
BONDS
Branches in all the
Correspondents throughout the World
London Manager, A. O. Norwood
principal Towns in
WATL1NG, LERCHEN & HAYES
EGYPT and the SUDAN
Members
New York Stock Exch.
Detroit Stock Exchange
334
New York'Curb Assoc.
Chicago Stock Exch.
BUHL BLDG.,
DETROIT
Hong Kong & Shanghai
BANKING CORPORATION
DETROIT REAL ESTATE BONDS
Incorporated in the Colony of Hongkong.
The
liability of members is limited "to the extent and
in manner prescribed by Ordinance No. 0 of 1929
of the Colony.
Authorized Capital (Hongkong Currency) H350,000,000
Charles A. Parcells &, Co.
Paid-up Capital (Hongkong Currency) __HJ20,000,000
Reserve Fund In Sterling
£6,500,000
Reserve Fund In Silver (Hongkong Cur¬
rency)
Members
of
Detroit
Stock
Exchange
Reserve
-—.—HJ10,000,000
-
Liability
of Proprietors
kong Currency)
PENOBSCOT BUILDING, DETROIT, MICH.
.
(Hong¬
H$20,000,000
C. DE C. HUGHES, Agent
72 WALL
STREET, NEW YORK
THE "EXPANDIT" BINDER
Siccesslve or Intervening Issics may
ir
removed withoit
bt Inserted
distorting the ether Issies
PRICE $2.00 eath
Plus the Postage
THE "EXPANDIT" BINDER
25 Spruce
St., New York City
1¥
ommtrriw I
t.
MAY 23,
Vol. 142
No. 3700
1936
CONTENTS
Editorials
Financial Situation
page
-
__3395
.
The Administration Versus the Constitution .a
3408
Nationalism and
3409
Imperialism in the Far East
Comment and Review
Coal Act Held Unconstitutional
States Supreme Court—
Guffey
Supreme Court Findings
Annual
on
by
United
3412
"New Deal" Legislation..3414
Report of Federal Reserve Board
3415
Book Reviews—
Foreign Bondholders' Protective Council, Inc., Annual
Report
__3418
Building and Loan Annals, 1935
Week
the
on
3418
European Stock Exchanges
......3399
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
..3340
3404 & 3450
Course of the Bond Market
Indications of Business
3411
Activity
..3418
Week
on
the New York
Stock Exchange
3398
Week
on
the New York
Curb Exchange
3450
News
Current Events and Discussions
3429
Bank and
3448
General
Trust Company Items
Corporation and Investment News
Dry Goods Trade
State
and
3494
3545
Municipal Department
3546
Stocks and Bonds
Foreign Stock Exchange Quotations
3493
Dividends
3452
Declared
Auction Sales
.3493
...
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..3460 & 3470
3461
New York Curb
Exchange—Stock Quotations
3476
New York Curb
Exchange—Bond Quotations.
3479
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
Quotations
3482
3486
Over-the-Counter Securities—Stock & Bond Quotations.3489
Reports
Foreign Bank Statements
Course of Bank
3403
.
Clearings
3450
Federal Reserve Bank Statements
3457
General
3494
Corporation and Investment News
Commodities
The
Commercial Markets and
Cotton
Breadstuffs
Published Every
the
Crops
3535
.3538
*
3543
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City
Herbert d. Seibert, Chairman of the Board and Editor- William Dana Seibert, President and Treasurer; William D. Riggs,
Manager.
Business
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (TeTephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23, 1879. at the post office at New York, N. Y., under the Act of March 3. 1879.
Subscriptions
in United States and Possessions, $15.00 per year $9.00 for 6 months: in Dominion of Canada, $16.50 per year. $9 75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50
per year, $10 75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
Financial
Tin
This is not
Offering Circular.
an
Chronicle
May 23, 1936
The offer of these Bonds is made only by
means
of the Offering Circularm
$22,727,000
Chicago
and
Western Indiana Railroad Company
First and
Refunding Mortgage 4%%, Series D,
Sinking Fund Bonds
Dated March 1, 19SG
Due September 1, 1962
Interest
payable March 1
BANKERS
TRUST COMPANY,
Coupon Bonds in denomination of $1,000, registerable
other authorized
and September 1 in New
as to
NEW YORK,
TRUSTEE
principal.
multiples of $1,000.
Fully registered Bonds in denominations of $1,000, $5,000, $10,000 and
Coupon and registered Bonds interchangeable.
Sinking Fund calculated to be sufficient to retire the entire issue
Redeemable for the Sinking Fund, on 90 days*' notice,
101%% thereafter and
on
or
York City
on
any
before maturity.
on or
interest payment date at 102%% on
or
prior to March I, 1940; at
prior to March 1, 1942; and at 100% thereafter.
Also redeemable, in whole or in part, at the option of the Company on any interest, payment date,
following prices with accrued interest: on March 1, 1937, at 107%%;
tember 1, 1938
or on
March 1, 1939, at 106%%;
September 1, 1939
on
1960, at 106% less % of 1% for each period of two years
and after March 1, 1960, at
or
September 1, 1937
on
or on
or
on
on 90 days* notice, at the
March 1, 1938, at 107%; on Sep¬
March 1, 1940, at 106%; thereafter
fraction thereof from and after March 1, 1940
on
before March 1,
or
to the date of
redemption;
100%.
The issue and sale of these Bonds
are
subject to authorization by the Interstate Commerce Commission,
Chicago and Western Indiana Railroad Company has outlined
as
follows certain parts of its letter dated May 20,1936 describing this issue.
The
information not outlined or indicated herein, should be read
entire -letter and exhibits, contained in the Offering Circular, which also includes important
prior to
any
purchase of these Bonds.
The net proceeds from the proposed sale of $22,727,000 principal amount of Series D Bonds will be used,
PURPOSE
together with funds to be provided to the extent
ISSUE
OF
and accrued interest
on
September 1, 1936,
necessary
by the Western Indiana, to redeejm at 105%
$20,532,000 principal amount of 5%%0 Series A Bonds and
$1,602,000 principal amount of 5%% Series C Bonds held by the
of the
several series
held in
outstanding under
now
sinking funds);
any
The authorized amount of the Series D
not included in
pany
public, in connection with the retirement of all bonds
Western Indiana's First and Refunding Mortgage (exclusive of bonds
Bonds is $24,462,000.
purposes.
Of the $1,735,000 principal amount of Series D Bonds
the present sale, $345,000 thereof will be pledged under
of Chicago in substitution for
delivered in
the
balance to be used for other corporate
escrow
for
a
a
$194,000 note held by The Belt Railway Com¬
like amount of Series A Bonds to be released and cancelled; $489,000 thereof will be
the account of the
Western Indiana's five proprietary
companies named below
(in payment for
certain improvements
for
made by them on property of the Western Indiana), such Bonds from time to time to be tendered
sale to the Series D Bonds sinking fund; and the balance of $901,009 Series D Bonds will for the present be retained in
the treasury
of the Western Indiana.
The!company owns a terminal railroad system in Cook County, Illi, consisting of a terminal division
leased to its five proprietary companies named below and a belt division leased to The Belt Railway
PROPERTY AND
SECURITY
the Consolidated
lien
on
certain
Company of Chicago.
The lien of the First and Refunding Mortgage is subject to the prior lien of
Mortgage under which $50,000,000 of 4% bonds maturing in 1952 are outstanding; except that it is a first
to the extent set forth in the Company*s letter.
Each of such mortgages pro¬
vides that all leases made
such mortgage,
in
so
far
mature
the
as
'
portions of the belt division
or
to be made by the
subject in the
may
same
case
Company and rentals thereunder shall constitute additional security for
of the First and Refunding Mortgage to the prior lien of the Consolidated Mortgage
The First, and Refunding Mortgage provides that all bonds issued thereunder must
attach.
September 1, 1962 and that the Company will pay all Consolidated Mortgage Bonds at the date therein mentioned.
LEASES
Leases made by the Company in 1902 provided for the several, but not joint, obligations of the five
,
proprietary companies and The Belt Railway Company of Chicago to pay by
gating the interest on, and at maturity, the principal of, the Consolidated Mortgage Bonds.
Way
of rentals,
sums aggre¬
By the terms of
assume
a
a Joint Supplemental Lease,
to be dated March 1, 1936, the following five proprietary companies will
joint and several obligation to pay directly to the Trustee of the First and Refunding Mortgage, by way of addi¬
tional rental for the
use
Mortgage is a first lien),
of property
sums
leased under the 1902 lease above mentioned (on which property the Consolidated
equivalent to interest and sinking fund installments
on
the entire amount of Series D Bonds:
Chicago and Eastern Illinois Railway Company (in bankruptcy),
Chicago and Erie Railroad Company (controlled by Erie Railroad Company),
Chicago, Indianapolis and Louisville Railway Company (in bankruptcy),
Grand Trunk
Western Railroad
Company (controlled by Canadian National Railway Company),
Wabash Railway Company (in equity receivership).
The respective trustees and receivers of the three Companies that are being operated in bankruptcy
have
been authorized
The
or equity receivership
by orders of Court to enter into the aforesaid Joint Supplemental Lease of March 1> 1936.
foregoing
is
merely
a
brief outline
of certain
information
Offering Circular dated May 22, 1936, and is subject to the
therein.
Bonds.
The entire Offering
Copies of such
more
Circular should be read prior to
Offering Circular
may
contained in
the
detailed statements
any
purchase of these
be obtained from
the undersigned.
Price 102% and Accrued Interest
Morgan Stanley <fc Co. Incorporated and associates have severally agreed to purchase these Bonds from the Company at 100% and accrued interest
of delivery, when, as and if issued and accepted by them, and subject to authorization by the Interstate Commerce Commission, and also subject
to date
to the
approval of Messrs. Davis Polk Wardwell Gardiner & Reed of all legal proceedings in connection with their issue and sale.
It is expected that
delivery of Bonds in temporary form, exchangeable for definitive Bonds when prepared, will be made at the office of J. P. Morgan & Co. on or about
June 1, 1936, against payment therefor in New York Funds.
-4s
more
fully set forth in the Offering Circular, the Underwriters have authorized the purchase and sale of Bonds for their respective accounts,
until the termination of the Agreement between themselves, either for
long
or
short account, within the limits set forth in such Agreement.
MORGAN STANLEY & CO.
Incorporated
BROWN HARRIMAN & CO.
EDWARD B. SMITH & CO.
Incorporated
THE FIRST BOSTON CORPORATION
KIDDER, PEABODY & CO.
PAINE, WEBBER & CO
FIELD, GLORE & CO.
LEE HIGGINSON CORPORATION
HARRIS, HALL & COMPANY
(Incorporated)
Dated
May 22, 1936.
/
The Financial Situation
which
THE past week has been more or less dominated by
uncertainty occasioned by the situa¬
may
tion
the
continued
surrounding the tax bill
being considered
now
they
by
seem
to be able to convince themselves
possible chance stand the scrutiny of
some
Supreme Court.
Apparently they would think
by the Senate Finance Committee, and by the Guffey
nothing of undertaking to write such
Coal
night and having it pushed through Congress with¬
decision
with its
implications and immediate
out
Corporation presidents in their annual
consequences.
of the costs certain to be inflicted upon
Guffey Act
was
This
the railroads
Many other
found valid.
is
cor¬
method
the
declared
measure now
porate officials have felt themselves obliged to hold
conspicuously
current
invalidation
pending the time when
plans in abeyance
information
definite
more
was
hand
at
nature of the tax measure to be enacted
authentic
by Congress
dent
this session.
at
to the constitutionality,
as
procedure
the
of
adopted in the
the
it is
not
a
good
possible to
the
Act.
reports, how
many
that the Presi¬
say,
considering
was
after
followed
Agricultural Adjustment
seriously
was
of the
case
unconstitutional, and it
There have of late been
the
to
as
over
ho/wever reasonable " to block its passage.
reports to stockholders have one after another warned
if the
permitting "doubts
law
a
another
to frame
a
attempt
National
new
The Tax Bill in the
Senate
"It Will Be Well to Remember This
Recovery Act,
99
alent,
"If the security
THE latest dispatches
Washington
banker has
from
has
Committee
report
raising
on
ings.
undistributed
7%
earn¬
According to these
dividend income
accounts
in
in¬
capital stock
a
the
hands
of
stock¬
holders
would
be
made
such frankness
House
of the
bill
moved.
would
This
would be
ment
holding
features
company
a
over
be
re¬
is
be
to
measure
that
tain
the
involved and obscure
or
one
of
leaders
financial
are
was
the
at
to
the
or
be persuaded, to
can
Committee in
a
whole-hearted
Committee,
which
use
of
would have to
Senate-House disagreements, to retain
some
Coal Act, although not with so unanimous a voice
more
of the
generally shared de¬
case
appended
some
not in Congress, have at
set to work to draft another bill
accomplish
the
"Guffey
their
groups
in
once
by which they hope
Act
objectives"
and
Do?
late in the week,
Guffey Coal
decision, the President limited his "must" legisla¬
he added that there
were a
dozen
or
although
fifteen subjects
concerning which legislation at this session of Con¬
He firmly declined, how¬
might be desirable.
to have anything to say
coal
as
about his position
legislation at this time.
he has
Astute politician
repeatedly shown himself to be, he prob¬
ably has learned a lesson from the hasty and illconsidered "horse and
buggy era" remarks just after
be but
justices
spite of the decision, certain
Congress, and
the
tion to the relief bill and the tax measure,
can
nine
Congress
adjourn.
now
Court.
or as was
ob¬
less dead for the
or
sire to have
the
all
various
most
present by the very reason
expected, in view of the National Recovery Act de¬
which
of
which
have considered
servers
National Industrial
to
adoption
of his press conferences
one
and
token prolong
enlarge the hazard of
measures
the
In
close,
a
for
eager
the
perhaps to be
to
same
been
and
ever,
word to say
names.
bring to
by the
gress
measure.
THE Supreme Court has, unconstitutional Guffey
about the of course,had the final
cision
have
time past
after the court had handed down the
on
would have liked,
legislators
Washington
some
present
President
all of the features of the House
many
Congress which
both he and the
What Will
A New Coal Act ?
as
the
con¬
of
two ago.
At
easily
prolonged
investors losses.
cause
his part
session of
here in evi¬
of
need
tinuation
that leading
is
disposed to do than
more
year or
later to
our
whether he will choose to make
Conference
compose
as
member
It remains for the future to disclose whether
President has agreed,
fashion,
or
a
a
on
could
time
result in
by simpler
support the Senate
the
and force
is
attitude
understandable
more
terms.
the
or
latter
much
a
and
sooner
This
wording of the House bill
will be replaced
it
an
this
at
quality of his offerings, but makes
no
secret of
his opinion that prices of in¬
vestment securities are higher than they can
remain indefinitely, it is difficult to see what
more could be expected of him except of course
to do his part as a citizen to dissuade his
government from policies he knows are cer¬
improve¬
assumed
such
tains the
which it would supersede.
It
Yet
Guffey
It
measure.
hardly be pointed out that
respected of the investment
banking firms of this country who spoke in
this admirable way to a group of advertising
men in
New York City on Wednesday.
When an investment banker not only main¬
the terms of the
iniquitous House
coal
oldest and most
obviously
vast
invalidation of the
figures in the financial district speak with
dence.
certain
this
policy in the face of the
It is not often, unfortunately,
dividual income tax rate of
and
and to what extent he is
this."
subject to the normal in¬
4%
It
Court.
yet .clear whether
prepared to supporf
public.
It is no fault of the investment
due to the fact that a bond was
brought out at a time when bond prices
generally were very high, as is the case at
present, the market price at some time during
the life of the security declines.
The banker
does not make prices.
Nor is the banker
responsible for the high level at which in¬
vestment securities are selling today.
The
government
itself, by the various ways in
which it is contributing toward easy money,
is one of the responsible factors, and when
subsequently prices drop, as they are bound
to do, and the politicians blame the bankers,
as
they always do, it will be well to remember
measure
and imposing
Supreme
not
banker if,
18%, retaining
present
tax,
tax
tax
corporate
tax to
come
the
a
the
the
is
rebuffs by
the
agreed almost unanimously
to
offered by an investment
intrinsically sound investment
quality and is priced in accordance with the
prevailing level for securities of its type, the
investment banker has discharged his duty to
report that the Senate Fi¬
nance
an
its equiv¬
or
despite
make up
what
if
Recovery Act decision
In the nature of the
a
case,
of
however, it
short time before the President must
his mind, if he has not already done
so,
anything he wishes to have Congress do
about the
situation created by
his program.
this latest blow to
Unless he is prepared to lend strong
3396
Financial
support to
some
definite action, it is unlikely that
will be taken at this session.
any
Of
the
the best
course
coal
Chronicle
May 23, 1936
opinion of the Supreme Court
thing Congress
do with
can
situation is to let it alone.
It
is
merely
of the question, or, to be more specific, the common
of the matter in hand.
sense
childish to say that the difficulties with which the
soft coal
faced
due to the presence or the activities of
"chiselers."
There
the nature
certain
are
undoubtedly
dangers of
The
the
open
abuse and waste
trouble at present is of a
but
industry
the
to
utilize them
and energy
wholly different nature.
the
in
has, along with
ment of water power
production of heat
extended develop-
very
during recent years, created
competitive situation
which
m
a
living.
that by fixing prices and wages, and
suppose
attempting to control production, Congress
other
body could
or any
these circumstances "save" the
m
industry and provide employment for all the
who
might otherwise find employment
of
mines
naivete
a
substantial pro-
a
portion of the coal industry cannot make
To
to
immediate
perfection of petroleum products and of mech-
amsms
the
so
country
great
raise
display
doubt
a
its
to
as
genuineness.
as
Is
the
the
such
no
Guffey Act
but
probably
might
Congress ef-
in actual
not
be
course
more
than any
so
that
measure
That the whole
declared invalid
now
practice unworkable and absurd could
made
much
plainer than Justice Cardozo
it, albeit without in the least intending to
Here is his
so.
that
no
if there
Of
hastily conceived and drafted,
set forth in the law
as
wras
made
was
even
the Constitution?
as
be devised to succeed it.
now
scheme
do
thing
description of certain features of
measure :
"The
and the Commission must conform to the
following
they must be just and equitable; they
must take account of the
weighted
average cost
production for each minimum price
not be
unduly prejudicial
districts
and
between
or as
they must reflect
producers within
as
nearly
of
they must
area;
preferential
or
tive market value of the various
sizes of
havi
the national
«planned economv.»
that
fonnded
wag
ag
the
ment Act
as
a
between
district
;
possible the rela-
as
Industrial
likewige the
kinds, qualities and
coal, at points of delivery in each
recent
more
Recovery Act
enactment to
S(J
collcigely and explicit does the minority opinion
in
the
thftt
take the
«There
Ngw
Coal
Guff
we
[in
egcribing
tMg
ess
cage
cited]
gtatllte in
a
objection that price fixing
forbidden by the Fourteenth Amendment.
wafi
sufficient
to
uphold tlie challenged
or
practices in
try make unrestricted
common
competition
has heretofore existed.
district shall yield
ton, not less than the weighted
costs
per
price
area;
muni
is
cost
How
the maximum for
fixed, shall yield
per
net
of the total
average
any
mine, if
a
maxi-
return not less than
a
reasonable profit."
a
in
or
return,
net ton of the tonnage of the minimum
plus
board
a
on a com-
The mini-
the
name
of
commission do
safeguard of the consumers' interests, produce waste
harmful
the
to
public, threaten ultimately to cut
off the supply of a commodity needed by the public,
portend the destruction of the industry itself.'
or
"All
this
be
may
greater force,
and with
said,
of the
equal if not
conditions and
practices in
the bituminous coal industry, not only at the enactment of this statute in
before.
years
August, 1935, but for
Overproduction
sense
than fix
a
could
set of
any
prices
arbitrarily chosen and not likely to be observed by
all of the trade?
Yet here is
a
description by
authority of the "price provisions" of the
funct law
an
that friends of
effort to
"save,"
as a
the
measure
are
a
high
now
de-
making
result of what they consider
encouragement from the opinions of the dissenting
justices.
we are
It is not with the law
now
concerned.
That
was
on
the
subject that
set forth in
an
able
many
at a point where
was
free competition had been degraded into anarchy,
low that
so
impossible for all except
came
down
There
were
along with
a
profit had become
lucky handful.
Wages
with profits,
prices and
strikes, at times nation-wide in extent,
at other times spreading over broad areas and many
mines,
with
the
accompaniment
of
violence
and
bloodshed and misery and bitter feeling. The sordid
tale is unfolded in many a document and treatise,
"Congress
was
face of price
not condemned to inaction in the
wars
and wage
wars so
pregnant with
disaster. Commerce had been choked and burdened;
one
State
to another; there had been bankruptcy and waste
There is of
capital and for labor."
course
a
substantial
body of truth in
this description of conditions in
some
Similar
have
coal
areas.
made
American
of
descriptions
agriculture,
and
of the soft
often
at
of truth.
gree
gress
is
a
been
times
various manufacturing industries, often with
a
What all this has to do with the
stitutionality of this,
common
more
indus-
an
inadequate
an
and ruin alike for
opportunity to dispose of their coals
for any
We
reason
a
same
mum
idea
ral
minimnm price for milk
a
ingt the
held
wag
ex
violIg
a
York
cage
following further sentences from it:
its normal flow had been diverted from
as
take its
number of others.
a
consuming market area; to the end of affording the
producers in the several districts substantially the
petitive basis
form of
Agricultural Adjust-
the Quffey Coal Act, and
pla
gOTernment must
gome manner or
It is upon a theory of this
National
the
to sup-
branch of business
or
apparently when all business is
times
right again through
kind
people in
seem
law must be framed to relieve
SOme
and
hard
get
indugtry
an
Prices had been cut
prices to be fixed by the District Boards
standards:
ought to know better,
that wben
gituation
considerable number of
a
is in diffi(.u,lies
the
Remedy
a
system that 'the conditions
Remedy?
practical matter could
a
fectively do to improve this situation
were
Joge
as
AdmMstration, and it must in all
ivate life who
found it
What
What
nt
candor be said
men
the coal
in
obviously to
is
to
as
The
peculiarities about
location and abundance of soft coal de-
that
posits
Laws
operators of the country find themselves
are
Monday. What is
on
needed is to set the record straight on the economics
that
or
other
Act
of
of
de-
con-
Con-
subject for the Supreme Court to decide,
and it has been deciding such matters with vigor,
and,
we
think,
common
sense
for
a
year
or
more,
But public policies in the face of such situations
naturally cannot be left to the courts.
They
are
matters for the people themselves to decide. It is for
this
reason
that it is of
so
much importance that
the rank and file of the citizens of the country study
these questions realistically at this time.
average
business
man
Let the
ask himself not whether "there
Volume
Financial
142
ought to be
law," but just what Congress
a
alleviate these evil conditions in
to
so
far
can
do
they
as
real.
are
Chronicle
As
It
succeed only in mak¬
can
ing matters worse, not better, by such involved, fool¬
ish
laws
the
Agricultural Adjustment Act, and the Guffey
Coal Act.
teurish
the National Industrial
as
These,
and all,
were
set
one
a
attempts to
up
Kecovery Act,
of
politicians.
simply
ness
experience reaching through
Mankind by actual
modes
of
Let those who
believe in the
Industrial
the
the
history
they would
that
treading
new
not feel
they
not,
are
Once
them.
confident of the
so
they
as
more
now
more
and
sense
now
of
suppose,
of these
success
profess themselves.
restrictions,
more spe¬
governmental interferences, and
but
much
less
of
artificial factors set up for the
remove
special benefit of this, that
in
realizing
they
as
tinkering by politicians,
more
seventeenth
We venture the opinion, first,
What is needed is not
misguided effort to
that
the
the statute
paths, and, second, that they would
nearly
subsidies,
of
upon
soon come to a
mad-cap adventures
cial
cry¬
National
see some new
Recovery Act placed
study
fact
are
recently adopted agricultural legisla¬
eighteenth centuries!
that
now
substitute for the Guffey Coal Act, who
some
tion, and who would like to
book
the harmfulness of
procedure long before Washington
crossed the Delaware.
ing for
begun
centuries had
to learn the ineffectiveness and
such
manage-,
Goodness, virtue and helpful¬
not in them.
were
of
partial system
the other group,
or
cure or
or
to control situations
beyond the control of government, all really
are
attempts to thwart natural forces, and the depress¬
ing conditions so often depicted will largely correct
themselves.
Natural forces will not effect
for such ills
cures
effective in
more
can
gress
as
any
flow
back into
bonds are-cashed.
The
laws Con¬
frame.
Banks, combined, increased only to $7,759,336,000
May 20 from $7,729,834,000
on
cash in vaults
moved
were
showed
$3,762,028,000.
advance
slightly
of
$5,694,009,000
receded to
tions in
were
either aspect
stocks
capital flight
expenditures of
Treasury for the New Deal
pro-
There is nothing especially comforting
grains.
of the
of this situation.
weeks, and amounted to
on
general account
Variar
$513,104,000 from $577,985,000.
foreign bank and non-member bank deposits
inconsiderable,
that total deposits increased
so
$6,559,979,000 from $6,539,800,000.
of
reserves
and the small
shadowed the
ratio
The increase
drop in note liabilities
gain in deposit liabilities,
over¬
that the
so
improved to 78.4% from 78.3%.
Other
aspects of the banking statistics reflected merely the
nominal changes common
to
during the last two to three
Discounts by the system decreased $32,000
years.
$4,749,000,
industrial
while
bankers■ bills
decrease of
States
gained
advances
Open market holdings of
$524,000 to $30,487,000.
dropped $33,000 to $4,544,000, and
$12,000
was
Government
a
noted in holdings of United
securities, to
a
total of $2,430,-
247,000.
Corporate Dividend Declarations
FAVORABLE dividend declarations by week and
entities
the present corporate
were
in
The monetary gold
country advanced $73,000,000 in the
numerous
embraced the following companies:
Co. declared
a
an
share
a
on
share
on
dividend of 70c.
quarterly dividend
the*common stock,
Corp. declared
a
payable June 15.
dividend of 30c.
the common, payable June 30; payments
share
a
E. I. du Pont de
extra
share in addition to the regular
of 25c.
United States
continued
May 20, against $5,611,072,000
on
from
due
the
recent
to
reserve
from
from
$3,760,729,000
to
May 13, but Treasury deposits
on
as
reserves
$8,088,197,000
to
Member bank deposits
CHANGES in the bankingthe large arrivals of were
almost entirely to statistics this week
gold
of the
the total
Federal Reserve notes in actual cir¬
culation: declined
their
May 13, and
on
decrease
a
modestly
up
$8,067,213,000.
of 90c.
enormous
situation.
Gold certificate holdings of the 12 Federal Reserve
Kennecott Copper
consequence
bonus
as
event, will
any
only give further emphasis to the artificial character
a
Federal Reserve Bank Statement
Europe, in
quickly
variations, in
of the present monetary
Nemours &
from France, and to the
banks
This will tend
well be that the
may
perfect
these, but they will be much
relieving them than
but it
excess reserves,
will
securi¬
new
Treasury deposits figure in the Federal
even
depress
funds
but hasty, ama¬
"planned economy" under the direction and
inent
considerable portion of the
a
Deposit Insurance Corporation levies.
to
thing is certain.
occasions, banks probably will prefer to
cash for
pay
ties, since
Making Matters Worse
One
3397
recent
on
Dec. 26, 1935
were
made
on
March 31 last, 20c. on
and 15c. quarterly, previously.
Utah
Copper Co. declared a dividend of 65c. a share on
the
common,
50c.
a
share
payable June 30; this
compares
paid March 31 last, and $1.50
on
with
Nov. 18,
1935, the latter being the first distribution on the
week to
Wednesday night, according to the Federal
shares since
Reserve
statistical summary,
high record of
semi-annual dividend of $1.25
The
stock, payable July 1, which compares with $1 paid
$10,375,000,000
is
now
and
a
recorded.
Treasury
recompensed itself only in part for the gold acquisi¬
by depositing certificates with the Reserve
1931.
American Surety Co. declared a
a
share
on
the capital
and only 50c. semi-annually, previously.
Jan. 2 last,
tions
banks, but the lag doubtless will be made
In
future.
the
meantime, Treasury funds in the
general account with the
utilized
heavily, and
balances resulted.
a
Reserve institutions
were
sharp increase in member bank
The
excess
reserve
Foreign Trade in April
in the
up
balances
over
THE foreignprevious month this year, wasin April,
'each trade of the United States substan¬
as
in
tially greater than in the same month of 1935.
The
gain in imports in every month has been propor¬
legal requirements increased $90,000,000 in the week
tionally greater than the gain in exports, although
covered
the
of
by the current condition statement, to
$2,860,000,000.
sizable
variations
In
of
coming
excess
weeks
reserves
are
a
total
some
to
be
very
ex¬
excess
balance
the
of
funds in
has
heavy volume in connection with the June
be
at
so
that ample
resources
will
hand for the cashing of soldier bonus bonds.
January was
in
trade
each
only fractional.
month
of
1936,
January, has been on the side of imports.
pected, for the Treasury is expected to borrow fresh
quarter-date financing,
in
of
fact that
not
a
balance
characterized
on
The
except
In view
the side of imports
the foreign trade statement
of the United States much more than a half dozen
times in the
past 10 years, three successive unfavor-
3398
Financial
able balances must be classed
For the
four
months
as
ended
unusual event,
an
April 30, 1936, im-
ports have exceeded exports by $14,334,000, whereas
in the
same
of
ance
period of 1935 there
$21,196,000.
was an
export bal-
The value of merchandise
ex-
Chronicle
May 23, 1936
dulness.
On Monday a sharp but brief
rally occurred, when the Supreme Court ruling on the
Guffey Act was announced. The decision accorded
extreme
with expectations and the rally possibly was brief for
reason.
It brought out profit-taking oh a con-
that
ported in April
was $193,490,000, an increase of
April, 1935, and of merchandise imported, $202,437,000, 18.7% higher than April, 1935,
siderable
17.9%
figures/ with
leaving
occurred
over
balance
import
an
$8,947,000.
for
the
month
of
In April, 1935, imports amounted to
$164,127,000, and exports, $170,500,000, leaving
import
excess
statement the
an
of $6,373,000.
In issuing the April
Department of Commerce observed
that
scale
and
prices closed below previous
the coal stocks failing to maintain
The largest movements of the week
even
their gains.
Tuesday,
when liquidation developed in
nearly all parts of the list.
Active issues fell 1 to 3
points, while others drifted fractionally lower. Much
of the ground lost was regained in an upswing on
Some of the motor stocks showed im-
Wednesday.
larger exports of non-agricultural products,
including petroleum, metal manufactures, machin-
pressive gains, while other industrial, food and metal
issues likewise advanced.
Rail and utility shares
electrical apparatus, chemical products and tex-
was
modestly higher.' Changes on Thursday were
quite unimportant, the small gains in some parts of
the list being balanced by equally small recessions
con-
elsewhere.
ery,
tile manufactures contributed to
the
gain in total exports
noted that
while
few
a
a
large extent to
April,. 1935.
over
It
agricultural products
tinued lower than last year, a
large number of such
exports showed substantial improvement.
Cotton
exports were greater than April, 1935, but consid-
erably lower than March last.
in
April
and
were
Exports of cotton
365,242 bales, valued at $22,763,704,
in
April, 1935, 338,812 bales, valued at $21,796,636; in March, 1936, 419,996 bales, worth $26,322,214, were exported, which compares with 336,085
bales, valued at $21,816,598 in March, 1935.
Among the items resulting in the import increase
in
April, 1936,
imports of
over
the preceding
cane sugar,
year were
larger
cured rubber, hides and skins,
paper base stocks, lum-
were
In
prices moved
a
a
dull market
yesterday/ however,
little higher, with industrial, utility
and carrier stocks all in demand,
The listed bond market reflected steady demand
for highly rated securities, while speculative and semi-
speculative obligations varied in general accord with
trends of equities.
United States Government
curities moved higher in nearly
every
almost all issues of such long-term bonds attained
record levels since issuance.
New corporate
flota-
tions remained small, and investment attention
drawn to
some
descriptions
.
Speculative bonds
were
somewhat less
vulnerable to bearish influences than stocks and
ber,
obligations closed the week
The
whisky and other spirits.
specie movement to the United States
tinued in April.
con-
Imports of gold during the month
$28,106,000 and exports only $51,000; the total
imports of the metal for the first four months
were
totaled
$88,884,000 and exports $26,341,000. Silver
imports of $4,490,000 were considerably lower than
other mo,nths in more than a
year and
the total for the year
ports continued
on
half, but
to April 30 aggregates $88,-
625,000 compared with $67,280,000
recent
a
the
low level
same
Ex-
a year ago.
as
in other
months, amounting to only $535,000 in April,
dollar issues
were
irregular.
a
bit higher.
many
Foreign
Polish bonds fell sharply,
Commodity markets moved in
see-saw
fashion, with
net changes small save in a few special situations,
The foreign
sure
but
on
exchange markets reflected lessened
pres-
the French franc and other gold bloc units,
some
additional
New York
were
shipments of gold from Paris to
reported.
Sterling and the curren-
cies associated with the British unit were steady.
^be ^ew York Stock Exchange 15 stocks
touched new high levels for the year and 89 stocks
touched new low levels. On the New York Curb
Exchange 18 stocks touched
The New York Stock Market
was
degree to outstanding bonds of best
furs, unmanufactured wool,
cocoa and
se-
session and
stocks touched
new
low
new
levels.
high levels and 54
Call loans
on
the
SLOW but week liquidation of markets. There New the previous Friday at 1%.
steady
York stocks was the
from York S^ock Exchange remained unchanged
rule this
were
in the New
some
encouraging developments, such as the
decision on Monday holding the
Guffey Coal Act unconstitutional, but the rallies
Supreme
caused
New
Court
by incidents of this nature
Dealers
of
means
might
the evidence that
were
Washington promptly
effecting the
that
manner
in
a
same
pass a
short-lived.
considered
sort of regulation in a
Supreme Court test, and
punitive spirit still prevails
was
further bolstered
by Senate taxation proposals which
would involve huge additional levies on
corporations,
It would appear, moreover, that
the Congressional sesextendAfar into June, despite the desires of
legislators to return to their constituencies for
sion will
many
the New York Stock Exchange the sales at
were 370,930
shares; 011 Monday they were 993,410 shares; on
Tuesday, 909,510 shares; on Wednesday, 685,570
shares; on Thursday, 668,130 shares, and on Friday,
679>230 sbares' 0n the New York Curb Exchange
^be sa^es *ast Saturday were 92,705 shares; on MondaY> 223,550 shares; on Tuesday, 206,660 shares; on
Wednesday, 168,500 shares; on Thursday, 162,640
shares, and on Friday, 172,215 shares.
The stock market this week moved in an Regular
fashion, with trading rather casual. On Monday the
decision rendered by the United States Supreme
Court on the Guffey Coal Act was received with
mnch i'°*> but its effect marketwise proved rather
disappointing. , Tuesday, following the decision,
Prices were beav^ and the market sufffred the wides^ f°sses °f the month. For the remaining days of
the week little or no activit? was noticeable, and
Prices in many instances at yesterday's close were
l°wer than for the same day a week ago.* General
Electric closed yesterday at 36% against 37% on
the half-day session on Saturday last
^
electioneering.
ments,
week
In view of these and other develop-
stock prices
as
a
whole.
drifted slightly lower for
There
were,
of
course,
prominent exceptions to the downward trend.
ing
on
most
of the
a
the
few
Trad-
the New,York Stock Exchange amounted to al-
1,000,000 shares in each of the first two sessions
week, but the three subsequent periods
The trend
advances
last^Saturday
were
was
were
dull.
favorable and small
registered in most securities, despite
Volume
Financial
142
Chronicle
3399
Friday of last week; Consolidated Edison Co. of
yesterday at 95c.
N. Y.
at
day
at 19
against 18%; Public Service of N. J. at 41%
32% against 29%; Columbia Gas & Elec.
of
against 93%c. the close
as
last week.
May
day of last week.
against
yesterday at 24%c.
International
Harvester
84%
at
against 85%'; Sears, Roebuck & Co. at 68% against
at
50% against 49%,
Tel. & Tel. at 162
against 161%
;
American
and
Allied Chemical
Dye closed yesterday at 189% against 194
of last
Friday
on
week; Columbian Carbon at 117% against
May
oats
Chicago
at
closed
against 25%c. the close
as
on
Friday of last week.
The
66; Montgomery Ward & Co. at 42 against 41%;
Woolworth
closed
yesterday at62%c.as against 62%c. the close on Fri¬
against 39%; J. I. Case Threshing Machine at 153
153%;
Fri¬
on
at Chicago
corn
spot price for cotton here in New York closed
yesterday at 11.69c.
against 11.73c. the close
as
Friday of last week.
yesterday
15.75c.
was
Friday of last week.
116; E. I. du Pont de Nemours at 143 against 143;
day at 9%c., the
National
Cash
Nickel
at
Products
at
on
Domestic copper closed yester¬
wreeks.
national
against 15.68c. the close
as
on
price for rubber
The spot
Dairy
35%
against
46%
47%;
National
at 20
ounce
22%
against 36%;
23%;
against
Can
Continental
73%
at
against 73%; Eastman Kodak at 162% against 166;
Standard
Brands
house Elec. &
at 22
hol
at
15%
38%
against 47%;
against 11%;
Canada
Dry
at
12%
Schenley Distillers at 42% against
pence
ounce
against 20%
as
pence per
the
yesterday at 44%c. against 45%c.
Friday of last week.
on
of
matter
transfers
the
foreign
London closed
on
against $4.96% the close
cable transfers
on
cable
as
Friday of last week, and
Paris closed
on
exchanges,
yesterday at |4.97%
against 6.59%c. the close
as
Friday of previous
on
Friday of last week, and spot silver in
on
the close
In
as
same
price of bar silver closed yesterday
per
New York closed
against 15%; Westing-
Mfg. at 112 against 113%; Lorillard
against 22%; United States Industrial Alco¬
at
In London the
National
34% against 34%; Texas Gulf Sulphur
Biscuit at
at
Register at 22% against 24; Inter¬
on
yesterday at 6.58%c.
Friday of last week.
45%, and National Distillers at 29% against 30%.
The
steel
stocks
United States
58%
50
recessions
show
Steel closed
for
the
Friday of last week; Bethlehem Steel at
on
against
51%; Republic
Steel
18%
at
European Securities Markets
week.
yesterday at 57 against
against
PRICE trends in theirregular this week on stock
exchanges were
principal European stock
markets.
Dealings
were on an
extremely small scale,
19%, and Youngstown Sheet & Tube at 53 against
partly because of the lethargy in the New York
53.
kets, and partly because of the many uncertainties
In the motor group,
day at 29
Auburn Auto closed yester¬
against 31%
General Motors at
Friday of last week;
on
61% against 63%; Chrysler at
of
the
mar¬
European diplomatic and monetary situa¬
tions.
Less
was
concern
manifested
regarding the
94% against 95%, and Hnpp Motors at 2% against
immediate future of the French
2%.
assuring statements by the Premier designate, Leon
In the rubber group, Goodyear Tire & Rubber
closed
yesterday at 24% against 25%
franc, owing to
re¬
further gold exports from Paris were
Friday of
Blum, but
some
week; Uriited States Rubber at 29% against 30,
last
necessary
to keep the franc in line with the dollar
and B. F. Goodrich at
road
shares
closed
vania RR. closed
on
The rail¬
for
the
week.
and
Pennsyl¬
19% against 19%.
lower
ished
yesterday at 29% against 30%
on
pound
his
of the economic
mand
at
against 34%; Union Pacific at 124% against 125%;
Southern
Pacific
at
31%
against 32%; Southern
views
But the
known.
nervousness, as some means
at
and
Among the oil stocks, Stand¬
Oil of N. J. closed
60%
yesterday at 58% against
Friday of last week; Shell Union Oil at
on
dimin¬
the
well
are
must be found to liquid¬
problem of the League of Nations
numerous
questions raised by the Italian
conquest of Ethiopia.
occasioned,
Reich, and
devaluation
political position continued to cause
ate the sanctions
27% against 28%.
destinies of the
internal
against
Railway'at 14% against 14%, and Northern Pacific
ard
also
possibilities of German mark devalua¬
tion, since Dr. Hjalmar Schacht continues in com¬
Friday of last week; Atchison Topeka & Santa Fe
70% against 72%; New York Central at 34%
Apprehensions
sterling.
to
as
A little encouragement was
the other hand, by reports of contin¬
on
16% against 17%, and Atlantic Refining at 28%
ued progress
in business in the leading industrial
against 29%.
countries
Europe.
copper group,
Anaconda Cop¬
closed yesterday at 33% against 34%
per
of
In the
last
week;
Kennecott
on
Friday
Copper at 36% against
of
reports that steel
record
tained
Particularly significant
are
production in England has at¬
proportions.
German business
The
37%; American Smelting & Refining at 76% against
position also appears to be improving, albeit largely
78%, and Phelps Dodge at 33% against 34%.
as
Trade
and
comforting.
industrial
indices
remain
moderately
Steel ingot production for the week
ending today was estimated by the American Iron
and
Steel
69.1%
a
Institute
at
69.4%
week ago and 42.8% at this time last year.
Production of electrical energy
May 16
tute at
of capacity against
was
for the week ended
reported by the Edison Electric Insti¬
1,961,694,000 kilowatt hours
as
compared to
the consequence
France
an
view of the
impending formation of
London
The
initial
British funds
while
Association
is
of
a
of
As
cars over
revenue
freight
in the week ended May 16, the
American
gain of 12,512
98,497
Car loadings of
cars
Railroads
cars over
the
indicating the
reports.
This
the preceding week and
same
course
mar¬
kets, the May option for wheat in Chicago closed
York.
on
was
quiet in the
opened firmly but receded thereafter,
A few oil issues
heavy.
down to
displayed strength and
advanced, but gold mining securities
International securities
were
marked
conform with week-end advices from New
Better demand for
gilt-edged issues
was
noted
Tuesday, and British funds participated in the
small
week in 1935.
of the commodity
were
Exchange
week, with trends uncertain.
changes in the industrial section were mostly
rubber stocks
681,447
Stock
session of the
favorable.
totaled
Socialist Cab¬
dispelled.
and
ing week of 1935.
a
inet, and it may be some time before the distrust is
1,947,771,000 kilowatt hours in the preceding week
1,700,022,000 kilowatt hours in the correspond¬
of Government expenditures. In
understandable timidity now prevails, in
gains.
Most industrial stocks were marked
higher, although shares of building industry
cerns
suffered from
profit-taking.
con¬
Diamond issues
3400
Financial
advanced
on
oil stocks
dipped, while gold mining securities
steady.
rise in the
a
International securities again
Little business
the
price
funds
price of uncut gems, but
declined
lower,
were
done at
was
trend
were
London, Wednesday, and
mainly downward. British
was
fractionally, while home rail issues
likewise suffered.
The
Chronicle
1936
chases of Chinese silver will be made
over
a
period
In subsequent dispatches from Nanking
intimated that the amount of silver involved
of months.
it
was
is 75,000,000 ounces, but
made
this
point.
It
no
official statement
was
disclosed in Washington
by Ambassador Sao-ke Alfred Sze of China and Seeon
was
industrial section was
dull,
only brewery and aircraft stocks escaped the
general decline. International securities were irreg-
retary of the Treasury Henry Morgenthau -Jr., that
the American purchases will be made at market
ular.
for
and
Official intimations that taxation will be in-
increased in the future depressed the London
mar-
ket, Thursday. British funds lost ground, while industrial issues disclosed gains and losses in about
equal numbers.
Gold mining shares improved, and
most international issues also
higher.
issues
Small recessions
yesterday, while
irregular.
marked
were
slightly
noted in gilt-edged
were
industrial
securities
The international list
were
dull, with
was
changes small.
reflected in
the
Monday. Kentes
trading
were up
the Paris Bourse,
on
fractionally,
though
even
they failed to close at best levels of the day, and
bank stocks also
were
Bank of France
French
tional
securities
reflected
on
timations
that
embark
may
quiet buying.
agreement
as
mone-
a
Chinese currency troubles only made
their appearance after the United States Treasury
caused
large and entirely artificial fluctuations in
market values of silver, a metal that for ages had
exchange in China.
The
Treasury hastily effected purchases of silver from
China in amounts of 19,000,000
ounces
in November,
1934, and 50,000,000 ounces in November, 1935. Despite such maneuvers, China found it necessary to
decree the nationalization of silver late last year,
and it is presumably from stocks
accumulated
so
that the American purchases will be derived,
Quietly overlooking the circumstances that the
Treasury program, Mr. Morgenthau expressed the
the
groups
of issues.
In-
caused
were
by
the erratic
forthcoming Socialist regime
opinion that the monetary program being pursued
by China "is not only along sound lines, but consti-
issues
all
Rentes, bank
receded, while in-
The market
was
dull, Wednesday, but even small
offerings sufficed to depress quotations materially,
Rentes lost much
difficulties
large and expensive program of
on a
ground, and French bank and in-
securities also
were
The
whereunder silver is to be accumulated
tary base.
The trend
ternational securities held close to previous levels,
ligations
exchange for the silver.
naturally is in accord with the Silver Purchase Act,
almost all
and industrial
dustrial
purposes. If the Nanking
desire, gold will be made available
Chinese
public works depressed the Bourse.
stocks
here in
stabilization
so
Tuesday, when small recessions
recorded in
were
higher with the exception of
shares, which dropped 130 points,
utility and industrial stocks and interna-
reversed
was
currency
authorities
been the chief medium of
Modest demand for almost all classes of securities
was
values, while China will utilize the proceeds strictly
declined.
International
not much affected.
The Bourse
obwas
tutes an important step toward the desired stability
of world currencies."
It
was
recalled that agree-
ments for purchase of silver had been made previ-
ously with Mexico and Canada, and Mr. Morgenthau
indicated that further negotiations with other silver-
producing countries would be welcomed.
he said, the groundwork
means,
ternational currency
can
stabilization.
By this
be laid for in-
Ambassador Sze
closed, Thursday, in observance of Ascension Day.
made public a statement by the Chinese Finance
The tone
Minister, Dr. H. H. Kung, in which monetary
small.
yesterday
was
firm, but movements
were
Rentes and bank stocks showed best results,
The Berlin Boerse started the week with
active
cheerful
and
session.
a
fairly
Fears of internal in-
flation still
were
prevalent to
of all kinds
were
in
a
degree, and equities
demand, but fixed-income issues
also
developed modest strength.
were
soft, with the decline attributed to the foreign
indebtedness of these
Shipping stocks
corporations.
The impression
gained ground Tuesday that Dr. Schacht would
sist
successfully all endeavors for
devaluation
suited.
while
of the
Losses
bonds
a
formal internal
mark, and selling of stocks
small but
were
improved.
re-
re-
general in equities,
Dealings
small
on
Wednesday, with the tendencies of the previous
ses-
sion accentuated.
closed
holiday.
improved.
trading
yesterday
resulted
in
disclosed which
tern not linked to
"will
assure
independent
an
the permanent stabilization
of
Chinese Silver
currency sys-
Chinese currency,
provement and prosperity."
Minimum
reserves
of
25% will be maintained against note issuance, it
was
said, while silver coinage will be resumed in
the form of 50c. and $1 pieces, Chinese.
ous
reference to the
United
States, it
new
was
With obvi-
silver agreement
with the
indicated also that definite
arrangements have been made to increase the gold
and
foreign
exchange
portion
of
note-issue
the
reserve.
tjt
u-
i
j
Trade Treaty Wlth Fmland
0IGNATURES were attached in Washington,
Monday, to a reciprocal trade treaty with Fin-
^
be expected to show some increase.
.
re-
con-
foreign monetary unit, and
any
land, under which Finnish-American
gains in nearly all parts of the list.
the
which will inevitably lead to greater economic im-
The Boerse
Thursday, in observance of the religious
Modest
were
tinned maintenance of
Equities dropped rather sharply,
but fixed-interest securities
was
were
forms
is the sixteenth
commerce can
The
new
accord
negotiated under the Trade Agree-
ANNOUNCEMENT was made to Washington, mentsapproval1934,the Presidentbe effective 30 days
in
and it will of Finland and
Monday, of another
China
after Act of
by
i
from
move
the
currency
difficulties
weird silver program
Conferences that
tween
representatives of the Chinese
and of the United States
an
agreement
by
the
of the Roosevelt Administra-
tion.
with
on
rescue
occasioned
started
early in April be-
Treasury
whereunder
Government
were
terminated
substantial
pur-
Like other
accords in the series, this agreement is based largely
promulgation by President Roosevelt.
on
concessions covering products of particular inter-
est to the two countries.
"By the conclusion of this
agreement," Secretary of
State
Cordell Hull an-
nounced, "the Governments of the United States and
Volume
to
Financial
have
Finland
142
signalized their steadfast adherence
that commercial
Chronicle
policy which, by lowering the
unreasonably excessive barriers
trade
to
and
stances
to
firing squads
have
been
press
correspondents
said in
are
guilty of little
passive opposition to the
con¬
firming the principles of equality and fair treatment
of
3401
fore the Italian
invaders.
in¬
some
than
more
Four
foreign
ousted from Addis Ababa
were
between the
nations, provides oppor¬
tunity for the restoration of large and profitable
early this week, for
international trade."
ish and French Governments for withdrawal of the
commerce
were
Substantial tariff reductions
granted by Finland
number of American
on a
agricultural products, and also
items.
Finland also bound
other
Mr.
products.
Hull,
on
on a
to
as
but there
the free list various
make
this
are
said
celebration
Armaments
continues to
and
increases
rapid
naval
important countries.
The naval treaty
signed at London by representatives of the United
Great
Britain
and
France
tions.
ton
At the end
and London
free
build
to
basis
of
a
within
the
qualitative limits
for
It
the United
recent
States
all
consideration
of
notified other
of
was
reported to have
provided.
struction of
to
pears
of
be
for
to be assembled for
tiations
latter
the
a
for
a
naval
treaty with Russia,
difficulties.
The Russian Asiatic fleet
ited, the British Government
tion" to
can
on
sians contend.
be lim¬
a
obtain
British
in
costly.
taken
the
a
use in shooting
Stanley Baldwin was
Thursday to make it clear
on
affairs
ernment made it
of
Egypt
or
given readily.
was
Palestine, and
The French Gov¬
plain, Thursday, that
an
French priest from Ethiopia
a
•.
i
'
"in-
on
this
anticipated.
are
•
Italian
was
acceptable," and diplomatic conversations
'
'
'
*
"
*
1
•
'
•
IREMIER-DESIGNATE
LEON
of the French Socialist
*
the formation of
a
Ethiopia itself, but it would
seem
government to
are
and
reported to have
place in Addis Ababa of natives
who
looted
\
as
a
leader
Albert
be formed by M.
pro¬
preliminary to
Cabinet to succeed the
regime formed by Premier
pacification difficult
BLUM,
party, engaged in
tracted conversations this week
news
city before the Italian entry, and those put be¬
samples of such soft-nosed bullets
Little reliable
Wholesale executions
the
firm, ostensibly for
the
expulsion of
are
roving bands of marauders always formed from the
that the Italians will find
used
French Cabinet
pacify the country and rid it of the
is available from
London
"notorious purveyor of false informa¬
assurance
matter
now
armies.
were used
by Ethi¬
Mr. Eden made it clear that
Member
ference
Germany, the Rus¬
HAVING conquered Ethiopia, military forces in
of
Government
engaged
of defeated
But several incidents
military attache in
a
Ethiopia
remnants
on
also
Prime Minister
the
.'
the endeavor to
British
reduced
indication that inter¬
lessening.
nature
were
that Great Britain would not
permit Italian inter¬
/
the Italian
an
requested by
serious
week, only if an accord can be reached with Japan.
Any provision for limitation of the Russian naval
strength must also be binding
be
wild animals.
informed late last
was
Italian
from
but the
some
Cabinet is formed.
were
reported this
Foreign Secretary Anthony Eden discoursed
services of
The British Government has started nego¬
country already has interposed
may
opians in the struggle.
maximum of 35% of the British
fleet, as extensive
building of submarines and small surface craft is
reported.
in
bullets of British manufacture
ap¬
to
concern
length before the British House of Commons,
Monday, regarding Italian allegations that dumdum
taking advantage of the Anglo-Reich
enlargement of the German fleet
little
a
probable that Italian
at
con¬
The German Government
caused
seems
probably will be deferred until
French
new
disquieting
a
week.
larger vessels immediately after exist¬
ing treaties expire.
accord
are
official nature
national tension is
Not long ago it was indicated in Great
Britain that materials
move
Tuesday, and this
of the limitations
excess
the
naval forces in the Mediterranean
signatories of the 1930 London treaty
to proceed
immediately with the
building of destroyers in
Guate¬
though it
even
after the
intention
an
possible that the sanctions imposed by the
impotent body then will be lifted.
League last Saturday of its with¬
an
dispelled, however,
developments elsewhere.
The
British Government last week
con¬
thought is being
given to the League problem, but conversations of
conceded.
The satisfaction to be derived from the
apparent
of Japanese sentiment is
on
its
resume
Ethiopian problem until June 16,
influence motivated the Central American
country.
In Great Britain and France much
principle of parity with the leading naval Pow¬
trend
but
to
.
drawal, and
her withdrawal from the London conference because
not
..
expenditures
f800,000,000
Geneva,
tri-partite accord, and it is fairly well under¬
Japan will not start a naval race despite
was
from
range
Ethiopian
mala notified the
stood that
ers
The
Italian
appropria¬
war
League of Nations will not
and it is
embodying the terms of the
the
conquest
sideration of the
Tokio, Tuesday, that Japan may be will¬
ing to make separate treaties with Great Britain
covering
indicate, however, that actual
the
The
was
rumored in
and
the
the cost of the
or
$1,000,000,000.
the
on
exchange of information.
confined.
were
addressed
The various decrees
tions
when the Washing¬
pacts expire, all countries will be
mere
Minister
the national finances
war.
only for qualitative limita¬
of this year,
Italy where they
Finance
Wednesday, but
carefully refrained from supplying any figures
on
unanimously by the United States Senate, Monday,
but that document calls
victory, Premier Benito Musso¬
Chamber of Deputies on the
budget,
he
ratified
was
the
a
near
Italian
various
States,
Rumors
partial political amnesty, Tuesday,
prisoners were released from the .penal
495
islands
by
strength
of
ordered
and
point toward further
of
compliance.
current, meanwhile, that stiff resistance will be
lini
ALL evidence
indications of
are no
up in Western Ethiopia when Italian forces
attempt to penetrate that part of the country. In
profitable trading arrangement.
Naval
not entirely
are
put
mutually
a
that
reasons
Italian requests have been made to the Brit¬
troops those countries sent to Ethiopia last autumn,
few industrial
Our concessions to Finland,
such
are
clear.
temporary
Sarraut.
Blum
will
The
have
ample support in the Chamber which
convenes early
month, for the Radical-Socialists will partici¬
pate, while passive approval by the Communists
next
also is
probable.
But
some
difficulties already have
early this week to take the post of
invitation
That move signified the apparent end of the effort
It was reported
to "deflate" in Poland, but the Cabinet headed by
Zyndram Koscialkowski contained Ministers who
Foreign Affairs in the new regime.
the first task of
that M. Herriot declined because
the
charged with having occasioned misery and
The Cabinet resigned
on May 15, and President Ignatz Moseicki immediately entrusted the formation of a new regime to
General Felicien Slawoj-Skladkowski, who took the
oath of office last Saturday while wearing his uniform. Most of the Ministers were reappointed, but
it was held significant that the post of Minister of
government probably will be to put an end to
the sanctions
probable
capitalists who
proved reassuring to the French
sent their funds abroad in
after
point
was
large volume immediately
exceedingly
One
election.
the
of action
course
of his utterances
the mildness
and
Premier,
continued to give
M. Blum
intimations of his
some
were
suffering by their policies.
against Italy which the former Premier
earnestly advocated.
as
foreign
of the heads of the
one
interesting
Industry was given to Antoni Ronan, who may possibly exercise stringent control over all foreign trade
and exchange dealings. The new Premier was a
close personal friend of the late dictator, Marshal
Joseph Pilsudski, and a stern rule is anticipated,
raised by the Premier-designate during a
speech before the American Club of Paris, late last
He
week.
spoke frankly of the war debt question,
that Frenchmen have a tendency to
and remarked
think of the debts
effaced and abolished.
as
Per-
The change in government is almost equaled in
importance by the recent resignation of Colonel
Adam Koc as President of the Bank of Poland,
Colonel Koc is an ardent upholder of the gold standard and of unrestricted foreign trade. He was succeeded last Saturday by Dr. Ladislaw Byrka, who
promptly stated that there will be 110 devaluation
sonally, however, he was well aware that the debt
question still exists in American opinion, he added,
pointed out that France always viewed German
He
reparations and the war debts as interconnected, but
in
a
ters
subsequent passage mentioned that "in all matand
grounds respect for international
all
on
contracts and for international
signatures must be
of the zloty and no inflation.
preserved or reestablished."
p
.
T
developments
.
1
*
j.
*
are
.
.
.
t~v
ir
.
i
,
,
,
of contention between the two
~
.
,
-x
-o
•
governments of Great Britain
^
&
France determined upon the continued mde..
^
j.
mi
x
n
i
x
a
i
i
1...
•
x
,
.
„
TT.
,
i
A,
Ernst
Prince
Ruediger
von
,
/,
v
n
.*_AA AAA
n
1
x
„
-x
.
1/.
.
,
.
..
....
r.
Polish Government itself for cancellation,
by the
...
.
,
±
.
..
.
•
Interest payments will continue to be made, it. is
t.
i
.
,,
,
n
c^x
Starhemberg
1.
ti
x
,
^
to the fiscal agents $700,000 of such bonds now held
.
realignment of last week, whereby Vice-Chancellor
_
,
,
.
,,
The Austrian political
pendence of the small State.
1
.
x-
,,
,
.
xi
is an
v
,
,,
,
...
with the democratic
and
,
...
regimes,
x
,,
announcement here, Thursday, that the next cash
'
,
Qnf
,
.
sinking fund payment on the Polish 8% dollar loan
.
,
,,
.
'
will not be made as required by the loan agreement,
..
,
~
,
47, ., , ,. ®
as the Polish Government has decided to turn over
v
.
.
great fascist
,.
,
.
/»
1
.
,
,
mi
,
,
of the old Dual Monarchy is a bone
the remnant
&
Of much interest
^
little more than routine.
.
since
•
i
Tribune" remarked, have come to be regarded as
,
of great
European countries,
..
»
.
.
a
Austria
m
-pi
I*,
importance to all
,,
.
1
.
.
OLITICAL
But such statements,
dispatch to the New York "Herald
a Warsaw
Austria
TmT~
AT
May 23, 1936
decrees were issued in April restricting dealings in
exchange and prohibiting gold exports,
Edouard Herriot, former Premier and
Radical-Socialists, declined
appeared.
an
Chronicle
Financial
3402
was
-
ousted, continued to attract much attention for this
dent
Constitutional Rule in Cuba
\V7ITH the inauguration on Wednesday of PresiW dent Miguel Mariano Gomez y Arias, the
Government of Cuba was returned to a Constitutional status for the first time since the Machado
but the evidence now indicates that this inci-
reason,
chiefly of internal significance.
was
lor Kurt
Chancel-
Schuschnigg consolidated the reins of gov-
ernment in his
moment
hands and is regarded at the
own
the virtual dictator of the
as
He
country.
outlawed the Heimwehr last week and endeavored
by this
wliich
to remove the chief support upon
means
the
volatile Prince Ernst
The
which
observes
commands
the
of
late last week
designated
Mother's
tended
little
as
an
organization,
inauguration.
honor
or
the only legal
gress.
Fatherland
the
the
Front
pass
unheeded.
insult is not
an
was
wings.
Mussolini,
promises of support from
which
doubtless
Thursday augmenting the
clipped
power
establishing
and
his
of the Fatherland
volunteer
a
militia which is expected to supplant the
Heimwehr.
POLISH economic week in found their reflecdifficulties abrupt change of
late
government.
last
mi
an
*x
x»
i
l
j
•
.
The situation has been strained
Public
Works
bonds
which
were
Broad but carefully
for
a
nized.
sweeping political amnesty also
was
recog-
Personal liberties are to be respected here-
after, Dr. Gomez said, and offenders against the
.
laws will be delivered to the regular tribunals of
justice. In a tilt at the armed forces of Cuba, which
exercised complete control on many occasions in
recent
years,
the new
President
remarked
that
"force alone is precarious if it is not animated and
authorized by reason and justice, without which
firm and permanent peace cannot exist."
The Cabi-
net named by Dr. Gomez was considered generally
satisfactory and capable of dealing with the many
Polish Cabinet
x
defaulted
considered reforms in social, economic and agricul-
allowed to
was
Front
tion
former occasions, he urged the reestab-
tural legislation were recommended, while the need
Chancellor Schuschnigg issued a decree on
organization
on
A
intimated in Rome that the
Prince failed to obtain any
Premier
Presi-
when
clear.
Wednesday
caused
was
regulations apparently
It
As
floated in the United States.
wehr, which he founded and headed, but this infracof the
new
preted to mean that he favors payment by Cuba on
of
von
greeted vociferously by members of the Heim-
tion
Wednesday the
on
lishment of Cuban credit, the reference being inter-
Prince
Starhemberg returned from Rome and
von
Late
dent delivered his first message to the Cuban Con-
Chancellor,
Section, but whether this was in-
uncertainty
Prince
was
Help
patron
elected by an overwhelming majority last Januand lie was greeted with popular acclaim on his
visit to Italy at the time,
was on a
appointed
was
Dr. Gomez
Star-
political organization in Austria.
hemberg, who
overthrown in August, 1933.
ary,
the
as
was
was
Starhemberg
von
Front"
"Fatherland
relied.
was
regime
since
difficult Problems facin" the ne^ reSime- The
elections made are as follows:
secretary OF STATE—Jose Manuel Cortina.
treasury—German
waiter Dei Rio.
Volume
Financial
142
JUSTICE—Estanislao
INTERIOR—Carlos
Cartana.
PUBLIC
Gomez
HEALTH—Manuel
EDUCATION—Luciano
NATIONAL
PUBLIC
Money
Pelaez.
AGRICULTURE—Jose
Mencia.
DEFENSE—General
LABOR—Augustin
call in London
on
mains
Montalvo.
Santos Jimenez.
Bank of
MOST of the Latin American countries have
political stability
them
of
some
of
measure
a
revolutionary movements swept
years
But a new overturn
ago.
occurred in Bolivia last
bear
Sunday, and it appears to
close resemblance to the
a
assumption of mili¬
The two countries were
tary control in Paraguay.
opponents in the exhausting Chaco war, and it is
perhaps not surprising that the respective internal
political situations
the
same
neered
by
a
now are
being adjusted in much
The Bolivian coup d'etat was engi¬
way.
military junta, in the usual manner of
Army leaders, said to be
Latin American revolts.
allied with members of the Socialist
control of the
of any
ance
England Statement
amounting this time to £1,085,000 which raises the
total
over
re¬
THE statement of still Bank for gain week ended
May 20 shows the another the in bullion,
Bolivian Overturn
wave
At
May 19 to
on
at
Bonet.
PRESIDENCY—Domingo Macias.
since the
J^%.
was
raised
was
b/^% from 6%, while in Switzerland the rate
Rafael
Cruz Fernandez.
attained
Friday
on
market rate
Simeon.
COMMUNICATIONS—Rafel
COMMERCE—Eudaldo
3403
Paris the open
Menu.
Martinez.
WORKS—Raul
Chronicle
party, took over
government at La Paz without resist¬
kind, and President Jose Luis Tejada
again to
year
ago
£1,660,000
gold
in
£2,746,000.
Public
while
deposits
other
latter amount
and
£238,473
ratio is
at
securities
ties
circulation,
fell
£3,133,072
from
The
accounts.
Loans
year.
£1,290,000 and those
reserve
on
on
a
week
government
other securi¬
Other securities consist of discounts
£304,305.
and advances which fell off
which increased
in the
Of the
from bankers' accounts
31.23% compared with 30.18%
rose
rose
£7,697,000,
$3,371,545.
off
was
other
contraction
a
reserves
increased
deposits
and 43.65% last
ago
attended by
was
note
A
£193,404,330.
aggregated
holdings
gold
Since the gain in
of
high of £206,188,494.
record
a
£1,683,537 and securities
No change
£1,987,842.
2% discount rate.
Below
we
was
made
the
compare
different items with other years:
BANK OF ENGLAND'S COMPARATIVE
STATEMENT
promptly complied with a demand for his
Sorzano
resignation.
May 20
May 23
1934
May 22
1936
A general strike had been called on the
1935
May 24
May 25
1933
1932
previous day by the labor federation, and negotia¬
tions for
It
adjustment of the difficulty were fruitless.
in this
was
agitated situation that the military
Circulation
Public deposits
Other deposits
Bankers' accounts-
Other accounts
junta acted, with the result that the strike was
36,764,300
91,173,310
21,396,495
Govt, securities
Other securities
terminated
junta,
Disct. & advances-
by Colonel David Toro, issued a manifesto
Reserve notes & coin
military
The
immediately.
Securities
headed
calling for the organization of a new fatherland,
based
the
on
social
justice, equity and equality, while
Coin and bullion
Proportion of
great fortunes formed by exploiting the natural
37,251,930 32,948.351
70,001,127 69,374,656
15,768,444 22,810,605 35,960,003
12,171,642
5,256,906
11,573,631
11,236,974 23,788,361
10,511,538
11,838,064
77,134,929 46,539,917
72,488,567
65,794,569
193,404,330 192,130,046 187,008,683 125,761,106
35,569,860
85,486,044
35,491,768
76,549,807
17,206,328
5,368,264
reserve
31.23%
49.30%
43.65%
2%
to liabilities
2%
*
2%
50.69%
2%
34.70%
2*5%
Bank of France Statement
by the declaration that a few persons held
"the
7,142,831
14,253,664
43,058,000
206,188,494
Bank rate
tendency of the regime was indicated addition¬
ally
423,129,000 387,609,761 379,641,479 369,873,754 354,221,189
13,365,237
15,707,046 23,606,213
14,356,763
21,027,000
116,845,802 136,351,773 133,662,234 136,456,764 110,492,483
80,081,502 100,781,913 98,170,466 99,204,834 77,544,132
riches of
our
territory."
A
Cabinet
new
named
was
tentatively, but it did not content Colonel Toro, who
Provisional
named
was
that
formulated
Socialist
radical
on
would have to be
Constitution
new
a
further
and
The leader of the revolt de¬
changes are probable.
clared
President,
a
further decline
francs, making the total loss of the Bank's gold re¬
serves
for the eight
weeks from March 20 to May 15,
8,184,920,630 francs.
Gold
now
aggregates 57,515,-
500,778 francs, in comparison with 79,761,970,001
francs
a
ago.
principles in
The
an
attempt to improve the lot of the workers.
Discount Rates of
THE statement for thegold holdings May 15 shows
in week ended of 514,472,287
year ago
and 77,086,190,795 francs two years
reserve
ratio stands
now
at 62.35%, com¬
pared with 80.02% last year and 78.67% the previous
Foreign Central Banks
year.
Credit balances abroad, bills bought abroad,
against securities and creditor current ac¬
advances
THE Bank of Italy 4^%. 18 reduced its had been
from 5% to on May The 5% rate discount
counts
rate
in effect since
from
raised
Sept. 9, 1935, at which time it
43^%.
Present
centers are shown in the table which
the
at
rates
was
leading
follows:
francs
loss of
respectively.
Notes in circulation record
a
453,000,000 francs, bringing the total down to
Circulation
83,535,403,345 francs.
RATES OF FOREIGN CENTRAL BANKS
DISCOUNT
register decreases, namely 268,000,000 francs,
3,000,000 francs, 59,000,000 francs and 399,000,000
a year ago aggre¬
gated 82,002,283,420 francs and the year before 80,Rate in
Pre¬
Rate in
Effect
Date
vious
May 22
Established
4
Aug. 28 1935
4*5
India
3
Nov. 29 1935
Ireland
3
June 30 1932
3H
3H
Italy
4*5
May 18 1936
5
Aug. 15 1935
Canada
2tf
Mar. 11 1935
Chile
4
Jan.
24 1935
4*5
Java
Colombia..
4
July
18 1933
5
Jugoslavia
-
-
Danzig
Denmark
-
3.29
Jan.
1 1936
Oct.
21 1935
3H
.
.
Apr.
6 1936
June
2 1935
5
Feb.
1 1935
6
Jan.
2 1934
Morocco.-.
6H
May 28 1935
Norway
3
May 23 1933
4
2H
Poland
5
Oct.
25 1933
6
13 1934
2
June 30 1932
2 *5
Portugal...
5
Dec.
5
Sept. 25 1934
5X
Rumania
4^
Dec.
7 1934
6
4
Dec.
4 1934
4*5
South Africa
3 *5
May
15 1933
4
6 1936
5
Spain
5
July
10 1935
5
Sweden
2X
Dec.
1
1933
3
7*5
Switzerland
2*5
May
2 1935
2
6
May
4
Sept. 30 1932
Greece
7
Oct.
13 1933
Holland
2H
Feb.
3 1936
Germany
_.
OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
5H
Gold holdings
Credit bals. abroad,
a
May 15, 1936
May 17, 1935
May 18,1934
Francs
4H
6
Finland
France
BANK
7
Estonia
England
comparison of the various items for three years:
3H
6H
Aug. 21 1935
-
a
3.65
4*5
Japan
Lithuania.
Czechoslo¬
5
French commercial bills dis¬
francs. Below we furnish
counted is up 459,000,000
Hungary-
6
3
391,612,470 francs.
Rate
4«
May 15 1935
vakia
vious
2 X
7
July
2
—
Date
Established
4
July
4
Belgium
Bulgaria--.
10 1935
1 1935
Country
3*5
Austria
Batavia
Pre¬
Effect
May22
Rate
Country
Francs
Francs
Francs
—514,472.287 57,515,500,778 79,761,970,001 77,086,190,795
13,218,612
10,240,577
9,159,413
—268,000,000
French commercial
.
3
Foreign Money Rates
Note circulation
+459,000,000 17,506,652,291 3,877,029,394 4,662,784,759
1,080,710,461
1,289,482,373 1,128,488,752
—3,000,000
—59,000,000 3,444,290,739 3,132,739,353 3,018,666,248
—453,000,000 83,535,403,345 82,002,283,420 80,391,612,470
Credit, current accts
—399,000,000
Propor n of gold on
hand to sight llab.
.
+ 0.02%
bills discounted-.
b Bills bought
abr'd
Adv. against securs.
a
8,709,309,298 17,676,836,621 17,597,281,031
Includes bills purchased in France,
62.35
Bank of Germany
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
on
were
as
on
Friday of last week, and 9-16% for three-months'
bills,
as
against
9-16%
on
Friday of last
week.
80.02%
78.67%
b Includes bills discounted abroad.
Statement
THE May shows ofloss in goldfor the second 925,000
the Bank and bullion of quarter
of statement
a
marks, bringing the total down to 70,044,000 marks.
3404
Gold
a
years
Financial
160,894,000 marks.
silver and
currency,
record
other
contraction of
a
total
and
foreign
other
assets
down
The
with 2.47% last
compares
4.87% the previous
show
coin
in
17,400,000 marks respectively.
ratio, at 1.85%,
serve
Reserve
decreases, namely 90,000 marks, 16,830,000
marks and
and
totaled 82,274,000 marks and two
year ago
ago
re¬
year
Notes in circulation
year.
Chronicle
May 23, 1936
from 1 to 90
days, %% for 91- to 120-day bills, and
1% for 121- to 180-day bills.
banks' holdings
000 to
$4,544,000. Open market rates for acceptances
nominal in
are
far
so
rates for open
4,086,814,000 marks.
Circulation
year
before 3,460,691,000 marks.
in bills of
Bid
Asked
516
Vi
516
90 Days
in advances of 11,509,000
marks, in investments of
A
years
comparison of the various items for
REICHSBANK'S
«
COMPARATIVE STATEMENT
*
H% bid
Discount Rates of the Federal Reserve Banks
THERE have been nothe
changes this week banks.
in the
following is the schedule of rates
classes
various
the
for
Federal Reserve
of
for Week
Gold and bullion
Reichsmarks
different
Reserve banks:
Reichsmarks
70,044,000
82,274,000
160,894,000
19,520,000
21,993,000
28,524,000
•
+ 90,000
5,428,000
4,051,000
5,228,000
—120,576,000 4,138,598,000 3,606,372,000 2,987,515,000
+ 16,830,000
197,437,000
206,246,000
261,688,000
*
1,532,000
11,800,000
12,296,000
—11,509,000
41,523,000
65,492,000
62,696,000
—9,598,005
538,618,000
675,944,000
642,428,000
+ 17,400,000
351,938,000
641,166,000
573,048,000
in effect
the
DISCOUNT
RATES OF FEDERAL
RESERVE BANKS
No change
Reserve in foreign curr.
Bills of exch. and checks
Silver and other coin
oth. Ger. bks_
on
Reichsmarks
—925,000
Of which depos. abroad
Notes
May 15, 1936 May 15, 1935 May 15, 1934
Reichsmarks
now
at
paper
Changes
Assets—
X
DAYS
H % bid
The
'
Advances
Rate in
Federal Reserve Bank
Dale
Previous
Established
Rate
Effect on
May 22
Liabilities—
Notes In circulation
—70,264,000 4,086,814,000 3,499,271,000 3,460,691,000
—35,529,000
650,301,000
957,767,000
477,080,000
—2,468,000
171,541,000
215,123,000
145,225,000
Other daily matur. oblig
Boston
2
IX
Philadelphia
2.
Cleveland
Investments
Other assets
IX
May
11
2
May
-
Richmond..
Atlanta
Feb.
8 1934
2X
Feb.
2 1934
2
Jan.
17 1935
*
circul'n.
Validity of notes
other banks expired March 31, 1936.
on
New York
market this week.
rates for loans secured
established
hardly
any new
at
or new
1%% f°r
ago
business
the New York Stock
renewals
The
series of
in
due
were
offered
No altera¬
commercial paper
or
Treasury sold last Monday two further
days,
a
$50,000,000,
0.181%,
on
Exchange held to 1%, whether
loans, while time loans
discount bills.
0.156%, while
of
but
Call loans
done.
was
maturities to six months.
209
both
was
One
series
of
awarded at
$50,000,000,
an
average
of
second series, due in 273 days, also
awarded
was
2
May
2
May
2
May
2
Feb.
Minneapolis
computed
on
at
an
an
average
bank
annual
of
dis¬
count basis.
Course of Sterling
2X
2X
14 1935
2X
10 1935
2 X
8 1935
2X
16 1934
2 X
-■>.
Exchange
STERLING exchangethose of recent weeks. The
presents no new features of
importance from
market continues to be dominated
present
to
as
and
fears
least
at
the
immediate
have
firmer above
temporarioy
of
outcome
policies,
currency
exported from
Paris
to
French
subsided
financial
franc is
that the
so
points at which gold
may
ruling
profitably be
This
other centers.
any
temporary subsidence of fears concerning the franc
has made it less necessary
intervene
in
the
market
for the British control to
during the
past week to
steady the relation of sterling and the franc.
foreign exchange markets
dull
here
they
as
under the influence of
Money Rates
by caution induced
by the doubtful position of the French franc. For the
exceptionally
New York
2X
1935
3 1935
higher
maintained,
were
tions occurred in bankers' bill
rates.
The
by Stock Exchange collateral
weeks
two
19
2
Money Market
slightly
QUIET conditions prevailed in the New York
money
1935
Jan.
Jan.
Kansas City
4.8%
14
2
2
San Francisco
2.47%
1.85%
Jan.
Chicago
Louis_____
-
2 X
9 1935
St.
+0.01%
2X
2
1935
Dallas
Other liabilities
Propor. of gold & for'n
curr. to note
Asked
X
WITHIN THIRTY
lediscount rates of
below:
appears
*16
si«
Bid
Eligible non-member banks
of 35,529,000 marks and in other liabilities of 2,468,000 marks.
X
DELIVERY
Asked
Eligible member banks
9,598,000 marks, in other daily maturing obligations
three
Bid
»•*
Jis
FOR
H
—30 Days-
—60 Days
Asked
Prime eligible bills
exchange and checks of 120,576,000 marks,
—120 Days—
Asked
Bid
150 Days
Asked
Vi
Bid
appears
follows:
are as
Bid
a
and the
A decrease
as
The nominal
SPOT DELIVERY
180 Days
to
concerned,
are
rates.
own
market acceptances
70,264,000 marks, bringing the
aggregated 3,449,271,000 marks
ago
the dealers
as
they continue to fix their
Prime eligible bil
year
The Federal Reserve
of acceptances decreased from $4,677,-
The
and in London
are
completely
almost
are
trading caution. The
range
for
sterling this week has been between $4.96 7-16 and
DEALINGExchange from day toloan rates
in detail with call day, 1%
Stock
on the
the
loans and renewals.
week
in
the
nominal at
time
market.
money
paper
no
continue
The market for
has been fairly active this
The demand has been strong and paper
been
in
choice
1% for
good
names
names
supply.
Rates
are
%%
a range
The
$4.95% and $4.98% last week.
new
change this
Rates
1}4% for all n^aturities.
prime commercial
week.
There has been
$4.97% for bankers' sight, compared with
between
was
ruling quotation all through the week for both
has
for extra
for
cable
$4.97%,
transfers
compared
$4.95% and $4.98%
The
rate
rT",HE demand for
and the
1
been
MEAN
ance
Quotations
of
the
Council for bills up to and
paper.
Rates
American
are
Accept¬
including 90 days
are
York
Reserve
Bank
is
%% for bills running
range
$4.96% and
Saturday, May 16
Monday,
mean
open
London check
market gold price,
OPEN
May 19
__140s.
MARKET
|
Id.
_139s. lid.
PARIS
Wednesday, May 20
_75.493
Thursday,
May 21
____75.492
Friday,
May 22.______75.533
75.513
140s. 3d.
May 18
Tuesday,
GOLD
PRICE
Wednesday, May 20__ 139s. llj^d.
Thursday,
I
May 21
Friday,
May 22._ 139s. 11 +^d.
PRICE PAID FOR GOLD BY THE UNITED STATES
RESERVE
Saturday, May 16_
$35.00
Monday,
May 18___
35.00
Tuesday,
May 19
35.00
While
London
and
between
of
ago.
CHECK RATE ON
75.371
*_
LONDON
3-16% bid and %% asked; for four months, %%
bid and 3-16% asked; for five and six months, %%
bid and 5-16% asked.
The bill-buying rate of the
New
May 18
May 19_
Acceptances
quiet due to the limited supply of
unchanged.
LONDON
__.75.320
Monday,
fairly strong this week, but trading has been
a
week
a
between
price paid for gold by the United States:
Saturday, May 16
prime bankers' acceptances has
with
Paris, the London
Tuesday,
Bankers'
been
following tables give the
on
running from four to six months and
less known.
has
of
range
the
__
139s. llj^d.
(FEDERAL
BANK)
Wednesday, May 20
Thursday,
Friday,
foreign exchange
$35.00
May 21
35.00
May 22
35.00
market here and in
especially is relatively inactive and bankers
foreign exchange traders await the eventualities
Volume
Financial
142
which may
develop after the formation of the new
French government in June, sterling
firm
owing
There is
rate in
constant flow of funds to
a
terms of the
dollar
centers.
foreign
in
demand
The
London.
might be firmer than it
is, but for the circumstance that the movement
now
of
heavy
to
is expcetionally
foreign funds into American securities still
con¬
There has
even
tinues, though
been
diminished scale.
on a
apparent withdrawal of short-term foreign
an
During the past week
that the British
its
Exchange control has been directing
policy toward
gold in the
premium
keeping down the
London
with
market
open
occasions the London
it
dollar
gold price was quoted in terms
ship
to
These
dollar and
view to
just under $34.80, which might make
profitable
York.
a
on
On numerous
steadying the sterling-franc situation.
of the
this
to
in favor of the
worked
operations
extent
New
London to
from
gold
a
further rise
sterling with respect to the dollar.
in
Meanwhile
sterling
is
business
seasonally
important
autumn
London
but
on
of August,
end
"unofficial"
have
steps
apparently
recently
been
when
taken
the
protect
to
gold.
has
there
bank
It is well known that for
been
in
franc
and
notes
hoarding
Bank of
the
the
and
England's note circulation
higher than last
registered during the
believed
discourage
and the banks
coins at
a
month is
London
transactions.
currency
The
year.
past
the
in¬
due
banks
outside the
lines to
the
Germany, but in future,
During the past month the Bank of England made
Frequently such
purchases have been far in
excess
of the amounts
market.
Therefore it is
daily available in the
open
concluded that the British
exchange control has been
lieved that the exchange control
in the
call for
a
a
a
time when
London
hardly be profitable.
market
open
Current statement of the
enactment.
a
decrease in circulation of
London
ago
British authorities
Germany
on
it
when
had
placed
was
reported
was
ban
a
on
found
that
the
credit to
the ground that financial collapse of
that country was
imminent.
The London banks
were
prompt to deny that they had been given warning
on
the
subject
warning
happended
of these
implicitly
was
was
credits.
Nevertheless
conveyed.
that there
gold
day, £417,000;
£330,000;
on
a
really
were
assisting Ger¬
many's rearmament by increasing their short-term
credits.
Chancellor
he
had
Chamberlain
took
to believe
occasion
to
that bankers
state
that
were
acting otherwise than in accordance with the
no
reason
general feeling in the
House
of Commons in this
matter.
Pease at the
thereafter
Mr.
J.
W.
Beaumont
annual dinner of the Bankers Associa¬
tion affirmed that
none
of the London clearing banks
con¬
destinations, chiefly
on
available £103,000;
was
Tuesday, £269,000;
on
On
Mon¬
Wednesday,
£126,000; and
Thursday,
on
on
Friday,
The Bank of England bought £1,330,080
£275,000.
gold bars during the week.
At the Port of New York the
the week ended
May 20,
Reserve Bank of New
gold movement for
reported by the Federal
as
York,
follows:
was as
GOLD MOVEMENT AT NEW YORK MAY 14-MAY
20,
INCLUSIVE
Exports
Imports
$59,986,000 from France
4,994,000 from Holland
2,235,000 from India
None
153,000 from England
99,000 from Russia
$67,467,000 total
Net Change in Gold Held Earmarked for Foreign Account
$700,000
Note—We have been notified that approximately
$357,000 of gold was
received at San Francisco from Australia.
above
figures
ceived from Guatemala.
the
but
metal,
gold
account increased
was
the
for the
are
There
held
change
or
foreign account.
were
re¬
exports of
no
earmarked
on
was
foreign
for
On Friday $30,700 of gold
$6,300.
received from Russia.
metal
week ended
On Thursday $6,300 of gold
Wednesday.
There
in gold
were no
held
On Friday it
was
exports of
earmarked
for
reported that
$370,000 of gold was received at San Francisco from
China.
Canadian exchange during the week was quoted at
a
discount of
5-16% to %%.
Referring to day-to-day rates sterling exchange
on
Saturday last was inclined to firmness in dull trading.
Bankers'
sight
was
firm
was
$4.96 7-16@$4.96 9-16;
$4.963^@$4.96%.
transfers,
on
$4.96
was
Immediately
All
market
London banks.
deposit with the
on
open
are
%%.
are
foreign hoarders, who generally leave
Saturday last there
been criticism in
had
Parliament that British bankers
What
un¬
against bills
money
gold available in the London
The
financial authorities
and
banks
days
Call
Four- and six-months' bills
for account of
£1,660,000.
of the cooperation between the
Further evidence
several
Bank shows
continue
rates
money
tinues to be taken for unknown
in
the metal
on
supply at 3^2%- Two- and three-months' bills
9-16%.
the
wciuld
operation would
an
lowering the premium
changed from recent weeks.
the
rising franc rate
point at which shipments of gold from Paris to
London would
legislative
a
a
Such
higher gold price.
have the effect of
to
has been placing gold
market in order to depress the sterling
open
price for gold at
Decrease
as
It is also be¬
selling gold to the Bank of England.
Bullion brokers
effective
as
doubt owing to
no
political opposition to such accommodation, they
A simple request by the financial
authorities in London is
London finance houses
some
clearing banks have increased their credit
unusually heavy purchases of gold.
to
asked to refrain from buying gold
are
premium.
instances
many
of their credit lines for
legitimate movement of goods against documents.
It is also understood that
The British authorities
asked
have
to
the
£283,415,
but the extraordinary
entirely to foreign demand.
are
May 13
circulation is also due to the
expansion in British trade,
increase
by
Christmas
last
Bank's
in the
on
of £424,789,000, exceeding the
of
record
£34,468,000
crease
quarters but chiefly in France.
largely responsible for increasing
was
high figure
previous
long
gold coins in London, originating
in various Continental
This
a!
heavy demand for British
a
The London bankers
drawn up to the full amount
is in
actually to maintain the integrity of the pound
time
credits to Germany other than those
standstill agreements.
agreed that German banks have in
an
against London normally begins.
in terms of
to
dollar
the
will become
effect and
until the
factor
pressure
Several
against
the tourist requirements
now
take
beginning to
are
prevented
firm
account, and
had given any
in the
evidence has existed
or more
3405
will be less amenable.
from New York to London.
money
Chronicle
active
On
Monday
European demand.
11-16@$4.97^8
f°r
bankers'
$4.96;?4@$4.97 7-16 for cable transfers.
the
pound
$4.96
was
firm and steady.
11-16@$4.97 3-16
and
cable
sterling
The
range
sight
Bankers' sight
cable
and
On Tuesday
transfers
was
were
On Wednesday sterling was firm
$4.96%@$4.97%.
The range was $4.96 15-16@
$4.97 1-16 for bankers' sight and $4.97@$4.97% for
European buying.
on
continued
Thursday sterling
On
transfers.
cable
The range was $4.96%@
15-16@$4.97 1-16
On Friday sterling was steady
steady and in demand.
$4.97 for bankers' sight and $4.96
for cable transfers.
and in
$4.97%@$4.97%
good demand, the range was
sight and $4.96%@$4.97% for cable
bankers'
for
Closing quotations on Friday were
transfers.
mercial sight
$4.97%
$4.97% for cable transfers.
for demand and
Com-
bills finished at $4.97%, sixty-day bills
$4.96%, ninety-day bills at $4.95%, documents
at
payment (60 days) at
for
May 23, 1936
Financial Chronicle
3406
13-16.
grain bills at $4.96
payment closed at
$4.97%.
_
_
_
_
.
$4.96%, and seven-day
Cotton and grain for
'
.
.
Continental and Other
oreign
ange
xc
needs. It is believed that a considerable part of the
gold which came from France to the United States
in the past few weeks represents metal sold by the
Bank of France for the establishment of dollar bal-
which to support the franc. This is held
explanation of the large increase in the
sight balances of the Bank of France abroad,
No confidence is felt by the small French investor
in the future of the franc. This was seen on Wednesday when the interest rate on national defense bonds
was raised from 4%% to 5%. The higher interest
rate was forced upon the Government because of the
current financial and political difficulties. It is significant as a reflection of dissatisfaction by investors
in French Government bonds at a time when the
program of the new Socialist Government obviously
calls for heavy borrowing by the state to finance
ances ^th
to be the
public works.
The
mmediate
cause
for the interest
THE French and situation continues exceedingly increase defense bonds to renew their holdings,
uncertain franc
change in the trend cannot
national was the refusal of holders of maturing
any
definitely determined for some
be
the
new
weeks, until after
government under the leadership of premier-
designate Leon Blum proves its power to govern.
Currently the rate for the franc has
steady, though several times
been relatively
during the week the
quotation dropped below the export point for gold
from Paris to New York.
The extreme outward
gold movement is thought to
be at an end for the
present.
Numerous
the free
on
restrictions
have recently been placed
movement of gold and
been
have
foreign exchange
London, and policies
transactions both in Paris and
formulated to discourage not only
bear
The bonds now maturing are those issued two years
ago
following the organization of the Doumergue
Ministry of National Union after the February riots,
when subscriptions to national defense bonds were
especially heavy, amounting to 2,500,000,000 francs,
There are more than 26,000,000,000 francs of national
defense bonds outstanding, all running for two years,
and while the rate has fluctuated with the bank and
Treasury bill rates, it had been kept below 5% since
1927. However the situation is viewed it seems improbable that the new Government will be able to
borrow from the public except at prohibitive rates,
Heavy discounting will probably be forced on the
foreign gold coin on the
Bank of France and the institution will be brought
Thus, devaluation
or a gold moratorium may soon be expected, together
with a further considerable inflation.
The German mark situation becomes increasingly
difficult to comprehend. The Berlin Boerse has been
strong for some time, with industrial shares reaching
heights which according to competent observers are
part of French hoarders which has been especially
noticeable since March 7 forced the market price for
not justified by the financial status and earning
potentialities of the corporations.
This indicates
sovereigns were
market, compared
melting value at current prices for gold
in its efforts to dis-
that although devaluation of the mark may not be
imminent, investors believe that devaluation cannot
be escaped. It is held that the present status of the
Reich currency is exclusively dependent upon Dr.
Schacht, President of the Reichsbank and Minister
of Economics, and his position is none too secure
because of strong radical Nazi opposition. He is
meeting with the greatest difficulty in his endeavors
to raise funds for the continuation of export subsidies,
Recent United States "Commerce Reports" re¬
lating to the Reich's finances point out: "The short-
French policy, it
term borrowing during the past three years practically exhausted liquid resources of savings banks,
speculation in the franc but also the hoarding by
French nationals.
It appears that a few days ago
the
French banks made an agreement not to
credits likely to
This decision
grant
be utilized for selling francs forward,
places
an
obstacle in the path of future
renewal of old com-
transactions and also makes the
mitments when
they mature exceedingly difficult.
The excessive demand for
gold coin in London to a point where
bringing 34s to 35s in the bullion
with their
On Tuesday it was under-
bullion of around 32s 8d.
brokers in London not to
excess
of the
bullion
Bank of England requested
stood that the
buy gold coin at a price in
melting point
or
to sell gold coin for
This is the first definite restriction on free trading in gold in London and the action
is believed to have been taken in harmony with the
-hoarding purposes.
views of the
courage
hoarding.
this
While
has
Bank of France
been
conforms to
action
in London, where
criticized
the
move
is
It is
Bourse"
coin in London, since the jewelry and fancy
designated
as
having only
a
nuisance value.
thought that it will tend to create a "Black
for
gold
goods shops which display offers to purchase sovereigns
will probably
hoarders.
Moreover,
contrive to effect disposal to
the decision is criticized as
affecting only the small man while leaving without
restriction wealthy
able to
individuals and financial interests
are
trying in various ways to
discourage foreign exchange transactions
not based upon
strictly commercial
commercial banks, and other credit houses.
The
difficulties of rediscounting its employment and armament bills were illustrated during March by an announcement that contractors and manufacturers
working on Government orders are now obliged to
keep these bills for a specified period and not to pass
them on for rediscount to their banks. Foreign
exchange resources even to pay for necessary food
imports have been scanty and the gold reserve has
recently reached an all-time low that deprives it of
affor^ to buy bar gold.
The French banks
further under Treasury control.
or
which
are
urgent business
significance as a backing for the currency."
London dispatches on Monday reported that the
Italian discount rate had been reduced from 5% to
Volume
4%%.
142
The reduction in the rediscount rate of the
Bank of
Italy is interpreted
as an
financial strain incident to the
is
beginning to
The
Financial
v
indication that the
Ethiopian campaign
Chronicle
increasingly
and the 1936 exports are
Council, Inc., reported
Old Dollar
New Dollar
default
Parity
Parity
3.92
6.63
Belgium (belga)
Italy (lira)
13.90
16.95
5.26
8.91
Switzerland (franc)
Holland (guilder)
19.30
32.67
32.30)4 to 32.37
68.06
67.57
France (franc)
_______
40.20
The London check rate
75.55
at
against 75.27
Range
This Week
to 16.93
16.91
New York sight bills on the French center
at
6.57%, against 6.57%
cable transfers at
mercial
and at
finished
6.58%, against 6.59%; and com¬
sight bills at 6.55%, against 6.56%.
Ant¬
16.90% for cable transfers, against 16.93 and
16.94.
Final
for
40.25
for
quotations
bankers'
transfers,
in
marks
Berlin
comparison
7.86 for cable
Austrian
with
and
40.28
4.15%;
Poland at
closed
18.75
at
Czechoslovakia
on
on
40.29.
bills and
transfers, against 7.86 and 7.87.
schillings
exchange
were
sight bills and 40.26 for cable
Italian lire closed at 7.85 for bankers' sight
at
In
belgas closed at 16.90% for bankers' s;ght bills
werp
Bucharest at
0.93 for bankers'
revenues,
expenditures and debt services of the various
tries is the decline in the percentage
trues
but
report
coun¬
of total expendi-
applied to external debt service in the face of
increasing
revenues
time
percentage
the
defense in many
risen
in
many
instances.
At the
of expenditures
same
for national
of the South American countries has
sharply in the last few
the contention of
a
In refutation of
years.
majority of the Latin American
Governments that lack of sufficient foreign exchange
is
responsible for continued default
on
their obliga¬
tions, the report shows that the balance of trade of
nine of those nations has been in their favor in the
last
year,
which would enable several of them to
considerable exchange in this country which
against
could be
applied to debt service.
on
Finland at
on
Greek exchange
the
analysis of the statistical information
build up
0.74%, against 0.75;
18.80, against 18.86; and
2.19% against 2.19%.
in
upon
Latin
striking dis¬
more
18.76;
against
4.14%,
at
part of the
Among the
commented
upon
the
on
presented in tabular form respecting the
Friday of last week;
on
not
discouraging condition of
a
bonds
American countries.
closures
Friday
Friday of last week.
on
dollar
on
apparent
to 67.61
on
expected to exceed 1,000,000
7.87
7.84)4 to
Paris closed
on
6.59)4
6.58)4 to
ex¬
Monday the Foreign Bondholders Protective
gold to the United States dollar:
on
In 1933 Brazil
crop.
,:Vv-,
On
following table shows the relation of the lead¬
ing currencies still
its cotton
on
ported 51,000 bales of cotton, in 1935 620,000 bales,
bales.
ease.
3407
holders
an
closed at
sight bills and at 0.93% for cable
transfers, against 0.92% and 0.93%.
Council
The Foreign Bond¬
gives the Province of Buenos Aires
exceptionally clean slate.
Argentine
paper
pesos
closed
Friday, official
on
quotations, at 33.14 for bankers' sight bills, against
33.08
Friday of last week; cable transfers at 33%,
The unofficial or free market close
on
against 33%.
EXCHANGE on thetrends apparent since the the
countries neutral during de¬
follows the
27.60@27.65, against 27.55@27.60.
was
Brazilian
war
velopment of the
began
firm
March 7.
on
as
new
crisis in the French franc which
The Scandinavian currencies
are
they follow closely the fluctuations in sterling.
Swiss francs and Holland guilders are weak in terms
of the dollar
owing largely to
an
outward movement
of funds from both countries to the London market.
Swiss and Dutch currencies are,
The
disturbed
result of the
as a
French franc.
either
legally
it would
the
or
of
course,
also
precarious position of the
Should the French unit be devalued
by the method of
or
a
gold moratorium,
impossible that either the Swiss franc
seem
guilder could
sterdam market is
escape
especially
devaluation.
nervous,
The Am¬
and there is
a
persistent demand there for sterling and dollars.
Bankers'
sight
67.56,
against
at
cable
transfers
mercial
Amsterdam finished
67.66
at
Friday
on
67.57, against 67.67, and
67.64.
com¬
Swiss
32.29% for checks and at 32.30%
transfers, against 32.39 and 32.40.
Copen¬
and
22.17.
Checks
on
allied
are
announcement
was
sentatives of the
United States
with
made in
market close
was
Peru is nominal at
sterling.
On
Monday
Washington that
Chinese finance
Treasury have
come
to
agreement
an
an
independent
not to be allied either to the United States
dollar, sterling,
States agrees to
silver at
or
the Japanese
yen.
The United
begin immediately to buy Chinese
approximately the world price in order to
give the Chinese the gold and foreign exchange
sary
repre¬
ministry and the
whereby the Chinese unit will become
neces¬
to stabilize their currency internally and
ex¬
The Chinese in turn have agreed to keep
silver reserve equal to 25% of their note circulation,
ternally.
use
silver in coins, and not to link their currency to
that of any
against 25.59 and 25.60, while checks
the reform of the Chinese
Norway
free
or
as
units
these
Sweden closed at 25.65 and cable transfers at 25.66,
on
bankers'
EXCHANGE on the Far firmness, countries of
steady and inclined to Eastern
most is
to
and
for
Chilean exchange is nominally
quoted at 5.19, against 5.19.
a
22.16
8%
are
24.95, against 24.85.
hagen checks finished at 22.22 and cable transfers
against
The unofficial
8.46.
5.60, against 5.65.
at
22.23,
quotations,
sight bills and 8.44 for cable transfers, against 8%
currency
Friday
on
of last week;
sight bills at 67.54, against
francs closed at
for cable
on
official
milreis,
other nation.
For
purposes
of completing
coinage system China will
finished at 25.00 and cable transfers at 25.01, against
issue silver coins of 50-cent and one-dollar denomina¬
24.94 and 24.95.
tions.
for
bankers'
Spanish pesetas closed at 13.63%
sight
bills
and
at
13.64% for cable
transfers, against 13.66% and 13.67%.
■
•
of monetary reform
in accordance
are
with the Chinese governmental decree of Nov.
i
The decision will make China the only
—♦—
EXCHANGE steady and inclined to firmness in
generally on the South American countries is
sympathy with the trend of sterling.
American countries
business and their
It is
The agreement and measures to be taken in
furtherance
are
showing
revenues
are
All the South
a prosperous
export
steadily improving.
pointed out that Brazil, which has hitherto de¬
pended chiefly
on
its coffee
crop,
is coming to rely
3,1935.
major section
of the Far East, except the Netherlands East
which is
beyond the
scope
Indies,
of British currency in¬
A portion of the necessary gold and foreign
fluence.
exchange
reserves
has already been obtained.
The
Central Bank of China, it is understood, will become
a
central
reserves
reserve
bank in about
a
month.
of the Central Bank of China
are
The
gold
understood
Financial
3408
to have been increased since the end of
13,000,000
to 51,000,000 yuan at the end of
yuan
February, while foreign exchange
period
same
a
the end of December.
Bank will
soon
much of the
the yuan
during the
reserves
from 5,000,000
rose
having reached
yuan,
August from
yuan
to 90,000,000
high of 123,000,000
It is expected
yuan
at
exchange operations
will be carried
to control
necessary
yen
checks yesterday
were
Friday of last week.
Hong¬
kong closed at 32J^, against 32^@32 13-16;
Shang¬
29.86, against 29.11
hai at
at
on
and
May 23, 1936
the Commission
as
29.86@30.00, against 29.95@30 1-16; Manila
49.90, against 49.95; Singapore at 58.40, against
der
to
The Court had
had
fact
called excise tax,
par
exchange) in the principal European banks
as
of
by special cable yesterday (Friday); comparisons
us
shown for the
are
provisions of the Act.
exaction is to
1936
1935
1934
1933
£
£
£
£
638,095,760
460,124,006
Germany b_
192,130,046
616,689,526
193,404,330
206.188,494
2,526,200
3,015,800
which, of
90,779,000
6,554,000
63,019,000
53,775,000
86,167,000
45,914,000
18,040,000
7,394,000
6,601,000
6,577,000
Nat. Belg..
Switzerland.
99,522,000
48,516,000
Sweden
23,904,000
Denmark
_
90,108,000
73,962,000
66,900,000
77,251,000
61,117,000
15,022,000
7,397,000
6,604,000
Netherlands
17,681,700
90,373,000
69,478,000
90,502,000
a42,575,000
58,110,000
Italy
125,761,106
631,255,737
_
Norway
38,356,400
60,885,000
76,976,000
72,183,000
74,297,000
11,442,000
69,842,000
76,456,000
73,388,000
12,031,000
7,397,000
8,380,000
8,032,000
6,561,000
Amount held
a
Oct.
20,
b Gold holdings of the
1935; latest figure available,
Bank of Germany are exclusive of gold held abroad, the amount of which the present
year
avoid
avoid
to
so
maker is
is £976,000.
Monday
was
The
Supreme
Court,
in
long awaited
a
tion
Act of
1935, commonly known
Coal
Act,
unconstitutional. On the
as
the Resettlement
has been met
relief
by
grounds,
the
Administration, the cost of which
a
grant from the blanket emergency
is not final, since
acts
The
but
powrer,
an
appeal
can
be taken
The elaborate
perhaps the Security Act.
the
Supreme Court
affirmation
of
States, and
an
the
decision
the
was a
of
majority
a
broad explanation and
constitutional
rights
of
emphatic denial of the right of the
Federal Government to interfere where the
States,
by the Constitution, are clearly given control.
points particularly at issue
of the Act
imposing
a
the
were,
on
the sale price
mine, but with
90% of the tax in the
case
The
first, the provision
tax of 15%
of bituminous coal at the
a
the
upon
of
depend
and that "if the Act in respect
price-fixing provisions be not
pre¬
Act, that the makers of the Act "were
some
Federal power,
contention
sus¬
thought to exist,
Court
the
declared, "made
no
general welfare
of the powers
A
review
demolished.
The
Constitution, Justice
no
grant of authority
such authority exists save as the
which
of
be promoted by the exercise
may
the
are
granted."
provisions of the Act from the
point of view of the regulation of interstate commerce
"renders
inescapable," the Court further declared,
"the conclusion that the effect of the labor
of the
collective bargaining, and
wages, wage agreements,
the labor board and its powers,
production and not
the further
a
provisions
Act, including those in respect of minimum
upon
primarily falls
upon
and confirms
commerce,
resulting conclusion that production is
purely local activity." Following the ruling in the
"none of these essential antecedents
production constitutes
part of interstate
power on
a
transaction in
commerce.
.
.
or
forms
The want of
.
the part of the Federal Government is the
whether the wages,
same
hours of service and work¬
ing conditions, and the bargaining about them,
related
has
to
begun,
production
or
before
interstate
are
commerce
to sale and distribution after it has
ended."
There
remained
the
question whether the price-
fixing provisions of the Act could be separated from
the labor
provisions. A careful examination led the
of companies which
primary contemplation of the Act is stabilization
a
National Bitumi¬
of the
the
industry through the regulation of labor and
regulation
Justice
the
up¬
Congress to legislate substantively for the general
bituminous
in
the taxing
upon
of Congress to regulate
power
apart from the specific grants of the Constitution."
This latter
adopted,
mine
are
majority of the Court to the conclusion that "the
Coal
coal
to change the na¬
so as
opinion that its constitutionality could be
Commission, which the Act created, the
right to fix the minimum price of coal at every
nous
mean¬
drawback
a
code embodied in the Act; and, second,
provision conferring
While the law¬
.
Court, further, from certain recitals in the
amble of the
any
opinion in which Associate Justice
announced
though he
same as
.
held, the 'tax' must fall with them." It appeared to
Schechter case,
Wagner Labor
the
.
things to which the words
the
of the labor and
of
Sutherland
of
or
upon
constitutionality of
Relations Act and
accepted
jail.
Government, however, urged that the validity
but the decision against it casts doubts
the
of the
This latter decision,
Supreme Court, but not only is the Guffey
Act dead,
upon
day the
New Jersey project of
a
appropriation of 1935.
of course,
to
the Guffey
same
Appeals of the District of Columbia halted,
constitutional
on
as
thing in order
a
applied."
decision, set aside the Bituminous Coal Conserva¬
Court of
term in
a
not be employed
of the
ture
welfare, and
another hard day for the Adminis¬
of the
agreement,
/entirely free to ignore the ordinary
device may
to
Constitution
an
ings of words and make definitions of his own, that
Sutherland
tration.
One who does
Convention which framed the
The Administration Versus the
purpose
called
monetary penalty does not agree; he
a
tained under
Total week. 1,043,729,700 1,206,204,890 1,213,701,722 1,259,469,974 1,195,857,243
Prev. week. 1,046,035,850 1,212,494,153 1,209,329,617 1,264,270,416 1,187,407,289
as
it is not, for it lacks the essential
course,
interstate commerce,
£
187,008,683
647,434,591
6,154,150
89,106,000
Spain
1932
The tax, it was
The whole
what is
coerce
of the so-called tax did not
Banks of—
England
penalty."
penalty to compel compliance with the regulatory
a
corresponding dates in the previous
four years:
France
a
so-
was
declared, "is not imposed for revenue, but exacted
did
respective dates of most recent statements, reported
to
seriously denied, that the
with its drawback provision,
yields to compulsion precisely the
bullion
of
difficulty in holding, what in
no
been
never
at
THE following table indicates the amounts of gold
(converted into pounds sterling at
or¬
ably high.
to
European Banks
were
protect consumers against prices unreason¬
element of consent.
Gold Bullion in
necessary
thought to require it, to fix maximum prices in
58.35; Bombay at 37.57, against 37.50; and Calcutta
37.57, against 37.50.
might deem
and also, if the public interest
proper,
"clearly not a tax but
on.
Closing quotations for
variations
that the Central
branch in New York, where
open a
Chronicle
countrv.
with
such
we
essential."
of
prices;
for,
since
must conclude that both
The
both
were
were
thought
price-fixing provisions of the code,
Sutherland
said
in
conclusion,
"are
thus
Volume
disposed of without coining to the question of their
constitutionality," but the warning
"neither this
the
was
disposition of the matter"
Court had
said
that the Court is
"is
of
be
to
the
taken
modities sold in interstate commerce was a question
of policy regarding which, including "its particular
applications," Congress and not the Court should
decide. Encouraged, apparently, by this, Senator
added that
nor
as
anything
indicating
Guffey introduced on Thursday a bill in which price
fixing is retained while the mandatory labor provi-
opinion that these provi-
sions, if separately enacted, could be sustained."
The
of
decision
of
the District
Columbia
of
sions of the Act
Court
are
It is doubtful if a
dropped.
hasty substitute of this kind will meet the demands
Appeals concerned the constitutionality of the
of funds
3409
Chronicle
Financial
142
their use,
either absolutely or in any specified con-
of organized labor, which has interested itself particularly in the Guffey Act, or if a revised measure
of any kind can be considered and passed at the
present session.
The decision has undoubtedly
opened the way to a renewal of the cut-throat
competition and labor disturbances which have
demoralized the bituminous coal industry, but it
has nevertheless sharply reminded the Administration that reforms, however desirable in themselves, must not be sought by unconstitutional
means, and indirectly has reminded the States once
more that they possess important constitutional
powers which the Federal Government may not
rightfully usurp.
The immediate response to the other decision has
been characteristic. The Attorney General is quoted
as holding that the decision applies only to the particular type of resettlement project that was considered, and does not set aside either other relief
projects or the Emergency Appropriations Act as
a whole. Press reports intimate that the Administration will be in no haste to carry the case to the
Supreme Court, and in any event the appropriation
for the Tugwell enterprises will probably be spent
before the highest court can render a decision. The
country waits to learn whether Mr. Roosevelt and
his party will bow to the Constitution as interpreted
dition
or
circumstance.
by the courts, and abandon courses for which there
not
he
use
appropriated by the Emergency Relief
Appropriation Act of 1935 in maintaining the Tugwell scheme of rural
resettlement,
Resettlement Administration.
ect in
controversy
was
N.
J., against which
on
the
injunction had been sought
ground that the activities of the Resettlement
Administration represented an
egation
community that
ed would withdraw
from
local
was
being construct-
large amount of real estate
a
taxation, and that the 750 families to
brought in would burden the township, in spite
of its loss of taxable
Act
made
of them
tion
appropriations for various
"housing," but there
of the relief
left
property, with additional
ex-
for police, fire protection and schools.
penses
was no
The
purposes,
one
special alloca-
funds, and their expenditure
was
entirely to the discretion of the President.
The
Court of
which
the
Appeals could find
constitutionality of
sustained.
"There is
Justice Van
no
ground on
the Act might
be
nothing in the Act," Associate
Orsdel
the powers or
to
unconstitutional del-
of legislative authority to the Executive,
that the model
be
particular proj-
in Franklin Township,
one
an
known as the
now
The
declared, "directly prescribing
duties of the President with respect
housing." Assuming that the President is to
the
as
.
as
of
are
to
to be
them
use
or
to where
has been shown to be no vestige of constitutional
expended for
warrant, or whether a constitutional amendment is
guide
as
to be demanded which will deprive the Federal
courts of the power to interpose to check govern-
by the Act." In the words of Associate
ment by fiat, and make the will of Congress and the
case,
no
criterion to
govern
discretion of the President the supreme lawr of the
erection
land.
"this is delegation running riot."
======== ■'
confronted," the Court continued,
appropriation for internal improvements
an
national
a
no
his
There is
.
not here
are
"with
He is free
There is
.
Cardozo, in his concurring opinion in the
Schecliter
"We
.
housing and the various other projects
.
to
enumerated
Justice
.
how these funds
or
housing.
course
fit.
sees
when
or
use
funds, there is nevertheless "nothing requiring
of
State
character
or
importance,
public buildings,
or
Nationalism and Imperialism in the
for the
F
F
f
the grant of loans
or
municipality to carry out public works
Only constant reference to the map and close
projects." Nothing in the Act prescribed for what
attention to unfamiliar names will enable the aver-
to
a
or
of persons
class
houses should be built, or whether
they should be rented
or
sold,
or
be constructed in cities where
or
in
and
new
dismissed
impractical
as
The
of the funds might be
Press dispatches, even from the least prejudiced and
in
the
their
a
can
an
the
on
discretion of
use."
members of
to vote for notwithstanding doubts of its
affirmed by the
one
Chief
sources,
not
infrequently take for
uninformed'or partisan
con-
need of clarity. There is a general impression, how-
Supreme Court,
Justice
try does not possess, while
reports only add to confusion where there is special
question that agitates New Deal circles is what
it.
informed
Con-
Now that the unconstitutionality of
about
best
granted knowledge which the reader in this coun-
Guffey bill, it will be remembered, is the
the Act has been
the
The geography of the regions for whose control the
three Powers appear to be struggling is relatively
tance of the contested areas imperfectly understood,
in
reasonable limitation
stitutionality.
,
the Congressional mandate shall in-
that
which President Roosevelt asked
gress
country;
little known, and the economic and political impor-
moneys
Executive
and Russian political maneuvers in the Far East,
not needed
principle involved
public
the
were
reader of the daily news to follow understand-
appropriation of the
"demands
a
uses
fanciful, there is
which
elude
they
communities to be created in the
while
age
ingly the complicated course of Japanese, Chinese
whether they should
ever,
that Japan, bent upon becoming a world Power
of the first rank, is steadily pressing its control of
China beyond the boundaries of the State of Man-
Hughes, in
chukuo, that Soviet Russia is seeking to check the
opinion in which he concurred with most of the
Japanese advance by increasing its political influ-
be
done
in the northwestern Chinese provinces, that the
findings of the majority, differed in holding that
ence
the labor and
were
Russo-Japanese rivalry, in consequence, has greatly
separable, and declared that price fixing for com-
strained the relations between the two countries
price-fixing provisions of the Act
3410
and
Financial
made
war
disturbing possibility, and that
a
China, torn by internal dissension and with
ernment whose
unable
to
no gov¬
authority is generally recognized, is
disorders within
prevent
or
territorial
an
impression
depredations from without.
In most fundamental
to
reason
There
was
only too much
expect that the occupation of Manchuria
by Japan, and the erection there of
State whose
a
foreign and military policies, at least, would be
der
Japanese control, would
safety be turned in either direction.
Siberian
un¬
in
expense
of China. That expectation
forces
Peking, and reported collisions with Chinese
the frontier of Manchukuo and Inner Mon¬
on
golia. Slowly and irregularly, but with
which
ence
suggests
of
persistence
long-range plan, Japanese influ¬
a
to be pressing westward.
appears
measure
a
Chinese
influence
in
The precise
Mongolia at the
present time would be difficult to determine.
Inner
regime
while
was
Outer
nominally
an
Mongolia,
form of Soviet
with
deal
the other hand,
on
autonomous Chinese province,
has been much influenced
a
established to
by Soviet Russia and has
government, while the far western
province of Sinkiang, better known until lately
Chinese
Turkestan, made
independence in 1934.
a
as
formal declaration of
The weakness of central
au¬
Japan,
are very
the other hand, recent politi¬
on
sharp rebuke to
a
in politics, and for the next few months,
least, military activities
seem
likely to be devoted
consolidating the Japanese hold in Manchuria
and northern China and
the
strengthening positions
Mongolian and Russian frontiers.
For the cotrol of its outlet
also needs
of
a
are
able to
the Pacific Russia
on
successfully with that
cope
very
unequal. In denouncing the Wash¬
Naval Treaty and declining, at the recent
ington
Naval
London
naval
Conference,
to
accept
inferior
an
status, Japan has made clear its intention
to free
to
navy
on
.
Here the relative positions of the two
Japan.
Powers
the
affairs.
In
the army
government of China proper, but six years later
autonomous
European Russia, and
changes have administered
Mongolia, in 1928, allied itself with the Nationalist
local
great distance
militarists, and particularly to the influence of
save
an
cardinal ob¬
as
a
cal
suggestive military thrusts southward in the direc¬
tion of
in the
the
to
to have been justified. There have been
war
region where transportation facilities
a
limited.
entering wedge for the wide extension of Japanese
appears now
Railway and Vladivostok
jects, would have to be fought at
at
prove
A
1936
23,
east, with the maintenance of control of the Tran-
to be only an
authority at the
May
from the industrial centers of
respects such
conforms to the realities.
Chronicle
itself
such
ultimately from all naval restrictions
by agreement
as
applied equally to all
are
important naval Powers, and to develop its fleet
point where it
a
cific.
has
dominate the western Pa¬
can
It is to meet this
challenge that Soviet Russia
just made known at London its intention to
maintain in the Pacific
fleet
a
equal in strength to
that of
Japan. Russian naval policy, in other words,
will be
governed by that of Japan.
a
however, is
navy,
The building of
matter of years, and unless
a
Japan elects to strike before the Russian fleet
thority in each of these provinces, the uncertainty
be
of
can
imminent.
their relations with China proper,
the undevel¬
oped state of the country, and the wide prevalence
of
banditry
obvious invitations to invasion
are
or
political domination.
territorial
to
years
Russia has
no
situation
need
of
many
would normally be fully occupied with
come
of the vast
is
further
acquisitions, and its energies for
the economic
development and political organization
region
Yet
war,
air
the
which it already rules.
over
The
with
race upon
some
the
a war on
is filled
and the naval
entered after
The interest of Soviet Russia in the
mainly two-fold.
materially enlarged,
rumors
sea
is not yet
of
impending
which the Powers have
of agreed limitation, and
years
which Great Britain and the United States
suing
on
implication
drawal
of
of
that the
pur¬
long
continued
no
with¬
Th,e
peace.
Japan from the League of Nations has
it from
freed
are
unprecedently large scale, carries
an
the
even
small
of restraint
measure
League could exercise, and in matters of
growth of Communism and the spread of the Soviet
foreign policy it enjoys complete liberty of action.
system in Mongolia, while naturally gratifying to
At
Moscow, do not of themselves
posed to block its imperial ambitions
a
Russian
peoples, not
There is
threat of
occupation, for the Soviet Government
prefers to be regarded
weak
carry any
no
as
the protector of small
to their independence.
as a menace
desire
whatever,
or
the other hand, to
on
have
a
strong and aggressive Japan the dominating
political influence in Mongolia or Sinkiang, and the
outlet
to
means
be preserved.
the
Pacific
at
Vladivostok
must
by all
Every extension of Japanese
the
moment
is concerned.
accorded
been
Power that
110
Manchukuo, to be
diplomatic
as
sure,
recognition,
seems
far
as
dis¬
China
has not been
there
have
diplomatic reminders from Washington
that
the open
or
there is
door must be respected and that political
territorial
changes brought about by force and
in violation of treaties will not be
tically,
however,
China
and
have
Japanese
encountered
no
recognized. Prac¬
encroachments
upon
important outside ob¬
domination, accordingly, in the regions which touch
stacle, and the protests of Russia have been
Siberia is
fined, for the most part, to diplomatic representa¬
a menace
of which Russia is bound to take
notice, and if the danger
there is
Save for the
tion, however,
possibility of
a
for
war.
In
some
will be avoided.
extreme provoca¬
war
does not yet
Neither country is
spite of the fact that the Russian
is, in
many
country is not yet in
protracted
means
war
ready
army
largest organized military force in the world,
and that it
or
be met only by war,
Russo-Japanese
appear to be near at hand.
is the
can
to think that
no reason
security
war.
on
a
respects, well equipped, the
position to support
Security,
for
a
Soviet
tions whose
of China
be large.
appear to
circumstances the immediate future
dark.
seems
Government
is
The
authority of the Nanking
everywhere
precarious,
and
the
breach between the north and the south has not been
healed.
of the
The
fighting which
goes on
in various parts
country is desultory and apparently aimless,
suggestive of the continuance of the chaotic situa¬
serious
tion
Russia,
purpose
two fronts: security in the west
importance does not
Under such
con¬
in
central
which
war
lords
and with little
government.
operate without
or
110
common
responsibility to
a
The effect of the silver policy
against
of the Roosevelt Administration has been to demora¬
and
lize Chinese
a possible advance by Germany or Poland,
security in the east against Japan, and the
whole military force of the
country cannot with
the recent
finances, and it is yet to be
seen
whether
proposal to pay gold for silver, the gold
Volume
Financial
142
remaining in this country, will afford much prac¬
tical
help.
Japanese spokesmen
declared that
once
Japan has
have
than
more
intention of con¬
no
3411
Chronicle
3.56%.
ground, making
by
the
Treasury
announced
litical and
gained %, closing at 108%; Kansas City Terminal
ment of China's
its economic
continues to the detri¬
prestige and the embarrassment of
development.
Neither the
political
the Far East
be
can
of the world.
nor
High-grade railroad bonds have shown further fractional
to
the economic problems of
Their effect is to be
seen
in the
growth
close at
109.
Lower-grade
stock
Central
4%s, 2013, closed
69%
Japanese imperialism whose aim, it is widely
a
of
unchanged
at 85; Southern Rail¬
the Far
cost
European and American influence in
East, in the aggressive competition of low
Japanese goods in European
American
and
markets, in the heavy inroads which Japanese cot¬
ton textiles have made upon
cotton textiles in
the
the market for British
India, in the rapid expansion of
Japanese merchant marine, and in the fears
that
expressed for the continued independence
are
of the
The Russian resistance to Japa¬
Philippines.
penetration is
nese
situated would be
for
field
which
one
which
any
nation similarly
likely to make* but there is a large
Japanese exploitation in northern China
can
be
occupied without provoking
Russo-
a
In
alism upon
China
as
which the world appears to have enterfed,
seems
likely to be left to fight its own battles
financing
for neither Great Britain nor the
United States thinks
seriously of going to war with
Japan, and Russia may be expected to accept much
more
provocation before venturing upon war until it
feels able to meet J a pan on
the
sea.
The Course of the Bond
Market
Bond
and
other
prices have done nothing more than mark time this
speculative
remained
firm,
groups
the
have
Aaa's
been
mixed.
recording
MOODY'S BOND
a
High
new
low
grades
yield
at
ward
u
s.
Corporate* by Groups
Corp*
was
Common¬
the week.
107% were up % point for the
advanced %
Aaa
Aa
A
85%;
92; Interstate Public Service 5s, 1956, rose % to
to
no
with an up¬
grades moved irregularly
closed at 78, up %; Standard Gas &
Cities Service 5s, 1950,
Electric 6s,
1951, at 69 were up 1%.
A dull market with
a
prevailed for industrial bonds.
evident among high-grade
been
few
recessions
ivide
/
tendency toward lower prices has.
A firm undertone has been
issues, however, and there have
even
those in the specu¬
among
The amusements have
b|een easier and, while
of the oils lost ground, Union
Oil of California conv.
class.
lative
have been quiet but inclined
have
been
Coal company obligations
% to 114%.
4s, 1947, advanced
toward the down side. Metals
Copper 4%s, 1950, touching
Anaconda
steady,
high for the year, closing unchanged at 104%.
has been some interest in the paper group,
There
Container Corp.
Rubber company issues
American Rolling Mill
conv. 4%s, 1945, declined 1% to 113, and Remington Rand
4%s, 1956 (w. w.), lost % to 108%.
The foreign bond market has been irregular, with de¬
clines outweighing price rises.
Among the largest losers
were the El Salvador 8s, the Panama 5s and the Rumanian
102%, up %.
5s, 1943, closing at
in
moved
have
Polish
Italian
and
On
issues,
a
narrow
range.
Czechoslovakian
bonds
also
declined
sub¬
side have been most of the
Argentine and Japanese bonds.
upward
the
and
some
The remainder of the market has been fractionally lower.
Moody's computed
are
bond prices and bond yield averages
given in the following tables:
tt
All
120 Domestic Corporate
120 Domestic
1936
120
by Ratings
Corporate by Groups
Dally
by Ratings
tic
**
There
(Based on Individual Closing Prices>
120 Domestic Corporate*
Dally
.
MOODY'S BOND YIELD AVERAGESt
120
Averages
range.
week; Puget Sound Power & Light 5%s, 1949,
PRICESt
Domes¬
Govt.
narrow
in the latter part of
wealth Edison 4s, 1981, at
Domes¬
120 Domestic
tsonas
have
activity public utility bonds
very
developments of any particular import¬
no
tendency
(Based on Aver age Yields)
1936
a
mand, while lower
7s.
Some of the lower-grade rails declined slightly, while
limited
within
stantially.
week.
indications
High-grade issues have been firm and in some de¬
ance.
the
best it may,
of
week
a
fluctuated
most
In the era of a reawakened nation¬
Japanese crisis.
4%8,^ 1960,
Securities of the Missouri-Kansas-
down 1%.
were
a
improved financial and earnings positions.
believed, is nothing less than the virtually complete
elimination of
%
New York
market, drifted to lower levels.
Texas have been in favor as a result of definite
of
4s, 1960,
rails, in accordance with
4s, 1956, fell 1% to 58; Baltimore & Ohio
way
at
Union Pacific 4s, 2008.
% to 108%; Pennsylvania 4%s, 1984, gained
advanced
listless
separated from those of the rest
be
1.
price improvement during the week.
pressure
will
which
of
details
15,
June
on
June
on
the offering
for
background
favorable
a
quering China, and conquest would obviously be
difficult if it were undertaken, but systematic po¬
military
high
United States Governments advanced into new
Baa
RR
P.
V.
Indus.
Averages
tic
30
For¬
Aa
Aaa
A
Baa
3.57
3.73
4.24
5.08
U.
Indus
eign*
4.42
4.25
3.79
5.92
RR
P
May 22— 110.20
110.23
118.66
108.75
94.88
105.54
108.57
May 22_.
4.16
21.. 110.28
110.42
122.03
118.66
108.94
94.88
105.72
108.57, 117.43
21-
4.15
3.57
3.73
4.23
5.08
4.41
4.25
3.79
20- 110.22
110.42
122.24
118.66
108.75
95.03
105.72
108.57
117.43
21
4.15
3.56
3.73
4.24
5.07
4.41
4.25
3.79
19- 110.09
110.42
122.03
118.66
108.94
95.03
105.72
108.57
117.43
19
—
4.15
3.57
3.73
4.23
5.07
4.41
4.25
3.79
t
18- 110.07
110.42
122.03
118.45
108.94
95.48
106.07
108.57
117.22
18..
4.15
3.57
3.74
4.23
5.04
4.39
4.25
3.80
t
16- 109.96
110.42
121.81
118.45
108.94
95.33
105.89
108.57
117.22
16..
4.15
3.58
3.74
4.23
5.05
4.40
4.25
3.80
15- 109.98
110.42
121.81
118.45
108.94
95.18
105.72
108.57
117.22
15..
4.15
3.58
3.74
4.23
5.06
4.41
4 25
3.80
4.16
3.59
3.74
4.24
5.05
4.40
4.25
3.81
t
122.03
117.43
—
t
t
t
5.89
110.23
121.60
118.45
108.75
95.33
105.89
108.57
117.02
14—
13- 109.87
110.05
121.60
118.25
108.57
95.03
105.37
108.57
116.82
13..
4.17
3.59
3.75
4.25
5.07
4.43
4.25
3.82
t
109.80
110.05
121.60
118.45
108.39
94.73
105.20
108.57
116.82
12..
4.17
3.59
3.74
4.26
5.09
4.44
4.25
3.82
t
11- 109.77
110.05
121.60
118.45
108.21
94.73
105.20
108.39
116.82
11
—
4.17
3.59
3.74
4.27
5.09
4.44
4.26
3.82
109.72
110.05
121.60
118.45
108.39
94.88
105.20
108.39
117.02
9—
4.17
3.59
3.74
4.26
5.08
4.44
4.26
3.81
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
4.26
14- 109.95
i2
_
9..
t
t
5.84
8— 109.70
109.86
121.60
118.04
108.39
94.73
105.20
116.82
8—
7- 109.75
110.05
121.81
118.25
108.39
94.73
105.20
108.39
117.02
7—
4.17
3.58
3.75
4.44
4.26
3.81
L
6— 109.74
110.23
122.03
118.25
108.57
94.88
105.37
108.39
117.02
6—
4.16
3.57
3.75
4.25
5.08
4.43
4.26
3.81
t
5- 109.70
109.86
122.03
118*04
108.21
94.58
105.03
108.39
117.02
5_.
4.18
3.57
3.76
4.27
5.10
4.45
4.26
3.81
X *
4- 109.61
109.68
121.60
118.04
108.03
94.14
104.51
108.21
116.82
4..
4.19
3.59
3.76
4.28
5.13
4.48
4.27
3.82
t
2- 109.68
109.49
121.60
117.22
108.21
94.14
104.68
108.03
116.22
2__
4.20
3.59
3.80
4.27
5.13
4.47
4.28
3.85
1— 109.69
109.31
121.38
117.22
108.03
93.09
104.51
108.03
116.01
1-
4.21
3.60
3.80
4.28
5.14
4.48
4.28
3.86
5.96
Apr. 24— 109.80
109.68
121.38
117.22
108.21
94.88
104.85
108.21
116.42
Apr. 24..
4.19
3.60
3.80
4.27
5.08
4.46
4.27
3.84
5.86
17- 109.96
110.05
121.38
117.43
108.57
95.78
105.89
108.21
116.62
17—
4.17
3.60
3.79
4.25
5.02
4.40
4.27
3.83
5.83
4.25
4.99
4.37
4.26
3.83
5.83
108.39
5.09
i
1
t
Weekly—
w eefciy—
9- 109.75
110.42
121.60
117.63
108.57
96.23
106.42
108.39
116.62
9—
4.15
3.59
3.78
3- 109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
116.62
3..
4.16
3.59
3.78
4.25
5.01
4.38
4.27
3.83
3.61
3.79
4.24
5.03
4.39
4.28
3.84
5.85
5.80
Mar.27__ 109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar. 27—
4.17
20- 109.51
110.23
121.38
117.84
108.94
95.48
106.07
108.39
116.62
20-
4.16
3.60
3.77
4.23
5.04
4 39
4.26
3.83
95.63
106.07
108.03
116.22
13..
4.17
3.63
3.78
4.24
5.03
4.39
4.28
3.85
5.83
5.94
110.05
120.75
117.63
108.75
6- 109.46
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
3.61
3.76
4.20
4.90
4.25
4.26
3.85
5.87
Feb. 29- 108.98
110.61
120.54
117.84
108.94
97.16
107.67
108.39
115.81
Feb. 29..
4.14
3.64
3.77
4.23
4.93
4.30
4.26
3.87
6.00
21- 108.95
110.79
120.96
117.43
109.12
98.09
108.57
108.57
115.81
21..
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
5.92
15„ 108.52
110.61
120.96
117.43
108.94
97.62
107.85
108.75
115.81
15—
4.14
3.62
3.79
4.23
4.90
4.29
4.24
3.87
6.05
8—
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3 88
6.10
1—
4.19
3.63
3,82
4.28
5.02
4.42
4.25
3 89
6.15
4.19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
4.27
5.02
4 43
4.25
3 89
13„ 109.11
8- 108.22
110.23
120.96
117.02
108.39
96.70
106.60
108.57
115.61
1— 107.96
Jan.
109.68
120.75
116.82
108.03
95.78
105.54
108.57
115.41
31— 108.03
109.68
120.75
116.82
108.03
95.63
105.37
108.57
115.41
Jan.
31
—
6.11
24- 107 89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24—
4 19
3.64
3.83
17- 108.34
109.31
120.11
116.62
107.85
95 18
104.68
108.39
115.02
17—
4.21
3.66
3.83
4.29
5.06
4 47
4.26
3 91
6.17
3.67
3.89
4.33
5.14
4.54
4 27
3.96
6 26
3 93
4.39
5 24
4 63
4 29
4 03
6.23
10- 108.02
108.39
119.90
115.41
107.14
93.99
103.48
108 21
114 04
10—
4.26
3- 107.94
107.31
119.27
114 63
106 07
92 53
101 97
107 85
112 69
3-.
4.32
3.70
109.49
98.09
117.43
3.56
1
108.57
108.75
1936
4.12
3.73
4.20
4.87
4.25
4.24
3.79
5.80
Low 1936 107.77
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
6.31
High 1935 109.20
Low 1935 105.66
106.96
119.69
114.43
105.72
91.67
101.31
107 67
112.11
Low
1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
6.78
4.80
3.82
4.25
4.83
fi 40
5.37
6.13
4.35
6.97
4.65
3.75
4.18
4.66
6.02
5.13
4.53
4.29
5.87
4.85
4.00
4.35
4.97
6.06
4.81
5.27
4.46
7.21
Hlgh 1936 110.28
110.98
99.20
122.24
116.82
118.66
108.57
98.73
77.88
90.69
94.14
106.78
101.64
118.25
109.86
101.47
82.26
94.14
103.65
107.85
98.41
113.26
106.78
96.54
81.78
99.04
92.10
104.85
May22'35
2 Yrs.Ago
2 Yrs.Ago
May22'34 104.89
High 1935
1 Yr. Ago
1 Yr. Ago
May22'35 108.74
Low
May22'34
computed Irora average yields on the basis of one "Ideal" bond (4H% coupon, maturing In 31 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement ol
yield averages, the latter being the truer picture of the bond market.
For Moody's Index of bond prices by month*, back to 1928, see the issue of Feb. 6, 1932, page 907.
**
Actual average price of 8 long-term Treasury Issues,
t The latest complete list of bonds used In computing these indexes was published to the issue of May 18,1935,
page 3291.
ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds,
t Dally averages discontinued, except f riday
*
These prices are
of each week.
Chronicle
Financial
3412
1936
May 23,
Unconstitutional by U. S. Supreme Court—
Majority Holds Wage and Hour Regulations Invasion of State Rights—In Con¬
curring with Five Associates on This Justice Hughes Declares Price Fixing Pro¬
visions Separable—Three Dissenting Members View Price Fixing Valid but Find
Suits Premature in Seeking Judicial Declaration on Labor Provisions 15%
Tax
Guffey Coal Conservation Act Held
Held Penalty
.
In line with its conclusions which upset
%
The
the validity of
Act
Recovery
case/ the United States Supreme Court
holding the
State
declared
rights,
While the majority
basis
writs of cer¬
importance of the question and the advantage of a
Today's opinions revealed that this "final
tion."
a
unconstitutional.
provisions
...
These, and the views
^ i
them, follow:
Had the stockholders in the Carter company suit the right to bring
1.
The majority and the Chief Justice, "yes."
the test?
clearly probable
to make it
as
Weighed by Court
Questions
questions were before the Supreme Court.
Seven
upon
speedy final determina¬
determination" is still
long way off.
upon
related to and dependent
so
Sutherland said in the Court's opinion, "of the
tiorari because, as Justice
they held that the price fixing
of their conclusions,
labor
Act
Guffey
the
The
Another court upheld the price-
The cases went to immediate adjudication on
separable.
invasion of
an
direct from
came
and held them
decision made the labor provisions the
provisions of the Act "are
the
to be
opinions were written
there had been varying conclusions.
Kentucky Judge validated the entire Act..
May 18 in
on
today's
where
fixing provisions, threw out the wages and hours regulations,
and hour provisions of the Guffey Coal
so-called "little NRA")
(the
case
wage
Schechter
in the
which
Federal courts,
district
National, Industrial
the
on
cases
The three general
dissenters, no answer.
that the former being
held bad, the latter would not have
2.
The majority conclusions thus
it the latter."
delivered by
stated,
were
McReynolds,
Chief Justice Charles E. Hughes
Roberts.
findings
The
majority, "no,
"we
brought to the question whether
are
we
...
the
Are
commerce?
The
majority and the
6. Was the power to establish wages
7.
are
must
marketing provisions and the labor provisions
as
no
such tie," he
part
(Part III) of the code.
It
paragraph (G) of Part III.
a
hours and wages in
to
The Chief Justice and the three general dissenters,
*n
as
.
III.
The fact,
in
be carried
the light of the
declaration of
Congressional
in relation to the provisions for marketing in interstate commerce, and the
decisions of the courts below, so far as they
accomplish that result, should
Three Justices dissented from the
Justice
Benjamin
majority opinion, namely
Cardozo,
N.
who
the
wrote
dissenting view, Associate Justices Louis D. Brandeis and
Harlan F. Stone, who concurred with Justice
the account from
it
was
should
sections
noted
have
in
effeet at all."
Cardozo.
In
Washington, May 18 to the New York
Cardozo said
that Justice
litigation
The
the remainder of
on
they
"because
dispatch went
the
that
price and trade
upheld the interstate
regulations and refrained from passing
the
may
take
never
to say:
on
jority of five for "trying to imagine what Congress would have done" if
wage-and-hours restrictions had been stricken from the bill in its legis¬
lative transit—a speculation on which
which contains the provisions as to
Part II being valid, the complainants are under a duty to come in
under the code, and are
as
the majority justified its invalida¬
Over
Prices
Not
to the
validity
denying that Congress had
the
under
power
the
commerce
bitumin¬
coal in interstate flow, the majority of five did not assert it.
Justice
Sutherland, who wrote the prevailing opinion,
public warning that
gave
the majority did not mean to convey that "if ever" this question arises
litigation the Court wiU uphold the action of Congress.
the three general
dissenters
gave
for
relief of the
the
taken
When
amendment
by
Congress
to
still hesitated,
meet
on
by the Adminis¬
of its
of the great emergency.
its provisions.
on
possible
wrote
letter
a
labor
had
Every care
Court
Supreme
President
the
"doubts
presence
objections.
asking
that
constitutionality, however reasonable," be resolved in the
How complicated
are
those doubts the
of the
shall
general effect of the decision
was
not unexpected by the Adminis¬
Previous opinions by a five or six majority had prepared the way
tration.
for today's strict construction of the commerce clause.
hope that
the Court would permit Congress
separability of the title of the Act.
New
course.
was
the
the opin¬
...
Deal laws have now failed in eight Supreme
in two.
was some
its way about
Perhaps the only surprise
ion of the Chief Justice in favor of that
r-
But there
to have
It will be time enough to consider them when there
case.
the possibility
even
protection will be
arrive,
(Sec. 3) against
any
a
Court tests and won
If that time
of imminent enforcement.
given
by clear provisions of the statute
adverse interference flowing from delay or acquiescence.
The suits are not premature to the extent
(e)
to avert
that they are intended
present wrong, though the wrong upon analysis will be found to be
unreal.
The
gist of Justice Sutherland's decision for himself and
Justices
Van
Devanter, McReynolds, Butler and Roberts
follows in the Washington advices May 18 to
was
given
the
"Times":
as
The 15% tax
'
with its drawback of 13 M% is a penalty because it affects
all bituminous coal
produced.
It is intended, not
as a true tax,
"captive coal" intended for the use of producers.
penalty
but to compel
United States and
The tax is
as
on
definite
a
the threat of a term in jail.
as
The objects
of the Act
are
worthy,*but
did the Constitution confer on
Congress the right to attain them by this means?
matters of
legislative discretion.
a
was
and such
proposal
was
It did not.
They are not
At the framers' convention (makers of the
made that Congress be given such
powers,
The framers limited Congressional power to enumerated
rejected.
others
as
are
necessarily implied.
The courts have
con¬
sistently followed this formula.
There
are
many
subjects
on
which the States have been unable to act in
harmony, and confusion and embarrassment have resulted.
easier and constitutional way to
But if there is
an
the desirable results of harmony through
Congressional action, "it thus far has escaped discovery."
To consent to the implication in this Act that Congress may take over,
worthy, the powers reserved to the States is to reduce
them to little more than
There
the
aye many
geographical subdivisions of the National domain.
previous rulings on what constitutes interstate commerce,
province of Congress.
Kidd
v.
Mining has never, and cannot, come in.
Act by saying:
"In the power contended for Congress it would
be confined to the regulation, not
numerous,
contemplated
Mining
an
interstate market.
...
A situation
more
paralyzing to
it would be difficult to imagine."
brings the subject matter
disposes of it.
mining.
of certain branches of industry, however
but to those instances in each and every branch where the pro¬
the State governments
merce
In
Pearson the Court almost seemed to foresee the effort represented in
the Guffey
ducer
divisions in the Court today amply demonstrated.
The
penalty if they persist in a refusal.
No opinion is expressed either directly or by implication as to
for objects howrever
depressed soft-coal industry after
fully endorsed it and operators had divided
was
for
The Chief Justice
it full validation.
The Guffey Act is the measure which was decided
tration
a
invalidity of the regulations in respect of labor embodied
or
in Part III.
and it
Denied
clause to provide a scale of prices and competitive conditions for
and
subject to
The suits are premature in so far as they seek a judicial declaration
(d)
items
Power
ous
labor considered and condemned in the
opinion of the Court.
Constitution)
not
The prevailing
Part II, with its system of price fixing, is separable from Part III,
(b)
tion of the whole Act.
While
intimately affected.
opinion holds nothing to the contrary.
compliance, and it is levied at every mine in the
Both the Chief Justice and the three general dissenters criticized the ma¬
the
'
Part II of the statute sets up a valid system of price fixing as applied
^a)
is the threat or
Court
■,<
those aspects
affirmed.
"Times"
/
to transactions in interstate commerce and to those in intrastate commerce
(c)
In this view the Act and the code for which it provides may be sustained
Associate
•' '■
My conclusions, compendiously stated are these:
*
separability, should be considered of controlling importance.
be
/
dissenting views of himself and Justices
.
provided in Part II without regard to the labor provisions contained
Part
*
where interstate commerce is directly or
.
The marketing provisions in relation to interstate commerce can
out
separate
quite clear that the validity of the
Act cannot depend upon the provisions as
entire
The three
if the labor provisions
Brandeis and Stone, Justice Cardozo said:
separated and placed in
seems
and hours unlawfully delegated to
The majority, "no, and Congress wouldn't have passed
invalidated?
In submitting the
added: /
The labor provisions are themselves
The three dis¬
The majority and the Chief Justice, "yes."
price-fixing regulations stand alone
the
Can
"yes."
inextricably tied together because of their nature"; declaring
"I find
"no."
Chief Justice,
general dissenters, "not deciding that now."
the Act if so amended."
treat the
the complainants
and hours provisions a true regulation of interstate
wages
private persons?
In maintaining this view the Chief Justice said
separable.
The three general dis¬
senters, "not necessary to decide that at this point."
legal and
are
The Chief Justice, "no, as
before they are really hurt."
have been crying
to the lack of
but held that the price fixing provisions
to wages and hours."
senters, "the opinion of the Court begins at the wrong end;
authority of the Federal Government to regulate hours and
wages,
as
and hours; yes, as to interstate price-fixing."
to wages
concurred with
as
The three
Guffey bill?
Has Congress the power to attempt the control of the
4.
5.
the five Associate Justices in their
"yes."
others,
tax levied on coal sales for future application a tax or a
general dissenters, ''no need to anticipate that question until it arises."
Butler and Owen J.
Pierce
three
majority and the Chief
The
The majority and the Chief Justice, "a penalty."
penalty?
Associate Justice George Sutherland, who was
C.
James
The
Is the 15%
3.
joined in his opinion by Associate Justices Willis Van Devanter,
"no."
Justice,
The fall of the former, therefore carries down with
passed.
brought prematurely?
the suits
Were
of
commerce
into existence.
Com¬
The Guffey Act seeks to impose Federal power over
There is not the justification here, as in the case of Coronado v.
United Mine Workers, where an intent to affect interstate commerce was
proved by local acts.
the Court
This attempt is like the one stopped unanimously by
(the NBA) case, except that then the flow in
in the Schechter
interstate commerce had ceased; here it had not begun.
Volume
Financial
142
Evils in Industry Held Local
Conditions
in
ployee is
mining industry
local evils.
are
desperate.
even
The relation of the employer
local relation (here lawyers
a
and
grievous
are
and the em¬
the doom of the Wagner Labor
saw
Relations Act. which will
soon be before the Court).
Congress provided that the titles of the Guffey Act should be separable;
if
one
or
more
rejected by the Court, the others should stand.
were
work regulations as to wages and hours are
The latter is
clearly based
the former.
on
But
inseparable from price-fixing.
They
are
3413
mit to stand those sections which appear to
"*~
the
the
But all the evils
Chronicle
wholly interdependent.
Under the statutory rule the intent of the law makers must be determined
Court
prophecy.
has
begun
Regarding the actions which
One of the first suits filed
stockholder
of
the
law
be mutually dependent on
been stricken out by amendment?
price-fixing section?
The primary
another they must
Suppose the labor provisions
each other.
passed the
Would Congress have
We think not "
object of the Act is to stabilize the bituminous coal industry
support, and Congress deemed
thirds of the cost of
producing
prices necessarily depend
Two-
of them.
Fair
of coal is represented by wages.
a ton
The two sections are
the
Court
does
the
up
this
would
be
which may stand
they
ever,
sustained
has said is to be taken to mean
All other sections of the Act
separately.
independently
of the constitutionality of
question
price-fixing section, and nothing it
that
left for future determination when, if
are
presented for consideration.
are
Similarly
ton advices:
enforcing it
control
and
commerce
Congress
that
has
no
power
regulate it.
to
If
"But it is not for the Court to amend the
The section of the Act which
of the codes is also invalid.
delegates legislative power in the making
It invests private persons with
having penal sanctions.
By forcing
violates the Fifth Amendment.
There
are
a
the right to make
minority to yield to the code it
Guffey Act exercises that power.
for administrative
Congress
Act.
findings. It is
a
whole.
as a
law itself.
valid exercise of the authority of Congress.
in the invalidation of
concur
Indeed that is precluded by the express
provisions of the
In searching for the intent of Congress it is not necessary to go
beyond the words inserted in the Act
"I
It provides judicial remedy
competent to mark separable the various sections of the
was
Therefore the Chief Justice is unable to
the Act
do not
think
trying to imagine
found to be
the
question
what
invalid
at several
and enforced
even
of the entire law
Mr.
Carter
the
is
however, pending determination of the validity
by the Supreme Court.
appealed from the earlier part of the ruling and the Gov¬
ernment from the tax decision.
exercised.
were
have
That
.
would lead
.
.
provisions
if certain
done
Chief Justice
found
"no such
tie"
the
as
into
us
a
majority found between
Their interdependence
clearer in the coal industry than in the transportation business,
the Federal regulation of rates, which has been upheld, does not
The Act and the code for which it provides may be
to
where
include the
to fix wages and hours.
power
the
At about the
ville, Ky.
same
Suits
filed in Louis¬
time two suits involving the law were
C. H. Clark,
County producer,
a
director of the R. C. Tway Coal Co., a Harlan
sued the
company
and
other directors to compel
its
compliance to the code, asserting it was constitutional and that non-com¬
company.
The other Louisville suit
They asserted the law
was
brought by 19 Harlan County producers.
and
invalid
was
asked
for
an
injunction against
provisions for marketing in interstate
sustained in relation
and decisions of
commerce,
courts below to that extent should be affirmed.
Views
Louisville
upheld the law in each
cases
involved in the last named suits were the R. C. Tway,
Kentucky Cardinal, Harlan-Wallins, Creech, Harlan Central, Harlan Fuel,
Crummies Creek, Three Point, Clover Fork, Harlan Collieries,
Cornett-Lewis,
Kentucky
P.
King,
V.
Mary Helen,
K.,
High Splint,
Green Silvers,
Pioneer, Black Star and Gatliff Coal companies.
On
May 18, Attorney General Cummings
was
quoted
as
saying:
A
careful study of the
majority opinion and of the other two opinions
will have to be made before it
can
be ascertained what course may still be
the Government in dealing with the problems of the soft coal mining
open to
It should not be overlooked that the opinion
tices, and the separate opinion
clear expression by members
of the Supreme Court upholding the consti¬
Important, also, is the statement in the opinion of Mr. Justice Cardozo,
considera¬
."that the prevailing opinion leaves the price provisions open for
tion in the future."
Chief Justice Sutherland in delivering the majority
explained the
The
purposes
opinion
follows:
as
of the "Bituminous Coal Conservation Act of 1935" in¬
purposes
volved in these suits, as
coal mining
of the Act
declared by the title,
are
to stabilize the bituminous
industry and promote its interstate commerce: to provide for
cooperative marketing of bituminous coal; to levy a tax on such coal and
provide for
a
drawback under certain conditions; to declare the production,
distribution and
of such coal to be affected with
use
national public inter¬
a
est; to conserve the national resources of such coal; to provide for
welfare and for other purposes.
the general
The constitutional
C. 824, 49 Stat. 991.
validity of the Act is challenged in each of the suits.
While the substance of the
of the Minority
above,
The three general dissenters:
of the three dissenting Jus¬
of the Chief Justice, constitute the first
tutionality of price fixing for commodities moving in interstate commerce.
of separability should be determined by
Congress would
wages-and-hours and the price-fixing sections.
no
Justice Adkins enjoined
without the labor provisions.
the collection of the tax,
points.
realm of pure speculation."
The
Supreme
He held the law could be separated
provisions were not.
industry.
other objections.
But Congress has power over interstate commerce, and the price-fixing
section of the
Govern¬
He asserted that the
collecting the tax.
people and subvert the freedom prin¬
Constitution by judicial decision."
laws
Washington.
Justice Jesse C. Adkins, after a trial in the District of Columbia
If the people wish to give Congress these powers,
be done by amendment.
can
not premature; that the tax is a
thus permitted to invade the rights of the States, it could take
ciples of the Constitution.
it
in
Court, decided that the code provisions of the law were constitutional but
The companies
to levy it must rest on the commerce clause;
po .ver
all the activities of the
over
headquarters
of its provisions.
follows:
as
He agreed that the suits were proper,
penalty and the
were
or
The Federal District Judge in the
Findings of Justice Hughes
The argument of the Chief Justice was
Congress
with
said:
President and
enforcement.
i
mining is not
Supreme
unconstitutional.
was
pliance would injure the
take the following from the "Times" Washing¬
we
Co.,
The Kentucky
take
not
that of James Walter Carter,
Coal
down with it the latter.
The
the
before
were
Therefore the fall of the former carries
fabric.
a
have both
the cost of production.
on
like interwoven threads in
They furnish mutual aid and
it essential to
of
domain
the
Mr. Carter sued to enjoin his company from joining the code and
that the labor
through the regulation of labor and prices.
was
Carter
ment officials from
had
entered
end and
wrong
including the price-fixing section, should be sustained.
Court for decision, the New York "Sun" of May 18,
what remained.
not
the
at
The lower Court which permitted the Act to have a trial on
its imminent parts,
by considerations which establish the "clear probability that, the invalid
part being eliminated, the Legislature would not have been satisfied with
To uphold one part of a law and reject
be valid, the validity of which
majority does not reject.
The
we are
majority decision is indicated
giving the concluding portion of it
They pointed out that the majority had not held price-fixing invalid,
as
follows:
Labor Provisions and Schechter Case
announced that it is valid and proceeded to find it separable from the re¬
mainder
of
The suits
is
Act.
the
Therefore
the
complainants should be required to
not
premature, since enforcement of the sections they oppose
are
imminent.
There is
no
They
need to
may
be invoked.
never
Nobody has been hurt.
prejudice; in fact, the Court has several times said that
"it will not anticipate" or decide a constitutional question in
The
They
can
make their protests about the others when they
come
The
price-fixing section is valid, and decision is reserved
interstate
in
commerce.
marking
by the Court.
Considerations
difference
the
between
the wages-
on
The sales it regulated constitute
of
social
benefit
reason
and
"direct" and "indirect" should not be read
too
be
must
weighed
The
oppression.
words
A great prin¬
narrowly.
ciple of law is not susceptible of comprehensive description in
an
adjective.
of prices under the Act is like that in the field of trans¬
The decision in Nebbia
portation.
the
fixing of
precisely to
v.
New York, where the Court upheld
minimum price for milk, contains reasoning which applies
a
coal
the
which
has
had
that
industry
were
Stability
The
only
and
handful of producers.
a
deplorable
special
strike,
came
Congress
when
Profit
wras
down with prices.
bloodshed and misery.
acted.
possible
Strikes
Congress
commissions made 19 investigations of the industry between
The compulsion of a code seemed the only way out.
1913 and 1935.
A
Wages
accompanied by violence,
called,
were
menacing the industry and the public,
Congress acted to avert it.
a system
disaster."
of regulated prices
All parties
the industry be
can
labor
regulations
are
important,
but stabilizing
long way towrard stabilizing labor relations.
living wage.
at
declares
once,
that
prices
The producers
can
will
then
go
a
pay a
Otherwise, all the research and labor of Congress, commis¬
sions, labor and operators are in vain.
effect
The price-fixing section
but the labor provisions might never be.
was to take
Yet the Court
Congress would not invoke the price-fixing section without
separable.
There is
no
need to
pass on
the sections held
invalid, since this anticipates a controversy that may never become real.
The proper course
would have been to withhold an opinion
their
Federal regulatory power ceases
There is
ing different rules to the two situations.
in anything said in the
On the
could
interstate
transportation; while
when interstate commercial inter¬
Schechter
no
basis in law or reason for apply¬
No such distinction can be found
case.
The opinion,
the situations were recognized as akin.
contrary,
546, after calling attention to the fact that if the commerce clause
at page
construed
be
the
transactions
Federal
having
an
indirect effect upon
authority would embrace practically all
people, and the authority of the State over its domestic
exist
would
concerns
reach
to
commerce
the activities of the
only by sufferance of the
Federal Government, we
said:
Federal control.
to interstate commerce,
State because of their
upon
on
this and
per¬
direct relation
and that if the Federal Government had power to
and hours of employees in the internal commerce of a
determine the wages
relation to cost and prices and their indirect effect
interstate commerce, we said, page 549:
All the processes
of production and distribution that enter into cost could likewise
If the cost of doing an intrastate business is in itself the permitted
object of Federal control, the extent of the regulation of cost would be a question
of discretion and not of power;
A reading
the
want
of the entire opinion makes clear, what we now declare, that
of power
on
the part of the Federal Government
is the same
of service, and working conditions, and the bar¬
gaining about them, are related to production before interstate commerce
has begun, or to sale
clearly appears.
tax as a
Sec.
and distribution after it has ended.
That the Act, whatever it may be in form, in fact is compulsory
Sixth.
coal
the labor section.
The parts are
after
ends; and, correlatively, the power does not attach until interstate
whether the wages, hours
stabilized.
The
provisions are
That difference is without significance.
commercial intercourse begins.
be controlled.
impending when
wras
Congress "was not condemned to inaction in
the face of price wars and wage w ars so pregnant with
admit that only through
rest
And again after pointing out that hours and wrages have no
Overproduction had turned competition into anarchy.
to
labor
the
deals with commodities at rest before interstate commerce
case
begun.
to
come
would be subject to
in
of
Indeed, on such a theory, even the development of the State's commercial facilities
industry.
Control Needed for
Conditions
defense
the Federal power was asserted with respect to commodi¬
Schechter case,
ties
interstate
Perhaps "intimate" and "remote" would be better adjectives, anyhow.
The regulation
in
difference between that case and this is that in the
The only perceptible
course
into play, if ever.
and-hours title rejected
contentions
Government's
here, the
advance.
complainants should conform to the parts of the Act not declared
invalid.
The
really disposed of adversely by our decision in the Schechter case, supra
in under the code.
come
We have already discussed No. 3, which imposes the excise
penalty to compel "acceptance" of the code.
14
provides that the United States shall purchase no bituminous
produced at any mine where the producer has not complied with the
provisions of the code; and that each contract made by the
United States
provision that the contractor will buy no bituminous coal
shall contain
a
to use on, or
in the carrying out of, such contract unless the producer be a
3414
Financial. Chronicle
member of the code, as
certified by the Coal Commission.
In the light of
these provisions we come to a consideration of subdivision
(g) of Part III
of No. 4, dealing with "labor relations."
That subdivision delegates
a
of the
two-thirds
annual
1936
23,
May
primary
the
Act
of the
contemplation
is
stabilization
of the
industry through the regulation of labor and the regulation of prices; for,
since both were adopted, we must conclude that both were
the power to fix maximum hours of labor to
part of the producers and the miners—namely, "the producers of more
than
Thus,
national
production for the
tonnage
pre¬
ceding calendar year" and "more than one-half of the mine workers
em¬
thought essential.
The
the other
regulation of labor
the
on
hand and prices
one
on
furnish
mutual aid and support; and their associated force—not one or the
both combined—was deemed by Congress to be necessary to
but
the end sought.
The statutory mandate for
ployed"; and to producers of more than two-thirds of the district annual
once
tonnage during the preceding calendar year and a majority of the miners,
other
achieve
code upheld by two legs at
a
code supported by only one.
there is
delegated the power to fix minimum wages for the district or
This
group
of districts.
Congress would have assented to a
suggests the improbability that
seems
plain enough; for Congress must have
fact that elimination of the labor provisions
The effect, in respect of wages and hours,
is to subject the dissentient
impair, if not
The interdependence
majority, since, by refusing to submit, the minority at
thirds of the cost of
incurs the
once
conscious of the
force and usefulness of the price provisions.
destroy, the
minority, either of producers or miners or both, to the will of the stated
been
from the Act would seriously
of wages and prices is manifest.
producing
a
Approximately two-
Fair
ton of coal is represented by wages.
hazard of enforcement of the drastic compulsory provisions of the Act to
prices necessarily depend upon the cost of production; and since wages con¬
which
stitute
referred.
have
we
to exercise
The
choice, but to surrender to force.
a
The power conferred upon the
the affairs
"accept," in these circumstances, is not
of
most obnoxious
regulate
power to
This is legislative delegation in its
be and often
are
The record shows
various localities.
other
localities,
adverse to the interests of others in the same business.
conditions
that the
of competition
differ
the
among
In some, coal dealers compete among themselves.
they
compete "with
also
electrical energy and of natural gas.
the
mechanical
In
production
of
Some coal producers favor the code;
others oppose it; and the record clearly
proportion of the cost, prices cannot be fixed with any
relation to cost without taking into consideration this major element.
If
of them becomes uncertain, uncertainty with respect to the
one
So
is recognized by the
much
Part
III
declares
the
effectuate
that
the
conditions
In order to sustain the stabilization of wages,
necessarily
one
each district in a minimum price area.
the total costs, per net ton
average of
The former is
a
private activity;
the latter is
be entrusted with the power to regulate the business
And
competitor.
a statute
which attempts
confer such power undertakes an intolerable and unconstitutional inter¬
ference with personal liberty
safeguarded by the due
and private property.
the
clause of the Fifth Amendment, that it is
do more than refer to decisions of this Court which foreclose
question.
Eubank
process
Schechter Corp. v.
United
U.
States, 295
S. at
537;
p.
Richmond, 226 U. S. 137, 143; Seattle Trust Co. v. Roberge,
v.
we
brought to the price-fixing provisions
are
of the
The necessity of considering the question of their constitutionality
code.
will depend upon whether they are separable from the labor provisions so
that they can stand independently.
If any provision of
this Act, or the application thereof to any person, or cir¬
persons or circumstances
In the absence of such
intends
the
shall not be affected thereby.
of statute;
as an
and if
entirety—that is to say, the rule is against
provision be unconstitutional, the
any
The effect of the
presumption is that the remaining provisions fall with it.
statute is to reverse this
presumption in favor of inseparability, and create
Under the non-statutory rule, the burden is upon the supporter
of the
Under the
legislation to show the separability of the provisions involved.
statutory rule the burden is shifted to the assailant to show their insepa¬
But under either rule the determination, in the end, is reached by
applying the same test—namely, what was the intent of the lawmakers?
Under
the
siderations
the presumption must be overcome by con¬
statutory rule
which
"the
establish
clear
probability that,
the invalid part
being eliminated, the Legislature would not have been satisfied with what
remains," Williams
Standard Oil Co., 278 U. S. 235, 241, et seq.; or, as
v.
stated in Utah Power & Lt.
clear
Co.,
v.
Pfost, 286 U. S. 165, 184-185, "The
probability that the Legislature would not have been satisfied with
the statute unless it had included the invalid
part."
a
being held
question of statutory construction of
legislative intent, to which the statutory provision becomes an aid.
aid merely;
an
264
U.
S.
The presumption in favor of separability does not
authorize the Court to give the statute
that
sought by the
"But
Dorchy vs. Kansas,
not an inexorable command."
286, 290.
measure
viewed
"an effect altogether different from
as
a
Retirement Board vs.
whole."
Alton R. Company, 295 U. S. 330, 362.
The statutory aid to construction in no way alters the rule that
to hold
Perhaps
the bill
a
they
must
was
be
not
fair approach to
mutually
dependent
another.
one
upon
pending in Congress a motion to strike out the labor provisions
construed
to
as
whether, in that event, the statutes should be
justify the conclusion that Congress, notwithstanding,
probably would not have passed the price-fixing provisions of the code.
Sec. 3 of the Act, which provides that no producers shall, by accepting the
code
or
the drawback of taxes, be estopped from
contesting the constitu¬
But the
tionality of the code, is thought to aid the separability clause.
effect of that provision is simply to permit the producer
challenge
to
seems not to
With
the
have anything to
us
examine
the Act itself.
The title of the act and the preamble demonstrate, as we already have seen,
a
That
a
commission with mandatory directions to
working agreement the provisions set forth in
Sec.
formulate
4 of the Act.
being done, the result is a code.
Producers accepting and operating under the code are to
code members; and Sec. 4
be known as
specifically requires that, in order to carry out the
policy of the Act, "the code shall contain the following conditions, provisions
and obligations
.
.
.
" which
are
then set forth.
No power is vested in
the Commission, in formulating the code, to omit any of these conditions,
provisions or obligations.
The mandate to include them embraces all of
them.
under appropriate
are
set
out
Textbook Company
vs.
Pigg, 217 U. S. 91, 112-113)
headings, the price-fixing and labor-regulating provisions
in great
These provisions, plainly meant to operate
detail.
together and not separately, constitute the means designed to bring about
the
or
stabilization
of bituminous coal production,
and thereby to regulate
cost
of
like
be taken
may
Purpose of Coal Act
establish the bituminous
collection of bricks, some of
but rather are
without disturbing the others,
away
the interwoven threads constituting the
and woof of a fabric,
warp
set of which cannot be removed without fatal consequences
Butts
Paraphrasing the words of this Court in
portation Co., 230 U.
S. 126, 133,
v.
to the whole.
Merchants Trans¬
inquire—What authority has this
we
Court, by construction, to convert the manifest purpose
and fixed prices into a purpose to regulate the
of Congress to
subject by the operation of
the latter alone ?
Are
at
we
liberty to
effective fraction
of
from the fact that Congress has adopted an
say
the
doubtfully
The words of the concurring opinion
system?
295 U. S. at pages 554-555, are pertinent in reply.
in the Schechter case,
is to destroy it altogether
.
.
wages
.
in such circumstances for the
severance
and the horns of labor
and the hours of labor are essen¬
tial features of the plan, its very bone and sinew.
There is no opportunity
of the infected parts in the hope
of
saving the remainder."
The conclusion is unavoidable that the price-fixing provisions
related to and dependent upon the labor
so
considerations
or
compensations,
as
provisions
former, therefore, carries down with it the latter.
Co.
Piggs, supra, p. 113; Warren
v.
v.
of the code
conditions,
,
price-fixing provisions of the
the
The fall of the
passed.
International Textbook
Mayor and Aldermen of Charles-
town, 2 Gray (Mass.) 84, 98-99.
The
as
to make it clearly probable that
former being held bad, the latter would not have
code
are
.
thus disposed of without
coming to the question of their constitutionality; but neither this disposition
of the matter, nor anything we have
the Court is of
said, is to be taken as indicating that
opinion that these provisions, if separately enacted, could
be sustained.
If there
future
be in the Act provisions other
than those we have considered,
stand independently, the question of their validity is left for
may
determination
when, if
ever,
that
question shall be presented for
consideration.
636, 649 and 650 must be reversed and the causes
The decrees in Nos.
remanded for further consideration in conformity with this
opinion.
The
decree in No. 651 will be affirmed.
It is
so
ordered.
The text of the
Guffey Coal Act was given in our issue of
Sept. 14 1935, pages 1667-1672; President Roosevelt's state¬
ment urging passage of the bill by Congress was given in the
"Chronicle" of July 13 1935, page 203.
Supreme
Court
Findings
on
"New Deal"
Legislation
With the defeat of the Guffey Act
May 18,
on
a
in the Supreme Court
dispatch from Washington to the New York
"Times" observed:
Out of 10 New Deal lawsuits decided by the Court, the
won
only in the TVA and gold clause cases.
Government has
The record is as follows:
For
5 to 4
Time
Required
59 days
41 days
8 to 1
5 to 4
9 to 0
28 days
54 days
25 days
9 to 0
29 days
AAA
Securities Act of 1933
6 to 3
9 to 0
6 to 3
29 days
27 days
26 days
Guffey Act
6 to 3
67 days
Court
Case—
Vote
TVA
coal-mining Industry
8 to 1
1
Gold Clause
Against
Hot Oil
Railroad Pensions
NRA
Rice Millers
In the
Guffey decision, which related to wages and hours, Chief Justice
Hughes agreed with the three dissenters that the price-fixing regulations
were
legal, that all sections of the Act were separable and that sections not
in force.
should remain
Before the Court met
today the Chief Justice had supported three New
The records of the other Justices on New Deal
Deal laws and opposed six.
legislation,
including
today's
Justice
decisions:
For Against
1
9
Van Devanter
McReynolds
6
Roberts
2
8
9
Cardozo
7
3
1
This calculation shows that the liberal group,
deis,
and
promote
its
interstate
Stone
legislation.
and
Cardozo,
For Against
1
9
4
10
6
.:
Justice
Butler
Stone
0
Sutherland
The first clause of the title is:
commerce.
in
which enter so largely intd
production.
These two sets of requirements are not like a
Brandeis
affect interstate commerce in such coal.
To
the
invalidated
Following the requirement just quoted, and significantly, in the same
section (International
The two are so woven
to render the probability plain enough that uniform prices,
as
opinion of Congress, could not be fairly fixed or effectively regulated,
Farm Mortgage Moratorium
foregoing principles in mind, let
To that end it created
and hours of labor which have
provisions.
do with the question of separability.
that Congress desired to accomplish certain general purposes there recited.
into
to be fixed under the labor
without also regulating these elements of labor
one
adjusted
of the Act; and prices are to be so regulated
any
provision of the code despite his acceptance of the code or the drawback.
It
for
be to the weighted
as may
solution of the problem is to suppose that while
a
had prevailed, and to inquire
so
in order
part of a statute unconstitutional and uphold another part as
one
separable,
the
that
Whether the provisions of a statute are so interwoven that one
invalid, the others must fall, presents
it is
nearly
.
stabilize wages, working conditions,
or are
together
are
the opposite one of separability.
rability.
.
"To take from this code the provisions as to wages
provision, the presumption is that the Legislature
a
Act to be effective
an
mutilation
.
as
entire integrated system that it probably would have enacted a
Section 15 of the Act provides;
cumstances, is held invalid, the remainder of the Act and the application of such
provisions to other
working conditions and maximum
equal
.
regulate production by the mutual operation and interaction of fixed wages
278 U. S. 116, 121-122.
Seventh, finally,
to
been
which
The delegation is so clearly arbitrary, and so clearly a denial of rights
unnecessary to
to effectuate the purposes
as
producing coal and regulating its production is,
of another, and especially of a
to
.
.
Thus, wages, hours of labor and working conditions are to be so
governmental function, since, in the very nature of things,
a
person may not
II,
(A) of Part
subdivision
hours of labor, Baid prices shall be established so as to yield a return per net ton
interests.
Delegation Held "Clearly Arbitrary"
fundamental.
And
quoted in the forepart of this opinion, reads in part:
as
of course,
"to
respecting labor relations are
of this Act."
purposes
The introductory clause of
code itself.
indicates that this diversity of view
arises from their conflicting and even antagonistic
The difference between
other
necessarily ensues.
form; for it is not even delegation to an official or an official
body, presumptively disinterested, but to private persons whose interests
may
a
proper
majority is, in effect, the
unwilling minority.
an
large
so
has
been
far
4
.
consisting of Justices Bran¬
ahead in supporting New
Deal
Justice McReynolds of the conservatives has invariably held
against New Deal laws.
Volume
Financial
142
3415
Chronicle
Board—Record of Policy Actions of Board of
Annual Report of Federal Reserve
Governors and Federal
Open Market Committee—Growth in Excess Reserves—
Resolutions with Respect Thereto—Increase in Gold and Silver
Discussions and
Reserves—Industrial Advances—Earnings of Federal Reserve Banks
An outstanding
Reserve
of
development of the
for the Federal
year
System, according to the annual report of the Board
Governors
enactment
of
of
Federal
the
the
Banking
Reserve
Act
"was
System,
In the
portant amendments in the Federal Reserve Act."
report it is stated that the
new
the
which made im¬
of 1935,
law "preserves the autonomy
of the regional banks in matters of local concern, but
places
responsibility for national monetary and credit policies on
the Board of Governors and the Federal
mittee."
In
credit
growth
gold that
States.
situation
of
bank
important
Bank
from
1935 were a
continued inflow of
during
a
of foreign capital to the United
but
in larger part expenditure by the United States Government of funds raised
through the sale of its obligations to banks.
Banks increased their other
investments
showed
and
cities
yields
increased, reflecting,
and their
well,
as
small
a
leading
deposits
growth.
declined
and
year,
market
open
of
issue
our
1935, and
the report is a
in
reached
levels
May 16, page 3267, in
(which
"record of policy actions" both of the Board
Federal Open Market Committee—36
of Governors and the
being devoted to these records for the
period from Aug. 26, 1935, to the end of December.
The
of the report
pages
record, the Board indicates, is submitted in accordance with
the
requirements of "the last paragraph of Section 10 of the
Federal
1935."
Reserve
In
action
other
Act
taken
amended
as
item of
our
by
the Banking
Act of
by the
Board
Governors
of
that
was
directing
(in accordance with the Securities Exchange Act
of
that monthly reports be
1934)
"from time to
required,
time, as necessary or appropriate" "from all firms extend¬
ing credit of which any partner is a member of the New
York
Stock
Exchange
and which
exchange
reasonable coordination of action.
Furthermore, the Committee recognizes the possible dangers of
understanding of any action which may be taken in this matter,
a
of
or
other
any
subject to
are
In making these suggestions to the Board
After
national
discussion
Executive
the
securities
it
of
the
to
question
of
market
open
in October and December.
From the
report we quote as follows regarding these meetings under
the head of the "Policy Actions" of the Federal Open Mar¬
ket Committee, from which it will be seen that at the
December
tion
in
which it
be
which the belief
in
taken
these
declared
was
that
soon
as
reserves
excess
a
as
resolu¬
a
a
source
of
excess
danger,"
expressed that "action should
was
possible
as
on
"the amount of
of member banks constitutes
reserves
and
meeting the Committee voted 8 to 4
.
.
to absorb
.
safeguard
part
a
of
possible
dangers."
There
Market
Committee
YorkMessrs.
Harrison,
Governor
and
Norris,
Young,
of
Chairman
the
Federal
Fleming,
Seay,
Hamilton, and Calkins, Governors of
Qeery,
Philadelphia,
Boston,
Minneapolis,
Cleveland,
City,
Kansas
Richmond,
San
and
the
of
Reserve
Newton,
Atlanta,
of
Secretary
After
a
unanimous
Federal
the
Federal
Reserve
review
vote,
are
Market
Committee
of
New
Martin,
and
St.
Louis,
Mr.
Gilbert,
and Mr.
Burgess,
Deputy
Governor
Bank of New York.
business
adopted
action
Committee's
of
Open
Open
Reserve Banks of
Chicago,
respectively;
Deputy Governor of the Federal Reserve Bank of Dallas;
of the
Bank
Schaller,
the Federal
Francisco,
Federal
the
set
and
credit
It
conditions
in
the
The
Committee,
by
for
the
reasons
the resolution:
ties
to
order
and discussed at length business and credit conditions and the
relation to
them.
It
the unanimous opinion
was
banking position
of the Committee
that the
primary objective of the System at the present time is still to lend its efforts towards
of recovery.
While much progress has been made, it cannot be
said that business activity on the whole is yet normal, or that the effects of the
the furtherance
depression are yet overcome.
Statistics of business activity and business
There
Chicago,
mittee
there is no evidence of a let-up In their growth.
That being
the Committee is of the opinion that steps should be taken by the Reserve
System as promptly as may be possible to absorb at least some of these excess
with a view to checking some further expansion of credit, but rather
effectively in the event that credit
expansion should go too far.
Two methods of absorbing excess reserves have been discussed by the Com¬
reserves, not
put the System in a better position to act
The sale of short-term Government securities by the Federal Reserve
System, and (b) the raising of reserve requirements.
While the Committee feels that method (a), if employed, would have the dual
and Improving the position of the Reserve banks,
nevertheless, there are two risks in this method, First, that It may be a shock to
the bond market, inducing sales
of securities by banks all
over
the country; second,
that however it may be explained publicly, it may be misconstrued by the public
major reversal of credit policy, since this
method has never been employed
except as a means of restraint, which is not desired at this time.
A majority of
the Committee is opposed to the sale of Government securities at this time, believing
that its advantages do not now Justify the risks involved in this method of dealing
with the subject.
method (&)—raising reserve requirements.
Thig
untried and may possibly prove at this time to be an
There are also risks Incident to
method of control is new and
Bank
of
Open
New
and
and San Francisco,
credit conditions
and various
after consideration of a preliminary memo¬
and
conditions
credit
memorandum
a
on
reserves
excess
and
policy presented by the Chairman, and' after extended dis¬
Reserve
of various
cussion
City, Dallas,
Kansas
Secretary
System on business and
Reserve
on
Federal
Burgess,
credit policy,
of
aspects
Fleming,
joint discussion with the members of the Board of Governors of
a
Federal
proposals, including a resolution by the Federal Advisory
Council, the Committee by an 8 to 4 vote adopted the following resolution:
The Committee has considered the preliminary memorandum and a
on
memorandum
and Federal Reserve policy and has discussed various aspects
reserves
excess
of the credit situation.
The Committee finds that continued improvement
has been made In business
still short of a full
and financial conditions since its last meeting but the country is
and there does not appear to be anything in the situation which makes it
necessary for the Reserve System now to reverse its policy of easy money.
It is
still the unanimous opinion of the Committee that the primary objective of the
recovery
be to lend its efforts toward the furtherance of recovery.
however, that the amount of excess reserves
a source of danger for the reasons expressed in the
Reserve System should
the view of the Committee,
of member banks constitutes
as
October meeting and those considered at this
should be taken as soon
The Committee believes, therefore, that action
meeting.
possible without undue risk to absorb a part of these excess reserves as a
against possible dangers, and not as a policy of
safeguard
credit restraint.
principal methods of accomplishing this have been discussed by the Com¬
mittee:
(a) Permitting the present system holdings of Treasury bills to mature
without replacement, and (b) raising reserve requirements.
Some of the members
of the Committee would prefer the employment of method (a) and others would
Two
prefer method (b).
Those members of the Committee who prefer method (a), that is, the reduction
of short-term Government securities by the System,
of holdings
are so
strongly
opinion that some early action should be taken that they Join with those
in reserve requirements, in a recommenda¬
tion that the Board of Governors of the Federal Reserve System should consider
of the
some
early and substantial increase in the present reserve
The Committee refrains from recommending or suggesting
precise time or percentage of increase or
any
requirements of member
base of the country was substantially
banks which were fixed at a time when the gold
the classes of banks to be affected,
believing that the time or amount and character of action would, of course, have
be determined by the Board of Governors in the light of all the conditions as
to
they appear at the time action is actually taken, not only business
but also the banking situation particularly as it may be
ditions
and credit con¬
affected by the
Government's fiscal policy.
The
vote
on
resolution
this
was
as
Norris, Seay, Schaller, Geery,
Young, Newton, Martin, Calkins.
Fleming,
nors
discussion
Committee of
enable
and
was
of
as
agreed
that
Yes, Governors Harrison,
Hamilton, McKinney; No, Gover¬
maturities
to
in
the System
open
in the proper administration of the account to
time to time
maturities to meet changing market conditions.
Committee to replace maturities from
shifts
in
respect to the amount of authority which the
Committee should have
shorter maturities to bonds it was agreed that some
authority was advisable in order to deal with any market situation
shifting
limited
the Executive
previous meetings
market account, should
authority voted
necessary
Executive
make
to
With
in
the
it
follows:
the Federal Open Market Committee at two
shifts
continued,
their requirements, and
a
Mr.
make
so,
as
Federal
the
Reserve
of the Federal Open Market Com¬
Deputy Governor of the Federal Reserve Bank of New York.
and
After
Norris,
Minneapolis,
Louis,
St.
respectively;
to
effect of absorbing excess reserves
Federal
the
of
of
Chairman
Harrison,
Governor
Young,
Messrs.
be
(a)
and
Seay, Newton, Schaller, Martin,
Geery, Hamilton, McKinney, and Calkins, Governors of the Federal Re¬
serve
Banks
of
Boston,
Philadelphia,
Cleveland1,
Richmond, Atlanta,
York;
large Imports of gold and silver serve to increase the magnitude
Even now actual reserves of member banks are more than double
mittee:
Mr.
present:
were
After
of that problem.
to
the Executive
maturi¬
Therefore, it was unanimously
the full Committee.
Committee
Market
be very difficult to control if undue credit expansion should become evident.
The continued
to
to a certain amount, in
Committee might be in a position to act promptly if cir¬
now foreseen
should make action appear desirable before a
up
Voted, that the executive committee be authorized to*buy or sell up-to $250,f
000,000 of Government securities subject to telegraphic approval of a majority o
the Federal Open Market Committee and the approval of the Boardjjf Governor8
of the Federal Reserve System.
policy designed to retard credit expansion.
But the Committee cannot fail to recognize that the rapid growth of bank deposits
and bank reserves in the past year and a half is building up a credit base which
may
not
be given
should
authority
sell (which would include authority to allow
or
securities for System account
further meeting of
credit
activity, both short and long term, do not show any undue expansion.
In these
circumstances, the Committee was unanimously of the opinion that there Is nothing
in the business or credit situation which at this time necessitates the adoption of
any
the
that
cumstances
that
agreed
buy
off)
run
lower than it is now.
The Committee reviewed the preliminary memorandum submitted by the Chairman
in
also
was
Committee to
members favoring method (b), an increase
following resolution.
forth
granted to
Committee to make
Open Market
open
authorizations, the executive committee'be
securities up to $300,-
that superseding previous
reports before the Committee at its
Mr.
present:
were
Federal
System
000,000, provided that the amount of securities maturing within two years be main¬
tained at not less than $1,000,000,000, and that the amount of bonds be not over
$500,000,000.
It is
against
the
of
the
in
unanimously
was
the
given
maturities
Voted,
randum
meetings
agreed that the authority previously
was
operations
policies.
authorized to make shifts between maturities of Government
the
at
it
Committee
require¬
somewhat beyond its own imme¬
market account should be con¬
tinued, as necessary in the proper administration of the account, to enable
the Executive Committee to replace maturities from time to time and to
make shifts in maturities to meet changing market conditions.
Therefore,
shifts
prescribed by the Board."
Included in the informa¬
tion presented in this record of policy action is a resume of
consideration
of Governors regarding reserve
impossible to consider open-market
ndependently from the whole credit situation and other Federal Reserve
the rules and regula¬
tions
policy
the public mis¬
and would favor
careful public statement before action is taken.
week ago it was noted that among
a
and investments
possessed by the Treasury, the Committee
is impressed with the importance of advising with the Treasury relative to any
steps that may be taken by the Reserve System in order as far as possible to insure
In view of the monetary powers now
covers
made available May 15), embodied in
was
requirements might interfere with the extension of loans
reserve
of member banks.
rates
money
low
which brief reference was made to the report
the year
earlier years,
by member banks
"
\
indicated in
was
declines in
customers
remained at near the
bonds
early in the year.
As
the
during
high-grade
on
charged
inflow,
part, the gold
in
following
loans,
Rates
what extent if at all, an Increase
of banks, in order thus to determine whether, or to
in
diate Jurisdiction, but It has found it
developments
resulting
reserves,
due chiefly to a movement
was
bank credit.
The
with the problem
employed, it would be wise for the Board of Governors of the
Federal Reserve System to make a thorough study, through the 12 Federal Reserve
banks, of the amount and location of excess reserves by districts and by classes
of excess reserves is
ments, the Committee recognizes that it is going
The report goes on to say:
the
further
Open Market Com¬
undue restraining influence on the desirable further extension of
Committee feels, therefore, that before this method of dealing
that might
from
arise.
It was, therefore, unanimously
that superseding previous authorizations, the executive committee
authorized to make shifts between maturities of Government securities up
Voted,
be
to
$300,000,000, provided that the amount of securities maturing within two years
be maintained at not less than/$1,000,000,000 and that the amount of bonds be
not over $300,000,000.
1
should be given to the Executive
include authority to allow maturi¬
ties to run off) securities for System account within limits as to amount,
in order that the Committee might be in a position to act promptly if
circumstances not now foreseen should make action appear desirable before
It
was
also
Committee to
a
agreed
buy
or
that
authority
sell (which would
further meeting of the
full Committee.
It was, therefore, unanimously
of silver by the Treasury, was the outcome of several factors in
international balance of payments of the United States.
Chief among
purchases
the
factors
these
be noted tbat a joint statement by the Board of
"and the Federal Open Market Committee was
Dec. 18 in which it was stated in conclusion that
It may
Governors
"the
on
taken
United
as
statement
given
was
in
21
Dec.
our
of
1935—As a result of the increase in gold and
silver stock, the reserves of the Federal
Reserve banks and the reserve
balances of member banks increased further by large amounts in
1935,
as
in 1934.
Member bank reserve balances showed a growth of $1,500,Growth
of Reserves in
The increase in
000,000 in 1935.
of
partly offset by reductions in reserves arising from
in the amount of money in circulation, of $400,000,000 in funds held' by the Treasury on deposit in the Reserve banks,
silver
of
the
Reserve
The
by
of
total reserve balances was partly
$1,500,000,000 in
in reserve requirements in
deposits, and excess
increase of nearly $500,000,000
an
of
consequence
continued
a
showed
.reserves
of member bank
growth
$1,000,000,000.
increase of more than
an
banks,
arising
sale of
the
from
a
securities
new
and
income
of
effect
This reduction had no
the money market, and before the end: of the year the return
currency
increased the bank's reserve funds.
At the end of
on
flow
of
December
member
in
$600,000,000
over
reserves.
amounted to $2,850,000,000, and early in January,
reserves
excess
bank
1936, they again exceeded $3,000,000,000.
of
part
Reserve
series
a
that,
developments
of
of bank
the
since
was
reserves
Federal
of
reversal
policy in the latter part of 1929, have been contributing to easier
is shown
these changes
The nature of
conditions.
money
in
part
the
on
accompanying chart [pamphlet report].
At
banks
Reserve
all
of
this
the autumn
of
addition
net
a
Not
member bank
to
thus made available
reserves
the
1933
obligations.
government
of
constituted
however,
major part of the
the end of
and
1929
utilized
was
by member banks to reduce indebtedness to the Reserve banks in existence
the
at
of
beginning of the period and incurred during the depression at times
the period
bank
lation, and
however,
the
whole
a
as
borrowings,
shown
as
member bank
the
in
the member
decline
excess
in
the
than
excess
should
reserves
of
This
the
of
the situation
was
chart
banks
had
been
held
with
become
the end
sale
for
as
the
open
the
increased
reserves
portfolio
remained
1933.
securities
It
is
member
years
market
money
the
to
that
Congress
through increasing
maximum
a
while
banks
Reserve
reason
reserves
excess
banks
Federal
this
for
of
percentages prevailing in 1935, thus providing the Board with
instrument for
double
an
the
additional
preventing injurious credit expansion.
As to the increase in gold and silver reserves, we take the
in
Up
received
000,000
by gold
and
1935
about
per
the
and
tion
fund
the
left
and
member
resulting
the
Silver
not
has been utilized in
issuance
The
silver
represents
and
has
been
have
the
China
silver from
of
tion
of
increment
stocks
to
affecting
$3,900,000,000,
gold
acquired by the Reconstruction
and the Treasury before revaluation in January, 1934,
stock until that time, and $600,000,000, the
into gold
certificates
and
in
the
history
included
the
of
the
coins.
great
country.
movements
the
Chinese
by tiie higher price at which gold
more
important
flow,
even
channels
Gold
in
and
been
the
of
extent
the
metals, sale of
The
the
war
20
and
now
enters into
unprecedented
years,
post-war
to
of
the
a
gold
the
totaling $3,700,000,000,
from
abroad.
after
charges
the
against
theoretical
its
October,
in
Government
Chinese
silver
on
but the drain of
The subsequent deprecia¬
exports,
parity provided
silver
strong
a
smuggle silver out of the country, and during 1935 the amount
that reached the London silver market through various
comparable in volume to the supplies from this
Nov.
issued
the Chinese Government
1935,
4,
and
government
with
managed
of
terms
in 1934.
source
series
a
decrees
a
China
the issue of
for
object of
the
foreign
silver
the
from
paper
stable
a
the
be
in
to
currency
for
value
yuan
The effect of these measures was to remove
currencies.
definitively
inconvertible
an
maintaining
Subsequently the
standard.
profit on
smuggling silver out of China was largely eliminated by the sharp decline
in
world
the
market
price
for silver.
Further extracts from the report follow:
Industrial Advances by Federal Reserve Banks
During the
tion
1935 the Federal Reserve banks received approximately
year
applications
2,500
13b
industrial
for
Federal
the
of
number received
the
in
months
six
This
is
provisions of
the
under
advances
Act.
little
a
than
less
Sec¬
the
half
nearly
in
to
and
large
as
empowering
the
The smaller
1934.
the
amendment
fact
that
1935
was
advances
of
commitments
and
but the total
advances and commitments in
such
of
(includ¬
to the end of 1935
up
of.
process
com¬
by
the
It
System
made
to
by the
inform
the
Federal
realized at the outset that the
was
public
that
banks
Reserve
facilities
new
the Federal Reserve banks for making loans for working capital
actively brought to the attention
public
general
banks
tive
facilities
the
industrial
loans
Through
of
which
appeared
Radio
papers.
of
aware
industrial
to
and
the
were
that
fact
commercial
Federal
during
talks
the
the
in
these
banks
and
Federal
might
Articles
have
magazines,
made,
borrowers,
the
banks
concerns.
Reserve
year
also
of potential
to dealing with
not accustomed
was
it
was
nor
loans
member
new
found
were
approved
amount
might be
advances
make direct
trade
the applications
has been $61,000,000,
taken
were
must be
the
the
under
participating institutions.
steps
working capital
purposes
than
larger
due largely to
was
$98,000,000, part of which had been repaid, part unused, and
was
Vigorous
1934
operation
by the Federal Reserve
$124,000,000, including $26,000,000 con¬
largest
time
one
any
advanced by
of
make
to
ineligible under the law.
or
applications
The
approved1.
in
of
of
proportion
actually made available to borrowers
Resesve
banks
considerably
was
months
credit risks
of
amount
to the end of
pletion)
since
few
first
ing $3,000,000 of approved
part
June
enactment, on
Reserve
approved
amount
relatively large
a
total
credit
the
proportion of approvals
the
during
be either unsatisfactory
The
following the
The amount of
now
descrip¬
for
making
and
newspapers
pamphlets
were
issued
Federal Reserve banks.
the
medium
the
Board'
of
to
conferences
the
Federal
in
Washington
Reserve
banks,
visits
and
the
Board
by
has
a
kept
closely in touch with the work of the Reserve banks and industrial advisory
committees
Before
usually
Reserve
authorized
to
the
such
an
an
Federal
banks
by
financing
capital
banks
the
from
of
ing
loans.
local
encourage
commitments
senting
industrial
on
making advances directly to borrowers the Federal Reserve banks
as
were
Reserve
19,
such
applications received in 1935 was $116,000,000,
compared with $190,000,000 in 1934.
The Federal Reserve banks approved1
973 applications during 1935 representing an aggregate of $72,000,000, as
against 1,020 applications in 1934 for an aggregate of $52,000,000.
In
other words, although the number and amount of applications received in
1935 was much less than in 1934, the number of applications approved was
the
of
advances.
monetary
of domestic origin, such as mine output of
gold by the public, and nationalization of silver
came
and
providing for the compulsory delivery of all silver coin and bullion to the
Federal
Movement—Additions
remaining $3,300,000,000
periods,
ounces.
Silver
$400,000,000
scrap
1914-33,
the account, but
volume
new
Mexico, Canada
from
not stopped by this action.
was
yuan
was
Effective
In part, the difference is accounted
silver stocks since revaluation,
the
holdings.
has
when measured
Behind
Factors
gold and
feature
the
Silver
the
of
silver
by various
During
of
gold stock increased by $2,400,000,000.
the United States
soon
prohibitive
imposed
directly to borrowers.
amounted
years
664,-
and
1934,
9,
authority
from Chinese stocks.
to
ceased
States
United
offered by
gold
Aug.
on
under
countries, and during 1934 direct importations from China
volume.
The direct shipment of silver from China to
general fund
the
as
substantial
in
1934,
direct
shipped
other producing
the stabiliza¬
silver
of the govern¬
program
The bulk of this silver
been bought in the London market, where Treasury operations were
dominant factor during most of 1935, but considerable amounts of silver
the
to $35
reserves
that for the most part have
gold
States
abroad
purchased
and withdrawals
in the
either
reflected, in the main, opera¬
1935
silver-buying
the United
in
silver
were
in
still held
Disregarding
to
ounce
in
dented
for
is
Treasury
growth of $3,100,000,000 in the monetary gold stock of the United
the period of less than two years since revaluation was unprece¬
States
which
of
up
additions
during the.two
$200,000,000
the
bank
increased member
ways
unaffected.
reserves
revaluation,
to
1934, from $20.67 per
yet
1935
1934
of which
$6,100,000,000,
accruing
for $1,800,000,000 of it is
reserves
taken
31,
not
during
the two years
In
of
increment
remaining $1,000,000,000
or
Finance Corporation
but
has
increase
an
the
Jan.
on
increased
and
the
principal sources of American silver acquisitions have been
The two
production
ditionally
Reserves
further
were
silver purchases.
represents
gold
bank
from
bank
which
of
extent,
Treasury
member
of
Treasury
This increment
material
a
country
gold stock showed
revaluation
ounce.
of
and
$2,800,000,000
from
to
imports
the
of
reserves
with
Purchase Act.
banks up
Gold
of
ounces
$600,000,000 in silver certificates and
of
1934
announced by the
to 835,000,000 ounces, of which 59,000,000 ounces
domestic mines,
112,000,000 ounces represented the
from
nationalization
outstanding at
Monetary
larger part of this decline
The
1935, acquisitions of silver,
27,
to Dec.
amounted
Treasury,
in
in accord
out
authorization
following from the report:
Increase
ment.
States
United
the
carried
1934,
During the next two
of
partly
absorb
to
power
for
of
market if
$800,000,000 to about $3,000,000,000,
government
requirements
reserve
from
$2,400,000,000.
the Board the
to
gave
of
at
These
Because of developments previously explained,
fundamentally altered.
excess
in
of
desirable.
of
banks.
required
$2,400,000,000
of
in
central
reserves
Italy.
tions
result of
a
banks.
relationship between the Federal Reserve banks and the
was
gold
Silver Purchases—The increase
larger volume of
by member
portfolio
a
available
were
much
a
Since,
$800,000,000
than
more
was
in circu¬
report],
by $400,000,000
This
compared
at
for
changes
currency
[pamphlet
declined
before
should
reserves
net
$400,000,000.
of
reserves
1933.
ever
be
government securities which
absorption
had
member
end1
had
excess. reserves
second
banks
deposits,
at
reserves
important
more
decrease of nearly $900,000,000 in member
a
were
The
increase of about $1,000,000,000 in
an
increase in
an
of
reserves
withdrawals.
and gold
currency
and
in
incentive to
$2,300,000,000
purchased
amount,
The
reserves.
between
times
various
,
were
Changes in Reserve Situation Since 1929—Growth
a
$3,100,000,000 in monetary
of the Bank of France, although there were also
substantial reductions in central reserves of The Netherlands, Switzerland,
tax
receipts, together with seasonal currency withdrawals, resulted in a decrease
central
for
foreign
of
reserves
were
total of $3,300,000,000, a
new
high level in the history of the Federal Reserve System, but in the
10
days preceding Christmas a large increase in Treasury deposits at
Early in December excess reserves reached
Reserve
gold
coin
increase
net
absorbed
banks.
in Europe, therefore, the amount
gold reserves exceeds $1,000,000,000
of the United States in the period from Feb. 1, 1934, to the
was
accompanied by a decline of only $1,100,000,000 in the
1935
occurred
non-member deposits and other accounts at
nearly $100,000,000 in
of
end
$3*50,000,000
and
instead
of gold is now the equivalent of $35
ounce
situation the increase of
this
result of
a
gold1 stocks
was
money
of
an
available
gold
new
but
year.
As
gold stock and $400,000,000
in the country's monetary
$1,900,000,000
in
increases
valued
before the depression world gold production,
Except as hoarding develops
$20.67.
of
a
funds resulting from the growth
reserve
While
abroad.
reserves
basis, was at a rate of about $400,000,000 a year.
par
of ounces,
terms
Reserves
Member Bank
gold
central
in
Of this
amount from $100,000,000 to $200,000,000 was annually taken
for indus¬
trial uses or for Indian hoards, leaving $300,000,000 or less available for
central reserves.
Today the sale of Indian gold exceeds the demand for
industrial
uses,
and mining output has not only increased by 50% in
1935 says, in part:
growth of member banks' reserves in
decline
number of years
a
the old
on
of the Board of Governors in referring to the
The report
...
increase in the monetary gold stock of the
of nearly two years since revaluation has not
was
For
issue,
3942.
page
the period
in
corresponding
a
less
from foreign centers and, to a
of capital
Supplies—The
being shipped to the United States it was being produced by the
world's mines at the rate of $1,000,000,000 a year, and the Indian public
continued to make sales from the accumulated hoards of the past.
This was in contrast to the situation that existed before the depression.
gold
policy in order that appropriate action may be
soon as it
appears to be in the public interest."
joint
Gold
States
meant
the responsibility
study and attention of those charged with
for credit
This
World
have the unremitting
has had and will continue to
reserves
influx
an
were
extent, a surplus of merchandise exports.
the continuing excess of
problem created by
special
heavy
abroad, notwithstanding the
movement of gold from
The sustained
Voted, that the executive committee be authorized to buy or sell up to $250,000,000 ot Government securities, subject to telegraphic approval of a majority
of the Federal Open Market Committee and the approval of the Board of Governors
of the Federal Reserve System.
issued
May 23, 1936
Financial Chronicle
3416
in
the
to
make
Reserve
advances
the law, obligates
institution,
to
a
an
obligation,
established
will
that
or
for
business.
obligate
advances
itself
or
they
Federal
discount
advance by that institution
to
the
banks,
under
to
protection
participate
make.
with
of
the
A commitment,
Reserve bank, upon request
purchase
an
obligation
repre¬
the purpose of furnishing work¬
The
for
as
Reserve
much
bank,
as
80%
in
of
assuming
any
loss
Volume
thereon.
Financial
142
The
commitment, therefore,
Dec.
On
loan's
the local bank of the
assures
31,
participating
liquidity, and protects it against a loss in excess of 20% of the loan.
3417
Chronicle
Federal
deposit
Banking Act of 1935
The
Federal Reserve Act by the
Banking Act of 1935, which was signed by the President on Aug. 23.
The
Act incorporates into law much of the experience acquired by the System
during the more than two decades of its operation.
It reflects a broader
conception of the System's functions in the country's economic life than
existed at the time the System was established, and it defines more clearly
and fixes more firmly the responsibilities of the Board in Washington and
of the regional Reserve banks.
It permanently removes from the operations
of the Federal Reserve banks and the member banks some of the restric¬
amendments
Important
tions
the
which
services
number
a
The
critical
at
Reserve System
revises the provisions relating
Title I
and
improvements in the technical provisions of existing banking law.
The
principal provisions of the Act are discussed more fully in a subsequent
section
this
of
Title
the
II
annual
Board
the
As reconstituted, effec¬
appointive mem¬
and the Comptroller of the Currency
bers and the Secretary of the Treasury
members
ex-officio
as
members.
officio
Market
Open
have
will
law
The
Committee
Reserve
instead of, as
banks,
Federal
12
vested
in
national
Board,
upon
the local
preserves
relations with
the exercise of
The law, however,
banks in their dealings and
and provides
of the regional
national
banks in their respective districts,
Other
banks
provisions
broaden
the
ineligible
of
powers
Act
and
requirements
Board
Federal
the
The Act
the
of
taken
and
Board
shall
relating
of
statement
also
the
and
Board
policy
a
keep
provides
the
by
loans
Board
the
of
power
and
Federal
to
paper
real
on
estate.
change
by
are
record
a
Changes in Membership—The
with
respect
decrease
liquidation
National
and
all
to
questions of
in its annual
report a
of the records required to be kept.
and
the admission
Reserve
included
largely to the merger, absorption, consolidation,
banks,
5,386
partly
System.
National
of
banks
and
the
organization
State
banks to
member
banks
38
6,387
The
by
offset
(000,000 (000,000
Omitted)
investments of all banks
Branch
number
Offices—There
branches
of
number
the
this
net increase
banks
by
The
maintain
increase
branches
in
outside
number
of
33
Dec.
or
new
31,
banks.
1935,
At
offices at
the
during
the
only
office
savings banks.
1935
of
(including mutual
$24,802
5,451
$20,073
$8,491
26,376
1,001
13,652
970
3,583
56
978
68
10,971
1,038
Other
7,734
5,669
7,639
4,944
3,581
9,561
1,495
13,814
14,177
i 45,101
14,128
16,456
51,246
34, compared with 57 in 1934,
during
The
26
banks
them
end
were
repaid
of
in
about
were
the
for
group
a
as
In 489
whole
claims.
receiverships
active
1,400
deposit liabilities of $1,842,000,000
of
the time
at
Comparable figures for State bank
the Reconstruction Finance Corporation made aggregate
year
further
to
the
in
disbursement
the
liquidation.
of
process
Corporation
during tire
and'
their
of
not available.
are
$114,000,000
Finance
full,
in
75%
there
liquidation or receivership.
in
paid
$1,068,000,000.
than
more
receiverships
banks
placed
were
recovered
which had
has reported that all of the 1,417 *
after the banking holiday of 1933
To the end of 1935, unsecured depositors in these banks have
they closed.
of
which suspended
participating in the
$10,099,000
of
$9,160,000
of
unlicensed
or
1935
of
National banks
loans
fewer than in any other post-war
deposits
Currency
were
licensed
depositors
the
the
of
which
creditors
the
unsecured
been
37,026'
deposit insurance fund.
since been
At
and v^ejre
with
deposits
with
Comptroller
National
have
banks
34
1935,
Federal
of
the
Of
year.
801
Suspensions and Receiverships—Bank suspensions in 1935 numbered
Bank
*
of
structure
capital
of funds
depositors
to
the Reconstruction
investment of
The
increased
banks
slightly
to $882,000,000.
year
Includes six National banks which were licensed on March 15, 1933, but whose
licenses
were
holiday and
subsequently revoked, and one which suspended before the banking
placed in conservatorship subsequent thereto; also includes
was
10
non-National banks in the District of Columbia subject to the supervision of the
Comptroller of the Currency.
Earnings and Expenses of Federal Reserve Banks
Gross
earnings of the Federal Reserve banks in
752,000,
$16,151,000 less than in
or
deducting
bank
current
premises,
1934.
for
Earnings,
banks
Reserve
on
there remained net
$5,794,000 less than the amount of net earnings
or
dividend
expenses,
combined
depreciation
for
reserves
self-insurance, &c.,
losses,
for
1935 amounted to $42,-
After adding other income and
1934.
$31,577,000,
of
expenses
reserves
earnings of $9,437,000,
for
1935
and
&c.,
payments,
1934
shown
are
for
in
all
the
Federal
following
table:
EARNINGS AND EXPENSES
OF FEDERAL RESERVE BANKS DURING
1935
the
.
133
.
in
.
1934
AND
1935
the
banks
decreased
by 29,
by 78.
The
increased
increased
from
796
to
883.
Of
only
by
branch
one
cities,
number
accounted
was
there
inside
the
non-members
of
securities, &c.)
Deductions (depreciation and
for
being
head
for
decrease
a
office
wholly
of
29
in
by
the
Net earnings,.
cities.
*
OFFICES
1934
No. of
Dec.
Total
Branch Banking
No. of
paid
paid-in
on
and
net
of
earnings
6,510,000
dividends to member banks at the rate
These
capital.
during the
earnings
each Federal
Offices
Offices
Banks
Offices
dividends
amounted
to
1935
year
Reserve bank
and
ate
distribution
the
shown
in
of
the
following
1,243
6,705
5,386
1,327
981
1,961
1,001
952
1,953
6,442
2,224
8,666
6,387
2,279
8,680
749
9,429
8,647
820
8,666
9,467
579
126
705
568
133
701
147
3
150
138
3
141
OF THE FEDERAL RESERVE
6,713
980
OF OPERATIONS
Offices
5,462
FINANCIAL RESULTS
Branch Banking
Banks
BANKS DURING
Reserve System)
1935
Dividends
Gross
Bank
Earnings
Earnings
Paid
S
S
$
to
Trans¬
Trans¬
Payment
Net
Federal Reserve
(members of Federal
State banks
—~6~o"666
607,000
table:
31, 1935
NO. Of
No. of
National Banks
annum
per
Gross
Total
Reserve banks
Federal
6%
net
Class of Bank
'
*27,000
$8,505,000.
[Active banks, operating without restrictions]
Dec. 31,
$8,781,000
*298.000
Revised.
All
of
$4,430,000
15,231,000
$8,505,000
paid,
...
Payment to United States Treasurer (Sec. 13b).
Transferred to surplus (Sec. 13b)
Transferred to surplus (Sec. 7)
The banking
beginning and end of the year 1935 are shown in the following
BANKING
;
13,356,000
$1,738,000
9,437,000
Dividends
tabulation:
NUMBER OF BANKS AND
8,652,000
other reserves, &c.)
Net deductions from current net earnings.
State
responsible
each.
maintained
maintained
and
six,
the
part,
$8,926,000
Additions (profits on sales of United States Government
non-member banks, the number of National
most
$19,661,000
$6,914,000
Current net earnings.
$48,903,000
29.242,000
$11,175,000
Current expenses.
savings banks
1934
$42,752,000
31,577,000
Total earnings—
of National banks increased
of State member banks
branches
were
brandies
head
branches
of
increase
non-member
of
increasing
For
nine.
increase
this
87, 72
branches
with
members
branches
maintaining
of
net
than mutual
by banks
of branches
of
banks
of
a
other
The number of branches
the number
number
was
maintained
private banks).
84;
and
Omitted)
5,386
66% of the total loans and investments of all banks and 84% of the total
by
(000
Omitted)
December, 1935, loans and investments of member banks constituted
loans and
and
of
Insured
Deposits Accounts
membership in the
on
member
State
1,001
Insured
Total
Deposits
eral Reserve System)
Mutual savings
the
that
number of
122
of
banks
Federal
due
was
1934
State (members of the Fed¬
votes
member banks of the Federal
System decreased by 55 in 1935 to 6,387 at the end of the year.
Reserve
Oct. 1,
1935
all
upon
including
action,
the
shall include
copy
Committee
operations,
underlying
Board and
full account of actions taken and
Market
CORPORATION
Total
National
the
Changes
banks.
of the Federal Reserve banks.
Open
not available.
reserve
review
to
periodic
for
Reserve
market
open
reasons
similar
a
by the
policy determined
end of
Reserve
on
provides that the Board shall keep a complete record of actions
by
questions
banks
established
rates
make
may
administrative organization
the
in
banks
the
alters
member
of
discount
of
also made
taken
National
which
insured
of
also shown.
(000,000
During the
exceptional circumstances and liberalize the
except in
under
clarifies
conditions
This
lending
are
No.
,
by permitting them to make advances to member banks
heretofore
The
credit policies.
monetary and
number
this date
Deposits Number
Number
for
the Board of Governors.
autonomy
member
the
to
responsibility
greater
ex-
no
representative from each of
together with other powers
one
change,
The
1934.
1,
deposits for
are
Class of Bank
Federal
the
participation of representatives of the regional banks in the formulation
for
of
places
policies
This
and
of
consist of the seven
representatives of the Federal
1936,
1,
previously,
banks.
Reserve
the
credit
March
of
as
reorganization
for
Governors and five
Board of
members
appointive
seven
provides
members of the
the
comparable figures
Dec. 31,
Reserve
the Board, instead of consisting of six
1936,
1,
Oct.
insured1
DEPOSIT INSURANCE
Reserve Board under
System with
Federal
the
of
longer terms and larger salaries for its members.
tive Feb.
with
of
Total
Governors
of
beginning
the volume
NUMBER AND DEPOSITS OF BANKS PARTICIPATING IN THE FEDERAL
report.
for reconstitution of the Federal
provides
of
name
and
recent
Omitted)
deposits, and Title III contains many clarifications
of
More
shows
months
accounts
effectively rendering
established, and it clarifies and simplifies
of the Act.
Title II
insurance
15
from
them
prevented
provisions relating to the Federal
important
more
the
to
tabulation
the
6,387 banks with
these,
Of
insurance.
members of the Federal Reserve System.
that the number of insured banks increased by 49 in
were
administration of the System.
the
features of
contained in
are
times
which they were
for
of
made in the
were
deposits of $45,101,000,000 were
with
14,177 banks
1935,
in
deposits of $38,454,000,000
U. S.
ferred to
Surplus
(.Sec. 136) (Sec. 136)
ferred to
Surplus
(Sec. 7)
Treasurer
Total members of Federal Re¬
serve
System
Non-member commercial banks *
Mutual savings banks
Private banks under State super-
42,751,959 9,437,125 8,504,974
*297,667
Cleveland
Richmond
Total
*
15,848
Exclusive
of
trust
companies
3,102
and other
18,950
financial
15,740
institutions
3,235
which
18,975
do
Atlanta..
Chicago.
not
receive deposits but which are included In State banking department abstracts.
a The figures for both 1934 and 1935 include 46 private banks not under State
supervision on Dec. 31, 1934, which reported to the Comptroller of the Currency
on that date but which were placed under State supervision during the year 1935;
other private banks (not under State supervision) are not included.
Private banks
not under State supervision which reported to the Comptroller of the Currency
under the provisions of Sec. 21 (a) of the Banking Act of 1933 numbered 140 on
St. Louis
Minneapolis
Kansas City
Dallas
Total
*
31, 1934, and 144 on June 29, 1935; under amended provisions of law, private
banks no longer report to the Comptroller of the Currency.
Note—Figures for banks not members of the Federal Reserve System are pre¬
liminary.
insurance
deposit
of
each
Banks
Deposits—The
depositor
Banking
Act
of
1935
established
the
Federal
fund on a permanent basis, continuing the insurance
in each insured bank in a sum not exceeding $5,000.
Earnings
participating in the fund
were
made subject to annual
equal to one-twelfth of 1% of their deposit liabilities
as
assessments
defined' in the law.
than
reduction
in
$
860*758
3*3*, 340
—63,847
27,970
76^064
9,066
17,637
"—899
16*854
—271*,481
*23*428
*5*814
—33*235
27,176
607,308
Revised,
1935
Insured
—
San Francisco
Dec
$
*49,012
64,238
41,984
8,734
66,714
New York
Philadelphia...
vision.a
S
670,565
2,727,242
621,553
13,131,386 4,336,264 3,411,268
867,763
3,123,918
856,286
772,127
3,674,866
780,861
2,231,854
388,328
293,644
260,538
1,672,606
345,668
771,220
753,583
6,177,615
236,187
235,288
1,850,595
1,455,877 —69,179
185,448
239,859
1,946,902
239,859
266,857
1,507.244
237,615
3,251,854
603,631
636,866
Boston
part
on
from
to a
total
years
average
This
securities
decrease
in
were
earnings
about
was
$6,200,000
due
reduction of about $26,000,000
less
primarily
1.91% to 1.68% in the average rate of earnings,
bills and securities.
with
bill£ and
1934.
in
to
in
a
but also
in average daily holdings of
Average daily holdings of bills and securities, together
rates and
amounts of earnings thereon, are shown for recent
in the following table:
Financial
3418
EARNINGS ON BILLS AND SECURITIES
creditors
their
(Amounts In thousands of dollars]
and
mits."
was
Bills
United
Bought
States
Bills
settlement
The
in Open
Government
Bills and
Discounted
Market
•Securities
Securities
82,062,446
2,421,566
2,495,497
8520,637
283,229
35,788
2,469,542
7,306
47,992
17,881
47,995
47,655
9,137
1,231
41,472
1932......———
1933
1932
1933_
Earnings:
1932........—-------
870,902 81,461,258
82,882
2,052,160
24,742
2,431,673
4,922 2,430,821
89,649
3,295
*3,294
*26,493
1935
2,785
1,238
26,924
37,530
402
141
46,131
*152
156
36
39,796
*1,484
3.43
3.93
1.84
4.17
1.98
-
-
3.23
1.49
1.83
2.74
90
Avge. rate of earnings (%):
On
the
0.57
1.90
*4.61
2.14
0.73
1.64
*5.60
but
on
the Federal Reserve banks in 1935 were $31,677,000,
1934.
Salary payments during 1935, including contributions to the retirement
system of the Federal Reserve bankp, were $1,800,000 in excess of such
payments in 1934.
$2,335,000
than
more
in
province.
hand, the Council calls attention with
disposition
"the
to
is
in availing them¬
the bonds on the
if
they are selling substantially below par,
the bonds are depreciated abnormally
account of default in payment of the contract service
to
even
do
when
so
practice
a
Council most strongly condemns"
the
which
and "against which it has
repeatedly protested"
Building and Loan Annals, 1935
$5
Chicago: United States Building & Loan League.
REVIEWS
BOOK
This 1935 issue of
the
Foreign Bondholders1 Protective Council,
Annual Report, 1935
Formed in 1933 at the request of the
of
Secretary of State,
of the Treasury and the Chairman of the
Trade Commission, but as an independent body,
Federal
papers
them
interests
Secretary
incorporated as a non-profit membership corporation
stock, the Council has performed an indis¬
pensable service to investors by collecting detailed informa¬
tion regarding all foreign bond issues that have been mar¬
keted in this country, and their status in regard to pay¬
ments or defaults.
The present report contains, in addition
to complete
statistical data on those subjects, detailed
accounts of such negotiations as have been carried on with
presented
reports
annual volume is mainly
an
at
the
League, the formal record
of
Broad Street, New York
Published by the Council, 90
the
Inc.
ex¬
on
of course, are well within their rights
selves of the opportunity of purchasing
3.44
Includes Industrial advances.
Current expenses of
however, was
the satisfactory
exception,
the part of certain
debtors to use funds and foreign exchange which should
be devoted to the payment of interest on their bonds for
the purchase on the market of these bonds, which are sell¬
ing at very low prices because the debtor governments are
not paying service on those bonds.
If the bonds have
service, according to their contracts, the debtor governments,
1.68
-
An
offered by the
were
other
regret
1.91
1935
or
conditions that
market
1934
*
;
basis.
temporary
a
made in the case of Buenos Aires because of
2.33
1933—.———
1934
on
treme
1934......
1935.
of
countries per¬
made with Costa Rica, accordingly,
All Other
Dally average holdings:
.
them the maximum amount
to pay
service which the condition of their respective
Bills and Securities
Total
1936
23,
May
Chronicle
read at
brief,
and
convention of
Cincinnati
every
activities
the
of proceedings,
and a long list
The papers, most
various sessions.
the
cover
filled with
and
phase
the
building
of
and
loan
problems
with which the
summary of the views
business is faced.
Anything like a
presented would be out of the question, for the papers alone
fill nearly 400 pages, but we note, in both the papers and
and
the resolutions of
without capital
tude toward
governments or their local subdivisions that were in default,
an informing exhibit of
the revenues, expenditures, public
debt and foreign trade of the countries concerned, an up-todate
of
showing
the
debts to
governmental
foreign
the
which are in default, and an extended sum¬
United States
of debt or tax legislation in Argentina, Brazil, Ru¬
mania and a number of other Latin American and European
mary
countries.
*
continues to hold the view "that the present
The Council
time to make long-term permanent
World economic conditions at this time
moment is not the proper
settlements.
debt
are
still
so
made
settlement
financial
be
unsettled
this
at
unfavorable
most
time
the
on
OF
STATE
TRADE
excellent
convention
and
also
to
con¬
EPITOM
registered
its
On
protest
operated for normal profits," and urged "the abandonment
of all projects initiated for or resulting in this objective."
On the question of housing the convention asked that all
government
social
activities
field,
and
there will be
that
"be
this
confined
line
be
to
so
the
non-competitive
clearly drawn that
uncertainty in the minds of the public and
with the construction, sale and financing
of homes."
The opinion was further
expressedy"that it is
in the public interest that such arrangements as the
govern¬
those
no
concerned
ment makes in
leged be
so
of all such
dealing with the problem of the underprivi¬
managed that the ownership and management
units shall be turned back to
possible."
present
bound
Friday Night, May 22, 1936.
The
subject
against "the placing of government in competition with
private enterprise for the purpose of regulating the activi¬
ties of or setting
an
example to business organizations
of
be
COMMERCIAL
competition with private business.
the
latter
and
trary to the best interests of the debtor governments, as
it would not comport with their desire to deal fairly with
THE
sition to government
this
permanent
a
basis
bondholders
the
to
that
would
conditions
economic
and
unfavorable
and
the convention, a markedly critical atti¬
Federal housing and credit schemes and oppo¬
business,
singly and
collectively,
private ownership
expeditiously as
^
as
The volume also includes a useful
summary of the build¬
ing and loan legislation of the year in all the States, and a
list of building and loan associations and their
principal
officers throughout the country.
Bonus money is expected soon to act as a substantial
stimulus to trade, and observers believe the upward trend will
of business activity was more than
the business index of one of the
leading journals of the country showing a new high peak
of 92.1.
This compares with a revised figure of 91.0 for
the previous week and 69.7 for the corresponding week of
last year.
The factors responsible for this sustained advance were the continued gains in automotive
/activity, car
continue well on into the summer.
During the past week
retail sales for the country as a whole were estimated at
8 to 12% above 1935 for the same period. Throughout the
East retail volume expanded from 10 to 20%. Indications
are that this summer will record a larger volume of retail
business than for any previous summer in several years,
loadings, electric output and petroleum runs to stills.
in 28 weeks.
There was nothing outstanding as concerns
the weather the past week. Most sections reported the large
crops as progressing favorably, though in the Southeastern
States there was very little rainfall, and droughty conditions have been intensified, especially from central Virginia southward and south westward to central Alabama,
Conditions are reported to be quite critical in much of this
area, with minor crops showing further deterioration, and
farm work mostly at a standstill in many places because of
'hard, dry soil.
On the whole, the weather of the "week was
favorable for small grains in the principal producing areas,
In the western part of the cotton belt conditions were decidedly favorable, but in the Eastern States, in the absence
of material rains, the drought was appreciably intensified,
Cool, fair weather has prevailed in the New York City area
sustained
the
pace
past week,
It is
predicted in automobile circles that retail sales of new cars
this month will run close to the April showing.
The month's
sales, therefore, will show
tlie
a more
substantial increase over
1935 level than that established in
sales
in
month.
ceding
April, since
new
car
May a year ago dropped about 7% below the pre-
showed
a
Production
substantial
gain
of
over
electricity
the
for
preceding
week
the
week,
15.4% ahead of the corresponding week of last
Even the steel industry reversed its gradual seasonal
was
sion of recent weeks, and showed a gain
and
year,
reces-
of 0.3 points over
the
previous week, the current week's operations being estiat 69.4%.
During the corresponding week of last
year the rate was 42.8% of capacity.
Makers of light steel
mated
products, such as sheets,
strips and tin plate, report
that
orders for the month to date look like exceeding total orders
of
April.
Tin plate mills
are
reported to have
now
reached
100% of capacity, with some authorities predicting that
May production of tin plate will have.-been the largest in
history.
Yet with all these glowing reports on business
throughout the country, the securities market remains dormant,
unresponsive.
This
current
stagnation
trading is regarded by not a few as reflecting
tainty over
of
security
the uncerthe political, legislative and foreign situations.
Car loadings last week
aggregated 681,447
cars,
the
highest
the past few days.
Today it was fair and warm here, with
temperatures ranging from 50 to 65 degrees.
The forecast
was for clear and warmer tonight.
Saturday partly cloudy
and warmer.
Overnight at Boston it was 42 to 64 degrees;
Baltimore, 54 to 72; Pittsburgh, 48 to 72; Portland, Me.',
38 to 58; Chicago, 60 to 76; Cincinnati, 54 to 78; Cleveland'
50 to 64; Detroit, 50 to 64; Charleston, 66 to 74; Milwaukee',
52 to 60; Savannah, 66 to 80; Dallas, 68 to 86; Kansas City,'
72 to 88; Springfield, Mo., 68 to 82; Oklahoma City, 68 to
Volume
88;
Financial
142
Salt Lake City,
34 to 62;
Seattle, 52 to 62; Montreal,
36 to 64, and Winnipeg, 46 to 66.
16.9%,
the
Moody's Daily Commodity Index Advances
the total for the like week of 1935, and
over
11.3%,
in¬
an
the total loadings for
over
corresponding week of 1934.
loadings
Tlie average p ice of basic commodities recovered
3419
of 69,116 cars, or
crease
♦
,
Chronicle
For the week ended May 9
16.3% above those for the like week of 1935,
were
moder¬
Moody's Daily Index of Staple Commodity
Prices advanced from 163.6 last Friday to 165.1 this Friday.
Higher prices for hogs and hides were the principal changes
affecting the rise.
There were also moderate advances in
cocoa, rubber, wheat and wool.
The prices of silk, corn,
silver and cotton declined.
Steel, copper, lead, coffee and
sugar remained unchanged.
The movement of the Index during the week, with com¬
parisons, is as follows:
and
Fri.,
REVENUE FREIGHT LOADED AND
ately this week.
May
May
May
Tues., May
Wed.,
May
Thurs., May
Fri.,
May
15
16
18
19
20--.
21
22
Sat.,
Mon.,
2 Weeks ago.
163.6
163.8
164.2
163.7
165.4
165.0
165.1
May 8
164.9
Month ago. April 22
Year ago, May 22
11.0% over those for the corresponding week of 1934.
Loadings for the week ended May 2 showed a gain of 18.0%
when compared with 1935 and a rise of
10.9% when com¬
parison is made with the
same week of 1934.
The first 18 major railroads to
report for the week ended
May 16,1936 loaded a total of 315,311 cars of revenue freight
on their own
lines, compared with 310,143 cars in the
pre¬
ceding week and 270,056 cars in the seven days ended May 18,
1935. A comparative table follows:
172.0
162.0
175.3
RECEIVED FROM CONNECTIONS
(Number ol Cars)
1935 High—Oct. 7 and9
Low—Mar. 18
148.4
1936 High—April 18 and 23--172.1
Loaded
Own Lines
on
Mai/16," May
1936
Slight Increase in "Annalist" Weekly Index of Whole¬
sale Commodity Prices During Week of May 19—
Further Drop Noted in World Prices in April
Higher prices for livestock and beef and for wheat and
corn sent the "Annalist"
weekly index of wholesale prices
0.4 point higher during the past week, the index rising
to 120.0 on May 19 from 119.6
May 12.
"Coffee, bananas,
lemons, rubber, cotton and wool also contributed to the
rise, although butter and eggs, potatoes, oats, hides and
zinc were lower," the "Annalist" said,
presenting as follows
its index:
THE
i:->
"ANNALIST'
WEEKLY
INDEX
PRICES.
,■■>*
OF
COMMODITY
(1913=100)
May 12,1936
110.8
109.6
International Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
170.7
110.7
111.8
97.3
a97.3
25,266
15,923
21,560
13,918
18,440
12,194
10,182
16,481
10,613
12,444
8,061
7,532
6.414
18,410
15,861
7.291
7,694
15,076
13,106
10,145
2,762
2,472
9,757
1,484
2,036
2,037
2,310
4,523
3,797
2,918
12,072
8.898
9,203
35,135
37,684
39,090
4,292
16,276
8,743
4,206
6,502
8,357
1,155
1,888
2,149
7,123
32,111
7,179
4,277
3.737
53,464
42,388
40,741
5,396
37,141
3,909
All commodities
/
120.0
all9.6
71.5
b All commodities on old dollar basis.
19,479
6,405
6,271
5,422
4,978
6,885
27,059
6,860
4,825
22,933
5,455
5,026
4,664
26,769
x8,430
x8,234
5,437
5,263
4,762
7,709
8,366
X5.687
7,062
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
x
interchanged between S. P Co .-Pacific Lines and Texas & New
cars
*
'
1
LOADINGS
'
'
■
RECEIPTS
AND
a71.2
75.1
The downward drift in world wholesale prices that has been under
way
"Annalist"
composite declining to 74.3% of the 1913 average
the
weaker
trend
in
the
United
prices in the United Kingdom and Japan,
The
French
that
has
decline
been
represents
a
proceeding since
the result of the
(measured in terms of
St. Louis-San Francisco Ry
12,900
12,788
19,419
25,054.
11,361
65,053
65,857
55,834
States,
The decline
the
Canada, and
advance
in
that
France,
country
is apparently
decline
in
Indices for recent weeks show
a
con¬
France, the United States and Canada, while
AND
INDICES
Loading
2,219
below
cars
from
Gold basis
April,
Mar.,
1936
1935
week
in
124.9
126.4
125.8
73.4
Gold basisUnited Kingdom
73.6
73.9
74.9
—0.3
113.1
113.2
113.2
—0.3
66.6
-
66.7
66.4
66.9
—0.1
109.3
Gold basis
109.0
109.0
104.0
+ 0.3
65.8
Japan.
Gold basis
Composite In gold.b
Preliminary,
a
61.3
+0.2
372.0
336.0
—1.3
*103.7
103.6
103.6
100.0
+0.1
144.2
144.4
137.8
+ 0.8
50.0
—
65.7
376.0
145.4
Germany.
65.7
371.0
France
49.5
49.5
46.6
+ 1.0
74.2
Revised,
74.4
74.4
71 0
—0.2
b Includes
many excluded beginning July,
below the
also Belgium
and Netherlands;
1934; Italy beginning November, 1935.
Ger¬
the
Class I railroads
on April 30 had 179,464
surplus freight
repair and immediately available for service,
in good
the
Association
May 20.
This
the number
were
of
American
was a
of such
Railroads
decrease of 22,694
cars
on
202,158 surplus freight
announced
cars
on
compared with
April 14, at which time there
week
in
the
cars on April 30 totaled 41,802, a decrease
below the previous period, while surplus box
cars totaled 97,344, a decrease of 1,621 cars
compared with
April 14.
20,518
cars
Reports also showed 25,683 surplus stock cars, a decrease
of 1,147 cars compared with April 14, while surplus
refriger¬
ator cars totaled 7,006, an increase of 1,002 for the same
period.
in
1935,
Car Loadings
Gain
12,512
Cars
in
Week
Loadings of
freight for the week ended May 16,
1936, totaled 681,447 cars.
This is'a gain of 12,512 cars, or
1.9% over the preceding week, a gain of 98,497 cars, or
9 totaled
May
16.3%, above
or
668,935
the
corre¬
11.0%, above the corresponding
or
280,321
ears,
increase of
an
and
40,208
was
decrease
a
56,091
above
cars
decrease
a
of
less
169
week in
3,371
the
corresponding
grain
corresponding
carload
above
cars
in
week
the
lot
freight
preceding
1935,
but
110,618
cars,
week and
decrease
a
162,769
totaled
cars
2,317
of
3,024
cars
above the
cars
loading
in
1935,
week
same
but
and
in
31,173
1934.
cars,
increase of
an
2,709
below
cars
above the corresponding
cars
totaled
preceding week,
week
decrease of 8,949
a
increase of 15,051
an
products
below the
than
1934.
7,061
1935, and
and
of
above
cars
the
of
.
merchandise
cars
the
same
above
cars
decrease
a
5,258
of
above
week
in
1934.
In the Western districts alone,
grain and grain products load¬
ing for the week ended May 9 totaled 18,813 cars, a decrease of 1,372 cars
below
the
the
preceding week this
week
same
Live
stock
"below
the
2,578
cars
in
loading
decrease of
below
week
cars
Ore
same
stock
1,841
for
cars
below the
and
to
660
below
week
and
13,017
Coke
totaled
cars
5,583
amounted
preceding week,
the
districts
ended1
2,134
week
same
reported
decrease
a
the
In
above
cars
May
Western
9
week
of
week
same
the
2,039
in
10,535
year
cars
1935,
districts
totaled
this
31,867
same
cars,
above
cars
cars,
increase of
an
above the
and
to
7,846
and
alone,
cars,
a
decrease
a
cars
in
above
the
in
week
cars
same
13,570
cars
week
above
in
1935,
cars
above
1934.
increase
week
same
297
the
1934.
corresponding
an
of
above
cars
increase of
an
the
cars,
decrease
a
7,434
above the corresponding week in
loading
above
cars,
below
1934.
the preceding
week, but
6,881
week,
cars
2,347
week in 1935.
same
loading amounted to 31,199
preceding
increase of
an
13,142
cars
week in
the
loading
preceding
1935
the
the
week,
below the
products
tiie
in
amounted
preceding
loading of live
but
year,
1935.
of
in
191
1935,
and1
1,156
loaded
with
1934.
increases
in
the
number
of
cars
freight, compared with the corresponding weeks in 1935 and 1934.
of revenue freight in 1936 compared with the two
previous
follow:
revenue
Loading
years
1936
Four weeks In January
Five
weeks In
1
1935
1934
2,353,111
3,135,118
2,418,985
2,544,843
April
Week of May 2
Week of May 9
2,169,146
2,927,453
2,408,319
2,302,101
671.154
February
Four weeks In March
Freight
cars,
preceding week, but
week
Four weeks in
Revenue
cars,
for the week of May 9
1% below the preceding week.
corresponding
cars
All
Surplus coal
of
ended
freight
of
loading amounted to
Grain
care
cars.
93,915
freight loading totaled
preceding week, but
of 379
Freight Cars Available for Service Decline
cars
the
same
Forest
Number of
3/10
increase
the
1,493
—0.9
of
follows:
as
week
1934.
an
above
1936
112.8
Canada
*
Feb.,
1936
123.8
United States ol America
Mar.,
1936
a
revenue
or
corresponding
Coal
% Ch'ge
April,
of
cars,
Miscellaneous
cars,
|In currency ol country; index on gold basis also shown for countries, when different;
(1913=100.0)
increase
an
•
week in 1934.
Loading of
DOMESTIC WHOLESALE PRICE
*
was
for the
sponding week in 1935 and 66,137
the United Kingdom and Germany report little change.
FOREIGN
This
cars.
freight
revenue
29,444
Railroads, in reviewing the
May 9, 1936, reported
Loading of
in part
European political crisis and of the French elections and
of the
week ended
the contrary, rising moderately.
last summer, and
impending change in government.
tinuation
on
break in
May 18, 1935
23,625
international
gold), from 74.4 in March and February and 74.7 in January.
reflected
1936
22,918
29,235
The Association of American
The
May 9,
Chicago Rock Island & Pacific Ry
Illinois Central System
Total
April.
-
126.2
during April the "Annalist" had the
during
'
CONNECTIONS
Weeks Ended—
say:
continued
'
'■
■
FROM
(Number of Cars)
Preliminary,
a Revised,
b Based on exchange quotations lor France, Switzer¬
land and Hollad; Belgium included prior to
March, 1935.
January
9,382
315,311 310,143 270,056 190,552 193,977 160.293
Excludes
TOTAL
*
since
2,877
61,414
May 16, 1936
As to world prices
1,500
81.9
-
Miscellaneous
following to
7,522
Pennsylvania RR.
5,434
98.7
85.8
4,710
30,877
.
111.5
86.0
-
5,099
110.1
111.8
4.947
New York Chicago & St. Louis Ry
Norfolk & Western Ry
New York Central Lines.
162.5
110.6
119.4
-
Building materials
Chemicals
17,703
13,809
38,762
4,861
19,834
59,020
104.8
-
-
Metals
1936
131.5
170.7
19,271
2,296
1936
9. MaylS,
1935
1935
Orleans RR.
122.4
119.6
al04.8
9. MaylS, May 16, May
1936
13,819
39,903
Gull Coast Lines.
May 21,1935
*104.6
-
Textile products.
Fuels
Connections
30,931
21,923
13,749
18,863
15,110
2,351
2,245
4,298
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw.St.Paul & Pac.Ry
Chicago & North Western Ry
Total
Farm products
Food products
from
Weeks Ended—
20.006
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Pittsburgh & Lake Erie
WHOLESALE
May 19, 1936
Rec'd
Weeks Ended—
162.7
Low—May 12
568,927
575,020
2,461,895
2,340,460
605,246
602,798
10,950,966
11,113,672
668,935
Total
11,792,146
1
2,183,081
2,920,192
revenue
In the
ings
for
May
9,
following table
separate
1936.
roads
During
undertake to show also the load¬
and systems for the week ended
we
this
period
a
total
of
115
roads
Financial
3420
Chronicle
most important
The
of
these
increases were the New York Central
roads which
Ohio RR.,
the
showed
Lines, the Baltimore &
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
Total Revenue
1935
1934
1936
from Connections
Freight Loaded
Railroads
1935
1936
1934
1935
1936
1935
Eastern District—
Group B (Concluded)—
460
—-
Chicago Indianapolis & Loulsv
Central Indiana.
"
Central Vermont-..-
Delaware & Hudson.
—
Delaware Lackawanna & West
Detroit & Mackinac..
Detroit Toledo & Ironton
566
1,173
1,908
7,750
1,080
383
379
10,623
10,134
1,613
26
19
68
56
1,095
6,290
9,253
—
Boston & Maine
1,873
7,504
1,127
16
__——,
Bangor & Aroostook
594
1,697
7,803
1,368
1,126
4,758
9,482
1,026
5,511
8,860
2,169
7,076
6,799
1,661
6,378
5,835
259
Ann Art)or
209
301
149
116
1,310
2,877
1,292
2,234
11,603
7,954
2,249
Monongahela.
Montour
b New York Central Lines...
N. Y. N. H. & Hartford
New York Ontario & Western.
St. Louis...,
Pittsburgh & Lake Erie
Pere Marquette
—
272
13,400
3,859
14.254
196
173
2,089
8,708
2,699
3,937
2,139
38,762
10,489
1,864
4,861
6,713
6,271
Maine Central
2,362
247
11,929
327
Lehigh Valley...
2,978
370
Grand Trunk Western
1,346
7,242
2,625
3,179
1,647
8,378
2,530
3,731
1,946
37,228
10,794
1,917
1.379
7.557
2,124
2,023
4,306
5,546
5,001
9,382
5,173
5,396
24
Georgia & Florida
10,273
2,007
4,252
4,502
5,419
392
969
610
11,093
4,853
8,645
3,409
2,511
273
'
16,262
480
129
162
355
354
191
155
124
148
311
214
1,778
2,904
1,519
1,823
2,768
1,503
1,145
2,234
1,894
Mobile & Ohio
-
Nashville Chattanooga & St L.
2,496
357
305
359
637
524
55,522
Tennessee Central
45,770
46,354
29,739
23,001
96,450
82,605
84,687
62,205
48,765
1,690
10,145
.......
Total.
Grand total Southern District
39,090
12,653
Northwestern
45
31,426
District—
755
779
956
17,723
2,360
18,410
15,286
2,131
15,291
16,169
3,034
8,182;
16,638
3,290
6,104
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha
10,515
2,009
6,953
3,643
10,436
Duluth Missabe & Northern...
1,680
8,535
2,423
2,961
7,694
2,316
6,747
2.743
3,464
216
121
780
722
439
403
383
7,683
5,337
5,706
5,428
3,541
Duluth South Shore & Atlantic-
Elgin Joliet & Eastern
400
306
269
164
118
14,882
13,164
10,902
3,516
2,764
565
564
511
600
488
Lake Superior & Ishpemlng
Minneapolis & St. Louis
1,977
1,830
7,339
Minn. St. Paul & S. S. M
5,451
Northern Pacific
8,544
1,368
1,427
4,804
7,141
5,160
8,087
318
335
199
1,335
614
4,973
5,101
1.380
1,115
8,366
1,004
588
Ft. Dodge Des Moines &
178
789
5,283
System
Mississippi Central
170
34
289
589:
3,207
3,422
3,089
3,392
Green Bay & Western
2,252
134,058
141,268
158,948
130,992
639
463
498
725
24,326
3,098
28,220
2,751
16,481
2,450
12,152
2,693
299
239
237
8
7
921
768
775
21
12
6,565
6,096
5,583
10,898
8,924
812
574
670
59
49
83
64
1,794
2,500
1,440
3,593
1,607
1,755
2.744
1,934
671
30,877
South.
Great Northern....
943
147,930
Wheeling & Lake Erie.#--
155
117
247
246
192
1,084
2,020
1,367
1,443
971
96,678
82,551
80,645
45.940
36,888
19,271
17,508
18,659
2,480
2,496
5,099
2,213
4,752
2,852
332
221
235
70
33
13,918
1,296
11,987
2,455
12,676
1,345
10,137
2,316
13,318
1,100
10,593
2,186
7,532
6,518
821
538
7,759
893
755
814
2,278
1,179
2,023
2,014
1,835
3,029
6,483
1,712
1,086
2,192
Spokane International—
—
1,186
957
1,001
——
752
Macon Dublin & Savannah....
1,695
Pittsburgh & West Virginia—
180
—-
Nashville
Louisville &
23
1,758
34,900
Central
Illinois
6,454
,2,622
208
Wabash
322
1,312
16,413
...
Gulf Mobile & Northern
3,879
3,920
476
4,236
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.,
Rutland
1,437
275
1,380
15,892
16,429
872
6,330
2,857
Lehigh & Hudson River
Lehigh & New England
701
322
1,606
19,018
20,759
Georgia
977
11,688
5,338
Detroit & Toledo Shore LineErie
Total
Total Loads Received
Total Revenue
from Connections
1936
N. Y. Chicago &
CARS)—WEEK ENDED MAY 9
Total Loads Received
Freight Loaded
Railroad-
1936
23,
the Pennsylvania System, the Southern System,
Chesapeake & Ohio RR., the Atchison
Topeka &
Santa Fe System, and the Illinois Central System:
showed increases when compared with the same week last
year.
May
Spokane Portland & Seattle
Total
Allegheny District—
Akron Canton & Youngstown..
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
—
Cambria & Indiana
Central RR. of New Jersey
Cornwall
-
254
Cumberland & Pennsylvania...
(Pittsburgh)
West Virginia
Western
40
176
39
37
84
26
19
827
784
2,860
1,475
40,741
2,586
1,145
35,001
12,953
1,108
59,020
14,351
12,671
Reading Co
Union
171
70
893
Ligonier Valley
Long Island
Penn-Reading Seashore LinesPennsylvania System
903
1,114
52,993
55,861
11,166
12,940
5,338
8,940
15,626
3,068
Colorado &
61
36
75
2
3,342
5,375
284
335
145
27
1,149
1,437
1,137
1,931
863
896
1,371
1,076
72
67
855
817
568
308
251
214
Fort Worth <fe Denver City
Illinois Terminal
4,948
Nevada Northern.
82
184
93
37
17,042
3,795
North Western Pacific
Peoria & Pekin Union
:...
109,914
122.050
99,855
16,424
System
5.102
P.
302
1,211
870
11,811
10,547
10,498
8,747
7,367
170
206
119
7
Toledo Peoria & Western
Pocahontas
District-
'
21,560
19,834
Norfolk & Portsmouth Belt Line
1,386
Virginian..
3,640
17,440
15,677
1,259
3,212
46,420
37,588
Chesapeake & Ohio
Norfolk & Western..
Total
20,413
18,592
10,613
8,492
4,277
3,623
1,284
1,069
968
2,959
878
757
43,241
16,837
Union Pacific System
Utah....
a
253
19,985
Included
Southern Pacific
81,867
877
21
345
(Pacific)
St. Joseph & Grand Island
134,244
Total-i.------
1,755
1,018
1,868
1,314
Denver & Salt Lake
2
2,879
Southern
Denver & Rio Grande Western.
2,205
3,010
Northern
Maryland—.^———
Central Western District-
Atch. Top. & Santa Fe System
Alton.—i—-w—Bingham & Garfield
Chicago Burlington & Quincy..
Chicago & Illinois Midland..
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
1,254
——i.:
In U.
v-6)
13,840
1,424
1,413
1,203
1,790
1,371
94,315
83,610
83,747
49,571
40,826
221
202
176
4,210
3,588
116
130
93
186
96
113
97
208
153
2,762
2,296
2,535
2,891
2,378
1,302
1,348
Western Pacific.
/tvN;;-;-.;
O
Total
-
Southwestern District—
Alton & Southern.
—
Southern District—
Burlington-Rock Island
Group A—
Fort Smith & Western..
4,919
1,605
4,230
Gulf Coast Lines
992
8,717
1,132
1,298
International-Great Northern..
444
345
351
987
777
Kansas Oklahoma & Gulf
166
180
132
195
117
Kansas City Southern
37
53
42
98
88
Louisiana & Arkansas
9,225
8,397
993
Charleston & Western Carolina.
Durham & Southern
Atlantic Coast Line
—-.
Cllnchfield
Midland
Gainesville
—
270
256
91
177
2,032
1,739
1,403
1,256
1,676
1,500
2,310
1,080
1,850
1,128
965
817
290
..
2,065
831
1,011
1,169
1,097
888
Louisiana Arkansas & Texas...
96
465
Piedmont & Northern
437
433
434
988
748
Litchfield & Madison
321
135
301
899
Richmond Fred. & Potomac...
349
314
357
4,627
3,882
Midland Valley
489
445
436
271
177
7,949
20,144
7,414
3,903
13,253
3,012
Missouri & Arkansas
117
137
105
276
201
17,407
7,480
18,461
10,094
3,972
173
131
130
772
630
4,523
13,809
12,251
4,164
12,976
2,877
2,301
7,278
43
31
46
14
Norfolk Southern
Seaboard Air Line
Southern System
Winston-Salem Southbound.
1,119
103
1,866
Missouri-Kansas-Texas Lines..
Miasouri Pacific.
Natchez & Southern
40,928
Total
36,835
38,333
32,466
25,764
76
647
9,203
12
108
86
117
72
136
7,395
2,176
6,901
4,027
1,744
2,709
3,132
3,531
2,110
2,264
Quanah Acme & Pacific..
St. Louis-San Francisco
Texas & New Orleans....
6,784
6,381
1,615
5,942
104
Texas & Pacific
4,729
2,520
3,780
1,804
4,128
1,577
4,509
18,534
3,313
14,371
213
225
193
62
105
50
19
32
30
32
52,898
44,694
46,943
59,389
46,943
St.
Croup B—
284
Northern
Atlanta Birmingham & Coast..
Atl. & W. P.—W. RR. of AlaAlabama Tennessee &
162
162
130
Louis Southwestern
676
Florida East Coast
Note—Figures for 1934 revised.
532
Terminal RR. Ass'n of St.Louis
1,271
895
Wichita Falls & Southern
3,447
3,237
2,686
2,310
180
182
269
228
1,520
— —
681
594
326
Columbus & Greenville
648
587
3,997
Central of Georgia
566
757
1,494
1,294
893
596
5,676
* Previous figures.
a
Not available,
...
Weatherford M. W. & N. W...
Total.
b Includes figures for the Boston & Albany RR,, the C. C. C. & St. Louis RR., and the Michigan
Central RR.
Wholesale Commodity Prices Showed Downward Trend
During
of
Week
May
16,
According
to
United
Department of Labor
States
A
general downward tendency marked wholesale com¬
modity prices during the week ending May 16, according to
an
announcement made May 21 by Commissioner Lubin
of the Bureau of Labor Statistics, U. S. Department of
Labor.
The composite index for the week stood at 78.1%
of the 1926 average, a decrease of 0.6% in comparison with
the
Mr. Lubin stated:
preceding week.
The current decline represents the third consecutive weekly decrease of
0.6%,
an
accumulated loss of nearly 2% since the last week in April.
This week's index is 2 %
below the corresponding week of last month and
2.4% below the corresponding week of last year.
Eight of the 10 major commodity groups—farm products, foods, hides
and leather products, textile
and metal products,
products, fuel and lighting materials, metals
building materials, and chemicals and drugs—declined
week.
Miscellaneous commodities advanced, and housefurnishing goods remained unchanged.
The raw materials group declined 1.2%; finished products, 0.5%; and
during
the
semi-manufactured articles, 0.1%.
The large group of all commodities
other than farm products
(non-agricultural commodities) averaged 0.3%
lower and "all commodities
other than farm products and processed foods"
These groups are all below their respective leveft of a
The decreases range from 0.4% for semi-manufactured
dropped 0.1%.
month
ago.
articles to 2.8% for raw
The
following
materials.
was
also made available by Mr. Lubin:
The
farm
decrease
largest
products
6.1%
during the
The sub
group.
during the week,
higher.
week—2.4%—was registered
by the
of livestock and poultry declined
group
although prices of calves and live poultry were
A sharp decline in wheat caused the sub-group of grains to fall
4.5%.
Higher
prices
reported
were
Additional farm product
for
barley,
corn,
oats, and rye.
items which increased in price during the week
cotton, eggs, lemons, oranges, hops, dried beans, onions, and sweet
were
Lower prices
potatoes.
hay,
seeds,
and
74.4—is 3.9%
Wholesale
Meats
white
below
a
were
reported for fresh milk at Chicago, alfalfa
The
potatoes.
month
food prices
ago
declined 0.8%
dropped 3%; cereal products,
Fruits and vegetables rose 5.9%.
present
farm
and 8% below
a
products
index—
year ago.
during the week ending May 16.
1.2%; and dairy products,
Lower prices
were
0.9%.
reported for butter,
cheese in the New York market, wheat flour, dried fruits, fresh beef, mutton
fresh and cured pork, lard, edible tallow, most vegetable oils, and vinegar.
Higher prices
peaches,
veal,
were
shown for rye flour, corn meal, rice, bananas, canned
dressed poultry,
cocoa
beans,
coffee,
and cottonseed oil.
The current food index—77.4-—is 4.6%
below the corresponding week of
April and 7.6% below the corresponding week of May, 1935.
Continued seasonal declines in prices of coal brought the index for the
fuel
and
lighting materials
group
down
to
76.9,
a
decrease
of
0.4%.
Average prices of coke and petroleum products remained firm.
The metals and metal products group
prices
pig
for
iron
scrap
and
steel,
pig
tin
quicksilver,
averaged
and
decreased 0.3% due to weakening
brass
higher.
wire.
Prices
Agricultural
of Bessemer
implements
and
plumbing and heating fixtures remained unchanged at the levels of the
previous week.
Falling prices of fats and oils caused the chemicals and drugs group to
Wholesale prices of drugs and pharmaceuticals, fertilizer
materials, and mixed fertilizers were steady.
decline 0.3%.
Volume
The
Financial
142
index
the
for
hides
and
leather
hides,
the
on
other
hand,
advanced
sharply.
industry of the United States for the week ended
1936, totaled 1,961,694,000 kwh.
Total output
for the latest week indicated a gain of 15.4% over the corre¬
sponding week of 1935, when output totaled 1,700,022,000
and calf skins.
May 16,
and leather
Shoes
remained unchanged.
Textile products declined 0.1%
The decrease
average.
rayon,
sisal
during the week to 69.5% of the 1926
higher.
were
unchanged.
The
and
clothing
and
jute.
knit
sub-groups
Electric output during the week ended May 9 totaled
1,947,771,000 kwh.
This was a gain of 14.5% over the
1,701,702,000 kwh. produced during the week ended May 11
Prices of burlap and
goods
raw
kwh.
silk and
due to falling prices of cotton goods,
was
woolen and worsted goods,
remained
.
Declining prices of lumber and paint materials caused the index for the
building materials
rosin
group to
register
steady.
''v.;-
Crude rubber prices decreased sharply.
Wholesale prices of automobile
tires and tubes, on the other hand, increased.
Cattle feed rose fractionally
despite
were
a
sharp decrease
cylinder oil.
Paraffin
the level
at
The
of the
1935.
in bran.
wax
Increases
The Institute's statement follows:
Prices of lath and
minor decrease.
a
reported in prices of
PERCENTAGE INCREASE OVER PREVIOUS YEAR
I
Brick and tile, cement, and structural steel were
averaged higher.
3421
and power
fell fractionally
products group
because of pronounced decreases in prices of steer hides
Cow
Chronicle
\
Major Geographic
Regions
New
16,
May 2,
1936
May 9,
1936
Week Ended
Week Ended
Week Ended
Week Ended
May
1936
Apr. 25, 1936
Paper
and
pulp
unchanged
was
index of the Bureau of Labor
includes
Statistics
784
price series
9.7
10.6
Middle Atlantic
13.4
12.1
9.7
15.5
Central
decreased.
preceding week.
16.9
14.5
14.4
17.4
16.6
16.3
14.3
15.3
16.0
15.0
13.5
England.
Central-..
West
Southern
13.3
11.6
;
Industrial
States
13.9
weighted according to their relative importance in the country's markets
Rocky Mountain
20.0
21.8
22.1
25.9
and is based
Pacific
Coast...
16.2
15.6
17.6
16.9
Total United States.
15.4
14.5
13.6
15.5
on
the average for the year 1926 as 100.
The following table shows index numbers for the main groups
modities for the past
of com¬
1934, and
5 weeks and for May 18, 1935, May 19,
May 20, 1933:
DATA
WEEKS
FOR RECENT
(1926=100)
May
April
May
May
{■In Thousands of
Kilowatt-H$urs)
May
May
May
April
16
All commodities
2
25
18
18
19
20
1936
1936
1936
1936
1935
1934
1933
78.1
...
Farm products
9
1936
Commodity Groups
78.6
79.1
79.6
79.7
80.0
73.5
63.0
80.9
59.6
50.9
Mar. 14..
Mar. 21..
74.4
76.2
77.8
77.1
77.4
Foods
77.4
78.0
79.1
80.4
81.1
83.8
67.2
59.9
Hides and leather
94.8
94.9
94.9
95.2
95.2
88.4
88.5
77.9
products
Textile products
69.5
69.6
69.7
69.7
79.9
68.8
73.5
55.3
Fuel and lighting materials
Metals and metal products
76.9
77.2
77.3
77.4
77.5
74.2
73.2
61.2
85.7
86.0
86.0
86.0
86.0
85.3
88.7
77.9
85.5
Building materials
Chemicals and drugsHousefurnishing goods
85.6
85.5
85.5
85.4
84.8
87.0
71.1
77.3
77.5
77.8
78.2
78.9
80.8
75.4
72.9
82.8
82.8
82.8
82.8
82.8
82.0
83.0
71.9
Miscellaneous-.;
69.2
68.4
68.6
68.6
68.6
69.0
69.7
58.9
All commodities other than
78.9
farm products..
80.0
79.5
79.1
80.2
65.8
76.5
79.7
78.8
78.9
78.9 |
79.0
79.1
77.6
79.0
7..
4..
11..
18..
Apr. 25..
May
2..
May
9..
May 16..
Apr.
76.0
76.6
77.1
77.3
*
*
74.3
74.4
74.5
74.5
80.4
80.8
81.2
81.8
1*1 1*1 1*1
*
*
1*1
74.6
Finished products
81.9
Not computed.
1,928,803
1,947,771
1,961,694
May 23..
+ 12.7
1,725,352
1,701,945
1,673,295
1,698,178
1,701,702
1,700,022
+ 12.1
RECENT
FOR
Month
8,664,110
March
tilizer Association
.
8,025,186
8,375,493
April
May
June...
July
...
Since the first week of the year the all-commodity index has registered
Sept
Oct
Nov
1929
1,750
1,736
1.722
1.723
1,708
1,715
1,733
1,725
1,698
1,689
1,717
1,723
1.703
1.687
1,683
1,680
1,663
1.697
1,709
1,700
1.688
1.698
1.704
1.705
1,494
(THOUSANDS
OF
KWH.)
Total
1933
1932
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538,337
1931
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
85,564,124 80,009,501 77.442,112 86,063,969
93,420,266
Note—The monthly figures shown above are based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
March Sales of Electricityto Ultimate Consumers Reach
6,913,035,000 Kwh.—Total Revenues Up 6.3%
The following statistics
and power industry were
covering 100 % of the electric light
released on May 19 by the Edison
Electric Institute:
4.3% decline, the farm products index has fallen off 9.6% and the foods
these
1930
1,676
1,682
1,689
1,680
1,647
1,641
1,676
1.644
1,637
1,654
1.645
1,602
1934
Ch'ge
8,388,495
8,197,215
8,521,201
...
Dec
SOURCE
AND
index has declined 8.1%.
to
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
MONTHS
7,762,513 + 11.6
7,048,495 + 13.9
7,500,566 + 11.7
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
August.
The general level of wholesale commodity prices declined
0.9% in the week ended May 16, dropping to the lowest
point reached since the first week of 1935.
This sharp drop
in the index last week was due to lower prices for farm prod¬
ucts and foods, as the index representing the prices of all
commodities other than these two groups remained un¬
changed.
The index, May 16, stood at 75.1% of the 19261928 average, compared with 75.8 % in the preceding week. A
month ago the index was 76.8%, and a year ago 77.8%.
The
highest point the current year was 78.5% in the week ended
Jan. 4.
The announcement by the Association, under date
of May 18, continued:
contrast
+ 15.4
1932
1,391
1,375
1,410
1,402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
P. C.
1935
1936
of
Feb
Commodity Price Average During Week
Ended May 16 Dropped to Lowest Point Since
First Week of 1935, According to National Fer¬
In
+ 12.5
+ 15.5
+ 13.6
+ 14.5
1,696,051
DATA
Jan
Wholesale
a
1,932,797
1,700,334
1933
1,647
1,650
1,658
1,666
1,617
1.642
1,673
1,669
1,633
1.643
1,650
1,655
+9.8
1,724,131
1,728,323 + 10.0
+8.0
1,724,763
+ 9.0
1,712,863
*
Semi-manufact'd articles-
*
1934
1935
1,893,311
1,900,803
1,862,387
1,867,093
1,916,486
1,933,610
1,914,710
Mar. 28..
Apr.
Apr.
66.8
75.1
farm products and foods
Ch'ge
1936
Mar.
in Millions of Kilowatt-Hours
P. C.
Week of-
All commodities other than
Raw materials
Weekly Data for Previous Years
DISPOSAL OF
ENERGY
AND
SALES
TO ULTIMATE CONSUMERS
declines
the
index
farm products and foods has risen 0.7%.
for
all
commodities other
than
Month of March
Prices of industrial commodities
have not yet been affected by the recent weakness shown by prices of farm
Percent
products and foods.
1936
With the exception of a small decline in the index of textiles prices
and
slight rise in the fertilizers price index, the foods and farm products indexes
were
the
the only groups to show any change last week.
declines
in
recession
most
relatively large.
were
the
farm
The
In both of these
third consecutive sharp
products price index reflected lower
lower
last
were cotton, rye,
week
with
17
commodities
price while 17 advanced.
woolen yarns, and
in the price
of
silk,
and live poultry.
groups
quotations for
included in this
raw cotton,
than offset the effect of
more
were
group
Lower prices for cotton goods
hich
w
Food prices
as
a
Change
Kilowatt-hours Generated (Net)x:
4,843,259,000
3,447,088,000
+ 17.3
7,419,582,000
+ 11.7
174,203,000
82,273,000
182,625,000
69,889,000
+ 17.7
256,476,000
—
4,129,438,000
3,290,144,000
8,290,347,000
By fuel
By water power.
252,514,000
+ 1.6
52,792,000
118,538,000
52,729,000
118,801,000
—0.2
171,330,000
8,375,493,000
1,462,458,000
6,913,035,000
171,530,000
7,500,566,000
1,419,366,000
6,081,200,000
1,253,769,000
1,255,899,000
3,648,576,000
209,448,000
1,125,198,000
1,120,059,000
3,133,781,000
200,845,000
384,253,000
66,840,000
50,224,000
+ 36.4
6,081,200,000
+ 13.7
$155,884,400
+ 6.3
+ 4.8
weekly
grains and livestock; the only farm products to register increases dur¬
ing the week
1935
a
generally
Total kilowatt-hours
generated
Additions to Supply—
Energy purchased from other sources.
Net international imports
—4.6
declining in
veil
as
wool,
slight advance
took the textiles index to the lowest point reached
Total
Deductions from
Supply—
Energy used in electric railway departments
Energy used in electric and other depts.
+ 0.1
since last September.
Forty price series included in the index declined during the week while
21 advanced; in the
in the second
preceding
week there
preceding week there
WEEKLY WHOLESALE
were
were
40 declines and 14 advances;
29 declines and 18 advances.
COMMODITY
PRICE
Compiled by the National Fertilizer Association.
Total
Total energy for
-
distribution
Energy lost in transmission, distribution, &c.
Kilowatt-hours sold to ultimate consumers
__
Sales to Ultimate Consumers
INDEX
--
Commercial—Small light and power (retail).
Large light and power (wholesale)
Per Cent
Latest
Preced'g
Month
Year
Each Group
Week
Week
Ago
Ago
Bears to the
May
Group
Total Index
28.6
16,
1936
Foods
May 9,
Apr.
18, May
1936
1936
18,
1935
77.2
77.5
68.0
69.0
72.7
70.5
86.4
84.5
88.8
69.5
70.8
74.0
65.0
64.5
64.8
66.8
70.3
72.4
70.2
71.5
76.0
79.6
79.6
71.6
72.6
69.3
Cottonseed oil
Farm products
16.4
Fuels
10.3
Miscellaneous commodities.
_
80.3
7.7
Textiles
66.8
67.0
67.5
67.4
6.7
Metals
83.0
83.0
83.0
82.7
5.8
80.2
80.2
79.0
78.7
1.3
Building materials
Chemicals and drugs
94.4
94.4
94.4
94.4
0.3
Fertilizer materials
65.6
65.6
65.7
65.3
70.7
70.4a
70.4a
76.4a
92.6
92.6
92.6
91.9
75.1
75.8
76.8
77.8
0.3
Fertilizers.a..
0.3
Farm machinery
100.0
a
+ 16.4
+ 4.3
+ 2.5
+ 24.3
77.1
71.6
6,913,035,000
$165,650,200
Total sales to ultimate consumers—
78.3
79.6
68,525,000
Municipal and miscellaneous
81.8
Livestock
Electrified steam
+ 12.1
69.1
Grains
393,720,000
83,098,000
Railroads—Street and interurban
77.5
Cotton
Municipal street lighting
+ 11.4
100.4
75.9
Fats and oils
22.3
+ 3.0
+ 13.7
{Kwh.)—
Domestic service
1926-28—100
—0.1
+ 11.7
All groups combined
...
Revised.
Total revenue from ultimate consumers
Twelve Months Ended March 31
1
■
Percent
1936
1935
Change
Kilowatt-hours Generated {Net)x:—
58,591,407,000 53,258,015,000
36,521,840,000 32,699,846,000
By fuel
By water power
Total kilowatt-hours generated
95,113,247,000
Purchased energy (net)
3,005,254,000
1,944,320,000
Energy used in electric railway & other depts.
Total energy for distribution.
96,174,181,000
Energy lost in transmission, distribution, &c. 16,172,828,000
Kilowatt-hours sold to ultimate consumers.. 80,001,353,000
Total revenue from ultimate consumers
$1,948,631,700
85,957,861,000
2,969,347,000
1,989,256,000
86,937,952,000
14,885,058,000
72,052,894,000
$1,858,818,800
+ 10.0
+ 11.7
+ 10.7
+ 1.2
—2.3
+ 10.6
+8.7
+ 11.0
+4.8
Important Factors—
generated by water power
Domestic Service {Residential Use)—
Per cent of energy
Weekly Electric Production 15.4% Above
The Edison Electric Institute in its
a
Year Ago
weekly statement dis¬
closed that the production of electricity by the electric light
38.0%
(kwh.)
688
639
+ 7.7
(cents).
bill per domestic customer
4.93c.
5.25c.
—6.1
$2.83
$2.80
+ 1.1
Avge. ann. consumption per customer
Average revenue per kwh.
Average monthly
38.4%
Financial
3422
May
Chronicle
Permits
Basic Information as of March 31
following important building
March for the
during
issued
were
1936
23,
In New York City, in the Borough of the Branx for apartment
to cost $880,000, in Brooklyn for apartment houses to cost over
projects:
1936
9,007,900
497,400
23,769,800
8,952,500
500,500
33,496,100
(kw.)—Steam.
capacity
1935
23,990,800
33,222,800
(582,468)
(217,784)
21,115,849
3,740,755
487,689
65,232
(534,907)
(211,027)
20,535,169
25,409,525
Generating
24,838,985
Waterpower
Internal combustion...
Total generating capacity
In kilowatts
houses
with domestic)
(Included with commercial, large)__
Farms In Western area
Domestic service
Commercial—Small light and power
Large light and power
Other ultimate
consumers
3,735,035
497,516
71,265
S. Geological Survey, with deductions for certain plants
considered electric light and power enterprises.
As reported to the U.
x
not
April Sales of Life Insurance in United States Reported
Below Year Ago—Canadian Sales
Increased
Sales of ordinary life insurance in the United States for
April of this year were less than those for the same month
in 1935, according to the monthly report of the Life Insurance
Sales Research Bureau, of Hartford, Conn.
In an an¬
nouncement issued by the Bureau on May 19 it was stated:
The
figures
force
in
on
of the ordinary life insurance in the
90%
country.
The
bureau
the
period
same
comparative record
was
each
individual
State
and
reported better sales records for last month
year
a
for
the record
shows
report
indicates that only 18 of them
for
The general trend was that the
ago.
better in Western and Southern sections of the
for
tract for
beginning of 1935 while for the year ending April 30, 1936,
a
BUILDING'CONSTRUCTION,
COST OF
ESTIMATED
THE NUMBER OF
decline
of 7%
TOGETHER WITH
FAMILIES PROVIDED FOR IN NEW DWELLINGS,
1,448 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
IN
STATES, AS SHOWN BY PERMITS ISSUED, FEB. AND MARCH, 1936
New Residential Buildings
Families Provided for in
Estimated
Cities
Geographic Division
New Dwellings
Cost
March,
March,
Feb., 1936
1936
1936
Feb., 1936
129
$2,082,585
$562,050
341
96
345
13,209,447
2,175
8,991,361
1,450
1,567
West North Central.
131
2,615,585
12,511,290
11,361,286
553,587
3,161
331
703
145
South Atlantic
155
1,644
1,429
2,433
1,517
11,509
8,027
New England
East North Central
_.
East South Central..
65
5,877,393
751,350
Central.
89
3,100,742
59
1,086,443
144
8,632,050
5,356,189
464,829
2,248,095
563,598
5,323,022
1448
$46,346,956
$38,943,964
West South
Pacific
showed
Pa., to cost nearly
Coatesville,
The Public Works Administration awarded an additional con¬
the housing project in High'tStown, N. J., to cost over $1,000,000.
$550,000.
280
157
1,139
767
174*
358
13% below those for the four
Sales for the first four months of 1936 were
months at the
in
infirmary building
an
Mountaln.
United States than in the East and North.
sales
Contracts were awarded! by the Veterans' Ad¬
$980,000.
building to cost
ministration
Middle Atlantic
Group sales were not included.
than
in Detroit, Mich., for factory buildings to cost
Wilmington, Del., for office buildings to cost $1,250,000;
in Washington, D. C., for apartment houses to cost nearly. $600,000; in
Itlanta, Ga., for store and mercantile buildings to cost over $500,000; in
Houston, Texas, for institutional buildings to cost over $1,800,000; in
Pendleton, Ore., for a school building to cost $237,000; in Olympia, Wash.,
for an office building to cost $800,000, and in Seattle, Wash., for a school
in
$250,000;
which this report was based came from companies having
than
more
$660,000; in Hammond, Ind., for a school
111., for school buildings to cost
building to cost $524,000;
Number of Customers—
Farms In Eastern area (Included
$1,000,000, in the Borough of Manhattan for a hospital to cost $1,200,000;
in West Homestead, Pa., for a steel mill to cost $15,000,000 ; in Chicago,
1935, the
from the year ending April 30,
Total
Percentage change.
+43.4
+ 19.0
.
.
bureau reports.
New Non-Residential
The Bureau also issued the
following summary regarding
in Canada:
sales of life insurance during April
Sales of
a
(.Including Alterations
and
Estimated
Repairs),
Estimated Cost
Cost
paid-for ordinary life insurance exclusive of group insuranc
new
year
of
province
The
ago.
March,
April were 4% ahead of sales for the same
in the Dominion of Canada during
month
Total Construction
Buildings,
Cities
Geographic Division
production
where
Saskatchewan,
1936
March,
Feb., 1936
$3,248,975
43,478,325
23,214,736
21,194,962
6,431,352
Ontario, Alberta arid Quebec.
15,952,266
The sales
in Canada
volume
for the first four months of the year was
Comparing the experience of
is
3% greater than for the same period of 1935.
the
12
last
months
the
with
preceding
months, a decrease of 1%
12
345
23,533,154
331
7,722,111
West North Central-
Manitoba, the colony of Newfoundland,
$3,794,551
131
2,426,301
$929,149
4,471,274
2,104,461
2,015,890
South Atlantic
Gains were
increased 18% over last April, experienced the largest increase.
also recorded in New Brunswick,
Feb., 1936
1936
$8,099,527
129
155
5,365,122
4,618,061
13,574,033
65
1,283,322
2,494,974
3,116,802
89
4.955,856
59
1,019,572
7,392,636
6,918,096
556,008
5,801,115
19,109,737
New England
Middle Atlantic
East North Central.
.
East South Central..
West South Central.
Mountain
144
Pacific
recorded.
1448
Total
9,042,721
2,767,143
$57,492,625
+92.2
Canadian
$86,208,359
$29,909,028 $126,814,602
+47.1
Reports
Percentage change.__
3,135,589
11,559,312
3,576.960
9,974,018
1,555,577
13,990,926
Building Operations in United States During March—
Activity During Month Greatest Since August,
1931, According to Secretary of Labor Perkins
Building construction activity, as evidenced by the build¬
ing permits issued in March, was greater than for any
month
since August,
1931, Secretary of Labor Frances Perkins an¬
nounced April 25.
"Compared with February, the value of
new residential buildings increased 19%, new non-residential
buildings advanced 92%, and
the
of permits
value
a
gain of 32% was shown in
alterations and
issued for additions,
repairs," she said, adding:
The
47%
total
value
of
classes
all
in
than
greater
of
the previous
March was
building permits issued in
month.
The increase
was
by
shared
of
the
first
three
the corresponding
of
has shown
1936
substantial increases
total
the
value of
month of the previous year.
first quarter
permits issued'
was
63%
as
compared with
The spring has
in
United
an
announcement issued by the
States Department of Labor also had
the following
to say:
The
figures below
per
marking time about its commitments until the budget revealed
what it had to face in the way
since
been
preoccupied
trade continue
external
the
period
same
are
based
on
reports received by the Bureau of Labor
a
population
of 2,500
or
will
be extended
ditional land
Seeding has progressed rapidly throughout
moisture conditions
by nearly a million
to
sown
Est. Cost
In
+89.4
+90.5
Additions, alterations, and repairs
Total
percentage
of
change
in
comparison
+47.1
+ 137.3
with the
same
month
is shown in the following tabulation for 751 cities having
10,000
in any
Export wheat clearances in April
a
of
tories increased
last
population
Change from March, 1935, to
March, 1936
whose
Est. Cost
+ 115.0
+27.6
'+8.9
+87.8
+72.2
+22.6
+22.6
+62.7
collected
by the Bureau of Labor Statistics includes, in
addition to
private construction, the number and value of buildings for
which contracts were awarded by Federal and State governments in the
included in
ings amounted to
March, 1935,
the report.
For March,
1936, the value of public build¬
$4,464,000; for February, 1936, to $20,420,000, and for
to $5,313,000.
Payrolls
in
on
the rolls of Pennsylvania fac¬
1% from the middle of March to the
over
April, and the amount of wage disbursements
6% higher, according to indexes compiled by the
weekly
payroll
under date of
of
or
$10,231,000.
earners
The
Bank,
figures reflect partly unusual activity incident to the rehabilita¬
plants.
A few of the reporting companies still are unable
affected
the serious
of
by
the
flood
the regular force did
condition.
increases
cities
about
flooded
operating
the
was
received
May 18, also stated:
operate because
plants
on
Number
information
reported by the Board
Federal Reserve Bank of Philadelphia from reports
from 2,222 establishments employing 459,000 wage
Type of Building
Total
of
over
was
These
Additions, alterations, and repairs
as
14,809,787 bushels, being higher than
Pennsylvania Factories
to Mid-April—Decrease
Employment in Factories in Delaware
and
The number of workers
to
New non-residential
official returns of external
corresponding month in the past three seasons.
Employment
tion
New residential
including 800,000 acres of ad¬
spring wheat.
April domestic exports rohe from $47,313,862 to $57,422,847 and
of last year.
over:
or
the area sown to grains
imports from $36,636,702 to $42,320,032, the comparison being with April
middle
+ 19.0
+92.2
+32.4
+64.6
*
New non-residential
acres,
Based upon
favorable.
are
Increased from Mid-March
Number
cities
general to be moderately better than those of
ago.
Continued substantial expansion appears in the
Noted in
The
in
over.
cent, of change from February to March for each of the different
New residential
policies and
In the meantime,
entailed by them.
are
announced intentions of farmers at the first of May
Change from Feb. to March, 1936
of
year
a
the western provinces and
Type of Building
year
of taxation and tariff changes, and it has
appraising the effects of budget
weekly and monthly records of industrial activity and domestic and
the
types of construction is indicated in the tabulation below:
The
in
of Grain Commissioners amounted to
Statistics from 1,448 identical cities having
The
been backward and seasonal business activities have been
As to the business community in general, it was, till the end
keeping.
trade.
foregoing,
Ac¬
The weekly and monthly records of Canadian industrial
activity and domestic and external trade continue in general
to be moderately better than those of the same period a
year ago, according to the May 22 "Business Summary" of
the Bank of Montreal, which says:
*
of 1936 with the corresponding period of the previous year.
In noting the
Industrial
tivity Moderately Higher
planning the readjustments which
months
The March increase in
12 months
ago.
New residential building shows an increase of nearly 90% over the
year and' new non-residential
building. shows a gain of more than 70%.
Over the quarter the gain in non-residential buildings amounted to nearly
150%.
Total construction shows a gain of more than 85%, comparing the
over
Montreal
of
of April,
virtually all parts of the country.
Each
Bank
which
especially
That
shown in
suffered
in the
the
areas
the
April
damage suffered
either
additional
flood
is
responsible
is confirmed by
most
in
March,
unskilled
but in
help
was
most
taken
overtime work to restore the plant to an
some
at
least
some
the fact that
some
of
for
damage reported unusually large
of
those
increases,
including Johnstown,
Pittsburgh and Williamsport.
Philadelphia, on the other hand, chiefly because of less activity in textile
plants, showed practically no change in employment but a drop of almost
4% in wage payments.
Another factor to be noted in April was the
widespread observance of the
industries.
March
The
to
Usually
Easter holidays,
employment
and
especially
payrolls
among
fall
off
of
the
about
the textile
1%
from
April.
index
of
4% above last
employment
year;
in
April
the payroll index
was
was
79%
74%
of the
1923-25
three-year
average,
average,
Volume
17% higher than last April.
nearly
or
those
in
engaged
transportation
the
Financial
142
general
the
manufacture
equipment,
advance,
and
while
iron
of
building
such
and
and
steel
their
goods
industries
Estimates
place the number of
April
at approximately 853,000, with
$18,844,000.
Average earnings of
practically the same during the past two
to
Month of March
from
rose
above
$21.25
last
The
March
to
$22.28
58.7c.
Average weekly earnings
years.
in
April,
and
12%
nearly
were
number
employee-hours worked
and
23%
was
of these increases
some
1935
Europe
in
above last
90%
traceable to
are
increased
of the plants
in the
As
year.
of pay¬
case
to
conditions
ported:
in
Delaware
V—.
v
According
to
reports
from
Oceania
Africa.
Bank
the
Argentina
Australia
establishments
in
employing
Delaware,
ment,
employee
hours
by
higher
Were
5,
11%,
and
13
re¬
....
British India
British Malaya
Canada
...
Chile
spectively.
China
+
/
Colombia
Valuation of Construction Contracts Awarded in April
With
but
contracts
exception
one
let
(December,
during April
were
1935)
construction
higher than for
any
other
month since
Cuba.
Czechoslovakia
Denmark..:
Dominican Republic
3,876,000
4,322,000
4,803,000
4,125,000
3,494,000
364,000
25,609,000
120,000
1,316,000
3,929,000
2,381,000
5,074,000
240,000
1,426,000
429,000
....
Ceylon
and
575,297,000
4,623,000
5,137,000
Belgium
Brazil
10,000
employment
payrolls
258,775,000
18,696,000
16,981,000
32,263,000
6,370,000
8,119,000
4,740,000
4,109,000
2,120,000
475,000
Ecuador
27,356,000
93,000
1,274,000
3,729,000
1,910,000
6,506,000
455,000
825,000
381,000
559,000
1,935,000
1,252,000
22,516,000
16,979,000
290,000
All
Haiti, Republic of
368,000
533,000
468,000
the
general
gains, writh non-residential building and heavy engineering
showing the best relative improvement over a
projects
year
building awards
during
April
amounted
to
$67,151,000
as
as
Improving conditions
noted
were
without
in the construction industry as compared with a
by the Dodge organization in each major geographic
exception.
The
most
Alabama
South
(West
Eastern
more
than twice
territories
as
Orleans
For
in
in
the
the 37
the total
New
the
large
April
a
over
the
Tennessee)
Kansas,
the
;
Nebraska),
construction
months
of
States totaled
year
ago
Pittsburgh
(Louisiana and
four
Eastern
of
over
last
totals
KansaB
and
were
City
Texas.
In
substantially
their respective figures for April, 1935.
as
England,
area
first
Western
Oklahoma,
Outstanding April gains
occurred
gains
;
Arkansas,
Missouri,
of
these
and
Illinois,
each
New
April
(Western Pennsylvania,
the Southeast (the Carolinas, Georgia,
Tennessee) ; the St. Louis territory (East
Ohio, West Virginia and Kentucky)
district
pronounced
in New England; the Pittsburgh area
year occurred
Missouri,
in
building alone
Southern Michigan, the
and
construction
a
for
all
classes
gain of 85%
CONTRACTS
AWARDED—37
431,000
14,744,000
5,963,000
324,000
16,401,000
6,395,000
1,260,000
1,123,000
1,858,000
4,171,000
Jamaica
Mexico
Nether land India
;
Netherlands
Newfoundland
600,000
4,833,000
&
Labrador
340,000
500,000
565,000
New Zealand
1,177,000
1,018,000
1,347,000
1,178,000
2,085,000
v..
Panama
1,749,000
Peru
...
Philippine Islands
Poland and Danzig
Portugal
Spain
1_
Sweden
1,100,000
5,261,000
2,195,000
577,000
3,383,000
3,758,000
1,129,000
5,280,000
1,315,000
766,000
3,453,000
2,688,000
Switzerland
626,000
Turkey (Asia & Europe)
293,000
615,000
4,571,000
6,188,000
1,804,000
29,453,000
531,000
2,226,000
4,218,000
32,012,000
Union of South Africa
U.
S.
and
S.
R.
(Russia,
Asia)
Venezuela.....
636,000
12,273,000
6,116,000
1,245,000
79,620,000
272,000
3,721,000
9,031,000
5,588,000
16,950,000
1,037,000
2,842,000
I,151,000
882,000
3,027,000
1,310,000
29,848,000
25,469,000
722,000
1,231,000
761,000
1,481,000
2,325,000
1,305,000
1,685,000
20,048,000
1,011,000
1,351,000
1,424,000
18,882,000
848,000
50,619,000
48,674,000
15,368,000
17,314,000
2,996,000
3,636,000
II,155,000
1,165,000
3,310,000
13,263,000
3,142,000
4,372,000
2,959,000
12,945,000
5,198,000
2,455,000
10,193,000
8,523,000
2,138,000
862,000
II,533,000
730,000
1,588,000
914,000
1,158,000
1,886,000
2,913,000
2,614,000
1,299,000
4,076,000
3,497,000
5,171,000
3,322,000
13,896,000
5,236,000
2,155,000
10,392,000
9,378,000
1,997,000
1,437,000
15,434,000
Europe
Uruguay
....
600,000
1,703,000
3,091,000
93,200,000
1,384,000
5,669,000
II,183,000
102,286,000
1,857,000
4,153,000
VALUE OF GENERAL IMPORTS OF MERCHANDISE INTO THE UNITED
STATES, BY GRAND DIVISIONS AND PRINCIPAL COUNTRIES
over
STATES
Month of March
EAST
OF
THE
1935
Space (Sq. Ft.)
Valuation
Europe
8,233
3,792
;
1935—Residential building
Non-residential building
94,242,800
1,313
Total construction.
$67,151,000
17,342,900
411.600
73,412,500
13,338
Public works and utilities..
19,735,700
37,490,200
6,098
Publio works and utilities.
1,084
Total construction.
$234,806,300
11,887,000
7,748,000 *
282,300
3,385
10,567
19,917,300
$42,202,800
41,328,100
40,489,100
$124,020,000
First Four Months—
1936—Residential building......
Non-residential building..
21,256
54,761,000
12,014
59,871,900
Public works and utilities.
4,748
2,075,400
Total construction.
38,018
Public works and utilities.
116,708,300
$780,627,600
16,694
11,362
1935—Residential building
Non-residential building..
30,793,100
25,321,500
$113,439,200
149,375,900
158.966,400
4,032
WORK
563,400
32,088
Total construction.
CONTEMPLATED
$190,986,600
328,793,800
260,847,200
56,678,000
REPORTED—37
ROCKY
STATES
$421,781,500
EAST OF THE
MOUNTAINS
America
South America
Asia
Oceania
Africa
Total.
Argentina
3,175,000
8,698,000
Brazil
British India...
4,943,000
British Malaya
Canada
15,800,000
Ceylon
Chile
China.
—
Colombia
Cuba..
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
—
-
-
Finland
France
-—
flfPAPA
Projects
Valuation
Projects
Valuation
Hong Kong
Iran (Persia)
576,000
869,000
310,000
37,000
2,901,000
186,000
i
Irish Free State
Month of April—
Residential building
10,262
Non-residential building
Public works and utilities
$110,243,500
4,372
1,735
92,033,700
134,058.100
7,267
4,214
$99,721,900
106,295,100
1,585
115,495.200
Italy
Jamaica
12,634,000
4,093,000
Japan
Mexico
16,369
$336,335,300
13,066
$321,512,200
First Four Months—
Residential building
28,782
Non-residential building
Public works and utilities...
14,472
Total construction
$346,487,900
382,432,900
401.719,200
6,258
49,512
$1,130,640,000
21,005
15,034
6,484
42,523
$399,961,800
452,396,600
975,083,300
$1,827,441,700
Netherland India
4,387,000
Netherland West Indies
1,180,000
Netherlands
Total construction
3,580,000
386,000
1,555,000
1,463,000
518,000
Newfoundland&Labrador
New Zealand
Norway
Panama.
Peru
522,000
3,809,000
1,079,000
Philippine Islands
Poland and Danzig
Value
of
Grand
Exports
Divisions
and Imports of Merchandise
and Principal Countries in
March
347,000
Portugal
1,573,000
2,668,000
1,182,000
631,000
Spain
Sweden
Switzerland
The
Department of Commerce on May 14, 1936, issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
March and three months ended with
1935 and 1936.
20,191,000
1,321,000
2,940,000
6,150,000
5,215,000
10,942,000
I,742,000
199,000
643,000
163,000
1,109,000
911,000
4,646,000
6,362,000
1,611,000
1,735,000
42,000
Honduras..
No. of
March for the years
The following are the tables complete:
Turkey (Asia & Europe)
Union of South Africa
U.
S.
R.
(Russia,
and Asia)...
United Kingdom
S.
Uruguay
Venezuela
$
578,942,000
860,000
Belgium
Haiti, Republic of
No. of
1936
69,521,000
78,195,000
168,724,000
10,394,000
14,624,000
6,866,000
Australia
Gold Coast
1935
$
55,789,000 134,549,000
26,675,000
57,755,000
24,828,000
52,958,000
26,125,000
70,798,000
54,557,000 161,491,000
5,209,000
5,452,000
5,504,000
13,676,000
52,144,000
2,501,000
6,088,000
Germany
1936
1935
177,356,000 198,686,000 496,679,000
Northern N. America
Southern N.
Month of April—
47,649,000
20,577,000
21,487,000
26,910,000
1936
S
New Floor
Projects
1936—Residential building
Non-residential building
3 Months Ended March
Imports from—
MOUNTAINS
No. of
by
5,891,000
11,813,000
14,711,000
14,345,000
Texas.
contracts
$780,627,600, making
ROCKY
Total
334,000
369,000
6,947,000
United Kingdom
residential
area,
Mississippi),
1936
92,322,000
19,094,000
26,559,000
$421,781,500 for the corresponding four months of 1935.
CONSTRUCTION
NEW
674,000
Norway
1935.
earlier
564,000
965,000
Netherland West Indies
$81,460,300 for March and with $41,328,100 for April of
April awards for heavy engineering projects amounted to $73,compared with $62,297,400 for March and with $40,489,100 for
9,187,000
242,000
429,000
...
(Persia)
Japan
last year.
Florida,
Hong Kong
with
contrasted
district
Honduras
and1 $42,202,800 for April, 1935.
For non¬
building, the April contract total amounted to $94,242,800 as
residential
year
Germany
Italy...
against $55,220,600 for March
April,
France
Irish Free State
ago.
Residential
412,500
Finland
Iran
I,361,000
301,000
472,000
309,000
in
3,746,000
13,196,000
5,993,000
14,663,000
671,000
3,372,000
1,234,000
454,000
8,388,000
Gold coast
shared
9,139,000
I,030,000
71,718,000
342,000
828,000
529,000
7,661,000
6,247,000
Greece
branches of construction
11,891,000
13,825,000
12,318,000
11,210,000
226,000
Egypt
October, 1931, according to figures from F. W.
Dodge Corp.
April awards amounted to $234,806,300 in the
37 States east of the Rocky Mountains as contrasted with
$198,978,300 for March and only $124,020,000 for April, 1935.
major
80,972,000
52,560,000
45,016,000
re¬
workers earning a weekly pay of $225,000, the volume of
declined slightly in the month, but wage payments were 1%
greater and hours worked 2% higher.
Compared with a year ago, employ¬
over
1936
flood repair work.
factories,
;
•
81
1935
185,026,000 194,792,000 524,256,000
....
Total.
As
1936
82,932, 000 221,501,000
27,945, 000 72,929,000
19,593, 000 48,735,000
15,438 000 44,443,000
32,570 000
98,691,000
5,762 000
17,313,000
10,553 ,000
20,645,000
76,461,000
26,136,000
Northern N. America
Southern N. America
Asia
of
March
3 Months Ended March
Exports to—
South America
April.
8% from
rolls,
in
weekly payroll amounting to
an
hour have remained
a
OF
textiles,
as
in all Pennsylvania factories
wage earners
about
3423
VALUES
EXPORTS,
INCLUDING REEXPORTS, AND IM¬
PORTS OF MERCHANDISE BY GRAND DIVISIONS AND PRINCIPAL
COUNTRIES
products,
largely
contributed
materials,
consumer
TOTAL
and shoes and leather products declined.
foods
in
such as
Durable goods industries,
Chronicle
5,700,000
4,427,000
4,398,000
9,469,000
6,712,000
10,728,000
26,309,000
1,631,000
2,448,000
5,851,000
3,464,000
13,310,000
2,088,000
223,000
452,000
227,000
1,152,000
1,067,000
5,385,000
6,490,000
1,740,000
14,778,000
2,875,000
8,933,000
26,103,000
14,995,000
38,550,000
56,885,000
3,491,000
7,150,000
14,703,000
13,921,000
23,966,000
4,927,000
598,000
1,507,000
792,000
4,446,000
1,389,000
2,473,000
2,854,000
13,237,000
18,934,000
3,893,000
4,359,000
229,000
1,567,000
2,155,000
860,000
78,000
7,712,000
607,000
35,201,000
11,820,000
14,373,000
3,542,000
3,336,000
8,232,000
366,000
755,000
869,000
1,312,000
147,000
407,000
916,000
413,000
112,000
2,812,000
149,000
12,670,000
5,240,000
2,188,000
352,000
761,000
8,240,000
741,000
432,000
1,843,000
2,736,000
1,541,000
1,486,000
290,000
673,000
1,104,000
1,172,000
II,611,000
16,949,000
554,000
2,062,000
1,712,000
2,455,000
3,989,000
1,690,000
1,585,000
30,128,000
2,637,000
1,004,000
4,541,000
8,588,000
3,688,000
3,152,000
725,000
164,355,000
73,128,000
15,717,000
8,145,000
12,849,000
28,862,000
18,851,000
33,432,000
72,103,000
3,748,000
8,149,000
23,255,000
10,679,000
39,873,000
5,473,000
629,000
1,538,000
728,000
3,247,000
3,426,000
15,535,000
18,236,000
3,397,000
5,637,000
399,000
803,000
2,612,000
993,000
283,000
8,835,000
380,000
42,584,000
13,596,000
14,761,000
3,045,000
9,614,000
1,025,000
2,130,000
5,507,000
1,268,000
2,126,000
20,008,000
1,733,000
1,602,000
4,941,000
10,783,000
3,913,000
4,876,000
1,556,000
Europe
1,790,000
3,342,000
32,840,000
1,055,000
4,431,000
48,005,000
5,433,000
4,849.000
5,662,000
Financial
3424
EXPORTS
OF
VALUE
OF
UNITED^STATES
PORTS FOR CONSUMPTION
MERCHANDISE
AND
IM¬
BY,GRAND DIVISIONS AND PRINCIPAL
the equivalent of 25 days' average production
648,713,000 feet, or
with
date
similar
a
Identical Mill Reports
Imports for
Merchandise
Consumption
3 Mos. End.
3 Mos. End.
March
March
March
March
1936
1936
1936
S
81,699,000
26,888,000
19,404,000
Southern
51,961,000
44,693,000
•92,045,000
5,749,000
America
America
77,261,000
Asia
-
Oceania
3,195,000
26,548,000
4,936,000
7,708,000
13,632,000
567,071,000 194,281,000
570,264,000
5,108,000
14,608,000
3,860,000
4,310,000
4,664,000
4,090,000
2,099,000
475,000
11,754,000
26,310,000
-
Australia
—
Belgium
Brazil
British India
British Malaya
Canada
China
-
Cuba.
12,579,000
9,466,000
6,746,000
29,677,000
1,234,000
10,732,000
75,925,000
271,000
26,836,000
1,632,000
2,748,000
33,422,000
74,037,000
6,090,000
3,682,000
9,022,000
r
Czechoslovakia
451,000
824,000
3,747,000
10,643,000
12,954,000
42,199,000
2,012,000
192,000
2,835,000
5,280,000
580,000
875,000
447,000
258,000
1,499,000
299,000
1,229,000
3,023,000
886,000
2,412,000
451,000
Republic
Dominican
1,301,000
1,071,000
Totaled 2 286,980 Short Tons
On
—
Finland
770,000
France
8,139,000
29,274,000
5,347,000
9,091,000
25,201,000
6,740,000
1,606,000
18,129,000
3,338,000
242,000
730,000
Greece..
542,000
1,561,000
584,000
1,823,000
Haiti, Republic of
361,000
892,000
141,000
467,000
1,151,000
384,000
782,000
Gold Coast
—
1,878,000
865,000
2,510,000
334,000
1,351,000
410,000
1,068,000
335,000
1,409,000
18,268,000
98,000
2,947,000
(Persia)
Irish Free State
5,532,000
Italy
of
status
the
837,000
159,000
48,518,000
12,926,000
Mexico
6,312,000
17,049,000
5,094,000
Netherland India
1,122,000
2,911,000
4,457,000
1,270,000
3,307,000
378,000
744,000
This
the
to
2,230,000
596,000
2,603,000
4,792,000
12,983,000
555,000
1,285,000
1,345,000
1,169,000
2,078,000
1,119,000
5,265,000
1,313,000
4,066,000
Netherland West Indies
Netherlands
Newfoundland
Labrador..
&
New Zealand
Norway
Panama
Peru....
Philippine Islands
Poland and Danzig
in
Islands and Hawaii recorded as entered from those areas prior
May
actually entered before May 1, 1936, all quantities
entry, including such certified quantities in transit on May 1,
for
The
1936.
figures
subject
are
the
for
various
areas
of
tons
to
The
first
1936
of
are
as
pursuant
(Tons of 2,000 Pounds—96 Degree)
1936 Sugar Quotas
Established under
Amounts Charged
Regulations, Series 3,
Against Quotas
Revision 1
Cuba..
1,262,000
Philippines-
1,897,000
Puerto Rico
20,033,000
1,982,401
1,068,057
857,452
1,007,158
5,634
1,110,482
4,920,702
5,367,000
2,286,980
1,599,000
1,863,000
4,756,000
2,210,000
576,000
1,531,000
1,189,000
101,320,000
1,854,000
4,108,000
16,730,000
4,712,000
48,855,000
3,881,000
5,664,000
Hawaii.
—
.
Virgin Islands
Total.
337,630
473,677
365,191
0
Direct-Consumption Sugars
3,885,000
Direct-consumption
various
total
1,424,000
1,715,000
sugar
is included in the amounts charged against the
since the direct-consumption sugar quota is included in
quotas
each
quota for
the
The following tabulation indicates the direct-
area.
direct-consumption sugar admitted
during the period January-April, 1936, as well as the amounts which may
consumption
for
quotas,
sugar
be admitted
599,000
General Sugar Quota
Area
1,807,000
11,175,000
1,685,000
Venezuela
1935,
follows:
9,887,000
854,000
654,000
614,000
6,188,000
Uruguay
December,
1, Revision 1.
10,786,000
1,886,000
1,424,000
15,432,000
4,210,000
31,696,000
United Kingdom
Sugar
General
principal off-shore areas during the
quantities charged against the
four months
3,220,000
Europe
(Russia,
and Asia)
in
provisions of General Sugar Order No.
450,000
9,288,000
U.S. S. R.
by
revised
as
bond
originally entered' under
sugar
the
8,244,000
797,000
10,367,000
2,679,000
629,000
.
shown
are
outturn-weight and
after final
available.
Included
42,447,000
13,642,000
1,794,000
2,736,000
1,755,000
3,443,000
Sweden
Turkey (Asia & Europe)
Union Of South Africa
are
Regulations, Series 3, Revision 1, issued April 10, 1936.
in the quantities charged against the 1936 quota are 127,574
Quota
354,000
5,201,000
2,151,000
Spain.
Switzerland
change
to
data for all importations
polarization
Quotas
include
to full-duty countries
pertaining
The statistics
1936.
1,
addition to the sugar
certified
495,000
3,484,000
5,151,000
3,279,000
13,863,000
762,000
Portugal
Jones-
Cuba, the Philippines, Puerto Rico,
report includes all sugars from
Virgin
14,770,000
Japan
the
Allotment Act.
The report
shows that the quantity of sugar charged against the 1936
quotas for Cuba, the Philippines, Puerto Rico, the Virgin
Islands and Hawaii during the first four months of 1936
amounted to 2,286,980 short tons raw value.
An announce¬
ment by the Sugar Section of the AAA continued:
8,282,000
405,000
320,000
16,350,000
Jamaica
quotas under
sugar
and
Control
Sugar
289,000
671,000
Hong Kong
Iran
the
on
Costigan
395,000
Honduras
Administration
1936
15,207,000
Germany
the Sugar Section of the Agricultural Adjust¬
issued its fourth monthly report of
May 7
ment
3,427,000
1,139,000
377,000
—
Ecuador
Egypt
Off-Shore Areas During First Four Months of 1936
7,956,000
22,553,000
3,464,000
1,014,000
Denmark
18,750,000
6,051,000
5,517,000
16,763,000
1,883,000
6,447,000
Colombia
2,424,000
4,358,000
12,221,000
1,258,000
3,726,000
Chile
5,782,000
14,679,000
14,169,000
93,000
Ceylon
Under
165,315,000
19,051,000
192,081,000
Total.
Argentina
205,774,000
and orders received,
feet,
feet.
Sugar into United States Against Quotas
Jones-Costigan Sugar Act—Imports from
of
Entries
72,178,000
75,897,000
54,240,000
10,547,000
Africa.
170,833,000
and'
feet
233,594,000
it was 127,561,000 feet; shipments were, respectively,
ago
187,507,000
and
feet
74,920,000
24,252,000
24,945,000
15,327,000
South America
year
a
209,428,000
160,614,000
55,491,000
27,222,000
255,511,000
32,468,000
Northern N.
and
feet,
of 470 identical softwood mills was
production
1936
$
-
week's
Last
Exports United States
N.
on
ago.
year
COUNTRIES
Europe
1936
May 23,
Chronicle
remainder
the
of
amounts
of the
year:
(In Short Tons—96 Degree Equivalent)
Lumber Industry
Speeds Up Production
The lumber industry during the
week ended May 9, 1936,
of the 1929 weekly average
stood at 70%
of 1929 shipments, compared with 66% and 73%,
respectively, the previous week.
Production during the
week ended the 9th was the heaviest reported of any week
66%
since"-1930;
and orders were less than recent
10% below cut, according to reports to
Lumber
Manufacturers
Association
from
shipments
Cuba
80,214
274,384
Philippines
Total
265,516
63,809
62,224
6,140
35,408
671,991
Hawaii
Remaining
170,612
436,128
126,033
29,616
Puerto Rico
Balance
Quantity Charged
Against Quota
1936 Quota
Area
of production and
23,476
44,806
397,607
weeks, each about
National
the
operations of leading
hardwood and softwood mills.
Reported new business dur¬
ing the week ended May 2, 1936, was 2% below production;
shipments, which were heaviest of any week since 1930,
were
8% above output.
Production in the week ended
May 9 was shown by reporting softwood mills 83% in ex¬
cess
of corresponding week of last year; shipments were
23% above last year's week; new business, 10% above.
The
Association
further
During the
booked
Mills,
All
regions
below
the
softwood
All
569
shipments,
feet;
25
of
32
days'
and
days'
days'
year;
all
and Northern
but Northern
production above.
May 9 the equiva¬
production and stocks of 128 days' compared with
mills reported
average
120
of last
those
above
unfilled orders on
week
of
products
year
same
loadings
totaled
reported for the week ended May
213,127,000 feet,
mills, totaled
mills.
or
Shipments
10%
9,708,000'
as
reported
or
9,
1936, by 500 soft¬
9,
may
or
the equivalent of 32 days' average production,
the year.
of
which
sugar
may
the
during
the
entered
The
or
Cuba and
entry
in
the
1936,
January-April,
year
and
the
admitted
be
may
for
during
the
in pounds, the
following table shows,
admitted
be
period
which
sugar
certified
be admitted during the remainder of the
charged
amount
the
which
amount
from the
areas
specified:
(Pounds—96 Degree Equivalent)
Charged
May Be Admitted
Against
Balance
in 1936
Area
Quota
Remaining
294,308
217,865
10,221,004
11,114,100
350,667
5,424,140
Canada
Dominican Republic
Guatemala
334,902
Haiti
921,614
6,031,877
Mexico
Netherlands
Nicaragua
Peru
United Kingdom
Unallotted
No
28,742,238
564,205
288,114
263,302
6,668,480
211,384
Dutch East Indies
reserve
sugars
have been entered against the quotas of
tries:
Argentina,
1,197;
British
6;
1936
Malaya,
quota
26;
France, 175;
1,751; Japan, 4,009
0
294,308
564,104
108,094
263,302
6,668,480
211,384
334,902
920,200
214,818
215,097
2,701,750
11,114,100
350,667
4,781,032
42,905,962
Belgium
14,577
Colombia,
pounds;
267;
Germany, 117;
101
180,020
0
0
0
0
1,414
5,817,059
2,768
7,519,254
0
0
643,108
14,163,724
'
the following
Rica,
Honduras,
coun¬
204;
Brazil,
20,597;
Dutch
Australia,
Costa
3,432,568; Italy,
Salvador, 8,208,542, and Venezuela, 290,002.
;
Decrease Noted in Java's Sugar
as
compared
Carry-Over
on
April 1
Compared with Year Ago
Java's sugar carryover 011 April 1
916,499 long tons,
as
this
year
amounted to
contrasted with 1,585,397 tons carried
last year, a
decrease of 668,898 tons, or approximately
according to advices received by Lamborn & Co.
This year's carryover is the
smallest since 1931, when
701,356 tons were held prior to start of new crop opera¬
over
Unfilled Orders and Stocks
from
1936,
quotas
part of
215,774,000
feet.
,
May
of
against
was
11% below the production of the
for the same week were
below production.
491 softwood mills on May 9, 1936, give unfilled orders
of
836,145,000 feet and gross stocks of 3,372,423,000 feet.
The 467
identical
softwood
mills report unfilled
orders as 818,988,000 feet on
Reports
amount
large
a
countries
four months
West Indies,
orders
Production was 240,164,000 feet.
Reports from 91 hardwood mills give new business as 8,579,000 feet,
or
12% below production
Shipments as reported for the same week
were
10,795,000 • feet,
or
11%
above
production.
Production
was
feet,
first
areas,
ago.
1934.
Lumber
wood
car
full-duty
charged against the quotas for
sugar
Total.
a
31,867 cars during the week
ended! May 9, 1936.
This was 297 cars less than in the preceding week,
7,434 cars above corresponding week of 1935, and 6,881 cars above similar
Forest
from
the
Czechoslovakia
and
pine
hemlock reported
softwood
Identical
lent
shipments
Northern
to
insular
China and Hong Kong__
during the week ended May
reported1
pine and
week
256,318,000
Revised! figures for the preceding
238,270,000
sponding week of 1935 ; all but Western pine, Northern pine
hemlock
addition
mills produced 249,872,^00
shipped
226,569,000 feet;
Northern hemlock reported orders
9.
All but Northern hem¬
two hardwood groups reported shipments below production.
regions but West Coast reported orders below those of corre¬
Southern
but
production
and
lock
production,
589;
Full-Duty Sugars
In
other
Quantity which
1936,
combined;
232,666,000 feet.
orders,
feet;
May 9,
hardwoods
221,706,000 feet.
of
orders
were:
and
the
reported:
ended
week
softwoods
of
feet
covering
associations
regional
42.2%,
tions.
An announcement
by the firm continued:
is
1936
sugar
tons
produced in 1935,
This
is
the
first
in
1931
Java
the curtailment
ment,
the output
Exports
with
tons,
statistical
when
the
crop
1,168,815
department,
the
Sugar
863,277
totaled
previous
year,
long
tons
as
off
falling
a
of
shipments, according to Lamborn's
1935-36
the
are
following
Agree¬
The
sugar.
low of 505,000 tons last year.
a
in
of
International
the
1935-36
year
The
tons
of
against 505,000
as
approximately 7.1%.
or
since 1931.
production
program
tons
26.1%.
or
847,180 tons
Local
in
2,923,000
dropped, reaching
during
compared
increase
manufactured
under
long tons
and
in April
which commenced
at 541,000
increase of 36,000 tons,
an
reported
years,
305,538
harvesting of
crop,
full swing, is estimated
in
now
Financial
142
Volume
Java's
smallest
in
29
years,
exported.
were
consumption of
barrels from the output oflthe previous week.
The current
figure was also above the 2,826,300 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions
imposed by the various
oil-producing States during May.
Daily average production
for the four weeks ended May 16, 1936, is estimated at
2,957,050 barrels.
