The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
&US. A*NL
LIBRARY
A
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.
COrrHIOHTtt'Sfw
\/fi I
M)««rWlUlAM B. DANA COMPANY, NEWYORK.
Weekly, 85 Centi
1 AO
WLi
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a
ENTERED AS SECOND-CLASS MATTE* JUNE 23. 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1 J79.
William B.Dana
Copy—
NEW
$15.00 Per Year
BROOKLYN
YORK, MAY 9,1936.
TRUST
j
14*
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'
,
*
"
Chartered
Kidder, Peabody & Go.
1866
NEW YORK
George V. McLaughlin
p(-.
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a,',*'
President
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.
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THE CHASE
OF
THE
CITY, OF NEW YORK
EV-
jjn j."
BOSTON
4
The
tra-4
chase is
PHILADELPHIA
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!i&;44#4444
NJW YORK
ditionally
'-''"h-
m:i;
For
bankers' bank.
a
many
it
years
BROOKLYN
served
1
NO. 3698
/
,
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Co.jPublishere,
Spruce Sta., N. Y.City
NATIONAL BANK
"
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cor.
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CQMPANY
A
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William
has
large number
a
of banks and bankers
v
as
New York
4.
v.-.
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UnionlrustCo.
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SAH FRAHCISCO
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Deposit Insurance Corporation
STOCKS
;
Corporation
United States
OVER $200, till
[RESOURCES
-
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•
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PREFERRED
ember Federal Deposit Insurance
Government
Y
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depository.
reserve
Member Federal
and
f
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correspondent
and
COMMERCIAL BANKERS SINCE 1852
i
Securities
The
Hallgarten & Co.
FIRST BOSTON
Established 185$
* ^
'
corporation
NEW-YORK
NEW YORK
f.
Incorporated
63 Wall
BOSTON
;
London
AND OTHER
Street, New York
'
*
Telephone: BOwling Green 9-5000
CHICAGO
PHILADELPHIA
Chleago
Brown Harriman & Co.
SAN FRANCISCO
Boston
PRINCIPAL CITIES
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
throughout the United States 'r
Wertheim & Co.
120
Broadway
New York
rji>'
London
'
Amsterdam
L ;i|
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f.
4
41
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•
Municipal Bonds
•
J? .£ p
1
New "York Tru s t
State and
*>}C
tw.
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CARL M. LOEB & CO.
61
BROADWAY
Capital Funds
NEWYORK
Amsterdam
London
Berlin
.
$32,500,000
Paris
Barr Brothers & Co.
INC.
New York
IOO
1
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST.
&
MADISON AVE.
United States Government
EDWARD B. SMITH & CO.
NEW YORK
securities
J
31 Nassau Street
'
.
State
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
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,
-
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-Ac
-
New York
>
BOSTON
•
Allentown
European Representative's Office;
Railroad
London
•
LONDON, E.C. 4
•
-
Municipal
Public Utility
'" BONDS
8 KING WILLIAM STREET
Easton
-
;
Correspondent
Edward B. Smith &
Minneapolis
CHICAGO
'•
Co., Inc.
St. Louis
i
•
' *
Member Federal Reserve System and
N.
Y.
Clearing House! Association
R.W.Pressprich&Co.
MEMBERS NEW YORK-STOCK EXCHANGE
New York
Chicago
Philadelphia
.
»
San Francisco
Chronicle
Financial
n
May 9, 1936
-
I
A. G. Becker & Co.
,
BAKER, WEEKS
Established 1898
&HARDEN
J. & W. Seligman & Co.
Investment Securities
Investment Securities
Members
New York Stock Exchange
Commercial Paper
No. 54 Wall Street
New York Curb Exchange
Philadelphia Stock Exchange
NEW YORK
Chicago Board of Trade
Chicago
New York
52 WALL
STREET, NEW YORK
London Correer
Graybar Building, New York
And Other Cities
^xdents
Commercial Trust Bldg., Philadelphia
SELIGMAN
Buhl Building, Detroit
6 Lothbury,
NEWARK
Bourse
BROTHERS
London, E. C. 2
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
New Jersey
State & Municipal Bonds
Newark Bank & Insurance
Stocks
Shanghai
J. S. RIPPEL & CO. Hong Kong &
BANKING CORPORATION
Newark, N. J.
18 Clinton St.
Dividends
Foreign
(OMMERCIAL TNVEOTINTTRIJST
CORPORATION
Incorporated In the Colony of Hongkong.
The
ilability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
ST.
LOUIS
£6,500,000
Reserve Fund in Sterling
(Hongkong Cur¬
Reserve Fund in Silver
HtlO,000,000
rency)
of Proprietors
Liability
Reserve
(Hong¬
HI20,000,000
kong Currency).
C. D£ C. HUGHES, Agent
St. Louis Securities
72 WALL
Co.
&
STREET, NEW YORK
Diridends
SAINT LOUIS
oo^ouvc st
Convertible Preference
Common Dividend
«•
No.
*•
105
quarterly dividend of forty cents
(40^) per share has been declared on
the outstanding common
and Southwestern
Bonds
^
T
I
Stock,
regular quarterly dividend on the Convertible
Stock, Optional Series of 1929, of
INVESTMENT
TRUST
CORPORATION has been declared payable
Preference
Checks will
1936.
15,
3/104 of 1 share of Common Stock per share d
Convertible Preference Stock, Optional Serie,
of 1929, so held, or, at the option of the holder
(exercisable in the manner 9tated in the Certi^.
cate of Designation, Preferences and Rights
the
Convertible Preference Stock, Optional
Series of 1929), in cash at the rate of $1.50 fqr
each share of Convertible Preference Stocl$,
The Borden Company
e. l. noetzel,
Treasurer
St. Louis
The First Boston
Corp. Wiro
notice
Stockholders
with
of
form of written
a
this dividend together^
order which must boT
■.
b£
paid in cash rather than in Common Stock. TKe
Stockholder desiring that his dividend
transfer
books
will
not
Checks, sioOi
mailed.
f
close.
certificates and scrip will be
if
Convertible Preference Stock,
SI. 25 Series of 1935, Dividend
A
regular quarterly dividend of $1.06)4 on the
Preference Stock, $4.25 Series oL*
Convertible
COMMERCIAL
of
TRUST
INVESTMENT
CORPORATION has been declared
payable July 1, 1936, to stockholders of record
at the close of business on June 5, 1936. The
transfer books will not close. Checks will be
Exchange
•
f
f
.
V*
J.
Common Stock—Stock Dividend
Atlas
Corporation
Dividend No. 27
Notice
BIRMINGHAM
is
hereby
Preference Stock
on
given
that
a
dividend
750 per share for the quarter ending
May 31, 1936, has been declared on
the $3 Preference Stock, Series A, of Atlas
Corporation, payable June 1, 1936, to
holders of such stock of record at the close
of business on May 20, 1936.
of
MARX & CO.
BIRMINGHAM, ALABAMA
Treasurer.
Waiter A. Peterson,
May 6, 1936.
MUNICIPAL
.
executed and filed with the Corporation on orf f
before June 15,1936 by any Convertible Prefer# >
mailed.
St. Louis Stock
■
,
Corporation at least five days before auclf
record date will mail to Convertible Preference
1935,
Smith, Moore & Co.
r
July 1, 1936, to stockholders of record at the****
close of business on June 5, 1936, in Conn
\
mon Stock of the Corporation at the rate of
stock of this
be mailed.
<
...
A
Company, payable June 1, 1936, to
stockholders of record at the close of
business May
-
.
% t
V
COMMERCIAL
ence
A
SOUTHERN
\
Optional Series of 1929, Dividend
The
/3oixie^vi
Stocks and
f
'
Optional Series of 1929, so held.
at*.
Members St. Louis Stock Exchange
Missouri
»
v
,
•
».
Authorised Capital (Hongkong Currency) Ht50.000.000
Paid-up Capital (Hongkong Currency)..HI20.000.000
St/x
•
■4
AND
CORPORATION BONDS
dividend payable in Common Stock, at
each 5 shares held, has
the Common Stock of COM¬
MERCIAL INVESTMENT TRUST COR¬
PORATION, payable on or before June 1,1936,
to stockholders of record at the close of business
May 18, 1936. Checks in lieu of fractions of
shares distributable by reason of such stock
dividend, based upon the bid price for Common
Stock of the Corporation on the New York
Stock Exchange at the close of business on the
date on which such Common Stock sells "ex"
the stock dividend will be paid to stockholders
entitled thereto. The transfer books will not
close. Stock certificates will be mailed on or
before June 1,1936, and checks in lieu of fractions
of shares will be mailed shortly thereafter.
A special
the rate of 1 share for
been declared on
;
LOEW'S INCORPORATED
DETROIT
May 8th, 1936.
THE declared Directors ondividend of1936
has Board of
quarterly May 6th, 50c
a
MICHIGAN
MUNICIPALS
per
share on the Common
Stock of this Com¬
payable June 30th, 1936 to stock¬
of business on
June 12th, 1936. Checks will be mailed.
and
pany,
CORPORATION
holders of record at the close
BONDS
DAVID BERNSTEIN
WATLING, LERCHEN & HAYES
New York Stock Exch.
Chicago Stock Exch.
Exchange
BLDG.,
DETROIT
New York, May 7, 1936.
A regular dividend of three per cent, on the
preferred stock of The Alabama Great Southern
Railroad Company has been declared payable
August 15, 1936, to stockholders of record at the
close of business July 13, 1936.
A.
E.
MCCARTHY,
THE BUCKEYE PIPE
LINE COMPANY
Broadway,
New York, April 30, 1936.
Members of
Detroit
Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
Utility Equities Corporation
Secretary.
$5.50 Dividend Priority Stock
26
Charles A. Parcel Is & Co.
JOHN I. SNYDER, Treasurer
RAILROAD COMPANY
C.
A
dividend
of
Seventy-five (75) Cents per
the Capital Stock of
share has been declared on
this
Company, payable June 15, 1936 to stock¬
or record
at the close of business May
holders
29, 1936
J.
R.
FAST,
Secretary.
;
dend above mentioned)
THE ALABAMA GREAT SOUTHERN
INVESTMENT HOLDINGS
ANALYZED
(including shares issuable as a stock divi¬
of COMMERCIAL IN¬
VESTMENT TRUST CORPORATION, payable July 1, 1936, to stockholders of record at
the close of business June 5, 1936. The trans¬
fer books will not close. Checks will be mailed.
Stock
May 7, 1936.
New York Curb Assoc.
Detroit Stock
regular quarterly dividend of 90 cents per
share in cash has been declared on the Common
A
Vice-Presidevi & Treasurer
Members
884 BUHL
Common Stock—Cash Dividend
"THEATRES EVERYWHERE"
DIVIDEND NO.
A $1.75 dividend on
Priority
Stock
is
15
the $5.50 Dividend
payable
June
1st
to
holders of record at the close of business
May 15, 1936.
H.
H.
GANSLOSER,
Vice
President
■}
I
Volume
Chronicle
Financial
142
m
NEW ISSUE
$17,500,000
THE PORT OF NEW YORK AUTHORITY
General and
Refunding Bonds
Third Series,
To be dated
3%%> Due 1976
May 1, 1936
To
mature
May 1, 1976
Principal and semi-annual interest (May 1 and November 1) payable at the principal
offices of the
Paying Agent
Agents.
or
Not subject to redemption until May 1, 1941. Redeemable in whole, or in part, at the
option of The Port of New York Author¬
ity on interest payment dates, at 103% beginning on May 1, 1941, and thereafter and on or before May 1, 1945;
at
102
% thereafter and on or before May 1, 1950; at 101 % thereafter and on or before May 1, 1955; and at 100%
maturity. Payments will be made into the "Third Series, 3 Yi %, Due 1976, Sinking Fund,"
f
commencing in 1941. The moneys in the Sinking Fund will be applied to the retirement of the Bonds
of the Third Series, by purchase or call. Coupon Bonds will be issued in the denomination of
[
$1,000, registerable as to principal, or as to both principal and interest, and when
j. •
so registered reconvertible into
coupon form upon payment of a nominal fee.
thereafter to
*
Exempt in the opinion of Counsel from Federal, New York State, and City Income Taxes
Legal in the opinion of Counsel for investment in New York and New Jersey for state and
municipal officers, banks and savings banks, insurance companies, trustees and other
fiduciaries, and eligible for deposit with municipal officers or agencies in New Jersey and
New York for any purpose for which bonds of such States, respectively, may be deposited,
and with permission of the Comptroller eligible to secure certain
deposits of funds of
the State of
To be issued
to
New York.'
'
refund $16,493,000 New York-New
j
.
:
Jersey Interstate Bridge Bonds, Series B, dated Decem¬
ber 1, 1926, and bearing interest at the rate of 4% per annum,
(being part of $46,493,000 of bonds outstand¬
ing for George Washington Bridge construction purposes). Any surplus will be used for other purposes
for which General and Refunding Bonds may be issued. The bonds refunded will be
pledged as collateral
security for all series of General and Refunding Bonds.
I
Sealed proposals for the purchase of the above
$17,500,000 of bonds will be received by the Port
Authority on May 14, 1936, and must reach the
The Port Authority reserves
reject
any
action
office of the General
as
the right
may
best
serve
the public interest.
Manager of the Port Author¬
ity, 111 Eighth Avenue, New York City, at or be¬
fore ten thirty o'clock (Daylight Saving Time) in
the morning on the 14th day of May, 1936, or such
adjourned date as the Authority may determine.
Proposals must be in the prescribed form and must
Time) in the afternoon of the day
be for all
bids
or
Each
offer
check
or
All
Unless the date for the receipt of bids is adjourned,
the Port
of
none.
be
must
accompanied by
cashier's check in
an
amount
a
to accept or
and all bids, and generally to take such
bids
Authority will
at
are
before
announce
6 o'clock
the
acceptance
(Daylight Saving
upon
which
received, and temporary Bonds will be
available
certified
of $350,000.
or
thereafter.
for
delivery
within
about
days
ten
■
legal proceedings incident to the issuance and sale of these Bonds are subject to the approval of
Julius Henry Cohen, General Counsel for The Port of New York Authority, and of
Thomson, Wood & Hoffman, Bond Counsel.
Copies of the Official Statement of the Port Authority regarding these Bonds, of the resolutions
pursuant to which they are to be issued, and of the prescribed bidding forms, may be
obtained at the offices of the General
:
AH sales
f
\
■
by the Port Authority will be made within the City of New York, and the above is
to
be
construed
as
an
THE
May 8, 1936.
Harper
Manager of the Port Authority,
111 Eighth Avenue, New York.
,
r
offer to
sell
'V:
PORT OF NEW YORK AUTHORITY
:
& Turner
not
Bonds elsewhere.
FRANK C. FERGUSON.
Chairman!
L. F. DOMMERICH & CO.
'
.
.
'
•
'
•
*
.1
-
inc.
Investment Bankers
stock
exchange
PHILADELPHIA
Business
Established
Factors
building
1912
General Offices, 271 Madison Avenue
NEW YORK
Established 1840
,
Ttjf
unimftrif'l
MAY
Vol. 142
9,
No. 3698
1936
CONTENTS
Editorials
page
3049
Financial Situ ation
American Radicals and New Deal Revolutionaries.__.3062
New Problems of European Peace..
3063
..
Comment and Review
The New
Capital Flotations in the United States During
and for the Four Months Since
the Month of April
Jan. 1
Week
3066
...
the European
on
3053
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
3054
3059 & 3104
3065
Course of the Bond Market
Indications of Business
Activity
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
...3072
3052
3103
News
Current Events and Discussions.
3083
Trust Company Items
3102
Bank and
General
Corporation and Investment News....
Dry Goods Trade
State and
3152
3209
3210
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations..
3151
Dividends Declared
3111
Auction Sales
3151
—
Exchange—Stock Quotations
New York Stock
..3119
Exchange—Bond Quotations..3118 & 3128
New York Stock
New York Curb
Exchange—Stock Quotations
3134
New York Curb
Exchange—Bond Quotations
3137
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
3140
3144
Over-the-Counter Securities—Stock & Bond Quotations.3147
Reports
Foreign Bank Statements
3057
Course of Bank Clearings
3105
Federal Reserve Bank
General
3115
Statements
Corporation and Investment News...
3152
Commodities
The Commercial
Markets and the Crops
Cotton
Breadstuffs
Published Every
Saturday Morning by the William
...
3200
3203
3207
B.Dana Company, 25 Spruce Street, New York City
Board and Editor: William Dana Seibert, President and Treasurer; William d. Rlggs, Business
Manager
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O.
Copyright, 1936, by 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.
Herbert d
Seibert
Chairman of the
The Financial Situation
JSPATCHES from Washington suggest that the
President is
beginning to bring
Congress to hasten the
passage
"must"
adjourn
legislation and
beginning of next month
"must" bills
ing tax
as
as
after the
soon
possible.
was
ground for hope of drastic
more
repeatedly shown himself to
well
The absolutely
bills and the pend¬
the
as
adjourn,
before
although, according to the Chair¬
measure,
of the Securities and
man
question there
action in the Senate in connection with this
measure,
those who recall the power that the President has
upon
of certain so-called
to be the money
seem
pressure
Exchange Commission, the
were
course,
actually hatched.
Administration is inclined to insist upon the passage
the
tical
pohtics, actually do.
tion
on
Securities
Act of
Act of
1933 and the
Securities
Exchange
1934, which have already been adopted by the
Senate and
are
pending in the House.
now
have it that there
reports
are
point
President
Current
doubt
chooses
quite
willing
have
placed
upon
ute
book
provided
to
Should
struggle
"Other
the stat¬
be done without inter¬
can
ference
with
we
rather
adjournment.
ment
The
venes
Congress that
next
January is
a
the
Congress, and accord¬
new
ingly adjournment within
the
few
next
weeks
would
have
done
are
bills and the unlisted trad¬
ing
measure
law
would
fresh start
subsidy,
"slum
enacted into
necessitate
far
as
as
shipV
chain store
clearance"
a
and
tion is concerned.
A
num¬
ing
tions
tion.
Of
program
not without
,
It is of
ures
is not pleasing to
those groups, some
ence
unemployed.
the gain?
a
a
political influ¬
ures,
but
strong
among
the
of
is
all
this,
so
far
and
of assistance to
as
that is
the
President
bring
an
in any
early end to
make
meas¬
sions in
men,
hand, by the end of the week the
criticisms
of able
business
particularly, perhaps, those of two widely known
able accountants, seemed to have placed
very
the
Administration's tax
measure in a
questionable
A number of Administration supporters
reported to have become distinctly restive about
position.
were
the
situation, and Washington observers
were
be¬
ginning to question whether the President would find
it wise to insist upon passage
proximately its present form.
ever,
some
matters
also
have
of the bill in
even ap¬
The situation, how¬
seemed to be far from clear, and while without
its
huge volume
and
it really exists.
few "other things"
that it would
routine
might
conces¬
of these other
in
way
order
to
part
or
in
wholly concerning taxation
early adjournment.
An Unenviable Record
enact
a
Congress met early
year
it
was
number of
said
by
relatively
and promptly adjourn in
preparation
coming political campaigns.
In comparison
with the performance of previous sessions
during the
measures
for the
particularly eventful.
of the
substantial
present Washington regime, this
A "Jam" in the Senate?
and
thought possible that
Administration
When
the present session.
On the other
originally planned, and it
the
be
as
many
other mat¬
was
this
effort he may choose to make to
cumulative effect
Conservation
some
substantially to the budget
Congress to
fact that will
con¬
ters that have added
very
would be needed.
a
and
concerning the
Civilian
and
unemployment,
Abolish
adjourn before the party conventions,
be
already made
Corps and
provide for
punitive
numerous
be¬
$500,000,000
dent has
members of
both Houses of
doubtless
taken
the
somewhere
cessions
Doubt¬
But what then would
sible for the continuance of the
meas¬
desire
course
to
projects
appropria¬
$1,000,000,000. The Presi¬
constantly threatened, the
business, the
tinkering with currency and credit, the neverending uncertainty occasioned by the New
Deal program, and the like, which are
respon¬
of them
variety of
government
by
numberless interferences with
which have been spon¬
soring
same
spending billions of dollars
the
posi¬
such
course,
now
whose
enlarge
tween
and
less it would be the
posed legislation would be
same
Bill,
would
not indicate.
Wagner Hous¬
no
"merely planning
age.
employed rolls, he does
ber of other pieces of pro¬
left in about the
of
this result
those sup¬
head-Jones Tenant Farmer
Just how he would accomplish
who would then provide for
those thus placed automatically
upon the un¬
years
legisla¬
blocs in Con¬
as
Bill and the
thing, however, can be taken as a cer¬
As long as the "other things" that
are
now
being done and planned continue,
there will be no really
satisfactory end of the
abnormal unemployment situation now ob¬
taining in this country despite the very
marked increase in industrial
activity.
One of the "other things" suggested
by the
Administrator is that of putting an end to
work by people under 18 years and over 65
money
several
are
porting the so-called Bank-
tainty.
only the tax bill, the
such
One
with
a
con¬
might easily fol¬
There
gress,
relief."
Administrator
in the Sen¬
legislation,
rather strong
unemploy¬
better than, if as good as,
for unemployment relief."
tax
over
low.
Of course.
We should have been
doing
"other things" for the past half dozen years.
The trouble is that the "other
things" that
con¬
prolonged
a
ensue
sequences
should be thinking of doing other things
than merely planning for
stantially further delaying
in
was
number of incidental
day that "if we are not going to get an
increase in private employment through nor¬
mal channels in the near future, then 1 think
and without sub¬
program
ate
other
"must"
the
Things"
The Works Progress Administrator told the
House
Committee
on
Appropriations the
this
yesterday.
the attitude the
take, and that, too,
i
is
late
upon
yesterday.
which the Presi¬
measures
dent
matter of prac¬
definite indica¬
available
was
to
as a
very
No
Much, doubtless, will depend
number of other
a
premises, but what it would,
this
The question
not what the Senate ought to do in
of the so-called unlisted
trading amendments to the
as
not disposed to count their chickens
were
they
of
was,
in Congress,
possess
anxiety of all concerned to have Congress
has not been
one
Yet the record of legislation
for the past four or five months would at almost
any
other time in our
history have been considered sen¬
sational.
A
misnamed
conservation
Act
less
no
sweeping than the Agricultural Adjustment Act it
supersedes; bonus legislation that calls upon the
Treasury to make disbursements
excess
ago;
of
anything
further
thought to the
ever
gigantic
source
to
dreamed of
a
veterans
far in
few short years
appropriations
with
little
of the funds; a tax measure
un¬
precedented in its complexity, unworkability, injus¬
tices, and in the degree to which the power of taxa¬
tion would be used to exercise control
over
industry
Financial
3050
trade, and amendments to the two Securities Acts
and
substantially enlarge the already excessive
that very
Securities and Exchange
Commission—such, in broad outline, would be the
the
in
vested
authority
record of this session of Congress upon
parently
ap¬
difficult, not to say impossible, to find any
It is
substantial evidence of
a
real
breathing spell for industry
It is, of course, obvious that
and trade in this record.
the
the basis
desired by the President.
now
of the conservation legislation is
purpose
exercising close control of agricultural produc¬
In our issue of Feb. 29 we took occasion to
that of
tion.
May 9, 1936
Chronicle
pending in Congress, which were drafted and are
During
persistently sponsored by the Commission.
past week another report with recommendations
the
Congress, this time concerning mu¬
to
made
was
nicipal bankruptcies and the conduct of
municipal
reorganization committees. Here again, in addi¬
tion to urging unwise amendments to the bank¬
ruptcy act already too much or too
badly amended,
strongly recommends regulation—presumably by
the Securities and Exchange Commission—of such
it
A
committees.
companion report on corporate re¬
organization committees is in process of prepara¬
tion.
express
views
our
the proposed amendments to
on
the Securities Act of 1933 and the
1934, namely, that they were to be
of
Act
Securities Exchange
firmly
opposed by all right-thinking people for the reason,
if for
very
other, that they were evidently designed
no
substantially to enlarge the scope of the control
exercised
the securities markets of the country.
over
We have stated and reiterated
what
we
regard
major defects of the pending tax measure.
of this our readers are already familiar.
as
the
With all
Bureaucracy Becoming Aggressive
Every one knows, of course, that there have been
abuses, some of them inexcusable, in this field. They
occurred
have
But
one
work of re¬
occasion in the
upon
corporations
organizing both
municipalities.
and
must be naive indeed to expect to
find the
remedy in placing these matters under the control
Commission which already has
of
a
it
more
work and
more
had entrusted to
responsibility than
a
dozen
able
commissions could reasonably be expected to
assume with success, given existing circumstances.
Mankind is supposed to have learned centuries ago
by hard experience that the remedies for its ills,
there
But
significant indications
are
of
determination
the
that the
that be to develop,
powers
strengthen and more widely use their control over
being exercised more promi¬
business is
American
nently in administrative departments than in legis¬
lative halls.
The Federal Communications Commis¬
sion
doing what it could do bedevil the
has been
of
management
of
one
our
largest utility enter¬
particularly perhaps in the field of business, are not
to be found in more and more detailed regulation
control
and
by government.
been of
late,
convincing evidence of
and rendered
thousands
of
hundreds
throughout this
disturbing,
it
or so
small
of
seems
to us,
Exchange Com¬
only to extend the range of its author¬
ity but to make troublesome, if perhaps
somewhat
sporadic, punitive forays in fields over which it has
been
rious
this Commission brought very se¬
charges against a large and highly respected
firm of investment bankers in New York
firm in
question at
appears
City. The
to have been carefully prepared,
to
is
once
give the facts upon
issued a statement, which
purporting
which the charges rest. It
exaggeration to say that the best and most
no
dispassionate minds of the financial community are
even
today greatly puzzled to know just how the
Commission
can
make good its
thus set forth.
the facts
charges in light of
We, of
course,
shall not
prejudge the case, but it seems safe to assert that
unless the Commission has much more evidence,
and much
more
convincing evidence than it has yet
permitted the public to see, it has already done a
grave
firm that must already have
damage as a result of the action
injustice to
suffered
severe
articulate, it
overtakes
disaster
may
fail to
save
the day
us.
The Fiscal Situation
THE deficiency public carries bill now made avail¬
appropriation appropriations to¬
the
able to
taling nearly $2,365,000,090.
The measure, more¬
while making a gesture toward definite alloca¬
over,
tions of this
stupendous
sum,
would largely present
the President with another "blank
given jurisdiction.
Two weeks ago
reawakening to the facts,
a
awakening is encouraged, stimulated
investors
Still more
is the increasingly
obvious effort of the Securities and
mission not
before
other countries.
and
greatly encouraged to observe,
we are
notwithstanding the fact that the company is owned
some
There has
tory in these matters quite thoroughly.
but unless this
few "malefactors of great wealth" but by
this
country seem to have forgotten the lessons of his¬
prises without any observable reason of consequence,
not by a
It must with deep re¬
however, that many people in
gret be said,
a
the
use
to which the money
so
far
as
Appar¬
ently there is to be a strenuous struggle over its pro¬
visions, but unfortunately there is but little ground
for
hope that fundamental changes will be made
in
the
measure,
of
amounts
duced.
Mr.
be the
to
its
and
that
none
Hopkins, whose projects
in rather vague
cated
practically
the
appropriations will be greatly re¬
are
apparently
largest beneficiaries under the bill, indi¬
language
changes con¬
some
templated in the mode of disbursing these funds,
but
had
nothing to
the funds
material way
Mr.
ideas
that suggested that after
improved.
Hopkins
marks
say
spent the situation would be in any
are
was
drawn into
some
general re¬
concerning the future in regard to relief. His
to center around rather futile and vague
seem
programs
of "cooperation" between industry and
extensive
for
government
taken.
check,"
might be put.
ideas
re-employment,
closely akin to those sponsored by President Hoover
Asking for More Control
Such actions
to the
recent
as
this, however, only give strength
impression almost unavoidably gained from
utterances of the Chairman of the Commis¬
sion, from the recent recommendations of the Com¬
mission
ports
body.
itself
to
Congress
of the plans
-
and from current re¬
and intentions of that public
We have already made mention of the de¬
mand for
more
power
embodied in the measures now
early in the depression, except that programs of this
nature
new
somehow
seem
unwarranted activities
to
carry
a
threat of
by the Federal Government
and
possible national bankruptcy if business does
not
"cooperate."
made
be
some
limited to
eighteen years
fifth
The suggestion of the President
time ago
birthday
that gainful employment should
those who have
attained the
age
of
and have not reached their sixtywas
revived by Mr.
Hopkins,
who
Volume
Financial
142
seemed to feel that "there
subject,
ought to be
but fortunately there
disposition to take these ideas
possibly
a
seems
very
law"
the
on
be
to
little
seriously except
3051
$25,684,000
to
non-member
$5,531,998,000.
bank
deposits
ratio fell to
reserve
in
campaign material.
as
Chronicle
Foreign bank
receded
78.2% from 78.3%,
deposit liabilities
was
HPhe investment
A
markets
appear
other
to be steadily
digestiug the large volume of issues which they
have been asked to absorb
during the past month
or
two, and thus to be getting into condition for new
respects the condition
colorless.
Discounts
The
the drop
as
overshadowed by the gain
in circulation liabilities and the fall of
Investment Markets Improve
and
slightly.
quite
was
System
the
by
In
reserves.
statement
off
were
$739,000 to $4,584,000, while industrial advances
dropped $149,000 to $30,170,000. Open market hold¬
ings of bankers' bills receded $8,000 to $4,676,000,
holdings of United States Government securi¬
offerings again. The difficulties experienced during
but
the past few weeks appear to
ties increased
of
matter
much
that
pricing in
more
the
heartening
have been largely a
event.
any
were
it not for
the
is
of
palpably the result of artificial
so
market conditions arbitrarily created by
money
Corporate Dividend Declarations
fact
apparently almost insatiable appetite
the investor
$57,000 to $2,430,336,000.
All this would be
a
government devoted to the pump priming philosophy
—a
FAVORABLE dividend actions, particularly in
industry,
feature the present
the
week.
oil
dend of 75c.
a
payable June 12;
do far
extra
of
injury to investors than the misdeeds
reorganization committees, about which in the
of
case
municipalities the Securities and Exchange
Commission appears to be considerably perturbed.
terly of 50c.
ReservelBank Statement
OF CHIEF interest in the current banking statis¬
gold
again
tics
is
the indications that
are
flowing to this
side
once
of the Atlantic
in
large
amounts, owing to the French political crisis and
the universal
the
gold standard by that country.
summary
a
uncertainty regarding maintenance of
The monetary
issued by the Federal Reserve Bank notes
gain of $27,000,000 in the monetary gold stocks of
the United
States
during the week to Wednesday
night, and the aggregate
The
increase
is $10,248,000,000.
now
reported is due largely to im¬
now
distributed.
case
of
on
scale limited
a
only by available shipping space.
Holdings of gold certificates by the 12 Federal Re¬
banks failed to reflect the addition of metal
serve
to
a
our
metallic
stocks, but this probably will be only
temporary matter.
banking statistics
tions.
Excess
In other respects the current
quite in line with expecta¬
are
reserves
of member banks
over
legal
June
15, which
Dec.
a
the
6%
stock since
in
money
this
similar
weekly through sales of discount bills
amount
and
over
obligations.
above
the
refundings of
This keeps the general account
of the
too
Treasury with the Reserve banks from falling
rapidly, and by the same token prevents quick
additions to member bank
reserves
because
of the
large Treasury outlays.
Gold
serve
certificate
banks
dipped
to
with 15c.
a
dividend
stock,
common
payable
share paid
a
on
Skelly Oil Co. declared
preferred
stock,
payable
May 1, 1931, when
share
addition
to
share
a
20%
the
on
same
able
made.
Columbian
the
a
regular quarterly of $1
a
Corp. declared
a
stock dividend
the common stock, payable June 1; at
time 90c.
a
share cash
was
declared,
pay¬
July 1 to holders of record June 5; the cash
dividend therefor will be
shares to be
issued;
common
paid also
extra.
the additional
on
April 1 last 75c.
Jan. 1, 1936, 75c.
on
share
a
on
a
a
share
a
Nickel
dividend of 30c.
only 25c.
Dec.
Co.
of
share
a
stock, payable June 30, which
with
was
share regular and
International
Canada, Ltd., declared
the
was
special dividend of 50c.
a
both payable June 1; a special
paid Dec. 2, 1935. Commercial
was
Investment Trust
of
share
the common,
on
of 40c.
a
declared
the
on
regular quarterly
a
on
compares
31, and 20c.
a
share distributed
on
March 31 and
a share Sept. 30, 1935.
On the
side, Purity Bakeries Corp. declared a quar¬
adverse
terly dividend of 10c.
able June 1:
a
share
previously, 25c.
on
a
the common, pay¬
share quarterly
was
paid.
holdings of the 12 Federal Re¬
very
slightly to $7,703,337,000
May 6 from $7,703,833,000
vaults fell
cumulative
Co.
25c.
new
compares
payment of $1.50
The
stand at $2,700,000",000.
the
on
Aug. 1, which will be the first distribution
ered, and they
now
similar extra
dividend of $1.50 a share on account of accruals
on
paid, and
has started to raise $50,000,000 in
capital stock,
a
share in addition to the
a
14, and June 15, 1935.
cov¬
now
regular semi¬
Ohio Oil Co. declared
share
a
requirements increased $10,000,000 in the week
Treasury
share
extra divi-
an
the
on
a
Standard Oil of Indiana declared
June 15.
on
25c.
share in
being reported daily
share
a
share
a
regular quarterly of 25c. a share, payable in each
quent gains, since gold engagements for shipment
are
50c.
a
payable June 15; last Dec. 16
Carbon
New York
stock, both
common
share in addition to
a
extra dividend of 15c.
an
the
on
in December last,
annual dividend of 50c.
ports, but it will be vastly overshadowed by subse¬
from Paris to
share
a
paid, and in September, 1935, 25c.
dent of 25c.
was
extra divi¬
an
Standard Oil of N. J. declared
extra.
both
Federal
was
Corp. declared
share in addition to the regular quar¬
general view which, having spread like wildfire
throughout the country, is doing and is destined to
more
a
were
General Motors
on
sharply and total
April 29, but cash in
reserves were
$8,03S,801,000 from $8,056,426,000.
Business Failures in
on
lowered
Month-end
April
COMMERCIAL failures in April as improvement
reported by
Dun &
over
Bradstreet show decided
April last
year as
well
as
March, 1936. In April
requirements for hand-to-hand currency caused the
the total number of failures
dip in cash, and also occasioned
pared with 1083 in April, 1935 and 946 in March
eral Reserve notes in
880,000
were
from
from
lowered
actual
$3,741,690,000.
an
increase of Fed¬
circulation to
The
total
penditures the chief
on
on May 6
April 29, with Treasury ex¬
reason
for the variations in the
separate accounts, for Treasury deposits
member
deposits
moderately to $6,499,045,000
$6,547,026,000
account
$3,778,-
on general
dropped $57,450,000 to $621,759,000, while
bank deposits on reserve account increased
last.
Liabilities involved fell
was
off
only 830
as com¬
similarly amount¬
but $14,543,000 in the month just passed,
ing to
while in the
529,000
same
and in
month of 1935 the total
March this
year,
was
$16,-
$16,271,000.
In
March, 1936 both the number of failures and amount
involved
were
slightly greater than in March, 1935.
Separating the figures by lines of industry it be¬
comes
apparent that the reduction from last year
,ad amendments to the two Securities Acts
pending in Congress, which were drafted and are
in
Securities
the
and
During
persistently sponsored by the Commission.
;;bstantially enlarge the already excessive
ested
May 9, 1936
Chronicle
Financial
week another report with recommendations
made to Congress, this time concerning mu¬
the past
Exchange
—such, in broad outline, would be the
was
is session of
nicipal bankruptcies and the conduct of municipal
Congress upon the basis ap-
desired by
w
evidence of
reorganization
the President,
icult, not to
impossible, to find
say
tion
any
ruptcy act already too much or too badly amended,
it
is, of
obvious that
course,
issue of Feb.
the
on
29
organization committees is in process of prepara¬
tion.
proposed amendments to
Act of 1933 and the Securities
3s
right-thinking people for the
abuses,
But
ts of the
eaders
pending tax
regard
measure.
as
must be naive indeed to expect
one
of
With ail
a
it
the
more
to find the
Commission which already has had entrusted to
work and
responsibility than
more
able commissions could
assume
with success,
a
dozen
reasonably be expected to
given existing circumstances.
Mankind is supposed to
Becoming Ag;re«iif«
ureaucracy
municipalities.
corporations and
remedy in placing these matters under the control
already familiar.
are
work of re¬
occasion in the
upon
organizing both
the securities markets of the countly.
we
of them inexcusable, in this field. They
reason,
ntially to enlarge the scope of the control
ited and reiterated what
knows, of course, that there have been
occurred
have
ther, that they were evidently designed
rei
one
some
Every
Exchange
1, namely, that they were to be firmly
all
A companion report on corporate re¬
committees.
took occasion to
we
strongly recommends regulation—presumably by
Exchange Commission—of such
the Securities and
of the conservation legislation is
views
again, in addi¬
the bank¬
Here
It
rising close control of agricultural producur
committees.
urging unwise amendments to
breathing spell for industry
a
this record.
.rpose
to
have learned centuries
ago
by hard experience that the remedies for its ills,
e
significant
are
of
on
and
the
indications that the
widely
more
msiness is
their control
use
being exercised
Iministrative
particularly perhaps in the field of business,
that be to develop,
powers
more
over
gret be said,
departments than la legis-
of
it
al t
of
one
largest utility enter¬
our
observable
any
reason
of consequence,
ding the fact that the company is owned
"malefactors of great
■w
of
reds
this
or
thousands
and
it
so
other
small
of
countries.
to ts,
seems
it only to extend the
of its author-
troublesome, if perhaps somewhat
anitive
forays in fields
which it has
over
this Commission brought very
against
es
facts
New York
issued
once
have been
se¬
large and highly respected
a
?stment bankers in
•stion at
a
City. The
statement, which
carefully prepared, purporting
which the charges ml
upon
been of
before
It
greatly puzzled to know just how the
good its charge# In light of
set forth.
Commission
seems
has
course,
shall not
safe to assort that
much
more
evidence,
convincing evidence than it has yet
oore
lie
We, of
but it
case,
public to see, it has already done a
dice
to
firm
a
damage
vere
that must
as
a
already have
result of the action
as
encouraged, stimulated
may
fail to
save
the day
us.
THE deficiency public carries bill now made avail¬
appropriation appropriations to¬
able to the
taling nearly $2,365,000,000.
while making
over,
a
The measure,
more¬
gesture toward definite alloca¬
tions of this stupendous sum, would largely present
the
use
to which the money
ently there is to be
this, however, only give strength
almost
a
might be put.
Appar¬
strenuous struggle over its pro¬
visions, but unfortunately there is but little ground
for
hope that fundamental changes will be made
In
the
measure,
of
amounts
its
and
practically
none
that
the
appropriations will be greatly re¬
Mr.
Hopkins, whose projects are apparently
largest beneficiaries under the bill, indi¬
be the
cated
in rather vague language some changes con¬
templated in the mode of disbursing these funds,
but had nothing to say that suggested that after
the funds
material
Mr.
marks
Ideas
are
spent the situation would be in any
improved.
way
Hopkins was drawn into some general re¬
concerning the future in regard to relief. His
to center around rather futile and
vague
seem
programs
of "cooperation"
for
nature
seem
between industry
and
extensive
re-employment, ideas
closely akin to those sponsored by President Hoover
early in the depression, except that programs of this
Asking for More Control
•ession
reawakening to the facts,
a
overtakes
government
:.ons
There has
The Fiscal Situation
to
e
re¬
this
greatly encouraged to observe,
articulate, it
disaster
duced.
tins
we are
and rendered
that the best and most
make
It must with deep
that many people in
but unless this awakening is
financial community are
can
late,
convincing evidence of
say
i
not
are
regulation
tory in these matters quite thoroughly.
te minds of the
deration to
detailed
the President with another "blank check," so far as
jurisdiction.
ks ago
however,
more
Exchange Corn-
range
more
Investors
Hull
is the increasingly
■art of the Securities and
make
wealth*1 but by
and
country seem to have forgotten the lessons of his¬
/
doing what it could do bedevil the
more
and control by government.
promb
The Federal Communications Commisen
be found in
to
unavoidably gained from
new
somehow
to
carry a threat of
unwarranted activities by the Federal Government
of the Chairnnn of the Comrais-
and
possible national bankruptcy if business does
the recent recommendations of the Corn-
not
"cooperate."
self
made
nances
le
to
Congress
plans
have
ore
and from
current
re-
and intentions of that public
already mads mention of the de-
power
embodied in the
measures now
some
The suggestion
time ago that
he limited to
those who
eighteen years and
fifth
birthday
was
of the President
gainful employment should
have attained
have not reached
revived
the
age
their
by Mr. Hopkins,
of
sixtywho
Volume
Financial
142
seemed to feel that "there
subject,
but
ought to be
fortunately there
disposition to take these ideas
possibly
a
law"
the
on
little
be
to
seems
seriously except
very
3051
$25,684,000 to- $5,531,998,000.
non-member
bank
deposits
ratio fell to
reserve
in
campaign material.
as
Chronicle
Foreign
receded
78.2% from 78.3%,
deposit liabilities
other
THE investment
markets appear to be steadily
digesting the large volume of issues which they
A.
have been asked to absorb
during the past month
or
two, and thus to be getting into condition for new
offerings again. The difficulties experienced during
past few weeks appear to have been largely a
the
matter of
much
pricing in
more
that
the
event.
any
heartening
were
is
so
it not
for
palpably the result of artificial
market conditions arbitrarily created by
a
general view which, haying spread like wildfire
throughout the country, is doing and is destined to
do
far
of
reorganization committees, about which in the
more
of
case
injury to investors than the misdeeds
municipalities the Securities and Exchange
Commission appears to be
Federal
considerably perturbed.
ReserveJBank Statement
is
the indications that
are
flowing to this
side
the
once
of the Atlantic
in
large
a
uncertainty regarding maintenance of
gold standard by that country.
summary
The monetary
issued by the Federal Reserve Bank notes
gain of $27,000,000 in the monetary gold stocks of
United
the
night,
The
and
States
during the week to Wednesday
the\ aggregate
increase
is $10,248,000,000.
now
reported is due largely to
now
the
by
System
$57,000 to $2,430,336,000.
Corporate Dividend Declarations
FAVORABLE dividend actions, particularly in
industry, wfere
feature the present
the
im¬
oil
a
General Motors
week.
dend of 75c.
a
terly of 50c.
share
a
was
regular
in December last, 50c.
share in addition to
a
annual dividend of 50c.
share
a
on
distributed.
capital stock,
similar extra
a
Standard Oil of Indiana declared
extra dividend of 15c.
share in addition to the
a
regular quarterly of 25c. a share, payable in each
case
of
June
the
on
compares
with 15c.
the
6%
$1.50
dividend
payable
share paid
a
account of accruals
on
preferred
stock,
since
May 1, 1931, when
payment of $1.50
share
a
Columbian
made.
was
share
both payable June 1;
on
scale limited
a
only by available shipping space.
Holdings of gold certificates by the 12 Federal Re¬
banks failed to reflect the addition
serve
to
a
our
metallic
stocks, but this probably will be only
temporary matter.
banking statistics
tions.
Excess
of metal
In other respects the current
quite in line with expecta¬
are
reserves
of member banks
over
legal
Co.
the common,
on
of 40c.
share
a
of
20%
the
on
able
shares to be
ered, and they
The
25c.
new
in
money
this
similar
stand at $2,700,000,000.
now
raise $50,000,000 in
weekly through sales of discount bills
amount
and
over
obligations.
above
the
refundings of
This keeps the general account
of the
too
Treasury with the Reserve banks from falling
rapidly, and by the same token prevents quick
additions to member bank
reserves
because of the
large Treasury outlays.
Gold
serve
certificate
banks
dipped
eral Reserve notes in
from
actual
$3,741,690,000.
Month-end
currency caused the
dip in cash, and also occasioned
were
an
increase of Fed¬
circulation to
The
total
$3,778,deposits
lowered
moderately to $6,499,045,000 on May 6
$6,547,026,000 on April 29, with Treasury ex¬
penditures the chief
reason
for the variations in the
separate accounts, for Treasury deposits
account
member
on general
dropped $57,450,000 to $621,759,000, while
bank deposits on reserve account increased
was
declared,
pay¬
common
on
a
the additional
a
share
a
Nickel
dividend of 30c.
a
stock, payable June 30, which
only 25c.
Dec.
31, and 20c.
a
share distributed
a
on
Co.
of
share
on
compares
March 31 and
share Sept. 30, 1935.
On the
side, Purity Bakeries Corp. declared
terly dividend of 10c.
able June 1:
a
share
previously, 25c.
on
a
was
share regular and
International
extra.
with
adverse
paid also
April 1 last 75c.
a quar¬
the common, pay¬
share quarterly
was
holdings of the 12 Federal Re¬
$8,038,801,000 from $8,056,426,000.
from
share
a
on
Jan. 1, 1936, 75c.
on
Business Failures in
very
requirements for hand-to-hand
880,000
issued;
Canada, Ltd., declared
the
Commercial
stock dividend
stock, payable June 1; at
share cash
a
a
special
paid.
slightly to $7,703,337,000 on
May 6 from $7,703,833,000 on April 29, but cash in
vaults fell sharply and total reserves were lowered
to
common
dividend therefor will be
paid, and
has started to
a
a
July 1 to holders of record June 5; the cash
cov¬
now
the
a
regular quarterly of $1
Corp. declared
time 90c.
same
special dividend of 50c.
a
paid Dec. 2, 1935.
was
Investment Trust
requirements increased $10,000,000 in the week
Treasury
declared
the
on
regular quarterly
a
the
being reported daily
payable
Aug. 1, which will be the first distribution
stock
on
Skelly Oil Co. declared
share
a
cumulative
a
stock,
common
14, and June 15, 1935.
dividend of
on
Ohio Oil Co. declared
share
a
15, which
Dec.
a
June 15.
on
25c.
share in addition to
are
share
regular semi¬
quent gains, since gold engagements for
shipment
a
extra divi-
an
a
the
payable June 15; last Dec. 16
share
a
paid, and in September, 1935, 25c.
dent of 25c.
quar¬
stock, both
common
Standard Oil of N. J. declared
extra.
an
the
on
extra divi¬
an
share in addition to the
payable June 12;
extra
Corp. declared
Carbon
New York
off
were
ports, but it will be vastly overshadowed by subse¬
from Paris to
quite
was
holdings of United States Government securi¬
ties increased
was
amounts, owing to the French political crisis and
the universal
but
both
OF CHIEF interest in the current banking statis¬
gold
again
tics
Discounts
In
reserves.
statement
$739,000 to $4,584,000, while industrial advances
dropped $149,000 to $30,170,000. Open market hold¬
ings of bankers' bills receded $8,000 to $4,676,000,
fact
the
government devoted to the pump priming philosophy
—a
colorless.
condition
the
the drop
as
All this would be
apparently almost insatiable appetite of
the investor
money
respects
and
The
overshadowed by the gain
was
in circulation liabilities and the fall of
Investment Markets Improve
bank
slightly.
April
COMMERCIAL failures in April as improvement
reported by
Dun &
over
Bradstreet show decided
April last
year as
well
as
the total number of failures
March, 1936. In April
was
only 830 as
com¬
pared with 1083 in April, 1935 and 946 in March
last.
Liabilities involved fell off
similarly amount¬
but $14,543,000 in the month just passed,
ing to
while in the
529,000
same
and in
month of 1935 the total
was
$16,-
March this year, $16,271,000.
In
March, 1936 both the number of failures and amount
involved
were
slightly greater than in March, 1935.
Separating the figures by lines of industry it be¬
comes
apparent that the reduction from last
year
Financial
3052
largely in the retail trade division in which
was
there
173 fewer failures and
were
bilities.
With the
tions from last year.
in
showed substantial reduc¬
divisions also
the other
$1,517,000 less lia¬
exception of the manufacturing,
In the retail group there were
April, 507 failures involving $5,931,000 as com¬
May 9,
Chronicle
industrials
as
stocks showed
slight gains, but utility issues receded
decline in the output
a
on
Railroad
advanced.
also
whole
a
terially, and most of the previous gains for the week
canceled.
Movements were almost imper¬
were
ceptible until the final hour, when sharp
ties ; among
were
both this year
to
and last, but the liabilities were down
$1,480,000 from $1,966,000 last year; in the con¬
struction
$1,220,000,
line, 31 firms failed for
as
forced by a mild wave
issues fell 1 to 3
again
downward. Industrial issues drifted a bit
whole, despite occasional gains of a point
was
lower
as a
this year
were
38
for $768,000 while last year 62 failed for
In the manufacturing group although
$1,502,000.
a
year ago,
liabilities involved were considerably
higher, amounting to $5,144,000 this year as com¬
In
in
there
Reserve District
Federal
every
fewer failures
were
April, 1936 than in April, 1935.
However, in respect to liabilities involved, five dis¬
displayed its dual charac¬
The listed bond market
United States Govern¬
securi¬
fractionally higher one day and down as
throughout the week.
ter
much the
the highly-rated corporate
and
ment issues
ties moved
pared with $3,985,000 last year.
Rail and utility shares
two in favored stocks.
or
hardly varied at all.
only 161 failures were recorded as compared with
180
Leading
points, and a few of the favorite
speculative vehicles showed larger losses. The mar¬
was fairly steady yesterday, but the main trend
which failed
houses there
service
recessions
of liquidation.
ket
against 68 for $1,628,000 a year ago; among com¬
mercial
In
of electrical energy.
trading on Thursday levels were lowered ma¬
dull
pared with 680 in April, 1935, with $7,448,000 liabili¬
wholesale traders there were 93 failures
1936
next,
that net changes were altogether
so
Speculative and semi-
unimportant for the week.
speculative bonds staged small recoveries early in
week, but receded in the last two sessions, the
tricts, Boston, Cleveland, Richmond, Atlanta and
the
Dallas, showed increases over a year ago, the in¬
performances closely paralleling those in equities.
in the Atlanta District was to
crease
only $297,000
year
a
$1,634,000 from
Among the remaining
ago.
districts, greatest improvement was recorded in the
York stock
a
on
The drastic declines of the two
small scale.
very
the cur¬
throughout
uneasiness
much
caused
American
PRICE movements were irregular on the New
market this week, with dealings
as
The foreign exchange sit¬
Ethiopian resistance.
uation
The'New York Stock Market
progressively
position of that country became acute, but
Italian issues strengthened because of the collapse
rency
of
Chicago and San Francisco Reserve districts.
weakened
bonds
French
the
A capital flight of
securities markets.
huge proportions from France set in after the elec¬
tions there last
Sunday, and gold was engaged every
day in large amounts for shipment from Paris to
preceding weekly periods were followed by several
New
sessions of
carried
slowly advancing figures, but by Thurs¬
York, while airplanes and channel steamers
immense amounts to London. 4 Pressure
day another wave of liquidation developed and the
against the franc was unremitting, and other Euro¬
levels
pean
Net
dropped back almost to the lows of the year.
changes, in these circumstances, were modest
for the week.
There
of sessions for
ber
better demand in
was
various
prominent high-priced stocks advanced.
of equities merely drifted
great bulk
a num¬
specialties, and a few
But the
and closed
The uncertainties of the"
week earlier.
a
French situation inclined traders and
investors to
of the British
intervention
Fund.
Exchange Equalization
Commodity markets were quiet and slightly
securities markets to any degree.
On
York
Newr
the
touched
high
new
stocks touched
Stock
levels
new
Exchange
for
the
year
aloofness, for the general impression was that an¬
other
and 57 stocks touched new low levels.
of
currency
unsettlement may be in
Dealings in equities on the New York Stock
store.
Exchange just topped 1,000,000 shares in each of
The belief that dulness
the full sessions of the week.
prevail for some time to come is perhaps best
may
illustrated
by sale of a seat on the Exchange, Mon¬
stocks
while 85
Exchange 11 stocks touched new high levels
the New York Stock
at
28
On the New York
low levels.
Curb
period
Sterling ex¬
despite the
irregular, but such movements did not affect the
yesterday at prices within striking distance of those
prevalent
gold currencies also were weak.
change strengthened on the transfers,
Call loans
on
Exchange remained unchanged
a54%.
On
the
the
New York
half-day session
shares;
on
Stock
Exchange the sales at
Saturday last were 401,800
on
Monday they
were
1,071,020 shares;
on
day, at $100,000, off $30,000 from the last previous
Tuesday, 1,174,690 shares; on Wednesday, 1,131,370
sale
shares;
April 27.
on
A slow downward drift of
quotations took place
last
Saturday, and fractional losses were general
in
very
a
on
After
dull market.
an
uncertain opening
Monday, prompted in good part by the decided
of the French elections, quotations re¬
Left trend
covered.
Changes in the general level were of no
since the prominnt average compila¬
consequence,
tions
reflected
Better
ket
inquiry
was
point
or
very
only
was
thin,
two.
other
small
fractional advance.
noted Tuesday, and as the mar¬
some
of the favorites moved up a
A favorable dividend declaration by
the General Motors
and
a
motor
Corp. caused increases in this
stocks,
while
other
shares likewise attracted attention.
modified
industrial
But the gains
profit-taking.
Moderate improvement took place on Wednesday,
with copper and oil stocks in best demand, although
were
by
a
late period of
on
Thursday, 1,005,560 shares, and on Fri¬
On the New York Curb Ex¬
day, 779,830 shares.
change the sales last Saturday were 101,735 shares;
on
Monday, 231,125 shares;
shares;
on
day, 247,780 shares, and
Small
on
Tuesday, 281,480
Wednesday, 257,145 shares; on Thurs¬
on
Friday, 168,590 shares.
trading volume and fractional gains char¬
acterized the movement of stocks in the market up
until
Thursday of this week; weakness in prices then
developed and equities turned lower for the day.
Yesterday, in
slight change
a
spiritless session, prices reflected
over
the previous close and ended the
day with modest recessions as compared with Fri¬
day
a
at 36
dated
week
General Electric closed yesterday
ago.
against 36%
Edison
Co.
on
of
Friday of last week; Consoli¬
Y. at 28% against 29%;
N.
Columbia Gas &
Elec.
Service
at
of N. J.
at
17
against 17%; Public
39% against 40%; J. I. Case
Volume
Financial
142
Chronicle
3053
Threshing Machine at 147 against 149%; Interna-
yesterday at 93%c.
tional Harvester at
Friday of last week. May corn at Chicago closed
yesterday at 63%c. as against 63%c. the close on
& Co. at
at
81% against 81; Sears, Roebuck
64% against 65; Montgomery Ward & Co.
39% against 38%; Woolworth at 48% against
Friday of last week.
48%, and American Tel. & Tel. at 155% against
yesterday at 26%c.
151%.' Allied Chemical & Dye closed yesterday at
against 97%c. the close
as
on
May oats at Chicago closed
Friday of last week.
183% against 185%
bian Carbon at 112
Nemours at 139
ter at 23
against 139%; National Cash Regis-
against 23%; International Nickel at 45%
against 45%;
National
Dairy Products at 22%
against 22%; National Biscuit at 34% against 33%;
Texas Gulf
Can at
Sulphur at 35 against 34%; Continental
yesterday at 11.67c.
yesterday
15%;
per ounce on
106
ex-div.
as
against 15.87c. the close
on
In London the price of bar silver closed yesterday
at 20%
at
15.31c.
was
on
The spot price for rubber
Friday of last week. Domestic copper closed yesterday at 9%c., the same as on Friday of previous
weeks.
against 157% bid; Standard Brands at 15% against
Mfg.
against 11.61c. the close
as
Friday of last week.
68% against 75; Eastman Kodak at 162%
Westinghouse Elec. &
on
The spot price for cotton here in New York closed
Friday of last week; Colum-
on
against 112%; E. I. du Pont de
against 25%c. the close
as
against 20 5/16
pence per ounce as
pence
Friday of last week, and spot silver in
against 106; Lorillard at 22% against 22%; United
New York closed yesterday at 44%c., the close
States
Friday of previous weeks.
Industrial
Canada
43
at
Alcohol
at
Dry at 11 against 11%; Schenley Distillers
against 39,
and National
Distillers
against 28%.
Tube
much less
were
Steel
at
on
48%
Friday of last week;
against 49%;
at
51% against 51%.
and cable transfers
6.58%c.
In the motor group,
yesterday at 31% against 34%
Friday of last week,
closed yesterday at
Friday of
on
last week.
i
c*.
i
**
European .Stock Markets
T TIGHLY irregular and uncertain conditions
il
vailed this week
pre-
of the stock markets
on some
in the foremost European financial centers, while
others
Motors at
nounced
In the rubber group,
on
Paris
against 6.58%c. the close
as
against 62; Chrysler at 94 against 95%, and Hupp
2% against 1%.
on
Republic
Friday of last week; General Motors at 63%
on
London closed yesterday at $4.99% as
on
18% against 183/4, and Youngstown Sheet &
Auburn Auto closed
on
In the matter of the foreign exchanges, cable
transfers
against $4.93 15/16 the close
the steel stocks
day at 55% against 56%
Bethlehem
29
United States Steel closed yester-
this week.
Steel at
at
:
Recessions among
severe
against 47%;
45%
relatively calm.
were
Left trend
In view of the pro-
of the national
in
elections
Goodyear Tire & Rubber closed yesterday at 24%
France, last Sunday, it
against 24%
whether France will be able to maintain its adher-
Rubber at
at
Friday of last week; United States
on
28% against 28%, and B. F. Goodrich
19% against 18%.
The railroad shares yesterday
closed in most instances
Friday
week
a
fractionally lower than
Pennsylvania RR. closed yester-
ago.
day at 29% against 30%
Atchison
124
on
Friday of last week;
Topeka & Santa Fe at 70 against 70%;
New York Central at 33
at
on
ence
was
questioned everywhere
to the gold standard indefinitely.
ity opinion
of financial
interests
The major¬
within
France
seemed to be adverse, judging by the Bourse, for
selling
huge
occurred
waves
sums were
on
the Paris market, while
sent abroad by French capitalists
for safekeeping. The capital flight from France nat-
against 34; Union Pacific
urally occasioned heavy exports of gold, but the
Southern Pacific
against 123%;
movement itself was
at 29%
on so
large
scale
a
to induce
as
against 30%; Southern. Railway at 14 against 14%,
doubts regarding the willingness of French authori-
and Northern Pacific at
ties to permit its continuance. Other European
the oil
day at 59 against 59%
Union Oil at 17
at
26% against 27%.
Among
stocks, Standard Oil of N. J. closed yesteron
Friday of last week; Shell
against 15%, and Atlantic Refining
29% against 29.
In the
copper group,
Anaconda
Copper closed yesterday at 33% against 33%
Friday
on
of last week; Kennecott Copper at 35%
kets reflected these developments
as
a
mar-
of
matter
with London less affected than the other
course,
European exchanges. All indications pointed to
an-
other period of intense financial uncertainty, and
extreme caution was manifested everywhere, with
trading at
modest levels.
very
The announcement
against 36; American Smelting & Refining at 75
late on Wednesday of an advance in the Bank of
against 73%, and Phelps Dodge at 33% against 32%.
France discount rate to 6% from 5% merely
Trade
industrial
and
maintenancc of
industries
of
now
activity, although
appear to
for
the
week
once
Steel-ingot producwas
estimated by
as
power
compared to 71.2% last week, but with
year.
hours,
Institute.
1,928,803,000
according to the Edison Electric
This
contrasts
with
was
output
of
1,932,-
797,000 kilowatt hours in the preceding week and
with
1,698,178,000
week of last year.
for the week to
of
102,227
As
4,973
little
paid to ordinary trade and industrial
was
reports.
Business indices, however,
remained
vorable in Britain and Germany, while
some
faim-
provement has been noted lately in France as well.
Dealings
on a very
as
on
the London Stock Exchange
were
modest scale in the initial session, Monday,
the results of the French elections
were
nature to prompt speculative engagements.
not of
a
British
funds were steady, while industrial issues displayed
cheerfulness.
freight
most attention, with French issues well supported
revenue
This
was an
the preceding week and
the corresponding week of 1935.
course
of the commodity
mar-
kets, the May option for wheat in Chicago closed
concern,
Car loadings of
cars over
indicating the
situation
monetary
similar
May 2 totaled 671,154 cars, the Asso-
cars over
international
matter of the gravest
kilowatt hours in the
ciation of American Railroads reports.
increase of
a
attention
Production of electric
for the week ended May 2
kilowatt
70.1% of
again
con-
views taken of the French situa-
grave
With the
tion.
ending today
42.2% at this time last
firmed the
prominent
some
the American Iron and Steel Institute at
capacity
good
a
have passed their period
greatest seasonal production.
tion
reflected
reports
while
lower.
The
international
Anglo-American
There
was
less
trading
nervousness
section
attracted
favorites
drifted
at London, Tues-
day, but trading did not increase to any noteworthy
extent.
British funds
were
most industrial issues also
in fair demand, and
improved moderately,
Favorable reports from New York caused a sharp
rally in Anglo-American issues, although other inter¬
national securities
dull.
were
The trading at Lon¬
<
don, Wednesday, reflected more decidedly the effects
the tremendous
of
capital flight from France, for
gold mining issues were in keen demand.
Good in¬
noted, however, for British funds and
industrial, obligations.
American issues
quiry also
for
was
most
steady in the international section, and Ger¬
were
securities showed
man
May 9, 1936
Financial Chroniclc
3054
Investment of
improvement.
of mark devaluation*
depress prices 1 to 2 points, and the close was
Rumors circulated on the Boerse, Thurs¬
to
uncertain.
day, that Dr. Hjalmar Schacht would emerge the
victor in the struggle with Gen. Goering for supre¬
Reich, and a sharp recovery of quotations
cies of the
took
London
also contributed
British funds were marked a
gold mining stocks.
little
higher, while home rail and industrial issues
modest
reflected
likewise
inquiry.
taken in international
was
Little interest
to the trend, and
advanced
sharply.
The Paris Bourse
made
was
nervous on
Monday
by the elections results of the previous day, and some
wide movements
affected
recorded in stocks that might
were
Rentes were rela¬
tively steady, but bank stocks dropped precipitately
by the Left victory.
owing to fears that the next government will call
for nationalization of the
intimated
in
some
banking institutions.
It
Paris reports that official
support was being extended to French Government
International securities
issues.
mand,
were
in
strong de¬
they always are at Paris when fears of
as
franc devaluation
The Bourse had
spread.
better
a
tone
on
were
reported. Rentes did not vary much, but bank
Tuesday, although wide movements again
stocks and other French
equities continued to sink,
while international issues remained in excellent de¬
at Berlin
yesterday.
French Elections
mand.
Dealings
on
Wednesday disclosed renewed
FRENCH voters went to the polls last with results
completed the national election Sunday and
accentuated
tremendously
the country
and placed the franc in greater
jeopardy than at any time in recent years. The run¬
off election confirmed amply the previous indica¬
tions of
Left trend in French sentiment.
a
in Paris attributed the
sentment
over
the
tained,
stocks
bank,
French
but
industrial
and
registered further declines, and
tions of
international favorites likewise
session at Paris
Thursday
on
governmental developments huge sums were
day this week. The
of ship¬
Special air¬
chartered in numbers to take gold from
gold losses were limited only by the amount
ping space and insurance available.
planes were
Paris
and
Reassuring statements were is¬
London.
to
daily by political and financial authorities,
sued
on
Wednesday the Bank of France tried to min¬
6% from 5%.
made the
of the
disastrous, not¬
was
to
talk
liquidated. The
were
of
greatest gains in the balloting began to
alizing banks and certain essential industries. Con¬
fusion continued to
prevail, in these circumstances,
withstanding the previous increase of the bank rate
and
cial
repeated
assurances
by Finance Minister Marcel
tained.
The
the
French
5,700 francs,
8,780 francs only two months
banks stocks
were
as
against
Other French
ago.
similarly weak, while equities of
descriptions likewise
Rentes declined
were
marked sharply
precipitately, but the capital
last
didates
of
the
Bourse
declared
leaders
nationalization
for
press
yesterday, but the losses were modi¬
Left
when
of
they
banks
in
would not
the
next
Little
activity
was
noted at Berlin, in the initial
trading session of the week. Prices
opening
on
were
Monday, but buying that
was
soft at the
attributed
to official intervention modified the losses in later
trading and closings
A
issues
few
trend
on
groups
Tuesday
of issues.
corded in
The
was
trend
next
remainder
not
est
was
and
motionless.
continued, Wednesday,
and the Popular Front
while
like 375 seats
National
Front
going to Independents whose actions are
Communists made the great¬
an
increase of representation to
largest bloc with 145 seats.
a
the
Members, while the Socialists will constitute the
number of
upon
and
Communists.
There
is
some
question,
how¬
to the unity of the numerous Left groups on
of
great moment, and in conservative cir¬
hoped that differences among the factions
save
periments.
the
The Left will be able to count also
various small groups of dissident Socialists
cles it is
will
Radical-Socialists lost
places, but will still be important with
their 115 votes.
matters
dull
test,
hold something
Chamber,
gains through
downward in virtually all
were
final
clearly defined.
ever, as
observers attributed the movement to of-
the
The
Losses of 1 to 3 points were re¬
securities
downward
some
at only modest recessions.
prominent bank and industrial issues, but
fixed-income
and
were
managed to disclose net gains.
the
Right parties will control about 236, with the
71
Chamber.
balloting of
April 26, and the run-off
amity in combining to support single can¬
in
of Left factions will
Another
on
on
Sunday gained correspondingly in importance.
skill and
in
period of liquidation caused sharp declines
election
Leaders of the various Left factions showed unusual
flight caused agains in most international issues.
fied
elected out of 618 in the first
were
Shares of the Bank
the Bourse.
of France fell 600 francs to
lower.
Owing to the profusion of parties, only 183 Depu¬
ties
on
gravest apprehension in finan¬
everywhere regarding French develop¬
ments.
weekly statement of the Bank of France
occasioned
other
circles
huge losses of gold and a new selling wave
disclosed
by raising the discount
But the Left leaders who
capital levies and of measures for nation¬
and there is now the
Regnier that the gold value of the franc will be main¬
recent
transferred out of France every
utility
some
of
entirely and in the absence of definite indica¬
away
rate
main¬
well
were
policies
haphazard
but the returns could hardly be explained
years,
financial
Rentes
Observers
trend largely to simple re¬
imize the outflow of funds
complications.
capital flight
the
that
from
uncertainty regarding the political situation and its
was
gains of 2 to 3
Heavy industrial securities
were in best demand, but all issues benefited.
Move¬
ments were small and unimportant in a dull session
points were frequent.
securities, which drifted
again occurred yesterday, while gold mining issues
was
by important German companies
Gains in British funds and industrial stocks
lower.
be
Announcements of in¬
place in that session.
creased dividends
market, Thursday, with the demand spread¬
economic poli¬
in dictating the financial and
macy
French funds remained the dominant feature of the
ing to oil and other commodity issues, as well as
counter-move to the recent talk
Even small offerings sufficed
ficial pressure as a
France
from
embarking
It is accepted
as a
on
perilous
ex¬
matter of course, on
other
hand, that the Socialists will be invited
to form a
regime early in June, while in the mean-
I
Volume
while
Y
142
the
Sarraut
The Cabinet met
tion created
the
Financial
will
Cabinet
remain
office.
in
Tuesday to consider the situa¬
on
by the extensive flight of capital and
rapid decline of security quotations on the Paris
Bourse, but decided there was
embargo, exchange control
nature. On
taken
was
of
the
augmented importance of Italy on the African
continent itself may
to the
rates
other
on
loans
as
matter
a
The sad fact also must be faced that the
nications.
Italian
Ethiopia may stimulate
of
rape
military adventures
similar
the part of other peoples
on
with colonial ambitions.
The Fall
of
capital flight continued.
occasion some uncertainty as
safety of the British Cape to Cairo commu¬
raising the bank rate, which caused
But the
course.
need for a gold
Wednesday the thoroughly orthodox step
in
advances
no
other steps of a like
or
3055
Chronicle
ofiEthiopia
NO provided
OBSTACLES encounteredthose which nature
other than by Marshal Pietro
were
ItalylConquers Ethiopia
Badoglio and his mobile columns in their rapid move
toward the
Emperor Haile Selassie
with the
at the head of his
invaders
flight from his country of Emperor Haile
Selassie, and by Tuesday Marshal Pietro Badoglio
entered Addis Ababa triumphantly at the
a
of
column
Ethiopian
is
sudden and dramatic, and there
disputing the triumph achieved by Premier
no
Benito
Mussolini, however great the cost may have
personal
sistance in the northern
the
deserved
was
army,
a
part of that country hardly
The
name.
defeated
fleeing Ethiopians never
gathered again to oppose the advance of the 30,000
Italians
in
moved
who
1,000 motor trucks from
Dessye southward toward the capital. A more spir¬
ited
resistance
put forward in the southern
was
Immediately after the Italian forces invested
been.
the
The end of the
30,000 Italian troops.
war was
head of
After
month ago
the Ethiopian re¬
Ethiopian capital, Addis Ababa.
ETHIOPIANcollapsed completely early this week
resistance to the onrushing Italian
part of the country to the forces of General Rodolfo
proclaimed to the
Graziani, which moved northward from Italian Som-
had been reestablished and
aliland, but such maneuvers lacked importance in
capital,
Mussolini
Signor
Italian nation that peace
the African
clusion.
campaign brought to a successful con¬
He declared that
a
"Roman peace"
will be
view of the
When Marshal
imposed, and the Ethiopian problem settled "once
and for
all," thus leaving
intention of
leaves the
with
doubt of the Italian
no
This
annexing Ethiopia in its entirety.
League of Nations and its member-States
thorny problem to solve, for the sanctions
a
50
or
ignominy.
flight
With
leading members, will be accommodated to the Ital¬
and
ian
of
probably will
victory, and European tension
diminish
ister
perceptibly in the
near
future. Prime Min¬
Stanley Baldwin informed the House of Com¬
Wednesday, that Great Britain has no in¬
mons,
tention
of
acting alone to prevent annexation of
Emperor's
made by the British Foreign Office in
train for
a
the
in disgrace and
of the
Emperor
their
son,
soon
Selassie
after Haile
Jibuti, in French Somaliland.
were
Empress Quizzero Menen
Prince Makonnen, while a number
really brave defenders of Ethiopia subsequently
sought safety in the French port as well.
donment of the defense
Italians
abandoned entirely,
was
The aban¬
by Emperor Haile Selassie
signified the end of the conflict.
the
Ethiopia by Italy.
reported to be some
announcement
last Sunday,
London,
policy of the League, as well as that of its
The
was
boarded
that the
was
from Addis Ababa, Emperor
Haile Selassie fled from his country
But it is already plain
in the conflict.
Badoglio
60 miles away
imposed last Nov. 18 still are in effect against the
aggressor
in the northern theater of
occurrences
war.
Resistance to the
and for two days
Ethiopian capital was subjected to the rioting
started by Italy
and
looting of its native inhabitants.
early last October, and the seven months that were
last
Sunday until late on Tuesday, fighting, burning
required for the subjugation of Ethiopia exceeded
and
looting held sway, and foreigners in the city
the estimates of
were
The
ers
war
ended
held that
some
still
a
suddenly
so
was
military experts, although oth¬
longer time would be required.
Important administrative questions remain to
be
faced by the Italian authorities, and it may be some
time
before
Ethiopia
unruly tribesmen in remote parts of
are
subdued. Nor is it certain that foreign
besieged in their respective Legation quarters.
Several
foreigners
were
killed, among
The British
Legation in Addis Ababa was best de¬
patched to Addis Ababa long previously, in antici¬
the
Legation
and there
is
already talk at Geneva of continuing
sanctions
diate purpose.
have been
which
failed
to
achieve their
imme¬
The cost of the war, moreover, must
huge.
Only the Italian authorities know
the real sacrifices
made, but in
a
general
sense
it is
plain that Italian trade suffered heavily, while the
Italian
October
tual
gold and foreign exchange
apparently
value
of
were
of
the
The
ac¬
State
was
few reliable accounts of the
are
country
or
its potentialities.
Some
the
men
in
Ethiopia to develop the
This method of colonial
foment
some
international
serious
enormous
acquisition.
difficulties.
A
new
series
problems will arise, moreover,
"life-line" of the British
the
new
development probably will
of
the
Empire will be flanked by
African possessions
as
of Italy, while
the instructions of the
a
compound
time, while Mr. Engert sought
Foreign Office must be attributed the
tive looters and rioters left the
a
city of Addis Ababa
heap of smoldering ruins.
Badoglio and his 30,000 mobile troops
Marshal
moved into the
Ethiopian capital at 4
p.
m.,
last
Tuesday, and immediately put an end to the rioting
at
keeping
on
safety of many foreigners in Addis Ababa. The na¬
and
on
abandoned for
of the British
the Government at Rome
intent
Engert, but
Department in Washington, the
safety within the British enclosure. To the foresight
400,000 Italian soldiers engaged in the struggle, and
seems
The American
ably defended by our Minister, Cor¬
was
nelius Van H.
Ethiopia to Italy is problematical,
meanwhile, for there
wealth
of last
reserves
curtailed sharply.
an
fended, for a platoon of Sikh soldiers had been dis¬
pation of just such eventualities.
the
them
American, Mrs. A. R. Stadin, of Loma Linda, Cal.
acceptance of the Italian conquest will be calm, for
prestige of the League of Nations is involved
From early
pillage.
He
was
urged on by his Government
Rome, to which the French authorities had sent
an
appeal for haste.
guns were
Troops armed with machine
placed by the Italian Commander around
the various
Legations quarters, while 50 Italian air¬
planes flew overhead and demonstrated impressively
the
strength of the Italian invasion. Just before the
military
entry
was
staged, Italian engineers and
/
3056
Financial
technicians
appeared in Addis Ababa to take
control
communications
of
As Marshal
the
the
and
over
city services.
Badoglio unfurled the Italian flag in
capital, he indulged in a sarcastic speech
re¬
Chronicle
full
May 9, ,1936
performance of League obligations in this in¬
stance, the session will hardly give pleasure to the
British
decided Left trend in that
a
garding the Ethiopian Emperor, whose claims of
opposition to Italy
victories
The
ian
were
entry into his capital.
Jibuti
triumphant Ital¬
Haile Selassie reached
early /last Monday, and he embarked
afterwards
to
contrasted with the
on
Palestine.
the southern
British
a
chief
The
soon
warship, which took him
Ethiopian commanders in
part of the country also went to Jibuti,
Governor of
of Addis
nor
of
forming
Rome,
Ababa,
was
appointed civil Gover¬
Wednesday, and the task
on
Italian administration immediately
an
undertaken.
was
Premier
week, that Italy will
while
made it
clear
in
Rome, this
all of Ethiopia formally,
annex
respecting rights of other countries. He began
to reveal his
plans for Ethiopia last Monday, in
speech at Rome.
workmen will
Some 400,000 Italian soldiers and
stay in Ethiopia
land
and
area,
he indicated.
tions"
administrators
lamations
of
as
the
settlers
on
the
newly conquered
One of those curious "mobiliza¬
anticipated for Monday, in which
was
a
proc¬
transmitted to the entire Italian peo¬
are
ple, but Premier Mussolini postponed that event
by force of necessity until Tuesday, when the Ital¬
ian entry
the
into Addis Ababa actually took place. But
Italian
celebration
diminished
the
in
late
Tuesday
on
not
by the long wait and the anxiety which
opposition of the League of Nations had created
Italy. II Duce proclaimed solemnly
war
and the restoration of peace.
will be
a
"Roman
the^end of the
He added that it
Italian."
With
an
he added that to disturb the peace
the
Ethiopia is
to Italy's foreign relations,
eye
of Europe
means
collapse of Europe, but he declared that Italy
ready to defend her victory intrepidly.
eign
press
solini
To for¬
correspondents in Rome, Premier Mus¬
that
stated
Italy has
no
further territorial
Keen
the
perplexity
the
a
brook
no
peace
on
powers.
The belief
Ethiopia and
no
was
no
international
con¬
discussions with foreign
expressed in the Italian capi¬
was
League of Nations and other countries
would have to accept the
has
It
Wednesday that Italy will
negotiations,
ferences
tal that the
sated Empire.
a
changed masters. It
simple fact that Ethiopia
was
indicated also that the
Italy
aid in the
order to make
mated
were
before Addis Ababa fell that the
must be
in
many
be placed the further
discrediting of the League of Nations, which under¬
took to curb
Italy by
last November.
month
When the
to consider
decision
was
means
the
Italo-Ethiopian struggle, a
reached at the insistence of French rep¬
resentatives to
postpone until May 11 any action on
additional sanctions.
take place next
A
meeting of the Council will
Monday, in accordance with that
embarrassing in the extreme to all propo¬
nents of the
lead in
League.
Since Great Britain took the
calling for sanctions against Italy and the
Saturday, "we
maintenance
peace."
of
us
of British for¬
purpose
Prime
Stanley Baldwin and Mr. Eden both ad¬
mitted, Monday, that the British Government would
have to consider
changes in the League Covenant,
owing to the failure of collective action in the Italo-
Ethiopian
A debate
of
war.
on
British
policy took place in the House
Commons, Wednesday, and Prime Minister Bald¬
win
declared
in
the
Great Britain has
course
no
forthcoming
of
a
that
acting alone to
Future policy
Ethiopia.
Ethiopian affair must be
consideration
a
of the discussion
intention
curb Italian annexation of
in the
matter for mutual
by all the States concerned at the
meeting
of
Council,
League
the
he
Foreign Secretary Anthony Eden admitted
lengthy address that the situation is disap¬
pointing, but he insisted the League must
"We have to face the fact that
the failure of the
we
have got
League," he remarked.
go
on.
to admit
A stock¬
taking is imperative, and Mr. Eden said that
sideration
of
the
problems
will
begin
con¬
promptly
through consultations of the London Government
with the Dominions.
the
the
as
His announcement
was
taken
dispatch to the New York "Times" said,
Dominions
next
about
are
for reform of the
to
be
sounded
League which still is
looming
up more
and
major departure in
more
over
vague
clearly
British foreign
The French Government dispatched
a
note
to
Rome, Wednesday, in which Italy was warned
sharply of French interests in Ethiopia and asked
to define the
It
was
regime which Italy intends to set
insisted
particularly that
a
up.
policy of the
"open door" must be observed by the new masters of
Ethiopia. The German Government was reported
to have viewed the events
in Ethiopia with great
satisfaction, since they disclosed the futility of the
League from which Germany withdrew some years
ago.
Trade Treaties
ruling, but it is already evident that the session
will be
constant
policy—the
eign
Minister
of the sanctions imposed
League Council met last
months," said For¬
seven
spirit of realism, keeping steadily before
a
what remains the
policy.
but foremost among them must
policy
"What¬
prepared to learn them and profit by them
in outline but is
in
past
eign Secretary Anthony Eden last
a move
success
The British Govern¬
short-lived.
the lessons of the
ever
way
realistic view of the situation and inti¬
a
even
that
INTERNATIONAL results of the complete diverse,
Ethiopia will be
and Italian
his
personal appeal for
a
of sanctions would have to be abandoned.
will be
/
was on
struggle against the invaders, but such
anticipations
ment took
entertained for
was
Emperor Haile Selassie
to Geneva in
treaty of 1906, which provided for eventual parti-
Eclipse
to the future policy of
as
The hope
against Italy.
tionment of
The League in
made known, and much
were
expressed
was
time that
to mean, a
Ethiopia by Britain, France and Italy,
disregarded.
of
League with regard to the sanctions now in
in
on
coun¬
disappointment prevailed in Geneva when
successes
form her from
hungry to
European
tries is made known.
added.
a
Tuesday
on
probably will be de¬
ferred until the stand of the chief
ambitions, since the Ethiopian conquest will trans¬
intimated at Rome
consideration at
some
decision
American
the
that
peace," signalized by the "simple,
irrevocable and definite statement that
is
was
be anticipated from Paris.
Washington, where it was intimated
effect
Mussolini
country, more
question of recognizing the Italian conquest of
Ethiopia already has received
making the collapse complete. Giuseppi Bottai, for¬
mer
may
having
elections
French
representatives.
disclosed
THAT steady progress is being made by reciprocal
Secretary
State
of
trade
Cordell
Hull
with
his
treaty program was indicated this week by
Volume
Financial
142
conclusion
of
accord with
an
tion of the terms of
Guatemala.
riers
probably
be accomplished without great
can
selected by Mr. Hull, and
manner
hoped that he will continue his endeavors.
with
The accord
France, which is expected to in¬
materially the volume of
crease
the
publica¬
Lowering of international trade bar¬
injury only in the
it is to be
France and
treaty signed previously with
a
two
countries,
signed
was
between
commerce
Chronicle
treaty with London embodying the results of the
conference, and it was stated in
Moscow, last Tuesday, that conversations soon will
be started with
derstanding.
effective June
known next week.
this
that
out
The
is
the
State
trade
reciprocal
European country.
a
agreement with France is the first comprehen¬
sive
arrangement for regulating
with
tions
that
"It
stated.
for
to be made
are
Department pointed
thirteenth
treaty, and the fifth made with
"The
It will become
15, and full details
the
country in
will
commercial rela¬
years," it
many
improved
provide
was
not intend to engage
mercial interests concerned to
develop these
com¬
oppor¬
tunities without fear of the sudden and unforeseen
Anglo-Russian
un¬
in any naval race.
THE Bank of 5% to 6%. The 5% rate has been
May 6 from France raised its discount rate on
in effect since March
raised from
advances
3J^%.
gold
on
28, 1936 at which time it
At the
8%.
The rate
also raised from 5 to
was
leading centers
are
DISCOUNT
Present rates at the
RATES OP FOREIGN CENTRAL
BANKS
Rate in
Pre¬
Dale
vious
Established
Effect
May 8
Austria
6%.
on
30-day loans
on
shown in the table which follows:
Rate in
Country
was
time the rate for
raised from 7 to 9% and
was
securities from 6 to
same
Rate
Pre¬
Effect
Date
vious
May 8
Established
Rale
Country
Hungary...
4
Aug. 28 1935
4
July
July
4
Batavia
3
Nov. 29 1935
2
May 15 1935
4H
2K
India
Belgium
Ireland.
3
June 30 1932
Bulgaria...
5
Sept.
9 1935
Apr.
6 1936
3.65
21935
3H
3^
101935
1 1935
4H
3H
such
In addition to duty concessions
agreement.
an
exposed in the absence of
are
SH
6
Aug. 15 1935
7
Italy
Canada
2H
Mar. 11 1935
mm
Japan
Chile
changes to which they
and
like
a
Discount Rates of Foreign Central Banks
opportunities
country, and will enable the
view to
the Ethiopian war is ended, while
soon, now that
expansion of trade in products of special
interest to each
a
The Italian position may be clarified
Japanese authorities have intimated that they do
Wednesday, by Secretary Hull and Andre de La-
boulaye, the French Ambassador.
London
recent
Washington,
at
3057
4
Jan.
24 1935
4H
Java
4H
June
Colombia..
4
July
18 1933
5
Jugoslavia.
5
Feb.
1 1935
Lithuania..
6
Jan.
21934
3H
Morocco...
6X
May 28 1935
4K
6
Norway
SM
May 23 1933
4
6
Czechoslo¬
quota increases by France and duty concessions
vakia
3
by the United States
carefully selected lists of
on
Denmark
1 1936
5
Danzig
Jan.
Oct.
21 1935
3.29
...
6H
7
provides in
most-favored-nation
substantial
for
general
treatment
by each
Aug. 21 1935
2H
Poland
5
Oct.
25 1933
2
June 30 1932
2H
Portugal...
5
Deo.
13 1934
Estonia
5
Sept. 25 1934
4H
Dec.
7 1934
6
4
Dec.
4 1934
5K
4H
Rumania..
Finland
the agreement
3H
England
products,
South Africa
3^
May 15 1933
4
France
6
May
6 1936
5
Spain
5
July
5H
4
Sept. 30 1932
5
Sweden
2Yx
Dec.
1 1933
3
7
Oct.
131933
7H
Switzerland
2H
May
2 1935
2
Feb.
31936
Germany
country of the commerce of the other."
.
.
_
.
Greece
Holland
Details of the
treaty with Guatemala, which
signed April 24,
were
concessions
14
on
for the life of the
52 products.
on
States, in turn, made concessions
and
also
It
was
import duties
be
held
were so
prohibitive, and
basis of reductions
the
on
numerous, as
make
high in
some
instances
country is anticipated
now
effected.
great
States
as
to
on
were
on
were
now are
bulk
our
imports
are
as
Friday of last week, and 9-16% for three-months'
bills,
from
on
the
Paris
at
against 9-16%
as
Money
Friday of last. week.
on
call in London
Friday
on
market rate
open
was
from
to remain
the free list.
.
to
the
endeavoring
further
raising the total to another
which
compares
However,
new
high of £204,460,329
£193,246,259
with
the gain in gold
as
and for certain
at London
qualitative limitations signed
by Great Britain, France and the United
States, the actual naval situation is not of
to
or
give comfort to those who
to
new
in
the
bring
United
our
tions in
a
38
nature
peaceably inclined
Building already is in
States
strength
up
few years.
at the end of
year on
are
a
taxpayers who have to foot the bills for
construction.
the
at
a
rate
that
progress
promises to
to Washington treaty limita¬
It
was
indicated in London
new
Some of the British build¬
excess of Washington limitations,
expedient therefore is to be adopted of
assembling materials and machinery preparatory
the
laying of keels immediately after expiration
of the current accords at the end of this year.
many
already
rose
amount
£16,362,452
was
reserves
£1,727,000 while
Of the latter
from bankers accounts and
£2,375,249 was from other accounts.
ratio is up
ago;
securities decreased
rose
Loans
on
2% discount rate.
for the week
week
on
other
The latter consists of dis¬
which fell off £789,246.
made in the
reserve
a
government
£12,531,000 and those
£368,313.
counts and advances which increased
securities
The
slightly to 31.16% from 30.85%
last year it was 39.37%.
securities
an
fell
£1,157,559 and
No change
Be'ow
compared with previous
are
was
the figures
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
May 6
1936
May
1935
8
May 9
1934
May 10
May 11
1933
1932
British vessels, including two battle¬
ing would be in
to the
Public deposits
ago.
year
a
attended by
was
deposits decreased £18,737,701.
April that work will be started this
ships of 35,000 tons each.
and
£4,827,000.
bring other naval Powers into line with
agreement for exchanges of building informa¬
tion
.
_
THE statement for the week ended May 6 shows a
gain in gold holdings of £937,971,
other
are
At
May 6
Bank of England Statement
off
Building
ALTHOUGH British authorities
on
5% to 6% but in Switzerland the rate remains
234%.
expansion of £5,765,000 in circulation,
Naval
3^%.
was
raised
not
Bananas and coffee
of
IN LONDON open market discount rates 9-16% on
bills
Friday
9-16%,
against for short
the
country.
Guatemala, and both these products
on
Foreign Money Rates
Concessions pos¬
99% of Guatemalan exports
the
up
the
on
significant that Guatemalan
part of the United
the free list of this
on
four products,
increase of American exports
an
to the Latin American
sible
on
The United
agreed to continue certain items
free list.
3
Guatemala made tariff
products and bound current rates
treaty
10 1935
was
made available last Monday
by the State Department.
5H
ha^
agreed to negotiate
a
Ger¬
separate
Circulation
Public deposits
422,640,000 394,249,541 378,789,448 372,510,311 358,313,746
9,180,000
7,248,038
7,480,210 11,374,050 13,718,750
Other deposits
124,998,841 142,571,610 144,989,344 130,369,691 111,209,484
.
Bankers' accounts.
88,342,137 104,559,165 109,057,567 87,196,795 78,029,570
36,656,704 38,012,445 35,931,777 43,172,896 33,179,914
88,798,560 92,476,044 81,457,635 62,216,127 72,135.906
21,299,465 16,093,584 15,471,295 22,899,326 32,384,427
Disct. & advances.
9,447,790
5,798,846
5.329.699
11,613,407
12,096,188
Securities
11,851,675 10,294,738 10,141,596 11,285,919 20,788,239
Reserve notes & coin 41,819,000
58,996,718 73,295,814 74,398,937 38,171,150
Coin and bullion
204,460,329 193.246,259 192,085.262 186,909,248 121,484,896
Proportion of reserve
to liabilities
31.16%
39.37%
48.07%
52.48%
30.55%
Bank rate
2 H%
2%
2%
2%
2%
Other accounts.
Govt, securities
Other securities
Financial
3058
Bank of France Statement
M*y 9> 1936
Chronicle
charges
THE weekly statement dated May 11,168,659,shows a
in gold holdings of
further decrease
It is anticipated that an ad¬
056
francs, making the total loss of the Bank's gold
for the six weeks from March 20 to
reserves
Gold
4,931,993,103 francs.
May 1,
aggregates 60,768,-
now
428,305 francs, in comparison with 80,626,744,140
francs
last
previous
securities record increases,
tively.
The
namely 1,000,000 francs,
ratio stands
reserve
against
184,000,000 francs
and
450,000,000 francs
French
advances
and
discounted
bills
commercial
the
abroad,
balances
Credit
year.
francs
76,176,943,136
and
year
now
respec¬
at 64.85%,
compared with 80.16% a year ago and 78.03% two
Notes in circulation reveal an expansion
years ago.
of
1,581,000,000 francs, bringing the
total
Circulation last
84,138,877,365 francs.
year
to
up
totaled
83,283,314,155 francs and the previous year 81,698,-
Bills bought abroad show
261,135 francs.
of
a
decrease
%% will be effected in call and time loan
of
vance
and advances against Treasury obligations.
current charges of %% for call loans, 1% for
rates,
The
time
money
A comparison of the different
appears below:
items for three years
BANK
STATEMENT
COMPARATIVE
FRANCE'S
OF
about
made
by the New York Stock Exchange showed that
such
advances
April,
a
ers' bill
The
series of discount"
bills, aggregating $100,000,600, with half the sum
representing strictly new borrowing. One series of
$50,000,000, due Dec. 15, 1936, went at an average
discount of 0.123%, while another series of $50,previous figures, with little business done.
to
Treasury sold last Monday two
000,006, due Feb. 3, 1937, went at 0.125% average,
both
computed
May 3, 1935
May 4, 1934
Francs
Francs
Francs
Francs
—1,168,659,056 60,768,428,305 80,626,744,140 76,176,943,136
9,459,279
abroad,
+ 1,000,000
6,894,372
14,529,222
Gold holdings
Credit bals.
a
commerc'l
French
+450,000,000 14,841,568,796 3,770,837,765 4,949,801,566
1,057,337,162
1,083,517,123
—2,000,000 1,297,297,967
3,169,339,540 3,122,303,734
3,533,712,571
Note circulation
+ 1,581,000,000 84,138,877,365 83,283,314,155 81,698,261,135
Cred. curr. acc'ts... —1,054,000,000
9,563,410,453 17,293,094,505 15,931,236,190
bills
discounted.,
b Bills bought abr'd
+ 184,000,000
Adv. agst. securities
Propor'n of gold on
64.85%
—1.62%
hand to sight liab.
80.16%
for both
time
Rates
ruling quotation all through the week
loans and renewals. The market for
new
money
Rates
continued
has
now
are
Transactions
in
commercial
prime
show
paper
More
this week.
been available and the demand has
78.03%
week.
quiet this
very
1% for all maturities.
quoted at
moderate improvement
has
paper
Rates
improved.
%% for extra choice names running from four
are
to six months and
Bank of
annual bank discount bases.
DEALING in detailfrom day to day, % on the
with call loan rates of 1%
Stock Exchange
b Includes bills discounted abroad.
Includes bills purchased in France,
a
on
New York Money
Changes
May 1, 1936
at the end of
$1,063,950,736
were
gain for that month of $67,656,718. Bank¬
and commercial paper rates held this week
remained the
for Week
to six months and %% on loans
up
by Treasury issues have been in effect for
six months.
The tabulation of brokers' loans
secured
2,000,000 francs and creditor current accounts of
1,054,000,000 francs.
Stock
loans collateralized by New York
on
Exchange securities.
1% for
names
less known.
Germany Statement
Bankers' Acceptances
THE statement for gold last quarter ofof 1,126,000
the and bullion April shows
in
increase
an
marks, bringing the total
A year ago
year
to 69,951,000 marks.
up
gold aggregated 81,713,000 marks and the
before 204,998,000 marks.
in
appears
An increase also
The Bank's ratio is
compared with 2.31% last
year.
year
Notes in circulation record
marks, bringing the total
Circulation
a
year ago
and two years
and other
a
now
at 1.72%,
to 3,457,978,000 marks.
stood at 3,710,815,000 marks
at 3,640,108,000 marks.
ago
register
respectively.
namely
decreases,
marks
30,345,000
Below
we
Silver
Open market rates for acceptances are nominal in so
as the dealers are concerned, as they continue to
far
fix
their
own
and
furnish
a
marks
180 Days
Asked
Bid
Asked
Bid
H
h*
H
»i«
M
90 Days
Asked
comparison of the
h*
STATEMENT
H
Eligible member banks
*t«
30 Days
60 Days
Bid
Asked
Bid
Asked
he
Bid
FOR DELIVERY WITHIN
Asked
H
he
H
THIRTY DAYS
H% bid
H % bid
....
Eligible non-member banks
■
-
>
Changes
•
for Week
Gold and bullion
Apr. 30 1935
Apr. 30 1934
Reichsmarks
Reichsmarks
Silver and other coin___
oth. Ger. bks.
Advances
Investments
Other assets
Discount Rates of the Federal Reserve Banks
Reichsmarks
204,998,000
81,713,000
69,951,000
39,319,000
21,958,000
19,520,000
4,048,000
6,789,000
+88,000
5,464,000
+ 556,742,000 4,423,483,000 3,887,222,000 3,192,759,000
119,735,000
194,335,000
140,654,000
—129,466,000
*
4,731,000
4,864,000
1,532,000
+ 36,799,000
139,552,000
86,532,000
63,426,000
639,131,000
700,706,000
—30,345,000
558,995,000
+ 12,378,000
561,175,000
614,470,000
392,988,000
+ 1,126,000
Of which depos. abr'd
Res've in for'n currency
Bills of exch. & checks.
on
Apr. 30 1936
Reichsmarks
Assets—
Notes
No change
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
rates
The
for
following is the schedule of rates
the
various
DISCOUNT
Oth. dally matur. oblig.
Other liabilities
curr. to note
—0.18%
5.8%
2.31%
1.73%
noted on other banks expired March 31, 1936.
of
at
paper
now
the
in effect
different
OF FEDERAL
RESERVE BANKS
Rate in
Federal Reserve Bank
circula'n
Validity ot
RATES
+471,511,000 4,357,978,000 3,710,815.000 3,640,108,000
515,393,000
591,512,000
687,709,000
—34,181,000
165,305,000
215,646,000
+ 9,992,000
174,344,000
Propor. of gold & for'n
classes
Reserve banks:
Liabilities—
Notes in circulation
*
open
—120 Days
—150 Days
Bid
Prime eligible bll
Prime eligible bills
COMPARATIVE
for
rates
follows:
SPOT DELIVERY
129,466,000
34,181,000
nominal
The
rates.
market acceptances are as
various items for three years:
REICHSBANK'S
unchanged.
bills up to
coin, investments and other daily maturing
obligations
marks,
up
are
ceptances decreased from $4,684,000 to $4,676,000.
12,378,000 marks and in other liabilities of
9,992,000 marks.
Rates
Quotations of the American Acceptance Council for
gain of 471,511,000
marks, in advances of 36,799,000 marks, in other
of
very
and 5.8% the previous
of 88,000
currency
marks, in bills of exchange and checks of 556,742,000
assets
been
and including 90 days are 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 York Reserve
Bank is 3^2% for bills running from 1 to 90 days, %%
for 91- to 120-day bills, and 1% for 121- to 180-day
bills.
The Federal Reserve banks' holdings of ac¬
in foreign
reserve
THE market quiet this bankers' acceptances the
for prime week due largely to has
scarcity of high-class bills.
Boston
Effect on
May 8
2
Date
Previous
Established
Rate
Feb.
2M
2
8 1934
New York
ALTHOUGH changes in rates
17 1935
2^
Cleveland
lacking in the
2 1934
Philadelphia
Market
Feb.
Jan.
1H
May
11 1935
2
Richmond.
New York Money
1H
2
2
May
9 1935
Atlanta
2 X
York
authenticated
upward
rumors
revision
money
will
were
be
were
market
in
this
week,
circulation
effected
next
well
2^
that
week
an
in
2
Jan.
14 1935
Chicago.
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
2H
2H
Minneapolis
Kansas City
2
May 14 1935
2 Yi
2
May 10 1935
2%
Dallas
New
2
May
8 1935
San Francisco
2
Feb.
16 1934
2K
2H
•
Volume
Financial
142
Course of Sterling
in
Exchange
3059
Chronicle
London that
Left in the
STERLING and the entire the severe exchange
foreign crisis in
dominated by
market
the
are
French franc,
of the Popular
which followed
Front in the elections in France on
time in several weeks owing to the
for
demand
The
between
been
has
bankers' sight,
in
sterling
countries.
European
week
for sterling this
and
a
of between
has
transfers
The range for
15-16 and
$4.99%, compared with
and
$4.94%
The
rate
a
week
of between $4.93%
a range
ago.
Paris, the London
mean
London check
market gold price,
open
the franc to be held at its
London expects
present gold parity and anticipates no change
sitate
the
pegging sterling to the French franc which has pre¬
vailed since
It
ties
September, 1931.
be
can
safely asserted that the London authori¬
prepared for
are
wise true of the
with respect to the
relation of the dollar and sterling;
The United States monetary
the
to the
as
course
Tuesday,
75.326
75.397
-75.620
| Wednesday, May 6
j Thursday, May 7
75.414 | Friday,
May 8
May 4
May 5
authorities
less
are
con¬
of the French franc than as to
possibility of change in the policies of the London
authorities.
A
recent
dispatch from
Washington
holds the pound sterling steady
French
a
move
to devalue
PARTS
75.036
75.302
Saturday, May 2
Monday,
This is like¬
eventuality.
any
policy of the United States Treasury
in terms of dollars in face of
MEAN LONDON CHECK RATE ON
London practice of
of the
abandonment
in the
bank which might neces¬
gold policy of the French
stated that if England
price paid for gold by the United States:
and the
months.
cerned
following tables give the
on
$4.93
between
been
there will be no real
change in the French currency, at least for some
$4.99% for
range
$4.93%
compared with
other
and
France
range
$4.93% and $4.94 3-16 last week.
cable
ruled
In terms of the dollar sterling has
May 2.
firmer than at any
great
the success
upon
despite the success of the extreme
French elections,
the
franc, the repercussions
would be
the United States
on
comparatively light, but if the British pull
their peg on
OPEN
LONDON
Monday,
May 4
Tuesday,
May 5
-
(FEDERAL
RESERVE BANK)
| Wednesday, May 6
| Thursday,
May 7
35.00 | Friday,
May 8_
Saturday, May 2
$35.00
35.00
Monday,
May 4
Tuesday,
May 5
In
......
$35.00
35.00
35.00
exchange
foreign
security market are no dif¬
market and the London
ferent than
the
features
essential
all
they have been since March 7 when the
The
present depression of the franc is only an accentua¬
tion of a disruptive feature in sterling-franc exchange
German
which has been
more
Rhine land.
into the
moved
troops
or
less apparent for the past
are
extremely hesitant and have been so for
Chief of these
European political outlook, especially
weeks, owing to
number of reasons.
a
is the disturbed
The recent decline in the Wall
the French situation.
Street market has
For
London.
engendered
spirit of caution in
a
number of days
a
disquieting
have issued from Austria and more
disclosed
been
in all European
and those
market
London
centers
decided
rumors
recently there has
of increasing fin¬
evidence
indicated by the
ancial embarrassment in Germany,
appointment of General Goering as economic con¬
The
troller.
mented
critical
at
tain
a
York
paper
some
London is further
uneasiness in
period in Egyptian affairs.
The combined
clearly revealed that British investors
present governed by a general desire to
a
conference
press
is
reported
against
possible
traditional
States
monetary
The President added that
United
continued the
so
long
as
it
caution dominates,
fright
and
due
be
weight
asserted
clinging to
is
to
that
British investors exhibit
are
calmer sentiment
giving
must
given it at the time the dollar was de¬
powers
By embargoing gold exports under the Gold
Reserve
Act
it
could
method of
dollar loose from its
the
cut
Although this device would be
present gold peg.
letting the dollar find its level in
no sense
their holdings.
returning.
A
Confidence in the
British domestic situation is unshaken.
Currently the British exchange control has been
active in maintaining
Despite the
stability in the sterling-franc
severe pressure
against the franc,
sterling has from day to day varied by hardly 1%
in terms of the franc or
gold.
It is generally believed
a
any new
readjustment of world currencies, the Treasury has
the
further
the
to guide the movements of the
power
unit, whether
on or
off the gold standard, by
Roosevelt
fund.
stabilization
$2,000,000,000
means
of
President
still retains the authority under
moreover
the Gold Reserve Act to
change the gold content of
the dollar.
A careful
study of the possible lines of development
abroad, their repercussion
on
the United States, and
appropriate action to offset them is believed to have
been
made
by
States
United
However, the attitude of the
not
necesssarily
mean
by
Treasury
officials.
Administration does
that devaluation of the franc
monetary change here.
some
depend
do if France makes
alteration in its currency.
upon
any
what
radical
For the present at least
anticipate devaluation of the franc.
Sterling is stong against all currencies and there is
all
while
was
itself every
valued.
London does not
while
its
The Administration still maintains all
morning."
liquidation in the London market caused by
factors,
this policy
"rearmed
Great Britain may
Nevertheless,
by
"a 24-hour basis."
on
States
forearmed
was
abroad
moves
policy of being
"half
remarked,
have
United
jokingly," that the
Tuesday, President
on
to
losses to British holders, so that there has been
adverse
rate.
At
Roosevelt
The American line of action will
American
with
5% affects France.
security market caused at least considerable
securities.
of
foreign trade is
50% of America's
would be followed
necessity for meeting differences in
the
main¬
The recent decline in the New
liquid position.
franc, the United States
serious situation because
a
England and the sterling bloc, whereas only about
aug¬
by the death of King Fuad of Egypt at a
influences have
are
decline in the
a
would be confronted with
the
few years.
The
sterling and let it decline against the
35% to
,u.v
BY THE UNITED STATES
FOR GOLD
PAID
J...
.
•
PRICE
140s. 8d.
140s. 8Hd.
140s. 5J^d.
| Wednesday, May 6
140s. 4d.
| Thursday,
May 7
140s. 4^d. | Friday,
May 8
140s. lOd.
Saturday, May 2
dollar with
MARKET GOLD PRICE
a
heavy flow of French and other Continental funds
market.
to the London
count
on
Forward sterling is especially
On Tuesday and Wednesday last the dis¬
strong.
on
three-months' Paris
Amsterdam
one-month Paris
9
Dutch
was
was
cents.
4 5-16 francs and
The
2 5-16 francs and
discount
on
on
Amsterdam
3 Dutch cents.
The British show great
situation.
shares
confidence in their home
The Financial News Index of 30 industrial
based
on
July 1,
1935
as
100,
on
April 30
3060
Financial
rated at 111.3
against 113.1
week earlier, 111.2
a
month ago, and 89.9 a year ago.
114.5
in
Feb.
on
19 last and the
June, 1932.
for 1936 to
The high record
low record
41.6
was
for payment
(60 days) at $4.97%, and
seven-day grain bills at $4.98%.
was
for
New capital issues in Great Britain
period last
same
represent the largest financing for the
in
documents
a
May 9, 1936
Cotton and grain
payment closed at $4.98%,.
Continental and Other Foreign Exchange
April 30 amount to £71,069,000, against
only £45,707,000 in the
1930.
Chronicle
Retail sales in March
March, 1935.
THE precarious position of the French franc has
dominating feature of the foreign
and
year,
been
period since
exchange market for several weeks, and following the
7.9% above those
were
This rise followed
of the Communists and Socialists in the
success
increase of
an
the
off election of
7,3% in February, 10.8% in January, and 9.1% in
On
December.
May 3 the franc crisis became acute.
May
Wednesday,
the
6,
Bank
increased its rediscount rate from
Money in Lombard Street continues abundant and
rates
unchanged from last week.
are
against bills is in supply at %%.
months' bills
bills
%%.
Call money
it
France
The
lifted from
was
3%%.
The Bank of France statement for the week ended
9-16%, and four- and six-months'
are
of
5% to 6%.
5% rate had been in effect only since March 28, when
Two- and three-
All the gold available in the London
run¬
May 1 showed
open
decrease in gold holdings of 1,168,-
a
659,056 francs.
market continues to be taken for unknown destina¬
The gold holdings of the bank
on
last
Saturday
there
Monday £347,000,
£210,000,
day
Thursday,
on
On
On
£227,000,
Tuesday £378,000,
on
£537,000.
Friday
available
was
and
the
has lost
of
At the Port of New York the
May 6,
Reserve Bank of New
York,
gold movement for
was as
$19,293,000 from France
or
10
30,000 from Nicaragua
None
the
|
|
8,000 from Guatemala
Saturday,
French
gold
losses
registered
On
Monday and Tuesday following
of the radical
parties at the polls, there
hourly air shipments of metal to Brussels and
London.
As in the
Net Changes in Gold Held Earmarked for Foreign Account
Decrease:
the franc
$220,000
Note—We have been notified that
approximately $827,000 of gold was
of every
case
instance of
which the market has
pressure
tion Fund has been active in supporting and
from Australia.
above
figures
for the
are
On Thursday there
Wednesday.
week ended
ing the unit.
on
imports
were no
against
experienced in the
past several years, the British Exchange Equaliza¬
received at San Francisco, of which $471,000 came from China and $356,000
The
successes
were
|
$22,540,000 total
of the
part
Brussels.
and
|
|
59,000 from Ecuador
Friday,
on
A great part of this gold
during the past month went to London, Amsterdam,
|
986,000 from India
Paris
On the other hand it is believed that the
days.
greater
Exports
|
2,164,000 from England
than 1,000,000,000 francs,
more
left
shipped to New York and the entire American
was
follows:
|
was
engagement should reach here within the next week
GOLD MOVEMENT AT NEW YORK, APRIL 30-MAY 6, INCLUSIVE
Imports
which
Monday, and Tuesday last.
reported by the Federal
as
Since the current statement
considerably
of
most
England bought £550,235 in gold bars.
the week ended
This followed
issued competent authorities estimate that the bank
on
Bank
decrease during the week ended April 24 of
60,768,428,305 francs.
551,326,030 francs.
Wednes¬
on
£520,000,
Wednesday
on
were
upon a
tions, chiefly for account of foreign hoarders.
May 1
frequent that American banks
or
steady¬
In the past few weeks evidences
in Paris
were
also
were
exports of the metal, or change in gold held ear¬
lending assistance, doubtless with the approval of the
marked for
United States
foreign account, but it
$471,000 of gold
China.
$2,224,400
There
600 from Colombia.
of gold
Heretofore
received,
was
were
no
Treasury Department, though official
acknowledgment of this fact cannot be expected.
the
Bank
of
France
hours notice of withdra wal of gold.
from France, and $2,099,-
came
metal but gold held
increased
reported that
received at San Francisco from
was
On Friday $4,324,000
of which
was
it is understood that the bank is
exports of the
ment
earmarked for foreign account
in order to
give
support the franc
$2,099,600.
has
waiving this require¬
assurance
of its readiness to
without equivocation.
Canadian exchange during the week was quoted at
a
tion to
discount of
ing the bank rate, the French Treasury
%% to
a
premium of %%.
Referring to-day-to day rates sterling exchange
Saturday last
was
steady and
Bankers' sight was
fers
The
range
$4.96% for cable transfers.
On Tuesday sterling
was
$4.96%@$4.96%; cable transfers
$4.96%.
On
undertone.
Wednesday the
The
range
bankers' sight and
fers.
The
and
was
exchange
was
London
tained
firm in
was
was
for
steady.
cable
The
range was
were
transfers.
transfers.
and
Commercial sight bills finished at
meets
$4.97%
$4.98%,
sixty-day bills at $4.97%, ninety-day bills at $4.97%,
against
the
of legiti¬
with the
any
currency
any
on
has been
years.
new
The
entirely to fears enter¬
may
be
incoming radical legislators
detrimental to the present
measures
in France that the
On
$4.99% for cable
was
by French nationals that the unit
take
may
Chamber of
June 1 will prove
con¬
It is also believed
Deputies which
powerless to bring about
betterment in the economic and financial situa¬
tion of the country.
There has been
Closing quotations on Friday
$4.99% for demand
purposes
declared,
stitution of the Bank of France.
@$4.99% for bankers' sight and $4.97%@$4.99%
for cable
or
devalued and that
steady.
transfers.
was
weakness of the franc is due
$4.95%@$4.96% for
on
This, it
virtually non-existent for the past few
$4.96%@
was
Monday,
Speaking strictly from the facts, bear speculation
$4.96%@$4.97% for bankers' sight
$4.96%@$4.97%
Friday sterling
pound
on
intention of establishing
gold embargo, asked the banks to refrain from mak¬
against the franc
$4.95%@$4.96% for cable trans¬
On Thursday
range
was
no
object of reducing speculation in the franc.
was
Bankers' sight
were
In addi¬
redemption in gold and increas¬
declaring that it had
mate business.
$4.95%@$4.96% for bankers' sight and $4.95%@
firmer, foreign demand continuing.
easy
ing gold transactions except for
On Monday the pound
European trading.
on
a
from Friday's close.
$4.93%@$4.94 1-16; cable trans¬
$4.93 15-16@$4.94%.
advanced
up
while
on
allowing
required 48
In the present crisis
*
franc
situation
present
fundamentally
during
the
crisis is only another
sporadic attacks
which the
no
past
real change in the
few
among
franc
has
years.
The
the frequent
experienced
Volume
Financial
142
before and since the unit
it
As
is,
stabilized
was
in June, 1928.
Wednesday and Thursday there were
on
signs that the apprehension felt with regard to the
which
franc,
been transmitted to all foreign
had
attributed to flight of
loss of gold is
severe
belgas closed at 17.04 for bankers' sight bills and at
17.04% for cable transfers, against 16.91 and 16.92.
Final
quotations for Berlin marks
bankers'
at 7.86 for bankers'
capital from France, chiefly to London, and to the
Italian lire closed
closed at
Austrian schillings
transfers, against 7.87 and 7.88.
of
The flight
capital, however, is not
important in the present
so
capital
half,
going principally to London and New York. In the
past few weeks there has been a heavy demand in
crisis,
during the past two
Paris for gold
mintage,
years
and
a
pieces, English, American and other
well
as
commanded
French free
of
quantities
great
as
moved away
substantial premium and
a
18.75, against 18.72; exchange
slovakia at
4.15%, against 4.13%;
0.75, against 0.75%;
18.82; and
on
went into
Czecho¬
18.85, against
Poland at
on
on
Bucharest at
on
Finland at 2.20, against 2.18%.
Greek
exchange closed at 0.93% for bankers' sight bills and
at
0.93% for cable transfers, against 0.93% and
0.93%.
#—
for foreign bank notes, which
as
40.45 for
sight bills and at 7.87 for cable
excessive hoarding
by French nationals.
were
sight bills and 40.46 for cable transfers, in
comparison with 40.20 and 40.21.
exchange centers, had begun to subside.
The
3061
Chronicle
private French hoards.
EXCHANGEbeenthe countries neutral during the
on only slightly affected by the
has
now, as
crisis in the
It is also well known that
during several years past, a great part of the
London market is for account of
gold sold in the
French hoarders.
German
The
of
dent
the
ordinated to
has
situation
mark
Reichsbank,
dictator
economic
increasingly
grows
has
and
General
is
nominally
only
now
been
completely sub¬
The German press
Goering.
been allowed to comment
not
or
interpret the
decree
giving General Goering control of
terials
and foreign exchange,
clear to financial experts
and
mark is
of
a
raw
ma¬
but it seems entirely
both here and abroad that
General Goering is inclined to
expanders
side with the credit
of the
Devaluation
inflationists.
being urged with insistence and the prospect
radical change
Berlin
Boerse,
rencies
is indicated by transactions
solid
where
industrial
the
on
stocks
are
devaluation.
it
action
the
by the wide¬
In this respect also, sellers are
tangible property.
refusing
The
any
form of mortgage payments.
substance
and while
few weeks ago there
a
been
indication of weakness in the belga, the
at
unit is ruling
present above dollar parity and future belgas are
As already stated, a considerable part
quoted flat.
of the French
gold losses has been to Belgium.
of
Bank
National
April 30 showed
belgas
200,000
believed that
an
Belgium
its
The
statement
of
increase in gold holdings of 28,-
over
an
in
the
week and it is
previous
equal addition has been made to the
gold stocks of the National Bank of Belgium since
then.
On
April 30 the bank's gold
reserves
stood at
3,429,200,000 belgas, while its ratio of gold to notes
stood at
stood at
The
82.94% and its ratio to total sight liabilities
the
gold to the United States
on
Old Dollar
Parity
New Dollar
3.92
6.63
16.95
6.58^ to
7.86H to
5.26
8.91
19.30
32.67
32.30
to 32.54
Holland (guilder)
40.20
68.06
67.43
to 67.90
Italy (lira).
The London check rate
against 75.03
New York
sight bills
on
on
on
mercial sight
Paris closed
Friday
Friday of last week.
on
In
Friday of last week;
6.58%, against 6.58%, and
bills at 6.55%, against 6.55%.
on
7.88
the French center finished
6.56%, against 6.56%
cable transfers at
may
itself elect to join
devaluation in
offered freely.
were
Some gold has
shipped from Paris to Amsterdam, but not
a
Dutch funds continue to seek the London
and New York markets
as
there
are no
other centers
For the week ended
profitable employment.
May 4 the Netherlands bank showed gold holdings
710,000,000 guilders, and its ratio stood at 77.3%.
been
have
francs
number of days,
particularly
weak
heavy buying of sterling for Swiss interests.
of this
a
Much
selling of Swiss francs and buying of sterling
been for Italian interests which
is believed to have
trying to establish balances in London.
Bankers' sight on
at
for
due to the fact that there has been
Amsterdam finished
on
Friday
67.45, against 67.83 on Friday of last week; cable
transfers
closed
67.48,
at
sightJbills
at
against 67.85; and commercial
67.45, against 67.82.
32.34 for checks
at
against
transfers,
32.48
and at
and
Swiss francs
32.36 for cable
32.49.
checks finished at 22.30 and cable
Copenhagen
transfers at 22.31,
against 22.04 and 22.05. Checks on Sweden closed
at 25.72 and cable transfers at 25.73, against 25.46
while checks
and 25.47,
and cable transfers at
on
Norway finished at 25.07
25.08, against 24.81 and 24.82.
Spanish pesetas closed at 13.64 for bankers' sight bills
13.65 for cable transfers, against 13.64 and
and at
13.65.
EXCHANGE on the Southof American countries
presents no new features
importance. These
strongly inclined to follow the trend of
com¬
Antwerp
are
sterling.
6.58M
to 17.04M
16.91
Switzerland (franc)
at
many
currencies
Range
This Week
Parity
13.90
-
Belgium (belga).
75.65
To
relation of the
dollar:
at
devalued, the
*—
table shows
leading currencies still
France (franc)
be
to
and thus effect
68.51%.
following
nervousness
Throughout the week both spot and
guilders
great deal.
for
The
pending definitive stabilization action by
have been
was some
group
Great Britain.
forward
belga is the strongest of the Continental cur¬
rencies
franc
the
by the French, but
Swiss
spread buying of real estate, apartments, and other
more
cur¬
political situation and fears of franc
Were
sterling
export business with England, the United States and
mark is due for devaluation is afforded
displays
of sterling.
probable that Holland will not wait for
seems
of
Further evidence of general fear that the
course
guilder would almost certainly follow suit.
favored, particularly stocks of concerns which do an
France.
market
of the
because
The Scandinavian
French franc.
usual follow the
as
Amsterdam
It is all too clear that Dr. Schacht, Presi¬
difficult.
war
There is every evidence that the export
business, the chief reliance
of the South American
repubdcs, is expanding on a generous scale and
thereby effecting a marked degree of prosperity.
The
for
plans
refunding
the outstanding
dollar
bonds of
Argentina, which have been under discus¬
sion for
long time, are taking definite form and
a
important
conversion
before June.
is
expected
to
be
this
started
If market conditions warrant, as seems
likely, the outstanding 6s
will be converted gradually
3062
period of several months into
over a
ing
Financial
rate of around 4%%.