The daily average output for the week
ended May 18, 1935, totaled 2,650,300 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic
Java
during the past
approximated
year
333,000 tons.
daily average of 154,571 barrels, compared with
barrels for the week ended May
♦
i
Monthly Statement of Sugar Statistics of AAA for First
Quarter of Year—Deliveries During Period Totaled
1,652,660 Short Tons
weeks ended
writh
during March
was
unusually high, a total of
743,804 tons have been distributed in that-month.
March amounted to 200,701 tons,
in any month on record.
of sugar received
importers show
month.
ra v
Distribution
of beet
w
sugar companies, cane sugar
estimated
eeks ended May 16.
indicate that
daily
refining
potential
United
of the
capacity
the industry as a whole ran to stills,
on
States
Bureau of Mines
a
2,920,000 barrels of crude oil daily during the week, and that all
basis,
companies
had
in
storage
at
refineries,
in pipe lines as of the end of the week,
unfinished gasoline
terminals,
bulk
whole,
and
and 99,120,000 barrels of gas and fuel oil.
capacity of all cracking units
indicates
Bureau of Mines basis, produced
on a
transit
in
72,490,000 barrels of finished and
Cracked gasoline production by companies owning
charging
95.9% of the potential
the
that
an average
industry as
a
of 645,000 barrels
daily during the week.
AVERAGE
DAILY
CRUDE
PRODUCTION
OIL
(Figures in barrels)
refiners, and
B. of Af.
Actual Production
Dept. of
Beet sugar distribution in April declined to 116,437 tons raw value.
Week Ended
Average
which requires
(May)
Week
Weeks
4
Ended
May 16,
May 9,
Ended
May 16,
1936
Int. Cal¬
were
culations
obtained in the administration of the Jones-Oostigan Act,
for the week ended
daily average of 44,000 barrels, compared
a
Reports received from refining companies owning 89.6% of the 3,869,000
barrel
sharp compensatory failing off in deliveries during that
a
at Atlantic and Gulf ports
However, preliminary data for April distribution
by wire from beet
daily average of 129,429
of 36,857 for the week ended May 9 and 35,571 barrels
average
value, the greatest volume
The data, v hich cover the first three months of the calendar year,
the
daily
daily for the four
quarter of 1936, consolidating reports obtained from cane
refiners, beet sugar processors, importers, and others, was
issued on May 8 by the Sugar Section of the Agricultural
Adjustment Administration.
In issuing the report the
Sugar Section said that total deliveries of sugar during the
first three months of the year amounted to 1,652,660 short
tons raw sugar value.
It added:
sugar in
a
a
147,179 barrels daily for the four
9 and
May 16.
Receipts of California oil
May 16 totaled 308,000 barrels,
The monthly sugar statistical statement covering the first
The distribution of sugar
and receipts in bond at principal
use
United States ports for the week ended May 16 totaled 1,082,000 barrels, a
in
sugar
3425
week's
1906-07,
since
or
Chronicle
May 18,
1935
1936
1936
560,500
160,500
537,800
155; 200
546,850
159,350
543,500
152,500
62,500
59,700
25,050
183,050
65,850
58,450
25,750
-
Secretary of Agriculture to determine consumption requirements and
establish quotas for various sugar producing areas.
Oklahoma
538,300
150,100
Kansas
The
following is the report made available May 8:
Panhandle Texas
SUGAR
STATISTICAL
Vol. 3, Report 3.
63,050
56,750
North Texas
REPORTS
60,050
59,650
25,000
185,050
West Central Texas
Period: Januarv-Ma.ch, 1936
25,200
185,150
55,300
West Texas
TABLE
1—RAW
AND
SUGAR:
DELIVERIES
MARCH, 1936
REFINERS'
FOR
STOCKS,
DIRECT
RECEIPTS,
CONSUMPTION
MELTINGS,
FOR
JANUARY-
a
Value)
Total Texas..
on
Direct Lost by
Consump¬ Fire, &c
Slocks
Receipts
Meltings
1936
on
Mar.
for
Jan. 1
31
tion
1936
1,132,500
91,039
608,381
597,314
1,483
0
Northern Louisiana
28,900
196.342
201,491
607
0
23,144
45,873
201,422
208,161
3
0
39,131
3,194
149.138
128,027
439
0
23,866
67,308
65,678
0
Philippines
Virgin
120,978
445
0
0
0
0
0
0
19,583
13,024
16,118
0
0
16,489
0
0
0
214,816
Islands
Other countries..
11,563
Miscellaneous,
36
235
271
0
255,933
1,234.220
1,272,360
2,977
(sweepings, &c.)
Total
.
..
Compiled" in the AAA Sugar Section, from reports submitted on form SS-15A
by 16 companies representing 22 refineries.
The companies are:
American Sugar
Refining Co.; Arbuckle Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Refining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars Inc.; William Hen¬
derson; Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; Na¬
tional Sugar Refining Co. of N. J.; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
a
Sugar Refinery; Savannah Sugar Refining Corp.; Sterling Sugars Inc., and Western
Sugar Refinery.
b Includes sugars received
at refineries
in Louisiana from their
own
sugar
80,650
250,700
179,350
1,162,300
1,035,250
82,550
73,850
73,750
23,000
145,350
145,200
109,600
170,500
226,700
219,200
218,950
132,600
31,000
102,900
38,200
35,600
12,900
4,400
65,900
29,950
108,450
29,950
104,150
29,950
105,750
105,550
34,900
39,750
15,900
4,550
74,900
34,200
39,850
14,800
4,550
33,750
37,600
74,950
12,850
4,550
71,100
39,150
32,900
10,250
4,100
50,900
2,282,300
2,428,250
2,377,400
2,383,000
2,137,900
544,000
579,800
584,300
574,050
512,400
2,826,300
3,008,050
2,961,700
2,957,050
2,650,300
Arkansas
Eastern
Michigan
Wyoming
Montana
Colorado
New Mexico
Total east of California.
California
Total United States
.
31,200
Note—The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MAY 9. 1936
mills
and not chargeable to Continental quota until marketed as refined sugar.
(Figures In thousands of barrels, 42 gals, each)
TABLE 2—STOCKS, PRODUCTION, AND DISTRIBUTION OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND
PROCESSORS,
JANUARY-MARCH,
48,400
448,200
58,400
144,150
100,623
Hawaii
Continental b
1,162,750
Coastal Louisiana
Total Louisiana.
Cuba
Puerto Rico
449,750
81,150
252,500
1,172,150
150,850
52,350
448,300
52,900
447,200
81,400
254,800
Coastal Texas
Deliveries
Stocks
Supply
East Texas
Southwest Texas
(In Short Tons, Raw Sugar
Source of
East Central Texas
Daily Refining
Crude Runs
Stocks of Finished and
Capacity
to Stills
Unfinished Gasoline
1936
Finished
Poten-
Domestic Beet
Factories
Refiners and
Beet
Unfin'd
.
Factories
Reporting
P.
C.
P.
Aver¬
Total
and
C.
Daily
tial
Rate
Gas
in
District
Refiners
Stocks
of
(In Terms of Short Tons Refined Sugar as Produced)
Oper¬
At Re¬
age
ated
fineries
Terms, Nap'tha
Distil.
&c.
Fuel
Oil
'
Initial stocks of refined, Jan. 1, 1936..
Production
250,165
b859,774
1,109,939
1,189,12/
23,183
1,212,310
al,051,827
c317,217
1,369,044
387,465
Deliveries
565,740
953,205
Final stocks of refined, March 31, 1936-
Compiled by the AAA, Sugar Section, from reports submitted by refiners,
Deliveries include sugar delivered against sales for export.
Department of
reports of exports of refined sugar amounted to 12,491 tons during
January-March, 1936.
a
Commerce
b Revised.
c
Larger than actual deliveries by
through reprocessing,
TABLE
3—STOCKS,
SUMPTION
small amount representing losses in transit,
a
&c.
RECEIPTS,
SUGAR
FROM
AND
DELIVERIES
SPECIFIED
AREAS.
OF
DIRECT-CON¬
JANUARY-MARCH,
(In Terms of Short Tons of Refined Sugar)
East Coast.
612
Source of Supply
Jan.
Stocks on
Receipts
1936
Deliveries
Usage
or
154
146
94.8
100
68.5
964
274
442
442
424
95.9
408
96.2
7,414
2,781
952
3,267
84.8
295
76.8
4,481
2,421
677
2,666
1,695
6,597
1,926
Kan.,
453
Missouri..
115,495
al28,316
0
4,590
0
1,908
4,590
36,319
26,156
330
160
48.5
108
67.5
1,167
103
240
680
658
96.8
598
90.9
5,993
310
1,919
La. Gulf
240
169
163
96.4
116
71.2
1,015
482
No. La.-Ark.
80
72
90.0
51
70.8
227
86
112
Rocky Mt_
97
60
61.9
47
78.3
1,460
102
730
852
789
92.6
528
66.9
9,606
2~493
1,046
71,134
3,468
89.6
2,740
79.0
40,194
2,728
20,818
1,807
6,610
96,849
2,271
42,922
43,583
22,625
6,943
22,977
6,929
.
California
Reported
Estd.unrep'd
401
14,077
11,714
9,180
509
0
366
143
0
43
43
May
0
a2,239
238
2,473
a4
134,221
176,330
160,837
149,714
Philippines
...
China & Hongkong..
Other foreign areas
Total
Compiled in the AAA, Sugar Section, from reports and information submitted
x
3,869
3,869
4—DELIVERIES
OF
DIRECT-CONSUMPTION
LOUISIANA
direct-consumption
3,869
2,920
3,869
2,870
1935
2,594
Petroleum
Rodessa
333
99,120
98,550
Z34.725 z20,471
SUGAR
SUGAR
Daily Average Crude Oil
z6,287 Z100177
Production
Totals
3,008,050
The American Petroleum Institute estimates that the
daily
average gross crude oil production for the week ended May 16,
1936, was 3,008,050 barrels.
This was a gain of 46,350
1935,
Products—Over-production
in
Brings Threat of Federal Tender
Pelican's Wells Cut
to
Normal
Running Under Special Permit—
Crude Production in California Continues
High—
American Petroleum Institute Hits
High Taxes,
Federal Regulation of Business—Daily Crude Out¬
put at Record High
FROM
Barrels in Week Ended May 16
As of May 31.
Its
Field
Board in Louisiana.
MILLS
sugar
and
z
Allowable After
on
by Louisiana mills amounted to 39,260
tons in terms of refined sugar, during the period January-March, 1936.
9 '36
Bureau of Mines basis currently estimated,
Forms SS-15B and SS-3 by importers and distributors of
direct-consumption sugar,
a Includes sugar in bond and in customs custody and control.
Deliveries of
180
389
12,071
6,817
Puerto Rico
TABLE
384
Inland Texas
Texas Gulf__
U.S. B. of M.
1936
121,063
..
England
1,048
Mar. 31,
al22,748
Hawaii..
11,178
8,003
Ind.,111., Ky.
May
Cuba
79.9
xEst.tot.U.S.
on
1,
489
Appalachian.
Okla.,
May 16 *36
Stocks
612 100.0
7,455
1,376
.
Operations of the Pelican Oil & Gas Co.'s 13 wells on the
Louisiana side of the Rodessa field at around 17,500 barrels
daily, against the normal allowable of 4,550 barrels under a
special permit were pared to the normal level after indications
that
the
Federal
Government
would
enter
the
situation
through power provided in the Connally "Hot Oil" Act.
An injunction
forbidding the interstate movement of
approximately 72,000 barrels of crude produced in the
Financial
3426
Louisiana side of the Rodessa field
was
issued by Federal
Judge Randolph Bryant against the East Texas Refining
Co. and the East Texas Pipe Line Co. in Sherman, Texas,
Thursday. Judge Bryant ruled that the oil had not been
produced legally and "the channels of interstate commerce
are denied
to it."
The 72,000 barrels of crude remained
impounded in the field. The Government based its action
upon authority granted under the Connally Hot Oil Act.
No change in Secretary of the Interior Ickes' decision not
to establish
a
Federal Tender Board in Louisiana has been
made, officials of the Petroleum Conservation Division dis¬
closed in commenting upon the injunction against the inter¬
state movement of the 72,000 barrels.
It was said that the
government considers this oil to have been produced in
cess
was
ex¬
of the 350-barrel level set by the Commission—which
set aside to give the Pelican Oil & Gas Co.'s 13 wells a
capacity of 20,000 barrels—and thus is "contrabrand oil"
under the regulations of the Connally Act.
Pelican was granted a special permit to operate on a basis
of 20,000 barrels daily for "60 days" or longer by the Louisi¬
ana
Conservation Commission
on
March 24.
The company
was
voiced in Southwestern oil circles.
Coincident
with
the association held that its passage
Washington that Secretary
of the Interior Ickes planned to start a new investigation in
the Rodessa situation, the company announced that its wells
had been cut back to the general allowable of 350 barrels
per day.
The possibility of the establishment of a Federal
Tender Board to rule upon inter-State movements of Rodessa
crude was believed to play a major part in the company's
decision.
Even more important than the Government intervention,
however, was the fact that as the Pelican wells were run at a.
high production, pressure in the wells was reported to be
dropping.
Reports were heard, that should the Rodessa
field be run at a high rate of production for any length of
time, a serious drop in pressure over the entire field would be
a likely result.
These reports were bolstered by dispatches from Fort
Worth disclosing that after production on the Pelican prop¬
erties reached a high of 18,000 barrels, production suffered
a sharp drop the
following day to 15,000 barrels.
Again,
an offset well of Standard of Louisiana
adjoining the Pelican
properties turned from crude production to gas.
Protests were voiced by Texas oil men against the apparent
discrimination shown the Pelican company in allowing it to
operate at its high capacity.
In reply, Governor Leche, of
Louisiana, stated that he felt that the company should be
allowed to produce as much oil as possible inasmuch as "the
more
oil Louisiana produces, the more money the State
gets from its severance tax."
The movement by the Texas Railroad Commission for
a joint
meeting with the Louisiana Conservation Commission
to consider the problems
arising out of the fact that the
Rodessa field is on the boundary line between the two States
collapsed, at least temporarily, when Governor Leche in¬
formed the Commission that he would be tied up with his
legislative program for at least two months and could not
spare the time to meet with it.
Rising production totals in California also attracted trade
attention during the week.
Although production for the
week ended May 16 was off 4,500 barrels to 584,300 barrels,
according to the American Petroleum Institute, this total
was substantially above the
May market demand level of
544,000 barrels suggested by the United States Bureau of
Mines.
.■"
California for
,
Production
in
the first 12 days of May
581,268 barrels daily was 41,268 barrels above the average
set as desirable by the Central Committee of California
Oil Producers, and 5,910 barrels above production in the
like period in April.
The total for this period also showed
a gain of 12,427 barrels under the like March
period.
of
A resolution charging that "endeavors to promote un¬
sound, uneconomic and discriminatory policies of taxation
and legislation, having as their objectives selfish and limited
benefits" are impeding recovery was unanimously adopted
by the board of directors of the American Petroleum Institute
in closing the Institute's mid-year meeting at Tulsa, Okla.
The resolution held that attempts to eliminate or equalize
competition between domestic industries prevents the
public from benefiting from the industrial progress and
the resultant economies that mark free competition among
industries.
Oil men, in commenting unofficially upon the
resolution, expressed the belief that it was aimed mainly
at the
move
to
tax
fuel,oil for the competitive advantage
California.
There
were
and heating industries.
Independent Petroleum Association of America
backed the Disney oil bill—which would double the duties
on
imported petroleum and petroleum products—at the
initial hearing held before the House Ways and Means
Committee on Monday.
In backing the bill, counsel for
no
price changes.
Prices of Typical
Crudes
per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
...$2.46 Eldorado, Ark., 40
Bradford, Pa
Lima (Ohio Oil
1.25
1.42
Illinois
Western Kentucky
—
Midland District,
$1.10
1.16
Rusk, Texas, 40 and over
1.23
1.23
Co.)
Corning, Pa--
Darst Creek
.97
Mich
Sunburst, Mont
—
PRODUCTS—GASOLINE
REFINED
MARKET
PRICES
DIP
1,013,000
BAR¬
RISES—NEW YORK CITY
GASOLINE
PRICE-CUTTING—OHIO
BY
HIT
STOCKS
RATE AGAIN
RELS—REFINERY
1.02
1.23
.05
1.43
1.18 Huntington, Calif., 30 and over....
.85 Kettleman Hills, 39 and over...—
1.10
75-.80 Petrolia. Canada
Mid-Cont't., Okla., 40 and above..
Winkler, Texas
Smackover, Ark., 24 and over
,CUT
A better-than-seasonal decline in
gasoline stocks
as warm
weather increased consumption with the accompanying drain
refinery and bulk terminal holdings provided a cheery
an otherwise gloomy week in the refined petroleum
upon
note in
markets.
Finished gasoline holdings dipped 1,013,000
barrels to an
American Petroleum
Institute reported.
Refinery holdings were off 661,000 bar¬
rels to 49,922,000, with bulk terminal stocks dipping 352,000
aggregate of 65,547,000 barrels, the
barrels to 22,625,000 barrels.
The decline
all the more significant in that it occurred
fairly substantial increase in the operating
was
in the face of a
rate of refineries which now are at
abnormally high levels for
An increase of 1.4 lifted operations
this time of the year.
79% of capacity, with daily average runs of
stills rising 50,000 barrels to 2,920,000 barrels.
to
crude oil to
May demand for gasoline is estimated at around
10%
above the
corresponding month a year ago.
This is in line
with the general rising trend shown since the first of the year.
In 1935, it will be remembered, consumption of gasoline rose
to
new
at its
oil
all-time
levels.
record
Should
demand
continue
present rate, 1936 may again set a new record level,
men
believe.
Spreading of the cut-price competition in the retail gaso¬
line field in metropolitan New York featured the week in the
local market.
Signs of "7 for $1" are appearing in Man¬
hattan and the Bronx, particularly in the latter.
It was
held alarming when the "6 for $1" spread across the river
from Brooklyn, but the rapid spread of the "7 for $1" level
has caused increased tension.
Possibility that the situation will culminate in a general
price-war that may bring about a wide-spread collapse of
gasoline prices in the metropolitan New York area is
attracting increased attention.
In view of the fact that the
season of heavy consumption is nearing, some factors hope
that the increased gallonage resulting from this may end
the battle for volume which has brought about the price war.
Seasonal reductions in heating oils were posted in New
York harbor schedules by major companies.
Standard Oil
Co. of New Jersey led in a reduction of % cent in heating
oils, followed by other major companies.
Kerosene was
under pressure but no open market cuts were posted.
A reduction of 2 cents a gallon in all grades of gasoline
in Lucas and Woods counties in Ohio was posted May 18
by all major producers to meet slashes instituted by an in¬
dependent distributor.
The new prices are 19^ cents for
premium, 173^ for regular and 16 cents for third-grade, all
taxes paid.
Representative price changes follow:
retail
I
May 18—A reduction of 2 cents a gallon in all grades of gasoline was
posted by all major companies in Woods and Lucas counties, Ohio, follow¬
ing
a
19M
reduction
cents,
by
an
independent
17% and 16 cents
a
distributor.
The
new
price level is
gallon for premium, regular and third-
grade, respectively, all taxes paid.
May 19—Reductions of
York harbor
were
%
cent
a
gallon
in heating
oil prices in New
posted by major companies.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North
New York
(Bayonne)
$.04%
of other power
The
would aid the domestic
-
oil industry suffers from a
"superabundance of possible production" rather than
scarcity, W. A. Irvin, President of the United States Steel
Corp., voiced relief that domestic supplies of crude oil
were sufficient in an address delivered at the opening session
of the Ninth International Petroleum Exposition in Tulsa
on May 16.
Daily average crude oil production rose to a new all-time
record high last week at slightly above 3,000,000 barrels,
according to the American
Petroleum Institute.
The
record level compared with estimated May demand of
2,826,300 barrels, suggested by the Bureau of Mines, and
actual output in the like 1934 period of 2,650,300 barrels.
Oklahoma showed the sharpest expansion in production,
output there rising nearly 23,000 barrels.
Texas and
Louisiana also showed substantial increases in their daily
average production totals.
Kansas and other States also
showed gains which more than offset a dip of 4,500 in
from
news
May 23, 1936
industry appreciably.
Stating that the American
not able to run its wells at this
figure, however, due to
the opposition of the then-Governor Noe.
The new State
Administration, however, permitted the company to operate
in accord with its special permit.
The wells were quickly opened up and average production
hit a high of around 18,000 barrels, against 4,550 barrels
under the normal allowable of 350 barrels per day.
The pos¬
sibility that other operators in the field would be forced
to open their wells to the limit in order to protect themselves
was
Chronicle
1
Texas.
Los Angeles..
$.03%-.03% i New Orleans.$.03%-.04
.04%-.05
J Tulsa
04%-.04%
Fuel Oil, F.O.B. Refinery or Terminal
New Orleans C
California 27 plus D
N. Y. (Bayonne)
Bunker C
$1.05
Diesel 28-30 D
$.90
Phlla., bunker C—.
1,05
1.65
$1.15-1.25
Gas Oil, F.O.B. Refinery or
N. Y. (Bayonne)
27 plus
$.04
Terminal
I Tulsa
J Chicago,
-.041*
32-36
GO.
« n2U- not*
$.02>^-.02%
Volume
Financial
142
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
Standard Oil N. J~$.07H
Socony-Vacuum
Colonial Beacon. _$.07H
Tide Water Oil Co..
Texas
Warner-Qulnaln Co.
a
Republic Oil.
Los Ang.,
.07%
07%
07%
-.O0M
.06
-.06%
Orleans.
New
Shell East..
Richfield Oil (Calif.)
Canada
J.06
Chicago
New York—
.07^
.07%
.07^
.07^
.05%-.0A%
.06
-.06%
.07
Gulf
Chronicle
F.O.B. Refinery
ex.
Gulf ports
Tulsa
Canada
time
In
January.
which
against
266,000
with
compares
in
ounces
1936
quarter of
the first
691,000
in
ounces
year.
produced 933,000
February and
2,749,000
was
in
ounces
March
in
ounces
832,000 ounces,
last
Africa
in
ounces
Not Including 2% city sales tax.
288,000
278,000
produced
same
South
-.06%
.06
....
February and
the
3427
produced
ounces
of gold
ounces
922,000
in January.
against 2,614,000
ounces
in March against 894,000
First-quarter output
in the
ounces
period of 1935.
same
Gasoline, Service Station, Tax Included
New York
Cincinnati
$.192
Brooklyn
.192
Newark
.168
Denver.
Camden
.168
Detroit
Boston
.145
Buffalo
.165
Chicago
175
Minneapolis
...$.175
$.184
.23
.176
.196
.175
New Orleans
.21
Philadelphia
.16
Pittsburgh
Jacksonville
.20
San Francisco
.19
St. Louis
March
.16
Houston
.177
Cleveland
-
Los Angeles
—
Preliminary World Silver Output
14,204,000 Ounces
Coal
of
some
Shows Small Gain—
Anthracite Production Off 19.4% in Week
Output
The United States Bureau of Mines,
the
estimated at 6,855,000 net tons, as against 6,845,000 tons
in the preceding week.
Production in the week of 1935
'
Anthracite
production in Pennsylvania during the week
ended May 9 is estimated at 1,155,000 net tons. Compared
with/ the preceding week, this shows a decrease of 278,000
tons, or 19.4%. Production during the corresponding week
last year amounted to 935,000 tons.
During the calendar year to May 9, 1936, a total of
150,683,000 tons of bituminous coal and 20,220,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 139,425,000 tons of soft coal and 19,371,000 tons of
hard coal produced in the same period of 1935. The Bureau's
Nov.,
Dec.,
Jan.,
Feb.,
Mar.
1935
1935
1935
1936
1936
1936
United States
4,008
1,414
1,845
3,844
4,374
1,244
6,862
5,329
1,031
5,237
3,688
1,941
5,056
Canada
3,814
1,300
Mexico.
1,577
Other America
1,590
1,000
1,350
1,400
9,600
1,693
1,225
1,400
640
725
300
Japan
Burma, refined
Other Australia & New Zealand
Other Asia
Year to Date
Calendar
May 2,
1936 d
1935
c
1936
1935
1929
e
e
a
6,855,000 6,845,000 5,640,000 150,683,000 139,425,000 191,223,000
1,143,000 1,141,000
940,000
1,367,000
1,265,000
1,723,000
Penna. anth.: b
20,220,000
184,700
155,800
19,371,000
176,900
26,565,000
515,300
935,000
1,155,000 1,433,000
192,500
238,800
aver..
368,400
3,289
2,269,200
242,600
Beehive coke:
Tot. for per'd
Daily
17,500
2,917
aver..
13,500
2,250
18,700
3,117
4,600
20,261
Includes lignite, coal made into coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
a
by truck from authorized operations,
to make
c
Subject to revision,
comparable the number of working days in the three
ESTIMATED
WEEKLY
PRODUCTION
d Revised,
Adjusted
e
years.
OF COAL,
BY STATES
(IN THOUSANDS OF NET TONS)
(The current estimates
330
340
731
726
669
c730
c720
490
480
500
490
490
250
250
260
300
275
1,200
1,375
639
88
88
85
94
86
89
320
320
320
320
325
30
30
30
35
37
35
17,121
15,854
22,781
19,501
20,527
14,204
Domestic
b Estimated
basis of 1935 output,
on
Consumption
"Metal and
that
Conjectural.
c
Non-Ferrous
of
are
based
railroad carloadings and river shipments and
on
Mineral
Metals
little
a
better
April
State
Aver..
5, May
2, Apr. 25, May 4, May
1936 p
1935
2
1
1
1
213
Alabama
222
171
195
s
348
412
Arkansas and Oklahoma
15
18
Colorado
66
67
1
1
Illinois..
615
657
462
550
867
Indiana.
the
13
7
78
54
*
59
70
142
2
184
s
s
not
were
for
copper
was
unsettled,
here
producers
of copper
of May
in this
Scrap
Mine output, however, is expected
April level of 48,682 tons.
the industry is
country,
will show improvement
April.
over
As for actual
confident
that
Domestic sales
sold
Tuesday,
on
mostly on intercompany business.
tons
Sales for
the
month to date totaled 11,188 tons.
Abroad the demand
244
274
189
215
270
514
Iowa
44
47
38
41
59
100
to
81
80
59
65
98
138
London
722
680
491
558
799
620
Western
group,
week.
greatly concerned and believe that the general situation is sound,
month
Kansas and Missouri.
Kentucky—Eastern
May 21
a
during the last week amounted to 4,600 tons, of which total 2,201
1,471
Georgia and North Carolina
of
as
with the domestic price steady to firm on the basis of 93^c., Valley.
to be maintained at close to the
s
last
issue
taken
Copper Firm at 9%c.
consumption
Alaska
the
has been coming in at a higher rate.
1923
4,
1929
1934
its
tion further states:
were
1936 p
in
Though the foreign market
Week Ended
in
Consumption of
copper, lead, and zinc is expanding in the domestic market
and shipments to fabricators are believed to be larger than
at any time so far this year.
New business booked in lead
showed improvement, and there seems to be no question
over the stability of the price structure.
Zinc sold in larger
volume than in the preceding week, at unchanged quotations.
Copper did as well as could be expected after the heavy
buying last month.
Tin was lower because of the prospects
of larger supplies. The silver agreement with China con¬
vinced traders that speculators are not going to benefit
by the move.
The accord, in the main, was favorably
received.
Antimony, on spot, dropped to 12c. early in
the week, but steadied later, settling at 12 34c.
The publica¬
annual returns from the operators.)
May
Markets"
major non-ferrous metals,
subject to revision on receipt of monthly tonnage reports from district and State
are
sources, or of final
350
260
Not yet reported,
a
fared
May 11,
1936
Dally
345
1,567
320
Total
(IN NET TONS)
May 9,
Tot. for per'd
300
975
Expanding—Lead Sales Improve
Week Ended
aver..
618
Other Africa
states
Daily
703
South Africa
Belgian Congo, b
BEEHIVE
STATES PRODUCTION OF COAL AND
COKE
Tot. for per'd
...
948
490
Australia, refined
1,550
1,200
1,325
7,159
1,562
1,150
1,325
777
Peru I
statement, follows:
BItum. coal:
for
Oct.,
Europe
corresponding with that of May 9 amounted to 5,640,000
ESTIMATED UNITED
The accounting
preliminary:
report stated that production of bituminous coal showed
little change in the week ended May 9. The total output is
\
Statistics.
especially for the latest month, is
countries,
in its weekly coal
tons.
at
The following computation of world production of new
silver, in thousands of fine ounces, has been released by the
175
American Bureau of Metal
Bituminous
Placed
impart
by
no means
dull, but offerings were sufficient '
market.
The
extent
slight, measured in terms of United
weakness
to
was
easier tone to the
an
was
in
the
dollar.
Some
important
of the
States
foreign
decline
in
owing
currency,
believe
operators
104
132
72
74
215
27
31
20
19
41
6
9
8
9
14
22
months.
Montana
44
45
36
29
53
42
New Mexico
8 800c., f.o.b. refinery, against 8.825c. a week ago and 8.900c. two weeks
23
28
22
22
48
59
Maryland
Michigan
North and South Dakota
22
24
12
12
188
52
sl9
sl6
that
consumption
"M.
&
of
M.
copper
abroad
M."
average
has
declined
May
on
moderately
20's
business
in
recent
abroad
was
previous.
333
396
295
319
354
766
During the first quarter of 1936 the United Kingdom imported 56,151
1,910
1,940
1,274
1,666
2,626
3,531
long tons of unwrought copper, which compares with 77,713 tons in the
74
74
91
121
Ohio
Pennsylvania bituminous
*
Tennessee..
92
74
Texas
13
14
12
13
20
25
31
34
21
63
70
same
20
Utah
226
203
156
197
186
Virginia
249
20
a
22
24
17
38
1,535
1,051
1,447
1,731
310
516
650
778
92
90
56
108
116
3
84
Wyoming
*
c
*
*
6,845
1,433
Pennsylvania anthracite
1
7,115
4,993
6,185
1,463
909
1,356
8,942
1,573
10,836
1,974
8,278
5,902
8,578
7,541
10,515
12,810
Includes operations on the N. & W.; C. & O.; Virginian; K. &
M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District, and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
p Preliminary,
s Alaska,
Georgia, North Carolina, and South Dakota Included with "other western States."
a
*
498
Other British
15~343
Chile
Other foreign
current
last
to
of
6,501,000
year,
the
exclusive
world,
ounces
in
of
Russia,
against 5,717,000 ounces in the
of the
increase of 13.7%,
according to the figures
Statistics.
In
the absence of precise information, the Bureau is estimat¬
year,
released
an
by the American Bureau of Metal
for 1936 at
ing Russia's production
year,
world
or
at 460,000
amounted
to
ounces
of
production
gold
7,881,000
the
On
monthly.
in
the
ounces.
same
this
rate
as
last
basis, total
first
quarter
The
Bureau
of
The
276,000
ounces
880,000
ounces
of
this
1935
was a
States
in
produced
February
313,000
and
ounces
291,000
for the three-months' period.
country
was
of gold
ounces
in
in
March
January,
a
against
total
of
credited with 638,000
ounces.
1,426
Chile
391
.
1,347
17,169 10,491
175
3,353
Germany
75
24,957 10,674
.
Other foreign
208
_
Totals
327
43,317 26,192
3,750 tons, against less than 2,000 tons in the preceding
Though lead for June delivery to
seven
consumers dominated the week's
business, the call for May metal was sufficient to make producers believe
actual
consumption
must
Consumers are now about
ments, and less than 50%
refined lead
are
be improving.
Battery makers
were
the
Quotations
75% covered against estimated May require¬
on
their June needs.
expected to show
held
at
4.60c.,
a
The April statistics for
moderate decrease in stocks.
New
York,
which
was
also
the
contract
selling basis of the American Smelting & Refining Co., and at 4.45c., St.
Louis.
The St. Joseph Lead Co. held out for a premium on its own brands
sold in the East.
1936
In the January-March period
Other British
fair demand for lead last week, sales for the period
amounting
Zinc
Demand
for
prime
Western
buying interest in the metal
United
Northern Rhodesia
4,973
4,093
1936
733
leading buyers.
further
reported:
Union of South Africa
34,396 29,959
about
that
period
same
1935
Fair Call for Lead
days.
the first quarter
6,054
1,068
;
Totals
to
production
Jan.-Mar.
11,931 18,578
There
World's Gold Output Continues Higher
Gold
Kingdom
Other Kinds
1936
Australia
Less than 1,000 tons.
amounted
United
Jan.-Mar.
1935
United States
Grand total.__
the
1935 and 1936, in long tons, by
Electrolytic
Canada
Total bituminous coal
into
copper
years
6
Northern b
Other western States
of
Imports
year,
1,256
480
last
35
1,506
465
Washington.
West Virginia—Southern
period
during the first three months of the
sources, were;
material
of
was
Unchanged
zinc
was
appears to
available at slight
far
from
active
be improving.
last
week,
but
Rumors that resale
concessions failed to influence the views
producers, who still regard the situation
as
firm.
The business reported
during the week was placed at 4.90c., St. Louis, with the demand mostly
for
nearby shipment metal.
.
Financial
3428
Chronicle
of
prices for tin
downward last week on reports that
was
month will be heavy and that Bolivia will soon
Straits shipments for the
A new regime in Bolivia, established
ship larger tonnages of concentrate.
May 17, announced that
of workers will be increased.
wages
do about tin is not yet known.
those in control in that country propose to
price of Straits tin fell to 45.70c., New York,
The
before the close there was active bidding for the meral
18, 45.750c.;
46.250c.;
early on May 20, but
at 45.875c.
May 14, 46.250c.; 15, 46.250c.;
Chinese tin was nominally as follows:
16,
Just what
45.275c.; 20, 45.125c.
19,
Iron
American
The
Tin Lower
trend
The
the
that
cated
One Point to 68
Steel
70.4%
This represents
"Iron Age,"
in its issue of May 21,
stated that un¬
seasonably well-sustained demand for the heavy steel prod¬
ucts has lifted output one point to 68^% of capacity.
This
week's level is only slightly under the year's high, and the
rise is particularly significant in view of curtailed buying
by the automotive industry and lighter takings by agricul¬
tural districts.
Ingot production is higher in the Valleys
and at Pittsburgh, Buffalo and Cleveland, while all other
districts are holding their own.
The "Age" further stated:
May 27
June
3
39.5%
June
10
June
17
39.0%
38.3%
37.7%
schedules
Finishing mill
been
raised
strip
steel
practical
at
It
is
Although
reduced
shipments to the automotive
unabated and mill backlogs are
to
maintain
production through May.
more
becoming
sufficiently
apparent
that demand for
the heavy steel products
automotive
reduced!
offset
to
strong
the
in
requirements
scarcely be
avoided, but it will unquestionably be less than seasonal.
Performance
during the third quarter can hardly be forecast as an early advance in
prices would certainly influence July and August demand.
Contemplated price action is still shrouded in mystery. Producers admit
A moderate decline in output during June
early summer.
that
1199233628540
number
a
that
changes
advances
of
be
may
and
adjustments
before
announced
under
are
June
can
consideration
and
increases
However,
1.
in
quotations could not be maintained unless adopted by all the leading units
in
the
industry
The entire
are
of
the
On
other
likely to eliminate
The
struction
Texas
industry
Empire
welded
pipe
bids
taken
Railroad
The
frigerator
horse
the Pere
and
Line
jobs
current
has
Co.
for
fabricated1
are
gain
36%
Stocks
the
over
Lake
duced 5,500,000
The
shipping
date
than
Scrap prices
level
of the
slightly
posite price is
at
$18.84
a
have
40-ton
re¬
and 20
call
year
engaged
the
are
last week.
busily
are
Many
jobs
on
construction
steel
for 696,900 tons, a
total.
were
year
to
has
Sporadic mill
in
holding at
almost
"Iron
The
17c.
buying in
every
2.097c.
Age"
a
composite
$13.25,
to
ton
gross
a
number of
The
instance.
re¬
that
on
price
the
of
lowest
centers developed
finished1 steel
lb., while the pig iron
a
ton.
index remains
"IRON AGE"
COMPOSITE
May 19, 1936, 2.097c. a Lb.
PRICES
I
2.124c.(
One year ago
past
have
In
had
These products represent
High
1935.
1934
1933....
2.084c.
Oct.
1
2.124c.
Jan.
Apr.
24
2.008c.
Jan.
3
1.867c.
Apr.
1.977c.
Oct.
4
2.037c.
Jan.
13
Jan.
7
1929
Mar. 10
8
1.926c.
Feb.
2
1.945c.
Dec.
29
2.018c.
*
Dec.
Apr.
2
2.273c.
Oct.
beginning
11
2.217c.
July
17
Jan.
4
2.212c.
Nov.
One month ago
18.84
One year ago
on
average of
furnace and
1
17.83
basic Iron at Valley
foundry Irons at Chicago
Philadelpjia,
Buffalo.
Valley
Low
High
$18.84
18.84
Jan.
7
Nov.
5
$18.84
Jan.
7
17.83
May
14
17.90
May
1
16.90
Jan.
27
16.90
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec.
7
15.90
May
14
18.21
Deo.
17
18.59
Nov. 27
17.04
July
24
19.71
Jan.
17.54
Nov.
Jan.
4
Dec.
3
18.71
1927
16
1
Steel Scrap
May 19, 1936, $13.25 a Gross Ton
One week ago
$13.42
One month ago
14.63
One year ago
structural
for
Based
No.
1
heavy
shapes,
and tin
sheets
pipe,
steep
consuming industries, including
impart additional buoy¬
steel
many
opinion
the industry at present is that
in
advance in steel prices for third quarter,
prices
raised
were
third
for
62% in June to
Downward
be
revisions
made,
some
after consumers
quarter,
average
an
of 24%
This
made in July.
were
in the next
evidently
year
A
fourth
be at the year's low in the third quarter.
for
however,
increase" for
effective
an
industry continues to set the pace in steel
reduction.
Steelworks
Texas
and
Empire
the
Texas
operations held
melting
68%%.
at
tons
41,000
Chicago,
affiliate of Cities Service
an
steel
of
Republic
to
requirements,
showing only a slight
units
Co., New York,
awarded
Co.,
117,156
at
for
pipe
Steel
placed
2,000
line between
a
and
Corp.,
Smith
0.
A.
Corp.
Mfg.
Pacific
Missouri
result
of
when
recent
is
were
For
a
have
to
shops will be
car
building
school,
vocational
recent
double
the
for
As
cars.
weekly
of
Bureau
structural
bridges, and 5,300 tons
awards at 39,914
and highest this year.
shape
averages,
Engraving
Printing,
and
Washington,
6,500 tons of rail steel reinforcing bars were ordered.
Farm
and
equipment manufacturers anticipate
for
30
believe
the
They
are
will
during
shortly.
production is
Foundry
now
to be
up
by the E.
booked
are
work
not
are
Budd
G.
been
reduced
for
year's
at the
holding
are
books
Pittsburgh
is
Mfg
higher
33%,
still is
price
smaller
tion
in
with
a
are
total of
1
peak, and from pig iron
index
and
the
prices
are
drive
Southern
scrap,
ship¬
and
50c.
a
by
the
Mills
ton.
in
market
avidity
with
are
their
covering
which
unload.
to
all-time high for
British
the
aided
market
States have
year.
off another
down
being
there will
equipment
with
compete
to
considerably this
latter
attempting
an
iron
appears
Extensive blast furnace rehabili¬
factor in
active
pig
interests
the
operations
to
Tin plate
industry
daily
made
a
ingot produc¬
steel
average
higher record in April,
still
991,500 tons for the month.
63%;
to
England,
steel
weak,
middle
setting up
March, the
Steelworks
point
enable
to
orders,
sellers
After
Philadelphia,
Co.,
delivery this quarter it
an
expected to increase
are
industry.
65 to 70%.
Freight rates from Birmingham, Ala., to five
ments
good,
5 points to 95%.
sellers'
at
if
manufacturing lines
operating at
steady upturn through June.
a
maintain
to
Many
formal award of 65,000 tons of sheets for
Sheet mills
operations
on
sufficient
summer.
including the textile machinery
ordering steel,
frames,
car
expected
continuation of heavy opera¬
a
starting fall production programs,
now
be
the
lighter steel products,
Chevrolet
to
days.
business
new
in
active
orders
60
schedules
capacity,
more
is
to
in
Buffalo,
77;
iron and
remains
district
Pittsburgh
the
2
75.
to
Cincinnati,
4
to
Wheeling
steel price composite is
$52.20,
while
last
was
the
week
down
80,' while others
were
3
off 4c. to $32.94 ;
scrap
composite
advanced
is
the finished
down
16c.
$13.38.
Steel ingot production for the week ended May 18 is
placed at about 69% of capacity, the same as in the previous
week, according to the "Wall Street Journal" of May 20.
Two weeks ago it was 70%.
U.
week
S.
Steel is
and
estimated at
The "Journal" further stated:
62%%, compared with 63% in the preceding
63%% two weeks
ago.
Leading independents are credited with
74%, against 73%% in the week before and1 75% two weeks ago.
The
with
following table gives
the
nearest
a
comparison
corresponding week
of
of the percentage of production
previous
years,
together with
the
points, from the week immediately preceding:
steel,
quotations at Pittsburgh, Philadelphia
and Chicago.
Industry
Low
1936
69
U. S. Steel
Independents
May 19
1935
44
Apr.
23
1934
59
40
—1
47
—1
46
-f-1
69
—1
+5
33
+4%
45
1928.
1927
$14.75
Feb.
25
$13.25
Dec.
10
10.33
Mar. 13
9.50
Sept. 25
1933
39%
12.25
Aug.
8
12
6.75
Jan.
3
1931
44
—2
46
6.43
July
5
1930
75
—1
8.50
Dec.
96
—1%
82
—2%
%
80
8.50
Jan.
11.33
Jan.
29
1929
15.00
Feb.
18
11.25
Dec.
9
1928
17.58
Jan.
29
14.08
Dec.
3
1927
16.50
Dec. 31
13.08
July
2
15.25
Jan.
6
11
13.08
Nov. 22
J___
1932 not available.
81%
74
—
13.00
-
'
62%
13.42
-
1
'fb^89; New
unchanged.
10.75
High
a
July and August,
shut down.
are
than
more
freight
busy through
15,000 tons for Chicago's outer drive
Philadelphia
a
tons
reported
awards,
usually they
Topped by
for
week
Pipe Line
and
City
last
approximate changes, in
on
of the iron and steel
shipments, and prospects for a high rate of
in
15
18.21
17
69.1 %
69.4%
11
May
May 18
and
Birmingham.
1936
3
10
52.6% Feb.
11
peak of
a
may
"Steel's"
Based
27
Feb.
70.4%
71.2%
70.1%
and railroad car building,
production
Pig Iron
...$18.84
4
more
automobile
29
Dec.
1927
May 19, 1936, $18.84 a Gross Ton
May
20
opportunity to cover requirements, steelworks operations
given an
9
1928
One week ago
67.9%
Apr.
20
27
13
50.9%
5
automotive requirements will
18
1932
13
Apr.
49.2%
49.4%
49.9%
49.4%
50.0%
52.0%
51.7%
6
51.9% Feb.
28
general
no
three months.
2
Oct.
1930
6
Apr.
51.8% Jan.
21
summer
when
1934,
been
Scrap
7
1931
Apr.
Jan.
preponderance of
be
waiting while
Low
Jan.
the
dropped from
85% of the United States output.
1936
Mar. 30
46.7%
than a remote possibility.
Steelmakers in the
few years have publicized contemplated rises more often than they
actually declared them.
there.
rolled strips.
49.5%
30
1936—
50.4% Jan.
14
equipment
producers consider it
tation
(Based on steel bars, beams, tank plates,
2.097c.( wire, rails, black pipe, sheets and hot
2.097c.
this
will
have
Finished Steel
One week ago
One month ago
While
there
com¬
•:
THE
23
Dec.
49.7% Jan.
7.
Oct.
Dec.
49.7%
48.3%
48.9%
50.8%
Sept. 23
Sept. 30
52.9%
53.5%
55.8%
60.0%
53.7%
62.0%
64.5%
to the markets.
In
weaken.
declined
2
Sept. 9
Sept. 16
commitments
production
since 1929.
continue
prices
immediately available
ore
Aug. 26
increase in pig iron
an
agricultural
ancy
tions
docks
yards and
at furnace
thus began with less
steel
year.
lower
in the
corresponding 1935
ore
The
Pacific.
34,720 tons
Total awards of
far
1,000
Aug. 19
Sept.
1936—
1935—
53.7% Feb. 24
46.0% Nov. 18
2
55.4% Mar.
48.1% Nov. 25
9
2
56.4% Mar.
48.8% Dec.
9..—55.7% Mar. 16
47.9% Dec.
Dec. 16
54.6% Mar. 23
45.8%
5
Aug. 12
May 18 stated:
on
Heavier
plate;
freight units this week.
21,300 tons
fabricating shops
iron
Missouri
for
of
lettings
with
tons.
con¬
The Chesapeake & Ohio
place 5,900
steel
the
added 18 locomotives
cars.
markets,
electrically-
of
Weekly indicated rates
"Steel" of Cleveland, in its summary
The automotive
the
Shell interests
inquiring
2,800
compare
tons
8
Kansas
for
cars
is
29
1
69.1%
quarter.
and
tons in the year ended May 1 when Lake navigation opened.
any
heavy melting
41,000
Pacific has
Age" thus
Superior
season
in
seems
California.
Co.
structural
pending and
the "Iron
of
now
market.
steel
line, and the
freight
pending inquiry for
calling for lots of less than 100
reported to
placed
line in
a
2,000
largest since March 1935, and
large
the
City-Chicago
tons
producers
gas
Marquette will probably
week's
The
bill
tax
and
and the Southern
its
to
the
oil
Refrigerator' Transit
cars
cars
of
dominate
to
include
orders
American
railroads,
Kansas
25,000
on
the
continue
a
costs which
formidable basis for higher
a
revision
Senate
upon
be made before the end
may
tone down its most objectionable features.
of
Pipe
for
hand,
or
requirements
Wage advances
action would provide
and such
year,
prices.
uncertain.
very
opposition.
consumer
theoretically dependent
subject of prices is
currently
the
by too much
if followed
or
22
July
be 69.4%
since April 22, 1935, follow:
32.8% Oct.
35.3% Oct.
39.9% Oct.
42.2% Nov.
44.0% Nov.
15
July
new
rate,
large consuming industries are
June 24
and tin plate output has
buying of sheets and
well maintained
are
capacity.
somewhat
a
than sufficient
more
is
is
other
and
to
May 13
May 20
July
July
July
having
companies
increase of 0.3 point, or 0.4% from the
an
1935—
6
an¬
indi¬
month ago, and 42.8% one year ago.
one
Aug.
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
29
May
steel
of the industry will
the week of May 11.
1935—
Apr. 22
Apr.
The
May 18
on
capacity for the current week, compared with
of the
last week,
Output
rate of
operating
of the steel capacity
98%
estimate for
Lifts
l/2%
Demand
Strong
Institute
Steel
and
nounced that telegraphic reports which it had received
of steel operations
Unseasonably
1936
23,
May
—1
+ 1%
100
86%
89
+5
43
—2
70
—2
%
83
—2
—2%
78
—2
74
+1
—2
—
+2
Volume
The
142
Financial
Week
with
the
Federal
Reserve
Banks
daily average volume of Federal Reserve bank credit
outstanding during the week ended May 20 as reported by
the Federal Reserve banks
was
$2,481,000,000, an increase
$6,000,000 compared with the preceding week and 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:
of
,
total
,
$2,470,000,000,
an
Increases of $83,000,000 in member
bank reserve
balances, $8,000,000 in money in circulation and $3,000,000
deposits and other Federal Reserve
accounts and a decrease
of $3,000,000 in
Treasury and National bank currency were practically
offset by an increase of
$73,000,000 in monetary gold stock and a decrease
of $23,000,000 in
Treasury cash and deposits with Federal Reserve banks.
Member bank reserve balances on
May 20 were estimated to be approxi¬
mately $2,860,000,000 in
Relatively small changes
purchased
curities
bills,
of legal requirements.
excess
industrial
and
United
States
and
Government
se¬
May 13 shows
a
3458 and 3459.
pages
Changes in the
amount of Reserve bank credit
and in related items
May 20, 1936,
deposits
Loans to brokers
and dealers in New York
City declined $59,000,000 at
reporting member banks in the New York district and $51,000,000 at all
reporting member banks; loans to brokers and dealers outside New York
declined
$4,000,000; and loans on securities to others (except banks)
$3,000,000.
Holdings of acceptances and commercial paper
bought declined $5,000,000 and "Other loans" increased
$10,000,000.
Holdings of United States Government direct obligations increased $35,000,000 in the New York district and
$25,000,000 at all reporting member
banks, and declined $8,000,000 in the Chicago district.
Holdings of obliga¬
tions fully guaranteed
by the United States Government increased $11,000,000.
Holdings of "Other securities" declined $67,000,000 in the New
York
A
district and $59,000,000 at all
reporting member banks.
decline of $93,000,000 in demand
deposits-adjusted in the New York
was
more than offset
by increases in the other districts, all reporting
member banks showing a net increase of
$12,000,000 for the week.
Time
were
as
:
Decrease
or
1936
May 22, 1935
$
Bills discounted.
advances
(not
S
5,000,000
5,000,000
bought
Industrial
(—)
Since
May 20, 1936 May 13,
—2,000,000
2,430,000,000
including
$25,000,000 commitm'ts—May 201
Other Reserve bank credit
30,000,000
+3,000,000
+ 9,000,000
*
_
2,470,000,000
Monetary gold stock
10375,000,000
Treasury & National bank currency..2,493,000,000
Money in circulation.
Member bank
+ 1,000,000
+ 73,000,000
balances
Increase
s
investments—total
eral Reserve banks
—23,000,000
eral Reserve accounts
+232,000,000
+ 3,000,000
.3,138,000,000
Non-member deposits and other Fed¬
+415,000,000
+873,000,000
+67,000,000
611,000,000
♦Less thau S500.000.
Member
Banks
in
New
Chicago—Brokers'
York
—3,000,000
—52,000,000
—66,000,000
—5,000,000
+28,000,000
—1,000",000
—27.000,000
+ 10,000,000
+25,000,000
+224,000,000
+1,024,000,000
1,289,000,000
+ 118000,000
3,301,000,000
—59,000,000
+510,000,000
+242,000,000
Reserve with Fed. Reserve banks.
Cash in vault
4,537,000,000
Balance with domestic banks
Liabilities—
2,250,000,000
+79,000,000
+ 13,000,000
+8,000,000
+699,000,000
+84,000,000
+171,000,000
14,272,000,000
5,056,000,000
+ 12,000,000
—20,000,000
+1,938,000,000
+73,000,000
752,000,000
—2,000,000
—123,000,000
5,492,000,000
382,000,000
+ 1,000,000
+3,000,000
+704,000,000
+ 182,000,000
Other loans
...
U. S. govt, direct obligations
fully guaranteed
United States government
3,519,000,000
8,872,000,000
by
Other securities
Demand
deposits—adjusted
Time deposits
United States govt, deposits
Inter-bank deposits:
383,000,000
—17,000,000
Loans
Italian
Senate and Chamber Approve Annexation of
Ethiopia and Proclaiming of King as Emperor—
Foreign Journalists Expelled from Ethiopia—Great
Britain Seeks to Change League Form—Cost of
War to Italy
rent
week, issued in advance of full statements of the mem¬
ber banks, which latter will not be available until the
coming
Monday.
The Italian Senate
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
(In Millions of Dollars)
\
New York City
'
Chicago
May 20 May 13 May 22 May 20 May 13 May 22
1936
Assets—
$
Loans and investments—total._
1936
S
1935
8
1936
1936
S
8,561
8,550
7,656
918
922
71
S
806
72
1935
$
1,859
1,867
1,524
59
""45
"36
24
Loans to brokers and dealers:
In New York City
....
Outside New York City
securities
to
2
others
(except banks)
750
750
737
148
148
167
Accepts, and com'l paper bought
141
146
197
15
16
24
Loans
133
133
128
15
15
16
29
67
79
6
6
7
1,204
1,179
1,162
272
270
239
3,642
3,618
3,199
979
995
721
543
548
270
92
93
80
1,129
1,116
1,019
287
288
244
2,294
2,212
1,764
664
639
51
53
45
35
36
34
71
71
72
205
187
239
482
502
601
73
73
80
Demand deposits—adjusted
Time deposits—
6,162
6,103
5,276
1,438
1,398
1,278
582
583
620
462
462
441
United States govt, deposits
Inter-bank deposits:
198
196
410
101
101
29
2,323
2,318
1,896
567
571
501
347
351
194
4
4
4
~~32
"34
"35
232
232
224
real estate
Loans to banks
+ 157,000,000
+39,000,000
Borrowings
City and
Below is the statement of the Board of Governors of the
Reserve System for the New York
City member
banks and also for the
Chicago member banks, for the cur¬
on
+2,079,000,000
—51,000,000
—4,000,000
(except banks)
2,080,000,000
Accpts. and com'l paper bought..
336,000,000
Loans on real estate.
1,146,000,000
Loans to banks...
100,000,000
Federal
on
$
—77,000,000
others
Foreign banks
of
(—-)
May 15, 1935
'
'
$
969,000,000
208,000,000
Domestic banks
Returns
or Decrease
Since
21,820,000,000
Loans to brokers and dealers:
In New York City
Outside New York City.
Loans
on
securities
to
(+)
May 6, 1936
—38,000,000
+8,000,000
+83,000,000
Treasury cash and deposits with Fed¬
+11,000,000
+1,613,000,000
—3,000,000
-5,896,000,000
5,694,000,000
__
reserve
York district.
May 13, 1936
.
Assets—
Obligations
Total Reserve bank credit
the New
summary of
Loans and
(+)
n
the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended
May 13, 1936, follows:
ended
year
follows:
U. S. Government securities
A
outstanding
during the week and the
Increase
Loans
decrease for the week of $77,000,000 in total
deposits declined $20,000,000
.
The statement in full for the week ended
May 20, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on
Bills
on
and investments, increases of
$79,000,000 in reserve balances with
Federal Reserve banks and
$12,000,000 in demand deposits-adjusted, and a
decrease of $20,000,000 in time
district
reported in holdings of discounted
were
advances
ing cities
loans
declined
Reserve bank credit amounted to
increase of $1,000,000 for the week.
in non-member
3429
The condition statement of
weekly reporting member banks in 101 lead¬
The
On May 20
Chronicle
.
Other loans
U. S. Govt, direct obligations__
Obligations fully
guaranteed by
United States government
Other securities
Reserve with F. R. Bank
Cash in vault
Due from domestic banks
Other assets—net
.
635
Liabilities—
Domestic banks
Foreign banks
on May 16
unanimously approved two
Chamber of Deputies on May 14, annexing
Ethiopia, proclaiming King Victor Emmanuel Emperor,
and appointing Marshal Pietro Badoglio the first
Viceroy.
The Italian decree announcing the annexation of
Ethiopia
was quoted in the "Chronicle" of
May 16, pages 3264-65.
Marshal Badoglio left Addis Ababa on May 20 to return
to Italy, after handing over the command of Italian
troops
in Ehtiopia to Marshal Graziani.
It is expected that Marshal
Badoglio will lead a triumphal procession in Rome when
Italy celebrates Constitution Day June 7.
It was believed
in some quarters that he would never return to
Ethiopia and
that
Marshal
Graziani might
continue to govern that
bills passed by the
country.
It was announced at Addis Ababa on May 17 that four
journalists had been expelled from Ethiopia by the Italian
authorities, after accusations of "anti-Italian activities and
espionage."
On May 19 Foreign Secretary Anthony Eden
of Great Britain charged in the House of Commons that
Italian authorities had erroneously claimed that British
companies were manufacturing dumdum bullets for the.
Ethiopian army.
A London dispatch of May 19 to the
New York "Times" said that as a result of these charges
Lieut. Col. Alberto Mondadori, Italian Military Attache
in London, might be recalled.
A Rome dispatch of May 16 to the "Times" described the
Italian Senate's approval of the annexation bills as follows:
The
Borrowings
Other liabilities..
Capitalaccount—
4
379
1,468
"364
1,473
266
1,472
by
an
mature
their
Complete Returns of the Member Banks of the Federal
Reserve System for the
Preceding Week
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business May 13:
be called historic, since it made effective the law
enthusiasm and
in
patriotic fervor
and experience,
age
feelings.
Special
presence among
are
solemnity
rare
not
in
a
was
to
vehement
given
was
distinguished
body whose
prone
to
the
members,
expression of
proceedings
by
the
the Senators of Crown Prince Humbert, Prince of Piedmont,
and two other members of the House of Savoy.
Among the Senators present who voted in favor of the two bills
As
of Governors of the Federal Reserve
session may well
changing Italy's status from kingdom to empire, and it
three
Opposition
"Corrtere
Delia
members,
Cera";
were
Senator Albergni, formerly editor of Milan's
Senator
Bergamini,
"Giornale d'ltalia," and the philosopher,
formerly
of
editor
Rome's
Senator Benedetto Groce.
Mussolini Cheered
Premier Benito Mussolini again received great ovations when he entered
the Senate
in
the
his
feet,
these
Prime
Every
applauding
tributes
raising his
on
chamber, when he left and every time his
speeches.
arm
one
and
name
including the
present,
cheering.
Premier
with obvious satisfaction,
was
Princes,
Mussolini,
mentioned
sprang
who
to
received
acknowledged them by smilingly
in the Fascist salute.
Minister
Baldwin
of
Great
Britain
in
May 14 said that Great Britain would seek
a
speech
to
reform
3430
the
Financial
League of Nations,
that the United States, Germany
membership.
He again upheld
A London dispatch of May 14
the "Times" quoted Mr. Baldwin in part as follows:
•
$145,000
so
"Probably at the autumn meeting of the League," said Mr.
"the
members
changes
are
helpful for
will
have
in the
necessary
inducing
consider
to
among
If
covenant.
many
any
outside the
those nations
may
if any such changes can be seen to be feasible, then, indeed,
be considered with
will
all sincerity and
with
14 that
amendment to the by-laws
enlarging the Governing Committee of the Exchange from
9 to 14 members to include representation from partners of
members.
In reporting this, the Montreal "Gazette" of
May 15 also said:
it
was
hoped
to
be
the beginning—a
at
universal
Mr. Baldwin hinted that he himself always disliked Article XVI, which
provides
Article
for
XI
against
measures
changed so that
and
aggressor,
an
that
he
also
threat of war could be acted
a
wanted
upon
The members have also
more
in the membership,
promptly in the future than in the case of the Italo-Ethiopian dispute.
He left the impression, however,
concerned
ening its
ith widening
w
that he and his colleagues
were
the
Prime
more
will
the membership of the League than with strength¬
Sir
Willoughby Dickinson, was appealing to the
House of Lords to undo the work of the
Dickinson
expressed the
United States in the
if President
With
States might
"accept its share of responsibility in
of
the international life of the world," and added that if the price of American
Brokers' Loans
During April collateral borrowings of member firms of
Montreal Stock Exchange increased $502,142 to $19,-
The bor¬
those
year ago (April 30, 1935) of $18,243,169.
The following
compilation (from the Montreal "Gazette" of May 9)
shows Montreal Stock Exchange brokers' loans by months
of
if the Questions
These questions may be summed up as follows:
How much
measures
the
prospects
for
prompt
first question
Italian
sums
June 30 last
This
The
975,000,000 lire forming part of the 1934-35 budget, closed
year,
New
presumed the
cost
already spent
12,000,000,000 lire
of the
or
appropriated
J.
campaign, representing
as
it does
an
achieved.
results
Nor
is
it
considered
ruinous,
as
of
Chairman
Board of
Montreal,
of Yates & Co.,
J. Ernest McKenna, a member
elected on May 13, by acclamation, Chairman
of the Board of Management of the Montreal Curb Exchange
for the 1936-37 term.
He succeeds A. E. D. Tremain,
Canada,
outlay of
compared with
Italy's total internal indebtedness before the beginning of the campaign.
was
whose term
as a
Trade Agreement Between United States and Canada in
Full Effect with Exchange of Certificates of Rati¬
fication—Canadian
Elected
McKenna
E.
Management of Montreal Curb Exchange
about $1,000,000,000, is not regarded as excessive if viewed in relation to
the
Stock Exchange on Canadian
of bond affiliate companies
Montreal
of the
members
Nor do they include the borrowing
of Stock Exchange members.
devised for raising the capital necessary for the development of Ethiopia.
total
19,392,948
securities but only
Capital Is Needed
until the bulk of the army is withdrawn from East Africa and new means
The
of
.--$17,374,614
17,842,208
18,890,806
-
-
foregoing figures do not include loans on foreign
will be sufficient to defray the entire cost of the war and tide over things
are
31.
16,928,832 Feb. 29
17,328,999 Mar. 31-16,863,643 Apr. 30
-
securities.
Interior, War, Navy and Air.
1936—
Jan.
17,700,083
—
-
borrowing
and 2,045,000,000 appropriated only yesterday for the
Ministries of Colonies,
is
July 31
Aug. 31
Sept. 30—
spent or appropriated for war pirn-
18,243.169
18,324,732
-
-
June 30—1
from the beginning of 1935 to today, as 12,080,500,000 lire.
includes
-
Apr. 30
May 31
finances and
be obtained from the Italian "Official
can
Gazette," which gives the total
poses,
It
of
when sanctions are liefted?
A reply to the
sum
recovery
28—
Mar. 30
$16,760,642
18,093,232
18,591,927
$19,503,957 Oct. 31
18,981,366 Nov. 30
18,811,797 Dec. 31
31
Feb.
How much of Italy's slender gold reserves has been spent ?
are
£935
Jan.
How much will be required to develop Ethiopia and how will it be raised?
economy
beginning of 1935:
1935—
taken
by the Government to finance the war?
What
a
since the
the East African campaign cost?
as
How great a part of this cost has been covered by the
March 31.
392,948 April 30 from $18,890,806
rowings at the close of April this year were also above
questions most
often heard in Italian financial circles.
List
Montreal Stock Exchange Increased
During April
on
the
Although the tenor of his speech was self-congratulatory and sanguine,
particularly refrained from giving answers to the five
The latest change is
of view in one single committee.
interest.
of mutual
+
Paolo Thaon di Revel,
Italian Finance Minister,
addressed the Chamber of Deputies on May 20 on the
national budget, but he avoided giving figures to indicate
the cost of the Italo-Ethiopian War
A Rome dispatch of
May 20 to the "Times" discussed this question as follows:
he
firms to advise officially with the Governors
matters
designed to coordinate the different points
cooperation were removal of Article XVI, he would gladly pay.it.
Count
in
Exchange
Advisory Committee will
created in May, 1934, to
the
Advisory Committee was
The
partners of member
the
firms,
of member
partners
abolished.
Governing Committee te include repre¬
of the
enlargement
for
were
enable
reelected, the United
the
sentation
be
Roosevelt
Honorary member¬
former ordinary members of the
Governing Committee.
annually elected to the
Exchange who are in retirement.
Senate in 1919 and join the rest
hope that,
The new classification
governing memberships will be
five and will exist for the partners of ordinary members who
The
privileges.
ships are a courtesy reserved only for
of the world at Geneva.
Lord
approved of the creation of one new classification
governing members, in addition to the ordinary mem¬
trading
carry
limited to
talking a little wistfully of American
was
membership in the League, Lord Dickinson, church leader, better known
as
not
are
Minister
an
bership and honorary membership which now exist.
powers.
While
had approved
the membership
A^'AV>:y■ "'-N.
what
Montreal Stock Exchange announced May
The
make the
last
League."
of
Representation from Members' Partners
any,
found
into it;
League at
Membership
Increases
Exchange
Stock
Governing Committee from 9 to 14—Will Include
I hope they
desire to
every
if
be
come
1936
23,
$6,724,000 to $7,965,000; newsprint'
wood pulp,
$307,000;
to
Montreal
Baldwin,
things what,
changes
League to
May
$20,315,000 to $23,589,000.
and Japan would apply for
the principle of sanctions.
to
Chronicle
Jarvis
the
expired
Mr. Tremain also resigned
Routledge,
May 15.
on
member of the Board and Frank J. Smith, of
Co., Montreal, was elected (on May 13) to fill
Other members of the retiring Board were
&
vacancy.
returned to office.
Exports to United States In¬
creases
Conclusion of the recuprocal trade agreement between the'
was effected in Ottawa on May 14
with
the
Trade
Roosevelt's proclamation
of the pact and King Edward's ratification in respect to
Canada.
The exchange was made by Norman Armour,
United States Minister, and Mackezie King, Prime Minister
of Canada, in the office of the Prime Minister.
Following
the exchange of the ratification certificates, the State De¬
partment, at Washington, announced that the pact is now in
force in its entirety; the tariff benefits accorded Canada in
the agreement have been in effect since Jan. 1.
The agreement between the two countries was proclaimed
by President Roosevelt on Dec. 2; this was noted in our
issue of Dec. 7, page 3625.
Canadian approval of the pact
was completed on
April 8 when Sir Lyman Poore Duff,
Deputy Governor-General of Canada, signed it in behalf
of King Edward.
Signing of the agreement by the Deputy
Governor-General followed its ratification by the Canadian
Senate on April 2 and the House of Commons on March 10.
The last previous reference to the accord appeared in the
"Chronicle" of March 21, page 1903.
Regarding the trend of exports from Canada to the United
States as affected by the agreement, the following Ottawa
advices (Canadian Press), May 19, are from the New York
"Times" of May 20:
exchange
President
of
months
four
Hull
W.
D,
Euler,
1936,
compared with the
Minister of Trade
corresponding
period
agreement under the
1934, was entered into
May 18 by the United States and Finland.
The agree¬
ment, which will become effective 30 days after it is ap¬
proved by the President of Finland and proclaimed by the
President of the United States, was signed in Washington
on
May 18 by Secretary of State Hull and Minister Eero
Jarnefelt
the
number
of animals
sent
across
the
border
rose
from
1;600
Secretary Hull
the pact is of
"considerable importance to the American agricultural pro¬
ducer."
"Among the concessions which Finland has granted
to the United States in this agreement," he noted, "are a
number which will encourage the export of agricultural
issued
value
of swine
increased from
cattle increased from 39,000 to
After
reduction
of 2
a
pound
on
follows
reduces,
The
raisins,
The
present
agricultural
which
that
Concessions
duty
duty-free
admission
agreement, and the lc.
increase.
8,700
of
of
tires
paratively
motion
several
im¬
binds against
the
to
United
States
fresh apples,
grapefruit,
canned fruits and
vegetables.
lard,
bound
is
fresh
pears
for
the
life
of
the
is guaranteed against
-
Some
mobile
on
and
articles.
cotton
on
States
interest
include
pound duty
per
Among non-agricultural
the number of
special
obtained
duty
of
rates
other
numerous
on
are
May 18, to the
May 19:
the United
other dried fruits and certain
prunes,
present
from
commodities
reductions
the
agreement,
imported
The export
maple sugar, the
said
in Washington advices,
this
in
commodities
increase the
upon
and
tubes
low rates
picture
and
are
films,
Rates
articles,
on
bound
rubber
duty
steel'
on
reductions
desks
the
belting,
Bound
and
following:
patent
are
obtained
on
auto¬
chairs, while present com¬
Automobiles,
leather,
gasoline,
office machines
and
refrigerating machinery.
value of
In
return
Finland
Turnips, $173,000 to $355,000; live poultry, $1,800
its
$46,500; softwood lumber, $1,642,000 to $3,227,000; hardwood lumber,
as
Finland
portant
75,000 and the value from $2,262,000 to
cents
he
by the two countries under the accord were sum¬
marized
exported to the United States increased from $47,000 to $492,000.
Other changes were:
to
while
the agreement,
which
New York "Journal of Commerce" of
Sales of patent leather rose from $6,000 to $43,000.
the
such sugar
$390,000,
in
products from the United States to Finland."
Cheese exports to the United States increased from $21,000 to
$3,605,000.
$407,000.
$3,000 to
statement
a
granted
of 1935,
to
Finland.
of
Following the signing qf
Following the decrease of the duty on horses from $30 to $20 a head,
and the value from $199,000 to $19,025,000, or more than400%.
Act of June 12,
on
Gains in
and Commerce, said today.
trade
reciprocal
Trade Agreements
products and lumber particularly were noted.
exports of agricultural
—
Beneficial to American Farmers
as
fourteenth
The
Canada-United States trade agreement were made in the
of
Agreement
Countries—Accord
Pronounced gains in exports to the United States of leading commodities
affected by the
Three-Year Reciprocal
Duties
Lowered
by
Both
Seen
by Secretary of State
United States and Finland Sign
United States and Canada
{
for
covering
exports to
these
concessions
commodities
this country.
the United
which
in
1934
States
agrees
represented
to benefits
about
96%
•>
for
of
duties
Existing
Our
manufactured
plywood,
sulphate
than $50 each are bound
and
unmanufactured
on
cream
wooden
Cream separators valued at less
the period of the agreement.
wrapping paper.
able
concessions
imports into the United States from Finland in that year.
were
reductions
matches,
board,
certain
sulphite
been
have
and
on
in
strike-on-the-box
wallboard and leather-
pulpboard,
trade
previous
mutually profit¬
a
made
was
State Department,
the
by
at
May 11, that ratifications of the reciprocal
trade agreement between the United States and Switzerland
on
exchanged
in
our
It
became
Switzerland, on May 7.
The
on Jan. 9, was referred to
18, page 382, and Feb. 22, page 1210.
Berne,
at
which
agreement,
vegetable parchment paper, which
agreements, are confirmed in this
and
paper,
Announcement
including
items,
paperboard,
of
types
pulp,
wood
of
other
seven
wrapping
made
kinds
two
to make this
as
Trade Agreement
Washington,
newsprint
such
are
Exchange of Ratifications of United States-Switzerland
previously bound on
the free list under the trade agreements with Sweden and
Canada, are
again covered in the Finnish-American pact.
Imports of these three com¬
modities alone accounted for $8,211,996 in 1934, or 91.4% of the total
Standard
Duty
Finland
to
trading arrangement.
list for
the free
on
reduced1
are
separators valued at $50 to $100 each, birch
spools, Emmenthaler cheese and Gruyere process-cheese, and
granite,
3431
Chronicle
Financial
142
Volume
signed
was
issues of Jan.
effective
15.
Feb.
on
agreement.
From the
of Extradition with Princi¬
pality of Liechtenstein
United States Signs Treaty
taken:
advices the following is also
same
declined drastically
$29,714,535 in 1928 to
is largely accounted
for by the lower prices for raw cotton and other raw materials, by increased
Finnish production of copper, cereals, wheat flour and agricultural machin¬
ery,
by the establishment of American automobile assembly plants in
Europe, and by the lowered purchasing power of the Finnish people.
Steadily improving economic conditions and a more favorable rate of
exchange sharply accelerated the demand for American goods during 1934.
Direct
during
from the United
imports into Finland
the depression,
$4,166,007
in
Finland's
best
two
from
dropping
the
1932,
bottom
customers
principality of Liechtenstein, it was stated in
Associated Press advices from Berne, Switzerland, that day.
45%
has
maintained
and
prices,
of
The total value of
steadily increased.
well
in
1935
area
large
imports,
from
Finnish
exports
indirect
issue of April 25, page
our
United
the
in
States
this
to
1928
2752. Other references to the pact
these columns of
the two countries were made in
Oct. 19, 1935, page 2511, and
Sept. 21, page 1854.
♦
offset
to
1935
the
External
of
including indirect
valued at $11,619,000.
direct
exports,
totaled1
imports,
were
including
country,
Payment for July 1 Redemption of Bonds
8% Loan Due to Foreign Situation—
Will Meet July 1 Interest
Poland Omits
from the United
precipitous decline.
into Finland
imports
partly
official trade statistics,
Finnish
According to
proclaimed the agreement on April 21, as noted in
velt had
70%.
by
served
1935
in
between the United States
May 20. President Roose¬
The reciprocal trade agreement
and Colombia became effective on
direct imports from the United States
Apart from statistics just shown,
while
Trade Agreement
Reciprocal
Now in Effect
increased shipments
into the United States have increased from
value,
declined
are
which
States,
in
have
there
however,
States-Colombia
between
23%
by
Finland
into
a
The principality is approximately 65 square miles
and has a population of about 10,000.
United
imports from Finland was
notwithstanding reduced unit
1935, due to
in
behalf of Liechtenstein,
on
1935
our
depression,
Switzerland,
neighbor.
paper.
Imports from Finland
to
the
throughout
to an all-time high
rose
pulp and
States in
United
The
of imports.
of
Switzerland,
to
foreign interests are represented by Switzerland,
whose
together consistently take about 52% of Finnish exports
about
Minister
Vice-President
and! supply
ranked fourth as a
source, and third as a market, furnishing 7.6% of all imports, and taking
9% of all exports.
With the exception of 1934, our share of total Finnish
imports has declined steadily since 1927, when it was 15.4%.
The share
of the United States in total Finnish exports, except for 1933 and 1934,
which
signed by Hugh R. Wilson,
and Giuseppe Motta,
The treaty, the advices said, was
American
Germany,
and
Kingdom
United
States signed a treaty of extradi¬
On May 20 the United
tion with the
decline
This
the
are
States
of
peak
a
year.
Poland has notified Dillon, Read & Co.,
The Republic of
fiscal
$12,639,000.
25-year external 8% loan, due 1950,
situation, and in order
for its
agents
that because of the foreign exchange
signing of the agreement the State
In making known the
described
were
Finland
duty rates
binds against
States and
of
interest
magnitude
in
range
75%
20% to
from
With
fresh
on
pears,
which is equivalent
and
tires
additional
tubes,
and
The
applied
will
tions.
be
stabilizing
a
Although it
factor
been
has not
trade
of
type
Finland
quantitative
no
on
in
Finnish
the
restrictions, nevertheless
this
of
that
life of the agreement
during the
concessions
such
given
assurance
rapid
restriction
covered by the
American-Finnish trade rela¬
the articles
practice
spread in
this
makes
be
will
restrictions
import
to
up
assurance
impose
to
now
Europe in
recent
the
on
part
of
Float
to
is
following
issued
May
on
18
by
The
signing
Finland
is
this trade
of
most
a
and
between
agreement
auspicious
occasion
considerable
of
United
the
States
and
the
two
the relations between
in
importance
the
to
agricultural
American
producer.
Governments
The
by
conclusion
the
commercial
to
of
trade
of
this
States
and
their
agreement,
which, by lowering the
policy
and
confirming the principles
between
commerce
United
the
the nations,
of
Finland
of
The
loan
and
States
loan
adherence
steadfast
equality and
fair
provides opportunity
that
to
barriers
excessive
treatment
of
for the restoration of
large and profitable international trade.
This
revival and
foundation
for
earnestly to
United
lowed
the
be
of
Finland
consisting
council,
agreement contains,
number
substantial
the
to
necessary
peace
on
basis.
permanent
a
by the
concluding this
It
Governments
of
in
addition
commerce
specific
definite mutual benefit in
agreement
be
will
the
this
to
its
products
are
kinds
of fresh,
raisins
and!
agreed
reduced
In
from
the fair and
should
be of
opening the way to an expansion of the profitable
the
will
States
to the United States
encourage
to
the export of
Finland.
has granted on
and various other
continue
duty
addition
United
Prominent
lard and
on
agri¬
among
various
dried and1 preserved fruit, including fresh apples, grapefruit,
prunes,
to
the
reductions Finland
the tariff
these
has
to
on
the
canned
this,
admission
dried
of
and
raw
canned
cotton
fruits.
duty-free
Finland
and
has
asparagus.
the tariff
concessions granted
production
in
the
United
States,
assist
in
on
various industrial
that expansion
of
employment
payrolls in this country which is essential to the restoration of
domestic
market at
profitable prices for the American
farmer's
a
crops.
The reduction
£26,600,000.
improved finances
and to
their budgets
1936-37, while Victoria, Queensland
for
deficits,
will show
Government
but
announces
considerably reduced.
that
it
making
an
The Com¬
unconditional
year,
£4,000,000.
Commonwealth Bank has agreed to
to the issue at
is
States from its surplus for the current
£500,000 to the
underwrite
a
£9,000,000 loan
98.10, bearing 3%% interest and maturing in 15 years, as
the first step in the loan program.
The loan council sought £10,000,000,
tl^e bank objected that a loan of that size might have to carry a
interest
4%
rate.
♦
New
Loan
of
£4,000,000
£3% Stock—Offered in London for
Exchange for £6% Stock
Cash and
Zealand
of
Floats
Conversion
The New Zealand Government recently
full
floated in London,
issue of £4,000,000 of £3% inscribed stock of
1952-1955.
The new £3% stock was offered for cash and
also in exchange for £6% inscribed stock of 1936-51, called
for repayment Aug.
1.
As to the subscriptions to the
offering, Canadian Press advices from Wellington, N. Z.,
May 12, said:
England,
Finance
conversion
£1,400,000
This left
an
Minister
in
in
Nash
London
of
addition
was
a
to
advised
£4,000,000
cash
that
applications
(about
$20,000,000)
today
loan
applications
amounting
could
In
to
for
the
totaled
£1,240,000.
£1,360,000 with the underwriters.
The Governor of the Reserve Bank informed Mr.
products imported into Finland from the United States will, by stimulating
and
The
nearly
to
drastic revision of public works due to a decrease
amounting probably to
in
provisions for
reciprocal concessions which
agreement are a number which
of
grant
fol¬
of the two countries with each other,
Among the concessions which Finland has granted
cultural
balance
will
Tasmania
and
Casey today agreed to
is
of
exchange of goods between the merchants of each country.
in
It is
Australian
of the State government.
xmderstood that New South Wales, South Australia and West Aus¬
unemployment
tralia
the
remainder for public works and farmers' relief.
amounted
program
Treasurer
of all
£20,000,000, whereof £2,340,000 is
for 1936-37 totaling
country and provides the essential
example set
in
is
commerce,
year's
.
of representatives
by Federal
presided over
program
made possible by a
by other countries in their relations with each other.
The
equitable treatment of the
a
the
that
every
of
maintenance
hoped
and
States
well-being of
in
but
supplementing domestic
commerce,
economic
Last
signalized,
unreasonably
the following
May 19, to
the New York "Times" of May 20:
monwealth
have
Program
Under
loan during the year 1936-37 is reported in
wireless dispatch from Canberra, Australia,
was
Secretary of State Cordell Hull:
countries
1,
That the Australian Government will float a £20,000,000
,
a
statement
the
Loan
£20,000,000
for funding deficits and the
The
fiscal
for 1936-37—Below Amount Floated Last Year
years
considerable importance.
of
It was further
♦
Australia
picture films,
gasoline, motion
patent leather, office machines and refrigerating machinery.
rubber belting,
by lot for redemption on July 1, 1936.
duty reductions are obtained
desks and chairs.
steel
on
including automobiles,
items,
by the Government.
agents that it will make the payment of interest due July
^o lc. a pound,
Further, the present comparatively low rates are bound as regards some
18
$700,000 principal
Accor¬
1, 1936,
July
1936 called for by the loan agreement.
non-agricultural products,
respect to
deliver to the fiscal agents for
will
before
or
on
announced that the Government has also advised the
against increase.
automobile
lieu thereof it
1936
and
dingly, it is stated, no bonds of this loan have been desig¬
of the present
for the life of the
is bound
of cotton
duty-free admission
of such bonds at 105%
amount of such bonds now held
nated
agreement, and the duty
bound
agreement for the redemption by lot on July 1,
cancellation
v;
present
determined
has
Government
the
sinking fund payment required by the
$700,000 principal amount
that in
States
the United
to
obtained include lard, fresh apples, grapefruit,
other dried1 fruits, and certain canned fruits and vegetables.
reductions
The
on
special
of
duty on several im¬
of
rates
other articles.
numerous
are
rates.
is
on
United
the
from
commodities
which reductions
These
the
agreement,
imported
the present
raisins, prunes,
thereby,
this
in
commodities
agricultural
served
loan
increase
The
be
best
not to make the cash
portant
upon
because it considers the interests of all its
follows:
as
reduces,
safeguard at this time the gold position of Poland, and
bondholders will
to
Department at Washington issued a statement on May 18
in which the concessions to the United States by Finland
Nash that New Zealand
regard the issue as satisfactory, despite adverse market conditions.
an
official
announcement
on
the offering of the new
£3% issue in the "Financial News" of London May 1 it
was
stated:
Financial
3432
The proceeds of the issue w ill be
1936. of New
The
total
applied to the repayment
of
this
and the balance of the
stock
inscribed stock,
£6%
Government
Zealand
amount
outstanding is
now
Aug. 1,
on
1936-1951.
£5,869,988
.
actual reduction
in
the
from
League
of
Latin-American
other
of
1935,
withdrawal
will
effective
become
not
for
The Committee
of
Official
Leagule
Guatemala
under
coupons
this
offer
appears
against sales made
Decree
case
and
subsequent
Brazilian
Presidential
said they
UXU
20% Import Duty
decree,
signed
designated in
coupons:
Republic ol Chile—20-year 7% external loan sinking fund gold bonds, due 1942,
sinking fund gold bonds, due 1960, Oct. 1, 1931,
railway refunding sinking fund 6% gold external bonds, due Jan. 1, 1961,
Jan. 1,1932, coupon; 6% external sinking fund gold bonds, due Feb. 1,1961, Aug. 1,
1931, coupon; external loan sinking fund 6% gold bonds, due Sept. 1, 1961, Sept. 1,
1931, coupon; external loan sinking fund 6% gold bonds, due 1962, Sept. 1, 1931,
coupon; external loan sinking fund 6% gold bonds, due 1963, Nov. 1, 1931, couopn.
Mortgage Bank of Chile—Guaranteed sinking fund 6% % gold bonds, due 1957,
Dec. 31, 1931, coupon; guaranteed sinking fund 6% gold bonds of 1928, due 1961,
Oct. 31, 1931, coupon; guaranteed sinking fund 6M % gold bonds of 1926, due 1961,
Dec. 31, 1931, coupon; guaranteed sinking fund 6% gold bonds of 1929, due 1962,
Nov. 1, 1931, coupon.
coupon;
May 9,
offer made
The
GREEN,
Secretary.
April 24 to holders of Chilean bonds
for the payment of interest coupons was referred to in our
issue of April 25, page 2746.
on
Wheat Flour
A
the
Nov. 1, 1931, coupon; 6% external
The League never heard whether
Lowers by
acceptance
"extinguish
this Exchange.
on
ASHBEL
Brazilian
to
Accordingly, the following bonds must carry the coupon
each
applying sanctions to Italy.
was
deliverable
be
Guatemala's coffee exports had benefited
greatly by Italian patronage, they noted.
Securities directs attention to the fact that
on
the
years.
reviewing Guatemala's resignation,
sources,
American republic.
1936, issued
for the Amortization
mentioned offer must still be attached to the bonds in order that they mayt
indication that Mussolini had brought "commercial" pressure upon
the Central
37 of January 4,
payments
of January
Original responsibility of the debtor." The Committee has therefore deter¬
mined that coupons, on these bonds which were not paid prior to the above
In
some quarters it was said that
the resignation had been
inspired by Premier Mussolini of Italy.
Associated Press
Geneva advices of May 15, commented on this as follows:
saw an
payment 'for
Guatemala's
two
Republic and Decree No.
the
of
Chilean bonds of
under Law 5580
coupons
pursuant thereto, published by Autonomous Institute
of the Public Debt, and dated April 24, 1936:
Nations
countries.
Securities
"i.V/vi
against presentation and surrender of
Guatemala resigned from the League of Nations on May
15, according to a telegram received by J. A. C. Avenol,
Secretary-General of the League.
The Central American
republic announced that it was forwarding the reasons for
its resignation by airmail.
Itwas feared in League circles
that Guatemala's action might be followed by the resig¬
nation
Members:
Referring to the offer to holders of certain
public debt.
Resigns
on
EXCHANGE
;v:May 18> i936-"
■
the
To
31,
Guatemala
STOCK
Committee
..
by the New Zealand Government so that the present operation involves
an
YORK
9d.
9s.
1936
23,
May
NEW
required for repayment is being provided
moneys
Chronicle
1936,
on
reduces the Brazilian import duty on wheat flour by one-
fifth,
20%, for
or
period of two
a
according to
years,
Antioquia (Colombia) Files Under Securities Exchange
a
cable to the United States Department of Commerce from
Commercial Attache Ralph H. Acker man, Rio de Janeiro;
issued
announcement
an
partment also said:
The
surtax of
with
rate,
Brazil does
160,441 milreis
applying
commercial
have
most-favored-nation
legal ton
per
countries
to
Brazil
the
United
States,
The decree also provides for the appointment of
to
agree¬
most-favored-nation
has
136,391
milreis
legal ton (old rate, 170.489 milreis).
per
^
commercial
(old rate, 200.352 milreis); minimum
which
with
including
agreements,
,
including the general customs
recommend
for
minimum
a
mixing with
imported
Brazilian commission
a
of national wheat
percentage
wheat
required
be
to
the report states.
by Brazilian millers,
Foreign Bondholders'Protective Council Again Warns
Against Acceptance of Chilean Debt Service Offer
—Points Out that Bonds Accepting Payment Canr
not Be Traded in on New York Stock Exchange
The
Foreign Bondholders Protective Council
May 20
on
agained warned holders of Chilean bonds that acceptance of
the Chilean Government's debt service offer would render
their securities null
and void
far
so
York Stock Exchange was concerned.
to
of
statement
a
Stock
the
of
for
payment
the
coupons
mentioned
offer
of the debtor."
must
be
still
attached
be deliverable against sales made
may
The Council said
the
York
New
Stock
York
that this
appears
to
therefore deter¬
the
to
bonds
in
delivery on the
cannot be traded in on
The Council's statement
and
continued:
because
renews
its recommendation
against acceptance of the Chilean
the law
providing the service which the Chilean Government
stipulates
as
follows:
makes,
now
The acceptance, by the holder of bonds, of the payment of a coupon In the manner
established in the preceding paragraph shall extinguish the original responsibility
of the debtor who shall then only
This
provision, when
to
to
seems
receive
it
as
such
of
the
taken
funds
any
under
destruction
unilateral
with
null
of
a
under
as
the
law
and
holder
either
as
it
would
statute,
by the
thereafter
its
the
gets in
value
par
United
of
shares
In
is entitled
now
stands
to
or
apparently
place of
consents
it
some
to
sort of
undertaking the terms of
believe)
10
deposit
participation
of
certificates
shillings.
Electric
50 lira
Service
Co.,
American
shares,
representing
deposited
value capital stock.
par
the New York
Since
in
a
the
on
its
"Herald
Tribune" of May
17 it
great many of the Curb's foreign stocks and bonds
unlisted
present powers
listed
was
issues
national
on
are
traded
department, their status remains unchanged.
Under
the SEC has the right to require registration of only
securities
five securities yesterday, the
exchanges.
Upon
suspension
of
the
Exchange has four stock issues of four foreign
There
are
no
foreign bonds in this
department.
In the unlisted section there
with
42 stock issues.
There
are
Also
are
at the present
traded in unlisted
time 32 foreign companies
are
47 foreign
issuers with
duplications in the figures since certain issuers have
both stocks and bonds
Registration
Covering
ac¬
which (the Chilean Government seems
be changed by it at will, without giving to the holder of
this certificate any legal basis for objection or complaint
against the Gov¬
to
representing
*
,
Kolster-Brandes, Ltd., American shares, representing deposited ordinary
bond
by accepting the small service
bondholder
the
contract
the
becomes,
bond;
a
shares
of Magdeburg,
in this department.
UV
aw.
of
terms
this
law,
That is,
proposal,
bond
under
void
certificate that
amended.
this
his
the other
and
than
distributed
be hereafter
may
be bound by the present
bond served
any
service,
be nothing more
offered
now
that
mean
ceptance
Co.,
registered shares, par value £1.
61 issues.
seem
.
companies in the listed department.
The Council
offer
American
1
Co.,
Power
stated:
not good
Exchange."
Trading
German
Fairey Aviation Corp., American shares, representing deposit of ordinary
they
this Exchange.
are
Ex-
the above
that
order
Curb
representing four-year 6% gold notes of 1934.
"extinguish the
not paid prior to
ruling means "that bonds ac¬
Exchange,
Stock
that acceptance
were
on
cepting the Chilean payment
New
fact
Committee has
The
these bonds which
on
Central
shares,
to the
this offer
under
coupons
Amsterdam
capital stock.
Secu¬
on
pointed out:
was
Securities directs attention
on
original responsibility
mined that
The Council referred
List of New York Stock
to
The Securities and Exchange Commission announced on
May 20 that it had received an application from the De¬
partment of Antioquia, Colombia, filed under the Securities
Exchange Act of 1934, for the permanent registration on
the New York Stock Exchange of $11,507,000 of 7% 30)/£year external secured sinking fund gold bonds, due Oct. 1,
1957.
The bonds, which are in three series, were, as noted
in our issue of May 16, page 3266, removed from the list
of the Stock Exchange as of the close of business
May 15
for failure to apply for registration prior to the deadline of
May 15.
However, the Exchange announced on May 20
that the bonds had been restored to dealings inasmuch as
the registration has been completed.
The issues of five foreign companies were removed from
the list of the New York Curb Exchange as of the
opening
of business May 16 for failure of the issuers to
register under
the Securities Exchange Act.
The issues arO:
the New
on
Exchange Committee
rities, dated May 18, in which it
The Committee
trading
as
Restored
Exchange—Removals from New York
Change List for Failure to Apply
Commerce De¬
follows: General rate, applying to countries
as
not
flour,
wheat
on
10% of duty, are
which
ments,
>
import duties
new
May 14 by the
(
Act—Bonds
may
Securities
A
Statement
Issuance
of
Filed
of
Under
Securities
Certificates
of
Deposit
Act
for
Bolivia
registration statement was filed on May 14 under the
Exchange Act of 1933 by the Bolivian Bond¬
Securities
holders
Protective
Committee covering the issuance of
certificates of deposit of certain securities of the
Republic of
Bolivia, it was announced on May 20 by the Securities and
Exchange Commission.
The Commission's announcement
follows:
ernment.
In
this
ciation
of
Bolivian
connection, the
French
the Chilean
offered
Gold
offer
there
Loan
on
of
Holland,
has
been
Bondholders, under date
in
France has
March
1930
The bondholders
and
Council
2nd
have
been
only
accepted
associations
in
when notifying their
of
of May
by the National Asso¬
9th,
extremely small.
about 2%%
that acceptance of
Since payment
holders
of the
was
the 6%
of
the payment.
France,
Germany,
bondholders of the
they could not advise acceptance thereof.
seemingly followed the warning
advised
the
Switzerland,
Chilean
Belgium,
plan, stated
About 97%% of the holders have
French
Council.
New
of
York,
N.
Y., their
names and
addresses, giving the issues of bonds
them, in order that such bondholders may be advised
developments in the situation.
amounts held by
any
future
The following is
Exchange, which
by
Aslibel
Green,
the May 18 announceirient of the
Stock
addressed to members of the Exchange
Secretary:
was
.
.
Bondholders
of New York City,
of certificates
Protective
has filed
a
Committee
(File
2,2165,
Form
registration statement covering the
of deposit
for the following securities of the Re¬
public of Bolivia: $1,000,000 face value of dollar gold external 6% loan of
1917, having a market value of $80,000; $4,000,000 face value of external
25-year secured refunding 8% loan of 1922, having a market value of
$365,000; $2,000,000 face value of external secured gold 7% loan of 1927,
a market value of $125,000, and $4,000,000 face value of external
having
secured
sinking fund
$260,000.
The Council urges that bondholders, who have not already done so,
register
at once with the Committee of Holders of Chilean Bonds, 90 Broad
Street,
arid
D-l)
issuance
New
Filed May
York
gold
14,
Stock
Commission
7%
loan of
1928,
having
a
market
value
of
1936.
Exchange
Extends
Orders in Bonds
Rule
be Sent
to
Requiring
Floor for
Execution
The scope of the rule
of the New York Stock
adopted by the Committee on Bonds
Exchange on April 9 requiring com¬
mission orders in listed bonds in the so-called "free"
or
active
per
Chronicle
Financial
142
Volume
crowds be sent to the floor of the Exchange for
was extended on May 21
by the Committee to
59.1%,
execution,
include all
bonds excepting United States Government and municipal
securities and short-term bonds and notes.
the Committee was announced as follows
Ashbel Green, Secretary:
NEW YORK
STOCK
Committee
on
interesting to note that Government funds
The action of
Reserve Balances
May 21 by
on
Member
Bonds
May 21, 1936.
"nine-bond" rule adopted by the Committee
Circular
certain
C-5867,
Bonds, together with a
on
the said rule applied when
dated May
7,
aspects of the rule, the
Committee
on
Bonds
further rules
that,
tem
effective May 25, 1936, the said rule and
interpretation shall apply to all
bonds, notes, and similar securities listed
falling in
any of the
the
on
May 18.
following categories:
action of
the
balances of all member banks
of
requirements."
It is
were
about
that
"those
stated
100% in
New
of
York City banks were about 80% in excess of requirements,
compared
Committee
on
Bonds of April 9 was
April 11, page 2418; the interpreta¬
tions of the Committee issued
May 7 were given in the
"Chronicle" on May 9, page 3086.
our
on
According to the "Bulletin," "at the end of April
reserve
excess
ASHBEL GREEN, Secretary.
The
presented in the May issue of the Federal Reserve
are
"Bulletin," made available by the Board of Governors
Exchange except those
Securities of the United States, Porto Rico, and the Philippine Islands,
and of States, Territories and
Municipalities therein.
Bonds and notes which, pursuant to call or
otherwise, are to be redeemed
within 12 months.
referred to in
above
reserves
excess
requirements of member banks of the Federal Reserve Sys¬
interpretation of
an
About
Figures showing the percentage of
originally adopted, and
1936, containing
End of April of All Federal Reserve
at
Banks
100% in Excess of Require¬
ments—May Bulletin of Board of Governors Indi¬
cates That in Case of 4,285 Banks the Excess in
First Half of March was 50% and Over, While
1,132 Member Banks Had Less Than 25% in Excess
of Requirements
EXCHANGE
of the Exchange:
Referring to Circular C-5828, dated April 9, 1936, containing the so-called
to
It is
deposit in National banks
on
represented 1.76% of the total deposits.
To the Members
list of bonds to which
3433
insured by the Federal Deposit Insurance Corporation.
was
with
an
of
excess
100%
over
early
March."
in
The tabulation shows that for the first half of March
issue of
member
banks
had
50%
of
reserves
and
in
over
4,285
of
excess
requirements; that 1,132 banks had less than 25%, and that
were classed among those having excess
reserves ranging from 25 to
49%.
From the "Bulletin" we
960 member banks
Comptroller's Regulations for Bank Investments Based
Avoidance
on
Discusses
of
Speculation—J.
Rules
Before
quote:
Bankers'
Changes in
of
1936
of
Bankers
Federal
these
1935,
regulations
governing investment policies of
are based
upon the desirability of true "investment"
rather than speculation, J. F. T.
O'Connor, Comptroller of
the Currency, told the California Bankers Association at its
to
this
excess
of
The
'
banks
first
four
the
months
The
Treasury operations.
imports, which
with
the
in
growth
continuous in
was
cessation
of
the
heavy
flow
to
and
ever,
partially
page
352
Eage 1377 and Marchoffice, Mr. O'Connor policies prescribed
7, page 1555. The said, were already
y the Comptroller's
amounted
O'Connor
member
since
restored
excess
reserves
the
excess
Reserve
changes in
of
middle
of
1933,
and
consequently
Treasury
shown
is
as
by
the
reduced
deposits,
by
how¬
the chart
end1
of
April
have
with
moderate
fluctuations.
Of
the
decline
analyzed the progress which national banks have made since
the banking holiday of March, 1933.
He pointed out that
during
last year was the first since 1930 in which the
consolidated
returns for all national banks showed net
additions to their
pally at banks outside New York City, and at the end of the month
the
while
after including recoveries and deducting
depreciation.
his comments on the
Comptroller's regulations, Mr.
accounts,
100%
The provision
which has probably been of most interest in this
connection is Paragraph (3)
regulations, and the footnote thereto.
This paragraph
of Section II of the
purchase
states that
are
of investment securities in which
distinctly
the terms used in the
investment
the footnote
paragraph may be found in recognized
rating manuals, and that where there is doubt
eligibility
the
predominately speculative and
or
as
to
in
80%
100%
other
in
early
New
April
of
excess
with
of
position,
reserve
other
banks,
balances
of
as
with
March
RESERVE
POSITION
4,
OF
New
of
York
compared
balances
at
correspondent
1936,
which
MEMBER
an
about
were
banks
City
with
other
banks,
is
the
BANKS,
MARCH 4,
reserve
were
of
excess
over
banks,
city
and
date
balances
of
the
due
latest
to
call
BY
CLASSES
OF
BANKS,
1936
Central
reserve
compiled by various rating services in their large
rating manuals.
It may also be expected that
banking institutions will desire to supplement
their own judgment by checking it
against the opinion of others,
the
or not
they
are
question of eligibility.
entirely eligible from
a
It is recognized that
are
some
I
In
addition
correspondent
000,000,
as
yet received
no
securities,
rating by the
case,
investment,
whereas
existing at the time of investment
there will be
a
examiners that
services.
a
also
been
and
the
other
hand,
conditions
In the
type
of
case,
upon the bank to
particular security is in fact eligible from
a
of course,
satisfy the
non-speculative
standpoint.
,
Comptroller O'Connor also addressed a joint sessiori of
Mississippi and Tennessee Bankers' Association at
Memphis on May 19, at which time he said:
the
Perhaps the best evidence that the National banking
emergency is
is the fact that only one National bank closed in
banks closed in
1935, and
no
National bank has closed
so
The total deposits in these banks amount to
$5,511,000 and
over
1934, only four National
far
in
1936.
$3,255,000
or
less
banks
country
reserves,
amounting
with
March
on
than
4,
carrying
balances
which
they
New
amount.
amount
large
a
of
the
New
carried
1936,
$1,000,000,000
of
hold1
York
for
other
City
in
increase
with
balances
their
other
York
banks'
excess
of
balances
banks,
A
such
in
have
which
carried
reserves.
with
$1,790,-
Reserve city banks have
banks
banks,
balances
balances
to about
larger balances with other banks than
increase, in fact, has been in approximately the
years,
increased
do
not
have
for
same
earlier
had
other
by
carry
in
recent
banks.
amount
considerable
as
a
any
This
the total
proportion
of
existing excess reserves, therefore, is in effect owned by
country banks,
though it is carried in part on the books of city correspondents.
Stated
in
another
money
way,
large
a
of
part
the
idle
funds
available
in
the
central
market represents funds belonging to country banks, for which
they
found a satisfactory outlet in local loans or
in investments.
have not
a
latter
excess
city banks
corresponding
security entirely eligible,
comparatively low rating according
correspondingly greater burden
a
the
may make
notwithstanding the fact that it has
the standard rating
on
$
generally carried by country banks prior to 1934.
years
not con¬
rating services.
It is also recognized that a security with a
high rating
according to the services may, in the circumstances of a particular
undesirable
$
2,780,000,000 3,004,000,000 3,813,000,000 6,148,000,000
to
compared
as
substantial
non-speculative standpoint at the time
available for purchase, may have
Banks
$
1,230,000,000 1,263,000,000
105,000,000 2,527,000,000
257,000,000
223,000,000
184,000,000
594,000,000
861,000,000
934,000,000 1,832,000,000 2,594,000,000
432,000,000
584,000,000 1,692,000,000
433,000,000
All member banks
however,
Such ratings,
in the first four groups,
Due to
Banks
$
New York.
including
ratings that have been given by rating services.
Balances
Excess
city banks:
Chicago
on
been
regardless of whether
Balances
Due from
Required
Reserve city banks
to
approximately
in March.
banks
report and also reflects conditions existing prior to the
temporary reduction
by Treasury operations in March.
Country banks.
an
to
member
Reserve Balances
delegate this responsibility to the rating
services,
in any way to intimate that this
responsibility may be considered as
having been fully performed by the mere ascertaining that a
particular
security falls within a particular rating classification.
Reference to the rating manuals was made in the
regulation in recognition
of the fact that many
banking institutions, by reason of lack of experienced
personnel and access to original sources, are unable
personally to investigate
the background, history and prospects of a
particular issuer of securities,
and consequently must rely to some extent
upon such information as has
be
Those
excess
beginning of March,
amounted
all
of
princi¬
caused
or
are
occurred
were more than 100% in excess of requirements in both
and those at country banks were approximately
130% in excess.
following table shows for the various classes of member banks the
The
the part of this office to
are
of
banks
intention
which
at the
as
most
must
thus confined to the purchase of securities which
have a rating classifi¬
cation in one of the four groups
according to rating services.
The responsi¬
bility for proper investment of bank funds, now, as in the
past, rests with
the Directors of the institution, and there has been
and is no
they
April
and
including Chicago,
periods
are
on
in
City
$1,300,000,000 early
balances
Reserve
York
eligibility, then such
be supported by not less than two
rating manuals.
Inquiry has been made as to whether this means that member
clusive
same
requirements,
March.
New
City banks
about
reserve
in
Increases
the
York
requirements.
excess
in
cities.
about
were
compared
of
occurred
reserve
of
reserves
end
about
desire to have clarified certain aspects of the
regulations.
the
the
two-thirds
those banks
excess
At
As is inevitable in the matter of
regulations, questions of interpretation
arise from time to time.
While there has been unanimous
approval of the
prohibits
of
in
$1,000,000,000,
O'Connor said, in part:
objective toward which these regulations are directed, a Committee of the
American Bankers Association has suggested that some of
their members
about
remainder
reserves
losses and
characteristics
March
on
they
have been confined to the larger cities.
maintained a fairly steady growth
excess reserves
country banks
were
from
reserves,
"Bulletin"],
nearly $2,700,000,000.
reserves
the
bank
Subsequent expenditures
[Federal
to
Recent
Excess
1
banks averaged approximately
$5,800,000,000
$3,000,000,000.
In the last half of March the
its
$2,300,000,000.
The regulations were referred to in these columns Feb.
29,
In
of
recent
more
deposits at the Federal Reserve banks from $400,$1,100,000,000 out of the proceeds of security flotations and tax
000,000 to
collections,
profit
and
1934
member
about
reserves
Treasury increased
regard to the purchase
applicable to national banks under the
seventh paragraph of Section 5136 of the Revised Statutes.
discussing
effects of
December
country.
balances
reserve
and
are
,
largely the
halted-last
be subject to the same limitations with
managed institutions.
these
regulations,
Mr.
balances of member
reserve
reflected
of securities
Before
\
engagements of gold abroad for
shipment to this country had not by the end of April had any substantial
effect on bank reserves in this
country.
During the four months from November, 1935, to February, 1936, total
convention in Sacramento yesterday
(May 22).
The regu¬
lations were issued under the
provision of the Banking Act
of 1933 which stipulates that State member banks shall
in force in most better
V;
'
.
balances through gold
was
gold
banks
as
■
Excess Reserves
Con¬
vention—Also Speaks Before Mississippi and Ten¬
nessee
//:.■ :
:
T. O'Connor
F.
California
Reserve Position of Individual Banks
Not
only
amounts
well
of
in
March,
total
in
requirements.
of
in
the
banks.
average
of
The
report for
survey,
for
results
banks,
most
taken
a
tabulation
of
of
this
have large
groups,
banks
hold
reserves
position
reserve
of
daily averages for the first half of
following table.
It shows that about 4,300
were
which
the
upon
requirements.
period,
in
individual
nearly 6,400 member banks had
excess
earlier
an
also
A
banks, based1
57% of all city banks
an
but
reserves,
member
50%
from
not
of
is summarized
out of the
and
the various classes of
excess
excess
individual
than
do
About
applied to
were
66
for
the
1935, recently published.
of
that
all
were
country
more
banks
Corresponding percentages
one
country
earlier survey are
reserves
68%
in this group.
day Nov.
1,
banks and
given in
1935,
49
for
and
city
the Board's annual
Financial
3434
MEMBER BANKS, DISTRIBUTED ACCORDING
PERCENTAGE OF EXCESS RESERVES
OF
NUMBER
Ratio of Excess to
Banks
City
25%
New
Country
Banks
Banks
cago
1,038
960
6
1
67
886
4,285
20
9
192
4,064
6,377
38
15
336
5,988
25-49%
50% and over
—
Total number of member banks
and
The
Nov. 1
the calling for retirement
to
of
$1,271,300 of 4%% bonds on Nov. 1, 1936, according
announcement, May 16, by Wm. B. Schiltges, President
the institution.
The announcement said:
included1 in the refunding a
original program
total of $9,576,000
$1,332,500.
1936, may convert them into
opportunity to exchange them for a limited time into a new
of Fletcher Joint Stock Land Bank 3*4% bonds, dated May 1, 1936,
cash
have
or
issue
callable
1941, due May 1, 1946.
May 1,
The exchange will be made at
with interest adjusted as of Nov. 1, 1936.
The new group of bonds called for retirement
included $251,700 optional
due May 1, 1954 ; $613,400 optional Nov. 1, 1934, due
Nov. 1, 1954 ; $4Q6,200 optional May 1, 1935, due May 1, 1955.
Present trends in interest yields in the investment field generally have
1934,
1,
Vice-President of Fletcher Trust Co., in
Foster Clippinger,
charge of its bond department.
ing
H.
to
All
of
month's business done by
April broke all records of past
private financial institutions under both the modernization
credit plan and the insured single mortgage system of the
Federal Housing Administration,
the Administration an¬
Also, the amount of mortgages selected for
nounced May 7.
week ending May 2,
said, con¬
appraisal went to a new high for the
$10,102,764,
to
amounting
announcement
the
tinuing :
7,137 and totaling
high mark since the organization of
the Housing Administration.
This is an advance of 25% over the March
volume and 13% over the previous record of $25,436,430 for October, 1935,
and
compares
with 1,877 mortgages accepted totaling $7,943,378 for
Home
for insurance numbering
accepted
mortgages
April, 1935.
,
that has made them attractive to investors in
of the principal cities of the Nation, as well as throughout Indiana.
Clippinger pointed out, and
modernization and
Meantime,
Housing
National
the
April
transactions are free from Federal
gross income and intangible taxes, Mr.
these
in
Indiana
State of
and
tax
income
bonds involved
the
Institutions Under FHA
Reached New Record in April
the refunding program, accord¬
followed closely by the various steps in
been
to the System.
$28,849,654 for the month set a new
par,
May
newly-chartered Federal savings and loan associa¬
there were 26
awaiting admission
Volume of Business by
of
The
State-chartered and 1,076
associations.
In addition, as of
loan
and
savings
Federally-chartered
Stock Land Bank, Indianapo¬
bonds, all of which have been called except
Holders of the bonds called for Nov. 1,
maturing mortgages.
of
member institutions include 2,510
3,586
Joint Stock Land
Bank Called for Retirement
lis, Ind., have recently authorized
construction and repair of homes and for
purchase,
the
for
refinancing
the
tions
Directors of Fletcher Joint
Its purpose is to serve
in the member associa¬
adequate loan funds at liberal rates in local
provide more
to
communities
April 30,
$1,271,300 of 4^% Bonds of Fletcher
membership, which, together with the government, ownB
of the 12 regional banks, the System functions as a
stock
capital
permanent central reservoir of long-term credit.
the liquidity' needs of depositors and shoreholders
tions,
77
5
12
1,132
-
Chi¬
York
Less than
Reserve
Member
Required Reserves
the
private
for
its
Through
CUy Banks
All
System was created as a
there were only
after the
months
few
a
home-financing institutions,
members with assets of less than $217,000,000.
115
Central Reserve
1933,
1,
reservoir
credit
March, 1936]
[Dally average for first half of
Jan.
On
TO
1936
23,
May
Chronicle
as
1935, and
repair notes insured under the terms of
reached a peak with $39,052,131 for
November, the peak month of
compared with $31,051,675 for
$11,300,416 for April, 1935.
increases that of May 2 surpassed the preceding
$2,333,771 in modernization credit loans.
The
Continuing the weekly
with
week
also
Act
increase
an
of
reported
notes
26,606,
amounting
Building and Loan Associations Increase Mortgage
Lending — Loans of $81,000,000 During March
Largest Since October, According to United States
Building and Loan League
During March the savings, building and loan associations
of the country advanced some $81,000,000 in mortgage loans
to about
39,000 borrowers, the largest activity since October.
is stated by the United States Build¬
This
$10,679,818.
to
of
makes
many
number
grand total of 1,024,374 notes amounting to $368,005,625.
a
was
for insurance under the insured single mortgage
ahead of the preceding week, with the number 2,093,
amounting to $8,680,314.
This makes a grand total of mortgages accepted
accepted
Mortgages
also
system
for
went
$264,532,463.
insurance
Large-scale
which
housing projects
$32,962,158.
have been
accepted
for
insurance
went to a total of
Quarterly Financing of Treasury to Be Along
June 15
Morgenthau
Secretary
Lines
The March volume, it
"Orthodox"
and Loan League, sent the past six months' total of
lending activity of the associations to $483,906,000, more
than the total for the entire 12 months of 1934.
An an¬
Says—
Details to Be Announced June 1
ing
and Loan League
March
of February as to
families receiving the funds than in
Important factors in the increase included loans for
lending activities were 19% higher than those
previous month.
construction
of
49%, accounting for
with a total volume of $17,887,000
and two-family homes, up
one-
new
financing of some 5,500 new houses
the
in
also had the following to say:
volume, with some 9,000 more
dollar
the
111., May 9, by the Building
issued in Chicago,
nouncement
mortgage money.
loans were higher than at any time since
November, and gained 68% in volume over February.
Loans to assist
in
the purchase
of existing home properties were above February, and
Repair
and
modernization
October, but did not show the spectacu¬
highest for this classification since
lar
is
gain witnessed in construction and repair loans.
Opening up of spring
of course accountable for the reviving activity in the financing of these
undertakings.
latter
factor in
lending
activity of the
associations
as
current
Refinancing loans, representing the transference of
existing mortgage held elsewhere to the books of a savings and
institution accounted for 27.01% of the March loans, while purchase
an
26.19%, and
were
The
to
shows refinancing still the most important single
mortgage lending, with home purchases rapidly approach¬
in importance.
ing it
March
the
breakdown
is
construction accounted for 22.09% of
new
as
loan
loans
the volume.
follows:
withheld
Indications are that the securities
New money is to
further prepare
8,823
38,841
Volume
Repair and modernization
6,111
Refinancing
9,474
8,915
Purchase
Other purposesTotal
22.09
580,990,000
5,518
and
6.88
Treasury is sure to offer newr issues, presumably short-term notes
and longer term
Record
Mr. Morgenthau
the
new
securities,
which
institutions,
of the
was
Federal
successful in the past except for an issue of
Farm Mortgage Corporation, which was under-
subscribed.
The Secretary
of bills,
of the Treasury said that the weekly offerings of $100,000,-
bolster the Treasury
$50,000,000 of which is being used to
against the bonus drain, would continue.
He pointed out, however, that
The
Totaled
with conclusion that
might be reduced to the routine $50,000,000 at any time.
Treasury
financing will coincide with the
mailing of the bonus
which are due to be sent out on June 15. Mr. Morgenthau
expected' 'no hitches'' in the distribution of the bonus funds.
observers
believe
that
previous hints of the
.
.
.
Secretary indicate
of new money, which would mean, if the June
August refundings were both carried out, the prospective government
request for $1,000,000,000
and
$2,000,000,000.
security offering would reach
Mr. Morgenthau
said that he could say nothing definite on whether the
June 15 securities.
and additional
avoid subscription padding on the
indicated,
The problem is being given careful study, he
plans may be developed by the time of the issue announce¬
ment.
»
on
chiefly
loans
buying their homes.
months ago was a
some
bonds and checks,
on
of
the
savings,
$161,330,000
Two
-
to Offering of $100,000,000 of
Treasury Bills Dated May 20—
Tendered
Series
of
$50,000,000 Accepted for 209-Day Bills at Rate of
0.156% and $50,005,000 for 273-Day Bills at Rate
of 0.181%
•
,
$302,065,000 received to the offering
$100,000,000, or thereabouts, of two series of Treasury
bills, dated May 20, 1936, Secretary of the Treasury Mor¬
genthau announced May 18 that $100,005,000 were accepted.
The tenders to the offering, which was referred to in our
Of tenders totaling
of
building and loan
homes, represent resources of over
$3,204,000,000, and hold more than 60% of the residential mortgages of
all building and loan associations in America.
They represent the savings
of more than 4,000,000 people, and the loans by which more than a million
are
in the affirmative. Further pressed with
the auction system of bidding,
favorite method of raising new funds.
All
questions, he said the Treasury would not use
Treasury would take extra precautions to
3,586
long-term
but when asked whether the Treasury would finance
the offerings
The announcement continued:
member
parried all questions on the terms and the amounts of
by "orthodox methods" he replied
17.83
May 1, it was announced on
May 16 by the Federal Home Loan Bank Board.
During
the last week of April, the Board said, the outstanding
advances of the 12 district banks to the members climbed
to the record total of $105,968,000, continuing an unbroken
rise that began a year ago and coinciding with the sharp
increase in the rate of residential construction during the
to
notes, maturing
Usual Methods Certain
26.19
Total
System
3M %
Aug. 1, may be refunded.
27.01
Approval of membership applications from 43 thrift and
home-financing associations during April brought the total
number of member institutions Of the Federal Home Loan
families
bonds for $686,616,400 of 1M% notes maturing June 15,
possibility is also raised that $364,138,000 of
and the
the amount of the bills was a matter decided weekly,
3,686 on May 1—Compares with 115 Jan. 1, 1933—
Outstanding Advances of 12 District Banks at
making
Observers place the figure between $500,000,000
money.
$1,000,000,000, with $750,000,000 a possibility.
The
Some
These
the Treasury for the payment of the $2,000,000,000 bonus
Mr. Morgenthau declined all commend on the
amount of new
said he
Federal Home Loan Bank System
Members of
high, as $1,750,000,000.
be raised to meet the needs of deficit operation and to
to the World War veterans.
000
517,887,000
5,575,000
21,877,000
21,211,000
14,440,000
New construction-
offered, including those to be given in
exchange for maturing obligations, may run as
to Total
Loans
type,
any
"orthodox" financing.
In Washington advices, May 21, to
the New York "Herald Tribune" of May 22, it was stated:
Per Cent of
Volume of Loans
of
Purpose of Loan
conference in Washington May 21,
announced for
The Secretary
details, but revealed that it will be strictly
of the auction bidding
Number
past year.
press
ury's June 15 quarterly financing will be
publication in morning newspapers of June 1.
securities
Bank
semi-weekly
loans
of the
purpose
...
of
breakdown
A
At his
Secretary of the Treasury Morgenthau said that the Treas¬
issue of
May 16,
Reserve
banks
page
and
3268,
were
the branches
received at the Federal
thereof,
up
to
2 p.m.
Volume
Financial
Chronicle
Each series of the bills
of any tax now
142
Hastern Standard
Time, May 18.
offered in amount of $500,000,000, or thereabouts; one
series of 209-day bills, maturing Dec. 15, 1936, and the
was
other
273-day bills, maturing Feb. 17, 1937.
as
For
this
Treasury Department Circular No.
amount
The
which
applied for
was
was
for
$50,000,000,
18:
$140,735,000, of which $50,000,000 was accepted.
accepted bids ranged in price from 99.936, equivalent to a rate of
per annum, on a bank
series
price
be
to
annum
on
a
accepted.
was
issued
discount basis.
is
The
99.910 and
0.176%
Only part of the amount bid for at
average
the
price of Treasury bills of this
average
rate
is about 0.156%
per
bank discount basis.
During the week'of May 15 a total of $96,593,102.85 of
gold was received by the various mints and assay offices.
Of
this
amount,
the Treasury Department announced
May 18, $93,080,146.59 was imported gold, $400,269.18
secondary and $3,112,687.08 new domestic. According to
the Treasury, the gold was received by the various mints
and assay offices during the week of May 15 as follows:
—""V
,
this
which
was
for
$50,000,000,
accepted bids ranged in price from 99.888, equivalent to
0.148%
per
annum, on a
latter
the total
thereabouts,
or
applied for was $161,330,000, of which $50,005,000 was accepted.
amount
The
series,
price
annum,
to 99.849, equivalent to a rate of about 0.199% per
bank discount basis.
accepted.
was
rate of about
a
Only part of the amount bid for at the
The
average
price
bills of this
of Treasury
series to be issued is 99.863 and the average rate is about 0.11% per annum
on
bank discount basis.
a
Purchased
Treasury
investment accounts for the calendar month of April,
1936, amounted to $19,025,000, Henry Morgenthau Jr.,
Secretary of the Treasury, announced May 15.
This com¬
pares with $32,702,150 purchased during March; the March
purchases were noted in our issue of April 18, page 2591.
The following tabulation shows the Treasury's transactions
in Government securities by months since the beginning of
ury
1935:
1935—
193S—
$5,420,800
1,300,000
41,049,000
21,990,000
23,326,525
8,705,500
33,426,000
35,439,100
60,085,000
February
March
April
May
June
July
August
September
purchased October
purchased November
purchased
1936—
sold
purchased January
purchased
9,905.87
Total for week ended May 15,1936 $93,080,146.59
18,546,850
4,500,600
32,702,150
19,025,000
February
purchased March
purchased April
purchased
$400,269.18
New York
93,022,800.00
14,713.87
23,419.82
San Francisco
Denver
New Orleans
Seattle
purchased
purchased
purchased
purchased
offering of two series of Treasury bills to the
aggregate amount of $100,000,000, or thereabouts, was
announced on May 21 by Henry Morgenthau Jr., Secretary
of the Treasury.
Tenders will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday, May 25. Tenders will not
be received at the
Treasury Department, Washington.
The bills, which will be sold on a discount basis to the
highest bidders, will be dated May 27, 1936. Each series will
be offered in amount of $50,000,000 or thereabouts; one
series will be 202-day bills, maturing Dec. 15, 1936, and
the other 273-day bills, maturing Feb. 24, 1937.
With the
issue of 202-day bills, approximately $200,000,000 of the
securities will mature on Dec. 15 inasmuch as three previous
offerings are also due on that date. The face amount of the
bills of each series offered this week will be payable without
interest on their respective maturity dates.
Bidders are
required to specify the particular series for which each tender
is made. On May 27 an issue of Treasury bills in amount of
$50,000,000 will mature.
In his announcement of May 21 Secretary Morgenthau
new
GOLD
RECEIVED
FEDERAL
BY
RESERVE
of $1,000,
$10,000, $100,000, $500,000, and $1,000,000
(maturity
value).
Gold Coin
Gold Certificates
Received by Federal Reserve Banks:
Week ended May 13
$210,340.00
$9,726.96
31,526,027.27
107,331,830.00
$31,535,754.23
$107,542,170.00
"$268,056*00
2,453,620.00
$268,056.00
_.
$2,456,320.00
Received by Treasurer's Office.
Week ended May 13
$2,700.00
Total to May 13
Note—Gold bars deposited with the
New York Assay Offioe in. the amount of
$200,572.69 previously reported.
Previous reference
made in
issue of
our
Receipts
to
the
May 16,
receipts of hoarded gold
3268.
was
page
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 789,811.87
Ounces During Week of May 15
of
Offices from
Fine
total
A
of
789,811.87 fine
of silver, it
ounces
was
an¬
nounced by the Treasury on May 18, was turned over by
the Treasury Department to the various mints and assay
offices during the week of May 15 in accordance with the
President's proclamation of Dec. 21, 1933.
The proclama¬
tion, which was given in our issue of Dec. 31, 1933, page
4441, authorized the Treasury to absorb at least 24,421,410
fine
of
newly-mined silver annually.
Total receipts
proclamation, and up to May 15,
were in amount of 82,555,167.93 fine ounces, according to
the Treasury, which made available the following data on
May 18:
ounces
since the issuance of the
RECEIPTS
OF
SILVER
BY
THE
MINTS
ASSAY
AND
Week Ended May 15,
OFFICES
San
Fine Ounces
330,256.02
1936—
Philadelphia
-
453,326.81
Francisco
6,229.04
Denver
urged that tenders be made
on
the printed forms and forwarded in the
special envelopes which will be supplied by the Federal Reserve banks
Total receipts
No tender for an amount less than $1,000 will be considered.
must be in
multiples of $1,000.
100, with not
more
Total for week ended May 15, 1936
or
branches upon application therefor.
basis of
THE
AND
(Under Executive Proclamation of Dec. 21, 1933, as Amended)
The bills will be issued in bearer form only, and in amounts or denomin¬
It is
BANKS
TREASURER'S OFFICE
(Under Secretary's Order of Dec. 28, 1933)
stated:
ations
245,846*30
$3,112,687.08
was made by the
Treasury Department
May 18 of the receipt of $222,766.96 of gold coin and
certificates by the Federal Reserve banks and the Treas¬
urer's office during the week of May 13 under the order of
Dec. 28, 1933, requiring all gold to be returned to the Treas¬
ury.
The Treasury revealed that $9,726.96 of this amount
was gold coin and $213,040 gold certificates.
Total receipts
since the order was issued, and up to May 13, it was made
known, amounted to $141,802,300.23.
The following is from
the Treasury's announcement of May 18:
Received previously
Offering of Two Series of Treasury Bills in Amount
of
$100,000,000—To
Be
Dated
May
27,
1936—
$50,000,000 of 202-Day Bills and
$50,000,000 of
273-Day Bills
A
315,800.00
1,824,635.16
726,175.81
on
Total to May 13
New
$229.81
$126,190.99
177,300.00
36,806.52
21,048.71
29,975.54
8,947.42
$17,385,000 purchased
18,419,000 sold
5,275,200 purchased
.
December
$9,307.03
Announcement
Net market purchases of Government securities for Treas¬
January
Philadelphia
$222,767 of Hoarded Gold Received During Week of
May 13—$9,727 Coin and $213,040 Certificates
$19,025,000 of Government
During April
Securities
1
New Domestic
Secondary
Imports
For
of its
Receipts by Mints and Assay Offices During Week
of May 1'5—Imports Totaled $93,080,147
273-Day Treasury Bills, Maturing Feb. 17, 1937
r
any
•
about 0.110% per annum, to 99.898, equivalent to a rate of about
the latter
or
amended, and this notice
as
prescribe the terms of the Treasury bills and govern the conditions of their
Gold
thereabouts, the total
or
418,
made
were
follows by Secretary Morgenthau on May
series,
United States
Possessions.
209-Day Treasury Bills, Maturing Dec. 15, 1936
r
hereafter imposed by the
issue.
Details of the bids to the two issues of bills
available
3435
or
Each tender
The price offered must be expressed
the
on
than three decimal places, e.g., 99.125. Fractions
789,811.87
82,555,167.93
through May 15, 1936
The
receipts of newly-mined silver during the week of
May 8 were noted in these columns of May 16, page 3269.
+
•
must not be used.
Tenders will be accepted without cash deposit from
and trust
incorporated banks
an express guaranty
of payment by
are
incorporated bank
an
or
trust company.
Immediately after the closing hour for receipt of tenders
received
tenders
at
the
Federal
Reserve
on
May 25, 1936,
banks
or
branches
thereof up to the closing hour will be opened and public announcement of
the acceptable prices
for each series will follow
probably on the following morning.
the right to
reject
allot less than the amount
shall be final.
series will be
of the
any or
as soon as
possible thereafter,
The Secretary of the Treasury expressly
all tenders or parts of tenders, and to
applied for, and his action in
any
Any tender which does not specifically refer to
subject to rejection.
particular
other
immediately available funds
The Treasury
of
have
been
bills will be exempt,
on
as
transferred
to
the United
States
Government.
The
on
Treasury Department issued the following tabulation
May 18:
SILVER TRANSFERRED TO UNITED
Payment at the price offered for
Treasury bills allotted must be made at the Federal Reserve banks in cash
or
were transferred to the United States during the week
May 15, the Treasury announced May 18.
Since the
issuance of the order (which was given in our issue of Aug. 11,
1934, page 858) 112,793,013.46 fine ounces of the metal
metal
Those submitting tenders will be advised
acceptance or rejection thereof.
«
Under the Executive Order of Aug. 9, 1934, providing for
the nationalization of silver, 16,531.64 fine ounces of the
such respect
a
During Week of May 15 Totaled 16,531.64
Fine Ounces
accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by
reserves
tion Order
companies and from responsible and recognized dealers in invest¬
ment securities.1 Tenders from others must be
all
Silver Transferred to United States Under Nationaliza¬
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Week Ended May 15, 1936—
Fine Ounces
8,173.00
5,638.36
2,111.00
609.28
Philadelphia
May 27, 1936.
to principal and interest, and
New York.
any
San Francisco
gain from the sale or other disposition thereof will also be exempt, from all
Denver.
taxation, except estate and inheritance taxes.
New Orleans
(Attention is
invited
to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
as a deduction, or otherwise recognized, for the purposes
shall be allowed
;
Seattle
Total for week ended May 15, 1936
Total receipts through May 15, 1936
..."
16,531.64
112,793,013.46
3436
Financial
In the
"Chronicle" of May 16, page 3268, reference was
to the silver transferred
during the previous week
made
ended May 8.
Chronicle
May 23, 1936
vidual countries,
Mr. Morgenthau said emphatically that he ,was in favor
of the separate conferences.
with Mexico,
He indicated that the
success
in the discussions
Canada and China pointed to the advantage of dealing with
foreign countries separately.
•
United States
Move
Purchase Silver from Bank of China in
Stabilize
Chinese
Currency—Dollars
to
to
Exchange
by Tresaury, Secre¬
Announces—Agreements with
reaching of an agreement between the United States
and China whereby the United States
Treasury will purchase
silver from the Central Bank of China and will also
available dollar exchange for currency stabilization
make
purposes,
announced
on May 18
by Henry Morgenthau Jr., Secre¬
Treasury.
In his statement, Secretary Mor¬
genthau expressed the belief that "only through full and
frank exchange of views" between countries "will it be
possible to improve the internal stability of national cur¬
of the
rencies and with this achieve
ity."
The
Secretary
greater international stabil¬
a
mentioned
as
an
On
May 19 President Roosevelt expressed his approval of
the agreement between the United States and China and
emphasized the success of round-table discussions as a means
to currency stabilization.
In Washington advices, May 19,
to the New York-"Herald Tribune" of
May 20, it
stated:
was
time, Senator Key Pittman, Chairman of the Foreign Rela¬
tions and Silver committees, called upon South American countries to
follow
same
the example and make agreements.
toward
The
The Senator prophesied other negotia¬
end of international stabilization.
the
President's
favorable reaction
the
on
of the
success
Chinese
Henry
Morgenthau
Jr.
that
bilateral
between nations—were to be preferred to
the interest
conversations—that
general monetary conference in
a
Roosevelt
pointed out
Chinese silver, thus
that
confident
that
United
the
enabling that country to
States
use
agreement
internal
stabilization.
stability of
His remarks
a
toward
currency
dovetailed with
If additional
tries.
work
toward
to
the
on
of
end
countries
with world-wide stabilization
held the
are
maintain
to
an
Roosevelt said.
of the
States
aim
buy
importance
Secretary of the
is
preparing
21%.
S10,323,458,000, while the ratio of silver
The
silver-gold
recent
imports
He
declared
stable
a
internally,
currency
he
had
received reports
from Chinese
had been favorably
to gold is
the
up
slightly
increase
said,
"since
the
disruption
of
international
arising with the departures from the gold standard.
It is
a
well
as
purchases will be used entirely for
Mr.
Morgenthau expressed
of importance in the general campaign of the
as
The representatives of the Chinese
the United States to make
and
to
exchange
views
Our
conversations
confident
that
with
the
them
have
been
interest,
pursued
only along sound lines,
by
but
the
exchange
constitutes
time made extemporaneous
of this in Washington advices,
In its account
of the
Central
make
Bank of China of substantial amounts of silver,
available
safeguard
the
the
to
Central
interests
of
Bank
both
of
China,
countries,
under
dollar
and also to
conditions
exchagne
for
stabilization purposes.
The mission headed by Mr. Chen has been instrumental in
a
complete understanding of
more
I believe that only
our
bringing about
mutual monetary problems.
through full and frank exchange of views similar to
that which has just taken place between the
representatives of the Chinese
greater international
a
stability.
The statement issued in
of Finance and
The
Minister
Shanghai by the Chinese Minister
Secretary Morgenthau's
May 18 by Ambassador Sze, follows:
made available to
conference
press
of
on
Finance
for publication in China
"The
and
Minister
of
of
additional
loAving
Finance
issues
the
that,
announces
following announcement
the
in
light
knowledge of monetary conditions
of
measures
3.
"1.
of China
Monday morning, May 18:
and abroad, the Chinese
of experience
obtained
ment,
that
which
declared
Sao-ke
the
a
considerable
Alfred
Sze
amount
of
gold
monetary
reform
in
accordance
with
the
been
the
given
China,
who
Secretary
out
was
Finance, H. H. Ivung, "will
previously in
assure
present
Morgenthau,
at
issued
Changhai.
monetary reforms arranged by the
any
press
a
state¬
a
In
this
he
Chinese Minister of
the continued maintenance of
pendent currency system not linked to
inde¬
an
foreign monetary unit, and the
permanent stability of the Chinese currency, which will inevitably lead to
greater economic improvement and prosperity of the Chinese people."
Branch
In
company
Chen,
Bank for New
representing the Bank of China,
adequate
For
the
"3.
against note issue consisting of gold, foreign
reserves
the silver
portion
of the
to
reserves
have
Far East within the next week.
and several
other
K. P.
The
experts.
They said their mission had been completed
successfully.
definite arrangements have been made to increase the gold and
reserve.
"The Minister expresses the firm belief that these
the world market
He
price, which in the last few months has averaged about
ounce,
declined
to
be made at
Mr. Morgenthau said.
reveal
what
Heretofore
the
would
amount
Treasury has
China, the first, of 19,000,000
of 50,000,000 ounces,
be
bought,
nor
would
the
made
ounces
in November,
two
large
purchases of silver from
in November, 1934, and the second,
1935.
meas¬
the
con¬
any
currency,
Tariff
Rates
Cotton
June
Increased
by President Roosevelt on
Imports—New
Duties
Effective
Textile
30—Affect
Cloths
of
Type
Imported
from
Japan
Increases in tariff rates on cottoiJ textile imports,
averaging
42%, have been proclaimed by President Roosevelt, it was
announced on May 21 by the United States Tariff Com¬
mission.
The increase, effective June 30, affect cotton cloths
of types shipped to the United States
chiefly by Japan. The
President's proclamation was based on a
report submitted
to him by the Tariff Commission.
In its announcement of
May 21 the Commission said:
depend
the
on
duty.
cotton
on
cloths in
paragraph 904 of the Tariff Act of 1930
the fineness of the yarn; the higher the yarn number the
higher
On bleached cotton cloths w ithin the limits specified in the
proclamation the duties under the 1930
for 31s average yarn number to
from
34%
ad valorem for
act range
from 23.85% ad valorem
30.50% for 50s; the
31s to
43.5%
for
50s.
new
On
duties will range
printed, dyed,
Canada,
for
the
purchase
Morgenthau would give
expected that
no
within
of their
hint
a
as
few
to
newly mined
silver.
possible future silver
months
producers would enter into conference with
some
the
of the
While
or
Mr.
negotiations,
South American
Treasury.
Asked whether he preferred a general international conference
looking to monetary stabilization
1930 range from 26.85% ad valorem for 31s
average yarn number to
ad valorem for 50s average yarn number; the new duties Avill
or
range
valorem
average
or
for
yarn
31s
number.
number
yarn
to
47.5%
ad
The proclaimed duties represent
33.50%
from 38%
valorem for
an
increase
50s
over
existing duties of about 42% for both bleached cloths and printed, dyed,
colored cloths.
nor
average
cloth
woven
The increase
with eight or
in rates
more
does not affect unbleached cloth
harnesses,
with Jacquard, lappet,
or
or
swivel attachments.
foreign countries.
The Treasury has entered into pacts with two producing countries, Mexico
was
assure
independent currency system not linked to
inevitably lead to greater economic improvement and prosperity
of the Chinese people."
the
The Chinese agreement marks the third approved writh
it
an
which will
ad
Chinese give any indication as to that point.
and
supplementary
of monetary reform and the arrangements made will
tinued maintenance of
colored cotton cloths within the limits specified the duties under the
act of
purchases from China will start immediately and will
an
value
a
purpose
For the purpose of further strengthening the position of the Chinese
The duties
were
delegates wil} go to New York at once, where a license had been
obtained to open a branch of the Bank of China, and
possibly leave for the
45 cents
of
denominations;
York
with Ambassador Sze during the negotiations
Chinese
The
decree
of completing the reform of the Chinese coinage
system, the Government will issue silver coins of 50 cents and one dollar
will be transferred
.
of
Treasury with
had
that
China
1935:
exchange and silver,
during the transactions, it being likely that it will be ear-marked
York for the Chinese account
in
in
Government deems it desirable to adopt the fol-
It Avill continue to be the policy of the Government at all times to
maintain
York and will be used strictly for Chinese
currency stabilization purposes.
Ambassador
Avhich
currency
following day, had
proceeds of the silver purchases will be maintained chiefly in New
conference
an
willingness, under conditions mutually acceptable, to make purchases from
the
currency,
same
May 18, the New York "Times"
the following to say: /
expected
national
To supplement their efforts toward that objective and to
cooperate Avith
them in their program of monetary1 reform and
currency stabilization, and in
accordance with our silver purchase policy, Ave have
definitely indicated our
foreign monetary unit and the permanent stability of the Chinese
is
feel
I
important step toward the desired goal of stability of world currencies.
the conference and at the
It
have
mutually instructive.
being
program
of China is not
government
monetary and baking system,
returning to China.
are
monetary
our
problems of mutual
monetary
completed their mission and
ures
in New
the
United States to
Secretary Morgenthau's announcement of May 18 on the
silver purchase agreement was made at his
press conference
that day.
The Secretary issued a prepaid statement to
to China
cur¬
belief that
Ministry of Finance who have been in
studies of
some
on
foreign exchange portion of the note issue
The
the
The following is the prepared statement submitted
by
Secretary Morgenthau to bis press conference of May 18:
practical example
that should be followed in all Latin American countries.
comments.
over
in
agreement would be helpful to trade relations between the two countries
"2.
"It is the most favorable step in stabilization of currencies of the
world,"
Pittman
slowed
equivalent to at least 25% of the note circulation;
China.
Called Favorable Step
Senator
have
ratio.
stabilization purposes,
rency
Nov.
accompanying aftermath.
that
of gold
Though the proceeds of silver
more
coun¬
apparently would be to
representatives that announcement of the agreement
in
the
Morgenthau said that if China desired it could take the proceeds
The United States now has a gold supply
of about
The trade of both countries will be aided
by the Chinese agreement, Mr.
received
by
continued.
Mr.
international
activity through conferences with individual
conferences
aiding
the
those
Treasury, with resulting hint that the United
intensive stabilization
pursued
he
the proceeds for currency
Secretary Morgenthau, the President laid stress
the
being
program
of the silver purchases in gold.
system.
Like
monetary
important step toward the desired goal of stability of world currencies,"
stability of national currencies and Avith this achieve
stabilization purposes, had aided China in
establishing a national currency
of
the
Ministry of Finance and ourseles will it be possible to improve the internal
China Seen Aided,
Mr.
feel
an
is,
of currency stabilization.
v
Policy is Declared Sound
"I
con¬
ference served to spotlight again the statement
yesterday by Secretary of
Treasury
greater internal stability."
a
con¬
Ministry of Finance,
headed by K. P. Chen, Director of the Bank of
China,
which preceded the agreement announce on
May 18.
Refer¬
ence to these conferences were made in our issue of
May 16,
page 3269, April 25, page 2749, April 18, page 2604, and
April 11, page 2417.
tions
result of the conferences
as a
"possible to improve the internal stability of national currencies
this achieve
bring about international stabilization of currencies.
example the
ferences the past several weeks between Government officials
and representatives of the Chinese
At the
Morgenthau expressed the belief that
with
national government of China is not only along sound lines, but constitutes
The
tary
and
to Be Made Available
tary
Morgenthau
Other Countries Intimated
was
Mr.
it would be
independent
on
negotiations with
silver
indi¬
The Commission's announcement also said:
The
Tariff Commission
announces
findings of the Commission with
that the President has approved the
respect
to
the
Japanese costs of cotton cloth, and has issued
a
excess
of domestic
over
problamation under the
provisions of Section 336 of the Tariff Act of 1930 increasing the duties on
bleached, printed, dyed, or colored cotton cloths containing yarns the
average
number of which exceeds number 30 but
not
exceed
number
50.
Volume
Hhe cloths
Financial
142
which
on
duties
are
58%, on the
changed constituted about
basis, of the total cotton cloths imported in 1935, and about
square yard
90% of the cotton cloths imported from Japan in that year.
From
Washington advices May 21
"Times"' we take the following:
Although increasing duties is not in
program
recourse
consonance
Secretary Hull's
with
of lowering tariff walls, the President felt that he had no other
in meeting a situation for the protection
of domestic manufactures
which did not yield to diplomatic treatment, it was
Officials Silent
Whether
it
may
mean
tariff
a
officials refused to discuss.
war
on
she
could not
substance to it.
which
in good spirit
were
solely because
give
mechanical details to
of the
Among these details, the Japanese said, was the control
by law
special
a
that
Roosevelt Signs $572,446,844 War
Depart¬
Appropriation Bill—Measure Carries Largest
Amount
in
Peace-Time History—President Also
Approves Supply Bills for State Justice and Com¬
merce
Departments
May 16 signed the War Depart¬
ment Appropriation Bill, providing $572,446,844 for military
and non-military activities, the largest appropriation of the
kind in peace-time history of the United States.
Of the
total, $383,104,859 was for purely military purposes, while
the balance was for non-military rivers and harbors and
similar work under the Army's supervision.
A summary of
this measure, and of other bills approved on May 16, is
given below, as contained in a Washington dispatch of that
treatment
when
two-fold
Chief among the measure's provisions were:
Building the Army enlisted strength
up
Approximately $8,500,000 for defenses
the
Panama
Adding 565
new
The Navy bill
the West Coast and in Hawaii
Canal.
airplanes to the Army fleet.
has passed both House and Senate
comparatively minor
when it
to the full authorized 165,000.
on
Senate
passed the House.
treaty strength, for two
new
changes approved.
It
means
but has
carried
have
yet to
$531,068,707
battleships and 18 other vessels,
were
more
airplanes
1937 supply bills for the
for air-line maintenance and extensions
ances
but
the Rules Committee to give the bill
by unanimous consent and asked
legislative right of
controversial
legislation to
go to
the floor at this time.
ing $410,000,000
gram—Sets
Up
Nominated
as
for
10-Year
Appropriat¬
Electrification
Permanent
REA—M.
L.
A
Pro¬
Unanimously
same
Congressional action on the measure signed by the Presi¬
on
May 21 was completed on May 15 when the Senate
adopted a conference report on the bill; the House approved
the report the previous day (May 14).
The legislation was
submitted to conference following its passage by the House
on
April 9 in an amended form from that previously adopted
by the Senate on March 5.
The Senate bill providing for
an
appropriation of $420,000,000 for the expenditures of the
enterprise, while the House bill lowered this sum to $410,000,000, the amount finally agreed to.
The Senate and
House action in passing the bill were referred to,
respectively,
in our issues of March 7, page 1567, and
April 11, page 2424.
The following account, from Washington,
May 21, is from
the New York "Herald-Tribune" of May
22;
Cooke
in
discussed
supplying
"That's
a
plans
than
tonight
for
1,000,000
spending his
of the
a
when our rural electrification program gets into full
Instead
for
on
limitations
months'
after
notice
on
Bill
Which
Would
Have
sonnel
President Roosevelt
on
May 19 returned to the Senate,
together with a veto message, a bill which would have placed
Commander Henry Thornton Meriwether, Naval Reserve
Force, of Point Loma, Calif., on the retired list of the
building classes, such as the establishment of
35,000 tons, the reduction of the aircraft
establishment of a "zone
defense is endangered
signatory whose national
the
other
be
signatory
Powers
been
have
notified.
Four
given.
annual exchange of information on building programs
between the several signatories.
Bill to Replace
in
which Italy joined Japan in refusing to sign.
Invalidated Guffey Coal Act Introduced
Measure Retains Price-Fixing,
Congress—New
but Eliminates Labor Provisions—President Roose¬
Would
Have
tained—Coal
Objectives of Guffey Law Main¬
Opposed to Price Fixing
Operators
Provisions
A
coal
price-fixing bill was introduced in the Senate
May 20 by Senator Guffey of Pennsylvania
and Representative Vinson of Kentucky.
The measure
was
designed to restore the marketing provisions of the
Guffey Coal Act, which was invalidated by the United
States Supreme Court on May 18, as described elsewhere
new
and House
this
in
on
issue
of
"Chronicle."
the
The
new
bill contains
provision which the Court had said was not
a revenue but a penalty provision, but Senator Guffey said
that the bill makes changes in the Act as "are necessary to
meet the views of the majority of the Court."
It was not
believed, however, that the bill could be acted upon at this
session of Congress without the specific backing of President
Roosevelt.
The President at his press conference on May 19
said that he was anxious to preserve the objectives of the
Guffey Act.
His remarks were noted as follows in a Wash¬
ington dispatch of May 19 to the New York "Times":
the
same
tax
At his press
conference today Mr. Roosevelt discussed the court decision
briefly, specifying that what he said was not to be construed as a formal
statement.
He recalled that the coal
ion in
the
legislation resulted from
operators
would serve
and almost all of the miners
very
difficult situa-
get legislation that
the President said, that efforts will continue to reach
despite the Supreme Court's decision.
Sees
Opinions of Much Interest
the decision, and the minority opinion
of very great interest to the people all over the
would be
described these opinions as both
showed
there
remained
a
as
well,
country.
He
informative and educational, saying that
difference
of interpretation
within
the
judiciary.
time and,
at
to
their1 mutual welfare.
He added that he thought
they
a
major industry and represented an agreement by about 85% of
a
mine
The President stated in
Roosevelt Vetoes
Quantitative
of the treaty are:
any
must
Corpora¬
"Jeopardized" Regular Navy Retirement System—
Says Plan Should only Apply to Permanent Per¬
of
battleships" of the German type, and a general re¬
that
A provision for the
Federal
President
Pact with
Quali¬
Restrictions on
Naval
New
by the building of non-contracting party may depart from the foregoing
tion will be lent this year. Dr. Cooke said, to farm
co-operatives and private
companies for the extension of electrical systems into rural areas.
An
25 years.
a
retired list persons other than
building to the present naval types.
provision
The chances are,
annual outlay of $40,000,000 a year for the next five
years is contemplated.
In lending the new funds, Dr
Cooke will reduce the interest rate from
3 to 2.75% and will extend the amortization period from 20 to
Ratifies
battleships at
those objectives,
An initial $50,000,000 supplied by the Reconstruction Finance
jeopardized by utilizing it as
on
building of "pocket
swing."
$50,000,000 To Be Lent This year
provided for
of non-construction" between the battleship and cruiser classes, to prevent
$410,000,000
country's
6,000,000
supply of cheap government-financed electricity.
conservative estimate," he said.
"We'll probably do a lot
powerless farms with
more
his
more
was
Its maintenance for such purpose is
carrier maximum from 27,000 to 23,000 tons, the
velt
dent
Dr.
similarly treated.
treaty,
maximum
Administrator
time the President also sent to the
Senate for confirmation the nomination of Morris L. Cooke
as head
of the REA.
Mr. Cooke has been Administrator
under the temporary organization.
allotment
not
are
Washington dispatch of May 18 to the New York "Her¬
new treaty as follows:
Cooke
Norris-Rayburn bill, authorizing an appropriation of
$410,000,000 for a 10-year electrification program and also
providing for the creation of a permanent Rural Electrifica¬
tion Administration, was signed on May 21 by President
At the
category
ald Tribune" summarized the
The
Roosevelt.
same
for placing upon the regular
Such is the treaty
President Roosevelt Signs Norris Power Bill
and
tons.
way.
The Rules Committee, howrever, has shown little inclination to allow
any
by the Veterans'
circumstances,
May 18 unanimously ratified the London
providing "qualitative" instead of "quanti¬
tative" restrictions in naval building until 1942.
The treaty
was signed
by the United States, Great Britain and France,
and permits these countries to build any number of ships
they wish, so long as they are constructed within the classes
specified by the pact.
The Senate ratified the treaty after a
series of speeches which, it is stated, showed little enthusiasm
but which stressed the belief that any treaty is better than
none.
On the same day (May 18) the State Department
received a note from Great Britain announcing an intention
to increase British destroyer tonnage from 150,000 to 190,000
A
Democrat, of Georgia, of the Naval Committee,
said there appeared no chance for passage
more
or
The Senate
naval
striction
Vinson,
the
vitalizing the active list.
tative
inspection.
The ifaval construction bill has been placed on the House
calendar,
Chairman Carl
in
A series of limitations
provided for the Justice Department's Bureau of
Investigation, and larger allow
and for sea-safety ship
the
of attracting desirable permanent personnel to the
The major provisions
today the
and
law
New Naval Building
a
also approved
the
Great Britain and France—Treaty Provides
It calls for bringing the Navy man-power to
State, Justice, Commerce and Labor Departments, carrying $116,452,195.
More liberal funds
others
purpose
of relief
Senate
Mr. Hoover to Get 225 New Agents
Roosevelt
with
vital to the national defense and should not be
and other defense equipment.
President
whereby ex-members of the military forces may
accordance
the permanent personnel of the Naval Service
on
date to the New York "Herald Tribune":
and
in
justification exists for singling this ex-officer out for preferential
no
service and of
President Roosevelt
fact that there has been provided
obtain relief, that such relief in this case has been granted
Administration
the
ment
means
incurred in line of duty in time
was
Furthermore, the retirement system of the regular Navy
of exports to the United States through third countries.
President
The President said
disability.
that the retirement system of the regular
Navy should not be "jeopardized" by using it as a means of
relief for persons other than the permanent personnel of the
Navy. After summarizing Commander Meriwether's record,
the President in his veto message said:
message
Granting that this officers' disability
question
Japan was a
However, the negotiations
control sufficient
in his
of war, consideration must be given to the
and Japan stated that her refusal to enter the agreement was
she felt
regular Navy with annual compensation of $2,887, as com¬
pared with the $15 a, month he is now receiving from the
explained.
Results
with
3437
Veterans' Administration for
New York
the
to
Chronicle
conclusion that this
was
all he had to say at this
when asked if efforts to obtain new legislation would be made
this session,
replied rather emphatically that he would make no further
comment.
The
majority Supreme Court opinion on May 18 said
that the Act was invalidated because the price-fixing clauses
were
new
inextricably entangled with the labor clauses.
The
bill eliminates the labor clauses and provides instead a
Federally supervised system of price-fixing in the bituminous
Financial
3438
coal
A Washington dispatch of May 20 to the
industry.
New
outlined its terms
Commerce"
''Journal of
York
as
crop
emergency
Columbia
more,
Salt Lake
follows:
introduced in Senate and House today retains the penalty
measure
the production of soft coal, with a drawback of 90% conditioned
tax upon
form of
other
some
An effort to sub¬
code provisions by operators.
compliance with
upon
stitute
penalty
City and Spokane.
principal provisions attacked
by opponents of the law.
Under
its
a
National Bituminous Coal
the
terms
recreated with
industry, two the employes and three the
The
counsel
of consumers'
office
additional member to the first
which have had but one representative each.
named groups
two
gives an
The increased number
public.
Commission would be
membership of seven instead of five as in the original law,
with two members representing
is retained
but
the Coal Labor
not
Board, since the duty of the latter was to enforce labor provisions which
Twenty-three district boards of producers, as in
held invalid.
the court
the invalidated law, are
with
changes in phraseology, are salvaged by the new bill.
some
.
recognized
impelling feature in the consideration of its validity.
as an
Part
As
a
it is said "that regulation of the sale
burden and obstruct interstate commerce
nation, and disorganize,
regulation of prices thereof and of
in bituminous coal, with the result that
therein is necessary to promote interstate
unfair methods of competition
bituminous
in
coal resources
marketing of such coal that waste the
of distribution and
commerce
of bituminous coal is imperative
interstate commerce
of such commerce; that there exist practices and methods
for the protection
of the
of Enacting Clause
part of the enacting clause,
and distribution in
and
coal
to
and
burdens
remove
obstructions
therefrom."
^Heretofore the courts have not been unduly impressed with these perora¬
tions.
It
the court to recede from the
move
position taken in the child labor
Opposition by a group of coal operators to the pricefixing provisions of the bill was indicated in a telegram
addressed on May 21 to Senator Wheeler, chairman of
the Interstate Commerce Committee, and Representative
Robert L. Dough ton, chairman of the Ways and Means
Guffey Coal Act recently declared invalid by the
Supreme Court.
same
formidable opposition exists
to the proposed reenactment of its
We believe that
governmental price fixing to increase the
scheme of
a
not
be
The theoretical price-fixing plan proposed cannot
help the industry.
honestly applied in practical operation.
Enactment
of this
bill
the liquidation by the Commodity Credit Corporation of
approximately 4,000,000 bales of 12c. loan cotton.
The
measure, which has been sent to the House for approval,
permits
The signers of
Bradley, James
Clemens, J. D.
terson, J. Noble
period from Feb. 1 to Aug. 31 of each succeeding year,
the
thereafter, the borrowers may repossess 1,000,000 bales of
their cotton under the terms of the resolution, which also
provides that "when there remains not more than 500,000
bales in said loans the CCC shall take such steps as it deems
best to
The
may
be
Loan
notes
Provide
Would
been sent to the Senate Committee on
Agriculture and Forestry.
In Associated Press advices from
has
Washington, May 13, it was stated:
Broadly, it
(the
bill)
the
would
owner
create
a
Crop Insurance Corpora¬
farm could purchase insurance
agricultural commodity.
Premium charges would be based on actual cost, and any profits to the
Corporation would be used to reduce premiums on subsequent policies.
George N. Peek, a former New Deal Farm Administrator, who has
been active for a number of years in both the Republican and Democratic
parties in behalf of farm legislation, said the principles of crop insurance
were "well worthy of
consideration" by Congress and the national political
against
natural
all
damages
to
growing
any
had
"I would keep the
"There is
insurance
with
Chester
government out of it
reason
no
limited
said
the
for
have
been
as
possible, however," he
Farm Bureau
political party
representative' of the American
national
eventually must include
"We
far
government support."
Gray, Washington
Federation,
as
agencies could not provide adequate crop
private
crop
farm
program
under
any
some
system
of national crop insurance
the bill
regardless of whether the Farm Bureau will be with him on every point."
Henry A. Wallace, Secretary of Agriculture, withheld immediate formal
10
years,"
comment.
other
he said,
He would be
members
would
"and I
on
am
glad
the board of
be appointed
Senator Pope introduced
directors of the
by the
Corporation.
Two
President with the advice' and
consent of the Senate.
Fixes Deadline for Applications for Emergency
Crop Loans—May 31 Set for Southern and South¬
FCA
western
States
and
June
Other
15 for
The Farm Credit Administration announced
States
May 19 that
May 31 has been set as the final date for receiving
gency
emer¬
loan applications in most of the Southern and
15 in all other States.
The
crop
Southwestern States, and June
announcement
Loans from
farmers
being
who
said:
the 1936
cannot
received
by
,
emergency crop
obtain
the
local
operating in most counties,
credit
loan funds
from
emergency
and
Corporation
Finance
the
holding
this
on
Washington
statement,
advices,
the following
to
with
proceed
this
This
in
by Senator
Its fate in the
toward
the bill
lower
body willing to act
approval and be called
Chairman
Smith,
of
\ithout
extremely doubtful, in that
tended
as
D.
the Senate last week
somewhat
In addition,
possible significance.
the
year
House is
have
which, if enacted,
to 750,000 bales.
Congress
Ellison
Agriculture, passed
on
loan
bales of the
1,000,000
to
detract
from
there is yet to appear a
the bill's pilot should
it gain
for vote.
up
government officials
sufficient
able.
the opinion
1,000,000 bales of loan cotton this crop season, pursuing
many
has
least
pending bill
determination
reaffirming its
seen
at
April 4 the CCC announced that it would proceed' with the liquida¬
tion of
of
sponsored
attitude
of
a
was
of
repossession of such cotton this
Committee
record vote.
or
member
On
despite
legislation,
Senate
the CCC
liquidation
the
season,
will restrict
the
to say:
On
and
private cotton
traders
to absorb this surplus before the
strength
that
new
29,
April
reaffirmed
following trade reports that this policy
its
the
crop
market
is avail¬
position.
was
wavering,
Uncertainty in Trade
precipitated
to
cotton
whether
"750,000-bale"
uncertainty
enactment
in
of
the
the
with
proceed
sale
of
resolution early last
trade.
measure
already liquidated by CCC would
could
agency
Smith
the
immediate
ascertain
that
of
passage
Merchants
this
session
be included,
750,000
bales
in
would
or
week
unable
were
mean
whether the
addition
that
to
already sold.
The plan
its
to
in
page
of the CCC of April 4 to release 1,000,000 bales
cotton holdings
of
issues
our
to producers by Sept. 1 was referred
April
11,
page
2431,
and
May
2,
2931.
United
States
Senate Approves
Bill Making FACA
Independent Agency of Government—Authorizes
Foreign Names for American Wines—Bill Would
Remove Obsolete Provisions of
Liquor Laws
May 19 without a record vote approved an
omnibus liquor tax bill, and sent the meausre to the House
for concurience in various amendments.
The bill, which
passed the House on Aug. 22 last year, is designed "to insure
the collection of the revenue on intoxicating liquor, to pro¬
on
other
crop
are
being made only tq
Applications are
sources.
and
feed
loan
disbursements made through
committees
the regional
vide for the
more
and
insurance.
working toward
on
of the Reconstruction
this terse statement,
In
The Senate
conventions.
said.
in any event it will accept
1934-35 CCC Form M, delivered or postmarked to
May 17, to the New York "Journal of Commerce" of May 18
of
Federal
operator of a
or
the
but that
prior to midnight, May 31, 1936.
Senate
Pope, of Idaho, on May 13 submitted to the Sen¬
ate a bill to provide Federal crop insurance for farmers.
The measure, which would create a Federal Crop Insurance
that
indicates
1936,
1,
Crop
Senator
tion from which
releases
Agency
CCC's
Senate
in
which
bales of the 12c.
1,000,000-bale allotment
the release of 724,107
requests for
cotton,
reached by June
requests for
the
Insurance for Farmers
Corporation,
loan
11c.
committee
Introduced
received
has
CCC
and
measure's
the telegram were 0. L. Alexander, J. G.
Walter Carter, W. J. Cunningham, Ira
Francis, Eugene McAuliffe, R. D. Pat¬
Snider and Grant Stauffer.
plan for the liquida¬
a
Sept. 1 of 1,000,000 bales of government-owned cot¬
ton, issued the following statement on May 17:
the
conduct of
April 4
on
tion by
CCC
Measure
liquidate said remainder."
CCC, which adopted
the
businesses.
own
borrowers to repossess their cotton in an
750,000 bales by Aug. 31 next.
During
the
amount not to exceed
and they will be kept in
uncertainty for another year as to their legal position in the
their
joint resolution sponsored by Senator Smith, of South
A
debate
test its validity,
of
Held
Cotton
Carolina, was passed by the Senate on May 13, regulating
operators in self-preservation to
force coal
will
immediately institute suits to
Loan
12-Cent
of
Bales
Liquidation
Regulating
Measure
Passes
4,000,000
by CCC
will hurt and
price of coal to American homes, railroads and industries
date as the other
States.
Senate
staple
price-fixing provision.
included in the
States except Kentucky, which, although
territory of the St. Louis office, has the May 31 cut-off
Southern
We are confident that
the
The
Oklahoma,
Kansas,
Texas,
Tennessee,
June 15 is the final date for receiving applica¬
New Mexico.
other
in all
Commenting
majority of the industry opposed the original act.
Askansas,
Louisiana,
Mississippi,
Colorado and
tions
Committee which said in part:
Undersigned oppose the reenactment of the price-fixing provision of the
applies to the States
for receiving applications
deadline
31
by the regional offices at Columbia (S. C.), Memphis, Wichita and
Dallas.
These
offices serve the
Carolinas, Georgia, Florida, Alabama,
imposed as a means of regulating industry.
decision in respect of a tax
15.
May
May
served
unfriendly to the general
commented today by interests not
of the legislation that this declaration in the bill probably would
purposes
not
was
The
.
.
judiciary with the desire that the motives behind the legislation be
the
business
bill, its creators have reverted to the growing
practice of providing a preamble, presumably designed to impress
common
than
more
retained, while various other marketing provisions,
In the drafting of this new
than last
for emergency crop loans are less numerous
especially in areas showing a marked improvement in farm income,
150,000 emergency crop loans had been made at the close of
year,
is expected to
compliance
exact
to
be made since the tax feature was one of the
Balti¬
Paul,
and feed loan offices located at Springfield (Mass.),
(S. C.), Memphis, St Louis, Dallas, Wichita, St.
Although requests
The
1936
23,
May
Chronicle
laws relating to the taxation of
&c."
As passed by the Senate it
amendment sponsored by Senators Johnson
enforcement
intoxicating
contains
efficient and economical administration
the
of
liquors,
an
and McAdoo which would lower the taxes
on
domestic sweet
wines and would
permit American wine makers to use foreign
names
on
their products.
Senator King on May 19 ex¬
plained that the bill seeks to collate liquor laws, some of
which were 60 years old, and various Treasury regulations.
Senator King also points out that "the last title of the bill
makes
a
the
division
Federal
of
establishment
Federal
the
of
Alcohol
Treasury
the
Administration—which is
now
Department—an independent
Government."
The
creation
of
the
Alcohol
Administration, under a bill passed by
Congress last year and signed by President Roosevelt on
Aug. 29, was referred to in these columns Aug. 31, 1935,
page 1376, and in our Sept. 28 issue (page 1997) we gave
the text of the
A
measure.
Washington dispatch of May 19 to the New York
"Times" outlined as follows the principal provisions of the
bill passed by the Senate that day:
Volume
Financial
142
While most of the provisions were
sections were of
of
technical nature having to
a
general interest.
He read to
of New York wine growers.
amendment on behalf
the Senate a telegram from Charles
the Johnson-McAdoo
Senator Copeland opposed
Wine Growers
Champlin, President of the Finger Lakes
D
They both
of the Urbane Wine Co. of Hammondsport.
use
Association and
Underhill, President
protested against
and one from E. S.
of the Pleasant Valley Wine Co.,
the
do with
practices, some
packaging, and other trade
administration, labeling,
tax
made
several
described
conspicuously
actually produced, which must
Port,
permissible:
being
as
marsala, claret, vermouth, barbera, cabernet,
specified
burgundy, sauterne,
champagne,
sherry,
Rhine, moselle, chianti, chablis, tokay,
haut sauterne,
be displayed as
The following types were
the foreign name.
as
bear
be qualified by the name
of foreign origin, provided the description
malaga, Maderia,
St. Julien, riesling,
Zinfandel,
of foreign origin."
It was explained,
however, that the amendment would not permit
the use of such vintage names as Chateau Marguey, Chateau LaFitte,
them an allowance for
entire taxable year in¬
follows in
as
dispatch from Washington to the
a
"Times":
give the taxpayer the option
action to
applied, rather than running
derived.
how much income was
see
of computing
which the pro¬
through each separate trans¬
income on commodities to
the basis of average
on
cessing taxes
would permit wines to
The amendment, which the Senate adopted,
of the locality where it is
among
stead of any part of the year in computing the extent to
which they were enriched by processing tax refunds or abate¬
ments.
Other decisions of the Committee on May 20 were
the tax
Would Permit Foreign Names
names
amendments,
to take the period of an
processors
Another amendment would
domestic wines.
of foreign names to describe
3439
Chronicle
clarifying amendments,
refund of processing tax
proceeds to intermediate processors, jobbers and retailers who were placed
at a disadvantage with collapse of the Agricultural Adjustment Act.
House provisions for a tax on non-resident aliens were changed, softening
this levy on residents of contiguous countries, such as Canada and Mexico.
approved, but also with
The committee likewise
the provisions of the
House bill relating to the
Medoc, Cognac, "or any other geographic name
Yquem,
Chateau
and
similar
have been registered
which
titles
in the
United States.
be
might
sold
opposition came from Senator Overton,
of
manufacturers
his
of the
part
The
speaking for the blackstrap molasses
whisky or
as
by Senator
Mr. Barkley
of anything he
He was joined
country.
Barkley of Kentucky, center of bourbon whisky
defended the right of any farmer to
gin was defeated.
production.
make ethyl ald&hbl out
and to sell it as whisky.
grew
Plan to
Incomes and
Undistributed Surplus—Increase in In¬
Income Taxes Abandoned—80% "Wind¬
Committee
Finance
Senate
Compromise Tax
Impose Flat Levy of 18% on .Corporate
7%
on
dividual
fall" Levy is
Retained
Senate Finance
The
Administration's
May 21 revised the
bill to substitute for heavy taxes
on
on
undistributed corporate surpluses a compromise plan
which would tax corporation income a flat 18%, impose a
flat 7 % tax on income withheld from distribution, and would
In
addition
the
payments would have resulted
tax
on
from the fact that money
projected flat 18% tax on total corporation income, since it
would have been subject
on
Harrison asserted the
Senator
"somewhere
The
lowers,
the
a
and
Harrison
Chairman
by
led
Senator
withdraw and vrite their own bill if the
to
threatened
earnings, as it promised for
to do.
Under
its
as
The committee, he
principal provision of the
the
surpluses."
approved was an amendment
Also
Connecticut, to permit insurance
counted
1.
2.
An
distribution
of corporate surpluses
President."
dividends subject to the present normal income
but the committee rejected suggestions for boosting the latter
suggestions of the
plan would make
The
4%,
5%.
The
morning session, involving a
Senate early
figures were submitted to
by the Treasury on May
No. of
increase in the corporate income tax
75
of all corporations except
Dividends paid—less than
profits tax and accorded a
bill passed by the
45%
than 45%
89
and less
than 75%
Dividends paid—more than
5.
Statutory
corporations exempted from
special 15% flat rate in the
6.
Statutory net loss,
but
House.
560
of $1,000 for corporations with
earnings of $20,000 or less, allowable both in computing the 18% income
tax and the 7% levy on undistributed profits.
4. Retention of the capital stock tax at the full rate of $1.40 per thousand
net income less
dividends received
than $1,000,000,
more than $1,-
000,000_-.
but dividends
of $1,000,000
excess
7.
118
278
75%
Sub-total
banks, trust companies, insurance com¬
the undistributed
on
Dividends paid—none
3. Dividends paid—more
from the present graduated
addition to the 18% levy) on the undistributed
received in
value of a corporation's stock,
as
in the present law
profits tax.
5. Full application of the normal individual tax of 4%, as well as sur¬
taxes, to corporate dividends in the hands of shareholders.
6. Deletion from the House bill of Section 27 (J), providing drastic
Tax Paid
Under BUI
$27,004,893
35,099,710
$96,570,286
78,791,731
81,465,352
138,017,237
"86,808,484
26,052,353
$281,587,191 $288,222,854
2,868,947
69
24,063,837
125,412,358
776
Grand total.
147
$284,456,138 $437,699,049
284,456,138
exemption from taxable income
the declared fair
Tax
Corpo¬
rations
Item
4.
123^ to 15%, to a flat rate of 18%.
An
"good deal of cross-fire."
the Committee
15, recapitulating the income tax
status of the million-dollar corporations fpr the year 1934,
and estimating the status of the same companies under the
maximum rates on undistributed profits as carried in the
The following
2.
New Measure
panies, corporations in receivership and other
3.
Harrison said, was approved by an 18 to 1
committee "had a great deal of controversy at
compromise, Chairman
He told reporters the
House bill, imposing a
bill which it expects to report to the
basis of the
A super-tax of 7% (in
income
not be
far-reaching as the bill passed
not as
of undistributed profits, with rates
week, the committee adopted the following:
scale of
Democrat, of
payable to the Govern¬
corporation tax plan, Mr. Harrison said that it
by the House, but would compel
and therefore would "carry out
Reverting to the new
the
1.
As the
by Senator Lonergan,
to be taken out,
taxes. The amount of the policy would
in the estate unless it was greater than the estate tax.
ment, for meeting estate
high as 42 ^ % of the total net income, was
Basis of the
next
strengthen a section of existing
corporations which build up "unreason¬
said, also agreed to
providing for penalty taxes on
law
and in its
tax on
of the $623,-
the remainder of the money.
would get
virtually obliterated,
place was inserted a new flat rate on corporations, with a super
earnings withheld from distribution to stockholders.
ranging
would fall considerably short
House bill:
terms
corporate tax strictly on the basis
new
LaFollette,
committee overthrew entirely
principle of a levy on undivided corporate
time
individuals.
in which Administration fol¬
agreement followed a heated dispute
to the yield.
sought by President Roosevelt to meet the
cost of the new farm program and prepayment of the bonus.
Chairman
Harrison had no definite reply when he was asked where the committee
vote.
proposal, to increase the normal income tax on
would
Treasury had been
$500,000,000" and said the
indication was that it
first" during the
the Committee turned its back on the
8.
compromise corporation tax plan
some
One
000,000 of permanent revenue
said in part:
compromise,
over
asked to submit exact estimates as
The
bill
:
divided the members 11 to
vote had
to
the
committee had made
greatly at odds was the committee during today's session that
members at one time threatened to leave the committee chamber.
indicating the action of the Senate Committee on May
21, a dispatch from Washington to the New York "Times"
reaching
date as follows:
So
In
In
advices of May 21 outlined
expected it to be able to report out a
early next week.
tax of
undistributed corporation earnings.
of contiguous
Pat Harrison said the
"very good progress" and he
would not have been distributed to stockholders,
7% levy
for personal
taxation, on income received
citizens
compromise plan decided upon on that
was
pay a
would have an exemption up to
Under the Senate provisions
that
Associated Press Washington
the
able
stated:
recommendations made
in American securities.
this would be retained
countries would have an
additional exemption for personal service income of $400 for each dependent.
The Senate plan would also grant the exemption of $1,000 as well as
$400 for each dependent to non-resident aliens who were employed or
maintained an office or other place of business in the United States.
with
the Com¬
Yesterday (May 22)
it was reported in Associated Press advices from Washington
that the Committee had agreed to eliminate from the com¬
promise plan a "tax on taxes."
In these advices it was
annually which Senator Harrison, Chairman of
mittee, had forecast earlier this week.
The tax
This was in line with
$1,000, to be free entirely from
services in this country.
provide an exemption of $1,000 from taxation for corpora¬
tions making no more than $20,000 a year.
Present capital
stock and excess profit taxes would be retained.
The Com¬
mittee vote was 18 to 1.
Previously the Committee had
considered increasing the normal income tax on individuals
from 4% to 5%, but this proposal was abandoned.
As a
result, it is estimated that the revenue from the new bill
would be somewhat less than the $620,000,000 additional
to a
placed at 5%.
a
House bill non-resident aliens
the
raise
used to
was
of
by representatives of Canadian investors
Smiling broadly, Chairman
Committee
revenue
countries
of 10% to be
non-resident alien's income derived
States, but the rate for nationals of adjoining
withheld at the source, on that part
from sources in the United
which
alcohol
limit grain distillates
by Senator Murphy proposing to
An amendment
all
Modified
Tax on Aliens is
approved in general the House levy
The Senate committee
$153,242,911
8.
Public
more
cess
utility corporations with dividends
than $1,000,000 or net income in ex¬
of $1,000,000
192
71,264,598
60,331,089
together with its companion, the excess
restrictions
an
dividend
on
integrated
for
distributions
among
corporations in
and retention of the provisions
subjecting only 10% intercorporate dividends to taxation
of present law
as
credits
holding company system,
income in the hands of the receiving corporation.
Life Insurance Exemption Voted
In addition
Committee
to
these
adopted
estate taxes the
for the purpose
an
provisions of the corporate tax compromise, the
amendment to the present law
exempting from
proceeds from life insurance policies taken out specifically
of providing for payment of death dues to the Government.
A
Washington dispatch of May 18 to
outlined President Roosevelt's
"Times"
the New York
attitude toward
changes as follows:
tax bill
said, was a measure promising the
$620,000,000 in permanent additional
annual funds with which to finance the new farm program and prepayment
of the bonus, and a total of $517,000,000 to be spread out over a period of
one to three years, to repair the current deficiency in the budget caused by
the Supreme Court's invalidation of the agricultural processing taxes.
The undistributed corporate profits tax was pictured as a mere sugges¬
tion offered by the President as a means of raising the revenue without
any actual increase in present rates or the addition of any new form of
All
Mr.
Roosevelt wanted, it was
full amount
of revenue, including
taxation.
on May 20 approved the so-called "wind¬
intended to recover at least $100,000,000 in for¬
merly impounded or uncollected processing taxes.
It re¬
tained the rate of 80% on "unjust enrichment" from this
source, the same rate as carried in the House measure, but
The Committee
fall" tax,
These new
representations as to the
President's attitude—the last one,
Senator Harrison, was understood to be that he
would insist upon the principle of the corporate profits tax as well as upon
the full yield—did not serve to simplify the task of the Finance Committee
in rewriting the House tax bill.
made by
the President to
3440
Financial
Committee members
less certain
were
finally recommend to the Senate since,
tonight
Chronicle
the form they would
as to
There
they put it, the Administration
as
Bankers
had practically removed the definite guides as to what it really desires.
clinging to the plan advanced by them last week of increasing both
cretionary jurisdiction
the
undistributed corporate profits.
on
Treasury submitted detailed
program as outlined would produce
follows:
as
$642,000,000 in permanent
normal rate to
dividends in
all undistributed
on
the
sentatives
hands
of
-
of
tax
35%
all undistributed corporate profits above 50%
on
corporation's net income,
a
$107,000,000
as
suggested by Chairman Harrison,
total of
a
could be garnered.
more
They testified also that
concerned the
of broker and dealer
additional
an
by retention of the capital stock and
$168,000,000
excess
could be obtained
No broker
AAA
of
Submits
New
Sugar
Control
House
Committee—Designed to Strengthen
Jones-Costigan Act
The House
Committee
May 15 of a
the Agricultural
on
Agriculture
on
the
was
drafted by the Sugar
measure,
recipient
Section of
Adjustment Administration, designed to
strengthen the Jones-Costigan Sugar Control and Allotment
Act.
It
stated
was
in
Washington press accounts that the
bill
is, with the exception of a few minor and technical
changes, similar to a bill recently introduced in the Senate
new
by
Senator Harrison of Mississippi, at the request of Sen¬
Costigan of Colorado.
This measure is at present
before the Senate Agriculture Committee.
The Washington
advices
It
(of May 15),
Commerce"
in unlisted issues.
comes
mittees, speedier progress
type will
be
May 16, also said
realized.
bills in
toward enactment
The
new
:
both
of
Costigan bill is
Disclaim,
Although
It
now
the hands
in
com¬
of this
of the
drafted
in
the
officials
1.
now
the
event
Among
►
by
the
AAA
this afternoon
Backing
Sugar
Section,
that the bill
is
officials
of
that
Administration
an
group
measure.
said, however, that "this bill will probably be the Administration's
was
the
legislation
sugar
changes
provided
is
in
decided
upon
bill
the
this
outlined
session.
this
afternoon
by
were:
"roof"
A
is
placed over benefit payments to cooperating producers, the bill
offering 373^ cents per 100 pounds of sugar, raw value, instead of the 50 cents
An alternate rate of payment comparable to the scale offered
originally proposed.
under the
2.
The
sugar
new
soil conservation program is also offered.
latter
feature
with
program
.
.
the
of
paragraph above is seen tending to "tie in" the
soil program, a move not anticipated at the time
the new
legislation of this type was originally proposed.
3. The bill provides quotas for all producing areas supplying this country with
sugar—the States themselves as well as territories and possessions.
The
bill
bill
to
beets
the
sugar
with
merce
with
submitted
protect
and
welfare of
and
cane
Cuba
the
to
to
other
and
the
House
Committee
domestic
domestic
producers
of
consumers
foreign
today
nations and
and
bears
of
processors
to
sugar;
title
the
"a
sugar
regulate
com¬
the several
States,
enable the United States to carry out its
respect to sugar;»to
tions
Commonwealth
the
Philippine
are
of
the
for
the
violation
of
bringing in
■market
value
The
bill,
if
of
order
an
bill
the
Senate by
excess
of
Islands,
and
for
other
as
those
in
the
measure
sugar
will
ing Securities
is
a
of Agriculture.
The penalty
fine approximating three times the
effective
immediately
after
approval
Exchange Act Returned
to
Senate
Changes
Reference
.
House
by
Interstate
Representative
brought
and
up
Foreign
Compton
immediate consideration.
After
the
to
passing of the measure by the Senate
made in our issues of April 25, page 2754,
page 2918; in the latter item it was inadvertently
stated that the exemption of unlisted securities from regis¬
tration under the Securities Exchange Act had expired on
May 1; as previously noted the date is June 1.
April 24
and May 2,
on
was
New York Stock
Exchange "Subordination Agreement"
by State Supreme Court—Defendant
Sustained
Upheld in Case Where $95,000 Was Lent to Purchase
Seat
John M.
MacCrate of the New York Supreme
May 14 upheld the validity of the New York
Stock Exchange's so-called "subordination agreement," which
is required to be filed when any part of the purchase price
of an Exchange seat is supplied by some one other than the
purchaser.
The decision was handed down in a suit by
Frank McCabe and others against Barney Peek, a floor
member of Gordon, Graves & Co. of New York City.
The
plaintiffs sought to enjoin Mr. Peck from using the seat
and to compel its sale.
They contended that they had
advanced $95,000 toward the purchase price of the seat
with the understanding that it was to be held in trust
pending the formation of a partnership by Mr. Peck and
Mr. McCabe.
The partnership was never formed.
The
New York "Times" of May 15 concluded a description of
Court
the
on
case
Mr.
follows:
as
McCabe
right to
protested,
the seat.
use
invoked
the
I.
in the
House
Commerce
White,
under sponsorship
Committee.
Democrat
of
An
Idaho,
of the
subordination
Stock
the
agreement
of the
Exchange,
The
of
Court
lenders
was
a
and
as
if that
even
held
long
Exchange
then taken
was
provides, among other things, that the
filed
with
Mr.
upheld
to
Peck's
Mr. Peck
court.
Exchange,
the
which
advancing the money shall
person
the purchaser of the seat remains a member
the lifetime of the member.
means
that this agreement put the parties in the relationship
borrowers,
trust agreement
that
no
subordination
the
declaration
agreement
valid
was
by the Court that the transaction
.
New
Jersey Fair Trade Act Held Unconstitutional by
In
an
opinion filed in the Chancery Court at Trenton on
May 15 by Vice-Chancellor Alfred A. Stein, the 1935 New
Jersey Fair Trade Act is held to he in violation of both
the State and Federal Constitutions.
Chancellor's opinion,
became
we
Even
where
provide
such
is here
statute
attempts
brief explanation of the measure by Representative Sam
Rayburn
Democrat of Texas, Chairman of the Committee, the bill was
passed.
to
The
Newark
bureau the
sought
appeal
Suit
from
was
to
Mr.
"News,"
an
or
is
and
emergency.
upheld,
it
recitation
must
of
an
the
Stein's
started
Pharmacal
restrain
price of
State
articles not "affected
in
and Federal
reporting
last
a
Constitutions.
from
its
Trenton
findings, said.v
statute
Co.,
to
prevent
price-cutting,
of
Bros.,
selling products of
stated
an
ruling is contemplated.
November
by Johnson
Hillside,
and
&
Johnson,
of New Bruns¬
Colgate-Palmolive-Peet
Co., both having plants in Jersey City.
Weissbard
with
the purchaser and the
for four manufacturers of pharmaceutical products,
enforce
Bristol-Myers
Lambert
from
crisis
contract between
a
our
Vice-Chancellor's
Merritt Lane, counsel
to
a
emergency
limitation
Such
the
fix
the absence of
seller, and is violative of both
cut-rate
retail
the complainants
firm
at
with
Co.,
They
stores
in
prices less than
and
sought
Newark,
those
fixed
by the manufacturers.
objection
prevented
Later Mr. "White withdrew his objection.
duration.
of
from
an
absent.
public interest" in
wick ;
of
in this country since
that the business of complainants'
suffers
born
to say:
on
retail trade
setting out his conclusions the Vice-Chancellor ruled:
The
who
appear
articles
legislation
limitation
a
emergency
In
It does not
branded
or
He went
has characterized' the
Nation.
a
trade-marked
According to the Vice-
"the statute is designed to eliminate
competition among retailers."
,
a
but
The matter
not demand its return so
Free competition
The Administration's bill amending the Securities Ex¬
change Act of 1934 so as to continue after June 1 the privilege
of trading in unlisted securities on national securities ex¬
changes, was passed by the House on May 21 and returned
to the Senate for concurrence in several minor
changes made
by the House Interstate and Foreign Commerce Committee.
The Senate had previously passed the bill on April 24.
As
approved by the House, the measure exempts banks from
the regulatory provisions.
The bill, which was drafted by
the Securities and Exchange Commission
following a study
of unlisted and over-the-counter
trading, continues unlisted
trading on national securities exchanges under the super¬
vision of the SEC and also requires the
registration of
over-the-counter brokers and dealers.
The provisions of the
Securities Exchange Act provide for the termination of
unlisted trading departments of exchanges after June 1.
In reporting the action of the House on
May 21 in passing
the bill, advices from Washington that
day to the New
York "Herald Tribune" of May 22 said:
was
unlisted
response to a report on
Exchange Act of 1934.
Vice-Chancellor Stein
become
for Concurrence in Minor
bill
Senate Banking and Currency Com¬
called upon to make under the Securities
was
Senator Harrison, imposing fines of $1,000 for
House Votes to Continue Trading in Unlisted Securities
on National Securities
Exchanges—Measure Amend
SEC
first sponsored by the
suggestion of the SEC and in
sugar.
enacted,
Exchange, have unlisted
by the Secretary
quota
such
same
by the President and shall continue in full force until Jan. 1, 1941.
The
Chiefly Affected
trading department bill, is particularly
Most of the other stock exchanges, except the
trading, which the Commission
and that there should be
provisions
introduced in
each
was
mittee at the
obliga¬
among
purposes."
Penalty
of any means or instru¬
trading departments.
Justice
House and Senate
strengthening law
a
Senate Agricclture Committee.
would not admit
or
New York Stock Exchange and the Chicago Stock
appearing in the New York "Jour¬
as
of
explained that with similar
was
The pertinent section in the
of the mails
use
New York Curb
ator
nal of
dealer shall make
The measure, labeled an unlisted
The bill
Section
to
or
important to the New York Curb Exchange, because its principal trading
Progress of the revenue measure was last recorded in the
"Chronicle" of May 16, pages 3275-77.
Bill
wording of the Senate bill relative to the type
"person" making transactions in securities, to be
or
profits levies, which President
originally suggested.
,
mentality of interstate commerce to effect any transaction in, or to induce
the purchase or sale of, any security (other than commercial paper, banker's
acceptances, or commercial bills) otherwise than on a national securities
exchange! by means of any manipulative, deceptive or other fraudulent
device or contrivance.
The Commission shall, for the purposes of this
subsection, by rules and regulations define such devices or contrivances as
are manipulative, deceptive or otherwise fraudulent.
Roosevelt proposed be dropped in the revision of the corporate taxes as he
Sugar
traded,
bill that passed the House now reads:
profits—
corporate
The Treasury experts told the Committee that by the imposition of an
additional
under dis¬
be
to
are
disputed by banking and municipal bond dealer repre¬
brought under control of the Commission.
flat rate
$225,000,000.
of
to issues which
as
law existing commission regulations cov¬
Disputed Provision
The provision
Increase in the corporate income tax to a flat rate of 18%—$244,000,000.
7%
SEC
1933 Securities Act to obtain periodic information on operation
new revenue,
Increase of the individual normal rate from 4 to 5%—$60,000,000.
a
of the
permanent
predicting that the
shareholders—$113,000,000.
Imposition of
of the
use
today
'
new
into
bill writes
from companies which have no securities registered on exchanges.
estimates
■'/
Full application of the
bond dealers had
of municipal
ering registrations of over-the-counter brokers and dealers and provides for
Yield Estimated by Treasury
The
and representatives
Besides continuing unlisted departments of stock exchanges,
the individual and corporation income taxes and inposing a mod est
super¬
tax
Association
Mr. Rayburn explained that the American
approved the amended version of the bill.
For the time being, but only tentatively, the majority of the Committee
was
May 23, 1936
opposition debate.
was no
Samuel
attacked
Kaufman,
Department Stores Enter
counsel
for
Weissbard,
filed
an
answer
in
which
he
constitutionality of the statute.
L. Bamberger & Co., Kresge
Department Stores, and Hahne & Co. asked leave to be admitted as parties
defendant to join Weissbard in testing constitutionality of the Act.
Mr.
Volume
counsel
admit
to
appear
Mr.
Financial
142
refuse;!
Stein
Lane
them
consented
but
parties,
as
strike
to
Kaufman's
Mr.
out
answer
individual
constitu¬
to
as
motion but does not
dispose of the bill of complaint filed by him.
Should no appeal be taken
or
should the upper court sustain Mr. Stein, however, the opinion would
tionality.
Stein's
Mr.
denied
opinion
Lane's
Mr.
New
held
York
Fair
Trade
unconstitutional
the
in
identical
Act
New
Court
York
of
7,
Jan.
Appeals,
when
prices lower than those fixed by publishers.
Stresses
In
Jersey statute was
Macy & Co. from selling
Doubleday, Doran & Co. sought to restrain R. H.
books at
his
the
in
answer
Kaufman
contended
New
suit
ment,
was
it
that it
in
He
"protects the public against injurious and uneconomic practices."
"nobody has
argued
considered
absolute rights" and that all rights must be
any
He asserted the Legislature could
affecting the whole public.
as
curtail individual
right in the interest of the whole public.
Mr.
Stein
ruled
factured by the
"The
their
commodities here
inclusion
differ
in
in
country."
the
is
and
by
the remaining property in
public
variety
as
to warrant
public
a
other
of
They
use.
articles
com¬
throughout
merchants and private dealers
makers of
loose
He
which
in
manner
commodities.
the
the
Legislature vested
wrote:
law,
enacted
such
policy
created
to
the
hands
an
action
of
the
in
Here
the
with
police
large measure of
a
power.
the
administration
But
the
for
guidance
is
it
sufficiently basic standard,
Trade Act)
the
and
producers,
statute
novel
reposes
rather
delegates
the
of
and
agency
drastic
and
cal taxes,
and
although the town would be required to furnish additional fire
police protection and extend its educational system to care for the
estimated additional 3,000 persons
who would be brought within its limits
by the 750 families the project would install there.
of
of
the
Resettlement
by
The United States
than
and
in
invests
some
govern¬
not
power,
in
in
in
individuals,
Act."
Administration
District
of
Court
Held
Columbia
Un¬
Court
of
from Supreme Court
Present Affects Only
Associate
on
Justice
Associate Justice
and
directed
Josiah
D.
the
dealt only with the
we
should
involved,"
not,
A.
Van
Orsdel
lower
court
to
issue
H.
N.
the
wrote
majority
and
trial
upon
preliminary
a
injunction,
effect
of the
Court
the
carries
the
to
case
the
decision is to
halt
the
If the Govern¬
Supreme Court and loses again,
then
the
Resettlement Administration
sees
fit to
Dr.
as such must cease to exist unless
Congress
legislation to carry out the specific plans for which
Tugwell's agency
enact
,
new
was
created.
Should the Government not appeal, opinion was divided
as
to the result.
inferior Federal court has power to invalidate the entire
operation
of any law, it was argued that Resettlement activities could
go on in other
localities where they were in better
today's decision would certainly
Resettlement is in
relief
bills
a
very
his
little
purpose
money,
to
the
creation
of the
Resettlement
announcing that consideration
was
conceded that
since the pending
any event,
and
continue
President
resettlement
makeshift through Works Progress Administration.
that
was
precedent in other jurisdictions.
precarious situation in
give it
announced
favor, although it
serve as a
Roosevelt
has
activities
by
But since the decision
Administration
the law, there was some doubt whether this would
In
now
bill
of
"The decision
being given to
went
not
as
a
or
the
"but
remanded for answer
final decree dismissing
to
was
an
appeal, Attorney
constitutionality of the Emergency Relief Appropriation Act of 1935
Ruled Against
by United States Supreme Court
Efforts of commission
men buying and selling livestock
Chicago Union Stockyards to collect rates higher than
those authorized by Henry A. Wallace, Secretary of Agri¬
culture, met with an adverse decision by the United States
Supreme Court on May 18. Associated Press advices from
Washington regarding the Court's conclusions said:
at the
decision
was
1921 packers and stockyards act.
Wallace in
an
order issued Jan. 8, 1934.
March 12.
on
Mr.
on
Resettlement Administration.
The majority expressly suggested that
It
does
the Emergency Relief Appropriation Act of 1935
would be presented in the case of loans and grants
Administration.
Secretary's power
given in two cases involving the
under the
Wallace
was
Court and the dealers appealed
1935, the commission
men
It
Rates were reduced by Mr.
was
modified upward somewhat
sustained by a 3-judge Federal District
Later,
to the Supreme Court.
Nov.
calling
hearing to determine whether it was reasonable.
a
1,
Wallace
Mr.
1935.
on
Oct. 19,
published a new set of higher rates to become
returned
schedule
the
without
The dealers
contended it became effective and were upheld by the same 3-judge Federal
Court.
A temporary
injunction
was
granted
on
April 19, 1934, restraining en¬
forcement of the Wallace rates pending an appeal, provided the difference in
the charges be
with
the
The
deposited with the Court for future disposition in accordance
Supreme Court ruling.
higher rates 'proposed by the
commission men went into effect.
They were required to post a 850,000 bond with the Court to repay to
shippers
The
any
amount later found to be unlawful.
opinion today held that the litigation did not "involve any question
of confiscation."
"The
appellants employ little physical property in their business and no
complaint is made as to the allowance of interest on such as they do em¬
"They render a personal service and the issue before the
ploy," it said.
Secretary
was
not
was
whether the uniform schedule of rates for that service was or
reasonable.
...
"We think the Court correctly held
of
that its function was the consideration
questions raised upon the record laid before the Secretary."
The decision of the Supreme
Court sustaining rates fixed
by Secretary Wallace at the St. Joseph Stock Yards was
referred to in these columns May 2, page 2928.
United
States Supreme
Agriculture Cannot
Trading on Grain
Says Grain Futures
Court Rules Department of
Bar Arthur W. Cutten from
Markets-Unanimous Decision
Act Does Not Apply to Past
The United States
1
Supreme Court in
unanimous decision
on May 18 decided against the Government's action to pre¬
vent Arthur W. Cutten from trading on the grain markets
for two years.
The
Court of Appeals at
a
Court upheld a ruling by the Circuit
Chicago, which had been contested by
the Grain Futures Commission.
Justice Brandies, who de¬
livered the opinion, discussed the Grain Act, and said that
in that law the words "is violating" the Act or "is attempt¬
ing" to manipulate the market price made it impossible to
prosecute Mr. Cutten for acts committed two years before
Secretary of Agriculture Wallace brought his complaint.
The Commission had charged that Mr. Cutten failed to report
his
grain holdings in 1930 and 1931 for the purpose of manipu¬
lating prices.
The Commission was composed of the Secreof Agriculture, the Secretary of Commerce and the Attorney
General.
a
The Supreme Court's ruling was summarized as follows in
Washington dispatch of May 18 to the New York "Times":
Today's opinion sustained that of the Seventh Circuit Court of Appeals,
limited to the particular type of project involved
and,
other activities of the
purport to rule
whole.
that he considered and decided
by the motion to dismiss, including the question of
Efforts by Commission Men to Collect Higher Rates on
Livestock Than Authorized by Secretary Wallace
beyond
I interpret it, was not intended to apply to other agencies of the Govern¬
ment
reads,
complaint does not indicate upon what ground he based his
questions raised
the
be done.
General Cummings said:
as
consider
decision.
but
Project
of Appeals
model housing project at Bound Brook in Somerset County.
held
opinion
the merits.
"The trial justice filed no written opinion, and his
opinion.
Stephens dissented from the majority opinion
Halts New Jersey
new
this appeal,
on
majority
the
Transactions
immediate
already
declared by
was
motion for preliminary injunction.
that
questions
this suit, the decree should be reversed and the case
Lawrence Groner concurred in the majority opinion,
entirety.
no
It
that, should it be decided that the plaintiffs or any of them can maintain
matter.
Associate Justice
Since
preliminary injunction
Stephens that the appeal was not on the final merits of the bill
constitutional
dissented in that portion of the opinion that went into the
constitutionality
ment
a
effective
of
Appeals for the District of
May 18 held unconstitutional the provisions
of
the
Federal Emergency Appropriations Act of 1935
creating the Resettlement Administration, which is under
the direction of Under Secretary of Agriculture Rexford G.
The Court reversed the District of Columbia
Tugwell.
Supreme Court, AVhich had refused to enjoin Mr. Tugwell
from proceeding with a "model community"
project in
the Township of Franklin, N. J.
The majority opinion
quoted frequently from the Supreme Court's decision in
the Schechter case, holding the National
Recovery Act
unconstitutional, and said that Congress had exceeded its
powers
in
creating
the
Resettlement
Administration.
Attorney General Cummings said on May ' 18 that the
decision would only affect the Administration's work on
the New Jersey project and would not prevent its activities
elsewhere.
It was also announced on May 19 that Mr.
Tugwell would continue all activities of his Administration
except the one suburban housing project specifically pro¬
hibited by the Court decision.
A Washington dispatch of May 18 to the New York
"Times" summarized the ruling as follows:
Columbia
The
issue
had ordered dismissal of the bill of complaint.
so
power
policy and rule of action for the guidance of such
administration
Appeals—Opinion Quotes
NRA Decision—Ruling at
New Jersey Project
in its
com¬
of
necessary
definite
a
the administration of the law, but
constitutional
of the
final injunction to
a
through the loss of much of its taxable real estate to the model
The
Creation
which
as
project.
legislative authority, but that the town would suffer from increased
law.
Fair
definite
to vest
power
charged
the
rule
charged with
individuals
of
a
manufacturers
a
the
agency
pursuance
(the
agency.
without
an
establish
and
of
agency
and
in
administer
statute
mental
in
Btatute
a
certain
"The
Consideration
munity project, and because the land taken would not be subject to munici-
all
Delegation of Power
Legislature indubitably has
discretionary authority
the
held not suf¬
was
petition for certiorari."
a
"It must be assumed upon this record
Hits
that
taxation
...
in the
"The
local
the community.
Resettlement project
temporary injunction as well
a
"Defendants insist
great
a
in
Rural Resettlement Administration is functioning were an illegal delegation
of
Justice
such relation to the
from
respect
sold
Stein also attacked the
power
no
undertaking
proposed
increase
Township of Franklin and several of its property-owning citizens
applied for
taxes
He wrote:
bear
on
being given to the question of filing
The
had
•
not involved in the products manu¬
was
the
challenge
substantial
The District Supreme Court had refused to
Ruling
category of business charged with
essential
no
monly bought
Mr.
public interest
complainants.
a
ficient to justify a suit by property owners on that ground.
and
Vice-chancellor Stein's
in
They not only contended that the provisions of the Act under which the
prior to the New York ruling, Mr.
statute
could
result
making such property immune from taxation and increasing the
relative tax burden
restrain the
unconstitutional because
sought to bind retailers under a contract to which they never had been
parties.
The ruling of the New York court was predicated on that point.
Mr. Lane contended the Act was constitutional and for the public interest
Jersey
owners
would
through the withdrawal of property into the hands of the Federal Govern¬
"Contract" Lack
Weissbard
the
it
of the Court's ruling was that the reason why
"The competitive effect of the
the New
with
property
because
was
automatically end the suit in favor of Weissbard.
A
3441
"An important feature
their
having
to
"friends of the court'' to attack the Act.
as
moved
Chronicle
a
different question
by the Public Works
and Mr. Cutten's
had
no
plea that, under the law, the Grain Futures Commission
right to suspend him from the
committed two years before,
The Commission,
merce
and the
served
a
Exchanges for alleged violations
proceedings were instituted against him.
composed of the Secretaries of Agricultural and Com¬
Attorney-General, issued an order and Secretary Wallace
complaint upon Mr. Cutten for alleged offenses committed during
1930 and 1931.
*
Financial
3442
Based
Later he
Cutten
Justice
argued that he could not be barred from trading because
that
penalize him for
Brandies, in his opinion,
that
violations
could
a
+.
Legislation Opposed by Frank F. Brooks,
President of Pennsylvania Bankers Association—
Warns Workers and Investors that Destruction of
Trend
completed transaction.
pointing to
the
detected while
be
not
Government's
Business Revival
said
"impractical and in¬
such
because "the language of Section 6 (b)
arguments,
the face of the statute there
be
can
is clear; and
on
doubt concerning the intention of
no
Congress."
The
Mr.
Cutten
page
filed
the
in
Supreme
Court
in
behalf
columns May
of
2,
2927.
was
referred
in
to
these
will stop business
created
tained in
Necessity
for
forty-second
that
negotiations on an agreement
protection of employees thrown out-of-work as a
result of railroad consolidations was announced by repre¬
sentatives of railway labor and management May 21 after
the
conference with President Roosevelt.
a
The agreement was
reached after five months of negotiations, during which the
technical obstacles toward an amicable agreement seemed
impossible of adjustment.
Under the agreement men found superfluous as a result of
coordination are to receive a "coordination allowance" or
a
dismissal wage amounting to 60% of their average monthly
The payments are to range for periods of from six
months for those employed between one and two years to
60 months for those in service 15 years or over.
If employees elect, they may, in lieu of the "coordination
wage.
allowance," receive a lump
ranging from three months'
"separation allowance"
pay to those in service between
one and two years to
12 months' pay to those in service
15 years or more.
Employees demoted because of consolida¬
tion will receive their previous income for a maximum of
five years regardless of the wage paid on the new job.
In
sum
of
replacing
commercial
American
of
machinery and plants against profits;
develop new fields of commerce and
of continuing dividends out of surplus
outworn
surplus
using
to
manufacture, and
in time of
even
He contended that the present
of these surpluses by the
depression.
force
to
move
distribution
the
affect
imposition of confiscatory taxes would, if fulfilled,
industrial
Ao
expansion permanently.
While
stating that business and banking should not only
welcome proper governmental regulation, Mr.
Brooks declared himself against the trend of present legis¬
lation, enacted and contemplated, against business, banking
and industry.
He asserted that the dilution of the credit
of
the United
States, by the continued increase of the
national debt, is cutting the purchasing power of the citizen
accept
but
of modest
means
debt
up,
goes
who
the
That
was
politics
natural
the
and
.were
accused
absorb
the
the
in
operation
of
the theory of checks
concepts of the constitution,
government of
excessive
competition
the
being tossed overboard.
unemployed,
regulations,
and declared that there
ignored
that
prosperity
to
law.
fundamental
balances,
He
As the national
the country " goes
of
He charged:
short-cut
economic
That
income
tampering with economic law,
was
political
no
least afford it.
can
spendable
down, he warned.
or
addition to the broad basis of financial payments directly due
to the employees, the agreement insures reimbursement of
foundation
the
is based upon the system of plowing the profits
industry back into industry; of charging the cost of
supremacy
of
The successful conclusion of
for
President
and
President Brooks's address was delivered be¬
annual convention of the Pennsyl¬
Bankers Association, at the opening session.
He
the
declared
Pay for Five Years—No
Passage of Wheeler-Crosser Bill
President of the Pennsylvania Bankers
of the First National Bank at
Brooks,
Pittsburgh.
vania
Annual
revival and expansion was con¬
address at Atlantic City, N. J., on May 20, by
an
F.
Association
fore
Railroads Agree on Pay for Men Effected by Mergers—
Older Employees
Displaced to Be Paid 60% of
which industry has
by confiscatory taxes, of the reserves
Frank
brief
workers and investors that the destruction,
A warning to
effective" in dealing with violations.
But he held that it would be "inappropriate" for the Court to discuss
of
Corporate Surpluses Through Taxation Will Stop
argu¬
being committed,
"literal construction" would make the law
this
the basis of an agreement approved" by all the carriers
understanding and the organizations of employees.
in the
the Grain Act dealt only with continuing and existing violations, whereas
the Conffhission sought to
ment
May 23, 1936
involving 116.00O.0C0 bushels of wheat futures worth about
$50,000,000 during 1930 and 1931.
Mr.
Chronicle
upon
brought before the Commission, charged with disguising
was
transactions
Big Wheat Deals
on
and
the
at
business,
private
time
same
politically actuated
taxes,
industry and
demanding that
and
throttling
investigations,
generally
moving and traveling expenses for those compelled to change
their place of residence.
Employees suffering loss from the
refinance and
their
limit
to
with
government
capacities to assist in the American comeback.
sale of homes will be reimbursed
seeking
commerce
business
by the carriers, who will
also make good losses on unexpired leases.
The agreement does away with the need for the WheelerCrosser bill, which was offered by the unions to protect
employees displaced by consolidations when it appeared that
a voluntary agreement would be
impossible.
The contract, which is dated to continue for five years
from June 18, is hailed by spokesmen for
management, labor
and the government as
exceedingly liberal in its provisions
and
"an
as
regarded
achievement
in
collective
bargaining."
It is
epoch-making in American industrial relations.
as
The conference committee consisted of H. A.
Enochs, chief of personnel
of the Pennsylvania RR., and George M. Harrison, chairman of the Rail¬
way
Labor Executives Association, who acted
Perkins,
Secretary
Joseph B.
Eastman,
Rail
as
chairmen.
Others
Coordinator,
and
were
William
He
the
said
bankers
of
Nation
the
handle the tremendous
would
ultimately be called
to
upon
government debt being piled up.
Mr. Brooks also said:
The
situation
vincialism.
It
but
calls
the
of
calls
all
for
factors
ing
which
are
sound
our
chartered
of
thinking.
not at issue.
business
nor
with
It calls
dependence
servants,
whose
them
conceive,
to
whether
experience in
Green, President of the American Federation of Labor.
the
Enochs and Harrison, are
full forces of their
It
and
the
cooperation,
for
without
the
in defend¬
rancor,
calls
It
it.
element
calls
time
of
wise
and
voters,
of
how
expressed
finance
judgment,
does
a
depend
through public
not
the
on
live,
we
to
aljyays enable
realities of our
principles and practices.
The three provisions for financial allowances to
affected by coordinations, according to the
without
It
upon
live,
we
matters
render
to
mindB,
It calls for acute recognition that banking is
that
or
business,
business.
for compromise when vital
advance
can
own
our
their
of
patience.-
the citizens
minor
us.
institution;
for
our
touch
It calls for courage
calls
It
abandonment of pro¬
for
not only of
processes
the composite opinion of American
upon
calls
remotely
the
people,
their
problems for
It
which
factors
positions.
aggressiveness,
solve
imagination.
deep understanding,
diverse
control
because neither
for
for
for
knowledge
a
principles
calls
employees
joint statement of
(1)
When
an
follows:
as
employee affected by
particular coordination is placed in
a
"To
me it is crystal clear," said Mr. Brooks,
"that it is
duty of banking and business to exert, and at once, the
mind
a
selling power to establish in the people's
clear picture of economic truth."
position paying less monthly salary than previously received by him,
a
then the difference must be
paid
until, through promotions
or
by the carrier for not to exceed five years
otherwise, the employee received
or
a
+.
Most
Municipalities Recognizing Obligations to Bond¬
holders, According to
Resolution
of
National
salary
equal to
(2)
a
or greater than that received prior to the coordination.
Any employee of the carriers deprived of employment as the result of
coordination is to receive
service which, except in the
service, shall be
a
"coordination allowance" based
case
of
an
on
employee with less than
one
prior to the coordination
as
Period
„
Length of Service—
of Payment
1 year and less than
2 years
2 years and less than
3 years
3 years and less than
5 years
5 years and less than 10 years
6 months
12 months
18 months
36 months
10 years and less than 15 years
15 years and over
An employee with less than
(3)
a
lump
sum
48 months
__60 months
one year
of service will receive
lump
Any employee eligible to the benefits
benefits
sum
a
a
coordination
payment equivalent to 60 days' pay.
ment may, at his option at the time of
all other
and protections
and protections of this agree¬
coordination, resign and in lieu of
provided in the agreement accept in a
"separation allowance"
determined
in
accordance
with
the
following schedule:
5 years and less than 10 years
10 years and less than 15 years
15 years and over
Employees with less than
one
Savings
Railroad
Bonds—Carl
and tried
collect
annual
adopted
was
convention
of
the
at
the
National
closing
The agreement also provides that when a carrier party to
the agreement undertakes a coordination with a carrier not
party to the contract such coordination will be made "only
session
Association
of
of
the
Mutual
Savings Banks, at Atlantic City, N". J., on May 15.
The
resolution, however, contained a warning to other munici¬
palities to the effect that "if political subdivisions do not
recognize the sanctity of their obligations and have the cour¬
to make the proper reforms effective, there will be an
of their credit, and long-term interest rate
age
impairment
money
may
not
be
available
to
them
from
institutional
investors."
S. B.
The adoption of the resolution followed a report
Lloyd as Chairman of the Committee on Munici¬
pals and Governments of the Association.
Philadelphia, reported that there has
year's service would receive five days' pay
Spencer
conscientiously to reduce operating expenses and
taxes"
is
12 months pay
M.
A resolution praising "most municipalities" for having
"scrupulously recognized their obligations to bondholders,
3 months pay
12 months pay
12 months pay
Banks—Further
President
6 months pay
9 months pay
position last occupied for each month in which they worked.
Elected
by
Separation
Allowance
Length of Service—
1 year and less than
2 years
2 years and less than
3 years
3 years and less than
5 years
at the rate of the
by Holders of
year's
follows:
Mutual
of
Resolution Finds Reason for Renewed Confidence
monthly allowance equivalent in each instance to 60%
a
of the average monthly compensation of that
employee for the 12 months
allowance in
Association
length of
President
of
the
Philadelphia
Saving
Mr.
Fund
Lloyd, who
Society
of
been "noticeable im¬
provement" in municipal finances and methods of adminis¬
tration in the last year.
He further said that there was an
"encouraging trend toward better tax collections," but noted
a
"well
defined
tendency in
many
of The
larger cities to
continue making reductions in assessed
property valuations
corresponding
nearly with the shrinkage which took
place in real estate values several years ago, without adding
new
sources
more
of
revenue."
Volume
Financial
142
respect to matters
banks in municipal
and government obligations in the last year, Mr. Lloyd
stated.
Attention
was
especially directed to situations
where a municipality was in default or prospective default,
and the Committee either intervened or cooperated with
took active part with
Committee
The
the
affecting
investments
other bondholders'
sayings
of
load
of
municipalities
generally
not
was
distributed
financial practices of municipalities and! to compel them to
conservative measures and methods of operation designed to place
municipality on a cash basis and to restore its credit.
-
ing unsound
wealth.
been preserved
of
the past,
policy.
is
and
in
storing up the
necessities
Surely
the people has
world crisis, as in other panics
a
of
their careful investment
heartening
is
It
Anyone
active.
of their toil,
fruits
tomorrow.
to
for the oppor¬
see that the
At the same time the gambling
independence still thrives.
is entirely too
of
capital
this
that
fact
beyond doubt that the mass of the American people
proves
ideal of personal
tions.
further
equally remarkable example of
an
believe
to
tunities
The
by mutual institutions in
Also it
continue
spirit
He added:
committees.
noticeably increased
during 1935, but neither has the debt burden been substantially diminished
in many counties and cities by reason of the fact that they have taken
advantage of statutory provisions which permit the refunding of current
and matured bonded indebtedness as well as floating debt.
It is reassuring
to observe that various laws have been enacted for the purpose of eradicat¬
debt
The
3443
Chronicle
may
at work in many direc¬
it
see
have not forgotten the lessons of 1929.
we
Previous reference to
at the con¬
of the addresses
some
vention appeared in our May 16 issue, pages
3278-3279.
Warnings of Dangers of Taxation and Effect on Savings
by Carl P. Dennett of National Economy League
adopt
Before
National
the
Banks
Mutual
Savings
*
authorities as well
as
municipal officers recognize the unsoundness of many of the practices
pursued in the past by municipalities and the need for corrective measures
including enforced economies in order to rehabilitate the credit of the
is
There
that
evidence
increasing
State
responsible
municipality.
At the
few
years
the last
testing periods for
National Bank, New York, described
Chase
of the
session, John S. Linen, Second Vice-President
same
"one
as
of the most
severe
municipal obligations that we have known in history."
We
quote from Atlantic City advices, May 15, to the Phila¬
delphia "Inquirer," which also stated:
contributed
Linen
Mr.
long list
a
of
responsible for serious or
factors
reassessment
financial
various
of
structure
taxable
all
of
of
units
Cook
in
property
the Executive Committee
Economy League, addressing the 16th annual
the National Association of Mutual Savings
conference of
banks in the Hotel Traymore at
warned of the dangers of hidden
savings.
It
Mr.
is not
ment
the
Atlantic City on May 15,
taxation and its effect on
Dennett said:
County,
Federal
present
bonds
further heavy bur-dens of taxation upon the
of moderate means—thus reducing their
and their standards of living.
in the strongest terms, in
1932, when he stated in Pittsburgh:
Our credit structure is impaired by the
necessary
paid primarily out of special assessment taxes,
made
ultimately becoming general obligations of the issuing municipality.
"Obligations payable
heavy
"Unduly
"Excessive
of
"Retirement
sions
"Poor
declared
unless
a
such
relief
"the
the
of
extent
be reduced in necessity,
toward
be described
the
observed,
risk
cated, two others
One
expressed
future
in
and
The
confidence
N.
Concord,
out
In
found
indi¬
policies
and
"renewed
con¬
aggressive
for
reason
in
cultivating "better public apprecia¬
financial condition.
"the
holders
replace
their
of
bonds
called
by
investments
at which they
have
should
the
purchase
a
of
offered to the public by
are
follows the charge yesterday by E.
been
have
K. Woodworth,
partially frozen
refunding of public utility security issues.
broad survey
a
resolution
the
management,
to
the
lien
diversified
a
bonds of the investment type," and pledged
their
This
in
most
direct general
a
This results in
H., that mutual savings banks
investors
as
is
As to these it said:
railroads;
refunding bonds at the prices
of
obligations
by
factors
protective
proper
There can be no
were
definitely
definitely voted, shall
*
Expenditures, Balanced Budget and ''Honest'
Urged Upon Government by Board of
Curtailed
Law
Tax
of the railroad outlook, Henry Bruere,
Investment
of
Resolution
in
municipal
besides
that
declared
opportunity
the underwriters."
the
in
the carriers
to assist
improving
other
reasonable
that
adopted.
were
holders of railroad
the Association
tion"
can
in other investment fieldB."
states
of American
prospects
fidence by
"when
of
supported
are
They are specifically: a reduction in the cost
balanced budget and sound money.
be carried out.
contributing
now
I am
we
Flayed
municipality.
the
in
"Inquirer"
security
bonds
such
impossible to obtain
The
nevertheless,
that,
taxable property
all
to
Therefore,
load, how much this
relief
present
have
will
municipalities
some
a
Governors
underlying
extraordinary, because
on
of the most serious
one
and how much the municipality is
declared
Linen
Mr.
is
question
Political Practices
are
|\'
all things for which the people voted by an over¬
promised to the people, and the things for which they
load.."
a
are
he
promised by the
all contained in the Democratic
question of partisanship in insisting that the things that
politics."
as
satisfactory national solution is found.
the
President of the United States; they were
of government,
problems with which
more
consider
that
■'
:
platform, and they
which might
administration,
Since
things that were specifically
preceisely the
are
whelming majority in 1932.
procedure.
budgetary methods.
Linen
should
obligations within too short periods, making exten¬
necessary.
potential financial
deal,
arguing
borrowing.
collection
tax
"Unsound
Mr.
debt
refunding
or
"Improper
these deficits."
of which he warned have enormously
Special attention is directed to the fact that the things for which
burdens.
short-term
dangers
increased.
limited taxes.
from
debt
the
statement
Our
bear a double evil.
excessive burdens of taxation.
unorthodox Federal financing made
magnitude of
by the unprecedented
that
people
savings, their purchasing powrer,
President Roosevelt wrarned of these dangers
be
to
ultimately to printing press
imposing taxes that will be confiscatory in character, or broadening
money,
Unsound Budgets Flayed
"Issuance of
responsible for
Government cannot meet its
Federal
The
deficits.
whole people and our business cannot carry its
but
It
experimentation and political graft, and the Govern¬
competition with private industry, that are largely
"Our Federal extravagance and improvidence
government within the County.
deficits.
expenditures for relief that are causing the huge
is the needless waste,
the tax base and placing
including
Chicago, combined with political machinations which interfered with the
normal
progress
of 6uch procedure, thus delaying readjustments in the
"The
Carl P. Dennett, Chairman of
of the National
present rate of expenditures without resorting
These included:
temporary financial embarrassment.
of
Association
Association
Bankers'
Adopted at Spring Meeting
A long official silence on government policy was broken
by the Investment Bankers Association of America at the
annual spring meeting of the Board of Governors at White
Sulphur Springs, W. Va., May 13-17, when a resolution was
adopted urging upon the government a fiscal policy of cur¬
tailed expenditures, a balanced budget, and an "honest"
revenue act assuring "adequate taxation on a broad base."
The
resolution, presented by T.
Stockton Matthews,
Chairman
of
the Federal
Taxation
Committee of the
and a partner of Robert Garrett &
Sons,
Baltimore, declared the Association opposed to the House
version of the Revenue Act of 1936 on the ground that it is
unsound in principle, that its "real effect" is to establish
experimental social reform, and that it would retard indus¬
trial recovery, hence tend to freeze relief needs at a high
point.
"Willingness of the governors of this conservative organi¬
zation to break a policy of long standing in order to express
Association
attitude
Government finances indicates their concern
Chairman of the Railroad Committee of the National Asso¬
an
ciation of Mutual
regarding the tax and budget situation," Orrin G. Wood,
president of the association and a partner of Estabrook &
Co., Boston, said in announcing the action of the board.
Savings Banks, said
road management is called upon to
on
May 14 that rail¬
justify its authority and
Mr.
its acts.
Bruere, who is President of the Bowery Sav¬
ings Bank, New York, emphasized that changing conditions
call for steadily progressive methods.
In part, he stated:
It
realized
is
organization
make
that
the
of
cordial
those
who
railroads
banks
be
can
are
acknowledgment
American Railroads has put
helpful
of
dealing
the
the work of
on
with
difficult
a
which
effort
railways'
appreciation that the railroads
are
efforts
the
We
Association
of
Mutual savings
cultivate
to
the central
problem.
forth to improve the industry.
the
in
carrying
are
better
public
still necessary agencies of transportation,
that the
and
public's interest demands they be not crushed by short-sighted
policies and public indifference.
There is a great volume of
legislative
business
still
available
the
to
railways which they
perform well
can
and
profitably to the advantage of the people of the country.
Wood added:
Mr.
It
was
M.
Carl
session
of
who
President
of
the
May 15, expressed the opinion that the savings
the Nation should be fully maintained and perhaps in¬
Mr.
on
the
Spencer,
Bank
of
Even
the
who
of
savings.
For
of
number
accounts,
small
than
the
the latter standpoint,
of accounts
average
the
$10,000,000,000 of
deposits.
of
The
these
fact
years
that
millions
so
of
our
large
the
Home
Savings
say:
and
all
to
or
or
the
more we
best
have noted
barometer
of
a
steady gain
savings,
rather
the total of deposits.
However, regarded
impressive to observe that mutual institu¬
the
This
savings
great
structure,
sum
is
about
now
hold
the
sum
of small capital has been
a
remarkable
of the
issuer
fiscal policy
example
of
by
well
the
to our members
Beyond the
of the country.
banker
investment
must consider
maintain
to
which
is
capital
procured
for
industry,
The value of these securities and the ability
income
on
them
are
vitally influenced
by the
of government.
The text of the Resolution follows:
resolved, That in determining the fiscal policy of our government
it should
be recognized that:
present debt service, the expected
In view of the
First:
and
reasonable
expenses
of
relief
proper
Government,
expenditures,
adequate
taxation
and
on
the
a
necessity for
ordinary operating
braod base must be
provided for a long period of time.
Second:
The point of diminishing returns from
the imposition of income
taxes is about to be reached.
the
If
raising
of
additional
revenue
from
taxation
becomes
impossible, the financial structure of the Government is bound to
unless
It is
Therefore,
must
break
expenditures are reduced.
our
opinion that the fiscal policy of the
be based upon the
coming
fiscal
than
accumulated
the trends in the fiscal policy
development upon the investor, the savings
through
business and governments.
year;
It is our
it
at
principle that the budget be balaced
Government
during the
ordinary and extraordinary
further opinion that taxes levied for purposes other
that
for revenue are
disclosed
Be
constitutes
citizens,
other
securities
in
invested
of
all
the welfare
depositor, the insurance policy holder, and others whose funds are
bank
be curtailed.
one-fourth
of
in
effect of every economic
almost
history.
a
others interested
responsibilities
Third:
close to the high mark for mutual institutions
depositors
year
of
bank deposits and
the
a
it is
cornerstone
American
120
of
employment.
the spread of employment would add to the
slight improvement in
long
of industry and
is also President
from
tions,
basis
present
Boston, also had the following to
current flow
in
elected
was
Savihgs Banks at the concluding
of
on
creased
in
Spencer,
Association
the opinion of the Governors that
of the Federal government required us to voice our concern
Be it
National
on
expenditures,
both
misleading unless the purpose of such taxes is
the time of their imposition.
fully
/
further resolved, therefore, That this Association is opposed to
Revenue Act of 1936
following reasons:
as
the
passed by the House of Representatives for the
3444
Financial
First:
tain
Because any legislation which by its nature leaves industry uncer¬
to its future course or which fails to disclose the share which
industry
as
must contribute to establish
balanced budget and a sound
a
fiscal
will of itself increase the difficulty of effecting a balance between
and
expenditures, by retarding industrial
Second:
reform,
is
Brokers Must Widen
fact
a
neither
Third:
adequately
not
disclosed,
and
Scope of Public Service, Charles
Speaking Before Associated Stock
Exchanges—In Another Address He Praises Auto¬
mobile Industry for Seeking to Eliminate Seasonal
Bulges and Declines
R.
experimental
an
the
openly advocated by our Government
Because it is unsound in economic
of competent
desirability of
accepted by
nor
principle and, in the opinion
authorities it will not produce the estimated
its
freedom
from
political
affiliations,
will,
as
association
an
changes at
or advisory specialists, but he added that the public
knowledge of securities and finance is steadily growing and
the broker must be equipped to serve his customer in all ways.
Mr. Gay also spoke on May 20 before a meeting of the
Economic Club of Detroit, in which he discussed business
recovery from depression lows, with particular reference to
the automobile industry.
He complimented that industry
on its efforts to eliminate
seasonal peaks and slacks.
In
part, he said:
page 3101.
In addition to the regular program of routine
business the chairmen of many of the committees submitted
interim or informal reports on their respective activities.
+.
Development of More Stable and Serviceable Banking
System Visioned by President Fleming of A. B. A.
with Working dp Understanding Way of Bankers,
Governmental Authorities and Public—Remarks
I
effective
May 21 by Robert V. Fleming,
on
bankers
the
or
vation that in
underlying
banking system.
more
causes
another cyclical reaction
way
I
is
I
quite
am
sure
that
banking
uled
on
Banking
meetings, it
However,
Service,
of office.
my term
was not
obser¬
The great business
is
possible to hold
a
a
must
a
secure
new
conference
States
of banks
on
I
am
hopeful
every
that this
as
I
must
be
common
an
On the other hand,
possible service to their customers.
nation-wide
on
by
to
time.
is
the
tions of
our
banking system and the service to be
mistaken
a
sumer,
or
banks
The money of the
power
do
not
grant credit—it is
create
one
money.
nation
is
given to Con¬
men
to be
are
willing to
repaid at
of the Securities and ExR. Gay, President of the
New York Stock Exchange, were speakers at the banquet
of the Associated Stock Exchange Firms 011 May 18, held
sufficient
or
credit.
of the principal func¬
between producer and
some
When .faith in the future exists in
the
in
assume
con¬
"Plain
but credit itself originates in business and not in
banks.
I have no fear for the future of American
banking.
abundant faith in the soundness of
in the fairness and common
sense
our
credit,
I
country, for I have great confidence
they under¬
obvious
lity for his entry into active serice in the A. B. A. with the
appointment of Mr. Fleming as Chairman of his committee
on
Federal
legislation.
Continuing his remarks anent
Mr. Haas, Mr. Fleming said:
of
more
for
difficult times in
so
splendid
banking than did President
a manner
Haas, for it
ever
of
entry
the government
first
The
Indeed,
ance
a
as
This
the
is
even
condition
implies,
of
government be
must
by
Second,
right of
that
not
directed towards
to these efforts of
the
the
within
statute.
entry
because
only
the
the
must
of
confines
exchange self-
of
aims
law,
but it
self-governing
powers
observance of the
sharpening its
so
its
jurisdiction the objectives
...
of
government
as
government,
with
of
self-governance.
adequate self-govern¬
upon
Exchange to continue to do business.
an
furthering
responsibility
effective
make
enunciated
of the
course,
the
assume
to
added weight given
greater than this is the insistence
distinguished
into
this
from
field
assumes
Exchange
significance
management,
of
can
equal force and with uniformity of purpose the whole realm
limited
not
the
in
nationally.
those
to
these
the
and
of
Exchange
large
and
changes.
The
tration
is
of
this
Its
occur
markets
on
concern
the
Exchange markets
conduct
the
and
small,
with
Exchanges;
and
practice
and
in
are
security transactions
the
effective
equally its
apply
the
with
care.
equal
markets
is
functioning
interrelationship
appropriate
force
outside
the
on
the
Ex¬
...
third
and
significance of
government's
concern
functioning is its definite enunciation,
objective,
It
that
over-the-counter
standards
Its
an
dealt
securities
of
the goal
of
protecting
our
with
Exchange
both
Nation
of
as
a
important to recognize the social significance of setting forth
character
as
a
national
adminis¬
faith and
security
as
holders.
an
aim
desire.
bore the brunt
and achieved greater benefits
was
that Mr. Landis stated that "the
has three-fold significance," viz.:
reported
was
between
Association
being pursued by the Exchange management
In the same paper it
already
were
beginning of his remarks Mr. Fleming took occasion
credit to former President Haas of the A. B. A. and a
member of the Pennsylvania association the main
responsibi¬
President of the American Bankers
of furthering that aim of protecting investors
means
before the government efforts began.
of
to
No
He said
against the temptation of easy speculative credit.
who has
.
At the
the last
half had been, broadly speaking, the protection
investors
against ignorance, against sharp practice,
.
am one
of the American people when
Landis, according to the Cleveland
a
embrace
.
.
annual
Dealer," said the work of the Commission
and
year
Through their services to business,
to carry out transactions in the field of
convention of the organiza¬
the
Mr.
with
Cleveland.
at
business
risks and to enter into obligations which
future time.
Landis, Chairman
connection
tion
as
men
M.
change Commission, and Charles
We have
and the banker, in extending credit, only plays a secondary part
chartered banks enable
stand
coin
bank—but credit is initiated by business transactions predicated
a
in the creation of credit.
world,
that
Neither do banks issue currency.
confidence between buyer and seller,
upon
idea
coin money.
charge made that banks
We know that banks extend
public understand¬
call attention to the mistaken ideas which
Federal Government by virtue of the
gress under the Constitution.
heard
of
the result of certain fallacies voiced publicly
are
There
We know that banks do not
coined by the
•
of
we must
rendered by banks which
time
customers
Says
.
problems.
prevail regarding the structure of
also
.
in office,
my successors
I think there is another step in this
program for better
from
.
of banking development
program
SEC
of
Exchange
Spaid and Charles R. Gay Also Address Meeting—Trading on Registered Exchanges in 1935
James
I believe these
better understanding of the true functions
understanding between bankers and their
ing of banking: I believe
are
understanding of
satisfied that if banking is to progress and render the highest service
am
their
brokerage service we render shall
Entry of Government
Field Has Three-Fold Sig¬
nificance—Speaks
Before
Convention
of Asso¬
ciated Stock Exchange—David Saperstein, W. W.
the benefits to be derived from
inaugurated in these conferences will be carried
there
exchange
stock
and
in our
thorough.
Stock
into
were
the part of the public and a realization of the fact that bankers
desirous of rendering
are
brokers
We
customers
it that our employees know their jobs and are able
Landis
M.
James
the West Coast.
on
appreciation of the importance of the factor of customer relations in
a
abreast—of intelligent
merely
developments.
corporate
be complete and
laws and regulations under which we
the management of their institutions.
meetings have also resulted in
of
to function in them to the end that the
operate, a knowledge of the most improved methods of operation, and
new
ahead—not
keep
studies
conflict of other sched¬
I believe these conferences have given bankers a better
problems and the
We
dynamic records of change in business, finance and politics.
ramic,
managers must see to
we did hold three conferences and bankers from 40
common
We
that we have not experienced before.
us
intelligent readers and interpreters of the news, with all its pano¬
must be
.
painfully upwrard from the hard bed of depression,
going to make demands upon
these meetings.
their
of investment in the present and in the longer future,
the Nation draws itself
as
ledge that
than we can supply.
that the entire country would be covered
so
Unfortunately, due to
given the opportunity to attend and
now
We simply must supply
their toes all the time.
on
modern brokerage business demands more
Association I had hoped to be able to conduct at least four
Regional Con¬
during
think
constructive
Investors, and speculators, too, are devoting a lot of
adequate service, or one of these days we shall wake up to the know
At the outset of my administration as President of the American Bankers
ferences
that fast comeback of the public in regard
me,
suggestion for change in earnings' reports gave us something to
and their firms to be
to understanding, the bankers
tration has been to take the mystery out of
Believe
thought to the handling of their money, and it is up to exchange brokers
of the major objectives of my adminis¬
one
knowledge
investors, and the increasing intelligence with which this
being applied.
to our
gentlemen of the Pennsylvania Bankers Asso¬
you
of the fact that
are aware
functions of brokers on May 18,
spoken of the evidences of growing knowledge about securities
have
about.
who have conducted themselves properly have
again assumed their places
of leadership.
ciation
by
shall know beyond doubt that recovery
we
Gay said:
among
beyond the control of
my
before
In discussing the proper
Mr.
prosperous times, when public misunderstanding of the
of the depression gives
doing, whether the upward push of industry and trade which
now
are
is here to stay.
value of all assets
On the other hand, it has been
And another
of American industry, we would not have to wonder, as
fair percentage
we
super-men who are able to prevent such situations which may
be caused by world-wide or nation-wide conditions
In
could be.
program
began in the spring of 1935 is to hold its advantage or is to be succeeded
community have depreciated it is not the fault of the banker, that
are not
"spread-the-work"
sloganized
any
thing, if seasonal slack and bulge should be pretty well eliminated in even
We must realize that the average citizen is not a trained
banker, and in
the
than
it, if production spreading should take a wide, firm foothold.
a
Nation, and the general public work together in an under¬
standing manner, each group assuming its share of respon¬
sibility, there is no question in my mind but that we shall
develop a far more stable and serviceable banking system
than we have ever known in the
history of this country."
Mr. Fleming's remarks were made at the annual
banquet
Thursday evening, May 21, of the Pennsylvania Bankers
Association at Atlantic City.
The subject of his address
was "American
Banking Faces the Future." In part he said:
the past the public has not understood that where
the shadow of a broad
even
At the same time, the automobile
fact, the latter would follow the former economic occurrence, right behind
President of the American Bankers Association, "that if the
bankers, the governmental authorities of the State and the
a
probably visionary in contemplating
am
"spread-the-production" possibility.
industry is doing it, and I have an idea that the results are being far more
Pennsylvania Bankers Association
expressed
Mr. Gay
May 18.
on
counsel
board members were invited to
the meeting making a total attendance of 250.
The proposed meeting was referred to in our May 9 issue,
was
meeting in Cleveland
a
said that brokers should not endeavor to become investment
committees and many former
Before
public, Charles II. Gay, President of the
New York Stock Exchange, told the Associated Stock Ex¬
The board consists of 40 governors representing all sections
of the United States and Canada.
Members of all national
bankers
the investing
serve
American tradition, to assist in carrying out the sense of these resolutions.
The belief
Says,
crease
and
through its members, do whatever is appropriate, in the spirit of the best
in
Gay
Stock Exchanges throughout the United States must in¬
their abifity to provide public information and to
revenue.
Be it further resolved, that this Association, although continuing to main¬
tain
1933.
Banking Act of
revenues
people.
our
1936
23,
depression
a
and by increasing the
progress
Because the real effect of the tax is to establish
which
May
legislative proposals which always follow
began to crystallize and which ultimately resulted in the passage of the
policy
burden of relief.
social
Chronicle
that the avalanche of
during his term of office
In
an
account of the meeting from
Cleveland, May 18, the
financial editor of the New York "Herald Tribune" reported
Financial
Volume 142
in
that
the
keynote
address
of 22 Ex¬
heads
before the
changes assembled at the Wade Park Manor, W. W. Spaid,
President of the Association and
partner of W. B. Hibbs
a
&
Co., Washington, declared that speculation cannot be stopped
by exacting unreasonable margins and that such action will
drive legitimate
speculative funds to other markets where
the requirements are not so high.
In part, the account from
Chronicle
If he does this and if he brings to bear
While
public
not
the
and
SEC
laws
and
feels confidence in all securities bearing his
This confidence,
greatest asset.
of the brokers,
not
made
are
Mr. Spaid
built
benefit of the
to show that it is
the
for
case
a
accomplishing this objective.
apparent that
the idea
credit control
of
"Such
said.
controlled,
securities
would' be
where
but
it
trading,
tiling
a
the
accomplishment
and
possible theoretically
control
when
channels
unliquid
the
is
thus
public
if
he
than
more
all markets were
20 or 25% of all
listed
in
buying
some
be stopped, but of what value is this
can
into
the
certainly
markets
our
ReserVe
in
the
at
not
been
it
benefited;
regulation
a
not only fail
his opinion,
credit,
but
to
public
an
do
will
the
well.
as
"This
in
the
houses
in
panies—we
are
decadent
a
the
class
Dr.
followed
Carl
Mr.
President
the
the
short-line
of
that the investment bankers exercise control
continued,
railroads
puts
and
if
car
street
our
com¬
as
Association
history
and
all
of
representative
a
did
not
From the
by
the heads of
the
issuer
Mr.
the
"Plain
of the
Dealer"
explained
and
the
has
it
is
learned
that
those
on May 19, it was explained by
Saperstein, Director of the Trading
governing
"Plain Dealer"
If
bill
the
the
House
June
added
that
to
has
the
the
The
the
Senate and is
unlisted
stock
trading
now
should
awaiting decision
not
be
Curb would practically
issues dealt in
691
are
before
passed
have to
of
suspend
unlisted.
Special advices, May 19, to the Chicago "Journal of Com¬
merce" said:
Mr.
of
Saperstein
trading
stocks
for tlie
for the
of the
above
the
bonds
blocks
respectively.
for
revealed
first
time
figures showing the amount
all registered exchanges for 1935.
on
trading in
value
face
of
Of
year
dealt
so
securities
this
Registered
amounted to 683,031,000
in
$15,394,771,000
were
New
the
amount
York
Stock
and1 exempted
shares,
$4,723,000,000.
was
while the
Market
and
value of
$3,737,000,000,
Exchange
accounted
approximately 85%.
Commission
exchanges
stock
face
on
value
Some
figures
of
600,000,000
issues
exclusively traded
in
bonds
$5,976,000,000.
in
this
compilation
on
on
On
its board.
this
basis
There
there
are
The address of Mr.
this
W.
of
in
on
Exchange has 753 such
522 bond
issues
with
a
are
on
also
an
traded
in
on
unlisted basis
are
400,000,000
499
issues with
shares of
a
other
which
are
these
face value
of
fully listed1 basis the Curb has 332 stock issues of
a
173,570,000 shares and 40 bond issues with
in
traded
securities
shares and
The Curb has 691 stock issues
For
of
amount
$6,380,000,000.
the
exchanges.
the
basis show that the Curb
consisting of
of
issues.
covering
unlisted
an
issues
face value of $480,000,000.
a
gives to the investment banker
the
Frank
Spaid, Washington, D. C.,
C.
to
Eugene E.
San
Francisco,
William
succeed
M.
reelected President
the third term and
was
elected
Louderman,
St.
ViceLouis.
Thompson, Executive
and
Treasurer,
and
W.
J.
was
Stock Exchanges for
Shauglinessy,
President
Vice-President, Secretary
Albert B. Wright, Buffalo,
reelected.
was
Nicholls, Spokane,
elected to the Board of
were
Governors.
.
_
a
control over the affairs of its corporate
ownership of contract—will be the
stock
through
V.
Discussion
business."
H. Parker Willis Before
tion
Calls
Pennsylvania Bankers' Associa¬
of Government from
Withdrawal
for
Banking—Views as a Myth Credit Control
Upon Congress by Governor Eccles
Before the Pennsylvania Bankers'
Hugh
of
Urged
Association, in annual
City on May 20, H. Parker Willis,
Professor of Banking at Columbia University sounded a call
(according to the Philadelphia "Inquirer") for immediate
convention at Atlantic
"withdrawal
of
the
Government
its
from
needless^ and
banking" and
urged that individuals be permitted to conduct banking
along established lines and without injudicious tinkering
which has been prevalent in recent years.
Dr. Willis, it was noted in.the same paper, spoke on the
subject of "Contemporary credit control," and at the outset
he made it quite clear that he was expressing opposition to
some
of the monetary control views of Marriner Eccles,
Chairman of the Federal Reserve Board at Washington.
To
quote from other press sources Dr. Willis characterized the
notion of "Credit Control" as embodied in the Banking Act
of
1935,
bases."
as
"a
myth or supersittion without
quoted as saying:
mere
solid
Dr. Willis is also
banks to use
"What is termed Credit-control is merely a vay of forcing
their better
and more
into the purchase of public securities.
The best credit-control is obtained
by exerting the best v isdom of the individual banker who studies the need
of his constituency and v ho feels a strong duty both to his borrow ers and
his depositors.
Relieve him from that constant pressure of government
bond inflation and you will take the only possible and effective step tow ard
their
resources-
in
v ays
that
do not commend themselves to
judgment; at present to compel them to put their funds more
satisfactory credit-control."
take the following:
Using Governor Eccles' own v ords,
Currency Committee,
that
measure,
"this
is
question
a
expressed before the House Ranking
1935, in discussing the new banking
in May,
Board
this
have
power
almost equal in
of monetary control
importance to open market operations and it is
order
particularly in
felt to be necessary that the
to control an inflationary
condition," 1 rofessor Willis said.:
"The
act
as
finally adopted granted
not to raise reserve
permission to the Reserve Foard
requirements ad libitum, but only to twice
their previous
the enlargement and broadening of
the open market policy committee of the board v hich, in times past, had
been viewed as an agency of unexampled pov. er in the management of
legal total, A\hile it also provided for
credit.
— -
'v
•—
.
.
■
Governor Eccles has
Control'
Investment
Banking and Securities
of Kuhn, Loeb & Co. Says
Contributing Toward Easy Money
Responsible Factory for High Prices of Invest¬
Act
If
perform.
will continue to be sought after.
the waving of any big stock or the
"Now, in spite of these expressions of
In
and retain actual
Nor is there any contractual tie which
quality of its service—not
of its
source
leading investment
No investment banking firm which
securities, a long list of leading national
banking house has a service to
An investment
customers.
and
the Associated
continued:
he
be rich enough to obtain
would
From the "Inquirer" we
Gay is referred to under another head
issue.
W.
investor,
middlesome interference in all departments of
the New York
on
1,023
exchanges.
securities
:
passed
perpetuate
1, trading
because of
ultimate
enterprises
corporate
the final
at
Exchange Division of the SEC, that trading in oversecurities will be brought under rules compar¬
to
the
its clientele, for whom it issues
as
U,
the-counter
able
and
"The control which is supposed to be exercised by the
convention,
Landis and David
and
quote:
bankers is exaggerated in the extreme.
covering loans of brokers to their customers and of banks.
session
operations of our clients.
paper we
Exchanges.
various
margins
on
Reserve,
Federal
rulings of the Reserve Board embodied' in Regulation T and Regulation
From
business
same
the fears expressed by the
answer
regulations
the
com¬
Stating that the investment banking firm is a middleman between the
But
of
the
policy of most of the other houses of issue not to attempt to
interfere with the
it performs that service satisfactorily it
Competitive Advantage
Parry,
over
Quite contrary to this conception, it has always been our policy and
I think it is the
exercising of control
E.
Spaid, his remarks
of
traced
funds,
busines^," he said.
Denies
While
speculative
of
use
was
of the
opening his address Mr. Knowlton, it was noted in the
widespread belief
stock control of such companies.
change
commission
He
of
control
or
the activities of the Federal
in
bond
high, as is
time when bond prices generally were very
a
present, the market price at some time during the life
panies whose issues they underwrite, and said:
the
has
time
present
requiring high margins will,
accomplish
injury
exist
fault of the investment banker if, due to the fact that a
at
case
security declines.
actually has been harmed."
As
no
brought out at
the
legitimate or
unregulated, uncontrolled
from
removed
directly
The
no
this'method
By
money
driven
markets ?
of
is
effective.
registered Exchanges
on
regulated
be
cannot
for securities of its type the investment banker has
discharged his duty to the public.
"Journal of Commerce" contradicted the
by raising and lowering
margins is pretty firmly imbedded in the minds of those in authority,"
v
intangible though it may be, is the investment banker's
If the security offered by an investment banker has an
the prevailing level
In
Affects Only 25% of Trade
is
"It
public
"hall-mark."
intrinsically sound investment quality and is priced in accordance with
It is
regulations
judgment and skill in his evaluation
of the quality of the securities which he offers, the result is that the
"Herald Tribune" also said:
the
3445
Knowlton
the act of
made
the po. ers that v ere thus vested in'hiin.
he said he did, in
Cught he, believing, as
so?"
the efficacy of 'Credit Control' to have done
Government in
is
a
Eoard Will Have Weapon to
"We
Securities
ment
Use
feel very sure," Rrofessor Willis added, "that it v ill never
may
be
political necessities compel the Government to
surrender the savings of the public for use in supporting
put into effect so long as
^
Declaring that "the banker does not make prices," Hugh
Knowlton
of
Co., in addressing the New
York Financial Advertisers in New York City on
May 20
Kuhn,
Loeb
&
is
the
securities
are
in
which it
banker responsible
selling today.
is
this
which investment
The government itself, by the various ways
bankers* as
as
they
are
they always do, it will bo well
Knowlton's remarks had to do with
"Invest¬
Banking" his talk also had reference to the Securities
we quote therefrom the following:
Securities
Act
has
incorporated
as
a
Federal statute
a
principle
which the better class of investment banker always had, namely, the duty
of correctly
duty of
describing the securities offered to the public.
a correct
description he has
of the security offered.
tee the
For while
a
an
Beyond the
moral responsibility for the quality
investment banker does
not guaran¬
payment of the interest and principal of the bonds which he offers
he should satisfy himself of the true investment character of the security.
moment when
But if, at some future time, there
these considerations no longer prevail, and
ell to apply credit control by
Reserve 1 oard ,as now constituted,
hich it may use as it pleases for the
will have at
purpose
its disposal a weapon v
of restricting the dealings of banks, regardless
or assets
of
of their necessity
Washington.'
liquid character, and for reasons solely dictated by
to
Act, and
The
a
bound to do, and
fact.
While Mr.
ment
at
contributing toward easy money, is one of the responsible
politicians blame the
remember
level of public expenditures.
come
politically minded officials deem it
raising the level of reserves, the Federal
the high level
for
factors, and when subsequently prices drop,
the
the present
when
added:
Nor
force the banks to
should
Objections to Administration Tax Bill Voiced by United
States Chamber
of Commerce—Views Corporate
Tax Plan
ment
as
■
belief in what is called 'Credit
hatever since the adoption of
no use v
Impairing Banking, Credit and Invest¬
Position of Business Enterprises
Objections to the pending Administration tax bill, voiced
by the United States Chamber of Commerce, are summarized
in the issue of its Washington "Review" issued May 16, in
which it states that the introduction of a tax on undistributed
Corporate profits, "in any form whatever, is opposed by
business on the justifiable ground, among others, that it
3446
Financial
would inject government into the management of private
enterprise."
The Chamber adds:
The task of rewriting the revenue bill is now in the hands of the Senate
Finance
Committee, which
Members
of
this
is
expected to report for another
not
Committee
have
shown
wholesome
a
week.
independence of
thought and action.
The main significance of the current
grounds for hope that the revenue bill
its
development is that they furnish
eventually evolved will have
as
primary objective the raising of additional
as
instead of dubious
revenue
reform of the nation's economic system.
The
would
measure
not
provide
the
$620,000,000
by the Administration from corporations.
2.
The
small and weak enterprises
in favor of those with ample surplus funds and available sources of capital.
4.
The heavy penalties upon retention of earnings for business expansion
would retard reemployment and recovery.
5.
The corporate tax plan
ment and
6.
is based upon the
measure
7.
The
plan
disregards
needs
of
corporations
put
to
aside portions of their income.
8.
It would require
use
It would
encourage
meddling by stockholders in the management
of many corporations.
It
would
encourage
creditors
force
to
struggling
It would introduce
complexities and inequities in the corporate
new
It would grant inadequate relief in emergency tax cases.
It would subject corporate earnings to double taxation.
or
to meet the requirements of
State law.
would be pushing the world onto the road that inevitably
we
Let
military adventure.
deceive
not
us
world is at
•
"The bill contains many ambiguities."
L.
of
Reports Reemployment Below Trend
Recovery—Places Idle at 12,184,000
During
ter of
1935,
in
its
of this year approximately
at work than in the first quar¬
monthly
However, the
still
are
employment, rising standards of
business,
of
survey
issued
Federation pointed out that there
12,184,000 people
some
the
National
business
unemployed.
The survey
Recovery
since
recovery;
Administration
reemployment
NRA, it has fallen
far behind.
kept
pace
By March,
1936, business had traveled 72% of the way back to normal, but only
of the
If
depression unemployed had
reemployment had kept
depression
unemployed
5,270,000 have
counted,
This
is
have
been
This
noted
it
makes
that
can
when
is,
to
for
work
the
for
first
all
industries
It leads to
improverishment
jobs
more
for
or
needed,
total job shortage of
a
the total
only count
reaches normal.
had
Business
jobs in
1929
for the 4,000,000
the
1929
and
who
(young,
who
1,900,000
12,184,000 who
in addition
much
were
The
other
ployment makes far better
8,000,000
progress
the
to
than
more
had
2,850,000
8,000,000.
This
unemployed in March,
business to provide work for
on
farmers
on
a
between agriculture on the one
as
for
farm
will still
4,000,000
1936,
consider the following important items on
us
date.
Currencies
Declares
Stabilization
Gold
on
Basis
of
Important
Foreign Trade Restoration
of
(1)
.
.
if not
that
aus¬
pices of the Merchants' Association of New York, at which
Secretary of State Cordell Hull was the principal speaker.
"Our Need for Foreign Trade" was the title under which
Secretary Cordell spoke, and before delivering his address
the radio, at the request of President Roose¬
over
velt, the following
message
from the President.
A great number of
.
kept out.
are
more
tariff rates
our
WHITE
and still leave
easily get $300,000,000
(2) Further, if
of requiring
gold,
a year
which
sums
On
this forth
annual
celebration of "National
Maritime
pleasure in sending hearty felicitations to all who
Day" I
take
participating in the
are
observance.
upon
the
ability
of each
nation
to
obtain
adequate
access
to the
materials and other commodities, which are necessary for modern
living, but which
are
unevenly distributed
These indispensable resources
all nations in
a
of
our
over
civilization
raw
modes of
the surface of our globe.
can
become available to
peaceful and orderly manner through the process of
world
trade, in the operation of which shipping is an element of vital importance.
Enlightened self-interest dictates
of
to each nation the need and the wisdom
be virtually,
goods that come in, not on those
allow foreign countries to send goods to us instead
we
on
interallied debts;
that the contracts call for, but, let
(3) On the side of outgo,
a year.
have been paying the farmers in
we
We could
additional revenue from the tariff by lowering
we
could save
benefits and other
payments, since, if they had their foreign market restored, the reason for
these payments would be gone.
including administrative
In the fiscal year
expenses,
1935 these payments,
totaled $712,000,000 not counting the
advances of the Farm Credit Administration, which were 125 millions, or
the
relief expenditures
we
of Agriculture amounting to
Department
of the
(4) And if
had
and full production in agriculture,
a
normal market for agricultural goods
the Federal Government would no longer
need to spend vast sums in relief among the now
the
farm
idle tenant farmers and
laborers.
I raise the question as to whether there is any other way In
The
so
painlessly contribute far over
which we
billion dollars to the Federal budget.
a
confiscatory taxes imposed last summer on large estates and large
estimated in this year's budget report, will produce only $222,-
as
and the pending tax bill is aimed at only
revenue,
revenue.
...
•
.
•
'
i
'
•.;
•
•
•
:
Gold Standard and Foreign Trade
There is
of
world
other factor which is extremely
one
important to the restoration
foreign trade, and that is the stabilization of the currencies of the
our
No barrier to foreign trade is more disturbing than
gold basis.
on a
frequent and violent fluctuations, indeterminate in amount, in the rates
exchange
among
I will not of
the currencies of the different countries.
course
attempt at this time to analyze the usefulness of the
gold standard in settling balances of international trade.
to say
of
the
many
world
should
be
brought
into agreement to reestablish
obstacles in the
question of
way.
I
war debts and the
w
dollar is
a
on
a
mean
their
many
countries face in
In the meantime, if the
our
OAvn
on a
international business will be done
men
local
in
other
countries
currencies.
The
may
find shelter from the
gold pound sterling did
this
foij the world in the nineteenth century and down to the time
of the World War.
near
alone
with
1914-24
can
our
we
I hope that we shall see a gold pound sterling again
future, resuming much of its old-time prestige and its function
in stabilizing weaker
that
so
dollar basis, and that the dollar will become more any
refuge where
of
that
gold
ill mention only two of them—the unsettled
difficulties which
definitely fixed and firmly maintained at its present parity
fluctuations
service
the
I realize, however, that there are
connection with the balancing of their budgets.
dollar
It is sufficient
that I believe that it is extremely important that the major countries
standard at the earliest possible date.
in the
The comfort and happiness of people everywhere depend, in large measure,
as to
The Government,
great deal of protection.
should be able to collect something
we
75 to 125 millions
us say,
more
Washington, May 22, 1936
on
a
not the 300 odd millions of dollars a year
gold basis, it will
HOUSE
high
are so
Lower tariff rates on many items would bring in very
revenue
increasingly
THE
bigger contri¬
a
both sides of the income and
absolutely, prohibitive rates, stopping imports.
much
of
Foreign Trade week in New York
yesterday—National Maritime Day
and
outgo ledger.
could
reem¬
City was concluded
(May 22) with a luncheon at the Hotel Astor, under the
he read
being spent by the
Am adequate restoration of foreign trade would make
when
even
be jobless unless
than it has made to
Aldrich
observance
hundreds of
many
sums are
bution to the balance of the Federal budget than any other single measure.
Let
Week in New York City
—Secretary Hull Discusses Country's Need for
Foreign Trade—Message from President Roose¬
The
hand and
laborers.
$620,000,000 of additional
Factor in
export trade
their lost
Observance of Foreign Trade
World
and constant
shall we go?
one
and additional vast
year,
000,000 of additional
W.
way
the other, the Government is undertaking to give to the
compensation
as
incomes,
velt—W.
Which
highly important point to take
policy of economic selfsufficiency and the policy of the restoration of foreign trade
is that the policy of economic self-sufficiency, even to the
extent that we are now practicing it, imposes an immense
burden upon the Federal budget." He went on to say in part:
$81,000,000.
5,900,000
or
of
progressive economic
a
political instability,
internal
everywhere,
According to Winthrop W. Aldrich, Chairman of the
Board of the 'Chase National Bank of New York (who also
the vast
seekers since
work
time)
are
2,850,000.
those who
of
army
only
actually,
exceedingly serious matter.
an
work
America's
8,120,000 of the
today;
1929.
above,
means
That
reemployment shortage of
a
added
in
work
at
depression; far less is it creating jobs
seeking
jobs
we
in
back
industry.
in
providing enough
even
people
no
found jobs
have
we
them
and economic
In the other direction lies the road of
of national self-containment, the
rates.
with business recovery,
be
46%
back to work.
gone
pace
would
reemployment shortage is
not
lost
It leads to increased
internal political
living,
peace.
however, collects customs duties only
Under
the
that
economic warfare inherent in the policy
said:
with
fact
practical cooperation among the nations in the field of their commercial
millions of dollars
increase of 2.4%, said the American Federa¬
an
Labor
May 17.
of
quarter
more persons were
of
the
to
Government in relief for the displaced tenant farmers, share croppers
first
the
2,800,000
tion
awaken
In one direction lies the road of fair and
ways.
In view of the imbalance
F.
We must
ourselves.
parting of the
a
manufacturing
A.
Were
in the direction of
more
into account in deciding between the
It would result in the extinction of many holding companies neces¬
for the prudent conduct of business
16.
once
leads to economic distress, and, through it, to political and governmental
spoke at the luncheon),
13.
14.
15.
back and to shape our course
turn
into
enterprises
tax system.
sary
reality not only because we in this country
a
it, but also because the principles which underly
fear of armed military conflict among nations.
bankruptcy in order to obtain lower rates of taxation.
12.
upon
road of contracting and vanishing trade.
ofbusiness.
11.
trade program is
stability, and durable world
It would result in substitution of public control for private supervision
10.
adequate stimulus.
relations, the road of expanding international trade.
of credit for dividend disbursements in order
to lighten the burden of heavy taxes.
9.
to
we
false assumption that corporate sur¬
individual
the
from its present-day paralyzing restrictions
commerce
increasingly command advocacy and adhesion in other countries.
chaos and
pluses consist of idle cash and that yearly earnings are always distributable.
ready than it is today for an unprecedented
never more
earnestly engaged
are
it
isolation,
would impair needlessly the banking invest¬
general credit positions of many business enterprises.
The
an
Our foreign
itself discriminates against
measure
provide
can
"highly complex" substitute.
3.
was
all types of production and trade, for which only an unshackl¬
expansion of
ing of international
It would replace a tried method of corporate taxation with an untried
and
Incidentally, it may be noted, Congress by resolution
designated May 22 as National Maritime Day and the
President so proclaimed it.
In his address Secretary Hull declared it at his "firm
conviction that just as disruption of international trade
played an important role in bringing on the depression from
which we are emerging, so the more hoepful outlook for a
restoration of international trade is now a powerful factor in
the process of recovery."
In his concluding remarks he
The world
sought
revenue
May 23, 1936
added:
The Chamber's objections are summarized as follows:
1.
Chronicle
currencies, but even if this should not happen, the
perform this function if need be.
unshaken
We must not forget
gold standard in the immense world disorder of
had the quickest revival of any country in the world
crisis of 1920, and that prior to
the currency
1925 the dollar
was
from the
increasingly becoming
in which the wolrd did business.
The New York celebration of Foreign Trade Week which
earned on in conuunction with similar celebrations in
was
a
healthy expansion of its foreign trade.
The colume of foreign trade is one of the great indices of
being everywhere.
and friendship
economic well-
Such well-being, in turn, is the foundation of peace
and understanding among nations.
FRANKLIN
D.
ROOSEVELT
other cities
throughout the United States under the leader¬
ship of the Chamber of Commerce of, the United States
with the cooperation of the Department of Commerce, was
opened on Sunday afternoon, May 17, with a radio address
Volume
Financial
142
3447
Chronicle
by Eugene P. Thomas, President of the National Foreign
family
may
Trade
have.
In fairness, I do not hesitate to say that no Nation has
the
of
Mr. Thomas declared that the central idea
Council.
Week
"to
enable every
inquiring American to
understand how necessary this trade is and how poor the
country would be were our export and import trade suddenly
to
cease."
Mr.
Thomas
endorsed the reciprocal trade
agreements which this Government is now making with
other countries, declaring that the act which makes these
agreements possible "offers the only practical means of
relief from the restrictive influence upon world commerce
of isolation policies."
Other points made by Mr. Thomas
in
was
address
his
make for the
Mr.
sufficient
be
cannot
found
for the
compensation
sustained through
has
in
higher
farm
loss
markets abroad for his
which this
of employment
of cotton and
curtailment
crop
tobacco
"the farmer must be
prosperity is bound up with his ability to recover
large surpluses
which he must rely for his final
on
profits, without Government subsidy."
That
this
home mzrket is not
our
nation
That
capable of absorbing or consuming all that
produces.
than
more
50% of
total exports are in manufactured goods and
our
that many industries depend for profits and normal
sales of
speeches
In
result of the revival of
as a
the
existing trade into
underlying
new
and abnormal channels without adding
of world consumption is
total
directly contrary to
the principles
foreign trade policy.
our
•
That the world trade relations of the United States
are
ROOSEVELT.
follows:
as
similar
no
tragedy could
would become
"Had such
"there
reality.
a
recur,
such
that the living standards of all peoples
political and economic action by all nations
,
inspiring plan become effective," Mr. Young
an
was reason
advance
would fall before the forces
He told of his hopes at the close of the World War
would be lifted and that joint
to believe that we would have had an
the
as
world
has
never
seen
continued,
economic and social
unfortunately the
...
spirits of selfishness, of punishment and of fear were also active.
I cannot believe, regardless of the facades which governments
the
will
work
to
dominate
an
arouses
he
Young was one of the first of
advantage of cooperation
He added that "the quality in him that
and employee.
admiration and confidence is the fact that, while
my
millions,
has
even
hundreds of millions, he has not lost the common
the
cut
doubt if he is
to
corners
a
their way
Reconstruction Finance Corporation and
leading industrialists to see the
between employer
.
ultimately sensible world."
Jesse H. Jones, chairman of the
country's
.
.
display, that
which animates so many
the good of all,
together for
millions, everywhere, will permit the forces of destruction to have
or to
the
|
described the!
acknowledging the award Mr. Young expressed his faith that the forces
chairman of the dinner committee, said Mr.
prosperity will come
That the tendency in some countries to enter into bilateral arrangements
to
DELANO
of destruction observed throughout the world
world trade.
which divert
fine example.
a
The New York "Herald Tribune" of May 21
employtnent on foreign
surplus production.
That restored national
us
Very sincerely yours,
indemnity for non-
commodity prices,
production and doles to the unemployed and that
convinced that his future
Young has set
of peace and goodwill.
were:
surpassed
displayed in those things that
well-being of the workers.
FRANKLIN
that
That
country
have all those things that we want every American family to
in the concern its real business leaders have
rich
man
those of a good
personal fortune.
a
amass
.
.
.
controlling
touch, nor
Indeed, I
in worldly goods."
neighbor.
Features of the celebration
President
Former
Incident
Hoover
expert-import luncheon
Farrell, Chairman of the
National Foreign Trade Council, presiding, speakers being
Henry F. Grady, Chief of the Division of Trade Agreements
of the Department of State; Thomas J. Watson, President of
Re¬
Coming
campaign,
the
to
statement that "it should be
were an
International Business
Kent,
and
Machines
Harper Sibley,
Corporation, Fred I.
of the Chamber of
President
He Is Not
Presidential Campaign Says
publican
at the Hotel Astor with James A.
Candidate
a
his position in the coming Presidential
Herbert Hoover, former President, makes the
evident by this time that I am
candidate."
Mr. Hoover's views were issued in type¬
With respect to
not
a
Commerce of the United States.
written
form
With completion of the program for the New York cele¬
bration Louis K. Comstock, President of The Merchants'
Association of New York made public figures showing that
answer
interview
in
the last five years foreign commerce valued at nearly
$8,000,000,000 has flowed through the Port of New York and
that in the six years from 1929 to 1934 inclusive the laborers
of the Port were called upon to handle over 112,000,000 long
May 18 as a question-andpublic by Paul Sexson, his
follows:
Hoover said this morning:
tons of exports
and imports.
Mr. Comstock said:
secretary,
Chicago,
"My
the
One of the
celebration
that
the
of nearly 11,000 firms and corporations in
reasons
man
Trade
and
entirely
is
unaware
importance of foreign trade to the life of the City.
trade in
many
New York
of the
immense
The mention of foreign
peoples' minds is likely to be dismissed with the thought
Mr.
Congressmen and others who visited
Senators,
with
week-end related wholly to the Republican
/
Lowden
Governor
"Former
of
Mr. Hoover said:
Illinois
asked to
should be
write the
agricultural plank for the convention."
Asked
Week in New York City, is our belief
woman
discussions
Asked about the agricultural program,
why we are making a special effort to emphasize
of Foreign
average
questions from a representative of the press,
platform.'
The manifold transactions connected with the manufacture and shipment
City.
Press advices from
of the statement as
according to Associated
which report the issuance
from Washington over the
me
on
made
and
In reply to specific
of the exports involved and the distribution of the imports gave employ¬
ment to the workers
Chicago
at
personal position, Mr. Hoover said:
to his
as
"It should be evident by this time that
stated many times that I
before
the
I
country.
I am not a candidate.
I have
have no interest but to get these critical issues
rigidly prevented
have
my
friends from setting
primary or to
from California or any
pledged to me.
That should end such discussion.
"And get one thing straight.
I am not opposing any of the candidates.
My concern is with principles.
The convention will be composed of a
most unusual and able personnel.
The seriousness of the convention is
evidenced by the fact that the large majority of the delegates are being
sent by the people of the States without other instructions than to find
the right thing to do for the country in the greatest crisis we have met
up any
organization, and from presenting my name in any
that it is something that concerns only the outlander; and yet if we include
any
the families of those
other State is
a
who
are
dependent
upon
foreign trade for
whole or
a
part of their earnings, it is probable that at least ten percent of our popu-"
lation has
direct interest in keeping overseas commerce moving.
a
Society
of
Arts
Owen
D.
Efforts
in
and Sciences Gives Gold Medal to
Young—President
Roosevelt
Praises
International
Good-Will
Business
and
State convention, and not a single delegate
generations."
in two
Ethics
The forces of destruction throughout the world will eventu¬
ally be conquered by the forces of peace and goodwill, Owen
D. Young said on May 20 in accepting a gold medal of the
Society of Arts and Sciences at its annual dinner held in
New York City.
The medal was presented by Carl Byoir,
Preisdent of the Society, who read a letter from President
Roosevelt, commending the action of the Society in honoring
Mr. Young and expressing regret that he was unable to attend
the dinner.
Mr. Byoir said that the medal was given for
"your great services in the cause of improved international
goodwill and in behalf of the principles of good Government,
and also for your unique services toward raising the respon¬
sibility of organized business in its relations both to the public
and
the
to
President
State."
Roosevelt's
letter
read
as
follows:
There
are a
great many reasons why I should like to be with you tonight
I would like to
Owen D.
Society of Arts and Sciences.
share
in
the
tribute
that
will
First
be
among
paid to
them is that
my
old friend
Announcement
more
than
60 years of its existence, the society has
achievement in the fields in which they serve.
has
an
illustrious
name
of American
The society, in Owen D.
in terms of national and
international
reason
In
of
field
the
international
goodwill,
Mr.
Young
has
made
great
I feel, as must every
American citizen, that the standard of public service
Young's example.
by leaders is the key to successful statesmanship.
it
can
help to provide the solution to problems that
Voluntary service
Unselfishly contributed
are
increasingly difficult
and complex.
I suppose
the very
that all scientific progress is, in the long run, beneficial, yet
a
the
that
as
peculiarly their exclusive province.
our
made available at
a
routine press
follows:
r
i
For almost eight years, as
Governor and Lieutenant Governor, I have
given to the work of the State all my
those years
time and all my strength.
During
the people of the
I can
I have felt that the confidence shown by
State could be
repaid only by devotion to the welfare of the State.
in full measure and that I have seen
the State and its people.
During these difficult years the opportunity to serve has been great,
but the cares and responsibilities of office have been correspondingly
honestly say that I have given that
public office only opportunity to serve
The
heavy.
speaks
record
for
itself.
My
pledges
and performances
known.
I
have
office.
I am sincerely
opportunity to serve.
But I feel that the
responsibilities
greatly enjoyed these years of public
grateful to the people for the
time has come when
I may ask release from the cares and
of the Governorship.
Accordingly I shall not be a
I have been deeply
of
my
candidate for re-election this autumn.
moved by and appreciative of the expressed desire
friends that I should again stand for
State of New
re-election.
May I assure
of the
time will my interest in the welfare of the people
York diminish.
believed that the Governor's decision not to again
gubernatorial candidate was hastened by the death on
May 15 of his brother Arthur, a partner in the New York
banking firm of Lehman Brothers; reference to Mr. Arthur
Lehman's death is made elsewhere in our issue of today.
It
be
was
a
So tremendous
Death
required readjustments that action of Government in the search for
solution creates at times irritation among a few business men who regard
this
in
speed and efficiency of scientific progress in industry has created
present evils, chief among which is that of unemployment.
are
for
of his intention to retire,
them that at no
a
contribution.
has been significantly raised by Mr.
candidate
a
conference,
that I miss being there tonight is because of my special
interest in the field of activity in which this year's award has been made.
Albany on May 20 by
York, that he will
re-election this fall.
Governor
made
was
Lehman, who is a Democrat, is completing his second term
as Chief Executive of New York State.
The announcement
service.
Another
be
not
are
I know that in the
Seek
to
Governor Herbert H. Lehman, of New
Young
bestowed its medal upon many whose names stand at the top
Young,
Not
in
at the dinner of the
New York Announces Intention
Re-election—Text of Statement
Governor Lehman of
But there
are those
who realize
whole economic structure must, in the last analysis, rest upon a
human foundation.
The worker must have assured work in order that his
of
Arthur
Governor
Lehman, Banker and Brother
H. Lehman of New York
Arthur Lehman, a partner
on
in the New York banking firm
and President of the Lehman Corp.,
May 15 after an illness of two weeks.
He would
of Lehman Brothers,
died
of
Herbert
3448
have
Financial
been
63
years
old
June 1.
on
Mr.
Lehman
was
a
Chronicle
May 23, 1936
President Roosevelt Nominates S. B. Hill
brother of Governor Herbert H. Lehman, of New York, and
of Judge Irving Lehman, of the State Court of Appeals.
Board
Born in New York, Mr. Arthur Lehman was graduated
from Harvard College in 1894.
He served the year fol¬
Member of
as
firmed
lowing his graduation with
and
then
and
became
cotton firm in New Orleans
a
with
associated
New
a
York
bank.
A
half later he joined Lehman Brothers, becoming
partner in 1898.
At his death, Mr. Lehman was Vice-
year
a
a
President and
director of the General American Investors
a
Co. and Third Vice-President and
Association
New
of
York.
director of the Merchants
held directorships in
a
also
He
corporations, including the Amalgamated Leather
Cos., Inc.; Associated Rayon Corp.; Continental Can Co.,
Inc.; Jewel Tea Co., Inc.; Pennsylvania Dixie Cement
Corp.; Southern States Land & Timber Co.; Studebaker
Corp., and Underwood Elliott Fisher Co.
many
of
W.
D.
Thomas,
Member
of
of
Rep¬
the
T.
House
Committees
Office and Post
Post
on
Roads,
Buildings and Grounds, and War Claims.
H.
Gammack
Chairman
Resigns
Landis of
Executive
as
SEC—Will
Assistant
Return
to
Private
to
Business in New York
Gammack, Executive Assistant to James M.
Landis, Chairman of the Securities and Exchange Com¬
mission, resigned from the office on May 15 to return to
private business in New York City.
Mr.' Gammack joined
the SEC in March, 1935, at the insistance of
Joseph P.
Kennedy, then Chairman.
At that time Mr. Gammack
dent Roosevelt.
& Co., New York
thought probable that he will return
+
of
as
member
a
of the
The Senate confirmed the nomination
on
Mr. Hill has served in the House of Representatives
from the State of Washington for the past 13 years, and is
the ranking member of the House Ways and Means Com¬
mittee.
In Washington advices, May i.8, to the New York
"Times" of May 19, it was stated:
The
appointment
came
as
a
surprise,
Postmaster General
but
who conferred with the President this morning,
under
consideration
the
on
for
time.
some
Farley,
indicated that it had been
Hill
Mr.
Ways and Means Committee and
than
Farley said that
the
after
the
of the
close
has
himself
distinguished
the Joint Committee of Internal
on
appointment
session
made
was
because
Morrison Tenders
Ralph W.
of
Board
Governors
Acceptance
faced
was
by
Resignation
Federal
of
President
time rather
this
at
Hill
Mr.
the
with
fe w days.
a
Member ',of
System—
as
Reserve
Roosevelt
Reported
Deferred
Announcement
made at the White House
was
May 20,
on
that Ralph W. Morrison had tendered to President Roosevelt
his resignation as a member of the Board of Governors of the
Federal Reserve System.
It was stated in Washington press
accounts of May 20 that the President would withhold
action on the resignation pending a personal talk with Mr.
Mr.
Morrison,
York
Stock
Exchange
is
Federal
on
from
two-year term
a
Officials of the
had differences
Reserve
economic
of the board.
his vishes.
New
who
Texas, was appointed a
Jan. 27, at which time the,
Board was reorganized as required under the Banking Act
of 1935.
His appointment was noted in our issue of Feb. 1,
page 722.
From Washington advices, May 20, to the New
York "Times" of May 21, the following is taken:
Governor for
governor
Committees
Hill
B.
a
May 21.
severed all connections with Gammack
Several
Appeals for
Morrison.
Thomas H.
stock brokers, and it is
to the firm.
i
Samuel
12-year term commencing June 2
the Senate for confirmation on May 18 by Presi¬
sent to
was
13
necessity of filing his intention to run for reelection within
Representative William D.
Thomas,
Republican,
of
Hoosick Falls, N. Y., died in Washington on May 17 at the
age of 56 years.
Mr. Thomas had been elected to the
House on Jan. 30, 1934 to fill the unexpired term of the late
James
S.
Parker in the 29th New York Congressional
District, and was re-elected to a full term. He was a member
of
for
The nomination of
Board of Tax
Served in House of
Years—Nomination Con¬
Appeals—Has
Representatives
Mr.
House
resentatives from New York
Public
Tax
Revenue Taxation.
+.
Death
of
or
on
denied
Board
that
Mr.
Morrison
financial thought with Marriner S.
Mr. Morrison, it
was
said,
was
had
Eccles,
appointed against
However, he accepted the appointment, but after coming to
Washington, did not find the position to his liking.
Reelect Chairmen and Vice-Chairmen
At
meetings held this week, the Committees on Arbitration,
Arrangements, Bonds and Business Conduct of the New
York Stock Exchange relected their Chairmen and ViceChairmen.
Those reelected
Arbitration:
Peter
J.
—F.
Oliver
C.
Billings,
Chairman;
Bartlett,
Vice-
Philadelphia,
Bertrand
L,
Taylor,
Conduct:
Allen
L.
Herbert L. Mills, Vice-Chairman.
Lindley,
Chairman;
L.
Martin
Richard,
Vice-Chairman.
Customers' Men:
Henry Rogers Winthrop, Chairman; John A. Cissel,
Harry H.
Moore,
Chairman;
Otto Abraham,
Vice-
List:
Specialists:
L.
Martin
Richard,
Chairman;
Frank
Altschul,
Chairman;
Herbert
G.
Wellington,
Vice-
issue of
May 16,
3282,
page
we
referred to changes
personnel of several of the standing committees of
some of the Committees
Exchange and also the election by
of the Chairmen and Vice-Chairmen.
was
the appointment of
promotion
15
Mr.
Drinnen,
a
Federal
Reserve
noted in the "Chronicle" of Mav 2,
as was
page
following is the announcement issued by Mr. Sinclair
May 15 (as contained in the Philadelphia "Inquirer"
May 16):
on
The
dent to
change at which Charles R. Gay
reelected President.
Bank
of
for
serve
the
Philadelphia announced today that its
Drinnen
unexpired term of five
Federal Reserve System pursuant
Act of
He succeeds W.
1935.
President became effective
years
as
its First
Vice-Presi¬
ending Feb. 28,
*1941.
H.
Banking
to the provisions of the
Hutt, whose resignation
as
First Vice-
of May 1.
as
Mr. Drinnen is 45 years of age, was born in Philadelphia and has al.vays
resided here.
of
was
Reserve
Drinnen's appointment has been confirmed by the Board of Governors
of the
In that item reference
also made to the annual election of officers of the Ex¬
Federal
board of directors had appointed Frank J.
Mr
the
Vice-President.
of
April 30,
Raymond
Chairman.
the
May
on
First Vice-President and the
as
2934.
of
and
Sprague, Vice-Chairman.
in
announced
The
Foreign Business:
Lots
Vice-President
Bank Examiner, succeeds William H. Hutt, who resigned on
Vice-Chairman.
Chairman.-
our
Appointed First
Davis, Vice-President
of W. J. Davis from the office of Assistant Vice-President to
that
Richard Whitney, Chairman;
Business
In
Drinnen
J.
John S. Sinclair, President of the Federal Reserve Bank of
E.
Vice-Chairman.
Stock
W.
Frank J. Drinnen
Arrangements:
Odd
J.
and
were:
Maloney, Chairman; Edward
Chairman.
Bonds:
Philadelphia Federal Reserve Bank Names Two Officers
He started his banking career with the Third National Bank
Philadelphia, with which he
years
he
has supervised
was
associated for 10 years.
the field
in
the
examination
For the last 16
of the
12
Federal
Reserve banks and in that capacity is well experienced in the operations of
Resignation
of
C.
E.
Stuart
as
Vice-President
the Federal Reserve banks
of
of the
Export-Import Bank
The resignation of Charles E. Stuart as Vice-President of
the Export-Import Bank, Washington, was
13
accepted on May
by R. Walton Moore, Chairman of the Board of Trustees
of the Bank.
in
order
Mr. Stiiartftehrdered his resignation on May 11
about
as
well
as
Philadelphia Reserve Bank.
June
At the
familiar with the policies and practices
He will
time there
directors of the Pihladelphia
additional Vice-Pr&sident.
since the early part of 1934
Meeting of Federal Advisory
were
rendered in
a
"fine patriotic spirit."
some
an
duties
on
or
by the board of
as
an
Assistant Vice-President
and prior to that time served
which, he said,
to
new
Federal Reserve Bank of W. J. Davis
Mr. Davis has been
Cashier for
return
his
announced the appointment
was
pmvate business.
In accepting the
resignation, Mr. Moore praised the services of Mr. Stuart,
to
assume
1.
same
as
an
Assistant
years.
♦
Council with Governors
System
of Federal Reserve
President
Roosevelt
Director
Reappoints
D.
E.
TVA—Confirmed
of
by
Lilienthal
as
Senate
Several hours after it was made by President
Roosevelt,
the reappointment of David E. Lilienthal as Director of the
Tennessee Valley Authority was confirmed by the Senate
on May 18.
This action by the Senate, which was an ex¬
ception to the rule that no appointments are confirmed
without first being approved
by a committee, was taken
inasmuch as Mr. Lilienthal's term expired on May 18.
The
appointment was made for a nine-year term.
On May 19 the Federal Advisory Council concluded a
two-day session at Washington with a conference with the
Board of Governors of the Federal Reserve System.
A
Washington dispatch to the New York "Times" stating
that
the
session
adjourned
without recommendations,
according to high officials, added:
The
discussions, it
System,
and
for
S.
Tuttle
as
New York Confirmed
The United States Senate
on
State
Director of
May 11.
lasy May.
on
was
sent
to
by United States Senate
the
some
of
a
general nature involving the
highly
improved
banking
situation,
Government
finances
suggestions toward balancing the Federal budget.
ITEMS
May 13 confirmed President
on
specific points.
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
New York Cotton
off
Exchange seat sold May 19 at $9,500,
$500 from last previous sale.
the Senate by
President Roosevelt
Mr. Tuttle has been acting State director since
were
PWA
Roosevelt's nomination of Arthur S. Tuttle as State director
of the Public Works Administration for New York.
The
nomination
stated,
Under the law the Council is authorized to advise the Board and make
suggestions
Nomination of A.
was
business situation, the results of the reorganization of the Federal Reserve
A seat
at
on
the
Chicago Board of Trade was sold May 20
as against the last previous sale.
$3,659, off $850
Volume
At
Financial
142
regular meeting
a
of
the
Board
Assistant Manager of
A
of the
of Directors
Chemical Bank & Trust Co., New York, held May 21,
J. McKenna was appointed Manager and Earle V.
Chronicle
Francis
Haring
the bank's. 320 Broadway Office.
new
been
3449
banking institution, the Security State Bank, has
chartered
at
Algona, Iowa, with $50,000 capital and
profits and surplus, according to the
"Commercial West" of May 16.
$12,500
undivided
4
4
by the Irving Trust Co. of New York, that
effective May 18, their Market & Fulton St. Office has been
Beginning May 13, a third and final dividend of 15% was
to be paid by-Thomas J.
Maloney, the receiver, to creditors
consolidated
of
.
It is announced
worth
with, and its business carried
Office
in
Wool worth
the
on
at the Wool-
233
Building,
Broadway.
The Brooklyn Office of the Lawyers Trust Company,
New
York, will on June 1 open in new quarters at 185 Montague
St., which will be much more commodious and also provide
safe deposit facilities.
The office, at present located at 44
Street,
President in
E.
and
is
Joseph Moehi,
by
William
Assistant
'
■a
At
headed
Vice-
K.. Schwartz,
charge of Brooklyn Office,
with Harry Howe
Secretaries,
♦
meeting of the Board of Trustees of the Dime Sav¬
ings Bank of Williamsburgh, Brooklyn, N. Y., held May 14,;
Reuben W. Shelter was elected Secretary of the Board.
Mr.
a
Shelter has been
He is also
a
in
of
charge
trustee of the bank for the past
a
13
years.
Vice-President of the Manufacturers Trust Co.,
84
the
Broadway
(Brooklyn)
Office.
4
The announcement
in the form of
was
letter
a
stockholders calling a special meeting for June 9 to vote
the plan.
to
on
4
The
Women's
Club
Bond
of
York
New
for
the
Club
its
at
meeting held May 19 re-elected Clara I. Taylor
as
annual
1936-1937.
Other elections were Vera
M.
Shantz,
Vice-President; Ruth
Stevens,
SecretaryTreasurer; Ethel F. Mercbreau and Katherine R. Folkner,
Directors to
1937
are
for two years.
Other Directors for 1936Ann B. Taylor and Mrs. Lulu Smith Howard.
serve
a
Council
of
on
Bluffs,
that date,
100% distribution to former depositors and
claimants, it is possible another payment
in the form of interest
on
later be forthcoming
may
deposits since the bank closed, according to Mr.
Maloney.
4
W.
D.
Womer has
as President and a director
Phillipsburg, Kan., and has
been succeeded in the Presidency by Karl Smith, it is learned
froln Phillipsburg advices on May 15 to the Topeka "Capital"
resigned
of the First National Bank of
which said:
The
resignation of W.
D.
Womer
President of the
as
Bank of this city was announced today.
bank
since
1905,
(Kan.) in 1922.
being
active
First
National
He had been identified with this
he moved to
until
President
Manhattan
Since that time he had retained his Presidency and general
In announcing his resignation as President, Mr. Womer also
as a
director, and most of his stock
was
transferred to Karl Smith,
who becomes President.
7
♦
>
Authority to borrow approximately $3,500,000 from the
Reconstruction Finance Corporation for a 36% distribution
to holders of First National Co. (former investment division
of the First National Bank of St. Louis, Mo.) participation
certificates granted on May 18 by Circuit Judge Hogan to
the First National Bank and former Governor Henry S.
Caufield, co-trustees of the company. The St. Louis "GlobeDemocrat" of May 19, from which the above information is
obtained, went on to say:
Thus far distributions totaling
President
year
Bank
National
"Register," which added:
Although this completes
other
resigned
plan whereby the Manufacturers Trust Co., New York,
proposes to issue 500,000 shares of convertible preferred
stock at $50 per share plus accrued dividends for the purpose
of retiring $25,000,000 of capital notes sold to the Recon¬
struction Finance Corporation in November,
1933, was
announced on May 20 by Harvey D. Gibson, President of the
First
Des Moines
supervision.
A
institution.
defunct
the
to
♦
Court
the
Iowa, it is learned-from Council Bluffs advices
the
certificate
holders
from
14%, or $1,338,050, have been made to
partial
RFC loan, which is to be for three years,
book
the
assets,
of which
value
of underlying
liquidation
bonds and notes held by the bank as trustee.
the
company
will pledge all its
$9,500,000,
approximately
is
mortgage
To secure payment of the
with
the
exception of $398,000 in cash.
—4
4
George D. A. Combes has been elected President of the
Bank of Rockville Centbr Trust Co., Rockville Center, L. I.,
to succeed the late Dr. Frank T. Delano.
In noting this, a
Rockville Center dispatch on May 15 to the New York
"Times" said:
He is
director of the bank, President of the Board of the South Nassau
a
elected Cashier and
Ky.,
at a meeting of the directors held May 13, according to a
dispatch from that city to the Louisville "Courier-Journal."
Mr. Adams succeeds Lisle Baker Jr., now with the "CourierJournal" and the Louisville "Times," the dispatch stated.
Roger Adams of Lexington, Ky.,
was
Trust Officer of the State National Bank of Frankfort,
4
Communities
of
the
Hospital, historian of the town of Hempstead and Treasurer
Nassau
County
Historical and Genealogical Society.
of
'
'.-'j
*
'
Concerning the affairs of the Suburban Commercial Bank
Barrington, N. J., referred to in our May 16th issue, page
3284.
A dispatch on May 20 to the New York "Times"
had the following to say:
of
The stockholders of the Suburban Commercial Bank of
Barrington voted
tonight (May 20) to liquidate its assets and discontinue business
The
directors reported
to support a
bank.
on
June 12.
insufficient business in the town of 2,000
They said the quick assets would
pay
Charles Clark Chase, Chairman of the Board of
persons
$132,599 to the
First
the
May 14.
He
National
was
72 years old.
sixty stockholders.
Covington,
Directors
died on
a director
director of
Ky.,
Mr. Chase was
of the Covington & Cincinnati Bridge Co. and a
the
Stewart
He
was
a
Iron
Covington.
Works,
former director of the Fifth Third Union Trust
Co., Cincinnati; former President of the Hoven-Allison Co.,
Ohio, and former President of the Eagle Cordage
Xenia,
Co.,
Covington.
heads of the
Early
Pullman
in
his
career
he
was
one
of
the
Co.
500 depositors in full and liquidation would allow a "substantial" payment
to the
of
Bank
4
The bank is capitalized at $50,000.
Stockholders of the Bank of California, San Francisco, at
♦
a
Warren
F.
Sterling, State Bank Commissioner of Mary¬
land, announced on May 18 that the Commercial Savings
Bank
of
Cumberland, Md., had been authorized to release
of certificates of beneficial interest 40% of the
$80.
face amount
of
such certificates.
The Baltimore
"Sun" of
May 19, authority for the foregoing, continued:
The
Commercial
Savings
Bank
was
Chapter 46 of the Acts of 1933, known
reopened for business
Under the
July
on
The certificates
the 40%
certificates
is
ment
as
of
deposit
1935,
beneficial
interest.
The
distributed under this
amount
pay¬
$117,103.
Ferman G.
proposal
a
advices to the New York "Herald
supplied the following details:
is
reduce
to
from
is increased
bank's
the
of
reduction
stated
being
$5,500,000 to
remaining unchanged
at
capital
$8,500,000
from
transferred
surplus
to
to
which
$7,200,000, the aggregate capital
$14,000,000.
There
are
outstanding
shares.
operation
designed to
is
capital in compliance with the
to
of the
$100 to
the date named
this amount
surplus
national
released by the bank on April 29,
distribution just authorized is the first payment made on the
of
and
85,000
The
40% certificates of beneficial interest.
were
result
The
20, 1933.
cash, 35%
on
$6,800,000,
thereby
the provisions of
the Emergency Banking Act, and
plan of reorganization, depositors received 25% in
in certificates of deposit and
and
reorganized under
May 18 approved
on
this,
noting
In
Tribune"
holders
to
special meeting
directors to reduce the par value of the stock from
banks must transfer
increase surplus
until
or
in
excess
of
the
which provides that
10% of earnings for the preceding six months
be declared.
surplus before dividends may
continued
to
Banking Act of 1925,
must
be
from
earnings is necessary and
surplus
equals
The
capital,
operation
after
which
provided
no
for
deduction
the amount of earnings available for divi¬
dends increases.
Pugh is President of the bank, George C. Cook, Cashier.
The
action
this
meets
requirement without affecting
dividends
over
the
'
—-—♦
The Union Trust
ington, D. C.,
the
Co.
May 13,
on
period
of the District of Columbia, Wash¬
was
be held
the
of
on
of
the
of
the
Citizens'
Savings
and
The
organization will have resources
Both the Federal Depositors Insurance Corpo¬
$800,000.
ration
stockholders
State Savings Bank, both of Owosso, Mich., will
June 9 to vote on the proposed consolidation of
institutions.
the
the
Michigan
proposed
merger.
part:
The consolidation is part of the program of the Federal Deposit Insurance
Corporation to create fewer but stronger banks in communities, but is the
of plans that have been
under consideration in Owosso for
culmination
several years.
In fact, it is understood that negotiations had been practi¬
cally completed when the banking holiday upset the plans.
The
officers
Cashier,
are:
Frank
Kenneth
President,
L.
the
of
Vice-Presidents,
J.
F.
H.
State
Van
Savings Bank
Pelt,
Crawford.
Seth
Q.
been
required
Pulver;
Olive.
A.
The
to
increase surplus
the
necessary
amount.
4
April 16, the First National Bank of Chico,
Calif., was placed in voluntary liquidation.
The institu¬
tion, which was capitalized at $150,000, was absorbed by
the Anglo-California National Bank of San Francisco, San
Francisco,
Calif.
4
new
State Banking Department have
The "Michigan Investor"
of May 16, from which this is learned, went on to
say, in
approved
have
Effective
4
Meetings
would
admitted to membership in
Federal Reserve System.
Bank and
that
L.
President, J. A.
are:
Arnold
officers
Executive
Jr.,
Harry
the Citizens
of
Vice-President,
1
A.
Byerly;
Walsh;
Savings Bank
and
Cashier,
The
promotion of George H. Wyman from the post of
Assistant Manager to that of Manager of the 46th Street
and Western office, Los Angeles, Calif., of the Bank of
California (the head office of which is in that city) was
announced on May 14 by W. H. Thomson, Executive VicePresident of the institution, following the regular monthly
meeting of the directors. The Los Angeles "Times" of May
15, from which this is learned, further stated:
.
B. A.
been
Beckham, formerly Manager of the 46th and Western office, has
transferred
to
Johnsen, resigned.
Thomas
the
57th
and
Central
office
where
he
replaces Fred
Ofher promotions and transfers announced
promoted from
office, succeeding W.
were:
N. H.
Teller to pro-Manager of the Main and Griffin
Seitz, transferred to the 46th and Western office:
George A. Elder, promoted from Teller to pro-Manager of the Sixth and
Grand office.
Financial
3450
Chronicle
May 23,
1936
Standard Power & Light pref. forged ahead 3% points to
The
facilities
Department
and
are
merchants
of
available
extensive
to
our
Foreign
HEAD OFFICE AND FOREIGN DEPARTMENT:
55 BROAD STREET, NEW YORK
Member Federal Reserve System
Deposit Insurance Corporation
RATES
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
a
We
record for the week just passed:
RATES
EXCHANGE
CERTIFIED
BY
BANKS TO TREASURY UNDER TARIFF
MAY
FEDERAL RESERVE
ACT OF 1922
16, 1936, TO MAY 22, 1936, INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit
May 16
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
Czecjoslo'kia, koruna
May 18
May 19
May 20
May 21
$
$
$
$
S
May 22
$
.187333*
.187250*
.187333*
.187316*
.187233*
.187233*
.169246
.169134
.169101
.169076
.169111
.169061
.012950*
.012825*
.012825*
.012825*
.012825*
.012825*
.041491
.041478
.041489
.041452
.041433
.221591
.221763
.221768
.221829
.221798
.222000
England, pound sterl'g'4 .964416
.021887
Finland, markka
.969208
,968000
.970000
.969107
,973250
.021868
.021875
.021881
.021868
.021900
France, franc
.065907
.065870
.065852
.065835
.065837
Germany, relchsmark.
Greece, drachma
.402685
.402523
.402430
.402423
.402542
.402507
.009343
.009331
.009350
.009337
.009337
.009331
Holland, guilder
.675935
Denmark, krone-
.041446
.065828
.675765
.675734
.675730
.675628
.294000*
.293750*
.293800*
.293800*
.293800*
.078433
.078450
.078450
.078400
.078425
.249408
.249647
.249633
.249673
.249642
.249822
.188350*
.188375*
.188300*
.188050*
.187650*
.187350*
.045037
Portugal, escudo
.675692
.293850*
.078516
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
223,250 shares.
the
the
of
movements
on
.
Member New York Clearing House Association
EXCHANGE
were
dominate
to
Tuesday.
The trend of prices was down¬
ward, and while there were occasional exceptions among the
preferred shares, the list as a whole was lower as the market
closed.
Aluminum Co. of America was especially weak
and dipped 9% points to 114; American Hard Rubber slipped
back 3% points to 29%; Humble Oil tumbled downward 3
points to 57%; Thermoid Co. pref. crashed 5% points to 54,
and Pittsburgh Plate Glass, 3 points to 122.
The transfers
for the day were 206,620 shares as compared with 223,250
on the previous day.
■
Curb market transactions were again quiet on Wednesday
with little change in prices from the preceding close.
Vogt
Manufacturing Co. was one of the weak spots and on a single
transaction declined to a new low for the year.
Pittsburgh
Plate Glass fell off 2 points to 120; Aluminum, Ltd., moved
downward 3% points to 50, and Cities Service pref. BB, 2
points to 43.
Very little change was apparent in the trend of the market
on Thursday.
Trading was dull and the volume of business
dipped to the lowest level of the week, the total turnover
dropping to 163,030 shares.
Specialties attracted most of
the buying though the gains were generally unimportant.
North American Match went up 6% points on a small turn¬
over and closed at 55%,
New Jersey Zinc advanced 1%
points to 79% and Duke Power moved ahead 1 point to 72.
Scattered through the list were a number of advances, but
in most instances these were under a point.
Trading continued quiet on Friday, and while the transfers
for the day were slightly higher in volume, price movements
continued irregular with the advances and declines about
evenly divided.
Aluminum Co. of America made an over¬
night gain of 2 points to 119, Mead Johnson improved 2
points to 93, Pittsburgh Plate Glass advanced 2% points
to 122% and Standard Power & Light pref. registered a net
gain of 2 points to 33%.
curb market
manufacturers
MANUFACTURERS TRUST COMPANY
FOREIGN
continued
Dulness
engaged in foreign trade.
Member Federal
The sales for the day
31%.
.045085
.045090
.045065
.045065
.044987
Rumania, leu
.007316
.007283
.007300
.007300
.007283
.007283
Spain, peseta
Sweden, krona
.136582
.136492
.136450
.136403
.136364
.255908
.256135
.256195
.256176
.256130
.256337
Switzerland, franc
Yugoslavia, dinar
.323507
.323432
.323389
.323221
.323225
.323135
.022875
.022866
.022866
.022866
.022866
.022850
DAILY TRANSACTIONS AT THE NEW YORK
CURB EXCHANGE
.136382
Asia-
Bonds (Par
Stocks
tNumber
of
Shares)
Week Ended
May 22
1936
Value)
Foreign
Foreign
Domestic
Government
Total
Corporate
China—
dolT
296250
.296666
.296250
.296250
.296250
.296250
Hankow (yuan) dol'r
296666
.297083
.296666
.296666
.296666
.296666
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
India, rupee
Japan, yen
Singapore (S. S.) dol'r
296666
.297083
.296250
.296250
.296250
.296250
296666
.297083
.296666
.296666
.296666
.296666
325187
.325250
.324781
.324343
.322125
.323208
374637
.374855
.375040
.374875
.374770
.375055
290770
.291105
.290932
.290895
.290975
.291235
581687
.582187
.582812
.582500
.582500
.582500
Chefoo (yuan)
Tuesday
Wednesday
168,500
Thursday
162,640
172,215
$13,000
$12,000
$988,000
92,705
223,550
206,660
Saturday
$1,013,000
2,340,000
36,000
36,000
2,412,000
2,072,000
73,000
17,000
2,162,000
1,776,000
2,136,000
1,644,000
90,000
87,000
97,000
25,000
43,000
17,000
1,953,000
2,258,000
1,704,000
1,026,270 $10,956,000
$351,000
Monday
Friday
Total
$195,000 $11,502,000
Australasia—
Australia, pound
New Zealand, poundAfrica—
955625*3.959375*3 959000* 3.962000* 3. 961937*3.965687*
,986750 * 3.991875*3, 988187* 3.990375*3. 990250*3.992750*
South Africa, pound.. 4.917083 * 4.915416* 4.914166* 4.916458* 4.915312* 4.919375*
North America—
.996380
.996536
.996914
.996875
.996953
996953
Canada, dollar
.999000
.999000
.999000
.999000
.999000
999000
Cuba, peso
.277625
.277625
.277625
.277625
277625
.277625
994437
.994375
.994375
Argentina, peso
330775*
.331000*
.331025*
.331050*
.331000*
085862*
.085850*
.085850*
.085850*
.085850*
.085850*
Chile, peso..
050625
.050625*
.050625*
.050625*
.050625*
572300*
.572300*
.572300*
.572300*
.569000*
796875*
.791875*
.796875*
.796875*
.796875*
1,026,270
1,333,100
68,518,394
19,151,868
$10,956,000
$19,016,000
243,000
195,000
276,000
$394,089,000
8,364,000
5,294,000
$491,323,000
351,000
$11,502,000
$19,535,000
$407,747,000
$504,105,000
Bonds
Domestic
.569000*
Colombia, peso
1935
1936
1935
1936
Exchange
Stocks—No. of shares.
.050625*
Uruguay, peso.
New York Curb
.331100*
Brazil, milrels
Jan. 1 to May ?2
Week Ended May 22
Sales at
.796250*
Mexico, peso
Newfoundland,
dollar
.994468
.993937
.993937
Nominal rates; firm rates not
Correction—In the
2 the
represented as being for Uru¬
and conversely, those for Uruguayan pesos were shown as being for
If in these issues the title "Colombia" is substituted for "Uruguay"
and vice versa, the figures will appear correctly .
guayan pesos
Colombian pesos.
irregularity marked the trading on the New
Exchange during most of the week.
The trend
of prices has generally worked downward, and while there
have been occasional exceptions, the market, as a whole,
has shown little resistance.
Some of the oil shares have
attracted a modest amount of buying and so have a few of
the specialties, but the gains have generally been in small
...
priced stocks
was
on
were
/
moderately active during the two-
Saturday but the curb market, as a
whole,
quiet and the trading comparatively light with irregular
Most of the utilities were unchanged
was
little demand for the miscellaneous
specialties
Liquor stocks
slightly higher
prices.
The gains included among others Babcock & Wilcox,
1% points to 79%; Cities Service pref., 13^8 points to 51 %;
Electric Bond & Share pref. (5), 1 % points to 69; Fisk Rubber
pref., 1 point to 53; McWilliams Dredging Co., 1% points
to 78%, and Penn Gas & Electric (A 1 %), 1 % points to 19%.
The transfers for the day were approximately 92,700 shares.
Irregularity was the outstanding feature of the session on
Monday, and while several of the public utility preferred
stocks worked up to new tops, the volume of trading was
generally small and price movements were without note¬
which usually attract considerable attention.
were in demand during most of the session at
worthy change from the previous close.
Consolidated Gas
of Baltimore broke into new high ground with a gain of
also
3%
points.
American Meter Co. had an overnight gain of
3 points to 27%; Fisk Rubber Co. pref. moved up 3 points
to 56; Sherwin Williams advanced 2 points to 123, and
1% points to 93%; Bell Telephone of Pa. pref., 6%,
reached a new top level at 123 as it climbed upward
CLEARINGS
this week will again show an increase com¬
a year ago.
based upon telegraphic
United States
which it is
possible to obtain weekly returns will be
0.7% above those for the corresponding week last year.
Our preliminary total stands at $5,245,691,966, against
$5,207,863,946 for the same week in 1935.
At this center
there is a loss for the week ended Friday of 6.3%.
Our com¬
parative
summary
for the week follows:
Per
Clearings—Returns by Telegraph
1936
Week Ending May 23
1935
$2,409,960,052
240,315,136
288,000,000
168,918,000
74,815,441
79,900,000
105,159,000
98,201,548
82,299,878
66,043,958
48,205,864
34,549,000
$2,571,256,453
—6.3
197,476,518
300,000,000
161,000,000
72,226,141
64,800,000
98,382.000
74,675,679
77.411,300
56,120,194
44,002,337
25,718,000
+ 21.7
$3,696,367,877
675,042,095
$3,743,068,622
572,591,695
+ 17.9
$4,371,409,972
874,281,994
$4,315,660,317
892,203,629
—2.0
$5,245,691,966
$5,207,863,946
+ 0.7
'
Cent
,t
price movements.
and there
7,708,000
5,074,000
Preliminary figures compiled by us
advices from the chief cities of the
country indicate that for the week ended today (Saturday,
pared with
from
Dulness and
fractions.
Bank clearings
May 23,) bank exchanges for all cities of the
EXCHANGE
CURB
York Curb
Low
Total
COURSE OF BANK
Quotations for Colombian pesos were inadvertently
hour session
..
available.
"Chronicle" of April 11, April 18. April 25 and May
THE
government
Foreign corporate
South America—
*
Foreign
New York
•
Chicago
Philadelphia
-
Boston.
Kansas City
St. Louis
.
San Francisco
-
Pittsburgh
Detroit
'
-
Cleveland
Baltimore.
New Orleans
Twelve cities, five
days
Other cities, five days
Total all cities, five days
All cities, one day
Total all cities for week
—4.0
+ 4.9
+ 3.6
+ 23.3
+ 6.9
+ 31.5
+ 6.3
+ 17.7
+ 9.6
+ 34.3
—1.2
+ 1.3
Complete and exact details for the week coverecLby the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
present further below, we are able to give final and complete
for the week previous—the week ended May 16.
results
Volume
For
Financial
142
Chronicle
3451
that week there is
an increase of
7.8%, the aggregate
clearings for the whole country being $5,890,234,280,
against $5,462,000,683 in the same week in 1935. Outside
of this city there is an increase of 5.9%, the bank clearings
at this center having recorded a gain of 9.2%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals register
a gain
of 8.6%, in the Boston Reserve District of 3.8%
and in the Philadelphia Reserve District of 0.8%.
In the
Cleveland District the totals are larger by 15.9%, in the
Richmond Reserve District by 3.9% and in the Atlanta
Reserve District by 12.8%. In the Chicago Reserve District
there is an improvement of 9.3%, in the St. Louis Reserve
District of 12.4% and in the Minneapolis Reserve District
of 4.0%.
The Kansas City Reserve District suffers a loss of
5.1% but the Dallas Reserve District enjoys an increase of
23.9% and the San Francisco Reserve District of 3.4%.
In the following we furnish a summary by Federal Reserve
of
districts:
SUMMARY OF
BANK
Inc.
1936
$
Federal
Reserve
Boston
New York-12
Grand Rapids.
2,886,546
1,302,220
1,188,715
18,807,000
1,614,089
5,452,339
18,518,502
955,588
8,497,782
3,349,762
543,355
284,524,474
834,624
4,631,748
1,169,558
1,327,485
460,279,759
Lansing.
Ind.—Ft.
Wayne
Indianapolis
South Bend
Terre Haute
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux City
111—Blooming'n.
Chicago
Decatur
Peoria
Rockford
Springfield.
.
Total (18 cities)
2,296,414
1,294,842
1,125,277
15,640,000
1,311,354
4,776,234
17.572,057
945,951
7,356,697
3,053,385
585,284
261,892,535
609,328
3,336,032
987,665
933,681
1934
Dec.
$
251,227,027
J
1%,
242,034,962
3,620,409,126
"
1933
316,315
76,822,904
1.645.254
951,725
867,075
14,282,000
1,080,095
4.233.255
13,302,228
424,700
6,068,349
2,373,035
439,363
+37.0
233,246,839
477,308
+ 38.8
2,850,301
+ 18.4
+42.2
708,776
900,078
345,028
8,025,578
814,040
330,600
408,092
8,881,000
533,432
2,749,371
10,497,752
201,527
3,643,588
1,816,028
300,000
195,449,170
458,153
2,357,777
488,795
745,943
+ 9.3
360,989,600
238,045,874
76,100,000
24,039,501
12,909,202
60,200,000
17,208,988
10,543,145
+ 25.7
421,172,613
+ 0.6
•
+5.6
+ 20.2
+ 23.1
+ 14.2
+ 5.4
+ 1.0
+ 15.5
+9.7
—7.2
+ 8.6
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
1935
$
12 cities
1934
%
.