There
bonds bear-
new
Chronicle
tended
larger
standing, the majority being 6% loans, though there
groups
is
them
small issue
a
that
carrying
a
are
5%% rate.
It is believed
probably 40% of the dollar bonds
England.
held in
are
closed
pesos
paper
on
Friday, official
quotations, at 33.10 for bankers7 sight bills, against
32.94
Friday of last week; cable transfers at 3334,
on
The unofficial
against 33.00.
free market close
or
27.50@27.65, against 27.50.
was
official
quotations,
and 8.44 for cable
The unofficial
5.57.
or
free market close
5.60, against
was
nominally quoted at 5.19,
Peru is nominal at 24.85, against 24.81.
EXCHANGE on the withEastern countries moves in
strict sympathy Far
the fluctuations of ster¬
•
On May 6 the Bank of Japan raised its gold
to 3 yen 50
sen a
action which is said by bankers here to be of
gram, an
little international
Japan is small.
effect
no
sen
the gold market in
as
The increase in the buying rate had
the yen,
on
sterling.
significance,
which moved in
response
to
Even though the gold market in Japan is
small, the high prices paid for gold in New York and
London
during the past few
drawn much gold away
years
have doubtless
from Tokio and in all prob¬
ability the Bank of Japan increased its buying rate
in order to
keep its gold supplies at home.
Closing quotations for
on
yen
30%@30 3-16, against 29.92@30 1-16; Manila at
50.00,
against
50.00;
Singapore
at
58.50,
against
58.05; Bombay at 37.72, against 37.32; and Calcutta
at
37.72, against 37.32.
•
'
r
I '
v
Gold Bullion in
'
*
of enthusiastic
THE following table indicates the amount of gold
(converted into pounds sterling at
bullion
par
May 7, 1936, together with comparisons
Banks of—
1936
1935
and
£
£
£
204,460,329
193,246,259
France
486,147,426
2,521,550
89,106,000
42,575,000
59,165,000
645,013,953
3,019,100
97,171,000
48,229,000
23,906,000
6,554,000
6,604,000
a
Germany b_
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden
Denmark
_
_
Norway
Total week.
Prev. week.
a
of
What passes
£
186,909,248
647,256,861
121,484,896
626,718,654
7,780,000
19,091,600
37,806,800
90,778,000
63,005,000
90,495,000
90,367,000
75,022,000
68,284,000
53,732,000
65,980,000
75,479,000
83,729,000
49,925,000
16,968,000
7,394,000
6,601,000
77,240,000
76,321,000
90,035,000
60,876,000
75,892,000
72,096,000
61,117,000
82,529,000
12,090,000
7,397,000
8,380,000
7,398,000
6,580,000
67,685,000
11,441,000
8,032,000
6,561,000
1,066,439,305 1,213,411,312 1,206,969,807 1,274,104,709 1,178,628,350
1,074,387,007 1,215,465,546 1,203,689.987 1,280,748,030 1,173,180,352
These are the gold
holdings of the Bank of France as reported In the new form
of statement,
b Gold holdings of the Bank of
Germany are exclusive of gold held
abroad, the amount of which the present year Is £976,300.
differ
and
methods.
and
attacks
which
are
launched
from
time
of the
to
time
against political radicalism in this country, it would
be easy to conclude that the so-called "Red menace"
was
growing rapidly and had already attained
siderable
radical
proportions.
literature,
The sale
outspoken
or
con¬
advertising of
addresses
at
public
meetings, and parades and other demonstrations in-
systematically
hardly be regarded
as
alarming.
a
repre¬
number of parties
or
sharply
The
themselves in
among
programs
Socialists, for example, oldest
long the most important of the radical groups,
have
lately split wide
the issue of Commu¬
open on
nism, the dominant faction, although denying that
it is
Communist, moving
far to the left
so
to be
as
hardly distinguishable from the Communists, while
the
other faction
professes adherence to
tinctively Socialist principles.
that the Socialist
Party, for
in its
more
dis¬
In view of the fact
before the
some years
split, had declined greatly in numbers
as
represented
popular vote in national elections, the sharp
now taken
place robs it of even
division which has
the
of national
appearance
of
of
most that the
forces
their
members of
secure
success
two has been the
or
in the national field.
Socialists
can
city government in
The
hope to do, with
now
divided, is to elect
a
Even at
strength the party
presidential elector, and
a
Congressman
a
maximum of its
importance.
its numerical
able to
never
the election
a
a
other
mayor or
few places where
some
strength, and per¬
few members of State legislatures. As a na¬
a
come
political force American
entirely negligible.
Party,
small dissident group,
a
Socialism has be¬
As for the Socialist Labor
it has
never
had
appreciable political influence in the past, and
shows no sign of having
any now.
any
Communists, also torn by dissenting
notwithstanding
point of view of publicity they are
that from the
much
groups,
better off than the Socialists
more
active.
At the Communist International
Congress at Moscow, last summer, the general sec¬
of the party in this country reported its
membership as approximately 30,000. The figure is
retary
not
an
accurate
indication of the strength
of the
Communist
sentiment, since the Communists, like
Socialists, count as members only those who
the
have been
regularly
interest
some
widely dif¬
are
less
or
situation which, for practical polit¬
a
regularly enrolled and who
pay dues.
That not
more
more
or
less
than about 30,000
however, should have thrown in
their
lot
Communists, in spite of the wide popular
in
the
Russian
ganized Communism
to take at their face value
more
which not only lack solidarity, but which
with the
Revolutionaries
one were
many
seems
for radicalism in this country is
also
voters,
American Radicals and New Deal
If
to be taken with
are
sented, in the first place, by
The
192,085,262
609,415,545
14,857,000
being
ical purposes, can
1932
£
Specific and
scrutiny' of the radical movement, how¬
discloses
ever,
years:
1933
spokesmen
are
A careful
are no
1934
England
as
of the
as
discontent.
up
hard to obtain, and the claims
propagated.
haps
European Banks
corresponding dates in the previous four
kind
a
Socialist sentiment retains
v
exchange) in the principal European banks
to enable
money
to afford evidence that radical ideas
fused
the
radical
of
grains of salt, but the daily record of events
tional
of
centers,
active propaganda of
are
figures
checks yesterday'were
Friday of last week. Hong-
cause
obviously hostile to American institutions
the maximum
Kong closed at 32%, against 32.70@32.75; Shanghai
at
an
stirring
was
29.17, against 28.92
on
radical
some
industrial
reliable
groups
purchase price from 3 yen 10
carry
1936
existence, especially in
sufficiently supplied with
to
♦
ling.
the
and
cities
which is
transfers, against 834 and 8.44.
Chilean exchange is
against 5.19.
Brazilian milreis,
834 for bankers7 sight bills
are
attention to
indicate
and effective in
:
Argentine
seem
attract
to
to
approximately
$250,000,000, Gove7nmentlof Argentina bondslouta
May
owes
experiment to
its chief
which
incentive, is
or¬
an
instructive commentary on the slow
growth of the
party and its entire inconsequence
as
a
national
political factor. Were the party to increase its
pres¬
ent
membership twenty-fold (a gain which only the
wildest imagination could
picture), it would still
be
without power to
and
would
when that
be
far
influence
behind
the
a
national
old
election,
Socialist
Party
party registered its maximum vote.
Volume
The
Financial Chronicle
142
other
radical
which, at one time
programs
another, have recently seemed to threaten some¬
or
thing
of
regional
national
or
have
importance
The LaFollette
largely ceased to excite interest.
following is still strong in Wisconsin, but it has
important
no
wealth"
its
of
elsewhere.
support
"share-the-
The
agitation of Huey Long died with the death
leader, the crusade of Father Coughlin has
long since ceased to be front-page news and become
matter for
a
only brief
the EPIC movement of
into
history
Upton Sinclair has passed
only another flash in the political
as
A little investigation
pan.
to
incidental mention, and
or
all that was needed
was
Townsend,
explode the fantastic claims of Dr.
and
leader of the embattled farmers is in
no
to revive the
exploits of Milo Reno. A search of the
field fails to disclose any
radical party, faction or
of whose activities
group
tional
sight
political
organization
as an
campaign
needs
a na¬
serious
take
to
account.
ganized
radicalism
whether it
at the
It is very
or¬
present is
doubtful,
more¬
count upon much reinforcement
polls from those who, while holding a variety
selves
opinions, refuse to identify
informally with any radical
istence of
radical
large, and probably
a
observation.
common
social
any one
ticular
of economic
grade
entrenched
writers,
among
it has secured
not
a
mat¬
aided,
draws substantial
strongly
grades of the teach¬
of
magazines-and
books,
and
support from a long list of soci¬
education, philanthropy
economic and
or
is
concern
The churches have not been
social
and
and
Large
state commerce,
of
of
have
order
agencies
of
from
come
ment of
capital. It
workers,
various
religious
or¬
denominator and
they
as
no
common
aim.
Theoretically, its
are.
largely with Socialism
mixture of
Its
or
sympa¬
Communism
or
both, but it is not attracted to either
or
the
and is
to
accepting any kind of party discip¬
averse
It is
Communist
essentially
an
parties
or
factions
government program,
national
ment insurance and
States
alive, but of little practical
use
commonly cited
methods
as
purposes
evidence of the strength of
a
the enactment of laws
are
of administrative orders
of
to fear is not found in any
Administration
consists in the
business and
at
Washington.
It
industry by the Federal Government,
the possession and
upon
wrong-doing and pillory the offender, a
portentous increase in the number of office holders
and
the
beneficiaries
financial
of
The
a
only possible outcome of such policies, if they
continue
unchecked, is the transformation of the
government into a
the establishment of
Fascist
dictatorship.
need for violent acts such
no
as
There
accompanied
dictatorships in Soviet Russia,
Italy and Nazi Germany; the steady ham¬
mering at the foundations of the constitutional
will
tem
be
amply
sufficient to
ics
sys¬
accomplish the
The radicalism of Socialists and Commu¬
change.
nists, with its reliance
of Marx
and its
weak indeed in
upon
the discredited
econom¬
praise of proletarian rule, is
comparison with the revolutionary
radicalism of
Washington, notwithstanding that by
dissent it helps the coming of a dic¬
up
regime which it affects to dread. The only
thing that stands in the way of a more rapid ad¬
of
vance
is the
dictatorship than has thus f^tr been made
Supreme Court, and it is against that body,
guardian and
pressure
principles of which it is the
interpreter, that
can
be shorn
the rest will be easy, for the legisla¬
independence of Congress has already been
duced to
a
ment with
shadow.
This is the real radical
which the country
parison with it there is
the
the fundamental)
is being exerted. If the Court
no
re¬
move¬
is faced, and in
other that should
com¬
cause
least alarm.
New Problems of
use
The
of private
European Peace
flight of the Emperor of Ethiopia, the
tion that
rope.
status
tically
"Ethiopia is Italian" raise
number of
One has to do with the determination of the
of Ethiopia
in
Italian
things that can
or
now
that the country is prac¬
hands.
Another
concerns
will be done to restore the
the
pres¬
tige of the League or, perhaps, merely to continue
its existence.
A third involves the effect of the Ital¬
anti-social, the intrusion
personal initiative and corporate
has
Europe been confronted with
as an
a
questions for the immediate future of Eu¬
European Powers.
the profit motive
occu¬
pation of the Ethiopian capital, and the proclama¬
the
upon
as
and
grants,
growing intolerance of dissent.
success
wealth
upon
the multiplication
having in practice the force
ian
property, the attacks
authority
circles
of these quarters,
systematic and persistent invasion of
the inroads upon
Its
ingeniously con¬
law, "fishing expeditions" designed to unearth
evidence of
serious
radical party can rely.
The real radicalism which the United States has
of
pensions to which the
trived to circumvent the courts,
un¬
movement, but the strength is not of
which any
and
and the
unemploy¬
pressed to conform and whose financial
are
for organized
social action. For propaganda
or
the radicad
evil
old age
of
scheme
inchoate body of opinion,
undoubtedly effective in keeping discussion and
in
employers and
of agriculture to the
a
of
and the constitutional
the Socialist
but
in the encouragement of
a
tive
reason
the normal functions
prescriptions of
are
on
punishments, and ad¬
establishment
things
kind
appears
the subordination
with
it is
and
ference with the relations between
thies
political
of the taxing power as an
use
government competition with private business, inter¬
stirring
religious
the
banking, the extension of credit and the invest¬
of its powers
rest
the
rewards
ministrative restrictions upon
only solidarity is the negative one of dissatisfaction
line.
upon
search for means of overriding the con¬
a
instrument
tatorial
this body of dissent is, however, it has
as
common
some
courts, attempts to
stitutional distinction between interstate and intra¬
so¬
ganizations.
no
Federal
legislative and judicial authority
Executive,
immune,
of the most radical criticisms of the po¬
some
leaders
Its growth is
organizations whose ostensible
cial research.
and
criticism of the
contemptuous
Constitution and the
confer
It shows itself in hos¬
competition.
times
at
will be
less systematically, by a widely cir¬
literature
eties and
litical
and
to any par¬
or
artists and musicians,
school and college students.
more or
culated
with
tile
American
ing profession, and it has suggestive manifestations
among
and control for
confined to
It is
status.
foothold in all
a
is
occupational class
or
ex¬
growing, body of
a
It
them¬
The
group.
opinion in this country is, of course,
of
ter
popular vote,
this country at
in
can
unorthodox
of
determined by
or
force to be feared.
a
over,
that national policies are
extent, then,
either affected
not
right, and the substitution of government planning
burdens, in the main, the States must bear.
the
To
3063
upon
the future political alignment of
Not since the World War
a
political change
controlling interest in the Suez Canal.
which, while it does not alter either allegiance or
a
boundaries
has
the
on
Continent, materially affects the
been
political balance and arouses resentment and fear.
As far as the indications of the past few days
show, it is the intention of Mussolini to treat Ethi¬
to be
a
Ethiopia, which will obviously be needed, will have
Johnson
part of it as to leave British and French interests
seems
The claim of conquest, if
relatively unimportant.
tiating
have
operated to deprive the country of any
regime with .<• whbch
governmental
French Somaliland and then
of trade, always
freedom
could
peace
Powers
If the Emperor, by fleeing to
properly be made.
British
a
The
putting himself under
find that his
everywhere.
authority
vain, and the reported
solini, in making
a
comprehensive claim in the first
was
not in power
policy must be worked out. The former opinion
new
is
with Great Britain and
remains to be seen,
France
League of Nations Union, an organization, hitherto
but the Fascist regime
of considerable
in Italy when that agreement was
made, and the sanctity of treaties is not at the mo¬
ment
The
highly regarded
so
that
French
as
and
it
once
British
The
was.
as¬
a
political influence, which
cause
if
Cabinet will take
let sanctions go,
is not yet clear.
and
not
to
far
as
as
it
jeopardize British interests.
France,
recent
yet been wholly broken, and there will doubtless
considerable
be
done
Italian forces will
Meantime the
maintain
needed
"mopping up" in
military
a
before the last resistance is
for
way
Great
Britain,
trol, will
conflict
army
by declining to accept Italian
The
fact.
that the Italian
now
plans
settlement of
are
to the cultivation of cotton.
of the
and
The Com¬
posed to both German and Italian fascism, but they
also want peace.
rule
as
a
able to form
outlook
so
for
terests
with
If the antagonism which the Com¬
hitherto
of the Left is
special regard
The' seizure of
have
munists
shown
toward
the
radicals
are
Ministry that will hold together, the
a
an
amicable
adjustment of French in¬
Italy will
in France to avoid
Ethiopian territory, while
the
softened, and the radical parties
be distinctly encouraging.
The election has not lessened the
much
railway from Jibuti, in French Somaliland,
to Addis Ababa as lies in
peace.
is in con¬
further said to contemplate the
of the country with
of agreements
preserve
munists, who made large gains in the election, have
large numbers of Italians in the coun¬
resources
favor
strongly in
and
scanty regard for the League and are bitterly op¬
try as colonists, and the development of the eco¬
nomic
been
or
improbable that either France
the risk of provoking any diplomatic
run
result of the
a
Broadly speaking, the So¬
guarantees that would
where, and protect foreign representatives and citi¬
seems
orientation.
new
many,
order, suppress banditry, enforce much-
It
as
election, and French foreign policy is due
friendly to the League, moderately friendly to Ger¬
sanitary measures at Addis Ababa and else¬
zens.
parties of the Left
cialists and Radical Socialists have in the past
overcome.
their best to
do
a
the other hand, has placed in power
on
the radical
The Ethiopian resistance has
unexpected.
or
realistic view of the situation,
a
and try to prevent Mussolini from
pressing his victory to a point where it would clearly
can
obviously preliminary
general announcements, presents nothing un¬
usual
be
are
itself
speeches of Prime Minister Baldwin and For¬
to be any,
gathered from what
sees
League collapse is admitted.
eign Secretary Eden are an accurate indication, the
tiate, but the basis of the negotiations, if there are
be
a
contrary opinion is strongly held in Parliament.
If the
rights will be
respected certainly suggests a willingness to nego¬
The rest of the Italian program,
by the inner circle of the
represented chiefly
without
surance
continued, and those who
recognize that the League has failed and that some
instance, intends nevertheless to abide by the par¬
tition agreement of 1906
the other hand, is un¬
In England, public opinion is divided
Italy should still be
ostracized and sanctions
Whether Mus¬
empty gesture.
on
The Italian victory has come
between those who think that
League to recognize his continued
seems an
moment
stunning blow to the League and its partisans
a
as
intention of the
a
provided that those two
diplomatic situation,
taining the rights of a negotiator, he will probably
was
natural in
in turn willing to treat.
are
usually complicated.
protection, imagined that he was still re¬
expectation
are
as
factory to Great Britain and France, together with
commercial concessions that will insure reasonable
Emperor and the collapse of his government
not
every reason
victory, will make territorial concessions satis¬
of
with the Emperor, even if the flight
a peace
the
There
to expect that Mussolini, after
Act, be floated in the United States.
stiff claims such
some
strictly adhered to, excludes any question of nego¬
of the
obtained, in part at least, from Great Britain
France, especially since they cannot, under
or
conquered territory, and to claim so large
as
The war
heavy drain upon Italy's financial re¬
a
and foreign loans for the development of
sources,
opia
May 9, 1936
Chronicle
Financial
3064
a
general disposition
rupture with Italy, and while
Government will not take office until June
new
sug¬
1, it is not likely that the Sarraut Ministry will do
gests that foreign enterprises, in this case a railway
anything in the meantime that wrill obviously embar¬
built with French
rass
perhaps only
substantial
any
a
temporary military measure,
capital but in which Italy has
interest, will not be allowed to enjoy
this,
the
however, depends
Mussolini to have his way
he has
upon
war.
If Rome
is
and
deeper than it has been for
little chance of
an
accord
a
on
determined
by the other.
With
France wider
long time, there
League policy
course
as
to be
It is hopeless to think of
continuing sanctions, not only because they have
other Power. Anything in the nature of an in¬
signally failed to deter Italy in its war, but also be¬
own
ternational conference to decide how
be dealt with appears
start.
interests
are
that British
necessarily to be set at
Mussolini is under considerable
France for
tions at
ers,
or
obligation to
sanc¬
Geneva, and the British Government
owns
they
and
are
now
being rapidly dropped by other Pow¬
that the
weapon
of sanctions has
proved useless, the question is being widely asked
why the League should continue.
one
blocking the imposition of further
cause
Ethiopia shall
to have been ruled out at the
This does not mean, however,
French
side.
as
Britain
terms, without interference from
Mussolini's
any
question of the League.
there is that either Power will allow its
re¬
ports are to be accepted, the settlement will be made
on
successor.
rift between Great
and
the ability of
in the political settlement
obviously had it in the
its
There remains the
independent status.
All
as
a
,
cation
Powers
recent
of
the state
comes
of
feeling
from the Balkan
An ominous indi-
among
the smaller
Entente, which at its
meeting in Yugoslavia is reported to have
I
Volume
decided
Financial
142
tliat, in view of the Italian
bers of the Entente
for effective
ture of the
which
success,
the mem¬
longer look to the League
can no
To bolster the tottering struc¬
support.
League after its failure to meet
test
a
Chronicle
ists will still be heard and
is not
would be to
agreement by frank discussion and concession than
to open
maintain
form
a
beyond question has
no
which
longer
Europe
any
the
now
to ultimate settlement by force.
The Course of the Bond Market
Price
sibilities.
A
success
opens
to Europe grave pos¬
imperialism has been launched
new
Italy's conquest of Ethiopia, and foreign offices
speculating
with its
to whether Italy will be satisfied
as
present gains
will in due time seek for
or
The British control of the Mediterranean has
more.
ahead
for
moderate
about
gains,
1.58
points since Feb. 21.
have
sidewise
after
fails,
having
for
instance,
declined
9.49
Advances in the utility and industrial
but
these
had
averages
not
in fact, they have kept to a fairly steady
all
movement
Thursday
Baa
the
points,
been large,
not
declined much;
On
bond
On Tuesday and Wednesday railroad bonds pushed
advancing
groups
the rule this week in the
has been
recovery
market.
Yet the Italian
been
way
real sub¬
stance.
are
diplomatic manoeuvring
easily checked, but it will be better to reach
Great Britain and France forced it to seek
knows
with
3065
some
this
year,
within a
reaction occurred.
challenged and its influence in Egypt weak¬
ernment
bonds
ened, and neither situation is likely to be helped by
maining,
on an average,
the
narrow
United
range.
States Gov¬
year's high.
recent
of
successes
party in Egypt.
the
Sooner
aggressive Nationalist
later, it is freely
or
pre¬
dicted, Great Britain and Italy will be found at
Turkey has asserted its right to fortify the
war.
Dardanelles,
the
and
Balkan
growing in power, interposes
assured
that
Entente
German
Little
it will
has
be
again
Entente,
which
is
objection and is
no
kept informed.
proclaimed
its
The Little
opposition
Entente
lies
ultimately in
the
of
support
France, and the political influence of France is not
increasing. The Hitler
rope
daily in importance,
grows
questionnaire which
ernment
less
on
was
and the British
handed to the Berlin Gov¬
Thursday is reported to be considerably
hold the center of the
knows
what
Italian
occupation
votes of the
European stage.
Everybody
ought to be done, namely, accept the
as
a
fait accompli, repeal the
League Council imposing sanctions, ask
Italy for satisfactory guarantees regarding British
and French interests in northeastern Africa and
nant cannot be remodelled in workable
don the old Locarno
take up
at
pacts
form, aban¬
longer useful, and
as no
the Hitler peace proposals
as a
basis for
expect that these things will be done directly and
once, for the pleas of the theorists and the casu¬
MOODY'S BOND
(Based
U. 8.
V120
Govt.
1936
Daily
Domes¬
Bonds}
*•
Averages
and
on
109.86
110.05
of the utility
than
in
had
recent
lost
investment
re¬
point of the
Power
bond market has been
particularly in the mediumSpeculative issues and others
sections.
&
somewhat
weeks,
ground enjoyed
issues
have
been
fair
strong
recovery.
and
in
The prime
good
demand.
Light 5s,
1956, closed at 88, unchanged
week; Interstate Power 5s, 1957, advanced 2 to 78%;
Standard Gas & Electric 6s, 1935, at 68% were off
%;
Standard Power & Light 6s, 1957, rose 1% to 64%.
There
has been an absence of financing,
although several regis¬
for the
trations indicate
stronger,
versal
new
of the
offerings in coming weeks.
issues, in particular, have
industrial
but nearly
recent
all
industrial
downward
bonds followed
trend.
The
oils
been
the
and
re¬
foods
have
been quiet.
Most rubber company issues advanced
fractionally, and higher prices prevailed for the obligations
of building supply companies.
The amusements attracted
attention, Paramount Pictures 6s, 1955, adding 4% points
close
to
at
90%, and Radio-Keith-Orpheum 6s, 1941, ad¬
Steels have been generally firm,
National Steel 4s, 1965, being up % point at 105%.
In the
paper group, Mead Corp. 6s, 1945 (w. w.), advanced
% to
103%.
Anaconda
Copper
4%s,
1950,
exemplified
the
vancing 1% points to 64%.
strength in
the non-ferrous metals by moving up
% point
to 104.
A rally in American Type Founders
6s, 1940
resulted in a gain of 2% points to 91%.
bonds
(ctfs.),
have
been
fairly strong, particularly
only soft spots have been in French
Government issues, which lost several
points, and Panama
5s, 1963, which continued last week's decline.
Moody's computed bond prices and bond yield
averages
Italian
are
issues.
given
The
in the following tables:
PRICESt
MOODY'S BOND
Average Yields)
YIELD AVERAGESt
(Based on Individual Closing Prices)
120 Domestic Corporate*
120 Domestic
by Ratings
Corporate* by Groups
All
Aaa
121.60
121.81
Aa
118.04
118.25
A
Baa
RR
U.
Indus.
108.39
94.73
105.20
108.39
116.82
108.39
94.73
105.20
108.39
105.37
108.39
P.
120 Domestic Corporate
120 Domestic
1936
120
by Rtttlngs
tt
Domes¬
CorpuTateiby Groups
30
Daily
Corp*
8— 109.70
tone
lower-grade
which
tic
7- 109.75
May
The
better
Foreign
a
European settlement. It is probably too much
new
to
an
door for trade, scrap the League if the Cove¬
open
a
Atlantic Coast Line 4%s, 1964, gained
%, closing at 78%; New York Central 5s, 2013, advanced 1
to 90% ; Illinois Central 4%s, 1966, at 71 were up 1%.
High-grade
Ethiopian matter will
this week,
last week's losses.
peremptory than was at first forecast.
For the next few weeks the
fractionally
within a quarter of
High-grade railroad bonds have changed little, during the
Chicago Burlington & Quincy 4s, 1958, declined %
point to 111%; Pennsylvania 4%s, 1960, advanced % to
120%; Southern Pacific 4s, 1955, closed at 105%, up %.
Lower-grade railroad bonds, aided by favorable par loadings
reports and an improved stock market, regained a part of
Central
plan for Western Eu¬
peace
advanced
week.
to
expansion eastward, but the strength of the
have
Averages
tic
Form
Aaa
Aa
A
Baa
RR.
8—
4.18
3.59
3.76
4.26
5.09
4.44
4.26
3.82
117.02
7—
4.17
3.58
3.75
4.26
5.84
5.09
4.44
4.26
3.81
117.02
6-
4.16
3.57
3.75
4.25
5.08
.t
4.43
4.26
3.81
May
P.
U.
Indus.
etgns
6.. 109.74
110.23
122.03
118.25
5— 109.70
109.86
122.03
118.04
108.211
94.58
105.03
108.39
117.02
5-
4.18
3.57
3.76
4.27
4.. 109.61
5.10
109.68
121.60
118.04
4.45
108.03
94.14
4.26
104.51
3.81
108.21
116.82
4—
4.19
3.59
3.76
4.28
t
2
5.13
109.68
109.49
121.60
117.22
4.48
108.21
94.14
4.27
104.68
3.82
108.03
116.22
2-
4.20
3.59
3.80
4.27
t
1
5.13
109.69
109.31
121.38
117.22
4.47
108.03
93.09
4.28
104.51
108.03
3.85
116.01
1
4.21
3.60
3.80
4.28
5.14
t
4.48
4.28
3.86
Weekly—
108.57
94.88
*
Apr. 24.. 109.80
—
1
.
5.96
Weekly—
109.68
121.38
117.22
108.21
94.88
104.85
108.21
116.42
3.60
4.27
5.08
109.96
110.05
Apr. 24—
4.19
17..
121.38
117.43
4.46
108.57
95.78
4.27
105.89
3.84
108.21
17-
4.17
3.60
3.79
5.86
116.62
4.25
5.02
9..
109.75
110.42
121.60
117.63
4.40
108.57
96.23
4.27
106.42
3.83
108.39
5.83
116.62
9-
4.15
3.59
3.78
4.25
4.99
4.37
4.26
3.83
5.83
4.16
3.83
5.83
3.. 109.64
110.23
121.60
117.73
108.57
95.93
106.25
108.21
3.80
116.62
3-
3.59
3.78
4.25
109.66
110.05
121.17
117.43
108.75
95.63
106.07
108.03
116.42
Mar.27—
4.17
3.61
3.79
4.24
5.03
109.51
110.23
121.38
117.84
4.39
108.94
4.28
95.48
3.84
100.07
108.39
116.62
20-
4.16
3.60
3.77
4.23
13- 109.11
5.04
110.05
120.75
4.39
117.63
108.75
95.63
4.26
106.07
3.83
108.03
6.80
116.22
13-
4.17
3.63
3.78
4.24
5.03
4.39
4.28
3.85
5 94
4 25
4.26
3 85
5.87
Mar. 27.
.
20..
5.01
6..
109.46
110.98
121.17
118.04
109.49
97.62
108.57
108.39
116.22
6—
4.12
3.61
Feb. 29..
3.76
4.20
108.98
4.90
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
4.38
4.30
4.27
4.26
3.87
5.85
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
15.. 108.52
4.87
110.61
120.96
117.43
4.25
108.94
4.25
97.62
3.87
107.85
5.92
108.75
115.81
15-
4.14
3.62
3.79
4.23
8— 108.22
110.23
4.90
120.96
117.02
4.29
108.39
4.24
96.70
3.87
106.60
108.57
6.05
115.61
8—
4.16
3.62
3.81
4.26
4.96
4.36
4.25
3.88
4.19
3.63
3.82
6.10
1—
4.28
5.02
4.42
4.25
3.89
4 19
3.63
3.82
4.28
5.03
4.43
4.25
3.89
6.13
1
107.96
109.68
120.75
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
24.
Jan.
107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
24-
4 19
3.64
3.83
4.27
5.02
4.43
4.25
3.89
108.39
115.02
17-
4.21
3.66
6.11
3.83
4.29
5.06
4.47
4.26
3.91
6.17
—
.
116.82
17— 108.34
109 31
120.11
116.62
107.85
95.18
104.68
10—
108.02
108.39
119.90
1/15.41
107.14
93.99
103.48
Jan.
31
—
6.10
108.21
114.04
4.26
3.67
3.89
4.33
3.. 107.94
5.14
107.31
119.27
4.54
114.63
106.07
92.53
4.27
3.96
101.97
107.85
6.26
112.69
3..
4.32
3.70
3.93
High 1936 109.90
4.39
110.98
122.03
5.24
118.04
4.63
109.49
98.09
4.29
108.57
4.03
108.75
6.23
116.82
Low
1936
4.12
3.57
3.76
Low
4.20
1936 107.77
107.14
4.87
119.07
114.43
4.25
106.07
4.24
91.96
3 82
101.64
5.80
107.85
112.31
High 1936
4.33
3.71
3.94
4.39
High 1935 109.20
106.96
5.28
119.69
114.43
4.65
105.72
4.29
91.67
101.31
4.05
6.31
107 67
112.11
Low
4.34
3.68
3.94
1935 105.66
4.41
99.20
116.82
5.30
108.57
4.67
98.73
77.88
4.30
90.09
4.06
94.14
6.78
1 Yr. Ago
May 8 *35 108.84
106.78
High 1935
101.64
118.66
109.86
101.31
82.02
93.99
103.65
107.85
99.04
92.39
104.51
Low
1
2 Yrs.Ago
May 8 '34 105.00
10-
Yr.
1935
4 80
3.82
4.25
4.83
0.40
6.37
6
13
4.35
6
4.65
3.73
4.18
4.67
6.04
5.14
4.53
4.29
5.86
4.84
4.03
4.38
4.95
6.01
4.81
5.25
4.48
7.16
Ago
May 8 '35
0?
5.90
2 Yrs.Ago
98.57
112.69
106.25
96.85
82.38
May 8 '34
*
These prices are computed from average yields on the basis
of one "ideal" bond (4^% 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 of
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 in the issue of May 18,
page 3291.
ttAverage of 30 foreign bonds but adjusted to a comparable basis with
previous averages of 40 foreign bonds,
t Daily averages discontinued, except Friday
of each week.
1935,'
Financial
3066
The New
Month of April
Capital Flotations in the United States During the
and for the Four Months Since the First of January
financing done in this country
during the month of April is the most noteworthy it has
been our privilege to present since shortly after the stock
market crash in 1929.
It is noteworthy because of the
magnitude of the grand total, the amount involved sur¬
passing that of all other months since May, 1930, and it is
equally as noteworthy because of the character and compo¬
sition of the offerings which accounted for the aggregate.
Our tabulations, as always, include the stock, bond and note
issues by corporations, by holding, investment and trading
companies, and by States and municipalities, foreign and
domestic, and also farm loan and publicly-offered govern¬
Our
compilation of the new
issues.
mental agency
Treasury Financing
New
During the Month
The bills were dated
Jan. 27, 1937. Subscriptions to
totaled $117,748,000, of which $50,110,000 was
$50,000,000, or thereabouts.
amount of
April 29 and will mature
offering
the
rate on a bank
average
for the bills was 99.933, the
discount basis being 0.089%. Issued
The average price
accepted.
replace maturing bills.
to
Morgenthau
Treasury
the
of
Secretary
announced on
sales of baby bonds from March 1,
1935, to April 18, 1936, had amounted to $310,081,931, with
a maturity value of $413,442,575.
In the following we show in tabular form the Treasury
April 27 that the cash
financing done during the
$1,84S,142,400 went to take up existing issues and
represented
$903,858,550
For
addition to the. public debt.
$250,419,000,
an
by itself, the disposals aggregated
April
of which constituted
all
UNITED STATES
refunding.
TREASURY FINANCING
MONTHS OF
Amount
Due
Dated
273
9 Jan.
15 273
16 Jan.
22 273
days
Jan.
23 Jan.
29 273
days
2 Jan.
212,610,000
170,307,000
11 273
days
Feb.
4 Feb.
Feb.
13 Feb.
19 273 days
Feb.
20 Feb.
26 273
50,296,000
50,545,000
50,100,000
50,000,000
192,133,000
184,569,000
143,432,000
98,970,000
6 273 days
30 Feb.
days
4 273 days
27 Mar.
Mar.
2 Mar. 16 12-15 yrs
Mar.
2 Mar. 16 5 years
Mar.
5 Mar. 11 273
days
Mar. 12 Mar. 18 273
days
Mar. 19 Mar. 26 273 days
273 days
Apr.
9 Apr.
Apr.
16 Apr.
201,805,000
150,991,000
146,908,000
Apr. 23 Apr.
29 273 days
50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
137,648,000
273 days
16 273 days
22 273 days
117,748,000
Average
99.926 *0.098%
Average
99.928 *0.095%
Average
Average
99.934 *0.087%
99.941 *0.078%
Average
99.944 ♦0.074%
*0.084%
2.75%
1.50%
*0.104%
*0.104%
*0.118%
Average
99.904 *0.126%
Average
99.914 ♦0.113%
Average
99.924 *0.100%
Average
99.929 *0.093%
Average
99.933 *0.089%
250,419,000
total.,
2,752,000,950
total.
Grand
99.929 *0.094%
2,100,326,950
2 Apr.
Mar. 26 Apr.
April
Average
99.937
50,010,000 Average
109,838,000
100
5,603,388,750 1,223,502,850
100
676,704,100
3,402,542,800
99.921
50,000,000 Average
123,071,000
99.921
50,025,000 Average
129.255,000
99.911
50,085,000 Average
147,495,000
Marc h total.
Apr.
99.919 *0.107%
99.924 *0.100%
Average
200,941,000
Febm ary tota
Feb.
Average
200,314,000
Janua ry total
Jan.
Yield
Price
50,060,000
50,050,000
50,130,000
50,074,000
132,204,000
190,515,000
days
Jan.
THE FIRST FOUR
Amount
Accepted
days
Jan.
Jan.
DURING
1936
Applied for
Date
Offered
The
first four months of 1936.
government disposed of $2,752,000,950,
results show that the
of which
consideration of the month's new
financing, we find that the grand total of the issues brought
out was no less than $1,020,031,598, or within $161,422,716
of the grand total of $1,181,454,314 put out in May, 1930,
and eclipsing by $239,463,568 the previous high total of
$780,568,030 for the month of June, 1930. We mention here
that the largest monthly total recorded by us was that of
September, 1929, when no less than $1,616,904,181 comprised
the grand total.
The April output of $1,020,031,598 com¬
pares with $767,351,183 for March, with $301,977,816 for
February, and with $410,824,204 offered in January.
The
grand total of $1,020,031,598 for April consisted of $687,750,644 in the form of corporate securities, $198,718,300 of
farm loan and publicly-offered governmental agency issues,
$102,062,654' State and municipal obligations, and a foreign
government loan of $31,500,000.
Refunding operations, as
in other
recent months, predominated the month's new
financing, no less than $843,359,759 out of the grand total
of $1,020,031,598 being raised for that purpose in April,
leaving the strictly new capital demand at only $176,671,839.
United States Government issues appeared in the usual
order during the month of April.
Five Treasury bill offer¬
ings on a bank discount basis comprised the month's new
financing by the government.
The details in respect to
these offerings are set forth below.
Because of the im¬
portance and magnitude of United States Treasury financ¬
ing, we furnish also a summary of the new offerings made
during April and those since the first of January.
at once to a
Passing
1936
May 9,
Chronicle
♦Average rate on a bank discount
of
basis.
USE OF FUNDS
April, 1936
Type of
of the
Treasury, announced a further offering of 273-day Treasury
bills in the amount of $50,000,000, or thereabouts.
The bills
were dated, however, April 1, and mature Dec. 30, 1936, and
hence form part of the government financing for the month
of April.
Tenders to the offering totaled $137,648,000, of
which $50,028,000 was accepted.
The average price for the
bills was 99.904, the average rate on a bank discount basis
being 0.126%.
Issued to replace maturing bills.
Mr. Taylor on April 2 announced a new offering of 273day Treasury bills in the amount of $50,000,000, or there¬
Taylor, Acting Secretary
March 26 Wayne C.
On
bills
The
abouts.
dated
were
April 8 and
will mature
Jan.
15
22.
Treasury bills
Jan.
29
Treasury bills
6
Treasury bills
11
Treasury bills
Feb.
19
Treasury bills
50,100,000
Feb.
26
Treasury bills
Mar. 16
Mar. 16
2% % Treas. bonds.
1H% Treas. notes.
Mar. 11
Treasury bills
Mar. 18
Treasury bills
Mar. 25
Treasury bills
273-day Treasury bills was
by Mr. Morgenthau on
The
thereabouts.
or
mature
Jan.
announced
April 9 in the amount of $50,000,000,
were dated April 15 and will
bills
13, 1937.
8_
Treasury bills
15
Treasury bills
22
Treasury bills
Apr.
29
Treasury bills
Total..
Features of
Mr.
the bills was 99.924, and
Morgenthau
offering of 273-day
000,000,
or
on
April 16
announced a further new
of $50,The bills were dated April 22 and
Treasury bills in the amount
thereabouts.
will mature Jan.
Tenders to the offering totaled
20, 1937.
accepted. The aver¬
99.929, the average rate on a bank
$146,908,000, of which $50,077,000 was
age
price for the bills was
discount
basis
was
0.093%.
Issued to replace a maturing
nounced
a
50,026,000
50,085,000
$903,653,550
$50,028,000
$250,419,000
50,196,000
50,008,000
50,077,000
50,110,000
$903,858,550
Taking
the
month of April,
counted
for
up now our
for
that
April Private Financing
tables of new corporate financing for
we
find that public utility issues ac¬
$315,587,128, which compares with $260,778,500
group
for
March.
Other industrial
laneous flotations amounted to
and
miscel¬
$249,966,516 during April as
against $110,682,760 reported for them in March.
Railroad
financing amounted to $122,197,000 in April, whereas a total
of
$223,391,400
was
shown for that account in March.
The total corporate
April
was,
as
securities of all kinds offered during
already stated, $687,750,644, of which $601,-
252,500 represented long-term issues, $64,498,144 was in the
bill issue.
Secretary
903,653,550
50,000,000
$2,752,000,950 $1,848,142,400
total.
$205,000
Bids for the offering amounted to
accepted. The aver¬
the average rate
about 0.100% per annum on a bank discount basis.
Offered
to replace a similar amount of maturing bills.
price for
j 996,553,400
$50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
Treasury bills
$150,991,000, of which $50,008,000 was
age
$50,010,000
$250,419,000
1
Grand
50,000,000
$2,100,326,950 $1,196,673,400
Total
$205,000
$200,736,000
$50,010,000
1,223,502,850
676,704,100
50,000,000
50,025,000
50,085,000
Treasury bills
4
Apr.
Another offering of
50,000,000
$200,941,000
Total
Apr.
50,130,000
50,074,000
$50,091,000
50,545,000
50,100,000
Feb.
Feb.
Apr.
bills.
$50,060,000
50,050,000
$200,314,000
$50,296,000
50,545,000
Mar.
Indebtedness
Refunding
$200,314,000
Total
Issued to refund maturing
being 0.113%.
basis
discount
50,050.000
50,130,000
50,074,000
Treasury bills
Jan.
Apr.
Subscriptions to the offering
6, 1937.
$'50.060,000
Treasury bills
8
Jan.
totaled $201,805,000, of which $50,196,000 was accepted.
The average
price for the bills was 99.914, the average rate on a bank
Jan.
Accepted
New
Total Amount
Security
Dated
of
new
April 23 an¬
offering of 273-day Treasury bills in the
the Treasury Morgenthau on
form
of stock
offerings.
issues
and
$22,000,000 comprised short-term
The portion of the month's corporate flotations
Financial
142
Volume
$559,871,977, or more
portion was
$536,036,945, or more than 90% of the total.
In February
it was $181,140,575, or over 93%, while in January it was
$200,972,556, or about 73% of that month's total. In April
a year ago the
amount for refunding wras $133,890,800, or
about 85% of the total.
Refunding issues of exceptional
devoted
refunding purposes
to
was
In March the refunding
82% of the total.
than
follows: $110,000,000
Brooklyn-Manhattan Rapid Transit Corp. coll. trust 4%s
and serial 3s and 3%s, the entire proceeds of which were
for refunding; two issues of the Youngstown Sheet & Tube
size during
4s and $30,000,000
convertible 3%% debentures, all of which represented re¬
funding ; two issues of the Consolidated Edison Co. of New
York, Inc., consisting of $35,000,000 debenture 3%s and a
like amount of debenture 3%s, the first due in 10 years and
second issue due in 20 years, the proceeds of both issues
to be used entirely for refunding.
The National Dairy
Products Corp. floated an issue of $62,545,500 debenture
3%s and placed a short-term loan of $7,000,000 with banks,
the proceeds of both offerings being used for refunding; an
issue of $40,362,000 the Chesapeake & Ohio Ry. Co. ref. &
improvement 3%s, series D, was one of two large railroad
refunding operations during April. The other large railroad
issue was that of $26,835,000 Union Pacific RR. Co. deben¬
ture 3%s.
The proceeds of these two issues were for re¬
funding purposes exclusively. There were three other large
refunding issues in April, in each case the entire proceeds
The offerings were: $30,-
refunding purposes.
going for
3%s,
000,000 Pacific Gas & Electric Co. 1st & ref. mortgage
ref.
Co.
$30,000,000 the Pacific Telephone & Telegraph
series H;
3%s,
mortgage
B,
series
and
Saguenay
$25,000,000
Some of the more
kind
into offerings
of $65,000,000 4%% series, due May 1,
Refining Co. 4%
Atlantic
cumul. con¬
stock at
May 1,
due
to
warrant
Corp. 3%% deben¬
National Dairy Products
$62,545,500
tures,
1951.
purchase
one
Each $100 debenture carries a
share of common stock up to
from $25 to $28 per
May 1, 1940, at prices ranging
share.
& Tube Co. convertible
3%% debentures, due Feb. 1, 1951.
Each $1,000 debenture
convertible into common stock at prices ranging from $66 2/3
$30,000,000 The Youngstown Sheet
$100 up to Feb. 1, 1950.
to
Included in the month's
financing was an issue of
$180,-
Bank's 3% consolidated
Federal Farm Loan bonds, due May 1,1956, offered at 99%,
to yield about 3.03%;
$18,000,000 Federal Intermediate
Credit Banks cons. 1%% debentures, dated April 15, 1936,
000,000
Federal
10-20-year
and due in six and
Land
12 months, offered as
usual at prices on
Joint Stock Land Bank,
3%% bonds, dated Nov. 1, 1935, and due
application, and $718,300 Fletcher
Indianapolis,
Nov.
1, 1945, offered at par.
The
following is a complete summary
of the new financ¬
foreign government, as well
issues—for April and for the four months
ing—corporate, State and city,
Loan
Farm
as
ended with
April:
OF
CORPORATE,
FOREIGN GOVERNMENT,
FARM LOAN
MUNICIPAL FINANCING
1966,
of New
York,
3.93%.
Refunding
Total
$
Capital
$
$
April—
Corporate—
Domestic—
484,591,069
7,000,000
36,732,138
1,548,770
571,252,500
22,000,000
38,948,276
25,549,868
30,000,000
30,000,000
127,878,667
559,871,977
687,750,644
48,718^172
31,500,000
198,718,300
53,269,482
31,500,000
198,718,300
101,987,654
86,661,431
15,000,000
Long-term bonds and notes
Short-term
Other
stocks
$70,000,000 Con¬
Common
stocks,.
Canadian—
mature in 10 years and carry
3%%
a
rate, offering of which was made at 101,
2,216,138
24,001,098
Long-term bonds and notes
debentures, $35,-
Inc.,
New
1936
Month of
Preferred
May 1, 1937-51, priced to yield from 0.75% to
public utility issues of unusual size were:
coupon
follows:
as
were
shares
stock.
Convertible into common
prices ranging from $36 to $45 per share.
priced at par, and $45,000,000 3% and 3%% serial bonds, due
000,000 of which
or a
vertible preferred
rapid transit collateral trust bonds, divided
Co.
another
or
148,000
made in
convertible feature of one
important corporate offerings
April, carrying warrants,
Rapid
Transit Corp.
Edison
offered by Sovereign Corp.,
priced at market.
AND
April was $110,000,000 Brooklyn-Manhattan
solidated
Inc.,
Investors,
Sovereign
domestic corporate issue of the
We find that the largest
month of
Davis & Co.,
priced at $1 per share.
Inc.,
SUMMARY
Co., Ltd., 1st mortgage 4%s, series A.
Power
offered by William H.
National Fund, Inc.,
April of this year were as
Co., comprising $60,000,000 1st mortgage
3067
Chronicle
to yield
about
3%%
coupon
Other foreign—
3.10%, and a like amount due in 20 years, bearing a
to
99%,
rate, the subscription price thereof being
yield about 3.53%; $30,000,000 Pacific Gas & Electric Co.
Total
1st
ref.
&
mortgage
1, 1961,
3%s, H, due Dec.
102%, yielding about 3.60%, and $30,000,000
issued
corporate
at
Pacific Tele¬
phone & Telegraph Co. ref. mortgage 3%s, B, due April 1,
Other foreign Government
Farm Loan and Government
*
Agencies
__
Municipal—States, cities, &c
75,000
Grand total,.
Industrial and miscellaneous issues were featured by the
$90,000,000 for the Youngstown Sheet & Tube
following:
Co., comprising $60,000,000 1st mortgage 4s,
May
1961,
1,
at 98%,
priced
to yield
series C, due
Four Months Ended
debenture 3% s,
Dairy
Corp.
Products
due
Feb.
debenture 3%s,
due
May
1,
Short-term
stocks
Common
stocks
Canadian—
floated
at
&
yielding
100%,
Steel
Laughlin
March 1, 1951, issued at
Financing
the
for
following
Central
RR.
1951,
large
account
tions ;
&
of
secured notes
rates of
during
$40,000,000
issues:
10-year
secured 3%s,
issued at 98, to yield about
year
3.71%,
and
Other foreign—
Short-term
Preferred
the
4.00%; $15,000,000
New
York
1, 1946,
to five-
one-
bearing interest
$40,362,000 the Chesapeake & Ohio Ry. Co. refunding
sold at 99%, to
about
3%s,
due
May
1,
1971, offered
at
99,
to yield
3.55%.
There
was
foreign
government
loan
during
April,
55,000,000
Government Agencies,.
♦Municipal—States, cities, &c
United States Possessions,
55","o~ob"666
15",bob",000
214,118,300
249,045,510
75,000
169,504,208
229,118,300
418,549,718
*
include funds obtained by States and
of the Federal Government.
These figures do not
any agency
In the elaborate
and comprehensive tables on the
affording a five-year comparison.
showing separately the amounts
were
sold here in
this year we note a
Canadian
We refer
corporation.
000,000 Saguenay Power Co.,
April 1,
1966,
company's
offered at
2%%
and
4%
par,
to
the flotation
Ltd., 1st mtge.
and $5,000,000
serial
notes,
April,
borrowing by
due
4%s,
of
$25,-
A, due
of the
1937-47,
same
also
placed at par.
Two
new
fixed investment trust issues
ing the month, viz.:
of
the full-page tables
of the new capital flotations
issue of any kind
as
offerings,
for all the different classes
corporations.
Following
a
We also furnish a de¬
five years of the corporate
April 1, 1965, floated at 97%, to yield about 4.40%.
foreign corporate securities
succeed¬
the foregoing figures for 1936 with
corresponding figures for the four years preceding, thus
tailed analysis for the
No
municipalities from
ing pages we compare
namely, $31,500,000 Kingdom of Norway external loan 4%s,
but for the second time
75,000
537,222,540 1,916,644,561 2,453,867,101
Grand total
the
one
.
Farm Loan and
yield about 3.52%, and $26,835,000 Union Pacific RR. Co.
debenture
273,102,030 1,478,022,053 1,751,124,083
W Total corporate
Canadian Government
Other foreign Government
1% to 2.60%, privately placed with banking institu¬
improvement 3%s, D, due May 1, 1996,
stocks
April comprised
due April
the same railroad,
38,000,000
30,000,000
stocks
$30,000,000
1st mortgage 4%s, A, due
97, yielding about 4.45%.
railroad
Co.
about
Corp.
8,000,000
Long-term bonds and notes
Preferred
Jones
195,713,608 1,353,943,292 1,549,656,900
50,125,000
33,162,500
16,962,500
68,528,276
58,250,938
10,277,338
44,813,907
2,665,323
42,148,584
Long-term bonds and notes
1951,
1,
about 3.29%; $62,545,500 National
offered at 102%, to yield
April 30—
Domestic—
Preferred
$30,000,000 convertible
843,359,759 1,020,031,598
Corporate—
4.10%, and
about
75,000
176,671,839
United States Possessions,
1966, priced at 101%, to yield about 3.17%.
back
to
give complete details
brought out in that month.
to the separate issues
dating
we
during April, including every
the
Full details
for each of the preceding months
beginning
of
our
compilation
in
March, 1921, can be found in the
were
offered dur¬
monthly articles for those
months, these articles appearing
usually on the first or the
second
Saturday of the month.
O
o
n•
O
a
00
CO
SJ
to
Co
•
VO
*-*
"i
1932
16,021 0 32,17 50
3,1240 39,102"50 72, 650
Refundig
Capit l 13,5720 1,497,50
Total
6,302,50 26,704 0
934,976
Refundig
40 ,0 0 934,976
Total
81,2910 50 ,0 0 325,0 0 4,369,50
New
1,20 , 0 87,52360 45,0 0 106,38942
CReafupnitdilg
Capit l
238,91 02
Total
Refundi g 1 ,590 3,0 ,0 19,37180
13,890 192,0 0 92,058 0 417,980
GFLAMOVUENRICMDPLT,
Total
1936
1934
571,2 50 2,0 0 38,94 276 25,4986 30, .0
687,5064 31,50 65 198,7 30 1 ,987654
Refundi g 48,59106 7,0 ,0 36,7 2138 1,548,7 0 30, 0
1,02 3598
GNOREUPFWI
CAHARNTDE
75,0 0
127,8 67 48,71 72 176, 1839
New
APRIL boannodtess. stock bonanodtess. stock boannodtess. Istock
_
16,bo",0
"506",0 0
Other
Total
3,1240
"
496,5 1,497",50 15,06950
_ 934,976 4,7 ,50 28,104 0 2,659, 76
934,976
-——
-J
—
-
—
-
—
-
35,41 76
4,7 ,50 1 ,704 0 1,725",0
12,304 0
18,20650
934,976
934.976
i6.4o d "934",976
17,34976
4,694*,50
"
1,70 , 0
by
.
58,03 0 1,20,0
4,694,50 76, 46,10 5, 83,0 4,694",50 50 .0 0
87,52360
1,20 , 0
Capit l 23,04610
$
_
1935
Refundig
Capit l
27,40 0 84,390 3,0 ,0 7,20 , 0 "568,6 6
6,20 , 0
4,2 0, 0 "568,6 6
Total
1936
6,0 ,0
4,694,50 50 ,0 0
28,406
19.371,80 24,37180 27,40 0 84,390 8,0 ,0 6,0 .0 7,20,0 568,0 0 2,37180 15.87,0
19,37180 19,37180 21,0 0 84,390 3,0 ,0 2,980, 0
6,0 ,0
10,98 0
6,0 ,0 5,0 ,0
5,0 ,0 6,20 , 0 5,0 .0 6,0 ,0 4,2 0, 0
2,37180 13,890
568,0 0
21,98 0
6,05 ,0 601,25 0 15.0 ,0
Refundi g 67,19 0 286,4 569 0, 0 65, 4 50
90 ,0 0
7,0 ,0
2,0 0 14,02718 929,50 7,462,40 20.5 816 4,80 0
7,2 3, 0 64,9814
5,0 ,0 514,9 06
107,90 301,560 120, 0 6,45 0
Capital 40, 0 14,7143 0, 0
4,694,50 23,04610
3,0 ,0 9,0 ,0 5,0 ,0
1 ,590
Neic
4,694",50
59,2830
3,0 ,0 3,0 ,0
12,507
21,0 0 84,390 3,0 ,0 2,980, 0
Total
53,70 0 5,83,0
50 ,0 0
"50 .6 6
23,04610
7,0 ,0
7,0 ,0 14,0274 8 4, 87,05 14,80 0
4,96 ,730 38,2098 67,19 0 30,87569 90, 0 7 ,0325 0 14,80 0
9, 6 ,730 59,8719
929,50 7,462,40
2, 56, 70 26,17236 5 ,0 0 14,7 143 0,92 50 7,462,40 16,4 876
3, 06,570 127.8 ,67
1,05 ,0 86, 143 15,0 0
New
15,0 0
15,6876
12,970 315,8712 0,9250 7,462,40 93,50136 14,80 0 13,27 30 687,5064
ifnuncolbotadintese APRIL BNoaontdess &cop,manufctres oi amannufdctrig th&roalddicinngg,,• B&Nootens—ds &cop,manufctresLoi amannufdctrig .!&c ht&roalddicinngg,, utiles&ccoopael,r,manuft acesoriindamuasnturfictlrig b&uildcngs, ht&roalddicinngg,, utiles&ccoopa_elr,,manuft acesoriindamuasnnutrfdctlrig b&uildcngs, h&troacldd_iinngg,, csoercpuritate
GovernmtGovernmtGoagvecti,s.S&aes,,Posein
OF Long-termShort-emPrefredComstoocnk Long-termShort-emPrefredComstoockn Long-termShort-emPrefredComstoockn corpate Gtroandal Tfdighuerosees MOFONTH
Long-TermRailroads util es sctoeall,,EquipmentMoatonrds industrial buildngs,Rub er Ship ingtrust ,Miscelanous Short-TemRailroads util es sctoeall,,Equipment Moatonrds industrial buildngs,Rub er Ship ing trust ,Miscelanous
Corpate— Domestic— Candi — Foreign— Candian foreignLoaannd•MunicpalU,Sntaiteeds
MONTH
"
16,0 0
81,2910 1,20,0
-
New
75,0 0
59,871 31",50",60 198,7 30 53,269482 843,597
SOUM AFRY Capital 86, 143 15,0 0 2,16,3824,01 98
75,4610 5,83,0
28,304 0
;
21,98 0 3,50,0 64,02 31 89,508 31
New
$
Refundi g 52!0, 0 5,83,0
15,87 0 195,0 156,07831 507,46831
Capit l 10,98 0 6,0 ,0 5,0 ,0
1935
40 ,0 0
"40~O ,6
$
.
_
28,406 15,0 0 102,674 21 145,9 321
12,507 0 9,0 ,0 24,37180
Total
CFOORRPEIGANT,
23,04610
13,"082.0
5,902,50 1,60 , 0 10,7 40
New
FTMIOFANYHEPIVCRGLS fSGFrtoteamaohvudgnicrepnmdlseysl.CITSUSOFTMOFRAYNPHEHPIINVERAEDLS
New
50 ,0 0 325,0 0 4,369,50
1,497,56 1,497,50
Refundi g 3,17 ,50 1,0 ,0 1.725,6
$
1933
3^,1246
6,302,50 1,60 , 0 26.704, 0
$
—
—
—
30,6750
.
13,5720
"490",
3,17 ,50 1,40 , 0 1,7251 6
Total
1,20 , 0 59,2830 30, 0 3,714,701 92, 7 01
58,03 0
1934
00
Capital 13",082 0
46,20",0 :^: : % £,"490"0 1,497",50 48,19350
1,497",50 32,17 50
2,4 9,0 30,675",0
New
17,34976 8,54,95 25,89471
Capital 16,0 0
Refundi g 2,49",0
$
1,60 , 0 18,20650 2,345, 0 20,520
:::
—
—
$
1932
1,60 , 0 35,41 76 10,89 5 46, 147
5,902,50 10,7 40
1933
—
Total
15,06950 25,0 0 30,54 25 70,64025
New
ft) a) 16,021 0
15,3160 13 2.,4" 90"0 0 y O03,6750
—.—
48,19350 25,0 0 69,37025 142,83052
2,4 9,0 30,6750
Total
Other
*
Farm
Total
Public Iron,
Other
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks— Railroads Public
ste l,Equipment and
trust ,Miscelanous
Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
otal—
T
Railroads ste l,Equipment and
trust ,Miscelanous
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
O
O
o
c
Cb
tsj
13
Uj134,96
Refundi g 1 ,5870
1,5870 1,0 ,0 34,8250 10 ,0 0
198,2549 7,"56 ,06352,4089 628,0934
Refundi g 1,5870 35,92 0 1,897",320
49,0 320 47,56" 6 40,2762 136,9 42
Capital 125, 0 14,290 6,75,275 2,96,0
148, 3175 30,6 "06 312, 327 491,56402
Capital 12,85 0
143,01254 10,"96 ,0 78,23508 23,1632
Total
$
S
1932
$
New
Total
$
89,16 50 42,6 0 3,250, 0 6,352,754
Refundi g 69,045 0 26,120 2, 47, 8
$
1933
10,6606",
1.60 ,6 0 9,05 278 6,546,895
Capital 20,1 0 16,50 03,250, 0 4,104,976
New
Total
$
106,4810 12,750 1,650, 0 14,693 85
Total
1,206", 0
-
$
1932
20 ,0 0
2,470, 0
New
105,62173
46,80250 39,7 0 1,725,0 "960",0 0
1,897,320 1,0 ,0 48,309 20 10 ,0 0
35,92 0 1,897,326
7,3 5,0 750, 0
4,056,0 2,068,0 14,290 4,912, 75
491,250
49,0 320
491,250
2,168~,750 1,50 .6 9,072,175 7,3 5,0 128,54175
6,526",0 2,168,750 3,768,0 148, 3175
9,602,754 53,01850 75, 907 8 4,3 2,0 9,179, 76 "90" ,6 0
New
82,0710 2,083 0 2,308,0
4,26 0 2,147", 8 7,45 ,976
27,620 2,147, 8
10 ,0 0
2, 47, 8 41,0 850 51,8697 8 4,3 2,0 1,825,0
20,1 0 16,50" 0
90 ,0 0
Capit l 12,0 0 7,21,0
136,72085 106,9 "0 324,65 36 568,2741
O
~
69,045 0 6,216,0 17,204 0 4,32,0
$
Total
125, 0
50
2,068, 6 50,1740 6,809,4 5 49l",250 2,168,750 1~,56~,6 10,96 495 8,375,0 176,823495 10 ,0 0 "49l",2^ 6,526, 6 2,168,750 3,768, 6 198,25 49
—
89,16 50 6,216,0 3,704 0 4,32,0
Refundi g 34,80250 32,5180 1,725,0
1933
43,975 6 10,"96 ,0 71,68 163 126,54139
$
^ fs Is* 52 <t> 4",056. 6
:a:: o 2,470, 0 'Z Z Z "206",0 6 137,09 8,375,0 35. 7 ,050,10 0
137,09 50,1740 6,75,275 4,194,20
Total
16,50 0
7,354,976
7,354,976 12,0 0 23,7 10 7,354,976 "90 ,0 0
13,950
15,8 985 52 ",06 16,34 985 83,2710 34.083,0 18,26985 50 ,0 0 "525",0 0 "2050"0, 136,72085
1,20 , 0
53,70 0 19,652 0 2,308,0
106,4810
250, 0
50 ,0 0
1,20 , 0 12,0 0
143,01254
9,05278
43,975 6
~
'
1,20 , 0 75,602 76,9 ",0 —46, 41
Refundi g 74,602
$
1934
19,02481
FYFTLAMMAE3INUOIONOPAHVDCRU0PDSNLGL GFtoevahdrgnmnfcly.TUSFTFYMEA3NONPIOHHAIVDUR0ERDSL
Capital 31,957 0 12,750 1,650, 014.693,85
%
New
Total
$
261,085 026,10 0 25,9680 1,079,0
31,5608 264,0.6 456,9 709
271,860 254,"70 17,28306 697,84 106
Capital 26,1 0 8,45,0 5,925,0 1,079,0
31,957 0 12,0 "65
New
Total
1,0359,0
Refundi g 234,87 0 17,650 19,37180
$
New
1935
Capit l
50 ,0 0
4 4,0 0
261,085 0 id,b~o",6 6,0 ,0 4,10,0
4 4,0 0
52,3450 14,9870 3,0 ,0 7",941',06 51,80 0 "568",06
Refundi g 45,20 0 136,209 3,0 ,0 2,4 1",06 47,580
41,70 0 9,56",0 285,712403 43 ,0 0 37,45 03
$
1935
74,602 1,20,0
Capital 29,5710 2,430,80
61,05 85 30,6 "0 278,19065 369,24 580
43 ,0 0
Refundi g 52,0 0 19,652 0 2,308, 0
1934
234,87 0 id,"ob ,6
7,145,0 8,7 8,0 5, 0 , 0 4,2 0, 0 "568",6 0
525,0 0
15,8 985 "52 ",6 0 16,34 985 29,5710 14,308 15,8 985 50 ,0 0 250",6 0 61,05 85
12,750
6,0 ,0 26,10 0 1,785,2 0 5,0 ,0
19,37180 26,37580 52,3450 156,72 50 8,0 ,0 13,941"60 56,18750 568,0 0 25,81 0 31,5608
218,750
19,37180 19,37180 45,20 0 146,209 3,0 ,0 2,41,0 49,150
6,0 ,0 17,650
1,6 5,0
8,4 5,0 1,785,2 0 5,0 ,0
6,0 ,0 2,485,0
26,1 0
New
250, 0
75,60,20
218,750
25,81 0 271,860
568,0 0
7,0 4,0 7,145,0 10,563250 5,0 ,0 l",50",60 6,923,750
41,70 0
GFOAVERNMT, OGNCISORRNEPUUFPWEIAT
notes. _ notes. notes. . agenci_s.& Posein. bfSfruamtoounnicdpyeildtsses 30 Notes— manufctrig " &c _Notes— manufctrig Ac manufctrig Ac- _ manufctrig &c— securit—.
A3PR0IL
Total
$
1,5496,0
50,1250 68,52 76 4,813907 38,0 0
75,0 0
1,47802,53 5,"06,0 214, 830 169,50428
Capital 195,73608 16,9250 10,27 3842,1854 8,0 ,0
1936
273,102 3 15,0 0 249,05 10 537,2 540
S
SOUM FARY
New
1,964,51
75,0 0
ACHANRDTE
410, 690 725,08 50 247,0 16,8150 69,0 0 5.0,0 "60 ",0 12,80",0 1,5876 ,90 30, 0 1,250, 0
8,125,0 3,0 ,0
7, 50, 0 50,1250 14,02718 5,97 ,50 7,462,40 3,2 5,0 49,23 16 1 ,0 32 9
17,385 0 13,42183 40,1690 740,365 8 253,67950 7,462,40 3,25,0 174,2561 8,01329 5,0,0 "60 .6 6 37,95",80 1,75 24,083
3 768,90 682,916 9 1 ,7452 106,820 5,041963 ,50,0 1,0 0 1,3894,2 15,0 0
8,125,0 2, 87,50
7, 50, 0 3 ,16250 14,02718 3, 28,0 "423",90 15,21754 15,4 8749
12,46 730 60,91621 348,6790 69,4379 15,04275 423,90 129,458762 72,4821 3,50,0 31,26730 1,47802,53
Capital 76,4190 42,17 831 5,985248 10,7942 13,958037 2,0 ,0 ~60 ",d6 l",80",6 203,71.608 15,0 0 1,250, 0
712,50
594, 90
16,9250 2,651, 0 7,462,40 2,81 , 0 3,987362
4,91 ,07 52,4592 91,4 90 43, 2183 58,63 748 7,462,40 2,81 , 0 4 ,76 854 15,26 027 2,0 ,0 "60 ,6 6 6,719",07 273,102 30
Total
2,453867,10
Refundi g 1,35 94,2 3,16250 58,20938 2,6 5,32 30, 0
$
CFOORRPEIGANT,
3,75124083
5,0 0 29,1830 418,59718
Refundi g
1936
New
Governmt cites, include APRIL holding,
"
boands stock stock boands stock stockForeign— boands stock stock corpateCGaonverdnmiant LGoaoanvndt,"S'MuanicepaslS,,taes toal fdignuorest MEONNDTHS LoBngo-aTnedrmsRailroads utiles &scctooepall,,E,qumipanmufectnrets anodi indausntridl b&uildncgs, ttrruadsitng,i,sceulanseo SBh&orot-TnedmsRailroads utiles &scctooepaell,,rE,qumipnmufetnt aacensodriindausntridl b&uilcd_ngs, ttrruadsitng,,Miscelanous Railroad,sl utiles. scctooepaellr,,E,qumiapnumfetnt aacensodri indausntrdil b&uildcngs, ttrraudsitng,,Miscelanous ;- Railroads utilesAcscotopeaellr,,,Equmipnumftent aacensordi indausntridl bAuildcngs, ttrraudsintg,,Miscelanous corpate
MEONNDTHS Corpate—
LtDomesic— ong-termShort-emPref redCom onCandi — Long-termShort-emPref redCom onOtherLong-termShort-em_Pref redCom on Total Ofotrheerign
4
United
Farm
Grand
These
*
4
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
M
holding, &c_ holding,
Total
Total
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Stocks—
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
Total—
holding,
Public Iron, Motors Other Land, Rub er Ship ingInv.
Oil
Total
OF
DETAILS
NEW
CAPITAL
LONG-TERM BONDS AND NOTES
May 9,
Chronicle
Financial
3070
DURING
FLOTATIONS
APRIL
1936
1936
(ISSUES MATURING LATER THAN FIVE YEARS)
To Yield
Amount
Offered, Including Additional Underwriters
Company and Issue, and by Whom
About
Price
Purpose of Issue
%
Railroads—
Co. Ref. & Impt. M. 33^s, D, 1996.
Offered by Morgan Stanley
99^
3.52 The Chesapeake & Ohio Railway
40,000,000 Retire demand loans.
98
Co., Inc.; Kuhn, Loeb & Co. and Edward B. Smith & Co.
Other underwriters were: Blyth
Co., Inc.; Brown Harriman & Co., Inc.; The First Boston Corp.; Hayden, Miller & Co.; Kidder,
Peabody & Co.; Lazard Freres & Co., Inc.; Lee Higglnson Corp., and Mellon Securities Co., Inc.
Offered by Morgan Stanley
4.00 The New York Central RR. Co. 10-Year Secured 3^s, April 1, 1946.
26,835,000
99
3.55 Union Pacific RR. Co. 35-Year Debenture
40,362,000 Refunding
&
&
&
Co., Inc.; Brown Harriman & Co., Inc.;
Edward B. Smith & Co.; The First Boston Corp.,
and 19 other unnamed underwriters.
33^s, May 1, 1971.
Offered by Kuhn, Loeb & Co.
Peabody & Co., and Lee Higginson Corp.
Refunding
107,197,000
Public Utilities-
65,000,000 Refunding; other specific purposes.
45,000,000 Refunding; other specific purposes.
4.50 Brooklyn-Manhattan Transit
100
Corp. Rapid Transit Collateral Trust Bonds 4H % Series, May 1,1966.
Rapid Transit Collateral Trust Bonds 3% and 3H% Serial
102.25-98 0.75-3.93 Brooklyn-Manhattan Transit Corp.
Bonds, May 1, 1937-1951.
Above issues of Brooklyn -Manhattan Transit Corp were offered by Hayden,
Stone & Co.; Brown
Seligman & Co.; Lehman Brothers;
Field, Glore & Co.; Goldman, Sachs & Co.;
Kidder, Peabody & Co.; Stone & Webster and Blodget, Inc.; W .C. Langley & Co.; Bancamerica-Blair Corp.; Ladenburg Thalmann & Co.; G. M.-P. Murphy & Co.; E. H. Rollins &
Sons, Inc., and W. E. Hutton & Co.
Other underwriters were: Speyer & Co.; Graham,
Parsons & Co.; Cassatt & Co., Inc.; H. M. Byllesby & Co., Inc.; Hallgarten & Co.; Hemphill,
Noyes & Co.; Hornblower & Weeks; Paine, Webber & Co.; Schoellkopf, Hutton & Pomeroy,
Inc.; Alex Brown & Sons; R. W. Pressprich & Co.; Baker, Weeks & Harden; Chas. D. Barney
& Co.; Dominlck & Dominick; Estabrook & Co.; Laurence M. Marks & Co.; F. S. Moseley
Co. Riter & Co.; Shields & Co.; Starkweather & Co., Inc.; Swan, Culbertson & Fritz; A. C.
Allyn & Co., Inc.; A. G. Becker & Co ; Lawrence Stern & Co., Inc.; Whiting, Weeks &
Knowles, Inc.; Battles & Co., Inc.; Bacon, Whipple & Co.; Singer, Deane & Scribner, and
L;
Harriman &
Co., Inc.; Lazard Freres & Co., Inc.; J. & W.
Halsey, Stuart & Co., Inc.; White, Weld & Co.;
Schwabacher & Co.
13,500,000 Refunding; add'ns & betterments..
4.14 The California Oregon Power Co.
H. M. Byllesby & Co., Inc.; W.
97^
1st M. 4s, April 1, 1966.
Offered by The First Boston Corp.;
C. Langley & Co.; Edward B. Smith & Co.; Blyth & Co., Inc.;
Co., Inc.; Harris, Hall & Co., Inc.; Emanuel & Co.; E. H. Rollins & Sons, Inc.;
Dean Witter & Co.; Granbery, Safford & Co., and Wm. Cavalier & Co.
3.10 Consolidated Edison Co. of New York, Inc. 10-Year 334% Debentures, April 1, 1946.
3.53 Consolidated Edison Co. of New York, Inc. 20-Year 334% Debentures, April 1, 1956.
Above issues of Consolidated Edison Co. of N. Y., Inc., were offered by Morgan Stanley & Co.,
A. C. Allyn &
101
35,000,000 Refunding.
35,000,000 Refunding.
99^
Inc.; Kuhn, Loeb & Co.; Blyth & Co., Inc.; Brown Harriman & Co., Inc.; Lazard Freres &
Co., Inc.; The First Boston Corp.; Edward B. Smith & Co.; Bonbright & Co., Inc.; Lehman
Brothers,
and Clark,
Dominick
&
Dodge & Co.
Dominick;
Goldman,
Other underwriters were: Bancamerica-Blair Corp.;
Sachs & Co.; Harris, Hall & Co., Inc.; Hayden, Stone
Co.; Hemphill, Noyes & Co.; W. E. Hutton & Co.; Kean, Taylor & Co.; Kidder, Peabody
& Co.; Ladenburg, Thalmann & Co.; Lee Higginson Corp.; Mellon Securities Co., Inc.; F. S.
&
Moseley & Co.; Schoellkopf .Hutton & Pomeroy, Inc.; J. & W. Seligman & Co.; Stone &
Webster and Blodget, Inc.; Spencer, Trask & Co..; White, Weld & Co., and Dillon, Read
& Co.
3.60 Pacific Gas & Electric Co. 1st & Ref. M.
102^
30,000,000 Refunding.
3%s, H, Dec. 1, 1961.
Offered by Blyth & Co., Inc.:
Edward B. Smith & Co.; The First Boston Corp.; Lazard Freres &
Co., Inc.; Dean Witter & Co.; Bonbright & Co., Inc.; H. W. Byllesby & Co., Inc., and E. H.
Rollins & Sons, Inc.
Other underwriters were: Bankamerica Co.; Mltchum, Tully & Co.; Elworthy
& Co.; Wm. Cavalier & Com; Brush, Slocumb & Co., and Schwabacher & Co.
Brown Harriman & Co., Inc.;
30,000,000 Refunding
-
„
3.17 The Pacific Telephone & Telegraph
101^
Co. Ref. M. 3%s, B, April, 1 1966.
Offered by Morgan
Higginson Corp.; The First
Stanley & Co., Inc.; Kuhn, Loeb & Co.; Kidder, Peabody & Co.; Lee
Boston Corp.- Brown
Witter &
3,500,000 Retire bank loans; additions;
construction and equipment
Co., and Harris, Hall & Co., Inc.
;
1
new
Equipment & Realty Co., Ltd. Equip. Mtge. 4^s, March 1, 1946.
Offered by Blyth &
Co., Inc.; Dean Witter & Co.; Weeden & Co.; J. Barth & Co., and Wm. Cavalier & Co.
4.25 Saguenay Power Co., Ltd. 1st M. 434s, A, April 1, 1966.
Offered by Mellon Securities Co., Inc.
The First Boston Corp.; White, Weld & Co.; Edward B. Smith & Co.; Lee Higginson Corp.; Aldred
& Co.; Field, Glore & Co.; Halsey, Stuart & Co., Inc., and Minsch, Monell & Co., Inc.
Other
4.50 Railway
100
25,000,000 Refunding
100
5,000,000 Refunding
100
underwriter
was
Lehman Brothers.
2.25-4.00 Saguenay Power Co., Ltd.,
entirely
2,600,000
1,460,000
Harriman & Co., Inc.* Edward B. Smith & Co.- Blyth & Co., Inc.* Dean
by
Mellon
Co., Inc.
Gen. M. 4s, A, April 1, 1966. Offered by W. C. Langley & Co.
3.88 The St. Joseph Water Co.,
10234
3.37 Santa Barbara
101^
3.43 Wisconsin Gas & Electric Co.
Weeden
10,500,000 Refunding
&
Offered and underwritten
2J4 % and 4% Serial Notes, June 15, 1937-46.
Securities
102
Refunding
Tejephone Co. 1st M.
3^3, C. Jan. 1, 1966.
Offered by Blyth & Co., Inc. and
Co.
1st M. 334s, April 1,
1966.
Offered by The First Boston Corp.;
Spencer Trask & Co.; The Securities Co. of Milwaukee, Inc.; Brown Harriman &
&
Co., Inc.; Blyth
Co.: Stone
Co., Inc.; Mellon Securities Co., Inc.; Harris, Hall & Co., Inc.; J. & W. Seligman &
Coffin & Burr, Inc., and Alex. Brown & Sons.
& Webster and Blodget, Inc.;
301,560,000
Iron, Steel, Coal, Copper, &c
30,000,000
New plant,
lmpr. & add'l wkg. cap.
97
4.45 Jones & Laughlin Steel Corp. 1st M.
4J^s, A, March 1, 1961. Offered by Mellon Securities Co., Inc.;
Co., Inc.; Blyth & Co., Inc.;
Inc., and Kidder, Peabody & Co. Other underwriters
Edward B. Smith & Co.; The First Boston Corp.; Brown Harriman &
Goldman Sachs & Co.; Bonbright & Co.,
were:
60,000,000 Refunding
30,000,000 Refunding
—
98 34
102/4
Morgan Stanley & Co., Inc., and Kuhn, Loeb & Co.
4.10 The Youngstown Sheet & Tube Co. 1st M. 4s, C, May 1, 1961.
3.29 The Youngstown Sheet & Tube Co. Conv. 3}i% Debs., Feb.
1, 1951.
(Convertible on or before
Feb. 1, 1950 into common stock at prices ranging from $66>S per share to $100 per share).
Above issues of Youngstown Sheet & Tube Co. offered by Kuhn, Loeb & Co.; Edward B.
Smith
Co.; Brown Harriman & Co., Inc.; The First Boston Corp.; Blyth & Co., Inc.; Hayden,
Sachs & Co.; Bonbright & Co., Inc.; Kidder, Peabody & Co.; Lee
Higginson Corp.; Lazard Freres & Co., Inc.; Field, Glore & Co.; White, Weld & Co.; J. & W.
Seligman & Co.; W. E. Hutton & Co. and Chas. D. Barney & Co. Other underwriters were:
Bancamerica-Blair Corp.; H. M. Byllesby & Co., Inc.: Clarke, Dodge & Co.* Hemphill,
&
Stone & Co.; Goldman,
Noyes & Co.* Ladenburg, Thalmann & Co.* Cassatt & Co., Inc.* E. W. Clark & Co.; Graham.
Co.; Dominick & Dominick; Estabrook & Co.; G. M.-P. Murphy & Co.; Paine,
Parsons &
Webber & Co.; E. H. Rollins & Sons, Inc.; Stone & Webster and
Blodget, Inc.; F. S. Moseley
Co.; Colgate Hoyt & Co.; Hallgarten & Co.; Hornblower & Weeks; Biddle, Whelen & Co;
Jackson & Curtis; Whiting,
Co.; Hayden, Miller & Co;
Alex. Brown & Sons; Schoellkopf, Hutton & Pomeroy,
Inc.; Dean Witter & Co.; Janney &
Co.; Blair, Bonner & Co., Lawrence Stern & Co., Inc.; Curtiss, House & Co.; The First Cleve¬
land Corp.; The Securities Co. of Milwaukee, Inc.; Wells-Dickey Co., and Mellon Securities
Co., Inc.
&
W. H. Newbold's Son & Co.; Yarnall & Co.; Coffin & Burr, Inc.;
Weeks & Knowles, Inc.; A. G. Becker & Co.; Central Republic
120,000,000
Other Industrial & Mfg.—
3,000,000 Refunding; retire pref. stock
97
4.78 The Hartford Times, Inc.
15-Year 434% Debs. May 1, 1951.
Offered to holders of company's 6%
due 1943 and to holders of company's participating preference stock; unsubscribed
portion to be offered publicly by Hemphill, Noyes & Co.
3.71 National Dairy Products Corp. 3%% Debs, due May 1, 1951.
(Each debenture carries a common
stock purchase warrant, exercisable only as an entirety, entitling holder to purchase on or before May 1,
debentures
62,545,500 Refunding..
10034
1940, common stock on basis of one share for each $100 principal amount of debentures upon payment
of $25 per share up to May I, 1938 and $28 per share thereafter). Offered to holders of the company's
common stock in the first instance by the corporation itself and to the holders of the company's 534 %
debentures due 1948 by the underwriters; unsubscribed portion offered to the public by Goldman,
Sachs & Co.; The First Boston Corp.; Brown Harriman & Co., Inc.; J. & W. Seligman & Co.; Lee
Higginson Corp.; Mellon Securities Co., Inc., and Edward B. Smith & Co.
Other underwriters
were: Kuhn, Loeb & Co.; Edward B. Smith &
Co.; Halsey Stuart & Co.; Blyth & Co., Inc.; Hayden,
Stone & Co.; Hemphill, Noyes & Co.; Kidder, Peabody & Co.; Bancamerica-Blair Corp.; Field,
Glore & Co.; W. E. Hutton & Co.; White, Weld & Co.; Charles D. Barney; Estabrook & Co.;
Harris, Hall & Co., Inc.; Lazard Freres & Co., Inc.; G. M.-P. Murphy & Co.; E. H. Rollins &
Sons, Inc.; Hallgarten & Co.; Ladenburg, Thalmann & Co.; A. G. Becker & Co.; Alexander Brown
Cassatt & Co., Inc.; Dominick & Dominick; Graham, Parsons & Co.; Hayden, Miller &
Co.; Hornbldwer & Weeks: Jackson & Curtis; F. S. Moseley Shields & Co.; Speyer & Co.; Frederick
H. Hatch & Co., Inc.; Ames, Emerich &
Co., Inc.; Eastman, Dillon & Co.; Gillett & Co., Inc.;
& Sons;
Kleinwort Sons & Co., Inc.; Piper, Jaffray & Hopwood; Reynolds & Co.; Riter & Co.; Lawrence
Stern & Co., Inc.; Spencer, Trask & Co.; Wertheim & Co.; J. G. White & Co., Inc.; Blair, Bonner
& Co.; The First Cleveland
Bond &
Corp.; Moore, Leonard & Lynch; Otis & Co.; Baker, Weeks & Harden;
Goodwin, Inc.; E. W. Clark & Co.; Emanuel & Co.; Gerstley, Sunstein & Co.; Mitchell,
Hutchins
& Co.; L. F. Rothschild & Co.; Stein Brothers & Boyce; Strother, Brogden & Co.;
Cahn & Co.; First of Michigan Corp.; The Illinois Co. of
Chicago; Justus F. Lowe & Co., Inc.; The National Co. of Omaha; Arthur Perry & Co., Inc.;
Babcock, Rushton & Co.; Frank B.
900,000 Fd. bk. loans; plant eq.; wkg. cap.
102
66,445,500
Tobey & Kirk, and Yarnall & Co.
4.75 The Ohio Leather Co. 10-Year Conv. 5% Debs. Jan. 1, 1946.
{Eachdebenture is convertible into com¬
mon stock of the comapny up to 1945 at
prices ranging from 25 to $40 per share). Offered by The
First Cleveland Corp.
Miscellaneous—
5,000,000 Refunding
J 102.9776-
lioo
300,000 Working capital
100
1.001 Bullock's, Inc. Secured 4% Bonds, May 1,1937-46. Offered by Blyth & Co., Inc.; Dean Witter & Co.;
Banks, Huntley & Co. and E. H. Rollins & Sons, Inc. Other underwriters were: Wm. R. Staats
& Co.; Bateman, Elchler & Co., and Wm. Cavalier & Co.
4.00/
5.50 Contract Purchase Corp.
(Mich.) 10-Year Conv. Deb. 534s, March 1, 1946. (Each $1,000 of deben¬
of common stock at any time until maturity). Offered by Cray, McFawn
tures convertible into 40 shares
&
750,000 Working capital; other corp. purp.
6,050,000
100
Co., Detroit.
5.00 Union Investment Co. (Mich.) 10-Year Conv. Deb. 5s, March 15, 1946.
& Co., Inc., and McDonald, Moore &
Hayes, Inc.
Offered by Ames, Emerich
Volume
Financial
142
SHORT-TERM
BONDS AND NOTES
3071
Chronicle
(ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
To Yield
%
Railroads—
$
Company and Issue, and by Whom Offered, Including Additional Underwriters
About
Price
Purpose of Issue
Amoun
1.50-2.60 The New York Central RR. Co. 1-Year to 5-Year 134% to 2.60% Secured Notes,
100
15,000,000 Retire demand loans
1937-41.
Placed
privately with banks by Morgan Stanley & Co., Inc.; Brown Harriman & Co., Inc.; Edward B.
Smith & Co.; The First Boston Corp.; Kidder, Peabody & Co., and Lee HIgginson Corp., and
19 other unnamed underwriters.
Other Industrial & Mfg.—
National Dairy Products Corp. 234% Promissory Notes, Aug. 1, 1936-Feb. 1,1941.
Placed privately
7,000,000 Refunding
Placed privately
with banks.
STOCKS
Par
or
(a)
No.
per
Share
Finance retire, of pf. stk. of
div. series-.--—--
Company and Issue, and by Whom Offered, Including Additional Underwriters
About
%
$
Public Utilities-
106,312 shs
To Yield
Price
Amount
Involved
Purpose of Issue
of Shares
$1.50
2,657,800
11,369,328
Offered by Boubright & Co.,
Blyth & Co., Inc.
Offered by Bonbright & Co., Inc.;
Corp.; E. W. Clark & Co.; Blyth & Co., Inc., and Central Republic
5.00 Associated Telephone Co., Ltd. Pref. stock $1.25 Series.
25
102
---
Inc.; Paine, Webber & Co.; Mitchum, Tully & Co., and
111,464 shs Retire 6% & 7% pref. stocks.
4.41 Central Illinois Light Co.
The First Boston
Co.
14,027,128
Iron, Steel, Coal, Copper, &c.
42,250 shs Capital impts.; retire bank loans;
working capital.
434% Cum. Pref. Stock.
■
Common Stock.
Offered to common stockholders of company.
929,500
22
Ludlum Steel Co.
7,462,400
44
General American Transportation Corp.
Equipment Manufacturers169,600 shs Acquire control of assets of Pressed
Steel Car Corp.; purch. equipm't
other corp. purposes
Brown Harriman &
Offered to common stock¬
& Co.; Charles D. Barney & Co.;
Common Stock.
holders of company; underwritten by Kuhn, Loeb
Republic
& Co.; Hallgarten
Co., Inc.; Field, Glore & Co.; A. G. Becker & Co.; Central
Co.; Clark, Dodge & Co.; Dominick & Dominick; Goldman, Sachs
Hemphill, Noyes & Co.; Ladenburg, Thalmann & Co.; Lee HIgginson Corp.;
G. M.-P. Murphy & Co.; Paine, Webber & Co.; J. & W. Sellgman & Co.; Edward B.
Smith & Co.; Lawrence Stern & Co., Inc., and White, Weld & Co.
& Co.;
Other Industrial & Mfg.—
6.00 Burry Biscuit Corp. (Del.) 6% Conv. Pref. Stock.
(Each share convertible
two shares of common stock).
Offered by Alison & Co., Detroit.
50
200,000
4,000 shs Acquisitions; addns.; wkg. cap---.
262,500
1,777,634
50,000 shs Working capital
75,644 shs Retire. 6% pf. stk.; wkg. cap.; oth.
corp. purposes
2334
General Time Instruments Corp. Common Stock.
company;
Offered to common stockholders of
unsubscribed portion amounting to 54,702 shares publicly offered#by Kidder,
Peabody & Co.; W. E. Hutton & Co., and G. M.-P. Murphy & Co.
was
40,000 shs Retire pref. stk.;
working capital
Offered by Donoho, Moore & Co., and Mitchell, Her-
The Haloid Co. Common Stock.
20
Other underwriter
Field, Glore & Co.
acquire a sub.;
800,000
at present into
Burry Biscuit Corp. (Del.) Common Stock. Offered by Alison & Co., Detroit.
General Houses, Inc. (Del.) Common Stock. Offered by Sadler & Co., Chicago.
8%
5 34
175,000
20,000 shs Acquisitions; addns.; wkg. cap
rick & Co.
24,000 shs Retire 6% deb. & partic. pref. stk.;
working capital
The Hartford Times,
50
1,200,000
for
Inc. 534% Cum. Pref. Stock.
Offered, share for share, in exchange
participating preference stock and for each $500 of old debentures of company
surrendered in exchange 10 shares of 534%
cumulative preferred stock, and a cash
payment of $15 was provided under terms of exchange offer.
Hill Packing Co. Conv. Pref.
5H
189,000
36,000 shs General corporate purposes..—
50c
Kingston Products Corp. Common Stock. Offered by Alison & Co., Detroit.
Kinner Airplane & Motor Corp., Ltd. Common Stock. Offered to common stockholders
300,000
15
The Master Electric Co.
2,317,848
104
434
1,299,474
100,000
288,772 shs General corporate purposes
200,000 shs Additional capital
of company.
20,000 shs Addns.
to eqpt.;
(Convertible into common stock on a share for share
Stock.
Offered by Matthews, Lynch & Co., Chicago.
basis).
.
reduce mtge.loans;
working capital—
22,287 shs Retire 6% pf. stk.; oth. corp. purp
Common Shares.
Offered by Mitchell, Herrick & Co.; Riter &
Co., and Otis & Co., Inc.
434% Conv. Pref. Stock.
(Each shareis convertible into 134 shares of
common stock until Jan. 1, 1938: to Jan. 1, 1940, at rate of 1}4 shares, and to Jan. 1,
4.32 Melville Shoe Corp.
1945, on a share for share basis).
Offered first to common stockholders of company,
preferred stock. Underwritten by Cassatt
and the balance to holders of company's 6%
& Co.,
63,380
10,000
75,000
35,000
10,500
shs Expansion <fc improvements
shs Ret. bk. loans & oth. dt.; wkg.
shs Ret. bk. loans & oth. dt.; wkg.
cap.
shs Working capital
shs Working capital
7,000 shs Working capital—
65,359 shs Retire bank
loans;
j
Inc. 5)4 % Cum. Pref. Stock. Offered by Lehman Brothers.
Common Stock. Offered by Lehman Brothers.
San-Nap-Pak Mfg. Co., Inc. Pref. Stock. Offered by C. B. Ewart & Co., Inc., N. Y.
San-Nap-Pak Mfg. Co., Inc. Com. Stock. Offered by C. B. Ewart & Co., Inc., N. Y.
San-Nap-Pak Mfg. Co., Inc. Com. Stock. Offered by C. B. Ewart & Co., Inc., N. Y.
5.25 Phillips Packing Co.,
100
Phillips Packing Co., Inc.
15
f 10 shs. pf.; 3 shs
|
com. for $100
350,000
7,000
1
2,614,360
40
—
Common Stock.Offered to common stockholders of company.
Owens-Illinois Glass Co.
100
6,338,000
1,000,000
1,125,000
cap.
Inc., and E. A. Pierce & Co.
complete con¬
struction of new mill
-
Com. Stock. Offered to common stockholders of company.
Co., Inc.; Laurence M. Marks & Co.; Jackson &
Co.; R. L. Griggs Co.; Jackson & Curtis Securities
Corp., and E. R. Jones & Co.
Union Bag & Paper Corp.
Underwritten by Minsch, Monell &
Curtis; Johnson, Lane, Space &
20,055,816
Oil-
Cum. Conv. Pref. stock, Series A.
(Convertible into common
from $36 per share to $45 per share.)
Offered to common stock¬
Underwritten by Edward B. Smith & Co.* Goldman, Sachs &
Co.; Mellon Securities Co., Inc.; Lee HIgginson Corp.; Brown Harriman & Co., Inc.;
First Boston Corp.; Blyth & Co., Inc.; Hayden, Stone & Co.; Kidder, Peabody &
4.00 Atlantic Refining Co. 4%
100
14,800,000
148,000 shs Retire 5% Debentures.
stock at prices ranging
holders of company.
Co.; W. E. Hutton & Co.; Graham, Parsons & Co.; E. W. Clark & Co.; Cassatt & Co.,
Inc.; W. H. Newbold's Son & Co.; Biddle, Whalen & Co.; Elkins Morris & Co., and
Kuhn, Loeb & Co.
Miscellaneous—
40,000 shs Retire bonded debt & 7% pref. stk.
5.00 Bullock's, Inc. 5%
100
4,000,000
stock.
Cum. Pref. stock.
Offered to holders of company's 7% Cum. Pref.
Unsubscribed portion was offered by Blyth & Co., Inc.; Dean Witter & Co.;
Banks, Huntley & Co., and E. H. Rollins & Sons, Inc.
Other underwriters were
William R. Staats & Co.; Bateman, Eichler & Co., and William Cavalier & Co.
495,000 shs Working capital; gen'l corp. purp._
50,000 shs Retire 7% pref. stk; working cap'l
Offered by company.
534% Cum. Pref. stock.
Offered in exchange to holders
International Commodities Corp. Owners shares.
3
1,485,000
500,000
5.50 Seaboard Commercial Corp.
10
7% preferred stock.
Unexchanged portion offered by H. A.
George G. Shriver & Co., Inc., and J. Harmanus Fisher & Sons.
of company's
62,500 shs Retire cl. A stock; working capital6,133 shs Retire 7% deb. & 734% pref. stks.
625,000
613,300
Elwell Co.;
Spencer1 Chain Stores, Inc. (Mass.) Common Capital stock.
Offered by Hammons &
Co., Inc., and Childs, Jeffries & Thorndike, Inc.
5.00 Tacony-Palmyra Bridge Co. 5% Cum. Conv. Pref. stock.
Offered to company's stock¬
holders.
Unsubscribed portion offered by Arthur Perry & Co., Inc., and Graham,
10
100
Parsons
7,223,300
FOREIGN
&
Co.
GOVERNMENT LOANS
To Yield
Price
Issue and Purpose
Amount
Offered by
About
%
$
31,500,000 Kingdom of Norway 29-Year 434 % External
Loan, April 1, 1965.
(Proceeds used entirely
for refunding of External 534 % Gold bonds,
due June 1, 1960.)
4.40 Kuhn, Loeb & Co.; Brown Harriman & Co., Inc.; Edward B.
Boston Corp.; Blyth & Co., Inc., and White, Weld & Co.
9734
-
FARM
LOAN
AND
GOVERNMENTAL AGENCY
Smith & Co.; The First
ISSUES
To Yield
%
$
180,000,000
Offered by
About
Price
Issue and Purpose
Amount
Federal
Land
Banks
10-20
Year
3%
Con¬
solidated Federal Farm Loan Bonds, May 1,
1956
(Proceeds entirely for refunding)
993*4
3.03
Alex. Brown & Sons; the
Chase National Bank; Brown Harriman & Co., Inc.; the National
Co. of N. Y.; Edward B. Smith & Co.; The
City Bank of N. Y.; Guaranty Trust
First Boston
18,000,000
Federal
Intermediate
Credit
Banks
Corp. and Lee Higglnson Corp.
Cons.
134% Deb., dated April 15, 1936, and due
Price
in 6 and 12 months
718,300
Fletcher
Joint
Stock
Land
Bank
198,718,300
on
application Charles R. Dunn, Fiscal Agent, New York.
3)4%
Bonds, dated Nov. 1, 1935 and due Nov. 1,
1945.
(Refunding)
100
3.25 Fletcher Trust Co., Indianapolis.
3072
Financial
ISSUES
Par or No.
(a) Amount
of Shares
Involved
May 9, 1936
FINANCING
To Yield
About
Price
$
45,000 shs
281,914 shs
Chronicle
NOT REPRESENTING NEW
Company and Issue, and by Whom Offered, Including Additional Underwriters
%
Famise
2
90,000
13,320,437
The
47^
Corp. Common stock.
Offered by Relchart DeWitt & Co., Inc.
Flintkote Co. Common stock.
Offered by Lehman Brothers; Hallgarten & Co.; White, Weld & Co.; Dominick &
Dominick; Chas. D. Barney & Co.; Ladenburg, Thalmann & Co.; Shields & Co.; Hemphill, Noyes & Co.; Cassatt & Co.,
Inc., and Laurence M. Marks & Co.
Other underwriters were Atlas Corp.; Balfour, Boardman & Co. .Ltd.; the Lehman
Corp.; The Reybarn Co., Inc.; Speyer & Co.; A. C. Allyn & Co., Inc.; Bacon, Whipple & Co.; Robert Benson & Co., Ltd.;
Birge, Wood & Trubee; Halle & Stleglltz; the Parker Corp.; A. M. Kidder & Co.* W. W. Lanahan & Co.; Loew & Co.;
M. & T. Securities Corp.; National Bond & Share Corp.; Niagara Share Co.; Randolph Securities Corp.; L. F. Rothschild
& Co.; I. M. Simon & Co.; Toerge & Schiffer, and Wertheim & Co.
The Haloid Co. Common stock.
300,000
1,530,000
20
18
F. L. Jacobs Co.
450,000
250,000
287,500
15,000 shs
85,000 shs
30,000 shs
$250,000
28,750 shs
50,000 shs
15
The Master Electric Co. Common shares.
Mitchell, Herrick & Co.
Offered by Donoho, Moore & Co. and
Common Capital stock.
Offered by Hegarty, Conroy & Co., Inc.
Offered by Mitchell, Herrick & Co.; Riter & Co., and Otis & Co., Inc.
4.20 Michigan Central Railroad Co.
Ref. & Impt. 4^8, C, Jan. 1, 1979.
Offered by Coffin & Burr, Inc.
Spencer Chain Stores, Inc. Common Capital stock.
Offered by Hammons & Co. and Childs, Jeffries & Thorndlke, Inc.
"16"
Wentworth Manufacturing Co.
New York and Detroit,
j
16J^
812,500
Offered by Haskell, Scott & Jennings, Inc., and Keane & Co.,
(Del.) Common stock.
17,040,437
a
Preferred stocks of
THE
STATE
a
stated
par
value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
TRADE—COMMERCIAL
OF
EPITOME
FREIGHT LOADED
REVENUE
AND
RECEIVED
CONNECTIONS
FROM
(Number of Cars)
Friday Night, May 8, 1936.
According
at
own
previous
tive
the latest
to
the
near
or
peak
notwithstanding
week,
activity,
electric
output
Loaded
business is holding its
reports,
six-year
May 2
slight drop in automo¬
a
coal
and
Steel
production.
Own
on
Lines
Rec'd from Connections
Weeks Ended—
Weeks Ended—
the
during
reached
Apr. 25
1936
May 4
Apr. 25
1935
1936
May 2
1936
1936
May 4
1935
Atchison-Topeka & Santa Fe Ry.
19,774
19,316
17,337
5,857
Baltimore & Ohio RR
29,257
23,310
16,628
6,152
15,523
course,
seasonal
were
speed pace.
off
also
were
slightly.
These
following
reactions
recessions,
almost
of
16,393
9,591
9,429
7,263
5,865
top
a
in the steel industry display consid¬
Leaders
erable optimism, asserting that business will not drop below
50%
tlijs summer.
end
the
of June last
The rate fell to 32.8% of capacity at
year, and did not rise to 50% again
until October.
The wide diversification of steel
recent
is
months
higher
level
activity
of
demand
chiefly responsible for expectations of
this
year.
In
fact,
in
a
major
new
of demand, such as current numerous
sources
inquiries for
developing continually.
The steel
oil and gas line pipe, are
from
demand
the
automobile industry this summer is
also
expected to exceed last summer's orders.
Railroad car load¬
ings this month are expected to better the relatively poor
Chesapeake & Ohio Ry
21,714
Chicago Burlington & Quincy RR.
operations
30,238
20,960
14,163
14,235
12,877
7,730
7,928
6,698
Chicago Milw. St. Paul & Pac.Ry.
18,976
18,712
16,707
7,594
7,700
6,631
Chicago & North Western Ry
10,246
9,704
8,167
-
—
15,243
15,091
13,126
Gulf Coast Lines—
3,323
3,240
2,845
1,332
1,558
1,183
International Great Northern RR
2,253
2,365
2,120
2,345
2,371
2,169
Missouri-Kansas-Texas RR
4,583
4,554
3,916
2,949
2,966
2,486
Missouri Pacific RR
13,851
13,743
12,541
8,990
8,919
7,529
New York Central Lines
39,190
4,812
40,024
34,319
40,524
39,372
31,005
New York Chicago & St.Louis Ry.
4,657
3,996
9,623
9,721
7,277
Norfolk & Western Ry
20,329
20,762
15,211
4,261
4,266
3,677
Pennsylvania RR
60,699
61,329
51,947
42,981
43,139
33,074
6,281
6,504
5,632
5,767
5,471
4,326
Pere Marquette Ry
Pittsburgh & Lake Erie RR
6,376
period, however,
not expected to reflect the im¬
did the April showing. Chains
rural areas report the best comparative
selling chiefly in
showing
in
April
for
markets
have been
enced in
no
Orleans
cars
less
to
year
date.
The
commodity
less irregular and lower, influ¬
by the heaviness in the securities
political situation is becoming
major influence,
a
as any
grave
or
mental
would undoubtedly have wide reper¬
In spite of unfavorable weather and other detri¬
factors, retail
sales gained 4 to
8% above the 1935
level.
Practically all sections of the country are participat¬
ing in the upswing.
Car loadings gained 4,973 cars last
week, bringing the total to 671,154 cars.
Compared with
the corresponding week last year, this was a gain of
There
cars.
the
crop
areas,
102,227
nothing spectacular in the weather
was
past week.
Reports
were
generally
news
favorable in most
especially in the Southwestern sections of the
cotton and wheat belts, though very high temperatures were
recorded in the latter area recently, which, if
prolonged,
apprehension concerning the new
crops.
Locally, it has been unseasonably cool and cloudy
the past few days.
Weather of unseasonal warmth pre¬
would
cause
vailed here
degrees,
The
or
renewed
today, with the
mercury ranging from 59 to 86
close to the record of 87 degrees 64 years ago.
forecast
tonight.
was
for
Overnight
fair
at
tonight and
Boston
it
was
Saturday;
56
to
warmer
66
degrees;
Baltimore, 62 to 80; Pittsburgh, 64 to 88; Portland, Me.,
50 to 60; Chicago, 66 to 86;
Cincinnati, 60 to 80; Cleveland,
70 to 86; Detroit, 68 to 86; Charleston, 64 to
76; Milwaukee,
68 to 86; Savannah, 62 to 82; Dallas, 70 to
82; Kansas City,
68 to 86; Springfield, Mo., 64 to 82; Oklahoma
City, 60 to
76; Salt Lake City, 38 to 62; Seattle, 46 to 60; Montreal,
62 to 74, and Winnipeg, 34 to 66.
Freight
Car
Loadings
Gain
LOADINGS AND
In
Week
18-major railroads to report for the week ended
May 2, 1936 loaded a total of 312,868 cars of revenue freight
on their own lines,
compared with 313,304 cars in the pre¬
ceding week and 264,458 cars in the seven days ended
May 4, 1935. A comparative table follows:
RECEIPTS
FROM
CONNECTIONS
.
(Number of Cars)
Weeks Ended—
May 2, 1936
April 25, 1936
22,686
29,203
13,013
23,220
19,722
29,710
24,960
13,244
11,735
64,902
66,174
56,417
Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis-San Francisco Ry
Total
The Association of American
week ended
Loading of
This
cars.
April 25 reported
May 4, 1935
increase
an
the
freight for the week ended April 25 totaled 666,181
revenue
was
Railroads in reviewing
follows:
as
of
107,245
cars,
sponding week in 1935 and 56,477 cars,
19.2% above the corre¬
or
9.3%, above the corresponding
or
week in 1934.
Loading of
23,524
revenue
cars, or
freight for the week of April 25
above the
cars
preceding week, 52,518
cars
Loading of merchandise less
decrease of 827
a
2,086
above
cars
the
than
an
increase of
an
carload
week in 1934.
lot
freight
below the preceding week,
cars
corresponding week in
decrease of 4,430 cars below the
same
increase of 3,298
above the corresponding week
in 1935, and 40,548 cars above the corresponding
cars,
was
3.7%, above the preceding week.
Miscellaneous freight loading totaled 283,121 cars,
1935.
totaled
but
It
161,006
increase of
an
was,
however,
a
week in 1934.
Coal loading amounted to 124,073 cars, an increase of 14,273 cars above
the preceding week, 39,973 cars above the
7,964
above the
cars
Grain
2,928
and
cars
grain
same
corresponding week in 1935, and
week in 1934.
products
loading totaled 33,105
above the preceding week, 6,114
cars
cars,
Districts
alone,
grain
and
April 25 totaled 20,320
week this year, and
grain
cars
3,163
an
cars
products
above the
Live stock loading amounted to
of
4,438
below
cars
increase
of
loading
for
In the Western
the
week
ended
increase of 2,058 cars above the preceding
same
14,032
week in 1935.
cars,
an
above the preceding week, and 101 cars above the
decrease
an
above the corresponding
week in 1935 and 6,591 cars above the same week in 1934.
the
same
week
in
increase of 1,060 cars
same
week in 1935, but a
1934.
In
the
Western
Districts alone, loading of live stock for the week ended
April 25, totaled
11,335
but
a
cars,
increase of 1,003 cars above the preceding week this year
an
decrease of 35
cars
below the
week in 1935.
same
Forest products loading totaled 32,205 cars, an increase of 549 cars above
above the
0.7%
Loadings of revenue freight for the week ended May 2,
1936, totaled 671,154 cars.
This is a gain of 4,973 cars, or
0.7%, from the preceding week, a jump of 102,227 cars, or
18.0%, from the total for the like week of 1935, and an in¬
crease of 65,908 cars, or 10.9%, from the total
loadings for
the corresponding week of 1934.
For the week ended April 25
loadings were 19.2% above those for the like week of 1935,
and 9.3% over those for the corresponding week of 1934.
Loadings for the week ended April 18 showed a gain of 5.2%
when compared with 1935 and a rise of 8.6% when com¬
parison is made with the same week of 1934.
The first
7,587
RR.
TOTAL
the preceding week,
Revenue
x6,292
8,404
more
drastic happen¬
ing in this direction
cussions.
3,415
x8,199
8,329
interchanged between S. P. Co.-Paciflc Lines and Texas and New
as
or
measure
The French
markets.
or
small
4,458
x8,285
4,965
are
the
more
4,482
22,541
5,529
312,868 313,304 264,458 197,514 195,280 156,562
Excludes
15% over that period.
A con¬
tinued rise in retail sales is expected in May.
Store volumes
for the
4,675
25,758
5,402
Total
x
6,287
26,642
Southern Pacific Lines
Wabash Ry
May, 1935, showing about
provement over 1935 levels
11,918
same
5,381
cars
above the
same
week in 1935, and 7,177 cars
week in 1934.
Ore loading amounted to 11,098 cars, an increase of
1,529 cars above the
preceding week, but
in 1935.
week in
Coke
a
decrease of 1,719
cars
below the corresponding week
It was, however, an increase of 1,684 cars above the
corresponding
1934.
loading amounted to 7,541 cars,
preceding week, 2,791
above the
same
Loading of
cars
above the
an
same
increase of 714
week in
cars
above the
1935, and 1,381
cars
week in 1934.
revenue
freight in 1936 compared with the two previous years
follow:
1936
1935
Four weeks in
January
2,353,111
Five
February
3,135,118
2,418,985
2,169,146
2,927,453
2,408,319
4
613,867
545,456
Week of April 11
Week of April 18
622,138
weeks in
Four weeks in March
Week of April
586,568
611,141
1934
2,183,081
2,920,192
2,461,895
559,070
579,981
642,657
666,181
Week of April 25
558,936
609,704
10,452,057
9,807,019
9,905,628
591,705
.
Total-.
—
Volume
Financial
142
In the following table we undertake to show also the load¬
ings for separate roads and systems for the week ended
April 25, 1936.
During this period a total of 114 roads
showed increases when
compared with the same week last
REVENUE FREIGHT LOADED AND
The most important of these roads which showed
were the New York Central Lines, the Baltimore &
Ohio RR., the Pennsylvania System, the Southern System,
the Chesapeake & Ohio RR. and the Illinois Central System:
year.
increases
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK
Total Revenue
1935
1936
1934
Group B (Concluded)—
Eastern District—
479
608
603
1,208
1,061
1,627
2,054
260
294
Boston & Maine
6,643,
1,512
7,672
1,087
7,655
10,904
2,283
9,789
1,634
1,467
Chicago Indianapolis & Louisv
1,162
18
9
24
68
53
Central Vermont
1,184
6,530
1,063
5,177
8,290
1,032
Delaware & Hudson
6,406
1,962
7,080
7,323
1.751
5,904
6,187
_
Delaware Lackawanna & West
11,136
9,863
260
232
2,181
290
332
1,256
3,354
14,846
8,041
1,854
1,303
7,960
2,776
12,107
5,179
12,108
4,707
14,180
Lehigh & Hudson River
289
269
281
Lehigh & New England
Lehigh Valley
2,755
9,978
2,423
2,138
1,901
6,794
2,470
2,238
9,109
Erie
Crand Trunk Western
Maine Central
3,632
2,103
Monongahela
40,024
1,933
N. Y. Chicago & St. Louis...
4,657
6,204
6,504
2,411
3,674
2,058
38,695
10,742
10,176
New York Ontario & Western.
4,905
1,059
34,209
10,165
2,041
4,080
_
Central Lines.__
N. Y. N. H. & Hartford
113
139
3,266
419
Detroit & Toledo Shore Line..
225
3,070
Detroit & Mackinac
Detroit Toledo & Ironton
Montour
1935
1936
Bangor & Aroostook
Ann Arbor
to New York
from Connections
Freight Loaded
Railroads
1935
1936
1934
1935
Total Loads Received
Total Revenue
from Connections
1936
Central Indiana.
ENDED APRIL 25
Total Loads Received
Freight Loaded
Railroads
3073
Chronicle
1,221
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia
Nashville
14,875
16,973
429
389
1,045
11,156
4,933
148
771
9,104
3,834
/
539
665
207
140
Mississippi Central.
166
131
165
331
273
Mobile & Ohio
2,026
1,607
Nashville Chattanooga & St L.
3,230
2,868
1,863
2,973
1,879
2,503
1,269
2,177
443
319
404
644
494
30,533
25,416
Tennessee Central
Total
56,586
45,697
48,857
Grand total Southern District
99,659
83,422
89,232
62,355
53,349
2,300
16,517
3,321
1,760
9,704
2,832
7,700
3,301
1,558
8,517
2,536
1,372
247
868
6,149
2,373
261
200
42
40
30,155
5,405
207
300
25
30
316
320
210
214
4,167
5,512
System
291
1,446
17,045
Macon Dublin & Savannah
6,928
1,497
337
Pere Marquette
Louisville &
12,250
197
Pittsburgh & Lake Erie
Central
302
1,423
15,845
2,430
39,372
12,115
2,056
9,721
4,541
5,471
2,126
4,511
5,279
Gulf Mobile & Northern
1,288
1,424
368
1,777
19,305
20,404
Georgia & Florida.
Illinois
861
780
899
Georgia
10,724
1.752
7,272
i
2,768
4,262
Northwestern
District—
723
Belt Ry. of Chicago
Chicago & North Western
603
883
15,459
13,161
2,054
15,337
Chicago Great Western
Chicago Milw. St. P. & PacificChicago St. P. Minn. & Omaha
2,483
18,712
3,635
Duluth Missabe & Northern...
1,396
15,998
2,862
1,965
Duluth South Shore & Atlantic.
489
572
Elgin Joliet & Eastern
5,240
7,328
6,586
2,865
117
963
371
373
5,472
6,681
4,574
383
296
329
151
119
10,079
11,717
9,092
3,408
2,931
550
594
466
566
485
Ft. Dodge Des Moines & South-
Great Northern
Green Bay & Western
Wabash
1,354
1,530
1,039
326
99
55
596
556
637
Minneapolis & St. Louis
1,890
1,505
1,701
5,021
2,896
5,115
3,390
1,131
8,404
3,848
988
5,529
7,979
2,547
Minn. St. Paul & S. S. M
4,644
4,186
Northern Pacific
8,763
4,505
8,024
1,753
2,495
3,461
2,012
2,994
439
1,244
Rutland
,
3,296
Wheeling & Lake Erie
Lake Superior & Ishpeming
130,602
147,937
161,344
130,472
657
480
597
691
131
114
108
269
182
2,079
1,446
1,250
1,018
78,293
23,115
28,801
15,523
3,690
1,870
2,840
2,349
12,200
1,276
Buffalo Creek & Gauley
296
250
227
7
8
Cambria
994
725
696
20
18
72,259
71,607
46,048
38,415
17,664
2,303
18,609
3,132
2,461
6,152
2,325
5,668
1,828
300
7,823
5,949
6,815
11,895
9,000
Spokane Portland & Seattle
204
199
68
39
14,235
12,541
1,316
13,995
1,072
10,570
7,928
6,631
839
585
7,659
2,244
6,347
553
30,238
7,788
1,493
1,319
Spokane International
151,985
970
309
Total
Total
Allegheny District—
Akron Canton & Youngstown.
Baltimore & Ohio
Bessemer & Lake Erie
Indiana
Central RR. of New Jersey...
Central Western District—
Atch. Top. & Santa Fe System.
Alton
19,316
Bingham & Garfield
Chicago Burlington & Quincy..
Cornwall
908
640
614
55
54
Chicago & Illinois Midland
Cumberland & Pennsylvania..
318
216
207
38
25
Chicago Rock Island & Pacific.
82
58
87
29
12
Chicago & Eastern Illinois
2,688
892
836
771
1,239
61,329
17,490
1,109
1,015
2,070
50,447
56,179
11,710
5,402
14,387
3,126
1,156
31,483
11,947
1,648
Colorado &
895
3,158
1,417
43,139
.
Ligonier Valley
Long Island
Penn-Reading Seashore Lines.
Southern
Denver & Rio Grande Western.
1,308
11,774
10,548
2,322
2,318
663
780
1,640
1,726
1,850
1,084
1,169
2,998
2,069
Union
12,589
(Pittsburgh)
8,142
16,315
3,944
8
56
46
93
0
0
3,190
2,611
3,165
6,120
4,276
West Virginia Northern
Western Maryland
314
255
147
33
1,235
2,010
1,252
1,048
1,411
1,044
1,078
928
765
1,344
1,013
92
58
North Western Pacific
869
740
577
329
213
Peoria & Pekin Union
Pennsylvania System
Reading Co
124
84
98
71
67
17,306
15,623
System.
4,794
3,860
Denver & Salt Lake.
Fort Worth & Denver
City
Illinois Terminal
Nevada Northern
Southern
Pacific
Pocahontas
124,730
140,700
76,783
(Pacific)
19,211
St. Joseph & Grand Island
Toledo Peoria & Western
105,250
141,791
Total.
Included
Norfolk & Western
17,332
15,456
20,762
1,931
3,314
Norfolk & Portsmouth Belt Line
Virginian
9,429
4,266
1,114
1,696
6,663
3,376
344
297
301
1,132
979
10,698
11,438
8,023
7,341
220
305
115
9
5
1,332
1,310
1,409
1,857
1,540
94,341
83,699
84,391
49,994
41,950
3,520
Utah
Western Pacific
1,000
2,436
3,052
807
43,328
15,616
Total
691
36,788
46,967
Total.
20,398
18,182
1,564
20,960
P.
a
11,592
Union Pacific System
District—
Chesapeake & Ohio
in U.
1,874
11,730
Southwestern District—
Alton & Southern
170
173
196
4,579
Southern District—
Burlington-Rock Island
124
143
123
244
Group A—
Fort Smith & Western
113
138
108
207
279
3,240
2,365
2,798
3,129
2,787
1,558
1,234
4,454
Gulf Coast Lines
1,370
International-Great Northern..
287
9,702
1,041
8,841
934
1,139
4,698
1,597
Charleston & Western Carolina
463
325
370
986
903
Kansas Oklahoma & Gulf
286
92
117
Durham & Southern
164
120
135
339
275
Kansas City Southern
1,934
1,301
1,734
2,371
1,041
1,805
2,338
31
43
42
107
89
Louisiana & Arkansas
1,623
1,341
1,154
1,104
831
Atlantic Coast Line
Clinchfield
Gainesville
Midland
9,193
1,009
1,021
1,237
1,392
1,098
Piedmont & Northern
406
464
448
960
785
Richmond Fred. & Potomac..
346
324
377
3,695
4,033
Norfolk Southern
8,560
21,183
.
7,915
17,606
7,897
19,392
4,060
13,310
3,573
10,687
168
132
145
678
666
43,073
Seaboard Air Line
Southern System..
Winston-Salem Southbound
37,725
40,375
31,822
27,933
.
2,226
1,180
1,375
Louisiana Arkansas & Texas...
138
54
166
479
340
Litchfield & Madison
343
136
382
919
675
Midland Valley
465
441
451
332
Missouri & Arkansas
118
186
133
238
204
4,554
13,743
3,907
12,532
4,347
13,340
2,966
8,919
2,528
7,420
Missouri-Kansas-Texas
Missouri Pacific
Lines..
—
Natchez & Southern
50
6
19
38
40
287
Quanah Acme & Pacific
93
40
196
117
131
St. Louis-San F'rancisco
Total
7,571
6,591
6,945
4,256
3,659
1,977
2,452
2,290
2,003
1,914
Texas & New Orleans.
6,547
5,837
5,630
2,236
3,405
113
Texas & Pacific...
3,991
3,841
4,114
3,628
803
726
Terminal RR. Ass'n of St.Louis
4,492
2,583
2,680
1,456
17,896
14,790
1,045
2,600
247
237
229
74
116
3,278
1,212
2,574
56
29
64
37
69
201
284
253
215
1,827
1,694
541
539
53,145
46,916
48,480
58,916
49,326
Louis
St.