Seventh Feder al Reserve D istrict—Chic ago—
297,487
471,756 —36.9
Detroit
+ 7.6
104,378,485
96,984,121
Mo.—St. Louis..
Inc.or
1936
Dlsts.
1st
or
Dec.
Mich.—AnnAr bor
1933 r
90,400,000
Ky.—Louisville..
30,653,327
17,059,332
Tenn.—Memphis
2nd
1935
CLEARINGS
■v':M
Week End. May 16, 1936
Week Ended May 16
Clearings at—
3,332,845,849
s
244,284,283
206,721,412
3,168,846,402
111.—Jacksonville
81,700,000
27,206,664
14,064,690
+ 10.6
+ 12.7
+ 21.3
b
b
b
b
541,000
430,000
+ 25.8
405,000
446,000
138,653,659
123,401,354
+ 12.4
113,453,703
88,398,133
+ 0.8
2,297,123
51,052,524
19,649,553
1,614,603
585,988
350,128
2,021,371
2,046,315
45,577,997
16,282,373
1,374,706
491,669
261,978
2,028,521
+4.0
77,571,290
68,063,559
Qulncy
b
3,019,745,761
3rd
Philadelphia 9
"
356,277,501
353,316,535
+ 8.6
+0.8
313,783,740
254,332,252
4th
Cleveland..
6
"
276,189,861
238,358,654
+ 15.9
211,098,647
151,931,424
5th
Richmond .6
"
120,735,916
116,148,431
+3.9
104,342,338
72,101,342
6th
Atlanta
10
M
138,201,899
122,468,048
107,052,816
74.030,888
7th
Chicago
18
"
460,279,759
421,172,613
360,989,600
238,045,874
8th
St. Louis...
4
'*
138,653,659
123,401,354
113,453,703
88,398,133
Minneapolis
Minneapolis 7
10th KansasCity 10
"
95,641,229
77,571,290
68,063,559
St. Paul
"
128,730,539
135,600,589
-5.1
11th Dallas
5
"
57,445,494
46,359,111
+23.9
46,230,838
35,842,710
Fran-12
"
246,442,270
238,345,085
+3.4
184,710,645
159,267,721
9th
12th San
+12.8
+9.3
+ 12.4
91,949,452
+4.0
107,919,864
80,126,758
Total (4 cities).
Ninth Federal
Reserve Dis trict—Minne apolis-
Minn.—Duluth..
2,487,408
2,045,722
647,735
598,349
2,458,105
2,228,082
61,357,370
22,868,538
1,912,856
633,990
509,869
2,438,747
95,641,229
N. D.—Fargo...
S. D.—Aberdeen.
Mont.—Billings
_
Helena
Total
110 cities
Outside N. Y.
5,890,234,280
Canada
5,462,000,683
1,962,976,111
1,514,334,332
348,134,879
328,591,322
+5.9
345,961,726
Total (7 cities).
Tenth Federal
now add our detailed statement showing last week's
figure for each city separately for the four years:
Reserve Dis trict—Kans
Neb.—Fremont—
105,317
136,578
Hastings
Lincoln
2,967,767
33,237,616
2,349,032
2,486,363
83,154,776
2,820,527
Omaha
Kan.—Topeka
90,027
97,011
2,274,589
32,411,638
Colo.—Colo. Spgs
Pueblo
Week Ended
May 16
Total (10 cities)
128,730,539
135,600,589
Mo.—Kan. City.
Inc. or
1936
First Federal
732,465
2,147,938
2,311,416
92,080,043
3,079,454
578,670
529,803
..
Wichita
Clearings at—
Me.—Bangor
+ 6.9
+ 2.2
+ 17.4
286,555,833
32 cities
.We
t
+ 3.9
+3.6
4,448,607,834
2,240,295,396
+7.8
+5.9
5,040,284,166
2,371,474,968
City
+ 11.6
91,949,452
63,721,069
23,682,841
1935
Reserve Dist rict—Boston
585,402
2,156.356
215,598,839
567,053
577,584
1,771,276
Dec.
1934
1933
St. Joseph
740,098
_%
+ 1.4
726,215
+ 7.7
2,777,220
1,231,415
10,515,833
3,414,990
10,450,500
564,158
+ 9.7
N.H.—Manches'r
369,810
782,479
3,047,571
1,764,542
11,953,802
3,890,949
10,035,100
475,124
—15.8
471,817
1,591,454
212,630,420
633,280
315,996
719,855
2,851,045
1,252,699
10,406,296
3,032,748
9,939,600
439,073
Total (12 cities)
251,227,027
242,034,962
+ 3.8
244,284,283
5,601,628
771,288
25,151,128
56,812
65,351
2,079,301
25,309,166
+40.8
+ 30.5
45,088
b
+ 38.3
489,870
1,618,394
19,989,776
1,379,109
1,739,409
52,094,498
2,423,546
400,791
436,147
-5.1
107,919,864
80,126,758
603,370
26,358,098
4,972,732
1,728,000
+ 2.5
+ 9.4
1,957,245
+ 7.6
2,435,519
72,240,553
2,787,889
498,158
—9.7
—8.4
+27.9
York-
6,965,984
884,828
28,250,236
City
+ 17.0
206.721,412
Feder al Reserve D {strict—New
as
Portland
Mass.—Boston..
Fall
River
Lowell
New Bedford—
Springfield
Worcester
Conn.—Hartford.
New Haven...
R.I.—Providence
Second
Y.—Albany.
7,061,539
Bingham ton..
1,135,080
31,300,000
837,144
N.
Buffalo
Elmira
Jamestown
New York
Rochester
589,217
3,518,759,312
Newark
7,300,804
4,114,714
3,709,257
♦400,000
19,272,799
Northern N. J-
25,929,260
Syracuse
Conn.—Stamford
N. J.—Montclair
209,058,704
+ 21.7
621,693
+ 3.1
—8.8
325,374
+ 13.7
+ 43.3
+ 13.7
+ 13.9
—4.0
6,304,589
1,102,339
31,000,000
733,956
554,607
3,221,705,287
6,995,773
4,047,893
3,816,013
+ 12.0
423,404
—5.5
17,602,738
38,559,260
—32.8
+ 3.0
+ 1.0
+ 14.1
655,265
393,831
829,497
181,439,354
675,853
318,329
537,563
2,200,507
991,967
7,605,142
2,759,150
7,489,600
480,619
557,538
+ 6.2
495,884
294,817
+ 9.2 3,077,308,055 2,934,273,502
+ 4.4
5,829,261
7,053,387
+ 1.7
3,762,562
—9.5
3,257,697
462,912
16,612,146
24,361,572
+ 9.5
3,582,825
2,752,256
449,198
14,794,874
24,463,320
Eleventh Fede ral
Tex.—Austin
La.—Shreveport.
Total (5 cities).
57,445,494
46,359,111
•
Ft. Worth
Galveston
Wichita Falls
„
Twelfth Feder al Reserve D istrict—San
W ash.—Seattle
33,584,676
9,026,000
__
Utah—S. L. City
Calif.—Long B'h.
Pasadena
Sacramento
Bethlehem
686,919
35,804,646
5,144,748
+ 39.0
2,469,000
—9.2
b
—
San Francisco.
San Jose
Santa Barbara.
b
+ 52.5
2,125,525
2,180,510
+23.9
46,230,838
35,842,710
21,190,273
4,499,000
Franci
36,860,802
—8.9
5,194,000
592,091
+42.7
27.410,407
11,864,291
—10.9
23,334,060
7.736,000
345,721
19,618,309
+ 22.3
11,343,487
3,595,266
2,793,176
10,164,615
135,171,045
1,886,459
1,225,828
1,587,105
+ 13.0
2,491,901
+ 33.0
2,627,244
3,435,889
110,004,961
246,442,270
Yakima...
Ore.—Portland
+38.9
+ 21.7
+ 18.1
844,920
24,435,130
14,508,747
4,061,214
3,714,218
14,602,526
136,026,000
2,253,309
1,294,941
2,090,589
_.
Spokane
238,345,085
+ 73.8
+43.7
+ 0.6
+ 19.4
+ 31.7
1,559,569
954,801
1,258,703
+ 3.4
184,710,645
+ 5.6
326,836
21,563,926
8,676,540
2,805,704
2,376,542
3,046,981
91,572,194
1,212,707
920,064
1,076,954
+8.6 3,168,846,402 3,019,745,761
Total (12 cities)
Third Federal
Pa.—Altoona
District—Da lias—
933,480
35,637,830
5,283,221
2,432,000
a787,869
2,072,580
.....
Stockton
Total (12 cities) 3,620,409.126 3,332,845,849
Reserve
1,296,659
43,369,293
6,238,764
3,381,000
a715,354
3,159,778
Dallas
159,267,721
Reserve Dist rict—Philad ephia-
540,041
a *475,000
338,353
348,256
+ 55.1
a338,295
347,801
268,337
+ 40.4
b
b
262,150
+ 29.1
996,994
341,000,000
+ 44.6
250,194
775,275
+ 1.2
304,000,000
—0.6
+ 5.4
1,018,602
2,389,128
1,368,024
1,044,716
N. J.—Trenton..
1,430,774
2,472,212
957,574
1,485,275
4,363,300
—38.5
2,590,000
246,000,000
1,038,259
1,787,183
1,435,012
860,945
2,133,100
Total (9 cities).
356,277,501
353,316,535
+0.8
313,783,740
254,332,252
total
(110
5,890,234,280 5,462,000,683
+ 7.8 5,040,284,166 4,448,607,834
Outside New York 2,371,474,968 2,240,295,396
+5.9 1,962,976,111 1,514,334,332
cities)
213,955
1,441,181
345,000,000
1,422,767
2,274,917
1,010,384
1,565,858
2,684,000
Grand
Chester
Lancaster
Philadelphia...
Reading
Scranton..
Wilkes-Bar re..
York
Fourth
—8.0
+ 5.5
b
Cincinnati
54,885,910
Cleveland.
85,316,953
11,759,000
1,353,920
Columbus
Mansfield
Youngs town...
b
b
b
b
+ 0.9
45,083,592
36,330,442
+ 20.0
10,584,100
+ 11
63,776,098
9,875,000
44,275,460
6,019,100
1,435,666
898,558
b
+ 7.8
b
b
Pa.—Pittsburgh.
122,874,078
101,058,077
+ 21.6
90,928,291
Total (5 cities).
276,189,861
238,358,654
+ 15.9
211,098,647
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk...
Richmond
S.C.—Charleston
Md.—Baltimore.
C.—Wash'g'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—J'ksonvllle.
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
Vicksburg
b
64,407,864
120,735,916
176,895
2,480,000
31,676,043
1,139,335
61,786,427
18,889,731
116,148,431
+ 40.5
+ 5.0
+ 2.0
166,155
2,350,000
28,584,846
—9.1
763,052
58,016,442
+ 27.7
14,461,843
104,342,338
151,931.424
1,177,734
835,006
13,158,000
17,601,609
1,458,723
b
120,206
2,189,000
24,756,559
714,317
35,491,167
8,830,093
127,422
120,215,585
—6.3
91,622,968
74,837,871
14,046,222
4,220,944
Hamilton
Calgary
Victoria
—
Regina
Brandon
Lethbridge
2,657,803
330,359
712,373
506,764
429,318
475,579
952,482
348,134,879
328,591,322
1,327,740
Saskatoon
482,050
807,160
873,208
585,775
228,971
Moose Jaw
Brantford
Fort William
72,101,342
New Westminster
Medicine Hat—
2,941,464
14,772,515
46,600.000
932,569
+ 13.3
+ 26.3
2,779,739
12,171,951
41,400,000
914,803
686,496
12,792,000
17,050,444
+ 21.6
501,942
+ 2.9
1,162,673
+ 25.5
12,367,000
14,688,138
1,114,336
b
Halifax...
Edmonton
Reserve Dist rict—Atlant
3,332,464
16,459,768
50,300,000
—
Quebec
+ 11.4
+ 7.9
+ 3.2
b
+ 5.0
b
1,823,206
9,663,306
30,800,000
879,617
427,268
8,146,471
10,099,138
911,318
b
La.—New Orl'ns.
33,751,173
121,358
25,408,529
+ 32.8
88,179
21,026,728
85,375
11;195,189
Total (10 cities)
138,201,899
122,468,048
+ 12.8
107,052,816
595,951
620,940
1,068,311
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
,
1934
—10.5
83,290,313
60,157,517
16,135,948
27,021,784
4,150,251
2,078,134
4,103,294
6,669,504
1,660,614
1,665,034
2,433,188
3,985,191
4,449,342
263,416
449,736
Ottawa
London
—2.1
+ 3.9
Vancouver
%
130,837,813
88,887,972
32,937,635
14,856,083
20,440,075
3,849,779
2,352,422
3,884,615
4,859,429
1,708,694
1,480,739
2,657,751
3,582,471
3,286,569
271,566
382,664
1,470,385
496,536
797,107
629,180
544,879
204,197
648,677
629,126
1,269,441
2,465,682
350,332
614,176
484,296
457,311
440,919
812,801
117,066,883
Winnipeg
Dec.
S
Canada—
St. John
Reserve Dist rict—Richm ond-
248,495
2,605,000
32,319,096
1,035,609
60,399,676
24,128,040
Inc. or
1935
1936
Montreal
b
54,386,982
71,073,954
1,255,541
Week Ended May 14
Clearings at—
Toronto
Feder al Reserve D istrict—Clev eland-
Ohio—Canton...
D.
595,461
-
+82.6
+ 8.6
+ 32.2
+ 7.8
—11.7
+ 5.6
+ 37.2
—2.8
+ 5.7
—8.4
+ 11.2
+ 35.4
—3.0
+ 17.5
—9.7
—2.9
+ 1.3
+38.8
+ 7.5
+ 12.1
—8.1
—1.3
—15.8
+ 7.8
—5.7
+ 16.0
■
4,235,396
2,114,105
5,033,260
4,480,726
1,662,073
1,381,457
3,014,482
3,614,968
3,262,013
274,182
355,871
1,119,521
403,939
838,296
535,236
498,840
201,949
610,834
694,813
1,021,640
2,683,848
262,507
687,616
a
Not Included in totals,
106,667,443
81,613,475
46,559,075
12,607,646
3,674,961
3,676,195
1,946,944
3,246,027
4,704,503
1,183,689
1,309,580
2,129,027
3,042,635
3,245,505
267,059
294,088
1,134,563
575,176
795,092
535,236
385,829
150,320
496,359
551,997
802,707
2,678,021
226,423
470,057
431,393
+ 4.6
521,263
—6.1
415,484
+ 7.9
+ 17.2
388,704
705,113
376,774
300,000
478,034
+ 5.9
345,961,726
286,555,833
b No clearings available.
♦ Estimated.
74,030,888
Total (32 cities)
1933
Financial
3452
CHANGES
IN
NATIONAL
BANK
Chronicle
Quotations during the week:
NOTES
-Bar Silver per Oz.StdCash
2 Mos.
give below tables which show all the monthly changes
notes and
in National bank
in bonds and legal tenders on
National Bank Circulation Afloat on-
Amount Bonds
on
Deposit to
Secure Circula¬
tion for
30
1
NEW
YORK
(Per Ounce .999 Fine)
29
45 cents
30
45 cents
Apr.
20 5-16d.
20 5-16d.
20%d.
20%d.
20 5-16d.
20%d.
20.302d.
20 5-16d.
20 5-16d.
2-„--20%d.
4.
20%d.
5
20 5-16d.
May
6
20%d.
Average
20.302d.
Apr.
May
May
May
May
deposit therefor:
IN
LONDON
IN
We
May 23, 1936
.,
Apr.
May
May
May
May
.45
45
45
45
1
2
4
5--
cents
cents
cents
cents
Legal
National
Tenders
Bonds
Bank Notes
The highest rate of
Total
exchange on New York recorded during the period
$4.96% and the lowest $4.93%.
from the 30th ultimo to the 6th instant was
$
$ ■"
*
'
1
'
Statistics for the month of April:
Apr. 30 1936.
b600,000
a397,548,410
398,148,410
Mar. 31 1936.
b600,000
a412.859.760
413,459,760
Feb.
29 1936.
b600,000
0428,125,995
Jan.
31
1936.
beoo.ooo
0445.407.210
428,725,995
446,007,210
Dec. 31
1935.
b600,000
Nov. 30 1935.
beoo.ooo
0472,546,661
0498,090,117
beoo.ooo
311935.
Oct.
0529,121.057
0572,428.022
b600,000
Sept. 301935.
473,146,661
498.690.117
529,721,057
—Bar Silver per
573.028.022
Aug. 31 1935.
*900,000
600.000
618,311,862
13.984,735
220.605.430
May 31 1935.
283.529,310
244,00(1,952
735,754,750
548,490,215
650,975,223
749,739.485
June 30 1935.
2,351.260
141.945.660
Apr. 30 1935.
330.642,140
271.360.682
553.161.838
824,522.520
The
769.095.645
794.982,175
20.2445d.
FINANCIAL MARKET—PER
*
Consols. 2 % %
deposit although circulating notes had
retired by deposit of that amount of lawful money.
Includes $300,000 bonds which were on
been
The following shows
the amount of National bank notes
month of
legal tender deposits April 1 1936
The
States
Bar N.
April:
U.
$413,459,760
15,311,350
1, 1936
Amount afloat April
Net decrease during April—
...
Amount of bank notes afloat May
1, 1936
:
*•
■
redeem National bank notes April 1
Net amount of bank notes redeemed in April
notes amounted to
against
reserve
£202.-
announced by the Bank during the week amounted
With the appreciation of sterling in terms of gold currencies
when the result of the French general elections became known, the sterling
&
reflecting the nervousness felt regarding the franc.
Withdrawals of gold
Per Fine
45%
45%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
Apr. 30
May
1
Inc., announce that Charles T. Matz has
Co.,
with their trading department in
edition
of their
of
11th
Commonwealth
the
quarterly
booklet,
of
up-to-date financial
giving
its
Massachusetts,
counties,
cities,
—Slepack & Co. announce that Herbert G. King, member of the New
Kaufmann and Norman Stern have been
Norman J. Jewel has retired
—The
140s.
140s.
—140s.
140s.
May
4
May
5
May
6
Average
—
4d.
4%d.
8d.
7.67d.
registered from mid-day on April 27 to
seal of
Australia
United States of America.
France
Netherlands..
*
Switzerland
Other countries
260.525
30,450
Switzerland
Other countries_
_
_
about
President Hayes about
Southern
as
gold
years
associated
with
Lawyers Mortgage
Webb.
in W. D. Yergason & Co., has joined
He will be in charge of unlisted trading
utility and industrial securities.
P.
McDermott
Co., members New York Stock Exchange,
&
analysis of the Parker Rust
Proof Co. $2.50 par common stock.
York Stock Exchange and Commodity
them in their downtown office.
—C.
G.
Novotny &
Inc., 30 Broad
Co.,
Street, New York, are dis¬
tributing their current list of State and municipal
bonds yielding from
2.30% to 6.02%.
NATIONAL
£1,181,845
consigned
£552,000
compared
22
BANKS
The
to
output
with
for
March
62,838
fine
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATION
about £593,000
London and the
£41,000 consigned to New York.
Rhodesian
ounces
for
120
_
from Bombay last week amounted to
carries
Naldera
Schulz,
1,000
£4,203,126
Gold shipments
H.
with H. D. Knox & Co. where he will specialize in title company
39 Broadway, New York, are distributing an
£865,550
2,500
21,700
Portugal
19,071
70,207
730,814
9,539
12,814
20,675
now
—Blauner & Co., members New
Belgium
30.948
.
British Guiana
Co., is
mortgages and mortgage certificates.
Exchange, Inc., announce that Cornelius Ross has become associated with
British India
622,388
British India
Daly and Craib, members New York Stock Exchange, New
York Curb Exchange (Associate) and St. Louis Stock Exchange announce
the removal of their St. Louis office to Locust at Ninth St.
—Peter
12s. 0.97d.
France
41,642
__
will
1.25d.
12s. 0.95d.
United States of America.
£2,487,845
157,183
British West Africa.
Broad St., New York,
Co., 30
$240,000 Welfare Home bonds of Orange County, N. Y.
—Messrs
in
Exports
British South Africa
Trust
—John Sayles, formerly a partner
mid-day on May 4:
Imports
&
Bank
the firm of Greer, Crane &
United Kingdom imports and exports of gold
The following were the
Tanganyika Territory.
12s.
Continental
supervise the preparation and certify to the genuineness of signatures and
12s. 0.77d.
12s. 0.77d.
12s. 1.29d.
-_140s. lOd.
fine
the Chicago office.
and districts.
admitted to their firm as general partners.
12s. 0.82d.
140s.
9%d.
140s. lOd.
-
2
The
NOTICES
office at 75 Federal Street, as of May 20, and the
&
Harriman
associated
—Ernest
Equivalent Value
of £ Sterling
Ounce
67,350
(in cents) in the United
Co., Inc., Chicago.
towns
unprecedented scale have been made from the Bank of France.
Quotations during the week:
SS.
105%
117
—Tyler, Buttrick & Co., Inc., 75 Federal St., Boston, are distributing
the
but the premium over gold ex"
price of gold moved sharply downward,
change parities increased, there being a keen demand from the Continent
SS.
105%
117%
association with them in the new office of George C. Lee, Jr., as manager
market about £1,850.000 of bar gold changed hands at the
In the open
daily fixing.
The
105%
from the firm.
to £926,130.
May
lid.
85
50.01
York Stock Exchange, Ernst B.
day.
an
20d.
139s.
days has been:
same
the opening of a Boston
734,272 on April 29 as compared with £202,143,995 on the previous Wednes¬
Purchase of bar gold as
lid.
117%
'117%
CURRENT
statistics
GOLD
gold
139s.
85
85%
Mr. Matz for the past 12 years has been associated with Ames, Emerich
reprint the following from the weekly circular of
Montagu & Co. of London, written under date of
May 6 1936:
•
on
the
Y.(for.) Not avail.
become
We
of England
20 l-16d.
lid.
139s.
85 7-16
and Nathaniel Ware.
ENGLISH GOLD AND SILVER MARKETS
Bank
20 5-16d.
lid.
139s.
—W. E. Hutton & Co., members New York Stock Exchange, announce
Samuel
The
Fri.,
May 22
Treasury
—Brown
THE
117%
■;
redeem National bank notes May 1, 1936.. a$397,548,410
Thurs.,
May 21
price of silver per ounce
on
(newly mined)
$412,859,760
15,311,350
proceeds for called bonds redeemed by Secretary of the Treasury.
Includes
a
106
Holiday
$398,148,410
Legal Tendar Notes
Amount deposited to
Amount on deposit to
S.
Wed.,
May 20
106
Holiday
U. S. Treasury-
National Bank Notes—Total Afloat—
Tues.,
29 %d.
4%
1960-90
1936, and their increase or decrease during the
and May 1
29 9-16d.
140s. Is.
85 7-16
Holiday
_
British 3 % %
War Loan
British
afloat and the amount of
CABLE
May 19
Mon.,
May 18
May 16
Silver, per oz.. 20%d.
Gold, p. fineoz.l40s. 3d.
$600,000 U. S. 2% Consols 1930 deposited with U. S. Treasurer
b Secured by
Bar Gold
Oz. Fine
per
141s. %d.
140s. 7d.
140s. 9.67d.
reported by cable, have been as follows the past week:
as
1, 1936, secured by
proceeds for called bonds redeemed by Secretary of the Treasury,
Includes
a
'
daily closing quotations for securities, &c., at London,
Sat.,
$2,327,717 Federal Reserve bank notes outstanding May
against $2,380,123 on May 1, 1935.
lawful money,
Sid.—
2 Mos.
20 %d.
19%d.
20.2500d.
19%d.
;
ENGLISH
618.911.862
31 1935.
July
Oz
Cash
20 %d.
Highest price
Lowest price
Average
amounted
1936
to
February
for
ounces
Amount
May 12—-First National Bank of Chico, Chico, Calif
$150,000
Effective, April 16, 1936. Liq. Agent, L. R. Brown, Chico, Calif.
Absorbed by:
"The Anglo California National Bank Of San
Francisco," San Francisco, Calif. Charter No. 9174.
1936 and 57,305 fine ounces for March, 1935.
DIVIDENDS
SILVER
The market has been steady during
small fluctuations.
the demand
freely.
was
met
Speculative
there has been
some
the past week, prices showing only
Dividends
grouped in two separate tables.
In the
bring together all the dividends announced the
Buying by the Indian Bazaars continued steadily, but
first
by offerings on China account, which were made fairly
current week.
operations
have
been
rather less
in
evidence,
but
carrying forward of bull contracts falling due.
we
we
show the
are
Then
we
dividends
follow with
a
second table in which
previously announced, but which
have not yet been paid.
The dividends announced this week
r
No wide movements
s
are
anticipated in the near future, but the market
still dependent upon support from
The following were the United
registered from mid-day
on
Kingdom imports and exports of silver
Nyasaland Protectorate
British West Africa
Irish Free State
Germany
*6,662
*3,892
*3,040
8,779
—
United States of America.
3,090
Netherlands
Denmark
Other countries
_
8,887
91,803
9,025
Germany.
Other countries
1,950
Arabia.
France
£48,663
£582,285
British India
Ceylon
2.200
Coin at face value.
Name of
Exports
£21.000
France
*
Per
April 27 to mid-day on May 4:
Imports
Canada
are:
the Indian Bazaars.
r
1
5,654
1,480
2,108
4,993
£708,180
Share
Company
When
Holders
Payable of Record
June
American Bakeries Corp., 7% pref. (quar.)
American Cigar Co., common
...
$1 %
July
June
June
Preferred (quarterly)
American Hide & Leather, 6% pref.
American Hosiery Co. (quar.)
$1%
June
June
11
75c
June
June
19
25c
10c
June
May 14
May 20
50c
June
15
June
5
American Laundry Machinery
American Stores (quarterly)
(quar.)
(quar.)
June
15
2
(quar.).
50c
Preferred (quarterly)
American Sumatra Tobacco (quar.)
American Surety Co
$1%
July
July
July
25c
June
June
1
July
July
June
15
June
15
American
American
Sugar Refining,
Telephone & Telegraph (quar.)
$1%
$2%
June
5
Volume
Financial
142
Per
Name
Share
of Company
37)4c"
Associates Investment Co. (quar.)
Extra
June 30 June 20
25c
_
__
June 30 June 20
June 30 June 20
2Hc
$1
50c
July
July
July
July
June 30 June
June
July
July
Campbell, Wyant and Cannon, extra
Canada Malting (quarterly)
25c
37 Kc
UK
38c
pref
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry. (quar.)
75c
70c
Chesebrough Mfg. Co. (quar.)
$1
Extra
20c
_
June
31c
h25c
5
June
June
June
3734c
1234c
Columbus Auto Parts, preferredCommonwealth Edison (quar.)
6
13
PMay 22
June 10 May 22
June
8
July
June
8
July
June
10c
i._;
Extra
June
1 June
15
June
50c
Chicago Rivet & Machine Co. (quar.)
June 30
July
50c
Chicago Flexible Shaft (quar.)
15
15 May 29
June 30
June
June
1
15 May 29
1 June 15
June
50c
19
1 June 10
25c
Canadian General Electric (quar.)
Catelli Food Products, preferred
Commonwealth & Southern, $6 preferred
Compressed Industrial Gases (quar.)
Congoleum-Naim, Inc. (quar.)
Consolidated Film Industries, preferred
Consolidated Gas of Baltimore (quar.)
Preferred A (quar.)
Consolidated Rendering Co
Consumers Glass Co. (quar.)
Crucible Steel of America, preferred
Cutler-Hammer (quar.)
1 June
July
12)4c
Climax Molybdenum (quar.)
Colt's Patent Fire Arms (quar.)
1
15
75c
25c
2a
15 July
50c
Extra
Extra
15 June
31 July
June 30 June
_
Catelli Macaroni Products, class A,
June
5
June 20
June 30 June 20
_.
June
16 June
1
June
16 June
1
June 30 June
13
June 30 June
June
6
May 22
July 15
$1
75c
Aug.
July
50c
15 May 31
June 15 June
1
June 10
July
40c
25c
L
90c
UK
25c
UK
_
1 June
12
June
15 June
5
June
15 June
5
June
Darby Petroleum
25c
Detroit Gasket & Mfg. Co., 6% pref. (qu.)
Doehler Die Casting, $7 preferred (quar.)
30c
May 21
July
3
May 20
July
June
Dominion Textile Co., Ltd.
Preferred (quarterly)
r%lK
(quar.)
Dow Chemical, preferred (quar.)
Driver-Harris, preferred (quar.)
Du Pont (E. I.) de Nemours (quar.)
Extra
Debenture (quar.)
Duquesne Light Co., 5% preferred (quar.)
Edison Bros. Stores (quar.)
Preferred (quar.)
Electric Products Corp.
(Pa.)
June 20
July
June 20
July
May 29 May 22
2 June 15
July
July 15 June 30
1
Aug. 15 Aug.
1 June 20
July
June 15 May 27
June 15 May 27
July 25 July 10
July 15 June 15
June 15 May 29
June 15 May 29
9
May 29 May
_
June
June
June
July
July
8
1 May 20
1 May 20
10
1 May 20
1 June
4
1 June
4
June 30 June 20
July
July
July
July
1 June
15
1 June
15
June
15
1 June
15
Gas Securities
June
1
H Preferred (monthly)
General Baking Co., preferred
General Public Utilities, Inc., $5 pref. (qu.)
June
July
July
General Refractories Co
June 30 June
General Telep. Allied Corp., $6 preferred
June
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quarterly)
Godchaux Sugars, Inc., $7 preferred
Goldblatt Bros., Inc. (quar.)
Gordon Oil Co. (Ohio), B (quar.).
July
July
July
July
Gorton-Pew Fisheries
June 29 June
June
Grand
Valley Brewing Co
Great Northern Paper (quarterly)
Harrisburg Gas Co., 7% preferred (quar.)
Hartford Times, Inc., participating preferred
Haverly Furniture Cos., Inc. (monthly)
1
June
July
June
1
10
1
1 May 20
15 June 30
8
July
July
15 June 20
Investment Corp. of Philadelphia (quar.)
Extra
June
15 June
1
June
15 June
1
June
—
Common
Lake Shore Mines Ltd. (quarterly)
Libby, McNeil & Libby, preferred (semi-ann.).
Liggett & Myers Tobacco, pref. (quar.)
Lily Tulip Cup (quar.)
Long Island Lighting Co., 7% pref., series A__
6% preferred, series B
Lord & Taylor (quarterly)
Louisville Gas & Electric Co. (Del.)—
Class A and B common (quar.)
Marsh (M.) & Son (quar.)
Masonite Corp., common (quarterly)
Mathieson Alkali Works (quarterly)
Preferred (quarterly)
McCohn (W. J.) Sugar, preferred (quarterly)..
Mesta Machine Co., common
Mock. Judson & Voehringer
Preferred (quarterly)
Monarch Machine Tool (quarterly!
Monroe Loan Society, A (initial)
Montgomery Ward
Montreal Cottons, Ltd., preferred (quar.)
Moore Corp., Ltd., common
7% preferred A & B (quarterly)
Morrell (John) (quarterly)
Muskegon Motor Specialties, class A
Muskegon Piston Ring (quarterly)
Extra..
——
Muskogee Co., common
Mutual Telep. Co. (Hawaii) (monthly).
Nashua Gummed & Coated Paper Co.—
7% preferred (quar.)
June
1 June
1
1 May 23
1 May 23
June
15 May 29
1 June 15
June 30 June 10
June 30 May 29
July
30c
1234c
$134
UK
$134
UK
$134
100%
UK
3734c
UK
$134
$2 X
July
July
July
July
July
July
June
July
July
1 June
12
1 June
12
1 June
15
1 June
15
1 June 15
1 June 15
15 June
1
1 June
19
1 June
10
June 15 June
2
1 June
15
1 June
15
1 June
17
July
July
July
June 25
40c
July
25c
June
3734c
UK
UK
May 29
1 June 20
15 June
11
June 30 June
11
15
15
June
15 May 29
15 May 29
June
20 June
10
May 28 May 21
June 27 June
10
June
1
July
Aug.
Sept.
Sept.
luly
1 June 20
May 20
1 July
1
20
Aug. 20
Aug. 20
1
1
June
June
15
Tune
15
June 30
3c
lc
1 June
15
15
1 June
15
1 June
10
1 June
1
1 June
1
1
Aug. 12a
1 June
10
lune
12
July
15 June
12
July
July
15
June
12
1 June
15
60c
June 30 June
1
June 30 June
1
June 30 June
1
June 30 June
1
June 30 June
1
UK
UK
June 30 June
1
June 30 June
1
37)4c
50c
UK
$1
UK
UK
37Kc
1
Aug.
July 15
July 15
July 15
July
1
Aug.
1
1
Aug.
1
Aug.
July 15
Aug. 31
1 June 15
July
June 15 May 29
June 30 June 15
10«
June
40c
June
May 27
May 29a
20c
June
June
UK
UK
UK
June
June
May 30
May 30
July
June
50c
June
UK
June
2
16
20c
June
May 29
May 29
May 29
13c
June
June
2
May
May
May
May
May
11
11
30
29
20
17*4%
31 Kc
May
31Kc May
June
4
June
50c
June
25c
June
May 20
May 15
May 29
25c
July
May
UK
Co. 7% preferred (quar.)
Strawbridge & Clothier preferred
Sutherland Paper (quar.)
June
$1K
Stix, Baer & Fuller.
July
July
June 12
$2
50c
$2 K
June
75c
...
June
May
June 30
May
9
May 20
June 15
June 18
July
25c
June
5c
12
June
25c
June
15
July
June
15
25c
June
June
5
25c
June
June
25c
June
10
June 10
68m
Extra
Sylvania Industrial Corp. (quarterly)
Tacony-Palmyra Bridge (quar.)..
Class A (quar.)
Talcott (James) 5)4% preferred (quar.)
Texas Corp. (quar.)
Texas Gulf Sulphur (quarterly)
Tidewater Assoc. Oil, 6% preferred (quar.)
Tilo Roofing Co., Inc., cum. conv. pref. A
Transue & Williams Steel Forging
Tubize-Chatillon
preferred
Preferred (quar.)
Tuckett Tobacco Co. preferred (quar.)
July
July
June
5
June
June
1
July
July
July
June 10
June 20
50c
UK
50c
15c
h$3K
SIM
SIM
UK
Union Pacific
15c
United States Foil Co. com. class A & B (qu.)__
Preferred (quar.)
June 15
June 15
June
May 21
July
July
July
July
July
June
10
June 30
June
1
June
15
June 15
June
5
lc
May 29
June
1
June
June
1
June
25c
(quar.)
(Hiram) Gooderham & Worts (quar.)..
preferred (quar.)
June
50c
Preferred
June
60c
(s.-a)__
June
65c
25c
United States Petroleum
Utah Copper.
Viking Pump (special)
Wisconsin
June 18
June
1
July
5c
(quarterly)
Swiss Oil (quar.)
July
5c
Extra
Swift & Co.
June
May 25
May 25
Public Service Corp.—
7% cum. preferred
6)4% cum. preferred
6 % cum. preferred—
Woolworth (F. W.) & Co., Ltd.—
Amer. dep. rets. ord. reg. (interim)
Amer. dep. rets. 6% pref. reg. (s.-a.)
Woolf Bros., Inc., 7% pref. (quar.)
Wright-Hargreaves Mines, Ltd..
87 Kc
81 Kc
June 20
75c
June 20
x
x
Yale & To wne
June 20
May 29
May 29
May 29
1030% June 22 May 15
w 3% June
9 May 15
June
UK
May 22
July
July
July
June
15c
15c
Oct.
Sept. 10
10c
Mfg~
Co.
("quar.}
Quarterly
10
June 10
June
10
1
June 30 June
15
1 June
1
5c
3734c
1 June
1 June
25c
6% preferred (quarterly)
7 % preferred (quarterly)
Quaker Oats (quar.)
Cum.
June
11
50c
Public Service of Northern Illinois (quar.)
Walker
15
1
UK
$1K
UK
pref. (quar.)
18
1 June
15
1 June
50c
1 June
1 May 20
19
15 June
1 June
July
$1
UK
Public Service Electric & Gas Co. 7% pref. (qu.)
cum.
June
July
July
July
July
July
July
July
July
July
July
July
Sept.
July
$1K
Stearns (Fred.) &
Humble Oil & Refining (quar.)
International Harvester (quar.)
Series B & C 6% non-cum. preferred
Katz Drug Co. (quarterly)
►•Preferred (quarterly)
Kaufmann Dept. Stores, Inc., preferred
Kennecott Copper Corp
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
Kings County Lighting Co., 7% pref., series B_
6% preferred, series C
5% preferred, series D
55c
UK
$1K
UK
15 June 22
1 June 15
UK
15
15 June 15
June 29 May 29
June
1 May 20
Kansas Oklahoma & Gulf Ry. Co.—
Series A 6% cum. preferred
55c
55c
10
July
July
UK
1 June
June
County Gas Co. (semi-ann.)
$2)4
Standard Oil of Ohio preferred (quar.)
May 25 May 20
Bay Mining & Smelting
Hudson
50c
June 30 June
$2
5 May 26
1 June 15
June 20 June
Honolulu Oil
Hudson
20c
?0c
2)4c
Stamford Gas & Electric Co. (Conn.) (quar.)
Standard Oil of Kentucky (quar.)
June
June 20 June
(guar.)
1)4%
1 K%
pref. (quar.)
cum. pref. (quar.)
$5 cum. pref. (quar.)
6% cum. pref. (monthly)
1 June 20
3
Extra
15c
$1K
$1)4
Southwest Consolidated Gas Utilities
8
June 20 June
(quarterly)
$1)4
cum.
1 June 20
June 30 June
Emsco Derrick &
Class B
10c
25c
May 15
1 May 15
June
Extra
50c
$1)4
Pressed Metals of America
Public Service Corp. of N. J. common (quar.)..
$5
June
5 May 25
1 June
1
July
May 26 May 22
June 15 May 29
50c
Extra
8%
7%
July
July
h% 2
$7 preferred (quarterly)
Pennsylvania Water & Power Co., common
Preferred (quarterly)
Preferred (quar.)
Queens Borough Gas & El. Co. 6% preferred
Raybestos-Manhattan
(quar.)
Rich's, Inc., 6)4% preferred (quar.)
Royal Dutch Co. (final)
Royal Typewriter 7% preferred
Salt Creek Producers Assoc., Inc. (s.-a.)
San Carlos Milling Co. (monthly)
San Joaquin Light & Power Co. 7% pref. (qu.).
6% preferred A (quar.)
Schenley Distillers Corp. pref. (quar.)
Schiff Co. common (quar.)
Preferred (quar.)___
Second Twin Bell Syndicate (monthly)
Shattuck (Frank G.) (quar.)
Shell Transport & Trading
Sioux City Stockyards Co. (quarterly)
Preferred (quarterly)
Siscoe Gold Mines (quar.)
Southern Colorado Power Co. 7% cum. pref
South Jersey Gas, Electric & Traction (s.-a.)
South Porto Rico Sugar (quar.)
Preferred (quar.)
Electric Storage Battery Co., common (quar.)..
Preferred (quar.)
Equipment
Electrographic Corp
7% preferred (quar.)
Ferro Enamel (quar.)
First Holding Corp. (Pasadena, Calif.) (pref.)..
First National Stores, (quarterly)
Preferred (quarterly)
First State Pawners Society (quar.)..
Florsheim Shoe, class A (quar.)..
30c
$6.60 preferred (monthly)
r__
$6 preferred (quarterly)
Pennsylvania Power & Light, $5 pref. (quar.)..
$6 preferred (quarterly)
May 21
May 31
15
15 May 29
1 June
3
1 June
3
h20c
Paterson & Passaic Gas & Electric, (s.-a.)
Pennsylvania Power Co., $6.60 pref. (monthly).
$6.60 preferred (monthly)
June
1 June
15 June 30
UK
(qu.).
15
16
June
$1.65
15
June
July
July
20c
$1.80
June
25c
25c
$6.60 preferred (quarterly)
i
$7 preferred (quarterly)
$7.20 preferred (quarterly)
Oklahoma Gas & Elec. Co. 6% cum. pref.
7% cumulative preferred (quarterly)
Onomeo Sugar Co.
(monthly)
Pantheon Oil Co. (quarterly)
Paraffine Cos. (quarterly)
June
June 30 June
UK
87.34 c
75c
__
Holders
When
Payable of Record
25c
(quarterly)
National Dairy Products (quar.)
Preferred (quar.)
National Republic Investment Trust
National Sugar Refining Co. of N. J
Neptune Me ,er, preferred
Newmont Mining Corp
New England Telephone & Telegraph
(quar.)..
Niagara Share Corp., B
Preferred (quarterly).
Oahu Ry. & Land Co. (monthly)
Ohio Edison Co., $5 preferred
(quarterly)
$6 preferred (quarterly)
July
July
25c
7% preferred, $50 par (quarterly)
Dominguez Oil Fields Co..
Nassau & Suffolk Lighting Co.,
7% preferred
National Bond & Share Corp
Na ional Casualty Co.
Philadelphia Co., $6 cumulative pref. (quar.)..
$5 cumulative preferred (quarterly)
Philadelphia Suburban Water, pref. (quar.)....
Pittsburgh Plate Glass (quarterly)
Plymouth Oil (resumed)
Premier Gold Mining (quarterly)
U%
Co., 6)4 % pref
Share
Pet Milk (quarterly)
h$l
Extra
Per
Name of Company
June
'
Daniels & Fisher Stores
3453
I Holders
When
Payable of Record
UK
h$ 1
7% preferred (quar.)
American Woolen Co., preferred (quar.)___
Bishop Oil Corp. (quar.)
Bon Ami, class A (quar.)
Class B (quarterly)
Boston Elevated Ry. (quar.)
Boston Wharf Oo. (semi-ann.)
Bristol Brass (quar.)
Brooklyn & Queens Transit, $6 preferred
Bullard Co. (resumed)
Bullows & Co., Inc., class A (quar.)
California Ink Co., Inc. (quar.)
Chronicle
June
1
75c
July
1 June
16
25c
June
10 June
6
1 June
June
June
we
give the dividends announced in previous weeks
1 May 25
8c
Below
15
25c
1 May 20
July
20c
UK
60c
May 20
15 June 12
June 15 May 30
2 June 10
July
2 June 10
July
July
June
15 May 29
50c
June
25c
June 30 May 29
June 30 May 29
June 15 June
5
June 20 June 10
25c
35c
8c
UK
July
1
May 26
1 June 24
and not yet
paid.
This list does not include dividends an¬
in the preceding table.
nounced this week, these being given
Per
Name of Company
25c
Abbott's Dairies (quar.)
Agnew Surpass Shoe, pref. (quar.)
Alabama Great Southern RR. preferred—
Albany & Susquehanna RR.
Share
(semi-ann.)
Allegheny Steel (quar.)
7% preferred (quar.)
Allegheny & Western Ry. (semi-ann.)—
Allen Industries (quar.)
Allied Laboratories (quar )
$3)4 convertible preferred (quar.)
UK
3%
$4*4
25c
llM
25c
15c
87*4c
When
Holders
Payable of Record
1 May
July
2 June
Aug. 15 July
July
1 June
15
15
16 June
1
June
June
June
July
June
July
July
13
15
1 May 15
1 Tune 20
5 May 20
1 June 27
1 June 27
*
Per
Share
Name of Company
Aluminum Manufacturing,
Inc. (quarterly)
When
Holders
Holders
Name
Payable of Record
June 30 June
__4._
Carter (Wm.) Co.,
15
Quarterly
Quarterly
7%
June 30 June 15
Dec. 31 Dec.
Dec. 31 Dec.
15
June
American Baking
May 20"
July
July
Roof, preferred (quar.)
Co., 7% pref. (semi-ann.)___
American Bus Shares, Inc.—
American Capital Corp., $5X pref. (quar.)
American Chicle (quar.)
American Electric Securities Corp.—
Participating preferred (quar.)
American Asphalt
June 20
June
June
15
June
June
June
June
June
May 25
Aug. 25
Sept.
7% preferred (quar.)
7% preferred (quar.)_
17
Dec.
June
June
May
May
May
May
29
20
20
20
July
June
13
Quarterly
Quarterly
-—
American Home Products (monthly)
American Investment Co. of Illinois (quar.)
American Metal Co., 6% cumulative preferred American Paper Goods 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.) — ------American Radiator & Standard Sanitary
Preferred (quar.)
American Smelting & Refining —
American Steel Foundries, preferred
American Thread, preferred (semi-ann.)
American Tobacco Co., common & common B—
Amoskeag Co., common
j
Preferred (semi-annual)
Anaconda Wire & Cable
Andian National Corp. (semi-ann.)
Oct.
Jan.
Sept.12
June
June
May 14
May 20
May 21
June
June
6
Sept.
Sept.
5
Dec.
Dec.
5
American Factors, Ltd.
.•L.
Extra___——
Anglo-Huronian,
Ltd
ma
June
May 29 May
July
92 A
July
July
June
25c
z$l
Z$1
Asbestos Mfg. preferred
Preferred (quar.)
—
June
June
June
June
June
15c
2 June 20
15
20
1 May 20
12 May 30
1 May 21
1 May 21
1 May 11
1 May 15
June
June 22 June
11
35c
Aug.
1 July
20
35c
(quar.)
Nov.
2 Oct.
20
20
35c
(quar.)
Associated Dry Goods Corp., 1st
pref. (quar.).
.
Co. (quar.)
Atlantic Refining (quar.)
Atlas Corp., $3 preferred A (quar.)-Atlas Powder Co. (quar.)
Atlantic & Ohio Teleg.
$3
$1A
25c
Febl'37 Jan.
June
July
June
1 May
1 June
8
16
15 May 21
75c
—
June
10 May 29
10 May 29
1 June 20
12Hc
July
41}*c
$1.45
June
May 20
July
June 22
June
May
May
May
May
25c
15c
June
62c
Preferred (quarterly)
—
Bangor & Aroostook RR. Co., common
July
July
June 10
July
June 10
July
May 25 May 14
May 25 May 14
May 25 May 14
June
1 May 15
June 15 May 29
July 15 June 30
July
2 June 15
July
2 June 15
July 31 July
3
June 12 May 20
June
5
July
June
5
July
June 20
July
June
May 15
June
May 15
June 15 May 15
i—»
—
Bangor Hydro-Electric 7 % pref. (quar.)
6% preferred (quar.)
—
Bankers National Investing Corp. (Del.) (qu.) —
Preferred (quar.)
Class A and B (quar.)—
?
Baton Rouge Electric Co., $6 preferred (quar.)
Bayuk Cigars new (initial)
'Ml
$1H
15c
32c
MX
18Mc
preferred (quar.)
Belding-Corticelli, Ltd. (quar.)
1st
Preferred (quar.)
Relding-Heminway (quar.)
Bendix Aviation (quarterly)
Bethlehem Steel, 7% preferred (quarterly)
New 5% preferred (initial)
B-G Foods, Inc., 7% preferred
25c
$1£*
25c
h$lA
Bigelow-Sanford Carpet
Preferred (quar.)
Biltmore Hats, Ltd., 7% preferred (quar.),——
Birmingham Water Works Co. 6% pref
Black & Decker Mfg., 8% preferred
Blackstone Valley Gas & Electric, pref. (s.-a.)„
Tobacco (quar.)
Quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Blue Ridge Corp., $3 conv. pref. (quar.)
Borden Co.. common (quar.)
Boston & Albany RR. Co
Boston Storage Warehouse (quar.)..
Brach (E. J.) & Sons (quar.)
Brazilian Traction, Light & Power
Brewer (C.) & Co. (monthly)
15
15
29
29
25c
SI
_
$1J*
50c
$3
37J*c
Bloch Bros.
%c
MX
MX
o75c
40c
92 X
MA
— —
30c
r30c
$1
$1
50c
Monthly--
Bridgeport Gas Light Co
Bristol-Myers Co. (quar.)
50c
10c
Extra
British Celanese. first preferred
British Match Corp, Ltd
Brooklyn Edison (quarterly)
Brooklyn Union Gas
Brown Fence & Wire, class B
Brown Shoe Co., common (quar.)
Buckeye Pipe Line Co
Buffalo Niagara & Eastern Power, pref. (quar.)
1st preferred (quar.)
Bullock's, Inc
7 % preferred
Bunker Hill & Sullivan Mining
—
_
7%
xw5%
$2
June
1
June 30
June
1 May
Nov.
May 18
July
July
June
15
June
8
Tune
May 20
May 15
June
June
May 15
July
MX
S7Xc
12Xc
——
5
June
50c
25c
June
July
June
15
15
June
May
9
June
May
9
Tune
May 20
May 28 May
8
June 30 June
1
MX
MA
MX
MA
July
Jan 1"
Dec.
19
MA
MX
June
23
June
1
July 20
June
1 May 15
July 31 July 21
Aug.
June 20
Oct.
Sept. 19
Clayton & Lambert Mfg
Clearfield & Mahoning RR. (s.-a.)
Cleveland Electric Illuminating (quar.)
Preferred (quarterly)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)...
Registered guaranteed (quar.)..
Registered guaranteed (quar.)
Coast County Gas & Electric, preferred (quar.)
Coca-Cola Co. (quar.)
Class A (semi-ann.).
Coca-Cola International (quar.)
,
;
Class A (semi-ann.)
Colgate-Palmolive-Peet (quar.)
Preferred (quar.)
20c
June
$15*
Preferred (quar.)
.
$2
June
May
May
May
May
5c
June
June 20
MX
July
July
July
June 20
June
May
9
Aug. 10
50c
$1,125
87 Xc
87 Xc
20
27
27
June 20
June
Sept.
10
Nov. 10
87 Xc
Dec.
June
May 25
50c
July
June
12
June
12
1 June
12
$3
July
July
July
-
1' June 12
1 May
6
('referred
(quarterly).
Columbia Investment Corp. (liquidating)
Columbian Carbon Co. (quar.)
SpGClftl
June
July
1 June
50c
Collins & Aikman
12Xc
91X
June
1 May 19
1 May 19
June
—.
May 25 May
1 May
1 May
June 10 May
$1
1 June
690c
July
1 June
$1,065* July
1 June
July
$1
m m ■
<•
Columbus & Xenia RR. Co
Conv. preference $4 A series of 1935
Conv. preference optional series of 1929
Commercial National Bank & Trust (quar.)
June
50c
June
ii i
121?
$1
Quarterly
Quarterly
23
15
15
25
5a
5a
5a
July
—
Utilities, 6X% pref. O (quar.)
Comos Imperial Mills (quarterly)
Compo Shoe Machinery (quar.)
Confederation Life Association (quar.)
Commonwealth
5
$1
1 June 24
June
1 May
15
15
July
2 May 20
June
June 30 June 25
Sept. 30 Sept. 25
Dec.
31 Dec. 25
1 May
1 May
$15*
$1»*
June
$3
Aug.
Consolidated Divers Standard Securities, pref—
25c
June
Consolidated Edison Co. of N. Y., Inc. (quar.)Consolidatod Oil Corp., $5 pref. (quar.)
25c
June
HP
25c
June
1 May
June
hM
June
1 May 21
1 May 15
MA
MX
July
July
July
July
1 June
15
50c
June
50c
Connecticut Light & Power, 6X%
pref. (quar.)
5X% preferred (quarterly)
Connecticut & Passumpsic Rivers RR
June
Connecticut Power Co.
Consolidated
June
(quarterly)
Cigar 7% pref. (quar.)
June
Consolidated Paper Co. (quar.)
Consolidated Retail Stores, preferred
Consumers Power Co., $5
pref. (quar.)
6% preferred (quarterly)
6-6% preferred (quarterly)
7% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6-6% preferred (monthly)
6.6% preferred (monthly)
15
15
1 July
1
1 May 15
I May 15
15 May 15
15 May
8
15
15
15
1 June
15
15
July
1 May
1 June
June
1 May
15
55c
July
June
16
25c
—
1 June
1 June
55c
—
July
$1.65
MA
15
15
Aug. 14 Aug. 11
Continental Oil
Nov. 15 Nov. 11
Continental Steel
June 31 June 25
May 25 May 19
Copperweld Steel (quar.)
Quarterly
Quarterly
Corrugated Paper Box Co., 7% pref. (quar.)
Creameries of Amer., Inc., $3>* Pref. (quar.)
Crown Cork International Corp. class A (quar.)Crown Cork & Seal Co., Inc., com. (quar.)
Preferred (quar.)
Crown Drug Co., common
Crown Zellerbach preferred A&B
June 25 June
Crow's Nest Pass Coal
June
Crum & Forster.
preferred (quarterly)
(qu.)„
7% preferred (quar.)
Cuneo Press, Inc., 6X % preferred (quarterly).
Curtis Publishing, 7 % preferred
Cushman's Sons 7% pref. (quar.)
$8 preferred (no action).
Dakota Central Telep. Co., 6X% pref. (quar.).
Dayton & Michigan RR. Co., 8% pref. (quar.)_
Dayton Power & Light Co., 6% pref. (monthly)
Deere & Co., preferred (quar.)
June 30 June 20
Crum & Forster Insurance Shares A&B
May 29 May 19
May 29 May 19
Delaware RR. Co. (s.-a.)
July
Dentist's
June 30 June 20
Sept. 30 Sept. 25
Dec. 31
June
June
Dec. 24
1 May
1 May
June 30 May
June 30
June
1 May
July J.5 June
5
15
29
9
5
19
June 30 June 16
June
1 May 11
June
1 May 11
Apr. 30
75c
30c
May
July
May
75c
June
75c
June
40c
$1A
July
Aug.
25c
June
MA
June
June
May
8
June
1
May 15
May 20
May 29
June
15
July 15
May 11
Aug.
50c
25c
Extra
15 June
May 15
May 15
May 15
Aug.
5
Nov.
Commercial Investment Trust common
$1.65 convertible preferred (quar.)
Avon Genesee & Mt. Morris RR., 3>*% gtd—
Baltimore Radio Shoe, Inc. (initial)
er r ed
1 May 20
June
25c
Automatic Voting Machine (quar.)
Automotive Gear Works, Inc.—-
June
'50c
Extra
May 15
May 15
May 25
50c
-
—
—
Supply Co. of New York (quar.)—
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
20c
20c
20c
$15*
87 Xc
31 July
6
June
1 May 15
May 31 May 15
Aug. 31 Aug. 15
Nov. 30 Nov. 15
June
1 May 16
June
1 May
1 June
25c
July
25c
June
68c
June
10c
10
10a
6 May 22
15 May 29
June
1 June
June
1 May 16
1 May 15
June
July
10
1
15 June
1 May 29
June
1 May
July
July
1 June 30
18
7 June 15
June
1 May 20
June
1 May
1 June
15
15
Sept. 30 Sept. 19
Dec.
21 Dec.
11
June 30
Sept. 30
MA
-—
June
May
2
Detroit Hillsdale & Southwestern RR
July
June
MA
xw5X% June
40c
July
7% preferred (quar.)
Calaveras Cement 7% preferred
California Art Tile Corp., class A__
California Packing (quarterly)
Calumet & Hecla Consolidated Copper
Campbell, Wyant & Cannon Foundry (qu.)
Campe Corp
Canadian Oil Cos., preferred (quar.)
Canadian Western Natural Gas, Light, Heat &
Power, 6% preferred (quar.)
Canfield Oil, preferred (quar.)
Carman & Co., class A
Carnation Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Carolina Power & Light, $7 preferred
$6 prGfGrr6(i
Carolina Telephone & Telegraph "(quarterly)
Case (J. I.) preferred
Preferred (quar.)
June
15C
Bunte Bros. 5% preferred, initial (quar.)
Burmah Oil Co. (final)
Burroughs Adding Machine Co
Butler Water Co. 7% pref. (quar.)
Cableo & Wireless Holding, pref. (final)Calamba Sugar Estate (quarterly)
1 May 29
1 May
9a
2 June 20
June 15 May
June
1 May
Tune
June
June
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
City Ice & Fuel, preferred (quar.)
City of New Castle Water 6% preferred (quar.).
Clark Equipment (quar.)
15
12^c
16
May 15
Chrysler Corp
Cincinnati Inter-Terminal RR—
1st guaranteed preferred (s.-a.)
Cine. New Orl. & Tex. Pac. 5% pref. (quar.)___
Cincinnati Northern RR. (semi-ann.)
Cincinnati Union Terminal Co.—
1
June 30 June
16
June
May 15
June
Hill RR. Co. (quar.).
Extra
June
June
June
-
Chicago Yellow Cab (quar.)
Chile Copper
1 May 25
50c
25c
,
.
12
40c
25c
Artloom Corp
preferred
Art Metal Works (quar.)
Dec.
June
37Hc
hMA
Special
Armstrong Cork—
jPjp
June
20c
Archer-Daniels-Midland (quarterly)
Preferred
June
June 20
May
Aug.
Chicago Corp. $3 preferred
Chicago District Electric Generating—
$6 preferred (quar.).
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Mail Order (quar.)_—...
—
Nov. 25
(monthly)
American General Corp. $3 preferred (quar.)_„
$2X preferred (quar.)
$2 "preferred (quar.)
American Hardware Corp. (quar.)
Chestnut
June
May
July
July
(quarterly)
Champion Paper & Fibre, preferred (quarterly).
Chesapeake & Ohio Ry., pref. (semi-annual)-.
May 20
July
7% pref. A (quar.)
Centrifugal Pipe Corp. (quar.)
Ouarterly
Century Ribbon Mills, preferred
12
10
June
preferred (quar.)
Central Tube Co—
May 15
May 15
July
American Enka Corp
American Envelope Co.,
15
Sept. 30 Sept.15
Amalgamated Leather Cos. preferred—
American Arch Co. (quarterly)
of Record
of Company
Caterpillar Tractor (quar.)
Cayuga & Susquehanna RR. (semi-ann.)
Celanese Corp. of Amer., 7% cumul. prior pref.
7% cumul. 1st preferred
Central Arkansas Public Service, pref. (quar.).
Central Illinois Light. 7% preferred
6 % preferred
Central Miss. Valley El. Prop. 6% pref. (quar.).
Central Ohio Light & Power Co. $6 pref. (qu.) —
Sept. 30 Sept.15
preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
May 23, 1936
Chronicle
Financial
3454
June
1
June
Apr. 21
Detroit Paper Products
Extra
June
15
Dexter Co.
June
15
Diamond
June
1 May
15
15
Extra.
June
Preferred (extra)
June
1 May
1 May
15
15
35c
July
July
June
625c
June
37Ac
June
25c
June
25c
May
10c
June
May 25
May 29
May
1
May
9
May 15
July
June 20
hM
$2
$1^
91A
h 50c
1 May 15
June 30 June 20
June
June
July
Oct.
1 May
1 June
15
20
1 Sept. 20
MA
MA
Jan2 '37 Dec. 20
$1*5
June
$2X
July
July
July
6$ IX
MA
June
(quar.)
Preferred
(quar.)
May 15
1
Sept.
Dec.
pref. (quar.)..
6% preferred (quar.)
$6 preferred (quar.)..
1
June
Dominion Coal, preferred (quarterly)
Dominion-Scottish Investors, 5% preferred-—
Eastman Kodak (quar.)
Extra
1 June 20
10 May 29
10 May 29
June
Extra
June 24
31
1 May 15
1 May 15
June
Dictaphone Corp
Preferred (quar.).
Doctor Pepper Co. (quar.)
Quarterly
Quarterly
Dome Mines, Ltd. (quarterly)
Eastern Shore Public Service Co.,
June 12
June
(quarterly)
May 16
May 16
June 12
June
Match Co., interim
Dunlop Rubber, common
Eastern Gas & Fuel Assoc., prior
Dec.
$6X
(QU.).
July
July
July
June
1
1
20 June 30
20 June 30
1 June 15
1 May 20
5
May 28 May
1 June 15
July
1 June 15
July
1 May 10
June
1 May 10
June
1 June
5
July
1 June
5
July
June
5
July
Volume
Financial
142
When
Per
Name of Company
East Mahanoy RR.
Share
(semi-ann.)
7% preferred (quar.).
6% preferred (quar..
\).
East Tennessee Teleg. Co. (s.-a.)
EI Dorado Oil Works
(quarterly)
Electric Shareholdings Corp., preferred.
Electrolux Corp, (quar.)
40c
5
June 15 June
SIX
SIX
$1.44
June
June
July
May
May 20
May 20
June 16
June
May 20
May
5
May 15
May 15
Elgin National Watch
June
June
Elizabeth & Trenton RR. Co.
(semi-ann.)
Oct.
5% preferred (semi-ann.)
El Paso Electric Co. (Texas) $6 pref.
(quar.)
Ely & Walker Dry Goods (quarterly)
Emerson Dry Co., 8% preferred
(quarterly)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)
Empire Capital Corp., A & B (quar.)
Empire Power Corp. participating stock.
$6 cum. preferred
Emporium Capwell (semi-ann.)
Oct.
Sept. 20
Sept. 20
July
June 26
June
June
Extra
Equity Corp. $3
conv. pref.
(quar.)
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.)
Faber, Coe & Gregg, Inc. (quar.)
Fairbanks, Morse & Co., 6% conv. pref. (qu.)__
Fa jar do Sugar (initial)
Falconbridge Nickel Mines, Ltd
Fansteel Metallurgical Corp. $5 pref.
(quar.)..
$5 preferred (quar.).
.
Nov. 21
May 19
Oct.
June
June
Sept.
June 15
June 15
Sept.
May
May
Aug.
26
15
29
31
Dec.
Nov. 30
June
May 29
Aug. 31
Sept.
Dec.
Nov. 30
Oct.
June
Sept.14
May 20
May 12a
May 15
June
June
June
June 15
June
June
4
Sept.
Sept.15
Dec.
June
15
10
June
Ferro Enamel (quarterly)
June
June
Firestone Tire & Rubber,
preferred (quar.)....
First National Bank (N. Y.)
(quar.)
Fishman (M. H.) (quar.)
July
June
15
June
May
May
May
May
May
May
May
July
15
21
21
15
15
16
14
15
June
Dredging & Dock (qu.)
June
Extra
June
Florida Power Corp.,
7% preferred (quar.)
June
7% preferred A (quar.)
Franklin Simon & Co., 7% preferred
Freeport Texas (quar.)
Preferred (quar.)
Fuller Brush Co. 7% pref. (quar.)
7% preferred (quar.)
Gates Rubber, preferred (quar.)
General Candy, class A (quar.)
Extra!
;
General Cigar, preferred (quarterly)..
General Investment Trust Corp.—
June
June
June
Aug.
July
Oct.!
$3 cumulative prior preferred series A
General Motors Corp. (quar.)
May 15
June 24
Sept. 25
May 16
Preferred (quarterly)
1 May 25
1 May 15
July
July
June 30 June 20
15c
Sept. 30 Sept. 20
15c
Dec.
June
1 May 25
20c
July
July
1 June 25
5
1 June
1 May 11a
12Hc
$1H
June
1 May 11a
15 May 15
July
1 June 20
July
1 June 20
May 30 May 25
July
1 June 12
2c
June
25c
50c
(quar.)!
(quar.,
Landis Machine Co.
(quar.)
40c
$1H
SIX
25c
SIX
SIX
SIX
37 Xc
37Xc
37 Xc
31 Dec. 21
June
10c
SIX
SIX
six
SIX
preferred (quar.)
July""!
20c
l2Hc
-
1
15
June 30 June 24
Sept. 30 Sept. 24
Dec. 31 Dec. 23
1 May
8
July
1 June 19
June
July
31 July
June
June
June
1 May
July
1
Oct.
1
Janl'37
(quarterly)
(quarterly)
*Tt
(quarterly)
Lehigh Coal & Navigation (semi-annual)
Lehigh Portland Cement, 4% preferred (quar.)
,
Corp.,
Nov. 16 Nov.
SIX
six
Preferred (quarterly)
Lanston Monotype Machine (quar.)
Leath & Co
new, preferred
Lehn & Fink Products
Aug. 15 Aug.
25c
common
(s.-a.)__
Lessing's, Inc
62 He
15c
$1
62 He
June
June
25c
June
SIX
(quarterly)
Lexington Water, 7% preferred
Libbey-Owens-Ford Glass (quarterly)
15 Dec.
May 29 May 19
July
1 June 15
May 29 Apr. 30
July
1 June 13
June
1 May 15
15c
Le Tourneau (R. G.), Inc.
15 June
Sept. 15 Sept.
Dec.
June
10 June
4
1 May 15
1 May 20
May 22
Lincoln National Life Insurance
(quar.)
30c
Aug.
1 July
30c
Nov.
2 Oct.
25c
June
Aug.
July
July
July
1 July
6
June 15
June 18
June 18
June
May 20
July
June 20
Oct.
Sept. 20
1 June 18
1 June 30
July
June
May
8
May 15
May 15
May 15
June 20
June
;
June
First preferred (quar.)
Great Western Electro-Chemical pref.
(quar.)__
Greene R. R. (semi-annual)
Greyhound Corp., preferred A (quar.).,
Gulf States Utilities, $6 preferred (quar.)
$5H preferred (quarterly)
Hackensack Water Co. (semi-annual)
Class A preferred (quarterly)
Hale Bros. Stores, Inc. (quarterly)
Haloid Co., preferred
Hamilton Watch, 6% preferred
Hammermill Paper (quar.)
•6% preferred (quar.)
Hancock Oil of Calif. A & B (quar.)
Hanes (P. H.) Knitting Co. (quar.)
Class B (quarterly)
7% preferred (quarterly)
;
Hanna (M. A.) Co., 5% preferred (quarterly)__
Harbison-Walker Refractories Co., com. (quar.)
June
July
1
June 19 June
12
l'June
June 15 May
June 15 May
June
1 May
21
29
29
16
June 30 June
17
July
June
July
ljMay 15
June
1 May
June 15 June
9
1
July
June 15
June
May 15
May 20
May 20
June 20
May 15
May 15
May 15
July
6
May 15
June
June
r25c
Loew's London Theatres, 7 % preferred
Loose-Wiles Biscuit Co., common
h35c
5% preferred (quarterly)
5% preferred (quarterly)
Lord & Taylor, 1st preferred (quar.)
Ludlow Manufacturing Associates
(quar.)_
Lunkenheimer Co., preferred (quar.)
SIX
iifj
Hecla Mining (quarterly)... J
Hey den Chemical Corp. (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Hires (Chas. E.) Co., class A common (quar.)
Hobart Mfg., class A (quarterly)
Holt (Henry), par tic, A
Homestake Mining (monthly)
May
25
May 22
May 19
June
June
16
June
15
18
11
20
June
June
Houdaille Hershey, class A (quar.)
Class B (quarterly)
May
May
May
May
May
May
May
May
May
July
July
June 20
June 20
Huntington Water Corp. 7% pref. (qu^r.)
6% preferred (quar.)
Hutchinson Sugar Plantation (monthly)
June
June
June
Illinois Central RR. Co.. leased line
Illinois Water Service, 6% preferred
May 20
May 20
May 29
July
June
June
May 15
_
Extra
Honolulu Plantation (monthly)...
Hooven & Allison Co., 7% preferred (quar.)
(quar.)
(quar.)
Imperial Chemical Industries, Ltd., Amer. dep.
res. for ord. reg. (final)
xw
Imperial Life Assurance of Canada (quar.)
June
June
May
May
June
June
June
10c
Magniu (I.) & Co., $6 preferred (quar.)
$6 preferred (quar.)
Mahon (R. C.) & Co., new preferred
(quar.)
Mallory (P. R.) & Co., Inc
Manhattan Shirt (quar.)
Manischewitz (B) & Co., 7% pref. (quar.)
Marconi Wireless Teleg., ordinary
Maryland Fund (quar.)
29
15
12
21
11
June
July
8 Apr. 17
1 June 30
1 Sept. 30
31
Jan2 '37 Dec.
Imperial Oil Ltd. (semi-ann.).
Special.
Indianapolis Water, preferred A (quar.)__.
Ingersoll-Rand
:
J.
_
Inland Steel
International Harvester, preferred (quar.).
International Mining
SIX
SIX
June
June
May 15
May 15
July
June 12a
June
May 11
June
May 15
June
May
5
June 20 May 29
International Nickel Co
June 30 June
International Ocean
July
June
June
June
2
1 June 30
1 May 22
1 May 22
1 May 15
1
16
17
18a
18
16
9
20
Oct.
1 Sept. 21
Jan.2'37 Dec. 21
1 June 15
June
1 May
8
May 29 May 15
May 29 May 15
Aug. 15 Aug.
1
Nov. 15
Nov. 1
July 15 June 30
June 10 May 25
15c
June
—
10c
—
—
•»
M
1 May 11
1 June 20
.
.
50c
June 15 May
June 15 May
May 25 May
June
1 May
Sept. 1 Aug.
75c
June
e3%
25c
50c
...
$1
$1H
43 He
43 Xc
43 Xc
20c
50c
3c
31
31
15
15
15
15 June
1
June
1 May 22
Aug.
1 July 15
May 30 May 30
Aug. 31 Aug. 31
Nov. 30 Nov. 30
June 15 May 15
June
1 May
1
June 15 June
1
75c
2Hc
June
1
§1
McKinley Mines Securities
June
1 May 20
1 May 15
1 June 15
1 June 15
1 May 26
June
June
Merck & Co. (quar.)
Preferred (quar.)
SiX
$1
Merrimac Hat Corp. (quar.)
Preferred (quar.)
July
July
June
$1
Extra
June
10c
„
Participating preferred (quar.)
Participating dividend
Michigan Steel Tube Products
Mid-Continent Petroleum Corp
Middlesex Water Co. (quarterly)
Midland Grocery Co., 6% pref. (s.-a.)
Milwaukee Electric Ry. & Light, preferred
Minneapolis Gas Light, 7% preferred (quar.)__
6% preferred (quarterly)
Mobile & Birmingham RR., pref. (s.-a.)
Monsanto Chemical (quarterly)
June
June
81 He
10c
25c
—
Quarterly
Quarterly
—
Quarterly
Quarterly
ir
Mueller Brass (quarterly)
Mull ins Mfg. Corp., $7 preferred
1 May 26
1 May 20
1 May
1 May
20
20
40c
June
$3
$1H
SIX
&
25c
SIX
SIX
$1
$1
50c
25c
20c
Muncie Water Works Co. 8% pref. (quar.)
Murphy (G. C.) new (quar.)
Muskogee Co., 6% cumulative pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref. (qu.)_
6% preferred (quarterly)
6% preferred (quarterly
National Bearing Metals C orp., com. (Increased)
C
May 15
75c
Morris Plan Insurance Society (quar.)
Motors Products, new stock (quar.)
Motor Wheel Corp. (quarterly).
June
15 May 20
June 10 May 30
June
1 May
1
25c
Dry Goods (quar.)
1 July
May 30 May
Aug.
1 July
July
1 June
Oct.
1 Sept.
June
1 May
June
1 May
July
1 June
SIX
July
ZV)4X%
>
Metak Textile Corp
July
Oct.
1 Oct.
1
Jan2 '37 Dec. 31
June 30 June 12
10c
50c
McWilliams Dredging
Mead Corp., 6% preferred
Moore (Wm. R.)
Oct.
juarterly.
20
1 June 15
June 10 May 25
June 10 May 25
June
1 May 12
July""
50c
15c
Extra
Apr.
Aug.
May
July
July
*4
Lynchburg & Abingdon Teleg. (s.-a.)
Macy (R. H.) & Co. iquar.)
Madison Square Garden (quar.)
May
June
I
six
six
SIX
(quar.).
*.)
(quar
June
July
(quar.)
50c
McKenzie Red Lake Gold Mines
McKesson & Robbins, $3 preferred (quar.)
June
Preferred (quarterly)
2% preferred (semi-annual)
Hawaiian Agricultural Co. (monthly)
$2
$2
$2
50c
June 17
June
1
June
1 May 15
$1.10
(quar.)
Aug. 20
May 25
June
June
June
50c
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc. (quar.)
Stock dividend
Masonite Corp. (extra)
25
27
1 May 25
1 May 25
SIX
Original capital
Loblaw Groceterias. A & B (quar.)
Lock-Joint Pipe Co. 8% preferred
Preferred
1 May 15
1 May 15
June
30c
Preferred (quar.)
Little Miami RR., spec. gtd.
(quar.)
Preferred
15 May 29
1 May
1
SIX
Lincoln Stores (quarterly)
Preferred (quarterly)
Link Belt (quar.)
May Department Stores (quar.)
Quarterly
Mayflower Associates (quar.)
May Hosiery Mills, preferred
Maytag Co., $6 1st preferred (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
McCol) Frontenac Oil (quarterly)
Mclntyre Porcupine Mines (quar.)
July
Common extra
Hart-Carter Co., $2 preferred (quar.)
Hartford & Connecticut Western RR.—
15
25c
Quarterly
June
June
Grand Union, $3 preferred
Great Atlantic & Pacific Tea (quar.)
Extra
2
1 May 15
1 May 15
June
July
July
Goodyear Tire & Rubber, 1st pref. (quar.)..
7
June 16 June
June
.
June
$1
$1
Janl *37 Dec. 20
International Safety Razor (quar.)
June
50c
May 31 May 15
Godchaux Sugars class A (resumed)
Teleg. Co. (quar.)..
(semi-ann.).
5
SIX
40c
June 12 May 14
June 12 May 14
Gold & Stock Teleg. Co. (quar.)
Golden Cycle (quar.)
Special
Nov.
15c
Quarterly
(s-a)
Globe-Democrat Publishing Co., pref. (quar.)__
Globe Wernecke Co., pref. (quar.)
Preferred (quarterly)
International Petroleum Co.
7
6
1
June
Preferred (quar.)
Horn & Hardart of N. Y., preferred
Hoover Steel Ball Co. (extra)
1 Aug.
Dec.
June
Extra
Hazel-Atlas Glass Co.
1 May
Sept.
Life Savers (quarterly)
Liggett & Myers Tobacco (quar.)
Common B (quarterly)
June
Glens Falls Insurance (quar.)
Glidden Co. (quar.)
Prior preferred (quar.)
Hazeltine Corp
June
h$ 2
60c
Kroger Grocery & Baking (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
Krueger (G.) Brewing (quarterly)_
Lake of the Woods
Milling, preferred
Lake Superior District
Power, 7% pref. (quar.).
6% preferred (quarterly)
Landers, Frary & Clark (quarterly)
Quarterly
Quarterly
Preferred
1
25c
__
(quar.)
Extra
Koloa Sugar Co.
(monthly)
Koppers Gas & Coke preferred (quar.)
Kroehler Mfg. Co.. class A
Preferred
5
Aug.
June 10
June 10
June
...
Extra.
June
10
15
5
25c
Quarterly
Quarterly
Kekaha Sugar Co. (monthly)
Monthly
Kelvinator Corp. (quar.)
Kendall Co., cumul. partic.
pref. ser. A (quar.).
Cumul. partic. pref. ser. A
(partic.)
King Oil (initial)
Klein (D. Erail)
(quarterly)
Class A preferred
Class A preferred
June
25c
May 21
Aug. 21
Dec.
June
June
June 15 June
1
July
1 June 15
July
1 June 15
$2
$3
25c
June
Sept. 10
May 20
May 15
Fitz-Simons & Connell
50c
25c
Kalamazoo Vegetable Parchment Co.
Oct.
(quar.)
Interstate Hosiery Mills (quar.)
Intertype Corp. common
1st preferred
(quar.)
2d preferred (quar.)
Iron Fireman Mfg.
(quar.)
Quarterly
June
Sept.
July
1
July
1
July j
1
Aug. 15
2Hc
May 21
May
July
July
Holders
of Record
10c
Extra
June
15
When
Payable
$1.33«3
International Teleg. Co. of Maine (s.-a.)
International Vitamin Corp. (initial)
July
July
Quarterly
Federal Compress & Warehouse..
Federal Light & Traction, preferred
Per
Share
Name of Cofnpany
Quarterly
Jantzen Knitting Mills, preferred
(quarterly)
Jar vis (W. B.) Co.
(quar.)
Johnson Publishing, 8% preferred
Julian & Kokenge
(semi-ann.)
5
Dec.
$5 preferred (quar
*•).
Farmers & Traders Life Insurance (quar.)
3455
Holders
Payable of Record
$1H
East St. Louis & Interburban Water Co.—
Chronicle
30c
SIX
SIX
SIX.
SIX
25c
July
June
1 May 25
1 June 20
June
1 May 15
1 May 20
June
1 May
July
1 June
1
June 15 May
June 15 May
15
15
July
1 July
Oct.
1 Oct.
20
1
1
Jn.2'37 Jn.2'37
June
1 May 27
Sept. 1 Aug 27
Dec.
1
June 30
June 10
June
2
June
1
Nov. 26
June
20
May 20
May 20
May 13
June 15 June
1
June
1 May 22
June
1 May 15
June 27 June 18
Sept. 28 Sept. 17
Dec. 28 Dec. 17
June
1 May 20
%
Financial
3456
Per
Name
40c
July 15 June
May 29 May
June
1 May
June
1 May
June
1 May
June 15 May
June
May
June
May
June
May
June
May
June
July
June
July
June 15 May
June
1 May
June
1 May
June
1 May
June 15 May
June 10 May
June
1 May
June
1 May
June
1 May
July
1 June
June
11 May
July
1 June
July
1 June
July
1 June
Aug. 15 July
50c
50c
$2 conv. preferred (quarterly)
National Grocers Co. 7% preferred
National Lead, preferred A (quarterly)
National Life & Accident Insurance
50c
y
fc$3H
HZ440c
25c
National Oats Co. (quar.)
National I'ower & Light Co. (quarterly)
15c
National Pressure Cooker.
15c
National Standard (quar.)
Extra
62Hc
National Transit
25c
40c
(semi-ann.)
!
$1X
$1H
$XX
37 He
MX
1
25c
Nebraska Power 7% pref. (quar.)
6% preferred (quar.)
Neiman-Marcus Co., preferred
Neisner Bros, (quar.)
(quar.) ———
—
Newark Telephone
New Bedford
Class B.
Co. (Ohio)
Cordage
—.
—.
.
— -
-
MX
7% preferred (quarterly)...........
Newberry (J. J.) (quar.)
i* New 5 >f preferred A (quar.)
New York & Harlem RR. (semi-ann.)
Preferred (semi-annual)-.
New York Mutual Telegraph Co. (s.-a.)
Nineteen Hundred Corp., class A (quar.)
Class A (quar.)
Norfolk & Western
40c
SI 4
$2H
$2 H
75c
$2
Ry. (quar.)—
(quar.)
Northeastern Water & Electric Corp., $4 pref_.
Northern Central Ry. (semi-annual)
Northern Oklahoma Gas 6% pref. (quar.)—,—
Northern Pipe Line
Northern RR. Co. of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)
4% guaranteed (quarterly)
—
North Pennsylvania RR. Co. (quarterly)
Northwestern Public Service, 7% preferred
6% preferred
Northwestern Telegraph Co. (semi-annual)-.
Nova Scotia Light & Power Co., 6% pref. (qu.)_
Oahu Sugar (monthly)
Ogilvie Flour Mills preferred (quar.)__
Ohio & Mississippi Telegraph Co
North
Power. 6%
June
1
June
$2
Dec
SI
May 25 May
June
1 May
June
1 May
July
1 June
June
l'May
SI H
SIM
Si H
20c
June
SI X.
June
S2M
25c
preferred 'quarterly)
15 June
1 May
Parker Pen (quar.)
Quarterly.--.
.
—
Parker Rust-Proof Co., common (quarterly)__
Preferred (semi-annual)
Parker-W olverine
Pathe Film Corp.
—
-
-
7
May
Aug.
May
May
May
May
May
35c
June
25c
June
—
6a
15
15
May
87 Mc
75c
June
June
15 June
(P)
15c
7% preferred (quar.)
7% preferred (quar.)
Pennsylvania Gas & Elec. Corp. (Del.)
7% and 17 preferred (quar.)
Pennsylvania Power Co., 6% pref. (qu.)
6.60% preferred (monthly)
Pennsylvania State Water, $7 pref. (quar.) — —
Peoples Drug Stores (quar.)
Preferred (quar.)
Peoples Telephone Corp. 6% pref. (quar.)
Petroleum Corp. of America
Phelps Dodge
Philadelphia Baltimore & Washington
Phila. Germantown & Norristown RR. Co. (qu.)
Philadelphia Suburban Water Co., pref. (quar.)_
Philadelphia & Trenton (quarterly)
Phillips Petroleum (quarterly)
%1X
MX
MX
June
June
June 20
May 20
May 20
May 20
June
8
15 June
1
JuneJ 1 May 31
7
May 29 May
June 15 May 27
June
June
June
15
5 May 20
1 May 12a
10 June 30
1 May
1 May;
1
June
1
July 10 June 30
Oct. 10 Sept. 30
Jan 10*37 Dec. 31
June
June
May
May
May
May
Sept.
May
18
15
30
15
15
15
July
June
10
Oct.
Sept.10
June
July
(quar.)
June
(monthly)
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)
Pioneer Mill, Ltd.
Oct.
Jan2'37 Dec. 10
July
Oct.
7 June 10
6 Sept. 10
Jan 5*37 Dec.
June
Sept.
Dec.
10
9 May 20
1 Aug. 20
1 Nov. 20
June
1 May 15
1 Juen 15
July
May 31 May 20
June
1 May 15
June
1 May 15
—
Preferred (quarterly)
37 He
June
June
15 June
15 June
1
12Hc
SI 5*
Extra
July
1 June
15
1
50c
Preferred (quarterly)
Procter & Gamble 5% pref. (quar.)
Public Electric Light 6% pref. (quar.)
Public National Bank & Trust (quar.)
.
—
i
Public Service Co. of Colorado 7% pref. (mo.)..
6% preferred (monthly)
—
5% preferred (monthly)
——
June
1 May 20
1 May 20
75c
Extra
June
20c
Prentice-Hall, Inc. (quar.)
June
1 May 20
$1X
$1H
37 He
June
June
15 May 25a
1 May 22
July
1 June 20
58 l-3c June
June
50c
41 2-3 c
pref. (mo,)...
50c
Purity Bakeries (quar.)
Pyrene Mfg. Co. common (special)
Quaker Oats, preferred (quar.)
Railway Equipment & Realty, new 1st pref. (qu.)
Rainier Pulp & Paper Co., A. & B. (quar.) —
Rapid Electrotype (quarterly)
Quarterly
Quarterly
Reading Co., 1st preferred (quarterly)
Reeves (Daniel) (quarterly)
6H % preferred (quarterly)
10c
Public Service Corp. of N. J., 6%
—
first preferred
Reliance Grain Co., 6H % pref. (quar.)
2%
S1H
S1H
Sept. 30
1
May
1 May
June
1 May
May 30 May
June
1 May
15
15
15
1
18
15 June
1
June
50c
1
May 29 May
1 June
1
July
June
1 May 20
60c
June
60c
Sept. 15 Sept.
60c
Dec.
15 Dec.
50c
June
12Hc
MX
h$5X
SI X
June
11 May 21
15 May 31
June
15 May 31
15 June
1
1
1
15'July 15
June 15 May 30
July
31
15
Sept.30 Sept. 15
—
Dec.
Savannah Electric Power, deb. A
Debenture B (quarterly)
(quarterly)
(quarterly)--—
——————
MX
(quarterly)
Oil of Delaware (quarterly)---
(quar.)
July
July
July
July
31
Dec.
15
1 June 15
1 June 15
1 June 15
1 June 15
Oct.
————
June 15
June
May 15
May 11
May 11'
Apr
24
lJuly 1
Aug.
1
June
June
——
Singer Mfg. Co., Amer. dep. rec. for ord. reg
Skelly Oil Co., 6% preferred (quar.)
Morgan) Co. (quar.)
Quarterly
Somerset Union & Middlesex Lighting
Sonotone Corp. preferred (quar.)
Soundview Pulp Co
Southern California Edison Co., Ltd.—
Aug.
Aug.
Smith (S.
Nov.
i>ec.
1 Nov
1
June
May 15
July
June
10
June
May 15
June
June
May 20
May 20
40c
June
June 15
$IX
Aug.
July 15
May
1
July 15
37 He
6% preferred, series B (quar.)
Spear & Co., 1st pref. initial (quar.)
Spencer Kellogg & Sons, Inc. (quar.)
Spiegel May Stern
preferred
MX
6.7c
American Trust Shares
Standard
19
May 20
July
-
Extra.-—-----------
1
15
1
1 May 20
1 Mine 20
1 Sept. 19
Jan 2'37
June
Coosa-Thatcher, 7% pref. (quart.)
Standard Oil Export, 5% preferredStandard Oil of Calif, (quarterly)
Standard
--
MX
July"
June
June
Standard Oil of Indiana (quar.)
Extra
——-—.-
_
_
_
May" 15"
June
Extra
May
May
May
May
May
May
May
15
15
15
16
16
16
16
June
15
June
June
_—————.
_
June
Standard Oil Co. of N. J., $25 par (s.-a.)
June
$25 par (extra)
$100 par (semi-annually)
June
June
$100 par (extra)
Stein (A.) & Co., preferred (quarterly)
J«ly
Juno
6% prior preferred series A (quar.)
Stromberg-Carlson Tel eg. Mfg. pref
Sun Oil (quar.)
Preferred (quar.)
Susquehanna Utilities Co., 6% 1st preferred
Sussex RR. (semi-annual)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, 7H% pref. (quar.)
7H% preferred
Tampa Gas Co., 8% pref. (quar.)
7% preferred (quar.)
Telephone Investment Corp
May 20
July
1 June 15
1 June 15
1 June 15
June 30 June
(quar.)
Straw bridge
June 30 June
5
Dec.
San Francisco Remedial Loan Assoc.
5
June
15 June
June 30
-----
Preferred
5
July
(quarterly)
(quarterly)
Phoenix Hosiery, 7% preferred
Pills bury Flour Mills (quar.)
June
July
July
July
Feb.
June
Preferred
(quarterly)
Safety Car Heating & Lighting
St. Louis Bridge Go.. 6% 1st pf. (s.-a.)
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. & Pacific Co., pref
Preferred
Nov. 16 Nov.
June
June
Preferred
Plymouth Fund, class A..
Special
Portland & Ogdensburg Ry., gtd
Potomac Electric Power Co., 6% pref. (quar.)5H% preferred (quarterly)
Powdrell & Alexander (quar.)
1
June
8% pref. (qu.)
June
15
15
15
19
20
June
Ruud Mfg.
Sterling Products, Inc
Stewart-Warner Corp. (semi-ann.).
15 Feb.
15
Rubinstein (Helena), $3 conv. pref
Russek's Fifth Ave. (quar.)
July
1 June 15
5
Aug. 15 Aug.
July
37 Mc
Extra
Pioneer Gold Mines of British Col.
15
15
15
h S2
7% preferred (quar.)
Phoenix Finance Corp..
15
July
July
July
11
11
15
22
15
25 May 22
1 May 20
25c
Patterson-Sargent (quar.)
Peabody Coal preferred (resumed)
Pender (David) Grocery, class A (quar.)
Penick & Ford. Ltd. (quar.)
Peninsular Telegraph Co
Reliable Stores,
3
June
37Mc
June
May
May
May
May
May
June
July
5
June
Sept.
lulv
June
June
Debenture D
May 28
May
8
May
8
June
15
15c
June
11
June
7% <#um preferred (quar.)
—„
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Shenango Valley Water, 6% pref. (quar.)
Sherwin-Williams, Ltd., pref
—
5% preferred, initial (quar.)
Simon (Wm.) Brewery (quar.)
June 15
25c
June
June
Servel, Inc. (quarterly)
May
1
May
1
May 20
May 20
June
June 20
Secord (Laura) Candy Shops
July
July
Aug.
Aug.
Aug.
July
16Mc
17 Mc
July
June 30 June 20
June 30 June 20
Extra————————————
DebentureG
15
May
9
May 15
15
25c
Preferred D (quar.)————
Packard Motor Oar--———-——-——--——-
June
June
Royalite Oil, Ltd
Quarterly
Quarterly
10
10
15 May
1 May
June
20c
—
10
June
15 June
June
30c
Preferred A (quar.)
Preferred C (quar.)
(quarterly)
Rensselaer & Saratoga RR. (s.-a.)
Repuhlic Insurance of Texas (quar.)
Reynolds Metals Co., common
5 H % preferred (quarterly)
Richmond Fredericksburg & Potomac RR.—
Common voting and non-voting (s.-a.)
Dividend obligation (semi-annual)
Rike-Kumler (quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)_
7 % preferred B (quarterly)
Rochester & Genesee Valley RR. (s. a )
Rolland Paper, Ltd., pref. (quar.)
Reno Gold Mines
June
June
50c
—
10
31 He
June
June
10c
(quarterly)
(quarterly)
10
June
June
50c
Overall
June
$1H
—
Sears, Roebuck & Co. (quar.)
1
June
May 25
16
21
21
1 May 15
1 May 15
June
June
July
July
July
July
July
July
May
15c
Seaboard
May 15
June 15 May 25
S3
30c
—
21
II
June
2M%
Pacific & Atlantic Tlegraph Co. (s.-a.)
Pacific Finance Corp. of Calif. (Del.) (quar.)
'
15 June
June
June
50c
41 2-3c June
30c
1 Nov
May 20
July
l'June 16
June 15:May 18
58 1-3 c June
Preferred
1 May
$1
6% preferred (monthly)
5% preferred (monthly)
Old Dominion Co. (Me.)
Ontario & Quebec Ry. (semi-ann.)
Oshkosh
19 May 29
1 May 15
$1
$1
15c
SIM
SIM
(semi-ann.)
31
9
15 June 30
June
1 May 15
1 June 12
July
June
1 May 19
Sept
1 Aug. 22
Ohio Public Service Co. 7% pref. (monthly)
Debenture
15
29
14
14
30
29
30
13
13
13
16
16
15
15
30
31
July
...————
——
Remington-Rand
Resumed (quarterly)
6% preferred (quarterly)
5% preferred (quarterly)
15
Holders
of Record
el%
Reliance Insurance of Philadelphia
12
15
15
23
29
20
21
1
15
_
June
American Edison Co. pref.
Ohio Oil.........
Preferred (quar.)
Ohio
25c
Per
Name of Company
17
Nov. 14 Oct.
%1X
(quarterly)
National Container Corp
1936
23,
Share
Holders
Payablt of Record
50c
National Biscuit (quarterly)—
Preferred
When
Share
of Company
May
Chronicle
-
June
& Clothier Co—
June
May 15
May
7
June
May
May
May
May
May
15
16
25
11
20
July
June
13
June
May 23
June
,
June
June
-
Aug.
Sept.
June
June
June
May 20
May 20
May 20
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)
Terre Haute Water Works
July
July
July
July
-
June 15
June 15
June
May 15
July
June 15
June
May 15
July
June 15
June
May 20
July
June 25
June
Corp. 7% pref
Thompson Products (resumed)
Tide Water Assoc. Oil (quar.)
Tide Water Power, $6 preferred (quar.)
Timken-Detroit Axle, preferred (quar.)
Timken Roller Bearing (quar.)
May 11
May' 9
May 20
May 18
May 18
May 15
May 15
May 15
May 15
June
June
June
I
Extra
June
7% pref. (monthly).
6% preferred (monthly)
June
Toledo Edison Co.
5% preferred
June 15
June 15
June
June
(monthly)
Tri-State Telep. & Teleg., 6% pref. (quar.)
Troy & Greenbush RR. Assn. (s.-a.)
June
Underwood Elliott Fisher
June 30 June 12a
June 30 June 12a
June
Preferred (quar.)
Unilever, Ltd., ordinary (final)
Unilever (N. V.) ordinary (final)
Union Gas Co. of Canada, Ltd
June
Union Tank Car Co.
June
(quar.)
15 Tune
1
15 May 26
1 May 15
Union Tobacco, class A (liquidating)
Common
(liquidating)
United Biscuit Co. of Amer. (quar.).
Preferred (quarterly)
June
United Dyewood, resumed
Preferred (quarterly)
June
May
5
July 15
May 21
July
June
Oct.
Sept. 11
Preferred
Preferred
(quarterly)
(quarterly)
Preferred
(quarterly)
United Light & Rys. 7% preferred (monthly)
7% preferred (monthly).-.
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United Molasses, Ltd. (interim)
United New Jersey RR. & Canal (quar.)
United States Freight Co. (quar.)
United States Gypsum (quar.)
Preferred (quar.)
United States Pipe & Foundry Co. common (qu.)
Common (quar.)
(quar.)
United States Playing Card
Extra
Janl'37 Dec.
•_
United Elastic Corp. (quar.)
United Gas & Elec. Corp. pref. (quar.)
United Gas Improvement Co., (quar.)
Common
Aug.
i
(quarterly)
10c
June 24 June
1 June
June 30 May
25c
June 30 May
$1H
581-3< June
May
June
58 l-3c July
June
54c
May
June
54c
July
June
50c
May
June
50c
July
June 22 May
xw4%
July 10 June
$2H
June
1 May
25c
June
50c
July
June
July
MX
37Hc July 20 June
Oct. 20 Sept.
37 He
37Hc Dec. 21 Nov.
June
25c
July
June
25c
July
IX%
July
11
11
5
15
29
29
15
15
15
15
15
15
26
20
21
15
15
30
30
30
20
20
Volume
Financial
142
50c
4
May 29 May
15 May 27
3a
1 July
June
1 May 15
h$ 3
United Verde Extension Mining Co. (quar.)
25c
Utility Equities Corp. $5H priority stock
Upper Michigan Power & Light Co.—
6% preferred (quar.)
,
6% preferred (quar.)..
6% preferred (quar.)
Utah Power & Light, $6 preferred
$7 preferred
Vanadium-Alloys Steel Co
Van Raalte Co., Inc., common
1st preferred (quarterly)
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Veeder Root (quar.)
June
Aug.
26
Oct.
26
26
June
1
June
1
June
25c
June
June
$IH
$1K
%\H
June
June
Sept.
Sept.
1
Dec.
Dec.
50c
June
June
May 20
May 20
1
is. 6d.
July
June
15
50c
June
June
25c
June
$1H
June
25c
June
May
May
May
May
May
July
15
15
31
29
15
10
Oct.
10
2Hc
Virginia Coal & Iron (quarterly)
Virginia Electric & Power pref. (quar.)
VogtMfg. (quarterly)
Vulcan Detinning, preferred (quarterly)
'uly
SI H
Oct.
S19i
.
Waialua Agricultural Co
40c
;
Ward Baking Corp., preferred
Ware River RR., guaranteed (semi-ann.)
June
June
$2H
S1K
$ih
si h
si 5*
June
May 15
May 15
May 15
May 15
May 25
May 15
Aug. 15
June
June
May
Aug.
si
75c
May 15
May 19
May 11
June
37 He
si h
75c
June
June
June
July
May
May
July
87 He
S1H
si h
19
May 11
May 11
June
15
May 15
June
May 30
Inne
10c
10c
June
10c
June
May 15
May 15
$12*
$1H
$12*
June
preferred (quarterly)
1
50c
Nov.
1
Wool worth (F. W.) (quar.)
60c
June
1
Wrigley (Wm.) Jr. (monthly)
Monthly
Youngstown Sheet & Tube, preferred
Zellers, Ltd., 6% preferred
25c
1 May 20
1 June 20
July
1 June 20
July
Aug. 15 July 28
Investment Trust
May
d A
THE
NEW
ENDED
July
*
York
HOUSE
CLEARING
1936
Net Demand
I American
common
$
of Amer.
Cigar Co. stock div. of l-40th sh.
B stock
Lincoln Printing pref. div. of 1-5 sh. of
n
Allis-Chalmer®
pref. stock for each share held
Blue Ridge Corp., opt. S3 conv. pref. ser.
stk. or at the opt. of the holder 75c in cash.
0
p
Tobacco Co.
each share of its own stock.
on
Advance-Rumely, liquidating stock div. of H sh. of
stock on each share of Advance-Rumely capital stock held.
1929, l-32d of one sh. of com.
Pathe Film Corp. stock div. of 1 sh. of Grand National Films for
each
5 shs. of Pathe Film Corp. common held.
Electric
Shareholdings Corp., 86 conv. pfd. opt. div. ser. ww
44ioooenths of one sh. of com. stk., or at the opt. of holder $1H in cash.
q
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
H.) stk. div. equal to 50c., or l-20th sh. of spec.
such div.
Kress (S.
5
pref. stk.
for each 50c. of the amount of
Payable in special preferred stock.
t
Payable in U. S. funds,
1
Less tax.
y
w
Less depositary expenses.
A deduction has been made for expenses,
i
Per 1 00 shares
shows the condition of the Federal Reserve
of business May 20 1936,
The following
in
New York at the close
comparison with the previous week and the corresponding
date last year:
S
and
May 20, 1936 May 13, 1936 May 22, 1935
A 3 SCtS
S
1
10,929, 400
143 .589,000
381 ,116,000
32,579,000
$
S
and due from
3,133,291,000 3,051,949,000 2,177,232,000
United States Treasury.*
25,431, 700(
6,000,000
157,195,000
20,000,000
40,707, 000 al,413 ,889,000
452 ,697,000
51,725, 400
Guaranty Trust Co
90,000,000
177,277, 300 51,351 ,935,000
Manufacturers Trust Co.
32,935,000
Cent. Hanover Bk. & Tr.
21,000,000
127,500,000
Chemical Bk. & Tr. Co__
h On account of accu¬
m
Average
20,000,000
Bank
for each
stock, optional series of 1929, so held.
Payable in stock.
e
Gold certificates on hand
National City
stock,
Deposits,
Average
S
Bank of Manhattan Co__
rence
Time
Deposits,
Surplus
Members
Bank of N. Y. & Tr. Co.
preference
convertible
/ Payable in common stock,
g Payable in scrip,
j Payable in preferred stock.
Bank of
SATURDAY, MAY 16,
the
on
mulated dividends,
City
Undivided
Capital
dividend
quarterly
Condition of the Federal Reserve Bank of
New York
Profits
*
Clearing House
regular
u
New
YORK
Corp., payable June 1 to holders of rec. May 18.
held, or, at the option of the holder, in cash at the rate of $1.50
16
June
,
optional series of 1929 of Commercial Investment Trust Corp. has been
declared payable in comm >n stock at the rate of 3-104ths of 1 share of com¬
mon stock per share of co~vertible preference stock, optional series of 1929,
7
June 30
SI H
S1H
The following corrections have been made:
c
June 20
The weekly statement issued by the
Clearing House is given in full below:
WEEK
Apr. 20
June
25c
Transfer books not closed for this dividend.
a
Weekly Return of the New York City
Clearing House
THE
1
b A special dividend payable in common stock at the rate of 1 share for
each 5 shares held has been declared on the common stock of Commercial
15
June
Extra
Weyenberg Shoe Mfg., 7% preferred
Wheeling Electric, 6% preferred (quar.)
Nov.
June 30
50c
July
July
July
S1H
S1H
5% preferred (semi-annual)
Aug.
Aug.
share of convertible pret
s9
Weston Electrical Instrument, A (quar.)
Westvaco Chlorine (quar.)
MEMBERS OF
1
50c
so
75c
(monthly)..
West New York & Penna. RR. (semi-ann.)
OF
S1H
15
15
May 15
S1H
15
June 30
June
S3 h
-
ASSOCIATION FOR
1
Extra
May 20
May
July
July
75c
Warren (Northam) Co., $3 pref. (qqar.)
Washington Railway & Electric, common
5% preferred .semi-ann.)
5% preferred (quar.)
Washington Water Power preferred (quar.)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Wesson Oil & Snowdrift Co., Inc.—
Conv preferred (quar.)
Western Auto Supply class A & B (quar.)
Western Public Service Co., $1H preferred
Western Tablet & Stationery Corp., 7% pref..
Westinghouse Electric & Mfg
Preferred (quarterly)
West Jersey & Seashore RR. (s.-a.)
6% special guaranteed
STATEMENT
June
1
10c
Whitaker Paper,
1 May
1 May
Extra
May 20
May 14
May 14
Extra
class A
June
Quarterly
SI
Royalty Co.
1 May 20
June
Winstead Hosiery Co. (quarterly)
Jan.
$12*
Consolidated, com. (final)
Ventures, Ltd., Initial
Vick Chemical Co. (quarterly)
West,land Oil
July
July
June
15c
Wilson & Co
July
July
58 l-3c
50c
1 June 13
1 June 15
Ti
S1H
12Hc
July
Nov.
Feb l'
50c
Payable of Record
10c
Aug.
$1h
$1h
$1H
Extra
quar )
Whitman (Wm.) & Co., 7% pref. (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)
Williamsport Water, $6 preferred (quar.)
Willington Fund, Inc. (quarterly)
Extra
Venezuelan Oil
Preferred
Share
Company
Holders
When
Per
Name of
Payable of Record
United States Steel, 7% preferred-.United Stores .preferred
3457
Holders
When
Per
Share
Name of Company
Chronicle
12,788, 600
62,597, 400
468 ,834,000
5,646,000
Other cash t
12,243,000
Total reserves
37,917,000
84,946,000
1,287,000
1,806,000
97,388,000
1,191,000
91,284,000
Redemption fund—F. R. notes
67,611,000
Bills discounted:
714 ,406,000
14,169,000
Corn Exch. Bank Tr. Co.
15,000,000
16,109, 900
237 ,722,000
21,688,000
First National Bank
10,000,000
91,781, 400
511 ,518,000
3,530,000
Irving Trust Co..
50.000,000
59,017, 400
495 ,338,000
3,225,766,000 3,150,624,000 2,246,649,000
422,000
Continental Bk. <fe Tr. Co
Chase National
56 ,666,000
3,812, 700
67,625, 800 cl,890 ,500,000?
4,000,000
Bank...
150,270,000
Fifth Avenue Bank.....
500,000
3,435, 200
Bankers Trust Co
25,000,000
68,456, 900
10,000,000
5,249, 700
8,067 800
<2821 ,147,000
15 ,942,000
Marine Midland Tr. Co.
1,432,000
2.375,000
2,938,000
3,807,000
7,492,000
1,735.000
7,513,000
1,810,000
6,198,000
68,473,000
47,207,000
81,Tl~2~666
Bills bought in open
market..
Industrial advances..-
409,000
88 ,382,000
3,089,000
311 ,780,000
77 ,200,000
22,819,000
Bonds
Treasury notes
68,473,000
480,834,000
480,834,000
5,775,000
80 ,692,000
1,131,000
42,556,000
Treasury bills
180,076,000
180,076,000
113,776,000
468,146,000
162,396,000
612,480,000
743,339,100
9,559,161,000
570,418,000
729,383,000
729,383,000
744,318,000
741,517,000
741,569,000
756,133,000
9~7~666
97,000
6,852,000
145,932,000
115,906,000
12,500,000
7,000,000
Public N. B. & Tr. Co..
Total
As per official reports:
National March 4,
United States Government securities:
Total U. S.
Other securities
Includes deposits in foreign branches as follows:
a
$236,061,000; 6 $75,280,000;
New
York
-
Foreign loans on gold
C$87,862,000; d $29,877,000.
W The
Government securities..
1936; State, March 27, 1936; trust
companies, March 27, 1936.
Total bills and securities
"Times"
publishes regularly each week
returns of a number of banks and trust companies which
are not
members of the New York Clearing House.
The
following are the figures for the week ended May 15:
Gold held abroad
Due
from foreign banks
Federal Reserve notes
BUSINESS
NOT
IN THE
FOR
NATIONAL
THE
AND
of other banks...
Uncollected items
Bank premises.——All other assets
INSTITUTIONS
OF
1,296,000
1,642,000
1,682,000
discounted
Total bills
1,282,000
1,678,000
2,960,000
—
22,242, 300
7,907, 000
8,176, 200
5,000,000
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
*
Govt, obligations.
guaranteed—
U. S.
by
direct and (or) fully
1,760,000
45 ,808,000
Title Guar. & Trust Co..
Secured
Other bills discounted
—
-
5,144,000
144,432,000
10,851,000
29,603,000
275,000
4,722,000
10,851,000
11,791,000
29,081,000
32,047,000
CLEARING HOUSE WITH THE CLOSING
WEEK
ENDED
FRIDAY,
BANKS—AVERAGE
STATE
MAY
15,
1936.
4,157,410,000 4,085,006,000 3,167,523,000
Total assets
FIGURES
Liabilities—
Loans,
:
Other Cash,
Res. Dep.,
Dep. Other
Disc, and
\
Including
N. Y. and
Banks and
Cross
Elsewhere
Trust Cos.
Deposits
S
S
Investments
Bank
Notes
778,893,000
777,855,000
651,857,000
actual circulation
Deposits—Member bank reserve acc't.. 2,668,758,000 2,561,117,000 2,054,439,000
191,605,000
228,066,000
10,304,000
U. S. Treasurer—General account-
F. R. notes in
31,944,000
222,758,000
Foreign bank
Manhattan—
$
Grace National
26,643,500
Sterling National
$
4,161,700
2,240,000
575,000
5,116,000
2,546,000
4,761,281
237,296
1,170,077
116,592
24,948,000
5,178,131
Brooklyn—
Total deposits
Deferred availability items
Capital paid in
People's National
3,130,000
100,000
1,466,000
TRUST COMPANIES—AVERAGE
643,000
4,783,000
FIGURES
—
Surplus (Section 7)
Surplus (Section 13b)
Reserve for
—
contingencies
All other liabilities
Loans
Disc, and
Res. Dep.
Empire
Federation
$
57,689,200
8,842,098
Fiduciary
11,948,361
Fulton
20,180,100
*1,120,331
*2,740,300
Lawyers..
29,669,100
70,416,314
*9,233,100
12,318,351
Brooklyn
92,524,000
Kings County
32,404,210
2,939,000
2,256,172
United States
Cross
Trust Cos.
Deposits
$
*4,857,800
225,113
Banks and
Elsewhere
$
Dep. Other
N. Y. and
Cash
Invest.
Manhattan—
30,689,000
221,829,000
8,844,000
198,158,000
29,425,700
19,628,000
Trade Bank of N. Y.
Other deposits
$
84,700
$
$
7,336,600
826,012
1,095,215
245,500
2,897,400
18,021,558
3,136,100
1,410,146
438", 100
4,157,410,000 4,085,006,000 3,167,523,000
Total liabilities
62,457,800
9,468,933
11,968,867
19,067,100
39,721,800
72,086,340
Ratio
F.
of total
reserves
3,115,065,000 3,041,701,000 2,271,745,000
140,745,000
115,538,000
143,230,000
50,876,000
59,365,000
50,901,000
50,825,000
50,825,000
49,964,000
7,744,000
7,744,000
6,064,000
8,849,000
8,849,000
7,500,000
4,413,000
3,901,000
5,490,000
to deposit and
combined
82.8%
82.5%
76.8%
10,391,000
R. note liabilities
10,330,000
7,338,000
on bills purchased
correspondents
Commitments to make Industrial ad¬
Contingent liability
1,000
for foreign
vances
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
Brooklyn—
26,921,000
10,046,140
254,000 115,307,000
39,491,902
,
x
100
*
Includes amount with Federal Reserve
follows:
Empire, $3,392,300; Fidu¬
ciary, $798,505; Fulton, $2,529,800; Lawyers, $8,450,400.
as
These are certificates given by the United States Treasury for the gold taken
over
from the Reserve banks when the dollar was on Jan
cents to
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.
:
3458
Financial
Chronicle
May 23, 1936
Weekly Return of the Board of Governors of the Federal Reserve System
The
following is issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
System
whole in comparison with the figures for the
as a
week last year.
The second table shows the
Reserve note statement (third table
Reserve Agents and the
returns
resources and
Wednesday.
on
Thursday afternoon, May 21,
The first table presents the results
preceding weeks and with those of the corresponding
The Federal
liabilities separately for each of the twelve banks.
following) gives details regarding transactions in Federal Reserve notes between the
Federal Reserve banks.
The
comments
of the Board of Governors of the Federal Reserve System upon the
for the latest week appear in our department of "Current Events and Discussions.1'
COMBINED RESOURCES
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 20,
May 20, 1936 May 13, 1936 May
$
ASSETS
Gold ctfs.
on
Other cash *—
—
reserves
1936 Apr. 29 1936 Apr. 22 1936 Apr. 15 1936 Apr.
8
$
%
S
1936 Apr.
1
1936 May 22, 1935
$
3
8,088,197,000 8,067,213,000 8,038,801,000 8,056,426,000 8,019,834,000 8,020,315,000 8,015,436,000 8,030,246.000 6,074,634,000
—
-
6,
$
$
1936
7,759,336,000 7,729,834,000 7,703,337,000 7,703,833,000 7,663,838,000 7,664,835.000 7,665,346,000 7,665.345,000 5.820,788,000
12,532,000
21,064,000
12,451,000
13,732.000
14,864,000
13,741,000
13,736,000
12,942,000
13,377,000
316,329,000
232,782,000
350,037,000
324,928,000
342,255,000
336,358,000
341,744,000
322,087,000
339,651,000
hand & due from U.S.Treas.*
Redemption fund (F. R. notes)
Total
seven
on
Bills discounted:
by U. S. Govt, obligations,
and(or) fully guaranteed
Secured
direct
2,436,000
2,313,000
Total bills discounted
2,097,000
2,487,000
2,858,000
2,465,000
3,021,000
2,249,000
3,713,000
2,480,000
2,886,000
2,616,000
4,489,000
2,765,000
3.370,000
4,781,000
4,584,000
5,323,000
5,270,000
6,193,000
5,602,000
7,254,000
6,758,000
4,544,000
30,487,000
—
2,292,000
2,489,000
4,749,000
Other bills discounted
4,677,000
29,963,000
4,676,000
30,170,000
4,684,000
30,319,000
4,682,000
30,039,000
4,690,000
30,313,000
4,688,000
30.257,000
4,674.000
4,700,000
30,363,000
26,895,000
3,388,000
•
Bills
bought in open
Industrial advances
market—
—
—
335,621,000
265,691,000
265,687,000
265,723,000
265,785,000
265,708,000
265,687,000
265.691,000
265,693,000
1,547,839,000 1,547,849,000 1,549,461,000 1,554,889,000 1,554,889,000 1,554,895,000 1,554,894,000 1.554,889,000 1,540,402,000
616.717,000
554,304,000
609,667,000
609,667,000
609,667,000
609,667,000
609,667,000
616,717,000
615,167,000
U. S. Government securities—Bonds
Treasury notes
Treasury bills
■
2,430,247,000 2,430,259,000 2,430,336,000 2,430,279,000 2,439,341,000 2,430,249,000 2,430,252,000 2,430,243,000 2,430,327,000
Total U. S. Government securities-.
181,000
Foreign loans on gold
■
181,000
181,000
181,000
181,000
181,000
181,000
181,000
—
2,470,208,000 2,469,861,000 2,469,947,000 2,470,786,000 2,470,513,000 2,471,626,000 2,470,880,000 2,472,715,000 2,468,680,000
Total bills and securities
Gold held abroad
Due from foreign banks
"""240*666
Bank premises
—
All other assets
Total assets
"""240",666
64O"666
20,368,000
574,289,000
48,051,000
40,288,000
—
Federal Reserve notes of other banks—Uncollected items
22,936,000
595,188,000
48,050,000
39,764,000
19,813,000
519,305,000
48,048,000
38,495,000
lTooo
633^000
633"000
19,664,000
522,097,000
48,031,000
38,093,000
22,870,000
564,780,000
48,017.000
36,731,000
22,125,000
696,196,000
48,006,000
36,286,000
63
634*000
"""650*000
"""698",OOO
16,762,000
17,690,000
16,820,000
501,570,000
558,332.000
478,931,000
48,004,000
37,396,000
47,885,000
36,868,000
49,701,000
44,942,000
11,241,641,000 11,243,252,000 11,135,049,000 11,155,728,000 11,163,378,000 11,295,187,000 U,090,682,000 11,164,386,000 9,134,406,000
—
LIABILITIES
3,760,729,000 3,762,028,000 3,778,880,000 3,741,690,000 3,748,576,000 3,761,762,000 3,781,039,000 3,772,016,000 3,148,543,000
F. R. notes in actual circulation
Deposits—Member banks' reserve account 5,694,009,000 5,611,072,000 5,531,998,000 5,506,314,000 5,441,618,000 5,333,048,000 5,161,317,000 5,077,088,000 4,821,304,000
37,317,000
513,104,000
712,424,000
621,759,000
679,209,000
964,390,000 1,085,687,000
U. S. Treasurer—General account
829,731,000
577,985,000
22,376,000
85,482,000
63,441,000
86,116,000
81,851,000
83,356,000
71.622,000
53,826,000
84,226,000
Foreign banks
262,888,000
267,384,000
267,161,000
269,214,000
263,437,000
278,147,000
280,758,000
273,948,000
Other deposits.--.
266,517,000
—
—
6,559,979,000 6,539,800,000 6,499,045,000 6,547,026,000 6,509,372,000 6,497,363,000 6,471,277,000 6,493,377,000 5,143,885,000
Total deposits
Deferred availability items.-
574,822,000
130,745,000
145,501,000
26,513,000
34,109,000
9,243,000
—
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)—
Reserve for contingencies
All other liabilities
of
total
to
reserves
8,697,000
130,652,000
145,501,000
26,513,000
34,110,000
8,680,000
521,228,000
130,657,000
145,501,000
26,513,000
34,108,000
9,005,000
560,830,000
130,697,000
145,501,000
26,513,000
34,104,000
7,785,000
691,750,000
130,707,000
146,501,000
26,513,000
34,102,000
7,489,000
494,186.000
554,751,000
488,889,000
130,699,000
145,501,000
26,613,000
34,107,000
7,360,000
130,715,000
146,649,000
145,501,000
144,893,000
26,513,000
19,939,000
34,105,000
30,777,000
10,831,000
7,408,000
deposits and
78.4%
78.3%
78.2%
78.3%
78.2%
25,297,000
F. R. note liabilities combined
Contingent liability
34,114,000
511,668,000
11,241,641,000 11,243,252,000 11,135,049,000 11,155,728,000 U,163,378,000 11,295,187,000 11,090.682,000 11,164,386,000 9,134,406,000
Total liabilities
Ratio
595,878,000
130,721,000
145,501,000
26,513,000
26,014,000
25,842,000
25,576,000
25,607,000
bills purchased for
foreign correspondents
78.2%
78.2%
78.2%
73.3%
25,670,000
25,664,000
25,048,000
18,640,000
on
2,000
7"
Commitments to make Industrial advances
Maturity Distribution of Bills and
$
Short-term Securities—
-15 days bills discounted
6-30 days bills discounted
31-60 days bills discounted
S
2,910,000
$
§
$
3,639,000
38,000
695,000
226,000
3,670,000
28,000
756,000
723,000
146,000
4,781,000
4,584,000
574,000
315,000
506,000
556,000
445,000
401,000
671,000
280,000
3,282,000
3,274,000
4,544,000
4,677,000
1,600,000
241,000
573,000
749,000
27,324,000
1,652,000
30,487,000
$
bought In
open market—
Total bills bought in open market
1-15 days industrial advances
16-30 days industrial advances
31-60 days industrial advances.
61-90 days industrial advances
Over 90 days industrial advances
Total industrial advances-
318,000
47,000
59,000
920,000
925,000
985,000
568,000
583,000
560,000
237,000
5,323,000
5,270,000
6,193,000
6,502,000
7,254,000
6,758,000
394,000
3,062,000
368,000
777,000
483.000
639,000
3,339,000
775,000
380,000
529,000
2,998,000
4,676,000
4,684,000
4,682,000
1,716,000
267,000
424,000
584,000
27,328,000
1,676,000
251,000
521,000
760,000
26,775,000
1,669,000
232,000
557,000
767,000
26,945,000
29,963,000
30,170,000
30,319,000
32,000
4,530,000
128,000
3,714,000
221,000
^
-15 days bills
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 market-
$
5,107,000
622,000
709,000
740,000
432,000
275,000
815,000
3,022,000
Total bills discounted—
S
276,000
86,000
254,000
4,749,000
Oyer 90 days bills discounted-
3,044,000
615,000
782,000
703,000
303,000
61-90 days bills discounted
$
5,181,000
403,000
125,000
2,877,000
612,000
221,000
—
255,000
851,000
245,000
502,000
697,000
554,000
575,000
1,567.000
449,000
544,000
2,083,000
3,071,000
4.690,000
4,688,000
4,674,000
4,700,000
1,580,000
1,407,000
354,000
438,000
582,000
27,303,000
1,609,000
329,000
440,000
581,000
27,091.000
1,580,000
343,000
372,000
637,000
27,481.000
311,000
339,000
499,000
27,615.000
236,000
24,806,000
30,039,000
30,313,000
30,257,000
30.363,000
26,895,000
2,798,000
583,000
107,000
40,903,000
25,806,000
21,710,000
20,400,000
27,106,000
9,200,000
19,200,000
21,010,000
24,000,000
24,000,000
147,351,000
21,010,000
67,263,000
20,400,000
27,106,000
21,710,000
25,806,000
20,080,000
31-60 days U. S. Government securities—
94,376,000
113,297,000
49.806.000
68,489,000
103,586,000
87,663,000
47,506,000
44,080,000
115,847,000
71,082,000
190,874,000
61-90 days U. S. Government securities—
144,744,000
138,728,000
94,376,000
74,488,000
119,037,000
103,576,000
135,762,000
Over 90 days U. S. Government securities 2,135,367,000 2,134,570,000 2,134,500,000 2,215,015,000 2,219,374,000 2,220,316,000 2,238,260,000 2,255,851,000 1,937,902,000
1-15 days U. S. Government securities.16-30 days U. S. Government securities.-
2,430,247,000 2,430,259,000 2,430,336,000 2,430,279,000 2,430,341,000 2,430,249,000 2,430,252,000 2,430.243.000 2,430,327,000
Total U. S. Government securities
'
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
181^666
Over 90 days other securities
Total other securities
~"~18RO66
i8i"66o
181*666
"""181",666
"~~1~81~666
"'"181",660
~""l8l",666
/ 181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent- 4,033,793,000 4,042,174,000 4,037,156,000 4,012,215,000 4,031,692,000 4,041,109,000 4,050,111,000 4,029,102,000 3,425,006,000
Held by Federal Reserve Bank
In actual circulation
a
Collateral Held by Agent
—
i__
as
273,064,000
280,146,000
258,276,000
270,525,000
283,116,000
279,347,000
269,072,000
257.086,000
276,463,000
3,760,729,000 3,762,028,000 3,778,880,000 3,741,690.000 3,748,576,000 3,761,762,000 3,781,039,000 3,772,016,000 3,148,543,000
Security for
Notes Issued to Bank—
Gold ctfs.
on
Byfeligible
hand & due from U.S. Treas. 4,040,140,000
paper.
U. S. Government securities..
•
"Other cash" does not include
These
are
4,056,140,000 4,042,903,000 4,029,903,000 4,045,343,000 4,045,343,000 4,024,343,000 3,990,843,000 3,282,979,000
3,928,000
3,859,000
5,298,000
5,212,000
3,846,000
4,575,000
3,272,000
3,483,000
68,000,000
67,000,000
224,500,000
57,000,000
60,000,000
69,000,000
48,000,000
46,000,000
4,100,568,000 4,105,623,000 4,094,175,000 4.090,831,000 4,109,189,000 4,118,918,000 4,096,202,000 4,063,141,000 3,512,691,000
Total collateral
x
3,428,000
57,000,000
Federal Reserve notes,
certificates given by the U. S. Treasury for
Jan. 31,1934, these certificates being worth less to the extent of
of the
Gold Reserve Act of
1934.
t Revised figure.
the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06 oents on
the difference, the difference itself having been appropriated as profits by the Treasury under the provision*
Volume
Chronicle
Financial
142
3459
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
Two Ciphers (00) Omitted.
Federal Reserve Batik of—
Total
Boston
New York
Phila.
RESOURCES
$
%
$
$
Gold certificates
on
Cleveland Richmond
Atlanta
Chicago
$
%
%
$
St.
Dallas
$
$
San Fran.
$
Louis Minneap. Kan. City
%
MAY 20 1936
%
hand and due
from U. S. Treasury
Redemption fund—F. R. notes..
Other cash
Total
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
7,759,336,0 493,774,0 3,133,291,0 388,246,0 549,589,0 245,772,0 195,762,0 1,523,602,0 208,530,0 159,748,0 212,502,0 142,534,0 505,986,0
485,0
646,0
143,0
2,257,0
468,0
1,942,0
1,067,0
1,191,0
702,0
272,0
1,003,0
12,532,0
2,356,0
11,535,0
9,886,0
5,685,0
17,372,0
7,229,0
40,054,0 14,089,0
91,284,0 41,326,0 29,022,0 18,977,0
316,329,0 29,870,0
8,088,197,0 526,000,0 3,225,766,0 429,715,0 579,096,0 265,395,0 207,590,0 1,564,358,0 223,622,0 167,249,0 230,941,0 148,687,0 519,778,0
reserves
Bills discounted:
2,436,0
463,0
Other bills discounted
2,313,0
57,0
1,282,0
1,678,0
4,749,0
520,0
2,960,0
4,544,0
339,0
2,850,0
'
'
■'
Sec. by U. S. Govt, obligations,
direct & (or) fully guaranteed
1,682,0
7,492,0
Total bills discounted
...
55,0
288,0
46,0
75,0
288,0
55,0
46,0
75,0
460,0
429,0
185,0
159,0
5,247,0
1,878,0
3,778,0
799,0
2,114,0
565,0
68,473,0 20,755,0 23,973,0
480,834,0 116,163,0 143,602,0
180,076,0 40,202,0 50,450,0
12,834,0
76,874,0
27,008,0
11,019,0
66,020,0
23,188,0
28,415,0
13,492,0
170,209,0
122,540,0
9,0
81,316,0
122,0
31,0
119,0
63,0
113,0
2,0
346,0
2,0
176,0
128,0
377,0
122,0
87,0
61,0
1,459,0
129,0
996,0
129,0
319,0
1,720,0
1,589,0
14,496,0
45,335,0
15,747,0
13,013,0
76,836,0
26,995,0
19,347,0 21,918,0
55,984,0 131,289,0
19,669,0 46,124,0
\y
Bills bought In open market
Industrial advances
30,487,0
U. S. Government securities:
Bonds
:
265,691,0 17,956,0
1,547,839,0 103,395,0
616,717,0 36,326,0
Treasury notes
Treasury bills
Total U. 8. Govt, securities. 2,430,247,0 157,677,0
Other securities
28,392,0
729.383,0 177,120,0 218,025,0 116,716,0 100,209,0
321,164,0 123,200,0
75,578,0 116,844,0
181,0
95,000,0 199,331,0
741,517,0 183,115,0 220,387,0 120.725,0 101,242,0
323,843,0 123,854,0
77,274,0 118,278,0
97,226,0 201,361,0
181,0
Total bills and securities
2,470,208,0 161,386,0
DueTfrom foreign banks—
Fed.lRes.
565,0
notes of other banks...
Uncollected items
Bank premises..
All other resources
240,0
20,368,0
574,289,0
48,051,0
21,0
10,0
2,672,0
49,437,0
2,919.0
389,0
5,144,0
618,0
60,264,0
3,113,0
271,0
40,288,0
Total resources
22,0
97,0
18,0
144,432,0
43,764,0
1,077,0
56,489,0
10,851,0
29,603,0
5,080,0
3,688,0
6,525,0
1,597,0
8,0
1,623,0
20,433,0
2,284,0
1,413,0
1,044,0
4,0
2,231,0
3,0
678,0
15,094,0
1,531,0
430,0
16,0
7,0
7,0
24,072,0
2,452,0
259,0
27,0
2,565,0
79,665,0
4,830,0
538,0
1,442,0
30,015,0
3,360,0
326,0
378,0
1,551,0
20,686,0
29,978,0
3,580,0
333,0
1,526,0
786,0
11241641,0 751,441,0 4,157,410,0 666,002,0 865,192,0 442,202,0 334,593,0 1,975,826,0 376,494,0 262,259,0 384,369,0 269,296,0 756,557,0
LIABILITIES
F. R. notes in actual circulation. 3,760,729,0 340,735,0
75,848,0 290,904,0
873,247,0 160,925,0 114,426,0 142,227,0
778,893,0 280,666,0 370,485,0 171,001,0 161,372,0
Deposits:
Member bank reserve account. 5,694,009,0 283,250,0 2,668,758,0 274,734,0 371,734,0 175,109,0 103,992,0
U. 8. Treasurer—Gen'l acc't..
31,394,0
191,605,0 25,639,0 23,456,0 27,103,0
513,104,0 32,188,0
Foreign bank
[ Other deposits....
Lik*
Total deposits
7,757*0
3,710,0
4,771,0
222,758,0
1,904,0
2,739,0
1,549,0
41,704,0
57,359,0
48,987,0
9,374,0
12,323,0
12,624,0
4,655,0
9,902,0
50,825,0
13,406,0
14,371,0
5,186,0
2,874,0
1,413,0
304,0
7,744,0
4,231,0
1,007,0
8,849,0
4,413,0
3,000,0
554,0
3,111,0
549,0
3,448,0
1,270,0
184,0
26,513,0
...
34.109,0
Another liabilities
9,243,0
88,482,0 167,363,0 122,776,0 368,539,0
30,253,0 32,243,0 23,981,0
5,818,0
2,444,0
2,445,0
2,024,0
1,750,0
1,566,0
13,524,0
4,407,0
935,052,0 134,220,0
30,825,0 35,384,0
2,529,0
9,780,0
7,349,0
2,891,0
2,951,0
2,176,0
140,745,0
50,876,0
60,391,0
Reserve for contingencies
>
7,841,0
574,822,0
130,745,0
145,501,0
Surplus (Section 7)
Surplus (Section 13-B)____
L
31,944,0
29,033,0
978,548,0 179,482,0 123,946,0 201,810,0 159,030,0 411,862,0
6.559,979,0 326,448,0 3,115,065,0 310,118,0 405,686,0 207,471,0 140,513,0
Deferred availability items
Capital paid in
6,239,0
85,482,0
267,384,0
19.405,0
4,229,0
80,422,0
25,899,0
3,763,0
21,350,0
4,655,0
546,0
1,274,0
331,0
893,0
30,719,0
10,155,0
9,645,0
1,121,0
1,328,0
1,849,0
215,0
1,003,0
1,463,0
229,0
2,516,0
188,0
2,979,0
23,559,0
3,796,0
3,783,0
1,252,0
844,0
3.149,0
1,391,0
7,573,0
30,568,0
3,950,0
3,613,0
1,142,0
15,064,0
12,021,0
5,616,0
754,0
700,0
302,0
1
Total liabilities
11241641,0 751,441,0 4,157,410,0 666,002,0 865,192,0 442,202,0 334,593,0 1,975,826,0 376,494,0 262,259,0 384,369,0 269,296,0 756,557,0
r
Ratio of total
to
78.4
78.8
82.8
72.7
74.6
70.1
68.8
84.5
65.7
70.2
67.1
63.3
(74.0
25,297,0
res.
2,897,0
10,391,0
326,0
1,515,0
2,389,0
298,0
79,0
1,835,0
94,0
480,0
581,0
4,412,0
dep. & F. R.
note liabilities combined
Commitments to make industrial
t-advances
*
"Other cash"
does
not Include Federal
Reserve notes.
FEDERAL
RESERVE
STATEMENT
NOTE
Two Ciphers (00) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
$
$
Cleveland Richmond
Phila.
New York
Boston
$
Atlanta
S
S
$
St.
Chicago
S
$
$
$
$
Dallas
San Fran
$
Louis Minneap. Kan. City
s
877,294,0 295,281,0 385,502,0 181,051,0 179,189,0
17,817,0
14,615,0
15,017,0 10,050,0
98,401',0
905,478,0 169,060,0 118,085,0 154,390,0
3,659,0
12,163,0
8,135,0
32,231,0
83,056,0 327,981,0
37,077,0
7,208,0
3,760,729,0 340,735,0
778,893,0 280,666,0 370,485,0 171,001,0 161,372,0
873,247,0 160,925,0 114,426,0 142,227,0
75,848,0 290,904,0
on hand and
due'jfrom U. S. Treasury
4,040,140,0 376,617,0
Eligible paper
3,428,0
520,0
890,706,0 296,000,0 387,500,0 185,000,0 151,685,0
75,0
288,0
55,0
1,648,0
46,0
915,000,0 149,632,0 120,000,0 151,000,0
121,0
175,0
2,0
5,000,0
20,000,0
84,000,0 333,000,0
376,0
122,0
32,000,0
892,354,0 296,288,0 387,555.0 185,046,0 183,760,0
915,000,0 169,634,0 120,175,0 156,121,0
84,376,0 333,122,0
Issued to F.R. Bk. by F.R. Agt 4,033,793,0 357,426,0
Held by Fed'l Reserve Bank..
273,064,0 16,691,0
In actual circulation
Collateral
l
held
by
Agent
as
se-
ln ourity for notes issued to bks.
| Gold certificates
I
U4S. Government securities..
»
Total-collateral.
57,000,0
4,100,568,0 377,137,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in idl 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.
statement beginning with Nov. 6,
also been revised further
in "Other loans."
so as to
1935, covers reporting banks in 101 leading cities,
The amount of "Loans to banks"
show additional items.
It did prior to the banking holiday In 1933, Instead ol 91 cities, and has
as
was
Included heretofore partly in "Loans on securities—to others" and partly
The item "Demand deposits—adjusted" represents the total amount of demand deposits
standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, &o., 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
deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
oomparable with those 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,
gross demand
which
are now
Included in "Inter-bank deposits."
The Item "Due to
The item "Borrowings"
banks"_shown heretofore included only demand balances of domestic banks.
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from
Figures are shown also for "Capital account," "Other
other sources.
By "Other assets—net" is meant the aggregate of all assets not otherwise specified, less cash Items reported as on hand or in process
collection which have been deducted from demand deposits.
assets—net," and "Other liabilities."
of
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Federal Reserve District—
Total
Boston
New York
Phila.
ASSETS
*
$
$
$
$
1,219
9,418
1,177
1,803
CITIES, BY DISTRICTS. ON MAY 13 1936 (la Millions of Dollars
Atlanta
St.
Chicago
$
Cleveland Richmond
$
Louis Minneap. Kan. City
Dallas
San Fran.
s
%
'
Loanslandllnvestments—total
21,820
%
Loans to brokers and dealers:
631
446
2,138
15
3
2
9
12
932
11
208
24
73
18
14
3
6
42
6
2
3
2
153
213
65
51
209
41
(except
Loans to banks.
895
146
63
30
44
44
155
21
6
7
6
32
10
7
24
2
22
85
248
65
185
23
22
67
40
6
16
22
367
1Q0
real estate
336
1,146
Acceptances and com'l paper bought.
on
373
969
City
securities to others
N banks)
Loans
635
2,080
In New York
on
2,842
$
.
Outside New York City
Loans
539
599
%
$
170
3
67
2
4
1
10
7
------
4
1
1
Other loans
3,519
307
1,322
178
210
106
136
415
107
121
129
126
362
U. S. Govt, direct obligations
402
3,850
320
844
281
201
1,498
243
145
237
168
683
Obligations fully guar, by U. S. Govt.
8,872
1,289
18
576
102
65
38
39
158
51
14
46
36
146
Other securities
3,301
171
1,300
314
262
76
77
402
108
48
126
48
369
Reserve with Federal Reserve Bank..
4,537
233
2,290
185
272
127
61
776
101
56
78
240
118
383
121
67
15
33
18
11
60
12
5
12
10
19
Balance with domestic banks
2,250
133
167
151
222|
151
144
394
116
84
273
173
242
Other assets—net
1,379
76
572
89
111
36
39
107
24
18
25
27
255
14,272
977
6,592
744
992
382
297
2,070
384
246
455
338
795
5,056
299
975
275
715
194
171
816
174
119
144
118
1,056
752
16
229
57
58
40
44
137
9
3
18
28
113
5,492
226
2,384
292
326
200
189
764
227
107
351
169
257
Cash in vault
LIABILITIES
Demand deposits—adjusted.
Time deposits
United States Government deposits.
.
Inter-bank deposits:
Domestic banks
—
Foreign banks
Borrowings
Other liabilities
Capital account..
382
1
1
-----
------
5
1
10
8
352
3
1
871
25
377
22
15
26
6
40
10
4
2
4
340
3,544
231
1,605
224
334
88
86
347
84
56
89
77
323
------
------
------
------
------
------
------
------
3460
May 23, 1936
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND
YEARLY
'
Occupying Altogether Sixteen Pages—Page One
y
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are
of such sales In computing the range for
United
Below
we
furnish
a
bonds and
on
the
daily record
Daily, Weekly and Yearly
the transactions in
of
Week Ended
and
Number of
May 22 1936
Treasury certificates on the New York Stock
State,
Municipal &
United
Total
States
Bond
For'n Bonds
Mis cell
Shares
Bonds
Bonds
Saturday
or more
32ds
point.
Tuesday
Wednesday
685,570
Thursday
one
370,930
Monday
Quotations after decimal point represent
a
Railroad
Stocks,
Federal Farm Mortgage Corporation's
Exchange.
of
Transactions at the New York Stock Exchange,
New
Stock Exchange
York
Home Owners' Loan,
the only transactions of the day. No account Is taken
year
Securities
Government
States
the
668,130
679,230
6,560,000
5,436,000
4,306,780
$33,482,000
$4,907,000
Friday
Daily Record of U. S. Bond Prices May
16| May 18
High
117.29
118
Low-
117.28
117.30
Close
Treasury
117.28
118
118.1
118.3
118
118
117.31
118.3
117 31
118
1,020,000
897,000
653,000
8,262,000
6,750,000
5.421,000
811,000
844,000
8,458,000
8,487,000
704,000
2,222,000
1,290,000
950,000
555,000
6,941,000
$5,641,000
$44,030,000
Exchange
$110,000
8,554,000
New York Stock
118.1
6,589,000
909,510
.
$492,000
993,410
Total—
May 19 May 20 May 21 May 22
Sales
$3,323,000
$2,726,000
Week Ended May 22
Sales at
Jan, 1 to May 22
'
:
4^8, 1947-52
4
21
Total sales in $1,000 units
107.27
108.1
Low.
107.27
Close
107.27
Total sales in $1,000 units...
4
High
3Kb, 1943-45
_
_
^
m
114
•
.
-
-
52
108.3
108.7
107.29
108
108.5
108.7
108.1
108.2
108.5
108.8
22
10
85
113.1
113.3
113.3
113.7
113.10
113.6
113.1
113
113.1
113.6
113.6
113.1
113.10
$5,641,000
113.6
23
9
5
63
111.14
111.13
111.19
Low.
111.13
111.18
111.16
111.14
111.13
111.19
111.16
41
1
20
1
108.10
108.14
108.17
108.20
Low.
108.10
108.11
108.14
108.16
108.10
108.14
108.17
108.20
6
12
155
2
104" 20
104.23
104.25
104.27
104.30
104.28
Close
Total sales in $1,000 units...
__
High
$59,775,000
$1,511,549,000
$1,366,577,000
„•'
„
Stocks and Bond Averages
Below
the
are
daily closing
stocks and bonds
Low.
104.18
104.19
104.21
104.26
104.28
104.18
104.22
104.25
104.26
104.28
29
20
24
115
listed
on
averages
pf representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
104.26
3
as
104.26
Close
Total sales in $1,000 units...
8
3s, 1951-55
•
Stocks
High
105.8
105.14
105.15
105.17
105.19
105.8
105.10
105.13
105.15
105.17
105.16
Close
105.8
105.12
105.15
105.17
105.19
105.16
13
108
309
2
58
High
108.24
108.26
108.25
Low.
108.23
108.25
108.25
108.24
108.26
108.25
May 22.
149.58
1
Total sales in $1,000 units...
SVaB, 1940-43
7
Close
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
44.50
30.62
53.73
106.01
111.84
84.21
106.10
102.04
May 21.
148.80
44.19
30.03
53.30
105.95
111.83
84.11
106.01
101.98
109.5
109.6
May 20.
148.94
44.41
40.01
53.39
105.95
111.78
84.21
106.06
—
—
102.00
109.1
.
109.1
109.4
109.5
109.6
May 19.
147.49
44.06
29.76
52.91
105.93
111.64
84.01
105.89
109.1
109.4
109.5
109.6
May 18.
150.35
44.94
30.41
53.96
105.75
111.69
84.48
105.89
101.95
May 16.
151.42
45.11
30.53
54.27
•105.79
111.64
84.46
105.91
101.95
Total sales in $1,000 units...
7
1
5
16
106.7
106.10
106.12
106.7
106.7
106.12
106.10
106.12
106.11
36
1
4
High
106.10
106.15
106.12
Low.
106.9
106.14
106.12
106.10
106.14
106.12
101.87
106.11
106.7
i
106.13
5
6
(High
106.5
Low.
106
Close
106.5
Total sales in $1,000 units...
11
16
[Cllse
Total sales in $1,000 units...
■
High
108.30
6
17
United States Treasury Bills—Friday, May 22
Rates
quoted
are
for discount at purchase.
1
109.1
109" i"
109.4
109.4
109.3
Low..
108.30
108.29
109.1
109.1
109.3
108.30
108.29
109.1
109.1
109.4
High
107.20
Low.
107.17
Close
107.20
Asked
Asked
Bid
109.2
2
Bid
109.1
Close
Total sales in $1,000 units...
3KB, 1941
3MB, 1944-46
Total sales in $1,000 units...
15
14
107.24
107.22
107.29
107.29
107.28
June
107.22
107.26
107.28
107.28
June
10 1936
107.24
107.22
107.29
107.29
107.28
June
17 1936
June
24 1936
1
72
56
2
102.11
102.11
102.12
102.12
102.5
102.6
102.8
102.7
102.11
102.8
Low.
July
July
July
1 1936
8 1936
102.8
102.10
102.8
102.11
102.11
102.9
18
115
62
326
208
29
July
15 1936
22 1936
High
103.12
103.19
103.20
103.23
103.26
103.24
July
29 1936
Aug.
Low.
103.12
103.13
103.18
103.18
103.21
103.22
Close
103.12
103.19
103.20
103.22
103.26
103.22
5 1936
Aug. 12 1936
Total sales fn $1,000 units...
4
5
7
38
152
30
Aug. 19 1936
102.8
102.10
102.11
102.12
102.13
102.12
Aug. 26 1936
Low.
102.5
102.9
102.7
102.9
102.10
102.8
Close
Total sales in $1,000 units...
102.5
102.10
102.9
102.10
102.11
102.10
119
263
9
9 1936
Sept. 16 1936
104.20
104.20
104.17
Sept. 23 1936
Sept. 30 1936
Oct.
2%B, 1945-47
■(j
High
2KB, 1948-51
104.13
104.13
Low.
104.13
104.13
104.16
104.20
104.17
Close
3KB, 1944-64
8
(High
Federal" Farm" Mortgage
104.13
104.13
104.18
104.20
10
68
25
103.11
103.13
Low.
Close
Total sales
,
Farm'Mortgage
3s, 1942-47.1—
-
28 19364 1936-
Nov.
0.20%
0.20%
0.20%
0.20%
Nov. 10 1936Nov. 18 1936Nov. 25 19362 1936—
0.20%
9 1936-
Dec.
16 1936-
0.20%
0.20%
Dec.
23 1936-
0.20%
Dec.
30 1936-
0.20%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
Dec.
Dec
.
Jan.
&1937-
Jan.
13 1937-
Jan. 20 1937-
Jain. 27 1937Feb.
7 1936
103.14
103.12
103.6
103.8
103.11
103.13
103.10
103.6
103.10
103.11
103.14
103.10
17
90
37
75
103.6
5
3
High
103.26
104
Feb.
3
1937-
10 1937—,
Feb. 17 1937—
.
103.5
In"$1,000 units...
Federal
7*
103.4
103.5
(High
3s, 1944-49
21 1936-
Oct.
5
•:
Federal Farm Mortgage
2 1936
Sept.
Oct.
0.20%
0.20%
0.20%
104.17
6
1 Total sales fn"$l,000 units
115
Sept.
18
14 1936_.
Oct.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0 20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
3 1936
107.21
20
Close
Total sales in $1,000 units...
VAb, 1955-60
150
508
102.11
102.7
May 27 1936
30
6
High
103.30
104.1
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, May 22
Figures after decimal point represent
103.31
Low.
103.26
104
103.30
104.1
103.26
104
103.30
104.1
3
one
or
more
32ds of
point.
103.31
Total sales in $1,000 units...
a
103.31
Close
^2^s, 1942-47
2
2
5
1
High
Federal Farm Mortgage
102.14
102.15
102.16
102.17
102.15
Int.
Low.
102.14
102.12
102.16
102.16
102.15
Close
102.14
102.15
102.16
102.16
102.15
Total sales in $1,000 units...
27
5
73
2
20
pm*-
.
Home Owners' Loan
ft
x
.
103.2
103.1
103.3
103.7
103.3
Low.
102.29
102.28
102.31
103.1
103.4
103.1
102.31
103.2
103.1
103.3
103.4
103.1
High
r./j
Total sales in
102.31
Close
3s, series A, 1944-52
9
26
255
50
108
38
rHlgh
101.24
101.27
101.27
101.28
101.29
Low.
101.22
101.22
101.23
101.24
101.27
101.22
101.27
101.25
101.27
101.27
28
97
64
118
101.24
101.23
101.25
101.25
101.20
101.21
101.21
101.22
101.20
Close
101.24
101.23
101.23
101.24
101.20
11?
7
61
66
31
Maturity
Rate
Bid
2^s. series B, 1939-49
15 1936...
i x%
100.29
Dec.
15 1939...
IX %
1 X%
IX%
1X%
IX %
IX %
IX %
2X%
101.13
101.15
Feb.
1 1938...
101.28
101.30
Dec.
15 1936...
101.12
101.14
June
15 1938
101.16
101.18
Feb.
15 1937...
3%
102.15
102.17
101.4
101.6
Apr.
102.29
102.31
101.15
15 1937...
Mar. 15 1938...
3%
101.13
3%
105.4
105.6
102.3
102.5
Aug.
101.7
103.23
Sept. 15 1937...
3\i %
3X%
101.5
103.21
104.14
104.16
Mar. 15 1939...
Mar. 15 1941...
June
15 1940...
Sept. 15 1936...
Dec.
15 1940...
Mar. 15 1940.
June
—
100.31
Sept.15 1938...
2X%
2X%
2K%
2X%
104.7
..
15 1939...
1 1936...
I
2KB, 1942-44
Total sales in $1,000
units...j
*
Bid and asked prices: no sales on this day.
J Companies reported In receivership,
a
Deferred delivery
n
Note—The
bonds.
above
table
includes
only
coupon
Transactions in registered bonds were:
Treasury 2%s
102.6 to 102.6
New stock,
r
Cash sale.
x
sales of
Ex-divldend.
V Ex-rights.
104.19
104.6
104.8
102.1
102.3
105.8
105.10
FOOTNOTES FOR NEW YORK STOCK PAGES
Home Owners' Loan
Asked
June
101.22
Low.
Asked
90
High
Int.
Bid
101.24
6
Rate
101.24
Close
Total sales fn"$l,000 units...
Maturity
101 28
$1,000jinits...
Home Owners' Loan
1
Total
109.1
—
Close
_•
(f
20
Rail¬
109.4
5
Low.
3Ks, 1949-52
1
30
Indus¬
Date
109.1
.......
High
3Hs. 1946-49
10
109~2_
Total sales in $1,000 units...
3HB, 1941-43
Bonds
105.20
Low.
3s, 1946-48
1
159,693,000
835,654,000
$44,030,000
Total.
High
•
$371,230,000
141,426,000
1,242,282,000
31
111.10
•
.
8,188,000
35,740,000
111.16
1
Close
3^8, 1943-47
$127,841,000
4,907,000
Railroad and industrial
Total sales in $1,000 units...
—•
$15,847,000
96,268,475
234,326,653
33,482,000
State and foreign
113.5
113.3
113.3
High
Total sales in $1,000 units...
3%b, 1946-56
6,326,341
113.5
Close
4,306,780
Government
56
Low.
L
1935
1936
Bonds
108.5
High
4s, 1944-54
Stocks—No. of shares.
108.5
9
1935
6
108.7
108.8
1936
Proctor
Abbott,
consolidation of
Members
7VT.
A
York Stock
C/
v
i
New
and other
^
Exchange
MONTREAL
•<
AND
CLEVELAND
...
New York Stock
LOW
SALE PRICES—PER
SHARE,
NOT PER
INDIANAPOLIS
.
Monday
May 18
Tuesday
Wednesday
Record—Continued—Page
Sales
CENT
May 19
May 20
$ per share
$ per share
$ per share
$ per share
4712
*113
*44
47l2
115
6118
1058
48
*46
48
115
*113
115
*113
115
*59
61
*60
62
*113
115
*113
61
61
*59
10*2
107g
10i2
1034
10*2
107g
23i2
2334
2434
*22i2
2334
*22i2
6034
Par
200
107g
1034
11
2334
22l2
225g
24
24
24
22*2
2358
*2*2
235g
234
58*2
No -par
100
Preferred
"
1034
& Straus
Acme Steel Co
13,700 Adams
25
Express
No par
Preferred
*24
258
617„
24
5934
334
25g
6058
2318
*234
60*2
24
3
25g
234
*212
234
60*4
334
58*2
59*4
334
37g
100
1,300 Adams Millis
22ia
700
...No par
Address
Multlgr Corp
500 Advance Rumely
No
10
par
Affiliated Products Ino.No par
4
378
*90
*90
14
14
*3i2
478
3
14i2
1334
47g
*312
*3*2
3
3ig
*90
at
14
59
378
-
334
*90
---
14*8
43g
3
*18
21
19*8
*18
2038
31
*28
30
*3034
32
*30*8
*19i4
21
*1914
21
*1914
20l2
19*8
33
31
323g
30*2
31
32
*3U4
*-.-.
105
*192"
194
20*2
1934
190*2
24
24l2
8*4
24*2
9
72
715g
717g
71
4314
43
42
*2i!8
43*2
21.3a
41l2
2H2
42l2
2112
21
*3
21*8
3l2
*35I2
*3
*3
3l2
37
*353g
95
52
*5014
312
3614
94l2
834
62
42i2
42*2
42l2
163
163
700
Preferred
100
4;200 American Car & Fdy—No par
1,700
Preferred
100
1,400 American Chain
..No par
89
89
89
*3234
57
*9014
92
6*a
163
89
-
90lg
21
21
90i2
90i2
45g
4i2
12i2
7'g
3334
14i2
23
91
4I8
12
12i2
*85g
9178
4
12
438
*11*2
6I4
1438
*13
14
*28
295«
*28
16
16
*13
323g
*28 lg
7
32
*15l2
1634
295g
16*8
57g
6
6*4
37*2
*36
32
*15l2
'
6*8
*36
38
40
40
7
73g
40
534
*36*4
39*2
33g
90*8
*3234
57
9
85g
2234
21*8
9178
4*4
*8i8
23*4
23*4
21*8
21*4
*91
4*4
*11*2
917g
43g
36*2
39*2
338
205s
14
*13*2
*28
29*8
30
*15*2
57g
*36*2
16*8
*28*4
*15*2
534
7
57g
*37
75
72
72
73
73
72
72
71
73*8
23
2234
1034
23
22*4
2234
2134
23
23
1034
105g
1034
10*2
10*2
215g
IO84
2634
1012
10l2
*29
29l2
2634
28l2
2512
29*4
287g
*130
135
130
130
42
40
40
*38
287g
*130
*40
25l2
1018
1034
105g
11*4
52
53
53
54
45i2
20i8
4412
20
163
163
27l2
2678
101
101
45U
4714
2038
1934
163
27
*101
97g
52*8
163
2714
107i2
*978
10*s
25i2
25
*28
29
*40
10
5234
10*2
53*4
45*4
*19
934
26
25*2
29*2
,
2,400
26
73
22
1134
29*2
*127
100
"
40
1078
54*4
103g
1034
53*2
54*4
41
-
-•
»
—
-
-
m
-
-
•
*140
700
46*4
8,700
1934
27,900
16434
90
26*8
19*2
29*4
7678
14778
300
109*4
200
65
800
*140
27*78 "9", 100
27
112
112*4
112
27*4
27
27*8
5534
55
55
*135
*22*4
22*o
162*4
*91
93
94*2
*143
95g
94l2
145
113
300
9234
*143
10
934
22*2
92
93*2
145
10
2134
2034
21*4
2134
*102*2 106
*10212 106
8*8
8*8
8*8
8*8
59*2
58*2
58*4
58*2
7g
34
*34
7a
419
4i2
4i2
*438
334
35s
334
334
500
1*400
4,300
1,400
500
2,100
55
*42
55
*40
55
*40
55
*40
55
*40
55
24
24
*23
26
*23
26
*23
26
*23
26
3438
3258
*3434
33*8
333a
3234
*36*2
33*2
33
38*4
*37*8
3834
1858
19*8
1834
19
19*8
19i2
195g
2034
*4*,700
99
99
98
98
98
98
98*4
98*2
400
11*2
10*2
10*2
1178
100
34
39
33l2
*37
19l2
193g
99
99
9914
*10
11*2
*10*2
39
19l2
9914
11*2
*10*2
38l2
3258
*36
3834
40
*39
40
39
39
120
*37i2
*118
*118
120
*118
120
*118
120
10634 10634 *10638 107
5
5
47g
478
107
107
10634 IO684
5
5*8
7212
72i2
115
*109
5312
53*2
12
12
72l2
*109
5334
11%
*70
7212
115
*
54
12
For footnotes see
page
723g
*3734
47g
72*4
115
50*4
1034
3460
52*4
115g
38
5
72*4
115
"49"
11*8
*10
3734
*118
*10
1178
3378
38
38
38
120
*118
120
10678 10678 *1065g 10678
5
478
478
47g
72
72
*105
115
72
*
-50
pref
72
115
51
50*8
51
51*2
51*2
11*4
11*4
11*2
ll-r'8
1184
Apr
Jan
June
414 Mar
8434 Jan
28
June
8
Jan
4i2
6*2
1043s
'4
74
Mar
Sept
Mar
Apr
5212 Nov
116
Oct
7434 Nov
1178 Deo
100i2
Deo
37U Nov
243g Deo
203s Deo
83s Feb
173
23s
Nov
Deo
Sept
Sept
74
13U Oct
li2 June
Apr
4
Deo
187
Apr
186
458 Jan 31
84 Mar
Feb 18
Feb 18
Feb 18
Feb
23s Mar
*2018
33s
Jan
6%
"loo
36,500
400
2,200
75
50
$5
Deo
Apr 28
May
2
11534 Feb 24
163
Feb 14
30
Apr 30
57h Apr 27
31
Jan
3
11434 Jan 14
8758May 11
33U Mar 30
8*2 Jan
2
2234May 22
16*4 Jan 9
89
Apr 8
3*2 Apr 30
934 Jan
2
6i2 Apr 30
2934 Jan 2
12
Apr 30
25
Apr 30
13
Jan 20
534 Jan 7
36*4 Apr 22
J 00
cum.-.100
""7™
rr "
Amer Steel
Preferred
Preferred
—No par
No par
-—-100
Paper....--.-1
Preferred
No par
Amer Zinc Lead & Smelt—.1
Preferred...
25
$5 prior pref
25
Anaconda Copper Mining__50
Anaconda W & Cable.-No par
Anchor Cap
--No par
$6.50 conv pref erred. No par
Andes Copper Mining
10
Archer Daniels Mid'ld.No par
Woolen
Preferred
10
3658 Feb 20
1834 Apr 30
157
pref
Arnold Constable Corp
5
Jan
7
2534May 22
893s Jan 21
18
Apr 30
2
253g Jan
5634 Jan
136*2 Jan
104
4212
110
Jan
14958
15134
Jan
168
10
Mar
41
Feb
Feb 21
73U Feb 19
5834 Apr 16
127i8May 12
95i2 Mar 6
34
Jan
3
1334 Feb 13
3218 Mar 6
2478 Mar
2
95
Mar
3
5
May
Jan
1458 Feb 17
934 Mar 26
43
Feb 17
18i2 Apr 7
3714 Jan 28
18i4Mar
838 Mar
46
3
6
Jan 27
41i2Mar 7
558 Jan 14
20^8 Mar 21
149i2 Apr 30
87
Mar 13
88*2 Mar 13
136
Jan
2
95sMay 21
20
Jan 14
36i4 Feb 28
9512 Feb 27
2978 Jan 14
Feb 13
3578 Mar 20
34
Feb 19
116i2Mar
27
4
6
Mar
5
5
3314 Apr 8
91t2Mar 20
15234 Mar 11
Mar 23
May 13
66
Feb
96
June
30
Mar
34U Aug
23s Mar
914 Deo
3584 Nov
22i2 Mar
6i2
72
Feb
Aug
84 May
234 Apr
2
Mar
14
Mar
378 Mar
12
Mar
40
9
Mar
32
Mar
1812 Mar
414 Apr
13i2 Mar
Jan
Jan
li2
10i8
838
10i2
134i2
1584
Mar
66
Mar
Mar
Mar
Mar
Mar
Mar
Feb
1015s
Dec
Sept
323s Nov
9534 July
144
Dec
Jan
Dec
May
II714 Aug
Jan
76
June
Feb
143
July
335s Feb 19
117
Apr 14
12
Mar
88
Feb
113
Deo
32i2
5018
Dec
43
Jan
Dec
36
Jan 29
605s Mar
3
14178 Jan 29
2638 Jan 28
178
Feb 14
102i2 Feb .6
104
150
Feb
6
Mar 17
124
Dec
18i2 Jan
987s Mar
72i2 Apr
7484 Mar
129is Jan
2514 Nov
Feb
I40i2 May
7012
2778 Nov
I60i2 Nov
10414 Nov
107
Nov
141
Nov
107sMay 18
35
Jan 10
9
Mar
734 Mar
2
3
Mar
73*2 Mar
2
31
Mar
38i2 Deo
22®4 Deo
94U Nov
10®4 Sept
6834 Nov
2*s Deo
II84 Deo
578 Deo
49
Aug
8
4i8 Apr 30
3:>8May 20
10
718 Mar
Mar
5
&8 Mar
Jan 10
2U Mar
Feb
31
Apr 2
3984 Apr 16
28
Jan 20
35
Jan
8
46
15i2 Jan
2
2684 Mar
Feb 15
5
May 13
111
Jan 30
10i8 Apr 30
15
Feb 17
50
Jan
Mar
30
1618 Apr
37
1078 Sept
175s
96i2 Oct
318 Mar
7
36
Jan 13
117
110*2 Jan 20
97
122
Jan
2
84
Jan 28
Aug
Apr
3U Apr
55i2 May
Jan 14
125
Jan 28
85
9
41t2 Aug
2518 Deo
159
63
Feb
47s Mar
35i2 Mar
7i2 Jan
Dec
36i4 Nov
9">s Nov
4912 Aug
6458
1
1
47U Feb 24
12 >8
32U Deo
130i2 Nov
125
2
109
2734 Nov
7514 Deo
3314 Nov
2178
26I4
121
Jan
3734 Feb
113s Nov
Mar
4i2 Mar
11*2 Feb
7034 Feb
66I4 Jan
478
3158 Apr
20
Nov
38's Nov
4
34May 19
37
Apr 30
May 11
IO514 Jan 3
434 Jan 2
Aug
Oct
734 Apr 28
5434 Apr 30
118
17
Oct
48
97
19 is Deo
9234 Deo
378 Deo
914 Dec
914 Aug
42
Aug
3
5
2
Deo
28
/29*s Apr
178 Oct
1414 Oct
4i2 Mar
9
Jan
33I4
38U Aug
1518 Oct
67s Nov
8I4 Apr
2514 Apr
May 18
Deo
Nov
10478May
24
Deo
115
19i8 Apr 28
9234 Jan 3
44
Oct
May
Jan
z24
Apr
65
Deo
Jan
42i2Mar 13
13is Mar 26
6078 Apr 7
5278 Apr 7
273s Jan
3378
Nov
8
72
165
Feb
473s NOV
5734
38
6
Feb
73i2 Jan 22
6
25i2 Mar
2
108
129
Deo
70
143
48*4 Apr 30
4i2
Mar
Jan
20*2 Apr 30
10734 Jan 4
27
May 22
218 Mar
26
Oct
Oct
2234 Nov
21
57*2 Mar
13338 Jan
tAm Writing
Armour of Illinois new
Feb 20
Mar
Nov
5078 Mar 28
15
3
7i2 Feb 20
43
14
9
75U
3778
130i2May 20
134i2 Jan 2
166i2 Jan 14
133
x35i2 Jan
Mar
Jan
Apr 30
2
Apr
12
245g Deo
43
Apr 28
27
124
22*2 Dec
318 Mar
/49
June
4
72
1338 April
9
Deo
Sept
Deo
24
May
32
173
Dec
30
28
28
21
Jan
Mar
40
23
--
American
preferred
3
21
80
17*4 Apr
9 ^8 Apr
231$ Apr
66
Apr
Stand San'y .No par
preferred 6%
Snuff
Jan
I84 Mar
6&8 Apr
1458 Deo
1418 Deo
1438 Dec
33U Deo
June
2
Preferred
$6 conv
Apr 20
Mar
48i2 Jan
4H2 June
13i2 Jan
47i2 Jan 29
12512 Mar 29
63i4 Feb 11
5512 Apr 15
Jan
No par
No par
preferred
American
6
3
preferred
100
News, N Y Corp.No par
Power & Light--No par
Preferred
2d
Jan
6
Mar 11
Jan 24
No par
non-cum
Am Rad &
1
Apr 20
Apr
2
5
No par
Preferred
100
"2; 700 Armstrong Cork Co—No par
500
278May
34
Feb 27
Jan
7% preferred
100
""400 Armour&Co(Del)pf 7% gtdlOO
11,500
353g Jan 21
1934May 13
914 Mar
37
6% conv
Amer
Jan 31
2
125
1
Amer Internat
1st
"
28
1912
conv
-100
10
110
Preferred
-.100
26,300 Am Water Wks & Elec.No par
*40
33l2
6%
Amer Home Products
4,300 Am Type Founders Inc
*24
*38
10
1
S Co
Hide & Leather..
Amer Hawaiian S
---1UU
800 Am Sumatra Tobacco—No par
10,600 Amer Telep & Teleg
100
800 American Tobacco
25
5,400
Common class B
-25
159*4 162
*91
preferred
$6 preferred
Foundrles-.No par
710
Preferred
...100
500 Amerlcan Stores
No par
2,500 Amer Sugar Refining
100
*135*8 137
23
160
No par
..No par
2d
Preferred
275g
137
100
6% 1st pref
Amer Encaustic Tiling
100
15,300 American Rolling Mill..---25
300 Amer Safety Razor
No par
1,000 American Seating v t c-No par
20 Amer Shipbuilding Co-No par
7,500 Amer Smelting & Refg-No par
104
27
27*4
5434
No par
Am Coal of N. J (Alleg Co) .25
American Chicle
36,600 Amer
5,000
S6 preferred
'
-
100
7% preferred
pref
100
Corp.—No par
2,200 American Locomotive--No par
700
Preferred..
100
6,200 Amer Mach & Fdy Co.No par
4,000 Amer Mach & Metals..No par
400 Amer Metal Co Ltd..-No par
10
42
25
800 American Ice
500
205s
73
11*8
~Y,7OO
33g
21*2
11*4
*2734
46*2
46
45*4
44U
4512
44is
19
19
1934
195g
19*8
19*2
19*4
16434 16434 *16134
*163l2 16434 *163l2 16434
26
26
263g
257g
2638
263g
2534
101
101
10178 10178 *100*2 102
*100*2
19
*19
193g
18l2 20 /
19i2
19*2
28
28
*28
28
28 '
29*4
*27*4
76
76*2
76
75*2
7534
7514
7512
146U 146*4
14634 14634 I467g 14678 *1463s
108
108
*107*4 109*4 *107*4
*107*4 10734
*64
65
65
65
64l2
64l2
*6312
21
*20
20l2
29l2 *28l2
29l2
76i2
77i2
763g
77I2
*14514 14678 *145l4 1467g
*107
10758
1075g 10758
*62
65
64
64I2
*138
*140
*13714
*13834
28
27io
28
26
27
27*2
2534
265g
112
112
112
11212
11234 11234 *112l2 113
29
*2734
283g *2734 28
*277g
27*4
2734
54
54
54
54
5412
5434
53i2 54
*135
136
136
135
*136
137
136'2
135*8
*2318
23l2
235s
2334
23*4
2314
22*2
22l2
160*2 162
160*2 16134 158*4 160
15834 160
92l2
9212
915S
9034
92ig *90*2 91*2
9034
94
94
93
91
9234
9334
91*4
93i2
*142
145
144
144*8 14418
144*4
144U 144*4
53g nlO'8
514
10*4
934
97g
107g
934
24is
23l2
21
21
217g
2138
2038
20*4
223g
21*4
*102l2 106
*102i2 106
*10434 106
*10212 106
*8
8*4
8is
8i2
834
878
8*8
8i2
60i2
60i2
60i2
6134
59*4
5734
60*8
58*2
78
78
7g
7g
34
7a
7g
34
5
*4i2
43g
*43g
434
*4l2
434
4*2
4
*378
378
*334
35g
334
334
37g
*2014
*28l4
10
5234
*3*4
2058
10*8
*127
*39*4
10*2
53
97g
255g
*2734
*126
42*
*19
3*4
Mar 25
7414
50i2
28i2
5&8
40
2,000 Amer
40
2634
*7U4
2258
*19
"loo
38
40
10ig
10
_
57g
37*8
19*4
19
500
16*8
397g
1012
3958
3*4
Jan 23
53s Jan 27
283s Mar 26
124
New.l
300 Amer European Sees..No par
9,000 Amer & For'n Power..-No par
700
Preferred
No par
14
*10i8
10
3,000
12*2
7*4
337g
*19i2
19
200
4i2
*32*2
33g
1014
2714
9178
*11*2
17i8
195
69
-.100
514 % conv pref.
Amer Colortype Co
10
2,100 Am Comm'l Alcohol Corp..20
8,000 American Crystal Sugar
10
22*8
12*2
738
32l2
7
Mar 25
23i2Mar 12
684 Jan 7
Am Brake Shoe & Fdy-No par
"2OO
85g
23*4
32*2
338
2058
33g
600
*877g
Preferred
-
300
57
3934
33g
48*4
127*8 127*8
91*2
3934
3l2
19*4
6178
48
48*4
14
12*2
7*8
32*8
734
3334
14*2
33
6078
60*2
126
3334
*3234
87g
23*4
2138
*90i2
4*4
48*4
20
*877g
57
*3234
205g
500
670
163
57
20*2
45
129
5,800 American Can
126
2
65
12984
89
9
*44
69
3278
2
Jan
42isMay 20
129
89
2334
45
129*4 *128
3234
Jan
10
128
32*2
*58*4
Apr 28
50
129
*3234
9
*65
129
127
23i2
1,600 American Bank Note
68
*44
*123
934
243g
213g
Alpha Portland Cem__No par
Amalgam Leather Co
1
7% preferred
50
Amerada Corp
No par
Am Agrlc Chem (Del).No par
44
127
*9
400
No par
130*2
44
129
128
126*2 12778
163
163*8 *162*4 163
313s
327g
31*4
32*4
58
60
593g
5878
*46
45l2 47
4634
47
200
100
*65
*123
22
38
44
100
warr
68
127
2334
*35i2
*3914
*3U
43
126
43lo
*65
12834 12914
62
46*2
2158
900
42i2
5038
Pref A without
100
warr
1,700
5% pref
6,800 Allls-Chalmers Mfg
50*2
50*8
42*8
*123
934
9*8
50*2
12834
129l2 13058
163l4 16314
327g
3414
24i2
*3
3®8
2*2
123s
12U
12i2
618 Apr
91
32
51
Feb 14
600
3*4
Mar 25
_
Apr
22-%
3*4
3
13*4May 22
3*8 Jan 2
195
Mar
103
50
16434
*1538
6is
22*4
2
9
208
50*2
*163
*28
21*2
Jan
Mar 25
2H2 Jan
6178 Apr 22
7
50
47
14i2
295s
16i2
21*2
2
Jan 10
Feb 14
Feb 28
28
8
50
127
123g
44
21
21
21
14
2
Apr 28
Jan
2,900
128
7l2
3414
43
30
2
Feb
40
130l2
4>s
42*2
43
95g Apr
10038 Jan
22i2May
22 >8 Jan
zlig Jan
73s Jan
Highest
( per share $ per share
110
98
91*2
130
*4i2
*1112
7>4
*33i4
14i2
74
42*2
Feb 10
Feb 21
Apr 20
157
39
128
*9
24
87g
7334
Feb
7434
1378
100i2
3534
3914 Feb 11
91*2
*43!4
*243g
24
9*8
737g
21
68
57
24
4134
4312
8834
85g
50
118
Jan 2
Apr 28
39
68
8834
24
Mar 31
Apr 29
90*2
43l2
*3234
1897g 18978
72
8*2
share
30
900
*98
71
per
27
1,600
31*4
90
68l2
62
24*2
8*4
$
2,500 Allied Chemical & Dye-No par
2,500 Allied Mills Co Inc
No par
76,800 Allied Stores Corp
No par
31
188*2 188*2
share
2*4% prior conv pf..No par
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd._100
100
19*2
.
*3*4
*36*4
45
48
31*4
37
45
127
30
Pref A with $40
88
*44
*47
*18*s
31
Year 1935
Lowest
Highest
3034
29i2
29i2
4578
19*2
36
*65
*6U4
203g
31
3
20
87l2
45
*123
*18.r>s
*28
A P W Paper Co
No par
Albany & Susque RR Co..100
5,500 J Allegheny Corp
No par
Pref A with $30 warr
3,200
100
94
68
32l2
27g
1978
*18
13*2
4*4
36l2
47
32l4
3
20*8
42
91
89
68
45
*3*2
Range for Previous
llli2Mar 18
59
Apr 28
58
51
*35l2
94l2
*50l2
95U
13*4
4*4
21
*18*4
187*4 188*4
72
834
19
"1358
per
Ala & Vlcksburg RR Co..100
12,100 Alaska Juneau Gold Min___10
*90
*98
87g
7234
834
*71
27«
20i8
105
Iss"
1905g 19334
25
2434
25
*2434
♦
105
3
27g
3078
31
1312
*3*2
21
21
22
32
478
27«
21
31
T3_78
13i2
*312
197g
*1884
3ig
2U2
21
*19
334
*90
$
5,900 Air Reduction Inc new.No par
2,600 Air Way El Appllance-lVo par
5878
334
NORFOLK, VA.
3461
Lowest
10 Abraham
•
Range Since Jan. 1
Shares
*46
62
4
$ per share
$ per share
.
On Basis of 100-share Lots
Week
48
115
6034
4
May 22
*44
*61
2312
24i2
27g
6012
48 5
*113
6H8
1058
*23i8
24i2
*25s
*44
477g
the
,
Stocks, Bonds, Commodities
2
STOCKS
YORK STOCK
EXCHANGE
Friday
Thursday
May 21
orders executed
_
RICHMOND, VA.
.
NEW
Saturday
May 16
,
c
for institutions and individuals
LIVINGSTON & COMPANY
Volume 142
HIGH
.
in
CHICAGO
.
Commission
ABBOTT, PROCTOR & PAINE
L
n
leading exchanges
NEW YORK
Paine
&
73s Jan 25
625s Mar 23
15
Mar
4
Jan
25&8 July
4
Mar
109
125s
52
Deo
Dec
Jan
Apr
Dec
Aug
122U July
110
109
6is
703s
Dec
Jan
Jan
Jan
5034
Deo
958
Deo
New York Stock Record—Continued—Page 3
3462
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER CENT
May 16
Monday
May 18
$ per share
$ per share
16
16
*9912 IO6I4
15l8
15%
*101
106
*96
104
*37
42
7258
73
101
101
24
24
12l2
1212
1512
293a
*15
29
Tuesday
May 19
.
i
NEW
$ per share
Wednesday
May 20
Thursday
May 21
Friday
the
May 22
$ per share
8 per share
Shares
16
*15
I6I4
15i2 1584
15%
1534
1584 *15%
1584
*99i2 106
*10012 10534 *100% 105
*100% 105
*100% 105
14l2
1434
14l2
1478
15
14i4
1434
1434
15%
15%
*101
105
10312 133i2 *100
10634 *100
106
IO684 *100
*95
*3612
7238
104
*95
104
*95
100
*95
100
42
*30
42
*36
42
36
36
70%
70
7412
101
10138
23l2 25
1212
1358
15l2
15l2
29
2914
69l2
101
23l2
13%
15l2
2734
70l4
10112
24
13%
15l2
28%
6912
102
23%
*12%
*14l2
£27%
102
24%
14
15%
27%
111% 111%
*58
60
*57l2 60
*58l2 60
*57% 59
*125l4 126l2 *125% 12612 *125% 126% *125% 126
18
18
*1712
19
*1734
19
*1734
1834
31
29
31
30
29
3014
31%
2984
6%
6'
*6%
7i8
*6i2
" 7i8
*6%
7
*35
*35l2 37
37i2
37%
35% 35% *35
534
534
5%
534
5%
5%
5%
53S
„
3i2
3
3
37%
3812
18
24%
*43%
*112
183s
24l2
44
11412
*15%
16
*90
93l2
1734
73
*110% 110l2
*2084 22
*10984 IIOI4
*35
3778
89
*14%
*8884
2778
21
8934
1412
91
28%
21
*52%
5084
17%
*111
34%
16%
*18%
*111%
*80
18%
4984
*
5234
5H4
17U
113%
34%
16%
20%
113
86
18%
4934
94%
"40%
4078
2778
7I84
6%
*134
14%
47%
2778
72
6%
178
14%
4778
*54
56
*42
4234
8%
3934
*734
*35%
4678
3%
*3
3834
338
3
3834
17%
43
18
19
24%
25%
44
43
*43
3%
3
37%
16%
22%
23%
3%
*284
36%
338
338
37%
17
17%
23
23
*42%
44
21
21%
53%
2034
*51%
5234
17%
49
112% 112%
21
50
17%
35
16%
*18%
*111%
*80
35
16%
20%
113
17
52
20%
50%
1738
21
80
80
1938
18
18%
48%
92%
*40%
27%
49%
*47
42%
*8
48
93
9134
9134
40%
2734
72%
40
40%
2734
27%
69%
6%
134
80
18%
*4784
92%
40%
27
80
1834
4884
3
338
3
39
1734
100
10
9,500
2,100
14%
4834
5534
4234
230
500
100
Feb 21
36
May 21
59
100
At G & W I SS Lines. .No par
100
Preferred
25
4% conv pref ser A
No par
Austin Nichols
No par
Prior A
18,200 Baldwin Loco Works. .No par
Assented
Preferred
3,600
14,800 Baltimore & Ohio
2,200
43
100
100
100
..100
Preferred
Bangor & Aroostook
Preferred
"""706
20
..100
Barker Brothers......No par
6 M % conv preferred
100
12,100 Barnsdall Oil Co
1,600 Bayuk Cigars Inc
80
1st preferred
700
200
Beatrice
5
20",566
5234
100
49%
50%
17%
24,200
3,100
3,500
Beth Steel
5%
(Del).No par
4534 Apr 30
6384 Apr
preferred
20
16% Apr 28
19
BloomingdaleBrothers.No
*90
94
Blumenthal & Co pref
*8%
Class B
4,100
Borg-Warner
1638
15%
15%
106
14%
112
3%
10
25%
2384
26%
4%
*11%
17%
4%
17%
57%
26%
434
15
17%
4%
17%
57%
24
24
31
11%
32%
11%
10%
30%
11%
18
1
107
14%
*99
3%
108
14%
112
3%
100
2,800 Bridgeport Brass Co...No par
5,100 Briggs Manufacturing.No par
108
14%
*99
3%
24
24
*24
23%
24%
24%
108
15
112
3%
1038
25
24%
5
Brooklyn & Queens Tr.No par
800
Bklyn Manh Transit.-No par
$6 preferred series A .No par
1,800
Brooklyn Union Gas...No par
1534
10
*52
57
74
7434
109
*106
14%
14%
112
*99
3
10%
3%
10%
24%
24%
24%
25
41%
734
*39
93
103% 103%
20
1984
54%
1334
147
150
*137
141
154%
141
Preferred
No par
No par
1,100 Brown Shoe Co
300 Bruns-Balke-Collender.No par
2,900 Bucyrus-Erie Co
10
Preferred
.5
4,800
130
7% preferred
100
31,400 Budd (E G) Mfg
No par
7% preferred...
100
Rights
1st paid rights
6,100
No par
3,600 Budd Wheel
900
*39
41%
734
5334
12%
14
65%
56
56%
138
3%
158
5%
*7%
14%
45
45
3
*134
4
1%
4
3%
3%
26
26
23%
23%
1%
*3%
3
7
*14%
*4414
*134
4
3%
1%
538
9%
28
1*4
3%
3%
7%
15
4584
1%
4%
*50
138
3
*138
5%
93
99
*95
99
3460
Carolina Clinch & Ohio Ry.100
Stamped
100
Carriers &• General Corp
1
150
4,800
Case (J I)
140
140
140
*38
40
734
94
94
7334
74
2134
22
23
23%
*545g
58
*2634
28%
600
39
100
*6%
8
55
1234
13
20%
94
•
94
*48
5234
65
65
20
20
5234
5234
*62
64
3,900
2,400
380
80
500
200
1,700
55%
5534
*138
1%
*3
3%
56%
11,200
*13g
1%
3%
400
1%
13s
13g
*1%
1%
400
*5%
*5%
*6%
5%1
*5%
*6%
28%
5%
500
*4
35s
25%
22%
47
1%
4%
35s
25%
23
28
158
*3%
a284
*684
14
*44
9%
28
15g
3%
234
3
158
3%
234
*6%
3%
14
*14
234
7%
14%
46%
*44
46
8
1%
134
*134
4
4
3%
27
22%
*3%
*24%
22%
Central Agulrre Assoc. No par
Central RR of New Jersey .100
"""966
700
Preferred
100
Cerro de Pasco Copper.No par
Certain-Teed Products.No par
7%
preferred../
100
Champ Pap & Fib Co 6% pflOO
Common
Checker
No par
Cab
Preferred
600
100
4 "
27
22%
Apr 27
8%
Jan
2
2
2% Jan
% Jan
2
6
Jan
6
30
Jan
6
37% Mar
48% Nov
Sept
19% Dec
45% Oct
115
14
63
5%
6%
40
Jan
Jan
Dec
Jan
Dec
18
Sept
25% Dec
49% Aug
.116
Deo
15% Nov
88
1434
6684
Nov
Dec
Dec
10734
Jan
115
14
Oct
20% Nov
108% June
33% Sept
100%
Jan
11% Mar
Sept
11% Mar
95
May
Sept
1434 Nov
117% Mar
24% Oct
2234 Dec
80% Feb
14
6
May 12
13
30
27
29
preferred
No par
4034May
Rock Isl & Pacific. .100
1% Apr
3% Apr
3% Apr
1934 Jan
22%May
100
100
tChic
200
7%
preferred
100
6%
preferred
100
Chicago Yellow Cab...No par
700
Chickasha
10
1
30
4
23
24
28
2
20
55
Oct
42
Dec
138
14
Apr
May
36% Mar
90
Jan
5%
38
Oct
Dec
Dec
4634 Aug
100
8% Mar
6284 Mar
3% Mar
23
Mar
% Sept
8%
Dec
1734
Dec
100
Dec
934 Nov
97% Dec
3
Nov
1434 Nov
33% Feb 13
9
Mar 23
19
Mar 24
13% Mar
1
Apr
5% Apr
1438 Nov
234
28
Jan
Nov
25% Feb 13
1% Mar
11% Mar
Jan
10% Jan
2?% Jan
3% Nov
20% Jan
74
32
66,
Dec
42%
Feb
Jan
2478 Mar 23
6% Mar 20
Jan 10
10
Mar
Mar
3%
2534 Mar 17
37% Jan 13
30% Aug
% July
1 %
2% Mar
7% Mar
634
1% Feb 10
14
Apr 13
40% Apr 2
16
2
Feb 19
172% Apr 16
142
Apr 22
7834 Apr 15
32% Jan 6
31% Feb 19
71% Feb 18
35% Mar 13
57
934
107
Feb 21
8% Sept
50
Apr
8% Oct
30
June
Oct
Nov
Nov
88
Aug
85
Mar
95
July
7
Dec
82%
8%
Dec
4534 Mar
83% Apr
36% Jan
111% Nov
126% Nov
19% Apr
16% Nov
3538 Jan
21% Nov
6234 Nov
55
Nov
22%
34
Feb
Mar
96% Mar
38% Jan
3% Mar
99% Apr 13
104% Mar 7
Apr 29
Oct
Jan
14
7
Mar
Apr 14
19% Mar 24
56 %
1334
40%
48
6% July
58
Oct
33% Nov
17% Dec
Feb
Feb
4% Mar
32%
Jan 17
23
Mar
60
29
Nov
May
62% Aug
123g Jan
109% Jan
65% Dec
15% Dec
88%
Dec
21
Dec
£21
61
2
55%
23% Jan
30% May
17% Nov
24% Nov
69% Apr 17
74% Feb 4
Jan
8% Apr
24% Feb
8% Mar
% July
2
4
Dec
Dec
384 May
7
2
138May 19
2% Jan 4
1% Apr 28
Dec
234
2% Mar
4
2
100
8%
31% Feb
334 Feb
Jan
100
70%
% June
28% Apr 27
Jan
100
28% Jan
384 Mar
5
Mar
51
Western. 100
Cotton Oil
4
Mar 13
19%May 14
2734 Nov
11% Deo
934 Feb 19
101
4734 July
Mar
6334 Aug
4
5434 Jan 16
July
Dec
21
4% Mar
4
2l34May 22
19
Apr 30
54 May
1
25% Jan 6
35
Apr 28
6% Apr 29
97%May 2
4734 Jan 21
12%May 19
100
38
3% July
Jan
7
Dec
22% Dec
59% Jan
Mar 23
Jan
6
Dec
90
14% Feb 14
20% Feb 14
113% Feb 24
1578May 5
114
Apr 2
538 Mar 6
3%May 5
13
634May 22
Jan
Jan
Nov
Mar
91
92% Jan
90
17
114
Mar
87
116
27% Sept
23% Aug
53
43% Jan 11
18% Feb 24
52% Apr 18
96
Apr 1
100% Feb 21
Pneumat Tool-No par
Conv
6
1434 Mar
9% Mar
16% June
103% Jan
28% Mar
6% Mar
39% July
43
5734 Mar 24
Jan
57% Nov
56% Jan 31
54
10% Jan 20
Apr 30
1234May 8
4534 Jan 8
Jan
65% Jan 15
16% Jan
37
15% Mar
Aug
71% Aug
10% Apr 30
25%May
1% Apr
2% Apr
2% Apr
684May
12% Apr
Chicago
50% Mar 25
104
Apr 7
59
tChic Ind & Louisv pref. .100
Chicago Mail Order Co
JChic Milw St P & Pac.No par
Preferred
83% Mar 4
11% Jan 30
3% Feb 14
18% Feb 13
6478Mar 6
69
Apr 4
48% Mar 11
12% Mar 5
51% Mar 5
22% Jan
300
300
6
6
25
...100
Preferred
1,000
4,500 Chicago & North
800
Mar
Jan 15
par
...
Chesapeake Corp
No
Chesapeake <fc Ohio
tChic & East 111 Ry Co
6%
preferred
Chicago Great Western
500
1%
*4
*3%
*24%
22%
400
9%
293g
1%
100
100
Century Ribbon Mills.No par
*100% 104
54%
Co
Preferred certificates
4,100 Caterpillar Tractor
No par
5,300 Celanese Corp of Am..No par
1,000 JCelotex Co
No par
50
5% preferred..
100
*38
10234 10234 *101% 103%
*20
660
3%
8
14%
For footnotes see page
1,200
39
93
10
"""160
27
2234
1
Preferred A
7%
153%
140%
73%
73%
21%
22%
23
*2238
545g
545g
2658 27
57
Capital Adminis cl A
*99% 100%
*1%
*134
100
*99% 1001
*7
7%
148% 151%
*3
*44
5
*95
103% 103%
*20
20%
*48%
52%
6434
65
555s
5638
138
1%
14
Canada Dry Ginger Ale
Canada Southern
190
*684
*23
1,900
8,300
400
3
23%
3134
1234
13-%
3%
*3%
*2334
11%
50
3
4
31
1238
1338
3%
26
3134
50
140
8
2% Jan
1
12%
*6
1S4
Callahan Zinc-Lead...
Calumet & Hecla Cons Cop.25
Campbell W & C Fdy..No par
50
*27%
*158
*4
2,000
6,700
50
9
44
1
13%
28
134
3%
3%
7%
14%
4484
134
4%
384
25%
23%
*634
14%
No par
50
*6
*3
No par
25
*27%
134
3%
4
53
*658
Byron Jackson Co
California Packing
1034
684
2
2
29
12
30
30
No par
7
85
Jan
Jan
9%
7
16% Apr
56% May
22
Apr
30% Apr
%
57
Mar
TOO
Byers Co (A M).......No par
Preferred
....100
1058
*52
7
14% Apr 29
Cannon Mills....
5%
9%
28
134
*25
23%
39
100
1
57
13%May
Bldg gu pf ctfs.100
Butte Copper & Zinc
5
11
8
*6%
*100% 104
*100% 104
54% 5434
54%
545g
54%
13
13
*13
13%
13%
*6%
*100% 104
55
*5458
2658
1,500
2
Bush Term
Canadian Paciiic.
73
55%
700
32%
60
No par
1,000
22
2234
700
8% Jan
25
JBush Term
Debenture
"13:606
7234
27
1,700
175s
57
243g
May 19
8%May 19
Burroughs Add Mach. .No par
12
21%
2238
22%
55%
30
4
7
2
4
44%May 11
a:50
1
38
73%
27
32%
17
4%
400
9734 Feb
No par
11%
147% 149%
*137
*24
3,600
Jan
2034 Apr 28
38
2238
65%
*27%
7
*52
2438
32%
4%
56%
2658
5
14%
4% Jan
33% Jan
40%
4
No par
Co
123g
73
104
Apr 27
1% Jan 9
13% Apr 30
43% Apr 30
6
No par
Bulova Watch
2,700 Bullard
38
22
8
Jan 21
64
2% Jan 20
2% Apr 15
838 Apr 30
11% Jan 10
11%
37%
12%
75
57%
238
3%
57
23%
2334
5734
27%
41%
66
*1%
1134
99
53
9%
2734
I84
33s
3%
8%
14%
31%
100%
56%
*6
1
105s
31%
1134
100
*90%
92
91% 93
103% 103% *10234 103%
20
20
*19%
20%
*13s
*3%
*138
5%
*6%
*12S4
32
1
*95
53
*27
*52
17
*563s
24%
1034
99
*99% 100
7
7%
65
5%
1
10%
31%
11%
*95
7%
5634
2%
*5
*17
50
*6%
*97
13%
54
3%
1%
4%
173s
57%
50
65
1%
4%
17%
59%
243s
32
50
*54
*3
*4%
17%
*56%
2438
31%
50
*48
56%
*1%
*16%
1238
*39
*90
*11
17
38
*27
*98% 104
54% 55
14
1334
14
*16%
4%
12%
27%
*6%
*11
38
*1234
*434
17
1238
13%
26%
5
14
39
55
55
•57
26%
*16%
12%
*26%
23
23%
11%
26%
*434
*11%
38
74%
22%
2334
*55%
23
31%
26%
5
12%
99
23%
1
11
26%
4%
39
153
30% Feb
400
*1538
10
1238
*137
45
2
"3" 700
834
1034
10
39
100
141
3
25% Jan
Corp..
7
100% Apr 13
39% Jan
46%
1034
Feb 28
15
10
7%
37%
*838
6
'9134May 19
May 19
No par
Borden Co (The)
46
884
10%
10%
99
Jan
.No par
Bon Ami class A
8,200
*35
*8%
10%
15%
113
63% Mar
46%
-834
21% Feb 11
46% Apr 30
47%
50%
20% Feb 19
..5
46
4534
120% Mar 26
48
Apr 6
26% Jan 29
53
11
31
153% 153%
3
16% Apr 30
47
11
3%
9%
23%
23%
8%
31%
1%
*137
Jan
1484 Apr 28
18%May 8
10934 Jan 24
80
14
50%
92% Dec
37% Jan
17% Dec
19% Dec
28
May
Feb 28
100
5
Boeing Airplane Co
14%
11%
*99
2634
5%
13%
*7%
Apr 30
23
758
*35%
14%
3%
10%
2534
24
100
110
75g
3884
106
112
*95
par
100
2,200 Bohn Aluminum & Br
45%
Oct
Nov
8
new
47
50
4
2
46%
24
7%
21% Jan 20
May
57% Apr
13%
15
1534
99
34
5
758
*36%
45%
24
*7%
79
JBotany Cons Mills class A.50
8%
10%
106
*99% 100
89%May 5
3134 Apr 15
2438 Mar 5
Jan 17
31
*95
16% Mar
9
Jan
24%
31
50
2
41
24%
30S4
*13
13% Jan
85% Jan
48
434
1838
49%
Feb
Briggs & Stratton.....No par
57
*52
Nov
72
Bristol-Myers Co
*4%
18%
57
33
100
57
12%
38%
13%
6
90% Jan 28
7
47
50
5% Mar
37
10934May 18
Jan
5,100
104
June
8
Mar 11
Jan 18
1834
104
32
8
26
48
80
103% 103%
455g
45%
Feb 3
Mar 19
April
£20
Apr 8
76% Apr 8
114% Jan 15
102
Jan
Boston & Maine
102
9% Mar
36% Mar
106% Mar
3% Feb
Feb
800
102
7% Mar
Feb 19
Feb 28
43%
102
Feb 21
Feb 28
20
1838
7%
24%
34%
49%
117%
2034
85
52
4%
18%
12%
Feb
35
Aviation....
80
758
37%
46%
Mar
5% May
35% May
234 July
107
100
46
Mar 18
15
Apr
52
*52
Jan 24
Mar
1%
43
57
38%
*12%
49%
Jan
Jan
Jan 15
4
7%
52
57
*52
Apr
Feb 14
Mar 5
6% Feb 24
43
18
31%
11%
112%
13%
82%
14%
63%
30%
54%
10%
46%
734
334 Apr 22
54% Feb 28
43
*11
11%
Apr
126% Apr 18
12
30
30
30
3
3
6
10
*51
14
32
21
41% Jan
Oct
3234 Apr
10684 Jan
3tf
4284
17
11%
3
Apr
2%May
29% Apr
15% Apr
42
*15%
4%
18%
32
Apr 30
Apr 9
53
*11
11
63S Apr 28
Feb 18
Beneficial Indus Loan..No par
Best & Co.
No par
Burns Bros class A
*1
Jan 17
17%May 21
27«4May 12
73
50
300
8%
11%
15%
1%
2
43%
102
11%
Jan
*4284
101% 101%
11%
48
9%
90
lll%May 20
^.20
1%
*8%
10%
1538
*1
Mar
20%
*52
8%
3884
26%
*434
6
1
6
2
6S4
878
1034
15%
5%
Mar
6
16% Feb
18% Feb
35% Apr
Jan
*1%
50
26%
3
13% Apr 24
27% Jan 2
112%May 22
18
*638
47
Dec
104% Apr 6
3534 Feb 21
100
18%
48»4
110
Dec
60
25
Preferred
80
330
Dec
44
6
Preferred
""""80
100
6
8
1,000
7% preferred..
100
400 Bigelow-Sanf Carp Inc.No par
.No par
3,200 Blaw-Knox Co
120
Mar
2934 Feb
3584 Mar
66% Mar
19% Apr
Jan
Creamery
Beech-Nut Packing Co
Bendix
48
Jan
May
1,100 Belding Heminway Co.No par
Belgian Nat Rys part pref
21
1834 Nov
109
Sept
110
Beech Creek RR Co
""506
51% Feb 10
86% Apr 13
334 Mar
Apr
7% Mar
807g Apr
70
.100
No par
70%
45%
*5
50
2
22% Feb 27
May 13
1734 Mar 6
IO984 Apr 2
106
Apr 24
108
9034 Jan 2
21% Apr 24
11
Apr 22
3
24
14
Jan
100 £112
Atlas Tack Corp
No par
Auburn Automobile—No par
1%
*45
26%
100
684
14%
46%
3%
10%
25%
2334
103%May 19
4,300 Avlat Corp of Del(The)new_3
300
3
Jan 20
34
5234
27%
8% Jan
95
No par
30
21
40%
$ per share
98
Preferred..
3,500
$ per share
Fe._100
Preferred
120
52%
50%
17%
71
13%
46%
Atch Topeka & Santa
Atlas Powder
1,100
$ per share
25
Oil
100
Highest
$ per share
12% Apr 30
7,200 Atlantic Refining
900
Lowest
100
100
6% 1st preferred
7% 2d preferred
Associated
Highest
1
*1%
14%
69%
100
4,200 Atlantic Coast Line RR—100
21
17
No par
Preferred
Associated Dry Goods.
*6%
*1%
69%
6%
1%
70
*6
46
*99
18%
47%
IS4
8%
*3538
1434
*77
6%
71
46%
106
17%
46
1%
*4934
24%
3%
38%
17%
23%
*42%
Par
40%
2734
72
51
*25%
*2334
21
*51%
48%
94%
40%
2784
46%
3%
44
40%
27%
*45%
10%
26%
175g
23%
*90
z50
3%
33g
338
38
92%
40%
2738
51%
10%
17
23%
*42%
14
684
8%
3834
*35%
50%
173s
46%
113
3%
*234
37%
111
112
113
113
112% *111
111%
*34
34
34
3434
3434
*33% 3434
16
16
16
1558
1638
1638
15% 16%
18%
18%
*18% 20% *18% 20%
*18% 20%
*112
113
113
*112
113
*112
*111% 113
88
634
*134
14%
4734
*53%
49%
173s
5234
51%
*95
5%
*33
18%
71%
*51
46%
15%
*35
111
*52
52
15%
17%
2884
*6%
114% *113
114% *113
114% *114
114% *114
114%
15
15
15
15
*15
15
15
15%
15%
93%
*90%
90% 90% *90%
91%
94%
90% 90%
17
17
17
16%
17%
17%
1634
16%
16%
1658
70
72
70
70
70%
*70%
*68% 70%
£17%
17%
110
110% *110% 110% *110% 110% *110% 110%
110% 110%
*21
21
2138
21%
21%
*20%
21% 21%
21%
21%
10934 10934 *10934 110% *10934 110% *10934 110%
10934 10934
*35
*35
*35
*35
37%
37%
37%
37% *35
37%
90
90
*89
*88
*88
90
90
88% 89
*89%
*14
14
14
14%
14% 14%
14%
.14%
1334
14%
*8884
*8884
*8884
*88%
*8884
28
29" *27% 27%
26%
27% "27%
27%
27% ~2~7%
46
106
*58%
125
15%
52
*104
12%
15%
2734
11134
*90
46
*8%
*10%
15%
24 "
Lowest
1,700 Artloom Corp
~7~666
100
*36%
42
71%
70% 71
102% *10078 102%
24
24%
24%
12%
*11%
13%
17
15% *14
28
28
28%
112
112% 112%
59%
59%
59%
125% *124% 126%
1734
17%
17%
29
29%
29%
7
*6%
7
37%
35% 35%
538
5%
5%
Year 1935
EXCHANGE
*112
4678
*10134 102
334
3%
413s
102%
*95
Range for Previous
On Basis of 100-share Lots
STOCK
YORK
Week
$ per share
Range Since Jan. 1
STOCKS
Sales
for
Saturday
May 23, 1936
3%
Feb 19
Jan 13
6% Jan 15
2% Feb 5
8% Feb
12
7
438 Mar
36
Mar
37% Mar
1
Apr
% June
% Feb
1% Feb
61% Nov
53% Dec
2% Jan
3%
2%
5%
Dec
Jan
Dec
Mar
9
Dec
6
19% June
£35
Nov
27g Feb 11
% Mar
3
Jan
34 Mar
434
Jan
1% June
3% July
4% Mar
5%
Jan
Jan 31
3138 Jan
5% Feb 11
4% Feb 21
12% Feb 21
20% Jan 2
56
Feb
6
3
Feb
8
8
Jan 11
778 Jan 10
3134 Apr
30% Jan
1
6
1
20
Mar
34 July
1% Mar
1% July
9% July
25
Sept
10% Jan
20% Deo
5434 Dec
2% Jan
4%
4
Dec
Jan
1934 Dec
3134
Dec
volume
HIGH
New York Stock
142
AND
LOW
SALE PRICES—PER
Saturday
Monday
Tuesday
May 16
May 18
$ per share
$ per share
*77g
8
*28%
30i2
758
*2814,
943g
955g
94
1758
1758
81
82
1714
8034
65S
65g
*34%
3514
34l2
10812 10812 *107
*36
*8534
*127
134l2 *127
*89
91
*57%
147g
58
90l2
15
778
8
8
8
*28i2
92%
31%
*28%
31%
94%
93
94%
17
1714
17
17
8058
8058
z79%
80%
*6%
3334
63S
6%
6%
81
6%
33i2
612
34%
*85
98
*85
108l2 10812 *108
37
37
8684
37
*83i4
*47I2
52
37
8634
51
134i2 *127
91
93l2
*83%
*4712
*50%
51
134
*57
58
1434
Shares
758
81
97
52
$ per share
8
77g
3H4
9378
1714
7i2
*28i2
9218
1714
*4712
53
$ per share
$ per share
35
*83
*47i2
*52
May 22
$ per share
108l2
37
37i2
8634
May 21
Week
127
92
92
57
57
*57
34
3334
98
*85
127
*43i2
*18
53g
*26ig
33
44
*92
92%
58
*57
58
27
27
*27
29
*24
27
*24
124
29l2
120
*33
34
*3314
*4314
I8I4
9914
44I4
1878
*43l2
*86
5858
187g
59
87
8878
5812 5978
1113s 112
81
64
64
*7l2
36
6412
*7i2
35i2
8I4
36
*17
11
2038
2434
8I4
3558
1812
*10i2
*20U
914
*68i4
*9*8
*68i4
73
*78
79%
*70
84l2
*70
6
*17
1178
2434
014
78
9l2
112%
107%
173g
234
63l2
*7i2
35I2
64%
*17
1012
+
18i2
79
3
10%
19
78
*55g
18%
18k
18
18
29%
30
30
31
53g
28
*27
28%
26
*24
27
*24
27
117
117
*31%
4338
183g
99%
99
887S
58i2
*87
7934
12%
*10434
8l2
%
314
*1834
163g
14
178
7538
7278
,3I6
*185g
39
234
3214
*3H2
60
*763s
1914
39
234
32i2
3234
258
3114
3H4
60
60
800
*87
887g
10
587g
58
59
18,300
6,500
112% 112%
900
107%
600
17%
27g
3
27,800
52,500
6434
66
1,900
*7%
35%
35%
18
8
18
300
80
8
"
-
5
105
10%
*10%
11
21
*19
207g
100
85g
8%
*68%
9
9
600
73
73
68%
68%
10
78
*78
80
7934
7934
300
84i2
*75
84%
21
5
87g
*75
84%
5
5
5
900
17i2
17
5l2
1712
17
17
17
17
2914
30
2978
31
30%
32%
41,200
105% 10534
434
4%
3,000
1834
19
39
32
212
2914
10538 1053g
29
2978
6034
60
4%
117g
1238
60
12
1178
38
55,300
2,400
134
178
1,400
76%
74%
21,200
7134
34
*74
1834
19
38%
38%
2%
19
2%
*30
60%
158
158
1238
12i2
12l2
11
11
107
11
178
105
178
1234
96
9514
*37
37l2
3714
19
18l2
178
*1112
10%
1114
9514
37%
*1812
19
96
6I4
1478
*
54
*48"
54
*48i2
*75g
*77l2
49i2
*48
*29i2
2358
3984
16%
57g
*434
*10i8
7812
2934
7734
2934
23%
23%
40
1
15l2
54
3414
*385S
3414
25
2534
537g
5378
3914
*8%
56i2
57
33i8
33ig
*12
834
15
78
$4.25conv pf ser of *35No par
Solvents. .No par
Commonw'lth & Sou
No par
Commercial
$6 preferred series...No par
Conde Nast Pub Inc
No par
Congoleum-Nairn Inc..No
Preferred
Preferred
Consol Laundries Corp.No par
Consol Oil Corp...
No par
Preferred
No par
Preferred
100
Continental Can Inc
75
2934
2934
2212
38i8
1538
6
858
*8
48%
*8
23
8%
76%
2934
2334
39
39
39 %
16
534
134
76%
29l2
15i2
*5i2
*132
1534
6
133
76
16
15%
5%
5%
*132% 135
53i2
*52
3512
53%
34%
*51%
34
*383g
2334
23%
57%
57
8I4
884
8%
77%
29%
23%
29%
23%
38%
157g
5312
3878
49%
39
*334
23
48
*8
23%
*10%
5634
"48*
*48%
2934
9
387S
52
38%
18
58
73
23%
*334
634
6%
15%
*29%
*10%
*334
*1018
6%
534
18
*12
-
2,300
34,500
20,700
Preferred
100
60
800
100
2,600
800
1
Class A
1
pref..100
48
4314 Jan 6
7% Apr 27
5
Denv & Rio Gr West pref .100
Detroit Edison
100
Jan 10
2
40% Jan 25
38
8
42
300
Participating preferred... 2 5
15,800
16,600
Distil Corp-Seagr's Ltd No par
Dome Mines Ltd
No par
*8%
8%
8%
8%
300
Dominion Stores Ltd. .No par
54
Douglas Aircr Co Inc.-No par
900
13
15
13
13
100
Dresser (SR)Mfg conv A No par
Convertible class B__No par
*%
1
*34
1
400
Duluth S S & Atlantic..—100
1%
*5%
1%
100
534
6
300
Dunhill International
1434
*13%
100
Duplan Silk
684
6I4
163i2 163l2
164
6%
162
*162
33
3134
*6
*63g
65g
658
36
357g
355s
3638
*llll2 112
*llll2 112
11
107g
lll8
IH4
6
6
6l8
6is
14 3g
1478
1514
1458
60
62
6I84
6334
55
57
5414
5478
6%
162l4
164
*6
3214
6%
33% 35
11112 112
103g
6
6
*6%
6%
6%
162% *160% 162%
165
32
32%
*6
6%
34%
3434
*11112 112
1038
6
14
14l2
1414
60
6138
595g
53
5414
53%
For footnotes see page 3460.
11
6I4
162
*162
10%
6%
147g
6234
5578
*
165
"32"
32
*6
6%
34% 35%
111% 111%
1034
11%
*6
6%
14%
15%
6178
6378
55%
57%
Preferred
Preferred
100
1
No par
Jan
6
5i2 Jan 10
58May 20
Hs Jan
5
May
6
1
1378May 19
100
114
Feb
8
Feb
11434 H434
300
32%
*6
3478
3234
3,100
6%
35%
~7~666
112
112
60
11
12
10,100
6
2,500
578
1434
15%
6234
6434
87,300
16,000
56%
5734
8,900
Preferred
100
Electric Boat
3
Elec & Mus Ind Am shares.
Electric Power & Light.No par
$7
preferred
No par
$6
preferred
No par
Feb
Mar
3
2
Aug
Jan
2138 Jan 31
29
Apr 30
70
Mar
li2
65
33
129
700
11
Feb 17
2
133
800
Dec
6
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
6%
Jan
1878
Mar
Du P de Nemours (E I)&Co.20
165
19
2312 Mar
3458 Jan
Jan
1,900
6%
2234 Mar
I8I4 Apr 30
4H2 Jan 2
734 Apr 28
505s Jan 6
lb", 700
162% 162%
Mar
6I4 Mar
5% Oct
35i2 Aug
2612 Jan
3438 Jan
14134 143%
129
129%
165
7
3378May
*12
164
938 Feb
42
15
*162
23is Feb 20
preferred..100
*1134
*163is 165l2
Feb 20
Diamond Match
58%
10
52
Devoe & Reynolds A ..No par
24%
21
June
10
39
21
Mar
6
6
Apr 29
Apr 7
57%
22
Mar
June
4
24
Mar
16
6
15
No par
Dec
15
89i2 Mar
61
Mar
153
non-cum
37
70% Jan 27
May 12
5%
Si8 July
40i2 Jan
65
128
Det & Mackinac Ry Co...100
Mar
47l2 Apr
2
6
Delaware Lack & Western. .50
14
Mar
Jan
Mar
Mar
73
7
100
Sept
Jan 21
90
Feb
600
1134
23i2
43i2
74i2
3i2
914 Mar 11
2D8 Mar 9
Mar
59
*21
4
26
24%
22
Feb
31
58%
*21
104
2
13,600
22
6
Jan
33
*21
Mar
19i2 Apr 28
3634 Jan 20
1478 Apr 30
438 Jan 4
55%
22
102
27
7,900
Oct
Oct
4% Mar
357s Jan
Jan
20
23%
142% 145%
129% 129%
11434 H434
May 20
60
148i4
Jan
6
100
Jan
5
9S4 Mar
89% Apr
Corp. 10
Jan
34
9
7
Preferred
7
2878 Mar
4
Jan
24%
59%
834
1421g 144
1295g 1295g
11434 11484
Jan
14% Mar
52
33
143l2 14378
141l2 14334
140% 141l2
12934 12934
12934 12934
12938 12938
*114l2 11434 *114l2 11434 *114l2 11434
Jan
6234
18% Feb
No par
Co
6
*114
Jan 15
1012 Jan 6
Apr 23
76
No par
Inc
Davega Stores Corp..
Deere &
4
7
No par
preferred
Cutler-Hammer
1,400
*114
46U
1
99i2 Mar 13
"loo
*114
Apr
6
24% Apr 13
54%
*114
58
4
44% Jan 14
Curtiss-Wright
Dec
4i2 Mar
278 Feb
No par
Preferred
8%
4
Feb 18
May
33
»
22
Mar
May 22
16
*
IO34 Mar
18
135
9
4
Jan 30
36
Delaware & Hudson
18
7^May
105
50
Cushman's Sons 7%
....
Jan 27
No par
Packing
55%
«.
35
ll2 Jan 2
10i8 Apr 28
6% Jan 7
63i2 Jan 7
3178
-
738 Mar
(The)
No par
Cuba RR 6% pref
100
Cuban-American Sugar
10
Deisel-Wemmer-Gilb
14%
5
78i2 Feb 20
168i2 Apr 15
41
36
*13i2
414 Apr 30
115
54%
137g
6i2 Mar
1001? Dec
2i2 Jan
38 Aug
1518 Mar
Apr 30
34%
137g
1578 Feb
72% Feb
li2 Mar
4IS4 Mar
95i2 Apr 29
55
14i2
Jan 14
162
28
Cuba Co
Mar
Jan 14
100
Preferred
*32i2
*137g
Jan
Nov
7
3812 Feb 11
Apr
69
Crucible Steel of America.. 100
3234
14l2
Feb
1458 Nov
46
300
3234
*1334
Jan
2438 Mar
May 19
~1~,206
53
1%
6
5514 Apr 30
3:68% Jan 3
102
4,100
*8
Mar
9
,516May 22
4778 Apr 28
3,200
*4%
Jan
29
$2.70 preferred
No par
Cr W'mette Pap 1st pf .No par
Crown Zellerbach v t c.No par
39
1S4
Feb
45i2 Jan 14
600
3434
534
1434
6714 Jan
67i2May
Mar
3778 Jan 10
53%
*112
514
15s Jan
Apr
Mar
27i4May 5
6334 Apr 15
39
1
6
7
34%
*34
*1%
534
*13%
1534May 14
2012
26%
19%
234
7734
87%
Mar 27
39
%
May 12
1558 Mar 16
34
58
is8 Jan
438 Apr
38May
3i8May
5
16
18
17
9
3
21
11
13
4358 Jan
54i2
1
1D2 Feb
Jan
No par
8%
5514
*5g
Jan
678
No par
39
*13
lli2 Apr 30
101
108i2Mar 11
6% Feb 10
1514 Mar 6
105i2Mar 11
No par
3312
1384
33l2
Jan
378 Apr 28
Crown Cork & Seal
58
,561s
102
Crosley Radio Corp
*10%
*51%
34l2
27
7i8 Feb 13
20% Feb 13
38% Feb 17
Cream of Wheat ctfs
38%
*5%
135
25
100
Oct
84 Mar
Apr 30
Apr 30
Apr 30
900
800
76
16i2
Mar
4,200
134
49%
8%
Dec
7212 Oct
314 May
1414 May
4,600
400
1478
76
18
5234
18
"52"
48
487g
2314
534
*132
4878
IIOI4
Mar 25
5
..No par
Oct
Feb
85
Continental Oil of Del
Corn Products Refining
Preferred
Jan
56U
Feb 13
73i2
438
1514
2714
Corn Exch Bank Trust Co.20
Coty Inc
Mar
39i2
Nov
Continental Steel Corp.No par
103%
"48*
31
110
69
190
103
54
35i2 Mar
Mar 24
600
100
Jan
85
16,200
Curtis Pub Co (The)
4712
8%
7514
2934
7
4014 Dec
48i2 Dec
33g Mar
72i4 Jan 27
"•
Cudahy
47i2
Feb
658 Mar
62
Feb 11
10678
*
Feb
7
Mar 20
320
6%
1034
24
4
8,800
Mar
Jan 15
46
2,400
Jan
i2 Mar
5
78
Jan
2i8 Apr 30
29
May 20
3,500
15%
Jan 10
18
10%
73
684
29% Jan
578 Mar
3512 Apr 30
12%
6%
Mar
Feb 17
82
1
10%
1434
Jan
9
6934 Mar
9778 July
2.50
60%
*11
1518 June
101
33i2 Jan 3
133g Jan 22
8i4May 21
67
2,32May 19
130
79
135
20
Rights
72i2 Nov
533g Apr
110%May 7
2458 Feb 21
5i2 Feb 17
Continental Motors
1034
*
May 19
No par
1,300
70
19
Consol Ed Co of N Y_.No par
$5 preferred
No par
2,700
*
May
Prior preferred
100
Prior pref ex-warrants. -100
Consol Film Indus
1
36%
18%
63g
153g
10
100
5978May 18
115
Apr 17
8234May 8
11534 Mar 3
5
Jan
No par
2158 Apr 8
Apr 13
93
Apr 15
20
May
16
100
Consolidated Cigar
Preferred
Apr 11
z45% Jan 22
5114 Jan 23
1214 Feb 27
44% Jan 8
2534 Mar 4
34
100
Connecticut Ry & Ltg
4
8
par
No par
Congress Cigar
95%
73
Jan 10
97
1684May 22
214 Apr 30
5914 Apr 28
7i2 Apr 20
18
34i2
39U
2578
32l2
9
36
134
333S
110% Jan
95
6
33
9
18
*558
63g
Jan
3634
*1%
165
55
9510
134
638
Comm'l Invest Trust..No par
Conv preferred
No par
18
3414
*3878
2312
*21
8
95%
3634
6U
22
Jan
18
*H2
*514
*21
110
3634
*434
*10ig
5234
*114
100
preferred
95
*57g
*114
9
18
78
134
6I4
*112
Jan
3634
*8
*8*8
44
95
8
54
10
1812
6i8
17
*52
6
Commercial Credit
Mar
Continental Insurance
31
1%
103%
Jan 11
Continental Diamond Fibre. .5
178
103
2434 Mar 24
938 Feb 19
1,400
*10%
10%
103% 103%
6%
6%
1434
153s
Jan 15
2,400
1%
12%
112
102
8O34 Jan
95%
1434
42
8%
1034
I03i2 I03l2
24i8
3934
I6I4
57g
18
14
*10%
178
Jan
90i2 Jan
100
preferred
37
*48"
8
*534
*11
*134
Jan
Feb
Feb
8,800
*5934
7634
*106
14
.100
5%
95
49l2
8
*133
105% 106
178
12%
1078
*
73
*48 "
*132i2 135
106
May 20
Preferred series A
18
al03i2 103i2
63g
638
658
1538
153g
1578
73
*105
May 20
43
Columbia Gas & Elec__Aro par
37
*10314 104
*
105
Aug
2%
30%
*30
60%
110
Jan
38%
30
30%
31%
1,200
,S16 262,800
*18%
38%
2%
2934
July
Feb
134
Jan
31
No par
1038 Jan
3,900
1378
,316
94
No par
Continental Bak CI A ..No par
Class B.........
No par
16%
1334
*134
17%
1378
72%
t c No par
pref
18
1634
2i2
60%
773S
conv
5% preferred v tc
100
Container Corp of America.20
1%
30
$2.75
Consol Coal Co (Del) v t c.25
13%
76
v
Col Plct Corp v t c
460
16%
2934
Columbian Carbon
Jan
1,000
%
3
18%
76
Dec
June
20
Feb
49
May
14,600
%
3
7138
34
24
Consol RR of Cuba pref
100
{Consolidated Textile. .No par
18%
%
3%
518
3514
*102
100
1,900
19
338
39
29
2,600
18%
1834
2934
*5934
1,200
10434 10434 *10434 106
8%
83g
8%
8%
2l2
31
3H4
4%
1834
3834
2%
7634
16612
105
—
*103g
77
76%
7658
773.1
75i8
76% 78%
75i2
16612 166l2 *160
166l2 *160
166% *161
166% *160
166%
5
5l8
6l8
478
478
434
5I8
47g
5%
*4%
*35i8
35%
3514
3514
35>4
3514
3514
35%
35%
35%
*3514
25
26
2512 26
26
25l2 26i4
25% 2534
2512
2514
25i2
53I2
54l2
5334
55U
5258
5358
53i2
*52% 54%
5312
53%
53%
*46
4612
47
46i2
46i2
*46% 47
4612 4634
*46%
*46i2 47
*101
103
*101
10834 *103
10S34 *101
10834 *101
10834 *101
10834
8
8
8
8
8
8
*7%
73.1
778
778
77g
*7%
*31
32
*31
33
30
30
32
*30
32
*29%
*29i2 30
*160
—
1,400
3018
38
1914
39i8
234
84,100
18%
*99%
7934
*7%
105
1053g 105l2
10514 105
105ig
4&g
434
458
434
4%
4%
1234
125s
13i4
12i8
1178
1238
12%
106
*10434 106
*10434 106
*10434 10478
8i2
8i2
834
8%
8I4
8is
8%
38
%
%
38
%
38
%
314
*3
3%
3%
3i8
3%
3%
19%
18i2
1978
I8I4
I8I4
I8I4
18%
17
16i2
167g
I6I4
1658
16%
1634
14
14
143„
1388
135g
13%
1334
1?8
134
178
134
134
17S
178
75i2
75
74i2
76
75l2
75l2 75l2
7278
7314
73
7378
70%
70i4
71i2
2932
2732
2932
2i32
78
2'32
34
39%
19%
99%
19%
887g
11178 1117g
107% 107%
434
19
800
800
1,300
35
8% Jan 6
3% Mar 16
100
12712
9714
57i2
20i2
106i2
5158
80
48
36
99%
6434
3
Dec
July
7
26
17
15
6
28
3
36% Feb 20
3778 Mar 11
1,800
1634
par
107% Jan
80
~27%
8
16
10%
2434
*5ig
39i2 Apr 30
6934 Sept
314 Apr
12% May
Feb 20
21% Jan
1918 Jan
43%
107
70i2 Feb
100
43%
3
50
100
117% 117%
32%
32%
18%
87
100
No par
May
Feb 26
Apr 28
No par
Preferred
2
Mar 30
No par
tColorado Fuel & Iron.No
Mar
48
Colgate-Palmolive-Peet
Colonial Beacon Oil
46
82
6% preierred
Collins & Aikman
100
97 May 18
11034 Feb 14
48
55% Jan 16
13%May 22
102%May 19
Preferred
Oct
86i2 Feb 19
73s Mar 5
46% Mar 24
100
112% 112%
173g
234
64%
No par
Feb
Mar
4% 1st preferred
4% 2d preferred
—
35%
18%
*70
84i2
53g
A
9
12
Colorado & Southern
«.
77l2
9
Class
3% Mar
31
100
M
4338
79%
Feb 10
$ per share
Mar 25
740
32%
112% 112%
79%
7934
10538 1053g
4%
240
*8i4
*6Si4
20%
5%
1712
29l2
58%
2,100
32%
32%
4312
18%
5
*17
1012
73
*70
84l2
5I2
390
17%
25
*19
1012
*8t4
*6814
77l2
73
177g
99%
*87
180
5
323g
90 /
Jan 31
1,100
28
33l2
2384 Jan 21
IO714 Jan
35
Apr 27
Jan 15
25
5%
1514 Jan
72 ?8 Jan
434 Jan
No par
(The)__
Cleveland & Pittsburgh....50
Spec guar 4% bet'm't stk_50
-
1134 Jan 24
C C & St Louis pref
100
Clev El Ilium Co pref ..No
par
Clev Graph Bronze Co
C
Year 1935
Lowest
10378 Apr 13
1978 Feb 14
35
84
110
17
17
Jan
Jan
85i2 Jan 21
124
2,200
4134
110
Equipment
7
25
Coca-Cola Co (The)...No par
14,200
103
41%
Clark
.100
$ per share
30
100
14
13%
103
No par
$ per share
3,300
58
*57
Range for Previous
Highest
Cluett Peabody & Co ..No par
Preferred
100
300
92%
92%
-
—
-
26
11612 11634
31
3112
43
-
52
*16%
5%
25%
3238
2734
58
5834
11134
11218 112L
79
8D8
791?
112i8
1117s 11214
107i8 *107
107%
17%
1758
1714
3
27g
234
63
63l2
64l2
8I4
*75g
8%
35l2
35i2 35i2
18i2 *17
18i2
III84
81l2
8138
*112ig 11278 *11218 11278
10778 1077S
10778 10778
18
183g
1758
1838
27g
32l2
87
5778
81
27g
3334
1165s 11658
33
3134
*43l2 4414
18ig
1834
99U
99%
9984
*86
26
32
34%
44U
1912
9934
9914
8878
*11114 112
234
17l2
5%
2514
120
26
119
5i4
*2458
30
29l2
*197g
17
5%
2434
1758
5
558
2734
3214
29l2
*24
34
*29
17
18l2
'
5%
87
125% 126
*125% 127
92%
1518
2734
1,600
*51
44
18
1912
5i2
2738
37%
*47%
103
2437s
10
500
*84
51
15
1434
143g
1434
14%
14%
10238 103i2 *10234 103% *103% 103%
4134
4D2 427g
4234
4134 42%
*110i4 11012 2IIOI4 11012 *110
110i2 110
110i2 *106% 110
103
*102l2 104
1,100
5
_
Preferred
98
87
No par
25
City Stores
108%
37
51
550
800
*85
37
Childs Co
Chile Copper Co
Chrysler Corp
City Ice & Fuel
34%
*3334
Range Since Jan. 1
On Basis of 100-share Lots
Par
6%
108
98
*47%
53"
1,700
80
6%
*84
8634
18
*79
34%
1,900
80,000
94%
17%
37
37
3463
Lowest
31%
*28%
93%
108% 108%
110%
4
EXCHANGE
Thursday
658
97
....
STOCKS
NEW YORK STOCK
the
Wednesday
May 20
81
6i2
Sales
Friday
NOT PER CENT
SHARE,
May 19
734
30i2
96i4
1714
Record—Continued—Page
7
112
Mar 23
18
Mar 11
6I4 Apr 30
Apr 28
58
Apr
8
Dec
59%May 20
1178 Jan 23
34% Jan
684 May
7534 Jan 30
17i2 Mar
37
13i2 Mar
638 Mar
Mar 26
187g Mar 26
134 Jan 15
3
14 June
Jan 15
8% Mar 9
18% Jan 17
14 June
2
115i2 Jan 31
153
Apr 8
133i8 Apr 1
11534 Feb 14
103
104
Feb
Jan 13
12
Nov
25
978 Feb 11
170% Apr 1
110i2
Jan 27
166
141
2812
534
30S4
IIOI4
Jan
6
37
Apr 28
Apr 27
10
Apr 30
Jan 23
534 Apr 29
Mar 13
Apr
6
9% Jan 30
44r>8 Feb 19
114
Mar
8658 Mar
12678
158
156
June
1234 May
Feb
384 Mar
165s
Jan
Jan
Jan
314 Mar
193s June
107
Feb
6
173g Feb
4
378 Mar
55s Sept
Jan
638 Jan
2
734 Feb 21
163s Mar 17
3234 Jan
29i2 Jan
2
69% Mar 26
3
2
645gMar 26
2i2 Mar
lis Mar
Mar
Highest
New York Stock Record—Continued—Page 5
3464
HIGH
AND
SALE PRICES—PER
LOW
SHARE, NOT PER CENT
May 23, 1936
Tuesday
May 16
Monday
May 18
$ per share
$ per share
*4634
*34
47%
%
2
2
*64
67
1
84
%
1%
2%
1%
*64
*64
69
*66
74%
6%
12%
I884
*73%
6%
1234
18%
12%
13
1*4
*64
*63%
74%
6
12%
18%
12%
17%
12%
Friday
May 22
Week
$ per share
45
46%
$ per share
Shares
%
*
75
*13%
33
*5%
3%
13%
49
1334
33%
75
"13%
7%
684
3
3%
13% ;V::13:^
4834
492
13
30%
*5%
3
3%
13%
49
"13%
31%
7%
3
12% : 12%
47
47
M
J Elk Horn Coal Corp. No par
100
40
"l2% "l3%
1234
12%
65
65
65
*64
69
69
69
*73%
75
75
75
*74
80
5%
12%
6
6
6
6
6
*18
12%
18%
*12%
13
12%
18%
66
*13%
31%
300
72
*12
12%
*18%
1834
1,700
1,100
*12%
*558
3
12%
45%
*140
150
*140
*140
145
*142% 150
38
38%
3634
36%
37% 3784
35%
21
20% 21%
19%
21% 2134
19%
93
*92
91% 91% *92
92% *92
*46
48
46
46
47%
47% *44
*74
80
80
80
*73
*73
*77%
9%
9%
9%
93S
9%
9%
8%
*3%
3%
*3%
3%
3%
3%
3%
3
3%
3%
3%
3%
3%
2%
24
24
23
*2384 24%
24%
2334
40% 41
4034 4034
40% *39%
40%
*23% 25% *23% 25% *23%
25% *23%
*111
111
11278 *111
112%
11278 111
28% 29
28% 29
2734 28%
2784
*103
103% 103% 103% 103
103% 103%
44
44
43
43%
43%
42%
4334
*27
29
*27
28
28
*26%
*26%
734
*7%
784
7%
7%
7%
7%
*35
37
*36
36
36
3784
*35%
*109% 112
*109% 112
*109% 112
*109%
26
26
*26%
27% *26
27%
25%
*105
105
105
*92
107
IO684 *105
13
13%
13%
32
31%
30%
5%
5%
5%
3
3%
3%
14% ::>13 <■,( 13
4684
46% 46%
145
*138
150
12%
600
460
150
37%
20
"2*600
20
3,400
92%
*92
95
*92
95
46
*45%
48%
*44
8I84
*75
8134
9%
3%
*75
48%
8134
9
10
*35
26
2734 Feb 21
16
Preferred
No par
Federal Min & Smelt Co.—100
100
Federal Motor Truck..No par
800
Federal Screw Works—No par
1,500
Federal Water Serv A..No par
900
Federated Dept Stores.No par
Fidel Phen Fire Ins NY
50
2,500
Filene's (Wm) Sons Co .No par
30
2,300
800
1,400
:
""806
36
25%
par
6)4% preferred..
100
Firestone Tire & Rubber
10
Preferred series A
100
First National Stores.-No par
Florsheim Shoe class A. No par
7%
*35
*94% 106%
*
Apr 30
Apr 29
11
100
100
50
6% conv preferred
100
Fajardo Sug Co of To Rico. 20
Federal Light & Trac
15
Preferred
200
*109% 111
26
25%
106%
7%
36
400
28
*26%
*109% 111
7
"MOO
9
3%
3%
3%
3%
3%
3%
3%
3%
3%
*23
24
23%
*23% 24
40
40
4034
40
40
25% *23%
25% *23%
25%
112% *112% 113
*112% 113
28
28%
28%
28%
28%
103%
103% 103% *103% 103%
43%
43%
43%
43%
4334
36
4
Exchange Buffet Corp. No pai
Fairbanks Co
25
Preferred
---100
1,800 Fairbanks Morse & Co .No
37%
111
6
Jan
t Follansbee Bros
Food Machinery Corp new.. 10
4j^s
26%
Tioo
*94% 107
50
No par
conv
pref
.100
Foster-Wheeler—
No par
No par
_
Preferred
*63
*29%
32%
68
30%
125
125
*63
66
38
38
5%
*12
5%
12%
'
9%
9%
*102% 103
47
*25%
4778
26
11%
11%
14978
*8%
8%
934
10%
2484 2434
*145
*82
6684
*140
36%
38%
32%
*60%
30%
125
68
*60%
30%
125
62%
*36%
*5%
12
31%
32%
2884
*121
62%
*56%
38
36
534
5%
12%
9%
103
32
68
29%
124
31
31%
*64
68
29
29
*121
124
62
*58%
36
36
5%
11%
8:-.
25%
89
81
5634
56%
14538 *140
37
3678
3834
38%
2
2
*26
3178
*28
50
**29
55
68
*64
68
29
*28
29
"2",200
121
*115
121
80
27%
121
1,100
*58
62%
60
60%
30
36
*33
35%
35%
35%
120
6%
12,700
534
7%pfl00
Freeport Texas Co
10
Preferred
—
100
Fuller (G A) prior pref. No par
S6 2d pref
-No par
230
Gabriel Co (The) cl A--No par
Gamewell Co (The)...No par
9
9
9
9
3,200
Gen Amer Investors...No par
104
*100
106
200
6%
11%
6
6%
*11%
11%
47
47%
46%
25%
25%
il%
11%
12%
25%
11%
148
148
*145
148
30
$8 preferred
7%
1,700
9%
1,500
*24%
*80%
24%
900
81
400
5634
800
82
57
*56
*
145
"35%
*36*
38%
2
# 62%
122
k*3i,
|»7%
49
w
63
122
32
7%
49
*107%
4
4
*35
37
*116
m 2%
i 30
No par
Class A
No par
7 % cum preferred
General Cigar Inc
100
No par
100
33*400
General Electric
38%
13,300
General Foods..
No par
18,900
Gen'l Gas & Elec A
No par
No par
Dec
111
Dec
36% Nov
13%
10%
100%
48%
22%
*13%
146
5
Feb 13
58% Jan 14
145%May 12
34i2 Apr 30
333s Feb 18
% Jan 2
4178 Feb 17
39% Apr 23
4% Feb 5
46 % Nov
127% Jan
20% Jan
30
103S Nov
63g Nov
50
Feb
6
119
119
119
60%
121
31%
7
*4734
.
334
35
*116
-
31%
7%
49
2%
2%
*28
61%
60%
12034 121%
*29% 3134
334
35%
....
2%
30
7
*6%
*48
*107%
*107%
4%
3634
-
61%
12134
119
*334
*116
4%
34
•
.
*2%
-
-
28
106
9%
*78
46%
106
5
*87
9034
*8434
2484
934
79
4634
106
434
8%
4%
8%
16
1534
15%
2034
19%
19%
834
2678
93%
9%
93
95
93
8%
93
278
234
3%
*3%
3%
16%
3
3%
16%
*27
27%
3%
*15%
27
90
25%
93%
*35%
37%
9%
1934
90
*8434
24%
*8%
*93%
258
3%
*3%
27
*26
*16
49
100
'
.
.
-
-
......
.
.
-
.
"..
.
36
.
*34%
1584
82
*81
82
934
4634
800
19,400
700
80
45%
44%
106
105% 106%
4%
434
4,800
10%
*78
-
130
1534
9%
10%
7934
y45%
.-
900
36
82
3,700
106
560
*4%
4%
1,800
8%
8%
8%
8%
3,500
15%
15%
15%
15%
16,800
19
19%
19
19%
12,700
9034
*85
9034
100
25
24%
25
2414
17,400
*91%
93%
*92
93%
600
*8%
9%
9
9%
1,000
93%
25g
3%
94%
*93%
3%
*16%
234
3,900
3%
12,400
3%
1,000
16%
500
27
200
*3
3%
16%
26%
94%
2%
234
3%
3%
26%
16%
*26
120
31
31
31%
31%
5.206
16%
3434
16%
17
17
2,000
35%
34%
36
36%
36
16%
35%
1%
36%
145% 145%
145
145%
31
30%
31
17
16%
34%
16%
35%
1%
1%
36%
2
37%
.
.
.
.
63
*50%
24
24%
*65
68
36
*50%
24%
*65
56%
234
56%
234
57
36
35
35
*30
234
30%
16%
34%
1%
31%
2
1%
35%
35%
3534
21,000
1% 109,400
6,100
3534
1%
144
63
24%
*50%
24%
24%
145
14434 *138
63
*50% 63
24%
24%
24%
24%
68
*65
68
65
65
55
56%
63
55
55
*2%
284
3584
*30
*13%
*50%
55
5484
*2%
3
*21*
3534
14%
*61
3,400
10
56
4,300
*2%
500
2%
*30
3534
260
............
68
55%
2%
*30
36
10
15%
*13%
15%
*13%
15%
*13%
15
*13%
14
44
*39
44
*38
42
41
41
*38
45
*38
43%
*35
41
*32
40
*32
35
*32
35
*32
35
*32
35
•
9
*8%
*15
15%
*36
8%
*14%
38
*36
8%
16%
8%
*14%
38
■
*36
8%
16%
110
110
110
109
119
110
110
102%
*97
102
102
102
102
102
38
*8%
884
102% 102%
-
_
100
......
300
'
*800
16%
*1434
*
110
.
884
100
8%
16%
*1478
110
38
*36
.
111
60
102% 102%
35
35
35
3484
3434
34%
*34%
*34%
3434
34%
34%
*122%
*122%
*122%
*122%
*1225g
*15
16
15
15
15
1434
15%
15%
16%
1584
14%
1434
*106% 10878 *106% 1087S *106% 108% *106% 108%
10738 107% *106% 108%
5%
5%
5%
5%
5%
578
5%
5%
5%
5%
5%
5%
160
500
■
....
see
page
....
3460
_
_
_
„
.
—
_
-
-
-
-
......
1,900
10
118
Jan 27
18% Jan
534 Jan
General Printing Ink—No par
$6 preferred
Nonpar
38
105
No pat
Gen Realty & Utilities.
1
86 preferred
-No par
General Refractories...No par
Gen Steel Castings pf._No par
Gillette Safety Razor.-No par
Conv preferred
Glmbel Brothers
No par
No par
Preferred
..100
Glidden Co (The)
No par
100
Prior preferred
Gobel (Adolf)..
1
Goebel Brewing Co
.1
Gold Dust Corp v t c. —No par
Gold & Stock Tel'ph Co... 100
Goodrich Co (B
Preferred..
37% July
1%
Goodyear Tire & Rubb. No
Conv pref series
Granite City Steel
par
Grant (W T)
No par
Gt Nor Iron Ore Prop. No par
Great Northern pref
..100
Rights wi
Great Western Sugar. .No par
Preferred..
100
Jan 17
108
Mar 14
109
3% Apr 28
32% Apr 28
50
93% Jan
1% Mar
15% Mar
80
109
106
Jan 10
2
Apr
2734 Apr
33% Apr
32% Apr
15i2May
82
28
30
30
30
2
May 21
6®4 Jan
69
Jan
118% Mar 14
378 Jan 21
43
Feb 21
44% Apr
60% Feb
8
7
18% Jan 16
90
Jan 24
11% Mar 12
86% Mar
Feb 10
13% Jan21
77
Jan
Jan
6
6
Guantanamp Sugar
5
No par
Preferred
Gulf Mobile & Northern
Preferred
Preferred
100
23%
104%
116
104
22
105
1584 Mar
26%
Jan
92
Jan
82
Apr
2% Apr
33% Mar 9
20% Feb 19
26
Jan
2
31
Jan
136
Jan
6
50% Mar
9
7
22
Apr 28
May 21
4884May 11
30
Jan
4
35
Jan
2
10
6
Jan
9
Jan
2
14
109
Hanna (M A) Co 85 pf_ No par
Harbison-Walk Refrac.No par
102
May 19
May 19
30% Jan 3
120
12
Jan
3
Jan 20
.100
104% Feb 17
2
4% Apr 30
4%
Dec
Oct
13% Nov
5
Jan
2934
Jan
353s Nov
33% Nov
38% Sept
Mar
16
Deo
9% Mar
35%
Dec
Marl6
39
Mar
9
26%
Jan
k
34% May
119
Jan
Feb
9
21
Apr
28% Mar
2
25% Nov
28% Deo
34
95
145%May 20
55
95
Jan 23
Feb
80% Jan 27
3% Feb 7
46% July
1
Feb
19
Feb
Mar 19
4
Mar
1934 Mar
Jan 24
85
9% Mar
4
55
25
100
3
Dec
10% Dec
Apr
Mar
3
6
Apr
48
25
No par
Feb 21
20
39
134 Jan
26% Jan
105
44
Dec
70
Mar
2% Mar
14% May
18% Mar
2284 Oct
16
Nov
40
6% Jan 15
23% Jan 15
35% Apr 2
33% Mar 25
32% Jan 6
178 Apr 28
Oct
Jan
14% Dec
1% June
5% Mar
7% preferred class A
Hall Printing..
1
434
7% Mar
4% Feb 19
3% Apr 30
16
Apr 29
25
Apr 30
30% Jan 29
28% Jan 16
Dec
49% Dec
111
14% May
11% Mar 20
Hackensack Water
_
834
7534 Dec
1% Apr
Dec
Nov
19% Aug
Aug
Mar
Feb
Jan
Oct
Dec
93
2% Mar
18
9
9% Jan
Hat Corp of America cl A._.
51
Jan
6
30% Jan
283g Jan
100
Apr
55% Jan 14
114% Jan 27
7% Feb 28
10% Feb 17
21% Jan 6
Feb 10
3%
39% Dec
33% Dec
Mar
70%
Oct
4% Nov
Dec
41%
Jan
14 4
Jan
100
100
1634
12
Dec
42% Nov
84 Apr
Mar 27
3
—100
No par
Jan
6%
1434 Mar
2% Apr
65
6)4% preferred
1,300 Hayes Body Corp
5
4
6
l5%May 21
116
Feb
6
44% Apr 30
1053s Apr 4
378 Jan 2
7
Apr 30
Greene Cananea Copper
Greyhound Corp (The)
Dec
Feb
Green Bay & West RR Co. 100
Green (H L) Co Inc
.1
100
Nov
17%
12% Mar 11
95
Apr 4
No par
59% Nov
21
Mar 21
638 Feb
Feb
120
50
9934 Feb 17
No par
V.No
26% Mar
zl07% Jan
6184
72% Oct
3:120% Dec
Feb 17
2
1
Jan
Aug
8% Apr 28
Grand Union Co tr ctfs
116
3
3
87
100
Oct
Feb
Mar
2184 Jan 21
No par
Jan
59%
10
par
No par
Preferred
Preferred.
6
78
Graham-Paige Motors
.1
Gr'by Con M Sm & Prstpd 100
Preferred
Apr
May 16
2378 Apr 15
98% Apr 15
3178 Apr 15
No par
1st preferred..
Gotham Silk Hose
Hamilton Watch Co
71
122
1534
32
Aug
15% Aug
Aug
18
Apr
18
33% Apr 25
834 Mar 5
2
100
F)
Gulf States Steel
*107% 115% *107% 115% *107% 115% *107% 115% *107% 115% *107% 115%
*32
34
33
33
*32
34
34
*33
35
33% *32% 34
39
10
No par
Gen Outdoor Adv A...No par
Common
No par
Gen Railway Signal...No par
Preferred
100
200
36%
16
General Motors Corp
$5 preferred..
Gen Public Service
1,400
30
3534
100
700
2%
2%
*27%
Preferred
200
4%
35
*11634
37
*8434
25%
93%
9%
94%
234
3%
3%
16%
2684
*91
8%
93%
2%
3%
3%
16%
-
2%
7934
46%
46%
10534 106
4%
4%
8%
8%
1584
15%
19
1,800
*384
*33%
30
*36
6%
*48%
*107%
4%
-
500
6%
35
-
2,900
30%
3534
1584
79
79
49
•
6134 107,200
30%
*107%
*11634
2%
*27%
6C34
6%
*3%
50
119%
120% 121%
31
35
2%
28
61%
121%
*29%
*48
....
34
61
121
6%
49
*119
47% Mar 21
70% Jan 6
121%May 13
Nov
6 % July
145% Oct
40% Nov
Sept
% Feb
3
*118% 119
Dec
Dec
Sept
Dec
Nov
Oct
Aug
18% Nov
53%May
5
Dec
5% Nov
76
95
Mar
Dec
%
Mar
2
5934 Mar 17
117i2 Jan 13
5378 Jan 6
Nov
55
4
19
7012 Jan
>39
No par
Nov
125
Mar
19i2 Jan
20
For footnotes
*30~
4
No par
4%
8%
1534
....
Jan
88 pref class A.
General Mills
Jan
Dec
Mar
10
*39
*97*
63g
.934
2
1,100
*14%
*34%
5878 Aug
30% Dec
5% Mar
64
30%
*122%
7% Mar
115
30
1678
35%
1%
3634
1484
July
1134 Jan 11
63%
Part paid rets
1484
32% Mar
H84 Mar
30
9%
*93%
278
*
Mar
55
25%
9
1438 Jan 6
150
MarlO
7
5% Mar
8434 Jan
65
4784
a9
18% Jan 27
12% Feb 19
104% Apr 21
65
....
*36
114
25% Dec
10278 Dec
78 May
*30
47%
39
6% Jan 23
2
Jan 21
Sept
Mar
Jan
140
Aug
Dec
25
434 Mar
65
79
*36
15
15% Feb 11
3334 Feb 10
17
25
45%
70
55
10%
56%
234
Jan 23
7%May 20
534 Jan 2
Apr
May
8% Deo
4% Jan
3% Aug
30% Nov
*6434
48
*34
Feb 20
5
141
72
Apr
53% Feb 29
6
2
Dec
95
Mar
*29%
79
68
June
Feb
Jan
Dec
Mar
65
79
*65
1984
30%
17%
112%
55
*47%
23%
3
8
4
Apr 14
*64
10
23%
Jan
Feb
Feb
*29%
82%
9%
63
lU2May 11
8%May 20
97
1
6334
82%
*50%
Feb
55
83%
144% 144% *145
38
64
Jan 20
77%
27%May 21
35%
120 May 8 *135
75
4738 Jan 17
3U2 Apr 30
384 Jan 6
9% Mar
60% Mar
Dec
21% Nov
x85
Aug
Oct
83
36%
1
125
Mar
83%
10%
79%
36%
303gMay
Feb 17
Dec
l* Apr 24
8
16
2
8
11
36
2
6
6
15%
17
127
May
6
36
31%
105
15
Aug
39% De0
Jan
Feb
30
36%
20%
Feb
-
17
5
111% Apr 21
3834 Feb 17
Nov
3%
Feb
50
16
31%
47% Mar
10912 Apr 30
24% Apr 30
6
2% Mar
48
2%
3534
19
3
35%
36%
28%
9
2
3
15%
*27
Jan 11
Jan
H84 Mar
Jan
35%
35%
17
6
Jan
1534
83%
94%
278
3%
3%
Feb 11
Dec
Nov
Feb
14
16%
278
*3%
3%
*16%
Apr 22
13%
85%
1478
40%
July
%
^16% Mar
28% Mar
16
Apr
106% Mar
13% May
84% Apr
44% Nov
19
*28%
9%
11378
33%
10484
48%
29%
Feb
2
1
No par
*334
26%
93%
6
Conv pref series A...No par
38
9%
94%
578 Mar
4% Feb
25% Mar
Jan
19% Dec
384 Mar
$7 pref class A
37
93
4
Feb 28
Nov
14
Apr
Apr
50
*35
2584
12% Mar
Jan
-
31
49
16%
54
*26%
*47
20%
9034
40
6
*28%
7%
1978
9034
8
48
6
50
7
16
May
7
Mar
31
37
1
34
6
Feb
Mar
*28%
*37
i *8%
4% Jan
Dec
5% Mar
*26%
32
106
4
115
92
25
55
Jan
97
49% Feb 14
Nov
55% Nov
7% D6c
Mar
50
16
106%
5%
834
Jan
4
101
6
50
% Mar
31
37
106
5
110
2:2478 Jan 2
100i2 Feb 26
40
Apr 30
25l2Mar21
Apr
17
Dec
8% Nov
May
2
*28%
40
2
2
15
134
Feb
Mar
Aug
Mar
Mar
Mar
Feb
Mar
*26%
37
978
2i2 Jan
20i2 Jan 9
38
Apr 30
2014 Jan 27
14%
15%
4%
7%
8%
634
69%
10%
share
58«4 Nov
78 Jan
178 Aug
66
Sept
Mar
50
1 1534
183%
ft
3
9
14
31
32
83%
Jan
Apr
41% Mar 25
25
Apr 3
5234 Jan
12534 Jan
1% Mar
*28%
4 *38
f
84
40i2 Apr 30
6978 Mar 30
738 Jan 9
3
Apr 28
155
Mar
*26%
63%
62%
*121% 125
*116
2%
30
I834 Apr 30
Highest
per
% Mar
% Apr
50
119
*107%
12212 Jan 7
315s Feb 24
39
32
6334
119
8I2 Apr 29
3434 Jan 7
584 Mar 25
18% Mar 25
5378 Apr 8
3434 Feb
Gen Ital Edison Elec Corp
*6334 65
ill834 11834
t
284 Jan 10
4
8
8% Mar 19
3
63
5
7% preferred
36%
38%
2%
438 Jan
1084 Apr 28
2
36%
38%
145
Jan 15
15% Mar
4078 Jan
7
22
No par
General Cable
24%
*80%
56%
69
Jan
4214 Apr 30
General Bronze
9%
Jan 10
Apr 24
5
General Baking
7%
Feb 15
—5
....10
General Asphalt
1,700
8,200
934
2458
9%
—No par
Gen Amer Trans Corp
2,000
11%
8
*7%
*
Preferred
47%
25%
r
„
1
w w
104
6%
12
11%
*11%
834
9%
8%
8%
*103% 104
*10338 104
48%
46% 47%
463s 47
25
25
25%
24%
24%
11%
11%
11%
11%
11%
149
*145
149
14978 *145
8
8%
7%
7%
7%
10
10
10%
10%
9%
26
24
25% *24
2434
81
80
80
77%
79%
56%
56%
56%
56%
56%
145% *140
145% *140
145%
37%
35%
36%
35% 36%
3878
38%
38%
38% 38%
2
2
2%
2%
Fourth Nat Invest
F'kin Simon & Co Inc
62%
9%
*26%
*28%
*29%
*30%
31
*64
103
4778
25%
11%
14978
31
30%
19
'mMay
Rights—
*32
68
17% Feb 21
3
1134 Jan
1,060
1334
*140
7%
Jan
12
48
4
5U Apr
29
13%
7
65
5
4634
3
Jan
48
par
5
300
6
Feb
par
3%
*5%
*284
28
...
37g Feb
69
134
par
Eureka Vacuum Cleaner
20
7%
Second preferred
Erie & Pittsburgh
5
45i2 Jan 14
Evans Products Co
37
*26%
Firt preferred—
7
1% Feb
par
100
Erie
55% Jan
2
1*2 Jan 4
62% Jan;31
Apr 29
1,300
20
7%
preferred
85)4 preferred
2
125
7l2 Jan
Lowest
$ per share $
15% Apr 17
71% Apr 13
75
Apr 13
78
Apr 27
7% Feb 21
Engineers Public Serv-.No par
$5 conv
44%May
% Jan
4,200
36%
28
50
$ per share
13%
20
*9
.50
100
Preferred
Highest
§ per share
31%
6%
13%
3034
36%
9
6% part preferred
Endicott-Johnson Corp
No
800
No
$6 preferred
200
No
1,700 Equipable Office Bldg.No
66
70%
12%
18%
13%
*12%
800
*70
•
13%
33%
534
31%
Elec Storage
134
64%
'
Battery.-No par
1,900
1%
66%
1%
Lowest
Par
5,800
4,800
45%
%
*%
Range for Previous
Year 1935
EXCHANGE
the
64%
45%
%
1%
*64
125% 125%
*12
12%
69
74%
578
12%
13
47%
%
1%
66%
58
63%
63%
74%
6%
13%
1834
46%
12%
*12
69
*73%
13
126
*66
*66
12%
*18%
67
126
67
*12584 126
*12584 126
13
13
1284
1234
*65
65% *63% 65%
*6%
%
1%
$ per share
Range Since Jan. 1
On Basis of 100-share Lots
Sales
Thursday
May 21
May 20
May 19
$ per share
46
46%
4634
4634
Wednesday
STOCKS
NEW YORK STOCK
Saturday
Mar
6
12
Mar
118
Mar
6
48
Mar
34
May 6
36% Jan 16
11% Apr 6
21% Feb 4
119
Feb
8
105% Mar 18
4158 Apr
126
1
Apr 23
16% Mar 25
115
9
Jan
9
Mar
5
140
50
May
Dec
Dec
74% Nov
234 May
43% May
11% Dec
34%
Dec
33% Nov
108
Dec
21%
Jan
30»4
Dec
30
Jan
35
Dec
4
Mar
8
6% Apr
Oct
14% Nov
Jan
112
Dec
100% Sept
105
Nov
63
16
Mar
9984
Jan
5%
Feb
81
Feb
158 Mar
3038 Deo
121
14%
Deo
Dec
113% Dec
6% Oct
Volume
HIGH
New York Stock Record—'Continued—Page 6
142
AND
LOW
SALE
PRICES—PER
STOCKS
Sales
SHARE, NOT PER CENT
Thursday
Friday
May 19
May 21
May 22
$ per share
$ per share
$ per share
$ per share
122
*116
Shares
May 18
$ per share
118
118
$ per share
*115
*118% 122
122
122
*115
*115
121
*116
118% *11534 118% *11534 118% *11534 117% *11534 125
*11534 125
*151
163
*151
*71
*113
*26%
*87
130
75
*71%
117%
*113
33%
3358
33%
105s
1034
1034
163
*151
*
163
*151
*151
163
163
163
27
27
26
26
26%
26%
26%
90
*87
*86%
89%
89%
89%
89%
*128% 130
*128% 129% *128% 129%
*128% 130
*73
*73
74%
*73
*73
74%
74%
74%
747g
27
26%
*87
89%
130
117% *113
33
3438
114%
114% *113
114% *113
33
34
34
3334
33%
114
114
34%
3434
*111% 114
*111% 114
*450
*456
*450
*403s
23%
*76
8%
5138
3%
*11%
15
*2%
19%
35
480
4034
23%
z477
484
40%
24%
74%
75
834
78
4034
24
9
9
52
51%
4
*3%
*10
145g
15%
258
1434
20%
20
*40%
22%
*74%
8%
51%
*334
*9%
52%
4%
11%
15
2%
14%
2%
2%
19%
20%
34
477
40%
2234
*7438
4%
14%
2%
19%
32%
32%
*61%
*11%
62
62
63
12
11%
11%
*10%
11%
10%
26%
10%
27%
*131
92
91%
10%
10%
10%
6%
7
*5%
35
*5%
12%
7
5%
12%
3%
3%
3%
10%
3%
30%
3%
*28%
168
166% 166%
*614
6
*5%
33%
3%
*2%
34%
3%
10%
10%
3%
Apr 29
119
.5
2%
2%
7,000
19%
19%
7,900
Hupp Motor Car Corp
Illinois Central
*112
114
_
*131
No par
62%
210
500
92
2,700
Inland Steel
10
4,200
Inspiration Cons Copper
*5%
6
200
12
12%
13%
7%
*6%
*5
534
*2%
10%
440
Internat Rys of Cent Am.. 100
20
Inc
9
19U Jan
9
No par
212 Jan
No par
Intercont'l Rubber
10%
4,000
Interlake Iron
3%
3,900
Internat Agricul
26%
*26
27%
200
800
Jan
100
Certificates
Preferred
3
168% 169
46%
84%
8434
*150
3
5%
46%
*127
46%
84
*
153
""3%
3%
5
5%
47
46%
5
5
2%
1%
25
*38
*109
2
2
*2%
1%
24%
25%
23%
39
38
109% 109% *109
39
No par
_.-2Vo par
Prior preferred
100
Int Business Machines-No par
21%
27%
*113
*70%
95
125
*
15234 15234
200
3%
2,300
3%
5
284
2
5
46%
*37
40
109
109
*23
25
*37
37
38
37
*109% 109% *109% 109%
25
*23
25
*23%
1384
13%
13%
13%
13%
23,400
11
11
*11
11%
11
11%
11%
11%
1,600
*87
88
*87
87%
1978
87%
87%
87%
87%
20
20
20
20%
1,400
Intertype Corp
1,800
Island Creek Coal
II84
88
54%
14%
11%
*86l-»
88
21
21%
27%
27%
120
117
71
*
118
19%
20%
27%
118
27
27
27%
*113
*113
4718 Jan
15
Apr 29
*53%
52%May
*20
27
26%
26%
80
-i—. *113
125
*
70
700
94
4,800
125
*123
125
*123
125
*123
125
60
153
92%
98%
125
153
"
70
70%
95
125
*26%
28%
118
70%
95%
125
20
21%
53%
100
*
153
*
153
*
153
6934
70%
94%
91
*70
6934
92%
92%
70
71
94
93%
20
79l"4
80
35
91
35
2134
96
1934
21
95%
*91%
37
37%
"77%
19%
*30%
20%
'
37%
*18%
19
18%
19%
19
20%
19%
2034
79%
20
19%
*91%
*91%
35%
187g
95%
36%
19
35%
85
85
85
90
20%
20%
21
*20
18%
1934
18%
20
*91%
95%
367g
36%
19
77
TO
19%
1934
*25%
*3%
27%
4%
27%
*26
27
*26
4%
4
4
4
32
36
32%
32
32
21%
21%
20%
32%
21%
21
187g
4
*31
*25%
*3%
*30%
21%
213s
104% 104% *104
104%
6
*5%
*5%
5%
104% 104%
5%
5%
1834
*26
27%
*77
80
*77
80
78
70
70
*58
71
*58
70%
*60
70
*58
23
23
22%
22%
2234
2234
23%
34%
20%
8%
23%
35
20%
8%
13%
17%
97%
938
2%
11%
95%
2034
8%
13
13%
18%
*18
*95
2234
2234
22
22
*26
35
35
*61
6934
2234
2234
70
20%
8%
12%
173i
20%
20%
20%
1,600
8%
*8%
8%
400
*28
39
39
3634
46%
3634
47%
29
*93
1434
95%
1484
40%
*26%
47%
39
39
39
39
36%
34%
45%
35
34%
34%
47%
47%
*107% 1075s *107% 107%
6
*41%
2%
6
*41%
*144
114
108
2238
14634
31
47%
107
*214
5%
41%
41%
6
42%
107
42%
2%
6
27%
40
39%
*3534
23s
*26%
2%
107
108
22% 22%
14634 14634
29
22%
147
27%
*20%
6
107
22%
157
10%
5,000
*107
22%
*144
28%
27%
112%
22%
147
2934
30%
41
42
40%
40%
12%
12%
39%
2%
13%
30%
42%
1334
*1234
40%
40%
40%
13%
40%
2%
258
12%
1338
*2%
13%
13%
3
39%
2%
13%
41
*12%
40
*2
12%
100
50
No par
50
Preferred
(The).—No par
5
Liggett & Myers Tobacco—25
25
Series B
100
Preferred
19
257g Jan
*39%
234
12%
40%
234
13
No par
34
47
7,300
Loew's Inc
No par
7
Apr 29
43
300
130
22
22
4,100
*144
147
30
800
600
10
40%
300
800
234
800
13%
680
25
Dec
4234
Dec
110
Dec
Dec
36% May
42% Mar
49% Nov
2312 Jan 30
16
July
28
67
Jan 30
5658 Dec
78
Oct
19% Feb 17
5% Mar
14
Dec
14% Mar 2
8878 Jan 18
22% Apr 2
87S May
70% June
16% Sept
90
Aug
29% Feb 19
24%
Feb 24
77i2 Feb
5
Feb 21
126% Feb 24
90% Feb 21
6
21% Mar
3
33% Feb 25
91% Mar 10
283s Jan 2
2478 Jan 2
2558Mar 20
9134 Feb 11
4158 Apr 14
1934May 18
6% Mar
Oct
Jan
16
Nov
36*
Jan
110
Jan
120% Apr
49
Mar
37
Aug
99% Nov
126% Dec
38% Mar
117% Mar
Feb
50
Apr
Feb
130
93
34
Mar
6
Jan
3% Mar
No par
Preferred
No par
Loft Inc
Long Bell Lumber A—No par
Loose-Wiles Biscuit
25
100
5% preferred
10
Lorillard (P) Co
7% preferred
100
t Louisiana Oil pref
100
Louisville Gas & El A..No par
Louisville & Nashville
100
Ludlum Steel
MacAndrews & Forbes
100
6% preferred
.—No par
Macy (R H)
Madison Sq Gar v t
...
10
4
Apr 21
10412 Feb 28
2
Apr 23
338 Jan 2
40i2Mar 13
107
May 19
2118 Apr 28
Nov
10% Aug
18%
84
96
Mar
21
25% Jan 2
11038 Feb 10
25s
Mar
Oct
Mar
1984 Mar
103% Apr
113
Dec
Apr
May
Jan
80
Oct
56% Apr
22% May
80
Nov
27% Dec
Jan
8
6
7
16% Mar 17
Mar 24
23
4
1578 Apr 27
42% Apr 28
63% Mar 6
11% Jan 6
31% Jan 29
Jan 16
116% Jan 15
Feb 28
23% Feb
Apr
5
44%
5478
108%
3%
83s
Mar 24
45
Jan 17
6
8
Jan 15
Feb 11
Jan
11278 April
26% Jan 27
Jan 30
39
May 22
23% Jan 28
77% Apr
May
8% Mar
1058 Mar
32% Aug
46
Aug
28%
Jan
9
Jan
14% Dec
173s Jan
Mar
1% Mar
5% May
10034 Apr
165
5
5
1638 Feb
115
Mar
19% Mar
Oct
6% Nov
9
Feb
4
Jan
Dec
2734 Nov
2
May
Jan
Nov
42
20
6
2
2
Dec
3
678 Mar
151
Jan
6%
41
Jan
July
81% Apr 23
77% Jan 3
3
Apr 30
Jan 2
Oct
90% Oct
31% Nov
28% Nov
10
8
Jan
4018
8%
34i2
1%
714
Dec
23
Jan
13
9
Dec
43
7
2738 Jan 30
14%
22
29% Apr 24
73s Jan 8
Jan
127i2 Jan
Dec
303g
142
5712 Jan 2
22% Apr 28
35 May 14
,
120%
1384 Mar
May
Liquid Carbonic
*2
29% Feb 27
53i2 Feb 21
5078 Feb 19
1,800
40
Feb 10
39% Feb 21
1.000
*1134
111
2
34%
13%
Mar 26
May 12
39%
*13
44
37
Co Inc.--No par
c..No par
Magma Copper
10
J Manati Sugar
100
Preferred100
13%
28%
8
No par
3,100
41%
13
Mar 16
Lily Tulip Cup Corp—No par
42
41%
13%
7
9734 Mar 13
162i2 Feb
Lima Locomot Works.-No par
41%
29%
234
97
2
May 19
May
100
Mack Trucks Inc.
41%
4
20c
3,000
12%
7
39%
34%
*128%
29%
Dec
4% Mar
21% Jan
98% Jan
36% Feb
143s Mar
2
25
29%
36%
29
Dec
238
102% Apr
Jan
Libbey Owens Ford Gl.No par
Link Belt Co
*35
Dec
3%
3gMay
2
May 11
Libby McNeill & Libby No par
Life Savers Corp
5
29
2334
*128%
40
12
3,600
3,400
36%
89
4,800
No par
24%
36%
2234
*35%
5
38 July
30
30
30
958 Apr 29
38%May
4714 Jan
Lerner Stores Corp
65
23%
42
13
23%
65
23%
*2934
12i8May
15i2 Apr
94% Apr
8i2 Jan
2is Apr
65
65
2434
*13%
5
65
66
35%
35% 35%
128% 128% *128%
2934
2834
29%
2
65
21%
65
24
*
718 Jan
1,300
25%
—
No par
Lehman Corp
112%
1% Mar
10% Apr
Lane Bryant
Lehn & Fink Prod Corp
*106
8
19% Apr 29
22
66%
—
22%
Mar 16
No par
900
1,600
Dec
6%
Maris
12
2,600
200
65% Nov
154
3% Feb 10
2138
21%
25
35%
108
147
7% Feb
2684 Feb
2,100
1,000
Jan
12378 July
3378 Jan 31
47% Jan 31
1434
1,900
22%
2
34U Apr 28
21%
66%
..
22
Oct
47% Dec
130% Nov
54% Feb 19
129i2Mar
20i2 Apr 27
21%
*20%
35%
*128%
108
178 June
100
4634
47
*144
66
5% preferred
Lambert Co (The)
2,490
25
-
34%
38%
434 Aug
Feb 21
8
28
39
68%
-
34%
1% Mar
2238 Apr 30
95
30
8
Jan
Kroger Groc & Bak
No par
Lacelde Gas Lt Co St Louis 100
35%
21%
—
No pai
Kress (SH)&Co
36
*65
35%
74% Feb 26
Preferred
32%
*20%
35%
*12838
100
Co
40%
54%
700
7
3V8May 11
30
7% preferred
Kresge Dept Stores ...No par
(S S)
14%
*27
7
10
100
Kresge
32%
21%
21%
25
27%
28I4 Jan
Apr 28
2012 Apr 28
103i2Mar 16
4% Apr 29
No par
Preferred
40%
47%
46%
10734 10734 *106% 10784 *106% 107%
2%
2%
2%
2%
2%
2%
5%
5%
5%
5%
5%
5%
42
*41%
41%
41%
41%
*40%
29%
21%
29%
27%
38%
2
Feb 28
1834May 20
Lehigh Valley Coal
40%
1434 Jan
87
18i2 Jan
4% conv preferred
Lehigh Valley RR
94
7
May 20
183sMay 20
No par
1,300
9534
1434
Jan
20
No par
6,300
40%
80
Kinney Co
2%
14%
13
Keystone Steel & W Co No par
9%
40%
28
No par
97%
55
53
53%
55
53
54%
53%
55%
56%
56%
55%
7
7%
7%
7%
7
7%
7%
7%
7%
7%
7%
734
27
27
27
27
2684
26%
26%
*25%
27% *26%
27%
26%
*106
108
108
308
*106
10734 *106
*106% 108% *105
108% *105
108
108
108
108
108
108
106% 108
107% 108%
107% 108
*160% 164
*160% 164
*160% 164
*160% 168
*160% 168
*160% 167
21
21
*20
20%
*20
20%
*20
*20
20%
21%
21%
*20%
29
No par
2%
15
95
1
Class B
Kelvinator Corp
9%
40%
5i2 Jan
135
30
97%
*10
36% Nov
7
3
Jan
23g
10%
2278 Mar
34% Mar
89i2 Apr
Apr
160
1534
9%
10%
Nov
20% Nov
97%
10%
8
Feb
Lehigh Portland Cement—25
10%
Jan
Dec
7%
1,100
2%
4234
190%
658 Mar
1,500
80
Jan
June
149% Jan
35s Mar
2
17%
2%
Dec
5
Mar 24
1234
"9%
*
26
Jan
1338
39
*12%
2%
4% Mar
258 July
26
*16%
9
Dec
3
2
1784
96
Jan
20%
1% May
2
1234
9
Mar 23
5
9% May
Jan
.100
Lee Rubber & Tire
96
95
3,600
60
17
40%
100
37%
13
*93%
14%
20
2734
17
9634
400
*28
13
95%
23
70
*21
18
10%
15
6934
1234
10%
41%
80
17%
12io
15
*76
1234
11
41%
78
4,300
35
*734
*9
20
23%
8%
*95
3434
21
41
Oct
Deo
235s Sept
438 Jan
1914 Jan
100
City Southern
Kimberly-Clark
*27
*7%
2%
15
20%
Oct
Oct
884 Mar
130
May 13
*22
8%
2%
42
21
*31
7%
134
129
5
27
400
Nov
83s
2
5812 Jan 18
May 7
88
12134 Feb
5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wheel conv cl A1
2,500
108
Feb
Mar
2%
14
14
14
14
4
5% Mar 11
123
Kayser (J) & Co
4%
46% Mar
115% Mar
384 Mar
37%
*3%
2
1,600
23,100
July
Apr
Apr
Kennecott Copper
19
2
Jan
3,600
27%
130
121
Kendall Co pt pf ser A .No par
18%
Jan
4
185% Apr 11
Oct
Nov
7% Jan 18
1878 Jan 11
8% Feb
6% Feb
3658 Feb
5% Feb
1534Mar
Dec
121
Jan 11
1,100
36%
114i2 Feb 20
1334 Apr 13
Dec
May 22
8,100
*26
60% Mar
15
5%
3638
77
95%
19
Jan
15
Jan 27
110
Mar
Feb 14
26l2May 22
113
Apr 29
17
1,500
9% Mar
Apr
118
19
37
17% Oct
3% Jan
22% Dec
38% Dec
59% Dec
Steel pref. .100
20%
27%
6% Mar
84 Apr
Dec
City P & L pf ser B No par
Jones & Laugh
Preferred
35
20%
No par
...—100
Preferred
82
Kaufmann Dept Stores S12.50
2234
20%
...No par
Jewel Tea Inc
12i8 Apr 30
1038 Apr 30
Kansas
22
20%
1
6
2,100
22
20%
97%
9%
2%
97%
9%
9%
2%
22%
>
Johns-Manville
Kan
2234
*26%
Preferred
19%
104% 104% *104% 104% *104% 104%
6
6
*5%
5%
5%
*5%
80
1
19
3434
*77
No par
*91%
*31%
79
100
Preferred
19%
19
4
79
No par
Interstate Dept Stores-No par
95%
4
21
91
2034
Dec
6
Joliet & Ch RR Co 7% gtd 100
250
*114% 120
21%
*86
2058
"79"
79%
120
*32
*18%
2238
No par
Apr 28
100
85
*108
23
7% preferred
Inter Telep & Teleg
21
*2%
No par
International Shoe
86
*27%
International Salt
International Silver
21
14%
100
60
85
95%
Preferred
par
100
90
*41
Corp..No
600
2134
*11
Int Printing Ink
16
22%
2%
20C
100
55
*21
938
Preferred—
13%
53%
13%
11%
14
15%
28
*95
1,300
6,800
158 Jan
2012 Apr 30
37 May 22
10*
Apr 27
49
49
55
20%
8%
13%
175s
2U Jan
No par
*14%
49
28%
20%
No par
40
1384
4% Mar
2% Mar
23% May
4
Class B
Class C
55
28%
*28
Inter Pap & Pow cl A. .No par
48%
20
21%
100
*15%
*53%
13%
28%
76
Preferred
16
20
37%
Int Nickel of Canada..No par
49
*28%
*86%
*91
4% Jan 2
43i4May 8
12514 Feb 6
334 Apr 30
*15%
53%
13%
54%
5658 Jan
300
400
6% Mar
49% Mar 24
3512 Jan
Int Mercantile Marine.No par
*48%
15%
*53%
Apr 28
234 Apr 30
48%
16%
*48%
2634May 14
160
25
Int Hydro-El Sys cl A
48%
16%
2
9% Apr 30
3
May 21
14812 Jan 23
*1534
48%
3
100
16%
*114% 120
*114%
*21
21%
20%
20
1,000
No par
Preferred
48%
"77% 77% "77" 77
77%
*118
120
120
*118
*118% 120
20
20%
20%
20%
20%
19%
19%
*31
*31
*31
32%
33%
33%
33%
21
21
21
2078
207g
20%
20%
28
28
27%
27%
2734
27%
2734
*32
300
Internat Harvester
25
153
*79%
2,400
24,500
Jan
6
1
International Cement.-No par
*23
48%
*86
12,300
25
*15%
*11%
5,900
84%
25
25
13%
478
109%
*38%
109%
5
4538
24%
38%
1%
2%
4534
8234
*4%
5%
4 684
4534
45%
46%
128% 128% *127% 129% *127% 129%
*4
4%
4%
4%
*4%
4%
234
*2%
2%
234
234
*2%
1%
1%
134
1%
*134
1%
24
24
24%
24%
23%
23%
5
46%
128% 128%
438
4%
5
*2%
2534
25
*53
5
45%
5%
47
128% *127% 128%
5
2%
45%
45
45%
4438
46%
4534
44%
82%
82%
83%
81%
81% 83%
152% 152% *151% 15234 *151% 1O234
3
3
3%
2%
3%
3%
47%
84%
152%
3%
6
ID2 Apr 30
334 Jan 7
3%
169
618 Jan
t Interboro Rap Tr v t C--100
200
10%
9034May 19
1,300
650
3
20
5i2May 13
Ctfs
NX
5%
234
I8I4 Feb 24
13% Apr 17
34% Apr 7
147
7
Feb
Jan 23
109
1
33
3
No par
Insuranshares
2
25%May 21
106 May 12
"Nov
73
6038
11
May 12
31%X Dec
Jan
15
No par
100
90%
9%
Jan
1% Mar
40
Ingersoll Rand
6
33
43
Feb 19
No par
10%
7
49
Feb 18
Industrial Rayon
90%
534
34%
Apr 17
12U Jan 15
100
97g
6%
75
70
418 Jan
Jan
Dec
Dec
45
10
11
2238
July
6
Jan
30»4 Dec
495
58
Jan
118
'-42
314 Feb 19
2878 Feb 19
1
Jan
July
Feb
5778 Feb 19
578
8134
3078 Mar
6% Mar
338
Apr 30
RR Sec ctfs series A
9078
*5%,
8
4
185s Apr 30
Indian Refining
Preferred
•
19% Dec
100
Leased lines
115
658 Mar
31
10
Internat Carriers Ltd
46%
Feb
Mar
Jan
584 Mar
36% Dec
1
44U Feb 20
33
104
100
6% pref series A
6,200
13%May
5
73% Apr
.100
32
800
25%
3%
*26
28%
168% *167
544
Apr
2
100
Hudson Motor Car
25%
3
112
1934 Mar
Manhattan
5,000
25%
278
Feb 17
4
Hudson &
No par
14%
14%
2634
10%
19U Jan 13
Feb
4478 Feb 19
12
Apr 6
36 May 13
17% Feb
—
Class B
Preferred
10
\
2
2
11
900
33$>
Jan
*10
400
13
12
9
Jan 13
3% Apr 30
8*2 Apr 27
8%
10
*5%
3018 Jan
„
40
10
7
168
113
No par
Hollander & Sons (A)
470
*11%
534
*26%
No par
Conv preferred
Holland Furnace
par
10
10%
3%
27
28%
166% 167
3%
30%
168
7
80
100
13
6%
35
May 12
Houdallle-Hershey cl A No
10
12%
10%
3%
1034
*2884
*5%
12%
5%
12%
Dec
74
Homestake Mining
62%
978
*6%
*5%
3%
105s
3%
934
10%
Oct
131
No par
100
65
"oT
91
91%
90
Feb
100
2%
*131
*131
Jan
Mar
Jctn 30
600
19%
113
11
71
122
Jan 23
128
300
6,500
*28%
*112% 115
3534 Jan 2
105i2 Feb 17
135
Apr 17
84
100
108
32
27
34%
*2%
36
10%
,
9%
7%
5%
5%
35
115
27
June
No par
Holly Sugar Corp.-.-.iVo par
7% pref
100
4,600
*29%
*62%
*11%
10%
162
4
14%
19
13
*11%
10%
11%
14%
2%
62
90
12%
,7
534
35
62
115
92"
10%
6%
1234
63
Jan
4
75
8%
51%
*9
32
*131
91%
*5%
*28
*62
13
*11%
1034
10%
27
27%
27%
26%
115
115
*112% 117
31
142%
4834 Jan 21
*74%
8%
4
31
Deo
June
163i2Mar 24
5
74%
52
2%
1934
120
141
Hershey Chocolate
300
share
Jan
Jan
Household Fin partic pf
50
Houston Oil of Tex v t c new 25
74%
'
1484
No pai
cum
per
85
preferred
$7
Highest
$ per share $
127
Jan 27
Howe Sound Co
24
*334
Hercules Motors
156U Jan 27
25iz Apr 30
141
5,100
40%
23%
4%
11%
100
May 14
2,400
40
24%
8%
117
52
485
40%
51%
25
$ per share
133
Mar 6
Apr 28
Apr 22
22^May 4
6514 Jan 14
63s Jan 7
*450
485
23%
*40
52
14%
2%
19%
32
*125s
7434
8%
*9
11%
*450
40%
2334
8%
51%
*334
52
31%
*131
485
*40
23%
75%
8%
25
Helme (GW)
Preferred
Hercules Powder
10
300
*10%
Hazel-Atlas Glass Co
$ per share
115 May 8
100
2,400
*111% 114
*34%
10%
Par
Lowest
Highest
Lowest
700
34%
33%
10%
10%
*10%
*10%
10%
33
33
3234
33%
3234
3378
*111% 112
*111% 112
*111% 112
*10%
32%
1034
100
------
Year 1935
On Basis of 100-share Lots
Week
May 16
*26%
27%
*87
89%
*128% 129
EXCHANGE
Wednesday
May 20
Tuesday
*151
NEW YORK STOCK
the
Monday
Range for Previous
Range Since Jan. 1
for
Saturday
3465
11% Jan
3% Aug
1534 Nov
67% Mar
10% Oct
9534 Nov
17% Jan
21% Mar
638 Sept
49%
21
Mar
94% Apr
9334 Apr
151% Jan
15% Oct
13% Mar
17% Mar
24% Mar
31%
Feb
102
Feb
1
Mar
Oct
1038 NOV
2958 Nov
120
122
Aug
Aug
167% May
2834 Nov
2758 Nov
43
37%
Oct
Dec
55% Nov
10834 Oct
258
Oct
1% Mar
438 Dec
33
Apr
4158 July
112
Dec
10734 Nov
18% Mar
26% Nov
124
Apr zl49% Dec
15
Dec
4% June
23
1038 Mar
Aug
34
Mar
64
Dec
35
Feb 19
1234 Mar
26
Sept
42
Jan 21
3778 Nov
46
Feb
130
May
9
130% Mar 16
37
Apr 6
49% Mar 4
14% Apr 18
42
Feb
185g June
30% Apr
5%
Jan
Jan
7
185s
78
Feb
7
4
Jan
Feb 17
37g Feb
17% Feb
113
3034
Dec
57% Nov
11% Dec
3784 Dec
2% May
10
May
New York Stock Record—Continued—Page 7
3466
HIGH
LOW
AND
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
STOCKS
NEW
for
Saturday
Monday
May 16
May 18
Tuesday
May 19
$ per share
$ per share
$ per share
Wednesday
May 20
May 22
$ per share
$ per share
*8
10
*8
10
41
*35
41
*35
40
*35
41
I7I4
*1534
1714
16
16
*18
19
*18
19
18
18
4i8
218
*514
8
*22
44
*1558
16
3i8
8%
*155
378
3%
4
4
834
834
*1%
8%
2%
834
1%
834
2i8
8%
178
8
*534
8
20
46i4
1634
16%
4934
437s
*42
15
15%
758
29%
7%
29%
*155
21%
*2%
234
43%
15%
*7%
29%
159
15%
1734
*155
*534
*22
*2%
*42
29%
29
159
*155
16%
1658
49
49
*49
51%
50
*45
50
*45
50
4534
*17%
15%
*7%
*4584
46
15%
15%
8%
4614
16i2
5018
*45
____
*20
*212
30
159
21%
234
*42
3'8
*155
50
*46
23
43i2
1578
838
4614
50
178
*512
8
30
159
46l4
*163s
37s
9
*758
8%
2934
2958
934
40
334
*512
*2H8
*2I2
43l2
15i2
23
*2l2
*43i2
9%
*35
15%
1784
3%
*178
9
*178
914
334
834
4'8
87s
*8i8
Range Since Jan. 1
STOCK
Shares
*1534
9l2
YORK
4534
*4584
16
16
*16
15%
19
1%
8
22%
234
43%
15%
8%
29%
Friday
*8%
38
16%
*1734
*334
834
1%
*5%
22
2%
Man del Bros
Maracaibo Oil Explor
1
Marine Midland Corp (Del) .5
Market Street Ry
..100
1%
50
100
15%
4,100
*7%
29%
8%
200
46
50
*45
Martin-Parry Corp
100
May Department Stores
10
*105
107
*105
*69
6934
734
*712
107
*105
107
105
70
70
70
69
69'
*634
7%
57%
6984
7U
7
712
*54
59
*54
57
*36
36i2
45l2
*36
7%
54
50
3638
36
4714
9i2
934
1978
3812
20
1912
38i2
4584
8%
1858
4634
10
*50%
*3258
46%
36
46%
934
45l2
39
*125
8%
2,500
3,200
*94
*71
7134
*106l2 10738
9
9i8
*02
63i2
*12
&8
*112
*258
1&8
3I2
378
1834
*314
1834
77s
8
2078
21
*234
278
458
434
*2H2
8312
2516
4H4
*4514
*6614
1
22l2
8434
27J6
42
47
67l2
Us
*94
70
36
*32%
9
*94
2234
223s
81
79
83
*6684
1
8034
4038
2
46
45%
6734
*66%
1
n8
22
2',6
4158
178
40%
*45i4
46i2
6734
22
8034
214
42%
2',6
41l2
*4514
22
2H2
*66%
1%
1%
3018
30i2
*29
30
29%
1934
1914
123s
1912
1212
*1858
*1158
19
13
1234
183s
*11%
*12
1234
12i2
1258
*1134
12%
*1134
12
*73
75
7434
*73
75
72
73
*73
17U
*22l2
13l2
26i8
47
47
103
103
68%
107
8%
17l2
23l4
14
9
3%
3%
*2%
3%
*3%
*17%
18
7%
234
4%
22
80%
81%
2
23,6
41%
3%
mm*—
22%
80%
40%
*45%
*66%
6734
6734
1
1
1
*29
30
*45%
29
10,000
2%6 115,700
47,000
Jan
4,900
1,300
2,200
Mother Lode Coalition.No par
Motor Products Corp..No par
84 Jan
29
Mull ins Mfg Co class A...7.50
19
200
11%
*1134
73%
12%
73%
600
25
46
17
17%
17%
23
21%
13%
*958
22
21%
21%
22%
1538
15
*46
160
160
*145
160
*140
142
*141
142
*140% 142
IOI4
*1
1034
1%
*12
5S
10l2
*Hs
*12
10
1078
.
*Ds
134
*1%
58
58
%
%
%
60%
34%
58%
34
34
97
95%
8%
95%
60
60
60i2
59
35
35
98
9712
8I2
IH4
9712
37l2
44i8
38
34l2
96l2
*8%
11%
36%
*812
IH4
1112
38
*44
44%
812
1134
8%
8,400
220
26
*24
53 I4
52
5378
414
53
53
49%
*4%
*10%
4i2
414
3438
5%
*4%
2,200
800
3i2
334
*3i8
10i4
IOI4
5714
5714
91
*90i2
*10114 102
134
*138
*228
235
8l2
*4i2
*234
8
8l2
5
*2i2
4
1012
10%
5714
58
8%
4%
334
4%
*234
*2%
1012
3l2
4
10%
*57
91
91
102
58
90
102
102
134
*1%
235
*230
9034
102
*138
*232
8 4
10%
*1%
%
1%
*1%
*%
*98
*2%
*20
134
235
♦4978
*98
60
2784
2~8%
26%
53
5212
52%
*52%
234
53
*20
25%
3
1334
50l4
3
*20
1314
50
For footnotes
3
25l2
1358
50%
see
page
100
153
21
No par
21
4,000
7% pref class A
100
7% pref class B
100
t Nat Depart Stores..No par
9,000
Nat Distil Prod
100
No par
Nat Enam & Stamplng.No par
National Lead
10
15,400
100
Preferred B
100
National Pow & Lt.__.No par
Nat Rys of Mex 1st 4% pf 100
10,400
2d preferred
1,900
100
58%
58%
58
58
3,200
National Steel Corp
34%
34%
35
1,900
9734
8%
98
98
800
National Supply of Del
Preferred.
...100
National Tea Co
No par
500
9
*43%
*106
38"
9%
9%
3734
3734
*30
38
27%
234
1258
13%
48
48
3460.
_
9%
1,700
38%
600
3334
34%
51,300
26
26
9%
38%
34%
33%
3434
26
26
26%
49%
434
52
52%
434
50%
51%
25
25
*4%
5%
40
*4%
3
98
3%
734
8
484
3%
4%
4%
734
*4%
3%
*3
4
*2%
*234
4
*57
*2%
10%
58
90%
1%
1%
3%
10%
*2%
10%
232
98
11%
132
8
8
*102
*4%
1034
1034
132% 132%
1%
1%
90%
*103
1%
232
57
*89
102
*1%
232
10%
57
90%
102
134
232
*3%
2634
52%
2%
52%
3
2634
*52
*234
Preferred
10%
1,600
200
5
300
3%
4
1,600
10%
100
Mar
2i2 July
57g May
1
July
4
July
4i2 Deo
1734 Deo
683 Nov
16U
3
Feb
4i2
Dec
Jan
Dec
Nov
2184 Mar
417g Dec
4078
Dec
60
Feb
60
65i2 May
Us May
33i* Dec
1538 Deo
Dec
14 Apr
31'4 Dec
718 Mar
914 Aug
9% Aug
62
10U
Oot
1584 Nov
Sept
1314 Mar
8I84 Nov
484 Mar
2138 Nov
Jan
6
N Y Lack a & Western
100
90
tNYHi Hartford
100
3
Apr 24
Conv preferred
100
N Y Ontario & Western... 100
N Y Railways pref
Preferred stamped
No
par
73s Apr 28
4i8 Apr 29
2i| Jan 7
z2% Jan 17
N Y Shipbldg Corp part stk..l
9i2 Apr 27
57 May 21
400
N Y Steam $6 pref
No
40
No par
200
$7 1st preferred
t Norfolk Southern
200
Norfolk & Western
100
210
Adjus 4% pref
100
105
1%
235
28,100
800
10,100
700
».
27
27%
53
52
52
*234
30
3
„
t.
—
2M00
300
600
23
23
23
20
12%
12%
1234
12%
13
47
47
47%
47%
48
49
14,900
2,400
*20
1384
42%
42U
35i2
6314
0ia
17%
Jan 10
91%
1%
43
2
60
*233
105
10%May 16
Jan
7% preferred
North American Co
Preferred
100
par
100
No par
60
North Amer Aviation
1
Norwalk Tire & Rub..No par
Preferred
50
Ohio OH Co
No
par
Oliver Farm Ea new..No
par
Jan
2
Apr
6
9
Mar
Apr 13
Jan 17
Jan 24
Mar 5
Jan 3
36
Mar
Apr
35g July
4
18ia Mar
1214 Mar
Apr 13
4% Mar
Feb 21
Mar 6
6
4
Feb 17
2
4
Feb 28
112
Mar
Mar
4
6
14% Feb 7
7i2 Feb 24
Mar
Mar
5
U May
96
Nov
2%
2
Jan
6
8384
207s
778s
11%
13ig
4184
61%
lli2
107s
3612
2984
6I4
Nov
Aug
Aug
Jan
Dec
Oct
Deo
Deo
Deo
Nov
Deo
% Mar
14 May
6ig Mar
278 Jan 14
84 Aug
June
H4 Dec
99
165|
0i2
384
2%
16i8
5% Feb 24
Deo
1678 Deo
139
55s Oct
258 Mar
Oct
22%May 4
12% Apr 30
24ia Jan 6
148s Aug
U2 Nov
84 Nov
8%
5% Feb 24
15% Mar 13
73ia Feb 6
235
162i2 May
140i2 July
Oct
May
4U Jan 17
46s Jan
34i2 Nov
32i2 July
Deo
June
2
Dec
Dec
Mar
51
Jan
Aug
19
79
2318 Apr 30
6284 Feb 6
0% Jan 6
108
Deo
39
69
2
Nov
Dec
Mar
Jan 31
Jan
3638 Nov
15818
23i2
2218
11314
978 Mar
Feb 17
May 12
47i2 Oct
19i* jan
271* jan
145, Dec
14U Deo
1
55s Feb
*
j8% Mar
7i2 Jan
2II4 June
43i2 Jan
Apr 14
Feb 6
Mar
2U Feb
98
i2 July
14 Mar
40% Mar
90
97% Apr 7
24i8 Jan 2
51% Jan 16
50
100
135
47s Mar
107
Northern Central
Telegraph ...50
Feb 11
•
Mar 17
83
98
Northwestern
5
9312 Apr 23
li4 Apr 21
No Amer Edison pref ..No par
No German Lloyd Amer shs._
Northern Pacific
Jan
11%
13%
3878
59U
2
Apr 21
1
Sept
Jan
75
2
119
*106
1215s
40
2
60
14H2 Mar
131* Mar
127a Mar
108
Sept
150
Mar 17
Mar
108
9
Apr 30
32if Jan 8
4
4i2 Mar
634 Feb
2214 Apr
May
Ha Feb 11
7
4
17<4 Jan
301* Jan
Mar
21
3
Apr 16
27*4 Jan
14
li2 Mar
23i8 May
14% Feb 17
May 20
IOI4 Feb
Apr
305sMay 22
4
41
Feb 28
143
3284 Apr 29
104i2 Apr
6
2
168
6
8%May
Jan 9
Jan 24
Jan
11
15»4 Mar 11
33% Mar 6
57U Apr 29
197b Jan 2
11
Apr 6
Feb 19
Mar 9
30
37% Apr 14
9%May 11
% Jan 8
it Jan 10
74% Jan
Feb 11
111
261* Dec
5
Mar 6
Mar 11
Feb 19
25% Mar
11234 Mar
10
Apr 28
273s Apr 30
288I4 Jan 2
27 May 19
10414 Apr 14
13734 Jan 21
*99% 102%
90%
9
Apr 30
108% Jan 4
107ia Jan 6
140
*57
Jan
Apr 30
No par
}N Y Investors Ino
'
734
100
N Y & Harlem.
1,400
3%
100
New York Dook
50
98
27%
3
Preferred series A
20
25%
12%
*20
No par
N Y Chic & St Louis Co...100
1,100
1%
1
No par
New York Central
130
12
*98
*98
27%
N Y Air Brake
800
132
..No par
No par
Newport Industries
1,900
*98
28"38
25i2
13i2
9% Apr 30
34
*8%
12 % Apr 30
31is Apr 30
No par
cum pref
May
30
4
10
*95%
98
4
Jan
2284
6U4
21%
3012
17%
1558
3884
16214
2
par
Nat Dairy Prod
10,100
84
20%May
Nat Cash Register
I84
10534 10534 *10534 107
*106% 107
*106% 10634 *106% 107
24% 25%
2578
2534
25i4
25%
24%
24%
24%
25%
56
56
5534
56
56
5534
5534
55%
*55%
*55%
8
8
8
8l4
7%
734
7%
734
7%
734
734
1043s *10312 10434 10334 10334 *10334 104% 104% 104% *10334 104%
*98
28i8
*62l2
1
Corp...No
Preferred A
10512 105l2
25i4
2478
5584
55l2
104
Aome
Aviation
7%
33%
1%
8i2
Nat
National Biscuit
7,700
38
11
1038
IOI4
1178
103s
*1034
132i2 *130
132i2 *130
132% *130
132%
118
ll4
1%
1%
n8
1%
1%
*
*
98
98
98
98
*____
*9612
338
338
33s
"*3%
3%
312
3%
"*3%
10U
5
Jan
Nashv Chatt & St Louis.. 100
10,500
9%
36%
*130
8i2
*4%
*234
Apr 30
16i8 Apr 24
National
160
10%
%
14
43
No par
Newberry Co (J J)
No par
6% preferred series A. .100
t New Orl Tex & Mex.. 100
26
*4
*140
10
No par
1,000
2612
6212"
160
Murray Corp of Amer
Myers F <fc E Bros
Nash Motors Co
300
8,200
44
36
84
1
103
43%
34
Nov
84 Nov
1
4
10278May 13
100
43%
26%
68
258 Dec
II4 Mar
103s Apr
4
17% Mar
5% preferred
*106
35%
1734 Mar
Apr 30
*102% 104
15%
15%
15%
48
48
*46%
17%
16%
173s
23
22%
22%
1334
13%
13%
1034
10%
*10%
34%
3434
3434
*153% 159
159
23
2234
22%
1034
*30
1% Feb 10
3778 Mar 4
22i2 Mar 3
Mar 27
44
9%
Dec
May 14
44
38"
7
Feb 25
28
Nelsner Bros
*30
71
48
Natomas Co
934
150
*111% June
753 Nov
9434 Nov
7
1,200
38"
Nov
55
4
9,100
37%
Oct
85
6
6
Jan
11%
*30
24% Sep*
116is
2%May 14
45% Apr
5984 Feb
21
37%
958
*36%
333s
Mar
684 Oot
20i2 Dec
23
4478May
11%
26i4
"
103
33i2 Dec
42% Deo
8
No par
37
*26
38
978
3812
*28% Apr
ISSg Jan
11558 Dec
1434 Deo
9712 Deo
65'4 Nov
883 Nov
6034 Oot
li2 Mar
10814 Mar
No par
11%
*30
784 Feb 11
Deo
Nov
is Mar
7
Munsingwear Inc
36
*37i8
Feb
Murphy Co (G C)
11%
39"
4
700
36
958
38%
Mar
1934
45% Sept
84 Apr
Feb 10
Feb 8
Apr 14
9 *8 Feb 21
26i8 Apr 14
600
8%
11%
*30
37g Mar
7
200
38
958
*36i2
3438
31
Feb
46%
11
*106
Jan
26
*36
44%
Jan
46
10%
8%
58
105
26
113s
*106
978
59
May
36%
44
44i2
*106
*106
10
158
35
*37
*140
10%
134
35
9
160
70
Nov
46%
*140% 14134 *140% 14134 *140% 14134
10%
60
*9638
*140
No par
Preferred
11
Jan
85
1% Feb 10
283$ Apr 30
16% Jan 2
11% Apr 30
1
30
25
_
*141
5
Class B
60
103
14i8
13%
*13%
13%
13%
10
10
10
1012
10l2
ll's
*10i2
10%
34
3438
3434
34%
3414
34l2
33%
34%
34%
*153i8 160
*153i8 160
*153i8 160
*153% 159
*153%
23
24%
2334
2284
23%
2358
23%
22%
23%
23
23
23
2278
2318
2312
2338
2312
22%
23%
23%
23%
alll
111
111
alll
*11014
*110%
*110%
*110%
111
*109
*109% 111
*108i2 111
*109% 111
*109% 111
*109% 111
*
12
1238
1178
1238
12%
1238
1214
11%
1134
12%
11%
12%
29
28%
30l4
2934
2934
29i2 2978
28%
29%
28%
29%
29%
32
31
31
3234
3234
*30%
*30i2
3234
*30i2
*30% 31% *30%
n28
27
28
300
*275
29
2914
29%
30%
28% 28%
29%
*145
Motor Wheel
_
Apr
2i2 Mar
Feb 20
234
514
0i2
20%
6
2
1234
Apr
22
70% Mar 24
4
60% Jan
Mar
75
Apr 13
109% Mar 16
12% Mar 23
7
50
No par
Jan
3
9i2 Mar
8I4 Mar
60% Mar
97
May 19
44
Dec
41
24%
13 U2 Mar
178May 19
3584 Jan
Morrel (J) & Co.
Morris & Essex
10
6734
1%
*11%
17%
48
Rights
100
*18%
103
100
Mont Ward <fc Co Inc..No par
42%
19%
1234
74
79
100
..100
Conv preferred
600
*11%
*72
10
No par
t Missouri Pacific
1,300
48
20
Monsanto Chem Co
100
11
97% Dec
2034 Mar
47i2 Apr
234Mar 27
284 Jan 2
17% Jan
5is Jan
14% Jan
2%May
378 Jan
201* Jan
100
No par
Preferred series A
8,100
*21%
7934
100
Mohawk Carpet Mills
3,900
7%
21
Deo
23
6% Jan 6
57% Jan 17
8s Jan 7
Us Jan 2
Mission Corp
Mo-Kan-Texas RR
35i2 June
Deo
•
106%May 14
7% preferred
4% leased line ctfs
—
100
800
4%
1«16
—
4
18
Mar
5O84 Apr 11
12i4 Apr 13
8
No par
t Minneapolis & St Louis.. 100
Minn St Paul <fc SS Marie. 100
200
2
234
4%
48
18%
Apr
6% pref series A
Oct
IO84
10% Mar
9
Minn-Honeywell Regu.No par
28
6884 Mar 17
3784 Apr
9
Feb 21
105
June
40
Feb 17
7412 Apr
21&S Jan
Mar
103
38i2 Dec
8i2 Apr
85i2 Mar
46
*17% Apr 30
88
Oot
Jan
131
3
110
55
7U Mar
6
100
Jan
90i2 Jan
678 May
9
pf.100
54
32ia
8412
3384 Nov
56%May 22
3O May 13
Minn Moline Pow ImplNo par
Preferred
No par
300
%
%
*1%
10
Nov
Jan
Jan 31
Jan 31
684 Jan
5784 Nov
20
33
493s Jan 24
Apr 30
37»4 Jan 3
Hi Jan
40% Jan
Jan
Nov
1181* Jan 3
II84 Feb 14
Apr 22
No par
8% cum 1st pre!
Ry & Lt 6%
900
64
*62
34
20%
46
14
Midland Steel Prod
60
24
Apr 28
Mar 26
Mar 27
8
6
Mar 24
Mid-Continent Petrol
4,100
5,300
32U Jan
1338May
9
19
5
5i2
Deo
3378 Nov
156
110%May 15
108
Merch & Mln Trans Co No par
Mesta Machine Co
5
Jan
3578 Mar
9
6514
1
100
4,100
9
2
Mar
97% Jan 10
Miami Copper
900
110
No par
100
9,500
69
1784
393s
103is
858
2384 Mar
8
No par
2,500
30
12%May
3
Feb 28
15U Mar 26
108
Apr 23
7% preferred
10
2
Feb 24
29
Deo
June
136
211* Feb 28
No par
Milw El
2%
17
*22l2
36
49%
9%
18%
18%
39%
3634
126
126%
7%
15%
4514
15
*32%
49%
9%
20%
1758
*46
50
7%
163s
..
1,400
8%
Feb 28
1112 Apr 29
97*8 Jan 7
1238 Jan 2
Mengel Co (The)
7
51
*234
4%
4778
.
500
1134
12%
25
25
*2512 26%
47
*4638
*463s
46%
*103
104
*10278 104
1534
8%
1
$6 pref series A
Melville Shoe
51
20%
40%
10
107% *106% 107%
2
18
800
69
69
63
16
17i8
69
No par
6% conv pref
Mead Corp
"
14
5
$3 conv prefMcLellan Stores
*94
*1%
*2%
*46
46
50%
62%
*%
22
81%
.2%6
41%
45%
6734
1%
29%
18%
31
46
36
McKesson & Robbins
500
107 '
6%
*94
*68
69%
69%
107
107
*106% 1073S *106% 1073s
9
938
8%
8%
858
834
62
62i2
63i2 *61%
*60%
62%
12
5s
*l2
%
%
*%
2
2
*li2
*ll2
1%
1%
*2%
3i2
*258
3%
*258
3%
314
314
3%
3%
3%
3%
18
18i2
1834
18%
1758
17%
7%
8i8
7%
7%
758
734
20
19% 2084
20i2 21t2
20%
2%
*234
*234
2%
*234
2%
4%
434
4%
4%
*4%
4%
*25l2
7
49
*3018
1958
*1178
*2512 2614
47i2 47l2
*102l2 104
16i8
1618
69
48%
69
70
*13%
70
9%
9
9%
19%
*96% 103%
*69
50%
Mclntyre Porcupine Mines..5
McKeesport Tin Plate-No par
4134
12%
*105
7
MoGraw-Hill Pub Co..No par
600
107
50%
600
"
*105
1978
18% 18% *18% 19
38
36 &8
3914
36%
36%
36%
36%
127i2 *125
127% *125
127% *125
12634
12738 *125
*94
105
No par
tMcCrory Stores Corp new.l
6% conv preferred
100
9,000
19%
44
106% 106%
12%
36ia Feb 19
103
McCall Corp
45U
11
.No par
_
"
Mar
14U Nov
50i2 Apr
2,000
12%
98%
Deo
684 Mar
Feb 13
800
30%
3%
4
45
May
Dec
Mar
1
20
par
109
Dec
Dec
5
160
Jan 17
Jan
178
2384
6
5
Mar
55
ex-warrs_.No
978 Deo
10
12
5312 Jan
Preferred
Sept
5034 Mar
J9t8 Mar
Jan 22
Apr 28
1st pref called.
834
4134
5
6
412 Mar 18
49
80
>
3084 Apr
43%May 4
13% Apr 30
110% 110%
43%
83 June
2i2 Oct
384 Mar
No par
_
514 Apr
3i8 Mar 19
No par
110% *110
11058 *110
110% *110
110% *110
110%
*2914
2934
2912 29i2
29l2 2934
29% 2934
2934 2934
1278
12%
1278
1212
12l2
12%
12%
12%
12%
12%
*92 "
*92
96
96
*93
*93
96l2 *93
96
98%
*19
*19
19
1934
1934
1934
18% 19
*18% 19%
43
44
4318 43l4
4478
4338
44%
44%
44%
4484
108
108
*106
108
108
10738 1073s
108
108
108
914
914
914
878
9i8
9%
8%
8%
8%
8%
4278
4278
4278
4278
*41% 4258
4158
41%
*41%
42%
12
*12
12
12
12l2
1214
1134
12
1134
11%
*90l2 104
*96i2 104
*96% 104
*96% 103%
*96% 103%
1378
1378
14i8
1334
*13l2 13%
13%
13%
13% 13%
*19
1912 Nov
3
May
Preferred
Prior preferred
12%
Feb
Maytag Co
"70
*93
Mar
1
500
109% 109%
*29
10
1012 Mar 18
6I2 Apr 28
27i2 Apr 27
153%
Deo
Oct
30
684 Mar 17
IO84 Jan 14
6
May
11%
par
12U
0018
23
3
Jan
Apr
1314 Mar
3
Mar 17
400
50
*110
2%
29
23t4 Feb
I884 Jan 10
41
Preferred
109i2 10978 *109l2 10978 *109% 109% *109% 109%
*109l2 10978
Jan
No par
..No
Matheison Alkali Wks.No par
"466
7
No par
Marlin-Rockwell
_
16%
50%
*45
100
Marshall Field & Co
3,000
29%
159
100
2d preferred
20
100
Prior preferred....
130
15%
*16
25
Preferred
22
IOI2 Jan 3
57U Jan 10
17%May 4
2*4 Jan 3
8% Apr 30
1% Jan 7
8
*49
8% Apr 29
Apr 26
14U Apr 30
Manhattan Shirt
3,900
16%
$ per share
700
8%
49
Highest
$ per share
3
Apr
200
4
49
Lowest
$ per share
38
2%
43%
*42
No par
Highest
$ per share
$ Manhattan Ry 7% guar. 100
Mod 5% guar
100
10
1,300
19
46
46
Lou est
Par
300
9%
*155
159
EXCHANGE
38
17%
Range for Previous
Year 1935
On Basis of 100-share Lots
Week
$ per share
*35
*8%
the
Thursday
May 21
May 23, 1936
87
May
Jan
Aug
Nov
Dec
Nov
Jan
Jan
921* July
1021s Deo
2i2 Deo
Mar
5
158
Mar
218
Dec
108i2 Apr
3014 Jan
56
Apr
1034 Mar
105i2 Apr
121* Feb
21
8
16
99
Jan
108
June
9
Mar
28
Nov
35i2 Mar
19
2
Mar
7
57
Jan
55
7®8
102
Dec
Dec
Nov
21
314 Nov
101* Nov
3
80i2 Mar
3034 Feb 20
13ia Mar
3578 Jan
99
Aug
2514 Deo
621* Deo
101
57
Mar
Mar 24
4i2 Mar
30
6
Jan 22
17i2 Jan 15
5458May
5
1% July
*20
Mar
914 Mar
1014 Oct
2U
Jan
32i2 Jan
1414 Deo
2714 Deo
Volume
HIGH
New York Stock
142
AIID
Record—Continued—Page
S/ILE PRICES —PER
Thursday
Friday
the
May 18
May 21
May 22
$ per share
$ per share
$ per share
$ per share
203g
113
2034
*107
1U2
113
IH4
.
2734
283g
133i2
15i2
132
15.
76
76
*50
53
15
*74
76
*50
53
*115
144
144
*1658
"
12
12
*6
634
35l8
'
63
13
353g
35
82
53
12
*612
34l2
48i2
1414
3514
50
497g
*14l4
150
150
13ig
IOI4
1034
*lll2
15
*in2
*64
65
*64
65
*7212
74i2
9ig
74
74
*149
9
70
234
87g
*2l2
*6H2
70
*68
71
10
10
24
934
*225g
3i2
*43ig
2434
714
87g
97g
2384
4314
2434
*7
9
*115s
35g
4314
2434
73g
9i8
1214
9
2
*17g
6912
69i2
76
76
5
*4i2
678
47g
67g
7
684
*1184
1214
*105g
7
*6l2
67g
612
35
3478
3514
49
49
1438
143g
"l'eoo
165g
3,300
•
73l2
100
8,400
93g
8i2
68is
93g
22i2
22i2
200
3i2
358
2,800
68
*67
43
2434
67g
684
684
8i2
10ig
9
8
1034
10*8
2*4
35g
9
1H8
17g
70
*
2
*6812
7714
4i2
6&g
65g
3512
35
33
33
30
30«4
30ig
305s
40i2
40i2'
4034
7714
*43g
6i2
30
*39i8
29lg
3938
397g
*29
29i8
*39
95g
9l2
2334
*22i2
35g
3I2
68
312
43
43
24
425g
24i2
2414
65g
2lg
70
*68i2
7734
7734
45g
*45g
6I4
65g
68*g
9l2
24
4234
*24
684
684
8
10i2
77g
10'4
23g
*2*8
4234
700
1,000
612
32i2
33
33
29ig
2914
29
403g
*38*4
40l2
*39
614
77
*68
615s
615g
22i2
13i8
*14I8
22i2
13ig
14i4
34l2
*68
*74
1,400
1,700
32i2
200
293g
13,600
700
40
*72
77
*59
62
*59
62
*59
6012
*21l4
22
22
22
22
13lg
14ig
22tg
1312
145g
12l2
13
125s
1278
14
14l2
14i4
1434
14ig
14i2
1,900
34l2
347g
33
33l2
33ig
33i2
33*4
3334
4,700
*46i2
467g
*465g
47
3314
4678
14ig
3334
14U
345g
4612
74
*46
4634
465g
46&g
*86'8
91
*867g
91
91
*7
*7
8i2
*11
12
2'4
2i4
8h4
8214
*8i2
*70i2
42i2
10
75
*1118
795g
*8i2
75
74i2
*79ig
*1234
127g
12i2
'12'78
178
3112
3112
*305g
33
75 I8
*50
75ig
8i4
2
2
*3U2
32i2
75ig
,
*50
*8
9h
3834
3834
♦170
2
*50
812
178
814
812
39i2
*3812
12i2
134
*180
59
60
60
500
22
*2114
*1234
22
500
Penney (J C)
Penn Coal & Coke
Corp
Cement
3,900
700
80
1112
134
31
*
.80
"ni"2
i»4
134
1U2
*
80
"Hi's
2
178
60
38
38
39
39
8i2
8I4
*179i2
*7i2
*38
8I4
"300
39
500
*1334
*712
72i2
305»
178
14i8
65
67
lh
65i2
8i2
65i2
2
2
8i2
16
8i2
16
734
72i2
305g
734
8*s
8
*62
64i2
*61
7% preferred
50
No par
Phillips Jones Corp
7% preferred
Phillips Petroleum
100
No par
Phoenix Hosiery
5
Pittsburgh Coal of Pa
1358
70
180
31
320
2
*158
17g
lSg
15s
1,000
14
145g
1414
14i2
1414
1414
10,200
22
143g
22
*15g
*7* A
22i2
22*2
500
15U
1434
147g
2,200
6i2
*584
6l4
2
*134
2
100
7
7
234
284
1,100
1,600
22
22
22
15i2
1584
15lg
15ig
*6-3s
634
2i8
*63g
634
6
63g
*6
684
*2
*17g
2i8
2
7i2
634
27g
278
234
2&8
25g
*22
714
278
*734
234
2lg
734
234
*2
8I4
212
8i4
*178
*778
234
23
*22
4178
417g
HSU 11812
40
40i2
IO7I4
*106
23
22i2
23
*21
41l2 417g
415g 42l2
1183g 1183g *118U 1183s
40l4
40i2 413g
4034
10634 *106
10634
107
I2U4 12H4
I2H4 121i2 1218g 1213g
*13514 136i8 *13514 136ig *13514 136lg
*150
15278
*15U4 155
*15U2 155
7i2
25g
*20
153g
*584
21
21
21
•«.
*
*
*21*2
42l4 4212
415g 42i4
4H8
1183g 1183s *118*4 118*2 X118
4034
405g 417g
40l2
4018
*106
107
106*4 106*4
107*4
122
122
122*2 122*2
12114
♦135U 1361g *13514 13618 *135U
153
♦151
*15H2 153
15214
*113i2 1151s *113i2
*11312
44
43
44
4314
423g
18
183g
1734
1734
1758
*113i2
*113l2 115lg *113l2 115l8
43
44
445g
44i8
44i2 45
1914
195g
1914
1812
1712
185g
104
104
104
106
106
*106i2 1065s
10412 al04
10612
95
95
95
96
96
95i2
9512
95i2
9512
*94l2
1034
107g
10i8
IOI4
103g
10i4
10i2
10i2
1058
10i2
1034
Ills
1U8
107g
lUs
ih4
10i4
105g
107g
IOI4
5534
5584
5534
5584
5584
5534 *55**32 552632 *5584 55'3,6
98
99
98
98
97
97
a99*>s 995g
r9834 9884
73U
73
74
7484
7434
7318
727g
733g
723g
72U
6
6>4
614
57g
57g
578
6lg
6I4
6i2
6'g
34
33
33
33
325g
3334
3384
3414
3214 3234
w
2,200
15
20
1514
*1514
7i2
*22
22
75g
200
22
4H2
300
4,900
7438
42
*43
46
*39
40
*12i2
14
*76i2
*178
9712
*24
99
112
fits
19i8
*80
514
I9I4
84l2
*39
*78
*17g
14
2H4
*1U2
21
217g
98
98
24lg
*
*42l2
3934
23g
*12
22
4412
3912
*12i2
80
*2
*39
44l2
1334
*77
23g
42
*39
40
*1212
14
2H4
4412
*39
80
*12
42
44l2
4012
237g
96l2
24ig
♦
110
235s
*
1334
"5"
53g
19ig
197g
82
83i4
*81
1858
*78
80
23g
*178
14
*1H2
2ii8
9612
235g
2138
977g
24
110
"1*8
*12l2
*
107*4
500
12284
1,400
13618
152i4
"loo
445g
i8i4
11,200
28,000
99i2
75
1,000
10,100
~~5~
*42i2
44
200
3984
300
80
78l2
23s
*17g
*1H2
14
2138
20i2
97i8
95i2
23 I8
2358
*
"Big
5I4
177g
8214
1834
18
*78
*8018
*m2
*2334
84
82
82
82i4
*80i2
1U2
*105g
1H2
*11
lll2
11*2
2812
*23i2
26
*2314
26
2534
82i4
*93
96
*95ig
2458
9712
49lg
533S
25l2
2612
*108
48
48
25l2
112
4814
*108
4634
533g
25
112
4684
*95
2438
100
24i2
80
28g
14
207g
95
23
*95
2378
10
Pocahon..No par
No par
Poor & Co class B
Porto-Rio-Am Tob cl A .No par
Class B
...No par
X Postal Tel & Cable 7% P* 100
t Pressed Steel Car
No par
100
Preferred
Procter & Gamble
No par
$5 preferred
No par
6% preferred
7% preferred
100
100
...100
8% preferred
Pullman Inc
No par
Pure Oil (The)
No par
8% conv preferred..
6% preferred
100
100
No par
Preferred B
$3.50 conv 1st pref .No par
X Radio-Kelth-Orph—No par
Raybestos Manhattan.No par
50
50
50
Reading
1st preferred
preferred
10
100
Preferred
Co
No par
preferred
100
—-1
16",600 Remington-Rand
$6 preferred
25
3,200
Prior preferred
..25
2,600
Rensselaer & Sar'ga RR Co 100
53g
22",900
Reo Motor Car
22,600
Republic Steel Corp—No par
84
500
8412
200
12
200
27i2
100
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper & Brass
5
Class A..
10
Preferred
100
237g
112
*108
112
46
46
46
46
53i2
5334
"MOO
5
Reynolds Metals Co. ..No par
6
Feb 19
Mar 28
Feb
5
19'8 Mar
4
167g Mar 13
35g Jan 13
3i2 July
134 Mar
43g
Jan
Mar 13
87UMay 11
15i2 Feb 7
35U Mar
x688g
Dec
5i2 Mar
1484
Deo
73i2May 20
88
Mar
5
Deo
493g Apr
2
5312 Apr
1384 Mar
85
38 >8
40
Deo
66
734 Apr 29
Jan
6
634May 22
10U
50
July
7812 Nov
Feb 21
Jan
2
17
Jan 15
U2 Jan
2
4
73gMay 2
35i2 Apr 28
176
155
2*2 Feb
3714 Jan
Feb 21
12
Feb
5
40i2 Feb
6
180
Mar 25
160
712 Apr 30
Jan
2
4
3
1534May 12
21
3
Jan
2
6S*s Jan
7
21
2
Jan
li2 Apr 24
1178 Jan 6
20 May 18
12
Jan
2
4*8 Jan
2
2
U4
Jan
634May 21
214 Apr 29
18
Apr 30
85i2 Mar
5
Jan 17
Jan
8
9i2 Apr 11
91i2 Apr 8
41U Apr 4
334 Feb 6
4484 Aug
Feb
180
Aug
5i2 Mar
22ig Mar
10
Deo
55
Oot
1
Mar
28g Nov
10J4 Apr
U4 Mar
16i2 Deo
3*2 Sept
24i2 Apr
62
Nov
67g June
25
Nov
1
Mar
2'g Aug
Feb 19
Mar 4
Jan 11
Feb 6
6i8 Mar
1234 Nov
1&8 Mar
14 Feb
43s June
16*g
Jan
Jan 16
% May
4U
36
Jan 16
6i2 May
26i2
Deo
Dee
49
Jan
Mar
2
Jan1
57g Nov
2»g Nov
122i2 Feb 26
103i2 Feb 21
113>g Apr 3
128
Apr 4
107i4May 22
12234May 22
136i2 Jan 27
146
156
Feb 27
100
Mar
148
Deo
114
Apr
1
99
Jan
113
July
112
Apr 14
Jan
7
367g Jan
168g Jan
103
2
2
May
1
91UMay
4
9
934May 12
3
2
68i2 Apr 28
5
4884 Jan 15
48i2Mar 3
247g Mar 20
13334 Apr 17
117i2Mar 27
173s Jan
6
14U Jan 17
56ig Mar
IO484 Apr
75
9
8
423g
Deo
40i4May 12
7
39
Apr 29
11784 Ap
115
Jan
2038 Mar
623g
104ig
Deo
Mar
117
Dec
132
527g
17
Deo
49»8 Mar
1197g
Deo
65
103
Deo
834
June
Mar
17«4
138g
50
Mar
62i2
Jan
92
Deo
6
Oct
Feb
3514 Mar
9U Feb 19
1*4 Mar
6
3
16i2 Mar
297g Mar
33
39
Jan
7
38i4 Apr 14
488g Feb 24
45i2May 15
37
Jan
4
41
978 Jan
2
1654 Jan 30
4
88
17g Apr 28
128gMay 7
22
225g Mar 12
110
Feb 20
May
5
Feb 17
72
Nov
Oct
Nov
2384 Jan 15
9934 Apr 15
2434 Jan 23
7
June
69
Aug
114
Apr 15
78i4May
4
95
Jan 13
I8i2 Feb 17
2534May 21
90
Apr 28
36
Jan 10
120
Jan 23
237gMay 22
Apr 27
117
Apr 29
Jan 2
2018 Apr
3
Feb 19
60
Aug
18
99
50
Deo
11
Mar
4
10
38
Mar
May
Feb 17
Apr
Apr
3i8 Apr
1
77
27
36
30U Deo
43ig Jan
43ig Nov
8
814 Mar 25
26s4 Feb 19
Apr 20
Oct
Deo
Jan 14
334 Jan 14
47S Jan 2
167g Apr 30
10
Jan
4
2
19i2 Apr 28
85i2 Jan 3
Deo
29i2 Oct
57g Mar
Jan
Jan
Nov
46*4 Nov
85lg Mar
73
Feb
287i Jan
35i2 Jan
70
5334 July
121
May 22
34
Feb
5
Jan 18
2Ug
Oct
98i2 June
2U Mar
9
Mar
28^8 Mar
78i2 Oct
5i2 Apr
13
Apr
75
Apr
17*2 Apr
101
June
5514 Apr 14
12U Mar
6883 Feb 28
4318 Mar
55U Apr
5312
53i2
6134
*6018
53i2
6134
*60
6i84
*12
14
*12
14
*12
14
*1U2
14
*1U2
14
Rhine Westphalia
1084 Jan
3
658s Feb 10
135g Jan 9
*27
2812
38l4
*27
28l2
*27
28i2
*27
28l2
*27
28i2
*27
Ritter
19i2 Feb
2
35
*38
383g
*37
3838
*3714
38
*3678
38
28l2
377g
32
Jan
3
4838 Jan
2
Mar
Deo
Nov
13
137g
3460
7
26'4June
172
1'4
38
76i2 Jan
127g Aug
6i2 Mar
Apr
*1278
see page
Apr
655g Aug
Deo
Nov
2
3
16i2
26i2
1934
984
33s
1214
53s
*60
For footnotes
^8 July
31
8
2
1138 Jan 31
U4May
49
Apr 29
May
2*4 July
5
6
61
3
Feb
Nov
Mar
84
Jan
10
3
Jan 31
May 20
Feb
97g Jan 10
5334
Y shs)
Deo
19U Deo
2818 Deo
45'g July
85>4 Nov
43g Nov
1*8 July
60
Copper Mines.
Oct
3Si2 Mar
53l2
Roan Antelope
11
14
23
60
Royal Dutch Co (N
7h Mar
198g May
Feb 17
5378
El & Pow__
Dental Mfg
No par
Oct
Nov
Mar 13
61
Class A
Mar
4
34'2 Nov
12
105
""loo
4312 Aug
93
*60
377g
II684 Mar
4912 Jan 11
M% conv pref—..—100
""760 Reynolds Spring
1
4,100 Reynolds (R J) Tob class B.10
20
Oct
3
7
3
8i8 Jan 2
2
Apr 24
61
5312
Feb
30
1083g
5i2 Aug
30s4 Nov
32i2 Deo
395g Apr
1284 Mar
54i2 Feb
83i2 Jan
18i2
*108
Mar 27
July
6i2 Aug
40U Apr 11
98gMay
1st
100
43
1*4 Nov
8434 Sept
7
No par
Ne par
Preferred
2d
Jan
50
Purity Bakeries
Radio Corp of Amer
Rels (Robt) &
__
Mar
1.7*4 Mar
*60
*3678
5334
26
48
*82
"1*8
Pond Creek
5
Real Silk Hosiery
I284
110
5is
82l4
*108i4 112
23
*
187g
I8I4
*78i2
*235g
26
95
9658
23*2
110
*105g
110
*17g
*1H2
2014
213g
1U2
26
*78
23g
14
29
*48
*1212
.78i2
82i2
*108
200
*39
*23l2
100
1,900
3934
*7914
*10i2
*93
6,400
44
82i4
ii84
2534
*92l2 100
6ig
3238
4212
*42i2
13i8
Plymouth Oil Co
Pub Ser El & Gas pf $5-No par
115i8
*39
*1212
100
5% pf (ser of Feb 1 *29). 100
44
1234
Preferred
Pittsburgh & West Va
100
Plttston Co (The)
No par
Pub Ser Corp of N J...No par
3984
110
5*8
19i8
82i2
8234
57g
323s
100
25
260
42
*39
6% preferred
Pittsburgh United
7,200
*39
42
1
417g
430
104i2 104i2
95
800
9484
1034
io84
3,600
11
10i2
101,200
900
552*32 5524,,
r99
100
1183s
'
4012
Screw & Bolt-.No par
30
1514
*20 'a
Pittsb
100
69*4
7h
4
8
100
30
7
Mar
Feb 21
49i2 Feb 17
72
100
Preferred
68i2
30
3
18
39
Apr 20
50
68i2
*28ig
71i2
10i2 Mar 24
48i4 Mar 24
Apr 27
31
40
7
Jan 28
38
25
Ptllsbury Flour Mills
17
*29
67g
114ij| Jan 9
IIII4 Apr 25
-.100
Preferred
*1334
*6814
14i4
10
No par
16i2
7*2
7i2
7H2
2
50
Pitts Term Coal Corp
*1334
81
45i2 Jan
81ig Jan
3U Jan
Pitts Steel 7% cum pref
17
64i2 Feb
5714 Apr
214 Mar
Deo
Dec
May
50
No par
t Phlla Rapid Tran Co
400
*1334
15
27g Mar 17
2
43g
8U
Feb
84 July
8i4
258s Jan
200
2
5
84 Apr
47g Oct
25
2
*llo
*15g
1,900
Feb 19
Mar
1
2
Phelps-Dodge Corp...
Philadelphia Co 6% pref
64i2
2
30
30
8
30
110
Apr
117g Apr
Deo
*1*4
64l2
*H2
2l2
143g
2
178
143g
8
16
*68
,
62
8
2
*ll2
*1334
714
72t2
31
8
64i2
63
16i2
734
7212
31
8i4
8ig
.
2
2
28'4 Apr 29
10
18
Pitts Ft Wayne & Chic pf 100
*179i2
6
12i2May 19
14 May 12
Common
8i2
4t2 Jan
2884 Jan
2
Petroleum Corp of Am
5
Pfelffer Brewing Co
No par
No par
600
Apr 28
4>g Jan
78g Jan
Pirelli Co of Italy Am shares..
65
*180*4
4714 Mar 10
2638 Apr 22
4
Jan 23
Dec
Pierce Petroleum
32
*4918
4084May
514
11
54
2,600
*31
1
13i2
17g
317g
65
1414 Sept
215g Nov
6
Apr
3
Apr
13
...100
3H2
10184 Sept
7
12»4 Jan
28
7284 Feb 27
Pierce Oil Corp pref
*49ig
*734
Nov
9!4 Aug
May
214 Mar
8734 Feb
12
24
1,700
65
67
Apr 25
8'8 Apr 20
17i2 Jan 13
338 Apr 28
6OI4
Apr 30
1112
31
Aug
Jan 13
10
10
71 ig
8
Jan
*8i2
100
6
16
934
23,600
Feb
56
*8i2
634
12
100
10
73l2
Nov
Deo
Sept
7412 Apr 4
97i2 Feb 13
No par
Preferred
Pet Milk
Phlla & Read C & I
4034
20
807g
Apr 28
75g Apr 20
Deo
6434
Phillip Morris A Co Ltd
684
6i2 Mar
Dec
18i2 Jan
67
Oct
Deo
16i2 Mar
310
40
l7g
88
7,300
*65
i2 June
100
3,800
7
6
7i2 Feb 19
934
73i2
414 Apr
Jan
3534 Feb 19
2'g
40'4
7
3
1*8
7i»
21
2
83i2
*6
3i2 Mar
1084 Jan
25ig Apr 28
64i| Jan 3
*2
39i2
9
Jan
4
100
81
*65
Deo
205g Jan
67s
Jan
100
Marquette
2
7
14
13i4May 16
Feb 21
Pere
8034
7312
397g
Deo
111
$6 preferred
100
Deo
142i2
79
G L & C (Chic)... 100
2
914
123
Jan
684 July
Deo
Nov
1734 Mar
2i8 Feb
914 Mar
s
805g
95g
Jan
Jan
73
100
80
9*4
21
Mar 13
Peoples Drug Stores...No par
7
"10
June
69
50
Dec
12
l>g Jan 2
64i2Mar 13
No par
Deo
6
Jan
17U Jan 24
Preferred series A...... 100
Pennsylvania
Deo
10
19
10'8May 20
10
37g
56
par
No par
Nov
1784 Nov
Mar
23
±~.No par
91
*5112
*7i2
38
*37
♦179
59
1314
Penick & Ford..
129
19
3
Enterpr No
7
ills
*79i8
UiZ
..No par
Parker Rust Proof Co
*86
80
mmvm
Parke Davis & Co
8
*6
75g
*79i8
1
91
2
41
*6
Park Utah C M
*7
1H8
214
39
l
*8i2
73i2
387g
117g
*73l2
10
80
10
4234
75g
*6
100
Second preferred
*86
*7
8i2
2's
First preferred
Park-Ttlford Ino
8i2
Ills
2i8
*86
81
834
41l2
75g
91
*7
212
823g
*1H8
2i8
8u4
834
*735g
4234
*6
467g
*86
8is
117g
78
*21i4
.
1
Prior preferred
77
13i8
100
No par
Deo
4
Feb 19
Peoria & Eastern
"500
*70
1234
conv preferred
Dec
55
315g
13
Paramount Pictures Ino
92
115*2 Mar
13i8 Mar
18
2
Deo
July
176g Sept
6
70
1134 Apr 30
265s
125
58g
llli2
5
Deo
Nov
llfig Nov
395g Apr
5678 Feb
Apr 27
Feb 10
par
2084
107
Mar
Feb 27
Trans
Paraffine Co Inc
People
1
130
Pref called
"moo
3i2 Apr
150
Corp..No Par
Preferred
77
77
Pac Western Oil
Penn-Dlxie
Feb 11
934 Feb 10
H
Peerless Motor Car
45g
17
3
1,300
700
Mar
Jan
5,200
79
Aug
1
Jan
Patlno Mines &
78
Mar
14
164i2Mar
118
5,600
6934
2
140
4,500
78*4
434
Mar
100
8lg
70
2912
1,900
38
100
Teleg
Packard Motor Car...N
8%
Jan
414 Mar
2284 Jan
80
14'4May
2.50
Parmelee Transporta'n.No par
Pathe Film Corp
No par
107g
214
6934
45g
6I4
*3058
700
1,500
24l2
684
*114l2 11634 *114l2 11634 *114l2 11634 *114l2 11634 *114I2 11634 *11412 11634
*111
11134
11134 ♦111
11134 ♦111
11134 ♦111
11134 *111
111»4 *111
41
40
4034
40i2 41
3834 40
3914
4014
*3834
39l2 40i4
5
5
5
5
5
5
*458
*4Sg
*45g
*458
*45g
*45g
*25
*25
30
30
30
28
28
30
2934
*2618
2834
*26ig
*70
10
63
8l2
8
106
4
47^8 Apr
Panhandle Prod & Ret.No par
*71i4
Feb
Jan
484 Apr
llig Apr
934 Feb 11
.No Par
200
*60i4
2
Feb 19
3i2 July
75
177g Mar 25
25
3
73
53
Feb 24
Apr 27
Mnr
.
2
4
3
11
30
15
0i2 Jan
Pan-Amer Petr &
63
32»4
134i2
2034
95ig
Mai 25
Jan 20
Jan
3i2 Jan
4U Jan
3034 Jan
100
63
67i4
95g
*22i2
3i2
425s
24i2
14
15
*7114
834
128
No par
6% preferred
64
14
114i2 Mar
No par
Paciric Telep &
73
7
Jan
No par
Corp
10
*60i4
978
2334
1st preferred
180
3
47
5
io
2d preferred
Pacific Gas <fe Electric
124
3
7278May 14
25
Pacific Amer Fisheries Ino
150
15
85g
Owens-Illinois Glass Co
124
500
2
Jan
Apr 30
25ig Mar 30
115i2 Feb 24
100
*149
45,600
834
100
Paclflo Mills
10i2
858
13
No par
400
13*8
*27g
123
Prior preferred
Outlet Co
Pacific Ltg
24i4 Apr 27
100
No par
147g
10l8
*lli2
27g
Preferred
Otis Steel
*1412
13ig
*1U2
2
50i2
1012
4
1738May
2
49i2
I3I4
$ per share
Jan
4,700
2,300
IOI4
$ per share
Jan
140
13*8
$ per share
8
140
10l2
Highest
$ per share
107
6i2
35i8
13ig
par
Lowest
100
12
10i8
*1U2
*25g
15
Corp(The) vtciVo
Pacific Coast
7l2
'
Year 1935
Highest
Oppenhelm Coll & Co..No par
Otis Elevator
No par
34i2
12412 124i2
150
142"
*7H2
*33
*33
I6I4
*5
69
17g
*68i4
76ig
412
514
142
Par
Omnibus
Preferred
7312
834
85g
763g
2
50
-
67
11
70
76
100
53
12
*149
220
82
*50
57g
150
6,000
3,200
145g
*76
*514
4812
27
133
*115
14212 142l2
16
1634
67g
lll2
214
1412
50
\
24i2
714
69i2
50
43
3i2
4312
2478
11
234
*71l2
85g
68i2
95g
*22i2
3i2
9lg
*22i2
3i2
17
133
Range for Previous
100-share Lots
Lowest
Preferred A
500
13l8
13lg
11
2612
2658
82
*72
*115
14l2
1478
12514 125i2 *12414 126
1034
234
26i2
*50
7
107g
13i4
27g
*234
27
*76
12
*6i2
355g 36ig
50
50
50'4
50i2
*1414
145g
HI4
14i4
125
125
*12512 127
*149
150
*149
14912
*13l8
137g
*131g
13i2
1034
13i4
11
*115
12
7
634
*107
107g
144'8 14412 *142l2 144i2
153g
16ig
157g
*1514
6
6
*5l2
*5l4
6l2
12
*612
82
6,500
1912
1914
1914
108i2
108l2 *107
11
11
III4
19
1914
110
13214 13214 *13284 133i2
1434
1412
HI4
14i2
143g
*50
~
26
2734
*76
17
1658
7
*10i8
133
14
*115
14412 145
17
*5
10
267g
*115
19
1912
113l2 *107
10
133l2 *133
15
18i2
*107
*105g
28
2712
*133
Range Since Jan. 1
EXCHANGE
Shares
$ per share
3467
On Basis of
Week
$ per share
*1058
8TOCK8
NEW YORK STOCK
Wednesday
May 20
May 16
*107
CENT
Tuesday
May 19
Monday
20
NOT P ER
SHA RE,
Sales
for
LOW
Saturday
8
20'4
88
Deo
Nov
25U Nov
110
55g
Mar
Deo
20»4 Nov
97
Nov
95i2 Nov
16
37ig
Deo
Deo
115
Nov
32
Deo
113U Deo
3134 Dec
5858 Nov
67
Nov
lli2 Dec
5U Mar
13i2 Mar
20i2 Deo
3812 Feb 17
217g
33
Deo
6758Mav
29i2 Mar
48i2
Deo
MarlO
6
Feb
New York Stock Record—Continued—Page 9
3468
AND
HIGH
SALE PRICES—PER
LOW
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
Saturday
Monday
Tuesday
Wednesday
May 16
May 18
May 19
$ per share
$ per share
*76
85
$ per share
*76
♦56a
2312
*2i8
85
6i8
2312
2i4
*15
*30*2
*110
2*4
23g
414
4
4
912
*8
$ per share
$ per share
Shares
*7834
6i8
2238
2ig
334
23
334
*8
85
*7834
*5
6lg
227g
223g
2ig
334
1012
2ig
*35g
*8
85
6*8
2258
2*g
334
10*4
*78.84
*5*4
225g
*2
3*2
*8
""166
6*8
227g
2*8
35g
10*4
*15
4,800
1,000
1,100
31
31
31
*31
31
307g
31*4
3034
*30*2 31
11 n2
11
111
no*2 no*2 *111
11012 11034 *110
110*2
112i2 113
*11134 112i2 *11184 112l2 *11134 112l2
11134 112l2
12
12
12
11*4
*11*2
1U2 *11 lg
*1U4
11*8
11*4
42
43*2 44l2
4234 44ig
43
4214
42l2
415g
4212
100
100
100
100*8 100*8
IOOI4 10038 100
*100*8 100*2
23g
212
23g
2ig
2ig
214
2ig
2*4
184
2*8
12
12
12
12
12*4
1212
1134
12*8
10*8
103g
63
64
61
647g
63i2 *6012 62l2
62
62*2
6078
15g
17g
1*2
15g
13g
lfig
1»4
1*2
1*4
1*2
1
78
78
*7g
1
7g
7g
78
7g
*7g
*2
*2
*214
*2*4
2l2
2l2
2i2
2*2
2*g
2*8
33 >8
32
32
3334
3134 33
3U4
315g
3134 317g
25g
258
1234
65
65
2
17g
78
2*4
3358
*15
23
*15
23
*15
1936
23,
Range for Previous
Year 1935
EXCHANGE
85
31*8
100*2
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
YORK
Week
2ig
1012
*15
23
May 22
23
110*2
12
78
2l4
3358
6i8
2312
2ig
*3&g
*8
112l2 11212
11*4
lli4
44i2
44*4
*100
23
10i2
4.
*8
*5
23i2
*5
the
$ per share
85
*7884
°6*s
23ig
Friday
May 20
Thursday
May 21
May
23
Lowest
Par
Ruber'dCo(The)cap stkiVo par
Rutland RR 7% pre!
100
St Joseph Lead
10
t St Louis-San Francisco.. 100
1st preferred
100
t St Louis South western... 100
150
70
500
10,400
500
10,300
3,000
340
8,320
1,600
300
3,000
Lowest
Highest
$ per share
$ per share
% per share
$ per share
74«4 Apr 28
684 Apr 24
2238May 2G
Ua Jan 2
28# Jan 2
77a Jan 2
1176s
10i2
2934
36s
63s
1284
22*2
35i2
Feb 19
Feb 19
Feb 28
Mar 4
Mar 4
Feb 11
Feb 6
Jan 8
18
Jan 24
par
30
Mar 25
100
....100
No par
Schenley Distillers Corp
5
534% preferred
100
109
Jan
2
113
111
Jan
2
114i2Mar 11
Preferred
600
Highest
100
Safeway Stores
6% preferred
7% preferred
Savage Arms Corp
No
Schulte Retail Stores...
1
100
Preferred
Scott Paper Co
No par
Rights
t Seaboard Air Line.-.iVo par
Preferred
100
lU8May 22
383s Apr 30
97*2 Feb
1
134May 22
10i8May 22
53 *2 Jan
Jan 20
163s Jan 13
52
Feb 29
IOI84 Mar
414 Feb
2012 Feb
82
Nov
3
Apr
10*4 Mar
84 June
1
1
4pr
6
Apr
121'
Mar
316a Dec
104«4 Mar
102
Deo
10
Deo
2534 Deo
2
Jan
3
Nov
1$
Jan
23i2 Nov
46
Jan
6
Jan
113*4 June
114i2 June
135s Deo
22
Mar
56*4 Nov
134 Apr
8
Apr
4i8 Nov
20*8 Jan
109
Oct
7
7
7
6
76
Mar 31
li4May 21
7g Jan 2
2
May 13
2
Apr 23
184 Feb
55
Jan
7
14 June
2084 Mar
Seaboard Oil Co of Del.No par
31i4May 20
4i2 Feb 7
43^8 Mar 12
Seagrave Corp
No par
Sears, Roebuck & Co..No par
3>4 Jan 9
59&s Jan 21
3*4May 18
69U Apr
45g Feb
68 Aug
91
1*4
Nov
Dec
3
Deo
3678
Deo
'
5
*414
66
6678
*314
*63*4
3i2
63*2
20
14
63t4
6312
66i8
*25g
63i2
2014
20
14ig
1334
20U
63l2
2OI4
2078
1414
14
14
94
94
634
65g
1758
47g
67i4
314
24
31*8
*4U
66ig
314
314
*22*2
*50
5
6884
*414
66
55
31*g
1734
63i2
x20
1334
22i2
124l2
23
*2218
*94is
65g
237g
9514
658
*94i2
6U
96'4
*5018
3114
1712
55
*50ig
55
3U4
*31
3U2
1714
177g
*4
22ig
*94i2
6i2
163g
11514
*11358 11534 *113
11
1034
IO84
*1038
27
2758
2684
2634
*5
514
53g
514
25
25
25
2512
*122
314
6!g
*50i8
*31
163a
5
*414
5
*4*4
5
6634
66i2
69*4
36" 166
258
63i4
20ig
*13*2
2214
683g
25g
63*4
203s
137g
223g
6658
3*4
258
25g
500
63*4
6338
2034
1378
20,500
96U
6i4
*95
96*4
55
*50ig
31*2
1678
*31
6312
20ig
1334
22i2
6I4
16*2
167g
115*2 11512
10
1038
2534
26*8
116
11314 1135g *115
10
10
10
10ig
25l2 2634
2512 2638
514
5*g
514
514
233g 24ig
*2312 24
124
122l2 12212 *120
*119
*67
6*4
52*2
3U2
5*4
24ig
124
121
20*8
1378
1,900
*2212
95*4
6*g
*50*2
23
31
31
1634
17*4
27,400
115*4 115*4
400
10*8
10*4
2,800
26
2634
7,700
1,400
2,500
200
6*4
2,200
52*2
5*4
5*4
24i8
24ig
24lg
12414
*121
1,000
95*4
5*4
121
430
"40
200
70
*60
70
*67
70
*67
70
*90l2
94i2
9012
9012
*80
88
88
88
*80
88
*80
88
"_30
*43
47
45
45
43ig
45
45
45
500
2458
24
*237g
25
1278
13
127g
12*2
43i8
2412
1234
*43
24
4312
2414
*2334
12*2
*69
245s
1278
*111
5l8
2884
*153
70
13
113
514
2938
159
*65
*11112 113
5
2834
*153
43
*23*2
1258
12*2
1234
434
*153
158i2 *153
158
*153
158
*153
Preferred
1
Servel Inc
1
Shattuck (F G)
No par
Sharon Steel Corp. ...No par
$5 conv pref
No par
Sharpe & Dohme
No par
Conv preferred serA .No par
Sheaffer (W A) Pen Co .No par
Shell Union Oil
No par
Conv
preferred
100
Silver King Coalition Mines.6
Simmons Co
Slmms Petroleum
.....No par
10
Skelly Oil Co
25
100
Preferred
Sloss-Sheff Steel & Iron. .100
7% preferred
100
24*4
600
125g
35,500
Socony Vacuum Oil Co Inc.-15
*111*4 113
*111*4 113
*111*4 113
47g
434
478
45g
434
484
434
28
28
28
28i4
28
*27&g
27*2
28*4
1
Smith (A O) Corp
No par
Snider Packing Corp...No par
*111*2 113
5ig
287g
159
24
70
Second Natl Investors
Solvay Am Invt Tr pref
14~700
1,700
158
100
South Am Gold & Platinum.. 1
2512
26ig
26
26*8
26*8
26*4
"V, 500
Southern Calif Edison
3U4
2934
14i4
3034
30
307g
3038
3134
33.400
Southern Pacific Co
100
14
1434
147g
14i2
15i2
1412
1434
14*2
14*4
23
23
23
243g
22i2 23
22*4
2234
225g 23*8
50
*41
47
46
*42
46
51*2 *41
5U2 *41
*4U2
984
83g
834
934
*834
*884
*8l4
934
*8*4
9*4
87g
*8*4
66
66
*66
68i2
66i2 6612
687g
*66ig
*66*4
687g
66*4 66*4
*103
105
*103
105
*103
105
*103
*103U 105
*10314 105
105
6l2
67g
6*g
634
7i8
612
6U
6i2
6*2
684
65g
63g
9
8
*883
87g
8ig
*75g
*8i2
8i2
75g
75g
7*2
7*2
*31
*31
31
31
31*2
31
3U2 *31
3U2
*31*8
31*2
31*8
18
177g
I8I4
183g
17*8
177g
17Jg
1?38
17*8
1734
17*8
17*2
21
21
21
*19
*20
21
21
2018 *19
*18*2
*187g 21
50
*48
50
50
48i2 48i2 *48
*48
*49l2
4912 49l2
49l2
69
*67
6934
67i2
6834
6934
*6834
68l2
67*4
67*4
67*4 687S
*10138 10312 *10138 103i2 *1013g 103i2 *10138 103i2
10238 10238 *1013g 103*2
23
23
23
23
2234
2438
2214
*23*2
2338
2334
*2258 24
1558
1534
157g
1514
15*2
1512
15*2
15*8
15*8
153g
15*8
15*4
*126
128
1273g *126
1273g
127i2 12734 128
12634 12634 *12634 128
7,400
Southern Railway
100
6*4
12
10l2
634
IOI4
1278
1214
29l2
2634
3178
3014
314
*3l8
112i8 II2I4
3838 38i2
3478
3478
*18
60*2
*27
68*2
*2i2
*8*2
27
30
32
*3i8
3734
3434
*18i2
60i8
2734
68i2
234
87g
*25l2
48
19
69
61
271g
69
234
9
48
19
1734
17
1914
18*s
11*4
115g
*78
*121
125
*121
33
434
*31*2
45g
49
*45
17l2
163g
18*2
17
11
117g
8134
125
30
3012 3012
314
3ig
112*8 11218
36
37i2
3358
34I2
27
*1834
5714
59l2
*25i2 27i4
68i2 69
234
*2i2
9
*8l2
383g
19
6i2
12*4
30
35
48
IOI4
63g
1U4
27
*812
81
434
IOI4
7
133g
30i2
33l2
314
*25g
*78
32*2
IOI4
112ig H2I4
6l*s
*46
17*4
11*2
63g
478
43g
45g
10l2
7
*7
8I4
*7&g
163s
3U2
414
*10*2
26*2
10
10
97g
36
36
37
38
363s
34l2
34l2
357g
357g
*60
603g
94
914
9ig
*6i8
634
35
*3412
6038
10
603g
*112
*83g
97g
97g
2958
2784
28
28
26i2
27
27
27*4
534
*27l2
534
534
2934
16i8
16l2
105
105
*51
2934
16l2
10434 1047g
55
55
55
1534
16
16*8
6134
1212
6238
12l2
1512
6I84
12i2
21
21
205g
*10l2 11*4
83a
8I4
103l2 10312
53s
53g
9
*712
2484
34i2
*95s
25
3434
1078
*5
53g
3434
95g
86
*126*2 127
40i4 403g
'32
3478
5
9*2
68
40
*«4
68
*45g
85l2
5
86i2
12714
403g
24i8
3334
9l2
3312
95g
69
8612
5
9
*7i2
24
85l2
'-2
127
127
For footnotes see page
5
127
40
3460.
40l2
8
8
24
24
3358
834
*68ig
69
5
85
3334
914
10
Texas & Pacific Ry Co
Thatcher Mfg
$3.60
100
No par
...100
115g
8
8*8
10412 104*2
11*8
*5
5*4
104i2 10412
700
9,900
61
62
5,500
1,000
33*2
3358
1,800
9*4
1,800
5
5.
84*4
8434
*484
*84
38*2
3934
385g
6% preferred
No par
Truax Traer Coal
No par
Truscon Steel
20th Cen Fox
9i8 Jan
6
Jan
2
Jan
2
Jan 11
Jan
2
984 Apr 30
FilmjCorpNo
Preferred
Twin City Rap
No par
Trans.No par
400
Ulen & Co
800
Under Elliott Fisher Co No par
Preferred
100
100
No par
Union Bag & Pap Corp .No par
Rights
2978 Apr 20
95s Feb 14
57g Jan
2
634May 14
55s Apr 27
287g Jan 6
33
Jan
6
7ia Jan
6
95s Apr 27
28
25
6
2»4 Feb 11
1134 Feb 19
93a Jan
8
IOI4
39i2
3834
1514
143s
42
3378 Apr 27
44
59
Jan
357s Jan 30
2
Jan
Oct
48
Nov
84
Oct
105i8 Nov
12*2 Sept
12258 June
130
2i2
U2
184
434
Mar
Mar
Mar
6
Mar
Mar
?8 July
111
Jan
2734 Mar
191$
Jan
Apr
12i2 Deo
914 Aug
lisg Aug
26i8 Deo
2878
Deo
2i2 Nov
Apr
116
4078 Deo
333g Dec
Mar 11
Apr 7
Feb 3
Feb 29
Mar 6
Apr 13
Jan
8
Jan 15
1414 Mar
5
Feb 28
125s Mar
5
36
Mar
65s Mar
2i2 Mar
2*4 Apr
60*2 Mar
115i2 Jan
*11
Apr
16s Jan
5
Mar
1778 Oct
314 Mar
15
Sept
32t2 Dec
14 Apr
II4 Apr
6I4 Sept
4
Mar
16t2 Mar
2884 Apr
314
8*2
14
Jan
Jan
Apr
13i8 May
50
68
Nov
4
Dec
10
Deo
50
Dec
187b
Dec
15*8 Deo
IO84 Nov
77
Nov
121
Mar
305s Dec
3*2 Deo
1234 Aug
25
Dec
9
Sept
2284 Deo
33t2 Deo
H2 Nov
6*4
Jan
884
Dec
30*4 Dec
3684 Feb
9i4 Oct
12t2 May
28*2 Dec
443j Dec
May
61
514 Apr
61i8 Jan
100
2*2 Mar
Deo
978
125a
Nov
Oct,
Oct
10*2 Dec
2
912 Feb 18
2
June
5
Jan
2538May 19
16
Mar
29
Nov
5*8 Jan
133a Mar
2634 Nov
lSg Mar
17
Apr
5
Deo
28
Dec
157g
Dec
314 Jan
52
Jan 20
12is Jan 6
56
Apr 27
11
Apr 30
1478 Jan 2
103sMay 19
7ig Jan
93
3
Jan
6
47s Jan
6
par
5
330
1458 Feb 19
3
4
7i8 Apr 30
84S4
2,400
12,600
Mar 12
Jan
22*>8 Jan 2
313s Apr 27
834May 20
65i4 Jan 22
60
Preferred
91
12434May 15
40i2 Mar 18
684 Mar 12
6^8 Jan
10
70
385g
May 18
3
8*4
9*4
7
8
106i2Mar
8*8
*68*8
4378 Mar
Oct
3
10
1043g 10412
934
Dec
IOD4 July
Mar
loots Jan
No par
Transue & Williams St'l No par
Tri-Continental Corp..No par
68*2
5
Tide Water Oil
1,200
3,500
*9*8
Dec
18*8 Dec
15*2 Oct
20
4
2,500
*68*8
8U
Si2
7U Mar
23
19i8 Feb
12,200
200
834 Nov
70*2 Nov
107
36 U May
6
6
12*8
1,400
Jan
Nov
8
5
1484 Jan
1234
2,200
Mar
Feb
No par
19*4
9
5
Feb
Feb
No par
1178
5*4
21£8 Dec
3334 Dec
30
Jan 24
8i2Mar 23
3934 Feb 25
12*2
24
July
July
Jan 17
2
19*8
5*4
16*2
7
384
113i2
4758
40i8
47g Jan 21
26
Apr 30
Timken Roller Bearlng.No par
Transam erica Corp
No par
Transcon & Western Air Ino.5
*7*2
36i2 Jan 27
3978 Feb 17
24&s Jan
Timken Detroit Axle.
24
5*2 July
15
3138 Apr 13
29*8 Feb 13
12U Feb 14
32*2 Mar 6
Preferred
10
163g
10
Nov
25i2 Dec
8i2 Mar
3314 Feb
100
pref
59*2
24
34
cum
16
*7*2
*33*2
$3.50
Tidewater Assoc Oil
*51
24
Dec
27
24i2Mar 20
5334 Mar 20
7734 Apr 13
3
Thompson-Starrett Co .No par
100
152
Apr
59*2 Apr
3*s Mar
3U June
8>4 Jan
1
2,800
10,200
Oct
288g May
Feb
42
9
Nov
1584 Mfl J
1284 Mar
31
1035s Jan
30
112
105s Mar
36s4 Jan 25
2378 Jan 29
8&s Jan 18
Thermoid Co
"moo
1534
6
Feb
1218 Apr
62
55g
27
1134 Feb
78
109*4 Feb
9«4 Mar
110
27*4
15l2
Feb 20
Mar 25
558
*25
49
9
Apr 30
9478May 14
No par
27*4
27
17
19
21
20
Feb
Feb
Feb
Feb
1
Preferred
57g
*26
132
Mar 26
2834
387S
203s
3278
...No par
100
pref
conv
The Fair
~1~,506
1
534
853g
40
10
2634
*12634 12712 *12634 127*2 *12634 127*2
*39
No par
Texas Pacific Coal & Oil
Texas Pacific Land Trust
Thompson (J R)
25
Thompson Prods Inc..No par
*1014
5
57g
9
Texas Corp (The)
Texas Gulf Sulphur
103g
103g
8
8*8
104i2 104i2
514
514
Tennessee Corp
*9*2
20
11
5
5
25
103g
2634
19
2478
68ig
29
2434
1038
2U4
107g
*7i2
245g
10
5ig
85
127g
*26
*24
1578
1512
155g
157g
10414 10484 *10458 105
*51
59I2 *51
59*2
16
155g
157g
157g
61
607g
6OI4
60*2
123g
125g
12*2
125g
20
193g
193g
19*4
83g
83g
8lg
81S
10312 103i2 *103s8 104l2
69
*68
62i2
2712
163s
*10414 105
*51
59l2
16
1512
6OI4
617g
125g
1238
155g
6,400
Telautograph Corp
Third Nat Investors
2734
163g
97g
No par
100
*9*2
*28
10&8
Class A
25
103g
55g
35*2
10
25
*24
*912
534
....100
Third Avenue
103s
55g
27i2
Superior Steel
600
*9l2
1
Jan
I6I2 Apr 30
14&8 Jan 2
3
6
103g
6lg
No par
Superior Oil
6
2538
534
5
48
27
7
*9i2
Mat 27
238May 21
72
9
lOSg
Feb 26
8i8May
118
300
6I4
25
100
94
6
2
11178May 7
3578May 20
3234 Jan 2
No par
35*4
85g
2434 Apr 28
2634 Apr 30
No par
10*8
160
1384 Mar 17
978 Feb 17
t Symington Co
337S
Jan
17U Jan 30
No par
60*4
*85g
*57g
Apr 27
Swift Internat Ltd
33*2
3534
20
9i2 Jan
3,100
5,900
15,500
7,600
10,900
Jan
6i8 Apr 30
20i4 Apr 28
2812 Apr 28
lis Jan 3
600
10
10
Swift & Co
7
937g
21'4 Apr 27
Co (The)..No par
*92l2
85g
9
25
50
Sun Oil
*5958
*834
9
*24
Convertible preferred
Stewart-Warner
600
253g
6l2
253g
No par
35
*834
2934May 1
1578 Apr 30
133a Jan 2
107i2
Dec
Nov
68*2 Dec
65
10
Preferred
35
60
4
105s Aug
112*2May 1
7*2 Feb 29
3434 Mar 3
Dec
Sterling Products Inc
Sterling Securities cl A-No par
500
*92*2
678 Jan
4,200
800
Jan
Feb
38
94
10U2Mar 18
584 Apr 30
23
600
345g
60*8
7
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
1&8
Dec
60
Dec
Preferred
8l2
20i«
II6I4
65*2
70*2
32i2 Nov
""BOO Superheater
15g
Jan
Jan
523s
t Studebaker Corp (The)
83g
*67g
7*8
33*4
Deo
6i2
32
Stone & Webster
300
Apr
1884
12*2 Mar
6884 Jan
U8 Mar
3*8 Mar
15,800
600
193s
20tj
Oct
3584 Mar
19,600
1,800
Feb
Mar
434
Mar 19
11*4
7*2
Jan
Feb 20
23i2 Jan 2
1234 Apr 27
4
Feb
Deo
Nov
70
17*2
29
Apr 27
6
17
111
3334 Feb 10
7134 Mar 19
4*g Jan 28
1284 Jan 8
53i2 Jan 28
2412 Apr 16
21i4 Apr 8
145s Mar 4
11*8
8034
7,000
Mar
July
9
17
4*4
I6*2 Deo
6
4,900
4*4
Mar
34U
6118 Jan
185g
700
50
2434May
10
175g
43g
458 Apr 28
28i2 Jan
534 Nov
Nov
Dec
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
*32*4
*912
*24
7
$6 cum prior pref
38
*6i2
*24l2
9
934
1
No par
100
33
4
Feb 24
4834
8034
14i2 Jan 25
3234 Apr 2
6>4 Jan 15
3184 Mar 30
132
Apr 11
Feb 24
200
125
6
18
400
*31*2
Mar
129
234
*121
120
1438 Apr 19
87g
31*4
1914 Feb 20
l207a Jan 10
Tobacco
Comm
Preferred
934
345g
6OI4
2,700
2
Jan
No par
t Stand Gas & El Co..No par
10
35
*9
69
6
4
34
No par
Preferred
97g
35
*9212
68*8
*238
*8*8
11
10
3l",900
200
*46
Mar
Mar 12
Stand
Mar
60i2 Feb
Mar
99
Standard Brands
3U
40*2
295g
5i2
63*g
83s
95i4May 22
83g Feb 4
Mar
6M% preferred
Square D Co
Standard Oil of Kansas
26
273g
83g
21*2
29*2
*32*4
*60
5834
11
35*4
8,100
2,400
*25*2
273g
*7*2
21*8
38
10
335g
11
*35
94
57*4
3734
1,100
10,700
27
27*g
8*2
2U2
29*2
1*2
8*4
*834
*92l2
834
*6i8
253g
912
125
367g
33*4
*18*2
11
327g
150
Mar
3
13
Jan 22
No par
9
Mar
24
Mar 13
Standard Oil of Calif ..No par
Standard Oil of Indiana._.25
73g
35U
1034
.
1,900
18,100
32
1278 Deo
2584 Nov
4638 Nov
I6I4 Apr
63
100
Deo
714 Mar
Jan 31
44
20,600
11,400
7
10l2
10i8
363g
363g
11
27ig
83g
21i4
100
Nov
17
Apr 17
12i2May 20
4i8 Nov
70
758 Mar
Apr 17
110
47g Jan
697| Nov
22i2Mar 26
1684 Apr 4
72
Conv preferred A
No par
Spiegel-May Stern Co..No par
5.200
7*4
3278
35l2
103g
10ig
36
36ig
10i8
97g
3434
43g
50
7,600
2,200
7
32
8
31*4
4*4
100
1,200
33«
7
7ig
7i2
3314
18g
83g
*121
3U2
10,300
3434
7
7i2
*834
*9212
17*8
300
Sparks Wlthington
No par
Spear & Co
1
Spencer Kellogg & Sons No par
Sperry Corp (The) v tc
1
Spicer Mfg Co
No par
*3*4
7
8U
6038
18*8
400
Jan 16
Mar
75
3
4
32*4
7
*li2
9i2
9478
49
5^800
1*8 May
40
Apr
95
Apr 27
22*2 Feb 18
7>g Jan
6484 Jan
Spalding (A G) & Bros.No par
1st preferred
100
Spang Chalfant & Co Inc pf 100
112*4 112*4
8*8
29
112
*60
9
_
No par
$7 cum prior pref—No par
Stand Investing Corp..No par
Standard Oil Export pref.-100
15g
*21i8
30
8i2
*834
*92l2
9i8
234
100
323g
834
21I2
29i2
30
3378
69
600
Oct
31
42
3
30
27*8
*7*2
2138
29*4
u2
21
22
10
3614
1012
75g
175g
*7I2
10
3412
36i8
1012
778
3434
*48
812
7ig
7*8
32is
35i2
758
26
5734
125
27
7
25i2
*68i2
*2I2
*8i2
26ig
*121
33
1012
15g
335g
125
*3U2
26i2
812
37
*121
33
11*2
*u2
812
3578
33*8
*18*2
5634
Jan 16
73
27S
6
5
657g Jan
Jan
13
33
58
Mar
Jan 21
10
684
112
19
12
10
19ia Jan
34
67g
127g
30*4
65g
458May
100
Preferred
10*4
3*4
3*4
112*8 112*4
3634
37*4
33*8
33*2
*18*2
26*g
57*8
58*8
26
*25*2
68
685g
238
2*2
8*2
8*2
*46
4834
18
1734
1634
17*2
11*8
113g
81*4
8212
IU4
27
215g
2958
ll2
8i2
32
3ig
314
112i8 112I8
81
11
30
*31*8
llig
2678
22
2934
80
1U2
2134
2984
6*4
12*8
29*4
32*4
1138
27
77g
65g
117g
80
*2634
784
lOU
6I4
1134
*2834
*78
*11
*7i2
lOU
984 Apr 28
1984 Jan
Mobile & Ohio stk tr ctfs 100
5,200
*41
*10*4
1434 Apr 30
110*2 Jan
25
26U
2934
10*
8
150
26
3234
23*2
30i4 Apr
25
2634
313g
1434
23i8
3
3
100
26l4
May 12
484 Jan
43ia Jan
26
32*4
14
94
No par
So Porto Rico Sugar
Preferred
2658
*26*8
3168
61i4May 13
15*8 Jan
11*8 Jan 3
20<4 Jan 3
Jan 17
28
21
23
21
*64May 18
4i2 Apr
84i4May
12512 Apr
38i2May
60
75g Mar
84
Jan
Mar 11
26'4 Mar
1734
72i2
1484
2758
16*2
Feb 19
Feb 18
Feb 25
Apr 4
Jan 2
45„ Mar
12
Feb
283g Mar
Mar
714 Mar
1234 Jan 31
5^8 Mar
17g Mar
69
Apr
36a Oct
3t2 Mar
13
Aug
246g Oct
2t2 June
83
18
4
107'g Mar 11
7
Feb 29
1078 Feb 18
323a Mar 2
41
Mar
Mar
2
6
Mar
85s Jan 20
1*8 June
99
Jan 13
5384 Mar
133
Jan 17
125
Dec
5234 Feb 19
1
Apr 24
29
May
87g Nov
104i2 Nov
48
Deo
13ig Dec
72*j Nov
14
Dec
15U Nov
16
Dec
8*4 Nov
97ig Nov
67g May
8i4 Nov
247g Deo
33l2 Dec
1268 Nov
73
Dec
5ig Nov
87U Deo
133
50*2
Apr
Jan
New York Stock Record—Concluded—Page 10
Volume 142
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
Sales
NOT PER CENT
for
Saturday
May 16
$ per share
82is
8234
2312
23i2
*124% 126
*95% 9638
*24%
2434
2284
23
17is
17%
*18% 21
265s
2684
*112
115
76
76
*26
26l2
6%
42%
13i4
578
42I2
13i8
*22
2312
*100
108
5%
*34%
5%
34%
75l2
75i8
15
83
81
23%
23t2
125i2 1257S
96%
96i4
24l4
2458
22% 23i8
1678
115
7612
22
*112
23
23
4278
1234
63g
92
161
*80
161
13%
91
*1434
*93
97
86%
163
1134
4678
1278
84
834
83
5
13s
*3612
1834
^
35%
*4l"
6%
12%
*82
85
70
8%
29%
72%
92
93
90
90%
74
74
74%
59%
74
74
58%
5734
8
7%
5%
*68%
*59%
155
1%
*15%
36%
r%
*2%
6
«
42?g
*130
7%
5%
7%
5%
75
*71
60
60
155% *154
91
1%
6%
55,300
3,500
6,300
*79%
7%
*7%
700
10
5,400
400
7,000
5%
5%
75
*71
60
200
500
5%
2,700
75
200
60
60'.i
700
157% *155
157%
40
81
*80
91
1%
1%
1%
1678
*1434
16
36%
36%
36%
37
916
3%
7916
*2%
3%
1%
2,200
80
6,900
76,573
%
*12
13
*12
*25
26
*13%
14%
97
*92
97
85
86
*2%
1234
25%
1434
14%
15,600
734
*1478
36%
17
*12
13
110
25
25
1,110
14
*92
8734
14
900
97
2,700
*161
1,63
16478 *161
16478
*11
11%
11%
11%
11%
11%
39
39%
3734
40%
41%
38%
8
7
*6%
7%
*6%
*634
12%
12%
12%
11%
1178
117g
470
87%
87%
*8
2834
7034
90%
*73
85
82%
82%
*82%
1,000
49,600
200
1,400
84
100
8%
8%
8%
*8%
8%
2,900
2934
28%
29%
28%
2978
36,600
71%
73
12,200
89%
90
2,900
74
700
72%
90%
70%
7284
90
90%
74
74
74
*72
120% 121%
136
136
*70
*70
«
—
*70
*70
*70
~~578
145
20
21
20
*122% 125
*75
*130
20
*19
24%
*12384 125
*123% 125
74
75
74
74
*130
145
*130
145
77%
145
3
*2%
3
3
3
*2%
27g
7
7
*6%
7%
6
6%
*6%
6%
7%
*234
7%
*3
7%
14i2
14I2
3H4
31I4
*116% 11678
*14%
14%
*3%
*13%
7
7
3038
*1734
*1014
*214
6OI4
30%
978
*40
*138
*8i2
*18*4
*2214
22
*6i4
18
13
2i2
6OI4
10
48
H2
9
2234
23
22
7
*80
*H2
36
*80
1%
36
*99
81%
10012
102
94
*119
120
*11312
114
*834
9
*14i2
17
14
13%
60
984
*40
1%
834
60
*58
10
60
9%
48
*40
1%
9%
48
1%
8%
21
21%
*19
22%
22%
22
*2138
22%
1%
87g
7%
*1%
37
80
98%
102
-
-
7
*»
*19
*22%
21%
*634
37
*1%
*35%
80%
*80
*98% 100%
102% 103
103
80%
mm.-—
70
200
74
30
*3
60
9%
*40
1%
8%
60
9%
48
*40
81
2
2
2
6
5%
5%
5%
79
80%
38%
11334
78%
81
100
■
~
400
800
93i
11,000
22%
*6%
8
22
200
300
22%
22%
*634
8
1,600
100
*80
1%
1%
"40
1%
«.
«
•
«,
-
2
2
2
*2
2%
"566
*5%
6
*5%
578
1,100
17,600
7634
79
37%
38
4,600
110% 112
14,600
*
137
20
*24"
2434
*37%
*2134
38%
22
78
*65
80
*65
80
*65
100
*70
90
*70
90
*70
28
28
28
27
27
27
27
*863s
95
23is
*1414
2312
600
*17
458
8%
*75
4934
26i2
76
*26%
28
95
*82
90%
*82%
90%
23%
14%
2234
*14%
23%
2278
15
14%
4
4
4
4
19%
19
19
4
*17%
19%
4%
*17%
4%
4%
*187g
4%
8%
75%
8
8%
8
4%
8%
22%
14%
75%
4934
27%
27%
19
*74
76
*75
*678
113
18%
7
113
66
69
1,020
57
57
600
75
200
15,000
78%
20
6634
1,600
37
36
36%
3678
18
17%
1734
17%
1734
128
131
*121% 129
*121% 129
*121% 129
48
48%
48%
48
48
48
48%
48
51% 5234
51% 5234
52%
53%
5I84
53%
700
*112
19%
7
113
6%
For footnotes see page 3460.
67
*36
18
18
112
112
*113
100
Preferred
100
No par
Preferred
Utilities Pow & Lt A
100
1
114
18%
1734
19%
1834
19%
634
6%
6%
6%
6%
113
19
6%
114
10
Apr 29
x25
May 20
13
Apr 30
Jan
4
80%May
160 May
8
878 Jan
2
6
29,600
100
1,300
12,400
500
197g
19,700
6%
2,000
1
35%May
79
Feb
4
60%
19% Jan
8
9% Mar
87% Mar
46% Jan 21
115% Jan
7
Apr 27
160»4 Feb
Jan
14
May
4
100 *114% Jan 16
100
100
t Wabash
70% Feb
130
Feb 10
127a Feb
7
7% Mar 26
80
Feb
2% Jan
100
5
Preferred B
100
4% Jan
9% Jan
Waldorf System
No par
Walgreen Co
No par
6
% preferred
X Walworth Co
No par
100
Walk (H) Good & W Ltd No par
Preferred
No par
Ward Baking class A ..No par
Class B
No par
..100
Warner Bros Pictures
5
30
Apr 30
1078 Jan 4
2% Apr 29
47% Jan 2
9% Apr 30
44
Apr 29
1% Jan 2
4% Jan 2
Feb
*159%
Dec
29
Aug
73
Nov
Apr
7
6% preferred
100
100
7
Apr 30
1
1% Jan 2
34% Apr 30
Western Union Telegraph
.
1st preferred
Feb 25
1978 Jan 23
39% Jan 2
20
Feb 17
99
Mar
5
110% Feb 15
169% Feb 18
14% Feb 21
Apr
2
50
No par
Mar 12
9
96% Jan 24
75% Apr 9
723g Apr 9
132%
143%
163%
6%
2%
50
Apr 11
Jan 21
Mar 20
Mar
Jan 18
Jan 18
27% Feb 19
373sMay 18
100
Preferred B
100
par
100
par
1
9184
Dec
6278
Jan
27% Mar
73% Mar
119%
149%
1
19% Apr
11% Apr
11% Feb
91
Feb
May
72
May
63
Dec
7
2% Mar
17% June
Jan
Jan
May
18% Feb 3
14% Apr 2?
3% Apr 28
16
Apr 28
2% Jan 7
7% Apr 29
71% Apr 23
44% Apr 23
23% Apr 30
6
3
734 Mar 6
1578 Feb 11
3434 Jan 8
19
Jan 24
3% Jan 24
70
Jan 24
14% Feb 19
5778 Feb 8
2% Feb 29
10% Mar 31
25% Apr 11
28% Feb 19
29% Jan 2
11% Feb
6
Oct
15
Feb
33
Nov
63% Mar
109% Feb
1
Apr
134 Mar
83
May
1
May
4% Mar
26% June
114
Jan
1%
Feb
5
Mar
Apr 21
98% Apr 23
584
Dec
438
Dec
978 Nov
33%
120
Deo
Apr
638 Nov
11
Dec
3
Deo
47
Deo
10%
Deo
52
Deo
% Mar
1%
2% Mar
6%
Dec
Jan
77g Mar
17
Aug
20% Aug
32
Sept
25% Dec
30%
4
Mar
Apr
3978 Mar
36
Mar
Deo
784 Nov
90
Feb
3
Nov
55% Nov
84% Oct
91% Deo
99% Nov
92
Jan
120%
Jan
Nov
Deo
1227g Feb 10
32% Mar
11434 Deo
10% Dec
1934 Dec
3% Jan
778 Jan
77% Nov
3534 Deo
9834 Nov
145% Apr 18
33% Jan 25
90
Feb
126
10
Mar
29
Jan
12% Feb 21
20>4 Feb 24
4
Feb
7
97S Feb
7
95
Feb 13
48% Mar
39
Jan
3
3
5% Mar
7% Mar
1% July
23s Feb
20% Mar
18
Mar
28% Jan 10
70 May
9
1634 Mar
18
Jan
90
25
Mar
Mar 24
37% Jan 10
109% Feb 19
28% Mar 4
17
Mar
6
5% Jan 13
24% Jan 10
5% Mar 30
11
Jan 14
87
Jan 16
563s Feb 6
35% Mar 23
14% Mar
46% Jan
678 Mar
12% Oct
1% Mar
6
Jan
1
Mar
37g Apr
58
Apr
51
May
5
Apr
6
18
Mar
13
Mar
Mar 23
Mar 11
May 15
33% Apr 28
79
Feb 10
45
Jan 23
20% Mar 26
61% Apr 11
116
Feb 19
1978 Apr
93g Jan
3
4
Nov
32% Nov
102% Nov
19% Deo
24% Jan
434 Deo
20% Dec
3% Deo
9% Nov
79
Nov
25% Nov
55
Mar 23
66
50
65% June
138
75
Deo
33% Deo
38% Dec
25% Nov
35% Sept
Jan
II84 Mar
25% Mar
20
Apr
35% Mar
7384 Mar
1734 Apr
2% June
31% May
106
11% Jan 28
57s Apr 28
11734 Dec
3% Nov
Feb
Jan
4
6
734 Nov
28% Jan
2% Mar
14% Mar
1%
Jan
6
6
Dec
Deo
1
Jan
Jan
37
Dec
June
30%
Apr 30
41% Jan
Dec
Dec
478
2
2% Jan 13
46% Jan 2
56
105
Nov
63
Feb 25
18
47
3
Nov
44%
34% Feb 21
62% Jan
6
44% Jan 21
33
114
120%
95
1
56% Nov
2184 Jan
112%
104%
23% Apr 3u
86
Nov
Jan
Feb 21
4
2
Jan
Mar 23
Apr 28
Jan 14
Aug
4% Aug
72%
121
6
7
50% Nov
85
116
Apr 30
Jan
Dec
124% Apr
7334 July
May 15
Mar 11
48
Sept
Deo
165
-34
Feb 19
73
11%
17%
Feb
Mar
Feb
86
9% Sept
16% Sept
119% Nov
14084 May
M ttr
30% Feb
NOV
Jan
% Mar
6
Apr 25
5% Jan 2
72%May 4
34% Jan 13
8% Jan
83% Jan
par
24% Mar
6
8% Apr 27
Yellow Truck A Coach cl B.10
100
7% Mar
Feb 20
66
Preferred
10% Nov
50% Nov
87
Wrigley (Wm) Jr (Del) .Wo par
25
Young Spring A Wire..No
Youngstown S A T
No
5H preferred
Zenith Radio Corp
Wo
Feb
Jan
Wright Aeronautical—No par
Yale A Towne Mfg Co
Dec
5
35% Mar
3% Mar
Mar
Jan
Preferred A
165
34
Jan 14
$6 preferred
100
Wool worth (F W) Co
..10
Worthington P A W...... 100
Jan
72
Apr 30
50
Nov
143
7
50
White Rk Mln 8pr ctf.Wo par
White Sewing Mach..No par
Nov
87
46
124
15
Oct
Oct
Deo
96
114,
8% Mar 16
48% Mar 19
133% Apr 28
114%May 15
93a Feb 8
3%
203a
393s
Mar
8
94%
123%
22%
36%
2% Jan
1938 Mar
22% Deo
4%
82% Feb
116% Jan
111% Jan
Oct
4% Mar
65% Mar
100% Apr
21
White Motor
Mar
110
34
100
July
7
Westvaco Chlor Prod..No par
No par
% June
5
11
2
2
100
Westlngh'se Air Brake.Wo par
Westinghouse El A Mfg
50
14% Mar
Jan 23
Jan
15
100
Oct
06
100
Preferred
Oct
01% Jan
100
Western Pacific
7«
938
85
78
Jan
133%
..100
No par
Deo
73% Nov
Jan 16
19% Apr 28
West Penn El class A..No par
Preferred
100
Nov
Mar
Feb 28
Waukesha Motor Co
Wells Fargo A Co
1
Wesson Oil A Snowdrift No par
11%
7%
51
10
6%May
18% Nov
110
69% Jan 10
159% Jan 24
118
21
5
2% Jan
3% Apr
Jan
92% May
78
2
Convertible pref....Wo par
Warren Fdy & Pipe
No par
No par
Oct
Apr
5% Jan 3
26% Aor 17
1778 Apr 17
157g Jan
Dec
7%
46
4% Feb
1038 Mar
Jan
115% Apr
Deo
96
8
135
3
Apr
100
Preferred A__
20%
5
3% July
80% Apr
Jan
Apr 27
100
Mar
7% Apr
47
84% Feb 25
68% Jan 3
4
5% preferred..
Virginia Ry Co pref
Vulcan Detinnlng
884 June
4% Mar
65
Jan
Jan 23
Zonite Products Corp
2
Apr 23
Mar
Mar 24
Wheeling Steel Corp
25% Apr
10?
9% Mar
105
Class A
24% Deo
784 Nov
4584 Nov
1384 Dec
3
109
Conv preferred
Oct
53
100
Webster Elsenlohr
17%
1% Feb
20S4 Mar
Jan
No par
Virginia Iron Coal & Coke. 100
conv
2978 Apr 13
9% Feb 17
47% Feb 17
16% Feb 4
Apr 15
17% Apr 29
2834 Jan 16
7% 1st pref
100 x!10% Feb 17
Vick Chemical Inc
5
40
Apr 30
Vlcks Shr & Pac Ry Co com 100
72 May
Va-Carolina Chem
No par
4% Jan
Preferred
Nov
13
3434 Apr 22
100
Jan
Aug
78
35
32
Deo
Nov
118
85
131
26i2
Oct
8
5
Va EI A Pow $6 pf
20
20% May
7% Apr 30
16% Jan
100
6% preferred
7% preferred
1384
Mar
7
Mar
Jan
5
Vanadium Corp of Am. Wo par
Van Raalte Co Inc
Oct
Mar
Deo
",6May 18
3% Jan
1% Apr 29
Preferred
Mar
7584 Nov
24
IID2 Jan
90% July
26% July
30% Dec
46
3% Mar 24
22% Mar 23
38% Apr 6
No par
Vadsco Sales
No par
*70%
*66%
3534
17%
66%
50
U 8 Steel Corp
Wilson A Co Inc
55%
36%
60
10,200
78%
6634
100
Smelting Ref & Min
77g
657g
67S4
1st preferred
Preferred
Feb
Mar
111
115
Jan
Jan
Jan
1484
82%
79%
20%
97a
4%
Jan 11
71
No par
100
44
79% Apr 14
978 Jan 27
18% Jan 28
No par
U 8 Tobacco
6
6% Apr 30
ll%May 21
No par
U 8 Rubber
U 8
117
4
6
No par
5
637g
67
v t c.
t c.
Prior preferred v to
U 8 Realty & impt
No par
55%
*70%
67
v
7
32% Feb 18
21% Apr
28% Mar
28% Jan
69
Conv preferred
63%
67
Class A
Jan
1% Apr
13% Apr
21% Jan
',6May
01
31% Feb
3734May 21
Wilcox Oil A Gas
55%
78%
67%
*70
U 8 Leather
5
Mar 23
8
par
100
1,100
63%
*54%
U 8 Hoff Mach
Corp...
U 8 Industrial Alcohol.No
3,500
63
62
100
4%
50%
70%
19%
73s
*75
19
28
55%
112
8%
4%
734
75
70%
x67%
36%
17%
19
77g
*1734
2634
*54%
112
4%
497g
70%
48%
5434
4%
76
55
131
500
503g
26%
64
5234
400
4%
50
54%
483s
12~300
1478
*4
26%
70%
131
23%
*14%
4
50%
6278
3778
18%
23
14%
26
54l2
*35%
17%
23%
26
73
49%
*26
7% preferred
Preferred
49%
*62
3534 36%
18i8
I8I4
*130is 131
48I2 4812
5234
53%
90%
27
5412
*70i8
67
76
600
*82
4984
4978
26%
6278
50%
4%
8%
6734May 1
57% Apr 29
2
88% Apr
28% Feb 7
138% Mar 6
97% Feb 26
113
Jan
Wheeling A L Erie Ry Co. 100
6% non-cum preferred. _100
90
4
Preferred
100
U S Freight
No par
U 8 <fe Foreign Secur...Wo par
Preferred
No par
U S Gypsum
20
Weston Eleo Instrum't.Wo par
40
80
*70
14%
...No par
100
*65
2434
20
Rights
100
78
4
U S Pipe & Foundry
6% preferred
Western Maryland
2d preferred
100
23%
14%
100
2
6% Apr 30
5
Apr 30
50
Preferred
West Penn Power pref
5%
7734
9
14% Apr 30
109
Universal Pictures 1st pref.100
X Universal Pipe <fc Had._ ..1
120
2,900
Jan 16
163
210
90
Jan
100
119
*65
14l2
414
19i2
4%
8%
Preferred
140
*70
*4
United Stores class A..No par
Preferred class A
No par
Universal Leaf Tob...No par
700
80
27%
100
103% 103%
9234
92»4
100
27%
No par
80%
*9878 100%
119
1034 Apr 27
15
03
No par
t United Paper board
*80
113% 113%
838
8%
17
*1434
6
United Gas Improve
Preferred
80%
70
22% Jan
6% Apr 30
40% Apr 29
66% Jan
*35%
*9878 100%
102% 103%
16% Apr 27
24% Mar 18
No par
37
200
2
United Fruit
Preferred
37
2
4% Jan 3
34%May 18
No par
23
Jan
United Electric Coal—.Wo par
United Eng & Fdy
l
Warren Bros
*70
*80
100
2,800
*65
95
Preferred
8%
39%
*863s
par
No par
Preferred
No par
United Drug Inc
6
United Dyewood Corp
lio
8%
11478
28%
United Corp
878
*19%
*22%
13
Jan 21
$3.85
"
22% Jan
20% Apr 30
Jan 18
No par
76
77
77%
7534
78%
37
36% 37
36% 37
37%
109% 1107g
109% 110% 110% 112%
138
138
*135
136
*136
137% *135
137
*24
*24
25%
25%
*23% 24% *23% 25%
37% 3734 *37% 38% *37% 38% *37% 38%
22
22
22% 2234
22%
22%
21% 21%
38
112
3,400
71% Jan 3
2078 Apr 30
108% Jan 7
00% J&n 2
68
No par
22%
80%
10
$ per share
113
pref
*80
103
800
11,600
$ per share
100
X Warner Quinlan
23%
*1%
"760
$ per share
No par
United-Carr Fast Corp No
l",6o6
22
*35%
......
Highest
$ per share
United Carbon
Preferred
M
600
~
Year 1935
Lowest
No par
1%
*19%
1%
—
Range for Previous
Highest
United Biscuit
Preferred
*1%
*22
37
im
62
48
Preferred
100
Union Tank Car
...No par
United Aircraft Corp
5
Un Air Lines
Transp v t c..5
United Amer Bosch..No par
1%
23
8
«.
"266
137g
*60
9%
«*
7
*13%
14
—
2
38%
22%
19
124
*70%
7
8%
21%
22%
160
19
74
94
94
94
94
9234 9284
9278
927g
11834 119
11834 119
*118% 119
118% 118%
113% 113% *11334
113% 11334 *113%
834
9%
8%
8%
8%
8%
8%
8%
17
17
*14%
*14%
*1434
*14% 17
16%
534
251«
1%
*987g 100%
2
141
9%
*80
—
T%
*1%
*36
80%
98%
102%
21%
*6%
*80
1%
37
22
21%
7%
—
21%
6i8
»23l2
*3734
225s
*13%
48
1%
8%
214
*137
14%
*40
9%
110
*130
145
*130% 145
2%
2%
*2%
2»4
6%
6%
6%
*6%
*3
60
*6
38i2
*70%
1,300
124
21%
12334 12384
7
*58%
9%
*2
113
*19
3134 3134
31
31
307g
32
31%
*3034
31%
31%
116% 116% *11634 117
*116% 117
*116% 117
*116% 117
7
7%
6%
634
6«4
634
6%
678
634
7%
30
2978
29
29% 29%
30
29% 29%
29%
29%
18
18
18
*1784
*18%
18% *18
187g
*18%
I884
*10
*10
*10%
12%
12%
*10
12% *10
12%
12%
*2%
2%
*2%
2%
2%
2%
2%
2%
2%
2%
*80
102
94
4~900
37
7734
Union Carbide & Carb.Wo par
Union Oil California
..25
Union Pacific
100
U 8 Distrib
Corp
3%
8734
*2I2
*414
«.
5578
57
57%
5534
557s
57%
57% 104,700
56%
118
119
118% 120
120
122
11978 120
3,100
*136
*1347g 140
300
137%
137% 137% *13734 140
*162%
*162% 167
10
162% 162% *162% 167
*162% 167
5
~~5%
5
5
5%
478
5
5%
5%
5%
47g
12,600
13s
1%
1%
13g
1%
1%
1%
1%
1%
1%
1%
1,800
41
41
*37
*37
41
*35% 38% *35% 38% *35% 38%
18
1834
1834
17% 18
17%
17%
1734
17%
18%
17%
3,000
37
36
365g
36
37%
3678
3634
36%
36%
36%
37%
6,400
112
112
*110% 112
112
*112
113
*110% 112
113
113
180
42
42
41
41
41
*41%
41
41
40
800
*40%
40%
122
*1712 20
*122i2 125
*75
-
43%
578
6
6%
6
578
6
6%
578
534
534
37
36% 37% *35
36
36
36
36
36
36%
*13314 1335g *133% 133% *133% 133% *133% 133% *133% 133% *133% 133%
*11334
114% 114% *11334 114
113
113
113% 114
113% 113%
*4%
5
6
5
4%
5
*5
6
*5
*4%
578
578
37
-
123i
6%
43%
x25
*82
2834
*70
534
12%
84
1134
44%
75%
13512 135%
*162i2
1134
41%
6%
12%
8
878
31%
7434
2,300
„
163
72%
91%
3078
7134
121
163
8%
2978
30
9U2
*73i2
5778
*82
6
*92
87%
163
*82
20%
26%
115
15
15
15
1478
15%
15%
110% 110% *110% 111% *11034 111%
*81
15%
1134
*6%
12%
*112
42%
97
88
45
*18%
26%
20%
26%
115
6%
43%
916
3%
1234
2578
1478
8
8,100
6
367„
47
157g
42%
12%
%
*6i2
*1212
*112
13,800
15%
100
*2%
12%
25%
46l2
20%
26%
115
22%
16
2,100
36%
26
*161
26%
22%
75%
3%
12
2134
1534
*1734
26%
1,200
26%
"16
117g
16
800
24%
26%
37%
1434
22%
15%
96%
24%
2134
*74%
36%
87%
21%
*18
*96%
75%
37
*96
24%
2634
3634
8834
96
24%
1,900
75
1%
15%
97
96
24%
5,300
*25%
1%
8712
96%
12,300
76
15%
*96
96
*24%
817g
22%
26%
1%
26
81%
22
124% 12434
82%
22%
■
34i8
7634
916
*2%
1234
81%
2134
12434 12434
1284
12%
12%
1278
22
22
z21
21
21
*20
207g
21%
100% 100% *101
104
*101
102% *101
102%
5i8
5
5
5*4
5%
5%
5%
5%
*32%
35
*34
33I2 *34
35
35
34%
75i2 76%
76
75%
76%
76%
76%
7534
*100% 108
92
8178
22%
4278
13
6
4314
1338
81%
22%
12434 125
Par
„
*25%
15%
*1458
Shares
*74%
1%
15%
287g
1514
$ per share
*112
H2
*26
$ per share
Range Since Jan. 1
On Basis of 100-share Lots
Lotcest
76l2
26is
6%
*25l2
6i2
13
5%
34i8
75i2
115
75
2612
6%
4234
22l2
16l2
20i2
263S
I6I4
*1734
26%
77
*26
96l2
24l2
*24%
2634
*112
23
12514
*96
173s
21
*18l8
2658
8158
22l2
123
15i8
916
$ per share
$ per share
82%
138
3%
13I2
Week
$ per share
15%
®16
*2i2
*1234
May 21
May 22
May 19
15
15%
15%
15%
*110% 111% *110
111%
*7%
8%
*7%
8%
*512
534
5%
534
5%
5%
*69
75
75
7234
75
7234
*59
60
5984 60
*58%
5978
*155
158
156% *155
155
155
95
EXCHANGE
May 20
Wednesday
812
*92
the
Tuesday
113
*712
Friday
Monday
May 18
153s
*110
STOCKS
NEW YORK STOCK
Thursday
3469
38% Apr
1% May
2% June
61
Nov
51% Nov
68
Deo
82«4 Apr
35% Nov
9%
96
53%
4678
105
Deo
Nov
Deo
Dec
Dec
1484 Nov
784 Dec
New York Stock Exchange
3470
On Jan. 1 1909 the
Bond Record, Friday, Weekly and Yearly
-
NOTICE—Cash and deferred delivery sales are disregarded In the
3*
BONDS
STOCK EXCHANGE
Week
Ended May
U. S.
Sf
55
22
Range or
Sate
Friday's
Bid
Price
Low
15 1947-1952 A
Treasury 4s
..Dec
Treasury 3%s—Mar
Treasury 3%s—June
Treasury 3s
Sept
Treasury 3s
June
Treasury 3%s__.June
Mar
Treasury 3%s
Treasury 3%8—June
Treasury 3%s—Dec
Treasury 3%s
Treasury 3%s—Apr
Mar
Treasury 2%s
O
117.31 117.28
15 1943-1945 A O 108.5
15 1944-1954 J D 113.5
15 1946-1956 M S
15 1943-1947 J D
15 1951-1955 M S 104.26
15 1946-1948 J D 105.16
15 1940-1943 J D 108.25
15 1941-1943 M S 109.6
15 1946-1949 J D 106.11
15 1949-1952 J D 106.12
Aug 1 1941 F A 109.2
15 1944-1946 A O 107.28
15 1955-1960 M S 102.9
15 1945-1947 M S 130.22
16 1948-1951 M S 102.10
Treasury 3%s___Oct
Treasury 2%s—Sept
Treasury 2%s—Sept
<fe
BONDS
Range
Asked
High
118.3
ii
<0
Low
197
115. 3
108.8
186
113.10
132
111
109
111.19
111.10
111.19
108.10
108.20
175
106 17108.20
104.18
104.30
199
102 20104.30
105.8
105.19
497
102 29105.19
108.23
108.26
13
107 19109
109.6
33
108
106
106.13
68
103 24106.13
24
103 19106.15
106.9
106.15
108.29
109.4
719
108 5
107.17
107.29
157
1949 F A
J
Sinking fund 5%S—Jan 15 1953 J
♦Public wks 5%s...June 30 1945 J D
Czechoslovakia (Rep of) 8s
1951 A O
Sinking fund 8s ser B
1952 A O
J
Denmark 20-year extl 6s
1942 J
109 12
102.5
102.12
758
103.12
103.26
236
100 31103 26
102.5
102.13
532
101 7
102.12
100
102.13
External gold 5%s..
1955 F
Externa] g 4%s
Apr 15 1962 A
Deutsche Bk Am part ctf 6s... 1932
15 1944-1964 M
Mar
S
3s
May 15 1944-1949 M N
3s
Jan
2%s.
Mar
15 1942-1947 J
1 1942-1947 M
J
S
104 17 104.13
104.20
114
102.20104.20
103.10 103.4
103.14
227
100.26 103.14
M
—
-
~
103.26
102.15 102.12
104.1
102.17
13
127
100.15102,17
103.7
486
101.24 101.22
101.29
403
101.25
277
F
102.28
100.17103.7
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on. 1947 F
A
♦18
A
O
♦18
M N
100
on...1948
Akershus (Dept) ext 5s
1963
♦Artloqula (Dept) coll 7s A—1945
J
9
J
19%
19%
100%
9%
s
f 7s series D
1945
8
f 7s 1st series
1957
""§%
♦External
sec s
f 7s 2d serles.1957
8)4
♦External
sec s
f 7s 3d serles.1957
s
"99"
100
1959
f 6s of May 1926
D
Extl 6s pub wks May 1927.-.1961 M N
Public Works extl 5%s
1962 F A
♦Dresden (City)
"~99%
99%
9%
7%
10%
8%
8%
6
7%
10
1
8
10
8%
14
99%
99%
99
16
100
21
100
10
99%
99%
99%
33
100
32
68
100
20
97% 100%
97% 100%
97% 100%
97% 100%
99%
94%
99%
100
100
12
39
63
59
101%
136
101%
100%
25
104% 106
104% 106%
98% 101%
91%
92
14
90%
97
24
A
1945
1949 M S
26
99%
105%
92
'
97% 100%
24
20
24
32
107)4
107
107%
11
1955 J
J
103%
D
112%
104%
113%
105% 110
101% 109%
1955 J
18
109
Stabilization loan 7a
1956 M N
107%
101%
112%
107%
22
External 30-year s f 7a
107%
35
Bergen (Norway) ext s f 5s
100
100
*18
24
20%
28%
20%
20
27%
27%
22%
35%
External
s
f 6s
1960 M S
(Germany) s f 6%s
1950 A O
♦External sinking fund 6s.-.1958 J D
♦Brazil (U S of) external 8s
1941 J D
33%
33
34
O
26%
25
26%
♦External
♦External
s
s
f 6%s of 1926...1957 A
f 6%s of 1927—1957 A
O
1952 J D
1957 M S
..1958 F A
♦7s (Central Ry)
Brisbane (City) s f 5s
Sinking fund gold 5s
1950 J
20-year s f 6s
D
*18%
26%
28
1941
1949
1949
unstamped
'"99"
104
3
46
119
21%
95
95
1960
1984
100
101 %
37%
57%
98% 105%
98% 105%
104% 106%
100% 102%
93%
99
98
40
2
40
67%
67%
4
67
62
62
1
61%
68
61%
62
3
61%
24%
68%
60%
60%
5
41%
70%
97%
97%
107%
93
97%
106
10
101%
67%
98%
40
O
104%
63
A O
*64%
♦
26
J
48%
71
"107%
1
30%
105% 108%
D
101% 104%
169%
64
168
13
149% 183
151
172%
175
177
24
167
182%
174
176
36
171
177%
22%
27
152
20
21
7
29%
30
47
24
j
30
165
168
D
27%
12
24
34
28
31%
22
28
45%
28%
34%
25%
26
37%
31%
102
*16%
"166"
"l75""
174
♦7s
unstamped
24
"~29%
1949
20
20
_
27
22%
29%
20
29
29%
39%
German Prov & Communal Bks
1958 J
♦(Cons Agrlc Loan) 6%s
♦Greek Government
♦7s part paid
s
f
ser
D
28
7s.. 1964 M N
1964
♦Sink fund secured 6s
♦6s part paid...
♦35%
37%
*28%
"37%
3
32%
mm mm
27%
27%
4
23%
28%
O
96%
96%
1
93%
97
O
*17%
23
mmmm
20
26%
*16
20
mmmm
19
mmmm
1968 F
""37%
A
1968
Haiti
(Republic) s f 6s ser A...1952 A
♦Hamburg (State) 6s
1946 A
-
J
♦Heidelberg (German) extl 7%s '50 J
J
Helslngfors (City) ext6%s
1960 A
'
O
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on
1945 J
J
*16%
21
♦7s unmatured coupon on...1946 J
J
♦Hungarian Land M Inst 7%s.l961 M N
♦Sinking fund 7%s ser B
1961 IVI N
Hungary (Kingdom of)—
*16%
22
*16%
25
F
A
"l05%
105%
J
D
3
105%
18
24%
41%
26
38
45
113
115
114
2
73%
75
109
92
92
1
70%
62%
72
113
30
32%
25%
25%
3
19%
41%
"74"
24%
104% 110
20
-
mmmm
*16%
41%
M N
Italian Cred Consortium 7s A.. 1937 IVI
External sec s f 7s ser B
1947 IVI
Italian Public Utility extl 78—1952 J
"72"
76%
J
63%
97%
97
11
53
72
63%
14
98%
84%
85
51% 64%
91% 100
57
78
89%
31%
s
60%
83%
83%
S
99
13
104
9
31%
1
19
101% 104
30%
95
93
97%
♦97%
25
81%
80%
66
66%
65%
92%
38%
99%
100%
70
99
81%
♦Leipzig (Germany)
s
f 7s
A
31%
1
25
32%
24
31%
97%
A
83%
O
1947 F
♦7s with all unmat coup
1957
Lower Austria (Province of)—
♦7 %8 June 1 1935 coup on...1950 J
♦Medellln (Colombia) 6%s
D
*
1954 J
32
*
98
______
D
"9%
"""9%
♦Mexican Irrig assenting 4 %s_.1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q
55
67
82
1
71
82
67%
5
55%
67%
♦4s of 1904
1954 J
69
58
63%
D
57%
64%
64%
1
64%
20
59%
61%
♦Assenting 4s of 1904..
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
1954 J
36
26
39%
43
64%
66%
yj
42%
43
♦Sink fund 7s July coup off..1967 j
j
♦Sink fund 7 %s May coup off 1968 M N
14%
14%
13
15
13
*
5
"♦4%
mmmm
5
mmmm
rnmmm
m-- m
mmmm
~~~4% """4%
♦{Treas 6s of '13 assent (large) '33 J
J
J
J
A
O
F
A
102%
101%
Apr 1958 A
O
102
102
1943 F
A
105%
20-year external 6s
1944 F
A
104%
106%
External sink fund 5s
1963 IVI
s
External sink fund 4%s
1356
M
S
16%
mmmm
6
♦4%
-mm-
mmmm
20
4%
7%
*5%
mmmm
mm
mmmm
6%
10%
7%
7%
10%
12%
12%
"4"
~5%
5
4%
4%
6%
5%
7%
7%
7%
9%
9
16
15
8%
*6%
D
63%
64%
"23
100% 101
7%
10%
8%
6
♦7%
♦Assenting 5s large
♦Assenting 5s small
67%
62%
64%
9%
♦3%
J
64%
1961
1976
102%
15
75
82
66
1975
216
100
99%
98%
103%
99
3% external s f $ bonds
12
57%
98%
mmm-
100
14
100
1977
1976
98%
99%
1
96
101%
99% 103
99% 100%
92
96%
Jugoslavia State Mtge Bank—
22
31
98%
♦6)48 stamped
Extl s f 4%-4%s
Refunding s f 4%-4%s
Extl re-ad] 4%-4%s
Extl 8 f 4%-4%s
55%
98%
O
29%
40
28
*97%
♦Buenos Aires (Prov) extl 6s... 1961
♦6s stamped
1961
♦External s f 6%s
1961
101
12
30%
26%
Buenos Aires (City) 6%s B-2..1955
External s f 6s ser C-2
1960
f 6s ser C-3
96
96
"55%
26
Japanese Govt 30-yr s f 6%s—1954 F A
Extl sinking fund 5%s
1965 IVI N
30
27
31%
s
34%
20
♦5%s of 1930 stamped
1965 J D
♦5%s unstamped..
1965
♦German Rep extl 7s stamped.. 1949 A O
118%
25%
99
Budapest (City of)—
j
♦6s July 1 1935 coupon on...1962
External
23
4
14
101%
1956 M S
105% 109%
100
102%
♦Berlin
Belgium 25-yr extl 6%s
30
100
105%
1948
J
1967 J
1945 M S
External 7s stamped
7s unstamped
97% 100%
97% 100%
100
1956 M N
F
30
100%
92%
German Govt International—
10
7%
95% 101%
97% 100%
97% 100%
100
99%
99%
99%
105% 1 06
106%
105%
J
7%s
10%
8
105%
1957 J
♦Bavaria (Free State) 6%s
7%
8%
1957 M S
4%s of 1928
Austrian (Govt) s f 7s
3
10%
98
J
French Republic 7%s stamped. 1941 J
100%
10%
J
1955 J
External 5s of 1927
External g
99)4
99)4
99%
1960 M N
External s f 6s (State Ry)._.1960 M S
Extl 6s Sanitary Works
1961 F A
Australia 30-year 5s
98
8
♦External
♦External
Extl
6
8%
9
9
1957
72
100
♦Frankfort (City of) s f 6%s...1953 IVI N
8
9
9)4
.1958 J
88%
18
102%
21%
3
9
1945
External 6s series B
32
101
21
4
1945
f 7s series C
External s f 6s series A
20
93%
97%
101%
18%
16
f 7s series B
s
Extl s f 6s of Oct 1925
98
73%
20
20%
99%
97
80%
A
17%
9%
s
♦External
Argentine Govt Pub Wks 6s__.1960
Argentine 6s of June 1925.. ...1959
17%
105
Finland (Republio.) ext 6s
External sink fund 6%s
9
♦External
Antwerp (City) external 5s.—1958
10
100%
1940 A O
external 7s... 1945 M N
EI Salvador 8s ctfs of dep
Estonia (Republic of) 7s
Foreign Govt. & Municipals—
♦Sink fund 6s Apr coup
19%
19
99.17101.29
103.1
A
High
17
mmmm
93
2d series sink fund 5%s
99.16 101.29
101.20 101.20
1 1944-1952
2%s series B_.Aug
2%s series G
M N
1 1939-1949
1942-1944
May
3s series A
1940 A
1st ser 5%s of 1926
Home Owners' Mtge Corp—
Low
17%
20%
"l05%
{♦Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5%s..l942 IVI s
101.20104.1
No.
Hioh
72
07%
93%
72%
A
External loan 4%s
105 12107 29
Since
17%
19
"s
1949 F
Range
Jan. 1
22
29
1944 IVI
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
109.8
J
2
Asked
19
♦17%
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on...1951
109.1
1953 IVI N
25-year gold 4%s
&
18%
O
Cordoba (Prov) Argentina 7s. .1942 J
Federal Farm Mortgage Corp—
3%S
Bid
Low
A
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927....1947 F A
Copenhagen (City) 5s
1952 J D
113.10
63
♦Colombia Mtge Bank 6%s.._1947
105 24108.8
113
Price
Foreign Govt. &Mun. (Concl.)
High
118.8
107.27
Sale
Week Ended May 22
Jan. 1
No.
B
Range or
Friday's
v»
3
N. Y. STOCK EXCHANGE
Since
Week's
Last
Week's
Last
Government
Treasury 4%s—Oct
Friday
Friday
outside of the
transactions of the week, and when selling
No account la taken of such sales In computing the range for the year.
week's range, unless they are the only
egular weekly range are shown In a footnote In the week In which they occur.
N. Y.
M*y 23>1936
except for income and defaulted bonds.
Exchange method of quatino bonds teas changed and prices are now "and interest"
Bulgaria
(Kingdom
10-year
Milan
of)—
Canada (Dom of) 30-yr 4s
5s
O
108%
108
108%
1952 M N
112%
112%
113%
1960 A
Aug 15 1945 F
1961 J
2%s
25-year 314s
♦Carlsbad (City) sf 8s..
♦{Small
A
98%
98%
100%
101
*38%
98%
100%
1954 J
43
105% 109
111% 115
96%
99
94% 101%
45
38%
37%
30%
36
27%
(City, Italy) extl 6%s...1952
External
s
f 5s
Norway 20-year extl 6a_:
J
m —
""60% "60%
m
49
63
102%
102%
105%
57
104% 107%
105% 108
4
100
106%
"161"
100%
101%
76
101
101%
91
""30%
30%
30%
♦Farm Loan s f 6s_.July
1950 M
15 1960 J
28%
28%
J
D
♦Farm Loan 8 f 6s..Oct
15 1960 A
""28%
27%
28%
27
34%
F
A
"~19%
18%
15 1938 A
31
30%
32%
28%
37
IVI
S
81%
80%
19%
81%
117
♦Farm Loan 6s ser A Apr
42
33
♦Cent Agrlc Bank (Ger) 7s
♦Chile (Rep)—Extl sf 7s_
1942 M N
♦External sinking fund 6s... 1960 A
♦Ext sinking fund 6s
Feb 1961 F
Jan 1961 J
♦Ry ref ext s f 6s
14%
O
14%
A
14%
14%
J
♦Ext sinking fund 6s...Sept 1961 M S
♦External sinking
fund 6s...1962
♦External sinking fund 6s...1963
♦Chile Mtge Bank 6%s
♦Sink fund 6%s of
♦Guar fl f 6s
1926
♦Guar s f 6s
♦Chilean Cons Munlc 7s
S
'"14%
M N
14%
12%
M
1957 J
D
J
D
1961
1961 A
O
'"12%
on..Oct 1961
July 1 1935 coup on. Jan 1961
♦6s
For footnotes see page 3475.
_
m
_
19
14
16
75%
14%
13%
15%
IVI N
101%
102%
14%
14%
14
15%
J
105
105
4
104
13%
15%
85
-mm-
14%
14
15%
14%
14%
13%
15%
Pernambuco (State of)—
14
15%
12%
12%
12%
12%
13%
12%
12%
13%
♦7s Sept coupon off
1947 IVI 8
♦Peru (Rep of) external 7b
1969 M S
D
♦Nat Loan extl s f 6s 1st ser..I960 J
12%
12%
12%
13%
12%
12
♦
Extl
s
f 5s
ser
A
12%
11%
43
52
20
27%
19%
19%
*73%
16
12%
17%
19
21
14%
11%
11%
15
64
16%
80%
111%
14%
15%
15
15%
11%
62
67%
11%
11%
70%
O
O
""67%
External sink fund g 8s
81
15
f 6s 2d ser. 1961 A
Porto Alegre (City of)—
♦88 June coupon off
90%
58
~~n%
A
s
67
33
69%
A
♦Nat Loan extl
11%
101 % 104
106
17
■
67
67
12%
51
D
IVI N
♦Stamped
13%
21
20%
mmm
15
♦47%
20%
*102%
14%
14%
14%
14%
14%
14%
14%
Colombia (Republic of)—
♦6s Apr 1 1935 coup
f 5s...
76%
12
1960 M S
1951 J D
♦Cologne (City) Germany 6)48.1950 M S
♦Chinese (Hukuang Ry) 5s
s
103%
100% 104%
98% 101%
102% 102%
18%
27
78%
86%
72%
82%
M N
12
.1962 M N
Municipal Bank extl
103
101
18
8
100
64
10
100%
______
D
50
100% 103
16%
O
84%
84
88%
95
79
1950 J
J
74%
74%
81%
55
74%
96
1961 J
D
18
18
18%
3
16
22
J
15
19%
20%
19
25%
J
20%
19
25%
MN
*16%
loo""
99%
17%
100
„
_
_
_
10
99% 101%
rns
m
New York Bond
Volume 142
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 22
Last
♦External
f 6s
s
1952 A
Queensland (State) extl
26-year external 6s.
A
O
...1947 F
hid
A
Asked
High
N.
Since
Jan. 1
GQ<
NO
3471
30
27%
38
5
18
29 H
27
18
28 H
111
19H
111H
3
109
112H
110
110
1
109
111
*24%
Week's
Last
Range or
Friday's
Sale
Price
Bid
A
Low
Atl Coast Line 1st cons 4s
July. 1952
General unified 4 Ha A
1964
LAN coll gold 4s
Oct
1952
10-yr coll tr 5s......May 1 1945
Atl A Dan 1st g 4s
1948
18H
18
111
BONDS
Y. STOCK EXCHANGE
Week Ended May 22
High
Lojjd
18
1950 M S
Rio de Janeiro (City
of)—
♦8s April coupon off
A
Low
19H
A
8 f 7s—1941
♦Rhlne-Maln-Danube 78
O
Range
Friday's
Foreign Govt. &Munlc. (Concl.)
♦Prussia (Free State) extl
6%s.l951 M s
2
Friday
Range or
Sale
Price
"hA.
Record—Continued-Page
Week's
2d 4s
M S
J
D
96 %
78 %
High
95 H
99H
40 H
57 H
16
33 H
47H
61
70
43 H
43
45
84
17
17
15
21
♦6%s Aug coupon off
...1953 F
Rio Grande do Sul
(State of)
♦88 April coupon off
1946 A
♦6s June coupon off...
1968 J
Atl Gulf A WISS coJ tr 5s
1959
A
16H
14
19%
Atlantic Refining deb 5s
68%
15H
1937
Auburn Auto
104%
68%
104%
1939
80 H
80%
O
D
24
25H
16%
1966 M N
18%
Austin A N W 1st gu g 6s
1941
tBaldwln Loco Works 1st 5s
1940 M N
15
17H
21
20H
54 H
67
D
18%
O
64
64
65
*111
115
1953 J
coupon off
1936 J
8s July coupon off. 1950 J
24
24
*20
7s
*18H
*16H
J
1940 A
O
1945 J
■
122%
10
22 H
25
23
19H
17H
23
17 H
14 H
22 H
20 H
18H
16
86
81%
29%
23 H
21%
20%
90 H
26
D
20H
18H
15%
85 H
85H
24
26
26
35
32
26
32%
26 H
25
23 H
23 H
Silesia (Prov of) extl 7s
1958 J D
♦Slleslan Landowners Assn 6s..
1947 F A
Solssons (City of) extl 6s
1936 M N
75
25H
24 H
59 H
59%
♦7s Feb coupon off
s f 5
1946 F
*37 H
'
16H
15 H
14
61H
39 %
26
33
163
A
51H
158
93
Taiwan Elec Pow
s f 5 Ha
1971
Tokyo City 6s loan of 1912
1952
External s f 5 Ha guar
1961
Trondhjem (City) 1st 5Hs
1957
♦Uruguay (Republic) extl 8s ..1946
♦External s f 6s
...1960
♦External
s
! 6a
—
*
A
1955 F
Ha
103
78 H
J
103 %
77
M
91
166
""75%
A
F
M N
44%
44
45 H
45
44
1952 M N
1958 F A
45
69
53 H
89 H
59 H
89%
82%
59 H
1961 J
Ala Gt Sou 1st cons A 6a
1st cons 4s ser B
♦6s with
warr
Coll A
conv
♦Coll A
83
61H
89%
71H
89
♦
gu
g
1960
1950 M
S
74 H
74 H
24 H
O
"26k
20 H
20 H
53
Brown Shoe
97 H
95 H
101
104H
18
"47~"
47 H
46
48 %
103
100%
100
100H
7
36 H
90
110
110
166%
100
100H
48
129%
128%
130 H
139
101 H
S
4
81
96 H
24
105H
106
113
112
114H
196
108H
108 H
109 H
114
60
70
112
113%
111%
114H
95
56
64
112
71H
71
113%
H3H
113%
113
111%
113H
110H
'I08H
107 H
O
$♦ Ann Arbor 1st g 4s
Ark A Mem Bridge A Ter 5s
Armour A Co (111) 1st 4 Ha
J
D
F
a
1st M s f 4s ser B (Del)
Armstrong Cork deb 4s
1995 a
1956
4s
Adjustment gold 4s
Stamped 4s
96
49
13
17
32 H
99 H
25H
24H
71H
25H
14
23 H
30 H
70%
84 H
101H
71%
*102
'104%
97 H
104 H
97 H
106 H
115H
114H
71%
20
102 H
104 H
"32
98
96
238
106 %
16
115H
177
110%
nik
3
110%
111
112
1960 J
106
110%
107H
111H
112
1946 J
D
105%
105%
103 H
108 %
105H
104 H
1052132
23
128
105
119% 122
124% 128%
10*
105%
109H
108
105
104% 106%
109H
108% 111
103
104%
"75H
103
104
65%
84%
19%
30%
20
*85
86
80%
90
48%
57%
68%
56
55
■
59
56
59
25
97%
57 H
97 H
98
2
105H
104%
14H
105H
1
104H
2
116
116
117
116H
118%
126 H
20
91H
200
H
104 H
39
12
103H
115H
107H
104H
1951 M S
113%
118H
119H
116%
113%
113H
126H
125%
A
D
1956 F
A
116%
91
91H
103 H
103
1944 J
Deo 1 1954 J
115
D
.1960 J
4s.——1949 J
guar g
107k
107
103%
D
1959 A
110
12
106
45
27H
*105
63
63
*23 H
13
13
D
86
5
28
10
63
26 H
13
13
*21
24H
22 H
♦
*20"
8
*107H
103H 4103
58
»57H
100% '100H
1987 J
*
Telephone HAnover 2-7900
Private
—
New York Curb Exchange
—
A.
T.
&
T.
Teletype
NEW YORK
NY 1-911
Wires to Chicago, Indianapolis and St. Louis
2
105H
*20
Vilas A Hickey
Members
60
105H
84 H
21H
24H
108
103 H
59
40
102
99
91H
Railroad, Public Utility and Industrial Bonds
—
14
110
BROKERS
....
23
105H
3475.
49 WALL STREET
115
115%
112%
110%
110%
18
17
67
108% 112
113% 117%
25
9
29
92% 101%
105% 107%
103% 105%
17%
9%
111% 118%
16
110
♦Mid Ga A Atl Dlv pur m 58.1947 J
1961 J
13
60
O
...1987 J
9
27
107
O
1959 A
J»Cent New Engl 1st gu 4s
27
107
D
♦Chatt Dlv pur money g 4s__1951 J
♦Mac A Nor Dlv 1st g 5s
1946 J
16
*50
1938 J
103
77
J
1955 J
110
20 H
28 H
111H
117H
H8H
119H
116H
114H
113H
1970 F
115
75 H
20 H
*19H
111H
O
95%
121
111H
Oct 1969 A
85
109
J
♦Ref A gen 5 Ha series B
♦Ref A gen 5s series C
105H 110
New York Stock Exchange
75
19
104
J
t*Central of Ga lstg 5s...Novl945 F A
♦Consol gold 5s
1945 M n
106%
BOND
69
93 H
1957 J
Central N J gen g 5s—
General 4s
*118
*108 H
100%
105% 108%
104% 108
1051*32107%
103% 106
O
July 1969 J
9^
88
100
O
112
1944 J
26%
26%
1942 A
5s A
♦Mobile Dlv 1st g 5s
1946 J
CentHudGAE 1st A ref 3 Ha. 1965 M
Cent 111 Elec A Gas 1st 5s
1951 F
1944 J
page
1940 J
105H 107H
110H 113H
110H 112%
118
118H
1st 30-year 6s series B
17%
'
81
♦103H
109H
O
Carriers A Gen Corp deb 5s w w 1950 M n
Cart A Ad 1st gu g 4s
1981 J D
♦Cent Branch U P 1st g 4s
1948 J D
Cent Dlst Tel 1st 30-yr 5s
1943 J D
102 H 106 H
109
114
Atl & Charl A L 1st 4 Ha A
see
J
1st A cons g 6s ser A..Dec 15 1952 J
106 H 109
105
108%
5
31%
18 H
21%
1962 A
cons gu
t*Car Cent 1st
106%
~~~8
109k
O
1955 J
Caro Clinch A O 1st 5s
110H 115H
104 H 113%
104 H H3H
1
111H
107H
112H
111
48 H
57
*106%
H
49
103 H 105%
98 H
94%
105
23
21
111H
Canadian Northern deb 6Hs
1946 J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4 Ha
1946 M S
104%
Conv g 4s Issue of 1910
Conv deb 4 Ha
S
1952 A
5s equip trust ctfs
307
89%
105
165"
1937 M s
1945 M n
Coll trust gold 5s
Collateral trust 4 Ha
35 %
33 H
73
127H
104H
109H
1937 M n
118%
104 %
107 %
106
1962 M
A
111
32 H
107
Cal-Arlz 1st A ref 4 Ha A
Atl Knox A Nor 1st g 5s
97
93 H
94
24
121
121
J
1981 F
Guaranteed gold 5s
Guar, gold 4 Ha
June 15
Guaranteed gold 4 Hs
Guaranteed gold 4 Ha.-Sept
114H
104 H
D
1948 J
A
43
78
79
111%
D
1938 J
Canadian Nat guar 4H8
Guaranteed gold 5s
Guaranteed gold 5s
114
102 H
32 H
43
17
Canada Sou
88% 101H
27
1955 J
1965 J
A
102% 106%
109% 110
113
♦Camaguey Sugar 7s ctfs
107 H 109 H
109
1955 J
1958 J
83 H
17
102*32
Conv 4s of 1905
.
66 H
116
107
Conv gold 4s of 1909
Rocky Mtn Dlv 1st 4s.
TraDS-Con Short L 1st 4s
*90
J
Cal G & E Corp unf A ref 5s
Cal Pack conv deb 5s
79
69%
111H 117H
101% 106 H
112
134%
107 H 110H
33 H
...1996 Nov
1995 M N
2
102 H
33 H
106 H
o
109 H
83
41
104 H
S
1950 J
Atch Top A S Fe—Gen g
108 H
""35 %
1939 J
113H
95
S
1995 Q
1964 M
*79
J
Bush Term Bldgs 5s gu tax ex.. 1960 A
112H 115
109 H 119H
72
%
81%
75%
24 H
*103%
m n
1950 F
3%s
♦Certificates of deposit
t*Bush Terminal 1st 4s
♦Consol 5s
97
91H
101H 104
105%
♦
H
105%
104%
1051*32
1051*32
Consol 4 Ha
1957 M N
51* Burl C R A Nor 1st A coll 5s 1934 A O
108% 110H
99 H 101H
118H 143 H
Am
Certificates of deposit
Anaconda Cop Min s f deb 4 Ha 1950 a" o
Anglo-Chilean Nitrate 7a.... 1945 M N
f deb
33
136
7
99
104 %
1968
Bruns A West 1st gu g 4s
60
111H
♦
1952
Buffalo Gen Elec 4 Ha ser B
Buff Roch A Pitts gen g 5s
100%
iiiH
10-year 5s conv coll trust
1944 M
$♦ Am Writing Paper 1st g 6s—1947 J
s
29
23
105%
*15
100
105 H
By-Prod Coke 1st 5 Ha A
S
a
J
J
30
80
76
78
ctfa
1940 a
debentures.. 1950 J
S
M N
1st lien A ref 6s series A....1947 M N
73
55
16
87 H
t*Am Type Founders 6s
A
32%
24
21
"45"
*30
O
F
100
121%
129H
23
23
105H
*109%
1957 M N
38
Amer Water Works A Electric—
Deb g 6s series A
1975 mn
23
105%
1961 A
1950 J
74
a
21
78
6s A
118
21
*21H
80
1st lien A ref 5s series B
86 H
49
1965 F
125
"23%
78
15-year sec 6s, series A
1949
Bklyn Qu Co A Sub con gtd 6s.1941
1st 6s stamped
1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s
1945
119
27
"23k
80 H
Debenture gold 5s
72 H
98 H
1955 M N
106H
68
109 H
75
68H
100H 101%
101H 101%
129
21
S
1967 m
109
s f deb 5s
1953 J D
Amer I G Chem conv 6 Ha
1949 M N
Am Internat Corp conv 6H8—1949 J
Debenture 5s
O
103 H
~93%
20-year sinking fund 5 Ha...1943 m n
Convertible debenture 4 Ha.-1939 J
A
69 H
110
70
39
129
D
JJ
105
*101H
101
106%
113H
121
23 H
105
103 H 109 H
120%
J
53
H
deb 4%s.l945 M S
Am Telep A Tel eg coll tr 5s... 1946 J
D
35-year s f deb 5s.
..I960 J
120%
D
97
92
conv
O
67
85 H
47 H
S
J
1944
sec
"~~9
*100%
1948
J
ser
109%
...1936
1951
113%
100%
113H 115
101%
o
4%s
82
*75
*
1936
98
American Ice
For footnotes
1989
H
101H
73%
71%
112H
conv s f
1951
64 H
*103H
1942 M
4s
*114H
*109
108%
113%
112H
97
86
♦Alplne-Montan Steel 7s
1955 M
Am Beet Sugar 6s ext to Feb 1 1940 F
Am A Foreign Pow deb 5s
2030 M
15-year
83
64 H
93
Corp deb 4H8
1950 A O
Allls-Chalmers Mfg conv deb 4s 1945 MN
Rolling Mill
82
97 H
*63
Allied Stores
90
82 H
49
40 H
97
102
%
*110H
106 H
o
80 %
74
1996
44%
98 H
71
.1950
...1998 a
4s
61%
68 H
42
1950 A
5s stamped
Allegh & West 1st
Alleg Val gen guar
90
227
69 H
83 H
71
97 H
1949 J
5s...
74 H
82 H
♦Certificates of deposit
^♦Bowman-Bllt Hotels 1st 7s. 1934
Stmp as to pay of $435 pt red.
M
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison Inc ger 6s A
1949
94%
55H
78
32
1946 A
1944 F
68
conv
98
85
S
97 %
1948
Susq 1st guar 3 Ha
tAlleghany Corp coll tr 5s
88
42 %
1943 J
Alb A
55
94 H
82
1951
Bklyn-Manh R T
1943 J
assented
76
103%
*♦ Boston A N Y Air Line 1st 4sl955 F
S t♦Botany Cons Mills 6 Ha
1934 A
INDUSTRIAL
♦Albany Perfor Wrap Pap 6s. .1948 A
103 H
96
108H
84 H
100H
99 H
51
111
94 %
Boston A Maine 1st 5s A C
1st M 5s series II
COMPANIES
♦SiAbitlbl Pow A Paper 1st 5s. 1953 J D
Adams Express coll tr
g 4s
1948 M S
Coll trust 4s of 1907
1947 J D
Adriatic Elec Co.i ext 7s
1962 A O
43
94
112
95
111H
94 H
103 H
Gen mtge 5s series E
AND
103H
ser D..1960
1st g
104
102
Big Sandy 1st 4s
Bing A Blng deb 6 Ha
61H
H
37%
37 H
164
112
♦Berlin Elec El A
Underg 6H8.1956
Beth Steel cons M
49 H
60
50
83%
103
Belvldere Delaware cons 3Ha.. 1943
♦Berlin City Elec Co deb 6
Ha—1951
♦Deb sinking fund 6 Ha
1959
♦Debentures 6s
,.1955
82%
82 H
107 %
102 H 108
92
75
85
J
Bell Telep of Pa 5s series B
1st A ref 6s series C
102
39 H
103
107%
J
Battle Crk A Stur 1st gu 3s
Beech Creek 1st gu g 4s
,
♦6s Nov coupon on
Warsaw (City) external 7s
Yokohama (City) extl 6s
RAILROAD
100
44 H
100H 104%
104
107
1959
Con ref 4s
-4s stamped
4Ha
4
...I960
2d guar g 5s
Beech Creek ext 1st g 3Ha
80H 113
104
1950
F
ser
104H 106 H
17
104
89 H
O
Bangor A Aroostook 1st 6s ....1943
83
76H
73H
76
102
*62 H
1964 M N
(City of)—
73 %
68 H
69H
44H
Venetian Prov Mtge Bank 7s—1952 A
Vienna
75 H
102
93 H
Ref A gen M 5s
100H 103%
103%
78H
69H
M N
82%
11
12
2000
Ref A gen 5s series D
Conv 4 Hs
29
57
11
Styrla (Province of)—
Sydney (City)
D
29 H
*23
1935 coupon on..1962 M N
1935 coupon on..1962 M N
♦7s Nov 1
107 H
81 H
D
1995
1941 M N
Ref A gen 6s series C
P L E A W Va
8ys ref 4s
Southwest Dlv 1st 3H-5S
Tol A Cln Dlv 1st ref 4s A
27
(Kingdom)
♦8s Nov 1
O
76
58
86
*103%
*103%
>s
assented
1940
Bait & Ohio 1st
g 4s
July..1948
Refund A gen 5s series A
1995
1st gold 5s
28 H
24
*>
1946 J
112
30
J
7s Sept coupon off. 1956 M s
6s July coupon off. 1968 J
J
♦Saxon State Mtge Inst 7s
♦Sinking fund g 6 Ha
Serbs Croats A Slovenes
•
69%
105%
104
July. 1948
24
J
1952 M N
♦Extl 6 Ha May coupon off. .1957 M N
San Paulo (State
of)—
s f
25 H
14
14%
1952 A
♦Saarbruecken (City) 6s
Sao Paulo (City of
Brazil)—
♦8s May coupon off
♦Secured
16
16 %
19%
19H
16%
18H
18%
1964 M N
Roumanla (Kingdom of
Monopolies)
♦7s August coupon off
1959 F A
§♦83 July
♦External
♦External
♦External
25 H
1967 J
♦78 May coupon off
♦7s June coupon off..
Rome (City) extl 6%s.—
Rotterdam (City) extl 6s
4ka
High
100 H
88 H
17
96%
47%
85H
O
deb
95 H
15
97 H
48
1946 A
conv
Low
197
68
M N
1948
No.
97
78%
J
J
Since
96%
79%
85%
97%
48%
M N
Range
Jan. 1
Asked
122%
87%
102%
113%
105%
100%
49%
106%
108%
119
119%
117
114%
114%
126%
94%
105
115%
108
104%
54%
108%
110%
New York Bond Record—Continued—Page s
3472
May
Last
BONOS
Price
Week Ended May 22
Bennett tyros. & Johnson
ay*
Jt
members
j
^ew York Curb £xchangt
1st s f 4*s series C
1977
4s
1945
(♦Colon Oil conv deb 6s
1938
(♦Colo Fuel A Ir Co gen s f 5s..1943
{(♦Col Indus 1st A coll 5s gu—1934
Colo A South 4*s ser A—
1980
Columbia G A E deb 5s...May 1952
Debenture 5s
..Apr 151952
Coal River Ry 1st gu.
^JLROAD"BONDS
V{ew York, ?(. r.
Chicago, IU,
j
Trirate Wire
One Wall Street
D
J
F
Veil Sruem Teletype 4- Cto. 343
Y
Week Ended May
Week's
Last
Range or
Range
Sale
STOCK EXCHANGE
Friday's
Since
Price
22
Bid
A
Low
1949 FA
Cent Pac 1st ref gu g 4s
Through Short L 1st gu 4a...1954 A O
Guaranteed g 5a.
1960 F A
Cent RR A 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
Champion Pap A Fibre deb 4* si 950 M
Chesap Corp conv 6s.
.1947 M N
10-year conv coll 6s
1944 J D
Ches A Ohio 1st
5s
con g
1939
1992
1993
..1995
General gold 4*s
Ref A impt 4*s
Ref A impt 4 *s ser B
Asked
High
109
110
Jan. 1
No
149
*107 m
"166
*79
83
124
Q4.
93
"165
124
m
96
....
53
M
S
A
J
105 *
105
126 m
125
130
169
114m
114*
117
85
111
111
111m
18
126
125 *
126 m
111*
110*
M N
111*
110*
111m
9
110*
20
Craig Valley 1st 5s_.May...l940 J
105*
9
11
*109
Potts Creek Branch 1st 4s...1946 J
R A A Div 1st con g 4s...
1989 J
Low
High
103* 110
102
124
No.
57
..1955
69*
104*
107
'l04*
89
100
67
88
121*
92*
102*
115*
110*
126*
110*
118*
110*
110*
108*
112*
100
106
137
120*
126*
113*
113*
71
42
76
99
1
105*
4
104*
163
112
20
*110*
in* "~18
111
111*
*102
*109*
107*
107*
1039,6 103«32
20*
21*
(♦Consol Ry non-conv deb 4s..l954 J
"26"
.1955 J
20
1955 A
.......1956 J
110
112
111* 111*
111
112*
104* 104*
105* 107*
30
107
107*
1039,6
105
99* 105*
98* 104*
107* 109*
107*
*22
...1957 J
High
105* 110*
100* 108*
95
102*
65* 85*
98* 105
48* 70*
80*
59*
105
112
F
4*s....l951 J
♦Debenture 4s
162
Low
51
105
69*
104*
104*
103*
O
Stamped guar 4*s.........1951 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956 J
Consol Gas (N Y) deb
Debenture 6s
13
68*
105
M N
A
Jan. 1
"85* *t3
67*
Conn Ry A L 1st A ref 4*8..-.1951 J
N.
High
110*
108*
102*
83*
M N
Comm'l Invest Tr deb 5*s....l949 F
Conn A Passum Rlv 1st 4s....1943 A
Friday
BONDS
Asked
*110
A
FA
Since
A
109*
107*
101*
107*
102*
..1948 A
Col A H V 1st ext g 4s
Col A Tol 1# ext 4s
Randolph 7711
Connections
eDlgby 4-3200
IV. Y. 1-761
O
J
J
Debenture 5s........ Jan 151961 J
133 So. La Salle St.
'
A
Range
Friday's
Bid
Law
Cleve Union Term gu 5*8—1972 AO
1st s f 5s series B guar
...1973 A O
( *{ew York Stock Exchange
r
Range or
Sale
N. Y. STOCK EXCHANGE
1936
23,
Wtek's
Friday
20
25
39
58
30
106* 109*
1039,6 106
11
20
3
20
31
24
20
30*
31*
53
62
32
1st mtge 3*s.......May 11965 M N
Container Corp 1st 6s
...1946 J D
105*
105
34*
20*
55*
102*
108*
105*
104
105
16
103
15-year deb 6s with warr
1943 J D
Copenhagen Telep 5s Feb 15... 1954 F A
"l02*
102
102*
24
100* 103*
101*
105*
104*
102
17
♦Debenture 4s
*19*
20
♦Debenture 4s...
s f 5s
..I960 J
Consumers Gas of Chic gu 5S..1936 J
Consumers Power 3*s .May 11965 M N
53
Consolidation Coal
*102*
108*
.
Crown Cork A Seal s 14s
1950
Crown Willamette Paper 6s
1951
Crown Zellerbach deb 5s w W..1940
Cuba Nor Ry 1st 5*s
1942
...
MN
J
J
M
S
*~4
24
102* 103
107
109*
104
107*
96
106
102
105*
2
103* 106*
105
*102
""56*
12
34
2
104
106*
102
103*
65*
103
"ft
*109
*115
2d consol gold 4s
1989 J
Warm Spring V 1st g 5s....1941 IVI
109*
S
111
112* 116*
109*
108* 109*
*110
110
110
Cuba RR 1st 5s g
1st ref 7 *a series A
1st lien A ref 6s ser B
General
4s
...
112*
16
113
113*
112*
116m
§tChicago A East 111 1st 6s
1934 A O
(♦C A E III Ry (new Co) gen 5s. 1951 MN
'Certificates of deposit
38
111*
"Hi*
.1958 M
.1977 F
1971 F
1st A ret 4*s ser B
1st A ref 5s ser A
30
108 M
113m
112*
116m
20
50
50*
111
116
*93*
15 *
14 m
29
20
112
t9
82
14
97
16
14*
3
Chicago A Erie 1st gold 5s
14m
119*
118
119*
8
Ch G L A Coke 1st gu g 5s
104 m
104 m
104*
19
29 m
28*
J
41m
41h
J
43
1982 M N
J
1937 J
(♦Chicago Great West 1st 4s... 1959 M S
J
(♦Chic Ind A Loulsv ref 6s..
1947 J
1947 J
1947 J
♦Refunding g 5s ser B
♦Refunding 4s series C
♦1st A gen 5s series A
1966 MN
J
♦1st A gen 6s series B.May.. 1966 J
Chic Ird A Sou 60-year 4s
J
1956 J
Chic L84 East 1st 4*s
1969 J D
♦Chic M A St P gen 4s ser A...1980 J
♦Gen g 3 Ms ser B May 1
1989 I
♦Gen 4mb series C_.May 1..1989 J
♦Gen 4*8 series E_.May 1..1989 J
♦Gen 4Ms series F..May 1..1989 J
(♦Chic Mllw St P & Pac 5s A.. 1975 F
J
41
22
1
43
43
3
24
15
23*
24*
18
100*
100 m
3
51
52*
32
46*
47*
10
43
J
56 *
56
57
21
47*
J
66 *
56
56*
12
47*
57*
58
6
49*
J
6*
18
6m
39 m
2
56
42
Ohio Un Sta'n 1st gu 4Mb A...1963 J
1st 5s series B
....1963 J
Guaranteed g 5a.
1944 J
Guaranteed 4s
—...1944 J
1st mtge 4s series D
1963 J
Chic A West Indiana con 4s. ..1952 J
1st ref 5 Ms series A
1962 M
1st A ret 5 Ms series C
1962 M
Chllds Co deb 5s.
1943 A
30
15*
14*
*85
J
110 m
J
103*
106*
106 m
91
13
74
61
84
61
106 m
111*
104
106
106 m
106 M
77 *
106 m
Chile Copper Co deb 5s
(♦Choc Okla A Gulf cons 5s
J
1947 J
1952 MN
102
101*
102*
Cln G A E 1st M 4s A
Cln HAD 2d gold 4Ms
1968 A O
I6§*
103*
104 m
J
.
J
J
D
101
104*
....1963
J
99
.1977
J
98
92
1940 M S
J
1940 J
Cleve-Cliffs Iron 1st mtge 4*8.1950 M N
Cleve Elec Ilium 1st M 3*s_._1965 J
J
Cleve A Pgh gen gu 4 Ms ser B.1942 A O
Series B 3Ms guar
Series A 4mb guar.
..1942
1942
Series C 3 Ms guar
;
.1948
Series D 3Ms guar...
1950
Gen 4 Ms ser A
.1977
Gen A ref mtg 4Ms ser B
1981
Cleve Short Line 1st gu 4M8..1961
1072732 107*
107*5,6 108
110*
110 m
*80*
82
*75*
*115
J
4s._
For footnotes see page
102
D
W W Val Div 1st g 4s
3475.
A
J
MN
A
F
F
A
J
J
A
Oj
108
109
108*
112
105*
95
106
108
3
106
108
31
73
21
3
2
18
17
86*
100* 103
35
"32
47
101* 106
101* 103
102* 102
106
106*
10727J2 110*
107",6 111
110* 113
83
85
102*
118*
105*
99
"98*
101
15
96* 104*
111* 117
103* 105*
80
134
"~6
24
89
101*
94*
78*
105
106*
93* 100*
96
104*
104
104
94* 101*
101* 107
108* HI*
107
111*
112
113
14
111* 113
*105*
*106*
*106
106"
106""
*107
"26*
105* 110*
38
38*
20*
31
13
20*
22
23
31*
2
4
7
66
71
"26
15
3
12
g
5s
O
15*
15*
112* 116
103^ 105
J
conv
83*
A
"83*
1975 A
75
O
118*
s f g 7s
1946
(♦Fla Cent A Pen in 5s
1943
(♦Florida East Coast 1st 4*s__ 1959 J
1974 m s
"35
83
8
76
52
74
76*
81
•70
75*
94
88
69*
86
85*
119
116* 119*
118*
112*
104* 104*
42*
58*
59
98
102
102*
17
7
77
16
103
99
101*
97* 103
101* 104
95
100*
60* 77
8
Gas A El of Berg Co cons g 5s..1949 J
O
♦Certificates of deposit
1941 J
J
£8
8
11
5
4
3*
4*
105
106""
109*
74
6*
6*
105
105
105*
106
110*
35* 75
75*
90*
75
89
101* 104*
101
105*
104
104*
105
33
103
102
82
81
29
33*
33*
33*
30
30*
102
103
34
34
34
104
82*
25*
76
98
19
30*
24*
*12*
♦21*
26
19
30
19
12
20*
29
20
32
*30
25*
38
30
25
108*
108*
8
105
105
105*
44
104*
99*
104
104*
99*
158
J
Gr R A I ext 1st gu g 4*8
7
33*
33*
J
D
35
9*
103
J
1942 J
8
*120
104*
O
Goodyear Tire A Rub 1st 5s...1957 MN
Gotham Silk Hosiery deb 5s w wl946 M S
{(♦Gould Coupler lets f 6s....1940 F A
7*
*80*
25
D
8
*107
74
♦Gen Elec
J
66*
16
*105*
A
(Germany) 7s Jan 151945 J J
♦Sinking fund deb 6*s.
1940 J D
♦20-year s f deb 6s
1948 M N
Gen Pub Serv deb 5*s
J
1939 J
57
66*
8*
*105
D
J
52*
10
8
♦4*
♦3*
5*s A.. 1938 A O
Gen Amer Investors deb 5s A.. 1952 F
Gen Cable 1st s f 5* A
...1947 J
2
60
*8*
J
f 7*s...l942 MN
54
59
7*
1945 J
118*
102*
98*
73*
♦Certificates of deposit
Fort St U D Co 1st g 4*s.....l941 }""j
Ft W A Den C 1st g 5*s
1961 J D
Conv deb 6s
75*
74*
*101
.
1945 J
91
"83*
*99*
.1952
mn
{ (♦Proof of cjalm tiled by owner.
(Amended) 1st cons 2-4s
1982
{ (♦Proof of claim filed by owner mn
5s
46
84*
108
128* 131
110
112*
101* 108*
100* 107
105* 107
105* 107
99* 105*
89*
77*
105* 106*
74* 89*
75
89*
54
♦Certificates of deposit
Fonda Johns A Glov 4*s
cons
105*
*102
D
(♦Ga A Ala Ry 1st
104*
83*
*106*
83*
*53
Flat deb
{(♦Ga Caro A Nor 1st ext 6s.. 1934 J
♦Good Hope Steel A Ir sec 7s..1945 A
Goodrich (B F) Co 1st 6*s...l947 J
108*
*111
S
Gen Steel Cast 6*s with warr. 1949 J
{(♦Gen Theatres Equip deb 68.1940 A
107
113""
*101*
D
s
103* 111
117
S
1954 J
Framerlcan Ind Dev 20-yr 7 *s 1942 J
110
J
1942 M
♦1st A ref 5s series A
16*
21*
104* 104*
*
Ernesto Breda 7s
...1954 F A
Federal Light A Tr 1st 5s
1942 M S
5s International series.... 1942 M S
1st lien s f 5s 8tamped
1942 M S
1st Hen 6s stamped
30-year deb 6s series B
22
62 *
72*
107* 108*
12*
23*
108
75
75*
1938 M
32
21*
83
O
Genessee River 1st s f 6s
J
1957 J
N Y A Erie RR ext 1st 48—1947 M N
3d mtge 4*s
8
21*
20
13
*106
J
1967 MN
1955 J
105* 107
"69*
108*
107*
19*
*106
1953 A O
4s series D
103532
*107*
J
O
50*
35
*108*
1941 M N
..—..1965
J
116
50
110
J
Erie RR 1st cons g 4s 4s prior.. 1996
1st consol gen lien g 4s
1996
Penn coll trust gold 4s
..1951
113
108* 110*
108* 111*
107*
*130*
*112*
J
1965 A
108* 110
35
*103*
1956 M N
1995 J
Gouv A Oswegatchle 1st 5s
*109*
107*
110
31*
13*
40
69
J
1940
1940
(♦Francisco Sug 1st
*104
112 *
Elgin Jollet A East 1st
Galv Hous A Hend 1st
92*
*105*
98*
101
100*
*103*
*100*
107
106*
110*
111m
*110*
O
J
106*
108*
*104
J
J
.1939
Cln Wabash A M Div 1st 4s.l991 J
J
St L Div 1st coll tr g 4s
1990 MN
g
110m
2
17
153
48
106*
J
Cleve Cln Chi A St L gen 4a....1993
General 5s serial B
....1993
Ref A lmpt 6s ser C
1941
Spr A Col Div 1st
*
J
1937 J
Aug 2 1936 Q F
gu 4s...1942 MN
80
7
2
105s,s
1057,6
105*
105*
108*
99*
O
105
30
4
*20*
J
49* 61
75*
49*
46*
70*
102* 104*
104* 106*
78* 90*
98
102*
105 7 106*
100* 105
10
65
*30*
*30*
♦20*
1939 J
1953 A
37
106 m
110*
102*
83*
East T Va A Ga Div 1st 5s
Ed El 111 Bklyn 1st cods 4s
Ed Elec (N Y) 1st cons g 5s
Ref A impt 5s of 1927
Ref A impt 5s of 1930
Erie A Jersey 1st s f 6s
110
D
D
.....
Gen
78*
80
....1940 J
1940 J
Clearfield A Mah 1st gu 4s.....1943 J
♦Ctfs of deposit..
11*
92
O
..1957 M N
105
110
111*
20*
94
95*
91m
76 m
"i06M
J
2020 J
7
115*
111*
1953 A
1055,6 105'332
1057,6 105 m
107*
107m
"92"
105 m
2020 J
73
109*
115*
108*
10,9*
Conv 4s series A.....
Series B
*89
D
S
27
'l08*
55*
105* 108*
105* 108*
75
East Ry Minn Nor Div 1st 4s_.1948 AO
80
18
4*
in*
.1937 J
46*
43*
20*
19*
22*
15*
16M
8*
7*
*108 *
25
no
...1937 A
Dul Sou Shore A Atl g 5s
70
13*
4*
O
J
Duquesne. Light 1st M 3*s_..1965 J
♦{East Cuba Sug 15-yr s f 7*8.1937 M S
32*
31*
64
25
103532
*105*
Erie A Pitts g gu 3 *8 ser B
Series C 3*3
16 m
J
1
*116
El Paso A S W 1st 5s
5s stamped
15
31*
32*
15*
O
1942 J
17
58
O
69
...
106*
107*
32*
33*
16*
15*
25*
4*
""l5
....1995
10*
17
"7m
105516
S
♦2d 4s assented
16
17
33*
A
Donner Steel 1st ref 7s.
Dul A Iron Range 1st 5s
11
6
*"31%
J
F
Detroit Term A Tunnel 4*8.-1961 M N
244
3
J
J
♦Detroit A Mao 1st lien g 4s... 1995 J
♦
1st 4s assented...
..1995
♦Second gold 4s.
...1995 J
18
41
105
106*
*106*
1952 A
13
73*
"106*
MN
..1965 A
25*
25*
16m
14*
"16m
D
Gold 3Ms.
D
June 15 1951
D
Memphis Div 1st g 4s......1951
Chic T H A So East 1st 5s
D
1960
Ino gu 58—
Dec 1 1960 M S
Gen A ref 5s series E
Gen A ref M 4s ser F
16
32*
36
*
J
Val 1st gu 4*s.. 1947 M S
Detroit Edison gen A ref 6s ser C *62 F A
Gen A ref 4*s series D
.1961 F A
6
34*
36
84*
101*
105*
100*
105
101*
J
6
106
166*
1937 MN
J
1971 J
1969 J
1969 J
102*
102*
105*
83*
100*
(♦Des Plaines
18
73
"l02*
'"83*
.
27
32 m
J
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B
Apr '78
(♦Des M A Ft Dodge 4s ctfs
1935
17
33
33
1
Stamped as to Penna tax
1951
{♦Den A R G 1st cons g 4s
..1936
{♦Consol gold 4*s_
1936
(♦Den A R G West gen 5a_. Aug 1955
43
42*
15
63
1st mortgage 4*8
J
Den Gas A El 1st A ref s f 5s...1951 MN
7
11*
June 15 1951
55*
44
Gold 5*3....
6
12
.
Ref A lmpt 5s ser D
Ref A impt 4Mb ser E
Cairo Div 1st gold 4s
38*
39*
65*
58*
68
68
69*
25
9*
48*
64*
66
63
J
1943 M N
Del Power A Light 1st 4*s
1st A ref 4*s
19m
18
♦Certificates of deposit.
{♦Secured 4 Ms series A
1952 M~S
♦Certificates of deposit.
♦Conv g 4 Ms
..I960 M N
23
45
56
D
.1934 A O
96
6
51*
64*
D
1937 J
Del A Hudson 1st A ref 4s
46 m
17m
17 m
{♦Refunding gold 4s
117*
52*
D
Dayton PowALt 1st A ref.3*81960 A O
18
18
1988
113*
57*
1936 J
45 m
D
D
(♦Chic RI A P Ry gen 4s
♦Certificates of deposit
113*
56*
.1936 J
57*
56
61*
....1949 M N
Clearfield Bit Coal 1st 4s.
Series B (small)
6
36
11
113
43
{(♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
CI St L A C 1st g 4s
17*
2
40*
*40
1987 M N
.1936 M N
Cln Leb A Nor 1st con
Cln Union Term 1st 4Mb A
1st mtge 6s series B
1st guar 6s series C...
392
427
37
49
39m
40*
Stpd 4s non-p Fed Inc tax 1987 M N
♦Gen 4*s stpd Fed Inc tax..1987 M N
♦Gen 6a stpd Fed Inc tax....1987 MN
♦Conv 4Mb series A
19m
7m
37
55*
108*
14
21*
116
119*
104* 105*
26* 39*
28* 49
29
48*
28* 46*
28
15*
16* 29
92* 102*
111* 111*
47
51
J
"l9~"
Ch St L A N O 5s
41m
41*
*110
A
♦1st ref g 6s
....May 1 2037 J
♦1st A ref 4Ms stpd..May 1 2037 J
♦1st A ref 4M8 ser C—May 1 2037 J
71
23 m
♦ConvadJ 5s
Jan. 1.2000 AO
(♦Chic A No West gen g 3Ms.. 1987 M N
♦General 4s......
1987 M N
♦4mb stamped
{♦Secured g 6Ma
31
41*
100*
41
104*
108*
107*
106*
D
...1952 J
Cumb T A T 1st A gen 5s
50 *
107*
Chic A Alton RR ref g 5s
1949 A
Chic Burl A Q—Ill Div 3*s_. 1949 J
Illinois Division 4s.
.1949 J
J
75
99*
73*
*104
*107*
78
105*
16
4
35*
107* 108*
104
105*
103* 106
99
100
56
88
100
100
108
110
Volume
3473
New York Bond Record—Continued—Page 4
142
Friday
Week's
BONDS
Last
Range or
Range
N. Y. STOCK EXCHANGE
Week Ended May 22
Sale
Friday's
Bid
A
Asked
Jan. 1
Price
1st & gen s f
6%s
1950 J
93%
88%
99
88
82%
91
100%
100
IOC32 102%
107% 113
107% 116
1977
100 %
100
109%
109%
110
1946
Units (equal amts of G & H). 1946
♦Green Bay & West deb ctfs A
100%
100%
100%
105
104%
105%
♦Debentures ctfs B
Feb
Stamped...
5>iall"II942
103
103%
102% 104%
110
110
107% 110
37%
31%
95%
95
O
91%
J
J
90%
75%
J
D
Hackensack Water 1st 4s
1952 J
♦Harpen Mining 6s
Hocking Val 1st cons
1949 J
"75%
J
103
4-2900
Telephone Whitehall
70
75%
O
A
J
60
75
NEW YORK
63 Wall St.
109% 115
99% 101%
104% 107%
14%
7%
100% 107
90
98%
94%
81%
77%
75%
69
75%
♦8%
*107%
A
J
Gulf States Steel deb
*51
Feb
MN
Exchange
Members New York Stock
96% 106
96% 105
100%
..1946
D. H. SlLBERBERG & Co.
103% 112%
102
Greenbrier Ry 1st gu 4s
11940
Gulf Mob A Nor 1st 5%s B...1950
1st mtge 5s series C
I960
Gulf A 8 11st ref A ter Ss.Feb 1952
DEALERS
FOR BANKS AND
95
88
1976
Gen mtge. 4s ser G
Gen mtge 4s ser H
103%
93%
100"32 100 "32 1002332
112
111%
111%
115%
114%
"167% 107% 108
1973
BROKERS IN BONDS
High
101 %
90
101%
100
J
Great Northern gen 7s ser A.. 1936
1st A ref 4%s series A
1901
General 5%s series B
.1952
General 6s series C
General 4%s series D
General 4%s series E
101%
*90
101%
Low
High
Low
Grand Trunk Ry of Can g 0s..1936 M S
Grays Point Term 1st gu 6s___1947 J D
Gt Cons El Pow (Japan) 7s...1944 F A
Since
75%
10%
"95%
91%
75%
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Week
Price
Ended May 22
Bid
A
4%sIIIl999
g
♦Hoe (R) A Co 1st mtge......1944
|*Housatonlc Ry
cons g
11937
5s
H A T C 1st g 58 lnt
guar
Houston Belt A Term 1st 5s
Houston Oil sink fuDd
5%s
*30
J
J
J
A
O
M N
1937 J
J
55%
A.I 1940
M N
Hudson Coftl 1st s f 5s ser A,..1962 J D
Hudson Co Gas 1st g 5s
1949 M N
Hud A Manhat 1st 5s ser
A...1957 F
A
♦Adjustment Income Ss.Feb 1957
Illinois Bell Telep 3%s ser B..1970
Illinois Central 1st gold 4s
1951
1st gold 3Hs
Purchased lines 3%s
Collateral trust gold 4s
Refunding 6s
1952 J
~1956
M N
15-year secured 6%s g
Il936 J
40-year 4 Ji s
Aug 1 1966
Cairo Bridge gold
4s...
1950
J
104
105
104
104%
104
105%
101%
102%
100% 103
*103%
41%
122
121%
122%
82%
82%
31%
32
108
87%
89%
82
84%
80
84%
85
81%
91%
80%
69%
86
a90
*77
""77%
76%
95
95
100%
tlnterboro Rap Tran 1st
A
D
103% 105
J
1965 J
J
..1965 J
J
A
J
♦Certificates of deposit...
{♦10-year 6s
1932 AO
♦Certificates of deposit."
{♦10-year conv 7% Dotes
1932 m"s
♦Certificates of deposit...
Internat Cement
^♦Int-Grt Nor
corv
1st 6s
83
78%
A
O
A
O
O
1951 F A
MN
123
123%
110
110
5s
♦Adjustment 6s
*
Lombard Elec 7s
ser
A
ser
*166%
37
103%
36%
103%
"37
24
103%
10
*106%
"104%
104%
104%
"84
Unified gold 4s
p m
deb 5s
Internat Paper 5s
ser
222
"94%
87%
50
50%
23
48%
46%
"50%
60
46%
2
94%
46
36
94
121
92%
Louisiana A Ark 1st 5s
36
10%
88
Louisville Gas A El (Ky)
42
94%
107
81%
93
A
♦Certificates of deposit
K C Pow A Lt 1st
mtge
Kan City Sou 1st
81
74
31
86
87
7
94%
95
9
88%
89
7
80%
80
81%
92
91%
91%
93%
228
85.
116
85
2%
83%
2*.
2%
11
93
94
46
105
93%
105
5
41%
F
"84%
gold 3s
1950 A
Ref A lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s..
1960 J
Kansas Gas A Electric
J
43%
10
41%
41%
26
111%
""43%
A
4%s_Il961
111%
13
84%
84%
42%
89
67
111
108%
87%
107%
108%
3
104%
104%
105%
50
88%
ser
cons g
4s. 1990
♦Certificates of deposit
2013
s
97%
Market St Ry 7s ser A .April
102%
115% 141%
Mead Corp 1st 6s with warr
99
69
1st
Mfrs Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
s
J
1961
J
J
IIIII1901
H'aln-
J
J
*105%
*105%
156%
105%
Kings County Elev 1st g 4s... 1949 F
Kings Co Lighting 1st 5s
1954 J
First and ref 6%s
1954 J
A
105%
J
98%
102
28
*115%
108
Laclede Gas Light ref A ext 5s. 1939
100%
38
106%
Coll tr 6s series B
Lake Erie A West 1st g 5s
2d gold 5s
Lake 8h A Mich So g 3%s
1953
i960
66
65%
1997
♦Lautaro Nitrate Co Ltd 6s
1954
Lehigh C A Nav s f 4%s A
1954
Cons sink fund 4 Hs ser C... 1954
^♦Mll Spar A N W 1st gu 4s...1947
i*Mllw A State Line 1st 3%s..f941
1934
^♦Mlnn A St Louis 5s ctfs
39%
1st A ref
s
66
♦Ref A ext 50-yr 5s ser A
gu.1938
1938
1938
1946
f 4s
64%
32%
35%
"5%
"5%
72%
5%
"e
4%
3%
4%
2%
3%
J
M N
J
J
J
J
J
J
M
S
J
J
32%
it
3%
35%
*30%
37
37
95"
88
49%
79
5
9
23
1%
6
4
2%
4
49
32%
40%
29
42%
38
52
39
39%
33%
43%
25
24
25%
7
23%
25
22%
25
21
18%
30%
90
89
90
71
81%
93%
83
83
36
49%
J
J
26
32%
70
81
"40%
"27
*87
M N
229
76
96%
59%
78%
49%
69
104%
116
52%
70
100
146
30%
55
62
27%
36
103%
103%
A...1902
40-year 4s series B
1962
Prior lien 4 %s series D
1978
♦Cum adjust 5s ser A
Jan 1967
t*Mo Pac 1st A ref 5s ser A
1905
223
26%
33%
1975
1977
♦General 4a.
155
♦1st A ref 5s series F
160
103% 108%
41
77
104
100%
104
19
^374
25
98
102%
14
98
66
98
99%
99% 105%
21
27%
104%
104%
104% 105%
57
80%
97
101%
60
72%
69%
58
68
98
100
64%
J
J
66%
64%
66%
31
J
J
68%
67%
80
A
O
53%
50
68%
53%
F
A
29
30
IVI
8
12%
IVI
8
28%
*27%
11%
28%
27%
28%
27%
♦Certificates of deposit—
105% 106%
25%
*58%
3475.
8
J
70%
60%
88
*76
IVI
—1.
95
*83
77
104%
61
see page
D
89%
104%
63
For footnotes
J
"37%
24%
103%
102%
99%
104
75
77
*55
99%
103%
87%
102
102
*66
11938
J
*35%
104%
1954
Secured 0% gold notes
104
J
77
102%
00
80%
80%
64%
87
67%
68
*97%
...1974
103%
89
99
66
1964
f 5s
1949
1978
1941
95
67%
101% 104%
101% 105
86%
D
J
27%
67
5s
s
86
86
J
J
104% 112
f 5s
s f
1st A ref
105%
J
O
94
90
D
108%
69
1st A ref
105
104% 109%
98% 106
104%
J
102%
101%
66
109%
104%
J
100
*105%
Lehigh A New Eng RR 4s A... 1965
Lehigh ANY 1st gu g 4s
1945| M S
Lehigh Val Coal 1st A ret at 5s. 1944 F A
*90%
109%
M
J
103%
102%
104%
Si
M N
1949 IVI SI
1962 Q F|
♦1st A refunding gold 4s
3%
1%
*1%
102% 104%
J
19591
*103%
25%
110%
100% 102%
12%
18%
14
1990
101
36%
102
108
102%
14
t*Mo-Hl RR 1st 5s series A
121
*64
1942
1937
1941
108%
101%
92
79%
Mo Kan A Tex 1st gold 4s
112% 115%
100%
*64
1942
108%
A
1939
♦Certificates of deposit
1978
MN
"29%
1949
1980
IVI N
9%
1981
♦1st A ref 5s series G
F
♦Certificates of deposit
♦Conv gold 5%s
♦1st A ref g 5s series
H
A
8%
29
O
♦Mo Pao 3d 7s ext at 4%
July.. 1938 MN
M S|
F
35%
28
8
26%
33%
104|
27%
35%
32%
30%
28
9%
30
12
26%
117
7%
12%
18
27%
26%
32%
M
S|
58
27
27%
10
27
95
82
35%
.
35%
33%
93%
97
~14%
17%
9
25"
10%
11%
11
6
12%
8!
9%
89%
90%
6
85%
96
105%
103%
103%
100%
109
14%
15%
108%
109
49
104%
105
25
104
104
3
107
106%
107
18
103%
103%
103%
85%
27
19
97% 103%
66% 88
101%
6
100% 104%
IVI N
Monongahela Ry 1st M 4s ser A.'60
Mont Cent 1st gu 6s
1937 J
27%
29%
*14%
A
M S
J
1937
104
1943
Deb 5s series A
1962
Montecatlnl Mln A Agrlc deb 7s *37
Montreal Tram 1st A ref 5s
1941
Gen A ref s f 6s series A
1955
Gen A ref s f 5s series B
1955
Gen A ref s f 4%s series C—1955
Gen A ref s f 5s series D
1955
gold 5s
16%
27
7
►
♦Sec 5% notes
1938
Mohawk A Malone 1st gu g 4s. 1991 M 8
1st guar
10%
145
92
28%
27%
^♦Mobile A Ohio gen gold 4s...1938
♦Montgomery Dlv 1st g 5s__1947
♦Ref A lmpt 4%s
1977
Montana Power 1st 5s A
134
27%
A
♦Certificates of deposit
89%
30
"12%
28%
27%
♦Certificates of deposit..
♦1st A ref 5s series I
Coll A ref 5 Mb series C
Coll A ref 5%s series D
Coll tr 6s series A
98
97%
97%
Mo-K-T RR pr lien 5s ser
119
*100
36%
97% 100
32
102
1
J
Kinney (G R) A Co 7%% notes 1936 J D
Kresge Foundation coll tr 4s..1945 J
J
^♦Kreuger A Toll cl A 5s ctfs.. 1959 M S
73%
43%
36
89
105%
156%
O
61
98
106
1937 A O
1997 A
83
73%
107
1901 J
Kings County El L A P 5s
Purchase money 6s
74
102
103
*112
J
98%
82%
82%
73%
82%
92
93%
J
102
100
108%
F
1979 J
C
Con ext 4 %8
38%
102%
91
102%
{t*MllwANorlstext4%s(1880)1934
1st ext 4%s
1939
33
102%
*93
100
1977 M S
1st mtge 5s
27
*31
S
38
105
1940 A
*34
50%
45
103
1961
1971
(par 1925).. 1943
68
*30
102
Mllw El Ry A Lt 1st 5s B
1st Chicago Term s
56%
100.
Mid of N J 1st ext 5s
lnt
71%
60%
43
83%
98
1st A ref 6s series A
42%
58%
103%
86%
1st cons 5s gu as to
22
56
61
103%
{t*Met West Side El (Chic) 4s. 1938
1st cons 5s
121
35%
61
101%
Michigan Central Detroit A Bay
J
City Air Line 4s
1940
M St P A SS M con g 4s lnt
42
42%
62%
42
80%
90
96%
105%
57%
40%
53%
37%
111
113%
85
74%
67
89%
107
109%
102% 106%
23
100%
1952
84%
102% 104%
80%
1951
102
99
88
I
101%
1st gold 3%s
4
108% 113
56
42
58
111% 112
86
90%
O
80
1%
8
"54
103%
37
58%
88
81
"94% "34
D
Jack Lans A Sag 3 %8
95
"88" "3
1947 A
♦Mex Internat 1st 4s asstd
Ref A lmpt 4%s series
103% 110%
104% 107%
101% 102%
105
108%
"57
102%
1940 Q J
IVI N
1945
IVI S]
1968
A O
1950
Metrop Wat Sew A D 5%s
39
1948 M
j"d
103% 106
107% 111%
51
1943 J
f 6s
Metrop Ed 1st 4%s ser D
42
11987
AO
75%
79
"
,
107% 109%
99
103
t*Man G B A N W 1st 3%s___1941
79%
91%
91%
99%
'l03%
95
"16
112%
*
1959 IVI N
J
J
98%
81%
94%
112
112
A
1939
ext 48..
37%
Kentucky Central gold 4s
Kentucky A Ind Term 4%s
Stamped
"94%
F
88%
73%
86%
*107%
87%
*113%
f 5s....1953 IVI s
IVI N
Manila RR (South Lines) 4s
41
S
"87%
122%
113
"31
106%
102%
41
♦2d 4s
29%
1946 IVI
♦
♦Certificates of deposit
43
93%
108%
lllX
107% 109
104
l02%
133%
84
103% 107
108%
109
1955 IVI N
118
31
110%
McKesson A Robblns deb 5 %s. 1950 IVI N
A O
{^♦Manatl Sugar 1st s f 7%s..l942
Manila Elec RR A Lt
*104%
107%
131
7
108%
104%
*103%
108
54
20
136
112
108
108%
6%s_1944
94%
36%
65%
90%
111%
103%
102
99% 102%
78
93%
110%
1952
Atl Knoxv A Cln Dlv 4s
87%
35%
93%
1941
♦Lower Austria Hydro El
t*Manhat Ry (N Y)
92%
S
2003
*25
warr
98
2003
C
*37
♦Karetadt (Rudolph) 1st 6s...1943 M N
Keith (B F) Corp 1st 0s
Kendall Co 5%s
101
3
2003
90
45%
IVI
J
1940 J
2003 A O
D
stmp (par $645).. 1943
stmp (par 1925).. 1943
1980
5
101%
122
1937 M N
Unified gold 4s
1st refund 5 %s series A
1st A ref 5s series B
25-year 5 %s
1st ref 5%s series B
4%s
103
101%
132%
5s...1952
1945
Louis A Jeff Bdge Co gu 5 4s
Louisville A Nashville 6s
93%
65%
60%
94%
45
70%
92%
80%
F
104% 105%
121%
92%
34
40%
1965
2
103
101%
104%
131%
A
1980
1945
9%
33%
70%
j
104%
1946
18
94
1939 J
63
104% 108
122
St Louis Dlv 2d gold 3s
13
122
40%
James Frank A Clear 1st 4s... 1959 J
Han AM 1st gu
g 4s
1990 A
t*K C Ft S A M Ry ref g 4s.-.1936 A
w w
36%
A
J* Iowa Central Ry 1st A ref 4s. 1951 M 8
♦Ctfs with
10%
36%
J
4%s..l952 J
97%
45%
1
101%
Mob A Montg 1st g 4%s
South Ry Joint Monon 4s
47%
14%
46%
194]
Conv deb 4 %s
Debenture 5s
♦Ctfs
31
38
B.I 1947
s f 6s series A
1955 IVI S
Rys Cent Amer 1st 5s B..1972 IVI N
1st coll trust 0% g notes
1941 M N
1st lien A ref 6 %s
1947 F A
lnt Telep A Teleg deb
w w
9%
40
34
J
Ref
♦Ctfs
36
36
195(1 j
lnt
g
128
A
ser
86%
132%
A
90%
3
105%
132
J
1969 J
MN
111
77j
02
102
IVI
137
121% 126
108
2
105%
105%
s
IVI N
64%
70%
103% 107
115
119%
40
131
25
97%
s
Paducah A Mem Dlv 4s
106% 108
103% 104%
95
89%
91%
99%
1944
.
D
IVI
97%
60
"97%
2
116
102
97
99% 101%
21%
39%
103% 106%
94
130%
A &
J
133
1951 F
6s
1st A ref 4s
93
IVI N
Il956
O
13
119%
58%
34
18
107
119%
131
1944 A O
Guar ref gold 4s
Lortllard (P) Co deb 7s
91%
96%
94
deb 4s..1945 M N
A._July 1952 A
106
119%
D
1950
1938
1949
1937
1949
Long Island gen gold 4s
20-year
A
1952 J
A
Long Dock Co 3%s ext to
90%
106
14
♦1st 58 series B
♦Ist g 6s series C
Internat Hydro El deb 6s
lnt Merc Marine s f 6s
1946 F
deb 3%s...
1st A ref 4 %s series
Gold 6s.....
106% 108%
99%
J
50%
Little Miami gen 4s series A—1962
Loews Ino s f
85
71%
67%
79%
107%
99%
J
21
1941
1965
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s gu
98%
87
93%
1952
47%
52%
Liggett A Myers Tobacco 78—1944 A
5s
cons
94
100% 101
96%
92%
A
97
132
2003
General
75
92%
ser
96%
43%
81%
33%
IVI N
82
*92%
Corp 5s stamped 1942
82%
151
42%
Marlon Steam Shovel
lnt Agrlc
17
93%
45%
4%s
cons
72%
1951 M N
Interlake Iron 1st 5s B
95%
93%
41%
45%
IVI N
General
91%
81%
106%
78%
J
F
95
93%
2003
2003
Lehigh Val (Pa) cons g 4s
High
Low
No
95
IVI N
87
97%
85%
81
81%
J
5s..Il906
81%
107
O
J
1961
73%
96%
1950 J
gu 4s... 1956
100%
71%
100%
85%
90
100%
100
102%
84%
64%
68%
78%
95%
*100%
O
|*Ind A Louisville 1st
a90
"88"
J
J
89
84%
*
D
Ind Union Ry gen 5s ser A
Gen A ref 5s series B
Inland Steel 3%s series D
102% 102%
101% 102%
82
81%
1940 A
108
105% 112
*100%
97%
T.,.lst & ref 4 Ma series C
Illinois
11940
104
*99%
*93%
111 CeDt aDd Chic 8t L A N O—
Joint 1st ref 5s series A
1963 J
48%
119% 123
89%
80%
30
39%
83
31%
Gold 3%s
1951
Springfield Dlv 1st g 3%s...l951
Western Lines 1st g 4s
1951
1963
38%
43%
Litchfield Dlv 1st gold 3s...1951
Steel deb 4 %s
Ind Bloom A West 1st ext
4s.
Ind III A Iowa 1st
g 4s
104%
42
71%
Loulsv Dlv A Term g
3%s._1953
Omaha Dlv 1st gold 3s
1951
H°uls Dlv A Term g 3s
1951
89
104"
J
1953 M N
64%
64%
74
*102%
M N
123%
44%
56
102
1951
I1955
110
123%
107%
107%
*106%
Extended 1st gold 3%s
1951
1st gold 3s sterling
.....1951 M 8
Collateral trust gold 4s
1952 A O
Refunding 4s
74
74
J
1937 J
123%
A
Since
High
Low
Leh Val Harbor Term gu 5s
1954 F
Leh Val N Y 1st gu g 4 %s..—1940 J
Range
Jan. 1
Asked
85
101%
83%
105%
104%
107%
87
85%
*
88
88
82%
83
New York Bond Record—Continued—Page 5
3474
May
Friday
BONDS
RAILROAD
BONDS
Week
Bought
Sold
—
Last
N. Y. STOCK EXCHANGE
Ended
Range or
Friday's
Sale
May 22
Price
Bid
&
Low
North Cent gen & ref 5s A
Gen & ref 4%s series A
{♦North Ohio 1st guar
Members New York Stock Exchange
48 Wall St., NewYork
HAnover 2-1720
♦Ex
123 S.Broad
St., Phila.
1974
*120%
*113%
*70%
*66%
1974
1945
g 5s
Apr'33-Oct'33-Apr'34
cpns..
♦Stmpd as to sale Oct 1933 &
♦Apr 1934 coupons
Kingsley 1030
A. T. & T.: NY 1-735
*66
Y
Sale
May 22
Nft,
Range
Friday's
Price
Bid
A
or
110 %
81
2047
101%
2047
110%
1997 Q
2047
Since
Jan. 1
Morris & Co 1st
a f 4 %s
—1939
Morris & Essex 1st gu 3 Ha-—-2000 J
D
Constr M 6s series A
>—1955 M N
Constr M 4 Ha series B
1955 M N
88 %
J
war ret
No 4
Assent cash
Nat Steel 1st coll
war
s
90
J|
88
65
"68"
I960 A
1983|J
J
J
J|
46
45% 77%
124%
119% 122%
100
10755H
N Y Cent & Hud River M 3
Ha. 19971J
J
Debenture 4s
1942
Ref & lmpt 4 Ha ser A
2013 AO
Lake Shore coll gold 3
Ha
1998 FA
Mich Cent coll gold 3
Ha
N Y Chic & St L 1st
g 4s
1998 F
1937 A
30
41
43
1978 MS
N Y & Erie—See Erie
RR.
N Y Gas El LtH& Pow
g 5s...1948
AO
112%
322
97
97%
112
84 H
86
91%
101H
105 H
84%
96 H
94 %
93
96 54
F A
AO
A
J
n-c
107%
107
94%
106%
1956 M N
J
108
109%
109%
106%
106%
107
107
72
71
1937
*63
1940
*45
1943 M N
101%
110%
111
D
*80
15H
15
For footnotes
Bee page
3475
66%
49%
103
107
44
•
1
29
108
110
A O
1968 J
April 1990
1st 4s series B
p
Reading C &
..
1971
s
Apr|
^
A
1940 A
109%
109%
68
120%
104%
111%
111%
3
10
11
10
"56
13
105
114%|
111
113
120
124
113
106%
107
105
105%
43%
21%
104%
105%
103% 108%
107
106
41
46%
41
21%
25%
31%
ser
A
106%
*71
55
32%
34
106% 109
107
85
70
70
111%
111%
111% 112%
113
113
111
114
111
113%
*111
110%
110%
1957 M N
110%
110
110%
106% 106%
*110%
*111%
*110%
111
111
109
112
108% 108%
115% 119
*118
D
1975 A
Ol
*117%
118
118%
120%
120%
121%
—
120%
121%
115% 121%
116
121%
109%
1970 J
109%
107
1977 J
110
*109
1943 M N
1958 J *>
1958 A O
87%
87
87%
87
87%
86%
87%
"73"
87%
87%
1948 J
109
21%
25%
30
1960 A
1st M 4%8 series C
115%
115%
103% 106
107
105%
110
—1|*105%
"y N
17
115%
1953 J
1964
92
9
108% 111%
98% 104
89
95%
89
98%
113%
105%
O
1949 F
119
112
76
*122%
*114%
1942 M N
1945 M N
11
87
*112
1963 F
Gen 4 Hs series C
Pitts Va & Char 1st 4s
guar...
♦Pitts & W Va 1st
4%s ser A..
1st M 4%s series B
6
112
I960 F
Series J cons guar
4%s
General M 5s series A
Gen mtge 5s ser B
98
119
*109%
103%
103%
94%
98% I
97%
O
1942 A
Series H cons guar 4s
Series I cons 4%s
Pitts Y & Ash 1st 48
,
31
1937 -1
f 4s
114
115%
99%
105%
105%
115%
106%
86
111%|
A o
1949 ™
1st
109
109
\
111% 113%
139
108%
118%
111%
J
110% 112%
111% 114
104%
119
Ha—1967 M N
I ref 68—1973
66
113%)
118% 122
109
1967 J
106%
112%
106% 108%
106
107%
46
109%
,
sec 6s series A
Phila Elec Co 1st &
ref 4
1st & ref 4s
99
103% 107%
18
120
A O
M S
*
90%
27
73
A O
1956 J
1981
33
113%|
J
1st g 4Hs series C
1980 "*V »
Phila Bait A Wash 1st
g 4a—.1943 M N
General 5s series B
1974 F
I
General g 4 Ha series C
1977 *
General 4 Hs aeries D
94
105%
106%
112%
119%
103%
113%
119%
104%
75
38
74
92%
91%
91%
D
1st gen 58 series B
1st gen 5s series C
1962
*119%
89%
1974
*113
74%
45
83
1st 4%a series D
1977
46
111
31
72
100
62
101%
102
110% 111%
80
80
85
16
93
96
102%
15
22%
106% 108
96% 102%
126%
120
12%
12%
104
102% 106%
101% 104%
11
107%
107%
14%
13%
12%
12%
70
>
100
122"
54
126
126 H
14
73
102%
122
1960 F a
1965 J D
Debenture g 4%s
1970
General 4%8 series D
1981
Gen mtge 4 %s ser E
1984
Peop Gas L & C 1st cons 6a—1943
Refunding gold 6s
1947
Peoria A Eastern 1st cods
4s..1940
♦Income 4s
112
113%
*113%
106
101%
61
126"
120%
107
107%
120 H
Il2"
74
107
O
♦Certificates of deposit
North Amer Co deb 6s
1961
No Am Edison deb 5s ser A
1957
Deb 5 Ha series B
Aug 15 1963
Deb 5s series C
—Nov 151969
4%s
General 4Hs series A
General 5s series B
93
106
O
cons g 4s
1943
{VI N
Consol gold 4s
1948 M N
4s 8terl stpd dollar
May 1.1948 W N
Consol sinking fund
Series C4%s guar
Series D 4s guar
Series E 3 %s guar gold
Series F 4s guar gold
Series G 4s guar
82%
81
1946
14hb-'46,
{{♦Norfolk & South lstg 5a...1941
N & W Ry 1st cons g 4s
1996
Pocah C & C Joint 4s
1941
Pennsylvania RR
Pitts C C & St L
4%s A
Series B 4%s guar
107%
44%
104%
104%
108
42%
35%
106%
42%
42%
104%
104%
43
J
26%
93%
104% 106%
31%
48%
31%
47%
99% 104%
99% 104%
107% 108%
108% 111
106
107%
106
43
1965
sf4Hs—1939 M N
ser
108
26%
27%
29%
38%
15%
29%
103
"87%
87%
1965
N Y & Rlchm Gas 1st 6s A—1951 M N
N Y Steam 6s series A
1947 M N
1st mortgage 5s
1951 M N
{♦N Y Westch & B 1st
104
94% 100%
89
60
38
38
Jan 1965
Nlag Lock & O Pow 1st 5s a—.19551A
Niagara Share (Mo) deb 5 Ha..1950
Nord Ry ext sink sunf 6Ha....1950
{ {♦Norfolk South 1st & ref 5s—1961
44%
*104
Ha. 1965
1946 J
96%
42%
42%
1955
N Y Trap Rock 1st 6s
68 stamped
109%
93
J
27%
30%
104%
105%! 105
106 %| 106%
O
26%
26%
30 %
95
{♦N Y Providence & Boston 4s. 1942
N Y & Putnam 1st con gu 4s_..1993
N Y Queens El Lt & Pow 3
104"
104
Plllsbury Flour Mills 20-yr 6s. .1943 A O
Pirelli Co (Italy) conv
7s.....1952|W N
♦1st & ref 4 Ha ser of 1927—1967
♦Harlem R & Pt Ches 1st 4s. 1954
Judo 1992
101
1941 M S
:
48
97%
151%
32% 42
72
49%
119% 122%
D
25
16%
83
112
38
104% 106
A
25
40%
91%
D
Conv deb 6s
31
59%
120%
A
Philllpplne Ry
40%
15%
30%
gen
1942 J
61%
61%
60
F
105
45%
55
1937 M S
39
29%
48
1949
1941
101
102% 104%
102% 103
105
21
61%
90% I
118%
37
1554
93
22
103
45%
60
27
30
99% 101%
48
25
1940
102%
*105%
46
28%
1957
YTelep 1st &
102%
27%
1948
General gold 5s
Terminal 1st gold 5s
100
28%
19
102% 104%
106% 109%
100% I
102% I
Pa Ohio & Det 1st & ref 4
Ha A. 1977 A
4 %s series B
1981 J
Pennsylvania P & L 1st 4Hs—1981 A
Phila A
♦Debenture 4s
1937 J
75
Penn-DIxle Cement 1st 6s A
100% 100%
28
102% I
109%
100
1963 F
<<99 %
27
73
108
100%
102%
1944 J
Phila Co
*26
104
55
63
1938
28-year 4s
100% 102%
104% 105%
105% 105%
27
105
108%
103%
1952 M N
101
1956
123%
101
1938
Guar 3 Hs trust ctfs D
Guar 4s ser E trust ctfs
106%
*107%
1956
121
101
62%
102%
1937
Penn Co gu 3%s coll tr A
Guar 3Hs coll trust ser B
Guar 3%s trust ctfs C
100%
*26%
*26%
107%
113%
118
119
43
101%
102%
Paramount Broadway
Corp—
♦1st M s f g 3s loan ctfs
1955' F
Paramount Pictures deb 6s
1955i J
Paris-Orleans RR ext 5%s
1968
103
47
109
102%
109
...1964
51♦Pan-Am Pet Co(Cal)conv 6s '40
♦Certificates of deposit
105%
1955
1st mortgage 5s
N Y Susq & West 1st ref 6s
2d gold 4 Ha
63
Ref mtge 3%s series B
1966
Paducah A 111 1st s f g 4Ha..-1955
105
105%
102
♦Conv debenture 3Hs—
♦Conv debenture 6s
♦Collateral trust 6s
19651J
94%
122% 125%
113% 116%
92% 100%
98
|
123%
101%
S
1941
Pacific Tel & Tel 1st 5s
"99
1947 M
♦Inc 6s assented
Prior lien 6s series A
Prior lien 6s assented
106%
105% 109
106% 108%
65
77%
125%
116%
♦Non-conv debenture 4s
♦Non-conv debenture 4s
{♦N Y Rys Corp Inc 6s
1st & ref 4s series G
Pac RR of Mo 1st ext
g 4s
♦2d extended gold 5s...
103%
98%
98 H
1941
General 4s
102
58
98
♦Non-conv debenture 3%S—1947IM
♦Non-conv debenture 3 Ha—1954
N Y O & W ref g 4s
90
95%
88
66%
116%
4sl939,
deb 4s
109
96%
86%
101H 104%
82
97%
87%
70%
108%
125%
103%
102%
1963
Peoria & Pekln Un 1st
6Ha..-1974 F
Pere Marquette 1st ser
A 5a
1956 J
D| 125%
lmpt 58.1943
107%
1961
102
111% 114%
111% 115
64
98
108
107
1946
112% 113%
113%
111
101% 101%
1942
90
67
102%
112%
1946
1944
97
91
5s
cons g
Parmelee Trans deb 6s
90
103%
94 H
84%
4s
com g
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
Oslo Gas A EI Wks extl 5s
Otis Steel 1st mtge 6s ser A
Pat A Passaic G & E cons
5s
♦Paullsta Ry 1st ref a f 7s
74%
65 H
0| 107H
12
100%
103%
113%
119
100
95
Oregon RR & Nav
Ore Short Line 1st
97
100
108 H
66 H
65 H
112%
112
38
89
98
H
—
1953
86
93 %
67
N Y L E & W Coal & RR
5H8.1942
N Y L E & W Dock &
{♦N Y N H & H
105
82 H
90
91%
39%
112
923
36
42
42
74%
80 H
102
103 %
84
102%
26%
112%
1947
{♦Park-Lexington 6%s ctfs
97
109
108 H
Purchase money gold 4s
1949
N Y Greenwood L gu
g 5s.—1946
N Y & Harlem gold 3
Ha
2000
N Y Lack & West 4s ser
A
1973
4 Ha series B
1973
N Y & Long Branch gen 4s
{♦N Y & N Eng (Bost Term)
109
85
103 K
93 %
1974 AO
Oct 1 1938
N Y Connect 1st
gu 4 Ha A
1953
1st guar 5s series B
1953
N Y Dock 1st gold 4s
..1951
Serial 6% notes
1938
N Y Edison 1st & ref
6Ha A... 1941
111%
45
97%
O
Ref 4 Ha series C
3-year 6s
112%
94 M
Refunding 6 Ha series A
37%
109
A
108$
32%
33 H
H
109
84 J*
v&u
89
109
92%
102
Tr*
IS" *Uh
80%
24%
32%
33%
35
2013.A O
series C—
"99%
6
*109%
1936
Pacific Coast Co 1st g 6s
1946
Pacific Gas & El gen & ref 5s A. 1942
122
H
3254
Ref&lmpt 5s
"16
29%
6%
3
35
2013 AO
V6
2H
4
35
Consol 4s series A
Ref & lmpt 4Ha series A
4%
91
31
%
35
N Y Cent RR conv 6s
N
4%
•28^
2%
2%
88%
35
J
1944 M N
1998 FA
102%
113 %
121
1956
1945 J
17
113%
120%
122%
107%
1954
N&CBdgegenguar4%s
66
113%
♦1st 5s series C
.1954
107
1946
♦1st 5s series B
..1956
104% 107%
107% 109
1
108%
114
83
90
31
29%
106
104% 107
114
96%
96 H
96
91
Inc 5s. .1935
29%
108
104
10
114
105
109%
99% 109
104%
112%
63
96
103%
111%
100
23
1943
63
%
81%
*58 H
93
107
4
44
1937
124%
122 H
101%
106 H
105
115
153
107
1945
"74
*101
106 H
104%
106%
106%
107%
*105%
102%
Connecting Ry 1st 4s
Ohio Indiana & West 5a —Apr 11938
Ohio Public Service 7%s A—..1946
1st & ref 7s series B
73
104% 112%
74%
86%
104%!
Ontario Power N F 1st 5s
Ontario Transmission 1st 5s
106 H
76
124%
%
96
♦1st 4Hs series D
♦1st 6Hs series A
J
1948 J
1943 M S
4s
gu g
112
107
103
4%
122
83
gu 4s—.1953 J
Ref mtge 5s
1964
Northwestern Teleg 4%s ext..1944 J
J
Norweg Hydro-El Nit 5%s_..1957 MN
Og & L Cham 1st
65
102
110%
81%
101%
111%
101% 103
a3
63
J|
n-c
ser B—
70
69
Ohio River RR 1st g 5s
General gold 5s
•'"3%
74
NO & NE 1st
ref&lmpt 4 Ha A. 1952
New Orl Pub Serv 1st 5s
A9...1952 A 0|
First & ret 5s series B
1955 J D
New Orleans Term 1st
{{♦N O Tex & Mex
1961
4%s
High
108
1941
Ref mtge
Low
120
121%
112% 115
,
65%
70%
103%
102"32104%
3%
106 %
*61 %
106 H
73%
102
*120
o
Jan. 1
Hiah\
103
H
*2%
A—1952,
1961|IVI N| 122 H
4s—1986,
Since
105
03
D
92%
104%
57%
103%
1022*32
*3
1951
86
103
2U
*2%
2%
*2%
1945 J
20
*3
2%
1965|J D|
N J Junction RR
guar 1st
N j Pow A Light 1st 4
Ha
New Orl Great Nor 5s A
92%
90
%
65
J
on—
{♦Naugatuck RR 1st g 4s
1954
Newark Consol Gas cons 5s_—1948 J
♦New England RR guar 5s
1945 J
♦Consol guar 4s
New England Tel & Tel 5s
1st g 4H8 series B
84
*104%
ret No 4 on—
f 4s
94%
98%
90
104"
1st & ref 6s ser B
Ohio
A|
♦4s Apr coupon on
1977
♦Assent cash war ret No 5 on—
Nat RR Mex pr lien 4%S—
1926
♦AsseDt cash war ret No 4 on—
♦4s Apr 1914 coupon off
90
109% 114%
108% 110%
1948 F
1914 coupon on
♦Assent cash
104
88 H
103%
A 102",6 102",6
1951 NtN
102%
102H
Nat Distillers Prod deb 4 Ha—-1945 Wl N
104%
104H
Nat Ry of Mex pr lien 4 Ha
1957
♦Jan
High
105%
93%
98 H
*115
1951 J
Low
105 H
1942
Nat Dairy Prod deb 5%s
Debentures 3Ha w w
No.
*110
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt & St L 4s ser A
1978 F
Nash Flo & 8 1st gu g 5s
1937
Nassau Elec gu g 4s stpdNat Acme 1st s f 6s
104%
92 %
97 H
87 %
93%
97 %
Mutual Fuel Gas 1st gu g 5s—.1947
Mut Un Tel gtd 6s ext at 5%—1941
Hioh
106%
104%
2047
Nor States Pow 5s ser A
Low
110%
80%
100%
110%
106%
106%
1938
1941
Ref & lmpt 5s series C
Ref & lmpt 5s series D
Nor Ry of Calif guar g 5s
Range
Asked
2047
Reg & lmpt 6s series B
Week's
Last
STOCK EXCHANGE
Week Ended
North Pacific prior lien 4s
Gen lien ry & Id g 3s Jan
Ref & lmpt 4%s series A
Friday
N
Range
Asked\
Quoted
—
LOBDELL & CO.
BONDS
1936
23,
Week's
2
106%
106
104%
104%
104%
105%
104%
107%
106%
105%
104%
105%
106%
43
23
Port Arthur Can & Dk 6s A
1st mtge 6s series B
{♦Postal Teleg A Cable coll 58.1953 J
{{♦Pressed Steel Car conv g 5s. 1933 *
{♦Providence Sec guar deb 4s
1957
1956
22%
Pub Serv El & G 1st & ref
4s—1971
Pure Oil Co s f 4%8 w w.
.1950
21%
63%
4%s without warrants
Purity Bakeries s f deb 5s
156
115
121
106%
103%
102%
103%
101%
107%
106%
105%
106
107
98%
1953
1953
Port Gen Elec 1st 4%s ser
C—1960 M
1st 68 1935 extended to
1950.
»
Porto RIcan Am Tob conv 68—1942 J
{♦Providence Term 1st 4s
1950
1948
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s & com
stk(65% pd)
J*J N
ly
A
99%
99
99
71
73%
*104%
74%
99%
99
80%
104% 108
64%
29%
31
28
82
41%
89%
90
80
94
11
11
11
70
*94
27
102i516 103*32
118%
114%
103%
103%
243
92%
35
91%
21%
92%
10213,6 109%
110% 131%
102% 104
79
.
68
100
100%
107%
107%
108
1997
66%
75
*100%
1997
77%
79%
106
105%
1941
Gen & ref 4%s series A
Gen & ref 4%s series B
20
2
coll 4s. 1951
{♦Debenture gold 6s
Reading Co Jersey Cent
119% 119%
68
107%
8
91% 103
158
63
158
82%
96% 100%
106% 108%
105% 108
Volume
New York Bond Record—Concluded—Page 6
142
BONDS
N. Y.
Last
STOCK EXCHANGE
Week
EncLd
May
22
Ranoe or
Sale
109%
High
Low
Rem Rand deb 5%s with warr.1947 M N
6%s without warrants
1947 MN
Week
Jan. 1
Asked
No.
Low
104
108 H
108%
109%
107
107
inn
110H
112
229
85
107 % 126
96 H 100H
Purch money let M conv 5%a '64 M N
Revere Cop A Br l8t mtge 4 %a. 1956 J
J
107%
107%
109
51
106
104
103 %
104 H
30
102% 105
a f 7a
1946 J
♦Rhine-Ruhr Water aeries 6s... 1953 J
♦Rhelnelbe Union
97
J
so,
110
1937 J
Ave RR 1st g 5s
Tokyo Elec Light Co Ltd—
Tol W V A Ohio 4a ser C
3
27 %
34,
2
22%
28%
Truax-Traer Coal
26
26
1
26
34
23 %
23 %
3
23 %
33 H
23 H
23
23%
7
23
23H
23 H
7
23 H
33 H
Uljlgawa Elec Power
1945 IVI
S
f 7a
40 %
5
38
49
Union Elec Lt A Pr (Mo) 5s...1957 A
38
J
1955 F
1939 J
A
40 %
52
37
47 %
Un E L A P (111) 1st
g 5 Ha A
*
1996 J
"17 %
J
...1954
1989
♦2a g 4s lnc bond ctfs
Novl989
♦1st terminal A unifying 5a.. 1952
1990
1937
1937
St Paul A Duluth 1st
con g 4a.. 1968
{♦St Paul E Gr Trk lBt 4Ha...l947
{♦St Paul A K C Sh L gu 4 Ha.. 1941
•
Guar
8
75%
M
s
M ^
J
J
1940
1972
♦Certificates of deposit
§ ♦Gold 4a stamped
114
a
38H
18%
43
15%
14 H
23
14
17%
19%
26
15
17
18
106
1944 IVI
{ {♦United Rya St L 1st g 4a
1934 J
U S Rubber 1st A ref
5s ser A.. 1947
27 H
24 H
Utah Lt A Trac 1st A
Utah Power A
100% 102 H
105
5
17H
17H
18
22
104 H
105
47
2
103 H
106%
6
122%
3
98 H
109 H
J
105
Cona
♦{July
4Hs.. .1934 J
J
.1942 J D
.1955 MN
.1958 A
{Wabash RR 1st gold 5a
2
60
2
50
♦Certificates
13
120
4
13H
4
"13H
"II
15H
-3%
3%
5%
6
"4
15
5%
2
7%
8%
62
6%
22
6H
17
4
4%
"22
4H
106 H
107%
97
82 %
86
52
28
230
4
4
....
110»32
79 H
10
19%
11%
12H
21
♦Certificates
105
3H
5H
4H
7H
6H
16%
3H
3%
8H
10H
105
105 %
93
94%
24 H
7H
6H
97
75
90
98 H
106 H
100X 102H
6
16
79
185
91H
91%
92
105
91H
90 %
91%
207
91H
90
91%
175
112
11H
88 H
59%
95
42H
51%
110"32ll2H
96 H
98 %
105H
9H
13 H
81H
103 H
97 H
111H
21
105 H 107%
45
101
108"
114H H6H
106H 108H
102 H 106 H
80 H
93 M
87 H
98 H
76 H
93
of
24
105%
105%
105%
123
i02%
102
101H
87 H
102 X
98% 104%
102 %
103%
"75
♦Certificates
of
1978 A
Walker
28%
27%
27%
*22
of deposit
(Hiram) G& Wdeb 4Hs 1945
106 H
1955 A
O
1955 A
debentures
1939 M
{♦Warner-Qulnland Co deb 6a.. 1939 M
♦Warner Bros Co deb 6a
1941 M
S
"63 H
1945 F
A
1945 F
A
1939 J
1977 J
J
..1937 J
>..1943 A
ser
8
A
♦5s assented
g
31
~52
103% 108%
67
70
84
2
71
92%
92%
63
86
98%
31%
60
29
46%
31
41%
68
43
41%
100%
"17
94 H
108 H
108%
2
110%
"3
122
122 H
122%
63%
83
*108H
1
1
107
108%
100 H
107
100%
63
108
25
102 %
109 H
100H
102%
109%
33
122%
106%
110
108
96% 101%
109
106
1
102% 104%
7
106
110
34
20
32%
33
32 %
32 H
33
121% 124%
105*32
108 H
100%
105% 108%
109% 109%
110% 112
119
*105
66%
83
77
35
32%
44
42%
1938
4 Ha
i"3
105H
105
105%
19
105
107
1950
Western Union coll trust 5s
Funding A real est
15-year 6Hs
25-year gold 5s
32%
36%
25
122
—
J
...1946
26
"42
110H
108 H
O
1946 IVI
West N Y A Pa 1st g 5a
Gen gold 4s
{♦Western Pac 1st 5s
O
35%
25%
99 H
J
.1952 A
1st & ref 5 Ha aeries A
32%
26
"ii
83%
*81
D
Westchester Ltg 6s atpd gtd...1950 J
West Penn Power 1st 5a ser E..1963 IVI S
1st sec 5a series G
1956 J D
1st mtge 4s ser H
J
1961 J
Western Maryland lat 4s
36%
27
75
61H
61H
♦Deposit receipts
Warren RR 1st ref gu g 3
Ha—.2000 F A
Washington Cent lat gold 4a... 1948 Q IVI
Wash Term 1st gu
3Ha
1st 40-year guar 4s
Wash Water Power a f 5s
31
27
90 H
29
"90H
8
8
38
26%
"9
72 H
83 H
75
O
Warner Bros Plct deb 6s
106%
96
26%
26
106
.
"27
26%
26
77
60
89
27
26%
82%
72
1
30%
26 H
1980 AO
Walworth Co 1st M 4a
6s
27 H
*22
27 H
27H
66 H
98%
*22
♦Ref A gen 5s series D
♦Certificates
66 H
*95 H
96%
67%
67%
100% 100%
~80"
*75
deposit
IVI N
J07H
107
107%
29
103
108
103%
1936 F
...1951 J
30-year 5s
..I960 IVI
1953 J
A
101
101
101
15
101
D
105H
107 H
105 H
106 H
106
57
103% 106%
107%
62
104
8
108
J
23
22 H
.23%
38
22%
33%
J
J
91H
91H
92%
28
85
96
2361 J
♦Westphalia Un El Power 6a
J
86
87
7
81
92
104
105
91H
76H
91H
106 H 117H
Wheeling Steel 4Hs series A.-.1966 F
2361
Registered
Wheeling A L E Ry 4s
aer
D
*105
1966 M S
111H
II2" "36
A
101H
101
101%
1940 M N
100 H
100%
100%
1949 M S
99H 106H
92 H 104
53
68
White Sew Mach deb 6a
J
J
♦Ctf dep Chase Nat Bank
♦Ctfa for col A ref conv 7a A .1935 MN
59 H
138
73 %
75H
53
68 H
85
76 %
71H
88
Wllk & East 1st gu g 58
Will A 8 F 1st gold 5s
85
78
1960 J
101
107% 112
99% 101%
J
1964 J
Swift & Co 1st M
90
20
1
85
5
64
107 %
23 %
105%
107%
23%
105
1938 J
D
98 H
Wilson A Co 1st M 4s series A—1955 J
J
89 M
Winston-Salem 8B 1st 4s
~64~~
6
107%
57 H
86
104 H 107 H
23 %
1
105 %
15
34
14H
104H 105H
~21%
I05H
1947 A
O
s
J
99
19 H
99
109
105H
106
"27
"~97%
1947
Term Assn of St L lat g4Hs._. 1939
lat cons gold 5a
1944
28 H
53
53%
101H
102
101%
6
112
101%
1943
J
105
36
96 %
20
31
18%
31%
45
67
106% 107%
99% 102
107
*110
"19"
"I§
18%
19%
18
1970 A
1st mtge a f 5s aer B
6
107
18
1
11
12
12
15%
15%
9
110%
25%
25%
15%
14%
9
J
*10
J
1057,(
O
106»„
1057,6
1059,6
106",6 106"32
104% 106%
104
107
5
117
100H 100H
-v
107H
74 H 100 H
122
122%
122 %
1
31
103
105
97 H
97H
87
94
Cash Sales transacted during the current week and not
Included In the yearly
range.
120
104 H
102
37
110H
111
118H
118H
1
8
1953
108%
108%
108 %
Texarkana & Ft S gu 5Ha A... 1950
Texas Corp conv deb 5a..
1944
102 H
101H
103
102 H
102 %
102 H
21
107
{♦Sup A Dul dlv A term 1st 4a '36 IVI N
{♦Certificates of deposit
♦Wor <fe Conn East 1st 4 Ha
1
81 H
103 H
122%
4s
167"
♦Certificates of deposit
e
Tenn Coal Iron A RR gen 5s.. 1951 J
Tenn Cop & Chem deb 6a B...1944 IVI
gen
Youngstown Sheet A Tube 5s.. 1978 J
"5
94%
21H
1950
{♦Wis Cer 160-yr 1st
76 H
*96
96
20
D
97H 102 H
*102%
S
D
48
J
1942
20
18%
50%
J
.1949 J
78 H
95 %
84 H
1938 M
76 %
95 %
1936
gold 6a
92%
84%
84%
*101H
O
57%
Sunbury & Lewlaton 1st 4s
Texas A Pac lat gold 5a
Gen A ref 5s aeries B
81
89
*79
*22
West Shore 1st 4a guar
77
A
74
1943
f g 4a
105
104
{♦Wlckwlre Spencer St't 1st 78.1935
{{♦Stevens Hotels 6a series A..1945
♦Studebaker Corp conv deb 6s. 1945
con
103% 104%
58
Staten Island Ry 1st 4 Ha
Tex A N O
104%
115
J
1946
a
70
103 H
deposit
105H 106H
105H
1938 M S
A
20%
61%
104 Vs
S
1976 FA
♦Ref A gen 4 Ha series C
'
50
104%
92 %
114 H 120
13
20 %
16
O
Staley (A E) Mfg 1st M 43
ser
106% 108%
64 %
88 H
of deposit...
♦Ref A gen 5s series B
66
52 H
108
1951
Tenn Cent 1st 6s A or B
"II"
108H
•
87 H
.1939 IVI N
4s
g
66
*50H
1996
3Ha
108H
*
*105"
Omaha Dlv 1st g 3 Ha
O
1941
Toledo & Chic Dlv g 4s
1941 IVI 8
{♦Wabash Ry ref A gen 5Hs A. 1975 IVI 8
99 H
110H
56 H
52 %
1937 M N
5a___1955
g
108 K
J
1956
{♦Spokane Intemat lat
"16"
15
O
1956
Mobile A Ohio coll tr 4a
S'weat Bell Tel 3 Ha aer B
Gen refund
IVI
3H
*3
15
S
1956
Mem Dlv lat g 5a
St Louis Dlv lat g 4a
East Tenn reor Hen g 5s
3
J
J
gu
Virginian Ry 3Ha series "ill'. .1966
66
97%
1994
Devel A gen 6 Ha
Tenn Elec Pow lat 6s
107% 107%
3
6%
J
47
105
J
106% 108
*108 H
1939
104 H 106%
117H 122 H
1955
Southern Ry 1st cons g 5s
Devel A gen 4a aeries A
Devel A gen 6s
*108 H
coupon off
1st cons 58..
108% 112
108
1955 J
1st 48 stamped
95%
A
J
89
*116H
1937 J
So Pac Coast 1st gu g 4s
So Pac RR lat ref guar 4a
69
85%
87
.1957 M N
f 4s series B
RR 1st consol 4s
5s
60
68M
85 H
1941
108
*100H
1950 A
a
♦{Vera Cruz A P 1st
104 H 107 H
103 H 104 %
11
79 H
S
40
68
J
71
98 %
1969 IVI N
1981 M N
68
O
.1954
50 H
98H
1968 IVI
99%
A
.1939 F
49
llO^jz
93
42%
1959
Vanadium Corp of Am conv 5i .1941 A
Vandalla cons g 4s series A
.1955 F
62 H
1951
So Pac coll 4s (Cent Pac coll).. 1949
1st 4Ha (Oregon Lines) A...1977
33
33%
29%
95%
1st Hen g term 4a
Det A Chic Ext 1st 5s..
Dea Moines Dlv 1st
55
79 H
South Bell Tel A Tel 1st a f 5s..1941
Southern Colo Power 6s A.....1947
8
97% 101%
64
72%
♦2d gold 5s
"I
1941
1963
35H
35H
33%
28%
19
27
31
86
105
28
88
31
1104
82 H
A
1
30
43
17
~55"
97
D
28 H
*26
72 H
17H
99
*4
106 %
28H
35%
29
103% 107%
101H 102 H
*15%
T%
3
101 %
Va Iron Coal A
Coke 1st g 6s_. .1949 IVI
Va A Southwest
1st gu gs.
.2003 J
5%
A
43
30
72
91
*12%
6%
25
106
29
105H
99
50
12H
S
*"2
101
76 H
120
7%
M
34
72
12
56 H
IVI N
113
99 H
23
55
5%
75
100H
34
101H
88
*113
"l3~"
106% 109%
98
103%
111
112%
O
60 H
122%
49
101% 104%
*112
106
118
109
7
A
87%
106
98 %
10?2732108%
2
D
20H
103 H
110
76
111% H4H
107% 111%
J
J
111% 123
1944
1944
Light 1st 6a
Utll Power A
Light 5 Ha
Debenture 5a
16H
17H
J
J
100
122
119
50
\107H
100 H
98%
105% 107%
104% 106%
17%
21
121
107 H
J
♦Vertlentea Sugar 7s ctfa
Virginia El A Pow 4s ser A
*105
1950
1936
con gu g
87%
89%
1947
<5a
re
42
103
D
22 H
*102
17H
107 H
w
7
110H
,14)2
D
14%
13H
*102
105
110H
+ —
111
H4H
113H
108 H
108H
1022732 102«32
D
48
15H
115
4
w
8
♦Un Steel Works
Corp 6 Ha A—1951
♦Sec, a f 6Hs series C
1951
♦Sink fund deb 6 Ha ser A—1947
41H
O
1952
23%
28 H
Socony-Vacuum Oil 3 Ha
So Pac of Cal 1st
99%
91
79
90%
86
26
21%
19H
51H
75
130
39H
1949 F
Gold 4 Ha
San Fran Term lat 4a
5
11
78
53
1951
Gold 4 Ha
Gold 4 Ha
85
81
42
Sierra A San Fran Power 5a
Slleslan-Am Corp coll tr 7s
Skelly Oil deb 4s
Sou & Nor Ala cons gu g 5a
Gen cons guar 60-year 5a
39
67 H
53 H
J
1935 J
M S
f 7a
87
35
1945 M S
f 6 Ha
92
53 H
3 %
1951
8
20
85
33 %
A
Shell Union Oil deb 3Hs
Shinyetsu El Pow 1st 6 Ha
♦Debenture
42 H
*
1935 F
102^32
27%
34 H
♦Certificates of deposit
MS
{♦Atl A Blrm 1st g 4s
1933
{♦Seaboard All Fla 6a A ctfs...1935 A O
108H
J
U N J RR a Can
gen 4s
'53 H
J
J
F
8
43
107H 109%
103
105H
120 H
2
106 H
18H
120H
25
107H
106 H
*18
June 2008 IVI s
...1968 J D
35
80
*12%
1951
1st lien A ret 5s
Gold 4s
J
21H
J
1
J
A
deb 4Hs
Union Pac RR 1st & Id gr 4a...1947 J
1st Hen <fc ref 4s
June 2008 IVI
Gold 4 Ha
1967 J
27
J
1959 A
♦{Siemens A Halake
96 H
107H
114H
H3H
60
♦Certificates of deposit
conv
96
96 H
120 H
deb
United Biscuit of Am deb 5s...1950 A O
United Drug Co. (Del.) 5s
1953 IVI 8
70 H
59
1950
A
♦Certlfs of deposit stamped
♦Adjustment 5a
..Oct 1949 F
Sharon Steel
84%
...I
79
130
115
5
98
94 H
79
A
conv
13
17H
88
52%
♦Series B certificates
96% 101
101% 105%
120% 122
123"
97 H
*75
1947 IVI N
12-year 4s
109
71
76%
84 H
17H
1946
6a aeries A
1
85
75%
15H
M N
Scioto V A N E let gu 4a
1989
§ {♦Seaboard Air Line lat g 4s..l950 A O
cons
107 H
20%
Stamped
♦lat A
86
*78
17H
__
{♦Refunding 4s
44
105"
*120
Union Oil of Calif 6s series A... 1942 F
{♦Universal Pipe A Rad deb 68.1936
86
1946
f 6 Ha aeries B
103%
14
103 %
103 H
J
S A A Ar Pass 1st gu g 4a
1943
San Antonio Pub Serv lat 6s—1952
Santa Fe Prea A Phen lat 5s... 1942
Stamped
15
38 %
J
1937 J
Schulco Co guar 6 Ha
34 H
*108 H
84 H
1943
tPacific ext gu 4a (large)
24
*120
J
32 H
"4
28
32 %
♦Certificates of deposit
♦Con M 4 Ha aeries A
1978
♦Ctfa of deposit stamped..
St Paul Un Dep 5s guar
"3
38
17%
20 %
-
1950
St Paul Minn A Man 5s
Mont ext 1st gold 4a
77%
86%
99% 106
*104
O
112% 112%
108 %
17%
♦Certificates of deposit
Guaranteed 5s
54
*74
{♦St L Peor A N W lat gu 5a...1948 St L Rocky Mt A P 5a atpd
1955 J
{♦St L-San Fran pr lien 4a A...1950 J
♦Gen A ret g 5s aer A
St Paul City Cable cons 5a
90
37 H
28
♦Certificates of deposit
{♦St L 8 W lat 4a bond ctfs
76 H
11
*21%
"28
O
St Louis Iron Mt A Southern—
IVI N
♦§RIv A G Dlv lat g 4a
1933
42
108 %
J
1996 A
78 H
41
*112%
O
J
1941 J
St Joe & Grand Island 1st 4a._.1947 J
J
St JoaRy Lt Ht APr let 5a.__.1937 M N
90
39 H
40
a
J
1949 J
-
76 H
S
S
95
107 %
52 H
94 H
41H
49%
*9l"
J
O
1977 M
1962 M
104
*104
D
1949 A
{{♦R I Ark A Louis 1st 4%s._.1934
♦Ruhr Chemical a f 6s
1948 A
♦Prior Hen 5s series B
35
*109
O
s
40%
IVI N
IVI
St Lawr A Adr 1st g 5a
2d gold 6s
79 H
106
100
99
Hioh
Low
33 H
23 H
{♦Rio Grande West 1st gold 4a. 1939 J
Rut-Canadan 1st gu g 4a
Rutland RR 1st con 4 Ha
100J^103%
N
A
1952 J
♦1st con A coll trust 4a A
Roch G A E 4 Ha series D
Gen mtge 5a series E
6
79
{♦{Union Elev Ry (Chic) 5s.-.1945 A
♦Rio Grande June 1st gu 5a
No.
105H
♦Tyrol Hydro-Elec Pow 7 Ha-1955 IVI N
♦Guar sec a f 7a...
1952 F A
6Ha.-.1943 M
conv
*55 A O
1944 M N
1953 F
warr
RIchm Term Ry 1st gu 5a
♦Rima Steel 1st a f 7a
Hioh
102H
79
105 H
1942 M S
23H
109 H
Askea
102 H
J
1st 6s dollar series
1953 J D
Tol A Ohio Cent ref A
Imp 3Ha 1960 J D
Tol St L A W let 4a
....1950 A O
Since
Jan. 1
A
Low
Third
Range
or
Friday's
Bid
Price
Toronto Ham A Buff lat g 4a..1946 J D
Trenton G A El let g 5a
1949 IVI S|
Tri-Cont Corp 5s conv deb A..1953 J
J
27%
22%
1952 M N
{ {♦Richfield oil of Calif 6a
♦Certificates of deposit
97%
Range
Sale
May ?2
22%
J
M N
♦Rhelne-Weatphalla El Pr 7a.. 1950
♦Direct mtge 6a
♦Cons mtge 6a of 1928
♦Cons M 6a of 1930 with
97
Ended
Hioh
113H
104H H3H
1956 IVI S
1941 IV! N
Republic Steel Corp 4 %s aer A. 1950 M S
Gen mtge 4%a aeries B
1961 F A
Deb 4 Jis with warrants
Rensselaer A Saratoga 6s gu
Last
N. Y. STOCK EXCHANGE
Since
A
Bid
BONDS
Range
"
Friday's
109 %
Price
.
3475
Week's
Friday
Week's
Friday
82
115
1943
>102 %
2000
124H
126" ""9
105
110H 111H
116
118H
105 H 111H
87 H 103
102 H 105
99 H 103 H
117H 126
104
105H
93
98
105 H
Gen A ref 5a series C
1979
104%
104 %
105H
34
97
105 H
Gen A ref 5s series D
...1980
105
104 H
105%
113
97
108 %
108%
5
"68
67H
68%
30
33 %
36 H
81
Cash sale only transaction during current week
transaction
during current
current week.
week,
n
a Deferred
Under-the-rule sale
{ Negotiability Impaired by maturity,
at exchange rate
delivery sale only
only transaction
during
t Accrued Interest payable
of $4 8665.
{ Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities
assumed by auoh companies.
105 H
Tex Pac.Mo PacTer 6Ha A...1964
Third Ave Ry lat ref 4a
1960
No sales.
r
.1977
♦AdJ lnc 58 tax-ex N Y__Jan 1960
A
O
33 H
105 H 109 M
57 H
71H
22 H
♦
Friday's bid and asked price.
t
Deferred DeUvery
In the yearly ranges
43
No sales.
♦ Bonds aelHng flat.
Sales transacted during the current week ana not included
3476
New York Curb
NOTICE—Cash and deferred delivery sales
regular weekly range
shown in
are
a
are
Exchange—Weekly and Yearly Record
disregarded in the week's
footnote in the week in which they occur.
range,
May 23, 1936
TT
unless they are the only transactions of the week, and when selling outside of the
No account is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (May 16,1936) and ending the present Friday (May 22,1936). It is compiled entirely
froM the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred
during the week covered:
the week
Sales
Friday
Last
Par
Acme Wire vtc com..
Adams Minis 7% 1st
Supply Mfg cl A
Class B
*
*
_
Agfa Ansco Corp com
Ainsworth Mfg Corp
for
of Prices
Low
High
Price
Alliance Investment
"*
Mar
20%
4%
May
Class A
67%
Feb
63%
64
Class B
n-v
in
Al?er Dist
Te] n J wml ♦
7% conv preferred
100
Amer Equities
Co com.. 1
a™Z i?rb
Pow
*
Corp" 10c
$2.60 preferred
72
121%
15
Feb
18
Apr
May
Jan
13%
Mar
72
72
32%
30
50
175
2,300
5%
"19% "22" "llioo
500
8%
3H
36%
6,100
110% 111%
"36%
375
8%
8%
a;34% o:34%
1,000
3%
35%
40%
41
American shares
Anchor Post
Fence
""'*
El Pow pref
*
29%
28%
30%
23%
20%
28%
19
20
o:23
19%
1%
27
1%
1%
36%
4%
2
Feb
27
Jan
36%
Mar
Canadian Indus Alcohol A*
86%
Jan
91%
Feb
•i«
44% Mar
6% May
Jan
31%
Jan
29%
5%
6
com
Feb
118
Feb
Jan
125
May
Jan
7
Feb
19
Jan
3% May
33% Apr
108
Jan
rets.
7%
29
Apr
46
200
19%
Jan
27%
Mar
2,700
17%
Jan
25
Mar
300
25%
Feb
30%
Jan
100
14
Jan
24%
Mar
Jan
1%
39%
Feb
*i«
300
18
200
1% May
21%
Apr
Jan
1,600
4%
300
10%
10%
800
6
6%
8 <
2,100
1,20C
6,800
900
10%
700
1%
1%
1%
7%
8
*
A.
1,600
6,200
P'ywood corp. II";
Austin Silver
Mines
1
Feb
Jan
Jan
18%
Jan
2%
Jan
Jan
0
Feb
Jan
Apr
Jan
02% May
61%
1%
33%
%
2%
7%
%
Jan
85
33)4
33%
100
%
100
2%
200
8%
8%
2,000
1%
1%
600
'16
1%
33%
JA
2%
100
53
53%
24%
4
7%
Mar
Jan
7%
Mar
Jan
9%
Mar
Preferred B
Feb
2%
3
Preferied BB
Jan
12%
Apr
Cities Serv PAL
*8%
8
300
"i%
1%
17
"3%
1%
17
3
3%
600
100
16,500
1%
1,100
Jan
12%
Feb
Jan
2%
Feb
1
Jan
3%
Feb
2%
300
8%
8%
41%
42%
100
11%
12%
2,800
700
99% 100%
109%
275
10%
10%
300
31
33
175
108
80
325
*15%
*59)4
15%
1%
1%
"T
19
19
19
50
'29.100
I
4%
4%
4%
1,100
25
"16% "16%
10
.
25
60
2%
'
6
4%
48%
HI
*
H
*
$7 pref"*
Stamping.._
*
""lOO
108% 109%
400
%
65%
Jan
2%
Apr
142
"123"
12§"
50
com.II*
1
20%
17%
3
"""»
Blumenthal (S) A Co
*
Bohack (H C) Co
com!""*
loo
5
Pow"""*
Bridgeport Machine ."""* "15"
Preferred
JqO
•
Commonwealth Edison" 100
Commonwealth A Southern
2%
70
4%
Jan
Compo 8hoe Machinery
103
3%
Jan
5% preferred A
Consol Mln A Smelt
Jan
Mar
Feb
Jan
27
Feb
2%
46%
17%
3
46%
17%
4,300
200
44%
Jan
53
100
16%
Apr
25%
9%
38
42
""300
13%
150
600
12%
13
16
14%
2,300
1,600
3% May
12%
Apr
20% May
9%
13%
6%
18
Jan
29%
15%
700
34,600
2,300
41%
,S16
4%
1
4%
51%
4
100
43
10
44
13%
15%
100
2,600
Jan
20%
Jan
Corroon A
Common
Feb
$6 preferred A
Cosden Oil com.
Preferred
Apr
1
IlOO
23
23%
400
Feb
Crane Co com
Jan
Mar
63%
8%
29%
Mar
Jan
27%
Jan
24%
16%
20%
Mar
Jan
56%
19%
Jan
3%
Jan
%
Jan
1%
Feb
May
52%
Jan
Apr
16%
11
11%
300
11
2~300
Feb
1%
May
May
Apr
6
Apr
Feb
Feb
3%
8%
Jan
Apr
12
Mar
Mar
2%
13,100
1%
Jan
4
46%
1%
200
44%
Apr
73
Jan
93
Jan
114
Feb
3%
4
2,225
97
«
5,500
99%
1,400
Jan
5%
Mar
45
97
Jan
112
Mar
Jan
Jan
H
Feb
Jan
3%
Mar
May
1%
13%
13%
100
%
11%
Jan
10
Feb
49
Apr
18
3,100
46%
16%
May
16
Apr
23%
Jan
4%
May
6%
Jan
92%
Apr
May
90%
4%
89
116
.....
5
92%
%
13
Apr
Jan
116
11,900
2,300
84
30
113
Jan
56
May
.....
""360
94
2%
96
94
2%
96%
32
Apr
Jan
3%
May
116
Mar
57% May
6%
105
Mar
20
90
Jan
100
2
May
75
88
Jan
99
Apr
% May
Jan
6%
Jan
9%
2
Feb
14
14%
400
41%
41%
100
5%
2,500
34
Jan
Mar
3%
Jan
10
Apr
19
Mar
49%
Mar
6%
5
69
2%
12
Am dep rets ord
reg__£l
Cramp Shp A Engine ..100
8%
Apr
Mar
41,600
1
Jan
29
Feb
68
7ic
...II*
Feb
7%
26%
*
Feb
54
Jan
9
Apr
4%
Apr
8
Mar
5
200
4% May
8
Feb
Courtauld's Ltd
Mar
3
*
Feb
6%
""
4%
97
Feb
3% May
41% Mar
Jan
42%
43
May
"1%""!%
III*
Reynolds—
Jan
Mar
May
59%
41
45
4%
Copper Range Co
Cord Corp
1%
97
""560
1%
7%
Jan
1%
7% prior pf 100
Feb
Feb
Jan
Apr
Mar
Jan
3
400
43%
.
Feb
Jan
34%
48
Mar
900
Continental Oil of Mex
1
Continental Securi ties. I *
Cooper Bessemer com.I.I*
$3 preferred A
I*
21%
38
325
Consol Royalty O11.....10
13%
2%
21
Jan
124%
10,500
Stores... ..5
8% preferred
IlOO
39
Mar
Jan
28
1%
100
Jan
1%
May
27%
1%
1%
new .5
Jan
60
105
59
Consol Retail
Jan
22
May
27%
4%
4%
Jan
16%
Feb
S16
16%
14%
19%
May
Feb
Mar
30%
Jan
*
900
35
6%
25%
%
"j
17%
50
17
May
z4% May
Feb
18%
30
97%
Consol Copper
Mines.."5
Consol GEL p
Bait com*
Jan
Jan
Jan
101% 105
Consolidated Aircraft
Feb
102
34%
%
45
1
Cont G A E
100
Mar
Feb
Feb
Preferred
Creole Petroleum
25
9%
Jan
77%
Feb
6,800
1%
Jan
4%
Feo
12
700
0%
Jan
500
"3",000
U% May
k
125% 125%
*27%
26
28%
1
1
Apr
Crowley Milner A Co
•
5
5
2%
2%
Cent Petroleum..!
200
11%
Apr
*
65
3
70%
"25% "27%
11%
26%
100
...5
2
Crocker Wheeler Elec
Croft Brewing Co
Crown
For footnotes see
page 3481
2%
Jan
Mar
Jan
Jan
7%
Feb
Feb
4%
65
Coke^-
Mar
Apr
Jan
31
7
Feb
May
Jan
16%
3%
Secur $3 pref...
123
Jan
116
S16
Community P A L~f6pref *
Community Water Serv..*
Connecticut Gas A
Jan
116%
Feb
May
May
%
Mar
148
99% May
107%
10%
24
11%
Warrants
Feb
*
Registered
Jan
Corp com.....*
30
""!% ""!% "2%
Brit Amer Oil
coup.....*
Mar
Mar
150
II*
Apr
13
Brazilian Tr Lt A
1% May
May
16%
200
com*.«. *
Rosenberger
20
""3% "3%
21
Jan
Jan
43%
Jan
700
"IIH
900
%
"»
Jan
Feb
Cohn A
12%
Apr
9%
3%
15%
Cleveland Tractor com
~*
Cllnchfleld Coal
Corp "lOO
22
18%
20%
*
J55
Feb
Jan
121
7
38
May
Jan
3%
11%
13%
35%
*
Apr
Feb
Apr
7%
40
29%
43
43%
65
60
Feb
45
43
com..II*
11% May
600
""*
*
Claude Neon
Lights Inc__l
Cleve Elec Ilium
51
300
90
29
4
4
»
Feb
%
60
Feb
Apr
44%
29%
*
38%
16%
2%
%
1
loo
98
38
109%
.."lOO
Jan
55%
Mar
22%
Jan
Jan
Colt's Patent Fire
Arms25
Columbia Gas A Elec—"
Conv 5% pref
erred ..100
Columbia Oil A Gas
vtc
•
Col umbla Pictures
""♦
103
5
2% May
Jan
18%
Feb
Colon Oil
Jan
Feb
Feb
Feb
Jan
May
4%
21
44
Feb
70
Jan
Jan
Apr
45
Jan
Jan
Feb
Mar
20
16%
40
2%
22
Feb
93
275
45%
79
May
92
32)4
Como
45
"79%
17
Feb
64
Apr
12%
2%
Jan
Apr
11
Apr
Feb
9
Apr
1%
31%
41
May
15%
12%
11%
Jan
316 May
Jan
26%
Jan
1%
1% May
Apr
Apr
Apr
preferred
City Auto
11
Mar
7
8
*
Jan
Jan
Mar
3%
Mining Co..l
96
1
7%
Jan
32
V
3%
Cities Service com
Apr
4%
Jan
Feb
5%
Jan
Preferred
Jan
Mar
1%
Jan
Jan
100
Chflds Co pref
Chief Consol
Jan
2% May
14%
7%
Feb
Mar
Apr
Cockshutt Plow Co
600
Jan
Mar
1%
1%
18%
31%
Feb
300
Feb
10%
2%
200
Club Alum
Utensil Co...*
8,300
1%
*!•
6%
Feb
Apr
3
7,600
34
53%
Jan
Jan
Apr
%
1%
92
"n% "11% "12%
Jan
Mar
Mar
3%
40
2%
Chicago Flexible Shaft Co f
Chicago Rivet A Mach...»
Jan
3%
Jan
Jan
Feb
700
Jan
Feb
Feb
»
48
500
17%
Feb
"""*
preferred.
300
73%
74
%
300
n®"J®,^fwPa6«% Pf-100
Hedges com
Brillo Mfg Co com
Class A
62%
72
62%
%
2
warr
Brill Corp class B.
Class A
62
Feb
14%
10
Feb
Apr
Apr
Jan
1%
Mar
14%
*
Corporation
Chesebrough Mfg
3%
3%
7%
Feb
%
Jan
25%
68
Jan
800
60
107
42%
Feb
9%
RAiTa«D (L)&Co7% pfdl 00 "60"
Bearing
Jan
1,000
100
warr
Charts
109
8
Borne-Scymser Co.
103
"~275
'32
9%
40%
Jan
Apr
100
15%
Centrifugal Pipe
Jan
8%
com
300
400
Mar
100
0% pref without
104%
%
500
com
44
24%
24%
105% 105%
Mar
Mar
'59% ~6l~~
Cent A South West
Util.l
Cent States Elec com
1
Feb
Feb
400
Black A Decker
Mfg Co
Mar
75
$7 div preferred
*
1st preferred
_*
Cent Hud G A E v t c
*
Cent Maine Pow
7% pf 100
Cent PAL 7%
pref...100
Feb
9
pref
Mar
10%
16%
86
5%
39%
5
Bickford8 Inc com
31
Jan
72)4
15
com..
4%
10
7% 1st preferred
Botany Consol Mills
Bourjols Inc...
Corp
63%
9%
Products!!
Corp
Celluloid
Apr
8%
7%
Jan
May
Artn^tV^0™118 MachI* "~8%
Axton-Fisher Tobacco—
Class A
common..
10
Babcock A Wilcox
Colli »
Benson A
Apr
62)4
Corp of America
7% 1st partlc pref
100
7% prior preferred..100
32
1%
com
Jan
27%
6%
15%
39%
23%
700
......
Conv preferred
Conv pref op ser
9%
Jan
28
2%
Jan
20%
Apr
100
43
24%
Class B
99%
Mar
Jan
29%
200
9
Carnation Co com
Carolina PAL J7 pref.
$6 preferred
Jan
13
3%
Jan
16%
7% preferred
1%
conv pref.
25c
2% May
7% May
28%
Convertible class A
3,700
_
Bliss (E W) A Co
Blue Ridge
Carib Syndicate..
Feb
18%
1%
4%
Mar
Carman A Co—
600
'l6
40%
2%
pref
1
%
'16
Warrants
Aircraft
44
105 %
Capital City Products....*
4%
10%
1
*
4J aatj® c°ast
Locomotive
Marconi
Apr
4%
Feb
30%
31%
9
*
2
Amer"*
Line Co..50
Atlas Corp
common..
»
$3 preference
Bower Roller
2%
29
32%
Celanese
250
6,600
Jan
Mar
27%
City A Suburban Homes! 0
Atlantic coast
Fisheries.
Tel ofCanada
non-voting
Feb
Feb
Jan
£i
II"
warrants"".
of
B
Feb
Feb
Mar
36%
9
Carrier Corporation.... *
Castle (A M) A Co
10
Catalln Corp of Amer
1
—
common
"*
Associates Investment
Co *
at®d Rayon
com!. »
Atlanta Gas
Light Dref inn
$3 opt
5
43%
114
Feb
12
85
1%
Laundries
conv
24%
Indus'trVes
vtc
$2.50
Feb
43%
30
5%
1
Convertible
Feb
Mar
39%
300
1%
v/iono
£ !!^?.
9
30%
40%
Jan
Jan
19%
5%
$5 preferred
B®
48%
Jan
107% 107%
1%
1%
19
"107%
1
Baldwin
2
Jan
*7prefl_*
Automatic
Jan
1%
2
2
5%
*
Common
Option
35
1
Assoc Gas &
Eleo-
Assoc
Feb
9
28
31%
28 %
Amer dep rets pref shs £1
Calamba Sugar Estate..20
82
jn
Associated Elec
Amer deposit
Jan
Jan
High
15%
34%
Am dep rets B ord shs £1
77%
38
18", 900
100
"250
Cables A Wireless Ltd—
Am dep rets A ord shs.fl
Jan
27%
""2% ""2% "2%
com."""*
A
Preferred..
Arl^T.8
Mar
4%
7%
30%
»
Arcturus Radio
Tube
Arkansas Nat Gas
Art Metal
Works
Mar
101
Chapman Valve Mfg
An«vSCTta Wupperman..l
AnoolF £? Mfg C° COm..*
Appalachian
Common class
75
Jan
50
150
2)4
Canadian Car A Fdy Ltd—
Preferred
25
3%
5
Amsterdam Trading—
Jan
116
«
Amer Thread
Co pref.
Buima Corp Am dep rets
Butler Brothers
.....10
Cable Eleo Prod v t c
..*
May
71
Low
28
Warrants
Mar
115
*
^
87
10i0
"81500
5%
Se"r"v~i'cel* "'T%
a
2%
300
"35% "34% "36"
"""!%
1st preferred
1
J 32%
46%
5%
r COm
25 "20%
6% preferred.
25
Amer Mfg Co com
100
Amer
Maracalbo Co.""
1
^reffirrfld.
^
45%
20
Chemical »
Superpower Corp com*
45
Mar
$3 convertible pref.....*
Canadian
*!aor
otaah A
Feb
Jan
87
™er ?an* Rubber com.50 "30%
Amer
Pneumatic
25%
109
400
Buckeye Pipe Line
50
Buff Nlag A East Pr pref 25
$5 1st preferred.....
*
Bulova Watch $3% pref..*
Bunker Hill A Sullivan.. 10
150
53%
2)4
Burco Inc com
113%
9%
100
"7)4 "8~"
*
Class A preferred
*
Brown Forman Distillery. 1
Bruck Silk Mills Ltd
Feb
152
400
Brown Fence & Wire B
Feb
Jan
1,200
31
*
1
Apr
Range Since Jan. 1 1936
Shares
28%
100
4%
87
12
31
reg-.lOs
6% pref
Jan
1,000
18
Brown Co
Jan
123%
i* %.
a
Amer Meter
Co..
Jan
114
4%
1
Laundry Mach..
Feb
Apr
Jan
87
*
$2 preferred
23%
2%
21
50
warr.
^ Elec com
Preferred.__
American General
115
Apr
Apr
Feb
"""lOO
"~3%j"~3% ""560
com* ""19%
Hoe Co
Foreign
70
Jan
19
Feb
"22"
17
05
Amer Cynamid
class A..10
Feb
115
11
*
*
U
Feb
1% Mar
48%
82%
113
pref..!""""*
Pow A Lt^"~
Class A
niAAa
58
Jan
"22"
$5.50 prior
Am Cities
35
70
2%
."lOc
""
British Col Pow clA
Jan
lOc
Common olass B
$3 preferred
Am dep rets ord
Feb
Apr
High
Am dep rets ord reg._£l
Mar
"u
37%
140
Am dep rots ord bearer £l
Mar
27
Low
British Celanese Ltd—
15%
75
"20% 121% "l~,966
Mar
Price
British Amer Tobacco—
62%
4%
200
2%
%
"1I9"
Week
Jan
200
"
"21%
com...Ill*
1111100
com
Apr
11
Apr
44% May
1S16
preferred
American Beverage com 1
American Book Co... 100
American Capital—
2%
40%
71%
28
•
6% Preference
"100
Aluminum Goods
Mfg..*
Aluminum Ind com..
""*
Am
113%
Jan
*
com
Allied Products cl A
00m 26
Aluminum Co common.__*
Amer
May
15
%
II"* "63%
Jan
108
71
Allegheny Steel 7% pref 100
1
40%
30
38
40%
*
Allen Industries
com...
Alles A Fisher Inc
com
Allied Internatl Invest
Apr
400
27
28
for
of Prices
Par
9,000
2%
%
50
Week's Range
Sale
High
20%
3%
3%
*
*
Low
108"
18%
3%
10
Warrants
Alabama Gt Southern
Ala Power $7 pref
$6 preferred
0%
Shares
l
.
Air Investors com
Conv preferred
Aluminum Ltd
"l08~
20%
Last
Range Since Jan. 1 1936
43%
\m"
Sales
Friday\
STOCKS
(Continued)
Week
20
pf 100
Aero
Week's Range
Sale
STOCKS
.....
"2%
9%
10
1%
Jan
2%
31
Jan
130
Feb
Apr
120%
19%
7,400
%
9
5
1%
*
Mar
Jan
34%
Feb
Apr
50
4,200
Feb
15
Apr
24
13,900
1,400
100
Feb
17
10
Jan
May
Jan
1%
7
2%
Feb
Feb
Mar
Jan
Volume
New York Curb Exchange—Continued—Page 2
142
STOCKS
Last
(.Continued)
Crown Cork Internatl A_.»
Crown Drug Co com
25c
Preferred
25
Cuban Tobacco
Week's Range
Sale
Par
155*
4%
23%
Low
High
15%
4Vs
23%
15%
5
23%
700
4,000
*
38
65*% preferred
100
Cu8j Mexican Mining..50c
Darby Petroleum com...*
39
300
Mar
Mar
12
Jan
300
%
Mar
109
Apr
15*
Apr
12
Apr
Apr
Mar
Mar
11
Apr
105*
14 5*
225*
Apr
25
165* May
66%
66%
70
195*
Mar
50
Feb
70
Mar
Jan
145*
Mar
15*
Jan
255*
66 5*
Mar
45*
495*
105*
Apr
May
19
Apr
Mar
13
Apr
125*
Jan
85*
"§5*
"3k ""3k
"466
»
85*
8%
100
'io'% "12%
8",900
8H
85*
15
"12k
Distilled Liquors Corp...6
11
300
11
55*
11
Mar
Jan
Apr
Apr
Distillers Co Ltd—
Amer deposit rets
£1
"36k
275*
80%
1,200
4M
Douglas (W L) Shoe Co—.
7% preferred
100
Chemical.._...___.*
Draper Corp
7% preferred
100
Dubilier Condenser Corp.I
Duke Pow»r Co
10
Durham
22
102
£04 5*
102
69
69
50
655*
Jan
31
300
285*
May
Jan
Apr
Feb
255*
355*
Mar
75*
Feb
25
Jan
Common...
200
7%
400
7
1,550
73
7%
10
75*
65*
6%
75*
2,500
45*% prior preferred. 100
74 H
63
745*
755*
375
625*
645*
900
6% preferred...*
100
Eastern Malleable Iron-.25
Eastern States Corp
»
16 preferred series B
"l% "l%
""306
Elec Bond A Share com..5
*6 preferred....
^referred
»
1
com
Class A.
195*
78 5*
105*
1
85*
P A L 2d pref A....»
48 5*
Option
Electric
65*
warrants
445*
65*
conv
1
...
pref
*
w w
5
5
90 5*
905*
Evans
Wallower Lead
7%
3
Faneteel
...1
115*
Mar
Mar
Jan
85
Jan
Jan
83
Mar
Apr
425*
35*
_•
Ferro Enamel Corp com
Flat Amer dep rcets..
*
Feb
$0
Flintkote Co
*
com
Florida P A L|7 pref
Motor Co Ltd—
33 K
165*
May
235*
Jan
425*
Apr
Apr
45*
255*
Mar
15**
Feb
Mar
600
645*
Apr
79
Ma
74 %
Jan
87
Mar
105*
300
2,300
Apr
Apr
Mar
85*
95*
05*
12
Indian Ter Ilium Oil—
Non voting class A
95*
Jan
485*
65*
450
185*
Jan
515*
Mar
1,200
2
Jan
85*
Mar
V t c common..
200
5
May
95*
Feb
905*
50
88
May
465*
"49"
450
'25
"150
150
52
98
Mar
Jan
305*
Jan
37
Feb
Jan
5154
Feb
43
Jan
02
Jan
675*
Feb
435*
Jan
Feb
Feb
47
Jan
655*
075*
Jan
24
Apr
Feb
Feb
Feb
May
Jan
Jan
44
600
165*
»t6
Jan
5*
5*
Jan
15*
T.SOO
300
8
145*
1,000
400
45*
135*
135*
100
12
24
100
24,
335*
20
5 100
100
5*
5
285*
19
2,700
5*
500
5*
55
53
56
36 5*
36
375*
2,800
250
2,400
75*
225*
255*
36
Gen Investment
Internat Holding A Inv.„*
Internat Hydro Elec—
Pref $3 50 series......50
Intl Metal Indus A
30
"7k
"7% "7%
45*
45*
45*
350
32
405*
850
365*
40
405*
100
385*
525*
95*
...
International Products
Intemat'l
Interestate Hos Mills
75*
165*
Feb
17
Jan
Apr
315*
Jan
Jan
405*
Mar
Jan
Jan
May
Jan
May
Mar
20
20
Jan
225*
600
205*
Jan
245*
Feb
135*
100
135*
Apr
145*
Mar
Feb
Feb
55i%
Feb
6% preferred
7% preferred
Jan
Feb
46
70
Feb
36
May
45
Apr
Apr
60
Feb
75*
May
Apr
95*
285*
Feb
32
Feb
45*
175*
450
25*
400
Feb
Feb
Jan
30
Jan
16
JaD
19
Mar
25*
Jao
45*
5*
40
May
Apr
Jan
73
20
15*
200
155*
1,900
495*
50
71
71
75
100
925*
925*
Georgia Power 36 pref...*
35 preferred
♦
845*
825*
Jan
67
Jan
1
Jan
254
49
s.*
15*
15*
9
1,700
69
May
Apr
30
30
200
29
Apr
75*
300
7
'11k "Ilk
■"600
11
75*
65*
"375*
Kansas City Pub Servioe—
Common vt c
*
V t c preferred A
•
Kansas G A E 7% pref.100
'"600
Feb
10
Kleinert
Rubber....
Knott Corp common
15*
Feb
Jan
75*
75*
75*
900
7
285*
29
400
275*
20
"2lk
Lake Shore Mines Ltd. -.1
Feb
225*
180
20
5*
Jan
Feb
250
Jan
79 5*
Apr
905*
685*
Apr
Apr
73
5
45
Feb
45
135*
Apr
Jan
185*
35*
Feb
Jan
39 5*
Mar
Jan
185*
Jan
Apr
Feb
Jan
sie
45*
Apr
255*
25*
Feb
Jan
Class A
Lefcourt
165*
14
400
135*
200
10
Jan
19
100
185*
Apr
165* May
21 %
16
325*
5*
1,500
com
May
15*
315*
265*
Mar
Jan
235*
May
15
5*
79
2,000
5*
May
316
100
5*
Apr
15*
5*
275
705*
Jan
835*
Jan
35*
400
15*
30
1
1,200
35*
55*
55*
2,900
"2k ""25*
'"166
45*
1,900
Oil
Jan
Jan
5*
15*
1115*
15*
45*
44
15*
Mar
Jan
74
65*
Jan
Jan
Jan
113
35*
74
55*
*it
25*
Jan
5*
Jan
185*
Jan
24
Jan
115*
8
45*
6
35*
Mar
5*
45*
1015*
1015* 1015*
Mar
1
125
905*
Apr
107
May
300
115*
115*
100
10 H
23
"235*
235*
400
14
"59k
8",100
65*
1,000
Feb
Feb
Feb
Feb
JaD
55*
78
595*
85*
125*
1
25*
25*
300
165*
175*
200
85*
5,300
1
4,000
12
2,000
75*
Develop...25
5*
5*
Jan
25* May
165* May
05*
Jan
5*
Mar
Mar
Apr
Mar
Jan
Jan
Jan
Mar
Apr
Mar
Feb
Mar
Jan
Jan
Mar
Feb
May
Jan
70
Feb
Apr
125*
245*
51
55*
Feb
Mar
Feb
745*
"685* "56*
78
155*
45*
25
115*
Mar
Jan
Mar
May
Jan
Jan
Jan
Jan
Jan
2
Feb
Jan
111
Apr
15
Mar
Feb
Lerner Stores
6J*%
preferred
100
Development
•
Lion OH
Feb
Lit Brothers
Feb
1075*
Loblaw Groceterias cl A__*
com
Class B
Lockheed Air Corp..
Lone Star Gas Corp
11
11
45*
55*
800
65*
75*
400
115*
115*
125*
3,100
83
45*
845*
900
845*
71
72
*
1
..*
75*
3
185*
....»
Mar
Jan
175*
Apr
65* May
55*
205*
Apr
185*
Feb
Feb
105*
Jan
145*
Mar
95*
Jan
35*
725*
Apr
210
Jan
88
Mar
125
64
Jan
76
Mar
Long Island Ltg—
Feb
Common.....
Feb
7%
preferred
100
100
Jan
Loudon
Apr
Louisiana Land A Explor.?
Louisiana L P A L Co—
Packing
4
..._*
»
,
"I§5*
75*
13
•
100
45*
200
65*
Apr
85*
Feb
95*
Jan
155*
Mar
25*
200
100
41
45*
48
400
5
50
*»
Feb
13,400
94
25*
41
55*
75*
145*
*
Lynch Corp common....6
Jan
Mar
5*
700
85*
Mangel Stores Corp
65*% pref w w
3481
Jan
335*
750
*
$6 preferred
nave
82
205*
5*
....♦
Feb
Jan
Feb
Feb
May
5* May
54
Lucky Tiger Comb G M 10
qee
Feb
25
*
Realty
Preferred...
Preferred class B
19
Jan
JaD
205*
205*
Lakey Foundry A Mach. .1
Lane Bryant 7% pref. .100
Langendorf United Bak-
845*
21
Jan
25*
245*
1
May
Leonard
-._....*
Mfg Co—
Jan
JaD
Jan
£1
Ltd
Jan
33 preferred
64
2,600
10
102
Gorham Ino class A com.*
•
100
10
1
1
Kirk land Lake G M Ltd.l
Klein (Emll)
May
5*
Apr
Feb
15*
Kingsbury Breweries...-!
Kings County Lighting—
7% preferred B
100
5% preferred D.....100
Klrby Petro'eum
1
81
8
Feb
395*
385*
75*
3
30
100
55*
Jan
64
"45*
Jan
Jan
Apr
365* May
35* May
Jonas A Naumburg
.2 50
Jones A Laughlln Steel. 100
945*
2,900
Feb
98
Lehigh Coal A Nav
5*
145*
75*
145*
Feb
Apr
91
Jan
155*
Feb
Jan
93
3ie
35*
35*
6,000
.....
"4"
Jan
Apr
83 %
1,400
4
375*
365*
Jan
Apr
15*
75*
34
May
Apr
155*
Feb
250
745*
9
70
69
25*
Jan
84
95*
715*
9
86
475
24
35*
205*
50
Mar
500
Jan
Jan
190
525*
2,900
65*
15*
300
Jan
Jan
795*
Jan
25*
Feb
65*
94
47
155*
May
Jan
88
200
25*
JaD
35*
35*
93
Mar
135*
16 5*
775*
815*
25*
185*
.....*
97
87
Jan
85*
May
Jan
925*
100
125*
•
Apr
16
"20
Lackawanna RR of NJ 10C
700
Feb
..100
preferred.....100
Feb
15*
395*
95*
20
316
15*
89
"lek "165*
Jan
Feb
Mar
55*
100
7
Jersey Central Pow A Lr
1
165*
feb
10
Warrants
Feb
9
Apr
745*
footnote)*
7,500
37
7
•
Iron Cap Copper com
10
Iron Fireman Mfg v t O.10
Irving Air Chute
...I
Italian Superpower A....*
15*
117
May
•
14
Apr
23
Feb
...1
V t c agreement extended
Feb
Apr
1
Vitamin
495* May
Grand Rapids Varnish
•
Gray Telep Pay Station..*
635*
Jan
95*
International
Kolster Brandes
Consol Mines. 10
Feb
Apr
Feb
JaD
2%
Feb
%
13
14
55
Jan
100
2
Jan
"is
30
..*
Feb
New warrants
28
Godchaux Sugars class A.*
Class B
*
Jan
635*
135*
»
1
.....
Koppers Gas A Coke Co—
6% preferred
100
Kress (S. H.) A Co pref.100
Kreuger Brewing
...1
Glen Alden Coal....
Globe Underwriters
Jan
Jan
Fe
Class A.
205*
185*
com
Feb
40
Utility—
Jan
Jan
A
95*
75*
Jan
May
215*
215*
21 %
*
185*
125*
General Tire A Rubber. .25
Feb
Apr
95*
245*
6% preferred
.100
Internatl Safety Razor B. ♦
300
♦
Feb
25*
405*
30
Jan
33
35*
Reelstered
400
33 convertible pref
Apr
6
25*
2,800
395*
Warrants
International Petroleum..*
Interstate Power $7 pref.*
Investors Royalty new_..l
255*
15*
155*
For
'"600
32
1
165*
155*
19
300
._»
Mining Corp
Jan
25
745*
Gorham
100
1
235*
145*
25*
"is
t
Rayon Co A stock..*
Goldfleld
Apr
May
1
725*
195*
com
Preferred
205*
Jan
Apr
May
't«
C)
5*
205*
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Mach *
15
General Telephone com.20
(A
Mar
Jan
30
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 36 pref
*
Gilbert
Feb
765*
15*
195*
$6 conv pref class B
0% preferred
285*
May
5*
Apr
45*
Warrants
Gen
Jan
575*
1
__..*
conv pref B
225*
5,700
*
Jan
205*
Fort Worth 8tk Yds Co..*
Froedtert Grain A Malt—
Am dep rets ord re«__£l
Gen Fireproofing com....*
Gen Gas A Elec—
5,400
615*
"is
Feb
25*
175*
25*
275*
575*
_____*
235*
105*
2,700
2,200
100
17%
Jan
Apr
Warrants
41
55*
»
Conv preferred...!
15
General Alloys Co.......*
Gen Electric Co Ltd—
Class B
Apr
May
112
255*
Jan
35
Feb
Motor of France—
dep rets
225*
110
265*
£1
21
Jan
7
775*
21%
American
Britain and Ireland
Jan
65*
14
%
Ford Motor of Can cl A..*
Class B
•
Jan
Industrial Finance—
25*
2
75*
215*
Jan
595*
Ind'polis PA L65*% pflOO
900
5*
7%
175*
Imperial Tobacco of Great
5,400
65*
Feb
105
£1
Apr
25*
31
23
Mar
145* May
295*
Apr
150
30
109
cl A.. *
135*
25*
24
Jan
Feb
135*
Industries
rets
Jan
5
dep rets ord reg_.£l
Ford
Chem
Amer deposit
6%
Ford
Am
Imperial
Jan
200
1
100
HlumlDating Shares
Class B
24
56
"27k
Hygrade Sylvania Corp..*
Illinois P & L $0 pref..
»
6% preferred
100
79
150
100
preferred
6
435*
Jan
Stores—
7% 1st preferred
Prod
Jan
215*
35*
65*
325*
109
1
Imperial Oil (Can) coup
*
Registered..
*
Imperial Tob of Canada.5
Jan
20
Flsk Rubber Corp
Common
Jan
15
135*
135*
32
32
100
43
May
100
Fldelio Brewery
.1
Film Inspection Mach...*
Fire Association (Phlia).lC
First National
preferred
Jan
15*
39
.1
Metallurgical...*
Fedders Mfg Co com
7%
69
5*
Fanny Farmer Candy
Jan
Feb
Apr
May
Feb
Hygrade Food
175*
75*
3
Feb
215*
155*
Indiana Pipe Line
10
Indiana Service 0% preflOO
7% preferred
100
355*
15
Jan
Jan
Mar
Feb
Jan
175*
10%
1,600
Jan
10
Jan
21
"6 k
1,900
10
15*
44
..1
135*
35*
105*
115*
1,900
Jan
3,400
96,500
preferred.......100
Faistsff Brewing
14
145*
145*
Feb
Mar
Mar
1,000
•
Ex-cell-O Air A Tool
Falrchlld Aviation
85*
725*
25*
65*
145*
175*
Apr
Jan
65*
Internat
..
Jan
Apr
9 V*
105*
155*
42
2H
Apr
»
com
11%
17
Empire District El 6%.100
Empire Gas A Fuel Co—
Equity Corp com..
10c
Eureka Pipe Line
60
European Electric Corp—
Option warrants
Jan
85*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co
•
Horn & Hard art
»
Holophane Co
7% pref stamped
100
7% pref unstamped-.100
Hydro Electric Securities. ♦
Feb
505*
Jan
845*
1
3~300
Jan
Apr
Emsco Derrick A Equip..5
75*
100
"145* "l55*
Feb
195*
7% preferred..
100
8% preferred
100
Empire Power Part Stk.
Feb
Mar
Jan
68
15*
45*
15*
45*
*
G M...5
Mar
295*
465*
55*
15*
6
Jan
"48"
Mar
Jan
76
425*
80
Jan
48 H
15*
Jan
Huylers of Delaware Ino—
15
6% preferred...
100
65*% pref erred .....100
Feb
91
100
Hud Bay Mln A 8melt...*
Humble Oil & Ref
*
10
35
105*
35*
Apr
400
Jan
Electrographlc Corp com.l
Watch Co...15
Jan
Mar
81
500
Jan
315*
98
425*
Jan
Elec Shovel Coal 14 pref..*
Elgin Nat
128
Jan
15*
Mar
Shareholding—
Common
$0
18
685*
775*
95*
75*
1305*
72
425*
55*
3
Apr
5*
100
5,700
*
735*
595*
415*
36
3H
2
400
5*
825*
10
3%
195*
105*
16%
25*
5*
795*
25
*
245*
Easy Washing Mach "B".*
Economy Grocery Stores.*
25*
775*
Feb
Heyden Chemical....
Hires (C E) Cocl A
1
110
Jan
500
265*
65*
Mar
245*
Apr
65* May
Hecla Mining Co
Helena Rubenstein
Harvard Brewing Co
Hazel tine Corn
23
*
Edison Bros Stores com
*
Elsler Electric Corp new.l
4
75*
124
15*
45*
14%
145*
15*
39
30
S7 preferred series A...*
Elec
Am dep rets pref
8 sh
Hartford Electric Light.25
Hartman Tobacco Co
*
Jan
Jan
275*
1105*
High
Ltd—
Mar
5*
68
105*
71
10
400
50
200
*
Page
120
126 5*
126
Low
Shares
*
Jan
3%
._»
Elec Power Assoc
preferred
Hall Lamp Co
1245*
East Gas A Fuel Assoc—
S0
$5 50
High
1125* 1135*
.
Gulf Oil Corp of Penna..25
Gulf States Util $6 pref..*
Feb
106
3%
73
Hosiery class B__*
Sulphur
*
10
Jan
30J*
"31"
Duval Texas
Eagle Picher Lead
200
Mar
May
Jan
102
•
Driver Harris Co.......10
235*
275*
1125*
Range Since Jan. 1 1930
for
Week
of Prices
Low
com
.25c
Guardian Investors......!
Holllnger Consol
Doehler Die Casting
*
Dominion Steel A Coal B 25
Dow
Grocery 8ts Prod
Handley
De Havlii Aircraft Ltd—
Am Dep Rec ord Reg £1
.2
425*
Mar
300
Products
Feb
*9
12
Dictograph
375*
106
15
Detroit Paper Prod
1
Diamond Shoe Corp com.*
Jan
Feb
400
Price
7% 1st preferred....100
Gt Northern Paper.....25
Greenfield Tap A Die
*
Feb
2,100
11%
Preferred
Great Atl A Pac Tea—
Non-vot com stock...*
115*
1%
35
7% pref.100
55*
Mar
Feb
25
10%
Dayton Rubber Mfg com.*
Detroit Gray Iron Fdy.__5
Derby Oil A Ref Corp eom*
155*
Jan
23
10
14
Dennison Mfg
45*
Jan
Mar
1
10 %
Davenport Hosiery Mills.5
Class A
115f
Week's Range
Sale
Par
45*
25
Last
(Continued)
High
Low
Shares
com vtc._*
Cuneo Press com...
STOCKS
Range Since Jan. 1 1930
for
Week
of Prices
Price
3477
Sales
Friday
Sales
Friday
40
w
May
25* May
345*
Jan
4
425*
Apr
Apr
95
25*
55 5*
95*
66
Jan
Mar
Feb
Jan
Feb
^Ul
New York Curb
3478
Friday
Exchange—Continued—Page 3
Sales
stocks
Last
Week's Range
for
(Continued)
Sale
of Prices
Friday
Week
Par
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
24 X
9%
22%
Jan
Class A conv pref
Mar
Mass Utll Assoc
.*
Massey-Harrls common ._*
Mayflower Associates
*
May Hosiery Mills—
$4 pref ww
McCord Had A
McWilliams
5%
400
5%
900
100%
4
Feb
7%
*
Jan
64
42
Apr
Feb
5%
49
Patchogue
Pender D Grocery A
Class B
~~6X "7"
7
"560
~~8% ~~9%
'1,900
55%
57%
3%
40
200
Apr
8%
Jan
May
28
"m
IX
31%
10%
Mar
Jan
Jan
4%
500
IX
5%
4%
IX
5X
500
1%
,si«
Jan
100
5%
Jan
3X
IX
24
43 X
*
24
43%
43 X
IX
28X
Corp."!!!"i
50
Philadelphia Co
33%
Jan
Jan
Jan
Jan
1%
91%
114
Jan
Mar
8%
250
81
Jan
93
Feb
25
41%
Jan
70
Jan
8%
z5
2,800
7%
Feb
4X
May
May
13%
300
148 X 149 X
420
8
4%
"l49%
142
Jan
.30% May
35
Feb
z5
i',900
"30%
2%
1
Pittsburgh Forglngs..
1
Pittsburgh A Lake Erie! 50
5
Jan
Apr
8%
150
Feb
Feb
Apr
35%
Feb
Jan
15%
Mar
i!66o
Apr
47
Mar
2X
11,200
Potrero Sugar com
.5
Powdrell A Alexander..
Power
Corp of Can
49%
Mar
Premier Gold Mining
Prentice-Hall. Inc
500
14 X
100
13
Jan
14% May
25X
100
24%
Jan
31
Apr
39%
Feb
Pressed Metals of
May
May
23
Jan
May
67
Apr
Prudential Investors
Feb
30
70%
May
1
2,800
4%
89
Feb
% May
1%
Jan
1%
2%
Apr
6
Feb
Jan
Jan
86%
8%
4%
May
8%
Feb
Jan
%
Feb
•i«
Jan
2%
Feb
14
27
27
27%
600
"16"
"~9~X
1316
X
17%
Jan
Jan
30
Apr
9
Jan
9%
May
300
%
%
Jan
1
700
113
113
40
111%
4%
Jan
ill
X
113'
111
25
110%
12%
10%
2%
Jan
"16
*
7%"pref!! 100
Corp...5
Neptune Meter class a.!"*
15%
15%
100
a!"*
"100
"100
""2%
2%
""iOO
Mar
Feb
"2",500
H-* Ol
I
Feb
Apr
23
8%
1
Jan
Mar
15%
Feb
2
Feb
3%
Jan
113
Apr
8%
115
May
Jan
19
Apr
Feb
Apr
16
8% 1st preferred
$6 preferred
Public Serv Nor 111
Common
5", 166
79
77 X
70%
122%
70%
120
1%
1%
4%
4%
28%
3X
1,250
1,200
~80%
2X
*
82K
24
2X
"800
100
$5 preferred...
28%
200
Merchandise..!!!!"*
Rosaiioio
$6
21%
75%
4%
Apr
100
128
Feb
Feb
Mar
17
17
200
120X 122
200
55
30
_.....
120%
5
p"fd!!l00
55
Jan
92%
Mar
Class B
Jan
6%
Feb
Raymond
Apr
Jan
9%
Jan
96%
Jan
8X
8X
5,*
8,400
400
'16
Feb
Jan
Red Bank
Co..
Feb
Reed Roller Bit Co..
*
New w i
!!!!*
52
Oil
38
Jan
110
Feb
Reeves (Daniel) com
Jan
104
Jan
7%
14%
Apr
11%
Apr
20%
!"»
Reliable Stores com.!!!!!*
Reybarn Co Inc
._!"l0
Reynolds Investing..
" 1
Rice Stlx Dry Goods!!!!!*
122
Jan
Jan
May
Jan
6%
Feb
Apr
76%
Feb
Apr
11%
Feb
% May
2%
Feb
Niagara Share—
28
9X
37
2X
8X
35%
2%
9%
38
2X
5X
1,800
1,100
3,100
400
7%
Jan
13%
Feb
28%
Apr
44%
Mar
2%
3%
Jan
3%
Jan
Jan
7%
Mar
105
400
25
900
10
"~39% "40%
"40
21
70
52%
50
Feb
Apr
May
3%
12%
Mar
Jan
9%
Jan
7%
Jan
10%
Jan
Apr
39
Feb
7%
Jan
14%
Feb
Jan
1%
Jan
37% May
19%
Jan
3ie May
%
Apr
8%
Apr
9%
Apr
9
May
98%
Apr
77%
140
Feb
Apr
3%
Jan
6%
Jan
34%
Jan
18%
37
2%
40
30%
9i«
1%
9%
10%
Feb
Jan
Mar
May
Apr
Feb
Feb
Feb
11%
Apr
Feb
102%
Mar
Jan
105
May
Mar
105
Apr
Jan
63
Feb
Jan
27%
Feb
48
Apr|
60%
Apr
Apr
60
Feb
114
Apr
Apr
117%
Apr
100
103%
37%
14%
94%
10
Feb
28%
25
1,850
3,450
"7^
i!666
70
124
Feb
Feb
6%
50%
Jan
70
22
Jan
Jan
34%
15%
6%
Jan
124
125
90
124
May
147
40
141
Jan
9
Feb
May
Jan
Apr
Mar
137%
Jan
149
Apr
14%
19%
19%
175
Jan
18%
Feb
17
Jan
21%
Feb
Jan
2%
Jan
% May
%
Jan
1%
%
Feb
Feb
Feb
19%
Apr
%
200
X
12
13
175
8%
9%
"266
Feb
36
2%
Jan
3
Jan
6%
15%
1,200
Feb
Apr
Mar
39%
23
24
600
"16
15%
1316
Jan
75
22%
Apr
26%
Apr
6%
23
Jan
8%
Mar
*1«
12%
Jan
Jan
1%
Mar
5%
1,000
4%
2%
5
16%
5
16%
1,000
1,000
2%
1,100
1 %
20%
,
Jan
7
1
Jan
3%
11
Apr
Feb
Apr
Mar
7
7
7
100
6%
May
1%
1%
600
1%
Apr
2%
Jan
4%
4%
4%
700
4
Apr
6%
Mar
Jan
104%
Apr
2
Jan
15%
14%
18%
Elec'Corp
.
!!
!
pref
3
.
Root Petroleum Co
conv
6%
25
"~5% "~5%
6% preferred ser D..100
Roosevelt Field, Inc.
5
20
International"""
3%
300
15%
4,100
18%
300
%
600
"16
Royallte Oil
Royai
97
110
Apr
147
*
Richfield Oil pref
...J25
Richmond Rad com
1
Rossia
Jan
Jan
92
14
59%
—7"
Relter-Foster Oil
$1.20
Noma Electric..
Nor Amer Lt A Pr^
18%
2%
*
Jan
',6 May
1% May
Jan
98
50c
Jan
7%
Jan
7%
1% May
3%
Jan
23%
Jan
11%
Jan
32
May
"2",600
94%
*
v t 0
Rochester Gas A
warr...!__
50
66% May
$3 convertible preferred*
Raytheon Mfg
Niagara Hud Pow—
Class B opt warrants.
Feb
Jan
_.!!!!!♦
Jan
Jan
Apr
13%
Concrete~Pi"le—
Common
Apr
55
40
Jan
98%
•
May
116%
4%
Mar
115
Rainbow Luminous Prod—
Class A
*
1%
Shipbuilding"Corp^
com!!!
36
111
Ry A Light Secur com..!!*
Ry A Utll Invest cl A__!!l
105
Apr
7%
48
!l00
96%
100
Lt7% PW—100
preferred
109
Jan
Feb
15
Jan
700
52%
28%
30%
109
116%
May
4%
310
21
Preferred.._..!!!!!»
!!!!s
36
N Y A Honduras
18
11
400
Pyle-Natlonal Co
Pyrene Manufacturing"!io
Quaker Oats com
*
Jan
2%
Jan
Feb
Mar
71
122%
1%
1,300
105
39%
65%
Mar
74%
Jan
117
36
1,200
4%
29%
13%
13%
*
6% preferred
24
Mar
41
Feb
""flOO
*
Quebec Power Co
69%
70%
9%
'""2% "2%
6% prior lien pref...100
7% prior Hen pref
100
Pub Utll Secur$7 pref..
Puget Sound P A L—
6%
~81
79X
3X
93%
Pub Service of Okla—
Feb
Apr
1% May
Jan
May
31%
Apr
115
Apr
12
Apr
112%
Apr
"9%
6% preferred..!!!!!ioo
7% preferred
100
Feb
Jan
Apr
36%
8%
'""9"
com""*
(jp
4%
123
24
5
8%
*
Jan
2%
1
Nlles-Bemen t-Pond
200
"T% "9%
100
7% 1st preferred
100
Pub Serv of Indiana$7 pref*
11
_
Nlplsslng Mines..
12%
!!!»
Providence Gas
74
New Bradford Oil.
5
New England T A T Co 100
5
11%
•
77
$6 preferred
Pub Serv of Colo—
'"800
Apr
2%
11%
•
May
74% May
IX May
50
400
1%
%
_j6
500
12
200
17%
47%
"~4X "I"
Jelep 6X% pref.. 100
150
%
800
5%
25
55
28%
%
3,500
'"366
Marj
87
%
2X
"75X "77X
Mar
120
J16
18X
75 X
44
100
1
49X
Nelson (Herman)
Class B common..
Amer"*
1H
70 X
Jan
Mar
100
Propper McCallum Hos'y*
Prosperity Co class B._
»
17X
200
130
9%
"""1
!!*
47 X
IX
107%
Jan
ix
"♦
Pratt A Lambert Co
Jan
2
Co..!!*
Corp" 10
11%
com!!*
Apr
2%
44
X
IX
111
Jan
34
.»
1 %
Nebel (Oscar) Co com
»
Nebraska Power 7% pf.100
4%
14%
»1«
35.
Typewriter!!!!!!!
60
4%
Feb
19%
Apr
Jan
23
Apr
Jan
1%
Mar
Mar
39%
Feb
70
Apr
100
60
105% May
Jan
38%
Jan
3X
"!!!!!!
1,900
8%
Feb
5%
800
36%
Apr
49%
Feb
55 X
350
35
Feb
55%
3%
Nor Cent Texas OJI Co.. 6
Nor European Oil com
1
Nor Pennsy RR
"g0
4
40 X
52
40 X
North American Match""*
No Amer Utility Securities*
3X
39%
Jan
6%
3ie
100
3%
Jan
6X
8%
May
Jan
Jan
%
6X
82
82
80
106
100
Corp...!"
50
'
106
5X
25
300
"27%
5X
25 X
20 X
28
1,300
21
300
"4lk
40 X
42
Ohio Brass Co cl B com..
% pref
_."l00
28 X
28X
108 X 108 X
Ohio OH
^er 6% Pref..! 100
PS
111
Ohio
7% 1st pref...100
Ollstocks Ltd com
5
footnote* nee page
4%
1,400
3%
Jan
6%
Feb
3%
3%
2,000
1%
Jan
4%
Apr
Safety Car Heat A LlghtlOO
8t Anthony Gold Mines.. 1
St Regis Paper com
5
7% preferred
!l00
Salt Creek Producers.
111
103X 103%
14
3481
14
70
716
Jan
Jan
98%
Jan
schifi
Apr
79
Jan
77%
Apr
87%
Feb
Jan
108%
6% May
21%
Jan
9%
Mar
Feb
Scranton Spring
Brook
Water Co. $6 pref
*
Securities Corp General""*
Mar
Seeman Bros Inc....
15%
38
Savoy Oil
26%
Apr
Segal Lock A Hardware. _*
48
Feb
Jan
75
26%
104%
May
600
100
110
Jan
Selby Shoe Co
Jan
109%
Feb
Selected Industries
Feb
112%
Jan
106
30
101%
Jan
100
13%
Jan
35
15%
Mar
Feb
""*
inc—
Common
$5.50 prior
700
,i«
Jan
7i«
3,300
3%
56%
Jan
6%
Apr
58%
7.%
%
320
2,200
7
100
8
X
26
33
7,c
200
50
30
Feb
Jan
73%
Jan
Jan
10
Feb
Jan
6%
34%
Apr
May
Jan
1%
Feb
Apr
41%
Feb
Feb
42
Jan
3%
3%
4%
400
5%
41%
2%
42%
300
2%
41%
Jan
42%
Apr
46%
Jan
3%
5,000
1%
Jan
Mar
2
Jan
4%
4%
3
2%
"32"
1
32
2%
stock!!!!"25
Allotment certificates..
27
%
33
Seiberling Rubber com...*
35%
Feb
316
1%
*
92
3%
27
Jan
700
Apr
3%
57
!!!!!
com
70
316
"3%
Schulte Real Estate com!.*
ScoviHe Manufacturing ^
103
75
70
"
May
Co
70
10
98%
2,400
Northern N Y Utilities
Northern Pipe Line
10
Nor Sts Pow com class A100
Northwest Engineering
*
4
71
X
Nor Ind Pub Ser 6%
pfd 100
100
Feb
Rustless Iron A Steel
Ryan Consol Petrol
5X
Common
Pittsburgh Plate Glass
25
Pleasant Valley Wine Co.l
18
Conv part preferred..
National Steel Car Ltd..!*
National Sugar Refining
*
Ko»
*
49 %
National Refining com
25
Nat Rubber Mach
.___»
Nat Service common..!!!i
Novadel-Agene
Meter
5%
33
70 X
Jan
103
91%
57%
36
Pitts Bessemer A L E RR50
Producers Royalty
pref..!*
m
91%
100
Feb
11%
35
3,200
106%
44
37%
Apr
23%
com"""*
,7% 1st preferred
70
37%
10% May
4% May
Feb
1%
Jan
1%
42% May
Jan
Pltney-Bowes Postage
3,100
2X
17
114%
Pioneer Gold Mines Ltd..]
14 X
..._!!!
com!!!!!!!!*
7% preferred
220
37%
Jan
25X
pref.!!"""
*
Fuel Gas!!!!!!!*
Gypsum cl a!!!s
36 Preferred.
108% 108%
106
106%
a!!!!Io
pref ser
Feb
3 OX
conv
New Process com
N Y Auction Co com..!
conv
Apr
'38"
44
*
Land"
$3
34
28
com!!
Common
108%
Pie Bakeries Inc com...
»
Piedmont & Nor Ry.__100
40
152
"37"
"*
Candy Co com!!*
Container Corp^-
Class A opt
Apr
900
Pierce Governor com
»
Pines Winterfront Co.__"5
May
138
v t c
NY Transit...
NY Wat Serv 6%
Feb
22%
6%
35
Apr
Mar
Mar
6%
150
4%
"b'x "e"
6
112
600
6%
Jan
-
Jan
19%
1
Apr
10% May
10
Mar
5%
18%
*
Common
28
10 X
Mar
Phoenix Securities—
,
150
10H
Jan
6
20
8%
pref._!25
Phillips Packing Co
37
Jan
Feb
Jan
Phila Elec Co $5 pref..... *
Jan
Apr
Mar
17%
May
*
com..
Phlla El Pow 8%
Feb
29%
50 X
of Col Am shs_*
Corp
100
PetMHKCo7% pref... 100
84 X
loo
Founders shares
19%
3%
34%
Feb
Feb
5%
34%
52
60
300
•
Apr
Apr
Feb
10,600
55
28%'
Feb
28%
5%
56%
Jan
25
110
*
Perfect Circle Co
Jan
4%
100
Feb
51%
5%
2.50
Pa Water A Power Co.._
13
50%
(Tom)" DlstlHery. 1
N Y Steam
Penn Traffic Co
Apr
4
*
Jan
83
...
v
Jan
Feb
15%
National Investors conu.l
$5.50 preferred
"l
£r
6
2%
Jan
23%
May
Apr
Apr
6
19%
60
22
400
Nachman-Sprlnfllled Corp*
N Y
Jan
91%
Mountain Producers
10
Mountain Sts Tel A Tel" 100
Mueller Brass Co com
1
^
$6
♦
$6 preferred
Penn Salt Mfg Co
Jan
42% May
IX May
100
Moody's Invest Service!"*
Moore Corp Ltd com
*
N Y
Pa Pr <fe Lt $7 pref
Feb
4
33%
__i
Jan
109
Moh A Hud Pow 1st pref. *
2d preferred
"•
Newmont Mining
100
Feb
Mar
35
•
19
50
IX
28X
*
Jersey Zinc
32,100
Feb
7%
24
Pennroad Corp v t c
!!]
Pa Gas A Elec class a....*
"i«
Voehrlnger.*
New Haven Clock
5
100
Penn Mex Fuel Co
Mar
1%
6%
6%
5
♦
Feb
Mar
Jan
5%
•
Feb
%
"55% "57% "uoo
.*
Peninsular Telep com
Preferred
Apr
3
400
1,000
5J£VJ0W Pow 6% pfd 100
Miss River A Lt 7% pf 100
New Mex & Ariz
Plymouth
Apr
62
102
5%
1
10%
Mining Corp of Can"!"*
Minnesota Mining A Mfg *
New
Mar
Feb
*
com
May
7%
90
_.l
Peppered Mfg Co
Nat Tea Go 6 % % pf— ! 10
National Transit
12 50
Nat Union Radio Corp___i
6%
Feb
1
Common
Feb
Parker Rust-Proof new 2.50
3%
Natl Bellas Hess com
Nat Bond A Share Corp
Apr
66%
Mar
*
Monroe Loan Society cl A *
Montgomery Ward A
*
Montreal Lt Ht A Pow""*
85
Jan
30%
"166
Oil of Venez.
55%
Pennsylvania Sugar Co. .20
Midland Steel Prod.
Mid vale Co
Apr
45%
3%
Jan
*
.
""150
83
20%
89%
5X
~28%
Corp^
7% preferred..
37%
107
20
Pan tepee
Paramount Motor
Petrol—"
Nestle-Le Mur Co cl
Nev Calif Elec com
36%
Jan
50
t
Corp
100
Parker Pen Co
v
Nelsner Bros
6%
Mar
Apr
Jan
32% May
29% May
May
5% May
20
Apr
36% May
77
Mar
Class B
Nehl
6%
10
8%
82%
t 0..
Nat Mfg A Stores
National P A L $6
80
105%
v
Warrants
6%
._*
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
Jan
Mar
85
80
Jan
"28"
Co."
*
-~""io
pref
Feb
Feb
Class A
Nat Leather
50
6%
Apr
»
National
100
Apr
79%
5X
Michigan Gas A
Michigan Sugar
National
29%
29%
106% 106%
Jan
3%
29%
28%
104%
800
Apr
Jan
$2
2,300
8%
600
Apr
89
1%
National
32%
Jan
6
13%
Jan
Jan
National
Pacific Tin spec stk
May
Jan
Apr
National Baking Co
32
Mar
6
93
5%
8X
5i«
Nat Auto Fibre A
1,100
May
3%
17%
59
100%
Mtge Bank
4
9
Jan
300
»
Prefeired A
32
200
3%
4
6
High
Jan
.1*
400
*
Moore
100
11
Metrop Edison $6 pref
Mexico-Ohio Oil..
Molybdenum
200
Low
7% May
90
93
~,X% A preferred... 100
Mock Judson
2%
15%
6
26
Pacific Ltg $6 pref..
*
Pacific P A L 7% pref..100
Pacific Pub Serv
•
6,200
78%
Me8sabl Iron Co
conv
5%% 1st pref
2%
15%
9
76
"*
corn!~5
Earficipatlng preferred *
Merrltt Chapman A Scott*
$2
Jan
7%
Range Since Jan. 1 1936
Shares
11
Memphis P A L 7% pref..*
Mercantile Stores com.. »
7% preferred
1100
Merchants A Mfg cl A.. 1
Midland oil
Jan
8
High
74%
Mead Johnson A Co
Preferred
Middle States
Pacific Eastern Corp..
1
Paclflo G A E 6% 1st pf.25
Mar
Jan
Oldetyme Distillers.:
1
Outboard Motors B 00m..*
Low
$1.301st preferred.....*
Mfg'li"*"*
Dredging.I""*
Memphis Nat Gas
Jan
4X May
53
May
50
53
Apr
8%
5%
IX
700
2
5X
53
53
3X
62%
1,400
2
c...Il
v t
3%
85
Price
*
Overseas Securities
Apr
3%
Par
Apr
5
83
Week
Feb
!»
3%
for
of Prices
27%
Mar
Maryland Casualty
.2*1
Masonlte Corp common!"*
Week's Range
Sale
Jan
14
7X
Last
High
American dep receipts. £1
Margay Oil Corp
*
1936
23,
Sales
stocks
(Continued)
Ma pes Conaol Mfg..
.»
Marconi Internat Marln©!-
Marlon Steam Shovel
May
3
500
32
100
30%
Jan
3
800
2%
Jan
55
40
4%
Mar
Feb
Feb
Mar
Feb
85
90
85
50
81
Jan
90
Mar
88%
90
150
78
Jan
95
Mar
I
MM%
Volume
New York Curb Exchange—Continued—Page 4
142
3479
Sales
Friday
1930
Range Since Jan. 1
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Par
Price
Specialists in Curb Bonds
High
Low
Shares
Selfridge Prov Stores—
Amer
dep rec
£1
Sentry Safety Control....1
Set on Leather
•
11
5
Shawlnlgan Wat <fc Pow..*
6
com
Shattuck Denn
Mining
Shenandoah Corp com
13 conv pref
Sherwin-Williams
5%
254
54
1094
154
495*
1
25
"12294
com..25
cum preferred—.100
113
113
400
X
Apr
800
7 94
Jan
1,900
494
1954
154
47H
Feb
894
Apr
Members New York Stock Exchange
Jan
2354
4X
Feb
Jan
Members New York Curb Exchange
Apr
100
200
4954
1,450
12154 123
30
113
Apr
Apr!
65
254
1
5% original preferred.25
6% preferred B
25
2294
294
2394
254
2694
Southern N E Telep... 100
Southern Pipe Line
10
Southern Union Gas
*
Southland Royalty Co...5
2694
27
200
*
900
19
IX
20 X
865
Jan
34X
3X
Mar
Jan
"i'ooo
Mar
2554
Jan
594
100
"894
""960
3494
3594
1,400
55
55
"~8
"35"
Feb
Feb
254 May
May
454
Apr
50
41X
Apr
28 X
May
27
Apr
5X
Jan
Feb
149
94
3094
94
3054
254
X
54
37
150
850
100
1294
700
2794
2994
1,300
"~VA """2k ""§""
~L506
"2794
""3394
1
694%
716
94
30
1,200
Jan
Jan
Feb
Feb
Feb
Jan
154
Feb
Jan
41X
Feb
35*
Mar
65*
Jan
18 X
Apr
Apr
Feb
Jan
49 X
Apr
Jan
23 X
Jan
14 X
Feb
Jan
36X
Apr
Jan
X May
2X
150
Apr]
105
4X
Apr
Jan
4X
Feb
H
59
1394
Apr
Jan
41
Mar
25
Feb
Apr
Jan
6X
Mar
2694
Jan
Sullivan
»
"26" "25k "27""
""800
1794
1794
254
1894
394
1894
254
1754
8unray
Oil
l
"""494" "Ik"kk
Sunshine Mining Co... 10c
Swan Finch Oil Corp
15
19
1854
1954
Swiss Am Elec pref
8w1sh Oil Corp
66
6594
454
66
454
1
Taylor Distilling Co
1
"""394
'
5?4
30
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
Texas Gulf Producing
*
7194
454
Apr
Mar
650
3,800
"""266
3794
354
654
3654
394
594
2854
31
5
694
Westmoreland Co
Jan
68
454
54
Mar
Jan
494 Mar
694 May
3294 Mar
Jan
694
394
394
"35"
94
,516
454
394
494
394
"36"
3ie
,
1
454
394
6 54
*
"13"
994
1254
12
13
13
14
1,300
""ISO
May
554
Feb
Mar
1094
Jan
Jan
294
Feb
Jan
294
Jan
Jan
3254
Apr
Jan
1094
Feb
8 94
300
8
200
194
194
28
8
101
8,800
10194
50
100
100
7
50
60
7
7
67
7
19
2994
894
3 9 94
67
300
150
494
1594
"794
"""25
25
Jan
3794
Jan
,
May
Apr
Jan
79* May
9% May
04
100
394
100
4
"1694 "I694
194
694
194
794
100
Mar
100
May
1,600
394 May
"166
7% Apr
1054 May
300
400
1
Apr
69* May
3094. May
7
554
Jan
Feb
7X May
954 May
70
10
Apr
105
3
Jar
83
Mar
394
Jan
7
894
894
3294
1,000
Jan
594
Jan
11
Mar
Jan
3294
29
Apr
Apr
Jan
66
Jan
1,300
Mar
4
Jan
1st A ref 5s
Mar
Mar
Feb
32 X
103
Jan
..1942
2194
594
4894
...1946
10494
1951
9894
1st A ref 5s
...1956
Jan
..1968
"8694
1967
8094
f deb 5s *52
10694
1st A ref 6s_
Feb
1st A ref 494s
X
X
Jan
100
Apr
Aluminum Co
Mar
113
Apr
94
Feb
Jan
194
Feb
Mar
Mar
Jan
May
9%
Mar
Jan
3794
Mar
Apr
1494
Apr
1694
1694
494
Feb
Feb
400
2.900
11X
700
"i'ooo
Apr
2X
Apr
25 x May
8X
Jan
13
Feb
Amer Seating 6sstp
..1946
Appalachian El Pr 5s. 1956
Appalachian Power 5t_1941
Debenture
400
800
694
6
8,700
55
25
Am dep rets ord reg
United Profit -Sharing.
£1
4,200
554
554
200
1
1
700
Arkansas Pr A Lt 5s. .1956
Associated Elec 4 94s.
_
1953
41
500
1,025
20
Feb
10694 10694
'10494
108
10194
5894
3094
Feb
Conv deb 494s
1294
Mar
4994
Conv deb 494" C...1948
Apr
22
Mar
Apr
10
Jan
Conv deb 5s
Feb
42 94
794
Mar
108
4654
3794
1
1654
"iek "1894
"2",800
1949
"37k
39 X
3994
1968
3994
39
Jan
194
Apr
254
Jan
3481
Mar
Feb
IOO94
Mar
90
Feb
100
84
Mar
95
Jan
Apr
Feb
Feb
7994 May
10594 May
Feb
10394
Jan
394
Jan
1394
9194
10894
Mar
10594
Apr
1094
2894
Feb
100
Jan
10894
Mar
Jan
995*
Apr
9294
102 X
10394
102
Jan
Jan
10594
105
Feb
Jan
Mar
10494
Apr
10794
11394
leb
May
Feb
117
98
Feb
10294
Mar
56
Apr
6594
Feb
3594
2894
2794
Jan
62 X
Feb
Mar
385*
Feb
Mar
39 X
41
May
41
May
Apr
1094
Mar
"85"
8394
85
8354
3754
3794
19,000
94,000
104,000
41
4094 104,000
6,000
4294
74,000
8594
21,000
85
30
Jan
29
Mar
3094
Jan
4294 May
75
Jan
78
Jan
8594 May
9194 Mar
10194
Apr
10094 May
9694
Jan
100
25,000
2,000
83
24,000
7794
81
81
7754
7854
8194
8094
1,000
86,000
18,000
10054 10054
Feb
Baldwin Locom Works—
Mar
3694
42
1977
Conv deb 594s
Assoc Rayon 5s
1950
Assoc T A T deb 594» A '55
4
6s with warrants... 1938
Jan
8194
54
8694
354
554
2994
654
994
Mar
Jan
10494
294
Mar
Jan
Jao
9154
Feb
stamped x w
1938
Bell Telep of Canada—
Jan
75*
Mar
994
Mar
JaD
554
Jan
64
Mar
Jan
14
Mar
Jan
48
99
8254
1st M 5s series A...1955
Mar
55
May
1
Jan
May
Jan
2X May
694
194
10
3 94
6s
stamped w w..1938
6s without warrants 1938
68
1957
1st M 5s series B
5s
series C
Bethlehem 8teel 6s
..I960
1998
Jan
Blnghamton L H A P 6s '46
Birmingham Elec 494s 196*
Birmingham Gas 5s
1959
Jan
Broad River Pow 5s..1954
May
_
~80~
80
8154
115
11594
126"
11954 12094
12294 12294
140
139
10654
10654 10654
9194
92
8294
83
83
141
II,000
15,000
6,000
4,000
10,000
26,000
27,000
101
Apr
108
Mar
79
Apr
Apr
7394
Apr
10094
75
Apr
93
Apr
11494
Jan
117
Mar
116
Jan
121
11694
Jan
12394
134
Jan
145
10594
8994
Feb!
107
76
99
99
3,000
Jan
Apr
Apr
Apr
Mar
109
Jan
Jan
"i~66o
104
42
May
Canada Northern Pr 5s '53
10494
104
10454
18,000
Feb
Canadian Pac Ry 6s.. 1942
111
63,000
10294
10994
Feb
Carolina Pr A Lt 5s
10194
2,000
"10694 "15554
10694
Apr
Jan
Apr
194
Jan
Cedar Rapids M A P 5s *63
11094 H194
101
10154
112
11294
49* May
1694 May
694
2494
Mar
Cent Arts Lt A Pr 5s I960
10554 10554
Jan
Feb
109
102
90
1956
Apr
Feb
Jan
Jan
194
Mar
May
Jan
1956
Mar
May
8994
8894
Gen A ref 5s
Jan
9494
8794
Apr
Mar
10594
Buffalo Gen Elec 5s..1939
99
83
294
Jan
90
10594
Boston Consol Gas 6s. 1947
Feb
108
Feb
10454
Apr
Apr
11694
Mar
May
94,000
9894
Jan
10254
25,000
11194
10594
Jan
11394
Feb
Jan
10794
Mar
2894
ir
3394
Mar
Central German Power
68 partlc ctfs
For footnotes see page
10594
9694
10294
2,000
28,000
X
..100
Feb
36,000
4994
X
*
107
Feb
10794
10694 May
Jan
10894
73~66O
10094 10194
57
5854 III,000
...1950
5s
Atlanta Gas Lt 494s__1955
Atlas Plywood 5 94s_. 1943
1
•
Apr
Associated Gas A El Co—
Conv deb 594a.....1938
Mar
8
8654
10694
10894
9794
2024
6s
Mar
12
21,000
55,000
40,000
28,000
97,000
103
Amer Com'lty Pow 594s '53
Am El Pow Corp deb 6s '67
Apr
s
10394 10494
9894
9994
98
9994
8594
8694
7994
8094
10594 10694
10494 10494
994
994
II,000
17,000
I,000
22
22
6,000
67,000
10794 10894
98
144,000
9794
12,000
10354 10394
10494 10494 37,000
102
103
13,000
Aluminum Ltd deb 5s 1948
6
2344
8X
12X
2,450
3,700
41
Feb
Feb
'
Alabama Power Co—
2X
104
Amer Radiator 4948—1947
55
86
May
BONDS—
Abbot's Dairy 0b
Apr
*
25
Feb
Feb
80
i
Mar
1
225*
1194
30,406
3
Feb
1554
1
Mar
294
294
8594
Mar
40
May
Jan
$3 preferred
United Molasses Co—
r 294
Apr
1354
99*
Feb
150
*
Feb
594
494
694
2
4594
Feb
Mar
10494
Jan
594
10094 10254
k
Apr
78
Mar
Jan
"~7k "8k
10254
294
Feb
May
2394
194
994
194
Feb
40
794
3594
154
Feb
10194
500
Jan
12
Mar
7,600
IX
12
US Foil Co class B
1094
8,300
3X
41
Preferred
87
27
May
894
700
12
.
Apr
May
2
38 94
10194
..5
7,400
4354
_
2894
1
Am Pow A Lt deb 6s__2016
•
Preferred
100
Feb
18
294
300
•
U P Dairy Prod class A
Class b
400
3294
1,000
*
United Shipyards com B.. 1
United Shoe Mach com..25
3
Feb
Products
_ .
Jan
8
994
......
United G A E 7% pref. 100
United Lt A Pow com A..*
.
194
2
794
1
$6 conv 1st pref
Mar
894
6894
*
Common class B
""loo
7 94
494
Feb
394
294
Jan
*
194
Feb
3294
Amer deposit rets
6s
Wrlght-Hargreaves Ltd..*
7
13
Corp warrants
United Milk
3
Jan
Apr
Yukon Gold Co..
May
50
United Aircraft Transport
Warrants
*
Jan
194
18
Wool worth (F W) Ltd—
Debenture
Pref non-voting
Option warrants
Jan
Feb
Union Traction Co (Pa)—
*
694
Feb
6
Unexcelled Mfg Co
10
Union American Inv'g...*
"*1094 "lOk "I6k
Jan
Jan
May
Feb
54
1
854
1294
Jan
294
.
10
694
Tung-Sol Lamp Works-.-l
S3 cum A part pref
~18~~
Wolverine Portl Cement 10
Am Roll Mill deb 5S..1948
1
United Elastic Corp
United Gas Corp com
2",300
Wise Pr<fc Lt 7% pref..100
Woodley Petroleum
Feb
83
194
79
"i",3o6
Tri-State T & T 6% pref 10
Tmnz Pnrk stores
*
United
1,150
.*
21X
11X
1
com
2,300
2fi
8 94
*
Amer G A El deb 5s_.2028
Tri-Contlnental warrants..
Triplex Safety Glass Co—
»
194
Feb
594
Jan
3
2
1
Co
May
4
101
794
107
Tonopah Belmont Devel.l
United Chemicals
Wilson-Jones
Apr
Apr
81
*
preferred
19**
594
Tonopah Mining of Nev..l
Trans Lux Pict Screen—
($17 50 paid in)
Conv
May
394
Jan
Jan
294
Jan
05
394
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
Union Gas of Canada
700
"lX "VA
794
494
1st A ref 5s
Twin Coach Co
194
22
"l8"
100
West Va Coal A Coke
25* May
93
Mar
66
Apr
May
1
dep rets ord reg
£1
Am dep rets def reg__£l
pref new
preferred
Jan
454
10094
66
50
54
Am
80c div
7%
Wil low Cafeterias Inc
4X
100
394
*
Mar
Jan
120
West Texas UM1 $6 pref..*
Westvaco Chlorine Prod—
102
Mar
3
Westmoreland Coal Co...*
Feb
Apr
Apr
100
t c._*
Mar
4X
17X
3,000
"i%
100
v
Feb
Jan
Feb
294
Western Grocery Co
20
Western Maryland Ry—
5
Feb
554
394
Williams (RC)4 Co
*
Williams Oil-O-Mat Ht—»
2X
275
X
..1
Mar
894
8994
1,100
75
II
May
4X
194
65
294
9394
394
%
Class B
Walker Mining Co
6
3,400
10,100
10,200
100
394
Wahl (The) Co common..*
Waltt A Bond class A
*
66
Jan
2,200
294
194
Jan
35 X
454
93
22 X
Apr
Apr
2494
93
1
Jan
400
7194
454
62
Jan
494
2294
994
63 94
Va Pub Serv 7% pref.. 100
Vogt Manufacturing.....*
Waco Aircraft Co..
._*
7% let preferred
Jan
194
194
6494
100
common..
preferred
Western Tab A Sta
Tobaoco Securities Trust
Class A
7%
Apr
17X
5
""6k ""ek
Tisliman Realty & Const. *
Tobacco Allied Stocks
*
Tobacco Prod Exports...*
Corp
Utll Pow A Lt
794
18
»
Venezuela Mex Oil Co._10
Venezuelan Petrol new___l
Apr
Jan
Mar
X
454
Texas P A L 7% pref-100
Texon Oil A Land Co
•
Thermoid 7% pref
100
Tublze Chatlllon
preferred
294
5,800
6
6
Technicolor Inc common.*
Teck-Hughes Mines
1
Common
Conv
102
100
Syracuse Ltg 6% pref.. 100
Taggart Corp common
*
Tampa Electric Co com..*
Taatyeast Inc class A
1
Utlca Gas A Eleo 7% pf 100
Utility Equities Corp
*
Priority stock........ *
Utility A Ind Corp
*
29 X
Feb
654
Jan
Jan
22", 166
700
Jan
40
Utah Pow A Lt $7 pref...*
Utah Radio Prod
*
Feb
IX
15X
6X
2X
2,100
394
Jan
18
694
•
8un Investing common._.*
Mar
Mar
1
._*
Machinery
Apr]
45*
32
Western Air Express
7H
5
Jan
X
Apr
Western Auto Supply A..*
Western Cartridge pref. 100
Apr
Stroock (S) <fe Co
Stuts Motor Car
194
194
Feb
JaD
3
2294
94
Apr
Jan
Apr
17X
Apr
Universal Products
___*
Utah Apex Mining Co...5
7X
394
150
Jan
454
11
Feb
7%
*
4194
Jun
1294
Jan
32 X
Stetson (J B) Co com
Stlnnes (Hugo) Corp
75*
May
1
2294
Feb
*
4X
4J4
Jan
Apr
19
800
94 May
X
Feb
Jan
Apr
20
900
Feb
Jan
X
50
554
1754
3594
Feb
18 X
1st preferred
554
Feb
May
Feb
494
63
2d preferred
554
354
84
1
com
Wayne Pump common...1
..1
394
*
Jan
34
Jan
394
200
3,700
Jan
2
3X
20
594
Apr
11X
21}{
19
494
54
17 X
May
194
494
U S Radiator Corp corn..*
7% preferred
100
U S Rubber Reclaiming-.*
U S Stores Corp com..
I*
v t c
High
Jan
30
4X
2X
83
"600
United Wall Paper._.
*
Universal Consol OIL...10
Universal Insurance..
8
Mar
H
"2"
MAr
Mar
29
"2"
400
700
100
Sterling Brewers Ino
1st pre! with warr
*
U S Lines pref
»
U S Playing Card______Io
2 94
600
58
X
X
83 X
4X
294
194
7494
*
1
40 X
Feb
Low
Shares
3 94
Jan
1,300
7t6
*
_.
U S Int'I Securities
Price
3 94
Jan
97
3
3394
254
_*
Stein (A) A Co common
preferred
Stercbi Bros Stores.
"3~206
12
*
Steel Co of Can Ltd
Par
394
64
200
50
14
""19" "l7X "l9X
...»
Standard Silver Lead
Week
United Verde Ex ten ...50c
139*
3594
14
Oil
Preferred
for
of Prices
Low
High
United Stores
Jan
400
37
54
3054
254
*
Common class B
Week's Range
Sale
Feb
094
32 X
Jan
X
*
(Neb)
25
Standard Oil (Ohio) com 25
6% preferred
100
Standard P A L new
1
Range Since Jan. 1 1936
Last
Feb
7X
H
11X
2
Dredging Co—
Stand Investing 15.50 pf.*
Standard Oil (Ky)
10
Sales
STOCKS
Universal Pictures
Square D class A pref
Stahl-Meyer Inc com
._*
Standard Brewing Co
*
Standard Cap A Seal com.5
Standard
NEW YORK
•
4r-7140
Friday,
Feb
Feb
84 X
27 94
1
Am dep rets ord bear_£l
Am dep rets ord
reg__£l
preferred
-
-
DIgby
Apr
5X
141
594
South Penn Oil
25
So'west Pa Pipe Line...60
Spanish <fc Gen Corp—
Conv
BROADWAY
Apr
Jan
500
""2854 "28k "2§k
594% pref series C....25
Southern Colo Pow cl A.25
Common
39
Apr
145 X
116
Southern
Standard
Peter P. McDermott & Co.
Feb
Apr
Jan
3H
com
Sonotone Corp
Calif Edison—
uox
Mar
IX
15
CConcluded)
dep rec ord reg_£l
Smith (L C) A Corona
10
Jan
May
17
Amer
v
117
331
Sherwin-Williams of Can.*
Singer Mfg Co...
100
Singer Mfg Co Ltd—
Typewriter
Mar
JaD
154
6
2X
294
100
254
54
11
654
..1934
I
New York Curb Exchange—Continued—Page 5
3480
Sales
Friday
Last
Week's Range
Sale
of Prices
Week
(Continued)
Price
Friday
for
BONDS
Low
High
Range Since Jan. 1 1936
Low
%
for
of Prices
Week
CContinued0
High
Week's Range
Sale
Price
102* 103
51,000
98*
99* 114,000
101* 1C2*
51,000
99*
36,000
99*
104* 104*
5,000
98
99
11,000
89*
3,000
89*
88*
89* 123,000
63*
65* 120,000
65*
67* 112,000
68*
51,000
71*
104* 104*
3,000
102*
99*
104*
99
89
65*
66*
70
104*
109* 109*
102* 102*
99*
109*
Jan
101*
Apr
100*
Jan
61
63
65
2,000
11,000
73*
73
74
78
77*
78
77
11,000
78*
78* 497,000
—
Registered
77*
100*
-
-
-
1,000
77*
100* 101*
------
-
77,COO
6*s.
72*
46
33,000
4,000
46*
Mar
111 Northern Util 6s...1957
Apr
May
May
104*
Apr
111 Pow A L 1st 6s ser A '53
105*
105* 105*
37,000
101
Feb
102*
99*
36,000
99
Jan
Feb
1st A ref 5*s ser B.1954
1st A ref 6s ser C...1956
102
95
99* 100
75,000
05
Jan
89*
76*
78*
Jan
5 f deb 6*s ..May 1957
92*
92
26,000
Apr
May
Apr
Apr
80*
106*
Feb
Indiana Electric
111*
103*
1947
100
Feb
6*s series B...
1953
101
Jan
68 series C
1951
Apr
Indiana
1953
1st M 6s series B
1954
1st 4*s series C
1st 4*8 series D
1st M 4s series F
1956
1981
3*s series H
1965
8,000
111*
111* 111*
111* 111*
113
113
113
1,000
111*
107*
105*
103*
69*
111*
107*
93,000
105*
25,000
104
15,000
76,000
1957
107*
Com'wealth Subsld 5*8 *48
Community Pr & Lt 5s '57
Connecticut Light & Power
7s series A
5,000
1956
70*
Apr
Jan
96*
Mar
93
Jan
Jan
98*
80*
Apr
69*
69*
Apr
A
-
-
-
------
-
106* 106*
8,000
Consol Gas (Bait City)
68
1939
Gen mtge 4*s
1954
Jan
80*
Feb
Ind'polis P L 5s
79
Feb
Intercontinental
102
7lis
Cuban Tobacco 5s
Cumberld Co P & L 4 *s'56
Dallas Pow & Lt 6s A. 1949
58 series C
------
1952
—
Delaware El Pow 5*8 1959
Denver Gas A Elec 5s_1949
1950
Detroit Internat Bridge—
110*
no*
105*
103*
102*
63*
Feb
Mar
112*
113*
Jan
113*
Mar
Mar
Arp
Jan
Jan
113
Jan
Jan
108* May
Jan
106*
Apr
105
Feb
Jan
77
Feb
102
100*
48
100*
Mar
105
120*
Jan
84*
100*
-
-
-
-
5s series I
106
Apr
110
Jan
106
Mar
108
May
6,000
102*
105*
Apr
109
Feb
103*
107*
105*
Apr
Mar
May
Jan
3
Jan
2*
Jan
Jan
103*
88*
Feb
Mar
Mar
105
Mar
Jan
105
Feb
103* 104*
'
-
_
74
99*
102*
Jan
106*
105*
98*
80*
Jan
11
Feb
10*
Feb
Jan
Jan
120*
May
Mar
117
Apr
Jan
102
Feb
Jan
92
Jan
40*
105*
Jan
Jan
83*
18,000
75*
Jan
1,000
33*
May
May
Apr
26,000
56
107*
May
Mar
102
100*
May
93*
94
99
Apr
101
Feb
105
Jati
106*
Jan
100
99
105* 105*
104* 105
13,000
102*
Apr
103*
May
105*
106*
Feb
5s called
105*
104*
2,000
-
—
-
95
59
9,000
44
Jan
65
65
40,000
65
May
49*
16,000
39*
48
56*
94*
»
— -
-
-
104*
105*
Jan
104* 105
105
105*
13,000
103*
103*
115*
100*
Apr
106
Mar
119
9,000
102
2,000
98
Feb
67,000
88*
92*
Jan
96*
70,000
Jan
99*
4,000
83*
Jan
91
May
89*
90
21,000
82
90
96*
97
12,000
96* May
102*
May
Mar
100* 101
84*
86
8,000
98
May
52,000
79
Jan
102*
89*
86
30
23*
4,000
95*
46,000
90
105*
13,000
101
Feb
Mar
Mar
Feb
94
95
37,000
90
Apr
104*
104*
102* 102*
104*
103*
1955
1957
Georgia Pow A Lt 5S..1978
Nebraska Power 4*8.1981
6s series A
2022
Neisner Bros Realty 6s *48
-
Grand Trunk West 4s. 1950
Gt Nor Pow 6s
stmp. .1950
N E Gas A El Assn 58.1947
Conv deb 5s
1948
Conv deb 5s
1950
94
Feb
79
Apr
33
6,000
29
May
38*
88* 126,000
3,000
93*
85
Apr
90*
92
May
90
Jan
92
-----
100*
99* 100*
"29,000
106*
106* 106*
3,000
106
68
------
-
—
-
-
-
68
50
65*
51*
65
-
67
106*
1,000
68
19,000
8,000
44
56*
Anr
93
Mar
102*
Mar
108
Jan
82*
Mar
Jan
60
Mar
Jan
75
Feb
11,000
105
Apr
107*
105
105
106*
102* 102*
109* 109*
105* 105*
86*
88*
27,000
104*
102*
108*
Apr
5,000
1,000
105*
Jan
106*
103*
109*
107*
93*
43*
1977
------
1947
88*
Jan
Jan
1938
72
Jan
25
57,000
Hamburg Elec 7s
1935
Hamburg El Underground
May
29
Feb
108*
May
May
105* 105*
2,000
Jan
103
105*
Hackensack Water 5s. 1938
Feb
Mar
------
Jan
80*
7,000
20,000
98*
3481
Feb
Apr
Jan
Jan
106*
94*
Jan
22,000
15,000
102*
May
103* 103*
101*
104* 104*
85*
88*
20,000
103*
98*
May
42,000
9,000
102*
Mar
29,000
84*
89*
Mar
93
93*
106* 107
108
108*
Feb
103*
Feb
91*
59,000
78
62
Jan
103
Jan
93*
106*
105*
102*
Jan
Apr
Mar
Mar
101* Mar
104* Mar
107* May
105
95*'
96*
Jan
Feb
Mar
Jan
Apr
Jan
Feb
Jan
16,000
105
Jan
107
4,000
107
Feb
108*
May
1,000
106*
57*
Mar
108*
May
15,000
Jan
68*
Feb
98,000
93*
Jan
106*
65
101
8,000
100* 101*
5
5
6,000
102* 103
20,000
102* 103
7,000
102* 103
35,000
m
101*
91
24*
——————
-
'
—
-
-
-
93*
66
100* 101*
36,000
88*
91
111,000
23*
25
66,000
108* 109*
18,000
120
120*
9,000
106* 106*
5,000
93*
94
113* 113*
66
67*
Feb
May
May
May
Feb
109*
Jan
113*
Apr
79*
79*
79*
99*
102*
Feb
81,000
Debenture 5*s
New Orl Pub Serv—
1954
97*
96*
98*
80,000
1942
86
85*
56
37,000
78
78*
5*s series A
1956
Nor Cont Util 5*8...1948
No Indiana GAE 6s. 1952
Feb
27*
112
3,000
115,000
1959
93*
108* May
95*
95*
A
Jan
Feb
109
94*
series
Apr
18
102*
122
94*
5s
85*
Jan
Feb
Jan
New Eng Pow Assn 5s. 1948
Ext 4*s stamped.. 1950
N Y PAL Corp 1st
4*8 '67
N Y State E A G 4*g.l980
Apr
Jan
107*
Jan
8,000
5s stamped
97
106
106
May
51,000
Income 6s series A.. 1949
N Y Central Elec
5*s '50
New York Penn A Ohio—
May
102* May
105*
86*
67*
—
102*
117*
67*
-—
5
May
102* May
101* May
Feb
11*
78,000
64*
Feb
Jan
66
Apr
65*
64*
Apr
85
Jan
88*
Jan
74*
Apr
Jan
88*
Feb
Feb
Feb
Mar
Mar
Feb
69
Jan
81
Jan
101
9,000
Feb
104
Feb
107*
Jan
110*
Mar
49,000
105
Apr
102*
Jan
107*
103*
Apr
70,000
107* 108
7.000
105*
Mar
108*
Jan
102* 103*
2,000
Mar
105*
Feb
112* 112*
2,000
Apr
Apr
112*
108*
Mar
2,000
101*
HI*
105*
105*
May
109
Jan
84*
Mar
90
Feb
97
Mar
108* 108*
106*
103*
106
106*
102* 103*
2,000
106
9,000
95
94
95
86,000
54*
57
10,000
107
5,000
104*
Mar
108
Mar
2,000
103
Mar
104
Mar
107*
106*
Mar
2,000
Jan
Feb
Mar
%
Mar
112*
May
114
Jan
106*
Apr
108
Jan
90*
53
106*
Jan
May
1.000
Jan
Jan
Jan
No Amer Lt A Pow—
May
—--
106
Mar
2,000
66
Jan
102*
-
Apr
104* May
102* May
96
20,000
107* 107*
103*
97*
-
104*
Jan
107*
106* May
Feb
107*
R3* Mar
10,000
106
3,000
-
Feb
99*
107*
7,000
106* 106*
Feb
Apr
105* 105*
106
19,000
-
Mar
103*
102*
105
Nippon El Pow 0*8..1953
103* 103*
105* 105*
.
105*
104*
107*
Mar
Niagara Falls Pow 8s. 1950
105* 105*
105*
------
------
Jan
1,000
1,000
65*
Apr
104*
101*
Apr
103*
Feb
Mar
100*
Jan
May
104*
106*
76*
Feb
104
102* 103
ill*
Jan
2,000
103*
100
1936
Houston Gulf Gas 6s.. 1943
6*s with warrants. 1943
Houston Light A Power—
Feb
102*
28.000
l«t 5*8
1962
N Y A Westch'r Ltg 4s 2004
Debenture 5s.
1954
32*
104*
Mar
May
108*
102*
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
Apr
87*
88
103*
2,000
102*
Nassau A Suffolk Ltg 5s *45
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
Nat Pub Serv 5s ctfs.1978
Apr
84
85*
------
100*
1957
May
Jan
Jan
8,000
105* 106*
106* 106*
64*
SS6*sww.l937
6s series B
64
99*
Jan
6,000
7,000
106*
1944
27
Mar
Jau
Apr
Montana Dakota Utilities
27
95*
98*
Apr
92,000
104* 104*
104* 104*
107* 107*
101
1978
Jan
29
98*
Mar
May
Jan
103*
102*
Apr
102* May
8,000
40,000
104
101*
Mlnneap Gas Lt 4*8.1950
Mar
Jan
Feb
Feb
105*
Mar
86*
97*
107*
102*
97*
95*
86*
87*
104* 105*
4*3
Apr
11,000
86*
Minn P A L
119
99
Middle States Pet 6*8 *45
Midland Valley 5s
1943
22*
28,000
89*
99* 112,000
11,000
85*
88*
i.
106*
103*
104* 104*
106* 106*
99* 100
99*
Memphis P A L 5s A..1948
Metropolitan Ed 4s E.1971
22
23
Certificates of deposits..
Jan
Jan
Feb
98*
79
79
Narragansett Elec 6s A '57
91
Gen Pub Util 6*s A. 1956
General Rayon 6s A..1948
Gen Vending Corp 68.1937
48,000
118
59
106
McCallum Hosiery 6*s '41
McCord Rad A Mfg 6s 1943
Jan
Jan
Jan
61
107
Manitoba Power 5*8.1951
Mass Gas 5*8
1946
Feb
97*
—
Feb
Mar
108
110* 111
106*
Mar
95*
-
53*
Jan
1103* 104*
111
5*s series E
1947
Louisiana Pow A Lt 5s 1957
Louisville GAE 4*s C *61
95*
97*
90*
-
90
Feb
May
May
1,000
*
104
104
------
1942
105*
93 *
90
Jan
Mar
106*
105
105
Long Island Ltg 6s...1945
Los Angeles Gas A Elec—
Jan
Apr
48
Jan
106*
105*
60*
1,000
94*
------
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
Jan
90*
13,000
101*
—
1947
100
90*
100*
106
106* 106*
Sink fund deb 5*8.1950
Lehlgb Pow Recur 6s..2026
5*s
Munson
97*
-
104* May
104*
Apr
Jan
101*
48*
--
108
94*
.
7,000
105
104
107
Deb gold 6s June 15 1941
Deb 68 series B._„_1941
1,000
20,000
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 5*8 '55
6s ex-warr stamped. 1944
Gatlneau Power 1st 5s 1956
-
Jau
Apr
Mississippi Rlv Fuel 6s *44
Gary Electric A Gas—
pag
87*
Feb
Jan
220,000
Feb
102*
-
Kimberly Clark 5s...1943
Koppers G A C deb 5s 1947
91
93*
88
Apr
Apr
May
7,000
Apr
Mar
5*
89
39,000
74*
78
104*
101
104* 105
Feb
86,000
100
93*
Jan
103* 104
103
2,000
86
Feb
104*
Apr
29,000
Miss Pow A Lt 5s
99*
103*
98*
81*
Mississippi Pow 5s... 1955
6,000
Firestone Tire A Rub 5s '42
Feb
47,000
Jan
Jan
44,000
First Bohemian Glass 7s *57
Fla Power Corp
5*s_1979
Florida Power A Lt 5s 1954
109*
Feb
Missouri Pub Serv 5s. 1947
101
Mar
Jan
92
39H
1*
75*
1,000
Mar
107
Apr
49
1969
107
105*
*
101*
95* 100*
33*
33*
102
102*
1*
1*
81*
85
-
Mar
75
76
81*
——————
1st mtge 5s ser H..1961
5s
-
76
Feb
14,000
1947
Feb
Mar
3,000
4,000
Jan
Feb
85*
104
1948
4*
*
106* 106*
7,000
50
64
84
105
1955
58,000
Feb
Kentucky Utilities Co—
5,000
85*
17
79*
Mllw Gas Light 4 *s__ 1967
85
Jan
Jan
Apr
------
1961
Jan
5*
1 *
103*
(tee
4 Ha series C
6*8 series D
5,000
Feb
Feb
67*
<
Apr
Jan
100
1953
194
104
Jan
100*
1st 4*s series D...1978
1st 4*s series E
1981
Hydraulic Pow 5s....1950
Ref A Impr 5s
1951
5s series B
5*s series F
30,000
Jan
48
Apr
51,000
Feb
74
36,000
Jamaica Wat Sup 5*s *55
Jersey Central Pow A Lt—
Apr
108
107* 108
99
99*
75*
78
80*
7s... 1942
83*
108
3,000
100
Italian Superpower 68.1963
99
100* 101
9,000
62
99
104
4*
118* 120*
75*
96*
106*
70
1961
Jan
101
61
45,000
104*
4*
Jan
69
warrants
Kansas Power 5s
102*
Banks 6s 5s stmpd.1961
Firestone Cot Mills 6s 1948
Gulf OH of Pa 5s
1947
Gulf States Util 5s...1956
4 *s series B
1961
Without
Jan
7,000
Feb
85*
Kansas Gas A Elec 68.2022
8,000
102*
Guantanamo A West 6s *58
Guardian Investors 5s. 1948
V
88*
4,000
Feb
Feb
111*
69*
Iowa Neb LAP 5s...1957
70
108
.
Great Western Pow 6s 1946
Grocery Store Prod 6s 1945
108
1947
Feb
22,000
105
Apr
101 *
107
53*
1958
w w
Apr
93
6
Fairbanks Morse 5s__1942
Federal Sugar Ref 6s. 1933
Federal Water Serv 5*s'54
Finland Residential Mtge
.1953
Glen Alden Coal 4s.__1965
Gohel (Adolf) 4*s_._1941
58 series A
4,000
105
Ercole Marelll Elec Mfg—
6*s series A
1953
Erie Lighting 5s
1967
Gesfurel 6s
4*s series F
2,000
37,000
103* 103*
108*
Jacksonville Gas 5s...1942
May
107* May
Jan
99*
Jan
105*
86
6* with warrants.. 1943
For footnotes
59*
Isarco Hydro Elec 78.1952
2,000
105
Mar
Invest Co of Amer—
Jan
Mar
1,000
102* 102*
85*
86* 235,000
10
60
60
....1956
109
22,000
102*
Deb 6 Ms
1938
Empire Dlst El 5s
1952
Empire Oil A Ref 5*8 1942
Gen Wat Wks A El 5s. 1943
Georgia Power ref 5s.. 1967
5s series D
May
106
May
1,000
May
Interstate Public Service—
Jan
101*
105*
105* 105*
8*
1952
109
107* 107*
102* 102*
105* 106*
I960
General Bronze 6s
1940
General Pub Serv 6s.. 1953
Debenture 6s
Mar
El Paso Natural Gas—
1st 5s series A.