Group B—
312
206
176
Atlanta Birmingham & Coast..
642
597
653
Atl. & W. P.—W. RR. of Ala..
859
683
603
Central of Georgia
Columbus & Greenville
4,217
3,893
339
Florida East Coast
1,392
Alabama Tennessee & Northern
Note—Figures for 1934 revised.
Central RR
* Previous figures.
a
181
Not available,
The
price of basic commodities continued to
decline sharply this week.
Moody's Daily Index of Staple
Commodity Prices closed this Friday at 164.9, as compared
with 169.2 a week ago, and 172.0 two weeks ago.
Lower prices for wheat, hog&, steel and rubber were the
principal factors in the decline.
Prices of silk and wool
were also moderately lower.
There were advances in cocoa,
hides, corn, cotton, coffee and sugar, while copper, lead
and silver remained unchanged.
The movement of the Index during the week, with com¬
parisons, is as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.
Fri.,
average
May 1
May 2
May 4
May 5.
May 6
May 7...
May8
169.2
160.0
168.2
166.9
167.0
165.6
164.9
2 Weeks ago, April 24
Month ago, April 8
Year ago, May 8
1935 High—Oct. 7 and 9
Low —Mar. 18--
172.0
169.6
-157.0
175.3
-.148.4
1936 High—April 18 and 23—172.1
Low —May 8
164.9
Weatherford M. W. & N. W—
Total
Index
Decline
Week
of
of
Noted
Wholesale
in
"Annalist"
Commodity
Prices
Weekly
During
May 5
Further losses in the
grains, livestock and products and
the textile group depressed The "Annalist" Weekly Index
of Wholesale Commodity Prices to the lowest level since
Dec. 31, 1934.
The index stood at 121.5 on May 5, a
Boston & Albany RR., the C. C. C. & St. Louis RR., and the Michigan
drop of 1.6 points from April 28, when it
announcement by the "Annalist" continued:
was
An
123.1.
_
The losses in wheat, the other grains and flour reflected the
the drought throughout part
were
due
to
while eggs,
heavier
cocoa,
of the West.
marketings.
Butter
relieving of
Those of livestock and meats
and
rubber
were
also
lower,
apples and tin were higher.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
(1913=100)
May 5, 1936
April 28, 1936
May 7, 1935
F—
123.4
products
Food products
Textile products
113.5
all6.5
121.2
al22.6
132.6
105.5
al06.0
104.5
Fuels.
170.7
170.7
162.1
Farm
—
Miscellaneous.
All commodities
b All commodities on
Revised,
old dollar basis
110.7
109.9
111.8
111.5
97.6
86.0
80.7
121.5
-
97.6
86.0
—
Chemicals
110.7
111.8
Metals
Building materials
a
Continued
_____.
Wichita Falls & Southern
b Includes figures for the
Moody's Daily Commodity Index Declines Sharply
South western.
123.1
126.6
72.2
73.0
75.3
b Based on exchange quotations for France,
98.7
Switzerland and Holland;
Belgium Included prior to March, 1935.
Liquidating Distribution of $4,415,284
May 15 by Railroad Credit Corp.
E. G.
to
be
Made
Buckland, President of the Railroad Credit Corp.,
announced May 7 that the Corporation will make a liqui¬
dating distribution to participating carriers on May 15, 1936,
Financial
3074
May 9, 1936
Chronicle
Reports Lowest Corii-
Fertilizer Association
Of this
$4,415,284, or 6% of the contributed fund.
$2,367,617 will be in cash and $2,047,667 will be
credited on carriers' indebtedness to the Corporation.
Mr.
National
Buckland said:
downward during the week
ended May 2, reaching the lowest point since the first week
of last July, according to the wholesale commodity price
index compiled by the National Fertilizer Association.
The
index for the week of May 2 was 76.1% of the 1926-28 aver¬
age, compared with 76.7 in the previous week, 76.7 a month
ago, and 77.4 a year ago.
In its announcement, under date
of May 4, the Association also has the following to say:
of
modity Price Average During
amount
This will be
this
twenty-seventh distribution that has been made since
the
$36,058,154.
Of
and $18,935,642
Corporation, or
Credit
Railroad
the
by
$17,122,512 will have been returned in cash
total
\
in credits.
of
Decrease
'■
•
Commodity
in jWholesale
0.6%
Prices
During Week of May |2 Reported by United States
Department of Labor
Largely because of sharp decreases in farm products and
foods, wholesale commodity prices fell 0.6% during the
week ending May 2, according to an announcement made
May 7 by Commissioner Lubin of the Bureau of Labor Statis¬
tics, U. S. Department of Labor. The Commissioner stated:
brought the general index to 79.1% of the 1926 average,
The decrease
the
reached
level
lowest
this
week of last year, the all
the corresponding
with
and foods, the hides and leather products,
In addition to farm products
chemicals and drugs groups also declined.
products, building materials, house-
and metal
metals
products,
Compared
year.
commodity index shows a decline of 1.2%.
fuel and lighting materials, and
Textile
furnishing goods, and miscellaneous commodities remained unchanged at
the level of the
The
There
.
result¬
general decline in commodity prices during the week,
a
was
the principal sub-group indexes moving downward.
The
most important decline took place in the farm products group, with 11 of
the commodities included in the group declining in price and only four
of
five
in
ing
livestock
and
declines
Price
advancing.
also
moved
were
particularly sharp
in
grains, but cotton
decline
in
the
The
downward.
index
of
food
lowest level reached sirice January, 1935.
The trend
oils prices continued downward and was particularly ^narked
prices took it to the
of
and
fats
in
the
price of cottonseed oil, which reached the lowest point since 1934.
which more than offset rising
The
but with the exception
of
the preceding week it is
still at the highest level reached in the
recovery period.
Lower quotations for hides, leather and rubber were
largely responsible for the decline in the index representing prices of
Lower
silk
prices
prices,
and cotton yarns,
for cotton
resulted in a moderate drop in the textiles price index.
building materials price average showed a decline,
miscellaneous commodities.
preceding week.
Twenty-nine price series included in the index declined during the week
materials group and the large group of all com¬
other than farm products (non-agricultural) each
raw
modities
Week of May 2 Since
July
Commodity prices continued
liquidation began June 1, 1933, and will bring the total to 49% of the fund
administered
Last
compared with 18 advances; in the preceding week there were 26
and
37
21 advances;
declines
in the second preceding week there were 34 declines and
advances.
fell
0.6% during the week.
Finished products declined
0.7%, and all commodities other than farm products and
foods dropped 0.1 %.
The semi-manufactured articles group
WEEKLY
COMMODITY PRICE
WHOLESALE
Compiled by the National Fertilizer Association.
INDEX
1926-28=100
maintained the steadiness which has been characteristic of
Latest
Per Cent
this
the past several weeks.
May 7 continued:
for
group
nouncement of
Wholesale
food
prices
declined
1.6%
Lubin's
Mr.
lower
cheese in the
oil, and cottonseed oil.
Higher prices,
also
on
caused
the
0.3%,
due to
indexes
for
80.6
76.9
71.9
68.9
The current foods index—79.1—is 0-8% below
7.7
Textiles
66.9
67.2
68.6
67.0
83.0
82.5
82.3
averaged lower.
79.1
79.4
77.7
78.7
Chemicals and drugs
94.4
94.4
94.2
94.4
Fertilizer materials
65.7
65.7
65.1
65.3
prices
were
and
chemicals
hides
and
reported for
cattle,
lambs,
oils,
and
iodine,
drugs
and
potassium
leather
iodide
decline
0.5%.
to
group
products
group—94.9—declined
The
leather, and other leather products
Slight decreases in the prices of knit goods, silk and
Wholesale
rayon,
did not affect the composite index for the
and cotton twine averaged slightly lower,
86.0, although a minor decrease
cultural
71.5
76.0
92.6
92.8
91.9
76.1
76.7
76,7
77.4
All groups combined
100.0
was
yarn,
March Production of Electricity
a Year Ago
The
Geological Survey of the United States Department
kwh.
This is a gain of 11% when compared with the
8,011,213,000 kwh. produced in March 1935.
For the
month of February 1936, output totaled 8,602,500,000 kwh.
Of the March 1936 output a total of 3,772,776,000 kwh.
was
produced by water power and 5,142,803,000 kwh. by
fuels.
The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN UNITED STATES
(IN KILOWATT-HOURS)
and 2753-inch
remained unchanged
reported in prices of pig tin.
fractional
group remained at
as a
increase
in
the
decrease in paint materials.
Total by Water Power and Fuel
Division
Agri¬
85.5% of the 1926 average.
sub-group of lumber
was
offset by
a
minor
Wholesale prices of brick and tile, cement, and
structural steel remained steady.
Average prices of furniture and furnishings were steady during the week.
The index for the
feed
housefurnishing goods
prices
declined
2.9%,
group
and
remained at 82.8.
Changes in Output
from Previous Year
January
February
March
639,862,000
2,456,112,000
2,178,874,000
554,109,000
1,158,487,000
398,092,000
414,809,000
298,525,000
1,146,769,000
593,691,000
2,301,016,000
2,010,717,000
530,471,000
1,068,107,000
370,697,000
398,931,000
273,197,000
1,055,673,000
568,909,000
2,301,789,000
2,101,652,000
561,663,000
1,172,215,000
372,660,000
410,926,000
308,616,000
1.117,149,000
+9%
+ 15%
+ 14%
+ 6%
+23%
+9%
+ 16%
+ 17%
+ 18%
crude
rubber
Total for U. S____ 9,245,639,000 8,602,500,000 8,915,579,000
+ 15%
averaged
0.9%
A pronounced advance was reported in wholesale prices of cylinder
The index of the
Bureau of Labor
Statistics includes
784
New England
Middle Atlantic
East North Central.
West North Central.
South Atlantic
East South Central.
West South Central.
Mountain
oil.
price series,
Pacific
Feb.,
'36 Mar., '36
States in March
and is based
tion in
on
the average for the year 1926 as 100-0.
The following table shows index numbers for the main groups
modities for the past five weeks and for May 4,
of
com¬
1935, May 5, 1934, and
1933:
—1%
+ 10%
+ 13%
+ 6%
+ 18%
+9%
+ 13%
+ 19%
+ 12%
+ 11%
The average daily production of electricity for public use in the United
weighted according to their relative importance in the country's markets,
May 6,
Same Month
over
unchanged at the previous week's level.
Building materials
Cattle
11%
of the Interior, in its monthly electrical report disclosed that
the production of electricity for public use in the United
States during the month of March totaled 8,915,579,000
implements, motor vehicles, and plumbing and heating fixtures
remained
lower,
67.4
92.6
jute were higher.
raw
The index for the metals and metal products group
A
of textile
Prices of 385-3-
print cloth, cotton yarn, rayon hosiery, raw silk, silk hosiery
print cloth, tire fabric, silk yarn, burlap, and
at
and other
group
products which remained at 69.7% of the 1926 average.
hemp,
67.4
Farm machinery
eggs,
a year ago.
fractional decrease in the fuel and lighting materials group.
Manila
Mixed fertilizers
0.3
Chicago, white potatoes, and wool
index—77.1— is nearly 5% below
the
for
the
0.3
All grains except
prices of coke were firm.
inch
83.0
Metals
Building materials
0.3
Prices of hogs, live poultry, cotton,
sub-groups of shoes,
textile products
.
6.7
Grains decreased 2.6%, livestock
Continued weakening prices of coal, and falling prices of gasoline resulted
a
—
1.3
remained unchanged.
in
76.5
79.6
sharp drop in average prices of hides and skins.
a
83.6
75.8
72.6
of certain fats
the
67.7
70.3
75.7
79.6
Advancing
for
65.0
74.4
74.1
72.2
hay, fresh milk at
index
index
65.2
71.9
76.6
Miscellaneous commodities..
Average prices of fertilizer materials and mixed fertilizers remained steady.
The
63.5
72.3
98.9
■
Fuels
This week's farm products
prices
73.5
16.4
apples in the New York market, seeds, dried beans, and sweet potatoes.
Falling
74.2
5.8
corn
oranges,
72.5
10.3
0.9%, and "other farm products" 0.6%.
declined.
90.7
reported for canned asparagus, baked beans, lamb,
were
week but is still 1% above a month ago.
lemons,
74.0
88.3
Livestock
products group declined 0.9% from the level of the preceding
No. 3 yellow
77.2
72.0
Farm products
22.3
corresponding week of last month and 7.8% below the corresponding
and poultry
80.5
76.9
70.3
Grains
Chicago market,
week of last year.
The farm
77.3
Ago
86.2
Cottonseed oil
dried apricots, canned peas, fresh beef, fresh and cured
mutton, and cocoa beans.
the
1935
Fats and oils
pork, veal, dressed poultry, ginger ale, coffee, copra, lard, oleomargarine,
the other hand,
1936
May 4 |
Cotton
Individual food items for which
oleo oil, edible tallow, coconut
1936
Foods
28.6
The sub-group of "other foods"
dropped 1%, and cereal products 0.2%.
oatmeal, flour,
Ago
Apr. 4
were
3% lower, dairy products declined 2.3%.
prices were reported were butter,
YearH
Week
Apr. 25
1936
Group
Total Index
Meats
Month
Preced'g
Week
May 2
Each Group
Bears to the
the week.
during
an¬
was
287,000,000 kwh., 3.0% less than average daily produc¬
February, indicating the beginning of the usual seasonal decrease in
demand for
temperature.
electricity due to increase in hours of daylight and in daily
The normal change from February to March is
a
reduction
of 3.5%.
The
May
Apr.
Apr.
Apr.
Apr.
May
May
May
2
25
18
11
4
4
5
1936
1936
1936
1936
1935
1934
1933
AU commodities
79.1
79.6
79.7
79.5
79.2
80.1
73.4
77.1
77.8
77.4
76.9
76.3
81.1
59.1
47.8
Foods...
79.1
80.4
81.1
80.2
79.7
84.9
66.6
58.2
Hides & leather products.
Textile products
94.9
95.2
95.2
95.1
95.1
88.0
89.5
73.3
69.7
69.7
69.9
69.9
70.1
68.7
74.1
53.7
Fuel and lighting materials
Metals and metal products
77.3
77.4
77.5
77.6
76.8
74.4
72.7
62.1
86.0
Building materials
of water power
was
34% of the
total.
61.9
Farm products
use
6
1936
production of electricity by the
Commodity Groups
86.0
86.0
85.9
85.9
85.2
88.7
77.5
85.5
85.5
85.4
85.4
85.3
84.9
87.4
70.8
Chemicals and drugs
77.8
78.2
78.9
79.0
79.1
80.8
75.3
72.4
Housefurnishing goods
82.8
82.8
82.8
82.8
82.7
82.0
83.1
71.7
Miscell. commodities
68.6
68.6
68.6
68.3
68.2
68.9
69.6
58.8
79.5
80.0
80.2
80.0
79.9
79.9
76.4
65.1
78.9
79.0
79.1
79.0
78.8
77.5
79.0
66.4
76.6
77.1
77.3
77.0
76.9
*
*
*
*
*
*
#
-
All commodities other than
farm
products
All commodities other than
farm products and foods
Raw materials
Semi-manufact'd articles.
74.5
74.5
74.6
74.5
74.5
*
Finished products
81.2
81.8
81.9
81.6
81.3-
*
*
Not computed.
TOTAL MONTHLY
PRODUCTION OF ELECTRICITY FOR PUBLIC USE
Increase
January
February
...
March..
April
May
J.,
...
June
July
August
September
.
October
November
_
December..
Total
9,245,639,000
8,602,500,000
8,915,579,000
Produced 6v
1935
Water Power
Over
1935
Kilowatt Hrs.
Increase
1936
Over
1936
1934
11%
9,138,638,000
9%
6%
4%
5%
4%
5%
10%
11%
14%
13%
14%
13%
99,393,073.000
9.2%
1935
1936
1935
37%
39%
40%
44%
46%
46%
44%
43%
39%
37%
32%
37%
36%
Kilowatt Hrs.
8,349,152,000
7,494,160,000
8,011,213,000
7,817,284,000
8,020,897,000
7,872,548,000
8,370,262,000
8,573,457,000
8,208,267,000
8,844,416,000
8,692,799,000
15%
11%
34%
42%
40%
Volume
Financial
142
April 1, 1936,
decrease of 3.1%
held by electric power utilities on
This represented a
6,504,444 net tons.
amounted to
the
and Consumption
Stocks
Coal
The total stocks of coal
of 9.9% compared with stocks
on April
1, 1935.
Stocks of bituminous coal on April 1, amounted to
5,508,913 net tons. This was a decrease of 2.3% compared with March 1,
1936, and a decrease of 8.7% compared with April 1, 1935.
Anthracite
stocks stood at 995,531 net tons, a decrease of 7.4% compared with March 1,
1936, and a decrease of 16.1% compared with April 1, 1935.
The electric power utilities reported 2,905,709 net tons of bituminous coal
and 126,760 net tons of anthracite, or a total of 3,032,469 tons, consumed in
March 1936.
The daily rate of consumption of all coal in March was 15.7%
lower than the daily rate in February 1936; however, in March 1936 it was
14.7% higher than the daily rate in March 1935.
In terms of days supply, which is calculated at the current rate of con¬
sumption, there was enough bituminous coal held by the electric power
utilities on April 1, 1936, to last 59 days and enough anthracite for 244 days'
compared with March 1, 1936, and a decrease
requirements.
operation of all power
month, engaged in generating
plants operated
plants,
electric railway
municipal,
generating electricity for traction, Bureau
works plants, and that part
and
central stations, both commercial
electricity for public use, including
by steam railroads
active
so.
of
most
close to that in the early spring of last year,
was
of schedules
rearrangement
characterized
which
to
than
less
new
of 1935.
.
below the level
larger than in the January-April period
little
April were
for new contracts awarded! in
preceding month and in April of last year; thus, the
work contracted for since the first of the year was but
the
in
The record of con¬
vehicles.
motor
for
demand
the
struction continued disappointing,
total volume of
associated plants
the winter and
before
smooth out the extreme seasonal peaks
next month or two. Automobile and
the handicaps they experienced during
during the
overcame
their production
.
.
of each of the
that the returns
for April of this year will be no exception to the general rule, for while
there was a continued large foreign demand for forest products, metals
and cattle, there was a sluggish movement of grains and the reopening
of navigation on the Great Lakes was later than usual.
falls
usually
April
in
trade
Export
months and preliminary reports indicate
three preceding
The output as
the Electrical World includes
the output of central stations only.
Reports are received from plants
representing over 95% of the total capacity.
The output of those plants
which do not submit reports is estimated; therefore the figures of output
represents about 98% of the
total of all types of plants.
published by the Edison Electric Institute and
fuel
consumption
as
Analysis of Imports and Exports of the
for First Quarter
of Reclamation plants, public
of the output of manufacturing plants which is
electric railway and public works plants
The output of central station,
sold.
The
Mines, cooperates in the preparation
This
1935.
and
1936
March,
crude
of
or
partly
UNITED
THE
INTO
1936
OF MARCH
(Value In 1,000 Dollars)
Month of
its weekly statement dis¬
production of electricity by the electric light
and power industry of the United States for the week ended
May 2, 1936, totaled 1,928,803,000 kwh.
Total output
for the latest week indicated a gain of 13.6% over the corre¬
kwh.
during the week ended April 25 totaled
1,932,797,000 kwh.
This was a gain of 15.5% over the
1,673,295,000 kwh. produced during the week ended April 27,
Electric output
PERCENTAGE INCREASE OVER PREVIOUS
1936
141,255
27.4
154,309
27.2
17.9
111,370
29,885
21.6
21.5
2.3
1.9
4,922
2.6
11,663
11,372
121,812
32,497
13,454
2.2
12,994
2.3
165
0.1
291
0.1
460
0.1
34,019
30,789
3,230
89,277
6.0
22.3
Crude foodstuffs
3,681
3,568
Week Ended
13.9
17.4
12.3
11.5
'
11,761
6.1
37,054
7.2
10,730
5.6
33,294
6.5
1,031
32,096
0.5
3,760
83,512
0.7
6.1
0.8
252
0.1
344
0.2
718
0.1
30,572
16.9
16.5
88,438
15.6
51.8
51.4
82,794
242,055
16.1
94,197
31,752
98,652
46.9
276,012
48.7
1,226
274,786
48.5
Non-agricultural
17.0
16.7
411
0.2
394
0.2
965
0.2
93,786
Agricultural
Non-agricultural
51.6
98,258
51.2
241,090
46.7
515,540 100.0
exports.. 181,667 100.0 192,081 100.0
Domestic
16.2
5.4
0.6
15.7
0.1
839
0.2
567,071 100.0
167,659
399,412
29.6
174,730
126,592
48,138
86,508
83,376
30.6
51,080
26.6
157,718
30.6
74.7 141,002
73.4
357,821
69.4
28.7
57,749
29.7
21.0
20.9
15.6
138,362
103,159
35,203
91,267
88,876
2,391
0.5
3,132
0.5
17.2
92,618
88,041
4,577
115,955
18,785
16.2
17.2
25.3
45,991
Agricultural
Non-agricultural. 135,675
70.4
8.1
15.0
13.5
11.7
15.8
18.2
16.9
16.5
12.2
13.6
15.5
Imports for Cons'p'n
materials
12.7
25.9
17.6
Total United States.
2.4
1,500
30,824
13.2
13.9
22.1
States
Rocky Mountain
Pacific Coast
5.7
12,514
11,014
stuffs & beverages
9.8
14.4
Central
Southern
r
14.3
Industrial
Central
2.6
5.8
'
1
Agricultural
11.2
10.0
10.6
15.5
0.1
5.3
6.9
Apr. 11,1936
9.7
5.4
113
Non-agricultural
Manufactured food¬
Week Ended
Apr. 18, 1936
9.7
16.9
Agricultural
Non-agricultural
Week Ended
Middle Atlantic
West
23.2
2.0
44,486
34,690
9,796
5,087
40,450
30,746
9,704
materials
Agricultural
Non-agricultural
YEAR
Apr. 25, 1936
New England
Cent
Value
Domestic Exports—
Crude
Finished manufactures
Week Ended
Per
Cent
Value
Cent
Value
Cent
Value
Per
Per
Per
Semi-manufactures
The Institute's statement follows:
May 2,
1936
1935
1936
Agricultural
totaled 1,698,178,000
Three Months Ended March
March
KslUtSS
closed that the
Major Geoyraphic
Regions
OF DOMESTIC EXPORTS FROM
STATES FOR THE MONTH
GROUPS
ECONOMIC
BY
IMPORTS
AND
of
1935
1935.
The
wholly manufactured products.
or
Preceding Week but 13.6%
Like Period a Year Ago
sponding week of 1935, when output
and exports consisted of
following is the report in full:
Electric Production Below
The Edison Electric Institute in
May 6
indicates how
statement
much of the merchandise imports
v
reports.)
Above
Commerce at Washington
Department of
ANALYSIS
(The Coal Divison, Bureau of
United States
issued its analysis of the foreign trade of the United States
in March, 1936 and 1935, and the three months ended with
reported in the accompanying tables are on a
100% basis.
these
Canadian forest and metal-mining industries continued! as
supports to general business and are expected to be even more
or
strong
the
evident during the past
has been
which
competition
foreign
greater
year
quantities given in the tables are based on the
The
plants producing 10,000 kwh. or more per
and
3075
Chronicle
DATA FOR
33,629
32,897
Crude foodstuffs
Agricultural
Non-agricultural
RECENT WEEKS
19.1
18.7
40,624
17,125
31,221
30,237
732
Agricultural
Non-agricultural
12.1
12.5
50,338
36,820
13,518
Crude
0.4
984
0.5
7.7
8.8
16.1
27.9
20.8
7.1
18.4
17.9
22.2
8.4
15.2
14.6
Manufactured food¬
25,757
24,382
7..
Mar. 14..
Mar. 21..
1,724,763
1,712,863
16..
1,700,334
1,725,352
1,701,945
1,673,295
1,698,178
1,701,702
1,700,022
May 23..
Apr.
Apr.
May
1931
1930
1,647
1,391
1,375
1,538
1,538
1,676
1,682
1,750
1,410
1,402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,515
1.480
1,689
1,680
1.703
1.687
1,683
1,680
1,655
1,494
1,650
1,658
1,666
+ 12.7
1,617
+ 12.1
1.642
+ 12.5
1,673
1,669
1,633
+ 15.5
+ 13.6
1.643
1,465
1,647
1.481
1,736
1.722
1.723
1,708
1,641
1,676
1.644
1,470
1,455
1,429
1,437
1,436
1,425
(THOUSANDS
1,715
1,733
1,725
1,698
1,689
1,717
1,723
1,637
1,654
1.645
1,602
OF
Agricultural. j ...
Non-agricultural
445
0.3
350
0.2
30,081
17.1
36,497
18.0
85,610
1,663
1935
1936
20.1
2.0
18.1
18.6
2.6
16.0
31,063
36,847
17.4
19.0
16.4
0.8
19.0
2.0
17.0
17.5
0.3
Imports for con¬
1.697
1,709
1,700
1.688
sumption
Agricultural
Non-agricultural.
496,212 100.0
284,779 57.4
211,433 42.6
175,485 100.0 194,281 100.0
98,071 55.9 106,994 55.1
77,414 44.1
87,287 44.9
1.705
KWH.)
April
May
7,544,845
June
7,404,174
July
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
8,664,110
8,025,886
1933
1934
Feb
March
.
...
August.
Sept
Oct
Nov
Dec
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
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
Level
Although
7,435,782
6,678,915
business
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
7,370,687
allowances
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
based on about 70%.
17.6
0.2
17.4
317,943
55.8
252,321
44.2
First
in
Two
Months
Ex¬
Floods
1931
1932
7,011/,736
6,494,091
in
activity
was
changes
seasonal
usual
for
England
New
general
downward after
has been made,"
the Federal Reserve Bank of Boston, "and," it
says
states,
"although the level of activity in January and February ex¬
was
1935, that of March
In part, the Bank, in
corresponding months in
the
ceeded
little lower than a year ago."
a
its "Review" dated
May 1, also says:
middle
the
Shortly after
March,
of
however,
serious
flood
conditions
sections of New England, affecting not only manu¬
facturing, factory employment and industrial payrolls, but also retarding
distributing activities.
in
prevailed
Total
3.3
17.0
570,264 100.0
During the first quarter of 1936 the tendency of
7,762,513 + 11.6
7,048,495 + 13.9
7,500,566
7,382,224
Jan
0.8
Tendency of Business Activity in New England Federal
Reserve District Downward in First Quarter This
ceeded Same Months Last Year—Effect of
Ch'oe
97,170
100,453
1,150
99,303
15.4
20.3
1.698
1.704
Year
of
0.8
30,526
Agricultural
Non-agricultural
P. C.
Month
15.8
1,618
36,127
5,064
—
1929
MONTHS
RECENT
FOR
DATA
1932
+9.0
+8.0
1,696,051
4..
11..
18..
Apr. 25..
May
2..
May
9..
Apr.
1933
1,650
+ 9.8
1,724,131
1,728,323 + 10.0
1,893,311
1,900,803
1,862,387
1,867,093
1,916,486
1,933,610
1,914,710
1,932,797
1,928,803
Mar. 28..
1934
30,719
0.8
Finished manufactures
Semi-manufactures
1935
1936
32,338
13.9
85,630
81,608
4,022
94,035
9,829
84,206
86,918
1,307
Agricultural
Non-agricultural
Kilowatt-Hours
Ch'oe
Week of-
Mar.
in Millions of
P. C.
14.7
1,375
35,235
3,526
31,709
stuffs & beverages
Weekly Data for Previous Years
(In Thousands of
Kilowatt-Hours)
16.6
and the weekly figures are
many
The amount of raw
New
cotton consumed
on
daily
a
average
basis by mills in
England during March was about 10% less than in the corresponding
last year, and consumption of raw wool was 5% less.
The textile
month
Industrial
Canadian
Operations
Showed
Moderate
During April According to S. H. Logan,
General Manager of Canadian Bank of Commerce
Upturn
A
moderate
occurred
in
April,
Bank
Canadian
upturn
of
in
Canadian
industrial
operations
S. H. Logan, General Manager of the
Commerce, Toronto, announced May 6.
improvement," Mr. Logan pointed out, "was not so
much in degree as in extent, for while rates of increase re¬
"The
ported were small, they were quite numerous."
Mr. Logan
continued:
Progress
offset
was
recession
adversely
During the
affected by
the prolonged
unseasonable weather,
as
well
as
by
10%
about
wool
less
and
than
consumption
The
number
the
was
was
of
in
those seriously hampered by the floods.
consumption in New England mills was
corresponding period a year ago, but raw
of
one
quarter
first
establishments
cotton
in
the
14% larger.
wage
earners
amount of
aggregate weekly
in
representative manufacturing
was
employed
Massachusetts in March
0.6% less than in February
payrolls decreased by 0.9%,
ing to the Massachusetts Department of Labor and Industries.
ment and
a
of
greatest in the so-called heavy industries and more than
in
those light industries which have up to now been
however,
industry,
month
flood
Sales
March
payroll
and,
data
obtained from weekly figures
are
consequently,
the
March
figures
do
not
accord¬
The employ¬
at the middle of
reflect
the result
conditions.
of
were
reporting New
England
department and apparel stores during
10% larger than in March, 1935, and the cumulative increase
during the first quarter of 1936
was
10.5%
over
the corresponding period
Financial
3076
last
Employment improved in this district in March, judging by the latest
available.
In all principal cities except Toledo gains from last year
During the eix weeks' period preceding Easter, sales of Boston
year.
data
9%.
department stores exceeded 1935 by
May 9, 1936
Chronicle
were
reported.
♦
of Federal Reserve Bank
Buying Served to Increase
Indexes of Business Activity
of
York—Easter
New
Department Store Sales
view," its indexes of business activity.
The Bank further
states:
of bulk freight remained at the March level, although
Railroad shipments
usually occurs in this period.
decline
a
Some
expansion
months.
the
corresponding
upward movement
trations in March,
general business activity and the distribution of
March following a downward movement in the two
Registrations of new passenger automobiles surpassed
month of any year since 1929, and carried further the
which was interrupted in January and February. Regis¬
1936, were approximately four times as large as at the
1933, low point.
March,
March,
In
localities,
urban
in
sales
occurred also in department store
and mail order house sales rose unseasonally,
larger increase than usual
a
reaching the highest point for any March on record.
The average level of
merchandise and miscellaneous freight shipments was more than seasonally
above
despite floods
February,
the third week of the month, and the
On the other hand, chain
in
transactions also showed a rise.
volume of check
slightly lower, sales of chain stores other than
grocery chains gained by less than the usual seasonal amount, and bulk
freight shipments declined sharply, reflecting seasonal curtailment of coal
shipments and the interruption to traffic caused by the floods.
sales
store
grocery
were,
(Adjusted for seasonal variations, for
sary for
Federal Reserve District—
Upward Trend Noted
Louis
Continued
"Monthly Review" of April 30 the Federal Reserve
"a large majority of business
measurements and actual statistics of commercial and manu¬
Bank of St. Louis reports that
facturing interests reporting to this Bank during March and
the first half of April reflected a continuance of the upward
trends in Eighth (St. Louis) District trade and industry
which have been more or less steadily in progress in recent
months.
"These results," the Bank noted, "were achieved
in the face of unfavorable weather and flood conditions in
certain sections of the area."
The Bank continued:
in
goods was evidenced in
preceding
St.
in
In its
half of April department store sales
expanded as a result of Easter buying, and a gain of about
the average seasonal proportions occurred in merchandise
and miscellaneous freight car loadings," says the Federal
Reserve Bank of New York in presenting, in its May "Re¬
first
"During the
Conditions
usual year-to-year growth, and where neces¬
price changes)
establishments,
manufacturing
of
Output
seasonal
influences,
instances greater
where
except
in excess of the preceding month,
was
by
Continued active demand for merchan¬
than a year ago.
dise of all descriptions was
affected
and in most
reflected in the heavy volume of goods distributed
through both wholesale and retail channels and the increase in freight
traffic handled by railroads
The showing made
operating in the district.
during the first quarter of the year was the most favorable in many respects
for any
like period since the pre-depression era.
Taken
.
.
.
whole, weather conditions during March and the first 10 days
as a
of April were
unfavorable for crops and agricultural operations generally
fruits and vegetables by the early April
Considerable damage was done to
Withal,
freezes, and prospects for peaches and apples were sharply reduced.
about
particularly in the
with the usual seasonal schedule at mid-April.
even
retail
March
planting spring crops,
for
preparations
trade,
in sales of department
reflected
as
.
South, were
.
.
stores
in the
principal cities, was 26% greater than in February and 6.7% in excess of
1935, total; cumulative total for the first quarter showed an
the March,
increase of 7.4% over the
of all wholesaling and
comparable period
Combined sales
a year ago.
jobbing firms reporting to this bank in March were
approximately 20% and 7% greater, respectively, than a month and a year
Mar.
Jan.
Feb.
Afar.
1935
1936
1936
1936
earlier; first quarter sales of these firms were slightly below the like
Primary Distribution—
merchandise and miscellaneous
Car loadings,
63
—
*-
——
Imports
—■
69
76
50
62
50
51 ?
65
75
73
73
76?
77
73
75
78
72
—- - -—
73
69
75
62
61
Distribution to Consumer—
Department store sales. United States
Department store sales. Second District
Chain grocery sales
60
63
Other chain store sales.
85
81
83
81
Mail order house sales
97
72
70
95
63
63
60r
65
86?
Advertising
Report of Bank of Montreal—Field
Crop
59
51
other.
Exports
64
64
Car loadings,
In the first of its
weekly reports on the current Canadian
issued May 7, the Bank of Montreal states that "field
operations over the major part of the Dominion, except the
Maritime Provinces and the Peace River Country, have been
retarded from one to two weeks, owing to the inclement
weather which followed the break-up of winter."
The bank
crop,
66
71
63
91
78
New York Clty.r—
Bank debits, New York City
Velocity of demand deposits, outside N. Y. City.
Velocify of demand deposits, New York City
64r
63 r
63r
66?
47
43
44
48?
land and seeding are now under way.
69
69
69
72
progressing favorably.
46
42
42
48
New life insurance sales
56
57
49
49
Factory employment. United States
84
86
85
85?
37
32
32
35
27
57
42
41?
registrations
Gasoline consumption
adds:
General Business Activity—
Bank debits, outside
Business failiues
Building contracts
formed in New York State—
level.*
Composite Index of wages*
55
58
54
141
150
151
151?
185
189r
190
189?
140
142
142
142
New corporations
General price
Cost of living*
?
54
There is
frost
bed
a
good reserve of moisture in most districts and preparation of
a
substantial
conditions
proportion of inferior seed is being sown, the good seed
at
r
*1913 average=100.
Revised.
Provinces
are
the slump of early March, when floods,
bad weather and strikes reduced the general level of trade
"Recovery from
this district, was unusually rapid," says the
Federal Reserve Bank of Cleveland, in its "Monthly Busi¬
and industry in
Review," issued May 1.
"As in most instances of gen¬
eral devastation, first reports of damage done were some¬
ness
exaggerated," the Bank states, "but individual organ¬
in many cases suffered large losses and consider¬
time was required to complete repairs."
In part, the
izations
Bank added:
Industry
of
a
as
lines
several
the
whole, however, soon attained its pre-flood stride and in
pace was quickened materially in the first three weeks
particularly true of the important industries in this
This was
April.
district.
Chief
these was iron and steel.
among
Rising from an estimated 50%
capacity in the flood week, operations in the week ended
of
70% of capacity
above
in
the
national average.
increase
April 18 were
A slight decline occurred
but the rate was higher than in any
and compared with 46% a year ago.
heavy steels caused' activity at mills producing those materials
most, and heavy steel consumption until recently has been in
period since
Demand for
June,
1930,
volume.
limited
Automobile
weeks,
a
following week of the month,
seven-day
to
as
parts
increased
production,
late
in
March,
which precedes assemblies by about four
but has shown little change since that
operating at the best rate since 1929.
than seasonally in March and firstquarter output was slightly greater than in the same period of 1935, despite
the unusually severe weather and moving forward of new model production.
Building contracts awarded in this district in March compared more
favorably with last year than the average for the entire country; the
increase was 92%, while awards in the first quarter were 80% larger than
a
year
previous.
Residential building has increased considerably and a
large amount of contemplated construction has been reported.
Coal
production in March was 24% behind last year, having been
retarded by
floods.
In April some improvement was evident, although
the late opening of the Lake
shipping season was not helpful to local
time.
mine
Retail
about
of
the
have been
production was
up
more
in sections
trade
a
year
not affected1 by floods or strikes
was
greater in
Department store sales in these centers were up
ago.
12%, and further improvement was reported for1 the first three weeks
varying lengths
first
that stores
The fact
April.
three
merely been
in
of time reduced
weeks
deferred.
of
April
Pittsburgh and Wheeling were closed
March sales volume, but reports for
that some of this buying had
indicate
growth.
Fail wheat wintered well and
in
and meadows,
good
In the
including areas flooded this
In
condition.
British
Columbia
farming
wintered well
April Auto Shipments Highest for
May, 1929
any
Month Since
April shipments by members of the Automobile Manu¬
was set at 388,165 cars and trucks in
facturers Association
the regular monthly report of the association released on
May 8.
On the basis of this report, association members shipped
more vehicles in April than in any month since May, 1929.
In addition, April shipments represented a 19% increase over
the preceding month and a 26% increase over the corre¬
sponding month of last year.
Factory shipments for the first four months of this year
amounted to 1,212,242 units which was not only an increase
of 20% over the same period last year, but was the highest
for any corresponding period since 1929.
The association's estimate, which covers the operations of
all but one major producer in the United States, is sum¬
marized below:
Apr. 1936
327,040
Apr. 1935
1,212,242
Four months 1936
Four months 1935
388,165
Mar. 1936.
306,898
1,011,833
+
Employment and Payrolls in Manufacturing and NonManufacturing Industries of United States Rose
During March, According to United States De¬
partment of Labor
distributed gains in employment
Well
and payrolls were
reported for March in the manufacturing and non-manufac¬
turing
industries
surveyed monthly by the United States
Secretary of Labor Frances Per¬
Bureau of Labor Statistics,
kins announced April
workers found
March and
than in
While
number
operations.
March than
for
factories
Many
Automobile
normal
operations are fully two weeks late, but the soil is in good condition and
Rapid Recovery in Cleveland Federal Reserve District
from Effects of Floods and Strikes in Early March
able
commenced.
pastimes
generally
fall wheat and hay crops
what
for
In Ontario land preparation
progressed in the absence of frosts or damaging winds.
Maritime
spring,
possibilities
good condition, and pastures, meadows
sign of winter kill.
and seeding has
general
has since
no
the
enhance
present
and fruit trees show
is
In the Prairie Provinces seeding is
While in the areas last year affected by rust and
In Quebec the soil generally is in
-
Preliminary,
Operations
Over Most of Canada Retarded
81
New passenger car
period
in 1935.
21.
"Approximately 225,000 additional
employment in the industries covered during
weekly payrolls were almost $10,000,000 greater
February," Secretary Perkins said, continuing:
floods in certain
of
establishments
localities caused
during
the
a
March
curtailment of
15
operations in
pay-period,
there
was
a
a
establishments not affected by the
manufacturing industries covered
employment over the month interval.
Gains were also
reported in 11 of the 16 non-manufacturing industries surveyed.
Pronounced seasonal gains were shown in the private building construction
and quarrying and non-metallic mining industries, due to improved weather
conditions which permitted an expansion of outside operations.
Retail trade
general
flood
expansion
conditions.
showed
increases in
in
employment
Sixty-six
of
in
the
90
Volume
establishments
buying.
Financial
142
added
Laundries
seasonal
workers
and
expansions in
additional
cite
employees and gains
bus
than
Employment
operation
0.1
of
March.
0.7%
declined
0.1%
industry,
in
The increase
of
gains in March,
and
and
railroad
producing,
electric
petroleum
crude
payrolls
in
however,
1936,
1.2% in factory employment
additional
the
employment of
represents
in
Gains
employment and
in
in
the
durable and
both the
durable
goods
75.8.
standing at
workers, while the gain
$7,100,000
nearly
of
of
weekly
in
payrolls from February to March were shown
non-durable goods groups.
the
group,
The gain
March index
0.9%
of
in
indicate that
for
Employment rose 1.6%
the
on
100
as
non-durable
in the
These indexes
to 93.3.
group
base
1923-25
employment
goods industries raised the March index of that
1,000 workers employed in the durable goods indus¬
every
tries during the index base period
March, 1936, while in
workers
Employment
1936
the
(1923-25 equals 100), 758
non-durable goods
employed during 1923-25,
employment
interval,
933
industries,
at work
were
for every
1,000
Over the
March.
in
in
durable
the
industries
goods
showed
a
issued
announcement
an
April 21 by the United
(office of the Secretary) the
Department of Labor
Manufacturing Industries
increase
of
1.2%
in
of
exception
exceeds
index
the
the
(75.7)
last
three
levels
Payrolls increased
index
February to March
from
months
reported
4.7%
in
the
over
of
exceeding the levels
employment
4.1%
(82.5),
1935,
1933
in
(58.8),
recorded.
1935
interval,
recorded
in
March,
above
which
1936,
March,
in
With
November,
1930.
preliminary March
the
month since November,
any
month
the
17.0%
(80.9),
point
low
above March,
of
employment
factory
above the level of
(64.7),
1934
March,
in
43.2% above March,
and
6.9%
were
higher than
was
March,
104% above March,
and
(37.1).
70.8
75.8
x74.6
71.0
68.7
64.1
60.5
Non-durable goods.
93.3
x92.5
95.0
84.7
X82.8
83.9
77.1
76.0
71.8
69.7
X65.2
59.3
77.2
76.6
74.0
73.5
x68.2
Durable Goods
Iron and steel and their
products,
including machinery
and
rolling mills
not
Blast furnaces, steel works,
employment and payrolls between February and March were
widespread, 66 of the 90 industries surveyed showing increases in employ¬
the
78
and
largest
reporting larger
percentage
83.0
83.7
78.3
73.0
71.9
66.1
Cast-iron pipe
55.2
54.3
48.6
34.9
X34.1
25.1
61.2
Cutlery (not incl. silver and
plated cutlery) & edge tools.
Forglngs, iron and steel
79.2
80.1
80.1
63.6
65.2
66.9
66.2
61.7
54.5
52.6
51.6
Hardware
56.2
56.6
56.5
50.5
51.2
47.9
Plumbers' supplies.
Steam & hot-water heating ap¬
94.7
93.8
72.4
63.9
61.0
44.8
paratus and steam fittings
58.4
57.5
50.3
42.7
41.2
33.5
100.1
95.7
91.8
84.3
78.8
68.2
60.9
57.7
55.0
49.6
x44.8
38.7
93.9
91.4
86.4
94.5
86.1
83.3
73.4
x72.2
64.3
74.4
x72.7
60.5
143.2
139.1
124.5
139.0
124.0
115.1
Stoves
Structural & ornamental metal—
Tin cans and other tinware...
tools,
tools, files, & saws).
reported
substantial
marble,
granite,
cotta
millwork
gains
the
in
clothing,
due
to
Each
in
employment,
orders
ice
for
industry
and
Other
(6.6%),
railroad
steam
surveyed
for
railroad
industries
6.1%,
and
Employ¬
and
and
car
the
in
men's
locomotive
Beet
(5.2%),
pottery
(3.6%).
in
stoves
Smaller gains
in
em¬
The gain of 0.9%
in
The
month
since
October,
1934.
The
(104.5) exceeds the level recorded in
agricultural
equipment,
most
implement industry,
also
pronounced
in
was
primarily to
a
(0.8%), and
continued
phonograph
and
worsted
and
try,
which
1936,
the
reflects
additional
the
decline
in
automobile
employment
and
tire
the
over
tube
orders
of
plants
goods
reported
3.4%
in
decline
reported
4.5%
fewer
decreased
3.9%
in
mills
Employment
seasonal
a
month
jewelry.
substantial
models at
seasonal
and
shown.
greater
The
returns
tries.
In
the book
between
earlier
an
workers
and
job
and
of
February
employment
Weekly payrolls in
in this
March
a
1924
1925
..
..
..
-
..
_.
..
March
than
in
years
The
this industry
a
has
usually
introduction
shift in
88.7
84.3
64.2
71.6
x68.3
96.4
66.5
Radios and
186.1
xl96.0
189.0
109.7
114.0
110.6
71.0
X70.6
64.8
64.6
X63.4
52.3
phonographs
Textile machinery and parts.
57.5
104.7
103.3
101.4
*100.4
103.6
90.2
X80.5
98.2
486.5
*460.6
329.1
375.4
x358.5
277.6
113.8
119.5
97.7
87.3
112.7
95.9
—
Transportation equipment
Aircraft
Automobiles
113.0
91.1
90.2
79.7
Cars, electric & steam railroad.
56.8
50.6
52.2
Locomotives
27.3
24.1
32.5
12.8
10.9
14.6
Shipbuilding
89.2
X82.0
74.9
84.6
X75.3
63.8
60.0
58.2
53.6
62.8
X57.8
49.6
Railroad
...
repair shops
62.0
54.0
54.5
65.8
65.5
65.8
63.6
62.5
60.7
Steam railroad
59.6
*57.6
52.7
62.9
X57.6
48.9
88.8
x89.3
83.0
73.8
x72.4
65.0
Aluminum manufactures
85.3
82.0
79.0
79.7
76.7
69.6
Brass, bronze & copper products
Clocks & watches and time-
87.0
87.2
82.0
70.0
70.3
64.0
92.8
x92.2
78.8
81.3
x80.3
65.7
53.9
Nonferrous metals & their prods
recording devices
of
factory
as
100.
69.2
industry during recent
months,
in employment
in March, however,
and
52.5
52.5
69.8
72.5
73.6
57.0
66.4
69.0
52.2
48.8
52.5
64.8
63.5
48.3
89.0
Lumber, millwork
90.1
75.7
109.2
109.2
108.4
96.8
90.7
54.6
X53.4
50.6
44.8
41.4
36.3
82.4
72.6
69.1
55.7
54.3
49.7
47.0
lead and zinc
Stamped and enameled ware..
Lumber and allied products
Furniture
45.7
38.3
39.2
35.9
25.8
33.5
—
89.7
36.3
55.2
52.3
43.4
x38.7
37.4
30.0
27.6
22.3
X19.4
16.3
38.0
41.6
31.8
23.8
25.0
93.8
93.7
88.9
83.8
81.3
26.4
21.7
23.4
19.0
13.6
15.2
71.3
products
Pottery
59.2
51.5
94.8
Marble, granite, slate and other
99.7
51.0
44.3
Cement
Glass
98.1
32.4
Brick, tile and terra cotta.
x34.7
97.1
54.1
Lumber, sawmills
Turpentine and rosin
Stone, clay and glass products...
67.7
72.9
57.8
53.1
52.4
28.1
24.8
22.4
Non Durable Goods
97.2
Carpets and
rugs
x93.5
96.4
79.9
79.9
83.3
76.9
75.4
70.4
69.8
68.3
91.5
x91.4
99.2
84.2
81.1
86.8
Silk and rayon goods
78.5
90.5
75.0
x73.2
79.6
110.1
116.9
95.7
t.7
100.3
84.1
83.9
84.0
85.0
86.7
83.1
113.1
114.5
112.5
107.1
114.6
64.7
Hats, fur-felt
Knit goods
77.7
84.1
111.9
114.9
wares
Dyeing and finishing textiles
95.5
84.8
Cotton goods
Cotton small
96.1
93.2
80.9
Textiles and their products.
Fabric
65.2
76.5
53.5
51.3
65.6
80.6
93.0
97.4
92.4
71.5
77.2
102.0
97.9
101.4
87.7
X78.6
88.5
96.3
Woolen and worsted goods..
Wearing apparel
95.0
94.6
81.0
x76.8
82.0
126.0
133.6
108.7
94.5
111.3
72.5
Clothing, men's
Clothing, women's
133.8
Corsets and allied garments.
Men's furnishings
85.5
84.6
93.7
88.5
85.5
109.2
X104.8
111.6
75.0
x70.4
80.4
70.8
58.7
70.2
76.2
51.7
70.5
105.5
103.0
104.3
104.7
96.9
101.3
Millinery
Shirts and collars
91.4
were
89.0
x89.7
92.7
75.5
X79.8
84.1
87.4
X88.1
92.1
69.7
X74.5
80.7
95.6
96.3
95.5
93.8
96.6
94.2
92.0
91.1
93.2
87.5
84.7
112.9
111.7
110.9
100.9
99.8
93.7
158.6
148.0
151.3
162.4
143.3
146.9
Butter
68.0
67.1
67.8
55.7
53.1
52.4
56.6
56.7
59.2
70.8
66.1
64.3
Confectionery
73.9
73.2
82.2
66.6
64.3
72.9
Flour
73.7
73.9
75.0
67.7
68.2
63.5
Ice cream
61.8
58.0
64.2
53.2
48.6
52.4
80.4
81.7
82.9
73.9
73.8
Sugar, beet
31.2
28.4
35.1
36.2
31.7
36.4
Sugar refining, cane
79.6
78.7
81.0
75.8
67.1
69.6
Tobacco manufactures
55.9
X55.5
57.8
44.9
43.4
44.3
66.0
67.0
70.6
66.2
65.0
67.7
54.6
*54.0
56.1
42.2
X40.7
41.3
98.2
98.2
96.9
90.5
88.9
84.5
79.6
Leather and its manufactures..
Boots
and shoes
Leather
Food and kindred products
Baking
Beverages
was
11.9%
Cigars and cigarettes.
payrolls
70.5
82.2
66.6
and snuff
employment
71.6
79.C
Lighting equipment
Silverware and plated ware.—
Smelting & refining—copper,
the
are
computed
from
supplied by representative establishments in 90 manufacturing indus¬
in computing these indexes is the
three-year average,
They have not been adjusted for seasonal variation.
Paper and printing
and
73.5
84.7
84.4
86.3
79.7
77.5
109.2
109.7
94.9
93.4
88.4
89.0
Paper and pulp
Printing
-
83.3
109.6
Boxes, paper.
90.5
87.4
81.9
81.6
77.0
publlshl
and Job
following tabulation shows the percentages of change in employment
in the Bureau's general indexes of manufacturing industries
..
De¬
crease crease
years,
102.6
101.7
98.8
97.4
94.6
89.2
112.1
X108.9
112.7
102.7
97.5
96.1
113.2
109.1
113.9
102.3
97.2
96.0
108.0
1919 to 1936, inclusive:
In¬
Year
De¬
crease crease
Year
De¬
In¬
crease crease
1928..
1.1
1919..
0.4
1929..
1.2
1920..
7.1
1930..
1.5
—
•
2.0
1932..
0.2
—
0.7
0.5
1931..
-
,
__
0.5
-
-
1933..
1921..
3.5
1.6
1923..
107.1
103.4
102.6
99.9
93.7
68.0
67.3
74.9
69.2
68.5
75.1
99.0
97.7
98.9
100.0
94.2
1924..
0.0
^
1934..
4.0
1925..
1.5
1926..
1.4
1936..
1.2
1927..
1.2
-
-
95.9
0.0
1933..
--
/
88.3
86.0
80.8
73.0
94.1
167.5
123.6
76.8
130.4
107.2
104.2
95.9
93.5
86.2
347.2
348.9
267.3
260.8
252.3
96.4
96.4
103.3
95.0
94.5
95.9
107.6
X108.0
107.9
104.0
98.5
96.4
72.6
x81.7
84.5
62.3
x69.8
70.6
X57.8
58.2
50.0
x49.7
49.8
127.6
126.8
126.1
114.0
110.7
107.1
52.8
Petroleum refining.
Rubber products
7.7
6.8
1935..
-
0.0
88.6
X69.9
75.1
46.9
x60.2
62.7
2.7
1934..
•>
Soap
89.4
59.6
1.7
1932..
1.6
1935..
0.0
1931..
—
1.3
2.1
1930..
_'
:
Fertilizers
141.4
108.2
Explosives
De¬
crease crease
1929..
—
4.7
_
Year
1928..
_
0.5
1922..
3.8
0.5
1
352.0
In¬
0.4
0.7
Cottonseed—oil. cake & r
Druggists' preparations..
Payrolls
2.0
0.6
1926
1927
90.8
Canning and preserving
in
March.
and
decline of 0.8%
February to March in each of the 18
Year
1923
57.2
112.6
97.4
than in the preceding month.
indexes
In¬
1922
83.6
x61.0
79.6
Radio
woolen
printing,
Employment
1921
100.6
63.7
73.5
Chemicals
1920
101.0
69.2
payrolls
from
1919
103.0
71.4
103.6
due
was
The base used
The
115.5
x80.0
The
the lighting equipment indus¬
period, however, has resulted in
of usual gains in
1923-25, takn
and
gains
movement
instead
113.7
81.5
interval
and
5.1%,
of
remaining industries were 1.1% or less.
in the automobile industry in preceding
new
66.9
165.3
104.5
Foundry & machine-shop prods.
placed
workers.
industry,
Employment
shown
x79.2
Machine tools
employ¬
slaughtering,
chewing and smoking tobacco, and smelting and refining industries, losses
ranging from 1.7% to 1.3% were reported.
The declines in employment
in
water wheels
month since October,
any
absorb
to
March,
temporary plant shut-down caused by labor difficulties.
and
February.
82.2
171.0
116.2
supplies
Engines, turbines, tractors and
employment in
March, 1936, index of employment (138.7) in this industry is the maximum
registered in any month since March, 1930.
(24.5%)
84.1
101.3
72.3
and
industry in March continued the unbroken rise which has
each
The
gains
(9.9%), beverages
sugar
(5.6%),
6hops
substantial
reporting
were:
aircraft
repair
(0.8%).
and periodicals
shown
farm
92.6
136.3
117.3
machines—
93.6
138.7
Electrical machinery, apparatus
in a number of industries of major importance,
foundries and machine shops (1.9%), electrical machinery
were
the machine-tool
1930.
and
reported
industries.
garment
(1.3%), baking (1.1%), blast furnices-steelworks-rolling mills
index
including trans¬
not
portation equipment —
Agricultural implements
Cash registers, adding machines
noted
were
which
nevvspapers
ment
tile
(4.5%),
sawmills
increased
steam
were
12.3% and 13.2%, respectively,
equipment, and the shipbuilding industry
new
8.7%.
of
cream
(4.7%), and
been
to
20-6% in the millinery
from
allied
and
corset
brick,
industries
apparel
increases ranging
electric
placed
gain
ployment
Machinery,
Jewelry
which
among
(16.7%),
(5.4%),
work
employment from February to March
among
due
reported gains in employment of
a
(7.1%),
reported
(50.2%),
workers
of
cement
six
clothing
The
in
iron
the
of
the
women's
1.3%.
industries
gains
structural
1.1%
ment
The fertilizer industry
number
in
(21.6%),
employment, the
to
showed
slate
(8%),
industry,
payrolls.
increase
seasonal
(2.8%).
in
Wire work
Many industries related to building construction activities
spring shipments.
terra
63.3
Bolts, nuts, washers and rivets.
Electric railroad
The gains in
ment,
1935
Durable goods
Typewriters and parts
2.1%
was
1934
Payrolls in March, 1936,
(70.8),
1933
1936
72.3
employment
March
since
month
any
month
the
1935,
1930, with the single exception of December, 1935.
Factory
Mar.
1936
75.7
and calculating
employment
factory
brought tiie level of the preliminary March employment index to 84.2.
the
Feb.
1935
Tools (not including edge
foliowing is taken:
The
*Mar.
82.5
machine
States
1936
Payrolls
Mar.
x83.2
employed
were
gain of 6.8%.
From
Feb.
84.2
All Industries.
work
year
*Mar.
Manufacturing Industries—
the month interval indi¬
over
83,000
over
increase
an
seasonal.
larger than
were
disbursements.
wage
in
the
in
INDUSTRIES
1% in hotels and insurance.
The
4.7%
MANUFACTURING
(Three-year average 1923-1925=100)
and bitu¬
seasonal decline in anthra¬
was a
employment and. payrolls normally show increases from February
Factory
cates
to
metalliferous mining,
and light,
only sizable decrease in employment
motor
to
were
power
INDEX NUMBERS OF EMPLOYMENT AND PAYROLLS IN
accommodate spring
reported
Brokerage firms continued to absorb
shown in wholesale trade, and in the
payrolls
cleaning establishments also
mining industries.
mining.
less
their
and
employment.
telephone and telegraph,
minous could
The
to
dyeing
3077
Chronicle
2.3
1936..
4.7
--
*
March, 1936, indexes preliminary, subject to revisions,
x
Revised.
Financial
3078
number
in
expansion
in
mills.
additional
of the
employment
secured
persons
the
in
retail
The general merchandising group, composed
country.
general merchandising stores
and mail order
6.0%, indicating an increase of 41,500
shown in other lines of retail trade.
A sharp seasonal increase was shown in retail apparel stores, and smaller
gains were reported in retail lumber and building materials, drug, auto¬
department,
A
and
variety
showed
workers.
seasonal
a
net
gain
gain of
1.6%
of
and other retail lines.
trade establishments added
Wholesale
approximately
their
gave
momentum
13,000 workers
to
payrolls between February and March.
Improved weather conditions
to private building construction activities, reports from
net,increase in employment of 28.9%.
Quarry¬
ing and non-metallic mines, due to the more favorable weather, reported an
increase of 14.3% in number of workers.
Seasonal gains were also reported
in laundries and dyeing and cleaning establishments.
Employment in the power and light industry increased 0.9%, the gain
8,893 contractors showing
being attributable,
"flood"
the
employment.
which
raised
and
since
The
The
16
this
industry
gain
of
level
employment
highest
to the
point
February,
year,
indexes of employ¬
The 12-month
the index base, or 100, in computing the index
as
numbers of the non-manufacturing industries.
Information for earlier
years
from the Bureau's records:
is not available
INDEXES OF EMPLOYMENT
AND PAYROLL TOTALS IN NON-MANU¬
INDUSTRIES
FACTURING
WITH FEBRUARY,
IN MARCH, 1936,
AND MARCH, 9135
1936,
AND
COMPARISON
(Average 1929=100)
Employment
Payrolls
P. C. Change From
Industry
Mar.
1935
90.2
+ 1.0
+2.5
+6.0
+2.1
+ 1.9
+ 1.8
tical softwood mills report unfilled
1936,
the
or
660,554,000
date
similar
79.5
81.7
Retalli.
Mar.
a
Feb.
Mar.
1936
1935
+3.8
+3.1
+4.7
1936
merchandising.
69.2
a
year
63.5
77.3
+5.4
+4.3
+ 1.6
+2.0
60.7
+2.7
70.2
+0.4
+0.6
77.2
+ 1.3
+2.5
86.9
+0.9
+5.5
88.5
+4.5
+ 11.4
71.2
—0.7
—0.1
67.8
—0.7
Mining—Anthracite
52.5
—14.2
+2.1
42.6
—44.5
Bituminous coal
80.4
—1.5
70.1
—10.6
Metalliferous
55.9
+24.3
+4.2
45.1
42.2
+0.2
+0.7
+ 14.3
70.7
—0.1
—4.5
56.0
+5.6
+29.1
+0.5
+6.9
+9.4
+3.9
+46.1
+24.1
+2.5
+3.0
+3.0
c66.0
—0.7
69.9
d
+3.1
+ 15.2
+2.9
d
—1.9
d
+36.9
chandising
Identical Mill Reports
468 identical softwood mills was 220,991,000
of
167,601,000 feet; shipments were, respectively,
201,592,000 feet, and orders received, 214,578,000
feet, and1 a year ago it was
and
feet
221,180,000
feet and
218,186,000 feet.
Telephone and telegraph..
&
manufactured gas
Electric-railroad
&
New
Record,
According
Quarrying and nonmetalllc
Crude petroleum producing
30.9
—0.1
Services—
—b
82.1
Dyeing and cleaning
74.7
round)
(year
Brokerage
d
+ 1.1
+6.2
+3.3
Insurance
d
—b
d
+28.9
Building construction
a
Preliminary,
room,
York
Exchange
Sugar
the United States was beaded for
all-time high record,
according to the New York Coffee
and
Exchange,
Sugar
figures of deliveries for 10
released May 1 by the Exchange
when
of the crop year
months
showed deliveries in this country
Of this
of 11,399,000 bags.
pointed out, 7,702,000 bags were of Brazilian
coffee and 3,696,000 bags of other varieties.
Deliveries for
total,
the
is
it
period in 1935 were but 9,602,000 bags.
same
previous record consumption occurred in the 1930-31
crop year, the Exchange said, when 12,357,000 bags went into
consumption during the year.
During the 10 months ended
April 30, 1931, a total of only 10,164,000 bags were delivered,
a gain of 1,235,000 bags for 1936.
The
1,937,830 Bags of Coffee Reported Purchased by Brazil
National
The
b Less than 0.1 of 1%.
56.4
+27.6
+0.8
+ 15.3
+3.3
+8.2
+5.4
+35.6
+ 1.1
+24.8
Destruction
of
Department
Brazil
destruction
for
has,
been
have
tendered
for
far,
so
the 4,000,000
of
bags planned to be acquired, and in addition
648,935 bags
purchase but are awaiting
grading, the New York Coffee and Sugar Exchange learned
May 6.
The
The Exchange said:
total
1935-36
which
already purchased.!
2,586,765
crop,
the
represent
July
year,
1935.
1,
and
bags,
As
the
tendered
crop
of
the
64.7%
represents
surplus
estimated
at
will not
year
Rio
of
and
the
start
the
of
end
Paulo
Sao
bags
4,000,000
the present
until June
crop
30,
the
Department has until then to acquire the remaining 1,413,235 bags of low-
which
coffees
presumably be destroyed.
will
coffees for purchase,
days given planters to offer
During the
which
ended
30
first
March
21,
950,000 bags were tendered.
Raw
Cash payments only; value of board,
d Data not available for 1929 base.
and tips cannot be computed,
Coffee
1.937,830 bags
purchased
grade
82.8
Laundries
Hotels
New
to
Coffee consumption in
motor-
bus operation and maint
Reach
Coffee &
United States Coffee Consumption Expected to
further
Publlo Utilities-
power
as
ago.
week's production
Last
+6.0
+5.1
Other than general mer¬
&
orders
equivalent of 33 days' average production, compared with
feet, or the equivalent of 26 days' average production on
for
85.8
Trade—Wholesale
light
1936, give unfilled orders
The 465 iden¬
861,414,000 feet on April 25,
878,713,000 feet and gross stocks of 3,422,040,000 feet.
of
Index
Feb.
1936
Mar.
1936
Electric
229,093,000
were
P. C. Change From
Index
a
General
week
same
Unfilled Orders and Stocks
an
industries surveyed, with
March, 1935, are shown below.
and
for 1929 is used
the
Reports from 492 softwood mills on April 25,
the declines in
negligible.
1936,
3% below the production of the
or
reported for
as
or
reached
payrolls for March, 1936, where available, and percentage changes
and
from
week
0.1% above production.
Production was 228,755,000 feet.
Reports from 86 hardwood mills give new business as 11,496,000 feet,
or
39% above production.
Shipments as reported for the same week were
11,668,000 feet, or 42% above production.
Production was 8,245,000 feet.
feet,
With the exception of the seasonal decrease of approxi¬
were
same
in
continued the rise
consistently each month since August of last
non-manufacturing
ment
average
in
further
a
workers in the anthracite mining industry,
12,400
employment
reported
mines
0.7%
of
increase
July, 1931.
mately
Metalliferous
March
the
extent, to extra maintenance crews necessary
some
shown
above the
cars
a
areas.
been
has
to
feet,
221,558,000
Shipments
was
motive, hardware,
in
totaled
same
79,000
7,177
and
1935,
reported for the week ended April 25, 1936, by 500 soft¬
Lumber orders
mills
that
houses
corresponding week of
1934.
of
wood
resulted! in the
establishments
of
gains
reports supplied by 53,745 retail trade establishments, it is esti¬
on
mated
showed
the seasonal
March,
to
February
which
reemployment of the largest number of workers.
retail trade
Based
from
workers
of
industries
non-manufacturing
11
above
Industries
Non-Manufacturing
the
Among
May 9, 1936
Chronicle
c
Sugar Stocks in Licensed New York Warehouses
First Time Since September, Accord¬
Increase for
ing to N. Y. Coffee & Sugar Exchange
Stocks of
Lumber
Production
New
and
Make
Business
Slight
Gains
according
The lumber industry during the week ended April 25,
1936, stood at 67% of the 1929 weekly average of production
and 70% of 1929 shipments.
Reported production and new
business
slightly higher than in the preceding week,
were
Coffee
week,
below
reported by 4%
as
the
to
3%
were
National
of the preceding
those
record
fewer mills, according to reports
Lumber
Association
Manufacturers
regional associations covering the
softwood and hardwood mills.
operations of important
Reported
new
that
the
same
also
week
2%
shipments
Production and
by
above
were
production.
During
5% above output; orders, 2% below.
shipments in the current week were shown
mills
in
similar
of
excess
week
of
Last year the West Coast strike from
May to July appreci¬
ably retarded lumber movement, which
was
the
pre-strike weeks in April.
reported:
During the week
feet
feet;
orders,
regions
and
those
output,
of
1936,
567 mills produced 237,000,000
combined;
shipped
orders above
240,761,000
feet;
West
West
Coast
Coast,
corresponding
being
cypress
week
of
and
cypress
fractionally
reported shipments
below.
Northern pine reported
and
1935
during the week ended April 25.
pine
only
;
all
but
cypress
All
softwood
orders above
reported1 shipments
above; all but Northern pine and hemlock reported production above.
Identical
lent of
26
33
days'
Forest
April
25,
softwood
days'
and
125
products
1936.
mills
average
days'
car
This
reported unfilled orders
on
April 25 the equiva¬
production and stocks of 129 days' compared with
a
year
ago.
loadings totaled 32,205
was
549
cars
sugars
and
32,815
tons
of
Last
the
there
year
Philippine
61,880
were
variety.
The
increase, which occurred during the week ending May 2, amounted to 2,828
tons
Cuban
of
sugar,
the
first
new
sugar
to
go
into
warehouse
since
September, 1935.
Increase Noted in Sugar Distribution in United States
During First Quarter of Year
Distribution of sugar in the United States during the first
three months of 1936 totaled 1,424,610 long tons, raw value,
compared with 1,378,799 tons during the corresponding
period last year, an increase of 45,811 tons, or 3.3% accord¬
ing to L&mborn & Co.
Under date of May 4 the firm also
as
announced:
Cane sugar distribution amounted to
1,125,399 tons
tons or
6.4%.
321,488 tons,
Beet
a
sugar
as
an
contrasted with
increase of 68,088
distribution totaled 299,211 long tons
as
against
decrease of 22,277 tons, or approximately 6.9%.
247,631,000
shipments,
feet;
Northern hemlock and the hardwood
production
the current total, while Philip¬
3,620 tons, make up the balance.
Cuban
of
account for 8,503 tons of
sugars
sugars,
Flour
Coast, Western
at
figures for the preceding week
Revised
pine,
tons
An announcement by the Exchange
1,057,311 tons in the January-March period of 1935,
236,951,000
redwood, Northern
reported
regions but
25,
production,
591;
regions but West
above
April
softwoods
233,054,000 feet.
unusually heavy
The Association further
232,525,000 feet.
California
All
of
Mills,
were:
ended
hardwoods
of
booked orders
which
by
long tons against 94,695
12,123
date last year.
were
reporting softwood
Exchange,
eight months,
the New York
disclosed that stocks
4
ship¬
the preceding
1935, production at these mills being 32% above last year's
week; shipments, 10% above.
New business was 2% below.
in
tons
were
May
said:
Cuban
pine
Sugar
day
released
business dur¬
ing the week ended April 25 was 2% below output;
ments
from
stored in licensed warehouses in the
sugar
figures
to
and
on
production being the heaviest reported for the year to date.
Shipments
raw
Port of New York showed the first increase in
cars
during the week endfed
above the preceding week,
5,381
cars
Production
During April
Year
Below Like Month
a
Ago
General Mills, Inc., in presenting its summary of flourmilling activities for approximately 90% of all flour mills in
the principal flour-milling centers of the United States,
reported that during the month of April, 1936 flour output
totaled 4,992,363 barrels.
This was a decline from the
5,026,340 barrels produced during the corresponding month
of 1935.
Cumulative production for the ten months ended
April 30, 1936 amounted to 53,635,793 barrels.
This com¬
pares with 53,097,531 barrels produced in the like period
of last year.
The corporation's summary further disclosed:
Volume
142
Financial
PRODUCTION OF FLOUR
(NUMBER OF BARRELS)
Month of April
10 Mos. Ended April 30
1935
1936
1,213,592
1,709,849
1,671,312
397,610
1,115,023
13,282,410
12,739,957
1,912,959
1,604,592
393,766
18,435,245
17,845,905
4,072,233
17,414,694
4,992,363
5,026,340
53,635,793
53,097,531
Southwest
Lake Central & Southern
Pacific Coast
Grand total
World
1935
19,177,470
3,765,410
Wool Supply
Lowered According to Bureau
Agricultural Economics—Mills Reported Less
of
Active
Reports
the world wool situation show reduced supplies
probable reduced mill activity from the
high levels of 1935, according to the Bureau of Agricultural
Economics, United States Department of Agriculture.
In
of
raw
an
on
wool and
announcement issued
May 6 by the Department it
a
Oklahoma producers cut output down
25,100 barrels to
532,000 against the recommended market level of 525,000
barrels.
Production in the same week a year
ago was 458,barrels.
Although California wells were pared 4,700
barrels to 563,700, against the Bureau of Mines'
figure of
552,600 barrels, it was approximately 112,000 above the like
1935 period.
Several States reported nominal increases
600
which
raw wool
in the United States
are
about 31% less.
are
Production of shorn wool in the United States this
year is expected to be
same as in 1935; Australia will have
slightly fewer
year,
but the Union of South Africa will have
Consumption of wool by United States mills this
less than the
year
was
In the United
of
prices
continued
a
wool
firm.
imports
are
have
The
has resulted in substantial
smaller
active to
weakened
spread
between
a
recently,
but
foreign
prices
domestic
and
foreign
prices
importations of wool by the United States, but
in prospect.
and
Its
an
June
Above
Current
Level—Daily
Average Crude Output Lower
Representatives of the Magnolia Pipe Line Co., con¬
trolled by Socony-Vacuum, and of Humble Pipe Line Co.,
controlled by Standard of New Jersey, Friday told the
Texas Railroad Commission that as a result of the new oil
wells drilled in southwest Texas production had risen to a
and
posted
a
price
schedule
in
the
barrel for 40 gravity and above.
Cass
The in¬
extension of the Rodessa field, was retro¬
$2.45
are not
shown)
1.25
Eldorado, Ark., 40
Rusk, Texas, 40 and
Corning, Pa
1.42
Darst Creek
Illinois
1.23
Western Kentucky
Midland District, Mich
1.02
1.23
Sunburst, Mont
Huntington, Calif., 30 and
1.23
Mid-Cont't., Okla., 40 and above._ 1.18
Winkler, Texas.
.85
Smackover, Ark., 24 and over
75-.80
—
STOCKS
Feature
SLASHES
$1.10
.97
TANK-WAGON
MOTOR
FUEL
GASOLINE
1.15
over
Kettleman Hills, 39 and
Petrolia, Canada.
PRODUCTS—LOCAL
CANADA
Texas
Allowable Seen
Oklahoma
Lima (Ohio Oil Co.)
Products—Two
Southwest
in
Prices of Typical Crudes per Barrel at Wells
Bradford, Pa
REFINED
Major Companies
Output Above Market
Demand—Crude Oil Stocks Up in March—Grand
Jury Convenes in Madison in Price Probe—Texas
Claim
declines
May 1.
CUT—PHILADELPHIA
Petroleum
the
(All gravities where A. P. I. degrees
slight falling off in machinery activity in the wool
industry during the first quarter of this year.
have
degree
in the field, which is
more.
probably will be
"very large" consumption in 1935, it is stated.
Kingdom there
Domestic
a
County, Texas, field of $1.10
crease
sheep to be
this
to
Price changes follow:
was
smaller than at this time
about the
shorn
offset
California.
May 4—Magnolia Petroleum Co.
supplies in Southern Hemisphere countries
year ago;
pinchbacks
by Oklahoma and California
producers offset increases in daily average crude production
in other States in the final week of
May, bringing a net de¬
cline of 14,250 barrels to
2,918,450 barrels, the American
Petroleum Institute reported.
The total compared with the
April market level of 2,797,300 suggested by the Bureau of
Mines, and actual production in the like 1935 week of
2,494,100 barrels.
also stated:
Supplies of
3079
Month-end
1936
Northwest
Chronicle
.95
over
1.43
over
l.xO
GAS
LEVELS
PRICES
HIGHER-
TARIFF—MOTOR
FUEL
SHOW CONTRA-SEASONAL RISE
the
of
local
refined products market was the
gallon in the tank wagon price of
gasoline posted Thursday by the Socony-Vacuum Oil Co.,
Inc., and the Tide Water%Oil Co.
The cut, which was to
reduction
of
cent
a
meet
cut-price competition, applies to New York, Long
Westchester, and will not affect retail prices.
Another development in the local market was the
spread
of
the price-war from
Brooklyn to Manhattan.
Signs
Island and
"6 for $1" blossomed in downtown Manhattan in
profusion,
sore spot, offerings as low
reported available at some service stations.
Fuel and other heating oils were soft in
keeping with the
point far above current market demand.
Magnolia Pipe Line asked to be relieved of taking 5,000
barrels daily, on the ground that it had reached its maximum
while in
storage of 3,000,000 barrels.
Humble officials told the
Commission that it has a capacity of 25,000 barrels daily,
seasonal trend.
which would be filled by May 15, and its daily purchases
would be 18,000 barrels.
The company asked for a cut
of 5,000 barrels daily in the district's allowable.
Stocks of all oils showed
an increase of
5,561,000 barrels
March, while stocks of gasoline rose 2,890,000 barrels,
the Bureau of Mines reported.
The increase in crude oil
stocks—which was due mainly to the fact that daily average
production hit a new all,time high—was the first in nearly
a
year.
Gasoline stocks rose despite a gain of 11% in
in
demand
over
the
like
1935
month.
Motor
fuel
exports
slumped 38% from 1935 to 1,615,000 barrels, the lowest
level in several months.
The
Special Grand Jury to hear evidence in the investiga¬
tion of charges of price fixing and other unfair trade practices
in the petroleum industry was convened in Madison on
Monday at the request of Attorney General Cummings.
Twenty-three jurors were sworn in for the session, which
promises to be one of the longest sessions ever held in
Madison.
The Grand Jury investigation was the outcome of a
preliminary investigation by the Department of Justice,
acting upon complaints filed by the National Oil Marketers'
Association,
an
independent group.
Attorney General
Cummings announced last month that preliminary facts
justified the calling of a Grand Jury to continue the probe.
The seasonal rise in gasoline consumption coupled with the
record number of
wells completed in the East Texas field
since the May allowable was fixed will bring an increase in
the State's June quota of several thousand barrels over
the current allowable of 1,166,000 barrels at the Railroad
Commission's monthly proration meeting on May 14, it is
indicated.
The troublesome
question of production
side of the Rodessa field and that
on
on
the Louisiana
the Texas side of the
development will come up for formal consideration at
a joint
meeting of the Railroad Commission and the Louisiana
regulatory group soon.
Uniform allowables and rules for
the entire field will be sought at the joint conference, which is
expected to be held shortly.
Magnolia Petroleum Co. Monday posted a price schedule
for crude oil produced in Cass County, Texas, retroactive
to May 1.
The schedule for the field, which L an extension
new
of the Rodessa field, starts at 86 cents a barrel for oil below
29 gravity with a 2-cent differential a barrel for each
degree
of
gravity upward to
a
top of $1.10
a
barrel for 40 gravity
and above.
were
An increase of 1
Yi cents a gallon in retail gasoline prices
Philadelphia posted May 2 by the Atlantic
Refining Co. and followed by other majors marked the end
of the gasoline war there.
The new price was
173^ cents,
taxes
included.
The
tank-wagon price of gasoline was
marked up 3^ cent a gallon.
Independents posted a similar
advance the following day to 16
cents, maintaining the
13^-cent differential.
Advances in several sub-normal points
in southern New Jersey were
posted early in the week,
restoring a general price level of 16^ cents, taxes included.
Several points in northern New York State also were marked
in metropolitan
up.
The cut in the Canadian tariff on
gasoline to 1 cent from
the 2 34-cent level prevailing in the
past few years has caused
several American companies to announce the
discontinuance
of plans to build refineries in the Dominion.
It also was
forecast in some quarters that the lower rate will mean that
much of the United States' surplus stocks
move into Canadian markets.
of gasoline will
Price changes in the heating and
lubricating oil markets
provided opposite trends during the week.
An increase of
3^2 cent a gallon was posted on May 5 in the price of Penn¬
sylvania bright stocks and all grades of cylinder stocks. In
kerosene, the Hartol Products Corp. Wednesday lowered
the price at New York 3^8 cent to
4% cents a gallon, against
the major companies' level of 4% cents.
Despite the fact that April gasoline demand was estimated
at 10% above the like 1935
month, stocks of finished motor
fuel showed a contra-seasonal gain in the final week of the
month.
The
American
Petroleum
Institute
reported
an
increase of 532,000 barrels
during the week ended May 2,
aggregate of 65,489,000, or within 195,000 barrels of
the all-time high set on April 11 last.
An increase of 901,000
to
an
barrels at bulk terminals offset
a
decline of 369,000 barrels at
refineries.
Refinery operations were cut fractionally to
77.2% of capacity, with daily average runs of crude to stills
off to 2,875,000 barrels.
Representative price changes follow:
May 2—Atlantic Refining Co. advanced metropolitan Philadelphia retail
gasoline prices 1 lA cents a gallon to 1714 cents, taxes included.
Independ¬
posted a similar increase to 16 cents.
ents
May
5—Pennsylvania
bright
stocks
and
cylinder
stocks
were
lifted
14 cent a gallon.
May 6—Hartol Products lowered the tank-car price of kerosene H cent
H cents a gallon at New York.
to 4
May 7— Socony and Tidewater lowered the tank-wagon price of gasoline
cent in metropolitan New York.
NiAn increase
of 87,000 barrels in stocks of domestic and
foreign crude petroleum reported to the Bureau of Mines
during the week ended April 25 lifted the total to 313,132,000
barrels, the Bureau reported May 7.
The increase of 139,000
barrels in holdings of foreign crude offset the decline of
52,000 barrels in domestic stocks held.
Brooklyn, the original
"7 for $1"
as
Gasoline, Service Station, Tax Included
New York
.$.192
Cincinnati..
$.175
Minneapolis
$.184
Brooklyn
Newark
.192
Cleveland
.175
New Orleans
.168
Denver...
.21
Philadelphia
Camden
.168
Detroit
.16
Pittsburgh
.195
Boston
.145
Jacksonville
San Francisco
.16
Buffalo
.165
Houston..
Chicago
17
Los Angeles
20
.19
175
St. Louis
.23
175
177
Financial
3080
Kerosene, 41-43 Water
(Bayonne)
Crude Oil Production Again Declines—
Barrels in Latest Week
Daily Average
White, Tank Car, F.O.B. Refinery
Off 14,250
I North Texas.$.03%-.03%. New Orleans.$.03%-.04
$.04% ' Los Angeles._ .04%-.05
J Tulsa
.04%-.04%
New York
May 9, 1936
Chronicle
The American
Fuel Oil,
F.O.B. Refinery or
New Orleans C
...
$.90
$1.15-1.25 Phila., bunker C
$1.05
Bunker C
1.05
1.65
Diesel 28-30 D
Gas Oil,
F.O.B. Refinery or Terminal
$.04
U. S. Gasoline (Above 65
Warner-Quinaln Co.
-.06%
.06
-.06%
Orleans.
Gulf
ports
tails, as reported by the
07
Higher—March Output Below
Same Month
Last Year
1935.
in Pennsylvania during the week
Compared
of 408,000
is estimated at 1,463,000 net tons.
preceding week, this shows an increase
Production in the corresponding week
with the
tons.
amounted to 1,089,000 net tons.
Production of bituminous coal
1936
last
year
>
during the month of March,
against 41,-
estimated at 31,233,000 net tons, as
was
daily average of 137,571 barrels, compared with a daily average of
barrels for the week ended April 25 and 165,500 barrels daily for
weeks ended
Mines' weekly coal report
disclosed that the production of bituminous coal for the
week ended April 25 is estimated at 7,115,000 net tons.
This compares with 6,783,000 tons produced in the preced¬
ing week and 4,877,000 tons in the corresponding week of
States Bureau of
Anthracite production
There
ended
May
2,
April
as
and
25
18,107
.
daily during the week.
(Figures in barrels)
B. of M.
Actual Production
Average
Dept. of
Week Ended
4 Weeks
Ended
Ended
May 2,
May 2,
May 4,
1936
1936
1936
1935
532,000
162,600
557,100
552,150
154,500
458,600
144,700
North Texas
66,150
59,550
West Central Texas.
25,000
64,000
59,450
25,000
180,800
50,850
447,400
62,250
59,300
25,050
180,450
54,900
58,600
23,500
151,100
48,250
446,750
63,000
178,900
525,000
146,000
Oklahoma.
Kansas...
Panhandle Texas
248,850
1,155,800
1,150,000
1,025,000
70,350
145,600
68,300
145,700
66,600
144,150
23,350
105,650
160,900
215,950
214,000
210,750
129,000
30,500
104,100
41,000
34,800
12,300
4,100
63,200
30,100
107,900
33,650
29,850
102,400
32,300
34,900
30,000
10,350
104,250
33,150
34,300
11,450
31,500
107,650
40,000
34,300
10,700
63,750
5,100
63,400
5,250
63,700
5,050
50,900
2,244,700
2,354,750
2,364,300
2,349,500
2,037,400
552,600
563,700
568,400
569,600
456,700
2,797,300
2,918,450
2,932,700
2,919,100
2,494,100
Coastal Texas
1,122,800
Northern Louisiana.
Apr. 18,
Apr. 27,
1936 d
1935
Coastal Louisiana...
1935
1936
1929
e
e
Total Louisiana.
a
Tot. for per'd
Daily aver..
172,971,000
7,115,000 6,783,000 4,877,000 dl36983,000 128,792,000
1,747,000
1,312,000
1,395,000
813,000
1,186,000 1,131,000
anthra.: b
Tot. for per'd
1,463,000 1,055,000 1,089,000
17,632,000
17,527,000
23,785,000
181,500
180,800
179,800
243,900
175,800
243,800
Daily aver..
14,400
479,100
4,791
2,004,900
20,049
341,900
2,400
20,400
3,400
17,700
2,950
per'd
Daily aver.
Eastern
Michigan
Wyoming
Montana
3,419
coal made into coke, local sales, and colliery fuel,
b Includes
washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised, e Minus
New Mexico
Total east of California.
35,900
10,350
4,050
Includes lignite,
a
Sullivan County
one
Arkansas
Colorado
Beehive coke:
Tot. for
79,450
Calendar Year to Date
Week Ended
Pa.
150,450
1,158,500
Southwest Texas
Total Texas..
BItum. coal:
159,100
446,900
78,600
247,000
East Texas
PRODUCTION OF COAL AND BEEHIVE
(IN NET TONS)
April 25,
181,300
50,350
448,850
80,600
246,700
West Texas
East Central Texas..
c
Week
Int. Cal¬
(April)
statement follows:
1936
PRODUCTION
DAILY AVERAGE CRUDE OIL
culations
1936 a total of 136,983,000 tons of bituminous coal and 17,632,000 net tons of
Pennsylvania anthracite were produced.
This compares
with 128,792,000 tons of soft coal and 17,527,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
Apr. 25,
daily
companies owning 89.6% of the 3,869,000refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 2,875,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 72,964,000 barrels of finished and
unfinished gasoline and 96,709,000 barrels of gas and fuel oil.
Cracked1 gaspline production by companies owning 95.9% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 630,000 barrels
During the calendar year to April 25,
ESTIMATED UNITED STATES
COKE
barrels
for
61,429 barrels for
for the four weeks
Reports received from refining
barrel -estimated daily potential
•
■
against a daily average of
2.
May
and 38,701,000 tons during
March, 1935.
Hard coal output for March was estimated at
2,730,000 net tons.
This compares with 6,461,000 net tons
produced during February and 3,082,000 tons during March
year ago.
California oil at Atlantic and Gulf ports
receipts of
no
ended
week
the
167,143
the four
May 2.
were
week ended
the
375,000 tons during February
a
Institute, follow:
for domestic use and receipts in bond at principal
ports for the week ended May 2 totaled 963,000 barrels, a
States
United
ended April 25
for the week
Further de¬
Imports of petroleum
city sales tax.
Weekly Coal Production
The United
1936, is estimated at
2,
2,919,100 barrels.
The daily average output
ended May 4, 1935, totaled 2,494,100 barrels.
-.06%
.06
Tulsa
that the daily
Daily average production
for
.05%-.04%
.06
-.06%
Los Ang., ex.
-
Shell East
zNot Including 2%
$.06
Chicago
New
Beacon__$.07%
Texas
07%
Gulf
07%
Republic Oil
.07%
Petroleum Institute estimates
crude oil production for the week ended May 2,
1936, was 2,918,450 barrels.
This was a loss of 14,250
barrels from the output of the previous week.
The current
week's figure was, however, above the 2,797,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilaverage gross
producing States during April.
the four weeks ended May
Octane), Tank Car Lots, F.O.B. Refinery
Colonial
.07%
.07%
.07%
.07%
Richfield Oil (Calif.)
I
New York—
Standard Oil N. J—$.07%
Socony-Vacuum
Tide Water Oil Co..
.$.02%-.02 %
(Tulsa.
IChicago,
-.04% I
32-36 G0--$.02%-.02%
N. Y. (Bayonne)
27 plus
Terminal
California 27 plus D
N.'Y. (Bayonne)
,
day's production first week in January to
equalize number of days in the three
California
Total United States
years.
ESTIMATED
AND
WEEKLY
PRODUCTION OF COAL, BY
MONTHLY
TONS)
(IN THOUSANDS OF NET
STATES
carloadlngs and river shipments
[The current estimates are based on railroad
and are subject to revision on
receipt of monthly tonnage reports
from the operators.]
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
from districts and
FINISHED AND UNFINISHED
ENDED MAY 2, 1936
GASOLINE AND GAS AND FUEL OIL, WEEK
State sources or of final annual returns
(Figures in thousands of barrels, 42 gals, each)
Monthly Production
Week Ended
Daily Refining
Apr. 18 Apr. 11 Apr. 20 Apr. 21
1934
1935
1936 p
1936 p
Mar.,
1936
.
r
Feb.,
Stocks of Finished and '
to Stills
Mar.,
1936
Crude Runs
Capacity
Utuiv
Unfinished Gasoline
1935
Stocks
of
Unfin'd
C.
Daily
P.
Aver¬
Reporting
Poten-
Oper¬
At Re¬
age
ated
fineries
2
2
2
2
9
8
5
215
219
190
33
910
1,036
992
tail
Arkansas and Oklahoma.
14
16
16
7
151
532
123
Rate
Colorado
76
130
64
67
490
858
4
4
East Coast-_
3,957
1,550
5,768
5,112
1,909
Appalachian.
154
146
Ind.,111., Ky.
Okla., Kan.,
442
424
Missouri
453
384
84.8
276
71.9
330
160
48.5
90
56.3
90.6
and
470
5
Gas
in
Finished
District
Alaska
Alabama
*
1
1
1
670
840
565
612
257
297
216
218
Georgia & North Carolina
Illinois
Indiana
-
41
23
53
46
Iowa
1,806
368
260
435
86
109
70
86
540
826
631
611
647
627
606
2,630
3,393
2,925
117
147
92
153
563
977
30
28
25
25
Kansas and Missouri
Kentucky—Eastern
Western
924
Total
612
__
Inland Texas
P.
C.
505
82.5
7,652
94.8
94
64.4
95.9
404
95.3
1,470
7,989
612 100.0
Texas Gulf..
680
658
96.8
596
La. Gulf
Terms, Nap'tha
&c.
Distil.
Fuel
Oil
6,961
11,797
1,019
1,017
276
390
2,395
986
2,949
2,500
1,632
6,250
2,039
4,637
1,290
5,872
1,355
2,363
710
146
226
224
2,013
Michigan
420
176
71
115
Montana.
169
163
96.4
115
70.6
13
10
7
52
63
73
No. La.-Ark.
80
72
90.0
49
68.1
224
8
62
46
32
281
354
256
Rocky Mt._
97
60
61.9
41
68.3
1,520
104
752
45
Maryland
California...
852
789
92.6
509
64.5
9,266
2*460
1,045
70,989
3,468
89.6
2,679
77.2
41,275
20,895
1,106
6,668
447
94,802
1,907
22,001
21,100
7,115
7,220
96,709
96,802
184
122
187
New Mexico
26
29
23
21
110
155
117
North & South Dakota..
23
30
20
16
149
339
127
364
397
355
328
1,714
2,290
2,213
[ • 2,737
3,684
3,978
I 4,471
5,362
6,131
373
511
460
May 2 '36
Apr. 25 '36
340
Ohio
Western
1,832
1,865
1,409
1,716
96
1
Eastern d
Reported
401
Estd.unrep'd
Pennsylvania bituminous
104
86
61
e
Tennessee
Texas
13
13
13
13
60
61
64
Utah
38
63
40
28
202
419
190
180
21
24
26
17
132
203
135
1,374
1,375
6,444
7,624
6,913
109
2,117
2,786
2,851
73
416
679
3
3,869
2,875
2,875
43,848
xEst.tot.U.S.
3,869
3,869
3,869
44,217
430
3
2,573
256
176
196
4
Virginia
-
Washington
1,463
W. Va.—Southern.a
1,474
481
464
Northern. b__
Other western States.c..
390
70
101
89
Wyoming
*
*
183
*
*
785
1,082
976
U.S. B. of M.
April
x
2,502
1935
Bureau of Mines basis currently estimated,
Preliminary
.
Grand total
a
and
6,783
7,335
5,933
5,829
31,233
41,375
1,055
479
1,320
1,268
2,730
6,461
3,082
7,838
Total bituminous coal-
Pennsylvania anthracite
38,701
7,814
7,253
7,097
33,963
47,836
the B.
&
O.
C. & O.: Virginian; K. & M.; B. C. & G.,
Mason, and Clay Counties,
b Rest of State,
including Panhandle district, and Grant, Mineral, and Tucker Counties,
c
Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Represents that portion of the
State that is not included In western Pennsylvania,
e Figures are comparable with
NRA
Sub-Divisional
1,000 tons.
Indicate
cite
in Kanawha,
production of western Pennsylvania as defined by the
Code Authority,
p Preliminary,
r Revised.
* Less than
records for 1935, and cover
of
April
y6,175 y97,727
of April 30. 1936.
Soft Coal Output
Month- -Anthra-
41,783
Includes mines on the N. & W.;
on
Estimates
y37,867 y20,351
y As
Decline from Preceding
Output Gains Sharply
According to preliminary estimates made by
States Bureau of
month of
the United
Mines, bituminous coal output during the
April, 1936, amounted to 30,350,000 net tons, com¬
pared with 21,970,000 net tons in the corresponding month
last year and 31,233,000 tons in March, 1936.
Anthracite
production during April totaled 4,360,000 net tons, as against
Volume
Financial
142
4,806,000 tons a year ago and 2,730,000 tons in March, 1936.
The Bureau's statement follows:
3081
Chronicle
Effective
advance
May
in
bronze,
4,
base
and
for
No. of
Avge. per
Working Working Day End of April
(Net Tons)
Days
(Net Tons)
Total for
Month
(Net Tons)
30,350,000
25.2
4,360,000
25.0
1,204,000
174,400
142,288,000
18,754,000
87,600
Bituminous coal...
26.0
3,369
491,000
Anthracite.
Beehive coke
March, 1936 (revised):
than
more
period last year.
destination,
metal, from the United
15,774 short tons, against 18,456 tons
Exports during the first quarter
45,798 tons, against 67,925 tons in the same
Exports during February and March, by countries of
were
follows:
as
'
31,233,000
26.0
1,201,000
2,730,000
26.0
109,300
BitnminoiiR coal
26.0
105,000
4,204
Anthracite
Beehive coke
To—
21,970,000
4,806,000
25.3
868,000
25.0
192,200
132,257,000
18,084,000
66,500
Bituminous coal—
Anthracite
26.0
2,558
348,700
Beehive coke
356
Sweden..
56
France...
1,653
4,725
308
Great Britain
...
China and Hongkong ...
1,438
3,132
1,093
2,866
428
1,065
Japan
the results oi the
Italy
Netherlands
Other countries
1,360
"540
Totals...—.
Note—All current estimates will later be adjusted to agree with
18,456
15,744
Domestic sales of copper for April totaled 158,064 tons, a new
a
Production and
Shipments of Slab Zinc During April
Above Preceding Month
According to figures released by the American Zinc Insti¬
single,month.
a
total of 156,500
The previous record was established in
1,919 tons for April shipment; 2,887 tons for May;
produced during the month of March, 1936, and 35,329
tons
in
the
corresponding month of 1935.
Shipments rose
38,159 tons in March to 42,311 tons in April.
This
short
with 38,455 tons shipped during
Inventories on April 30, 1936, stood at 80,782
comparing with 79,841 tons on March 31 and
tons,
108,680 tons
on
April 30, 1935. / The Institute's statement
follows:
Lead in
The
lead
STATISTICS
ZINC
as
Steady Demand
active
in the
as
•
previous week,
volume of business in the week ended yesterday was
involving 7,200 tons.
demand
from
came
requirements of
but the
well above the average,
In the
The undertone appeared to be quite firm.
preceding week slightly
consumers are
Most of the
10,000 tons were sold.
than
more
battery makers
May
pigment manufacturers.
and
covered, but considerable June
about 65%
delivery metal remains to be bought.
The quotation held at 4.60 cents,
of
(ALL GRADES)—1929-1936
American
States
Smelting
&
New York, the contract settling basis
Refining
4.45 cents,
and at
Co.,
Louis.
St.
Shipped
Stock at
Durinjj
During
End of
Period
Period
Period
Retorts
Unfilled
Average
Retorts
End of
Period
These totals include lead in ore, in process, and stocks of refined
lead.
Orders
During
Shipped Operating
End of
for
Period
Export
Period
good
volume
of
business
operations remain at
602,601
50,217
75,430
143,618
42,039
436,275
36,356
300,738
25,062
314,514
26,210
129,842
213,531
17,794
218,517
18,210
124,856
631,601
62,633
aver.
6,352
57,999
68,491
18,585
31,240
47,769
26,651
19,875
23,099
18,273
529
504,463
aver.
196
16
in
aver.
the
have taken
London
market,
Except for the unsettle-
producers believe
that
buying here would
Producers held out for 4.90 cents,
larger proportions.
on even
Galvanizing
weeks.
high level, and consumption of the common grades
a
St. Louis, on Prime Western, nearby positions.
1931
Total for year.
2 amounted to about 4,724 tons,
compared Avith recent
of zinc continues at around 5,000 tons a week.
ment
1930
Total for year.
Trade in Zinc
Fair
Sales of zinc during the week ended May
a
1929
Total for year.
East.
April 1 amounted to 316,783 tons, against 316,271 tons a month
on
previous.
(a)
Produced
Monthly
not
was
Total stocks of lead at the works of smelters and refiners in the United
(Tons of 2,000 Pounds)
Monthly
market
St. Joseph Lead obtained a premium on its own brands sold in the
SLAB
Monthly
1,888 tons for June;
145,376 tons for July; and 5,994 tons for August.
on May 5, 43,252 short tons of slab zinc were produced
during the month of April, 1936. This compares with 42,483
tons
high for
May, 1930, when
The bookings for April included
tons changed hands.
tute
April, 1935.
4,509
British India
complete canvass of production made at the end of the year.
latter figure also compares
168
168
4,276
1,530
Germany
March
700
1,133
235
2,130
Poland and Danzig
281
Denmark
Feb.
To—
March
Feb.
Belgium
April, 1935 (revised):
from
was
and was regarded
costs,
including bonded
February and 11,598 tons in January.
of the current year totaled
it
quotations.
adjustment in
an
cent
phosphor
in sheet metal prices,
higher manufacturing
Exports of refined copper,
one-quarter
a
nickel-silver,
brass,
copper,
revision
This
States during March amounted to
in
April, 1936 (preliminary):
nothing
as
sheet
metal.
explained, resulted from
Cal. Year to
announced
fabricators
leading
prices
muntz
41
3
The April statistics of the American Zinc Institute, covering
with those of March
compare
as
all grades,
follows, in tons:
1932
Total for year.
Monthly
aver.
170
Total for year.
Monthly
27,059
344,001
28,667
366,933
30,578
352,663
29,389
324,705
aver.
15,978
23,653
27,190
Monthly
aver.
12
April
117,685
0
116,276
111,806
33
41,205
35,329
38,455
108,680
May
34,572
35,627
107,645
112,909
February
June
34,637
29,353
July
35,120
32,306
35,547
38,824
0
23
115.723
August
112,446
36,221
_
42,351
106,316
36,716
September...
October
47,063
95,969
November
37.469
48,172
85,266
December
40,463
41.971
83,758
Total for year.
28,887
465,659
35,951
38,805
46,468
79,207
aver.
32,658
33,210
35,196
*29,691
33,719
*29,464
32,389
*28,093
33,836
*29,524
33,884
*29,867
32,942
♦28,950
34,870
*30,988
34,777
*31,324
36,650
*33,462
38,329
*34,298
32,230
33,157
32,535
*29,665
32,450
*29,916
30,387
*28,491
31,230
*29,318
31,244
*29,627
30,482
*28,890
32,445
♦30,529
32,934
*31,881
33,868
*33,080
35,126
*33,896
25,993
25,816
35,872
*34,358
34,334
*32,456
,26,967
5
February.....
36,228
39,918
75,517
38,205
*34,291
01
38,004
March
42,483
38,159
79,841
0!
43,252
42,311
80,782
01
...
*33,726
37,922
41,400
*36,657
*
Equivalent retorts computed
cluded in total shipments.
on
24-hour basis,
a
of
Prime
no
was
47.080
on
Business
Abroad;
and
Mineral
Export shipments
and adjustments
in
Lead
and
Tuesday, but otherwise the market
The favorable April statistics made
16,869 tons, against 18,663 tons
Chinese
tin,
99%,
Avas
a
month previous and 20,324 tons
nominally
as
follows:
April 30,
May 1, 46.500 cents; 2d, 46.500 cents; 4th, 46.375 cents;
April Pig
,51,183
5th,
Iron Output
up
21.7%
Age" in its issue of May 7 stated that produc¬
tion of coke pig iron during April amounted to 2,403,683
gross tons, compared with 2,040,311 in the preceding month.
The daily rate last month showed a rise of 21.7% over that
of March, or from 65,816 to 80,123 tons.
The daily rate
in April was the highest since August, 1930, which was
81,417 tons.
The "Age" further stated:
There
Avas a
gain of 18 furnaces making iron on May 1, the 144 furnaces
operating at a rate of 90,105 tons daily, against
are
in¬
Avhich were
126
one
producing iron at a rate of 68,395 tons daily.
reported at
the
and
number
merchant
producers
blown out or
month before
The Steel Corp.
in were
Inactive Here
was
somewhat
two
in
operation.
No
1
Steel Corp.;
the following:
1
Carrie,
1 Clairton,
Bethlehem
Inland
and
2
1 Monongahela, National Tube Co.;
Cambria,
only 3,350 tons, the tonnage being almost the
7-day period.
Shipments of copper to consumers
in the two preceding months,
sound
position at 9^
Demand abroad
the
which
Edgar
1 LackaAvanna,
all of the Bethlehem Steel
Co.;
Laughlin Steel Corp.; Riverside, Wheeling Steel Corp.;
Jones &
Steel Co.;
Furnace
1
Corp., and
Colorado, Colorado Fuel & Iron Co.
1
Shenango,
1
Eliza,
1 Madeline,
Burden. Troy
Shenango Furnace Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1931—GROSS TONS
1931
1933
1934
64,325
54,621
February
March
April
May
1932
31,380
33,251
31,201
28,430
25,276
20,935
17,484
20,787
28,621
42,166
39,201
45,131
52,243
57,561
65,900
64,338
55,299
60,950
65,556
67,317
January—
—
18,348
19,798
1935
47,656
57.448
57,098
55.449
55,713
51,750
Copper Unchanged Here
of
2
more
New business booked in domestic copper during the last week amounted
a
furnaces
Thomson, 1 Ohio, 1 South Chicago (old), and 1 Gary, all of the CarnegieIllinois
Markets," in its issue of May 7,
put
banked.
June
in
46.374c.;
The "Iron
preceding week, which operators attributed
encouraging news from Wall Street.
Lead and
zinc sold in good volume, transactions in both items being
above the average.
The feature in copper was the steady
buying abroad, chiefly for account of France and Russia.
The domestic market for copper was quiet.
Tin was easier,
in spite of rather bullish April statistics.
Quicksilver sold
at lower levels.
Silver was unchanged.
Domestic antimony
advanced 3^8 cent.
"M. & M. M." further said:
is
a year
46.125 cents;
,59.456
better than in the
to
carry¬
estimated by the Commodity Exchange at the end of April at
6th, 46.200 cents.
Zinc—Copper in
stated that sentiment in non-ferrous metals
to the
actually
the market, the smaller visible supply being offset by a
Furnaces blown
"Metal
out,
► The total visible supply of tin, including the Eastern and Arnhem
were
Week's
pointed
blew in the eight furnaces, independent steel companies blew in the same
Note—These statistics include all corrections
Demand
on
inactive, with prices unsettled.
impression
little accumulation of
a
Avas
Shows Little Change
fair business in tin
a
it
47,367
year-end.
Good
Western,
tons.
ago.
36,189
*34,516
37,778
*35,749
*33,849
April
80,782
35,968
probable increase in Bolivia's output.
,39,238
32,341
01
There
overs, was
,36,939
Stocks
Tin
Avas
,35,878
Grade.
decreased by 2,600
,20.000
,22,435
1936
January
slight increase in total stocks resulted from
High
59
431,412
41,917
Monthly
April
79,841
41,638
Producers of Prime Western zinc were pleased with the April statistics.
The
148
35,455
34,877
March..
35,135
33.468
36,735
Stock at end....
Unfilled orders
20
1935
January
43,252
1,442
42,311
42,483
Production, daily rate..
1,370
Shipments
38,159
1934
Total for year-
March
April
Production
239
105,560
March
8,478
18,560
21,023
14
1933
business
compares
was
July
are at a
higher rate than
August
yesterday Was
9.175 cents
a
at
week
9.20
ago.
September..
October
Valley.
November..
good, and the price structure steady to firm.
booked
with
in the preceding
and most producers insist that the market
cents,
First six months.
same as
cents,
c.i.f.
usual
Most
—
December
61,356
28,412
24,536
54,134
54,138
47,201
41,308
38,964
37,848
36,782
31,625
18,461
17,115
19,753
20,800
21,042
57,821
59,142
50,742
43,754
36,174
39,510
49,041
17,615
38,131
34,012
29,935
30,679
31,898
33,149
56,816
59,216
63,820
58,864
67,950
50,069
23,733
36,199
43,592
57,556
ports,
12 mos.
average.
1936
65,351
62,886
65,816
80,125
Financial
3082
PRODUCTION
COKE
OF
PIGTIRON AND OF FERROMANGANESE
(GROSS TONS)
Detroit, Cincinnati
February
1,823.706
March
2,040,311
2,403,683
April
May
June
_
10,048
12,288
17,762
1,663,475
1,727,095
1,552,514
19,667
18,302
17,541
September
October
November
December
Year
25,834
gross tons,
y
88,902
13,175
12,735
15,983
185,173
generally is still improving.
rail orders are small but supplementary purchases are in
country goods
week's
The
prospect
mill operations at current levels
which will probably maintain
The Colorado mill, however, has curtailed output
slightly.
The Nickel Plate has ordered 777 freight cars and bids will be
taken May 12 on 6,100 cars for the Chesapeake & Ohio and the Pere Mar¬
through the quarter.
19,007
18,245
17,126
The 1934 production of this iroD
Included In pig iron figures.
These totals do not include charcoal pig
for the Columbia Gas & Electric Corp. which
was placed a few weeks ago and a number of smaller jobs are being rolled.
Shell Oil Co. is planning a 260-mile line in California which will take 25,000
tons, and a much larger total would be required for an oil carrier from the
Ohio River to Muskegon, Mich., which is being planned.
Demand for oil
12,961
21,007,802
August
was
22,725
1,520,263
1,761,286
1,776,476
1,978,411
2,065,913
2,106,453
July
z
24,766
9,799,000
Half year
importance.
of
engaged on a 42,000-ton line
1,477,336
1,608,552
1,770,028
24,988
pipe-line construction is a recent
A leading producer is actively
consumption of steel for
development
market
1935
1936
1935
1936
2,025,885
January
While consumption is being maintained,
and St. Louis.
supplies are larger in all areas.
Increased
Ferromanganese y
Pig Iron x
May 9, 1936
Chronicle
Iron.
additional 20,000 cars are urgently
Chicago mills believe that an
quette.
carriers and are certain to be placed this year.
automobile production appears to have reached the year's peak in
needed by the
While
expected to fall much below the 500,000 mark.
introduction of new models in
seventh in the production cycle.
although naturally declining, indicate sizable June
April, May assemblies are not
This
particularly unusual because the
is
November
the current month the
makes
steel releases,
Recent
schedules.
The
April Steel Output 50% Above Year Ago
Steel
May, 1930, and exceeded
month since
April of last
year
by
nearly 50%, according to the American Iron and Steel
Institute, in its report made public May 7.
Production of open-hearth and Bessemer ingots reached
a total of 3,942,254 gross tons
in April, which compares
with 3,342,619 gross tons in March and with 2,640,602
gross tons in April of last year.
In May, 1930, a total of
3,982,915 gross tons was produced.
The industry operated at an aevrage of 69.09% of capacity
in April, as against 58.58% in March and 45.88% in April
a
year ago.
An average
requirements of the other large
and tin plate
extent
well under the test of new
price structure is holding up
The finished steel
Many large consumers have not
exhausted their stocks of low-priced first quarter steel but will likely
buying for May and June consumption.
yet
be forced into the market
The "Iron Age" composite price is
this month.
iron average is strong at $18.84
unchanged at 2.097c. a lb., and the pig
a
gross ton.
THE
"IRON AGE"
COMPOSITE PRICES
Finished Steel
(Based on steel bars, beams, tank plates.
wire, rails, black pipe, sheets and hot
May 5. 1936, 2.097c. a Lb.
2.097c.\
One week ago
One month ago
2.097c.I
-
One year ago
of 151,625 gross tons of ingots was produced
day in April, compared with daily average
keeping pace with
likely be taken care of to
production at 90% of capacity is barely
Further increases in releases will
out of mill stocks.
shipments.
some
consuming outlets for flat-rolled steel
Refrigerator and stove makers are still very busy
being maintained.
are
'production during April was the greatest of any
rolled strips.
These products make
85% of the United States output.
2.124c.l
-
Low
High
1936
2.130c.
Jan.
7
2.084c.
Mar. 10
1935
2.130c.
Oct.
1
2.124c.
Jan.
1934
2.199c.
Apr.
24
2.008c.
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
HEARTH AND BESSEMER STEEL
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
1936
1930
2.273c.
Jan.
7
2.018c.
Dec.
1929
2.317c.
in each working
production of 128,562 gross tons in the preceding month
and with 101,562 gross tons in April, 1935.
MONTHLY PRODUCTION OF OPEN
INGOTS—JANUARY, 1935 TO APRIL,
(Reported by companies which in
Production)
<
Apr.
2
2.273c.
Oct.
29
1928
2.286c.
Dec.
11
2.217c.
July
17
2.402c.
Jan.
4
2.212c.
Nov.
Calculated Monthly
Calculated
Number
Daily
V Tons
of
bPer Cent of
Production
Working
Capacity
(lGross Tons)
Days
May 5, 1936, $18.84 a Gross
One week ago
One month ago
One year ago
Based on average of basic iron at Valley
Ton
furnace and foundry irons at Chicago
..$18.84
Philadelpjla,
Buffalo,
Valley
and
18.84
Birmingham.
17.90
1936
27
a54,03
all2,813
all8,577
a58.58
al28,562
26
a54.64
all9,910
78
151,625
26
a3,045,946
a2,964,418
a3,342,619
a51.40
a9,352,983
February
-
March
First quarter
,
3,942,254
April
69.09
25
Low
High
1935
January
*2,870,161
*2,774,271
*2,865,292
---
February
March
*48.02
*52.22
*49.78
27
*106,302
*115,595
*110,204
24
Jan.
Nov.
May
Dec.
1931
17.90
16.90
14.81
15.90
1930
18.21
18.71
Jan.
7
May 14
1928
18.59
Nov. 27
1927
19.71
Jan.
1936
-
1935
.A..-—
1934
'.
1933
1932
Based
May 5. 1936, $13.83 a Gross Ton
*49.92
*110,516
77
*2,640,602
*2,633,661
*2,258,664
4
*45.88
*101,562
26
One month ago-
One year ago
on
No.
*44.06
*97,543
27
*40.81
*90.347
25
*43.62
*96,576
78
1935
1934
13.00
*46.75
*103,501
155
1933
12.25
Aug.
1932
First six months
8.50
Jan.
12
26
1931
1,1.33
Jan.
6
18
13.42
—
Feb.
$13.33
10.33
25
Dec. 10
*2,267,827
*2,915,930
*2,825,004
*39.40
*87,224
*48.78
*107,997
27
1930
15.00
Feb.
*51.04
*113,000
25
1929
17.58
*8,008,761
*46.38
*102,676
78
*24,051,412
*46.63
*103,225
233
*3,142,759
*52.58
27
November
*31,50,409
*54.73
December.
*3,073,405
*55.53
*116,398
*121,170
*122,936
*9,366,573
*54.24
*120,084
78
*33,417,985
*48.54
*107,453
311
8
Jan.
July
August
September
16.50
1928
Third quarter
Nine months-.—--
October
-
Fourth quarter
Total..
26
25
Adjusted,
a Revised,
b Calculated for each year on annual capacities as
of Dec. 31 of the year involved, as follows:
1935, Open-hearth and Bessemer ingots
♦
68,475,000 gross tons; 1934, open-hearth and Bessemer ingots,
68,849,717 gross tons.
1927
The
American
May 7 issue of "Iron Age" states that spring activity
in the steel industry has finally passed its peak.
After having
been maintained at just under the 70% level for the last
The
April, ingot output this -week has registered the first
decline since the mid-March floods and is one point lower at
half of
68% of capacity.
However, no precipitate drop is in
prospect.
Demand is well sustained in most directions and
there is no reason to believe that May output will be much
April total, which was the largest in nearly six
The "Age" further stated:
under the
years.
This
prediction is borne out by the current high rate of blast furnace
daily,
a 22% gain over the March rate of 65,816 tons, and 144 stacks were making
90,105 tons daily on May 1, compared with 126 furnaces producing 68,395
tons daily one month before.
Eighteen stacks were brought in .during
April and current output is at the best level since June, 1930.
acitivity.
April pig iron production was at a rate of 80,123 tons
The almost inevitable summer
of scrap
quotations.
The "Iron Age" composite price of No. 1 heavy melt¬
ing steel has finally broken
having been registered.
-Chicago,
steel
sharply, a decline of 71c. a gross ton to $13.83
In addition to precipitate drops at Pittsburgh and
making scrap is
slump is forecast, however, by the trend
quotably lower at
Buffalo, Cleveland.
Steel
Jan.
Dec. 29
Dec,
9
Dec.
3
July
2
13.08
Nov. 22
8.50
11
Institute
May 4
on
an¬
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 70,1%
of the capacity for the current week, compared with 71.2%
last week, 64.5% one month ago, and 42.2% one year ago.
This represents a decrease of 1.1 points, or 1.5% from the
estimate for the week of April 27.
Weekly indicated rates
of steel operations since April 22, 1935, follow:
1935—
Ingot
Iron and
11.25
14.08
13.08
29
Dec. 31
nounced that
Apr. 29
May
6
Aug. 26
Sept. 30.
50.8% Jan.
June 24
37.7%
Oct.
7
49.7%
Jan.
1
32.8%
35.3%
39.9%
42.2%
44.0%
Oct.
14
50.4%
Jan.
Oct.
21
Oct.
28
July
8
July
July
15
22
July
29
53.7%
Mar.
2
56.4%
Mar.
9
52.9%
53.5%
55.8%
55.7%
Mar. 16
60.0%
54.6%
Mar. 23
53.7%
Mar. 30
62.0%
46.7%
Apr.
6
13
6
;.49.2%
13
49.4%
Apr.
Apr.
20
49.9%
May
64.5%
67.9%
70.4%
71.2%
70.1%
51.8% Jan. 27
3
51.9% Feb.
49.4%
50.9% Feb. 10
52.6% Feb. 17
5
Nov. 11
52.0%
Apr.
on
20
27
4
50.0%
51.7%
"Steel" of Cleveland, in its summary of
markets,
24
49.5%
Sept. 2
45.8% Dec. 16
Sept. 9
49.7% Dec. 23
Sept. 16. .—48.3% Dec. 30
1936—
Sept. 23
48.9%
Nov.
Feb.
55.4%
46.0% Nov. 18
48.1% Nov. 25
2
48.8% Dec.
9
47.9% Dec.
May 13—.43.4%
May 20
42.8%
May 27
42.3%
June
3
39.5%
June 10
39.0%
June 17
38.3%
July
1936—
1935—
1935—
5
44.6% Aug.
43.1% Aug. 12
42.2% Aug. 19
Apr. 22
Spring Steel Production Peak is Passed with
Output Down a Point to 68% of Capacity
15.25
,
steel,
Low
Jan.
7
Apr. 23
9.50
Sept. 25
6.75
Jan.
3
6.43
July
5
High
$14.75
1936
Second quarter
melting
heavy
Mar. 13
*16,042,651
-
1
quotations at Pittsburgh, Philadelphia
and Chicago.
$14.54
14.58
10.58
*7,532,927
May
June
14.79
15.90
18.21
17.04
17.54
Steel Scrap
One week ago
April
5
6
Jan.
Jan.
7
14
2
3
6
15
16
17
24
Nov. 1
Jan.
May
Jan.
Jan.
Dec.
Dec.
Dec.
Deo.
July
26
*8,509,724
First quarter
$18.84
17.83
16.90
13.56
13.56
7
5
1
5
$18.84
18.84
1929
January
1
Pig Iron
Production
Gross
2
9
1927
1935 made 98.03% of the open hearth and 100%
of the Bessemer ingot
8
the iron and steel
May 4 stated:
After four months of the
1930—four months
highest steel-works operations since the spring of
in which the industry has
despite the unsettling factors of
an
averaged about 58%—and
approaching national political campaign,
impending tax legislation, and the stock market break, iron and steel de¬
mand continues to exhibit
a
surprising degree of vitality.
Although the general decline in
scrap
buying and in scrap prices over the
past two weeks also has created some uncertainty in the market,
tone
so
far is
one
of steadiness,
and steelmakers
the general
believe this will extend
through the greater part of this month.
Last week there
and
a
still
more
was a
mild revival in
notable spread
purchasing of automobile material,
in miscellaneous consumer orders.
New
Volume
specifications
Financial
142
were
in sufficient
volume
to replace
118,700 units comparing with the peak of 120,500 in the
slightly,
April output topped 500,000
preceding week.
the fifth largest month
predictions at Detroit that assemblies this month will be close to the
on
Leading automobile manufacturers have already begun buy¬
April total.
projects
works
such
featured
as
market
structural
the
in
spring months in recent years, and shape awards in the week amounted only
of
Authorization by the Union Carbide Co., New York,
14,884 tons.
to
This is
to
promise to develop substantial steel requirements
Largest of these is
a
360-mile line from Muskegon, Mich., to the
Ohio river for the Old Dutch Refining Co.,
Ponca
and
Continental Oil Co.,
Muskegon.
the first
Kentucky Natural Gas Corp.,
between Terre Haute and Montezuma,
River
Kansas City, Mo.,
Peck,
Steelworks
7,400
dam
24-mile line
a
Ind.
of
tons
plates
For tunnel liners at the Fort
placed
were
with
a
Chicago
Nickel Plate railroad wawrarded 777
entered the market for 750 cars.