105*
5s..l957
106*
Mar
Jan
1*
Hood Rubber 7s
Mar
Iowa Pow A Lt 4*s__1958
Iowa Pub Serv 5s
1957
127*
Jan
4*
European Elec Corp Ltd—
6*8
1965
European Mtge Inv 7s C'67
Power
Lone Star Gas 5s
Aug 1 1952
Certificates of deposit
Dixie Gulf Gas 6*s__1937
Elec Power A Light 58.2030
Elmlra Wat Lt A RR 5s *56
A St Ry 5*8
Jan
90
May
Jan
Deb 7s
El Paso Elec 5s A
110*
110*
85*
;
109* May
63
76
29*
5
2,000
65
99*
11,000
8*s
Aug 1 1952
Certificates of deposit-
109* 109*
25,000
19,000
International Sec 5s.. 1947
105*
_
Jan
41,000
May
102* 102*
5s 1st series B
Jan
May
40,000
46*
35*
5,000
01
104*
92*
Feb
90* 285,000
-
107*
6,000
68
34
Jan
-
Feb
68
International Salt 5s.. 1951
88
—
Feb
97
91
Feb
11,000
-
104
Jan
86*
67
76*
102*
106*
------
Derby Gas & Elec 5s_.1946
Det City Gas 6s ser A 1947
Hall Print 6s
stmp
------
Jan
98
-
Jan
------
1957
Feb
—
—
Jan
100
20,000
1952
110
77*
106* 106*
106* 107
90
66*
78 series E
Mar
99
89
91
7s series F
106
98*
102
68
Mar
10,000
76
77*
1944
Jan
------
Jan
Apr
May
5,000
Apr
96
-----
65*
66*
123
11,000
100
67*
Feb
112*
101* 101*
103
103*
95*
1963
Apr
96
103*
Jan
'-----
104*
76*
34
90*
101*
86
1950
5s
1st lien A ref 5s
102*
Jan
stmp. 1939
Cont'l Gas & El 5s
1958
Crane Co 5s
Aug 1 1940
Crucible Steel 5s
1940
Cuban Telephone 7*s 1941
68 series A
Indiana Service
Jan
89
Conv deb 6^sw w.1943
Consol Pub
May
101*
104* 105
.1957
Mar
Jn.n
97*
105*
103*
100*
2,000
93*
Jan
-----
Stamped
98
Jan
Feb
International Power Sec—
97*
5s
Isotta Fraschlni
A..1943
Feb
Apr
Jan
-----
Pow 6s *48
77* May
120
107* 108*
97*
17,000
102 *
------
ser A__ *57
Jan
111*
Consol Gas El Lt & P (Bait)
1st ref s f 4s
..1981
Consol Gas Util Co—
Jan
Feb
109
------
Indianapolis Gas 6s A. 1952
80
124*
-
82*
81*
109
Jan
100* 101
89*
Hydro-Elec 5s '68
5s series B
,..1962
ser
98
Indiana A Mich Elec 5s '55
67
'
1951
4*8 series C.
69*
4,000
18,000
Mar
82
Corp—
6s series A
Mar
94*
Jan
107
106
Jan
Commonwealth Edison—
1st M 5s8erie8 A
High
Jan
100*
Interstate
73
11,000
94
6 *3 series C.......1955
7,000
84,000
104* 104*
72
'
73*
72
73*
Low
56*
68
108
Feb
Gas
Line 68
1st & coll 6s
107* 108
Mar
86*
19,000
2,000
Jan
102*
82*
68
Jan
99*
93*
96
Range Since Jan. 1 1936
$
Mar
Jan
89
High
105*
100*
103*
94
Indiana Gen Serv 6s. .1948
5s series D
Low
68
102 *
Service
Sales
Last
BONDS
Central 111 Pub Service—
Cities
May 23, 1936
'
.
Jan
Apr
Mar
64*
108
Jan
Jan
Volume
New York Curb Exchange—Concluded—Page 6
142
Last
Week's Range
for
Sale
Price
5s series C
196P
5s series D
105
104M 105M
1969
.
4%s seriesE
104 M
104
102
101% 102M
103""
104M 104M
102M 103
...1970
No States Pow 5%a
N'western Elec fis
%
(Concluded)
High
Low
N'western Pub 8erv 5s 1967
105
65
100M
65
.1945
107
100M 100M
106M 107
1960
Ohio Power 1st 5s B—1952
1st A ref. 4 %s ser D 1956
106
105% 106
Ogden Gas 5s_.
Ohio Edison 1st 53
105 M
105
105% 106 M
109 M
105 M
109 M 109 M
105M 106
Okla Gas & Elec 6s... 1950
6s series A.
...1940
104%
106 M
104
Okla Power & Water 5s *48
"87 M
Public
Service
series C
fis series
...1954
5%s series E
84,000
1961
105
102 M
Oswego Falls 6s
1947
Pacific Coast Power 5s 1940
Pacific Gas & El Co—
1st 6s series B
1941
1st A ref 4
lBt & ref
87M
98
106 M
105 M May
105
May
Jan
102% May
98
105
103 M
Feb
Mar
104 M
104 %
Mar
100M
51
Jan
68%
Apr
Jan
98 M
Jan
21,000
24,000
15,000
22,000
6,000
103 M
Jan
105M
Mar
104
Apr
103 M
Apr
Feb
Apr
102 %
108
107
107 M
107
Feb
Apr
Jan
Mar
Mar
6,000
109
Jan
112
25,000
105
Jan
107
ser A. 1948
Pacific Ltg A Pow 58.. 1942
Pacific Pow A Ltg 5s.. 1955
1938
Park A Tllford 6s
1936
Penn Cent LAP 4%s 1977
5a
..1979
1971
Feb
May
107M
Jan
Price
of Prices
Low
High
84 M
104^
120 M
104
100
6s series A
I960
105M
103 M
xw
106 M
Penn Pub Serv 6s C..1947
5s series D
...1954
Penn Water Pow 5s... 1940
4 Hb series B
I96fc
Twin City Rap Tr 5
Ms
Ulen Go¬
93 M
Jan
100
JaD
105%
Apr
107
Jan
Jan
121M
Mar
107 %
Jan
107 M
Jan
Mar
J19M
105M
7,000
98
Apr
102 M
1,000
114
Jan
116% May
80
Mar
94%
Feb
99,000
3,000
101%
Apr
Apr
104
22*666
100
Jan
105
1,000
61,000
104M
97M
Apr
107M
Apr
Jan
101M
Feb
100 M
May
Jan
Mar
6s
series C-....... 1957
105M
Peoples Lt A Pr 5s
1979
Phlla Electric Co 5S..1966
Phlla Elec Pow 5Mis.. 1972
11%
Pledm't Hydra El 6%s *60
Piedmont A Nor 6s... 1954
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
Pomeranian
Poor A Co.
94
107
55
106M
Feb
104%
Jan
112M May
105M
Feb
108
106 M
Apr
Jan
114%
Jan
108
Jan
6M% serial notes...1939
86M
103 M
Jan
100
Mar
6M% serial notes...1940
Utah Pow A Lt 6s A..2022
Jan
6
Jan
108 m
15 %
Mar
2,000
22,000
8,000
2,000
12,000
6,000
7,000
106
21
21
75
76
2,000
5,000
106
106M
108M 108M
100M 100M
85
85M
1st A ref 58
....1956
68 series C
145%
110M
1978
4
Hs series E
.1980
1st A ref 4%s ser F-1981
4Ms series I
..I960
Pub Serv Subsld 5Ms. 1949
Puget Sound P A L 5Ms '49
103 M
105
102
92
1st A ref 5s series C.1950
87M
1st A ref
84
ser D.1950
Quebec Power 5s
.1968
Queens Boro G A E 4Ms '58
5 Ms series A
1952
95%
95%
99 M
..1966
4% series D
99M
143% 145
110M
105 M
103 M
103 M
103
111
105M
104
103M
103 M
104 M 105
101M 102 M
91M 92 M
87
88
83 M
84 M
105
105
105 M
Mar
94m
Apr
108 %
Jan
105M
41M
I
2,000
16,000
5,000
5,000
10,000
3,000
9,000
Jan
Mar
105
Apr
Feb
May
105M
Mar
106M
Jan
100% May
84
i4"666
25,000
1,000
3,000
2,000
35,000
31,000
26,000
113,000
36,000
61,000
4,000
105M
99M
86 M
3,000
27%
106
83m
107
108m
Mar
Jan
Jan
Feb
Mar
102 W
Jan
"25"
San
127M
13M
Mar
Apr
West
Newspaper Un 6s '44
58%
Jan
105%
Apr
West United G A E SMs'S*
Wheeling Elec Co 5s. .1941
132M
Jan
Wlso-Mlnn Lt A Pow 5s *44
Wise Pow & Lt 5s E
1956
"106%
Jan
him
Feb
104
Feb
107
Jan
101M
Jan
104 m
Apr
102
Jan
104 m
Mar
102
Jan
104 m
103M
Apr
Apr
86 %
Jan
83M
78M
Jan
Jan
103
Apr
Jan
103
Jan
89 m
106 M
Jan
Feb
Mar
106 m
Jan
105 % May
Jan
104
Apr
112
Jan
Buenos Aires
33
Feb
27
Feb
25
May
Mar
105 M
Mar
12 M
Apr
108%
19m
101M
Jan
105
Jan
108 %
Jan
Mar
6s with warrants...1935
18M
Jan
30m
18
Jan
30
Fe»*
101M May
104
Jan
102
Second Int'l Sec 5s... 1948
Servel Inc 5s
1948
106 M
99 M
99%
106 M 106 M
Shawlnlgan W A P 4 Ms '67
4Ms series B
1968
1st 4Ms series D...1970
Sheridan Wyo Coal 6s. 1947
103 %
103 M
103%
103 M
Sou Carolina Pow 5s. 1957
"99"
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
106%
Jan
J
n
20.000
Mar
61
103 M
103 M 103 M
103 M
65
1945
105 %
Ref M 3Ms May 1 1960
Ref M 3 Ms B July 11960
104 M
1st A ref mtge 4s...1960
Sou Calif Gas Co 4Hs 1961
Sou Counties Gas 4%s.'68
Sou Indiana G A E 4Mb '57
109%
106 M
106%
75 M
"97 M
102
65
99
99
106 M 106%
72 M
Certificates of deposit.
1935
73 M
71M
71
69
68 M
5,000
1,000
39,000
15,000
2,000
4,000
4,000
75,000
105M 105 M 25,000
103M 104% 103,000
103M 104M 29,000
108%yl09%
23,000
106
106M
5,000
103% 103%
16,000
106 M 107M
8,000
74M
76 M 48,000
102 M 103 M
16,000
97
98
22,000
101M 102
17,000
"97"
102
Certificates of deposit-
102M
~97%
*31666
9,000
28,000
30,000
11,000
35,000
30,000
52,000
67 M
66 M
Apr
98
Apr
103
Feb
Mar
108
Feb
106M
100M
100 M
100M
72m
Feb
69
68 M
Mar
93
May
100
Mar
98%
8,000
1,000
101
106
Jan
101%
Feb
May
34
Mar
106%
Apr
108
Mar
76%
Jan
87%
85
60% May
60% May
100
84%
Feb
Jan
Jan
Mar
102
Apr
Jan
110
1,000
Feb
Mar
104%
113%
Apr
107% May
Feb
107%
Jan
116%
45%
Jan
Jan
6,000
"85% *87* ~
27I660
76
Jan
88% 90%
103% 104%
87% 88%
44,000
10,000
96,000
80
Jan
100%
81%
Jan
Jan
93%
Apr
106% May
91%
Apr
110% 111
15,000
7,000
104%
75%
Jan
Jan
111%
86%
103% May
104% May
105%
106%
100%
3,000
1,000
83%
59% May
Jan
32%
25% May
33%
89%
Apr
Jan
Apr
Feb
Feb
103%
104%
97%
96%
106%
106%
98%
98%
94%
89%
6,000
103%
4,000
105
99%
97%
106%
106%
98%
18.000
12,000
1,000
5,000
4,000
99
18,000
95
90
14,000
5,000
90%
Jan
92% Mar
106% May
105%
Apr
96%
Jan
98
Feb
Feb
Feb
Jan
106% May
107
100
104
100% May
95%
Jan
91%
Jan
83%
Jan
Jan
Feb
Apr
101%
Mar
97%
Mar
107
107%
2,000
8,000
14,000
18%
104%
105%
94
Jan
Apr
27
Jan
Aor
107
107%
Mar
Jan
Feb
106% 107
101% 102%
107
92
92%
57
58%
105% 106
6,000
17,000
106%
103%
103%
105%
106%
103%
106%
103%
103%
18%
106
106%
103%
Jan
107
Mar
105
Feb
107%
103%
108%
Mar
99
Jan
Jan
Jan
94%
£1.000
103%
88%
33%
»5,c00
105
Mar
106%
107%
5,000
43,000
Jan
66
Feb
Mar
Mar
Apr
Mar
107
Feb
106
Jan
107
5,000
26,000
16,000
3,000
101%
Jan
105
Feb
101
Jan
Jan
Mar
104%
107%
107%
Feb
105%
20,000
102%
Apr
104%
Jan
61666
106
Feb
Feb
Feb
Jan
7s stamped
1952
7Ms stamped......1947
66%
66%
66%
66%
7%
7%
7%
24%
24%
1952
1953
Danzig Port A Waterways
External 6Ms
1952
German Cons Munlo 7s '47
Secured 6s
.1947
Hanover (City) 7s
1939
96
Certificates of deposits..
1958
Maranho 7s....
Mar
Mar
Mendoza 7"Ms..
Apr
100 m
Feb
107 m May
Mar
Mar
105 h
Apr
101
Jan
104m
Mar
100 h
Jan
Mar
106%
Mar
104 %
109 m
105 M
Apr
Feb
106 M
May
66 M
Jan
Jan
1951
1951
19
19
4s stamped.
71%
18%
18%
Jan
68
Jan
68
1,000
7% May
11
13,000
2,000
1,000
9,000
24% May
55%
57%
27
Jan
82M
Feb
6Ha certificates....1919
5Ms
1921
5Hs certificates....1921
Feb
Santa Fe 7s
Apr
7s Stamped
Santiago 7s
Jan
99
Jan
103
Jan
Mar
Jan
103 m
99
101M May
105 m
34
May
Jan
100%
Jan
97%
Jan
Feb
Mar
Jan
Apr
Mar
3,000
69%
73
Apr
7,000
8,000
18% May
18% May
28%
Feb
28%
Feb
32%
26%
12%
Feb
19
1,000
1,000
9
86%
76%
86%
77%
"5I666
8%
13%
9%
71%
22,000
63
18%
18%
1,000
18
13%
76%
13%
1,000
15
9%
15%
6,000
Apr
Mar
May
Jan
12
Mar
Jan
17%
Jan
14
Jan
Mar
Feb
Feb
86% May
77% May
Jan
20
Mar
22
"2l"
14%
1
15
1
H
1%
"22%
1%
1%
1%
1%
1%
421666
4,000
4,000
55,000
2,000
10,000
12
Jan
92%
21
Jan
10%
12%
Jan
14%
98%
23%
Jan
May
% May
1% May
l
May
17%
2%
2%
2%
2%
•
1
58
......1945
Jan
Jan
Feb
71
50
Feb
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
60
11%
11%
Apr
Ma
Feb
83m
95%
89%
17%
Jan
99
25
33%
May
May
71%
Issue of Oct 1927..
104 m
108
Jan
Jan
20
10
9%
15%
Russian Govt 6M8...1919
104
Feb
31,000
25
25%
100% 100%
96
94%
10
Mtge Bk of Chile 6s...1931
Mtge Bk of Denmark 5s '72
Parana (State) 7s
1958
Rio de Janeiro 6 Ms—1959
May
Jan
26%
22%
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
Jan
107
21%
67% 112,000
Medellln 7s series E..1951
97
21%
Jan
May
27
71%
Hanover (Prov) 6Ms.. 1949
Lima (City) Peru 6Ms..'58
Mar
70
Jan
17
1955
5s....
Mar
101
101
6s series A
Danish 5 Ma
105 m
Jan
103
1951
105m
105 m
58
103 M
Prov Banks 6s B
Jan
Jan
18%
21
2,000
(Province)
Jan
92M
101M 102
69
72M
68 M
71
69
73 M
68 M
71M
60%
101
1951
Cauca Valley 7s
1948
Cent Bk of German State A
127m May
124
Feb
6s ex warrants.
Scripp (E W) Co 5 Ms. 1943
Seattle Lighting 5s... 1949
2,000
18%
*i05%
..1937
Baden 7s
1935
110
and municipalities—
Feb
5,000
25,000
2,000
2,000
60%
"
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
20-year 7s
.....1947
95
"iooo
106%
Jan
foreign government
Jan
"2",000
21666
11,000
Apr
Feb
Schulte Reai Estate—
1951
York Rys Co 5s
74
"25"
Jan
Jan
104%
Apr
33
Debenture 6s. Deo 11966
5s series F
1958
Wise Pub Serv 6s A...1952
Yadkin RIv Pow 5s.. .1941
99% May
106% 106M
13%
13 M
104
104M
127M 127M
108% 108%
40
Mar
Feb
Mar
Feb
100
105%
103 m
96m
93m
29
105
Jan
110
Debenture 6s
"92%
91m
108M
60%
60%
107
96 m
Apr
Standard Investg 5%sl 939
102%
100m
Feb
6,000
85,000
21,000
37,000
Feb
*
106
Jan
May
Convertible 6s
West Penn Traction 5s *60
West Texas Utll 5s A. 1957
"107%
Jan
28
1955
So'west Pow A Lt 6s .2022
S'west Pub Serv 6s... 1946
Stand Gas A Elec 63.. 1935
Wash Water Power 5s. 1960
West Penn Elec 5s
2030
1.000
Saxon Pub Wks 6s...193
S'western Lt A Pr 5s..1957
S'western Nat Gas 6s. 1945
Wash Gas Light 5s...1958
Wash Ry & Elect 48—1951
Jan
32
55% May
106% 107% 521666
80%
81% 117,000
20% 20%
104% 104%
66 %
25
104 M
Sou Indiana Ry 4s
1951
Southern Nat Gas 6s. 1944
S'western Assoc Tel 5s.'61
"89%
90 M
97M
145% May
90
,
78 with warrants...1954
Ward Baking 6s
1937
5,000
Ruhr Housing 6Ms—-1958
Safe Harbor Water 4Mb '79
St. Louis Gas A Coke 6s '47
San Antonio P S 5s B__'58
Debenture 3 Ms
Utlca Gas A Elec 5s D. 1956
5s Series E
1952
Waldorf-Astoria Corp—
108
May
1944
56 m May
106 m Mar
Jan
73 H
4Mb
98%
97%
99
Jan
98
"93
100% 100%
82
98%
May
21
1973
Va Public Serv 5 Ma A. 1946
1st ref 5s ser B
.1950
6s
1946
103
96 M
68 aeries A
111
Valvollne Oil 7s
..1937
Vamma Water Pow 5Ms'57
105
Jan
Jan
Jan
U S Rubber Co—
110M
•99%
Rochester Ry. A Lt 6s 1954
Ruhr Gas Corp 6MS..1953
Joaquin L A P 6s B '52
112%
Mar
106M
Reliance Managemt 6s 1954
Rochester Cent Pow 5s 1953
Sauda Falls 5s
Mar
...1952
88%
25M
95M
Power Securities 6s... 1949
Prussian Electric 6s.. 1954
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—.
113 %
103M
4%s series F___
1961
Potomac Elec Pow 58.1936
Potrero Bug 7s stmp_.1947
Power Corp(Can)4 Ha B '59
111% May
110M
Apr
Jan
86M
6s series A
Jan
Feb
41%
99%
89
27
86%
104
Apr
Un Lt A Rys (Del) 5
Ms '52
United Lt A Rys (Me)—
Jan
Jan
115% 115%
57%
58
25% 25%
1959
Feb
46,000
31M
Mar
105
89
May
104
Apr
60%
106%
106%
110%
109%
77% May
.1945
May
Jan
Apr
Apr
Apr
106%
...1974
107 M
103
76
f 6s
103 M
105% 105%
103
s
106
55
105
1st
Jan
Feb
31
105% 106
106
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
United Industrial 8mb 1941
Mar
94 M
105
60 m
101
1957
6Ms
5Ms
45
104
1,000
..1954
United Lt A Pow 6s... 1975
65
Feb
107% May
....1967
4 Ms
Mar
193P
Portland Gas A Coke 5s '40
Potomac Edison 5a... 1956
4Ms
53 M
5s series A...
5s series B
98M
107
105M
Elec 6s.. 1953
6s
107
60 m
105
10M
11%
111M 112
110M 112
Phlla Rapid Transit 6s 1962
Phil Sub Co G A E 4 He '57
80%
101M
105 M 105 M
97
*52
.1944
Union Amer Inv 5s A. 1948
Union Elec Lt & Power—
Apr
49
25
1944
es 2nd stamp, d
68 3d stamped
20,000
8,000
3,000
75,000
24,000
97 M
1962
27,000
97 M
...1981
102 %
"93"
6s"sff3*1937
107%
Peoples Gas L A Coke—
B
Therpipld Co
Feb
62
104
Toledo Edison 5s
ii",66o
series
31
Jan
113"
4s
105%
55
102
High
76%
19,000
23,000
.....2022
Apr
99M
112%
Texas Power & Lt
100%
3,000
120 Ms
107M 108
112M
102
Tide Water Power os.. 19f5
TIetz (Leonard)'7 Ms-1946
94%
4,000
22,000
16,000
6,000
78
53%
Texas Elec Service 5s. 1960
Texas Gas Util 6s....1945
59—1956
107% 107%
92% 93%
78
Feb
8,000
2,000
105M 105M
102M 103M
106 M 106M
92%
Feb
Penn Ohio Edison—
Deb 5 %s series B
1959
Pennsylvania Power 5s '50
Tennessee Flee Pow 5s 1956
Tenn Public Service 5s 1970
Terni Hydro Elec 6 Ms 1953
107
98 M
106 M
104
.1957
105
86
55%
105
Low
62% May
46%
Jan
105%
Apr
6,000
54%
104% 105
Mar
16,000
64
1954
May
102 M
88 M
103M
104M 104M
99% 100
1970
5s series B
6s
66% 156,000
4,000
61
•
Range Since Jan. 1 1936
$
63%
60m
105
104
102
103
1st 4 Ms
Syracuse Ltg 5Ms
54%
106
—
103%
7-4% stamped
1946
Super Power of 111 4 Ms *68
for
Week
63 m
61
Stlnnes (Hugo) Corp—
7 4% stamped
1936
7,000
104%
99M 100
115% 115%
84
85M
Standard Pow A Lt 6s. 1957
Standard Telep 5mb— 1943
18,000
107
May
105M May
120M
Pacific Invest 5s
Penn Electric 4s F
Jan
5,000
i960
Palmer Corp 6s
Jan
102 M
21,000
5,000
1957
Ms E
4%s F
102 %
Co—
1953
D
35,000
35,000
50M
1940
1945
N'western Power 6s A. 1960
Certificates of deposit
6a
Week's Range
Sale
11936
Nortberii Indiana P S—
Ohio
Last
BONDS
Range Since Jan,
Week
(Continued)
of Prices
Low
High
Sales
Friday
Sales
Friday
BONDS
3481
Feb
92%
91
69
Jan
67M May
69
May
66
May
64
May
63M May
97
Jan
Feb
81
1961
4,000
4,000
Jan
Apr
12% May
12%
Jan
Feb
76
12
Feb
80
50
12
Feb
81
50
1949
Feb
84m
7s
...1945
Feb
102%
Feb
*
No par value,
a Deferred delivery sales not included In year's range,
n Under
the rule sales not included in year's range,
r Cash sales not Included in year's
range,
y
x
Ex-dividend.
Under-the-rule sales not Included In weekly or yearly range are shown below;?
Southern Calif. Gas 4%s 1961, May 18 at 110.
Abbreviations Used Above-""cod," certificates of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stook
"v t c," voting trust certificates; "w I," when Issued; "w w," with warrants; "xw."
without warrants.
3482
Financial
!
Chronicle
May 23, 1936
Other Stock Exchanges
Friday
New York Real Estate Securities
Stocks
(Concluded)
Par
Torrlngton Co
Ask
Bid
Unlisted Bonds (Concluded)
Bid
WeeEsVlange
for
Sale
Closing bid and asked quotations, Friday, May 22
Unlisted Bonds
of Prices
Week
Price
Low
95
:
61 Bway Bldg 5%s
Unlisted Stocks-
>
.
,
29
Dorset ctfs of deposit
Drake (The)
34%
1939
6s
---
37%
1950
46
Lincoln Bldg Corp v t c...
39 Bway Inc units
•
•-
Tudor City—
75
4th Unit Ino units
7
11
9th Unit Inc units
9
mm'm
40%
1%
25
22%
Jan
28%
Mar
80
4
Jan
9%
Mar
1,279
83
Jan
90%
Feb
200
39
Jan
42
Feb
1 %
80c
4,675
130% 130%
10
*~80c
66c
Vermont & Mass
Warren Bros Co
8%
8%
22
"is
%
Jan
90o
Jan
Jan
135
May
Jan
16
Feb
Jan
10%
Apr
Mar
124
455
23
Feb
2%
Jan
125
8%
22
100
14%
13%
Warren (S D ) Co
•v
Jan
8%
86%
41%
85%
Waldorf System Inc
9
Oliver Cromwell ctfs
85%
40%
Utah Apex Mining
Utah Metal & Tunnel...
4%
7
72
Natl Tower Bldg 6 %s.l944
United Shoe Mach Corp.
48
3%
4%
-
Mar
104
90 %
25
7%
Preferred
City & Suburban Homes.
High
Low
75
96
25
Union Twist Drill
Ask
RangelSlnce Jan. 1 1936
Shares
High
91%
United Gas Corp
,;;r
Sales
■v..
Last
Exchange
29%
Jan
52
21
$3,000
70
Jan
78
6,000
70
Jan
84
2,000
90
Apr
95
Bonds—
Eastern Mass St Hallway—
Series A 4%b
1948
Orders Executed
77
77
Series B 5s
1948
82%
77%
83
Series C 6s....
Baltimore Stock Exchange
on
1948
95
95
-
Apr
Apr
■
May
STEIN BROS. &> BOYCE
Established 1853
6. S. Calvert Sf.
>
BALTIMORE, MD.
Louisville, Ky.
Hagerstown, Md.
fembers
York
New
CHICAGO
SECURITIES
Listed and Unlisted
Stock Exchanges
Baltimore
and
39 Broadway
NEW YORK
York, Pa
Pa a J H.Davis & ®o.
Chicago Board of Trade and Commodity Exchange, Inc.
Members:
Baltimore Stock Exchange
New York Stock
New York Curb
Exchange
(Associate)
Chicago Stock Exchange
Chicago Curb Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
._*
Arundel Corp
Atlantic Cst Line
16%
(Conn) 50
27%
Bait Trans t Co com v t c.*
2%
3%
1st preferred v t c
Black & Decker
*
Low
Shares
High
16%
27%
2%
17%
27%
2%
4%
3%
Low
606
May
39
%
Jan
5
769
Jan
7%
25
"28%
Feb
,
22
190
20%
27%
28%
375
27
Feb
30
Apr
May
Jan
'
Feb
*
90
90
92
48
84
Jan
92
Apr
115
114
115
41
114
Jan
116
Feb
245
11
Jan
17%
Mar
5
17
Jan
28%
Mar
160
88
Jan
105%
Feb
6%
Preferred
13
13%
20
20
— — —
93%
96%
"40%
39%
40%
58
16
17%
752
13%
1
Fidelity & Deposit
20
—
Fid & Guar Fire Corp...10
—' —
Houston O 1 pref..—-.10
Mfrs Finance
16
t
com v
1st preferred
...1
Mercantile Trust Co
245
8
1%
100
1%
36%
26%
if
1
36
36%
«
—
Penna Water & Pow com.*
—
—
■—
i
50
J
91%
11%
1%
1%
Mar
May
H
11%
2%
Feb
255
Jan
Feb
248
Apr
40
266
12
31
Jan
23%
Feb
40
9%
99
1%
91%
Jan
340
i
26%
99
—
Jan
20%
Feb
5
26%
11
99
50
Owings Mills Distillery
254
50
PS7% pf25
Mt V-Woodb Mills pref 100
New Amsterdam Cas
5
Northern Central Ry
254
254
50
Merch & Miners Transp..*
Monon W Penn
8%
1%
1%
50
50
Jan
15
1
8
25
Mar Tex Oil
Apr
39%
1
*
93
1%
Asbestos Mfg Co com
Automatic Products
93
May
14%
13%
14%
892
13%
Apr
17%
Feb
25%
26% $73,500
15%
Jan
Feb
1975
29%
28%
30
17
Jan
27%
32%
Feb
16
conv
Bendix Aviation
High
20
Feb
18%
Mar
1,150
7%
5%
Jan
8%
Mar
16%
25%
Feb
Jan
126
May
12
12
250
21%
21
Jan
150
20
May
"~4%
21%
23%
5%
3%
40%
200
22%
4%
3%
950
4%
3%
27%
Apr
350
Jan
32% Feb
Jan
7%
Jan
5%
41% May
1,300
7%
Feb
11
3%
40
39%
9%
9%
1%
1%
15%
*
*
com
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
Bliss & Laughlln Inc cap
Borg Warner Corp com. 10
"12%
27%
1,650
10
16
12%
x27
I,
160
*24%
29
5,150
6,650
11%
5%
12
12
10
1%
10
12
2,850
6
May
Apr
1% May
14
3%
Feb
18
6%
Jan
12%
21%
7%
Jan
32
Jan
12%
180
3
7
Jan
Feb
Feb
Jan
Jan
Mar
Apr
Mar
Mar
24
25
Apr
30%
Mar
72
1,250
1,100
22%
69%
64
Jan
83%
Mar
18%
19%
100
16%
Jan
22
27%
71%
Brach & Sons (E J) com..*
150
27
Apr
Mar
May
Apr
Brown Fenoe 4 Wire—
Castle & Co
May 16 to May 22, both inclusive, compiled from official sales lists
Low
97%
16%
21%
5
Butler Brothers
Exchange
330
16
7%
Range Since Jan. 1 1936
Shares
121% 126
Class A
Boston Stock
High
pref*
com.
16%
Jan
126
1
Associates Invest Co com.*
100
25%
1 20,850
Armour <fc Co common—5
Jan
2
6s flat
-.25
Bastian-Blesslng Co com.*
Jan
Low
10
Common
Class A
Jan
Feb
Price
Amer Pub Serv Co pref_100
Backstay Welt Co com
1%
Week
Allied Products Corp—
Feb
May
for
of Prices
Adams (J D) Mfg com—*
Advance Alum Castings.
55
Bonds-
A
Abbott Laboratories com.*
Automatic Wash
Bait Transit Co 4s flat 1975
U S Fid A Guar.
Par
Stocks—
Week's Range
Sale
37% Mar
26% May
87
100
Last
Apr
Apr
95
10
550
Jan
Sales
Friday
Feb
36
preferred.;
100
Eastern Sugar Assoc com.l
Consol G E L & Pow
May 16 to May 22, both inclusive, compiled from official sales lists
Feb
2%
513
>
Chicago Stock Exchange
Apr
27%
100
-
High
22 H
16%
21
*
com
Preferred.
4
10 So. La Salle St., CHICAGO
"
1
Range Since Jan. 1 1936
10
8%
41%
59%
Cent 111 Pub Serv pref—*
60
43%
61%
13%
8%
(A M) com__10
28%
8%
14
3,150
7%
Jan
30%
10%
400
38%
Jan
43%
460
57
Jan
66
150
13
May
18
Mar
Feb
Cent 111 Secur—
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Week
Range Since Jan. 1 1936
Convertible preferred__*
Central S W—
Common
1
Prior lien preferred
*
1%
Price
Par
Low
High
Shares
Low
,
High
Common
—25
1st preferred
1%
50
Amer Tel A Tel
100
162%
Bigelow-Sanf Carpet pf 100
Boston A Albany
100
Boston Elevated
135
1%
20
132% 135
68
66%
68
..100
1%
19%
158% 162%
106% 106%
380
1%
Jan
200
19%
May
25
Jan
1,950
149%
Apr
178
Feb
20
97%
Jan
107%
Apr
270
117%
Jan
143
Feb
May
70
Feb
308
65
2%
Apr
Boston A MaineCommon
6%
100
20
Prior preferred
..100
Cl A 1st pref stpd—100
20
5%
Cl B 1st pref stpd
100
Boston Personal Prop Tr.*
Boston A Providence-.100
------
13%
------
Calumet A Hecla
25
10%
Copper Range
25
------
East Boston Co
5%
7%
13%
140
6%
20%
6
8%
13%
141
10%
7%
------
*
6%
6% cum pref
-.100
Jan
Feb
Feb
Chic Rivet & Mach cap..*
Chicago Towel Co conv pf *
Chic Yellow Cab Inc cap.*
162
6%
May
17
Jan
Cities Service Co
340
13%
May
May
15%
156%
Jan
Club Aluminum Uten Co.*
4%
1%
Apr
Commonwealth Edison -100
97%
Jan
Apr
Compressed Ind Gases cap*
50
Jan
14%
9%
Apr
1%
Feb
Jan
11%
Mar
136
3%
41%
Jan
•83
Mar
60
Jan
84
Mar
Jan
Jan
3%
62%
450
6%
63%
167
74%
75%
169
3%
3%
370
5%
140
5%
6%
%
.Apr
Preferred B
16%
---100
Adjustment
-----
Eastern SB Lines
-
_
160%
.100
Employers Group...
*
Gillette Safety Razor
*
Greif Bros class A
10
8%
Feb
18
175
3
Feb
110
8%
Jan
7%
14%
10%
52
25
51
17
60
17
159% 161
881
21
*
General Capital Corp
Gilchrist Co
7
10
17
-
2d preferred.
*
Economy Grocery Stores.*
Edison Elec Hlum
16%
6%
33
52
*
com
272
1%
*
.
7
22
211
38
38
15
15%
7
6%
15%
16%
48
*
48
130
222
20
May
Apr
155%
20
36%
Jan
Apr
May
5%
Jan
15%
May
Feb
40
60
23%
169
Apr
Apr
May
Apr
Jan
Mar
Mar
Feb
41
Apr
Helvetia Oil Co T C
-1
-----
Intl Button Hole Mach.. 10
Isle Royal Copper
26
Loew's Theatres....
------
30
Common
9
100
Mass Utilities v t c
2
»
39%
Linotype..*
100
124%
New Eng Tel A Tel
8
19%
N Y N H A Hartford—100
------
75
Jan
30
35
Jan
51
Feb
117%
Mar
130
Mar
24
2%
Apr
31c
2,100
28o
May
586
234
31
May
Old Dominion
25
------
617
56c
Jan
70%
1%
Pennsylvania RR
50
------
449
Quincy Mining
25
------
Reece Folding Mach
10
-
—
---
*
11%
17%
Suburban El Secure com..*
2%
Stone A Webster
Texla Oil Corp
For
footnotes see
page
2
11%
16%
2%
3
1
3485
Feb
1%
38%
Jan
180
345
33%
2
Feb
Jan
Mar
Apr
28%
Apr
39
900
70c
Jan
17
15%
1%
Jan
Feb
1%
18% May
90
Jan
11%
19%
266
11
Jan
627
Feb
3%
1,675
14%
1%
3%
467
2%
May
Jan
2
Mar
97%
99%
650
1% May
Jan
96%
61
500
49
750
%
850
7%
7%
120
3
3
%
34%
105
31%
7%
3%
Apr
Feb
Apr
Feb
Jan
110%
59%
May
Apr
Feb
Jan
%
6%
Feb
1%
Jan
12%
Feb
20
2%
Jan
7%
Feb
Common
*
...
30
31%
100
__100
5
Preferred
"4%
25
Cord Corp cap stock
Crane Co common
26%
4%
31%
150
29%
May
99
May
100
10
5
2,900
25% 27
125% 126%
106% 106%
100
Cudahy Packing Co pref 100
4%
300
24
130
47
Apr
117%
Jan
8
Apr
Apr
Apr
30%
Apr
Mar
120
Jan
131%
10
106%
Apr
110
Dayton Rubber Mfg com. *
11%
1.
11
11%
250
10%
Jan
14%
Jan
Feb
Common
7
..10
"IB"
"19"
45%
General Candy A.
5
Gen Household Utll com.*
Godchaux Sugars Inc—
Class A.
7
50
Class B
9%
Jan
4%
Jan
9%
18% May
38% May
JaD
16%
Hall Printing Co com
Harnischfeger Corp
Heller (W E) pref—
With warrants
50
30
39
500
11%
JaD
15%
26%
15%
50
27
27%
28
28
28%
2,100
1,100
9%
350
13
13%
60
12
12%
1,500
25
27%
27%
22%
27%
50
24%
10%
1,100
24
HI North Utll Co pref._100
3%
6%
May
Iron Fireman Mfg v t o —♦
Jarvis (W B) Co cap
.1
Kalamazoo Stove com...*
10
...
105
May
40% May
20
106
3
22%
8%
22%
26%
Jan
18%
37%
Jan
Jan
Jan
Jan
Jan
Apr
Mar
30
Feb
Jan
23
Apr
47
16
Apr
May
9
May
*
100
8%
May
20
Jan
16
12%
Jan
Warrants
19
46
Mar
14
Apr
19
10,250
25
23
45%
15%
9
10
Feb
Feb
70
eap.l
Houdaille-Hershey cl B__*
Illinois Brick Co..
400
34
*
com.
Heileman Brew Co G
200
27%
16%
8%
*
Goldblatt Bros Ino com..*
Great Lakes D & D com..*
40%
17
90
1,000
34
*
13%
21%
Apr
Mar
Decker & Cohn—
Jan
Apr
Apr
39
39%
123% 125
3%
3%
28c
Shawmut Assn tr ctfs—.*
Feb
Continental Steel—
FitzSIms A Con D&D com*
Gardner Denver Co corn..*
Mar
32%
2%
6
Feb
18
28c
9,300
300
Jan
32%
4%
1%
35%
7%
5%
Jan
35
9%
3%
Jan
Jan
19%
49
100
Elgin Nat Watch Co—15
12
275
25
100
500
4%
1%
.100
Jan
Feb
30%
1%
18%
52
14% May
11
2%
70
80
26
900
Jan
1%
23
29%
105
25
15%
213
Jan
29%
104
14%
Jan
1
26
24
Jan
18%
Jan
50
24
%
29%
31
28
16%
%
*
Reece Butt'n Hole Mach 10
Feb
May
33%
Eddy Paper Corp (The)--*
1.6%
1
Jan
48
50
Eoon Cunnghm Drug com »
50
1
Mar
25
20
45
Feb
Mar
100
100
North Butte
Old Colony RR
Apr
May
Jan
21
May
100
2
950
5%
Arp
43%
Apr
21
May
13%
55c
2
50
4
20
19%
1%
10%
9
Jan
35
40%
13
55c
9
Jan
60
4,700
18%
40%
16%
19%
1%
10%
25
30
Feb
19%
Maine Central—
Mergenthaler
Common
6% prior pref A
7% cum. pref
Elec Household Utll cap.5
------
Feb
Feb
22%
64%
Jan
13%
\
*
68%
40
Jan
May
8
Dexter Co (The) com....5
Dixie-Vortex Co com....*
Class A
_.*
Hathaway Bakeries—
Preferred
4%
49%
Jan
Feb
Feb
27%
48
*
com
Preferred
56
20%
10
3%
Apr
Consumers Co—
Jan
13
316
303
51
49
220
28
10%
3%
51
320
21
14%
75%
100
1%
20
49
.
1,900
45
41
100
1st preferred
4%
47%
Chicago Elec Mfg cl A
*
Chicago Flex Shaft com..5
Chicago Mail Order com_5
May
100
4%% prior pref
Eastern Mass St Ry—
Common
*
53%
May
1
6%
Preferred
10%
53%
49
4%
49%
5%
20
East Gas A Fuel Assn—
Common
Cherry-Burrell Corp com.*
Chicago Corp common
*
22
10%
65
695
63
*
1
11%
7%
75
56
56
Cent States Pow & Lt pfd_ *
Chain Belt Co com.„__
1%
57%
21
Stocks—
Amer Pneumatic Serv Co—
1%
39% Mar
18%
Apr
27% May
33%
Apr
11% Apr
6
Jan
9%
8%
Jan
17
Apr
Jan
13%
Apr
25
May
29
22%
May
32%
Mar
May
12%
109%
Jan
450
8
Jan
60
100
Feb
24%
24%
250
24
May
31
Feb
19
18%
19%
Feb
24
Mar
53
51
54
43
Jan
70
Mar
21%
20
22
2,850
1,690
1,760
17
May
23
May
18%
Jan
Volume
Financial
142
Friday
Par
Katz Drug Co com
Week's Range
of Prices
Week,
Price
1
41
Ken-Rad T & Lamp com A*
Low
11
Ky Util Jr
10%
2%
La Salle Ext Unlv com___5
4%
90
5
com
McCord Rad & Mfg A
*
McGraw Electric com...6
11
May
90
Feb
Jan
1%
1% May
Feb
28%
Jan
3%
20
21
Apr
7
May
10%
800
45
190
4
50
12
300
10%
3%
3%
May
Jan
for
of Prices
Week
Price
Low
*
Crystal Tissue
Eagle-Pitcher Lead... "20
Early A Daniel pref.
.100
*
Formica Insulation...
Mar
Gibson Art....
Jan
7
Feb
Jan
Kahn
Jan
150
106% 106%
10
19%
*
Mar
Nash
7%
Jan
7
Apr
8%
Feb
Proctor & Gamble
Jan
54%
Feb
37%
39
110
33
Apr
43
Apr
30%
31
800
27
Mar
5% preferred
8% preferred
Rapid
56
56
10
15
15%
84
-
—
com,
411
27%
24
20
18
Jan
25
16
7
Jan
9
Mar
215
6
Jan
10
May
29
May
32
Mar
41
May
8%
34
-
42
Feb
9%
50
-
Jan
May
Meteor
100
15%
May
7
12
Manischewitz
7%
-
30
May
40
Lunkenheimer
40%
30%
Jan
Jan
6
Jan
33
65
Jan
61
Apr
1,600
11%
Jan
19
Mar
84
50
62%
Jan
100
3,150
6%
Apr
8
2%
Jan
Apr
4%
10%
Feb
7
May
7%
%
3%
May
Jan
Feb
..25
29
29
109
42
102
H00
118
118
3
117%
.100
220
220
4
215
38
1
39
85
43
Apr
30
30%
70
30
May
35%
Feb
3
5
May
8%
Feb
41%
Apr
Mar
Jan
48%
120%
220
Feb
May
Feb
Jan
Jan
12
Jan
10,200
8%
10
45
Mar
7
19%
22% May
Jan
7%
McQuay-Norrls Mfg com.*
25
28
13
17
Apr
40%
.
Mar
183
36
Apr
16
Feb
106% May
12
11%
6%
May
Mar
23%
46
Apr
105%
Mar
6%
15
12
....
Jan
4
Jan
22%
41%
!ioo
com
Jan
7
35%
Apr
8
65
6
6
*
6%
39
29%
Jan
24
Kroger
7%
-----
19%
29%
29%
High
44
20
6%
10%
10
10%
'.".12
Hatfield prior pref
Hobart "A"
May
Low
63
65
6%
Range Since Jan. 1 1936
Shares
High
64
_.
33
35%
U%
Par
Week's Range
Coca Cola "A"
Jan
76
(Concluded)
-----
Marshall Field common..*
Masonlte Corp com
Mer A Mfrs Sec cl A
43
220
4
Lion Oil Refining Co com
Loudon Packing Co com..*
Feb
1,150
10%
10
com
Apr
34%
Feb
7%
44
$3% preferred
10
42
14
32
4%
24
7
10%
100
350
33
23%
Lincoln Printing Co—
Common
60
1%
31
Cumulative preferred..*
280
Stocks
High
Low
2,000
1,400
Last
Sale
2%
1%
33
Llbby McNeil <k Llbby-.IO
Lynch Corp
78
2%
1%
Lawbeck Corp 6% pfd .100
Lcath & Co com
*
11%
38%
77
Range Since Jan. 1 1936
Share
42
38
pref..„--60
6% preferred
100
Kingsbury Brew cap
1
40
cum
Lindsay Light
High
Sales
Friday
for
Sale
(Concluded)
3483
Sales
Last
Stocks
Chronicle
Feb
7
6%
3%
2%
3%
7%
8
3%
3%
400
U S Playing Card
U S Printing
30%
5
5
48% May
Mlckelberry's Food ProdCommon
......
Middle West Corp cap
5
Stock purchase warrants
7%
6,100
3%
Ohio Listed and Unlisted Securities
Feb
Midland United CoCommon
*
6% preferred A
7% preferred A.
%
%
1%
2%
80
Members Cleveland Stock Exchange
430
*
Conv preferred A
Midland Util—
100
%
%
1
90
1%
Mar
Jan
%
Jan
3%
Apr
1%
1%
50
%
Feb
2%
Jan
5%
6
no
3%
Jan
11%
Jan
7%
49%
8
280
7
May
10%
Jan
50
70
49
May
52
Jan
18%
19
300
17
Jan
25%
Jan
48%
49%
450
Jan
65
Feb
National Leather com...10
1%
1%
50
38%
1%
National Rep Invest Trusi
Cumul conv pref
*
7
40
5%
Jan
10
National Standard com..*
42
7%
42
32%
Jan
100
-----
Miller & Hart Inc conv pf_*
Monroe Chem Co—
Common
*
Preferred
*
8
—
— — -
-
Muskegon Mot Spec ol A.*
Natl Gypsum cl A com..5
—
—
-
—
Nat'l Union Radio com__l
Noblltt-Sparks Ind com..*
North Amer Car
%
5%
10
3,250
20%
20%
250
%
Northwest Bancorp com..*
Northwest Eng Co com..*
27
27
5%
9%
200
600
2%
Jan
Jan
26
Apr
35
3%
9%
15%
Jan
%
6%
Last
Week's Range
for
Sale
of Prices
Week
Apr
14
Jan
Jan
26%
i
Jan
20
Feb
30
25
Apr
40
Feb
Canfiled Oil
10
10
50
9
Jan
11%
Apr
City Ice A Fuel
*
28
28
20
27
Mar
29
Feb
10
23
23%
100
19
Apr
27%
Jan
19%
10%
50
17
Mar
22%
Apr
Cleve-Cllffs Iron pref
*
Cleve Elec 111 $4.50 pref..*
35
35
100
32
Jan
Cleve Ry ctfs of dep... 100
65
64%
3
3
1,350
2%
Mar
3%
4%
200
Jan
5%
Apr
19
150
Jan
6
Cliffs Corp v t c
Dow Chemical pref
19%
4
2%
2%
1%
1%
3
*
"§%
*
Process Corp com
50
7%
Apr
41
Mar
Common
*
Common
53 X
52
52
..60
100
ti2)i
54 %
52
1,000
19%
100% 100%
100
100
Reliance Mfg Co
com.. 10
*
Preferred
13%
Apr
61%
Feb
Faultless Rubber
28
Jan
Jan
108%
114
65
48
69
36
Jan
Feb
Greif Bros Cooperage A__*
Jan
115
Mar
Jan
123
Mar
Hanna (M A) $5 cum pref *
Harbauer
*
19
19
19
16%
16%
20%
660
10
Jan
21
60
20
May
4
230
Jan
Jaeger Machine
*
Kelley Isld Lim A Tras
*
*
4
Apr
McKee (A G) class B
*
21
22%
Feb
Medusa Portland Cement *
16
16
15%
Jan
26
Feb
Murray Ohio Mfg
National Refining
5%
2%
900
2%
Jan
50
1%
Jan
14
14%
600
11
May
20
20
17
Jan
6%
3%
51
1,450
80
68%
68%
50
29%
31
27%
70
35
Jan
55
Mar
110% May
Feb
65%
125
26%
101% 101%
Convertible preferred..*
28
Jan
70
15%
Jan
10
99
Feb
4%
13%
Swift & Co
25
Utah Radio Product com.*
3%
Util A Ind Corp
200
30%
21
21%
450
18%
29%
'29%
14%
18
14
21%
1,450
1,460
2%
32%
28%
103%
Mar
National Tile
Convertible pref
3%
Mar
*
*
Patterson-Sargent
*
"l0%
60%
Rlchman
Seiberling Rubber
19%
40 >4
40%
*
5%
4%
*
31 %
com
common
Ward (Montg) A Co cl A.*
Wleboldt Stores Inc com.*
Wllllams-Oil-O-Matlc com*
30%
149
7
Feb
2
Jan
5%
Jan
100
%
May
20
30
2% May
Jan
15%
Jan
24
39%
Mar
41
4
Apr
550
30
Apr
10
142
Jan
Feb
Mar
20
15
17%
Mar
Mar
19%
300
7%
443
5
Jan
141
55.
Jan
5%
170
5
39
27
18%
Apr
26
8%
Jan
Feb
Mar
77
Mar
May
12
Jan
Apr
35
Jan
9%
Jan
19% May
56%
Jan
15
Mar
27
Jan
29
13%
19%
100
61%
2%
390
15
2
Jan
4%
Feb
15%
75
14
May
19%
Feb
155
68
Feb
34%
152
Watling, Lerchen & Hayes
Members
New York Stock
Detroit Stock
Jan
Jan
200
16
Apr
22%
200
10
Mai
13%
8%
Jan
19%
RandolphJ5530~
Mar
Jan
'
DETROIT^
Telephone,
Jan
11%
Chicago Stock Exchange ;
|
Building
Feb
16%
New York Curb Associate
Exchange
Exchange
Buhl
Jan
6%
10%
Apr
5%
5
900
17%
"l9%
Zenith Radio Corp com.
4%
27%
Jan
25
16%
11
Wisconsin Banksharee com*
Feb
55
Apr
4%
Mar
149
17% May
26
Apr
2%
1,450
Mar
Feb
40%
5%
31%
19%
Preferred
Jan
26
13%
19%
60%
2%
15%
1
Viking Pump Co—
Common
Apr
28
*
18%
35%
4,150
500
Jan
48%
105
3% Mar
20% May
72%
5
28
*
Jan
18%
19%
3
*
Jan
18%
6%
*
Ohio Brass B
Apr
Jan
13%
17% May
28%
Apr
Apr
20%
3%
%
3%
%
»
100
5
17%
18
72
19%
*
25
100
S M A Corp
Common...
20
102% May
13% May
35%
Apr
68% May
Standard Dredge—
Stein & Co (A) com
*
Swift International.....15
10
102% 102%
Apr
110% 110%
Sivyer Steel Castings com *
Sou'west G & E 7% pfd 100
Jan
May
147
30
Feb
70
49
Slgnode Steel Strap Co—
Preferred
123
Feb
140
Feb
Apr
May
Jan
Feb
24%
May
10
May
69
45
28
142
Feb
110
15
122
Jan
Feb
110
40
103
61%
Feb
260
50
30
45
18% May
28
610
60 %
Mar
Jan
28
146
"5S)4
225
107%
59%
48
*
Packer Corp
•
com
35
120
20
100
Sears Roebuck & Co
19%
6%
71%
5
19%
112
112%
49% 54
13%
13%
100
Electric Controller A Mfg. *
Enamel Products
*
Preferred
Sangamo Electric Co
Jan
54
124%
"14%
15%
95
123
*
com
May
865
112%
2%
Apr
40
64
140
6
v t c
105
Feb
125
117
5%
Jan
35
200
112% 113%
5%
90
17%
4%
108
Apr
25
17%
4%
17%
4%
Lamson A Sessions
..60c
21
13
145
124
.....100
v t 0
High
Mar
40
116
...100
Common..
Preferred
Low
11%
62
*
Cleveland Builders Realty*
Feb
49%
265
40
2%
Raytheon Mfg—
Walgreen Co
19
*
1% May
Public Service of Nor Ill-
preferred
7% preferred
Quaker Oats Co—
Shares
Jan
3%
3%
*
com
6%
Range Since Jan. 1 1936
Apr
High
50
Potter Co (The) com
Prima Co com
Wahl Co
Low
10%
Pines WJnterfront com—6
Ross Gear & Tool
Price
27
Penn Gas & Elec A com..*
6% preferred
Par
10%
26%
com
Convertible pref
Parker Pen Co com
Common
Stocks—
26
100
Perfect Circle Co
Sales
Friday
Jan
Apex Electric Mfg
Prior preferred
100
7% preferred
Prior lien pref
Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
Feb
Northwest Util—
Oshkosh Overall
A. T. & T. CLEV. 595
Cleveland Stock
Feb
42% May
Feb
1%
100
4%
9%
27
*
com
150
Jan
Union Trust Building, Cleveland
Telephone CHerry 5050
20
13,200
5%
11
Detroit Stock
Jan
Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
Friday
Members
Cincinnati
UNION TRUST
Stock
Par
Stocks-
Exchange
Auto City Brew com
Week's Range
for
Sale
BLDG., CINCINNATI
of Prices
Week
Price
1
2%
Baldwin Rubber com—.1
Bower Roller Bearing com 5
Specialists in Ohio Listed and Unlisted
Burroughs Adding Macb
Stocks and Bonds
17
Burry Biscuit
Continental Motors com.l
Wire System—First Boston Corporation
Cherry'6711
A. T. A T. Tel. Cln. 291
Det A Cleve Nav com
10
Detroit Crippe Creek
1
Detroit
Cincinnati Stock
/
Forging com
Sales
Last
Range
Detroit Paper Prod com..1
Sale
Par
Stocks—
Price
Amer Laundry Mach._.20
rices
Low
Amer Products prior pref.7
22%
3%
8
5%
Baldwin
Vurger Brewing
*
Carthage Mills pref
100
Champion Coated
100
Churngold
..*
Ciu Ball Crank pref
*
Cln Gas A Electjpref... 100
Cincinnati Street Ry
Cincinnati
For
see
4%
30
page
Week
23%
224
3%
5%
75
89
4%
30
6
28
30
15
Low
Jan
3%
Mar
5% May
89
May
3%
30
"91"
3485
Jan
13%
4%
8
Mar
21% May
25% May
26%
32%
13
17% May
3% Mar
2%
3%
134
10
.1
100%
Jan
Feb
Murrary Corp com
470
4%
Feb
4
Apr
k
5%
Jan
Jan
Jan
10%
26%
18%
Jan
70%
Apr
Apr
Jan
10%
4%
Feb
Feb
Mar
Mar
Apr
Jan
493
11
Jan
230
14
Apr
8%
15%
19%
21%
250
20%
Apr
25
18
Mid-West Abrasive com 50c
180
Apr
Mar
Feb
Jan
15%
1%
3%
15%
10%
24%
Feb
1.751
3,981
Jan
14
Apr
6%
12%
18
Feb
4%
435
Apr
2%
Jan
2% May
128
9%
54%
6%
2%
Mich Sugar common
Feb
17%
42
465
Mich St Tube Pr com.2.50
25
Jan
975
2%
250
6
Apr
Apr
200
2%
6%
6
1%
200
Apr
1,150
6
Jan
210
16
Apr
8%
Apr
Apr
Mar
Mar
Feb
Mar
Feb
12%
1,575
15%
60%
8%
2%
15%
21%
Lakey Fdy A Mach com.
176
23
12
Kresge (SS) Co com
10
300
6%
*
Feb
422
127
Hoover Ball A Bear com. 10
3%
11
475
Hudson Motor Car com..*
High
Jan
21%
26%
17%
2%
9
Jan
May
6%
Apr
Low
1%
24
Jan
90
3.750
15%
60%
8%
2%
1
1
Hall Lamp common
2%
Range Since Jan. 1 1936
Shares
9
10
38
19%
35
3%
20
104%
85
6%
121
90%
90%
78
104
com
Mar
6%
104%
Motors
Graham-Paige com
High
9%
13%
20%
General
Goebel Brewing com
Shares
369
19%
13%
3%
50
Telephone...50
footnotes
89
100
Preferred...
High
Range Sine, Jan. 1 1936
2%
2%
High
24
*
Federal Mogul common. _*
for
2%
10%
21%
26%
16%
2%
2%
5%
*
Detroit Steel Prod com
Low
134
Detroit-Mich Stove com.l
Mayil6 to May 22, both inclusive, compiled from official sales lists
Friday
2%
Edison com—100
Detroit
Exchange
Sales
Last
BALLINGER & CO.
5%
85
Jan
Jan
105
8%
92
Jan
Mar
10
Packard Motor Car com.*
Parker Rust-Proof com 2.50*..
10%
1%
4
16%
10%
24%
900
4,370
405
2,128
195
>316 Jan
3% May
20
*Apr
Feb
5^
'Jan
Apr
22%
Mar
6% f Jan
24% Apr
12%
28%
Feb
15
Apr
3484
Financial
Last
Weeks Range
for
Sale
(Concluded)
of Prices
Low
Parker Wolverine Co
High
Pfeiffer Brewing com
5
5%
com—
2
River Raisin Paper com..*
"~5%
.
Rickel, H W
Stearns
Cooler
_
5%
5
17% May
666
14
May
18%
Mar
4% Jan
5%
Jan
4% May
8%
m
Apr
Feb
Jan
Plymouth Oil Co
928
600
20%
22
10 H
lOVs
3,284
8%
m
125
8
*
*
com
1
Wolverine Tube
com
*
Low
Price
1
24
Feb
Renner Co
11%
Apr
Jan
Jan
3%
360
Jan
3
8% May
'
May
140
Apr
25
103
98%
7%
May
11%
Jan
13% May
16%
Apr
7%
8%
157
14%
243
500
1
Jan
18
50
15
Jan
4
1,700
1%
1%
1%
18
*
"3%
*
22%
22%
22%
34%
Standard Steel Spring
30
Jan
380
34
34%
3%
Jan
2%
Jan
1%
Mar
20
Jan
3%
Jan
5%
Apr
230
26
Jan
Jan
21
322
40
Mar
30
•
5,g
Apr
Mar
11% Mar
1% Mar
22% May
Jan
15
480
Apr
.1
Shamrock Oil & Gas
Feb
Apr
30
14%
Ruud Manufacturing Co.5
Mar
Hgih
4
146
121% 121%
5
12%
9%
Low
3
28
*
Jan
is,6
1,900
22%
Jan
Preferred
Range Since Jan. 1 1936
Shares
High
3
Pittsburgh Brewing Co—*
Jan
5%
7%
6%
2%
200
io y8
15,
316
20%
17
1,175
1,575
2
0l6/o
Wayne Screw Prod com..4
Wolverine Brew
510
3
2%
1%
1
Week
Pittsburgh Screw Bolt C-. *
7
for
of Prices
Pittsburgh Plate Glass-.25
428
10 %
A
Par
May
21 %
com
Stocks (Concluded)
High
16
1
*
B___
Warner Aircraft
Low
102
_*
(Fred'k) com
Tivoli Brewing com
United Shirt Dlst com
Universal
Shares
Week's Range
Sale
14%
5%
5%
5%
*
Reo Motor common
Last
Range Since Jan. 1 1936
16
16
Sales
Friday
Week
Price
Par
May 23, 1936
Sales
Friday
Stocks
Chronicle
Jan
United Engine &
Fdy
2
25
United States Glass
Vanadium Alloy Steel
*
Victor Brewing
Co
Waverly Oil cl A
_.l
*
32
2
38
Feb
2%
Jan
1%
Feb
35
20
38%
86
34%
Jan
47%
Mar
109
112%
88
97
Jan
122%
Apr
103
Westinghouse El & Mfg .50
1,330
1%
36%
Westlnghouse Air Brake..*
40
70c
1%
65c
33%
65c
32
104
65
101
Jan
106%
Mar
Jan
5%
Feb
Jan
31
60c
Jan
Jan
Jan
90c
1
2
Apr
Established 1874
UnHsred—
DeHaven & Townsend
Members
Lone Star Gas
6% pref .100
Pennroad Corp vtc
4%
*
110
4%
3%
y
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
NEW
1415 Walnut Street
LOS ANGELES SECURITIES
YORK
30 Broad Street
Listed and Unlisted
Dobbs-Crowe-Wagenseller & Durst
Philadelphia Stock Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
626 So.
Last
Stocks—
Par
for
of Prices
Price
26%
100
161%
Locomotive^
*
_
m
+
„
Bell Tel Co of Pa pref..100
Budd (E G) Mfg Co
Budd Wheel Co
Chrysler
*
14%
*
Corp
10%
94%
45%
—5
Elec Storage Battery..100
General Asphalt
10
General Motors
Gimbel Bros
10
61%
31%
Lehigh Coal & Navig—*
Lehigh Valley
50
Corp_25
Preferred
«
4
29%
158% 162%
3%
3%
122% 123%
14%
15%
10
10%
796
92%
45%
24%
60%
Reo Motor Car Co
Tonopah Mining
Union
United
Corp
11%
Jan
14%
Feb
3
%
Jan
8
Mar
8
Mar
9%
Feb
14%
Feb
3%
Jan
5%
Feb
1,049
28%
Apr
73
10
62
1
18
298
5%
19%
50
Mar
Feb
23
Mar
2%
8%
Jan
Mar
1%
10%
Apr
12%
16%
3%
Jan
Jan
Jan
30%
75
57
Jan
1
May
115
73
33%
Apr
71%
29%
'16
Jan
Bandini Petroleum Co
Bolsa-Chica Oil A......10
Bway Dept Store pref. .100
Buckeye Union Oil pref
22
Jan
27
May
32%
12
12%
4%
600
11%
Apr
Apr
2,300
12%
Consolidated Oil Corp
Consolidated Steel com
*
12
12
113
Apr
Apr
%
Jan
1%
Feb
820
3%
Feb
Apr
Apr
Apr
8%
9%
47%
Mar
Apr
19%
Feb
1,216
18%
$7,000
110% 110%
16%
1,000
Feb
8%
10
*
15%
15
15%
500
Jan
3%
14% May
55
55
55
100
53%
Jan
Emsco Der & Equip Co
Exeter Oil Co A
5
18%
18%
18%
100
14%
Feb
20%
Apr
..1
33c
30c
46c
2,900
20c
Feb
67 %c
Mar
...
4%
4
10
4%
4%
4%
100
*
11%
11%
600
General Motors Corp...10
Gladding-McBean & Co..*
62%
Globe Grain & Mill Co..25
10%
62%
15%
10%
Goodyear Tr&R
*
25%
Hancock Oil A
*
18%
11%
62%
15%
10%
25%
18%
1
67%c
Foster & Kleiser Co
General Paint
Corp B
com
Holly Development Co
Jade Oil Co
15%
4% May
Apr
Feb
Feb
4% May
12
100
8%
54%
Mar
100
11%
Jan
70%
19%
100
8%
Jan
13%
25%
200
23%
Jan
30%
Feb
19%
300
18%
Jan
24%
Apr
65c 67%c
1,100
2,000
46c
Jan
1.50
Apr
9c
Jan
160
Feb
18,800
21,600
48c
Apr
95c
Feb
8c
Feb
29o
Feb
6% May
11%
300
7%
113% 114%
353
2,900
111
Apr
Mar
May
Apr
Mar
Feb
Jan
116%
Jan
2%
Jan
4
Feb
5
Jan
6%
Jan
Menasco Mfg Co
Mills Alloys Inc A
75c
70c
75c
1,000
65c
Feb
1.00
Apr
4%
4%
4%
700
Jan
6%
Mar
1%
1%
10
2%
2%
Jan
4
62%c 62%C
200
32c
Jan
82c
*
1%
Mng & Dev 1
62 %c
Nordon Corp
Olinda Land Co
5
.....1
Pacific Clay Products
Pacific Finance Corp
*
17c
19c
Jan
28c
10c
10c
7,000
1,500
15c
10c
8c
Jan
31c
Feb
He
11c
11c
100
8c
J an
14c
Mar
100
Jan
23
17c
21
21
21
35
34%
34%
400
18%
31%
Feb
39%
25
31%
31%
31%
200
29%
Jan
32
Mar
10
22
20%
2,400
18%
Mar
22%
200
20%
Jan
*
13%
22%
13%
22%
23%
Mar
*
22%
22%
13%
100
12% May
17%
Feb
5%
4,500
109%
51%
6
5%
109% 109%
52%
52%
52%
51%
CO.
10
Pacific Gas & Electric Co25
6%
1st preferred
Pacific Indemnity Co
Pac Pub Serv 1st pref
B common
So Calif Edison Co
6% preferred.
5%% preferred
Southern Pacific Co
52%
May 16 to May 22, both inclusive, compiled from official sales lists
Range Since Jan. 1 1936
for
iMay
Jan
60
Jan
100
28%
28%
100
15
Mar
1,300
Mar
Mar
6% Mar
109% May
54% Apr
Jan
29
Apr
Jan
25%
25
28%
28%
28%
500
25%
27%
25
26%
26%
26%
500
26
Jan
30% May
28% May
Feb
28%
28% May
27
Apr
100
32%
800
24
Jan
16%
12%
25
26
38%
Feb
May
14% May
47
Feb
19%
Feb
9,300
11
Apr
14%
42%
10
120
Jan
22
22%
13%
14%
1,400
2,400
*
30%
36%
*
16%
*
12%
30%
36%
16%
12%
42%
42%
Union Oil of Calif.
22
14%
25
Jan
38
1,000
100
36%
150
Feb
Feb
20%
7%
Apr
28%
Mar
Jan
15%
Apr
Weber Showcase & Fixpref *
Sales
of Prices
Low
High
45
Jan
Apr
28%
26%
*
Universal Cons Oil Co... 10
Week's Range
150
550
«
29
Union Bank & Trust Co .50
Pittsburgh Stock Exchange
10
2%
109%
29
Standard Oil of Calif
Transamerica Corp...
.
50%
11%
Taylor Milling Corp
Sale
Apr
San J L & P 6 % pr pref. 100
Sec Co Units of Ben Int..*
Apr
A. T. & T. Tel. Pitb-391
Last
Feb
Mar
Security-First Nat Bank.20
Signal Oil & Gas A com...*
Mar
110%
BROADWAY, NEW YORK
Friday
Jan
1
...1
Mascot Oil Co
Mt Diablo Oil
400
Republic Petroleum Co... 1
20
Jan
110%
PITTSBURGH, PA.
BLDG.,
Week
Price
Jan
Feb
Mar
Feb
15
Jan
Apr
*
*
Preferred
Douglas Aircraft Inc
5
Apr
28
16%
15%
5%
19%
71%
5
Apr
Feb
3
5
7%
30c
800
Los Angeles Investment. 10
108%
9%
10c May
400
3%
64
Apr
27%
12%
3%
88
Jan
104%
25
3%
147
8%
Jan
25
12%
Jan
Mar
98
27
114%
10%
8%
5
27
*
Los Ang G & E 6% pref 100
Los Angeles Industries Inc2
Mar
High
Jan
25
Claude Neon Elec Prod
Jan
CO OO K
1
Low
3%
5%
100
Central Investment
11c
New York Curb Exchange (Associate)
Par
200
10c
10c
Specialists in Pittsburgh Listed and Unlisted Stacks and Bonds
Stocks-
60
6%
/ Pittsburgh Stock Exchange
120
10c
600
103
10c
110% 111%
10%
Gourt-6800
5%
103
400
3%
5%
6%
Mar
1,100
H. S. EDWARDS &
Tel
10c
3%
Lockheed Aircraft Corp__l
Feb
90%
14%
: s
BANK
103
,
Citizens Nat T & S Bk__20
Pacific Western Oil
UNION
1
3%
5%
10c
5%
40%
14%
j
1
Range Since Jan. 1 1936
Shares
High
65c
Bonds—
Members
Low
10c
359
5%
42%
15
Elec & Peoples tr ctfs 4s '45
Phila Elec Pow 5%s..l972
Price
52 %c
3,161
6%
43%
110%
for
Week
10c
,S16
7%
6%
43%
15%
*
*
Par
of Prices
62 %C
%
*
*
Stocks—
Week's Range
Sale
...10c
%
*
Last
Kinner Airpl & Motor
1
Lincoln Petroleum Corp..l
May
122
Jan
100
Apr
2% May
Jan
35
Jan
Apr
5
17%
229
81%
Mar
19% May
7% Apr
84
79%
Feb
130%
Apr
116% May
Jan
3
2
39
35%
235
115
115
Apr
33%
21%
3,088
64%
.
112
473
225
113%
Feb
20
2%
5
*
Coal
1%
837
11%
9
,S15
Westmoreland
1,054
3,064
6%
6%
5%
Westmoreland Inc
4%
Jan
23
•*'«.
com
170
Jan
10%
4%
23
5%
Preferred
30
Apr
34
1
United Gas Impt com
Preferred
Mar
Jan
50
Traction
10%
6%
Jan
19%
61%
Bridge.*
Tonopah-Belmont Devel.l
Jan
Jan
54
Apr
"14%
Tacony-Palmyra
Mar
Sales
Friday
Jan
34%
70%
8%
146
"80%
55%
Jan
22%
6%
1,491
1%
*
Apr
37
34%
100
Jan
785
116%
M.
Mar
Mar
14%
103%
9%
30%
Angeles Stock Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
15% May
8%
2%
14%
*
7% pref
51
Feb
44% May
75
32
2%
10%
3%
28%
9%
_
Sun Oil Co
1,383
9%
86
Feb
6%
125%
Apr
8%
Los
Jan
177%
2%
5
Series A
63%
34
1
Rights.
85
High
36
9%
"~6%
50
Salt Dome Oil Corp
Scott Paper
277
115
M
50
1,246
26%
31%
7%
Low
26% May
149% Apr
Apr
2%
Jan
119%
Jan
9%
848
123% 123%
-
Phila & Read Coal & Iron*
Philadelphia Traction
47
325
841
116
50
preferred
95%
305
123%
*
*
Phila Rapid Transit
Shares
797
w—
-
10%
50
Insulated Wire
-
3
*
Penna Salt Mfg
50
Phila Elec of Pa $5 pref.*
Phila Elec Power pref..25
7%
-
Range Since Jan. 1 1936
28%
9%
*
Pennsylvania RR
Phila
8
25
Nat'l Power & Light
Pennroad Corp vtc
High
26%
9%
Horn & Hard (N Y) com.*
Mitten Bank Sec
LOW
*
com
LOS ANGELES
Spring St.,
Week
*
American Tel & Tel
Baldwin
Week's Range
Sale
American Stores
Member Los Angeles Stock Exchange
Sales
Friday
j
Low
Shares
9%
9%
5%
Feb
7%
400
4%
Jan
10%
9%
Mar
7%
8%
9%
7%
220
Wellington Oil Co
1
Western Air Express Corp 1
8%
8%
100
5%
Jan
10%
Feb
Feb
High
Apr
■
Mining—
Armstrong Corp Co com..*
Blaw-Knox Co
*
Carnegie Metals Co
1
Clark (D L) Candy Co
Columbia Gas & El Co
2%
*
18%
5
*
com
_
Lone Star Gas Co
__*
Black Mammoth Cons. 10c
Calumet Gold.
.10c
Jan
Cardinal Gold
1
100
5
Jan
6
Jan
Imperial Development.25c
1%C
440
14
Jan
Apr
Tom Reed Gold..
1
32 %c
1
6c
161%
19%
21%
10
2%
Jan
7
Apr
Zenda Gold
16
Feb
420
11% May
American Tel & Tel Co .100
547
7%
13
May
3
Apr
5
May
Aviation Corp (Del)
Baldwin. Locomotive
Mar
Cities Service Co.
5
1,400
11%
39c
10,000
22c
Jan
63c
4c
3%c
4c
6,000
3%c
Mar
7%c
1.25
1.35
1.00
Feb
1.40
Jan
1%C
l%c
4,100
2,300
l%c
Jan
1%C
Apr
154
34c
Jan
44c
Feb
2,000
6c
Jan
15c
Jan
May
Jan
177%
7%
Mar
3%
Apr
4
Apr
4%
4%
400
3%
Jan
7%
Feb
Commonwealth & Southern
3
3
3
300
3%
Apr
6%
6%
6%
400
Apr
7
Apr
97
Jan
106%
Feb
41%
41%
42%
200
3%
5%
76%
Apr
Curtiss-Wrlght Corp
1
Montgomery Ward & Co..
10
Jan
14%
Mar
7%
8%
24%
10%
300
415
2,383
1%
4%
100
Jan
12%
46%
15%
1%
1%
50%
100
1
Apr
2%
Mar
North American Co
7%
24%
373
41
Jan
50%
Apr
Packard Motor Car Co
10%
Mountain Fuel Supply Co.
5
5%
955
4%
Jan
7%
Feb
Radio Corp of America
10%
Natl Fireproof Corp corn.*
Phoenix Oil com.
25c
2%
2%
100
50c
Mar
2%
Apr
Tide Water Assd Oil......
15%
5c
5c
1,000
2c
Jan
8c
Feb
5c
5c
500
4c
Jan
5c
Feb
United Corp (Del)
Warner Bros Pictures Inc 5
For
fontnntpp
3485.
Feb
100
3%
4%
Mar
101% 102%
5
150
5%
3%
1%
31
_*
226
5%
40
20
Mesta Machine Co
158% 162
5%
3%
41%
125
34%
McKinney Mfg Co
Preferred..
32 %c 32 %c
6c
6c
Jan
Jan
70
1%
11%
5
North Amer Aviation Inc 1
5c
42c
Jan
Feb
27%
34%
101H
40c
1.30
^Unlisted—
13
Jan
Jan
Jan
20
11%
16%
7%
1%
*
Koppers G & Coke pref-100
Feb
4%
6
24
Pittsburgh Brewing .1
Harb-Walker Refrac
Apr
20
Apr
19
4%
Follansbee Bros pref—100
Fort
62%
Apr
2%.
11%
12%
5
Class A.
Feb
14%
3,050
6
10
Electric Products
47%
80
2%
19
Crandall Mch & Hend Co *
Duquesne Brew com
40
16%
49%
5
5
*
Devonian Oil
49%
15%
2%
24%
10%
10%
15%
6
6
9%
9%
11
15%
100
500
Jan
44%
Apr
10
29%
Apr
Apr
13
Feb
Feb
May
14%
18%
7%
Apr
14%
Feb
7% May
24% May
7
Jan
1,300
9%
May
100
14%
Jan
6
200
6
10
200
9%
Jan
Apr
Volume
Financial
142
Chronicle
3485
Sales
Friday
Last
ST. LOUIS MARKETS
Stocks
I. M. SIMON & CO.
on
6%
New
St.
Chicago
Exchange
Louis Stock Exchange
York
Curb
Board
316 North Fourth St., St.
100
124%
100
149
149
Pac Tel & Tel
com
6% preferred.
Exchange
Friday
Week's Range
for
Sale
Par
of Prices
Week
Price
Low
39%
High
6
Rainer Pulp & Paper B.
Shares
57
57
100
23
23
29
17
Low
168
29
20
118
117
118
30
6% prior preferred.. 100
112
110
112
65
13 24
57
May
Jan
28%
Feb
30
2
50
May
May
64 24
3%
16%
60
32 24
May
32 24
Jan
*
3%
16%
Signal Oil
*
29
29
30
5
56%
30%
2%
1%
8%
36%
57%
32%
2%
1%
8%
38
Feb
Mar
Apr
24 May
com A
Soundview Pulp Co
Southern Pacific Co
*
62
66
201
48%
Jan
77
Feb
Standard Oil Co of Calif..*
*
45%
50
30 24
Feb
4524 May
Falstaff Brew
1
45%
624
614
395
4%
Thomas-Allec Corp A
*
Tide Wat Assd Oil6%pf 100
Transamerlca Corp
.*
104%
12%
27
2 24
640
7 24
Jan
2 24
300
2
*
'id %
485
11%
9%
11%
10 %
*
11%
380
624
924
85c
85c
85c
17
Hydraulic Pr Brick
17
100
15 24
Apr
18
49
296
47 24
Jan
53 24
com 100
Hyde Park Brew
International Shoe
49
corn-
48
)4
13%
Laclede
24%
24%
56
56
11%
1424
11%
56
common
324
Feb
Jan
Jan
1124
11%
Apr
Apr
124
B
Jan
Feb
Mar
*
Spring Valley Water Co..*
Feb
50c
63
Mo Portl Cement com..25
*14%
8%
6 24
100
13)4
8
Steel common..20
National Candy common.*
Rice-Stix Dr Gds.lst pf.100
May
100
Sou Pac Golden Gate A__*
Union Oil Co of Calif
Union Sugar Co com
8
26
25
16
16
13%
310
114
115
15
..100
101
101
5
100
Apr
102
53
53
2
52
Feb
53
40
40
1
40
Apr
2%
Southw Bell Telep pref. 100
Wagner Electric com
15
"l25%
224
60
224
43
124
38 24
40
43
125 24 125 %
90
123
Jan
127 24
34 24
31
365
28 24
Apr
tCity & Sub P S 5s...1934
33
34
$2,000
33
34
10,000
Jan
Jan
34
tUnited Rys 4s
2624
2824
27
Jan
1% May
85
6%
Jan
36% May
2%
Jan
Feb
38%
3%
2%
Jan
Jan
9
Mar
60
101
Jan
47%
4%
106%
Mar
23,580
11
Apr
14%
Feb
1,595
4,310
21
Apr
10
Jan
28% May
18% May
23
Jan
31
15%
7%
Jan
20%
15%
2,794
2,670
Jan
Feb
Feb
May
Apr
Apr
May
120
Apr
300
300
315
15
290
Apr
327
30%
31
482
26%
Jan
41
41%
65
23%
Jan
Apr
Apr
Mar
30%
41%
34%
42%
Jan
STRASSBURGER & CO.
133
STREET
FRANCISCO
CSince 1880)
Mar
34
MONTGOMERY
SAN
Members: New York Stock Exchange—San Francisco Stock
Feb
Exchange—San
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Bonds—
1934
4s certificates
%
32 24
1,000
32 24
Direct Private Wire
May
35 24
Jan
Apr
San Francisco Curb
Dean Witter & Co.
Municipal and
PRIVATE
LEASED
Beverly Hills
Honolulu
Sacramento
Stockton
Week's Range
Sale
Week
of Pr ices
\
Low
High Shares
Board
Chicago
Stock
of
Stocks—
Trade
Par
(Asso.)
New York Cotton Exchange
New York Coffee t Sugar Ex.
Commodity Exchange, Inc.
Alaska Mexican
Honolulu
Tacoma
Fresno
Anglo Nat'l Corp
Argonaut Mining
Bancamerica-Blair
Stock
Exchange
v*
5
Zlaska TreadweU
Amer Tel & Tel
_
Amer Toll Bridge
161%
1
16%
1
10
Sale
7%
'"72%
*
Par
Stocks—
Anglo Cal Nat Bk of S F.20
Price
of Prices
Low
High
2024
4 24
20%
4%
20%
4%
5
27
27
27
Bank of Calif N A
100
191
190
191
Byron Jackson Co
*
24
24
*
California Copper
5%
10
1
Calif Cotton Mills com. 100
32
California Packing
Corp..*
Caterpillar Tractor
Chrysler Corp
5
Claude Neon Elec Prods
Cst Cos G & E 6% 1st pflOO
Consol Chem Indus A
Crown-Will pref
Crown Zellerbach
v t c
Preferred A
...
Preferred B
32 24
10
S3 preferred
100
Eldorado Oil Works
5%
%
32
72%
94%
12%
102%
30%
103%
7%
93%
103%
7%
5%
12%
40
4%
42
Gen Paint Corp A com
120
180%
Jan
15%
4%
%
Jan
25
Jan
30%
Apr
310
1
850
32
105
32%
74%
94%
12%
104%
30%
104
8%
1,179
55
Jan
12
Jan
Apr
101
Mar
15
430
80
1,728
Hawaiian Pineapple
100
10
Natl Automotive Fibres..*
N atom as Co
*
com
624% preferred
North Amer Oil Cons
98
Jan
97% May
8% Mar
47% Mar
4%
26%
18
30%
101
4%
415
198
14
1,010
30% May
162
725
42
61%
284
9
Jan
May
1,071
42
15
23%
Jan
20
General Metals
20
431
624
97
3%
40
54%
33%
5%
.14%
9
May
Jan
May
com
1
20
12
May
May
17
Jan
84
May
63
Jan
85
Feb
1.25
1.40
5.150
Feb
1.40
4%
4%
1,461
3
Jan
7%
93c
400
65c
Jan
1%
Feb
2.00
300
65c
Jan
2.00
Mar
12%
60
11% May
15%
Mar
14
75
87
18
Feb
Jan
Radio Corp
391
25%
Jan
25%
Apr
6% May
34
Feb
111
100
13%
70
10
15
70
14%
70
15%
1,167
490
20
2%
16
104%
Apr
Mar
Jan
Jan
Jan
552
13
Jan
445
33%
11%
Jan
2,791
199
20
920
9
65%
14%
10
61
May
67
Feb
21%
5
21
95
10
95
22%
99%
Apr
95
Apr
May
43%
„
—
43%
100
40%
Mar
43%
Apr
66c
70c
4,925
50c
Feb
1.55
10%
—
—
— —
mm
29%
11%
116%
6%
6%
14
4%
Jan
4.95
1,015
3.15
Jan
1.00
1.30
5,485
1.00 May
13%
*.*.
-
5
12% May
57%
106
26%
5
Apr
May
Apr
Jan
Apr
Apr
May
2.95
Feb
19
Feb
35c
38c
2,242
28c
Feb
75c
Feb
2.55
2.75
4,060
.1.60
Jan
3.90
Feb
55c
66c
3,815
1,000
50c May
95c
Feb
— —
—
-
5%
7%
-----
-----
10%
Olaa Sugar
Pacific Eastern Corp
Pacific Port Cement... 10
3%
5
29c
4.60
-
-----
._
10
28c
4.60
6%
40%
5%
7%
35%
10%
6%
40%
5%
7%
35%
10%
6
4
20
Riverside Cement A
7
Feb
Jan
6%
Mar
7
Apr
50
36%
Jan
4.10
Jan
100
Jan
Jan
36
Apr
115
7%
27%
6%
44%
6%
10%
Jan
14
Feb
333
3%
60
5
100
10%
10%
5%
11
11
Apr
3.10
Apr
13
May
169
13
11
------
Apr
35c
600
5
10%
(Del)
20
Jan
Apr
2.65
.
13
Pacific Western Oil.....
Mar
13c
Apr
Apr
Mar
6
3%
10
21,650
300
11%
6%
300
6%
6%
Feb
5
May
18
Feb
Jan
12%
Feb
1,125
10
Apr
14%
Jan
1,675
3.00
Jan
6% May
13% Mar
10
9
Jan
Feb
Jan
Apr
Jan
Jan
3%
Feb
Apr
108% May
20%
Apr
18
47%
57%
4.70
—
10
Schumacher Wall Brd pref
Shasta Water
*
Southern
Mar
18
31%
Callf-Edison._25
5%% preferred
18
31
31%
26%
26%
28%
42%
15%
6%
1,039
33c
300
26
25
...25
6% preferred
SPGdGt pref 6%....100
Standard Brands
United Corp
2%
2%
16%
16%
108% 108%
17%
17%
36% 36%
11%
11%
13%
13%
61
21%
Packard Motors.
11%
Jan
205
61
2
Jan
Apr
16%
1,511
Jan
2
2
11
1,020
Jan
May
17
28c
Menasco Mfg Co
Monolith Port Cem pref.l
May
180
11%
31% 32
25% 26%
6%
6%
114% 114%
44
57%
61c
2
12
Mar
Jan
Mar
105
M J & M & M Oil
Jan
24%
9%
100
Lincoln Petroleum
Apr
30
Jan
Feb
180
Kinner Air & Motor
Oahu Sugar
21%
Jan
27%
Jan
22% May
70
May
4%
May
1,345
North American Aviation
100
555
6%
13%
Feb
22%
11%
75
1.00
35c
Feb
28
Jan
Mar
2.65
Preferred
36
28
85
23
Italo Petroleum..
112
22%
Jan
1.05
Internatl Cinema
Montgomery Ward
28
Apr
4.75
Idaho-Maryland
Mountain City Copper
Apr
Jan
14%
9%
52
149
20
Jan
Jan
105
20
Holly Development
Feb
30%
31%
Mar
22
—---
O'Connor Moffatt
Jan
15%
10%
6%
61
20
Apr
26
Apr
105
.20
____
4% May
Jan
48%
70%
Apr
38% May
Jan
71c
"
105
Guggenhlme Co pref
2
Jan
22%
-----
—*
30%
18%
110
100
Mar
May
720
2%
16%
108%
17%
36%
11%
com
10%
27
224
6% preferred
Jan
39c
150
73
Feb
1.75
Fibreboard Prod pref-.100
Feb
29%
Magnavox Co Ltd
Marchant Cal Mach
Feb
Feb
109
26
114%
com
105%
31%
90
3,407
Feb
177%
90c
Internatl Tel & Tel
Jan
29%
1
(I) Magnin & Co
Ewa Plantation
Honokaa Sugar Co
Apr
16%
12%
8%
24c
Apr
75
6%
2
4,050
Feb
Feb
12
1
2
59c
5c
150
85
*
Preferred.
189
30
Curtiss-Wright Corp
Gt West Elec-Chem
100
12%
12%
73%
2
6c
162%
20c
78
*
Apr
Apr
26
100
1
4%
Feb
29%
Los Ang G & E pref
Letourneau
Lockheed Aircraft
1.30
*
Republic Petroleum
22%
11%
31%
25%
6%
Leslie-Calif Salt Co
7%
16
Jan
Apr
914
Langendorf Utd Bak A...*
29%
100
37%
78%
103%
Apr
322
Hutchison Sugar Plant. .15
Feb
3%
32%
11%
15%
9%
5
1
Claude Neon Lights
1
Columbia River Packers..*
Feb
91%
38
Honolulu Oil Corp Ltd...*
Honolulu Plantation
20
45
Mar
91
11
9
Jan
May
170
38
*
1%
87%
11%
15%
*
7
135
38
Golden State Co Ltd
27
Feb
192% May
25% Mar
Jan
588
*
Gladding-McBean Co
27%
5%
Jan
290
*
B common
27
Jan
Apr
May
477
61%
10
3%
160
99
com
170
17
320
99
Galland Merc Laundry
300
94
Fireman's Fund Insur...25
General Motors
24%
5%
230
High
8c May
77
Consolidated Oil
94%
5%
40%
5%
38%
Fireman's Fund Indem__10
10
High
92
26%
17%
30%
Foster & Kleiser com
Low
92
26%
17%
30%
Emporium Capwell Corp..
Week
Shares
Low
200
77
6% preferred 1927
Hawaiian Sugar
31
73%
94%
12%
102%
30%
93
D1 Giorgio Fruit com
Range Since Jan. 1 1936
73
Crown Will 2d pref
Assoc Insur Fund Inc... 10
Atlas Imperial B
Calaveras Cement com
for
Range Since Jan. 1 1936
78
Calif-Ore Pow 6% pref. 100
Cities Services
Sales
Week's Range
16
12
5
,
158
54c
Cardinal Gold
Last
for
8c
6c
100
CaUf Art Tile A
Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
8c
..25
_,
Bunker HlU-SulUvan
San Francisco Stock
Price
Exchange
New York Curb Ex.
Seattle
Friday
Sales
Friday
Exchange
Last
Chicago
WIRES
Portland
Stock
San Francisco CurbExchange
Los Angeles
Oakland
York
San Francisco StockExchange
Corporation Bonda
San Francisco
New York
New
Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
Members
Nor Amer Inv
Jan
Jan
May
2
112
Apr
324 Mar
40
May
29 %
30 %
42
23%
30% May
Apr
58%
May
117 24
Mar
Feb
Feb
Apr
15
40
Scull in Steel pref
*
Securities Inv common...*
19
23%
112
Apr
preferred
Feb
112
Jan
Scruggs-V-B D G 1st pf.100
2d preferred
100
2d
Feb
8
Feb
15
May
112
112
Apr
13 24
15
Jan
2% May
15%
Apr
8% pref 100
Feb
Jan
Jan
104
200
14%
30 24
71
Feb
119
733
16
14%
Western Pipe & Steel Co. 10
Yellow Checker Cab A..50
May
Mar
400
23%
18%
Wells-Fargo Bk & U T.100
10
Feb
113
1,547
31
Apr
56
Apr
Feb
175
16%
Feb
30
Feb
100
22
1024
35
Feb
24
91%
35
50
31
United Air Lines Trans...5
Universal Consol OH
10
Apr
110
550
3
31
14%
Apr
3
22%
17%
Jan
23
Jan
Jan
1,336
104% 104%
12%
12%
25
Jan
5
9 24
114
3
29
17
3%
17%
.
25
7% preferred
Weill & Co (R)
Key Boiler Equipt com..
Laclede-Chr Clay Pr com.*
McQuay-Norris
Feb
Jan
Jan
104%
Dr Pepper common
2
10
110
32%
.
7%
29
32
com
Jan
Jan
Jan
May
105
32
com..
4%
17%
80%
40
29
*
Preferred
Apr
48%
105
Burkart Mfg pref._
Common
Hussman-Ligonier
Feb
152
Jan
29
57%
31%
2%
1%
8%
37%
Hamilton-Brown Shoe
130
Jan
100
265
52
6%
Jan
139%
38%
85%
50
common
119
6
Shell Union Oil com
High
Feb
39
15
2%
125
185
20
~5o"
2%
Jan
29% May
107% May
7%
Feb
24%
Apr
2,077
2,517
85
*
29
*
com
Jan
155
20
Brown Shoe common
A
Boyd-Welsh Shoe
Feb
29%
26%
104%
4%
18%
85%
Schlesinger&Sons (BF) pflOO
Jan
14%
Jan
17% Mar
38%. Apr
32%
Apr
31
105
Range Since Jan. 1 1936
32%
961
*
..
Feb
Apr
15
20
*
100
—
33%
Apr
Apr
2,025
1,535
39%
5%
Jan
498
150
39%
28%
7%
Roos Bros pref.;
..100
SJL& Pow 7 % pr pref 100
Sales
Last
Amer Credit Indemnity. 10
American Inv B
*
6%
22%
*
5%
6%-
135
High
28
2,055
29
107%
Railway Eq & Rlty com..*
May 16 to May 22, both inclusive, compiled from official sales lists
Stocks—
29
*
Phillips Petroleum
St. Louis Stock
34%
31%
25
Non-voting preferred..*
Louis, Mo.
Telephone Central 3350
8%
16%
Low
170
36
32%
29%
106% 107%
6
6%
22
22%
124% 125%
1st preferred
Pac P S non-vot com
Trade
of
25
24
7%
15%
38%
31%
15%
32%
24
Range Since Jan. 1 1936
Shares
High
31 %
'""7%
5%% preferred
25
Pac Light Corp
6% pref..*
(Associate)
Low
31%
Coll 111111115
Pacific G & E com
MEMBERS
Price
*
Pacific Fish
Week
*
B
all
for
of Prices
10
Oliver United Filters A
Mid-Western and Southern Securitiea
New York Stock
Par
Occidental Insur Co
Business Established 1874
Enquiries Invited
{.Concluded)
Week's Range
Sale
28%
42%
16%
6
*
33c
United States Petroleum.*
33c
320
Victor Equipment com...
5
Preferred
38
Waialua Agriculture
20
Warner Bros Picture
350
114
15
*
54
Jan
West Coast Life Insur
5
9%
16%
Jan
17%
Apr
Western Air Express
1
8%
Jan
Apr
82
Feb
27
Apr
28%
Jan
62%
Feb
Apr
16%
8%
Mar
55c
Feb
5%
25c
240
13
Feb
Mar
320
159
51
Jan
Jan
28%
16%
325
10%
19
36
Feb
37
10
200
Mar
May
31
24%
25%
27%
210
10%
51
17 *
50
565
Apr
Jan
Mar
450
200
10% May
Jan
42%
9% May
11%
54%
14%
140
15
Jan
20
10
5
Jan
Jan
Feb
Apr
Apr
Apr
Feb
Mar
*
19%
Mar
No par value,
c
Cash sale,
x
9%
Ex-dlvldend. y Ex-rlghts.
z
Listed,
9%
Feb
Jan
Feb
t In default.
3486
1936
23,
May
Financial Chronicle
Canadian Markets
LISTED AND UNLISTED
Provincial and
Bid
Province ol Alberta—
Toronto Stock
Municipal Issues
Province of Ontario—
Ask
Exchange
Sales
Ask
Friday
103 X
112 X
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Bid
80 %
82%
5%s
Jan
3 1937
102%
Oct
1 1956
Prov of British Columbia—
68
-July 12 1949
78
80
5a
Oct
1 1942
112
68
Sept
15 1943
96%
98 %
5a
May
1 1959
93
94 %
4a
June
1 1962
105
106
Dominion Steel & Coal B 25
4%s_.
Jan
110 %
111*
Dominion Coal pref
Range Since Jan. 1 1936
1169* 117%
1 1963
1 1948
Jan
5s
4%s
Oct
4%s
Province of Manitoba—
4%s.._
—
1 1941
Aug
June 16 1954
6s
Stocks {Concluded)
Par
25
...♦
June 15 1936
Apr 15 1960
Apr 15 1961
Province of Nova Scotia—
100%
4^8
111
112
4%s
109% 110%
Sept
15 1952
110
Mar
1 1960
116
English Elec Co Can Ltd A
Famous Players
June
Frost Stl & Wire 1st pref 100
•
Goodyear Tire
*
"66%
*
20
•
1(X
Bid
Ask
91%
91%
4%a
Sept
Dec
103% m%
106% 107%
1 1946
6a
1 1954
115% 116%
101
100
July
4%s
103% mx
1 1960
Bonds
*
Bid
Bid
Ask
4%s.
4%s._
Sept
1 1951
June 15 1955
Feb
1 1956
114% 114%
4%s
6a
July
July
1 1957
1 1969
111% 112
117
117%
5s
Oct
1 1969
Feb
1 1970
108
118% 119%
5s
1 1946
.July
Jan
3a
1 1962
1 1936
*
100
Week's Range
of Prices
Low
High
1.75
*
Preferred
Brewers A Distillers
*
British American Oil
*
B C Power A
♦
Building Products A
Burt (FN)
Bread
Canada Cement...
*
Canada Steamships
310
101% 101%
Riverside Silk A
2%
Feb
Feb
Feb
Jan
101
105
10
406
146
300
4
10
30%
30%
93
3%
Jan
31
Consolidated Bakeries
*
16X
56%
165
Jan
230
25
Apr
1.00
May
7%
Jan
20
Jan
10
"■
Mar
Feb
Feb
Mar
Jan
15
15
15
Jan
15
May
215
40
Apr
70
May
88%
88%
89
79
Jan
95
5%
5%
22%
6%
22%
206
5,578
Jan
3%
14
160
28
28
22% May
Jaa
11%
29
455
19
15
Jan
Feb
Apr
6%
27
18%
Feb
29%
Apr
Jan
30%
30%
10
62%
717
67
Jan
25
Preferred
Jan
61%
56%
55%
56%
585
49%
Jan
67%
60%
32
32
300
27
Apr
32
8% May
11
Jan
106
May
9
8%
Tip Top Tailors
...»
10
*
Jan
9
Apr
1,540
9
2%
310
1,073
18
18%
18%
1,066
39
29
100
~14~~
14
67
12%
Feb
4%
Feb
Jan
Mar
19
Feb
May
65
jan
i?fi
36
13%
Apr
98%
May
2%
Jan
14
65
14
10
11
Jan
65
100
Feb
12%
34%
Jan
41
2%
Apr
Apr
50
99
2%
Apr
May
May
2%
685
14%
98%
99
*
100
102
39
29%
*
10
30%
2%
2%
*
100
9%
10%
6%
90
106
9
10%
15
8%
106
*
com
65
6
60
Feb
Jan
17%
102
Mar
4%
17%
Mar
69
Mar
Feb
58
Apr
.100
152
152
156
613
149
Jan
170
Feb
100
204
203
205
40
190
Jan
222%
100
207%
206
207%
59
198
May
221
Feb
100
195
195
198
89
182%
Apr
213
Feb
100
284
284
288
138
271
Jan
300
Feb
60
....
57
57%
95
57%
51%
Jan
Feb
100
170
170
172
18
164
Jan
182
Feb
—.100
231
231
231
27
225
Jan
235
Mar
150
150
137%
Jan
160
Royal......
Loan
and
Trust—
100
152
14
Huron & Erie 20 % pref
Landed Banking
*
12
11
12
10
11
100
55
55
55
10
52%
National Trust
100
205
205
10
Toronto Gen Trusts
100
85c
2%
13
Jan
4%
18%
Mar
Mar
1.40
May
Feb
14%
Jan
Feb
58
Mar
196
Apr
205
May
58
84
May
95
Feb
9
6,219
16%
Jan
29%
34%
140
28%
May
161
33
Jan
42
120
37%
Jan
5
235
20
Apr
27%
32%
37%
Mar
47%
Mar
Jan
Apr
6
Feb
30
May
44
Jan
4%
898
6
Jan
8
Feb
67
337
58
Jan
75
Feb
80%
154
80
May
93
Feb
100
1%
Apr
7%
98 X
210
6%
Apr
15
Feb
Jan
27
Mar
May
57
Feb
100
5%
6%
5%
45
8
8%
6%
50
4
Mar
68
88%
Jan
748
5%
May
Apr
3%
5%
100
8%
8
Feb
Feb
May
Feb
Feb
105
5%
265
37%
Jan
49%
Apr
4,005
7%
Apr
12%
Feb
25
6%
10%
May
11
Jan
12%
2,741
2X
2%
226
2X May
15%
3%
Feb
6X
7
750
8%
Feb
18%
Mar
12
10%
55%
100
200
200
Cosmos Imperial
*
100
19
19
103
102%
*
16%
56%
203
19%
103
Toronto Stock
Jan
6%
May
15%
1,444
51
Apr
May
200
189
Jan
175
415
17%
47
47
47
5
23
26
13,525
57% May
Apr
205%
22%
Feb
Apr
Apr
30
Apr
47
May
18%
Apr
34%
102
24 X
Jan
Feb
103
15
84%
115
Mar
120
May
119
Exchange—Curb Section
May 16 to May 22, both inclusive, compiled from official sales lists
Sales
Friday
Range Since Jan. 1 1936
Last
Week's Range
for
Sale
of Prices
Week
Jan
23%
32
84
119
119
Feb
Apr
X
4%
"84"
50
Feb
700
6%
Toronto Mortgage
Feb
16%
1.00
Consumers Gas
Jan
175
62%
Apr
31%
Jan
161
6%
Consolidated Smelters-.25
100
Apr
Mar
9%
710
5%
......
Distillers-Seagrams
5
27
3
44%
"l2"
Crow's Nest Coal
Feb
Jan
30
17
5%
Jan
150
137
11,506
22
3%
Apr
955
13
44%
8X
*
Preferred
Jan
2% May
141
12%
2%
*
*
146
20
Mar
2%
2%
142
..*
....25
19
60
40
•
Commerce
15
4%
Cockshutt Plow
Canadian Pacific
Mar
157
70
•
Western Can Flour pref
Weatons (Geo) com
12%
42
Canadian Wineries
Feb
Mar
215
13%
Walker (Hiram) com
Preferred
40%
20%
Cndn Industrial Alcohol B*
39
Apr
99% 100%
High
9% May
15
Canadian Ind Alcohol A.
Jan
Nova Scotia
Jan
30
Canadian Dredge
27%
Montreal
1.25
42
5%
90%
Feb
Jan
IX
7%
100
Feb
Jan
Apr
Canada Permanent
25
*
1,280
85
15
Power Corp
Preferred
Low
42
.
10
230
Range Since Jan. 1 1936
for
25
Conv preferred
Canadian Car
Mar
17%
9
Week
Shares
Canadian Bakeries pref 100
Canadian Canners 1st pref
40
105
Jan
Steel of Canada
Jan
80
*
29% May
Jan
12%
Banks—
Canada Steamships pf.100
Canada Wire & Cable A..*
Canadian Canners
Jan
Simpsons Ltd pref
100
Standard Chemical.....
6%
6%
*
Jan
7%
109%
29%
65
*
5%
126%
10
31
100
Preferred
Canada Packers
4%
Mar
25
4%
50
Jan
Apr
May
2
65
15
*
Zlmmerknit pref
42
*
B preferred
May
2.25
97
90
Feb
18%
115
Apr
5%
Winnipeg Electric
28%
33%
♦
26
Feb
May
175
95c
23
386
1,285
86%
36
25
515
Mar
1.00
5
New preferred
16X
Brewing Corp of Can
242
1.25
111
80
9
30 Hi
12 X
25
31
10
28
pref.60
Brazilian
1,554
1,935
20
113
WA. 3401-8
4
Brantford Cord 1st pref.25
18
115
Jan
101
*
com
18%
17%
Mar
Apr
34
8X
2%
Mar
20%
May
34
142
69
JaD
Sales
1.50
100
Preferred
Bell Telephone
Jan
73
10
Beauharnols Power
65
7%
Toronto
_
15
29
Exchange
Friday
.100
10
Feb
66%
100
May 16 to May 22, both inclusive, compiled from official sales lists
_
Feb
22
7%
Imperial
6% preferred
Feb
Mar
9
JaD
100
Orange Crush 1st pref--100
2d preferred.^
*
Page-Hersey
*
Pantepec Oil
1
Dominion
American Cyanamid B
14%
64
17
105
Canada
Beatty Brothers..,
Jan
Jan
10
Toronto Stock Exchange
*
Apr
Feb
57
Commodity Exchange, Inc.
Sale
14%
105%
15
17%
*
Feb
15%
Apr
20
New York Curb (Associate)
Last
Feb
18%
17%
5%
Jan
Jan
4
75
STOCK BROKERS
Price
Mar
8%
May
May
6%
*
National Sewer Pipe A
Ontario Equitable
Mar
5%
110
Duncanson, White & Co.
Toronto Stock
May
72%
69
40
Tip Top Tailors pref.-.100
Twin City
*
15 King Street West, Toronto.
43%
3%
5%
16%
United Steel
Members
188
150
Union Gas
Canadian
12%
13%
101
Feb
Feb
154
40
Standard Steel Con pref
Sept
Jan
Feb
16%
28%
100
74
Grand Trunk Ry—
6s
Jan
2%
245
7
Jan
Apr
Apr
Feb
109
118% 119%
6%s
6
5%
*
Russell Motors pref
Grand Trunk Pacific Ry—
4a
Jan
1 1962
113% 114%
116% 117%
4%s
7,353
May
Mar
100
Ask
Canadian Northern Ry—
126
47%
10
Jan
18
5%
National Grocers
Pressed Metals
Canadian National Ry—
5
500
10X
210
100
Photo Engravers
Dominion Government Guaranteed
1,171
'
35
"35"
100
com
12%
13%
102
86
*
A
110% 111%
14%
103
Monarch Knitt Co pf._ 100
B
350
2%
2%
5%
5%
30%
33
14%
15
102% 103%
32%
'
100
Moore Corp com
3%
1.10
"5%
*
Preferred
1,040
17%
100
Massey-Harrls com
Canadian Paclfio Ry—
May
May
115
"l'l5
Preferred
Ask
Mar
3%
19%
17%
100
Maple Leaf Mill
Bid
63%
45%
9%
6%
18%
66%
"ex
...»
Preferred
Canada
"46%
*
Mulrheads
64%
57
35
3%
13%
*
B
Railway Bonds
45
56
102
•
M cColl-Frontenac
Blue Ribbon 6X%
13%
.*
com
Loews The (M) pref
Private wires to Toronto and Montreal
68
12%
12%
Internatl Utilities A
Inc.
92%
3%
5
.
Loblaw Groc A—
Co..
10
6
Lake of the Woods....
New York
93
3%
Kelvlnator
&
13%
20%
*
*
Imperial Tobacco
Internatl Nickel
1,094
3,159
*
Internatl Milling pref--100
Bonds
14 Wall St.
Blue Ribbon
56
50
Preferred
14%
22%
55%
21%
20
68
14
*
100
93
*
Ford A
21
20
13%
21%
*
Fanny Farmer
94
ix
8
9
20
93
15 1946
1 1951
200
8
21
98 X
99
99
100
15 1943
Nov
Oct
Gundy
Abltibl
Apr
MX MX
Laura Secord
Par
Feb
20
1 1961
Wood,
Stocks—
Feb
May
Hlnde & Dauch
1 1944
2%
11*
23
8
Canadian
Deo
Feb
Jan
May
Easy Washing com
Harding Carpets
July
11%
English Elec Co. of Can B*
Gypsum
5s
17%
May
109 X 111
Gen Steel Wares com
4%s
May
8
MX 114%
117
15 1942
15 1944
14
340
1 1958
111
6s
Sept
1,300
2 1950
4%s
4%u
6s
16%
8%
2%
Feb
5%s
Feb
15%
Mar
6a
High
8
950
4a
Prov of Saskatchewan—
Low
4% May
4%
8%
2%
Dominion Stores
Week
4%
4%
16%
8%
4%s
106%
100
Canadian Paclfio Ry—
4s perpetual debentures.
Price
4%s
105
106 % 108
4%s
15 1965
Province of Quebeo—
102 % 104%
2 1959
Prov of New BrunBWlck—
Dec
5s
1169* 117 X
Jan
Stocks—
Par
Bruck Silk
*
Canada Bud....
*
Canada
Malting
Canada Vinegars
Canadian
*
*
-
Marconi
Price
Low
11
9%
20
Consol S & G pref
Crown-Dominion Oil
100
'
Dominion Bridge
1%
15
20
Humberstone Shoe
19%
105
1% May
2%
24
Apr
90
Jan
Mar
35
May
*
International Petroleum._■*
2
May
36
37%
5%
340
2%
2
Jan
8%
Feb
11%
40%
7
Jan
Mar
Mar
Feb
32
Jan
200
4
Jan
74
74
10
56
Jan
4
30
4
May
34
25
30
Jan
37
Feb
12
575
7
Mar
12
May
29%
22
29%
10
29%
Feb
22%
5,286
20%
Mar
Jan
35
21%
5%
608
4
Jan
20
30
Jan
42
Jan
39
May
50
5%
•
37
36
38
37%
37
38
5,674
35
43
61
100
33%
35
7%
79
6%
Feb
Apr
Jan
24%
Apr
7%
Apr
Jan
%
Apr
Feb
10
30%
10
20
9
Jan
13%
Mar
30%
31%
188
81
Apr
42%
100
39
Jan
13
13
10
13
May
34%
43%
17%
Feb
42%
*
Montreal Power
77
33
250
May
10%
5%
100
10
25
2
5
Jan
Feb
Jan
21
35
300
Feb
27%
82
3%
Apr
May
35
10
Mar
9%
35
34
*
Imperial Oil
Int Metal In dust
1.55
150
1
Jan
1%
Mar
3.60
100
Jan
4.00
Mar
National Breweries
*
National Steel Car
*
North Star Oil
5
1.55
1.55
Preferred
5
3.60
3.60
value
180
24
5%
*
par
Mar
30% May
16%
4
36%
.....
*
Pref-100
Honey Dew pref
•No
6%
720
24
3%
♦
100
Langleys pref
Mercury Mills
955
10
*
*
Dom Tar & Chemical
Preferred
9%
31%
20%
High
May
82
"35"
*
DeHavlland Aircraft
Disher Steel pref
Hamilton Bridge
9
Low
11
2
*
Corrugated Box pref... 100
Hamilton Bridge
12%
95
1%
"24"
Shares
11
31
1
Canadian Wire Box A
Preferred
High
*13
/ Flat price.
3.15
Apr
Feb
Volume
Financial
142
Chronicle
3487
Canadian Markets—Listed and Unlisted
Toronto Stock
Las
Par
Price
*
Prairie Cities Oil A
*
Rogers-Majestic
Shawinigan
*
""45*
*
20
Stop & Shop
Week
Low
High
9
15*
*
20
25*
100
4
18
25*
2
45*
205*
Supertest Pete ord
*
_
34
35>*
Tamblyns (G) pref
100
111
*
35
110
Walker ville Brew
*
Waterloo Mfg A
"I!"
*
Jan
Jan
235*
Mar
Jan
3.00
Mar
Feb
Sudbury Basin
Sudbury Contact
22
•
Feb
2.00
30
Jan
38
Feb
Apr
21
55
25*
25*
295
15*
75
"
*
Par
Stocks—
Price
Acme Gas & Oil
*
125* c
Alton Gold
1
8c
Ajac Oil & Gas
1
Alexandria Gold
1
3c
Algoma Mining
*
*
Anglo Huronian
44c
203*C
23c
18c
Jan
38 3* c
3.65
3.75
1,845
3.00
Jan
4.95
Feb
19c 129,950
1.38 444,488
6c
Jan
19c
May
83c
Mar
1.38
May
Mar
2.90
Feb
...1
17Mc
15X0
1.27
97c
2.55
2.50
2.65
14,030
2.25
47c
33c
50c
Jan
52o
5.00
25,120
27,095
28c
4.60
4.30
Mar
5.40
Jan
Apr
29
Feb
Texas-Canadian
Toburn Gold..
2.10
2.10
2.50
38,085
2.00
May
2.50
Apr
1
1.35
1.30
1.35
3,300
1.20
Jan
1.50
Feb
20
May
35*
Feb
1.25 May
2.25
Mar
2 5*
Towagamac
42c
32c
42c
75,716
20c
Jan
*
1.90
1.90
2.00
23,725
1.10
1.10
1.15
Wayside Consolidated .60c
12X0
12c X
14c
6,312
41,720
1,60
1.00
Jan
*
*
3 J*c
43*c
...1
6c
3J*c
5%G
*
8.20
8.05
*
60c
59 3*c
Exploration. 1
Range Since Jan. 1 1930
__
white Eagle
Wiltsey-Coghlan
Wright-11 argreavee
Ymlr Yankee Girl
Low
Shares
High
50c
Jan
13*c
3Hc
Jan
5.25
4.10
Jan
2,311
Jan
80c
80c
80c
2,300
65c
Apr
1.48
1.60
1.15
Apr
185*o
Toronto Stock
Feb
88c May
70c
Feb
5.45
May
97c
Par
1.60 May
25c
Feb
B rett-Trethewey
7c
8c
5c
25*0
Jan
65*o
Feb
77,900
53*c
Jan
11 % c
Feb
Barry-Holllnger
1
65*c
5C
75*c 265,400
33*c
Mar
Churchill Mining
Coast Copper.
18c
18c
22c
21,100
18c
May
40c
Jan
Cobalt Contact
Bear Exploration
1
44c
40c
45c
28c
Mar
60c
Jan
Dalhousle Oil
*
Beattie Gold Mines
*
1.34
1.30
1.35
22,950
6,250
*
64>*c
63c
66c
63*c May
75*c May
1.30
Mar
1.84
Feb
May
76c
Jan
13c
Apr
Jan
Home Oil
1,298
19,446
65,405
5.55
Jan
7.85
Apr
9c
Jan
255*o
Mar
Hudson Bay
Kirkland Townsite..
3.80
Jan
8.00
2c
6c
73c
14c
17c
7.35
7.50
13c
16c
7.85
6.00
8.00
105*c
85*c
12c
12c
1.00
1.00
9c
9c
600
5c
Jan
Feb
1.12
1.26
54,875
953*c
Mar
1.40
Feb
Oil Selections
1.43
1.39
1.43
1.15
Jan
1.00
Mar
1.38
1.37
1.48
1.24
Jan
1.09
Jan
Central-Patricia
1
3.30
3.30
3.38
2.41
Mar
3.55
Apr
Pend-Orellle
Chemical Research
•
1.00
1.03
3,600
Jan
1.00
Feb
*
1.70
1.22
1.80
54,655
Clerlcy Consolidated
*
85*c
75*c 105*o 126,350
3c
Jan
Coniagas..
6
3.50
3.25
3.50
1,350
2.80
Jan
2.30
2.20
2.40
9,850
1.80
Jan
54
Coniaurum
'
425
90c
Jan
Jan
Jan
2.25
2.25
200
2.25 May
4.50
Feb
23*c
23*c
26,500
13*o
Jan
3 J*c
Mar
40c
41c
1,590
40c
Jan
78c
Feb
7c
8c
2,200
63*o
Jan
133*c
4?*c
7c 105,900
4c
Apr
7c
Feb
May
2,750
72 3*o
Jan
1.43c
Feb
3,329
223*
143*0
Jan
283*
Feb
Jan
Jan
1.39
Feb
Night Hawk
1
42
5,536
55*c
1.08
Falconbrldge
7.90
7.90
8.20
Federal-Kirk land
75*c
5c
75*c
Franklin Gold-...-.--.
55*c
5c
55*c
96c
90c
96c
365*c
28c
45c
11,500
20,225
8,557
60,000
57,000
•30,588
449,090
56c
700
32c
Jan
19c
35,550
155*c 221,407
6c
Jan
33*0
Jan
1
God's Lake
*
Goldale
Gold Belt
50c
«,«.
-
-
56c
Jan
43*c
Jan
95c May
6.90
Maron
9.60
Jan
10c
lie
75o
Mar
1.45
Jan
45c
Jan
63*o May
17c
18c
3,500
14c
Mar
26c
Apr
5c
6c
2,500
43*0
Jan
7c
Jan
183*c 203*c 21,700
73*c 103*c 342,250
19c
8?*c
183*0
Jan
313*0
Feb
23*c
Jan
103*o May
2,300
71,000
8O0
May
4c
Jan
lie 238,400
lo
Jan
8014c
1
7?*c
9c
71,500
4c
33*c
Jan
4c
Mar
Jan
53*c
63*c
4c
8c
Feb
15c
133*o May
Jan
2c
1.20
Apr
6c 168,500
63*c 12 3*c 161,600
6c
9c
16,000
12c
1
81c
10c 113*c
103*c
Temlskaming
9c
Feb
73*o
Mar
123*c May
9c
May
CANADIAN SECURITIES
Feb
56c May
20c
19c
20c
17,273
934c
105*c
3,000
53*o
Jan
Greene-Stabell
1
67c
72c 323,199
21o
Jan
72c
Grull
1
Feb
Drury & Thompson
115*c
1.06
13*c
May
1
1.10
63*c 686,190
Feb
Jan
143*c
Jan
Granada Gold
8c
Mar
Feb
Mar
1
~
Feb
34c
Mar
3c
43*c
Graham-Bousquet
mm
7o
Jan
93*c
Feb
9C
m
Jan
Mar
17c
Wihksne
Jan
17c
Wood-Kirkland
23c May
12c
*
5J*c
May
56,200
May
33*0
13*o
mo
7c
23c
May
73*c 2 8,530
43*c 82,100
26c
11,175
...
Sudbury Mines
1.38
94c
27
13o
32c
9J*c May
33*c
33*c
Robb Montbray
595*
30c
20c
3.60 May
2.75
Apr
175*c
58c
33*c
Ritchie Gold...
155*c
Grandoro
6c
1.80 May
14c May
1
Goodfish Mining
63*c
♦
695*
1
18c
4J*c
Mandy Mines
5C
—*
Explorers
Eldorado
263*
20c
Malroblc Mines
Feb
99c
Dom
27
*
18o
1.00
Dome Mines
203*o May
20
94c
*
Jan
1.22 May
Jan
3>*c
1
Jan
14o
High
7c
113*0
*
May
13c May
Lake
Low
7c
Porcupine-Crown
Chibougamau Pros
13c 344,083
13c
4,100
Range Since Jan. 1 1936
for
Week
Shares
40c
Pawnee-Ktrkland
•
Jan
86,950
8c
Par khlll Gold
...1
2,200
14,400
14,405
-
Feb
71c
93*c 105,700
22c
Nordon Corp
1.21
»
9.00
Mar
143*c 20}*c 494,500
7c
13c 243,700
9c
Grozelle-Kirkland...
7.40
.* m
Mar
38c
6c
East Crest Oil
55c
165*c
Castle Trethewey
7.56
26,200
2J*c
155*c
1
12,697
69c
High
2.25
14,415
31,800
23c
Low
29c
1
*
*
8.30
Feb
Sales
19 J* c
11c
60c
....
Feb
Feb
of Prices
Central Manltoba.-.
95*c
Calmont Oils
93*o
Week's Range
Price
Aldermac Mines
4J*c
85*c
Cariboo Gold...
Jan
Jan
Stocks—
9c
Canadlan-M alartlc
3o
7c
Sale
8c
1.00
Jan
Last
4J*c
...
3c
Friday
45* c May
125* c May
1
Calgary & Edmonton
Apr
54,700
9,500
Exchange—Mining Curb Section
1
1
Bunker Hill
Feb
203* 0
53* c
May 16 to May 22, both inclusive, compiled from official sales lists
Bag a mac Rouyn
Buffalo Canadian
42c May
2,50
1.37
Jan
llo May
Feb
Week
1.55
Buffalo Ankerite
Feb
5.00
Ashley Gold
Astorla-Rouyn
Bralorne Mines
52c May
*
25,150
10,500
49,000
BRXGold Mines
44c May
*
5.25
Big Missouri
Bobjo Mines
1.15 May
Teck-Hughes Gold
3c
35*c 133,400
85*c 105* c 59,800
Base Metals
51c
45c May
Apr
Feb
May
--1
Arntfleld
44c
23c
3.75
»
Jan
75c
Feb
95* c
Argosy Gold Mines Ltd..
Feb
183*c
Mar
May
5.40
1.15
39
4c
50c
45c
85c
119
lie
50c
343*c
High
8X0
Mar
114
60,000
4c
43c
1.06
Low
3 3*0
29,640
251,890
265,615
43,375
23,500
Apr
10c 380,400
51c
3,400
125*0 145* c
5c
May
Sales
for
43*c
Range Since Jan. 1 1936
Shares
34
May 16 to May 22, both inclusive, compiled from official sales lists
of Prices
Low
High
High
109
Exchange—Mining Section
Sale
Low
4 J*c
Stadacona-Rouyn
Shawkey Gold Mines. ...1
Ventures
Friday
Last
Week's Range
Price
*
Wal te- Amulet
Toronto Stock
Week
Sullivan Consolidated. —.1
Sylvanlte Gold
—1
Tashota Gold fields
110
5
24
for
of Prices
St Anthony Gold
Jan
Week's Range
Sladen Malartic
1.15
11
30
15*
25*
65*
Feb
12
1125*
20
Apr
50
35
Toronto Elevators pref. 100
United Fuel pref
100
Mar
125
111
Toronto Elevators
Jan
2.50
195*
505
Par
South Tlblemont..
Feb
4
5
75
(Concluded)
145*
1.25
200
510
75
Stocks
May
9
1,690
3
Last
High
Low
18
18
1936
Sale
15
*
com
Range Since Jan. 1
Shares
9
Sales
Friday
for
of Prices
Ontario Silknlt
Standard Paving
Preferred
Sales
Week's Range
Sale
Stocks (Concluded)
Toronto Stock Exchange—Mining Section
Exchange—Curb Section
Friday
170 May
10c
7,041
8c
1.18
25,425
4c
205*o
Feb
14c May
30©
Members
Jan
Canadian Commodity Exchange Inc.
May
Mar
1.20 May
Gunnar Gold
1
75c
Jan
Halcrow-8 way ze
1
4c
3c
9,500
2c
Jan
Hard Rock
1
2.80
1.70
3.20 1156695
37c
Jan
1
I65*c
15c
18c 123,400
7c
Jan
155*
133*
ST. JAMES ST. W., MONTREAL
185*o May
Hollnger Consolidated ...6
360
3.20 May
Harker Gold
Montreal Curb Market
Montreal Stock Exchange
135*0 May
15
5c
155*
6,804
Mar
17 5*
53c
94,850
11c
Jan
58c
86c 142,175
553*c
Mar
Jan
Jan
..1
50c
43 5*0
Howey Gold
1
78c
73c
J M Consolidated
1
62c
55c
64c 110,805
60c
02c
5,200
42c
49c
28,570
58c
9,831
51H
Jan
695*
Feb
5c
Jan
19c
Montreal Stock
Jan
595*
95*0 125*c
Feb
Homestead Oil..
Kirk Hudson Bay
1
Kirk land-Lake
1
Lake Shore Mines
1
Lamaque-Contact.
Lava Cap Gold
_ .
....1
62c
45c
59
565*
11c
1.27
26c
Lebel Oro
Lee Gold Mines.
1
*
.680
45*0
f_
Lowery Petrol..:
6.75
7.25
135*0 135*0
Mac ass a Mines
1
3.92
Manitoba & Eastern
*
I95*c
Maple Leaf Mines
1
McLeodCockshuttMInes 10
24c
4.20
6
Mclntyre Porcupine
445*
Apr
1.28
295*0
Mar
25*c
05*c
Feb
6.05
Mar
7.75
Feb
9c
Jan
145*c
Feb
48,910
3.12
Jan
4.73
Feb
175*0 215*c 145,550
26c 100,000
225*c
53*c
Jan
25c
May
26o
May
3.85
4.10
4.00
5.00
43
45
144,865
3,112
1.57
1.55
1.70
87,475
3c
25*c
3c
136,600
McVIttle-Graham.
..1
31c
25c
32c
»
1.40
1.24
1.50
15c
15c
19c
1.27
54,225
80,300
1,500
4,095
Mining Corp
♦
1.25
1.25
Minto Gold
*
66c
66c
77c
Moneta-Porcuplne
1
28c
14c
33c
Morrls-Klrkland.
1
72c
70c
72c
Murphy Mines
1
45*c
4c
Newbec Mines
*
3c
3c
55*c
35*c
Nlplsslng...
5
2.50
2.50
2.55
Noranda
*
55
545*
55
Northern Canada Mining *
O'Brien Gold
1
435*c
42c
44c
2.46
1.55
2.75
Olga Oil & Gas New
*
Omega Gold
Pamour-Porcuplne
...»
Paymaster Consolidated..]
125*c
11c
14c
65c
65c
67c
4.05
3.99
4.15
1.17
1.05
1.25
1.43
1.60
3c
35*c
14,100
115,850
19,300
326,405
19,000
1,360
10,251
20,600
460,820
93,700
28,671
17,737
360,268
47,810
21,200
10,817
.1
1.50
Peterson-Cobalt
1
3c
Pickle Crow
1
5.85
5.85
6.25
Pioneer Gold
1
9.30
9.15
9.60
5,425
Premier Gold
1
2.40
2.37
2.41
2,800
4,300
Perron Gold
Preston (new)
Quebec Gold Mines
Quemont Mining
2.40
2.10
2.50
»
1.12
50c
1.25
1
Prospectors Airways
1.27
1.27
1.32
•
504,935
17,800
15c
Feb
21o
Jan
42c
Jan
1.19
Apr
1.65
Jan
13c
Jan
24o
1.11
Apr
1.50
Jan
7Xo
Jan
1.00
Mar
65*0
Jan
33o
May
8O0
Feb
580
Jan
5*0
Jan
20
Jan
4o
Fod
2.40
Apr
3.05
44J-*
28Xo
Jan
555*
Apr
Apr
34e
Jan
2.75 May
8c May
40c Mar
15o,May
Jan
3.50
Mar
605* c
Jan
1.12
Jah
25*o
Jan
3.95
44o
Y9c
Feb
4.85
Jan
1.25 May
1.74
Feb
45*o
Mar
6.95
Apr
9.50 May
1.80
Jan
12.00
Jan
2.10 May
21o Mar
2.48
3.25
Mar
90o
Mar
7c
7c
500
5c
Feb
2.14
1.44
Jan
2.20
1.00
Mar
60c
Jan
Read Lake-Gold Shore...*
1.26
1.15
1.28
83,125
26c
17c
Royalite OU...
»
28
28
San Antonio...
1
2.30
2.25
50c
77c
64c
1
1.12
1.10
Slscoe Gold
J
So American GAP
1
3.44
28c 406,850
28
2.45
302
55*0
27
Mar
May
2.15
Mar
82c
12,168
26,600
56o
Jan
1.20
16,815
l.OO
Jan
3.35
3.54
45,210
4.85
4.85
200
2.87
4.40
Apr
1.35
May
1.28 May
28o May
395*
Feb
3.45
Jan
82o May
1.40
Apr
Jan
3.68
Apr
Jan
6.25
Jan
Low
High
Range Since Jan. 1 1930
for
Week
Shares
Jan
10
513*
Jan
533*
*
103*
10
10 3*
375
Bathurst Power & Paper A *
143*
13 3*
143*
2,465
13*
13*
13*
5
Bawlf (N) Grain
Bell Telephone
*
100
Brazilian Tr, Lt & Pr
*
British Col Power Corp A.*
142
142
High
1043*
Ang-CdnT pf7%Canreg.50
Associated Breweries
Low
50
102 3* 102 3*
53 3*
533*
Agnew-Surpasa Shoe pref. *
216
1453*
107
543*
Mar
Mar
9J* May
103* Mar
13* May
15
Jan
173*
Feb
Mar
150
141
43* June
Feb
123*
123*
13
Jan
153*
29
29
1,211
28
Jan
323*
Feb
*
4
4
29 3*
4
475
4
53*
Feb
Bruck Silk Mills.*.
♦
11
11
12 3*
890
11
Apr
May
Building Products A
*
34
333*
343*
Canada Cement
*
7
B
*
Steamship
Canadian Bronze
Preferred
Canadian
—
—
33
Jan
1,715
6
May
8
Feb
65
66
786
58
Jan
74
Feb
233*
243*
369
22 3*
Jan
253*
1.25
1.40
80
1.25
Apr
33*
Feb
120
63*
Apr
153*
Feb
«.
-
-
—
Celanese
Preferred
*
133*
2
26
118
-
•
15
1043*
53*
133*
100
38
104
6
6
109
6
410
133*
475
27
203
118
Jan
Jan
41
Apr
1023* May
Apr
53*
104
May
13
May
253* May
May
8
17J*
313*
Feb
Feb
Feb
20
112
128
Jan
193*
10
18
Feb
21
Mar
26
26
25
233*
Jan
30
Jan
118
26
49
49
100
48
Jan
50
100
97
100
50
97
May
105
Jan
30
185
Jan
34
Mar
4
Jan
107
Feb
1513* May
165
Mar
30
mm
-
-
-
107
107
mm.
.100
Candn Hydro-Elec pref 100
293*
155
155
31
29J*
11
513
105
26
Jan
48
Jan
123*
Feb
335
Apr
May
113*
Jan
123*
2,358
103*
Jan
153*
Feb
73*
250
63* May
93*
Feb
503*
1,847
51
May
60
15
Mar
83*
8
83*
2,830
.*
63*
63*
73*
25
123*
*
73*
12
233*
73*
63*
31
Candn Industrial Alcohol.*
Canadian Pacific Ry
Jan
100
Canadian Gen Electric..50
Class B
31
373*
193*
Candn Foreign Investm't.*
Preferred
7 3*
38
mmmmmm
Rights
*
Canadian Converters.-100
Canadian Cottons
7
73*
—.25
Preferred 7%
Jan
347
7
•
*
(New preferred
100
Canadian Car & Foundry.*
16
Feb
6
100
Preferred
93*
243*
Can North Power Corp...1*
Canada
12,160
653*
100
Preferred
Jan
1.25
of Prices
Price
Par
Stocks—
Week's Range
Sale
Feb
1.82
..1
Last
Jan
55*c May
Sales
Friday
Feb
7c
1.35
Sherrltt-Gordon
Mar
495*
Jan
1.70 May
2.06
1.25
Sheep Creek
1.22
23*c May
5.05 May
*
1.30
Roche-Long Lao..
Mar
May
1.40 May
73* c
Jan
——.1
Reno Gold
Jan
4.00 May
.1
-
10,817
19,350
Read-Authler
5Xo
40
Exchange
May 16 to May 22, both inclusive, compiled from official sales lists
May
Jan
I
Merland
1.03
Mar
__1
McWatters Gold
Jan
May
May
64o May
65o May
12c
McMillan Gold
McKenzle Red Lake
30c
41c May
500
1.29
22c 285*c
45*c
Little Long Lao..
4c
80,700
36,200
622,901
50,200
22,095
1.23
1264
93c
29c
PHONE HARBOUR
Jan
Apr
56
63*
553*
153*
153*
243*
23
26
1,675
183*
Apr
343*
Jan
36
36
37 3*
1,040
32
Jan
403*
Feb
100
163*
153*
163*
641
143*
Apr
173*
Feb
Dominion Steel & Coal B 26
43*
43*
2,214
Cockshutt Plow
Con Mining & Smelt new 25
Crown Cork
Dlst Corp Seagrams
Dominion Bridge
Dominion Coal pref
Dominion
Textile
Preferred
*
*
*
100
Dry den Paper.......
*
Eastern Dairies
*
*
No par value.
43*
693*
146
43*
134
43*
Jan
70
176
65
May
146
3
144
Apr
43*
134
165
25
43* May
13* May
57H May
17
8
79
Feb
Feb
Jan
1463*
Jan
7
Feb
33*
Feb
3488
Financial
.
Chronicle
May 23, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Exchange
Friday
Last
Sale
Stocks (Concluded)
Par
Electrolux Corp
Price
1
*
English Electric A
23
General Steel Wares
Preferred
7%
6
Gypsum, Lime & Alabast.*
Hamilton Bridge pref—100
Holllnger Gold Mines
5
Howard Smith Paper
3%
514
34
"l5%
*
10
£1
Intercolonial Coal
.100
3,500
4%c
33c
47c
60,000
30o
Jan
6,725
550
Apr
76o
6%
Jan
Mar
Brazil Gold A Diamond. _1
17c
15c May
lie
Jan
Jan
16c
7,200
9,200
40c
5% May
8%
8%
62c 67 %c
15c
24c
22c
Mar
33
33%
427
5%c
8%c 190,800
10
25%
Feb
1,615
13.60
Mar
60
43
85%
3
4,317
4
110
100
Jan
127
127
97
44
44
*
5%
*
15%
Montreal Cottons pref-100
7%
42
%
*
55
Francoeur
Ottawa Traction
56c
64c
89,295
56%
59%
790
11%
12
Jan
44
May
O'Brien Gold Mines Ltd._l
2.45
1.66
2.73 245,003
35c
Jan
2.73
Jan
4.10
4.05
4.15
850
3.75
Jan
4.70
Jan
Feb
Pamour Porcupine M Ltd *
Parkhlll Gold.—
1
19c
19c
21c
30,350
18%o
Jan
31%
Feb
Perron Gold
1.54
1.45
1.60
7,450
1.12
Jan
1.75
Feb
Feb
5.95
6.15
3.95
1,460
15
4,021
10%
86
Jan
30%
7%
17%
100
May
34
Jan
Apr
28
Mar
55%
Apr
60
Jan
Premier
Jan
Quebec Gold Mining Corpl
134
85
Apr
103
2,033
39
Jan
44
42%
43
1
425
Mar
6.95
Apr
9.35
1,200
9.25 May
11.60
Jan
2.40
2.40
3,200
1.83
Feb
75c
1.32
1,400
75c
May
9.30
mmmm
Jan
May
9.20
-
75c
2.40
May
1.40 May
Feb
Read-Authler Mine
t
2.10
1.85
2.10
3,500
1.43
Jan
2.20
Feb
Slscoe Gold
1
3.46
3.40
3.50
8.000
2.88
Mar
3.60
Apr
17%
Feb
Sullivan Consol
1
1.25
99c
1.37 120,132
83o
Mar
1.37
70
34
May
Jan
55
Sunloch Mines
*
46c
45c
50c
20,400
55%
1
4.95
1,670
Mar
Apr
93
93
93
5
88
Feb
95
Mar
110
110
110
10
110
Jan
21
Jan
101%
17
18
40
17
Feb
May
52
52
5
48
Mar
14%
16%
4%
9%
1
Mining
Feb
Mar
46%
43
Mar
9%
Gold
18c
29c
Jan
Mar
40
Mar
May
39%
160
1.70
Gold
Pioneer Gold Mines of B Cl
13o
450
44%
Jan
13
32
240
1.75
Pickle-Crow
23c 28 %c
44
6c
6,200
19,853
100
Jan
15
1
26
Jan
*
50
64c May
69% May
Jan
Apr
May
Jan
25
Jan
52
5
44%
Preferred
57c
40
152
St Lawrence Corp.
A preferred
66c
Lamaque Contact Gold M*
199%
Knitting
Jan
63c
59%
1
44%
93
13%
28%o
73c
1
Mines
""27c
43
16%
4%
14%
Feb
Jan
5
2
16
44o
43o May
72c May
6.90
Jan
1
45
14%
Apr
Apr
1
5
*
Feb
19o
22 %c
23c
Lake Shore Mines
11
Power
9.50
37,700
43c
1,69
Lebel Oro Mines Ltd
56
Quebec
1,665
26c
38c
43
Mclntyre-Porcuplne
26
Power Corp of Canada.—*
8.25
2lc
Greene-Stabell
5,141
17
7.95
26c
J-M Consol Gold
160
*
7.95
1
Feb
235
.100
»
♦
Gold
Feb
160
Penmans
May
Mar
235
100
59%
10,300
11,300
*
Preferred
Jan
Goldale Mines.
100
Ottawa L H & Power—100
480
Jan
31%
54%
59%
10
13%
Preferred
Mar
54%
Feb
53
Ogilvle Flour Mills
2.30
58%
4
30%
13%
Jan
Apr
-
22
95
53
1.27
1.10
„
Jan
92%
25
500
29,060
-
681
5%
5%
National Steel Car Corp..*
1.44
1.80
-
3
42
43
1.44
1.30
-
35
56
*
10 %c May
».
1.70
Falconbridge Nickel
Jan
6
Jan
Jan
-♦
Feb
,
37
Apr
2o
Jan
May
44
Niagara Wire Weaving—*
Regent
Dome Mines
Feb
8c
Mar
127
26
"30%
25
40
100
Mar
Mines. 1
31
45c
Jan
Jan
95
Montreal L. H A Pr Cons.*
14%
33
7%c May
Apr
123%
16%
346
19%
2%
5%
5%
Castle-Trethewey
16c
Consol Chib Gold Fields—1
88%
35%
Jan
33
McColl-Frontenac Oil
Jan
Mar
54
57
Bulolo Gold Dredging.—.6
Cartler-Malartlc Gold
!
50c
Mar
119
45
50
2
17%
14%
B R X Gold Mines
Jan
Jan
2,485
Massey-Harris—
•
40
1
Gold
Jan
36
43%
Apr
3% vJan
35
18
Noranda Mines
9% May
Apr
13% Mar
7
Apr
88
35
2%
Montreal Tramways
7%c
45c
65%c
1,596
19%
National Breweries..
Preferred
7o
1
7%
*
Mont Loan A Mtge
Montreal Telegraph
7%c
Beau Tor t
Big Missouri Mines—--—1
13%
*
Barry-Holllnger Gold
Jan
13%
7%
Landsay (C W)
Feb
Apr
5%
42
Lake of the Woods
4
High
18%
13
127"
100
Preferred.
Jan
Low
Mines—
380
47%
Jamiaca Public Serv Ltd--*
Feb
28%
Range Since Jan. 1 1936
Mar
260
82%
Jan
for
Week
Shares
105
15%
•83
International Power pf_ 100
19%
10%
of Prices
High
Low
May
11
45%
3%
%
Week's Range
Price
Par
3%
92
43
46
*
Preferred
75
546
34
4
Int Nickel of Canada----*
Last
Stocks (Concluded)
305
9 %
"13 %
Imperial Tobacco of Can.5
International Power
•
88 X
100
Preferred
14 %
11936
High
Market
Sales
Sale
Low
205
6%
15
Range Since Jan
Week
Shares
23%
21%
16%
3%
7%
21
*
Charles-
High
Curb
Friday
for
of Prices
3%
7%
*
Gurd,
Week's Range
Low
23
"ifT"
Foundation Co of Can..."
Montreal
Sales
65%
Apr
-
Teck-Hughes Gold
4.95
4.70
__1
62c
41o
68c 506,065
Towagmac Exploration._1
Ventures Ltd..
♦
42c
42o
42c
200
1.90
2.00
8.25
Thompson-Cad
Wright-Hargreaves
*
57
Jan
Arno Mines
11%
Jan
18%
Feb
Cndn Malartlo Gold
112
14%
Jan
18
Feb
Central Patricia Gold
Feb
Mar
15
70
1.85
310
385
10%
4% May
12%
Feb
1.65 May
8
St Lawrence Paper pref. 100
27
27
29
1,253
Shawinigan W A Power..*
20
20
20%
2,380
Sberwln Williams of Can.*
16
16%
30
Somon (H) & Sons pref. 100
16%
90
90
50
90
Feb
2.50
Feb
8.30
625
7.65
8.90
Feb
Mar
♦
23%
7c
8c
10,800
12c
Apr
1.19
1.25
5,235
98c
Mar
1.42
Feb
"3" 33
3.31
3.37
1,500
2.43
Mar
3.52
Duparquet Mining
1
6%c
6%c
7c
43,400
60
Apr
10%C
Jan
Eldorado Gold
1
98c
1.01
1,200
95c
May
1.38
Mar
Howey Gold
1
80c
80c
1,700
55o
Ma
91o
May
Kirkland Lake Gold
1
Apr
11%
32
7%c
.1
Apr
2%
Jan
68c May
35c
700
24c May
1.60
Jan
Macassa Mines Ltd
1
Mar
15
Jan
Mar
37 %c May
Feb
6%
Jan
20%
19%
~~8~25
4.30
52c May
5.35
Jan
Unlisted Mines—
1,871
75
45c May
Apr
San Antonio Gold.
1
1
1
20
Jan
Sherrltt-Gordon Mines
98
Jan
Stadaconna-Rouyn Mines *
80c
200
43% c 43% c
2o
Jan
Apr
56c
Jan
3.85
4.10
7,365
3.18
Jan
4.73
Feb
2.40
2.40
100
2.20
Mar
3.40
"i'.io
1.10
1.15
42c
34 %c
4.05
—
43% c May
Jan
75
80
Feb
Southern Can Power
Apr
Apr
May
*
12
12
35
12
Jan
14
Mar
Steel Co of Canada
*
62%
56%
71%
£2%
660
57
Jan
67%
Apr
55%
56%
599
49 %
Jan
60%
Apr
Abitlbl Pow A Paper Co—♦
1.40
Feb
Cum 6% pref
100
Abitlbl ctf of dep 6% pf 100
Brewers A Dist of Van
»
8
8
8%
480
13
Feb
7%
8
125
6%
6%
Jan
7%
Jan
12%
Feb
90c
95c
220
80c
Mar
1.40
Jan
4%
18%
Feb
Mar
Simpsons pref
100
Preferred
75
25
Tuckett Tobacco pref_-100
Viau Biscuit
*
Viau Biscuit pref
Wabasso Cotton
154
75
154
5
150
Jan
100
2
Jan
37
15
18
Jan
2%
100
35
5
12
2%
._*
20
20
40
20
Western Grocers pref. .100
Windsor Hotel.
*
May
108
108
5
107
Jan
Preferred
1.15
*
Preferred..
1.15
4%
2%
100
Winnipeg Electric
4%
30
3
60
.100
13
50
1.15 May
4
15
50
.
Apr
2%
11%
38
13
100
Woods Mfg pref
15
50
Jan
Jan
May
155
Feb
3%
38
Mar
32
Jan
110%
Apr
1.15 May
4% May
4% Mar
18
Mar
Jan
67%
Banks—
Canada
Sylvan! te Gold
1
50
57
Jan
58
Mar
100
136
136
140
153
133
Jan
140
Feb
Commerce
100
153
152% 155
43
148
Apr
170
Feb
-
Montreal
Brewing Corp of Can
Preferred
»
Canada Malting Co Ltd—*
Cndn Light A Power... 100
Cndn Pow A P Inv pref
*
Consol Bakeries of Can
*
Consolidated Paper Ltd—♦
Donnaconna Paper A
*
194
Eastern Dairies pref... 100
Ford Motor of Can A
♦
198
150
184
May
214
Feb
287
General Steel Wares pf 100
Int Paints (Can) pref...30
43
271
Jan
300
Feb
Loblaw Groceterias A
170"
__._100
170
230 %
100
Toronto
51%
230% 230%
173
131
1
164
Jan
181
Feb
230% May
234
Mar
Massey-Harris pref
100
McColl-Frontenac OilpflOO
Price Bros Co Ltd
Preferred
Canadian Governmeat
ESTABLISHED
par
Stocks—
Par
28
2%
22%
*
5
629
15c
9%
632
8
110
110%
124
107%
20
20%
44%
25
15c
15c
127
2%
*
Fraser Cos Ltd
30
2%
2
*
3
2,550
2
Cum pref
100
Ea Kootenay P cum pf. 100
Foreign Pow Sec Corp
563
17%
2%
23%
2%
Dom Tar A Chemical Ltd *
Low
8
2%
*
Dominion Stores Ltd
395
2%
16%
20
37
Jan
Ma--
Jan
Asbestos Corp of Can 5s *42
Apr
BeauharnoisLHAP 5%s *73
Jan
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
May
1.11
Apr
27%
48%
Jan
Jan
■
—
—
Apr
2% May
60
18%
Feb
75
80
90
65c
May
36
590
26%
Jan
5
8%
5
73
6
6
mmmmmm
8%
5%
73%
6
1.00
1.00
13
Feb
May
19%
8%
Apr
15c May
4
Feb
3%
Feb
180
350
85
13
8
4%
50
Apr
Feb
12
7%
Inter Util Corp class B
Melchere Dist Ltd A
—
3%
Feb
Apr
9%
3%
4%
120
214
Jan
7%
11
May
21%
Apr
48% May
16%
28%
Feb
Feb
Feb
Feb
29%
20%
Mar
40
Mar
4%
11
11
11
22
22
22%
50
50
50
85
21%
21%
25
18%
Jan
...—
20
21
25
19
Jan
30%
32
165
30
May
Mar
2.75
Apr
19%
Feb
19
Feb
90c
95c
2,710
70c
Jan
1.46
Feb
21%
22%
3,052
20%
Jan
24%
103%
103
3
103%
3%
26
27%
75
27%
29
50
2%
Apr
1,090
33%
Jan
125
50o
1
1.00
1.00
*
*
6%
9%
6%
1.75
1.75
-
-
-
98
—X-
38
1.10
10
Mar
39%
Apr
Feb
SECURITIES
Municipal
•
•
Corporation
•
New York
•
HAnover 2-6363
Bid
43%
98
81%
26%
115
102%
105
6%s
'mm
82%
27%
115%
mmm
m-m
97%
16
98
Dom Gas A Elec
6%s.l945
Dominion Tar 6s
1949
Donnaconna Paper 5 %s '48
East Kootenay Pow 7s 1942
23
12
2 y8
Mar
101
Feb
Jan
100
Mar
Jan
3
Feb
20
Apr
25
Mar
Apr
1.50
Canadian Vlckers Co 6s '47
Cedar Rapids M A P 5s '53
Consol Pap Corp 5%s.l961
Jan
1.75 May
Mar
/50%
Feb
1 1947
/95%
MacLaren-Que Pr 5%s '61
Manitoba Power 5 %s. 1951
Maple Leaf Milling—
2%s to *38—5%s to '49
Massey-Harris Co 5s..1947
3
925
29
30
47
2%
26%
Apr
3%
34%
Feb
18
18%
85
17%
Jan
19
Feb
Feb
51%
97
82
79
80
r<
46
48%
89%
107%
90%
30%
103% 104%
Montreal L H A P (850
1941
Feb
7
1 1942
82
Feb
8
Feb
6%s_
■
Ask
Lake St John Pr A Pap Co
97
2.25
1.75
40
6
Utility Bonds
Ask
78
13%
Apr
23
2%
Jan
Mar
40
96
Jan
Apr
United Securities Ltd. .100
3
104%
6%
/30
Dominion Coal 5s
5
50
29
26%
Jan
Minn A Ont Paper 68.1945
Montreal Island Pr 5 %s '57
Apr
9%
2
*
122
May
Jan
106
39%
150
2
Walkerville Brewery Ltd.*
Walker-Good A Worts
*
22
65
Brit Columbia Tel 5s. 1960
Burns A Co 5%s-3%s.l948
Dominion Canners 6s. 1940
500
98
58
Feb
104% 105%
Jan
6%
99% 100
Jan
98%
2% May
260
"27%
108%
*
par
«*
-
-
-
value) 3s
1939
-
85
Eastern Dairies 6s
1940
1949
Fraser Co 6s unstpd.,1950
6s stamped
1950
Gatineau Power 5s.__1956
General Steelwares 6s. 1952
Gt Lakes Pap Co 1st 6s '50
Int Pr A Pap of Nfld 5s '68
1
50
50%
101% 102%
90
63%
63%
103% 104%
Certificates of deposit
Nova Scotia LAP 58.1958
101
102
Ottawa Lt Ht A Pr 58.1957
106
89
Ottawa Traction 5%s.l955
Ottawa Valley Pow 5 %s '70
65
105
84%
Apr
37%
10
340
Northwestern Pow 68.1960
Jan
*
Jan
4%
105
Jan
pref. 100
Preferred
18%
2
559
105% 106%
8
Sou Can P Co Ltd pref. 100
Thrift Stores Ltd
Apr
2,635
5%
Cana Canners Ltd 6s. 1950
Canadian Inter Pap 6s '49
Can North Power 5s.-1953
Can Lt A Pow Co 5s. .1949
9
Mitchell A Co Ltd (Robt)*
Montreal Isld Pow Co
35
2%
Canada Cement Co 5 %s '47
176
37%
15%
16%
5
Jan
381
*
Apr
Feb
11%
3
Feb
6
Montreal Tramway 5s 1941
New Brunswick Pr 6s. 1937
12%
3
Feb
23
Jan
McColl Frontenao Oil 6s '49
Canada Bread 6s
11%
90c
35
Jan
4%
20
102% 103%
Calgary Power Co 5s_.1960
11
22
Apr
7
5
2%
5%
Jan
6
Jan
Jan
1 1960
Feb
Feb
85c
Mar
Feb
80
5
5s
1.35
36
Mar
100
Brltlsh-Amer Oil Co 5s *45
Brit Col Power 5%s_.1960
24%
12
_.*
Jan
16%
""2%
100
3%
35
(Can) Ltd A---*
Int Petroleum Co Ltd
5
/42%
27%
§5%
20
Feb
11%
*
Imperial Oil Ltd
163
Abitlbl P A Pap ctfs 5a '53
Alberta Pao Grain 6s. .1946
Jan
20
"
5%
May
;
—
Jan
Feb
vtvtt vn tt.iii.it v tvttivtvi!
Mar
15c May
1.50
30
*
Home Oil Co Ltd
31%
Industrial and Public
High
*
Voting trust ctfs
cum
183
*
Catelll Mac Prods pref A 30
Commercial Alcohols Ltd. *
Power of Can
.2%
22%
28
*
Dom Eng Works Ltd
Int Paints
3
2Y*>
80
135
13%
30%
3
17
22%
5
2 50
1.30 May
Range Since Jan. 1 1936
Shares
44%
9%
110%
20%
Corp Ltd pf 100
Cndn Dredge A Dk Ltd..*
Cndn Pow A P Invest Ltd *
Canadian Viekers Ltd
Canadian Wineries Ltd
27%
3%
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd
*
Brit Col Packers (new)
•
Can Nor P
High
1,092
30
Bid
Asbestos Corp voting tr__»
Bathuret Pow A Pap cl B_*
Canada Vinegars Ltd
Low
Feb
Bell System Tele. NY 1-208
Week
Price
2.89
Royal Securities Corporation
i m. m. w. nm m
for
of Prices
Mar
f Flat Price.
30 Broad Street
Sales
Week's Range
2.38
Private wire connection between New York, Montreal and Toronto
Montreal Curb Market
Sale
300
+ + * ea.
May 16 to May 22* both inclusive, compiled from official sales lists
Last
May
22%
5
•
value
Government
Industrial Bonds
330 Bay St., Taronti
Friday
Apr
44c
31%
CANADIAN
Public Utility and
1883
255 St. James St., Montreal
56 Sparks St, Ottawa
♦No
AdldMJL
INCORPORATED
1.40
22%
100
100
Royallte Oil Ltd
HANSON BROS
*
■'
2%
16%
"l6%
*
194
100
Royal
109
57%
Jan
Jan
1.75
1.40
•
287
100
Nova Scotia
56%
1.00
18%o
2.62
2.61
1,050
34c 139,200
Unlisted Stocks—
B
Canadienne
:
87%
112% 112%
/31%
109%
104%
89
32%
—
89%
104% 105%
80
81%
97
'mmm
Power Corp of Can 4 %s '59
5s
Deo
1 1957
m
mm
■
99% 100%
78
79%
95
95%
Certificates of deposit
Provincial Pap Ltd 5 %s '47
100%
124% 125%
124% 125%
101%
Quebec Power 5s
105
Price Bros A Co 6s
1943
1968
Saguenay Power 4%s_1966
Shawinigan W A P 4 %s '67
1949
Simpsons Ltd 6s
84
85%
109% 111
103%
97%
97%
Smith H Pa Mills 5%s *53
Southern Can Pow 58.1955
100% 101%
50%
103% 104
United Secure Ltd 5%s '52
/50
65
Steel of Canada Ltd 6s '40
United Grain Grow 5s. 1948
Winnipeg Elec 6s.Oct 2 '54
-
-
•
106
98%
98%
103% 103%
104% 105%
104% 105%
103% 104%
112%
103% 104%
82%
83%
81
82
Volume
Financial
142
Chronicle
Over-the-Counter
We Buy and Sell
STOCKS & BONDS
•
.3489
Coca-Cola
Bottling
(New York)
South Coast Corp.
-
Masonite Pfd,
Missouri Kan.
Pipeline
Hearst Int'l. Pfd.
Texla Corp.
West Indies Sugar
Climax Molybdenum
Robert Gair Pfd.
Remington Arms
Cache La Poudre
HonRgsE SIRgsTER
Established 1914
74
Trinity PL, N. T.
Whitehall 4-3700
Inquiries Invited
Members New York Security Dealers Association
*
Open-end telephones wire to Baltimore, Boston, Newark and
Private wires to principal cities in United States and Canada;
Philadelphia.
New York City Bonds
Bid
03^8 July
048
11975
11954
Nov 11954
Mar 11960
Jan 15 1976.
July 11975
May 11957
048
Nov
048
o4s
May 11959
May 1 1977
a4s
Oct
03548
03 Ks
o354s
a314s
11958
11980
1 1960
11962
11964
04148 Sept
04148 Mar
04148 Mar
Bid
Ask
10214 10314
10514 10614
10514 10614
10414 10514
10414 10414
10614 10714
11114 11214
111*4 11214
U114 11214
11214 11214
11214 11314
11414 11514
11414 11514
11414 11514
<73 Hb May
o414s
04148
o414s
04148
04148
04148
0414s
04148
04148
o414s
1966
1972
1974
1976
Jan
1 1977—
Nov 15 1978
Mar 11981
May 1 A Nov 11957
Mar 1 1963
June 1 1965.......
o4148 July 1 1967
0414a Dec 15 1971
1
04148 Deo 1 1979
a6s
April 1
Apr 15
June 1
Feb 16
Jan 25 1937.......
Ask
114J4 11514
11514 11614
116
11614
Bank and Insurance Stocks
Bought, Sold And Quoted
11614 117
117
11714
MUNDS, WINSLOW & POTTER
11714 11754
11754 11814
11654 11714
40 Wall Street,
118
117
119
118
Members New
Canal A Highway—
5s Jan A Mar 1946 to *71 b
Highway Imp 414s Sept '63
Canal Imp 414s Jan 1964..
Can A Imp High 414s '65..
York, Chicago and other Stock and Commodity Exchanges
11914 12014
12054 12154
10314 10354
New York Bank Stocks
New York State Bonds
Bid
Bid
As*
Ask
Par
World War Bonus—
2.90
13254
13254
12954
-L
,
Bid
Ask
26
27 5*
Merchants Bank
Bank of Yorktown__66 2-3
50
60
National Bronx Bank
Bensonhurst
50
85
3654
3254
3854
3454
National. .60
Chase
13.55
City (National)
-.1254
54
Commercial National.. 100
167
950
Bid
Authority Bonds
Bid
Ask
Port of New York—
27
Klngsboro National...100
Ask
100
60
1654
Penn Exchange.
Peoples National
10
50
52
25
39
41
Sterling Nat Bank A Tr.25
-
25
1454
3154
3354
18
21
354s '65
10454 105
414s ser B 1939-53.MAN
Gen & ref 3d
ser
314s *76
101
Inland Terminal 414s ser D
1936-60
MAS
108
109
Holland Tunnel 414s ser E
1936-60
MAS
113
114
Bayonne Bridge 4s series C
JAJ 3
-
...
106
105
4s
ser
1936-50.. J AD
B
-
11254 11354
New York Trust
Par
Bid
Companies
Ask
United States Insular Bonds
Bid
Philippine Government—
100
4s 1946...
4148 Oct
1959
414s July 1952
5s
Aprl 1955
1065* 10754
10654 10754
10154 10354
.
—
1941
108
110
112
1952-.
614s Aug
Ask
iom
114
11454 11654
Hawaii 414s Oct 1956
105
115
Empire....
Bk of New York A TT..100
498
508
Fulton
10
55
57
20
7
100
109
114
20
108
111
Bankers
Bid
Ask
Bank of Sicilly
County
Brooklyn
Bronx
Honolulu 5s
3.50
U S Panama 3s June 1 1961
10
854
12
954
Bid
Par
Banca Comm Italians. 100
Feb
1254
11
101H
10654 107
ser
5s
954
George Washington Bridge
Gen A ret 4s Mar 1 1975-
Gen A ref 2d
1938-53
•
85
20
Trade Bank
1925
75
50
Public National
975
100
Flatbush National
Ask
100
National Safety Bank. 1254
173
First National of N Y..100 1887
Bid
Par
Bank of Manhattan Co. 10
414s April 1940 to 1949.. b 2.10
Highway Improvement—
4s Mar A Sept 1958 to '67
12514
Canal Imp 4s JA J '60 to '67
12514
Barge O T 4s Jan 42 to *46 11414
11554
Barge C T 414s Jan 11945.
Fifth Avenue
Port of New York
New York
Whitehall 4-5500
11714 11814
10
2254
Ask
2354
—100
Guaranty
Irving
Kings County
Lawyers
......
208
215
—100
284
289
10
...
1454
—100 1680
1554
1720
47
11854 11954
3.00
Govt of Puerto Rico—
....
Central Hanover
44
—20
5254
5454
New
Clinton Trust..
60
75
80
Title Guarantee A Tr
114
Colonial Trust
25
13
114
Continental Bank A Tr.10
1754
5954
19
United States
119
9
10
Underwriters
6054
48
116
20
15
113
Conversion 3s 1947
Chemical Bank A Trust. 10
111
113
U S conversion 3s 1946
11354
109
54a July 1958
5s July 1948
46
25
Manufacturers
112
4
20
Corn Exch Bk A Tr
York
70
-100 1950
80
2000
Federal Land Bank Bonds
Bid
Bid
Ask
MAN
JAJ 10014 ioa»t6 4s 1958 opt 1938
JAJ
JAJ /10014 100«16 4148 1956 opt 1936
i 1956 opt 1946....MAN /10014 100»i« 4148 1957 opt 1937—-JAJ
148 1955 opt 1945-.MAN 10214 10254 4148 1957 opt 1937—MAN
I 1946 opt 1944
JAJ. 10914 11054 414s 1958 opt 1938. .MAN
} 1957 opt 1937
MAN' 10414 10454
i
i
1955 opt 1945—
1956 opt 1946
Ask
10514 10554
101", 6 10114
10254 10254
10314 10354
10754 10754
Chicago Bank Stocks
Par
Bid
Ask
230
Continental Illinois Bank A
Trust
331-3
JOINT STOCK LAND BANK BONDS & STOCKS
210
141
Bid
Par
Flrstf'Natlonftl
American National Bank A
Trust
100
100 Z245
Ask
250
146
Harris Trust A Savings. 100
Northern Trust Co
,100
365
395
750
800
MUNICIPAL BONDS
Bought—Sold—Quoted
V
Insurance
^cmfuvtiu, 3nc.
Par
MUNICIPAL BOND DEALERS-COUNSELORS
Aetna Fire
10
Aetna Life
10
,25
Agricultural
Joint Stock Land
Bank Bonds
American Alliance
Lincoln 5s
5s...
98
Atlantic 5s...
Louisville 5s
Burlington 5s.
Mary land-Virginia 5s—
MIssisslppl-Tennessee 5s.
California
5s.
100
100
.
New York 5s
Chicago 5s...
Ohio-Pennsylvania 6s...._
6s..
First of Montgomery 5s...
First of New Orleans 6s...
7154
285*
53
55
3554
3754
85*
.»
-
_
-
„
„
«•
m
Bankers A Shippers
Boston
101
Potomac 5s
Fremont 5s
St Louis 5s
San Antonio 5s
Southwest
100
101
60
58
66
31
Illinois Midwest 5s
Southern Minnesota 5s____
/29
Illinois of Montlcello 5s...
Tennessee
...
Iowa of Sioux City 5s.....
Union of Detroit 6s
...
98
Kentucky of Lexington...
Virginia-Carolina 5s......
La Fayette 5s...
Virginian 6s
....
Joint Stock Land
Par
Bid
....
Ask
Par
15
25
Lincoln
100
35
40
North
100
65
70
100
1
4
100
75
80
100
2
6
100
4
8
101
National Liberty..——2
National Union Fire
20
653
New Amsterdam Cas
page
3492.
42
45
New Brunswick Fire
10
City of New York
Connecticut Gen Life.. .10
Continental Casualty.. —5
254
Eagle Fire
2554
4454
2554
35*
New Hampshire Fire...10
New Jersey
...20
4654
2754
454
Employers Re-Insurance 10
41
43
Northwestern
105*
4954
Pacific Fire...
Phoenix.....
9754
Preferred Accident
77
Provldenee-Washlngton. 10
Republic (Dallas)......10
41
43
115*
2354
2554
10
31
5
85*
10
Excess
4554
9354
73
95*
27
New York Fire....
10
6
Northern
12.50
North River—...
2.50
Natlonal.25
25
....10
5
19
2154
10154
2554
2754
127)4 132
125
13054
8554
8954
1854
2054
97
30
32
Rochester American.
9954 10054
General Alliance
1
20
22
Rossla
..5
12
98
Georgia Home
Glens Falls Fire
10
25
27
St Paul Fire A Marine—25
206
99
Globe A Republic
5
395*
5
1354
4154
Globe A Rutgers Fire.. .15
Bid
Ask
8
24
2d
18
22
22
26
Hamilton Fire
54
30
Hanover Fire..
57
54
H
35
10
in
Harmonla
Hartford Fire
Home
—........
415*
1554
Seaboard Fire A Marine. .5
11
13
Seaboard Surety
Security New Haven
2154
3654
2354
46
10
10
38
.10
.5
70
Southern Fire
..10
25
27
27
2854
Springfield Fire A Mar..25
Stuyvesant
5
129
132
2154
23
Sun Life Assurance—..100
415
445
20
Pennsylvania
5
34
1354
21154
65
preferred
Hartford Steam Boiler. .10
For footnotes see
12
3454
4554
22
295*
Potomac
Virginia
Virginia-Carolina
11
32 54
4354
20
Great American
Great Amer Indemnity ..1
10
Halifax Fire
San Antonio.....
954
1054
12454 130
.
5
7
.....
5
Franklin Fire
20
Carolina..
1854
74
97
Firemen's of Newark.. —5
99
12
17
71
275*
Federal
Bank Stocks
100
954
.10
640
75*
5654
..10
25
254
Fidelity A Dep of Md.. .20
Fire Assn of Philadelphia 10
100
6s
National Casualty
National Fire
354
52
—6
Fire.
Carolina
First Trust of Chicago 5s..
Fletcher 5s..
10
4
45
.10
Camden
-
,
354
554
2654
43
Merch Fire Assur com.2 >4
Merch A Mfrs Fire New'k 5
100
Baltimore Amer
99
9954 10054
10654 10854
9954 10054
34
/32
,25
American Surety
65
100
—6
American Ro-lnsuranoe .10
10
American Reserve
Automobile
100
6s
5
Lincoln Fire
Maryland Casualty......1
Mass Bonding A Ins....26
Pao Coast of San Fran 5s..
Greensboro
1554
30
13 )4
3
15
Pennsylvania
Greenbrier 6s
73
5
1554
7454
295*
First Texas of Houston 5s.
.......
71
Knickerbocker
33
100
5s..——
Phoenix 6s....——
Ins Co of North Amer__10
11
100
99
8
8354
25
14
98
Pacific Coast of Portland 5s
Wayne
6
454
2554
.10
99
Pacific Coast of. Los Ang 5s
Pao Coast of Salt Lake 5s.
First Carolinas 6s
Importers A Exporters..10
10
10
254
/60
Oregon-Washington 5s
3454
Security
American Home
Equitable.
Ask
Homestead Fire
American of Newark.
99
North Carolina 6s
Denver 5s
Bid
Home Fire
555*
99
98
Dallas 5s
Firet of Fort
100
Par
9754 10154
5354
3254
8054
Ask
American
Bid
Atlanta
Companies
Ask
2354
Aetna Casualty A Surety 10
Teletype CGO. 437
State 0540
120 So. La Salle St., Chicago
Bid
30
Travelers
—.....100
550
560
385*
265*
405*
U S Fidelity A Guar Co..2
U S Fire
__4
14
1554
285*
51
53
73
76
U S Guarantee
52
5454
72
75
Westchester Fire
3354
3554
3454
3654
9
12
...
....10
2.50
554
654
3490
Financial
Chronicle
May
1936
23,
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
Oosepb Walkers Sons
AUmbtrt "Nfiv York Slock
120 Broadway
DUNNE&CO.
Excbangt
Members New York Security Dealers Ass'n.
Dealers in
Tel. REctor
20
GUARANTEED
NEW YORK
Pine Street, New York
..Since 1855
X
^
RAILROAD
Bought — Sold
Guaranteed Railroad Stocks
JOHN
Dividend
V>''
BONDS
—
Quoted
Earnings and Special Studies
(Guarantor In Parenthesis)
v'
JOhn 4-1He
2-6600
STOCKS
Par in Dollars
Alabama A Vlckaburg (Illinois Central)
Bid
Asked
6.00
90
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
..100
10.50
188
-100
6.00
101
36
38
—100
8.75
134
138
Boston A Providence
—100
8.50
140
3.00
53
4.00
96
99
Common 5% stamped
—100
Chicago Cleve Clno A St Louis pref (N Y Central) —100
Cleveland A Pittsburgh (Pennsylvania).
5.00
99
5.00
95
100
3.50
86
88
Betterman
stock
2.00
48
61
Delaware (Pennsylvania)—
2.00
45
47
SLOANE
'f'-r
:
& CO.
Tor\ Security Dealers Association
57
L) 4%.. -.100
Request
148
—100
E.
Members T^ew
on
2.00
(New Haven)
Canada Southern (New York Central).
Carolina Clinchfleld A Ohio (L A N-A C
—
Fort Wayne A Jaokson pref (N Y Central)
94
41 Broad St., New York
i
102
Railroad
...
Michigan Central (New York Central)
99
Prior lien
Prior lien
81
85
.............
4s, 1942
434s, 1944
82
84
79
Convertible 6s, 1940-45
Buffalo Creek 1st ref 6s, 1961
6834
Chateaugay Ore A Iron, 1st ref 4s, 1942...
Chesapeake A Ohio 3 34s, series D, 1996
Chicago Union Station 334a, series E, 1963...
Choctaw A Memphis, 1st 6s, 1962
Cincinnati Indianapolis A Western 1st 6s, 1966
950
85
6.00
96
100
4.00
98
102
7.00
32
35
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
4.50
65
70
1.50
3734
40
3.00
76
86
7.00
163
168
Georgia Southern A Florida 1st 6s, 1945
7.00
180
183
Goshen A Decker town 1st
6.90
103
107
6.00
146
150
Hoboken Ferry 1st 6s, 1946
Kanawha A West Virginia 1st 6s, 1955
Preferred.
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
Preferred.
......
Rensselaer A Saratoga (Delaware A Hudson)—
St Louis Bridge 1st pref (Terminal RR)
...10ft
Second
preferred
3.00
Utica Chenango A Susquehanna (D L A W)
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Paclflo (Illinois Central)
73
75
3.00
146
150
10.00
253
257
6.00
90
94
5.00
Tunnel RR St Louis (Terminal RR)—
—100
United New Jersey RR A Canal (Pennsylvania).. —100
100
105
..100
—100
-100
95
10134
Old Colony (NYNHA Hartford)
6634
—
63
Morris A Essex (Del Lack A Western)
50
New York Lackawanna A Western (D L A W).„ —100
Northern Central (Pennsylvania)
3.875
-
104 J*
67
1043*
...
90
50.00
76
9134
—
.....
192
'7634
73
72
-
86
4.00
Asked
70
534s, 1945
6a, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1967
Boston A Albany 1st 4Kb, April 11943..............
Boston A Maine 3s, 1950
187
—100
Bonds
Bid
Akron Canton A Youngs town
10.00
__
Bell System Teletype NY 1-624
•
106
5.50
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)
HAnover 2-2455
•
193
.
86
83
10134
10734
1013*
...
10734
/ 66
69
98
9834
106
Cincinnati Union Terminal 334s, series D, 1971
Cleveland Terminal A Valley 1st 4s. 1996
1063*
...
95
...
102
105
85
88
96
59
5734
534s, 1978
102
Kansas Oklahoma A Gulf 1st 5s, 1978
Little Rock A Hot Springs Western 1st 4b, 1939......
Macon Terminal 1st 6e, 1965....
......
103
103
...
104
■
/40
43
103
104
69
72
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
92
5.00
73
77
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949....
56
5.00
78
82
95
Warren RR of N J (Del Lack A Western)
3.50
50
53
Weet Jersey A Sea Shore (Pennsylvania)
3.00
6434
67
Montgomery A Erie 1st 6s, 1956
New York Central secured 3 Kb, 1946
New York A Hoboken Ferry general 6s, 1946....
Pennsylvania RR 33*s, series C, 1970
_
Preferred.
...
Portland RR 1st
77
92
90
9234
87
Southern Illinois A Missouri Bridge 1st 4s, 1951
Toledo T rmlnal RR 434a. 1957
Equipment Bonds
Ask
1.00
63.00
2.00
63.00
2.00
63.90
2.75
6s
63.90
2.75
3^s Deo 1 1936-1944.
63.50
2.00
6s
Boston & Maine 434s
534s---.
2.50
64.00
2.00
2.00
63.00
2.00
62.25
1.25
Northern Paclflo
Chesapeake A Ohio 534s.
634s
434s
61.50
1.00
61.00
0.50
62.75
2.00
4.00
63.00
2.00
62.00
Chic Milw A St Paul 4Kb
4.25
4.25
66.75
6s
66.75
Chicago RI & Pao 4Kb..
6.00
6.00
68
73
68
6s__
5s__
73
2.00
65.50
4.50
6s
65.60
4.50
534s
65.60
4.50
63.00
2.50
Erie RR
4Kb.
534s
6s
62.00
1.00
4KB....
63.25
2.75
6s_
63.00
2.50
_
Great Northern
4Kb.."
64.60
3.75
Par
434s
62.00
1.25
Pennsylvania RR 4Kb
62.00
1.00
62.00
1.00
Alabama Power $7 pref..*
Arkansas Pr A Lt $7 pref.*
Assoc Gas A El orlg pref—*
$6.50
Jan A July 1936-49
63.00
2.00
2Kb series G
non-call Dec 1 1936-50
Pere Marquette 4Kb
St Louis-San Fran 4s
63.00
2.00
62.75
5s
2.00
2%
62.75
Reading Co 4Kb
62.75
2%
81
86
81
86
58.
81
86
St Louis Southwestern 5s.
Southern Paclflo 434s
65.50
4.50
65.50
534s
4.50
62.25
5s
1.00
62.25
2.75
63.00
5s
1.00
63.50
Southern Ry 434s__
1.75
534s
Columbus Ry Pr A Lt—
1st $6 preferred A
100
$6.60 preferred B
100
Consol Traction (N J) .100
Consumers Pow $5 pref..*
6%
6.60%
2.00
5s
62.50
1.50
2.00
62.00
1.00
62.00
1.00
62.00
63.25
6s...
2.00
63.25
Long Island 4J4s
Loulsv A Nashv
1.75
2.00
1.00
2.00
61.75
4Kb
5s
Virginian Ry 434s
5s
Wabash Ry
preferred
100
preferred
100
Continental Gas A El—
7% preferred
634s
98
64
66
69
60
62
109 34 111
106 34 10734
48?*
104
105
10434 10534
10634 10734
9734
111
111
122
10234
Foreign Lt A Pow units..*
Gas A Eleo of Bergen
100
103
Hamilton Gas Co
2.00
2.00
65.50
4.50
65.50
4.50
7%
preferred
95
*
100
100
cum preferred
100
N Y A Queens E L P pf 100
Nor States Pr $7 pref..100
Ohio Edison $6 pref
$7 preferred
44
45
10134
10834 110
10334
88"
85
*
102
104
*
108
110
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
110
11134
9834
7% preferred
100
Okla G A E 7% pref... 100
Paclflo Pow A Lt 7% pf 100
103
105
105
108
108
.*
Philadelphia Co $5 pref__*
Pub Serv of Colo 7% pf 100
97
80
81?*
109
813*
106
6% preferred
100
793*
10434
198
Sioux City G A E $7 pf.100
86
10634 108
Sou Calif Edison pref B_25
South Jersey Gas A El. 100
193
mm
•
193
110
Realty, Surety and Mortgage Companies
|
Bid
Ask
3*
1
For footnotes see page 3492.
7
X
12
Par
Lawyers Mortgage
20
Lawyers Title A Guar—100
Bid
X
111
Rochester G A E
28?*
198
29
6% pref 100
preferred
100
61
263*
20?*
2134
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
103
94"
United G A E(Conn)7% pf
United G A E (N J) pf_100
68
96
6334
9234
7% pf._100
7% pf___100
Kings Co Ltg 7% pref.100
IK
105?i
89
28
40
Kan Gas A El
2
80 K
106
Hlinois Pr A Lt 1st pref.
Interstate Natural Gas.
Jer Cent P A L
Ask
83?*
110
Queens Borough G A E—
Interstate Power $7 pref.
Jamaica Water Sup pref.60
534s
213*
693*
3834 40
10434 106
7% B 100
6% preferred C
100
w
%
100
68?*
1
v t c
Hudson County Gas
Idaho Power $6 pref
203*
Penn Pow A Lt $7 pref
46?*
55
63.00
100
New Orl Pub Serv $7 pf—*
N Y Pow A Lt $6 cum pf_*
7%
198
63.00
preferred
Eng Pub Serv Co—
$7 prior lien pref
*
New Jersey Pr A Lt $6 pf .*
82
52
100
5s
80
193
101
Western Maryland 4Kb...
"
100
Gas
10034
Western Paclflo 5s._
122
Essex-Hudson
6s
4.00
Newark Consol Gas
mmrn
Derby Gas A Elec $7 pref.*
534s
4.00
37
116
1.00
6s
3.25
38
34
10934
1.00
64.00
36
112
Dallas Pr A Lt 7% pref .100
Dayton PrA Lt 6% pf.100
1.00
65.00
mm
100
8
1.00
3.25
65.00
*34s
7%
—
534
Nassau A Suff Ltg pf__ 100
Nebraska Pow 7% pf—100
7
9534
64.00
Minn StP ASSM4s—
4
1113* 113
.100
61.75
6s
Maine Central 6s
7?*
Ask
14"
12
*
102
99
Bid
11234
100
Mountain States Pr com.*
5
102
62.00
434s
Mo Pub Serv $7 pre!
61
2.00
4%
Miss RIv Pow 6% pref. 100
853*
Cent Maine Pow 6% pf 100
$7 preferred
..100
Cent Pr A Lt 7% pref..100
63.00
65.00
Par
72
83?*
334
6?*
New
63.00
62.00
„
Ask
70
New Eng G A E 534% pf-*
N E Pow Assn 6% pf—100
62.75
Internat Great Nor 4Kb.
,_*
Bid
92
63.00
.
SS5
633*
434s
4Kb.
......
2434
1.00
Union Paclflo
>
89
63.10
6s
•"
24
1.00
1-
'
61?*
1.00
534s
'
Street, N.Y.
Carolina Pr A Lt $7 pref..*
6% preferred
*
Cent Ark Pub Ser pref. 100
61.75
Texas Paclflo 4a
Request
Birmingham Eleo $7 pref.*
Buff Nlag A E pr pref...25
61.75
Illinois Central 4Kb
preferred
$7 preferred
*
Atlantlo City El $6 pref..*
BangorHydro-El 7 % pf 100
61.75
6s
Hocking Valley 6s
69
Utility Stocks
3.75
434s
Denver & R G West
Public
63.00
5s
upon
HAnSvSh!-T282 52 William
64.50
NYNHA Hartf 434s
1.00
65.25
65.25
__
66
2.00
4s series E due
....
99 34
t
2.00
63.00
5s
6s
973*
99
INC.
2.50
65.00
63.00
6s
63.10
6s
111
96?*
robinson, miller & co.
3.00
64.00
5s
63.10
Chicago & Nor West 434s
110
PENDLETON, INC.
Analysis
Ask
64.50
New Orl Tex A Mex 4Kb..
New York Central 4Kb...
Canadian Pacific 4Kb
Cent RR New Jer 434 s—
6s
91
(a producing oil company)
Bid
Missouri Paclflo 434s
N Y Chic A St L 434s
Canadian National 4Kb.
mm
68
8934
Virginian Railway 1st Hen A ref 334s, series A, 1966..
Washington County Ry 1st 3348. 1964..
ROESER &
Bid
m
65
...
Philadelphia, Pa.
New York
61.75
92
Toronto Hamilton A Buffalo 434s, 1966..
Union Pacific debenture 334s, 1971
Stroud & Company Inc.
Atlantlo Coast Line 434s.
Baltimore & Ohio 434 s
71
90
Shreveport Bridge A Terminal 1st 6s, 1966—...
Somerset Ry 1st ref 4s, 1955
Quotationt—Appraisals Upon Requeat
Railroad
80
102
69
Rook Island-Frisco Terminal 434s, 1957—.—.
St Clair Madison A St Louis 1st 4s, 1961
EQUIPMENT TRUST CERTIFICATES
Wire* to
98J*
10134
334s. 1951
Consolidated 5s, 1945
Private
68
97?*
Long Island Ltg 6% pf.100
7% preferred
100
Los Ang G A E 6% pf._100
Memphis Pr A Lt $7 pref.*
Mississippi P A L $6 pf..
40?*
53
92
112
94
Tenn Elec Pow
7%
733*
Utah Pow A Lt $7 pref
*
Utica Gas A El 7% pf—100
83
85
Virginia
113
115
7134
80
733*
83
,
75
Ry
100
62
34
7234
71
105
10934 111
91
93
106
65"
9434
110
Washington Ry A Eleo—
5%
preferred
100
Western Power $7 pref. 100
.
mm
100
mm
m
mm
Volume
Quotations
Over-the-counter Securities—Friday May 22—Continued
on
Specialists in—
Securities of the
Associated Gas & Electric
S. A. O'BRIEN A
Members New York Curb
150
COrtlandt 7-1868
Public Utility
Exchange
10034
86
88
1st 6s series A.—.1945
92
94
Ark Missouri Row 1st 6s '53
65
66 34
Associated Eleotrio 5s. 1961
66
6734
3734
Assoc Gas A El Co
4)4s '58
Assoc Gas & Elec Corp—
Income deb 3)4s...l978
Income deb
354s...1978
34
3634
3034
3034
Water Bonds
Ask
101
103
10734 10834
107
106
Newport N A Ham 58.1944
1962
3234
33
35
35J4
New Eng G & E 5s
62
New York Cent Elec 5s *52
Conv deb
.1973
61
62
N Y Edison 3 34s D
...1973
65
66
Northern N Y UtU 58.1955
10234 10234
10234
70
73
Ohio Ed 1st A cons 4S.1965
10534 106
Conv deb 5)4s
1973
35 34
Sink fund lno 4)4s~1983
Sink fund Income 5s 1983
38
4034
Sink fund lno 6)4s..l983
4334
Participating 8s....1940
Bellows Falls Hy El 5s 1958
•
--
...
m
mm
-mm
99
98
1946
Okla Nat Gas 6s A
..1948
5s series B
Old Dom Pow 5s May 15*51
Pacific Gas A El 354s H '61
67
64
103
■
----
102
103)4
10034 102
6934
7134
10434 10434
t
'
101
Blackstone V G & E 4s '65
10234
10934 10934
Paclfio Tel & Tel
Parr Shoals Power 5S.1952
102
Bklyn Man Trans 4Hs '66
100
Pennsylvania Elec 5s. 1962
10434 10534
10534
334sB '66
Penn Telep Corp 1st 4s '65
--m
68
Cent Ark Pub Serv 5s 1948
96
97
Peoples L & P 5 348
Central G AE6)4s
1946
1st lien coll tr 68....1946
7634
7734
Public Serv of Colo 68.1961
10534 10634
80
81
Pub Serv of NH3«sC60
Pub Serv of Okla 4s A.1966
10534 10534
10334 10434
Cent 111 Light 3^8---1966
Cent Ind Pow 1st 6s A1947
Cent Maine Pr 4s
ser
Colorado Power 6s
10534 10634
90
9134
Pub UtU Cons 5 Ha
1941
1948
G *60
1953
10534
10534 10634
10434 10534
10434 10454
San Diego Cons GAE 4s *65
Scranton Electric 5s..1937
103
Sou Cities UtU 5s A..1958
/68
77
76
103 H 10334
Columbus Ry P & L 4s *66
Conn River Pr 334» A.1961
Consol Edison NY 334s'46
Debenture 3 He
1956
Consol E A G 6-6s A..1962
Consumers Pow 3>4b. 1970
«...
-
10334
56
57
10434 10534
Tel Bond A Share 5s..1958
82
84
740
Federated UtU 534s..1957
71
Utlca Gas A El Co Ss.1957
t—
Federal Pub Serv 1st 6s '47
1954
5 34s series A
Butler Water Co 5s
..1954
1957
12334 125
Virginia Power 5s
1942
107
96
10734
73
101
10234
Iowa Sou UtU
100
10134
103
103
102
103
10454
«
*
-
4334
4434
Western Mass Cos 4s. 1939
Western Pub Serv 534s '60
West Penn Pr 3 Ms ser I '66
Wisconsin G A El 3)4s'68
Wisconsin Pub Ser 534 s '59
-mm
98
10134 10234
90
8834
10654 106)4
10234 103
Newport Water Co 5S.1953
Ohio Cities Water 634s '53
101
Ohio Valley Water 5s.l954
Ohio Water Service 58.1958
108
5
34s series A
..1951
City of New Castle Water
6s
10554
10334
—
102
City W (Chat) 5s B...1954
101
1st 5s series C
1957
Clinton W Wks Co 58.1939
10534
10134
Commonwealth Wat (N J)
6s series C....._.._1957
534s series A
.1947
10554
—
--
---
—
AMOTT, BAKER
150
A CO.
/41
752
/30J4
731)4
Ask
4334
55
3234
3234
737
40
755)4
82
85
Pinellas Water Co 534s '69
84
87
Pittsburgh Sub Wat 5s '58
102
100
Plainfleld Union Wat 6s '61
Richmond W W Co 58.1957
10734
10534
4348
1958
Roanoke WW 6s
96
94
1958
1st mtge 6s
—
5s series A
1942
5034
3134
7034
7334
834
7234
1942
104
1960
104
.1958
10234 10334
10434
5s series D
—
5s serels A
Water Serv 5s...1961
1st A ref 5s A
Greenwich Water A Gas—
1952
98
5s series B.
..1952
Haokensack Wat Co 5s '77
100
1967
106
1977
mm
81
10234
5s series A...
108
102
5 34s series B
—
79
97
Huntington Water 5s B '54
102
9834 100
10134
Sedalla Water Co 534s '47
100
6s
1954
6s
1962
mm —
102
1960
—
m —
729)4
/48
7334
75 H
31
N Y Eve Journal 634S.1937
N Y Title A Mtge Co—
series BK
series C-2
series F-l.......
series Q
3434
3434
101
739
73134
74754
739
3634
3634
10334
41
102
Indianapolis Water 4 34s *40
105
106
102
1st lien A ref 6s
1960
1970
104
104
1958
10134 10234
10534
10534
743
78
785
1034
63
6534
98
100
98
100
101
5s series B
Westmoreland Water 5s '52
102
106
10434
10134 103
108""
105
— — —
mm
—
102
Wichita Water Co 6s B. *56
104""
102
5s series O—
1960
...1949
6s series A
10434
10334
103
Arundel Bond Corp 2-5s '53
Nat Union Mtge Corp—
Series A 2-6s——.1954
78
Arundel Deb Corp 2-6s
55
'53
—
Series B2-58
Potomao
105
Corp
46
44
Ask
5134
77
1954
Bond
Issues) 2-5s._
Associated Mtge Cos I
Debenture 2-6s
1953
(all
1953
75
Potomao Cons Deb Corp—
—...1953
2-6s
75
Cont'l Inv Bd Corp 2-5s '53
Cont'l InvDebCorp 2-6a '53
Home Mtge Co 534s A
43
1934-43
/54
mm —
77
mm —
45"
4234
4234
1953
2-6s
4434
4434
4234
Potomao Deb Corp 2-6s '53
Potomao Franklin Deb Co
4434
Potomao Maryland Deben¬
..1953
Nat Bondholders part ctfs
(Central Funding series)
Bid
Ask
76
39
737
(Mtge Guarantee series).
Nat Bondholders part ctfs
739
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-68.1953
/31
68
71
4534
47
534s double stpd... 1961
Realty Assoc Sec Corp—
4934
5334
Par
—
— —
m
— —
67
ture Corp 2-6s
Potomao Realty
1953
Atlantic
Debenture Corp 2-6s *53
Realty Bond A Mortgage
deb
2-6s
4234
Union Mtge Co 5348A 6s'37
Universal Mtg Co 6s *34-'39
4434
*234
754
754
1953
4434
75
44 H
4234
1943
Savoy Plaza Corp—
Rea ty ext 1st 5348.1945
6s.
1945
6834
61
74934
51
73334
36
9334
6734
5134
60 Park Pi (Newark) 6s '37
616 Madison Av 1st 634s'38
61 Bway Bldg 1st 534s 1950
General 7s..
1945
719
719
21
Par
Ask
115
120
New York Mutual Tel.100
100
124
126
Bell Telep of Canada.. 100
Bell Telep of Pa pref
100
143
145
N'west BeU Tel pf 6 34 %
Pae A Atl Telegraph
122
124
90
91
Cuban Telep
44
7% pref.. 100
Emp A Bay State Tel.. 100
Franklin Telegraph.
100
Gen Tel AlUed Corp $6 pf.
Int Ocean Telegraph... 100
Lincoln Tel A Telegraph..*
Mtn States Tel A Tel. .100
New England Tel A Tel 100
...
m
—
— —
42
47
9534
9734
99
10234
115
137
—
25
Peninsular Telephone com*
Preferred A
..100
m~
61
100
—•
141
Bid
25
Ask
29
11734 119
19
1934
11034
21
2054
114
Roch Telep $6.501st pf.100
So A Atl Telegraph
25
112
20
24
Sou New Engl Telep...100
S'western BeU Tel pref. 100
141
143
12434 126
Tri States Tel A Tel-
Preferred
.—.10
105* «134
Wisconsin Telep 7% pf.100
117
12234 12434
2134
Sherry Netherland Hotel
91
Bid
(N J) com.*
Am DIst Teleg
Preferred
Clnoln A Sub BeU Telep.50
11
46
1950
1st mtge 5s
....1951
1st mtge 534s...—I960
99
97
3034
Roxy Theatre—
6934
104
04.
10534
10534
Telephone and Telegraph Stocks
72734
1st fee A l'hold 6 34 s. 1940
9
6734
101
103
..1949
104
41
19th A Walnut Sts (Phlla)
1st 6s.......July 7 1939
5s income
/38
6s series A
102
4854
165 Bway Bldg 1st 534s '51
Co
77
10534
3234
Prudence
7534
.I960
Haute Water 5s B '56
Illinois Water Serv 5s A '52
Nat Bondholders part ctfs
1st mtge28 8tmpAreg'55
1st A gen 6s
1946
534s
534s
534s
534s
6s series B
erre
10234
10434
Mortgage Bond Co of Md
103 E 57th St 1st 63..1941
755
4934
Kelth-Albee Bldg (New
Roohelle) 1st 6s.. ..1936
8234
8634
Lefcourt Manhattan Bldg
1st 4-5a extended to 1948
Lewis Morris Apt Bldg—
6234
6834
1st 5 34s
May 151948
72254
75434
71934
74554
7934
2234
4754
Federal Intermediate Credit Bank
1034
Bid
Syracuse Hotel (Syracuse)
Apr 15 1937
/51
Lincoln Bldg lno 5 34s. 1963
60
64
1st 634s
Oct 23 1940
Textile Bldg 1st 6s
1958
9234
746)4
94
7034
7134
7434
75834
74434
Trinity Bldgs Corp—
1st 534a
1939
2 Park Ave
Ludwlg (Baumas—
—m
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Ave 6s..Nov 6 1939
50*
62d A Madison Off Bldg-
1st 6s (Bklyn)
1942
1st 6)4s (L I)......1936
—
"
Metropol Playhouses lno—
7034
9034
3234
London Terrace Apts 6s '40
93
10034
434s.
104
6s series B
lno 2-5s
68)4
8734
4134
1st 6Hb
91
1950
Roch A L Ont Wat 58.1938
104
E St L A Interurb Water—
6s
74
1949
Loew's Theatre Re< Corp
•
lft 6s
1947
9234
9334
728
502 Park Ave 1st 6s. .1941
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
1947
1945
4834
Hearst Brisbane Prop 6s '42
30
Metropolitan Corp (Can)
S f deb 5s
50 Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—
1Q47
Ask
/28
Munson Bldg 1st 6348.1939
tm
WrtV
9834 10034
St JosephWater 4sseAl966
9834 10034
106
Bid
N Y Athletic C ub—
1947
Eqult Off Bldg deb 58.1952
Deb 5s 1952 Legended
Bldg 1st 6s *43
1958
1939
1400 Broadway Bldg—
1st 634s stamped... 1948
Fox Theatre A Off Bldg—
1st QHa
Oct 1 1941
Fuller Bldg deb 6s
1944
5348 unstamped.
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 68.1951
1948
67
Apr 28 1940 74734
/2934
Aq
6s
8734
East Ambassador Hotels—*
40 Wall St Corp 6a
42 Bway 1st 6s
Majestlo Apts 1st 6s.. 1948
Metropolitan Chain Prop—
64
Dorset (The) 1st 6s...1941
Film"Center
Bid
6s
Court A Remsen St Off Bid
unstamped
103
10654 10834
1946
5 34s series B
BeUN^tSe1-
Broadway, N.Y.
Bid
6Ha
101
104
Surety Guaranteed Mortgage Bonds and Debentures
Real Estate Bonds and Title Co. Mortgage Certificates
1st A ref 5 Ha
10034 10234
9934 10134
I960
..1948
1948
6s series A.........1946
Conneilsvllle Water 5s. 1939
Consol Water of Utlca—
Allied Mtge Cos lno—
All series 2-5s
1st 6s
94
106
Prior Hen 5s.......1948
Phlla Suburb Wat 4s. ..1965
103
Community Water Service
Lexington Wat Co 534s '40
INCORPORATED
Broadway Motors Bldg6s stamped..
...1948
Cbanln Bldg lno 4S...1945
Cheeebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s.. 1948
1st A ref 5s
1st consol 5s
100
92
10234 104
Penna State Water 534s *52
Penna Water Co 58—1940
Peoria Water Works Co—
1st consol 4s
...
Kokomo W W Co 5S..1958
inquiries for copies of our compre¬
hensive statistical reports on real estate issues.
1st leasehold 6&S..1944
92
98
Ore-Wash Wat Serv 5s 1957
1941
Jamaica Water Sup 5 34s '55
Jopiln W W Co 6s
1957
We invite
B'way Barclay 1st 68.1941
Certificates of deposit
B'way A 41st Street—
New York Wat Serv 5s '51
102
105
Interstate Water 6s A. 1940
Jan 11941
104
9034 92
9234 94
9934 10134
—1951
10334 10454
1st lien A ref 6s
10534
Real Estate Securities
Broadmoor (The) 1st 6s '41
534s
102
Citizens Water Co (Wash)
5s
1951
6s
Alden 1st 6s
10234
10434
New Jersey Water 5s_x950
New Roohelle Wat 5s B '61
California Wat Serv 6s '68
Chester Wat Serv 434s '58
1st lien A ref 5348-.1953
1st lien A ref 534S..1954
2360
103
Muncle Water Works 5s '65
100
Indianapolis W W Secure—
BArclay 7
101
Monongahela Valley Water
534s
__1950
Morgantown Water 5s 1965
'
107
Green Mountain Pow 5s '48
5J4s...1950
Kan City Pub Serv 3s.l951
S'western Gas A El 43.1960
10934 109%
10434
105
10634
10434 10434
56
5734
10234 10334
104
Wash A Suburban 5)4s 1941
Duquesne Light 334s. 1965
Edison El IU (Bos) 3)4s '65
5s series B...
Davenport Water Co 5s '61
Sioux City Gas A El 6s '47
Sou Calif Gas 1st 4s..1965
—
'
Ask
10334 10534
10534 10734
Long Island Wat 534S.1955
Middlesex Wat Co 5 34s' 57
Monmouth Consol W 5s '56
102
10434 10534
99
10034
60
Sink fund Income 4s 1983
....
103
Income deb 4s.....1978
Conv deb 5s
9934
105 )4 10534
•
Bid
Ask
9734
10534
10634
31
1965
Bid
105
10554
10834 10854
4)4s '65
Keystone Telep 5)4s-1955
Long Island Ltg 5s... 1955
Los Angeles G A E 4s. 1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
1st & gen 4Hs
1960
Kan Pow & Lt 1st
Income deb 4>£s—1978
Conv deb 4s
1973
4)4s
PLACE, NEW YORK
Teletype: New York 1-1075
Tel.s HAnover 2-0510
Bid
Mtn States Pow 1st 6s 1938
31
INCORPORATED
Bonds
Kansas Elec Pow 1st 6s '37
68
98
SmRT.BRENT&Co.
40 EXCHANGE
and Boston
Ask
66
1948
Complete Statistical Informationr—Inquiries Invited
CO.
Direct Private Telephone between New York
BeU System Teletype—N.Y. 1074
Bid
Water Works Securities
System
75 FEDERAL ST., BOSTON
Hancock 8920
BROADWAY, NEW YORK
Aria Edison 1st 6s
3491
Financial Chronicle
142
Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—
1st 6343
Oct 19 1938
Westlnghouse Bldg—
1st fee A leasehold 6s '39
4634
101
FIC 134a- .June 15 1936 6.30%
FIG 1348.. .July 15 1936 6.30%
15 1936 6.30%
FIC 1348- .Aug
FIC 134s.. .Sept
FIC 1348- .Oct
65"
72634
15 1936 6
.30%
.35%
3134
77234
15 1936 6
—
For footnotes see page 3492.
Debentures
Ask
Bid
FIC 1348. ..Nov
.
---
«...
---
---
16 1936
FIC1J48- ..Deo
FIC 134s. ..Jan
FIC 134s. ..Feb
15 1937
FIC 1348. ..Apr
FI Cl)4s- ..Apr
15 1936
15 1937
15 1937
15 1937
6.40%
6.40%
6.50%
6.50%
6 .55%
6.50%
Ask
-mm
m~m
-mm
mm —
m —
Financial
3492
May 22—Continued
Quotations on Over-the-Counter Securities—Friday
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
30
BROAD
Company Securities
DISTRIBUTORS
NEW YORK
STREET
1936
23,
May
Chronicle
63 Wall
Members New York Curb Exchange
Telephone HAnover 2-9030
GROUP,
Incorporated
BOwling Green 9-1420
Street, New York
Kneeland 8C Co.1—Western Trading
Correspondent
~
SECURITIES
REORGANIZATION
ISSUED SECURITIES
WHEN
Investing Companies
>
RIGHTS
Par
Par
Bid
Ask
21%
22%
1.08
1.18
11%
12%
Equities Ine
Am Insurance Stock Corp*
Assoc Stand Oil Shares—2
.99
1.11
3%
5%
1
1.43
1.56
shsSOc
.45
.70
Nation Wide Securities. .1
4.10
4.20
3%
4%
Voting trust certificates.
1.68
1.82
Shares—*
British Type Invest A—1
4.47
N Y Bank Trust Shares.—
.36
.56
No Amer Bond Trust ctfs.
3%
73%
77%
Broad St Invest Co Inc—
28.41
30.39
No Amer Tr Shares 1953—
2.49
Amer General
ST., N. Y.
Teletype N Y 1-1397
Cal.
Angeles,
Corp...*
Business Shares—1
Bankers Nat Invest Corp *
BROAD
HAnover 2-8780
Los
1.93
Amer
Established 1919
25
16.96
1.75
Amerex Holding
New York Security Dealers Assn.
Members oj the
Ask
15.94
Amer & Continental Corp.
M. S. Wien & Co.
Bid
Administered Fund
*
Affiliated Fund Ino com..
Bancshares Ltd part
Basic Industry
Climax Molybdenum
Co.
3.23
mmrnrn
3.19
mmmm
Series 1958
3.23
4
6
2.25
3.84
1920
74
American Hardware
25
*
Amer Maize Products
99% 103%
29%
30%
Bid
Ask
Super Corp of Am Tr Shs A
3.40
11.54
a
1
9.60
21.15
23.35
5.76
6.38
1
31%
33%
106
*
43
51
*
Trusteed Amer Bank Shs B
1.00
1.12
1.42
1.54
Trusteed Industry Shares.
1.34
1.48
1.78
1.93
Trusteed N Y Bank Shares
1.47
1.67
1.44
1.57
1.12
1.22
United Gold Equities (Can)
Standard Shares
1
2.70
3.00
U S El Lt <fe Pr Shares A._
110
shares
47
49
Art Met*
13
14%
Nat Paper & Type com
51%
52%
100
New Haven Clock pf
100
North Amer Match Corp.*
21
53
59
Northwestern
75
80
Huron Holding Corp
100
2
25
27
100
114
118
Carrier Corp 7% pref__100
Climax Molybdenum
*
41
46
39%
9%
40%
11%
20
22
52%
52%
49%
53%
Preferred
Columbia Baking com
$1 cum pref
Columbia Broadcasting A *
Class B
*
Crowell Pub Co
$7
*
com
preferred
100
Dentists' Supply Co of N Y
Dictaphone Corp
*
Preferred
3%
52%
65%
118
Dixon (Jos) Crucible...100
Doehler Die Casting pref.*
100
Preferred
50
Driver-Harris pref
100
Flour Mills of America.. *
52%
55%
58%
122
40%
45
—
—
_
1.33
1.45
18
18%
Merchandise shares
1.16
1.27
B
2.70
2.56
Mining shares
1.45
1.58
Voting trust ctfs
1.04
1.12
Petroleum
1.22
1.38
Un N Y Bank Trust C 3—
Investing shares
*"
3%
shares
RR Equipment shares..
Steel shares
23
87
1.14
Un N Y Tr Shs
1.38
1.50
Wellington
Tobacco shares
4%
1.04
1.27
3%
1%
3%
17.20
18.88
2%
1.38
Guardian Inv Trust com.*
1%
Preferred
1%
100
Pharmacal
5
36%
38%
Incorporated
*
20
22
Investors Fund of Amer
*
*
100
101
se
rF
Fund
Investm't Banking Corps
Bancamerloa-Blair
24
22
Yeast
Corp
7%
8%
103
Leather
Pathe Film 7% pref
Publication Corp com
$7 1st preferred
Remington Arms com
39%
335
125
.
100
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
.45
21.11
22.70
1.00
Investors..*
.60
1.10
First
Boston
46%
Corp
Schoellkopf, Hutton <fe
Pomeroy Ino com
5%
48
6%
42%
103
*
Scovill Mfg
25
Singer Manufacturing.. 100
Sparta Foundry common.
Standard Cap & Seal
6
Standard Screw
53%
108
100
Douglas Shoe preferred-100
Draper Corp
*
Norwich
Ohio
5.87
B
Food shares
116
102
Trustee Standard Oil Shs A
2.18
4
1st preferred
6.79
6.22
American Republics com.*
Andlan National Corp
*
Canadian Celanese com..*
13.98
2.36
Chemical
3%
Mock Judson & Voehrlnger
preferred
2.41
2.01
72
Preferred
12.86
D
5.66
22%
Casket
...
Trustee Standard Invest C
mm+m
Building shares
114
100
6.40
Agricultural shares
1
.100
preferred
6.40
Supervised Shares new
5.49
21
Preferred
2.36
C
-
3.59
BB
43
26.86
2.36
B
30.23
40
Group Securities—
"3"
Merck & Co Inc com
AA
D
28.14
100
Maytag warrants
5%
1.04
1.76
18
Beneficial Indus Loan pf_*
Bowman-Blltmore Hotels
3,85
1.57
_25o
68
Construction. 10
3.60
.96
General Investors Trust.
7
National
20.33
93.63
24.94
50
•
18%
19.12
Spencer Trask Fund
Automobile shares
6
^ OO
(HR) Ino com.*
----
*
Standard Am Trust Shares
4.00
*
20%
4%
9.14
17
*
Eqult Inv Corp (Mass) ..5
Equity Corp cv pref
*
6%
-
4.75
State Street Inv Corp
100
Preferred
*
3.50
Selected Income Shares
Standard Utilities Ino
100
American Mfg
«
Selected American Shares.
Selected Cumulative Shs..
Selected Industries conv pf
—
7.25
Fundamental Investors Ino
Preferred
8% cumul preferred.
M
2.50
4.60
Fundamental Tr Shares A.
Preferred
American Hard Rubber
1.63
6.55
Fidelity Fund Ino
Macfadden Publlca com..*
Mallinson
1.49
4.30
Dividend Shares
Par
71
H
Selected Amer Shares Ino.
C
Ask
100
Book
4.75
%
9%
B
American
12.37
4.45
—
D
Industrial Stocks
11%
11.87
m
3.60
B.
29
1.66
....
5.58
Fixed Trust Shares A
10 %
1.05
-
-.100 110
7% preferred
York Security Dealers Association
26
3%
3
40
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B
Y.
Tel. BArclay 7-0700
System Teletype NY 1-1493
Bid
*
.94
■
37
Cumulative Trust Shares.*
115 Broadway, N.
*
14
115
10
-
42%
13
31
3.17
29
-.100
-
40
*
1.51
3.17
A A mod
-
pref.*
Plymouth Fund Ino A. 10c
Quarterly Ino Shares..25c
Representative Trust Shs.
Republic Investors Fund.5
Royalties Management
2.54
Series ACC mod
50
Class A
Pacific Southern Inv
mm
2.54
Accumulative series
Bristol & Willett
Par
m m
2.64
Series AA
Series
Securities...100
Class B
%
Corporate Trust Shares
Market
Northern
27.70
25.76
Diversified Trustee Shs B.
vto..
26.08
Mutual Invest Trust
43
Century Trust Shares—*
Commercial Nat'i Corp—
in the
Arch
24.58
6%
40
Class B—
COMPREHENSIVE SERVICE
American
4%
«...
Series 1956
Common B shares
Amer Air Lines Ino
19.77
2%
Series 1955
8% preferred—
Bell
5%
18.28
4.40
1
Fund Ltd
Crum <fe Forster Ins com 10
Members New
*
Major Shares Corp
'*
Maryland Fund Ino cornMass Investors Trust
1
Investment Tr of N Y
18%
Teletype N. Y. 1-1666
Established
95.33
4.00
BOwllng Green 9-3565
Oveivthe-Counter
93.45
Investors Fund C
17
/New York Security Dealers Association
j Commodity Exchange, Inc.
K
Broadway, New York
41
Central Nat Corp cl A..
C. E. UNTERBERG & CO.
61
44
41
*
7% preferred
Canadian Inv Fund Ltd.l
Bullock
Sylvania Industrial Corp.
Members
Invest Co of Amer 00m. 10
4%
32
25%
36%
5%
33%
340
COMPANY INC.
BURR
26%
38
135
7%
8%
25%
Chicago
NEW YORK
-
26%
-
Boston
57 William St.
50
15
18
68
Taylor Milling Corp
*
Taylor Whar I & S com..*
70
107
112
Trlco Products Corp
%
1%
Foundation Co—
Tublze Chatillon
cum
*
pf.10
15
17
0%
44
45%
105
Chain
Store Securities
115
10
pf__100
2%
3%
7
9
pref.r... 100
3%
4%
Unexcelled Mfg Co
Foreign shares
*
6%
7%
Un Piece Dye Wks
American
*
6%
7%
U S Finishing
6%
Warren Northam—
*
5%
33%
shares
Galr (Robert) Co com
Preferred
Gen Flreproofing $7 pf.100
Golden Cycle Corp
Graton <fc Knight com
10
101
50%
36%
105
53%
$3
preferred
*
Welch Grape Juice pref. 100
conv
West Va
Pulp & Pap com.*
44
100
m
<m
«
»
Par
17%
15%
101% 103%
15%
14%
*
4
5
100
42
44
White (S
Great Northern Paper..25
26
27%
White
Jacobs (FL) Co
Klldun Mining Corp
15%
17%
2%
S) Dental Mfg.20
Spring—
preferred
100
100
Wilcox-Gibbs common..50
24
17
WJR The Goodwill Station
28
Preferred
1
Lawrence PortI Cement 100
Lord & Taylor com
1st
2d
2%
15
100
200
100
112
100
6% preferred
8% preferred
118
Preferred
100
---
Borland Shoo Stores
...100
53
Young (J S) Co com...100
7% preferred
100
120
*
7% preferred
$2.50
*
60%
125
131
American Tobacco 4s. 1951
Am Type Founders 6s_1937
-
Bid
-
104
108
Edison Bros Stores pref 100
110
112
95
1%S
l%s
Aug
Aug
95
2s
Aug
15 1938
Am Wire Fabrics 7s.. 1942
95
97
l%s
June 15 1939
Merchants Refrlg 6s.. 1937
Nat Radiator 5s.
1946
100%
104
Stores
.100
85
101.9
99% 101
Par
Cache La Poudre Co
97
1
Chicago Stock Yds 5s. 1961
Cudahy Pack conv 4s. 1950
101
No
89%
92%
Eastern Sugar Assoc
Preferred
102
Haytlan Corp Amer
*
1st 3%s
Deep Rock Oil 7s
1955
100% 101%
Penn-Mary Steel 5s... 1937
1937
/70%
Reynolds Investing 5s 1948
Soovllle Mfg 5%s
1945
81
83
106
107
Std Tex Prod 1st
/II
13
/16
101.9
18
Jones & Laughlln Steel—
4Kb
Journal of Comm
I
1961
99
99%
77
82
Shipbuilding 5s-1946
Amer Refrao 6%s_1944
Otis Steel 6s ctfs
1941
6%s as '42
Struth Wells Titus 6%s '43
Willy8-Overl'd 1st 6%s '33
Witherbee
6%s.l937
,
112%
6
8
Reeves
1
38
104
ion
(Daniel) pref..
36
102
110
111
H* OO
105
Rose 5-10-25C Stores.. —5
-
106
—
93
.100
108
100
20
23
0% pref ctfs
U S Stores preferred.. .100
20
23
3
6
Schlff Co preferred
United Cigar Sts 6 % pf
_
m
m
101.7
35%
101.7
100
preferred
*
(I) Sons com
.100
6%% preferred
Murphy(G C) $5 pf—. .100
4%%
Miller
Sugar Stocks
102.26 102.29
95
us
Sept 1 1939
Haytlan Corp 8s.
1938
100
17
7
N Y
Federal Farm Mtge Corp¬
15%
*
100
72%
12%
Melville Shoe—
Nelsner Bros pref
,
1953
103
Ask
118
Flshman (M H) Stores
*
Preferred
.100
100.12
15 1936 100.9
15 1937 101.25 101.28
/93
River Bridge 7s
11%
Ask
/93
Bear Mountain-Hudson
7%
Bid
109%
Home Owners' Loan Corp
.1939
Debenture 6s
39
100
Kobacker
Ask
—
6
42
7% preferred
Bid
104%
37%
38
preferred
Diamond Shoe pref
Green (H L) 7% pref—100
Katz Drug preferred
*
127
Miscellaneous Bonds
American Meter 6s... 1946
15
100
7%
30
Kress (S H) 0% pref.. ..10
ion
Lerner Stores pref
14
pref
*
C) common. _*
Par
Ask
7%
90
conv
Bohack (H
Bid
.100
Blckfords Ino
Rock Mln
$7 1st
Worcester Salt
.
Chain Store Stocks
~
Sherman
Woodward Iron 5s
6s '44
1952
/33%
102%
20
1
Bid
23
12%
20%
%
Ask
24
14%
22%
Par
Bid
*
115
preferred
100
West Indies Sugar Corp.. 1
115
Savannah Sugar Ref—
7%
2%
Ask
mmm
-
-
3%
1%
102% 102%
73
/—.
/16
/61
m
18
63
*
d
No par
Coupon.
value,
a
Interchangeable. & Basis price,
/Flat price,
to i
When Issued,
z
e
Registered coupon (serial).
Ei-dlvtdend.
y
Now selling on New
York Curb Exchange.
t Now listed
on
New York Stock Exchange.
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
•
Volume
Financial
142
Chronicle
3493
By Crockett & Co., Boston:
Quotations on Over-the-Counter SecuritiesFriday May 22—Concluded
Shares
Stocks
4 Nashua
$ per Share
Mfg. Co. common, par $100
Co., par $50
Manufacturing Co
10H
49
14 Pelzer
20
Foreign Unlisted Dollar Bonds
Bid
Anbalt 7s to
1946
Antioqula
1946
8%__
f 19
/32m
/17
/17
/15
Bank of Colombia 7 %
.1947
7% .1948
Barranqullla 88*36-40-46-48
Batavla Petroleum 4Hs *42
Bank of Colombia
Bavaria 6Hs to
Bavarian
1946
Palatinate
Cit 7%
108
Hungarian Discount & Ex¬
19
/25
change Bank 7s
1936
Hungarian defaulted coups /20 40
Hungarian Ital Bk 7 ya '32
/24
19
16 y
110
25
20 y
/13
15
a5
/9
/e
/6
/8
/20
my
16
7s
1958
7e
1969
63..
1940
Brandenburg Eleo 6s. 1953
Brazil funding 6%.1931-51
_
Brazil funding scrip
Bremen (Germany) 7s '35
British
Hungarian
Bank
1956
37 h
my
Call
(Colombia) 7%._1947
Callao (Peru) 7H%~1944
noy
fioy
Cauca Valley 7Hs
1946
/9
Ceara
1947
1968
26 h
25h
24
Meridionale Elec 7s
68 H
Miag Mill Mach 7s...1956
Minus Geraes 6Hs
26 y
28 y
44
ny
ii y
Nassau Landbank 6 Ha '38
Natl Bank Panama 6H%
64
Cordoba 7s stamped..1937
7s stamped
...1957
/—
a4
51 y
m
/51
55
Costa Rica funding 5% *51
Costa Rica Pac Ry 7Hs '49
5s
1949
6H8..1959
Duesseldorf 7s to
1945
ao
my
my
Dulsburg 7% to
1945
my
Dortmuna Mun Utll 6s '48
East Prussian Pow 6s. 1953
f2o y
my
/21 y
Electric Pr (Germ) 6Hs '50
1953
53
Porto
10H
Protestant
25 y
24 y
R C Church Welfare 7s '46
23 y
my
French Govt 5Hs
1937
150
French Nat Mall SS 6s *52
Gelsenklrchen Min 6s. 1934
142
147
/64
my
26 y
my
German Atl Cable 7s. .1945
Building & Landbank 0H%
1948
German defaulted coupons
July to Deo 1933
7%
1957
Salvador 7% ctf of dep '57
Salvador 4% scrip
26 y
Catharlna
■
8%
July 1934 to May 1936..
/23
ny
f20 40
...1947
Scrip
8X
390
820
805
130
130
Courrieres
199
194
191
Credit Commercial de France
Credit Lyonnaise
1,430
1,400
1,380
1,280
1,250
1,210
424
414
411
608
595
588
556
550
540
870
860
840
34 h
stamped
June 1 and Dec 1 1935..
1954
Gt Brit & Ireland 5Hs *37
4s
1960-1990
Guatemala 8s 1948
Haiti 6%
1953
1946
6Hs—
Saxon State Mtge 6s. .1947
1956
Serbian coupons
fm
my
9H
19 y
94
I
15 y
97
105 h my
115 y 116 y
Electric 6Hs
Hanover Harz Water Wks
716
Holi-
998
day
385
384
13
13
16
22
h
152
/18
/38
/35h
/9
68.90
68.90
69.30
69.50
70.10
69.10
69.30
74.90
73.80
74.10
73.80
72.80
73.10
95.30
93.40
93.13
2,690
2,660
2,660
1,270
1,286
1,251
-
1,125
1,075
1,022
-
47
46
47
36
34
1,251
1 211
534
534
69
67
1 65
415
405
397
45
45
42
534
Wagon-Llts
36 h
THE
46
35
1,280
Tublze Artificial Silk, pref
Union d'Eelectricltie
11
---
'
BERLIN
....
STOCK EXCHANGE
Closing prices of representative stocks
19
a8
/56h
/73
58 h
each
ii y
May
May
15 h
16
18
23 h
Berliner Kraft u. Licht (8%)
Commerz'und Prlvat-Bank A. G
Dessauer Gas
37
37
118
117
116
150
149
150
92
93
92
93
133
130
127
126
94
95
95
94
124
127
122
121
Holi¬
126
126
day
10H
123
7%.*126
1947
AO
City 7s
1951
93
1950
93
99
101
/23
L7
a9h
23 h
/22h
24 h
94
95
95
95
95
176
141
175
174
172
174
142
141
140
141
142
15
142
15
142
141
141
15
16
16
98
99
94
95
17
192
16
189
16
18
Mannesmann Roehren
Unterelbe Electric 6s. 1953
Ve8ten Elec
Housing & Real Imp 7s '46
my
23 y
Norddeutscher
Lloyd
1947
1945
Relchsbank (8%)
Rhelnische Braunkohle (8%)-.
Salzdetfurth (7H%)
238
185
Siemens & Halske (7%)
Ry 7s
Wurtemberg 7s to
194
*
tSoviet Government Bonds
Ask
94
121
98
-
(6%)
Hamburg Electric Werke (8%)
Hapag
Tollma 7s
37
38
92
(4%)
Farbenindustrle IG (7%)
93"
22
135
(7%)
Gesfuerel
91
May
21
117
151
Deutsche Bank und Dlsconto-Gesellschaft—
/66
May
20
37
Berliner Handels-Gesellschaft (6%)
38 h
1955
Electric 7s.
May
19
118
150
Allgemeine Elektrizitaets-Gesellschaft
27 h
Deutsche Reichsbahn (German Rys) pf
Dreedner Bank
Stlnnes 7s unstamped-1936
7s unstamped
1946
May
■Per Cent of Par
25h
my
/44 55
received by cable
as
day of the past week:
Deutsche Erdoel
21 y
Bid
1,195
1,233
69.90
2,650
24 h
35
1943
-
74.30
Soclete Lyonnaise
Soclete Marseillaise
24 h
-
70.50
Saint Gobain C & C
35
-
384
95.80
25 h
A7H
my
7% gold rouble
—
75.20
/21h
/75
6%
1957
Hansa S3 6s stamped. 1939
238
185
194
18
189
188
188
237
237
235
183
182
192
192
193
Ex-dividend.
ASk
Bid
Union of Soviet Soc Repub
'
70.10
/20H
Tucuman
820
724
1,015
1,248
Tucuman Prov 7s
45
93
r
70.80
United Steamshlo 6s..1937
/40
----
725
Soclete Francaise Ford
Soclete Generale Fonclere
34
-
1,380
1,210
Schneider & Cie
50
-
69.80
1946
Toho
v
13
Stettin Pub Utll 7s...1946
13
-
130
376
Royal Dutch
---
-
1,029
Closed
16
_
Silesia
A2
a4 y
.
«.
478
489
492
Energle Electrique du Nord
Energie Electrique du Littoral.
23 h
76
Slem & Halske deb 6s .2930 /270
7a
1940
/55
__
.
Pechlney
;
Rentes, Perpetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4H%, 1932 A
Rentes 4H%, 1932 B__
Rentes 5%, 1920
22 h
a0h
Serbian 5s
Coupons
Dec 1934 stamped
Apr 15 *35 to Apr 15 '36
German
Young
Coupons
18
410
26 h
a4h
/22h
my
my
24 y
1,100
18
120
53
149
-
1,100
20
Eaux Lyonnaise
/22
/40
/27
/31
a5
/21H
/20h
-
1,160
Pathe Capital
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s..1945
/35
-
19
,
Orleans Ry
Santander (Colom) 78.1948
/45
-
(Brazil)
Santa Fe 7s stamped ..1942
Jan to June 1934
Graz (Austria) 8s
Salvador
Santa
German
12-1-34
1945
Saarbruecken M Bk 6s '47
24 y
■
830
(Ger¬
24 y
my
1945
Dawes
Church
many) 7s
Prov Bk
Royal Dutch 4s
1966
German
1968
1946
Westphalia 6s '33
Prov Bk Westphalia 6s '36
Rhine Westph Eleo 7% '36
Rio de Janeiro 6 %
1933
Rom Cath Church 6 Ha '46
22 y
22 y
Mortgage & In¬
vestment 7Hs
Frankfurt 7s to
German scrip
scrip
Alegre 7%
191
19,400
710
419
22 h
a8h
/6 0
a5
to
Panama 5%
193
19,300
748
1,200^
Transatlantlque
Lyon (PLM)
Nord Ry
1945
53
198
19,500
23h
a8h
26
199
L'Alr Llquide
Oberpfals Elec 7%.—1946
Oldenburg-Free State 7%
45
335
52 h
48
1948
/ 348
Comptolr Nationale d'Escompte
Coty S A
/24
/92
1947
7%
4s_
358
6,000
775
19,200
Citroen B
/25
North German Lloyd 6s '47
Mtge
,787
1
;
18h
18h
49
National Hungarian & Ind
48 h
Francs
6,000
766
Canal de Suez
Cle Generale
/78
1962
May 22
Francs
Francs
6,200
Kuhlmann
1948-1949
Francs
Francs
820
Banque de Paris et Des Pays Baa
Banque de l'Unlon Parislenne..
Cle Dlstr. d'EIectricltie
Cie Generale d'EIectricltie
m
7 Ha
$100, and
....$13 lot
received by' cable
as
6,400
59
/21h
my
1946-1947
Hungary
par
May 18 May 19 May 20 May 21
Francs
27
57
CC&D7
67
pref.,
BOURSE
Canadian Pacific
/23
a7h
a7h
a7
/51
/21H
a8h
(A&B)
/24
German called bonds
1945
Municipal Gas <fe Elec Corp
Recklinghausen 7s
1947
29 h
Nat Central Savings Bk of
/61
a7
European
1952
Munlo Bk Hessen 7s to '45
10
Columbia scrip Issue of '33
Issue of 1934 4%___1946
6Ha
1959
1959
_.
ii"
City Savings Bank, Buda¬
1953
pest, 7s
Cundlnamarca
1958
6Hs
7s
f2y
/65
May 16
Bank of France
/23h
1957
PARIS
Quotations of representative stocks
each day of the past week:
24h
1943
Munich 7s to
1953
38 h
Mannheim & Palat 7s. 1941
6X
Corp—
Chilean Nitrate 5s
Jugoslavia 5s
Coupons
Koholyt 0Hs
S2 7
Buenos Aires scrip
/42
Burmelster & Wain 6s. 1940 /109
Caldaa (Columbia) 7Hs '46
ao
(Brazil) 8%
/23h
Montevideo 6s
1962
6Hs
1948
n
/68
/2o y
THE
/44 55
my
Land M Bk Warsaw 8s '41
f 70
/29
Leipzig O'land Pr 6Hs '46
Leipzig Trade Fair 7s. 1953
/23h
Luneberg Power Light &
Water 7%
1948 /22h
9M
32
1st
/24
Ilseder Steel 6s
my
Bogota (Colombia) 6Hs '47
8s
1945
Bolivia (Republic) 8s. 1940
Brown Coal Ind
Hungarian Cent Mut 7s *37
34
/22h
1945
7 Ha
22
Cons
to
Manufacturing Co. v. t. c., par $5
Boston Chamber of Commerce
Realty Trust
7 prior preferred, par $100
Ask
Bid
Ask
3H
•
20 Farr Alpaca
10 Newmarket
Union of Soviet Soo Repub
87.61
91.35
10% gold rouble.-.1942
CURRENT
87.61
NOTICES
For footnotes see page 3492.
—Swart, Brent & Co., Inc., 40 Exchange Place, New York, have pre¬
AUCTION
pared an analysis of S.
SALES
Stroock & Co., Inc., manufacturers of specialty
woolen fabrics,
The following securities were sold at auction
of the current week:
on
Wednesday
$ per Share
(Md.)
$1,154 lot
(Md.)
$1,200 lot
250 D. L. & W. Fuel & Supply Co.,
Inc., common, no par
$500 lot
35 American Hotels Corp. (Del.) preferred, par $100, and 20
com., no par..$105 lot
Wet-Me-Wet
Inc.
774
Wet-Me-Wet
Inc.
Shares
Stocks
$ per Share
par $50
41H
40
100
Baltimore &
Ohio
100
Borden Co.,
common,
par
that*Irving"kahnTformerly ofHamerschlag Borg
$100
17
27y
1 Columbian National Life Insurance Co., par $100
81
35 Diversified Trustee Shares Series C; 10 Nlpissing Mines
Co., Ltd., par $5;
90 Robb Montbray Mines, Ltd., par $1; 5 Thomas G. Plant 1st
pref., par
$100
$171
25 Waltham Watch Co. 6% preferred, par $100
—Homer &
P*—John
Abbett
Bonds—
>»
17 flat
Stocks
Philadelphia National Bank,
par
$20
Bonds—
...
59
59
65
102 H
102 H
51 y
70H
Per Cent
$2,000 Peoples Brewing Co. of Trenton 6% 1st mtge. due May 1 1939
$2 lot
By A. J. Wright & Co., Buffalo:
Shares
5
Stocks
Angel International Corp. common
<*Q
a
financial
:Jamieson,JBdwards &JDo., 39 Broadway, New York, have issued an
"of~the*" Everglade^ Drainage" DistricC" Florida.
~
analysis
t
—Cawley & Co., 74 Trinity Place, New York, have prepared a special
report on Savoy Plaza
—-
5Hs and 6s, due 1945.
yf
——
Y* —Hallgarten & Co. announce that
-
Frank J. McDermott is
now
associated
with them in their bond tradingldepartment.
—Kilgore MacFarlane Jr., is now associated with Granberry & Co. in
their research department, as market analyst.
$ per Share
5 Girard Trust Co., par $10
10 Corn Exchange National Bank & Trust Co., par $20
25 Lit Brothers preferred, par $100
Slower, formerly with James CL McKinsey & Co. in
capacity, has become associated with Blair, Bonner & Co.
Per Cent
;_75 & int.
84 H & int.
By Barnes & Lofland, Philadelphia:
7 National Bank of Germantown & Trust Co., par $10..
15 Farmers National Bank of Bucks County, Bristol,
Pa., par $15
2 Bristol Trust Co., Bristol, Pa., par $50
P.'Longbotham has rejoined the trading "department of Lord,
Wallace
lot.
51 y
$1,000 Old Colony RR. 1st mtge. 5s, Dec. 1, 1945
$1,000 Canadian International Paper Co. 1st 6s, July 1949
$2,000 Rockland-Rockport Lime Co. 6s, Mar. 15, 1955, registered
4
Co., Inc., 40 Exchange Place, New York, has prepared for
&7CoT,IInc .Tjbolhandlereal estate and industrialJx>nds;
--
Shares
& Co., is now associated
them.
with
26
par $15
RR.
analysis of Roeser & Pendleton, Inc., a producing
distribution its fortnightly circular on high-grade railroad bonds.
By R. L. Day & Co., Boston:
205 Webster & Atlas National Bank, Boston,
Warwick Mills, preferred
an
—Carl M. Loeb & Co., members New York Stock Exchange, announce
Stocks
577
prepared
oil company.
By Adrian H. Muller & Son, New Yor\:
Shares
—Hartley Rogers & Co., Inc., 14 Wall St., New York, investment securi¬
ties firm, has
P —BristolWilletAll
their
$0.50 lot
New
York"City"'are "distributing
_
|St—Auchincloss," Parker*& Redpath"announce the removal of their New
York office to 63,Wall.Street.!
-Allen &
•*
.
Co.~,r20 Broad Street, New_York,'_have prepared
an
analysis of
AmerexjHoldinglCorp
pr—RichardIC.'FieldIhas_become associated .with Billings, Olcott & Co. in
theirJNew York office.
—John
$ per Share
15*"Broadway,
current_offering list of baby bonds.
»
flh
R»P> feP>
Stanley*.Hassan" has become associated with Bioren &_Co.
—E. C. Greenwold is now associated with Strauss Bros.
X
•
3494
Financial
General
OF
REGISTRATION STATEMENTS
UNDER
Securities and
Exchange Commission on May 20
filing of 14 additional registration statements
(Nos. 2153-2166, inclusive) under the Securities Act.
The
total involved is
$45,173,280, of which $44,343,280 repre¬
announced the
sents
new
issues.
are
of Issues
13
Paso
Natural
(see details under "Current Events and Discussions"
ceding page.)
Filed May 14, 1936.
Total
Gas
$44,343,280
830,000
following issues for which releases
Corporation of America—200,000 shares
($50 par)
a
pref.
no par
value
common
share of common stock,
subsequent page).
(Docket
No. 2-2166, Form A-2, included in Release No.
792.)
Other securities included in the total
are as
follows:
Owings Mills Distillery Inc. (2-2153, Form A-l) of Owings Mills, Md.,
registration statement covering 300,000 shares ($1 par) common
stock and warrants to be issued to stockholders
entitling them to subscribe
to the new stock at $1 a share.
The proceeds from the sale of the stock
are to be used for new
working capital, part of which may be used for the
retirement of present mortgage indebtedness, it is stated.
J. J. Lansburgh,
of Baltimored, Md., is President.
Filed May 8, 1936.
a
John
Irving Shoe Corp. (2-2154, Form A-2) of Boston, Mass., has
a registration statement
covering 24,000 shares ($25 par) 6%
cum.
pref. stock with detachable common stock purchase warrants and
46,500
shares ($1 par) common stock of which
24,000 shares are reserved for the
exercise of the warrants and 22,500 shares are to be issued
to the under¬
writers as additional compensation.
The preferred stock is to be offered
publicly by the underwriter, Brown Young & Co., Inc., of N. Y.
City,
at $25 a share.
The 22,500 shares of common to be issued to the under¬
writer are not to be offered at this
time, it is stated.
The proceeds from
the sale of the stock, according to the
registration statement, are to be
used for the acquisition and
equipment of additional stores and for larger
inventories of merchandise.
Joseph P. Levy, Boston, is President.
Filed
May 9. 1936.
filed
filings is given below:
Tonawanda Share Corp (File 3-3-635), 1031 Ellicott
Square, Buffalo,
N. Y.
Offering 6,000 shares of preferred stock (no par) and 12,000 shares
of common stock (10c.
par) in units of one share of preferred and one share
of common at $10
per unit.
The fiscal agent will be permitted to acquire,
at par, an additional share of
common for each unit distributed.
Selby C.
Parker, 450 Limvood Ave., Buffalo, N. Y., is President.
The
a registration statement
covering 81,288 shares (no par) capital stock
subscription warrants evidencing the right to subscribe to the
capital
stock.
The warrants are to be issued to stockholders of the
company and
will entitle them to subscribe for one share of
the new stock for each eight
shares presently held. The.proceeds from the sale of the
stock are to be used
for the payment of bank indebtedness and for
replacements and improve¬
ments to plants and equipment, it is stated.
Ralph E. Day, of Bridgeport,
is President.
Filed May 9, 1936.
Kendall
Refining Co. (2-2156, Form A-2) of Bradord, Pa., has filed
a registration statement
covering 76,200 shares ($10 par) capital stock, to be
offered at a proposed price of $15.50 a share. < The
proceeds from the sale
of the stock are to be used for the construction of a
dewaxing and
plant and a steam and electric power plant.
is President.
Filed May 11, 1936.
Black & Decker
deresining
Otto Koch, of Bradord, P4.,
Manufacturing Co. (2-2157, Form A-2)
of Towson,
Md., has filed a registration statement covering 25,000 shares ($50
par)
5% cumulative convertible preferred stock, an undetermined number of
shares
(no par) common stock, including scrip certificates for fractional
shares, and non-transferable interim receipts.
The preferred stock is to
be offered to common stockholders of the
company of record June 4, 1936.
Certain common stockholders have waived their
preemptive right with
respect to a limited number of shares, it is stated, so that the stock
may
be offered on the basis of one share of
preferred for each 11 ^ shares of
common stock
outstanding.
Subscription warrants evidencing the right
to purchase the preferred are to be issued to the
common stockholders and
will expire June 19, 1936.
Holders of the 8% cum. pref. stock of the
company which will be redeemed on June 30, 1936, at $27 a
share, will be
offered opportunity to subscribe to such shares of the
preferred stock as
are not taken up
by the warrant holders, on a pro rata basis but not to
exceed the par value of the
8% preferred stock deposited.
Any shares
not taken by the stockholders will be offered
publicly.
According to the
registration statement, $1,080,000 of the net proceeds from the sale of the
stock are to be applied to the
redemption of the 8% preferred stock, and
the balance will be used for general
corporate purposes.
S. Duncan Black,
of Towson, is President.
Filed
May 11, 1936.
Silver Strike
Mining Co. (2-2158, Form A-l) of Murray, Idaho, has
registration statement covering 600,000 shares (10c. par) common
stock, 300,000 shares Of which are to be offered at 25 cents a share,
200,000
at 30 cents a share and 100,000 at 35 cents a
share.
The proceeds from the
filed
a
sale of the stock
are to
offering is
through S. G. Parker & Co., no address.
Cobol Mines, Inc. (File
3-3-636), Ghichagof, Alaska.
shares of common stock ($1
par) at
Offering 75,000
par.
George Boylan, Chichagof,
Alaska, is President of the corporation.
The offering is to be made through
W. D. Sprague, Hotel Webster, 40 West 45th
St., N. Y. City.
Adirondack Champlain Summer Homes
Corp. (File 3-3-637), Suite
1506-1508, 75 State St.. Albany, N. Y.
Offering 9,500 shares of 7%
participating preferred stock ($10 par) at par.
Edgar S. Knox, 75 State
St., Albany, N. Y., is President.
No underwriter is named.
be used for improvements to and
development of
property.
Edward Billberg & Co., of Spokane, Wash., is the
principal
underwriter, and E. A. Butenschoen, of Portland, Ore., is President.
Filed May 11, 1936.
Harden Chemical Corp.
Manufacturing Co. (File 3-3-638), 704 First National
Bank Building. Cincinnati, Ohio.
Offering 10,000 shares of class B common
stock ($10 par) at par.
John F. Holland, 973 Woodlawn Ave., Cincinnati,
Ohio, is President of the corporation.
No underwriter is named.
Moderne Products Corp. (File
3-3-639), 900 Market St., Wilmington,
Del. Offering to brokers and
security dealers 16,000 shares of class A 7%
cumulative preferred stock ($5 par) and 4,000 shares of
class B stock
($5 par), in units of 4 shares of class A and 1 share of class B at $25
per unit.
Myron C. Shirley, 717 West Patterson, Glendale, Calif,, is President.
No
underwriter
is
named.
*
Realty Investment Holding Corp. (File 3-3-640), 830 Chapman Build¬
ing, Los Angeles, Calif.
Offering 10,000 shares class B 7% cumulative
preferred stock ($10 par) at par.
Walter H. Glenn, 830 Chapman Building,
Los Angeles, Calif., is President.
No underwriter is named.
National Transit Refrigeration Co.
(File 3-3-641), 314 West Seventh
Ave., Spokane, Wash.
Offering 970 shares of class A common stock
($100 par) at par.
J. W. Burgan, North 1120 Division St., Spokane, Wash,
is President.
No underwriter is named.
The
following registration statements also were filed with
the SEC, details regarding which will be found on subse¬
quent pages under the companies mentioned:
Wisconsin
Public
series, due 1961
Service
Corp.—$25,000,000
(No. 2-216S, Form A-2).
Fairbanks Morse
1st mtge. bonds,
Filed May 15, 1936.
4%
& Co.
(No. 2-2177, Form A-2) covering $6,000,000
20-year 4% sinking fund debentures, due June 1,1956. Filed May 20,1936.
Bridgeport Brass Co. (2-2155, Form A-2) of Bridgeport, Conn., has
and
pre¬
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
American Glass
Underwood Elliott Fisher Co.—66,644 shares of
stock and 666,440 rights to purchase one-tenth of
to be issued to stockholders.
(See details on
filed
a
on
not
to be made
Co.—$7,500,000 of 1st mtge. bonds, series A,
stock and 596,460 shares ($20 par) common stock.
(See details on subsesequent page.)
(Docket No. 2-2163, Form A-2, included in Release No.
has filed
,
Prospectuses were filed for seven issues under Rule 202,
which exempts from registration certain classes of
offerings
follows:
4M%, due June 1, 1951, $3,750,000 of 4%% convertible debentures, due
June 1, 1946, and common stock for conversion of the
debentiures.
(See
details in V. 142, p. 3341.)
(Docket No. 2-2162, Form A-l, included in
Release No. 790.)
Container
of Bolivia
new
as
Type
The total includes the
have been published:
EI
grouped
Commercial and Industrial
Certificates of deposit
1
■
description of these
The securities involved
No.
'
UTILITY—INDUSTRIAL—MISCELLANEOUS
SECURITIES ACT
The
"
-
■
May 23, 1936
Corporation and Investment News
RAILROAD—PUBLIC
FILING
Chronicle
In
making available the above list the Commission said:
In
no case does the act of
filing with the Commission give to any security
its approval or indicate that the Commission has
passed on the merits of
the issue or that the registration statement itself Is correct.
The last
in
previous list of registration statements
issue of May 16, page 3328.
our
was
given
Adirondack Champlain Summer Homes
Corp.—Regis¬
ters with SEC—•
See list given on first page of this department.
Advance Bag &
Paper Co., Inc.—Earnings—
Calendar Years—
1935
1934
yl933
1932
Earnings before deprec.
and interest..
*Bond and other interest.
$276,942
122,419
def$27,479
58,264
x$415,712
164,212
$154,524
Surplus
x
$350,482
126,621
$223,861
def$85,743
$251,500
Includes
non-recurring profits from sale of capital assets,
y Statement
reflects reduction on bond interest rate (as outlined
above) and does not
incl. further pulpwood inventory, &c., adjustments of
$90,856 charged off
Earnings of SubsidiaryCalendar
-Southern Advance Bag & Paper Co., Inc.
1935
1934
1933
1932
Years—
Earnings before deprec.
and interest
Balance, surplus
$792,062
147,575
$1,128,070
160,554
$644,487
-
Bond and other interest.
,517
$629,896
169,718
$428,800
171,267
$460,177
$257,533
Balance Sheet (.Advance Bag & Paper Co.
Only)
Assets—
Dec. 31 '35 Dec. 31 '34
Liabilities—
Dec. 31 '35 Dec. 31 '34
Inventories other
Accounts payable.
$25,995
$10,642
than pulpwood.
Pulpwood
$158,944
19,972
$107,212
35,354
Notes receivable..
3,429
3,570
Accounts receiv'le.
6,790
99,359
124,740
27,437
224,309
163,268
167,503
103,440
2,565,599
So. Advance Bag &
Paper Co., Inc..
Pleasant Riv. Pulp
Co., Inc
(2-2159, Form A-l) of Cincinnati, Ohio, has
a registration statement
covering 225,000 shares ($1 par) preference
stock, to be offered at par.
The proceeds from the sale of the stock are
to be used
for, working capital and other corporate purposes.
Franklin
Flick & Co., Inc., of N. Y. City, is the
principal underwriter.
John L.
Hardin, of Cincinnati, is President.
Filed May 11, 1936.
Lawrence Warehouse Co. (2-2160, Form A-2) of San
Francisco, Calif,
has filed a registration statement
covering 20,001 shares ($10 par) con-
Fixed assets
expense
12,268
7,977
7,290
3,269
228,856
3,249
1,504,388
Funded debt
1,955,900
8% prior lien stock 1,731,990
1,397",308
Accrued interest..
Accrued int. on bds
deferred & scrip
.
Res. for Fed. taxes
Reserve for deprec.
180,253
Deferred & prepaid
at
3,250
salaries,
wages, taxes and
13,541
66,189
Cash surrender val.
life lnsur.policies
Cash
Notes payable
Accrued
filed
convertible preferred stock, to be offered at par.
The stock is convertible
any time on the basis of three shares for one share of common.
The
Eroceeds from the sale of the stock
are to be applied to of San Francisco,
the retirement of
A. T. Gibson,
ank loans to release
working capital.
is President.
Filed May 12, 1936.
Owens Illinois
Glass
common
common
of the
The stock is to be offered pro rata to
share for each 20 shares held of record June
(2-2164, Form A-l) of Kansas City, Mo.
registration statement covering 215,000 shares ($1 par) class A
stock, to be offered at $1.25 a share.
The proceeds from the sale
a
stock
is to be used for the payment and development of property
working capital.
W. A. Kissel Co. of N. Y. City, is the principal
Harry Bahl, of Kansas City, is President.
Filed May 14,
underwriter.
1936.
,
.
Bolivian
Bondholders
Protective
Committee
(File
2-2165,
Form
D-A) covering issuance of certificates of deposit for securities of Republic
fund
1,827,200
622,759
1,961,400
1,731,990
664,720
1,827,200
394.460
for
contingencies
97,036
charges
Total-
Surplus
664,720
66,147
79,039
4,994,914
4,984,651
$8,584,616 $8,182,469
Total
$8,584,616 $8,182,469
Aetna
Casualty
&
Surety
Co.—Purchase
Plan
With-
drawn—
.
stock.
Soulsby Belle Mining Co.
and for
4,390
pref. stock
Common stock...
2,731
security
Sink, fund deposits
Special
$6
Co.
stockholders in the ratio of one
5, 1936.
The warrants will expire July 24, 1936.
The proceeds from the
sale of the stock are to be used for expanding and
improving the manufactur¬
ing facilities of the company and its subsidiaries, and for other corporate
purposes.
Wm. E. Levis, of Alton, 111., is President.
Filed May 12, 1936.
has filed
Treas.
2,647,521
-V. 140, p. 3376.
(2-2161. Form A-2) of Toledo, Ohio, has
filed a registration statement covering 63,380 shares ($25
par) common
stock together with warrants evidencing the
rights of shareholders to
subscribe for the
—
Investments
State Superintendent of Insurance Louis H. Pink, announced
May 9
that he has withdrawn his application to the Supreme Court, New York
County, for approval of the offer of Aetna Casualty & Surety Co. for the
purchase of the title plants of New York Title Insurance Co. and Lawyers
Title Corp. and the stock of the Home Title Guaranty Co.
.
"The plants of these companies are valuable," Mr. Pink said, "and the
volume of business done by them during the past
years, with a clientele
composed of savings banks, trust companies, insurance companies and
prominent attorneys, is gratifying evidence that they possess a genuine
good will and enjoy a high standing with the members of the real estate
and legal professions.
"The companies will continue their business and the Department will
foster their successful development in every way possible.
Measures are
being undertaken for the expansion of their activities.
The operation of
the companies will be continued through directorates whose members will
Volume
142
Financial
Chronicle
3495
be leaders in the investment and
realty fields.
Each company will continue
to operate through its
highly trained and skilled personnel.
"Each of the companies is
entirely divorced from the guaranteed mort¬
gage business.
Their assets are held
Specialists
solely as security for obligations
arising from title insurance written since August, 1933.
Every policy
issued by either
company carries with it the full protection of its assets
All
against title losses.
"The continued operation of the
companies will undoubtedly result in
their ultimate sale to
private interests, with the assumption of all liability
under the policies issued
by the companies, without any cost or loss to the
holders.
Rights and Scrip
McDonnell & Co
"Every effort will be made by the Department to achieve success with
as it has accomplished in other
instances, such as National
p. 2486.
these companies
Surety Corp. •—V. 142,
Alabama Power
Member,
Co.—Earnings—-
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Apr. 30—
1936—Month—1935
-1935
1936—12 Mos.
Gross earnings
$1,432,973
$1,354,143 $17,168,176 $15,731,778
Operating expenses
624,310
595,065
7,684,635
6,791,701
Fixed charges
401,690
404,933
4,855,709
4,828,289
Prov. for retire, res've..
140,500
116,175
1,507,780
1,227,460
Divs. on pref. stock
195,178
195,182
2,342,133
2,342,214
120
TEL.
__
—V.
$71,294
$42,785
142, p. 3153.
$777,916
$542,112
Alabama Tennessee & Northern RR.—Trustee
The Interstate Commerce Commission
s
Notes—
May 9 authorized the company
exceeding $53,388 of notes, $43,388
exchange for a like amount of outstanding notes,
and not
exceeding $10,000 to be disposed of at not less than par and the
proceeds used to meet payrolls.—V. 141, p. 3216.
on
to issue and renew from time to
time not
thereof to be delivered in
Alabama Water Service Co.—Accumulated Dividend—
The directors have declared a dividend of
$1.50 per share on account of
on the $6 cumulative
preferred stock, no par value, payable
June 1 to holders of record
May 20.
A like payment was made on March 1
last and on Dec. 1 and
Sept. 1, 1935, this latter being the first made on this
issue since Dec. 1, 1932, when a
regular quarterly dividend of like amount
stock
value $70.
Allegheny Steel Co.—New Secretary—
Edward J.
142, p. 3329.
Hanley has been appointed Secretary of the company.—V.
Aluminum Co. of America (&
Calendar Years—
Gross earns, after
1935
Subs.)
Earnings—
1934
$783,497.
y
Includes 4M%.
preferred stock,
a loan of $8,800,000 bearing
2%% interest.
Dec. 27, 1935, pursuant to appropriate
corporate proceedings, the
value of the common stock was reduced from
$100 per share to $70
per share, thereby creating a capital
surplus of $6,000,000 which has been
reduced to $1,691,877 by the distribution to stockholders
on Dec. 27, 1935,
of 54,972 shares of common B
stock of American Tobacco Co. at cost
(or
at rate of ll-40ths of a share for
each share outstanding).
On
par
Balance Sheet Dec. 31
1935
Assets—
x
1933
value
leased
x
Real
1934
1935
assets...
estate
Liabilities—
of
$3,543,792
5,895,358
Crl78,834
a
$
398,900 10,000,000
8,228,665 Common stock
14,000,000 20,000,000
2M% coll. loan... 8,800,000
8,137,209
and
Interest
accrued
19,357
150,000
248,978
245,205
217,399
yl,691,877
979,714
226,225
Sub. company cur¬
rent
account
3,132
Prov. for conting.
Earned surplus
314
3,978
Pref. div. payable.
Accts. payable and
accruals
Capital surplus
Deferred charges..
Loan to
1934
$
Pref. 6% stock...
furniture, &c...
43,124
44,352
Investments
17,573,085 22,187,713
Cash
248,804
629,661
Int. & accts. rec..
3,092
11,853
Marketable secur.
148,898
90,319
Leaf tobacco at cost
150,161
257,820
Subs. accr. int., &c
16,802
22,072
1932
5,825,056
5,684,242
Book
$
rent account
Cr42,134
5,520,662
outstanding com¬
$450,000, in arrears,
x Par
or
company negotiated
Affil. company cur¬
$7,447,469
exp__x$15,091,868x$12,150,391
Res.for deprec.,depl.,&c.
Gain from purch. & re¬
tirement of pref. stock
2-7815
Pursuant to offer to preferred stockholders dated
Dec. 13, 1935, 96,011
shares of the
6% preferred stock were purchased for retirement at par
and were retired on Dec.
27, 1935.
In connection with the
purchase for retirement of the
was
.
NEW YORK
RECTOR
certificates aggregating 19 shares.
The dividend was at the rate of l-20th
of a share of said stock for each share
of the company's
mon
accumulations
distributed.
Accumulations after the payment of the June 1 dividend will amount to
$15 per share.'—V. 142, p. 3329.
York Ourb Exchange
BROADWAY,
.
Balance
in
1,548,248
355
subsld'y
700,000
Brands, treademks,
pats., good-will,
&c_.
Net income
Preferred dividends
$9,571,206
4,017,019
$6,466,149*
2,500,000
3,500,000
Res. for decrease in value
of securities & invest
_
_
Surplus
.
Total surplus
Adjust, of inter-co. profits in inventories, &c__
i,
Surplus
$398,273 def$538,782df$6,584,541
15,173,617
15,712,399
23,018,076
$18,626,077 $15,571,890 $15,173,617 $16,433,535
721,136
gain
$152,087 in 1935
from
and
purchase
and
retirement
of
preferred
stock
of
$91,439 in 1934.
1935
1934
$
facilities
Liabilities—
Cash
4,114,747
3,588,870
16,832,770
31,417,341
14,897,603
36,271,135
151
956
Accts. and notes
receivable and
sees.
Sinking funds for
Inv. in subs, and
cos.
7,363,125
33,044,000
1,234,180
15,920,000
1,784,509
Reserve for Fed'l
28 shares.
The distribution was at the rate of ll-40ths of
stock for each share of the
company's
36,162,718
2,841.158
3,094,272
To
common
share of said
a
stk.,
$4,308,123;
Pay Another Stock Dividend—
The directors on May 20 declared a dividend of l-40th of
a share of com¬
B stock of American Tobacco Co. for each
share of American Cigar
common held, in lieu of a cash dividend.
This payment will be made on
June 15 to holders of record June 2.
A similar payment was made on
March 16 last.
On Dec. 27, 1935, a dividend of 11-40 of a
share of common
B stock of American Tobacco Co. was
given for each share of American
Cigar common held.
The company on Dec. 16, 1935, paid a stock dividend
of 1-20 of a share of common B stock of
American Tobacco Co. for each
share of American Cigar common held, and a
quarterly cash dividend of
$3 per share
the
common
stock,
par
$100.
1,803,168
6,000,000
3,500,000
increase of 142,857 shares in the authorized
American Chain
The
gold bonds
6,385,050
1,277,832
18,626,077
916,072
15,571,890
Co.-
■Stock
Increased—Changes in Per-
stockholders at the annual meeting May
common
19 approved
an
common stock to a total
500,000
meeting was adjourned until June 23 for consideration of
retiring the company's outstanding preferred stock.
Stanley Mann, Comptroller, was elected a director succeeding J. A.
shares.
ing fund deb.
Surplus
company had
sonnel—
5% sink¬
Pref. div. pay..
Previously the
1,526,015
1,858,535
val. of sees. &
Investment
25-yr.
on
distributed regular dividends of $2 per share each three months
from
June 15, 1932, to Sept. 16, 1935, inclusive.
In addition an extra dividend
of $2 per share was paid on Dec. 15, 1934.—V.
142, p. 1276.
&
reserves
Res. for deer, in
36,006,283
outstanding
balance (as above) $1,691,876.
2,616,386
Miscell. oper.
other
not
consolidated..
Deferred charges
$
146,570,500
Common stock
7,363,125
Funded debt... 20,952,000
Accts. payable..
1,736,476
Bills payable
8,270,000
Accrued liabil,.
1,858,064
y
taxes, &c
bonds
affil.
1934
$
Preferred stock. 146,037,300
131,768,395 135,217,905
Inventory,....
1935
#
$
Land, plants &
market,
26,340,847 32,172,8111
Total
26,340,847 32,172,811
x After
depreciation,
y Capital
surplus of $6,000,000 was created
by reducing the par value of the outstanding common stock from
$100 to
$70 per share, in accordance with a resolution of the stockholders at
a
meeting held on Dec. 13, 1935, less distribution to stockholders on Dec.
27, 1935, of 54,972 shares of common B stock of the American Tobacco
Co. at cost and $2,716 cash in lieu of fractional
certificates aggregating
mon
Condensed Consolidated Balance Sheet Dec. 31
Assets—
x
Total
$18,626,077 $15,571,890 $15,173,617 $15,712,399
Includes
x
2,567,876
$3,054,188
15,571,890
Previous surplus
$1,664,5471oss$2172732
2,203,329
4,411,809
The
Bower.
At the
meeting of directors following the annual meeting, the office of
was created and W. B.
Lashar, President of the
for many years, was elected to this post.
W. T. Morris, previous¬
ly Vice-President, was elected President.
W. F. Wheeler, Treasurer, was elected to the new office of
Executive
Vice-President, and A. P. Van Schaik, Sales Manager, and C. G. Williams,
Production Manager, were elected Vice-Presidents.
W. M. Wheeler was
reelected Secretary.—V. 142, p. 3153.
Chairman of the Board
Total
x
and
222,980,846 229,233,4591
Total
222,980,846 229,233,459
After amortization, depreciation and
depletion of $85,119,179 in 1935
$80,931,767
in
1934.
y
Represented
by
—V. 142, p. 1802.
1,472,625
no
par
shares.
American Box Board Co.—To Issue Add'I Common Shares
The company announced May 19 that it
plans to issue 11,397 additional
shares of common stock, the proceeds from the sale of which will be
used to
clear up back dividends on the
company's 7% cumulative preferred
stock,
amounting to $99,720, and for plant improvements.
be offered to common stockholders in the ratio
shares of old common.
The new shares will
of one share for each 10
The company has contracted with Hegarty,
Conroy & Co., Inc., New
York, to underwrite any part of the stock not taken by the stockholders.
In addition, Hegarty, Conroy & Co. have taken an
option to buy from
several stockholders
Earnings of the
a
total of 28,000 shares of old common.
Other income
3,961
Total income
Operating
Int.
on
$3,024,185
73,644
1933
$2,800,000
208,710
33,503
1,042,214
86,377
$3,014,784
85,543
85,398
60,000
160,000
(other than Fed.
income)
inc.
from
sinking
5,229,332
4,306,092
5,254,541
$464,189
63,099
$527,288
62,779
16,295
170,083
'
20,204
173,564
$313,770
76,467
$390,237
69,700
6,546
169,077
21,854
184,981
Total income
Depreciation
Other
interest
Other
expenses
divs.
on
stock
Prl,591
Dr322
Drl,973
Cr273
$62,244
$342,842
$999,074
of
14,826
Deficit
32,416
-
Not
Assets—1
Marketable
a
14,871
14,886
$77,070
$357,713
$1,013,960
1935
I
1934
$276,289
$326,704
3,399
16,166
1,336,544
1,296,686
sees.,
1,253,358
1,151,440
78,581
10,715
66,548
Notes & accounts
receivable
Inventories
Other loans
&
Investments.—
—
earnings..
21,775
of
common
Minority
in
bonds.
co-
1,200,000
preferred stockCommon stock
$461,963
1,063,598
Capital surplus
200,000
$10.09
200,000
$10.33
200,000
$10.55
979,714
out¬
z200,000
$10.07
$783,498
representing 9,981 shares of common B stock of
the American Tobacco Oo. at cost and $1,786 cash in lieu of
fractional
-
2,751,858
71,821
7 % pref. stock
Amer. Art Works
Deficit
Total
13,532
746,400
247,100
1,420,000
1,433,626
376,026
$5,687,695 $5,659,6701
Total
7,750
interest
subsidiary
$466,627
1,530,226
standing (par $100)..
Includes
Debenture
1,600,000
(6)600,000(6)600.000y(10M)1050000
&
264,000
1,067,520
246,300
Res. for sink, fund
Pur. money mtge.
$18,022
1,548,248
$2,711,963
50,000
70,000
7,750
105,000
933,839
15,123
746,400
year.
2,000,000
Earns, per sh. on com..
x
during
def$568,534
dividends
Balance, surplus
Profit & loss surplus
Shares
est., plant
equipment
2,603,986
Deterred charges.
81,496
due
$2,618,022
$2,666,627
1934
$785,768
50,000
$2,614,964
(6)600,000
x2,583,498
dividends—%
Common
Liabilities—
1935
Notes & accts. pay.$l,013,514
Accr. bond int
Mtge. installments
ac¬
counts receivable
6,068
14,826
sur$67,945
Consolidated Balance Sheet Dec. 31
available
177",827
-
b Real
Net
Pref.
$151,857 def$353,483
66,847
47,418
$218,704 def$306,066
78,270
87,030
1,481
181,230
191,321
21,378
23,1,59
277,214
391,772
prof$82,771
Balance, loss
owned
Net
fund invests.—Dr
6,040,004
expenses.
Cash
Taxes
1Q39
$4,901,058
Amer. Art Works not
84",786
Prov. for Fed. inc. taxes
1933
$4,457,949
on deb. bonds.Federal income tax
1932
3,978
85,388
5,000
1934
$5,543,102
and
Gross profit
$2,806,750
196,880
11,153
48,142
payable
Prov. for amortization..
Prov. for contingencies.
1935
$6,504,193
selling
Other income
Pref.
187,000
expenses
coll. note
1934
admin,
Colortype Co. (& Subs.)—Earnings—
Years—
Minority interest share of
loss of subsidiary co--
Co.—Earnings—
Calendar Years—
1935
Divs. & rents rec. from
American Tobacco Co. $2,801,125
Other divs. & int. rec
219,099
American
Calendar
Shipments
Mfg. costs,
Interest
in 1935 equalled $2 per share on 113,966 shares
of common stock then
outstanding, after allowing for preferred dividends
for the year.
With the 11,397 shares to be issued, there will be
125,363
shares of common outstanding.—V.
142, p. 3153.
1
company
American Cigar
company
1,420,000
1,387,609
307,841
$5,687,695 $5,659,670
a After deducting reserve for bad debts of
$110,461 in 1935 and $125,0H2
in 1934.
b After deducting reserve for depreciation of $2,483,165 in 1935
and $2,399,760 in 1934.—V. 142, p. 2654.
3496
Financial
American Crystal Sugar Co.Stock—
•To Decrease
Chronicle
6% Preferred
May 23, 1936
American Seating
Quar. End. Mar.
Gross
$351,723
451,897
prof$29,056
20,867
$9,583
24,562
$36,694
19,610
$100,174
21,753
Interest
$49,923
11,318
35,685
$14,979
18,848
42,414
loss$17,084
20,748
43,473
loss$78,421
19,238
44,937
Total profit for period..
x$2,920
loss$46,283
Operating loss
1935
Reserves
Net
earnings
Dividends (6%)
Surplus for
.
—
per
1932
$1,225,994
1,080,000
$1,136,121
1,080,000
$1,304,711
1,080,000
$145,994
180,000
$6.81
$56,121
180,000
x$6.31
$224,711
180,000
$6,802
180,000
$6.04
year
share
$7.25
Including net earnings of the American Express Co., Inc.
b Includes
c Takes not included,
d Par not fixed; treated as $100 per share.
x Net earnings American Express Co. and American Express
Co., Inc.,
$1,498,464 for 1935, equal to 8.32% of the capital of American Express Co.
y Includes profit on sale of U.
S. Government, State, municipal and
other marketable securities (net) of $633,163.
exps.
& deprec
...
Other income
Net profit
Other
expenses
,
loss$81,305 loss$142,596
Before Federal income taxes.—V. 142, p. 1455.
x
$1,086,802
1,080,000
<1 Shs. stk. outstanding.
Earnings
1933
1934
$5,221,348 a$5,131,093 a$4,954,699
b4,085,227
b3,826,380
c3,867,896
y$5,537,615
b4,211,620
100,000
expenses
1933
$530,829
567,523
American Express Co.—Earnings—
Operating
1934
1935
$682,495
692,078
stock, and by the amount of said stock no longer required for exchange for
7% second preferred stock.—Y. 142, p. 2487.
Calendar Years—
Gross earnings
1936
$948,216
919,160
Costs,
4
Co. (& Subs.)—Earnings—
31—
revenue
The company has notified the New York Stock Exchange of a proposed
decrease in the authorized capital stock by 4,253 shares 6% first preferred
Trust
American
Co.
(San Francisco)—Initial Div.—
The directors have declared
common
an initial dividend of 40 cents per share on the
stock, payable June 15 to holders of record May 29.—V. 142,
1627.
p.
a
American
taxes,
and Liabilities
Resources
Dec.
31
1935
1934
$8,336,041
7,742,908
24,138,994
9,977,935
602,368
$7,610,101
5,745,561
18,363,512
9,647,336
Resources—
Cash.
U. S. Government securities
Other marketable securities
Investment in subsidiary and affiliated companies.
Accrued interest and accounts receivable
Branch offices working funds & items in transit
607,472
1,530,371
5,576,793
5,576",401
Land, buildings and equipment
Travelers' checks & travelers' letters of credit issued
1,868,592
524,490
assets
Total..
I
2,137,725
431,056
..$58,767,729 $51,649,927
Liabilities—
Capital
Surplus and undivided profits
.$18,000,000 $18,000,000
2,726,523
2,619,769
1,188,815
702,187
32,524,308
27,467,507
2,094,883
1,610,238
Dividends payable
270,000
270,000
Branch offices working funds & items in transit236,672
Due to affiliated companies
312" 137
943,133
Accrued $nd current liabilities
709,154
587,759
Other liabilities
74,240
80,330
Total
.
.
.
$58,767,729 $51,649,927
After
of $400,000.—Y. 142, p. 3331.
reserve
American Glass Manufacturing
See list given on
first
page
of this department.
(& Subs.)—Earnings
1935
1934
Years
$2,625,804
$2,605,510
yl933
$2,518,946
xl932
$2,958,405
2,836,051
3,058,321
2,979,207
3,135,c}99
$210,247
$452,811
$460,261
$176,994
Total expenses, including
Net
loss...
.....
■
Co. has been appointed transfer agent
American Water Works & Electric
Co.—Weekly Output
Output of electric energy for the week ended May 16 totaled 44,605,000
kilowatt horns, an increase of 16.6% over the output of 38,269,000 kilowatt
hours for the corresponding period of 1935.
(
Comparative table of weekly output of electric energy for the last five
follows;
Week Ended—
1935
1934
1933
1932
37,100,000
37,658,000
38,207,000
38,269,000
35,957,000
35,278,000
35,691,000
35,528,000
'
29,232,000
30,357,000
31,288,000
31,866,000
28,123,000
26,545,000
27,665.000
26,635.000
1936
April 25
45,791,000
May 2
44,433,000
May 9...44,766,000
May 16
-.44,605,000
—V. 142, p. 3331.
American Woolen Co.—$1
The directors at
a
meeting held
on
Preferred Dividend—
May 20 declared
During 1932 American Pneumatic Service Co. increased its holdings
100% of the capital stock of General Conveyors, Ltd., in which it
owned a controlling interest at Dec. 31, 1931.
The operating results of
General Conveyors, Ltd. (and of its wholly-owned subsidiary, Pneumatic
Tube Supply Co. of Del.) are not included in the consolidated income
x
During 1933 the American Pneumatic Service Co. increased its holdings
100% of the capital stock of G. & G. Atlas Systems, Inc., in which it
a 50% interest at Dec. 31, 1932.
The operating results of G. & G.
Atlas Systems, Inc. (and of its wholly-owned subsidiary, G. & G. Atlas
quarterly dividend
stock, par $100, payable June 15 to holders of record June 2.
A like pay¬
ment was made on March 16 last, this latter being the first made on the
preferred stock since July 16, 1934, when $1.25 per share was paid.
A divi¬
dend of $1.25 was also paid on April 15, 1934, this latter being the first dis¬
tribution made since the regular quarterly dividend of $1.75 was paid on
April 15, 1927.—V. 142, p. 2306.
Mining Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
1936
1935
$6,925,859
Operating income
$7,310,659
960,550
897,261
Federal taxes
480,960
Loss on bonds and debs, retired
126,278
Discount and premium on bonds
98,861
x Deprec., obsolescence & depletion..
1,931,174
Minority interest
7,255
income
(before
depletion
x
&
Includes depletion of timber,
$4,971,798
1,208,038
450,988
395,000]
56,4991-
1,676,304
1,877,142J
6,298
of
metal mines)
Shs. of cap. stock (par $50) outstand.
Earnings per share
$4,493,922
477,876
$6,184,375
1,037,986
460,729
Total income
Net
1934
$5,869,463
314,912
384.800
Interest, &e_.
Expenses of non-oper. property
to
account for 1932.
a
of $1 per share on account of accumulations on the 7% cumulative preferred
Other income
Consolidated Income Account for Calendar
depreciation & taxes..
Agent—
;v;'
,
The Guaranty Trust Co. of New York has been appointed trustee,
paying agent, registrar and conversion agent for an authorized issue of
$3,500,000 principal amount of 15-year convertible sinking fund debentures
due July 15, 1950.—V. 142, p. 3331.
Anaconda Copper
Co.—Registers with SEC
American Pneumatic Service Co.
Gross income
The City Bank-Farmers Trust
the capital stock.
Inc.—Transfer
.V '.-V
.
Reserves
Travelers' checks and travelers' letters of credit..
Checks & drafts not yet presented for payment—
x
■.■■"■■'".'
or
years
against agreements for reimbursement-.
Other
Founders,
Type
Trustee—
.
$2,808,320
8,674,338
$0.32
$2,350,721
8,674,342
$0.27
$1,636,468
8,673.833
$0.19
coal and phosphate lands.—V. 142. p.
2814.
y
to
Arizona Power
owned
Systems Ltd.)
1933
not
are
included in the consolidated income account
for
Assets—
1
1934
Liabilities—
$
S
Mail tube systems,
a
franchises.
on
contr.
Land & buildings.
Manufac'g plant.Patterns, Jigs and
fixtures
First pref. stock.. 1,488,800
Subsid. stock held
669,430
179,312
25,373
3,891,177
546,873
410,463
Pats. & good-will.
Cash
rec.
184,642
27,639
3,922,889
452,397
418,371
37,455
593,102
by
min.
992,502
6,274,350
1,498,050
stock¬
13,513
153,883
Accounts payable.
Pur. money mtge.
13,513
150,442
10,000
15,804
Long-term notes &
accts.
992,495
6,274,350
stock
holders
Investments
Notes & accts.
819,129
581,112
$
$
Common stock..
5,636,817 Preferred
5,636,817
747,294
580,312
670,499
1934
1935
Taxes accrued
Deprec. reserve
Other
reserves
Deficit
receivable
Mdse. inventories.;
10,000
17,414
5,574,675
103*734
1,167,854
16,390
5,418,710
97,635
957,607
of completion
Prepaid
accounts.
Total
65,663
61,334
13,461,013 13,513,985
American
Radiator
&
13,461,013 33,513,985
Total
Represented by 197,499 shares of
in 1934.—V. 140, p. 2853.
a
no par
in 1935 and 198,501 shares
Standard
Sanitary
Corp.—
[Including Subsidiary and Affiliated Companies]
Net
profit after interest, deprec.. depletion, Federal
subsidiary preferred dividends, minority interest, &c
Earnings per share on 10,039,719 common shs. (no par)
taxes,
$3,504,352
$0.31
increase
of 30%, advancing from $24,666,445 from $18,963,023 in
1935.—Y. 142,
2655.
American
Gross income
on
funded debt
sh. on
stock (par $25)
per
1936
1934
1935
$743,904
$1,371,474
$0.34
1933
$545,269 loss$966,594
$0.78
com.
$0.30
Nil
The statement for the 12 months ended March 31, 1936, follows;
Net
profit after interest, depreciation, Federal taxes, &c., $3,683,541; preferred
dividends, $116,431; balance for common, $3,567,110, equivalant to $1.94
a
share on 1,835,521 average number of common shares outstanding—
V. 142, p. 3330.
American Safety Razor Corp. (&
Net profit after
deprec.,
Federal taxes, &c
common
stock
Earnings per share
—V. 142, p. 1625.
Subs.)—Earnings—
1935
Quarter Ended March 31—
Net income
$48,258
3,153
$51,412
$15,724
15.724
statement
Associated Gas & Electric
Co.—Weekly Output—
For the week ended May 9, Associated Gas & Electric System reports net
electric
output of 72,572,866 units (kwh.), which is 11.6% above the
comparable week a year ago.
Output increased 11.9% for the four weeks
to date over the corresponding period of 1935.
Gross output for the week, including sales to other utilities, was up 12.3 %
last
year's figure.—V. 142,
p.
3332.
Co.—Earnings—
12 Months Ended March 31—
Total
operating
1936
$3,183,021
2,200,893
revenue
Operation
Maintenance
Uncollectible
49,586
accounts
7,688
113,747
1934
Net
operating
revenues
before
1935
$2,790,289
1,890,857
49,076
9,628
113,391
for
provision
retirements
$811,106
1,304
Balance
Provision for retirements—
Gross income
Funded debt interest
-
...
Unsecured notes payable to parent company
Other interest
Amortization of debt discount and expense
Federal and State tax on debt interest
$291,538
$264,414
$206,809
174,800
174,800
$1.51
176,630
$1.17
$614,856
265,188
134,485
18,401
7,500
142
763
$188,516
1,932,106
1,400
$2,347,473
45,500
290,884
Earned surplus at beginning of period
Other credits
Total
Co.—Larger Dividend—
with $1 paid on Jan. 2 last; 50 cents paid on July 1 and Jan. 2,
July 2, 1934; $1 per share paid on Sept. 30 and June 30, 1931,
and $1.50 per share paid each quarter from March 30, 1929, to and includ¬
ing March 31, 1931—V. 142, p. 1625.
on
$690,203
253,568
57,600
11,679
14,700
1,785
$352,513
1,994,959
Net income
The directors have declared a semi-annual dividend of $1.25 per share on
the capital stock, par $25, payable July 1 to holders of record June 15.
This compares
$729,120
114,264
$2,122,023
1933
reserves,
$1.67
$727,335
$812,411
122,207
Non-operating income, net
Preferred dividends
American Surety
1935, and
$35,151
3,075
2,070
15,811
309
Sinking fund appropriation
above
:
37,149
9,793
13,750
Rolling Mill Co. (& Subs.)—Earnings—
Quar. End. Mar. 31—
of
—
Taxes
Net profit after deprec.
interest and taxes
Shares
a—
Miscellaneous interest
Atlanta Gas Light
Gross sales for the quarter ended March 31, 1936, represented an
Earns,
„
Operating income.
Non-operating income
over
Earnings for 12 Months Ended March 31, 1936
p.
Provision for other taxes
$126,833
includes, for comparative purposes, the
income, expenses, &c. for three months ended March 31, 1935 of the
Arizona Power Co., adjusted to give effect to the plan of reorganization.
Net income appropriated for sinking fund purposes to the full extent of
the company's sinking fund requirements.—Y. 142, p. 2982.
658,755
81,195
61,140
Provision for other Federal taxes
Note—The
Contracts in proc¬
ess
Provision for renewals and replacements
Provision for Federal income taxes
Interest
1935
$133,052
51,252
10,087
13,750
2,853
2,739
17,217
$38,226
22,192
Maintenance
Consolidated Balance Sheet Dec. 31
1935
Instalm.
1936
Ordinary expenses
the year
incl.
Corp.—Earnings—
3 Months Ended March 31—
Total operating revenue
Common dividends
Premium
on bonds purchased
Georgia income taxes
Miscellaneous charges
Retirement of a portion of idle gas manuf. facilities
Earned surplus at end of period
--
122,711
895
State of
4,337
13,000
35,438
15
$1,961,755
$1,994,959
Volume
Financial
142
Comparative Balance Sheet March 31
1936
Assets—
1935
Liabilities—
plant &
equipment
10,901,874 10,734,960
Cash
162,803
70,921
Notes receivable..
Accts. receivable..
100
625,649
cos.
Merchandise,
478", 306
26,373
Due from affll.
27,086
ma¬
terials & supplies
Appl. on rental
Prepaid insurance,
taxes, &c
133,693
112,377
7,834
stock
$
$
nounced
1,300,000
(par $100)
trade
Dlvs.
2,218,625
5,415,000
223,385
1,614,625
6,696,000
143,492
282,676
Notes payable
Accounts payable,
185,034
pref.
stock,
payable
April 1, 1936...
on
6%
245
other special dep.
Def. debit items..
570
Due to parent and
affiliated cos
4,514
5,680
64,074
Consumers' depos.
Accrued accounts.
147,879
85,005
130,352
221,891
69,068
Serviceexten. dep.,
refundable
over
28,187
23,904
913,169
210,790
774,160
210,790
1,961,755
1,994,959
long-term
Reserves
Donated surplus.
Earned surplus
Total
12,810,485 11,848,064
Total
_
..12,810,485 11,848,064
Associates Investment Co.—Extra and Larger Dividend—
The
directors have declared an extra dividend of 25 cents
per share and a
quarterly dividend of 37H cents per share on the common stock, no par
value, both payable June 30 to holders of record June 20.
This compares
with 25 cents paid on March 21 last and
20 cents per share paid on Dec. 31
and Sept. 30, 1935.
A stock dividend of 400% was paid in August 1935.
In addition, an extra dividend of
30 cents per share was distributed on
1935.—V.
Astoria
142,
p.
3155.
Light, Heat & Power Co.—Merger Approved—
See Consolidated Edison Co. of New
Atlas Tack
York, Inc., below.—V. 141, p. 737.
sales..-
1936
1935
1934
corporation and later through
discounting with
$359,926
$325,622
$278,698
$212,509
12,361
17,687
loss233
Earns, per sh. on 94,551
shs. cap. stk. (no par)
xl3,994
$0.13
$0.14
$0.18
Berkshire Street Ry. Co.—Earnings—
(As reported to the Massachusetts Department of Public Utilities.)
3 Mos. End. Mar. 31—
Rev. fare pass, carried..
1936
1935
1,567,878
7.47
quarter ended March 31, 1936, follows:
expenses, $337,358; operating profit, $22,568;
income, $4,003; total income, $26,571; deductions, $3,278; depreciation
$9,882; Federal and State income taxes, $1,050; net profit, $12,361.—1
V. 142, p. 2983.
Auburn Automobile Co. (&
3 Months Ended—
Feb. 29 '36
Net loss after deprec.,
taxes, int. & min. int.
—V. 142, p. 616.
Austin Silver
$703,564
Subs.)—Earnings-—
Feb. 28 '35
$451,597
Feb. 28 '34
$857,395
Feb. 28 '33
$577,466
Mining Co.—Admitted to Listing & Regis¬
tration—
7.55
$40,365
$31,469
The New York Curb Exchange has admitted to
listing and registration
the capital stock, $1 par.—V. 142, p. 2656.
Locomotive
Works—Reports
Acceptances
of
Security Holders—
O. D. MacGillivray, Secretary, in a letter to the bondholders
and stock¬
holders May 16 says:
You will be interested to know that to date the
plan of reorganization
has been approved and accepted
by the holders of each class of Baldwin
as indicated
below:
First mortgage 5% sinking fund bonds, due
securities
May 1, 1940: $1,209,000
principal amount, or 45.1% of the $2,676,000 principal amount out¬
standing and over 67 % of the amount required under Section 77-B of the
Bankruptcy Act.
Five-year 6% consolidated mortgage bonds, due March 1, 1938: $5,190,800 principal amount, or 49.7% of the $10,435,600
principal amount
outstanding, and over 74% of the amount required under Section 77-B
of the Bankruptcy Act.
7% cumulative preferred stock ($100 par): 86,632 shares, or 43.3% of
the 200,000 shares outstanding, and over
86% of the amount required
under Section 77-B of the Bankruptcy Act.
Common stock (no par): 261,309 shares, or 23.6% of the
1,105,860
shares outstanding, and over 47% of the amount
required under Section
77-B of the Bankruptcy Act.
,
Large Order—
May 20 received an order from the New York New
Haven & Hartford RR. for 10 high-speed passenger locomotives.
The
value of the order is stated as $1,170,000.—V. 142, p. 3332.
on
Baltimore & Ohio RR.—New
B-G
7.51
$48,461
$34,906
Foods, Inc.—Earnings—
Black & Decker
Mfg. Co.—Registers with SEC—
See list given on first page of this
department.—V. 142, p. 3157.
Laughlin, Inc.—Stock Offered—Paul H. Davis &
Paul offered on
May 18 25,000 shares 5% cumulative preferred stock ($30
par) at $33 per share.
A prospectus dated May 15 affords
following:
,
and the election of J. J. Ekin,
Comptroller,
as
Vice-President and Comp¬
troller.—V. 142, p. 3332.
[Including Baltimore Coach Co.—Intercompany items eliminated]
Period End. Apr.30—
1936—Month—1935
1936—4 Mos.—1935
Operating revenues
$1,002,766
$964,115
$4,026,451
$3,826,830
Operating expenses._;
820,581
806,547
3,400,039
3,249,731
Taxes
95,535
82,704
366,742
329,867
Business consists of the manufacture and sale of
Capitalization—
Authorized
Outstanding
x300,000 shs. 151,680 shs.
y25,000 shs.
z
Common stock (par $5)
x 25,000
shares of common stock are reserved against the conversion
privilege of the 5% cumulative preferred stock, and 10,000 shares are
reserved under the option agreement between the company and its president
for the benefit of certain officers and employees
y The preferred stock is convertible share for share into common stock
on or before Jan. 2,
1942, unless previously redeemed.
z After
the proposed financing the entire 25,000 shares of authorized
5% cumulative preferred stock are to be outstanding, and the $779,500
1st mtge. 20-year sinking fund gold bonds, series A, will have been retired
through redemption.
The funded debt of the company (to be redeemed) consists of an issue of
first mortgage 20-year sinking fund golds bonds, series A, of which $779,500
are now outstanding.
Purpose—Net proceeds will be used (together with other funds of the com¬
pany, if necessary) for the retirement by redemption of the outstanding
first mortgage bonds, series A.
Underwriters—Paul H. Davis & Co., Chicago, and Kalman & Co.,
St. Paul, Minn.
.
Comparative Income Account
Years Ended Dec. 31
■
Fixed charges
2 Mos. End.
1933
frPACR
CO
ances,
1
PC
1
1934
1935
$3,016,873
$4,057,509
$5,828,541
2,231,654
3,072,935
4,645,299
847,785
$785,218
466,125
$984,574
598.672
$1,183,242
715,023
$229,474
130,124
$319,093
26,729
$385,902
30,805
$468,218
33,787
$99,349
4,590
$345,822
56,898
39,051
$416,707
55,759
52,780
$502,005
51,491
65,000
$103,939
8,306
13,785
$249,873
$308,166
&cl
---
Cost of goods sold, excl;
of deprec. and taxes..
Gross profit on sales..
Expenses (incl. deprec.).
Operating profit
Total income
Income deduction
Prov. for income taxes._
•
Dec. 31 '35
Assets—
Cash
-
.
Feb. 29 '36
$383,149
379,277
681,993
$478,564
447,576
40,459
632,679
43,834
$247,231
Fixed assets (net).
1,056,447
1,048,828
Inventories
-
$86,649
1,541
$74,863
1,212
$259,668
5,872
4,802
Prepaid expenses &
deferred charges
$88,190
10,613
$76,076
$252,034
34,323
Unamort. disct. on
8,426
$265,541
42,420
$67,649
$223,120
$217,710
'36
Liabilities—
18,599
30,500
29,993
Dec. 31 '35
Feb. 29 '36
47,662
11,674
13,364
Tax liability
84,304
103,280
Acer. int. on bonds
Acer, liabil. Ins...
Funded
debt.
Capital stock
outstanding bds.
$81,848
1936
Accts. pay. (trade)
Accrued payroll..
Other current liab
12,118
$1,077,259
$385,514
Comparative Balance Sheet Dec. 31, 1935, and Feb. 29,
Accts. receivable-
Feb. 29,
nllrvw-
ACQ
$77,577
—
complete line of cold
a
drawn and ground bars in the smaller sizes, and turned and ground bars in
the larger sizes, all as demanded by the consuming trade and in the required
chemical grades of steel.
Other curr. assets.
.
.
finished bar steel products ranging from small diameters in drawn wire to
large diameters in turned and polished shafting, and including in addition,
cold drawn bars in all required sizes and shapes, standard and special,
Net income
Baltimore Transit Co .—Earnings—
Operating income
Non-operating income.
>
,
now owned was first started in 1891
by S. E. Bliss and John E. Laughlin, as co-partners.
Company was
organized in Delaware on Dec. 24, 1919, to take over the physical assets
and business (except certain bonds and cash) of a corporation by the same
name organized in Illinois, which
predecessor had succeeded to the business
originally started by Mr. Bliss and Mr. Laughlin.
,
Other income—.*
Vice-President, &c.—
Daniel Willard, President of the company on May 16 announced the
election of J. S. Murray, Assistant to the President, as a
Vice-President,
Gross income
1,325,620
16 Weeks Ended—
Apr. 24 *36 Apr. 18 '35
Net profit after depreciation, Federal taxes, food
losses, &c. charges
$38,167
$7,141
Earnings per share on 79,489 common shares (after
allowing for preferred dividends)
Nil
$0.34
—V. 142, p. 3156.
5% cum.pref.stock (par $30)
The company
1933
1,530,557
7.33
History & Business—The business
other
Receives
1934
1,590,694
Average fare (cents)
Net loss after all
charges
the
Nil
Before Federal taxes.
The income account for the
Net sales, $359,926; costs and
x
Baldwin
re-
the banks.
No
stock issue will be
required for the financing of the acceptance cor¬
poration, Mr. McKay said.—V. 142, p. 1630.
Co. of Chicago and Kalman & Co. of St.
1933
Net profit after expenses
and charges
Plan by
of $500,000 in preferred stock and
Bliss &
Corp.—Earnings—
3 Mos. End. Mar.31—
Net
a capitalization
$500,000 in common stock.
Mr. McKay said that negotiations with banks
have been concluded and that the
financing will be put into effect shortly,
first with the capital of the
acceptance
—V. 142, p. 2308.
-V. 142, p. 2488.
Dec. 31,
from 18 to 24
months, with the interest charge 6%.
The acceptance corporation will be controlled
by the manufacturing com¬
pany and will have
19,500
285,478
540,333
Sinking funds and
Formation of the Berkey & Gay Acceptance
Corp., which will introduce
methods of automobile financing into the sale of
furniture, was an¬
on
May 19 by Frank D. McKay, Chairman of the Board of this
company, who will become head of the acceptance company.
While instalment methods of sale have been common in the
retailing
of furniture, this is the first time that
a manufacturing organization in the
industry will finance the purchase of its products by rediscounting notes
received by franchised
dealers, Mr. McKay said.
The terms will range
the
pref.
$25)
Long-term debt
6,475
Miscell. investm'ts
cumul.
Common stock (par
131,403
126,101
6%
3497
Berkey & Gay Furniture Co.—Forms Acceptance Corp.—
1935
1936
$
Property,
Chronicle
Surplus
117,953
7,795
"3",000
1,200
779,500
1,730
779,500
758,400
898,204
758,400
980,053
Depos. with trustee
Net
income
—V.142,
p.
for sinking fund
2816.
Total
Barlow & Sellig
Mfg. Co .—Files with SEC—
The company, manufacturer of domestic washing machines,
—V.
has filed
version purposes.
The class A stock is convertible into common
on or before May
31, 1939,
on a share-for-share basis
and after that date at the rate of 4-5ths of one
share of common for each share of class A.
H. M. Byllesby & Co. have agreed to purchase 62,700 shares of the class
A and Paul H. Davis & Co. will take 32,300 shares. The purchase warrants
for the 20,000 shares of common stock are to be issued to the underwriters
in proportion to their commitment to purchase the class A.
The initial offering price of the class A common stock is expected to be
per
share.
For the three months ended March 31, 1936, the company reported net
profit of $93,942 after all charges, provision for taxes, &c. In the 12 months
ended Dec. 31, 1935, there was net profit of $354,581 after all
charges,
taxes, &c., compared with net profit of $186,605 in 1934.
Bayuk Cigars, Inc.—Delays Stock Offering—
The New York Stock Exchange has received notice from the company
that the directors at a' meeting held May 12 decided not to make, until
further notice, the offering of additional common stock to stockholders,
referred
to
in
the
company's recent listing
application.
This does not
See also V. 142, p. 3332.
affect the proposed four-for-one stock split-up.
$2,583,945
$2,762,0751
Total.
.$2,583,945 $2,762,075
142, p. 3157.
a
registration statement with the Securities and Exchange Commission under
the Securities Act of 1933 covering 95,000 shares of $1.20 cumulative con¬
vertible class A common stock, 115,000 shares of common stock and stock
purchase warrants for 20,000 shares of common.
According to the regis¬
tration statement, 35,000 shares of common will be reserved for con¬
$19.75
62,000
.
Boston & Maine RR.—Notes—
The
Interstate Commerce Commission on May 12 authorized the com¬
to issue not exceeding $2,000,000 of 4% registered serial collateral
and int. and the proceeds used for maintenance, and
to pledge as collateral security therefor not exceeding $3,600,000 of first
mortgage 5% bonds, series MM.
The report of the Commission says in part:
"By certificate May 7, 1936, we approved as desirable for the improve¬
ment of transportation facilities maintenance to be applied to the property
of the applicant, consisting of repairs to roadway, tracks, bridges and other
structures, signal facilities, power lines and miscellaneous items, and esti¬
mated to cost $2,250,000.
The applicant proposes to finance this main¬
tenance partly through the aid of the Federal Emergency Administration of
Public Works.
To evidence the loan it proposes to issue promissory notes
pursuant to the terms of an agreement to be dated as of April 15, 1936,
between the applicant and the United States of America, represented by
the Federal Emergency Administrator of Public Works, whereby the latter
will conset to purchase applicant's notes in an amount not exceeding
$2,000,000. The notes will be designated 4% registered serial collateral
notes, will be in the denomination of $1,000 or multiples thereof, as re¬
quested by the Government, will be dated as of the day of the payment
against which they are delivered, will be payable to the Administrator, or
registered assigns, will bear interest from and after the date thereof at the
rate of 4% per annum, payable semi-annually on April 15 and Oct. 15, and
will mature in 10 equal annual instalments or $200,000, beginning April 15.
1937, and ending April 15, 1946.
pany
notes to be sold at par
Financial
3498
Chronicle
Capital Surplus Account for the Six Months Ended March
applicant will pledge as collateral
"Under the terms of the agreement the
security for the proposed notes not exceeding $3,600,000 of first mortgage
5% bonds, series MM. These bonds, dated April 1, 1936, and due April 1,
1956, are those authorized to be authenticated and delivered by order
April 28. 1936 —V. 142, p. 3157.
Balance
of
directors
have
declared
a
semi-annual dividend of
$1
Ltd.—To Redeem Preferred Stock
that it will redeem on July 15,
sinking fund cum. partic. shares
share and accrued dividends.—V. 141, p. 3852.
The company on May 15 announced
next, all of the outstanding 1st preferred
(par $25) at $30 per
8,297
at March 31,
as
Mar. 31 '36
Assets—
common
Brantford Cordage Co.,
31, 1936
$1,292,101
for contingencies no
reserve
$1,300,399
1936
Balance Sheet
share
per
stock, payable June 30 to holders of record June 1.
This
compares with dividends of $1.50 per share paid each six months from
June 30, 1933, to and including Dec. 31, 1935; $2.50 paid on Dec. 31.
1932; $3 per share on June 30, 1932, and $3.50 per share previously each
six months.—V. 142, p. 944.
the
of
longer required
Semi-Annual Dividend—
Boston Wharf Co.—Smaller
The
1935
at Sept. 30,
as
Restoration to capital surplus
Balance
on
May 23, 1936
bank and
Cash in
$123,053
hand
on
$185,578
1,266
953
2,181
charge..
4,123
Accrued
int.
Accts. payable, &c.
Prov. for Fed. in¬
16,170
expenses.
Deferred
Miscell. accts. rec.
Prepaid
divs.
come
Res.
and
17,620
13,073
received..
$20,351
Sept. 30 '35
$17,488
17,106
8,893
22,823
22,823
346",600
346,600
Dr42,290
94,405
Dr42,290
94,405
57,507
1,300,399
1,292,101
tax
Preferred stk. divi¬
dend
Securities at cost..el,674,432 al,533,717
Mar. 31'36
LiaWUies—
Sept. 30*35
declared..
8,297
for conting..
Preferred
stock,
d Preferred
stock
c
in treasury
b Common
stock.
Earned surp. from
Bridgeport Brass Co.—Registers with SEC—
See list given on first page
Oct. 1,1934
Capital surplus...
of this department.—V. 142, p. 3333.
extent of their
The bonds
participation as follows;
are
to be redeemable at the
option of the
company as a
whole
at any
at the
time or in part on any semi-annual interest date after 30 days' notice
following prices plus accrued interest: If redeemed prior to and incl.
May 15, 1946, 106; thereafter and incl. May 15, 1956, 103; thereafter and
incl. May 15,1963, 101; and thereafter at 100.
The following underwriters with the extent of their participation were
listed in
the
amendment:
Goldman, Sachs & Co
Brown Harriman & Co., Inc.
Lazard Freres & Co., Ino
Kidder, Peabody & Co
3,500,000
2,500,000
3,500,000
3,500,000
3,000,000
The First Boston Corp
Edward B. Smith & Co., Inc.
Bonbright & Co., Inc
Lehman Bros
2,500,000
Clark, Dodge & Co
142,
p.
1,000,000
1,000,000
1,000,000
1,000,000
Hayden, Stone & Co
Kean, Taylor & Co
Lee Higginson Corp
Mellon Securities Corp
1,000,000
2,000,000
Schoellkopf, Hutton & Pomeroy, Inc
Dillon, Read & Co
2,000,000
2,000.000
value
Market
shares,
c
Burns Bros.—Plan Consummated—
The
plan of reorganization was consummated as of
March 31, 1936.
—V. 142, p. 1631.
1,500,000
Bush Terminal
Buildings Co.—Earnings—
Period End. April 30—
Loss before Federal taxes
—Y. 142, p.
'
1936—4 Mos.—1935
1936—Month—1935
$16,967
$1,131
$30,682
$63,447
3333.
Bush Terminal
Period End.
Co.—Earnings—
April 30—
1
1936—4 Mos.—1935
1936—Month—1935
Profit after deprec., int.
and ordinary taxes but
.
$19,822
before Fed. inc. tax_.
3157.
$47,856
$39,871
$10,079
Dividend Suit Names Directors—
Present and former directors of the company
Brooklyn-Manhattan Transit System—Earnings—
have been named defend¬
revenues
$3,639,058 suit entered in the New York Supreme Court by the
company's trustees in reorganization.
The action is to recover dividends
allegedly paid out of capital bteween Nov. 22, 1928. and May 30, 1932.
Each of the former directors named is sued for the amount of dividends
expenses
paid out during his term as director.
ants in a
[And Brooklyn & Queens Transit System]
Period End. Apr. 30—
Operating
Operating
Taxes
$1,816,902 $1,755,267
Total
Sept. 30, 1935, $1,431,967.
b Represented by 94,405
Represented by 34,600 no-par shares,
d Represented by
4,229 no-par shares,
e The amount of appreciation over original cost of
securities owned, based on market prices at March 31, 1936, aggregated
$78,264 after making provision of $12,477 for Federal income taxes on
unrealized appreciation.—V. 141, p. 3372.
a
no-par
»
Morgan Stanley & Co., Inc__$15,000,000
Kuhn, Loeb & Co
4,000,000
Blyth & Co., Inc
5,000,000
—V.
$1,816,902 $1,755,267
Total....
Brooklyn Edison Co., Inc.—Underwriters Named—
The company in an amendment to its registration statement covering the
issuance of $55,000,000 consol. mtge. 3\i% bonds, series of 1936, has
announced the redemption provision and underwriters of the issue and the
6,953
1936—Month—1935
1936-10 Mos.—1935
$4,428,745
$4,414,789 $43,631,464 $42,783,266
2,858,807
2,753,946
28,228,178
27,222,200
properties
353,884
419,720
4,037,017
3,731,031
on oper.
The
Net non-oper. income
$1,241,123 $11,366,269 $11,830,035
56,078
635,182
604.354
Income deductions.
$1,298,929
716,453
$1,297,201 $12,001,451 $12,434,389
716,503
7,180,628
7,212,583
been
has
suit
known
$1,216,054
82,875
Operating income
when
on all who are named.
The move became
James C. Van Siclen and C. Walter Randall,
served
the trustees,
applied to Federal Judge Robert A. Inch in Brooklyn for instructions as to
what steps to take regarding two other former directors whom the trustees
have been unable to serve.
The suit was brought at the direction of Judge
Inch.
,,
,
Stock Corporation Law, which
the value of the assets remaining is
equal to the aggregate of debts and liabilities, including capital
The suit is entered under Section 58 of the
forbids payment of dividends unless
Current income carr'd
to
at
$582,476
surplus *
$580,698
$4,820,823
$5,221,806
♦.Accruing
to minority
int. of B. & Q. T. Corp
46,845
t
—V.
63,658
452,982
514,857
$535,631
$517,040
$4,367,841
$4,706,949
least
Special Meeting—
The stockholders will hold a special meeting on
Brooklyn & Queens Transit System—Earnings—
of electing
Period End. Apr. 30—
1936—Month—1935
1936—10 Mos.—1935
Operating revenues
$1,766,738
$1,758,104 $17,266,366 $16,981,796
Operating expenses
1,409,463
1,344,236
13,744,346
13,373,371
Taxes on oper. properties
146,760
167,714
1,446,625
1,374,026
Operating income
Gross income
Income deductions
•
$210,515
14,742
$246,154
$2,075,395
152,279
$2,234,399
15,655
$225,257
123,671
$261,808
123,764
$2,227,674
1,245,366
$2,393,455
1,276,968
$101,586
Net non-oper. income..
$138,045
$982,308
California
Inc.—Dividends—
a
July 1. 1935.—V. 142, p. 1460.
California-Oregon Power Co.—Earnings—
Accumulated Dividend—
The directors have declared a quarterly dividend of 75 cents per share on
the $6 cum. pref. stock, no par value, payable July 1 to holders of record
A similar payment was made on April 1 and Jan. 2 last and com-
Net
Other
an.
1936
1935
$4,110,970
xl ,732,966
$3,799,561
*1,715,042
operating revenue (before appropriation for
reserve)
$2,378,004
income
6,955
$2,084,518
12 Months Ended March 31—
.
Operating revenues
Operating expenses, maintenance and all taxes
Sares2with 50 $1.50 per share paid every three months from Oct. $1 1931 up
1935; cents paid In each of the three preceding quarters; 1, paid on
retirement
toiand including Oct. 1, 1934; $1.25 per share quarterly from Oct. 1, 1930
up to and including July 1, 1931, and $1 per share previously each quarter.
Accumulations after the payment of the July 1 dividend will amount to
Net oper. rev. & other income
tion for retirement reserve)
Gross
Bullard Co.—Resumes Dividend—
The directors
have declared a dividend of 25 cents per share on the
stock, payable June 30 to holders of record June 15.
This will be
the first payment made since June 30, 1930 when a dividend of 40 cents
per share was paid.—V. 142, p. 2819.
common
$2,384,960
6,774
$2,091,292
300,000
$1,791,292
239,527
1,027,327
234,855
1,036,088
156,975
26,861
157,115
12,877
$634,268
Rent for lease of electric proper ties
Interest charges (net)
300,000
$2,084,960
income
$350,356
Amortization of debt discount and expense
Other income deductions
Net income
Dredging, Ltd.—April Production—
_
(before appropria¬
Appropriation for retirement reserve
$5.75 per share.—V. 142, p. 2818.
Bulolo Gold
Ink Co.,
dividend of 12 H cents per share
quarterly dividend of 50 cents per share on the common stock, no
par value, both payable July 1 to holders of record June 30.
A quarterly
dividend of 60 cents per share was paid on April 1, last, and prior thereto
regular quarterly payments of 50 cents per share were made. ' In addition
extra dividends were disbursed as follows:
12 H cents on April 1, last;
50 cents on Dec. 16, 1935, and on Dec. 5, 1934 and 25 cents per share on
$1,116,487
159,056
May 28 for the purpose
directors.—V. 142, p. 3333.
The directors on May 19 declared an extra
and
Current income carried
I
l*
charges that the dividend payments impaired the
capital and violated this section of the law.
Judge Inch has ordered the trusteeship terminated on June 1, but an
appeal from this order has been taken by the preferred stockholders' com¬
mittee of the Bush Terminal Buildings Co.
142, p. 3158.
June 15.
The complaint
stock.
The company has advised the Montreal Curb that gold production during
April amounted to 12,265 fine ounces, compared with 11,203 fine ounces in
Including $150,002 for the 12 months ended March 31,1936, and $49,998
for the 12 months ended March 31, 1935, for amortization of extraordinary
March and 10,540 fine ounces in April 1935.
Estimated net working profit for April is shown at 8,335 fine ounces,
equivalent to $291,725 with gold calculated at $35 per ounce, Canadian
funds.
In March, net working profit was estimated at $281,015, and in
April a year ago 257,355.
'
jPuring the month 975,000 cubic yards of gravel were dredged, against
955,800 cubic yards in March and 892,000 cubic yards in April last year.
—V. 142, p. 3333
operating expenses deferred in 1931.—V. 142, p. 3158.
Burco,
on
bonds
on
stocks
to holders of record
to
,
;
•
$24,476
18,862
88,132
$131,566
13.221
The
turn
as
Transfer agents', registrars' and custodians' fees.
Rent and office expenses
Federal and State taxes
Legal and professional fees
Insurance
Miscellaneous expenses
Provision for Federal income tax
Balance (profit) for the period.
Balance
as at
Sept. 30,1935
Total
Dividends paid or accrued on preferred stock
Balance
as
at March 31, 1936
380
2,468
1,430
2,168
1,775
1,226
35
12,660
$96,199
6,953
$103,153
45,646
$57,506
(less provision for taxes thereon) of
owned, based on market quotations at March 31, 1936, was
$78,263 as compared with an unrealized depreciation of $101,750 at
Sept. 30, 1935.
Note—The unrealized appreciation
securities
A special
increase
May 9.—V. 142, p.
Syndicate, Ltd.—To Increase Stock—
meeting of stockholders will be held June 12 to act on a proposal
the authorized capital of the company to 2,000,000 shares,
stockholders on May 15 stated:
of ownership of 20,868 shares or
of the stock of Colombian Petroleum Co., which in
the concession in Colombia, South American, general known
chief asset
of company consists
approximately 21%
cost)
Directors' fees
share on the
A
The regular quarterly dividend,
declared is payable on May 29
2820.
value, payable June 26 to holders of record June 6.
from 800,000 shares of 25 cents par value.
President H. J. Wasson, in a letter to
94
Total income
Salaries.
no par
like payment was made on March 31 last.
of 25 cents per share which was previously
Carib
Miscellaneous income
Net profit realized on sale of securities (computed on the basis of
average
Campbell, Wyant & Cannon Foundry Co.—Extra Div.
The directors have declared an extra dividend of 25 cents per
capital stock,
Inc.—Earnings—
Earnings for Six Months Ended March 31, 1936
Interest
Dividends
x
owns
the
"Barco
Concession."
Beneficial ownership of approximately 79% of the stock of Colombian
Petroleum Co. was recently acquired by the Texas Corp. and SoconyYacuum Oil Co., Inc.
These companies may take early stpes to
the present authorized capital of Colombian Petroleum Co., namely
increase
100,000
offer all or a part of this increase for sub¬
scription by the present stockholders.
The purpose of increasing the capital
of Colombian Petroleum Co. is to provide the necessary funds to carry for¬
ward the development work on the concession.
Cash available from the
last increase and sale of capital stock of Colombian Petroluem Co. has now
been exhausted and the provision of further funds for that company is, in
the opinion of your directors, a necessary step.
Believing that company should be in a position to offer to its stockholders
the right to maintain their position in Colombia
Petroleum Co., your
directors have approved for submission to stockholders, the increase in the
authorized capital stock of your company from 800,000 shares, 25 cents par
value, of which 799,020 shares are issued and outstanding, to 2,000.000
shares.
If such increase is approved by stockholders your directors would
then be in a position, if it were deemed desirable to do so, and subject to
compliance with the provisions of the Securities Act of 1933, as amended,
to offer to stockholders the right to subscribe to additional stock of Carib
Syndicate, Ltd., and thus enable stockholders themselves to dertermine
whether and to what extent they should contribute to maintaining the comshares of $100 par value, and to
Volume
Financial
142
pany's^relative^position as a stockholder In Columbian Petroleum Co.
Canadian-Hydro-EIectric
Calendar Years—
Operating
expenses
Prov. for doubtful accts_
Admin. & gen. expenses.
1933
1932
$9,360,974
601,683
213,419
13,115
299,570
4,586,804
$9,533,083
555,858
179.736
$9,889,769
653,932
169,943
324",807
314",296
4,628,124
Amortization of discount
on funded debt
352,000
648,861
367,195
4,533
356,118
637,384
350,520
4,533
$2,728,056
750,000
750,000
349,616
654,150
323,983
Depreciation, &c
Taxes
Divs. onpref. stk. of sub
Profit on bonds & debs,
redeemed
Cr75,637
Cr89,140
$2,428,862
1st pref. stock.