Pacific
Northern
freight cars, while
Rail purchases, which have been
tapering
the
Merchant
shipments
iron
pig
April
in
Pittsburgh blast furnaces
are
well
are
stocked
10%
about
were
inquiring for
of beehive coke rather than starting up more
finished
steel
index
remains
Steel ingot production for the week ended May 4
a shade under 70%, according to the "Wall Stree
of
May 7.
This
compares
U. S. Steel is estimated with 63J^%, as
weeks.
The
The
with
in
than
less
considerable tonnage
a
Steel¬
by-product coke ovens.
daily
following table gives
previous
together
years,
from the week immediately
total
6
of
composite
44^—13^
41
—1
50
43
+1
68
+2
Prices of 50% ferrosilicon
being reaffirmed.
i
1931
1930.
27^+33^
37
47
44
-3 ^
73
—2
95
—4
—5A
currency,
stock
and
increase
an
credit
with
Federal
Reserve
banks
Federal
Reserve
were
estimated'
purchased
This
increase corresponds with
in¬
$26,000,000 in member
and
increase of $27,000,000
bank
Member
changes were
industrial
and
reported
in
holdings
in
An
advances.
national
May
on
in
$
26
17
16
Loans on real estate
133
130
128
15
16
5
5
8
...
....
16
68
34
Other loans
1,177
1,164
51
1,166
270
267
248
U. S. Govt, direct obligations..
3,581
3,545
3,221
1,003
1,006
760
260
1,039
92
92
79
288
280
238
1,679
42
73
557
622
620
Loans to banks.._
Obligations fully guaranteed by
542
548
1,179
1,196
2,119
2,056
Cash in vault-.---.—50
55
81
74
505
495
6,126
602
6,052
576
196
Reserve with F. R. Bank
discounted
of
increase
of
and
$5,000,000
in
588
35
36
35
186
183
224
73
82
79
1,379
1,399
1,235
462
461
453
196
5,120
620
457
101
101
34
2,291
Balances with domestic
2,293
1,867
581
548
509
347
322
175
4
4
4
banks...
Other assets—net
Liabilities—
Demand
deposits—adjusted....
Time deposits
United States govt, deposits
Inter-bank deposits:
Domestic banks
—
2
Borri wings
Other liabilities
356
345
271
32
41
38
1,472
1,467
1,469
231
231
224
—
Capital.account.
—
holdings of Treasury notes.
The statement in full for the
week ended May 6, in com¬
parison with the preceding week and with the corresponding
date last year,
will be found on pages 3116 and 3117.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May
1935
$
202
legal
of
excess
6
holdings of United States Treasury bills was offset by a decrease of $5,000,000
1936
159
in monetary
balances
reserve
$2,700,000,000
approximately
May 8
Apr. 29
$
153
United States government
in Treasury cash and deposits
$17,000,000 in non-member deposits and
and
Chicago1936
1935
Accepts, and com'l paper bought
Foreign banks
bills
—1
May 6
May 8
1936
$
•
$
Assets—
requirements.
small
+1
74
—1
an
in circulation
accounts.
Relatively
89
1936
Other securities
to" $2,478,000,000,
amounted
$33,000,000
other
be
+5
81
90
A
—1
New York City
decrease of $4,000,000 in Treasury and
of
decreases
—3
100
—4
May 6 Apr. 29
follows:.
as
bank
in part by an
offset
tc
$2,477,000,000,
was
money
a
80
76H—1
.
—3
Note—1932 not available.
the week.
for
in
balances and
+2
32^+4
45
1933
81
scrap
—y2
—13^
48
1934
A
—
85A +
proceeds
$6,000,000
75
70
97
Reserve
$53,000,000
reserve
Independents
U. S. Steel
63^— A
1936...
1927
banks
System
May
gold
in points,
the approximate changes,
with
preceding:
Industry
i
volume of Federal Reserve bank credit
average
Reserve
Reserve
bank
comparison of the percentage of production
a
1928
"Steel's"
of
$4,000,000 compared with the preceding week and of $6,000,000 compared with the corresponding week in 1935.
After
noting these facts, the Board of Governors of the Federal
Federal
of
with a little under 75%,
in the week before, and 74J^% two weeks ago.
1929
and
scrap,
outstanding during the week ended May 6 as reported by the
creases
against 64% in the two preceding
leading independents are credited
The Week with the Federal Reserve Banks
increase
is placed
Journal"
with 70 H% in the previous week,
The "Journal" further states:
and 70% two weeks ago.
have been reduced $8 a ton.
bank
was
$52.20.
has
of the lakes, bulk vessel rates
On
week
last
Youngstown
3 to 78.
is down 8 cents to $33, and the
"Steel's" iron and steel price composite
Iron ore shipments have started from the head
with
dropped 41 cents to $13.92.
The
district
Pennsylvania
eastern
1935
recently, totaled 8,360 tons.
works
in
operations
3+-point to 443^%; New England,
>
fabricator.
March.
For ingots, the increase in
the corresponding period in 1935 is
over
year
off 1 to 78, while others were unchanged.
barges awarded last week at Pittsburgh, or on which bids were
Mont.,
this
compared with 75XA%
taken, call for 5,400 tons of plates and shapes.
27.5%
April, when they become available this
15% agin over March.
a
months
four
advanced
City, Okla., has awarded a 79-mile welded line in western Kansas;
the
17.9%.
of the month to 143, largest since July,
at
develop since 1929.
Three pipe lines also
shortly.
up
was
was
'r-; V
Steel ingot production figures for
week, will show about
building projects
of the outstanding private
one
tons,
8,326,437 tons,
year,
A net gain of 17 blast furnaces in April brought the
1930.
a
$20,000,000 plant expansion program, is expected to require a large volume
of structural steel.
2,412,080
total,
total number operating at the close
offset the lack of
Private construction work, though heavier, still fails to
public
month's
the
Output in the first four months this
approximately 18%.
ing machinery and tools in preparation for 1937 models.
large
pig iron production in April, 80,403 gross tons, was 21.8%
while
heavier than in 1935.
Much of the steel industry's hopes for May are based
produced.
more cars
cars,
April, May and June, 1929, were
in the industry's history; only in March,
average
March,
over
Following nine consecutive weekly gains automobile assemblies turned
down
Daily
of the current
most
shipments, and the steel rate held at 69^%.
3083
Chronicle
6,
1936,
as
were
follows:
Increase
(+)
or
Decrease
(—)
Apr. 29, 1936
$
S
Bills discounted
May 8, 1935
8
5,000,000
Bills bought
U. S. Government securities
5,000,000
Industrial
advances
(not
explained above, the statements of the New York and
As
—1,000,000
taneously with the figures for the Reserve banks themselves,
of
body
entire
the
member banks
reporting
covering
cities
in 101
compiled.
be
...
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
In the
including
30,000,000
$26,000,000 commitm'ts—May 6).
Other Reserve bank credit..
+4,000,000
+ 9,000,000
+6,000,000
8,000,000
Total Reserve bank credit
2,578,000,000
of
returns
+6,000,000
+12,000,000
+27,000,000 +1,520,000,000
Monetary gold stock
10,248,000,000
Treasury & National bank currency..2,497,000,000
the
entire
Federal Reserve
the
body
member banks of
of reporting
System for the week ended with the
close of business April 29:
—4,000,000
—39,000,000
+53,000,000
+26,000,000
+416,000,000
+774,000,000
ing cities on April 29 shows increases for the tweek of $12,000,000 in total
loans and investments, $68,000,000 in reserve balances with Federal Reserve
3,175,000,000
reserve
—33,000,000
+237,000,000
banks,
604,000,000
balances
—17.000,000
+ 66,000,000
5,532,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
Non-member deposits and
eral Reserve accounts
other Fed¬
in 101 lead¬
condition statement of weekly reporting member banks
The
Money in circulation...5,912,000,000
Member bank
the same week, instead of being held until the
following Monday, before which time the statistics
cannot
-.2,430,000,000
simul¬
Chicago member banks are given out on Thursday,
and covering
Since
May 6. 1936
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
$71,000,000
in demand deposits-adjusted,
$62,000,000 in
and
time
the
deposits, and a decrease of $81,000,000 in deposit balances standing to
of domestic banks.
credit
Returns
of
Member
Banks
in
New York
Loans
City and
loans
Below is the statement
Federal
Reserve
System
of the Board of
for
the
New
Governors of the
York
City member
banks and also for the Chicago member banks, for the cur¬
rent week, issued in advance of full statements of the mem¬
ber
banks,
which
latter
will
not
be
available
until
1936
Assets—
8
Loans and Investments—total..
Apr, 29
1936
8
6,835
1935
8
8,571
May 6
1936
8
7,630
Apr. 29
1936
'
1,874
May 8
loans"
Holdings of
$
$
1,864
to
(except banks)
988
769
70
68
57
754
739
737
36
27
others
148
146
outside
York
New
commercial
and
$1,000,000,
decreased
paper
City
York
increased $23,000,000,
bought
declined
and
$5,000,000,
declined
increased $4,000,000.
Holdings
$5,000,000,
real
loans to banks increased $5,000,000, and
$14,000,000
in
the
New
York
district
and
United States Government direct obligations increased $20,-
in the New
York district,
$14,000,000 in
the Cleveland district,
district, $11,000,000
in the Minneapolis district, and $3,000,000
Holdings of obligations fully guaranteed
the
United
States
Government
increased
$4,000,000.
A
decline
of
$16,000,000 in holdings of "other securities" in the New York district was
by increases in most of the other districts.
$55,000,000 in the New York district,
Demand deposits-adjusted increased
2
"36
New
reporting member banks.
all
$29,000,000 in the Chicago district, $20,000,000 in
and
978
Outside New York City
Chicago
,
1,571
Loans to brokers and dealers:
In New York City
dealers
in
$11,000,000 in the Richmond district, and declined $26,000,000 in the
offset
1935
brokers and
dealers
securities to others (except banks)
loans increased
"other
by
Chicago-
May 8
and
$12,000,000 at all reporting member banks.
at
New York City-
May 6
brokers
acceptances
estate
000,000
(In Millions of Dollars)
securities
of
and
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
on
on
the
coming Monday.
Loans
to
loans
Chicago—Brokers' Loans
to
167
in
New
the
the Cleveland district,
$71,000,000 at all reporting member banks, and declined $26,000,000
the Minneapolis district.
Time deposits increased $32,000,000 in the
York
district,
$21,000,000
San Francisco district,
in
the
Cleveland
district,
$11,000,000
in
and $62,000,000 at all reporting member banks.
Financial
3084
New
Deposit balances of other domestic banks declined $23,000,000 in the
the principal assets and liabilities of the reporting member
A summary of
banks, together
changes for the week and the year ended April
with
(+)
Increase
Decrease
or
$
Assets—
1,032,000,000
209,000,000
+23,000,000
—5,000,000
+151,000,000
+17,000,000
2,063,000,000
bought-346,000,000
*+4,000,000
—5,000,000
—83,000,000
—57,000,000
1,141,000,000
67,000,000
3,485,000,000
+1,000,000
+5,000,000
*—12,000,000
+22,000,000
—47,000,000
+184,000,000
8,802,000,000
—3,000,000
+900,000,000
1,281,000,000
+4,000,000
+499,000,000
In New York City
Outside New York City
securities
on
(except banks)
Accpts. and com'l
Loans
paper
real estate
on
-
Other loans
—
U. S. govt, direct obligations
fully guaranteed
United States government
Other securities
Reserve with Fed. Reserve banks-
+249,000,000
3,369,000,000
4,416,000,000
382,000,000
2,252,000,000
Cash in vault
Balance with domestic banks
+675,000,000
+95,000,000
+157,000,000
+68,000,000
+10,000,000
—58,000,000
Liabilities—
+71,000,000 +2,027,000,000
+62,000,000
+56,000,000
+1,000,000
—268,000,000
14,258,000,000
5,047,000,000
752,000,000
Demand deposits—adjusted
Time deposits
United States govt, deposits
Inter-bank deposits:
5,431,000,000
—81,000,000
+547,000,000
353,000,000
Domestic banks
—2,000,000
—2,000,000
+157,000,000
Foreign banks.-----Borrowings
*
The
Capture Addis Ababa—Bring War Against
Ethiopia to Conclusion—Emperor Haile Selassie
Flees
to
Palestine—Foreigners Seek Refuge in
Italians
leaders
had
capital
placed control of the country in Italian hands, and late
this week it was reported that the Italian Chamber of
Deputies would approve a bill today (May 9) proclaiming
Emperor Haile Selassie and other Ethiopian
fled the country.
Capture of the Ethiopian
warned that Italy will not discuss peace
terms with the League of Nations, and indicated that he
bluntly
foreign attempts to intervene in the
matter of Italian disposition of the captured territory.
It
was
not revealed what action is planned by the League
Council when it meets on May 11, but it has been generally
will not welcome any
attenyits to negotiate peace have
ended in complete failure and that full success has been
won by the Italian armies under the command of Marshal
Badoglio.
Italian
Ababa
League
that
Secretary of State, in paying
and his staff for their courageous
during the three days it was under siege. It was
with the greatest reluctance and in compliance with the instructions of
the
State Department that the Legation staff got out and sought refuge
with the British at 10:30 p. m. today, Eastern Daylight Saving Time.
The President said at his press conference he considered the situation in
which the American Minister found himself yesterday, compelled to route
a
communication for help half way round the world because he could not
Addis
entered
Badoglio
Marshal
under
troops
ing order to the city, which had been in a state of chaos
since the flight of Emperor Haile Selassie at the end of
last week.
The Emperor
sailed on May 4 from the port of
Djibouti, accompanied by his family,
Before
fleeing he renounced direction of affairs, which he confided
council of Ministers.
a
of the Legation
May 4 said that British
told the House of Commons
that Emperor Haile Selassie and his family would go to
Palestine.
We quote, in part, from these advices:
Mr.
full
have
British
"The
naturally
participating
in the furtherance of hostilities," Mr. Eden told the House of
any way
Pressed to say definitely
"I
the
the
boarded
left
already
number
about 2,000 foreigners.
Legation.
Mr.
sheltered
in the French
were
Engert had been ordered to evacuate the American Lega¬
tion by Secretary of State Hull.
Following the arrival of
General
to
"The
tine,"
upon
Jerusalem.
British
"The
the Commons.
"His Majesty's Government felt it
them to comply with the wish and facilitate the passage
told
Eden
incumbent
to
Accordingly, the cruiser Enterprise was ordered to Djibouti.
Government informed the French Government of the Em¬
peror's desire to
destination."
future
Mr.
Addis Ababa, the looting and the attacks on foreign Legations.
The
Benito
Premier
least
race."
organizers in
"Herald Tribune"
described
the
the
State
There
1.
will
be
Officers
2.
occupation
of
Addis Ababa
was
rejoicing
by the Italian
the American Legation was assured,
of
a
in
in
the
was
the
on
Soon after receipt of news of the attack the Department
telling
message
the
Italian
the
to
the
request by
occupants
and
50
The
They
Italians
Mr.
who
Engert,
said
Ababa
was
of
an
received
armed
a
second
guard from
after
time)
This consisted of
a
captain,
a
lieutenant
Vice-Consul
distant from
a
seven-hour
firing
and
the
was
the
the
sojourn
for
occupying force was
within
suddenly
for five
the
minutes.
The
occupants
Cramp and three radio operators—concentrated
a
m.
of
heavy
city, Mr.
six hours after the Italians entered
Cramp concluded the troops
had
not occupied
the
northern
the
be
their
of
and
in
district
military
will
Italy
to
divide
Chieftains
characteristics.
loyal
dynasty.
set up
conquering forces will
receive
commanders.
the conquered territory
integrity
known
of
civil
missions
to
and
govern
religious liberty will be proclaimed throughout the former
territories
Italian
officers
maintained1
occupied
already
war
will
organize
the Italian
command
has
issued
a
mercenary
native
army,
similar
to
other colonies.
The splendid showing, of
Libyans—themselves conquered
peoples—in the
makes Romans certain that Ethiopians one day will add
by Italy
Somalia
Ethiopian
5.
and
in
and
The whole territory
by
police—the
sort
a
will be policed by native troops carefully trained
supervised
scrupulously
by
contingents
carabinieri.
of aerial police,
to outposts
shall
p.
Ethiopian
enormously to the fighting power of their territorial armies.
British
fire, which
the attack took place more than
4.
6.
10:20
colony of
patterned
and Soma-
True, puppets
various provinces and
princely privileges, but the real governors
an
commissioners
racial
and
Eritreans,
Cornelius
fortified
about
a
draft,
Eritrea
Libya,
proclamations abolishing slavery.
arms
Minister,
the
some
civil
of
to
In
Federal
Legation.
Legation
resumed
continued
nearest
apparently caused the attackers to believe the Legation
heavily manned.
As
the
the
re-occupied
that
the Legation—Mr.
the Legation
Civil
3.
forces
posted1 outside the compound.
were
one-fourth miles
H.
(Addis
arrival at
informed
Cramp,
compound,
return
the
for
room
no
Ethiopian blood may be
to
empire.
by the Americans
headquarters in the Emperor's palace, sent in response
Vice-Consul William M. Cramp, who was in charge of
the Legation.
of
men.
six and
Van
of
general
"systematization" of
made
rough
following
the
to
will be
Ethiopia
believe
Rome
tribes.
their
of
Legation compound by marauding bands of natives
northern part of the city, and of an appeal for aid
the Italians.
to
the
received tonight telling
the
attack
new
with
that
late today the safety
army
a message
belief
be
will
Italian
according
Department
in Africa would
made ready for study before the
the final squeeze to Ethiopia with
and
applied
according
Empire
willingness
As
now
liland:
siege of the Legations, in
part, as follows:
armies
previous Italian
allowed to retain
to the New York
May 5,
of farmers Sunday that
group
depopulated lands with the fecund families
drafted
were
southern
by
dispatch from Washington,
a
and workmen
military pincers.
great
Italian
the
to
■<'
"
plans
and
indicated
colonize "those
to
Actually,
northern
Mussolini
of the 500,000 troops
400,000
Italian
Civil
dispatch said, in part:
boasting royal
Italian soldiers.
Italian posses¬
being discussed to make Ethiopia an
Italian troops, the staff returned to the American Legation,
and sporadic native attacks which continued were repulsed
A
of May 5 said that plans
Press Rome advices
Associated
after
Sidney Barton's wirelessed accounts of the
reviewed briefly Sir
He
disorders in
their
is being accompanied by hiB family to Jeru¬
the Emperor
said
Eden
salem.
the
The French Govern¬
to Djibouti en route to Palestine.
go
expressed its readiness to meet the desires of the Negus regarding his
ment
at
Sir Sidney Barton of his wish to proceed to Pales¬
Emperor told
Mr.
of
same
the
Palestine.
for
nounced that Cornelius
which
for
the Emperor'B reception at Haifa and Jerusalem are
Sir Arthur Wauchope, British High Commissioner
for
Arrangements
being
be left there
About the
in
Enterprise
arranged
Saturday
on
But they withheld the news until he
order to assure safety of the imperial
refugees from Addis Ababa.
Legations, particularly those of Great Britain and France.
Many were wounded, and a few killed, in the continuous
shooting by the infuriated natives.
On May 5 it was an¬
Legation,
authorities
journey to Jerusalem.
Emperor's
sion.
Engert, the American Min¬
H.
government placed
imperial party for the voyage
He revealed that the British
had
Jerusalem, Mr. Eden
M. S. Enterprise at the disposal of the
from Djibouti to Haifa.
announcing that the Negus would proceed to
After
said
whether the Negus has abdicated, Mr. Eden said:
anything further."
unable to say
am
Addis
ister, had decided to abandon the American Legation with
his staff, and that they had taken refuge in the British
long as he is in Palestine, to refrain from
Commons.
were
Van H.
direction of affairs, will
renounced
has
who
Empr-ror,
expected, as
in
Immediately after his departure
looting
Foreigners hurriedly sought refuge in the
that he had renounced direction
council of Ministers.
Ethiopia,
which he had confided to a
be
and must
Emperor, informed Sir Sidney Barton,
of affairs,
fleeing Addis Ababa the
to
Minister
Foreign
movement.
of
Minister
French
still a sovereign
is
the Negus
decided
Flandin,
liberty
with
consultation
telephonic
in
Eden,
Pierre-Etienne
became known bandits and others began the task of
Ababa.
four and one-half miles away,
get in touch with the British Legation only
one of the most dramatic in recent history.
the British war¬
on
ship Enterprise, which will take them to Palestine.
to
Cordell Hull,
joined
Roosevelt
tribute to the American Minister
defense
May 5 and immediately began the task of restor¬
on
May 6, Addis Ababa
m.,
Have had them
high
Premier Mus¬
the entire country.
over
a.
at palace have sent me captain, lieutenant, and 50
placed outside legation compound.
They informed me nearest
miles away.
Think that by morning the situation will be
entirely under control.
The city is now calm, with only an occasional shot."
^
Italian sovereignty
1
occupying force
Before
brought to a virtual con¬
Italian troops entered Addis Ababa
was
war
clusion this week when
conceded
timed
message,
"The Italian headquarters
men.
Hails Victory
British Protection—Mussolini
The Italo-Etkiopian
Accept
Staff
and
Minister
Legation—American
solini
later
the
of
text
read:
time,
Foreign Minister Anthony Eden
♦
after
for the legation for the
armed to the city headquarters. At the present
United Press London advices of
York.dIstrlct).
April 22 figures revised (New
As it would appear that the Italian
more than a mile away
fairly quiet."
hour this quarter is
President
by
Obligations
the side of the attack.
troops have not occupied this side of town and are probably
from its center, I have decided to request an armed guard
others
to
Loans to banks
personnel concentrated a heavy return fire on
"After five minutes the attackers retired.
night and am sending a car heavily
Loans to brokers and dealers:
Loans
fired upon from behind the fences
The entire quarter began a continuous fire, and the legation
the northern side.
on
May 1, 1935
$
+12,000,000 +1,836,000,000
21,795,000,000
Loans and investments—total
"11 p. m., May 5, Addis Ababa time.
"Suddenly at about 10:20 p. m. the legation was
(—)
Since
April 22, 1936
§
Cramp's message follows:
Mr.
The text of
29,
heavily
ask the Italians for a guard for the night.
armed automobile to
1936, follows:
April 29, 1936
the attack later
of
against
firing came. As a precaution
in the night, he sent a messenger in a
from which the
city,
the
of
part
renewal
$81,000,000 at all reporting member banks.
York district and
May 9, 1936
Chronicle
anywhere
Airfields
from
will
be
Italy's own renowned
built and maintained
capable of transporting swift aid in men
in
and
Ethiopia.
Italy intends that her commercial and economic influence in Ethiopia
be
predominant.
Colonial
organizers
foresee
little,
if
any,
oppor¬
the new
territory.
Later an "open door" policy is expected to evolve, but at
present Premier Mussolini's corporative State is expected to organize Ethi¬
tunity
opia
7.
for
as
an
outside
developers
to
obtain
concessions or slices
of
Italian monopoly.
During the
course
of the
war
the British and French spheres of influ¬
ence,
defined in the tripartite treaty of 1906,
Italy
to be
inviolate.
A continuance
of this
frequently were declared by
attitude depends, so far as
concerned, upon what measures Great Britain, France and
which opposed her invasion of Ethiopia propose now to
the conquest of Ethiopia.
is
Italy
Financial
142
Volume
other
take
countries
toward
Washington on May 5 that
It was indicated in
the United
recognition of the Italian
regime in Ethiopia until Great Britain and other countries
have an opportunity to determine their policies.
An enormous victory celebration was held in Rome on
May 5, with a mass mobilization of Fascists throughout
Italy.
Premier Mussolini announced the entry of Italian
troops into Addis Ababa and said that the war was suc¬
cessfully concluded.
The text of his address follows:
delay decision as to
States will
Shirts
Black
friends
and
I
I
centuries
of
m.,
p.
and
people
Italian
the
to
announce
of the most solemn.
and to the world the war is
one
the Italian peoples
to
announce
lived memorable hours,
has
Italy
history
our
today certainly is
this
Marshal Badoglio
at the head of the victorious
bers
announced
for
without emotion,
not
is
hostilities,
fierce
I pronounce
it
to add
me
nations
is our
the
to
world
finished.
been
sounded
in British
with the help
that, after seven months of
this great word, but it is strictly necessary
peace,
which is expressed in this
Roman peace,
triumphs
slavery.
which
justice
barbarities,
over
redemption of miseries which triumphs over
clearest
the
of the
tricolor.
Italian
chiefs
The
accomplished fact.
of the Empire of the Lion of Judah have demonstrated'
sign their desire to live and work tranquilly in the
populations
shade
whims,
cruel
over
is already an
population of Ethiopia peace
With the
with
and
"
and the
defeated,
are
races
fugitives do not count
for
anything, and no force in the wofld can make them count for anything.
As in the mass meeting, Sept. 2, I solemnly promised, I have done all
possible to avoid that the African conflict should become a European war.
I have maintained that undertaking, and' more than ever I am convinced
collapse of Europe.
I must immediately add that we are ready to defend our shining victory
with the same intrepid, irrevocable decision with which we achieved it.
We feel thus we interpret the will of the African combatants, of those
who are dead, who have gloriously fallen in combat, whose memories will
remain engraved for generation and generation in the hearts of all Italians,
and those other hundreds of thousands of soldiers and' Black Shirts who
the peace of Europe means the
that to disturb
in
months'
seven
them
To
such
prodigieB as to force
such
accomplished
have
fighting
admiration.
to unconditional
world
the
profound, devoted acknowledgment of the
goes also to the hundred thousand
goes
acknowledgment
fatherland, and
workmen who
with superhuman zeal.
great date for the Black Shirt revolution, and the
during these months have worked1
of
This
Italian
Lodav
in
we
of
our
revolution
the
and
await us
Long live Italy!
and
men
has been reached; we
march
will face with our courage,
which
takings
a
resisted and which did not bend
hostility, deserves to live in this great hour.
Shirts
Black
milestone
peace;
is
which
people,
Geneva
and
women
A
to
of all Italy:
will continue to march
tomorrow.
May this cry arise to the combatants who are perhaps
control of the Addis
Ababa-Djibouti railroad as far as the border of French
Somaliland, which had hitherto been under French domina¬
tion. This action was taken despite the delivery of a note
to Premier Mussolini from the French Government, remind¬
ing the Italian Government of French interests in Ethiopia
outlined in existing treaties, and requesting information re¬
garding the character of the regime which is to be estab¬
lished.
United Press Paris advices of May 6 described a
memorandum which
Premier
doned at next
Italy sent to France and Great Britain
served notice
be
must
Benito
on
regarded
Mussolini
At present they are limited to
Lake Tana area.
of native Ethiopians;
Italy pledges that there will be no militarization
Mussolini's
Conveying
tions in London in
decisions
to
the
Office,
Foreign
the
Italian
said:
"Hereafter Ethiopia Is
Italian territory.
It will be defended by arms against
II Duce revealed through his envoy that
on
there is
no
possibility of drafting
the basis of the Anglo-Franco-Italian treaty of 1906 which
recognized spheres of influence in Ethiopia, but also provided for
Ethiopian
independence.
Italy will not replace the fugitive Negus Negusti, but each of the many
Ethiopian tribes will remain autonomous.
There will be
no
native Ethiopian
Italian troops will assure adequate policing of the country. Italian
Ethiopia will be limited to the small force necessary to maintain
in
after the
natives have been
Italo-Ethiopian
"Chronicle"
of
Africa
Frame
of May 2,
disarmed.
war
was
preparation for a joint agreement
for naval
announcement issued in
Moscow May 5.
Great Britain bad invited Russia to such a
discussion after the signing of the naval agreement on March
25 by Great Britain, the United States and France.
That
pact constitutes principally an arrangement for the exchange
of information regarding projected building programs and
for definitions of categories of ships.
The British-Soviet
agreement, if concluded, would be of similar character.
A
Moscow dispatch of May 5 to the New York "Times" des¬
follows:
cribed the Soviet announcement as
provides, besides the exchange
naval building programs, the establishment of cer¬
proposal
Government's
British
"The
of information about
ships in construction and
qualitative limitations for naval
tain
of
lishment
a
categories,"
new
tonight's
said
classification of those ships
system of
announcement.
"The Soviet
negotiations with the British
expressed its consent to enter into
concerning the above-mentioned
officials
Soviet
Embassy it
had
been
w as
the estab¬
under various
Government
Government
agreement."
declined to amplify
this statement and at
the British
since the preliminary
negotiations
said that little was known
conducted in London.
Little concrete information
concerning the Soviet Navy
is permitted to
it is being rapidly expanded.
Soviet
naval requirements are radically different, however, from those of the
United States, Britain, Japan or France.
Since Russia has no overseas
colonies, is virtually self-sufficient and is spread over much of two continents,
the Soviet Navy is understood to be devoted largely to small coast defense
seep out
here, aside from the fact that
craft and submarines.
"Financial and Economic
Amsterdamsche
Holland_ |
of Amsterdam, Holland,
Review" of
Bank, N. V., of Amsterdam,
~
The Amsterdamsche Bank,
N. V.,
_
recently issued the 47th issue of its "Financial and Economic
Review."
The "Review," which is issued quarterly by the
statistical department of the bank, contains a detailed report
on
all circumstances that have been of influence on the
Holland during the first
1936.
It is usually preceded by an
article written by some authority on the subject dealt with.
This time an article has been inserted written by Professor
Lionel Robbins, London School of Economics and Political
Science (University of London), entitled: "The Nature of
National Planning in the Sphere of International Business."
financial and economic conditions of
quarter of the year
Guatemala Reduces Duty on 14
United States Products
Raise Tariff on 52 Others—This
Country Makes Concessions on Four Items in New
Trade Pact
page
mentioned
in
the
2915.
reductions in Guatemalan tariffs on imports from
revealed when the text of the pact was
made public by the State Department on May 3.
Signing
of the agreement was noted in the "Chronicle" of May 2,
Guatemala reduced the duty on 14 products
to increase the tariff on 52, while the United
States made concessions on four products and also agreed to
permit four others, which are already on the free list, to
enter free of duty during the life of the treaty. The agree¬
ment, which was the twelfth signed under authority of the
Trade Agreements Act, must be ratifed by the Guatemalan
legislative assembly, now in session.
Some of the pact's provisions are listed below, as con¬
tained in a "Washington dispatch of May 3 to the New York
pages
be
figures made public today, 99% of Guatemalan exports
the duty-free list.
Of the total import trade from
Guatemala in 1934, bananas accounted for 56% and coffee for 44%. Both
According
at
Revised
Eden told the House of Commons
May 6 that the League of Nations "must go on" despite
its failure in Africa.
He admitted, however, that the
framework of the League must be revised.
A London
dispatch of May 6 to the New York "Times" described this
speech as follows:
Government insists that the "League of Nations must
go
on," but will demand a careful and thorough stock-taking by all its mem¬
to
present
on
products remain on the duty-free list.
the other hand, Commerce Department
On
figures showed that of
a
trade in 1934 to Guatemala of $4,014,000, 7.3% would be
affected by reductions under
the treaty and 36.2% by assurances of
tariff freezing, making a total of 43.5% affected by the treaty.
For
1929, when
total exports to Guatemala from the United States
total
on
2915-16.
and agreed not
are
Nations Must go on Despite Failure in
says
British
Foreign
Secretary Eden—
Must
the United States
April 24 provides for
trade agreement between
Guatemala which was signed on
and
"Times":
last
British Foreign Secretary
British
in London Soon
will soon begin negotia¬
limitation, according to an official
these
League
Negotiate Naval
Announcement
this country, it was
whomever tries to take an inch of it."
terms
to
sharp
railroad.
Italy will respect British rights in the
Ambassador
Union
Soviet
Agreement—Moscow
Says Conversations Will Begin
France and Great Britain that Ethiopia
Italian territory.
At the same time
notified the Quai D'Orsay of three
3.
The
council.
Great Britain and the Soviet Union
as
2.
The
and
Limitation
The reciprocal
the DJlbouti-Addis Ababa
order
covenant
did he give the slightest hint
would be continued or aban¬
officially
Italy will respect French rights In Ethiopia.
army.
Monday's meeting of the
Britain
Great
decisions:
arms
the changes in the
on
believes necessary, nor
sanctions against Italy
and Agrees not to
today
henceforth
peace
responsibilities.
light, however,
no
whether the existing
follows:
1.
threw
that the government
faith and determination the under¬
Marshal Badoglio on May 7 took over
Italy
of the past seven
under the siege
waiting for it in African lands.
as
failed in its effort, he added, and
months' experience every government repre¬
Geneva must re-examine its
Eden
do," said
spirit behind sanctions
will do and what we will not
months ago was the driving
The League has now
Italy.
Mr.
departure
and more clearly as the next new
foreign policy.
"We must tell the world what we
sented at
League that is still vague in
for reform of the
move
Mr. Eden, who only a few
against
the coming months.
His
Dominions are about to be
in
Geneva
at
together
taken to mean that the
was
that
over
outline but is looming up more
without pride,
definite phrase—"Ethiopia is Italian."
because it is occupied by our victorious armies.
law because of the law of Rome and civilization which
in
Italian
triumphs
The
stand
can
announcement
has
peace
fact
in
Italian
is
is
It
step in
but
simple, irrevocable,
It
today.
this process, he told the House of Commons, will be
immediate consultation with the Dominions so that the British Empire
first
The
reestablished.
It
Foreign Secretary Anthony
in Ethiopia,
of its failure
the result
as
Eden
entered Addis
I
30
In
May 5, at 4
Ababa."
"Today,
telegraphs:
troops,
of all Italy, Italians
women
the mountains and seas:
Italy beyond
of
Men and
Revolution:
the
of
3085
Chronicle
were
export
$11,436,000, these percentages would have been as follows under the
Reductions, 5.1%; assurances, 36.7%; total trade affected, 41.8%.
on some of the articles on which duties are reduced or
treaty:
"While the rates
bound have been moderate, others have
materially
said.
a
true
restrict
"For this reason,
been subject to duties so high as to
State Department analysis of the treaty
figures of the trade in these products do not give
imports,"
a
picture of the potential value of the duty
reductions.
3086
"The
of
certain
can
the
a
Guatemalan
many
duties and the
reduction
others, combined with the excellent reputation
enjoyed by Ameri¬
Guatemala, should constitute a sound basis upon which to
greater
extent
of
export
effective
demand for
trade
our
economic
gains will
conditions
in
American
export
commodities, though
necessarily depend
Guatemala
and
in
the
on
markets
improvement
for
Guatemalan
products."
Exports to
;
of
products in
build
in
Financial
present stabilization
Guatemala
in
the
five-year
period
1925-29
about
average
$11,000,000 annually, dropping off sharply from 1929 to
1932, when they
a
low of
$2,800,000, and rising again to $4,014,000 in 1934. This
figure diminished slightly in 1935 to $3,883,000.
United States imports from Guatemala have been
consistently higher in
value,
For the five-year
period, 1925 to 1929, they averaged
$11,800,000,
falling after 1929 to a low of $3,500,000 in 1933 and
reached
rising steadily after
that year until last year
they were valued at $6,144,000.
Of the 66 products on which Guatemala
made duty
were
commitments, only 13
$10,000.
exported in 1934 in amounts valued) at
United
States
and
France
Agreement—Pact
Will
more than
Sign
Become
Reciprocal
Trade
June 15
Effective
Chronicle
May
1936
9,
quotas and allotments under the Jones-Costigan Act.
announcement
Puerto
The
continued:
Rican
processors had expected to process only
enough sugar in
1936 to fill their grinding allotments,
according to the terms under which
they are receiving payments in connection with their former
production
adjustment contracts.
It
had
been planned to leave
surplus cane in the
fields until 1937 to avoid the cost of
storing the sugars made from the cane,
but weather conditions have made it desirable
to grind the
season to avoid possible serious
deterioration from the
this
excess cane
prolonged dry weather
which has prevailed in Puerto Rico.
In addition to preventing deterioration of the
crop, grinding all of the
this time will result in increased
employment of field workers and will
cane at
also prolong the grinding season for
factory laborers.
It is
estimated that of all the sugarcane in the Island
is milled the pro¬
duction of sugar for the season will be
950,000 short tons, which is 62,000
short tons
than is required to meet the present United
States marketing
quota for Puerto Rico and local consumption in the Island.
Under present
quotas and an estimated 60,000 tons required for local
consumption, the
total
more
of surplus sugar in Puerto Rico will be
reserve
tons of sugar.
approximately 194,000
'
■
A
reciprocal trade agreement between the United States
and France, which will become effective
June 15, was signed
on May 6 at
Washington by Secretary of State Cordell Hull
and Andre de
Laboulaye, the French Ambassador. The text
published May 13. Meanwhile, details
of the treaty will be
of the pact have not been made
public. It
ever, that it would provide for American
was
believed, how¬
duty reductions on
French wines ahd certain
luxuries, and that France would
lower the duty on certain
agricultural and industrial prod¬
ucts. A State Department
announcement of
May 6 said:
"This is the 13th trade agreement to
be signed under the
by Congress in the Trade Agreements Act of June
is the fifth such
agreement with a
authority
ferred
"The
for
agreement
regulating
It
will
mercial
of
special
sudden"
the
to
each
treatment
force
tion
arrangement
many
expansion
and
will
of
enable
years.
trade
the
in
com¬
duty
concessions
and
provides
by each
in
country of
come
the
quota increases by France and
carefully selected lists of products,
on
general
for
substantial
June 15, 1936.
on
Washington dispatch of May 6 to the New York "Times"
The
the
pact
last commercial
concluded
When
hi
as
follows:
treaty between
the United
States and
France
was
1857.
the
terms
of
the
reciprocal agreement are published
they are
expected to disclose duty concessions
by the United States on French
wines,
cigarette papers and luxuries such as laces and
cosmetics, and by France
on
United States exports of
agricultural and industrial products.' The
agreement is also understood to contain
increases in French quotas on
American exports of fruits and
possibly other products.
The value of American trade with
France is larger than that with
any
other country with which
agreements have been concluded,
except Canada.
France ranks fifth as a
buyer of American products and ninth as a source
of supply of
foreign goods.
In
in
1929,
American
exports
to
France
1934, because of the depression,
from France had a value of
ports
in
at
were
valued
at
$265,591,895, but
only $115,706,656.
$171,485,155 in
1929
American
and
leading
commodities
in
im¬
$57,326,673
1934.
The
American
exports to France have been
cotton, petroleum products and refined
copper.
The prin¬
cipal imports have been silk and silk
garments, gloves, furs, precious stones,
paintings and other works of art.
manufactured
As
result
a
American
French
1929
to
in
agreement
and
ar.d
pears,
spirits,
1929
to
in
for
an
return
exports
of
$1,662,493 in
increase
for
Salvador,
for
trade
1934,
Finland,
agreements
Spain
and
in
the
increase
an
French quota
in
our
boxed
$746,732.
Negotiations
El
an
apples
wines
$201,924
of
are
quested by the Committee of the trustees and agents of the
Colombian
Hoover
apples to France
and of pears from
in
quota
rose
with
Costa
issued
announcement
referred to in
♦
New
York
our
by
issue of
Stock
'
.
Exchange
Mr.
May 2,
Clarifies Ruling
Bond
on
Transactions^—Members Must Send Orders
Adopted for "Stopped" Bonds
Floor
to
—New Rule
A circular letter was addressed
the New York Stock
Exchange
on May 7 to members of
by Ashbel Green, Secretary,
clarifying the recent ruling of the Committee on Bonds,
which empowered the Committee to
require under prescribed
conditions, that commission orders in listed bonds be sent
,
the floor of the
to
the
Committee
2418.
page
the
to
Exchange for execution.
referred
was
in
to
The ruling of
issue of April
our
The communication of May 7, which
was
members
because of some
misunderstanding
interpretation of the fuling, reads as follows:
the
11,
sent
to
as
NEW YORK STOCK EXCHANGE
Committee
on
Bonds
1
To the Members
of the
The attention
May 7, 1936
Exchange:
of the
Committee
Bonds
on
has been
called to
the fact
that some
misunderstanding exists with regard to the interpretation of the
ruling contained in Circular C-5828 ("nine-bond"
rule), particularly as to
the provision that orders
may be executed off the Exchange "after a market
on the floor of the
Exchange has been diligently sought and it has been
ascertained
that the order may be executed at
In the opinion of the
can
Committee,
a
better price elsewhere."
a market on the floor of the
Exchange
"diligently sought" only by actually sending the order to the
floor,
obtaining a quotation.
be
for
on
in
A bid (in the case of
price before
offer
price before
a
buying order)
purchase at the
a
(in the
order may,
progress
The
was
and not by merely
from
$3,104
bonds.
April 26
on
2916.
page
It will continue
until
discussed
1927—due Jan. 15, 1947,
requesting the firm to "make
demand upon the Republic of Colombia to
pay the past due
semi-annual interest and
sinking fund payments in accordance
with the guarantee of the
Republic of Colombia, which is
endorsed on each of the bonds of this issue." The
letter was
sent to the firm on
May 2 by Lawrence E. de S. Hoover,
Executive Secretary, and followed the
announcement made
April 2& by Mr. Hoover that such demands would be re¬
of the other.
commerce
into force
most-favored-nation
July 1, 1937, and indefinitely
thereafter, subject to termina¬
by either country on six months' notice."
A
•
country,
in
agreement.
"The agreement will
in
country
the
develop these opportunities without fear
unforeseen changes to which
they are exposed in the
to
agreement
comprehensive
that
for
to
duty concessions by the United States
the
first
with
opportunities
concerned
an
addition
is
relations
interest
and
absence of such
"In
France
improved
interests
the
with
commercial
provide
products
of
con¬
12, 1934, and
European country.
Bondholders Committee Requests Agent to Seek
Pay¬
ment of Service on Colombian
Agricultural Mort¬
gage Bank 7% Gold Bonds, Issued 1927
The Bondholders Committees for the
Republic of Colombia
has sent a letter to
Hallgarten & Co., New York, fiscal
agents for the Republic of Colombia Agricultural
Mortgage
Bank guaranteed
7% sinking fund gold bonds, issued Jan.,
of
case
a
a
same
selling order)
sale at the
same
must be made
on
the
Exchange at
price may be made off the Exchange;
must
be made
the
on
price may be made off the Exchange.
however, be entered "immediate
or
cancel".
;
.
.
a
an
Exchange at
a
The
.
Rica,
ASHBEL GREEN,
Italy.
Secretary.
The
Colombia
Continues
Free
to
Policy of Importing Sugar Duty
by Sugar Cartel
Be Marketed
Because domestic sugar production in
Colombia is still
appreciably under the requirements of the
country, the Gov¬
ernment recently moved to
continue its policy of
importing
sugar duty free to be marketed
by the Sugar Cartel at a
fixed price, according to a
report to the United States
Commerce Department from Assistant Trade
Commissioner
Jack B. Neathery, Bogota.
In an announcement issued
May 2 the Commerce Department also stated:
Estimated annual consumption of
sugar in Colombia, the report states,
approximates, 40,000 metric tons, against a total domestic
output of 30,000
tons.
V'i'V-;"''-:
-
The
'S
Sugar Cartel, the report states, estimates that this
year's sugar
requirements from abroad will amount to about
11,000 tons, compared with
total imports of 9,000 tons last
year.
Imports will be effected
was
the
case
Ricans
Permitted
by
Industrial
(Agricultural
STOCK
Committee
To the Members
May 6, 1936.
An agreement
price
or
a
EXCHANGE
Bonds
of the Exchange:
The Committee
stitutes
on
Bonds has adopted the
following rule:
by a member to "stop" bonds at a
on
specified price
guarantee of the purchase or sale
by him of the
AAA
to
Grind
Excess
Sugarcane to Avoid Drought Damage
Sugar Section of the Agricultural Adjustment Admin¬
istration announced May 1 that
sugarcane from the current
Puerto Rican crop may be
processed without restriction, for
reserve supplies,
although Puerto Rican marketings in the
are
limited to the amount established
by the
con¬
bonds at that
its equivalent.
In pursuance of this rule, if an order is
executed at a less favorable price
than that agreed upon, the member who
agreed to stop the bonds is liable
for an adjustment of the difference
between the two prices.
Members and their firms
bonds
have
are
cautioned to report to their customers that
been stopped with another
conditional and the other member has
member
ONLY if the stop is un¬
definitely agreed thereto.
ASHBEL
GREEN,
Secretary.
Market
Value
of
Listed
Stocks
on
New
Exchange Drops to $47,774,402,524
Figures Compare with $51,667,867,515
The
United States
YORK
in 1935. any profits
accruing from sugar imports will be
for the account of the
Caja de Credito Agrario e
and Industrial Credit
Institute), it was stated.
Puerto
NEW
in monthly
lots of 4,000 to 4,500 tons.
As
following circular, regarding the price agreed by a
member to "stop"
bonds, was sent to members of the
Exchange on May 6:
Classification of Stocks
York
on
on
Stock
May
1—
April 1—
As of May 1, 1936, there were
1,193 stock issues aggregat¬
ing 1,336,686,499 shares listed on the New York Stock Ex¬
change with a total market value of $47,774,402,524, accord¬
ing to the announcement by the Exchange on May 4.
This
compares with 1,192 stock issues aggregating
1,329,775,654
shares listed
on
the Exchange on April 1, with a total market
Volume
Financial
142
value of $51,667,867,515, and with 1,182 stock issues aggre-
1,301,900,490 shares with a total market value of
$33,548,348,437 on May 1,1935. In making public the May 1
figures, this week, the Exchange said :
3087
Chronicle
Market
Value
of
As
May
borrowings
1,
New
1936,
member total borrowings
-date,
therefore,
was,
separate those only
Stock
Exchange
$1,063,960,736.
member
total
net
Member borrowings
are
not broken down to
The New York Stock Exchange on
bonds
As
exceed the true relationship between borrow¬
April 1, 1936, the Stock Exchange member total net
borrowings on collateral amounted to $996,894,018.
The
ratio of these member total borrowings to the market value
of all listed stocks, on that date, was, therefore,
table listed stocks
Stock
York
May 5 issued the follow¬
the Exchange on May 1:
1936, there were 1,456 bond issues aggregating $44,222,-
May 1,
956,661
par
value
listed
This compares
255,014,146
on
Exchange, with
New York Stock
the
a
total
$41,524,856,027.
par
with
1,462 bond issues aggregating $44,-
value listed on the Exchange April 1 with a
total market value of
As of
In the following
on
of
market value of
listed share collateral from those on other collateral;
on
ings on all listed shares and their market values.
New
on
May 1, 1936
on
ing announcement showing the total market value of listed
The ratio of these
the market value of all listed stocks, on this
to
2.23%.
these ratios usually will
thus
York
collateral amounted to
on
Listed
Bonds
of
Exchange
gating
$41,807,142,328.
listed bonds are classified by
governmental and industrial groups, with the aggregate
market value and average price for each:
In
the
following
table,
1.93%.
classified by lead¬
are
April 1, 1936
May 1, 1936
ing industrial groups with the aggregate market value and
Foreign government
Market
Aver.
Market
Aver.
Value
Price
Value
Price
Autos and accessories
$
Auto and accessories
■Chemicals
Building
Electrical equipment manufacturing..
Foods
...
....
Rubber and tires
Farm machinery
Amusements
.
Land and Realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric
Gas
(operating)
and electric (holding)
Communications (cable, tel. &
radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots.
Tobacco
Garments
...
U. S. companies operating abroad
Foreign companies (incl. Can. & Cuba)
All listed stocks
4,396,082,673
1,139,067,734
5,315,993,712
598,927,373
1,485,000,033
2,982,888,569
363,911,201
791,345,209
298,617,867
43,008,402
1,836,678,747
1,686,671,734
5,408,582,017
352,486,335
2,180,675,148
4,414,540,989
2,152,515,756
233,760,929
2,093,404,095
1,536,030,491
3,546,061,681
221,930,870
253,598,531
423,930,080
18,402,223
39,925,664
119,189,301
239,440,128
1,683,550,283
29,322,880
821,720,183
1,067,141,686
47,774,402,524
S
Building
[4,873,700,222
|l ,215,001,547
45.52
21.55
Electrical equipment manufacturing..
Food
72.00
Rubber and tires
39.63
Amusement
43.70
35.54
Land and realty
21.62
£5,697,259,569
i690,129,5H
1,599,123,156
3,133,997,371
395,271,515
841,243,562
325,120,427
► 53,028,717
1,990,830,835
1,834,931,414
5,997,032,575
378,412,710
34.94
'2,302,661,265
41.00
20.19
65.68
34.32
40.34
33.82
39.05
70.39
19.60
8.61
34.30
30.45
28.49
38.09
50.52
21.83
30.02
15.81
94.24
42.41
Machinery and metals
Mining (excluding iron)
74.83
Petroleum
21.38
10.62
38.07
33.45
31.66
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
Gas and electric (operating)
37.09
Gas and electric (holding).J
Communication (cable, tel. & radio)-Miscellaneous utilities
Business and office equipment
_
Leather and boots
245,949,062
29.64
Tobacco
12.72
302,625,287
458,251,653
24,661,798
46,126,640
129,449,315
257,164,345
1,735,016,043
32,181,527
921,853,748
1,145,171,073
15.48
41.69
U. S. companies operating abroad
11.77
Miscellaneous businesses
8.78
13.18
20.71
38.14
64.20
30.74
23.19
27.62
Foreign companies (incl. Cuba & Cai.)
....
10,445,491 107.15
78,425,905 106.41
94,252,496 105.16
93.36
106.29
103.45
98.58
115.31
102.00
105.05
89.33
40.82
58.13
71.21
94.88
88.61
91.51
79.25
104.60
95.80
97.97
61.18
1,098,954,547 108.10
429,607,293 77.51
42,664,468 105.92
22,528,850 67.03
16,316,526 69.48
4,820,200 104.58
46,070,579 128.06
244,441,791 67.31
1,272,446,847 69.03
5,795,625 105.38
-
26.73
38.57
$
192,407,491
Textile
Shipping services
Shipbuilding and operating
Price
$
8,488,004,243
494,556,210
8,872,508
1,996,305,138
24.03
4,711,636,124 40.71
2,379,197,500 56.47
261,024,997 24.37
2,246,165,165 32.21
1,668,008,032 17.17
3,775,640,810 101.75
Value
9,098,824
78,031,676
92,720,579
46,593,486
30,568,973
259,981,529
149,988,146
70,950,921
15,840,941
36,138,106
154,391,933
305,332,494
67,531,644
18,410,085
Financial
Chemical
Financial
Aver.
Price
21,494,722,484 106.02 21,453,336,072 105.93
4,330,761,890 82.81 4.338,487,524 83.46
United States Government
April 1, 1936
May 1, 1936
Market
Value
price for each:
Aver.
$
average1
Market
48.900.713
32,201,325
260,428,561
150,028,470
65,521,769
17,287,451
37,939,244
160,969,349
304,895,596
68,846,437
18.892.714
8,648,069,029
526,625,546
9,375,235
2,058,821,900
192,674,294
1,100,132,306
440,972,389
42,946,847
24,097,079
16,467,365
4,839,400
45,853,348
257,832,680
1,291,677,043
5,898,750
102.74
120.94
102.18
105.08
93.77
44.46
60.85
69.96
97.68
90.20
93.90
80.77
100.21
63.72
104.85
95.92
108.21
79.55
106.63
71.70
70.12
105.00
127.46
71.00
69.41
107.25
15.23
22.49
All listed bonds
41,524,856,027
93.90 41,807,142,328
94.47
40.83
66.16
The
following
33.73
26.02
29.63
35.74 51.667,867,515
compiled
table,
by
us,
gives
a
two-year
comparison of the total market value and the total average
price of bonds listed
on
the Exchange:
38.85
Market
We give
value
below
and
the
average
price of stocks listed
on
the
Exchange:
Average
Market
Average
Value
two-year compilation of the total market
a
total
Price
Value
Price
33,651,082,433
34,179,882,418
Feb.
81.36
Mar. 1_-
83.34
June
1...
86.84
July
1...
36,843,301,965
37,198,258,126
1
82.33
34,861,038,409
36,263,747,352
Nov. 1
Dec.
1935—
$
1933—
88.27
Aug. 1...
89.15
Sept. 1...
90.46
Oct.
90.17
Nov. 1—.
90.80
Dec.
Apr.
Market
Average
Market
Average
Value
Price
Value
Price
July
1935—
$28.29
Jan.
25.57
Feb.
1
Sept. 1
36.669,889.331
28.42
Mar. 1
Oct.
32,729,938,196
30.117,833,982
32,542.456.452
25.32
Apr.
1
23.30
May
1.
25.13
June
1
July
1
33,094,751,244
37,364,990.391
36,657,646,692
36,699,914,685
36,432,143,818
25.59
Aug
I
28.90
Sept. 1
28.34
Oct.
33.816,513.632
34,439,993,735
26.60
Jan.
1
23.76
Feb.
1
24.90
Mar. 1
24.61
Apr.
1
Nov. 1.
Dec.
1
1
$35,933,882,614
32,991,035.003
32 180,041.075
30.936,100.491
33,548.348,437
34,548.762,904
36,227,609.618
38,913,092,273
39,800,738,378
40,479,304,580
30.97
23.37
Nov. 1
43,002,018,069
32.90
28.13
Dec.
44,950,590.351
34.34
46,945,581,555
50,164,547,052
61,201,637,902
61,667,867,515
47,774,402,524
1
Feb.
1
Mar. 1
Apr.
1
May 1
June
1
July
1
Aug. 1
26.13
Nov. 1
30,752,107,676
32,618,130.662
32.319,514,504
31,613,348,531
$24.22
Dec.
33.888.023.435
_
1
25.99
Apr.
25.29
May 1
24.70
June 1
23.73
July
1
37,780,651,738
38,239,206,987
39,547,117,863
25.77
Aug. 1
39,473,326,184
39,453,963,492
38,751,279,426
39,405,708,220
39,665,455,602
Oct.
1
1
26.50
Sept. 1
27.78
Oct.
Nov. 1
30.44
Dec.
1
May 1
38.61
registration
Registration
of
foreign
securities
on
piration date of May 15, the Securities and Exchange Com¬
mission announced May 7.
The Commission decided that
further extension of the registration date should be
allowed in view of the fact that registration statements have
been filed covering approximately 91% in market value of
all foreign securities listed on the exchanges.
The following announcement was issued yesterday (May 8)
by the New York Stock Exchange:
no
1, 1936 there
were
listed
on
the New York Stock Exchange
206 bond issues of 96 foreign governments,
149 bond issues of 89 foreign
companies and 24 stocks of 21 foreign companies.
Applications for permanent registration in accordance with the Securities
Exchange Act have already been filed and become effective for the great
majority of these securities.
Attached is
now
traded in
a
list [this we
on
this
requirements expires
dealings
on
omit—Ed.] of the
Exchange
as
names
of foreign securities
to which exemption from registration
May 15, 1936, and which will be suspended from
on
May 16, 1936, unless prior to that date of application has been
received, approved for listing and registration by the Stock Exchange, and
accelerated
The
as
to
Jan.
1...
Feb.
1...
89.85
Mar. 1--.
$
j a...
1
40,659,643,442
1.
91.62
91.71
90.54
89.93
90.24
91.08
39,398,759,628
40,347,862,478
40,624,571,422
41,807,142,328
41,524,856,027
91.85
93.59
94.44
94.47
90.73
May 1...
New York Stock
93.90
Exchange Run by Page Boys in Annual
Industry
Observance of Youth's Day in
old quotation page
Exchange, on May 7
assumed the office of Charles R. Gay, President of the
Exchange, on the occasion of the Exchange's annual ob¬
servance of Youth's Day in Industry.
He was assisted in
his administrative duties by other junior employees: Robert
Warren Baker, of Jersey City, Youth's Day Vice-President;
Leif W. Lindberg; of Brooklyn, Youth's Day Chairman of
the Board; and a Governing Committee of 48 members,
including two Governing Members selected from employees
year
the floor of the New York Stock
Clark and the other officers
of member firms.
were
selected
in
competition based on employment records and scholastic
endeavors from 700 junior employees of the Exchange.
SEC
Reports
83
Issues
Amounting
to
$583,000,000
Effective During March
Registrations under the Securities Act of 1933 which be¬
fully effective during March reached a new monthly
high of over $583,000,000, the Securities and Exchange
Commission
announced May 3,
breaking the previous
monthly high of $530,000,000, established in July, 1935. The
March total compares with approximately $212,000,000 in
February, 1936, and $130,000,000 in March a year ago.
came
The Commission said that included in the amounts for March
and February of
which have been
this year and March 1935 are securities
registered, but are not intended to be
presently offered for sale, approximately as follows:
registration by the Securities and Exchange Commission.
Exchange expects that the issuers of several of these securities will
file applications and is
maintain their
March,
listing.
The Exchange has been informed that
an
ap¬
Feb.
1936
continuing its efforts through foreign government
representatives, fiscal agents and bankers to effect their registration in order
to
90.62
1936—
88.27
Stanley I. Clark, of Brooklyn, 24
National security exchanges under the Securities Exchange
Act of 1934 will not be extended beyond the present ex¬
As of April
88.99
1...
8939
$
1935—
35.74
Listings of Foreign Issues
for
90.69
39,617,835,876
39,864,332,759
39,457,462,834
39,061,593,570
38,374,693,665
38,170,537,291
38,464,704,863
37.98
National Security Exchanges of Foreign Issues—
New York Stock Exchange Announces Figures of
deadline
1
38.85
on
The
89.49
40,147,199,897
91.29
1936—
Extend Deadline of May 15 for
to
1
1...
Apr.
on
SEC Not
1
29.76
25.97
Sept. 1
91.30
41,064,263,510
41,111,937,232
40,360,681,526
35.62
1934—
Jan.
1
Mar. 1
1
Aug. 1
$36,348,747,926
32,762,207,992
I
1
Feb.
1933—
1__
May l._
1934—
Jan.
$
89.79
1..
1936
$9,592,000
March,
1935
Reserved for conversion of issues with con¬
vertible features
plication will be filed next week for the City of Soissons 6% Gold Loan due
Reserved for exercise of options
21,852,000
$4,839,000
9,323,000
Nov. 14, 1936.
Reserved for other subsequent issuance.--
15,606,000
203,000
$5"66O
Financial
3088
of the 83 issues registered during March,
$7,024,000, as compared with $3,787,000
for 56 issues in February and $4,815,000 for 27 issues in
March, 1935. Continuing, the Commission also stated:
said,
was
Fixed interest bearing securities
registered.
30%
by
Forty
various
of the registrants.
to be sold for the
About
$108,000,000 of the
intended to be offered for sale for the account
were not
9.0 %5
York.31,467,649
3,987,000
City of New
and increase of working capital at 4.5% were the other main uses to
$688,841,821
$375,107,915
borrowings...
...
-.-.$1,063,950,736
securities" pledged as collateral
for the borrowings included in items (1) and (2) above
——
$68,828,700
Total face amount of "government
,
report issued by the Exchange a
Below
applied.
Among the large issues for which registration statements became effective
Pacific Gas & Electric Co., $90,000,000 first and
were:
of the above compilation is exactly the same as in the loan
The scope
which the money was intended to be
during the month
given
we
31
mortgage, 3H% bonds, due 1965; National Dairy Products Corp., $62,-
557,742,348
616.300.286
Sept. 29........
attached: Shell Union Oil Corp., $60,000,000 3lA% debentures, due 1951;
Consumers Power Co.
$55,830,000 first mortgage, 314%
Dec.
TYPES OF NEW SECURITIES INCLUDED IN 53 REGISTRATION
—
31
.......
.
-
-----
280.542.000
273,373.000
263.962,869
249.062.000
242,544,500
220.124.500
824,958,161
815,858,439
773.123.266
294,013.000
341.667,000
334,982,000
329,082,000
299,899,000
1935—
Jan
31
Feb
28
Mar
bonds, due 1956.
-
30
bonds, series of
1936, due 1970; and Kingdom of Norway, $17,000,000 sinking fund external
loan 4^%
31
Nov
—
.
$276,107.009
$812,119,359
722.373,686
740,573,126
588,073,826
545,125,876
531,630.447
546,491,416
31
Aug
June 30—
Total Loan
$1,088,226,359
1,016.386,689
1.082,240,126
923.055,826
874,207,876
831,629,447
827.033,416
831.115.348
880.263,155
575,896,161
573,313,939
552,998.766
July
1956; Public Service Electric & Gas Co., $65,000,000 first and refunding
Oct
Time Loans
Demand Loans
'
3l"
May
month ago.
two-year compilation of the figures:
a
'
1934—
Abr. 30
refunding mortgage 3 % % bonds, series H, due 1961; Eastern Gas & Fuel
Associates, $75,000,000 first mortgage and collateral trust 4% bonds, due
545,500, 3% % debentures, due 1951 with common stock purchase warrant
.
Combined total of time and demand
Of the net proceeds from the $475,000,000 proposed
registrants' accounts, 80.1% was proposed for the repay¬
Purchase of securities by investment companies at
ment of indebtedness.
Time
v*
$371,120,915
of the registrations was by the utility group and
per cent
registered securities
Demand
New York banks
..$657,375,172
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
Net borrowings on collateral from
or trust companies
(1)
represented nearly 80% of all securities
manufacturing companies.
1936
9,
The detailed tabulation follows:
The average size
the SEC
May
Chronicle
30
609,920.548
471,670.031
294,644,900
320,871,000
804,565,448
792,541,031
June 30
474,390,298
334,199,000
for
July 31
74.3% in March, 1935.
Aug. 31..........
419,599,448
399,477,668
362,955,569
335,809.469
406.656,137
547,258,152
349,335,300
372,553.800
418,266,300
456.612,100
439,457.000
808,589,298
768.934.748
772.031.468
781.221,869
702.421,569
846.113,137
STATEMENTS
DURING
EFFECTIVE
FULLY
MARCH,
-A.
Apr. 30
1936
(Almost 80% of the amount of the March, 1936 registrations of new securities was
fixed interest bearing securities, against 65.9% in the previous month, and
Preferred stocks totaled 4.9%, common stocks 14.0%, and
&c., amounted to 1.3%.
certificates of participation, beneficial interest,
-
„
3lIIII
May
Sept. 30
31
Oct
Nov. 30
Per Cent of Total
No.
No. of
Amount
Issues
391,183,500
938,441,652
324,504,713
924,704,335
31
631,624.692
753.101,103
292,695,852
243,792,915
924,320.544
996,894,018
Apr. 30
688,842,821
375,107,915
1,063,950,736
1936—
Mar.
Feb.
Mar.
1936
Type of Security
600,199,622
Gross
Units
of
Dee. 31
1936
1935
S81,519,239
14.0
12.8
8.3
13
8,047,956
1,468,999
28,793,384
4.9
14.8
13
1,787,730
1.3
6.5
16.8
57.4
46.5
29
74.3
22.2
Feb.
19.4
The
Certificates of participation,
beneficial
interest,
war¬
Debentures
7
Short-term notes.
1
7,442,150
334,715,466
129,649,249
1,271,875
83
$583,391,363
rants, &c
Secured bonds
15
...
Total
In addition to the
with
new
100.0
100.0
issues, there
THE TYPES OF SECURITIES INCLUDED IN EIGHT REGISTRATION
STATEMENTS FOR REORGANIZATION AND EXCHANGE* ISSUES
WHICH BECAME FULLY EFFECTIVE DURING MARCH, 1936
Observing that "the developments in the business situation
since
Feb. 1936
in
Mar.
1935
Preferred stock.
beneficial
of
participation,
:v;iinterest, &c
5
50,843
3,774,600
16,948
1,391,799
3*2*2*467
"I
l,60b"666
533*333
2,982*883 2,7*1*1*413
Debentures
■•*.«»
aa
Short-term notes.
Certificates of deposit
Voting trust certificates—
3
1,676,200
"Monthly Letter," issued May 4, adds,
part:
There
is uncertain to what extent the tax legislation
business, and it
other
or
differing opinions as to how the French situation might affect
are
American
political
disturb
will
developments
sentiment
discourage
and
uncertainties there is evidently no occasion for revis¬
Business reports
Business is usually expected
to improve at the beginning of spring, due to the opening up of outdoor
work, construction and other activities, but the rise has been greater than
anticipated.
Losses in production and sales caused by the bad weather in
February and the floods in March have been more than regained.
The
margin of improvement in industrial operations, as compared with a year
ago, has risen from 7% in the first quarter to 12 or 15% in April, and
ing hopeful views as to the spring and summer prospect
Common stock
Secured bonds
political affairs," the National City Bank
of New York, in its
themselves
1936
stock market in this
in the
weakness
strain in European
But except for these
Par Amt.
Issues (In Dols.) Mar.
Certificate
they include
country, a major financial crisis in France, and continued
enterprise.
(In Dollars)
of
York Finds * Business
Despite Some Un¬
New
of
Bank
City
during the past month have been unsettling in some respects,
Approximate Market Value
No.
given in these columns April 4,
was
*
Reports Decidedly Impressive
settling Developments
100.0
contemplated
Type of Security
April 30 report
2240.
page
National
0.2
were also registered in
exchanges of registrants'
securities for their own or their predecessors' securities, and
in connection with the issuance of voting trust certificates
and certificates of deposit, 10 issues through eight state¬
ments during March.
These registered statements covered
securities having an approximate value of $3,618,280.
The
following tabulation was also made available by the SEC
on May 3:
connection
,,
0.6
34
Preferred stock
31
Mar
Common stock
Jan.
10,524,852
the
total
have
been
volume
decidedly
of
impressive.
has
production
level since the
the highest
reached
spring of 1930.
Moreover, trade has kept pace and the goods produced have been moving
Total
*
10
_
$3,618,280 $13,507,735 $3,033,880
Refers to securities to be issued in exchange for existing securities.
in
Board of Governors of Federal Reserve System Issues
List of Stocks Registered on 21 National Securities
Exchanges
ties
list
a
of
banks
all
stocks
exchanges, which
of
nors
the
Federal
recently made available for dis¬
was
registered on national securi¬
prepared by the Board of Gover¬
Reserve
System
as
of March 31.
foreword states that the purpose of the list is
compliance by banks with the provisions of
Regulation XT, which became effective May 1.
rely upon the list, it is said, in determining, for
of Regulation U, whether or not a
security is a
tered
on
a
A
to facilitate
the
Board's
Banks may
Above Year Ago
During April, outstanding brokers' loans on the New
Exchange increased $67,056,718, having risen
from
$996,894,018 on March 31 to $1,063,950,736 on
April 30, it is shown in the monthly report of the Exchange
issued May 4. This increase during April followed an increase
of $72,573,474 in the loans during March.
The April 30
figure, as compared with a year ago (April 30, 1935), re¬
presents an increase of $259,385,288.
Demand loans on April 30, as stated by the
Exchange's
report, were in amount of $688,842,821, as contrasted with
$753,101,103 March 31 and $509,920,548 April 30, 1935,
while time loans amounted to $375,107,915 at the close of
April this year, against $243,792,915 a month ago and
$294,644,900 a year ago.
The following is the report of the
Exchange for May 4:
York Stock
York Stock Exchange member total net borrowings on
collateral,
contracted for and carried in New York, as of the close of
business, April 30
spring
Jr.,
mill operations,
increased
demand
from
supported not only by automobile orders but by
variety of industries, have risen rapidly since the
a
interruption caused by the floods.
Easter trade was generally satisfactory.
the
for
dates
April sales comparisons
of
Easter,
but
with
1935
retail
unquestionably
It is difficult to give figures,
are distorted by the differing
business has shown a good
increase, and stocks of seasonal merchandise were cleared satisfactorily.
Department stores have reported the highest dollar sales since 1931, and of
course
prices
lower, by
are
an
First
In
has
In
addition
been
a
auto
Outstanding
Broker's
Loans
on
New
York
Stock
Exchange Increased $67,056,718 During April to
$1,063,950,736--April 30 Figure Also $259,385,288
the
corporation's retail sales during April have probably been higher than in
any other month in its history, and its figures for March missed that
distinction by only a few thousand units.
"stock regis¬
national securities exchange."
The list includes
are traded in on 21
exchanges.
1936, aggregated $1,063,950,736.
in
Sloan
the purposes
stocks which
New
P.
hands.
Automobile sales, always an
business, have exceeded expectations.
President of General Motors, states that the
into consumers'
way
element
Alfred
Steel
Federal Reserve
tribution
orderly
an
important
Mr.
accessories
and
in the
average
mining
same
quarter
last
wages
business.
Moreover,
that
the
views
recently issued,
they
are
year,
as
interest
in the building materials,
and
taxes must be
course,
of
are
are
as
corporation
the
compilation
own
a
our
index to
with
53
a
75%
year
of
ago.
credit to management, con¬
met
out of
a
still depressed
outstanding companies,
and the
well.
chairmen,
optimistic, based
experiencing in their
raising
compared
expectations, and is
These, of
figures do not imply that all have done
reports
improvement,
Nevertheless,
groups.
(preliminary estimate),
sidering that high
of
trade
first-quarter earnings reports.
proved disappointing,
coal
The improvement exceeds
volume
of
the
on
a
deficits,
1926
evidences
later page of this "Letter" shows that the total net profits,
or
245 manufacturing and trading corporations were 42.3%
on
larger than
the
other
during the month
few instances these
published
less
these and
to
centered
estimated 10%, than in 1931.
Quarter Earnings Increase
upon
as
the
expressed
expanding
in
the
demand
industries.
Liquidation of More Than $64,000,000 Mortgages Sold
by Title and Mortgage Companies Reported by
New York Insurance Department
Superintendent of Insurance Louis H. Pink on May 7
reported the liquidation of more than $64,000,000 of whollyowned mortgages sold by title and mortgage guaranty com¬
panies taken over by the Insurance Department in the period
ended March 31, 1936, through amortization payments, full
satisfactions or Home Owners Loan Corporation refunding.
Total HOLC refunding arranged by the Department includes
Volume
Financial
142
10,016 mortgages for $50,085,000 of which $44,000,000 was
wholly-owned and the balance company owned or certifi¬
cated.
At April 1 there remained pending before the HOLC
applications for loans on 1,449 mortgages aggregating $8,428,000 in principal amount.
^
;
.
At the
same
time
1933,
when rehabilitation
began,
March
to
Of this
been
1936.
31,
3089
Section 6.
(a)
Separate
Trust
Trust
Department and Management
National
Department—Every
permission from the Board of Governors of the
to
act
in
fiduciary capacity shall,
a
capacity, establish
from every other
Superintendent Pink announced the payment of $68,-
746,000 interest to holders of wholly-owned mortgages in the period from
August,
Chronicle
(b) Directors'
trust
a
by the bank,
of all committees appointed by the board of directors for
these
was
transferred to the State Mortgage Commission last
The
May.
grand total of interest paid to guaranty holders by the Insurance Depart¬
ment
approximates
holders up to last
$110,000,000
including
the
payments
certificate
to
May.
department.
from Jan. 1, 1934, to March 31, 1936, by companies shows these
The
acceptance
of
a
approved
(c)
No. of
Bond & Mortgage Guarantee Co.—
$24,771,495.99
4
637.09
159
Greater New York-Suffolk Title & Guarantee Co_..
59,172.41
185,771.94
1,363
Hempstead Bond & Mortgage Guarantee Co
1
172.50
37,833
Home Title Insurance Co
2,911,318.63
Hudson Counties Title & Mortgage Co
617
Lawyers Mortgage Co
Lawyers Title & Guaranty Co
Lawyers Westchester Mortgage & Title Co
_
36,077.07
73,542
59,650
2,629
8,925,472.37
4.002.638.90
491,376.30
7,286.97
29,384.03
12,462.61
146,636.33
Lehrenkrauss Mortgage & Title Guarantee Co
83
Long Island Title Guarantee Co
346
Mineola Bond &
110
Mortgage Guaranty Co
National Mortgage Corp
National Title Guaranty Co
New York Title &
least
223,934
Fidelity Title & Guaranty Co
First Mortgage Guaranty & Title Co
.
1,897
2,852
57,788
__
Mortgage Co
State Title & Mortgage Co
Title & Mortgage Guarantee Co. of Buffalo..
Title & Mortgage Guarantee Co. of Sullivan Co
314,514.36
6.501.782.91
715,372.48
160,887.75
5,124
1,449
5
586.50
541
Union Guarantee & Mortgage Co
Westchester Title & Trust Co
187,139.09
1,370,918.58
8,797
Total
$50,831,104.81
478,724
_
Superintendent Pink also reported that the guarantee liability remains in
force
95,451 wholly-owned mortgages aggregating $799,633,000 in prin¬
on
cipal
for
amount
all
companies
have been agency revocations
that about
in
rehabilitation
or
liquidation.
amounting to $509,833,000.
It is estimated
$289,000,000 in principal amount of mortgages are being serviced,
are
as
follows:
Company
Any such approval
8
$22,117,060.00
69,900.00
28
854
272
4,227,390.41
27,682.56
8,669,955.50
3,018,508.00
529,650.00
100,561.72
17,500.00
7,750.00
247,940.37
450,233.16
7,613,241.93
957,216.66
76,749.00
10,860.00
99,400.00
1,719,175.00
10,106
$50,085,324.31
5
Lawyers Mortgage Co
Lawyers Title & Guaranty Co
Lawyers Westchester Mortgage & Title Co
Long Island Title Guarantee Co
1,664
578
72
34
Mineola Bond & Mortgage Guaranty Co
3
Mortgage & Title Guaranty Co. of America
2
National Mortgage Corp
National Title Guaranty Co
New York Title & Mortgage Co
State Title & Mortgage Co
63
99
1,509
191
Title & Mortgage Guarantee Co. of Buffalo
Title & Mortgage Guarantee Co. of Sullivan Co
Union Guarantee & Mortgage Co
25
3
14
Westchester Title & Trust Co
_____
ratification shall be recorded in the
be.
fiduciary capacity, the board of directors of the bank
members,
ment of every
who
shall
be
composed of at
experienced officers
and
capable
or
All investments of trust funds by the trust depart¬
such National bank shall be made, retained or disposed of
only with the approval of the trust investment committee; and such com¬
mittee shall keep
all
matters
least
the
minutes of all its meetings, showing the disposition of
considered and passed upon by it.
Such committee shall, at
during each period of twelve months, review all the assets held in
once
for each
or
fiduciary account to determine their safety and current value and
advisability of retaining
disposing of them; and a report of all such
or
reviews, together with the action taken
as
a
result thereof, shall be noted
in the minutes of the trust investment committee.
have such
additional
duties relating to
Such committee may
department as may be
the trust
prescribed by the board of directors.
(d) Executive Officer—Before
in any
such National bank undertakes to act
any
fiduciary capacity, its trust department shall be placed under the
management and immediate supervision of an executive officer or officers
qualified and competent to administer trusts, and the duties of such officer
officers shall be prescribed by the board of directors
or
adopted
by and
entered in
the
minutes
of the
board
resolution duly
of directors.
officers and other persons taking consummation of the sale or
reimburse the trust involved in cash
Such
of the bank.
duties shall be evidenced by the by-laws of the bank or by a
All
transfer, shall
other acceptable assets.
or
(e) Dealings Between Trust Accounts—A National bank acting as fiduciary
shall not make any advance to any trust from the
funds belonging to any
other trust, except when the making of such advances to a
is
designated trust
specifically authorized by the trust instrument covering the trust from
made.
are
The
regulations also
ment, the investment
J. P.
124,550.00
4,682
Hudson Counties Title & Mortgage Co
or
of such committee as the case may
or
examinations of a trust depart¬
funds, surrender of trust
cover
of
trust
etc.
Amount
Mortgages
Bond & Mortgage Guarantee Co
First Mortgage Guaranty & Title Co
Greater New York-Suffolk Title & Gaurantee Co
Home Title Insurance Co..
Total
three
powers,
No. of
Name of
be
such
Trust Investment Committee—Before any such National bank under¬
which such advances
Department.
Consummated refundings with the HOLC from Jan. 1, 1934, to March 31,
1936,
shall
ratified by the board of directors or a committee appointed
or
directors of the bank.
There
largely by the servicing corporations created for that purpose by the Insur¬
ance
accounts
committee appointed by
shall appoint a trust investment committee which shall be
Amount
Checks
(the actions
the conduct of the
relinquishment of all such accounts shall be
or
minutes of the board of directors
results:
fiduciary
all
or
board, and the closing out
takes to act in any
Name of Company
department and for the review of
by the board of directors
approved
by such board.
A survey of the interest remittances to holders of wholly-owned mortgages
thedisposition
investments, the supervision of the trust department, the determi¬
paid since January, 1934.
trust
System
department of the bank.
nation of the policies of such
These interest remittances do not include some
obtains
in such
act
Supervision of Trust Department—The board of directors
amount, $50,831,104 necessitating the writing of 478,724 checks has
$41,000,000 paid to holders of certificated mortgages before supervision of
which
Reserve
department which shall be separate and apart
is responsible for the investment of trust funds
of trust
bank
Federal
undertaking to
before
Morgan & Co. Denies Memorandum
World
Is
War
Document
Is
For
Merely
Senate Munitions
on
Causes of
Says
Publication—Statement
of Testimony Before
Digest
Committee
J. P.
Morgan & Co., on May 2 issued a statement con¬
cerning press reports of the same date which said that the
banking firm is preparing a memorandum to refute the
insinuation that the United States
was
moved to enter the
World War because of the financial and commercial interests
The statement said that the memorandum men¬
mvolved.
tioned
was
merely
firm
the
of
a
before
digest of testimony given by members
Munitions
Senate
the
January and February, and
was
Committee
in
not intended for publication.
The firm's statement follows:
Our only comment upon the story which appeared in certain newspapers
today is that
a
short time ago we prepared for the information of Senator
Nye and the other members of the Senate Munitions Committee a digest
Regulations
Covering Trust Activities of National
by Board of Governors of Federal
Reserve System—Will be Effective June 1
Banks
Issued
The Board of Governors of the Federal Reserve
May 4 issued "Regulation F," designed to
on
System
the
cover
department activities of National banks after June 1.
The regulation lists the factors which will be given special
consideration by the Board in passing upon applications for
permission to exercise fiduciary powers.
The rules provide
that a committee of directors, excluding any active officer
of the bank, shall at least once during each twelve months
make suitable audits of the trust department, or cause such
audits to be made by auditors responsible to the directors.
This committee shall also, during the same period, ascertain
by such examinations the following points:
(a) Whether, under the provisions of section ll(k) of the Federal Reserve
Act,'
as amended, the bank has sufficient capital and surplus to render it
eligible to receive permission to exercise the fiduciary powers applied for
granting of any
travention of State
(b)
(c)
or
all of such powers would be in
con¬
local law;
The needs of the community for trust service of the kind applied for
and the
net
or
probable volume of such trust business available to the bank;
The general condition of the bank, particularly the adequacy of its
capital and surplus funds in relation to the character and condition of
its assets and to its
deposit liabilities and other corporate responsibilities,
including the proposed exercise of trust powers;
(d)
of the supervision
to
be
given
to
the
which members of
January and February.
We furnished copies
proposed
trust
activities, including the qualifications and experience of the members of the
As
and Mr. Brown.
data
was
a
compiled, we
As
plans for doing so.
our
firm gave before the Senate Com¬
This
was
still in draft form subject
of this draft memorandum only to the
matter of courtesy to
gave no
and
we
Receiver
have
no
copies whatsoever to the press and had no
a matter
present
Appointed
Raushenbush
the Committee for which this
of fact, the excerpts which have now ap¬
peared in the press, were apparently furnished from
us,
a source
unknown to
plans for making the memorandum public.
for
Oregon-Washington
Joint
Stock Land Bank
George B. Guthrie has been appointed receiver for the
Oregon-Washington Joint Stock Land Bank of Portland,
Ore.
The appointment was made by Land Bank Com¬
missioner A. S. Goss upon receiving notice of the failure of
the institution to pay interest due May 1 on part of its
outstanding bond obligations. Mr. Guthrie will take charge
immediately of the affairs of the bank for the purpose of
conserving its assets and protecting the interests of all
parties concerned.
In announcing Mr. Guthrie's appoint¬
ment, the Farm Credit Administration, added:
The
Oregon-Washington Bank of Portland is
stock land banks.
are
one
of the smaller joint
Its capital stock is $250,000 and the outstanding bonds
Total mortgage loans are approximately $1,370,000-
$2,038,500.
condition of the
The general character and ability of the management of the bank;
(e) The nature
to revision.
members of the Senate Committee and to its examiners, Mr.
trust
and whether the
of the testimony
mittee last
Bank
was
The
such that the directors found it necessary to
suspend further operation and the conclusion was reached that a receiver¬
ship
w as
the only course open.
The Oregon-Washington Joint Stock Land
Bank is not affiliated with any other Land Bank.
proposed trust investment committee;
Stock of Money in the Country
(f) The qualifications, experience and character of the proposed executive
officer
or
The Treasury
officers of the trust department;
(g) Whether the bank has available competent legal counsel to advise
and pass upon trust matters whenever necessary; and
(h) Any other facts and circumstances that
seem
to it proper.
Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the
moneys
held in the United States Treasury and by
Under that part of the regulations governing the estab¬
lishment of trust departments and their management, the
Federal Reserve banks and agents.
The figures this time
are for March 31, 1936 and show that the money in circu¬
appointment of a "trust investment committee" is called
for; the requirements are set out as follows:
lation at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
Financial
3088
of the 83 issues registered during March,
said, was $7,024,000, as compared with $3,787,000
for 56 issues in February and $4,815,000 for 27 issues in
March, 1935. Continuing, the Commission also stated:
The average size
the SEC
securities
registered. Forty per cent of the registrations was by the utility group and
30% by various manufacturing companies.
About $108,000,000 of the
registered securities were not intended to be offered for sale for the account
of the registrants.
Of the net proceeds from the $475,000,000 proposed
to be sold for the registrants' accounts, 80.1% was proposed for the repay¬
Purchase of securities by investment
ment of indebtedness.
Power
loan 4lA%
FULLY
(Almost 80% of the amount of the March, 1936 registrations of new securities was
fixed interest bearing securities, against 65.9% in the previous month, and
for
74.3% in March, 1935. Preferred stocks totaled 4.9%, common stocks 14.0%,
certificates of participation, beneficial interest, &c., amounted to 1.3%.
and
No.
of
June
July
31
Aug
31
Sept
29
531,630.447
Oct.
31
546,491,416
557,742.348
616.300.286
280.542,000
273,373.000
263.962,869
575,896,161
573,313,939
552.998.766
509.920.548
471,670,03 1
474,390,298
419.599.448
399.477,668
824,958.161
815,858,439
773.123.266
804.565.448
792,541,031
808,589,298
768.934.748
772,031,468
362,955,569
249.062,000
242,544,500
220.124.500
294,644,900
320,871,000
334,199.000
349.335,300
372.553.800
418,266,300
335.809.469
406.656.137
547.258,152
456.612,100
439.457.000
391,183,500
792.421,569
846.113,137
938,441,652
600.199,622
631,624,692
753,101,103
324,504,713
292,695.852
243,792,915
924,704,335
924.320,544
996.894,018
688,842,821
375,107,915
1,063,950,736
May
$812,119,359
722,373,686
740.573,126
588,073,826
545,125,876
,
Nov. 30
31
Dec.
31
Feb.
28
30
30
3lIII
-
--
.
June 30
July 31
31~
Aug
Sept. 3031
-
31
Dec.
Amount
Feb.
Mar.
1936
1935
Jan.
-
31
Feb.
29
Mar. 31
34
_
Preferred stock
_
14.0
12.8
8.3
4.9
$81,519,239
28,793,384
8,047,956
1,468,999
13
_
14.8
beneficial
rants,
Interest,
Apr. 30
13
1.3
6.5
16.8
57.4
7,442,150
334,715,466
1,787,730
15
46.5
Debentures
Short-term notes
1
129,649,249
1,271,875
83
$583,391,363
100.0
with
THE
TYPES
OF
new
issues, there
STATEMENTS
FOR
EIGHT
IN
INCLUDED
REORGANIZATION
REGISTRATION
EXCHANGE*
AND
ISSUES
Observing that "the developments in the business
country, a major financial crisis in France,
in part:
There
Feb.
1936
1936
1935
Mar.
other
political
or
Preferred stock
of
participation,
beneficial Interest, &c
1
50,843
5
Secured bonds
3,774,600
16,948
1,391,799
i,6bb~66o
533",333
2,982",883
1,676,200
10,524,852
3~22~467
Debentures
-
-
-
-
Short-term notes
"i
Certificates of deposit
Voting trust certificates
3
-
2,71 M13
situation might affect
the tax legislation
differing opinions as to how the French
business,
to what extent
uncertain
is
and it
:
1
uncertainties there is evidently no occasion for revis¬
been
have
prospect. Business reports
Business is usually expected
summer
impressive.
decidedly
opening up of outdoor
than
anticipated.
Losses in production and sales caused by the bad weather in
February and the floods in March have been more than regained.
The
margin of improvement in industrial operations, as compared with a year
ago, has risen from 7% in the first quarter to 12 or 15% in, April, and
the total volume of production has reached the highest
level since the
improve at the beginning of spring, due to the
to
and other activities, hut the rise has been greater
spring of 1930.
Moreover, trade lias kept pace and the goods produced have
Total...
*
$3,618,280 $13,507,735 $3,033,880
10
in
Alfred
Mr.
Board of
Governors
of
Federal
Reserve System
List of Stocks Registered on
Issues
21 National Securities
tribution
Steel
Reserve
list
a
of
banks
all
recently made available for dis¬
stocks registered
on
national securi¬
of
the
foreword
Federal
states that
Reserve
System
as
the purpose of the
of
March 31.
A
list is to facilitate
compliance by banks with the provisions of
Regulation IT, which became effective May 1.
the
Board's
Banks may
sales
in
only
by
mill
increased
tered
on
a
national securities exchange."
stocks which
are
traded in
on
21
is
a
Easter
the
for
from
trade
exchanges.
Easter,
and
increase,
♦
April, outstanding brokers' loans on the New
York Stock Exchange increased $67,056,718, having risen
from $996,894,018
on
March 31 to $1,063,950,736 on
April 30, it is shown in the monthly report of the Exchange
issued May 4. This increase during April followed an increase
of $72,573,474 in the loans during March.
The April 30
figure, as compared with a year ago (April 30, 1935), re¬
presents an increase of $259,385,288.
Demand loans on April 30, as stated by the Exchange's
report, were in amount of $688,842,821, as contrasted with
$753,101,103 March 31 and $509,920,548 April 30, 1935,
while time loans amounted to $375,107,915 at the close of
April this year, against $243,792,915 a month ago and
$294,644,900 a year ago.
The following is the report of the Exchange for May 4:
New York
Stock Exchange member
total net borrowings
contracted for and carried in New York, as of the close of
1936, aggregated $1,063,950,736.
on
collateral,
business, April 30,
its
figures
for
orders but by
automobile
only by
supported not
variety of industries, have risen rapidly since the
a
with
comparisons
It is difficult to give figures,
stocks
1935
unquestionably
but
of
seasonal
prices are lower, by an
course
First
In
has
addition
been
a
auto
During
higher than in
March missed that
have probably been
distorted
are
by the differing
shown a good
satisfactorily.
business
retail
has
were
cleared
merchandise
Department stores have reported the highest dollar sales since 1931, and of
In
Outstanding
Broker's
Loans on
New
York
Stock
Exchange Increased $67,056,718 During April to
$1,063,950,736—April 30 Figure Also $259,385,288
Above Year Ago
and
thousand units.
generally satisfactory.
was
April sales
of
dates
"stock regis¬
The list includes
history,
few
operations,
demand
rely upon the list, it is said, in determining, for the purposes
of Regulation U, whether or not a security
during April
its
a
interruption caused by the floods.
ties exchanges, which was prepared by the Board of Gover¬
nors
into
other month
distinction
Exchanges
Federal
way
retail
corporation's
any
been moving
consumers' hands.
Automobile sales, always an
element in the spring business, have exceeded expectations.
P. Sloan Jr., President of
General Motors, states that the
orderly
an
important
Refers to securities to be issued in exchange for existing securities.
discourage
and
sentiment
disturb
will
developments
work, construction
Common stock
Certificate
are
American
themselves
(In Do Is.) Mar.
Issues
and continued
political affairs," the National City Bank
of New York, in its "Monthly Letter," issued May 4, adds,
ing hopeful views as to the spring and
(In Dollars)
situation
strain in European
But except for these
Par Amt.
of
York Finds7 Business
Despite Some Un¬
New
during the past month have been unsettling in some respects,
since they include weakness in the stock market in this
Approximate Market Value
No.
of
enterprise.
WHICH BECAME FULLY EFFECTIVE DURING MARCH, 1936
Type of Security
Bank
City
Reports Decidedly Impressive
settling Developments
100.0
100.0
contemplated
SECURITIES
given in these columns April 4,
*
.
National
0.2
were also registered in
exchanges of registrants'
securities for their own or their predecessors' securities, and
in connection with the issuance of voting trust certificates
and certificates of deposit, 10 issues through eight state¬
ments during March.
These registered statements covered
securities having an approximate value of $3,618,280.
The
following tabulation was also made available by the SEC
on May 3:
In addition to the
was
74.3
22.2
connection
,
19.4
7
Total
April 30 report
2240.
page
-
------
The
war¬
&c
781.221.869
0.6
Certificates of participation,
Secured bonds
923.055.826
874,207,876
831.529.447
827,033.416
831.115.348
880,263.155
<
1936—
Mar.
1936
Common stock
1,082,240,126
4935
Jan.
Gross
of
Units
Issues
Total Loan
$1,088,226,359
1.016.386.689
31*
30"
$276,107,000,
294.013.000
341,667.000
334,982,000
329,082.000
299.899,000
Oct
Per Cent of Total
No.
loan
the figures:
Time Loans
Demand Loans
Nov. 30
Type of Security
same as in the
two-year compilation of
a
'
30
May
INCLUDED IN 53 REGISTRATION
EFFECTIVE DURING MARCH,
1936
TYPES OF NEW SECURITIES
$68,828,700
is exactly the
Exchange a month ago.
given
1934—
-Apr
Apr
bonds, due 1956.
STATEMENTS
of the above compilation
report issued by the
Mar
sinking fund external
pledged as collateral
included in items (1) and (2) above
for the borrowings
we
$1,063,950,736
demand borrowings..^
"government securities"
Total face amount of
3,987,000
$375,107,915
_
_
Combined total of time and
The scope
31,467,649
$688,841,821
City of New York.
bonds, series of
$55,830,000 first mortgage, 3}4%
Co.
1936, due 1970; and Kingdom of Norway, $17,000,000
Time
$371,120,915
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
Below
became effective
during the month were: Pacific Gas & Electric Co., $90,000,000 first and
refunding mortgage 3H% bonds, series H, due 1961; Eastern Gas & Fuel
Associates, $75,000,000 first mortgage and collateral trust 4% bonds, due
1956; Public Service Electric & Gas Co., $65,000,000 first and refunding
mortgage, 3M% bonds, due 1965; National Dairy Products Corp., $62,545,500, 3% % debentures, due 1951 with common stock purchase warrant
attached; Shell Union Oil Corp., $60,000,000 3H% debentures, due 1951;
Consumers
trust companies
or
intended to be applied.
Among the large issues for which registration statements
Demand
$657,375,172
,
collateral from New York banks
Net borrowings on
(1)
other main uses to
9.0% and increase of working capital at 4.5% were the
which the money was
companies at
detailed tabulation follows:
The
securities represented nearly 80% of all
Fixed interest bearing
May 9t 1936
Chronicle
accessories
on
deficits,
larger than
the
1926
a
and
later
or
wages
business.
improvement,
interest
as
in the building materials,
Nevertheless,
groups.
the
compilation
of this "Letter" shows that the total net profits,
quarter
last
trading corporations
year,
(preliminary estimate),
sidering that high
of
mining
trade
of
the first-quarter earnings reports.
on
manufacturing and
same
The improvement exceeds
volume
evidences
proved disappointing,
coal
page
245
in the
average
other
and
during the month
few instances these
published
less
these
to
centered
estimated 10%, than in 1931.
Quarter Earnings Increase
raising
compared
expectations, and is
taxes must be
and
These,
of
course,
are
a
our
with
53
42.3%
75% of
were
index to
a
year
ago.
credit to management, con¬
met out of a
still depressed
outstanding companies, and the
figures do not imply that all have done as well.
Moreover,
reports
the
views
recently issued,
of
are
corporation
optimistic,
chairmen,
based
upon
as
the
expressed
expanding
in
the
demand
that they are experiencing in their own industries.
Liquidation of More Than $64,000,000 Mortgages Sold
by Title and Mortgage Companies Reported by
_
New York Insurance Department
Superintendent of Insurance Louis H. Pink on May 7
reported the liquidation of more than $64,000,000 of whollyowned mortgages sold by title and mortgage guaranty com¬
panies taken over by the Insurance Department in the period
ended March 31, 1936, through amortization payments, full
satisfactions or Home Owners Loan Corporation refunding.
Total HOLC refunding arranged by the Department includes
Volume
Financial
142
10,016 mortgages for $50,085,000 of which $44,000,000 was
wholly-owned and the balance company owned or certifi¬
cated.
At April 1 there remained pending before the HOLC
applications for loans on 1,449 mortgages aggregating $8,428,000 in principal amount.
At the
same
time
Chronicle
3089
Section
(a)
Separate
6.
Trust
and Management
Trust Department
National
Department—Every
in
act
capacity, establish
(b) Directors'
bank.
Supervision 'of Trust Department—The board of directors
is responsible for the investment of trust funds
August,
of trust
began,
amount, $50,831,104 necessitating the writing of 478,724
paid since January, 1934.
Of this
1936.
March 31,
to
checks has been
These interest remittances do not include some
$41,000,000 paid to holders of certificated mortgages before supervision of
these
was
transferred to the State Mortgage Commission
grand total of interest paid to guaranty holders by the Insurance
ment
approximates
holders up to last
$110,000,000
the
including
The
last May.
payments
Depart¬
certificate
to
May.
from Jan.
of all committees
1, 1934, to March 31, 1936, by companies shows these
The
board, and the closing out
(c)
No. of
223,934
$24,771,495.99
4
637.09
159
59,172.41
185,771.94
Fidelity Title & Guaranty Co
First Mortgage Guaranty & Title Co
Greater New York-Suffolk Title & Guarantee Co
1,363
1
172.50
37,833
2,911,318.63
Hempstead Bond & Mortgage Guarantee Co
Home Title Insurance Co
Hudson Counties Title & Mortgage Co
617
36,077.07
73,542
59,650
2,629
8,925,472.37
4.002.638.90
491,376.30
7,286.97
29,384.03
12,462.61
146,636.33
--
Lawyers Mortgage Co
Lawyers Title & Guaranty Co
Lawyers Westchester Mortgage & Title Co
-
Lehrenkrauss Mortgage & Title Guarantee Co
Long Island Title Guarantee Co
Mlneola Bond & Mortgage Guaranty Co
National Mortgage Corp
National Title Guaranty Co
New York Title & Mortgage Co
State Title & Mortgage Co
83
346
110
1,897
2,852
57,788
5,124
1,449
,
_
Title & Mortgage Guarantee Co. of Buffalo..
Title & Mortgage Guarantee Co, of Sullivan Co
Union Guarantee & Mortgage Co.
314,514.36
6.501.782.91
715,372.48
160,887.75
5
541
8,797
187,139.09
1,370,918.58
478,724
Westchester Title & Trust Co
586.50
$50,831,104.81
Superintendent Pink also reported that the guarantee liability remains in
95,451 wholly-owned mortgages aggregating $799,633,000 in prin¬
on
cipal
for
amount
all
companies in
rehabilitation
have been agency revocations amounting to
or
liquidation.
ment of every
shall
who
be
are
as
be composed of at
capable and experienced officers
or
All investments of trust funds by the trust depart¬
such National bank shall be made, retained or disposed of
only with the approval of the trust investment committee; and such com¬
mittee shall keep minutes of all its
all
matters
least
once
Such committee shall, at
during each period of twelve months, review all the assets held in
for each
or
meetings, showing the disposition of
considered and passed upon by it.
fiduciary account to determine their safety and current value and
the advisability of retaining or disposing of
reviews, together with the action taken
as
them; and a report of all such
a
result thereof, shall be noted
in the minutes of the trust investment committee.
have such
additional
duties relating
Such committee may
to the trust department as
may
be
prescribed by the board of directors.
(d) Executive Officer—Before
in any
any
such National bank undertakes to act
fiduciary capacity, its trust department shall be placed under the
management and immediate supervision of an executive
officer or officers
qualified and competent to administer trusts, and the duties of such officer
officers shall be prescribed by the board of directors
or
adopted by and entered in
officers and other persons taking
Such
of the bank.
of the bank or by a resolution duly
of the board of directors.
the minutes
All
consummation of the sale or transfer, shall
reimburse the trust involved in cash
or
other acceptable assets.
Dealings Between Trust Accounts—A National bank acting as fiduciary
(e)
being serviced,
other trust, except when the making of such
follows:
made.
are
The
regulations also
ment, the investment
powers,
Name of Company
from the funds belonging to any
advances to a designated trust
specifically authorized by the trust instrument covering the trust from
is
which such advances
Department.
Bond &
members,
shall not make any advance to any trust
Consummated refundings with the HOLC from Jan. 1,1934, to March 31,
1936,
three
directors of the bank.
There
largely by the servicing corporations created for that purpose by the Insur¬
ance
of such committee as the case may be.
or
It is estimated
$509,833,000.
that about $289,000,000 in principal amount of mortgages are
be
fiduciary capacity, the board of directors of the bank
duties shall be evidenced by the by-laws
Total
force
least
shall
Trust Investment Committee—Before any such National bank under¬
shall appoint a trust investment committee which shall
Amount
Checks
Bond & Mortgage Guarantee Co
accounts
committee appointed by such
Any such approval or ratification shall be recorded in the
minutes of the board of directors
results:
a
fiduciary
all
or
relinquishment of all such accounts shall be
or
ratified by the board of directors or a committee appointed
or
takes to act in any
Name of Company
of
acceptance
approved by the board of directors
approved
and for the review of the actions
appointed by the board of directors for the conduct of the
department.
by such board.
A survey of the interest remittances to holders of wholly-owned mortgages
by the bank, the disposition
investments, the supervision of the trust department, the determi¬
nation of the policies of such department
trust
such
trust department which shall be separate and apart
a
from every other department of the
Superintendent Pink announced the payment of $68,-
when rehabilitation
obtains
fiduciary capacity shall, before undertaking to act in
a
746,000 interest to holders of wholly-owned mortgages in the period from
1933,
bank which
permission from the Board of Governors of the Federal Reserve System
to
examinations of a trust depart¬
funds, surrender of trust
;
'
cover
of
trust
etc.
Amount
Mortgage Guarantee Co....
$22,117,060.00
69,900.00
124,550.00
4,227,390.41
27,682.56
8,669,955.50
3,018,508.00
529,650.00
100,561.72
17,500.00
7,750.00
247,940.37
450,233.16
7,613,241.93
957,216.66
76,749.00
10,860.00
First Mortgage Guaranty & Title Co...
Greater New York-Suffolk Title & Gaurantee Co
Home Title Insurance Co
Hudson Counties Title & Mortgage Co
Lawyers Mortgage Co.
Lawyers Title & Guaranty Co
Lawyers Westchester Mortgage & Title Co
Long Island Title Guarantee Co.
Mlneola Bond & Mortgage Guaranty Co
Mortgage & Title Guaranty Co. of America
National Mortgage Corp
National Title Guaranty Co
New York Title & Mortgage Co.
State Title & Mortgage Co
Title & Mortgage Guarantee Co. of Buffalo.
Title & Mortgage Guarantee Co. of Sullivan Co
Union Guarantee & Mortgage Co
.
99,400.00
Westchester Title & Trust Co.
1,719,175.00
Total
J.
P.
Morgan & Co. Denies Memorandum
World
Is
War
Is
Document
Digest of
Merely
Senate Munitions
on
Causes of
Publication—Statement
For
Says
Testimony Before
Committee
J. P.
Morgan & Co., on May 2 issued a statement con¬
cerning press reports of the same date which said that the
banking firm is preparing a memorandum to refute the
insinuation that the United States was moved to enter the
World War because of the financial and commercial interests
The statement said that the memorandum men¬
involved.
tioned
was
the
Of
merely
firm
a
before
digest of testimony given by members
the
Senate
January and February, and
was
Munitions
Committee
in
not intended for publication.
The firm's statement follows:
$50,085,324.31
Our only comment upon the story which appeared in certain newspapers
today is that
a
short time ago we prepared for the information of Senator
Nye and the other members of the Senate Munitions Committee a digest
Regulations
Covering Trust Activities of National
by Board of Governors of Federal
Reserve System—Will be Effective June 1
Banks
Issued
The Board of Governors of the Federal Reserve
System
May 4 issued "Regulation F," designed to cover the
department activities of National banks after June 1.
The regulation lists the factors which will be given special
consideration by the Board in passing upon applications for
permission to exercise fiduciary powers.
The rules provide
that a committee of directors, excluding any active officer
of the bank, shall at least once during each twelve months
make suitable audits of the trust department, or cause such
audits to be made by auditors responsible to the directors.
This committee shall also, during the same period, ascertain
by such examinations the following points:
trust
(a)
Whether, under the provisions of section ll(k) of the Federal Reserve
as
amended, the bank has sufficient capital and surplus to render it
eligible to receive permission to exercise the fiduciary
and whether
the granting of any or
travention of State
(b)
powers
applied for
all of such powers would be in
con¬
local law;
The needs of the community for trust service of the kind applied for
and the
(c)
net
or
probable volume of such trust business available to the bank;
The general condition of the bank, particularly the adequacy of its
capital and surplus funds in relation to the character and condition of
its assets and to its
deposit liabilities and other corporate responsibilities,
including the proposed exercise of trust powers;
(d)
The nature of the supervision
to
be
January and February.
This
given to the
was
still in draft form subject
We furnished copies of this draft memorandum only to the
As
and Mr. Brown.
data
was
a
matter of courtesy to the Committee for which this
compiled, we gave no copies whatsoever to the press and had no
As
plans for doing so.
a
matter of fact, the excerpts which have now ap¬
peared in the press, were apparently furnished from a source unknown to
us,
and
we
Receiver
have no present plans for making the memorandum public.
Appointed
for
Oregon-Washington
proposed trust
activities, including the qualifications and experience of the members of the
Joint
Stock Land Bank
George B. Guthrie has been appointed receiver for the
Oregon-Washington Joint Stock Land Bank of Portland,
Ore.
The appointment was made by Land Bank Com¬
missioner A. S. Goss upon receiving notice of the failure of
the institution to pay interest due May 1 on part of its
outstanding bond obligations. Mr. Guthrie will take charge
immediately of the affairs of the bank for the purpose of
conserving its assets and protecting the interests of all
parties concerned.
In announcing Mr. Guthrie's appoint¬
ment, the Farm Credit Administration, added:
The
Oregon-Washington Bank of Portland is
stock land banks.
are
$2,038,500.
of the smaller joint
the outstanding bonds
one
Its capital stock is $250,000 and
Total mortgage loans are approximately $1,370,000.
condition of the Bank was such that the
The general character and ability of the management of the bank;
(e)
revision.
to
members of the Senate Committee and to its examiners, Mr. Raushenbush
on
Act,
which members of our firm gave before the Senate Com¬
of the testimony
mittee last
The
directors found it necessary to
suspend further operation and the conclusion was reached that a receiver¬
ship was the only course open.
The Oregon-Washington Joint Stock Land
Bank is not affiliated with any other Land Bank.
proposed trust investment committee;
(f)
Stock of Money in the Country
The qualifications, experience and character of the proposed executive
officer
or
The Treasury
officers of the trust department;
(g) Whether the bank has available competent legal counsel to advise
and pass upon trust matters whenever necessary; and
(h) Any other facts and circumstances that
seem to
in the country
it proper.
Under that part of the regulations governing the estab¬
lishment of trust departments and their management, the
appointment of a "trust investment committee" is called
for; the requirements are set out as follows:
Department at Washington has issued the
customary monthly statement showing the stock of money
and the amount of circulation after deducting
held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for March 31, 1936 and show that the money in circu¬
lation at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
the
moneys
3090
Financial
Chronicle
May
1936
9,
$5,876,801,119, as against $5,845,959,668 on Feb. 29, 1936
and $5,493,137,741 on March 31, 1935, and
comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
Manufacturers Trust Co. Paying Agent for Three Series
of El Salvador Bonds
of the World War, that is, on June 30, 1914, the total was
under Modification Plan for
only $3,459,434,174.
A, B and C bonds.
The following is the full statement:
ii
iii
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Republic of El Salvador series
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$188,517,000 Tendered to
Offering of $100,000,000 of
Bills Dated May 6—$50,024,000 Accepted to 223-Day Bills at Average Rate
of 0.123% and $50,102,000 to 273-day Bills at Rate of
0.125%
Two
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of Treasury
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total of $188,517,000 was tendered to the offering of
two series of
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received at the Federal Reserve banks and the
2 p. m., Eastern Standard Time,
Reference to the offering was made in our issue of
page 2921.
As noted in last week's "Chronicle"
(page 2921) the
Treasury intends to offer $100,000,000 of bills each week
to provide funds for the soldiers' bonus which becomes
payable June 15, and to maintain a comfortable cash posi¬
tion.
This offering was the first to be made on the increased
scale; previously, for the past several months, the Treasury
had been offering weekly issues in amount of $50,000,000.
Each issue of the bills was offered in amount of $50,000,000, or thereabouts; one of the series was 223-day bills, ma¬
turing Dec. 15, 1936, and the other 273-day bills maturing
Feb. 3,1937.
The details of the bids to the two series were
announced by Secretary Morgenthau as follows:
May 4.
May 2,
rH
O
were
branches thereof up to
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Treasury bills, dated May 6,1936, offered in the
or thereabouts, Henry
Morgenthau Jr., Secretary of the Treasury, announced
May 4. The Secretary said that tenders accepted to the
two
issues totaled $100,126,000.
The offering was an¬
nounced on April 30 by Secretary Morgenthau, and the
aggregate amount of $100,000,000,
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223-Day Treasury Bills Maturing Dec, 15,1936
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amount
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The
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was
for
$50,000,000,
thereabouts,
or
applied for was $94,599,000, of which $50,024,000
about 0.081% per annum, to
55 I-i
99.913, equivalent to
bank discount basis.
per annum, on a
the latter price was accepted.
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The average price of Treasury bills of this
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for
$50,000,000,
99.895, equivalent to
bank discount basis.
latter price was accepted.
in
bank
thereabouts,
discount
the
a
total
accepted.
was
rate of about
of about 0.138%
a rate
per
Only part of the amount bid for at the
The average price of Treasury bills of this series
to be issued is 99.905 and the average
a
or
bids ranged in price from 99.940, equivalent to
per annum, to
annum, on a
h
if
p
was
$93,918,000, of which $50,102,000
was
P
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which
applied for
0.079%
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annum
273-Day Treasury Bills, Maturing Feb. 3, 1937
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0.123% per
bank discount basis.
For
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of
rate
0.140%
o
The accepted
3||S|
a
a rate of about
series to be issued is 99.924 and the average rate is about
Oi
the total
accepted.
was
accepted bids ranged in price from 99.950, equivalent to
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this
rate is about 0.125% per annum
on
basis.
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Revised figures.
a
Does not Include gold other than that held by the Treasury
b These amounts are not
Included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars, and silver bullion, respectively.
This total includes credits with the Treasurer of the United States payable in
gold certificates in (1) the Gold Certificate Fund-Board of Governors, Federal
c
Reserve System, in the amount of $4,849,878,912, and
Federal Reserve notes in the amount of $14,865,479.
(2) the redemption fund for
d Includes $1,800,000,000
e
Includes $60,078,546
Exchange Stabilization Fund.
lawful money deposited as a reserve for Postal Savings
deposits.
f The amount of gold and sliver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
to arrive at the total amount of money In the United States
g Includes
held
money
by
the Cuban
agency
of the Federal
Reserve
Bank
of
paper currency
held outside the
con¬
tinental limits of the United States
Note—There Is
In the Treasury—(1) as a reserve tor United States
of 1890—$156,039,431 In gold bullion; (11) as security for
1890—an equal dollar amount In standard sliver dollars (these
maintained
notes and Treasury notes
Treasury
notes
notes of
are
being canceled and
retired on receipt); (III)
as
security for outstanding
silver certificates—silver In bullion and standard sliver dollars of
a
monetary value
equal to the face amount of such silver certificates: and (Iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and
a
first
Reserve
lien
notes
on
are
all
the
secured
assets
by
of the
Bills
in
May 13,
and $50,000,000
Bills
which each tender is made.
He added:
|
The bills will be issued in bearer form only, and in amounts or denomi¬
nations of $1,000,
$10,000, $100,000, $500,000, and $1,000,000
(maturity
value).
No
tender
for
amount
an
than
less
tender must be in multiples of $1,000.
$1,000 will
be
considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.» 99.125.
on
Fractions must
not
be
used.
Tenders will be accepted without cash deposit from incorporated banks
and
traust
investment
companies
and
securities.
from
responsible
Tenders from
others
and
must
recognized
be
dealers
in
accompanied by
a
issuing Federal Reserve Bank.
the deposit
with
Federal
Federal Reserve agents of
a
like
amount of gold
deposit of 10%
of the face amount of Treasury bills applied for, unless
the
In circulation Includes any
money
Treasury
Monday, May 11, were invited on May 7 by Secretary of
the Treasury Henry Morgenthau, Jr., to a new
offering
of two series of Treasury bills in amount of $100,000,000.
or
thereabouts.
The bids to the bills, it is pointed out,
will not be received at the Treasury Department, Wash¬
ington.
Both series of the bills, which will be sold on a discount
basis to the highest bidders, will be dated May 13, 1936, on
which date there is a maturity of similar securities in amount
Of $50,072,000.
Each series of the bills announced this
week will be offered in amount of $50,000,000, or there¬
abouts; one series will be 216-day bills, maturing Dec. 15,
1936, and the other 273-day bills, maturing Feb. 10, 1937.
The face amount of the bills of each series will be
payable
without interest on their respective maturity dates.
In his announcement of May 7 Secretary Morgenthau said
that bidders are required to specify the particular series for
Atlanta.
h The
of
Tenders to be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern Standard Time,
00
5£
]£ 00 b- O 5>
N£2 o oi IN rH
-l!"
CO
O
Series
of
rH
00
rH
CO
I
O
If
P
{2 g
00
St;
1
IO
If
S fc "* 00
"I
N."
CO
CO
«!.
io
Eh
oo
rH
rH
»o
Two
1936—$50,000,000 of 216-day
273-Day Bills
N
CO
of
Amount of $100,000,000—Both to be Dated
P_ q If
N IO* IN*
CO
Offering
o
CO
CO
I
New
IO
IO
rH
rH
co
accompanied by
tenders
are
incorporated bank
or
an
express
guaranty of payment by
1936, all tenders received
up
to
at the Federal Reserve banks
the closing hour will
be opened
expressly
the
on
following
reserves the
morning.
right to reject
or
on
May 11,
branches thereof
and public announcement of the
acceptable prices for each series will follow
probably
an
trust company.
Immediately after the closing hour for receipt of tenders
as soon
The
any or
as
possible thereafter,
Secretary
all tenders
of. the
or parts
Treasury
of tenders,
and to allot less than the amount applied for, and his action in
any
such
certificates or of gold certificates and such discounted or purchased
is eligible under the terms of the Federal Reserve Act, or, until March 3
1937, of direct obligations of the United States if so authorized by a majority vote
of the Board of Governors of the Federal Reserve System.
Federal Reserve banks
respect shall
must maintain a reserve in
price offered for Treasury bills alloted must be made at the Federal Reserve
paper as
fund
which
Federal
must
Reserve
be
gold certificates of at least 40%, including the redemption
deposited with the Treasurer of the United States, against
notes
in
actual
circulation.
"Gold
certificates"
as
herein used,
includes credits with the Treasurer of the United States payable in gold certificates.
Federal Reserve bank notes and National bank notes are in process of retirement.
be final.
particular series will
will
be
banks
Any tender which does not specifically refer to
be
advised of the
in
cash
or
subject to rejection.
acdeptance
other
or
immediately available funds
on
The Treasury bills will be exempt, as to principal and
gain from the sale
or
a
Those submitting tenders
rejection thereof.
other disposition thereof will also
Payment at the
May 13, 1936.
interest, and any
be exempt, from
Financial
Volume
142
taxation,
except
all
to Treasury
estate and
inheritance
(Attention is invited
taxes.
Decision 4550, ruling that Treasury bills
the gift tax.)
No loss from the sale
other disposition of the Treasury
or
bills shall be allowed
as a
of any tax now or
hereafter imposed by the United
deduction,
or
not exempt from
are
otherwise recognized, for the purposes
Treasury Department
the
Circular No.
of the
terms
Treasury
418,
bills
amended,
as
and this notice
and govern the
conditions
3091
all
gold to be returned to the Treasury.
Since the Order was
issued and up to April 29 receipts have totaled $141,293931.35.
Of the amount receJved during the week of April 29,
the
States or any of its
possessions.
prescribe
Chronicle
Treasury revealed, $38,343.66
gold coin and $435,180
was
fold certificates. The following is the data made available
lay 4 by the Treasury:
of
GOLD RECEIVED BY FEDERAL RESERVE BANKS
their issue.
AND
THE
TREASURER'S
OFFICE
(Under Secretary's Order of Dec. 28, 1933)
1,022,759 "Baby Bonds" Sold from March 1 to Dec. 31,
1935 to Approximately 400,000 Different Purchasers
audited
The
of
returns
sales
United
of
States
SavingsBonds, or so-called "baby bonds," available to Dec. 31,1935,
show that from March 1, 1935, when these bonds were put
on sale, to the end of that
year, there had been sold 1,022,759
bonds, said a statement issued May 6 by Henry Morgenthau,
Jr., Secretary of the Treasury.
These bonds were bought by
approximately 400,000 different purchasers, the announce¬
ment stated, continuing:
Included in
this list of
owners
Savings Bonds
were
who are
many
The bonds of $25 to $100 denominations account for
Banks and trust companies
The audited report
Most
of the
$10,000,
single
maturity value,
owner
during
same
any
time after 60
the
in
of
name
The audited report shows
that
against a gross sale to
as
United States Savings Bond
may
be redeemed
days from issue date, less than three per
cent
of
approximately $400,000,000, maturity value, sold through April 26 of this
year
had been redeemed to that date.
SALES
OF
UNITED
STATES
MARCH
1.
Week ended April 29
SAVINGS
BONDS
BY
1935 THROUGH DEC. 31,
Denominations
$300.00
Total to April 29
*
wv/
vium
ucwo
$8,500.00
2,434,620.00
267,056.00
$2,443,120.00
$268,056.00
uv-yuoncu
vvnu
mo
mew
jl uiiv
xxooaj
vuivy
wuv
v*
$200,572.69 previously reported.
Previous reference to the receipts of
our issue of
May 2, page 2922.
hoarded gold
was
made
Silver Transferred to United States Under Nationaliza¬
Order During Week of May
12,613 Fine Ounces
tion
any
period of $256,127,175, maturity value.
any
$31,510,695.35 $107,072,060.00
Received previously
1935 took the legal limit of
be registered
calendar year.
any
banks had purchased United
bonds in
may
31,472,651.69
approximately 6% of the total
1,601
$15,715,350 of Savings Bonds
public for the
Despite the fact that
at
which
Certificates
$426,680.00
106,645,380.00
$38,043.66
...
Total to April 29
in
1935.
banks buying these
these banks held
the
account for
shows that
Savings Bonds through
Gold
Received by Treasurer's Office:
approximately 72%
of the total number of bonds issued through Dec. 31.
States
Week ended April 29
Received previously
—
of
purchasing these bonds at regular intervals.
sale.
Gold Coin
Received by Federal Reserve banks:
DENOMINATIONS
1935
Number of Pieces
Maturity Value
1 Amounted to
Announcement was made by the Treasury Department on
May 4 of the transfer of 12,613.43 fine ounces of silver to
the United States under the Executive Order of Aug. 9,
1934, nationalizing the metal.
The Treasury said that
112,761,784.92 fine ounces of the metal have been trans¬
ferred since the issuance of the Order of Aug. 9, which was
given in our issue of Aug. 11, 1934, page 858.
From the Treasury's announcement of May 4 the fol¬
lowing is taken:
Silver Transferred to United States
$25
$50
217,101
161,878
356,301
129,576
157,903
$100
.
$500
__
$1,000
_.
$5,427,525.00
8,093,900.00
35,630,100.00
64,788,000.00
157,903,000.00
1,022,759
*
$271,842,525.00
(Under Executive Proclamation of Aug. 9, 1934)
Fine Ounces
Week
Ended
May
1,
1936—
Philadelphia
New York
San Francisco
Totals
'
Denver
5,816.00
4,684.25
1,130.00
983.18
New Orleans
a
Banks and trust companies.
$15,715,350.00
21,000b
1,001,759
Individuals and corporate entities
Seattle
256,127,175.00
/
Total for week ended May 1, 1936
Total
■
a
1,022,759
$271,842,525.00
The bonds held by banks and trust companies are largely in the $1,000
b Approximately.
denom¬
In the
inations.
In
made
issue of May 2, page 2922, reference was
made to
an announcement by Secretary Morgenthau on the cash sales
of the "baby bonds," (and their maturity value), from
March 1, 1935 to April 18, 1936.
our
♦
12,613.43
112,761,784.92
Total receipts through May 1, 1936
"Chronicle" of
the
to
silver
May 2,
transferred
page 2922, reference was
during the previous week
ended April 24.
Gold Receipts by Mints and Assay Offices During
of May 1—Imports Totaled $12,726,109
Week
A total of
$8,400,000 of 13^% Consolidated Debentures Offered by
Federal
Intermediate
Credit
Banks—Issue
Over-
Subscribed
A
issue of
\lA% consolidated debentures, amounting
was sold this week by the
Federal Intermediate Credit bank system.
The debentures,
which are the joint and several obligations of the 12 Credit
banks, were offered on May 5 and the subscription books
to
new
approximately $8,400,000,
.closed
the
day following an over-subscription.
Reference to a previous offering of securities by the Credit
bank system was made in these columns of April 4, page 2239.
The new \Vi% debentures, to be dated May 15, 1936,
and to mature in six months, were offered this week at a
slight premium over par value.
There is a maturity of
debentures on May 15 in amount of $2,500,000.
It is an¬
nounced that the total of debentures outstanding after com¬
pletion of the transactions will be in amount of $167,000,000.
were
week
$15,441,026.95 of gold was received during the
May 1 by the various mints and assay offices,
of
the Treasury announced on May 4.
It said that $12,726,109.15 of this amount was imports, $465,455.64 secondary
and $2,249,462.16 new domestic.
The gold, the Treasury
made known, was received as follows by the
and assay
■
v..
..
:
.^
Imports
New Domestic
Secondary
same
Philadelphia
$10,824.10
$110,384.13
11,257,100.00
New York
256,800.00
48,472.88
21.263.10
13.263.11
15,272.42
San Francisco..
1,458,185.05
Denver
New Orleans
Seattle
Total for week ended May 1, 1936. $12,726,109.15
President
Roosevelt
$465,455.64
$951.51
251,200.00
1,052,104.61
646,238.68
298,967.30
$2,249,462.16
Industrial Leaders for Sug¬
Building Up of Certain In¬
dustries with
View to
Placing Permenently In
Private
Industry Workers Now on Government
gestions
Receipts of
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 418,940.11
Ounces During Week of May 1
Offices from
Fine
various mints
offices during the week of May 1:
Asks
Looking to
Relief Rolls
At
his
total of 418,940.11 fine
ounces of silver were turned over by the Treasury Depart¬
ment to the various mints and assay offices, it is learned from
a statement
issued May 4 by the Treasury.
The silver
was
purchased by the Treasury in accordance with the
President's proclamation of Dec. 21, 1933, which authorized
the Department to absorb at least 24,421,410 fine ounces of
newly-mined silver annually.
Reference to the proclama¬
conference yesterday (May 8) President
seeking suggestions from
industrial leaders looking to the building up of certain
industries, particularly railroad equipment and housing, in
which there are possibilities for expansion.
The President
indicated that this was the purpose of his recent talks with
Walter P. Chrysler,
Owen D. Young and Bernard M.
tion
was hoped through such
substantial number of those on government
work relief rolls would be placed back in private industry
permanently.
From Associated Press advices from Washington yesterday
(May 8) we quote:
During the week of May
a
"Chronicle" of Dec.
31, 1933,
The Treasury's statement of May 4 follows:
was
4441.
made in the
1
page
Fine Ounces
Week Ended May 1,1936—
Philadelphia
166,988.84
244,500.44
San Francisco
Denver
7,450.83
Total for week ended May 1, 1936
Total receipts through May 1, 1936
—
—
418,940.11
79,698,833.95
The receipts of newly-mined silver during the week of
April 24 were noted in these columns of May 2, page 2922.
press
Roosevelt made known that he is
Baruch.
The President indicated that it
expansion
The
a
President said
It was announced by the
Treasury on May 4 that
$473,523.66 of gold coin and certificates was received by the
Federal Reserve banks and the Treasurer's office during the
week of April 29, under the Order of Dec. 28, 1933, requiring
railroad
equipment industries
were
being held
buy equipment.
He added that before adequate housing for low income groups could be
provided, construction would have to be placed on
like the automobile
$473,524 of Hoarded Gold Received During Week of
April 29—$38,344 Coin and $435,180 Certificates
the
back because railroads, heavily laden with capital charges, were unable to
The
to an
President
a mass
production basis
industry.
said
no
legislation
was
planned for this session looking
improvement in the railroads' ability to buy equipment, but that the
subject was being given much study.
As to housing, he said construction was
for persons in the medium income groups.
„
picking
up very
well on homes
But he added that
no way
had
yet been found to turn out a $2,500 home on a volume basis to take care of
a
big demand for this type of house.
3092
Mr.
Financial
Roosevelt
said
he
Chrysler
the
Regarding testimony at
on a
railroads, the President said it
question of
was not a
loans
more
on
the President smiled and said the tax matter
•
the
President
At
his
Roosevelt—Views
Committee
Senate
Bill
Housing
on
Indicated
Wagner
on
by
Bill
"must"
Senator
Wagner
formulate
to
Federal
a
subsidies
remaining
of the
in
the
to details
as
such
revised to cut
Federal
the
bill
grants for such building in
probably
by loans of
clear
made
held
very
new
housing
Mr.
Roosevelt's
announcement
which
to
Morgenthau
and
he
Jesse
after
soon
Senators
Chairman
revision
of
the
Wagner
of
in
program
It also
a
be
the
the
conclusion
and Walsh,
of
form
a
bill,
Friday
on
its
for
raising
bonds,
own
acceptable
the
to
to
to
be
future
it
would-
the program
result
the
in
that
conceded
which
by
under
the
the
Public
$125,000,000
some
been
income
from
today largely
Works
has
undertaken,
but
had
the basis of
on
loW-cost
of
thus help to
Administration
been
homes
to
and
rent
suggestion
the tenants
of
he
program,
displaced
ment
which
scattered
an
might
other
some
accommo¬
another
for
in
about
$6
Pennsylvania,
per
had
room
endorsed
was
by
Mr.
and then
Zink.
the
as
improved the government's outlay would
eliminated.
of
added,
with
had
housing
type
a
Federation
of
Labor,
through
President
carried
out
the "best thus far worked
the
Roosevelt
on
principle
of
the
He
out," and said it
Davis-Bacon
Wage Act.
Prevailing
ciated
Press
stated
that
from
issue
of
proper
people," he said.
denying
C.
Kansas
vacancies,
"getting into
Herbert
Nelson,
Estate
dwellings,
in
he
was
City builder,
and
of
that
said
the
that
carried
Chicago,
were
Wagner
testified
that
felt
there
that
the
a
Secretary
of
recent survey
the
a
the
showed
were
do
in
the
position
of
question whether this bill
we
Walter
of
Schmidt
Real
that
of
Estate
it
Cincinnati,
Boards,
would
the
decentralization
housing
and
activities
now
agencies.
opposing
is
a
the
the
rent
former
operate
as
there
a
President
was
no
"destroyer
of
the
need
of urban
the
be
the
of
the
the
urge
Asso¬
to
and
home
bill,
but
"demonstration
all housing projects
be carried
be divided, 50% to be collected
by th local government, and 25% by the
Federal subsidy to be
paid annually in the
borrowings
insured
or
provides that
private groups,
to be secured
by the FHA and sold
an
to
by mort¬
private investors,
80% first mortgage plus
a
20% equity
Co.
all subsidized
housing shall be built
on
land
not exceed those
paid in the
and that tenancy be limited to those unable to
pay an economic
suitable
suggested
until
housing.
five-year program of Federal subsidies,
the cumulative amount would be
262,000 units.
cost of
the
unsubsidized
a
these
end
of
$21,000,000
would be financed
the
five years
per year
with
a
the
increasing each
Up to 20% of
by the Federal Government.
total government
government
was
said
to
be
a
private enterprise would like to
presented
We
bill
Wagner
that
operation
Suggestions for amendments
to relieve
National
of
organizations
projects,
tuting what
said:
for
local
program
in
year
,
said
the
actually cleared of slums, that the rents shall
was
the proper solution.
that
of
effected1,
borne
RFC
His
low-rental
plan
and
be
Grimm's
on
He
in
features
decentralization
to be
Government,
slum areas,
question the direct subsidy plan."
contended
various
departments
establish¬
program suggested three forms of original
financing, none
including the capital grants and loans of the Wagner bill.
They
borrowings by State or local governments, the bonds to be secured
other municipal
obligations and sold in the regular way;
Association
that 3%
vacant, and most of them
"We
be
the
government
Mortgage Co.; and'
financing by the RFC Mortgage
was
to
for
agency
recommended'
gave
more
25%
rentals,
or
or
normal
country
National
giving testimony similar to Mr. Nelson's, Mr. Nichols
but
also
even
by State
program
was
After
areas,
the
govern¬
which led observers to believe
Grimm had
them
At
wish
supervising
Mr.
report
be
gages
sympathetic to the proposal, but that the Wagner
plan, which would advance funds to local agencies for slum clearance and1
low-cost housing, would not accomplish its
purpose.
not
full
suggested that the cost
like
apartments.
Nelson said he
verbatim
included
out.
builders
many
Boards, said that
30 cities,
almost
housing activities while
housing fund
$131,000,000 from a high point of-$329,000,000, Mr. Grimm
only $30,000,000 has been spent so far.
that
Mr.
of
overbuilt condition."
an
U.
shortage,
city where it
any
Nichols,
of
housing
a
bankrupt
subsidies
including tax exemption.
Washington, April 29, it was
constitutionality was raised by
function of government to provide houses for
"If it provides houses, why not food and' clothes?"
a
the
rent
Offers Financing Plan
Pederson, of the Council of Real Estate Associations
York City.
These advices added, in part:
not
participation,
annual
taken
was
his
on
slum-clearance program,
form
of New
is
of
Coordinating Board for Housing to handle the
his
were
advices
the
Federal
payment
of
making up the difference between the economic rent and the rent
which the tenants are able to
pay.
Local subsidies would be in any form
desired by the communities,
varying expressions of opinion
presented, some in support and
others in opposition to the
proposed legislation.
In Asso¬
bill
a
the
commended
Federal
'
the
smaller
filed with the committee,
as
throughout
that
from
At recent hearings on the bill before the Senate Commit¬
tee on Education and Labor
regarding
much
and the
Admitting the necessity of subsidy for housing to reach the lower income
brackets, Mr. Grimm nevertheless urged that the subsidy cost be not borne
entirely by the Federal Treasury, where, he said, the Wagner bill
places it.
May 5 that it is "wholeheartedly" in favor of the Wagner
The Associated Press reports Mr. Green as
describing
as
involves
discarded entirely,
out by non-Federal
agencies.
bill.
measure
the
pre¬
some
indication of the contents of his report
when he testified to the "sterile" nature of the work in the
slum-clearance
and low-cost housing field 60
far, asserting that it must be handicapped
by "fundamental defects."
Citing reductions in the PWA
accom¬
of
Federal
until it fell to
said to have informed President
was
coordinate
the
he made to the President
in
Grimm
He
Green,
and
alternative slum-clearance plan.
"Times"
from
Washington,
an
to
capital grants
in
one
projects"
American
analyze
Calls Work So Far "Sterile"
Mr.
alter
to
2423.
The
to
while
Government.
program,
failed
cities where projects
some
them
plan
all
share
urged
ciation
or
"temporary credit
a
to get the program under way, he said,
advices
program,
expec¬
houses
housing
had
allocated,
That
of
elsewhere
April 3 by
slum
Holden suggested,
the RFC
eradicate slums.
The housing bill introduced in the Senate on
Mr.
Mr.
endorsing the objectives of
April 24 opposed its financing provisions and
Federal
ment's
Senator Wagner was referred to in these columns April 11,
of Real
run
government subsidy with FHA insurance.
Morgenthau
He referred to
housing
said
average
other
or
and
working in the Treasury.
This report has not yet been made
public in full, and thus the excerpts
revealed today aroused some interest.
lending
requiring fairly high rentals.
J.
housing
pay.
in Arkansas
one
subsidy"
programs,
Grimm's
the
the proposed housing agency
potential
plished good in eliminating sections of slums in
Also
to
obligations by
decreased and perhaps
from the report
distributed
construction
be leased' for moderate rentals, and
would
usea
this,
abolition
The
money
secured by
Roosevelt endorsed
"It
rent
sug¬
April 24, said:
Ad¬
that
that
O.
the
also
Holden
which the bill would set
good1
debentures,
the
low-cost
"rent
condition
on
As
Finance Projects
to
materially the high rent situation.
J.
supplement
Mr.
subsidy."
instances,
decent
might be
housing
Finance
projects.
the
of
concealed
two
said
greatly
purpose.
provisions of the bill, with authority given to
page
should
issue with statements, frequently made at the
hearing,
enterprise cannot enter the real low-cost housing field.
Secretary
Secretary
Reconstruction
appeared probable that the Federal Government would be relieved
responsibilities
have
able
were
market for
a
purchase
Holden's
Mr.
Bonds
He
said,
point justified by probable
a
made
was
invited
Jones,
proposed $51,000,000 for this
for
he
took
cited
economic
principal alteration in the bill is expected to be the cutting of the
amount to be made available for grants, as the
Wagner bill originally
could
Zink
He
The
Mr.
of
first
private
This
which met with the President will meet again
group
complete
tation
parts—human and
subsidies would be paid to the housing authorities.
welfare agency would handle this phase and deter¬
no
tenants
sented to the committee
same
sell
should
of
without
ministration.
to
plan
rent
creating
where he
a
[May 8], and it is expected that this will be the last conference necessary
of
standards
such purchase to be in the nature of
that
Corporation.
to
the
Peter Grimm of New York, formerly a
special assistant to
conference
The
promote
at
demand.
a
whereby
would be paid by
Says Private Enterprise Can Act
the total for grants would be
would be held down to
agency,
two
Government,
dation
Agency
in any event,
while the lending authorization, probably to be vested in
low,
also
been constructed without any
New Bousing
that,
the
campaign.
what
Mr.
'AFor
subsidy
pay
government,
agencies
Federal
agency,
possible maximum of $100,000,000.
was
into
The
include
be
would!
of
Marketing Securities
local
by the
community public
The
the first year of opera¬
tion to $9,000,000 or $10,000,000, these being supplemented
It
paid
and administration
financing
as
that
reports
came
Holden
cooperation with State and local agencies.
and
State
and
his
Under
The
mine
Mr.
sources
rent
ability to
housing problem
property aspects.
future, the President went on, should iron out
near
differences
other
be
to
educational
program.
From
real
that
debentures,
for
S.
might assist local housing authorities in marketing their bonds
up,
as
program
annual
an
gested that the United States Housing Authority,
slum-clearing and construction of low-cost housing.
We
quote from special advices from Washington, May 4, to the
New York "Times," which also said:
Conferences
the
Asserting
stating
that all those engaged in the framing of housing legislation
were in substantial agreement, after many weeks of dead¬
lock, on the principles and objectives of the bill prepared
by
divided! the
Holden
As to
The President is reported
program.
substitute
Hearings
conference, on May 5, President Roosevelt,
while indicating that partial agreement on a modified lowcost housing program had been Reached, stated that the
legislation was not one of the measures insisted upon in
his
and
confine itself to the first, in
press
aspects of the bill, T.
between the economic rent and
and
social
at
that
on
government.
Mr.
Agreement
April 23,
on
the Construction League
urged that the committee abandon the capital grants
States
theories
loans
difference
settled yet.
the bill,
on
Building Congress and John H. Zink of
United
the
and
not
was
York
New
Asked whether the proposed new taxes would not further interfere with
hearing
a
endorsing the social
Although
capital structures because the railroads would be unable
of
Tentative
Schmidt
"Times":
date to the
them.
railroad purchases,
Mr.
quote the following from a Washington dispatch
we
the basis of present
houses,"
not
areas,
would deteriorate to the condition of
soon
being built for low
were
local machine shop basis, whereas they should be
Asked whether any plans were afoot to open up new lending channels
to pay
arguing that new houses
said,
present dwellings in slum areas.
volume basis,".
to the
May 9, 1936
"It's people who make slum
ownership."
question
•
The President said this illustrated that houses
income groups on a
hypothetical
local machine shop to turn out a $600 car and
a
informed around $3,500-
was
Mr.
asked
of how much it would cost
Chronicle
to
the
Senate
to
appropriation would
equity of $60,000,000.
the
"fair
see
committee
Wagner bill,
cross-section
consti¬
of
how
the bill amended," were
April 22 by D. E.
division of the Home
on
McAvoy, Chairman of th Long Island
Mortgage Advisory Board, along with general indorsement
of the measure, said advices on that
day from Washington
to the New
York
"Herald Tribune," which also
reported:
Volume
Mr.
Financial
142
his
summarized
McAvoy
to the bill
amendments
for
suggestions
United
eliminate all
To
and
ers
by Federal subsidy to existing equity own¬
mandatory to demolish in slum areas as
competition
it
make
mortgagees,
authorities under Federal
at least as are constructed by local
rooms
many
be used for parks and playgrounds.
subsidies, the excess land to
dividend
projects
not
to
of the
than 10%
more
more
effect,
underwrite to
to
Senate
of $500,000,000 the
the extent
3 that,
City Club of New York announced on May
housing committee, it
acting upon a recommendation of its
The
Commission
Amending Federal Trade
Provide Control Over Unfair
Act
to
Trade Practices
Wheeler bill, amending the
(Rep.,
read
Maine)
"Autonomy''' Is Limited
general autonomy in local government to be extended to the islands
limited,
was
Although the issue has
viva voce vote.
a
.
.
.
been specifically determined, it is said by
never
Commission
authority to declare whether or not advertising practices of the food and
drug and other industries are in the public interest.
The Food and Drug
Administration of the Department of Agriculture is said to oppose the bill
because of this situation, but
members of the proprietary industry have,
from time to time, approved FTO regulation of this branch of the trade's
activities.
bill
the
of
sponsors
that
the
would
measure
,
dispatch from Washington, May 4, to the New York
"Times" reported Mr. Wheeler as stating that the bill em¬
bodied
of
recommendations
Commission
the
based
20
on
From the dis¬
of enforcement of the existing statute.
patch we also quote:
He
Wheeler]
[Mr.
Questioned1 by
recognize
sought to aid the
the bill
6aid that
carrying out its existing
for
waiting
complaint
a
from
the public
safeguard
to
by enabling it to initiate proceedings against
firm suspected of deception
a
alleging
competitor
a
interest
monetary
damages.
Senator
as
Robinson
court
a
to
said
that
regulate
would establish
measure
as
between
far been
has thus
Commission
the
disputes
it
competitors
and
regarded
that the
new
guardian of the public interest in questions
a
involving advertising and other trade practices.
Senator
bill,
to
Austin
the
questioned
that
effect
supported by evidence,
any way
tional
to restrict the power
bill
Austin
In
times in the
would
of
fact
He asked whether this
of the courts to uphold a
was
be,
if
intended in
citizen's constitu¬
rights.
the
Mr.
appearing several
findings
Commission's
conclusive.
Upon Mr. Wheeler's
of
the language,
the
not
were
said
that he
Associated
extracts from
Interstate
assurance
intended
had
Press
an
.that these phrases
and
no
could
not
or
torial
rights,
'Washington, May 4,
analysis of the bill by the Committee on
to
believe
proposed
unfair
that
if the Commission
amendment,
and
deceptive acts and practices
should
order without
restraining
competition
and
injury
to
being
such
void
and
be
would
acts
by
the
subject
President,
to
put
to
the
necessity
reason
is
the
local
of
view
the
committee
of
amount
Federal
control
to
be
with
government would
private shipbuilders
in
collusion
private bidding,
unwilling to undertake
operating lines at
cost.
"It
or
a
build the ships,
in the
or
construction.
charged
Bill
tion
The bill would
vessels
in
Two
of
navy
event
that
The ships
either
through
then
unable
were
would
be
sold
that
this
measure
lation
to
would
private initiative did not
to
Senate
May 6, made minor changes in the
on
to $529,125,806.
appropriation
the
reducing
As
Senate the amount of the appropriation
was
cut to about $529,000,000.
Differences between the
House and Senate bills will be adjusted in conference.
The
the bill passed the
appropriation in the bill as it came from the House was $49,337,328 higher than for the current fiscal year, but $18,522,592
below
President
Roosevelt's budget estimates.
While the bill was before the House, Representative Marcantonio led
unsuccessful attempt to eliminate an appro¬
an
priation of $4,000,000 to start construction of
two capital
ships as replacements.
A motion to recpmmit the bill was
then defeated by 212 to 73.
The House
May 4 discussed a supplemental measure
auxiliary ves¬
on
which would authorize the construction of 54
over a
period of 10 years at a cost of $175,000,000. This
reported by the Naval Affairs Com¬
bill had been favorably
mittee, but a small group in the House on May 4 successfully
objected to its consideration at this time.
Washington dispatch of May 1 to the New York "Herald
A
House debate as follows:
As
passed, the bill provided for:
initial
An
of
appropriation
is contingent
on
$4,000,000
start
to
two
35,000-ton
battle¬
The laying down of the ships, how¬
of the treaty Powers laying down similar ships.
one
for construction of
84
vessels of various
laying down of 12 new destroyers and six submarines.
of 333 new airplanes.
result
up
of
Increase
with
enlisted strength
additional
500
vote
The
93,000
100,000,
to
the
on
of the Marine Corps from
with
6,000 to 17,000,
next year.
motion
to
recommit
was
the only
record vote of
im¬
portance, the final vote on the bill being a voice vote.
defeating efforts to strike out the appropriation for battleship replace¬
In
House
the
ments
bill
acted
deference
in
The provision
Roosevelt.
to
the
express
for the two capital
ships
wishes
President
of
written
was
into
the
Committee after it had received a letter from
William H. Standley, Chief of Naval Operations, who insisted that
by the Appropriations
Admiral
if
treaty Power increased its capital ship strength, this country would
any
have
to
replace
26-year-old
the
New
York
and
Arkansas
to
retain
its
ships,
the
ratio.
in
the
strength from
enlisted
Navy
3,000 additional next year.
Democrat Assails President
For
build
the
in
Increase
or
Guffey's ship subsidy legis¬
appeared in these columns Feb. 29, page 1386.
and the Senate have
the Navy appropriation
the
measure,
his
President
crat
Mr.
Senator
Defeated
Conference
bill for the next fiscal
year, the House, without a record vote, having passed the
bill on May 1, the Senate adopting it yesterday (May 8).
As passed by the House, the bill carries $531,068,707, the
largest peace-time appropriation for this purpose in the
history of the United States.
The measure was favorably
reported
by the House
Appropriations
Committee on
April 30, and was passed by the House with little debate.
The
Senate Appropriations 'Committee, in
reporting the
to
country's merchant marine.
Earlier reference
yet
Construction
yards if there appeared
private companies
to
of Representatives
the House
Both
Battleships
New
Goes
House—Measure
approved
The
provide for charter to private operators of governmentthe
not
Carrying
Construction
in
government ownership," Senator Guffey declared.
owned
managing
are
types.
discount of not more than 33 1-3 % of the construction
erroneously
of
islands
Retford Peace-time Naval Appropria¬
$529,000,000—Protest Against
Passes
Congress
present
been
the
tinuing expenditures of Federal funds to subsidize the local government."
Ship
.j
has
capable
are
Hence, it has been necessary to provide for
over
local affairs commensurate with con¬
ships to cost a total of $102,000,000.
competition.
May 4 Senator Guffey (Democrat) introduced in the
Compromise Ship Subsidy bill, in an endeavor,
it is said, to break the deadlock which has blocked all ship¬
ping legislation since the House passed a subsidy bill last
Spring.
Advises to this effect were contained in a dis¬
patch from Washington to the New York "Times" May 5
which in part also said:
contract
they
that
"Unfortunately,
added.
he
affairs,"
economically self-supporting.
establishing
Senate his
the
of the Virgin Islands are literate
"the inhabitants
King said that
"It
it could issue
of
Guffey Introduces Compromise
Subsidy Bill
bill
the government
loyal citizens of the United States."
their
On
the
Governor,
by the
veto
would
as
Appropriation of $168,500,000
Under
would
Act of the Territorial Legislature.
any
Mr.
ever,
Senator
municipalities
Tribune" summarized the naval appropriations bill and the
have
being engaged
are
in, and that it is in the public interest that they be stopped,
its
One would take in
The 16 mem¬
sit as a terri¬
local units.
as
Thomas and St. John.
these
of
legislature.
sels
measure.
from
Commerce^ was given, from which the following
the
Councils
who would be
Secretary, second
ranking administrative officer.
The Legislature, however, could pass Acts
over
the Governor's veto by two-thirds vote, but the Act could then be
voided by the President.
Power would also be reserved to Congress to
is taken:
Under
up
Croix, the other St.
local
the
appointed
other provisions
any
nullify constitutional
objection to the
advices
legislative
because the govern¬
precaution was taken
this
that
municipalities would be set
of
bill
he declared that the chief aim was to
responsibility
the Commission's
without
Commission in
powers.
Senator Copeland,
the three local
the power of
concerns
expected to be self-supporting.
the Island of St.
bers
as
King said
not
are
the
in
invest
A
years
far
as
to incurring bonded indebtedness.
bodies,
not offer an objection when the
questioned the bill's integrity, but did
presiding officer called1 for
which
short prepared statement in
a
bill
King said in explaining the bill.
an
May 4, the same advices stated that:
Senator White
effort at reform growing out of the Senatorial
an
of the Governorship of Paul Pearson, who was later
year
passed today was the extension of
the three islands.
Under Danish
law, which prevailed in the 20 years under American sovereignty, property
qualifications limited the number of voters to 800 or 900 people, Senator
Their
Federal Trade Commis¬
sion Act to provide control over "unfair or deceptive acts
and practices in commerce," was passed by the United States
Senate on May 4 without a record vote.
The proposed legis¬
lation, according to the Washington correspondent of the
New York "Journal of Commerce," is designed to widen the
Commission's regulatory powers and invest in it authority
to administer various provisions of the food and drug laws.
Adding that the measure met little opposition during debate
he
represents
suffrage to the inhabitants of
Senator
Bill
Wheeler
Passes
Senate
dispatch from Washington, May 4,
a
"Times" said, in part:
outstanding feature of the
universal
Two
on
Virgin Islands was passed by the United States
May 4 without a record vote.
With regard to the
measure
ments
The
Islands
removed, and succeeded by Lawrence W. Cramer.
indorsed the Wagner Housing bill.
had
on
investigation last
The
The
Establish
to
designed to establish a permanent form of govern¬
90% of the cost.
represent
Bill
Approves
ment in the
The
agencies.
capital for
national mortgage associations, thus to provide financing for private enter¬
prise to erect small homes, under $5,000 in selling price.
This financing
should be at interest not more than 4%%, including insurance, servicing
and all surcharges, to amortize over a period of 25 years to 30 years, and
In
A bill
to the New York
strictly to local authorities' decisions.
substantially the $25,000,000 restriction on loans to limited-
confining 90% or
raise
To
"demonstration"
the
limit
To
Senate
provisions of the bill,
Limit "Demonstration" Projects
program,
States
Permanent Form of Government in Virgin
follows:
as
3093
Chronicle
to
of
Ditter
the
in
part
was
taken
bill
said that
"not
Administration
as
the
forcing
to
Pennsylvania.
task
A
by
Representative
the provision
a
through
result
the
of
for
appropriation
member
of
J.
the
capital
William
appropriations
for the two battleships
any
naval
the
testimony but
establishment."
at the
Ditter,
Demo¬
subcommittee,
had! been added
request
"Pacifist"
of
the
Democrats,
Financial
3094
the
said,
legislator
Navy
would
have to
responsibility for
assume
such
large
a
As to the Senate Committee's action we quote the follow¬
ing from the Washington account, May 6, to the New York
"Times":
virtually
was
motion
by
included
Senator
by
the
opposition to the measure in the committee.
no
Nye
The
committee
the
two
vessels,
for
replacements for over-age
that the President shall
capital-ship-replacement construction is com¬
of the other signatory Powers to the Treaty for the Limita¬
to be constructed
menced
any
by
tion and Reduction
The
effect
that
fact
a
Armament signed at
of Naval
the
of
as
"only in the event
might be undertaken
as
record vote.
a
slightly amended the language of the House bill to read
capita] ships,
determine
A
strike from it the conditional authorization
the construction of two capital ships was
to
House
overwhelmingly defeated without
that
May 9, 1936
Representative Bankhead, House majority leader, that
told
lump-sum appropriation to be
administered by the Works Progress Administration, rather
than a series of definite allocations.
It was said in Wash¬
he would continue to urge a
appropriation.
There
Chronicle
Secretary of Agriculture Rexford G. Tugwell, would be
sharply curtailed.
In reporting that the Republicans met in conference at
night May 6 to discuss their plans and to exchange ideas on
the amendments they will offer, a Washington
dispatch
under date of the 6th to the New York "Times" said:
Byrnes explained,
to give the President the responsibility of determining that
Power was
proceeding with replacement construction.
The
would have left the question of determining indefinite.
merely
was
signatory
House bill
a
between Chairman Buchanan of the Appropria¬
A tentative agreement
London, April 22, 1930."
inserted, Mr.
language
ington, however, that a tentative earmarking of the funds
by types of work relief had been made, under which the
Rural Resettlement Administration, headed by Assistant
tions
York,
of New
Taber
Representative
and
Committee
its
ranking
minority member, was reached by which aU points of order against the
bill will be waived by unanimous
Advices to the
consent.
same paper
May 7 referring to
the intro¬
duction of the bill in the House said in part:
Calling for Creation of House
Activities of Government
Agencies with View to Eliminations or Coordination
Committee
On
Study
to
April 29 tlie House of Representatives passed, by a
vote of 269 to 44, a
resolution directing the Speaker of the
House to appoint a House
committee of five to make a study
of the activities of the executive
with
agencies of the government
view to determining whether there is any
a
the interest of efficiency or
and whether in
should be coordination
duced
eliminations.
or
overlapping
The resolution, intro¬
(Democrat) was given
right of way in the House on April 24 by the House Rules
Committee.
A similar Senate committee, under the chair¬
by Representative Bankhead
manship of Senator Byrd,
in
accordance with
issue of March
7,
named several months
was
referred
Senate resolution
a
page
to
ago
in
our
In the House, on April 29,
1566.
leaders
immediately
began
hours'
seven
general
debate,
which
agreed upon, with the Republicans attacking
sides have
both
on
the administration of relief.
Meanwhile, the administration leadership dealt a defeat tonight to the
House bloc which has been demanding the earmarking of from $400,000,000
$700,000,000 of the relief appropriation fdr the Bublic Works Adminis¬
to
70 to
Democratic caucus vduch the bloc had forced, voted
when the
tration,
against
53
An effort
be
caucus
$350,000,000
to
Debate
admitted that they
by the Works
.
reduce the amount of funds
compromise\was
,
defeated in the
•"
.
The Republicans,
desultory.
the first day was
the bill for
on
a
specified $700,000,000.
the call for the caucus
while attacking Mr.
as
I
.
made by the leadership on the ground that
point of order
a
on
L^ Hopkins.
the part of the PW<A bloc to
on
earmarked
The bloc started its
expenditure
all intended for
is
money
Progress Administration of Harry
to
I
amendment for the purpose.
an
because the
fight
there
economy
House
The
House Passes Resolution
Hopkins and the entire relief set-up and administration,
would probably vote for the measure for lack of anything
However, several amendments were forecast, one to abandon the
better.
work-relief
States,
the
the job back to
policy and turn
with
Federal
during the consideration of the House resolution, Mr. Bank-
assistance: one to take off relief rolls aliens illegally in the country, and
head called
one
attention
to
letter
a
President Roosevelt
from
Speaker Byrns, mentioning the appointment of the Senate
committee and suggesting that the House likewise create a
similar committee, the President at the same time indicating
that he planned
confined themselves in the main to praise of the relief policy and insistence
the
on
less
Reference to
to name a third committee.
"take politics out of relief."
to
Republicans did not appear eager to discuss the bill, while the Democrats
to
The
fifty members were in the chamber.
estimates.
the fiscal year
Snell, Republican leader, commenting
on
He
[Representative Snlel]
been
mittees
referred
and
Senate
the
cannot
"The
committee
the
on
Administration
is
committee," he went
work
on
same
sympathizers to
recently by
Senator
excuse
President
He
Roosevelt
Virginia, both of
and overlapping agencies.
for having three groups
working
The
you
bound to
are
enough
get
situation—you won't get
any
This
The
he
appropriations for
was
made, according
because of increases in the Civilian Conservation
budget estimate of $246,000,000 to $308,000,000 as result
a
ended
fit.
It
in
their present
compromise with the White House under which
a
be kept at 350,000 instead of the 300,000
their
will go to Mr. Hopkins almost to use as
the
in
sense
that
up as
information of
and
$171,000,000,
$156,750,000,
recreational
or
of work-relief
follows:
Highways, roads and streets, $413,250,000
Public buildings,
types
However, the bill provides a 15% leeway in
pursuance.
general earmarkings, set
Parks
ten
and amounts "not to exceed" a certain figure are set
are set up,
for
sum
earmarked
is
Public utilities,
or
facilities,
or
29%.
11%.
$156,750,000,
or
11%.
including sewers, water supply, airports and so forth,
12%.
Flood control and conservation measures,
$128,250,000, or 9%.
"White collar" projects and women's projects, $85,500,000, or
on
Miscellaneous
$71,250,000,
or
work
5%
projects and
the
6%, each.
National Youth Administration,
each.
Rural rehabilitation and relief to farmers, $85,500,000, or 6%.
vote of 243 to 98, the House on April 29 tabled a
a
for
the relief appropriation
in
cut
$1,425,000,000 relief
sees
projects
House Tables Resolution Requesting Transmission to
By
is
1935.
which the budget estimates envisaged.
value."
by President of Report of General Johnson
WPA Work in New York City
$2,289,008,060
1937; $74,218,730.41 for the fiscal year 1936, and $1,002,-
the strength of the corps will
New Deal
It
sum,
of Congressional pressure for maintaining the camps at near
level.
aside
from the
come
entire
$75,000,000
Corps from
"But getting three separate committees at
on.
the
to the committee report,
Byrd of
afraid of the results that might
the
in view.
end
same
com¬
jobs," Mr. Snell chided the majority.
proposition
confuse
by
expenditures
same
Byrd
the
headed
reasonable
a
before had three separate
work with the
same
Federal
give
time
same
in the
never
special commission named
studying
are
"You
at
the
to
the
which
engaged
said that
Of
922.12 for the fiscal year
the three commit-
tes, was reported in a Washington dispatch, April 29, to the
New York "Times" as follows:
is $23,859,268.38 below the budget
total appropriation of the bill
the
in
appointment of this committee by the President appeared
these columns March 28, page 2082, in which also was
given the President's letter on the subject.
Representative
During most of the afternoon
importance of the appropriation.
than
resolution requesting the President to transmit to the House
the
report
submitted to the Administrator
of the
Works
Progress Administration by General Hugh S. Johnson
completion
latter's
of the
WPA for New York City.
from
tion
executive
sideration
term
as
Administrator
of the
the
resolution
April
on
29,
the
con¬
the committee's
report stating that its action in advising against the passage
the resolution was based on the following letter from
Harry L. Hopkins to the Chairman of the committee, Repre¬
of
sentative
Cochran:
Works
Progress Administration,
Washington, D. C., April 28,
Hon.
John J.
Member
sent
me
and
cooperation
laboratories, &c., with
respect to the use of bituminous and anthracite coal.
As
reported in United Press advices from Washington, May 4,
the Bureau, under the provisions of the measure, would
investigate with a view to determining:
number
of
had
1.
an
of Congress, Washington, D. C.
In
this
subjects.
General Hugh S. Johnson
:
memorandum
This
expressing his
memorandum
was
sent
on
Oct. 26, 1935,
personal
to
me
views
after
on
a
General
resigned from the Works Progress Administration.
memorandum
are
a
number
of
references
to
individuals
Very sincerely
Deficiency AppropriationfBill
in
Carrying $2,364,229,712
House—House
Committee
Cuts
$75,000,000 From Relief Funds Asked by President
Roosevelt Fixing Appropriation at $1,425,000,000—
Allotment for
Rural
Resettlement Administration
Lowered
President Roosevelt's request for $1,500,000,000 for relief
work in the 1937 fiscal year has been cut $75,000,000 by the
Appropriations Committee, it revealed on May 6.
appropriation is carried in the deficiency appropriation
bill introduced in the House on May 7, calling for total
appropriations of $2,364,229,712.
On May 6 the President
The
of
own
initiative and in
State institutions,
"a
commercial
practicable
or
so
as
carbonization
method
of
to convert such coal into
all-purpose fuel."
Developing of efficient methods,
equipment, &c., "for burning lignite
char."
3.
Determining
for electric power
or
developing
methods
for
efficient
use
of
such
coal
generating purposes.
Intimations
at
Senate
Modification
yours,
HARRY'L. HOPKINS, Administrator.
House
Development
its
on
individuals,
and
agencies outside of the WPA which are of a private and confidential nature.
Introduced
experiments
with
processing sub-bituminous and lignite coal
confidential
Johnson
passed by the House of Representatives on May 4
the Bureau of Mines to conduct investigations
authorizes
1936.
Cochran,
Congressman Cochran
a
Bureau of Mines to
Experiment with Respect to Use
Authorizing
of Coal
A bill
2.
Dear
Bill
Passes
Investigate and
An adverse report on the resolu¬
the House Committee on expenditures in
departments was read in the House during
of
House
upon
of
Committee
Pending
Hearing of Possible
Bill—Senator
Revenue
Connally Asks Treasury Estimate on Yield of 12%%
Corporation Tax and 12%% on Undistributed
Income—Secretary Morgenthau Replies to G. O.
May on Overestimates of Revenue Under Bill—
Business Leaders See Measure Retarding Recovery
—Views of A.
B.
A.
The
possibility of material changes in the Administration's
revenue bill, developed during the hearing on the measure
before the Senate Finance Committee on May 7 (the hearings
were concluded
May 8), a dispatch from its Washington
bureau to the New York "Journal of Commerce" having the
following to say, in part, in the matter:
While concrete evidence is
istration embraced
in
the
lacking that the entire plan of the Admin¬
Doughton tax bill will be scrapped indications
Volume
were
more
Financial
142
today
apparent
than
at
any
before
time
members of the committee are looking at the proposal
and
are
only
on a
inclined- toward retention
of the present
to the Committee
and
heretofore, through
mittee
has
out in dividends or suffer
his
was
Senator Tom Connally (Dem., Tex.),
questioning of witnesses
Com¬
before the
of his support for the measure in its
given every indication
present form.
requested the Treasury
Department to furnish the committee with estimates
on
probable yields
which would lower the present corporation taxes to the
program
flat rate of 12 K % with an
additional flat tax of 12 M % imposed upon that
portion of income retained for surplus or reserves.
of
(Dem., Utah), previously announced that he was in favor
corporate tax principle at possibly higher rates
retaining the present
together with
taxes
in
Order
raise
to
between
deemed necessary by
Two
"Herald
York
$900,000,000
against corporations
of new
Treasury's
figures which might be withheld.
own
think
the
Commissioner
of $4,500,000,000,
figure
interprets
it,
when interpreted
even
overstated,"
greatly
is
careful study of Treasury figures,
the
as
May said.
Mr.
stances of the year
law
1936 if it be regarded (as we are entitled to regard it)
indication of the permanent increase in revenue which the proposed
an
is
expected to produce, the overstatement becomes larger and even
apparent."-
more
Frederick
that
Sargent
relief be given in the
some
on
Tax Bill
President of Chicago & North Western Railway, urged
Sargent,
their effort to get out
the domestic corporations in
tax bill to
from under bankruptcy
He pointed out that
or
receiverships.
under Section 105 of the bill-net income of every
Senator King, viz: One to raise existing corporation taxes
and income taxes and the other to adopt an undistributed
corporation in receivership or bankruptcy is subject to a tax of 15%
income tax only as a
to
low-rate experimental tax.
Another
proposal before the Committee is to decrease the rates of the
House bill running up to 42%% by substituting a scale
ranging downward from 25 to 18% of total net income, with
From the
the lower rates obtained if income is distributed.
advices
same
take the following:
we
of simplification.
purpose
It
was
the
disturbed by the
rising insurgency of his colleagues.
at¬
National Association of Manufacturers. Noel Sargent, econo¬
receivership and bankruptcy cases does not apply from date
made applicable to
the corporation.
Sargent proposed that the tax bill be amended so as to continue for
period of five years after a company in receivership has been re¬
a
"It would help to remove
organized the application of the 15% tax rate.
otherwise almost impossible situation with relation
an
such relief I
some
of reorganization
process
Impossible handicaps,
am
will
to reorganization.
frank to confess that railroads now in the
under
be
serious
very
if not
handicaps,
against those railroads that may be in a comfort¬
as
able position with relation to
at
"regimentation" of the new pro¬
of reorganization through court
He pointed out that the provision of the bill giving special
procedure.
"deliberate economic planning" and the
They protested its complicated character, its increase of tax in¬
process
of reorganization because the full tax schedule is then
mist, of the association, and James A. Emery, general counsel, attacked the
posal.
of
provided in the bill, but that there is no relief
corporations in the
treatment ot
Without
Opposition to the bill was intensified today with a comprehensive
tack by the
domestic
say
reported that he
was
net income in excess of credit
Mr.
Senator Harrison is also working on a revision of the House bill, with
A
the definite con¬
he said, "leads me to
clusion that the figure is excessive even as applied to the special circum¬
taxes
have eminated from
The difference between the two
repealed.
were
Treasury in taxes under existing law leaving $3,400,000,000 by the
Fred
Tribune"
under existing law during
Secretary said that $4,500,000,000 would be withheld while Com¬
to the
the President.
plans, according to the Washington account, May 7,
the New
to
$800,000,000 and
the amount of earnings
on
stockholders
estimates, according to Mr. May, is $1,100,000,000 which would be paid
boost in the surtax and normal rate on individual incomes
a
Morgenthau
Treasury
missioner Helvering said such an amount would be withheld if the present
as
Senator King
direct conflict between estimates presented
by Commissioner of Internal Revenue Guy T. Helvering
Secretary of the
"I
He let it be known to reporters today that he has
a
a
the current year.
Questions Bill
almost all their earnings
pay
3095
May also pointed out
The
to
imposition of high tax rates
under
Mr.
corporations would withhold from
latest to question practicability of the theory of the bill of forcing
corporations
who,
with a critical eye
corporate tax principle
modified scale.
Connally
P The
the
Chronicle
conservative
that
surplus, and that could afford, for a while
least, though even then not permanently, to pay out a large percentage
of net income in dividends," Mr. Sargent said.
equities and its uncertainty of revenue proceeds.
of
Criticism
/
The Senate committee today received the first statement of the American
Banking Association
favor of the
on
the pending tax bill.
The A. B. A. declared in
15% preferential tax rate which the bill gives to banks, but
asked that the bill be revised to exempt bank dividends from the normal
individual tax of
The A. B. A.
4%.
pointed out that the country's banks
$878,000,000, and that this
owe
the government
could be paid only through accumulated
sum
through sale of stock to residents of the community in which
earnings
or
the bank
operated.
difficult, the A. B. A. said.
Everything should be done, the bankers
attractive in order that the government
might be repaid for its stock.
of the normal income tax
Bankers'
The
holding
The conclusion
was
that initial imposition
bank dividends would be undesirable.
on
Association
also
protested the
provision of the
company
bank
were
pending bill,
severe
tax
rates
are
of the
pointing out that
holding companies having deposits of $5,000,000,000.
holding companies
pluses,
it
was
continued its
there
These
pointed out, and the A. B. A.
re¬
M.
L.
described,
of
Mississippi,
a
letter to Senator Pat Harrison, Democrat,
Chairman of the Committee, admitted that
whiqh he made before the Senate
biguity.
Mr. Morgenthau
a
on
an
am¬
by George O. May,
many
the
pending tax bill would not increase the
under
existing
law,
Treasury estimate
Mr.
was
Mr. May's contention that
would be
Treasury wrote to Senator Harrison
be
"Yesterday part of the statement which I made before your Committee
April 30 was challenged.
The particular part of the statement was
year 1936 will be withheld from stockholders, and that if this income were
fully distributed to the individual owners of the stock represented in these
corporations the resultant yield in additional individual income taxes would
be about $1,300,000,000.'
"I can see that the phrase 'withheld from stockholders' was possibly open
to misunderstanding, inasmuch as the figure $1,300,060,000 was arrived at
after we had deducted from the $4,500,000,000 an amount equal to the
existing corporation taxes.
,
"What I have just said about a possible ambiguity in the use of this term
relates to one of my arguments on the merits of the proposed corporate
tax, not at all to my statement of the Treasury's estimate of what this tax
would yield.
That estimate is $623,000,000 additional revenue."
May, whose statement was made before the Com¬
May 6, said that on the basis of Treasury figures
on
added
which President Roosevelt seeks might
be produced under existing corporation taxes as a result of
the increase in business and the increase in the amount of
dividends being paid out.
Testimony on May 6 was sum¬
the
marized
the
as
revenue
follows in
a
Washington dispatch of that date to
"Wall Street Journal:"
Seidman said:
instances in which the corporate structure
Our laws,
in
the
encouraged such
past,
On the other hand, there must be numerous in¬
corporate structures of this nature are necessary and
conduct
of
This
businesses.
large
certainly
is
true
operations extend into many States and are thus subject to
however, that the elimination of all Buch
and that it is the government's business to so
Assuming,
is desirable,
no
justify their existence before
opportunity to
an
they
summarily
are
con¬
demned."
George C. Haas, Treasury Director of Research and Statistics, brought on
himself
better
that
unfriendly questions from Democratic Senators when he tried
some
the
refute
to
theory that
the
F.
in
Democrat of
George,
been
surpluses had
payments
the
House
bill gave
that
indication
income
Georgia,
said
the
Senate
to
raise
about
on
he
At
point
one
believed
it
was
stress the fact
and) to
in that direction.
concessions
tax, simplified
used to maintain
depression.
concede the need for reasonable surpluses
alterations
with
corporate
dividend
and
Walter
to
committee
would
stick
the groundwork of the
$380,000,000
more
by the undis¬
House bill and
revenue
over;
a
three-
period, the second alternative tax plan from a committee member was
Senator William H. King, Democrat of Utah, suggested
corporation tax rates and increasing personal income
an
$800,000,000 tax bill.
Robert M. La Follette Jr., Progressive of Wisconsin, had previously
increasing
follows:
on
Mr.
Mr.
to another,
many
presented today.
as
the following: 'The Department has also estimated that under the present
law more than 4H billion dollars of corporation income in the calendar
mittee
place severe tax
rates without credit for passage of the
occasion for any such strong-arm methods as
I submit that if such holding companies are to
penalized for living, they ought to at least be given a fair trial, and
year
Letter to Harrison
The Secretary of the
high
proposed in this law.
are
With
revenue
at
are
legislate, there is surely
tributed
that $623,000,000 of additional
of
dispatch
Washington
a
provision of the House bill would
cases
simplified.
laws.
corporations
that might be expected
obtained under the proposed new tax.
be
the
in
State
Morgenthau's letter simply reiterated that the
revenue
in
follows
as
company
which
invaluable
where business
Senator
answer to
Board
structures.
in
stances
guilty of an "obvious and serious misstatement of feet."
Treasury would make comprehensive
one
should
and
employment
had been given the impression that the Secretary of the
certain
from
nationally known statistician, that the Secretary of the Treasury had been
While reporters
York
holding companies through provision to tax inter-corporate
many
in
complicated
statement
Committee may have included
was answering a charge
part,
"Presumably, there
can
SeCTetary of the Treasury, in
in
Pointing out that a
income
of
New
the
date to the New York "Herald Tribune":
that
burden
somewhat similar request with regard to national
Herny Morgenthau, Jr.,
representing
affecting holding companies in a "virtual death sentence,"
a
Talk of extensive changes in the tax bill came as
Seidman,
imposed without public warning.
His testimony, and that
of other witnesses before the Committee, on May 1, was
as
reporting a reply made by Secretary of the Treasury
Morgentkau to the contentions of George 0. May, Senior
partner of Price, Waterhouse & Co. that the Treasury has
greatly overestimated the amount of new revenue that
might be produced under the bill and has underestimated the
amount that might be raised under the existing law, the
dispatch from Washington (May 7) to the "Herald Tribune"
from which we have already quoted, stated:
.
Trade, told the Committee on May 1 that the tax provision
by law, be considered
In
the measure which has already
on
Most of these critics agreed that the bill
business and would fail to produce the
of revenue calculated by Administration spokesmen.
amount
ministration also made
The Federal Housing Ad¬
hearings
financial
that body
hamper
dividends
mortgage associations.
the Senate Finance Committee, as
2926-27)
pages
would
quested that the income of bank holding companies, required to be withheld
distributed income.
bill, pro¬
passed the House (as described in the "Chronicle" of May 2,
required to retain a certain amount of net income
under existing Federal regulation,
revenue
new
by industrial and
this week
voiced
was
leaders before
Because of the low earnings of banks, sale of bank stock
declared, to make bank stocks
was
Administration's
the
viding for graduated taxes on undistributed corporate sur¬
Gets Bankers' Views
present
taxation in
Senator
the
lower income brackets to create
suggested a similar broadening of the income tax base.
Senator Pat Harrison, Democrat of Mississippi, on whose shoulders falls
the burden
of
his
to
increase
that
of
making
chairmanship
the
up
of
the
revenue
deficiency in the House bill because
the committee, remained
secretive
as
to
his, plan
the yield
Senator,
of the House bill.
It is reliably reported, however,
with other majority members of the committee, is not
friendly toward temporary processing taxes, suggested by the White House
and
Henry
Morgenthau
Jr., Secretary of
the
Treasury.
the Chamber of Commerce of the
United States were the principal witnesses before the com¬
mittee on May 4.
They included Fred H. Clausen, Roy C.
Osgood and Ellsworth C. Alvord.
All had appeared before
Representatives
of
the House Ways and Means
headings
Senate
on
the tax
Finance
'Committee
issue of the "Chronicle."
bill be scrapped
program
prepared.
for
Committee when that body held
Their testimony before the
measure.
is
described
elsewhere
in
this
They recommended that the entire
and new taxes be postponed until a sound
both expenditures and revenue had been
Chamber
revenue.
representatives had directed many arguments
in
His remarks were noted as follows in a
the Senate.
motion
Senator
of
of Democratic
the
suggestion presented.
Other
witnesses
Flint
Garrison
—r*—
tute,
who
floor
asked
in
John J.
Watson
Corp., who
used
to
the
of
section
intermediate processors,
of New
pleaded
the
exemptions
Gerrity of Washington, representing the National Association
of
Building Owners and Managers, who wanted a clarification of the
definition
of "personal holding"
companies so that real estate operators
mittee
would not fall
Senate
of
W.
Hardwick
who
manufacturers,
turers
to
ments
on
Isaac
asked'
appeal
that
wanted
way
of
paper
a
law
be
grocers
permitting
committee
extend
associations and
radio
to
tax as is
given to
now
news¬
the
ditional
interest
should
revenue
income
sonal
of
sound
government
be obtained
taxation.
A
to
the "Herald Tribune"
as
financing
those
labor
ad¬
May
He
the
be
medicine,
in
did
but he
said
New
of
undistributed
an
those
with
that
small
that
event
produce
graphic
Nation
higher
tax
$800,000,000
an
story of
under
the
ministration
Institute
this
York
in
income
class
opposition
tax
on
to
Action
corpora¬
"must
the
insurance
pay
lower
income
been
by
Packers,
of
processing taxes,
unpaid
which
that
the
Woods's
from
Whitfield
meat
Woods,
packers of
the
of
Woods
of
Mr. Woods told
by
President
listened
obtained
with
Court
the
attention
windfall
While
of
to
con¬
made
which
Finance
an
or
decision.
almost
for
tax,
downward
Committee,
"exceptionally
gave
two
revival
a
To
It
is
over
hours,
of
had
he
trend
of
of
The
that
fine
he
volunteered
statement
his
of
the
Senate
three-year
committee
period
to
the
must
add
bill
tax
levies
to
declined
to
comment
the suggestion
on
of
the
Mr.
in
The committee's
executive sessions,
plans, Senator Harrison
which
tiiis
recapture
Senate
would
levy
by
of
Macon,
that
proving
representatives
of
said,
the
an
the
take
trading
Cotton
example
tax
it
of
windfall
tax
lar
specific mill which would need
a
owed.
Even
after
this
gigantic
years
occasioned
not be
to
of
program
that
the
former
has
forecast,
had
tax
careful,
substitute
to
income tax levy.
New York
conclusion
revenue.
a
It
given
the directors
believe
was
of
most
existing
corporation
taxes
said,
the
undis¬
pointed out that the Merchants Associa¬
be
"such
avoided.
as
the
Association
stronglv
that
"With
Secretary
deficits
of the
recognize the
Federal
need
expenditures
exempt municipal
Exchange
Agreement to amend the bill in this particu¬
6
May
on
at
conference
a
of bankers and
representatives
between
municipal
the
bond
the
conference,
at which those in
attendance
the
Investment
Bankers
Association, and Paul Betters of
of Mayors, the SEC, accord¬
ing to advices from Washington, May 6, to the New York
"Times," agreed to recommend recasting the contested sec¬
the United
States
Conference
tion of the bill to read
(c) No broker
or
i
follows:
as
shall
dealer
instrumentality of interstate
induce
purchase
bankers'
national
other
the
sale
acceptances
securities
define
or
such
of,
of
means
the
mails
of
or
any
to effect any, transaction
(other
security
any
contrivance.
terms
of
use
commercial
or
exchange by
fraudulent device
regulations
or
make
commerce
bills)
any
otherwise
manipulative,
The Commission shall
for the purposes
means
in,
or
commercial
than
than
on
deceptive
a
or
by rules and
this subsection.
of
by
Admin¬
an
to
on
that
pal Bond Dealers Association; Orrin G. Wood, President of
It
accurate.
long study to the proposed tax bill,
experimentation
Treasury official
They
for
bill
stated
was
Washington
Myron Darby, President of the New York Munici¬
another eight years to check the result,
considered argument against the
It
At
was
stated in the "Times" advices that:
Representative
at
gave
the
passed by the
regulations for
included
Textile
seven
task,
he said, the result would
government auditors
Ballantine
tributed
and
Com¬
houses.
be
Institute,
Foreign
was
new
advices from
has amended
reached
was
paper,
Textile
which
securities.
over-the-counter
Commission.
House
administratively impossible
was
and
bond issues from the judisdiction of the Securities
Ballan¬
would
in
Committee
the
Interstate
on
May 7 in Associated Press
raise
said.
istration
30-hour week bill
a
Amendments to Securities
The bill,
to
Ga., representing the Cotton
the
wording of the House bill,
Mr.
for
out
come
April 24, would also provide
on
or
Russell,
would
believe the
to
reason
May 7 the bill extending indefinitely
for unlisted securities on registered
privileges
exchanges.
The
expected to begin immediately
are
on
securities
case."
which
Committee
approved
trading
Tax Called Impossible
compute
every
he added that he could not attempt
Committee Approves
'Mr.
that
Institute.
by citing
he had
work week,
adjourns.
House
merce
SEC
taxes.
about
Wash¬
Regulations Also Proposed for Over-Counter Trad¬
predicetd close of public hearings on Friday.
At today's session, the Senate committee also heard the
constitutionality
of the windfall tax on processors attacked
by a Western lawyer and a com¬
prehensive argument against the general policy and the complicated char¬
Scott
House
from
advices
meat
the
acter
the
ing—Exemption of Municipal Issues
the
been previously indicated, however, that the Senate com¬
particularly friendly to income tax increase or to temporary
not
out
after
tion
shorter
a
Congress
processing
statement, Senator Harrison said that he believed that
by the President should be fully met in the final
a
Harrison
processing
worked
Press
Connery
P.
of
Act
Extending
Indefinitely
Unlisted
Securities Trading on Registered Exchanges—New
passed last week.
mittee
con¬
Exchange
a
no
that
means
$380,000,000
he
favors
said
Connery
Representative
House
through
processors
court
requested
revenue
tine.
William
Chairman
Associated
whether the White House
say
before
invalidation
part of the industry."
graphs showing the
In his first formal
It
Representative
to
Massachusetts,
of
company
how hundreds
Supreme
through
rapt
80%
considerable
a
Senate
had
Senator
Legislation to Establish
by Representative
on
Doubted
the present session of Congress is
as
Committee.
President
a
indication of the committee swerving away from
either the undistributed corporate income tax or the windfall
tax, both
of which were advocated in the President's tax
message of March 3.
the
Week
ington, May 4, said:
the
of
By actual
over
"unjust enrichment" of the
taxes
prospective
Senator, however,
set
far
so
according
Labor
packing
and his pictures of plants curtailed
by unfavorable business con¬
ditions, attributed to the old AAA, to the drought and to a consumers' meat
strike so impressed Senator Pat Harrison, Democrat of
Mississippi, Chair¬
bill,
Work
(Democrat)
the
Adjustment Ad¬
concerns.
took
government
bankruptcy
Current Session
at
dead,
as
business
man
indicated in
as was
3950.
page
Legislation to establish a 30-hour work week is regarded
ment,
the
representing 600
the
where
case
saved
"would ruin
Mr.
Senate last August.
the
*
and
committee,
taxes,
his contract.
cerned, unless President Roosevelt specifically asks enact¬
struggle
William
Meat
a
decried the claim
warned
the
21,
AAA.
He
withheld
in
National
Connery
to
brackets
bill.
tax
processing taxes of the Agricultural
given
was
unpaid
had
of the
old
including
because of
cerns
by
Secretary of Labor Perkins,
30-Hour
He advocated selective excise
for
rates
the financial
of American
example,
conditions in
wage
passed
was
these columns Dec.
Windfall Tax Plan Assailed
A
a
up
Act.
bill
Walsh
ber last by
incomes, he conceded, would
financial security of the country."
the
not
Association
for
program
Increased taxation for
taxes
set
Passage of the measure by the House was urged in Decem¬
5
outlined proceedings on that date
spoke for the Merchants
bitter
subcontractors
to
to
^
Administration
insure the
and
of the hour
Bacon-Davis
the
The
follows:
tions.
applied
Perkins, the legislation was designed to extendi to
who supply the government with materials and equipment the same
restrictions that now apply to contractors for government buildings
under
through increased per¬
Washington dispatch of
attempt
an
by Secretary
Urged
Arthur A. Ballantine, Under-Secretary of the Treasury in
Hoover Administration, told the committee on May 5
in
it
as
and
hearings
subcontractors
newspapers.
the
that
Senate
assailed
was
equivalent.
The House subcommittee held exten¬
recommended to the full committee a revised bill by
Representative Healey (Dem., Mass.) eliminating largely the subcontractor
requirements and stipulating instead that the main contractor notify his
who
broadcasting services the
press
message
Inc.,
and
the
from
came
measure
degrees,
Recovery Administration
sive
Service,
accounts from Washington, April 30,
United Press
the
As
taxes.
Press
subcom¬
a
a
approved.
various
assess¬
in
take the following:
we
manufac¬
deficiency
taken despite the fact that
was
bill by Representative Arthur D. Healey, Demo¬
Massachusetts, drastically toned down from the Walsh measure the
had brought
From
cosmetic
of
group
against
attorney, representing Transradio
the
press
the
in
Appeals
Tax
exemptions to the telegraphic
same
cooperative
representing
provision
a
that
farm and other cooperators.
as
Georgia,
Board
the
to
excise
Diggs,
same
of
asked
who
Washington,
treated under the bill in the
Thomas
crat,
action
committee
House
The
automatically in this category.
The Associated Press
said:
also
Harry H.
Lazo
Washington,
from
advices
again in committee at this session.
up
repair capital or replace past losses.
Hector
Press
Associated
said
6,
April 30, which likewise reported that in addition the com¬
mittee voted to table the bill, meaning it cannot be called
that part of corporate income
on
measure
to
to
wholesalers and! retailers.
York, President of the International Agricultural
for tax
30 the House Judiciary Committee disapproved
step since its passage by the Senate at the last session,
was voted down by the House committee 10
every
bill relating
the
of
Case of Work Under Government Contract
legislation providing for minimum wage and maximum hour
standards on work under government contract.
Fought at
were:
clarification
for
refunds for
tax
„
.
Judiciary Committee Shelves Modified Version
Walsh Bill Fixing Wage and Hour Standards
On April
York, representing the Wholesale Drygoods Insti¬
New
.
of
,
today
appearing
of
and discussion."
study
House
inserted into the record of
its hearings an editorial from the New York "Times" of this morning, in
which was suggested an alternate tax Dlan whereby the present corporate
income tax would be retained, and supplemented with a graduated surtax
on
undistributed profits, except those retained for expansion and replace¬
ments.
Senator King offered the editorial as a basis for further study
of
in the whole tax system to further
developed, leaving fundamental changes
careful
the committee
King,
for
that
requested by the Administration we should turn to known sources, the use
of which
does not upset methods by which business
is carried on and
leaders that the principle
of
an
undistributed
corporate profits tax be enacted as suggested by
President Roosevelt in his message of March 3, the impression still prevailed
that the House bill would be changed considerably.
Even the Administra¬
tion spokesmen have said that it requires alteration to simplify its terms.
On
government expenditures within bounds.
It is their con¬
immediate increase in the revenues such as have been
the
getting
viction
Washington dispatch of May 4 to the New York "Times":
Notwithstanding the insistence
frank recognition now of that- need will help
"They are convinced that
against the bill, but indicated that he still believed it would
pass
dodging the need for increased
radically reduced, but also that there is no
of the Committee, said that
Senator Harrison, Chairman
the
1936
9,
May
Chronicle
Financial
3096
the
give the
He
hearing
favored
from
Pettengill of
that
he
Indiana,
opposed
a
member of the Committee, said
change
any
in
existing law
SEC authority to intervene in the control
SEC
retaining the original
provision which
that
would
of municipal securities.
exempts
such securities
jurisdiction.
with the
ahead,"
Treasury
for
more
must
be
James
before
S.
the
Landis, Chairman
House
amendments,
was
Committee
indicated
of the SEC, who appeared
May 6, in defense of the
in the "Times" dispatch as
on
having assured the Committee that the Commission
was
not,
Volume
has been asserted in
as
of
authority.
May 6,
said
Mr.
the
From
are
and
some,
Commission's
we
Washington
"Times"
have received
we
Landis, "who apparently
fact,
powers
not
are
in
concealment
certain
suit
that
all
of
such
any
the
confusion
concerned.
extension
of
the
in
solution
can
have
gradual.
He
stocks,
which
"The
in
Backed
was
Landis said
should be
1,800,000,000 shares of
The
about
were
problem the complete
a
years.
process
$7,000,000,000.
of
New
securities
unlisted
the
Representative Rayburn
by
Curb
York
the bill
until May, 1939.
Mr. Parkinson, the retiring Presi¬
dent, was elected to serve on the Committee until May, 1938
in place of Clark Williams.
The Chairmen of the various
committees for the fiscal year 1936-1937 follow:
serve
Internal
and
to
the problem
increased
Landis
in such
such
was
differences
Laudis,
"largely
We
Commission
May 31, and
it provided for an
Mr.
issues.
and that the only authority
fear
have
will
be
SEC
the
and
to making
for
cause
explained
is."
this is
.
provision merely
There are,
that
so
Sanitation—Dr.
Y.
as
he
said,
securities
is
valid
for
are
not,"
said Mr.
not think
should
state
just
bill
pro¬
the
provisions. of
.
what the
District—Jacob H. Haffner.
George A. Soper, reelected.
Barstow
real
Willis
and
Smull
the
of
Booth
H.
the
of
estate
were
Chamber
reelected
to serve until
1939.
Phineas S. Blanchard was elected Commis¬
licensing sailors' hotels or boarding houses.
May,
sioner for
dealers'
exchanges
on
were
could
in
agreement with
well be clarified
The
Senate
columns
The
doing.
registered.
now
it
now
equally
is
as
the position
in many
taken by Mr.
important respects
action
April 25,
so
as
that
on
no
question
Use
Rumor
Profit
Silver
to
Pay
At his bi-weekly press conference, May 7, Secretary of the
Treasury Henry Morgenthau, Jr., in response to a question,
said that there was no foundation for reports that the gov¬
ernment would use its profit on silver to aid in paying
veterans who turn in their bonus bonds.
In reporting this,
Washington advices, May 7, to the New York "Times" of
May 8, also said:
negotiations with representatives
[Secretary Morgenthau] said the
of China
administration's
the
on
silver
purchase
program were
near
an
understanding.
Asked if the discussions also involved relationships between China and
to make
of the SEC's
Will
Great Britain Secretary Morgenthau
they
were a
replied in the negative, stating that
straightout American-Chinese proposition.
involved.
was
page
Landis
Government
War Veterans
He
of the SEC is to control fraudulent practices
purpose
municipal issues
over
is
that
Unfounded
Declares
Morgenthau
Secretary
Landis.
trading in municipal securities only and that
power
SEC
Fleming, President of the American Bankers Association, and
entirely clear that the
in
J.
trustees
no
.
he said, about 6,000 such brokers and
such
Wood
the bill
law,
into
puts
registration
for
Robert
Mr.
Rogers.
Service in the Metropolitan
Public
be cleared
do
done I
bill
The
.
said Mr.
is,"
sure,
am
this provision specific
over-the-counter
the
dealers
will, I
controversy.
the SEC
of
power
bond
the
will be possible, and when
further
Landis
Mr.
between
viding for the registration of brokers and dealers in such securities.
"If
Bernheimer, reelected.
Education—Harry S.
be necessary to deal with fraudulent transactions
objection
no
exactly what the
valid
Graham.
Admissions—John J. Watson.
municipal
regulate
to
unfounded
an
was
may
matter of phraseology and
a
misunderstanding
there
the
as
J.
G. Merrill.
securities.
"The
up.
by
power
explained this
involved
Shipping—Franklin D. Mooney.
Commercial
their view,
Improvements—Frederick E. Hasler.
Arbitration—Charles L.
officials in various parts of the country who
in
and
Insurance—William
manner."
bill because,
part of the
a
Trade
Harbor and
Telegrams have been received by the Commission, Mr. Landis said, from
objected
reelected.
Foreign Commerce and the Revenue Laws—Edward F. Darrell, reelected.
law, would' continue the unlisted trading privilege indefinitely.
Mayors and other municipal
Willeby T. Cor¬
Thomas F. Woodlock and Leonor F. Loree were re¬
elected members of the Executive Committee at Large to
of the Com¬
meets
re-elected Executive
Chairman of the Executive Committee and
which is in important respects amendatory of the existing
the present bill,
was
bet t,
Taxation—Edwin
feels that
Exchange
Charles T. Gwynne
Vice-President for the 12th time and Jere D. Tamblyn re¬
elected Secretary.
Richard W. Lawrence was re-elected
the bill, replied:
constructive
and
in that post.
Exchange,
present,
was
Chairman
law regulating unlisted trading will expire on
present
Straus, Ogden Mills Reid, Howard C. Smith, Myron C.
Taylor, Howard Ayres, Frederick E. Williamson, John D.
Rockefeller Jr., Lawrence B. Elliman and Ernest Iselin.
J. Stewart Baker, Chairman of the Bank of the Manhattan
Co., was re-elected Treasurer and William B. Scarborough,
who has been Assistant Treasurer since 1927, was continued
Finance and Currency—Walter H. Bennett,
traded,
are
of Texas,
3097
Chronicle
Curb Exchange
by
Lockwood, general counsel for the New York Curb
intelligent
an
The
there
that
what he thought of
mittee,
several
involving probably
most
asked
Commission this
require
Bill
on
We do not want an
this.
to
of unlisted securities, Mr.
registration
of the
would
estimated
William A.
as
'
the
of
opinion
which
of
unlisted
when
objection
no
authority."
the matter
In
that
We
As a matter
All that^ is
extension of authority.
fraud, misrepresentation
the wording of the bill is confusing, I am
be eliminated and the language adjusted to
If
facts.
telegrams to this effect,"
many
this legislation a move to extend
municipal bond transactions.
over
seeking
see
really sought ia authority to control such things
and
extension
dispatch,
quarters, seeking an
some
the
also quote:
we
"There
of
Financial
142
the
bill
referred
was
2754, and May 2,
to
in
these
Railroads
East
in
Bow
to
Fare
Order—Carriers
Cut
They File New Passenger Schedules Under
Declare
2918.
page
Duress—Will Take Court Action
Major
Corporation
Opposed
by
Commerce—W.
W.
Tax
Chamber of
Bill
Parkinson
Also
Voice
Committee
Chairmen
New
York
Aldrich
and
Opposition—Officers
Elected
at
Annual
State
T.
I.
and
fares filed
which
objected
have
to
an
Commission order slashing passenger
May 4 in conformity with the order,
they would challenge it in the courts.
Of the major Eastern roads, only the Baltimore & Ohio
rates
new
but served notice
Meeting
At the annual
railroads
Eastern
Interstate Commerce
not
party to the schedules filed May 4.
It already
ruling and will not join
meeting of the Chamber of Commerce of
the State of New York, held May 7, Winthrop W. Aldrich,
was
Chairman of the Board of Directors of the Chase National
the court action.
Bank, New York, was elected President for the term of one
year, succeeding Thomas I. Parkinson who had served two
terms and was therefore ineligible for re-election.
Mr. Al¬
drich, who is the 45th President, is one of the youngest men
ever elected head of the 168-year-old Chamber.
He has just
turned the half-century mark.
The nomination of Mr.
Aldrich for the Presidency of the Chamber was noted in our
issue of May 2, page 2935.
In his speech of acceptance, made before several hundred
business, men, Mr. Aldrich criticized certain policies and
legislative acts of the Federal Government.
He declared
that the Social Security act in its present form was "a
grave menace to the future security of the country," and
that the tax bill pending at Washington was "a hastily
devised measure primarily significant as a means of forcing
a
radical and dangerous change in corporation policy."
Mr. Aldrich decried the waste of public funds involved in
•the handling of relief by Federal instead of by local, non¬
partisan agencies, citing this as an illustration of the "hap¬
hazard and almost casual policy" of Federal legislation.
Mr. Parkinson also criticized the proposed tax measure,
following the adoption by the Chamber of the first report
of the recently-formed Special Committee on Fiscal Policies
A resolution
accompanying the report of Fiscal Policies
that the Chamber "hereby again records
itself as opposed to the Federal legislation now under con¬
sideration to change radically the method of taxing the
earnings of corporations, believing that the consequences
would
be
stability,
general."
said
detrimental
Three
were
new
and
our
recovery,
national
business
welfare in
to
Aldrich, other officers and committee
also elected at the annual
Vice-Presidents
were
meeting May 7.
4-year terms—
elected for
Philip S. A. Franklin, President of the International Mer¬
Marine Co.; Clark Williams, banker, and George
Doubleday, President of Ingersoll-Rand Co.
They succeed
William L. DeBost, James McCulloh and Jeremiah Milbank, whose terms expired. The nine other Vice-Presidents
cantile
who will continue to
plus
both,
the commission prescribed fares of 3 cents a mile in
Most
low
mile in coaches.
Pullman surcharge
a
The present fares are 3.6 for
of approximately
serve
under Mr. Aldrich
are
Jesse Isidor
four-tenths of a cent.
commission ordered the surcharge eliminated.
The
or
of
the
Western
and
Southern
railroads already
charge
fares
as
lower than those prescribed by the commission.
Store-Door Service Allowed by
ICC—Group of Eastern
Roads to Begin Service
The establishment by Eastern railroads of a free store-door
pick-up and delivery service for less-than-carload freight,
regardless of the distance of hauls, was authorized May 6
by the Interstate Commerce Commission over the combined
opposition of organized shippers and truckers and the
government of the City of New York.
The Commission
acted upon an appeal from the roads for authority to establish
the service on less than statutory notice to shippers and the
public after first suspending tariff schedules, filed under a
different section of the law, which were designed to provide
the
same
service.
In their initial move, however,
for the
the railroads coupled with their request
pick-up and delivery service for hauls for any distance, a request
from the regular trans¬
beyond rail terminals was
they be permitted to make refunds to shippers
that
performed by the shippers themselves.
The roads
a
proposed, and the Commission conditioned its decision upon,
minimum charge
for the entire haul of 30 cents a 100 pounds.
This rate
from origin to destina¬
points, but the collection from shipper and consignee as well.
would, therefore, cover not only the rail movement
tion
It
had
been proposed by the railroads in
100
pounds to shippers who
mission's
new
decision of May
allowances
their first application to the
they be permitted to make
Commission that
such
In addition to Mr.
chairmen
industrial
to
employment
to
Effective June 2,
Pullman cars and 2 cents a
portation charge in cases where, the movement
of Government.
committee
a
has conformed with the commission
"allowances" of 5 cents
performed their own drayage.
6 does not provide, however,
in schedules of rates
filed
under
a
The com¬
for inclusion of
the authority for the
service.
Most of the Eastern roads already are
and delivery
providing the store-door pick-up
service for hauls of not more than 260 miles and have told
the ICC that their
less-than-carload traffic has increased since introduction
of the serviee.
In acting upon
the roads' requests to put the service into effect on ten
days' notice, the Commission neither approved nor
allowance to shippers
That
the subject of further
rejected the proposed
doing their own hauling to and from rail terminals.
aspect of the first proposal
hearings.
is still under investigation and will be
Financial
3098
It did, however, deny a
Chronicle
by railroads."
Levels—Views
Trucking Associations, Inc., and the Brooks Transportation Co., Inc.,
soon after the first proposal of the roads had been suspended pending an
get balancing, and the refunding of most of the short-term
Reached
Agreement
Pay for Railroad
on
ConsolidationsMaximum Compensation Would be 60% of Wages
Dismissed
ers
Federal debt, the levels of bank interest rates may be ex¬
pected to continue at low levels intermediate between those
♦
of
Because
6 Years
for
Policy Commission of the American Bank¬
the metropolitan
the 40,000 workers in the trucking industry in
Workers
Policy Commission of
be suspended lest they provoke labor troubles
that the proposed tariffs
Rand, representing Mayor La Guardia, asked
district.
Tentative
Economic
Association expresses it as its conclusion that "even with
continued business recovery, and good progress toward bud¬
feature included, Robert C.
among
The Economic
the request to institute the service with the allowance
Unless Prices Rise Above Present
or
of
A. B. A.
.
At the hearing on
Expected to Continue at Low
Federal Action Is Taken to Reduce
Excess Reserves
This petition had been filed by the American
investigation.
Rates
Levels Unless
ownerships and controls of trucking operations by railroads
and all free and below-cost collection and delivery services and allowances
contracts,
therefor
Interest
Bank
petition for "a nation-widei nvestigation of all
May 9, 1936
prevailing and those
now
formerly considered
we
normal,
as
unless Federal action is taken to reduce excess reserves, or
unless prices in general rise far above present levels, and
above
that
those
prevailed
in
the
just before
years
the
tentative agreement on payments for
dismissal to be made to railroad workers who may lose their
deprssion."
jobs as a result of railroad consolidations was announced in
Washington on May 6.
The agreement was reached after
negotiations by committees of railway managements and of
the 21
standard railway labor unions.
Allowances to
port on "The Probable Duration of This Low Interest Rate
workers dismissed under the conditions noted would be
graded according to length of service, but would not exceed
60% of full pay for a maximum period of five years, or a
lump sum not exceeding one year's pay.
Several important
details must still be settled, but if these are defined it is
expected that the Wheeler-Crosser bill, designed to protect
displaced men, will not be pressed in Congress.
The ten¬
tative agreement was described as follows in a Washington
dispatch of May 6 to the New York "Times":
said:
Conclusion
of
An arrangement
a
as
The general
levels
of
deposits
in the
increased
or
which
might
Treasury
Allowance
Moreover,
Lump Sum
Dismissal Pay
9 months
36 months
1 year
Problems
men
to make the agreement, as
of
in
connection with the tentative
carriers not yet authorizing their spokes¬
well as a mutually satisfactory definition
represented in the negotiations.
the Delaware & Hudson,
Western
In the West the Kansas City Southern
are
Excep¬
New
the Bangor & Aroostook and the
England section of the Canadian National.
About two-thirds of the roads in the Southeast are still out of
ference.
the con¬
and the Chicago & Great
not in the conference.
Lending
B. A. Making Survey of Government
Agencies
to
Determine Extent of
petition witH Banks—Increase in
Com¬
Membership of
Association
ers
Smith, First Vice-President of the American Bank¬
Association and Chairman of the Association's Commit¬
tee
on
Banking Studies, announced at the
Executive Coun¬
at Hot Springs, Va., on April 29, that his com¬
mittee is making a survey of government lending agencies
which are deemed to be in competition with banking, and
another of the Postal Sayings System, to ascertain to what
cil meeting,
competition with banks.
This work is being
with State Banking Associations,
Mr. Smith said, and will be the basis for formulating recom¬
mendations as to the continuance or discontinuance of cer¬
lending agencies.
Sept. 1, 1935, and April 28, 1936, 484 new mem¬
added to the American Bankers Association, it
tain government
bers
were
N. Van Home, President of the Continental
National Bank, Lincoln, Neb., in making the report of the
stated by E.
This figure exceeds the rate of
increase for any year since 1929, he stated, and offsets
losses occasioned by liquidated, merged, failed, resigned and
delinquent banks by 342.
The percentage of members in the
Association out of eligible institutions of all kinds shows an
increase of slightly over 4% as compared with Aug. 31,
1934.
Total membership of the Association was stated to
be 12,154 on March 31, 1936.
Philip A. Benson, President of the Dime Savings Bank of
Brooklyn, Brooklyn, N. Y., President of the Savings Division,
reported that the downward trend in savings deposits in
Membership Committee.
banks in the United States which started in 1931 had been
reversed
had
some
and that during the past year
increased
by
nearly
a
billion
the reported total
dollars,
while in
the
period the number of savings depositors had increased
James E.
Baum, Manager
of the Protective Department
of the American Bankers Association, at the meeting of the
take,
banks,
is
government
well
would
materially
that
in
the
on
Federal
the
steps
result
be
reserves.
excess
and
the
and
soon
toward
way
the volume of demand deposits will be con¬
deficit financing is being done.
This must
way
long
as
as
slow
rate
of
turnover
of
demand
deposits
despite
Smith
Before
Oklahoma
Bankers
Association
Many perplexing problems lie ahead of banking "which
require study, experience and everlasting cooperation
solve," Tom K. Smith, President Boatmen's National
Bank, St. Louis, Mo., and First Vice-President American
Bankers Association, said in an address at Tulsa, Okla., on
May 8, before the Oklahoma Bankers Association conven¬
will
to
tion.
He
recommended
State
that
Associations
Bankers
careful research into banking conditions in their
so as to define the problems confronting them and
carry
on
know what
steps must be taken to solve them locally.
Mr,
Smith discussed particularly Federal deposit insurance, say¬
ing, in part
We
cannot
clear
brought
of
what I
law alone.
on
of
some
problems
It
mean.
is
In fact, while recent legislation
perplexing*' questions,
our
which
the Federal
of
all know
:
rely
up
on
think
we
we
must
face today
not withstand
swept this country a few years ago.
is
no
to
as
helped
cures
very
an
have
Suppose
illustration
designed to insure depositors against loss; yet
that the FDIC could
invitation
these
and tomorrow.
Deposit Insurance Corporation
as
loose
banking structure places
banking.
wave
of bank
of
presence
the
we
failures such-
The fact that deposits
The
bankers,
a
are
FDIC
insured
in
our
the Federal Government, and on
obligation which did not exist a few years ago.
the
on
on
public an
With the FDIC
in effect, every banker is truly his brother banker's
We cannot sit idly by and see things done which we know will
keeper.
wreck
has
the
insurance corparation.
Furthermore, the Federal Government
responsibility it did not have before.
It cannot, on the one hand,,
a
insure the solvency of chartered banks and, on the other
hand,
permit gov¬
agencies in the banking field to take from these chartered banks,
ernmental
their
too
strength and usefulness by cutting rates or indulging in
practices.
The presence of the FDIC also puts a»
the public to see to it that they do not permit the chartering
banking
obligation
of
of
sources
unsound
on
banks
many
structure
if
have
we
the
in
future.
We
banks than
more
cannot
bankers.
have
a
sound
banking-
...
State Bankers Associations may render an
outstanding service by impress¬
upon the people within the States and upon the State authorities theimportance of this question.
It is not a problem for bankers alone; thepublic must be made to understand its responsibility in view of the FDIC.
ing
It
that
means
State
in
must
you
schools,
clubs
order to
take
and
carry
advantage
colleges
In
an
address before
Missouri
Bankers
this message to the public within your
of
their
structure by not permitting too
a
every opportunity
responsibility for
many
impress
to
a
sound
upon
banking-
banks to be formed in the future.
joint convention of the Kansas and?
Association,
at
Kansas
City,
Mo.,
on
May 5, Mr. Smith described in
some detail the work of theAmerican Bankers Association in
assisting the Washington
authorities to develop workable
banking legislation and
rules and regulations.
we
by 1,750,000.
safely
of
the
by
or
will
Many Perplexing Problems
Lie Ahead—With FDIC in Effect He Says Every
Banker Is His "Brother Banker's Keeper"
extent it is in
carried out in cooperation
was
the
there
Administration
the
can
reserves
until
rates,
authorities,
that
largely to decrease the
that
or
Reserve
unlikely
reduced
be
various different actions
Reminds Members that
us
Tom K.
Between
take,
excess
it
could
reserves
by
or
recovery.
State,
^
Committee of A,
will
the
excess
Federal
as
improbable
seems
continued
a
K.
Still Faced
single carrier.
Most of the Eastern roads are
T.
1 year
arrangement are what to do about
prevailing low
existing huge excess
the
♦
1 year
60 months
Among the problems still to be considered in
the
consider
of such magnitude
it
of
imports,
or
6 months
18 months
by
We
developments are under
3 months
48 months
Fifteen years and over
are
taken
tinuously increasing
result
12 months
that the
are
to
long-continued business improvement Federal borrowings will pre¬
be progressively reduced and finally terminated.
While those
business
two
Two years and less than three
Three years and less than live
Five years and less than ten
Ten years and less than fifteen
due
balancing its budgets, and has refunded most of its short-term debt.
With
6 months
One year and less than
a
be
The volume
exports
Department.
gold exports
.
60% of Full
Pay for
arrive
we
primarily
are
banks.
by gold
interest
of Service
The Commission also
banks, and that a contributing factor operating to
keep them low is found in the large volume and slow turnover of demand
sumably
tions
rates
higher
Years
Colonel Leonard
member
of
reduce
Coordination
April 29.
on
conclusions at which
interest
reserves
authorities
follows:
re¬
\
Reserve
residence in other localities because of consolidations.
The allowances for dismissal, which have been tentatively agreed upon,
as
ing in Hot Springs, Va.,
sharply
up
are
Period," presented through its Chairman,
a
P. Ayres of Cleveland, to the Executive Council at its meet¬
they are compelled to take
result of forced sale of homes when
a
expressed by the Commission in
were
will also be made under the agreement whereby the
for moving expenses and for property
carriers will reimburse the employes
losses
These views
During the
failures there
In
Executive
From his remarks
on
that occasion?
quote:
answer
course
of the depression with the increasing number of bank
developed
to this
a
popular
growing demand for drastic banking legislation.
feeling, several bills were introduced into the*
Council, stated that the Protective Commission
had gone on record
as favoring that bankers and other
business men take the lead in finger-printing of officers and
employees as a measure of protection and investigation in
respect to crime.
This action was approved by the Ex¬
remodel the banking structure.
Banking Act was passed, now known as theBanking Act of 1935, which is probably the most important piece of
banking legislation enacted by Congress since the passage of the Federal
ecutive Council.
Reserve Act
Congress in
of
1931
and
1933, which made
Two
years
later
23
a
1932
another
years
and
finally
culminated
definite attempt to
ago.
in
the
Banking Act
Volume
Financial
142
3099
Chronicle
enforcing regulations
Holding that the bill "flies in the face" of the Supreme Court decisions
im¬
portance, and it has been necessary for the American Bankers Association
to keep in constant touch with all the agencies having to do with the
drafting of these rules and regulations.
For the past several months we
have tried to be helpful to government authorities.
They have exhibited
a
spirit of cooperation and openmindedness, and, as a result, we believe
that sound, workable regulations have for the most part now been effected
which will be helpful to bank officers in carrying out the provisions of
defining the power of the Federal Government to regulate operations of
The
Act has
nearly 50 sections which provide
by Federal authorities.
the Banking
The
that
Act of
executive
have
for
regulations are of paramount
these
Association
Bankers
the American
of
national character affecting banking is
a
experience and everlasting cooperation to solve.
Unbalanced Federal Budget
of
the
Boston
Regarded by First National
to
Reemployment—
of Farms by Federal Land Banks During First
Quarter, 1936, Reported 60% Above Year Ago
"""^Reflecting
According to the First National Bank of Boston, "a rugged
the
during the first quarter of 1936 than in the corresponding
period of 1935.
Figures released by the Farm Credit Admin¬
istration on April 28 showed 3,037 farm properties sold by
the 12 banks in January, February and March, compared
to 1,919 in the first quarter of last year.
The FCA stated:
ment
effectively than anything else that govern¬
Declaring that "reemployment of those on
more
do."
can
facing this country," the
Letter," says that "for three
years the relief bill of the Nation has
averaged more than $3,000,000,000 annually and there are
no signs of
diminution.
In spite of these tremendous ex¬
penditures, unemployment hovers around 10,000,000, while
one out of six of the entire population is on the relief roll.
Surely," it adds, "it is time to face this issue squarely and
to scrutinize our system of rendering relief."
In part, the
relief
is
the
issue
outstanding
"New England
bank, in its
fiscal
consecutive
bank also has the following
While
workers
study
it
$6,097,000
other
alone to
workers,
semi-skilled
while the
17
industry,
were
Based upon this
young
approximately
relief
on
10
engaged
were
or
25
workers,
farm
were
persons
in
housewives with
consisted! largely
remaining 23
of
Government covering
cross-section.
persons
industry has been challenged
of
of
been
estimated
time,
for
so
by
the National
than 3,000,000
more
which represents
employment
might
unless
reduced
wages
thereby
cause
This
ment.
new
to
jobs.
recovery
solution
with
of
in
spread
Industrial
Conference
Board
14%
of
since January,
curtailment
a
1934.
can
this
.
.
.
in
our
Practically
be
40% to
States
be
receive
shifted
provided only
to
.
relief
an
increase
Farmer bankruptcies last
of
in
unemploy¬
of
all
is that
relief
it is
more
States
than 98%.
are
and
In the
provided
than
75%.
funds
case
are
to
of 13
furnished
individual
States
farmers
according
.
.
and
The
relief
Federal
aid
burden
for extending terms on a basis which will
or
not obtainable.
New
of the National Federation of
By the vote of its Board of
Directors, the National Federation of Textiles (formerly the Silk Association
rather widely circulated statement to the effect that
they approved of the principles of this Ellenbogen Bill.
"While any group is perfectly within its rights in making any statement
it
chooses, it seems unfortunate, that this statement
name
as
signed with the
of the National Federation of Textiles, should have connoted that the
textile industry as a whole approves of this Bill.
the contrary,
approves
that
a
For we observe, quite on
distinct majority of the entire industry strongly dis¬
of the Bill both in principle and in detail."
the constitutionality of the bill was filed
May 6 by Representative Fred A. Hartley,
Jr. (Rep., N. J.), in a minority report on the measure as
the majority members of the House Labor Committee sought
to justify the legislation as a forward step looking toward
ultimate stabilization of the industry it was stated in ad¬
vices May 6 from Washington to the New York "Journal of
Commerce" which also saidf
An attack
in the House
East
Only
Central areas.
North
were in
15 states showed
compared with 1934.
Nearly 6,000
cases
adjusted or extended under provisions
were
National Bankruptcy Act, compared with
of the
410 cases in 1934.
Substantial Increase Noted in Demand for
FCA|Loans
During March and April
The Farm Credit Administration
announced May 2 that
practically all types of FCA loans increased
substantially in March and April.
During the past month,
the Administration said, loans have been made at the rate
of over $2,500,000 for each working day.
The announce¬
the demand for
ment of the FCA
continued:
Cash financing for farm operations
is
through production credit associations
Over 102,000 farmers got loans
highest level so far recorded.
the
at
during the first quarter for $66,100,000, an increase
and
number
April
is
$27,000,000
Over
amount.
volume
loan is
expected
to
was
of about 20% in both
and the
loaned in March
be considerably larger.
The average size
slightly larger than last year.
The increasing eligibility of farmers for secured loans through these
associations is one of the best indications of improving farm conditions,
on
on
So far this spring, nearly
I. Myers recently pointed out.
Governor W.
compared to about
of farmers' applications are resulting in loans,
70%
60% last spring.
feed loans this year is
than in previous years, the disbursement schedule is earlier than
Some 112,747 loans for $8,139,000 had been made on April 27.
the amount of emergency crop and
Although
smaller
usual.
Home
building repairs
and
proceeds.
and farm land
purchases are claiming a
of Federal Land Bank and Land
Applications for farm mortgages
Bank Com¬
increased from
March and to approximately 8,500 in
April. The loan volume is between $20,000,000 and $25,000,000 a month.
Total loans and discounts by all institutions under the FCA aggregated
February to 7,562 in
in
$64,000,000 in March
compared to $37,000,000 in February
the same amount in January.
for
Pacific
at
power
Control of Current Produced
Bonneville and Grand Coulee Dams
A recommendation that
create
Creation of Power Agency
Northwest—Says Federal Government
Should Provide for
•
and about
..
NRC Recommends Immediate
Textiles,
'Without commenting on the merits or disadvantages of this Bill, we do
a
and
England
increases
larger and larger proportion
as
feel it opportune to report trade reaction to it.
made
permit farmers to
largest relative declines in farmer bankruptcies last year
The
Economics
of America)
comparatively few
legally entitled,
for composing
make eventual payment to creditors.
the
to
1935 indicate that
increasing use is being made of the special facilities
obligations
should
"Rayon Organon," published by the
Bureau, Inc.
In the opinion of some
experts, states the "Organon," adoption of the Bill will
restore many of the principles of the N.R.A. as it is
designed
to outlaw unfair, wasteful and destructive
competitions,
prevent mislabeling and commercial bribery, control wages
and hours of labor, classify workers, and issue labels and
insignia to signify compliance. The "Organon" says:
Textile
extension.
bankruptcy provisions to which they are
the
use
but that
more
by the Federal Government
.
communities
are
largely centralized
expenditures
Textile
in
name
reported
or
Many leaders in the textile industry are opposed to the
Ellenbogen Bill now before Congress, despite its endorse¬
the
or
As in former years, the figures for
,
7.7% of all bankruptcies
There was a sub¬
number of farmer cases of indebtedness
stantial increase, however, in the
output and
Industry Opposed to Ellen"Little N.R.A." Proposal According
Organon"—House Report Questions
Constitutionality
ment in
were
year
Attorney General, compared with 8% in 1934.
to the
5,414
Leaders
Year
.
Contributions of Federal
more
the
system
72%
when other funds
bogen Bill
to
"Rayon
Fiscal
During
.Bankruptcies among farmers totaled 4,311 during the
ended June 30, 1935, compared with 4,716 in
1934, and 5,917 in 1933.
The figures were published May 6
by the Bureau of Agricultural Economics, United States
Department of Agriculture, based upon reports to the
Attorney General.
The Bureau said:
missioner loan
Some
aggregated $29,215,000,
inA1935
Ih.
90% of relief expenditures
31
and
unit
measure,
worker
.
weakness
States range from
should
of each
a
per
this be accomplished.
The first step toward the
problem is for the government to provide real cooperation
by the Federal Government.
while
the cost
in production
Such
productivity
problem cannot be solved by dividing the work but by creating
Only by removing the barriers that are blocking the roads
Washington.
than
workers.
more
by increased
to
banks
the
fiscal year
that
unemployed in manufacturing
persons
among
for
would merely add
industry.
Another
be
compensated
by
Farmer
Bankruptcies Lessened
|£Jfc Ended June 30, 1935
1929.
It has been held in some quarters that the solution to the unemployment
problem lies in the reduction of the number of hours worked in order that
however,
sales
$7,766,000, compared
is continuing this year.
solving the problem of
not
9,000,000 at the peak of
reduction
a
estate
unemployed in view of the fact that
activity employed less than
slightly
are
this
the 10,000,000 or
real
was
The figures indicate that the
evident during 1935,
so
compared to $17,600,000 in 1934.
pro¬
but it is obviously impossible for manufacturing enterprise
absorb
this branch
has
good
building
the
personal services, 10
unemployment,
It
and
a
100
classification
the
on
and technical workers, office clerks, salesmen and small proprietors.
American
there
out of
in
previous occupations,
fessional
at
that
engaged
and
affords
cases
found
factory
were
domestic
available
recent study made by the Federal
a
Farm
1935 first lquarter.
in the
farm land,
for
subject to adjustment
to say:
complete figures
no
6,000,000
was
formerly
were
no
are
relief,
on
than
more
15
there
recdnt quarter
The amount of sales during the
dispel unemployment more
budget into balance would
quickly and
the steadily increasing demand for farm real
12 Federal Land banks sold 60% more farms
estate, the
demand
effort, honestly undertaken and sincerely continued, to bring
the
Sales
to
Federal Relief Held Ineffective
Hartley urged that action on
clause, Mr.
available, expected to be found in the anticipated rulings on
Guffey Coal Act and the Wagner labor relations law.
Barrier
as
commerce
postponed until more definite interpretations of Federal
be
measure
power are
believe
now
behind us, at
for the time being.
However, every intelligent banker knows that we
many
perplexing problems ahead of us which will require study,
Bank
industry under the
1935.
officers
legislation of
least
Some of
a
Federal
the present Congress
corporate
power
agency
immediately
to control the
that might be generated at the Bonneville and Grand
Columbia River, was made on May 5
Coulee Dams in the
by the National Resources Committee to President Roose¬
velt.
The committee, of which Secretary of the Interior
such legislation at this session
distribution and marketing at the
Bonneville project is to be effectuated.
A report by the
Pacific Northwest Regional Planning Commission
recom¬
mending the creation of a Pacific Northwest Power Agency
was issued in February last, and referred to in our issue of
Ickes is Chairman, said that
is
necessary
Feb. 22, page
if power
1225.
report of the National Resources Committee points
that
Bonneville power will be available within 18
The
out
months, and said that "the establishment of a power agency
is needed to begin without delay the important task of ex¬
ploring the alternative possibilities of rate structure in rela¬
tion to the developing industrial and economic problems
of the Pacific Northwest."
The
specific recommendation of the Committee added, in
part:
/
We concur
that
a
new
in the recommendation
and separate
Federal
of the Regional Planning Commission
corporate
agency
should be established
3100
Financial
the distribution and marketing of the power
for
and that such
and
an
responsible
the
to
from the Bonneville Dam,
might well consist of three members appointed by
agency
President.
Such
an
if
agency,
appointed by
President, would keep to the front the social and economic
lying
the
Grand
government's
Coulee,
development
power
and would
,
the
and
We
that
recommend
include
broad
encourage
clude those
purchase
regional
of
the
wholesale
in
so
be
and
domestic
We
in¬
concerning construction of transmission lineB,
and similar activities necessary to the
of lands,
of
functions
the
proposed
the
to
ultimate
and which will contribute
consumer,
consumption of electric
the increased
by farmers
energy
of the Pacific Northwest
grid system of
or
H.
connected
constructed.
lines should
'J-V,.-1 :'>/
Committee
Bill Voiced by
States
Chamber
of
Commerce at Hearing Before Senate Finance Com¬
mittee—Fred H. Clausen,
Roy C. Osgood, and
E. C. Alvord
Tax
New York "Times"
the
to
argued that
Clausen
and
uncertain
and
"All
said.
taxes
"If
the Senate Finance Committee.
dent of the
May 4 before
on
Roy C. Osgood, Vice-Presi¬
First National Bank of Chicago and a member
of the Chamber's Federal Finance
Committee, presented the
following 11 specific objections to the bill from the stand¬
point of the banking, investment and credit needs of indus¬
try, according to the advices, May 4, to the New York "Jour¬
nal
absorbing
of
Make
business
new
Increase
2.
credit
difficult the
more
and
enterprise,
difficulties
acquiring of capital to finance establishment
whether large
of the
small.
or
corporation which has impaired capital
seeks to improve its financial
or
Adversely affect interests of bondholders and other long-term creditors
corporations, besides making this type of credit more difficult to obtain.
of
Restrict the amount of merchandise and other short-term
4.
sions
business
between
firms
their customers.
5.
Seriously
bank loans
affect the
and
between
:V
ability
of
firms
and
V-'1
corporations
great
credit exten¬
business
to
of
investment
position
preferred stock
as
of
had
it would penalize
and impair
important instrument
an
of
corporate
position
in
from the long-time point
of
stockholders and
common
dividend
of view,
to jeopardize the
investment
9.
Tend to diminish, if
to
increase
the number
Area
moval
and
his
unentrenched
corporation
by
failure
recognize the true nature of surpluses and earnings from which dividend
payments are made.
Further
divert capital into tax-exempt
Ellsworth
army's
March
4
account
from
Mr.
regarding
Al-
Unlike corporations whose board of directors
to be made by
joint stock companies
amount
the
limited from
are
of dividends that
corporation,
may
fix the
amount
business trusts,
of
the outset of their existence in
the
be paid, he explained.
mand
dignity
of
a
trust is
business
typically not reserved and the right to amend the charter of
company requires unanimous consent of its members.
a
joint
by
a
flat 22%%, but the provision is of
joint stock companies, Mr. Alvord said.
Points
"It
is
a
fallacy
to
fixing their tax
aid to the
the
continued
types of taxpayers with corporations, which
was
new
rate
trust
or
classification
of
these
for the purpose of effecting
equality of taxation under existing law, will have the
brand
business
Fallacy in Plan
that
assume
no
system of corporate taxation," he declared.
effect under
same
.
a
Alvord
flat
of
rate
high
as
as
42%%.
"
Corporations in receivership
15%, whereas corporations
taxed at
A
higher
or
while
A
its
competitor
or
in
a
in bankruptcy are taxed at the flat rate
active
deficit will
may
again
larger
competition
with
them
will
be
pay
a
tax of 15% of its net income,
tax.
corporation which
entirely
escape
taxation
or
pay
a
sub¬
possesses an adequate surplus will be in a position
all taxation by distributing all its net income; whereas its com¬
less favorably situated and financed will be compelled to pay
escape
petitor
or
lower rates contingent upon their dividend paying ability.
corporation having
stantially smaller
to
other
inequities in the Administration's program as
Banks, trust companies and insurance companies will be taxed a
of 15%, while income from other business
enterprises may be
follows:
taxed
cited
substantial
taxes.
by
President
In requesting formal
on
"without
so
be to the
active
on
duty, and
sacrifice of my
a
professional
prestige." y He issued
May 5 in which he relinquished com¬
Corps Area,
and
said
that
President
had requested
him "not
time."
this
controversy regarding General Hagood was referred
April 11, pages 2432-33. This state¬
to in the "Chionicle" of
ment
May 4 read
on
follows:
as
have requested the President
to relieve
at
me
from
once
command
the Sixth Corps Area and to give me the retirement to which I
nearly 44
it
at
command
the
San
at
the
I
it
have
will
be
for
day after
arrival
my
Antonio),
but
in
Charleston
reluctantly
I
(after removal from
consented
to
it
being tempo¬
gracious request of the President himself.
been
as
of
entitled,
first at the solicitation of Senator Byrnes and subsequently
up,
very
am
of active service, under the Act of June 30, 1882:
retirement has been pending since March 17.
years
application
for
a
restored
to
vindication.
of
any
command,
But under
advantage to the
and
the
this
has
been
circumstances I
army
for
phases
of
taken
do
to remain
me
not
by
feel
my
that
the active
on
list for another year.
feel
me
there
that
certain
are
I
do
cannot
so
the
without
in
case
sacrifice
a
which
question
of
my
personal
dignity and professional prestige.
I
am
not
being lured
employment in
temporary
of
a
civil
work with
writing.
from
While
the Sears,
budgetary nature.
myself to
away
life.
As
I have
the
Roebuck
soon
as
as
this work
a
I
have
finished
book
in
I
which
lucrative
been
consultant
a
is
offer of
any
absence
of
Co.
in preparation
the
by
army
leave
on
how
in
shall
I
doing
matters
devote
shall
show
much less cost to the taxpayer.
United
States
can
get
a
very
much
better
national
defense at
a
+.
Medal Awarded to J. P. Morgan for "Services Rendered
to
Humanity"—Dr. M. N. Butler and Two Others
Honored
by National
Institute of Social
Sciences—l)4r. Morgan's Response
J. P.
Morgan
awarded on May 6 one of the four gold
annually by the National Institute of
Social
Sciences for
"distinguished services rendered to
humanity".
The other winners of the medals are Dr.
Nicholas Murry Butler, President of Columbia
University;
Mrs. Dorothy Harrison Eustis, head of the
"Seeing Eye",
an organization which trains
dogs as guides for the bimd,
and William Edwin Hall, President of the
Boys' Club of
America, Inc. The presentation of the medals was made at
was
bestowed
the annual dinner of the Institute held
May 6 at the Hotel
Owen D. Young,
Co., made
Morgan; Dr. Isaiah Bowman,
President of Johns Hopkins University, read the citation to
Dr. Butler; Herbert L. Satterlee,
lawyer, that in the case of
Mrs. Eustis, and William Church
Osborn, lawyer, to Mr.
Waldorf-Astoria,
.
.
Cites Other Inequities
Mr.
re¬
statement in which he
a
personal interview
a
retire at
medals
Section 15 of the proposed Revenue Act
proposes to grant relief to corpo¬
bound by contract not to pay dividends
at
duty
to remain
not do
and
Sixth
the
Roosevelt in
The
served
his
Also
payments, he added, the right to amend the trust instrument of
rations
to
President's action.
he could
that
Aside from the fact that the trust instrument and charters limit dividend
stock
following
Corps Area at San Antonio
reinstatement
dividend
associations and
after he had
came
command,
Eighth
very
Washington
-iyV
General Hagood's friends said that he had been
Furthermore,
vord's views stating, in part:
payments
the
another statement
make
Alvord, also representing the Chamber of
Commerce, and formerly tax expert connected with the
Bureau of Internal Revenue, cited the effect on business
trusts and joint stock companies, a type of business enterprice in a widespread use in Massachusetts, Illinois and
California, said the advices to the paper indicated above,
its
of
Chicago
advantage for him
personal
securities.
C.
request,
own
said that "under the circumstances" it would not
friends
financially
''*■' ..y;V;.Cy ■ yy vyy.yy
yy,y
y■
retirement, General Hagood issued
cially entrenched
and the
for reemployment, since, among other
corporation seeking to reinvest its earnings in
a
subsequent
rarily held
to
the government
years,
undertake
■
his
at
head
as
capital for investment in business enterprise, namely, corporate savings.
10. Grossly
discriminate as between capital needs of corporations in
various types of business, and likewise discriminate as between the finan¬
11.
it to
day in the
Roosevelt.
bankruptcies.
of
^
,
as many
on May 4 was ordered
post as commander of the Sixth Army Corps
Chicago to await retirement.
This order, which
one
asked
sources
Clausen
government
General Johnson Hagood
at
only
after
not dry up, one of the most important
Mr.
before.
was
productivity.
issued
was
definitely lead to greater instability
of
;
income,"
exactions of
Day's Duty at Chicago Post—Says Friends Construed Reinstatement by President Roosevelt as
My
Tend
Nation's
and
govern¬
home from his
payments.
8.
the
more
business profits,
Vindication
I
Tend,
asked
Major
finance.
7.
"highly
was
better,
a
General Hagood Voluntarily Retires from Army After
to
preferred stockholders
of
expenditures, the
despite four tax bills in
things,
increased
existing
repay
the bill
replace
Furthermore, he said, the corporate
plan actually would hinder business in the effort which the Adminis¬
tax
handicap them in obtaining bank credit in the future.
the
usefulness
the
and
';b:'
Weaken
6.
themselves
of
to
of taxing
*
off than it
worse
added
position.
3.
20%
kept pace with
vindicated by the
Commerce":
of
1.
proposed
30%.''
He declared that
,
the bill in Washington
it
equitable system
more
are
taxes
over
today is
Appear in Behalf of Chamber
on
that
in
ment
v.
promise
revenue
general, the proposal for taxes was unworkable unless the
provided a collateral reduction in governmental expenditures,
that,
handicaps which business would suffer through the
Administration's pending revenue bill were pointed out by
representatives of the United States Chamber of Commerce
hearing
the
said:
the
insufficient;"
understandable
The
at the
Finance headed
representatives, was also heard by the Senate
Committee, as to which a dispatch from Washington, May 4,
tration
Objections to Administration's
Representatives
of
United
Federal
on
Chamber's
Commission
transmission
the corporations
Clausen, of Horison, Wis., who as Chairman of
Chamber's
the
would be
the recommendation
in
super-power
mail
and
stores
reasonably steady annual income.
Mr.
which will pass along the economies in the prices
chain
as
Corporations engaged in long-term operations, with fluctuations in annual
and income, will pay greater
taxes than corporations earning a
agency.
consumers.
concur
a
Authority should
power.
to
basis—6uch
credit.
compelled to sell on
agency
rates
decentralization
employment,
that
of
be wise to the stabilization of existing communities, the
of new industries,
the increase of steady
may
appropriate
power
new
establishment
and!
cash
a
houses—may be much more favorably situated than
Fred
the proposed
of
power
of Bonneville
primary
areas,
power
as
the
policy for the sale of electricity which will make rates
a
large
over
of
and
of
use
condemnation
We recommend
far
authority
incidental powers
or
administration
similar
the
distribution
on
1936
volume
large Federal expenditure.
should
May
selling
Corporations
order
under¬
purposes
Bonneville
at
ultimately
for the whole region the benefits of this
secure
Chronicle
in
New
York
City.
Chairman of the Board of the General Electric
the presentation speech to Mr.
Hall.
.
The award
was made to Mr.
Morgan "in recognition of
distinguished services rendered to humanity, as one ex¬
emplifying and promoting high standards of business ethics
and upholding the honor and Credit of our
country." The
citation of
upon
him
Dr.
as
Butler
said
that
"distinguished in
the award
was
conferred
and various walks of
life; as President of Columbia University, which has had
its fullest development under his
administration; second, as
many
Volume
Financial
142
Chronicle
publicist having great and uplifting influence upon social
affairs; and finally as an internationalist
working diligently through the Carnegie Endowment for
International Peace, and in many other ways for the peace
of the world." In responding to the presentation speech of
Mr. Young, Mr. Morgan said:
inclusive.
Mr. President, Mr.
program
a
and governmental
Young, Friends all:
I do not know in what words to thank you for the very
have done
fills
and gratitude.
to understand the reasons
why
Even though I find it somewhat
decided to give me this great honour, it
you
minds of those
principle.
infallible in judgment when his decisions are
No one could hope to prove
viewed in the light of subsequent
of judgment and not of
and
Vice-Chairmen
from the fact that, while I know full
the old and well tried principles on
connected
summed
started
was
in
up
a
carried
and
well that methods must change,
which the business with which I am
on,
They may be
be held .to.
must
keep your
few short phrases: do your work; be honest;
word; help when you can; be fair.
determined
all are as
happy in the belief that my associates one and
most
am
as
I
am
that
followed in the future
these principles shall
continue to be as closely
they have been in the past.
as
for the five days
Lewine, First President of Commodity Ex¬
change, Inc., Chief Guest at First Annual Dinner
of Members
Its first
President, Jerome Lewine, was the honored guest
Commodity Exchange, Inc.,
held at the Waldorf-Astoria on May 5, with Floyd Y.
Keeler, the present head of the Exchange, presiding.
With
Mr. Lewine and Mr. Keeler at the informal speakers' table
were:
Charles R. Gay, President of the New York Stock
Exchange; Fred S. Moffatt, President of the New York
Curb Exchange; John C. Botts, Vice-President of the New
York Cotton Exchange; Robert P. Boylan, President of the
Chicago Board of Trade; Chandler A. Mackey, President of
the New York Coffee & Sugar Exchange, and George Hintz,
President of the New York Cocoa Exchange.
Prominent
executives of the leading banks and trust companies, pro¬
ducers, bankers, distributors and users of commodities were
at the first annual dinner of the
also present.
After greeting the assemblage, President Keeler recounted
the efforts of Mr. Lewine to effect the consolidation of the
Rubber
Exchange of New York, Inc., National Raw Silk
Exchange, Inc., National Metal Exchange, Inc., and New
York Hide Exchange, Inc., into the present Commodity
Exchange, Inc., presented the testimonial resolutions of the
Board of Governors and, on behalf of the members of the
Exchange, presented Mr. Lewine with a gold cigarette case.
meetings and special Board sessions, and three
days to regular meetings of the Board. All those present,
Mr. Wood announced, will be privileged to attend the regular
sessions.
Board
Annual Convention of National Association of
Men to
June
With
ment
Be
Held in
Reno—Organizer of Farmers' "Holidays"
in
Milo Reno of
1932
and
Des
Moines, Iowa, head of the National
Farmers Holiday Association and organizer of the farmers'
strikes in 1932 and 1933, died of heart disease on May 5 at
Excelsior Springs, Mo.
He was 70 years old.
A brief
biography follows, as given in Associated Press advices of
May 5 from Excelsior Springs:
"Deplorable"
was a
favorite word of Mr. Reno in describing the farmer's
"We
demand the
conceded
to
farmer the
every
consideration
same
other
industry," he
for
our
once
industry
"We
said.
right to obtain this consideration by the
same
as
is cheerfully
assume
for
the
methods used by
other industries; that is, to refuse to send our products to market for less
May 3
the forty-first annual convention
Mr.
Reno
and
heckled in
Henry
turn
Wallace
condition of the farmers.
a
member of the
the
as
efforts
Secretary
of William
Jardine,
of Agriculture
to
Arthur
Richmond, Va., during the week of June 8. Whole¬
sale, manufacturing and banking credit executives who com¬
prise the Association's membership of 20,000 are expected
to gather from every State in the country to a total reaching
2,000 delegates.
Coincident with the annual convention,
which closes the Association's fortieth year of activity since
founding in
Toledo in 1896, Mr. Heimann announced
Congress of Industry, a feature for the past,
five years, will form part of the program this year.
In
this Congress credit executives of each individual industry
meet in special industry groups for an entire day for the
mutual consideration of particular credit problems in the
individual industries represented by the delegates.
The
convention will be headed by C. S. Fensom of the WatkinsCottrell Co., Richmond, who has accepted the general chair¬
manship of the convention.
Cooperating with him will be
Brace Bennitt, Convention Director of the National Associa¬
that the Credit
tion of Credit men; John P. Abernathy, Secretary-Treasurer
of the Richmond Association of Credit Men, which is the
local affiliate of the National
Association, and E. R. Patter¬
President of both the Richmond Rubber Co. and the
son,
Richmond Association
Second
Annual
Region
Held
improve
Some
40
speakers conversant
changing conditions in
Second Annual Celebration of National
tion,
to
be
held
Florida,
Alabama,
South
and
Walter W.
heads
Beach,
Southeast
general
12
of current
scheduled
for
N.
C.,
the
June 12 and 13.
on
Cyrus
speakers'
Springfield, HI.,
for
Do
list,
Tennessee, North
by the National
in part:
the
Alfred
an
address
H.
of Real
the
at
closing
Home
Under
Association
committee
Willmore,
St.
and
Louis,
will
for
preside
Chairman
Builders Division,
$5,000
Other
Wagg, Palm Beach and West
the National
of
convention
Crane
"The
with
Help the Real Estate Market."
to
Developers and
roundtable
a
Boards says,
Vice-President
heads
Land
Association's
head
the
as
Region,
Mississippi,
President of the National Association
chosen include:
who
sessions;
the
at
the
of
who also will
HouseCharles
S. Wanless,
Vice-Chairman of the Division and Vice-President of the
on
the
Great
Lakes
Region,
who
be
will
the
speaker
on
"Building Satisfactory Houses."
G.
I.
Chairman of the National Realtor Farm
Huffman, Houston, Texas,
Brokers,
talk
will
farm
on
investment
and
preside
at
the
farm
lands
conference.
Alvin
head
Register,
G.
M.
of
A.
Real
I.,
of
the
Jacksonville,
Estate
Appraisers
Fla.,
for
Vice-President
the
Southeast
of
the
Region,
conference.
Hacker, Lansing, Mich.,
Management
skilled
period from May 17 to 23, the second annual cele¬
Foreign Trade Week will be observed.
The Bureau of Foreign and Domestic Commerce in Wash¬
ington, D. C., with its 79 district and cooperative offices
throughout the country is working closely with those spon¬
are
announcement
Estate
"What We Can
on
speakers already
Palm
An
Rose, Orlando,
Boards,
banquet
E.
In the
with problems
estate
Georgia,
Carolina.
the
bration of National
real
at Asheville,
Institute
Foreign Trade
Southeast
C., June
N.
Seven States will be represented at the convention, namely,
the appraisal
Week to Be Observed May 17 to 23, Inclusive
Realtors of
second annual convention of Realtors of the Southeast Sec¬
American
McNary-Haugen equalization fee bills in 1928 and 1931.
of
Asheville,
at
and 13
will
belt committee, he fought for passage of the
of Credit Men.
Convention
Be
to
M.
He particularly assailed the A.A.A.
corn
of the Association will be
held in
J.
than production costs."
announce¬
by Henry H. Heimann, Executive
Manager of the National Association of Credit Men, that
Association
condition.
official
arrangements completed,
made
was
Estate
1933
Credit
Richmond, Va., During Week
8
initial
Association of Real
Death of Milo
As
days devoted to
calls for two
committee
its
Jerome
Hyde
the groups.
of
with the
of
plain business
life, even though it be a long one, offers but few reasons for such a proceed¬
ing.
Thinking it over I have concluded that any success I have had has
It seems to me that such a simple
for this great honour.
I
to the
Concurrently
Board meeting, many of the national committees
of the Association will also hold meetings; the tentative
Board, to members of national committees, and
Chairmen
experience.
wondering not a little just why you have chosen
As I said, I have been
come
it is stated, has extended invi¬
meeting to many former members of
pleasure which comes from the feeling that in the
whose opinion I value my errors are errors
me
the
President Wood,
to attend the
hide the great pleasure you have given
would be absurd for me to try to
me—a
association
difficult
To have such recognition from such an
to-night.
me
with pride
me
great honour you
tations
3101
Association,
President of the Institute of Real
will
talk
on
the
Estate
increasing demand
for
property management.
National Association of Mutual Savings Banks to Meet
at Atlantic City May 13-15
The
annual
convention
of
the
National
Association
of
Mutual Savings Banks will be held at the Hotel Traymore,
Atlantic City, on May 13, 14 and 15, when reports of newly
completed studies and addresses by representative men on
the status of the utilities, railroads, municipal credit and
world map.
These posters will be conspicuously displayed
in post offices, stores, banks, schools and other places where
financing will form a conspicuous part of the
Upward of 1,000 delegates from 18 States are
expected to be on hand when President Robert C. Glazier,
of Hartford, Conn., calls the conference to order.
A speaker
at this session is Carl K. "Withers, Bank Commissioner of
New Jersey.
"The Federal Old Age Security Program and
Some of Its Consequences" will be discussed by M. A. Lin¬
the message
ton, President of the Provident Mutual Life Insurance Co.,
soring the celebration.
to the success of this
One of the Bureau's contributions
educational movement will be a four-
color poster, size 22 by 28 inches bearing the slogan "World
Trade Benefits All" spread over a picture of balanced scales
(signifying balanced
trade)
superimposed
on
a
phantom
will be brought to the attention of the general
public.
mortgage
program.
Philadelphia, Pa.
Wilson G. Wing, head of the Providence
for Savings., Providence, R. I., is to weigh the
The Association's announce¬
Institution
Spring Meeting of Board of Governors of Investment
Bankers Association to Be Held in White
Sulphur
was
made
recently
by
Orrin
G.