670,780
2d pref. stock..
1,125,000
$2,379,446
731,760
1,500,000
$2,471,968
731,760
1,500,000
500,000
500,000
.......
Net revenue.
Divs.
on
Divs.
on
Divs.
on common
stock.
Balance, surplus
$633,082 def$352,314 def$259,792
$1,228,056
Assets
Caterpillar Tractor Co.—Earnings—
Period End. Apr. 30—
Net sales.
1936—Month—1935
1936—4 Mos.—1935
$5,541,188
$3,958,094 $17,634,838 $11,561,539
Net profit after deprec.,
int., Fed. taxes, &c._
Earns, per sh.
891,672
656,228
1,882,240 shs. of capital stock._
on
1,741,004
2,828,451
$1.50
$0.92
Earnings for 12 Months Ended April 30
1935
1936
Net sales
$42,520,492 $27,568,710
7,036,754
4,237,801
$3.74
$2.25
Net profit after charges and taxes
Earnings per share
—V. 142, p. 2821.
Period End. Apr. 30—
Gross oper. revenues
(& Subs.) —Earnings—
1936—12 Mos .—1935
1936—Month—1935
$472,201
$519,075
190,495
172,542
70,671
73,542
Expenses & depreciation
Taxes, incl. Fed. inc. tax
Net oper. income
$6,146,942
2,232,339
844,465
$5,899,586
2,029,774
889,485
$255,038
3,618
$228,988
3,080
$3,070,138
54,566
$2,980,327
61,940
Deductions
$258,656
148,805
$232,068
145,073
$3,124,704
1,786,037
$3,042,267
1,794,045
$109,851
108,099
$86,995
108,099
$1,338,667
1,297,182
$1,248,222
1,297,189
1934
1935
developments rights, &c
$131,265,165 $131,216,119
62,540
62,540
2,488,506
2,488,506
1,767,594
1,527,278
Marketable securities
148,350
148,350
Accounts receivable
813,940 '
874,288
Inventories
121,369
123,297
Cash on deposit 'with trustee
35,727
35,727
Prepaid & def. expense applic. to future oper_.
416,490
431,610
Accounts receivable (non-current)
56,992
39,571
Prepaid insurance and taxes
98,867
42,182
Organization expense
52,510
58,938
Pref. stock of co. held by sub.for cust. subscrip..
268,032
268,032
Unamortized discount & expense
6,416,162
6,769,981
pr.
Changed
Non-oper. inc.—net
Balance Sheet Dec. 31
Cash in
escrow for construction
Securities and investments
Cash
Catelli Macaroni Products Corp., Ltd.—Name
See Catelli Food Products Corp., Ltd. above.—V. 142, p. 3159.
Central Maine Power Co.
''
Properties,
3499
4,674,986
354,173
650,321
347,049
4,533
4,932
325,115
4,529,390
Interest
Subs.)—
1934
$9,349,113
592,433
216,266
Maintenance
(&
Ltd.
Corp.,
1935
Gross rev., incl. oth. inc.
Chronicle
;
Net income.
Pref. div. requirements.
Note—Preferred
dividends
have been paid at one-half of the full rate
since Oct. 1, 1934.—V. 142, p. 2660.
.
1935
$87,529,767
296,490
10,152,330
12,801
296,604
25,956
438,867
60,980
70,092
289,162
375,000
9,856
34,556
7,751,264
11,122
35,180
12,500,000
25,000,000
5,000,000
3,576,275
12,500,000
25,000,000
5,000,000
4,693,193
28,960
434,923
Accrued interest
Accrued dividends
Accrued payrolls and other
Provision for taxes
Dividends payable on common stock
82,843
331,173
Property purchase obligations due in
9,856
34,556
one year..
Serial
obligation due in one year
Reserve for depreciation
reserves
Difference
between cost and par value of re¬
acquired bonds & debs held in treas. for sk. fd.
6% cumulative 1st preferred stock
6% non-cumulative 2d preferred stock
Common stock
Surplus
Total
Taxes (other than Federal income).
$144,012,245 $144,086,419
Canadian National
775.
p.
Earnings of System for Second Week of May
1936
1935
$3,615,386
$3,306,916
Earnings of System for Second Week of May
Includes Central
common
States
prior to March 1, 1935.—V. 142, p. 1282.
Central Vermont Public Service
Period End. Apr. 30—
Gross oper. revenues
$2,263,000
dividend of $1.50 per share on account of
Catelli Food Products
per
share
Corp., Ltd.—Initial Dividend—
The directors have declared an initial dividend of 38 cents per share on
the preferred stock, par $15, payable June 1 to holders of record May 22.
This company is successor by change of name to Catelli Macaroni Products
See V. 142, p. 3159.
Central Indiana Gas
Co.—Earnings—
12 Months Ended March 31—
1936
operating revenue."
Operation
;
Maintenance
Uncollectible accounts
Taxes
1935
$1,524,387
1,037,401
42,540
7,430
Total
$1,255,662
825,920
32,625
6,137
88,983
94,249
...
Net
rev.
$342,765
Non-operating income
Gross income
Funded debt, interest
Indebtedness to affiliated companies
Consumers' deposits
48
$345,117
67,374
Provision for retirements
$302,043
61,855
$277,743
64,050
236,100
6,999
$240,187
64,050
234,583
10,039
17
on
bond interest
"""572
465
Net loss.
$29,889
$69,057
$
1936
Liabilities—
Property, plant &
equipment
10,818,157 10,810,558
Cash
71,765
52,957
Note8 receivable..
1,679
2,107
Accts. receivable..
178,759
Due from affil. cos.
4,537
111,759
6,121
ma¬
terials & supplies
Appliancesonrental
81,858
3,796
55,820
8,518
Prepaid insurance,
taxes,
&c
3,966
4,844
investm'ts
3
4
Special deposits...
1,622
1,941
Cash in closed bks.
Def'd debit items.
585
9,624
14,591
6H%
x
$54,724
30
$693,895
3,221
$692,313
73
$54,754
26,597
$697,116
317,237
$693,015
312,748
$29,031
18,930
$28, J 57
$379,879
227,160
$380,267
227,160
.11,175,767
11,069,8081
x
$
$
500,000
18,930
income
Inc. avail, for fixed chgs.
Fixed charges
Common stock..
4,018,969
Funded
debt
1,281,000
Notes payable
Accts.
payable—
18,499
trade & sundry.
Due to parent co__
107,863
3,994,025
123,667
ferred to
Total
prof. & loss df$110,381
500,000
4,018,969
1,281,000
13,010
$1,621,396
82,273
11,750
84,259
435,914
$4,673 def$479,739 def$351,655-
Champion Hardware Co,—50-Cent Dividend—
The company
paid a dividend of 50 cents per share on the capital stock,
$100, on May 15 to holders of record May 5.
A similar payment was
on
Dec. 15, last, this latter being 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 Aug. 15, 1931, quarterly dividends;
of $1.50 per share were paid.—:V. 141, p. 3854; V. 139, p. 2825.
made
Chapman
Valve
Mfg.
Co.—Earnings—
3 Months Ended March 31—
1936
142, p.
1935
$53,118
$0.32
$27,213
$0.13
1934
Net income after deprec., taxes & other charges...
Earns, per share on 140,000 common shares
1933
1282.
Cherry-Burrell Corp .-^-Earnings—
6 Mos. End. Apr. 30—
income after int.,
1936
1935
Net
deprec., taxes, &c
Shs. com. stk. outstandg
Earnings per share
—V.
142,
p.
$450,768
$319,629
135,918
$2.81
132,335
$1.87
$124,323 loss$117,942
130,827
130,827
$0.39
Nil
620.
Chesebrough Mfg. Co.—50-Cent Extra Dividend—
The directors
have declared an extra dividend of 50 cents per share In
addition to the regular quarterly dividend of $1 per share, on the common
stock, par $25, both payable June 29 to holders of record June 5.
The
has paid extra dividends of 50
cents
per
share in
September,
share
was
pamphlet report for 1935, released May 7, affords the following:
Traffic Statistics for Calendar Years
1935
2
1
Rev. passengers carr
Rev. pass. carr. 1 m
4,650
4,000
Rev. freight (tons)
xRev.freight 1 mile
1,075,476
113,108
83,218
Average miles oper
Operations—
Rate per pass. p. m
11,175,767 11,069,808
per
Chicago Burlington & Quincy RR.—Annual Report—
The
70,527
extension
(def.)
1936—4 Mos.—1935
$1,755,684
14,099
def53,261
def45,861
433,878
par
133,939
dep.—refund'ble
over long term..
Reserves
$442,241
66,652
47,357
113,561
108,888
Income balance trans¬
3,935,022
121,638
133,383
Def'd credit items.
Service
$483,954
21,395
def3,403
def 1,989
108,392
-Y. 142, p. 2821.
1,106,262
Consumers' depos.
Accrued accounts.
Inc.—Earning\
1936—Month—1935
1935, inclusive.
In addition, a special extra dividend of $5
paid on Dec. 31, 1934—V. 142, p. 3335.
cum.
Represented by 50,000 no-par shares.—V. 142, p. 2821.
702
and June of each year from 1929 to and including 1936.
Extra
dividends of $1 per share were paid in December of each year from 1929 to
1935
pref.
(par $100)
stock
Earned surp.
Total
$55,471
March
1935
$
from ry. oper..
company
Comparative Balance Sheet March 31
1936
Merchandise,
$1,816,387
915,196
208,878
$301,995
2,351
Balance
Assets—
$1,876,109
953,052
229,162
,
.
-
Net ry. oper.
—V.
Net operating revenues before prov. for retirm'ts
Other deductions
Federal and State tax
1936—12 Mos.—1935
77,927
18,790
$139,074
67,670
16,680
$430,000
(or a
total of $3.25 per share) on the 7% cum. pref. stock, par $100, both payable
July 1 toholdersof record June 12.
A dividend of $1.75 was paid on April 1,
last and dividends of $1 per share were distributed in each of the 12 pre¬
ceding quarters, prior to which the stock received regular dividends of $1.75
per share.
Accumulations after the payment of the current dividend will
amount to $7.50 per share.—V. 142, p. 1976.
Corp., Ltd.
$152,188
$55,544
26,513
Period End. Apr. 30—
Ry. oper. revenues
regular quarterly dividend of $1.75
a
Corp.—Earnings—
'936—Month—1935
Central Vermont Ry.,
a
loss$562
818
Service Co., Central States Edison Co., and
receivers for Central States Edison Co. (excluding receivers' fee) for periods
x
Pref. div. requirements.
(J. I.) Case Co.—Accumulated Dividend—
accumulations and
stock and surplus
'
1 QQ Pv
—V. 142, P. 3335.
The directors have declared
$12,751
2% income
Net income—
$2,693,000
31,792
21,195
Fixed charges of Central States Edison, Inc.:
Interest on 15-year coll. trust bonds—3% fixed.
Deductions
Gross earnings
$52,424
31,715
21,033
Balance
$53,242
$308,470
Ry.—Earnings■—
1 Q^fi
$66,275
775
;
Charges of subsidiaries—Interest.
$62,880
9,637
$65,500
Total gross income
Dr239
$73,977
7,701
Gross income of Central States Edison, Inc..
x
Net oper. income
Non-oper. income—net.
Increase
1.580
Total
Gross income
Canadian Pacific
$63,119
Non-operating income of subsidiaries.
Expenses & depreciation
Taxes, incl. Fed. inc. tax
Ry.—Earnings—
Gross earnings
—V.
142, P. 3335.
1935
$317,956
166,459
34,913
26,186
27,277
$72,396
Maintenance
Balance available for
Represented by 1,000,000 (no par) shares.—V. 142,
Miscell.
1936
$348,585
182,325
27,635
26,252
39,975
expenses...
Net operating income
1934
$86,516,856
Accounts payable
Customers' deposit
x
Operating
$144,012,245 $144,086,419
Liabilities—
Funded debt
x
Edison, Inc. (& Subs.)—Earnings—•
Depreciation
Total
Other
Central States
12 Months Ended March 31
Rate per ton per m
Earns.perpass.tr. m—
Earns, per frt. tr. m
Oper. rev. per mile
x
All freight.
9,036
1934
9,144
1933
9,237
1932
9,262
7,798,232
7,582,128
7,064,344
7,753,105
424,789,338 425,949,359 387,064.918 347,833,554
1.643 cts.
1.585 cts.
1.737 cts.
2.102 cts.
25,454,988
25,126,645
23,944,824
23,196,303
9052839200 8541920,200 7761587,000 7447777,900
0.888 cts.
$0.95
$4.64
$9,178
0.908 cts.
$0.95
$4.60
$8,780
0.960 cts.
1.003 cts.
$0.92
$0.91
$5.25
$8,588
$4.99
$8,498
Financial
3500
President Ralph Budd in
Condensed General Balance Sheet Dec. 31
his remarks to stockholders says
in part:
For
May 23, 1936
Chronicle
1935
revenue.
second time since 1923
there was an increase in passenger
The increase in 1935 amounted to $228 863
or 3.4%
over
Inv. in road &
$
eq.72,664,786 73,643,572
Improvements
on
Sinking
year when $600 000 Century of Progress business was handled;
on account of washouts which occurred the last day of May
Deposits in lieu of
mtged. prop'ty.
and second
and during
June there was serious interruption to through passenger service.
The continuation throughout 1935 of the reduction in basic passenger
fares, together with the popularity of the Zephyr trains, a marked increase
in long haul summer tourist traffic, and somewhat improved economic
conditions, brought an increase of 361,355, or 12.9%, in passengers carried
(exclusive of commutation).
The average distance traveled per passenger
was 11% less, indicating the effectiveness of our lower fares and Zephyr
trains in the recovery of short haul traffic, especially when we consider that
our long haul summer tourist traffic was much better last year than in
1934.
Passengers carried one mile increased 0.3%.
This is the 11th year for Burlington Escorted Tours, operated jointly
with the Great Northern and Northern Pacific; 2,566 passengers were
handled—an increase of 347, or 15.6% over 1934.
Burlington Transportation Co.—During 1935 through bus service was
inaugurated between Chicago and Los Angeles and San Francisco; line
running from Omaha to St. Joseph was extended into Kansas City, Mo.;
service between Denver and Ft. Collins, Colo., was begun, to connect with
through line at Cheyenne, Wyo., and a line from Cheyenne, Wyo., to
Billings, Mont., was acquired. Burlington Transportation Co. now has a
comprehensive bus operation covering 6,214 highway miles, operating
735,000 bus miles per month, which provides an extensive highway pas¬
senger service, and in many instances has permitted the elimination of
steam service at a substantial saving.
Highway truck service was inaugurated in September 1935, through the
purchase of existing truck lines, between Chicago and Omaha, Neb., with
feeder lines to a number of important points.
Operating loss in 1935 was $191,682, compared with $58,346 in 1934.
With the period of rapid expansion during the last 18 months ended, it is
reasonable to believe that the results for the year 1936 will be materially
improved.
Agriculture—During 1935 an increase in acreage, better yields and higher
prices combined to improve agricultural conditions in Burlington territory
compared with the drought year of 1934. Wheat production exceeded the
previous year by 21%, corn production more than doubled, and hay and
forage 80%.
Despite injury from black stem rust, oat production was
270% of last year and barley exceeded 1934 over four times.
Sugar beet
acreage was reduced, but production slightly increased, and potato and
other vegetable, truck and fruit crop producers had good yields.
Only in
the case of barley, hay and fruit, however, did production reach the fiveyear average.
Governmental crop reduction activities in Burlington States
retired 12,600,000 acres from use.
On account of extreme feed shortages
following the 1934 drought, livestock liquidation continued.
During the
year the Government purchased in Burlington States 273,600 cattle for
slaughter and made unsecured loans to all needy stockmen for purchase of
feeds. Due to liquidation of swine the spring pig crop was the smallest for
many years, being 42% below the poor year of 1934.
There were fewer
cattle finished for market than in many years, and breeding herds of all
jrinds are greatly reduced from normal.
Livestock prices increased materially, more than offsetting late-in-theyear reductions in grain prices, so that combined farm income from crops
and livestock, supplemented by $200,396,000 of Government benefit pay¬
ments, was substantially above that of the past few years.
In addition,
farmers in Burlington States borrowed $291,333,000 from Government
sources to finance their capital (farm) accounts (a reduction of $775,151,000
from the previous year), and $161,925,000 from Government sources to
finance current operations.
Farmers purchased more farm machinery and
consumption goods than for several years, paid some past due debts and
renewed soil conservation and fertilizing activities.
During the year the Federal Public Works Administration appropriated
$28,000,000 for the Central Nebraska Public Power and Irrigation (TriCounty) District. This project comprises 500,000 irrigable acres in Gosper,
Phelps, Kearney and Adams counties and is served largely by the C. B. &
Q.
Flood waters of the North Platte River are to be stored and used to
generate 225,000,000 kwh. of electrical energy annually in addition to the
irrigation.
Contracts have been let for 96 miles of canal construction.
Severe floods in southwest Nebraska early in the year served to focus
attention on the need for further flood control and irrigation there. Eleven
projects located there and elsewhere in Nebraska are under consideration.
Construction of dams for the Casper-Alcova project in Wyoming progressed
slowly. Subject to completed survey, $440,000 of PWA money was allotted
to irrigate 15,000 acres in Owl Creek Valley; $1,500,000 was allotted to
construction for the Hart Mountain project to irrigate 38,000 acres there;
and $1,100,000 was allotted to irrigate 40,000 acres in Greybull Valley.
Areas affected by these are served exclusively by the C. B. & Q.
A PWA
grant to complete survey of the Colorado Transmountain project to bring
200,000 acre feet of supplemental irrigation water into northern Colorado
was also made and $2,000,000 allotted to further improvement of the Riverton, Wyoming area. This is served by the C. & N. W. and C. B. & Q.
During the year the agricultural department cooperated with all agencies
in promoting soil conservation, irrigation and better farming conditions in
our territory.
Our usual comparative
were
given in V. 142,
p.
income account and balance sheet
1633.—V. 142, p. 3159.
Chicago & Eastern Illinois Ry.—Annual Report—
General Statistics for
Miles
1934
939
1933
939
1932
939
739,561
62,278,297
731,236
72,840,342
744,705
79,517,548
pass, mile
$.018
6,896,440
freight (tons)_(tons) 1 mile.-1185938165
ton per mile
$.0090
$.017
$.016
6,712,478
1136126162
6,297,741
1066240920
$.0091
669,324
60,552,972
$.019
6,314,846
1039936087
$.0994
Passengers
carried
Pass, carried 1 mile
Rev. per
Revenue
Rev. fr't
Rev. per
Calendar Years
1935
938
operated
Income Account
$.0088
for Calendar
1934
Operating Revenue—
1935
Freight
-.$10,629,559 $10,021,464
Passenger-...-.
1,117,991
-1,217,607
Mail, express, &c
1,553,497
1,398,595
Other than transporta'n
130,855
138,884
Total oper. revenue.. $13,431,904 $12,776,550
Maint. of way & struc..
1,656,141
1,576,796
Maint. of equipment
Traffic expenses
Years
1933
1932
$9,684,156
1,308,192
1,108,267
*9,819,162
1,179,967
1,083,211
107,634
/
117,834
$12,218,448 $12,189,973
1,489,744
1,749,788
581,817
5,047,139
78,051
654,518
1,587,232
2,151,415
696,058
5,435,627
81,835
6^4,226
2,278,903
625,047
5,386,163
42,996
637,883
1,961,683
602,187
5,084,030
50,774
669,902
$10,627,133
$9,945,374
$9,601,058 $10,646,392
$2,804,771
644,311
$2,831,177
689,688
$2,617,391
923,792
$1,543,581
1,286,787
$2,160,460
$2,141,488
$1,693,598
$256,794
832,204
705,501
180,926
854,116
645,675
148,267
799,384
686,918
134,150
796,092
744,039
197,771
$803,680
2,107,119
154,624
12,183
$789,965
2,123,798
154,624
5,743
$2,273,928
1,470,247
$2,284,165
1,494,200
Transportation
Miscell. operations, &c.
General
expenses
Operating income
Operating Expenses—
Hire of equip.—Dr
Joint facil. rent inc.—•Dr
Other income
Rents
Miscellaneous
Total charges
Total loss
Income applic. to sinking
and other funds
$341,447 x$l ,085,566
2,186,002
2,126,878
154,624
154,054
21,324
44,920
$2,361,950
2,020,504
$2,325,853
3,411,419
395,380
395,380
$95,425
356,227
$1,865,627
$1,889,580
$2,415,929
$3,767,646
Misc.
x
Loss.
7
7
6,131
293,668
1,778,438
funds
phys. prop__ 1,914,789
Trustees'
certifs..
debt
23l",666
231,000
un-
matured
31,515,036 34,398,436
7,679,929
Loans & bills pay. 7,627,846
Traffic & car-serv.
2,585,601
2,585,601
bals. payable...
550,000
550,000
1,854,210
12,996
429,316
wages payable..
Bonds
Advances
180
investments
1,168,036
18,852
Cash
Special deposits
156,729
430
666
222,990
219,987
Loans & bills rec_.
Misc. accts. receiv.
377,460
Mat'ls & supplies.
Int. & divs. receiv.
741,130
5,890
11,228
Rents receivable-.
3,025
.
13,514
_
Other def'd assets
inter
336,395
346,332
356,436
accrued
31,961
Other curr. liabils.
40,155
Deferred liabilities
904,316
Tax liability
Accrued depreclation, equipment 3,691,848
Otherunadjustable
credits
1,401,784
Add'ns to property
2,830
through income
322,840
and surplus
1,948,224
Sink. fd. reserves. 6,053,393
451,533
29,514
54,095
Unmatured
232,022
Work, fund advs_
." 2,736,000
__
Unmatured
est accrued
Net bal. rec., due
from agents and
conductors
97,777
.
Rents & insurance
2,306
prepaid.
Other unadj. debits 1,340,848
prems.
242,147
3,264,333
Funded debt mat'd
unpaid
_
Other curr. assets
334,160
1,089,489
Miscell. accts. pay.
Interest matured,
5,292,742
unpaid
Traffic & car-serv.
bals. receivable
361,208
774,553
86,992
Audited accts. and
1,904,363
Stocks..
Other
$
Liabilities—
$
Common stock...23,845,300 23,845,300
Preferred stock...22,046,100 22,046,100
Gov'tal grants
42,863
Funded
Inv. in affil. cos.:
rents
179,649
579,809
615,678
8,933
12,266
3,321
13,837
43,496
Profit
and
1,083,522
3,605,529
1,493,677
305,029
5,658,014
loss—
balance deficit..23,800,402 21,051,123
Total
-V.
83,898,369 85,107,016
Total
83,898,369 85,107,016
142,
2990.
P.
Chicago Flexible Shaft Co.—10 Cent Extra Dividend—
The directors have declared
an
extra
dividend of 10 cents per share in
quarterly dividend of 50 cents per share on the
$5, both payable June 30 to holders of record June 20.
A similar extra dividend has been paid in each of the five preceding quarters.
The regular dividend was increased from 30 cents to 50 cents with the
March 31, 1936 payment.—V. 142, p. 1461.
addition to
common
the regular
stock,
par
Chicago Mail Order Co.—Obituary—
Benjamin J. Rosenthal, Chairman
May 14.—V. 142, p. 2990.
Chicago,
Action
on
Milwaukee,
of the board of directors,
St.
Paul
&
Pacific
died on
RR.—No
Interest—
The company has taken no action with respect to declaring any interest
to be due and payable on April 1, 1936, on the 5% convertible adjustment
mortgage gold bonds, series A, due 2000, and coupon No.
April 1, 1936, has no value.—V. 142, p. 3336.
18, maturing
Chicago & North Western Ry.—New Comptroller—
Charles H. Westbrook has been appointed Comptroller to succeed
Jensch,
deceased.—V.
142,
p.
Charles
3160.
Chicago Rivet & Machine Co.—Extra Dividend—
The directors have declared
an extra
dividend of 12)4 cents per share in
addition to the regular quarterly dividend of
37 H cents per share on the
stock, no par value, both payable June 16 to holders of record
Similar payments were made on March 11, last and on Dec. 14,
common
June 1.
1935.—V. 142, p. 2493.
Chicago St.
Comptroller—
Arthur
S.
Paul
Seder
has
Minneapolis & Omaha
been
Ry.—New
appointed Comptroller succeeding
the late
Charles Jensch.—Y. 142, p. 2991.
Chicago South Shore & South Bend RR.—Reorganiza¬
tion
Approved—
The Interstate Commerce Commission on April 16 approved a plan of
reorganization, pursuant to Section 77 of the Bankruptcy Act as amended.
The road on Sept. 30, 1933, filed a petition in
of the Northern District of Indiana, South Bend
unable to meet its debts as they matured and
the U. S. District Court
Division, stating that it
that it desired to effect a
plan of reorganization under the provision of Section 77 of the Bankruptcy
was
Act.
The debtor's railroad
was owned and operated from the time of its con¬
1925 by the Chicago Lake Shore & South Bend
receivership proceeding in the U.S. District Court for the
Northern District of Indiana, South Bend Division, the property was sold
at foreclosure to the debtor for $6,000,000, a sum slightly less than the then
existing mortgage indebtedness. The property when acquired was entered
upon the books of the debtor at $5,836,943. representing its then appraised
value; and there was issued $1,500,000 of common stock, $1,750,000 of
adjustment-mortgage bonds, and $250,000 of second-mortgage bonds,
making a total capitalization of $3,500,000.
Certain current liabilities
assumed by the new corporation increased the total of obligations out¬
standing against the property to approximately $3,600,000.
The entire
mortgage debt of $2,000,000 was retired in 1928 or 1929: and since then
the debtor's property has been free of liens other than equipment obliga¬
tions.
Of the latter obligations issued, $1,239,000 has been retired and
$1,341,000 is outstanding.
The total cost of the equipment securing the
equipment-trust certificates outstanding was $3,355,964.
The controlling interest in the stock of the debtor company was taken
by the company now known as the Midland Utilities Co., the stock of
which was subsequently acquired by the Midland United Co. Both of these
corporations have filed petitions in the U. S. District Court of Delaware
under Section 77-B of the Bankruptcy Act, as amended, and trustees have
been appointed for them.
Subsequent to the purchase of the railroad in 1925, the Midland Utilities
Co. made loans to the debtor of $4,027,502, receiving 17 notes bearing
interest originally at 6% but later reduced to 5%.
Unpaid interest has
accrued upon these notes to Sept. 30, 1933, in the amount of $235,945.
The loan was used to provide for additions and betterments to the debtor's
property, rehabilitation of the road, and, in part, to retire equipment-trust
obligations as they matured. A part was also used in the retirement of the
$2,000,000 of adjustment and second-mortgage bonds formerly outstanding.
The total amounts expended in rehabilitation of the property and for ad¬
ditions and betterments subsequent to the purchase in 1925 amounted to
approximately $877,000 in 1925, $3,038,000 in 1926, $2,052,000 in 1927,
$590,000 in 1928, $1,904,000 in 1929, $1,320,000 in 1930, $747,000 in 1931,
and $70,000 in 1932. Since then the amounts have been negligible. A total
of $10,601,000, including payments for equipment, was thus expended since
struction until the year
Ry.
1925
In 1925, in
a
•
Liabilities shown on the balance sheet as of Aug. 31, 1934 are 19,476
shares outstanding of $6.50 cumulative class A preferred stock, $1,850,393;
29,000 shares outstanding of $6.50 cumulative class B preferred stock,
$2,610,000; 465,000 shares of no par value common stock, $4,650,000;
equipment-trust certificates,
$1,341,000;
deferred liabilities,
$60,856;
notes payable to Midland Utilities Co., including interest of $235,945
accrued to Sept. 30, 1933, $4,263,447; current liabilities, $591,661; un¬
adjusted credits, $1,182,890; reserves, $852,771; capital surplus, $24,000;
and a deficit of $1,286,242.
■
Debtor's Plan of Reorganization
On Oct. 25, 1934, notice was given by us of the assignment of the re¬
organization proceeding for public hearing on Nov. 22,1934, at Washington,
D. C. After giving due notice of the hearing, we proceeded at that time to
hear all parties desiring to be heard and received in evidence a plan of
reorganization presented by the debtor. Following the hearing, briefs were
filed and the record closed.
On Jan. 7, 1935, the debtor filed a petition to
amend
Deficit
173,781
37.001
leased property .
1934.
Passenger revenue showed a decrease during the five months, June
October, because of two things:
First, the comparison being with a
to
1934
1935
1934
$
Assets—
the
a
provision of the plan relating to payment of Federal income tax
the interest
proceeding before
upon
on
us
certain bonds proposed to be issued. All parties to the
have assented to the modification
Volume
At the hearing there appeared representatives of the
of Midland Utilities Co., owner of all of the
series B bonds shall be secured by a first lien upon all property now owned
and that acquired by the debtor subsequent to the execution of the mortgage
debtor and of the
trustees
debtor's common
junior preferred stock, a substantial part of the senior preferred
stock, and otherwise a large creditor. There also appeared representatives
of the pledgees of all the debtor's common stock and of $4,000,000, or
all except $138,000, of outstanding notes, of owners of outstanding equip¬
ment obligations of nearly one-half of the total amount thereof, of general
creditors, and of the railroad employees.
The debtor was the only party
presenting a plan of reorganization, and the plan met with no objections
from the parties appearing at the hearing.
Counsel for the debtor read for
the record a letter from an individual owner of equipment-trust obligations
expressing views in opposition of certain features of the debtor's plan.
The plan of reorganization presented by the debtor contemplates the
creation of a mortgage constituting a direct lien upon all its property to
secure three series of bonds to be designated series A, B, and C.
It is pro¬
vided that the debtor shall acquire title to the equipment included in the
equipment-trust instruments heretofore described,
and thereafter the
equipment shall be included with all other property of the debtor in the
proposed mortgage. The series A bonds are to be secured by a direct first
lien upon all the debtor's property.
While it is not contemplated that any
bonds of this series will be issued immediately, it is provided in the plan
that the company may issue series A bonds for the purpose of financing
such future improvements, replacements, relocations, and acquisitions of
property as are reasonably necessary.
There will be no limit to the au¬
thorized principal amount of bonds of this series, but the mortgage will
provide that while any series B bonds are outstanding in the hands of the
public, no series A bonds shall be issued except to obtain funds to be used
for reasonably necessary improvements, replacements, relocations of the
railroad's tracks or facilities within its present termini, or acquisition of
other property in connection with the railroad as it now exists, without
adding to, or extending, the railroad.
Such reasonable necessity must be
shown by the certificate of a disinterested engineer satisfactory to the
mortgage trustee.
The interest rate, sinking fund, if any, and any other
terms applicable to series A bonds will be determined by the directors of
the debtor at the time of issue, and the restrictions upon the issue of such
bonds may, at any time, be waived, modified, or relaxed with the written
consent of the holders of not less than two-thirds of series B bonds then
and a further provision that series A bonds may be issued only to an amount
principal amount of all other funded
debt, including other series A bonds then outstanding, shall not exceed 50%
of the amount of the debtor's investment in road and equipment.
Furthermore the mortgage provision proposed by the debtor, that the
restrictions upon the issue of series A bonds may
at any time, be waived,
modified, or relaxed with the written consent of the holders of not less than
two-thirds of series B bonds outstanding, should be modified so as not to
permit the issue of series A bonds in excess of the above stated limitation.
The debtor's outstanding equipment trust certificates mature serially
in the years 1933 to 1939, while the proposed series B mortgage bonds to be
issued in exchange therefor under the plan will fall due 25 years after their
issue.
Interest upon the new bonds will be 3% per annum instead of the
present 53^% upon the certificates.
The advantage of the proposed ex¬
change of these securities to the present holders of certificates, as em-
stock,
which at any time, together with the
,
Ehasized at the hearing and on brief, lies indesigned that operationthey such
the fact for whereas on now
old
lien only on passenger equipment
a
voltage and otherwise so constructed as to render it of little value for
any other railroad, they will receive in exchange bonds secured by a
lien upon all the property of the debtor. Furthermore, by the exchange, the
owners of the junior securities will be freed from the danger of the earlier
maturity dates of the certificates and will benefit from the lower interest
use on
rate of the series B bonds.
issued.
The plan contemplates the issue of the
Both
series B bonds, par for
as may be earned, payable in the discretion of, and upon declaration
by, the directors of the debtor annually out of available net earnings of the
debtor ;.in the preceding calendar year.
The plan should further provide
that such first preferred stock have preference both as to dividends and
assets of the debtor over all other of the debtor's stock, and may be called
at any time at 107.
Each share should be entitled to one vote.
At the oral argument the debtor urged that if preferred stock be given
general creditors instead of bonds as proposed in its plan, the debtor should
be authorized to issue stock for such part of each claim as may be an even
multiple of $100 and to pay in cash that portion less than $100, thereby
avoiding the issue of fractional shares of stock.
This modification would
require a small additional cash outlay by the debtor of about $750, and has
thereof
our
debtor in the operation of its railroad within a reasonable time prior to
filing of the petition under Section 77 of the Bankruptcy Act, as amended.
As such, the Court found that they would be entitled to priority over existing
mortgages if a receiver in equity of the property of the debtor had been
appointed by the Federal Court at the date of the filing of the petition. In
view of this order of the Court, we are of the opinion that these six claimants
should receive as early payment of their claims as the earnings of the
debtor will permit and that we should approve a plan providing that these
six claimants receive five-year promissory notes of the debtor bearing
interest at the rate of 5% per annum.
The provision of the debtor's plan that the present class A preferred
stockholders be given new $6.50 preferred stock (no par) does not materially
change their position either from the viewpoint of security or income. The
plan, however, should provide that this preferred stock be of a class sub¬
ordinate to the first preferred stock proposed above to be given to the
general creditors, in order to give recognition to the relative priority of the
claims of the general creditors over those of the present class A preferred
stockholders. Thus the debtor's plan should be modified to provide for the
issue of a second preferred stock of $100 a share par value, exchangeable
share for share for now outstanding class A $6.50 prefe-red stock of no par
value.
This second preferred stock should be entitled to noncumulative
dividends at the rate of $6.50 a share each year payable in the discretion of,
and upon declaration by, the directors of the debtor annually out of avail¬
able net earnings of the debtor in the preceding calendar year as hereinafter
defined.
The second preferred stock should be preferred both as to assets
and dividends of $6.50 a year over the common stock, and further should
share ratably share for share in the distribution of any earnings at any time
as dividends upon the common stock.
Each share should be entitled to
existing
series B mortgage bonds, and the debtor will pay to the trustee any ad¬
ditional amount necessary to make such payments equal to 3 % per annum
upon the certificates from the date of the latest payment of dividend
warrants thereon, to the date of issuance of series B bonds.
A total of
$1,341,000 of these series B bonds will be issued.
The proposed series C bonds will constitute a direct lien upon all the
debtor's property subject to the lien securing the series A and series B
bonds. The authorized principal amount of series C bonds will be equal to
the amount of the debtor's indebtedness to the Midland Utilities Co. upon
the 17 notes mentioned, on the date of issuance of said bonds, and the entire
issue will be delivered to that company in payment of such indebtedness.
As of Sept. 30, 1933, the amount of this indebtedness, including accrued
and mi paid interest, was $4,259,823.29.
the debtor will be paid
as
follows:
Claims of general creditors for less than $100, of which claims aggregating
were filed for the purpose of the plan and its acceptance,
and all
$472
reorganization expenses, to be paid by the debtor out of cash on hand; all
other debts and claims, of which $273,143.18 were filed, by the issue of
three-year promissory notes of the debtor bearing interest at the rate of
5% per annum, payable annually.
The debtor's plan was presented prior
to the reallocation by the Court to class 1 of claims totaling $212,787.54,
previously classified as class 4. The debtor's cash on hand on Aug. 31, 1934,
was $216,128, and on June 30, 1935, $449,870.
Outstanding class A preferred stock (consisting of 19,476 shares of no par)
is to be exchanged share for share for new preferred stock of no par value
entitled to dividends in preference over the common stock at the rate of
$6.50 a share each year.
The present class B preferred stock now outstanding in the amount of
29,000 shares will be exchanged share for Share for common stock without
par value.
The common stock now outstanding in the amount of 465,000 shares will
be exchanged for new common stock of no par value on the basis of five
one share of the new.
A total of 122,000
shares of the old common stock for
shares of common stock will, therefore, be issued under the plan.
The debtor's plan has been assented to and its acceptance urged by a
representative, present at the hearing, of the Peoples Gas Subsidiary
Corp., Peoples Gas Service Annuity Trust, Commonwealth Edison Sub¬
sidiary Corp., and Public Service Subsidiary Corp., which are pledgees of
all but about $138,000 of the new outstanding notes of over $4,000,000 of
the debtor to the Midland Utilities Co., and of all of the debtor's common
stock. Acceptance of the plan has also been urged by the Northern Indiana
Public Service Co., a general creditor in the amount of $168,252, the
trustees of the Midland Utilities Co., which controls the debtor, and by a
representative of the owners of about $555,000 of the outstanding $1,341,000
of equipment trust certificates.
A representative of the Illinois Central
RR., a general creditor in the amount of $32,675, was present and had no
objections to offer.
Proposed Amendment by ICC
it
The debtor's proposal to issue new first mortgage series A bonds to provide
with a means for financing such future improvements, replacements,
relocations, and acquisitions of property as are reasonably necessary appears
to be sufficiently safeguarded from immediate and extravagant recourse
thereto by the restrictions placed thereon.
Under the plan, as long as any
series B bonds are outstanding in the hands of the public, series A bonds
may be issued only to obtain funds for such improvements, replacements, or
relocations of tracks or facilities within the present termini of the road as a
disinterested engineer shall certify to be reasonably necessary.
But under the debtor's plan, there is no stated limitation to be contained
in the mortgage upon the issue of series A bonds after retirement of all
series B bonds, other than the general provision that they are to be issued
to provide the railroad with a means for financing such future improve¬
ments, replacements, relocations, and acquisitions of property as are
reasonably necessary.
As
an
assurance to
holders of series B bonds of full preservation of their
lien upon the debtor's property in the future, and as a protection against
the incurring in the future of excessive funded debt as compared with
investment,
the
mortgage
should
contain
an
additional
provision
that
approval.
Since the debtor's plan was presented, the Court has reallocated six of
the unsecured claims,
totaling $212,787, to class 1.
The Court found
that these claims were for necessary operating expenses incurred by the
equipment trust obligations, is to be distributed to the equipment trust
certificate holders in lieu of dividends up to the date of issuance of the new
claims against
the plan recommended in the proposed
_
written consent of not less than two-thirds in amount of the series B bond¬
and
and
that this will require only about $12,551 of additional cash
expenditure; and will permit the immediate satisfaction of claims aggre¬
gating $11,433.47 of the debtor's employees arising through investments in a
savings fund.
The debtor represents that payment of these claims is very
desirable and that it has ample cash on hand wherewith to meet the com¬
paratively small additional expenditure, its balance of cash on hand on
Dec. 31, 1934, having been $485,648 and on June 30, 1935, $449,870. We
shall incorporate this provision in the plan to be approved by us.
.
.
y
The foregoing considerations lead us to conclude that, in the reorganiza¬
tion of the debtor, all general creditors in cla?s 4 whose claims are for more
than $1,000, should receive for each $100 of such debt, one share of new
first preferred stock of $100 par value, entitled to noncumulative dividends
at the rate of $5 per annum, the rate at which interest now accrues upon the
debt of the Midland Utilities Co. to be exchanged therefor, or such portion
holders.
debts
plan
By exceptions, the debtor now urges that the same provision for payment
in cash should be extended to cover all claims for $1,000 or less. The debtor
obligations. The bonds will bear interest at the rate of 3 % per annum
payable semi-annually and mature in 25 years after the date thereof. The
debtor, if not permitted to deduct and pay, will agree to reimburse holders
of the bonds for the Federal income tax paid by them up to 2% of the
interest received by them, and to reimburse the holders for the tax of four
mills paid by holders to the State of Pennsylvania.
A minimum sinking fund, if earned after operating expenses, taxes,
interest on the bonds outstanding, and a provision for $84,000 per annum
depreciation, is to be provided for the retirement of series B bonds. If not
earned in any one year, the sinking fund will be cumulative from year to
year, as earnings permit. The sinking fund, in the first year, will amount to
3 % of the total authorized amount of series B bonds and will increase from
year to year by the same amount as interest on such bonds decreases by
reason of retirement thereof, so that the total annual amount of interest
and sinking fund payments combined will be 6% of the face value of the
total authorized amount of series B bonds. The moneys in the sinking fund
may be used by the trustee for the purchase of series B bonds upon offers,
or for their redemption upon call, at par and accrued interest.
The maturity of the series B bonds will be accelerated to correspond
with any earlier maturity date for series A bonds by a provision that all
series B bonds outstanding in the hands of the public shall become im¬
mediately due and payable whenever any series A bonds shall become due,
either at maturity or by acceleration upon default, or otherwise, or by call
for voluntary redemption.
Any such acceleration of the date of maturity
of the series B bonds likewise will modify the provisions of the sinking fund
and no sinking fund shall be provided for series A bonds which would
operate more rapidly toward their retirement than the minimum sinking
fund for series B bonds.
However, these provisions relating to the ac¬
celeration of the maturity date of the series B bonds may be waived by
other
debtor's
represents
trust
The
the
report provide that all general creditors (class 4) of the debtor whose claims
are for less than $100, totaling $472, should be paid by the debtor in cash.
par, in exchange for all
equipment trust certificates now outstanding
in the total amount of $1,341.000, the authorized principal amount of series
B bonds to be equal to the principal amount of such outstanding equipment
The amount of $46,935 now in the hands of the trustee under the
,
The plan we shall approve will provide, in addition to sinking fund
amounting in the first year to 3 % of the total amount of series B bonds
outstanding and increasing gradually thereafter as the bonds outstanding
are retired through its operation, for an additional contingent sinking fund,
the terms of which will be described hereafter.
outstanding in the hands of the public.
The proposed series B bonds are to have a direct lien upon the debtor's
property subject only to the first lien of the series A bonds if, and when, any
are
3501
Chronicle
Financial
142
one
w
vote.
The second preferred stock
should be subject to call for retire-
ment at any time at $107 a share but only after all series B bands and first
preferred stock shall have been retired.
The foregoing modifications of the debtor's plan will necessitate elimin¬
ation of the provision therein prohibiting, as long as any series B bonds are
outstanding, the use of any earnings remaining after payment of interest
and sinking fund requirements on series B and series C bonds for payment of
dividends upon the debtor's common stock or any of its preferred stock
except that issued in exchange for its now outstanding class A preferred
stock held by the public.
Otherwise this provision would prevent payment
of dividends upon the new first preferred stock to be received by general
creditors under the modified plan, until the series B bonds are retired.
Furthermore, the generous treatment accorded the holders of now out¬
standing equipment trust certificates, through provisions for retirement of
their indebtedness justifies elimination of this restriction upon the use of
excess earnings.
Under the foregoing modifications of the debtor's plan, there would
result (1) about $212,800 of five-year 5% promissory notes of the debtor;
(2) a funded debt of $1,341,000 consisting wholly of series B 3% 25-year
first mortgage bonds which would be subject to the prior lien of such series A
bonds as might later be issued under the conditions and limitations above
prescribed; (3) an issue of about $4,307,000 of $5 first preferred stock of
$100 a share par value; and (4) an issue of $1,947,600 of $6.50 second pre¬
ferred stock of $100 a share par value, which will have the right of par¬
ticipation with common stock, share for share, in additional net earnings.
Annual interest on the total amount of the notes will be $10,640; annual
fixed interest and sinking fund charges on the series B mortgage bonds will
be $80,460; annual dividends upon the first preferred stock will amount to
about $215,350, and on the second preferred to $126,594 exclusive of any
additional dividends under the participating feature of the plan.
Based upon the representations in the record, the amount of the debtor's
investment, the proposed issue of 122,000 shares of no par common stock
which is to be exchanged, share for share, for now outstanding class B
preferred stock and one share for each five shares of now outstanding com¬
mon stock, is reasonable and would not result in an excessive amount of
total capital liability.—V. 142, p. 2662.
...
Chicago & Western Indiana RR.—Bonds Offered—
Morgan, Stanley & Co., Inc.; Brown, Harripian & Co.,
Inc.; Edward B. Smith & Co.; The First Boston Corp.;
Kidder, Peabody & Co.; Field, Glore & Co.; Lee Higginson
Corp.; Paine, Webber & Co., and Harris, Hall & Co. (Inc.)
May 22 offered at 102 and int. $22,727,000 1st & ref.
mtge. 434%, series D, sinking fund bonds.
on
in
Dated March 1, 1936; due Sept. 1, 1962.
N. Y. City.
Bankers Trust Co., New
Interest payable M. & S. 1
York, trustee.
Redeemable
for the sinking fund on 90 days' notice, on any int. date at 102}i on or prior
to March 1, 1940; at 101H thereafter and on or prior to Marc
1, 1942,
and at
100 thereafter.
of the company on any
Also redeemable, in whole or part, at theoptima
int. date, on 90 days' notice, at following oric
.
I
Financial
3502
March 1,1937, at 107 M; on Sept. 1, 1937 or on March 1, 1938,
Sept. 1, 1938 or on March 1,1939, at 106on Sept. 1, 1939 or
1, 1940, at 106; thereafter on or before March 1, 1960, at 106
less U of 1% for each period of two years or fraction thereof from and
after March 1, 1940, to the date of redemption; and after March 1, 1960,
at 100%.
Issuance—Issue and sale of these bonds subject to authorization by the
with int:
at
107;
on
on
March
on
Data from
Letter
of A.
N.
Williams,
Cincinnati Union Terminal Co.—Bonds Authorized—
The Interstate Commerce Commission on May 14 authorized the company
by the Western Indiana, to redeem at 105 and int. on
Sept. 1,1936, $20,532,000 of 5^ series A bonds and $1,602,000 5^% series
bonds held by the public, in connection with the retirement of all bonds
of the several series now outstanding under the Western Indiana's first &
C
refunding mortgage (exclusive of bonds held in sinking funds); any balance
be used
for
other
corporate purposes.
The authorized amount of the series D bonds is $24,462,000.
Of the
$1,735,000 of Series D bonds not included in the present sale, $345,000
thereof will be pledged under a $194,000 note held by Belt Railway Co. of
Chicago in substitution for a like amount of series A bonds to be released
and canceled; $489,000 thereof will be delivered in escrow for the account of
the Western Indiana's five proprietary companies (in payment for certain
improvements made by them on property of the Western Indiana), such
bonds from time to time to be tendered for sale to the series D bonds
sinking
fund; and the balance of $901,000 series D bonds will for the present be
retained in the treasury of the Western Indiana.
Property & Security—Company owns a terminal railroad system in Cook
County, 111., consisting of a terminal division leased to,its five proprietary
companies and a belt division leased to Belt Railway Co. of Chicago.
The
lien of the first and refunding mortgage is subject to the prior lien of the
consolidated mortgage under which $50,000,000 of 4% bonds maturing in
1952 are outstanding, except that it is a first lien on certain portions of the
belt division.
Each of such mortgages provides that all leases made or to
be made by the company and rentals thereunder shall constitute additional
security for such mortgage, subject in the case of the first and refunding
mortgage to the prior lien of the consolidated mortgage in so far as the same
may attach.
The first & refunding mortgage provides that all bonds
issued thereunder must mature Sept. 1, 1962 and that the
company will
pay all consolidated mortgage bonds at the date therein mentioned.
Leases—Leases made by the company in 1902 provided for the
several,
but not joint, obligations of the five proprietary companies and Belt
Railway
Co. of Chicago to pay by way of rentals, sums aggregating the interest
on,
and at maturity, the principal of, the consolidated mortgage bonds.
By the terms of a joint supplemental lease, to be dated March 1, 1936,
the following five
proprietary companies will assume a joint and several
obligation to pay directly to the trustee of the first & refunding mortgage,
by way of additional rental for the use of property leased under the 1902
lease above mentioned (on which property the consolidated
mortgage is a
first lien), sums equivalent to interest and sinking fund instalments on the
entire amount of series D bonds:
Chicago & Eastern Illinois Ry. (in bankruptcy).
Chicago & Erie RR. (controlled by Erie RR.)
Chicago, Indianapolis & Louisville Ry. (in bankruptcy).
Grand Trunk Western RR. (controlled by Canadian National
Ry.).
Wabash Ry. (in equity receivership).
The respective trustees and receivers of the three
companies that are
being operated in bankruptcy or equity receivership have been authorized
by orders of court to enter into the aforesaid joint supplemental lease of
March 1, 1936.
'
Capitalization Outstanding After Giving Effect to the Present Financing—
Consolidated mortgage 4% bonds, due July 1, 1952
$49,988,000
1st & ref. mtge. 4)4%, series D, sinking fund bonds, due Sept. 1,
by its proprietary companies, used to redeem outstanding bonds.
Authority was also granted to the Chesapeake & Ohio Ry., Cleveland
Cincinnati Chicago & St. Louis Ry., Pennsylvania RR., Louisville &
Ohio RR., Cincinnati New Orleans & Texas
and Norfolk & Western Ry. to assume, jointly and severally,
obligation and liability, as guarantors, in respect of the bonds.
Authority was granted to the New York Central RR., as lessee of the
properties of the Cleveland Cincinnati Chicago & St. Louis Ry., to assume
obligation and liability in respect of the lessor's guaranty of the bonds.
—V. 142, p. 3162.
Nashville RR., Baltimore &
Pacific Ry.
Claude Neon Elec. Products Corp., Ltd.
1935
Calendar Years—
profit on rentals,
sales, &c
Selling, adm. & gen. exp.
Other deductions (net)__
Prof, for Fed. inc. tax.-
1934
(& Subs.)—
1933
1932
$1,095,252
592,849
124,544
53,036
$1,516,306
$400,659
Gross
Net profit
x$958,627 x$l,010,908
615,514
553,142
55,102
65,001
$288,011
524,336
from oper._
Dividends paid
$392,766
858,694
$324,823
262,193
$1.47
816,616
216,937
82,095
262,303
Not available
Shs. com. stk. outstand¬
262,168
ing (no par)
Earnings per share
x
$1.10
262,550
$1.42
$1.15
1935.
$36,402 in
in 1934 and $
Includes other income of $10,200
Consolidated Balance Sheet Dec. 31
$1,183,119 $1,151,473
229,256
losses
318,396
558,252
inv., &c
657,289
equipment..
518,104
505,648
1,395,412
952,224
621,371
472,336
.
(contra)
53,902
53,587
1,395,412
96,480
952,224
124,396
Deferred charges..
73,702
855
Minority interest,
x
Sign rental
(contra). 1,214,276
contr.
Common stock..
Capital surplus
Prof. & loss surplus
$3,868,537 84,191,056
Total
250,000
35,000
Neon Sign contract
and
goodwill
Neon
210,165
64,674
1,214,276
Deferred income.
Land, bldgs., &
equipment.
Patent rights
$192,417
Neon
on
signs, gen. con¬
tingencies, &c._
Investm't in rental
y
$308,488
25,000
Mtge. obligations.
Res. for maint. and
accounts,
Sundry
1934
1935
Current liabilities.
Cash, accts. rec. &
inventory
Liabilities—
1934
1935
Assets—
621,803
669,642
$3,868,537 $4,191,056
Total.
x
Represented by 262,168 no par shares in 1935 and 262,193 in 1934
After allowance for depreciation of $302,076 in 1935 and $298,360 in
1934.—Y. 141, p. 3531.
y
-Earnings-
Claude Neon Lights, Inc.
1934
1935
CcLleudciT Y€CLTSm^mm
doubtful accts., int., write¬
down of invest, in sub., loss on sale of sh. of affil.
Net loss after prov. for
cos.
__
1962
exceeding $24,000,000 of first mortgage 3)4% bonds, series D,
sold at 100)4 and int., and the proceeds togther with funds advanced
to be
D bonds will be used, together with funds to be provided to the
extent necessary
to
1936
23,
to issue not
President, Dated May 20
Purpose of Issue—Net proceeds from the proposed sale of $22,727,000
series
May
directly to surplus.—V. 142, p. 2662.
Commerce Commission.
Interstate
of
Chronicle
being contested to include as gross revenue only that portion of the amount
billed as is represented by the rates fixed by such ordinance or order.
Gas revenue, applicable to prior years, reverting to the company in 1935
as a result of settlement of rate cases consummated in 1935, was credited
$74,575
&c. charges
$124,944
—V. 141, p. 4013.
23,216,000
Cobol Mines, Inc.—Registers with SECfirst page of this department.
15-year 6% collateral trust note, held by the Belt Railway Co.
of Chicago, due Sept. 1,1935, and extended to March
1,1937,
See list given on
at5^%
—
194,000
Non-negotiable debt—all due to the five proprietary companies„
5,658,000
Common stock (all held by the five proprietary companies)
5,000,000
Sinking Fund—To provide a sinking fund sufficient to retire the $24,462.000 principal amount of series D bonds on or before
maturity, the fourth
supplemental indenture to be dated March 1, 1936, will contain a covenant
that the Western Indiana will pay to the trustee under the
mortgage, on
on
March 1, 1937, the sum of $273,000 and thereafter on March 1 and
,
Sept/1 of each
year to and including Sept. 1, 1962, the sum of $273,000,
and m addition thereto, on March 1 and Sept. 1 of each
year, sums equal to
interest on all series D bonds retired by operation of the
sinking fund.
Sinking fund moneys are to be applied to the purchase of the bonds at or
below the following prices (expressed in percentages of the
principal amount)
during the respective periods such prices are applicable, or if such purchases
cannot be made, to the redemption at these prices on the next
interest
payment date of bonds drawn by lot: on or before March 1,1940, at 102 )4 %,
thereafter and on or before March 1,1942, at 101)4%, thereafter to
maturity
at 100%.
Contract for Sale of the Series D Bonds—By an agreement dated
May 20,
1936, the Western Indiana has agreed to sell severally to Morgan Stanley
& Co., Inc., and certain associates, and Morgan
Stanley & Co., Inc., and
associates have agreed to purchase severally from the Western
Indiana,
series D bonds constituting in the aggregate $22,727,000
principal amount
at 100% and int. to date of delivery.—V. 142, p. 3161.
Collins & Aikman
-Year Ended-
End. 53 Wks.End.
Feb.24,'34
$1,951,877
;
505,381
Federal tax reserve
956,000
Feb. 25, '33
461",384
Mar. 2,[35
oper'n.. $5,437,054
985
$995,272
11,969
500,314
449,486
19,000
Net profit from
Interest paid
Depreciation.
for
Reserve
y$106,958
196,000
adjustment
193,191
xl79,474
$270798
439,376
$1,294,493 def$522,001
439,376
442,230
$2,973,911 def$168,578
Earns.per sh. on com., stk
$6.28
Nil
$855,117 def$964,231
$1.51
Nil
and inventories
$3,974,688
Net profit
Preferred dividends
437,976
Common dividends
_562J300
Balance
credit of $300,000 charged to reserve for contingent inventory
losses created Feb. 27, 1932 by a charge to earned surplus,
y Includes
x
After
a
interest earned of $83,124 in 1933 and
$34,740 in 1934.
Earned Surplus
Feb.
Account
'36 Mar.
29
2
be
270,798
1,294,493
def522,001
147
92.760
Excess of par value over
cost of pref. stock pur¬
1.
The increase, which will be about 5% to each shop employee, is the third
$893,566
3,974,687
above)
24 '34 Feb. 25 '33
$10,264
$898,003
'35 Feb.
$725,368
Bal. at beginning of per'd
Net income for year (as
Chrysler Corp.—Shop Workers' Wages Increased—
A wage increase amounting to nearly $6,000,000 a year was announced
Corp.—Earnings—
Year
Feb. 29, '36
Period—
Reserve for conversion in
on
May
19 for the company's shop employees.
The
new
scale
will
effective June
General salary raise made by Chrysler since special bonus of $2,300,000
August. 1933, K. T. Keller,
•resident, said.
It
in addition to
to
of
assets
distributed
comes
a
among employees on
New wage scales will bring the
Feb. 14, 1936.
hourly rates to a level higher than that
prevailing at the outset of the depression in 1929, according to the Chrysler
announcement.
Mr. Keller said the Chrysler payroll in 1935 was $92,000,000, and that
this year the salaries are running in excess of that figure.—V. 142,
p. 2991.
Cincinnati Street Ry.
4
1936
$33,627
1935
192
380
28,037
$1,164,744
439,376
$1,332,942
439,376
$468,762
442,230
$725,368
$893,566
$10,264
$0.22
the property.)
Property & plant 7,150,751
Cash
2,186,464
3 Mos.
revenues.a
Deposit
Maintenance
Provision for retirements
Taxes
notes
;
in
$1,584,251
6,028
$1,590,280
377,558
$5,614,033
1,565,472
$1,212,721
$4,048,561
500,000
2,000,000
339,557
376,479
cost
33,333
33,333
6,765
6,765
355,221
311,734
Net income
dividends
reserve
val.
com.
stock of corp
-.
assets
of
bal.
for
a
45,015
183,936
181,059
1,699,006
725,368
i'o'ooo
19,922,640 15,354,565
of
re-
capital
...
-
Capital sruplus
Earned surplus
Total
Preferred
prior years
Sundry reserve
in
758.317
unad¬
for
Unapprop.
Invest,
1,037,893
390,806
956,000
justed Fed. tax,
$5,589,434
24,599
Gross corporate income.
Interest and amortization charges
Reserve
Corp. at
Deferred charges
Net operating revenue
Other income
payable
Farnham
Devel.
b
9,623
value of
5,650,000
125,000
9,194
accruals
Dividends
6,276,800
5,650,000
&
Federal tax reserve
life Insurance-_.
Inv.
6,251,800
payable
7,769
4,158
surr.
pre¬
Commou stock._
Accts.
4,102,599
closed
in
7%
ferred stock
c
_.
banks
12 Mos.
$6,668,623 $22,780,621
3.046,248
10,337,440
591,405
1,889,374
702,771
2,514,264
743,947
2,450,107
Cumul.
1,050,223
1,245,619
Due from empl'ees
8,625
Inventories
6,791,869
&
Mar. 2 *35
LiabilUies-
$
7,306,497
3,949,819
Cash
Period Ended March 31,1936—
$
receivable
Co.—Earnings—
Feb. 29 '36
Feb. 29 *36 Mar. 2 '35
Assets—
Accounts
(Consolidated with income statements for the same periods, of the
Union Gas & Electric Co., which operates the property of the Cincinnati
Gas & Electric Co,, as lessee, paying as rental the entire net income of
16.267
$3,619,003
Comparative Balance Sheet
Mos.—
a
Operation
trans.
$4,703,923
Divs. on preferred stock.
437,976
Divs. on common stock.
562,800
Add'l prov. for Federal
taxes, prior years
84,143
$107,622
capital stock (par $50)
Gross
subs,
surplus.
1936
$20,591
—V. 142, p. 2823.
Cincinnati Gas & Electric
current
Bal. at end of period.
-Month
Period Ended April 30—
of
net
Total
Co.—Earnings—
Net inc. after int., deprec., taxes, &c_
Earns, per share on 475,239 shares
3,675
chased and retired-...
dollars
Total
...
1,699,006
3,619,003
19,922,640 15,354,565
After depreciation,
565,000
no par
b 2,200 common shares at cost, c Represented by
shares, including 2,200 shares in treasury.—V. 142, p. 2824.
Columbus Auto Parts Co.—Accumulated Dividend—
The directors have declared
a
dividend of 25 cents per share on account
of accumulations
Balance
Note—Certain
such
$712,721
items
in
these
income
statements
are
$2,048,561
estimated
and
are subject to adjustment at the end of the fiscal year
appropriate times. Interim statements of the company are not
audited by independent accountants.
a Gross revenues do not include certain portions of the billings at rates
which are being contested in pending rate cases.
The excess of the amounts
billed over the rates sought by municipalities in instances of controversy
is credited to a reserve—"Contingent earnings pending rate decisions"—
as it is the company's policy when an ordinance or order fixing rates is
statements
and at other
on the $2 cum. conv. pref. stock, no par value, payable
June 1 to holders of record May 22. A like payment was made on March 2,
last. A dividend of 10 cents was paid on Dec. 2, 1935, this latter being the
first payment made on the issue since Dec. 1, 1933, when a regular quarterly
dividend of 50 cents per share was distributed.—V. 142, p. 1283.
Commercial Investment Trust
Corp.—Listing—
The New York Stock Exchange has authorized the listing of 504,047
additional shares of common stock (no par), on official notice of issuance
in payment of a dividend of 20% in common stock on the outstanding
shares
of
common
stock
and
99,087
additional shares of common stock
Volume
Financial
142
(required by reason of such stock dividend to be added to previous reserves),
official notice of issuance, on conversion of the various series of serial
preference stock and dividends on convertible preference stock, series of
Chronicle
3503
General Balance Sheet Dec. 31, 1935
on
1929, making the total
stock.—V. 142. p. 3164.
amount
applied for 3,618,806 shares of common
Columbian Carbon Co.
3 Mos. End. Mar. 31—
Net profit after deprec.,
(& Subs.)—Earnings—
1936
1933
1934
1935
deple., taxes minority
Interests
Shs.
$1,027,011
stk.
com.
$558,000
$242,333
537,586
$1.91
outstanding.
Earnings
$787,458
537,719
$1.46
538,420
$1.03
538,420
$0.45
(no par)
per share
—V. 142, p. 3163.
Colorado & Southern Ry.—Annual Report—
Operating Statistics for Calendar Years (Consolidated)
1935
1932
1933
1934
Revenue freight (tons)..
4,534,087
4,144,879
4,144,189
Rev. freight (tons) miles.913,476,763 827,938,507 831,671,089
Av. frt. rev. per tr. mile.
$4.93
$5.12
$5.26
Av. rev. per ton of fr't..
$2,235
$2,033
$2,369
Passengers carried
221,469
,
207,095
143,069
Pass, carried 1 mile
42,874,106
38,971,745
26,254,152
Av.
pass. rev. per tr. m.
$0.87
$0.83
Av.
rev. per passenger..
$3,584
$3,539
m
3,819,376
737,782,101
$5.50
$2,573
175,532
32,105,328
$0.85
$4,691
$0.75
$4,298
Consolidated Income Account for Calendar Years
Colorado &
Assets—
Ft. Worth &
South. Ry.
Denv.Cy.Ry.
Investment in road and equipment..$87,909,162 $32,032,667
Improvements on leased ry. property20,449
Depos. in lieu of mtged. property sold
10,144
10,000
Miscellaneous physical property
295,882
8,883
Investments in affiliated companies.. 25,166,929
850,711
Other investments
255,912
1,852,100
Cash.
1,081,374
1,165,941
Time drafts and deposits
50,000
Special deposits
29,599
3,222
Traffic & car service balances receiv—
99,305
535,895
Net bal. rec. from agts. & conductors.
70,425
73,051
Miscellaneous accounts receivable
327,541
654,619
Material and supplies
291,570
539,763
Interest and dividends receivable
59,160
Other current assets
9,541
5,459
Working fund advances
2,630
19,987
Other deferred assets
i.
816,786
21,463
Unadjusted debits
1,556,131
437,634
.
Mail and express
All other transportation.
666,956
293,772
113,475
297,405
Incidental
Joint facility
1932
1933
1934
$9,777,295
732,978
665,610
264,906
90,593
266,487
$9,818,065
614,919
669,061
239,065
55,851
392,596
$9,827,733
823,502
714,893
256,363
60,290
458,502
Totaloper.revenues..$12,300,324 $11,797,868 $11,789,557 $12,141,282
Operating Expenses—
struct—
1,455,554
1,248,894
1,119,421
1,517,605
Mafnt.ofway&
Malnt. of equipment...
Trans, for invest.—Cr_.
2,120,951
349,116
4,567,728
75,546
705,679
13,098
1,991,808
333,264
4,121,127
48,318
870,425
12,255
1,950,055
322,996
3,835,369
23,690
777,605
10,210
2,239,458
352,786
4,123,448
17,143
812,376
320,814
Total oper. expenses..
$9,261,476
$8,601,582
$8,018,925
Total
General
<
Net
revenue
$3,038,847
696,438
$1,617,834
Net ry. oper. income.
Deductions—
Miscellaneous rents
on
$3,399,279
1,066,040
4,065
370,969
266,230
$1,427,154
$1,989,580
$1,691,975
86,517
105,683
2,458
89,968
112,806
2,679
97,517
263,515
3,962
$1,789,229
Gross income
on
382,247
320,238
$3,770,632
1,120,660
5,690
376,789
277,914
87,417
79,746
4,230
Divs. & miscell. interest.
Miscellaneous income
Int.
Int.
5,143
416,276
300,918
Non-0 per. Income—
Miscell. & rent income..
$3,196,286
1,061,503
7,380
Railway tax accruals...
$1,621,812
$2,195,034
$2,056,970
3,303
2,556,821
funded debt....
unfunded debt—
3,620
2,672,798
8,678
58,648
11,147
Amort, of disc, on fd.dt.
Miscell. income charges.
52,030
18,618
Net loss..
$846,550
Burlington-Rock
Island
RR.—The
3,896
2,685,275
10,902
58,898
11,410
$1,133,079
5.006
3,951
2,697,252
19,391
59,205
11,058
$575,348
following
comparative
show
Calendar Years—
Total ry. oper. revs
Total ry. oper. exps
1935
1934
1933
$865,327
996,462
71,862
262
$791,543
913,942
79,421
$959,679
811,665
a80,630
$1,023,736
909,654
63,884
122
655
income.def$203,260
144,738
146,992
Jt.facil.rents (net)—Dr.
125,622
def$201,l942
110,728
148,776
119,549
a$66,729
131,355
al49,075
121,825
$49,935
155,167
126,000
130,051
$283,443
$37,376
$109,284
tax
Uncollec.
accruals—
ry. revenues..
Railway
oper.
Equip, rents (net)—Dr.
Joint facil. rent income.
Net ry. oper. deficit..
a
$326,628
$3,195,903
$1,020,000
8,276,000
211,743
333,602
1,333,073
32
2
1935
$5,344,210
338,687
579,398
310,959
557,785
1933
$4,693,793
252,731
538,681
$4,517,055
336,346
597,707
$6,262,295
$5,618,296
$5,485,205
1934
758,426
1,134,162
139,666
2,120,478
430,121
17,487
8,458
678,282
1,110.515
138,742
2,013,676
380,536
5,497
4,147
804,432
$5,033,181
$4,591,882
$4,323,100
$4,648,442
$1,229,114
$1,026,414
$1,162,105
$802,665
641,770
663,939
688,516
680,071
Operating income
Non-Oper. Income—
Hire of equipment—Dr.
Joint facility rents—Dr.
$587,344
$362,475
$473,589
$122,594
141,978
96,013
Miscell. rents, &c., inc..
Divs. & miscell. interest.
Other miscell. income—
72,179
2,944,087
122,861
94,993
71,562
1,212,042
149,479
68,286
72,908
1,024,178
132,003
56,172
79,195
1,033,247
855
763
723
Transportation
General
Miscellaneous
Transp. for invest.—Cr_
Operating
Net
expenses...
revenue
1932
1,297,722
152,776
2,077,641
391,659
49
75,835
Tax accruals and uncoil,
railway
revenue
Gross income—
Deductions—
Int. on funded and
funded debt
Other deductions
Net
$3,366,474
$1,428,988
$1,353,633
$1,047,523
2,098,499
2,226,128
2,238,642
2,259,155
Corp.—Earnings—
Net
rev.
from ry. oper.
Railway tax accruals—
Uncollectible ry. rev
Railway
oper.
income.
Hire of equipment—Dr.
Joint facility rents—Cr.
Total income
Other non-oper. income.
Gross income
Deduc's from gross inc..
Net deficit
Weeks Ended
Mar. 30' '35 Mar. 31* '34 Mar. 25' 33
Gross income.
...$10,881,771 $10,930,109 a$4,607,022 a$4,409,104
6,319,661
5,596,150
3,758,208
3,797,269
234,758
186,118
227,404
249,322
Gen. adminis. &sell.exp.
3,222,469
3,198,010
Oper. profits of for. subs.
175,687
179,191
Interest charges
11,285
21,627
Amortization of film
Share to other producers
Cost of accessories
...
Balance
$1,053,168
56,411
$837,529
33,378
$590,208
49,299
$1,109,579
151,000
$1,895,252
312,000
$870,908
131,569
$639,507
92.729
$958,579
4,627.555
$1,572,720
3,151,128
$739,339
1,984,938
$546,779
1.296,808
$4,723,848
$2,724,278
$1,843,586
38,837
bl85,416
38",837
39,164
bl,533,846
$3,576,060
$4,499,595
$2,685,440
$1,804,422
280,413
$3.13
Net profit before Fed.
income tax
Prov. for Fed. inc. tax..
$1,879,700
15,552
$5,586,134
Other income
177,933
167,885
$4.17
167,885
$3.02
Expenses relating to or¬
ganization & establ. of
newly formed for. subs
10,532
Previous earned surplus.
Total surplus
Prov. for retire, of pref.
stock
302,068
Exps. relating to issuancei
of $2.75 pref.
con v.
stock
92,342
c81,817
Preferred dividends
Earned surplus end of
period
Shares
com.
stock
standing (no par)
Earned per share
out¬
.
$8.62
After deducting $22,663 ($23,469 in 1933), depreciation of furniture
charged to profit and loss.
Depreciation of studios and studio equipment amounting to $119,337
($110,672 in 1933), has been capitalized as production cost and is being
written off as film amortization,
b $184,092 ($130,503 in 1935) in cash and
$1,349,754 ($54,913 in 1935) in stock,
c $32,091 paid on preference stock
(called for redemption Nov. 19. 1935) and $49,726 paid on preferred con¬
vertible stock.—V. 142, p. 3163.
a
54,003
56,996
58,380
58,192
Commercial Credit Co.—To File
$25,000,000 Issue—
The directors on May 21 approved plans to issue $25,000,000 new com.
vertible preferred stock to refund the $19,371,800 par value of 5H % pre¬
ferred stock now outstanding, and to obtain additional capital.
A registra¬
tion statement is expected to
Commission early next week.
be filed with the Securities and Exchange
Chairman, stated: "The proposed financing is a con¬
tinuation of the program begun last year by which, in keeping with the
financial condition of the company, we have substantially reduced annual
preferred dividend charges and have simplified our capital structure.
Upon
completion of the present step the preferred and common stocks will provide
a larger proportion of the total funds employed in
handling the present
volume of business.
Last year, when an opportunity was given to the
holders of the then outstanding preferred stocks to continue an investment
in the company, 92% of the stock was so exchanged.
This year's offer
will also provide an opportunity for the preferred stockholders to continue
an investment in the company."
The terms of the exchange of the new convertible preferred stock and
common stock for the present 5M % preferred stock and the conversion and
dividend rates of the new convertible preferred stock are to be determined
shortly before the registration statement becomes effective and covered by
A.
an
E.
Duncan,
amendment thereto.
entire
The
$25,000,000
issue
of the
is expected to be underwritten by banking
& Co. and The First Boston Corp.
year
new convertible preferred stock
firms headed by Kidder, Peabody
1935 was a record year for Commercial
Credit Co ," Mr.
stated.
"Gross receivables purchased for the 12 months ended
31, 1935 totaled $525,999,300 as compared with $377,959,030 for
1934 and $442,807,262 for 1929, the previous peak year.
For the twelve
months ended March 31, 1936, gross receivables purchased totaled $567,-
$1,213,972 def$854,138 def$943,390def$1269,824
was
given in
Dec.
000,549, the largest volume to that date in the company's history."—V. 142,
p. 3164.
Commonwealth & Southern Corp. (&
Operating Statement of Wichita Valley Ry. Co.
Total ry. oper. revenues.
Total ry. oper. expenses.
$3,195,903
Duncan
The income account for Fort Worth & Denver City Ry.
'Chronicle" of May 9, page 3169.
Calendar Years—
46,822
3,171
509,958
48,729
27,759
Dr838,672
(Including Domestic Subsidiary Companies)
"The
un¬
income—
38",390
68,472
177,926
15,256
4,177,985
6,749,864
8,931,434
Consolidated Statement of Operations 39
663
$4,749,551
Operating Expenses—
Traffic.
3,222
4,118
142, p. 2991.
Columbia Pictures
$5,451,108
847,194
1,198,855
150,551
2,473,328
341,872
27,201
5,821
Total oper. revenues—
Maint. of way & struc..
Maint. of equipment—
769,000
276,060
and fixtures in main office and branches
1933 figures restated to 1934 basis.
Income Account (Colorado & Southern Ry. Co. Proper) for Calendar Years
Operating Income—
Freight
Passenger
Mail, express, &c
30
526
13,360
$118,032,096 $38,231,846
Total.
—V.
264
Railway
1932
*Crl71
$9,243,800
$31,000,000
17,000,000
Governmental grants
21,509
Long-term debt
48,115,300
Traffic and car-service balances pay'le
93,335
Audited accounts and wages payable.
467,253
Miscellaneous accounts payable
20,937
Interest matured unpaid
7,477
Dividends matured unpaid
Funded debt matured unpaid
18,900
Unmatured interest accrued
337,910
Unmatured rents accrued
26,605
Other current liabilities
30,665
Other deferred liabilities
18,244
Unadjusted credits
8,475,309
Add'ns to prop, through inc. & surp—
323,734
Profit and loss
12,074,915
$733,888
tables
operating results:
23,225
8,752
25,505
38,405
:
Mar. 28 *36
Uncollec. ry. revenue...
Hire of equip, (net)—Dr.
Jt.facil. rents (net)—Dr.
163,825
$118,032,096 $38,231,846
*
Liabilities—
Common stock
Preferred stocks
$8,742,003
Traffic
Transportation
Miscell. operations
827,391
.
....
Operating Revenues—
1935
Freight
—$10,134,755
Passenger
793,959
WichitaValley Ry.
$2,095,053
1934
1933
1932
$564,101
343,599
$529,229
324,574
$670,984
336,618
$686,415
422,257
$220,502
33,346
116
$204,655
60,783
69
$334,366
67,274
71
$264,157
64,264
$187,038
124,576
$143,803
128,084
$267,021
135,104
$199,655
139,422
25,381
27,460
34,555
40,149
$43,179
3,154
$166,472
4,629
$100,382
4,631
268,632
$46,333
268,326
$171,101
268,642
$105,013
267,834
$177,365
$221,993
$97,539
$162,820
3,423
Gross earnings
1936—Month—1935
1936—12 Mos.—1935
$10,976,613 $10,061,062$125,862,310$117,073,175
Operating expenses
5,716,138
5,082,727
Fixed charges
Prov. for retirement res.
3,442,445
749,756
3,385,181
869,696
749,738
$106,728
63,917,022
41,053,572
def$26,280
Divs.
on
pref. stock
Balance—
238
$87,843
$91,267
Subs.)—Earns.
Period End. Apr. 30—
1935
961,544
10,763,037
8.996,970
58,896,764
40,213,081
10,123,479
8,996,777
$l,131,706def$l,156,926
Accumulated Dividends.
The directors on May 19 declared a dividend of 75 cents per share on
the preferred stock, $6 series, payable July 1 to holders of record June 12.
A payment of like amount (which is one-half the regular rate) was made
in
each
of the five preceding
quarters.
Output of Gas and Electricity for April—
Electric—Electric output of the Commonwealth & Southern Corp. system
for the month of April was 609,458,904 kilowatt hours as compared with
3504
Financial
509,609,293 kilowatt hours for April, 1936, an increase of 19.59%. For the
four months ended April 30, 1936, the output was 2,401,146,665 kilowatt
hours as compared with 2,052,369,370 kilowatt hours for the corresponding
period in 1935, an increase of 16.99%. Total output for the year ended
April 30, 1936, was 6,764,833,402 kilowatt hours as compared with 5,883,659,962 kilowatt hours for the year ended April 30, 1935, an increase of
14.98%.
Oas Output—Gas output of the system for the month of April was 1,106,012,100 cu. ft. as compared with 930,981,200 cu. ft. for April, 1935, an
increase of 18.80%.
For the four months ended April 30, 1936, the output
was 5,001,101,900 cu. ft. as compared with 3,943,768,200 cu. ft. for the
corresponding period in 1935, an increase of 26.81%.—V. 142, p. 2991.
Consolidated Edison Co. of New
Chronicle
"The reasons for an issue of $12,000,000 rather than
if
operating capital should be required for increased inventories and
business expands.
"Inasmuch as the consent of the holders of a majority of the preferred
shares, to the issue of the proposed debentures, is required, the directors
request that stockholders execute a form of consent and return it promptly
to the company."—Y. 142, p. 2664*
more
accounts receivable as
Crown Cork International Corp.
New
York
Public Service Commission
on May 20 sanctioned the
Power Co., the New York & Queens
City of New York with the Consoli¬
dated Edison Co. of New York, Inc.
Approving
recommendation submitted by Commissioner George R.
permit the merger, but without com¬
a
on the books of the companies.
The
Commission refrained also from approving balance sheets resulting from
such entries.
In recommending that the merger be allowed, Mr. Van Namee stressed
the fact that the Consolidated Edison Co. owned all the stock of the merging
and was merely seeking to "make the corporate structure
conform to the operating facts."
Commissioner Van Namee reported that the merger would result in an
corporations
adjusted balance sheet to show assets and liabilities of $799,370,100, as
compared with the $785,048,401 figure given for the Consolidated Edison
Co. as of March 31, 1936.
These figures were computed by the companies
seeking to merge and were neither approved nor disapproved by the Com¬
mission.—V. 142, p. 2992.
Consolidated Film Industries,
The directors have declared
of accumulations
on
the $2
a
Gas
Electric
Light
Co.
& .Power
of
In accordance with the requirements of the Maryland P.
S. Commission,
reduction in electric rates applied principally to do¬
mestic use, which will save the consumers in its territory over $800,000
per year.
This reduction will apply throughout the company's entire
territory to all full months consumption after the meter reading dates on
and after June 2, 1936.
The greater part of the reduction will be in the so-called primary rates,
which will be reduced in the Baltimore City rate district from 5 to 4>£c.
net per kwh.; in the suburban rate district from 5Kc. net to 5c. net per
kwh.; in the outside rate district from 6.7c. net to 6c. net per kwh.
This
is the third reduction in the company's rates within the past 63^ years.
These three reductions bring the total saving to existing customers to
$2,660,000 per year.
Herbert A. Wagner, President of the company, said that "the growth
and development of the company's business resulting from the gradual
return to more normal business conditions generally have made possible
this latest rate reduction."—V. 142, p. 3164.
Investment
Trust-
-Larger Semi-Annual
Dividend—
a dividend of 60 cents per share on the capital
$1, payable June 15 to holders of record June 1.
Payment
were changed effective with this declaration from April 15,
semi-annually, to June 15, semi-annually.
On Oct. 15, 1935 and each six months prior thereto regular dividends
of 50 cents per share were distributed.
In addition a special dividend of 50 cents was paid on Feb. 12, last,
one of 70 cents was paid on April 15, 1935, and an extra dividend of 25
cents per share was distributed on Ap 16, 1934.—V. 142, p. 2495.
Trustees have declared
par
dates of dividends
Consumers Power
$323,119
31,620
20,123
23,128
22,170
63", 682
99,767
108,851
87,013
30,945
23,866
"7", 576
"3~, 276
$370,707
$322,847
267,247
$500,330
179,498
$39,741
254,190
$116,517
$55,600
$320,831
$39,741
Cr491,482
& red. of reserves, &c.
Int. & other chgs. (net).
Organization and other
extraordinary exps
Foreign inc. & other tax.
of
Apr. 30—
Gross earnings
Operating expenses
Fixed charges.
_
Prov. for retirement res.
Divs.
on
pref. stock
47,045
83,428
profits
accruing to min. share¬
Portion
net
V;
holders of subsids
Miscell. deductions
Prov. for
on
20,922
107,355
possible losses
inv. & assets in for¬
141,900
eign countries
Extraord. items (net)
•
Dividends
paid
Balance, surplus
Consolidated Balance Sheet Dec. 31
1935
$2,004,656
8,568
566,851
Assets—
Cash in banks and on hand
Marketable securities
a
Notes and accounts receivable
Co.—Earnings—
recoverable from insurance company
1936—Month—1935
$2,684,492
1,333,879
526,933
262,500
350,659
1934
$538,080
12,942
578,671
37,528
—
1,283,614
1,067,469
17,264
Inventories
21,968
102,482
1,993,878
133,217
bank, to be released by
exchange authorities in instalments, &c
due from foreign
Amount
95,300
Investment in allied company
b Land, buildings and equipment
2,455,158
116,739
Patents and trade rights.
Unexpired insurance premiums, prepaid taxes, &c.,
other deferred charges
37,057
415,453
Goodwill
$34,684
278,449
19,173
accruals
43,695
149,055
$2,508,141 $31,403,666 $29,219,243
14.226,528
15,273,898
1,211,796
4,773,486
5,040,804
388,830
2,872,000
2,950,000
237,500
4,203,231
350,692
4,207,946
37,477
182,366
119,307
118,286
51,600
purchase
of patents, &c., due within one year—
Foreign income and other foreign taxes accrued
Reserve for amount by which net current assets,
converted and included herein at current rates of
exchange, exceed same at Dec. 30, 1933 par rates..
Instalments on contract fOr purchase of patents, not
one year
Reserves for taxes
payable when profits of foreign
25,696
408,840
2,471
2 ,422,697
1 ,781,258
1 ,014,849
684,298
remitted to parent company
are
Reserves against investment and contingencies
Deferred profit on sale of investment
Minority interest in partly owned subsidiaries
c$l cum. partic. class A stock.
d $1 non-cum. class B stock
Surplus
1936—12 Mos —1935
2,780
124,302
37,858
Instalments on contracts for construction,
subsidiaries
172",040
15,856
Due to affiliates
due within
25,735
302,197
$7,038,190 $4,776,643
1934
1935
1
Total
Liabilities—
Due foreign bank by a subsidiary
Accounts & notes payable & sundry
Due to officers and employees
[A Subsidiary of Commonwealth & Southern Corp.]
Period End.
24,627
Buildings and goods of a subsidiary destroyed by fire,
company announces a
stock,
$328,762
Amortiz. & trade rights.
Net profit for year
Baltimore—Announces Rate Reduction—
Consolidated
$508,579
84,211
Operating profit
cum.
A similar dividend was
payable July 1 to holders of record June 10.
paid on April 1 and Jan. 2, last, and on Oct. l and July 1, 1935, and com¬
pares with 50 cents paid in each of the five preceding quarters, prior to
which no dividends were paid on this issue since April 1, 1932, when a
regular quarterly payment of 50 cents per share was made.—V. 142, p. 3338.
Consolidated
1932
$2,720,061
1.688,112
158,882
549,947
Credits arising from inc.
in assets of for'n subs.
Inc.—Preferred Div.—
dividend of 25 cents per share on account
and partic. pref. stock, no par value,
-Earnings
1 Q33
$3,190,098
2,053,743
191,700
615,893
$613,189
Depreciation
Selling and admin, exps.
Van Namee. the commission voted to
mitting itself concerning all the entries
(& Subs.)-
1934
210,877
776,384
-
.
$3,949,828
2,512,432
166,085
762,731
1935
$4,203,342
2,602,892
Calendar Years—
Net sales
Cost of sales
Merger Approved—
The
merger of the Astoria Light, Heat &
Gas Co. and Standard Gas Co. of the
$10,058,000, which
would be sufficient to retire the outstanding notes on Aug. 1 next, are, first,
the conservation of cash now on hand and, secondly, additional money
York, Inc.—Listing—
3p&%
1936
23,
advantageous.
The New York Stock Exchange has authorized the listing of $35,000,000
10-year 3J^% debentures, series due 1946, and $35,000,000 20-year
debentures, series due 1956.
May
and it will be unnecessary to consider refinancing the
existing notes when they fall due in 1940, when money rates may not be so
duced materially,
25,342
100,902
10,959
216,223
2,203,910
1,014,849
515,605
$7,038,190 $4,776,643
Total
of $68,597 in 1935 and
$659,903 in 1934.
b After allowance for depreciation of $1,669,480 in 1935
and
$1,456,553 in 1934.
c Represented
by 280,454^ shares no par.
d Represented by 200,000 shares, no par.—V. 142, p. 3340.
a
After
for doubtful notes and accounts
reserve
Cutler-Hammer, Inc.—Extra Dividdend—
Balance
$210,520
$319,322
$3,931,016
$3,143,996
-V. 142, p. 3338.
Container Corp. of America—Files with
to Finance Construction
SEC—Proceeds
of New Mill in Florida—
The
corporation on May 14 filed with the Securities and Exchange
a registration statement
(No. 2-2163, Form A-2) under the
of 1933 covering 200,000 shares ($50 par) preferred stock
and 596,460 shares ($20 par) common stock, of which 400,000 shares are
to be held for any conversion rights which may be given to the holders
of the preferred stock.
According to the registration statement, the proceeds from the sale of
the stock will be devoted to the construction by the corporation or its
subsidiary, the Kraft Corp. of America, of a pulp and paper mill or to the
purchase or redemption of bonds and debentures of the corporation or
for any corporate purposes in such amounts for each of such purposes
Commission
Securities Act
as
the board
of directors shall'determine.
It is stated that
no
contracts
have been entered into for construction and equipment of the proposed
mill, but that the estimated cost, exclusive of charges for engineering
services, financing costs, working capital, &c., is $5,500,000.
The regis¬
tration statement states that it is the present intention of the corporation
the mill in the State of Florida.
to construct
The
conversion
termined
public,
at
the
discounts
or
of the preferred stock, which are to be de¬
stockholders' meeting on June 1, 1936, the price to the
names
of the principal underwriters, and the underwriting
commissions are to be furnished by amendment to the regis¬
provisions
a
tration statement.
Walter P.
Paepcke of Chicago, 111., is President.
16, 1935, this latter being the first dividend paid since
88 cents per share was distributed.—V. 142, p. 3340.
Crown Cork & Seal Co.,
Crane Co.,
shares
Chicago—Proposed Financing—
Nolte, President, in
a
letter to the holders of the preferred
states:
"Tentative arrangements have been made by directors to sell an issue of
$12,000,000 debentures maturing in 15 years.
"The purpose of the issue is to redeem on Aug. 1, 1936, the company's
outstanding 10-year 5% sinking fund gold notes, due Aug. 1, 1940, aggre¬
gating $10,058,000, and to increase the company's liquid working capital.
"The interest rate obtainable on such new issue of debentures will depend
upon
market conditions at the date of sale, but it is belived that such rate
will be substantially lower than the interest rate
of 5% per annum now pay¬
the company's outstanding sinking fund notes, due in 1940.
Also in place of an annual sinking fund payment sufficient to retire $750,000
notes annually, it is expected that the annual sinking fund payment required
for the new issue will not exceed approximately $400,000.
"This proposed action is obviously to the interest of all shareholders.
Interest charges will be reduced; the amount to be paid into the sinking
fund during the next four years (the life of the present notes) will be reable
upon
Inc. (& Subs.)-—Earnings—
(Including Domestic Subsidiaries)
1933
1935
1934
___.$14,161,290 $10,879,534
Calendar Years—
Net sales.
1932
>,552,910
$6,862,731
Cost of sales deprec. and
exps.
less other income 11,769,720
9,097,857
8,152,013
6,590,956
$2,391,570
252,341
$1,781,675
259,756
$1,400,898
263,680
$271,774
264,760
22,133
236,342
27,271
210,640
27,989
158,700
28,346
$1,880,753
392,477
555,922
$1,284,008
392,477
185,307
$950,529
391,024
loss$21,332
386,709
223,748
$932,354
$706,224
370,620
$4.02
370,620
$2.40
Interest
on
Amort,
bonds
bond
of
debt
discount and expense.
Allow, for Fed. inc. tax.
Net profit
Preferred
Common
dividends
dividends, cash
Balance, surplus
Shares
common
$559,505 def$631,789
stock
outstanding (no par).
Earnings per share
370,619
$1.51
Earnings for 3 Months Ended March
A total of
Charles B.
of record June 5.
last, and on Dec.
Dec. 15, 1930 when
stock, no par value, both payable June 15 to holders
'Dividends of 25 cents per share were paid on March 16,
Bonds Called—
$177,500 1st mtge. s. f. 6% 20-year gold bonds, due June 15,
1946, has been called for redemption on June 15 at 102
and accrued
interest.
Payment will be made at the National City Bank, New York
City, or at the Continental National Bank & Trust Co. of Chicago.—Y.
142, p. 3338.
25 cents per share in
quarterly dividend of like amount on the common
The directors have declared an extra dividend of
addition to the regular
370,545
Nil
31
xl936
and
2.398,285
expenses
Interest, &c.._
Depreciation
Other expenses
A...
35.758
(net).
x
Includes
net
70.709
128,677
31,800
19,468
$224,281
97,393
92,653
on
384,237
shares
$201,334
$34,235
Preferred dividends.
Common dividends.
Surplus
Earnings per share
stock (no par)
$451,988
58,259
140,730
36,584
,
Federal taxes
yl 935
12,078,310
1,626,322
$495,612
Costs
$2,893,897
____1
Net sales.
$11,288
97,393
92,653
common
profit of $4,746 of Acme
$0.33
.
$0.27
Can Co. which was acquired
Jan. 19, 1936, and excludes net profit of approximately $1,012,000 on sale
of entire investment in Detroit Gasket & Manufacturing Co. which was
consummated after Jan. 1, 1936.
y
was
Does not include Detroit Gasket & Manufacturing Co. which company
sold by Crown Cork & Seal Co., Inc., after Jan. 1, 1936.
Sales of
Volume
Financial
142
Detroit Gasket & Manufacturing Co. for the
period
and net profit amounted to $121,833.
1935
$
a
Land,
&c.
used
not
to
6,180,456
1,921,185
4,313,500
6,180,355
x Common stock..
1,921,185
1st mtge. bonds.
15-yr.
4%
sink.
fund bonds
5,500,000
preferred stock,
in
__
operation
352,782
2,111,564
Cash
423,523
1,573,412
3,831,862
9,234
1,303,204
5,245,521
•8,754
725,220
Notes, trade accept
& accts.receiv__
Inventories
Accrued int. receiv
Cash
surr.
policy
acceptances
& notes
168,657
55,773
Accrued wages, in¬
Federal
117,905
taxes.)
Loans to employees
Balance
on
dep.
28,784
32,619
17,789
286,378
24,144
Reserve
296,684
59,874
43,960
Sundry
Notes
investm'ts
receiv.
Invest,
in
&
Internat'l
Can
1,483,298
373,452
359,602
354,330 V
a
.
...19,350,530
After repreciation.
and
267,374
1
b Represented by 145.420K no par shares in 1935
c Represented by
384,237 no par
have declared a dividend of $1 per share on account of
the 7% cum. pref. stock, par $100, payable June 30
16.
A like payment was made on March 31 lasc
on
31, 1935, and a dividend of 50 cents per share was paid on
Oct. 15, 1935, this latter being the first distribution made on the preferred
stock since March 31, 1932, when a regular quarterly dividend of $1.75
per
share was paid.—V. 142,
p.
2314.
Cumberland County Power & Light
1936—Month—1935
Co.—Earnings—
Rental of leased property
$4,166,478
2,194,280
506,198
263,548
$4,072,430
2,213,020
493.201
263,548
Net oper. income
Non-oper. income—net.
$83,798
4,855
$93,499
4,179
$1,202,452
56,876
$1,102,661
60,355
$88,653
50,543
$97,678
54,128
$1,259,328
690,744
$1,163,016
669,499
$38,110
19,997
$43,550
19,997
$56&,584
$493,517
239,964
239,964
Gross income-
Net income.
Pref. div. requirements.
—V. 142, p. 2664.
Cushman's
profit
after
Apr. 18'36
int.,
Apr. 20 '35
Apr. 21 '34
Apr. 22 '33
deprec., Federal taxes
& other
Earns,
charges
loss$334,975
sh. on com¬
$159,090
$129,875
$220,248
$2.70
$2.19
$3.66
per.
Nil
Cypress Petroleum Co. of Calif.—Liquidating Dividend
directors
have
declared
a
liquidating dividend of $4
per
share
the class A stock, payable May 25 to holders of record May 15.—V.
on
129,
p.3331.
Dayton Power & Light Co.—Earnings—
Period Ended March 31, 1936—
Gross
March
3 Mos.
12 Mos.
$3,491,990 $11,250,227
1,646,412
5,494,145
132,269
533,118
274,144
896,858
398,457
al,230,727
revenues
Operation
Maintenance
-
Provision for retirements
Taxes
Net operating re venue
income
$1,040,705
76
222
Gross corporate income
$1,040,782
197,590
$3,095,599
bl,061,366
$843,191
117,000
$2,034,233
$726,191
$1,566,233
Other
Interest and amortization charges
1935
1934
$545,789
$641,637
634,307
621,195
587,238
551,054
609,694
622,767
Donnacona Paper
Co., Ltd.—Plan of Reorganization—
The plan of reorganization dated Feb. 25, 1936 (outlined
below), was
approved by security holders at a meeting held on April 15 last.
Louis-W. Michael, Secretary-Treasurer, in a communication to security
holders states:
"After the company was reorganized at the end of 1932 its current assets
f.
"Since
o.
b., New York.
that
time current
assets
over
current
liabilities
h
ve
increased
$733,176 and approximately $150,000 has been paid out for capital
expenditures. The contract position for newsprint has increased to about
50,000 tons for the current year and we anticipate that the sale of insulating
board will equal 30,000,000 feet.
However, the price of paper has steadily
dropped until the present market price is $41 per ton, f. o. b. New York,
while the cost of wood and other raw materials and the scale of
wages for
men, both in the woods and at the mills, has steadily risen during the past
two years and a further increase in the price of raw materials is looked for
to
in
1937.
"When
the
entire amount
shares.
At the
reorganization took place the bondholders were given the
outstanding class A common shares, consisting of 121,804
same
time the holders of the 6% debentures and of the then
common stock were given 123,088 shares of class B stock.
"The class A and class B stock rank equally as to dividends but the class
outstanding
".The bondholders canceled four semi-annual interest payments and agreed
due Aug. 1, 1934, Feb. 1, 1935,
Aug. 1, 1935, and Feb. 1, 1936, should be paid only if earned, but if not
paid should be cumulative. These interest payments have not been made
so that on Feb.
1, 1936, there was accumulated the amount of $724,240
that four additional interest payments,
,—
Net income.
Preferred dividend—
$3,095,377
468,000
interest.
"The interest at the rate of
5)4 % became a fixed charge on Feb. 1, 1936,
on Aug.
1, next, a semi-annual payment, amounting to about
$183,000, must be paid or the bonds will again be in default.
"Under these circumstances and owing to the uncertainties surrounding
the future of the newsprint industry, directors feel that further concessions
must be asked of the bondholders relative to fixed charges, the amount to be
paid as a sinking fund to the trustee for the retirement of the bonds and for
the payment of back interest mentioned above.
"Directors have therefore prepared a plan under which they are confi¬
dent the company will be preserved and maintained in a safe position and
which will enable the company to pay interest on the bonds as it accrues
from Feb. 1, 1936, in accordance with the plan."
so
—V.
The
Vice-President and Robert M.
1936
$567,255
568,435
614,521
559,389
•_
April..
back
bined 7 % pref. and $8
pref. stocks
142, p. 3165.
a
A stock have all the voting privileges until such time as the bonds pay their
regular interest, payment of the sinking fund has been resumed and the
company has accumulated $1,000,000 of working capital.
Sons, Inc.—Earnings-
16 Weeks Ended—
Net
em¬
Mines, Ltd.—Value of Production—
of—
January.
February
per ton,
$319,326
163,672
40,193
21,962
Deductions
of
Vice-President and Treasurer—
Month
1936—12 Mos.—1935
$351,673
201,151
44,762
21,962
Exps. & depreciation
Taxes, incl. Fed. inc. tax
account
over liabilities amounted to $387,607: its contract position for
newsprint
included orders for about 24,000 tons and sales of insulating board were
about 12,000,000 square feet per year.
The price of newsprint was $53
[Including Cumberland Securities Corp.]
Period End. Apr. 30—
Gross oper. revenues
on
—V. 142, p. 2825.
Dec.
on
$1,008,874
The stockholders at their annual
meeting May 13 approved the action of
directors in setting up a retirement pension plan for
employees.
The pension plan, which was put into effect on
19,350,530 17,060,036
to holders of record June
and
$1,692,241
Discount Corp. of New York—Retirement Plan Voted—
Dome
Total
Crucible Steel Co. of America—$1 Accumulated Div.—
directors
$173,577
$173,165
—V. 142, p. 2825.
409,492
17,060,036
145,422H^no par shares in 1934.
2992.
The
$2,872,200
1,863,325
Coon was made Treasurer.—V. 142, p. 2993.
shares.—V.
accumulations
income
New
118.577
.
$3,538,002
1,845,760
Edward E. Anderson has been elected
Deferred charges..
.
Net
10,000
Pats. & tr. marks.
.
$325,722
152,145
"
-I
re
Co__
268,077 '
.
$2,823,192
49,007
ployees who, because of age, will not contribute to the plan as much as
younger employees, the corporation has appropriated $400,000 out of a
special reserve of that amount set up for the purpose last year.
1,584,463
1
■
Treasury stk. acct.
Total.
$324,890
151,725
$3,419,335
118,666
Aug. 1, last, provides for
to foreign subs..
deposit
Gross income
$322,439
3,283
contributions by employees and the corporation.
To establish the fund and meet accrued liabilities
Cork
and subsidiaries.
Acme
3,499,088
Corp.
Invest, in and adv.
Option
676,365
Earned surplus—
adv.
Crown
to
44,805
671,008
3,008,736
56,461
Capital surplus—
$300,560
24,329
Deductions
liabil¬
ity insurance—
(not
current)
10,288
10,574
current)
for
Operating income
Non-oper. income
245,140
Notes payable (not
in closed banks.
Rys.—Earnings—
Period End. Apr. 30—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$1,550,845
$1,528,198 $17,145,336 $16,328,706
Operating expenses
1,179,104
1,133,307
12,869,866
12,647,469
Taxes assign, to oper..
71,179
72,450
856,134
858,044
348,516
.
terest, &c
132,982
260,630
923,798
97,091
316,953
payable
Accounts payable.
value
insurance
Trade
Co.—Initial Div.—
have
Detroit Street
$
$
b $2.70 cumulative
6,217,569
directors
declared an initial quarterly dividend of 30 cents
6% cumulative preferred stock, par $20, payable June 1
holders of record May 20.—V. 142,
p. 2993.
1934
1935
Liabilities—
buildings,
machinery, &c__ 8,338,132
Land,bldgs.,mach.
Detroit Gasket & Manufacturing
The
1934
$
3505
per share on the
Consolidated Balance Sheet Dec. 31
Assets—
Chronicle
amounted to $1,016,760
that
Plan for
Reorganization of Company, Dated Feb. 25, 1936
Present Capital Structure—
Authorized
Outstanding
5M% 1st mtge. 20-year sinking fund
gold coupon bonds
$12,000,000
$6,584,000
Capital stock (no par)
244,892 shs.TClass A, 121,804 shs.
1 Class B, 123,088 shs.
The plan for the reorganization involves:
The authorized capital stock will be increased to 376,572 shares, consist¬
ing of 253,484 class A shares and 123,088 class B shares. The shares now
issued and outstanding shall be retained by the holders thereof, and the
newly authorized 131,680 class A shares shall be issued.
Privileges and preferences of class A and class B shares shall be modified
and adjusted.
The bondholders will waive and cancel the annual sinking fund payment
due and payable under the trust deed on Feb. 1, 1936, together with the
four semi-annual interest payments on the bonds due on Aug. 1, 1934,
Feb. 1, 1935, Aug. 1, 1935, and Feb. 1, 1936, payable out of net income
earned after Feb. 1, 1934, and all accumulations thereof and interest thereon
except to the extent of $65,840. Said $65,840 shall not be paid to the bond¬
holders in cash but shall form part of the consideration for the issue of
.
Balance
-
Note—Certain items in these income statements
are
estimated and such
are subject to adjustment at the end of the fiscal year, and at other
appropriate times.
Interim statements of the company are not audited by
independent accountants.
a The provision from income for Federal income taxes for the year 1935
was computed on the basis of current earnings.
Such provision was in
excess of the computed tax payable for the year by an amount of approxi¬
mately $200,000, equivalent to the tax rate applied to the redemption
premium and unamortized debt discount and expense, applicable to bonds
redeemed during 1935, which were charged to surplus.
b As it was necessary to complete the sale of a new issue of bonds prior
to calling for redemption on Dec. 1, 1935 the first and refunding mortgage
5% gold bonds, there were charged to current income, in 1935, in respect
to both issues interest for approximately 40 days and amortization of debt
discount and expense for two months.
Current charges to income were
thereby increased by approximately $117,000, representing interest, dis¬
count and expense applicable to the refunded issue.—V. 142, p. 3165.
items
Detroit Edison Co.
1,980,256
358,430
142,515
Gas__
-...$17,144,804 $13,168,633
135,386
Other miscellaneous income
Gross corporate
Interest
on
funded and unfunded debt
6,351,077
259,545
6,495,504
Cr44,320
202,399
.$10,699,169
$5,299,911
construction.;
Cr29,600
Amortization of debt discount and expense
Extraordinary appropriations to retirement re¬
serves, additional to current appropriations
Net income
-V. 142, p. 2825.
184,862
$17,280,191 $13,353,496
income
Interest charged to
1,662,647
369,378
135,520
$51,548,700 $45,815,603
34,403,895
32,646.969
Total.
Operating and non-operating expenses
Balance, income from operations
1935
$49,067,497 $43,648,057
Miscellaneous
provisions of the trust deed, and modifications and compromises of the rights
of the bondholders thereunder against the company and against its prop¬
erty, as follows:
(a) The conversion or change of the company s obligation to pay the
principal amount of the bonds on Feb. 1, 1948, into an obligation to pay
the same on Feb. 1, 1956, at which latter time the bonds shall mature.
(b) The conversion or change of the company's obligation to pay interest
the principal amount of the bonds at the rate of 5)4 % per annum into
obligation to pay interest from Feb. 1, 1936, to Feb. 1, 1937, at the rate
of 3% per annum, from Feb. 1, 1937, to Feb. 1, 1938, at the rate of 4%
per annum, and from Feb. 1, 1938, to the maturity of the bonds at the rate
of 4H% per symurn, said interest to be payable as follows, to wit: 1)4%
on each Aug. l, 1936, and Feb. 1,
1937; 2% oh each Aug. 1, 1937, and
Feb. 1,1938; and 2 )i % on Aug. 1,1938, and semi-annually thereafter until
Feb. 1, 1956, the date of maturity of the bonds.
(c) The conversion or change of the company's obligation under the
trust deed to make payments to the trustee as a sinking fund into an obliga¬
tion to make payments as follows: during 1937 to 1943, inclusive, subject
to the condition that no payment shall be made if the same would reduce the
net working capital below the sum of $1,000,000, the company, on Feb. 3
in each year, shall pay to the trustee for sinking fund one-third of its net
income for the previous calendar year; during 1944 to 1955, incl., irrespective
of the amount of net working capital, company shall, on Feb. 1 in each
year, pay to the trustee for the sinking fund a sum of money equal to 2%
of the aggregate principal amount of bonds, which up to the several dates
of payment, respectively, shall have been certified by the trustee, together
with a further sum equal to the annual interest, at the rate of 4)4% per
annum, on all bonds theretofore purchased or redeemed through the opera¬
tion of the sinking fund. The failure to make any payment shall constitute
an
1936
April 30—
from operations—Electricity
bondholders.
The newly authorized 131,680 class A shares, fully paid and non-assess¬
able, will be issued to the holders of the bonds, being at the rate of two
shares for each $100 bonds held, in payment in lieu of cash of the $65,840
and for and in consideration of the bondholders sanctioning changes in the
on
(& Subs.)—Earning,
12 Months Ended
Gross earnings
Steam.
stock to
1,400.000
an
event of default.
Financial
3506
conversion of the company's obligation, under the
trust deed, to pay the principal and interest of the bonds, at the places
therein mentioned, in gold coin or its equivalent or in English Sterling, as
the case may be, into an obligation to pay the principal and interest in the
respective legal tenders of the countries where payable under the terms of
the trust deed, payments in English legal tender to be at the fixed rate of
exchange of $4.86 2-3 to the £1.
The respective privileges and preferences of the class A and class B
shares shall be changed and modified so that the class A shares shall con¬
tinue to carry exclusive voting rights till the two classes of shares shall be¬
come merged as hereinafter provided.
On Dec. 31, 1941, the division of
the company's capital stock into class A and class B shares shall be abol¬
ished, and the two classes shall become merged into one class, and the
holders thereof shall have one vote for each share held by each of them
respectively.
(d) The change
Capital Structure on Completion of the Reorganization
Authorized
Outstanding
$6,584,000
253,484 shs.
123,088 shs.
1st mtge. sink, fund coup, bonds, 1956--$12,000,000
Glass A stock (no par)
253,484 shs.
Glass B stock
123,088 shs.
—V.
142,
May
Easy Washing Machine Corp.— Earnings1934
1933
deprec. on plant and
equipment
—
$1,502,938
Other income
102,977
$1,223,003
60,745
$1,259,276
67,799
$1,605,915
$1,283,748
$1,327,075
$994,187
1,273,614
1,292,395
984,096
1,114,281
8,122
9,601
4,411
17,034
6,700
""316
791
1935
Calendar Years—
Inc.—Earnings—
counts & allowances
&
Total income
expenses
-—
Adjustment of invent, to
market
Prov. for
values
conting. reserve
788
38,678
Miscellaneous
Prov. for Federal inc. tax
$284,713
1,314,902
Profit for year
Previous surplus
in
taxes
1935
$2,451,576
2.060,566
$277,050
X278.879
$2,917
27,071
$391,010
17,204
$29,988
11,803
$408,214
15,078
52,839
$8,205
$18,185
$340,297
$8,205
$0.04
$0.73
$0.01
$1,330,473
Balance, Dec. 31
Earn, per share on class
A & B shares
Operating profit
Total income.
Depreciation
Federal taxes—
Net profit-—.
Earnings
per
par)
P.
on
$1,279,649
$1,333,149
Nil
Nil
$0.60
Liabilities—
$484,983
$250,447
Accounts
1935
1934
payable
& accrued liabs.
State
Govt.
$493,933
1,060,590
1,003,353
Res. for conting...
z Common stock..
90,479
2,456,808
453,416
1,160,197
200,809
Capital surplus...
Earned surplus—
1,330,473
Notes & accounts
receivable
Inventories
927,633
500,000
$173,846
86,479
2,456,808
500,000
1,314,902
deposited
Secure,
with N. Y. State
1936, including $366,563 cash,
hand April 10, 1936, were $19,918,500.
Feb. 8,
S.
& munic. bonds.
x
were
$4,527,517
Industrial
This
142,
under
Workmen's Com¬
27,810
y
2152.;
Goodwill,
(E. I.) du Pont de Nemours & Co.—Extra Dividend—
513,157
stock, par $20, both payable June 15 to holders of record May 27.
as follows: 35 cents on Sept.
14,
1935; 15 cents on Dec. 15, 1934; 50 cents on Sept. 15, 1934, and 75 cents
per share paid on Dec. 15, 1933.
In addition a stock dividend of 1-55 of a
share of General Motors Corp. common stock for each share of du Pont
common stock held, was paid on Dec. 27, 1935.—V. 142, p. 2825.
515,819
39,049
patents
& trademarks
..
31,700
Deferred charges..
Total..
common
Previous extra cash distributions were
1,333,117
Land,bldgs.,machinary & equip.
The directors on May 18 declared an extra dividend of 70 cents per share
in addition to the regular quarterly dividend of 90 cents per share on the
27,272
1,374,374
pensation Law..
compares
1936, and $3,901,000 July 10, 1935—V.
Com¬
missioner
and current liabilities $1,306,485, against cash of $956,553, current assets
of $4,441,607 and current liabilities of $698,085 Feb. 28, 1935.
Unfilled orders
with $16,800,000
$1,314,902
1934
1935
Assets—
Cash
Includes depreciation and taxes.
Current assets Feb. 29,
Drl,425
-
Balance Sheet Dec. 31
U.
sh. on 467,403 shs. cap.
stock (at
x
—
$312,670 loss$144,619
1,279,649
1,425,693
28,620
230,550
$0.55
—
Other income
loss$18,247
1,333,149
9,965
28,620
230,556
loss$l,82J
10,034
1934
25,581
re¬
Class B dividends
1936
Costs, expenses, &c
$941,549
52,638
Selling, general & admin.
Class A dividends
$449,003
446,086
3 Mos. End. Feb. 28—
Sales
1932
dis¬
of sales,
ing cost
spect of prior years
Co.,
Douglas Aircraft
1936
23,
Gross profit after deduct¬
Additional
2316.
p.
Chronicle
or
$4,871,693
Ebasco Services,
Duquesne Light Co.—Earnings—
12 Months Ended, March 31—
Operating revenues
Operating expenses, maintenance & all taxes
$4,532,0351
Total
—..$4,871,693 $4,532,035
After reserves of $40,617 in 1935 and $34,944 in 1934.
y After reserve
depreciation and obsolescence of $1,813,358 in 1935 and $1,731,519 in
1934.
z Represented by 57,240 no par shares of class A stock and 461,374 56-100 no par shares of class B stock.—V. 142, p. 1982
x
for
1936
1935
$25,799,792 $25,718,488
10,474,828
10,744,540
Inc.—Weekly Input-
For the week ended May 14,1936, the kilowatt36,
kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with thd correspdonging week during 1935, was as follows:
Xtictcusc
Net oper. revenue
Other income (net)
(before approp. for retire, res.)$15,324,963 $14,973,948
879,307
917,137
Net operating revenue and other income (be¬
fore appropriation for retirement reserve)$16,204,271 $15,891,086
Appropriation for retirement reserve
2,063,983
2,057,479
Operating Subsidiaries of—
1935
1936
American Power & Light Co...105,459,000
Electric Power & Light Corp- 43,549,000
National Power & Light Co-- 76,529,000
$14,140,287 $13,833,607
177,002
175,825
2,677,006
3,150,298
268,841
167,280
500,000
125,000
99,247
96,600
Bents for lease of electric properties
Interest charges (net)
Amortization of debt discount and
Appropriation for special reserve
expense
Other income deductions
14,820,000
7,644,000
8,549,000
%
16.4
21.3
12.6
—V. 142, p. 3341.
Engineers Public Service Co.-
Gross income
Amount
90,639,000
35,905,000
67,980,000
-New
Directors—Capital
Reduced—
members were elected to board of directors by the preferred
stockholders at the annual meeting of the company's shareholders held
Two
new
May 18.
They were Alexander O. Forbes and Hugh J. Pritchard.
In
addition, the preferred stockholders re-elected five retiring members of
board while the common shareholders re-elected eight retiring directors.
the
Net income
$10,418,188 $10,118,603
24,552,537
25,291,165
129,081
-
Surplus, beginning of period
Other additions to surplus (net)
-
Reduction of the common capital and fixing of the par value of the com¬
stock at $1 a share was voted by the stockholders, who also acted
mon
affirmatively
Under the
Total
$34,970,726 $35,538,849
Appropriated from surplus for special reserve-.--
1,000,000
Dividends—cash:
5 % cumulative
Common stock
first preferred stock
Miscellaneous charges
1,375,000
8,611,312
2,003
(net)
1,375,000
8,611,312
on
all other business proposed for the meeting.
change the stock will be carried on company's
authorized
books at $1,909,968 contrasted with $58,059,512 previously.
This action will place directors in position to consider the declaration of
dividends when conditions warrant, by creating a capital surplus which
would
permit an allowance for possible
holdings of company.—V. 142, p. 3342.
Fairbanks,
Balance-
$24,982,411 $24,552,537
—
-
Adjustment of charges previously made against
surplus arising from revaluation of property, rep¬
resenting unamortized debt discount and expense
and premiums on bonds redeemed, and commis¬
sion, net premiums, expenses and dividends on
redemption and sale of preferred stocks.
11,005,829
Surplus, end of period—
of security
& Co.—Files with SEC—$6,000,000
Debentures to Be Issued for Refunding
Existing Issue and for
The company on May 20 filed with the Securities and Exchange Commis¬
sion a registration statement (No. 2-2177, Form A-2) under the Securities
Act of 1933, covering $6,000,000 of 20-year 4% sinking fund debentures,
due June 1, 1956.
According to the registration statement, the net pro¬
-—$13,976,582 $24,552,537
ceeds from the sale of the debentures will be applied as follows: $5,520,077
on or about Aug. 1, 1936, $5,438,500 of 15-year 5% sinking fund
to redeem
gold debentures, due Feb. 1, 1942. at 101 H%.
Accrued interest on the
debentures is to be paid out of treasury funds.
The balance of the proceeds
Mills—Earnings—
will be used for other corporate purposes, it is stated.
The debentures are redeemable at the option of the company as a whole
at any time after 60 days' notice or in amounts of not less than $200,000
Earnings for the 3 Months Ended March 31, 1936
Operating profit.
$17,621
1,311
Miscellaneous income.
Total income
on
Net profit
1, 1954, a premium less than such premium of
% by \i % of such principal amount for each 12 months or part thereof
which shall have elapsed between June 1, 1948, and the redemption date.
No premium will be paid if the debentures are redeemed after June 1,1954.
The principal underwriters are Lee Higginson Corp. and F. S. Moseley
& Co., both of Chicago.
The price to the public and the underwriting
discounts or commissions are to be furnished by amendment to the regis¬
tration statement.—V. 142, p. 1982.
2
$3,829
Corp.—Develops New Product—
interest payment date after 30 days' notice at the following prices
thereafter and incl. June
-V. 142, p. 1638.
A new men's
any
plus accrued int.: If red. on or before June 1, 1941, 104%; thereafter and
incl/June 1, 1946,103%; thereafter and incl. June 1, 1948, 102>£%; and
$18,932
15,103
Other charges against income (incl. $8,120 non-oper. prop. exp.)
Eastman Kodak
value
Corporate Purposes—
—V. 142, P. 3166.
Durham Hosiery
Morse
shrinkage in
1
suiting to be marketed under name of Koat-A-Kool, has
developed by Tennessee Eastman Corp., wholly owned subsidiary
of this company, and will appear this year as the finished product of several
prominent men's clothing companies.
The cloth is made from acetate yarn, combined with Tussah silk.
Kodak
will make no cloth, but simply supply the yarn produced at the Tennessee
plant, to spinning mills.
The cloth is lightweight, for men's summer wear.
The Kodak company has developed this yarn under the name of Mt.
Airy.
From this Mt. Airy yarn also are being made this year women's
lightweight dresses, the yarn for this purpose being known as Silsutta,
which combines in one fabric the features of challis, broadcloth and shan¬
tung.—V.> 142, p. 3341.
been
Edison Electric Illuminating Co. of
Period End. Apr. 30—
Operating revenues
Operating expenses
Depreciation
Uncollectible revenue.
Taxes accrued
-.
1936—Month—1935
$2,559,595
1,137,930
288,333
12,000
489,700
Boston—Earnings
1936—12 Mos—1935
$2,426,186 $30,294,728 $29,805,848
1,014,662
13,285,660
12,211,014
288,333
3,460,000
3,100,000
20,000
157,801
240,000
465,000
5,521,473
5,676,417
$631,632
31,971
Non-oper. income.
$638,191
14,692
$7,869,794
241,095
$8,578,417
207,625
$663,603
6,583
275,047
$652,883
5,012
244,994
$8,110,889
84,889
3,127,510
$8,786,042
79,604
3,442,094
$381,973
$402,877
$4,898,490
$5,264,344
Electric Power & Light Corp.—Annual
Gill, Chairman,
—
Income balance
New Director—
Gharles Francis Adams Jr., has been elected a director, succeeding the
C. Baylies.—V. 142, p. 3341.
late "Walter
Report—Joe H.
in part:
During 1935 the electric subsidiaries continued the policy of extending
into rural districts, expending approximately $970,000 in the
their lines
construction and equipment of more than 1,000 miles of line.
These
extensions provided service to approximately 4,900 rural electric customers
to whom such service had not been previously available.
More than
5,800 new rural electric customers were connected to line previously
constructed.
Rate reductions by certain subsidiaries, which were effective at various
dates in 1935, resulted in estimated savings to customers of those com¬
panies at the rate of about $1,015,667 per annum.
Of this total estimated
saving, approximately $835,086 is applicable to electric customers and
the balance of $180,581 to gas and other customers.
Underlying bonds in the amount of $1,885,000 of New Orleans Public
Service Inc., and bonds of Northern Texas Utilities Co. totaling $1,280,000
due on Jan. 1, 1936.
The former bonds were retired at maturity.
The bonds of Northern Texas Utilities Co. were extended on Nov. 1,
were
1935, for a period of five years by the exchange of new bonds maturing
Nov. 1, 1940.
The cash sinking fund of $10,000 per month, required
by the terms of the latter company's original mortgage, is continued in
on
the
Gross income
Miscellaneous rents
Interest and discount.
says
new
mortgage.
bank loans of United Gas Corp. in the amount of $21,250,000
due July 20, 1936.
Total loans by company to subsidiaries were $916,000 at Dec. 31, 1935
These advances were made to provide the subsidiaries with cash for con¬
The
are
struction, improvements, extensions and other purposes.
During the past several years it has been the policy of company to
eliminate insofar as practicable interlocking directorships between com¬
pany and its operating subsidiaries.
This has now been entirely accom¬
plished and as a further step in the elimination of interlocking relationships
Volume
the
service
Financial
142
contract
heretofore
existing between
company
and
Electric
Bond &
Share Co. was terminated.
Company is now independently
officered and staffed, and its affairs are administered by its own personnel.
There are now ita interlocking directors, officers or employees between
.
company
and
Ele]tric Bond & Share Co.
Income Account (Company only) for Stated Periods
Period End. Dec. 31—
Gross income:
1935—12 Mos.—1934
1935—3 Mos.—1934
From subsidiaries
$1,657,453
3,772
$1,630,379
580
$545,740
1,554
$681,210
52,017
397,243
$547,294
116,378
397,243
$1,661,225
268,038
1,588,974
$1,640,159
410,381
1,588,974
$680,630
Other.
not
paid) on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income avail¬
able for minority holdings by the public of common stock of subsidiaries.
Minority interests have not been charged with deficits where income ac¬
counts of subsidiaries have so resulted.
The "net equity of Electric Power
& Light Corp. in income of subsidiaries" includes interest and preferred
dividends paid or earned on securities held, plus the proportion of earnings
which accrued to common stocks held by Electric Power & Light Corp.,
or
less losses where income accounts of individual subsidiaries have resulted in
deficits for the respective periods.
The
9,780
-
above statement includes the operations of Houston Gas & Fuel
This company was in receivership until Nov. 26,1935, and the amounts
are based on reports of the receiver.
Co.
Total...
Expenses, incl. taxes..Int. & other deductionsBal.carr.to earned
Balance Sheet
Dec.
1935
$
31
1935
Cash in banks:
demand-
On
1,926,111
1,100,000
199,740
Time deposits
2,687,471
1,550,000
tromsubsld'y.
916,000
49,333
Reacq. cap. stk.
Defd
97,000
43,488
101,822
101,826
3,676,016
charges.-
Total
$7 preferred stk.
allotm't ctfs—
Long-term debt.
Accr'd accounts-
Acc'ts receivable
S
Capital stock. 155,044,139 155,044,139
x
Acc'ts payable..
receivable
Loan
1934
$
Liabilities—
i
182,621,594 182,814,263
TJ. S. Govt. sec.
(Company only)
1934
$
Assets*-"**
Investments
$33,673 loss$195,787 loss$359.196
$231,950
sur.
Reserve
-
Earned surplus.
10,900
31,000,000
48,553
688,496
156,564
4,059.966
10,900
31,000,000
30,052
684,836
156,514
3,664,179
190,590,621 191,008,620
of Consolidated
Income
1936—3 Mos.—1935
(Including Subs.)
1936—12 Mos.—1935
Operating revenues
$22,908,250 $20,373,498 $79,245,795 $74,976,922
Oper.exps., incl. taxes— 11,756,916
10,896,140
43,320,081
40,680,915
Net
from oper—$11,151,334
revs,
(net)
Dr40,209
Gross corp. income
$11,111,125
Int. to pub. & oth. deduc.
Int. charged to construe.
Property retirement and
deple'n res. approp
Balance
Pref. divs. to public .x—
Portion applic. to minor¬
ity interests.y
4,163,274
Crl5,079
1935
$9,477,358 $35,925,714 $34,296,007
83,985
4,310
11,582
$9,488,940 $35,930,024 $34,379,992
15,659,803
3,932,333
15,640,352
Cr35,333
GY20.658
Cr43,225
2,351,276
8,591,138
8,673,076
Corp. in inc. of subs.
(as shown above)
$2,350,222
540
Total income
$2,350,762
Expenses, incl. taxes
50,834
Int. to pub. & oth. deduc.
397,244
31,439
_
-
$683,806,663
Emporium Capwell Corp. (& Subs.)—Earnings—
125,951
111,576
$3,624,749
$2,114,829
Years Ended Jan. 31—
1936
$1,213,646
1,465
$3,624,749
3,509
$2,114,829
9,506
$1,215,111
96,135
397,244
$3,628,258
246,880
1,588,974
$2,124,335
410,451
1,588,974
$721,732
$1,792,404
$124,910
Based
6,069,787
tirely independent of the statement for
any
5,306,293
$951,522
58,673
$252,712
$1,319,787
196,803
1,127
$994,712
246,519
1,311
$1,010,195
251,670
17,518
$377,348
260,106
97,750
Net profit before Fed.
income tax$1,121,856
$746,881
$741,007
Interest—loans
Income
Account
1935—Month—1935
$9,834,188
loss32,448
$9,801,740
$8,855,548 $35,048,072 $34,363,534
chgd. to exp. by The
H. C. Capwell Co
Exps. & other inc.—netDepreciation
other deductions
1934
$425,000
10,979
83,735
140,095
$425,000
4,670
83,709
143,146
$425,000
4,182
83,709
145,226
$195,614
income tax
$190,192
$193,475
$191,883
Income Account of Real Estate Not Used in Operations
Years End. Jan. 31—
1936
1935
1934
$370,977
Interest—deeds
48,302
$379,276
257,526
51,314
$403,064
263,557
49,331
$478,937
297,862
78,873
84,020
95,291
100,624
100,761
$10,448
prof$l,441
262,474
of trust
and mortgage bonds—
Net loss before Federal
income tax
$23,819
$24,854
Consolidated Income and Surplus Account— Years Ended Jan. 31
1936
1935
Net profit—before Fed.
inc. tax, dept. stores-- $1,121,856
1934
$741,007
193,475
$19,491
191,883
loss24,854
loss98,lll
lossl0,448
lossl20,653
lossl28,173
$803,381
343,110
58,998
195,614
General
Net interest to public
& other deductions. $4,145,953
$3,908,355 $15,602,698 $15,638,502
Deb. bond interest
279,197
Prov. for Fed. inc. tax.-
113,149
$814,108
304,811
92,896
$772,561
3,004,217
$416,401
2,539,748
operations
$4,947,193
2,283,002
1,980,874
2,444,495
1,980,924
8,625.429
7,923,496
8,540,026
7,923,664
25,333
32,487
103,683
115,021
Cons, net prof .for per.
Surp. bal. beg. of periodprofit on purch. &
I
retiremen't of deb. gold
bonds, after deducting
Corp. in inc.
$84,642
379,373
$401,272 def$294,732
2,018,684
2,555,279
'
7
and
loss388
64,029
170,142
232,173
2,23/
of prior years,
Federal income tax
Dr7.230
1,767
Adjust,
$1,366,578
$489,287
$2,792,766
$2,146,321
Adjust, of allow, to
of El. Pow. &
duce securs.
Lt. Corp. in income
market
$1,366,578
$489,287
1,554
$2,792,766
580
3,772
$1,367,158
52,017
$490,841
116,378
$2,796,538
268,038
$2,156,101
410,381
397,243
1.588.974
1,588,974
$917,898
loss$22,780
$939,526
$156,746
re¬
owned to
Cr5,139
677
Cr403
$3,781,528
$3,021,738
$2,583,271
$2,494,489
17,521
82,570
47,668
17,521
35,042
17,521
8,480
458,284
Surp. bal. end of per.. $3,633,768
$3,004,217
$2,539,748
$2,018,684
_
$2,146,321
9,780
397,243
Other income-
disct.
Federal income tax
Elec. Pow. &Lt. Corp.Net equity
.
Net
unamortiz.
Lt.
$1,164,907
1 441
$19,445,374 $18,725,032
Net equity of El. Pow.
&
1oss128,743
Total income-.
$5,655,787
of subsidiaries
loss23,819
administration.
1933
$746,882
190,192
$3,931,914 $15,641,826 $15,671,432
Cr23,559
Cr39,128
Cr32,930
Prop, retire. & depletion
reserve appropriations
Pref. divs. to public
Portion
applicable
to
minority interests
1933
Income from rentals and
$4,158,534
Crl2,581
Int. charged to construe.
Capwell
1933
Net profit before Fed.
Real est. used in opers—
Real
est.
not
used
in
arid
1935
$425,000
8,646
83,835
136,905
Interest—deeds of trust.
a
public
$19,491
C.
&
$8,835,663 $35,034,833 $34,267,846
19,885
13,239
"
95,688
Gross corporate inc—
124,634
Inc. from rentals (repre¬
senting excl. rent paid
Subsidiaries—
to
1936
Exps. & other inc.—netDeprec. & amortization.
from oper—
Other income (net)
6,087,621
Used in Operations—(The H.
Store Building)
service charges
1935—12 Mos.—1934
■
of Real Estate
Years End. Jan. 31—
Operating revenues
$21,134,491 $19,515,524 $78,004,235 $74,501,896
Oper.exps., incl. taxes.. 11,300.303
10,679,861
42,969.402
40,234,050
Interest
1933
$928,810
65,901
$1,245,747
74,039
Deprec. & amortization-
other period.
Consolidated Income Account (Including Subsidi-ary Cos.)
revs,
1934
5,675,169
Operating profit
Other income—net
upon
less losses where income accounts of individual subsidiaries have resulted in
deficits for the respective periods.
The statement for each period is en¬
Net
1935
—$22,439,082 $20,436,167 $18,752,944 $20,059,089
15,123,547
13,832,187
12,495,129
13,718,754
Cost of sales
Exps. (incl. rental paid
realty subsidiary)
to respective periods whether
holdings by the public of common
stocks of subsidiaries at end of each of the respective periods.
Notation—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods only (whether paid
or not paid) on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income avail¬
able for minority holdings by the public of common stock of subsidiaries.
Minority interests have not been charged with deficits where income ac¬
counts of subsidiaries have so resulted.
The "net equity of Electric Power
& Light Corp. in income of subsidiaries" includes interest and preferred
dividends paid or earned on securities held, plus the proportion of earnings
which accrued to common stocks held by Electric Power & Light Corp.,
.
$677,638,323
—V. 142, p. 125.
dividend requirements applicable
Period End. Dec. 31—
1934
$155,044,139 $155,044,139
118,132,300
118,152,650
Subsidiaries common stocks
5,903,905
5,938,891
Capital stock subscribed—$7 pref. stock allot¬
ment ctfs. of Electric Power &
Light Corp
10,900
10,900
Long-term debt
259,207,932 270,960,205
Accounts payable
2,530,091
2,320,399
Dividends declared—preferred
374,108
439,917
Notes payable
47,175,000
26,020,000
Contracts payable
130,714
223,849
Mtge. & deb. bonds of subs, maturing in 1936-129,500
12,099,300
Matured mortgage bonds and interest
*.
281,550
Customers'deposits
3,096,214
2,905,987
Accrued accounts
9,118,563
9,190,963
Miscellaneous current liabilities
86,938
96,630
Miscellaneous liabilities
3,532,414
1,652,734
Contingent liabilities (contra)
675,929
714,380
Deferred credits to income
235,852
228,218
Reserves
40,070,342
39,215,408
Undeclared cumulative dividends on preferred
stocks of subsidiaries held by public
17,906,343
12,479,579
Min. int. in surplus (and deficits) and in reserves
(approp. from capital surplus) of subs. (net).
420,571
2,716,999
Deferred credit
9,405,516
7,089,558
Earned surplus (less amt. accr. to min. int.)
9,856,062
10,619,387
departments
$1,213,646
$1,902,684
y
$677,638,323
1935
Liabilities—
Capital stock.
ii
Subsidiaries preferred stocks
Bal. carried to consol.
unearned,
446,521
319,718
4,924,826
714,380
20,623,038
-
Total.
Total profit
or
7,336,244
<
675,929
19,231,142
assets
Miscellaneous assets
Income Account of Department Stores
Other income
Full
10,995
4,249,119
252,021
354,273
Net sales of merchandise,
incl. sales of tenants'
of subsidiaries
$2,350,222
El. Pow. A Lt. Corp—
Net equity of El. P. & L.
x
10,995
4,665,483
$683,806,663
Prepayments
Miscellaneous current
$3,225,989 $11,659,821 $10,164,384
7,923,604
1,980,904
7,923,496
Net equity of El. Pow.
& Lt. Corp. in inc.
earned
1934
$615,262,186 $611,381,243
6,909,659
6,471,835
15,888,426
13,866,130
2,400,000
4,700,000
473,546
326,448
457,550
359,888
9,889,206
9,244,179
of Electric Power &
Light Corp
Materials and supplies
Total.
2,440,834
$4,522,096
1,980,874
191,000
earned surplus
1
United States Government securities
Notes and loans receivable
Accounts receivable—Customers and miscell
Subscribers for $7 pref. stock allotment ctfs.
190,590,621 191,008,620
Total
Subsidiaries—
Other income
Consolidated Balance Sheet Dec. 31
Assets—
Plant, property, franchises, &c
Investments (securities)
Cash in banks (on demand)
Cash in banks (time
deposits)
Deferred charges
x
Represented by: $7 pref. cum. (entitled upon liquidation to $100
share); pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares.
$6 pref., cum. (entitled upon liquidation to $100
a share);
pari passu with $7 pref., and $5 pref.; authorized, 1,000,000
shares; issued and outstanding, 255,430 2-3 shares.
$5 pref., cum. (en¬
titled upon liquidation to $100 a share); pari passu with $7 pref. and $6
pref.; authorized, 1.000,000 shares; issued, none.
2d pref., series A ($7),
cum.
(entitled upon liquidation to $100 a share); pari passu with 2d pref.
series AA ($7); authorized, 120,000 shares; issued and outstanding, 82,964
shares in 1935 and 85,328 in 1934.
2d pref., series AA ($7) cum. (entitled
upon liquidation to $100 a share); pari passu with 2d pref.. series A ($7);
authorized, 100,000 shares; issued, none.
Common, authorized, 4,000,000
shares; issued, 3,422.089 shares in 1935 and 3,412,633 shares in 1934.
Comparative Statement
included to that date
Contingent assets (contra)
3,714,573
a
Period End. Jan. 31—
3507
Chronicle
Dividends:
Expenses, incl. taxes—
Interest to public & other
deductions
The
Emporium—pref.
stock
Common stock
Other charges
Write-down of
bldgs., &c
Balance carried to con¬
solidated earned
sur.
intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of subsidi¬
represent full requirements for the respective periods (whether paid
Note—All
a
Intercompany rent amounting to $425,000 in each year has been
above both as income and expense.
Other inter-company items
been eliminated.
above statement.
included
aries
have
r
Financial
3508
Chronicle
May
Balance Sheet Dec. 31
Earnings for Quarter Ended April SO
loss$3jl51
98,878
$0.23
profit after deprec., Int. & inc. tax
Earns, per sh. on 412,878 shs. cap.stk.
Net
Nil
Nil
Consolidated Balance Sheet Jan. 31
1936
Real est.,
a
Dep.
5
Liabilities—
stock
Pref.
lease¬
Dep.
$
250,300
Emporium)
holds,land,bldgs,
&c_
13,747,325 14,011,145 b Com. stk. (Emp.
Capwell Corp.). 6,880,883
Cash.——
688,761
684,289
Accts. receivable-. 3,022,651
2,657,969 Long-term debt— 8,321,808
Cred. debit bal—
40,080
46,354 Outstand. demand
2,014
991
securities
Other assets.
Deferred charges. .
Accounts payableEst. Federal taxes.
2,994,182
6,327 Accrued accounts.
134,282 Reserves
488,852 Def'd liabilities...
2,976,580
11,466
98,202
435,593
Inventories
Market,
_
drafts—
Mlso. notes, aeots.
and claims
Profit &
oss surp.
for matured
64,915
1,541,181
120,014
193,542
38,171
41,981
3,633,768
250,300
2,165,200
x Common stock..
2,100,000
2,100,000
Funded debt.—.14,167,900 12,407,900
Notes & accts, pay.
with trustee
to
6,880,883
8,957,693
property, &c—
Cash....
------
64,078
3,341
449,585
58,541
24,880
1
-
Notes receivable-.
1,215
66,480
9,954
379,559
62,421
1,009,075
parent
co.,
Southeast. Elec.
& Gas Co
75,096
4,201,530
Matured bond Int.
Def. debit Items..
12,464
108,573
110,159
Interest accrued..
-
(contra).—
Matured int. unpd
Notes payable
Accounts payableTaxes accrued-..-
Accts. receivable-
Mat'ls & supplies.
405,912
1,139,424
98,926
195,466
51,386
41,207
3,004,217
$
.
2(165,200
(par $100)
in lieu of mtge.
(The
—
2,091
27,273
bd. int. (contra)
1935
1936
1935
$
Assets—
20, 629,608 20,653,926
Fixed capital
Investments
Pref .stk. ,$7 cum.
1934
$
Liabilities—
$
A QQfifQ——
loss$46,010
1935
1934
1935
1934
1935
1936
1936
23,
60,943
22,153
67,571
43,236
292,939
2,295
278,256
1,194,509
287,855
1,291,119
Miscell; accruals.
-
64,915
646,523
483
Consumers' service
deposits-
& line
Reserves.
Contrib. for extens.
—21,021,650 21,025,413
Total
a
of
Fall River Gas Works
Period End. Apr. 30—
Operating revenues
Operation
Maintenance
Taxes......-—
..21,021,650 21,025,413
Total
amortization,
value.—V. 142, p. 1638.
After depreciation and
no par
(non-refundable)
b Represented by 412,853 shares
Capital surplus—
Corporate surplus.
Co.—Earnings-
1936—Month- -1935
$73,852
$72,656
40,006
39,259
4,425
5,714
13,747
13,656
Net oper. revenues—
$14,027
$15,672
$190,381
Non-oper. income—net.
2
6
186
78
$14,029
5,000
$15,678
5,000
926
964
$190,568
60,000
12,335
$210,964
60,000
13,567
$8,103
$9,713
$118,232
$137,396
$210,886
x
Represented by 60,000 no par shares.—V.
-
Retirement res've accr'ls
Interest charges.
Net
income
—V. 142, p. 2827.
Federal Light & Traction Co.
Period End. Mar. 31—
(& Subs.)—Earnings—
1936—3 Mos —1935
exps., maint.
taxes (incl. prov.
1936—12 Mos.—1935
$2,075,161
1,236,120
4,916,295
4,405,577
$916,376
34,136
$839,040
31,995
$3,233,984
97,983
$3,060,888
127,953
$950,513
Oper.
$2,313,335
1,396,959
Gross operating revenues
$871,035
$3,331,967
Florsheim Shoe Co.—Extra Dividends—
The directors
107,749
46,930
433,609
185,931
433,524
188,473
$7,466,466
estimated Federal in¬
tax)
come
Net operating revenuei
Other income
Total income
Interest,
discount
and
other charges of subs.
Pref. divs. of subs
Foundation Co.
511
Cr294
Crl,108
02,606
183,210
115,396
203,912
111,586
752,378
455,128
842,273
430,448
$496,329
$401,152
$1,506,028
$1,296,729
66,561
66,561
266,244
266,244
$429,768
$334,591
$1,239,784
$1,030,485
and
discount
Net income.
Pref. divs., Fed.
& Traction Co
Net
Light
(Peter) Fox Brewing Co .—Earnings—
preferred
__
Note—The net earnings of $1,239,784 for the 12 months ending March 31,
1936 are equal to $2.36 per share on the 524,903 shs. of common stock
outstanding.—V. 142, p. 1289.
The report for the quarter ended March 31,1936, shows:
4th Quar.
ls( Quar.
1 st Quar.
of 1936
19,238
of 1935
19,983
of 1935
16,146
1,045
1,301
$169,072
$159,627
$22,649
by
lessees-
before
deprec., deple. &
Fed. inc. & excess profits taxes._
_
Portion of first quarter of 1936 production held for future sale: Lead
(tons)
,
2,806.
Total stocks held at March 31, 1936, for future sale: Lead (tons), 9,460;
zinc (tons), 2,659; lead concentrates (tons), 3,429; zinc concentrates (tons),
15,074.
Cash and Governments (at par) at
p.
March 31, 1936, $242,499.—V. 142,
2827.
Ferro Enamel Corp.—Dividend Increased—
The directors
common
stock,
have
no par
$56,253
quarterly dividend of 15 cents
share
on the 6% cum. conv. preferred stock, par
holders of record June 15.—V. 142, p. 2318.
Gabriel Co.—Stock Increase
per
$10, payable July 1 to
Approved—
May 18 an increase in the
a reduction in the stated
Stockholders also authorized
exchange of outstanding 2,000 shares of class B stock for 40,000 shares of
class A stock on a 20-for-l basis, with exclusive voting rights vested in the
At
a
special meeting of stockholders held
number of A shares from 198,000 to 300,000
value from $5 to $1 per share were approved.
A stock.
and
The class B shares will be canceled.
be given warrants to purchase one
additional share for each 10 shares held
at $4 a share.
Shields & Co. will receive an option to purchase 20,000
shares of A stock and the balance not absorbed by stockholders at $4 a
share.—V. 142, p. 3343.
Electric
Co.—Reorganization Plan
Confirmed—
1,059
Tons of concentrates produced
Tons of shipping product produced
earns,
1935^
Preferred Dividend—
Galveston-Houston
Federal Mining & Smelting Co.—Earnings-
Net
1936
$114,208
10 Months Ended April 30—
Net profit after all charges
Options will be given to employes to buy stock and class A holders will
after
deducting
dividends
the French courts totaling it is
City of Paris on account of work
construction of subways inthat city, John W.
Doty, President, said at the recent annual meeting.
He added, however,
the award is still open to appeal by both sides and he was unable to state
definitely if such action will be taken by the French authorities.
Other
claims in France, aggregating about 6,500,000 francs, covering supplemental
and station work on the subway, are now in litigation.
Practically all claims of the company in Italy have now been cleared
and it appears only a matter of time until the money can be moved.
During
1935, due to exchange restrictions in Italy, it was possible to obtain exchange
for only 331,440 lire, which was converted at the average rate of 8.2165
and transferred to New York.
Of the balance held in Italy, 1,480,705
lire, had been invested in the shares of Italian corporations, and as of early
this month there remained to be collected in that country 927,000 lire, a
substantial portion of which is secured.—V. 141, p. 436.
done some years ago in the
other
_
per
(Foreign)—Wins French Suits—
The company has received awards in
said about 13,300,000 francs against the
The directors have declared an initial
pany applic. to minor¬
dividend of 25 cents
All dividends will be paid on July 1 to holders of record
Similar payments were made on Jan. 2 last.-—V. 141, p. 4166.
Initial
ity interest
charges of Fed.
Light & Traction Co.
Provision for deprec
May 21 declared an extra
of like amount.
Proportion of net income
of a subsidiary com¬
Interest,
on
on the no-par class A common stock in addition to the regular quarterly
dividend of like amount and an extra dividend of 123^ cents per share
on the no-par class B common stock besides the regular quarterly dividend
$3,188,842
108,662
46,403
$8,150,279
and
for
142, p. 1120.
share
June 15.
Balance
—21,322,223 22,184,721
Total...
..21,322,223 22,184,721
Total
1936—12 Mos.—1935
$881,966
$888,312
468,024
452,457
65,455
59,620
158,105
165,348
65,578
54,484
859,405
780,350
37,071df2,156,767
declared a dividend of 25 cents per share on the
value, payable June 20 to holders of record June 10.
The directors had previously declared this dividend to be 20 cents per Share
with the stipulation, however, that if the company's refinancing program
which
was contingent on the sale of 15,250 shares of common stock offered
April 25 was successful, the amount of the dividend would be raised to 25
cents.
Evidently this financing program was successful.
Dividends of 20 cents per share were distributed on March 20, last,
Dec. 20 and Sept. 25, 1935; 15 cents per share were paid in the two previous
quarters, and dividends of 10 cents per share were distributed each three
months previously.
In addition extra dividends of 5 cents per share were
paid in each of the four quarters of 1934.—V. 142, p. 3342.
The several classes of
security holders effected by the plan of reorganiza¬
of Galveston-Houston Electric Co. and its subsidiaries dated as of
March 1, 1935, as amended, are advised that the plan has been confirmed
and is being consummated pursuant to orders of the U. S. District Court
tion
for the District of Massachusetts dated Feb. 10, 1936, and March 2, 1936,
respectively.
Upon surrender of certificates of deposit for 1st mtge. bonds, series A,
6% of Houston Electric Co. on or after May 19, to Old Colony Trust Co.,
depositary, 17 Court St., Boston, accompanied by the letter of transmittal,
holders will receive for the deposited bonds represented by the surrendered
certificate of deposit an equal aggregate principal amount of 1st mtge.
bonds, series B 6%, due June 1, 1950, of Houston Electric Co., with the
June 1, 1936, and all subsequent appurtenant coupons attached.
Pursuant to the plan and the indenture, the board of directors of the
company has determined to apply the initial sinking fund payment aggre¬
gating $200,000 to the retirement of 1st mtge. bonds, series B 6%, due
June 1, 1950, within one year by purchases in the open market or upon
tenders from bondholders at such price or prices (not exceeding the principal
amount thereof and accrued interest) as shall be determinedT from time to
time by a finance committee of the board created for such purpose.
The
board of directors has also determined that the first
quarterly sinking fund
payment (amounting to $32,447) shall be used before July 1, 1936, in a
similar manner.
Lee Higginson Corp. has been appointed agent to handle purchases of the
series B bonds.
Company proposes to apply the first quarterly sinking fund before July 1,
1936 and presently part of the initial sinking fund to the purchase of series B
bonds in the open market or upon tenders from bondholders.
Bondholders
who desire to sell their series B bonds should submit proposals to sell such
bonds in writing stating the sale price and principal amount thereof offered
Corp.- -Dissolves Subsidiaries—Simplifies
for sale.
*
The holders of certificates of deposit for 1st mtge. 5% bonds of GalvestonHouston Electric Ry. can obtain, upon surrender of their certificate of de¬
It was announced May 18 that Lake County Power & Light Co., Florida
Power Co.. and Florida West Coast Power Corp., subsidiaries of Florida
Power Corp., were dissolved in December of 1935 as a step in
simplyfiing
the corporate structure of the Associated Gas & Electric
posit on or after May 21, 1936, to Old Colony Trust Co., for each $500
of deposited bonds represented by the surrendered certificate of deposit,
in satisfaction of principal and all interest claims on the deposited bonds:
Florida Power
jStructure—
System.
In
addition, the properties of the West Florida Power Co. and of the Ocklawaha
Co. were transferred to Florida Power Corp.
These steps have
reduced by five the number of active corporations in the Florida group.
The total of companies in the Associated Gas & Electric Stysem elimi¬
nated by merger, dissolution, consolidation or otherwise is now 330.—
V. 142, p. 3343.
Power
Florida Public Service Co.—EarningsCalendar Years—
1935
1934
expended presently
1933
$1,681,773
964,681
157,437
$1,678,518
854,478
175,719
35,225
158,203
51,892
151,928
34,625
138,426
$290,709
26,279
$355,835
11,935
$475,270
5,218
$316,988
264,215
10,382
$480,488
03,176
$367,770
757,436
359,738
49,608
02,265
.prof$45,566
prof$45,566
$796,746
$638,230
Provision for retirements, renewals &
replacements of fixed capital-
.
Provision for taxes..
Operating income
Other income (net)
Gross income.
Interest
Interest
on
long-term debt.
on
unfunded debt
Amortization of debt discount & exp.
Interest charged to construction
Net loss
be applied by Galveston Electric Co. and Galveston-Houston Electric Ry.
to the purchase of the secured
6% income bonds of the new corporation
within such period and in such manner as shall be determined by the direc¬
tors of the companies providing the funds.
Accordingly, it has been de¬
cided that approximately $25,000 of this fund shall be
in
]
$1,691,964
1,021,241
186,584
Maintenance
(a) $200 of secured 6% income bonds due June 1, 1955, of GalvestonHouston Co. (the new corporation) and (b) 16 shares of common stock of
Galveston-Houston Co.
The plan of reorganization provides in effect that a total of $100,000 will
757,436
308,436
55,404
02,559
the purchase of such bonds.
If bondholders desire to sell the new bonds
they receive, they should notify the Lee Higginson Corp., which
has been appointed agent to handle
purchases of the bonds.
The holders of certificates of deposit for secured income notes, series A
63^ % and series B 6%, of Galveston-Houston Electric Co. can obtain,
upon surrender of their certificate of deposit on or after May 21, 1936, to
°ld C°l°ny Trust Co.,
depositary, for each $390 of deposited notes repre¬
sented by the surrendered certificate of
deposit, in satisfaction of principal
and all interest claims on the
deposited notes: (a) $300 of secured 6 % income
bonds due June 1, 1955 of Galveston-Houston
Co.; (b) 5 shares of common
s^pck of Galveston-Houston Co., and (c) cash (for interest) equal to 1.95%
of the principal amount of the
deposited notes, series A, ana 1.8% of the
principal amount of the deposited notes, series B.
The Plan of reorganization
provides in effect that a total of $100,000 will
be applied by Galveston Electric Co. and
Galveston-Houston Electric Ry.
to the purchase of the secured
6% income bonds of the new corporation
within such period and in such manner as
shall be determined by the direc0:ub.e companies providing the funds. Accordingly, it has been de¬
cided that approximately
$25,000 of this fund shall be expended presently
whidb
Volume
Financial
142
in the purchase of such bonds.
and common stock of Galveston-Houston
The holders of preferred stock
Co.
Electric
each 4 shares
of
of
of preferred stock of Galveston-Houston
and accumulated dividends
Assets—
Inventories
Dep.
stock for each
stock of Galveston-Houston Electric Co. will receive
stock of Galveston-Houston Co. .and (b) holders of common
100 shares of common
1 share of common stock of Galveston-Houston Co.
The new common stock and scrip certificates will be
Dividend
redempt.
of
June
1,871,139
1
by the
61,915
advertising, sup¬
Galveston-Houston
Mass., accompanied
Co.—Organized—
company
A pro forma
Pro Forma Initial Balance Sheet
$2,597,392
Cash
40,245
4
Miscellaneous Investments
1,402
1,060
Special deposits.
Unadjusted debits
Total
Adminis. & gen. exps
Directors' fees
$2,640,103
$2,640,103
Total—
Contingent Liability—Galveston-Houston Co. has a contingent liability
a Government claim of $213,283 plus interest of $39,162 to April 6,1935,
for
plus interest at 6% thereafter for additional Federal income taxes for 1931
assessed against Galveston-Houston Electric Co. and its affiliated corpora¬
tions.
The Court in the reorganization proceedings denied the above
claim and the Government has taken an appeal.
a List of investments in subsidiary companies owned by the GalvestonHouston Co.:
1st mtge. bonds, series B 6%, due June 1, 1950, Houston
Electric Co., $360,000; 1st mtge. 5% 45-year bonds, due Oct. 1, 1954,
Galveston-Houston Electric Ry., $1,226,000; demand note—non-interest
bearing, Galveston-Houston Electric Ry., $198,050; 1st. mtge. 8% income
bonds, due May 15, 1955, Galveston-Electric Co., $210,000 and Texas
Bus Lines, Inc., $92,500.
Capital stocks: Houston Electric Co. ($100 par),
50,000 shares; Galveston Electric Co. ($100 par), 13,500 shares; GalvestonHouston Electric Ry. ($100 par), 16,500 shares; Texas Bus Lines, Inc.
(no par), 1,000 shares.
The above are the total amounts of bonds and shares of stock of subs,
now outstanding except the $3,503,200 of Houston Electric Co. 1st mtge.
bonds, series B 6%, due June 1, 1950, held by the public.
12,760
209,514
174",172
4,863,433
4,931,077
200,349
4,943,107
345,439
648,552
349,995
643,746
352,000
641,443
356,118
628,455
36,105
36,105
36,105
075,637
089,140
$2,165,436
$2,238,892
$2,432,713
1,500,000
of discount
4,941
348,252
4,843,065
2,500,000
2,125,000
1,500,000
on
funded debt
bonds and debs.
redeemed
...
Net revenue
Gatineau Power Co. pref.
dividends
Consolidated Balance Sheet Dec. 31
1935
prop...132,654,306 132,604,143
Plant &
Cash
Liabilities—
$
$
Assets—
1935
1934
in
Accts.
escrow
62,540
$
Funded debt—
payable-
Customers' dep.
Operations
for the Calendar Year 1935
62,540
44,175
624,490
774,759
44,175
291,237
868,619
Prov. for taxes.
119,167
121,059
Accr'd int.
lor
Galveston
Deferred
Houston
Electric Co.
construe'n
Investments
Cash
GalvestonHouston
Electric Co.
& other
Property
assets
pay.
$2,135,579
$222,179
$208,127
1,601,982
208,872
183,927
25,956
66,171
75,395
438,868
purch.
in one year.
8,055
8,055
34,556
34,556
5,208,674
Serial
Lines, Inc.
Gross earns,
5,667,720
10,120,126
7,724,657
2,785
obliga'ns
Due to Canad'n
$28,430
Hydro-El. Cp.
(oper., maint.
Expenses
81,641
285,554
434,923
due in one yr_
(ry., bus &
miscellaneous)
290,215
obligations due
6,638,797
6,342,069
& expenses
Texas Bus
Electric Ry.
87,524,167
Accrued payrolls
Inventories
1934
$
86,513,056
285,623
28,959
Accts. receivable
Pro Forma Income Statements of the Subsidiary Companies Based on
153,347
277,244
90
Depreciation, &c
Dividends on preferred
stock of subsidiary
on
265,243
$9,629,856
602,418
$2,059,416
Taxes
Profit
9,353,888
518,950
166,440
294,809
$9,219,872
564,858
197,831
991
Prov. for doubtful accts.
Amortiz.
196,930
1932
1933
1934
560,494
204,701
293,262
Operating expenses
Interest
Total
$4,188,123 $4,406,964
(& Subs.)—Earnings—
1935
$9,233,477
Maintenance
due June 1, 1955
1,167,500
Miscellaneous liabilities..1,428
Miscellaneous reserves
10,800
Capital surplus
1,401,960
196,930
2,164,819
Represented by 209,250 no-par shares in 1935 and
in 1934.—V. 142, p. 1983.
y
Calendar Years—
$58,415
700,000
209,250
2,840,836
—
of $1,740,970 in 1935 and $1,639,179
for depreciation
Gross rev., incl. oth. inc.
Com.stk.(58,415 shs., no par)
Secured 6% income bonds,
June
Surplus
Gatineau Power Co.
of Qalveston-Houston Co.
Liabilities—
Investments in sub. cos
102,135
reserves
1,685,215
4^%
due
Capital stock
y
$4,188,123 $4,406,964
After
1934.
m
initial balance sheet of Galveston-Houston Co. follows:
Assets—
a
x
f.
s.
bonds
15, 1945
153,520
Total
is successor to Galveston-Houston Electric Co. and its
subsidiaries per reorganization plan dated March 1. 1935, as amended
(V. 140, p. 2354).
This
1st M.
Prepaid taxes, ins.,
plies, &c
140,921
5,354
conv.
debentures
1
28,597
150,000
137,500
1936..
15,
10-year 6%
Disct. and expense
on debentures..
Trust Co., depositary, 17 Court St., Boston,
etter of transmittal.—V. 140, p. 2354.
39,386
Accrued accounts.
Patents and trade¬
marks
92,680
bds. due for red.
5,354
1,891,310
ready for delivery
on or after
May 21, 1936, and, in order to obtain such common stock and
(or) scrip certificates, holders of preferred and common stock should deliver
their stock certificates or forward them by registered mail to Old Colony
$87,013
90,924
Can, inc. taxes.
1st M. s. f. 4X%
Land, improve'ts
buildings, &c...
1934
$54,258
U. S. and Dom. of
trustee
10-yr. 6% debs,
x
1935
payable.
payable.
Accounts
422,804
984,932
1,015,815
with
for
will receive 1 share of common
$964,037
$597,959
495,566
Accts. receivable..
Liabilities—
1934
1935
Cash..
Electric Co., who have accepted the plan, will receive common stock
Galveston-Houston Co. (the new corporation), as follows: (a) holders
preferred stock fo
Consolidated Balance Sheet Dec. 31
If bondholders desire to sell the new bonds
Corp., which has
which they receive, they should notify the Lee Higginson
been appointed agent to handle purchases of the bonds.
3509
Chronicle
and taxes)
■
Ltd.
24,033
Res. for deprec.
$533,596
7,556
Net oper. revenues
Equipment note interest
$13,307
$24,199
& amortlza'n.
$4,397
Other
780
reserves
Difference
$13,307
$526,040
Annual
ments
$24,199
tween
$3,616
interest require¬
on
bonds out¬
standing
16,800
61,300
treas.forsk.fd
7, 400
x
$294,248
ciation, amortiz., &c._
Pro
Forma Balance Sheets
as
def$3,492
of Dec. 31,
1935
def$37,100
def$3,783
y
GalvestonHouston
Galveston
Electric Co.
Electric Co.
—$11,279,583
$3,020,086
86,857
2,381
$5,023,618
101,057
Prop., plant &
per
965
106
Texas Bus
Lines, Inc.
equip, as
books
570,090
23,230
90,691
Cash
receiv.
Materials and supplies.
Notes & accounts
_
Prepayments
Miscellaneous assets
Unamortized
debt dis¬
count and expense
913
*
3,667
715
"~2~,132
438
Gatzert Co.—SEC
The Securities and
$1,350,000
$1,650,000
1st
$44,832
$25,000
Net profit after charges
210,000
92,500
Earnings per share
—V. 142, p. 2995.
Demand
1935
$242,701
818,203
$0.29
$308,025
848,003
$0.36
1934
$360,285
804,869
$0.44
Sales of General Motors cars and trucks to dealers in the overseas markets
during April totaled 29,370 units, and represented an increase of 19.4%
over the volume of 24,599 units in April, 1935.
In the first four months of 1936, sales totaled 115,661 units, representing
198,050
142,472
63,743
13,723
44,593
_ _ —
Outstanding tickets
Taxes & interest
of 233,613 out¬
General Motors Corp.—Overseas Sales—
1,226,000
note—non-int.
bearing:
Held by Gal-Hous.Co.
Equip, notes 6%, due
serially to Sept. 1938-
1936
& Fed. taxes.
$5)
Shares of capital stock (par
1955:
Gal-Hous.Co.
bonds, '54:
by Gal-Hous.Co.
_
Co.—Listing Approved—
General American Transportation Corp. (& Subs.)—
Gal-Hous.Co.
8%
income
payable
by the bondholders committee for
certificates, series CC, K, KK, MO6,
the Assessment Bond Service, Inc., both of Chicago.
The
were declared effective as of May 15.
Quarter Ended March 31—
3,503,200
360,000
Held by
Accounts
as a
and
T,
General Alloys
1st mtge. 5%
Held
Stop Orders Lifted—
Exchange Commission announced May 19, that
standing shares of common stock, no par.—V. 141, p. 596.
series B
public
mtge.
bonds,
140,621,508 104,630,572
Gatzert Co. municipal securities trust
6%, due June 1, '50:
Held by
Held by
2,500,000
11,272,026
Represented by shares of $5
The New York Curb Exchange has approved the listing
Galveston-Houston Co $5,000,000
25,000,000
filed under the Securities Act of 1933
statements
$5,136,047
y
25,000,000
2,500,000
10,081,443
result of the filing of amendments which had met requirements, stop orders
had been lifted in connection with registration statements which had been
and
$3,126,841
Total
x Represented
by shares of $100 par.
par—V. 142, p. 1641.
$38,317
by
stock—held
1st mtge. bonds,
8,240
60,000
$12,027,713
Total.
Liabilities—
Capital
Houston-
Electric Ry.
140,621,508 140,630,5721
Total
1,779
3,151
15,868
1,541
Assets—
Common stk__
Surplus
(of Subsidiary Companies)
35,180
6% cum. pref.
stock
before depre¬
Balance
&
bds.
&debs. held in
231,792
summation of plan
>,
cost
val. of re¬
par
acquired
con¬
upon
3,716
_
.
be¬
accrued
2,474,302
62,060
6,200
Retirement reserve
Accident reserve
Uncoil, accounts reserve
8J4I
"7",563
11,075
2,648
931
^
9Q9
756",274
2,006)895
12,655
1,061
350
12,868
12,777
Surplus
357,417
788,709
defl8,623
defl00,451
Total
$12,027,713
$3,126,841
$5,136,047
$44,832
an increase of 23.2%
over sales of 93,908 reported for the corresponding
period of 1935.
These figures include the products of the corporation's American, Cana¬
dian, English and German factories sold outside of the United States and
Canada.
American-source sales of Chevrolet, Pontiac, Oldsmobile, Buick,
LaSalle and Cadillac vehicles reflected substantial gains in practically all
of the 104 countries comprising the overseas market.—V. 142, p. 3343.
General Outdoor Advertising Co. (&
Directors—It has been determined that the first board of
directors of Galveston-Houston Co. shall be five in number as follows:
Guy W, Walker Jr., A. Stuart Pratt, Edwin D. Crowley, Boston, Mass;
Kenneth E. Downs, Lawrence, Mass., and Augustus P. Loring Jr., Boston,
Board
of
Loss from operation.
_
Mass.
Miscellaneous income—
Gas Securities Co.—Regular %% Stock Dividend—
dividend of H of 1 % in scrip on the common stock
monthly dividend of 50 cents per share on the preferred
stock will be paid on June 1 to holders of record May 15.—V. 142, p. 2827.
Amortization
The usual monthly
and the regular
Garlock Packing
—
Income charges
Interest on debentures.
Amort, of disct.
o.i
1933
_
$865,197
$630,015
$296,308
General
19,538
16,612
22r269
21,191
$981,175
115,014
70,694
$881,809
102,686
105,475
$652,284
83,919
117,848
$317,498
83,412
122,847
The
-
Shs. cap. stk. outst'g...
Earnings per share
$112,222
12,136
$287,269
26,505
$401,833
37,612
$22,299
231,769
2,866
$100,085
256,628
3,311
$260,764
369,693
4,558
$364,221
422,409
11,189
$360,024
$635,015
$797,819
Refractories
directors
Co.—50-Cent
common
have
declared
dividend
Dividend—Official
of
50 cents per share on the
stock, no par value, payable June 30 to holders of record June 1.
8,957
Net income
$38,211
15,912
a
Similar payment was made on Dec. 30, 1935, this latter being the first
distribution made since Nov. 25, 1931, when a dividend of 25 cents per
18,792
21,172
22,008
share was paid.
92,680
55,237
14,012
to
$695,585
255,402
$562,175
167,408
209,250
196,930
$2.85
$374,108
79,457
197,286
$1.89
$75,221
90,000
200,000
$0.37
of directors Floyd L. Greene was advanced
position of Executive Vice-President.—V. 142, p. 3170.
At the organization meeting
U. S. & Dom. of Canada
Dividends
1 933
$2,010,370
2,412,203
Promoted—
90,924
debentures
1934
$2,151,140
2,438,409
—V. 142, p. 1985.
& exp.
income taxes
—
1 935
$2,238,770
2,350,992
1932
$961,636
Other income credits—
Gross income
1934
Gross loss
Interest
Net loss
Co. (& Subs.)—Earnings—
1935
Calendar Years—•
Net profit from oper
Subs.)—Earnings
1936
$2,313,589
2,351,800
$256,934
Quar. End. Mar. 31—
Operating revenues
Oper. exp., incl. deprec.
$3.32
the
General Theatres Equipment, Inc.—Sold at Auction—The assets of the receivership estate of the company were sold at public
auction at Wilmington, Del., May 18, for $4,039,367 and were bought in by
Robert G. Starr, New York attorney, for the reorganization committee.
3510
Financial
Chronicle
May 23, 1936
r*
The sale is part of the reorganization program of the
company, which has
been in receivership since Feb. 29, 1932.
It was held by United States
Senator
Daniel
Hastings, receiver, on order of Chancellor Josiah O.
Wolcott and was partitioned by a reorganization committee
representing
about $25,000,000 of debenture bonds.
Among the larger parcels were 18,536M shares of Twentieth CenturyFox Film preferred stock, which brought a bid of $644,134 and
9.268K
shares of the same company's common stock, which brought
$231,703.
A general parcel covering a variety of notes, checks, drafts and the
like brought $258,575.
Several of the parcels of stock sold for small amounts, many of them for
less than $10.
The major parcels and their prices follow: 219 shares of $7
dividend
preferred stock of National
Theatre
Supply Co., $27,826;
9,236 47-60 shares of common stock of the same company, $128,947; 151
shares of $7 preferred of International Projector Corp.,
$13,863; 9,996
shares of common, $136,945; 3,000 shares of $6.50 preferred of Theatre
Equipment Contracts Corp., $417,750; 2,000 shares of $7 dividend pre¬
ferred, $273,00; 5,000 shares of common, $209,250; 10,000 shares of capital
stock of J. E. McCauley Manufacturing Corp., $896,000; 10,000 shares of
the Strong Electric Corp., $205,000; promissory note of J. M. Wall Machine
Co., Inc., for unpaid amount of $157,500, sold for $58,417; 500 shares of
Broadway & Ninety-sixth Street Realty Co., $100,000; another identical
parcel, same price; 57^ shares of Broadway Varieties Co., $100,000; all
right attributable to $1,561,000 10-year 6% convertible debentures of
General Theatres Equipment, $100,140.
|*Only $1.40 was paid for 10,000 shares of the Ashcraft Automatic Arc Co.
an open account carried on the books of the receiver at
$3,784.
Other
Herring-Hall-Marvin Safe Co.—Files with SEC—
The company
O.
tificates for
for conversion.
According to statement all of bonds were
New York Trust Co. for investment
On April 7, 1936, company states directors resolved to extend
stockholders the right to purchase the $360,000 bonds on a pro rata basis.
Company will reacquire the bonds from the New York Trust Ccr.
The subscription price to stockholders is par.
Bonds are convertible
into common stock in ratio of 25 shares of stock for each $1,000 bond.
Part of proceeds received from sale to New York Trust Co. was used
to pay off company's loans
of $140,000 from Reconstruction Finance
Corporation.—V. 132, p. 320.
be
reserved
sold March 30, 1936, by private sale to
purposes.
Heyden Chemical Corp.— Earnings-—
$668,523
83,291
80,400
62,498
78,573
$504,832
187,038
21,700
Total income
Preferred dividends
Jan. 1
1 935
$16,475
to May 7
1 936
$370,471
$351,623
$162,701
$157,513
& Transit
The directors have declared
1935
Assets—
$426,751
10,218
30,580
$1,652,821
$1,172,810
Gould Coupler
an
Co., Ltd.—Extra Div.—
extra dividend of 15
cents
per share
Co.—Hearing June 1—
have declared
dividend
of $1.50 per share on account
preferred stock, no par value,
payable June 1 to holders of record May 15.
A like payment was made on
Dec. 2, Sept. 2 and June 1, 1935, and compares with $2.25 per share paid
on March 1, 1935, and 75 cents paid each quarter from June 1,
1933, to
and including Dec.
1 1934.
Prior to June 1, 1934, regular quarterly
dividends of $1.50 per share were paid.—V. 141, p. 3379.
accumulations
on
the
$6
a
cumulative
Gulf Oil Corp .—Trading
Continued—
The Securities and Exchange Commission has issued an order granting
continuance
of unlisted trading privileges in
Pittsburgh Stock Exchange.—V. 142, p. 3345.
the
capital
stock
on
ties at cost
Trade
299,099
Stockholders at
a
The increase in the authorized common stock would provide
for*the conversion privilege of the new issue of preference stock and also
would provide common stock which would be available for refunding of
preferred dividend accumulations which on June 1 will amount to $20 a
share, the board having recently declared a dividend of $2.50 on the 6%
preferred stock on account of accumulations.
(See V. 142, p. 2668.)
Directors will fix the rights, preferences and conversion privileges of the
new issue of preference stock.
No action has been taken as yet on the
various proposals by the board of directors, the meeting having been limited
to action by the stockholders.
Ne..t meeting of the directors will be held
on May 28.—V. 142, p. 2996.
Harden Chemical
Corp.—Registers with SEC—
•
by
public
3,300
3,300
Preferred stock...
137,782
Common
310,000
310,000
1,500,000
1,500,000
526,633
stock...
Paid-in
510.000
40,321
surplus...
1,697,666
526,633
1,406,836
Dr88
Dr88
510,000
67,715
surplus
Earned
cTreas. stk. (com.)
2,132,291
77,682
59,682
$4,408,267 $4,164,381
Total
....$4,408,267 $4,164,381
After reserve
V. 141, p.
3379.
Hill Packing
Haverhill Gas
Company—Incorp. in Kansas, May 13, 1931, and acquired the properties
business at Topeka, Kan., formerly owned by Burton Hill as an
Company operates a by-product plant established about 1920
and a horse packing plant established in 1930.
The packing plant is
operated under U. S. Government inspection.
The principal products
of the company are cured horse meat, packed for export- chilled and frozen
fresh horse meats, sold for feeding foxes, mink and other fur-bearing animals
being raised for market; hides, hair, grease, and supplemental protein
feeds, sold principally for feeding hogs and poultry.
Company enjoys
a ready market for each item of its production.
and
Earnings Years Ended Dec. 31
Freight and allowances.
1935
$392,330
19,712
Disc, in compromise of accts. pay—
1936—Month—1935
$43,483
28,616
1,526
6,637
revenues
Maintenance
Taxes
$46,059
29,205
1,726
,
7,022
income
$6,703
1936—12 Mos.—1935
$560,634
$572,438
353,433 v
364,799
23,321
22,703
89,514
83,875
$8,105
$94,365
$101,059
Dr2
83
84
$6,703
2,916
467
$8,103
2,916
262
$94,448
35,000
2,661
$3,319
accruals._
charges
Net income
$287,568
268,363
$355,092
359,377
$19,067
$19,205
loss$4,285
stocks
authorized
capitalization
$4,923
$56,787
50,000
is
shares
of participating convertible 7% cumulative ($5 par) preferred stock (of
which 36,000 shafes are covered by the present offering), and 150,000
shares
of
common
(no par) stock.
4,040 shares of the preferred stock
outstanding, owned by Burton Hill individually and constitute
of this offering.
100,000 shares of the common (no par) stock
are outstanding,
and the remaining 50,000 shares of the common stock
are being reserved in order to take care of the conversion
privilege given
to the 50,000 authorized shares of preferred stock.
The company has an indebtedness of $40,000 secured by a mortgage
upon its properties, dated March 1, 1936. and payable $2,500 semi-annually
March 1, 1937, to March 1, 1939; $3,000 semi-annually Sept.
1, 1939, to
Sept. 1, 1940, and $18,500 March 1, 1941.
Present Offering—The present offering is 36,000 shares of participating
convertible 7% cumulative preferred stock consisting of 31,960 shares not
heretofore issued, which are being sold for the account or the
company,
and 4,040 shares now outstanding, which are
being sold for the individual
are
now
part
a
of
Burton
Hill.
Balance Sheet Dec. 31,
Assets—
$1,089
Notes
&
and
1935,
assets
Notes
9,836
receivable
(less deprec.)..
payable
Accounts payable
55,048
accounts
Inventories..
,$62,901
equipment
Liabilities—
Cash
Accrued liabilities
165,054
Goodwill
17,393
7,598
Deferred charges
Other
current
Funded
for
3,479
liabilities
4,458
debt
Reserve
$11,103
10,298
20,800
Federal &
State
income
The company has filed an amendment with the Securities and Exchange
to its recent Securities Act registration statement covering
45,000 shares of 6% cumulative convertible preferred stock.
The amend¬
ment changes the number of common shares being registered to 400,000
Of these, 135,000 are to be reserved for
from 500,000 as originally filed.
conversion purposes.
20,200
stock
151,240
6,211
Surplus
Total
-V.
SEC Reduces Common Share Issue—
stock
Common
Department Stores, Inc.—Amendment Filed with
Commission
taxes
Preferred
2997.
amendment
$353,485
1,606
dividends
common
$101,143
35,000
3,241
Non-oper. income—net
Balance
for
$287,568
$373,665
354,597
Capital Stock—Company's
Fixed
Net oper. revenues..>
available
preferred and
1933
$377,364
23,879
$372,618
1,047
Total...
on
1934
$298,797
11,229
Purpose—Net proceeds will be used principally for
general improvements and to increase working capital.
Light Co.—Earnings—
Period End. Apr. 30—
Co.—Additional Data—
prospectus dated April 21 issued in connection with the offering of
36,000 shares of convertible preferred stock (par $5) by Matthews, Lynch
& Co., Chicago, at $5.25 per share, affords the following:
A
account
See list given on first page of this department.
The
held
corp.
78,615
42,832
for doubtful items of $23,996 in 1935 and $19,172 in
1934.
b After reserve for depreciation of $982,307 in 1935 and $896,756
in 1934.
c Represented
by 3 2-5 shares of common stock, at cost.—
a
Net
decided upon.
Hearn
payable
for conting..
Pref. stock of sub.
495,898
rec.
Total
special meeting held oh May 16 approved a new issue
($100 par) convertible into common and
The authorization of the new issue of preference stock would empower
the directors to refinance the present preferred stock should that later be
p.
100,000
Cost of goods sold, &c
also approved an increase of 100,000 shares to 600,000 shares in the author¬
ized common stock.
142,
293,712
540,390
&
in
Development exp.
of $3,621,800 preference stock
—V.
83,227
5,425
70,000
Divs.
Res.
accepts.,
companies
130,501
b Plant, property
and equipment. 2,287,260
the
Hamilton Watch Co.—New Stock Issue Approved—
Interest
$196,253
individual.
Green Mountain Power Corp.—Accumulated Dividend—
The directors
res.
$212,104
Marketable securi¬
a
1934
1935
Accounts payable.
Reserve for Federal
income taxes...
$522,762
hand
on
formulae, &c.._
Judge John Knight on May 19 in Federal court Buffalo adjourned until
June 1 the reorganization hearing of the Gould Coupler Co. and the Syming¬
ton Co.—V. 142, p. 2160.*
Retirem't
Liabilities—
1934
Cash in banks and
Prepaid items
in
addition to the regular semi-annual dividend of 25 cents per share on the
common stock,
no par value, both payable July 2 to holders of record
June 15.—V. 135, p. 4565.
Operating
Operation
$1.21
2995.
Goderich Elevator
of
$34,497
$2.68
Patents, processes,
Period End. Apr. 30—
1936—Month—1935
1936—12 Mos.—1935
Gross earnings
$2,123,593
$1,936,004 $24,446,410 $22,452,517
Operating expenses
1,061,782
907,608 .^12,031,395
10,866,529
Fixed charges
519,489
515,008 fc. 6,291,749
6,142,691
Prov. for retire, res've__
133,750
110,000 u. 1,520,000
1,320,000
Divs. on pref. stock
245,870
245.873
2,950,444
2,950,486
—
$256,325
$4.07
from affil. & oth.
[A Subsidiary of Commonwealth & Southern Corp.]
p.
$261,711
147,404
21,700
Comparative Consolidated Balance Sheet Dec. 31
1935
Georgia Power Co.—Earnings—
142,
$203,601
shs.com.stk.(par $10)
Inventories
of May-
1936
$17,975
•Balance
29,618
$424,783
146,758
21,700
$3.22
Common stock
Invests,
—V. 142, P. 3345.
—V.
31,216
$482,646
199,235
21,700
$296,094
Net income
notes & accts. rec
Georgia & Florida RR.—Earnings—
Period—
Gross earnings
$264,435
60,500
Earns, per sh. on 150,000
May 20 in addition to approving the sale of the
assets of the receivership estate for $4,039,367, also approved the
following:
AnHagreement between the reorganization committee and the Chase
National Bank, relating to formation of the new company, Geneial Theatres
Equipment Corp.; participation of Chase in the reorganization; certificate of
incorporation and by-laws of the new company; proposed instrument o
release and discharge from the reorganization committee to Chase National
Bank; transfer of assets acquired by the reorganization committee to the new
company, and issuance of securities of the new company.—V. 142, p. 3170.
Week
53,245
$234,441
29,994
$530,910
45,627
$623,715
Other deductions, &c—
Prov. for Fed. inc. taxes
$485,427
45,483
$570,470
—
»(-
_
1932
1933
$636,089
32,434
Other income
on
—First
1934
1935
Calendar Years—•
Operating profit
Balance, surplus
Steps in Plan Approved—
Chancellor Wolcott
has filed a registration statement under the Securities Act
covering $360,000 5% 1st mtge. convertible bonds, scrip cer¬
fractional interest of the bonds, 9,000 shares of common to
1933
of
28,228
Total
$256,018
$256,018
142,
2829.
p.
Holland Land Co.—$1
Liquidating Dividend—
The directors have declared a
liquidating dividend of $1 per share on
Hie common stock, par
$25, payable June 3 to holders of record May 23.
This compares with $2.50
paid
Feb. 6. last; $1 paid on Nov. 4, July 15
April 1 and $1 per share distributed
on
and April 23, 1935: 50 cents
paid on
on
v
V
#
Feb. 26,
1935; $2
on
Dec. 29; $3.25
on
0ia9~Pp. 1291. Cents on March 31 • and $1
?o5?
14^,
Oct.
13; 50 cents
on
July 31;
Per share on Feb. 23, 1934.—
further states that new
preferred is convertible into
common at the rate of 3 shares of common for each $50 par value of preferred
stock on or before March 31, 1937; thereafter at the rate of 2M shares of
common for each share of pref. on or before Dec. 31, 1941, or, in each case,
at the adjusted conversion price, determined as provided in the charter.
Of the remaining 265,000 common shares, 165,000 have been issued to
Gramercy Corp. in exchange for the 500 shares of common stock (no par)
of Hearn Department Stores held by that corporation; 50,000 shares are to
be reserved for exercise of options; 20,000 shares are to be issued to the
underwriter, and 30,000 shares will be offered for sale to officers and
employees, and underwritten by Gramercy Corp.
The total estimated proceeds is $550,000; $250,000 from the sale of 20,000
shares of common to the underwriter and $300,000 from 30,000 shares to
officers.
Company will receive no proceeds from sale of the preferred stock.
—V. 142, p. 3172.
.
Hotel St. George Corp.,
Brooklyn—Earnings—
The corporation earned at the annual
rate of 4.76% on its first mortgage
ai-.
Service
{
Sept.
m°?ths ended Feb. 29, 1936,
according to Realty Investors
For the preceding nine months ended
comparable earnings rate was 1.83%.
This hotel
through a reorganization which placed the first mortgage
of Amott, Baker & Co., Inc.
30,
1935
y
i
p.
the
& Vin™*est 5^ starting Oct. 1, 1935.
1936 and
ioo
12o.
»
Hotels Statler
The directors
share
on
Taxes are paid through
occupancy for March was reported 85%.—Y. 142,
the
Co., Inc.—-Accumulated Dividends—
have declared
6%
a
dividend of $3.50 per share
st?c£' par S10°- and
cumulative
a
preferred stock,
on
the 7%
dividend of 75 cents
par
$25.
Both
per
dividends
Volume
are
Financial
142
account of accumulations and -will be
on
paid on June 4 to holders
of
31, 1932,
7 % stock
made.—V. 141, p. 2279.
record May 25.
These will be the first dividends paid since Dec.
when regular quarterly disbursements of $1.75 per share on the
and 37
cents per share on the
6% stock were
Corp.—Stock Offered—Public offer¬
ing of 125,000 shares of class A common stock was made
May 19 through a group headed by Clark, Dodge & Co. and
including Lee Higginson Corp., White, Weld & Co., Kidder,
Peabody & Co., G. M.-P. Murphy & Co., Blair, Bonner &
Co. and British Financial Union of London.
The shares
Household Finance
priced at $50.
The offering does not represent any
financing on the part of the company, as the stock is
being sold by 12 present stockholders in order to reduce the
aggregate ownership by these vendors and their families to
less than 50% in value of the company's outstanding stock.
were
new
The company is an operating company, but the definition of a personal
holding company in the Revenue Act of 1934 probably includes operating
companies engaged in the smaU loan business, thus subjecting the company
to high surtaxes.
The company desires that this reduction in ownership
take place so as to remove it from the definition of a personal holding com¬
pany.
Another purpose of the sale, it is stated, is to accomplish a dis¬
tribution and listing of the class A common stock.
The company has
agreed to make application, in due course, for listing on the New York
Stock Exchange, where its participating preference stock is now listed.
The corporation (with its subsidiaries), is one of the larger organizations
engaged in the small loan business, operating 205 offices in 144 cities through¬
out the United States and Canada.
It is the successor to an enterprise
which traces its origin to an office established in 1878.
As of March 31,
1936, the company had on its books $43,548,219 customers' notes receivable.
This compares with an outstanding volume of approximately $6,600,000
when the present company was
incorporated in 1925.
During 1935 the company made 447,665 loan contracts of a face amount
of $74,731,201.
Consolidated net income of the corporation and sub¬
sidiaries for that year totaled $4,203,926 compared with $3,643,645 in
1934.
Lnderwriters—The principal underwriters
the respective participations of each, are as
and the amounts constituting
follows:
42,000
22,000
19,000
8,000
Clark, Dodge & Co., New York
Lee Higginson Corp., New York
White, Weld & Co., New York.
Kidder, Peabody & Co., New York
G. M.-P.
8,000 shs.
Murphy & Co., New York
11,000 shs.
15,000 shs.
Blair, Bonner & Co., Chicago
British Financial Union, Ltd., London
—V. 142, p. 3346.
Houston
shs.
shs.
shs.
shs.
announced on May 18 rate reductions to domestic and
averaging 11%.
The cut calculated to save the
consumers of this company's power over $500,000 annually, is
91,000
customers
reduction
will
not
affect
the
between the utility and the city, as it is
Houston in last two years.—V. 142, p.
Hudson
Bay Mining
profit-sharing agreement
the second cut in charges granted
2830.
present
& Smelting Co.,
Ltd.—50-Cent
dividend of 50 cents per share on the
capital stock, payable June 29 to holders of record May 29. Similar pay¬
ments were made on Dec. 16 and Aug. 31, 1935, this latter being the initial
payment on the issue.—V. 142, p. 3346.
have declared
directors
The
Wallace
formerly Vice-President and Treasurer, was
May 13.
He succeeds Vernon Drum.—V. 142, p.
Illinois Bell
3346.
...
Mail
Express
Miscellaneous
Incidental
Joint facil.
elected
$6,740,029
16,372
4,465,928
1,028.776
Operating expenses
Operating taxes
$1,228,953
Net oper. income
$6,185,435 $19,852,095 $18,323,568
10,008
49,228
28,485
4,535,174
13,349,819
13,502,704
690,134
3,106,291
2,268,771
$950,119
$3,346,757
Traffic
Transportation
expenses
Miscellaneous operations
General expenses
by the resignation of Cecil E. Fraser.
Charles
Assistant Treasurer.—V. 142, p. 3347.
M. Werly has been elected
Independent (Subway) System of N. Y. City—Earnings
Month
Period Ended Feb. 29, 1936—
$1,049,777
718,121
Operating revenues
Operating expenses
8 Months
$7,650,931
5,344,463
$331,656
$2,306,468
676
4,871
$332,331
__
Net income
$2,311,339
142, p. 2669.
Corp.—Trustees' Report—
in part:
1935 plans of reorganization have been formulated and
presented with respect to each of the subsidiaries in reorganization, namely:
Missouri Public Service Co. and Arkansas-Missouri Power Co.
These
Leonard S. Florsheim, trustee, says
9,
plans were formulated after an extensive appraisal of the properties of these
companies had been made by Day & Zimmermann.
In view of such findings of value with respect to the properties of Missouri
Public Service Co., the trustee, after careful consideration of the proposed
plan of reorganization and after collaboration with the protective committee
for the holders of the 6% collateral trust sinking fund gold bonds of the
Inland Corp., objected to the original plan of reorganization, as a result of
which the other parties in Interest have agreed to revise the plan so as to
increase the number of stock purchase warrants from 2,399 to 13,000.
The trustee has petitioned the court for, and obtained, authority to consent
to the plan of reorganization of Missouri Public Service Co. when so revised,
both as the holder of all the common stock of the old company and as one
of the claimants to its unsecured debt.
reorganization, as it is to be amended, will provide that the
holders of the unsecured debt will receive 30.11% of the common stock of
the reorganized company (or 40,250.5 shs. of stock in place of $1,450,529.38
of unsecured debt), and that the common stock of the old company will
The plan of
receive warrants to subscribe to
13,000 shs. of the common stock of the
reorganized company at $25 per share, exercisable on or before Dec. 31.
1939.
The value of these warrants at the present time is, of course, specula¬
The plan provides for the distribution of $4,445,700 first mortgage
5% bonds or the reorganized company to the holders of the outstanding first
mortgage bonds, which bonds will have priority over the stock and warrants
just described.
The plan of reorganization for Arkansas-Missouri Power Co. in its present
form makes no provision whatever for the common stock of the company
owned by Inland Power & Light Corp., and in the opinion of the trustee,
makes an inadequate provision with respect to the unsecured debt.
The
trustee, together with the Inland bondholders' committee, has filed object¬
ions to the plan both as the holder of the common stock of that company and
also as one of the claimants to the unsecured notes of the company, aggretive.
Sating $386,500. of the debentures of the company and plan ontrustee under
olders of certain Objections have also been filed to the by the behalf of the
which the debentures were issued, and the plan in its
§resent form has not been trustee hopesthe Public Service Commission of the
tate of Arkansas.
The approved by that a revision of the plan may be
obtained.
Power
the trustee against Commonwealth Light & Power Co. and
for the return of certain property transferred by
Light Corp. to Commonwealth Light & Power Co. in
&
119.541
608,930
40,671
$9,599,629
1,943,820
377,539
9,122
$9,387,108
3,188,222
400,586
10,661
$8,870,288
3.417,471
413,719
12,618
$8,348,960
1,794,651
438,594
9,437
income $1,557,159
$2,776,975
$2,991,133
$1,346,620
149,861
134,368
6,352
84,823
291,089
Taxes
Uncoil, railway revenues
Railway
oper.
Other Oper. Income—
Rent from locomotives.-
92,791
Rent from pass. tr. cars.
Rent from work equip.
135,780
18,805
85,771
85,187
137,492
9,436
83,948
$1,890,307
$3,093,037
$3,366,537
$1,916,291
601,262
255,212
312,342
10,845
181,142
815,867
411,610
281,168
16,564
197,684
886,244
471,696
254,135
19,197
216,945
558,815
433,267
273,417
18,576
183,139
$529,502
41,332
$1,370,144
86,681
$1,518,320
105,592
$449,077
82,104
$570,834
$1,456,825
$1,623,912
$531,181
5,466
4,875
5,067
1,993
2,934,641
11,428
_
Joint facility rent income
160,112
20,726
97,744
Deductions from
Oper¬
ating Income—
Hire of freight cars—
Rent for locomotives
Rent for pass, train cars.
Rent for work equipment
Joint facility rents
Total non-oper. income.
Gross income
Income—Deductions from
funded debt.
Gross
2,192
3,912
2,839,009
unfunded debt.-
10,327
Miscellaneous
rents
Interest
Int.
on
on
944
793
2.861,945
33,149
1,253
2,850,034
15,482
1,923
8,071
8,231
$2,285,860
$1,417,024
$1,284,919
$2,430,180
Note—During 1932 company paid into the Railroad Credit Corp. fund
$231,359.
x General
expenses include a credit of $94,580 covering adjustment of
amounts charged to general expenses in 1934 account of contributions to
Federal Retirement Act.
Consolidated Balance Sheet Dec. 31
1935
1934
1935
LiaMUties—
%
and
equipment.68,261,596 68,190,975
To adjust value as
shown
above
basis of par
$
7,500,000
7,500,000
debt
50,350,635 50,114,040
Loans & bills pay
551,397
698,028
Traffic & car serv.
to
balances
value
Audited
the securities
and
of the co. issued
in
Funded
1934
$
Capital stock
423,519
12,521,622
281,460
accounts
753,984
28,920
808,489
167,163
unpaid. 4,068,453
2,695,089
wages
Misc. accts. pay-_
reorganization
Nov. 30 '22—Cr.12,522,670
Int. mat'd
Funded debt mat'd
55,738,926 55,669,353
41,544
91,966
291,040
275,053
1,134,103
331,556
1,175,691
347,950
Pledged
45,663
7,690
1,073,481
188,219
88
424
173,982
168,964
7,690
1,692,547
-
Cash
Special deposits
Loans & bills rec..
Traffic & car serv.
bal. receivable.
-
125,595
tors' balances
650,825
Miscell. accts. rec.
1,480,277
assets.
13,767
Mat'ls & supplies.
5,898
243,988
Work, fund advs..
Other def. assets..
40,274
214,439
Rents & ins. paid.
Other unadJ. debs.
124,945
650,133
1,668,219
5,336
14,999
104,463
38,184
-V. 142. p.
12.648
14,420
declared payable 5,610,000
4,590,000
lia¬
—
Adj. mtge. bd. int.
Deferred
liabilities
631
55,154
143,113
Accrued deprec'n. 3,611,470
Oth. unadj. credits
304,164
Tax
liability
34,287
3,401,219
374,363
Additions to prop,
and
income
surplus
262,820
267,532
plus not specific¬
ally invested...
129,000
Profit and loss def.11,569,871
9,250,112
Appropriated
sur¬
82,000
255,092
62,282,629 61,809,739
Total
12,686
30,526
accr.
current
bilities
through
Agents' & conduc¬
Other curr.
Unmat'd rent
accrued but not
investments
Unpledged
5,000
13,479
interest
accrued
Other
Inv. in affil. cos.—
Other
5,000
11,656
unpaid
Unmat'd
Deposits In lieu of
mtgd. prop, sold
Misc. phys. prop..
Unpledged:
Inland Power & Light
The claim of
4,293,982
105,567
520,612
11,055
611,108
14,611
Total oper. expenses..
Net oper. revenue
of
Middle West Utilities Co.
311.560
6,623
Investment in road
meeting of the board of directors held May 12, Wm. Tudor Gardiner,
Chairman of the board, was elected Treasurer to fill the vacancy caused
the indenture under
1,267,833
1,796,612
341,988
4.254,727
1,555,652
2,093,970
1,618,501
2,082,787
328,626
4,635,869
124,828
for invest.—Cr__
Trans,
Assets—
a
Inland
1,675,711
2,356,005
347,534
4,605,997
182,813
x438,190
expense
$2,523,608
Incorporated Investors—New Treasurer, &c.—
Since April
18,874
$12,287,759 $10,143,612
Operating Expense—
Maint. of way & struc._
Maint. of equipment
Net deficit
—V. 142. p. 3347.
Income from operation—
Non-operating income
779,180
418,267
187,838
313,527
126,153
12,938
125.360
143,631
16,457
Total oper. revenue-.-$11,543,449 $12,575,330
Miscell. income charges-
1936—3 Mos.—1935
1936—Month—1935
Period End. Mar.31—
Uncoil, oper. revenue—
—V.
194,886
19,654
(net)
rev.
1932
$8,305,708
4
Telephone Co.—Earnings—
Operating revenues
At
1935
1934
1933
$9,338,792 $10,651,083 $10,663,418
623,843
652,768
747,202
386,568
388,461
393,538
157.599
195,855
228,403
312,095
527,075
620,973
.
Miscell. tax accruals
Zwiener,
on
Years
Consolidated Income Account for Calendar
Operating Revenue—
reight
Freight
Passenger
a
Hupp Motor Car Corp.—New President—
President
International Great Northern RR.—Annual Report—
Net ry. oper. income-
Dividend—
such transfer under the circumstances was
preferential payment, has necessarily awaited the reorganization of the
subsidiary companies above referred to. Certain engineering appraisals
covering the properties of the other two operating subsidiaries (Michigan
Public Service Co. and Kansas Power Co.) are being arranged for at the
present time which must be completed before the claim can be litigated or
settled.
However, such additional information will be at hand within the
next 60 days, and the trustee believes that definite progress upon this
matter as well as upon a plan of reorganization for Inland Power & Light
Corp. itself should be forthcoming in the near future.
Information relative
to tne final disposition of that claim and any plan of reorganization for the
Inland corporation will be promptly transmitted to all security holders.
The trustee has continued to keep in close touch with the operations of
Michigan Public Service Co. and The Kansas Power Co. and is pleased to
be able to report substantial improvement in the condition of each company.
—V. 140, p. 3899.
a
two
debit balance
effective immediately.
Rate
June 1932, on the grounds that
Total oper. income
Lighting & Power Co.—Rates Reduced—
The company
industrial
3511
Chronicle
Total
62,282,629
61,809,739
2999.
International Mercantile Marine Co.—Collat.
Changes
The New York Trust Co., as trustee under the 1st mtge.
& coll. trust
1, 1916, has notified the New York Stock Exchange
that it has received from this company $394,105 for credit on account of
indenture dated Oct.
obligations of the Atlantic Transport Co. of West Virginia, held by it
under said indenture, thus reducing the principal amount
obligations from $5,155,876 to $4,761,772, the aforesaid amount
received from this company being for the retirement of bonds secured
the
as
collateral
of said
so
by the indenture.—V. 142, p. 1123.
Intertype Corp.—Dividend Dates Corrected—
The 25-cent
page
common
dividend mentioned in last week's
"Chronicle,"
3348, will be paid on June 15 to holders of record June 1 (not July 1
of record June 15).—V. 142, p. 3348, 3174.
to holders
Investment
Corp.
of
Philadelphia—Extra Dividend—
an extra dividend of 50 cents per share
regular quarterly dividend of like amount on the common
stock, no par value, both payable June 15 to holders of record June 1.
Extra dividends of 25 cents per share were paid in each of the five pre¬
ceding quarters.—V. 142, p. 1645.
The
directors
have declared
in addition to the
(John) Irving Shoe Corp.—Registers with SEC—
See list given on
first page of this department.
3512
Financial
Chronicle
May 23, 1936
International Telephone & Telegraph Corp.—Annual
Consolidated Balance Sheet Dec. 31
Report—
Assets—
Sosthenes Behn, President, says in part:
Plant,
equipment, intangibles, &c
advances to Compania Tele¬
property,
i
1935
1934
$
$
308,721,331 300,417,461
The recovery in business in most of the countries of the world which was
evident in 1934 continued during 1935, and thus far during 1936 there has
been a continuation of this recovery.
International trade, however, has
Investments in
fonica Nacional de Espana, a sub. not consol—
Invest, in and adv. to Postal Tel. & Cable Corp—
49,441,674
45,561,681
lagged behind national trade in
Investments in and advances to other companies.Deferred receivables and misc. investments
16,644,538
8,464,101
945,656
8,392,860
28.857,093
25,221,180
20,866,454
most countries,
due, to a large extent, to
artificial trade barriers and foreign
exchange problems.
The consolidated net income of corporation and its subsidiaries for 1935
amounted to $5,787,411 as compared with $3,554,058 for 1934 on a com¬
parable basis.
The accounts of Postal Telegraph & Cable Corp. and its
subsidiaries have not been included in the consolidated financial statements.
The foregoing amount for the year 1934 is before
which
was
deducting $1,474,488,
of the loss of Postal Telegraph & Cable Corp. and its
the amount
subsidiaries included in
the consolidated income account of International
Telephone & Telegraph Corp. and its subsidiaries as shown in the annual
report for that year.
The improvement in income realized
by the corporation was due largely
to an increased demand for telephone,
telegraph and radio equipment
throughout the world.
Orders on hand Dec. 31, 1935, amounted to ap¬
proximately $31,900,000 as against $24,000,000 at the close of 1934. The
telephone operating subsidiaries of the corporation showed an over-all
net increase of 56,672 telephones for the
year, the total in service on Dec. 31,
1935, being 910,435, as against 853,763 on Dec. 31, 1934. The international
communication services of the corporation, operated by All America Cables,
Inc., and various subsidiary radiotelegraph and radiotelephone companies,
however, reflecting the lag in international trade recovery and the effect of
greater competition, did not share in the general improvement.
In each year throughout the
depression there has been an increase in
the number of telephones operated by subsidiaries of the
corporation.
The following tabulation shows the total number of
telephones in service
of Dec. 31 of each year:
1931
as
1930
740,783
1932
1933
1934
805,387
772,199
There has been
817,489
853,763
1935
„
"
910,435
substantial growth in the dollar value of sales of the
manufacturing subsidiaries since 1933. The following tabulation shows the
dollar value of the total sales for each of the last five
years:
a
1931
1932
1933
1934
1935
$63,009,300
$41,824,300
$41,127,300
$53,646,000
Special deposits
have
been
formed
Total_
Minority
-
29,606,243
29,225,392
18,383,020
2,531,598
851,025
640,815
513.757,387 505,825.354
.
common
214,523,333 214,523.333
10,834,551
10,835,576
stockholders' equity in capital
stock and surplus of subs, herein consolidated..
4,107,061
Funded debt of subsidiaries consolidated
19,028,000
Funded debt of International Tel. & Tel. Corp—122,661,100
8,913,616
3,964,418
19,558,680
122,661,100
7,734,953
27,206,550
29,638,510
Deferred liabilities...
Notes and loans payable to banks
Other notes payable and notes receiv. discountedAccounts and wages payable—
3,588,244
4,514,568
11,791,751
2,300,812
1,730,234
4,293,935
11,243,534
1,313.208
1,735,914
3,553,236
Special loans and accounts payable, £500,000 se¬
cured by spec, time depos. & receivables (contra)
Reserve for depreciation
24,100,702
Other reserves
27,147,669
Capital and paid-in surplus
22,937,405
Earned surplus since Jan. 1, 1933
8,592,421
2,470,000
19,306,898
27,064,489
22,937,405
2,769,531
—
Fund. dt. &sink. fd. install., due in 1936 and 1935.
Int. on funded debt, payable Jan. 1,1936 and 1935
Accrued taxes, interest and dividends
Total
Telegraph & Cable Corp. filed a petition seeking
Section/ 77-B of the Bankruptcy Act.
Committees
513,757,387 505,825,354
reserve of $1,832,459 in 1935 and
$2,101,907 in 1934.
y Repre¬
by 6,399,002 no-par shares.
After
Income Account (Parent Company Only)
to
Jan.
.
_
46,117,915
45,379,798
16,378,140
7,048,491
908,761
8,977,508
Liabilities
sented
23, 1936.
All of the outstanding common stock of the Postal Telegraph & Cable
Corp, is owned by the International Telephone & Telegraph Corp. but in
view of the reorganization proceedings and the
appointment of trustees,
the accounts of that corporation and its subsidiaries have not been con¬
on
hand
y Capital stock of Internat. Tel. & Tel. Corp
Preferred stock of subsidiaries consolidated
x
represent bondholders and preferred stockholders.
In the court proceeding trustees were appointed on a
temporary basis on
Dec. 24, 1935, and such appointment was confirmed on a
permanent basis
on
x Accts. & notes rec., incl. notes rec. discounted..
Merchandise, materials and supplies
Special time deposits and receivables (contra)
Sundry current assets
On June 14,1935, Postal
reorganization under
;
Deferred charges
Cash in banks and
$58,865,300
Postal Telegraph & Cable Corp.
and
for the Years Ended Dec. 31
1935
'
Total gross earnings (div. and int. received,
&c.).$10,659,096
General expenses, taxes and depreciation, &c
1934
$8,480,769
1,845,806
Net earnings
Interest to subsidiaries consolidated
General interest charges
solidated in the financial statements.
The investments in and the advances to Postal
Telegraph & Cable Corp.
or its subsidiaries are
being carried on the books of the International Tele¬
Amortization of bond discount and expense—
Interest on 25-year 43^% gold debenture bonds..
Interest
on
phone & Telegraph Corp. and its subsidiaries without change, pending the
of the reorganization proceedings.
Interest
on
1,357,277
$8,813,291
44,742
43,901
511,237
$7,123,492
15,399
1,575,000
1,694,749
1,575,000
1,694,749
2,500,000
10-year conv. 4H % gold deb. bonds._
25-year 5% gold debenture bonds
2,500,000
result
51,976
511,237
Net income before
Bank indebtedness of the corporation and its subsidiaries, which amounted
$41,028,796 at the end of 1931, was reduced to $27,206,551 at the end
of 1935. The following tabulation shows the total amount of bank indebted¬
ness as of Dec. 31 for each year from 1931 to
1935,
to
excluding the indebted¬
Telegraph & Cable Corp. and its subsidiaries:
1932
1933
1934
/
1935
$41,028,796
$37,789,198
$32,023,804
$29,638,510
$27,206,551
HOf this bank indebtedness as of Dec. 31, 1935, $23,360,000 was in¬
debtedness of certain telephone operating subsidiaries, all but $1,000,000
of which was guaranteed by the corporation. The balance for the most part
represents indebtedness incurred by the manufacturing companies in
financing their current business.
ness
deducting provision for loss
Telegraph & Cable Corp..
$2,443,660
Provision for loss of Postal Telegraph & Cable
Corp.
(a debtor corporation in reorganization proceed¬
ings since June 14, 1935, under Section 77-B of
the Bankruptcy Act) and its subsidiaries for the
year 1934, less interest accruing to International
Telephone & Telegraph Corp. amounting to
$45,287 in 1934.
of Postal
Bank Indebtedness
of Postal
1931
Net income
Balance Sheet Dec. 31 (Parent Company Only)
1935
$
Assets— '
Investments in and advances to subsidiaries—
Investments in securities
Advances to subsidiaries
.
1935
Gross earnings—sales of mfg. and sales
Customers
1934
cos.—
$51,698,487 $48,332,347
7,166,814
5,313,701
.
Affiliated operating companies
$58,865,302 $53,646,048
Less—Cost of goods sold—
Costs (other than provision for
Provision for
depreciation)
41,766,032
2,576,254
depreciation
Gross profit on sales
Operating revenues—Telephone
Cable revenues
39,999,544
1,650,366
$14,523,015 $11,996,137
25,622,811
26,350,845
4,383,539
4,409,109
516,320
515,381
revenues
_
Radio revenues
$30,522,672 $31,275,336
Telefonica
Nacional
Other...
not
de
consol.
Cash in banks and on hand
Accounts and notes receivable
x
Espana)
1,312,256
1,631,085
-
1,310,260
1,388,130
$2,943,341
Interest—Subsidiary not consolidated
$2,698,391
1,310,718
765,484
1,642,990
1,049,194
(Compania
Telefonica Nacional de Espana)
Other
«.
-
$2,076,203
2,207,178
Miscellaneous and non-operating income
2,692,185
1,691,500
Total..
xpenses
$52,272,411 $50,353,551
12,344,924
12,276,875
1,275,066
1,410,399
.
$11,069,857 $10,866,475
7,966,397
8,660,731
4,546,211
4,998,492
419,195
413,962
of operation
Maintenance and repairs
Taxes—U. S. Federal income
Taxes—Other (including foreign taxes on dividends
and foreign income taxes)
4,776,380
Provision for uncollectible accounts.
776,088
Provision for depreciation
Amortization of intangible assets segregated
Total
6,761,012
91,409
—
3,862,714
1,334,453
6,278,536
$15,865,858 $13,827,231
Charges of subsidiaries—
Interest on funded debt
1,401,337
68,946
Amortization of bond discount and expense....
Other interest charges
1,396,253
Dividends on preferred stock
Min. com. stockholders' equity in net inc. (net)
General int. charges of Internat. Tel. & Tel. Corp.—
—
_
Interest
Amortization of bond discount and expense
713,491
173,531
43,901
511,237,
Deferred liabilities
Notes payable
Accounts and wages payable
Interest on funded debt, payable Jan.
1, '36 & '35Accrued interest
'.
Accrued taxes
Reserves.
Capital and paid-in surplus
Earned deficit since Jan. 1, 1933
bonds_$ll,557,161
Deduct—Int. on 25-year 4H% gold deb. bonds—
Int. on 10-year conv. 4H% gold deb. bonds.._
Int. on 25-year 5% gold deb. bonds
1,575,000
1,694,749
2,500,000
Net income before deducting provision for loss
of Postal Telegraph & Cable Corp
$5,787,411
Net income.....---------------------------
p.
y
Represented by
3347.
Island Creek Coal Co.—Coal
Output—
Month ofJanuary...
February..
1936
1935
1934
1933
410,011
308,920
296,427
279,116
431,759
315,007
302,235
292,116
March
300,555
304,426
390,864
249,143
AP"'264,124
209,199
237,116
215,856
Note—The above figures in net
tons.—V.142, p. 3174.
—--
International Products Corp.
Years Ended Dec. 31—
Gross sales, less disc. & allowances...
Cost of goods sold
1932
285,245
274,145
327,707
244,243
(& Subs.)—Earnings—
xl935
1934
1933
$2,498,133
1,717,897
$2,347,137
1,752,698
$2,247,056
2,113,420
$780,236
114,110
$594,438
81,46 1
$133,636
72,593
$894,347
5,456
138,644
95,815
6,538
11,500
50,000
$675,900
7,690
133,158
99,098
13,320
2,000
$206,229
5,853
155,723
101,918
17,020
1,250
$536,693
5,004
$420,632
10,300
loss$75,535
31,353
$541,697
297,862
30,001
$430,932
288,449
24,300
Ioss$44,182
274,006
1,306,220
72,851
1,806,217
713,216
41,706
51,976
511,237
BalanceOther operating income.
Total income_
Taxes (other than income
taxes)
Selling expenses
_
General & administrative expenses...
$9,323,808
1,575,000
1,694,749
2,500,000
Provision for doubtful accounts
Prov. for invent, write down
Prov. to reduce Paraguayon
$3,554,058
Other income
currency
& accts. rec. to mark, value
Total income.__
_
_
Depreciation and depletion
inc. taxes
(Fed. & foreign)..
Prov. for
Net income
1,474,487
$5,787,411
77,392
1,634,874
1,064,764
126,313
34,661.303
22,937,405
4,172,175
—396,587,644 395,801,161
6,399,002 no-par shares.—V. 142,
49,700
Provision for loss of Postal Telegraph & Cable Corp.
(a debtor corporation in reorganization proceed¬
ings since June 14, 1935, under Section 77-B of
the Bankruptcy Act) and its subsidiaries for the
year 1934, less interest accruing to International
Tel. & Tel. Corp. and one of its subsidiaries
amounting to $116,052 in 1934
440,000
157,947
1,634,874
1,063,324
214,838
33,168.641
22,937,405
2,261,648
reserve of S3,922 in 1935 and $4,249 in 1934.
„
4,019,299
151,107
87,353
214,523,333 214,523,333
122,661,100 122,661,100
651,392
34,530
1,836,435
1,812,320
Funded debt
Expense of packing house while idle..
Net income before deducting int. on deb.
6,435,471
85,727
3,873
110,953
.$36,406,553 $36,526,320
Net earnings after provision for depreciation
$
396,587,644 395,801,161
Capital stock
Total
Gross earnings—
Selling and general expenses
Less—Mgt. and service fees charged to subsid
•
Accrued interest
Owing to subsidiaries consolidated
(Compania
1934
269,399,155 266,795,184
58,443,425
61,850,793
Invest, in and adv. to Postal Tel. & Cable
Corp.. 44,571,598
44,515,293
Investments in other companies
8,593,466
8,592,349
Miscellaneous investments
1,932,327
2,226,470
Furniture and fixtures
1,139,935
1,139,539
Special deposits
15,687
15,749
Deferred charges
5,966,977
6,408,022
V
Dividends—Subsidiary
1,545,252
$2,443,660 loss$770.121
.
Consolidated Income Account Years Ended Dec. 31
$775,131
$2,079,571
$213,834
$118,182 loss$318,188
x Includes
the transactions of
International Products Corp., Ltd., a
subsidiary, for the period from Jan. 1 to Dec.
17, 1935.
On the latter date
the subsidiary went into
voluntary liquidation and creased operations.
Volume
Financial
142
Chronicle
3513
Balance Sheet Dec. 31 1935
Assets—
-$1,195,967
(less
Assets—
Liabilities—
Cash
Accounts
Consolidated Balance Sheet Dec. 31
and
bills
receivable
303,538
International
Res. for
contingencies, &c
186,126
Inventories
1,185,812
rec.
74,144
Invest, in Colombia Prod. Co.
y
x
Fixed assets
raw
447,208
Prepaid
Cash
life
val.
insur.
x
$7,422,379
.
After
reserve
sented by
$7,422,379
Total
for depreciation and
435,846
no par
depletion of $2,471,066.
shares.—V. 142, p. 302.
Repre¬
y
y Notes
3,567,855
177,821
177,107
98,896
50,000
4,627
87,055
50,000
14,967
10,935
11,738
1,491,658
1,586,831
receiv.—
ma-
patterns
$1,347,969
201,197
Net income after all charges.
sales
and its recently acquired businesses, in¬
division of the Anderson Manufacturing Co. and
Grand Rapids Metalcraft Corp. for 1935 were $2,929,987, after discounts,
returns and allowances.
Net income was $440,321.—V. 142, p. 2670.
&
A
and
balance of
stock.—V.
142,
Period End. Apr. 30—
accumulated dividends thereon
415,849
expenses
Taxes
408.603
Operating
Operating
Power
2,480,050
$7,664,1411
by 50,547 no par
shares.—V. 142, p. 2163.
1932
$1,442,531
818,22 1
$1,412,069
753,166
165,810
$1,371,136
732,246
132,278
$1,426,934
735,572
118,757
$493,092
50
100
$506,612
2,063
$467,114
263,834
9,665
$493,192
270,324
13,543
$508,675
272,259
26,278
$602,672
34,820
Amort, of debt disct.
Net income
35,423
31,239
30,844
$173,903
119,533
$178,899
120,889
$282,643
120,903
$158,795
26,3481
...
$7 pref. stock dividends.
$6 pref. stock dividends.
Common stock dividends
$63,705
6,087
Total income
$572,605
30,066
272,250
16,934
93,192/
80,000
$39,255
.
$54,370
$58,010
$81,740
$474,142
Balance Sheet
Assets—
Mar. 31'36 Dec. 31 '35
149,943
169,222
124,745
163,572
Federal
Inventories
Fixed
1935
198,381
Plant, prop., rts.,
franchises, &c._ 9,345,046
201,192
2,172,119
2,175,539
8,299
stock
3)6,400
376,400
pref. stock 1,553,200
90,722
60,000
60,000
331,905
366,215
11,467
patents, &c
.$3,124,165 $3,078,769
8,468
7,794
97,798
79,956
33,500
1,553,200
Loblaw Groceterias,
Period End. May 2—
Sales
Net profit after charges
—V.
138,723
10,192,621
Reduce
The stockholders will vote May 27 on a proposal to reduce the capital
to amend the by-laws so as to reduce the number of directors from
and
11 to 7—V. 142, p. 3176.
91,137
4% bonds in the amount of $3,000,000.
30,226
5,878
479,973
Surplus
190,763
150,202
10,125,932
Misc.
curr.
liabils.
160,000
Total
no
par
Long Island Lighting Co.—Places Bond Issue Privately—
New York
the
10,192,621 10,125,932
$20,169 in 1935 and $18,917
shares.—V. 141, p. 3074.
Refining Co .—Registers with SEC—
Pay Larger Common Div.—
on
stock,
Life
Insurance
Co.
and
York
Curb
outstanding shares of
Lake
Shore
The directors
Exchange has approved the listing of 730,100
stock, $1 par.—V. 142, p. 2163.
common
Mines, Ltd.—Larger Regular Dividend—
May 18 declared a quarterly dividend of $1 per share
on the capital stock, par $1, payable June 15 to holders
of record June 1.
This compares with regular quarterly dividends of 50 cents and
extra divi¬
dends of 50 cents per share paid in each of the eight
preceding quarters and
on June 15 and Dec. 15,
1933 and 1932.—V. 142, p. 2832.
The purchasers,
the Northwestern
Mutual Life Insurance Co., have agreed to take $2,000,000
and $1,000,000, respectively, at a price of 104, which will
yield them approximately 3.75%
maturity.
on
their investment
Louisville Gas & Electric Co. Del.
(& Subs.)—Earnings
12 Months Ended March 31—
1936
1935
Operating revenues
$10,657,500
Operating expenses, maintenance and all taxes—
5,461,893
$9,981,981
4,912,646
(before approp. for retire, reserve) $5,195,607
$5,069,335
393,737
Net oper. rev.
382,345
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,577,952
Appropriation for retirement reserve
1,025,000
Amortization of contractual capital expenditures37,000
-
Gross income
Interest charges (net)
Amortization of debt discount and expense
Other income deductions—
$4,515,952
1,442,692
130,095
14,191
i
Lawrence Warehouse
Balance
Co.—Registers with SEC—
Divs.
operating
expenses
12,614,501
pref. stk. of Louisville Gas & El. Co.(Ky.)
-
Surplus, beginning of period
1935
1934
$13,175,762 $13,184,177
Net sales
on
Net income.
(G. R.) Kinney Co., Inc. (& Subs.)—Earnings—
Years Ended Dec. 31—
-12,428,936
Total
Dividends
on common
stock—cash
Surplus direct items
Profit.....
Repairs & maintenance.
Taxes, other than Federal income tax
Interest charges
^
Expenses re factory temporarily closed
Miscellaneous charges (net)
Provision for depreciation and amortization.
Provision
for
$5,463,072
1,025,000
37,000
_
on
See list given on first page of this department.
Cost of sales &
to
Milo R. Maltbie, Chairman of the P. S. Commission of New York on
May 20 announced the entering of an order authorizing the company to
sell $3,000,000 1st ref. mtge. 4% bonds, dated June 1, 1936, due June 1,
1961, at a price of not less than 104.
This will enable the company to refund $3,000,000 6% series A, 1st ref.
mtge. gold bonds due Jan. 1, 1948, that are callable for payment on any
int. date, by gi ing 30 days prior notice, which it is the interntion of the
company to do.
The retirement of these bonds will enable the company
to save interest charges at the rate of approximately $67,500 per annum,
beginning July 1, 1936.
This is the second important refunding transaction of the company within
the last eight months.—V. 142, p. 2833.
Other income
Kingston Products Corp.—Listing Approved—
New
and
30,226
5,832
564,982
May 19 declared a dividend of 30 cents per share on
no par value, payable June 30 to holders of record
May 29.
This compares with 25 cents paid on March 31 last; 20 cents
on Dec. 26, 1935, and 15 cents per share
paid each quarter from June 30.
1934 to Sept. 30, 1935, inclusive.
The June 30, 1934, dividend was the
first paid on the common stock since Jan. 2, 1932, when a
dividend of
12cents per share was distributed.—V. 142, p. 3348.
The
Capital
88,080
Kennecott Copper Corp.—To
common
Corp.—To
91,308
payable on
preferred stock.
for uncollectible accounts of
b Represented by
The directors
Lumber
Directorate—
96,420
_
Divs.
See list given on first page of this department.
the
730,257
The company has arranged to sell privately a new series
of 1st ref. mtge. 25-year gold bonds, to be known as series D
46,036
93,713
reserve
Kendall
751,890
65,000
108,069
91,457
& note rec
After
61,678
119,799
Accounts payable.
Accrued taxes
Customers' accts.
1934.
62,703
142, p. 3348.
5,320,000
for
&c
Matls & supplies..
a
Ltd.—Earnings—
1936—i Weeks—1935
1936—48 Weeks—1935
$1,331,877
$1,240,404 $14,988,115 $14,302,632
40,000
68,100
pay. of pref. stk.
Total
$3,124,165 $3,078,769
116,389
liabilities
32,526
Cash (incl.working
n
Total
—V. 142, p. 1645.
5,259,000
debt
Deferred
Accrued interest.
&
deferred charges
a
2,000,000
421,938
Operating surplus.
474,143
surpluses.
1,800,000
.
Bank loan
accts.
divs.,
97,075
2,000,000
421,938
458,252
Capital stock
1,800,000
Funded
85,722
of
funds)..
Special depos.
40,139
101,137
leasehold
Reserves
of
Inland
Pr. & Lt. Corp.
Debt disc. & exp.
Prepaid
cum.
b'Common
amortization—
process
amortization
$6
1934
for
$61,363
39,618
State
S
$7 cum. pref. stock
9,286,936
&
in
1935
Liabilities—
$
Res.
Capital
Long-Bell
1934
$
and
rentals, &c
assets—net
Total
Dec. 31 '35
$87,328
tax reserve
and
of reserve-—.-Deferred charges—
Mar. 31'36
accrued accounts
$402,251
—less reserve
Investments
Liabilities—
Accts. payable and
$426,201
Accts. receivable—
Consolidated Balance Sheet Dec. 31
Assets—
$517,830
2,906
40,782
Earned surplus March 31--
& income taxes.
Balance, surplus.
1935
prof $7,977
Miscellaneous income—net..
&
expense
1936
$47,147
Leslie-California Salt Co.—Earnings—
sub. companies.
Interest on funded debt.
Miscell. int. deduc. (net)
After reserve,
by 160,000 no
y
Represented
Lefcourt Realty Corp. (& Subs.)—Earnings—
Interest
1933
_
$8,533,417 $7,664,141
a
3 Months Ended March 31—
Net loss after taxes, interest, depreciation, &c
—V. 142, p. 2327.
Cash and funds at
(& Subs.)—Earnings—
1934
Gross income
shares,
Total surplus
Miscellaneous charges to surplus
Dividend March 16
def$29,358 def$226,486 def$400,976
$467,063
Total
After reserves of $20,849 in 1935 and $21,119 in 1934.
Represented
$910,811
463,027
848,759
1935
expenses.
from
479,102
$59,577
458,252
$1,120,126
475,155
871,458
Co.
revenues
exp. in process
439,185
1, 1932
Net earnings after taxes—
Earned surplus Dec. 31,1935-
$85,549
38,044
76,863
Years—
Operating income
Non-operating income.
Due
Jan.
Provision for Federal taxes
329
$28,330
disc.
a Common
stock. 1,535,320
Capital surplus... 2,486,682
Oper. deficit from
Earnings for 3 Months Ended March 31, 1936
$1,096,702
23,423
157,247
stk.
897,600
140,000
2,523,950
1,535,320
2,486,683
pref. stk 2,523,950
$907,568
3,242
30,953
Taxes
Pref.
755,000
140,000
1, 1936
cum.
Net operating profit
$16,376 of this amount is a non-recurring item resulting from adjust¬
ment of power costs for the year 1935.—V. 141, p.
2891; V. 142, p. 2831.
Kansas
$8
$69,793
10,215
$85,220
income
..$8,533,417
a
Calendar
Dec.
z
$6,046,639
4,777,362
361,708
$136,918
37,442
71,145
_
Depreciation.
Net
79,172
$6,478,415
5,074,634
307,078
$120,395
al6,523
_.
x
z
shares
1936—12 Mos.—1935
28,217
Operating income.
Non-oper. income
2)4
Co.—Earnings—
1936—Month—1935
$564,461
$524,717
revenues
Deductions.
Federal
taxes
1
2,480,050
Total.
1990.
p.
Kansas City Public Service
Operating
Operating
1
Goodwill..
par
(E.) Kahn's Sons Co.—Accumulated Dividends—
class
for
15-yr. 7}^ % conv.
gold notes
due
1
marks,
at
nominal value..
cover
In connection with the plan approved by stockholders on March 11,
whereby the accumulations amounting to $12.80 a share as of Jan. 1,1936,
on $3.20 class A
participating preference stock were eliminated, the class A
stockholders of record May 15 received cash dividend of $6.7$ a share on
May 18, and in addition to cash dividend received in exchange for each
common
-
Res.
of company
cluding the spring
share
inc.
Real estage mtges.
&c_
Land, bldgs.,
Fed.
Trade
Net sales.
Combined
95,600
other
taxes,
&c
2,697,108
dies
Earnings for 4 Months Ended April 30, 1936
118,787
Accr.
Income
res..
employees,
Lasts,
$384~918
of
chine& equip.,&c
(F. L.) Jacobs Co.—Earnings—
1,162,862
taxes,wages, Int.
pol._
Invests., less
1934
$250,000
Accts. pay.—trade
than
Funds in cl'd bks.
Total
$351,301
207,981
&
expenses.
surr.
1935
Notes pay.—banks
$483,207
168,363
mat'ls,
finished goods
—
Liabilities—
1934
&
Accts. receivable
4,358,460
4,175,344
18,397
Deferred charges
x
1935
banks
work in proc.
283,048
surplus
in
hand
on
2,251,600
$100)
Common stock
Earn ed
Cash
Mdse.,
6% cum. pref. stock (par value
Ltd., in liquidation
Paraguayan cash & accts.
$106,069
27,153
231,888
liabilit's
Federal taxes (estimated)
lor doubtful accts.)
Products Corp.
res.
Accts. payable & accr.
Federal
income
Net income.
$561,261
63,334
86,390
80,997
921
63,099
243,379
tax
$755,241
73,951
96,206
93.225
2,362
33,080
251,868
32.000
Surplus, end of period
—V. 142, p.
$1172,547
1,525,156
141,971
11,399
I
,
$2,928,972
1,354,920
$2,722,544
1,354,920
$1,574,052
4,534,358
$1,367,624
4,569,466
$6,108,410
1,351,977
85,232
$5,937,091
1,351,976
50,756
$4,671,200
$4,534,358
3177.
Long Island RR.—Fare Plea Denied—
The Interstate Commerce Commission this week again denied the plea of
to be permitted to maintain passenger fares in excess of those
this road
which the Commission has ordered to go into effect June 2.
the
$23,139
$4,401,072
Because of
peculiar nature of its traffic, the Long Island, had asked permission
to establish a 3-cent a mile rate for both coach and Pullman service.
Financial
3514
Chronicle
McCall
Corp.—Earnings—
3 Months}Ended March
Net profit after charges
other purposes
1936 '
31—
1935
& reserves for taxes &
"Earns, per sh. on 539,360 shs. com.
-V. 142, p. 1646.
$420,760
$0.78
stk. (no par)--
$414,850
$0.77
RR.—Proposed Acquisition—
McCloud River
The company has applied to the ICC for permission to
of the McCloud River Transportation Co.
The
absorb the proper¬
railroad
ties
owns
all
capital stock of the transportation company which operates a motor
vehicle service between Mt. Shasta and McCloud, Calif.—V. 128, p. 3998.
the
Corp.—Earnings—
McQuay-Norris Mfg.
Years End. Dec.
Net
Obsolescence
reserve—
$697,164
119,428
income
Deprec. of plant & equip.
& amortiz. of patents.
131,422
1932
$548,894
146,638
-----
- - - - - -
87,162
68,521
53,065
$463,582
$478,580
$376,775
343,047
349,254
351,078
$349,190
350,100
$120,535
$129,326
$25,697
—
paid-.r
payment, for a period not to exceed two years, of loan maturing May 1,
1936, in the amount of $100,000.
The purpose of the additional loan of $100,000 is to provide funds for
the acquisition at maturity on May 1, 1936, of 50% of $200,000 of 1st
mtge. 5% bonds of the Matyland & Pennsylvania Terminal Ry. (a wholly
owned subsidiary).
The company has guaranteed the payment of the
principal and interest of these bonds.
The bonds are all outstanding
in the hands of the public and are secured by a first and closed mortgage
on all the property of the Terminal company.
The Commission also, on May 12, authorized the Terminal company
to extend the date of maturity of the bonds for a period of five years, or
until May 1, 1941.
The Maryland railroad company proposes to offer
to acquire for cash from each holder of the maturing Terminal company
bonds not desiring to accept same extended in full, not in excess of 50%
of the principal amount of his holdings in discharge of its guaranty as to
the bonds so acquired, and for the remaining 50% or more of the principal
amount of bonds surrendered, the Terminal company will deliver to the
respective holders thereof an equal principal amount of extended bonds of
the Terminal company.-—V. 142, p. 3001.
'
def$910
76,346
Reserve for taxes
Dividends
146,689
25,000
,
Special reserve fund
Net income
1933
$616,985
1934
1935
$659,357
31—
May 23, 1936
reasonably to be expected, on the basis of present and prospective
earnings, to meet its fixed charges without a reduction thereof through
judicial reorganization," and approved a further loan of not to exceed
$100,000 by the Reconstruction Finance Corporation.
The Commission also approved, conditionally, the extension of time of
and
Following the denial the road filed a tariff with the Commission comply¬
ing with the proposed new rate schedule.—V. 142, p. 3000.
'
Maryland & Pennsylvania Terminal Ry.—Extension of
Bonds—50% of Issue to Be Retired—
See Maryland & Pennsylvania
Balance, surplus.
Massachusetts
-V. 142, p. 2329.
1,
Cecil E.
McMillan
Gold Mines,
produced-
4.596
$257,709
238,282
50,199
Net revenue
Operating and administrative expenseGeneral and administrative expense.-
Net loss for
18
15
17,258
$178,995
22,106
Total income
Taxes
Int.
on
on
1935
$168,363
17,258
$185,620
21,401
"funded debt-
1934
1933
$172,555
69,040
$102,346
36,332
$241,595
1,667
18,750
$138,679
11,466
18,750
2,047
2,109
~~2~ 563
$145,571
$151,172
$219,069
$106,400
-V. 142, p. 1477.
Maine Central
Commission on May 15 authorized the company
pledge and repledge from time to time, all or any part of not exceeding
$1,000,000 European & North American Ry. 5% 1st mtge. gold bonds and
$1,054,000 of Portland & Ogdensburg Ry. 4^% first mtge. gold bonds
as collateral security for short-term note or notes.
The bonds proposed
to be pledged are now held unencumbered in the treasury.
The purpose of the loan or loans of not exceeding $1,000,000, to be
evidenced by short-term notes and for which the bonds are proposed to be
to
pledged is to reimburse the treasury in part for capital expenditures hereto¬
fore made, to meet extraordinary expenditures for the maintenance and
renewal of property caused by recent disastrous floods, and for general
corporate purposes.—V. 142, p.
Manila
Electric
Total oper.
3001.
1934
1933
$4,735,942
2,532,065
$4,753,977
2,639,156
$5,143,976
2,841,244
$1,983,741
$2,203,877
5,028
$2,114,821
1,298
$2,302,731
3,387
Operating income
1935
384
xl932
$2,208,905
131,926
1,066,715
$2,116,119
122,707
1,028,340
1,133,828
$2,306,118
112,076
1,337,560
$833,078
$1,010,264
$841,306
$856,481
$1,984,125
Gross income
Interest on funded debtTotal other deductions.
.
Net income
140,985
include full year's operations of all properties
owned at Dec.
1932, for which adjustment is made under "Deductions
to cover earnings prior to acquisition.
Earnings of properties acquired
in 1932 are not reflected in prior years.—V. 141, p. 3866.
x
and expenses
1932 earnim
,
Maracaibo Oil
1,109,667
& depletion, but before Fed. taxes_$2,703
Note—Land taxes and miscellaneous expenses applicable to Venezuelan
properties amounting to $1,530 for the quarter have been capitalized and
are, therefore, not including in above statement.—V. 141, p. 926.
Co. (& Sub.)—Earnings—
1935
6,237,912
$7,203,680
6,293,843
for retire, reserve) $1,141,698
8,467
$909,836
9,620
operating revenue and other income
appropriation for retirement reserve)
Appropriation for retirement reserveNet
(before
$1,150,166
513,932
$919,457
349,114
Gross income
$636,233
Interest charges
495,664
25,949
4,491
$570,342
517,471
27,924
7,570
$110,127
4,327,272
$17,377
4.244,405
102,889
42,831
64", 104
Amortization of debt discount and expense
Other income deductions
Net income
Earned surplus, beginning of period.-Adjustment of prior years' tax accruals
Profit on funded debt acquired for sinking fund—
Refund of Federal income taxes for prior year, less
18,638
in connection therewith
Miscellaneous additions
expenses
324
2,475
$4,602,084
Total
$4,328,361
69,508
Appropriation for special reserve
43
1,088
$4,532,531
$4,327,272
Miscellaneous deductions
Operating income
Interest
on
funded debt
Interest
on
unfunded debt
Interest charged to
construction
Balance of income
u
Inc.—Stop Order Lifted—
Commission has issued
an
order declaring
that the registration statement filed by the company on March 10, 1936,
for 96,000 shares of common stock has been amended in accordance with a
refusal order issued by the Commission on March 28.
the registration statement
The order makes
effective as of May 16.
Maryland & Pennsylvania RR.—Reconstruction Loan—
12 found the company "not to
the public interest at this time,
The Interstate Com. Commission on May
be in need of financial reorganization in
1,454,522
$4,639,698
1,951,887
76,892
119,173
Amortization of debt discoimt & expense
$5,132,178
1,876,887
Cr4,806
—
$2,496,551
44,857
116,925
Cr73
1,276,317
Balance
$3,093,581
1,276,317
$1,220,234
,
Preferred stock dividends
$1,817,264
-V. 142, p. 3178.
Mesta Machine Co.—Dividend Increased—
stock, par $5, payable July 1 to holders of record June 16.
This com¬
with 50 cents paid in each of the three preceding quarters, and 37H
share distributed on July 1, April 1 and Jan. 1, 1935, this latter
being the initial payment on the common stock since the company dis¬
tributed a 66 2-3% stock dividend.in November 1935.—V. 142, p. 2165.
pares
cents per
Michigan Central RR.—Bonds Offered—
Coffin & Burr, Inc. are offering at
10534 and int. $100,000 ref. & impt.
series C, 4)4% bonds, due Jan. 1, 1979.
The bonds which are
legal for savings banks in New York do not represent new financing.
—V. 142, p. 2507.
mtge.
listed
as
Michigan Public Service Co.—Earnings—
1936
3 Months Ended March 31—
Operation
Provision for retirement
-
Other income
operation.
9,370
25,382
20,083
$78,476
Maintenance
$200,830
64,362
7,938
25,189
20,718
-
-
xl935
$206,990
74,668
Total operating revenues
$81,631
211
Net earnings before interest--
General interest.
Amortization of debt discount and expense.-
junior pref. divs..
508
$78,687
48,918
9,859
6,055
(net)
Funded debt interest
$82,139
48,918
9,834
6,055
$13,853
$17,331
adjustment made subsequent to March 31, 1935, but applicable
period beginning Jan. 1,1935, has been given effect to in this column.
—V. 142, p. 2507.
x
An
to the
Minneapolis Gas Light Co.—Bonds Sold—Offering of a
issue of $11,000,000 1st mtge. 4% bonds, series of 1950,
new
of which approximately $8,000,000 has been reserved for
exchange for the company's first mortgage gold bonds, 4%%
series due 1950, or against prior sale, was announced May 19
by G. L. Ohrstrom & Co., Inc.
The issue has been over¬
subscribed.
The bonds are to be dated June 1, 1936, and
will mature June 1, 1950.
That portion of the issue publicly
offered—approximately $3,000,000—was priced at 102%%.
The proceeds of the bonds publicly offered will be applied to
the redemption of the unexchanged 4%% bonds on July 1,
1936, at 103%% of their principal amount.
Any excess
cash proceeds realized from the sale of the 4% bonds will be
used to reimburse the company for betterments or extensions
of its plant and property.
A prospectus dated April 24 affords the following:
June 1, 1950.
Bankers Trust Co., New
Both principal and Interest payable in lawful money of the
the office or agency of the company. New
Interest at rate of 4% per annum, payable June 1 and Dec. 1.
York, trustee.
United
York.
Marlowe Products,
$3,677,656
1,685,585
income
Dated June 1, 1936; to be due
of period
The Securities and Exchange
1,752,497
465,698
454,503
Other taxes
Net income before pref. and
1936
$7,379,611
12 Months Ended March 31—
Operating revenues
Operating expenses, maintenance and all taxes
Earned surplus, end
—V. 142, p. 3178.
1,093,877
$2,954,112
Provision for retirements, renewals & replacements
of fixed capital
1,603,869
307,715
815,595
Maintenance
Other
1935
1936
$11,234,886 $10,783,261
3,339,028
4,443,925
operating revenues
Operating expenses
Net earnings from
1936
Earnings for 3 Months Ended March 31,
Profit after general taxes, deprec.
Net oper. rev. (before approp.
Other income
Metropolitan Edison Co.—Earnings—
12 Months Ended March 31—
Total
Taxes
Exploration Corp.—Earnings—
Market Street Ry.
2,720,111
2,323,145
3,364,128
1933
$1,060,914
1,017,182
1,010,003
1,945,178
1,444,198
mon
$4,719,685
2,735,943
exp.& taxes-
Other income.
$123,155
$0.13
The directors have declared a dividend of 75 cents per share on the com¬
Co.—Earnings—
Years Ended Dec. 31—
Total oper. revenues
1934
$1,325,240
1,290,858
1,543,401
Gross income
RR.—Bonds—
The Interstate Commerce
3,812,588
2,795,262
1935
$1,748,419
1,421,024
1,699,250
2,516,819
Federal income taxes
11", 665
1,478
Net income
—
11
9
——
—V. 142, p. 3001.
May
"9", 840
unfunded debt..
Other deductions
1936
$2,121,902
1,413,889
1,886,886
Apr.
———
Mar. 14
1936
$161,737
$155,201
$0.18
■Sales—
Four Weeks Ended—
$33,539
period, before providing for depletion.
>
Mar. 21 *36 Mar. 24 '35
"
142, p. 3178.
Feb.
Mahoning Coal RR. Co.—Earnings—
Interest
—V.
Jan.
141, p. 1773.
3 Mos. End. Mar. 31—
Inc. from lease of road._
Other income
Vice-President
(& Subs.)—Earnings—
Corp.
Weeks Ended—
12
Net income after int., deprec., Fed. inc. taxes, &c.
Earns, per sh. on 588,450 shs. com. stock (no par).
$30,772
4,153
1,386
providing for depletion..
Miscellaneous income
—V.
Mead
$262,305
—
Bullion marketing expense
Net operating loss before
Miscellaneous expense
Inc.—New
Fraser has been appointed a Vice-President and a director.—
V. 139, p. 1088.
the Year Ended Dec. 31, 1935
Income Account for
Bullion
Ltd.—Earnings—
RR. above.—V. 142, p. 2507.
Distributors,
States of America at
Coupon bonds in denom. of $1,000 and $500, registerable as to principal
only, and fully registered bonds in denom. of $1,000 and $5,000 or auth¬
orized multiples.
Bonds in coupon or registered form Interchangeable.
Red., as a whole or in part on any int. date prior to maturity, upon at least
30 days' notice, at principal amounts thereof and accrued int. to the date
of redemption, together with a premium of 6% of the principal amount
thereof if red. on or before June 1, 1938, with the premium reduced 1 % on
June 2,1938, for the two-year period then beginning, and with the premium
further reduced Yt of 1% on June 2, 1940 for the year then beginning, and
on each succeeding June 2 for the year1 then beginning up to and including
Volume
Financial
142
Chronicle
the year ending June 1, 1949 and with no premium if redeemed after June 1,
1949. Refund of certain Calif., Conn., Mass. and Penn. State taxes will be
Mission Corp.—Earnings—
made upon proper and
timely application.
History and Business—Company was incorp. Feb. 6, 1930 as Northern
Lakes Co. in Delaware as successor to a Minnesota corporation which had
supplied manufactured gas in Minneapolis since 1870.
On Feb. 19, 1930
corporate name changed to Minneapolis Gas Light Co.
Business consists
primarily of the manufacture, distribution and sale of a mixture of manu¬
factured and natural gas for domestic, commercial, industrial and space
heating purposes in the City of Minneapolis and in 11 adjacent communities.
Company also merchandises at retail various gas consuming appliances,
such as gas stoves and gas ranges, water heaters, space heaters, industrial
burners and gas-fired refrigerators, primarily for the purpose of increasing
the consumption of gas.
The company serves a
territory having a population of more than 490,000
distributed through Minneapolis and the following com¬
munities suburban to Minneapolis:
Brooklyn Center, Crystal, Fridley
Township, Morningside, Robbinsdale, Columbia Heights, Edina Hopkins,
Richfield, St. Louis Park and Minnetonka Township.
Minneapolis Suburban Gas Co., a wholly owned subsidiary prior to
Nov. 29, 1935, was dissolved on that date and its assets transferred to the
company and segregated as its suburban division.
Company assumed all
of the obligations of Minneapolis Suburban Gas Co.
Prior to Nov. 29,
1935, Minneapolis Suburban Gas Co. purchased gas from the company and
distributed it to the 11 communities mentioned above.
Since Nov. 29.
1935, the company has distributed gas to the 11 communities above men¬
tioned through its suburban division.
Through the line of the Northern Natural Gas Co., the company's system
is connected with the Panhandle field in Texas and the Hugoton field in
Kansas, which fields together comprise one of the largest known reserves of
natural gas.
Company has a contract with Northern Natural Gas Co.
running for 10 years from June 1, 1935. Through this connection the com¬
pany is able to obtain a supply of natural gas for mixing with the company's
own manufactured gas so as to give a heat content of
approximately 800
B.T.U. per cubic foot of gas delivered to the customer, as compared with
approximately 550 B.T.U. per cubic foot of manufactured gas previously
distributed. With an ample supply of gas having a high heat content avail¬
able at a low price per heat unit the company is building a large house
heating as well as industrial and commercial load.
The manufactured gas is provided in a water gas plant.
The company
therefore does not have the problem of disposing or by-product coke incident
to a coal gas plant.
1
During the year 1935 a natural gas line of the company was extended
to the Mississippi River in order to connect with a line of the Northern
(census of 1930)
Natural Gas Co.
As
Authorized
Capitalization—
1st mtge. g. bds., 4}4% ser. due 1950_
1st mtge. 4% bds., series of 1950
Cum. 1st pf. stk. ($100 par)—
of
Dec. 31,
1935
Bonds
$10,778,000
a
-
b
c
100,000 shs.
14,227 shs.
14,128 shs.
20,673.63
44,000 shs.
20,563.63
44,000 shs.
but
limited
subject to restrictions contained in the first mtge.
indenture,
b Not to be limited but to be subject to the restrictions con¬
tained in the first mortgage indenture as amended
by a supplemental
indenture, to be dated as of June 1, 1936.
Additional bonds aggregating
$500,000 principal amount of the 4% bonds or of any other series may be
issued upon request of the company without compliance with the property
and earnings restrictions contained in the first mtge. indenture as amended.
c The equity available for common stock at present is
subject to prior
payment in the event of liquidation of $100 per unit on 20,673.63 units
outstanding in the hands of the public. Earnings of the company available
for dividends on common stock are subject to cumulative prior income
payments of $5 per unit per year and to cumulative sinking fund payments of
$4 per unit per year on 24,311.27 units outstanding on Oct. 1, 1934. Income
payments applicable to units retired by previous sinking fund payments
augment subsequent sinking fund payments. Sinking fund payments may
be made by surrender of units on the basis of $100 per unit or by the pur¬
chase of units on advertisements for sale at not in excess of the redemption
price thereof or by redemption by lot at $100 per unit. The units are issued
under and entitled to the benefits of an indenture dated March 21, 1932,
between the company and Minnesota Loan & Trust Co., as
depositary and
registrar, and First Minneapolis Trust Co., as paying agent.
Company holds in its treasury 1,553 shares of $7 series preferred stock,
785 shares of $6 series preferred stock and 2,646.81 participation unit
certificates, which are not included in the amounts shown above.
None
of the common stock is held in the treasury of the company or reserved
for officers or employees or reserved for options, warrants, conversions
or other rights, except that the company's parent, American Gas & Power
Co., has an option dated Feb. 19, 1930, to subscribe for and purchase
any additional shares issued or offered by the company before May 1, 1953,
at $50 a share, unless a higher price shall be agreed upon.
Company's outstanding common stock, together with said option, is
pledged with Bankers Trust Co., as trustee under the debenture agreement
of American Gas & Power Co. dated as of May 1, 1928, as amended.
Offering to Holders of Outstanding 1st Mortgage—Company is offering
its 4% bonds for exchange to the holders of its outstanding 4*4% bonds,
in an equal principal amount plus a cash payment of $27.92 in
respect
of each $1,000 bond exchanged made up as follows: (a) $6.25, being the
difference between the redemption price on July 1, 1936, of its 4*4 % bonds
(103
% of their principal amount) and the price at which the 4% bonds
not reserved for exchange are sold to the underwriters (102^% of their
principal amount); (b) $18.75, being accrued interest on the 4*4% bonds
to June 1, 1936, and (c) $2.92, being *4 of 1% interest from June 1,
1936.
to Jan. 1, 1937.
The
offer
to
the
holders
of
the
company's
4*4% bonds will become
effective on June 1, 1936, in the event that (a) the holders of at least
$5,500,000 (or such lesser principal amount as may be stated by the com-
Gas, from liability in connection with a contract to buy gas from "Mokan."
The latter would get $350,000 and use this, with other assets to pay off
its creditors.
Common stock of Panhandle Eastern would be increased to 648,652
a book value of $25 a share, one-half to go to stockholders of
Missouri-Kansas at the rate of one Panhandle share for four MissouriKansas.
Thus, Missouri-Kansas investors would receive one-fourth on
their investment.
Missouri-Kansas stockholders would be released of a
shares, with
note for
$5,500,000 held by Columbia Gas & Electric Corp.—V. 142, p.
3350.
Missouri-Kansas-Texas
The directors
May 19 approved the recommendation of Matthew S.
Sloan, Chairman and President, to liquidate May 19, a three-year loan
$2,300,000 obtained on that date last year from the Reconstruction
Finance Corporation.
Mr. Sloan told the directors the Katy's cash position, improving business
conditions in the Southwest and the,
outlook for the remainder of the
year justified paying the loan.
The Katy has remained solvent throughout
the depression, meeting all interest charges when due and the RFC note
is its only outstanding current obligation.
Mr. Sloan said the Katy's gross earnings for the first four months of
the year were up 20% over the same period of last year while estimated
earnings for the first half of May show a better than 21% increase and
that further and steady improvements are expected for the remainder of
on
of
'
1936.
Mr. Sloan said payment of the loan, which will affect a saving of $92,000
annually in interest charges, will leave approximately $3,700,000 in the
Katy's treasury, sufficient to meet all requirements, and that estimated
earnings indicated a cash balance of approximately $6,000,000 by the end
of December.
This estimate, he added, contemplated the continuation
throughout the year of an extensive program of plant improvements and
betterments commenced in January.—V. 142, p. 3350.
1936,
as may
The
directors
have
declared
Purchased gas
of
25 cents per share on
the
Report—
Traffic Statistics—Years Ended Dec. 31
1934
1935
1933
1932
Revenue freight (tons).. 26,147.473
25,384,802
23,795,792
23,517,464
Rev. tons carried lmile.6737978,069 6761819,795 6070963,102 5855608,791
Rev. tons carried 1 mile
No. passengers carried-.
1,786,454
No. pass, carried lmile.202,856,698
rec.
rec.
0.929 cts.
0.943 cts.
ton mile
Avge.
Avge.
920,084
931,602
per mile of road
Avge. amount rec. per
$2.3424
2.06 cts.
fr. each pass.
per pass, mile
787,636
1.007 cts.
1,593,351
1,094,516
1,401,538
205,608,454 144,332,443 165,721.204
$2.4682
$3.3736
$3.2818
1.91 cts.
2.56 cts.
2.78 cts.
1934
1935
Calendar Years—
819,706
0.960 cts.
1933
1932
Avge. mileage operated-
7,232.68
7,349.13
7,406.27
7,434.41
FreShT..
63,508,741
4,184,569
62,848,601
3,932,744
58,278,977
3,692,444
58,961,531
4,599,602
2,525,048
2,586,244
2,466,010
2,351,363
Passenger
Mail—-
Express
1,162,382
1,187,211
961,502
1,192,471
Miscellaneous-
1,900,319
1,171,123
1,800,682
962,120
1,626,471
812,338
1,716,462
968,916
Incidental
126,315
117,989
116,038
129,837
74,578,498
73,435,591
67.953.779
69,920,180
11,045,210
15,976,728
10,249.825
15,433,570
8,537,801
13,891,090
7,867,478
12,672,277
2,697,442
2,567,174
2,515.062
2,725,218
Transport'n—Rail line.- 28,166,995
675,796
26,280,201
499,546
24,318,847
398,309
26,899.238
502,342
x2,525,573
3,614,309
3,036,445
3,336,142
337,562
264,175
250,111
283,314
60,750,184
13,828,314
3,649,874
27,562
58,380,450
52,447,443
53,719,381
15,055,141
3,753,580
33,009
15,506,336
4,059,648
40,884
16,200,799
3,862,701
24,595
Joint facility
Total ry.oper. revs—
Maffo^w&^trScI.
Maint. of equipment—
Traffic
Miscell. operations
General--.
Transp. for inv.—Cr
Total ry. oper. expenNet rev. from ry.oper-
Railway tax accruals
Uncoil, railway revs
11,405,804
12,313,503
505,346
436,019
Rent fr. pass. tr. in cars.
Rent from work & float¬
539,430
520,001
488,094
516,105
ing equipment
Jt. facility rent income..
88,174
490,046
94,308
455,710
73,782
462,347
101,658
543,409
11,580,865
12,817,786
12,935,373
13,910,695
3,295,439
2,827,327
1,925,313
3,987,967
215,398
463,817
38,274
95,555
1,898,729
5,230,583
Miscell. rent income
26,876
218,111
Misc. non-op. phys. prop.
Dividend income.-----
202,981
18,071
214,741
Inc. from funded securs.
be stated by^
Total oper.
Other
income—
Oper. Income—
Total oper. income
Deduc'nsfr. Oper. Inc.—
Hire of fgt.cars-deb.bal.
3,473,131
Rent for locomotives
202,195
602,168
Rent for pass, train carsRent for floating equip-
29,736
117,737
Depreciation.
(other than Federal income)
Management fees:
Gas
&
Power
Co
Public Utilities Management Corp.
Provision for doubtful accounts
operating
revenue
Other income
38,786
95,829
6,118,046
6,923,548
8,511,961
22,212
302,959
22,814
433,600
22,560
323,877
122,193
136,257
137,555
291,406
61,618
42,254
310,812
162,767
41,674
510,783
376,468
468,852
1,014,187
355,064
6,811
53,364
48,962
68,492
6,056,457
7,134,608
8,494,106
10,902,670
122,774
Miscellaneous rents
37,740
Miscell. tax accruals
28,854
Separately oper. prop.-9,384
Int. on funded debt17,862,844
im: on unfunded debt- 3,215,212
Miscell. income charges.
21,344
121,846
38,963
123,545
38,180
15,222
124,933
11,496
18,319,469
2.811,704
15,337
18,967,572
2,373.796
30,268
19,948,301
965,831
59,454
15,241,695
14,201,818
13,054,477
10,260,861
Net ry. oper. income.
Non-Oper. Income—
funded
1933
$4,442,307
2,072,582
13,643
235,721
200,000
506,814
$4,426,561
2,104,369
200,000
Inc. from unfund. secur."
421 251
Inc.
71,086
10,118
69,638
106,109
106,115
Miscellaneous income
27,562
51,769
$1,279,876
Dr24,252
$1,328,315
Drl7,568
$1,310,747
5,602
40,025
$1,255,623
450,694
60,166
10,547
33,000
$769,633
$701,216
$793,579
$1,364,256
debt
484,922
Amortiz. of debt disc. & expense
Other interest..
64,075
Provision for Fed. income taxes (est.)
Net income
_
450,000
60 071
7.097
Note—Above table includes operations of Minneapolis Suburban Gas Co
wholly-owned subsidiary, for the period from Jan. 1, 1933, to Nov. 29
1935, date of acquisition.—V. 142, p. 3350.
?
a
176,188
475,691
1,784,912
1934
Drl3,636
income
194,962
446,480
1,940,419
Rent for work equipment
Joint facility rents
Inc. from lease of road--
from
reserve
.
.
38,785
95,740
$1,377,893
_
Taxes
on
Co.—Larger Dividend—
dividend
Missouri Pacific RR.—Annual
$4,563,615
1,548,408
581,913
183,296
227,484
493,780
Maintenance
Interest
a
stock, payable June 1 to holders of record May 25.
This compares
with a quarterly dividend of 15 cents and an extra of 5 cents per share
paid on March 1, last.
common
the
Operating revenues—gas sales
Operations
Total
of this department.
Monarch Machine Tool
1935
Net
Corp.—Registers with SEC—
See list given on first page
Income Statement Years Ended Dec. 31
American
RR.—Liquidates $2,300,000 RFC
Loan—
479,215
under
of
Under the settlement, according to Raymond G. Real, counsel for re¬
ceivers of "Mokan," the latter would release the defendants from all liability
and the Panhandle Eastern Pipe Line Co., subsidiary of Columbia Oil &
11,268,552
the underwriting agreement hereinafter mentioned.
4*4% bonds desiring to accept the exchange were re¬
quired to deposit their 4*4% bonds with Continental Bank & Trust Co.,
30 Broad St., New York, exchange agent.
Underwriting—By an agreement dated April 14. 1936, the company
has agreed to sell and G. L. Ohrstrom & Co., Inc., New York, has
agreed to
purchase on June 1, 1936, at 102%% of their principal amount, all 4%
bonds not reserved on that date for exchange for 4)4% bonds under the
exchange offer, subject to the acceptance of the exchange offer by the
holders of at least $5,500,000 of the 4%% bonds (or such lesser
principal
amount as may be fixed by the company with the consent of G. L. Ohr¬
strom & Co., Inc.)
1936,
Holders
against Columbia Oil & Gas Co., Columbia Gas & Electric Corp. and their
The suit charged violation of the anti-trust laws and conspiracy
to restrict competition.
officers.
312,336
the company by written notice to its exchange agent, and (b) the
company
shall receive payment for its 4% bonds not reserved for exchange on June
1,
Missouri-Kansas Pipe Line Co.—Settlement Approved—
Federal Judge Woodward at Chicago on May 15 approved the settlement
of the $150,000,000 suit
brought by the Missouri-Kansas Pipe Line Co.
10,150,877
ave
such later date but not later than May 29,
$0.19
Rent from locomotives--
Eany accepted the exchange offer May 11, 1936 (extended to May shall
by written notice to its exchange agent) of the 4*4% bonds 18),
or
$267,790
*
$11,000,000
175,000 shs.f 14,227 shs.
J
114,128 shs.
Participation units
(units).
Common stock (no par)
a
Earnings for 3 Months Ended March 31 1936
Net profit after all charges
Earns, per share on 1,399,345 shares
cap. stock outstanding
—V. 142, p. 962.
Moderne Products
$7 series
$6 series
Not
Adjusted to
Reflect
Issuance
of New
3515
sinking,
&c.,
122
funds
Gross income—
RenffOT leased!road^s—C
Net deficit
21,100
5,135
Includes a credit of $573,690 covering adjustment of amounts charged
general expenses in 1934 account of contributions under Federal Re¬
tirement Act.
x
to
3516
Financial
Chronicle
Balance Sheet Dec. 31
1935
1934
$
$
Assets—
Invest. In road &
Common
equipment. .534,525,522
Impt. on leased
_
538,500,145
stock.
1934
$
$
82,839,500
587,097
566,682
71,800,100
Sinking funds..
Deposits in lieu
626
617
of mtge. prop.
Loans
—pledged....
78,619,508
78,818,028
12,625,204
1,125,851
Oth. inv. unpl'd
386,992
Cash
6,790,505
Special deposits
628,288
12,583,904
Misc. accts. pay.
72,985
Prov. for Fed. tax (est.)
926,495
1,152,259
Int. mat'd unp'd
49,550,956
31,337,909
389,263
4,900,257
Funded debt
tured unpaid. 43,060,320
Divs.
matured
35,611,720
—unpledged
Loans & bills
Traffic &
185
agts.
1,508,968
18,735
896,373
705,492
rec.
1,071,293
3,327,949
Mat'ls & supp__
Int. & divs. rec.
6,579,313
64,782
Rents receivable
Oth. curr. assets
24,349
Work, fund adv.
35,991
1,421,760
Oth. def. assets.
&
premium
$296,068
42,125
$84,720
13,800
$394,121
$289,276
7,500
160,000
$253,943
30,000
100,000
$70,920
45,000
200" 5o6
$194,121
$121,776
$123,943
def$24,081
$1.97
$1.41
$1.12
$0.13
Net income.
Preferred dividends
Common dividends—__
206,462
206,462
5,845,772
360,013
355,681
242,743
927,617 Other curr. liab.
3,774,017 Deferred liab...
46,274
7,283,558 Tax liability
2,208,697
91,409 Ins. & casualty
reserves
33,380
17,564
17,257 Acer, deprec
43,460,329
34,934 Oth.unadj.cred.
486,227
Balance, surplus
Earns. per sh. on 200,000
shs. com. stk. (no par)
—V. 142, p. 1478.
222,445
ac¬
1,727,106
Add'ns
to
paid
of accumulations
2,603,618
26,502
$7
prop,
1,500,409
invested
450,000
450,000
4,296,081
3,907,593
Profit & loss def.
34,012,191
17,666,911
unadjust.
spec,
per
share.—V. 142,
National
surplus
Approp.surp.not
50,000
Lighting Co.—Accumulated Div.—*
7%
a
dividend of 75 cents per share on account
cum.
15.
pref. stock, par $100, payable July 1
Similar payments were made in each of the
six preceding quarters, prior to which regular quarterly dividends of $1.75
per share were distributed.
Accumulations after the payment of the current dividend will amount to
405,191
189,864
of the
to holders of record June
42,846.252
178,712
Suffolk
&
Nassau
The directors have declared
45,360
through inc. &
debits-
$340,276
51,000
•4,397,545
5,801,164
insur.
in advance
Other
Unpaid
crued
& cond.
$462,721
68,600
ma¬
Unmat. rents
fr.
Misc. accts. rec.
Rents
4,923,303
Unmat.int.accr.
car ser¬
rec.
1,034,848
on
25,595,172
1,263,802
wages payable
.
vice bal. rec..
Net bal.
25,347,183
vice bal. pay.
Other—pledged.
other inc.
$53,467
31,253
car ser¬
Audited accts. &
Inv. in affil. cos.
32", 041
$271,793
24,275
Int. earned
50,108
4,641,572
Traffic &
20~465
$326,317
13,959
Operating income
bills
and
payable.—_
74,796
7,486,691
$367,393
229,555
52,331
$459,299
3,422
361,066,000 371,424,400
Misc. phys. prop.
Inv. in affil. cos.
1933
1934
$615,506
284,608
38,640
348,743
38,860
.10,000
Other charges
un¬
matured
1935
$723,920
Prov. for doubtful accts.
56,028
grants...
Funded debt
1936
$840,942
342,639
39,004
Manufacturing profit—
Expenses
Depreciation
82,839,500
71,800,100
Preferred stock.
6 Mos. End. Apr. 30—
Governmental
ry. property..
sold
(F. E.) Myers & Bro. Co.- -Earnings-
1935
Liabilities—
1936
23,
May
1,514,706
p.
2835.
Bondholders
Corp.—Additional
Cash
Dis¬
tributions—
It
announced May 15 by C. E. O'Neil, President, that the directors
was
had authorized additional cash distributions aggregating $2,300,000 on 43
series of the corporation's participation certificates, payments
different
Total..
660,747,871 661,822,767
Total
660,747,871 661,822.767
on specific series ranging from 3 % to as high as 15%.
Mr. O'Neil stated that the distribution just authorized is the largest
single distribution made since the corporation was organized.
More than
13,000 certificate holders throughout the country will share in the dis¬
tribution and checks will be mailed on or before June 15 1936 to all registered
holders of record May 25, 1936.
Transfer books will be closed for a period
not exceeding 20 days, beginning May 26.
He further stated that, "As a result of effective operating methods
adopted in connection with the management of the corporation's properties
throughout the country and the execution of a conservative and planned
program of liquidation, a total of $9,000,000 has now been distributed to
approximately 25,000 certificate holders throughout the country.
Distri¬
-V. 142, p. 3350.
Monroe
Loan
Society—Initial Dividend—
The directors have declared
common
an initial dividend of 8 cents per share on the
class A stock, no par value, payable June 1 to holders of reord
May 20.—V. 142,
3350.
p.
Monsanto Chemical
Co.—Subscription Agent—
Guaranty Trust Co. of New York, as agent, will accept subscriptions
common stock at the price of $60
per share.
Common stockholders
for
of record will be entitled to subscribe for one additional share of common
each 10 shares held on May 15, 1936.
The London office of
butions have been made to date
stock for
range
Guaranty Trust Co. of New York will also accept subscriptions.
The
privilege of subscription will expire at 3 p. m. Eastern Daylight Saving
Time on June 4, 1936.—V, 142, p. 3350.
Statement of
Central Funding
directors
have
declared
a
dividend
of
20
cents
75 cents per share
was
share
on
Empire Bond
4
distributed.
Alabama.
Mortgage Guarantee
B Series
A Series
C Series 10%
D Series 10%
the
common stock, no par value, payable July 15 to holders of record June 12.
A similar payment was made on April 15, last, this latter
being the first
dividend paid since Aug. 15, 1930 when a regular
quarterly dividend .of
per
Distributions Authorized May 15 1936
A Series 10%
B Series 10%
Montgomery Ward & Co.—20 Cent Dividend—
The
78 of the 80 separate series involved and
on
from 3% to 96% of the designated principal amount of participation
certificates."
A Series
5%
C Series 10%
B Series
8%
Federal Home
AA Series
AD Series
AG Series
AH Series
Mortgage Security
A Series
Earnings per share on
common
$0.54
_
8%
B Series
6%
B-TJng. Ser.
A Series
7%
BB Series
B Series
14%
C Series
Mich.-2 Ser.
A Series
B Series 11%
$2,261,097
$0.42
6%
Instalment Mortgage
1934
$2,178,326
$0.40
F Series
National Mortgage
Investors
1935
A Series
B Series
C Series 11%
1936
Guaranty Title
Investment Securities
Quarter Ended April 30—
Net profit after depreciation, interest
and Federal taxes
$2,836,838
B Series
B Series
National Reserve
—V. 142, p.3180.
Mountain States Power
Co.—Earnings—
12 Months Ended March 31—
1936
$3,017,502
2,102,136
$1,094,601
247,686
$915,365
242,215
.,342,288
300,000
$1,157,581
.,042,288
12,000
Net oper. rev. (before approp. for retire, reserve)
Other income.
1935
$3,351,890
2,257,288
Operating revenues
Operating expenses, maintenance and all taxes
$920,819
12,000
505,193
Mortgage
AA Series
5%
9%
.
KY-2 Ser. 10%
B Series 13%
5%
C Series 15%
D Series
8%
C Series
Mortgage Bond...
E Series
CC Series
6%
5%
Southern Securities
A Series
7%
B Series
Title Investment
Meline...
A Series
6%
7%
6%
7%
9%
5%
C Series
B Series
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
__
Gross income
Rent for lease of electric property
Interest on funded debt
Union Mortgage
493,281
2,850
390,638
5,397
Amortization of debt discount and expense
Other interest (net)
Other income deductions
Net income-x
National
$33,618
309,072
$342,691
on
gold notes retired
98,370
2,213
$380,227
Before
as
to year ended March
expense and
as
National
Morris Finance Co.—Extra Dividends—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of $1.50 per share on the class A
common stock and an extra dividend of 10 cents in addition to the regular
distributions
Mullins
were
on the class B common stock.
June 30 to holders of record June 20.
made on Dec. 31, 1935.—V. 142, p. 3180.
on
notified that all
Manufacture
&
Stores
Corp.—Admitted to
The New York Curb
Exchange has admitted to unlisted trading privi¬
stock, no par, in lieu of old common stock, no par,
exchange on a share for share basis for old common stock.
—V. 142, p. 2836; V. 141, p. 2123.
leges the
All
issuable
Similar
new common
in
National
Manufacturing Corp.—Stock Called—
Fireproofing Corp.—Reorganization Plan Filed
A plan of reorganization under Section 77-B of the
2,019 shares of class A common stock has been called for re¬
demption on June 15 at $7.50 per share.
Payment will be made at the
First National Bank of Boston, Boston, Mass, or at the Central Hanover
Bank & Trust Co., New York City.—V. 142, p. 2675.
Bankruptcy Act
pro-
Eosed by the general creditors' committee District Court of the Western
olders' group, has been filed in the U. S.
and approved by the stockDistrict of Pennsylvania.
Under the proposal the reorganized concern would issue not to exceed
$1,000,000 first mortgage bonds (bearing interest of not more than 6%),
and new 16-year 5% cumulative convertible income debentures not
in
excess of $3,000,000 and 750,000 shares of new common stock
(par $5).
Munson Steamship Line—Admitted to Unlisted Trading—
The New York Curb Exchange has admitted to unlisted trading privieges the certificates of deposit for 6H % gold debenture bonds, due Jan. 1,
1937 (with warrants).—Y. 142, p. 3351.
The new debentures are to be convertible into common stock on a basis of
50 shares for each $1,000 and one share of common for each $20 of
unpaid
and accumulated interest.
The plan provides for the settlement of prior and secured claims for cash
on a basis to be agreed upon between the
reorganized company and each
Muskegon Motor Specialties Co.—Accumulated Div.—
The directors have declared
on
are
Unlisted Trading—
A total of
of accumulations
Co.—Exchange Under Plan—
rights to exchange bonds and stock certificates under reorganization
plan will terminate absolutely at the close of the business day of Dec.
1, 1936, and that claims and interests have already been discharged and
terminated in the reorganization proceedings except as to exchange under
the plan.
Security holders should send their bonds and stock certificates
for exchange under plan to National Erie Corp., 15th and
Raspberry Sts.,
Erie, Pa.—V. 136, p. 4102.
(Tom) Moore Distillery Co.—Transfer Agent—
quarterly dividend of 30 cents per share
(Detroit)—20 Cent Dividend—
Bondholders and class A and class B stockholders
to year ended
The Guaranty Trust Co. of New York has been appointed transfer agent
for 500,000 shares of common stock $1 par value.—V. 142, p. 3351.
dividends will be paid
AN Series
of principal were made April 30 to holders of
Casualty Co.
National Erie
$340,477
31, 1935 provision for amortization of
March 31, 1936 before
provision for amortization of discount and expense on first mortgage bonds.
—V. 142, p. 3180.
x
debt discount and
account
The directors have declared a dividend of 20 cents per share on the
capital
stock, par $10, payable June 15 to holders of record May 29.
A similar
payment was made on March 14, last, and compares with dividends of
10 cents paid in each of the four quarters of 1935. Prior to 1935 no
payments
were made since Dec.
15, 1932, when a regular quarterly dividend of 10
cents was paid.—V. 142, p. 1296.
Unamortized balance of debt discount and expense
Miscellaneous
on
participation certificates of recor dApril 29 on Union Series D at rate of 10%.
All holders who have not as yet exchanged their certificates of
deposit
or
deposit receipts for the participation certificates to which they are
respectively entitled, should do so immediately in order that they may
receive their distribution without delay.
Certificates of deposit should
be forwarded for exchange to the issuing depositary, either Manufacturers
Trust Go. of New York or Maryland Trust Co. of Baltimore.—V.
142,
p. 1994.
364,965
5,041
$478,598
Total
Distributions
236,762
$138,121
340,477
Surplus, beginning of period
4%
5%
5%
5%
5%
8%
8%
12%
4%
10%
3%
5%
8%
a dividend of 50 cents per share on account
the $2 cum. class A stock, no par value, payable June 1
creditor.
to holders of record
April 26.
A like payment was made on April 4, last,
25 cents paid on Aug. 10 and July 10, 1935, and 50 cents
on May14, 1935, this latter payment being the first made since June 1, 1932,
when a regular quarterly dividend of 50 cents per share was distributed.
—V. 142, p. 1994.
Holders of proved or admitted general claims of less than $100
(except
holders of scrip) are to be paid in full in cash.
For claims in excess of that
they will receive $100 of new debentures for each $100 of claims.
For balances of such claims of less than $100,
holders, as well as holders
and compares with
amount
of senp
of less than $100, will receive one share of common stock of each
up to a total of 5 shares.
In addition, holders of approved or admitted
general claims will receive
common stock at the rate of one share for each
$100
$16.66
Muskegon Piston Ring Co.—Extra Dividend—
The directors on May 15 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of like amount on the common
stock, both payable June 30 to holders of record May 29.
This disburse¬
ment is payable to holders of certificates bearing the name of Sparta Foun¬
dry Co., the name of the company prior to consummation of the recent
reorganization. Holders of certificates of stock of the original Muskegon
Piston Ring Co. must exchange their certificates pursuant to the plan of
reorganization prior to the close of business on May 29 in order to receive
their dividend in regular course.—V. 142, p. 2167.
■
>
principal amountiof
their claims.
Preferred
common
■
for
stock, is to be exchanged
each
share
held.
on the
Common
basis of 2 1-5 shares of
stock is
new
to be exchanged on^a
share for share basis for the new common issue.
There are at present outstanding 157,345 shares of
6% cumulative
(par $50) and 89,891 shares of common stock.
0m
•
In the schedule of claims, amounting to
$3,417,066, the debentures claim
Is listed under "general creditors" and placed at
$2,010,315, of which
Volume
Financial
142
1,844,000 is principal
•—V. 142, p. 1648.
the
and
remainder
National Grocers Co.,
scrip
accrued
and
interest.
Ltd.—Earnings—
$733,181
125,435
81,822
98,891
Bond interest and other expenses
Provision for taxes
Net profit
Preferred dividends
$427,032
x310,086
Includes $103,362 dividends for the six months ended June 30, 1927.—
V. 142, p. 3351.
<
x
Balance Sheet March 31
Assfifs—
1936
hand
on
$118,415
Accts.rec.Uess
on
$100,600
1936
1,973,983
1,909,825
Accts. & notes pay.
Dlvs. pay. April 1
mer-
$717,504
51,681
152,490
Acer.taxes, int.,&c
purch'd.
79,777
108,314
2,109,426
2,033,898
Invests. & mtge—
195,940
Deferred charges.
140,333
Land, buildings &
equipment
2,654,184
978,840
1,163,800
895,484
red.
cumul.
pref. stock
2,953,200
stock295,852
2,953,200
295,852
..
7%
Common
Surplus...
$7,217,879 $7,135,603'
Represented by 295,852
no
par
National Paper & Type
868,311
Total
751,365
$7,217,879 $7,135,603
shares.—V.
Net profit after depreciation, income taxes and other
charges
Trust-
$67,043
-Accumulation
Dividend—
dividend of 20 cents per share on account
a
of accumulations on the $3 cum. conv.
preferred stock, no par value, pay¬
able June 5 to holders of record May 25.
This will be the first payment
made since Nov. 2, 1931, when a dividend of 25 cents
share was dis¬
Aug. 1, 1931, and payments
made each three months from Nov. 1, 1929, to
per
A dividend of
60
cents was
paid
on
of 75 cents per share were
and including May 1, 1931.
Accumulations after the current
share.—V. 139, p. 2055.
National Standard
dividend
will
amount
to
$14.25
per
[Exclusive of income of European subsidiary]
Earnings for 6 Months Ended March 31, 1936
$248,832
National Transit Refrigeration Co.See list given on first page of this department.
-Registers with SEC
Neptune Meter Co.—Accumulative Dividend—
The directors have declared
accumulations
on
the
8%
a
cum.
dividend
pref.
of $2
stock,
per
par
share
$100,
on
account
of
payable May 26
holders of record May 22.
A like amount was paid on April 28 and
Feb. 25, last, Nov. 25 and Sept. 4, 1935, as against
$3 per share paid on
Dec. 24, Nov. 26, Sept. 26 and June 25, 1934, this latter
being the first
payment made on the pref. stock since Nov. 15,1932, when a
to
was
12 Months Ended March 31—
Total operating revenues
Operating expenses
Other taxes
unfded debt
1935
$13,360,527 $13,061,147
6,812,086
6,321,865
1,119,170
1,007,711
1,050,547
250,665
$2,242,010
255,131
Gross income
Deductions from income: Subsidiary companies..
New England Gas & El. Assoc.: Int. on fd. debt--
$2,497,142
171,245
2,144,497
1,123,511
345,595
1,771,558
$2,490,904
380,275
$2,871,179
161,219
2,219,601
867
17.6
99.5
dec.0.5
substantially, in
of three months interest on the 1st
mtge. bonds outstanding.
The
loadings for April show the substantial gain of 17% over the same period
and "there is every indication that the income statement for
the first six
months of the year will bear out the position of this committee as
to the
substantial earning power of the N. O. T. & M. lines and their
great im¬
portance either to the Missouri Pacific System or to other systems
serving
"The cash position of the N. O. T. & M. lines has shown substantial
improvement," the committee further stated.
"We are informed that as
of April 30, 1936, there was approximately $2,000,000 cash on hand
with
not more than a normal volume of unpaid vouchers
outstanding.
The
committee therefore feels that the trustee would be justified in
making some
payment on account of the past due interest on the 1st mtge. bonds, and
so
advised the trustee."
George H. Walker is Chairman of the committee and Edward F. Hayes,
38 Wall St., Secretary.
Other members are Alex Berger.l Willard V. King,
Albert T. Perkins, B. A. Tompkins and George E. Warren.
Counsel are
Cravath, de Gersdorff, Swaine & Wood.
At the present time the protective committee represents
approximately
15% of the bonds outstanding in the hands of the public, consisting of over
1,000 individual deposits.
In addition it has the support of approximately
an additional 5% of bonds which are now held
by mutual savings banks in
the State of New York, it is stated.
General
Statistics for Calendar Years
19,411
$465,476
Revenue
tons
Revenue tons carried
one
1934
1933
1932
1,763
'
1,764
1,793
1,816
4,375,087
4,272,051
3,327,054
3,881,018
597,491,636 608,230,68 1 452,985,893 499,390,730
carried
mile
Renue per ton per mile
Passengers carried
Passengers carried one mile
1.45 cts.
Revenue per passenger per mile..
1.43 cts.
1.62 cts.
1.73 cts.
324,903
308,528
22,768,984
22,512,469
248,322
16,036,973
339,079
24,691,515
1.72 cts.
1.81 cts.
2.20 cts.
2.10 cts.
Consolidated Income Account—Years Ended Dec. 31
Railway Operating Revenue—
1935
$8,690,647
391,509
224,123
147,869
Freight
1934
1933
1932
$7,355,580
352,076
238,748
$8,656,886
95,489
517,488
250,913
168,602
44,279
71,616
60,564
64,446
Miscellaneous
218,596
Incidental
68,995
101,076
$8,702,985
407,040
227,202
120,170
203,895
89,990
82,840
$9,842,816
$9,834,123
$8,218,352
$9,786,326
1,596,963
1,532,747
1,956,142
507,329
1,330,274
1,696,913
3,493,274
1,766,916
498,336
2,989,722
1,287,967
1,477,889
467,471
2,646,360
-—
19,464
x467,657
19,419
623,256
Transportation for inv.—credit--
6,680
29,946
530,718
40,373
22,655
646,229
46,415
Total
$8,034,151
$7,400,450
$6,383,254
$7,008,828
Net operating revenue
$1,808,666
$2,433,674
529,350
$1,835,098
$2,777,499
592,210
15,603
7,769
11,054
$1,243,331
$1,888,720
$1,263,707
$2,174,236
263,327
98,572
295,305
342,805
338,743
87,199
36,500
9,773
15,863
79,067
36,500
15,027
100,262
28,188
949
992
Passenger
Mail
Express
Joint facility
48,174
79,818
Total
Railway Operating Expenses—
Balance of income
V• 142, P. 2330•
New England
Telephone & Telegraph Co.—Earnings—
Period End. Mar. 31—
1936—Month—1935
$5,903,267
revenues
Uncollectible oper. rev_-
13,580
Operating expenses
Operating taxes—
4,282,718
572,214
sTet oper. income.
..
$1,034,755
1936—3 Mos.—1935
$5,494,783 $17,201,379 $16,487,365
18,265
39,983
60,625
3,998,477
12,429,351
11,981,809
470,551
1,697,019
1,410,059
$1,007,490
1. 142, p. 3353.
$3,035,026
$3,034,872
Maint. of way and structures
Maintenance of equipment
Traffic expenses
— -
Transportation expense
Miscellaneous operations
General expenses
Railway tax accruals
Uncollectible railway revenues—
New Jersey Power &
Light Co.—Earnings—
Twelve Months Ended March 31—
Total operating revenues
-----
—
1935
$3,809,703
1,321,561
462,222
$3,776,644
1,291.043
retirements, renewals and replace¬
capital--
Railway operating Income
1936
Maintenance
ments of fixed
557,699
25.1
99.5
5 470
19,409
$161,121
Amortization of debt discount and expense
for
555,032
1935
(& Subs.)—Earns.
1,886,047
Operating income
Other income (net)
Provision
658,932
28.7
814,034
1,958,711
313,055
330,249
excess
Average miles operated
1936
Maintenance
Provision for retirements, renewals, and replace¬
ments of fixed capital
Federal income taxes
expenses-
Increase
car
paid.—V. 142, p. 2836.
New England Gas & Electric Assn.
Operating
1935
$2,733,750
Although granting that the first three months of the year are usually
better than average months, the committee pointed out that in the first
quarter the net income available for fixed charges was
regular quar¬
terly dividend of $2
Operating
Income available for interest
Int. charges through 1st mtge. bond int.
(not incl. interest on income bonds)
has
—V. 142, p. 3352.
on
Quarter Ended March 31—
1936
railway operating revenues
$3,517,250
Maintenance of way and maintenance
of equipment
1,018,249
Total railway operating expenses
2,302,719
Net railway operating income
624,322
the Middle West and Southwest."
Co.—Earnings—
Net profit after depreciation, Federal taxes, &c
Interest
aggressive contest to protect their rights by depositing their bonds im¬
mediately with Chase National Bank, 11 Broad St., New York, depository.
In support of their contention of the value of the
N. O. T. & M. lines,
the committee cited the substantial
gain in the road's earnings power in
the three months ended March
31, 1936, when total operating revenues
increased 28.7% over the
corresponding period of 1935 and net operating
income increased 99.5%.
Current earnings of the consolidated N. O. T. & M. lines for the
first
quarter of the year were reported as follows:
__
The directors have declared
tributed.
not yet deposited their bonds that their
as approval of the
inequitable plans under consideration,
committee called upon security holders for support in its
Per Cent
Co.—Earnings—
Investment
Warning bondholders who have
Total
-V. 141, p. 3698.
Republic
N. O. T. & M. lines."
142, p. 3351.
Earnings for Six Months Ended Feb. 29, 1936
National
and the Stedman Committee.
The protective committee, in a letter to
bondholders, stated that it "feels
strongly that neither the Van Sweringen plan nor the Stedman plan fairly
recognizes the position of the N. O. T. & M. bonds, either on the basis of
inherent position or in comparison with the treatment offered to
other
securities.
Both plans make the trnwarranted
assumption that the N. O. T.
& M. lines are
dependent upon the Missouri Paicfic for their future existence
and prosperity.
Consequently it has been assumed that the N. O. T. & M.
bondholders must take what is offered them by
the.plans.
However, the
N. O. T. & M. lines serve a
territory which originates a substantial traffic
and are so situated in respect of railroads
competitive to the Missouri
Pacific that the holders of the N. O. T. & M. bonds should
by concerted
effort be able to compel the
giving of due recognition to the value of the
the protective
sink, fund bonds
—
bondholders protective committee (G. H. Walker,
Chairman) on
May 19 assailed as unfair the treatment accorded the road's first mortgage
gold bonds and 5% non-cumulative income bonds in the Missouri Pacific
reorganization plans sponsored respectively by the Van
Sweringen interests
silence will be taken
1,200,000
Reserves...
x
x
123,282
6% 15-yr.lst mtge.
bonds
41,303
2,675,531
$207,386
693,552
51,681
4% 1st mtge. serial
211,950
Inventories.
Total..
1935
drafts
res.
for bad debts)..
chand.
Liabilities—
Bank loans & over¬
in banks
Advances
1935
&
3517
New Orleans Texas & Mexico
Ry.—Bondholders' Protec¬
tive Committee Assails Both Van
Sweringen and Stedman Com¬
mittees—
The
Income Account for the Year Ended March 31,1936
Operating profit
Depreciation
Cash
Chronicle
438 700
Federal income taxes
Other taxes
Operating income
Other income
Gross income.
Interest
on
funded debt
Interest
on
unfunded debt
;
Amortization of debt discount and expense
Interest charged to construction—
574,806
137,088
305,956
320,246
$1,038,659
348,944
$1,457,372
626,400
600,136
87 856
07,876
$1,387,604
626,400
37,926
45,453
Crl4,490
$742,360
203,565
$692,314
203,565
51,067
45,420
563,622
Other Operating Income—
Rent from locomotives
Rent from passenger
train cars_Rent from floating equipment--Rent from work equipment
$1,008,068
449,304
-
556,027
9,307
522,135
2,837,037
13,223
Joint facility rent income
.
Total
k
—
.
<
$1,644,140
operating income—
36,600
15,870
21,422
13,120
—
$2,324,579
$1,750,225
799,499
829,410
187,813
684,821
245,021
124,222
15,672
—
$2,687,133
Deductions from Oper. Income—
Hire of
freight cars—debit bal-—
Rent for locomotives.-
171,954
Rent for passenger
765,350
399,619
train cars—64,545
Rent for work equipment
13,473
88,131
329,869
311,645
335,011
378,869
$264,799
$900,076
$345,477
$1,003,601
58,217
49,172
Joint facility rents
Net railway operating income-
7,503
108,498
31,195
Non-Operating Income—
Balance of income
Miscellaneous rent income
on
preferred stock—
Balance
$538,795
-Y. 142, p. 793.
$488,749
June
22.
B
on
May 16 declared a dividend of 10 cents per share
on
stock, par $5, payable July 15 to holders of record
common
This
2,546
4,315
20,278
9,447
1,672
67,248
3,628
16,853
41,629
1,479
69,607
4,715
24,887
3,681
1,004
$355,136
$984,960
$476,313
$1,126,059
273
1,366
4,996
Income from unfunded securities
Miscellaneous income
Niagara Share Corp. of Md.—10-Cent Class B Dividend—
The directors
the class
Miscell. non-oper. physical prop.
Income from funded securities—
Dividends
will
be the first
cash payment made on this
stock since
was distributed.
share of Schoellkopf, Hutton &
Pomeroy common
stock for each five shares of class B common stock of
this comnanv was
made on Dec. 16, 1935.—V. 142, p. 2676.
'
January, 1933, when 10 cents
A distribution of
one
Directorate Reduced—
Deductions from Gross Income—
Rent for leased roads
142, p. 2676.
was
1,450
Miscellaneous rents
655
Miscellaneous tax accruals
Interest on unfunded debt
Miscellaneous income charges—
x
—
6,255
-
Cr289
1,191
2,735,646
2,858,014
2,778,754
1,303
1,226
527
940
1,448
2,652
8,426
-13,764
$2,374,305
$1,760,845
$2,397,139
$1,674,109
•
Includes credit of $83,501 covering adjustment of amounts
expenses in
5,010
453
2,724,806
Interest on funded debt
Net loss
At the recent annual meeting of stockholders the board
of directors
reduced to 11 from 17.—V.
Gross Income.
16,857
19,832
11,445
charged to general
1934, account of contributions under Federal Retirement Act.
Financial
3518
and
Note—During 1932 company
Corporation fund $204,188.
paid Into
subsidiaries
the
Railroad
Credit
1935
ings—
1934
$
$
1935
to affiliated
Traffic
physical
car
cos.12,329,587 10,565,227
service
balances payable
488,147
273,077
3,402,469
3,396,686
—pledged
payable.
wages
1,037,380
151,076
6,012,591
16,340
Int. matin, unpaid
2,053,112
Dlvs. matured unp.
investment
3,935,184
Funded
debt
16,119
95,130
93,975
1,052,112
43,757
Special deposits...
519,591
tured unpaid.__
2,355,100
1,000
164,542
Unmat. int. accr'd
612,306
1,795,431
21,413
12,209
42,613
544,282
—unpledged
—
Cash.
Loans and bills rec.
Traffic &
6,623
456,406
317,322
conductors
91,534
4,099
2,906
assets.
curr.
646,875
6,352
7,091
15,995
337,350
270,476
at dates of
Other def. assets..
6,107,438
6,*449,633
2,494,926
2,491,511
41,421
40,041
spec,
invested..
Deficit
unadjusted
debits
82,267,870 83,463,346
'
York, Inc., above.—Y. 124,
1936
1935
—
bonds
Depreciation
loss$75,093
24,681
$98,904
24,376
loss$50,412
45,715
64,137
$123,280
48,156
65,074
Miscellaneous deductions
279
Net profit
Profit
y$39,031 loss$160,543
before
p.
loss
(before ap¬
propriate for retire¬
ment reserve)
$2,692,097
Approp. forretirem't res.
426,666
Amortiz.
x$l0,050
1935
1934
1933
20,988,215
$3,287,409
14,657,781
$3,501,744
13.434,628
$2,476,458
Net income
1,656,841
410,000
1,776,054
130,000
1,494,094
238,500
1,515,507
108,000
Operating income.... $2,030,641
62,160
$1,381,355
85,989
$1,769,150
142,790
$852,951
70,545
Total income
$2,092,800
140,511
$1,467,344
210,000
$1,911,940
266,144
$923,497
255,536
$1,952,288
$0.87
$1,257,344
$0.56
$1,645,796
$0.73
$667,961
$0.30
Miscellaneous income--.
for deprec
Estimated net profit..
earns,
p.
.
per sh
North American Edison Co.
Operating expenses
(& Subs.)—Earnings—
.
Maintenance
.
Taxes, other than income taxes
.
Provision for income taxes
.$41,608,021
164,471
Gross income
funded debt
Amortization of bond disct. & expense
Other interest charges.
on
$40,724,759 $37,349,701
169,758
315,168
$41,772,492 $40,894,518 $37,664,869
13,317,417
13,590,735
13,908,643
571,857
578,329
616,896
165,388
170,043
214,749
Interest
during construction charged
property and plant
13,821
62,742
37,258
$1,283,743
$5,284,363
$5,143,321
•
(& Subs.)—Earnings
Minority ints. in net income of subs..
Appropriations for deprec. reserve
1,109,501
11,973,252
0269,079
5,068,217
1,026,933
11,797,579
Balance for divs. and surplus
Divs. on No. Amer. Edison Co. pf. stk
$9,743,584
2,206,005
$8,931,758
2,205,966
$5,939,022
2,205,960
$7,537,578
$6,725,792
$3,733,062
com.
divs. and surplus
0261,043
4,920,237
842,055
11,484,309
Other
.—$11,658,343 $11,680,494
1,159,301
1,045,353
reserve)
income
Net oper. rev. and other income (before appro¬
priation for retirement reserve)
$12,817,644 $12,725,847
Appropriation for retirement reserve
2,437,652
2,468,274
— -
income
Gross
$10,379,992 $10,257,573
5,077,837
4,953,247
229,021
208,902
39,000
44,152
charges (net)
Amortization of debt discount and expense
Other income deductions
Net income
142,
$5,034,133
—.
North American
Light & Power Co. —Earnings
12 Months Ended March 31—
Total operating revenues
expenses
1936
-
Period End. Apr. 30—
Operating revenues
Uncollectible oper. rev._
1936—4 Mos.—1935
1936—Month—1935
$9,742,817
$2,665,047
$2,516,571 $10,431,003
33,790
42,448
8,066
8,028
7,392,742
7,044,245
1,874,213
1,792,574
1,132,810
965,666
284,930
242,897
.
-V.
$473,072
$497,838
$1,871,661
$1,690,458
142, p. 3008.
Ohio Edison
Co.—Earnings—
lA Subsidiary of Commonwealth & Southern Corp.J
Period End. Apr. 30—
Gross earnings
Fixed charges
Prov. for retirement
Divs.
on
1935 2
1936—12 Mos.
$1,310,839 $16,363,545 $15,519,881
600.026
7,491,995
7,017,251
328,667
4,036,647
3,856,770
125,000
1,350,000
1,300,001
155,571
1,866.899
1,866,88
1936—Month—1935
$1,457,347
789,359
Operating expenses
279,957
125,000
res-
155,576
pref. stock-.--
$107,453
-
_,
..
Oklahoma Gas & Electric
12 Months Ended March 31—
Operating
Operating
Co.—Earnings—
1936
"
expenses,
1935
.$43,112,883 $41,075,558
17,996,815
17,092,018
3,001,571
2,575,266
3,244,958
2,618,563
788,023
705,585
.
$18,081,514 $18,084,125
719,196
42,560
—
Gross income------
—
—
.-.$18,800,711 $18,126,685,
funded debt
Amortization of bond discount and expense
Other interest charges—
Interest during construction
Dividends on preferred stocks of subsidiaries
Dividends on pref. stocks of subs, accumulated but
not declared, portion earned
Minority interests
—
Balance after above deductions-
Appropriations for retirement reserves.
Interest charges of North American Light & Power
Co. (incl. amortization ofbond discount and exp.)
8,450,445
268,698
58,367
Cr28,574
1,179,069
maintenance and all taxes
(before approp. for retire, res.)._ $5,487,088
2,578
$5,195,677
9,732
Net operating revenue and other income (before
appropriation for retirement reserve)
$5,489,666
Appropriation for retirement reserve
1,025,000
$5,205,410
Other income-
—
Gross income
1,857,446
Cr724
1,995,268
Crl ,348
$7,015,983
4,595,538
$5,971,270
4,356,826
$4,180,410
2,225;819
2,229,885
200,000
28,704
200,000
26,270
$2,010,142
Amortization of debt discount and expense
Other income deductions
$1,724,254
—
Net income--
'
Oklahoma Natural Gas
v'
Co.—Listing—
The New York Curb Exchange has approved the listing of 550,000
outstanding shares of common stock, $15 par, and 90,410 outstanding
shares of preferred stock, $50 par. The Exchange will also list 645 additional
shares of preferred stock, $50 par, upon notice of issuance.—V. 142, p. 3356.
Oldetyme Distillers Corp. (& Subs.)—Earnings—
Earnings for 4 Months Ended April 30, 1936
Profit after interest, depreciation and other deductions, but before
Federal taxes
-.$223,642
—V. 142, p. 3356.
Oppenheim, Collins & Co., Inc.-—Sales—
3 Months Ended April 30—
1,304,376
1,350,130
—V.
142,
p.
1935
1936
$2,261,312
$1,890,030
1999.
274,959
64,081
Crl2,767
1,174,319
Owens-Illinois Glass Co.—Registers with
week's
"Chronicle," page 3356, it was incorrectly stated that
stockholders under the new financing arrangement for plant improvements
and expansion would receive warrants granting the right to subscribe to
20 shares of new stock at $100 a share for each 100 shares held.
The correct
subscription ratio is one new share for each 20 shares held.
See V. 142,
P. 3356.
854,519
.
See list given on first page of this department.—V.
Cos.,
Offering—
$126,827 loss$590,206
.
Owings Mills Distillery, Inc.—Registers with SEC—
Paraffine
$264,313
SEC—
See list given on first page of this department.
In last
..
pref. divs. accumulated but not declared over
earnings of such subsidiaries
$1,116,068
Dividends on pref. stocks of subs, accumulated but
not declared, portion not earned
989,241
1,025,000
$4,464,666
8,660,901
Net income, excl. of deficiencies of certain subs,
for the 12 months period arising from excess of
-V. 142, p. 1998.
1935
$11,536,586 $11,019,046
6,049,498
5,823,369
revenues
Total stores net sales
Net income
$1,478,978
.
Provision for income taxes
Net operating revenues.
Non-operating revenues.
$1,618,002
$101,573
—V. 142, p. 3182.
.
Taxes, other than income taxes
on
$5,051,270
2168.
p.
—V. 142, p. 3182.
—V. 142, p. 2676.
Interest
1935
1936
$29,087,303 $28,193,542
17,428,960
16,513,047
Interest charges (net)
0198,251
Preferred dividends of subsidiaries.5,089,741
Maintenance
13,985
$1,210,487
Operating revenues
Operating expenses, maintenance and all taxes
Net oper. rev.
operating revenues
Non-operating revenues
Operating
235,993
58,166
259,180
49,554
-
Net
Bal. for
8,400
Northern States Power Co. Minn.
Balance
Mar.31. *36 Dec. 31. '35 Mar. 31,'3
.$89,824,060 $87,719,141 $84,002,124
30,046,337
29,214,063
28,844,900
5,280,220
5,176,480
5,383,274
10,230,841
10,189,066
9,783,12§
2,658,639
2,414,771
2,641,ll8
Total operating revenues
to
2,900.000
2333.
12 Months Ended—
Interest
42,540
8,250
43,306
Minority int. in net in¬
come of subsidiaries--
Net oper. income
,
Reserved for taxes.
142,
2,900,000
& deliv¬
administration &
general expenses.-..-
Estimated
426,666
$2,340,582 $11,588,598 $11,277,100
992,227
5,932,757
5,802,360
$2,265,430
989,251
disct.
debt
Operating expenses
Operating taxes
ery,
res.
(net)
$2,767,249 $14,488,598 $14,177,100
Northwestern Bell Telephone Co.- —Earnings—
Mines, Ltd.—Earnings-
Cost of metal production,
incl. mining, customs
Estimated
of
-----
and expense
Other income deductions
-V.
3 Mos. End. Mar. 31—
1936
Lbs. of anodes produced 16,297,127
Total recovery
$4,097,481
—V.
income
of
2168.
re, treatment
17,607
Net oper. rev. & other
Interest
$53,200 on disposition of marketable securities
shipbuilding operations,
y Before Federal Taxes.—Y. 142,
Noranda
$2,754,842 $14,382,072 $14,076,846
12,407
106,526
100,254
$2,674,489
retirement
$136,401
17,415
Profit
x
approp.
reserve)
Other income
Net operating revenue (before appropriation for
1934
$153,816
45,105
69,680
Other income
extraneous to
1511.
Shipbuilding Corp.—Earnings—
$ Months Ended March 31—
Profit from operations
on
p.
18,126,918
18,801,093
(before
forretirem't
12 Months Ended March 31—
Queens Gas Co.—Merger Approved—
See Consolidated Edison Co. of New
Interest
v. ;
3,103,574
Net oper. rev.
—V. 142, p. 2511.
Total
—V. 142, p. 3006.
New York
155,000
9,653,356
799,295
664,644
82,267,870 83,463,346
New York &
«
250,000
12,432,306
12 Months
Feb. 28, _|35
$5,858,416 $33,183,165 $32,203,764
Operating revenues
$6,134,392
Oper. exps., maintenance
and all taxes—
3,459,902
-
Approp. surp. not#
advance
(Del ) (& Subs )—Earnings
2 Months
Feb. 29, *36 Feb. 28. '35 Feb. 29, '36
Period Ended—
Int. charges
acq'n
Add. to prop, thru
inc. and surplus.
premium paid in
the New York
North German Lloyd (Bremen) American shares (each American
share representing 200 reichsmarks par value common stock).
(2) Royal Dutch Co. New York shares (representing ordinary stock of
Royal Dutch Co.).
(3) Shell Transport & Trading Co., Ltd. American shares (representing
ordinary shares of the company).—V. 142, p. 2333.
Gross income
thereof
over cost
Rents & insurance
.
548,731
of sec.of sub.cos.
16,306
Total
8,182
unadjusted
credits
1,475
other
funds
Other
562
property
Other
Ex ess of book val.
vances
&
5 769,903
Miscell. physical
fund ad¬
Insurance
38,116
liability
615,750
Accrued deprec.—
Equipment
5,137,514
77,497
639,121
986,388
95,707
632,666
984,585
rec.
Mat'l and supplies
Int. and div. rec'le
Working
la¬
Tax
from agents and
Other
current
Deferred liabilities
balance rec'le
Miscell. accts.
ma¬
bilities
car serv.
balances receiv.
Net
Other
9,014
on
(1)
Northern States Power Co
.
Miscell. accts. pay.
Invest, in affiliated
cos.—unpledged 2,031,572
.
suspended from dealings
Stock Exchange on May 16:
247,219
998,564
26,114
Audited accts. and
Invest. In affil. cos.
Other
$
_
Capital stock
15,000,000 15,000,000
Fund, debt unmat.41,763,900 44,346,000
Non-negot'le debt
equipment----.71,940,805 73,477,525
Dep. in lieu of mtg.
5,603
3,183
property sold...
458,692
$
IAabllUles—
x
property
1934
1936
23,
Lloyd (Bremen)—Suspended from Deal¬
•
The following securities were
Invest, in road and
Miscell.
May
North German
/
Consolidated Balance Sheet Dec. 31
Assets—
Chronicle
Inc.—Registers
4
with
'
142, p. 632.
SEC for Preferred
'
.
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933, covering 23,804
shares of 4% cumulative convertible preferred stock ($100 par) and a like
number of shares of
common to be reserved for conversion purposes.
The company is offering 23,803 2-20 shares of the preferred to present
stockholders in the ratio of one share of preferred for each 20 shares
common
of common.
Subscription is at $100
a
preferred share and the unsubscribed
Volume
Financial
142
Chronicle
balance will be offered to the public. The preferred will be convertible into
common on a share for share basis.
Proceeds will be used to pay off $700,000 outstanding bank loans and to
3519
Earnings for 3 and 12 Months Ended March 31, 1936
_
$5,128,852 $22,610,163
4,338,164
18,280,973
Cost of goods sold
gating about $250,000.—V. 142,
Gross profit
Selling, general and administrative expenses
Depreciation of plant and equipment
3183.
p.
New Stock Voted—
The stockholders at
special meeting held May 15 approved an amend¬
authorizing a new issue of 50,000
may be issued in series.
The company says this initial
series is expected to be 4%, callable at $105 and convertible into common
ment to the certificate
a
of incorporation
3 Mos. End. Mar. 31—
$44,158
per
share
441,354 shares
$16,036
$118,917
$194,250
on
,
LiaMlitiesjrAccounts
hand
1,462,616
29,069
Accrued taxes
44,851
Sundry accts. pay.
51,977
228,236
227,023
possible
price adjust
150,000
150,000
Mln. int. in subs..
2,676
4,096
1,168,700
7,798,534
1,182,700
7,798,534
2,722,064
Fed.
agents
9,055
13,267
1,920,823
Investm'ts & adv.
642,266
y Real est., mach.
2,073,928
6,021,034
6,017,820
945,447
income tax..
Res.
945,447
Def. chgs. to oper.
135,291
112,972
•
Res.for insurance.
653,415
Goodwill
Kean County, Pa., began operations April 5, 1935.
Its business consists
entirely of the production of crude oil by the repressuring method from its
properties and the sale of this crude under contract to the Socony Vacuum
94,328
42,708
66,090
68,853
123,470
wages
& equipment
for
7%
cumul.
pref.
stock (par $100)
z
Common stock.
Earned surplus
Total
Oil Co. and other refineries.
Proceeds from the present financing will provide funds for the retire¬
ment of purchase money mortgages and other sundry obligations and will
provide working capital of approximately $500,000 for the further develop¬
ment of present property and for acquisition of additional property.
Cur¬
rent liabilities and long-term debt will be entirely eliminated and the only
obligation of the corporation will be its capital stock.
The class A stock is entitled to cumulative dividends of 50 cents a year
x
$
59,499
1,158,638
24,211
Inventories
The company, according to a prospectus which represents a consolidation
of various closely owned producing properties in the Bradford Field, Mc-
'
Accrued salaries &
Due from empl. <fc
May 21 by Edward G. Wyckoff
security houses at $7.75 per unit of one share
Dec. 31 '35
929,465
2,006,465
Customers' accts.
& notes receiv..
offered
$
963,514
payable-
2,250,707
Misc. accts. rec,__
of A stock and one-half share of B stock.
13,107,472 13,315,003
2,545,156
13,107.472 13,315,003
Total
After reserve for doubtful debts and discounts of $92,439 in 1936 and
1935.
y After reserve for depreciation of $5,628,114 in 1936
$94,098 in
and
$5,521,297
in
To Redeem
1935.
z
Represented
by
441,354
no-par
shares.
Preferred—
The Guaranty Trust Co. of New York is now prepared to redeem shares
of preferred stock, which were called for redemption on May 20, 1936, at
$115 per share plus accrued and unpaid dividends thereon to and including
payable quarterly.
In addition to setting up reserve for depletion, provision
is made whereby 25% of the net earnings of the corporation are set aside
every quarter for the purpose of purchasing or retiring the class A stock.
Data supplementary to the prospectus, through which the stock is being
offered, shows in audited report of earnings for the period from April 5,
1935, to April 30, 1936, a net income of $100,539 after all charges but
May 20, 1936, amounting to $0.9722 per share, upon presentation and sur¬
render for cancellation of preferred stock certificates to its corporate trust
department.—V.-141,
p.