President of the Investment Bankers Association of
Wood,
Amer¬
ica, that the regular Spring meeting of the Board of Gov¬
ernors
White
of the Association will be held at The Greenbrier,
Sulphur Springs, W. Va., from May 13 to May 17,
ment also said:
The
Springs, W. Va., May 13-17
Announcement
results of Federal legislation.
afternoon
mortgages,
Banks
session
of
the
same
day
will
he
devoted
primarily
to
speakers including Charles A. Miller, President of the Savings
Co., New York; A. George Oilman, President of the Maiden
Trust
LaMotte Russell, Treasurer of the
Harold J. Staples, Treasurer of the
County Savings Bank, Biddeford, Me., and Peter Grimm, New York
Bank,
Bank of Manchester, Conn.;
York
real
estate
Maiden,
Mass.;
R.
Savings
Savings
authority and former Assistant to the Secretary of the Treasury
Financial
3102
adviser
real
estate mortgage affairs and
coordinator of housing
activities, who will address the conference on the prospects of improvement
as
in the
on
realty market.
On May
14 the discussions -will have to do with rails and utilities, the
speakers including Henry Bruere, President of the Bowery
New
York;
Savings
Bank,
the
of
Myron
F.
Worcester,
Philadelphia
of the Dime
Executive
President
Saving
the
of
New
Savings Bank,
Five Cents
Vice-President
Worcester
Cheston,
Philip A. Benson, President
Charske, Chairman of the
Edward K. Woodworth,
Society;
Fund
Brooklyn; F. W.
the
of
the
of
Hamilton
J.
Mass.;
Savings Bank of
Committee
President
Converse,
Pacific
Union
BR.;
Concord, and Wendell L.
Willkie, President of the Commonwealth & Southern Corp.
the
In
Savings
evening
Banks
Charles R.
the
of
dent
E.
Massachusetts,
Smith,
will
President
preside
analyze the immediate future of capital.
the
15,
will include Robert
speakers
the
of
toastmaster.
as
Gay, President of the New York Stock Exchange, will
May
session,
Rutherford
14th,
the
of
Association of
occasion
same
Hampshire Savings Bank,
upon
the
At the concluding
McGaw, President
B.
Hampden Savings Bank, Springfield, Mass.; Stacy B. Lloyd, Presi¬
Philadelphia Saving Fund Society; John S. Linen, Vice-Presi¬
of the
dent of the Chase National Bank, New York, and Carl P. Dennett, Chairman
the Executive
of
the National
Committee of
Chronicle
the
May 9, 1936
acquired bank
of
Convention
the
Bankers
the
of
Chairman
Mo., on May 25, 26 and 27, when St. Louis bankers will act
hosts to the approximately 1,500 guests who are expected
to attend.
In addition to the four regular sessions of the
Gilbert
C.
Committee
Advisory
of
Yorkville
the
A
$2,000,000 deal involving the acquisition of the First
Trust Co. of Rochester, N. Y., by the
Lincoln-Alliance Bank & Trust Co. of that city, was an¬
nounced on May 7.
Plans for the merger, recommended by
the directors, must be approved by the stockholders before
taking effect.
Rochester advices (Associated Press) on
May 7, authority for this went on to .say:
National Bank &
doUar-for-dollar exchange, Linco n-Alliance wiU offer First
a
share of Lincoln-Alliance plus no less than $10
one
cash for each share of First National.
Week in May
to Be Held in St. Louis Last
will be
branch.
N.
Raymond
The forty-sixth annual convention of the Illinois Bankers
Association will be held at the Hotel Jefferson, St. Louis,
associates
John Toto, who will become Assistant Treas¬
urers of the trust company.
Montgomery Schuyler, former
President of the National Bank of Yorkville, will serve as
Involving
Association
and his
office
banking
Freeauf and
Economy League.
Illinois
its main office at 120
dent of the Marine Midland Trust Co., will be in charge of
National stockholders
Annual
branch of
a
as
Broadway.
Frederick Rath (formerly a Vice-President of
the "National Bank of Yorkville), as an Assistant Vice-Presi¬
Ball,
President
Lincoln-AU
of
sa'd
ance,
he
hoped
the
transaction would be completed by June 30.
The combined institutions would have total assets of about
$75,000,000-
Total deposits, according to the last published statements, were $66,089,441,
while
capital funds and
reserves
totaled $7,977,153.
as
convention there
will be
luncheon and
departmental on
fiduciary relations, on May 26, which will be in charge of
Harold Eckhart, Vice-President of the Harris Trust & Sav¬
ings Bank, Chicago, and Chairman of the Committee on
Trust
Functions.
held the
The
a
mittee has
Association
annual
evening of May 26.
its General Chairman Tom K.
as
dinner
will
be
The St. Louis Bankers Com¬
of the Boatmen's National Bank and
Smith, President
also First Vice-Presi¬
dent of the American Bankers Association.
W. L. Haming-
President Mercantile-Commerce Bank & Trust Co., is
Chairman.
In connection with
the convention,
way,
Announcement
will
hold
American Bankers
the
session
a
to
Association
officers
select
for
in
Illinois
Illinois
the
in
ABOUT
Arrangements
BANKjS,
TRUST
COMPANIES,
&c.
made May 4 for the transfer of a
'■■New York Stock Exchange membership at $100,000.
The
previous transaction was at $130,000, on April 27.
were
*
The Banco Nacional de Mexico this week
completed the
purchase of a controlling interest in the Harbor State Bank,
of New York City.
It was announced that present plans
are
and claims to be the largest New England bank to have
The
new
bank it is stated will
American business and will take
for
long time
the New York agency
John B. Glenn, who was
officer of the Equitable Trust Co. and the
Chatham Phenix National Bank & Trust Co., where he was
in charge of its foreign department, and who for the past
four years has been agent in New York for the Banco Na¬
cional, will be President of the new institution.
a
behalf
lation which
that
an
4
distinctive
of
we
we
all
directors,
receiving
are
officers
announced
the
appointment of Russell
F.
Thomes
as
Secretary to succeed M. Ferguson, whose resignation became
May 1. Mr. Thomes became associated with the
effective
Central Trust Co. in 1916.
Central
Union
Trust
Co.
Just prior to the merger of the
the Hanover National Bank,
and
in 1929,
to form the present organization, Mr. Thomes was
appointed an Assistant Vice-President, a position which he
held at the time of his recent promotion.
He is a member
of the Advisory Committee of the National Association of
Bank
that
Auditors and
Controllers and
organization.
resignation
announced
former
that
President of
Mr.
Ferguson's
at the end of nearly 53 years of service
Hanover and its predecessors.
As to his
comes
Central
with
is
It
a
period of service, the announcement said;
He
Jan.
became associated
In
with
the Central Trust Co.
in June,
1883.
continued!
to
was
elected
serve
in
a
Vice-President of the Central Trust Co.,
both capacities until the present.
John C. Orr II has been made Vice-President of the New
Orr
was
of New
formerly
York City,
effective May 15.
Assistant Trust Officer.
Mr.
♦
The United States Trust Co., New
York, announced this
week the appointment of H. Irving Pratt Jr. as an Assistant
It is
more
now
Street,
as
of May 2,
liquidation^
on
In that time we have met many
the troubled
days of 1837, an<J later financial crises, the Shawmut ideal of 'outstanding
strength* has been constantly maintained.
We now look to the future with
a
full
sense
of responsibility for the maintenance of a great
We quote
start
The
trust
a
first
heritage."
the "Herald" further:
The Shawmut
to
of
was
of the first national
one
department.
the
Arlington street
branch,
banks to receive authority
Later the savings department was opened.
branches
many
was
serving the
established
Park
Square
in
1924.
district,
This,
the
remains
the
closest rival to the main office in volume of activity and houses
the famous
silver storage vaults.
The
when
last
the
of the National
merger
business
of the
Citizens
Shawmut
National
Bank took place in 1927,
was
purchased.
At present
the National Shawmut Bank is capitalized at
$10,000,000 with surplus and undivided profits of $20,536,405
and has deposits of $180,720,698.
4
We
learn
from
the
Philadelphia "Inquirer" of May 7,
that as a part of the observance of Constitution Day on
Sept. 17 last, the Fidelity-Philadelphia Trust Co., of Phila¬
delphia has prepared a pamphlet containing a complete copy
of the Constitution of the United States and all its emand-
ments, together with comments and observations on
Constitution by men outstanding in American history.
the
4
According to Somerset, Pa., advices, appearing in "Money
tendered his
resignation as Vice-President of the County Trust Co. of
that place. Mr. Dickson has accepted a position with the
Pennsylvania State Banking Department and will be located
in Philadelphia, it was stated.
& Commerce" of May 2, Robert G. Dickson has
The resignation
member
of
the
Bank & Trust
tion.
of Joseph B. Cartmell as Chairman and
of Directors of the First National
Board
Co.
of
Springfield, Ohio, was announced re¬
Mr.
Cartmell had been Chairman of the Board since
1930 and prior to that time had been President of the bank
since its organization in 1927.
Springfield advices, printed
in
"Money
&
learned, went
Dr.
Commerce"
on
Tulloss saia
in
order to
Co., New York, has acquired
Yorkville, 207 East 86th
which date the latter bank went into
The Marine Midland Trust Co.
Shawmut
of congratu¬
The knowledge
than 12 years since I assumed the Presidency
New England institution.
of
May
will operate
2,
from
which
this
is
to say in part:
that Mr.
devote
his
Cartmell
had
been
entire attention
Incubator Co., in which he is interested
4
the assets of the National Bank of
many messages
serious problems, yet through the depression of the 1930's, as in
time
Secretary.
The Marine Midland Trust
of the
employees
cently by Dr. Rees Edgar Tulloss, President of the institu¬
,4
York Trust Co.
and
Since
Central Union Trust Co., and finally of Central Hanover.
January, 1917, he
and has
years.
have contributed something toward the fulfilment of those
may
of this great
21, .1909, he has been Secretary of, first, the Central Trust Co., then
its successor, the
consecutive
100th anniversary.
on our
The Central Hanover Bank & Trust Co. of New York City
has
99
for
name
high purposes for which our predecessor strove is, to us, a source of great
satisfaction.
specialize in Latin-
over
of the Banco Nacional de Mexico.
its
family, I have the honor of responding to the
offices of Banco
branch.
Mass., passed
Through mergers in 1898 and 1912, it succeeded to the
banking business of the Tremont Bank established in 1814.
President Walter S. Bucklin, ninth in the line of chief
executives of the institution, issued the following birthday
message (as published in the Boston "Herald" of May 6):
to move the main office of the Harbor State Bank to the
Nacional de Mexico at 52 William street
and maintain the present Harbor State Bank offices as a
of the deposits.
with $1,800,000 in
The National Shawmut Bank of Boston,
"On
April 27 a certified copy was filed with the New York
State Banking department of the order granted April 20 at
a special term Part I of the
Supreme Court of the State of
New York, declaring the Bryant Park Bank, New York
City, dissolved and its corporate existence terminated.
to be paid will be about $90,000, or 5%
the century mark on May 6.
Established May 6, 1836,
as the Warren Bank, it took the Shawmut title the following
•
On
on
National
On closing, the institution had about 7,000 depositors
retained
ITEMS
First
the bank.
year,
American Bankers Association.
was
the
for
I^The amount
General
members of
made
May 4 by H. E. Meeker,
Bank in Mamaroneck,
Mamaroneck, N. Y., that the first dividend to be paid by
the institution since it was closed in January, 1933 would be
ready for distribution in about a week.
In noting this,
Mamaroneck advices to the New York "Times" on the date
named, added:
receiver
to
anxious
to
the affairs
resign for some
of The
Buckeye
financially.
4
From the
Chicago "News" of May 5, it is learned that
amounting to $108,388 in waived deposits to
depositors of six Illinois banks were authorized on that day
payments
Chronicle
Financial
Volume 142
—S.
by Edward J. Barrett, the State Auditor.
The institutions
are the East Dubuque Savings Bank, East Dubuque;
State Bank of East Dubuque, both of East Dubuque;
Thomson State Bank, Thomson; First State Bank of Shan¬
non; Sandwich State Bank, Sandwich, and the State Bank
of Kent.
We quote the paper:
Co.
named
The East
This
is
The
Dubuque Savings Bank is to
the
third repayment,
State Bank of East
$20,861.
The
pay
State
Shannon
which
is
making
third
its
amounting
$13,953.
The
•—McAlister,
40%.
pared
preferred stock with
tired.
When
further
The
this
the
from
first
book value of $50,000 will be re¬
a
of preferred
shares occurred
shares
12,500
paid
were
on
Feb. 26, 1935, when
At
totaling $200,000.
up,
common
and
Broad St.,
New York,
has
pre¬
York
announces
that H. Irving
as
a
general partner in the firm
learn
the
"Michigan
Investor"
of May 2
prices was slightly lower during the abbre¬
Saturday, and while there were occasional
firm spots, particularly among the specialties, the list, as
a whole, ended the
day below the preceding close.
Trading
was
quiet and there were few transactions of importance.
The transfers for the day were down to approximately
105,700 shares.
Dow Chemical had an overnight gain of
5% points to 100, Pittsburgh & Lake Erie was higher by
2 % points and United States
Radiator pref. improved
2 points to 22.
There were some additional advances, but
these were generally in minor fractions.
Irregularity was apparent throughout the session on
Monday, but trading was quiet and without special feature.
Small gains were registered by some of the more active of
the public utilities and oils and rubber stocks, but trading
was
light and without noteworthy movement.
Among the
issues closing on the side of the advance were American
Hard Rubber, 3 points to 32; Bunker Hill-Sullivan, 2 points
to 70; National Container Co. pref., 6% points to 39%;
Pepperell Manufacturing Co., 2% points to 60, and Singer
Manufacturing Co., 2 points to 339.
Consolidated Mining
& Smelting had one of its spectacular movements and surged
forward 14 points to 269.
Curb market transactions showed moderate improvement
on
Tuesday though the market, as a whole, continued
quiet throughout the day, the transfers being approximately
281,740 shares.
Oil stocks were in demand and Red Bank
was
up about 2 points, while Gulf Oil of Pennsylvania closed
with an advance of 1% points.
Other gains included
Alabama Power pref., 2 points to 63%; Aluminum Co. of
America, 2 points to 120; Brill Corp. pref., 5% points to 35,
and Consolidated Gas of Baltimore, 2% points to 87%.
that
William 11. McCaslin, receiver of the Grand Rapids Savings
Bank, Grand Rapids, Mich., has been authorized by Circuit
Judge William B. Brown to borrow $323,825 from the Re¬
construction Finance Corporation to pay in full a loan from
the Peoples
National Bank, successor to the Grand Rapids
Savings Bank.
Upon payment of the loan the Peoples bank
is to surrender collateral it is holding which in turn is to be
security for the RFC loan.
as
Mr.
McCasIin'e
petition
for
order
the
The paper continued:
informs
the
court
that
at
the
beginning of the receivership he borrowed $400,000 from the Peoples bank,
having reduced the loan to the $323,825 figure.
Mr. McCaslin explained the
was
the
on
meet the
bond account
RFC loan
of the
old
interest and will
bank.
The
bonds bear interest to
be .liquidated to meet the principal of
the loan, he said.
I
4
On the
petition of Lewis Waltin, the receiver, Judge Louis
C. Cramton has ordered the payment of dividends to the de¬
positors of two Vassar, Mich., banks—the Michigan Savings
Bank and the State
for four
years,
May 2.
stance, it
Savings Bank—which have been closed
it is learned from the "Michigan Investor"
dividend of 5% has been ordered in each in¬
A
said:
was
4
The
Empire
National Bank & Trust Co. of St. Paul,
Minn., one of the largest banks in that city, celebrated its
tenth anniversay on April 26.
The institution, we learn
from the "Commercial West" of May 2, has recorded a
steady growth since its organization (as the Empire National
Bank of St. Paul) ten years ago.
It began business with
a capital of $250,000 and
surplus of $150,000, and at the
end of its first year had deposits aggregating $3,300,000.
Four years later, April 26, 1930, deposits had grown to
$4,747,000 and capital, surplus and undivided profits aggre¬
gated $556,000.
On Jan. 2, 1932 a trust department was
added.
Today its deposits exceed $7,500,000; its capital,
common and preferred, amounts to $500,000, and its
surplus
and
undivided
profits aggregate
$200,000.
David
B.
Shepard heads the institution with C. E. Johnson, Executive
Vice-President; C. T. Dedon, Vice-President and Cashier,
and H. W. Blake, Vice-President and Trust Officer.
Rubber stocks
4
William
Edward
rectors of the
connected with
36 years,
He
was
the
starting
of the Cicero
Connell, Chairman of the Board of Di¬
First National
May 5.
on
Bank
of
78 years old.
Fort
Worth, Texas,
Mr. Connell had been
First National Bank of Fort Worth for
Cashier.
as
Smith Lumber
Be
was
also Vice-President
Co.
4
Effective
April 15, The
First National
Bank of Lamar,
placed in voluntary liquidation.
The institution
-which was capitalized at $50,000, was absorbed
by the Lamar
was
National Bank of the
same
place.
4
The Bank of America
National Trust & Savings Associa¬
Francisco, Calif., was authorized by the Comp¬
troller of the Currency on May 1 to maintain a branch
at
Milpitas, Santa Clara County, Calif.
San
CURRENT
—Robert
P.
Lewis, former representative in the New York regiona
office of Securities and Exchange Commission, has become associated with
Lyon, Pruyn & Co., New York.
—Blyth
&
Co.,
that A. C. Allen is
Inc.,
now
national
investment
banking
associated with the firm in
house,
announces
charge of their Detroit
office in the Buhl Building.
—Edward J. Duffy & Co., members of the New York Stock
Exchange,
announce that Matthew
J. Halligan and Wesley Smith have become
associated with them.
—Hart, Smith & Co.
&
announce
that Roy W. Klebes, formerly with the
Mortgage Guarantee Corp., is
sales department.
,
now associated with them in their
on
were
in demand due to the increase in tire
prices, General Tire & Rubber advancing 5% points to
75%, followed by Fisk Rubber pref., which gained a point
at 52%.
Singer Manufacturing Co. added 6 points to its
advance of the previous day and Masonite moved up to
81 hi with a gain of 334 points.
The volume of trading tumbled downward again on
Wednesday, though there was a fairly good demand for
some of the oil shares and a number of the trading favorites
among the utilities and mining and metal stocks.
Prominent
among the shares closing on the side of the advance were
Aluminum Co. of America, 2 points to 122; American Hard
Rubber, 2 points to 34; Cities Service pref. BB, 6 points to
48; Consolidated Mining & Smelting, 13 points to 282;
Lane Bryant pref., 5 points to 78; Masonite Corp., 3%
points to 85; Scovill Manufacturing Co., 2% points to 33%,
and United Gas Corp., 4 points to 99.
Declining prices and a small volume of transfers were
the chief characteristics of the curb market trading on
Thursday.
Some of the leading public utilities, especially
in the preferred group, made modest gains, but the market
as a whole displayed a downward tendency.
The sales for
the day were approximately 248,380 shares, as compared
with 257,895 on the preceding day.
Bunker Hill-Sullivan
attracted some buying and moved up 2 % points to 72%.
Pittsburgh Plate Glass also was in demand and registered
a gain
of 4 % points to 122%.
There were a number of
other small gains but most of the changes were on the
side of the decline.
Price
NOTICES
EXCHANGE
The trend of
viated session
from
CURB
irregularity apparent.
stock, each representing an invest¬
preferred
♦
Bond
67
been within a narrow channel.
Rubber shares improved
following the advance in price of rubber tires, but the
specialties generally eased off.
The volume of trading has
been small, and while the trend of the market has shown a
tendency toward higher levels there has been considerable
common
of $350,000.
We
tion,
Inc.,
Co.
THE
of the bank the capital structure consisted of equal amounts of
shares of
12,500
Col.,
Pate,
trading with few price changes of importance
marked the dealings on the New York Curb Exchange
during the present week.
There has been a moderate
demand for oil stocks and some activity in mining and
metals, but with few exceptions the changes have generally
completed there will be 3,572 shares
is
retirement
the opening
died
&
quote in their
wide range of municipals.
Quiet
stock.
We quote
"Michigan Investor" of May 2:
7,143 of the original
p
Smith
Broadway, New York City,
a
10%, amounting
The amount of the present disbursements
remaining, with 12,500 shares of
of
Ill
—Leonard A. Frisbie has been admitted
♦
loan
associated with
now
comparative study of South Carolina counties.
of Gordon Graves &
$20,234,
President of the Lansing National Bank of
Lansing, Mich., has announced that 1,785 additional shares
used
a
Co.,
prices of
—United States Trust Company of New
Ray Potter,
ment
Gordon &
Broadway, New
Pratt, Jr., has been appointed an assistant secretary.
$4,987.
of
Son &
of Kent is making a second repayment of
Bank
State
20%, bringing its total to 40%.
is
to
with offices at 29
brings its total repayments to 40%.
The Sandwich State Bank is making its first repayment,
to
—Farson,
The First State Bank of
20%,
repayment,
securities,
«'
current circular the
bringing the total to 40%.
$10,949, bringing its total repayments to 35%.
investment
H. G. Einstein & Company, members New "iork Stock Exchange.
Thomson, is disbursing 15%, amounting to
Bank,
deal in
—Raymond J. Kane, formerly with Orvis Bros., is
Dubuque is also paying out 20%, amounting to
This is also the third repayment,
Thomson
to
the formation of the ifrm of S. J.
announces
York City.
20%, amounting to $37,402.
bringing the total reimbursements to
3103
J. Gordon
movements
were
again downward
on
Friday, the.
declines ranging from 1 to 3 or more points.
There were a
small number of more or less inactive stocks that showed
light gains, but the list at the close of the session showed a
major number of declines.
The volume of business was
small, the transfers for the day dipping to 169,000 shares
against 248,000 on the preceding day.
As compared with
Friday of last week, the market was slightly lower, Aluminum
Co. of America closing last night at 119 against 121 on Friday
a week ago;
Gulf Oil of Pennsylvania at 82% against 85;
Humble Oil (new) at 61% against 65%; New Jersey Zinc
at 78% against 79%, and Pioneer Gold Mines of B. C.
at 9% against 9%.
Financial
3104
(Number
Week Ended
Foreign
Foreign
of
Shares)
Government
Domestic
101,735
231,125
281,480
257,145
247,780
$1,048,000
1,813,000
2,399,000
2,009,000
2,423,000
44,000
87,000
168,590
1,935,000
41,000
1,287,855 $11,627,000
$222,000
Tuesday
Wednesday
Thursday
Friday
Total
$9,000
36,000
116,000
43,000
50,000
49,000
$19,000
11,000
Saturday
Monday
Total
Corporate
20,000
$1,076,000
1,860,000
The highest
rom
1936
1935
20.573d.
rate of exchange on New York recorded during the period
$4.93%.
FINANCIAL MARKET—PER CABLE
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
1935
Sat.
$11,627,000
$33,402,000
$372,310,000
222,000
303,000
319,000
180,000
7,561,000
4,856,000
$12,152,000
$33,901,000
$384,727,000
Foreign government-.
Foreign corporate
$444,655,000
7,216,000
Silver, p. oz-.d
Wed.,
Thurs.,
Fri.,
May 5
May 6
May7
May 8
20%d.
20%d.
20%d.
140s.4%d. 140s.8d.
140s.4d.
85 %
85 %
105%
105%
117%
117%
Holiday
2%%
20 5-16d.
20 %d.
20%d. ;
Gold, p. fine oz. 140s.lOd.
4,552,000
Consols,
....
Tues.,
May 4
16,174,695
Bonds
Domestic
Mon.,
May 2
66,455,742
1,494,085
1,287,855
Stocks—No. of shares.
Total
20%d.
The daily closing
New York Curb
1936
j
29 9-16d.
April 16 to April 22 was $4.94% and the lowest
ENGLISH
Exchange
20%d.
20%d.
$303,000 $12,152,000
Jan. 1 to May 8
Week Ended May 8
Sales at
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20 7-16d.
20 13-16d.
16-—20 7-16d.
17-—20%d.
18
20%d.
20
20%d.
21
20 9-16d.
22_—20%d.
Average—20.562d.
2,535,000
2,096,000
2,560,000
2,025,000
(Per Ounce .999 Fine)
15
45 cents
16
45 cents
17-45H cents
18
no quotation
20
46 cents
21-_
45% cents
2 Mos.
Cash
May 8, 1936
IN NEW YORK
Std.-
-Bar Silber Per Oz.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1936
9,
LONDON
IN
CURB EXCHANGE
DAILY TRANSACTIONS AT THE NEW YORK
May
Chronicle
140s.8%d. 140s.5%d,
85%
85%
85%
106
106%
106%
117%
117%
117%
Britisu 3%%—
$456,423,000
'
Holiday
W. L
:
•
British 4%—
THE ENGLISH GOLD AND
SILVER
price of silver per ounce (in cents) in the United
States on the same days has been:
The
reprint the following from the weekly circular~f
Samuel Montagu & Co. of London, written under date of
April 22 1936:
We
:
The
Bank of England gold reserve
629,685
on
April 15
as
..
against notes amounted to
Purchases of bar
=;■>..^
£201
Bar N. Y. (for¬
;
-
compared with £201,149,928 on the previous Wednes¬
;v:':■"••I-—;)-''..
day, f
to
GOLD
■'
Holiday
1960-90.-—
MARKETS^
U.S.
44%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
77.57
Treasury
(newly mined)
^-V/a
44%
50.01
Closed
eign)
U. S. Treasury
gold announced by the Bank during the week amounted
£514,310.
In the open market about
daily fixing and
was
over
Movements in the price
although there has been little change in the premium
gold exchange parities, the tendency has been for this to decrease
slightly.
Pursuant to the
Act
Per Fine
Equivalent Value
of £ Sterling
Dnncp
140s.
140s.
140s.
140s.
,140s,
140s.
140s.
April 16
April 17
April 18
April 20
April 21
April 22
Average
1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
12s. 0.73d.
10%d.
lOd.
10%d.
lOd.
9%d.
lid.
10.25d.
12s. 0.77d.
give below
FOREIGN
a
MAY
£2,849,820
123,425
142,695
68,886
100,000
376,089
13,898
British West Africa
New Zealand
Canada
British India
Kenya
Tanganyika Territory
Germany
United States of
Country and Monetary
Spain
Belgian Congo
Other countries
£556,311
Norway
8,550
Netherlands
3,776
15,125
20,656
35,150
1,762
Belgium
France
Switzerland
Other countries
...
£641,330
£5,015,739
18 carries gold to
The SS. Strathmore which sailed from Bonbay on April
the value of about £688,000.
The following are the details of
United Kingdom imports and exports of
gold for the month of March, 1936:
Union of South Africa-Southern Rhodesia
-
__
British India
British Malaya
——
-
Exports
Imports
£213,930
5,333,868
456,536
2,050,327
British West Africa
Hongkong
New Zealand
Canada.
United States of America
Tanganyika Territory
Kenya
Germany
52,010
20,863
2,525,572
;
Switzerland
84,766
14,363
134,730
Madeira
—
Venezuela
£12,935,137
May 8
39,599
£3,872,579
persistent demand
forward delivery,
speculative enquiry, caused prices to advance sharply
until 20 %d. for both deliveries was reached on April 18.
April 20 with less resistance to the continued offerings on
China account and speculative reselling, prices fell
In view of the rapid advance this reaction was not unexpected.
1
The following were the United Kingdom imports and exports
registered from mid-day on April 11 to mid-day cu April 20:
New Zealand
Irish Free State
British West Africa
Jamaica & Dependencies.
£54,846
Coin at face value.
Quotations during the week:
.187100*
.187200*
.187150*
.169946
.169857
.170100
.170209
.012825*
.012950*
.012825*
.012825*
.012825*
.012825*
.041318
.041326
.041355
.041403
.041435
.220462
.221404
.221604
.221295
.221845
.222246
.939375
.960625
.965333
.957083
.969916
[ .976833
.021775
.021868
.021906
.021868
.021918
.021937
.065827
.041503
.065823
.065825
.065827
.065825
.401965
.402215
.402764
.403121
.403707
.009359
.009343
.009368
.009375
.009375
.009375
.678460
.677592
.678130
.678200
.678165
.674900
.294366*
.294366*
.294466*
.294500*
.294666*
.294733*
.065831
.404314
.078700
.078650
.078650
.078633
.078616
.248162
.249200
.249429
.249079
.249686
.250109
.187575*
.187750*
.187900*
.188137*
.188175*
.188175*
.044900
.045010
.045132
.045072
.045117
.045170
.007315
.007325
.007325
.007325
.007325
.007325
.136417
.136417
.136417
.136425
.136410
.136403
.254590
.255704
.255962
.255558
.256183
.256637
.325153
.325171
.325178
.324521
.324953
.323911
.022858
.022858
.022875
.022866
.022883
.022875
.078650
.296875
.296875
.296875
.297083
.297291
.297291
.297291
.297500
.297500
.297708
.296875
.296875
.296875
.297291
.297291
.297708
.297083
.297291
.297291
.297500
.297500
.297708
.325333
.325833
.325468
.325062
.325406
.325812
.372680
.374450
.374630
.374370
.375100
.375530
.288780
.289812
.290162
.289900
.290222
.290470
.579062
.580937
.581562
.581125
.582187
.683375
.297291
.297291
Australia, pound
3. 937375* 3.955125* 3.958500* 3.952500*3 963000*3.964843*
New Zealand, pound. 3, 965500* 3.983500* 3.987250* 3.981125*3 991375*3.995546*
South Africa, pound.. 4.882500* 4.907500*4.907083* 4.903750* 4.916458* 4.922916*
North America—
997786
.999375
.999479
.999375
.999778
.999616
999000
.999000
.999000
.999000
.999000
.999000
277625
.995250
.277625
.277625
.277625
.277625
.277625
.996937
.997000
.996875
.997343
.997093
peso
.329275*
.330393*
.331175*
.330475*
.331060*
.331350*
Brazil, milreis
Chile, peso
Uruguay, peso
Colombia, peso
.085500*
.050625*
.569800*
.798750*
.085650*
.085550*
.085500*
.085312*
.085875*
.056250*
.050625*
.050000*
.050000*
.050625*
.569800*
.569800*
.569800*
.569800*
.569800*
.800000*
.797500*
.797500*
.797500*
.797500*
Canada, dollar.1
Cuba, peso
Mexico, peso....
Newfoundland, dollar
Nominal rates; firm rates not available.
Correction—In the "Chronicles" of April 11,
April 18, April 25 and May 2 the
quotations for Colombian pesos were inadvertently represented as being for Uru¬
guayan pesos and conversely, those for Uruguayan pesos were shown as being for
Colombian pesos. If in these issues the title "Colombia" is substituted for "Uruguay"
and vice versa, the figures will appear correctly
.
Exports
Bombay—via other ports
Canada
Sweden
Denmark
—
Germany
—
France.
Liberia..
Other countries
—-
NATIONAL BANKS
20 %d.
in view of the
of the advance
New York prices, the United States Treasury silver price
£5,357
8,575
x2,500
x3,165
x2,310
4,892
8,491
17,754
1,802
.187066*
.169515
(yuan) dol'r
Quotations
The tendency at the present level is uncertain especially
fact that it was officially stated in Washington that, in spite
Imports
British South Afrl
rica_-
.187080*
.169057
sharply to 20%d., but
recovered 1-16d. yesterday, but there was a further decline today to
remains at 45 cents.
$
.187066*
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar
India, rupee
Japan, yen
Singapore (S. S.) dol'r
*
from the Indian Bazaars both for prompt shipment and
S
South America-
SILVER
The market has been active during the past week and
x
May 7
$
Asia—
Argentina,
64,577
59,785
Other countries
Other countries
May 6
S
Africa—
2,775,318
1,125
885,335
11,300
104,517
Norway
France
May 5
$
Australasia—
11,496
18,489
France
Rumania, leu
Spain, peseta
Sweden, krona
Switzerland, franc..
Yugoslavia, dinar...
w_
99,277
Netherlands
Germany
Belgium
May 4
$
Hankow (yuan) dol'r
£3,375
34,563
>
-
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
Czecjoslo'kia, koruna
Denmark, krone
England, pound sterl'g
Finland, markka
France, franc
Germany, reichsmark.
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Chefoo
■%
514,347
38,804
455,015
742,160
Australia
in London and
New York
China—
13,960
12,572
35,137
British West India Islands and British Guiana
on
RESERVE
Unix
May 2
America.
635,362
47,515
11,800
46,748
14,619
Switzerland
However,
Noon Buying Rale for Cable Transfers in
Value in United States Money
12s. 0.75d.
7,918
457,406
119,558
Netherlands
France
some
FEDERAL
1936, INCLUSIVE
Exports
Australia
together with
BY
TREASURY UNDER TARIFF ACT OF 1922
2, 1936, TO MAY 8,
12s. 0.82d.
12s. 0.69d.
United Kingdom imports and exports of gold
Imports
British South Africa
China
CERTIFIED
RATES
EXCHANGE
BANKS TO
12s. 0.73d.
12s. 0.77d.
We
record for the week just passed:
registered from mid-day on April 11 to mid-day on April 20:
Belgium
requirements of Section 522 of the Tariff
of
cable transfers in the different countries of the world.
Quotations during the week:
The following were the
FOREIGN EXCHANGE RATES
£1,600,000 of bar gold changed hands at the
absorbed by general demand.
have been small and
of silve
£6,800
26,895
14,500
1,800
18,242
xlfloOO
3,864
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
CHARTER
ISSUED
April 29—The Nolte National Bank of Seguin, Seguin, Texas—
Pres., Edgar Nolte; Cashier, A. A. Vordenbaum.
Succession of:
E. Nolte & Sons Bank of Seguin.
VOLUNTARY
$60,000
LIQUIDATION
May 1—The First National Bank of Lamar, Col
Effective April 15, 1936.
Liq. Agent, J. C. Goudy, Lamar,
Col.
Absorbed by:
"Lamar National Bank," Lamar, Colo.
$50,000
Charter No. 14254.
BRANCH AUTHORIZED
£87,386
May 1—Bank of America Nat. Trust & Savings Assn., San Francisco, Calif.
Location of branch, Unincorporated town of Milpitas, Santa Clara
County, Calif.
Certificate No. 1236A.
Volume
Financial
142
Chronicle
3105
Course of Bank Clearings
April
Bank clearings this week will show an increase
with
compared
Preliminary figures compiled by us based
Federal
Reserve
April
Inc.or
April
April
1936
1935
Dec.
1934
1933
year ago.
Dists.
$
$
$
telegraphic advices from the chief cities of the country
upon
Boston
1,157,897,575
1,015,145,951
NewYork__13
"
16,685,745,548
15,916,113,137
3rd
14 cities
+14.1
+4.8
1,400,320,589 +10.8
976,126,058 +30.6
460,359,930
+14.8
+11.6
+21.0
+11.1
+7.2
+8.1
+21.5
+16.9
PhUadelp'ia 12
"
1,552,216,001
Cleveland. .14
"
1,274,709,138
5th
Richmond .8
"
528,293,614
exchanges for all cities of the United States from which
6th
Atlanta
16
"
576,905,475
516,968,009
7th
2,042,747,004
1,687,987,068
8th
Chicago
25
St.Louis... 5
"
possible to obtain weekly returns,will be 16.9% above
"
553,679,854
498,330,294
Mlnneapolisl3
10th Kansas Cltyl4
"
414,291,275
386,590,709
"
709,478,395
656,409,582
11th Dallas
10
"
400,352,865
329,414,606
12thSan Fran..21
"
1,094,262,791
935,762,064
26,990,579,535
24,779,527,997
bank
it is
those for the corresponding week last year.
total
stands
May 8,
Our preliminary
$5,888,274,803, against $5,037,890,303 for
at
week in 1935.
same
At this center there is
a
9th
week ended
Our^comparative summary
Friday of 18.3%.
for the week follows:
165 cities
Outside N. Y. City
Canada.
Per
Clearings—Returns by Telegraph
Week Ending May 9
Cent
1935
$2,526,513,749
+ 18.3
237,244,355
212,615,598
248,000,000
+ 17.2
49,213,554
29,385,000
152,000,000
71,137,190
56,800,000
89,513,000
72,511,478
61,246,733
48,208,539
42,120,827
21,013,000
$4,242,995,399
663,900,270
$3,601,680,114
564,751,040
+ 17.8
Other cities, five days
10th Kansas
+ 17.6
11th Dallas
Total all cities, five days
All cities, one day
$4,906,895,669
981,379,134
$4,166,431,154
871,459,149
+ 17.8
$5,888,274,803
$5,037,890,303
+ 16.9
Boston
Kansas Clty__
St. Louis
68,974,372
68,600,000
.V. — .
.
-
•
—
i
98,393,000
98,925,552
mm -
Detroit
72,829,066
Cleveland
63,407,068
Baltimore
New Orleans
Total all cities for week
furnish
them
noon
—3.0
in
appear
our
issue of next week.
to-day, inasmuch
of the week in all
Federal
the
week
center
4 Months
1934
Reserve
1933
$
$
,%
$
Dists.
67,912,707,269
3rd
+ 36.4
PhUadelp'ia 12
4th
14 cities
are
$
3,905,621,588 +16.2
4,537,426,976
3,759,344,596
3,160,137,415
59,837,673,482
48,454,061,649
4,856,797,264
4,265,628,623
3,288,608,943
2,586,172,441
1,753,138,234
1,204,136,821
"
6,293,392,428
5,575,545,138
Cleveland.. 14
"
+ 18.9
+ 31.5
4,452,585,644
3,722,508,896
5th
Richmond
8
"
1,989,259,755
1,769,151,483
6th
Atlanta
16
"
+ 16.8
2,250,067,622
2,037,437,339
+7.3
+12.9
+19.6
+12.4
+ 10.4
7th
Chicago ...25
"
+ 39.8
7,761,609,454
6,549,373,548
+ 18.5
5,369,293,042
3,702,209,342
8th
St.Louis...
5
M
2,161,002,634
1,933,723,781
1,723,338,006
1,246,041,009
Minneapollsl3
City 14
+ 11.8
+8.8
+13.4
+20.3
+18.6
_
63,317,969,480
+ 12.6
"
1,495,972,313
1,375,570,438
"
2,817,761,205
2,485,365,583
10
"
1,579,097,160
1,312,121,995
"
4,195,659,828
3,538,438,917
as
the
week
We cannot
ends
32 cities
are
a
decrease of 3.9%,
an
a
May
located, and from this it
appears
875,964,023
3,098,486,509
2,382,072,261
89,764,749,898
71,660,608,485
+15.1
31,465,611,743
24,605,818,385
4,829,431,880
+20.9
4,676,353,557
3,755,832,524
5,838,031,800
monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
We
Four Months
of April
Description
1936
1935
1936
1935
218,712,223
72,072,289
Railroad & miscell. bonds $194,970,000 $177,996,000 $1,128,859,000
$679,492,000
131,306,000
316,649,000
39,609,638
22,408,525
Bonds
State, foreign, &c., bonds
22,938,000
18,154,000
2.
the aggregate
loss of 7.9%.
944,267,413
1,571,642,431
1,199,465,611
35,967,838,102
U. S. Government bonds.
increase of 4.7%, the bank clearings
having recorded
1,226,896,896
2,120,481,852
today
able to give final and complete
ended
1,268,275,157
Our usual
Stocks, number of shares.
previous—the week
1,591,225,463
97,522,828,186 + 10.2
Total
J..165 cities 107,446,542,288
Outside N. Y. City
41,402,255,063
Total bonds
j- j-iv7
123,662,000
27,511,000
60,483,000
114,891,000
$236,062,000 $265,990,000 $1,367,412,000 $1,127,447,000
vuiuixio
ui.
uro/jj-sctuuiuuia
IJJL
snout?
JJIUJJOI i/ioo
on
tuc
New York Stock Exchange for the four months of the years
1933 to 1936 is indicated in the following:
1936
1935
1934
1933
No. Shares
No. Shares
No. Shares
No. Shares
group
the cities according to the Federal Reserve districts in which
they
949,942,647
Federal
4 Months
"
clearings for the whole country being $6,996,177,300,
against $7,278,537,614 in the same week in 1935.
Outside
city there is
5,902,516,643
1,203,273,104
Dec.
New York.. 13
of
of this
8,262,130,385
+ 14.6
Inc.or
Boston
has to be estimated.
cases
that week there is
at this
618,104,266
16,691,338,654
1935
1st
In the elaborate detailed
statement, however, which we
for
225,545,194
4 Months
2nd
Accordingly, in the above the last day
present further below, we
results
389,200,774
290,567,439
1936
+ 9.9
+ 20.8
exact details for the week covered by the
today.
874,122,617
236,069,542
4 Months
Month
until
309,644,173
314,617,183
+ 16.5
Canada
foregoing will
439,536,980
1,457,027,312
437,975,789
316,244,959
539,012,652
24,350,745,087
12th San Fran..21
Twelve cities, five days..
Complete and
286,334,272
9th
San Francisco
Pitt8bUrgh
610,901,708
800,349,927
1,251,670,273
1,434,904,778
+ 11.6
289,000,000
178,204,000
901,942,744
863,183,055
416,220,060
We append another table showing the clearings by
Reserve districts for the four months for four years:
1936
Chicago
Philadelphia
1,339,502,297
+8.9
9,314,327,817 + 15.8
10,787,158,485
32 cities
$2,988,819,432
New York
780,120,528
11,117,735,653
gain for the
Total
For
981,507,285
16,469,617,332
4th
indicate that for the week ended today (Saturday,
the
1st
2nd
a
.
that in the New
Month of January
67,201,745
19,409,132
14,404,525
15,850,057
56,829,952
29,900,904
179,102,685
49,663,714
141,296,205
58,129,049
39,609,538
72,072,289
171,141,487
111,025,645
March—
First quarter
in the
Philadelphia Reserve District of 3.0%. The Cleveland
Reserve District has to its credit a gain of
18.8%, the Rich¬
mond Reserve District of
4.7%, and the Atlanta Reserve
District of 0.9%. In the Chicago Reserve District the totals
are larger
by 8.5%, and in the St. Louis Reserve District by
12.0%, but in the Minneapolis Reserve District the totals
are smaller
by 3.4%. In the Kansas City Reserve District
there is a decrease of 2.5%, but in the Dallas Reserve
District there is an increase of 18.8%, and in the San Fran¬
cisco Reserve District of 10.0%.
In the following we furnish a summary
by Federal Reserve
Month
districts:
1st qu.
18,718,292
19,314,200
20,096,557
54,565,349
60,884,392
51,016,548
February
York Reserve District, including this
city, the totals show
a loss of
7.8%, in the Boston Reserve District of 1.9%, and
April
The
following compilation
MONTHLY
Jan...
Inc. or
Federal
2, 1936
Reserve
1936
1935
Dec.
1934
$
$
%
$
Diets.
Clearings Outside New York
1935
$
$
1933
Boston
269,225,400
274,354,663
—1.9
247,230,535
New
York. 12
"
+7.9 10,800,390,151
+ 15.4 9,428,711,540
+9.4 10,385,994,887
..
5,065,392,927
—7.8
3d
4,257,266,272
3,575,629,429
PhUadelp'ia 9
••
377,528,790
389,084,533
—3.0
4th
326,173,275
Cleveland..
5
"
286,871,486
292,704,755
246,366,304
6th
"
150,568,864
122,542,341
117,064,277
6th
103,757,737
Atlanta
73,929,688
10
"
120,173,471
109,603,467
74,022,537
19
+18.8
+4.7
+0.9
119,082,502
+8.5
457,914,512
118,594,584 +12.0
218,585,591
Richmond .6
378,411,921
260,162,132
104,814,009
84,237,257
98,525,538
—3.4
83,102,055
68,904,249
130,305,694
—2.6
107,119,042
83,556,792
+18.8
218,700,379 +10.0
39,866,783
32,454,533
$
%
9,351,732,820 + 15.5
7,960,442,514 + 18.4
9,341,334,951 + 11.2
80,455,962,753 72,743,300,189 + 10.6 30,615,096,578 26,653,510,285 + 14.9
+8.9 10,787,158,485
9,314,327,817 + 15.8
of bank
clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
course
BANK
CLEARINGS
AT
LEADING CITIES
IN
APRIL
239,765,874
4,670,472,503
$
%
27,587,225,976 25,558,258,080
$
1st i
2d
1935
1936
Feb... 24,011,106,666 20,812,399,699
Mar
28,857,630,111 26,372,642,401
The
Week Ended May
the clearings by months
CLEARINGS
Clearings, Total All
1936
Apr... 26,990,579,535 24,779,527,997
SUMMARY OF BANK CLEARINGS
covers
since Jan. 1, 1936, and 1935:
12 cities
7th
Chicago
"
496,671,999
8th
St. Louis—
4
"
132,845,532
9th
Minneapolis 7
"
95,182,735
10th Kansas City 10
11th Dallas
5
*'
126,987,612
"
51,256,264
12th San
"
Fran.. 12
Total
ill cities
Outside N. Y. City
240,585,898
6,996,177,300
•
43,151,701
7,278.537,614
—3.9
190,247,203
145,269,208
6,166,177,890
5,075,372,049
2,439,512,186
2,330,168,336
+4.7
2,008,476,478
1,585,015,288
335,855,226
467,316,762
—28.1
474,857,916
351,806,801
(000,000s
32 cities
We also furnish today a summary of the clearings for the
month of April.
For that month there is an increase for
the entire
body of clearing houses of 8.9%, the 1936 aggre¬
gate of clearings being $26,990,579,535 and the 1935 ag¬
gregate $24,779,527,997.
In the New York Reserve District
the totals record an improvement of 4.8%, in the Boston
Reserve District of 14.1% and in the Philadelphia Reserve
District of 10.8%.
In the Cleveland Reserve District the
totals are larger by 30.6%, in the Richmond Reserve Dis¬
trict by 14.8% and in the Atlanta Reserve District
by
11.6%.
The Chicago Reserve District enjoys a gain of
21.0%, the St. Louis Reserve District of 11.1% and the
Minneapolis Reserve District of 7.2%. In the Kansas City
Reserve District the increase is 8.1%, in the Dallas Reserve
District 21.5% and in the San Francisco Reserve District
16.9%.
1934
1933
1936
1935
1934
1933
$
Boston
Baltimore
Cleveland
934
4,107
3,406
47,055
2,692
3,375
3,268
2,734
5,359
4,644
4,065
1,230
1,091
823
1,600
1,380
1,972
1,735
1,118
1,378
831
633
„
691
879
851
1,285
859
286
212
610
416
372
264
1,380
1,987
591
521
451
357
2,300
224
.
677
.
236
182
137
1,110
880
904
205
785
691
363
360
274
202
1,460
1,336
1,084
823
334
.
270
234
.
City
$
58,299
325
.
Cincinnati
$
61,555
1,347
.
San Francisco—
$
66,044
4,900
3,908
6,032
996
.
Pittsburgh
$
10,789
362
.
St. Louis
$
16,089
1,485
.
Philadelphia
$
15,465
1,045
.16,203
Chicago
Kansas
1935
$
omitted)
New York
Minneapolis
Canada
1936
276
250
163
1,237
1,026
923
741
260
244
207
178
144
925
851
550
786
620
126
114
97
59
508
443
402
294
444
376
310
34
1,679
1,475
1,157
383
125
112
96
66
511
448
396
269
140
116
110
70
537
448
469
263
Providence
41
38
34
28
172
144
134
Milwaukee
93
71
58
42
327
256
211
166
134
122
111
89
519
459
433
361
359
327
208
96
84
65
442
375
292
253
65
58
47
34
257
222
184
150
132
372
.
New Orleans
Detroit
.
.
Louisville
.
Omaha
.
Buffalo
.
St. Paul
98
Denver
Indianapolis
53
384
Seattle..
.
Salt Lake City-
111
90
531
498
455
59
54
36
261
248
229
139
137
113
92
76
518
415
359
287
60
.
Memphis
126
64
Richmond
52
42
32
224
200
162
133
52
44
41
31
200
170
141
120
.24,807
2,184
22,914
22,772
15,478
99,233
90,260
1,866
1,579
1,213
83,489
6,276
66,741
4,920
.26,991
24,780
9,314
24,351
8,262
89,765
31,466
71,661
24,606
Hartford
Total
Other cities
.
Total all
Outside New York-10,787
We
80
111
7,263
97,523
41,402
35,968
5,903
add our detailed statement showing the figures
city separately for April and for the week ended
now
for each
8,214
16,691 107,447
May 2 for four
years:
3106
Financial
CLEARINGS FOR
Chronicle
May 9, 1936
APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 2
Month of April
Four Months Ended April 30
Week Ended May 2
Clearings at—
Inc. or
1936
$
First Federal Reser
Portland.
9,860,772
996,405,492
2,669,678
1,686,189
1,595,700
2,896,442
14,100,638
7,358,372
51,521,468
17,277,433
6,228,300
41,021,100
2,814,816
Fall River
Holyoke
•Lowell
New Bedford
Springfield
878,815,653
3,005,075
1,239,342
1,313,491
2,657,812
+0.9
9,784,006
+ 54.9
35,573,645
3,908,187,353
+ 13.4
—11.2
11,126,570
6,077,601
6,035,683
11,147,264
51,596,744
28,324,140
199,514,718
66,241,076
+36.1
+21.5
+ 9.0
43,669,639
+ 18.0
13,807,525
+ 25.1
4,760,700
37,988,000
2,359,655
+ 30.8
+ 19.3
22,851,000
171,743,000
9,224,176
1,015,145,951
+ 14.1
48,053,481
4,842,510
4,536,506
134,052,325
122,000,000
2,970,065
2,518,090
2,289,017
2,162,044
16,203,421,050 15,465,200,180
32,359,713
28,734,044
17,810,701
15,602,580
16,453,932
10,993,547
1,581,833
29,40
9 47
83,716,078
142,114,
131,902,279
3,392,565
3,501,904
—15.2
L 16,685,745,548 15,916,113,137
Worcester
Water bury
R. I.—Providence
N. H. Manchester.
___
Total (14 cities)
1,157,897,575
Second Federal Res
N. Y.—Albany
..
District —New
erve
i
Elmira
Jamestown
New York
Rochester
Syracuse
Conn.—Stamford
N. J.—Montclair
Newark
Northern N.J
Oranges
___
Third Federal Rese
Pa.—Altoona
Chester
Harrisburg
Lancaster
Lebanon
Norristown
Philadelphia.
Reading
Scranton
Wllkes-Barre
York.
--
N. J.—Trenton.
Total (12 cities)
Fourth Federal Res
Ohio—Canton
rve
District
erve
9,448,768
234,053,178
334,122,461
49,423,000
2,260,431
976,126,058
S. C.—Charleston
Columbia
Frederick
D. C.—Washington
cities)
Sixth Federal Reser
Ga.—Atlanta.
Augusta
Columbus
Macon..
Fla.—Jacksonville
Tampa
Ala.—Birmingham
Mobile
Montgomery
Miss.—Hattiesburg
Jackson
3,366,547
8,766,855
3,674,034
8,225,300
1,160,249
576,245
—1.9
247,230,535
239,765,874
124,907,099
20,302,593
519,291,158
10,915,586
9,459,733
66,044,287,225
127,186,798
68,720,544
58,361,547
6,789,871
33 ,316,758
—30.8
10,302,117
14,235,847
1,033,381
29,600,000
740,759
—27.6
530,313
600,347
4,556,665,114 4,948,369,278
—28.3
il67,175
[001,182
180,550,361
17,482,425
458,920,558
10,029,257
8,253,116
61,554,990,084
110,335,349
60,466,119
44,869,743
6,288,382
305,709,427
545,886,226
14,188,433
+4.8
269
63,317,969,480
+ 7.3
+ 16.2
029
6,046,457
+ 14.2
+ 6.7
+ 9.9
+ 17.9
+ 5.9
+4.8
+ 12.6
+ 14.2
+49,7
■10.7
+ 5.3
7-7
5£
—3.1
3
+
+ 16.1
1,050,551
+ 13.2
31,300,000
703,749
+ 8.8
+ 14.6
+ 7.3
+ 15.3
+ 13.7
7,858,005
4,324,646
+ 3.1
3,578,706
*550,000
20,956,233
+ 8.8
32,653,069
+ 30.1
+8.0
+ 1.7
+ 5.7
—5.0
—7.9
7,202,036
+ 9.1
3,847,617
+ 12.4
2,759,528
+29.7
610,870
—10.0
20,168,839
36,224,425
—9.9
+ 3.9
6,180,335
6,075,881
857,574
905,912
26,679,382
22,736,995
483,321
559,245
383,485
286,759
4,157,701,412 3,490,356,761
7,255,041
6,828,179
3,481,213
3,164,358
3.095,921
2,458,578
285,000
492,044
20,452,978
17,266,281
30,410,610
24,498,436
—8.4
),800
4,670,472,503 5,065,392,927
+ 20.9
+ 8.4
476,116
—7.8 4,257,266,272
.
547,048
a355,750
340,000
—13.0
491,035
1,316*761
999,801
a*450,000
b
10.1
4,725,615
28,888,336
+
3,575,629,429
16,421,868
5,442,977
7,063,932
+ 25.5
b
363,664
382,409
+3~i".i
*821*992
762,357
+ 16.8
+ 14.3
5,359,000,000
19,657,686
+ 12.6
365~,bbo"666
376",bbb"66o
—2*9
+ 1.3
+ 18.4
1,664,071
2,161,540
15,516,383
+ 15.3
+ 9.1
19,612,908
57,090,000
+ 25.7
1,093,505
1,781,968
+ 65.4
+ 33.2
1,541,268
2,194,495
1,192,742
1,783,433
3,539,000
—7.4
36,078,976
4,496,600
+ 10.8
6,293,392,428
5,575,545,138
+ 12.9
377,528,790
389,084,533
+40.8
31,898,961
+ 29.4
+ 14.3
879,518,912
1,236,918,389
+5.1
+ 7.3
+ 23.1
315,025
b
+44.4
42,709,955
17,883,766
24,647,576
76,065,900
+ 10.2
425,304
+ 26.5
+ 15.1
315","000",000 'i 277*.000,000
—21.3
1,298,694
2,347,285
1,521,262
1,664,074
2,731,000
1,146,893
1,856,975
1,830,367
1,139,460
2,438,000
—3.0
326,173,275
286,871,486
+ 1.5
+ 0.1
b
b
•'/'-
b
b
b
—8.4
180,355,400
8,179,911
3,823,258
23,035,315
41,621,091
2,753,736
+ 30.1
1,871,356
24,657,718
784,870,748
1,025,719,098
169,516,300
7,634,998
2,938,193
19,986,981
31,664,052
2,810,944
1,341,855
—11.3
3,828,241
+ 12.5
1,599,995,654
22,418,254
25,125,860
+ 24.2
+ 22.9
4,307,678
1,986,874,211
22,317,791
29,109,635
+ 30.6
4,452,585,644
3,722,508,896
+ 19.6
292,704,755
246,366,304
+ 18.8
3,783,939
39,863,000
531,120,071
17,238,250
30,624,337
2,378,972
38,674,000
498,201,875
+ 59.1
188,297
+ 2.6
2,307,000
25,702,906
+ 15.2
171,436
2,715,000
30,264,373
1,072,448
+ 62.4
14,967,362
24,208,300
278,427
2,786,000
32,078,196
1,215,503
+ 13.3
887,471
66,870
2,550,000
22,854,254
711,093
903,930,709
4,706,437
+ 11.7
64",463",458
63,454,781
+ 1.6
59,284+04
37,998^603
282,083,828
+ 24.7
21,720,757
19,386,239
+ 12.0
15,387,659
9,748,868
122,542,341
117,064,277
+ 4.7
103,757,737
73,929,688
2,928,403
13,879,597
+ 7.5
42,400,000
+ 2.9
2,443,109
12,914,818
38,700,000
1,144,664
2,952,067
15,228,264
41,200,000
1,170,991
—0.8
+ 10.4
—2.2
1,061,834
3,994,661
9,021,456
28,400,000
1,120,660
790,826
13,138,000
875,996
14,286,000
—9.7
595,708
—8.0
14,261,000
15,206,627
1,341,675
16,200,286
1,270,843
—6.1
15,238,224
921,000
+ 21.2
+ 18.6
+ 6.2
+ 25.8
+ 18.5
+ 33.2
+46.6
+ 6.4
+.
.
+ 12.1
55,160,725
53,223,642
+ 3.6
+ 20.6
76,931,944
+ 10.8
+ 6.4
10,596,900
69,431,246
10,339,100
+ 2.5
43,115,889
61,033,030
9,908,900
1,303", 335
1,187*634
+ 9.7
1,107,776
33,885,407
38,699,361
7,976,900
+ 7.1
+ 30.1
+ 15.3
"
8*23*977
b
b
148,71+851
112", 18+682
+ 32.6
103,419,996
69,*183,219
218,585,591
150,568,864
+ 31.4
b
b
:
b
—2.0
+ 39.5
—0.4
+ 15.9
+ 60.1
+ 11.1
+ 29.6
1,009,681,736
5,188,458
351,759,964
460,359,930
+ 14.8
1,989,259,755
1,769,151,483
+ 12.4
+ 12.8
48,039,734
225,309,309
703,100,000
+ 13.6
+ 4.5
+ 46.9
+ 23.3
+ 14.7
+ 19.1
+ 3.1
+ 6.6
+ 6.0
+ 26.5
+ 10.2
12,100,328
57,723,433
174,500,000
4,436,863
2,342,902
3,132,454
58,605,829
4,777,795
+ 26.7
66,282,360
+ 9.2
4,864,120
+ 9.9
3,213,816
+ 0.6
3,958,000
5,773,943
—1.0
54,552,727
248,699,310
756,000,000
18,417,669
11,408,966
12,842,176
264,141,963
21,619,957
275,880,742
21,559,302
13,309,896
15,955,000
—18.1
20,437,207
1,042,132
+ 24.4
5,279,589
473,027
+ 7.4
9,178,462
12,308,777
220,138,013
18,448,091
264,297,354
18,972,015
12,979,850
15,524,000
21,448,619
4,483,700
2,084,648
443,409,478
+ 11.7
+ 9.6
+ 3.6
+ 19.8
+ 1.6
+ 6.8
17,715,289
+ 4.0
+ 4.3
+ 20.0
Flint.
Grand Rapids
Jackson
Lansing
Ind.—Fort Wayne
...
Indianapolis
South Bend
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
+ 4.4
+ 13.6
9,709,337
906,271
+ 2.8
b
—4.7
b
b
b
b
•
+ 11.0
+ 14.5
+ 11.6
2,250,067,622
2,037,437,339
+ 10.4
7 371,460
1,678 ,667,300
19 ,210,652
46 ,272,853
7 ,273,027
23 ,396,923
8,998,692
1,474,840,484
13,527,982
32,691,905
—18.1
6,566,288
|
'
+ 10.8
District
+ 17.8
+ 12.1
*
128*989
•
*122*324
+5*4
29,214,690
25,775,731
+ 13.3
23,336,916
12,221,492
120,173,471
119,082,502
+ 0.9
109,603,467
74,022,537
108,666
117,051,523
427,134
99,736,918
—74.6
+ 17.4
466,909
80,591,940
7,273,602
"130*858
"10*7*854
—Chicago—
2,510,254
—42.7
375,825,001
+ 18.1
3,342,225
+ 30.7
8,824,974
+ 34.7
1,635,721
+4.7
5,085,216
+ 40.4
3,214,424
9,102,113
58,014,000
3,861,540
17,535,214
2,773,101
71,406,750
1,533,036
4,073,067
35,270,160
+ 41.0
17 ,081,159
+ 29.2
40 ,749,030
+ 12.9
257 ,242,000
18 ,261,553
+ 29.3
+ 14.6
+ 29.7
+ 29.7
+ 12.2
76 ,657,136
14 ,876,139
327 ,018,819
6 ,898,360
+ 13.8
3,174,627
2,064,552
+ 53.8
1,548,195
1,076,553
18,942,578
11,969,942
1,474,620
1,126,527
1,497*.651
—1*5
1,102*824
""270366
855,387
+ 31.7
681,617
497,652
33,228,143
222,247,000
14,269,325
65,976,780
15,582,000
1,065,936
4,939,191
15,667,000
—~0~5
12*.456*666
io,8i8~666
905,035
4,321,334
+ 17.8
+ 14.3
1,040,733
3,663,247
446,826
2,749,457
10,647,527
256,031,459
21,177,772
16,831,480
11,214,186
+ 26.0
+ 32.0
4,899 ,567,007
12 ,781,242
65 ,608,046
15 ,157,484
4,895,889
2,771,016
12,582,036
3,310,261
4,222,341
+ 16.0
17 ,705,490
2,042,747,004
1,687,987,068
+ 21.0
7,761,609,454
6,549,373,548
+ 8.0
+ 12.0
13,013,997
+ 18.7
1,614,170
1,433,838
1,785,805
1,272,838,209
3,490,227
19,246,040
4,368,691
1,694,408
1,044,952,375
+ 12.6
+ 5.4
-
+ 21.8
+ 53.0
15
,839,175
129 ,867,731
52 ,470,130
5 ,208,287
6 ,428,451
543,308
+42.0
+ 41.5
6,227,962
13,201,309
115,224,440
44,700,956
4,527,461
5,519,418
4,107,261,922
10,115,964
45,513,158
12,182,807
14,960,046
4,397,664
39,514,110
15,449,196
Sioux City
+ 5.6
+ 2.5
113,741,007
1,719,631
Iowa—Cedar Rapids..
Des Moines
641,878
7,898,928
+ 17.2
516,968,009
1,438,102
443,788,960
4,369,067
11,888,921
1,713,029
7,138,837
4,531,572
11,760,643
65,483,000
4,992,857
20,094,646
3,596,035
92,631,703
Detroit
—8.9
+ 24.3
2,337,072
507,626,046
serve
Mich.—Ann Arbor
1,556,746
11,093,496
+20.6
274,354,663
576,905,475
Total (16 cities)
(25 cities)
+ 37.7
+ 18.5
269,225,400
1,296,817
508,097
126,216,590
La.—New Orleans
Springfield
236,429
619,542
2,892,013
+ 16.2
632,238
4,727,322
Meridian
Vicksburg.
Rockford.
286,017
501,947
2,802,910
3,905,621,588
:
10,090,000
126,310,768
3,235;488
6,686,994
235,754,044
1,202,444
77,447,954
13,645,769
64,481,813
191,200,000
4,596,490
2,807,032
3,184,113
74,264,032
5,102,984
72,372,902
5,347,169
3,234,345
3,920,000
Nashville
Peoria.
+ 23.1
—9.7
+ 12.1
District— Atlanta—
Tenn.—Knoxville
Decatur
+ 17.2
1,012,277
11,208,000
132,018,420
4,753,039
7,011,845
270,468,958
1,432,061
100,389,014
Md.—Baltimore
Seventh Federal Re
+25.5
District— Richmond—
.
Richmond
Bloomington
Chicago
+ 25.7
528,293,614
.
287,806
652,837
2,995,169
1,356,704
12,681,438
3,572,277
-Cleveland
1,274,709,138
Fifth Federal Reser
+ 16.2
4,537,426,976
b
610,482,958
4,338,051
8,240,182
6,354,918
12,482,252
814,334
520,435
1,186,691
Va.—Norfolk
111.—Aurora
1,666,129
6,709,589
204,694,811
275,569,854
41,688,500
2,129,464
780,474
5,363,736
9,373,549
889,040
400,111
1,338,030
416,406,747
4,076,922
6,705,231
981,479
W. Va.—Huntington
361,239
589,803
3,356,519
1,867,524
15,030,138
4,308,732
+ 5.8
+ 8.7
District— Philadelphia
Lorain..
Total (14 cities)
+24.9
593,545
1,400,320,589
W. Va.—Wheeling
1,881,285
214,312,005
692,517
—4.3
723,065
9,568,100
+ 15.6
Greensburg
+ 15.3
+ 25.2
240,000,000
—9.7
4,234,991
5,340,175
11,338,000
Pittsburgh
$
380,248
1,085,613
211,560,147
589,199
+ 12.5
20,605,708
6,356,223
8,074,513
6,031,775,000
19,918,640
Ky.—Lexington
5,236,960
10,258,873
44,411,859
22,539,139
170,169,768
53,796,947
—1.4
575,420
8,867,800
670,894
+ 30.7
Franklin
+ 15.8
—5.2
698,850
1,847,823
606,099
17251,216
Mansfield..
3,375,247,776
11,280,334
5,743,003
662,773
2,313,383
229,610,899
542,991
9,975,300
+ 1716
Youngstown
Pa.—Beaver County..
+ 1.3
+ 31.8
+ 18.8
7,622,605
4,561,853
1,551,447
1,942,507
1,347,000,000
5,087,240
8,695,341
Hamilton
9,659,569
26,980,924
+ 19.5
),802
Columbus.
1933
S
%
+ 21.5
+ 13.6
—
1934
Dec.
$
18,812,800
1,280,301
Cincinnati
$
1935
143,721,800
7,761,836
+ 8.0
1,935,484
a*2,500,000
1,454,640
8,967,335
5,963,395
1,875,333
2,105,125
1,485,000,000
5,348,557
9,333,968
4,897,718
6,575,746
18,758,700
Cleveland..
Gary.
+ 36.4
1,552,216,001
Bethlehem
Inc. or
1936
York-
40,741,023
Binghamton
Dec.
%
+ 24.5
New Haven
Total
1935
11,329,331
5,395,458
Conn.—Hartford
Total (8
1936
%
2,438,430
6,365,840
2,461,175
Mass.—Boston
Total (13 cities)
8
Dec.
District— Boston—
ve
Maine—Bangor
Buffalo
1935
Inc. or
1,376,845
17,375,356
3,785,094
436,089
299,992,324
+ 25.8
13,039,013
1,*550",999 —li" 2
*381*598
—9.6
14,373,230
3,665,712
12,050,665
2,189,203
19,210,178
3,185,412
+ 18.8
b
459,379
—5.1
633,560
285,272,715
698,723
+ 5.2
238,918,349
+ 32.6
540,919
541,135
204,591,331
558,226
4,815,987
997,283
3,305,390
+ 45.7
697,431
+43.0
1,265,771
1,227,794
+ 3.1
3,381,247
953,454
973,374
2,595,816
1,549,708
1,195,664
496,671,999
457,914,512
+ 8.5
378,411,921
260,162,132
926,388
+ 18.5
Volume
Financial
142
Chronicle
3107
CLEARINGS—(Concluded).
Four Months Ended April 30
Month of April
Week Ended May 2
Clearings at—
Inc.
Inc. or
or
1936
Dec.
1936
1935
Dec.
$
Eighth Federal Res
1935
$
%
$
$
%
1934
1933
$
%
S
7,840,000
+ 11.4
512,000
353,000
+45.0
574,000
385,813
2,161,002,634
1,933,723,781
+ 11.8
132,845,532
118,594,584
+ 12.0
104,814,009
84,237,257
+ 7.6
40,020,564
2,174,474
64,212,411
2,627,670
64,402,542
—17.2
2,130,258
925,116,856
—0.3
55,019,658
2,419,828
48,508,830
4,210,149
384,279,505
34,272,748
851,101,042
3,660,945
358,770,682
28,393,404
12,378,000
2,163,604
8,155,778
18,734,740
7,152,155
8,995,256
41,142,167
649,917
+ 16.8
+ 6.7
+ 13.5
21
+ 29.0
1,375,570,438
Tenn.—Memphis
64,380,719
+ 8.8
111.—Jacksonville
199,877
—3.9
912,889
2,183,000
59,180,898
208,027
2,092,000
1,379,804,046
511,402,997
261,042,702
+ 4.3
553,679,854
498,330,294
+ 11.1
Quincy.
(5 cities)
$
+ 12.2
324,997,458
111,851,911
Total
$
or
Dec.
1,229,660,448
447,916,925
248,341,174
766,234
7,039,000
362,285,178
124,631,080
Ky.—Louisville
1935
District —St. Louis—
erve
Mo.—St Louis
Inc.
1936
+ 11.5
+ 11.4
+ 14.2
+ 5.1
87,500,000
27,762,850
17,070,682
+ 19.1
77,600,000
26,867,516
13,774,068
b
+ 12.8
69,400,000
56,800,000
+ 3.3
22,803,573
12,036,436
17,068,755
+ 23.9
b
9,982,689
b
b
b
"
-
•
:
1
'
■
:
Ninth Federal Rese
rve
Minn.—Dulutk
10,888,680
Minneapolis
260,093,083
1,160,483
101,134,679
10,065,900
4,525,000
672,749
2,471,211
Rochester
St. Paul
.D.—Fargo
-
10,121,500
243,666,467
1,022,246
97,859,782
7,693,279
+30.8
S .1).—Aberdeen
3,441,000
638,359
2,244,655
+ 31.5
5,082,578
1,847,555
2,398,604
10,379,789
194,895
+ 43.0
+ 25.5
+ 13.1
33,180,391
14,362,000
2,518,315
8,847,704
25,299,769
8,968,943
10,771,006
37,559,023
838,088
414,291,275
Minot
386,590,709
+ 7.2
1,495,972,313
K Sioux Falls
Mont.—Billings
Great Falls
Helena
Lewistown
(13 cities)
Tenth Federal Rese
rve
District— Kansas
Neb.—Fremont
+ 5.4
+ 10.1
+ 37.5
—1.4
509,686
—6.4
1,876,738
499,445
404,487
+ 23.5
9,677,894
115,607,371
+ 26.3
+21.1
6,445,571
5,551,352
10,493,711
—25.9
1,901,288
44,854,008
536,728,780
24,203,096
36,342,752
49,850,793
7,888,578
1,460,284,745
50,553,242
140,404,308
476,866
Lincoln
Omaha
Kan.—Kansas City
Topeka
7,775,936
Wichita....
11,662,066
1,938,069
362,525,898
12,342,389
36,690,056
2,452,355
Pueblo
111,633,617
2,822,444
Total
709,478,395
City
St. Joseph
Okla.—Tulsa
Colo.—Colorado
Spgs.
Denver
(14 cities)
Eleventh Federal R
eserve
Texas—Austin
Dallas
El Paso
16,032,705
25,429,373
Wichita Falls
Total
(10 cities)
Twelfth Federal Re
Wash.—Bellingham
serve
+ 16.4
1,563,903
14,15+607
1,456,349
*49+977
"
560,808
566*213
—1*6
*44+496
*513*546
*435+14
+ 1+9
*376*049
*2*4*8",912
2,05+675
2~,*6*5*3*766
—26.5
2*.369*339
1,6*14*746
+8.8
95,182,735
98,525,538
—3.4
83,102,055
68,904,249
117,443
107,353
2,955,714
34,382,426
158,506
82,451
—25.9
2,373,115
29,966,395
+ 24.6
+ 14.7
70,129
84,265
2,437,325
25,392,480
1,953,341
19,410,546
—0.5
1,729,855
2*304*094
—2*4*9
+ 11.5
2,523,453
2,365,126
+ 6.7
1,769,695
2,133,850
2,005,714
+ 9.3
81,635",175
89,414*,178
—8*7
71,*5*4*7*014
+3.4
2,650,027
2,710,299
—2.2
2,780,936
+8.5
+ 35.0
+ 25.4
+ 19.7
—8.7
1,672,422
1,544,095
+ 12.2
+ 21.7
+ 18.0
61+239
*53+635
+ 14.8
*4*41*,517
*50+372
126,987,612
130,305,694
—2.5
107,119,042
83,556,792
+ 23.1
441,557,361
10,848,920
+ 8.1
2,817,761,205
2,485,365,583
+ 13.4
+0.7
+ 1.0
+ 25.5
+ 13.9
i
10,466,596
+ 19.7
+ 30.2
62,421
b
+ 6.3
1,*5*0*3*796
+ 21.0
+ 31.6
+ 18.5
+ 17.8
—17.3
19,337,459
24,032,911
—19.5
—6.1
+ 21.3
15,838,481
720,172,756
64,262,983
14.499.212
612,921,479
+ 17.5
+ 25.4
329,414,606
1,632,169
3,316,936
La.—Shreveport
+ 7.8
6,621,074
400,352,865
136,696,616
Port Arthur
1,829,409
4,073,217
153,502,898
13,080,905
8,734,000
Houston
1,971,355
+ 16.0
+ 18.7
+ 15.2
12,785,980
21,699,002
7,432,000
110,499,522
1,324,762
3,249,330
8,226,821
Ft. Worth
Galveston
26,010 524
+ 16.9
20*4*352
55,44+391
2,394,724
"
~26~8~927
*39+895 —3*1*7
4*6+831
*56+487
~
Distric t—Dallas—
5,476,213
3,825,404
186,128,544
Beaumont
23,698*466
—*8*9
+ 16.8
+ 7.6
656,409,582
...
Kansas
+ 7.1
36,866,114
448,330,986
22,767,093
38,878,372
44,708,486
6,521,069
1,335,659,129
48,907,337
106,700,214
8,835,634
374,777,853
9,196,779
+ 16.1
10,842,757
1,681,889
360,110,105
12,220,242
29,225,946
2,153,052
95,552,756
2,378,334
Mo.—Joplin
+8.7
+ 15.0
City
12,223,637
139,990,046
Hastings
District —San
Franci
+ 17.2
+ 23.7
102,840,950
37,219,000
550,231,132
+ 23.2
6,191,005
+ 17.5
1,209,320
1,070,522
+ 13.0
768,892
784,915
39,278+70
33*.403*262
+ 1+6
30*.7*9+869
23*.*6*3+664
+ 22.4
5*6*14*956
4*.*7*1+657
+ 12.4
1,918,000
2,031,000
+9.2
53,746,829
84,004,034
33,120,000
436,926,466
5,374,156
+ 19.6
19*2
4*6*59*756
4,458,130
—5.6
1,707,000
1,390,000
+
+ 25.9
+ 15.2
+ 2.1
13,139,199
12,486,695
+ 5.2
+ 59.0
49,864,195
35.010.213
+42.4
a 718^ 301
3,235,824
1,936,260
'+6+1
1,937,266
2,183,824
+ 21.5
1,579,097,160
1,312,121,995
+ 20.3
51,256,264
43,151,701
+ 18.8
39,866,783
32,454,533
"b"
b
b
SCO
2,848,084
2,142,557
+32.9
9,181,080
7,303,048
+25.7
137,451,867
+21.7
518,091,386
132,572,000
12,687,349
32,268*375
30*. 1*23*421
++i
22*.4*3*2",897
+ 4.8
19*.0*3+631
7,520,000
783,425
7,898,000
—4.8
676,106
+ 15.9
6,377,000
445,670
3,230,000
260,121
+45.7
15,217,216
134,572,139
2,299,609,702
41,012,712
22,449,795
30,625,880
414,798,674
126,493,000
9,158,646
16,209,851
2,311,466
374,190,453
8,892,352
199,733,538
43,167,262
16,982,047
58,203,175
53,566,087
8,715,473
46,279,607
11,896,766
95,818,988
1,971,775,316
31,107,690
18,414,891
23,420,587
+ 24.9
9,721,365
112,932,830
32,574,000
2,704,845
4,703,128
704,000
93,861,042
2,207,047
51,648,945
11,588,009
4,620,557
14,281,360
15,227,696
2,315,473
12,014,678
3,189,816
28,121,460
520,688,537
8,520,039
5,045,254
6,670,791
1,094.262,791
935,762,064
+ 16.9
4,195,659,828
+ 8.9 107,446,542,288
—
Seattle
Spokane
34,192,000
Yakima
3,845,686
4,376,128
775,000
115,230,346
2,469,926
60,392,835
13,921,486
Idaho—Boise
Ore.—Eugene
-
Portland
Utah—Ogden
Salt Lake City
)
+ 3.3
7,269,091
2,540,234
3,010,224
10,239,455
220,486
Grand Forks
Total
District— Minneapolis
Ariz.—Phoenix
Calif.—Bakers field
Modesto
5,200,174
18,120,179
18,714,393
2,764,000
Pasadena
15,421,359
Riverside
4,479,500
35,951,533
Berkeley
Long Beach
Sacramento
San Francisco
591,049,786
San Jose
11,065,750
| Santa Barbara
6,271,394
Stockton
Total (21 cities)
+ 5.0
+42.2
—7.0
+ 10.1
+ 22.8
10,787,158.-485
CANADIAN
436,886,383
10,343,109
224,282,909
+ 11.9
+ 16.9
+ 20.1
53,354,128
19,853,237
74,156,727
69,190,264
+ 12.5
+ 26.9
+22.9
+ 19.4
10,794,000
60,303,330
+28.4
+40.4
+ 27.8
+ 13.5
+29.9
+24.3
Grand total (165 cities). 26,990,579,535 24,779,527,997
Outside New York
17,443,482
3,033,000
+ 15.8
9,314,327,817
CLEARINGS FOR
41,402,255,063
APRIL,
Month of April
+ 38.5
+ 7.6
■)'
+ 31.2
+ 16.8
24,46+215
22*,6*6+427
+ +9
19*.4*6*0",707
15,676,601
14,107,589
13*. 1*39*299
+
7*4
10*.7*9+771
7*.*6*1*8*314
+ 16.3
+ 12.3
+ 23.6
+ 16.9
+27.4
3",77+686
3*,54*3", 167
+ 6.6
2*94+667
2*86*1*234
3",36+504
2,682*688
+ 25.5
2**7*1*1*058
2*.63*1*202
8*.4*48*,659
—28.5
5*.108,229
2,62*0*,970
124,470,079
+ 14.7
2,233,347
—0.9
1,152,791
+ 33.6
+ 30.8
6,042,522
142,720,000
2,212,388
1,540,040
1,779,154
115,651,803
1,934,443
1,049,872
1,330,746
87,992,517
1,492,594
889,851
958,173
3,538,438,917
+ 18.6
240,585,898
190,247,203
145,269,208
97,522,828,186
35,967,838,102
+ 29.2
+ 23.8
+ 30.3
+ 27.9
+ 40.4
+ 16.6
+ 31.8
+ 22.0
1,665,395
+ 6.8
218,700,379
+ 10.0
+ 10.2
6,996,177,300 7,278,537,614
—3.9
+ 15.1
2,439,512,186 2,330,168,336
SINCE JANUARY 1, AND FOR
6,166,177,890 5,075,372,049
+4.7 2,008,476,478 1,585,015,288
WEEK ENDING APRIL 30
Four Months Ended April 30
Week Ended April 30
Clearings at—
Inc. or
1936
Canada—
$
Toronto
473,386,496
401,064,108
216,881,916
76,588,719
84,074,775
-
Montreal
Winnipeg
Vancouver
-—
Ottawa
—
Quebec
18,131,359
Halifax
9,195,191
19,410,699
23,591,524
7,467,160
Hamilton
Calgary
St. John..
Victoria
7,100,416
10,881,905
17,594,707
London
Edmonton
Sherbrooke
Kitchener
—
Prince Albert
Moncton
—
Chatham
—
Sudbury
a
(32 cities)
+ 7.4
+ 10.5
+ 6.7
+ 7.1
1,251,670,273
—
Peterborough
Total
+ 1.4
+23.8
1,434,904,778
—
Fort William
New Westminster
Sarnla.
—0.2
+ 14.2
2,410,222
2,651,922
1,112,309
2,620,851
2,624,513
4,269,767
12,278,963
1,298,486
2,834,409
2,189,441
1,963,149
1,892,831
3,438,851
-
Kingston
+ 23.6
+ 12.4
+ 1.6
Saskatoon
Windsor
+ 18.3
+ 15.7
12,174,892
1,148,249
1,770,784
5,319,199
1,888,416
3,258,827
2,455,159
2,250,116
903,113
2,610,508
2,281,890
3,918,816
9,697,265
1,318,344
2,633,400
2,106,054
1,917,086
1,806,094
3,183,349
13,687,407
1,166,667
1,958,661
5,546,106
2,177,011
3,414,237
Lethbrldge
Medicine Hat
412,700,462
339,125,072
187,506,212
61,960,595
84,262,004
15,878,522
9,064,522
15,678,779
21,961,879
6,758,665
6,652,211
10,158,250
%
+ 14.7
+ 1.6
Regina
Brantford
S
Dec.
17,321,539
Brandon
Moose Jaw
1935
Not Included In total,
b No clearings available.
Inc. or
1936
1935
Dec.
$
S
%
2,066,193,863
1,647,730,910
809,508,001
297,305,245
323,670,360
66,171,990
35,830,992
75,809,354
92,682,942
27,809,823
27,334,239
46,640,376
60,875,744
49,437,576
4,368,265
7,114,716
20,791,320
8,212,107
1,786,457,733
1,409,489,401
593,715,082
237,775,584
183,860,313
59,009,882
34,046,157
58,457,678
78,387,379
25,203,522
24,128,362
40,151,609
64,910,598
+ 15.7
+ 16.9
+ 36.3
+ 25.0
+ 76.0
+ 12.1
+ 5.2
+ 29.7
+18.2
+ 10.3
+ 16.2
+ 16.2
—6.2
44,525,257
+ 11.0
—1.9
+4.8
+8.0
13,414,341
8,946,570
9,484,727
3,686,987
10,129,682
8,992,913
17,008,527
46,430,748
5,025,323
10,921,437
8,294,182
7,725,496
7,443,539
13,039,605
4,451,243
6,483,774
19,543,215
7,030,646
12,428,721
8,840,714
8,206,631
3,197,222
9,380,093
8,290,895
15,239,520
37,881,834
4,929,906
10,250,313
7,741,751
7,275,001
6,676,474
11,465,370
+ 14.6
5,838,031,800
4,829,431,880
+ 10.6
+ 4.3
+ 15.3
+ 4.8
—1.8
+ 17.9
+ 23.2
+0.4
+ 15.0
+9.0
+26.6
—1.5
+ 7.6
+4.0
+2.4
* Estimated.
+ 9.7
+ 6.4
+ 16.8
+ 7.9
+ 1.2
+ 15.6
+ 15.3
+ 8.0
+ 8.5
+ 11.6
+ 22.6
+ 1.9
+ 6.5
+ 7.1
+ 6.2
+ 11.5
Inc.
1936
1935
$
102,828,513
97,647,648
56.406.498
17,733,738
21.328.499
3,903,522
2,021,759
4,124,355
5,281,119
1,726,392
1,527,198
2,232,302
3,253,212
3,128,211
244,805
451,110
1,256,707
471,591
669,374
507,746
621,193
204,909
626,574
523,165
847,943
3,211,872
289,501
662,285
$
162,318,513
105,658,562
106,479,655
17,346,186
29,681,244
4,557,696
2,410,587
4,345,995
6,788,023
1,725,324
1,794,598
2,866,022
3,926,921
4,384,704
306,683
441,095
376,614
896,813
+ 20.9
335,855,226
1934
$
—36.7
126,979,669
193,339,722
92,605,469
17,602,337
4,534,618
3,543,704
2,295,449
4,279,167
4,168,680
1,811,039
1,628,368
2,779,243
3,861,033
2,692,323
333,640
107,771,187
99,977,684
85,153,142
12,928,610
4,732,681
334,844
985,221
555,231
783,636
608,236
460,429
176,300
614,421
635,410
865,996
—7.6
47.0
+ 2.2
—28.1
—14.4
—16.1
—5.1
—22.2
+0.1
—14.9
—22.1
—17.2
—28.7
—20.2
+ 2.3
428,491
—11.6
1,201,466
475,890
846,701
—0.9
—20.9
600,704
—15.5
552.002
785,735
594,521
560,359
215,409
569,179
217.924
1933
$
1,421,819
+9.1
—6.0
706,733
542,831
—11.3
1.159,934
2,539,517
—26.9
328,723
603,332
540,061
438,637
411,421
+ 13.7
or
Dec.
—11.9
+ 9.8
712,251
668,553
1,190,251
2,416,196
299,918
655,491
—18.8
564,033
—9.1
—3.6
+ 26.5
S
4,682,064
2,403,310
3,783,302
5,256,710
1,700,735
1,388,172
3,007,774
3,537,056
3,951,276
314,520
2,373,403
255.948
622.949
452,415
432,526
846,665
—12.9
+ 5.9
442,618
412.003
704,158
573,820
426,835
421,400
524,499
467,316,762
—28.1
474,857,916
351,806,801
-
May
Chronicle
Financial
3108
1936
9,
SHOWING APPROPRIATIONS AND EXPENDITURES FOR RECOVERY AND
TREASURY STATEMENT
RELIEF
AS
APRIL 30,
OF
1936
agencies of the Federal Government, it is shown in a tabulation given in the Treasury's "Daily Statement"
of April 30, appropriated $17,777 014,101 for recovery and relief up to the end of April, which compares with $17,779,280,194
appropriated as of March 31,1936. The figure for April 30 does not include amounts advanced under the Kerr-Smith Tobacco
Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress in February
after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional.
A report of the Treasury
The various
covering appropriations up to March 31 was given in the "Chronicle" of April 11, page 2441.
According to the tabulation for April 30, $12,572,646,137 of the amount appropriated was expended—$9,828,458,273
during the fiscal year ended June 30, 1935, and previous year, and $2,744,187,864 thus far during the fiscal year ending
June 30, 1936; $5,204,367,964 remains unexpended.
Of the appropriations, $2,308,079,809 are listed in the tabulation as
specific allocations to the various governmental agencies; $6,204,772,649 as having been made available by the Reconstruction
Finance Corporation, $3,235,935,000 under the National Industrial Recovery Act, $1,366,005,000 under the Emergencv
Appropriation Act, 1935 (approved June 19, 1934), and $4,662,221,643 under the Emergency Relief Appropriation Act, 1935
(approved April 8, 1935).
The Treasury's tabulation for April 30 follows:
FUNDS APPROPRIATED AND ALLOCATED FOR RECOVERY AND RELIEF. EXPENDITURES THEREFROM, AND UNEXPENDED BALANCES
AS OF APR. 30 1936
i
Expenditures
Sources of Funds a
a
Appropriations
Statutory and, Executive Allocations
Fiscal Year
Reconstruction
Oroanlzations
National
Emergency
Industrial
Specific
Appropriation
Act 1935,
Recovery
Act
June
Agricultural aid:
Agricultural Adjustment
Approved
April 8 1935
$
$
37,554,000
80,000,000
3,000,000
60,000,000
Administration.e
Federal Farm Mortgage
1934
1933
c322.500.000
Administration
Commodity Credit Corporatlon.e
Farm Credit
16
19
-
37,000,000
133,629,959
360,054,000
Federal Surplus Commodles
Corp
h
j
Civil Works Administration
605,000.000
337,700,000
93,101,630
Department of Agriculture,
400,005,000
323,362,315
i
44,093,000
435,371,994
192,139,506
438,031,000
255,024,484
Relief):
Boulder Canyon project
13,339,960
States, munic., &c.e_
Loans & grants to
Loans to railroads.e.
i
Publio highways
255,488,217
i
River and harbor work
322,890,000
85,320,000
Administration—
Administration
i
All other
72,000,000
605,334,450
3,000,000
133,000,000
12,000,000
345,753,590
74,493,662
19,506,931
3,087,370
45,905,221
15,892,675
(482,370,594 2,443,115,494
31,030,526
""~~2~239
50o",bb"o"666
130,801,892
12,842,912
1,429,783,976
312,687,284
74,730,254
760,526,631
826,665,000
1,344,688,395
85,320,000
9.823,819
591,395
437,336,203
2,679,093
72,432,960
8,004,155
914,125,584
91,639,270
192,139,506 £126,812,438
1,193,521,456
175,687,149
479,733,862
124,389,694
841,956
12,842,912
1,429,783,976
913,364,958
1,219,944,170
335,323,613
93,907,485
Rural Electrification
Works Progress
124,958,815
1
88,960,000
relief.
Public Works (Including Work
£3,046,185
24,601,115
23,550,392
911,040,000 3,082,964,756
934,030,085
480,590.512
152,304,158
h
Emergency conservation work...
208,312.647
125,000,000
145,000,000
58,950,000
145,000,000
58,950,000
Reduction In Int. rates on mortgages.
Federal Emergency Relief Admin
149,819,572
104,197,869
423,395,524
200,000,000
200,000,000
125,000,000
Relief:
159,610,800
179,928,813
£35,693,866
626,378,356
Federal Land banks:
Capital stock
50,623,626
492,439,330
d
f489,439,330
315,748,397
200,000,000
Corporation...
Paid-in surplus...,
Prior Years 1
Appropriation
Act 1935,
Approved
June
Approved
1936
Corporation
Unexpended
1935 and
Fiscal Year
Total
Finance
Emergency
Relief
116,624,322
816,450,155
767,449,494
80,561,249
238,676,698
9,623,448
139,902,697
2,079,656
460,640^362
21,162,916
606,182,666
181,982,191
432,595,349
134,969,035
11,984,134
516,419,017
423,980,194
81,645,700
26,458,000
43,265,888
216,303,647
136,969,752
585,238,957
220,375,133
16.820
Aid to home owners:
Home-loan system:
Home-loan
Corporation
Federal savings and loan associations.
k
50,000,000
103,773,050
32,058,500
1,000,000
23,209,359
6,724,224
Emergency housing
Federal Housing Administration
Resettlement Administration
Subsistence homesteads—
Miscellaneous:
36,250,000
150,000,000
19,583,400
37,827
16,628,772
24,371,468
5,109,755
150,000,000
19,129,222
"132",491
25,bob",666
d3800584,920 3,800,584,920
75,000,000
35,000,000
I
Reconstruction
m
50,000,000
Total
Grand total... ...................
2,308,079,808 n3235935.000
appropriations Included In the
o
1366005,000
1936 Budget estimate of $300,-
program and expenditures therefrom are
Boulder Canyon Project, $14,000,000;
Public highways, $40,000,000; River and harbor work, $10,000,000; other publio
works, $118,409,000; Tennessee Valley Authority, $36,000,000; total, $218,409,000.
b The emergency expenditures Included In this statement for the period prior
to the fiscal year 1934 Include only expenditures on account of the Reconstruction
Finance Corporation, and subscriptions to capital stock of Federal Land banks
under authority of the Act of Jan. 23 1932.
Expenditures by the several depart¬
ments and establishments for public works under the Emergency Relief and Con¬
struction Act of 1932 were made from general disbursing accounts, and, therefore,
are not susceptible to segregation from the general
expenditures of such depart¬
ments and establishments on the basis of the dally Treasury statements.
c The sum of $322,500,000 includes appropriations under the Acts of May 12,
1933, May 25, 1934, June 19, 1934, and Aug. 24, 1935, totaling $360,000,000, less
$37,500,000 carried to the surplus fund from the appropriation of $100,000,000
provided by the Act of June 19,1934.
d There are no statutory limitations on the amounts of funds which may be
made available by the Reconstruction Finance Corporation for carrying out the
purposes of Sec. 5 of the Agricultural Adjustment Act, and for the purchase by
the Reconstruction Finance Corporation of preferred stock or capital notes of
banks and trust companies under the Act of March 9 1933.
The Reconstruction
Finance Corporation Is required to make available to the Federal Housing Admin¬
istrator such funds as he may deem necessary for the purposes of carrying out the
provisions of the National Housing Act.
The amounts Included In this column
for the purposes specified are based upon checks Issued therefor from time to time
by the Reconstruction Finance Corporation.
The authority of the Reconstruction
Finance Corporation to issue Its bonds, notes, and debentures has been increased
by such amounts as may be required to provide funds for such purposes.
e Expenditures are stated on a net basis, I.e., gross expenditures less repayments
and collections, details of which are set forth in the supplementary statement below,
f Net, after deducting repayments to the Reconstruction Finance Corporation.
000,000 for general public works annual
not Included In the above statement:
£
Excess of credits, deduct.
of $950,000,000 provided
President as follows: Federal
hThe appropriation
by
the
1934 was
Administration.
in the Act of Feb 15
Emergency Relief
$7,300,000 has
$605,000,000; and Civil Works Admin. $345,000,000. of which amount
been transferred to the Emergency Relief appropriation,
i See note a
j Under the provisions of the Emergency Appropriation Act,
year
the
Reconstruction
Finance
Corporation Is
above.
fiscal
1935,
authorized to purchase marketable
DETAILS OF
p
16,768,822
16,768,822
10,314,404
5,551,592
902,825
The following
allocated
£169,845,053 2,276,434,748 1,693,995,225
47,185,331
27,814,668
17760245,278 2,744,187,863 9.828,458,272 5,187,599,142
2,308,079,808 3,235,032,174 1,360,453,407 4,651,907,239 6,204,772,649
Unallocated funds
a
106,013,447
11,919,956
158,493,688
261,710
4,993,468
19,378^000
i
"89,830
6,034,250
12,116,170
94,243,494
428,264
6,724,224
150,000,000
Finance Corp.—direct
loans and expenditures.e
Tennessee' Valley Authority
30,241,584
6,849,186
15,963,873
1,761,663
22,968,915
254,498,846
227,900,000
1,250,000
Export-Import Banks of Washington.e.
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery.
200,000,000
19,668,585
40,000,000
d39,000,000
3,389,487
16,896,300
125,000,000
200,000,000
50,000,000
135,831,550
125,000,000
200,000,000
bank stock
Home Owners' Loan
4662221643 6,204,772,649 17777014,100 2,744,187,863 9,828,458,272 5,204,367,964
securities
acquired by
the
Federal Emergenoy Administration of Pub lie Work
but the amount which the Reconstruction Finance Corporation may have Invested
time in such securities may not exceed $250,000,000.
Moneys paid
for such securities are available for loans (but not grants) under Title II of the
at
one
any
The amount of obligations which the Recon¬
National Industrial Recovery Act.
struction
Finance Corporation is authorized to
by the sums necessary for such purchases, not to exceed $250,000,000.
The purchase of such securities by the Reconstruction Finance Corporation la
reflected as expenditures of the Reconstruction Finance Corporation and as credits
against expenditures of the Federal Emergency Administration of Publio Works.
The amount by which the available
Increased is, therefore, included In
funds on account of such transactions has been
the funds of the "Reconstruction Finance Cor¬
poration—direct loans and expenditures."
k Includes
by
Sec.
$700,000 allocated for savings and loan promotion as authorized
11 of the Act of April 27 1934.
Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corpo¬
1 Under
ration Is authorized to purchase at par obligations
Corporation in
a
obligations which
at any one time Is Increased
included In this column will represent the
outstanding
of
the
United
States
on
account
by $250,000,000.
The amount to be
proceeds deposited with the Treasurer
of the sale
of such
$843,531.67
the Federal
capital stock la included
In the figures shown in the column for Reconstruction Finance Corporation,
n Exclusive of the $64,065,000 transfer referred to in note (p).
o Exclusive of the $25,600,000 and $34,570,000 transfers referred to in note (p).
p Includes $4,000,000,000 specific appropriation under the Act of April 8, 1935,
and transfers of unexpended balances as follows: From the Reconstruction Finance
Corporation, $500,000,000; from the appropriation of $3,300,000,000 for National
Industrial Recovery, $64,065,000; from the appropriation of $525,000,000 for relief
in stricken agricultural areas provided in the Emergenoy Appropriation Act of 1935,
approved June 19, 1934, $25,600,000; from the appropriation of $899,675,000 for
emergency relief and public works provided in the Emergency Appropriation Act of
1935, approved June 19, 1934, $34,570,000; from the appropriation of $950,000,000
for emergency relief and civil works provided in the Act of Feb. 15, 1934, $7,300,000;
from unobligated moneys referred to in Sec. 4 of Act of March 31, 1933, $17,765,140.54; and moneys transferred pursuant to Sec. 15 (f) of the Agricultural Adjust¬
ment Act, $12,921,502.64.
mThe appropriation of $500,000,000 for subscription to
Fiscal Year 1936
Repayments and
Payments
municipalities, &c
Export-Import Banks of Washington
Reconstruction Finance Corporation—direct
obligations by
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
This Month
States,
of the Federal Deposit Insurance
face amount of not to exceed $250,000,000, and the amount of
the Reconstruction Finance Corporation is authorized to have
REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
Organizations
Loans and grants to
have outstanding at any one time
Is Increased
loans & expenditures
6,541,806.74
40,888,724.51
1,431,579.46
16,869,564.38
41,348,424.51
Collections
Expenditures
Repayments and
Net
Payments
$3,043,902.30
3,311,929.02
a$2,200,370.63
3,229,877.72
$209,774,719.07
60,021,369.86
13,378,218.65
292,189.01
118,554.13
72,755,211.82
27,510,505.86
1,139,390.45
16,751,010.25
a31,406,787.31
267,805,882.59
16,398.445.21
25,061,655.58
820,711,362.70
Net
Collections
Expenditures
$29,845,905.60
95,715,235.94
176,166,612.26
143,210,883.21
5,478,255.52
990,556,416.36
$179,928,813.47
a35.693.866.08
91,639,270.33
al26,812,438.00
19,583,400.06
al69.845.053.66
Volume
Financial
142
Chronicle
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury
ings of the United States,
as
officially issued
1936, delayed in publication, has how
received, and as
IN
NATIONAL
BANK
We give below tables which show all the
cash hold¬
of Jan. 31,
as
3109
CHANGES
NOTES
monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
interest attaches to the details of available cash and the gross
and net debt
that date, we append a summary
on
making comparison with the
CASH
AVAILABLE TO
same
PAY
date in 1935:
31,
1936 Jan.
$
1,958,262,879
2,303,477,510
22,827,107
690,506,332
3,740,830
2,967,652
27,148,462
276,512,596
3,874,945
3,742,360
720,041,921
311,278,363
on
warrant checks
Total
Balance, deficit {—)
or
surplus (+)—
+1,238,220,958 +1992,199,147
INTEREST-BEARING DEBT OUTSTANDING
Interest
Payable
Title of Loan—
2s Consols of
Jan. 31, 1936
$
1930..
Jan. ai,
$
Q.-F.
2s of 1918-1938
Q.-F
Q.-M.
3s of 1961
3s convertible bonds of 1946-1947
Certificates of indebtedness
49,800,000
Q.-J.
28,894,500
253,700,000
..
34s First Liberty Loan. 1932-1947
J.-D.
4s First
Liberty Loan, converted 1932-1947
J.-D
4$48 First Liberty Loan, converted 1932-1947..J.-D
4 $4s First Liberty Loan, 2d con v., 1932-1947.-J.-D
1935
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
163,100,000
1,392,226,250
Q.-J
2s of 1916-1936
on—
5,002,450
532,489,100
3,492,150
c3,181,062,700
4$4s Fourth Liberty Loan of 1933-1938
A.-O
4$48 Treasury bonds of 1947-1952
A.-O.
758,955,800
758,983,300
3s Treasury bonds of 1944-1954
J.-D.
1,036,834,500
489,087,100
454,135,200
A.-D.
1,036,762,000
489,087,100
454,135,200
352,993,950
544,914,050
818,646,000
755,476,000
834,474,100
1,400,570,500
1,518,858,800
J.-D.
1,035,884,900
Mar. 31 1936-...
Feb. 29 1936....
b600,000
a412,859,760
a428,125,995
b600,000
b600,000
31 1936....
Dec. 31 1935....
b600,000
Nov. 30 1935....
beoo.ooo
Oct.
31 1935....
b600,000
♦900,000
600,000
13,984,735
220.605,430
2,351,260
141.945.660
283,529,310
330,642,140
478.777,490
June 30 1935
May 31 1935....
Apr. 30 1935....
Mar. 31 1935....
446,007,210
a472,546,661
a498,090,117
a529.121.057
a572,428,022
618,311,862
735,754,750
b600,000
Sept. 30 1935....
Aug. 31 1935....
July 31 1935....
473,146,661
498,690,117
529.721,057
573,028,022
244,006,952
271,360,682
430,477,157
618,911.862
749,739,485
769,095.645
794,982,175
824,522.520
849,257,455
548.490,215
550,975,223
553,161,838
418,780.298
$2,327,717 Federal Reserve bank notes outstanding April
lawful money, against $2,380,123 on
April 1, 1935.
a
413,459,760
428,725,995
a445,407,210
1,
1936, secured by
Includes proceeds for called bonds redeemed by Secretary of the Treasury.
b Secured by $600,000 U. S.
2% Consols 1930 deposited with U. S. Treasurer.
♦
Includes $300,000 bonds which were on deposit although circulating notes had
been retired by deposit of that amount of lawful money.
,
The following shows the amount of National bank notes
afloat and the amount of
and
legal tender deposits Mar. 2 1936
April 1 1936, and their increase or decrease during the
month of March:
824,508,050
491,377,100
...M.-S. 2,611,155,700
M.-S. 1,214,453,900
Total
Tenders
$
Jan.
—15,914,925
_
Disbursing officers' checks
Discount secured on War Savings Certificates.
Bonds
1935
31,
2,319,392,435
Deduct outstanding obligations:
Matured Interest obligations...
Afloat
Legal
Bank Notes
Balance end of month by dally statements. Ac
2,003,979,341
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated Items
—45,716,462
,
National Bank Circulation
Deposit to
tion for National
$
Settlement
on
Secure Circula¬
MATURING OBLIGATIONS
Jan.
„
Amount Bonds
thereof,
491,377,100
3$4s Treasury bonds of 1946-1956
34s Treasury bonds of 1943-1947
34s Treasury bonds of 1940-1943
M.-S.
34s Treasury bonds of 1941-1943
34s Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
3$48 Treasury bonds of 1941...
4$4s-3$4s Treasury bonds of 1943-1945
3$4> Treasury bonds of 1944-46
3s Treasury bonds of 1946-1948
M.-S.
J.-D.
J.-D.
J.-D.
M.-S.
F.-A.
A.-O.
34s Treasury bonds of 1949-1952
2Us Treasury bonds of 1955-1960
U. S. Savings bonds, series A
818,646,500
755,478,850
834,474,100
1,400,570,500
1,518,857,800
3.-5.
....
bills
L
Aggregate of interest-bearing debt
Bearing no Interest...
Amount
a
$413,459,760
$428,125,995
15,266,235
deposit to redeem National bank notes April 1,1936.. a$412,859,760
on
Includes proceeds for called bonds redeemed by
Secretary of the Treasury.
TREASURY MONEY HOLDINGS
I
120,881,020
12,271,550,050
2,404,184,000
Deduct Treasury surplus or add Treasury deficit
debt
9,584,563,400
1,954,046,000
of foreign governments or other investments,
bonds called for redemption on April 15 1934.
THE
c
UNITED
STATES
JAN.
31, 1936.
Principal
$
3% bonds of 1944-49
3$i% bonds of 1944-64
3% bonds of 1942-47
IX % bonds of 1937
2X% bonds of 1942-47
1$$% bonds of 1939
♦1,398,706,600.00
867,473,635.00
99,223,323.56
236,911,069.13
22,452,903.65
80,435,307.18
100,743,590.75
Net gold coin and bullion.
Net silver coin and bullion
Corporation:
.
Mar. 11936
Apr. 1,1936
$
$
$
Net United States notes..
Net National bank notes.
607,567,323
390,933,218
3,512,821
5,004,283
Net Federal Reserve notes
17,258,990
271,708
5,457,500
6,810,686
Net subsidiary silver
Minor coin, Ac
575,980,656
399,539,559
2,845,023
3,296,289
17,654,132
746,257
5,878,023
7,530,704
Total cash in Treasury- 1,036,816,529 1,013,470,643
of
the
599,170,408
400,720,706
3,322,745
3,700,837
18,033,105
727,869
6,576,982
7,003,263
May 1,1936
$
605,056,799
404,694,303
3,163,106
3,654,433
15,539,785
429,903
7,298,940
6,523,135
1039255,915 ♦1046360,404
156,039,431
156,039,431
156,039,431
880,777,098
857,431,212
883,216,484
890,320,973
747,929,000
520,294,372
Cash balance In Treas..
156,039,431
617,078,000 1,005,746,000
456,058,296 1,130,688,866
984,307,000
707,785,750
12,848,789
45,059,209
1,833,019
13,033,383
42,610,731
1,811,368
2,736,085
Dep. in spec'l depositories
account
Treas'y bonds,
Treasury notes and cer¬
tificates of indebtedness
Dep. In Fed. Res. bank.
To credit Treas. U. 8..
10,647,270
70,184,963
1,774,660
2,437.607
To credit dlsb. officers.
1,114,481,450.00
.1,247,362,800.00
49,736,000.00
49,843,000.00
49,532,100.00
1$$% bonds, series F, 1939
325,254,750.00
2$4 % bonds, series G, 1942-44.
74,558,750.00
holdings
the first of Febru¬
on
Feb. 1 1936
Cash in Philippine Islands
3% bonds, series A, 1944-52
2% bonds, series B, 1939-49
1 X% bonds, series C, 1936
1H% bonds, series D, 1937
2% bonds, series E, 1938
from the daily Gov¬
Dep. in National banks—
8,533,229.27 1,407,239,829.27
Federal Housing Administration—
4% bonds of 1933-51
up
money
March, April and May, 1936:
$
5,388,035.00
1,194,723.56 '
295,769.13
127,903.65
905,207.18
621,590.75
the
Treasury at the beginning of business
Less gold reserve fund
$
862,085,600.00
98,028,600.00
236,615,300.00
22,325,000.00
79,530,100.00
100,122,000.00
shows
statements,
Net Fed. Res. bank notes.
Includes amount of outstanding
Amount of Contingent Liability
a Interest
Total
Detail—
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
ernment
Holdings in U. 8. Treasury
a Total gross debt Jan.
31, 1936 on the basis of dally Treasury statements was
$30,516,452,985.58, and the net amount of public debt redemption and receipts
in transit, &c., was $63,063.50.
b No reduction Is made on account of obligations
OF
following compilation, made
ary,
b29,278,168,964 26.483,642,034
LIABILITIES
The
101,943,340
a30516389,922 28,475,841,181
tl,238,220,958 +1,992199,147
Total debt
Home Owners' Loan
Amount of bank notes afloat April 1, 1936
Legal Tender Notes—
Amount deposited to redeem National bank notes March 2
Net amount of bank notes redeemed In March
29,617,597,883 27,952,106,520
705,542,994
473,965,221
193,249,045
49,769,440
Matured, interest ceased
CONTINGENT
$428,725,995
15,266,235
170,843,213
24s Postal Savings bonds
Treasury notes
Net
544,914,050
J.-D.
2%8 Treasury bonds of 1945-1947
Treasury
352,993,950
National Bank Notes—Total Afloat—
Amount afloat March 2, 1936
Net decrease during March
bl39,098.19
139,098.19
8,617,745.46 1,123,099,195.46
458,432.97 1,247,821,232.97
831,085.00
49,704,915.00
x36,343.85
49,806,656.15
x41,276.75
49,490,823.25
813,129.19
326,067,879.19
367,396.41
74,926,146.41
Deposits In foreign depts.
Dep. In Fed. Land banks.
Net
cash
in
1,791,968
Treasury
and In banks
Deduot current liabilities.
2,234,044,970 1,987,777,657 3,081,184,335 2,642,605,290
230,065,629
221,026,203
215,059,937
200,634,771
Available cash balance. 2,003,979,341
♦
9,082,798
43,344,258
2,188,350
2,594,743
Includes on May
1,766,751,454 2,866,124,398 2,441,970,519
1
$312,551,233 silver bullion and $3,265,281
olns not included in statement "Stock of Money."
minor,
&c..
*2,910,768,850.00 10,287,096.62 2,921,055,946.62
Reconstruction Finance
Corp.:
3% notes, series G
2% notes, series H
1H% notes, series K
Total, based
29,010.99
148,954.01
287,338.87
252,504,666.67
Tennessee Valley Authority
16,000,000.00
87,333,000.00
149,171,666.67
465,303.87
16,029.010.99
87,481,954.01
149,459,005.54
c252,969,970.54
upon guaranties—
4,581,265,746.43
Secretary of Agriculture
__
1,199,055,116.80 27,512,944.32 dl226,568,061.12
upon credit of the
United States
Other Obligations—
Federal Reserve notes (face amt.)_
s
e3617,379 431.65
only bonds Issued and outstanding,
a After deducting amounts of
funds deposited with the Treasury to meet
Interest payments,
b Interest to July 1
1935 on $9,709,450 face amount of bonds
and interim receipts
outstanding which
were called for redemption
July 1 1935.
cDoes not include
amount of notes and accrued interest
$4,160,000 OOOface
thereon, held by Treasury and reflected In
the public debt,
d Figures as of Nov. 30 1935—figures as of Jan.
31 1935 not avail¬
Offset by cash In designated
depository banks and accrued Interest amount¬
ing to $296,715,204.09 which Is secured by the
pledge of collateral as provided in
the Regulations of the Postal Savings
System, having a face value of $308 445 362 98*
cash in possession of system
amounting to $77,731,234.28, and government
securi¬
ties with a face value of $846,038,250 held as
able.
Investments, and other assets. /
circulation, exclusive of $15,648,053.35 redemption fund
deposited
$317,130,885 of their own Federal Reserve notes held
by the
Issuing banks.
Federal Reserve notes Issued are secured
by gold certificates In the
amount of $3,871,342,760; United States
Government securities of a face value of
$135,400,000, and commercial paper of a face amount of
In actual
in the Treasury and
GOVERNMENTAL
CREDIT
AGENCIES
COR¬
AS
OF
1936
The monthly report of the Treasury Department,
showing
as of March
31, 1936, of governmental
corporations and credit agencies, financed wholly or in
part by the United States, was contained in the Department's
"Daily Statement" for April 30.
The report is the 22nd
such to be issued by the Treasury; the last previous one,
for Feb. 29, 1936, appeared in our issue of
April 11, pages
The report
for March 31 shows in the case of agencies
wholly from Government funds a proprietary in¬
terest of the United States as of that date of
$3,163,788,734,
which compares with $3,223,429,847 Feb. 29.
In the case
of these wholly-owned Government agencies, the
proprietary
interest represents
the excess of assets over liabilities,
exclusive of inter-agency items.
The Government's proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of March 31 was shown to be $1,164,266,380.
This
compares with $1,162,148,679 as of Feb. 29.
In the case
of these partly-owned Government agencies, the Govern¬
ment's proprietary interest is the excess of assets over lia¬
bilities exclusive of inter-agency items, less the
privatelyfinanced
Includes
e
ON
2438-2440.
1,226,568,061.12
Excess of credits (deduct).
♦
AND
assets and liabilities
On Credi- of the United States:
Total, based
REPORT
PORATIONS
MARCH 31,
.
Postal Savings System:
Funds due depositors
MONTHLY
$6,855,359.
owned interests.
The statement follows:
k/5 OS
k/5 O
i »"•
■5
IN CO
5.
I
I
I
k/5 N
00 © Ml CO
I
>H
I
I
©
©MOM
'M
l
I
b Excess inter-agency assets
tC
s
©"©inco*
na
1 ri |
J
;
c
I ©
©
I
If)
©
I CO
!< !
:
s
'2
•s
»050
iM
,
Deficit
(deduct).
(deduct).
d Exclusive of inter-agency assets and liabilities
X)
x>
(except bond investments),
e
M O t> M
!
10
IhhiONnH
i-l
N*
M
M
OM
MOW
H u
IIH
iO
I
Adjusted for inter-agency items and items in transit.
contingent assets and liabilities amounting to $228,607 for guaran¬
g Excludes
!
teed loans, &c.
w
s
Also includes real estate and other property held for sale.
f
I COCO oo O fS CD
,k/3Ml
►IN
K
i
O* t-"
I 00
M^rH
3
OoM
M< M< O © 00
i oo o oo eo »h co
COO 00
co io y
"5,
1936
9,
Non-stock (or includes non-stock proprietary interests).
I ©
©
I
I
t-MI
—
a
t-OS ION
I
I
OJ r-H
IO
I O
May
Chronicle
Financial
3110
U.
h Includes
S.
Housing Corporation,
U. S.
Railroad Administration, U.
S.
Spruce Production Corporation, and notes received on account of sale of surplus war
IOOCOQO ©©k/5 1icoaoo
lONioioo
)eoHao>o
)
SOON
_ONO>
r»" © q ©
<N
q o o o q ©_ o q o_
01
N l-l
N HH
M
©
8
-co
M H r-l
rHi-H
**(M
t—I i—l
§
1/5 Ml N M<»«
tH
fH
M
Farm
CO
O
oo
i
I
i
Ml Ml
I
•
I
Ml
i
i
i
i
i
i
oo oo
i
I
I
CO
i
I
I
OO IN
I
Ilk/5
i
i
i
•
I
i
I
m
n
HHrlOOO^OOOOOlO
.
$3,868,977 due to Federal Land banks from the U. S. Treasury for
COt—TfOOMOINMMt—
OOcOMiOOMkCcOMCOt-
o h in
t#i_i-i qqoqq
i-Ti-h
00
..
p
qt-ot-o^qccqq
IN IN* t-* CO N* rH* 1/5*
paid-in surplus.
O0
M
OiOOWMMOOOH
"5
Ml
O
kOOOCOrHMOM
Includes unissued bonds covering loans in process,
Less
than
$1,000.
Includes the amount of capital stock held by the United
Assets not classified.
§
assessments paid in by member banks and trust companies to the
$26,264,817:;
Includes
amount of
rH* O
MHHNNOiM
»(Mi-irHk/5MINMI»/5
to
States; also $32,310,600 subscribed by the Home Owners' Loan Corporation.
OO rH IO rH CO rH Ml M Ml O
5
StJUsg-
Inc.; Tennessee Valley Authority; loans to rail¬
1 Preliminary .statement.
o
•
Administration
1
i
i
Credit
i
i
CO
i
i
■
i
i
g
a
ii
i
Farm
Administration.
Credit
subscriptions
iii
Authority;
Net after deducting estimated amount of uncollectible obligations held by the
j
Oo
k Includes
&
2
a
Farm
roads, and inter-agency interests held by the United States Treasury.
M
if
and
Valley Associated Co-operatives,
OIHIOCDNHTJIMOO
OOCOMOOMlkOCOMOtMit-Ot-t-OOOOkOO
©qcoo
Nt-ToTeO
Home
(crop-production and other loans); Federal Housing Administration; Federal Prisons
Industries, Inc.; Resettlement Administration; Inland Waterways Corporation;
Rural Electrification Administration; The RFC Mortgage Company; Tennessee
i-l
Ml*
i-H l-H COOOM* 00O00 kO
CO t^MHOMO N CO 00 f—
•
Electric
Includes
i
OOOOOOOOH©
(Nt-OMOOOOOOkfl
rH
MM
r-l
supplies.
h
25
CON N
i-H
)
NOOONOO0OOO
i—lOOOMOOMOr-l
^3
rH
ihNM©
i i—i t— t— Ml
ihhOJM
•^INN
lOM
M
i—l
1—I
I
COhMhh
M
i-h
.
i
;m
i
I
OO
! Ml"
115
©
t-kOMi
OrH Ml
t-M «5
N*
hN
,N
rH
PRELIMINARY
kC5 (N N
i
t-M
11—11— t— M
l Ml
Mt-COCOCOrHQ
MM
IHHOIM
I
O
QOeON CO Oh©
rH
i
k/5 Oo M
k/5
rH* t—
h
M OO M
rH
UNITED
lOOO
I OO rH
I ©
0*N*
CO
t-kON
The
! Ml"
00
|
N
I
I
I
I
I
IV'iv'T
I
I
I
I
I
I
I
I
I
I
I
00
'M
'
as
basis of the daily
follows:
' v.-.:
Bonds—
I
I
III
II
I
I
I
I
I
I
I
IN
$49,800,000.00
28,894,500.00
120,881,020.00
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2Vi% Postal Savings bonds (11th to 49th ser.)
I
I
I
I
THE
I
,
I
OF
1936
preliminary statement of the public debt of the United
Treasury statement, is
• O
STATEMENT
III
I
It
I
<N
IW
DEBT
STATES, APRIL 30,
States April 30, 1936, as made up on the
Oh*"
00
t—
t—
Represents capital stock, paid-in surplus, and other proprietary inter-agency
and paid-in surplus of the
corresponding organizations.