3390.
Philadelphia Co.—Annual Report—
taxes.
Income Account Years Ended Dec. 31 (Phila. Co. Only)
Pennsylvania Glass Sand Corp. (& Subs.)—-Earnings—
1935
1934
1935
1936
3 Months Ended March 31—
after
1933
1932
$10,795,777 $10,630,826 $14,597,975
159,034
105,927
67,743
97,384
General expenses & taxes
$47,766
$104,496
$96,836
eral taxes
1934
Gross revenue, int. and
divs. from inv., &c—$10.906,901
deprec., depl., bond
int. and taxes, &c. but before Fed-
Net
by the company issued in conjunction with the earnings
figures says: "During the period above reported, the corporation, in addi¬
tion to suffering loss of revenue because of plant shutdowns and lack of
transportation facilities (Joe to floods for approximately two weeks, suffered
flood losses estimated at $55,000, which it is proposed to charge to earned
surplus./
statement
$10,747,868
3,000,000
revenue
Int.
on
Int.
on
funded debt
unfunded debt..
Amortiz. of leaseholds..
1,217
$10,689,850 $10,563,083 $14,500,591
3,000,000
3,000,000
3,000,000
205,994
479,145
1,860
-
Rent
482
Other income deductions
Guar. div.
Bonds Called—
145,267
69,192
190,462
852,658,
2,545
stock
dis.&exp
Approp. for retire, res've
Int. charged to constr.Cr
4J4% sinking fund bonds have been called
redemption on June 1 at 102J^ and interest.
Payment will be made
at the following offices of Brown Brothers Harriman & Co.: 1531 Walnut
St., Philadelphia, Pa.; 59 Wall St., New York City, N. Y., and 10 Post
Office Square, Boston, Mass.—V. 142, p. 3358.
A total of $48,000 1st mtge.
126,638
69,192
190,301
952,650
1,804
Con. Gas
on
preferred
Amort, of debt
for
Net income
$6,491,617
14,254,849
416,561
Previous surplus
Additions to surplus
$6,350,530
xl3,614,385
1,001,686
69,346
190,067
'967,242
1,163
69,520
189,843
1,250
$6,131,598 $10,763,333
13,960,138
12,234,982
42,990
26,872
Ry.—Dissolved■—
This company was
dissolved, effective June 12, 1935.
stock of $12,000,000 ($100 par) was
p.
pf$788,748
$1.59
Mar. 31 '36
Dec. 31 '35
Cash in banks and
x
Peninsular
170,247
Concolidated Balance Sheet
Mar. 31'36
was
Nil
stock.
com.
Assets—
Valley Crude Oil Corp.—-Stock Offered—A new
issue of 200,000 shares of class A stock and 100,000 shares
income
on
1933
1934
1935
$309,052
430
Net loss
Penn
A
pf $943,624
26,643
126,345
1,888
(& Subs.)—Earnings—
1936
profit after taxes,
interest, deprec. sub.
pref. dividends, &c._.
—V. 142, p. 3009.
Earnings
$40,025
2,557
1,145
Propor. of profits applic. to min. int. in subs...
Net
Federal
pf$773,377
1,399
Reduction in value of capital assets
Provision for Federal income taxes
Earnings
Pacific Public Service Co.
before
$41,425
.
Total loss
Sale of the preferred stock is to provide funds to retire bank loans, make
capital additions and improvements, and provide additional working capital
made necessary by substantial increase in volume of business.—V. 142,
p. 3183.
& Co. and other
$4,329,190
2,845,015
710,799
Lo?S--
Dividends and miscellaneous income.
share for share basis.
of class B stock
$790,687
653,377
178,736
a
shares of $100 par preferred stock, which
Sale of 23,800 shares was also approved.
on
12 Mos.
3 Mos.
,
Sales.net
advance $50,000 to Plant Rubber & Asbestos Works to pay off its bank
loans.
Funds also will be applied to improvements now in progress aggre¬
Gross surplus
The entire capital
Divs.
owned by Southern Pacific Co.—V.140,
Divs.
on
$21,163,028 $20,966,601 $20,134,726 $23,025,187
2,343,677
2,343,681
2,343,729
2,344,817
3,840,211
3,840,189
3,840,171
6,720,232
1,787,259
bonds
'
pref. stock
on com.
stk.
(cash)
Inv. in stks. reacquired.
3225.
Invest,
Peoples Gas Light & Coke Co.—Stockholders Approve
Refunding Bond Issue—
The stockholders have approved the issuance
&
Miscell.
of $22,000,000 1st & ref.
See also
bonds series D in connection with a proposed refunding program.
x
Offered—Public offering
was being made May 20 of 29,140 shares (no par) conv. pref.
stock by N. L. Rogers & Co., Inc. of Peoria, and Addison,
Warner & Co. of Chicago.
The shares, convertible share for
share into common stock, were offered at $15 per share.
Distillers,
Inc.—Stock
Company has acquired a distillery in Peoria which was operated by Hiram
& Sons, Inc., from November, 1933, to June, 1934, when their
new plant was completed.
The acquisition consisted of the land, buildings
and substantially all of the equipment so operated as a distillery.
Hiram
Walker & Sons, Inc., operated the plant for approximately 6H months
with an average output of slightly more than 100 barrels per day, the greater
part of which was rye and the balance Bourbon whiskey.
An expansion program for the company is now under way and calls for the
erection of a rack-warehouse and the addition of drying and evaporating
Walker
equipment.
A contract for the construction and installation of these facil¬
ities, including the buildings and equipment, has been entered into with
Clinton S. Robison & Associates, engineers, Chicago.
Upon completion of the present financing, capitalization of the company
shares (no par) cumulative preference stock outstand¬
ing, which is the total issue authorized, and 60,000 shares (no par) common
stock, of which 30,000 shares will be outstanding.
The plant, when the expansion program has been completed, will have a
maximum capacity of 200 barrels a day.
N. L. Rogers of the firm of N. L. Rogers & Co., Inc., is President and
chief executive and financial advisor of the company.
stock,
of subsidiaries
,
...
charges
Surplus Dec.
V. 142,p.3358.
Peoria
in
note
written down
5,164
...
31—v—$14,973,975 $14,254,850 $12,163,567 $13,960,138
Unclassified
between capital and earned surplus, except as to $1,-
as
428.300 designated
as
512,834
15,047
as
invested in stocks re-acquired and $22,518 designated
invested in plant property, covering contributions in aid of construction.
Consolidated Income Account
for Calendar Years
(Philadelphia Company and Subsidiary Companies]
(With Inter-Company Items Eliminated)
Operating Revenues—
Electric department
Gas department
Steam department
Street
railway dept
Oil department
xl935
xl934
xl933
1932
$24,850,737 $24,520,872 $23,068,532 $24,154,996
9,729,274
9,369,279
9,121,788
9,037,771
800,724
817,739
786,487
983,869
12,156,317
12,248,939
11,689,492
13,470,536
117,854
133,690
86,553
104,879
Total oper. revenues_$47,654,906 $47,090,519 $44,752,852 $47,752,050
Operating expenses
17,847,987
16,826,391
16,763,754
19,662,924
3,320,085
3,220,440
2,948,422
3,212,382
Taxes
2,785,256
3,657,605
2,141,226
1,942,957
Maintenance charges
Net
from opers4_$23,701,578
235,014
$23,386,084 $22,899,450 $22,933,786
307,098
874,007
1,418,053
Total gross income...$23,936,592
Rent leased properties..
990,234
$23,693,182 $23,773,457 $24,351,839
1,633,866
1.715,060
1,709,011
rev.
Other income (net)
will consist of 29,140
Pet Milk Co.
(& Subs.)—Earnings—
Calendar Years—
Net sales
Cost of
goods sold
Sell., gen. & adrn. exp._
Depreciation
$662,343
y280,728
$675,528
120,545
$582,739
xl39,760
def$55,650
123,647
$943,070
129,174
Dividends received
Int.
on
unfunded debt..
$796,073
100,719
$722,498
98,253
Co.
of
City
Pitts¬
burgh pref. stock
Appropriation for special
24,085
46,283
153,644
1,890
1,804
1,824
Miscellaneous
charges..
Total income charges.
Less int. charges to con¬
Reduction
in
value
Divs.
33,529
on
pref. stock
stk. (cash)
Balance, surplus
.com .stk .out. (no par)
Shs
Earnings per share
x
$787,921
86,808
441,354
$259,759
441,354
$1.58
Includes interest received,
69,192
69,192
69,346
69,520
500,000
318,667
240,430
99,354
139.566
$8,568,067
$8,502,984
$8,684,554
$8,654,991
34,820
35,056
36,601
123,819
$8,467,928
15.225,254
7,064,118
$8,647,953
15.125,504
7,226,529
$8,531,172
15,820,667
6,386,806
Amort, of debt discount
—
457,765
387,427
387,228
3^2,644
Net inc. for the year..
of
on com.
6,510,877
226,017
Total
$8,004,608
$7,773,707
$7,511,747
$9,051,217
1,143
Appropriated for divs.:
Duquesne Light Co.,
preferred stocks...
Philadelphia Co. pref.
stocks
Divs.
6,533,693
267,101
$8,533,247
Net income before appro. 15,403,345
Retirem't (deprec.) res.
6,940,973
struction
and expense
capital assets—
Proportion applicable to
minority int. in subs._
6,510,723
48,773
$101,526
Adjust, of claims & Fed.
inc. tax prior years—
Federal taxes
6,651,502
38,472
Guar. div. on Cons. Gas
reserve
1933
1932
1935
1934
$23,093,138 $19,420,411 $15,682,833 $15,331,646
14,996,408
12,015,625
12,243.288
18,844,325
2,407,912
3,061,597
2,533,705
2,883,063
676,555
686,878
610,302
703,408
Operating income
Interest on funded debt.
y
$647,267
87,549
441,335
$118,383
441,354
$1.26
$468,776
92,519
220,670
$155,586
441,529
$0.85
Includes miscellaneous income.
$100,383
98,700
$1,683
441,539
$0.01
Philadelphia Co. com¬
mon stock
(cash)..
Ky. & W. Va. Gas Co.
pref. and common._
Balance, deficit
1,375,000
1.375.000
1,375.000
1,375,000
2,343,677
2,343,681
2,343,729
2,344,817
3,840,211
3,840,189
3,840,171
6,720,232
352,250
358,250
362,250
sur$93,470
$143,413
including Beaver Valley Traction
subsidiary.
x
Not
Co.
$409,403
$1,388,832
(in receivership)
and its
3520
Financial
Chronicle
May 23, 1936
"Payments by Pierce Petroleum Corp. and (or) Pierce Oil Corp. on
account of legal services and expenses in connection with the controversy
and litigation first above mentioned have been, and are to be, made upon
the understanding that all such payments shall be without prejudice to the
rights of either corporation as against the other.
Philadelphia Electric Common Stock
Pennsylvania Sugar Co. Common Stock
Republic Natural Gas 1st 6s, due 1954
Balance Sheet Dec. 31
1935
BOUGHT, SOLD AND QUOTED
YARNALL & CO.
Investments
x
Deficit
1934
1935
fund &
other deposits
Liabilities—
$
37,417,085
x
1934
182,116
\
on
cap¬
ital stock
-
Cash
k 'for
on
deposit
of diva
Accrued dlvs.
587,237
10,660
.
Accrued taxes..
112,942
8,960,897
5,201,382
and
Unadj. credits
Deprec. reserves
6,576,321
6,635,541
24,486
11,552,273
in
19,428
zl935
Discount on capital stock
Sink.fund assets
Cash
Cash
depos.
787,176
9,894,885
449,850
11,534,754
Oth.
curr.
616,240
13,782,039
for
pay. of interest
and dividends
Notes, accts.
787,176
9,774,314
370,785
3,532,664
271,709
3,180,486
474,256
rec.
assets
Mat'l & supplies
Prepaid accts
Deferred charges
Other assets
16,794,888
109,799
3,221,621
245,574
3,115,400
318,221
12,765,153
74,961
4,800,242
'
Total surplus
Gas Co.
$417,544
$509,346
265
358,528
Surplus, Dec. 31-
com.
$411,029
1936
Total income
$59,015
•
$509,081
expenses
of Pierce
3,725,000
1935
.
1934
1903
$19,401
$81
14,498
$1,178
18,964
$413
16,521
$19,401
—m.
$14,417
$17,786
$16,108
*»■•'
Expenses & franchise tax
Net loss
3,209
27,500,000
1,729,800
1,390,270
521,886
Balance Sheet Dec. 31
1935
Assets—
1934
1935
S
$
Liabilities—
217,706
93,272
U. S. Treas. notes
351,734
351,813
521,886
xlnv.
stk.
$286,673
aggregating $41,085 included in the
making of such
prejudice to the
b Adjustment
20,834 shares of
48,002,420
3,725,000
in
1934
$
$
Common stock- .19,134,519
Surplus
411,029
19,134,519
286,673
y
.
645,834
shs. of the no par
surp
val. com. stk. of
rtf anhq
OQft 99ft
Funded debt—144,892,400
W'kmen's comp.
Accts. payable-
Cons. Oil
assets
Def'd liabilities-
Unadj. credits—
Res. for deprec.
reserve.
Conting. reserve
Special reserve..
122,462
651,861
7,034,058
1,963,666
1,007,908
446,741
57,286,888
148,147
5,604,390
4,691.522
2,470,242
46,217,731
reserves..
Surplus
Corp.zl8,976,107zl8,976,107
146,990,406
123,098
940,471
5,777,702
2,464,392
1,252,379
392,789
61,528,731
168,422
liabilities.
curr.
Disbursements
Cash in bank
5% pf
Min int in
Other
$286,673
Income Account Quarter Ended March 31
West Va.
Amort,
loss$52,641
561,987
Exps.—Mid-West Dair¬
ies damage claim
b Adjust, of Consol. Oil
Corp. stock
$
18,350
5,386,800
10,000,000
Kent. W. Va. G.
Oth.
loss$91,537
509,081
$411,029
— -
24,557,000
y Common stock 48,002,770
Common scrip..
2,859
Duq. Lt. 5% pf. 27,500,000
Cons. G. Pitts, pf 1,729,800
Sub. St.Ry.Cos. 1,390,270
Acer.
$227,657
59,015
41,085
profit—
Balance, surp., Jan. 1__
zl934
$
pf.stk.
$6 cum. pf. stk. 10,000,000
Co.
$124,355
286.673
proceedings
$3,357
55,999
payments by Pierce Petroleum Corp. should be without
rights of either corporation as against the other.
representing difference between the stated book value of
Consolidated Oil Corp. stock and the amount reailzed in
1933 from the sale thereof.
The amount realized from the sale of these
shares resulted in an average sale price of $12.81 per share as against an
average cost of $10.30 per share for a like number of shares subsequently
repurchased and restored to the portfolio.
c Includes dividends on Consolidated Oil Corp. stock of $161,459
(1934,
$271,250).
(Co. and Sub. Cos.)
cum.
Kent.
1932
$4,568
55,020
28,754
24,557,000
non-cum. pf.
18,350
$5 pref. stock...
5,386,800
x
1933
.1,428,750
12,797,346
Liabilities—
6%
5%
1934
c$280,964
53,306
29,539
Z1935
$
-Earnings-
1935
Net
a
190,347,566 185,031,004
zl934
$
u
Investments
tax
Corp.
c$171,67?
47,322
1,428,750
13,515,686
_.
Total
Consolidated Balance Sheet Dec. 31
capital,—346.643,583 346,859,480
.44,622,831 44,622,831
Petroleum Corp. for the year 1933 were made by that corporation in connec¬
tion with the Pierce Oil Corp. tax case, upon the understanding that the
Represented by 4,800,277 shares (no par) in 1935; 1934,
(no par),
y Represented by 100,000 shares (no par).
Assets
Total
capital stock of Pierce Petroleum Corp.
par
1,835
shares
Fixed
44,622,8311
7,873,627
13,006,581
plant
Surplus-
x
Common stock
2,470
re-acquired
190,347,566 185,031,004
$
15,000,000 15,000,000
29,622,831 29,622,831
13,408,101
property
Inv.
in
stocks
Total
9,775
229,508
251,867
1,205,924
288,830
28,830
holds
Invest,
44,622,831
1,103,419.5 shares of no
1301.
Gen. & adminis. exps—
a Disburse, in respect of
Amort, of lease¬
_
Preferred stock
129,783
34,917,817 34,917,817
9,514,256
9,517,516
Calendar Years—
5,386,800
18,350
60,181,000
to
..
recelv—
10,000,000
24,557,000
1,663,280
liab.
affiliate
deferred
accounts
accr.
Indebtedness
65,692
dlvs.,
Other
2,373
1,923
44,493
128,150
3,209
284,150
251,866
164,207 Accrued dlvs
re¬
ceivable
rents
'
Accrued Interest
affiliate-—..
Int.,
•
of
Accts. receivable
Total
i
217,335
pay.
Indebtedness
183,043
l"
787,176
787,176
133,823,986 132,218,647
1,857,253
2,308,608
Investments
Cash
*
1,924
44,493
Pierce Petroleum
$
48,002,420
__
'
Discount
$
Common stock
48,002,770
Common scrip
2,859
y$6 cum. pf.stk. 10,000,000
6% pref. stock. 24,557,000
$5 pref. stock
5,386,800
5% pref. stock__
18,350
Total fund, debt 60,181,000
Accts. payable9,352
Sinking
12,932
-V. 142, p.
'
©
-
Total
x
1935
1934
$
Liabilities—-
$
14,557
—
Treasury stock—
General Balance Sheet Dec. 31 (Phila. Co. Only)
37,278,891
--
U. S. Treas. notes.
Street
A. T. & T. Teletype—Phila. 22
A ocp/c—
—
Certif. of deposit—
Philadelphia
Fixed capital—
1935
•
Cash-.—.
1528 Walnut
1934
$
Assefs—
Total.
Total
394,044,837 391,560,1811
Total
394,044,837 391,560,181
x Represented
by 100,000 shares of no par value,
y Represented by
4,800,277 shares of no par in 1935 (1934, 4,800,242 shares, no par), z Not
including Beaver Traction Co. (in receivership) and its subsidiary.—V.
142, p. 3184.
19,545,548
19,421,192
Total
19,545,548 19,421,192
Pittsburgh Brewing Co.—Accumulated Dividend—
16,384
47,452,541
—
x Investment stated at
book cost to Pierce Petroleum Corp. plus book
profits of its subs, to date of sale to Sinclair Consolidated Oil Corp. (now
Consolidated Oil Corp.), June 30, 1930, irrespective of actual or market
value,
y 2,500,000 no par shares,
z After deducting $410,760 for adjust¬
ment of original book value so as to give effect to a reduction in unit cost of
20,834 shares repurchased in 1933 for the purpose of replacing a like number
of shares previously sold.—V. 142, p. 3359.
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $3.50 cum. pref. stock, no par value, payable
June
12 to holders of record May 29.
Similar payments were made on
Oct. 19, 1935, and on Oct. 20, 1934, this latter being the first disbursement
the preferred stock since the third quarter of 1920, when a regular
on
quarterly dividend of 87)4 cents per share was paid.—V. 141,
p.
3390.
.
Plymouth Oil Co.—Resumes Dividend—
Petroleum Heat & Power
The
Co.—Earnings—
3 Months Ended March 31—
Net profit after Federal income taxes and interest
charges...
•
1935
$234,906
$218,329
—V. 141, p. 3701.
Piedmont Manufacturing Co.—Gets
Tax Refund—
The company has been awarded a Federal tax refund of
terest of $44,627.
The refund was for taxes paid
$63,544 and in¬
during the fiscal years
ended March 31, 1917 and 1918, and March
1, 1920, with interest.—V. 132,
p. 868.
Pierce Governor Co.—To Be Added to List—
The
New
capital stock,
York
Curb
Exchange
no par, upon notice
will list 22,500 additional shares
of issuance.—V. 142, p. 2840, 2514.
of
25
cents
per
share
on
the
Output—
1934
116,772
110,812
141,264
122,320
Y.)—Earnings
[Including Porto Rican American Tobacco Co. (Del.)]
1935
1936
1934
1933
$114,588
1935
$133,371
Net loss after taxes, int.,
$84,765
850,435
&c., excl. co.'s
propor.
share
loss
of
net
of
Congress Cigar, Inc..
$106,074
$94,377
•
.
.
'
Premier Gold Mining Co., Ltd.—Extra Dividend—
1934
1933
1932
$4,395
x2,390
$7,866
xl,516
$7,669
The directors have declared an extra dividend of one cent per share in
addition to the regular quarterly dividend of three cents per share on the
$3,260
$6,786
106,178
$9,382
$7,669
payments were made on April 15 and Jan.
—V. 142, p. 1301.
$3,260
9,517,516
loss$99,392
9,418,123
$9,382
9,427,505
$7,669
9,435,174
$9,514,256
Interest earned
$9,517,516
$9,418,123
$9,427,505
$3,316
Other income
Lr56
Total
Expenses
Net profit
Deficit, Jan. 1
.
Deficit, Dec. 31
on
sale of United States bonds,
y
Loss
common
on sale
The Irving Trust Co., will until 11 a. m., June 2, receive bids for the sale
1st mtge. 6% 30-year gold bonds, due July 1, 1940, to
exhaust the sum of $44,466 at prices not exceeding 105 and interest.—V. 116,
1286.
p.
of U. S. Treas¬
"The above income accounts [including Pierce Petroleum
Corp.] may be
subject to adjustment for alleged deficiencies in U. S. income, excess profits
and war profits taxes, in controversy, claimed
by the U. S. Bureau of
Internal Revenue to be due from Pierce Oil
Corp., or Pierce Petroleum
Corp., as transferee of Pierce Oil Corp., and interest and penalties thereon,
and for payments made or to be made by Pierce Oil
Corp. and (or) Pierce
Petroleum Corp. in respect to legal services and
expenses in connection with
the controversy and litigation in respect to such
alleged deficiencies; also,
as to the Pierce Petroleum Corp. income account
alone, for alleged defi¬
ciencies in U. S. income, excess profits and war
profits taxes, in iiontroversy
claimed by the U. S. Bureau of Internal Revenue to be due from Pierce
Pipe Line Co., Consolidated Pipe Line Co., and interest and penalties
thereon, and for alleged deficiencies in U. S. income taxes, in controversy,
claimed by the U. S. Bureau of Internal Revenue to be due
from Pierce
as
Similar
15, last, and on Oct. 15, 1935.
Prescott Gas & Electric Co.—Tenders—
March Quarter Results—The company for the quarter ended March
31,
1936, reports no earnings or expenses but by way of a note states:
Corp.,
stock, both payable July 15 to holders of record June 12.
to it of sufficient
ury notes.
Petroleum
of
1936
1935
156,017
140,532
158,677
122,975
March
100,721
118,586
April
97,035
88,374
Note—Above figures in net tons.—V. 142, p. 3360.
Corp.,—Earnings1935
dividend
.'
—V. 142, p. 2682.
Calendar Years—
a
January
February
Quar.End. Mar. 31—
—V. 142, p. 2681.
Profit
declared
Porto Rican American Tobacco Co. (N.
[Including Domestic and Foreign Subsidiaries]
3 Months Ended March 31—
1936
Net profit after charges and Federal taxes
$101,679
Shares capital stock outstanding
872,067
Earnings per share
$U.X1
x
have
Pond Creek Pocahontas Co.—Coal
Pitney-Bowes Postage Meter Co.—Earnings—
Pierce Oil
directors
stock, par $5, payable June 30 to holders of record June 12.
This
will be the first distribution made since March 30, 1935, when a regular
quarterly dividend of 25 cents per share was paid.
On Dec. 22, 1934, a
4% stock dividend was paid in lieu of the regular quarterly cash dividend
of 25 cents per share.—V. 142, p. 2840.
common
1936
taxpayer, and interest and penalties thereon.
Pressed Metals of America,
Inc.—37^-Cent Dividend—
The directors on May 18 declared a dividend of 37)^ cents per share on
the common stock, no par value, payable July 1 to holders of record June 15.
This compares with 25 cents paid on April 1 and Jan. 2, last; 12H cents
paid on Oct. 1, 1935, and 6M cents per share distributed on Jan. 2, 1932.
Prior to this latter date regular quarterly dividends of 12 H cents per share
were
an
paid from Oct.
1,
extra dividend of 12
stock dividend
1930 to and including Oct. 1, 1931.
In addition
M cents per share was paid on April 1, last, and a
ofj 2% was paid on April 1, 1935.
Files with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities
Act covering 11,299 shares of
stock.
The companyplans to sell the shares direct to stockholdrrs
approximately $275,000.
Warrants will be issued to all common stock¬
holders of record June 15 entitling them to purchase one share of the common
stock being registered for each 10 shares held, at a maximum of $25 per
share.—V. 142, p. 1654.
common
for
Volume
Financial
142
Pressed Steel Car Co.—Acquisition by General American
Transportation Co. May Be Investigated—
18:
that an extended investi¬
gation of the acquisition of Pressed Steel Car Co., by General American
Transportation Co. under 77-B, was under way, may prevent approval
of the reorganization on May 27.
"Taking advantage of this new development the committee for the pro¬
tection of the preferred stockholders of which John F. Gilchrist is Chairman,
has addressed a letter to security holders of the Pressed Steel Car Co., asking
for consents to its plan which it terms 'superior.'
"
"According to the Gilchrist committee, John Dickinson, Assistant
Attorney General, advised the trustees for Pressed Steel Car Co. and attor¬
neys for all stockholders committees, that his department was 'currently
engaged in an investigation of the lawfulness under the anti-trust laws
of the proposed acquisition of stock by the General American Transportation
The following announcement was issued May
"Announcement by the Department of Justice
Co.*
"Dickinson's letter further stated 'dertermination whether
this acquisition
investigation.
Should the department
determine, on the basis of such investigation, that acquisition is unlawful,
the matter will be subjected to the courts in the usual manner by a suit on
is unlawful will require an extended
3521
Chronicle
with the Secretary of State of Austin, Tex., on May 15, 1936 and on and
after May 16, 1936, there will be issued in exchange for each presently
outstanding shares of common stock, without par value, three shares
new common stock, without par value.—V. 142, p. 3361.
Raybestos-Manhattan, Inc. (& Subs.)—-Earnings—
3 Months Ended March 31—
pointed out that hearings on the
held before a special master at
to be presented.
"One of the points relied upon by the Gilchrist group, was the claim
that the General American Transportation Co.'s plan preempted the
rights of security holders to subscribe to 350,000 shares of the company.
"Claim is further made by the committee that when Kuhn, Loeb & Co.
announced that they had obtained a sufficient number of consents to their
plan, they had not counted revocations for many of such consents which the
1935
$4,179,492
117,942
2,763,219
1936
$4,744,441
135,621
Manufacturing cost of sales (excl. of depreciation)
3,124,283
Selling, administrative and general expenses
884,441
/
Net sales.
Discounts and allowances._•
Profit from operations
Other income
Total
income
812,273
43,335
other
$486,056
51,946
$643,430
49,442
before
$600,094
$538,003
23,270
158,223
153,166
depre¬
deductions,
ciation and taxes
Other deductions
Provision for depreciation
Provision for Federal and State income taxes
70,043
50,931
$365,720
Net income.
$310,633
6,447,621
5,711,157
$6,813,341
238,191
$6,021,791
160,314
1,575,150
$5,861,476
$0.57
$0.48
Surplus at beginning of period
behalf of the United States.'
of
"The Gilchrist committee's letter also
fairness of the plan submitted would be
which time many important points were
Gilchrist group holds.
"These revocations which
the trustees for
Pressed Steel Car have not
launched against
Transportation's plan sponsored by Kuhn, Loeb
counted, will form another basis of the attack that is to be
the
&
General
American
Co., according to the letter sent out.
"The Gilchrist committee claims that its
plan 'cannot be subjected to a
long-drawn-out investigation by the Department of Justice for possible
violation of the anti-trust laws' and claims that its plan is more fair and
equitable for all security holders.
"Hearings on the plans are scheduled before Federal Judge Robert M.
Gibson at Pittsburgh on May 27."—V. 142, p. 3360.
Public Service Electric & Gas Co.—Bonds
Dividends paid
Surplus at end of period
Earns, per sh. on 676,012 shs. capital stock (no par)
Comparative Balance Sheet March 31
1,452,500
2,011,515
17,984
4,091,730
3,466^829
Acer. int.
curr.
1936—Month—1935
$394,156
$363,596
193,608
167,368
70,069
67,237
Expenses & depreciation
Taxes, incl. Fed. inc. tax
1936—12 Mos —1935
$4,969,386
$5,010,551
2,389,128
2,349,330
769,215
838,985
Net oper. income
Non-oper. income—net.
$130,479
4,935
$128,991
4,591
$1,811,043
38,399
$133,582
Deductions.
$135,414
70,407
68,008
$1,849,442
907,276
$65,574
45,359
$942,166
544.314
$1,029,150
mks &
544,401
17,667,147 16.574,626
Total
17,667,147 16,574,626
-
in
and
1936
no
par
value.
$9,397,929 in 1935.
,
z Includes prepaid
Realty Investment Holding Corp.- -Registers with SECSee list given on first page
of this department.
Remington Rand, Inc.—Vice-Pres.—
Arthur R. Rumbles has been
Stephen H. Pinkham.—V.
Reo Motor Car Co.
appointed a Vice-President to succeed the
142. p. 3361.
(& Subs.)—Earnings—
1
Reynolds Metals Co. (& Subs.)—Earnings—
1935
1934
$287,962
$485,668
$0.23
$0.50
xl936
3 Months Ended March 31—
common
holders of record
Net profit
after depr., Fed. taxes, &c_
$317,674
this latter being
Earnings per share on 960,322 no-par
shares common stock
$0.26
Oper.
_
net
of
earnings
6,925,328
Net inc. from oper... $3,415,719
Bal. for divs. & surplus.
2,266,109
6,743,155
81,613,599
315,339
73,347
9,570
62,637
152,820
215,726
$1,272,259
292,221
66,688
7,252
70,055
151,691
221,835
$513,514
13,853
$462,512
7,573
$527,368
198,849
5,190
23,287
$470,086
239,806
7,729
12,837
$1,342,956
-.1
Operation.
Power purchased
Gas purchased
Maintenance
Provision for retirement.
Taxes
Other income
1935
1936
3 Months Ended March 31—
(net).
Funded debt interestGeneral interest.
Amortization of bond discount and expense.
$300,039
133,891
Balance
$209,713
133,875
$166,147
Prior lien stock dividends.
$75,838
$178,527
2,343
$79,935
2,772
$285,194
102,541
20,748
1,645
21,173
$227,167
74,010
16,455
1,272
18,621
$180,870
65,988
20,972
4,519
$82,707
60,662
21,669
4,555
$139,086
$116,808
145,000
$0.80
$89,391
loss$4,180
xl48,000
xl48,000
Interest
Prov.for Fed.inc. taxes
Shs.
x
exp.
$79,393
63,636
Uncollectible oper. revsTaxes assign, to oper—
250
Other assets—
Investments
2,766
Gross income
$76,066
62,864
$324,675
254,061
1,000
14,383
$294,067
246,700
1,000
10,304
$10,185
$55,231
56
395
382
$36,062
1,727
$10,580
$55,612
—V.
$10,580
$55,612
$37,789
142, p. 3361.
wages, &c_
41,015
38,803
45,620
52,575
z90,390
taxes
16,043
Res.
45,900
for conting__
1
27,290
.$2,860,159 $2,667,325
$2,860,159 $2,667,325
Total
Represented by 145,000 shares par $1.
y Accounts only,
z Includes
$48,035 provision for Federal income taxes for year 1935.—V. 142, p. 2683.
Rich Ice Cream
Co.—Pays Extra Dividend—
paid an extra dividend of 25 cents per share in addition
quarterly dividend of like amount on the common stock,
value, on May 1 to holders of record April 15.—V. 136, p. 3554.
The company
the regular
to
no
par
Royal Dutch (Petroleum) Co.—103^2% Dividend—
The directors have
declared a dividend of 10^% for 1935, against 7lA%
for 1934.
Lloyd above.—V. 142, p. 634.
Royal Typewriter Co., Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
Net profit
The charter amendment effecting such increase
filed
1936—12 Mos.—1935
$588,663
$272,712
$1,992,521
$931,882
(no par)
$1.94
$0.77
$6.43
$2.48
To Pay
$7 Preferred Dividend—
declared
a
dividend of $7 per share on account of ac¬
cumulations on the 7% cum. pref. stock, par $100, payable June 1 to holders
of record May 27.
A dividend of $3.50 per shares was paid on Dec. 24,
1935, this latter being the
was
1936—3 Mos.—1935
after deprec.,
&c
sh. on 268,618
Earns, per
shs.com. stk.
a
At the annual meeting of stockholders held March 11, 1936, it was voted
to increase the number of shares of common stock from 210,000 shares to
1,656,976
1
The directors have
Reed Roller Bit Co.—Stock Increased—
630,000 shares.
2,000
35,057
development
Deferred charges—
$37,789
$12,117
income
452,080
Prov. for Fed. inc.
Patents, goodwill &
Deductions
Net
1935
$1,596,756
440,475
Suspended from Dealings—
$12,117
.
Accrd.
427,087
341,558
71,910
Taxes payable
1,700,157
See North German
$12,061
_
Notes & accts. pay
537,800
355,228
_
int., Federal taxes,
Operating income
Non-operating income.
Com.stk.& surp.$ 1,867,268
Mortgage payable-
154,641
y574,323
293,616
2,000
& accr. interest.
Inventories...
x
1936—4 Mos.—1936
250
3,446
revs.
$88,031
$100,364
1936
Liabilities—
1935
1936
Assets—
of America—Earnings—
1936—Month- -1935
Nil
$0.60
No par.
H O L C bonds-.
The Court dismissed the action upon motion of C. P. Williamson, counsel
for the Pullman Co., on the ground that the plaintiff had failed to set forth
a cause of action.—V. 142, p. 3361.
30—
$0.96
Balance Sheet March 31
with the Pullman Co.
Radiomarine Corp.
145,000
capital stk. ($1 par)
Earnings per share
x
A $30,000,000 suit brought by Mrs. James Gardner Rossman of Pitts¬
burgh, who appeared with Richard Mansfield, against the company for
alleged violation of the Anti-Trust Laws, was dismissed May 19 by Federal
Judge Clarence G. Galston.
Mrs. Rossman, said she was the inventor of devices for improving the
interior of sleeping cars.
She charged that the railroads had been prevented
from doing business with her because of binding and monopolistic contracts
Teleg. & cable oper.
Tel eg. & cable oper.
$227,167
.
Total
Co., Inc.—$30,000,000 Suit Voided—
Period End. Apr.
$491,543
411,608
Depreciation
-V. 142, p. 3011.
Pullman
1933
$806,592
628,065
Total income
Total operating revenues
1934
1935
$1,446,882
1,219,715
Sell., admin. & gen. exps
Oklahoma—Earnings—
•Earnings—
1936
$285,194
Other income
—V. 142,p. 2841.
Public Service Co. of
$43,057, and have
$1,357,255
1,072,061
Quar. End. Mar. 31
81,055,960
$3,526,675 $37,694,235 $39,349,721
24,980.185
2,301,400
23,185,317
during the current
subsidiary
owned
wholly
Reynolds Spring Co.
1936—12 Mos—1935
expenses,
taxes
a
but prior to the date of acquisition amounted to
been included in this report.—V. 142, p. 2002.
not
$10,341,047 $10,269,830$119,307.835$120,405,681
maint.,
& depreciation._
The
x
year
of New Jersey—Earnings—
1936—Month—1935
.Period End. Apr. 30—
Gross earnings
1933
$459,245
$272,881
prof$10,620
$195,366
depreciation &c
—V. 142, p. 2338.
1934
1935
1936
3 Mos. End. Mar. 31—
Net
loss
after
taxes
Public Service Co. of Northern Illinois—50-Cent Div.—
Public Service Corp.
5,861,476
90,541
depreciation of $9,904,236
y Represented by 676,012 shares of
expenses.—V. 142, p. 2171.
The directors have declared a dividend of 50 cents per share on the two
stocks (par $60 and no par value), payable Aug. 1 to
July 15.
A similar payment was made on May 1 last,
the first dividend paid since Nov. 1, 1933, when 50 cents
was also paid; a like payment was made on Aug. 1, 1933.
Dividends of
75 cents per share were paid each quarter from Aug. 1,1932, to and including
May 1, 1933, and payments of $2 per share were made each three months
prior to Aug. 1, 1932.—V. 142, p. 3185.
50,931
9,721,800
595,157
goodwill
After
late
Pref. div. requirements.
—V. 142, p. 2683.
212,250
9,721,800
6,575,151
6,433,331
595,157
on
Surplus
1,469,074
6,754,107
z43,347
taxes
Capital stock
Land, buildings,
$1,863,165
834,015
$65,007
45,360
201,770
Trade names, trade
$1,822,236
40,929
Net income
1,569,741
Deferred charges._
x
[Including Manchester Street Ry.]
Period End. Apr. 30—
State
y
receivables
x
108,287
315,242
in¬
income
sundry
Total
Gross oper. revenues
classes of
&
for
come taxes
Res. for Federal &
rec.
Mdse. inventoriesInvest.
$
630,362
143,954
wages
Provision
& other
accts.
1935
S
698,750
payable-
Accrued salaries &
2,280,260
acceptances rec.
mach. & equip..
Hampshire—Earnings—
Accounts
1,055,679
U.S., Can. munic.,
&c., bds. at cost 1,311,360
Notes, accts. & tr.
1829.
Public Service Co. of New
Liabilities—
$
$
1,003,461
—_
1936
1935
1936
Assets—
Cash
Called—
All of the outstanding 1st & ref. mtge. gold bonds 4% series, due 1971
have been called for redemption on July 15 at 102A and interest.
Payment
will be made at the Fidelity Union Trust Co.. Newark. N. J.—V. 142.
p.
Total surplus
first distribution made since Jan. 18, 1932, when
of $3.50 was paid.
regular semi-ann. dividend
To Redeem Debentures—
Directors also
$100,000 of the $500,000 7%
1942.—V. 142, p. 1303.
voted to pay on June 1,
debenture issue due in
3522
Financial
Ruberoid Co.
(& Subs.)—Earnings—
Period End. Mar. 31—
1936—3 Mos.—1935
$2,453,916
Net loss after
1936—12 Mos.—1935
$1,719,759 $12,396,524
$8,895,073
x42,613
Net sales
xl7,858yprof480,992zprof502,801
deprecia'n
and Federal taxes
Barn, per sh. on 132,602
(no par) shs. cap. stk_
$3.63
,
x
These
Corp.,
figures
include the
do not
operations
wholly owned subsidiary, which resulted in
a
$3.79
of Ruberoid Purchase
a profit of $12,451 for
the March
quarter of this year, against a loss of $85 in first quarter of
y Exclusive of a profit
of $31,075 of Ruberoid Purchase Corp.
No figures are reported for Ruberoid Purchase Corp. for 12 months ended
March 31, 1935, as it was not controlled by Ruberoid Co. during that entire
year.—V. 142, p. 1134.
1935.
z
St. Louis-San Francisco
Ry.—Annual Report—
Traffic Statistics for Calendar Years
1935
Rev. frt. handled (tons). 13,981,609
Revenue ton miles
3296262944
Average miles per ton___
Rev. per ton mile
Rev. tons per train mile.
235.76
1.09 cts.
403.99
1,063,544
Rev. passengers carriedRev. passenger miles...139,026,802
Rev. per passenger mile.
1.93 cts.
Aver, miles perpassenger
130.72
1934
1933
14,054,112
3180203135
1932
13,756,787
3094105080
13,457,692
3026609680
224.90
1.13 cts.
224.90
1.18 cts.
410.09
410.72
226.28
1.12 cts.
396.20
980,119
'
690,022
925,921
126,462,089 100,667,265 123,180,367
1.98 cts.
2.33 cts.
2.56 cts.
129.03
145.89
133.04
Consolidated Income Account for Years Ended Dec. 31
Operating
Freight
Passenger
Revenues—
1934
1935
1933
1932
$35,837,011 $35,555,780 $34,932,836 $35,717,366
2,678,757
2,497,880
2.340,957
3,151,917
Mail
1,311.552
1,327,182
1,341,381
1,465,111
723,004
Express
'
659,099
563,554
690,409
Switching
1,297,978
1,166,455
989,228
968,249
Other oper. revenues...
647,057
581,493
525,640
679.083
Total
revenues.$42,431,454
oper.
$41,851,794 $40,693,596 $42,672,136
Operating Expenses—
Maint. of way & struc..
Maint. of equipment.._
x7 963,689
7,303,565
Maint. of equip.—depr.
Traffic
3,206,979
Transportation
7,311,139
6,698,970
3,176,474
1,246,650
15,184,916
221,911
2,280,643
1,333,942
16,319,547
Miscellaneous operations
259,324
General
yl ,656,263
7.054,785
6,306.616
3,301,642
1,214,639
14.041,369
6,146,298
6,048,263
3,493,121
1,286,710
15,388,350
221,211
2,127,729
59,871
136,609
206.933
189,207
1,854,483
140,467
$4,524,752
$5,938,024
$6,871,320
3.076.039
13,224
3,318,440
Joint facil. rents (net).*
423,270
249,857
528,519
284,616
13,465
666,542
259,805
Net ry. oper. income.
$1,261,049
$2,175,634
$2,725,675
$3,273,107
142,294
20,233
134,705
158,843
26.862
261,001
159,018
216,421
182,900
187,315
44,420
102,948
$1,558,281
$2,622,340
$3,284,013
$3,607,791
56,723
14,961
55,028
8,080
56,164
13,712
l(f,256"
"6", 869
56,370
14,975
loss3,684
107,383
1936
23,
marshalling and distributing plan (ex parte 103) and of the cash payment of
$5,753.
On Dec. 12, 1935, company filed a petition for reorganization under the
Federal Bankruptcy statutes as amended, and by order No. 1 in that pro¬
ceeding, the company was directed, pending further order of the court
and pending the appointment of a trustee or trustees, on behalf of the court
to continue the operation of the property for the remainder of the year.
On Jan. 3, 1936, Judge Berryman Henwood was appointed sole trustee.
He qualified for office on Jan. 29, 1936, and the property is now being
administered under his direction.
The events necessitating this petition
and leading to a financial condition of the company in which it was unable
to meet its debts as they mature, are as follows: Deficits in net income
have been incurred for the last six years amounting to $445,481 for the
year 1930: $291,916 for the year 1931; $3,471,325 for the year 1392; $1,536,894 for the year 1933; $1,145,436 for the year 1934; $455,195 for the
year 1935 (partly estimated for 1935 at the time the petition was filed)
a total of $7,346,249.
There became due on Oct. 27, 1935, a note for $357,151 payable to the
Railroad Credit Corporation, on which a balance of $269,800 was unpaid.
On Dec. 1, 1935, notes matured as follows: to the Reconstruction Finance
Corporation, $17,882,250; to the Chase National Bank of the City of New
York, $3,500,000; to the Mississippi Valley Trust Co. of St. Louis, $1,000,000.
There was to become due on March 31, 1936, the note of the Railroad
Credit Corporation dated March 31, 1934, in the original sum of $1,367,875,
which had been reduced to $1,357,875.
on above-mentioned Reconstruction Finance Corporation note
Dec. 1, 1935, in the sum of $354,705, had not been
Interest on St. Louis Southwestern 2d mortgage income bond certi¬
ficates in the amount of $60,850, on first terminal and unifying mortgage
bonds in the amount of $202,625, on general & refunding mortgage bonds,
series A, in the amount of $233,187, and on the 1st mortgage bonds of the
Stephenville North & South Texas Ry. in the amount of $60,575 and on
1st mortgage bonds of Central Arkansas & Eastern RR. in the amount of
$27,125 (the latter two issues being guaranteed as to principal and interest
by company) was to become due on Jan. 1, 1936.
The company was confronted on Dec. 12, 1935, by $24,009,925 obliga¬
tions due and to become due; by interest obligations of $939,067 due Dec. 1,
1935, and to become due Jan. 1, 1936: by accumulated deficits for six
years, and by inability to raise further funds because of exhaustion of its
credit.
There was a constant possibility of lawsuits in diverse jurisdictions
Interest
for six months, due
paid.
and under these circumstances the board decided to direct that
a petition
effect a plan of reorganization under and pursuant to Section 77 of
Chapter VIII of the Acts of Congress relating to bankruptcy as amended,
be filed in the District Court of the United States for the Eastern District
to
of Missouri, Eastern
Division.
(Between the date of filing said petition and
the Railroad Credit Corporation made distribution
3,807,406
14,069
May
$8,020,325
2,865,335
6,432
109,608
282,328
Chronicle
Transp. for invest—Cr._
and the total stated in the balance sheet.)
Net oper. revenue
Traffic Statistics Years Ended Dec. 31
Operating Charges—
Railway tax accruals
Uncollectible ry. revs
Hire of equip, (net)
Non-oper. Income—
Rentals
Interest and dividends..
Miscellaneous
Deductions from Inc.—
Rentals
Miscell. tax accruals
oper.
prop..
CrA.02
9,150
Sink. & other res. funds.
Bal. avail, for interest
Int. on fixed chg. oblig.
115
$1,476,347
13,036,363
$2,552,363
$3,205,389
13.466,839
13,190,671
$3,425,264
13,518,941
Deficit
$11,560,016 $10,638,308 $10,261,449 $10,093,677
x Includes
charges of $138,781 for levee district assessments applicable
to prior years and $241,802 for expense
resulting from flood damage.
y includes credit of $363,123 covering adjustment of amount
charged in
1934 in respect of contributions under Railroad Retirement
Act, which was
held unconstitutional by the Supreme Court of the United States.
Consolidated General Balance Sheet Dec. 31
1935
1934
$
$
Assets—
1935
Liabilities—
Inv. in rd. & eq.:
344,203,213 346,122,521
Equipment... 92,178,744
93,093,431
Dep. in lieu of
prop.
•sold
58,481
sold
47,983
225,568
965,026
65,543,226
Pref.
A stk.
900
900
Preferred stock.
49,157,400
49,157,400
Cash
11,622,986
2,865,021
7,030
2,752
Long-term debt.274,165,596 276,983,596
Notes pay., sec.:
RFC...
229,412
5,190,000
3,520,750
5,190,000
Bank loans..
5,136,863
49,028
20,750
338,441
Special deposits.
523,950
2,954,578
109,781
2,986,241
618,590
Int. mat'd unpd. 40,703,868
Divs.mat'd unpd
14,087
28,275,484
14,087
680,885
Loans & bills rec.
1,890
330
710,480
593,723
car serv.
balances rec__
Net bal. rec. fr.
agst. & conduc
484,752
Misc. accts. rec.
1,256,297
4,427,568
5,095
assets
Deferred assets.
345,884
1,791,986
4,636,049
4,682
13,282
281,756
1,304,215
13,916
276,707
1,305,524
UnadJ.
debits..
_
3,606,078
Audited accts. &
wages
payable
Misc. accts. pay.
tured
9,445,920
_
curr.
2,278,280
int.
accrued
Oth.
8,141,220
2,228,055
unpaid
Unmatured
liabil.
183,921
UnadJ. credits..
152,654
206,773"
Deferred liablls.
235,912
47,179,218
45,342,013
1,943,300
1,930,425
Add'n
to
prop,
thru income &
not
462,186,388 464,685,107
specifically
Total
230,624
219,112
46,203,547
31,653,677
462,186,388 464,685,107
St. Louis Screw & Bolt Co.—Accumulated Dividend—
The directors have declared
dividend of $1.75 per share on account of
pref. stock, par $100, payable May 22 to
holders of record May 18.
A like payment was made on Feb. 29 last, and
on Nov. 30, 1935.
Accumulations after the current payment will amount
to $24.50 per share.—V.
142, p. 1303.
7%
a
cum.
Sandusky Bay Bridge Co.-
-Company Dissolved—Liqui-
dating Dividend—
Stockholders at
a
special meeting held April 10 voted to dissolve the
common
an
There
Holden, Chairman,
was
a
net
says
reduction in
of
record April 30.—
initial liquidating dividend
stock payable to holders of
St. Louis Southwestern Ry.—Annual
Hale
$1.9053
$1.7779
$0.0175
$0.0194
$0.0209
receipts per pass.
mile
4,296,139
4,021,877
3.826,023
3,574,839
1 mile.1318251,621 1177451,598 1048663,798 912,910,121
earned revenue-
No. of tons
carr.
No. of tons carr.
1 mile
736,906
644,342
553,405
477,079
306.85
292.76
274.09
255.37
$
mile of road
Avge. distance haul of 1
ton (miles)
per
$
$
$
_
Total freight revenue... 14,854,266
Avge. amt. rec. for each
ton of freight
3.4576
Avge.rec.per ton per mile
0.0113
Frt. rev. per mile of road
8,303.58
Frt. rev. per train mile..
5.1205
Operating rvenues
15,742,228
Oper. revs, per mile of rd
8,799.94
Oper. revs, per train mile
3.9736
Operating expenses
10,735,733
Oper. exps. per mile of rd
6,001.30
Oper. exps. per train mile
2.7099
Net operating revenue._
5,006,494
Net oper. rev. per mile of
road
2,798.64
Net oper. rev. per train
mile.
1.2637
Note—Number
of
13,236,491
12,188,800
11,563,002
3.2911
7,243.46
5.0054
14,125,660
7,730.05
3.6815
9,891,149
5,412.78
2.5779
4,234,511
3.1858
0.0116
6.432.32
5.0613
12,953,394
6,835.82
3.6295
9,063,694
4,783.13
2.5396
3,889,699
3.2346
0.0127
6,042.73
5.1552
12,554,433
6,560.84
3.6677
10,535,230
5,505.62
3.0778
2,019,202
2,317.27
2,052.69
1.1036
1.0899
0.0112
1,055.22
-
0.5899
freight carried (not Included in
freight in this table) during year ended Dec. 31, 1934, was 562,655
tons; Dec. 31, 1934, 474,841 tons; Dec. 31,1933, 368,525 tons, and Dec. 31,
1932, 358,389 tons.
of
tons
company
1935
1934
1933
1932
$14,854,266 $13,236,491 $12,188,801 $11,563,003
206,918
213,939
186.206
236,034
526,051
521.489
439,372
598,328
154,992
153,741
139,016
157,068
Revenues—
Freight revenues..
Passenger
Mail, express, &c
Incidental, &c
Total oper. revenue..$15,742,228 $14,125,660
Report—
1,733,466
2,154,521
872,003
5,175,576
800,166
1,507,457
2,034,065
817,216
4,717,390
815,020
Total oper. expenses..$10,735,734
Net earnings
5,006,494
849,662
4,743
$9,891,149
4,234,511
832,250
8,868
$9,063,695 $10,535,231
3,889,700
2,019,202
866,684
980,872
5,174
7,837
$4,152,088
$3,393,393
$3,017,842
$1,030,493
19,806
2,685
3,085
21,149
2,210
2,228
Traffic expenses
Transportation
General, &c
—
Uncollectibles.
Operating income.
1,438.431
1,826,539
816,286
4,197,926
784,513
1,838,052
2,117,995
975,275
4,562,257
1,041,652
Other Ry. Oper. Income—
Rent from locomotives.
19,471
3,247
5,989
268,703
Rent from pass, train car
Rent from work equip._
Joint facility rent income
Total ry. oper. income $4,449,498
Deduct fr.Ry. Oper. Inc.—
Hire of freight cars
Rent for locomotives
Rent for pass, train cars.
289,513
307,798
21,421
3,315
3,170
312,003
$3,708,482
$3,351,227
$1,368,402
853,008
1,506
24,304
6,226
805,290
2,556
28,421
6,081
676,443
712,845
facility rent deduct
744,410
1,028,097
1,793
14,168
6,519
699,260
Net ry. oper. income..
Total non-oper. income.
$2,644,318
78,596
$1,958,645
86,937
$1,789,740 def$186,791
79,402
83,275
$2,722,914
$2,045,582
$1,869,142 def$103,516
1,023,304
2,140
30,693
4,632
Rent for work equip
Gross income
Separately
road
Int.
on
funded debt
Int.
on
unfunded debt—
oper. pro.
Maintenance
ment
of
loss
1,341
914
2,090
398
296
496
9,996
3,119,754
30,552
3,457
3.142,602
27,726
13,151
3,358,345
18,732
1,698
3,094,049
251,419
584
15,249
325
15,169
14,598
18,057
$455,195
$1,145,437
$1,536,894
$3,471,325
invest¬
organization
Miscell. income charges.
Net deficit
1,736
236
Miscell. tax accruals
in part:
and
$12,953,395 $12,554,433
EXT)67lS6$-~~'
Maint. of way & struc..
Maint. of equipment.—
Deduct, from Gross Inc.—
Miscell. rent deductions.
equipment account (including
improvements on leased railway property) of $669,484, as follows:
The amount of funded debt
(excluding the Reconstruction Finance Cor¬
poration, Railroad Credit Corporation and bank loans), outstanding in
the hands of the public decreased $456,000.
The obligation to the Railroad Credit Corporation was reduced $36,352
during the year by the application of $30,599 of dividends received under the
per
Joint
company and wind up its affairs.
The directors
subsequently declared
$3 per share on the
V. 141, p. 934.
$1.1059
$0.0181
each passenger
Tax accruals
-V. 142, p. 3012.
the
5,908
85.16
$236,034
Total pass, revenue
A vge. amount rec. from
,
invested
on
5,057
98.04
$186,206
per mile of road
Avge. dist. carr. (miles).
ma¬
Prof.&loss (def.)
accumulations
6,706
63.34
$213,939
1932
Consolidated Earnings for Calendar Years
pay.
surplus
Approp. surplus
Total
132,757
11,305,462
$1.1604
No. of pass. carr. 1 mile.
No. of pass. carr. 1 mile,
car serv.
Funded debt
Mat'ls & suppl's
Int. & Uivs. rec.
97,732
9,581,808
1933
5,136,864
468,040
Traf. &
balances
deposits
1934
193,445
12,253,585
6,375
63.96
$206,918
revenue
revenue
RR.Cred.Corp
Time drafts and
curr.
ser.
65,543,226
Grants in aid of
1,030,212
11,622,280
4,063,375
Inv. in affil. cos.
Oth.
$
stock.
construction..
Misc. phys.prop.
Traf. &
1934
$
Common
Road.
Other investm'ts
ings
No. of tons carr. of frght
Miscell, income charges.
aitged.
1935
178,319
11,405,120
No. of pass, carried earn¬
A vge.
Gross Income
Separately
the close of the year,
to company of $2,549 in pursuance of the marshalling and distributing plan,
which accounts for the difference between the total obligations stated above,
Volume
Financial
142
Condensed Balance Sheet (Entire
1935
1935
$
ment-
124,665,491
17,186,100
Preferred stock. 19,893,600
Bonds
54,032,500
125,334,975
cos.
4,408,889
4,427,136
Other investm'ts
7,013,690
7,041,508
166,593
841,158
67,512
property
ductors'
bals,
55,761
Miscell. acctS---
445,340
Int. & dlvs. rec_
4,000
Mat'l & supplies
Oth. curr. assets
970,892
fund
vances
521,194
4,000
1,204,332
5,533
3,594
122,678
1,299,949
1,095.135
152,824
1,520,798
647,058
27,078
15
178,296
Other unadjusted
debits
20,821
22,376
-
Other def. assets
287,418
Int. & dlvs. due.
167,642
376,538
Prem. on funded
135,479
7,626
7,202,841
210.791
277,355
17,189,776
17,182,967
1,093,551
70,914
7,418,839
Accrued deprec.
186,937
Oth. unadj. accts
thru
come
& surpl.
5,841,932
140,645,544
5,003,939
Period—
Week
"
1936
Gross earnings
$341,000
1935
$264,406
Jan. 1 to May 14
1936
1935
$6,674,835
$5,766,530
$216,571
$658,427
288,334
278,444
37,321
288,990
291,126
309,257
$129,323
Balance Sheet Dec. 31
1935
Assets—
x
buildings
Mortgages payable 5,217,266
4,025,000
10,223,647 10,994,890 Funded debt
Loan
115,832
lor purch. of bds.
1936
$7,639,121
$6,977,519
3,832,416
12 Months Ended March 31—
Net operating revenue
retirement reserve)
Other
lor pay.
4,317,636
on
5,716
75,195
$3,321,485
$3,145,103
3,461
Net operating revenue
and other income (before
appropriation for retirement reserve)
$3,324,946
Appropriation for retirement reserve.
1,280,000
3,641
845,488
80,467
6,901
in
1934.
140,481
65,050
4,318
1,615,710
for
reserve
y
Miscellaneous charges (net)
Preferred dividends
440,475
Common
722.340
dividends
$1,765,085
$1,615,710
—V.142,p. 3186.
Seaboard Air Line Ry,tion and
-Receivers'
Assumption of Obliga-
on
May 15 authorized the com¬
of a cash payment of
an outstanding note of
to assume obligation and liability in respect
$10,000 to be applied in reduction of the principal of
the Southeastern Investment Co. and in reduction
ferred stock of a new or reorganized company which
of the amount of pre¬
the holders of the note
the payment of interest on
such reduced and extended note in the principal amount of $82,500.
The report of the Commission says in part:
The receivers have previously been authorized to assume obligation and
liability in respect of the payment of the interest on a note of the South¬
eastern Investment Co. in the reduced principal amount of $90,000.
As
stated the Seaboard had acquired certain properties from the Southeastern
Investment Co. under a deed subject to a mortgage given to secure a note
of that company for $165,000, dated May 5, 1917, the payment of which
was guaranteed by
the Seaboard.
The principal of this note had been
reduced to $140,000 at the time of appointment of the receivers.
Prior
thereto the holders of the note had agreed with the Seaboard to accept in
lieu of the obligation of $140,000, a new obligation and mortgage security
on the property for $90,000, bearing interest at the rate of 4% per annum
payable semi-annually, and to mature May 5, 1936, and for the remainder
of the principal mortgage debt to accept preferred stock in the amount of
$50,000 of the same class as would be offered to holders of the Seaboard's
first-mortgage bonds in part exchange for their holdings under a plan of
reorganization then under contemplation.
Thereafter, the receivers, with the approval of the court, entered into a
supplemental indenture dated Nov. 18, 1931, with the holders of the note
and the Southeastern Investment Co. which provided in substance that the
principal amount of the note should be reduced to $90,000, with interest to
accrue at the rate of 4% per annum, payable semi-annually, and the prin¬
cipal to be due and payable at the option of the maker on or before May 5,
1936, with the further provision that the holders were to accept for the re¬
mainder of the $140,000 indebtedness tne preferred stock of the new or
reorganized Seaboard in the par amount of $50,000, of the same class as that
which might be issued to the holders of the first-mortgage bonds and if such
would be entitled to receive and in respect of
was
not so delivered the
$50,000 would be added and restored
as
part
of the indebtedness, to be due and payable on demand but not earlier than
May 5, 1936, with interest to accrue after the date of delivery of the proper¬
ties to the new or reorganized company at the rate of 4%, payable semisemi-annually.
The receivers on April 22, 1936, having previously arrived at a tentative
agreement with the holders of the mortgage debt and the maker thereof,
the Southeastern Investment Co., filed in the court of primary jurisdiction
an application setting forth the pertinent provisions of a tentative
supple¬
mental agreement which
would modify the supplemental indenture of
Nov. 18, 1931.
The court entered an order authorizing the receivers to
enter into the proposed supplemental agreement.
The receivers propose to enter into a supplemental agreement with the
present holders of the note and the Southeastern Investment Co. whereby
the receivers will deposit with a designated depositary $10,000 for the
account of the noteholders.
Of this amount, $7,500 is to be applied in
reducing to $82,500 the principal amount of the mortgage indebtedness
and note of $90,000 of the Southeastern Investment Co., and the re¬
maining $2,500 is to be applied in the reduction from $50,000 to $47,500 par
value of the amount of the preferred stock of the new or reorganized com¬
pany which the holders would be entitled to receive under the terms and
provisions of the supplemental indenture of Nov. 18, 1931.
Due to this
payment, the holders of the note will agree to extend the maturity date
thereof, in the reduced principal amount of $82,500, with interest payable
semi-annually on Nov. 5 and May 5, so as to become due and payable at
the option of the maker on or before May 5, 1939.—V. 142, p. 3012.
3 Mos.End. Mar. 31—
Gross operating revenue
$125,842
$293,816
$341,271
Earns, per sh. on 108,000
shs. cap. stk. (no par)
$0.85
$1.16
$2.72
T$3.16
Net profit for quarter ended March 31, 1936, has been arrived at after
giving effect to the drawing down of a quarter of the reserve for advertisihg
and sales promotion set up out of last year's earnings, and to the setting
up of adequate reserves against inventory depreciation, during the current
year, in accordance with company's usual policy.—V. 142, p. 2003.
(& Subs.)—Earnings—
1936
1935
1934
1,696,816
$1,275,191
$1,098,818
x$706,316
612,125
$0.49
439,177
$0.35
368,219
$0.29
290,809
$0.24
1933
depl., taxes & all other
charges
cap.stk.
After deducting share of products accruing to operators of Kettleman
Hills absorption plant.—V. 142, p. 3187.
x
1936
Quar. End. Mar. 31—
Net profit after deprec.,
-Earnings-
$115,532
Shs.cap.stk.out.(no par)
Earnings per share
—V. 142, p. 2517.
loss$70,063
1,269,170
Nil
$100,080
1,269.170
$0.08
loss$3,134
1,269,170
$0.09
and Federal taxes
1933
1934
1935
1,269,170
Nil
Shawmut Bank Investment Trust- —Earnings—
Feb. 29'36. Feb. 28 '35.
$206,135
$207,181
Years Ended—
Int. & divs. received
Net profit on secur.
•
132,689
$218,168
» $248,373
loss25,109 lossll01,421
$193,059 loss$853,048
$297,462
$339,870
including taxes
Interest paid and accr—
24,737
241,915
23,400
243,654
Net profit from operations of year
$30,808
Profit
Current
Feb. 28 '33.
Feb.28 '34.
91,327
sold
A
operating exps.
25,986
253,864
26,452
271,188
—MffHBWJiiW
ran
\
$72,816
def$86,793 def$1150690
Balance Sheet
Feb. 29, '36 Feb. 28, '35
Assets—
int.
&
$692,804
$50,972
Cash in bank
Accr.
25,123
15,605
receivable
&
Prov.
'36lFe6. 28, '35
$236,000
lor
| $376,117
Federal
1,920
Senior debentures- 3,864,000
284,854
redemp.olsecs
4,642,888
4,748,639
Junior
Accr.
Partic. In credit to
86,156
foreign concerns
$5,100,072 $5,446,972
Total
Feb. 29,
payable lor
rl,393
capital stk. tax-
Accts. rec. lor sale
Securities
Liabilities—
Accts.
purch. ol securs.
divs.
960,000
notes
interest
3,901,000
960,000
on
201,600
Junior notes
Surplus
6,861
38,151^
$5,100,072I$5,446,972
Total
N0te—Capital as represented by share capital of 75,000 common shares
no par value:
43,460 (43,385 in 1935) shares issued and outstanding,
31,540 (31,615 in 1935) shares issuable on conversion of warrants
outstanding.—V. 141, p. 4025.
of
and
Shell Transport & Trading Co., Ltd.—Dividend—
has declared a dividend of 17M% for 1935, against 12
The company
for 1934.
Suspended from Dealings—
See North German Lloyd
Sierra
All
& San
of the
above.—V. 142, p. 472.
,
Francisco Power Co.—Bonds Called—
outstanding
1st mtge.
5% 40-year gold bonds due Aug.
1,
1949, have been called for redemption on Aug. 1 next at 110 and int.
Payment will be made at the Chemical Bank & Trust Co., 165 Broadway,
New \ork City.
The company states that the full redemption price, including interest
to Aug. 1, 1936, will be paid upon surrender of the bonds at any time
after May 5.—V. 140, p. 3907.
...
Silver Strike Mining Co.—Registers with
given on first page of this department.
SEC—
See list
Silver King
Coalition Mines Co.—Earnings—
March 31—
1936
1935
$206,367
$56,955
$0.16
$0.04
For the year ended March 31, 1936, the net income was $571,238, equal
to 46.8 cents per outstanding sh. and with stored product produced during
this period valued at market March 31, 1936, rather than cost the net In¬
come would have been $714,571.64, or 58^6 cents per outstanding share.
profit after taxes & deprec. but before deplet'n
Earns, per sh. on 1,220,467 shs., par $5, com. stock
Net
Net profit after deprec.,
Earns, per sh. on
1936—9lMos—1935'
1936—3 Mos.—1935
$92,418
3 Months Ended
Seaboard Oil Co.
^
Inc.—Earnings—
(Frank G.) Shattuck Co. (& Subs.)-
The Interstate Commerce Commission
193,5
$16,550
Net profit after charges
and Federal inc. taxes
Liability—
pany
stock
1936
142, p. 1831.
Seeman Bros.,
_
Earned surplus, end of period
3392.
$62,281
$0.53
3 Months Ended March 31—
$1,050,328
1,760.219
$2,810,547
142,379
440,475
611,982
1935 and $1,185,109
Represented by 100 no par shares.—V. 141, p.
Period End. Mar. 31—
$2,927,900
_
..10,715,703 11,338,581
Total
depreciation of $1,256,352 in
Net profit after depreciation & Federal taxes
Earns, per share on 86,963 shares common stock.
—V.
$1,312,189
Earned surplus, beginning of period
Total
4,355
——
10,715,703 11,336,581
(Bernard) Schwartz Cigar Corp.—Earnings—
$1,983,185
663,388
(net)
Amortization of debt discount and expense
Other income deductions
Net income
2,891
127,351
rec
After
x
$3,158,185
1,175,000
$2,044,946
1.
income
500
920,176
mtge.
Total...
Gross
500
915,820
13,082
income
Interest charges
Capital stock.—
1st
ol
on
Acer. int.
72,414
140/481
Earned surplus ...
sink, fund bds
(before appropriation for
sink, fund bonds
y
mortgages
Int.
75,195
127,351
72,414
ol:
1st mtge.
Amort,
164,849
3,244
Int. accr. on mtge.
204,730
81,137
Depos.with trustee
Int.
350,849
3,720
payable.
mortgages
for retirement..
Cash in banks
Operating revenues
Operating expenses, maintenance and all taxes
Accounts
Int. accrued on 1st
Depos.with trustee
1935
5,588,916
4,446,000
payable—D.
A. Schulte, Inc.
63^ % mtge
f. bonds purch
Electric Co.— -Earnings
$
$
Liabilities—
$
Schulco Co., Inc.,
s.
1934
1935
1934
$
est.—land
Real
—V. 142, p. 3362.
San Diego Consolidated Gas &
$74,555prof $349,170
Depreciation only.
&
139,479,443 140,645,54
Total
of May
$159,666
Net loss
a
guar.
—Second
$419,224
239,203
Other deductions
70,914
164,979
164,979
Oth. approp. sur
$155,284
61,287
guar.
in¬
Misc. fund res..
$150,946
8,720
$4,356
on
$875,995
456,771
6K%
mtge.
sinking
fund gold bonds
Int. on mortgages
re¬
tired
accrued
$601,437
446,153
$599,743
Int.
$589,965
439,019
$445,118
154,625
Other income
prop.
Funded debt
1932
1933
1934
1935
1,093,551
7,626
Other def. liab..
139,479,443
59,130
262,961
389,685
75,956
Int., &c., accr'd
Tax liability
Deficit
$0.39
$589,178
a144,060
Oper. exp. (incl. deprec.)
Net profit from oper..
24,007,375
tured unpaid.
Miscell. accis—
thru Income..
Total.
Calendar Years—
Rentals
Funded debt ma¬
Add'ns to
$727,036
1,766,426
:.—Earnings
debt.
ad¬
1,766,426
$0.52
1,781,426
$0.77
1936—6 Mos.—1935
$1,670,205
1,781.426
$0.92
794,074
car
payable
52,991
417,682
9,444
5,461
Shs.com.stk.out.(par $1)
Earnings per share
service balances
376,281
710,961
603,311
rec.
Work,
&
795,798
Accts. & wages.
Traffic, &c„ bal.
Loans & bills
Traffic
231,250
17,186,100
19,893,600
78,532,228
Period End. April 30—
1936—3 Mos.—4935
Net profit after deprec.,
int. & other charges._ $1,381,581
$942,238
—V. 142. p. 2844.
Non-negot. debt
to affll. cos...
Miscell. physical
Special depositsAgents and con¬
$
stock.
Common
Cash
1934
$
Liabilities—
Road and equip¬
Inv. In affll.
Servel, Inc. (& Subs.)—Earnings—
System) Dec. 31
1934
$
Assets—
3523
Chronicle
—V. 142, P.
2340.
Soulsby-Belle Mining Co.—Registers with SEC—
See list
given on first page of this department,
3524
Financial
Siscoe
Gold
Mines, Ltd.—Earnings—
Quarter Ended March 31—
profit after depreciation,
and other charges
Millheads in
1936
1935
1934
$264,840
$293,086
taxes
April averaged $13.08,
against $14.25 in the previous
as
month and $15.25 in April, 1935.
During April 14,340 tons of ore were
milled, compared with 14,359 tons in March and 12,467 tons in
April last
year.—V. 142,
1832.
p.
South Shore Utilities
Associates—Pref. Stock Sold—An
of preferred convertible $1.50 shares
recently sold by F. L. Putnam & Co., Inc., Boston, at
issue of 4,000 shares
was
$24 per share.
following:
Pref erred
dividends
to
as
at
A prospectus
assets
and
dated April 21 affords the
dividends
over
the
common
shares.
shares upon voluntary liquidation to $27.50 per share and divs.
upon involuntary liquidation to $24 per share and divs.
Conv. at
option of the holder at any time after Jan. 1, 1937, into 1% common shares
common
and
for each preferred conv. share converted.
History and Business—South Shore Utilities Associates, by Which name
known the trustees under a declaration of trust dated March
18, 1936,
voluntary Masachusetts association, formed for the purpose of acquiring
holding and dealing in securities (incl. shares) of publlic utility companies
are
a
and other corporations and associations and in particular for the
acquisition
of securities (incl. shares) of the Buzzards Bay Gas Co. and the
Barnstable
County Gas Co., both Massachusetts corporations.
In August, 1929, Stone & Webster Engineering Corp. was
engaged by
F. L. Putnam & Co., Inc. to make a survey of the possible
profitable
development of a gas company to serve the more densely populated districts
of Cape Cod in Massachusetts, which was without gas facilities.
As a
result of this survey, the Buzzards Bay Gas Co. and the Barnstable
County
Gas Co. were formed and a plan of development at an estimated ultimate
cost of approximately $1,000,000 was formulated and
inaugurated.
Over
$500,000 was invested in the construction of gas properties by these two
companies during the years from 1929 to 1932 incl., when a etmporary halt
in the development of the plan was made because of economic conditions.
The securities (incl. the shares) of the two companies were first held
by
F. L. Putnam & Co., Inc. and later by
Northeaster^ Utility Associates, a
Massachusetts voluntary trust, of whose shares F. L. Putnam & Co., Inc.
now holds a major portion and the
moneys used in the development of the
two gas companies were supplied by these interets.
As of Dec. 31, 1935 the gas companies' properties consisted
of three
butane gas manufacturing plants, approximately 64 miles of welded steel
pipe line of sizes ranging from 2 inches to 8 inches, 1,912 services and 1,671
meters.
The Buzzards Bay Gas Co. owns a franchise unlimited as to time
and serves without competition the towns of Wareham (incl.
Onset) and
Falmouth (incl. Woods Hole). The Barnstable County Gas Co. owns a
franchise unlimited as to time and serves without competition the
Hyannis
section of Barnstable, Yarmouth, Dennis, and a small part of the Town of
Harwich.
The companies have received permits from the selectmen of the
above towns for the location of their present distribution
systems and for the
extension thereof in other portions of the said towns.
Capitalization—
Pref.
conv.
Authorized
$1.50 shares (no par)
4,000 shs.
y24,632 shs.
Common shares (no par)
Issued
4,000 shs.
x20,632 shs.
x 2,000 of these common shares have also been
provided for the conver¬
privilege,
y Of which 4,000 shares reserved for conversion of said
preferred shares.
Purpose of Financing—The Associates intend to use the net proceeds from
the sale of the pref. shares to aid in the expansion of the business of the
Buzzards Bay Gas Co. and the Barnstable County Gas Co. and for other
purposes of the Associates, which include the expenses incidental to its
sion
formation and the issue of its shares.
Southern Bell Telephone & Telegraph
Quarter Ended March 31—
Net income after taxes and charges
—Y. 142, p. 2172.
Southern Canada Power Co.,
Period End. Apr. 30—
Gross earnings
Operating
expenses
earnings
142, p. 2686.
1935
$102,647
$2,013,849
Ltd.—Earnings—
1936—Month—1935
$177,545
$175,610
74,898
70,563
Net
—V.
Co.—Earnings
1936
$2,235,693
$105,047
-
1936—7 Mos.~~ 1935
$1,258,050
$1,259,092
.
514,009
502,124
$744,041
$756,968
•
Southern Colorado Power
Co.—Earnings—
12 Months Ended March 31—
1936
Operating revenues
■
Operating expenses, maintenance and all taxes
1935
$1,966,702
$1,854,523
1,047,250
1.123,223
Net oper. rev. (before approp. for retire't res.)__
$807,272
$844,149
242,537
$808,126
206,715
$601,611
427,443
4,103
$601,411
427,493
3,815
$170,102
139,680
$309,744
170,064
$309,783
170,102
$139,680
,
$843,479
670
$170,064
139,680
Other income
$139,680
853
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
Gross income
Interest charges (net)
Other income deductions
;
Net income
Surplus beginning of period
Total
Dividends
on
preferred stock ($4 per share)
Surplus end of period
Accumulated Dividend—
The directors
accumulations
have
declared
the
on
a
dividend of $1 per share on account of
7% cumulative preferred stock, par $100, payable
June
on
15 to holders of record May 29.
A similar amount has been paid
this issue quarterly since and incl. June 15, 1933, as against $1.25 per
share
V.
on
March
15,
1933,
and $1.75 per share in preceding
of the suburban area.
This interurban service is not competitive with that
operated by the applicant to any substantial degree.
The California Toll Bridge Authority is now engaged in the construction
of a bridge across the bay which will connect the cities of San Francisco
and Oakland.
This bridge will be completed in 1937.
It is a double-deck
structure.
The upper deck will be used by automobiles and busses.
The
lower deck will be used for heavy truck traffic, and a part of it will be re¬
served for the construction of interurban railroad tracks.
The main bridge
structure will cost approximately $62,000,000.
This money was obtained
from the Reconstruction Finance Corporation, and the Bridge Authority
issued bonds to that amount as security for its loan.
These bonds are a
lien on all of the tolls collected for the
Cum.
rate of
$1.50 per annum from April 1, 1936 payable Q-M.
Red. at option of Associates in whole or in part on any div. date
upon 30
days' notice at $27.50 per share and divs.
Entitled tn priority to the
is
May 23, 1936
This service is performed by means of ferries operating from
San Francisco to Oakland and Alameda, where they connect with electric
trains which serve a substantial portion of this suburban area.
A similar
interurban service is performed by the so-called Key System, which operates
a ferry from San Francisco to a point near the applicant's
pier in Oakland,
where it connects with its own system of electric trains serving another part
Oakland.
$301,889
Net
Chronicle
quarters.—
142, p. 3188.
use of the bridge.
It is proposed
bridge will supplant the present ferry service between
points on the east side of the bay used in connection
with the operation of interurban trains.
The cost or equipping the bridge
with electric railroad facilities and constructing the necessary terminal
adjacent to the bridgehead in San Francisco will be approximately $15,000,000.
Before endeavoring to secure an additional loan for this purpose, the
Bridge Authority required that agreements be made between the carriers
operating the interurban service in connection with their ferries and itself,
providing for the discontinuance of the use of ferries and a transfer of their
operations to the bridge when it is ready for use, and to continue such
operations and service over the bridge for the full time that any of the
bonds are outstanding.
It is estimated that this would be a period of
that service over the
San Francisco and
from 30 to 35 years.
While unwilling to commit
itself to render service of this character for
long period of time, the applicant believed that such operation
in the public interest.
It accordingly caused the Interurban
company to be incorporated on Nov. 14, 1934, under the laws of the State
of California for the purpose of engaging in the electric railway interurban
passenger service between San Francisco and cities on the east side of San
Francisco Bay now operated by the applicant.
The Interurban company
has no property of its own at the present time.
It is authorized by its
charter to issue 100,000 shares of capital stock and proposes at this time
to issue 20,000 shares which will all be purchased by the applicant at
$10 a share.
The stock is without nominal or par value and there is no
such
a
would
be
ascertainable market value for it.
The purchase of all the stock by the
applicant will give it complete control over the new entity and we are here
asked to grant the necessary authority for it to make the purchase.
No
further issue of stock or other securities is contemplated.
The $200,000
which will be obtained from the sale of stock will be used for working capital
and for the purchase of necessary supplies and material.
It is estimated
that approximately $100,000 will finally be available as working capital.
The Interurban company will be a complete organization within itself.
It
will have its own officers and employees who will serve it exclusively and
will not be employed in any capacity by the applicant.
It is contemplated
that the directors will represent the applicant as stockholders but they will
not be officers or employees of the applicant.
Under the proposed agreement the applicant will discontinue its electric
interurban passenger service in the area involved and cancel all tariffs for
passenger fares and baggage charges between points on said electric lines,
and between San Francisco and points thereon.
The Interurban company
will take over the entire operation of the San Francisco-Alameda Ferry,
which is used exclusively for the interurban passenger traffic; will use the
San Francisco-Oakland Ferry jointly with the applicant; and will operate
under trackage rights all the electric interurban passenger service now
performed by the applicant on the east side of San Francisco Bay to and
from the ferry connections.
Included in the lease of the properties is
all the electric line equipment now used by the applicant in its interurban
operation.
The applicant will continue to use the Oakland ferry for its
main line train operations, and also reserves the right to use any of the
leased tracks which may be necessary in
performing switching for industries
located thereon and other incidental freight service operations.
For the use of the applicant's properties herein described the Interurban
company will pay a minimum rental of $50,000 a year, plus such additional
sum, if any, as it may earn sufficient to make the total amount paid reflect
a fair return upon the value of the leased properties.
The applicant states
that the book value of the property which the Interurban company will use
is a little over $11,000,000.
This does not include the ferry facilities which
will not be used after the bridge operation begins.
Based on this invest¬
ment figure the minimum rental of $50,000 will reflect a return of less than
Yt of 1%.
The applicant estimates the actual value of all the properties
involved in the lease at about $20,000,000, of which $2,500,000 is said
to be ipvested in ferry equipment.
These estimates apparently are based
upon the engineering reports used by this Commission in determining the
value, for rate-making purposes, of all the properties of the applicant by
segregating the valuation figures shown in such reports as applying to
these particular properties and adding thereto net additions and better¬
ments, less retirements.
The Commission's valuation of the properties of
the applicant makes no segregation of the properties involved in this pro¬
ceeding.
The agreement between the various parties which will be involved in the
bridge operation provides that when the bridge is completed and ready for
interurban train service, all ferry operations will be discontinued as to
interurban passenger service, and all such traffic diverted to the bridge
route.
The Interurban company and the Key System, operating into
their respective territories, will have the exclusive right to engage in common
carrier interurban train transportation over the bridge, and for the use
thereof will collect a toil from each passenger as agents of the Bridge Author¬
ity.
It is expected that this toll will be about 2Y cents a passenger.
Because of the fact that the present interurban passenger service usuallyis
performed at a loss and in order that the Interurban company may com¬
mence operations over the bridge unhampered
by any losses that may have
been incurred by ferry operation, it is agreed that when that company is
ready to begin bridge service the applicant will make such advances of
funds as may be necessary to enable the Interurban
company to start such
operation free of all indebtedness and with its original capital unimpaired.
In order to avoid inconvenience to the public the Interurban
company will
file tariffs with this Commission, which will provide that
passengers coming
from or destined to points on the lines of the
applicant, or its connections,
may use the electric service of the Interurban company as a connecting
carrier and reach their destination on a joint through fare.
The Interurban
company will perform such service in the same manner as through passen¬
gers are handled in connection with the electric line operations of the appli¬
cant at the present time.
The amount of this traffic is now shown by the
record, but it apparently is negligible in comparison with the local traffic.
Since the Alameda ferry is used only for the transportation of interurban
passengers, that ferry will no longer be required after the bridge operation
begins and it will be abandoned.
Authority to abandon this ferry was
included in the order of the California Commission.
At the proper time
an application will be filed with this Commission for
permission to abandon
that facility
The applicant expects the Interurban company to operate at a profit
after the bridge is in use.
It anticipates net earnings of about $100,000
a year,
or at least something over and above the minimum rental.
No
saving in operating expenses is expected to be realized from the operation
by the Interurban company as compared with the applicant until after
the traffic begins moving over the
bridge.
It is estimated that there will
then be a saving of about 13% of the
operating expenses now incurred.
There is said to be an urgent public demand for the bridge route opera¬
tion, since upwards of 25,000,000 passengers are carried across the bay by
ferries annually.
These passengers will be afforded more comfortable
and quicker transportation service than
they now enjoy by the ferry route.
The applicant states that more efficient operation over the bridge will be
assured if the Interurban company takes over the operation at the present
time, and then transfers to the bridge route than would be the case if it
attempted to take over the operation for the first time after the bridge is
ready for use.
The authority herein sought is a necessary part of the general rearrange¬
.
Southern Natural Gas
Co.—New Official—
C. P. Rather
was on May 18 elected chief operating officer to succeed
White, who died on April 22.
Mr. Rather's title is that of
and General Manager.
It is not proposed to fill the office of President now as Mr. Rather will
discharge such duties as relate to the operation of the properties and C. T.
Chenery will continue as chairman of the board and senior officer.
The
James
H.
Vice-President
other officers of the
company
pacities.—V. 142,
3363.
Southern
p.
Pacific
will continue to
Co.—Control
serve
of
in their present ca¬
Interurban
Electric
Ry. Approved—
The Interstate Commerce Commission on April 29 approved the acquisi¬
tion by the Southern Pacific Co. of control of the Interurban Electric Ry.,
bylpurchase of its capital stock.
The report of the Commission says in part:
The Southern Pacific Co., on Nov. 21, 1934, applied for authority to
acquire control of the Interurban Electric Ry. Co. by purchase of capital
stock.
The Railroad Commission of the State of California, by its order
of March 23, 1936, has granted authority to the applicant similar to that
requested herein, and by such order also has approved the general plan of
operation.
For 60 years the applicant has operated an electric interurban passenger
service connecting San Francisco with cities and towns on the east side of
San Francisco Bay, such as Alameda, Albany, Berkeley, Emeryville and
ment of the interurban
passenger service in the San Francisco metropolitan
area which will be made
possible by the new bridge.
The entire matter
is
primarily one of local concern and the local authorities have given their
unqualified approved thereto.
The properties to be operated by the
Interurban company are now owned and operated by the Southern Pacific
Co. and are a part of the Southern Pacific system in the Commission's plan
of consolidation.
Control of the Interurban Co. by the applicant
does not
prevent or hinder the carrying out of any part of the consolidation plan, but
is in harmony with and in furtherance of its
provisions, and the record
shows that it will promote the public interest.
Volume
Financial
142
Earnings
of
Before
depreciation
$1,566,972
2,224,744
$5,254,947
$1,228,646
1,857,966
7,884,599
$3,785,668
6,299,536
Refinancing Planned—
The company in seeking an extension until Nov. 1 of a $5,000,000 loan
by the Reconstruction Finance Corporation which matures on June 1,
planning a refinancing operation of between $45,000,000 and $50,000,000
if market conditions are favorable, Jesse H. Jones, chairman of the RFC,
announced May 21.
He recently discussed the proposal with officials of the
[As Reported to the Mass. Department of Public Utilities]
3 Mos. End. Mar. 31—
Rev. fare pass, carried-.
—V.
company.
The refinancing, Mr.
Jones said, contemplates the handling of a total of
$17,000,000, including the $5,000,000 on which an extension is sought,
$17,882,250 of notes of the St. Louis-Southwestern Ry., a Southern Pacific
subsidiary, held by the RrFC, and about $12,000,000 in bank loans.
Mr. Jones said the RFC would grant the extension until Nov. 1 on the
$5,000,000 loan if the Interstate Commerce Commission, to whom the
company has made an application, gives its approval.
He indicated that
the RFC had not commitved itself to take any part of the contemplated
offering.—V. 142, p. 3013.
Ry.—Earnings—
—Y.
-
Jan. 1 to May 14
1936
1935
$1,905,466 $44,352,516 $38,280,454
$2,284,974
1933
1934
5,578,114
5,981,364
6,256,009
7.52
7.55
7.47
$18,390
$56,289
loss$751
142. p. 2341.
Standard Cap & Seal Corp.
-Earnings-
3 Mos. Ended March 31—
Net profit after int., deprec. and Federal taxes..
Shares capital stock
1936
$169,004
211,005
$0.80
Earnings per share
—V. 142, p. 1304.
1935
$150,346
209,405
$0.72
Standard Oil Co. of California—Earnings—
3 Mos. End. Mar. 31—
Net
profit after Fed!
1935
1936
taxes and
charges
$2,952,958
Earns, per sh. on 13,102900 shs. capital stock
(no par)
$0.23
—V. 142, p. 3363.
Standard Oil Co. of Indiana
Nil
$0.25
$0.37
_
1933
1934
$3,318,591 loss$718,987
$4,891,022
(& Subs.)—Earnings—
Consolidated Income Account Years Ended Dec. 31
1935
1934
1933
1932
$
$
$
$
.293,218,825 278,180,375 242,532,018 261,517,844
Costs, oper. & gen. exps.228,980,801 225,926,583 189,068,024 194,713,025
Adj. of petroleum prods.
inv. (lower of cost or
7,561,800
market)
x Taxes—
1 12,713,987
8,207,538
9,199,254
9,758,419
915,607
2,161,612
2,684,432
Intangible develop, costs
923,636
609,620
1,574,450
Deple. & lease amortiz.l 25,982,034 f
Depr., retire. & amortiz.l
{ 24,436,824 28,543,370 33,244,329
Gross oper. income
—Second Week of May
1936
1935
Period—
Gross earnings
1935
1936
5,730,879
7.61
$3,460
Average fare (cents)
Net profit after all chgs.
is
Southern
3525
Springfield Street Ry. Co.—-Earnings—
System
Period End. Apr. 30—
1936—Month—1935
1936—4 Mos.—1935
Railway oper. revs
$16,080,827 $13,052,249 $57,351,634 $48,608,625
38,666,759
Railway oper. exps
44,849,901
11,581,173
10,239,713
Railway tax accruals
4,021,759
4,636,218
1,287,605
1,006,322
Equipment rents
2,053,467
594,836
568,215
2,372,906
Joint facility rents
80,970
237,660
50,238
9,349
Net ry. oper. inc:
After depreciation,
Chronicle
142, p. 3363.
—
—
Southwestern Associated Telephone
Period End. April 30Operating revenues
1936—4 Mos —1935
1936—Month—1935
-
Co.-—Earnings$271,250
$311,351
$78,544
$69,087
100
200
400
800
51,742
4,876
47,242
4,397
195,085
19,294
181.769
$21,826
$17,248
$96,572
$71,295
TJncollectibel oper. rev.
Operating expenses
Operating taxes.
Net oper. income
-V. 142, p. 3013.
17,386
Subs.)—-Earnings
3 Months Ended March 31—
Total operating revenues
Power purchase
Gas purchased
-.
Maintenance
Provision for retirement
State, local, &c. taxes
Federal 3 % on electricity taxes
Federal and State income taxes
Net earnings from operations
Other income
$606,596
104,215
61,711
92,818
17,756
$248,766
Net earnings before interest....
$178,756
1,731
$180,487
103,544
4,469
6,011
Funded debt interest
90,048
General interest..
Amortization of debt discount and expense
4,727
5,230
Cr 196
Interest charged construction
dividends.
$148,956
$66,884
Consolidated Income Account (Incl.
Dec.
31
Gross income from operation..
$2,982,013
Depreciation
183,427
Selling & general expenses
:—
949,818
Research & development expenses—
254,195
$3,201,346
137,899
958,930
216,370
$1,226,989
97,998
624,215
112,451
$1,594,572
453,259
$1,888,146
421,630
....
....
...
Previous
surplus
Miscellaneous adjustments
can
$2,047,831
$2,309,776
$525,439
45,169
40,853
1,330
23,303
390,818
44,989
351,201
foreign income taxes
Profit
$1,651,461
1,884,678
$1,878,104
495,630
19,376
39,812
$3,536,139
487,278
$2,393,110
487,278
21,155
$495,630
Obsolete building demolished
Surplus, Dec. 31
$3,048,861
Earns.per sh.on 1,949,111 shs.cap.stk
$0.85
$1,884,678
$0.96
$495,630
$0.23
x
—
Including $176,499 income from patents, royalties and technical ser¬
1935, $147,602 in 1934 and $69,373 in 1933.
y Includes profit
sale of securities, 1935, $367,875; 1934, $347,700; 1933, $89,075,
Cash
a
accepts.,
accts. rec., &c._
Contr.
A
work
1,974,822
Value
of
2,746,970
1,326,672
15,996
15,090
equip.. 2,264,626
128,401
1,908,507
153,920
1
1
Deferred charges__
Patents
payable
for
....
&
$748,467
210,513
Total surplus.
Divs.
on common
for
1932
1933
$
1934
$
$
85,629,303
80,523,587
79,388,802
.
Adjust. of earned surplus
12,622,935 Dr4,922,501
(net)
i
Net
profit for year—
30,179,895
18,949,680
Majority interest
loss38,856 prof209,264
Minority interest
earned
85,837,825
2,596,112
Dr66,140
17,674,351
16,558,282
lossll.387
loss326,255
122,152,776
94,760,031 105,573,511 102,318,581
stock_al5,142,371 al5,371,229 yl5,748,476 y16,689,277
surplus
-.107,010,404
Dec. 31
of
Shs.
com.
Paid by
79,388,802 z89,825,035 z85,629,303
stock out-
i
15,528,504
15,941,894
$1.14
$1.04
In addition to the amount
15,215,677
15,215,677
$1.98
$1.25
Standard Oil Co. of Indiana,
x
(or accrued) for State and Federal
gasoline taxes (and in 1933 and 1932 lubricating oil taxes) the sum of
613,031, $65,140,195 in 1934, $62,428,437 in 1933 and $47,981,298 in
$68,1932.
Dividends paid by Standard Oil Co. (Ind.) during the year 1933, $15,688,671; 1932, $16,478,699; balance being amounts paid by sub. cos. to
minority interest,
z Of which $80,523,586 majority interest and $9,301,448
minority interest.
y
Liabilities—
S
Cash
Market,
40,478,001
16,857,929
secure.
mercial
liabilities
8,092,512
&
9,428,434 Long-term notes
Purchase obligs.
notes
22,695,472
9,582,021
6,553,906
480,038
315,975
10.263,988
501,312
457,596
7,956,074
Cap. & surp. of
14,606,361
14,719,398
Common capital
stock
380,391,942
380,391,942
min.
UnadJ. claims-Prod, (lower of
cost or mark).
18,707.856
9,582,021
6,553,906
receivable
Mat'ls & suppl's
Oth. curr. assets
15,508,328
14,917,630
Other current
notes
cost
Accts.
1934
$
32,053,441 Accts. payable- 16,068,214
33,691,605 Acer, liabilities. 17,432,155
Short-term com¬
at
1935
1934
1935
Assets—
Capital
interests
surplus
paid-in
146,895,542 146,878,320
100,925,796 103,854,255
6,047,258
6,157,614 Earned surplus. 107,010,404 79,388,802
177,745
341,939
& long-tr. rec.114,053,490
& secure,
124,601,093
Cash
deposited with
trustees
x
Inv.
205,744
185,536
;
plant,
Prop.,
equip.,
&c.-328,205,751 275,715,684
in sub. cos 34,478,977
34,539,942
3,540,222
3,499,907
in tang. (net).
Prepaid & def'd
_
1,630,316
charges..-
■
1,745,646
693,464,620 660,719,402
Total
Total
..693,464,620 660,719,402
for depreciation, depletion, intangible development
costs and amortization of $292,400,182 in 1935 and $292,646,252 in 1934.
z Excess
of cost over book value at date of acquisition of investments
in subsidiaries.—V. 142, p. 3190.
x
After
reserve
485,881
393,956
111,612
67,174
195,950
84,668
128,066
57,667
56,900
37,057
1,949,111
3,774,210
960 earned in 1934;
1,884,678
in stock of Mission Corp.
sales
on
contracts
&
$389,305
392,020
cap.
stock taxes.....
serv.
1934]
&
income
franch.
Prov.
127,390
non-current
1935
accrued royalties
Accrd. wages, &c.
Deposits
life in¬
policies.
rec.,
&c.,
b Plants &
Accts.
Prov.
surance
Accts.
1,650,962
in
progress, invent. 2,769,823
Investments
913,841
16,558,282
Goodwill & other
Liabilities—
1934
$2,353,108 SI,407,187
-
Notes,
17,674,351
1935
$
Previous earned surplus
z
Consolidated Balance Sheet Dec. 31
1935
Assftfs—
18,949,680
Surplus Account Dec. 31
Inv. in oth. cos.
vices in
on
16,546,894
11,387
30,179,895
corporation
Accts.rec., S. O.
Co. (N. J.)--
Aviation, Inc
Total
Dividend paid
17,348,095
326,255
18,812,873
30,462,178
Net profit accrued to
$455,818
sale of stock of North Ameri¬
on
282,283 profl36,807
334,022
Consolidated Balance Sheet Dec. 31
...
Transfer fees & miscellaneous expense
Prov. for franchise, capital stock and
Net income
2,924,650
88,520
Profit for period
$392,324
133,115
...
Interest-—..---.-----
17,617
|
of taxes shown above there was paid
Year Ended Mar.
1
to
*35 Dec. 31 '34 Dec. 31 '33
x
Gross income..
19,560,065
1,507(105
Loss applic. to min. int.
a
Wholly-Owned Sub. hCos.)
Year Ended
y
18,8^2,818
43,305
<
standing
Earnings per share
Sperry Corp.—Earnings—
Operating income
Other income.
.
Cr422
-V. 142, P. 2844.
Period—
18,856,178
fund. &l
on
Other interest
Total
Net income before preferred
14,705,904
4,854,161
28,463
67,770
46,504
8,600
$247,548
1,217
(net)
13,636,979
5,235,840
Inc. before int. chgs.
Int. & disc,
1935
1936
$720,135
111,795
65,784
116,153
28,037
66,285
53,418
9,000
22,111
Operation..
14,358,832
4,497,346
30,796,200
(net)
income
long-term debt
Southwestern Light & Power Co. (&
25,542,002
5,254,198
Net oper. income.
Non-oper.
instal,
tee of products-_
Res. for conting.
Res. for unrealized
_
.
86,567
W. C.
profits
$62,863,192.
This compares with $45,618,$25,084,310 in 1933; $282,865 in 1932; $8,704,758 in
1931; $42,150,662 in 1930, and $120,912,794 in 1929.
Per share of stock outstanding on Dec. 31, 1935 net profits for the year
were $2.43.
Two dividends amounting to $1.25 were paid; also, a dividend
Results—Net profits of company and its participation in the net
of consolidated companies were
apprec. of for'gn
exchange..
Deferred income.
Co. (N. J.)—Annual Report for 1935—Teagle, President, and W. S. Farish, Chairman, state:
Standard Oil
guaran¬
41,292
Cap. stk. (par $1). 1,949,111
Capital surplus... 3,664,247
Earned surplus... 3,048,861
.
U. S. Petroleum Industry in 1935
Total
a
..$10,420,619 $9,336,700
Less allowance,
Total
$10,420,619 $9,336,700
b Less allowance for depreciation.—V. 141, p. 3875.
Spiegel, May, Stern Co., Inc.-—Earnings-—
3 Mos. End. Mar. 31—
Net income after deprec.,
1936
1935
1934
int., Fed. taxes, &c_.
Earned per share on com¬
$449,934
$292,145
$598,803
$1.52
$1.29
$3.04
mon
stock
1933
loss$9,846
Nil
For the 12 months ended March 31, 1936, net profit was $2,489,589 or
$8.80
a common
share after preferred dividends.—V. 142, p. 3363.
Standard Gas & Electric
Co.—Weekly Output—
Electric output for the week ended May 16,
1936, totaled 94,887,309
kwh., an increase of 18.9% compared with the corresponding week last
year.—V. 142, p. 3363.
Throughout 1935 the increased consumption of Crude and products, at
home and abroad, made for stability in the petroleum industry in the
United States and contributed to its improved earnings.
Some of the
outstanding gains over the preceding year are listed:
Consumption of crude & products in U. S. for 1934
Exports of crude for the year
For the year 1935 were
1934 were
•
114,507,000 bbls.
128,152,000 bbls.
11.91%.
in total consumption, including exports, was 75,130,000
-
Increase, 13,645,000 barrels, or
The increase
41,127,000 bbls.
51,378,000 bbls.
...
—
Exports of crude made a new high record.
Exports of crude & products for 1934 were
Forl935
was._920,164,000 bbls.
981,649,000 bbls.
of gasoline in 1935 reached an all-time peak
For 1935
The domestic consumption
of 434,897,000 barrels.
barrels, or 7.26%.
-
Financial
3526
Imports for domestic consumption,
crude and products for re-export were:
including
all
bonded imports
For 1934
For 1935
50,494,000 bbls.
52,676,000 bbls.
The increase in imports was 2,182,000 barrels, or 4.32%.
The value of exports of crude and products
The total value of all imports.-
During the
Kansas crude
out
of
—
$249,103,626
37,345,839
the posted price of 36 degrees gravity Oklahoma and
unchanged at $1 per barrel, the price in effect through¬
year
was
1934.
The production of crude in most States was regulated by the conservation
authorities therein.
They were aided in estimating consumer demand by
the monthly forecasts of the Bureau of Mines.
Actual production ex¬
ceeded these forecasts, particularly in California and Louisiana.
the
surplus
about
The
a
over
Despite
gains in consumption and exports brought
allowables,
reduction in stocks of crude and products of 22,448,000 barrels..
lowering of crude stocks approximately equaled this total reduction.
At the end of the year the industry's stock position was considerably better,
based on its relation to consumer demand, than it was at the close of 1934.
In relation
to
the
year
1934 the position of producers was unchanged
and operations continued to be profitable.
Most refiners did better because of a stronger
wholesale market that
prevailed generally throughout the year.
This was a reflection of the
increased consumption.
The same factor enabled the marketing divisions
and companies to make a somewhat improved showing.
Pipeline earnings were somewhat less, due to lower tariffs.
was a gradual decrease in shipments of "hot oil"; that is, crude
beyond the allowables fixed by the various State conservation
authorities.
At the close of the year the quantity of "hot oil" finding its
way to market was not important.
There
produced
Drilling activity was greater throughout the year, the total number of
completed being
—
21,398
compared with the 1934 completions of
18,436
and 1933 completions of
12,363
wells
as
Other statistics for the entire industry of interest are:
Estimated domestic crude reserves, Dec. 31, 1934.-11,749,504,000 bbls.
1,041,935,000 bbls.
Discoveries in 1935
Increase in reserves due to revised estimates
-
Total.
-
Domestic production in 1935
Estimated reserves, Dec. 31, 1935
Increase in
reserves
during 1935
Per cent of increase
—
U. S. crude production—year 1934
Year 1935
-
Per cent of increase
559,817,000 bbls.
13,351,256,000 bbls.
993,942,000 bbls.
12,357,314,000 bbls.
607,810,000 bbls.
5.17 % bbls.
908,065,000 bbls.
994,942,000 bbls.
9.46% bbls.
Estimated supply of crude in sight, Dec. 31, 1934,
sufficient for
12.94 years
On Dec. 31, 1935, sufficient for
12.43 years
j
Company Production—Excluding crude oil which was produced for part¬
gross production of domestic and foreign companies amounted to
193,503,675 barrels in 1935, an average of 530,147 barrels daily.
This
figure includes total production of the companies in which there is a minority
interest (except in Iraq where only the company's share of production is
given) and one-half of the total production of the Standard-Vacuum Oil
ners,
Chronicle
May 23,
1936
The inability of marketers to make a good earnings
such augmented sales, emphasizes more clearly than
statement, even with
before the nature of
certain fundamental difficulties and evils underlying the selling of gasoline.
These conditions are general and while most of them are of long standing,
there is good reason now to feel that progress is being made towards their
correction. '
The essential problems which have resulted in making the average market¬
ing cost per gallon too high or the retail selling price too low arise (1) from
the fact that until recently reserves have been developed wastefully, result¬
ing in too much crude oil being either currently produced or available for
immediate production; (2) from a considerable excess of refining capacity;
and (3) from the overbuilding of wholesale and retail distributing stations
in every part of the country.
In other words, the industry has provided
raw materials, manufacturing and marketing facilities more rapidly than
the demand warranted, with the result that the industry for some years
has striven primarily for volume.
In achieving this it too often has sacri¬
ficed any profit in its marketing.
Our subsidiaries have enjoyed a gratifying increase in sales of Aerotype
Esso, the new premium fuel introduced at the end of 1934.
Esso motor
oil, in the short time that it has been on the market, has likewise gained
rapidly in public acceptance.
Increased sales last year of industrial oils
and greases, fuel and Diesel oils, solvent oils and liquefied gases all reflect
a decided improvement in the general business situation.
Natural Gas Companies—There has been a material increase in the amount)
of gas handled during the year 1935 and in the number of domestic con¬
sumers.
This gain resulted from greater industrial activity in the com¬
munities served.
At the end of 1935 the companies
selling gas directly to domestic consumers
supplying 663,695 customers, or 51,000 more than at the low point of
depression years, July, 1933, and approximately 5,800 more than
at the peak reached before the depression, April of 1930.
Continuous effort has been maintained to increase the use of gas in both
domestic and industrial markets.
This activity, together with the generally
improved business conditions, has resulted in a 6M% increase in sales,
from 79,333,733,000 cubic feet in 1934 to 84,501,293,000 cubic feet in 1935.
In addition to the above the amount of gas supplied by, natural gas
pipeline companies shows a satisfactory gain.
Interstate Natural Gas Co., Inc., which operates a pipeline from the
northern Louisiana gas field to Baton Rouge, La., and Lycoming United
Gas Corp., which operates a pipeline from northern Pennsylvania to
northern New York (majority, interest companies) both show substantially
larger amounts of gas handled during 1935; the increase being 24.5% and
32% respectively.
Mississippi River Fuel Corp., which operates a line from northern
Louisiana to the St. Louis district, and Colorado Interstate Gas Co.,
from Southern New Mexico to Denver (minority interest companies) show
increases amounting to 18.2% and 15% respectively over the previous year.
Natural Gas Pipeline Co. of America (a minority interest company)
supplying operating pipeline from New Mexico to Illinois and supplying
gas to Chicago and environs, has increased its sales to the capacity of
its pipeline.
were
the recent
Foreign Conditions—In some foreign countries the trend towards control
and limitation of trade by restricting imports was even more pronounced
The result has been to deprive the nationals of these
countries of enjoyment of the benefits of dealing with their neighbors, ana
to reduce consumption of necessities not produced at home.
Following
the war, various nations sought to make themselves independent of others
than in recent years.
Co. in the Far East.
Of the total gross recovery
by erecting trade barriers in the form of embargoes, quotas, prohibitive
62,290,610 barrels,
of such efforts has been to retard recovery, decrease
in 1935, domestic companies accounted for
of 170,659 barrels daily.
This was much
below the maximum capacity of the wells, which were curtailed throughout
the year to comply with proration restrictions.
Of the total domestic and foreign production during last year 62% was
obtained by natural flow, 12% by air and gas lift and 26% by pumping.
The percentage by natural flow was practically the same as for the preceding
year, but there was a slight decrease in the percentage produced by air
and gas lift and an increase in the production by pumping.
The company continued to reduce its stocks of crude oil throughout
the world.
At the end of 1935 they were 38,126,814 barrels as compared
with 40,216,870 barrels at the end of 1934.
Crude stocks at the end of
the year were down to normal working quantities.
At the end of the year production was being obtained from 12,397 wells,
an increase of 436 over the preceding year.
Of these, 8,633 were in the
an
average
United States.
The company's reserves of
added to during 1935.
petroleum in the ground at home and abroad
were
Pipelines—The total trunk pipelines operated by domestic subsidiaries
Dec. 31, 1935, at 4,162 miles.
These systems delivered to
118,571,875, and to connecting carriers 50,150,768 barrels of
In addition, the Tuscarora Oil Co., Ltd., delivered to destination
4,072,926 barrels of gasoline.
These quantities represent substantial in¬
creases over the volumes handled during 1934.
The Ajax Pipeline Co. (a minority interest company) operates 393 miles
of pipeline.
It transported 20,993,517 barrels of crude last year.
The Iraq line, in which the company has a participation, operates over a
pipeline right-of-way 1,002 miles in length.
It shipped from its terminals
at Haifa, Palestine, and Tripoli, Syria, 26,075,950 barrels of crude oil.
This was the first full year of this line's operation, and the shipments repre¬
sent approximately 85% of the designed capacity of the line.
The trend in pipeline rates has been downward, further reducing earnings.
Marine Department—While there is ample tanker tonnage to meet foreign
charter requirements, the present average age of 16J^ years for all tankers
under the U.S. flag indicates the need for an extensive construction program
of American tankers in the near future.
On Dec. 31, 1935, 13 tankers were
being built in the United States, two of which were for account of this
company's interests.
The marine transportation activities of this organization fall into two
distinct classes:
(1) American coastwise movement restricted to vessels
constructed in American yards and flying the U. S. flag, and (2) foreign
movements for which tankers built abroad and flying foreign flags are
employed.
Our ships under the American flag are sufficient to handle the coastwise
business.
The foreign flag movement is covered to approximately 90% by
tankers owned by subsidiaries.
At the close of 1935 the combined fleet consisted of 190 ships, aggregating
1,987,000 tons, d.w. with a personnel of 6,000.
There were 9 more vessels,
aggregating 112,300 tons, under construction.
Of these, two foreign flag
tankers and one new type American vessel were laid down in time for
delivery early in 1936.
Experience has shown that for this service the
most economical type for long voyage trade is a tanker equipped with
Diesel motors.
For the coastwise and short voyage service the advantage
lies with a tanker employing high pressure boilers and turbine reduction
stooa,
on
terminals
crude oil.
>
gears,
Manufacturing—During the greater part of the
year, prices of refinery
not up to the level warranted by the cost of crude.
As a
domestic refinery operations again showed a loss.
These
refineries, while maintaining rates of pay and hours of employment as
established under the code which expired last June, were operated more
economically than last year.
Manufacturing operations are being dis¬
continued at small plants grown obsolete or now disadvantageously located
from a competitive standpoint to the end of supplying eventually all of the
requirements from low cost plants.
Substantial increases were made in the investment in plant installations
and process improvements.
At the New Jersey and Gulf refineries progress
was made on the conversion of refinery fuel gas, through
polymerization,
into gasoline of improved quality.
At Aruba in the Dutch West Indies,
further expenditures were made to provide adequate harbor facilities and
increased refining flexibility to enable the plant to meet demands for which
it is particularly well situated.
The Campana refinery in the Argentine,
partially destroyed by fire in 1934, has been rebuilt and is again ready to
operate at capacity.
Modernization work was authorized for the Teleajan
refinery in Rumania.
In the Dutch East Indies the Standard-Vacuum completed construction
which has increased the original plant's capacity by 10,000 barrels per day.
Domestic refineries ran 116,266,000 barrels of crude in 1935, a daily
average of 318,535 barrels.
Combined domestic and foreign refinery crude
runs were 244,825,000 barrels, a daily average of approximately 670,800
barrels, or an increase of 4% over the preceding year.
These figures include
products
were
consequence,
one-half of the total crude run in the Standard-Vacuum refineries in the
Far East.
Domestic Marketing—Consumption of gasoline in the United States in¬
6.3% last year and was supplied at a slightly higher average retail
price.
Our domestic marketing subsidiaries participated in the improve¬
ment but their earnings were not commensurate with
the investment
creased
required to handle such
a
volume of business.
tariffs and other kinds of restrictions
on
commerce.
The manifest effect
employment and invite
misunderstanding or retaliation.
Regardless of its nationality, general business is opposed to war.
The
world conflict first interrupted and afterward reduced the normal flow of
trade between nations not only during the conflict, but in the 18 years since
the conclusion of the peace treaty.
Business would benefit most from a
program calculated to promote world peace, which means prosperity.
Such
planning would involve the removal of unnatural obstaclesto the growth of
commerce
and a stabilization of currencies employed in international
exchange.
Our foreign business has suffered from the impediments to free trade and
exchange in two ways.
In the first place, we have been unable to transfer
funds freely from one country to another, and in the second, it has not
been permitted to supply certain markets from the most economic source.
With regard to the former problem, foreign exchange restrictions are most
severe
in
certain European countries.
The difficulties experienced in
supplying these markets from the most economic source are principally
due to inability to make payments except through national
clearing or trade
agreements.
In Lktin America the free transfer of money, which at one
time was extremely difficult, is now substantially
improved and with a
few exceptions there is a fair measure of freedom.
It is to be hoped that a peaceful settlement of political difficulties and
the gradual improvement of economic conditions will lead to the elimination
of these abnormalities.
In general, there is some satisfaction to be derived
from the fact that progress was made during the past year in the direction
of freer and
more
stable
monetary exchanges, and if this progress will only
bear fruit in the shape of a definite and satisfactory stabilization of the
principal currencies of the world, a decisive step will have been taken
towards removing the restrictions upon international trade.
Industrial Relations—When this company instituted a pension plan
many
years ago it was actuated by the objective of securing increased loyalty
and efficiency through the payment of annuities, and
through the retire¬
ment of employees when their usefulness is lessened, without
hardship to
those affected.
The benefits accruing to the company from the
plan
justified its adoption.
However, the advantages of continuing the company's plan on the basis
on which it was operating came into
question a few years ago because of
increasing costs.
Its retention after last year was rendered impossible
by the enactment of the Federal Social Security Act.
This provides old
age pensions, as well as unemployment benefits, but the new Government
plan made inadequate provision for many employees.
It seemed advisable,
therefore, while taking into account the requirements of the Security Act,
to adopt a supplementary plan.
A new thrift plan accordingly became
effective from Jan.
1, 1936.
This plan permits those of the employees who feel that the annuities to
be paid under the Security Act will be
inadequate for their needs to make
contributions through authorized deductions at each
pay period.
These
amounts
are supplemented
by company contributions.
The employee is
given latitude as to the amount that will be set aside for annuities, which
are provided under an insurance contract and not left with the
company as
heretofore.
Accrued credits under the former annuity plan have been
fully protected.
The thrift plan contains a provision which limits the
company's contribution if payroll taxes should become excessive.
Under the petroleum code a 40-hour week was authorized for
marketing
operations and 36 hours for other divisions.
Although these restrictions
are no longer in force, there was no increase
during the year in the hours
worked by employees of our domestic
subsidiary companies.
The Standard Oil Co. (N. J.) companies adjusted
payrolls during the
year in keeping with the agreement with employees to pay at least the
prevailing rate for similar work in the localities affected and to consider
changes in the cost of living.
It was the good fortune of the petroleum
industry to have such an increase
in consumption as to make it possible for the
company not only to retain
the number of employees it had prior to the
depression, but to add to the
total.
The wages paid these workers in 1935 had at least as much
purchas¬
ing power as the earnings in 1929.
Domestic Taxes—The story of the ever-increasing tax burden on our
domestic business is best told by the mere recital of the figures.
In the
United States, in 1935 our companies paid direct taxes of $40,417,813 and
collected and paid $42,395,653 in consumer taxes on sales.
This made a
tax bill
on
the domestic business alone of $82,813,466, which is
equivalent
to
$3.20 per share on this company's outstanding stock.
This compares
with the 1934 total domestic tax bill of $77,038,270 or $2.97 per share.
It seems to your management only a fair and just plea for
your
com¬
panies and all business to make that whatever the system of corporate
taxation is to be, it be simplified, stabilized and left in force long enough so
that it can be understood, complied with and relied on in future corporate
planning.
•
Finances—The company retired its $90,000,000 of 20-year 5% debentures
Feb. 1, 1935, through the issuance of one, two and three year bank loans
on
totaling
$45,000,000 and registered serial debentures maturing in four,
five and six years, totaling $37,000,000.
The balance needed, approxi¬
mately $9,000,000 was paid out of cash.
This resulted in a substantial
saving in annual charges.
At the end of Jan., 1936 the one-year bank
loans mentioned above amounting to $15,000,000 were duly retired, leaving
the two and three-year loans outstanding.
Volume
Humble
Financial
142
Chronicle
shares
&
This leaves $6,600,000 outstanding.
On July 15, 1935, Anglo American Oil Co.,
tures.
Gross operating income.l,076,215,249
Income from other sources
26,288,795
a
Total income..
Cost,
oper. & gen. exp...
Taxes
b
Depreciation, &c
Int. and discount
&
111,976,571
1,080,234,589
914,942,917
26,895,786
111,334,473
7,058,461
7,265,173
9,846,577
6,120,056
4,499,489
3,283,219
7,065,046
4,492,227
Other Interest
on
$
...
781,824,228
ments.
$55,000,000 of Debentures to Be Sold Privately—$30,000,000
Offered Publicly—
to Be
The company
and refined products
1,565,858
24,128,471
c5,248,708
22,263,311
14,276,899
15,366,113
62,863,192
<150,634,434
45,618,960
31,940,882
25,084,310
31,990,916
282,865
50,628,442
(par $25)
12,228,758
25,856,081
13,678,078
25,856,081
Earns, per share on com..
$2.43
$1.76
Net income
Common dividends
Surplus
Shs.
com. outst.
def6,906,606 defSO,345.577
25,761,465
25,740,965
$0.01
$0.97
a
Inter-department and inter-company transactions have been excluded;
inter-company profits included in inventories have not been eliminated,
b Includes depletion, depreciation, retirements and amortization,
c Un¬
distributed earnings included above of certain foreign subsidiary companies
affected by restrictions on the payment of dividends, carried to contingent
reserve,
d Includes stock dividend of Mission Corp. of $18,329,913.
Consolidated Surplus for the Year 1935
Capital
Appropriated
Surplus
Surplus
Balances at Dec. 31, 1934
$80,225,616
the payment
on
$15,978,549
Spicer Mfg. Corp. (& Subs.)—Earnings—
Surplus
$352,858,038
of dlvs.,
164,755
179,691
$1,776,171
641,067
43,707
$1,223,188
591,476
121,367
$840,984
651,462
596,229
641,044
77,646
343,950
1,007,608
$669,800 loss$130,6991's$l ,414,315
1,435,456
1,782,604
x3,460,470
$628,713
1,848,357
Total surplus
less appropriations made during the yr.
Z>r8,912,661
8,912,661
(net)
909,348
-
$2,477,070
210,000
$2,105,256
256,899
$2,046,155
263,550
$1,651,905
216,450
$1,435,456 $1,782,604
300,000
300,000
Nil
Nil
x After transfer
of $1,306,008 to capital surplus, representing charges
in prior years for premium paid on retirement of preferred stock and good¬
Earned
Shs. of
surplus
com.
out.
(no par)
Earns, per sh. on com._
accts. are maintained on a dollar basis
$2,267,070
300.000
$1.39
$1,848,357
300,000
$1.37
will written off.
possible add'l income taxes &
additional tax assessments paid in re¬
Consolidated Balance Sheet Dec. 31
spect of prior years (net)
Adjustments (net) arising from the inclu¬
sion In the consol. for the first time of
the accts.
of
certain sub.
cos.,
....
Z>r1,468,522
*
from
866,095
314,742
Dr514,822
Premium & unamortized discount & exp.
debentures redeemed during the yr.
Z)r2,892,173
...
sold
Corp., paid out
as a
1,172,374
685,650
91,699
92,000
Invest, and advs__
1,081,889
1,091,550
2,719
Employee's saving
23,816
Deferred charges..
Purch. money obli¬
gation
7^9,949,266
-
Drl05,283
30,886
5,132,714
$7,411,517
62,863,192
$81,268,000
(N. J.):
$32,304,520
18,329,914
Cash—$1.25 per share.
399.795
2,267,070
57,000
399,795
1,848,357
$8,932,052 $8,064,970
Total
depreciation of $7,639,821 in 1935 and $11,292,450 in 1934.
y Represented by
100,000 no par shares of cumulative pref. stock. $3
dividend, and 300,000 no par shares of common stock,
z 30,000 shares of
pref. stock.—V. 141, p. 2750.
After
$347,219,667
ending Dec.
accompanying inc. acct--
,Stk. of Mission Corp..
$8,932,052 $8,064,970
Total
x
above
Total surplus
Divs. pd. by Stand. Oil Co.
18,946
fund deposits...
Earned surplus
Consol. net profit for year
per
payable
& sundry accrd.
Reserve for taxes..
Capital surplus
$81,268,000
31,1935,
Accounts
695,290
1,456,343
'
div. by Stand¬
surplus adjust¬
ments applicable to minority Interests
in subsidiary companies
of
Treasury
1,920,446
lnter-co. exchange of securities incident
to the acquisition of cap. stk. of Mis¬
ard Oil Co. (N. J.)
Capital stock...$6,028,750
z
601,316
1,128,944
340,890
in consolidation resulting from
Proportions
1934
$6,028,750
stock..2>rlO46582Drl046,582
y
Inventories
Cash
806,776
companies, &c_
Net profit on reacq. cap. stocks
buildings,
mach'y & equip.$4,175,641 $3,952,973
Land,
1935
Liabilities—
1934
1935
Assets—
x
Accts. & notes rec.
liquidation of certain sub. cos., & from
changes in ownership in various sub.
sion
$715,927
125,057
128.636
$1,744,870
Admin., gen. & sell. exp.
646,346
Other charges (net)
40,286
Federal taxes
63,921
Depreciation
365,604
Other income
Divs. paid on pref. stk_
fluctuations no
longer required by certain sub. cos.
operating in foreign countries whose
on
1932
1933
$1,094,552
Surplus, Jan. 1
Res. for foreign exchange
Adjust,
1934
$1,596,480
5,768,312
years,'incl. at Dec. 31,
1934 in approp. surplus, restored dur¬
ing the year to unappropriated surplus,
for
1935
$1,580,115
Net profit
carried to contingent reserve
.
the public by
to
Calendar Years—
Gross profit
Earns, of prior
Res.
sold
"
Undistributed earnings at Dec. 31,1934
of certain foreign sub. cos. affected by
restrictions
be
Gross income
Unappropriated
(Earned)
$85,000,000 of 3% debentures
underwriters.
The remaining $55,000,000
are to be sold privately without underwriting.
A subsidiary of the com¬
pany will take $23,250,000 of the debentures sold privately.
The names of the underwriters of the $30,000,000 debentures and the
amounts to be underwritten by each are: Morgan Stanley & Co., Inc.,
$9,000,000; Kuhn, Loeb & Co., $3,000,000; Brown Harriman & Co.,
Inc., First Boston Corp. and Edward B. Smith & Co., $2,500,000 each;
Blyth & Co., Inc., Dillon Read & Co. and Mellon Securities Corp., $2,000,000 each: Lazard Freres & Co., Inc., $1,500,000, and Clark Dodge & Co.,
Kidder Peabody & Co. and Lee Higginson Corp., $1,000,000 each.—
V. 142, p. 3363.
will
Miscellaneous deduction.
Exchange
in an amendment filed with the Securities &
Commission states that only $30,000,000 of its
crude
Profit applic. to min. int.
Alcohol
Bitume
Liquide, S.A.F., 63^ % tax free debentures redeemable before Jan. 1, 1959,
$120,419; Interstate Natural Gas Co., Inc., 10-year 6% sinking fund first
mortgage bonds 1936, $637,000; purchase obligations, miscellaneous notes
and bonds—Standard Oil Co. (Ind.) proportion of balance of purchase of
Pan American Foreign Corp., liquidated by delivery of 344,744 shares of
capital stock of Standard Oil Co. (N. J.) on April 30, 1936, $16,795,927;
other, $5,539,883; total (as above), $82,772,730.
f Includes loans payable.
Note—The issue of 764,935 shs. of Standard Oil E port Corp. 5% pref.
stock is guaranteed jointly and severally by Humble Oil & Refg. Co.,
Standard Oil Co. of Louisiana, Standard Oil Co. of New Jersey and the
Carter Oil Co., as to dividends, and as to principal (par) in the event of
liquidation.
In 1933 the Standard Oil Export Corp. called upon the guaran¬
tors for an amount of $3,824,675 to enable it to meet its dividend require¬
fund.
on
Divs.onpref.stks.ofsubs
loss
$10,450,000; total outstanding, $26,550,000; bank loans payable in 1937
1938, $29,999,000; Lycoming United Gas Corp. 5-year, 6% notes
and
779,766,154 1,080,025,773
2,058,074
208,816
595,205,077
28,016,198
(N. J.) serial debs.
series B, 1937 (less $3,677,000 in treasury), $3,078,000; Standard
Co. 6% notes 1937 (held by subsidiary, $97,500), $52,500; Le
1932
$
1,017,972,537
18,973,269
1,102,504,044 1,036,945,806
825,830,188
795,270,661
51,253,657
44,481,280
118,339,334
111,633,588
long-term debt
Inventory
1933
$
Funded and long-term indebtedness Standard Oil Co.
e
Years (Inch Sub. Cos.)
1934
$
Co.
(3H% to 3%%): series A, B & C, maturing in equal annual instalments,
Feb. 1,1939 to Feb. 1,1941, $37,000,000; less, held by subsidiary company,
In
1935
Oil
in 1933.
Ltd., retired out of cash all
5%% debenture stock totaling £1,101,950.
May, 1935 the fourth instalment payment was made to Standard
Oil Co. (Ind.) in partial liquidation of the purchase in 1932 of capital
stock of Pan American Foreign Corp.
This payment consisted of $9,582,021
in cash and 344,743 shares Standard Oil Co. (N. J.) which had been acquired
through market purchases.
The final instalment payment on this pur¬
chase will be effected early in May, 1936.
Continued low interest rates now permit a further reduction in annual
charges through the proposed issuance of $85,000,000 of 25-year, 3%
debentures, dated June 1, the proceeds of which will be made available to
retire on June 30, 1936, the outstanding 764,935 shares of Standard Oil
Export Corp. 5% preferred stock at 110% of par value.
of its
Consolidated Income Account for Calendar
3527
of Standard
(N. J.) stock, held for corporate purposes,
c Stocks of
corporations not consolidated herein (at cost).
d After reserves
for amortization of $10,982,767 in 1935, $9,401,444 in 1934 and $7,973,760
Refining Co. paid out of cash its one-year bank loans
amounting to $6,600,000 originally secured in 1934 to retire its 5% deben¬
Oil
$7,411,517
$410,082,859
Springfield Woolen Mills Co., Inc.—Final Dividends—
The company paid a final liquidating
class A and class B preferred shares on
dividend of $7 per share on the
April 28 last.—V. 141, p. 1286.
Standard Oil Co. of Kentucky—Listing
50,634,434
:—
The New York Curb
Approved—
Exchange has approved the listing of 2,604,801
142, p. 2172.
outstanding shares of common stock, $10 par.—V.
Bal.atDec. 31,1935,
perbal.sheet. —
$81,268,000
$7,411,517
$359,448,425
Stone & Webster,
CoTtsolidated Balance Sheet Dec. 31
1935
1934
1933
1932
§5
§
'
Fixed (capital) assets...al,019,950,833
Marketable sec. (at cost).
88,334,606
5,977,788
Acceptances & notes rec..
Inventory
of
mdse.
1,045,928,816 1,022,597,282 1,109,937,984
93,852,530
83,258,470
61,772,692
6,457,877
20,718,481
13,457,230
(at
Accounts receivable
266,264,657
119,208,363
Loans to employees
859,262
cost or less)
160,825,348
Cash
262,144,771
112,196,237
1,121,648
133,166,645
225,387,354
121,587,065
1,201,835
105,525,187
b26,566,721
43,402,494
182,428,745
8,457,285
d36,451,347
16,101,577
97,053,557
137,541,087
9,037,337
d37,852,226
23,908,068
214,129,798
168,564,703
116,857,704
64,824,000
Inc. (& Subs.)- -Earnings—
1936—12 Mos.- -1935
1936—3 Mos.—1935
$
50.122,070
12,462,876 a52.988.858
Gross earnings
al3,611,265
25,529,452
24,347,843
6,152,232
Operating expenses
6,557,875
6,090,099
5,591,397
1,523,978
Taxes
1,606,544
8.132,801
8,036.321
2,025,156
Int. on bonds & mtges—
1,914,192
146,051
89,297
22,580
Other interest
26,012
Current amortization of
586,029
613,790
147,092
157,552
discount and expense.
Period End. Mar. 31—
Appropriations for retire¬
notes, mtges.
&def. accts. receivable.
5,209,087
1,364,854
5,405,576
1,246,629
7,723,022
5,610.157
593,406
580,081
2,373,829
2,354,503
$1,390,827
$666,548
$5,349,192
$3,255,654
687,319
4,193,815
3.154,729
22,565
1,291
117,441
5,535
$266,062
ment reserves
1,345,204
1,984,233
1,102,198
Miscellaneous securities
loss$22.062
$1,037,935
$95,389
14,840
405,894
266,127
1,244,131
Long-term
c
35,253,323
135,445,923
Other investments
Sink. & special trust funds
Pats.,copyrt., franch., &c
Prepaid & deferred chges.
13,658,254
d34,569,208
14,566,915
72,257,778
5.155,996
38,892,817
22,158,598
Divs.
on
subs.,
pref. stocks of
declared— —
applic. to cumul
pref. divs. of subs., not
Amt.
Total assets
1,894,914,483 1,941,709,974 1,912,234,670 1,888,009,301
Liabilities—
Accounts payable
646,402,025
e82,772,731
73,126,841
Acceptances & notes pay.
f98,043,366
Purch. obllg. due (curr.)_
9,984,621
34,977,720
2,788,685
Capital stock
Funded & long-term debt
Accrued liabilities
Deferred credits....
Loans
from trustees
annuity trusts
Insurance reserve
reserves...
Res. for foreign
Contg.
res.
141,461,816
81,203,615
f62,391,620
26,879,954
31,299,175
3,946,480
644,036,625
179,398,236
92,077,731
10,975,013
26,917,210
20,531,240
7,336,398
$643,524,125
207,245,001
75,110,347
11,848,060
26,377,908
14,294 566
5,338,354
of
Reserve for annuities
Miscellaneous
646,402,025
exch.fluct
80,858,389
32,341,798
17,603,282
4,229,350
17,806,357
76,367,812
31,091,217
17,583,138
3,579,789
26,130,701
71,708,361
27,410,519
7,578,966
8,735,879
63,802,818
25,091,689
3,917,281
5,942,887
24,972,491
representing
undistributed
earns,
Cap.&surp.of min. int..
Capital surplus
Appropriated surplus
Unappropriated surplus..
Total liabilities
applicable
to
minority interests
&
Webster, Inc. before
allowing for loss, as
Bal. applic. to Stone
Allow'g for loss in invest,
in com. stk. of Eng.
Pub. Serv. Co., meas¬
ured by cumul. pref.
divs. not earned with¬
in the periods less min.
int.
of
certain foreign subs—
Amount
Such amts are not
claim agst. Stone &
Webster,
Inc. or its
other subs
a
11,017,020
334,834,355
81,268,000
7,411,517
359,448,425
344,310,428
80,225,617
15,978,550
352,858,039
282,709,708
113,117,402
17,546,499
377,182,391
284,959,869
77,023,447
27,357,929
416,175,030
Stone &
Webster, Inc. after
allowing for loss, as
Bal. applic. to
above.!
.1,894,914,483 1,941,709,974 1,912,234,670 1,888,009,301
« Fixed capital assets:
lands, leases, easements, plant equipment, in¬
complete construction, marine equipment and miscellaneous property,
$2,213,855,402; less reserves for depreciation, depletion and amortization,
$1,193,904,568; balance as above, $1,019,950,833.
b Includes 308,320
a
Includes in
$251,222 loss$427,957
$771,807loss$l 148741
addition to the customary profits and losses on security
transactions of Stone & Webster and Blodget, Inc., incident to
profits of $7,000 for 3 months and $284,981 for 12 months
of investment securities by other companies.
its business,
realized on sales
3528
Financial
Comparative Consolidated Balance Sheet March 31 (Incl. Subs.)
1936
Assets—
Property,
1935
1936
Bds.,
&
equipment.341,663,359 341,362,452
Securities..
18,646,700
19,345,229
coupon
hand
13,870,238
158,161,000 156,441,900
1,696,023
785,888
2,669,866
2,442,021
Int. & taxes accr
4,768,952
5,068,397
Customers' dep.
767,461
835,685
Sundry liabilities
513,911
436,050
Notes pay .(sub)
Accts. payable.
10,628,731
U.
S. Treasury
bills, at cost..
Notes &
1,500,000
warr'ts
receivable
Accts.
rec.
540,737
597,777
Divs.
from
9,041,695
113,355
Interest recelv'le
7,165,390
99,648
represe.
pro v.
for
future
prop'y retir'ts 26,518,497
at cost or writ¬
Other res.,
ten down amts
25,396,486
incl.
2,837,713
2,766,078
531,110
295,404
311,733
371,760 Contributions for
prov. for losses
on
doubtful
on
notes & accts.,
ren¬
tals charged..
Prepayments
53,039
'
Mat'ls & suppl.,
rental,less
51,432
Retirement res.,
misc. sources.
Appliances
declared
(subs.)
customers and
$
notes
(subs.)
Cash in banks &
on
1935
$
&
mtges.
injury & dam¬
of
age
ins., tax., &c_
Skg. Ids., repre¬
senting
cash
held by bond
claims, &c
1,659,211
1,229,027
462,079
18,149
429,391
Unadjust. credits
36,679
Pref.stks. (subs)
(entitled in in¬
158,176
voluntary
li¬
trustees under
quidation
to
mtges. consist¬
of
$120,798,995). 114,025,556 114,118,068
cash,
Prem.& discount
mtge. notes &
$196,000
of
subs.
a
Acct.
on
bds.
co.
officer
69,050
9,647,697
Cum. pref. divs.
not
under
contr.,
Unamort.
85,612
90,612
disct. & exp._
10,442,205
1,050,034
Unadjust. debits
8,544,730
689,779
2,609,272
Total
no par
6,749,423
50,000,000
21,876,457
2,715,311
401,198,025 392,881,421
shares.
Capitalization—As of Dec. 31, 1935, capital stock consisted of 100,000
shares authorized and issued, of which 6,200 shares in
treasury, leaving
93,800 shares outstanding.
Earnings—The following tabulation shows the consolidated net earnings
after all charges of the company and its subsidiaries for each calendar
year since the incorporation of the present company, as shown in the audit
reports of Lybrand, Ross Bros. & Montomgery, and the earnings per
share of capital stock outstanding as of Dec. 31, 1935:
12 Months Ended March 31—
Revenue from subsidiaries—Dividends
1936
1935
$485,426
64,333
86,965
Other dividends, interest & miscellaneous
earnings.
on sales of securities
Profit
Total
Taxes
$824,421
$722,527
subsidiaries).
50,834
81,310
16,608
13,688
$251,525
_
$71,596
a Expenses
include, in addition to fixed rental payments for space occu¬
pied, $59,246 (1935—$117,631) paid to Stone & Webster
Realty Corp.
under the terms of its net lease of the Boston
office building owned by that
corporation.
1936
1935
$
Stks. of sub.
$
b Notes
c
1936
Liabilities—
cos.61,224,553 60,933,186 Notes
from
rec.
sub. companies.
Secure, of oth. cos
Cash in banks &
hand
4,598,500
3,608,948
4,601,000 Accts. pay.,
4,616,487
$1,648
to
2,037,836
$15,650 fr. subs.
(1935, $12,957),
less reserve
Account
rec.
22,328
19,546
from
contr., less res..
depreciation
Unadjusted
debits
Total
a
during this two-year period.
This subsidiary
1932.
for 4 Months Ended April 30
1936
Net earnings before Federal taxes---Earnings per share
1935
—$105,819
$74,761
$1.13
$0.80
Dividends—The following tabulation shows the dividends paid in calendar
on the no par capital shares since issuance in 1926.
Prior to this
time dividends were paid at varying rates on the $100
par stock
previously
outstanding and predecessor companies had paid dividends continuously
1926, $2.25; 1927. $3.00; 1928, $3.00; 1929, $3.00: 1930, $2.00;
1931, 30 cents; 1932, 1933, 1934, none; 1935, on April 1, 1936, a quarterly
dividend of 25 cents per share was paid.
A capital distribution of $1,000,000, or $10 per share, was made in 1929 following the sale of the felt plant.
—V. 142, p. 2004.
from 1900:
Square D Co.
Earnings—
1936
Shs. class B stk. (no par)
Earnings
share
per
1935
$122,232
220,650
$0.25
deprec'n & Fed'l taxes
$132,135
70,926
$1.09
$675,000
1934
1933
$82,652
loss$90,156
71,664
$0.38
71.664
Nil
For the 12 months ended March
31, 1936, net profit was $716,581 after
equal to $2.02 a share on Class B common
charges and Federal taxes,
comparing with $478,252 or 94 cents
a share on class B common on same
share basis for the 12 months ended March 3l, 1935.
The company's only subsidiary, the Square D Co. of Texas, from
1936, will be operated as a branch of the company rather than
pendent company.—V. 142, p. 2686.
1936
1935
1934
expenses
$271,211
104,782
.$268,003
92,636
$241,503
82,103
operating profits
$166,429
4,300
$175,367
3,259
$159,400
1,126
$170,729
6,235
89,600
7,454
$178,626
10,689
82,176
4,200
$160,526
x$81,561
x$74.594
Operating
incl.
Net
sub.
Other income
Total income
Interest
——
Prov. for deprec. and depletion
Surrendered leases, &c
Federal income tax
11,131
72,561
2,240
4,000
profit
$63,438
Profit before Federal taxes.
Income account
for
12
months
ended March 31,
1936, follows:
Gross
income, $1,116,475; operating expenses. $427,328; net operating profit,
$689,147; other income, $13,431; total income, $702,578; interest, $30,703;
depreciation and depletion, $361,165; losses on surrendered leases, &c.,
$67,759; Federal income taxes, $13,337; net profit, $229,614.—V. 142, p.
»
55,734
1,929
9,800
2688.
71,646,703 71,826,6511
Total
Inc.
c Carried at written
down values as of Jan. 1,
1932, and cost of subsequent purchases.
The quoted market or manage¬
ment's estimated fair value was on March
31, 1936, $5,389,071 (1935—
$3,796,196).—V. 142, p. 2687.
Standard Oil Co. of Kansas
Superior Steel Corp.—Earnings—
71,646,703 71,826,651
Carried at written down values as of Jan.
1, 1932, and cost of subse
b Includes $3,551,000 income notes of the Stone &
Quarter Ended March 31—
profit after depreciation,
Net
.I
__
Operating income
Depreciation
Depletion
$176,172
19,959
12,272
33,519
55,125
Amortization
of intangible development costs
Intang. devel. costs written off on aband. locations & leases-
a
Net operating income.
$55,297
7,643
Total income.
1936, company reports
share.—Y. 142, p. 1834.
$2.22
a
115,000
$0.33
net income of
1936
$152,127
1935
$133,826
$0.53
$0.46
Net income for the 12 months ended March
31, 1936 was
to
a
Co.—Earnings—
Quarter Ended March 31—
Net profit after depreciation and Federal taxes
Earned per sh. on 287,000 shs. of capital stock
$636,700 equal
share.
Extra Dividend—
.
The directors have declared
an extra dividend of 5 cents
per share in
quarterly dividend of 25 cents per share on the common
stock, par $10, both payable June 30 to holders of record June 18,
Similar
payments were made on March 31, last.
During 1935 the company had
paid regular dividends of 10 cents per share every two months from Feb. 28
addition to
Other income
$38,511
For 12 months ended March 31,
Sutherland Paper
$292,006
115,834
1935
$29,088
113,576
$0.25
Federal
Shares capital stock outstanding ($100
par)
Earned per share.
$37,268 equal to 32 cents
(& Subs.)—Earnings—
1936
interest,
taxes., &c
Earnings for the 3 Months Ended March 31, 1936
Sales of crude oil, gas, &c
to
a
Dec.
$62,940
5,953
10,111
Net profit
142, p. 3190.
23 inclusive.
In addition extra dividends of 5 cents per share
paid in each of the first four bi-monthly periods, and an extra of 10
of the next two bi-monthly periods.
For detailed dividend
record see Dec. 12 issue of "Industrial Number" of
"Railway & Industrial
$46,876
Interest
Federal taxes...
Compendium."—V. 142,
were
cents in each
p.
1304.
Swiss Oil Corp., Inc.—5-Cent Extra Dividend—
Strawbridge & Clothier Co.—Accumulated Dividend—
The directors have declared a dividend of 75 cents
per share
of accumulations on the 7% cumulative preferred
stock, par
July 1 to holders of record June 15.
April 1 last.—V. 142, p. 1136.
on
account
$100, payable
A
similar
payment
was
made
on
The directors have declared an extra dividend
addition to a regular quarterly dividend of like
stock, both
bursements
payable July
were
made
on
of 5
(S.) Stroock & Co., Inc.— Status, &c.—
is the manufacture of high quality specialty woolen fabrics of
vicuna, cashmere, llama, camels hair, rabbit hair and other animal fibres
are widely used for both women's and men's suits and coats.
Company is widely known and generally recognized as outstanding in
company
which
and
after
Federal
1 to holders of record June 15.
Similar dis¬
April 10 last, and on Dec. 24, 1935.
minority interest,
142,
$191,470
-_
$0.19
2005.
p.
Quar. End. Mar. 31—
on
1936
1935
1934
1933
$15,936
49,564
$74,109
6,930
$86,854
10,734
$58,018
11,509
$33,628
Net deficit after deprec.,
Federal taxes, &c
Net profit
Earns, per sh.
loss$67,179
loss$76,120
loss$46,509
$0.17
Nil
Nil
Nil
198,581
shs. class A stock
This operation was discontinued in 1932.
p.
638), showed total current assets
at
Dec.
31, 1935 (V/ 142,
of $1,255,743, including $340,091 cash
$73,355
$0.07
Symington Co.—Earnings—
Other income.-
as
1935
depreciation
taxes
Earns, per sh. on 959,400 shs. capital stock (par $1)
—V.
In 1929 the company sold its felt plant to the American Felt Co. for
$400,000 and 4,250 shares of American Felt Co. common stock.
A whollyowned subsidiary,
Stroock Manufacturing Co., was organized in 1931
to manufacture and distribute women's
coats made of Stroock fabrics
sheet
,
per share in
the capital
on
1936
Net income
its field.
balance
cents
amount
Earnings for 4 Months Ended April 30
S. Stroock & Co., was organized as a
partnership in 1872 to carry on a
businass which had been started
prfor to the Civil War.
Was consolidated
with Stroock Plush Co. and Stroock Felt Mills and
incorporated in New
York on Dec. 28, 1922, as S. Stroock &
Co., Inc.
The business of the
Financial Condition—The
April 30,
inde¬
as an
Superior Oil Corp. (& Subs.)—Earnings—
Quar. Ended March 31—
quent purchases,
Webster Building,
-V.
in
Gross income
90,612
Operating charges
operations
!i-Earnings
x
45,158
2,595
21,169
Sundry assets
2.27
an
than $150,000
more
discontinued
Net
85,612
0.27
3.76
1934 and $10,444 in 1935.
The 1931 and 1932 earnings include deficits of Stroock
Manufacturing Co
in the manufacture and distribution of women's wear, which
officer under long
term stk. purch.
Furn. & equipm't,
less allowance for
0.58
Int. & tax. accrued
incl.
rec.,
3.22
4.45
def2.20
defl.31
incurred
1935
1,813
1,930
29,489
33,177
Sundry liabilities.
31,122
25,888
Unadjust. credits.
22,946
1,094
Capital stock
50,000,000 50,000,000
Paid-in surplus
21,601,813 21,378,568
Deficit
40,481
289,007
1,498,354
1933
inventory adjustment of approximately $29,000.
Note—Earnings for 1934 and 1935 are before deducting surplus adjust¬
ments arising from loss on abandoned
machinery amounting to $3,126 in
$
sub.
(1935, $1,910)..
Other notes, int. &
accts.
pay. to
companies..
on
1932-
4.42
Earns.
per Share
def$0.59
def$55,413
def206,240
defl22,875
54,011
x25,511
213,065
5.29
4.63
-
Comparative Balance Sheet March 31 (Parent Corp. Only)
Assets—
Net
Earnings
$10.75
-
After deducting
Calendar
Year—
Per Share
..
3 Mos. End. Mar. 31—
Net profit after charges,
3,750
Net income.
Earns.
' Earnings
$1,008,672
1924
496,245
1925.-----434,259
1926--414,952
1927------301,944
i_
417,723
352,474
1923
$588,485
235,936
$969,567
$677,512
36,779
Other
$456,340
$636,724
26.3,409
69,433
Interest
a
Net
Calendar
years
Comparative Income Statement 12 Months Ended March 31 (Parent Corp. Only)
Interest (all to
outstanding
with the public was $25.57.
totaled
&
Deficit
401,198,025 392,881,421
Represented by 2,104,391
stks.
surplus of subs
6,321,989
x Capital stock.
50,000,000
Paid-in surplus. 22,013,049
debt
Total
declared
com..'
less reserve...
x
78,679
(subs.)
14,099,587
Minority int. in
'765.652
long term stk.
purch.
The quoted market for this stock as of April 27, 1936, was 21
bid, offered
at 25.
Including this investment at its market value, based on the above
bid price of $89,250, the book value per share of capital stock
x
pref. stocks
(subs.)
526,851
.
from
rec.
119933045-.
1928
of American Felt Co. common stock received as part consideration for
sale of the felt plant in 1929 is carried as a non-current asset at its estimated
value at the time of acquisition, amounting to an
aggregate of $318,750.
—
Special dep. with
ing
$300,000 of U. S. Treasury notes.
The only liabilities were $48,416
provision for Federal, State and city taxes.
Net current assets of $1,207,328
were equivalent to $12.87
per share of capital stock outstanding in the
hands of the public.
Inventories totaled $423,986, of which only $28,296
consisted of finished goods.
Land, buildings, machinery and equipment was carried at $1,084,387
after deducting $729,968 allowance for depreciation.
The 4,250 shares
Year—
extensions
trustees
May 123, 1936
and
-
Liabilities—
$
plant
Chronicle
Hearing June 1—
See Gould
Coupler Co. above.—V. 142,
p.
2173.
Volume
Financial
142
Chronicle
3529
Syracuse Lighting Co., Inc.—Earnings—
Period End. Mar. 31—
1936—3 Mos.—1935
Operaring revenue
Operating reV. deduct'ns
1936—12 Mos—1935
$2,691,181 $10,367,517
$9,933,651
x2,067,088
8,215,830
x7,740,226
$2,775,882
2,152,309
Operating income
^
$623,849
275,284
$624,487
291,074
$2,152,812
1,129,077
$2,194,646
1,173,052
$348,565
Gross income
Net
income—
x$333,413
$624,093
276
Deducts, from gross inc.
Telephone Bond & Share Co.
$2,±93,425
394
$2,151,687
1,125
$623,572
Debenture 5s, June, 1958
1,221
BOUGHT
$1,023,735 x$l,021,594
QUOTED
Eastman, Dillon 8 Co.
Changed to give effect to major adjustments made later in the year
142, p. 3190.
x
SOLD
1935.—V.
MEMBERS NEW YORK STOCK EXCHANGE
Tacony-Palmyra Bridge Co.—25-Cent Dividend—
Directors,have declared
and class
B
stocks,
common
15
value, payable June 30 to holders of
A dividend
of 1935 and
1934, and dividends of 25 cents were distributed in March and June of
1935 and 1934 and Dec. 30, 1933; 50 cents per share on Sept. 30, 1933;
25 cents June 30, 1933; 50 cents on March 31, 1933, and 75 cents
per share
each quarter from Sept. 30, 1930, to and
including Dec. 31, 1932.—V.
142, p. 3190.
no
share
$50, payable July 1
par
to
holders
on
April 1, last.—V. 142,
of record
June
15.
An
initial distribution of like amount was
2688.
p.
2 Months
1,745,339
$1,685,87/
183,414
301,311
1,747,714
$1,605,676
133,407
262,583
19,606
5,433
50,958
74,056
20,539
185,455
5,321
72,051
20,408
200,230
$263,500
11,873
$915,777
123,490
$916,381
34,330
$275,373
$1,039,267
$950,711
974
49,384
11,042
4,260
83,496
5,584
30,000
excess
profits taxes
oil sales..1
on
& administrative expenses..
Net operating income
Other income
Net income after charges and Federal income taxes
$148,388
$0.43
340,000 shares of capital stock
Total income
Loss
leaseholds
on
&
other
Telautograph Corp.—Earnings
1936
Federal taxes, &c.Earns, per sh. on 228,760
$32,699
shs.
stk. (par
com.
Property investigation
,
1935
1934
1933
$38,986
$46,989
$71,423
$0.14
$5)
1.17
x$0.31
$0.20
1934
on
common
stock
$608,614
293,185
92,297
$447,908
299,428
123,907
13,166
preferred stocks
Interest
34,437
25,325
Other income from subsidiary cos
Other income
Gross earnings
$1,007,262
Operation and taxes.
Appropriation for general
Interest
$931,005
81,042
95,568
80,000
519,749
reserve
debentures
Other interest..:
Amortization of debt discount & expense
on
552,535
176,333
47,916
235,544
58,723
$87,696
1,028,605
Balance of income.
$3,159
1.269,284
$1,116,301
Profit
sales of securs. & notes to
on
subsidiary
$1,272,443
Amount
reserved
for
deficits
dates of acquisition
Payments incident to
contract
of sub.
Coronado Oil Co. stock purchase &
Balance at end of period
Revised to
Profit of interco. sales of securities, &c., transferred
in
&
hand
$40,218
funds
Accts. receivable.
58,389
Securities owned.
1,684
1,747
15,000
_
Properties, plant
& equipment
9,252,736
60,650
Organization exps.
Assets—
Liabilities—
Inv. in & advs. to
assoc.
cos..$21,196,695
401,532
67,283
7%
Inv. In & advs. to affil. cos..
Other
investments
Debt disc.
of
(Company Only)
& exp.
$3
1st preferred stock
1st
Class
Working funds
Special deposits
A
common
Class B
995,879
60,816
305,944
7,444
Deferred charges
Cash
stock
stock
common
5% gold debentures
Bank loans
Accrued
interest
Other current liabilities
Reserves
Earned
surplus
Total
.$23,040,841
187,156
548,517
450,000
10,159,000
Due to associated cos
5,249
Total
14,858
Participating preferred stock
in process
amortization...
$5,520,700
preferred stock
109,559
2,519,000
42,595
7,172
2,581,374
900,909
$23,040,841
—V. 141', p. 3239.
Teletype Corp.—New Director,
Tennessee Electric Power
142,
-V.
142,
$117,975
p.
$35,393
p.
—V.
income
142,
Tide
p.
$643,516
(John R.) Thompson Co.—Earnings—
Quarter Ended March 31—
Net profit after taxes,
Net sales
........
Costs of sales
$540,082
6,712
$1,674,891
22,760
$1,441,301
$533,370
343,462
$1,652,131
1,359,637
$1,420,325
$189,908
$292,494
$43,387
$213,178
$227,472
14,819
$227,997
44,242
31,307
27,697
36,282
18,716
22,916
$227,472
5,913
32,613
19,556
21,449
$218,520
$150,083
$147,941
'
«,
Net
profit
142, p. 3363.
—
—
—
-
Tide Water Oil Co.—New Director—
Frank
V.
142,
Haskell
p.
has been elected
a
director replacing J. Paul
Getty.—
3015.
Tilo Roofing
Co., Inc.—Dividend Arrearages Paid Up—
New Dividends—
On April 13, 1936, the directors declared the following dividend:
$3 per share on the cumulative convertible preferred stock, series A
payable April 27 to holders of record April 14.
This payment covered all dividends on the preferred stock up to and
including April 1, 1936.
On April 27, the stockholders of the company amended the certificate
of incorporation thereby authorizing 400,000 shares common stock, $1
par value and 9,984 shares cumulative convertible preferred stock, series A,
without
Director—
director replacing J. Paul Getty
$418,665
191,193
$321,766
$1,274,912
166,389
Co.—New
$450,690
237,512
9,950
Federal taxes
1,376,938
1934
Unavailable
$311,816
$318,379
20,976
-Earnings—
1935
1936
$2,648,240
1,997.738
Other income.
$1,539,478
135,413
a
1935
$2,753,698
loss45,215
$650,502
338,686
Expenses.
$488,738
51,344
Robert M. Sands has been elected
V. 142, p. 2847.
1936
$2,883,777
x22,422
depreciation, &c
.........
—V.
Oil
$9,889,751 $9,722,733
Net sales.
Other deductions.
Associated
Total...
for depreciation and depletion of $1,994,872 in 1936 and
Interest (net)
Depreciation
2847.
Water
4,578,759
2,545,897
$1,414,268 in 1935.
y Represented by 888,071 no par shares in 1936 and
888,004 in 1935.—V. 142, p. 2173.
$7,208,670
5,117,617
404,000
386,716
25,425
«
633J13
1,602
33,304
Thompson Products, Inc. (& Subs.)-
for
charges
charges
Net
reserve
5,415,811
5,908,525
504,413
437,144
26,251
$402,980
8,764
fixed
Fixed
After
21,720
1,618,704
140,853
140,853
$9,889,751 $9,722,733
$53,837
Total income
Miscellaneous deduc'ns.
& excess profits
taxes.
24,821
Long-term debt
1,109,483
1,537 Contingent income
233,666
1,435 Res.forconting...
30,000
i y Common stock..
633,780
I Dividend credits..
1,535
9,285,258 Surpl. arising from
60,649 !
appraisal
4,298,860
4,784 Earned surplus... 3,325,199
50,411
1936—4 Mos.—1935
$369,427
33,553
Prov. for Fed. inc.
54,004!
245,475
assets
$394,216
340,379
Net railway oper. inc.
Other income
available
676
.
$145,779
35,702
100,072)
Quarter Ended March 31—
Ry.—Earnings—
Period End. Apr. 30—
1936—Month—1935
Operating revenues
$2,199,659
$1,905,944
Operating expenses
1,552,431
1,202,587
Railway tax accruals—
150,762
101,000
Equipment rents (net)_.
119,095
105,766
Joint facility rents (net).
7,942
7,851
Income
x
1935
48,029
from
Total
2846.
3015.
Texas Pacific
red.
production
Other
Co.—Earnings—
[A Subsidiary of Commonwealth A Southern Corp.]
Period End. Apr. 30—
1936—Month—1935
1936—12 Mos.
-1935
Gross earnings
$1,228,941
$1,078,600 $13,858,469 $12,551,690
Operating expenses
651,222
586,084
7,721,221
6,753,376
Fixed charges
225,371
222,872
2,682,74 1
2,668,689
Prov. for retire, reserve.
105,000
105,000
1,260,000
1,260.000
Divs. on pref. stock
129,371
129,250
1,550,989
1,551,245
Balance
Deferred charges.
Accts.
1936
$184,377
x Equal to $0.07 per share on 298,464 shares of capital stock
($25 par).
—V. 141, p. 2907.
dec.—
See Western Electric Co., Inc., below.—V.
profits taxes.
I
x
Balance Sheet Dec. 31 1935
3,385
5,300
157,464
_
directors..
$1,028,605
$7,119,076
excess
1935
|
Liabilities—
| Accounts payable.
$37,447 Accrued liabilities.
1936
banks
Ins. & other dep_.
$900,909
-
$7,609,058
Balance Sheet March 31
Assets—
Cash
221,939
Balance Dec. 31
4,858,465
279,706
$7,609,058
Due from officers &
reserve
$2,540,317
4,578,759
279,899
estimated Federal income and
cover
Inventories
77,329
$3,310,198
4,372,402
73,542
Total surplus
Working
175,189
cos
3,227
$3,310,198
Surplus arising from appraisal—
Balance at beginning of period
Depletion on appreciation
on
1
to
33,304
Additional assessments of Texas fran¬
chise taxes for years 1933 and 1934
Excess of par value of reacquired debs, over cost in
{)rior years credited to debt discount & expense
20,000
pany of contract in connection with
x
102,756
22,385
2,805
62,365
certain royalties
$1,328,936
settlements
n process of amortization
Disc. & exp. sale of bonds of associated
10,201
$2,625,488
—years 1932 and 1933
Stock dividends
since
cos.
Dr7,666
$3,346,730
Cap. stock issued for services for prior
years—5,000 shares at $4 each
Loss arising through forfeiture of ad¬
vances upon cancellation by com¬
83,876
$1,200,177
$786,116
1,829,170
Adjustment of crude oil production tax
56,492
co_
credits
42,580
$814,079
2,540,317
$3,310,198
x
Miscellaneous
41,420
$210,110
3,100,087
ex
Total surplus
Income from associated companies—
109,271
1,569
15,000
Adjust, of prov. for Fed. inc. &
cess profits taxes
1935
949
10", 225
excess
Earn, surpl.—bal. at begin, of period
Comparative Income Account Years Ended Dec. 31
on
17,776
1,512
30,000
Net Income
x
(Accounts of subsidiary companies not consolidated)
Dividends
long-term debt
profits taxes
Telephone Bond & Share Co.—Earnings—
Dividends
on
Other interest
Provision for contingencies
Estimated
Fed.
income
&
No par shares.—V. 142, p. 1136.
x
expenses
Amortization of refinancing costs.__
Interest
'
613
property
abandoned.
Quar. End.Mar. 31 —
Net profit after deprec.,
1935
458,401
$473,233
52,067
81,667
expenses—maint. & repairs.
D epreciation & aepl etion
Taxes—other than Fed. inc. &
Commissions
12 Months
1936
1936
Total net barrels produced
Total gross operating income
Uncollectible accounts
Earnings for 3 Months Ended March 31, 1936
on
York
Texas Gulf Producing Co. —Earnings
General
(K.) Taylor Distilling Co., Inc.—Earnings—
Earnings per share
—V. 142, p. 3190.
New
Period Ended March 31—
Oper.
Inc.—Preferred Dividend—
The directors have declared a quarterly dividend of 68
% cents per
the new 5H% participating preference stock,
on
Street
A. T. & T. Teletype N. Y. 1-752
par
record June 10.
A like payment was made on March 10 last.
of 50 cents per share was paid in September and December
(James) Talcott,
Broad
dividend of 25 cents per share on the class A
a
On
—
par value.
April 27, the directors declared the following dividends:
50 cents per share on the cumulative convertible preferred stock, series A
payable July 1, to holders of record June 20, and
a
stock dividend of three
3530
Financial
shares of common stock for each
share of
common
standing payable April 30 to holders of record
Title Insurance Corp. of St.
on
share
Nov. 30, 1935: 12H cents on Dec. 1,
Nov. 30. 1931.—V. 141, p. 3394.
on
on
Tonawanda Share
1934, and 25
cents per
of 20th Century Fixed Trust Shares trust agreement as
1936, was announced on May 19 by City Bank Farmers Trust
Co.
Resignation of City Bank Farmers Trust Co. as trustee became
effective May 18 and as 20th Century Depositor Corp. failed to appoint
a successor trustee,
the trust was declared terminated.
Ninety days after termination of the trust, or after Sept. 16, 1936, the
will proceed to sell all stock units and other property then held
by it under the trust agreement, such sales to be completed within 30 days.
Thereafter upon presentation of certificates for the trust shares with all
trustee
coupons maturing after Sept. 16, 1936, at the offices of the trustee at
22 William St., N. Y. City, the trustee will pay to bearers such part of
all cash then held under the trust agreement and not then distributable
Corp.—Registers with SEC—
See list given on first page
1936
23,
Termination
of June 18,
The directors have declared a dividend of 25 cents per share on the
stock, par $25, payable May 29 to holders of record May 21.
This compares with dividends of 12 H cents per share previously distributed
each three months.
In addition extra dividends were paid as follows:
May
Twentieth Century Depositor Corp.—Trust Terminated
April 27.—V. 142, p. 2174.
Louis—Div. Doubled—
common
25 cents
Chronicle
stock issued and out¬
of this department.—V. 134, p. 2169.
with
Transcontinental & Western
Air, Inc.—Earnings—
Quarter Ended March 31—
Net loss after deprec., int., taxes & other charges..
x
Revised figure.—V.
1936
$103,991
x$101,670
(& Subs.)—
1936
$35,072
$0.10
and
1935
$72,386
taxes
$0.05
715,803 shares capital stock
on
(par $1)
The Trans-Lux Movie Ticker Corp., in which the company has
approxi¬
mately a 70% interest has effected a total of 147 new ticker rentals since
Jan. 1, 1936, bringing the total number of installations now in operation
to 1,820.
Net profits of the Trans-Lux Movies Corp., a wholly-owned subsidiary of
the company, were shown as $14,697 for the first three months in 1936 in
contrast to a loss of $13,248 over a like period in 1935.
"Additional theatre
sites are being considered," says Percy Norman Furber, President, "and
construction is scheduled to begin early in June on property already leased
in Washington, D. C."
In commenting on reports of the company as shown on the 1935 balance
sheet, Mr. Furber pointed out that the listed assets represented only a
fraction of their true value.
"Actual dividends of $216,160 were received
in 1935 from the Trans-Lux Movie Ticker
Corp.," he said, "indicating on the
excess of $2,000,000
rather than the actual figure of $278,828, which is carried on the books."
basis of ten times earnings, a true investment value in
Mr. Furber also stated that:
4,A reduction in listed assets of $307,347
(from $1,475,331 in 1934 to $1,167,984 in 1935) represent the purchase of
68,000 shares of stock for the company's account from Archie M. Andrews at
a cost of $204,000, and a reduction from
$141,971 in current liabilities in
1934 to $26,117 in 1935.
This difference of $115,853 added to the amount
expended in the stock purchase, shows a total of $319,853 paid out of cur¬
rent assets during 1935, actually $12,506 more than the difference between
assets for 1934 and 1935.
This difference is accounted for by various minor
adjustments."—V. 142, p. 972.
&
Williams
Steel
Forgoing Corp.—Resumes
Common Dividends—
The directors
on
May 21 declared
a
dividend of 15 cents per share
on
the
stock, no par value, payable July 1 to holders of record June 15.
This payment will be the first made since July 15, 1931, when a
regular
common
quarterly dividend of 25 .cents
Trico Products
Calendar
was
distributed.—V. 142, p. 2689.
Corp.—Earnings—
Years—
1935
1934
1933
1932
$5,753,533
321,822
$3,049,551
248,484
$2,487,849
212,228
$1,923,872
219,053
$6,075,356
Adm.,sell.,gen.& pat.exp
1,603,013
Depreciation.
170,526
Amortization of patents.
60,670
Federal income taxes
673,742
$3,298,035
1,008,724
159,856
58,688
299,209
$2,700,076
879,562
146,483
55,651
200,103
$2,142,925
820,478
$1,771,559
5,252,534
$1,418,277
4,771,743
$964,964
4,744,263
x" Gross
income
Other income
^
Total income
Net profits
Previous surplus
Transfer of bal. of res. for
$3,567,404
6,086,608
138,619
50,306
168,556
longer req'd
Total surplus
Amt. transf. to
28,143
$9,682,155
5,000,000
919,447
Total surplus.
Shs. of cap. stk. outstdg-
Earnings
x
$7,024,094
$3,762,708
374,991
$7.06
per share
1935
Assets—
937,486
9*37",485
937",484
$6,086,608
374,991
$4.72
$5,252,535
$4,771,743
374,991
$2.57
374,991
$3.78
Net oper. income---Non-oper. income—net.
policies
184,481
50,233
57,942
Life insur.
bonds
S.
Accrued
106,920
106,110
Govt,
income
in
N.
Y.
State bonds
Notes
&
3,686,797
S
322,209
693,817
297,849
234,372
224,434
taxes.
_.
operating
22,478
Ulen &
1,305,013
6,086,608
593,743
709,908
489,384
44,761
76,760
41,436
76,760
273,766
tax. & oth. exps.
341,169
for'n subs. cos_.
Capital assets
b Patents
Total
r
a
..12,426,755
After
1934.
in 1934.
c
66,902
1,445,144
309,492
8,937,9491
Co.—Listing Ap-proved—
Rights*—Preferred Stock
to Be Redeemed.
The company on May 15 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2166, Form A-2) under the Securi¬
ties Act of 1933, covering 66,644 shares of (no par) common stock and 666,440 rights to purchase one-tenth of a share of common stock.
The rights
will be issued to the common stockholders of the company and will entitle
them to subscribe to the
shares
common
stock in
a
ratio of
one
share for each 10
outstanding.
The company also registered 66,644 instalment
shares of common stock, which are to be issued
subscription receipts for
those subscribers
to
to
purchase the stock on an instalment basis.
According to the registration statement, the net proceeds from the sale
of the stock will be added to the general funds of the company and $3,381,250
of such general funds will be applied ot the redemption of 27,050 shares of
($100 par) 7% cumulative preferred stock to be redeemed at $125 a share
plus accrued dividends.
The dividends will be paid out of the current funds
of the company, it is stated.
The balance of the net proceeds will be used
for general corporate purposes.
The price to the stockholders, the names of the underwriters and the
underwriting discounts or commissions are to be furnished by amendment to
the registration statement.
Philip D. Wagoner of N. Y. City is President.—V. 142, p. 3364.
Union Bag &
Paper Corp.—Earnings—
Quarter Ended March 31—
1936
Gross sales, less discounts, returns & allowances..
Cost of products and manufacturing expenses
$9,404,026
8,935,590
$320,464
12.728
$468,436
37,843
$333,192
$506,280
Profit
Other income
Total income
Interest paid
188
Net profit
Earnings
1935
$9,493,906
z9,173,442
381
2,077
18,313
69,500
57,859
$273,068
per share
$418,085
y$2.86
x$1.36
On 200,000 no-par shares of capital stock
outstanding at close of period.
Including the 65,359 hsares entailed in the recent offering of subscription
rights to shareholders, the net profit is equal to $1.03 per share on 265,359
shares,
y On 145,966 shares outstanding,
z After eliminating $46,000 of
executive salaries deferred on the balance sheet as applicable, in the opinion
of the management, to the financing and construction of the
Georgia plant.
—V. 142, p. 3191.
■.
::f.
Warehouse Co.—Amendment Filed—
An amendment filed with the Securities & Exchange Commission
by the
company discloses that the interest rate on its $1,100,000 first mortgage
serial A bonds ranges from 2% to 5%. Interest rate on the $56,000 bonds
maturing July 1, 1937 is 2%; on the $57,000 bonds maturing 1938, 2M%\
on $58,000 bonds
maturing 1939, 3%; on $69,000 maturing 1940, 3H%;
$62,000 maturing 1941, 4%; on $64,000 maturng 1942, 4J^%, and all
the remaining series falling due annually to 1951,
inclusive, 5%.—V.142.
p. 3364.
on
Union
Investment
Emerich
&
Co.,
Co.,
Detroit—-Debentures Offered—
Inc.,
Chicago,
and
McDonald,
Moore & Hayes, Inc., Detroit, on April 13 offered at 100
and int. $750,000 10-year 5% convertible debentures.
profits shall fall below 160% of the total amount of these debentures out¬
standing and all other obligations of the company of equal rank, the company
at
once
retire
a
sufficient number of these debentures to restore the
amount of its capital, surplus and undivided profits to a sum
equal to at least 180% of the aggregate amount of debentures outstanding
and any other obligations of the company of equal rank.
Principal and int.
(M. & S.) payable at office of First National Bank, Chicago, trustee.
Coupon debentures in the denom. of $1,000, subject to registration as to
principal only.
Red. all or part on any int. date upon at least 30 days'
notice, at par, plus int. plus a premium as follows: 5% if red. on or before
aggregate
Total
..12,426,755
8,937,948
for depreciation of $1,292,227 in 1935 and $1,134,424 in
for amortization of $411,154 in 1935 and $391,983
After reserves of $18,118 in 1935 and $20,060 in 1934. d Author¬
reserve
b After
$386,767
249.475
Underwood Elliott Fisher Co.—Files with SEC to Issue
will
104,475
1,500,956
284,650
,
that if at any time the aggregate amount of its capital,
surplus and undivided
Inv. in wholly own.
a
$307,037
249,475
Dated March 15, 1936; diie March 15, 1946.
These debentures are
subordinate to present and future collateral trust notes of the company
which have stated maturities of not over one year.
Company covenants
Prepaid insurance,
Insur. fund deposit
Inv. in com. stocks
$33,385
20,790
New Stock—Stockholders to Be Given
Ames,
1,034,691
receivable
$697,753
310,986
142, p. 2689.
1,750,000
e
accts.
Inventories
$606,041
299,004
$695,672
The New York Curb Exchange has approved the listing of $4,010,000
outstanding principal amount convertible 6% sinking fund gold debentures,
due Aug. 1, 1944; 111,312 outstanding shares of 7}4% preferred stock,
$25 par, and 41,742 outstanding shares of 5% preferred stock, $25 par.—
V. 142, p. 2689.
22,478
6,750,000
Treasury stock...Dr476,224
Surplus
3,762,708
d Capital stock...
5,122,431
2,081
$59,043
25,658
$24,265
20,790
Pref. div. requirements.
1934
851,206
227,363
595,407
Federal
reserves
mar-
bonds..
2,948
,
$
expenses.
for
Sundry
1,395,467
'ketable
Invest,
1935
Accounts payable.
Dividend payable.
Prov.
Municipal & other
$603,093
20
$49,041
24,776
-
Net income
—V.
$59,023
75
Union Compress &
LlaUlitles—
$
Cash val. of dep'ts
Employ .accts .sec.
by collateral
2218.
$48,966
f
Gross income
Deductions
31
1934
S
1,199,527
592,156
163,622
c
$5,709,227
After deducting cost of sales, discounts, returns and allowances.
Cash
p.
[Including Berwick & Salmon Falls Electric Co.]
1936—Month—1935
1936—12 Mos.~ 1935
$190,512
$179,595
$2,317,479
$2,303,899
Expenses & depreciation
118,944
98,306
1,452,912
1,336,910
Taxes, incl. Fed. inc. tax
22,602
22,266
261,474
271,317
x
Balance Sheet Dec.
U.
$6,190,020
capital
Dividends
139,
to
ter¬
Co.—Earnings—
Proportion of operating loss of controlled company
Prov. for Fed. inc. & cap. stock taxes (est.)
deprec. of marketable
securs. no
conditions.—V.
same
been
Period End. Apr. 30—
Net earnings of the Canadian Trans-Lux Corp., Ltd., combined with the
net income from "news ticker" rentals, totaled slightly more than
$40,000
in 1935, likewise showing an approximate real value of $400,000 as
against
the $30,270 investment set out in the balance sheet.
Patents, numbering
about lOO, are carried at the nominal sum of $1.
Transue
the
shares
Gross oper. revenues—
other
r_
share
minated under
Twin State Gas & Electric
Trans-Lux Daylight Picture Screen Corp.
per
respect to matured coupons, in the proportion of their
the total number of trust shares then outstanding.
The 20th Century Fixed Trust Shares, series B, also have
142, p. 2519.
3 Months Ended March 31—
Net profit after deprec., Federal
deductions
Earns,
1935
reserve
March
15, 1941; thereafter the redemption premium declines ^ of Wo
15, 1941.
Company has agreed,
the request of the underwriters, to make application for a listing of its
common stock on the Chicago Stock
Exchange and the Detroit Stock Ex¬
ized and issued, 675,000 shares of no par value, consisting of 374,991. shares
fully sharing in dividends, 300,009 shares not sharing in dividends up to
$2.50 per year.
e 12,415 shares (fully sharing in dividends) held in treasury,
for each six-months' period after March
acquired cost.—V. 141, p. 450.
change.
Truscon Steel
Co.—Earnings—-
Quarter Ended March 31—
Net loss after depreciation, taxes, &c
—Y. 142, p. 3191.
upon
a
1936
$66,198
1935
$158,077
History and Business—Company, organized in Michigan, has conducted
general finance business since Jan. 31, 1919, the date of incorporation.
years of experience in conducting a general finance
Company has had 17
business.
It finances deferred-payment purchases of automobiles, house¬
hold equipment and appliances and household furniture. In this connection
it
cumulative preferred
purchases from automobile distributors and mercantile establishments
selling household equipment, applianoes and furniture, the commercial
paper arising from such transactions.
Generally such commercial paper is
seemed by chattel mortgage or by title-retaining contract upon the articles
purchased in the initial transaction. Company also finances factories and
will be
mercantile establishments
Tubize
Chatillon
Corp.—Accumulated Dividend—
The directors have declared
accumulations and
a
dividend of $3.50 per share on account of
a regular quarterly dividend of $1.75 per share on the 7 %
stock, par $100.
The $3.50 accumulated dividend
June 1 to holders of record May 21 and the regular quarterly
divided will be paid on July 1 to holders of record June 10.
A dividend of $3.50 per share was paid on May 1, last, and dividends of
$1.75 per share were paid on April I and Jan. 2, last.
This latter being the
first distribution made on the preferred stock since Jan. 2, 1933, when
ajregular quarterly dividend of $1.75 per share was paid.
I
Accruals as of July 1 after the current payments will amount to $12.25
per-share.—V. 142, p. 1836.
paid
on
by the purchase of accounts receivable, or upon
equipment and inventory.
Regal Finance Co., a wholly owned subsidiary, organized in 1929 in
Michigan, engages in the business of making so-called small loans (up to
$300) under the Michigan Small Loan Act, dealing directly with borrowers,
lending money upon chattel mortgage or automobiles or household furnish¬
ings.
The commercial paper arising from the small loan business of the
Regal Finance Co. is discounted with the company.
mortgage of plant,
The
Volume
Financial
142
from the Treasurer of
company" under the statutes
applicable thereto. Regal Finance Co. is licensed by the Commissioner of
Banking of the State of Michigan to conduct a "small loan" business under
Union Investment Co. is authorized by certificate
the State of Michigan to operate as a "finance
the statutes applicable thereto.
Union Commercial Corp., a
of accounts
and
Net earnings
in
$6,505,639 $14,196,074
97,570
212,333
$3,138,175
*loss3,674
*Net loss (after making provision for loss on claims against
the amount of $32,615).
.
•Purpose—Although
profit for the 12Jmonths' period was
share.—V. 142, p. 1836.
or
$1.80 a
^United Gas Corp. (& Subs.)—Earnings—
PeriodEnd. Mar.
Subsidiaries
31—~1936—3 Mos.—1935 -
Net
revs,
from oper—
Other income (net)
Gross corp. income-..
Int. to pub. & oth. deds.
Int. charged to constr—
Prop, retire.
$6,372,996
17,372
$4,205,859 $14,896,363 $12,316,492
20,501
89,826
105,141
$6,390,368
300,628
Cr5,669
$4,226,360 $14,986,189 $12,421,633
315,653
1,298,444
1,289,045
Crl7,106
Oil,648
047,787
& deplet'n
1,261,608
991,055
3,745,430
3,538,033
$4,833,801
9,345
$2,936,758
9,363
$9,953,963
37,380
$7,642,342
37,450
$4,824,456
$2,927,395
$9,916,583
$7,604,892
22,940
11,265
33,040
56,272
$4,801,516
$2,916,130
$9,883,543
$7,548,620
in
income
of
(as shown above) $4,801,516
J.
25,486
$2,916,130
21,381
$9,883,543
97,191
$7,548,620
81,070
$4,827,002
75,239
760,987
$2,937,511
57,538
707,625
$9,980,734
283,479
2,938,675
$7,629,690
241,069
2,869,813
$3,990,776
$2,172,348
$6,758,580
$4,518,808
reserve
appropriations
Balance
Portion
closed banks
applic.
to
min.
interests.
allocation has yet been made, it is contemplated
that the net proceeds to be received
by the company from the sale of the
debentures, estimated at $705,000, will be used for additional working
1936—12 Mos—1935
$7,885,592 $29,864,105 $26,114,304
3,679,733
14,967,742
13,797,812
Operating revenues
$10,529,332
Oper. exps.,incl. taxes..
4,156,336
Pref. divs. to public
commercial
paper purchased
!,514,843
net
Balance
1935
19o4
1933
Volume
the total
.
.
wholly owned subsidiary, organized in
New York in 1934; conducts a general finance business in New York.
Under a contract dated April 1, 1935, the company finances the operations
of Union Commercial Corp. by loans secured by pledge of the commercial
paper acquired by the Union Commercial Corp.
Two wholly owned or controlled subsidiaries (organized under Canadian
laws) operate in the City of Windsor, Ont. One such subsidiary, the Para¬
mount Finance Co., conducts a general finance business similar to that of
the company; the other subsidiary, the Regal Finance Co., Ltd., makes
loans directly to borrowers upon chattel mortgage security upon automobilas and household furniture and appliances.
The volume of business done
by the company and its subsidiaries and the
net earnings are shown by the following table:
3531
Chronicle
Net
no
equity of United
Gas Corp. in income
of subs..
capital.
United Gas Corp.—
Capital Structure Giving Effect to Present Financing
Net equity of United Gas
Authorized
15,000 shs.
None
92,457 shs.
Common stock (no par)
Corp.
Outstanding
15,000 shs.
1,000 shs.
100,000 shs.
„
First pref. stock, 7.6% cum. ($50
par)
Conv. pref. stock, $3 per share cumulative div
_0-year_5% convertible ^debentures, 1946
$750,000
None
Underwriting 'Agreement—An. underwriting agreement"has been entered
into between the
company and Ames, Emerich & Co., Inc., and McDonald,
Moore &
Hayes, Inc., Detroit. The underwriters (under certain conditions)
subs,
Other income..
Totalincome
Expenses, incl. taxes
Interest
Bal. carried to consol.
agreed to purchase the entire issue of 10-year
5% convertible
debentures at
94% plus int., Ames, Emerich & Co., Inc., to take 60% and McDonald,
Moore & Hayes,
Inc., to take 40%. The underwriters were given an option
to purchase a total
of 7,500 shares of common stock in the same proportion
earned surplus
*
or any part
share, if purchased after March 15, 1937, and
on or before
Sept. 15, 1937; all or any part of 2,500 shares at $18 per share,
if purchased after
Sept. 15, 1937, and on or before March 15, 1938; how¬
ever, any of the shares permitted to be
purchased at $17 per share may be
purchased at any time on or prior to March 15,
1937, at $17 per share, and
have been eliminated from the
dividend deductions of subs,
represent full requirements for the respective periods only (whether paid or
not paid) on securities held by the public.
The "portion applicable to min¬
ority interests" is the calculated portion of the balance of income applicable
to minority holdings by the public of common stocks of subs, at the end oi
each respective period.
Minority interests have not been charged with
deficits where income accounts of subs, have so resulted.
The "net equity
of United Gas Corp. in income of subs." includes interest and preferred
dividends paid or earned on securities held, pins the proportion of earnings
which accrued to common stocks held by United Gas Corp., less losses where
income accounts of individual subsidiaries have resulted in deficits for the
a?y °I
respective periods.
Sas their participation in the purchase of the debenture issue, at varying
rices, depending upon the date or dates of exercise of the purchase option,
uch option to the underwriters
provides that all or any part of 3,000 shares
may be taken up at
rlrtr^>a!ance•
of 2,000 shares
$15 per share for the first 1,000 shares and $16
per
share
Purchased on or before March 15, 1937; all
$17
at
per
e s^ares permitted to be purchased at $18 per share may be pur¬
Notation—All intercompany transactions
statement.
Interest and preferred
above
chased at any time on or
prior to Sept. 15, 1937, at $18 per share. At the
win or the
company, the dates for purchase of the stock under the option
may be extended.—V. 142, p. 2344.
_____
PeriodEnd. Mar. 31—
Gross income from subs.
Union Pacific
Other
RR.—Earnings—
Period End. April 30—
1936—Month—1935
1936—4 Albs—1935
revenues_$ll,072,053 $10,070,076 $42,899,992 $37,728,962
Railway oper. expenses.
8,918,820
7,787,639
34,026,416
28,901,609
Railway tax accruals...
1,102,678
882,931
4,075,903
3,533,911
Equipment rents
524,608
467,201
1,822,412
1,852,979
Joint facility rents
50,265
37,187
157,378
122,031
Rai way oper.
Net
—V.
income
142,
$475,682
$896,118
$2,817,883
1936—3 Mos.—1935
$1,298,744
$1,239,999
25,486
21,381
$1,261,380
57,538
707,625
$496,217
$1,954,128
$1,324,230
Interest
Bal. carried to earned
Summary of Surplus for the
$3,318,432
12 Months Ended March 31,
Ry.—Earnings—
Surplus, April 1, 1935
$19,428,486
of income for the
12 mos. ended March 31, 1936 (as
$13,417,683
Earned
$6,010,802
Bal. from statement
Quarter Ended March 31—
1936
Net loss
Revenue fare passengers
$1,912,722
1936
Capital
Total
Union Street
241,069
2,869,813
-co
^
surplus.
$5,023,604
$5,176,282
283,479
2,938,675
$488,004
-
75,239
760,987
Totalincome
Expenses, incl. taxes—
3191.
p.
Corp.)
1936—12 Mos.—4935
$5,079,091
$4,942,534
97,191
81,070
Comparative Statement of Income (United Gas
1935
$3,056
1,954,128
above)
$7
3,009!l21
carriedlIIIIIZIIIIZIIII
2,914,300
—$21,382,614 $13,417,683
Surplus, March 31,1936
1,954,128
--- —
$7,964,931
Balance Sheet March 31
United Air Lines
T.
.
,
3 Months
Period Ended March 31—
Passenger miles.
Mail pound-miles
1936
Expres pound-miles.
Revenue plane-miles
Operating revenues:
Passenger and excess baggage
12 Afos.
1935
1936
*
15,795,837
13,450,927
89,518,461
887,983,190 733,459,492 3595416,005
-.318,704,807 200,788,424 1253808,858
3,266,745
2,918,158
15,203,695
Mail
Stress
Miscellaneous
$878,850
774,718
$762,672
689,792
85.818
(net)
50,130
103,917
T°tal
Operations
Maintenance
Depreciation
Net salvage on equipment sold
Property, franchise & other taxes
Unemployment taxes
135,996
$1,843,305
xl,532,598
291,899
y328,480
$1,638,592
xl,371,510
258,138
336,981
Cr44,030
20,501
81
18,647
10,105
37,176
Gasoline and oil taxes
Net loss from operations
Other income—Int. on securs., &c
$375,684
19,813
344,337
$82,551
54,967
former basis for the three months ended March
31, 1935, was $434,236,
difference of $97,254.—V. 142, p. 2175.
or a
United Biscuit Co. of America
and Federal taxes
Shares
A
1936
$297,012
$187,827
outstanding
459,054
459,054
Earnings per share...
$0.60
$0.37
x After
allowing for preferred dividends.—V. 142,
loss
1934
1933
$260,317
$209,125
450,325
after
1936
charge
Notes pay.,bks
due
July
20,
21,250,000
1936
2,106
21,250,000
25,925,000
16,907
402,077
25,925,000
25,390
4,465,657
13,417,683
7,964,931
4,468,366
13,417,683
6,010,802
pay.,
demand (with¬
collateral)
out
Accts.
payable.
Accrued accts..
Res've
fr.
cap.
Earned surplus.
Total
217,711,415 212,749,733
Total
383,331
(approp.
surpl)
Capital surplus.
.217,711,415 212,749,733
Notations—At March 31, 1936, there were outstanding option warrants
without limitation as to time, to purchase 4,864,967
shares of common stock at $33.33 1-3 a share; in lieu of cash each share of
second preferred stock surrendered with option warrants for three shares
will be accepted at $100 in payment for three shares of common stock.
There were outstanding, also, common stock purchase warrants entitling
entitling the holders,
the holders to
purchase, on or before Feb. 1,
1938, 3,015 shares of common
stock at $20 a share.
,
^
.
,
preferred and $7 second preferred stocks, which are
cumulative, were in arrears $22.20 5-6 and $26.83 1-3 a share, respectively,
as of Dec. 31, 1935.
During the three months ended March 31, 1936, no
dividends were declared on these stocks.
No provision has been made
in the above statement for undeclared cumulative dividends on the $7
preferred stock, amounting to $10,776,985 ($23,95 5-6 a share), and on
the $7 2nd pref. stock, amounting to $25,287,103
($28,58 1-3 a share),
Dividends on the $7
*^$42C5001000 principal
6% debentures, due
amount of United Gas Public Service Co. 20-year
July 1, 1953 (included in investments), are pledged as
collateral to $21,250,000
—V. 142, p. 3364.
$0.41
principal amount of notes payable to
1935
1934
Week Ended—
—V. 142, p.
banks.
$14,102
$24,102
United Light
1933
$45,503
-Weekly Output-
May 16, '36 May 9, '36 May 18, '35
79,472,541
79,513,106 70,302,841
& Railways Co.—New Director—
elected
a
director in place of John S. Brookes Jr.
—V. 142, p. 3365.
of March
31,1936, amounted to $1,477,009 and current
liabilities were $156,692 comparing with $1,292,185 and $117,273. re¬
spectively, on March 31, 1935.—V. 141, p. 3395.
(kwh.)_
.
3364.
Howard Bruce has been
$5,662
as
United Gas Improvement Co.
Electric output of system
deprec.,
taxes, &c
Current assets
5,060
El.
Bd.&Sh. Co.,
450,325
$0.52
p. 3016.
Chemicals, Inc. (& Subs.)—Earnings—
Quar. End. Mar. 31—
Net
*
1,193,032
9,366
3,733
3,000,000
stock
common
United
1,192,222
—
Notes
t0
(& Subs.)—Earnings—
1935
-
Accts. rec. subs.
pay.—El.
Bd.&Sh. Co.
10*105
expenses
Qmr- End. Mar. SI—
Net profit after int.depr.
Note
169,241
$336,981
7,302
7,818,959
(par $1)
1,411,500
2,064,000
6,177,084
1,269,085
1,356,951
Cr26,358
71 947
three months ended March 31, 1935 and
on
1,239,863
demand—
$8,945,506
32,471
88,468,000
7,818.959
stock
Common
Loan rec'd from
Deferred
44,982,200
88,468,000
stock
&C-.-.215,266,229 208,074,034
Other...-
44,982,200
$7 2d pref., cum.
&c., stks.,bds.
on
$
$
Liabilities—
S7 pf. cum. stk.
Cash in banks—
425,614
$355,870
$329,678 *
$27,584
include provisions of $45,581 and $57,987 for the
1936, respectively, for insurance
reserve not covered under the
company's insurance policies. There were no
charges to the reserve during the three months ended March 31, 1935, and
charges to the reserve during the three months ended March 31, 1936 were
$1,381. Any excess provision to this reserve are subject to adjustment at
the end of the year,
y Depreciation expense for the three months ended
March 31, 1935, and for the 12 months ended March
31, 1936 has been
adjusted to reflect the change in basis of providing for depreciation as
explained in the president's letter in the annual report for 1935. Provisions
Operating
S
Invest .in subs.,
notes,
1935
1936
1935
$
Assets—
♦
subs
$5,049,554
3,126,000
Net loss
x
1936
Transport Corp. (& Subs.)—Earnings
,
United
Shipyards, Inc.—Listing, &c.—
York Curb Exchange has approved the listing of 344.318J4
stock, par $1 per share, on official notice of issue, all of
which, pursuant to a plan of reorganization, as amended, dated Dec. 23,
1935, and confirmed by the U. S. District Court for the Southern District
of New York by a Decree of Confirmation dated April 1, 1936, will beissued
in exchange for previously outstanding stock of the United Dry Docks,
The New
shares of class B
United Drug, Inc.
(& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Net inc. after all chgs. & Fed. taxes..
Earns, per sh. on 1,400,560 shs. cap.
of
1935
1934
$218,829
$436,378
$0.28
stock (par $5)
Exclusive
1936
x$392,153
$0.16
$0.31
a
279,2183^ shares of class B stock on official notice of issue,
for 558,437 presently listed and outstanding shares of common
Inc., as follows:
non-recurring profit of $837,002 from sale of Boots
Pure Drug Co. stock.
Including the extraordinary income the total net
profit for the March quarter was $1,229,155 or 88 cents a share.
Net profit for the 12 months ended March 31, 1936, was $1,072,680
equal to 77 cents a share.
Including extraordinary income of $1,442,163
x
in substitution
stock, such substitution being on the basis of M, share of
each share of common stock, and 65,100 additional shares
class B stock for
of class B stock,
official notice of issue, in substitution for 16,275 presently outstanding
but unlisted shares of 6% preferred stock (par $!00) such substitution being
on the basis of 4 shares of class B for each share of 6% preferred stock.
on
3532
Financial
On July 23, 1934, United Dry Docks, Inc.; filed in the U. S. District
Court for the Southern District of New York a petition for reorganization
under Section 77-B of the Bankruptcy
Act.
On May 24, 1935, the
pany filed a plan of reorganization, and on Dec. 24, 1935, the
filed a proposed plan of reorganization, as amended, dated Dec.
com¬
company
23, 1935.
This plan, as amended, was confirmed by the U. S. District Court
by a
defree of confirmation dated April 1, 1936.
The board of directors of the company, at a meeting held on March
11,
1936, adopted a resolution which declared it advisable that the certificate
of incorporation be amended so as to provide for the recapitalization and
reclassification
necessary
to carry out the proposed reorganization of the
company as follows:
(1) By reducing the authorized number of shares of previously authorized
6% preferred stock (par $100) from 20,000 to 16,275, and changing the then
authorized 16,275 shares of 6% preferred stock (par $100), all of which
shares would be then issued and outstanding, into 65,100 shaies of new class
B stock (par $1), such change to be effected on the basis of four shares of
class B stock for each share of 6% preferred stock.
(2) By reducing the authorized number of shares of previously authorized
common stock (no par) from 850,000 to 809,800, and changing the then
authorized 809,800 shares of common stock as follows: (a) The558,437
authorized and issued shares of common stock (no par) and 1,363 authorized
but unissued shares of common stock (no par) to be changed into 279,900
shares of new class B stock (par $1), such change to be effected on the basis
of
of a share of class B for each share of common stock, and (b) the re¬
maining 250,000 shares of common stock (no par) authorized but unissued,
to be changed into 1,000,000 shares of class A stock (par $1), such
change
Chronicle
Mexico.
The company's general offices and its manufacturing plant are located
at 1621 Holland Ave., Saginaw, Mich., and district offices are maintained
by the company in New York City, Chicago and Pittsburgh.
Company
has agencies in Canada, France, England, Germany, Denmark, Australia,
New Zealand, India and Cuba.
Company owns in fee simple its own plant, consisting of various factory
buildings and warehouses of brick and frame construction containing
approximately 141,200 square feet of floor space, railroad siding and
track and approximately 13 acres of land.
Compania Minera de San Jose, S. A., a Mexican corporation and a
subsidiary, holds mining claims under the mining laws of Mexico to ap-
Sroximately 625 acres of land located near Moreno in the in perpetuity all
lexico.
This interest entitles the registrant to
State of Sonora,
remove
metals, minerals and deposits of any kind or description. Co. has developed
a
graphite mine on this property estimated to contain a remaining ore
deposit, in November, 1935, of approximately 40,000 tons.
Based on
the ore consumption for the past three years, the estimated remaining
ore deposit will assure a supply for 15 years or more.
It also owns buildings,
mining equipment and a road which it constructed to make the property
more
to be effected on the basis of four shares of class A stock for each share of
common
At
stock.
May 23, 1936
Senora, was secured, and shortly thereafter United States Graphite Co.
was organized in Michigan
(April 30, 1891) for a term of 20 years.
In
1911 the corporate term was extended for 30 years, to April 28, 1941.
Through its wholly owned Mexican subsidiary, Compania Minora de
San Jose, S. A., a corporation organized to comply with Mexican law,
the company owns and operates a graphite mine in the State of Sonora,
accessible to railroad facilities.
Capitalization—The history of the capitalization of the
meeting held on March 11, 1936, the directors adopted a resolution
the name of the company from United Dry Docks, Inc., to United
Shipyards, Inc.; which proposed change of name was ratified by the stock¬
holders April 11, 1936.
a
to change
Capital Securities (After Reorganization and After Amendment of Certificate
of Incorporation)
ToBe
1,000,000
345,000
$2,500,000
2,840,000
_
Mortgage on Staten Island plant-y
Mortgage on Morse plant.y
344,318
$2,500,000
2,840,000
faction of the principal of certain mortgages;
(b) for interest accrued and
unpaid up to Oct. 1, 1935, on mortgages, and (c) in settlement and satisfac¬
tion of all other allowed unescured claims.
In all, approximately 425,000
shares of class A stock will be issued for such claims, the exact number of
shares depending upon the amount of claims as finally determined and
allowed,
y This mortgage is enforceable only gainst the property covered
thereby and does not represent a general ogligation of the company.
authorized
Total
shares (par
x
x Directors
will authorize the issue of a sufficient number of shares of
class A stock to permit the issue thereof to all creditors of the company in
accordance with the plan of reorganization.
The shares of class A stock
issuable pursuant to the plan of reorganization are to be issued (a) in satis¬
and
be extended for a Reriod of 10 years from Jan. 1, 1936.
All other mortgages are to be canceled and class A stock of the
reorganized
company issued in satisfaction thereof, except that the holder of the first
mortgage on the Alderton plant was granted leave to foreclose this mortgage
upon condition that, no deficiency judgment to be entered against United
Dry Docks, Inc.
The lease on the Crane Erie Basin plant is to be canceled by agreement
with the landlord and that on part of the Morse plant is to be modified and
retained.
The leases of the other plants are to be modified; those of the
Crane 27th St. (formerly the Shewan) plant to be for three
years with an
option for seven years' renewal and that of the Fletcher plant to be for a
period of three years with an option for two years' renewal.
Shares of class A stock of the reorganized company will be issued for
interest accrued and unpaid up to Oct. 1, 1935, on mortgages.
Shares of
are to
class A stock are to be issued in settlement and satisfaction of all other
allowed claims; interest will be allowed up to July 23, 1934, on unsecured
claims where evidenced by notes or extension agreements.
In all,
approxi¬
mately 425,000 shares of class A stock will be issued for such claims, the
exact number of shares depending upon the amount of claims as
finally
and
allowed.
As a result of the plan, mortgage and unsecured claims, including int. as
allowed, estimated to amount in the aggregate to approximately $5,400,000,
to be canceled under the
are
plan, the claimants to be given class A stock
therefor.
The plan does not change the amount of class B stock to be
issued to present preferred and common stockholders.
The class B stock
is to be convertible into class A stock upon payment of $10 a share.—Y.
142,
p.3016.
Capital Stock to Be
to
Control of
Sale—■
Electric
Power
Corp.—Syndicate Buys
Company—$11,946,735 Notes Purchased
at Private
15,
1936,
Offered—Company Is not offering
exceed 22,500 shares which
80,000
$800,000
Watling.
any stock.
Watling, Lerehen & Hayes
are
committed
In addition, Watling, Lerehen & Hayes have
^to purchase.
an option
K. Eddy & Sons, to purchase an ad¬
ditional 2,500 shares at the same price, which option may be exercised
■within six months after the date of actual delivery.
Underwriting—Watling, Lerehen & Hayes is the only principal under¬
from
of such stockholders,
one
of the shares
writer
be
to
C.
offered.
Comparative Income Account
2 Mos. End.
Feb.
1935
$1,129,033
685,972
$752,229
441,043
$565,029
350,753
$64,520
36,885
$443,061
179,909
$311,187
162,537
$214,275
132,208
$27,635
1,095
$263,152
9,678
$148,649
13,424
$82,067
12,193
$28,730
2,500
$272,830
16,087
37,500
$162,074
2,475
19,018
$94,259
3,383
13,622
$26,108
$219,243
$140,581
$77,254
Gross profit
Other
expenses
Profit from operations
Other income
Total income
Other
deductions
Fed. inc. &
Net
Years End. Dec. 15
15, '36
$182,388
117,868
Gross sales (less disc.)—
Cost of sales, &c
122
prof, tax
exc.
income.
1934
1933
Comparative Balance Sheet
Assets—
Demand
Feb,
15, '36 Dec. 31, '35
$51,257
$36,773
240,000
215,000
deposits.
Time deposits
Marketable
Liabilities—
Customers'
Feb. 15, '36 Dec. 31, '35
credit
balances
92,974
103,494
116,219
135,015
Accounts payable.
Accrued accounts.
Inventories
215,522
223,174
Prov.
2,342
2,344
Accrued interest &
1,886
plant
46,076
16,046
401,193
800,000
312,479
294,343
(par
Earned surplus...
404,319
21,950
43,576
800,000
Capital stock
1,058
14,946
14,406
Treasury stock (34
_
Value of life insur.
Prop.,
1,356
1,057
from for¬
employee.
449
13,409
Federal
$10)
employeesrec.
601
896
taxes
divs. receivable.
Accts. rec., officers
.&
for
$423
$395
securs.
Notes & accts. rec.
mer
States
Feb.
at
Lerehen & Hayes, Detroit, Mich., have purchased from certain stock¬
holders from 20,000 to 22,500 shares of the common stock for $30 per share,
same to be delivered on or before May 15, 1936.
These stockholders have
the right to designate the number of shares in excess of 20,000 and not
Note
United
outstanding
$10)
The Staten Island and Morse mortgages are to be modified and the
prin¬
determined
as
1891—Issued for cash and property 10,000 shares (par $10)
$100,000
1899—Stock dividend 40,000 shares (par $10)
400,000
1913—Stock dividend 25,000 shares (par $10)
250,000
1916—Et seq issued to employees under participation plan, 5,000
shares (par $10)
50,000
Authorized Outstanding
Class A stock (par $1)
Class B stock (par $1)
cipal amounts
is
company
follows:
Dr316
shares)
&
equip, (net)
Deferred charges.
The $11,946,735 notes of the
corporation held by the Chase National
Bank, the Guaranty Trust Co. and Chemical Bank & Trust Co., secured
mainly by a controlling interest in the $1,200,000,000 Standard Power &
Light Corp., were bought May 21 at private sale by a group partly repre¬
sentative of ownership of United States Electric Power Corp.
Members
of the syndicate, which purchased the notes severally from
banks, were the J. Henry Schroder Banking Corp., the BanCorp., W. C. Langley & Co., A. C. Allyn & Co., Inc.;
Emanuel & Co., and others.
The Schroder Corporation thus has taken a far more important position
than formerly in the Standard picture, while Bancamerica-Blair had not
been identified previously with United States Electric Power.
The corporation was organized
late
in
1929
by
United
Founders,
American Founders,
Hydro-Electric Securities, Harris, Forbes & Co.,
Seaboard National Corp. (later merged with Equitable Corp.), and the
Langley, Allyn, Emanuel
and
Schroder
organizations.
In
1930
the
Koppers Co. of Pittsburgh joined the group, and later in the year voting
control was acquired by the United Founders Corp. and subsidiaries.
Late in 1935, the United Founders holdings in the United States Electric
Power were distributed to Founders stockholders, at the time when the
Founders group was merged into American General Corp.
The voting control of Standard Power & Light Corp. and minor additional
securities securing the United States Electric Power notes were to have
been offered at auction today, after a sale had been adjourned twice to
permit the purchasing group to terminate negotiations with the banks.
the
three
camerica-Blair
The auction has been canceled
It
with
was
a
as a result of the private sale.
said by the purchasing group that the acquisition had been made
view to permitting holders of United States Electric PoAver shares to
purchase the Standard Power & Light stock at cost, less expenses, under
a plan which has not been worked out.
The
collateral securing
the
notes
acquired consists specifically
of
1,226,298 common shares of Standard Power & Light Corp., of the 1,320,000
common shares outstanding,
and 12,798 Series B shares of the 440,000
Series B shares outstanding.
In addition, the collateral included 191,600 Associated Gas & Electric
warrants, 4,000 convertible preferred shares of National Shareholders
Corp., 8,200 General Investment Corp. common shares, and 12,100
warrants of the latter company.—V. 142, p. 3192.
United
States
Graphite
Total
—V.
United States Gypsum Co. (&
Peiiod End. Mar. 31—
Net inc. after int., depr.
& Federal taxes
Subs.)-—Earnings—
1936—3 Mos.—1935
1936—12 Mos.—1935
$436,617
$387,670
1,192,103
$0.25
$3,540,199
$2,379,100
1,191,412
1,192,103
$0.21
$2.51
1,191,412
$1.54
Com.stk. outstand. ($20
,
par)
Earned per share
—V. 142, p. 3365.
United States Leather
Period End. Apr. 30—
Co.—Earnings—
1936—3 Mos.—1935
Operating profit
Depreciation & depletion
x$193,665
86,674
Reserve for inc. taxes
Net income
30,000
x$608,271
190,232
$301,959
289,919
6,101
60,000
—
$76,992
—
1936—6 Mos.—1935
$133,769
115,874
4,194
Interest
$13,701
$358,040
$5,939
x Includes
interest accrued (net) of $2,811 for 3 months of 1936 and
$9,650 for 6 months of 1936.—V. 142, p. 1660.
United States
Stockholders
company,
resigned.—V. 142,
Utah
p.
Walter
B.
Appleyard, an Eastern official of the
on April 23, succeeding W. S. Rowe,
2849.
Copper Co.—Dividend Increased—
The directors
the
Playing Card Co.—New Director—•
elected
to the board of directors
on
May 19 declared
a
dividend
of 65 cents per share on
stock, par $10, payable June 30 to holders of record May 29.
This compares with 50 cents paid on March 31,
last, and $1.50 paid on
Nov. 18, 1935, this latter being the first dividend paid since Dec. 31, 1931,
common
when $1
Van
per
share
Raalte
was
distributed.—V.
412,
p
2176.
Co., Inc.—Earnings—
Quarter Ended March til—
Net profit after depreciation, taxes, profit sharing
—V. 142, p.
History—The inception of the company was the result of a pleasure trip
into Mexico by Henry D. Wickes of Saginaw, Mich., during the late 80's.
Mr. Wickes, while touring Mexico, met a prospector in the City of Hermo-
Held in
....$1,160,448 $1,151,886
142, p. 2849.
Co., Saginaw, Mich.—Stock
Offered—Watling, Lerehen & Hayes; First of Michigan
Corp.; Campbell, McCarty & Co., Inc., and Crouse & Co.
on May 4 offered 20,000 shares of common stock (par $10)
at $33 per share.
These shares are being sold by a group
of individual stockholders and no part of the proceeds will
be received by the company.
A prospectus dated May 4 affords the following:
sillo, Senora, Mexico, who showed him samples of amorphous graphite ore.
Mr. Wickes, being familiar with flake graphite, then the only known
graphite used as a lubricant, instantly saw the possibilities for this new
grade, in that, owing to its structure, it could be ground to an impalpable
or flour-like fineness, and more readily incorporate itself with oil for lubri¬
cating purposes.
An option on this property, located near LaColorado.
Total...
$1,160,448 $1,151,886
and
inventory reserve and charges
Earnsings per share on 129,281 shares
—V. 142, p. 1660.
1
com.
stock--
r
1935
1936
$223,350
$1.49
$170,473
$1.08
Veeder-Root, Inc.—Earnings—
12 Weeks Ended March 28—
Net income after all charges
Earnings
per
share
3365.
on
capital stock
Virginia-Carolina
Chemical
1936
$112,335
$1.50
Corp.—To
Retire
1935
$79,313
$1.06
Stock
Treasury—
Retirement of 90,000 shares of 7%
prior preferred stock held in the com¬
pany's treasury as an investment and reduction of the corporation's capital
liabilities from $35,935,101 to $21,448,001 were approved by stockholders
at an adjourned special
meeting held on May 18.
In voting to reduce the original capital by $14,487,100, the stockholders
ratified similar action taken by the directors.
Volume
Financial
142
Control of the corporation now passes into the hands of holders of the 6%
and common shares.
Retirement of the prior preference stock, it was con¬
tended, would prevent future fights among classes of stockholders and save
the corporation money over a
Vulcan
229,413
common
$47,145
$0.12
shares
Detinning Co.—Earnings—
Calendar.Years—
1935
1934
1933
1932
$3,321,913
$1,576,884
Cr152,907
1,555,506
$174,286
193,116
$135,668
2,616,768
operating income.
3,126,511
$195,402
$396,932
85,614
$372,980
110,867
$367,402
Res. for tax, &c., charges
62,981
$151,385
36,813
$311,319
238,498
$262,113
206,240
$304,421
82,100
$114,572
127,653
$72,821
$55,873
$222,321
def$13,081
$6.26
$4.73
Net income
dividends..
Surplus
177,578
shs.com.stk.(par $100)
Nil
$6.04
Comparative Balance Sheet Dec. 31
1935
1934
equip...$1,288,325 $1,478,124
2,794,676
Patents & goodwill 2,794,676
Cash
352,905
526,020
securities
240,221
Accts. receivable..
130,198
1,511,809
1,328,971
18,754
Liabilities—
Other
Co.'s
Investments
own
169,356
226,557
pref. stk.
Res.
48,154
6,707
12,939
$6,391,750 $6,557,621
on
—V.
Webster Eisenlohr,
57,845
57,845
56,734
902,264
reserve
Wentworth
of $1,626,456
par
shares.—V.
February,
owned
Discount earned
Miscellaneous credits
Gross loss
Deprec.
521,977
120,443
137,519
98,783
$138,297
11,134
$476,798
6,373
$607,635
6,745
37,430
2,955
35,141
4,513
$243,441
sec.
53,385
1936,
Electric
Inc.—New Director,
Co.,
Board
$430,770
elected
was
a
402,870
439,675
410,741
of Directors of this company,
—Second Week of Mag—
1936
1935
Period—
around
$300,388
&
—Jan.
1936
$275,253
1 to May
1935
$5,877,620
$5,519,149
Refining Co.—Sells Property—
$350,000, it
was
stated
on
May 1
at the receiver's office.—V. 142,
p. 2526.
Electrical
Instrument
1935
Corp.—Earnings—
1934
1933
1932
$425,270
26,778
$265,089
13,215
$114,340
22,240
$21,675
50,327
Other income.
$398,492
23,406
$251,874
15,062
$92,101
20,479
loss$28,652
25,828
Depreciation
Federal taxes.
$421,898
158,318
38,117
$266,936
148,853
16,363
$112,580
136,949
loss$2,824
140,529
Net profit
Class A dividends
$225,462
y85,940
$101,720
y104,000
loss$24,369 loss$143,353
17,400
69,600
$139,522
def$2,280
def$41,769 def$212,953
$0.98
$0.20
_
Surplus
Earns, per sh. on 160,583
shares
Including dividends in
y
Nil
Nil
arrears.
Consolidated Balance Sheet Dec. 31
Assets—
1935
Cash
36,777
36,882
37,030
37,188
21,976
26,939
43,788
182
108
35,600
Cr3,870
$641,848
$553,650
$1,362,111
$1,019,875
48,643
Mdse.
$641,848
$553,650
$1,362,111
$1,068,518
Weston
uncollectible
notes and accounts
$231,830
Ctf. of deposit and
accrued interest
d Market,
a
Notes
accts.
Net loss
First preferred dividends
1935
Assets—
275,398
1935
1934
$
850,956
682,716
Accts.
Accts. & notes rec.
194,603
276,217
Accrued accounts
Inventories
382,525
370,939
Acer. int. & ground
Municipal bonds..
49,978
786,070
787,870
S
payable
36,980
107,305
1,016,733
760,377
75,500
5,622,000
1,025,500
96,952
5,737,000
1,113,000
20,348
Capital surplus
103,877
1,367,050
1,337,500
181,780
2,131,001
1,337,500
181,780
2,113,102
Earned
Investments
Ctfs. of deposit
Sink. <fc ins. funds,
35,803
200,699
1,141,011
12,500
30*.237
30,787
equip., &c
9,334,275
Prepaid insurance,
9,682,995
Prop.,Id. mineral
dep. and bldgs.,
receivable
326,316
245,464
Inventories
1,046,882
1,012,785
lst mtge. 6% bds.
Other obligations.
Deferred credit
license.taxes.&c.
121,802
Res. for fire
insur.,
workmen's
105,609
Bond discount and
com¬
pensation & misc
b 1st pref. stock..
expense
302,939
340,186
c
2d pref. stock
d Common stock..
Total
12,053,385
12,339,7971
deficit
Total
82,575
1,367,050
After dedpletion and depreciation of $5,006,004 in 1935 and
$5,002,651
in 1934.
b 7% first preferred capital stock, cumulative after Jan.
1, 1936
Foundry & Pipe Corp. (& Subs.}—Earnings—
Calendar Years—
Net sales
General expenses
&c_—
Net oper. income
Miscellaneous income
Total income
Deprec. & depletion
Provision for Federal and
State taxes
1935
1934
1933
1932
$1,678,584
1,435,859
$2,023,425
1,638,729
$1,339,223
1,235,275
$1,174,946
1,236,287
$242,724
57,548
$384,695
89,314
$103,948
119,622
loss$61,342
85,322
$300,273
80.378
$474,009
81,513
$223,570
81,952
$23,980
73,920
30,060
Dividends.
Shs. ourst'g (no par val.)
share
41,218
10,700
$189,834
261,563
$351,277
261,557
$130,918
loss$49,940
def$71,729
175,000
$1.08
$89,720
175,000
$2.01
$130,918
180,000
$0.72
def$49,940
180.000
Nil
16,106
,500,000
13,711
2,500,000
839,516
inter-co.
693,493
profit
in invent, of un-
Seed
23,841
consol.
English
subsidiaries
c
Surplus
175,734
rec. & investm'ts
23,766
22,796
Land, bldgs.,machry., furniture,
1,419,797
fixtures, &c
2
Pats. & goodwillDeferred
66,075
charges.
Capital stock
158,801
1,436,543
b
$3,653,494 $3,433,493"
Total
After
2
33,926
Total
$3,653,494 $3,433,493
of
$35,441 in 1935 and $19,458 in 1934 for doubtful
accounts, &c.
b After allowance for depreciation of $1,264,266 in 1935 and
$1,188,362 in 1934 and allowance for possible loss in dismantling and scrap¬
ping plant and equipment of subsidiary of $48,958 in 1934 and $18i513 in
1935.
c Represented by 34,376 shares of class A stock and 160,583 shares
of common stock, both of no par value,
d Includes county and municipal
securities.—V. 142, p. 2852.
a
reserves
White Motor
Co.—Earnings.—
Consolidated Income Account for Calendar Years
a
(authorized, 27,341 shares, par $50 each, of which 26,692 (26,642 in 1934)
shares are applicable to deposited stock, and 649
(699 in 1934) shares are
held for exchange under the plan of
readjustment, &c.). c 7% 2d preferred
capital stock—cumulative after Jan. 1, 1936 (authorized and held for ex¬
change under the plan of readjustment, &c., 53,500 shares, par $25
each),
d Common capital stock (authorized,
350,000 shares, par $1 each, of which
178,688 (178,017 in 1934), shares are applicable to deposited
stock, and
3,091 (3,763 in 1934) shares are held for exchange under the plan of re¬
adjustment, &c.)—V. 142, p. 3017.
125,053
Res. for unrealized
Electrical
12,339,797
rents, &c
Instal. of long term
debt pay. in '36.
48,906
gencies
London
(entirely owned)
Sundry dep. accts.
517,219
^...12,053,385
49,978
.
1934
$54,879
20,363
25,993
127,503
Accrued accounts.
Ltd.,
Liabilities—
$
1935
$79,073
42,388
payable-
tax
Reserve for contin¬
trade
Instrument Co.,
1934
$
Accounts
County & munici¬
Consolidated Balance Sheet Dec. 31
Cash
Liabilities—
363,090
securs.
&
1934
$223,936
Federal
pal securities—
Deficit.
per
Teletype
This company, which is in the process of liquidation under court order,
has disposed of approximately 50% of its properties for a consideration of
403,452
Adjustments (net)
Earnings
2851.
Vice-President.—V. 142, p. 1838.
Gross earnings (est.)
—V. 142, p. 3367.
$547,505
395,345
and expense
Warren
p.
&c.—
Western Maryland Ry.—Earnings—
common
$86,776
costs
Bond & other int. paid..
a
Manufacturing Co.—Initial Dividend—
May 1 to holders of record April 15.—Y. 142,
charged to
Amort, of bond discount
for
$86,579
......
$187,751
...
not
$86,626
1932
$3,821,286
3,184,565
700,897
157,179
235,106
151,173
488,205
162,959
126,231
92,237
4,504
12,476
33,604
5,106
$55,292
Profit after costs & exps.
Other deductions
1933
$2,737,684
1,997,259
Net loss from oper
Int .rec .fr .various sources
on
Western Oil
$2,368,556
1,899,647
547,356
129,683
165,358
103,310
$2,670,255
2,044,065
Administrative expense.
Discount allowed..:
1933
$66,651
153,230
Corp. and Manufacturers' Junction Railway Co. held on May 12, T.
Brooke Price, was elected a director and effective May 15, 1936, was ap¬
pointed General Counsel.
At the Western Electric Co. meeting Mr. Price
was elected a member of the Executive Committee and effective
May 15.
Weston
Depreciation & depletion
Wholesale sales expense.
1934
$151,811
238,437
$34,999
Net loss
Cahndar Years—
1934
1935
$159,298
214,590
56,734
Co.—Exchange Plan Operative—
1935
Inc.- -Earnings-
1936
—V. 142, p. 1838.
828,883
Co.—Earnings-
Costs
$381,453
$0.95
$219,279
254,278
At the meeting of the
192,186
Income Account for Calendar Years (Incl. Geo. A. Sinn,
Inc.)
Inc. from
p.
238,498
Stockholders of the company will meet on June 5.—V.
Net sales
9 Mos.
$227,825
$0.57
400,000 shs. cap. stock (par $5)
Quar. End.
far. 31—
Gross profit from mfg
Expenses and depreciat'n
2346.
p.
3 Mos.
1661.
142,
238,498
Directors have declared operative the plan announced in
early
Prov.
Earns, per sh.
Western
by $100
Warner
32,105
Waukesha Motor Co.—Earnings—
208,412
whereby 1X shares of 6% preferred (treasury stock) and $3 cash would be
exchanged for each share of 7% prior preferred
carrying $31.50 In accumu¬
142,
380,399
Period Ended April 30, 1936—
Net income after charges and Federal taxes
$6,391,750 $6,557,621
142, p. 3366.
1,801,078
308,670
V. 142, p. 2524.
stock, par $5,
pref. shs.
Total
27,655
1, 801,177
...
Total
$4,034,967 $4,162,457
After depreciation, depletion and
development of $1,577,354 in 1935
$1,523,722 in 1934.
y Represented
by 175,000 no par
shares.—
100,000
In treasury
Waltham Watch
x
3,225,800
85,462
res.
x After
deducting depreciation and obsolescence
in 1935 and $1,367,176 in 1934.
y Represented
Capital surplus...
Reserves
The company paid an initial dividend of 30 cents per share on the common
Dividends payable
Excess of par over
Earned surplus
42,650
$4,034,967 $4,162,457
170,355
surpius
87,186
33,277
State taxes
71,311
Total
Tetrachloride
cost of
69,039
85,543
73,812
general
Capital
70.593
43.594
Earned surplus...
39,532
for income &
other Govt.chgs.
Equalization
lated dividends.
267,490
975,569
852,170
Res. for conting. in
held
as tempor'y
Investment
$1,563,800 $1,563,800
Common stock..
3,225,800
Accts. payable, &c
102,642
y
Tin
Deferred charges..
Total
264,703
rec.
71,879
1934
1935
Preferred stock
20,975
Inventories
12,275
&c
Prov. for Fed. and
15,717
Earns, per sh. on 32,258
Market,
12,275
1934
$1,750,000
payable,
Dividends payable
Def. charges, &c__
and
$305,035
91,898
Asstfs—
30,000
1935
Capital stock...$1, 760,000
Accounts
503,609
25,891
Treasury stock...
Dr4 8,258
1,616,642
Other Income
Plant &
619,802
...
securs.
Notes & accts.
Inventories
$1,800,568
Inventory adjustments.
Expenses, deprec., &c._
x
Liabilities—
y
& sundry
receipt
$2,921,802
com.
1934
$2,216,658
Real estate mtges.
Sales
Pref. &
1935
property
Cash
—V.
Net
Plant,
Marketable
(at cost)
Net income after all charges
on
Assets—
x
& equipment...$2
,148,713
Corp.—Earnings—
Vulcan
3533
Consolidated Balance Sheet Dec. 31
period of years.—V. 142, p. 3192.
Earnings for the 3 Months Ended March 31, 1936
Earnings per share
141, p. 3241.
Chronicle
1935
1934
1933
Sales.
$19,907,860 $20,539,518 $13,614,650
1,593,933
551,003
2,902,577
Depreciation.
647,312
671,998
595,942
Amortization of patents, &c
409,951
151,424
Reduction in res. for Canadian exch_
Cr37,218
Net loss after expenses
Loss
$2,651,197
219,005
(net)
Loss
x
.,374,423
163,122
$3,461,300
48,727
$2,432,192
Other income
.,211,301
$3,412,573
Cr243,984
Inc. in book val. White Motor Rlty
Prov. for reduction of burden in clos¬
ing invest, to new rates
Reserve for contingencies
445,731
Net loss.
x
Increase
in
book
value
33,812
155,000
34,500
$2,911,736
Prov. for Fed. tax white M. Rlty Co.
$1,400,801
of investment
in
stock
of the
$3,168,589
White
Motor
Realty Co. represented by undistributed earnings for the year.
The following is taken from the 1935 annual report:
"At the close of 1934, the company's deficit amounted to $2,264,030.
To this has been added the reserve of $1,000,000 for possible shrinkage of
branch office land buildings; and the net loss for the year 1935 of $2,911,736,
which loss included all adjustments to inventory values, making a total
addition to the deficit account for the year of $3,911,736 and a balance
as at Dec. 31,
1935, of $6,175,766.
"The directors, realizing that this deficit of $6,175,766 would have to be
made up out of future earnings before any profits would be available for
dividends, deem it advisable and will recommend to the stockholders at the
annual meeting [June 25] that they approve an amendment to the articles
Financial
3534
reducing the par value of the capital stock from $50 a
If this change is approved, it will result in a capital
Of incorporation
share to $1 a share.
to appropriate $6,-
surplus of $30,625,000 out of which directors intend
175,766 to write off the deficit, leaving a balance of
surplus and no deficit."
Consolidated Balance Sheet Dec.
$
■
1935
1934
$
1935
JkSSGtS*"""*
x
■
Cash
yAccts.& notes rec
Inventories
incl.
223,177
Other investments
417,438
G'dwill, pats., &c.
Mot.
847,171
333,939
5,388,910
706,289
5,388,910
not
Res. for adj. to
&
Deferred charges.
949,000
400,000
4lb"712
—In
_
feature
June 5.
on
278,604
2,264,031
this unique exchange will be a sure
committee in charge urges members to
promise that trading on
With the
242,233
6,175,766
Deficit
hedge against inflation, the
Read the Prospectus
in
Total
29,877,888 31,957,159
$11,054,537 in 1935 and $10,480,014
Represented by $50 par shares.
29,877,888 31,957,159
After
x
1934.
y
Here is
for depreciation of
reserve
After reserves,
z
received
is at the
Rock
White
its
the
subsidiary,
Co.—Earnings—
Mineral Springs
1935
$96,284
& taxes
1933
1934
1936
Quar. End. Mar. 31-—
Net prifit after charges
$92,955
$131,308
$127,170
The crowd
—
permitted to exchange their
and Percy M. Stewart.
that it will
The committee announces
White Sewing
Machine Corp.—Earnings—
1936—12 Afos.—1935
Period End. Mar. 31—1936—3 Mos.—1935
x
Net profit after deprec.
& int. but before in¬
.
$68,695
loss$27,833
of old lease accounts amounting to $8,293
in firs
quarter of 1936, comparing with $43,193 recovery of old lease accounts in
March quarter of 1935.
For 12 months ended March 31, 1936, includes
of $81,571 on old lease accounts, comparing with $107,629 recov¬
of old lease accounts in 12 months ended March 31, 1935.—V. 142,
p. 2853.
ery
the listing of 136,400 out¬
par.—V. 142, p. 2346.
The New York Curb Exchange has approved
Williamsport
Wire
no
are
to
1936
$509,598
V
income.
14Jt p•
•
1935
$387,626
89,745
Quarter Ended March 31—
(net)
52,963
y75«
Public Service
Wisconsin
Corp.—Files with SEC New
$25,000,000 Bond Issue to Refund Existing Issues—
Securities and Exchange Com¬
registration statement (No. 2-2168, Form A-2) under the Securi¬
covering $25,000,000 of first mortgage bonds, 4% series,
The corporation on May 15 filed with the
mission
a
ties Act of 1933,
due 1961.
According to the registration statement the net proceeds from the sale of
the bonds, together with other funds, will be used to redeem all of the cor¬
poration's funded debt now outstanding.
The principal amount of each
issue to be redeemed and the proposed redemption dates and prices, are as
,
follows:
$6,792,000first lien & refunding mortgage gold bonds, series A, 6%, due
Oct. 1, 1952, to be redeemed Aug. —, 1936 at 105%.
4,438,000 first lien & refunding mortgage gold bonds, series B, 5K%,
due Jan. 1, 1958, to be redeemed Aug. —, 1936, at 105%.
7,000,000 first lien & refunding mortgage bonds, series C, 5J^%, due
March 1, 1959, to be redeemed Aug. —, 1936, at 105%.
2,438,000 Wisconsin Public Service Co. 1st mtge. & refunding 5% gold
,
bonds, due Jan. 1, 1942, to be redeemed July 1, 1936, at 105%.
Valley Electric Co. 1st mtge. gold bonds, due May 1, 1942:
$1,152,000 of series A, 5%, to be redeemed Nov. 1, 1936, at 102%;
$1,000,000 of series B, 5H %, to be redeemed Nov. 1, 1936, at 102%; and
$800,000 of series C, 5%, to be redeemed Nov. 1, 1936, at 102%.
$600,000 Wisconsin Valley Power Co. 1st mtge. gold bonds, series of 1925,
5K%, due Dec. 1, 1950, to be redeemed Dec. 1, 1936, at 102%.
Interest on the bonds to be redeemed will be paid by the corporation,
Wisconsin
it
is
stated.
The bonds
redeemable
are
as a
whole
or
in part at the option of the com¬
after 30 days' notice at the principal amount and accrued interest,
plus a premium as follows: 7 M % if redeemed prior to June 1, 1941; the pre¬
mium thereafter decreasing M of 1% per annum prior to June 1, 1952;
and thereafter decreasing
of 1% per annum prior to June 1, 1956.
No
premium will be paid if the bonds are redeemed on or after June 1, 1956.
The price to the public, the names of the principal underwriters, and the
underwriting discounts or commissions are to be furnished by amendment
to the registration statement.
J. P. Pulliam of Milwaukee, Wis., is President of the corporation.
pany
Earnings for 12 Months Ended March 31
(Incl. Subs.)
1936
Operating revenues
Operating expenses, maintenance and
alf
taxes
"I
Net oper. rev. (before approp. for retire't res.)__
$7,414,961
4,310,366
$3,104,595
28,808
Other income
recently
study
a
On March 31,
1935
$7,009,668
4,252,247
$2,757,421
31,555
Net operating revenue and other income (before
$3,133,404
appropriation for retirement reserve).
912,499
Appropriation for retirement reserve
$2,788,977
$2,220,904
1.352,047
$2,106,361
1,351,051
682,615
investment company preferred stocks
16.85%, or at about 83 cents
discount compares with 19.51% for 31 representative
December 31, 1935 and with 43.35% for 30 repre¬
18 representative
This
the dollar.
December 31, 1933.
sentative stocks on
which are preceded by funded
selling at a smaller discount than preferred
which are not preceded by funded debt.
Discounts on these two types of investment company preferred stocks
were 15.75% and 17.74%, respectively, at the end of the first quarter.
of the leverage type,
stocks
Preferred
March 31, 1936 were
on
stocks of the non-leverage type,
—Realty Investors Service of Amott, Baker & Co., Inc., 150 Broadway,
New~York,"have prepared statistical reports on two Albany properties, the
De Witt Clinton Hotel and the Ten Broeck Apartment Building, which
debt discount and expense.
Other income deductions
55,962
24,000
$788,894
Net income...
108,620
15,825
$630,864
The Ten Broeck Apartment earnings were
of 2% income interest on its outstanding
indicate improved earnings.
sufficient
to
permit payment
ended February 29,
bonds for the year
1936.
Taxes are ail paid and
the
100% rented. A first mortgage placed on the property
reorganization in May, 1933, has been reduced from $75,000
property is reported
at the time of
to
The De Witt Clinton
$56,000.
Hotel also known as the Albany Metro¬
income of over $780,000 and a net
politan Hotel, for 1935 had a gross
after taxes
first mortgage of
cash
of
hand
on
This is at the rate of
of $145,000.
7.9% on the
outstanding
had
paid
The hotel as at December 31, 1935,
$23,654 and receivables of $12,314.
Taxes are
$1,562,500.
through 1935.
—The firm of Anderson,
Reilly & Co. has been
established in New York
all unlisted securities
39 Broadway.
Reilly and Clarence F. Anderson are general partners in the new
firm, and Edward P. Alker is a special partner. Mr. Reilly was formerly
with Phelps & McKee, D. B. Warwick & Co. and the Underwriters Trust
Co.
Mr. Anderson was a partner in the firm of C. F. Anderson & Co. and
partner in Gardner & Co., members New York Stock Exchange, later
becoming associated with Clinton Gilbert & Co., bank stock house.
Mr.
Alker is
director of the Bank of Great Neck and the Penn-Dixie Cement
City to conduct business as
brokers and dealers in
specializing in bank and insurance
stocks, with offices at
James A.
a
a
Corp.
—Announcement is made of
the formation of Young
Management Corp.
service from the Lincoln Building.
C. W. Young is President and a director of the new corporation.
Other
directors are George Gordon Battle, of the firm of Battle, Levy, Van Tine
& Fowler, New York; Howard E. Coffin, Chairman of the Board of Direc¬
tors, Southeastern Cottons, Inc.; Milton W. Harrison, trustee, Bowery ,
Savings Bank; and Giles G. Healey, Secretary and Treasurer, Young
to conduct a
general investment counsel
Management^Corporation.
..
__
_
ofjthe J936_edition _of _The_ Bawl^Street_Journal will be
treasurer*of the"BoncM31ub, Albert H. Gordon, at Kidder,
Peabody & Co., 17 Wall Street, it is announced.
The price will be 50
cents per copy and the papers will go on sale June 5, the date of the Bond
Club's annual Field Day.
Orders for the paper may be placed in advance.
—The Third Annual Field-Day of the New York
Security Dealers
Publicjsale
handled by the
Association will be held
Amortization of
of approximately
selling at a discount
were
preferred stocks
close up during the
New York City.
Wall St.,
on
representative investment company
first quarter of 1936, according
prepared by Distributors Group. Incorporated, 63
selling continued to
debt,
Co.—Earnings—
Rope
Sales
Total
,
preferred stocks on
Co.—Listing Approved—
standing shares of common stock,
thereafter allot them to the
highest bidders.
recovery
Wilson-Jones
underwrite all shares not taken up
original offering and will
_
$17,271
$50,384
Includes recovery
by club members on the
—Discounts at which
come taxes
x
directed the operations of the "Sleepy
that lucky traders
certificates for four automobiles and
48 special cash dividends, after which unlucky traders will be given an
opportunity to scramble for the remaining assets.
In addition to Mr.
Glidden, other members of the Stock Exchange
Committee are:
Edwin H. Bigelow, Eugene R. Black Jr., John Nickerson,
will be
Exchange" for many years, announces•
Stock
Hollow
Donald J. Nightingale
—V. 141, p. 3242.
win
if you just follow
that goes to Sleepy Hollow.
cash
Nathaniel F. Glidden, who has
Indiana Motors Corp., have
Government, orders representing $1,312,000.
Production now
highest rate since 1918.—V. 142, p. 2853.
and
company
hop right in
—
deal where you can
a
A car, or
Government Orders—
This
the Bond Club of New^York
''prospectus7'~artly^n"wse7inviting members to
annual one-daysession of its Stock Exchange which will
of the"clubT>ieldT»ay at the Sleepy Hollow"* Country-OluB
participate in the
Eea
1,000,000
Res've for insur
Total
NOTICES
keeping'with the spirit of the times,
Issued an"elaborate
has
val.
bldgs
104,428
.
CURRENT
of branch land &
461,781
185,554
-
152,000
773,000
212,197
current
Deferred income.
of
cost
patterns, dies
176,000
Co.,
Rlty
Contingent reserve
special tools
408,096
268,632
$0.08
Earnings per share..
—V. 141, p. 612.
White
debs.
6%
affll.cos.,
not consol
Unamort.
333,551
current
Invests, in & amts.
due fr.
365,774
1935
$133,348
$0.04
1936
$282,272
Quarter Ended March 31—
Net profit.
exp.,
&c_
Invest. Tr. Co__
Co.—Earnings—
Gold
Yukon
6% debs, of White
Mot. Rlty Co.,.
Due from Comm'l
3193.
1,680,000 shares.—V. 142, p.
applied for
$
pay.,
accr.
Accrued taxes
94,406
90,628
banks
Stock Exchange has authorized the listing of $60,000,000
sinking fund 4% bonds, series C, due May 1, 1961; $30,000,000
convertible 33^% debentures due Feb. 1, 1951, and 48O.0OO common
shares (no par) upon official notice of issuance thereof from time to time
in connection with the conversion of debentures, making the total amount
31,250,000 31,250,000
(trade) 1,264,528
540,516
Other accts.
Sheet & Tube Co.—Listing—
Youngstown
The New York
1st mtge.
Capital stock
Accts. pay.
Claims agst. closed
1934
$
Liabilities—
z
8,855,689 10,092,168
2,508,086
1,757,201
3,517,352
2,925,142
8,847,521
9,089,254
Plant & equipm't
$24,449,233 capital
31
1936
23,
May
Chronicle
on
June 19, 1936, at
the Old Oaks Country
Club,
Purchase, New York.
The
handicap golf tournament, which has
been a feature of
these annual
outings, will again be one of the main events.
Corporation, 100 Broadway, New
—The First Boston
York, has issued
The pamphlet summarizes essential
issued or guaranteed by the
tbp Provinces of Canada, corrected to April, 1936, together
its 1936 edition of "Canadian Bonds."
Preferred Dividends—
details
The directors have declared a dividend of 87 H cents per share on the
7% cumulative preferred stock, 81M cents per share on the 6H% cumuative preferred stock and 75 cents per share on the 6% cumulative pre¬
ferred stock, all of $100 par value, all payable June 20 to holders of record
May 29.
These dividends are at one-half of the regular rate.
Similar
payments were made in each of the five preceding quarters, prior to which
regular quarterly dividends were disbursed.—V. 142, p. 3367.
Wright-Hargreaves Mines, Ltd.—Extra Distribution—
The directors have declared
an
extra dividend
of 5 cents per share in
of 10 cents per share on the
both payable July 1 to holders of record
amounts were distributed in each of the nine preceding
to which the company made quarterly distributions of
addition to the regular quarterly dividend
stock,
10.
Like
common
June
quarters,
prior
no
par
value,
5 cents per share, and in addition paid an extra
on Jan. 2. 1934—V.
142. p. 1662.
dividend of 5 cents per
& Coach
Mfg. Co.—New Director—
W. S. Knudsen has been elected a director to replace
V.
142, p. 3019.
Dominion and
to
all outstanding bonds
and economic data.
with pertinent financial
—C. W. Young & Co.
C.
W.
Inc.
announce
and Director
of the Company
Investment
and E.
Mr. Clarke will
President of the firm.
Paul W. Seiler.—
announce
Republic Investors Fund and
that Nathaniel
J. Howland has
represent them in the Atlantic States,
been appointed representative in the
and
Gas
Co.,
Superior
Gandy Bridge Co.
Sovereign
been appointed to
and that Frank R.
Rettinger has
Middle West.
Broadway, New York City,
analyses of Dallas Railway & Terminal Co.,
Natural
reacquired
resigned as President
Thurston Clarke has been elected
continue to act as Chairman of the
Committee.
—W. R. Bull & Co., sponsors of
Investors,
that the Company has
Mr. Young has
Young's interest therein.
—Mackenzie & Co., Inc., 115
share
Yellow Truck
pertaining
Steel Corp.,
has prepared
Southwest Gas Co., Republic
Tennessee Electric
Power Co.,
Volume
Financial
142
3535
Chronicle'
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, May 22,
16th inst. futures closed
Coffee—On the
1936.
5 to 6 points
higher for Santos contracts with transactions of 11,000
Rio
Rio de Janeiro futures were 50 reis
1,250 bags.
bags.
with transactions of
closed 6 points higher
contracts
higher.
unchanged to slightly
higher.
Havre futures were 1 to 1^ francs higher.
On
the 18th inst. futures closed 3 to 6 points higher for Santos
contracts with transactions of 9,000 bags.
Rio contracts
closed 2 to 3 points higher with sales of 4,500 bags.
The new
Rio contract closed 3 to 4 points higher with sales of 1,000
Cost and freight offers from
were
higher.
unchanged to
points higher with Santos Bourbon 4s at from 8.20 to
Rio de Janeiro futures were 125 to 200 reis
bags.
Cost
5
Brazil
and
offers from
freight
With the arrival of
8.50c.
a
Brazil were
of Brazilian coffee at
cargo
New York and New Orleans, the amount
to United States
afloat from Brazil
dropped to the lowest total in several years,
315,400 bags, of which but 71,500 bags are afloat to
New
On the
higher
with sales of 11,750 bags.
Rio contracts closed 1 point
higher to 1 point lower with sales of 3,000 bags.
Rio de
Havre futures closed ]/i to 1 franc higher.
19th inst. futures closed 1 point lower to 2 points
York.
Cost and freight
early quotations
unchanged to 10 points higher, and later offers in some
cases 5 points lower.
Santos 4s were in a range of from 8.10
to 8.60c.
Havre futures were V% to 1 franc higher.
On the
20th inst. futures closed 3 to 5 points lower for the Santos
contract with sales of 6,250 bags.
Rio contracts closed
unchanged to 6 points lower with sales of 4,750 bags.
Rio de
Janeiro futures were 200 to 250 reis higher, which advance
is attributed largely to official buying there in connection
with the acquisition of the 4,000,000 bags.
Cost and
freight offers from Brazil were generally unchanged with
Janeiro futures
offers
from
were
Brazil
150 to 175 rek lower.
were
irregular
with
Santos Bourbon 4s at from 8.15 to 8.60c.
On the 21st inst. futures closed 3 to 4
points lower, with
bag
while Rio contracts closed 2 to 3 points
lower, with sales of 1,000 bags.
Rio de Janeiro futures were
50 to 100 reis higher at the opening, which was the only
"call" because of the holiday.
The official No. 7 price was
200 reis higher at 12.400 milreis per 10 kilos.
Cost and
freight offers from Brazil were naturally limited and about
unchanged, with Santos Bourbon 4s in a range of from 8.15
to 8.45 cents, generally.
Today prices closed 1 to 7 points
up for Santos contracts, with sales of 34 contracts.
Rio (old)
contract closed 1 to 2 points down, with sales of 18 contracts.
There was a holiday in Brazil.
One Santos and two Rio
notices were issued, today being the last notice day and trad¬
ing in the May position.
Rio de Janeiro futures were 150
reis higher to 25 reis lower.
Spot No. 7 advanced 100 reis
to 12.500 milreis per 10 kilos.
Strength was attributed to
Government- support.
The open market exchange rate
held at 17.550.
Cost and freight offers from Brazil were
about unchanged, with Santos Bourbon 4s at 8.15 to 8.60.
sales of 1,750
Havre futures
Rio coffee
,
were a
half franc lower.
prices closed
September
Santos coffee
as
follows:
4.521 December
4.611 March
4.751
May
July—
prices closed
March
May
July
as
4.87
4.9i
follows:
8.031 September
8.19 December
-8.44
8.51
8.311
Cocoa—On the 16th inst. futures closed 1 point higher.
was fairly active, but rather mixed and without
special feature.
Sales totaled 236 lots, or 3,162 tons.
The
statistical feature of the week was the report that Great
Britain's consumption for the first four months of 1936
amounted to 38,827 tons, which represented a 40% increase
over
the same period last year.
New York warehouse
stocks increased 11,000 bags during the past week, following
a decline of 14,000 bags in the previous week.
On the 18th
inst. futures closed 2 points higher throughout the list.
Sales for the day totaled 71 lots or 951 tons.
There was
very little feature to the trading. Outside prices were un¬
changed in London, while futures there ran unchanged to
lb^d. lower, with sales of 130 tons. Local closing: May,
5.20; July, 5.20; Sept., 5.29; Oct., 5.31; Dec., 5.34.
On the
19th inst. futures closed 1 point lower throughout the list.
Sales totaled 95 lots or 1,273 tons.
Outside cocoa prices
were lV£d. higher to unchanged in the London market, and
futures there were unchanged to l^d. higher.
Trading
dull, with only 50 tons of contracts sold there.
Local
closing: May, 5.19; July, 5.19; Sept., 5.28; Oct., 5.30;
Dec., 5.33.
On the 20th inst. futures closed 1 point higher
for all deliveries.
Sales totaled only 54 lots, or 724 tons.
Trading
London outside prices were unchanged, while futures closed
unchanged to 3d lower, with sales of 150 tons.
Local closing:
May, 5.20; July, 5.20; Sept., 5.29; Oct., 5.31; Dec., 5.34.
On the 21st inst. futures closed 2 to 4 points higher.
Sales
totaled 175 lots, or 2,345 tons.
A feeling of optimism pre¬
vailed on the previous day among traders when September
finally had broken through the old top resistance market
of 5.31 cents a pound.
This was attributed to a demand
from manufacturers and Wall Street buying.
Sellers of
actual cocoa want 5.50 cents for Superior Bahias from Brazil,
27 points over July futures, and 5.55 for Accras from the Gold
Coast, 32 points premium.
There is no cocoa afloat at
present for Atlantic ports from Brazil, and only 10,000 bags
from Africa, that already sold before docking.
Local closing
of futures: May, 5.23; July, 5.23; Sept., 5.31; Oct., 5.33;
Dec., 5.38.
Today futures closed 5 to 6 points up, with the
exception of September, which closed unchanged.
This was
the fourth consecutive session of advancing prices caused
by a broadening interest here and abroad.
Today's prices
were the highest since March 1.
The market followed actual
cocoa and a strong London market.
Local closing: July,
5.28; Sept., 5.31; Oct., 5.39; Dec., 5.43; Jan., 5.44; March,
5.50.
Sales
were
126 contracts.
Sugar—On the 16th inst. futures closed unchanged to 1
point lower. Saturday's session was most remarkable in that
absolutely no sales were made during the two hours the mar¬
ket was open.
This hasn't happened in years, and is a clear
indication of the deadlock that exists between buyers and
sellers, bids and offers being one to three points apart.
This situation is a reflection of conditions prevailing in the
spot market for some time.
In the market for raws about
20,000 tons of Puerto Ricos, in addition to Philippine sugars
were offered at 3.85c., and Cubas in limited quantities at the
equivalent of 2.95c. without duty price, which was un¬
changed from the levels prevailing during the past two weeks.
The Sugar Institute figures reveal that during the week ended
May 9, deliveries of 13 United States cane refiners were
70,000 long tons refined against 80,000 during the same week
last year.
Since Jan. 1 deliveries were 1,335,000 tons, or
70,000 tons, 5.7% behind the comparable last year's period,
while melting of sugar totaled 1,600,000 long tons raw, a
gain of 45,000 tons above last year's corresponding period.
On the 18th inst. futures closed unchanged to 2 points lower.
Sales were 1,900 tons.
In the market for raws a sale of 8,500
bags of Puerto Ricos May shipment was made at 3.72c., or
equal to the ruling spot price, an operator buying, i Forward
deliveries, beyond the 28 days which established a spot price
were held at the unchanged basis of 3.85c.
About 50,000
tons in various shipment positions were offered at this price.
It is said that improved demand is contingent upon a pickup
in withdrawals of refined, which, while poor of late, are
expected to improve with warmer weather.
In the London
market small offerings were held at 4s. 5^'d., equal to
.903^c. f. o. b., Cuba.
On the 19th inst. futures closed un¬
changed to 2 points higher.
Sales totaled but 550 tons,0
450 tons of July at 2.88c., up 3 points; and 100 tons of Sept.
at 2.84c., up 1 point.
In the market for raws offers remained
at 3.85c.
Some action is expected shortly on the impending
sugar legislation.
On the other hand there are many who
feel that Congress may adjourn without enacting substitute
legislation for the present Jones-Costigan Act.
London
futures closed unchanged to 3^d. lower, while raws were
offered at 4s. 9%d. or about .91c. f. o. b., Cuba.
On the
20th inst. futures closed 2 points lower to 1 point higher.
As a result of further liquidation of spot May contracts,
prices for that delivery eased to 2.98, off 1, while Sept. was
up a point at 2.84c.
Sales were 5,250 tons or 10 times those
of Tuesday.
Reports were current that the Cuban Secretary
of Agriculture had increased the Cuban quota for shipment
to the United States in 1936 by 114,462 long tons or exactly
equal to the quota increase granted that area by the Agri¬
cultural Adjustment Administration on April 10.
This news
appeared to have
no
terest was the news
effect marketwise.
Of particular in¬
item to the effect that the AAA would
require from all areas a certification, after June 1, that the
sugars entering the country were within the 1936 quota.
London futures closed firm, with gains of % to
while
raws
were reported
sold for June at 4s. 9%d. 0r about
.91c. f. o. b., Cuba.
A cargo of raw sugar was reported as
sold to Arbuckle Bros., the sale being Puerto Ricos for June
shipment at 3.80c.
On the 21st inst. futures closed 1 to 5
points lower.
Sales
14,450 tons, which was the best volume in over
weeks.
Offers in the market for raws were lower,
totaled
two
reported that late Wednesday Arbuckle had
of Puerto Ricos, late June%shipment, at
3.80c., down 5 points.
This was the first purchase by a
local refiner since May 4, when National paid 3.72c. for
10,000 bags of Puerto Ricos.
Since March 30 local refiners
have bought only 10,000 tons, National being the sole
and
it
was
obtained
a
cargo
buyer.
After the close it was announced that an operator
had bought 5,000 bags of Puerto Ricos clearing May 22 at
3.72c.
Offers included several cargoes of Puerto Ricos
late June early July shipment at 3.80c.
London closed
unchanged to J^d. lower, with the market for raws also
unchanged.
Today prices closed unchanged to 3 points up.
The May sugar contract reached its .eight-year high price
today when it sold at 3c., up 3 points over night.
This was
the last day for trading in the May position.
Three trans¬
ferable notices were issued, bringing the total for the month
up to 93, and calling for the delivery of 4,650 tons alto¬
gether.
The July position advanced 2 points to 2.83c.
In
the market for raws several parcels of Puerto Rico sugars
were offered at 3.72c.
No Cubas were offered.
In London
% to l^d. lower.
cent, f.o.b. Cuba.
futures were
0.91 of
a
Prices
were as
Raws
were
offered at about
2.831 January
-
-
March.
2.59
2.98
—2.801
September
Lard—On the
16th inst. futures closed
17 points down
the
nearby positions and 7 to 10 points lower on the
distant deliveries.
The' weakness was attributed to selling
on
prompted by the large increase in lard stocks for the first
half of
Prospects of heavy hog receipts and heavy
May.
hog weights for the next six weeks are not being lost sight of,
especially by the bearishly inclined.
According to Govern¬
ment reports there are 30 to 35% more hogs in captivity
this year than in 1935, and naturally farmers are anxious
to sell their hogs at the highest prices.
Export clearances
of lard during the past week have been very light, and no
export shipments were reported on Saturday from the
port of New York.
Liverpool closed 6d. lower on the spot
position, and Is. to Is. 3d. lower on the other options.
The top price of hogs at Chicago was $9.50.
Total receipts
for the Western run were 8,400 hogs, against 11,700 last
year on the same day.
On the 18th inst. futures closed
irregular, 2 points higher to 2 points lower.
Trading was
light, with prices moving within a narrow range.
Total
hog receipts were below a week ago, and on the strength
of the lighter marketings than expected the undertone of
the market was slightly firmer.
Chicago prices closed
5c. to lc. higher, the top price registering $9.65, with most
of the sales ranging from $9.20 to $9.60.
Total receipts
at Western markets were 55,900, against 34,200 for the
same, day last
year.
Liverpool lard closed 6d. lower on
the spot position, 9d. lower on May and 3d. lower on the
deferred months.
Fairly heavy shipments of lard from the
port of New York were reported over the week.
Total
clearances were 316,650 pounds for London and Antwerp.
On the 19th inst. futures closed 5 points higher for the
May option, while the rest of the list closed 2 to 5 points
lower.
In view of the prospects for heavier lard production
during the next few months, due to increased hog receipts,
no sustained advance
s looked for in lard prices for some
little time to come.
Liverpool lard futures closed irregular
at 6d. lower on the spot position, 3d. higher on May and
September and unchanged on July.
Export clearances of
lard from the port of New York as reported on the above
date were 185,320 pounds destined for the United Kingdom
ports and Hamburg.
Hog prices finished 5c. to 15c. higher
at Chicago, the top price registering $9.75, with the bulk
of sales ranging from $9.30 to $9.65.
Total receipts for
the Western movement were 51,800, against 40,000 for
the same day a year ago.
On the 20th inst. futures closed
unchanged to 5 points up.
This was a recovery from the
decline of 5 to 7 points shortly after the opening.
Trading
was
moderately active without special feature.
Hog prices
advanced slightly late in the day due to the rather light
receipts at Western markets.
Closing hog prices at Chicago
were 5 to 10c. higher, the top price registering $9.85, and
the bulk of sales ranging from $9.40 to $9.80.
Total
receipts for the Western run were 44,500, against 50,200
for the same day a year ago.
Liverpool lard futures closed
unchanged to 3d. higher.
Export shipments of lard from
the port of New York as reported Wednesday were 10,000
pounds bound for Antwerp.
On the 21st/inst. futures closed 2 points higher for May,
and 10 to 15 points higher on the active deferred months.
The undertone of hogs at the close was very steady.
The
top price at Chicago was $9.85, and the bulk of sales ranged
from
$9.30
to
$9.80.
Western
marketings
Thursday
totaled 45,300, against 40,200 for the same day last year.
No improvement in the foreign demand for lard was re¬
ported lately, which is reflected in the light export clearances
during the past two weeks.
Export shipments from the
port of New York, as reported Thursday, were rather light
and totaled 56,000 pounds for Manchester.
Today prices
closed 18 to 7 points down.
The heaviness of this market
was
due largely to prospective heavier receipts of hogs
arid substantial increases in stocks of lard.
DAILY CLOSING PRICKS
Sat.
May
July
September
.10.22
10.15
10.22
10.02
October
OP
LARD
Mon.
10.20
10.15
10.22
10.00
FUTURES
Tues.
10.25
10.15
10.20
9.97
IN
Wed.
CHICAGO
Thurs.
FH.
10.27
10.15
10.20
10.30
10.30
10.35
10.30
10.12
10.20
10.02
10.12
10.05
*
1936
23,
Quiet.
Pickled Hams, picnics, loose, c, a. f.: 4 to 6 lbs.,
15c.; 6 to 8 lbs., 14J^c.; 8 to 10 lbs., 14^c.
Skinned loose,
c. a. f.: 14 to 16 lbs., 19%c.; 18 to 20 lbs., 19^c.; 22 to 24
lbs., 18^c.
Bellies, clear, f. o. b., New York: 6 to 8 lbs.,
22c.; 8 to 10 lbs., 21c.; 10 to 12 lbs., 19^c.
Bellies, clear,
Dry Salted, Boxed N. Y.: 14 to 16 lbs., 153^c.; 18 to 20 lbs.,
14^c.; 20 to 25 lbs., 14^c.; 25 to 30 lbs., 14^c. Butter,
creamery, firsts to higher than extra and premium marks,
25 to 28c.
Cheese: State, whole milk, held 1935, fancy,
21 to 22c.
Eggs: mixed colors, checks to special packs, 183^
to 24%c.
Oils—Linseed oil market quiet, though prices are holding
firm.
Many buyers are reported to have received intimations
imported oils at 4^c per pound is in
that taxation of various
Quotations: China Wood: Tanks, forward, 17.2
drums, spot, 18c.
Cocoanut: Manila, tanks,
April-June, 4c.; Coast, 3%c.
Corn, crude, tanks, West
mills, 8c., nominal.
Olive, denatured, spot, Spanish, 73
to 74c.; shipment forward, 72 to 73c.
Soy Bean, tanks,
mills, 5% to 6c.; C. L. drums, 7.6c.; L. C. L., 8.0c. Edible,
76 degrees, 9%c.
Lard, prime, 113^c.; extra strained winter,
103^c. Cod, crude, Newfoundland, nominal. Norwegian
yellow, 35%c. Turpentine, 38 to 453^c.
Rosins, $4.50 to
prospect.
to
follows:
2.58 May
July
May
Financial Chronicle
3536
17.3c.;
$5.90.
Cottonseed
Oil sales,
Crude, S. E., 7%c.
April.
May
including switches, 51 contracts.
Prices closed as follows:
8.75@9.101 August.
8.65@
(September
-
8.71©
8.59©
8.70©
July----
—
INovember
—
8.55©
-.8.69@8.701 October
June
—
---
8.52@8.57
—
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 16th inst. futures closed
higher.
Transactions totaled 570 tons.
1 to 6 points
Spot ribbed smoked
sheets in New York advanced to 15.70 from 15.68.
London
closed l-16th to J^d. higher.
Singapore closed unchanged to
3-32d. higher.
Local closing:
July, 15.82; Sept., 15.91;
On the 18th inst. futures closed
points down.
Sales totaled only 970 tons, mostly in
the July and December deliveries.
Only a small amount of
factory business was reported in the outside market.
Ship¬
ment business also was limited.
Closing quotations for
standard sheets at 15 ll-16ths to 15M<J- per pound for
nearby deliveries.
London closed easy with prices l-16th to
3^d. lower.
Local closing: May, 15.63; June, 15.68; July,
15.74; Aug., 15.77; Sept., 15.82; Oct., 15.85; Nov., 15.89;
Dec., 15.92.
On the 19th inst. futures closed 10 to 13
points lower.
Transactions totaled 740 tons.
Spot ribbed
Dec., 16.01; March, 16.12.
8 to 9
smoked sheets declined to
15.56 from
15.68.
London and
Singapore closed unchanged.
Local closing:
July, 15.62;
Sept., 15.71; Dec., 15.81; March, 15.91.
On the 20th inst.
futures closed 4 to 8 points higher.
Sales totaled 900 tons.
Spot ribbed smoked sheets advanced to 15.68 from 15.56.
London and Singapore closed easy.
Local closing:
July,
15.67; Sept., 15.75; Dec., 15.86; March, 15.98.
On the 21st inst. futures closed 1 point lower to 5 points
higher.
Transactions totaled 410 tons. Spot ribbed smoked
sheets remained unchanged at 15.68.
The London and
Singapore markets closed steady.
Local closing:
May,
15.63; Sept., 15.77; Dec., 15.87; Jan., 15.90; March, 15.98.
Today prices closed 9 to 13 points up.
A tender of 50 tons
on contract was
reported but transactions to early afternoon
totaled only 60 tons, making it one of the smallest trading
days for some time.
Final total sales were 45 contracts.
London closed unchanged to l-16d. higher.
Singapore was
about unchanged.
Local closing: July, 15.79; Sept., 15.86;
Dec., 15.98; March, 16.08.
Hides—On
the 16th inst. futures closed 2 to 5 points
Transactions
totaled 720,000
pounds.
In
the
domestic spot market total sales were 28,900 hides, with
heavy native steers selling at 12c.
In the Argentine spot
market 2,000 frigorifico steers sold at ll^c.
Local closing:
June 11.32; Sept. 11.64; Dec. 11.97; March, 12.26.
On
the 18th inst. futures closed 8 to 9 points up.
Transactions
totaled 2,120,000 pounds.
Transactions in the domestic
spot hide or Argentine markets were nil.
Stocks of cer¬
tificated hides in warehouses licensed by the Exchange
remained
unchanged at 866,162 hides.
Local closing:
June 11.40; Sept. 11.73; Dec. 12.05.
On the 19th inst.
futures closed 5 to 6 points lower.
Transactions totaled
1,520,000 pounds.
In the domestic spot markets sales as
of May 16 and 18 totaled approximately 25,500 hides,
with Feb .-April heavy native steers selling at 113^c. to 12c.
In the Argentine spot market 12,000 frigorifico steers sold
at ll^c., unchanged from the last sales.
Local closing:
June 11.35; Sept. 11.68; Dec. 12.00; March 12.29.
On the
20th inst. futures closed 12 to 13 points higher.
Transac¬
tions
totaled
1,800,000 pounds.
In the domestic spot
markets sales totaled 60,000 hides, with May light native
cows
selling at 11c. and heavy native steers at 12c.
In
the Argentine spot market 4,500 frigorifico steers sold1 at
113^c.
Local closing: June 11.48; Sept. 11.80; Dee. 12.13;
higher.
March
12.42.
^
Pork—Quiet. Mess, $30 per barrel; family, $20, nominal,
per barrel; fat backs, $20 to $24 per barrel.
Beef quiet.
Mess nominal; packer, nominal; family, $15 to $16 per
barrel, nominal; extra India mess, nominal.
Cut Meats:
On the 21st inst. futures closed 4 to 5
points lower.
Trans¬
2,280,000 pounds.
In the domestic spot
market sales totaled 39,800 hides, made up of hides taken
off during the months of January to May inclusive; March
actions
totaled
Volume
Financial
142
Chronicle
o
May light native cows selling at 10 %c. to 11c.
In the
Argentine spot market 3,000 May frigorifico steers sold at
11 ^c., unchanged from
the last sales.
Local closing:
June,
11.43; Sept., 11.76; Dec., 12.08; March, 12.38.
Today futures closed 4 to 3 points down.
Transactions in
the early afternoon totaled 1,200,000 pounds, the major
portion of which consisted of switches from June to December.
Total sales for the day were 39 contracts.
Certificated
stocks of hides increased 953 hides to 867,115 hides.
In the
domestic spot market sales totaled 39,000 hides, consisting
of January-April heavy native steers, which sold at 11x4 to
12c. a pound.
Local closing:
June, 11.39; Sept., 11.72;
Dec., 12.05.
Ocean
Freights—There was nothing unusual in
market for charters, conditions being relatively quiet.
the
Charters included—Grain booked:
prompt., each 14c.
A. R. A., 13s. 3d.
Sugar:
Grain:
2 loads Scandinavia, 3 to Marseilles,
June, Cuba, Liverpool, London, Greenwich,
Fort William to United Kingdom 21 He., to
Scandinavia 23 Kc.
Coal—Trade is reported as seasonally good in the an¬
bituminous fields.
Anthracite dealers report
the volume quite satisfactory for the season.
It is stated as
thracite and
certain that anthracite will be
domestic
will
Bituminous
be
advanced
no
cheaper, and quite probable
25c.
the
tone
on
June
15th.
York on Monday totaled
about 450 cars.
No immediate change in prices is expected
from the decision of the Supreme Court setting aside the
whole Guffey law as null and void.
dumpings at
New
Copper—There has been no appreciable change in the
copper situation, dulness prevaling quite generally in the
markets for the red metal, even abroad.
In the view of pro¬
ducers there is no prospect for an improvement in demand for
some
time.
The abnormally large sales in April are held
responsible in large measure for the relatively dull state of
the copper trade.
Total sales in the domestic market so
far this month approximate 11,188 tons.
Domestic sales
of copper on Tuesday were 2,201 tons, the largest for any
day so far this month.
Several of the copper markets have
been showing easiness.
All descriptions on the London
Metal
Exchange declined recently.
Brass makers are
working very actively with their products being consumed
well in the building and automobile trades.
Their pace is
65 to 70% of capacity, the most active since 1929.
Tin—The recent sharp
declines in this metal both here
attributed largely to reports that the InterInternational Tin Committee will very likely decide to
increase its export quota for the third quarter from the
present 85% rate.
The meeting of the Committee is
and
abroad,
are
scheduled to be held at London
on May 26th.
Moreover,
expected that the 7,000 tons of tin which Bolivia has
underproduced during the past year, will be allotted to the
quota of some other tin producing country.
In view of all
this, freer supplies of tin are in prospect, and recent declines
have been discounting these prospects in a rather drastic
way.
Despite the lower tin prices, business continues slow,
with the trade apparently feeling that prices may go materi¬
ally lower.
Should prices continue to drop severelv, it is
thought it may cause the Committee to reconsider it's
reported intention of increasing the quota, and result in a
lowering of the quota instead.
it is
Lead—It is calculated that sales for the week will approxi¬
5,000 tons.
The price situation holds firm at 4.60c.
mate
4.65c.
pound New York, and 4.45c. East St. Louis.
remarkably steady, and the feeling
no price
changes
before fall at least.
Though stocks are still rather large,
they are reported to be in strong hands.
Current production
and consumption are well balanced.
Demand for the metal
per
The lead situation holds
in well informed circles is that there will be
is well diversified.
Zinc—The
in the
same quiet conditions prevailed this week as
previous week, when sales were under 1,500 tons.
Were
it not for the way shipments are holding up week
week, it is thought producers might become dis¬
couraged and shade prices to attract business, but the
after
fact that unfilled orders
on
the books
are
the lowest since
July keeps producers in line at the 4.90c. price.
Statistics
sales for the past few weeks have revealed that
virtually
all of the purchasing is for prompt shipment.
Thus con¬
sumers have been ordering
only to cover immediate needs,
on
and
consequently hope prevails that this element will very
shortly be purchasing on a much wider scale.
The buoyancy
steel industry and other factors are doing much to
strengthen this feeling of optimism concerning future
in the
business.
Steel—The
opinion generally
was that the steel industry
gradual seasonal recession.
However, re¬
versing the trend of recent weeks, steel operations for the
was
set
current
for
week
a
are
estimated
at
69.4% of capacity.
This
represents an increase of 0.3 points over last week.
During
the corresponding period last year the rate was
42.8% of
capacity.
Sales representatives at New York who were
reporting a falling off in business a fortnight ago are now
reporting quite a pick-up in the volume of orders, with
indications of what looks like a fresh wave of spring buying.
Makers of light steel products, such as sheets, strips and
tin plate, report that orders for the month to date look like
exceeding total orders of April.
It is reported that on
the whole the steel demand is very well diversified.
Despite
3537
•
\
the
buoyancy of demand, especially for this time of
the
concensus
year
,
of
opinion among steel makers is that there
will be no advance in prices for the third
quarter.
It is
generally admitted that the situation justifies the securing
of higher prices, but it is not
regarded as good policy to
mark quotations higher at this particular time of
year.
Operations among the tin plate mills have now reached
100% of capacity, and some authorities are predicting that
May production of tin plate will have been the largest in
history.
The outlook for large crops and good demand
for tin plate for other purposes account for the high
ope¬
rating rate*
Pig Iron—Despite the low volume of current sales, senti¬
pig iron trade remains cheerful.
It is reported
that the demand for castings is holding up very well, and
it is presumed to be only a matter of time before the foundries
ment in the
must
come
into the market
tool makers
on a
broad scale.
The machine
melting large quantities of pig iron, though
the "American Machinist" finds that "after
reaching a
peak in April, which has only been touched once before
since 1930, machine tool sales as apparently slowing down
somewhat in May."
It is reported that the average agent
at New York is
selling 200 to 300 t ns of pig iron a week,
with just a few reaching 500 tons per week.
However,
optimism prevails in many quarters of the trade, and it is
felt by not a few that a very substantial increase in volume
are
of sales mil be recorded before
Wool—Prices
summer
and
firmer
are
the
arrives.
market
shows
tone
improvement.
It is reported that manufacturers and wool
dealers are coming nearer to the point where they can do
business, the gap between bid and asked prices growing
narrower.
However, it is pointed out that the wool grower
is an important factor in determining the
price situation, and
to date there doesn't seem to be
any noticeable change in the
attitude of growers concerning price.
Dealers, however,
realize that they cannot buy any good territory wool under
80c. landed at Boston.
They may have to pay more.
As
things look now they are hardly lkkely to pay less.
It is
reported that a widespread dealer movement is developing
the Western territory, with dealers securing wools that will
cost around 80c., scoured basis/, landed Bostonl
Larger
quantities, it is reported, are being secured in Montana,
Oregon, Idaho and Utah at prices estimated to cost 79 to
81c., landed East.
The price trend of wool is becoming more
definitely established, and the long-drawn-out uncertainty
as to new
clip values nearer settlement.
Wool houses who
sold their early contracts to the mills, are delivering as fast
as the wools arrive.
It is reported that dealers cannot buy
any good
territory wool under 80c. landed Boston.
In
Texas the growers are holding about 70% of their spring clip
at strong prices.
RecSnt purchases by Boston dealers have
been
has
made
come
32c.
at
out
of
these earlier sales
as
growers
into
are
about 84c.
or
Texas
seem
this
the
concerned.
18th
Not much
wool
under 87 to 88c., and
to have established the price as far
Domestic wool is
sight in volume, and imports
Silk—On
clean.
season
inst.
are
futures
now coming
declining steadily.
closed
2
to
4c.
lower.
Japanese cables were weak and this proved to be the chief
influence operating against the market here.
Sales totaled
1,610 bales.
Cables reported grade D 25 yen lower in Yoko¬
hama and Kobe with the price down to 680 yen.
At Yoko¬
hama futures were 15 to 27 yen lower and at Kobe 15 to 26
yen lower.
Cash sales for both bourses were 650 bales
with transactions in futures totaling 8,200 bales.
The yen
remained at 2934©Local closing: May, 1.54; June, 1.50;
July, 1.45; Aug., 1.43!4; Sept., 1.4234; Oct., 1.42; Nov.,
1.42; Dec., 1.4134On the 19th inst. futures closed un¬
changed to 2c. lower.
Transactions totaled 2,060 bales.
Spot declined 2c. to $1.5634Japanese cables were weak,
grade D dropping 7 34 to 10 yen, going to 67234 in Yokohama
and 610 yen in Kobe.
At Yokohama futures dropped 18 to
27 yen and at Kobe 12 to 18 yen lower.
Total cash sales
for both bourses
centers
totaled
were
975 bales and future contracts at both
10,500 bales.
Local closing:
May, 1.53;
1.4834; July, 1.45; Aug., 1.43; Sept., 1.4234; Oct.,
1.42; Nov., 1.4134; Dec., 1.41.
On the 20th inst. futures
closed unchanged to 2c. lower.
Transactions totaled 1,680
bales.
Spot declined 134c. to $1.55.
Local closing: May,
1.52 *4; June, 1.4734; July, 1.44; Aug., 1.4234; Sept., 1.4214;
Oct., 1.4034; Nov., 1.40; Dec., 1.39.
On the 21st inst. futures closed unchanged to 2c advance.
Sales totaled 410 bales
Spot market declined 3^c to $1.54 34
Certificated stocks of raw silk in warehouses licensed by the
Exchange decreased by 10 bales to a total in storage at the
close of business Thursday of 500 bales.
The Yokohama
Bourse advanced 9 to 21 points, while the price of Grade D
in the outside market declined 1734 yen to 65234 yen a bale.
Yen exchange remained unchanged at 2934Local closing:
May, 1.52; June, 1.4834; July,, 1.4534; Aug., 1.43; Sept.,
1.43; Oct., 1.42; Nov., 1.41; Dec., 1.4134Today futures closed 1 to 3c down, the extreme decline
taking place in the distant December delivery.
The price
of crack double extra in the New York spot market declined
34c to SI.54 a pound. The Yokohama Bourse closed 13 to
18 points lower, while the price of Grade D silk in the out¬
side market was 234 yen higher at 655 yen a bale.
Local
closing: May, 1.51 K; June, 1.47; July, 1.44r Aug., 1-4334;
Sept., 1.42; Oct., 1.41; Nov., 1.40; Dec., 1.3834Total
sales during the forenoon were 590 bales.
June,
•
Financial
3538
Regions of United States Reported by Bureau of
Agricultural Economics
we
Houston
Mobile
Savannah
The
due
increased
increase
attributed chiefly to higher prices
last
are
crops
prices of truck
prices and of
in the western region is
•;'>• ■;r';.V
from 2% in the south Atlantic
region to 15% in the west north central region.
Better prices
the
from
important factor in
except in the north
livestock in all regions,
whole milk, chickens, and eggs.
Atlantic States where the gain was from
and from sheep, lambs,
important contributing factors to the higher income from
Larger receipts from dairy and poultry products
and calves were
livestock items in the various regions.
Previous Three
According to Bureau of Agricultural Economics
farm real estate values in
sections showed an increase. For
1936, the index of average value
per acre of farm real estate, prepared by the Bureau of
Agricultural Economics, United States Department of
Agriculture, indicated an increase for the United States as a
whole of three points from a year ago, six points over 1934,
and nine points over 1933, when the lowest level of land
the principal agricultural
the year ended March 1,
recorded.
issued May 21 the Bureau also
■*
Although
each
year
a
an
announcement
in values during the year just
maintenance of lower levels of farm
"5". 300
1,953
45,482
18,627
34,486
79.657
54,967
18,911
"
the week ending this evening reach a total
88,363 bales, of which 30,201 were to Great Britain, 997
to France, 18,395 to Germany, 2,149 to Italy, 25,486 to
Japan, 967 to China and 10,168 to other destinations.
In
the corresponding week last year total exports were 90,990
bales.
For the season to date aggregate exports have been
5,447,722 bales, against 4,161,147 bales in the same period
of the previous season.
Below are the exports for the week:
Week Ended
Exported to—
May 22, 1936
Exports from—
Ger¬
Great
France
Britain
Galveston
Houston
the United States index
increase of the past year was more widespread
-
-
New Orleans
—
■
w
4,411
-
Mobile
«.
■mrnmtm
624
Savannah
indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening, the total receipts have reached
45,482 bales, against 40,509 bales last week and 39,157 bales
the previous week, making the total receipts since Aug. 1,
1935, 6,465,873 bales, against 3,917,829 bales for the same
period of 1934-35, showing an increase since Aug. 1, 1935, of
the Crop, as
209
1,923
Total
Fri.
Thurs.
2,412
3,313
1,786
771
1,860
1,288
1,955
2,722
14,425
10,316
3",461
3,132
2",214
1,441
3,407
1,354
1,819
2,063
482
337
56
721
583
154
33
14,130
1,783
>"868
"145
96
"28
1,227
2,537
197
7
913
7
102
Corpus Christi.
288
288
_
New Orleans
Mobile
Pensacola, &c
"233
_
Charleston
195
91
'123
"""§
"12
Norfolk
583
430
Wilmington.
254
6,602
8.269
5,758
7,098
9,817
45,482
The following table shows the week's total receipts, the
total since Aug. 1 1935 and stocks to-night, compared with
last year:
583
Los Angeles
350
Galveston
City
Corpus Christi
Beaumont
New Orleans
This
Since
Aug
1 1935
14,425 1,523,629
44,483
10,316 1,699,674
288
270,471
38,036
14,130 1,682,836
This
1 1934
1935
3,836 1,061,332
393
274,285
4,693
5,614 1,003,886
492,601
2,739
336,720
35,072
30,040
376,907
324,425
8,650
558,129
41,467
4,919
891,582
13
62.865
814
465,973
375",726
1,167
131", 026
112",046
583
160,148
3,693
309,590
340
2",537
73,529
6,812
113.637
8,780
2,438
174,856
84,987
11,198
3,216
100,489
'913
211",444
"874
55,826
35
""7
21,524
40,914
159
30,343
14,334
19,568
30,068
40,632
14,495
18,276
20,160
3,980
9,356
2,814
2,101
Pensacola
Jacksonville
.
mm
Lake Charles
_
246
Norfolk
1
947
6
142.325
56,865
16,664
51,884
Newport News
New York
829
Boston
'254
Baltimore
27", 879
"323
25", 985
1,875
Philadelphia
Totals
.
-
.
250
.....
.
833
•
-
"...
....
.
/'
.
.
..
4,614
.
.
1,923
.
.
'
1,116
....
....
1,116
....
583
'
rnrnmm
200
»...
....
....
....
.
589
400
10
1,549
997
18,395
2,149
25,486
967
10,168
88,363
4,869
3,082
550
6,699
1,078
34,595
12,529
3,100
Total 1934
2,025
4,133
42,769
14,559
90,990
47,444
From
Aug.
7,946
500
Exported to—
1935 to
1
Ger-
Great
May 22, 1936
France
Britain
Exports from—
Galveston
167,428 138,929
263,950 139,964
59,931 54,498
Houston
Corpus Christi.
Italy
many
193,704 78,883
202,462 108,845
31,531 18,239
Japan
China | Other
404,921
444,687
10,369 226,167 1220,401
13,501300,705 1474,114
1,078 47,158 283,613
2,769 4 6,838
71,178
2,109
250
965
745
836
6,976
269,706 265 ,193
9,014
4,609
110,750 27,825
2,192
2,166
80,634
109,320
148,231
108
150
200
147,973 104,252
7,477
3,931
50,000 22,151
207,496
3,062
36,423
Texas;City
New Orleans
__
Lake Charles.
Mobile
Jacksonville.
.
Savannah
Charleston
3~098
1,668
2,937
1,224
1,152
50
4,026
55
"45
"77
32,613
5,376
14,710
10.500
792
"210
16"024
5,174
2,622
1,384
3",385
35,114
3,306
Total
494
8,764
8,784 209,104 1212,508
13,337
41,430
3,750 27,479 278,378
50
3,212
3,659 143,953
9,992 173,004
6,694 185,631
300
4,351
970
38,085
38,018
30,706
4,051
11,528
Wilmington
1,130
7,376
1,086
1,656
18,510
13,235
12,887
8,053
10,052
5", 789
2~897
250
1,700
2,727
6,350
280,279
69,883
315
York
315
14
14
Baltimore
Philadelphia
Los Angeles
San Francisco.
312
229
191,734
58,162
6,108
Seattle
Total
1270,337 656,899
Total 1934-35.
803,515 349,981 1455,572
37,482873,936 5447,722
695,718352,352 362,854424,260 1415,567104,876805,5204161.147
716,4751314,326 620,475 1624,959 238,017 950,16l'6656,886
Total 1933-34. 1192,473
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
districts
on
the same from week to week, while reports from the customs
the Canadian border are always very slow in coming to
hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of March the exports to the Dominion the present season
have been 20,612 bales.
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
give
us
On
Shipboard Not Cleared for—
Leaving
May 22 at—
Ger¬
Britain
Galveston
Houston
Orleans
__
France
Stock
Coats-
Foreign
wise
5,300
9,776
8,029
2,000
1,210
1,578
1,800
2,607
2,975
2,900
4,230
1,023
Other
many
Great
Total
1,200
6
700
800
"778
Other
479,401
318,891
363,302
173,356
30,343
109,971
30,068
119,655
13,200
17,829
13,605
1,500
1,297
9,731
5,482
8,151
8,679
3,973
3,290
2",075
----
ports
Total 1936.
Total
.
1935-.
Total 1934.
.
Speculation
ately
active,
weather
and
18,627 3,917,829 1,673,196 1,707,182
in
with
sition
as
concerns
become
to
droughty
23,105
51,662
63,470
influenced
price
48,209 1,624,987
67,828 1,639,354
85,642 2,716,542
delivery
cotton for future
prices
1,206
2,569
2,280
more
or
moder¬
was
less by the
There was
the range
movement,
While weather reports have been
narrow.
main
5,488
4,142
8,451
operations of the Pool.
spectacular about
nothing
being
very
favorable in the
the growing crop, traders show no
dispo¬
side.
The
aggressive
conditions
on
the
in the eastern
selling
part of the belt were
reported as becoming more critical, and may prove a domi¬
nating factor
45,482 6,465,873
In the corresponding month of the preceding season the
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.
exports were 12,341 bales.
459
Brunswick
Charleston
Wilmington
-
Norfolk
1936
1~,783
Savannah
.
Charleston.
Since Aug
Week
Gulfport
Mobile
20
.
4,587
... .
•
....
....
30,201
Total
Mobile
Week
Houston
200
16,107
Total 1935
Savannah
Stock
1934-35
1935-36
Texas
.
'
New
Receipts to
May 22
.
1,656
250
1,020
«...
----
254
7,938
Baltimore
Totals this week.
.
'
60
246
3,005
Houston.
Savannah
Wed.
Tues.
868
Galveston
—.
....
■
■.'mm
mmmm
returns concerning
Mon.
Sat.
Receipts at—
.
.....
mmmm
4,364
Charleston
Boston
Friday Night, May 22, 1936.
of
....
38,636
16,929
1,266
20
Norfolk
previous years.
COTTON
Movement
....
—
3,317
Jacksonville
....
.
2,220
.
Total
5,338
2,914
*'
200
7,760
Lake Charles
New
The
1,519
mm
Other
657
17,620
2,551
1,266
....
Beaumont
Gulfport
than during either of the two
630
8,941
3,318
China
Japan
Italy
many
797
4,653
6,627
Pensacola, &c
>',;
three point rise has been indicated in
since 1933, the
"4",475
Beaumont
farm incomes, improving farm
past may be attributed chiefly to increasing
real estate taxes.
In
stated:
As in the two previous years, the increase
real estate credit conditions, and the
"""982
Gulfport
For the third consecutive year,
was
"i",i05
'
Farm Real Estate Values March 1 Above
values since before 1912
"1,125
Norfolk
♦
Years
583
Corpus Christi-_
and larger marketings of hogs were an
income
increased
239
100
>
and livestock products this March over
recorded in each region, ranging
75
216
The exports for
of potatoes and citrus fruits, and to larger
Gains in income from livestock
""281
154
433
of
north central States were
grains,
NiN"
marketings of apples.
•*4,242
3
322
.
Since Aug. 1__ 6,465,873 3,917,829 7,031,272 8,090,810 9,394,379 8,339,763
pronounced gain in income from crops
receipts from
""378
6
159
Total this wk_
wheat, and other
marketings of corn,
in
"""§74
2,740
2,395
5,833
2,175
2,918
Newport News
11%.
largely the result of a marked improvement in potato
moderate
5,570
28,260
6,964
1,519
All others
heavier marketings of apples.
A
18,905
24,365
6,660
2,131
7
Norfolk
of potatoes and wheat.
In the north Atlantic States, the
was
6.757
246
Wilmington..
in the southern regions are attributed to
sharp gains in income from crops in the
largely to
18,292
947
""913
Charleston
from crops were 25% greater than a year ago, and
marketings of cotton lint and to a sharp decline in
and to higher prices
;
1930-31
1931-32
9,535
5,457
12,743
4,325
741
Brunswick
from the high prices of a year ago.
crops
10,316
14,130
1,783
2,537
Orleans.
1932-33
1933-34
4,919
3,836
5,614
1,167
than in March 1935, not¬
States, receipts averaged 15% higher
receipts from livestock and livestock products were up
smaller
1934-35
14,425
New
withstanding decreases in most of the States in the two southern regions.
Reduced receipts from crops
1935-36
Galveston
were
For all
comparison may be^made with other years,
give below the totals at leading ports for six seasons:
i
Receipts at—
principal farm products
substantially higher this March than in the same month
last year in four out of the six regions in the United States,
according to the Bureau of Agricultural Economics, United
States Department of Agriculture.
The Bureau states that
gains in income from marketings ranged from 10% in the
western region to 29% in the west north central region.
Small decreases are reported for the south Atlantic and south
central regions, says the Bureau, which underdate of May 16,
added:
./ >>>'>
''■ :
Farmers' cash receipts from sales of
May 23, 1936
In order that
March in Four
Increase in Cash Farm Receipts During
For all States, receipts
Chronicle
come soon.
should no appreciable
relief to this section
Volume
Financial
142
Out¬
liquidation influenced by the favorable weather
prices closed 1 to 6 points lower.
On the 16th inst.
side of
some
trading, prices holding within a very narrow
six markets quoting
for deliveries on
Credit
announced late
of 12c.
bales through May 15.
aggregating
cotton
At the same
time it
was
724,107
60%
Corp.
Saturday that it has received requests for release
loan
were
May
1-lnch &
longer
announced that stocks in the Cotton
Shorts continued to absorb May
liquidation by the
pool in preparation for last trading day, Friday.
Towards
the close considerable trade buying developed, which in
turn induced many shorts to cover, resulting in a sharp
losses being erased.
watching developments in Washington
in connection with amendments to the Cotton Futures Act.
Reports said that Senator Smith had discarded all but three
of his proposed amendments.
These included limitation of
trading, institution of one delivery day in each month and
prohibiting of sales or purchase of cotton on call.
The
average price of middling at the ten designated markets was
11.64c.
On the 20th inst. prices closed unchanged to 14
points down.
Trading was moderately active but at the
expense of prices.
Heavy selling influenced by rain reports
in the eastern half of the belt, together with hedging opera¬
tions, were the chief factors responsible for the declines.
The list ended at the day's lows, with May finishing at
11.62c., unchanged, and July at 11.34c., 7 points lower.
The other active months were 12 to 14 points lower.
The
weekly weather report recorded favorable progress in the
Traders generally are
western and
central belts, but also emphasized the unfavor¬
dry conditions from eastern Alabama over the Carolinas
However, within the last 24 hours good rains
have been reported in this eastern area where needed.
It
was estimated that pool brokers sold about 8,000 bales of
able
and Georgia.
Average price of middling
designated spot markets Wednesday was 11.56c.,
May at bids of 11.62
in the 10
and 11.63c.
the
21st
inst.
prices
closed
unchanged to
7 points
Trading was relatively quiet, with prices holding
throughout the session.
Despite the favorable
reports, there was no disposition shown on the
higher.
steady
weather
traders to aggressively sell the market.
of
hand,
there was no substantial buying.
On the
The heavy
hedging so much in evidence the previous session was absent
in this session.
It was estimated the Pool had liquidated
total of 15,000
a
month
finished
bales of May at bids of 11.62c.
11.62c., unchanged, and July
at
11.36c., up 2 points.
The spot
closed at
The balance of the list closed near the
day's highs, or 3 to 7 points up. Liverpool closed unchanged
from previous finals.
Further showers throughout the belt,
including some sections of the East, were reported.
The
price of middling in the 10 designated spot markets
average
11.56c., unchanged.
was
points up to 3 points down. Trad¬
ing was relatively quiet, with the undertone steady.
Pool
interests sold approximately 1,500 bales of May at bids of
11.62c., while some traders with Japanese connections sold
Today prices closed 2
a
fair amount of October.
business
today.
by
was
in the May
The major portion of the early
contract, which
expired at noon
Only four notices were posted, and further covering
shorts was in evidence.
The May option
when it expired.
Liverpool was dull, with
speculative
was
do
.48
Strict Middling
do
.22
.47
Middling
.17
.35
Strict Low Middling
do
do
.16
28
Low
do
11.62c.
points down. The Department of
revised estimate, places the 1935 United
prices 2 points up to 2
Agriculture, in a
...White
...
Middling
♦Strict Good Ordinary..
.22
.48
.22
.48
.22
.16
.28
.20
.41
.20
.41
.16
.32
.14
.31
.14
.31
.14
.31
Extra
do1
do
do
♦Strict Low Middling...
♦Low
.14
♦Strict Middling
♦Middling
.31
.14
.31
.14
.31
Good Middling
♦Strict Middling
♦Middling
Good
Middling
Strict Middling
♦Middling
♦Good Middling
♦Strict Middling
♦Middling
•
Not deliverable
...
do
do
do
Mid.
do
do
on
do
off
do
on
do
off
off
do
do
do
do
do
do
do
off
do
35 off
do
do
60
1.31
do
do
1.99
do
do
do
do
2.05
2.57
.55
.39
.02
.57
1.27
.14
.11
.59
1.31
2.05
.08
do
2.55
do
Light Yellow Stained- .67
do
do
do
1.30
do
do
do
1.95
Yellow Stained
1.25
do
do
1.83
do
do
2.39
Gray
.48
do
...
.72
do
1 21
Blue Stained
1.25
do
do
1.85
do
do
2.32
Middling
Good Middling
.31
.14
...
.;
White
Strict Middling
do
Middling
do
Strict Low Middling
do
Low Middling
do
do
Good Middling
Spotted
Strict Middling.
do
Middling
do
♦Strict Low Middling
do
♦Low Middling
do
Strict Good Middling..Yellow Tinged
do
Good Middling
do
do
Strict Middling
do
do
♦Middling
do
.35
Mid.
.75 on
.64
.55
.39
Basis
.59 off
131
...
do
Good Middling
.47
.17
i
do
♦G«od Ordinary
.....
...
do
do
off
do
do
do
off
do
do
do
off
do
do
do
off
do
do
future contract.
on
quotation for middling upland cotton in the
the past week has been:
The official
New York market each day for
Mon.
Sat.
11.72
May 16 to May 22—
Middling upland-
Fri.
11.69
Wed. Thurs.
11.72
11.72
Tues.
11.72
11.72
Market and Sales at New York
on the spot each day during the
indicated in the following statement.
the convenience of the reader, we also add columns
The total sales of cotton
week at New York
For
which show at
closed
on
are
glance how the market for spot and futures
days.
a
same
SALES
Futures
Spot Market
Market
Closed
Closed
Quiet, 1 pt. dec
unchanged.
unchanged.
unchanged.
unchanged.
Spts.decline
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
•_
Steady,
Steady,
Steady,
Steady,
Quiet,
__
Spot
Steady
Steady
Steady
Barely steady.
Steady
Steady
Total
Contr'ct
_
"300
*300
200
200
Total week.
500
500
Since Aug. 1
53.390
Futures—The
highest, lowest and
week have been
New York for the past
Saturday
Monday
Tuesday
May 16
May 18
May 19
31*166
84,490
at
closing prices
follows:
as
Wednesday
May 20
Thursday
Friday
May 21
May 22
Afay(1936)
11.61-11.63
Range.. 11.61-11.63 11.62-11.64 11.62-11.63 11.61-11.64 11.61-11.62
11.62
11.62
11.62
Closing. 11.62-11.63 11.62
June—
Range..
Closing. 11.50/1
11.52n
11.51/1
11.49/1
11.48/1
11.44
July—
11.35-11.39 11.36-11.41
Range.. 11.38-11.41 11.37-11.43 11.39-11.43 11.34-11.40
11.39
11.41-11.42 11.34
11.36
11.40
11.38
Closing.
August—
Range..
Closing. 11.23/1
11.25/1
11.26/1
11.19/1
11.21/1
11.24n
10.96/1
10.95/1
10.83/1
10.86/1
10.83n
Sept.—
Range..
Closing. 10.91rt
October—
against 11.64c. Tuesday.
other
do
Good Middling
of prices, most of the early
recovery
part
Strict Good Middling.,
.48
.22
the New York Cotton
ing the new crop months, this element being encouraged
by further favorable weather reports.
Prices at one time
showed declines of 6 to 8 points in the new crop deliveries.
Pool brokers sold about 10,000 bales of May at 11.63 and
On
Middling Fair
.48
.22
totaling
Total sales since Feb. 12 aggregated
about 431,000 bales.
Sales of futures by the Pool for the
same period totaled approximately 63,600 bales, leaving a
balance of 517,000 bales at the close Friday, of which 75,500
bales were for May delivery, and 442,000 for later deliveries,
according to Exchange Service.
On the 19th inst. prices
closed 1 point up to 2 points down.
Trading was moderately
active, with prices ruling within a narrow/ range.
The
old crop positions were sustained by trade price-fixing and
covering by shorts, while late months declined under pressure
of hedge selling.
Short selling also played a part in depress¬
11.62c.
.48
.22
Service.
Exchange
contract to
on
.22
weatherjiews was bearish but there was no disposition to
sell the niarket aggressively in"any ^quarter.
There was a
fair"amount~of'foreign*buying, particularly from the Conti¬
nent and Liverpool. The trade and professional shorts were
also buyers at intervals during the session.
Brokers with
Japanese connections were good buyers of the later months,
especially October.
Sales of spot cotton by the Producers'
Pool for the week ended May 15, totaled approximately 5,000
202,000 bales, according to
for deliveries
28 1936
Inch
212,315 bales of spot cotton and
running bales, leaving the pool with spot cotton
grades established
May 28 1936
are
the average quotations of the ten
markets designated by the* Secretary of
Agriculture.
Differences between
of average of
15-16
517,000
bales of futures.
Liverpool early cables were 1 point lower
to 5 points better than due, with the closing prices steady at
1
point higher.
Average price of middling at the ten
designated spot markets Saturday was 11.64c.
On the 18th
inst. prices closed unchanged to 6 points higher.
The
Producers' Pool
about
each,
at 10,638,000 bales of 500 pounds
crop
Staple Premiums
Commodity
The
range.
States cotton
against 9,636,000 bales in 1934.
selling, there was very little
reports and moderate hedge
feature to the
3539
Chronicle
10.42-10.52 10.36-10.45 10.37-10.42 10.37-10.43
Range.. 10.44-10.50 10.47-10.52
10.38-10.39
10.36-10.37 10.41 —
10.49-10.50 10.48
Closing. 10.44
Nov.—
10.35-10.35
Range..
Closing. 10.43/1
10.46/1
10.47/1
10.34/1
10.40/1
10.35n
Dec.—
10.38-10.49 10.31-10.39 10.33-10.39 10.34-10.39
Range.. 10.41-10.48 10.43-10.50
10.34
10.31-10.33 10.38 —
10.46-10.47 10.44 —
Closing. 10.43
Jan. (1937)
10.38-10.49 10.30-10.37 10i32-10.36 10.34-10.37
Range.. 10.40-10.47 10.42-10.48
10.30 —
10.35
10.44/1
10.36/1
10.46/1
Closing. 10.42
Feb.—
Range..
Closing. 10.42/1
10.45/1
10.47/1
10.32/t
10.37 n
10.37n
March—
10.37-10.42
Range.. 10.42-10.49 10.45-10.51 10.42-10.52 10.34-10.43 10.34-10.40
10.39
10.34 —
10.39 —
10.48-10.49 10.47
Closing. 10.42
April—
Range.
.
Closing.
n
Nominal.
Range for future prices at
May 22 1936 and since
Range Since Beginning of Option
Range for Week
Option for—
New York for week ending
on each option:
trading began
May 1936.. 11.61 May 16 11.64 May 18 10.33 Aug. 24 1935 12.07 May 17
8
10.58 Sept. 30 1935 11.38 Oct.
June 1936—
9 1936 11.97 May 25
July 1936.. 11.34 May 20 11.43 May 18 10.21 Jan.
10.39 Jan.
9 1936 11.55 Nov. 25
Aug. 1936..
10.42
Sept. 1936—
Sept.
1935
1935
1935
1935
3 1935 11.40 July 26 1935
Jan.
9.80 Jan.
9
1936— 10^36 ~May_20 16752 May~18
3
May 22 10.35 May 22 10.12 Mar.
9.76 Jan.
9
1936— 10.31 May 20 10.50 May 18
9.94 Feb. 25
1937.J. 10.30 May 20 10.49 May 19
Feb.
1937—
Oct.
1936 11.45
Dec.
3 1935
Nov. 1936- 10.35
1936 10.35 May 22 1936
Dec.
1936 10.69 Jan.
2 1936
1936 10.53 Apr.
22 1936
16.60
18 1936
Mar. 1937—
16.34"
May 20 10.52
May
19
10.2"(j
Mar. 27 1936
Apr.
3540
The
Financial
Visible
Supply
of
Chronicle
Cotton
to-night, as made up
by cable and telegraph, is as follows.
Foreign stocks as
well as afloat are this week's
returns, and consequently
all foreign figures are
brought down to Thursday evening.
To make the total show the
complete figures for to-night
(Friday) we add the item of exports from the United States,
for Friday only.
f. v
May 22—
1936
Stock at Liverpool
Stock at Manchester
bales.
1935
receipts of all the towns have been 17,873 bales
the
New York
1936
1932
649,000
97,000
701,000 1,039,000
215,000
534,000
117,000
254,000
21,000
17,000
71,000
80,000
55,000
76,000
23,000
9,000
8,000
5,000
746,000
1931
1930
526,000
510,000
12.45c. 11927
—
-11.50c. 11926--
1933
537,000
225,000
26,000
91,000
111,000
-ll.69c.H928--.
1932
705,000
206,000
160,000
13,000
70,000
62,000
10,000
5,000
Total Continental stocks
«...
1934
922,000
117,000
Stock at Genoa
Stock at Venice and Mestre..—
Stock at Trieste
Quotations for 32 Years
quotations for middling upland at New York on
Nay 22 for each of the past 32 years have been as follows:
626,000
75,000
Stock at Havre
Stock at Rotterdam—
Stock at Barcelona
than
The
600,000
105,000
Total Great Britain
Stock at Bremen
more
week last year.
same
1935
1934
May 23, 1936
8.40c. 11925—
5.85c. 11924
.
.
—-
1923
9.25c.
-
-
-
—
_16.45c. 11922--
-19.70c. 11921
1929
—
-21.60c. 11920
-16.30C.I1919
18.90c. 11918
-23.50c. 11917
40.50c. 11912
11.60c.
31.55c.U911 .—-16.10c.
25.70c. 11910
15.40c.
21.30c. 11909
11.65c.
-32.35c. 11916
13.10c. 11908
11.10c.
-28.65c. 11915
9.80c. 11907
12.25c.
-21.80c. 1914 ----13.60c. 11906
11.90c.
-12.60c. 11913
12.10c. 11905
8.45c.
Overland Movement for the Week and Since
Aug. 1—
We give below a statement showing the overland movement
ana since
Aug. 1, as made
for the week
975,000
up from telegraphic
reports Friday .night.
The results for the week and since
Aug. 1 in the last two years are as follows:
990,000
,
Total European stocks
1,231,000 1,211,000 2,014,000 1,736,000
137,000
96,000
94,000
83,000
202,000
203,000
161,000
273,000
Egypt, Brazil,&c.,afl't for Europe
134,000
125,000
87,000
85,000
Stock in Alexandria, Egypt
249,000
233,000
348,000
455,000
Stock in Bombay, India
873,000
812,000 1,187,000
965,000
Stock in U. S. ports
...1,673,196 1,707,182 2,802,184 3,987,444
Stock in U. S. interior towns
1,651,649 1,328,412 1,378,269 1,566,959
U. S. exports today
13,043
5,374
3.847
9,056
-1935-36-
India cotton afloat for Europe.__
American cotton afloat for Europe
May 22—
Week
Via St. Louis
Via
3,771
3,000
-12,679
254
294
«
150
Via Virginia points
Via other routes, &c
-
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c—
Between interior towns
bales.
258,000
204,000
415,000
353,000
40,000
40,000
46,000
57,000
Bremen stock
167,000
163,000
Havre stock
135,000
101,000
Other Continental stock
91,000
106,000
852,000
920,000
American afloat for Europe..-..
202,000
203,000
161,000
273,000
U. S. ports stock
1,673,196 1,707,182 2,802,184 3,987,444
U. S. interior stock
1,651,649 1,328,412 1,378,269 1,566,959
TJ. S. exports today
13,043
5,374
3,847
9,056
Manchester stock
Aug. 1
2.847
784
190,869
93,163
77
'"73
3,520
6,548
12,995
160,487
491,374
1,064,094
13,772
948,965
323
25,651
12,755
271,634
-
3,319
27,937
9,770
267,695
.
3,736
305,402
8,216
310,040
8,943
758,692
5,556
638,925
-
163
.
Inland, &c., from South
Total to be deducted
...
Week
202,411
83,369
3,122
11,122
176,025
598,045
Mounds, &c
Via Rock Island
Since
Aug. 1
4,424
1,040
——
Via Louisville
6,163,888 5,720,968 8,075,300 9,160,459
Of the above, totals of American and other
descriptions are as follows:
-1934-35-
Since
Shipped—
Total visible supply
Liverpool stock
'
266
7,627
....
Leaving total net overland *
*
-
Including movement by rail to Canada.
-
Total American
Liverpool stock
342,000
65,000
39,000
25,000
69,000
137,000
134,000
249,000
873,000
Manchester stock
:
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat.
Stock in Alexandria, Egypt
Stock in Bombay, India
....
422,000
507,000
71,000
35,000
52,000
16,000
72,000
123,000
96,000
94,000
125,000
87,000
233,000
348,000
812,000 1,187,000
70,000
Total visible supply
6,163,888 5,720,968 8,075,300 9,160,459
Middling uplands, Liverpool
Middling uplands. New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
.
.
i
n
6.57d.
11.69c.
7.01d.
6 20d.
12.35c.
9.22d.
5.22d.
8.80d.
6.03d.
11.15c.
9.02d.
4.99d.
6.07d.
9.00c.
8.97d.
5.22d.
5.93d.
6.50d.
5.80d.
week of 144,408 bales, a gain of 442,920 bales over
1935, a
decrease of 1,911,412 bales from 1934, and a decrease of
2,996,571 bales from 1933.
Interior
the
Towns
movenlent—that- is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
1
In
>
Sight and Spinners'
Takings
Movement to May 22,
vear
ago
Total marketed..
Excess
of
Since
Week
Aug. 1
6,465,873
758,692
4,545,000
18,627
5,556
3,917.829
100.000
3,925.000
11.769,565
531,311
179,425
*41,422
—
excess
Southern
1934-35
Aug. 1
Receipts at ports to May 22
45,482
Net overland to May 22
8,943
Southern consumption to May 22.125,000
124,183
*17,521
8,481,754
638.925
180,934
mill
takings
consumption to May 1
over
Came into sight during week
421,758
138,003
Total in sight May 22
North, spinn s
*
1936
Movement to May 23,
1935
Ship-
Stocks
Receipts
Ship¬
11,076
May
Week
24
8,581,414
1,021,039
914,335
5,906
Movement into sight in previous years:
Week—
*
■
1934—May 25
1933—May 26
1932—May 27
Bales
122,509
125,227
125,189
-
Since Aug. 1—
1933
Bales
-12,223,842
12,993,782
...15.071,943
1932
1931.--
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for
middling cotton at
Southern and other
principal cotton markets for each day
of the week:
;A:;A'.'vy
■
Closing Quotations for Middling Cotton
Week Ended
Saturday Monday
Tuesday
on-
Wed'day Thursday
Friday
Stocks
ments
106.662
-
12,722,634
--
takings to May 22.
*81,274
Decrease.
May 22
Receipts
a
Since
Week
detail below:
Towns
over
5.73d.
Continental imports for past week have been 90,000 bales.
The above figures for 1936 show a decrease from last
the
increase
1935-36
Interior stocks in
.
an
119,767 bales.
83,000
85,000
455,000
965,000
year
aggregate net overland exhibits
of
1,933,000 1,863,000 2,417,000 1,994,000
4,230,888 3,857,968 5,658,300 7,166,459
.
this
296,000
40,000
Total East India, &c
Total American
At
foregoing shows the week's net overland movement
has been 8,943 bales, • against 5,556 bales for
the week last year, and that for«the season to date the
4,230,888 3,857,968 5,658,300 7,166,459
East Indian, Brazil, &c.—
Bremen stock
The
Week ]
Ala.,Blrming'm
Season
\
May
Week
1
22
127
58,370
208
75
15,501
81,108
85,643
895
18
Ark., Blythvllle
49
109,660
Forest City.-
34
Helena
94
36,794
2*156
383
31,826
17,155
161,528
1,824
*256
Eufaula...
Montgomery.
1
Selma
Hope
Jonesboro
Little Rock_.
79
171
1,512
1,645
1,224
27,328
"60
Week
Season
7
20,967
129
""I
8,818
23,974
44,226
122,873
27,679
47,117
29,128
28,079
"~3
61
86,285
125
3
36,648
11,140
60,766
56,801
77,133
14,578
10,922
16,279
7,732
50
11
12
3
30
31,261
113,382
1,203
55,367
14,813
43,921
Walnut Ridge
34,456
10
12,191
8
Ga., Albany...
24,335
3
16,807
10
22
66,061
4,564
1,598
295,806
181,593
44,239
53,916
15,448
71,423
122,734
41,284
173,971
Newport
199
358
56,591
8,789
548
40
16,330
2,843
*238
30,964
385
6,772
Yazoo City--
8
6,481
3
4,809
4,424
235
3,602
3,044
2,847
65
37,792
205,880
8,152
1,744
Mo., St. Louis.
N.C.,Gr'nsboro
30
17,085
78,348
24,852
4,630
14,309
74,643
99,195
28,150
13,533
19,258
57,674
131,596
23,341
135,566
25,044
3,907
21,817
28,347
181,373
3,769
420
386,584
1,968
93,758
31
149
29
132
823
283
.
7
240,680
Bine Bluff...
Athens
Atlanta.....
792
Augusta...
Columbus...
700
Macon
205
Rome..