OO rH
OOMOMOhiO
In liquidation.
interests which are not deducted from the capital stock
lOOO
M t— O CO CO O O
rH* t—
i
q
r
fci
O0M "0Cr—I
$199,575,520.00
kOMlMCOONi—ii/500i—I
rHOM<O0©00Ot-M(N
N
q IN M_ N M CO M q iH
IO
„
r-l* r-T M* M* rH M* O* O0* M*
"OiHrliOMNMN
N CO
1—I
rH
M^rH
k/5 "5 CO rH 00 00 M CO
00NMrHt-MrH
t—
rH OO rH t—
CO
00
rH
ZM% bonds of 1946-56
454,135,200.00
3H% bonds of 1940-43
3H% bonds of 1941-43
352,993,950.00
544,914,050.00
818,646,000.00
4% bonds Of 1944-54
U50O"5MlNt-PMM
I
Ml COCO CON CO ©CO CO
M
P
COHU5P
I
»S2«
$758,955,800.00
1,036,762,000.00
489,087,100.00
3H% bonds of 1943-47
qp m qq
t>rco*t^COM*rH*p
CO 00
co kO Ml "5 M k/5 O 00 Ml
M IN ©HiHrHrl
M
Q
M
rH
Treasury bonds:
% bonds of 1947-62
H5 p NNOONOOMMIrt
N M k/5 M< OO i/5 CD M CO 00
OrH
i
3X% bonds of 1946-49
3% bonds of 1951-55
5
755,476,000.00
834,474,100.00
1,400,570,500.00
1,518,858,800.00
1,035,884,900.00
491,377,100.00
2,611,155,700.00
1,214,453,900.00
1,223,496,850.00
3X% bonds Of 1941.
3X% bonds Of 1943-45
3H% bonds of 1944-46
NNN
t
OIN
CO
1
O CD O 00 M 00
CO t— 00 O »0 CO
1
MM
i
Ml
i
CO
I
i
CO
OO
IP
I
i
M
I
I
3% bonds of 1946-48
3X% bonds of 1949-52
rH
1
«giii
CO* k/5*
t—
o
|
s'isis
qq
O
2X% bonds of 195.5-60
2H% bonds Of 1945-47
2%% bonds of 1948-51
15,541,241,950.00
Ml CO rH OO 1/5
11- lO t~ t- O M<
i
k/5 Ml Ml CO © O
M*Mh
I
M M rH
Mill
Ml p t— M 00 M< tN kO Ml 001— Ml 00
rH
i
MH rH
M CO
P fH N
kO
i
i
00
I
in
rHoqoot-qq
©CO*CO*
COrH*
i
[
United States Savings bonds:
Series A
!
N
$196,756,837.25
Series B.__
67,872,025.00
CO
264,628,862.25
;
I
I
I
V
I rH CO rH O t—
11— O O0 CO k/5
100 Ml 00
OO
I.I
I
I
i
I
!
!
!
1
I
I
OO
I
I
I
I
i
co
i
•
—r
•
Treasury Notes—
3M % series A-1936, maturing Aug. 1 1936...
2H% series B-1936. maturing Deo. 15 1936—
1
1i
IOO
i
i
rH
t—
I
I
O
I
I
1/5 p
I
Ik/5
1
I
t— ko
i
ico
i
i
k/5 CO
I COrH
iiom
I q M
I
I
q
i
I
Ml
I
i
I
I
i
i
i
|. • |
|
-
i
I rH 00
I rH
I
ip
I O
3% series C-1937, maturing Feb. 15 1937
2H% series A-1938, maturing Feb. 1 1938
2X% series B-1938, maturing June 15 1938..
3% series C-1938, maturing Mar. 15 1938
I
M t-
o
I
i
M H
I
M IN
t—
I
i
M IN
i
IN 00
N »0
00 Ml
ipCONM
I
I
I
OO CO
I H M<
rH
I
I
i
|MO
t
I
I
I
*M
I
Ml
Ml
2X% series D-1938, maturing Sept. 15
2X% series A-1939, maturing June 15
IX% series B-1939, maturing Deo. 15
IX% series C-1939, maturing Mar. 15
I
M
'*"•
$364,138,000.00
357,921,200.00
514,066,000.00
686,616,400.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175,500.00
596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378,364,200.00
738,428,400.00
737,161,600.00
IX % series D-1936, maturing Sept. 15 1936..
IX % series E-1936, maturing June 15 1936..
3X % series A-1937, maturing Sept. 15 1937.
3% series B-1937, maturing Apr. 15 1937
I
I
I
■
I
:
t
i
I
I
|
1
k-i£co
I'
III
I 00
i
•
icj
'
I
$16,005,446,332.25
I
IN
'
I
^5
I
I
Total bonds
9
1 X % series A-1940,
1938..
1939..
1939..
1939..
maturing Mar. 15 1940..
IX% series B-1940 maturing June 15 1940..
(N00CO
It-kOOOiNOO
Mj_eqq
■
i
pINOO
iqMicqqt-o
MM CO
IN*
COMOOOOOOOO
CO
00*
rH
CO*
N rH k/5 rH OO t—
I
Ml Ml
|
N
OO MI rH t-kOM
1H% series C-1940, maturing Dec. 15 1940...
1X% series A-1941, maturing Mar. 15,1941.
676,707,600.00 H
t-
Ml rH Ml 1- rH 00
$11,909,868,450.00
4% Civil Service retirement fund, series 1936
to 1940
k/5
I
I
I
I
00
I
I
kO
I
I
I
I
O
I
IN
i
I
I
I
'
irT
|"5
'
Foreign
Service
retirement
fund,
267,700,000.00
series
1936 to 1940
I
I
4%
i
4%
2,843,000.00
Canal Zone retirement fund, series 1936
to 1940
2%
Postal
2,741,000.00
Savings
June 30 1939 and
N MI 00N t-P
OO N Oo 00 lOM*
i
,
k/5* oo"
t-* oo" !
'HOO
M M
I
OO
I
t-qoqqwq
qooo
i
Ml" CO
] p* © oo*
I
I
t—rH CO rH
N CO i-H M< O >/5
I-H
rH rH
INI
I Ml
System
series,
2%
Federal Deposit Insurance
series, maturing Deo. 1 1939
in
;mi
maturing
1940
100,000,000.00
Corporation
100,000,000.00
..........
l—I OO
00
N*
12,383,152,450.00
Certificates of Indebtedness—
N
4% Adjusted-Service Certificate Fund series
I
I
I
I
«
i
I
«
I
I
maturing Jan. 1 1937
I
$249,900,000.00
I
2X% Unemployment Trust Fund series,
turing June 30 1936
I
I
I
I
I
I
I
I
I
t
i
|
i
•
I
I
ma¬
••it
I
I
9,250,000.00
259,150,000.00
1,952,862,000.00
I
Treasury bills (maturity value)
I
I
I
I
I
I
I
I
I
I
I
i
Total
I
I
l
<
•
I
•
i
i
2
i
I
•
i
1927-42
g
i
i
i
i
i
•
iS
•
•
:s
i '•
5
i
;
l'
iia
n
a
i is
»
1
*2
as
i
r?
9
I
rJ °
S
O
1 4->
31
Treasury notes, at various interest rates
at
•o
•^9
O
^
gj
Cl
I§
i*jfe
Ctfs. of
'9g : iis
C
r: 2
O
o
i
i?o ;
2 2
indebtedness, at various interest
.
rates
Treasury bills
Treasury savings certificates
|}iiȤ^
igslga
lo
©
Less gold reserve
q "2 a
ihfMi
iSslllsu'j,
296,225.00
174,569,855.26
liflSSlj
CQ "o
19,685,950.00
8,898,050.00
23,801,000.00
Debt Bearing No Interest—
United States notes
13
1,594,550.00
2,582,850.00
65,924,700.00
740,050.00
IX % Third Liberty Loan bonds of 1928
414% Fourth Liberty Loan bonds of 1933-38
3% % and 4% % Victory notes of 1922-23
a"CJ
s>
i
a
46,235,300.00
4% and 4X% Second Liberty Loan bonds of
'
•
$30,600,610,782.25
$4,811,180.26
3X %. 4% and 4% % First Liberty Loan bonds
of 1932-47
Xxi
I
Interest-bearing debt outstanding
Matured Debt on Which interest Has Ceased—
Old debt matured—issued prior to April 1 1917
$346,681,016.00
156,039,430.93
$190,641,585.07
S
8-o 5
2
llsIssgSIf!
1
a
o&E a
» o
a,
I„5S3!|S2|
c
o
2 S
| |
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency...
Thrift and Treasury savings stamps, unclassi¬
fied sales, &c
454,307,572.50
2,034,376.51
3,276,224.29
650,259,758.37
Total gross debt..
$31,425,440,395.88
Volume
Financial
142
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the
April 30, 1936,
are
Government
Receipts—
Agricul. Adjust. Admin
Commodity Credit Corp
April 30, 1936:
Credit Admin,
Fed. Farm. Mtge.
146,873
3,630,619
50,623,627
132,500,617
b2,200,371
9,648,731
179,928,814
bl24,126,620
3,229,878
.10,224,924,888.80 Gold
90,907,309
45,105,324
26,483,977
147,352,662
492,194,413
1,472,668,085
Civil Works Administration
Gold
ctf.
reserve
Exch. stabillza'n fund.
Gold In general fund—
343,651,570
152,054
1,123,034
2,679,094
79,305,131
589,042
1,964,844
8,004,156
20,443,784
municipalities, &c
Loans to railroads
27,510,506
bll,954,772
91,639,270
1,139,390
4,636,000
bl26,812,438
74,312,461
b3,401,360
15,527,721
175,687,149
280,393,103
10,759,267
8,473,547
124,389,694
126,024,931
Works Progress Admin
10,224,924,888.80
Total
....10,224,924,888.80
11,032,871
437,336,204
Loans and grants to States,
12,875,528.99
156,039,430.93
1,800,000,000.00
449,017,368.27
Fed. Res. notes...
591,306
43,276,493
Public Work (lncl. work rel'f);
Boulder Canyon project
fund—Bd.
Govs.,F.R.Sys. 4,888,378,911.61
Redemption
fund—
of
Gold
149,582
28,847,745
Public highways
River and harbor work
Rural Electrifica'n Admin.
2,918,613,649.00
Treasury)
53,674
Emerg. Conserva'n work..
Dept. of Agricul., relief
certificates:
of
209,751
.
25,918,845
335,323,614
270,331,547
25,720
2,995,394
36,564,885
68,120,736
1,142,706
1,389,782
22,968,915
3,738,193
1,177,623
b314,002
12,116,170
14,006,978
Aid to home-owners:
Home-loan system
silver dollars
Emergency housing
Federal Housing Admin
the
Treasury.
SILVER
Assets—
682,869,428.09
508,955,735.00
-
Silver dollars
Resettlement Administra'n.
Subsistence homesteads..__
outstanding.1,098,504,671.00
of 1890
outstanding
1,177,422.50
Silver In general fund...
92,143,069.59
Silver ctfS.
Treasury
Total
1,191,825,163.09
94,243,495
"
344*395
428,264
3,266*,517
bl,230,414
19,583,400
bl,372,246
Admin, for Indus. Recovery._
Reconstruction Finance Corp.
1,818
"l,247*503
5,109,755
10,032,627
—direct loans & expend's..
b3i,406,787
bl35,152,564
Miscellaneous:
Export-Import Bks. of Wash.
notes
Fed. Deposit Insur. Corp
—
Total
28,029,784
b5
16,751,010
$
Liabilities—
$
Silver
913,364,959
38,974,839
of Treasury notes of 1890 outstanding.
In
88,990,248
841,956
183,640,579
All Other
$346,681,016 of United States notes and $1,177,422.50
Treasury notes of 1890 are also secured by
Note—Reserve against
b35,693,866
4,202,757
3,618,765
Surplus com.
Corporation)
Outstanding (outside
Total
15,192,132
4,894,473
Corp.)
(incl. Fed.
Liabilities—
Assets-
$
Relief: Fed.Emer.Relief Admin.
GOLD
Gold...,
1934-35
$
(lncl.
Federal Land banks
CURRENT ASSETS AND LIABILITIES
1935-36
Agricultural aid:
Farm
States Treasury of
—July 1 to April 30
$
$
entirely from the daily statement of the United
taken
Month of April—
1935
1936
Reovery and relief:
The figures
set out in the following.
are
General & Special Funds
*
the items stood
as
3111
Chronicle
497,850
2,459,992
bl69,845,054
3,337,710
27,814,668
28,420,363
313,886,974
279,372,556
2,744,187,864
2,884,477,468
630,887,166
796,618,915
5,967,997,516
5,859,078,117
400,242,155
568,762,157
2,637,372,665
2,768,461,126
400,242,155
568,762,157
2,637,372,665
2,768,461,126
16,982,700
185,557,150
385,729,050
338,954,700
383,259,455
383,205,007
2,251,643,615
2,429,506,426
+22,505,892
—21,432,375
+ 243,275,061
—167,336,743
405,765,347
1,191,825,163.09
361,772,632
2,494,918,676
2,262,169,683
Tennessee Valley Authority..
GENERAL FUND
Assets—
Liabilities—
Gold (see above).......
Silver (see above)
...
449,017,368.27 Treasurer's checks out¬
standing
92,143,069.59
3,163,106.00 Deposits of government
officers:
15,539,785.00
Post Office Dept
429,903.50
Board of Trustees,
3,654,433.00
Postal Savings
7,298,940.13
System:
3,265,280.60
5% reserve, lawful
312,432,374.10
United States notes
Federal Reserve notes..
Fed. Reserve bank notes
National bank notes....
Subsidiary silver coin
Minor coin
Sliver bullion (cost value)
Silver bullion (recolnage
value)
Collections, &o
3,257.854.58
Deposits In:
Fed. Reserve banks..
707,785,749.63
Redemption
sales of govt. sees..
and other bank
Uncollected
Items,
changes, Ac
credit of Treas¬
of U. S
urer
7,263,281.74
200,634,770.94
of U. 8
credit
of
1,245,555.79
other
govt, officers....
1,490,529.08
on gold
Ac., excess of receipts (—) or
expenditures (+)
Less nat. bank note retlre't
Total
15,311,350
370,995,885
of expenditures—
390,453,997
361,772,632
2,123,922,791
2,262,169,683
Increase (+) or decrease (—) In
general fund balance—..
—424,153,879
—511,124,339
+600,624,980
—647,204,707
Increase (+) or decrease (—) in
the public debt
—33,699,882
—149,351,707
31,459,140,278
28,817,458,098
excess
re¬
sulting from reduction
To credit of Treas¬
_
Trust acc'ts. increment
ex¬
Balance of Increment
Foreign depositaries:
(exclud
ing public debt retirements).
550,611.20
13,033,383.20
42,610,730.90
Excess of expenditures
82,964,586.52
other
of
govt, officers
To
60,078,545.63
38,210,336.27
lawful money)..
depositaries:
credit
Excess of expenditures
Less publlo-debt retirements.
bank notes (5% fund
984,307,000.00
Nat.
To
Summary
Nat'l
of
...
8,789,663.26
Postmasters, clerks of
courts,
disbursing
officers, &c
Deposits for:
Special depos. acct. of
urer
Total expenditures
Excess of receipts
Excess of expenditures
Other deposits
118,858.62
.....
..
2,777,746.32
money..
Unclassified—
To
Total recovery and relief
-
In weight of the gold
dollar
140,636,311.19
Seigniorage (see note 1). 306,426,086.94
Working balance
...1,994,908,121.10
....
+2,724,547,771 +1,614,964,976
Public debt at begin, of month
or year
28,700,892,625
27,053,141,415
Philippine Treasury:
To credit of Treas¬
urer
Balance to-day
of U. 8
2,441,970,519.23
Total.
PubIIc del>t this date
2,642,605,290.17
1,811,368.18
Trust
Total
2,642,605.290.17
Note 1—This item represents seigniorage resulting from the issuance of silver cer¬
tificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's proclama¬
tion dated Aug. 9, 1934.
Note
today
2—The amount
was
31,425,440,396 28,668,106,391 31,425,440,396 28,668,106,391
credit of disbursing officers
Trust accounts..
21,053,067
and certain agencies
$2,230,909,287,70.
enabled to place before our readers today the details
we are
of Government receipts
and
and disbursements for April, 1936
10 months of the fiscal years 1935-36
1935, and the
of April
Transactions
tax.
Mlsoell.
Internal
1935-36
$
on
Miscellaneous receipts:
Proceeds of Govt.-owned
29,009,119
1,081,410,573
822,230,465
115,603,263
1,687,598,178
1,382,626,209
18,844
43,800,009
67,302,949
172,915,989
14,931,177
132,395,384
7,327,697
65,031,459
568,573
amended)
136,972
5,614,453
3,601,318
15,311,350
vestments
19,270,619
370,995,885
2,750,000
9,250,000
324,422,163
284,837,439
sees.
67,449
other
64,355
315,548
50,619,537
18,532,495
Excess of receipts or credits....
443,089,985
31,453,408
Principal—for'n obligations
Interest—for'n obligations.
All
25,230,490
checking acc'ts
Total
151,785,013
farm prod'ts
Customs
319,139,718
Chargeable agst. lncrem. on gold
Melting losses, Ac
Payment to Fed. Res. banks
(Sec. 13b, Fed. Res. Act as
$
32,225,652
Processing tax
In
381,101,298
1934-35
$
35,731,179
revenue
39,964,870
'
of governmental agencies (net)
July 1 to April 30
1935
$
Internal Revenue:
Income
1,536,143
129,634,137
9,250,000
Unemployment trust fund—In¬
1936
Receipts—
700,506
166,314,645
28,113,645
For retlrem't of Nat. bk. notes
—Month
89,144
19,032,291
2,750,000
Expenditures—
and 1934-35.
General & Special Funds-
187,969,438
155,254
....
Trust accounts
Through the courtesy of the Secretary of the Treasury
204,836,147
4,155,324
Seigniorage
Unemployment trust fund
Total...
GOVERNMENT RECEIPTS AND EXPENDITURES
20,843,435
Increment resulting from reduc¬
tion in the weight of the gold
dollar
_
the
to
Accounts, Increment
on Gold, &c.
Receipts—
are
151,802,975
21,432,375
Excess of expenditures
a
624,376,359
22,505,892
167,336,743
'
243,275,061
Additional expenditures on these accounts for the months and the fiscal years
included under Recovery and Relief Expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures
appearing on
page 5 of the dally Treasury statement for the 15th of each month.
+38,016
b Excess of credits
(deduct),
c
Payable from processing taxes
on farm
products
advances from the Treasury to be deducted from processing taxes.
1,485,435
398,270
62,372,079
36,820,047
Panama Canal tolls, Ac
2,197,407
2,069,663
21,334,116
20,915,207
Seigniorage
2,290,544
921,818
34,827,914
55,958,874
Other miscellaneous
4,910,938
4,601,208
50,973,881
43,636,394
230,645,012
227,856,758
3,330,624,850
3,090,616,990
33,929,804
30,026,308
374,195,636
306,197,329
1,155,403
1,695,505
11,260,569
23,050,911
we
4,779,292
6,008,851
60,563,258
44,859,977
1,203,348
951,881
9,837,159
7,420,635
have not yet been paid.
The dividends announced this week
5,000,000
10,053,513
55,038,862
35,077,690
Total receipts..
a
Public buildings a
Public highways, a
River and harbor work
Postal
DIVIDENDS
Dividends
first
Expenditures—
General—Departmental
Panama Canal
or
21,086,681
a
a
deficiency
Railroad Retirement Act
.
Social Security Act
4,364,295
35,252,945
14,285,745
295,980,324
178,082,836
36,346,288
32,729,026
314,291,685
267,030,879
48,448,061
46,900,620
479,047,971
463,056,348
b563,325
65,300,852
Adjusted service ctf. fund
Agricul. Adjust. Adrnln.a C_.
Agricul. Adjust. Admin. (Act
Aug. 24,
1935).
Agricultural Contract Adjusts.
2,877,689
3,239,343
31,811,645
39,919,225
Farm Credit Administration
a
b3,772,550
Tennessee
a
3,488,011
Debt charges—Retirements..
16,982,700
Refunds—Customs
Internal revenue..:
Processing tax on farm prod
Total, general
Name of
21,009,100
5,707,500
Navy
Valley Authority
Then we follow with a second table in which
dividends previously announced, but which
are:
Per
40,662,400
Army
Interest
the
9,411,964
J...
National defense:a
Veterans' pensions A benefits:
Veterans' Administration a
show
73,569
3,437,819
Retirement funds (U.S. share)
Dist. of Col. (U. S. Share)
current week.
21,086,681
53,950
we
grouped in two separate tables.
In the
bring together all the dividends announced the
are
100,000,000
50,000,000
343,592,139
479,826,838
b4i3,026
4,610,933
185,557,150
385,729,050
338,954,700
71,986,815
118,272,221
1,034,633
1,372,780
1,698,933
2,125,512
609,648,449
13,218,403
23,917,802
677,914,358
18,193,272
20,100,189
762,050
3,379,421
10,840,572
26,565,460
317,000,192
517,246,359
3,223,809,652
2,974,600,649
12,895,832
11,936,158
Company
Share
Abbott's Dairies (quar.)__
Alabama Great Southern RR. preferred
25c
Albany & Susquehanna RR. (semi-ann.)
Allentown Bethlehem Gas Co., 7% pref. (quar.)
American Asphalt Roof
Preferred (quar.)
American Chicle (quar.)
American Investment Co. of Illinois (quar.)
American Steel Foundries, preferred
American Thread, preferred (semi-ann.)
Artloom Corp., preferred
Art Metal Works (quar.)
Atlas Corp., $3 preferred A (quar.)
Atlas Powder Co. (quar.)
$4§
87l2°
$2
$1
When
Holders
Payable of Record
June
Aug.
July
May
May
July
July
May 15
July 13
June
15
Apr. 30
Apr. 30
June 20
June 12
31 He
50c
June
June
June
12Hc
July
June
May 29
May 15
h$lk
May 20
15
15c
June
June 11
75c
50c
June
25c
June
Baer & Fuller
25c
Bankers National Investing Corp. (Del.) (qu.)._
Preferred (quar.)
8c
15c
32c
May
May
May
May
May 20
May 29
May 29
May
9
May 14
May 14
S1H
June
Extra
Class A and B (quar.)
Baton Rouge Electric Co., $6 preferred
(quar.)
June
May 14
May 15
Financial
3112
When
July
Birmingham Water Works Co. 6% pref
Boss Mfg. Co., common
Boston & Albany RR. Co
;
Boston Storage Warehouse
(quar.)____
Brown Fence & Wire, class B
Brown Shoe Co., common (quar.)
Butler Water Co. 7% pref. (quar.)
Cabot Manufacturing Co. (quari)
Canfield Oil, preferred (quar.)
Carter (Wm.) Co., preferred (quar.)
June
June
May
Apr. 30
May 30
June
May
June
May 15
May 20
June
1
May
5
June 20
June 10
May
May
9
May 15
May 15
July 21
June
_
May
July
Cincinnati Northern RR.
(semi-ann.)
Chicago District Electric Generating$6 preferred (quar.)__
City of New Castle Water 6% preferred (quar.).
Clark Equipment (quar.)
June
May
June
June
UH
June
May
May
May
May
June
June
June
Preferred (quar.)
Oocar-Cola International (quar.)
Class A (semi-ann.).2
Preferred
Columbian Carbon Co. (quar.).
Special
Columbia Investment Corp. (liquidating)
June
Collins & Aikman preferred (quar.)
Commercial Investment Trust common.
June
May
June
Creameries of Amer., Inc., $3H pref. (quar.)..
Crown Cork & Seal Co., Inc., com. (quar.)—.
Preferred (quar.)—
Crown Zellerbach preferred A&B
Crum & Forster Insurance Shares A&B (qu.)
25c
87 He
25c
Detroit Hillsdale & Southwestern RR
July
May
May
May
May
May
May
May
May
May
June
June
25c
June
June
May
May
June
Dictaphone Corp
Preferred (quar.)
Eastern Utilities Associates (quar.)
East St. Louis & Interburban Water Co.—
50c
UH
$1H
7% preferred (quar.)—
6% preferred (quar.)
Electrolux Corp. (quar.)
22
29
16
19
19
18
1 June 20
June
1 May 15
June
1 May 15
8
May 15 May
40c
10c
Extra
El Paso Electric Co. (Texas) 86 pref. (quar.)..
Employers Re-Insurance (quar.)
:
Empire Capital Corp., A&B (quar.)
Equity Fund, Inc
81H
40c
June
June 15 May 15
June 15 May 15
July 15 June 26
Ewa Plantation Co
60c
May
May
May
May
Faber, Coe & Gregg, Inc. (quar.)
Fajardo Sugar (initial)
Falconbridge Nickel Mines, Ltd
Federal Light & Traction, preferred (quar.)
Firestone Tire & Rubber, preferred (quar.)
Fishman (M. H.) (quar.)
Franklin Simon & Co., 7% preferred
General Investment Trust Corp.—
$3 cumulative prior preferred series A (s-a)__
General Motors Corp. (quar.)
50c
June
50c
June
10c
5c
—
r7Hc
UH
UH
1 May 20
1 May 20
June
15 Apr. 30
29 May 19
15 Apr. 30
15 May
5
1 May 20
1 May 15
June 25 June
4
June
1 May 15
June
1 May 15
15c
June
UH
June
UH
50c
May 31 May
June 12 May
June 12 May
1 July
Aug.
June
1 May
June
1 May
June
1 May
1 June
July
June 15 May
June 15 May
June
1 May
May 20 May
June
1 May
June
1 May
81
50c
June
50c
75c
Extra
81 H
_
81*5
—
25c
UH
UH
$1H
UH
12Hc
First preferred (quar.)
Greyhound Corp., preferred A (quar.)
Gulf States Utilities, $6 preferred (quar.)
$5 >6 preferred (quarterly)
Hanes (P. H.) Knitting Co. (quar.)
Hanna (M. A.) Co.
5% preferred (quarterly)
Hart-Carter Co., $2 preferred (quar.)
25c
UH
1
May 15
1 May 16
15
14
14
6
15
15
15
2% preferred (semi-annual).
common,(quar.)
_
Extra
15c
Hoover Steel Ball Co. (extra)
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)
Illinois Central RR. Co., leased line
—
29
29
20
9
15
15
30c
International Nickel Co
Italo-Argentine Elec. Go. Amer. shares
$ 1.03 2-5
Kelvinator Co, of Canada, 7% gtd. pref. (quar.)
UH
25c
Key Co., common
81.04
Keystone Custodian Funds, series B-2
81.12
King Royalty Co., 8% preferred
Knudsen Creamery Co. 81H class A
Lanston Monotype Machine (quar.)
Leath & Co
new, preferred (quarterly)
Lee (H. D.) Mercantile (quarterly)_
Le Tourneau (R. G.), Inc. (quarterly)
25c
Lincoln Stores (quarterly)
25c
Preferred (quarterly)
UH
50c
Loew's, Inc. (quar.)
Ludlow Manufacturing Associates (quar.)
Luzern County Gas & Electric, $7, 1st pref
81..
$6. 1st preferred (quarterly)
UH
MacMillan Co. (quarterly)
25c
85 non-cumulative preferred (quarterly)
UH
Mahon (R. C.) & Co., new preferred (quar.)
50c
Masonite Corp. (extra)
25c
Matson Navigation Co. (quarterly)
81.15
McColl Frontenac Oil (quarterly)
20c
62m
,
-
_
McKenzie Red Lake Gold Mines
Metak Textile Corp
3c
June 30 June
2
May
May
May
May
May
May
May
July
May
Apr. 30
5
30
30
15 May
5 Apr.
June
1
June
1 May 25
1 May 25
June
May 15
June 30 June
June
May
May
May
May
July
May
May
1
Motor Wheel Corp.
May
9
30
30
15 May 15
8 May
8
15 June 30
25 May 15
15 May 10
June 15 May 15
1
June 15 June
1
May 15
May 15
June 10
June 10
June
82
_
50c
May
May
Apr.
Apr.
May
May
May
20
20
20
30
30
30
20
20
June 15 June
1
June
2
1 May 15
1 May 15
50c
June
June 15
May 15
May 15
May
May
May
May
May
May
June 15
May 18
UH
6% preferred (quar.)
Newark Telephone Co. (Ohio)
Newmarket Manufacturing
Nineteen Hundred Corp. class B (quar.)
Ohio Oil
Preferred (quar.)
Ohio Power. 6% preferred (quarterly)
Onomea Sugar Co. (monthly)
Ontario Tobacco Plantation. 7% preferred
Pacific Finance Corp. of Calif. (Del.) (quar.)
;
Preferred C (quar.)
Preferred D (quar.)
Parker-Wolverine
Pennsylvania Gas & Elec. Corp. (Del.)
7% and $7 preferred (quar.)
1
40c
preferred (quarterly)
(quar.)
1 May
June
June
25c
National Transit (semi-ann.)
Nebraska Power 7% pref. (quar.)
Preferred A
June
20c
(quarterly)
June
1
81" '
81
June
1
81
25c
25c
UH
81H
20c
83
30c
20c
June 10
June 15 June
29
14
14
30
9
5
3
1 May
7
May 20 May 10
1
May 15 May
1 June 15
July
June
1 July
June
15
15
15
1 May 15
1 May 20
July
1 June 20
16Hc
17 He
Aug.
Aug.
Aug.
25c
June
3J$
12
15 Apr.
15 Apr.
hUH
UH
Mueller Brass (quarterly)
24.
29 May 19
1 June 15
15 May
6
25c
Muncie Water Works Co. 8% pref. (quar.)
National Container Corp
11
15 Apr.
15 Apr.
21
10c
10c
6% preferred (quarterly).
Cichii
Michigan Steel Tube Products
conv.
20
15
20
20
21
20
20
81 He
Extra
Participating preferred (quar.)
Michigan Associated Telep. Co., 6% pref
$2
Aug. 31 Aug.
1 May
May 25 May
May 25 May
June
1 May
June
May
June
May
June
July
_
75c
75c
75c
75c
2c
2c
...
81^
Standard
15c
UH
Coosa-Thatcher
l$®
7% preferred (quarterly).
Standard Oil Co. of N. J., 825 par (s.-a.)
50c
25c
825 par (extra)
8100 par (semi-annually)..
8100 par (extra)
81
...
Standard Oil of Indiana (quar.)
Extra
_/
25c
15c
Susquehanna Utilities Co., 6% 1st preferred
RR. (semi-annual)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, 7H% pref. (quar.)...
Telephone Investment Corp
Terre Haute Water Works Corp. 7% pref
Timken-Detroit Axle, preferred (quar.)
Timken Roller Bearing (quar.)
Sussex
Extra
Union Tank Car Co.
(quar.)
United Engineering & Foundry Co
United Gas Improvement Co., pref. (quar.)
United States Electric Light & Power Shares, B_
United States Freight Co.
5c
81H
_
~
1 July
1 July
~
_
June 30 June
15
50c
25c
30c
37 He
24
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June
May
1
June
May 11
June
May 11
lJuly 1
Aug.
July
June
10
May
May 10 May
July 15 July
June 15 May
June 15 May
June 15 May
June 15 May
June 15 May
June 15 May
June
1 May
July
1 June
June 30 May
Aug.
1
20
June
1
15
16
16
16
16
15
15
20
13
23
May20"
May
May
June
May
June
May
June
May
May 19 May
June 30 May
May 15 Apr.
June
20
20
18
18
15
9
29
30
June
1 May
21
July 20 June 30
Oct. 20 Sept. 30
Dec. 21 Nov. 30
June
June
40c
UH
UH
37Hc
81H
81
Whitman (Wm.) & Co., 7% pref. (quar.)
1 May
1 May
June
Whitaker Paper, common dividend omitted.
Preferred (quarterly)
we
31
9
27
18
15
15
20
20
20
20
22
18
31
31
9
30
15
1
June
.
Utility Equities Corp. 85H priority stock
Van Raalte Co., Inc., common
1st preferred (quarterly)..,
Waialua Agricultural Co
Washington Water Power preferred (quar.)
West Jersey & Seashore RR. 6% spec, gtd
Western Public Service Co., 81H preferred
Wheeling Electric, 6% preferred (quar.)
Below
May
1 Apr.
1 May
May 15 May
June 15 May
June
1 May
June
1 May
June
1 May
May 31 May
June
1 May
June
1 May
June
1 May
June
1 May
June
1 May
Juno 15 May
June 15 May
May 25 May
June 15 May
June
1 May
May 15 May
June
(quar.)
(quar.)
(quar.)
June
81H
UH
United States Pipe & Foundry Co. common (qu.)
Common
Common
When
Holders
Payable of Record
27Hc
1 May
June
June
1 May
1 May
June
1
15
14
14
May 29 May 20
June 15 May 25
May
15
11
7
June 20
June 13
July
July
give the dividends announced in previous weeks
and not yet paid.
This list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Name
o
f
Share
Company
21
Hartford & Connecticut Western RR.—
Hires (Chas. E.) Co., class A
Homestake Mining (monthly)
.
5a
1
15
21
10
July
—
Preferred (quar.)
Great Atlantic & Pacific Tea (quar.)
Extra..
June
June
81^
87 He
—
5a
1H
Skelly Oil Co., 6% preferred (quar.)
Sonotone Corp. preferred (quar.)
Spear & Co., 1st pref. initial (quar.)
5a
June
June
h% IX
7% preferred (quar.)
Cushman's Sons 7% pref. (qbar.)
$8 preferred (no action).
—
25c
68c
Consolidated Divers Standard Securities, pref..
Consolidated Paper Co. (quar.)
15
June
July
July
July
Aug.
_
Conv. preference 84 H series of 1935
Conv. preference optional series of 1929
Connecticut & Passumpsic Rivers RR
25c
......
Extra
19
15
23
19
12}|c
Quarterly
Quarterly
Second (Laura) Candy Shops (quar.)
Simon (Wm.) Brewery (quar.)
June 12
May
May
May
May
May
'V
San Francisco Remedial Loan Assoc. (quar.)
June 12
June
(quarterly)
Purity Bakeries (quar.)
Reeves (Daniel) (quarterly)
6 H% preferred (quarterly)
Republic Insurance of Texas (quar.)
Reliance Grain Co., 6H% pref. (quar.)
Rolland Paper, Ltd.. prer. (quar.)
Rutland & Whitehall RR
June 12
July
20c
25c
87 He
40c
15c
43c
50c
20c
75c
Extra
June 12
Collins & Aikman
50c
UH
Public Electric Light 6% pref. (quar.)
15
20
27
27
July
July
July
Coca-Cola Co. (quar.)
Class A (semi-ann.)
Share
Company
Pennsylvania Sugar Co., common
Peoples Telephone Corp. 6% pref. (quar.).
Pepeekeo Sugar (monthly)
Phelps Dodge
Phoenix Hosiery, 7% preferred
Pillsbury Flour Mills (quar.)
Pioneer Mill, Ltd. (monthly]
(monthly)
Portland & Ogdensburg Ry., gtd
Prentice-Hall, Inc. (quar.)
1
June
Central Arkansas Public Service, pref. (quar.)
Central Tube Co
1
Per
Name of
June 20
B-G Foods, Inc., 7% prefermi
5% 1st & 2d pref. (s.-a.)
May 9, 1936
Holders
Payable of Record
Name of Company
Catawissa RR. Co.
Chronicle
~~50c
Acme Wire (quar.)
Agnew Surpass Shoe, pref.
(quar.)
(quar.)
Albany & Vermont RR. (quarterly)
Allegheny Steel (quar.)
7% preferred (quar.)
Allegheny & Western Ry. (semi-ann.)
Allied Laboratories (quar )
83H convertible preferred (quar.)
Alpha Shares, partic. stock (semi-ann.)
Altorfer Bros., preferred
Aluminum Manufacturing, Inc. (quarterly)
Quarterly
Quarterly
7% preferred "(quarterly) _I_I.IIIIIIIIIIIII
7 % preferred
(quarterly)
,
May
July
Apr.
June
15
Apr.
30
81H
May
May
May
1
25c
June
June
1
June
May 15
July
July
July
May
May
June 20
June 27
June
June 15
Sept.
Sept, 15
Dec.
June
June 15
Sept.
Sept. 15
Dec.
Dec.
May 20
June
May 15
Apr. 24a
May
May 15
June
1 May 20
1 May 25
Sept.
1 Aug. 25
Dec.
1 Nov. 25
May 10 Apr. 30
June 13
July
Oct.
Sept. 12
~
American News N. Y. Corp. (bi.-mo.)
American Paper Goods 7% pref. (quar.)
_
Jan.
Dec.
May 14
May 21
5
May 15 May
June
Sept. 16 Sept.
Dec.
B__
common
Amoskeag Co., common
Preferred (semi-annual)Anaconda Wire & Cable
_
Archer-Daniels-Midland (quarterly)
Special
Argo Oil Co
_
Armstrong Cork
Asbestos
Mfg. preferred (quar.)
Preferred (quar.)
16 Dec.
May 15 Apr.
May 29 May
June
1 May
July
2 June
July
2 June
June 15 May
June
1 May
June
1 May
May 15 May
June
1 May
Aug.
1 July
Nov.
Preferred (quar.)
Associated Dry Goods Corp., 1st pref. (quar.)
Associated National Shares, series A
2 Oct.
Febl'37 Jan.
_
_
pref. (semi-annual)
.
Engine, class A&B
Automatic Voting Machine (quar.)
____
June
11.373c May
82 H
May
May
May
July
June
Inc. (initial).
June
(monthly)
Bangor & Aroostook RR. Co., common
-
Preferred
Beacon Mfg. Co., 6% preferred (quar.)
Belden Manufacturing Co. (quarterly)
»
12
June
June 16 June
7% preferred (quar.)
7% preferred (quar.)
American Re-Insurance
Belding-Corticelli, Ltd. (quar7)
Preferred (quar.)
Belding-Heminway (quar.)
Bendix Aviation (quarterly)
Best & Co. (quarterlj)
15
June
Quarterly
American Smelting & Refining
American Tobacco Co., common &
15
June
American Home Products (monthly)
"
American Metal Co., 6% cumulative preferred-
Bandini Petroleum Co.
15
June
,
7% preferred (quar.)
American Factors, Ltd.
(monthly)
American Hardware Corp. (quar.)
Quarterly
Baltimore Radio Shoe,
Preferred (quarterly)
Apr. 30
May
1
Dec.
Participating preferred (quar.)
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)
Atlas Imperial Diesel
June 27
July
(semi-ann.)
American Can Co., common (quar.)
American, Capital Corp., 85 *£ pref. (quar.)
American Electric Securities Corp.—
Atlantic Coast Line RR.
30
June
7% preferred (quarterly)
Atlantic Macaroni, Inc
Holders
815;
Alaska Packers Accociation
American Arch Co.
(quarterly)
American Baking Co., 7% prer.
American Bus Shares, Inc
When
Payable of Record
May
July
July
May
May
July
July
July
June
May
l
May
6
5
5
30
1
9a
20
20
15
21
21
1
11
20
20
20
8
15
11 Apr." 24
15 May 15
19 May 13
1 June 20
1 May 15
1 May 15
20 Apr. 30
1 May 29
1 May 29
15 May
1
15 May
9
2 June 15
2 June 15
31 July
3
12 May 20
15 Apr. 25
Volume
Financial
142
Per
Share
Name of Company
June
June
June
May
May
May
Aug.
.
.
_
...
.
_
.
Dexter Co.
5
Diamond Match Co., interim
Extra
Dec. 24
1 May
5
1 May 15
June
June
1
May 15 May
June
1 May
9
May 25 May 19
June 25 June
19
June 30 June 16
June
May
July
Buckeye Pipe Line Co
Buck Hill Falls Co. (quar.).
June
Buffalo Ankerite Gold Mines (quar.)
May
May
Bunker Hill & Sullivan Mining
June
June
Extra
June
(quar.)
June
Burroughs Adding Machine Co
Byron Jackson Co
Calamba Sugar Estate (quarterly)
7% preferred (quar.)
May
July
July
May 11
May 11
Apr. 30
29 May
8
1
1 June
15 May 29
1
16 May
15 May
1
1 May 15
1 May 15
1 May 25
5 May
2
15 May
5
1 June 15
1 June 15
June
Holding, pref. (final)
2 Apr.
15 May
May 15 Apr.
June
1 May
May 29 May
May 15 Apr.
May 15 May
July
1 June
June
1 May
July
1 June
Oct.
1 Sept.
June
California Packing (quarterly)
California Water Service, 6% pref.
(quar.)
Calumet & Heel a Consolidated Copper
Campbell, Wyant & Cannon Foundry (qu.)
Canadian Converters Co. (quar.)
Canadian Oil Cos. (quar.)
Preferred (quar.)
Carman & Co.. class A
Carnation Co. 7% pref. (quar.)
7% preferred (quar.).
/ vo
7% preferred (quar.).
k"
Carolina Telephone & Telegraph (quarterly)
21
29
30
1
9
30
1
20
15
20
20
Jan2 *37 Dec. 20
.
July
1 June 24
May 11 May
4
May 29 May 15
July
1 June 20
May 15 Apr. 30
July
1 June 16
Castle (A. M.)
(quarterly)
Caterpillar Tractor (quar.)
Cayuga & Susquehanna RR. (semi-ann.).
Cedar Rapids Mfg. & Power (quar.)
Celanese Corp. of Amer., 7% cumul. prior pref.
7% cumul. 1st preferred
Central Cold Storage (quarterly)
Central Illinois Light. 7% preferred
6% preferred
Central Miss. Valley El. Prop. 6% pref. (quar.).
Central Vermont Public Service, pref. (qu.)
Centrifugal Pipe Corp. (quar.)
Quarterly
Quarterly
Century Ribbon Mills, preferred (quarterly)..
June 30 June
May 15 May
—
16
5
June
1 May
15
May 15 Apr. 30
May 15 May
5
Aug. 15 Aug.
5
Nov. 16 Nov.
June
5
1 May
May 15 May
May 15 Apr.
1 June
July
1 June
July
June
4 May
1 June
July
June
July
June
May
June
May
June
May
May 28 May
Champion Paper & Fibre (quarterly)
Preferred (quarterly)
Chesapeake & Ohio Ry., pref. (semi-annual)..
Chestnut Hill RR. Co. (quar.)
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Mail Order (quar.)
Extra
Chicago Yellow Cab (quar.)
18
1
30
June 30 June
Chain Belt
1
_
Chile
Copper
Chrysler Corp
15
8
20
15
S2
Aug.
1 July
Cigar 7% pref. (quar.).
Y., Inc. (quar.).
Consolidated Edison Co. of N.
(quar.).
Consolidated Retail Stores, preferred
...
Oopperweld Steel (quar.)
Quarterly....
Quarterly
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills
Crown Cork & Seal, Ltd. (quar.)
Crown Drug Co., common
7% convertible preferred
Cram & Forster, preferred (quarterly).
Cuneo Press, Inc., 6H % preferred (quarterly).
Curtis Publishing, 7% preferred
Dayton & Michigan RR. Co., 8% pref. (quar.).
Dayton Power & Light Co., 6% pref. (monthly)
Deere & Co., preferred (quar.)
Delaware & Bound Brook RR. Co. (quar.).
....
Delaware RR. Co. (s.-a.)
Dentist's Supply Co. of New York (quar.).
(qu.)__
Florida Power
June
Corp., 7% preferred (quar.).
7% preferred A (quar.)
June
Free port Texas (quar.)
Preferred (quar.)
June
Aug.
July
20
Foote-Burt
(quarterly)
_
General Foods (quarterly)
General Metals (quar.)
Glidden Co. (quar.)....
(quar.)
Globe-Democrat Publishing Co., pref. (quar.)
Globe Wernecke Co., pref. (quar.)
Preferred
(quarterly)
Preferred (quarterly)
Golden Cycle (quar.)
Extra
Greene R. R.
(semi-annual).
....
Greenfield Tap & Die, 6% preferred
Gurd (Charles) preferred (quarterly).
preferred
10
75c
(semi-annual).
(quarterly)
Nov. 10
May
6
June
5
Preferred (quarterly)
Hartford Times Inc.. $3 pref. (quar.).
Hazel-Atlas Glass Co. (quar.)
2
May 20
Sept. 25
Dec.
Dec.
25
15
15
15
15
8
15
55c
75c
May
May
June
May
June
May
June 15 May
June
May
June
May
June
May
June
July
June
July
June
July
June
July
June
May
June
July
June
May
June
July
May
Apr.
50c
June
50c
55c
20c
20
15
15
15
15
15
June
Extra
June
July
July
May
May
Apr. 30
Apr. 30
Holt (Henry), partic. A
Honolulu Plantation Co.
June
Hooven & Allison Co.,
June
Hormel (G. A.)
May
May
(monthly)
7% preferred (quar.)...
(quarterly)
Preferred
(quarterly)
Horn & Hardart of N. Y., preferred (quar.)
Houdaille Hershey, class A (quar.)
Class B (quarterly)
Illuminating Power Security (quar.)
7% preferred (quarterly)
Imperial Chemical Industries, Ltd., Amer. dep.
res. for ord. reg. (final)
xw
Imperial Life Assurance of Canada (quar.)
May
June
4
4
11
30
15
2
2
12
June 20
June 20
8 Apr. 17
1 June 30
Oct.
uarterly
§uarterly
July
1
Sept. 30
24
June
1
25
International Harvester, preferred (quar.)
Interstate Hosiery Mills (quar.)
June
1
May 15
June
May 15
Aug. 15
Qquarterly
June
Dec.
Nov.
June
May 25
May 15
July
June 10
May
Julian & Kokenge (semi-ann.)
June
June 20
Kalamazoo
Si %
June
June
win
July
July
June
Quarterly
Quarterly
Kayser, (Julius) & Co
Kelvinator Corp. (quar.)
Kelvinator of Canada, Ltd., 7% pref. (quar.)...
Kendall Co., cumul. partic. pref. ser. A (quar.).
Cumul. partic. prer. ser. A (partic.)
Kentucky Utilities, jr. pref. (quar.)
Junior preferred
Keokuk Electric 6% pref. (quar.)
Keystone Steel & Wire Co
Klein (D. Emil) (quarterly)
9
1
May 29
15
May 20
May 15
May 18
June 15
June
June 20
Sept.
Sept. 19
Dec.
Dec.
11
May 11
May 15
May
5
May
Aug.
May
Aug.
Iron Fireman Mfg. (quar.)
May
Dec.
16
18
30
Inland Steel
10c
Sept.
June
May
Apr.
May
May
May
Apr.
May
May
May
May
May
May
May
15
20c
June
25
31
Apr. 30
May
1
May
1
$1H
$1 H
%\%
17
Apr.
1
May
4
May
Apr. 25
Apr. 25
May 19
1
May
May
May
50c
50c
1 June
June
5c
May
July
May 15
May 15
July
6
May
1
July
May
July
May
May
May
May
May
May
June
Quarterly
Quarterly
Jantzen Knitting Mills, preferred (quarterly)..
Jar vis (W. B.) Co. (quar.)
Johnson Publishing. 8% preferred
June
June 20
June
June
Ingersoll-Rand
Nov. 15
June
July
15
May 15
Aug. 15
S2
$1
50c
May
9
May 20
May 20
15
May
Aug.
50c
June
25c
75c
Mining (quarterly)
Heileman (G.) Brewing (quar.)
Hercules Powder preferred (quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Hobart Mfg., class A (quarterly)
Hollander (A.) & Son (quar.)
Hollinger Consolidated Gold Mines, Ltd
June
June
12Hc
$1H
$1M
Hecla
17
May 15 Apr.
Nov.
35c
May 15
July
Jan2 *37 Dec.
20c
431
June
June
Indiana Pipe Line Co__
15
20c
20c
June
12Hc
12Hc
$1H
Class B
rbison-Walker Refractori
Harl
efractories Co., com. (quar.)
Common extra.
20
June
hi 2^
Waich, 6% preferred
L
(B. H.) knitting Co. (quarterly).
(quarterly).
7% preferred (quarterly)
Hanes
May
9
Aug. 10
Apr. 20
Apr. 20
Apr. 20
5
May
1
May
1
May 16
43 He
15c
Hackensack Water Co.
Hamilton
19
June 25
50c
June 24
Oct.
Sept. 25
May 15 May
8
June
May 22
May 15 Apr. 27
May 15 Apr. 30
June 18
July
June 18
July
June
May 20
June 20
July
Oct.
Sept. 20
Janl '37 Dec. 20
;
12
Sept.
$1H
$1H
$1.65
$1H
15
June
June
25c
24
21
21
May 15
May 15
May 14
July 15
May
May
June
$1H
10
May 15 Apr.
June
July
June
May
June
May
Extra
Dec.
June
15
10
Sept. 10
June 20 June
(s.-a.)
First National Bank (NT Y.) (quar.)
Fitz-Simons & Connell Dredging & Dock
Prior preferred
1
June
July
h$4
(quar.)
preferred (quarterly)...
6.6% preferred (quarterly),
preferred (quarterly),
preferred (monthly).,
referred (monthly).,
preferred (monthly),
preferred (monthly).
Continental Can Co. (quarterly)
I..
6%
Oct.
Quarterly
July
May
May
May
25c
Consumers Power Co., $5 pref.
Sept. 30 Sept.15
Dec. 31 Dec.
1 June
May
June 20
June
1 Nov. 30
3 Sept. 14
1 May 12a
June 30 June 15
Oct.
July
June
$1
S1H
$1M
62 He
29
1 Aug. 31
June
Metallurgical Corp. $5 pref. (quar.)
Cigar, preferred
1 May
Dec.
$5 preferred (quar.).
$5 preferred (quar.
\).
Farmers & Traders Life Insurance
(quar.).
Ferro Enamel (quarterly)
Fire Assoc. of
Philadelphia
10 Nov. 30
1
May 15
pref. (quar.)
5H% preferred (quarterly).,
Connecticut Power Co. (quarterly)..
Dec.
4
June
Quarterly
Sept. 26
29
Sept. 10 Aug. 31
European & North American Ry. (semi-ann.)
Fairbanks, Morse & Co., 6% conv. pref. (qu.)__
General
Nov. 21
Oct.
June 10 May
Sept.
Dec.
$1
Dec.
June
June
Sept.
121f
Sept.
June
July
Guaranteed betterment
(quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (quar.)
Fansteel
5
Sept. 20
Sept. 20
May 2l
June 15
May 21
Aug. 21
Oct.
8
June 24
Oct.
(semi-ann.)
5% preferred (semi-ann.)
Ely & Walker Dry Goods (quarterly)
Emerson Dry Co., 8% preferred
(quarterly)
Empire & Bay State Teleg. Co., 4% guar, (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)
Emporium Capwell (semi-ann.)
Erie & Pittsburgh RR. Co.
7% gtd. (quar.)
7% guaranteed
(quar.)
7% guaranteed (quar.)
May
May
July
Quarterly
Quarterly
7% preferred (quar.
7% preferred (quar.)
7% preferred (quar.)
June 15 June
Elizabeth & Trenton RR. Co.
May
Commercial National Bank & Trust
Continental Steel
Elgin National Watch
Sept. 19
Apr.
5
May 15 May
1
May 29 May 20
June
1 May
5
.....
June 20
May
10
10
June
June 20
June
15
El Dorado Oil Works
(quarterly)
Electric Shareholdings Corp., preferred
July
July
July
June
15 June
15
May
May
Consolidated Oil Corp., $5 pref.
Consolidated Paper (quar.)
East Mahanoy RR.
(semi-ann.)
Eaton Mfg. Co. (quar.)
1
5
June
May 25
Connecticut Light & Power, 6H%
(quar.)...
1
4
July
May
...
P^ (QU.)_
15
Grand Union. $3 preferred
Great Lakes Dredge & Dock (quar.)
Great Western Electro-Chemical
June
Consolidated
Assoc., prior pref. (quar.)..
6% preferred (quar.)
Eastern Shore Public Service Co.,
$6H
June
_
Goodyear Tire & Rubber, 1st pref. (quar.).
Columbus & Xenia RR. Co
.
June
Eastern Gas & Fuel
Janl'
Oct.
1
20 June 30
20 June 30
15 Apr. 30
15 May
15 May
15 May
28 May
1 June
1 June
June
1 May
June
1 May
....
Drug (quarterly)
Dunlop Rubber, common...
$6 preferred
1
July
July
May
July
May
May
May
May
July
July
(quarterly)
Hale Bros. Stores, Inc. (quarterly)....
Haloid Co., preferred..
July
—
_
Ltd", (quarterly)".". I.Z
Dow
Class A
(quar.)—
Commonwealth Utilities, 6H% pref. O (quar.)
Comos Imperial Mills (quarterly).
Compo Shoe Machinery (quar.)
Confederation Life Association (quar.).
Quarterly
Dec.
9
9
20
8
Cincinnati Union Terminal Co.—
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Clearfield & Mahoning RR. (s.-a.)
Cleveland Electric Illuminating (quar.).
Preferred (quarterly)
Cleveland & Pittsburgh Ry. reg. gtd. (quar.)
Registered guaranteed (quar.).
Registered guaranteed (quar..
\).
Colgate-Palmolive-Peet (quar.).
Preferred (quar.)
Columbia Gas & Electric Corp. (quar.).
5% cum. preferred (quar.)
5% conv. cum. preferred (quar.).
6% preferred, series A (quar.)—
Columbia Pictures Corp., $2H pf. conv. (quO.¬
1
Sept.
15
Cincinnati Inter-Terminal RR—
1st guaranteed preferred (s.-a.)
June
Wing Paper Co., 7% preferred (quar.).
Pepper Co. (quar.)
Quarterly
7% pref. (quar.)
7% preferred (quar.)
June 29
1 May
1 May
15
15
15
June
1 May 15
May 15 Apr. 30
Fuller Brash Co.
June 29
1 May
June
...
Doctor
Quarterly
Dome Mines,
Holders
When
Payable of Record
June
......
Preferred (extra)
Diem &
3113
June
(quarterly)
Dominion Coal, preferred
(quarterly)
Dow Chemical Co.
(quarterly).
Preferred (quarterly)
Dec. 31
Brooklyn Edison (quarterly)
Brooklyn Union Gas
-
5
15
15
15
1
1
11
11
Extra..
Dominion Bridge
June
.
1 June
1 June
1 May
1 May
1 May
15 May
15 May
15 May
14 Aug.
Sept. 30 Sept. 25
Extra
Cableo & Wireless
Per
Share
Name of Company
Nov. 15 Nov. 11
June 31 June 25
British Celanese. first preferred
Bunte Bros. 5% preferred, initial
Holders
When
Payable of Record
July
July
t ~/0
prcioii. ou
(quarterly)—•_
5% preferred (initial)
Bigelow-Sanford Carpet
Preferred (quar.)
Blackstone Valley Gas & Electric, pref. (s.-a.).
Blauner's, Inc. (quarterly)
Preferred (quarterly)
Bloch Bros. Tobacco (quar.)
Quarterly
Quarterly
6% preferred (quar.),
...
6% preferred (quar.)..
6% preferred (quar.)
Blue Ridge Corp., $3 conv. pref. (quar.).Borden Co., common (quar.)
Bourjois, Inc.. $2H pref. (quar.)
Brach (E. J.) & Sons (quar.)
Brewer (C.) & Co. (monthly)
Monthly
Bridgeport Gas Light Co
Bristol-Myers Co. (quar.)...
New
•
Chronicle
Vegetable Parchment Co.
—
Extra
(quar.)..
—
Sept.
June
July
15 July
1
June 30 June 20
Sept. 30 Sept. 20
Dec. 31 Dec.
21
May 15 May
5
July
1 June
May 15 May
5
June
1 May 11<
June
1 May 11<
May 20 May
I
May 20 May
1
May 15 May
9
May 15 Apr. 20
July
June 20
July
June
20
3114
Financial
Per
Name of
Share
Company
King Oil (initial)..
Kroehler Mfg. Co., class A preferred (quar.)
Glass A preferred (quar.)
Glass A preferred (quar.)
Kroger Grocery ft 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 .
Landis Machine Co. (quar.)
Pender (David) Grocenr, class A (quar.).
Peninsular Telep. Co. 7% pref. (quar.)
Dec. 31 Dec.
81H
23
1 May
8
1 June 19
July
July
81M
81H
37 He
37Hc
37 He
31 July
7
June 16 June
2
June
May 15
June
May 15
June
May 15
July
Preferred
(quarterly)
Preferred (quarterly)
;
Preferred (quarterly)
Lansing Go. (quarterly)
...
Lehigh Goal & Navigation (semi-annual)
Lehn & Fink Products Corp., common (s.-a,)..
Lessing's, Inc
Lexington Utilities preferred (quar.)
Jan 1 '37
—
...
Preierred
May 15 May
Aug. 15 Aug.
Mo v. 16 Nov.
June 15 June
25c
15c
62 He
15c
81H
Sept. 15 Sept
Dec. 16 Dec
10 May 10
May 29 Apr. 30
June
1 May 15
May
June 10 June
50c
40c
____
—....
Link Belt (quar.)
Preferred (quar.)
Oct
27
May 15
20
29
1
15
15
25
July
June 15
Loblaw Groceterias. A ft B (quar.)
June
July
May 12
July
1
Ludlum Steel Co., commonLumbermen's Insurance (Phila.) (s.-a.)
Lunkenheimer Co. (quar.)
Preferred (quar.)..:
Preferred (quar.)..
Preferred (quar.)
Lynch Corp. (quarterly)
Macy (R. U.) ft Co. iquar.)-_
Madison Square Garden (quar.)
Extra
Magnin (I.) ft Co., $6 preferred (quar.)
So preferred (quar.)
$6 preferred (quar.)
Managed Investments (quar.)
...
Extra
Nov.
1
__
Nov. 30 Nov. 30
June
1 May
1
June 15 May 20
June
1 May 15
June
1 May 20
Extra
Monmouth Consolidated Water, 7% pref. (qu.)_
-
Montgomery ft Erie RR. (semi-annual)
Montreal Light, Heat ft Power (quar.)
Moody's Investors Service, preferred
Moore (Wm. R.) Dry Goods (quar.)
Quarterly
Quarterly
Morris Plan Insurance Society (quar.)
...
Motors
Products,
new
(quarterly)
stock (quar.)
Mull ins Mfg. Corp.,
$7 preferred
Muskogee Co., 6% cumulative pref. (quar.)
Mutual Chemical Co. of Amer., 6% pref, (qu.)_
6% preferred (quarterly)
6% preferred (quarterly
Mutual Telep. Co., Hawaii (monthly)
National Bearing Metals Corp., com. (increased)
National Biscuit (quarterly)
Preferred (quarterly)
National Gasket Co. (semi-ami.)
National Lead, preferred A (quarterly)National Oats Co. (quar.)
National Power ft Light Go. (quarterly)
Newberry (J. J.) new 5% pref. A (quar.)
_
New Bradford Oil
New Jersey Zinc (quar.)
*
Norfolk & Western Ry. (quar.)
Adj. preferred
(quarterly).
North American Edison Co. pref. (quar.)
Northeastern Water & Electric Corp., $4 pref,_
Northern RR. Co. of N. J., 4% gtd. (quar.)
4% guaranteed (quarterly)..
4% guarantee*4 (quarterly)
North Pennsylvania RR. Go.
(quarterly)
Northwestern Public Service, 7% preferred
6 % preferred
j.
Nova Scotia Light ft Power Co., 6% pref. (qu.).
Oahu Ry. ft Land Co. (monthly)
Oahu Sugar Co. (monthly)
Occidental Insurance Co. (quar.)
Old Dominion Co. (Me.)
Onomea Sugar Co. (monthly)
Ontario ft Quebec Ry. (semi-ann.)
Debenture (semi-ann.)
Owens-Illinois Glass (quarterly)
Pacific Fire Insurance (quarterly)
Extra
Pacific Gas ft Electric, 6% pref.
5H preferred (quar.)
acific Lighting Corp. (quar.).
Parker Pen (quar.)
Quarterly
8c
25c
40c
11*
15c
81H
10c
Nineteen Hundred Corp., class A (quar.)
Glass A (quar.).
Glass A (quar
-?.).
—
56c
81H
81H
81H
81H
81H
50c
50c
50c
50c
82
81
81H
June 27 June 18
Sept. 28 Sept. 17
28 Dec.
17
May 20 May
June
1 May
July 15 June
May 29 May
May 15 Apr.
9
20
Dec.
July
81H
81H
June
Potomac Electric Power Co., 6% pref.
(quar.).
5H% preferred (quarterly)
...
20c
30c
30c
20c
83
2H%
81H
37Hc
25c
25c
50c
81H
37Hc
81H
Pullman. Inc. (quarterly)
Quaker Oats, preferred (quar.)
25c
Quebec Power Co. (quarterly)
$3
Railway Equipment & Realty, new 1st pref
New 1st preferred (quarterly)
60c
Rapid Electrotype (quarterly)
60c
Quarterly
60c
Quarterly
60c
Reading Co. (quar.)
1st preferred (quarterly)
50c
Reliable Stores, first preferred
;
h$5H
el %
Remington-Rand
Resumed (quarterly)
l6c
6 % preferred (quarterly)
81H
31 He
5% preferred (quarterly).
25c
Reynolds Metals Co., common
5 H % preferred (quarterly)
Rochester Gas ft Electric, 6% pref. C & D (qu.)_
7% preferred B (quarterly)...
Rochester & Genesee Valley RR. (s. -a.)
Rolls-Royce Ltd., ordinary (final)
*u>15%
Bonus
i_
*tc2H%
Ruud Mfg. (quarterly)
15c
$1
Safety Car Heating & Lighting..
St. Louis Bridge Co., 6% lstpf. (s.-a.)_
3% 2nd preferred (semi-ann.)
St. Louis, Rocky Mt. ft Pacific Co., pref
....
....
...
...
,
88
"I
Preferred
Preferred
(monthly)IIIIIIII
ill
>i
30c
25c
.....
Seaboard Oil of Delaware (quarterly)
Seaboard Surety Co., capital stock.
2¥s
Sears, Roebuck & Co. (quar.)
Second Twin Bell Syndicate (monthly)
Servel, Inc. (quarterly).
7% cum. preferred (quar.)..
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Shawinigan Water & Power (quarterly)
Shenango Valley Water, 6% pref. (quar.).
20c
15c
81X
ill
rl5c
81H
$1
Sherwin-Williams
5% preferred, initial (quar.)
Singer Mfg. Co., Amer. dep. rec. for ord. reg...
Sioux City Gas ft Electric, pref. (quar.)
Smith (S. Morgan) Co. (quar.)
;
81A
Nov. 14 Oct.
31
June 19 May 29
May 19 Apr. 30
June
1 May 15
Dec.
1 May
9
1 May 19
1 Aug. 22
1 Nov 21
.
May 25 May
June
1 May
June
1 May
June
1 May
May 15 May
May 15 May
May 15 May
June 15 May
May 20 May
June
1 May
June
1 May
May 15 Apr.
May 12 May
May 12 May
May 15 Apr.
May 15 Apr.
May 15 Apr.
June
1 May
Sept. 1 Aug.
16
21
21
15
11
6
5
25
11
1
1
29
8
8
30
30
20
15
15
I
.
.
1 May 15
1 May 15
June
June
15 June
June
15 June
1
July
May
July
May
May
May
May
May
May
July
1
15
1
30
9
15
29
15
15
1
June
15
June
15 June
1
Apr. 24
June 20
May
1
Apr.
Apr.
May
Apr.
Apr.
30
24
June
1
Sept.15 Sept.
1
24
30
1
1
Dec.
1
14 Apr.
June 11 May
July 15 July
July
1 June
July
1 June
July
1 June
June
July
June
May
June
July
June
May
June
May
Juiy
1 June
May 19 Apr.
May 19 Apr.
16
21
Dec.
15
May
15
10
10
10
10
15
20
8
8
15
9
9
June
5
15 June
July
1 June 15
July
1 June 15
July
1 June 15
June 30
Sept. 30
Dec. 31
May 15 May" 2
May 15 May
6
June
15 June
1
May
15 Apr. 30
June
15 May 15
May 15 Apr. 30
1 May 20
July
1 June 20
Oct.
1 Sept. 19
Jan 2*37 Dec. 19
May 15 Apr. 24
June
1 May 20
May 15 Apr. 30
June
l May 15
June
Apr. 24
May" 11
Apr. 30
1 Aug.
1
1 Nov.
1
15
15
20
20
30
15
5
1
15
15
2
1
15
2
15
4
7
9
June
1 May 15
June
.....
15 May 25
June
Syracuse Lighting Co., Inc., 6% pref (quar.)_I
Tacony-Palmyra Bridge, 7H% preferred
Tampa Electric (quarterly)
Preferred A (quarterly)
Tampa Gas Co., 8% pref. (quar.)
I
7% preferred (quar.)..
.
81M
Tennessee Electric Power Co.—
5% preferred (quarterly)
6% preferred (quarterly)..
7% preferred (quarterly)
7.2% preferred (quarterly)
1 May 11
May 15 Apr. 20
Sept. 1
May 15 Apr". ~ 35"
May 15 Apr. 30
June
1 May 20
June
l May 20
June
June
June
June
July
July
July
July
....
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Thatcher Mfg., convertible pref. (quar.)
Thompson (John R.) (quarterly)
Tide Water Assoc. Oil (quar.)
(liquidating)
1 Nov. 20
1 May 15
1 Juen 15
May 15 Apr.
June
1 May
May 15 Apr.
June 16 May
May 15 Apr.
Aug.
1 July
May 15 May
May
June" 15 May
June 15 May
May 15 May
May 15 May
July
1 June
May 15 May
June
1 May
May 15 May
June
1 May
May 16 May
Stanley Works, 6% preferred (quarterly)
I
Stein (A.) ft Co
Preferred (quarterly)
Sterling Brewers
Sterling Products, Inc
I.IIIIZI
Sterling Securities, conv. 1st preferred
Stewart-Warner Corp. (semi-ann.)..
Common
1 Aug. 20
Dec.
Nov.
...
Standard American Trust Shares
Standard Oil of Calif, (quarterly)
Extra
Troy ft Greenbush RR. Assn. (s.-a.).
Trunz Pork Stores (resumed)
Unilever, Ltd., ordinary (final).....
Unilever (N. V.) ordinary (final)
Union Bag ft Paper (quarterly)..
Union Gas Co. of Canada. Ltd
Union Tobacco, class A (liquidating).
9 May 20
Sept.
Aug.
81H
Quarterly
Solvay American Investment'Corp "pref. "(qu.) I
Soundview Pulp Co
Southern California Edison Co., Ltd. (quar.)
6% preferred, series B (quar.)
Southern Canada Power Co., Ltd., com.
(quar.).
Spiegel May Stern, preferred
•
Stamford Water Co. (quarterly)
Tide Water Oil.
Tobacco Securities Trust Co., Ltd.—
Ordinary capital stock (interim)
Toburn Gold Mines
June
to6%
Sun Oil (quar.)....
Preferred (quar,)..
Sept
15c
30
1 May 16
May 15 Apr. 15
9 Apr. 20
May
May 15 Apr 30
Aug. 15 July 31
June
HH
12
12Hc
SIM
37 He
37 He
.....
June
il
$1H
81H
37 He
Stix, Baer ft Fuller
StrawDridge ft Clothier Co—
6% prior preferred series A (quar.)
June
81
81
17
7 June 10
lc
Special
June 15 May 29
June
1 May 21
June
1 May
1
81
25c
(quar.)
June
1 May 13
1 May 15
10
6 Sept. 10
10
June
....
Scotten-Dillon
June 30 June 20
1
15
15
Jan 5'37 Dec.
S1H
lHc
11 Apr.
15 Apr.
June
10
M
San Carlos Milling Co., Ltd.
May 15 Apr. 30
10
preferred (quarterly)
Plymouth Fund, class A
1 May 15
31
Oct.
-
7%
15 Apr. 30
.
Quarterly
10'37 Dec
May 15 May
1 Sept.
1 May
July
1 June
Oct.
1 Sept.
Pittsburgh Youngs town & Ashtabula Ry. Co.—
7% preferred (quarterly)..
7% preferred (quarterly)...
May
May
May
May
Monolith Portland Cement, 8% pref.
Monsanto Chemical (quarterly)
Extra
1
Sept 30
July
preferred (quarterly)
preferred (quarterly)
June
30
30
15 May
1
June
1 May
1
1 June 20
July
June
1 May 20
June
1 May 20
May 15 May
4
4
May 15 May
May 15 May
1
9 May
May
1
June 15 May 15
June 15 May 15
May 10 Apr. 30
May 15 Apr. 30
May 15 May
1
1 July
1
July
Oct.
1 Oct.
1
Jn.2 '37 Jn.2'37
June
1 May 27
Sept. 1 Aug 27
Dec.
1 Nov. 2ft
20
7
20
12a
1
Jan 2'37 Dec.
Public Service Corp. of N. J., 6% pref. (mo.)
Public Utilities Corp. (quarterly)
18
16
30
5a
24
5
20
21
1 July'15"
Aug.
May 30 May 30
Aug. 31 Aug. 31
Maytag Co., $6 1st preferred (quarterly)
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
Mclntyre Porcupine Mines (quar.)
McKesson ft Bobbins, $3 preferred (quar.)
McKinley Mines Securities
McWilliams Dredging
Mead Corp., 6% preferred
Meadville Telephone (quarterly)
Memphis Natural Gas__
Mercantile Stores 7% preferred (quar.)
Mergenthaler Linotype, resumed
Mid-Continent Petroleum Corp
Midland Grocery Co., 6% pref. (s.-a.).
Minneapolis Gas Light, 7% preferred (quar,)..
6% preferred (quarterly)
Minneapolis Honeywell Regulator, new
Morse Twist Drill & Machine
7%
5
20
20
June 30
Oct.
June
...
18a
May 15 May
1
May 15 May
1
June
1 May 11
1
May 15 May
Manhattan Shirt (quar.)
Manufacturers Casualty Co. (quar.)
Marconi Wireless Tel eg., ordinary
June
—
...
Procter & Gamble (quarterly).
Public National Bank ft Trust (quar.)
15
June
Jan
29
17
Nov
May
June
5
5
Oct.
1
31
May 15 May
5
June
1 May
8
May 29 May 15
May 29 May 15
May 15 May
1
Aug. 15 Aug.
1
—
June
Quarterly..
7% preferred (quarterly)
7%
June
June
15 May
1 May
1 May
1 May
29 May
5 May
May
May
May
July
Powdrell ft Alexander (quar.)
Extra
Prefer!ed (quarterly)
Jan .2'37 Dec. 21
...
*5&
(qu.)
May 15 Apr.
Aug.
1 July
July
1 June
Oct,
1 Sept.
June
1 May
May 15 Apr.
May 15 May
May 15 Apr.
May 15 May
July
1 June
Oct.
1 Sept.
5% preferred (quarterly)
5% preferred (quarterly)
Lord ft Taylor, 1st preferred (quar.)_
Los Angeles Gas ft Electric Corp., pref. (quar,).
May
...
Oct.
Oct.
Jan2 '37 Dec.
8% preferred (quar.)
8% preferred (quar.)
Loew's, Inc., 86H cumul. pref. (quar.)
Loose-Wiles Biscuit Co.. common—
Nov. 16 Nov.
Feb. 15 Feb.
June
8% pref
Quarterly
30
Lock-Joint Pipe Co. 8%
preferred (quar.)
(quar.)
Pitney-Bowcs Postage Meter (quar.)
Pittsburgh Bessemer ft Lake Erie (semi-ann.)-.
6% preferred (semi-annually)
;.
Pittsburgh Ft Wayne ft Chicago Ry. Co. (quar.)
30
1 May 11
1 May 11
1 May 20
May 15 May
5
Aug. 15 Aug.
5
Preferred (quarterly)
Preferred (quarterly)
4
May 11 Apr.
May 11 Aor.'
June
1 May
June 15 May
June
May
June
May
June
May
Aug.
July
June
SI H
June
7% preferred (quar.)
7% preferred (quar.)
Penman's, Ltd. (quar.)
Pennsylvania Power Co., 6% pref. (qu.)
6.60% preferred (monthly)..
Pennsylvania State Water, $7 pref. (quar.).
Petroleum Corp. of America
Phila. Germantown ft Norristown RR. Co. (qu.)
Philadelphia Suburban Water Co., pref, (quar.)Phillips Petroleum (quarterly)
Phoenix Finance Corp..
Holders
June
, _
Extra.
Nov.
h50c
...
...
_
Lexington Water, 7% preferred
Libbey-Owens-Ford Glass (quarterly)...
Life Savers (quarterly)
Liggett & Myers Tobacco (quar.)
Common B (quarterly)
Lincoln National Life Insurance (quar.).
_
...
-
Oct.
25c
25c
81H
81H
81H
7% preferred
When
Payable of Record
June
Parker Rust-Proof Go., common (quarterly)
Preferred (semi-annual)
Sept. 30 Sept. 24
June
UK
Per
Share
Name of Company
June 15 May 15
June 30 June 24
40c
25c
May 9, 1936
Holders
Payable of Record
25c
Quarterly
Quarterly
2c
f}*f
81H
81H
When
Chronicle
15
15
15
15
Jun9
May 15
July
June 15
June
May 15
July
May
May
June 15
Apr. 30
May
5
May 11
May
1
June
May
wz5g0
81 *4
25c
May 22 Apr. 30
May 21 Apr. 21
15 June
1
May 11 May
4
June
8d.
2%
50c
rlOc
25c
12 He
May 15
Apr. 27
June 15 May 26
Volume
Financial
142
Union Oil of Oalifornia (quar.)
United Biscuit Oo. of Amer, (quar.)
Preferred (quarterly)
United Corps., Ltd., class A
25c
40c
$15*
h75c
$1
_
United Dyewood, resumed
Preferred (quarterly)
Preferred
(quarterly)
Preferred (quarterly)
United Gas Improvement (quar.)
United Light & Rys. 7% preferred (monthly)
7 % preferred (monthly)
$15*
$15*
$15*
9 Apr.
May
1 May
June
1 July
Aug.
May 15 May
1 May
June
1 June
July
1 Sept.
Oct.
20
Janl' 37 Dec.
11
11
July
1 June
15
50c
50c
June
1 May
1 June
15
$2H
2c
25c
Extra
United States Steel, 7% preferred
United Stores .preferred
United Verde Extension Mining Co. (quar.)
Upper Michigan Power & Light Co.—
6% preferred
25c
50c
h$ 3
25c
$15*
$15*
$15*
$15*
(quar.)
6% preferred (quar.)
_
6% preferred (quar.)
Utica Gas & Electric, 7% pref. (quar.)
Vanadium-Alloys Steel Co
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
*
50c
$15*
$15*
$15*
Preferred (quarterly)
Venezuelan Oil Consolidated, com. (final)
.
15
July
July 10 June 20
May 15 Apr. 30
1 June 20
July
1 June 20
July
4
May 29 May
June 15 May 27
3a
1 July
Aug.
26
1 July
1 Oct.
Aug.
Nov.
Febl '37 Jan.
1
May 15 May
2 May 20
June
10 June
June
1
1
Sept. 10 Sept.
10 Dec.
Dec.
25*c
50c
June
10c
May
1 May
June
June
1 May
July 20 July
Oct. 20 Oct.
1 May
June
June
1 May
June
1 May
June
1 May
May 29 May
Aug. 31 Aug.
Extra
Virginia Coal & Iron (quarterly)
Vogt Mfg. (quarterly)
Vulcan Detinning, preferred (quarterly)
25c
25c
$15*
$15*
Preferred (quar.)_
Warren (Northam) Co., $3 pref. (quar.)
Washington Railway & Electric, common
6% preferred (semi-ann.)
_
75c
L
$9
$25*
$15*
$15*
5% preferred (quar.)Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Wesson Oil & Snowdrift Co., Inc.—
Conv. preferred (quar.)__
Western Cartridge, 6% preferred (quar.)
Western Tablet & Stationery Corp
7% preferred
Westinghouse Electric & Mfg
Preferred (quarterly)
$15*
$1
June
10c
May
May
July
May
May
July
May
10c
25c
75c
875*c
$15*
West Jersey & Seashore RR. (s.-a.)
Westiand Oil Royalty Co., class A (monthly)__
Class A (monthly)
20 A or.
June
$15*
$15*
the New
31
15
10
10
15
15
15
15
15
15
15 May
30
30
15 Apr.
May
15
OF
ASSOCIATION
MEMBERS
FOR
THE
OF
THE
WEEK
ENDED
*
MAY 2,
SATURDAY,
1936
Net Demand
Deposits,
20
20
15
15
1
June
$U*
50c
1
1
15
May 20
May 15
May 15
May 15
June
Aug.
Aug
$1H
May
May
Nov.
(quarterly).
.....
June
50c
May
25c
June
25c
Wrigley (Wm.) Jr. (monthly)
Monthly *
Youngstown Sheet & Tube, preferred.
Zellers, Ltd., 6% preferred
June
$1H
Wool worth (F. W.) (quar.)
Worcester Salt, preferred (quarterly).
Nov
60c
Extra
July
July
May
$1H
$1H
Apr. 20
May
5
May 20
June 20
June 20
Apr. 30
Transfer books not closed for this dividend.
a
b A special dividend payable in common stock at the rate of 1 share for
each 5 shares held has been declared on the common stock of Commercial
Investment Trust Corp.
c The following corrections have been made:
d A
regular
quarterly
dividend
on
the
convertible preference stock,
declared payable in common stock at the rate
mon stock per share of convertible preference
of 3-104ths of 1 share of com¬
stock, optional series of 1929,
held, or, at the option of the holder, in cash at the rate of $1.50 for each
share of convertible preference stock, optional series of 1929, so held.
/
(? P^y^blG in stock
so
/ Payable in common stock,
g
mulated dividends,
j Payable in
Payable in scrip,
preferred stock.
h On account of accu¬
Advance-Rumely, liquidating stock div. of J* sh. of Allis-Chalmers
stock on each share of Advance-Rumely capital stock held.
n Lincoln Printing pref. div. of 1-5 sh. of pref. stock for each share held
o Blue Ridge Corp., opt. $3 conv. pref. ser. 1929, l-32d of one sh. of com.
stk. or at the opt. of the holder 75c in cash.
p Keystone Steel & Wire Co., three additional shares of common stock
m
0 Electric
Shareholdings
Corp.,
$6 conv. pfd. opt. div. ser. ww,
"toooenths of one sh. of com. stk., or at the opt. of holder $1)* in cash.
r Payable in Canadian funds, and in the case of non-residents of Canada
a reduction of a tax of 5% of the amount of such dividend will be made.
s Kress (S. H.) stk. div. equal to 50c., or l-20th sh. of spec. pref. stk
for each 50c. of the amount of such div.
t Payable in special preferred stock,
u Payable in U. S. funds,
w Less depositary expenses.
x Less tax.
y A deduction has been made for expenses
i Per 100 shares.
Condition of the Federal Reserve Bank of
The following shows
Average
in
York
the condition of the Federal Reserve
the close of business May 6 1936,
comparison with the previous week and the corresponding
date last year:
Deposits,
Average
Surplus
Capital
June
I2>*c
Quarterly.
16
Apr.
Apr.
May
May
May
June 15
15c
10c
Willington Fund, Inc. (quarterly)
Time
Undivided
Profits
*
Clearing House
June
$
(quarterly)
Williamsport Water, $6 preferred (quar.)
City
HOUSE
CLEARING
2
May
May
July
$1>*
Preferred
Bank of New York at
YORK
NEW
May
10c
_
New
Clearing House is given in full below:
STATEMENT
Will & Baumer Candle Co., Inc_
June
June
45c
Weyenberg Shoe Mfg., 7% preferred
Wilcox-Rich, class B._
/
York
10c
June
for each share held.
30
5
1 June 19
29 May 11
29 May 11
1 June 15
Weekly Return of the New York City
Clearing House
issued by
15
May 15
1
July
May
May
$1J*
UK
(quar.)
Holders
optional series of 1929, of Commercial Investment Trust Corp. has been
1
June
50c
10c
Extra
West Virginia Pulp & Paper Co., pref.
Extra.
Wilson & Co
Winstead Hosiery Oo.
Extra
When
Payable of Record
B8
7% preferred (quar.)
Westvaco Chlorine (quar.)
1
2 June 15
1 May 15
July
Per
Share
Company
Weston Electrical Instrument, A (quar.)
West Penn Electric, 6% pref. (quar.)
26
26
Is. 6d.
Ventures, Ltd., initial
Vick Chemical Co. (quarterly)
statement
11
54c
United Standard Oilfund of America, extra
weekly
1
21
June 30 May 29
1 May 15
58 l-3c June
1 June 15
58 l-3c July
1 May 15
June
54c
United States Playing Card (quarterly)
The
5
15
25c
6.36% preferred (monthly)
«,
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Unitea New Jersey RR. & Canal (quar.)
Name of
Payable of Record
Share
3115
Holders
When
Per
Name of Company
Chronicle
Members
and
Gold certificates on hand and due
$
6,000,000
20,000,000
National City Bank
Chemical Bk. & Tr. Co..
127,500,000
20,000,000
40,707,000 al,393,213,000
450,904,000
51,725,400
156,878,000
90,000,000
32,935,000
177,277,300 61,339,460,000
478,823,000
12,788,600
1936 Apr. 29, 1936 May
8,
$
1935
$
from
3,060,886,000 3,044,144,000 2,125,695,000
1,051,000
1,607,000
1,607,000 ..
67,332,000
95,617,000
99,753,000
United States Treasury. x._„
Bank of N. Y. & Tr. Co.
Bank of Manhattan Co..
6,
$
May
A-SSGtS-*"-
38,010,000
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
10,929,400
25,431,700^
373,618,000
21,000,000
62,597,400
Corn Exch. Bank Tr. Co.
15,000,000
First National Bank
10,006,000
Irving Trust Co
Continental Bk. <fc Tr. Co
50,000,000
16,109,900
91,781,400
59,017,400
3,812,700
4,000,000
Chase National Bank
150,270,000
500,000
25,000,000
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co..
Marine Midland Tr. Co.
Total
*
As
official
13,921,000
3,600,000
531,369,000
.54,173,000
Total reserves
Secured
66,028",666
20,975,000
743,339,100
9,474,597,000
1,730,000
March
27,
1936;
trust companies,
as
follows:
a
1,702,000
York
5232,918,000; 6 $76,309,000;
"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 1:
Total
OF
BUSINESS
NOT
IN THE
FOR
THE
ENDED
FRIDAY,
3,436,000
3,802,000
1,734,000
7,682,000
1,754,000
7,656,000
1,807,000
6,165,000
68,473,000
481,258,000
179,652,000
market
68,473,000
482,760,000
178,150,000
468,911,000
165,327,000
729,383,000
729,383,000
744,318,000
741,677,000
—
Industrial advances
742,229,000
756,092,000
259,000
4,352,000
127,454,000
10,849,000
28,166,000
239,000
6,515,000
126,036,000
10,849,000
27,487,000
4,494,000
105,768,000
11,724,000
United States Government securities:
Bonds
Treasury notes
Treasury bills
Total U. S. Government securities.
.
MAY
1,
1936
110,080,000
Other securities
Foreign loans on gold
—
Gold held abroad...
Due from foreign banks
Federal Reserve notes of other banks—
Uncollected items...
Bank premises...
CLEARING HOUSE WITH THE CLOSING
WEEK
1,406,000
2,396,000
2,878,000
discounted
bills
Bills bought in open
All other assets
INSTITUTIONS
1,693,000
1,743,000
1,176,000
Total bills and securities.
The New
«
S. Govt, obligations,
Other bills discounted
548,776,000
State,
U.
411,000
2,487,000
42,361,000
1936;
by
direct and (or) fully guaranteed
1,901,000
8,176,200
4,
3,158,110,000 3", 145,504,000 2,194,0*7 8,000
43,308,000
75,225,000
78,914,000
March
—
Bills discounted:
J
16,355,000
85,213,000
301,582,000
7,907,000
National,
March 27, 1936.
Includes deposits in foreign branches
C$85,443,000; <2 526,486,000.
Other cash f_.
422,000
22,242,300
reports:
Redemption fund—F. R. notes
21,597,000
8,067,800
612,480,000
...
per
707,694,000
236,737,000
499,602,000
5,249,700
5,000,000
12,500,000
7,000,000
5,775,000
Public N. B. & Tr. Co..
12,530,000
84,541,000
67,625,800 cl,830,131,000(
3,435,200
45,806,000
<2825,953,000
68,456,900
10,000,000
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
5,646,000
32,430,000
149,825,000
~~~276~6O»
28,707,000
t
4,070,867,000 4,058,859,000 3,101,139,000
Total assets.....
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Liabilities—
Loans,
Disc, and
Investments
Manhattan—
$
Grace National
Other
Cash,
Bank
Res.
Notes
$
Dep. Other
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
N.
26,568,800
21,015,000
Sterling National
Trade Bank of N. Y.
Brooklyn—
People's National
87,400
4,304,300
563,000
4,587,929
242,168
3,913,000
1,029,729
3,231,000
98,000
1,427,000
2,461,100
1,358,000
178,263
670,000
786,980,000
actual circulation
781,986,000
647,258,000
Deposits—Member bank reserve acc't.. 2,524,216,000 2,464,816,000 2,003,074,000
U. S. Treasurer—General account—263,145,000
309,973,000
20,880,000
30,649,000
30,413.000
5,740,000
Foreign bank
217,936,000
Other deposits
225,528,000
189,643,000
-
F. R. notes In
Dep.,
Y. and
$
Including
$
29,778,300
23,915,000
5,092,581
4,855,000
TRUST COMPANIES—AVERAGE FIGURES
3,035,946,000 3,030,730,000 2,219,337,000
125,641,000
123,740,000
106,516,000
50,903,000
50,907,000
59,375,000
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
3,979,000
4,078,000
5,125,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies.'—...
All other liabilities
Loans
Disc, and
Res. Dep.
Manhattan—
Empire
Federation
$
57,862,300
8,917,706
12,028,562
*6,316,800
United States
196,976
*1,104,798
19,920,800
*2,752,600
29,848,000 *10,429,400
70,220,114
9,199,113
Brooklyn—
Brooklyn.
Kings County
91,938,000
3,121,000
32,946,676
2,579,975
Fiduciary
Fulton.
Lawyers
*
Includes amount with Federal Reserve
Gross
Trust Cos.
Deposits
s
$
Banks and
Elsewhere
Invest.
Dep. Other
N. Y. and
Cash
$
$
8,337,300
814,473
1,039,328
632,700
2,642,200
18,851,946
32,150,000
13,618,769
follows:
3,270,300
1,456,604
64,994,700
9,486,513
11,997,544
587", 400
19,411,100
40,578,700
68,830,742
234,000 120,169,000
43,831,393
Empire, $4,836,300; Fidu¬
ciary, $788,505; Fulton, $2,532,600; Lawyers, $9,670,800.
as
4,070,867,000 4,058,859,000 3,101,139,000
Total liabilities
deposit and
combined
Contingent liability on bills purchased
for foreign correspondents
Commitments to make industrial ad¬
Ratio
of total reserves to
F. R. note liabilities
vances
-
82.6%
82.5%
76.5%
t
3,000
10,333,000
10,240,000
7,346,000
t "Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x
These are certificates given by the United States Treasury for the gold taken
over
from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to 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.
Financial
3116
May 9, 1936
Chronicle
Weekly Return of the Board of Governors of the
Federal Reserve System
Reserve System on Thursday afternoon, May 7,
Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
by the Board of Governors of the Federal
The following is issued
showing the condition of the twelve Reserve banks at the close of business on
COMBINED
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
1936 Apr. 29 1936 Apr. 22 1936 Apr. 15 1936 Apr.
6,
May
BANKS AT THE CLOSE OF BUSINESS MAY 6, 1936
8
1936 Apr.
1
1936 Mar. 25 1936 Mar. 18 1936 May
ASSETS
8,
1935
$
S
Other cash *
7,703,337,000 7,703,833,000 7,663,838,000 7,664,835,000 7,665,346,000 7,665,345,000 7,665,840.000 7,667,338,000 5,765,819,000
20,061,000
14,873,000
14,864,000
15,019,000
13,732.000
13,741,000
12,942,000
13,736,000
13,377,000
237,661,000
350.037.000
353,632,000
346,078,000
336.358,000
342,255,000
339,651,000
341,744,000
322,087,000
fe,Total reserves.
8,038,801,000 8,056,426,000 8,019,834,000 8,020,315,000 8,015.436.000 8,030.246,000 8,034,345,000 8,028,435,000 6,023,541,000
Gold ctfs.
on
hand & due from U.S.Treas.x
Redemption fund (F. R. notes)
Bills discounted:
Secured
Govt, obligations,
guaranteed
S.
U.
by
3,713,000
2,480,000
2,886,000
2,616,000
4,489,000
2,765,000
3,338,000
2,727,000
2,857,000
2,773,000
2,639,000
3,321,000
5,270,000
6,193,000
5,502,000
7,254.000
6,065,000
6,630,000
5,960,000
4,682,000
30,039,000
4,690,000
30,313,000
4,688,000
4,674.000
30,257,000
30,363.000
4,674,000
30,501,000
4,679,000
30,321,000
4,698,000
26,410,000
Other bills discounted
2,097,000
2,487,000
2,858,000
2,465,000
3,021,000
2,249,000
Total bills discounted.
4,584,000
5,323,000
4,676,000
30,170,000
4,684,000
30,319,000
direct and (or) fully
Bills bought In open market,
ndustrlal advances
322,337,000
265,687,000
265,756,000
265,711,000
265,691,000
265,785,000
265,723,000
265,708,000
265,687,000
1,549,461,000 1,554,889,000 1,554,889,000 1,554,895,000 1,554,894,000 1,554,889,000 1,554,893,000 1,554,896,000 1,543,136,000
564,772,000
609,667,000
609,667,000
609,667,000
609,667,000
609,667,000
609,667,000
609,667,000
615,167,000
U. S. Government securities—Bonds
Treasury notes
Treasury bills
Total U. S. Government securities.- 2,430,336,000 2,430,279,000 2,430,341,000
181,000
181,000
Other securities
181,000
2,430,249,000 2,430,252,000 2,430,243,000 2,430,271,000 2,430.319,000 2,430,245,000
181,000
181,000
181,000
181,000
181,000
Foreign loans on gold
2,469,947,000 2,470,786,000 2,470,513,000 2,471,626,000 2,470,880.000 2,472,715,000 2,471,692,000 2,471,130,000 2,467,313,000
Total bills and securities.
Gold held abroad
640,000
631.000
19,813,000
519,305,000
48,048,000
38,495,000
19,664,000
522,097,000
Due from foreign banks
Federal Reserve notes of other banks.
Uncollected items
Bank
premises
All other assets
48,031,000
38,093,000
633,000
22,870,000
564,780,000
48,017,000
36,731,000
633,000
22,125,000
696,196.000
48,006,000
36,286,000
634,000
16,762,000
501,570,000
48.004,000
37,396,000
650.000
17,690,000
558,332.000
47,885,000
36,868,000
650,000
19,311,000
527,356,000
47,865,000
35,973,000
699,000
644,000
17,670.000
636,336,000
17,147,000
446,015,000
47,864,000
35,549,000
49,634,000
42,479,000
11,135,049,000 11,155,728,000 11.163,378,000 11,295,187,000 11,090,682,000 11,164,386,000 11,137,192,000 11,237,628,000 9,046,828,000
Total assets.
LIABILITIES
3,778,880,000 3,741,690,000 3,748,576,000 3,761,762,000 3,781.039,000 3,772.016,000 3.732,333,000 3.730,979,000 3,160,066,000
F. R. notes In actual circulation
5,077,088,000 5,059,147,000 5,143,768,000 4,757,608,000
Deposits—Member banks* reserve account 5,531,998,000 5,506,314,000 5,441,618,000 5,333,048,000 5,161,317.000
50,969,000
964,390.000 1,085,687,000 1,146,565,000 1,067,364,000
712,424,000
829,731,000
679,209,000
621,759,000
U. 8. Treasurer—General account
15,470,000
64,576,000
66,016,000
63,441,000
71.622,000
86,116,000
83,356,000
53,826,000
81,851,000
Foreign banks
261,866,000
261,980,000
275,801,000
267,161,000
273,948,000
269,214,000
280,758,000
278,147,000
263,437,000
Other deposits
—
6,499,045,000 6,547,026,000 6,509,372,000 6,497,363,000 6,471,277,000 6,493,377,000 6,546,089,000 6,539,128,000 5,085,913,000
Total deposits.
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
-.
total
of
660,830,000
130,697,000
145,501,000
34,108,000
9,005,000
34,104,000
26,513,000
7,785,000
691,750,000
130,707,000
145,501,000
26,513,000
34,102,000
7,489,000
494.186,000
130,699,000
145,501.000
26,513,000
'34,107.000
7,360,000
26,513,000
514,646,000
130,724,000
145,501,000
26,513,000
34,105,000
34,105,000
7,408,000
7,281,000
554,751,000
130,715,000
145,501,000
622,988,000
448,016,000
130.741,000
145,501,000
26,513,000
34,100,000
7.878.000
146,669,000
144,893,000
19,939,000
30,808,000
10,524,000
11,135,049,000 11,155,728,000 U,163,378,000 11,295,187,000 11,090,682,000 11,164,386,000 U,137,192,000 11,237,628,000 9,046,828,000
Total liabilities.
Ratio
521,228,000
130,657,000
145,501,000
26,513,000
511,668,000
130,652,000
145,501,000
26,513,000
34,110,000
8,680,000
Deferred availability items
reserves
to
deposits
and
78.2%
78.3%
78.2%
78.2%
78.2%
78.2%
78.2%
78.2%
73.0%
25,842,000
25,576,000
25,607,000
25,670,000
25.664,000
25,048,000
25,421,000
25,537,000
18,040,000
2,877,000
32,000
709,000
740,000
226,000
3,670,000
28,000
3,639,000
4,530.000
3,714,000
4,263,000
3,851,000
221,000
756,000
723,000
695,000
128,000
47.000
5,181,000
403,000
4,099,000
38,000
59,000
926,000
125,000
985,000
146,000
4,584,000
5,323,000
-15 days bills bought In open market--
556,000
6-30 days bills bought in open market.-
445,000
401,000
394,000
671,000
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
16,000
Maturity Distribution of Bills and
Short-term
$
$
Securities—
-15 days bills discounted
6-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted.
129,000
621,000
485,000
997,000
633,000
120,000
290,000
622,000
920,000
568,000
683,000
660,000
252,000
253,000
916,000
546,000
5,270,000
6,193,000
5,502,000
7,254,000
6,065,000
5,630,
775,000
3,062,000
368,000
639.000
575,000
1,567,000
1,781,000
403,000
2,798,000
697,000
449,000
428,000
1,630,000
840,000
444,000
777,000
3,594,000
276,000
201,000
5,960,000
3,274,000
_
280,000
3,339,000
2,998,000
483,000
554,000
2,083,000
364,000
750,000
1,410,000
2,150,000
4,676,000
1-60 days bills bought In open market-1-90 days bills bought in open market.
4,684,000
4,682,000
4,690.000
4,688,000
4,674,000
4,674,000
4,679,000
4,698,000
1,716,000
267,000
1,676,000
1,580,000
1,580,000
354,000
1,676,000
161,000
1,764,000
149,000
452,000
482,000
27,474,000
1,318,000
438,000
1,609,000
329,000
311,000
24,185,000
30,321,000
26,410,000
380,000
529.000
257,000
Over 90 days bills bought in open market.
Total bills bought in open market
1-15 days industrial advances
1,669,000
16-30 days industrial advances
232,000
31-60 days industrial advances
557,000
767,000
61-90 days Industrial advances
Over 90 days Industrial advances
._.
424,000
584,000
27,328,000
30,319,000
26,945,000
30,170,000
Total Industrial advances
1-15 days U. S. Government securities..
16-30 days U. S. Government securities..
251,000
440,000
343.000
479,000
581,000
27,091,000
372,000
537,000
27,481,000
682,000
499,000
27,303,000
27,615,000
486,000
27,699,000
30,039,000
30,313,000
30,257,000
30,363,000
30.501.000
292,000
337,000
278,000
48,881,000
22,674,000
7,164,000
9,200,000
19,200,000
21,010,000
21,710,000
25,806,000
40,903,000
19,200,000
9.200,000
21,010,000
25,806,000
21,710,000
27,106,000
24,000,000
220,087,000
46,816,000
49,806,000
48,816,000
44,080,000
47,506,000
87,663,000
94,376,000
189,060,000
87,663,000
93,133,000
94,376,000
119,037,000
103,576,000
74,488.000
71,082,000
2,215,015,000 2,219.374,000 2,220,316.000 2,238,260,000 2,255.851,000 2,267,428,000 2,258,496,000 1,931,314,000
27,106,000
20,400,000
103,586,000
144,744,000
Over 90 days U. S. Government securities 2,134,500,000
31-60 days U. S. Government securities..
61-90 days U. S. Government securities..
2,430,245,000
2,430,336,000 2,430,279,000 2,430,341,000 2,430,249,000 2,430,252,000 2,430.243,000 2,430.271,000 2,430,319,000
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
181,000
Total other securities.
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Over 90 days other securities
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
4,041,109,000 4.050,111,000 4,029,102,000 4,009,450,000 4.004,698.000 3,421,419,000
by F. R. Agent-- 4,037,156,000 4,012,215,000 4,031,692,000
261,353,000
273,719,000
277,117,000
257,086,000
279,347,000
269,072,000
283,116,000
270,525,000
258,276,000
Federal Reserve Bank-.
Issued to F. R. Bank
Held by
3,732,333,000 3,730,979,000 3,160,066,000
3,778,880,000 3,741,690,000 3.748.576,000 3,761.762,000 3,781,039,000 3,772,016,000
In actual circulation
Collateral Held by Agent as Security for
r b Notes
Gold ctfs.
Issued to Bankon
Byfeligible
hand & d uetr
Total
•
x
Jan.
of
> m
U &
paper
U. 8. Government
t i;
urlties-
collateral-/.
"Other cash" does not include
eas.
3,996,843,000 3.966,843,000 3,286,979,000
4,042,903,000 4,029,903,000 4,045,343,000 4,045,343,000 4,024,343,000 3,990,843,000
4,390,000
3,681,000
4,190,000
4,575,000
5,298,000
3,859,000
3,846,000
3,928,000
3,272,000
225,000,000
88,000,000
59.000.000
69,000,000
67,000,000
68,000,000
60,000,000
57,000,000
48,000,000
4,094,175,000
Federal
4,058,524,000
4,090,831,000 4,109,189,000 4,118,918,000 4.098,202,000 4,063,141.000 4,060,033,000
Reserve notes,
These are certificates given by the U. S. Treasury
t Revised figure.
for the gold taken over
31,1934, these certificates being worth less to the extent of the
the^Gold Reserve Act of 1934
3,516,369,000
59.06 cents on
by the Treasury under the pro visions
from the Reserve banks when the dollar was devalued from 100 cents to
difference, the difference itself having been appropriated as profits
y
Volume
Chronicle
Financial
142
3117
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
Two Ciphers
)
AT CLOSE OF BUSINESS
MAY 6, 1936
(00) Omitted
•
Total
Boston
New York
$
$
$
RESOURCES
on
Cleveland Richmond
Phlla.
$
Federal Reserve Bank of—
Gold certificates
BANKS
Atlanta
Chicago
$
Dallas
St.
S
%
$
San Fran.
%
Louis Minneap. Kan. City
%
$
$
$
hand and due
7,703,337,0 501,695,0 3,060,886,0 397,811,0 547,959,0 264,641,0 204,376,0 1,485,741,0 221,444,0 158,192,0 223,122,0 141,175,0 496,295,0
494,0
290,0
1,111,0
2,335,0
691,0
282,0
644,0
2,070,0
376,0
1,048,0
1,607,0
2,429,0
Redemption fund—F. R. notes..
13,377,0
17,332,0
4,615,0
11,595,0
18,722,0
6,518,0
30,069,0
Other cash *
9,812,0
42,154,0 13,253,0
95,617,0 41,184,0
322,087,0 31,216,0
from U. S. Treasury
8,038,801.0 535,340,0 3,158,110,0 439,277,0 578,672,0 284,054,0 216,258,0 1,528,271,0 235,745,0 165,000,0 241,565,0 146,284,0 510,225,0
Total reservesBills discounted:
Seo. by U. S. Govt, obligations,
direct & (or) fully guaranteed
2,0
45,0
9,0
47,0
5~o"o
10,0
54,0
132,0
308,0
180,0
50,0
12,0
99,0
141,0
355,0
315,0
581,0
87,0
133,0
328,0
520,0
61,0
1,459,0
133,0
2,133,0
943,0
1,728,0
1,141,0
13,013,0
19,347,0
21,918,0
76,917,0
56,043,0 131,427,0
21,0
20,0
Bills bought in open market
Industrial advances
293,0
51,0
1,176,0
1,702,0
349,0
344,0
2,878,0
349,0
4,676,0
30,170,0
Total bills discounted
2,097,0
2,487,0
4,584,0
Other bills discounted
350,0
1,734,0
473,0
441,0
191,0
164,0
2,853,0
7,682,0
5,245,0
1,810,0
3,832,0
824,0
23,973,0
68,473,0 20,755,0
481,258,0 116,284,0 143,754,0
179,652,0 40,081,0 50,298,0
12,834,0
11,019,0
28,415,0
13,492,0
14,513,0
76,956,0
26,926,0
66,072,0
170,390,0
81,401,0
45,454,0
23,118,0
122,359,0
28,307,0
15,700,0
26,914,0
135,0
19,610,0
21,0
20,0
1
U. S. Government securities:
Bonds
17,956,0
265,708,0
1,549,461,0 103,505,0
36,216,0
615,167,0
Treasury notes
Treasury bills
Total bills and securities
Uncollected items
All other
.
resources
95,000,0 199,331,0
323,928,0 123,819,0
77.286,0 118,242,0
97,216,0 201,115,0
4,352,0
790,0
55,460,0
127,454,0
39,270,0
28,0
61,0
259,0
3,113,0
10,849,0
5,080,0
6,525,0
256,0
28,166,0
3,604,0
1,559,0
22,0
76,0
4,0
1,765,0
43,866,0
2,919,0
1,025,0
58,0
1,289,0
49,394,0
19,813,0
519,305,0
48,048,0
38,495,0
Bank premises
75,667,0 116,844,0
181,0
49,0
379,0
640,0
...
321,164,0 123,200,0
741,677,0 183,187,0 220,296,0 120,760,0 101,197,0
2,469,947,0 161.224,0
Due from foreign banks
Fed. Res. notes of other banks
45,986,0
729,383,0 177,120,0 218,025,0 116,716,0 100,209,0
Total U. 8. Govt, securities. 2,430,336,0 157,677,0
Other securities
181,0
1,355,0
19,846,0
2,284,0
3,037,0
74,265,0
2,246,0
22,476,0
2,452,0
241,0
4,830,0
444,0
1,369,0
1,204,0
29,770,0
3,360,0
308,0
14,330,0
1,531,0
428,0
18,0
44,0
460,0
18,0
3,0
543,0
2,393,0
23,162,0
3,580,0
307,0
20,012,0
1,525,0
788,0
11135049,0 755,821,0 4,070,867,0 671,269,0 857,793,0 454,417,0 342,331,0 1,934,851,0 386,983,0 259,121,0 394,467,0 266,303,0 740,826,0
Total resources
LIABILITIES
786,980,0 279,161,0 369,148,0 171,421,0 162,009,0
F. R. notes In actual circulation. 3,778,880,0 343,407,0
76,333,0 293,182,0
873,322,0 162,253,0 115,303,0 146,361,0
Deposits:
Member bank
82,550,0 173,505,0 119,678,0 350,948,0
30,467,0
32,238,0 32,022,0 33,214,0
5,564,0
2,338,0
1,935,0
2,337,0
13,900,0
919,0
2,026,0
4,638,0
Other deposits
Total deposits
5,531,998,0 288,944,0 2,524,216,0 280,685,0 363,616,0 190,205,0 110,460,0
263,145,0 30,715,0 34,873,0 29,794,0 32,854,0
621,759,0 33,229,0
3,548,0
2,822,0
7,419,0
7,499,0
5,967,0
30,649,0
81,851,0
2,035,0
1,843,0
1,950,0
5,279,0
2,044,0
217,936,0
263,437,0
902,254,0 144,937,0
6,499,045,0 333,419,0 3,035,946,0 320,943,0 407,751,0 225,582,0 148,086,0
reserve account.
U. 8. Treasurer—Gen'l acc't..
Foreign bank
947,955,0 191,084,0 121,361,0 208,783,0 1.57,256,0 400,879,0
32,925,0
36,283,0
9,354,0
2,419,0
3,422,0
7,445,0
*
Deferred availability Items
511,668,0
55,151,0
125,641,0
37,757,0
49,334,0
23,410,0
13,629,0
29,598,0
9,397,0
50,903,0
12,322,0
12,548,0
4,229,0
12,022,0
3,763,0
2,989,0
3,951,0
3,796,0
145,501,0
26,513,0
9,902,0
50,825,0
7,744,0
13,406,0
14,371,0
5,186,0
5,616,0
21,350,0
1,007,0
3,448,0
754,0
1,391,0
3,149,0
1,003,0
3,613,0
4,231,0
4,655,0
546,0
34,110,0
8,680,0
1,413,0
258,0
8,849,0
3,000,0
449,0
3,111,0
1,268,0
158,0
2,512,0
180,0
7,573,0
893,0
844,0
379,0
1,470,0
217,0
3,783,0
1,252,0
1,328,0
1,328,0
175,0
23,717,0
10,152,0
9,645,0
21,802,0
130,652,0
42,774,0
4,580,0
18,945,0
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
753,0
Reserve for contingencies
All.other liabilities
2,874,0
3,979,0
523,0
69,910,0
1,142,0
1,121,0
1,849,0
281,0
11135049,0 755,821,0 4,070,867.0 671,269,0 857,793,0 455,417,0 342,331,0 1,934,851,0 386,983,0 259,121,0 394,467,0 266,303,0 740,826,0
i, Total liabilities
M
Ratio of total
to
res.
dep. & F. R.
78.2
79.1
82.6
73.2
74.5
71.5
69.7
83.9
66.7
69.7
68.0
62.6
73.5
25,842,0
2,918,0
10,333,0
328,0
1,516,0
2,403,0
374,0
79,0
1,932,0
102,0
590,0
582,0
4,685,0
note liabilities combined
Commitments to make industrial
advances
*
"Other cash"
does
not Include
Federal Reserve notes.
FEDERAL RESERVE
Two Ciphers
NOTE STATEMENT
(00) Omitted
Federal Reserve Agent at—
Total
Boston
New York
$
$
Cleveland Richmond
Phlla.
%
$
Federal Reserve notes:
Atlanta
Chicago
S
$
S
$
St.
$
$
$
Dallas
San Fran
$
Louis Minneap. Kan. City
$
17,572,0
879,962,0 293,081,0 381,133,0 180,382,0 182,390,0
8,961,0
20,381,0
13,920,0
11,985,0
92,982,0
907,897,0 169,420,0 118,506,0 155,288,0
8,927,0
3,203,0
34,575,0
7,167,0
82,810,0 325,308,0
32,126,0
6,477,0
3,778,880,0 343,407,0
786,980,0 279,161,0 369,148,0 171,421,0 162,009,0
873,322,0 162,253,0 115,303,0 146,361,0
76,333,0 293,182,0
due from U. S. Treasury.... 4,042,903,0 376,617,0
890,706,0 295,000,0 383,000,0 189,000,0 151,685,0
21,0
20,0
1,635,0
349,0
915,000,0 159,632,0 119,000,0 151,000,0
93,0
130,0
12,0
5,000,0
11,000,0
83,000,0 329,263,0
315,0
353,0
"32",000
892,341,0 295,349,0 383,020,0 189,021,0 183,685,0
915,000,0 170,644,0 119,093,0 156,130,0
83,353,0 329,578,0
Issued to F.R. Bk. by F.R. Agt 4,037,156,0 360,979,0
Held by Fed'l Reserve Bank..
In actual circulation
258,276,0
Collateral
held by Agent as se¬
curity for notes issued to bks.
Gold certificates
Eligible
on
hand
and
3,272,0
paper
U.J3. Government securities..
Total collateral
344,0
,
48,000,0
4,094,175,0 376,961,0
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 i01 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks tnemselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6,
also been revised further
in "Other loans."
so
as
1935,
covers reporting banks In 101 leading
cities, as it did prior to the banking holiday in 1933, instead of 91 cities, and has
others" and partly
The amount of "Loans to banks" was included heretofore partly in "Loans on securities—to
to show additional items.
The item "Demand deposits—adjusted" represents the total amount of demand
deposits standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, &c., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been changed in two respects In accordance with provisions of the Banking Act of 1935:
First, it includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The item "Time deposits" differs in that it formerly Included a relatively small amount of time deposits of other banks,
which are now included in "Inter-bank deposits."
The item "Due to banks" shown heretofore included only demand balances of domestio banks.
The item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets not otherwise specified, less cash items reported as on hand or in process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON APR. 29,1936 (In Millions of
Federal Reserve District-
Cleveland Richmond
Atlanta
St.
Chicago
Louis Minneap. Kan. City
Dallas
Dollars)
San Fran.
Total
New York
Phlla.
$
S
$
$
1,223
9,445
1,170
1,800
1,032
11
1,002
11
209
26
70
19
14
2,063
150
884
146
214
62
30
44
346
45
167
21
5
7
5
31
10
7
23
2
23
1,141
85
145
65
185
22
22
67
39
6
16
22
367
67
Loans and investments—total
Boston
$
ASSETS
3
34
3
4
1
9
7
4
1
21.795
*
$
$
627
377
628
442
537
2,823
3
2
3
6
586
41
3
16
51
206
2,137
Loans to brokers and dealers:
In New York City
Outside New York City
Loans on securities to others
(except
banks)
Acceptances and com'l paper bought.
Loans
on
real estate.
Loans to banks
65
41
170
1
Other loans
3,485
307
1,306
177
207
"l06
136
408
106
"123
128
123
358
U. S. Govt, direct obligations
8,802
403
3,779
320
843
265
200
1,507
239
146
241
167
692
Obligations fully guar, by U. S. Govt.
1,281
18
575
101
65
39
3,369
175
1,383
307
263
79
77
Reserve with Federal Reserve Bank..
4,416
227
2,160
203
313
113
159
63
.
51
14
43
37
140
392
106
49
124
47
367
765
39
Other securities
107
42
83
232
108
382
122
69
15
32
17
10
60
11
5
12
10
19
Balance with domestic banks
2,252
112
184
147
223
170
151
384
120
72
262
170
257
Other assets—net
1,393
77
565
93
111
36
44
117
24
19
25
27
255
14,258
956
6,583
755
1,038
375
302
2,062
379
214
435
337
822
5,047
298
975
274
716
194
170
812
174
120
145
118
1,051
752
16
228
57
58
40
43
138
9
3
19
27
114
5,431
226
2,358
291
317
198
192
739
233
117
345
169
246
Cash In vault.
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
1
Other liabilities
Capital account
11
353
Foreign banks
8
323
3
1
1
5
"""865
""26
""358
"~24
"""15
27
"~12
"""47
11
"""5
2
4
""334
3,532
231
1,598
224
334
88
85
346
83
55
89
77
322
Borrowings
...
3118
May
Stock and Bond Sales—New York Stock
1936
9,
Exchange
YEARLY
DAILY, WEEKLY AND
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the
only transactions of the day. No account is taken
Of such sale In computing the range for the year.
United
States
Below
furnish
we
a
Home Owners' Loan,
bonds and
Securities
Government
Stock
York
the
on
daily record
of
the transactions in
on
or
more
32ds
$38,568,000
1,131,370
1,005,560
Friday
Daily Record of U. S. Bond Prices
May 2
117.25
May 4
May 5
May 6
May 7
Total
May 8
—-
117.23
117.21
Low.
117.24
117.20
117.20
117.19
117.23
117.19
Sales at
Close
117.24
117.20
117.20
117.22
117.23
117.19
6
13
27
17
162
1
107.18
107.20
107.23
107.24
107.23
107.18
107.16
107.20
107.24
107.23
107.20
Close
107.18
107.17
107.23
107.24
4Ms, 1947-52.
SHs, 1943-45
117.22
117.24
107.23
5
22
32
5
4
4
112.22
112.24
112.24
112.23
112.24
112.26
112.22
112.20
112.21
112.23
112.24
112.23
(Close
4s, 1944-54
112.22
112.20
112.23
112.23
112.24
1
3%s, 1946-56——— —1
10
111.1
111.1
111.1
111
111.2
111.1
4
..(Low.
1
11
-
-
-
108.4
....
81,678,129
Government..———
$3,484,000
Sta<|e and foreign
6,168,000
38,568,000
$15,973,000
7,577,000
47,631,000
$119,557,000
130,844,000
1,173,143,000
$344,317,000
142,109,000
750,551,000
$48,220,000
$71,181,000
$1,423,544,000
$1,236,977,000
Bonds
50
28
104.16
104.13
104.8
104.8
-
-
104.11
104.11
....
104.12
104.13
104.13
104.10
104.13
104.15
104.13
20
2
52
2
104.26
104.26
104.31
105.1
105.2
104.26
104.28
104.30
104.31
104.26
104.29
104.31
105.1
u
1
14
108.19
108.16
108.18
108.17
108.16
108.18
108.19
108.16
108.18
1
Total sales in $1,000 units...
(High
..(Low,
(Close
(High
-
-
3
108.29
5
6
....
105.20
Total sales in $1,000 units
5
-
-
108.29
........
—
-
-«.
105.17
105.17
........
105.17
Total sales in $1,000 units.
105~25
105.26
105.28
105.24
105.26
105.25
105.23
105.24
105.26
4
...
6
105.24
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
146.87
43.47
29.05
52.40
105.31
in. oi
83.71
105.89
101.48
7.
147.14
43.75
29.03
52.53
105.40
111.01
83.84
106.10
101.59
6.
149.73
44.58
29.70
53.52
105.53
111.03
84.00
106.25
101.70
5.
148.56
43.86
29.44
52.99
105.40
111.14
83.18
106.10
101.46
May
4.
146.96
43.5?
28.95
52.41
105.16
110.90
82.73
106.08
101.22
May
2.
146.41
43.39
28.96
52.25
105.08
110.79
82.78
105.95
101.15
United States Treasury Bills—Friday, May 8
105.24
-
Rates
2
108.26
108.27
108.28
108.26
108.26
108.25
108.28
108.23
108.26
108.27
108.28
quoted
108.26
10
89
130
107.12
107:i3
107.10
107.9
107.8
LOW.
107.10
107.10
107.8
5
107.12
107.12
107.10
107.12
107.7
Close
Total sales in $1,000 units
Bid
107.12
107.13
107.10
3
1
57
14
3
May 13 1936
3 1936
10 1936
101.26
101.27
102
102.2
102.3
102
June
101.24
101.23
101.28
101.31
102
101.28
June 17 1936—
(Close
101.26
101.27
102.1
101.29
June 24 1936.
10
147
102.1
102
83
60
30
24
July
(High
103.5
103.5
103.10
103.13
103.12
103.12
July
..(Low.
103.3
103.3
103.7
103.9
103.12
103.8
(Close
103.5
103.4
103.10
103.10
103.12
103.8
61
283
6
July
July
July
t
25
High
101.27
101.27
102
Low.
101.25
101.24
101.29
102.1
Close
101.26
101.27
102
102.1
16
81
units.
102.2
59
101.31
102.1
101.28
102
101.28
102
9
42
6
60
(High
(Low.
104.8
104.8
104.10
(Close
3^8, 1944-64.
104.8
104.10
104.11
1
104.10
19
104.14
........
....
104.11
102.25
102.23
102.25
103.2
102.30
102.22
102.23
102.25
103
102.30
102.25
102.23
102.25
103.2
102.30
102.28
59
52
1
11
13
103.21
103.18
103.24
103.25
High
3s, 1942-47
Low.
103.20
103.18
103.24
103.22
103.20
103.18
103.24
103.25
103.24
units...
25
17
fHigh
15
19
........
(Close
-
-
-
-
.....
102.11
102.11
102.14
102.11
m
2
61
Mar. 15 1939...
Mar. 15 1941...
Dec.
102.19
102.25
102.26
102.25
102.15
102.20
102.24
102.24
102.21
102.16
102.15
102.25
102.24
102.25
102,21
$1,000 units...
5
55
68
12
79
9
(High
(Close
101.11
101.10
101.17
101.18
101.20
101.8
101.8
101.11
101.14
101.17
101.13
101.11
101.8
101.17
101.16
101.17
71
46
Sept. 15 1936...
15 1940...
Mar. 15 1940.
June
ix%
m%
ix%
IX %
IX %
IX %
IX %
IX %
2X%
25
High
101.4
101.8
101.13
101.16
101.14
101.12
Low.
101.4
101.6
101.10
101.11
101.14
101.8
101.10
101.16
101.14
101.10
53
13
21
bonds.
1
23
lATreasury 2%& 1955-60—
Jan. 27 1937
Feb.
3
1937
one
or
more
table
includes
32ds of
IrU.
Bid
100.23
Asked
100.25
Rate
Maturity
Sept. 15 1938...
101.12
101.14
Feb.
101.27
101.29
Dec. 15 1936...
101.9
101.11
June 15 1938...
101.14
1 1938—.
101.16
Feb.
15 1937—-
101.1
101.3
Apr.