20
La., Shreveport
13
Miss.Clarksdale
846
Columbus...
41
Greenwood
81
_.
Jackson
Natchez
Vicksburg
155
41,645
28
5,680 145,473
404
3,023 118,000
826
200
454
200
319
2,649
600
32,600
37,809
23,934
21,409
14,478
15
20
2
348
103
24,092
14
1,490
20,526
268
41
99
440
466
1
S.C., Greenville
1,460
154,524
16,544 1,932,487
54,770
2,796 52,426
27,882 514,930
Dallas
974
189
i ,185
6,805
Paris
12,150
56,302
34,408
2
10,527
222
1,117
63
5,603
281
313
9
24,690
415
36
79,933
8,611
6,246
759
122,376
7,265 1,362,012
24,007
'"§
21,121
15,175
34j
592
47,453
16
35,737
6,747
"17
16,648
111
26,926
121
57,015
74,170 1651649
14,875 3,401,481
Tenn.,Memphis
Texas, Abllene.
"*47
Brenham
Robstown
San Antonio.
Texarkana.
Waco
.
....
Total, 56 towns
*
29
18,539
15
Austln
32.748 5,013,507
1,409
180
904
27
3,802
,932
.....
1,162
7,292
18,178
39,750
82,697
18,944
14,161
19,501
24,571
45,959
14,280
28,235
11,292
above
decreased
totlas
show
during the week
323,237 bales
more
that
than at the
the
41,422
interior
bales and
same
11.65
11.65
11.57
11.59
New Orleans
11.65
11.58
11.70
11.60
11.70
11.65
11.54
11.60
11.62
11.61
11.56
11.58
Savannah
11.88
11.90
11.81
11.74
11.76
11.79
11.85
11.85
11.90
11.80
Montgomery
Augusta
Memphis
11.61
11.55
11.56
11.49
11.51
11.54
11.88
11.90
11.91
11.84
11.89
11.50
11.50
11.40
11.35
11.86
11.35
11.70
11.70
11.70
11.58
11.45
11.46
11.63
11.29
11.58
11.43
11.31
11.34
11.23
11.25
11.26
11.19
11.19
11.22
Fort Worth
11.23
11.25
11.26
11.19
11.19
11.22
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been
959
Saturday
12,311
May 16
456
17,825
21,968
21,507
29,648
15,460
38,882
325
345
"58
172
2,847
15,928
4,610
5,018
14,241
11.40
Dallas
1,000
1,068
11.85
Houston
3.782
975
11.80
Little Rock
30,174
67,627
98,477
"30
11.59
Norfolk
1,435
1,867
Monday
May 18
May (1936) 1157bll58a 11.63
as
closing quotations
cotton market for
follows:
Tuesday
May 19
Wednesday
May 20
Thursday
May 21
Friday
|
May 22
11.66
116061162a
11.30
11.34
11.34
11.29-11.30 11.30
11.32
10.40
10.44
10.43
10.33
10.38
10.36
December. 10.39
10.42
10.41
10.30-10.31
103461035a 10.31
116061162a 11.62
June
July
August
September
October
..
November
Jan.
(1937) 10.39
February
10.43
10.41
10.30
10.34
10.33
10.36
Bid.
10.36
Bid
10.36
Bid. 10.36
Bid
10.31
903
2,452
8,374
J
273
107,763
May
1,794 48,021
13,974 374,831
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Steady
Options
Steady.
Steady.
Steady.
Barely stdv
Steadv
Steady
32,3961328412
39
46
841
49
8,054
2,391
4,495
6,599
11,888
11349
62'
3,598
222
15,537
8,600
66
stocks
have
to-night
period last year. The
are
.
March
10.40
Bid. 10.46
Bid.
10.44
Bid.
April
Includes the combined totals of 15 towns in Oklahoma.
The
11.65
33
Oklahoma—
15 towns*..
3,963
5,471
Galveston
Mobile..
ments
Tone—
Activity in the Cotton Spinning Industry for April,
1936—The Bureau of the Census announced on
May 20
that, according to preliminary figures, 28,602,580 cotton
spinning spindles were in place in the United States on April
30, 1936, of which 23,123,536 were operated at some time
during the month, compared with 23,175,502 for March,
23,337,070 for February, 23,323,958 for January, 23,391,370
for December,
23,193,734 for November, and 23,854,052 for
April, 1935.
The hours of employment and of productive
machinery are affected generally by organized short time.
However, in order that the statistics may be comparable
Volume
Financial
142
with those for earlier months and years, the same method
of computing the percentage of activity has been used.
Chronicle
Rain
,
_
3 days
1.03 in.
2.12 in.
1 day
dry
0.22 in.
on
Abilene
Brenham
Dallas
1 day
El Paso
;
Henrietta
Kerrville
„
3 days
1 day
Lampasas
Longview
Luling
Nacogdoches
1 day
i
3 days
Palestine
2 days
Pans
.1 day
2 days
Taylor
Spinning Spindles
>
..
for April
™
,
In Place
Active Dur¬
April 30
ing April
Average per
Total
Spindle in Place
Cotton growing States
19,149,106
8,441,094
17,118,660
5,320,982
5,702,350,312
1,447,056,191
298
New England States.
All other States
1,012,380
683,894
170,774,762
169
Alabama
1,676,442
485,656
559,162,627
291
Connecticut
1,918,794
824,184
106,818,564
130
Georgia
3,341,766
795,588
4,467,632
1,009,520,927
179,372,411
302
Maine
797,276,757
178
54,018,224
240
1,090,114
2,986,722
645,944
3,001,368
172,478
345,542
101,030,048
93
533,460
290,530
70,386,762
132
6,081,052
5,416,460
769,586
5,386,916
1,713,164,573
282
235,365,451
202
1,858,497,629
209,613,875
54,295,947
187,249,216
323
Massachusetts
Mississippi
225,338
New Hampshire
New York
North Carolina
Rhode Island
1,165,424
South Carolina
5,760,972
639,456
256,732
648,816
853,252
Tennessee
Texas
Virginia
Allother States
United States
553,582
185,144
553,044
654,122
28,603,580
171
225
328
.211
184,408,254
216
256
Cotton Ginned from the
Crop of 1935—The Bureau of
shortly issue the annual bulletin on Cotton
United States from the crop of 1935.
The statistics were compiled from • the individual returns
collected from 12,812 active ginneries located in 913 counties
the Census will
Production in
in
18
the
States%
The final figures of cotton ginned
are
10,-
420,346 running bales, counting round as half bales, equiva¬
lent to 10,638,391 bales of 500
pounds each.
The total is
3,109 running bales in excess of the preliminary figure issued
on
March 20.
The
Weatherford
will
show
the
ginnings by States and by
counties for the crops of 1932 to 1935.
It will also show the
ginnings to specified dates throughout the season, by States
and by counties, for the crop of 1935.
These detailed figures
are of local
interest, and permit of a closer analysis of the
statistics.
.
The
following tabular statement presents the final figures
ginned by States for the last three crops.
The
quantities are given in both running bales, counting round
as half bales, and in
equivalent 500-pound bales.
of cotton
(<Counting Round
1935
1,033,457
131,541
841,518
232,725
26,653
1,052,662
Louisiana
541,360
Mississippi
as
Half Bales)
New
Equivalent 500-Pound Bales
251,523
24,343
974,868
473,333
951,074
92,934
1,014,645
210,682
24,135
1,093,385
469,260
1,132,152
237,927
86,121
690,506
1,235,851
728,025
428,881
1935
952,245
26,632
1,062,526
556,288
2,849,750
4,220,275
27,619
32,997
34,413
564,982
744,182
316,509
2,960,774
27,246
7,402
14,371
13,753
972,591
96,124
1,049,777
217,051
23,957
Tennessee
Virginia
All oth. States*
United States.. 10,420,346
971,425
484,668
1,142,706
233,864
86,618
631,420
317,387
681,791
404,316
1,104,507
476,641
1,159,238
244,542
89,960
71,835
574,201
9,471,505 12,664,019 10,638,391
2,407,979
32,961
14,040
686,990
1,265,746
735,089
444,556
4,431,951
34,397
13,842
9,636,073 13,047,262
♦Includes Illinois, Kansas, and Kentucky.
Domestic Stock of American Cotton at End of
April
Ago, According to
New York
Cotton
Exchange—The total stock of American cotton in all hands
Below
Year
in the United States at the end of
April was approximately
7,804,000 bales, compared with 9,207,000 on the same date
last season, and 9,850,000 two seasons ago,
according to the
New York Cotton Exchange Service.
The end-April stock
this year was thus 1,403,000 bales smaller than last
year.
Under date of May 18 the Exchange Service stated:
The total supply of American cotton in this country for this season was
larger than that for last season at 17,586,000 bales, as against 17,104,000.
The reduction of the domestic stock to a level lower than that last
year,
the end of April, was due to the fact that both domestic consumption and
exports have been much larger this season than last season.
Domestic
consumption to the end of April totaled 4,556,000 bales this season, com¬
pared with 4,021,000 in the same period last season.
Exports totaled
5,226,000 bales, as against 3,876,000.
With domestic consumption continuing to run well ahead of last
season,
and with exports promising to equal or exceed those last season, in the last
three months of the season, present prospects are that the domestic stock
of cotton at the end of this season will show a greater decrease from a
year
previous than was shown by the stock at the end of April.
I**
^Weather Reports by Telegraph—Reports to
us by tele¬
indicate that very rapid progress is being
made in the central" part of the cotton belt, some localities
actually reporting the first squares of the season.
While
rains in the eastern portion of the belt have not been
heavy
enough to relieve the droughty situation completely, they
have been of the greatest benefit and will enable growers to
complete planting in many sections.
graph this
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
89
95
86
88
88
86
88
84"
82
86
88
86
88
86
86
83
88
88
84
86
88
88
91
82
90
90
88
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
Feet
Above
Memphis
—Above
Nashville.._______ Above
Shreveport
.Above
Vicksburg
Above
Dallas
evening
68
66
60
62
60
65
76
73
76
mean 77
mean 75
mean 77
mean 76
mean 74
mean 80
mean 73
mean 72
mean 72
mean 73
mean 78
mean 71
mean 74
mean 73
mean 78
mean 74
mean
mean
mean
mean
mean
71
74
72
71
70
mean 70
mean 76
mean 77
mean 77
mean 73
mean 78
mean 74
mean 75
mean 77
mean 73
mean 77
mean 75
mean 76
mean 73
mean
mean
mean
mean
mean
78
76
mean
74
mean
74
73
74
73
74
66
70
72
70
70
70
mean
mean
58
mean
60
48
54
55
52
49
58
52
58
56
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
71
74
72
zero
zero
of gaugeof gauge-
zero
of gauge—
of gauge-
zero
of gauge-
zero
May 24, 1935
Feet
5.9
12.8
94
12.0
14.6
15.2
31.8
22.0
31.0
39.8
Cotton
Exchange Weekly Crop Report—The
Dallas Cotton Exchange each week publishes a
compre¬
hensive report covering cotton crop conditions in Texas,
Oklahoma and Arkansas.
May 18, is
as
The current week's report,
follows:
•
■
::
..V
dated
-
.
VSV-.
texas
(Taylor County)—About 75%
of cotton planted, 50% of which
is up to perfect stand, and is growing rapidly.
Fields in good state of
cultivation.
Some parts of this territory still too dry for best results.
Rain over entire section would help.
Floydada (Floyd County)—We need
a
general rain in this territory.
The
spots with enough planting moisture would about equal half the territory.
Some are planting now, nothing is upi
Fields are in fine shape of culti¬
vation.
There will be some increase in acreage.
24,260
7,102
Carolina
230,368
1,259,482
173,979
1933
116,363
874,782
259,551
857,156
239,848
83,172
640,924
329,845
684,619
396,655
2,314,894
562,704
738,744
315,602
__
...
1934
1,061,314
134,335
70,178
579,313
Mexico._
Oklahoma..
Texas
936,080
113,184
848,997
1933
1,121,332
North Carolina
South
1934
1,226,295
182,823
Missouri
in.
in.
m.
~
New Orleans
Abilene
State
Georgia
in.
69
58
60
62
64
64
66
62
64
56
54
54
56
64
58
62
60
66
56
54
60
53
56
54
51
64
62
68
56
61
62
62
66
60
66
66
70
70
West Texas
Running Bales
Florida
in.
in.
in.
in.
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates
given:
■
,
.,
(Linters Are Not Included)
California
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
V
__
_,
COTTON GINNED FROM THE CROPS OF 1935, 1934, AND 1933
Arkansas
in.
in.
...
(
Arizona
high
high
in.
in.
in.
in.
82
88
92
92
86
90
86
86
96
90
90
90
90
92
84
86
86
90
92
88
88
91
86
86
89
88
91
86
May 22, 1936
bulletin
Alabama
1 day
dry
1 day
0.75
J?rt Smith
1 day
0.01
Little Rock
2 days
0.20
Pine Bluff
3 days
0.16
Louisiana—•Alexandria
2 days
0.72
Amite
5 days
4.16
New Orleans
2 days
1.78
Shreveport
3 days
0.32
Mississippi—Greenwood._
1 day
0.94
Meridian..
•
2 days
0.88
Vicksburg
2 days
2.34
Alabama—Mobile
_____3days
1.08
Birmingham
2 days 1 0.49
Montgomery
3 days
1.70
Florida—Jacksonville.
2 days
0.80
Miami
5 days
1.56
Pensacola_„
3 days
3.06
Tampa.
...3 days
0.92
Georgia—Savannah..
4 days
1.32
Atlanta
dry
Augusta
2 days
0.07
Macon
dry
South Carolina—Charleston_2
days
0.17
Greenwood
dry
Columbia
1 day
0.06
North Carolina—Asheville-__ 1
day
0.04
Charlotte
____'
dry
Newbern
1 day
0.82
Raleigh
__1 day
0.76
Weldon
2 days
0.26
Wilmington.__—
2 days
0.05
Tennessee—Memphis
2 days
0.32
Chattanooga
1 day
0.02
Nashville1 day
0.02
—
289
7,320,181,265
23,123,536
,
Oklahoma—Oklahoma City
Arkansas—Eldorado
in.
in.
in.
in.
in.
0.16
0.58
0.11
0.06
dry
dry
0.42
0.02
dry
0.02
0.24
0.40
0.06
0.44
dry
_.l day
2 days
Corpus Christi
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
0.24 in.
2 days
Brownsville.
San Antonio
'
Thermometer
5 days
Amarillo
Austin
Active Spindle Howe
State
Rainfall
Texas—Galveston
this basis the cotton spindles in the United
States were operated during April, 1936, at 110.9% capacity.
This percentage compares with 108.1 for March, 105.2 for
February, 111.9 for January, 103.8 for December, 101.1 for
November, and 85.4 for April, 1935.
The average number
of active spindle hours per spindle in place for the month was
256.
The total number of cotton spinning spindles in place,
the number active, the number of active spindle hours, and
the average hours per spindle in place, by States, are shown
in the following statement:
Computed
3541
_
Quanah (Hardeman County)-^-Too dry to make
and won't plant until it rains.
Sweetwater (Nolan County)—70% planted, 25%
report, none planted,
a
up.
Moisture spotted.
"West of Sweetwater badly in need of rain.
North Texas
Clarksville (Red River County)—Conditions in this county at this time
promising.
Cotton is about 95% planted, with about 85% up to
good stand, very little replanting necessary. - 5% chopped.
Plenty of
moisture, growth fair to good.
About 20% increase in acreage over
last year; land is well cultivated.
Weather for the week: first part rain,
last of week warm and nights cool.
Dallas (Dallas County)—Increase in acreage over last year if 12% to 15%.
About 70% planted, 40% up to good stand.
Very little plowed out, but
fields in good condition.
Last rain was May 8; will need more rain next
week as there is no subsoil moisture and top soil dries rapidly after being
plowed.
Honey Grove (Fannin County)—20% increase in acreage.
About 90%
of the crop planted so far, with about 75% up.
Stands fair to poor, due
to so much rain the past 10 days.
About 10% will have to be replanted.
Practically all the fields are grassy and needing work.
Weather fair.
Several fanners started to work at noon Thursday.
Paris (Lamar County)—90% of cotton is planted, some replanting to do
in bottoms, but the stand is good on most all upland.
Outlook is good
and fields in fair condition, but need week or 10 days dry weather.
About
10% chopped, growth good.
Some wind and bail in western part but no
serious damage.
Acreage increase over last season will be 20%.
Sulphur Springs (Hopkins County)—Average increase in acreage this
territory is 20%.
Approximately 65% planted now, with 35% up.
With
exception of cool nights weather is good for growing.
Land is in good
very
a
of cultivation.
Terrell (.Kaufman County)-*—The crop at this time looks very good.
state
Have
had enough rain for awhile and need dry weather now in order to get the
grass cleaned out.
Some farmers would have liked to plant earlier, but
due to the dry weather before the recent rains
they were unable to do
so.
In some sections where the rain was the heaviest a very small percentage
will have to be planted over.
Approximately 90% is planted, with 90%
of this up to a good stand.
Increase in acreage over the entire territory
will be between 20% and 25% over last year.
Wills Point
(Van Zandt County)—Only
fair progress made in planting
too wet.
40% has now been planted.
20% will
due to packing rains of the 8th and 9th and grassy
conditions of fields.
Conditions now very favorable.
With fair weather
a large per cent of the crop will be planted next week.
last week.
have to
Lowlands
be replanted
Central Texas
Cleburne {Johnson
moisture.
Crop
Fields
in
are
County)—Rains past two weeks have furnished ample
is 40%
excellent
last year.
Hillsboro (Hill
planted,
and
cultivation.
about
Increase
15%
in
up
to
acreage
a
is
good stand.
about 10%
over
County)—Farmers succeeded in getting in about three
days' good work past week, which enabled them to almost complete planting.
A very small per cent will have to be replanted caused by heavy rains
in local areas.
As a whole, would consider conditions normal at this time,
with no complaints from any source.
Waxahachie (Ellis County)—About 90% planted, 75% up, and 10% to
15% replanted.
A hard general rain the first part of the week very bene¬
ficial.
Fields are getting grassy, but if dry weather continues they will
be cleaned out in
about
10
days.
Farmers very busy during last
week and labor plentiful.
It looks like about a 15% increase over last
year's acreage.
Financial
3542
Chronicle
May
May 21
Receipts—
Since
Week
rapidly.
Tyler {Smith County)—Estimate is 20% increase in production in this
nyler
territory over last season.
Crop will be from five to six weeks later this
year due to extremely dry weather early part of season.
Excessive rains
past two weeks have made it necessary to replant 10% to 15% of crop.
Work is progressing
Week
Aug. 1
Since
Week
Aug. 1
42,000 2,079,000
73.00C 2,217,000
For the Week
Aug. 1
Since Aug. 1
Exports
Great
Conti¬
Jap'n&
Britain
nent
China
From—
Great
Britain
Total
Conti¬
nent
Japan &
Total
China
{Grady County)—Chickasha territory received approximately
H-inch moisture during past week.
Cotton planting progressing nicely.
Some cotton up to fair stand.
Weather condition during past week has
been ideal, not only for cotton but all spring crops.
Understand we will
have approximately 15% increase in cotton acreage this season over past
season.
Bombay—
1,000
15,000
i~66o
10,000
7,000
5,000
10,000
7,000
39,000
35,000
57,000
55,000
45,000
65,000
98,000
10,000
16,000
16,000
316,000
204,000
226,000
65,000
61,000
81,000
9,000
1935-36—
1934-351933-34-
284,000
353,000 1,135,000 1,586,000
289,000 1,074,000 1,419,000
295,000
721,000 1,074,000
56,000
58,000
Oth. India—
Frederick
(Tiliman County)—Increase in acreage about 10% to 15%.
of crop planted.
The entire county has had ample rains the
past 30 days, total 3.70 in April and May to date.
Unless we have very
favorable weather to cause replanting there will be planty of seed. 'All
About 50%
land is in good condition.
1935-361934-35-
1933-34-.
Total
to 90% planted.
Hugo {.Choctaw County)—From 60%
Stands
5,000
6,000
1935-36-
6,000
20,000
1934-35-
10,000
1933-34—
8,000
16,000
16,000
are
No report of insect damage.
Mangum {Greer County)—No rain during the week and nights were too
for cotton if there had been any up.
About one-third of acreage
planted this week while some are waiting for rain and warmer weather,
which seems wise as good planting seed not too plantiful should replanting
be necessary.
We are badly in need of several inches of moisture and
then summertime temperatures for best cotton crop conditions.
cool
39,000
35,000
57,000
Plantations—The following table
indicates the actual movement each week from the planta¬
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.
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
Ended
1936
1934
1935
1934
1935
1936
1936
1935
1934
869,000 1,135,000 2,418,000
774,000 1,074,000 2,108,000
843,000
721,000 1,848,000
260,000
increase of 310,000 bales.
Alexandria
from the
414,000
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
22,000 bales. Exports from all India ports record an increase
of 4,000 bales during the week, and since Aug. 1 show an
ceive
and
Receipts
Shipments—We
now
re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
weekly
dria, Egypt.
a
1935-36
1934-35
1933-34
40,000
8,180,749
16,000
7,326,774
55,000
8,327,147
Alexandria, Egypt,
May 20
Receipts {cantars)—
This week
-
Since Aug. 1
—
'This
To
This
Since
Week
Exports {Bales)—
Wcs.k
1
Aug.
Since
Aug.
This
Week
1
Since
Aug.
—
1
To America.
Total exports
5,000 187,665
6,000 144,895
7,000 585,258
34,282
3,000 121,859
131,237
12",666 644,990
34,927
4,000 245,908
7,000 167,047
9,000 588,890
67,873
18,000 952,100
Liverpool
To Manchester, &c__
To Continent and India._
Receipts
832,000
689,000
774,000
decrease
ARKANSAS
Ashdown {LittleRiver County)—Rains over last weekend beneficial, clear
since, planting very near complete, 90% up, 20% chopped and stands
good.
Owing to crop all coming up at same time there is a temporary
shortage of labor and fields are becoming grassy.
We need one to two
weeks clear weather to catch up.
Past three days, night temperatures
have been slightly below normal.
Conway {Faulkner County)—We are getting off to a very fine start.
All
the bottoms are planted and up to good stands.
About 85% of uplands
planted, with enough top soil moisture for germination.
We have a
deficiency of subsoil moisture.
Land in good condition for cultivation.
About 15% increase in acreage.
Magnolia {Columbia County)—Cotton crop this section around 80%
planted.
60% up to good stands, chopping general.
Will finish planting
this month.
Increase in acreage 6% to 10%.
Weather favorable for
cultivation at this time.
Need 10 days' warm sunshine.
Season 10 to
15 days later than normal.
More fertilizer used than last year.
Pine Bluff {Jefferson County)—No rain since the 9th.
The weather
continues cool, with a temperature at night as low as 50 to 55 degrees, and
during the day 75 to 85 degrees.
The prospect for a large yield of cotton
is very good.
The land works well and the people have a mind to work.
516,000
485,000
548,000
all—
fair
good, with very little replanting necessary.
Several rains past 10 days
have been beneficial, and plant is off to a good growth.
Little chopping
has been done but will start next week.
Crop is [grassy but not alarming.
to
Week
1933-34
Since
51,000 2,638,000
Bombay
rapidly and crop to date is in fair shape.
OKLAHOMA
,
1934-35
1935-36
Longview {Gregg County)—Cotton acreage increased 10% to 15% above
last year.
Crop about 90% planted and 80% up.
Very little replanting.
Stand is good and weather conditions favorable.
Chopping is progressing
Chickasha
1936
23,
East Texas
.
15,000 933,013
20,000 1069718
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
for the week ended May 20 were
40,000 cantars and the foreign shipments 18,000 bales.
This statement shows that the receipts
Manchester Market—Our report received
night from Manchester states that the market
cloths is steady.
Demand for foreign markets
We give prices today below and leave those
weeks of this and last year for comparison:
by cable to¬
in yarns and
is'improving.
for previous
Feb.
14—
21
28..
63,630
56,534
64,035
40,895
48,205
28,622
31,693
45,509
84,994 2,158,658 1,708,042 1.910.901
73,560 2,124,667 1,677,356 1,861,686
70,903 2,103,575 1,639,950 1,815,174
26.023
31,149
22,543
42,943
8,480
1,007
8,103
24,345
24.391
1,759,566
1.720.902
1,667
Nil
8,216
13
38,439
24,287
20..
47,370
48,797
30,138
24,491
Nil
8,322
42,301
1,687,665
1,713
2,103
43,060
27
1,662,788
22,525
39
39,702
68,255 1,902,472 1,492,794 1,620,120
70.948 1,871,482 1,474,028 1,581,871
Nil
Nil
4,617
6,763
Nil
Nil
15.333
Nil
39,301
38,413
Nil
Nil
36,803
20
Nil
Nil
15,228
27
1,201
Nil
19,561
4,060
1,106
8,501
63,824 2,057,037
80,965 2,012,824
76,297 1,967,167
64,579 1,944,895
1,603,937
1,587,972
1,559,937
1,535,485
Apr.
Cotton
32s Cop
ings, Common
Middl'g
Twist
Mar.
6—
to Finest
Upl'ds
d.
d.
1017-
24-
35.770
35,607
25,927
34,922
34.771
15,829
25.529
21,251
74,294 1,833,913 1,451,845 1,546,878
79,174 1,814,475 1,423,178 1,506,117
15,791
21,595
21,061
18,627
75,235 1,779,076
46,544 1,732,379
51,676 1,693,071
34,486 1,651,649
25,587
32,699
May
15-
20,044
39,157
40,509
22-
45,482
8-
1,396,198 1,467,685
1,370,838 1,436,369
1,345,933 1,404,254
1,328,412 1,378,269
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1 1935 are 6,991,607 bales;
in 1934-35 were 4,140,563 bales and in 1933-34 were 7,119,890
bales.
(2) That, although the receipts at the outports the
past week were 45,482 bales, the actual movement from
Elantations was 41,422 bales during the at interior towns
stock week.
aving decreased 4,060 bales,
World's
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
or
from which statistics
amounts gone out of
d.
d.
s.
d.
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
3.
d.
s.
d.
@94
7.06
28—
9
@94
6.21
9%@UHi
9H@11
9
2
@94
6.17
92
@94
6.04
9J4@11
21
2
9
1
@93
6.12
107A®11%
9
2
@94
6.30
10
@92
6.59
@93
6.34
9^@11
8 7
@91
6.30
6.44
9%@nx
9
@92
6.36
9H@n
©114
io^@im
10>i@llH
2
@94
7.10
9 2
@94
7.09
9 2
@94
Mar.—
6
9%@114
9 1
9^@11H
3
9
2
@94
®\14
9
0
0
1935-36
Week
Season
1934-35
24
m@nx
9*4
UH
9
1
@93
9
0
@92
6.35
9
1
@93
6.57
10
9
0
1
@93
6.58
10
©114
9
0
@92
@92
6.65
9
9
1
@93
6.62
10H@11H
9
0
@92
6.78
9% @114
9%@11%
97/8@UH
97/8@llY
9
1
@93
6.46
ioH@u%
ioy8@ny8
ioy8@u%
ioy8@uy8
9 0
@92
6.81
9 0
@92
6.88
9
0
@92
6.90
9
0
@92
7.01
6.50
6,308,296
May 15
Week
Season
Visible supply since Aug. 1_
American in sight to May 22.
Bombay receipts to May 21—
Other India ship'ts to May 21
Alexandria receipts to May 20
Other supply to May 20 *b
_
138,003
51,000
10,000
8,000
10,000
5,874,012
4,295,259
12,722,634
2,638,000
832,000
1,627,600
451,000
6,879", 719
■106" 662
73,000
16,000
3,200
12,000
8,581,414
2,217,000
689,000
1,465,400
490,000
6.525 ,'299 22,566.493
Total supply
6,084,874 20.322.533
6,163,888
5,720,968
Deduct—
Visible supply May
22—
Total takings to May 22.a
Of which American.
Of which other.
*
a
6,163,888
361,411 16,402,605
249,411 11,279,005
112,000 5,123,600
5,720,968
1
8
15—
22
Shipping
9 1
@93
6.46
9
1
9
1
@93
@93
6.57
News—As
6.56
shown
on
previous
a
page,
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,545,000 bales in 1935-36 and 3,925,000 bales in 1934-35—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 11,857,605 bales in 1935-36 and 10,676,565 bales in
1934-35, of which 6,734,005 bales and 5,493,165 bales American.
b Estimated.
India Cotton Movement from All Ports—The
receipts
•of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
the
exports of cotton from the United States the past week have
reached 88,363 bales.
The shipments in detail, as made
up
from mail and telegraphic reports,
are as
follows:
Bales
GALVESTON—To Genoa—May 18—Cardonia, 630
To Barcelona—May 18—Cardonia, 1,936
To Japan—May 16—Assuan Maru, 325; Kinugas Maru, 6,471
—May 20—Fernland, 10,824---4
To China—May 16—Assuan Maru, 500; Kinugas Maru, 157
Colombo—May 13—Margaret Lykes, 289
To Copenhagen—May 15—-Tampa, 151
May 16—Frode, 49
To Havre—May 16—Cranford, 797
To Bremen—May 16—West Hobomac, 7,071--May 19—Lekhaven, 1,728
To Hamburg—May 16—West Hobomac, 50--May 16—Lekhaven, 92
To Rotterdam—May
16—Cranford,
104--.May
19—Lekhaven, 100
To Gdynia—May 15—Tampa, 1,949—May 16—Frode, 450-_
To Gothenburg—May 15—Tampa, 110
To Liverpool—May 19—West Queechee, 2,789
To Manchester—May 19—West Queechee, 1,864
To Sydney—May 19—Trent bank, 200-LAKE CHARLES—To Japan—May 17—Ferndale, 20
HOUSTON—To Japan—May 18—Fernlane, 2,176; Assuan Maru,
m
363,906 14,601,565
209,706 9,418,165
154,200 5,183,400
6.63
May—
-
Visible supply
7.10
9%@11M
9M©11%
10-17
To Porto
Cotton Takings,
Week and Season
d.
9 2
9
13
1—
s.
84 Lbs. Shirt¬
Feb.—
14
3..
1934
1935
8 4 Lbs. Shirt¬
To
375--L
-
Bremen—May
18—Lekhaven,
2,209
May
15—West
Hobomac, 1,109
To Liverpool—May 16—West
Queechee, 4,489
To Manchester—May 16—West Queechee, 2,138
To Copenhagen—May 14—Frode, 17
To Genoa—May 16—Cardonia, 1,519
To Gdynia—May 14—Frode, 703
To Barcelona—May 16—Cardonia, 1,883
Colombia—May 15—Nora Lykes, 311
£
9 H RI STI—To Japan—May 11—Kinagusa Maru, 1,266.
SAVANNAH—To
Liverpool—May
18—Saccarappa,
1,398—
May 15—Schoharie, 500
To Gdynia—May
21—Tampa, 250
To
Manchester—May 18—-Saccarappa, 2,268—May 15—
SchohJiri0, 198
CHARLESTON—To Liverpool—May 16—Schoharie, 890
To Manchester—May
16—Schoharie, 1,033
-
630
1,936
17,620
657
289
200
797
8,799
142
204
2,399
110
2,789
1,864
200
20
2,551
3,318
4,489
2,138
17
1,519
703
1,883
311
1,266
1,898
250
2,466
890
1,033
Volume
Bales
Manchester—May 15—West Tacook, 3,188
To Ghent—May 16—Binnendjk, 25
To
Rotterdam—May
16—Binnendijk,
1,067
To
short
4,572
3,188
NEW ORLEANS—To Liverpool—May 15—West Tacook, 4,572-———
25
14—
May
1,267
Lekhaven, 200
To
264
Gdynia—May 16—Rydboholm, 264
To Gothenburg—May 16—Rydboholm, 100
To
Japan—May 16—Rio De Janeiro, 2,050
-
100
May
19—
2,220
Hanover, 170
Bremen—May 15—Chemnitz, 3,376—-May 18—West
Hobomac, 595
;
Hamburg—May 15—Chemnitz, 440
To China—May 19—Hanover, 60
MOBILE—To Liverpool—May 16—Atlantic, 1,378
To Manchester—May 16—Atlantic, 1,939
To Japan—May 14—Hanover, 1,020
To China—May 14—Hanover, 250
BEAUMONT—To Japan—May 15—Assuan Maru, 200
GULFPORT—To Liverpool—May 15—Hastings, 538
To Manchester—May 15—Hastings, 45
LOS ANGELES—To Liverpool—May 16—Pacific Grove, 350
To Havre—May 18—Washington, 200
To Bremen—May 16—Elbe, 400
To Japan—May 18—President Polk, 73; May 18—Tatsuta, 516
To India—May 18—President Polk, 10
NORFOLK—To Hamburg—May 22—Antioohia, 1,116
JACKSONVILLE—To Bremen—May 16—Nailsea Court, 209
To Liverpool—May 20—Shickshinny, 623
To Manchester—May 20—Shickshinny, 1
To
3,971
-
440
60
To
1,378
1,939
1,020
250
200
538
45
350
200
400
—
589
10
-
Total..
-
————
1,116
209
623
1
88,363
-
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Stand¬
High
Density
Stand-
High
Stand¬
Trieste
ard
Density
.45c.
.30c.
Liverpool
.50c.
.65c.
Piraeus
Density
.85c.
ard
1.00
.30c.
.45c.
1.00
ard
.45c.
Fiume
Salonica
.85c.
Antwerp
,30c.
.45c.
Barcelona
♦
*
Venice
.50c.
.65c
Havre
.27o.
.42c.
Japan
*
*
.57c
30c
.45c.
Shanghai
♦
*
Genoa
.45c.
.60c.
Bombay
Oslo
.46c.
.61c.
Stockholm
.42c.
57c.
Manchester .30c.
Rotterdam
•Rate Is open.
.50c.
•65c.
Copenhag'n.42o.
Naples
.40c.
Leghorn
,40c.
Bremen
•30c.
.45c.
Gothenb'g
Hamburg
.32c.
.47c.
z
.55c
55c
57c
.42c
zOnly small lots.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
May 1
55,000
616,000
287,000
68,000
18,000
156,000
47,000
Forwarded
Total stocks—-----Of which American
Total imports-.
Of which American
-
Amount afloat
Of which American
Map 8
64,000
628,000
290,000
66,000
27,000
158,000
50,000
Map 22
59,000
600,000
258,000
59,000
7,000
172,000
64,000
May 15
64,000
610,000
277,000
43,000
19,000
154,000
48,000
The tone of the
Liverpool market for spots and futures
of
spot cotton have been as follows:
each day of the past week and the daily closing prices
Thursday
Friday
Moderate
Good
business
demand.
inquiry.
doing
Monday
Tuesday
Wednesday
Good
Good
Quiet.
Inquiry.
inquiry.
Saturday
Spot
A fair
Market,
12:15
•
P. M.
6.58d.
Mid.Upl'ds
Futures,
Market
f
j
opened.I
6.58d.
6.61d.
6.60d.
6.57d.
6.55d.
Quiet but
Steady, un¬
Steady,
Quiet,
Steady,
Steady,
changed to 1 to 2 pts. 2 to 4 pts. 1 to 3 pts. 1 to 2 pts. steady, 1 to
2 pts. adv.
2 pts. adv.i
decline.
decline.
decline.
advance.
Market,
4
P. M.
Quiet but
Quiet but
Quiet,
Barely stdy
Steady,
stdy., 1 pt. 1 to 4 pts. 2 to 5 pts. 5 to 6 pts. Steady, un¬ steady, 1 to
2 pts. adv.
advance.
decline.
advance.
decline.
changed.
Prices of futures at
Liverpool for each day
Mon.
Sat.
May 16
are
Wed.
Tues.
given below:
Thurs.
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
May 22
d.
New Contract
3543
Financial Chronicle
142
d.
d.
d.
d.
a.
d.
d.
d.
d.
d.
May (1936)..—
July—
6.23
6.23
6.22
6.26
6.27
6.25
6.21
6.20
6.21
6.22
6.23
6.08
6.07
6.05
6.08
6.09
6.07
6.04
6.03
6.04
6.05
6.06
October
5.76
5.74
5.72
5.75
5.75
5.72
5.69
5.68
5.69
5.70
5.71
December
5.67
January (1937)..
5.66
March
5.66
May
July...
5.63
5.59
October.
5.51
5.47
_
_
_
_
5.64
5.64
5.65
..
_
_
„
5.63
_
5.62
5.62
5.61
_
_
_
5.65
5.64
~
-
-
-
5.66
5.65
5.64
5.64
5.60
5.62
5.61
_
_
5.58
-
■
—
-
5.44
_
5.59
-
—
-
5.60
5.61
5.60
5.61
5.60
5.58
5.56
«...
5.62
5.60
5.59
5.56
5.49
_
5.58
5.59
mtm
5.61
-
_
5.58
5.59
5.44
5.58
--
--
...
5.45
prospects continue favorable.
steady.
Further large shipments
City, but were not pressed on the
markets.
On the 19th inst. prices closed ye. to ye. lower.
Low price records for the year were established at both
Winnipeg and Liverpool, with a break of 2c. a bushel in the
May wheat contract registered on the Chicago Board.
The
weakness of foreign markets was attributed largely to the
favorable North American crop prospects and the continued
aggressive offerings of Canadian wheat abroad.
This to¬
gether with a noticeable fading off in demand overseas,
contributed to the bearish sentiment prevalent in most wheat
centres.
There was some substantial liquidation of May
contracts on the Chicago Board, this apparently being due
to a belief existing among not a few traders, that there will be
relatively large tenders to settle an existing open interest of
about 16,000,000 bushels, and that much of this wheat might
land with traders unable or unwilling to merchandise the
grain.
The present unsettled interest in Chicago May de¬
livery of wheat is said to be the largest with one exception,
ever known at any corresponding time for the last 12 years.
Purchases of wheat brought here within a week have totaled
1,250,000 bushels, mostly from Kansas City and Omaha,
covering.
New
crop
The local spot market was
were received from Kansas
and
some
Should this wheat
from the Pacific Northwest.
be
closely held, observers feel it might be difficult for some
interests to fulfill contracts for this month's delivery, as the
total other available stocks in Chicago amount to but
1,121,000 bushels.
The difference between that total and
the open interest of about 16,000,000 bushels must be
liquidated in one way or another before May 26, the final
date for May deliveries.
On the 20th inst. prices closed ye.
to 27/sg. higher.
The sharp rise in wheat was due almost
entirely to short covering.
This reflected extreme appre¬
hension among shorts, due to the disappointingly small
tenders towards May, this evidencing the fac^ that the large
available supplies were in strong hands.
The feeling of
uneasiness among shorts was further aggravated by the
stubborn maintenance of a 3 to 6c. premium for spot over
May.
It was not until Chicago May advanced to 13c. over
the Kansas City market that sufficient selling set in to check
the upturn.
According to the weekly Government report,
the crop outlook is favorable, except that the need of more
rain was stressed, especially over the spring wheat crop in
the northern half of the belt.
Except for an improved
export demand in Canada, foreign news was not helpful to an
upward trend in prices.
On the 21st inst. prices closed % to %c. lower.
New low
points were registered at Winnipeg and Liverpool.
There
was
some easing of trade tension
over the May contract
situation, it being reported that the volume of unadjusted
contracts had been materially reduced and that slightly
larger deliveries would be witnessed shortly.
It was also
announced
that
further purchases
of wheat had been
effected for prompt shipment to Chicago from Kansas City.
Latest figures on the amount of Chicago May wheat con¬
tracts awaiting settlement show a total of 13,821,000 bush¬
els.
This indicated a reduction of 1,278,000 bushels Wednes¬
day.
Cables stated that the weakness at Liverpool was
due to poor demand for actual wheat and favorable weather
reports from Australia.
On the other hand, dust storms
in domestic spring crop territory in the Northwest and com¬
plaints of dryness in winter crop areas in the Southwest
more
than offset the bearish news from foreign markets.
Today prices closed nervous, % to %c. up.
this
At
one
time
grain showed a maximum advance of lc. a bushel, but
this was
nervous
upturn.
subsequently lost.
Short covering on the part of
was responsible in
large measure for the
Notices were posted indicating 278,000 bushels
shorts
would be delivered tomorrow in settlement of May contracts
December
here, a relatively small amount.
Reports of dust storms for
successive days in some domestic wheat territories
Southwest were a bullish factor.
Open interest in wheat
four
BREADSTUFFS
Friday Night, May 22, 1936.
I
Flour—The break in Winnipeg and Liverpool wheat mar¬
kets to new low levels and the favorable reports on the
growing spring and winter wheat could hardly have any¬
thing but a bearish effect in the flour trade, encouraging
consumers
the
belief
in their hand-to-mouth policy, and strengthening
that prices will very likely reach lower levels.
There has been
for
no
appreciable change in
consumer
demand
flour.
Wheat—On the 16th inst. prices closed ye. up on May
and \ie. down for the rest of the list. A weak Liverpool
'market together with more or less general rains along the
United States-Canadian border, calculated to help spring
wheat—had a rather bearish effect on trade sentiment and
the tone of the market, prices ruling heavy throughout the
session.
There is much conjecture as to whether wheat will
be tendered on May contracts.
Local warehouses are being
loaded with large supplies from Kansas City, and more is
reported enroute.
On the 18th inst. prices closed 3^c.
higher to ye. lower.
Trading was very light, with prices
very irregular
and fluctuations within a narrow range.
There was very little support to the market, and when
moderate depressure did develop, prices eased readily.
News was generally bearish, with Liverpool and Winnipeg
markets displaying weakness, and general beneficial rains
reported over the winter wheat belt. There was a slight
firming up towards the close, apparently brought on by some
was
73,598,000 bushels.
DAILY
f
PRICES
CLOSING
OF
Sat.
No. 2 red
DAILY
10824
—
CLOSING
PRICES
OF
Mon.
85
Season's High and When Made
10224
1
Tues.
9324
8524
85
85^1
Fri.
10824
10824
IN
Wed.
CHICAGO
Thurs.
95 K
8624
8524
94 M
8524
8524
Fri.
95
8614
8524
Season's Low and When Made
9714
July 31,19351 December
May
98J4
Aug.
OF WHEAT
7824
81
1.1935 IMay
Sat.
Thurs.
10824
9224
85
8424
Apr. 16,19341 September
December
DAILY CLOSING PRICES
YORK
NEW
Wed.
FUTURES
Mon.
9324
—
IN
Tues.
10724 10724
WHEAT
Sat.
May-.
JulySeptember
September
WHEAT
8814
FUTURES
Mon.
Tues.
July
6,1935
July
6,1935
Aug. 19,1935
IN
Wed.
WINNIPEG
Thurs.
Fri.
77 J4
78
7914
May
July
October
ft Corn—On the 16th"inst. prices closed He. to ye. up.
A rather tight statistical position in the May delivery had
very steadying effect on the rest of the list.
Most of the
trading consisted of switching from May to July and Sept.
A good shipping demand is still reported for this grain.
On the 18th inst. prices closed fie. up to %e. down.
The
feature of the session was the firmness of May, which was
attributed to diminishing stocks of corn and a firm spot
market.
It is reported that sowing of corn is near com¬
pletion under generally favorable conditions.
On the 19th
inst. prices closed ye. to ye. lower.
A small lot of grain
was
tendered
on
depressing effect
May contract, which appeared to have a
all corn futures. In view of the light
on
3544
Financial
stocks in store at
ness
of this
grain
the traders.
was
On the
somewhat puzzling to not
a
few of
20th inst.
prices closed 24c. to 34c.
This grain appeared to be absolutely indifferent
higher.
the
to
Chicago and the light receipts, the heavi¬
marked
rise
in
wheat.
Trading
dull and
was
featureless.
/;
On the 21st inst. prices closed % to %c. lower.
A decline
of V2 to lc. in the
premium paid for spot corn over the
.
.
May
price, despite unusually large sales of the actual grain for
shipment, had quite a depressing effect on the futures
market.
September corn touched a new low for the season.
Country offerings continued liberal.
Today prices closed
V2 to %c. down.
This grain showed considerable heaviness
throughout
the
session,
due
largely
to
situation.
;
DAILY
CLOSING
PRICES
OP
Sat.
No. 2 yellow
79%
easier
an
spot
63%
60%
58%
Season's High and When Made
September
84%
December
65
May
I
63%
60%
58%
63%
60%
58%
Season's Low and
Jan.
5, 19351 September
June
6, 19351 December
July 29, 1935IMay
68%
—
63%
60%
58%
76%
63%
60%
57%
62%
59%
57%
When Made
67%
60%
Mar. 25, 1935
June
1, 1935
Aug. 13. 1935
56
Oats—On the 16th inst. prices closed
34c. down to 34c.
up.
There was very little to report concerning this market.
On the 18th inst. prices closed
34c • down to 34c.
Trading
up.
light and featureless.
On the 19th inst. prices closed
24c. to y%<5. down.
This weakness was largely sympathetic
with wheat and corn, there being no special news that would
have a bearing on this grain.
On the 20th inst. prices closed
24c. down to unchanged.
This market also was devoid
of any real feature,
being dull and listless, and absolutely
indifferent to the sharp rise in wheat.
was
On the 21st inst. prices closed
24c. lower.
Trading quiet
and without special feature.
Today prices closed
unchanged
to
%c.
down.
market.
There
was
little
very
of
interest
in
this
Flour
Receipts at-
CLOSING PRICES
OF
Sat.
No. 2 white
OATS IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
39%
DAILY CLOSING
PRICES
OF
38%
38%
25%
25%
26%
26
24%
25%
24%
25%
24%
25%
25%
24%
25
25%
26%
26
26
Season's High and When Made
I
Season's Low and When Made
September
44%
Jan.
7, 19351 September
31%
June 13, 1935
December
35%
....
June
Aug.
37
4, 19351 December
1. 1935IMay
33%
29%
June 13, 1935
Aug. 17, 1935
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
May
July-..
31%
.
-
31%
31,
—
31%
31
31%
31
31%
31%
31
Chicago
191,000
Minneapolis..
Toledo
31%
31%
Indianapolis..
There was nothing of special feature in the
trading or news
concerning this grain.
On the 19th inst. prices closed 24c.
to 134c. down.
The break in wheat at all the large centers
14,000
Omaha
Consumers
influenced to withdraw from spot markets
rye and flour, and as a result these departments
price.
On the 20th inst. prices closed irregularly,
34c.
Trading
up.
very
The down¬
ward
tendency of other grains seemed to have its influence
this grain also easing under slight pressure.
Crop
reports on rye, although decidedly bullish, seem to have
little effect on prices.
Today prices closed %c. up to 34 c.
down.
Trading was light and without feature.
rye,
CLOSING
PRICES
OF
FUTURES IN CHICAGO"
Mon.
Tues.
Wed.
Thurs. Fri.
55%
55%
55
54%
54%
54%
RYE
Sat.
May
July—
September
55
55%
55%
55%
_
54%
54%
54%
54%
54
54
54%
54%
Season's High and When Made
I
Season's Low and When Made
September
76
Jan.
5. 19351 September
45
June 13,1935
December
53%
June
3, 19351 December
48%
June
52%
Aug.
1. 1935 [May
DAILY CLOSING PRICES
OF
RYE
Sat.
May
July
DAILY
1,000
673,000
5,000
615,000
4,377,000
3,056,000
2,038,000
1,794,000
818,000
3,470,000
1,158,000
806,000
376,000
1,041,000
14,000
24,000
_.
Wichita
Sioux City...
10,000
Buffalo-..—.
5,293,000
Total
wk.
'36
358,000
7,549,000
Same
wk.
'35
435,000
Same
wk.
'34
356,000
2,488,000
8,664,000
601,000
81,000
6,000
364,000
149,000
6,000
11,000
27,666
29,000
9,000
62,655
55,000
73,000
1,977,000
997,000
Since Aug. 1—
1935
15,278,000 287,398,000 155,397,000 117,665,000 21,576,000 83,113,000
14,879,000168,557,000157,233,000 43,203,00011,925,000 53,641,000
14,474,000 189,167,000 168,369,000 63,323,000 9,793,000 45,340,000
1934..
1933
Total
receipts of flour and grain at the seaboard ports for
Saturday, May 16 1936, follow:
the week ended
Receipts at—
Wheat
Flour
Corn
Oats
Rye
Barley
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.50lbs.
bushA8lbs.
New York.
161,000
Philadelphia.
254,000
29,000
2,000
2,000
.
Baltimore
19,000
Sorel——
25,000
4,000
8,000
1,000
6,000
26,000
5,000
43,000
3,000
New Orleans *
2,000
7,COO
7,000
3,000
24,000
1,000
10,000
Newport News
152,000
55,000
1,375,000
69,000
1,106,000
157,000
509,000
467,000
6,255,000
1,000
99,000
2,761,000
543,00Q
10,000
524,000
...
Montreal...-
69:555
Boston
14,000
2,188,000
334:666
Quebec
16:600
LOOO
'36
305,000
3,304,000
44,000
Since Jan.1'36
5,857,000
30,154,000
1,214,000
Week 1935.
278,000
4,747,000
2,180,000|
15,280,000'
4,472,000
—
Since Jan. 1'35
51,000
*
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading.
on
The exports from the several seaboard
ports for the week
ended Saturday, May 16 1936, are shown in the annexed
statement:
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York.......—
429,000
Philadelphia—
56,230
2,000
31,000
"2:660
—
524:666
Sorel
59,006
2,188,000
.—
Quebec
"43:066
152:666
43,000
152,000
334,000
Halifax
16:660
Total week 1936—
3,506,000
1,733,000
Same week 1935
"LOOO
127,230
3,000
102,720
256,000
The destination of these exports for
July 1 1935 is
as
96,000
the week and since
below:
Flour
Mon.
41%
42%
CLOSING
PRICES
OF
May
July
May
July
Mon.
37
39
37
39
DAILY CLOSING PRICES
-
Closing quotations
OF
Tues.
41%
42%
BARLEY
Sat.
13, 1935
Aug. 19. 1935
46%
FUTURES
IN
Wed.
41%
42%
Thurs.
42%
43%
FUTURES
Tues.
WINNIPEG
41%
42%
Fri.
42
42%
IN
37
Wed.
37
39
39
CHICAGO
Thurs. Fri.
37
37
39
39
BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
37%
37%
37
38%
37%
37
37%
37%
36%
37%
37
36%
were as
Week
Since
Week
Since
Week
Since
July 1 to—
May 16
July 1
May 16
July 1
May 16
July 1
1936
1935
1936
1935
1936
1935
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
Wheat, New York—
No. 2 red, c.i.f.,
domestic...108%
Manitoba No. 1, f.o.b. N Y.
84%
Corn. New York—
No. 2 yellow, all rail
76%
2 white
_
Brit. No. Am. Col.
Other countries...
Total 1935
8,855
Chicago, cash
61
3,956,694
3,260,531
visible
supply
45,085,000
39,240,000
567,000
11,000
10,000
72,000
3,000
4,000
7,000
254:666
3,506,000
1,733,000
85,153,000
89,000
64,128,000
27,000
of grain, comprising the stocks in
points of accumulation at lake and
at principal
seaboard ports Saturday,
granary
May 16,
were as
follows:
GRAIN STOCKS
Wheat
United States—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Boston
2,000
47,000
244:660
122,000
60,000
25:660
23,000
11,000
173,000
19,000
40,000
14,000
2,000
24,000
37,000
233:660
120:666
9,000
1,000
New York
"
afloat
Philadelphia
Baltimore..
New Orleans
Galveston
220,000
442,000
220,000
302,000
512,000
7,275,000
1,924,000
136,000
682,000
547,000
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
•.
3,554,000
99,000
On Lakes
Milwaukee
675,000
7,234,000
Minneapolis
47%
45-92
1,815,000
1,680,000
162,225
127,230
102,720
Total 1936
The
2,206,660
500,809
368,000
712,000
-
7,000
Chicago
38%
Spring pats.,high protein $6.l5@6.25IRye flour
patents
$4.00@4.10
Spring patents
5.85@6.10ISeminola, bbl., Nos. 1-3- 7.15@7.20
Clears, first spring
4.85@5.10IOats, good.
2.35
Soft winter straights
4.80@5.001 Corn flour
2 00
Hard winter straights
5.40@5.70 Barley goods—
Hard winter patents
5.50@5.80)
Coarse
2 85
Hard winter clears
4.75@5.00l
Fancy pearl,Nos.2.4&7 4.00@4.75
-
51,045
21,330
16,000
30,000
So. & Cent. Amer.
West Indies
Peoria..
Rye. No. 2. f.o.b. bond N, Y—
Barley, New York—
47% lbs. malting
FLOUR
Kingdom.
Continent
Indianapolis
Oats, New York—
No
United
St. Louis
GRAIN
Corn
and Since
Sioux City
follows:
Wheat
Exports for Week
quiet and without
On the 21st inst. prices closed
% to %c. lower.
May
i~2~66o
305,000
351,000
130,000
118,000
120,000
were
34c. down to
DAILY
468,000
278,000
71,000
22,000
80,000
16,000
92,000
214,000
72,000
66,000
76,000
22,000
96,000
St. Joseph.
feature.
on
Barley
bushA8lbs.
7,000
24,000
943,000
23,000
88,100
11,000
411,000
110,000
29,000
Montreal.
On the 18th inst. prices closed 24c. to 34c.
higher.
This was the only grain that showed a clear-cut
gain throughout the list, though the gains were slight.
both in
Rye
386,000
292,000
296,000
35,000
72,000
10,000
Detroit
spot demand.
eased in
Oats
1,071,000
212,000
121,000
110,000
88,000
2,000
439,000
816,000
281,000
4,000
14,000
New Orleans
both here and abroad naturally affected
rye.
396,000
|
Milwaukee.-.
Rye—On the 16th inst. prices closed %c. to 24c. higher.
This outstanding firmness of
rye was attributed to a good
naturally
Corn
38%
FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
25%
*
38%
OATS
Sat.
May
July
September
39%
Wheat
Duluth
Total wk.
Fri.
-
bbls.\90lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.bOlbs
Halifax
■
DAILY
May
of the last three years:
Kansas City..
Fri.
1936
23,
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last Saturday and since
Aug. 1 for each
Peoria
CORN IN NEW YORK
Mon.
Tues.
Wed.
Thurs.
80
79%
79%
77%
May
All the statements below
St. Louis
<";K
DAILY CLOSING PRICES OF CORN FUTURES
IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
July
September.
Chronicle
Duluth
*3,539,000
145,000
3,625,000
336,000
Detroit
Buffalo
"
afloat
On Canal
43,000
Total May 16, 1936—
Total May
9, 1936
Total May 18,
1935
8,000
10,000
31,000
130,000
1,000
2,000
1,000
3,000
15~O66
399:666
308:600
9,000
378,000
781,000
1,722,000
3,952,000'
155,000
50,000
14,000
89,000
73,000
718,000
1,125,000
23,000
1,582,000
147,000
95,000
342,000
294,000
234,000
5,960.665
891,000
127,000
465,000
69:666
121,000 10,085,000
7,569,000
8,000
6,000
1,602,000
850,000
83,000
120,000
2,063,000
2,418,000
21,000
164,000
591,000
25,000
28,000
939]666
79,000
1,313,000
5,093,000
2,348,000
12,000
55,000
531,000
1,067,000
108:666
31,743,000
7,838,000 32,412,000
34,729,000
8,248,000 33,428,000
32,337,000 11,460,000 10,565,000
*Duluth Includes 94,000 bushels feed wheat.
6,473,000 11,752,000
6,748,000 11,747.000
9,007,000
7,103,000
Volume
142
Financial
Chronicle
VNote—Bonded grain not included above:
Oats, New York, 6,000 bushels; total,
6,000 bushels, against none in 1935.
Wheat, New York, 182,000 bushels: N. Y.
Afloat, 56,000; Boston, 41,000;
Buffalo, 5,359,000; Buffalo afloat, 1,692,000; Duluth,
334,000; Erie, 86,000; Albany,
3,967,000; Chicago, 74,000; on Lakes, 721,000;
Canal, 271,000; total, 12,783,000
bushels, against 7,705,000 bushels in 1935.
Wheat
Corn
Oats
Rye
Barley
Bushels
Canadian—
Montreal
Bushels
Bushels
Bushels
Bushels
6,293,000
Ft. William & Pt. Arthur
Other Canadian & other
322,000
1,226,000
47,692,000
water points
46,790,000
89,000
2,041,000
685,000
2,426,000
2,059,000
377,000
836,000
2,507,000
103,932,000
111,784,000
3,607,000
3,874,000
4,210,000
3,947,000
3,752,000
31,743,000
100,775,000
7,838,000 32,412,000
3,607,000
Total May 16,
1936—100,775,000
Total May
9, 1936
Total May 18.
1935
3,045,000
3,192,000
3545
In Texas
planting made rapid progress in the north and fields are
coming
up to good stands weU into
the northern portion of the State.
The condi¬
tion of the
crop is generally fair to good, with cultivation
progressing, but
some fields have
become weedy in central and middle-coast
sections.
In
Oklahoma planting made
very good progress throughout the entire
State,
with some
early fields up to good stands.
In Arkansas, with favorable
weather, planting is about completed, and
very good stands are coming
in western
Tennessee.
In the eastern
belt, from the northern border
through to eastern Alabama, conditions are
decidedly unfavorable, and, be¬
cause of the
continued lack of
moisture, have become noticeably more
serious than at the
close of last week.
THE DRY
4,610,000
Summary—
American
Canadian
6,473,000
2,507,000
York, Friday Night, May 22, 1936.
Retail trade
during the period under review again made a
promising showing. Despite cool weather in some
sections,
11,752,000
3,947,000
Total May 16,
1936—132,518,000
Total May
9, 1936
Total May 18,
7,838,000 36,019,000
8,980,000 15,699,000
138,661,000
8,248,000 37,302,000
9,793,000 15,499,000
144,121,000 11,460,000 14,775,000 12,199,000 11,713,000
1935
for
Summer
merchandise
continued
Most encouraging, and
perhaps more so than the
indicated, was the fact that the
improvement was evenly distributed over the whole
country,
and not, as
heretofore, largely restricted to those sections
where governmental benefits
proved a stimulus to buying.
Department store sales in the metropolitan area for the
first
half of May, as
reported by the Federal Reserve Bank of
New York,
although falling somewhat short of expectations,
unabated.
actual increase in volume
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended May 15, and since
July 1 1935 and July 2 1934, are
following
Wheat
Exports
Corn
Week
Since
Since
Week
Since
May 15,
Since
July 1,
1936
July 2,
May 15,
1935
July 1,
1934
July 2,
1936
1935
1934
Bushels
Bwhels
Bushels
Bushels
North Amer.
Bushels
I
36,138,000
Argentina
Australia
1
4,821,000157,483,000143,884,000
Black Sea
1,132,000
_
Oth. countr'sl
600,000
256,000
35,121,000
39,000
16,355,000
more
39,744,000
281,000
Report for the Week
summary of the weather
Department of Agriculture,
weather for the week ended
38,357,000; 37,958,000
for
Ended
bulletin
May
indicating the influence
by
the
of the
May 20, follows:
During the first few days of the week an
extensive "high" moved from
the Northwest to the
middle Atlantic area,
reaching the latter on May 15.
In eastern districts it was
attended by much colder
weather, with freezing
temperatures reported locally from the
middle Appalachian Mountain
section on May 15 and the
following day readings in the low 20 s were
reported from the interior of the
Northeast.
With the passing of this
cold wave there was a marked
rise in temperatures in
eastern sections of
the country, with
abnormally warm weather the latter part of the week.
In the Midwest and
Northwest temperatures persisted
much above normal.
The early part of the week had
extensive showers from the middle and
upper Mississippi
Valley eastward, and in the Northeastern States
local
thunderstorms were prevalent the latter
part of the period.
Showers oc¬
curred also over considerable
northwestern areas, but otherwise the
weather
was
coats
commitments.
occurred
market
in rayon
yarns held up well,
seasonal lull around this time
of the
yarns,
the usual
and
showed good interest in acetate
yarns to
be used in combination with
viscose and cuprammonium for
fall fabrics.
was
north
weavers
in
Domestic Cotton
Southeastern States there
sumed its
tions
printers
an
easier trend.
Although
many
reported to be in need of fairly
large quantities
weeks, they were reluctant to enter the mar¬
ket, believing that stocks in mills' hands
were too
large to
furnish any assurance as to
present price levels,
especially in
view of the little
progress made in the matter of
production
curtailment.
Talk of possible
wage reductions also served
induce caution on the
part of buyers.
Trading in fine
goods turned rather listless,
although a steady call continued
for fancies,
representing repeat orders for fall promotions.
Prices held firm, as stocks of most
numbers were said to be
at low levels.
Closing prices in print cloths were as follows:
39-inch 80's, 7 to
7y8c.; 39-inch 72-76's, 6% to 6%c.; 39-inch
68-72's, 5 13-16 to 5%c.; 38L?-inch
to
64^60's,
38K-inch 60-48's, 43^c.
5
to
54£c.;
Woolen
Goods—Trading in men's wear fabrics slowed
perceptibly.
While mills were still credited with a
considerable backlog of orders, new
business fell somewhat
behind deliveries, and a few mills
were said to be
Grains—On the whole, the weather
showing
were
for the next few
was
appreciably intensified.
on
desultory
for other numbers
very little rainfall and
conditions have been
droughty
intensified, especially from central
Virginia southward
and southwest ward to
central Alabama.
Conditions are becoming critical
in much of this
area, with minor
crops showing further
deterioration and
and farm work
mostly at a standstill in many places because of
hard, dry soil.
West of the Great Plains conditions
are
satisfactory in most sections,
though rain is needed in much of Utah and
Wyoming, eastern New Mexico,
and western
Texas; conditions in Colorado are
unusually favorable at the
present time.
Precipitation is now needed in much of the
northern Plains,
though not yet seriously dry.
In the central and southern
Plains the soilmoisture situation is rather
satisfactory for present needs.
A feature of the week's
weather was the
unseasonably low temperatures
in the Northeast where more
or less frost
damage resulted to tender
tion.
vegeta¬
Harm was
probably greatest in New York, where it
was severe to
tender-truck crops, grapes, and fruit-tree
blossoms.
of the week was
favorable
grains in the
principal-producing areas.
In the Ohio
fairly well distributed showers were helpful and
Valley
winter wheat made
fair progress, though additional
mostly
rains are needed
locally: in general, some
improvement is shown.
In
the western portion of
the
belt
shows widespread
wheat
improvement, following the recent
rains, though in
much of the
Southwest, such as Texas and
Oklahoma, the crop continues
mostly poor.
In Kansas the bulk of wheat is in
head in southeastern
and
southcentral sections and is
heading in the northeast.
Farther east heads
are
beginning to show northward to the lower Ohio
River districts.
Spring wheat continues in satisfactory condition
quite generally over
the belt, and in the Pacific
Northwest.
Seeding has been completed rather
generally and the crop has come up or is
coming up to good stands; color
and growth of
early planted are good, though rains would
now be
in many parts of the belt.
helpful
Oats also show some
improvement, though this
crop is mostly only fair and new
seedings need rain badly in some
important
producing sections, especially Iowa.
Oats are very
poor in the Southwest.
Corn—The week was mostly favorable for
field operations in
the prin¬
cipal corn-producing States, and
planting made excellent progress
rather
generally.
In the East seeding is in full
swing in Pennsylvania, is
half done in Ohio, has become
about
general in northern Indiana
and about
three-fourths completed in Illinois.
In Missouri
planting is mostly finished
and in the Plains States
some corn has been
seeded as far north as
North
Dakota.
In Iowa seeding made fair
progress; 60% of the crop has
been
planted, which is just normal for the
season; in the South and West
corn is up and
early
showing in rows; rain is needed,
especially in the East.
Cotton—In the cotton belt the
temperature averaged from about
to considerably above
normal
normal, and rainfall was
mostly light, except that
fairly substantial showers occurred in a north-south
areas of the
central belt.
In the west conditions were
decidedly favorably, but in the eastern
in the absence of material
States,
rains, the drought was
Goods—Following a short-lived revival
previous week, trading in print cloths re¬
pace.
Prices were irregular, with
quota¬
several constructions
holding steady and with prices
at the end of the
helpful.
small
contrary to
year.
Larger companies
reported to be sold up through June.
Despite the
reopening of a plant that had been closed since the
spring
floods, shipments of pigment yarns remained at
production
levels. Heavy demand existed
for 100 and 200 denier viscose
conditions, though a few localities,
especially some southwestern counties
in Kansas, continued
dry and dusty.
In the lower
Mississippi Valley
additional rains were helpful, but in
most
northern-valley district, where
precipitation was light, the sunny and
rather windy weather dried
the soil
rapidly and it is now hard and dry in
considerable areas,
especially eastern
Iowa. In the Ohio
Valley local showers were
generally beneficial, but a
good many places need additional
moisture; rains in the Northeast were
Small
rather slow.
were
the east-central Great Plains.
Otherwise, precipitation was
a considerable southeastern
section receiving
practically
while most stations in the
northern and western
portions of the
Great Plains reported a
practically rainless week.
Substantial showers
occurred in the western
portions of the North Pacific States.
Following the recent beneficial rains in the Midwest
the week was
warm and
mostly
sunny and all vegetation responded
rapidly to the improved
for
was
silks, but otherwise the
ness
none,
the
summer
was
quiet, and broad silk mills were said to be curtail¬
ing their output to prevent accumulations of
goods.
Trad¬
ing in greige goods was fairly active
although mostly limited
to sheers, with
prices showing a slightly easier trend. Busi¬
mostly light, with
In
Business in silk goods
A fair demand existed
for
quite general in the Ohio Valley and most
places
Atlantic areas.
Also, showers were substantial
fairly heavy in the lower Mississippi
Valley, and some good local rains
and
was
placed by store buyers on the occasion of the
showings. Wholesalers increased their purchases
of sheers such as
voiles, batistes and dimities.
Otherwise,
however, they continued their
hesitancy with regard to
future
mostly fair.
the middle
over
recent fur
The temperature
averaged near normal in the lower
Mississippi Valley
and from the Ohio and
Potomac Valleys
northward, the weekly means
ranging mostly from 1 degree below normal to 2
or 3 degrees above in these
areas.
West of the Missippi River
abnormal warmth
prevailed, the tem¬
perature averaging from about 4
degrees to as much as 11
degrees above
normal rather
generally.
In the East freezing weather
extended to eastern
West Virginia;
otherwise, except locally in the higher elevations
of the West,
freezing was confined to a few extreme northern
localities.
The lowest
temperature reported from first-order stations
was 22
degrees at Northfield,
Vt., and Greenville, Me., on May 16.
In the cotton belt the minima
from about 50
ranged
degrees in northern sections to around
65 degrees in the
south; in the corn belt from about 40
degrees in the north to the low 50 s
in southern districts.
Moderate rainfall
the entire month of
increase
20—The
issued
are not
expected to make as
a
showing, owing to the fact that there was one
business day during the same
period last year, sales
May are anticipated to show an
last year of around
10%.
Trading in the wholesale dry goods markets
improved
further, in line with the increase in retail sales.
Re-orders
for all kinds of summer
apparel were numerous, with the
demand for cottons
being particularly heavy, as a result of
which complaints were heard
about slow deliveries.
Interest
in beachwear
expanded.
A fair amount of orders for fur
5,549,000 305,599,000 244,229,000
general
in
the second half of the month
favorable
328,0001
I 8.915,000
401,001,000 455,555,000
Weather
to
satisfactory account, with the increase over last
year
amounting to 10.9%.
New York and Brooklyn stores
gained 10.7%, while stores in northern New
Jersey recorded
an increase of as
much as 12%.
Although the figures for
7^639,000 166,412,000! 4,843,000
258,090,000189,877,000
2,362,000100,364,000 99,938,000,
I
India
Total
gave a
Bushels
44,000!
9,108,000
425",000
5,249,000
demand
consumer
The world's
shown in the
GOODS TRADE
New
down
cutting
down production.
Clothing manufacturers kept busy with
reason's goods.
A good call for
knickers,
sportswear and tropical worsteds was
reported by retail
clothing centers. 'Business in women's wear
goods was
fairly active on recently introduced fall lines.
Mills ex¬
pected to keep operating at present full
capacity, having
sufficient business on hand until
June, when new orders are
anticipated.
Garment manufacturers
remained busy on
summer wear for which
heavy consumer demand continued
unabated.
orders
on
next
Foreign Dry Goods—Trading in linens remained
active.
on dress and
costume linens,
mostly colored, were
placed in good volume.
Interest in household linens
was
fair, although demand for handkerchiefs was
Reorders
.
less active.
Business in burlaps continued to
be limited to small lots
goods, with only casual interest shown in
for spot and afloat
shipments.
Quotations
Calcutta cables.
at
4.05c.; heavies
were
slightly easier, reflecting lower
Domestically lightweights
at 5.50c.
were
quoted
Financial
3546
Chronicle
districts
The
May 23, 1936
are:
of Commissioners of Pointe Claire-Portage Gravity
Drainage District No. 4, Iberia and St. Martin parishes. La
Gravity Sub-Drainage District No. 1 of the Pointe ClairePortage Gravity Drainage District No. 4, Iberia and St. Mar¬
tin Parishes, La
Board
Specialists in
Illinois & Missouri
Bonds
$27,000
36,000
has been authorized for refinancing one school district
provisions of Public—No. 325—74th Congress
This makes a total to date of $795,300 authorized under this Act.
A loan for $51,000
in
Arkansas
(S. 3123).
under
the
The district is:
Hoxie
Special School District No. 46, Lawrence County, Ark..
The refunding loans are based on
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIREGT
CHICAGO
314 N. Broadway
WIRE
$51,000
deposit of the outstanding indebtedness.
If less than 100% is deposited, the amounts authorized are automatically
decreased.
Loans authorized to the following districts have been rescinded:
Drainage District No. 4 of Miller County, Ark
Drainage District No. 6 of Miller County, Ark
$18,500
75,000
Miller Levee District No. 2 of Texarkana, Ark
ST. LOUIS
233,000
Fruitland
Irrigation Co. of Crawford, Delta and Montrose coun¬
56,000
ties, Colo
RECONSTRUCTION FINANCE CORPORATION
Sandy Irrigation Co. of Salt Lake County, Utah.
Official Report on Awards of Municipal Bonds—The follow¬
ing is the text of the official statement, released from
Washington on May 13, of the awards made by the said
Corporation on that date of the various municipal issues
aggregating $9,097,100, offered for sale on the previous day.
—V. 142, p. 3381:
the successful bidders and the prices paid were:
The bonds,
$108,000 City of Anniston, Ala., 4% public school house bonds, Equit¬
able Securities Corp., New -York, N. Y., $977.60 per $1,000.
223,000 The County Board of Education of Walker County, Ala., 4%
school warrants, Marx & Co., Birmingham, Ala., $1,031.30
per $1,000.
308,000 City of Phoenix, Ariz., 4% sanitary sewer extension bonds,
Blyth & Co., Inc., New York, N. Y.t and associate, $1,038
per $1,000.
1,235,000 The City of Fort Smith, Sebastian County, Ark., 4% waterworks
revenue bonds, C. W. NcNear & Co., Chicago, 111., $1,014.37
per $1,000.
200,000 City
of
Kokomo,
Howard
County,
Ind.,
4%
sewage
works
bonds, C. W. McNear & Co., Chicago, 111., $1,022.30
$1,000.
revenue
per
14,500 Consolidated School District No. 10 of Dunklin County, Mo.,
4% bonds, Foster Petroleum Corp., Westerly, R. I., $975.70
per $1,000.
News Items
California (State of)—Sales Tax Held Legal—In a case
brought by The Roth Drugs, Inc., and 549 others against the
State Treasurer to obtain refund of sales tax payments, the
Third District Court of Appeals recently affirmed a previous
decision by Superior Judge Malcolm C. Glenn of Sacramento
County that the retail sales tax act of 1933 was constitutional.
Kansas
(State of)—Governor to Call Special Legislative
that
Session—Governor Alf M. Landon announced recently
special legislative session would be held this coming summer
the purpose of proposing an amendment to the State
Constitution so that the State may participate in major
phases of the Federal Social Security program.
The amend¬
ment, if approved by the Legislature, would be submitted
a
for
to the voters in the November election.
Kentucky (State of)—Utility Tax Bill Signed—On May 12
signed a bill levying a tax of 3%
consumers of gas, light, water, telephones and telegrams.
Governor A. B. Chandler
31,000 School District of Thayer No. 68, of Oregon County, Mo., 4%
school bonds,
Baum, Bernheimer Co.,
Kansas City, Mo.,
$991.18 per $1,000.
on
69,000 City of Fallon, Churchill County, Nev., 4% waterworks improve¬
ment bonds, Brown, Schlessman, Owen & Co., Denver, Colo.,
$983.81 per $1,000.
Plan—An Associated
56,000 Town of Holland, Erie County, N. Y., 4% water bonds, series of
1934, Manufacturers & Traders Trust Co., Buffalo, N. Y.,
$1,063.89 per $1,000.
66,000 Town of Lloyd, Ulster County, N. Y.,4% sewer bonds, Roose¬
velt & Weigold, Inc., New York, N. Y., $1,061.20 per $1,000.
4,907,000 City of New York, 4% rapid transit subway serial bonds, Chase
National Bank, New York, N. Y., and Associates, $1,109.30
per $1,000.
60,000 Village of Pleasantville, Westchester County, N. Y., 4% sewer
bonds, sewer assessment bonds and water bonds of 1934, Hoff¬
mann, Adams & Co., New York, N. Y., $1,029.20 per $1,000.
19,000 Village of Rouses Point, N. Y., 4% street improvement bonds,
Birge, Wood & Trubee, Buffalo, N. Y., $1,040.35 per $1,000.
117,000 County of Caldwell, N, C., 4% school building bonds, R. S.
Dickson & Co., Charlotte, N. C., $1,013.73 per $1,000.
62,000 City of Fayetteville, N. C., 4% municipal wharf bonds, William
B. Greene Co., Winston-Salem, N. C., $1,022.9934 per $1,000.
82,000 City of Lenoir, N. C., 4% bonds, fire alarm system, street
improvement
and waterworks improvement bonds,
Branch
Banking & Trust Co., Wilson, N. C., $986.25 per $1,000.
273,000 County of Rockingham, N. C., 4% school building bonds,
Lewis and Hall, Inc., Greensboro, N. C., $1,026.41 per $1,000.
32,500 City of Fremont, Sandusky County, Ohio, 4% city portion relief
sewer
bonds, Stranahan, Harris & Co., Inc., Toledo, Ohio,
$1,078 per $1,000.
29,000 City of Clinton, Custer County, Okla., 4% sewage disposal
bonds of 1935, R. J. Edwards, Inc., Oklahoma City, Okla.,
$1,010.50 per $1,000.
5,000 Grady County, Okla., 4% court house and jail bonds of 1934,
R. J. Edwards, Inc., Oklahoma City, Okla., $1,090,382 per
$1,000.
15,000 City of Drain, Douglas County, Ore., 4% water bonds, Foster
Petroleum Corp., Westerly, R. I., $1,011.70 per $1,000.
14,900 School District No. 15, Union County, Ore., 4% school building
bonds, Foster Petroleum Corp., Westerly, R. I., $981.70 per
$1,000.
58,000 Town of Clinton, S. C., 4% waterworks improvement revenue
bonds, McAlister, Smith & Pate, Inc., New York, N. Y.,
$1,006.30 per $1,000.
13,000 City of Greenwood, S. C., 4% sewer revenue bonds, G. H.
Crawford Co., Inc., Columbia, S. C., and Associate, $1,002.75
per $1,000.
24,700 School District No. 33 of Spartanburg County, S. C., 4% school
building bonds, C. W. Haynes & Co., Inc., Columbia, S. C.,
$1,015,204 per $1,000.
14,000 City of Beresford, S. Dak., 4% waterworks bonds, Frank Filip &
Co., Cedar Rapids, Iowa, $1,055 per $1,000.
36,000 Independent District of Groton, Brown County, S. Dak., 4%
school bonds, First National Bank, St. Paul, Minn., and associate,
$1,037.80 per $1,000.
15,000 The City of Sioux Falls, S. Dak., 4% city hall bonds, 1934,
Charles A. Fuller Co., Minneapolis, Minn., $1,091.33 per $1,000.
215,000 City of El Paso, Texas, 4% sewer revenue bonds, Brown,
Schlessman, Owen & Co., Denver, Colorado, and associates,
$986.26 per $1,000.
137,000 Guadalupe County, Texas, 4% courthouse and jail warrants,
series 1934, Bowman, Roche & Co., Austin, Texas, $1,045,073
per $1,000.
84,000 City of University Park, Texas, 4% water revenue bonds,
Mercantile-Commerce Bank
&
Trust Co.,
St. Louis, Mo.,
$1,064 per $1,000.
21,000 Town of Amherst, Va., 4% water supply improvement bonds,
The Second National Bank of Culpeper, Culpeper, Va., $1,023
per $1,000.
10,000 Town of Chatham, Va., 4% water improvement bonds, Pied¬
mont Financial Co., Inc., New York, N. Y., $1,017.20 per $1,000.
Refinancing Loans Authorized and Rescinded—
two drainage districts in Louisiana,
aggregating $63,000, have been authorized by the Recon¬
struction Finance Corporation.
This makes a total to date
of $121,173,042.98 authorized under the provisions of Sec¬
tion 36,
Emergency Farm Mortgage Act of 1933, as
amended.
,
Report
on
Loans for refinancing
13,000
New
Jersey—Federal
Board Approves Old-Age Pension
dispatch from Washington on
Press
May 20 had the following to
say:
The Social Security Board today announced approval of New Jersey's
plan for old-age pensions and aid to dependent children, and granted a
$234,450 allocation as the Federal Government's share of old-age assistance
for the last quarter of this fiscal year.
The announcement said the allocation was for April, May and June and
matched State funds, making a total to be expended of $468,000.
Approval
of the plan for aiding dependent children, it was said, means that the
Government will bear one-third of the total cost for such work.
New York, N.
Y.—World Fair Bills Signed—On May 15
designed to set up pre¬
liminary machinery and provide for the financing of the 1939
Governor Lehman signed three bills
New York
City World's Fair.
One bill appropriates $250,-
000 from the general fund for construction of a boat basin
in Flushing Bay, another amends the New York City charter
give the Board of Estimate and Apportionment
$7,000,000 corporate stock and bonds to
acquire lands for Flushing Meadows Park and for con¬
struction of buildings, and the third gives the city power to
lease park lands to the World's Fair Corp.
so
as
to
power
to issue
Signs Relief Bond Bill—
signed the bill of Senator Dunnigan,
Democratic legislative leader, on May 20, providing for
the submission of a $30,000,000 unemployment relief bond
issue to the voters at the fall election, according to Albany
New
York
Governor
State—Governor
Lehman
advices.
He also
approved two other relief measures by Senator
One provides that if the bond issue is approved,
$15,000,000 shall become available immediately.
The other
sets aside $35,000,000 from last year's $55,000,000 relief
bond issue.
In a special message on April 24 the Governor
recommended a $30,000,000 issue together with a direct
relief appropriation of $10,000,000 out of general funds.
The $10,000,000 recommendation was
defeated by the.
Republican leaders in the Assembly.
Dunnigan.
Governor Approves
Debt Equalization Bond Law—Governor
approved the Twomey bill, as Chapter 580,
Law of 1936, amending the general municipal law in relation
to the issuance of debt equalization bonds by municipalities
with the approval of the State Comptroller and to repeal
Chapter 295 of the Laws of 1935. The Governor commented
on the new law as follows:
"This bill sponsored by the State
Comptroller offers to municipalities a sound plan for the
equalization or reduction of their debt service, i A proposed
plan must first be submitted to the State Comptroller and
his approval obtained. This bill should do much to improve
municipal financing in general.
I am glad to approve
Lehman has
the bill."
(State of)—Highway Act Passed Over
May 14 the State Legislature passed the State
Highway Act over the Governor's veto.
The measure,
among other things, authorizes the State Treasurer to Ap¬
prove State Highway bonds to an amount of $8,000,000 for a
Statewide road building program without the Governor's
signature.
South
Veto—On
Carolina
Volume
142
Tables
Financial
Compiled
on
Low
Coupon
Chronicle
3547
Bond
Values—Extensive values for bonds at low
coupon rates
have now been provided at
monthly intervals in a new book
published under the title
"Low Coupon Monthly Bond
Values."
Indicative of the trend of the
times, this new
book covers nothing
higher than a 3% coupon rate, showing
tables extending from a low rate of
% % up to a maxiumm of
3% at intervals of Vs%.
Of course other tables have long
been available for
coupon rates above
Monthly
3%.
The most important feature of this
valuable work is that values are shown
at intervals of one month, and
calculated to six decimal places.
This makes
them
satisfactory for use by investment dealers in preparation of invoices
municipal bonds sold on a yield basis.
For this reason the tables should
a need
currently existing among dealers in
high grade municipals.
"Low Coupon
Monthly Bond Values" is published by the Financial
Publishing Co., Boston.
for
fill
Triborough Bridge Authority, N. Y.—Governor
Ap¬
Whitestone Bridge Authority Bill—On
May 20, Governor
authorizing the above Author¬
ity to construct a bridge across the East River between
proves
Lehman signed the Hendel bill
Whitestone, Queens, and the Bronx, according to a news
dispatch from Albany.
The measure, which was introduced
by Senator Frank B. Hendel, Queens Democrat, is said to
have had the
support of various city officials and civic and
trade organizations.
"The bill," wrote
the Governor in his
memorandum,
creating the Triborough Bridge Authority
so as to authorize the
Authority in its discretion to construct
a
bridge across the East River from Whitestone in the
Borough of Queens to the Borough of the Bronx.
Provision
is also made that, when the
Authority has discharged all
bonds and liabilities, all
rights and properties of the Authority
in the various
projects shall pass to and be vested in the Citv
"amends the Act
New
of
York."
United
dicated
States—Taxation
of Bond Syndicate Profits In¬
Internal Revenue Bureau—-The
"Wall
StreetMay 21 carried the following article dealing with
by
Journal" of
the action of the Bureau of Internal
Revenue in calling upon
the Chase National Bank of New
York, as head of a syndicate
that marketed $58,000,000 New
York
to pay
the corporation tax
marketing of these bonds:
by C. E. Armstrong, City
Comptroller, that the cost of constructing the
proposed industrial water works plant will be
about $5,800,000, of which
the Public Works
Administration will furnish $2,378,000.
The city has
a
contract with the PWA to sell them a total of $3,430,000 in water
revenue
bonds, the proceeds of which will be used in
completing the construction.
He states that these bonds will
be callable at the
option of the city at any
interest period after
April 1, 1937.
MORGAN COUNTY
(P. O. Decatur) Ala.—WARRANT SALE—An
issue of $127,000 school tax
warrants is reported to have been
purchased
jointly by Watkins, Morrow & Co. of
Birmingham, and Kalman & Co. of
St. Paul.
Due in 20
years.
TUSCALOOSA
SALE—An issue of
has been purchased
now
COUNTY
(P. O. Tuscaloosa), Ala.—WARRANT
$207,000 Z%% coupon Board of Education warrants
by Watkins, Morrow & Co. of Birmingham, who are
reoffering the securities to investors at prices to
yield from 1K % to
33^%, according to maturity.
Denom. $1,000.
Dated Jan. 15, 1936.
Prin. and semi-ann. int.
(J. & J. 15) payable at the Chimical Bank & Trust
Co. in New York or at the First
National Bank, Tuscaloosa.
Due Jan. 15
as follows:
$5,000, 1937 and 1938; $10,000, 1939 and 1940:
$9,000, 1941 to
1944; $10,000, 1945; $11,000, 1946 and
1947; $12,000, 1948, 1949 and 1950;
$14,000, 1951; $16,000, 1952; $10,000, 1953, and
$11,000, 1954, 1955 and
1956.
ARIZONA
ARIZONA, State of— WARRANTS CALLED—It is
general fund warrants registered on or before Feb.
29, 1936,
payment on May 5, at the office of the State
Treasurer.
MOHAVE COUNTY
(pj
O.
Kingman), Ariz
Sealed bids will be received until 10
Clerk of the Board of
—BOND
reported
were
that
called for
OFFERING—
a. m. on June 1, by J. J.
Cunningham,
Supervisors, for the purchase of a $45,000 issue of
funding bonds.
Interest rate is not to exceed
4M%, payable J. & D.
Dated June 1, 1936.
Due on June 1 as follows:
$2,500, 1937 and 1938, and
$5,000 from
1939 to 1946, incl.
Principal and interest payable at the
County Treasurers office.
A certified check for
$2,500 must accompany
bid.
(This report supplements the offering notice
given in these
columns recently—V. 142, p.
3383.)
the
City bonds in 1934,
on
the profits derived from the
Prospects that municipal bond syndicates in
general might be made
subject to the corporation tax instead of the
individual levy account mem¬
bers now pay drew the attention of
municipal men yesterday
following the
news that a Chase National Bank
syndicate had been requested to
pay such
a levy.
The question that worried most
municipal houses was whether the
levy,
if upheld by the cours, would be
made retroactive and
applied to all other
syndicates that have purchased municipal bonds in the
past few years.
Since the syndicate in question was
formed to underwrite the
S58.000.000
New York City offering of two years
ago, the concensus was that the
Govern¬
ment might attempt tp
go even further back for similar
taxes.
However,
the opinion still prevailed that this
syndicate was selected for a test
case,
and the legality of the move
already has been questioned.
Some municipal men pointed out
that for some time
syndicate agreements
have carried the provision that
any unexpected or further taxation would
be
shared by the members of the account.
The 1934 New York
City syndicate
included most of the larger
houses in the financial district.
For that reason
the levy if found legal,
probably would present quite a burden for some of the
smaller firms which have been
active as syndicate members.
The annual
volume of municipal sales is estimated at
$1,000,000,000 and the
levy of a
excise tax totaling
18% on profits of such sales would
to nearly $2,000,000 a
year, based on estimates that a
profit of
is the aberage for such underwritings.
corporation and
amount
1%
Officials of Chase National Bank had
no
comment on the
yesterday.
It is understood that tax experts of the
banks
completed their study of the request.
United
States—Report
on
Incurred
proposed levy
not yet have
Emergency Relief Obligations
by 13 Cities—The May 14th issue of "Just a
Moment," the publicity medium of the Buffalo
Municipal
Research Bureau, Inc., carried the
following
interesting
tabulation:
AMOUNT OF
OBLIGATIONS
BY
INCURRED FOR EMERGENCY
RELIEF*
ADMINISTRATIONS IN 13 SELECTED
CITIES, BY SOURCES OF FUNDS
RELIEF
January through December, 1935
Cities—
Total
Federal Funds
$
New York
Chicago
x__
Philadelphia
Detroit
x._
x
Los Angeles x...
Cleveland
x
St. Louis
Baltimore
Boston
Pittsburgh
x
San Francsico
Milwaukee
x
Buffalo
x_
188,852,396
71,952,704
48,239,513
24,441,331
57,770,604
27,230,531
13,980,563
11,291,074
26,200,017
41,925,731
13,709,042
16,194,096
19,606,827
State Funds
Local Funds
$%$%$%
64.5
121,706,765
62,586,553
45.843,212
18,446,647
40,524,276
22,656,484
9,023,799
9,616,190
15,966,562
37,027,660
9,663,241
11,692,022
6,891,073
15,347,773
7,835,880
1,152,375
3,465,800
17,246,328
3,292,431
2,891,580
1,606,150
20,921
2,616,566
4,045,801
1,000,865
7,624,226
87.0
95.0
75.5
70.1
83.2
64.5
85.2
60.9
88.3
70.5
72.2
35.1
*
8.1
51,797,858
1,530,271
1,243,926
14.2
2.528,884
27 4
10.9
2.1
2.4
2.6
10 3
29.9
12.1
20.7
14.2
0.1
6.2
1,281,616
2,065,184
68,734
10,212,534
2,281,505
4.7
14 8
0.6
39.0
5 5
29.5
6.2
38.9
3,501,209
5,091,528
21 6
26*.0
Includes obligations Incurred for relief
extended under the general relief
program,
under all special programs, and for
administration; these figures also inculde purchases
of materials, supplies, and
equipment, rental of equipment (such as team and
truck
hire), earnings of non-relief persons
employed, and other expenses incident to the
Emergency Work Relief Program.
x
These figures represent the counties in
which the cities are located.
OFFERINGS
ARKANSAS
FORT SMITH, Ark.—BONDS OFFERED FOR
INVESTMENT—O. W.
Chicago; A. C. Allyn & Co., Inc., and
Eldredge & Co.,
Inc., offered on May 19, a new issue of $1,235,000 4% water revenue
bonds,
which were purchased from the Reconstruction
Finance Corporation on
May 12.
The bonds are dated April 1, 1935, and mature
Oct. 1, 1937 to
1954, incl.
They are priced to yield from i.50 to
3.75%, according to
maturity.
McNear & Co.,
The City of Fort Smith has
recently completed the installation of a new
gravity flow system and has added a filtration plant which has a
capacity
of 8,000,000 gallons of water per
day.
With this new system, which
eliminates pumping charges,
ordinary operating expenses are expected to
be reduced from about $70,000 to
approximately $52,000 annually.
Gross
operating income from water sales for the year ended
April 30, 1936, is
officially reported at $185,662 and the average principal and
interest
requirements over the life of this issue amount to
$101,187.
These bonds, in the opicion of
counsel, constitute valid and binding
obligations of the city, payable solely from the revenues of the entire
water¬
works system.
The city, by ordinance, has covenanted and
agreed to, at
all times, fix, maintain and collect rates for
water services rendered at least
sufficient to pay principal and interest on these bonds
and to continuously
operate and maintain the system until all of the bonds have been
paid.
Assessed valuation for 1935 ($30% of
actual) was $15,243,339 and total
ad valorem tax bonded debt, not
including this issue of bonds, $393,500.
FORT
SMITH, Ark.—BONDS DEFEATED—It is stated
by the City
Clerk that at the election on May 13—V.
142, p. 2706—the voters defeated
the proposed issuance of the $30,000 in
ariport bonds.
MORRILLTON, Ark.—BOND OFFERING—O.
J. Olson, Mayor, will
m. May 29 for the
purchase of $55,000 4% hospital
Denom. $500, $1,000, $1,500,
$2,000 and $3,000.
Dated June 1,
Interest payable semi-annually.
Due yearly on Oct. 1 from 1939
receive bids until 10 a.
bonds.
1936.
to 1965.
WANTED
CALIFORNIA
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
Francis, Bro.
ESTABLISHED
&
Co.
1877
Investment Securities
ST. LOUIS
TULSA
ALAMEDA
COUNTY (P. O. Oakland), Calif.—BOND
SALE—The
$14,000 issue of Livermore Union High School District bonds
offered on
May*18—V. 142, p. 3383—was awarded to Lawson, Levy & Williams
of
San Francisco at 2% for a premium of
$92.62, equal to 100.661, a basis of
about 1.80%.
Bljdih & Co. of San Francisco offered a premium of
$23
for 2% bonds.
Dated May 15, 1936.
Due on May 15 as follows:
$1,000,
1937; $2,000, 1938; $3,000, 1939, and $4,000 in 1940 and 1941.
ANAHEIM, Calif.—BONDS DEFEATED—At the election held
May 5 the voters rejected a proposal to issue $325,000 school bonds.
CORCORAN
Bond Proposals and
Negotiations
ALABAMA
BIRMINGHAM,
Ala .—ADDITIONAL INFORMATION—In
connec¬
$4,000,000 4% water supply system bonds
authorized on May
5 by the City Commission, as reported
here—V. 142, p. 3383—it is stated
tion with the
on
IRRIGATION DISTRICT (P. O.
Corcoran) Calif.—
BOND REFINANCING PLAN APPROVED—The
following report is
taken from the San Francisco "Chronicle" of
May 13:
"Approval of a refinancing plan for Corcoran Irrigation District in
Kings
and Tulare counties by 90% of the bondholders was
announced yesterday by
Harmon S. Bonte, Secretary of the California
District Securities Com¬
mission.
Under the plan, $733,000 in
outstanding bonds will be retired,
with bondholders being paid 75 cents on the
dollar.
A Reconstruction
Finance Corporation loan will provide 66 cents of
this sum with a loan of
$484,500, while the remaining amount will be paid from the district's
treasury. The RFC issue will result in a saving to the
district, with a 4%
interest rate replacing the present 6% cost."
Financial
3548
May
Chronicle
1936
23,
of Cleveland; the Baum, Bernheimer Co. of Kansas City; Johnson.
of Cleveland; A. S. Huyck & Co. of Chicago; Stix & Co. of
C. S. Ashmun & Co. of Minneapolis, and R. H. Johnson & Co.
York.
& Co.
& Co.
Kase
St. Louis;
California Municipals
of
DONNELLAN & CO.
INVESTMENT—The successful syndicate
for general public subscription at prices to yield
FOR
OFFERED
BONDS
offered the above warrants
$50,000 State of California Relief V/i%, due Jan. 1/44, to yield 2.30
highways and bridges of the State and will constitute a first charge upon all
accruing to the State Highway Fund. Such revenues include 70%
of the receipts from the State gasoline tax and 50% of the receipts from
revenues
San Francisco, Calif.
111 Sutter St.
registration fees and other charges with respect to the operation
in the State of Colorado. Such receipts for 1935 were
approximately $4,500,000 as compared with estimated interest and retire¬
ment charges of $800,000 on this $10,000,000 issue and $2,000,000 on
$25,000,000 of warrants, the maximum amount of warrants that may be
license and
Teletype-S P 396
Telephone Exbrook 7067
of motor vehicles
issued.
CALIFORNIA MUNICIPALS
$100,000 San Francisco, Water
.
•
KIT
NO.
4s 12-1-48@2.60%
are
1
CARSON COUNTY
(P. O. Burlington),
CONSOLIDATED SCHOOL DISTRICT
Colo.—BOND CALL—The following bonds
at the office of Peters, Writer & Chris-
said to be called for payment
Denver on May 31, on which date interast shall cease:
$45,000 6% school bonds dated May 1, 1921.
Due on May
optional May 1, 1936.
4,000 5% school bonds, dated Oct. 1, 1916.
Due on Oct.
optional on Oct. 1, 1931.
tensen of
ffBoot/ie,§rfleite§ Co.
ill
west
angeles
7th st.
teletype la
56$
MEMBER LOS ANGELES STOCK EXCHANGE
CALIFORNIA
GATE BRIDGE AND HIGHWAY DISTRICT (P. O.
Francisco), Calif.—BOND SALE■—A $5,000,000 issue of 3^%
bridge, series C bonds was purchased on May 20 by a syndicate composed
of Blyth & Co., the Bankamerica Co., Dean Witter & Co. and Weeden &
Co., all of San Francisco.
Denom. $1,000. Dated July 1, 1935. Due on
July 1 as follows: $20,000, 1942 to 1946; $45,000, 1947; $70,000, 1948 to
1951; $95,000, 1952 to 1956; $165,000, 1957 to 1961; $245,000, 1962 to
1966, and $410,000, 1967 to 1971. Principal and interest (J. & J.) payable
in lawful money at the Bank of America, National Trust & Savings Asso¬
ciation, San Francisco, or at the Manufacturers Trust Co. in New York.
Legality to be approved by Orrick, Palmer & Dahlquist of San Francisco
ana Masslich & Mitchell of New York.
BONDS OFFERED FOR
above bonds for
to
INVESTMENT—The purchasers reoffered the
general public subscription priced to yield from 2.25%
Yuma), Colo.— WARRANT CALL—Robert L.
said to be calling the following warrants
June 4:
School District No. 19, all warrants, incl. registry No. 2.
School District No. 26, all warants, incl. registry No. 7.
School District No. 82, all warrants,'incl. registry No. 849.
YUMA COUNTY (P. O.
Sheverbush, County Treasurer, is
for payment on
3.50%, according to maturity.
Los Angeles) Calif.—BOND OFFER¬
with the offering scheduled for 2 p. m. on
CONNECTICUT
LOS ANGELES COUNTY (P. O.
ING DETAILS—In connection
of the $15,000 Enterprise School District bonds, report on which
was given here recently—V.
142, p. 3383—it is stated by L. E. Lampton,
County Clerk, that the bonds mature on June 1 as follows: $3,000, 1937;
$2,000, 1938 to 1940, and $1,000 from 1941 to 1946. Interest rate is not to
exceed 5%, payable J. & D.
Prin. and int. payable in lawful money at the
County Treasury.
June 1,
ORANGE COUNTY (P. O. Santa Ana), Calif.—BOND OFFERING—
J. M. Backs, County Clerk, will receive bids until 11 a. m. June 2 for the
purchase at not less than par of $8,000 school building bonds of Olive
School District,
Bidders are to name rate of interest, not to exceed 5%.
Denom. $1,000. Dated July 1, 1936. Principal and annual interest payable
at the County Treasurer s office.
Due $1,000 yearly on July 1 from 1939 to
1946.
Certified check for 3% of amount of bonds bid for, payable to the
Opinion of O'Melveny, Tuller & Myers, of
Angeles, will be furnished by the district. Assessed valuation of property
district, $2,078,635. Bond debt, including this issue, $8,000.
County Treasurer, required.
Los
in
1, 1946;
DISTRICTS (P. O. Hugo), Colo.—
WARRANTS CALLED—It is stated by Orvil C. Meink, County Treasurer,
that the following warrants are being called for payment:
School District No. 7, all registered warrants.
School District No. 18. all warrants prior to and incl. those registered
up to Sept. 28. 1935.
School District No. 22, all warrants prior to and incl. those registered
up to Sept. 26, 1935.
School District No. 24, all registered warrants.
School District No. 29, all warrants registered up to Oct. 1, 1934.
School District No. 34, all warrants registered up to March 30, 1936.
School District No. 35, all warrants registered up to March 10, 1936.
School District No. 42, all registered warrants.
LINCOLN COUNTY SCHOOL
GOLDEN
San
I, 1951;
REDWOOD CITY,
Calif.—BOND ELECTION—It is stated by B. E.
Myers, City Treasurer, that an election will be held on June 11, in order
to vote on the proposed issuance of $266,000 in harbor improvement bonds.
(This report supersedes the election notice given in these columns recently
—V. 142, p. 3215.)
SAN
held
on
BERNARDINO, Calif.—BONDS DEFEATED—At the election
May 5—V. 142, p. 2868—the voters defeated the proposed issuance
hall bonds, according to the City Clerk.
of $25,000 in city
(City and County) Calif.—BOND OFFERING—
the Clerk of the
for the purchase of a $391,000 issue of 4)4% sewer
bonds.
Due $23,000 from 1939 to 1955 incl.
Interest payable J. & D.
Legality to be approved by Thomson, Wood & Hoffman of New York.
(These are the bonds that were offered for sale on Jan. 6, for which all
bids were rejected at that time because of legal difficulties, as noted in
these columns.)
SAN
FRANCISCO
Sealed bids will
be received until 3 p. m. on May 25, by
Board of Supervisors,
MATEO, Calif.—BOND SALE NOT SCHEDULED—We are now
date of sale has been set
as yet on the $300,000 general obligation bonds approved by the voters
on
May 5, as noted here—V. 142, p. 3383—because a Supreme Court
decision on their validity is being awaited.
SAN
informed by E. P. Wilsey, City Manager, that no
SANTA
CLARA
COUNTY
CONSERVATION
DISTRICT
(P.
O.
Jose), Calif—BONDS VOTED—At an election held on May 12 the
are reported
to have approved the issuance of $400,000 in con¬
servation project bonds.
San
voters
TEHAMA COUNTY (P. O. Red Bluff), Calif.—BOND OFFERING—
R. H. Holthe, County Clerk, will receive bids until 2 p. m. May 25 for the
purchase of $8,000 4% bonds of Gerber Union Elementary School District.
Dated May 4, 1936.
Certified check for 10% required.
Conn.-NOTE SALE—An issue of $700,000 tax antici¬
pation notes offered on May 21 was awarded to the Bank of the Manhattan
Co. and the First National Bank of Boston, jointly on a 0.18% interest
basis.
The Chase National Bank of New York was second high with a bid
of 0.19% interest, plus $3 premium.
Notes are dated May 26, 1936 and
NEW HAVEN,
193245
1936.
will mature Aug. 4,
T
eavitt & Co. of NewYork
bid
a
rate of 0.25% for the issue.
BONDS
FLORIDA
PIERCE-BIESE CORPORATION
JACKSONVILLE
Miami
Orlando
Tampa
Municipals
Florida
LEEDY. WHEELER & CO
Orlando, Fla.
Bell
Orlando
System
Teletype
Jacksonville
10
96
No.
FLORIDA
FLORIDA, State of—REFUNDING PLANS PREPARED FOR THREE
MUNICIPALITIES—Refunding plans for three Florida communities are
said to have been prepared recently, with George W. Simons Jr. & Co., of
Jacksonville, as refunding agents for the municipalities, which are:
City
of Eustis, Holly Hills, and Lake Alfred.
The refinancing plans are reported
to involve a total of $1,350,000 in outstanding obligations.
JACKSONVILLE, Fla.—FINANCIAL STATEMENT—1The following
official information is furnished in connection with the offering on July 1, of
6% coupon semi-ann. refunding bonds, issue of
1936, report on which appeared in these columns recently—V. 142, p. 3037;
the $500,000 not to exceed
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
MEXICO
—
WYOMING
DONALD F. BROWN & COMPANY
DENVER
Telephone:
Keystone 2395
—
Teletype: Dnvr 51
Financial Statement as of March
Assessment Roll for
Real estate (50% basis)
Personal property
31, 1936
1935
..
-
$84,867,380
Total
The present bonded indebtedness of the City of Jacksonville is..$10,959,000
The city owes for certificates issued for the purchase of land
for street purposes, and
33,515
equipment
$ 10,992,515
Total indebtedness
Less sinking fund
COLORADO
ADAMS
COUNTY SCHOOL DISTRICT NO. 25 (P. O. Denver).
SALE—An issue of $11,000 3*4% school building bonds
Colo.—BOND
recently approved by the voters and sold to the J. K. Mullen Invest¬
ment Co. of Denver subject to approval of a Public Works Administration
was
grant of $10,000.
Denom. $1,000.
Due $1,000 yearly from 1937 to 1947.
COLORADO (State of)—WARRANT SALE—The $10,000,000 State
Highway Fund revenue anticipation warrants offered on May 19—V. 142.
3215—were awarded to a syndicate headed by Otis & Co. of Cleveland
and including Burr & Co.; Roosevelt & Weigold; Wilmerding & Co. of New
York, and R. S. Dickson & Co. of Charlotte on a bid of 101.27 for 234s, a
basis of about 2.625%.
A group
including Lehman Bros.; Halsey, Stuart
& Co.; The First Boston Corp.. and Blyth & Co. was second high, bidding
100.47 for 234s.
Dated June 1, 1936. Due on June 1 as follows: $500,000,
1939; $515,000, 1940; $530,000, 1941; $545,000, 1942; $565,000, 1943;
$580,000, 1944; $595,000., 1945; $615,000, 1946; $635,000, 1947; $650,000,
1948; $670,000, 1949; $690,000, 1950; $715,000, 1951; $735,000, 1952;
$755,000, 1953; and $705,000, 1954.
(The official advertisement of the above public offering appears on
page VI of this issue.)
The other members of the successful group were as follows: Brown-Crummer Co.
of Wichita; E. Lowber Stokes & Co. of Philadelphia: Griffith,
Wagenseller & Durst of Los Angeles; Amos C. Sudler & Co. and Donald F.
Brown & Co., both of Denver; the Allison-Williams Co. of Minneapolis;
the White-Phillips Corp. of Davenport; the Weil, Roth & Irving Co. of
Cincinnati; Bigelow, Webb & Co. of Minneapolis; Ryan, Sutherland & Co.
of Toledo; Seasongood & Mayer of Cincinnati; Cray, McFawn & Co. of
Detroit; Jackley & Co. of Des Moines; Wm. J. Mericka & Co. of ClevelandBuckley Bros, of Philadelphia; Herb & Co. of New York; Mitchell, Herrick
p.
$75,482,140
9,385,240
1,129,991
$9,862,524
1,030,000
Deduct for water bonds
$8,832,524
Net indebtedness
The attention of the prospective bidder is called to the fact that the net
profits of the electric light plant are pledged for the payment of interest
and principal of these proposed bonds.
The profits from said municipally operated electric plant are as follows
Net
Earnings
$2,744,949
2,748,786
2,664,993
2,742,933
2,900,087
Oper. Expenses
$
995,385
879,231
836,776
1,027,390
1,143,302
281,157
1936 (3 mos.)T
797,991
The costs of the utilities owned by the City
Electric plant and distribution system.
of Jacksonville are as follows:
$9,607,118
Waterworks
Docks and terminals
.
Radio station WJAX
Golf
Net
$1,749,564
1,869,555
1,828,217
1,715,543
1,756,785
516,834
courses
3.189,032
2,835,378
95,664
164,916
$15,892,108
Total.......
GEORGIA
Ga.—BONDS SOLD—It is stated by the City Clerk
bonds have been purchased at par
by the Public Works Administration.
REIDSVILLE,
that $4,500 4% semi-ann. water system
Volume
142
Financial
Territorial
Territory of (P. O. Honolulu)—BOND OFFERING—The
Treasurer will receive sealed bids at the Bankers Trust Co.,
New York City, until June 12,
according to report, for the purchase of an
of $1,750,000 refunding bonds.
Interest rate is not to exceed
issue
3%,
payable semi-annually.
3549
COGGON INDEPENDENT SCHOOL DISTRICT
Iowa—BOND SALE DETAILS—It is stated
H1/, HAWAII
HAWAII,
Chronicle
Dated July 20, 1936.
Due from 1941 to 1945.
that
by
the
$10,000 school
construction
bonds
the
(P.
O.
Coggon)
District
Secretary
purchased by the Merchants
National Bank of Cedar
Rapids, as noted in these columns recently—V. 142,
p. 3385—were sold as
2Ms, for a premium of $175.00, equal to 101.75, a
basis of about
2.55%. Due from Dec. 1, 1940 to 1949.
DES
MOINES, Iowa—BOND OFFERING—It is stated that both sealed
by John T. Stark, City Treasurer, at 10 a. m.
May 21, for the purchase of two issues of not to exceed
5% semi-ann.
bonds aggregating
$110,000, divided as follows:
$85,000 improvement fund bonds. Due as follows:
$10,000, 1939 to 1941;
$15,000, 1942 to 1944, and $10,000 in 1945.
and open bids will be received
on
IDAHO
BANNOCK
COUNTY
INDEPENDENT
SCHOOL
DISTRICT,
NO. 1 (P. O. Pocatello) Idaho—BONDS DEFEATED—It is
Lee A. Blackmer, District Treasurer, that 4% school bonds,
numbered 1 to 40, an issue or series of Jan.
1, 1935, are being called for
redemption through the First Security Bank of Idaho, in Pocatello, on
July 1, on which date interest shall cease. Denom. $1,000.
CLASS A,
stated
by
CANYON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 37
(P. O. Nampa), Idaho—BOND SALE—'The $80,000 issue of coupon
school bonds offered for sale
on May 19—V.
142,
by Sudler, Wegener & Co. of Boise, taking $40,000
$40,000 as 3Ms, according to the District Clerk.
p.
2868—was purchased
as
3s, and the remaining
ILLINOIS
BERWYN, 111.—WARRANT SALE—-R.
purchased
as
2 Ms a
warrants offered on
block, of $125,000
E.
Herczel
of the
& Co. of Chicago
$208,716 tax anticipation
May 18.
v
.
J.
Wylie, City Comptroller,
of the sale of $65,000
5% general operating expense tax anticipa¬
tion warrants as follows:
$53,000 to the Millikin National Bank and $12,000 to the National Bank of Decatur.
Warrants outstanding against the
1935 tax levy on April 30, 1936 consisted of
the following: general levy,
$65,000; public library, $16,500, and general levy from
sinking fund,
$47,300.
us
EVANSTON,
111.— WARRANT SALE DETAILS—The $308,000 tax
warrants sold on May 11 to Bartlett,
Knight & Co. of Chicago,
previously noted in these columns—V. 142, p. 3384—-bear 2% and were
anticipation
as
sale
as
possible.
sold at par plus a premium of
$616.
Bidders must furnish
being permitted to bid.
(This report supplements
recently—V. 142, p. 3385.)
DES
DECATUR, 111.—WARRANT SALE—C.
informs
25,000 sewer fund bonds. Due
$5,000 from 1938 to 1942 incl.
Dated June 1, 1936.
Bids to be received for all or any part of the bonds.
Any'bid for less than all of the bonds must
specify the maturities desired.
Prin. and int. payable at the
City Treasurer's office.
Legality to be ap¬
proved by Stipp, Perry, Bannister &
Starzinger, of Des Moines. Authority
for issuance is
given in Chapter 63 of the Code of Iowa.
Bonds will be
printed and legal opinion furnished to the successful bidder as
soon after the
the
a
offering
certified check for $1,000 before
notice given in
these
columns
MOINES,
Iowa—BOND SALE—1The $85,000 city improvement
fund bonds and
$25,000 sewer fund bonds offered on May 21—V.
142,
p. 3385—were awarded to Shaw, McDermott & Sparks of Des
Moines as
2Ms at par.
Robinson & Co. of Chicago were second
high, offering a
$1,200 premium for 2MsThe improvement bonds will mature $10,000
in 1939. 1940 and
1941, $15,000 in 1942. 1943 and 1944, and $10.00Q in
1945.
The
sewer
bonds will
come
due $5,000 yearly from 1938 to 1942.
DUNDEE CONSOLIDATED SCHOOL
DISTRICT, Iowa—BOND
SALE—An issue of $17,000
2% school building bonds has been sold to the
banks located in
Waverly, Iowa.
FAIRFIELD, Iowa—BOND OFFERING—R. H. Spence, City Clerk,
will receive bids until 7:30
p. m. May 29 for the purchase of $18,300 refund¬
ing bonds.
•
INDIANA
GUTHRIE COUNTY (P. O. Guthrie
Center), Iowa—BOND ELEC¬
TION—The County Supervisors have called an election for
June 1 at which
a proposal to issue
$40,000 county home bonds will be voted
BARR SCHOOL TOWNSHIP
(P. O. Montgomery), In A.—BOND
OFFERING—Jamas O. Bullock, trustee, will receive sealed bids until
10 a. m. (Central Standard
Time) on June 5 for the purchase of $25,000
4% bonds.
Dated July 1, 1936.
Denom. $1,000.
Due $1,000, July 1,
1937; $1,000, Jan. 1 and July 1 from 1938 to
1949, incl.
Principal and
interest (J. & J.) payable at the trustee's
office.
SALE—The $5,500 waterworks bonds offered
May 15—V. 142, p. 3217—were awarded to the Carleton D. Beh Co. of
Des Moines as 2Ms for a
premium of $49.50, equal to 100.90, a basis of
about 2.59%.
Denom. $500.
Dated May 15, 1936.
Interest payable
June 1 and Dec. 1.
Due $500 yearly on May 15 from 1937 to
1945, and
$1,000, May 15,. 1946.
r
*
CLINTON, Ind.—BONDS SOLD—Cumberworth, Harris & Co. of
Indianapolis purchased in February $52,000 4M% coupon bonds at
par
LOUISA COUNTY (P. O,
Wapello) Iowa—BOND ELECTION CAN¬
CELLATION POSSIBLE—It is
novj stated by the County Auditor that
are pointing toward the
possible cancellation of the bond
election on the issuance of $420,000 in road and
county jail bonds, pre¬
viously scheduled for June 1, as noted here recently—-V.
142, p. 3385.
upon.
flus a premium of $181.23, equal to annually. sale consisted of:
26,000
bonds.
Due $2,000 100.34. The
sewer
26,000 street improvement bonds.
Due $2,000 annually.
originally reported that the sale comprised
Denom. $1,000.
It
of $26,000
sewers.
4M%
ELKHART
was
an
(P.
O.
Goshen),
Ind.—BOND
issue
SALE— The
Indianapolis Bond & Share Corp. of Indianapolis was awarded on
May 15 an
issue of $22,500 refunding bonds as
2Ms, at a price of 100.12. The county
to receive bids on
a
$40,000 issue.
EVANSVILLE, Ind.—NEW ISSUE
OFFERING—Robinson & Co., Inc.
Chicago are making public offering, at prices to yield from
2.60% to
3.10%, $40,000 4% direct obligation bonds, maturing from 1944 to
1954,
of
inclusive.
FORT
WAYNE,
Ind.—BOND
OFFERING—Louis
F.
Crosby, City
Controller, will receive bids until 10 a.m. June 1 for the purchase of
$120,000
4% Clinton Street rights-of-way bonds.
Denom. 70 for $1,000 and 100
for $500.
Due June 1, 1945.
FOUNTAIN COUNTY (P. O.
Covington), Ind.—BOND SALE—The
$136,000 courthouse bonds offered on May 4—V.
142, p. 3037—were
awarded to the City Securities Corp. of
Indianapolis and Wm. R. Stuart &
Co. of Chicago as 3
Ms for a premium of $1,020, equal to 100.75. An issue of
$36,000 refunding bonds offered at the same time were taken
by the Union
Trust Co. of Indianapolis as 5s for a
premium of $3,201, equal to 108.891.
FRANKLIN
TOWNSHIP
SCHOOL
TOWNSHIP
(P.
O.
Beech
Grove), Ind.—BOND SALE—The $54,000 4M% school bonds offered on
May 8—V. 142, p. 2869—were awarded to the City Securities
Corp. of
Indianapolis at par plus a premium of $2,383, equal to 104.41, a basis of
about 2.82%.
Dated May 1, 1936 and due as follows: $3,600, July
1, 1937,
and $3,600 on Jan. 1 from 1938 to 1951 incl.
JACKSON TOWNSHIP (P. O. Charlottesville
R.R.), Ind.—BOND
SALE—The $68,250 4% school building bonds offered on
May 15—V. 142,
p. 3037—were awarded to Jackson,
Ewert, Inc., of Indianapolis for a
premium of $3,412.50, equal to 105, a basis of about
3.35%. Dated May 1,
1936.
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.
MUNCIE, Ind.—BONDS PUBLICLY OFFERED—Robinson &
Co.,
Inc. of Chicago are offering $185,000 3% direct
obligation bonds, due from
1946 to 1959. incl., at prices to yield from
2.65% to 2.85%, according to
maturity.
SHAWSWICK
present indications
OSCEOLA,
will
COUNTY
originally planned
IRETON, Iowa—BOND
on
TOWNSHIP
SCHOOL
TOWNSHIP (P. O. Bedford
City), Ind.—BOND SALE—-The $9,000 4% coupon school bonds offered
on May 21—V.
142, p. 3216—were awarded to the City Securities
Corp.
of Indianapolis at par, plus a
premium of $277, equal to 103.077, a basis
of about 3.38%.
The Bedford National Bank, of Bedford, was second
high bidder, offering to pay a $247 premium.
Dated May. 8, 1936.
Due
$1,000 on each of the dates Jan. 1. 1937; July 1, 1938;
July 1, 1941; $500
on Jan.
1 and July 1 in 1942 and 1943, and $2,000 on Jan. 1 and
July 1,
in 1944.
Iowa—BOND OFFERING—John E. Mullen,
City Clerk,
until 9 a. m. May 29 for the purchase of
$17,500 sewer
purifying plant bonds and $18,000 sewer fund bonds.
receive bids
outlet and
POWESHIEK COUNTY (P. O.
Montezuma)
Iowa—PURCHASER—
It is stated by the
County Auditor that the $12,000 2M % semi-ann. funding
bonds sold recently, as reported in these
columns—V.
purchased by the White-Phillips Corp., of
Davenport.
Due from Nov. 1. 1937 to 1941.
142, p. 3385—were
Dated Jan. 1, 1936.
ROCKWELL, Iowa—BOND SALE—An issue of $15,000 sewer bonds
was sold
recently to the First National Co. of Mason City at 3% for a
premium of $175, equal to 101.166.
SHENANDOAH, Iowa—BOND ELECTION—At
on
June 1
a
voted upon.
an
election to be held
proposal to issue $18,000 swimming pool and park bonds will be
TAMA, Iowa—BOND SALE—The $35,000
plant bonds offered
sewer
outlet and
purifying
May 18—-V. 142, p. 3385—were awarded to Jackley
2Ms for a premium of $520, equal to 101.487.
Denomination $1,000.
Dated May 1, 1936.
Interest payable May 1
and Nov. 1.
Due serially from 1937 to 1950.
on
& Co. of Des Moines
as
KANSAS
FORD
COUNTY
(P.
O. Dodge City), Kan.—BOND OFFERING—
T. E. Young, County Clerk, will receive bids until 2
p. m. June 2 for the
purchase of $30,000 2M% poor relief bonds.
Dated May 15,
1936.
Interest payable semi-annually.
Due $3,000 yearly on May 15 from
1937 to 1946.
Certified check for 2% of amount of bid
required.
GARNETT, Kan.—BOND SAI.E DETAILS—It is stated by the City
the $20,000 2M% semi-annual
refunding bonds purchased by
Estes, Payne & Co. of Topeka at a price of 101.25, as noted here
recently
—Y. 142, p. 3217—-are dated July 1, 1936, and mature
$4,000 from 193/
to 1941; optional on any interest
paying date.
Basis of about 2.07% to
maturity.
Clerk that
.
.
HAYS, Kan.—MATURITY—It is stated by the City Clerk that the
$25,000 park bonds sold to the Columbian Securities Corp. of Topeka, as 4s,
at a
are
price of 100.24, as noted in these columns recently—V. 142, p. 3385—
due $2,500 from Aug. 1,1937 to 1946 incl.,
giving a basis of about
3.95%.
HUTCHINSON, Kan.—BOND SALE— An issue of $107,870 2%
drainage bonds has been sold to the Lathrop-Hawk-Herrick Co. of Wichita
at par, less $992 for
legal expenses.
JEFFERSON COUNTY (P. O. Oskaloosa) Kan.—BOND SALE—The
issues of 2M% semi-ann. bonds aggregating $18,000, offered for sale
May 18—V. 142, p. 3385—were awarded to the W. E. Davis Co. of
Topeka, paying a premium of $203.40, equal to 101.13, a basis of about
2.03%. The issues are as follows:
$10,000 poor relief bonds. Due $1,000 from 1937 to 1946 incl.
8,000 public works relief bonds. Due from May 1, 1937 to 1946 incl.
two
on
IOWA
BREMER
COUNTY
(P.
O.
Waverly), Iowa—BOND SALE—The
$75,000 issue of coupon court house building bonds offered for sale
on
May 19—V. 142, p. 3385—was awarded to a group of Bremer
County
banks, as 2, paying a premium of $105, equal to 100.14, a basis of
about
1.98%.
Denom. $1,000.
Dated June 1, 1936.
Due serially on Dec. 1
from 1937 to 1945, incl.
The Carleton D. Beh Co. of Des Moines, offered
$100 premium and Wheelock & Co. of Des Moines, made a
tender of $90
premium, both for 2s.
CLAR1NDA INDEPENDENT SCHOOL DISTRICT
(P. O. Clarinda),
Iowa—BOND SALE DETAILS—-In connection with the sale of
the $60,000
semi-ann. refunding bonds to Shaw, McDermott & Sparks of
Des
Moines, at a price of 100.411, as reported in these columns last
March—
V. 142, p. 1862—it is stated by the District
Secretary that the bonds are
more fully described as follows:
Denom. $1,000.
Dated May 1, 1936.
Due as follows: $2,000, 1937 to 1940; $3,000, 1941 to
1953; $4,000, 1954 and
1955, and $5,000 in 1956, giving a basis of about 2.96%.
3%
CLINTON COUNTY (P. O. Clinton), Iowa—BOND
SALE—An issue
2% county poor fund bonds was sold recently to the WhitePhillips of Davenport for a premium of $207, equal to 100.414.
of $50,000
KENTUCKY
COUNTY
(P. O.
Columbia), Ky.—BOND SALE— Stein
Boyce of Louisville have purchased and are now offering to in¬
vestors at prices to yield from 3% to 4.40%, according to
maturity, an
issue of $49,000 4M% funding bonds.
Denom. $1,000.
Dated March 1,
1936.
Principal and semi-annual interest (March 1 and Sept. 1) payable
at the Chemical Bank & Trust Co., in New York.
Due March 1 as follows:
$1,000,1937 to 1941; $2,000, 1942 to 1946; $3,000, 1947 to 1952; and $4,000,
ADAIR
Bros.
&
1953 to 1956.
Financial
3550
KENTUCKY, State of—STATE INSPECTOR REPORTS ON FINAN¬
COUNTIES—An Associated Press dispatch from
CIAL CONDITION OF
Frankfort on May 8 had the following to say:
"State Inspector and Examiner Nat B. Sewell, who is in charge of audit¬
ing county books under the county audit law that became effective July 1,
1934, finds the counties are becoming 'debt conscious' as a result of the
audits, and nearly all are making considerable progress in reducing their
indebtedness.
"Commenting on a county audit report to Governor
Chandler, Mr. Sewell
based were compiled,
13 counties of the State have no bonded
said that since the figures on which the report was
records in his office show that
indebtedness, and of these, six are operating on a
indebtedness except of a temporary nature.
"The cash basis counties, Mr. Sewell said, are:
cash basis, with no
Hancock,
Madison, Fayette, Clark and Woodford.
Other counties having no bonded
indebtedness are Mason, Allen, Jefferson, Nelson, Pow;ell, Simpson and
Taylor*
"In addition. Bracken County has
Hardin,
.. ■'* ■.
enough money in its sinking fund to
its outstanding bonds, but cannot do so until the bonds mature because
they are not callable.
"At one time, Mr. Sewell said, nearly 40 counties in the State were
in default on some part of their indebtedness.
Now, only five or six are in
pay
Leslie
default.
partial
County,
he
said,
has reduced its
outstanding
other
well.'
"The county audit report, in summaries of 50 audits made since last
July 1, shows that these counties made a net financial gain of $1,710,608.78
for the last fiscal year.
Mr. Sewell said he would 'guess' that the net
financial gain for all counties, based on figures available now, would be
around $3,500,000 for the year."
thereafter a larger sum, until on Jan. 1, 1950 the city may retire
over $6,200,000 certificates.
Principal and semi-annual interest (Jan. 1
and July 1) will be payable at the Whitney National Bank of New Orleans,
or at the Guaranty Trust Co. of New York in New York.
All proceedings in connection with the issuance of these certificates have
been approved by Thomson, Wood & Hoffman of New York, a copy of
whose opinion will
be furnished to those making the exchange.
The
American Bank & Trust Co., the Hibernia National Bank in New Orleans,
the National Bank of Commerce in New Orleans and the Whitney National
Bank of New Orleans, all located in New Orleans, have been appointed
Transfer-Exchange Agents.
(The official advertisement of this refunding plan appears on page IV
each year
of this issue.)
(P. O. New Orleans), La.—BOND
bonds offered on May 18—V. 142,
p. 3038—were awarded to Donald O'Neil & Co. of Dallas for a premium of
$34,290, equal to 101.27, a basis of about 4.95%. Morris Mather & Co. of
Chicago was second high, bidding a premium of $27,500.
Dated June 1,
1936.
Due June 1, 1961.
KENTUCKY/ State of—EARLY REFINANCING OF NOTES CON¬
TEMPLATED—We quote in part as follows from a special dispatch out of
Frankfort to the "Wall Street Journal" of May 12:
"With Kentucky's budget balanced by the enactment of $12,900,000 of
bills at a special legislative session which ended Saturday, the
new revenue
in Governor A. B. Chandler's fiscal program is the refinancing of
$20,500,000 in outstanding 5% State warrants.
Governor Chandler told
the legislators that when it became apparent the budget would be balanced
bankers from all over the State offered to help refinance the warrants at
next step
3%,' which would save the State $410,000 in interest this year.
"The outstanding warrant total
has been reduced, since Governor
Chandler took office from more than $23,000,000 to $20,616,200 as of
May 1.
This was accomplished in the face
the immediate repeal of the 3 % general sales
of declining revenue caused by
tax in fulfillment of a campaign
This produced a loss of $600,000 a month since January.
additional revenue for the purpose of
pledge.
"To offset this loss and to produce
keeping school revenues at a maximum and to modernize antiquated penal
and eleemosynary institutions the Legislature enacted a diversity of revenue
measures
follows:
as
List of
V\.
Neui Taxes
rOWENSBORO
DISTRICT
SCHOOL
BOND SALE—The issue of $75,000 school
awarded
the
to
Bankers Bond Co.
(P. O. Owensboro), Ky.—
bonds offered on May 22 was
of Louisville and the Security Trust
Co. of Lexington on a bid of 101.50.
Second high bid came from Almstedt
Bros, and Stein Bros. & Boyce, both of Louisville, who offered to pay a
$1,000 premium.
OWENSBORO
BOND
DISTRICT
SCHOOL
(P.
O.
Ownesboro),
Ky.—
OFFERING—It is stated by Helen Hill, Secretary of the Board of
Education, that she will receive sealed bids until 9 a. m. on
purchase of a $75,000 issue of school bonds.
May 22, for
the
(P. O. Monticello), Ky.—BOND SALE—The
county has sold an issue of $70,000 5H % refunding bonds to Magnus & Co.
of Cincinnati, who are offering the securities to investors at prices to yield
from 4.40% to 4.90%, according to maturity.
Denom. $1,000.
Dated
March 1, 1936.
Principal and semi-annual interest (March 1 and Sept. 1)
payable at the Central Hanover Bank & Trust Co. in New York.
Due
$3,000 yearly on March 1 from 1944 to 1965; and $4,000, March 1, 1966.
COUNTY
WAYNE
approved the issuance of $27,000 in
MARYLAND
BALTIMORE, Md.—TAX COLLECTIONS HIGHER—During the first
four months of 1936 collections of current taxes amounted to $13,088,161,
or
46.32% of the estimated $28,258,423 to be collected this year.
The
estimate represents 90% of the year's levy of $31,398,247.
In the same
period last year, $11,270,666 was collected, equal to 43.37% of the year's
estimated amount
of $25,986,274.
Delinquent taxes collected in the
current four-month period totaled $1,015,894, this being $29.03% of the
anticipated $3,500,000 expected to be received from that source during
1936.
The payments compare with $1,209,922 in the same period of
1935. or 36.12% of the year's expectancy of $3,350,000.
CUMBERLAND,
Md.—BOND OFFERING—Harry
W.
Matheney.
of Finance and Revenue, will receive sealed bids until 10
m. on May 25, for the purchase of $150,000
2M% flood repair bonds,
issued under authority of Chapter 131, Acts of 1936 of the Gecral Assembly.
Dated June 1, 1936.
Denom. $1,000.
Due June 1 as follows:
$10,000
from 1937 to 1941, incl. and $20,000 from 1942 to 1946, incl.
The auth¬
orized amount is $500,000 and the current offering is the initial instalment
to be sold.
A certified check for 2M% must accompany each proposal.
Commissioner
a.
19345
of the offering supersedes that given in a
previous issue.
HARFORD COUNTY (P. O. Bel Air), Md.—BOND
Board of Commissioners will consider sealed bids on
The
purchase of $220,000 3% high
mature $'20,000 annually.
OFFERING—
June 1 for the
school building and road repair bonds, to
MASSACHUSETTS
METROPOLITAN DISTRICT (P. O. Boston), Mass.—
BOND SALE—'The $1,519,000 2H% bonds publicly offered on May 20
by the First National Bank of New York and associates, at prices to yield
from 0.35% to 2.58%, were purchased privately by the bankers on May 19
at a price of 98.75, a basis of about 2.61%.
Dated June 1, 1936, and due
seriallv on June 1 as follows:
$30,000, 1937 to 1941 incl.; $55,000, 1942:
$57,000, 1943; $59,000, 1944; $60,000, 1945; $62,000, 1946; $63,000, 1947;
$64,000, 1948; $135,000, 1949 and 1950; $141,000, 1951 and 1952; $303,000.
1953 to 1956 incl.; $336,000 from 1957 to 1960 incl., and $34,000 in 1961.
Principal and interest (J. & D.) payable in New York City and in Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
BONDS PUBLICLY OFFERED—Offering of the above issue is being
made by the bank group.
The 1937 to i960 maturities are priced to
int. to yield 2.58%.
Associated with First National Bank in the offering
are Blyth & Co., Inc., Salomon Bros. & Hutzler, Lazard Freres & Co., Inc.,
The Northern Trust Co., Dick & Merle-Smith, Newton Abbe & Co., Boston;
Hemphill, Noyes & Co., Mercantile-Commerce Bank & Trust Co., E. H.
Rollins & Sons, Inc., Lawrence Stern & Co., Inc., Washburn & Co., Inc.,
and Charles H. Newton & Co., Inc.
The bonds are legal investment for
savings banks in New York and Massachusetts, according to the bankers.
The district is expected to be in the market soon with an offering of
$5,334,000 bonds.
Of the proceeds, $3,000,000 will be used in the payment
of that amount of 3 Ms maturing June 1, 1936.
BOSTON
BRIDGE WATER,
were as
_.
•
•
:
Discount
w
Gade & Co
0.47%
0.65%
-
Jackson & Curtis.
LOUISIANA MUNICIPALS
Other
discount. Due Nov. 27.1936.
follows:
Hi. filler—
Faxon
Trust Co.
Mass.—NOTE SALE— The Bridgewater
purchased $50,000 notes at 0.30%
bids
on
various school district bonds.
1 (P. O. Cou-
SUB-ROAD DISTRICT NO.
RIVER PARISH
RED
shatta), La.—BOND EXCHANGE—It is stated by the Secretary-Treasurer
of the Police Jury that the $97,000 6% road refunding bonds mentioned in
these columns recently—V. 142, p. 3386—have been exchanged with the
holders of the original bonds.
Due from Sept. 1, 1938 to 1955.
has
Immediate Firm Bids
DISTRICTS (P. O. Alexandria), La.—
May 12, the voters are said to have
RAPIDES PARISH SCHOOL
BONDS VOTED—At an election held on
This report
-
"Chain store tax, estimated to yield $200,000: personal income tax
graduated from 2% to 5%, exemptions $1,000 for single person, $2,500 for
married plus $400 for' each dependent, and corporate income tax of 4%,
estimated yield $2,900,000; racetrack daily licenses and gate receipts tax,
$250,000; inheritance taxes $500,000; automobile drivers licenses at $1 a
head, $400,000; 3% levy on public utilities bills to be paid by consumer,
$750,000; cigarette tax, 1 cent per 10-cent pack and 2 cents per 15-cent
pack, $1,200,000; soft drinks, ice cream, confections, cosmetics, and chew¬
ing gum, about 20% on retail prices, $2,000,000; alcoholic beverages tax,
13 cents a pint on whisky and additional 25 cents a barrel on beer, $3,000,000; automobile registration tax of 3% on cost price, $900,000, and
amusement tax of 10% on admission, $800,000.
DISTRICT
LEVEE
ORLEANS
SALE—The $2,700,000 5% refunding
indebtedness more than two-tnirds in the last two years, and moany
counties have done 'almost equally
1936
23,
May
Chronicle
Mass.—NOTE SALE— The $300,000 revenue anticipation
15—V. 142, p. 3386—were awarded to Faxon Gade &
Dated May 18, 1936 and due March 16,
CHELSEA,
notes offered on May
Scharff L Jones
INCORPORATED
TELEPHONE RAYMOND 1189
A. T. T. TEL. N. O. 180
Co. of Boston at 0.66% discount.
1937.
Other bids were as follows:
Bidder—
National
Shawmut Bank--
Mass-.—BOND SALE—An issue
GLOUCESTER,
New Orleans
LOUISIANA
BRIDGE, La.—BOND OFFERING—Wilburn R. Angelle,
Village Secretary, will receive bids until 5 p.m. May 26, for the purchase
of $7,000 general improvement bonds.
PARISH SCHOOL DISTRICTS (P. O. Plaquemine),
ELECTION—It is reported that an election will be held on
in order to vote on the proposed issuance of $180,000 in bonds,
divided as follows;
$80,000 School District No. 1; $25,000 School District
No. 3, and $75,000 School District No. 4 bonds.
IBERVILLE
La.—BOND
June 16,
LOUISIANA, State of—BONDS OFFERED FOR INVESTMENT—
Offering of $4,350,000 highway 4J<i%, 4M% and 5% bonds was made on
May 19 by a banking group comprised of the Chase National Bank, Chem¬
ical Bank & Trust Co., Blyth & Co., Inc., The First Boston Corp., The
National Bank of Commerce in New Orleans, Stone & Webster and Blodget,
Inc. and Bacon, Stevenson & Co.
The offering consists of $830,000 of
4M%\bonds, maturinglfrom 1949 to 1961, incl., priced to yield 3.40% to
3.55%; $1,660,000 of 4M% bonds, due from 1947 to 1960, incl., priced to
yield from 3.40% to 3.60%, and $1,860,000 of 5% bonds, due from 1947
to|1960, incl., priced to yield from 3.45% to 3.65%.
The bonds are legal
investment for savings banks in New York and Massachusetts, according
to the bankers.
ifmThese highway bonds constitute, in the opinion of counsel, general obliga¬
tions of the State of Louisiana, and the full faith and credit of the State
are pledged for their payment.
The tax now levied under the Constitution
andjStatutes of the State^on motor fuels in the amount of 4 cents per gallon
is tojcontinuejasflong as any of the present highway bonds are outstanding
and is to be used primarily for the retirement of the bonds and interest
thereon.
Infthe event funds specifically pledged for the retirement of the
bonds shouldiprovejinsufficient, the Louisiana Highway Commission, subjuect to^the{approval of the State Advisory Board, will use such other
revenues.of the^Commission as may be necessary to meet such principal ana
.
This ..offering does not represent new financing by the State.
ORLEANS,
La.—REFUNDING
PAVING
CERTIFICATES
OFFERED IN EXCHANGE—The city proposes to refund all outstanding
paving certificates, aggregating $7,854,080, and scheduled to mature from
1934 to 1942.
Holders of these certificates are being requested to turn in
their holdings'in exchange for new 4M % refunding paving certificates, the
exchange to be made at par for par.
The new obligations will be in denoms.
of $100, $500 and $1,000, will be dated Jan. 1, 1936, and will be payable
Jan. 1, 1951, but thejcity will have the privelege of calling for retirement
certificates in the sum of $523,605.33 on Jan. 1, 1939, and on Jan. 1 of
The
1.63%.
City
Time)
anticipation
$5,000.
Payable Dec. 22, 1936, at the First National Bank of Boston, in
Boston, or at the Central Hanover Bank & Trust Co., in New York City,
and will be ready for delivery on or about Thursday, May 28, 1936, at
either of said offices.
They will be authenticated as to genuineness and
validity by the First National Bank of Boston, under advice of Storey,
Thorndike, Palmer & Dodge, of Boston, and all legal papers incident to
Mass .—LOAN
HOLYOKE,
OFFERING— Lionel
Bpnvouloir,
Treasurer, will receive sealed bids until 11 a. m. (Daylight Saving
May 27 for the purchase at discount of $400,000 revenue
notes of 1936.
Dated May 28, 1936.
Denoms. $25,000, $10,000 and
on
this issue will be filed with
said bank, where they may
Financial Statement, May 19,
Valuation, 1934
Valuation, 1935-
be inspected.
1936
-
—
Tax titles
238,593.86
------
iy»,zoy.o^
Borrowed against
Collections
Tax
„
,
.
May 19,1936
Levy
Year—
1933
TT
Uncollected
_
.
-
-
Tax anticipation notes
Tax anticipation notes
LENOX,
$14,479.42
o5£'99i'2§
216.846.78
$2,673,367.26
2,461,094.69
2,356,617.20
outstanding against 1935
outstanding against 1936
-
$450,001)
900.000
Mass.—LOAN OFFERING—Sealed bids will
May 29, for the purchase of $50,000 notes,
until 3 p. m. on
be received
due Oct. 15,
1936.
Mass .—NOTE SALE—The
400,000 revenue anticipation
May 19—V. 142, p. 3386—were awarded to Leavitt &
plus a premium of $5. Dated
May 19, 1936 and due $100,000 each on Nov. 3 and Dec. 15, 1936 and
$200,000 on Feb. 25, 1937.
Other bids were as follows:
QUINCY,
notes
offered
on
Co. of New York at 0.40% discount, at par
Bidder
NEW
the Cape
a basis of
Merchants' National Bank of Boston was second
high, offering 100.55 for 1 Ms.
Dated June 1, 1936.
Due yearly on June 1
as follows:
$7,000, 1937 to 1941, and $6,000, 1942 to 1946.
r BREAUX
interest.
of $65,000 coupon
municipal relief loan bonds offered on May 20 was awarded to
Ann National Bank of Gloucester on a bid of 100.621 for l%s,
about
^
_
Ddiscount
0.684%
0.98/o
'
First National Bank of Boston..
National
Discount
n'ioT/
•
Shawmut Bank
0-43
Merchants National Bank of Boston
9.44%
Bank of Manhattan Co
9.487%
First National Bank of Boston
Faxon, Gade & Co
— —
——
0.52%
Mass.—NOTE SALE—The $500,000 revenue anticipation
temporary loan notes offered on May 18—V. 142, p. 3386—were awarded
to the Second National Bank and the Merchants National Bank, both oi
NEWTON,
t
Volume
Financial
142
Chronicle
Boston, each taking one-half of the loan on a .20% discount basis.
The
Day Trust Co. of Boston bid .205% discount.
Notes are payable Nov. 25,
1936.
SPRINGFIELD,
p
RATE AT NEW HIGH— The 1936
$1,000 of assessed valuation, the highest in the city's
history and comparing with a rate of $30 last year.
Assessed valuation of
real estate and personal property stands at $277,952,555, a decline of
$3,892,725 from last year's total.
Real estate valuations at $253,405,985
are $3,070,295 lower than in
1935.
During 1935, for the first time in
several years, there was no deficit on account of tax titles.
ON TAX TITLE
"
Mass.—BOND
SALE—The
LOAN— The
issue
of $40,000
follows:
,
to
coupon
2.05%, according to maturity. In the opinion of the bankers, the bonds are
legal investment for savings banks and trust funds in New York, Massa¬
chusetts, Connecticut and certain other States,
YARMOUTH, Mass.—TEMPORARY LOAN—The Merchants' National
of Boston
has
purchased
Other bids
$15,000
were as
notes
at
0.24%
discount.
•■'■■v;,'"'-'
of)—CERTIFICATE
SALE—The
$1,000,000
apolis, and associates
as 2s, for a premium of $6,900, equal to 100.69, a
basis of about 1.85%.
This was the best unconditional bid received. The
best bid came from Brown Harriman & Co. of Chicago, offering a
0.249%
0.289%
England Trust Co
(State
certificates of indebtedness offered on May 18 by the Conservator of Rural
Credit—V. 142, p. 3218—were awarded to the Wells-Dickey Co. of Minne¬
Discount
Second National Bank
New
MINNESOTA
Due
follows:
Bidder—
next
premium of $1,499 for l^s.
Dated May 26, 1936.
Due May 26, 1941.
RENVILLE, Minn.—CERTIFICATE SALE—The $30,000 issue of
We Buy
MICHIGAN MUNICIPALS
SPRING
DETROIT
...
the
i
A. T. T. Tel. DET347
Mich.—OFFERS
RAPIDS
TOWNSHIP
(P.
O.
Grand
Rapids),
a
Minn.—BOND OFFERING—Sealed bids will
$45,000
issue
be
of
.
MISSISSIPPI
interest date.
Of the bonds which may be offered, $180,000 bear 5M%
interest, $40,000 A% %, $522,000 4M % and $155,000 4Ms.
Tenders must
stipulate the lowest price or prices at which the owners of the bonds will
sell them to the sinking fund.
GRAND
of
WALKER SCHOOL DISTRICT (P. O. Walker), Minn.—BONDS
APPROVED—A $60,000 issue of high school addition bonds is reported to
have been approved recently, to be used in connection with a Federal aid
project.
"....
;•
'y
TOWNSHIP
SCHOOL
DISTRICT
NO.
1, Wayne
TO PURCHASE BONDS—Roy D. Renton,
Secretary, announces that the Board of Education will receive sealed bids
until 8 p. m. (Eastern Standard Time) on June 5, for the proposed sale to
the sinking fund of up to $30,000 refunding bonds of
1935, dated Jan. 15,
1935 and due Jan. 15, 1955, all of which are subject to redemption on any
County,
purchase
electric distribution system bonds.
Bidders to name the rate of interest.
Denom. $1,000.
Dated June 1,
1936.
Due on June 1 as follows:
$2,000, 1939 to 1943, and $5,000 from
1944 to 1950.
Prin. and int. payable at any suitable bank or trust company
designated by the purchaser.
The approving opinion of Junell, Driscoll,
Fletcher, Dorsey & Barker, of Minneapolis, will be furnished. A certified
check for $500, payable to the village, must accompany the bid.
MICHIGAN
DEARBORN
VALLEY,
received until 8 p. m. on May 29, by Charles J. Popelka, Village Clerk, for
Company
Telephone CHerry 6828
street
improvement certificates of indebtedness offered for sale on May 15—V.
142, p. 3387—was awarded to Kalman & Co. of St. Paul, as 2Ms, paying a
premium of $201.00, equal to 100.67, a basis of about 2.62%. Dated June 1,
1936. Due serially for 10 years. We are informed that the Allison-Williams
Co. of Minneapolis, was second highest, offering $200 premium on 2Ms.
for Our Own Account
Cray, McFawn
1937
1946 inclusive.
BONDS OFFERED FOR INVESTMENT—The purchaser reoffered the
above bonds for general public investment at prices to
yield from 0.50% to
bonds offered on May 19 was awarded to Arthur Perry & Co. of Boston
bid of 100.286 for 1 Ms, a basis of about 1.13 %.
The Norfolk County
Trust Co. of Stoughton was second high bidder, offering 100.158 for lMs.
Dated May 15,1936.
Due $8,000 yearly on May 15 from 1937 to 1941, incl.
on a
Nov. 2, 1936.
$500,000 public relief bonds.
Due from 1937 to 1946 inclusive.
48,365 permanent improvement (work relief) bonds.
Due from
The second highest bid was an offer of 100.23 for 2s, tendered
by a group
composed of the First of Boston Corp., Halsey, Stuart & Co., Inc., and
the E. C. Williams Co. of St. Paul.
sewer
Bank
recently—V. 142, p. 3218—it is
stated by the Village Recorder that the bonds were sold at
par, and mature
-$500 from 1938 to 1954, and $1,000 in 1955 and 1956.
Denom. $500
Coupon bonds, dated May 1, 1936.
Interest payable F. & A.
MINNEAPOLIS, Minn.—BOND SALE—The two issues of coupon or
registered bonds aggregating $548,365, offered for sale on May 21—V. 142,
p. 3039—were awarded to Phelps, Fenn & Co. of New York, as 2s, paying
a price of
100.2325, a basis of about 1.96%.
The issues are divided as
City of
Springfield has paid back all but about $470,000 of the $1,200,000 loan it
made against tax titles last June.
This balance, to which has been added
the $490,000 borrowed this year, brings the present total on tax titles to
about $960,000.
City Treasurer George W. Rice revealed yesterday.
To secure this total, the city has about $968,000 in tax titles.
During
April $33,000 was paid back on last year's loan.
It is expected that the
payments will pick up as the 1936 tax sale nears.
Payments are made
through collections made by the Treasurer for redemption of the tax titles.
STOUGHTON,
It is said that these bonds will be purchased by
ISLE, Minn.—BOND SALE DETAILS—In connection with the sale of
the $10,500 4% semi-annual water system bonds to the M. H.
Bishop Co.
of Minneapolis, reported in these columns
Mass.—TAX
tax rate is $33.40 per
REDUCES AMOUNT OWED
3551
optional after five years.
the State of Minnesota.
ATTALA
COUNTY
(P.
O.
Kosciusko),
<
Miss.—BONDS
VOTED—
the election held
on
May 12—V. 142, p. 3040—the voters approved the
issuance of the $850,000 in refunding bonds by a large margin, according to
report.
Mich.—
on
JONES COUNTY (P. O. Ellisville),
Miss.—BONDS SOLD—It is
reported that $50,000 4% semi-ann. jail bonds were purchased recently by
the Commercial Bank & Trust Co. of Laurel, at par.
from 1945 to 1947 incl.
000 notes offered for sale
BONDS
TO
BE
SOLD
PRIVATELY—No
bids
were
submitted
for
the
$6,500 not to exceed 4% interest special assessment district bonds offered
May 18—V. 142, p. 3039.
They will be sold privately.
Dated April 1,
1936 and due April 1 as follows: $500 from 1938 to 1944,incl., and $1,000
MISSISSIPPI, State of—NOTES PARTIALLY SOLD—Of the $9,850,on May 14—V. 142, p. 3040—a block of $5,000,-
000 highway, series A notes was awarded to
a syndicate composed of A. C.
Allyn & Co.; John Nuveen & Co.; C. W. McNear & Co., all of Chicago;
B. J. Van Ingen & Co. of New York; Stifel, Nicolaus & Co. of St. Louis:
Walter, Woody & Heimerdinger of Cincinnati; the Wells-Dickey Co. or
Minneapolis,; the First National Bank, and Saunders & Anderson, both of
Memphis; the Equitable Securities Corp. of Nashville; George T. Carter,
Inc., of Meridian; the Leland Speed Co.; the Deposit Guaranty Bank &
Trust Co., and the Jackson State National Bank, all of Jackson; Scharff
& Jones, of New Orleans; Lewis & Thomas, of Jackson; Edward Jones &
Co.; Dane & Weil, both of New Orleans, and J. G. Hickman, Inc., of
Vicksburg, as 4s, at a price of 100.24, a basis of about 3.97%.
Due on
April 1 from 1937 to 1956 incl.
It is stated that the $4,850,000 block of series B highway notes was not
sold.
Dated July 1, 1936.
Due from Oct. 1, 1938 to 1955 incl.
HAMTRAMCK,
Mich.—RECONSIDERS
$1,300,000
REFUNDING
PLAN—The City Council voted recently to reconsider a resolution which
an agreement with a bond firm to refund $1,300,000 of out¬
standing callable bonds.
The action followed veto of the original measure
by Mayor Rudolph G. Tenerwick, who declared that he believed better
provided for
terms could
be obtained by permitting various firms and banks to submit
suggestions.
MIDLAND, Mich.—BOND OFFERING— Anna E. Coons, City Clerksealed bids until 4:15 p. m. on June 1, for the purchase of
$155,000 water works system bonds. Dated April 1, 1936. Denom. $1,000.
Due Oct. 1 as follows: $7,000, 1938: $8,000, 1939; $9,000, 1940 and 1941
$10,000. 1942 and 1943; $11,000, 1944 and 1945; $12,000, 1946 and 1947
$13,000, 1948; $14,000 in 1949 and 1950 and $15,000 in 1951.
Rate of
interest to be named in the bid.
Interest payable A. & O.
The bonds are
not general obligations of the city being payable
solely out of the entire
revenues of the water system.
A certified check for $500 is required.
will receive
NOTES OFFERED FOR INVESTMENT—'The successful bidders reoffered the above notes for public subscription priced at from 102.50 on the
1937 maturity, to 104 on the 1956 maturity.
The approximate yield would
be from 1% to 4.92%, if called at the end of the first year, or from 1% to
MUSKEGON, Mich.—SEEKS REFUNDING AUTHORITY—The city
plans to refund $120,000 general obligation bonds due this year, in an effort
to keep the city tax rate at $25 or less per $1,000 of assessed
valuation.
Permission to refund $136,000 bonds was granted by the de^t commission
last August, but $50,000 was paid through error.
Refunding of the $120,000
will keep the debt service rate at a low figure.
During the absence of former Auditor Frank F. Bowles, because of illness,
$50,000 in bonds was inadvertently paid.
The new list of bonds includes
all bonds on the previous list, with the exception of the
$50,000 paid and
$29,000 refunding bonds of 1934 and $5,000 general improvement bonds
3.72%, if not called prior to maturity.
These notes are said to be exempt
from all Federal income taxes, and tax exempt in Mississippi.
Financial Statement (Officially Reported May 6, 1936)
Full value of taxable property
Assessed valuation 1935
Total
bonded debt
(estimated)
($19.35 per capita)
$909,409,158
545,645,495
38,844,750
—
Population, 1930 U. S. census, 2,009,821.
The above financial statement does not include $23,000,000 highway
authorized, of which this issue .is the first series, said notes being
payable solely from motor fuel tax revenues; nor does it include the debts of
political subdivisions, of the State.
notes
have been added.
.
PLAINFIELD,
ALPINE
AND
WALKER
TOWNSHIPS
FRAC¬
TIONAL SCHOOL DISTRICT NO. 9 (Including the
Village of Cornstock Park), Mich.—BOND SALE—Crouse & Co. of Detroit
recently
purchased an issue of $19,000 4% direct obligation refunding bonds and are
now reoffering them for public investment at
prices to yield from 3% to
3.70%.
Dated April 1, 1936.
Denom. $1,000.
Due April 1 as follows:
$1,000 from 1939 to 1945 incl. and $3,000 from 1946 to 1949 incl. Principal
and interest (A. & O.) payable at the District Treasurer's office.
Legality
approved by Miller, Canfield, Paddock & Stone of Detroit.
ROYAL
OAK, Mich.—NOTICE TO BONDHOLDERS—The Bond¬
holders' Protective Committee, the Chairman of which is
Henry Hart and
the Secretary, Richard T. Purdy, 1859 National Bank
Bldg.,
Detroit,
announces the acceptance of the proposed
plan for refunding bonds and
NOTES TO BE RE-OFFERED—It is reported by Greek L. Rice, Secre¬
tary of the State Highway Commission, that it is the intention of the Com¬
mission to place on the market in June, the above $4,850,000 series B
highway notes.
STATE LINE CONSOLIDATED SCHOOL DISTRICT (P.O. Waynes¬
boro) Miss.—BONDS VOTED—It is stated by the President of the Board
of Education that at an election held
issuance of $26,000 in school bonds.
city by the holders of about 90% of the indebtedness involved.
that prompt deposit of the balance of bonds and
exchange of bonds is desired. Details
of the plan and letters of transmittal may be obtained from the
Secretary.
Feb.
1
the voters approved the
notion offered
as
approval on the project.
notes of the
MISSOURI
The committee states
notes for the collection of interest and
on
The bonds have
yet, it is said, because the district is awaiting Public Works Administration
BUCHANAN
COUNTY
(P. O. St. Joseph), Mo.—BONDS NOT
are informed by E. P. Maupin, Secretary of the County Court,
$150,000 poor relief bonds offered on May 14—Vi 142, p. 3219—
were not sold as all the bids were rejected.
He stated that the legality of
the bonds will be tested in the Supreme Court.
SOLD—We
that the
Northwestern Municipals
Minnesota, North and South Dakota, Montana,
Oregon, Washington
HERMANN,
Mo.—BOND
ELECTION—It
is
reported
Clerk that an election will be held on June 2 in order to vote
of $27,000 in
by
on
the
City
the issuance
municipal auditorium bonds.
Mcknight village sanitary sewer district
(P. o.
McKnight) Mo.—BOND SALE—An issue of $87,500 2 %% sewer bonds
purchased by Smith, Moore & Co. of St. Louis. Denom. $1,000,
except one bond for $500. Dated May 1, 1936. Due on Feb. 1 as follows:
$2,500, 1938; $3,000, 1939 to 1942; $4,000, 1943 to 1946; $5,000, 1947 to
1950; $6,000, 1951 to 1955, and $7,000 in 1956.
Interest payable F. & A.
Legality to be approved by Charles & Trauernicht, of St. Louis.
has been
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
Teletype—Mpls287
MINNESOTA
BELVIEW, Minn.—BOND SALE DETAILS—It
is stated
by the Village
Recorder that the $14,000 semi-annual water works system bonds
purchased
as noted here last March—V. 142, p. 1865—
were sold as 3s at par, and mature as follows:
$7,000, 1941, and $500 from
1942 to 1955, inclusive.
by the State of Minnesota
HERON LAKE SCHOOL DISTRICT (P. O. Heron
Lake), Minn.—
BONDS SOLD—It is reported that $10,000 school bonds were
purchased
recently by the State of Minnesota.
INTERNATIONAL
FALLS
SCHOOL
DISTRICT (P. O. International Falls), Minn.—BONDS VOTED—At the election held on
May 14—
V. 142, p. 3039—the voters approved the issuance of the
$50,000 m 3%
school building bonds by a count of 216 to 56.
Due in 1951 to 1953,
MAPLEWOOD,
Mo.—BOND SALE—The $35,700 2M% semi-ann.
park improvement bonds that were approved by the voters at the election
held on Jan. 21—V. 142, p. 1156—are said to have been purchased by the
Mississippi Valley Trust Co. of St. Louis. Dated May 1, 1936. Legality
approved by Charles & Trauernicht of St. Louis.
ST.
LOUIS, Mo —MEMORIAL BONDS SOLD—The following report
is taken from a St. Louis dispatch to the "Wall Street Journal" of May 18:
"City of St. Louis has successfully negotiated the sale of $2,250,000 of
2 H% Jefferson Memorial bonds which failed to attract bidders at two
iterest
Sreviousrate.
offerings due either to threatened litigation or because of the low
"The city sold privately $1,800,000 of the bonds to Stifel, Nicolaus &
Co., all of which, that house reports, it has resold and delivered. St. Louis
obtained par for the bonds in accordance with legal requirements, but there
was
no
actual discount of $36,000, the Jefferson National Expansion
Memorial Association and the St. Louis Progress Council, each giving half.
Financial
3552
The
'
Chronicle
$450,000 block of bonds was taken by the St. Louis
Mayor Dickman stated that the
been forwarded to the Works Progress Administration at
Washington, thus assuring start of work of clearing the St. Louis river front.
In addition to the $2,250,000 furnished by the city the sum of $6,750,000
will be allocated from Public Works Administration and WPA funds.
May 23, 1936
remaining
Water Department for its sinking fund.
has
(money
H. L. All
Company
New Jersey
MONTANA
Interest payable Jan. 1 and July 1.
Amortization bonds will be the first choice and serial
into
are
bonds will be the
New
one
Assessed valuation for 1935 (gross)
Net,
Jersey and General Market Issues
B. J. Van Ingen & Co. Inc.
57
WILLIAM
STREET, N. Y.
&. T.: N.
T.
A.
.9792%
.97.60%
.9667%
.6046%
Amount of water bonds included in above
■Gross annual
earnings of water system (June 30, 1935)
Floating debt, registered warrants
Amount in sinking funds for bond payments
Tax rate per $1,000 of taxable valuation, for 1935
Cash on hand and in banks April 1,1936
—.
—
NEW
JERSEY
INCORPORATED
;
1180
Wire:
MArket 3-1718
A. T. & T. Teletype
REctor 2 2055
213,648.23
NWRK
24
(1930 U. S. Census), 16,380; present estimated population,
NEW
FROMBERG, Mont.—BONDS SOLD—It is stated by the Town Clerk
purchased by a local investor.
It is also reported that the $2,000 street improvement bonds offered
time
sold.
were not
JERSEY
BAYONNE, N. J .—ACCEPTS NEW PWA TERMINAL LOAN—
The City Commission on May 13 voted to accept the revised Public Works
Administration offer of
a loan and grant of $5,251,045 for the construction
Under the
proposal, however, the city must obtain legislative authority to issue at
time $3,000,000 bonds, representing the approximate loan portion of
of the ship-to-rail industrial terminal on the New York Bay shore.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO.
1
(P. O.
Helena) Mont.—BONDS DEFEATED—At the election held on May 9—
$100,000 in school
building bonds.
It is said that preparations are being made to re-submit the question to
V. 142, P. 3041—the voters defeated the proposal to issue
the voters.
new
one
the PWA offer.
the legal
NO.
53
(P. O. Livingston),
Mont.—BOND OFFERINGS. O. Chase, District Clerk, will receive bids
until 4 p.m. May 26 for the purchase of $7,500 school building improvement
bonds, to bear interest at no more than 6%.
Dated June 15, 1936.
In¬
terest payable June 15 and Dec. 15.
Bonds will be sold as either amortiza¬
tion or serial bonds, subject to call after five years.
Certified check for
$100, payable to the District Clerk, required.
LODGE,
Mont.—BOND SALE—The $26,000 refunding bonds
offered on May 16—V. 142, p. 3041—were awarded to the Wells-Dickey
Co. of Minneapolis as 4s for a premium of $65, equal to 100.25.
The
State Land Board bid par for 4s.
Denominations $1,000. Dated July
1, 1936.
Interest payable Jan. 1 and
Due July 1,1952.
Issuance of that amount would bring the city's debt over
limit, according to report.
BELMAR,
J.—BONDS NOT SOLD—No bids were submitted for
to exceed 5% interest coupon or registered refunding
May 19—V. 142, p. 3219.
Dated May 1, 1936, and due
May 1 as follows: $3,000, 1937 to 1962 incl.; $2,000 from 1963 to 1965
incl., and $500 in 1966.
\
the
PARK COUNTY SCHOOL DISTRICT
Julyl.
,
Raymond Blvd., Newark
New Yor
25.20
were
RED
MUNICIPALS
Colycr, Robinson $ Company
412,258.42
10,000.00
141,265.37
5,391.17
13,610.57
that the $1,000 street lighting bonds offered on May 18—V. 142, p. 3219—
same
Newark Tel.: Market 3-3124
8,251,703.00
---
at the
Telephone: John 4-6364
Y. 1-730
$28,513,537.00
...
taxable valuation, 1935
date, for year 1932
Tax collections to date, for year 1933
Tax collection to date, for year 1934
Tax collections to date, for year 1935
(For 1935, only first instalment.)
Total general obligation bonds now outstanding.
or
Tax collections to
Population
19,176.
New York
MUNICIPAL BONDS
sold and issued the entire issue may be put
single bond or divided into several bonds, as the council may deter¬
mine upon at the time of sale, both principal and interes to be payable in
semi-annual instalments during a period of 20 years from the date of issue,
i If serial bonds are issued and sold they will be in the amount of $1,000
and $500; the sum of $2,500 of said serial bonds will become due and payable
•on the 1st day of July, A.D. 1937, and a like amount on the same day each
year thereafter until all such bonds are paid.
The bonds will be subject to call on and after 10 years from issue. Certi¬
fied check for $2,500, payable to the City Clerk, required.
N. Y. 1-528
100 Broadway
second choice of the council.
bonds
ror 2-7333
Telepho
A.T.&T.
BILLINGS, Mont.—BOND OFFERING—As already reported in these
columns, on June 16 the city will offer for sale an issue of $50,000 airport
hangar bonds.
Bids will be received until 7.30 p.m. on that date by O. W.
Nickey, City Clerk, for the purchase of the bonds at not less than par.
Bonds will bear interest at rate not to exceed 4%.
Dated July 1, 1936.
If amortization
ipal Bonds
N.
$84,500
not
bonds offered
on
BUTLER, N. J .—BONDS REOFFERED—The issue of $20,500 not to
exceed 4% interest coupon or registered refunding bonds of 1936 for which
all bids on May 11 were rejected—V. 142, p. 3388—is being readvertised
be received by John F. Bormuth, Borough
Bonds are dated May 1, 1936.
One bond for $500,
Due May 1 as follows: $3,000 from 1937 to 1942 incl.
Principal and interest (M. & N.) payable at the First
National Bank, Butler.
A certified check for 2% of the bonds bid for,
payable to the order of the Borough, must accompany each proposal.
for award.
Sealed bids will
Clerk, until June 8.
others $1,000 each.
and $2,500 in 1943.
COLLINGSWOOD,
J2VO
N.
BIDS
RECEIVED—'There
were
no
bidders for the issue of $150,000 4% coupon or registered refunding bonds
were offered on May 18—V.
142, P. 3041.
Dated June 1, 1936.
Due July 1 as follows:
$2,000, 1937 to 1940; $3,000, 1941 and 1942; $5,000
which
NEBRASKA
MUNICIPALS
1943, 1944 and 1945; $10,000, 1946 to 1949; $15,000, 1950, 1951 and 1952;
and $9,000,
OFFERING
ELIZABETH, N. J.—BOND ISSUE DETAILS—The $99,000 general
improvement bonds taken recently by the Sinking Fund Commission bear
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
OTHER
1953 to 1956.
WANTED
NEBRASKA
ISSUES
4% interest, dated April 15, 1936 and mature April 15 as follows: $6,000
1937 to 1942, incl. and $7,000 from 1943 to 1951, incl.
Principal
and interest (A. & O. 15) payable at the National State Bank, Elizabeth.
Legality approved by Reed, Hoyt & Washburn of New York City.
from
the National company
OF
First National Bank
OMAHA
Bldg-
A. T. & T. Teletype OMA 81
NEBRASKA
BEAVER
CITY,
Neb.—BONDS
AUTHORIZED—An
ordinance
authorizing the issuance of $23,000 refunding bonds was passed by the City
Council recently.
New York will be furnished the successful bidder.
MIDDLESEX
CODY, Neb.—BONDS AUTHORIZED—'The Board of Village Trustees
has passed an ordinance authorizing the issuance of $20,000 refunding bonds.
ELGIN, Neb.—BOND SALE DETAILS—In connection with the sale
of the $21,000 3H% semi-annual refunding bonds to Steinauer & Schweser,
of Lincoln, as reported in these columns last March—V. 142, p. 2200—it
is stated by the Village Clerk that the bonds mature on April 1 as follows:
$4,000, 1942 to 1945, and $5,000 in 1946.
PLATTE,
election will be held
on
Neb.—BOND ELECTION— It is reported that an
June 30, in order to vote on the issuance of $81,719
No. of
SALE—The
WAHOO, Neb.—BOND OFFERING—E. J. Erickson, City Clerk, states
that he will sell at public auction on May 29, at 8 p. m., an issue of $120,000
municipal light plant revenue bonds.
Dated about July 1, 1936.
Due
one to
20 years, optional at any time after five years.
Bid for
We Are
1,284
Brothers;
Specialists in
Issues
NEW
HAMPSHIRE
3.10%
1,285,939.00
1,278
3.25%
1.285,440.15
1,283
3.25%
1,285,570.00
1,283
4%
1,285,502.00
Co.;
& Co,; Dick & Merle-Smith; Dougherty,
Corkran & Co., and C. C. Codings & Co_
TOWNSHIP
(P. O.
Millburn), N. J.—BOND SALE—
Hanauer & Co. of Newark were second high bidders, offering a premium of
$126.47 for 2K% bonds.
Dated May 15, 1936.
Due May 15 as follows:
$3,000 from 1937 to 1941; and $2,000 from 1942 to 1944.
also
were
Mass.
The special
until 1948 to pay for a bond issue created then to 1952.
as
follows:
Premium
Int. Rate
$126.47
54.60
119.70
2J4%
2j^%
3%
3%
113.00
3%
80.01
79.00
3%
i
Par
3%
C. A. Preim & Co
REPAIR
3n%
46.00
H. L. Allen & Co
session, called by the Governor to-day to act upon flood relief
refused, however, to sanction Bridges's proposal that the State
gasoline tax be increased from four to five cents to finance the bond issue.
Instead, in what floor leaders termed a compromise, the Legislature
extended the 1927 gasoline tax, which set the tax at four cents a gallon
measures,
for
Adams & Mueller.,
HAMPSHIRE
(State of)—VOTES $2,000,000 FLOOD
bid
i
MacBride, Miller & Co
Campbell & Co
M. M. Freeman & Co., Inc
BONDS—The Legislature authorized a $2,000,000 bond issue on May 12
for repair of roads and bridges damaged by the March flood.
Governor
H. Styles Bridges said he would sign the bill "at once."
&
Rollins & Sons, Inc.; Rutter & Co., and
MacBride, Miller & Co
Graham, Parsons & Co.; Bacon, Stevenson
Millburn Bank
NEW
Rippel
Spear & Co
A. C. Allyn & Co., Inc.; Schlater, Noyes &
Gardner; Colyer, Robinson & Co.; E. H.
The bonds
Incorporated
Boston,
S.
J. B. Hanauer & Co
Van Deventer, Spear & Co
E. H. Rollins & Sons
St.,
J.
Morse Bros. & Co.; Kean, Taylor & Co.;
H. L. Allen & Co., and Van Deventer,
Bidder—
Devonshire
of
Bid
The $21,000 coupon or registered poor relief bonds offered on May 18—
V. 142, p. 3220—were awarded to J. S. Rippel & Co. of Newark as 2Ks,
for a premium of $154.22, equal to 100.734, a basis of about 2.06%.
J. B.
hampshire-vermont
Municipal
Rate
Sachs
& Co.; B. J. Van Ingen & Co., Inc.;
Edward Lowber Stokes & Co., and John
MILLBURN
maine—-new
Amount
Bonds
Bidder—
B. Carroll & Co
$5,000 issue of Improvement
District No. 4 bonds offered for sale on May 11—V. 142, p. 3219—was
purchased by the American National Bank, of Sidney, as 3s, at par, ac¬
cording to the City Clerk. Coupon bonds dated July 1, 1936. Due serially
in from one to 10 years, optional after five years.
Interest payable semi¬
annually.
200
O.
mitted for the issue:
Lehman
Neb.—BOND
serially in from
(P.
OFFERING—Bancamerica-Blair
B. J. Van Ingen & Co., Inc., Edward
Carroll & Co. are offering at prices to
Bancamerica-Blair Corp.; Goldman,
in viaduct bonds.
SIDNEY,
COUNTY
New Brunswick), N. J.—NEW
Corp., Goldman, Sachs & Co.,
Lowber Stokes & Co. and John B.
yield 1.25 to 3.10% a new issue of
$1,284,000 3.10% bonds, due serially May 15,1937 to 1949, incl. The bonds
are exempt from all present Federal income taxes, and in the opinion of the
bankers, are legal investment for savings banks and trust funds in New
Jersey and New York.
The following is a complete bist of the bids sub¬
ISSUE
BRUNO, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$9,900 water works bonds have been purchased by the State of Nebraska.
NORTH
EWING
TOWNSHIP
(P.
O.
Trenton),
N.
J.—BOND SALE—
Dougherty, Corkran & Co. of Philadelphia, have purchased $109,000 4%
refunding bonds.
Dated Oct. 1, 1935.
Denom. $1,000.
Due as follows:
$15,000 July 1 and Oct. 1, 1952; $20,000 July 1 and $15,000 Oct. 1 in 1953
and 1954; $10,000 July 1 and Oct. 1,1955 and $9,000 July 1,1956.
Interest
payable A. & O.
Legal opinion of Hawkins, Delafield & Longfellow of
3^%
16.80
NEW
JERSEY,
State
of—MUNICIPAL
BUDGET
BILL
TO
BE
ENACTED—In
a
letter dated May 18, we are informed by S. S. KenExecutive Secretary of the New Jersey State League of Munic¬
ipalities, that Senate Bill No. 48, introduced by John C. Barbour of
Passaic County, President of the Senate, which provides for a new munic¬
ipal budget bill, was drafted by the League of Municipalities and with
minor amendments will undoubtedly be enacted into law within the next
month.
He states that the bill has been approved by the Joint Conference
worthy,
Committee and has the right
great difficulty.
of
way so
it undoubtedly will pass without
Volume
PASSAIC
Financial
142
COUNTY
J.—BOND SALE—The
Issue of coupon or registered county building bonds offered on May 20—
V. 142, p. 3220—was awarded to A. O. Allyn & Co.; E. H. Rollins & Sons,
and MacBride, Miller & Co., all of New York, on a bid of 100 57 for
$237,000 2Ms, a basis of about 2.39%.
Dated May 1, 1936.
Due May 1
as
follows; $20,000, 1937, 1938 and 1939; $25,000, 1940 to 1945, and
$27,000 in
(P.
O.
Pateroon),
N.
1946.
The successful bidders reoffered the bonds at prices to
t
yield from 1% to
2.50%, according to maturity.
They are tax exempt in New Jersey and
interest exempt from all present Federal income taxes.
They are legal
.investment in our opinion for savings banks and trust funds in New York
^md New Jersey.
SECAUCUS,
N.
J.—BOND OFFERING—Adrian Post,
Town
Clerk,
will receive sealed
bids until 8 p. m. (Daylight Saving Time) on May 26,
the purchase of $5,000 4M% coupon or registered general refunding
bonds.
Dated June 1, 1935.
Denom. $1,000.
Due June 1, 1949.
Prin¬
for
cipal and interest (J. & D.) payable at the First National Bank, North
Bergen.
A certified check for 2% of the bonds bid for, payable to the
order of the town, must accompany each proposal.
The approving opinion
of Reed, Hoyt & Washburn of New York will be furnished the successful
bidder.
•.;.*/
v
=:
...
.
NEW
MEXICO
GALLUP,
N. M.-—BOND OFFERING—P. J. Vidal, Town Treasurer,
will receive bids until 10 a. m. May 25 for the
purchase at not less than
par of $110,000 4% water system revenue bonds.
Denom. $500.
Dated
May 1, 1936. Interest payable May 1 and Nov. 1. Due May 1 as follows;
$3,000, 1937 to 1.951; $4,000, 1952 to 1956; and $4,500, 1957 to 1966;
subject to call 10 years after date of issue. Certified check for 2% of amount
of bid, required. Bonds are offered subject to approval of Hanna & Brophy
of Albuquerque, and Pershing, Nye, Bosworth & Dick of Denver.
HATCH
of
voters
SCHOOL
the
district
DISTRICT,
N.
recently approved
Mex.—BONDS VOTED—The
the issuance of $17,500 school
building addition construction bonds.
HOT SPRINGS, N. Mex.—BOND OFFERING DETAILS-In connec¬
tion with the offering scheduled for 5 p. m. on June 1, of the $15,000 5%
semi-ann. hospital bonds, report on which appeared in these columns
recently—V. 142,
bonds
to
are
p.
3389—it is stated by Mayor A. J. Burleson that the
each, and mature $1,000 from 1941
in the denomination of $500
1955, inclusive.
OTERO
COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Alamagordo),
Mex.—BOND SALE—The $10,000 issue of school bonds offered for
N.
sale
May 15—V. 142, p. 2711—was awarded to the Otero County
Bank, according to the County Treasurer.
Dated May 15, 1935.
Due $1,000 from May 15, 1938 to 1947, inclusive.
on
State
Offeringa
—
Wanted
Whitehall
NEW
4-5770
YORK
ALBANY. N. Y.—BOND SALE—The $2,100,000 coupon or registered
bonds described below, which were offered on May 19—V. 142, p. 3220—
were awarded to a syndicate comprised of the Bancamerica-Blair
Corp.,
Kean, Taylor & Co., Geo. B. Gibbons & Co., Darby & Co., R. L. Day &
Co., Spencer, Trask & Co., and Schaumburg, Rebhann & Lynch, on a bid
of par plus a premium of $315, equal to 100.015, the $300,000 water re¬
funding issue to bear interest at 2% and the balance of the bonds 2*4%.
The sale, effected by the city at a net interest cost basis of
2.2295%, com¬
prised the following issues:
$670,000 general refunding bonds.
Due $67,000 on May 1 from 1937 to
1946, inclusive.
500,000 public market bonds.
Due May 1 as follows: $12,000 from 1937
to 1956, incl. and $13,000 from 1957 to 1976, incl.
330,000 water refunding bonds.
Due $33,000 on May 1 from 1937 to
1946, inclusive.
300,000 public improvement bonds.
Due $15,000 on May 1 from 1937 to
1956, inclusive.
200,000 water bonds.
Due $5,000 on May 1 from 1937 to 1976, incl.
60,000 municipal equipment bonds.
Due May 1 as follows: $7,000 from
1937 to 1940, incl. and $8,000 from 1941 to 1944, incl.
25,000 local improvement bonds.
Due May 1 as follows: $2,000 from
1937 to 1941, incl. and $3,000 from 1942 to 1946, incl.
15,000 school bonds.
Due May 1 as follows: $2,000 from 1937 to 1941,
incl. and $1,000 from 1942 to 1946, incl.
All of the bonds will be dated May 1, 1936.
Denom. $1,000.
Principal
and interest (M. & N.) payable at the First Trust Co., Albany.
The successful bidders made public reoffering of the bonds at
prices to
yield from 0.40 to 2.60%, according to maturity.
Other bids were as
follows:
Halsey, Stuart & Co., Inc., Stone & Webster and Blodget, Inc., Phelps,
Fenn & Co., Marine Trust Co., Graham, Parsons & Co. and G.M.-P.
Murphy & Co. offered a premium of $756 for the entire $2,100,000 bonds
as
2 Ms.
Lehman Bros., R. W. Pressprich & Co., Manufacturers & Traders Trust
Co. and F. S. Moseley & Co. bid a premium of $50 for $1,430,000
2Ms and
$670,000 2Ms.
Bankers
$827 for the issues of $670,000 and $330,000 as 2s and the others as 2Ms.
Lazard Freres & Co., Inc., B. J. Van Ingen & Co., Inc., E. H. Rollins &
Sons, Inc.; Shields & Co., Francis I. Du Pont & Co. and the Mississippi
Valley Trust Co. bid a premium of $8 for the issues of $670,000 and $330,000
as 2s arid the others as 2 Ms.
Kidder, Peabody & Co. in account with Estabrook & Co., Brown Harriman & Co., Inc., First of Michigan
Corp. and Bacon, Stevenson & Co.
offered a premium of $420 for the issues of
$670,000, $500,000, $300,000
and $200,000 as 2Ms and the others as 2Ms.
Financial Statement
as
of April 30, 1936
City debt
$18,196,180.00
12,732,500,00
1,324,000:00
Water debt
Street improvement
debt
Gross debt ($372,015.00 paid
May 1)
$32,252,680.00
Less—General debt sinking fund
$1,428,756.20
Washington Park sinking fund
150,186.69
12,732,500.00
Water debt
—
(City collects State and county taxes, with city taxes, for year of levy.
City budget is taken first from the total collections; as matter of revenue,
therefore, city taxes are practically always collected before end of year;
delinquent rolls are turned over to County Treasurer for collection.
City
levies, included below, were:
1933, $7,057,370.99; 1934, $6,624,510.97;
1935, $6,501,692.70, ana 1936, $6,515,085.97.)
Total Levy
Uncollected at
(City .County
Close of Fiscal
and State)
Year of Levy
$8,141,733.34
$1,108,869.14
1934
8,034,901.91
840,028.36
7,955,624.71
688,326.41
8,093,320.63
*
Figures supplied by County Treasurer's office,
amount collected by City Treasurer.
Uncollected
Year—
1933-
——„
a
April 30, 1936
*$221,368.42
*291,940.33
*398,264.28
a3,109,596.88
Total levy less
AVON UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Avon),
N. Y.—BOND SALE—The $57,750 coupon,
fully registerable, school build¬
ing improvement bonds offered on May 22—V. 142, p. 3389—were awarded
to E.
H. Rollins
& Sons of New York
about 2.94%.
Due on June 1
$2,000, 1941 to 1966.
193-645
as
on a bid of 100.77 for 3s, a basis of
follows: $2,750, 1939; $3,000, 1940, and
BRIARCLIFF MANOR, N. Y.—BONDS DEFEATED—1The proposal
$6,000 water treatment plant bonds was turned down by the voters
the May 15 election.
to issue
at
CARMEL, N. Y.—WATER DISTRICT NO. 2 BONDS SOLD—The
$66,000 Carmel Water District No. 2 bonds offered on May 20—V. 142,
3389—were awarded to Geo. B. Gibbons & Co. of New York on a bid of
101.05 for 3.40s, a basis of about 3.36%.
Rutter & Co. of New York bid
100.53 for 3Ms.
Due yearly on Nov. 1 as follows:
$1,000, 1936 to 1945;
$2,000,1946 to 1955; $3,000,1956 to 1964; $4,000,1965; and $5,000 in 1966.
James H. Causey & Co., Inc. of New York were associated with
George
B. Gibbons & Co., Inc., in the purchase of the issue.
p.
CORNING, N. Y.—BOND SALE—The $80,000 coupon or registered
emergency relief bonds offered on May 21—V. 142, p. 3389—were awarded
to B. J. Van Ingen & Co. of New York as 2s, for a
premium of $126.40,
equal to 100.158,
June
1
follows:
as
1946, incl.
a
basis of about 1.98%.
Dated June 1, 1936.
Due
$10,000 in 1942 and 1943; and $20,000 from 1944 to
Other bidders
were:
"
,
Name—
Int. Rate
2.10
Bid
$80,239.92
80,135.00
2.10
2.10
80.056.00
2.10
2.20
2.20
-
80,046.21
80,304.00
80,125.00
80,259.00
80,109.92
2*4%
2*4 %
2*4%
2.40
2.50
-
80,063.20
80,127.20
80,225.20
CROTON-ON-HUDSON, N. Y.—CERTIFICATE OFFERING—Frank
Finnerty, Village Clerk, will receive sealed bids until 1 p. m. ((Eastern
Standard Time) on May 26 for the purchase of $3,000 4% judgment cer¬
tificates of indebtedness.
Dated July 1, 1936.
Denom. $1,000.
Due
$1,000 on July 1 from 1936 to 1938 incl. Prin. and int. (J. & J.) payable at
the First National Bank, Croton-on-Hudson.
A certified check for 10%,
payable to the order of the Village Treasurer, must accompany each pro¬
posal.
Legality approved by Thomson, Wood & Hoffman of N. Y. City.
Financial Statement
Assessed valuation
L
Total bonded debt (incl. present issue)
$10,325,654
184,500
Population, 1930, 2,447; today, (est.), 4,200.
'V::'
V
Tax Data
•
Uncollected End
Uncollected
Fiscal Year
May 1,1930
$12,587.87
None
8,569.65
None
8,657.05
None
Taxes for 1936-37 fiscal year were levied in amount of $92,930.88, none
of which were collected as of May 1,1936.
Year—
Levy
$84,676.84
83,668.73
82,664.55
•
DIANA UNION FREE SCHOOL DISTRICT NO. 6 (P. O. Harris
ville), N. Y.—BOND OFFERING—Sealed bids will be reoeived by James
Dupdon, District Clerk, until 2 p. m. (Eastern Standard Time) on
May 29 for $43,000 not to exceed 5% interest coupon or registered school
building bonds.
Dated June 1, 1936.
Denom. $1,000.
Due June 1 as
M.
follows:
$2,000 from 1938 to
1958 incl. and $1,000 in 1959.
Bidder to
of interest on the issue, expressed in a multiple of *4 or
Principal and interest (J. & D.) payable at the First National
Bank of Harrisville, with New York exchange, or at the Irving Trust Co.,
New York City, at holder's option. The bonds are direct general obligations
of the district, payable from unlimited taxes.
A certified check for $500,
payable to the order of Fred E. Whipple, District Treasurer, is required.
The approving opinion of Clay, Dillon & Vandewater of New York will be
name
one
rate
1-10th of 1%
.
furnished the successful bidder.
DUTCHESS
,
COUNTY
(P. O. Poughkeepsie), N. Y —BOND OF¬
FERING—Paul J. Miller, County Treasurer, will receive sealed bids until
1 p. m. (Eastern Standard Time) on May 29 for the purchase of $125,000
not to exceed 4% interest coupon or registered home relief bonds.
Dated
May 1/1936.
Denom. $1,000.
Due $25,000 on March 1 from 1940 to
1944 incl.
Bidder to name one rate of interest on the issue, expressed
a
multiple of *4 or 1-10 of 1%.
Principal and interest (M. & S.)
payable at the Fallkill National Bank & Trust Co., Poughkeepsie, with
New York exchange, or, at holder's option, at the Chase National Bank,
New York City.
A certified check for $2,500, payable to the order of
the county, must accompany each proposal.
The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
bidder.
The bonds are general obligations of the county payable in the
first instance from taxes on the county public welfare district (constituting
the County of Dutchess outside of the cities of Beacon and Poughkeepsie)
but if not paid from such levy all the taxable property within the county
will be subject to the levy of ad valorem taxes to pay said bonds and
interest thereon without limitation as to rate
assessed
valuation
of
the
subject to the taxing power
of the county is $120,088,393.
The total bonded debt of the county,
including the above mentioned bonds, is $1,658,000.
The population of
the county (1930 censufe) was 105,462.
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
county.
The fiscal year commences Nov. 1.
The amount of taxes levied
for the fiscal years commencing Nov. 1, 1932, Nov. 1, 1933, and Nov. 1,
1934, was respectively $1,867,158.52, $1,697,589.71, and $1,713,000.27.
The
of such
amount
taxes
property
uncollected
at
the
end
of each
of said fiscal
respectively $71,862.84, $84,321.09 and $76,972.00.
The amount
remaining uncollected as of May 20, 1936, is respectively
$11,234.52, $15,841.71, and $27,789.52.
The taxes of the fiscal year
commencing Nov. 1, 1935, amount to $1,816,885.80, of which $1,621,738.43 has been collected.
years was
$17,941,237J4
226,418.96
27,292.63
--$225,047,728.00
8,323,686.00
taxes
-
New water supply debt sinking fund*
Water debt sinking fund*—
Property values, 1936—Real property
Special franchises..
1
EVANS
10% margin of assessed values
$23,337,141.40
17,941,237.11
Net debt
Margin for future bonding
purposes
The above funds not used
as
above financial statement
this sale.
a
$5,395,904.29
deduction.
does
not
include the $2,100,000 bonds
(P. O. Angola), N. Y.—WATER DISTRICT NO. 2 BONDS
SOLD—The $28,000 coupon or registered bonds of Water District No. 2
offered on May 18—V. 142, p. 3389—were awarded to the Manufacturers
& Traders Trust Co. of Buffalo as 3.20s. for a premium of $139.78, equal
to
$233,371,414.00
to be bid for as per
or amount.
Financial Statement
The
of such
14,311,442.89
Net debt
The
Tax Collection Record
in
Trust
Co., National City Bank, Blyth & Co., Inc., Dick &
Merle-Smith, Goldman, Sachs & Co., Roosevelt & Weigold, Inc. and
Eldredge & Co. offered a premium of $467.90 for the issues of $670,000
and $300,000 as 2Ms and the remainder as 24s.
Chase National Bank, First Boston Corp., Harris Trust & Savings
Bank,
Northern Trust Co., Chicago, New York State National
Bank, Albany,
R. H. Moulton & Co. and L. F. Rothschild & Co. specified a premium of
*
127,412.
census,
Charles H. Drew & Co., New York-B. Gibbons & Co., New York
Halsey Stuart & Co., New York
Bacon Stevenson & Co., New York
C. F. Herb & Co.. New York
MEMBERS NEW YORK STOCK EXCHANGE
N. Y.
Population, 1930,
Geo.
Gordon Graves & Co.
WALL ST.,
19356-—
trust funds.
Roosevelt and Weigold, New York
Marine Trust Co., Buffalo
County—City—Town—School Dietrict
1
3553
Albany city bondsfare accepted by the Secretary of the Treasury as
security for Government deposits, by the State Superintendent of Insurance
to secure
policy holders, by the State Superintendent of Banks in trust
for trust
companies, and are legal investments for savings banks and
Manufacturers Traders Trust Co., Buffalo
C. F. Childs and Co., New York—i—^
Rutter & Co.. New York
Granberry Safford & Co., New York
New York State Municipals
,
Chronicle
100.499,
a
basis of about 3.11%.
second high bidder,
offering
a
The Marine Trust Co. of Buffalo was
premium of $103.32 for 3.70s. Dated May 1,
1936.
Due $1,000 yearly on May 1 from 1941 to 1968.
Geo. B. Gibbons & Co. of New York submitted a bid of $28,072.80 for
3.70% bonds.
ERIE
COUNTY
(P. O. Buffalo),
N. Y.—DELINQUENT TAX
DATA—According to data compiled by the Buffalo Municipal Research
Bureau, the accumulated unpaid county taxes
(including town taxes)
respresented by the tax sale certificates held by the county, at various
recent dates, were as follows:
3554
Financial
Date—
Jan.
Amount
1932
1933
1934
1935
1,
1,
Jan. 1,
Jan. 1,
Jan. 1.
Jan.
-
-
1936
year commencing Dec.
1,
$283,168.44 has been collected.
The present total is represented by certificates covering property in the
localities shown below; also shown are the 1935 assessed valuations and the
ratio between the two:
.
Town—
Certificates
Tonawanda
Per $1,000
ofA.V.
$4,939,309
2,071,275
1,892,684
603,506
539,274
397,266
$75,822,163
31,475,897
24,880,476
18,610,010
$10,443,314
461,329
$10,904,643
Buffalo
893,122
Lackawanna and Tonawanda..
205,836
Amherst
--
Oheektowaga.
-
West Seneca
Hamburg..
Lancaster
Sub total
19 Remaining towns
$12,003,601
65.80
76.07
32.43
FALLSBURGH UNION
FREE
1934
of New York will be furnished the successful bidder.
new Argicle 191-F, of the Greater New York Charter, by authorizing the
City Comptroller to issue during 1936 serial bonds not in excess of $30,000,000, maturing in equal principal amounts in each year during the next
succeeding five years from their date, for paying or retiring revenue notes
of ihe issue of Nov. 1, 1933, and making certain other changes.
$1,291,360,474
$9.30
.93
3.45
SCHOOL
DISTRICT
NO.
6
(P. O.
NIAGARA FALLS. N. Y.—BOND SALE— The $500,000 coupon, fully
registerable, public welfare bonds offered on May 18—V. 142, p. 3389—-were
awarded to Brown Harriman & Co.; E. B. Smith & Co. of New York, and
the Marine Trust Co. of Buffalo as 1.90s for a premium of $1,545, equal to
100.315, a basis of about 1.94%. The Manufacturers & Traders Trust Co.
of Buffalo, together with Kean, Taylor & Co. and R. H. Moulton & Co. of
New York .submitted the second high bid. Dated May 1,1936. Due Jan. 1
as follows:
$25,000, 1937 to 1940; and $100,000. 1941 to 1944.
Public
re-offering is being made at prices to yield from 0.30 to 1.90% according
to maturity.
In the opinion of the bankers the bonds meet present require¬
ments as legal investments for savings banks and trust funds in New York
State.
The bonds are to be issued for public welfare purposes and will
constitute, in the opinion of counsel, valid and legally binding obligations
of the city.
They are payable both as to principal and interest from
ad valorem taxes which may be levied against all of the taxable property
therein without limitation as to rate or amount.
Other
on
HINSDALE,
ISCHUA AND CLARKSVILLE CENTRAL SCHOOL
NO. 1, N. Y.—BONDS PUBLICLY OFFERED—The Marine
Trust Co. of Buffalo is making public offering of a new issue of $142,000
DISTRICT
3.10% bonds at prices to yield from 1.75% to 3.10%, according to maturity.
Dated May 1, 1936 and due May 1, from 1939 to 1958, inclusive.
HUDSON, N. Y.—ENDS HOME RELIEF AS COUNTY REFUSES
LOAN—Following the refusal of the Columbia County Board of Supervisors
to grant a loan of $100,000 for the
purpose, the City Charity Commission
on May 20 voted to discontinue its
program of furnishing home relief.
bidders
(Daylight Saving Time) May 25, for
of $7,500 coupon, fully registerable, public
p.
m.
the purchase at not less than par
works bonds.
Bidders are to name rate of interest, in multiples of M % and
1-10%, but not to exceed 4%.
Denom. $1,000, except one for $500.
Dated June 1, 1936.
Principal and semi-annual interest (June 1 and
Dec. 1) payable at the First National Bank, in Lindenhurst.
Due
$1,000
yearly on June 1 from 1938 to 1944; and $500 June 1, 1945.
Certified
check for $150, payable to the village, required.
Approving opinion of
Clay, Dillon & Vandewater of New York will be furnished by the village.
LIOYD HARBOR
(P. O. Huntington), N. Y.—BOND SALEHOSTPONED—Marguerite Van Schaick, Village Clerk, will receive sealed bids
until 4:45 p.m. (Daylight Saving Time) on
May 26 for the purchase of
$30,000 not to exceed 3% interest coupon or registered street impt. bonds.
The sale was first scheduled for May 23.
The bonds will be dated June 1,
1936.
Denom. $1,000.
Due $3,000 on June 1 from 1937 to 1946 incl.
Rate of interest to be expressed in a multiple of M or 1-10 of 1%.
Prin.
and int. J. & D. payable at the Bank of
Huntington & Trust Co., Hunting¬
ton.
A certified check for $600, payable to the order of the village, must
accompany each proposal.
The approving opinion of Reed, Hoyt & Wash¬
burn of New York must accompany each
proposal.
Financial Statement
Assessed valuation
Total bonded debt
$5,997,630
30,000
...
(present issue only)
Population 625.
*
Int. Rate
Trust
Bid
Buffalo; Kean,
Taylor & Co., N. Y.; R. H. Moulton & Co., Inc.,
Co.,
N.Y
1.90%
F.
S. Moseley & Co., Boston; Equitable Securities
Co., N. Y.; Dick & Merle-Smith, N. Y.; Victor,
Carman & Co., N. Y
Bancamerica-Blair Corp., Goldman, Sachs & Co. and
Geo. B. Gibbons & Co., Inc., all of New York
Halsey, Stuart & Co., Stone & Webster and Blodget
Inc., and Bacon, Stevenson & Co., all of N. Y..
Harris Trust & Savings Bank and First Boston Corp.,
*
—
both of New York
Lazard Freres
&
:—
$500,685
;
v
1.90%
500,550
1.90%
500,550
1.90%
500,445
2.00%
501,385
2.10%
501,095
Co., Inc., and Blyth & Co., Inc.,
both of New York
—
NORTH SALEM
(P. O. Purdys), N. Y.—BOND SALE DETAILS—
The $17,445 tax equalization bonds sold on May 6 as 3.10s, at a price of
par, as previously reported in these columns, were purchased by Ann B.
Purdy, not Ann Beeson.
Other bidders were as follows:
Int. Rate
Bidder—
Home Savings
LINDENHURST, N. Y.—BOND OFFERING—Nicholas Muller, Vilage
were:
Name—
Manufacturers-Traders
WEST
Clerk, will receive bids until 3
A
The approving opinion of Clay, Dillon & Vandewater
6.20
May 19—V. 142, p. 3389—were awarded to E. H. Rollins
& Sons of New York as 3.10s, at a price of 100.41, a basis of about
3.07%.
Dated May 1, 1936 and due May 1 as follows;
$2,000, 1939 to 1943 incl.;
$2,500, 1944 to 1948 incl.; $3,000, 1949 to 1953 incl.; $3,500 from 1954 to
1958 incl. and $4,000 from 1959 to 1963 incl.
Bank, White Plains
Marine Trust Co
-—...
Rutter & Co
Roosevelt & Weigold
Bacon, Stevenson & Co
—
Rate Bid
334 %
3.40%
334%
334 %
3H%
100.30
100.35
100.119
100.25
Bar
Financial Statement
■
assessed valuation of the property subject to the taxing power o
the town is $5,926,061.
The total bonded debt of the town, inlcuding the
above mentioned bonds, is $184,445, of which none is water debt.
The
The
population of the town (1930 census) was 1,120. The bonded debt above
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 town. The fiscal year commences Jan. 1. The amount of taxes levied
for the fiscal years commencing Jan. 1, 1933, Jan. 1, 1934, and Jan. 1,
1935, was, respectively, $62,380.08, $88,045.71 and $83,028.65.
The
stated
amount of such taxes uncollected at the end of each of said tax years was,
$2,324.52, $3,782.87 and, April 14, 1936, $8,505.03. The
of such taxes remaining uncollected as of April 27, 1936, is, re¬
spectively, $749.99, $1,283.27 and $8,805.03. The taxes of the fiscal year
commencing Jan. 1, 1936, due April 1, amount to $88,288.13, of which
$8,458.60 has been collected.
respectively,
amount
COUNTY
ORANGE
(P.
O.
Goshen),
N.
Y.—OTHER BIDS—The
$240,000 welfare home bonds awarded recently to George B. Gibbons &
Co., Inc., of New York as 2.10s. at par plus a premium of $1,104, equal to
100.46, a basis of about 2.06%—V. 142, p. 3390—were also bid for
follows:
'
Tax Collections
Fiscal Year—
Taxes for fiscal year
Int. Rate
Bidder—
Uncollected End
(Stzrts June 1)
Uncollected
Levy
Fiscal Year
May 1,1936
$22,860,66
$626.56
$751.04
22,775.00
699.27
725.53
1935-36 were levied in amount of $26,838,78. of which
$25,949.28 has been collected.
Manufacturers
&
Traders Trust
2.30%
Corp.,
and
Bacon,
that date—V.
142,
p.
3389—to two
separate bidders.
The Marine-Midland Trust Co. of New York took the
$200,000 notes maturing July 15, 1936 on a .49% interest basis, plus a
premium of $1.
The $75,000 notes coming due Dec. 15, 1936 were awarded
to the County Trust Co. of Mamaroneck on a
1.25% interest basis.
There
was
only one other bid received, an offer from the County Trust Co.,
Mamaroneck, to take the $200,000 maturity on a .60% basis.
Bankers Trust Co
MECHANICVILLE,
N.
Y.—BOND SALE—The $25,000 coupon or
registered public welfare bonds offered on May 20—V. 142, p. 3389—were
awarded to the Manufacturers & Traders Trust Co. of Buffalo
a'*premium of $24,
equal to
100.096,
basis
as
2.70s. for
of about
&
MIDDLETOWN,
N.
Y —BOND OFFERING—P.
E.
Benedict,
City
Clerk, will receive bids until 2 p. m. (Eastern Standard Time) May 26,
for the purchase at not less than par of $25,000 coupon, fully registerable,
emergency relief bonds.
Bidders are to name rate of interest, in multiples
of H % or 1-10%, but not to exceed
6%.
Denom. $1,000.
Dated June 1,
1936.
Principal and semi-annual interest (June 1 and Dec. 1) payable at
the Orange County Trust Co., Middletown.
Due $5,000 yearly on Jund 1
1937 to 1941, incl.
Certified check for $500, payable to the city,
from
Approving opinion of Clay, Dillon & Vandewater of New York
by the city.
will be furnished
Financial Statement
The assessed valuation of the
property subject to the taxing power of
the city is $26,058,622.
The total bonded debt of the city, including the
above mentioned bonds, is $1,490,000 of which $219,000 is water debt.
The population of the city (1930 census) was 21,276.
does not include the debt of
any other
above stated
The bonded debt
subdivision having
levy taxes upon any or all of the property subject to the taxing
power of the city.
The fiscal year commences Dec. 1.
The amount of
taxes levied for the fiscal years
commencing Dec. 1, 1932, Dec. 1, 1933 and
Dec. 1, 1934 was respectively $595,432.78, $643,008.53 and $616,793.38.
Theramount of such taxes uncollected at the end of each of said fiscal
years,
was respectively $60,298.37,
$55,717.96 and
$53,110.25. | The
amount of such taxes remaining uncollected as of the date of this notice, is
respectively $10,823.57, $19,736.25 and $40,147.35.
The taxes of the
power to
Rutter & Co.
789.60
139.20
240.00
426.48
Kean, Taylor & Co., and Granbery Safford & Co
Trust
&
Savings Bank, Chicago, and Roose-
velt & Weigold, Inc
A. C. Allyn & Co., Inc., and E. H. Rollins & Sons,
Inc..;..
Estabrook & Co., and Adams, McEntee&Co
Stranahan, Harris & Co., Inc
George B. Gibbons & Co., Inc
ORWELL (P.
2.20%
'
2.20%
2.20%
2.10%
2.10%
2.10%
549.60
864.00
168.00
765.60
1,104.00
O. Orwell), N. Y —BOND SALE—The $45,000 coupon
registered funding bonds offered on May 16—V. 142, p. 3221—were
awarded to the Manufacturers & Traders Trust Co. of Buffalo as 1.90s, at
or
2.68%. Geo. B.
Co. of New York were second high, bidding a premium of
$75.35 for 2%s.
Dated June 1, 1936.
Due June 1 as follows:
$2,000,
1937 to 1941, and $3,000, 1942 to 1946.
a
*
;
V
a
2.20%
2.20%
2.20%
Savings Bank; Warwick Savings Bank,
Halsey, Stuart & Co., Inc
Harris
480.00
957.60
Stevenson
& Co
and First National Bank of Warwick
on
$381.60
2.25%
2.25%
Bancamerica-Blair
.>
Premium
Co., and Graham,
Parsons & Co
Middletown
MAMARONECK, N. Y —NOTE SALE— On May 20 the village disposed
of the $275,000 tax notes offered
required.
each proposal.
$40.48
UNION, CANISTEO AND ANSCHOOL DISTRICT NO. 1 (P. O.
Greenwood),
Y.—BOND SALE—The $75,000 coupon or registered school
building
Gibbons
general obligations of the county, payable from unlimited taxes.
certified check for $36,500, payable to the order of the county, must accom¬
$269,383,436
962,274,990
59,702,048
DOVER CENTRAL
bonds offered
are
pany
NEW YORK, N. Y.—BOND AUTHORIZATION BILL PASSED BY
LEGISLATURE—Governor Lehman is said to have before him for consider¬
GLOVERSVILLE,
N.
Y.—CERTIFICATES SOLD— Sinking fund,
local banks and individual investors have purchased $31,447.21 4% street
resurfacing certificates of indebtedness.
Dated April 15, 1936 and due
April 15, as follows;
$11,000 in 1937 and 1938 and $9,447.21 in 1939.
N.
Each issue is dated June 1, 1936.
Bidder to name one rate of interest on
all of the bonds .expressed in a multiple of 34 or 1-10 of 1 %.
Principal and
interest (J. & D.) payable at the Union Trust Co., Rochester or at the
Marine Midland Trust Co., New York City, at holder's option. The bonds
ation the Dunnigan bill, amending Articles 191-C, and 191-D. and adding
June 5, for the purchase at not less than par of $17,000 4% coupon, fully
registerable, school building bonds.
Denom. $1,000.
Dated Aug. 1, 1934.
Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at the
Manufacturers Trust Co. in New York.
Due $1,000 yearly on Aug. 1
from 1938 to 1954.
Certified check for $500, payable to Edward Keator,
District Treasurer, required.
Approving opinion of Clay, Dillon & Vandewater of New York will be furnished by the district.
JASPER,
now outstanding.
Due $285,000 on June 1 from 1937 to 1941 incl.
400,000 work relief bonds. Due $40,000 on June 1 from 1937 to 1946 incl.
$53.54
Fallsburg),
N.
Y.—BOND OFFERING—Chester E. Couch,
Clerk, will receive bids until 2 p. m. (Eastern Standard Time)
GREENWOOD,
$1,425,000 series F tax revenue bonds issued to renew tax anticipation notes
$195,035,155
74,348,281
The delinquency in the six towns, the bureau states, arises from defaults
South
p. m. (Eastern Standard Time) on May 27 for the purchase of $1,825,000
not to exceed 6% interest coupon or registered bonds, divided as follows:
18.94
in payment by real estate "developments" which failed to make good.
District
of which
$627,869.64
to
25.19
Total towns
Total county
$65.14
28,475,126
15,771,483
amount
MONROE COUNTY (P. O. Rochester), N. Y.—BOND OFFERING—
Smith, Director of Finance, will receive sealed bids until 2
The county, the bureau comments, apparently is approaching the end o
Assessed
Valuation
1935
Clarence A.
this accumulating of unpaid taxes, as only $230,120 was added to the tota
last year compared with over $3,000,000 in 1933.
Amount
1936
23,
May
fiscal
$6,031,577
7,843,957
11,041,717
11,773,481
12.003.601
-
Chronicle
price of 100.076,
May 15 as follows:
a
OYSTER BAY
basis of about 1.88%.
Dated May 15, 1936, and due
$5,000 in 1937 and $10,000 from 1938 to 1941 incl.
a
(P. O. Oyster Bay), N. Y.—MASSAPEQUA WATER
bonds
DISTRICT BONDS SOLD—The $18,750 coupon or registered water
of
Massapequa Water District offered on May 19—V. 142, p. 3043—were
awarded to Roosevelt & Weigold of New York as 2.90s for a premium of
$97.50, equal to 100.52, a basis of about 2.95%. The Long Island National
Bank of Hicksville offered a premium of $187.50 for 3% bonds.
Dated
May 1, 1936. Due May 1 as follows: $750 in 1941; and $1,000 from 1942
to 1959, incl.
OYSTER BAY (P. O.
Massapequa), N. Y —SALE OF NORTH
MASSAPEQUA FIRE DISTRICT BONDS—The $8,000 coupon or regis¬
tered fire house and equipment bonds offered on May 18—V. 142, p. 3390
—were awarded to Roosevelt & Weigold of New York as 4.20s. at a price of
100.15, a basis of about 4.19%.
Dated Feb. 1, 1935 and due $1,000 on
Feb. 1 from 1949 to 1956, incl.
Sherwood & Merrfield, Inc. of New York,
the only other bidder, offered to pay 100.22 for 43^s.
PLATTSBURG, N. Y —APPROVES POWER PLANT—The proposal to
expend $250,000 for a municipal power plant was approved by a vote of
2,825 to 1,553 at a recent election.
PRATTSBURG, PULTENEY, WHEELER, URBANA, ITALY AND
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. PrattgN. Y.—BOND SALE—The $72,000 coupon or registered school
JERUSALEM
burg),
bonds offered
on May 15—V. 142, p. 3221—were awarded to the Prattsburg State Bank of Prattsburg as 3s, at par plus a premium of $210, equal
,
Volume
to
100.291,
as
Financial
142
basis of about 2.98%. Dated March 1, 1936 and due March 1
$2,000, 1939 to 1944 incl.; $2,500, 1945 to 1950 incl.; $3,000
$4,000 from 1958 to 1963 incl. Other bids were
follows:
3555
Chronicle
a
from 1951 to 1957 incl. and
as
Southern Municipal Bonds
follows:
Premium
Int. Rate
Bidder—
George B. Gibbons & Co., Inc
Bacon, Stevenson & Co
$261.50
3.10%
Farmers & Mechanics Trust Co., Bath
Rutter&Co-
203.76
3.10%
3.20%
3.25%
•
394.13
576.00
4
Marine Trust Co
3.25%
3.25%
3.25%
Adams, McEntee & Co., Inc
Halsey, Stuart & Co., Inc
Roosevelt & Weigold, Inc.—
3.50%
3.50%
3.50%
McALISTER, SMITH & PATE, Inc.
295.20
287.43
225.00
237.60
209.00
194.40
E. H. Rollins & Sons
Manufacturers & Traders Trust Co
RIGA, OGDEN AND SWEDEN UNION FREE SCHOOL DISTRICT
4 (P. O. Churchville), N. Y —BOND OFFERING—1. W. Randall,
NO.
purchase at not
building bonds.
1-10%, but not
to
exceed 6%.
Denom. $1,000.
Dated June 1, 1936.
Principal and
semi-annual interest (June 1 and Dec. 1) payable at the State Bank of
Churchville, in Churchville, or at the Central Hanover Bank & Trust Co.
in New York.
Due June 1 as follows: $5,000, 1937 to 1941; $6,000, 1942
to 1945; $7,000, 1946 to 1949; $8,000, 1950 to 1953; and $9,000, 1954 to
1961.
Cert, check for $4,000, payable to J. Roy Bromley, District Treas¬
urer, required.
Approving opinion of Clay, Dillon & Vandewater of New
District Clerk, will receive bids until 1 p. m. June 1 for the
less than par of $181,000 coupon fully registerable school
Bidders are to name rate of interest, in multiples of % % or
York will be furnished by the district.
ROCHESTER, N. Y.—BOND OFFERING—Paul B. Aex, City Comp¬
193-456
troller, will receive bids until 11 a. m. (Eastern Standard Time) May 27, for
the purchase at not less than par of the following described coupon, fully
registerable, bonds:
Due $20,000 yearly on June 1
from 1937 to 1956, inclusive.
722,000 school construction and equipment bonds. Due June 1 as follows:
$37,000, 1937 and 1938; and $36,000, 1939 to 1956.
1,500,000 tax revenue bonds of 1936.
Due June 1 as follows:
$500,000,
1937; $400,000, 1938; and $200,000, 1939, 1940 and 1941.
Denom. $1,000.
Dated June 1, 1936.
Principal and semi-annual int.
(June 1 and Dec. 1) payable at the city's paying agent in New York.
Bidders are to name rate of interest, in multiples of M %, provided only one
rate
Telephone WHltehall 4-6765
GREENVILLE,
be specified for the 1,122,000 public works and school issues
combined, while a different rate may be named for the tax revenue bonds.
Certified check for 2% of amount of bonds bid for, payable to the City
Comptroller, required.
Bonds will be ready for delivery in New York at
place indicated by purchaser on or about June 11.
Approving opinion of
Reed, Hoyt & Washburn of New York will be furnished by the city.
may
CHARLESTON, S. C.
S. G.
CAROLINA
NORTH
Newton), N. C.—BOND OFFERINQ—
a. m. on May 26 by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of four issues of not to exceed 6% coupon or registered
bonds aggregating $195,000, divided as follows:
CATAWBA COUNTY (P. O.
Sealed bids will be received until 11
$89,000 general refunding bonds.
Due on June 1 as follows: $4,000, 1941
to 1946; $5,000, 1947, and $6,000 from 1948 to 1957, all incl.
26,000 school refunding bonds.
Due on June 1 as follows: $1,000, 1941
to 1948, and $2,000 from 1949 to 1957, all incl.
30,000 road funding bonds.
Due on June 1 as follows: $1,000, 1941 to
1944, and $2,000, 1945 to 1957, all incl.
50,000 school funding bonds. Due on June 1 as follows: $2,000, 1941 to
1944; $3,000, 1945 to 1954, and $4,000, 1955 to 1957, all incl.
1, 1936.
Bidders to name the rate of
Prin. and int. (J. & D.) payable in lawful
Delivery at place of purchaser s choice. No bid
for less than all of the bonds will be entertained.
The approving opinion
of Reed, Hoyt & Washburn of New York will be furnished the purchaser.
A certified check for $3,900, payable to the State Treasurer, must accom¬
pany the bid.
•
w.
Denom. $1,000.
Dated June
interest in multiples of y± of 1 %.
in New York City.
money
$400,000 public works construction bonds.
NEW YORK
67 BROAD STREET
.
of public improve¬
May 12, was pmchased by
Dated May 11, 1936. Due
CONCORD, N. C.—NOTE SALE—The $30,000 issue
ment bond anticipation notes offered for sale on
a local investor, at 1.45%, according to report.
on
Nov. 11. 1936.
DUNN, N. C.—FINANCIAL STATEMENT—The following, informa¬
tion is furnished to us through the courtesy of the William B. Greene Co.
of Winston-Salem,
Statement of
N. C.:
Financial Information to the Local
Government Commission-—
oFDec.
Clerk, will receive bids until 2 p. m. (Eastern Standard Time) May 26 for
the purchase at not less than par of $6,900 bathing pavilion bonds. Bidders
are to name rate of interest, in multiples of Yn% and 1-10%, but not to
exceed 4%.
Denom. $2,300.
Dated May 1, 1936.
Principal and semi¬
As
31, 1935.
Population of unit—1935 Census, 4,557; present population est. 5,000.
Assessed Property Valuation for Taxation—1935, $2,767,111; 1934, $2,673,156; 1933, $2,648,792.
^
1935 tax rate is divided as follows: debt service, $.4489; general fund.
$.9468; other purposes, $.5043.
Tax Levy
Uncollected to Dale
Fiscal Year—
Tax Rate
annual
1) payable at the State Bank of Sea
1935-36
Due $2,300 on May 1 in each of the years, 1937, 1938
check for $150, payable to the village, required.
1934-35
SEA
CLIFF, N. Y.—BOND OFFERING—Ruth H. Branthwaite, Village
interest
(May 1 and Nov.
Cliff, in Sea Cliff.
and
1939.
Certified
Approving opinion of Clay,
Dillon & Vandewater of< New York will be
furnished by the village.
TANNERSVILLE,
N.
Financial Statement
as
(Officially Reported April 20, 1936)
determined by State Tax Commission
$1,595,545
Assessed valuation, 1935-36
Total bonded debt, including this issue
585,441
51,000
Population—1930 U. S. Census
Tax notes outstanding April 20,1936-
656
;
3,200
Theabove financial statement does not include the debt of other political
subdivisions having power to levy taxes within the village.
Fiscal year is March 1 to Feb. 28.
Taxes become due in June)
Collected
Total
Let-y
End of Fiscal Year
$13,524
82.34%
15,911
79.81%
18,510
78.05%
$16,424
19,935
23,715
Y —BOND OFFERING—Thomas
A.
Mahoney.
Director of Finance, will receive sealed bids until 2p.m. (Eastern Standard
Time) on May 29, for the purchase of $385,000 not to exceed 4% interest
registered bonds, divided
as
follows:
$361,000 school bonds.
Due Oct. 1 as follows:
$9,000, 1936 to 1943, incl.
$10,000, 1944 to 1958, incl.; $19,000 in 1959 and $20,000 from
1960 to 1965, inclusive.
24,000 improvement bonds. Due $1,000 on Oct. 1 from 1936 to 1959, incl.
Each issue is dated Oct. 1, 1935.
Denom. $1,000. All the bonds of each
same interest rate, but different coupons may be named
on the respective loans.
Rate or rates to be expressed in a multiple of
issue must be the
M
or
l-10th
of
1%.
Principal and
interest
(A.
&
O.)
payable at
the
Director of Finance's office
New York City.
or at the Central Hanover Bank & Trust
Co.,
A certified check for 2% of the bonds bid for, payable to
the order of the Director of Finance, must accompany each proposal.
The
approving opinion of Caldwell & Raymond of New York will be furnished
the successful bidder.
WESTCHESTER
COUNTY
(P.
O.
White
Plains),
N.
oc,
3»,b/ (.16
offered
which
3390—were awarded to Halsey, Stuart
& Co. of New York on a bid of 101.225 for 2Hs, a basis of about
2.33%.
The bonds are being reoffered to investors at prices to yield from
.40%
to 2.60%, according to maturity.
on
May 19—V. 142,
p.
$190,000 Saw Mill River Valley Sanitary Sewer District bonds.
Due
$10,000 on June 1 from 1937 to 1955, inclusive.
135,000 South Yonkers Sanitary Sewer District bonds.
Due June 1 as
follows:
$5,000 from 1937 to 1944, incl.; $10,000 from 1945 to
1949, inclusive and $20,000 in 1950.
120,000 Blind Brook Sanitary Sewer District bonds.
Due June 1 as
follows:
$10,000 from 1938 to 1943, incl. and $15,000 from 1944
to 1947, inclusive.
55,000 highway acquisition bonds.
Due June 1 as follows:
$5,000 In
1937 and $10,000 from 1938 to 1942, inclusive.
30,000 Mamaroneck Valley Sanitary Sewer District bonds.
on June 1 from 1938 to 1943, inclusive.
$25,000.00
12,261.25
principal in default
Due $5,000
Other Bonded Delf>
$7,000.00
5,732.25
Date of oldest principal default outstanding—March 1, 1934.
Date of oldest interest coupon default outstanding—April 1,1935,
October, 1935, November, 1935,
Sept. 1, 1935.
been paid.
The refinancing plan
through
and January, 1936, have
.
,
bonds and mbeen mailed out to the
April 1 through Sept. 1,
for the bonds including all past due
cuding all bonds due through June 30, 1939, has
bondholders for their approval.
The interest from
1935, is also being refunded.
HERTFORD,
N.
C —BONDS APPROVED—The Local Government
approved the issuance of $15,000 in refunding
Commission is said to have
I
HIGH POINT, N.
C—REPORT ON FINANCIAL STATUS—Jamieson,
New York City, have prepared a report on the financial
and economic condition of the above city.
The report comments on the
Edwards & Co.,
of the debt refunding plan, dated October, 1933, also the upward
collections, and the excellent earnings shown by the citys
system and the water system.
It sums up its findings as
indicating the City of High Point is reestablishing its credit standmg on a
progress
of tax
trend
own
electric
sound basis.
KINSTON, N. C.—NOTE SALE—The Branch Banking & Trust Co. of
is reported to have purchased recently $20,000 tax anticipation
2% plus a premium of $1.
Wilson
notes at
MECKLENBURG COUNTY (P. O. Charlotte), N. C.—BOND ISSTf"
NOT SCHEDULED—It is stated by G. D. Bradshaw, County
ANCE
Auditor, that nothing definite has
been done as yet in the matter of issuing
$1,178,000 in school building and
NORTH
Y.—BOND
SALE—The $530,000 coupon or registered bonds described below,
were
$4,500.00
603.65
Sinking fund bonds outstanding
Sinking fund cash on hand
Sinking fund investments held—
bonds.
N.
■.00
$34,020.2 /
-
Utility profits year ending Dec. 1935 (before deducting debt ser.
maturities payable out of utility revenues)
3,247.22
Amount of uncollected special assessments. —
13,420.57
Amount of such special assessments now delinquent. —
10,157.00
Sufficient taxes were levied for debt service for the fiscal year 1935-36
to take care of everything that is not being refunded,
Amount of interest in default
inclusive.
WATERVLIET,
— -
— ----—
Total
Gross utility revenue
Amount of
;
As of Apr. 20,'36
$15,317
93.26%
17,921
89.90%
18.810
79.32%
Public offering of $60,000 3.50% bonds, priced to yield from 3.10% to
3.50%, according to maturity, is being made by the Marine Trust Co. of
Buffalo.
Dated March 1, 1936 and due serially on March 1 from 1948 to
coupon or
—
$432,000.60
199,700.00
Other bonded indebtedness
Utility Issues
TROUPSBURG, JASPER AND WOODHULL CENTRAL SCHOOL
DISTRICT NO. 1, N. Y.—BONDS OFFERED FOR INVESTMENT—
1965,
23,500.53
Outstanding Debt—
Bonds to be retired from utility revenue
Tax Collections
Year—
$31,417.61
12,620.36
10,106.17
8,197.96
$53,969.60
52,151.05
54,209.84
60,898.21
$1.90
1.90
2.00
1.75
1933-34
1932-33.-
Uncollected taxes for all prior years.
Y.—NEW
ISSUE
OFFERING— George
B.
Gibbons & Co., Inc., of New York are offering on the market a new issue
of $33,000 3.60% playground and public works bonds, dated May 1, 1936,
and due
serially on May 1 from 1938 to 1953 incl.
They are priced to yield
from 2% to 3.25%.
Valuation,
Name of unit—Dunn, N. C.
repair bonds.
DAKOTA
ASHLEY SCHOOL DISTRICT NO. 9 (P.
BONDS SOLD—It is stated by the District Clerk
have been purchased
O. Ashley), N. Dak.—
that $36,500 school bonds
by the State Board of University and
School Lands.
COMMON SCHOOL DISTRICT NO. 5 (P. O. Fargo)
N. Dak.—BOND SALE—The $11,000 issue of 4% coupon or registered
semi-ann. school bonds offered for sale on May 15—V. 142, p. 3222—
was purchased by the Charles A. Fuller Co. of Minneapolis, at a price of
101.00, a basis of about 3.88%.
Dated Jan. 1, 1936. Due from Jan. 1,
1937 to 1956.
No other bid was received for these bonds.
HORACE
JAMESTOWN,
N.
Dak.—BOND
OFFERING—Sealed
bids
will
be
by A. R. Thompson, City Auditor, for the
of refunding bonds.
Interest rate is not to
Denom. $1,000. Due on Nov. 5, as follows:
$5,000, 1938 and 1939; $6,000, 1940 to 1943, and $7,000 from 1944 to 1948.
Bidders will be required to submit bids on a form furnished by the City
Auditor. A certified check for 2% must accompany the bid.
received until 8 p. m. on June 1,
purchase of a $69,000 issue
exceed 5%, payable M. & N.
All of the bonds will be dated June 1, 1936.
Denom. $1,000.
Principal
and interest (J. & D.) payable in lawful money of the United States at the
OHIO
County Treasurer's office.
The bonds
were
also bid for
as
Int. Rate
George B. Gibbons & Co., Inc
Phelps, Fenn & Co
A. C. Allyn & Co., Inc
Estabrook & Co
Lehman Bros.
Blyth & Co., Inc
E. B. Smith & Co
County Trust Co
Chemical Bank & Trust Co
Bacon, Stevenson & Co
Brown Harriman & Co
First Boston Corp
-
OFFERING—Don H. Ebright, Director of
Finance, will receive bids until noon June 8 for the purchase of $10,000 4%
public parks and playgrounds bonds. Denom. $1,000. Dated June 1, 1936.
Principal and semi-annual interest payable at the City Treasurer's office.
Due $2,000 yearly on Oct. 1 from 1937 to 1941.
Certified check for 2%
AKRON,
follows:
Bidder—
2)4%
2^%
2H%
2H%
2H%
2^%
2?^%
2%%
2%%
2%%
2%%
2%%
Premium
$4,033.83
3,021.00
1,590.00
1,107.70
954.00
636.00
8,532.47
6,990.70
6,448.51
5,497.47
3,497.47
3,259.50
Ohio—BOND
of amount of bid is required.
BRADNER,
bond issue was
Bonds will be furnished by the city.
Ohio—BONDS DEFEATED—The $15,000 water works
defeated at the May 12 election, the vote being 35 for and
194 against.
CINCINNATI,
Ohio—BOND OFFERING DETAILS—Henry
Urner,
City Auditor, will receive sealed bids until noon on June 3, for the purchase
2fi% coupon, registerable as to principal and interest refund¬
ing bonds, divided as follows:
of $8,128,000
3556
Financial
Chronicle
May 23, 1936
Financial Statement
(As Officially Reported April 11, 1936)
Actual value of taxable property (estimated)..
$25,000,000.00
Assessed valuation (1935-1936).14,832,789.00
Total bonded debt (including this issue)
1,145,531.28
Less: Waterworks bonds
$483,009.00
Net debt.
662,522.28
Population 1920, 14,492; 1930, 16,621.
19356
The above statement as to bonded debt does not include
overlapping debt
of other political subdivisions for which the
property represented by the
assessed valuation is subject to a tax.
LIMA
CITY
SCHOOL
DISTRICT,
Ohio—FINANCIAL
STATE¬
MENT—The following is given in connection with the
offering on May 22
of $32,000 refunding bonds—V. 142, p. 3390:
OHIO
and
callable
are
prior to maturity.
The bonds are a general
city and are payable from taxes which are
unlimited as to amount or rate, but are also
payable from the
earnings of the Cincinnati Southern Railway, in so far as the
obligation of the
sufficient to meet the requirements of these bonds.
318,000 water works bonds, due Sept. 1 as follows:
$36,000 from 1937
same are
*
to
1939, incl. and $35,000 from 1940 to 1945, incl.
Interest
payable M. & S.
The bonds are a general obligation of the
city
and are payable from taxes which are unlimited as to
amount or
rate, but are also payable from the earnings of the water works
in
so
far
the same
as
sufficient to meet the requirements of
are
these bonds.
All of the bonds will be dated July 1,1936.
Denom$l,000. Inthecaseofa
bid for other than 2H% bonds, the alternate rate must be
expressed in a
multiple of M of 1 %
Different rates may be named on the respective
loans, but all of the bonds of each of the issues must bear the same
coupon.
Bids may be made separately for each lot or for "all or none."
Principal
•
and semi-annual interest payable at the
Irving Trust Co., New York City.
A certified check for 3% of the first $100,000 of bonds bid
for, and 1%
of all bonds in excess of $100,000 bid
for, payable to the order of the City
Auditor, must
Solicitor
accompany each
will
be furnished
secured at bidder's cost.
V. 142, P. 3391.
CLARK
two
issues
proposal.
Approving opinion of the City
charge.
Any other opinion must be
Preliminary notice of the offering appeared in
without
-
COUNTY
of road
COLUMBUS, Ohio—MILL
LEVY DEFEATED BY NARROW MAR¬
proposed 2.4 mill levy, designed to raise $875,000 for the
of restoring municipal services and functions to a maximum
of
efficiency, was defeated by a margin of only 53 votes at the
primary election
complete official tabulation of the ballots cast.
Favorable votes numbered 33,597 as
against 33,650 in opposition.
Muni¬
cipal services, including police and fire
protection requirements, were cut
drastically following defeat of the 3-mill levy on Feb. 18 and still are on the
a
limited basis, according to press
dispatches from Columbus.
CUYAHOGA COUNTY (P. O
Cleveland), Ohio—BOND OFFERING
—F. J. Husak, Clerk of the Board of
Commissioners, will receive sealed
bids until June 12 for the
purchase of $171,600 poor relief bonds, to mature
serially from 1937 to 1944 incl.
The issue was voted at the
May 12 election.
ENGLEWOOD, Ohio—BONDS
water works
bonds
NOT SOLD—The
offered
$9,000 4%
coupon
on May 16—V.
142, p. 2877—were not sold.
Due $225 yearly on Sept. 1 from 1937 to
1976, incl.
Dated Dec. 1, 1935.
HAMILTON COUNTY (P. O.
Cincinnati), Ohio—BOND OFFERING
E. J. Dreihs, Clerk of the Board of
Commissioners, will receive sealed
bids until
June 10 for the purchase of
$300,000 3% coupon emerrelief, public utilities excise tax, second issue.
Dated June 1
Denom. $1,000.
Due March 1 as follows:
$32,000, 1937 and
noon
on
poor
1936.
1938;
1942; $43,000 in
payable at the County
Treasurer's office.
If an interest rate other than
3% is named on the
issue, such other rate must be
expressed in a multiple of M of 1%.
A
certified check for
$3,000, payable to the order of the County Treasurer,
must accompany each
proposal.
A complete transcript of
proceedings
will be
$34,000, 1939; $36,OOO,
1940;, $38,000, 1941; $40,000,
1943, and $45,000 in 1944.
Prin. and int. (M. & S.)
furnished
the
successful
bidder.
the special election
The payment of
from
an
General
This
issue
was
authorized
Tax Rate for 1936—
of
House
Bill
Assembly in regular session.
are
insufficient
tax
No.
If the
501
meet
the above
enacted
revenues
on
to
payments there
by the 91st
from
this
will be levied
all of the taxable
property in Hamilton County,
funds to pay interest and
principal on said bonds.
Percentage of
a
source
direct
Ohio, to provide
We have
delinquent real estate taxes collected
1935 (based upon current
billings), 102.99%.
$2,921,520 worth of bonds and cash to credit of
Sinking and Bond
Retirement Fund as of May 1, 1936.
There
has
never
been
any
default
of any
Population last census, 589,356 (estimated
Tax rate (county
levy) 1935, 3.81 mills.
debt,
census
principal or interest.
in 1936, 590,000).
Proceeds of above bond issue will be
strictly used for the purpose above
stated.
a:i^riU,e«rIa^ntion (approximate),
&l,U14,/5o,210.
Total debt,
deducted
May
1,
4,165 to 2,851.
$1,014,753,210.
Assessed
100% collection.
1940
1941
$60,000
18,100
$59,000
20,950
$61,000
15,175
We have not paid all of our maturities to date.
We have paid a total of
a total of $40,225 due; $9,000 of the $40,225 will be refunded.
LYNDHURST, Ohio—BOND EXCHANGE—'The Village Clerk reports
that $833,355 of 4% refunding bonds have been issued in
exchange for the
obligations originally marketed.
MARION, Ohio—BOND OFFERING—Luther L. Landes, City Auditor,
noon June 1 for the purchase of
$10,377 service
department bonds, to bear interest at 4M%V Denom. one for $158.25 and
one for $218.75, 10 for $1,000.
Dated May 1, 1936. Interest payable semi¬
annually.
Due each six months as follows: $377, March 1, 1937; $2,000,
Sept. 1, 1937 to March 1, 1939; and $1,000, Sept. 1, 1939 and March 1,
1940.
Certified check for $105, required.
MOGADORE, Ohio—BOND OFFERING—Logan Lutz, Village Clerk
will receive bids until
noon June 1 for the purchase of the
following 5%
refunding bonds:
$13,600 bonds.
Denom. $850.
Due $2,550 on Oct. 1 In 1942, 1943, 1944
and 1945; and $3,400, Oct. 1, 1946.
4,500 bonds. Denom. $500. Due $500, Oct. 1, 1942; and $1,000 on Oct. 1
in each of the years 1943, 1944, 1945 and 1946.
Dated April 1, 1936.
Principal and semi-annual interest payable at the
Mogadore Savings Bank, in Mogadore. Certified check for 2% of amount of
bonds bid for, required.
NEWTON
FALLS, Ohio.—BOND OFFERING—Ernest L.
ClabauglT,
Village Clerk, will receive bids until noon June 8 for the purchase at not
less than par of $8,000 5% coupon general
refunding bonds.
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.
Cert,
check for
$500, payable to
the Village Treasurer,-
required.
OHIO,
State
of—FIRST PRICE DECLINE SINCE SEPTEMBER
REGISTERED IN CITY BONDS—'The first price decline in Ohio
municipal
bonds recorded since Sept. 12, 1935 was shown in the
average yield of bonds
of 30 Ohio cities compiled by Wm. J. Mericka & Co., Inc., whose New York
office is located at 1 Wall Street, for the week ended
May 21, which stood
at 2.93 as compared with 2.92 for the proceeding week.
Average yield of
15 largest Ohio cities rose from 2.91 to 2.92 and of 15
2.94 to 2.96.
Averages
are
secondary cities from
weighted according to outstanding debt of each
city.
SHEFFIELD
LAKE
(P.
O.
Lorain),
Ohio—BONDS
$11,750 5% refunding bonds unsuccessfully offered
on
SOLD—The
March 19 were sold
later to Nida. Schwartz & Seufferle, Inc. of Columbus at
par.
Dated Oct. 1,
1935 and. due Oct. 1 as follows: $750, 1939; $1,500, 1940; $2,000, 1941 and
1942; $2,500 in 1943 and $3,000 in 1944.
SUMMIT
COUNTY
(P.
O.
Akron),
Ohio—BONDS
APPROVED—
A $166,000 poor relief bond issue was approved by a vote of
25,180 to 23,256
at the May 12 election.
OKLAHOMA
SEMINOLE
SCHOOL
DISTRICT NO. 17 (P. O.
Seminole), Okla.
—BOND OFFERING—Sealed bids will be received until May 25
by Chester
Gates, District Clerk, for the purchase of an $80,000 issue of school bonds.
Bidders to name the rate of interest.
Due $20,000 from 1937 to 1940 incl.
(These
as
are the bonds that were originally scheduled to be sold
reported in these columns—V. 142, p. 3391.)
on
May 18,
Clerk,
May 25 for the purchase at not less than
and improvement bonds, to bear
interest at rate named by the successful bidder. Due $2,000 yearly beginning
three years after date of issue, except that the last instalment shall amount to
$1,000. Certified check for 2% of amount of bid, required.
par
of $15,000
waterworks
extension
STRINGTOWN, Okla.—BONDS SOLD—It is reported by the Town
Clerk
that
$20,000
4%
semi-annual water
works
bonds
have
been
pur¬
chased at par by the Public Works Administration.
Oregon Municipals
CAMP & CO., INC.
Porter
Building,
Portland, Oregon
Ohio—BOND OFFERING—J.
Ohio—LEGAL
2.94%, will be approved as to legality by Squire, Sanders &
The bankers are
re-offering the bonds for general
*)rices t0 yield from 1.50% to
2.90%, according to maturity.
Dempsey ol Cleveland.
Other bids for the issue
Bidder—
were as
follows:
ini. Rate
Stranahan,
Harris & Co.; Ryan, Sutherland &
Co.;
The Provident
Savings Bank & Trust Co.; Van Lahr
^J30!1 & Isphording and The Weil, Roth & Irving Co.
Otis & Co.;
McDonald-Coolidge & Co.; and Mitchell,
Herrick <fe Co..
Assel, Goetz & Moorlein, Inc.
Field, Richards & Shepard; Braun, Bosworth &
Co.,
Breed & Harrison.
Fox, Einhorn & Co., Inc.; Grau &
Co.; Nelson, Browning & Co., and Lawrence Cook & Co
Seasongood & Mayer.
—
_
C.
$61,000
23,850
(P. O. Findlay), Ohio—BONDS VOTED—
$58,000 relief bond issue was approved by a vote
OPINION—DEBT STATEMENT—'The
$375,000 3% waterworks
refunding bonds awarded last week to Charles A.
Hinsch & Co., Inc. of
Cincinnati and associates at a price of 100.42, a
Oasis of about
Collected
$294,623.22
275,586.46
305,130.57
256,286.56
valuation,
F. Jenkins, City Auditor,
unt,il noon June 11 for the
purchase at not less than par of
$15,000 4M% municipal building bonds.
Denom. $1,000.
Dated Oct. 1,
1935.
Interest payable annually on Oct. 1.
Due $1,000 yearly on Oct. 1
from 1937 to 1951, incl.
Cert, check for 3% of amount of bonds bid
for,
payable to the City Treasurer,
required.
RONTON,
71,115.81
54,467.18
74,242.60
$14,812.50 of
HUBBARD SCHOOL
I
Levied
$506,523.67
409,501.37
415,616.83
403,666.42
254,260.40
),138.13
$62,000
23,650
Interest.
DISTRICT, Ohio—BOND ISSUE REJECTED
—The proposed
$30,000 bond issue was defeated at the primary election on
May 12.
Although 751 votes were in favor of the measure as compared
with 455 opposed, the issue
failed to receive the required 65%
majority vote.
JACKSON,
Operation
Collected
The December collection of taxes will be
practically a
Bond Requirements—
1937
1938
1939
Bonds
excluding above issues, $17,666,238; from which may be
and cash in
Sinking and Bond Retirement Fund as of
1936, $2,921,520.
a
Bond
Levied
$96,467.22
101,719.63
68,283.75
78,775.53
63,325.89
1934
bonds
May 12 election
mills
Total debt, including this issue, $659,000.
v
Tax Record
1932...
COUNTY
}
of
mills
bank failure within the last year.
sinking fund.
no
1.31
3.00
SNYDER, Okla.—BOND OFFERING— George Robinson. Town
and
current
no
Limitation
Outside
2.26 mills
....
There has been
A
•,
will receive bids until 8:30 p. m.
Financial Report
total
,
Inside Limitation
None
Bonds
at
on May 12.
principal and interest on the issue is provided by revenues
excise tax levied by the State of Ohio
against public utilities, in
accordance with provisions
•
$47,385,670
Operation
GIN—The
purpose
May 12, according to
V
Population, 42,000.
will receive bids until
O. Springfield), Ohio—BOND SALE—The
improvement bonds, aggregating $185,223 offered on
(P.
May 14—V. 142, p. 3045—were awarded as follows:
$157,800 poor relief bonds to Otis & Co. of Cleveland as 2s, for a premium
of $901, equal to 100.57, a basis of about
1.96%.
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 is required.
27,423 road impt. bonds to Braun, Bosworth & Co. and Prudden & Co.
of Toledo as 2 Ms, for a premium of
$156, equal to 100.57, a basis
of about 2.10%.
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.
Each issue is dated May
15, 1936.
on
Financial Statement
Assessed valuation, 1936
$7,810,000 Cincinnati Southern Railway bonds, due July 1, 1952. Interest
payable J. & J.
The bonds to be refunded mature July 1, 1952
W. McNear & Co
3%
Premium
$1,444.44
3%
3M%
3,300.00
1,248.50
3M%
3,181.25
3H%
503.33
3M%
4,238.85
3H%
2,815.50
OREGON
BAKER
(P.
COUNTY
O. Baker),
HIGH
SCHOOL
DISTRICT
NO.
2
Ore.—BOND OFFERING—John H. Sass, District Clerk,
will receive bids until
funding bond.
UNION
8 p.m. May 29 for the purchase of
Dated May 1, 1936.
Due May 1, 1945.
$1,000 5% re¬
Certified check for
a
$100, required.
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 May 18—V. 142, p. 3391—was purchased
by the Coos
Bay National Bank of Marshfield, according to report. Due
1946, optional on June 1, 1937. No other bid was received.
on
June 1,
KLAMATH COUNTY SCHOOL DISTRICT NO. 1 (P. O. Klamath
Falls), Ore—BOND OFFERING— Sealed bids will be received until 7:30
p. m. on May 27, by Ida M. Odell, District Clerk for the purchase of a
$95,000 issue of refunding bonds.
Interest rate is not to exceed 4%%,
payable J. & J.
Denom. $1,000.
Dated July 1, 1936.
Due on July 1
as follows:
$18,000, 1937 to 1940, and $23,000 in 1941.
Principal and
interest payable at the County Treasurer's office or at the fiscal
agency
of the State in New York.
The approving opinion of Teal, Winfree,
McCulloch, Shuler & Kelley of Portland will
check for $2,000 must
accompany the bid.
be furnished.
A certified
KLAMATH FALLS, Ore.—BOND REFUNDING NOT SCHEDULED—
In connection with the report carried in these columns last March, on the
/
Volume
Financial
142
3557
Chronicle
will receive sealed bids until 7:30 p. m. on June
2, at the Peoples Nationa
Bank, Washington, for the purchase of $15,000 not to exceed 4% interest
coupon school bonds.
Dated July 1, 1936.
Denom. $1,000. Due July 1 as
follows: $1,000, 1937 and 1938; $2,000 from 1939 to 1943 incl. and $1,000
proposed refunding of the $550,000 Bancroft Act bonds—V. 142, p. 2204—
It is stated by the City Treasurer that it is the intention of the city to
some group for sale, the amount of which has not been determined.
It is expected that the sale will be held around the end of this month, he
offer
from 1944 to 1946 incl.
reports.
expressed in
Bidder to
one rate
name
multiple of M of 1%.
a
of interest
on
the issue,
A certified check for $400, payable to
the order of the District Treasurer, must accompany each
issue will be sold subject to the approval of the Pennsylvania
proposal. The
Department of
Internal Affairs.
City of
CLEARFIELD TOWNSHIP SCHOOL DISTRICT (P. O. Clearfield),
Pa.—BOND OFFERING—Hugh A. Lawhead, District Secretary, will re¬
PHILADELPHIA
ceive sealed bids at the offices of Arnold & Chaplin, Progress
Bldg., Clear¬
purchase
field, until 3 p. m. (Eastern Standard Time) on May 29 for the
of $35,000 3M% coupon bonds, divided as follows:
$22,000 refundinglbonds.
Due $2,000 on june' l'from 1937 to 194i,
13,000 improvement bonds.
Due June 1, 1956.
Redeemable at
trict's option at any time after 10 years.
Dated June 1, 1936.
Denom. $1,000.
Interest payable J. & J.
Moncure Biddle & Co.
1520 Locust
St., Philadelphia
isterable
142,
p. 3046—were awarded to Glover &
at par plus a premium of $1,252, equal to
Certified check for $500, required.
Citizens Safe
DOYLESTOWN TOWNSHIP SCHOOL
1930-2654
DISTRICT^Pa.—BOND OFFERING—
GETTYSBURG
are to name a single rate of interest, making choice from 1M%.
2%, 2M%, 2M%, and 23*%.
Denom. $1,000.
Dated July 1,
1936. Interest payable semi-annually. Due on July i as follows: $10,000,
1937, 1938 and 1939: $20,000, 1940, 1941 and 1942; and $40,000, 1943 to
1946. Certified check for $5,000, payable to the School District, required.
The district will provide and pay for the printing of the bonds, for the legal
opinion of Townsend, Elliott & Munson of Philadelphia, and for the
approval of the State Department of Internal Affairs.
HAVERFORD
for
1936,
as
to prin.
The approving opinion of Saul, Ewing, Remick &
Reeser & Fronefield, of Media, will
HEIDELBERG, Pa.—BOND SALE— The $10,000 coupon funding bonds
on May 18—V. 142, p. 3224—were awarded to S. K. Cunningham &
Denom. $1,000.
1.
Due $1,000
yearly
June 1 from 1937 to 1946.
until June 1 for the purchase of $8,000 4% school bonds.
Denom. $500.
Dated April 1, 1936.
Interest payable April 1 and Oct. 1.
Due $1,000
yearly from 1956 to 1963. Certified check for 10%, required.
Bids will be received up to noon. The bonds will be optional at any time
after 10 years. Interest payable A. & O.
$2,663,016.73
1934-35
,
on
JONES TOWNSHIP SCHOOL DISTRICT (P. O. Ridgeway), Pa.—
OFFERING—H. E. Simons, District Secretary, will receive bids
BOND
11 Mills
$10,980.59
LAWRENCE TOWNSHIP SCHOOL DISTRICT (P.
Receipts—
Pa.—BOND
688,320.16
112,613.72
320,844.80
46,069.60
State appropriations
Operating revenue bonds
sources
$1,178,828.87
.
$111,000.00
151,722.50
202,328.33
783,117.06
Sinking fund
bonds
Temporary loans (prior years)
All other purposes
$1,248,167.89
,
O. Clearfield),
District Secretary, will
Chaplin, Progress Bldg..
Clearfield, until 3 p, m. (Eastern Standard Time) on May 29 for the pur¬
chase of $35,000 3M% coupon bonds, divided as follows:
$22,000 refunding bonds.
Due $2,000 on June 1 from 1937 to 1947 incl.
13,000 improvement bonds.
Due June 1, 1965; redeemable at any time
after 10 years from date of issue.
Dated June 1, 1936.
Denom. $1,000.
OFFERING—Hugh
receive sealed
bids
at
the
A.
office of
Lawhead,
Arnold
&
LEBANON CITY SCHOOL
The
district is
DISTRICT, Pa.—PLANS BOND SALE—
expected to announce soon an offering of $700,000 high
Present school debt is $334,000.
school building bonds.
LEWIS RUN, Pa.—BONDS NOT SOLD—No bids were received for the
$8,555.40 5% street improvement bonds offered on May 15—V. 142, p.
Due in from 1 to 15 years.
3392.
Cash deficit—Fiscal year
$69,339.98
MIDDLETOWN
Temporary loans floated
$70,000.02
Cash balance—End of fiscal year
660.02
-
Cash deficit—End of fiscal year
Tax Collections
$69,339.00
as
of April 30, 1936
Amount
Uncollected
P. C.
April 30,
Fiscal Year—
Tax
.
incl., and $3,000 from 1953 to 1956, incl.
Prin. and int. (J. & D.) payable
at the Citizens National Bank & Trust Co., Middletown. ■ A certified
$6,209
10,165
25,094
64,626
89,239
93,935
88,806
.01151
.02988
.07698
.10856
.13602
.12933
3M, 3%, 4, 4M, 4H. 4% or 5%.
Denom. $1,000.
Dated
1936.
Interest payable June 15 and Dec. 15.
Due $7,000 on
June 15 in 1941, 1946, 1951 and 1956.
Certified check for 2%, required.
Sealed bids will be received by District Secretary, until 8 p. m. (Eastern
Standard Time). The bonds will be issued subject to favorable legal opinion
of Townsend, Elliott & Munson of Philadelphia.
3%%
Secretary, will receive bids until 8 p. m. May 27 for the purchase of $76,000.
registerable as to principal, street improvement bonds.
Bidders
to name rate of interest, in multiples of H%, but not to exceed
4%.
Denom. $1,000.
Dated June 1, 1936.
Prin. and semi-ann. int. payable
at the Peoples Bank & Trust Co. in California, Pa.
Due June 1 as follows:
$1,000, 1938; $5,000 in 1940, 1942, 1944, 1946, 1948, 1950, 1952, 1954,
1956, 1958, 1960, 1962 and 1964; and $10,000 in 1966.
Deposit of $1,000
required.
Approving opinion of Burg win, Scully & Churchill of Pittsburgh
coupon,
are
bidder.
as
4%.
—$1,142,219
-
4,000,000
Bonded debt (including this issue)
76,000
8,000
8,000
10,074
Floating debt
Total debt
Allowable deductions
Assessed valuation
1935
Industrial real estate
10
General real estate
0
Tax rate per $1,000
1934
%
90%
13 mills
Sinking fund tax rate per $1,000
1 mill
Bonded debt—Non-electoral
This issue
Electoral-
Population: 1930, 2,340; 1936, 2,400.
10%
90%
14 mills
2 mills
only
None
Bonds
are
None
free of Pennsylvania
State tax.
TOWNSHIP SCHOOL DISTRICT (P. O. Washington,
Pa.—BOND OFFERING—Garvin R. Wylie, District Secretary,
CANTON
Denom. $1,000. Dated June 1, 1936.
Certified check for $500, required.
3M%,
Due $5,000 in 1939,
NEW GALILEE,
Pa.—BOND OFFERING—Walter G. Bert, Borough
Treasurer, will receive bids until 7 p.m. June 1 for the purchase of $3,000
Denom. $300.
Dated June 1, 1936.
Interest payable June 1 and
Dec. 1. Due $300 yearly on Dec. 1 from 1937 to 1946.
The bonds will bear 6% interest, in registered form and the successful
bidder will be required to pay the cost of any legal opinion desired on the
bonds.
issue.
OSCEOLA,
Pa.—BOND
OFFERING—John Dempsey, Borough
Secre¬
tary. will receive bids until 7 p. m. June 1 for the purchase of $15,000 coupon
bonds, to bear interest at 2M%, 2M %, 3%, 3M%. 3H%, 3H% or 4%.
Denom. $500. Interest payable semi-annually. Due April 15, 1951; callable
on any
interest date after April 15, 1941.
(P.
O.
Parkers
Landing)
Certified check for 2%, required.
Pa .—BOND OFFERING—R. Y.
Robinson, City Clerk, will receive bids until 8 p. m. June 1 for the purchase
$5,000 4M% coupon registerable as to principal,
Denom. $500.
Dated Jan. 1, 1936. Principal and
(Jan. 1 and July 1) payable at the City Treasurer's
office.
Due Jan. 1, 1946; subject to call on any interest date on and after
Jan. 1, 1937.
Certified check for $50, payable to the City Treasurer,
required.
at
not
water
less than par of
supply bonds.
semi-annual
interest
PENNSYLVANIA
partment of Internal
equalized for State and county taxes for
I?36----
stimated true valuation
DISTRICT, Pa.—BOND OFFERING—Alice E.
(State of)—LOCAL ISSUES APPROVED—The De¬
Affairs, Bureau of Municipal Affairs, has just issued
the following list of the local issues approved recently.
The data includes
the name of the municipality, amount and purpose of issue and date of
Financial Statement
D. 3),
or
1940 and 1941.
PARKER
CALIFORNIA, Pa.—BOND OFFERING— George W. Wood, Borough
Assessed valuation
SCHOOL
MORTON
Burns, District Secretary, will receive bids until 7 p. m. May 21 for the
at
successful
OFFERING—
purchase of $15,000 coupon bonds, to bear interest at 3%, 3M%,
15,
the
Pa.—BOND
2% of the bonds bid for, payable to the order of the District
Treasurer, must accompany each proposal.
BRANCH TOWNSHIP SCHOOL DISTRICT (P. O. Minersville),
Pa.—BOND OFFERING—Alva J. Dando, District Secretary, will receive
bids until 8 p. m. June 6 for the purchase of $28,000 coupon bonds, to bear
be furnished
DISTRICT,
Un-
collected
April 30, '36
1936
$883,092
839,792
839,427
821,979
690,581
686,625
SCHOOL
Good, District Secretary, will receive sealed bids until 8 p. m. on
15 for the purchase of $24,000 3% coupon bonds.
Dated Dec. 1.
1935.
Denom. $1,000.
Due Dec. 1 as follows: $1,000 from 1941 to 1952,
J. F.
June
check for
Property Taxes Only (not including penalties)
Prior to 1930
R.
only and payable
Co. of Pittsburgh at 100.73 for 4s, a basis of about 3.85%.
Dated June 1, 1936.
Interest payable June 1 and Dec.
Operations
All taxes
will
to principal
as
offered
28,000.00
Cash balance—Beginning of year
June
2, 2M. 2M, 2% or 3% coupon
Dated June 1, 1936.
Denom.
Saul of Philadelphia, and Lutz, Ervin,
the successful bidder.
1'
Approximate balance—June 30, 1936
interest
Registerable
each proposal.
pany
$2,691,016.73
on
Pa.—BOND
Darby),
and int. (J. & D.) at the office of Drexel & Co. of Philadelphia.
A cer¬
tified check for $2,000, payable to the order of the township, must accom¬
$62,714,798
Redemptions to June 30,1936
Interest
Upper
be furnished
ItidsbtcdtiB ss
Disbursements—
Pa .—BOND SALE—M. M.
$20,000 school bonds at a
Due June 1, 1966; red. in whole or in part, at par and accrued
10 years from date of issue or on any subsequent interest pay¬
date.
ment
of the
May 20,1936—Bonded indebtedness (incl. proposed issue)—$3,225,000.00
Less—Present balance (net)
$509,983.27
Deposits to be made prior to June 30,1936
24,000.00
533,983.27
Other
O.
(P.
the purchase of $100,000 1M, 1%,
and sewer improvement bonds.
$1,000.
interest,
based
Statement of
TOWNSHIP
street
second class, incorporated 1917, situated on the Lehigh River, in Northamp¬
ton and Lehigh counties.
Area of territory, 17.79 sq. miles. Population,
for
DISTRICT,
OFFERING—H. A. Fritschman, Secretary of the Board of Commissioners,
will receive sealed bids until 6.30 p. m. (Eastern Standard Time) on June $
Financial Statement
1930 census, 57,892. Valuation of taxable property
on approximately 80% of actual value.
SCHOOL
price of 101.68.
k%,
School District of the City of Bethlehem, Pa., is a district
O. Doyles-
(P.
Freeman & Co. of Philadelphia have purchased
Bidders
The
DISTRICT
town), Pa.—BOND SALE—The $17,000 coupon (registerable as to
principal) school improvement bonds offered on May 18—V. 142, p. 3224—
were awarded to M. M. Freeman & Co. of Philadelphia as 3Ms, at a price
of 101.91, a basis of about 3.09%. Dated March 1, 1936 and due March 1
as follows:
$500, 1938 to 1947 incl.; $1,000, 1948; $500, 1949 and 1950;
$1,000, 1951; $500, 1952; $1,000, 1953; $500, 1954; $1,000, 1955 and 1956;
$500, 1957; $1,000 from 1958 to 1961 incl. and $500 in 1962.
until 7p.m. (Eastern Standard Time) June 9 for the purchase at not less
than par of $250,000 coupon, registerable as to principal, refunding bonds.
1
655.10
Leach Bros
Secretary of the Board of Directors, will receive bids
Frey,
$1,200.00
1,117.00
1,110.00
Deposit & Trust Co., Coudersport
Singer, Deane & Scribner, Inc
First National Bank, Genesee
Treasurer, required.
F.
Premium
Bidder
BELLEFONTE, Pa.—BOND OFFERING—Marie Doll, Borough Secre"
BETHLEHEM CITY SCHOOL
MacGregor, Inc. of Pittsburgh
112.52, a basis of about 3.85%.
$3,000 in 1949 and
Dated May 1, 1936 and due as follows: $500 in 1948;
1950 and $3,500 in 1951.
Other bids were as follows:
tary, will receive bids until 10 a. m. (Eastern Standard Time) June 26 for
the purchase at not less than par of $136,000 coupon, registerable as to
principal, floating debt funding bonds.
Bidders are to name a single rate
of interest, making choice from 2, 2M, 2M. 2M, 3, 3M or 3 M % •
Denom.
$1,000.
Dated Aug. 15, 1936.
Interest payable Feb. 15 and Aug. 15.
Principal and interest payable at the Bellefonte Trust Co. of Bellefonte.
Due yearly on Aug. 15 as follows: $1,000, 1939, and $5,000, 1940 to 1966.
Cert, check for 2% of amount of bonds bid for, payable to the Borough
Clifford
dis¬
COUDERSPORT, Pa .—BOND SALE—The $10,000 5% coupon, reg¬
as to principal, street improvement bonds offered on May 18—V.
PENNSYLVANIA
ARONA, Pa.—BOND OFFERING—M. L. Bossart, Borough Secretary,
will receive bids until 7 p. m. May 25 for the purchase of $5,000 bonds
bearing interest at 4%.
Denom. $500.
Dated May 1, 1936.
Due $500
yearly from 1941 to 1950.
inci.
approval:
Date
Municipality and Purpose—
Approved Amount
Olyphant
Borough,
Lackawanna County—Funding
floating indebtedness
May 5
$215,000
West Chester Borough School District, Chester County,
Construct and equip an auditorium, gymnasium and
grade school
May 5
150,000
Ephrata Borough School District, Lancaster County—
Construct, furnish and equip addition to high school
building
May 6
60,000
Baden Borough,
Beaver County—Funding floating
indebtedness.
May 7
17,000
Falls Creek Borough, Jefferson and Clearfield Counties
—Refunded bonded indebtedness
May 7
7,000
—Erect, build and furnish a reservoir in the borough
May 7
9,500
Patton Borough School District, Cambria County—
Paying operating expenses
May 7
18,000
3558
Financial
BOND
ISSUES APPROVED—The following is the most recent list of
the local bond issues approved by the above-mentioned bureau:
Date
Municipality and Purpose—
Approved
Allentown
City School District, Lehigh County—
Funding floating indebtedness^
Westmoreland County—Street ImSchool
highway bonds without the Governor's approval, to finance this
and possibly other programs.
$410,000
May 11
provements
Emaus Borough
amount of
May 23k 1936
Amount
May 11
5,000
May 11
Arona Borough,
Chronicle
232 700
TENNESSEE
District, Lehigh County—
Refund bonded indebtedness.
Municipal Bonds
Mahanoy City Borough School District, Schuylkill
County—Erect, construct, equip and furnish a
junior-senior high school addition
•_
Borough School
District,
Huntingdon
County—Build, erect and equip school auditorium
May 11*
EQUITABLE)
85,000
May 11
Orbisonia
13,700
Securities Corporation
and gymnasium
Beliefonte Borough School District, Centre
County—
New York
Birmingham
Refunding bonded indebtedness
School District, Northampton and
Lehigh counties—Paying operating expenses
Conemaugh Township, Cambria County—Purchase a
May 12
250,000
May 12
May 12
18,500
May 12
13,000
May 12
22,000
May 12
14,000
May 13
75,000
May 13
50,000
TENNESSEE
Heidelberg
Township
School
District,
Lebanon
County—Erecting, equipping and furnishing a
school building, grading and leveling grounds for
school purposes
_._
Township
District,
Clearfield
equipping an addition to
County—Constructing,
Lawrence
Township
School
District,
Clearfield
bonded indebtedness
POTTSVILLE
SCHOOL
DISTRICT,
Pa .—BOND
SALE—The
$45,000 coupon or registered school bonds offered on May 13 were awarded
to Halsey, Stuart & Co. of
Philadelphia as 2^s for a premium of $232.20,
equal to 100.516, a basis of about 2.46%.
Dougherty, Corkran & Co. of
Philadelphia were second high with an offer to pay 101.2886 for 2Ms.
Dated June 15, 1936. Due June 15 as follows:
$10,000 in 1941, 1946, 1951
and 1956; $5,000 in 1961.
READING,
Pa.—REDEEMS
a
$400,000 NOTES—The city has just
maturity of $400,000 notes backed by tax anticipation
A further maturity of $200,000 on June 15 also will be met in
cash.
No date has yet been fixed for the projected sale of bonds to finance
the city's share of the cost of a number of Works
Progress Administration,
warrants.
projects.
RUTLEDCE, Pa .—BOND OFFERING—Paul Hertel, Borough Sec¬
retary, will receive bids until 7 p. m. June 4 for the purchase of $25,000
coupon sewer bonds, to bear interest at 2, 2M, 2M, 2M, 3, 3M, 3M, 3M or
4%.
Denom. $1,000.
Dated June 1, 1936.
Interest payable June 1
and Dec. 1.
Due June 1 as follows: $1,000, 1942 to 1948;
$2,000, 1949 to
1957.
Bought
i
County—Refunding
Lykens Borough School District, Dauphin County—
Refunding bonded indebtedness.
Bethlehem,
City
of, Northampton
and
Lehigh
counties—Refunding bonded indebtedness
Ridley Township School District, Delaware County
—Refunding bonded indebtedness.
redeemed in cash
TEXAS BONDS
School
school buildings and thake alterations thereto.
Certified check for 2%, required.
They will be registerable as to principal only and issued subject
legal opinion of Townsend, Elliott & Munson of Philadelphia.
to favorable
SLATINGTON
SCHOOL
DISTRICT,
Pa.—BOND
SALE— The
May 15—V. 142, p. 2878—were awarded
to E. H. Rollins & Sons of Philadelphia as 3s for a
premium of $507, equal
to 100.78, a basis of about
2.95%. Due yearly on July 15 as follows: $3,000,
1947, 1948 and 1949; $4,000, 1950; $3,000, 1951, 1952 and 1953: $4,000,
1954; $3,000, 1955, 1956 and 1957; $4,000, 1958; $3,000, 1959, 1960 and
1961; $4,000, 1962; $3,000, 1963, 1964 and 1965, and $4,000, 1966.
$65,000
coupon
UPPER
bonds offered
on
MORELAND
TOWNSHIP (P. O. Willow Grove), Pa.—
BOND OFFERING—Clarence M.
Ely, Township Secretary, will receive
sealed bids until 7 p. m. (Eastern Standard
Time) on June 1 for the pur¬
chase of $30,000 coupon 2M, 3,
3M, 3K, 3H 4 or 4M% bonds.
Dated
June 15, 1936.
Denom. $1,000.
Due $10,000 on June 15 in 1946, 1951
and 1956.
All of the bonds must bear the same rate of interest.
They will
be registered as to principal only and issued
subject to favorable legal
opinion of Towsend, Elliott & Munson of Philadelphia.
A certified check
for 2% of the bonds bid for, payable to the order of the
Township Treasurer,
must
accompany each
proposal.
WARREN, Pa .—OTHER BIDS—The following is
list of the other bids
a
submitted for the $60,000 building bonds awarded on May 4 to Singer,
Deane & Scribner, Inc. of Pittsburgh as 3s, at a
price of 102.888, a basis
of about 2.67%, as previously noted in these columns—V.
142,
Bidder—
Yarnall & Co
E. H. Rollins & Sons
Leach Bros., Inc
Suplee, Yeatman & Co
Bancamerica-Blair Corp
_
Bioren & Co
3224:
p.
Int. Rate
Dougherty, Corkran & Co
Rate Bid
102.18
101.79
101.68
101.43
100.43
100.14
102.75
3%
3%
3%
3%
3%
3%
3U%
WILKES-BARRE
SCHOOL
DISTRICT,
Pa.—BOND SALE— The
$400,000 coupon registerable, school building bonds offered on May 18—
V. 142, p. 2878—were awarded to a Philadelphia
syndicate headed by
Bioren & Co. as 2J^s for a premium of $5,759.60,
equal to 101.4399, a
basis of about 2.34%.
Yarnall & Co. of Philadelphia were second high
bidders, offering a premium of $4,600 for 2%s.
Dated June 1, 1936.
Due $40,000 yearly on Dec. 1 from 1941 to 1950.
The successful bid
was
made
on
behalf of
a
group
income taxes and
are
legal investment for savings banks and trust funds in
Pennsylvania, New York and other
States.
Other bids
Bidder—•
were
as
Int. Rate
Yarnall & Co.______
2*$%
2Yi%
2}4%
2}4%
Graham, Parsons & Co
First Boston Corp.
Dougherty, Corkran & Co
Kidder, Peabody & Co
Halsey, Stuart & Co
2)|%
Brown Harriman & Co
___!
Bancamerica-Blair Corp
M. M. Freeman & Co
Leach Bros., Inc
_
2}4%
2^%
2%%
3%
3%
follows:
Rate Bid
101.4399
101.15
100.675
100.589
100.52
100.30
101.318
101.065
101.655
101.35
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
&
ARNOLD
RALEIGH. N. O.
A.
T,
T.
27
(P.
O.
COUNTY
RLGH
80
Direct Private Wire to Pask & Walbridge our New York Correspondent
SOUTH
GREENVILLE COUNTY
SCHOOL
DISTRICT
Edgemont),
S. Dak.—BOND OFFERING—Sealed bids
by J. B. Wickstrom, President of the Board
of Education, for the purchase of two issues of bonds aggregating $66,000,
divided as follows: $40,000 funding and $26,000 building bonds.
Due in
20 years, optional in 10 years.
These bonds were approved by the voters
at an election held on May 14.
PIERRE, S. Dak.—BOND OFFERING—Sealed bids will be received
W. May, City Auditor, for the purchase of
$39,600 issue of 3% warrant funding bonds. Coupon bonds dated April 1,
1936.
Denominations $100 and $500.
Due on April 1 as follows:
$1,000,
1939 and 1940; $2,200, 1941; $2,800, 1942; $6,000, 1943
$5,000, 1944;
$14,000, 1945, and $7,600 in 1946.
Prin. and int. (A. & O.) payable in
lawful money of the United States at the City Treasurer's office in Pierre.
These bonds are the unexpended portion of a total issue of $100,000 auth¬
orized by the City Council on Jan. 21, 1936. No bid for less than par and
accrued interest will be considered. A certified check for 5% of the amount
bid is required.
until 7:30 p. m. on June 2, by N.
a
TENNESSEE
BENTON
COUNTY
(P.
O.
Camden)
Tenn.—PRICE
PAID—It
is
stated by the Clerk of the County Court that the $50,000 4% semi-ann.
school bonds reported sold in these columns in April—V. 142, p. 2378—were
purchased by W. N. Estes & Co. of Nashville, paying a premium of $1,000,
Dated Nov. 1, 1935. Due $2,000
equal to 102.00, a basis of about 3.80%.
from Nov. 1, 1937 to 1961 incl.
KNOXVILLE, Tenn —BONDS AUTHORIZED—'The City Council is
of
in 4% school bonds.
Denom. $1,000.
Dated Feb. 1, 1936.
Due as follows:
$5,000, 1939 and 1940; $10,000, 1941; $55,000, 1942, and
$43,000 in 1943. Payable at the Chase National Bank in New York City,
said to have approved recently a resolution providing for the issuance
$118,000
"LAUDERDALE
COUNTY
(P.
O.
Ripley),
Tenn.—BOND SALE—
The $100,000 issue of 3% % coupon semi-annual refunding bonds offered
for sale on May 16—V. 142, p. 3225—was awarded to the Ripley Savings
Bank & Trust Co. of Ripley, and the Union Planters National Bank &
Trust Co. of Memphis, jointly, at a price of 98.00, a basis of about 3.99%.
Dated May 1, 1936.
Due $5,000 from May 1, 1937 to 1956, inclusive.
MEMPHIS, Tenn—BOND SALE POSTPONED—In connection with the
offering of the $75,000 coupon city hospital bonds, originally scheduled for
June 2, as noted in these columns recently-—V. 142, p. 3392—it is now
stated that this sale has been deferred to June 3.
Due on May 1 as follows:
$5,000, 1937 to 1946; $4,000, 1947 to 1952, and $1,000 in 1953.
STANTON, Tenn.—BONDS TO BE SOLD—It is stated'by the Town
an issue of $17,000 4% semi-ann. water works system bonds
Public Works Administration.
Recorder that
will be taken by the
-«■■■■.
WARTRACE, Tenn.—MATURITY—It is stated by the Town Recorder
that the $90,000 water works bonds sold to the Public Works Administra¬
tion
as
4s,
as
reported here in March—V. 142, p. 2037—are due from 1938
to 1962.
WILSON COUNTY (P. O. Lebanon) ,Tenn.—BONDS VOTED—At the
election held on May 14—V. 142, p. 3047—the voters are said to have
approved the issuance of the $160,000 in school bonds.
It is reported that the County Court will meet on July 6 in order to
authorize the sale of the bonds.
TEXAS
AMARILLO, Texas—BOND SALE—An issue of $120,000 water revenue
bonds has been sold to A. S. Huyck & Co. of Chicago for a premium of
$3,466.80, equal to 102.889.
BRAZORIA COUNTY ROAD DISTRICT NO. 6 (P. O. Angleton),
Texas—BOND OFFERING—Sealed bids will be received until 11 a. m.
on May 25, by Floyd Enlow, County Judge, for the purchase of an issue of
$150,000 lateral road construction bonds.
Interest rate is not to exceed
5%, payable A. & O.
These bonds were voted at 5%, but the county
invites competitive bids at par and accrued interest, with designation of
lowest interest rate acceptable to the purchaser.
Denom. $1,000.
Dated
May 20, 1936.
Due on April 10 as follows;
$8,000, 1938; $7,000, 1939;
$8,000, 1940; $7,000,
1941; $8,000, 1942; $7,000, 1943; $8,000. 1944;
$7,000, 1945; $8,000, 1946; $7,000, 1947; $8,000, 1948; $7,000, 1949;
$8,000, 1950; $7,000, 1951; $8,000, 1952; $7,000, 1953; $8,000, 1954;
.$7,000, 1955; $8,000, 1956, and $7,000 in 1957.
Principal and interest
payable at the Central Hanover Bank & Trust Co., New York.
The
approving opinion of Chapman & Cutler of Chicago, will be furnished.
These bonds are part of a $325,000 issue authorized at an election held on
April 4.
A certified check for 2% must accompany the bid.
(P.
O.
COUNTY
Gladewater)
that at the election held
on
LINE
INDEPENDENT
SCHOOL
DIS¬
Tex.—BONDS DEFEATED—It is stated
p. 3047—the voters defeated the
May 9—V. 142,
proposal to issue $250,000 in school building bonds.
COUNTY
(P. O.
Kountze)
Tex.—BOND CALL—Carl F*
Wilson, County Treasurer, is said to be calling for payment the following
5%
bonds;
On May 20—
$85,000 Road District No. 1 bonds.
54,000 Road District No. 2 bonds.
Dated April 10, 1915.
Dated July 10, 1914.
On Oct. 10—
CAROLINA
(P. O. Greenville)
DAKOTA
INDEPENDENT
will be received until June 1
HARDIN
TELETYPE
Quoted
Houston, Texas
SOUTH
RIVER
FALL
NO.
GLADEWATER
INCORPORATED
—
Incorporated
TRICT
KIRCHOFER
Sold
Sterling Building
composed of Bioren &
Co.; Suplee, Yeatman & Co., Inc., and Edward Lowber Stokes & Co. In
reoffering the bonds, the bankers priced them to yield from 1.75% to
2.35%.
They are tax free in Pennsylvania, exempt from present Federal
—
H. C. BURT & COMPANY
Bids will be received until 7
p. m. (Eastern Standard Time) on June 4
and the bonds will be callable on
any int. payment date on or after June 1,
1946.
Memphis
5,000
steam roller
Lawrence
Nashville
Knoxville
Chattanooga
24,000
May 12
__
Bethlehem City
S. C.—NOTE SALE—
An issue of $170,000 road resurfacing notes is reported to have been pur¬
chased jointly on May 15 by the Robinson-Humphrey Co., and J. H.
Hilsman & Co., Inc., both of Atlanta, as 2}4s,
paying a premium of $256.00,
equal to 100.45, a basis of about 2.13%. Dated June 1, 1936. Due on Dec. 1
follows: $20,000 in 1936, and $25,000 from 1937 to 1942 incl.
$8,000 county jail bonds. Dated April 10, 1905.
25,000 Road District No. 2 bonds. Dated April 10,1911.
136,000 Road District No. 3 bonds. Dated June 1, 1916.
Holders of the above mentioned bonds may present them to the Sour Lake
State Bank, at Sour Lake, for redemption.
Interest shall cease on dates
called.
as
SOUTH
CAROLINA, State of—ROAD CONSTRUCTION PROGRAM
BILL PASSED—The General Assembly is said to have passed a bill over
Governor Johnston's veto, which outlines an $8,000,000 road construction
program.
The
measure authorizes the
State Treasurer to issue
a
limited
NEW
BRAUNFELS, Tex.—BOND ELECTION—'The City Council is
said to have passed an ordinance recently, providing for an election to be
held on May 25, in order to have the voters pass on the proposed issuance
of $80,000 in not to exceed 4% park purchase bonds. Denom. $500. Due in
not to exceed 40 years.
Volume
Financial
142
RAYMONDVILLE, Tex.—BOND ELECTION DECLARED INVALID
—The Court of Appeals at San Antonio recently handed down an opinion
affirming the decision of Judge A. M. Kent, of the 103rd District Court,
given last February, which declared invalid the election of Nov. 14, 1935,
at which the voters approved the issuance of $125,000 in power and light
plant bonds—V. 142, p. 1335.
OFFERINGS
WANTED
UTAH—IDAHO—NEVADA—MONTANA- -WYOMING
MUNICIPALS
SALT
Floating debt April 30, 1936
Population of State: Federal
None
census,
1930, 2,421,851.
The material increase shown in revenues and expenditures is largely
due to the activities of the Alcoholic Beverage Control Board, an agency of
the State which began operation in 1934.
Bell Teletype: SL
K-37
STAUNTON, Va.—LIST OF BIDS—The
UTAH
fallowing
is an official list
of the other bids received for the $44,000 3% coupon school bonds that
awarded to the Richmond Corp. of Richmond, on May 14, at 100.593,
a basis of about 2.93%, as reported at that time—V. 142, p. 3393:
were
AMERICAN FORK. Utah—BONDS SOLD—It is stated by the City
Recorder that of $10,000 water works improvement bonds offered for sale
■
April 22, a total of $8,000 5% semi-annual bonds were sold at par as
follows: $3,500 to the Peoples State Bank of American Fork, $3,500 to the
Bank of Pleasant Grove, and $1,500 to Albert Tregaskis.
on
.
$22,399,338.04
3,810,461.16
18,588,876.88
*
LAKE CITY
,
3559
Revenues and Expenditures
For Fiscal Year Ended June 30—
1934
1935
Revenues of State from all sources
-$42,899,766*$59,495,779
Expenditures of State for all purposes
44,987,272 *56,596,366
Motor vehicle fuel tax collections
11,759,740
12,618,953
Motor vehicle and chauffeurs'license collections-4,942,776
4,952,980
Motor vehicle fuel tax rate per gallon
5c
5c
Motor vehicle license tax rate, per cwt
40c
40c
Excess of
expenditures over revenues for the years shown was provided
for from a surplus aof $4,154,971, which existed at the beginning of the 1933
fiscal period.
Surplus June 30 1935 was $2,307,628,
Public Debt
Public debt of Commonwealth, April 30 1936
Value of sinking Find assets for retirement of debtNet debt of Commonwealth
•
FIRST SECURITY TRUST CO.
Phone Wasatch 3221
Chronicle
SALT LAKE CITY, Utah—BOND SALE PROPOSED—We
are
informed
by Ethel MacDonald, City Recorder, that the issuance of $1,000,000 in
airport, auditorium, fire station and water pipe line bonds has been recom¬
mended to the Board of Commissioners by the local Chamber of Commerce
but no action has been taken as yet on this proposal.
SALT
LAKE CITY SCHOOL DISTRICT, Utah—NOTE SALE—
The district has disposed of an issue of $150,000 tax anticipation notes
to the First National Bank and the
Walker^Bank & Trust Co. both of
Salt Lake City.
^
...
Name of Bidder—
Price Bid
Augusta National Bank, Staunton, Va
Frederick E. Nolting, Richmond, Va
Mason & Hagan, Richmond, Va__
R. Roderick Shehyn, Washington, D. C__
National Valley Bank, Staunton, Va
Miller & Patterson, Richmond, Va
Robert Garrett & Sons, Baltimore, Md_
Scott, Horner & Mason, Lynchburg, Va
—$45,069.20
45,007.60
44,990.00
44,928.40
44,796.40
44,710.80
44,699.60
44,550.01
BONDS OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds for public subscription at prices to yield from
0.75%
on the 1937 maturity, to 2.75% on the 1956 due date. Legality to be
approved by Thomson, Wood & Hoffman of New York City.
Prin. and
int. (M. & N.) payable at the office of the City Treasurer in Staunton.
,
WINCHESTER, Va .—BOND ISSUANCE NOT SCHEDULED—It is
stated by the City Clerk that no date has been fixed as yet for an election
on the $450,000 in water supply system bonds discussed in these columns last
VERMONT
WINDSOR, Vt.—BOND OFFERING—F. B. Tracy, Town Treasurer,
will receive sealed bids until 7 p. m. (Eastern Standard Time) on June 5
for the purchase of $45,000 coupon refunding bonds.
Dated June 15, 1936.
Denom. $1,000.
Due June 15 as follows: $5,000 in 1940 and $4,000 from
January—V. 142, p. 829—the matter having been held up pending the
approval of the project by the Public Works Administration.
1941 to 1950 incl. Principal and interest (J. & D. 15) payable at the First
National Bank of Boston. Bidder to name one rate of interest on the issue,
NORTHWESTERN MUNICIPALS
expressed in a multiple of 34 of 1 %. The bonds will be engraved under the
supervision of and authenticated as to their genuineness by The First
National Bank of Boston, and their legality will be approved by Storey,
Washington
Thorndike, Palmer & Dodge of Boston, a copy of whose opinion will accom¬
pany the bonds when delivered, without charge to the purchaser.
The
original opinion and complete transcript of proceedings covering all details
required in the proper issuance of these bonds will be filed with The First
National Bank of Boston, where they may be inspected.
Financial Statement, May 15, 1936
Assessed valuation for 1935 (incl. village, $3,417,388.00)
$4,008,293.00
Total bonded debt of town outstanding (not incl. present loan)
151,000.00
Village bonded debt
175,000.00
39,500.00
54,965.75
22,415.00
22,500.00
School district bonded debt
Outstanding notes and orders of the town
Outstanding notes and orders of the village.-.Outstanding notes and orders of the school district--Water bonds
-
_
,
Note—Proceeds of this issue to be applied to
July 1, 1936 and $15,000 outstanding orders.
retire
None
_
$30,000
bonds
due
Oregon
—
Idaho
—
—
Montana
Ferris & Hardgrove
PORTLAND
SEATTLE
SPOKANE
.
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—SPO 176
WASHINGTON
CHEHALIS, Wash.—BONDS SOLD—It is stated by the Deputy City
that the $162,000 3M%
semi-ann. water refunding bonds
authorized recently by the City Commission, as noted in these columns—
V. 142, p. 3225—have been sold.
Denom. $1,000.
Dated May 1, 1936.
Due on May 1 as follows:
$6,000, 1937 to 1939, and $9,000 from 1940 to
Treasurer
1955.
ELLENSBURG, Wash.—BONDS CALLED—It is reported by L. B.
Smith, City Treasurer, that all consolidated water bonds, numbered 41 to
80, were called for payment at his office on May 15, on which date interest
ceased.
$25,000.00
RICHMOND, Virginia, 4s
due January 1967 at
2.65% basis & int.
F. W. CRAIGIE & COMPANY
A. T. T. Tel. Rich. Va.
3-9137
Wash —BONDS SOLD—The following report of
a
bond
"Reflecting the excellent financial condition of Seattle's municipal water
department, the City Council yesterday closed a deal for $200,000 of the
department's bonds on a 1H% interest basis, the lowest interest rate ever
quoted for the city's securities.
"The National Bank of Commerce was the low bidder.
The bonds are
by the bank as security for a loan of $200,000 at 1
%, the loan
repaid in four semi-annual instalments.
of the loan will be used to finance construction of water
to be held
to be
Richmond, Va.
Phone
,
SEATTLE,
sale is taken from the Seattle "Post-Intelligencer" of May 12:
"Proceeds
systems in Districts Nos. 20 and 42, located north of the city, and also a
new main on East Marginal Way, to serve the industrial district."
WENATCHEE
RECLAMATION DISTRICT
(P. O. Wenatchee)
Wash.—BOND ELECTION—An election will be held on May 29, in order
VIRGINIA
CHATHAM,
Va .—BOND CALL— H. V. Fitzgerald, Chairman of the
Finance Committee, is said to be calling for payment at par, plus accrued
interest, on Jime 1, on which date interest shall cease, the following 534 %
bonds:
$15,000 street improvement, and $10,000 sewer improvement
bonds.
Dated June 1, 1912.
Due on June 1, 1942, optional on or after
June 1, 1927. Payable at the Manufacturers Trust Co. in New York City.
FREDERICKSBURG, Va .—BOND SALE—An issue of $108,000 2J4%
refunding bonds is reported to have been purchased recently
by the Smoot Sand & Gravel Corp. of Alexandria.
the proposed issuance of $170,000 in not to exceed
Due $10,000 from Jan. 1, 1938 to 1954 incl.
to have the voets pass on
4% refunding bonds.
VIRGINIA
WEST
HINTON, W. Va.—BONDS DEFEATED—The voters are said to have
proposal to issue $58,000 in community building bonds.
defeated recently a
semi-ann.
VIRGINIA,
State
of—CERTIFICATE OFFERING—Sealed bids will
be received until noon on June 4 by A. B. Gathright, State Treasurer and
Chairman of the Board of Sinking Fund Commissioners, for the purchase
of
a
$950,000 issue of coupon or registered certificates of indebtedness.
Interest rate is not to exceed 5%, payable J. & J. Denom. $1,000.
Dated
July 1, 1936. Due on July 1, 1946. The interest rate is to be stated in
multiples of 34 of 1 %. No higher rate of interest shall be chosen than shall
be required to secure the sale of the certificates at not less than par, and all
certificates shall bear interest at the same rate.
Principal and interest
payable at the office of the State Treasurer. The approving opinion of
Thomson, Wood & Hoffman of New York will be furnished. These certifi¬
cates
Acts
are
issued in
of the
certificates
accordance with
the provisions
of Chapter 65 of the
General
are
fuel taxes and
Assembly of 1936.
Principal and interest of these
stated to be payable from the proceeds of motor vehicle
motor vehicle license taxes and the full faith, credit and
taxing power of the Commonwealth are pledged to secure the payment of
interest and principal of said certificates. A certified check for 2% of the
amount of the certificates
(at par) bid for, payable to the State Treasurer,
is ^required.
1
Assessed Valuation 1935
For Local
Tangible personal property, machinery and
tools and merchants'capital
Public service corporations
|HM|
Superior)
Wis.—BOND SALE—The
(P. O. Darlington), Wis.—BOND SALE—
$280,000 issue of 2H% coupon semi-annual highway improvement
May 20, was awarded to the Northwestern National
Bank & Trust Co. of Minneapolis, paying a premium of $10,815, equal to
103.86, a basis of about 1.75%.
Dated March 1, 1936. Due $70,000 from
March 1, 1940 to 1943, incl., Prin. and int. (M. & S.) payable at the
County Treasurer's office.
LAFAYETTE COUNTY
The
bonds offered for sale on
MENASHA,
Wis.—BOND SALE—The
$275,000
2M%
semi-ann.
general obligation sewerage disposal plant bonds authorized by the City
Council in February—V. 142, p. 1162—were purchased jointly by the
Harris Trust & Savings Bank of Chicago, and the First National Bank of
Neenah, according to report.
COUNTY
(P.
O. Milwaukee),
Bonded Debt Limit Statement as of
Total for local taxation
$1,558,832,921
Equalized
valuation
Wis.—FINANCIAL
$430,706,444
58,566,273
40,789,517
Institution buildings
Relief
322,344
April 1, 1936
SI,230,037,496.00
—
Bonded debt limit-.
General county bonds
Courthouse
-
61,501,874.80
outstanding:
—
$5,307,000.00
915,000.00
2,785,000.00
Corporate purpose—'1933- 1,184,000.00
L
Total
earns,
$10,191,000.00
530.384,578
Other Taxable Values—
Gross
Less sinking funds:
of public service corp. (1934)--
Income of corporations, 1935
Income of individuals
Premium income, Insurance companies
L
I*
O.
to exceed 3% county corporate purpose coupon bonds, report on which was
given in these columns recently (V. 142, p. 3226):
182,463,409
199,868,002
For State Taxation—
Intangible personal property
Bank and trust companies stock
Rolling stock, steam railroads
Car companies
(P.
STATEMENT—The following official information is furnished to us in
connection with the offering scheduled for May 25 of the $1,400,000 not
$1,176,501,510
I
COUNTY
MILWAUKEE
Taxation—
Real estate
WISCONSIN
DOUGLAS
$167,000 issue of 5% semi-ann. highway improvement bonds offered for
sale on May 16—V. 142, p. 3394—was awarded to A
S. Huyck & Co. of
Chicago, paying a premium of $12,308, equal to 107.37, a basis of about
3.30%. Dated May 1, 1936. Due $50,000 on May 1, 1940, and $117,000
on May 1, 1941.
$146,309,835
54,865,932
39,219,260
61,176,242
Corporate—Col.
336,029.41
———
26,691.44
301,571,269
r"
Aggregate values
$2,390,788,768
The State levies no tax on real estate and tangible personal property,
these subjects of taxation being segregated to the political subdivisions for
purpose of local taxation only.
pledged
taxes------
Surplus
-
702,949.27
Investment
•
Total---
$1,199,809.89
Redemption fund-
Total
Net bonded debt
2,265,480.01
—
.
Margin for further issues
—
——
-—
7,925,519.99
$53,576,354.81
1199331254
3560
Financial
Exclusive of Metropolitan Sewerage Area bonded net debt of $23,297,400
a separate bonded debt limit of
$59,959,311.25; and exclusive o
$293,871.84 special assessment parkway bonds.
which has
$1,234,980,549
1,173,267,497
1,090,929,336
1,096,838,835
1,092,011,414
—Metropolitan Sewerage Area—
Assessed
Equalized
$1,206,461,202
$1,578,952,623
1,146,261,305
1,510,093,226
1.064,837,014
1,301,744,214
1,070,441,374
1,194,357,432
1,065,622,308
1,199,186,225
$1,619,906,150
1,549,873,060
1,335,250,750
1,225,546,525
1,230,037,496
$1,392,122,796
$1,110,724,621
$1,356,866,744
POLK COUNTY (P. O. Balsam
Lake), Wis.—BOND SALE—The
$100,000 3% county highway improvement bonds offered on
May 19—V.
142, p. 2880—were awarded to the Harris Trust & Savings Bank of Chicago
for a premium of $5,479, equal to 105.479, a basis of about
1.40%.
The
Bancamerica-Blair Corp. of Chicago offered a premium of
$3,690; Thrall,
West & Co. of Minneapolis bid a premium of
$4,719, and the Northwestern
National Bank of Minneapolis $5,180 premium.
Dated
May
Due $50,000
on
RANDOM
1,
1936.
May 1 in 1939 and 1940.
LAKE,
Wis.—BOND OFFERING— Sealed bids
will
be
re¬
ceived until 8 p. m. (Central Standard Time) on June 1
by W. E. Hoelz,
Village Clerk, for the purchase of two issues of 4% bonds aggregating
$70,000, divided as follows:
$40,000 sewerage bonds. Due on June 1 as follows: $1,000, 1939 to 1942;
$2,000, 1943 to 1948, and $3,000, 1949 to 1956, all incl.
These
bonds are issued pursuant to Chapter 67, Wisconsin
Statutes, 1935.
They will not be sold for less than 95% of the par value thereof,
plus accrued interest to date of delivery.
30,000 water works mortgage revenue bonds. Due on June 1 as follows:
$1,000, 1939 to 1944, and $2,000, 1945 to 1956, all incl. These
bonds are issued
pursuant to Chapter 66, Wisconsin Statutes, 1935.
Denom. $1,000. Dated June 1, 1936. Principal and interest payable at
the office of the Village Treasurer. The
approving opinion of Chapman &
Cutler of Chicago will be furnished. A certified check for
2% of the amount
of bonds bid for, payable to the
Village, is required.
RICHLAND
COUNTY
(P.
O. Richland
Center), Wis.—BOND
SALE—The $40,000 3% coupon highway, series G, bonds which were
offered
on May 15—V.
142, p. 3226—were awarded to the BancamericaBlair Corp. of Chicago at a premium of
$2,677, equal to 106.6925, a basis
of about 1.31 %. Halsey, Stuart & Co. of
Chicago were second
premium of $2,676.
Dated May 15. 1936.
1940 and $4,000, May 15, 1941.
a
SUPERIOR, Wis.—BOND
will receive bids until
noon
high bidders,
Due $36,000, May 15,
OFFERING—R. E. McKeague, City Clerk,
June 16 for the
purchase of $172,000 refunding
4H%>
Deonm.
9,000.
Dated July 1, 1936.
Due July 1 as follows: $7,000, 1939 to 1942;
$8,000, 1943, 1944 and 1945; $9,000, 1946 and 1947; $10,000, 1948, 1949
and 1950; $11,000, 1951 and
1952; $12,000, 1953 and 1954, and $13,000,
-1955 and 1956.
Certified check for 2% of amount of bonds, payable to the
City Treasurer, required.
Bonds are issued subject to approval of Chap¬
man & cutler of
Chicago.
Purchaser is to pay the cost of legal opinion and
bonds.
of
KINGSTON,
Ont.—BOND SALE—Harrison & Co. of Toronto ob¬
an issue of $57,500 2M% five-year serial bonds on a bid
101.03, the net interest cost being 2.10%.
Other bids were as follows:
tained award of
of
Rate Bid
Dominion Securities Corp
McTaggart, Hannaford,
Birks,«fev Gordon
Griff is,
Bidders
blank
are
to
name rate
Bidder
Rate Bid
Wood, Gundy & Co
100.38
Bank of Montreal
100.28
100.80.
A. E. Ames & Co
100.25
100.029
100.77
R. R. Chambers
100.70
Bell, Gouinlock & Co
100.61
Dyment, Anderson & Co
&
Nors-
worthy.
99.86
299.757
TO
BORROW $1,500,000—The City
Council has voted to ask the Legislature for permission to borrow $1,500,000
to build an aqueduct hydro plant and to make the loan without the consent
of the real estate owners.
any
action in the matter
Amendment of the charter is necessary before
be taken.
.
can
NOVA SCOTIA
(Province of)—BOND SALE—A syndicate composed
of Royal Bank of Canada, Bank of Commerce, Wood, Gundy & Co.,
A. E. Ames & Co., Dominion Securities Corp. and the Eastern Securities
Co. was awarded an issue of $4,579,000 3M% highway, relief, building
and revenue deficit bonds at a price of 98.277, a basis of about
3.37%.
Public reoffering is being made by the group at a price of 99.50 and accrued
interest, to yield 3.28%.
Dated June 1, 1936.
Denom. $1,000.
Coupon
bonds, registerable as to principal.
Due June 1, 1956.
Principal and
interest (J. & D.) payable in lawful money of Canada in Halifax, Montreal
or Toronto.
Legal opinion of Long & Daly of Toronto.
Two banking groups competed for the loan.
Alternative bids were
asked for 10-year and 15-year 3% bonds.
The groups and tenders were
as
follows:
Group I—Royal Bank of Canada; Bank of Commerce; Wood, Gundy
Co.; A. E. Ames & Co.; Eastern Securities Co.; Dominion Securities Corp.
Group II—Bank of Montreal; Bank of Nova Scotia; Royal Securities
Corp.; McLeod, Young, Weir & Co.; Mills, Spence & Co.; Bell, Gouinlock
& Co.; Irving, Brennan
& Co.; Hanson Bros.; McTaggart, Hannaford,
Birks
&
Gordon' Dominion Bank.
Amount.
Issue
Group I
$4,579,000—3 V\
$2,500,000—3%
$2,000,000—3%
$4,500,000—3%
% 20-yr.
10-yr 1
15-yr j"
15-yr.
$4,500,000—3% 10-yr.
$2,500,000—3% 10-yr
$2,000,000—3 H % 20-yr.
x Tenders not called for; combined
price 98.66.
Qy
96.58
yy
97.41
y/*//
bid
95.56
98.777
98.54
no
x98.777
x98.522
---f
OTTAWA, Ont.—BONDS AUTHORIZED—The Separate School Board
has
voted to
issue
and also
program
$300,000 bonds to finance
$150,000 for
a
new
school
construction
consolidation of debt.
SUEBEC (Province of)—BONDS SOLD PRIVATELY— Province has
$15,428,000 bonds since the first day of new fiscal year as follows:
$10,000,000 2
maturing in two years, at par and accrued interest,
$5,000,000 2Hs for three years at par and accrued interest, and $428,000
3Hs for 25 years at par and accrued interest. The bonds were not offered
to the public.
JEROME, Que—PROPOSED BOND ISSUE—The
issue $13,000 bonds for the construction of sewers.
may
1935
-$44,019,642
Total
bonded debt, including this issue
2,158,565
Population: U. S. census 1930, 36,113; estimated, 38,000.
taxation,
on
Group II
98.277
ST.
Financial Statement and Statistics
Report
99.55
Que.—PLANS
of int., not to exceed
bonds.
xxodessed valuation for
municipality
-
Tax Collections
Penalty date for levyTotal tax levy in dollars
__
Total collections at penalty date.
Per cent, outstanding uncollected-
1934 Rol
1933 Roll
March 1, 1935 March 1, 1934
.$1,743,902.46
$1,943,202.57
1,044,151.14
60.2%
1,175,921.08
60.5%
WASHINGTON COUNTY (P. O. West Bend) V/is.—BONDS AUTH¬
ORIZED—The County Board is said to have approved the issuance of bonds
totaling $90,000, to purchase equipment and property and for additions to
the county
100.92
Mead & Co
R. A. Daly & Co
J. L. Graham & Co
Fairclough
MONTREAL,
Average_$l,137,605,526
offering
May 23, 1936
Bidder—
Valuation Statistics
Entire County
Assessed
Equalized
Chronicle
building.
TORONTO, Ont.—BOND SALE—The $6,144,000 coupon (registerable
as to principal only) bonds offered on May 20 were awarded to a
syndicate
composed of the Bank of Nova Scotia; Bank of Toronto; Cochran, Murray
& Co.; Dyment, Anderson & Co.; R. A. Daly & Co.; Fleming & Co.; Fry
& Co.; J. L. Graham & Co.; Matthews & Co. and the Midland Securities
Corp., Ltd. at a price of 100.413. The sale consisted of:
$2,872,000 2% bonds, due serially from 1937 to 1941 incl. Average maturity
three years.
2,283,000 2H% bonds, due serially from 1937 to 1946 incl.
Average
maturity 5>£ years.
989,000 3% bonds, due serially from 1937 to 1956 incl. Average maturity
ll years.
All of the bonds
are
dated June 1, 1936.
TORONTO,_ONT.—OTHER BIDS— The $6,144,000 bonds, comprising
WYOMING
GREYBULL, Wyo.—BOND
SALE—The $15,000 issue of coupon com¬
munity hall construction bonds offered for sale on May 15—V. 142, p. 3048
—was awarded to a
group composed of the American National Bank, the
Stockgrowers National Bank, both of Cheyenne, and Geo. W. Vallery &
Co. of Denver, as 3s, paying a
premium of $3.75, equal to 100.25, a basis
of about 2.95%. Due $1,500 from 1937 to 1946 incl.
GREYBULL HIGH SCHOOL DISTRICT (P. O. Greybull)
Wyo.—
INTEREST RATE—We are now informed
by H. E. Zorn, Clerk of the
Board of Trustees, that the $100,000
coupon school bonds sold on May 14
to the American National Bank of
Cheyenne, and associates, at a price of
100.405, as reported in these columns—V. 142, p. 3394—are divided as
follows:
$50,000 as 3Ms, maturing from 1941 to 1950; the remaining
$50,000 as 38, maturing from 1950 to 1957.
Canadian Municipals
$2,872,000 5-year serial 2s, $2,283,000 10-year serial 2^s and $989,000
20-year serial 3s, awarded on May 20 to the Bank of Nova Scotia and asso¬
ciates at a price of 100.413, the net interest cost of 2.43% being a recordlow for the city, were also bid for as follows:
Bidder
Rate Bid
Royal Securities Corp.; Dominion Securities Corp., and Imperial
Bank
of
Canada
100.317
Wood, Gundy & Co.; A. E. Ames & Co.; Royal Bank and Do¬
minion
Bank
99.327
Bank of Montreal; McLeod, Young, Weir & Co.; Bell. Gouinlock
&
Co.; Mills, Spence & Co.; McTaggart, Hannaford, Birks &
Gordon; Hanson Bros., Inc.; C. H. Burgess &Co
TORONTO,
100.08
Ont .—REFUNDING
OF HARBOUR C( (MISSICNER
BONDS DEFERRED—Because of the change of Government in France
and the unsettled conditions existing in Europe, the Board of Control on
May 16 agreed not to proceed with the conversion of bonds of the Board of
Harbour Commissioners carrying a 4H% rate of int., and amounting to
$19,916,400.
The conversion of the bonds from the
to a lower rate of interest
expected to mean a considerable saving to the taxpayer, since the City of
Toronto guarantees the issue and annually includes considerable sums in
its estimates for these charges.
was
Information and Markets
After the meeting,
Finance Commissioner Wilson issued the following
and prospective uncertain course of the
consequent on the change of Government in
France, the financial crisis in that country and the general unsettled con¬
ditions in Europe, it has been decided not to proceed with the conversion of
the Harbour Commissioners 4 >3% bonds totaling $19,916,400, on June 1,
as
was
contemplated."
The bonds were callable at 105 on three months' notice in London, New
York and Toronto.
Notice was to have been given on June 1.
statement: "In view of the present
international
BRAWLEY, CATHERS & CO.
25
KING
ST.
WEST, TORONTO
ELGIN
6438
CANADA
r-
ANTIGONISH COUNTY, N. S.—BOND OFFERING—D. P.
Chisholm,
County Treasurer, will receive sealed bids until May 23 for the purchase of
$30,000 4% 26-year bonds. Denom. $1,000.
ARVIDA,
Que.—BOND
OFFERING—J.
A.
Frechette,
Secretary-
Treasurer, will receive sealed bids until 4 p. m. on May 27 for the purchase
of $450,000 4% improvement
bonds, dated June 1, 1936 and due serially
on June 1 from 1937 to 1961 incl.
BRANDON, Man.—BONDS AUTHORIZED—The city has received
permission from the State Legislature to issue $75,000 relief bonds.
CANADA (Dominion of)—SELLS
$20,000,000 TREASURY BILLS
The Bank of Canada has announced the sale of
$20,000,000 of Dominion
of Canada treasury bills,
maturing Aug. 15.
The bills were sold at an
average discount price of 99.77462, which gives an average cost to the
Government of 0.896%. This is a
slight decrease in cost from the sale made
on May 1 when the
average cost was 0.920%.
It is the second lowest cost
yet obtained, being slightly higher than the average cost of 0.879% for
$25,000,000 of bills sola on April 15.
CANADA
(Dominion of)—SURVEY OF DOMINION AND
PRO¬
VINCIAL DEBTS—The First Boston Corp-., 100
Broadway, New York
City, has prepared for distribution the 1936 edition of "Canadian Bonds,"
a manual for those who must have a
ready reference for basic data on
public obligations of the Dominion and its Provinces.
In addition to presenting essential details
pertaining to these bond
issues, the booklet includes certain pertinent financial and economic data
on
the
Dominion
should serve
as
a
as well as on each Province.
This latter information
useful guide in reviewing the background of the various
obligors.
LAVAL
WINDSOR, Ont —TAX COLLECTIONS IMPROVE— Tax collection
figures of the city of Windsor for 1935 and in 1936 to date indicate marked
improvement in the city's finances.
In each of the four merged munic¬
ipalities total collections for 1935 were in excess of the levy as a result of
receipt of substantial payments of arrears. Total tax receipts for the entire
municipality amounted to $4,400,000 in 1935, more than $500,000 over the
combined levies. Collections of current taxes amounted to 77% of the levies.
To what extent this improvement will mean an increased amount avail¬
able for distribution to bondholders is not known since part of the arrears
collected on previous tax rolls is pledged against bank loans.
Collect 58.6%
In the current year, the
improvement in collections has continued and
While only one of the
city's five tax instalments is due, receipts of 1936 taxes to date amount to
58.6% of this year's tax levy.
Up to May 7, collections of current taxes totaled $2,277,638. The total
levy for the year is $3,869,057 and the budget calls for an expenditure of
$3,150,000 exclusive of provision for bondholders.
No announcement has
it is possible that last year's figure will be exceeded.
been
RAPIDES,
Quo.—REFINANCING
OF
DEBT
made
as
to
the
amount
of
arrears
Improvement in the city
is believed to be the
reason
1936
tax
s
finances
as a
result of increased tax collections
for the opposition to the new refinancing scheme
time the plan is being drawn up in legal form for submission to bondholders.
Details of 1935 collections, as contained in the "Financial Post" of May
are
as
follows:
Windsor 1935 Tax Collections
AR¬
1935
Taxes
May,
Additional
which developed in the bondholders' committee. The opposition, however,
has been smoothed out and the plan is being proceeded with. At the present
RANGED THROUGH SALE OF NEW BOND ISSUE—
Refinancing of the
debt of town of Laval des Rapides, which has been in default since
1933, has been arranged by the Quebec Municipal Commission.
Bonds at
present outstanding are to be redeemed at par plus accrued interest.
In¬
terest is in arrears from May 1, 1934, interim
payments having been made
in 1935 on coupons due on or prior to that date.
Funds for the redemption are being provided through the private sale
by the Quebec Municipal Commission of a new issue of $410,000 of
due serially from 1937 to 1975.
collected.
payments fall due on June 1, Aug. 1, Oct. 1 and Dec. 1, with a graduated
scale of discounts according to the time of collection.
16,
DES
exchanges,
Arrears
Total
Sandwich
Lrvy
$2,504,628
609,197
480,557
338.743
Paid
$1,903,488
482,224
376,088
249,744
Paid
$946,780
145,855
213,722
159,799
Collected
$2,850,268
628,079
589,810
409,543
Total
$3,933,125
$3,011,544
$1,466,156
$4,477,700
Windsor
Walkerville.
East Windsor
@FedFRASER