15 1937—-
101.10
101.12
Mar. 15 1938...
101.30
102
Aug.
103.20
103.22
Sept. 15 1937.
1 1936
15 1939
2X%
2X%
2%%
2H%
3%
3%
3%
ZX%
3 X%
Bid
104.17
only sales of coupon
were:
Bid and asked prices; no sales on this day.
Deferred delivery
n
New stock.
r
Cash sale.
x
Ex-dlvldend.
y
Ex-rights.
.112.20 to 112.20
—.101.29 to 101.29
—
"
Asked
104.19
104.9
104.11
102.2
102.4
105.8
105.10
102.18
102.20
103.1
103.3
105.6
105.8
101.3
101.5
104.18
104.20
FOOTNOTES FOR NEW YORK STOCK PAGES
*
t Companies reported in receivership.
Transactions in registered bonds
5 Treasury 4s 1944-54
13 1937
Jan. 20 1937
11
$1,000 units
above
6 1937
Jan.
101.10
101.4
..
a
Note—The
Dec. 30 1936
Jan.
38
64
Close
Total sales in
Dec. 23 1936
101.13
18
15 1939...
June 15 1940—
Dec.
101.15
Total sales in $1,000 units..
2#s, 1942-44
June 15 1936...
105
102.15
1939-49—(Low.
Rate
85
102.18
Home Owners' Loan
16 1936
Int.
Maturity
High
'
9 1936
.
Dec.
102.8
Close
2Hb, series B,
Dec
Indebtedness, &c.—Friday, May 8
102.8
102.7
Low.
Home Owners' Loan
2 1936
Dec.
0.20%
102.10
102.7
102.25
3s, series A, 1944-52
Nov. 25 1936——
13
102.12
Total sales in $1,000 units...
Home Owners' Loan
4 1936
Figures after decimal point represent
point.
a
102.15
102.7
j Low.
.
28 1936—
Quotations for United States Treasury Certificates of
103.23
Close
■
Total sales in
Sept. 9 1936
Sept. 16 1936..
Sept. 23 1936.
103.24
Federal Farm Mortgage
_
2 1936—
15
Total sales <»„$!,000 units...
<<$1,000
29 1936
Nov. 18 1936
Oct.
102.27
(Close
Federal Farm Mortgage
2Mb, 1942-47.
8 1936
15 1936—
22 1936
Nov. 10 1936—
7 1936
14 1936———
21 1936—
102.30
/"High
(Low.
,
1 1936
Nov.
Oct.
Oct.
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%
26
<<$1,000 units...
Federal Farm Mortgage
3s, 1944-49
*
Aug.
5 1936
Aug. 12 1936
Aug. 19 1936
Aug. 26 1936
Sept.
Federal Farm Mortgage
Asked
Bid
Sept. 30 1936
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
—
—
(High
<<$1,000
Asked
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
May 20 1936
May 27 1936—
June
._(Low.
25*8, 1948-51
for discount at purchase.
1
107.12
3
107.10
Total sales in $1,000 units
are
108.26
Total sales in $1,000 units
units.
Total
8.
V
108.23
(Close
10
Grade
105.24
108.23
(High
Second
Grade
9
82
....
.....
2
—(Low.
First
Indus¬
105.25
-
(High
(Low.
(Cllse
;
6
105.18
«.
10
70
May
105.23
''
Total
May
May
'
105.20
20
Utili¬
May
'
108.26
20
Rail¬
trials
108.30
1
10
30
Indus¬
Date
108.20
108.26
108.26
Bonds
10
108.20
.......
108.26
(Close
2%s, 1945-47
of representative
;
Stocks
10
167
8
105.20
<<$1,000
averages
the New York Stock Exchange
compiled by Dow, Jones & Co.;
as
108.20 '■.' V
-
108.26
..(Low.
High
92
—
108.26
Total sales in $1,000 units
2%s, 1955-60—
on
104.30
(High
(Low.
(Close
3Ms, 1944-46.
daily closing
104.30
104.25
the
104.30
104.25
are
3
Total sales in $1,000 units
—
—
stocks and bonds listed
104.13
11
Close
3%s. 1941-43
Total
Stocks and Bond Averages
Low.
3^s, 1940-43...
Railroad and industrial
Below
High
3s, 1946-48
3Ms, 1941—
225,438,783
108.4
104.15
-
104.11
LOW.
Sy8s, 1949-52
1935
1936
108.3
104.13
—
104.11
Total sales in $1,000 units
3Xb, 1946-49—
Jan. 1 to May 8
1935
6,948,560
108.4
108.4
'«.
Close
3s, 1951-55
,
7,154,000
21
1
108.3
High
Total sales
$48,220,000
111.1
18
108.4
108.1
(Close
m
$3,484,000
111.1
108.3
Total sales in $1,000 units
Total sales
$6,168,000
111.1
111
110.29
(Close
Total sales
9,535,000
5,564,270
Stocks—No. of shares.
35
1
111.2
110.29
LOW.
(High
26
111
units...
$1,000
3^s, 1943-47-—
2
110.29
(High
Total sales
10,756,000
931,000
419,000
112.24
units...
$1,000
Total sales in
811,000
1,015,000
1,127,000
1,140,000
Week Ended May 8
1936
Exchange
107.20
units...
$1,000
Total sales in
1,074,000
1,188,000
$3,631,000
7,448,000
9,696,000
117.19
(High
..■{Low.
Total sales in
Sales
$273,000
505,000
545,000
107.20
Low.
Bond
New York Stock
$1,000 units...
High
High
Treasury
Total sales in
Total
States
Bonds
$624,000
$2,734,000
5,869,000
7,963,000
8,818,000
7,464,000
5,720,000
5,564,270
Tuesday
Wednesday
Thursday
United
State,
Mis cell. Municipal &
For'n Bonds
Bonds
779,830
Monday
one
and
401,800
1,071,020
1,174,690
Saturday
point.
a
Number of
Shares
Week Ended
May 8 1936
the New York Stock
Quotations after decimal point represent
Railroad
Stocks,
Federal Farm Mortgage Corporation's
Treasury certificates
Exchange,
Daily, Weekly and Yearly
Exchange.
of
Transactions at the New York Stock
New
Exchange
Proctor
Abbott,
Paine
&
consolidation of
Members
York Stock
New
and other
Volume
CLEVELAND
MONTREAL
CHICAGO
New York Stock
sale prices—per
low
INDIANAPOLIS
Sales
STOCKS
NEW YORK
for
Wednesday
May 2
Tuesday
May 5
$ per share
$ per share
$ per share
*43l2
48
*4314
*44
47i2
47i2
*113
115
64
*62
65
6334
10i8
10i2
10l2
2334
2434
2518
Friday
May 8
$ per share
$ per share
Shares
*42
1018
10l4
*113
4712
115
*42
*113
47i2
*42
*113
*61
No par
Preferred
115
63
Par
63
300
63
105s
*60l2
1084
6234
1012
IOI4
1034
1018
103s
6,000
2418
2412
23i8
25
23l8
2458
*2314
25
2334
25i8
3
2314
25
25
2434
25is
100
Acme Steel Co
25
1,900
Adams
Express
No par
Preferred
2434
*24
2434
25
*234
60
*24
278
234
60i2
*3?8
234
5912
*234
60U
4
4i8
*88
4
14l2
*312
15
*234
1478
478
60
6034
4I8
4i8
*89
1438
*312
4
3
60i8
4i8
*88
6012
1478
1458
478
*3l2
59
4
414
*89
1412
*334
234
*234
234
2l2
17
258
2l2
258
1714
17
18
16
700
3
18
*16l2
5914
5,300
Air Reduction Inc new.No par
4
414
4
2,300
Air
*27
29
32
27
32
105
141a
1478
14l2
145«
*35g
4i2
*3i2
47g
18212 184l2
25l2
25l2
714
73«
70
4134
4212
40i2
23
22
*3
314
*35
37
98
50U
50*4
4314
43i2
*69
*36
12434 12534
*163
Pref A with $40 warr...100
21
2114
3334
3112
22
19
21
20
2H4
2,900
Pref A without warr
36
3358
36
33l2
3212
32
32
31
3378
3U2
2,200
1,000
32
32
104
"
4412
187
70i2
4212
42i2
125
I24l2 12512
1643s
*58
62i2
*57
48l2
47
48
127i2 *125
26
712
7012
71
7034
7034
71
71
43
4312
42
43
4134
4214
22
22
22
22
21
70i2
46
125
9178
91
91
*io&8
634
*31
5
iu2
438
*10&8
7
1338
*27
1234
*26
*1512
16
6i8
*36i2
6'4
3734
*35
*38
39i2
38
*358
1514
6i8
334
8912
9
23 lg
22U
*90
38
39
39
39l2
338
3912
39i2
39i2
338
19i4
1034
338
3l2
18i2
1934
20
978
10»8
24i2
2478
934
2438
70i2
72
74
74
2,600
1,100
2112
2112
3,400
1018
IOI4
2,100
28
2812
800
20
10i2
10i2
25
26
978
1914
IOI4
25i2
1612
24
25
75
75
75
75
75
*22
22l4
2U2
103s
22
103s
2214
10i2
2234
1034
2214
1038
10i2
2834
29
29
*3412
4134
42
934
4938
4134
19l2
*4834
*
__
__
,
9l8
*483s
934
50i2
4134
4212
1918
1978
169
169
934
*
50i4
51
50
4278
4338
43
4378
4234
44
4212
43i2
20
2038
20
20l2
19ia
2012
19i8
19i2
*
*
169
167
"2734
20i2
30
3034
30
3034
31
31
30
72
73
7118
*13334
*22l2
1495s
*87i2
89 I4
*I40i8
5i8
2714
*100
169
161
161
2814
281S
271s
2634
27i8
107i2 *100
107i2 *100
107i2
*19
20i2
20
I9ia 2014
30
29
29
27
28
76
78
75
77
74
76i4
75
14434 *142
14434
145
14434 14434
145
*14438 14478
10612 *105i2 106i2 10534 10618 *106
106i2
106l2 1065s
10612 10634
62
62
*60l2
64
*62
*60l2 64
*6H2 64
64
62
*137i8
*137i8
13834 13834 *137i8
*137's
99
9"*
24
23l2
2314
2418
2438
24
2212
2312
2312
113
113l2 *112
11312*112
113l2 113
113
112
113
112
29
29
28
285S
29
28s4
29
28i2
28i2
*287s
2934
50
5038
5U8
52
5218
5218
52l2 5234
52l4
5238
523g
*134
137
13678 *13334 137
*13334 137
1337s 135
*13378 135
2234
2258
2258
2238
2212 *2214 225(5
22i2
2212
2212
2212
15112 14934 153
1545s 1557g
15312 15534
153l2 15634
15334 15514
89J2
89i2 *89
92l2 X9112
9158
91
8934 8934
9H2
9U8
92
93
8912
943g
933g
8914
91
£9134
9212
9112
92l2
al43
143
144
*14312 144
*143l2 14414
14312 1431s *140i8 144
5
5
5
5'8
538
*5
*5
5U
514
514
53g
_
24
25i2
*22
20
2038
20*2
10234 10234
734
59
57io
8I4
8is
*57i2
7s
57i2
1
78
458
78
45«
4i2
4l2
37g
378
378
59
412
378
4
7s
23
25
21
10478 10478
8I4
*8
_
*2312
2038
1934
*10134 102i2
*56
107
74
733s
14434 *144
2512
734
275g
2718
9l2
IOI4
78
412
4i8
2478
2414
1958
24»8
*22
25
21
21l8
2018
1958
20l8
*10134 110
*101
110
*10134 110
8I4
8I4
778
8I4
77g
77s
57
57i2
57
57l2
*56i2
57i2
1
78
78
7g
7g
78
4
45g
458
434
458
*412
4
4
4
414
4is
4i8
55
*45
55
*46
55
*45
55
*46
55
*46
55
*24i2
3238
2712
3314
*23
27
26
26
*2614
29
3234
3414
*2614
3334
29
327S
*37
39
*37
,*48
3034
2II4
107l2 109
*934
1214
37
*10i8
37
121
*105l2 107
478
5
*70i2
*
37is
*119
10412 105
*ioi8
1214
1214
37js
121
*7U2
38
38j4
*119
121
106l2 IO6I2
5
5i8
7214
115
*
39
1934
19
*106i2 108
434
47fj
7218
115
♦37's
19l2 20l2
10538 107i2
2034
*119
39
72i2
72i4
*
115
3234
3434
*26U
3258
29
3458
39
39
38
38
*37
39
1912
1934
1934
20
10212 102l2
1214
*10i2
38
38
*119
121
97&s
*10
38
121
IO6I4 IO6I4
5
7234
115
106
514
5l8
7234
7234
115
47l2
4812
485s
50i4
49l2
50i4
10
10
*934
1018
10i8
IOI4
Ids
1038
12
*37
4912
j
102i2
*10
*119
49
For footnote* see paste 3118
100
I8I2
*
IOI4
3314
1934
9934
12
37l2
121
106t2 106i2
5
514
73
115
"49"
37l2
*119
IO6I4
5iS
7234 73i2
*
115
5014
*48
1038
10
700
1,700
900
3.500
500
Apr 30
13
Jan 20
49
III4
—No par
No par
Hawaiian S S Co.
10
Hide & Leather
1
24",000
50
conv pref
Amer Home Products
6%
-1
--No par
American Ice..
pref
100
Corp..-No par
American Locomotive.-No par
Preferred
100
Amer Mach & Fdy Co.No par
Amer Mach & Metals.-No par
Amer Metal Co Ltd..-No par
6%
non-cum
preferred
N Y Corp.No
& Light.-No
preferred
No
6% conv
Amer Power
$6
200
100
10
6,000
40
700
1,200
200
800
23,500
800
5,900
200
800
270
21,800
200
1,500
500
1,300
700
No par
Preferred
Zinc Lead &
Anaconda W &
Armour of
Illinois new
900
$6 conv pref
100
Preferred
5
No par
100
Co—No par
.5
4,200 Arnold Constable Corp
3,800
Armstrong Cork
Dec
Jan
Feb
4738 Nov
70
Jan
14958
Jan
168
7314 Feb 19
5834 Apr 16
127
Apr 22
95i2Mar
6
34
3
Jan
66
Feb
96
June
30
Mar
34 May
18i2 Apr 7
37i4 Jan 28
18*4 Mar 3
83gMar 6
46
Jan 27
4H2Mar 7
558 Jan 14
24
234 Apr
Jan 14
2
Mar
14
Mar
378 Mar
12
Mar
Feb 13
Dec
Aug
3414
914
3534
19i8
9234
378
Deo
Nov
Dec
Deo
Deo
914 Dec
914 Aug
42
Aug
Aug
17
38i4 Aug
3
Oct
15i8 Oct
67s Nov
28
Oct
40
8I4 Apr
/29i8 Apr
178
1414
Oct
Oct
4i2 Mar
9
Mar
32
Mar
1812 Mar
414 Apr
13i2 Mar
Nov
38i8 Nov
478
Jan
3734 Feb
1138 Nov
2734 Nov
75U Dec
3314 Nov
6
72
Jan
125s Dec
3214 Deo
130i2 Nov
42i2Mar 13
x24
Jan
36i4 Nov
15
3578 Mar 20
133
Feb
13i2Mar 26
34
7
7
4
6
Feb 19
27
Mar
5
5
136f2 Jan
8
91i2 Mar 20
15234 Mar 11
104
108
Mar 23
li2 Mar
10i8 Mar
838 Mar
10i2 Mar
13412 Mar
1534 Mar
66
Mar
4i2 Mar
20
Mar
3158 Apr
121
Feb
10158 Dec
958
4912
41i2
25i8
Nov
Aug
Aug
Dec
Sept
159
3238 Nov
9534 July
2178
Dec
Jan
26i4
6458
Deo
144
May
117U Aug
Jan
76
June
4
125
Feb
143
July
3358 Feb 19
117
Apr 14
12
Mar
88
Feb
113
Deo
43
Jan
73i2 Jan 22
143
2058Mar 21
Nov
2
3314 Apr
6
115
3
116i2Mar
4
27i8May 1
48U Apr 30
Jan
Mar
Feb 17
Dec
38
May
145g Feb 17
934 Mar 26
Dec
65
3314
Jan
5
43
Oct
May
3378
8
95
2
10734 Jan
25i2 Mar
23s Mar
2212 Mar
6i2 Feb
72
Aug
1334 Feb 13
3258 Mar 6
2478Mar 2
26'4 Apr 30
8938 Jan 21
18
Apr 30
20i2 Apr 30
Nov
4212 Dec
Mar
273s Jan
165
Apr
Jan
Deo
10
1834 Apr 30
Jan
Oct
5734
15134
5278 Apr
7
Nov
4i2 Deo
110
365s Feb 20
2538 Jan
5684 Jan
9
7514
377s Oct
2234 Nov
Feb 21
41
6078 Apr
129
Dec
Sept
2458 Dec
80
Jan
Feb 20
57f2 Mar
Cable.-No par
No par
9,600 Anchor Cap
490
$6.50 conv preferred-No par
Andes Copper Mining.
10
"166 Archer Daniels Mid'ld.No par
7% preferred
100
"loo Armour & J
oprej. .100
12,600
1714 Apr 23
13338 Jan
-
200
2
—100
Foundries..No par
Preferred
---100
American Stores
No par
Amer Sugar Refining
100
Preferred....---100
Am Sumatra Tobacco..No par
Amer Telep & Tel eg
100
American Tobacco
25
Common class B
-25
Preferred
100
+Am Type Founders._-No par
Preferred
100
Am Water Wks & Elec.No par
1st preferred
No par
American Woolen
No par
Preferred
100
{Am Writing Paper
Amer
2
Jan
---*5
Preferred
Deo
40
Mar
s35i2 Jan 3
7f2 Feb 20
Amer Steel
Dec
14i8 Dec
1438 Dec
33U Dec
June
21
100
cum—-100
preferred 6%
American Snuff
2d
Jan
3
Jan
2i8 Mar
43
par
par
100
Preferred
37
157
338
1458
5
3614 Feb 28
95i2 Feb 27
2978 Jan 14
Smelt—1
Preferred
25
""160
$5 prior pref--—25
88,300 Anaconda Copper Mining—50
1,500
Dec
3i8 Mar
/49
June
2
23bj Apr 28
66
Apr 28
2H4 Apr 28
10
Apr 28
27
Apr 30
124
Apr 2
...
1,300
534 Jan 7
36*4 Apr 22
43
Dec
Apr
32
13i2
4
1338 April
par
3,600
$5 preferred
No par
22,700 Am Rad & Stand San'y .No par
Preferred
100
10
25
18,300 American Rolling Mill
Amer Safety Razor
No par
"Yioo American Seating v t c.No par
330 Amer Shipbuilding Co.No par
19,000 Amer Smelting & Refg-No par
2,200
Jan
4
187
4812 Jan
4H2 June
958 Apr 30
Amer Internat
Amer News,
4078
51
2012
5018
*36
5OI4
20
*2758
12812 128l2
*36
50
*98
*112
2458
978
50i2
1958
2312
978
958
10712
*59l2
20
22
2112
103s
IOI4
28U
28i2
128ia 128i2
407s
Apr 30
Amer
33s
6i2 Apr
2934 Jan
12
Amer
39
3i2 Apr
934 Jan
25
500
39
Jan
preferred
2,800
100
Apr
8
30
2
30
9
8
30
2
30
2
$6 preferred
2d
618
38
314
400
1714
*35
1012
1914
*137
74
225g
6
63g
30
1018
*98
*14214
*10534
17
38
*27U
*15%
7
103s
5114
265s
2714
*9812 10712
19l8
19l8
263g
*153s
018
2578
128i2 *12514 128i2 *12014 128l2
4212
*3414
407s *34l2 407g
*34
20
9l2
*28
28i2
28
*120
*72
1314
*36
6&S
*6734
IOI4
29
2,200
38
2034
10i2
2034
129
1338
38
334
2014
10
IOI4
13
28
~
1512
6I4
*3514
358
Apr
28
29
lll2
11434 Jan 14
89
-100
6% 1st pref..
Amer Encaustic Tiling
Sept
£2018
2
166i2 Jan 14
3
Jan
Mar
Jan
10
Nov
23$ Deo
74
173
26
134i2 Jan
Feb 14
3314
8i2
2318
I6I4
Crystal Sugar
173
Jan
Feb 28
5078 Mar
May
126
Apr 30
5758 Apr 27
Co) .25
3134
*11
72
3
Jan
8778May
634
7
55i2 Apr
Apr 28
No par
American
55g Jan 29
May
American Chicle
313g
14
63g
100
7% preferred
738
29
*1512
31
Dec
203g Deo
838 Feb
Mar
22i2
5
47i2 Jan 29
125i2Mar 11
6314 Feb 15
6
Jan
2
11534 Feb 24
No par
Chain
917g
28
15l2
6i2
Preferred
American
243g
21
7414 Feb 27
30
3234
*11
914 Mar
Jan 31
Apr 20
42i2 Feb 18
65
Oct
3714 Nov
125
2
283s Mar 26
23i2Mar 12
684 Jan 7
163
91
28
63s
25
4,600
130
134 Mar
658 Apr
Apr
Am Coal of N. J (Alleg
20,600
Mar
52i2 Nov
116
Feb 14
208
Jan
Fdy..-No par
100
3112
13U
1H2
73g
3314
1414
103
7
157
69
2
Feb 18
Feb 18
Feb 5
Feb 11
Apr 29
8
Feb
100
225s
4
Apr 28
98
100
pref
Preferred
Amer Colortype Co
10
2,400 Am Comm'l Alcohol Corp_.20
334
30
40
New.l
Amer European Sees.-No par
8 ,500 Amer & For'n Power..-No par
Preferred.
No par
2,700
414
1U2
27
1314 Oct
li2 June
Apr
34 Mar
23g Mar
3034 Feb 18
29i2
29i2
4578
3914
2
2
Sept
186
Mar 25
458 Jan 31
2i2 Apr 28
1238 Jan 2
124
conv
24
13
15i2
Preferred
534 %
22i2
91
195
Mar 25
1214 Jan
12i2 Jan
74
538 Jan 27
2
3i8 Jan
Apr
34
1
Mar 25
17i8 Jan 23
13i2 Apr 28
Am Brake Shoe & Fdy-No par
""160
333s
14
7ls
3234
10
50
American Bank Note
American Car &
*23i2
6Js Apr
91
Mar 25
195
2
617s Apr 22
2
Jan
Mar
50
3,100
2414
23i2
9
Jan
4i2 Mar
6i2 Sept
1048s Mar
8
Am
American Can
2312
2H2 Jan
June
8
Feb 28
28
2
28
3534 Feb 14
6
£li8 Jan 14
73jj Jan 2
58
Apr 28
75
..No par
Agric Chem (Del) -No par
6,800
400
1,200
1178 Dec
100i2 Dec
Amerada Corp
12412 125
600
7484 Nov
414 Mar
8434 Jan
1378 Feb 21
100i2 Jan 10
Apr
Mar
126i2
300
June
14
12514
4,800
Jan
51
28i2 Mar 24
125
4712
110
20f2 Jan 2
278May 1
34
Apr 20
140
4634
32
1
Feb
22i8 Jan 21
91
Highest
share $ per share
Apr 20
50
118
23i8May
per
7484 Feb 10
Mar 31
llli2 Mar 18
59
Apr 28
9% Apr 30
10038 Jan 2
42
5
share
Mar
360
495S
per
12
500
7
73g
100
$
share
6
70
2478
91
No par
per
5012 Apr
44
6934
*126
57
No par
$
Lowest
Highest
353s Jan 21
126
70
Year 1935
100share Lots
No par
Alpha Portland Cem__No par
Amalgan Leather Co
1
7% preferred
50
44
4
*11
m2
Chemiqal & Dye.No par
125
458
43g
Allied
435g
3234
1312
334
21
129
2,300
13234
13234 *126
89
89
877g
877g
57
*3234
*3234
57
9
*8
9
*8U
89
91
91
*ioi2
385s
10
*2812
4414
100
2
prior conv pf. .No par
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd.,100
125
125
*3234
*814
24l2
2234
9l2
334
24
4312
7
38
*20
24
45
29
30
13l2
30
400
3134
634
3212
434
1H2
5034
32i2
89
4&s
22i2
5034
1643s *164
125
43g
23
52
4834
247g
2314
23
96
58
2418
22l2
*9012
23i2
914
2412
2314
100
1,900
95
49
3214
57
*8l2
400
3i2
3678
97
58
*3234
*8i2
*3234
9
700
97
48l2
57
57
70
47
126
12512 1261s
164
8I4
49
8912
24
434
46
*43l2
*3412
2512
16412 *164i4 16412
30i4
3012
3034 3212
58
58
*55i8
58
90
9
*91
4412
*6812
*3
3l2
3634
734
*5034
4312
*68l2
4312
52
125
*875g
*23
*278
*3412
25i2
60
483s
125
*51
3278
*58
12712
3
34i2 3412
9934 100
126
89
*3234
27g
8I4
100
Pref A with $30 warr
3,000 Allied Mills Co Inc
28,400 Allied Stores Corp
5% pref
1,500
8,200 Allis-Chalmers Mfg
2H2
4478
323g
5,700
18134 183i4
2578
12512 12614
1643s 16438
60
*4712
185i4 18734
25
2534
734
8I4
23
70
126
31
18584 1877g
4314
*42i2
70l2
3
2578
778
705g
44l2
*124
3
104
*278
314
3678
1001s 100i8
*50i4
52
32
89
2,100
*35
3678
31 ig
*125
14,300
2H4
*22
16438 *164
31
21l2
20
98
50l4
*44
47
124
124
278
2014
21
97l2
50>4
70i2
*41l2
314
2112
19
25l2
7i2
6912
4214
3
3
98
1884
22
184
22
*22
33g
23i8
22
*3H2
7l2
70i2
42
7i8
*69i2
278
21l2
21l2
*
17912 183
25
25i4
70
Alaska Juneau Gold Min___10
A P W Paper Co
No par
Albany & Susque RR Co..100
No par
21,800 lAllegheny Corp
278
2214
30's
3H2
104
18" 200
21
28
3H2
*
Way El Appliance-No par
Co..100
Ala & Vlcksburg RR
*89
19
1734
*
Advance Rumely
No par
Affiliated Products Inc.No par
25g
1834
18l2
1734
*16
100
No par
1,900 Adams Millis
Address Multigr Corp
10
58U
60
*89
151s
4&s
25
*185
*16
On Basis of
Lowest
Abraham & Straus
47i2
115
Range for Previous
Range Since Jan. 1
STOCK
Week
6334
115
3119
EXCHANGE
May 6
115
*113
the
Thursday
May 7
$ per share
*59
NORFOLK, VA.
RICHMOND, VA.
Record—Continued—Page 2
share, not per cent
Monday
May 4
*112
for institutions and individuals
LIVINGSTON & COMPANY
142
and
Saturday
Stocks, Bonds, Commodities
in
and
leading exchanges
NEW YORK
high
Exchange
executed
orders
Commission
ABBOTT, PROCTOR & PAINE
Feb
63
Jan 29
32l2
Dec
3
14178 Jan 29
263s Jan 28
5018
Dec
36
6058 Mar
124
Dec
18i2 Jan
9878 Mar
25U Nov
70i2 Feb
140i2 May
277S Nov
149i2 Apr 30
87
Mar 13
178
102i2 Feb
6
72i2 Apr
160i2 Nov
10414 Nov
88i2Mar 13
136
Jan
2
104
6
7434 Mar
107
Nov
Mar 17
129i8 Jan
2i2 Mar
141
Nov
150
Feb 14
Feb
8i2 Jan
434 Apr 30
23
May 6
35
19i8 Apr 28
2514 Apr
3
28
30
8
30
20
2
10478May
9234 Jan
734 Apr
5434 Apr
78 Apr
4i8 Apr
378 Apr
44
Jan
2
26
May
5
28
Jan 20
35
Jan
8
2
9758May 8
10i8 Apr 30
37
Apr 30
15i2 Jan
120
Mar 27
105U Jan
434 Jan
66U Jan
109
3
2
2
Jan 14
47U Feb 24
7f2 Jan
9
Jan 10
9
9
Mar
3
Mar
31
Mar
49
Aug
8
Dec
7i8 Mar
48
Mar
478 Mar
7034 Feb
35i2 Mar
58 Mar
2
Feb
Jan 10
734 Mar
2
2
73i2Mar
31
Apr 2
3934 Apr 16
2i4 Mar
Mar
30
Feb 15
16i8 Apr
37
5
1078 Sept
1758
111
Jan 30
15
Feb 17
96i2 Oct
3i8 Mar
50
Jan
46
2634 Mar
Dec
38i2
2234
94U
IO84
6884
258
II34
578
lli2 Feb
10
IOI4
109
1258
52
Detf
Deo
Nov
Sept
Nov
Dec
Dec
Dec
Dec
Jan
Apr
Dec
Aug
7
36
Jan
Jan 13
117
Aug
122U July
110i2 Jan 20
97
Apr
109
122
73g Jan 25
Apr
6i8
84
Jan 28
5512 May
7038
125
Jan 28
85
625s Mar 23
15
Mar
4
314
Jan
110
2558 July
5034
Mar
958
4
Dec
Jan
Jan
Jan
Dec
Dec
New York Stock Record—Continued—Page 3
3120
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
CENT
NEW
Tuesday
Wednesday
Thursday
Friday
the
May 2
Monday
May 4
May 5
May 6
May 7
May 8
$ per share
$ per share
$ per share
$ per share
$ per share
On Basis of
STOCK
YORK
Week
$ per share
Range Since Jan. 1
STOCKS
Sales
for
Saturday
Shares
1558
1 558
15%
15%
*96% 116
*96% 116
13%
I3l2
13%
13%
*103
108% *103
108%
*95
1534
16%
*96% 116
13%
14
108% 108%
*96
104
*96
*40
105
41%
41%
69%
70%
99% 100
23%
2334
46
*41
69
1534
22%
23%
"2" 700
100
108
*100
104
104
*95
115
115
100
44
*40
44
39%
40
50
70
73
69%
70%
13,100
100% 100%
23
23%
1,100
Atch Topeka & Santa
Preferred
5,600
Atlantic Coast Line RR...100
71%
101
24%
73%
101
23%
24%
14
*11
13
*11
17%
29%
*13
17%
28%
*1338
17%
*13%
29%
29%
29%
30%
60
*56
60
*57
60
60
60
14
11
11
15
*95
100% 100%
23%
25
.
11%
29
14
*11
15
11%
*13
*13
200
29%
29%
60
57
57
Associated Dry Goods
1
6% 1st preferred
7% 2d preferred..
60
15
29%
.100
100
25
Associated Oil
Fe_.100
100
At G & W I SS Lines..No par
100
Preferred
IMOO
Atlantic Refining
25
Rights..........
*56
*124% 129
*124% 128
18
19
1838
183s
33%
3434
6%
*36
32%
6%
38%
20
33
6%
6%
*3434
538
6%
*35
38
5%
538
5%
538
3%
3%
3%
3%
*3%
338
3%
33
34
3%
3%
35%
16%
3%
35
3534
16
1634
16%
21%
22%
*42
43%
43%
*113
114% *113% 114%
16
15
15%
*14%
16%.
22
22%
23%
*42
43%
*90
16%
70%
*110
*2034
*109%
*91
96
21%
17
20%
*37
*87
26%
20%
34%
3%
3%
3534
17%
23%
*35
43%
*42%
3%
*234
17%
51
47%
17%
50
14%
14
89%
2734
2034
5234
49%
1738
*8884
114% 114%
36
17%
24%
43%
113% 113%
15% 15%
*93
95%
17
18%
73
*72%
95
17%
71%
112
3%
3%
24
*110
112
128
125% 125% *125
18
18
1838
1838
31% 33%
31%
3134
7
*6%
6%
7%
*3534 37%
3534
35%
5%
5%
5%
5%
3%
*234
3%
3%
34
35
17
17%
23%
25
*42
*2%
1634
24%
43%
*42
112% 112% *112
15
15%
15%
92
92
17%
92
18%
17%
2,900
21,400
4,400
92
1734
37
38
15%
14%
15%
800
10
21
21
21
21%
20%
109% 109% *109% 110% *109% 110%
37
37
*35
*35
37%
37%
*87
90
90
89%
89%
*87%
*14
1438
14%
14%
14%
14%
*88%
*8884
*8834
27%
28%
263s
27%
26% 27%
21
20% 21%
21%
20%
21%
52
52
52
52
51
51
51%
50%
52%
48%
51%
17
17%
17
17%
48%
16%
49%
17%
112% 113%
113
11434
38%
1534
37
37
24,500
73
110
52
*37
40
73
17%
113% 114%
37
15
30
800
110
50
37
100
73
89%
28%
20%
114
-
113
16%
111% 113
1,000
500
20
200
1,600
100
1,900
800
19
19
*18%
18%
18%
18% *17%
18%
18%
18%
*111% 113
*111% 113
*111% 113
*111% 113
*111% 112% *111% 112%
*.
89
*80
*80
91
*80
91
*80
*80
85
86
92%
19
"l734 1838
17%
18%
18%
17%
18%
17%
18%
17%
18%
48
47
47
*47%
47%
47%
48%
47% 48
4734
48%
47%
97
97
*96%
98%
98%
98%
97%
*96% 98
*95%
97%
*96%
41
40
4138
41%
41%
41%
41%
41% 41%
4034
40% 4134
26
27
26%
26%
2634
26% 27%
27%
26%
26%
27%
27%
70
70
72
70%
6884
70%
7034
69%
6834
70%
71%
*6
7
*6
7
7
7
*6%
*6%
6%
*6%
*6%
6%
2
2
2
2
*1%
1%
1%
*1%
1%
*1%
*1%
1%
14
14
14
1438
14%
14%
14%
14%
14%
14%
14%
14%
46
45%
4534
44%
47%
45%
46% 47%
46% 48
46%
46%
52
54
54
*55
54
*52
54
56
52%
52%
51%
53%
44
44
44
44
4334
*43%
43%
43%
a:4334
4334
43% 43%
8
8
8
*8%
8%
7%
8%
8%
8%
8%
7%
8%
41
42 *
40
40
*37%
*3784
*37%
*37%
42% *37%
40%
*37%
4634
4634
46% 47
46%
46%
45%
46% 47%
46%
45% 46%
10134 10134 *101% 101% 101% 102
101% 101% *101% 101% *101% 101%
46
47
45
46
46
45%
45%
45%
45%
4534
45%
4534
20
57
*54
9
9
10%
10%
10%
14
14
10%
14%
14
*104
13%
*95
106%
14%
103% *100
103%
103% 105
100
Bangor & Aroostook
3
2%
938
984
9
2234
23
2234
3%
9%
2234
*2134
23
*22%
3%
23%
50
Preferred
100
Barker Brothers
No par
6H% conv preferred
100
Barnsdall Oil Co
6
Bayuk Cigars Ino
Preferred..
107
Feb 28
85
Feb
8
13%
Jan
2
20
7% preferred
100
Blgelow-Sanf Carp Inc.Wo par
Blaw-Knox Co
No par
Bloomlngdale Brothers.No
Preferred
6,400
2,400
20
600
9,100
10,600
100
Blumenthal & Co pref
Boeing Airplane Co
100
14%
26s4
27
6
26%
6%
14
6%
1438
23
20
19
19
4%
438
438
17
61
24
*2234
*31
31%
3034
1
31
313«
11%
57
IDs
*13
14
50
50
*93
95%
*96
99
*7
«.
-
23%
31%
«.
26%
Jan 18
24% Mar
5
15% Mar
Jan
7
57% Apr
2
34
45% Apr 30
6334 Apr
19
110
Apr 30
23
3
Jan
85
4%
18%
58
24%
31%
25%
25%
2434
2434
32
*31
32
31
31
1
31%
1
1
1
1
1%
11%
10%
11%
32
32%
32%
11%
11%
33%
11%
32%
11
1034
11
*53%
11%
38%
11%
38%
*53%
11%
*38%
38%
*13
14
13%
95%
98
13%
38%
13%
49%
49%
*92"
*53%
11%
11%
50
50
*
98
95%
*95"
99
*
12%
24%
10%
a;3034
10%
*53%
12%
*37%
99
6
8% Apr
24% Feb
23% Jan
30% May
138 Apr
14
May
60% Mar 25
3612 Mar
Us Jan
9
4
par
4% Jan
4
33% Jan
Jan
7
2
9734 Feb
4
Wo
7% preferred—
Rights
par
..100
45
Apr 30
54%May 2
8% Apr 30
32
30%
30%
11%
1034
11
*95
152% 157
154
156
152%
147
137
137
137
*136
139
137
70
72
71%
72
69
23%
23%
24%
23%
23%
23
23%
23
*136% 139
72
70%
23%
2234
24%
23
23
22%
137
70
58
58
58
58
58
56
56
27
28
28
28
27
27%
27
2738
*40
43
40
40
40
41%
40
40
22%
22%
23
23%
58
58
28
*41
*6%
97%
*53%
13%
28%
45
8
97%
5334
1334
*90
93
102
102
*20
21%
*51
68%
2234
22%
*56
*6%
*97
55
*1%
54
97%
55%
14
14%
1438
91
91
91
9034
*102% 103
21
21
49%
*63%
54%
*138
Jan 20
*
334
27
24%
*1%
3%
2%
3%
3%
""400
1%
1%
1%
1,100
534
534
5%
*8
9%
*8
5%
9%
1,900
9%
28%
1%
3%
228
28%
1%
28
7%
12%
3%
3%
7%
13%
3%
3%
7%
13%
13%
14%
41
42
43
43%
44%
44
1%
4
4
334
26
For footnotes
334
*134
4
*334
1%
4
4
4%
4
26
26%
24%
24%
page
3118.
7%
3%
7%
2
24%
see
33g
3%
2
27
*24%
700
238
3%
*3%
300
*1%
5%
3
24%
290
*1%
*3%
3%
27
2034
1%
3
4
490
102
3%
33g
1%
384
90%
89%
*1934
3%
1%
1%
3%
3%
7%
13%
4
4
*25
26
2434
24%
1%
4%
3%
28
al%
1%
3%
3%
3%
3%
3%
3%
7%
7%
7%
50
800
1,000
2,700
13%
3,300
44
1,200
900
2
*is4
2
4%
*4%
4%
4
26
*3%
*25
24%
3%
26
24%
7% preferred
100
ChampPap&FibCo6% pflOO
Common
No par
Checker Cab
5
Chesapeake Corp
Wo par
Chesapeake & Ohio
25
{Chic & East 111 Ry Co
100
6% preferred
100
Chicago Great Western...100
Deo
Oct
56%
1334
Jan
June
40%
Jan
Apr 13
Feb 19
Preferred
16
43% Jan 11
18% Feb 24
30
52% Apr 18
32%
82%
Apr 30
1234May
45>4
Jan
87
Jan
91
Jan
19
54
Apr 30
May
1
6
1,300
1,200
1,000
600
Apr 28
2
Jan 21
80% Feb
4
Mar 13
1934 Apr 30
22% Jan
Feb
88
Aug
95
July
58
Apr 14
19% Mar 24
99% Apr 13
104% Mar 7
Apr 29
1% Jan
2% Jan
1% Apr 28
26% Apr
1 % Apr
2% Apr
2% Apr
634May
12% Apr
4084May
27
30
27
29
1
30
3%
6%
2%
8%
Feb 19
Jan 13
Jan 15
Feb 6
Feb 7
83% Apr
36% Jan
19% Apr
16% Nov
55
22%
34
Nov
Feb
Mar
6% July
96% Mar
Nov
Jan
21% Nov
6234 Nov
29
May
62% Aug
12% Jan
109%
Jan
Jan
65%
Dec
15%
Dec
88%
Deo
21
Deo
23
Mar
4% Mar
36
Mar
37% Mar
1
Apr
% June
%
1%
Feb
Feb
61% Nov
53% Dec
2% Jan
3% Dec
2% Jan'
5% Doc
9
Deo
6
19% June
*35
Nov
2% Feb 11
% Mar
3
Jan
Jan 31
3188 Jan
5% Feb 11
4% Feb 21
12% Feb 21
20% Jan
2
1
84 Mar
188 June
3% July
4% Mar
20
Mar
56
Feb
6
1% Apr 23
3% Apr 24
3
Feb
8
84 July
8
Jan 11
1% Mar
7% Jan 10
1% July
1Q34 Jan
3134 Apr
1
Chickasha Cotton Oil
24
30% Jan
6
Apr 30
35%
3% Mar
38%
4
3% Apr 28
2
60
Mar
12
7% preferred
100
6% preferred
100
Chicago Yellow Cab._.Wo par
10
45®4 Mar
8% Deo
111% Nov
126% Nov
x21
69% Apr 17
74% Feb 4
2
100
Feb 21
934 Jan 17
107
Mar
7
61
2
4
par
57
Jan
Jan
No par
{Chic Rock Isl <fc Pacific.. 100
6
31% Feb 19
71% Feb 18
35% Mar 13
Jan
Jan
Preferred
Nov
Dec
59
7
Conv preferred
Nov
48
Mar
51
4
100
Oct
14
Feb
4% Mar
7
1
17234 Apr 16
Apr 22
1284 Apr 24
101
Oot
85
Apr
142
Jan
6% Apr 29
47%
Apr
984 Feb 19
96
Apr 27
92% Jan
116
8%
Oct
100% Feb 21
100
Preferred
50
10% Jan 20
37
{Chic Ind & Loulsv pref.-lOO
Chicago Mall Order Co..
5
{Chic Milw St P & Pac.No par
Chicago Pneumat Tool.Wo
13%
44
26
100
Chicago & North Western. 100
14%
25
5% preferred...
5,400
1,300
44 %
*24%
17%
97%May
20
1,500
1%
33% Nov
Preferred
100
Cerro de Pasco Copper.No par
Certain-Teed Products.Wo par
6,000
12,700
1%
Jan
684
25% Jan
55
28%
*134
100
Jan
Jan
22% Jan
3% Nov
20% Jan
Feb
7
100
Nov
3%
10%
1%
35
54
28
Preferred certificates
28
% July
2
5784 Mar 24
Carriers & General Corp
Case (J I) Co.
Nov
1% Feb 10
Jan
54
100
3
14% Nov
1434 Nov
24% Nov
234 Jan
Deo
8% Sept
Stpd
Deo
97% Dec
66
%
Mar
16% Jan
1
Deo
934 Nov
2584 Mar 17
40% Apr
10
Dec
42%
Central Aguirre Asso..Wo par
15,500
102
1% Mar
11% Mar
32
Jan
Preferred A
100
Deo
30% Aug
Central RR of New Jersey. 100
Century Ribbon Mills.Wo par
13%
20%
Mar
10% Apr 30
25
11%
8%
1734
37% Jan 13
500
*6%
*97% 102
54%
53%
13%
10
Apr
Apr
30
100
Deo
46»4 Aug
100
22
Apr 30
30% Apr 30
1,600
734
63
2734
1%
Jan 10
1
5%
2% Mar
7% Mar
No par
38
Deo
74
2734
54%
28
6% Mar 20
25% Feb 13
.
14
Canadian Pacific
5%
57
49%
63
3
17%
2734
*49%
5%
24% Mar 23
130
54
*8
Mar 24
56
55%
534
9%
Mar 23
56
64
5%
9
19
2,300
54%
*8
% July
13% Mar
33% Feb 13
23
63
1%
8% Mar
384 Feb
32% Jan
*39
334 May
31% Feb
22% Apr 30
*47%
2%
3%
1%
28% Apr 27
Celanese Corp of Am_.Wo par
{Celotex Co
Wo par
55%
3%
1%
2% Mar
2
Jan
Mar
% Sept
ar
Mar
8,100
53
*1%
5% M
16% Apr 29
Apr 27
2%
Oct
Dec
3%May
14
23
65%
138
12%
4034
134
91
102%
23
Apr
22%
*21%
64%
55%
*138
3
7%
13%
20%
114
3% Mar
7834 Apr 15
51
184
33s
41%
134
90%
102
14% Apr 29
15%May
5434 Jan 16
5534
8
7%
1234
14%
2
2
.Oct
42
63'4 Aug
3% July
Wo par
53%
5
*41
54%
13%
2% Jan
8% Jan
17% Nov
55%
55
Mar
Caterpillar Tractor
653s
8
1S4
91
*102% 103%
20%
20%
53%
40
55
*3
*27%
1%
9)
107%
55%
14%
Apr 27
Jan
July
4784 July
2784 Nov
70% Dec
8% Deo
234 Deo
Mar
5,300
65
5
28
14%
13,600
53%
7%
*27
21
54%
6
59%
100
43
Mar 23
70%
55
7%
1%
*20
*98
7%
*6%
*97% 102
1,600
52%
5
3%
188
102% 103
*634
8
Mar
Nov
63
13
2
8
17
23% Aug
65% Jan 15
9% Jan
Jan
27% Sept
Aug
71% Aug
Jan
Carolina Clinch & Ohio Ry 100
50
65
2%
3%
1%
534
*3
97%
97%
5334
13%
65
55%
2%
*638
8
53
53
*63%
8
150
4,300
95%
101
152%
69
Jan
6
Capital Adminis clA
7
90
113% Feb 24
85
Oct
Deo
Nov
7
561s Jan 31
Apr
Calumet & Hecla Cons Cop.25
Campbell W & C Fdy..Wo par
Canada Dry Ginger Ale
5
110
145
136% *136
69
No par
California Packing.^..Wo par
Callahan Zinc-Lead
1
700
7%
par
100
Byron Jackson Co.
1234
146% 148%
136
7%
5
No
Preferred
50
7%
150%
7%
800
Butte Copper & Zinc.
Byers Co (A M)
Cannon Mills
7%
7
6,400
Bush Term B1 gu pref ctfs.100
400
*7
7
50
100
61% Mar
104
7
25
Debenture
48% Mar 11
12% Mar 6
Mar
100
Burroughs Add Mach__No par
{Bush Term
Wo par
...
Apr
Jan
8% Mar
6234 Mar
I
43", 300
*96
Mar
28%
20% Feb 14
11% Jan 10
2034 Apr 28
12%
95%
21
4
7
No par
3734
101
6
13%May
No par
Wo par
12%
13
*91
1,700
*53%
50
Dec
4% Mar
Bullard Co
3734
1234
13
Jan
38
14% Feb 14
2% Apr 15
838 Apr 30
12%
50
90
Jan 15
2
..Wo par
38
13%
7
63% Mar
100% Apr 13
Jan
8%
2%
.
1st paid rts
40%
Mar
Deo
% June
100
Nov
Dec
3% Feb 14
6
Sept
1434
117%
24%
2234
57%
Deo
3»4 Mar
Preferred
95
90
11% Jan 30
10
Dec
20% Nov
10«% June
33% Sept
22%
83%Mar
par
Dec
May
6% Mar
39% Ju y
30% Feb
No par
1484
6684
Nov
28% Mar
2
Brooklyn Union Gas...Wo
Deo
15% Nov
114
Canada Southern...
10%
50
98
5,200
1,700
7%
<
270
15,300
4,400
11%
-
Jan
Jan 21
Wo par
Preferred.
1
11
38%
95%
*96%
7%
4%
17%
Feb 28
26ia Jan 29
113
Apr 27
$6 preferred series A.No par
*57%
4%
*17%
6
Jan 24
Apr 28
10934
Brooklyn & Queens Tr.Wo
400
1434 Mar
9% Mar
16% June
103% Jan
800
6,200
*16%
6
Jan 17
5%
13%
22
4%
17%
58%
18
18
Apr
20% Feb 19
21% Feb 11
41
5%
*11
48
18%May
6
Bklyn Manh Transit...Wo par
116
120% Mar 26
1434 Apr 28
8
Jan
64
700
Dec
Feb 28
5
4,900
79
25% Jan
"3", 700
Jan
8
16% Apr 28
Bristol-Myers Co
26%
Jan
10
Bulova Watch
13%
Feb
15
Corp
Budd Wheel
5
Nov
800
2534
Oct
72
6
1,500
1,400
115
33
4
23%
5% Mar
37% Mar
10734 Jan
100%
18% Feb 13
23%
88
5
69
9,200
June
6
64% Mar
17,900
32
14
Jan
Deo
18
Sept
25% Dec
49% Aug
Mar
Mar
Mar
Mar
Feb
Sept
Jan
40
7%
9%
36%
106%
3%
90% Jan 28
16% Mar 4
89%May 5
Jan
9%
23%
23%
*12
109%May
37 May
5%
Feb
7% Apr
Mar 11
13% Apr 30
3%
26%
5%
8
8
Apr
48
9%
2234
*56%
10%
*_
25%
3
2034 Mar 19
Apr 11
43% Apr 30
3%
58%
10%
32%
57
23%
23%
19
28
Wo par
9%
23%
4%
1734
24
1
23%
24%
9
14
63
1%
May
19% Dec
45% Oct
234 Ju y
28
21
115
5% May
100
Borden Co (The)
3%
3%
58%
434
18%
5934
31
3%
10
5%
14%
19%
4%
18%
*11%
*17%
18%
4%
—
10%
5%
13%
17%
1
10%
38%
6
5%
*12%
18%
26
26^2
59
1
1634
10%
*37
24%
4%
1734
*58
11%
*53%
11%
23%
60
1634
*56%
*23%
1
2334
24%
26%
6%
14%
18
3%
934
2234
2634
12%
3%
10
54% Heb
24% Feb
34% Feb
49% Feb
117% Feb
28
48ta Nov
35% May
6% Feb 241
384 Apr 22
Briggs & Stratton
2,600
Mar
Mar
31®4 Apr 15
9
21% Jan 20
Burns Bros cla«s A
9%
10% Jan 15
46% Jan 24
7 >4 Mar 18
Jan
4
15
45
7% preferred
Budd (E G) Mfg
13%
10%
13%
IO684
3
40
106
*104
110
106% 106% *104
15
14%
1434 106,400
15%
15%
14%
700
109
*100
109
*103
106% 107
14%
*8%
10%
60
126% Apr 18
30% Feb 14
54% Mar 5
39% Jan
5
Bucyrus-Erie Co
*53%
9
Apr
No par
Class B
2,100
2,900
60
Oct
3234
600
3,900
Mar
Feb 18
34 Apr
73
{Botany Cons Mills class A.50
Bridgeport Brass Co...Wo par
Briggs Manufacturing.Wo par
14,400
Mar
6
Wo par
Bon Ami class A
Boston & M alne
""206
3
20%
16% Apr 30
46% Apr 30
93% Feb 8
5
Bohn Aluminum & Br
Borg- Warner
par
6
6
1
8
18% Feb
19% Apr
11% Mar
Sept
11% Mar
85% Jan
8%
11
*53%
*8%
10%
Jan
35
20
Steel Corp (Del)-Wo par
16% Feb
36% Apr
26
50
5% preferred
92% Deo
37% Jan
17% Deo
19% Deo
114% Jan 16
Beech-Nut Packing Co
5
66% Mar
76% Apr
Jan
Belgian Nat Rys part pre!
Deo
104% Apr 6
3534 Feb 21
x20
18
par
Deo
60
Jan
Beech Creek RR Co
Beldlng Hemlnway Co. Wo
Deo
44
102
100
Beatrice Creamery
48
Apr 24
100
Jan 6
Jan 10
Jan
May
1034
1334
9
13%
82%
14%
6312
110
Bruns-Balke-Collender.No par
59
21
100
25
No par
1st preferred
.
3
15% Apr 30
Apr 30
41% Jan 3
112% Apr 3
Preferred
Brown Shoe Co
*53%
*8%
1034
14%
1034
14%
14%
104
104
*105% 106
13%
15%
15%
15%
..100
Baltimore & Ohio...
200
9
10
29% Apr 30
Oct
Nov
1834 Nov
109
Sept
Mar
Apr 29
100
Preferred
9%
90
7% Mar
80% Apr
2984 Feb
3584 Mar
Apr 30"
3
Asked
200
60
9
*53%
9%
Jan 17
3
Beth
47,000
2,400
6,600
54%
2
Jan
Apr
61% Feb 10
86% Apr 13
%6 Apr 27
48
48
500
16%
*9
13% Apr 24
2
27% Jan
20
36%
54%
2
Beneficial Indus Loan..Wo par
Best & Co
Wo par
16
3634
16%
*18%
Jan
21% Apr 24
11
Apr 22
17,800
36%
17%
90%
Bendlx Aviation
17%
15%
*17%
2
24,400
3634
15%
No par
Prior A
3%
33%
17%
24%
43%
112
-
Jan
17% Apr 30
73
-
59
30% Apr 27
6% Apr 28
34
Apr 30
3
Apr 9
*110
»
IO984 Apr
106
No par
Tack Corp
2
Feb 17
8
384 Mar
70
6
Feb 21
100 *112
Preferred
1784 Mar
98
39%May
Atlas
600
$ per share
106
Auburn Automobile—No par
Austin Nichols
No par
40
% per share
22% Feb 27
12% Apr 30
Baldwin Loco Works_.No par
15%
$ per share
105% Mar 24
1,000
1,700
Highest
3
Jan
6,400
18,000
113
-
Lowest
Jan 20
8%
95
....
..Wo par
3%'
89%
27%
20%
*50%
17%
10
Atlas Powder—
Avlat Corp of Del (The) new 3
3
33%
300
9,200
*21
21%
109% 109%
*37
37%
87%
87%
14%
14%
20%
51
14
17%
21%
37%
89%
14%
89%
27%
*8884
4838
70%
*110
*109%
37%
89
2034
20
'
*37
*51
17%
70
20%
*86
27
95
113
*110
"
113% 113%
*15
15%
96
16%
69%
17%
70%
111
*124% 129
19%
19%
33
33%
634
6%
7
38
35%
35%
5%
5%
5%
*124% 128
34
*59
Year 1935
Highest
$ per share
No par
Preferred
14
*13
28
Artl 00m Corp
14
*11
2884
Par
2,700
*40
45%
73
Range for Previous
100-s/»are Lots
Lowest
108
106
23%
15
1534
*96% 116
14%
1334
1384
10634 *100
10684
1534
15%
*96% 116
1936
EXCHANGE
14
71%
71%
101
10038 *100
100
15%
*96% 116
May 9,
484 Jan
5% Jan
10% Jan
20% Deo
6484 Deo
2% Jan
4% Dec
4
Jan
1984 Dec
3184 Deo
New York
volume 142
HIGH
AND
Stock Record—Continued—Page
Sales
4
3121
LOW
SALE PRICES—PER
STOCKS
Range Since Jan. 1
for
SsOiurdmi
NEW YORK STOCK
On Basis of 100share Lots
Fridaii
/
the
mrnH ANnir
vjtHj
May 7
May 8
Week
$ per share
$ per share
784
7%
30%
*28%
94%
93%
Shares
SHARE, NOT PER CENT
"Vf/pdj) PQ/J/IH
t/UifCooilUy
7l//Viw dnn
UflU/iXy
H1!/ port mi
May 2
May 4
May 5
May 6
$ per share
$ pier share
$ per share
$ per share
8
8
witt li/
*7%
*2812
93»4
JLYL
KJUU/y
*17
7i2
30%
9514
1712
*80
82
*45
60
78a
7%
*28i2
30i2
93
96i4
17
17%
7984
80
*50
60
5i2
58a
5l2
32
33% 33i2
32i2
*107i2 108i2 *108
108i2
38
37«4 3834 *37
*83l2
*83%
mmmm
+
m'm
*48
110
18
m
5%
6%
34
35%
108% 108%
39
*3684
*83i2
rntmmm
17
5
5
24l2
24l2
29
*23l2
29l2
2612
*21
26
*19
32
*19
32
112
32
1712
100
89
86
mm
'
*2018
9
19
17%
534
29
638
32
28
30
34
3284
634
29
30
24l2
*25
3178
11712
115
*27
115%
33
34
*33
45l2
1738
100i2
45
45
44%
17%
100%
17%
18ifi
100% 10012
89
*86
55%
111
1734
8
10l2
10
113g
11
20
20
21
21%
9
9
9
9
8
34%
*17
21%
11%
21%
9%
75
*72
*78%
80
84l2
478
*70
10%
20%
8%
75
80
*70
84%
4i2
15i2
28'8
16
♦15l2
29l8
2978
*10478 10514
*4i4
4i2
12
32l4
29
105U 10514
414
1134
*105
8
mmmm
*634
34
384
2I84
1812
1?8
414
12i8
18i8
695a
7434
*72%
,316
19
3658
I8I4
3612
2i2
2i2
*434
1234
*105
%
*18
18%
1734
18%
17%
18
"5", 000
14
13
13
2,100
1%
13%
1%
1234
134
69%
69%
70
70
71
7184
67%
34
is32
,316
34
"16
134
2%
30
34
56i2
57%
75%
134
178
71%
*70%
6734
68%
"16
is32
25%
26%
26
27%
55%
53i2
4612
5514
54
46%
♦457s
*95
758
IO884
734
30%
30%
734
105
32
35
26
*99
33
35
35
105
2%
31%
*100
778
30%
*100
105
15a
*95
1%
1%
*10%
35
2584
54%
46%
25
31
*29
31
28
105
*100
101
*100
1%
1%
1%
97
*93
95
95
95
95
95
96
38
38
18l2
187S
3884
18%
3934
19%
3834
18%
1%
*10%
11%
11%
10112 102
6i2
578
6l2
77
*48~
*4712
♦73a
76i2
295a
22
3714
15I4
14
*
63a
77
60
*4512
*7i2
78
75
29%
1558
15
*5
6
*135
140
8%
80%
*7%
7734
22
2934
22%
*75g
7734
2984
22%
29%
22%
3714
3938
39
16l8
5l2
512
*130
13978
16
2934
23%
40%
16%
534
8%
55g
139
5
139
*4
43a
*19i8
53I2
3378
1978
5312
337g
*10i8
177g
5378
5378
55
*33
36
*39
3984
*39
395a
20i8
54
54
31
31
8%
*1214
1378
*78
U2
1%
5l2
*118
*5i8
*13i2
*115
14
mmmm
13784 139
♦1298a 132
114
114
*22
27%
612
658
*15734 160
*161
mmmm
31
*778
52%
8%
5434
3078
31
56%
34%
3978
20%
34i2
*3914
1978
52%
*8%
5484
*3134
1914
53%
*12%
*1
♦Ha
*53g
*1358
54
13i2
1%
1«4
534
1434
*4
*10%
74
4%
17%
55
34%
39
34%
39%
20%
22
47%
76%
74
8%
82
Feb 17
12% Feb 27
1934May
4
No par
new
Consol RR of Cuba pref—.100
{Consolidated Textile..No par
Consol
Coal Co (Del) vtc.25
100
c._
Container Corp of America.20
Continental Bak cl A .No par
8% Apr 28
B
....No par
100
Preferred
Continental Can Inc
20
•
Corn Products Refining
Preferred
25
100
—No par
No par
Jan 15
62
Mar
74
Mar 24
69
Nov
82
Feb
85
Mar 25
72%
Oct
80
Mar
Apr 30
Apr 30
102
Jan
3
37g Apr 28
11% Apr 30
101
Jan
6
67s Jan
2
%May 5
3%May 7
20% Apr 17
17
Apr 30
1038 Jan
6
1% Jan
67% Jan
2
3
67%May
7
6
7% Feb 13
3% May
20% Feb 13
38% Feb 17
108% Mar 11
6% Feb 10
15% Mar 6
105% Mar 11
11% Feb 5
14% May
1578 Feb
1% Jan 16
4% Apr 18
20% Apr 17
26% Mar 9
19% Mar 3
2s4 Feb 21
77% Jan 11
87% Jan 13
"^May 4
18
Jan
162
fi
Jan 14
4% Apr 30
35
Mar 27
15% Mar 16
43% Jan
$2.70
No par
preferred
No par
Cr W'mette Pap 1st pf No par
Crown Zellerbach
No par
7
45% Jan 14
Jan 27
102
7%May
24% Mar
Apr
69
Jan 14
7% Mar 6
3778 Jan 10
27%May 5
6384 Apr 15
4778 Apr 28
105
41
100
95% Apr 29
115
No par
CubaRR6% pref..
.100
Cuban-American Sugar
10
10% Apr 28
Crucible Steel of America. .100
Preferred
Cuba Co (The).
Preferred
100
28
1% Jan
7
63% Jan
7
50
38
Curtis Pub Co (The)...No par
18
Cudahy
Packing
Preferred
No par
Curtlss-Wrlght
1
Class A
1
2
6% Jan
Apr 28
May 7
99%M«r 13
4
Jan 15
10% Jan
6
Jan 30
1084 Mar
44% Jan 14
24% Apr 13
104
Feb
14
14%
57
5784
60
59
50U
50
5178
52
53%
53
60%
5334
m
+
immrnm
1,300
mmmmmm
35
Deo
60
Oct
148% Oct
4% Mar
3578 Jan
11% Sept
23% Mar
43% Jan
74% Mar
3% Mar
6934 Deo
78% July
165
May
7% Deo
397g Mar
19% Dec
4878 Nov
48
Nov
100
Deo
9%
Deo
14
Mar
38
Deo
47%
Apr
105%
Deo
Deo
5% July
Jan
37
Dec
15
Mar
89% Mar
2
Mar
6% Mar
2%
14
Deo
8% May
8034 May
47% Jan
24% Nov
105% June
4% Deo
12% Deo
Jan 21
73
Mar
«95
Nov
70% Jan 27
61
June
75
Nov
Cutler-Hammer
Inc...No par
65
47
Dec
10%
Deo
Davega Stores Corp.
Deere & Co
5
16
Mar
6
6
6
June
2234 Mar
52
Jan
7
20
Corp. 10
27
Jan
2
31
Feb
7
19
Apr 28
Jan 20
26
Mar
6
1878 Dec
23% Mar
Apr 30
Jan
4
23% Feb 20
9% Feb 7
100
pref—100
100
19%
36%
1478
4%
128%
6
Apr 29
Jan
15
Apr
700
42
Jan 10
800
Diamond Match
Mackinac
6
984 Mar
89% Apr
5% non-cum preferred..100
Devoe & Reynolds A—No par
mmmmrnrn
&
Mar
No par
Preferred
Denv & Rio Gr West
43% Jan 6
7% Apr 27
Co. 100
Ry
No
par
No par
Dome Mines Ltd
52
153
10
Feb 20
400
3
14%
*13%
1434
100
100
20
684
1,300
162
162% 163
I6284
163
163% *162
31%
32%
31% 32"
1,300
60
3,700
400
8,300
10
13,100
6,700
71,100
9,000
41% May
38% Deo
6
34%
6,100
41% Jan
Jan
6
5
May
1
Feb
Apr 30
Apr 30
8
6% non-voting deb
129
Duquesne Light 1st pref
112
Mar 23
18
Mar 11
Preferred
Boat
100
3
Electric Power & Light-No par
$7
preferred..;
$6 preferred
No par
..No par
Jan
Dec
14
Elec & Mus Ind Am shares...
50%
Dec
33
133
Electric
Deo
6
114
100
100
pf_100
Eastern Rolling Mills
5
Eastman Kodak (N J) .No par
6% cum preferred
100
Eaton Mfg Co
No par
Eitlngon Schild
No par
Elec Auto-Lite (The)
.5
Jan
19
Deo
2
42
...100
Durham Hosiery Mills
6
Mar
40% Jan 25
8
No par
.....
Preferred
5
130
34% Jan
21% Jan 31
58
Apr 8
2
Jan
DuP de Nemours(EI)& Co 20
Duplan Silk
10
9,500
1
Feb
Mar
2
Jan
38
78Mar 11
1% Jan 6
100
Mar
1%
65
3378May
5% Jan 10
Preferred
11
Feb 17
18% Apr 30
7
100
Dunhlll International
Jan
5834 Nov
28
Sept
24% Deo
43% Jan
19% Jan
Aug
5% Oct
35% Aug
26% Jan
34% Jan
Convertible class B_.No par
Duluth S S & Atlantic
;....
52%
4184 Mar
90
4
1®4
52
234 Nov
Apr 23
Det
5%
54
Deo
99% Nov
Apr 15
140
5%
51
69
Nov
60
Detroit Edison
*1%
58
Deo
Deo
Deo
Deo
Dec
Dec
76
400
184
56%
23%
117g
178
Nov
Deo
No par
Diesel-Wemmer-Gllb
5%
61
Nov
preferred
8%
7,200
1,700
4,200
1%
57
Jan
Feb
34%
105%
6%
12%
101%
8%
138
Cushman's Sons 7% pref. .100
'
37
14%
4
9% Mar 11
21% Mar. 9
29
13<6
5412
84
40%
Mar
Dresser(SR)Mfg convANo par
14i8
7
6
102
700
56
Jan
Jan
7%
22%
....
Jan
600
13i2
46%
6234
Apr
Jan
15
6%
%
1
31S4
34%
32% 33%
112
112
*111% 112
*111% 112
11
107g
11%
10%
10%
10%
6%
6%
6%
6%
6%
6%
1434
13%
14%
14%
13%
14%
Dec
4% Mar
5
*1184
33%
22
4
9
*3084
3484
% Aug
4
31%
13%
1%
34
Jan
278 Feb
18% Feb
14% Mar
31%
13%
6
2%
6
33
6
6% Mar
100% Dec
Mar
*31%
13%
6%
4
Feb 18
56% May
*6%
72% Feb
1% Mar
Jan
8
78% Feb 20
168% Apr 15
4
Apr 30
v t c
5
46
2
734 Apr 28
50% Jan 6
6%
July
85
Crown Cork & Seal
25,800
33
Deo
78
Crosley Radio Corp..-No par
55%
32%
6%
Feb
Oct
11
4584 Nov
21% Nov
38% F*b 11
Participating preferred...25
6%
9
Jan
71
29%May 6
55% Apr 30
£68% Jan 3
Distil Corp-Seagr's Ltd No par
7
Mar
Oct
Nov
29% Apr 28
400
7
578 Mar
27
3
2
Dominion Stores Ltd..No par
*163
Jan
23%
Jan
Douglas Aire Co Inc.-Ao par
-
29%
105
Jan 27
Feb 13
Apr 30
300
-
84 Mar
Oct
72%
73%
4%
15%
27%
28,700
-
110% Dec
977g July
16% Oct
58
119% Aug
72
Aug
115% Jan
5
Continental Oil of Del
15,800
22
Feb
Deo
Continental Steel Corp No par
Corn Exch Bank Trust Co.20
22%
22
Jan
Oct
56%
83
Deo
39%
25
39%
110
Oct
Dec
Dec
34
*22
Mar
Deo
1534
90%
4478
34
115
31
50
20%
39%
138% 139%
12934 12984 *129% 12984
114
114
114% 114%
Dec
Dec
Mar
Mar
Deo
Jan
15% Mar
39
115
40%
48%
3%
35%
21
17% Deo
101% Nov
4978 Deo
Jan
22
142%
Jan
287s Mar
34%
116
Feb
7
Jan
Deo
22% Deo
Feb 11
21
138
7
6% Mar
5%
29
Mar 20
39
*115
Feb
58% Sept
11% Nov
8%
*115
Mar
49
55%
mmmm
% Mar
5
IO84
4
Delaware Lack & Western..50
*1%
5%
*13%
Deo
Mar
54%
1»4
5%
1334
Deo
97g NOV
Nov
8%
5%
*13%
50
109
Jan
7
66%
*1%
Mar
684
46
Delaware & Hudson
*1
9
69% Mar
107% Deo
35% Apr 30
2% Apr 30
5
9,100
*1
Jan
24
8%
1%
101
33% Jan 3
13% Jan 22
54%
13%
Deo
Deo
Deo
14% Nov
Jan 10
54%
*1
58%
21
1
Fibre—
8,100
800
56
93
53% Apr
15% June
67
"i6May
Class
8
4
52% Deo
126
May
72% Nov
5% Feb 17
20
15%
*34
80% Jan
2
38%
55
2
6
5
23
*52
90% Jan
Jan
15%
55
2
May
38
1778
Jan
16
22%
*10%
14
4
Apr 11
«45% Jan 22
61% Jan 23
21% Apr 8
102
Apr 13
93
Apr 15
6878May 8
115
Apr 17
8234May 8
11534 Mar 3
H0%May 7
24% Feb 21
10
I684
17%
31% Apr 30
44% Mar 26
Mar
par
3984
*10%
*52%
134
100
23%
4%
36
7
Connecting Ry & Ltg
15%
4%
2
44% Jan
25% Mar
37%
6
*5%
134% 134%
9
*4%
2
Jan
Congoleum-Nairn Inc..No
Congress Cigar
No
29%
6
Jan 11
36% Feb 20
3778Mar 11
Jan
$6 preferred series..-No par
Conde Nast Pub Inc...No par
2934
135
49
16
'
Jan 15
24% Mar 24
9% Feb 19
19% Jan
2% Apr 30
59% Apr 28
7% Apr 20
34 May 8
*29%
23%
6
112
94
9
7578
2934
135
8% Jan 6
3% Mar 16
24 May 2
21% Jan 2
56%
8%
56
70,800
24,000
60
Aug
55% Jan 16
15%May 8
102% Mar 16
39% Apr 30
107% Jan 3
56%
1%
1»4
584
1484
For footnotes see page 3118.
900
6%
14%
46%
*7%
8%
5,200
77
*48"
110
*8
3258
3034
32i4 33%
63a
*55g
*55a
65a
6%
35
33
34U
335a
32%
3414
*11U2 112
*llll2 112
*llli2 112
11
1U8
11%
115a
IO84
1H8
SOU
78%
29%
23%
40%
16%
5%
55
54
13
6
60
47%
135
6
14%
*
June
32%
*H4
*5i2
*1312
6
77
*48"
700
I884
IO284 10284
6%
15
47%
*7%
13984 I4II4 139% 142
*129% 130
*129% 130
114
114
*114
114%
114% 114%
*22
*22
2714 *22
27%
27%
7
6%
67B
6i2
6%
*634
162
158% 15914 161
161% 161%
6
6%
14%
+
48
July
55
*1
*161
38
18
4734
8%
13584 139
*129% 130
*161
*3734
June
20
50
70% Feb
127% Feb
97% Feb
67% Jan
20% Jan
106% Feb
51% Feb
9
54
31
6
534
290
97
I884
Oct
48
Jan 10
$5 preferred
No par
Consol Laundries Corp .No par
Consol Oil Corp
.No par
....
7
26
17
15
6
28
3
Apr 30
1
....
Feb 20
17
.No par
mmmm
Apr 28
97
Preferred
mmmm
Mar 30
110% Jan
Consol Film Indus
•
48
$4.25conv pf ser of '25No par
Consol Ed Co of N Y.No par
Oct
Dec
48% Deo
Commercial
100
27%
87
9
Prior preferred
100
Prior pref ex-warrants—100
May
6% Nov
Dec
9
..100
37
80
8
No par
100
27% July
Jan
Preferred
Oct
3% Apr
12% May
2
Jan
Consolidated Cigar
Preferred
69% Sept
35
8
5684
*5S4
6
16
1,100
6,400
280
Oct
Feb 19
Apr 8
Mar 6
Mar 24
Feb 14
Deb
Nov
937g Deo
247g May
Mar
Jan
Cream 0/Wheat ctfs
..
12
86%
45%
7%
46%
110%
9
26
May
55
1,100
•
Feb
Mar
87
44
Coty Inc.
700
9
31
46
110
par
3% Mar
Mar 25
Apr 27
—..10
Solvents..No par
Commonw'lth & Sou..-No par
11% Jan 24
35
10378 Apr 13
1978 Feb 14
21%
54%
8%
13
*115
*115
39
135
5%
177g
*14
53
60
47%
*414
1984
77
*48
48%
100
1%
97%
38%
102% 102%
6%
*50
4784
7,600
12%
18
15%
77
48g
193a
5278
*778
6%
15
60
*48"
79
295g
223a
375g
15%
*._
47
4812
8%
6%
15
100
$ per share
Feb 26
5H% preferred
100
Comm'l Invest Trust-.No par
Conv preferred...—.No par
5,000
11
*10%
96
38
10214 102l2 *10278 103%
15U
*48"
60
187g
380
101
11
*38
4,900
29
10%
15I8
11,500
3,900
1
5% preferred
Commercial Credit
$ per share
48
..100
Insurance.. .2.50
10834 *100% IO884 *100% 10834
8
8%
8%
8%
8%
11
4% 1st preferred
4% 2d preferred—
100
Columbian Carbon v 10 No par
Col Plct Corp v t c
No par
$2.75 conv pref
No par
Columbia Gas & Eleo_.No par
Preferred series A
100
Highest
$ per share
82
{Colorado Fuel «fe Iron.No par
Preferred
—100
Colorado & Southern
100
Motors
300
10%
14
100
Year 1935
Lowest
35
No par
Continental
11,800
8,400
1084
*]0%
No par
Preferred
Colonial Beacon Oil
Cont'l Diamond
53%
1038
158
14
Collins & Alkman
Continental
46%
1034
100
2,800
25%
*112
*10U
IOI4
preferred...
2,400
46%
1%
6%
11.30G
52%
5184
*45%
12l2
10&8
6%
500
13,700
35
25
55
46%
.No par
Colgate-Palmollve-Peet No par
1732 198,000
35
H2
1434
73
35
*10i4
10178 102
3,900
3134
30% 31
59
59
59%
58% *58%
75
74
74
74%
75%
76%
74%
*155
166
166
16578
165% *160
165% *156
434
4%
434
4%
434
434
4%
45g
35
IO884
284
31%
31%
Clev El mum Co pf..2W> par
Graph Bronze Co(rhe)-l
Cleveland & Pittsburgh
50
5% pref v t
1734
137a
32%
*100
♦
800
73
72
31
38%
I884
97,800
32
*29
38i8
I884
%
384
20
19
30
*95
immLmmL
3g
*3%
3%
20
No par
Clev
Preferred
7%
1%
6984
*69
47
«
106
*678
7%
3784
284
32%
245g
5312
*457g
•
18%
143a
18%
1414
178
35
-
2,100
5
18%
35
-
-
1634
1,300
29
25,800
283g
105% 105% I
1,500
1
2,600
4%
484
12
12% 28,200
37%
30
1018
w
*16
2984
19
74
714
84%
39%
2%
32%
73
*95
10
120
78%
I884
166
166% *163
4l2
4%
4i2
778
77%
*70
5
490
75
*72
37%
32l2
34%
57i2
105
1,600
19
57
784
170
8%
3934
234
32i2
*95
20%
8%
19
31
5414
20%
8%
39%
2%
3178
29%
58%
5712
7338
47
20%
18%
35
25
19%
4,500
37
32
5312
*4578
3%
*18
1,000
8%
10%
%
%
3%
21
1,000
35
18i2
36i2
2I2
57i2
3518
25i2
%
3%
*18
15,800
49,100
10
106
*684
7%
800
38,800
2,600
3,eoo
*17%
105% 105%
434
4%
*105
106
*634
*734
16
12%
27,800
62%
34
75
16
5878
62
84%
£28%
30
IH84 113
108% 10984
17%
17%
2%
2%
78
4%
16
700
86
1878
36%
258
35
*35
3i2
21
*18
14
31i2
4%
3a
310
4
17a
6912
73%
"32
878
%
900
200
42,200
10%
76
*70
5
4%
16
410
8%
35%
19%
*72
30%
2984
105% 105%
4%
4%
12%
12%
*105
106
*73g
5s
2112
1812
1384
134
69l2
....
*105
8~
%
4
*18
14
434
16
1578
30%
29%
10514 1053a
*414
4%
12%
1218
60
1,270
15,400
2,530
1,420
2,400
56
Equipment
4>4 Jan 7
2334 Jan 21
107% Jan 4
Jan 15
10,200
III84 112%
8284
80%
81%
5
Mar 14
Jan 3il
32
57
45
84
28%
86
..100
124
1,000
112
89
8
Coca-Cola Co (The)...No par
5,800
6%
112
Jan
..100
...No par
Preferred
City Investing Co.
City Stores
Clark
25
86% Jan 21
15% Jan 2
727a Jan 2
5
Class A
33%
*19
11134 112
10934110%
1784
17%
234
2%
64%
62%
36
*75
28%
28%
No par
25
-
Chrysler Corp
City Ice & Fuel-.
40
30
30
78%
8%
35%
*177g
5%
2584
31%
6%
Chile Copper Co
3,100
300
20
115
55%
64
*62
17%
18
Childs Co
$ per share
7
Jan 3
Spec guar 4% bet'm't stk 50
Cluett Pea body <fc Co.. No par
Preferred
.100
------
m
11134 11184
284
2%
*72
73
mm
34
33% 33%
4484 *42% 45
17%
17%
167g
I684
*100% 101%
100% 101
18
70
*164
50
*32%
111% 112
84i2
4i2
155a
*1812
3688
23a
1,700
87
*42
10534 no
80
74
37
87
33%
28%
57%
70
*68i2
300
*35%
% -
114
80%
*70
178
5,600
4,000
6%
*22
1118a
75%
*75
*8
160
32
32
108% 108%
28»4
*86
75
384
*2014
18i2
*1314
—
31%
89
*86
8412
45a
m
6
28
80
4m mem
6
5%
6%
*70
*684
2,000
82
17%
3384
30%
31%
116%
34%
44%
18%
100%
*75
*105
20
60
..
19%
*70
4%
82
*50
—
29%
86
1012
1934
85a
2484
9
82
60
6
~
6
1,800
Par
Range for Previous
Highest
Lowest
89,300
17%
17
17%
17%
82
*50
mm
m
54
53
55
535a
5384
54i8
113
*11314 117
*111% 11218 *111
71
72
72
70i2 71%
7414
112U 1I212 *11034 112U
112% 11214
106
106
105
105l2
10312 105
1738
17%
1714
1758
17%
18%
26a
2i2
25s
2i2
2%
25g
*63
63
*62
63
64
63i2
*7%
778
7?a
*758
8%
8%
35
36
*36l4 3678
3584
36%
19
*17
19
22
*17i2
*17i2
11
96%
mmmm
32
1638
100%
11
30%
93%
34%
3484
32%
108% 108% *108% 109%
36%
36%
3784
3784
*82
*83%
6%
*44
45
*86
m
5%
34%
29%
29i2
nil# 11312
112l2
32i2 32i2
*100
m
18
175a
24
17%
m
8
*28%
82
*50
*48
mm
*28
*44
17%
*81
8
30%
96%
17%
52%
12612 126i2
85
85i4
*5684 58
1534
1618
1043a 104i2
16i8
*104i4 1043a
41% 41%
5
9478
*50
16
*17
30%
A'
JL IIUI
*48
*47%
*47%
52%
52%
5234 *50%
52l2
52i2 *51
52%
*125% 135
12512 125l2 *125% 130
*125% 132
86
86
86%
80%
85% 8584
85i2 86
58
58
*57
58
*57
57% *57
*66%
16
Z157*
15%
15%
15%
16i8
1578
16%
104
10378 10412 *103% 104% 103% 103% 103
45
44
4284
42%
43%
433a
44i2
42%
40i2 43i2
111
111
110
110
*109% 111
*109% 111
*109% 111
■
*4912 5184
125i2 125I2
*85i4
85i2
*6684 58
*109
18
80%
*50
5*2
*48
778
30%
96l2
758
30%
945g
17i2
80%
nnht/TQ/lyjii
oUrlLy
W
Feb
7
6% Apr 30
Jan
44%
684 May
17% Mar
12%
Jan
58%
Deo
Mat 26
13% Mar
32
18% Mar 26
1% Jan 15
6% Mar
% June
17% Deo
% June
1% Deo
8% Deo
3
Jan 15
8% Mar 9
18% Jan 17
115% Jan 31
153
Apr 8
133% Apr 1
115% Feb 14
25
Jan 13
9% Feb 11
Apr 28
170% Apr
158
Jan 27
166
6
684 Apr 28
3084 Apr 27
110% Jan 23
10
Apr 30
584 Apr 29
6% Jan 2
32% Jan 2
29% Jan 2
Nov
1178 Jan 23
75% Jan 30
156
28% Jan
41
37
1
Mar 13
Apr
6
9% Jan 30
44% Feb 19
114
Feb
6
17% Feb
4
784 Feb 21
16% Mar 17
69% Mar 26
64% Mar 26
2
June
1284 May
103
Mar
1
Deo
Nov
Deo
19
Aug
J16
Nov
86% Mar
12678 Feb
146% Nov
104
Feb
115
12
Nov
Aug
27% Deo
334 Mar
110% Jan
172% Nov
141
164
Jan
16% Jan
3% Mar
19% June
107
Jon
3% Mar
5% Sept
1% Mar
3
Mar
2% Mar
132
8
Oct
Jan
July
30% Oct
838 Nov
38*4 Oct
113% Sept
1484 Deo
8% Feb
7% Aug
34% Deo
31%
Deo
New York Stock Record—Continued—Page 5
3122
HIGH
AND
LOW
SALE PRICES—PER
SHARE, NOT PER
fnr
Tuesday
Wednesday
May 2
Monday
May 4
May 5
$ per share
$ pe( share
$ per share
4478 4478
45l2 46
*34
78
*58
34
2
*184
I84
214
63
63
63i8
63i8
♦12534 12578 *12534 12578
*12
12i2 13I8
1234
♦65
71
*65
72
*68
80
*73l2
534
12
*34
*15g
2
300
6212
63
700
*63
64
126
64
63
*1134
69
69
74l2
6
74l2
578
1314
183g
69U
*73l2
57g
69l2
78
12
1212
17t2
12l2
18
6914
*7312
558
*123g
*165g
13
*12
12
17l2
12i2
18i2
12
1234
13
13i8
1334
30i4
*558
1334
1334
1334
31
30l4
*534
31
1334
2978
3O84
978
IOI4
4412
978
4434
150
4314
*130
39
3858
6l2
984
*20
95
*9U2
95
*9H2
4312
*7U4
95
*9H2
*40
45
41
41
*7H4
834
75
*7U4
914
314
234
75
834
3
*23i2
*3858
314
27g
2358
40i4
*2314
25l2
278
*111
113
28
28
*10278 10312
*40
4U2
*23l2 26
634
634
43
42
914
75
*7D4
93g
314
2314
2314
38
3812
2512
38i2
*23i4
278
*2314
113
40
2512
*111
113
*JJ1
27l2
2878
10234 103
3i2
314
23l2
39l2
*2314
3
24
28&s
100
534
1,300
3,600
3,300
5,100
13
17
1234
13i2
13i2
900
3012
*558
3Ug
714
7,700
314
460
55g
3
200
1012
1034
10l2
105g
510
4334
4412
4434
4434
3,200
*130
3838
2058
150
37l2
*130
38i4
2034
20
150
37
95
*91l2
95
*44
46
45
75
*72
77
*72
900
45
77
95g
3i2
314
2334
40ig
25l2
113
*9
.
914
3l2
3i2
*3
3ig
95
3i2
3i2
40
405g
2512
*2314
*111
113
*111
28U
2914
10334 10334
41
26
*25
27
*25
7
27
3H4
3114
*31
317g
68
68
68
3078
3014
3038
3214
*60
*32
68
3134
30l2
*62
31
3038
125
125
*120
125
*120
125
*59
62
*60
62
61
*3U2
32
32
32
3018
*458
478
*2934
434
*1314
13l2
13i2
*9
*100
43
9
914
1051s al00
43
4378
25
25
1134
150
*8i4
*149
10
24
24
74
74
54
54
145
*144
62
38
38l2
"8,000
13
13
13
*149
150
150
8I4
8I4
150
83g
IOI4
10
2334
24ig
24
2414
76
76
3578
3658
100
7,100
37i2
36l4
38ig
2378
*76
5434
5434
145
145
145
10
12,500
3012
121
50
*'13
14
*9
140
1,300
9lg
300
1027g 103
150
60
8is
8'4
800
912
1,000
23
23
88
76l2
/6i2
500
5,
56i2
57
700
*145i2
1,300
-
60
-
36ig
43,500
20,900
2
*2514
2914
*25U
2914
50
*28
50
*28
50
55
*29
55
*29
55
*26
50
*27l2
50
*2712
50
*28
*27
45
*28l2
55
*28i2
55
*29
3
234 Jan 10
812
Apr 29
3434 Jan
7
122i2 Jan 7
315s Feb 24
1834 Apr 30
Firestone Tire & Rubber
9,400
10
100
No par
Florsheim Shoe class A .No par
J Follansbee Bros
No par
Food Machinery
Corp new. 10
pref
100
.No par
No par
Foster-Wheeler
Fourth Nat Invest w w
Fkin Simon & Co Inc
Free port Texas
Preferred
Fuller (G A) prior prefNo
Gen Amer Investors
..No par
Preferred
No par
4018
Dec
Mar 19
6
Nov
Mar 25
&8 Mar
358
Deo
Jan
9
Dec
Apr
General Bronze
Class A
*85
72
Apr
69?8 Mar 30
101
Mar
54
95
May
3
9
Apr 28
2
9
Apr 30
Jan
4
z2478 Jan
2
110
100i2 Feb 26
40
Apr 30
25i2 Mar 21
4is Jan 6
34 May
8
12i4 Mar
578 Mar
4i2 Feb
25l2Mar
49l2 Feb 14
25
Feb 28
11378
33i8
10434
48i4
29i2
11314
Apr 22
Feb 11
Feb
6
Jan 11
Jan
978 Mar
30
Deo
6038 Mar
111
Dec
Feb 17
38
Feb
1
1934
3014
1714
11212
Apr
70
Mar
June
125
Nov
15
Mar
55
Dec
47l2
Dec
78 May
7
5i2 Mar
6
6
No par
*6158
118
623g
62
118
62
60
627g
120
12014
2934
7i2
120
49ig
*45
*119l2 120
*29l4
3012
*714
7l2
*44
4978
*
-
m*.
4
4i8
*3534 36i2
*114i2 115i2
2i8
2i8
29
29
2934
714
118
*44
*107
3034
75g
712
487g
-
-
-
*45l2
107
-
4
4
378
37g
35
3434
35l2
115i2 115i2 *114l2
23g
238
2i8
30
30
2934
*35
36
3514
62
62i2
62
6214
1,700
118
118i2
118
118U
160
6434
6214
11934 11934 *11958 120lg
3214
3214
30i4
32i4
734
734
*7I2
7i2
120
30
*107
•
62
62l4
62i4
118
118
*118l2 119
6338
6478
645g
6334
118
6U8
*107
6238
4ig
35U
35
4878
10714 *107
30i2
120ig
30i2
73g
7i2
80
Gen Public Service
No par
Gen Railway Signal
Preferred
No par
*115
m
10
-
-
~
214
23g
3,600
Gen Realty & Utilities
2934
2i4
2734
2'2
*2758
2734
1,000
$6 preferred
No par
General Refractories...No par
3512
3514
36
36l2
3714
3534
367g
34
34
37
38
38
39
40
*3512
3934
39
39
1512
16
1558
16
1534
16
1578
16
15&8
16
1558
1534
84
84
84
*83i4
84
84
84
83
83i2
500
8ig
*7234
9ig
11,800
75
*83
8
7212
7i2
*69
8
8
71
8I4
71
6934
*83
834
8i2
*7314
84
•
9ig
78
8i2
*7314
3,100
510
6,900
200
77
46
3,400
106
1,150
46
47
46
47
4578
46l4
477g
4638
4734
46l2
467g
106
106
106
IO6I4
10534 IO6I4
106U
IO6I4 IO6I4
IO6I4
IO6I4
5
5
5
5
434
478
47g
*434
5j8
434
5ig
47g
8
8
758
758 : 734
83g
778
838
734
77g
8I4
8ig
18
16
1734
I6I4
1778
17&s
177g
18U
1678
1534
1634
177g
*10812
*10812
*10812
*108l2
*108l2
*108i2
18
20
21
19
1838
1834
1934
2014
20i2
20i2
19ig
20ig
86
87
89
90
90
88
89
90
*85
8512
88i2
9U2
25
2378
2434
2534
2714
23ig 26
2638
2414
257g
2438
25l2
*90
92
93
*90
93
92
92
9134
9234
93i2 *90
9314
9
9
*9
9
9
9
93g
914
938
938
9lg
93S
*91
*91
*91
*91
92i4
92l4
92l4
92i4
*9134
9214
92i4
9214
3
212
258
212
25g
27g
25g
234
284
234
234
27g
3
3
3
*3
3
3
3
3
3ig
3lg
3'g
3ig
3i2
3l2
35g
338
35g
358
35g
3i2
35g
*3i2
3l2
3l2
16
*16
16i8
16i8
16i8
16i2
16ig
16i2
I6i2
16ig
16i2 xl6
27
27
27
*27
27
28i2
285g *2834
3012
2834
28i2
2834
.
2938
Jan
2
33»4 Feb 10
4
Mar
18i2 Nov
2
5
19
Mar
76
58i2 Jan 14
17
140
Jan 21
14
19
Feb 13
95
145
5
12712
4178 Feb 17
2012
39i2 Apr 23
30
May
Feb
6
Feb
6
50
Jan
5
50
Jan
43s Feb
48
2
46i2 Nov
Feb
14
6
Jan
Jan
Sept
Feb
8
Oct
---
-
-
30
—
--
—
-
38,000
-
29,900
1,600
Glmbel Brothers
No par
Preferred
100
Glidden Co (The)
Prior preferred
No par
100
Gobel (Adolf)
Goebel Brewing Co
Gold Dust Corp v t c
1
1
No par
Gold & Stock Tel'ph Co... 100
Goodrich Co (B F)
No par
Preferred
100
1,000
Goodyear Tire & Rubb.No par
1st preferred
No par
1,000
Gotham Silk Hose
35,400
10
13,400
5,100
1,200
900
600
2,500
No par
Preferred
100
Graham-Paige Motors
1
Gr'by Con M Sm & Pr stpd 100
Grand Union Co tr ctfs
1
Conv pref series.....No par
Granite City Steel
No par
Part paid rets
Grant (W T)
5
11
Mar
Jan
471s Mar 21
70i2 Jan 6
32
Oct
6134
5978
Feb
72iz
Oct
3
116
Jan zl20i2
Deo
120i2 Jan
Jan 27
12014May
185s Jan
534 Jan
2
3
71
Apr
1534
2658 Mar
6
zl07i2
Jan
120
10
Mar
21
3
Aug
Feb 17
50
Mar 21
17&8
Feb
105
Jan 17
108
Mar 14
9312
Jan
3i2 Apr 28
32i2 Apr 28
50
Jan 10
2
Apr 28
2734 Apr 30
33U Apr 30
32i2 Apr 30
2
Apr 18
15i2May
83
6®4 Jan
69
Jan
6
6
44i4 Apr 30
10538 Apr
378 Jan
apr
4
2
30
1534May
7
7
116
Feb 10
638 Feb
Feb
4
118i2Mar 14
378 Jan 21
43
Feb 21
44i2 Apr
Jan
2
8I2 Apr 28
55U Jan 14
114i2 Jan 27
7i2 Feb 28
10U Feb 17
2138 Jan 6
Feb 10
116
16
Apr 29
Apr 30
3014 Jan 29
No par
28i2 Jan 16
Dec
Deo
Jan
33i2
I684
Jan
2i8 Mar
18
Mar
233a
Feb
10478
Jan
li8 Apr
143sMay
104
Dec
712 Mar
Apr 15
40
Apr 15
1534 Mar
Feb 17
70
Mar 11
Apr
4
4i2 Feb 19
HUMar 20
25
3i8
3918
34
70i2
Jan 24
lli8 Mar 12
86i2Mar 6
9
.No par
Apr
1434 Mar
90
2i2 Apr
Mar 27
Oct
'
19i2 Aug
93
Aug
95
3
109
Dec
51
6
318 Apr 30
Oct
4i2 Nov
4114
Apr
Jan
77
109
Mar
98i2
3178
99«4
12i8
87
Dec
Deo
4258 Nov
12
135s Jan 21
21«4 Jan 21
Jan
Nov
14
78
6
80
614
8
60i2 Feb 7
185s Jan 16
2378 Apr 15
Jan
D« Mar
155s Mar
5
Feb
593s Nov
4
333s Apr 25
884 Mar 5
38
106
H2 Aug
15i2 Aug
18
Aug
18
Apr
5934 Mar 17
117i2 Jan 13
6378 Jan 6
118
Nov
64i4 July
145i2 Oct
4078 Nov
3778 July
638
2358
35i2
3338
Jan 15
Jan 15
Apr 2
Mar 25
Mar
Apr
212 Apr
Apr
20
II4 June
514
2i4
1438
18i8
2234
Mar
May
Mar
Oct
26
Mar
Mar
Dec
Nov
834
Dec
7534
Deo
49i2
Dec
111
434
Oct
Jan
22
Nov
105
Dec
14i2
Dec
82
Dec
2678
Jan
92
Jan
10i2
Dec
85
Dec
412
Oct
13r'8 Nov
5
Jan
2934
Jan
3538 Nov
3314 Nov
29i2
16i2
2912
16ig
30
16
17
17
17
17
173g
1634
1714
2,700
3334
35
3512
35ig
2ig
36i8
214
35i8
36i4
347g
353g
24,600
2
3514
2ig
2ig
74,100
3258
3378
3334
34'8
35ig
3478
347g
8,700
Great Western Sugar..No par
119
Jan
Green Bay & West RR Co. 100
Feb
9
21
Apr
1,500
Green (H L) Co Inc
1
22
Apr 28
283s Mar
2
255s Nov
2858
Dec
100
66
95
34
95
Dec
5
52
Apr 14
Apr 30
*145i8
*145i8
2lg
2912
214
3414
*145i8
30
*145l8
29i2
2
295g
2ig
2914
2914
2
36U
34l2
*67
52l2
*2i4
*5012
68"
*50i2
68"
*5012
68"
*14518
*5012
68"
*145l8
*50i2
68
*23
2334
*23
2334
23
2334
23
23
*67
76
*6712
76
23i2
*67l2
2312
76
23
76
*6712
W
54i2
*52
5234
5212
52i2
258
234
*27
36
*27
53
25g
3534
53
258
*27
54
5414
25g
*1212
1334
1334
1334
*37
40
40
40
*1334
41l2
38
*32
38
*32
115
*103
115
*105
*3178
34
*36
40
*858
*3H2
36
934
15
15
*108
112
878
103l2
35
im.
15
115
*98"
3434
52
2i2
25g
36
1414
*12
14
*13
14
100
45
*38
42
*38l2
40i2
200
37
*32
36
*32
35
115
*107
110
*107
110
*31
*
36
34
*3178
34
"34"
34
*3112
35
*31l2
*36
40
36
36
*35
40
35
9ig
91g
9i8
15
*15
16
*15
112
112
112
*98
10312
103
103l2
35i2
*123
36
*125
37
3638
123
914
9
I6I4
15
112
103
363g
123
9ig
15
*109i2 112
*98
36ig
*123
103
36lg
------
------
—
34i2
For footnotes see page 3118
—
-
-
-
100
36
80
*834
9
1,300
1414
14i4
*98
16
Jan
2
33i2Mar 9
20i2 Feb 19
32U Jan
6
44
Feb 21
178 Apr 28
3
w
1
-
-
100
Greene Cananea Copper
Greyhound Corp (The)
Guantanamo Sugar
No par
100
Preferred
Gulf Mobile & Northern
100
Preferred
100
Gulf States Steel
Preferred
Hackensack
No par
....100
Water
Jan
7
Jan
6
50i2Mar
9
136
105
-
2,500
6
5,500
Deo
4314 May
1934 Mar
4
4
Mar
Jan
65
Mar
3
6
Apr
Jan
48
Mar
6
12
IH2 Dec
3414 Deo
33i2 Nov
Mar 19
>
Mar
118
Mar
6
48
Jan
4
34
May
6
2H4
Jan
3034
Dec
Jan
2
36'g Jan 16
30
Jan
35
Deo
Jan
9
1H2 Apr
6
4
Mar
8
Jan
2
2138 Feb
4
6i2 Apr
Jan 11
Mar 30
30is Jan
Jan
3
3
Jan 20
119
Feb
8
105i2 Mar 18
4158 Apr
126
1
Mar
108
Jan 24
110
12
May
74i2 Nov
234 May
100
1
50
Feb
14
Hat Corp of America cl A
Feb
140
Feb
No par
103
Jan 23
3478 May
1
6
120
1
Jan
19
10
Hanna (M A) Co $5 pf .No par
55
Dec
2658
4618 July
30
Harbison-Walk Refrac. No par
Preferred
100
40
144i4May
9
Dec
39
35
Preferred
Mar
16
35i8
8OI4 Jan 27
3i2 Feb 7
7
25
Hall Printing
39
914 Mar
958 Mar
Jan
Jan
1»4 Jan
26i2
914
30i2
283s
25
7% preferred class A
Hamilton Watch Co
31
10
36
M
38I4 Sept
Mar 16
Rights
100
2,000
103
3512
*123
400
20
*10912 112
15l2
1534
15l2
1534
15i2 ~15~12
1514
1514 YsTg
1538 "l55g
*105
10878 *105
10878 *105
1087g *10612 1087g *106i2 1087g *106i2 10878
5i2
5h
512
512
534
5^
514
514
538
5i2
57g
534
1534
400
*27
36
9
3,300
25g
*2U
*27
36
112
*_
234
------
*13
357g
*103
5434
*6712
*41
3534
1434
4U2
*30
*258
*27
76
Gt Nor Iron Ore Prop. .No par
Great Northern pref
Preferred
68"
23l2
*50i2
35
-
Steel Castings pf. No par
Gillette Safety Razor..No par
Conv preferred
No par
Mar
638 Nov
3514
2i8
33l2
2i8
33I2
*98
7,900
Gen
..1
19i2 Jan
39
1038 Nov
2934
I6I4
I6I4
3458
*123
2,900
■
----
100
23g
3384
758
General Printing Ink ..No par
$6 preferred
No par
1,100
30i2
367g
*70
No par
1,500
3538
■
Common
4
378
3512
-
100
General Motors Corp
10
$5 preferred
..No par
Gen Outdoor Adv A,..No par
35i2
4i8
36i4
»
1,400
1,000
100
10734 108
4
36
*115
1,500
49
*4512
4l8
238
30
107i2
120
3514
*115
2i2
30
45i2
45l2
63^4 195,600
62ig
Preferred
Aug
70i2 Jan
6378May
'
623s
146
Mar
7s Jan
No par
22i2 Nov
2l338 Oct
514 Mar
34i2 Apr 30
3338 Feb 18
No par
Deo
Dec
100's Sept
48i2 Deo
2
No par
Gen Ital Edison Elec Corp...
General Mills..
..No par
1314
1078
1558 Feb 11
'
^m
538 Nov
1134 Jan 11
No par
$8 pref class A
Jan
Nov
305s Nov
2
534 Jan
General Foods.
$7 pref class A
115
36'8 Nov
734 Apr 30
Gen'l Gas & Elec A
Conv pref series A.. .No par
MarlO
Mar
8434 Jan
3238 Mar
1184 Mar
738 Mar
5
150
Mar
434 Mar
104i2 Apr 21
Feb
100
Dec
i8 Apr 24
143s Jan
Jan 23
Dec
Deo
3434 Feb
141
Dec
5878 Aug
638
77i2 Feb 8
3558 Feb 4
120 May
8 zl35
Apr 14
75
Feb 20
473s Jan 17
53i2 Feb 29
3H2 Apr 30
6i2 Jan 23
334 Jan 6
12
Jan
6
18U Jan 27
9
Apr 28
12i2 Feb 19
Jan
25i2
1027s
7934
7
3
July
214 Mar
20U Jan
Jan 20
Jan
114
2
127
97
Deo
Sept
Mar
105
1
Aug
25
303s
10912 Apr 30
24is Apr 30
64
4514
Feb
47i2Mar 5
llli2 Apr 21
3834 Feb 17
28i2 Jan
25
19
63
100
General Electric
1618 Mar
28i2 Mar
16
Apr
IO6I4 Mar
13i8 May
84i2 Apr
4438 Nov
8i2 Dec
4i2 Jan
3is Aug
9
2
No par
7% preferred
384 Mar
2
July
78 Feb
Aug
Jan
1Q34 Apr 28
No par
7% cum preferred
General Cigar Inc
216s Nov
Jan
22
No par
Deo
Dec
Apr
Apr
4214 Apr 30
5
General Cable
538 Mar
15
39i2 Deo
125
40
:>
5
No par
Mar
17
115
5
.10
$8 preferred—
4
Mar 25
Apr 8
48
3038May
par
Feb
10i2 Mar
May
2
Apr
15
4H2 Mar 25
25
Apr 3
8
$6 2d pref
No par
Gabriel Co (The) cl A ..No par
Gamewell Co (The)
No par
Dec
13i2 Dec
8684 Nov
1478 Aug
Feb
6
100
Jan
1912
Mar
Mar
May
10
14
Mar
92
i128May
7% pflOO
Co
Mar
97
1
Rights
5512 Nov
7i2 Deo
3
Jan
...
Preferred
Nov
Aug
40^2 Apr 30
84
Federal Water Serv A -No par
Co.No par
...100
8I4
5®4
18i8
5338
155
738 Jan
Gen Amer Trans Corp
387g
2914
43g Jan
Federal Motor Truck..No par
Federal Screw Works. .No par
General Asphalt—
General Baking
2
*25i4
100
5,400
35l2
317g
No par
Federal Mln & Smelt Co.. 100
3,900
38i8
*25
16
4,600
2
30
100
Fajardo Sug Co of Po Rlco_20
Federal Light & Trac
1134
36 5g
*25
100
Preferred.
Fairbanks Morse & Co-No par
2434
39ig
30
Exchange Buffet Corp.No par
25
Fairbanks Co
44
2314
17g
8
1134
9ig
145
4
2434
*149
8ig
15i2Mar
4078 Jan
43t2
38ig
*25
2
1,200
68
353g
2
N8
3U2
1,400
10
145
2
,
70
4^2
*55
2378
37
36l4
38l4 ' 3834
2
1?8
37lg
38i2
2ig
36i4
38 I8
17g
85
5434
6,400
37,200
90
150
Jan 15
7
Apr 24
4Hs conv
340
8i8
97g
23U
*76i2
10
700
38i2
135g
69
Jan
29
Preferred series A
615g
13l2
150
8i2
10
85
5378
145
145
3518
38
*75
5434
150
*838
10
912
3734
13l2
Jan 10
12
5
First National Stores.
38i8
4l2
434
68
5
1,700
6158
458
3
lis* Jan
Deo
55
Feb
Mar
Feb 15
Sept
8I4 Nov
Nov
14t2
19
178 Aug
66
134
50
15i2
4i2
7i8
8i2
684
69i2
1758 Feb 21
2734 Feb 21
6884 Nov
78 Jan
Mar
Apr 13
Eureka Vacuum Cleaner
1,200
38*2
38
-
14
Apr 27
75s Feb 2i
Evans Products Co
6H% preferred
65
*6158
5
*434
120
9I4
914
914
914
9lg
9U
*100i2 105ig *100i2 105ig *100i2 103
44
45
45
4414
44l2
4534
4312
25
245g
2458
2514
2434
2434
253g
12
117g
1178
1178
117g
1134
12ig
*53
*144
62
38
3H2
125
preferred
Second preferred....
Erie & Pittsburgh..
20i4 Jan 27
27
30 V
914
8
812
10
62
*121
16
First
Filene's (Wm) Sons
4134
*62
31
100
1138
*149
125
478
68
11
Erie
38
104
4134
*25
32
30i2
*120
434
13i2
24
1U2
5
68
31
32
*62
32l2
100
100
100
60
5234 Jan
12534 Jan
li8 Mar
78
Fidel Phen Fire Ins N Y2..50
37
*66
•
75
7
Apr 30
Apr 29
2,900
67g
83g
678
678
7i2
83g
7U
77g
37
36
34
34
355S
3578
3612 *35l2
35l2
355g
*10914 114
*10914 114
*10914 114
*10914 114
*10914 114
*10914 114
25
26
25l2 26
257g
26i2
2734
28ig
28l2
26i8
28l4
26l4
*90
105
110
105
106
106
*103
106
107l2 *90
*9258 110
'l
*32
132
'32
I32
'16
116
116
'32
'l 6
'64
1128
*35
6
4
2i2 Jan
20i2 Jan
2858
28U
104
4
Jan
Federated Dept Stores .No par
7
26
4H4
Jan
Jan
900
113
Feb
55
40li
25i2
3912
*2314
1,000
2,200
3
69
134
14 Mar
58 Apr
6
7
48
514 Apr
Mar
5
$5H preferred
No par
$6 preferred!'
No par
Equitable Office Bldg..No par
2312
278
*23
2334
"l'soo
39
7
155s Apr 17
7H2 Apr 13
Preferred
"
5514 Jan
is8 Feb
378 Feb
7i2 Jan 3
4512 Jan 14
Preferred
_
"1,700
9U
878
2334
9,600
20
45l2
41
4012
447gMay 2
i2 Jan 2
li2 Jan 4
62is Jan 31
125
Apr 29
100
Preferred
6% conv preferred
3738
*193g
*9H2
41
40i2
26
*23i2
75l2
1334
3
2938
2878
10278 10334
2912
103
103
4012
40i2
6914
3134
ID4
*9
984
3i2
*3lg
27g
23i2
*111
3758
207g
63
30U
45
407g
20
*13l2
150
2OI4
C>7g
558
44
3712
75l2
3
*130
20
63
7
*
45
40i2
3714
1958
19l2
*9034
1912
IOI4
63
3
3
150
4434
*130
150
14
*584
6i2
234
IOI4
234
3i8
IOI4
4414
par
t Elk Horn Coal Corp. .No par
6% part preferred
50
Endicott-Jobnson Corp
50
900
69
1734
3
$ per share
$5 conv preferred —No par
12
534
I per share
400
63
12
314
t per share
Engineers Public Serv..No par
65
6
Highest
$ per share
800
12
534
63
Battery,.No
Lowest
Par
Elec Storage
Highest
*12534 12618 *12534 126ig
1212 *lll2
12i2 *1134
123g
65
*73l2
100
7S
126
69
578
1,500
7g
2l2
1714
*3
46
*34
*1&8
578
1212
1758
31
46
h
2i2
14
1378
*30
46
*34
12
IH4
17l8
*11
*130
Shares
69
78
534
1U2
1734
$ per share
46
Year 1935
Lowest
*l5g
12534 12534
1212
12I4
70
*73i2
534
$ per share
46ig
Range for Previous
On Basis of 100-sAare Lots
Week
*65
69
*68
63
May 8
46
2l2
STOHTT
OlWvXV
EXCHANGE
the
$ per share
4614
84
*168
VHP TT
lUXVlA
"TVTTTW
JNiliW
Thursday
May 7
Friday
May 6
46'8
s4
Range Since Jan. 1
STOCKS
Sales
CENT
JOT
Saturday
May 9, 1936
Deo
Oct
14i2 Nov
Jan
112
Dec
100i2 Sept
105
Nov
63
16
Mar
3038
121
Dec
Dec
Apr 23
9934
Jan
1638Mar 25
5i2
Feb
14'8
Dec
Feb
113i2
Dec
158 Mar
6i2
Oct
preferred
100
10418 Feb 17
115
Jan
9
Hayes Body Corp
2
458 Apr 30
9
Mar
5
81
Volume
New York Stock Record—Continued—Page 6
142
HIGH AND LOW
SALE PRICES—PER
Sales
SHARE. NOT PER CENT
for
Monday
May 4
$ per share
Wednesday
Thursday
Friday
the
May 6
May 7
May 8
$ per share
$ per share
$ per share
$ per share
115
115
120
*110% 124% *110% 124% *110
*110% 120
*110% 120
120
120
118% 118%
*118% 122
118% 118%
*118% 120% *118% 120%
*151
163
*149*4 163
*151
163
*149% 163
*149S4 163
*14984 163
27
26
26
*2584 27
*25% 26%
26%
2584 27%
27% 27%
*86
89
*129% 137
*74
75%
113% 113%
33% 34%
10%
10%
32% 32%
110
110
*86
89
89
129% 130
*74
76
75%
89
88
*129% 131
130
130
*74
*88
76
*74
76
88%
*74
499
*75
*75
*75
8%
*50%
3%
8%
50%
3%
*9%
10%
*9%
10
14%
1%
19%
*31%
14%
1*4
13%
1%
18%
14%
8
50
1
3%
884
884
50%
3%
499
*40
41
23%
75
mm m
9
3%
*9%
3%
10
14%
1%
15%
1%
20%
—
-
20
1%
51%
51%
3%
*9%
3%
10
15%
1%
20%
3%
9%
14%
15%
1%
,
9%
*31
35
*32
36
*32
35
*32
*63%
64%
647b
*11%
6478
*61
64%
*63
12
*9%
28%
*105
12%
29%
*11
10
14
9%
28*4
28%
112
*130
108
9%
29%
29%
110
108
*130
110
*130
*130
93%
94"
92
93""
9134
"S2~%
10%
*5%
10%
9%
*5%
10%
10%
11%
6
*5%
6
*11%
12%
12%
*4%
12%
*5
*4%
30%
*3
10%
6
6%
80
*152
*2%
5%
44*4
*126
*4%
*2*4
*1%
23
38%
107%
*23
48
15%
53%
12%
*10%
*79
13
584
6%
*4
5%
30%
5
*5
30%
3
3%
10%
10%
3%
*3%
*28
30
165
166%
3034
30%
3%
10%
3%
3%
27% 27%
169% 169%
*44*4
3%
10%
334
*28%
160%
93
*5%
31%
*3%
10%
384
28%
*105
9178
10%
6%
12%
6
13
6%
5%
6%
*5
31%
3%
11%
378
*3
io84
3%
*27%
28%
166
13%
6%
3%
10%
384
29
165
165
6
*5
5%
31%
30
284
10%
*3%
27%
85
85
19%
19%
19
19
27
27%
27%
*187b
*26%
21
27
121% *113
117
85
*80
69
85
69
84
*113
69
70%
117
119
117
70%
987b
19
*117
70%
70%
1178
27%
100
Hershey Chocolate
200
No par
No par
Conv preferred
Holland Furnace
No par
Hollander A Sons (A).
5
2.70Q
100
81%
3
2234
39%
107%
23%
23%
48
48*
*1534
i684
22%
-
600
910
mmmmmm
1,140
900
*53%
13
1034
85%
*18%
*26%
27%
120
7084
*70%
54%
13%
11
International Cement.-No par
Internat Harvester
.No par
100
1,600
1,100
34,800
300
500
200
800
7.200
1,000
600
420
34,200
1,600
170
7078
9084
96
88
*124
125
*124
*
153
*
50
600
125
153
153
90
*86
90
*20%
22
22
*21%
*18
19
18%
36
*20%
18%
19%
*90%
34%
80
*75
19%
91%
35%
79%
18%
1934
*90%
3534
*76%
28
*27%
28
19%
19%
*90%
91%
35%
*75
*27%
*3%
*4
4%
31
30%
21%
21%
21%
21%
*103*4 104% *103% 104%
*4%
5%
*4%
5%
31
90
28
4%
4%
31
31
21
104%
*4%
79% 79%
"79% 79%
79%
*114% 120
*114% 120
*114% 120
19
18%
i8s4
19%
197b
18%
19%
32
32
33
32
31
*29% 31
19
19
18S4
i8% 18%
*18%
18%
2734 28
27% 2784
27%
27»4
2734
90
*87
90
90
88
89%
92%
22
2134 2I84
*20% 2184
217b
2178
19
19
19
*18%
18% 19
187b
19%
197b
20%
19% 20%
19%
20%
*90
96%
91%
*88% 96%
91%
91%
36
35%
36%
36% 37
36%
36%
78
76
*72
79
*72%
78%
75%
28
*27% 27%
27%
*27% 27%
27%
4%
4%
4%
*4%
4%
4%
4%
31
31
31
31
31
31%
32%
21%
21%
21%
21%
21% 21%
21%
103% 10334 *103% 104%
104% 104% 104%
5
5
*5
5%
5%
5%
*5%
*80
70
70
227b
23%
*76
89
*80
82
*69%
22%
*20*4
72%
*70
72%
22%
*70
23%
*16
727b
2278
23%
*20
34
*27
34
*27
22%
*20
23%
*27
34
*19*4
20
*
2234
"19%
19%
1934
*8%
*8%
12%
16%
10%
12%
16%
*8%
127g
16%
10%
13%
16%
97
97
97
97
9%
9%
9
9%
*2%
9%
*91%
15%
*39%
49*4
*7*4
2%
2%
8
2%
9%
91%
15%
38%
49%
7%
26
25%
9%
93
15%
41%
50%
10%
91%
15%
39
18
*95%
9%
2%
934
*90%
15%
39%
51
51
97
35
20%
*8%
1384
*1784
14%
17
10%
1334
18%
*62
7084
X22%
7084
23%
*20
23%
~20~
20%
10%
*
*
35
*8%
13%
1784
9%
2%
10%
2%
2%
10%
91%
10%
91%
96%
40
5178
51
61%
91%
1534
*95
15%
40%
50%
7%
2284
*20
*
23
*8%
*12%
*17
*95
9%
2%
197b
10%
28%
28%
38%
36%
45%
28%
7%
28%
*38%
3434
29
28
28%
27%
90%
15%
3984
52
50
50%
9%
27
*108
114
22% 22%
*146% 147%
14%
*13%
20% 20%
65
24%
*37%
*128%
29%
41%
13
37%
*134
*11%
65
39
39
34
34%
*108
114
22% 22%
146% 146%
14% 14%
20
20%
64%
*63%
*23% 24%
37%
37%
*108
39
114
114
*108
22%
22%
22% 22%
147%
146% 146% *144
16
16
i884
1478
21
♦203s
20% 20%
65
65
05%
63%
2534
24%
25%
25%
•
114
*108
22%
147
22%
147
21
19%
20%
21
65
65
'
*108
22%
147
20%
20%
63%
2378
27%
38%
114
22%
147%
26
20%
64%
24%
24% 25%
24%
37
38
38
37
37
37
38%
37%
37%
*12888 135
135
♦128% 135
*128% 135
*138% 135
*128% 135
30
28% 29%
30%
2984 30%
29%
28% 30
2834 29%
42
41%
4234 $4084 42
41%
4184
41% 41%
40% 4078
13
13
13
13
13
13
13
13%
13%
*12% 13
37
36
37%
37%
37%
37% 37%
37%
37%
37% 37%
*2
2%
*184
2%
2%
1%
1%
2%
1%
*1%
2%
12
12%
12%
12% *10
11% *10
11%
*9%
11%
12%
For footnotes
see
page
3118
No par
No par
International Shoe
International Silver
100
7% preferred
100
Inter Telep A Teleg—No par
Interstate Dept Stores.No par
496
mmmmmm
3,800
1,100
800
2,100
70
600
1,300
10,100
40
35,900
300
200
500
280
4,400
mm
.
.
pf ser B No par
Kansas City Southern
100
100
Preferred
Kaufmann Dept Stores $12.50
Kay ser (J) A Co
5
Kelth-Albee-Orpheum
pf. 100
Kelsey Hayes Wheel conv cl A1
1
Class B
Kelvlnator Corp
.No par
Kendall Co pt pf ser A.No par
Kennecott Copper
No par
10
100
No tar
....100
Kress
(S H) A Co
No par
Kroger Groc A Bak—No par
100
No par
No par
Lambert Co (The)
Lane Bryant
5
Lee Rubber A Tire.
Lehigh Portland Cement-..25
100
50
No par
50
Lily Tulip Cup Corp—No par
77%May
118
4
Jan 11
12%
5778
57b
17%
Apr 17
Jan 15
Feb 19
Jan 23
Feb
6
No par
—..No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
Lorillard (P) Co
7% preferred
100
10
...100
6% preferred
.......100
No par
2,000
Magma Copper—.........10
X Manatl Sugar.
.
100
Preferred
100
Macy (R H) Co Inc...No par
Madison Sq Gard v t e.No par
Jan
338
49
Jan
1% Mar
43
Jan
2*4 Feb
6% Mar
31% Deo
73
Nov
7
Nov
60% Dec
5% Jan
13*4 Dec
45
Feb 19
6% Mar
84 Apr
9% Mar
15
Apr
70
Feb 18
40
Mar
4%
2%
23%
60%
Mar
Mar
May
Mar
121
Nov
Jan
130
July
46% Mar
2% Feb
108
Nov
19*4 Mar 6
3% Feb 19
287b Feb 19
18% Feb 24
13% Apr 17
34% Apr 7
147
Feb 14
114%
1334
778
187S
8%
Feb
Apr
Jan
Jan
Feb
6% Feb
36% Feb
5% Feb
15*4 Mar
578 Mar
41
20
13
18
11
14
14
14
14
4
5% Jan
8
11
Mar 23
89% Apr
160
Apr
7
3
8
Feb 21
54% Feb 19
129% Mar 2
7% Feb 8
4
4
44
Mar 26
111
Feb 10
17%
3%
Oct
Jan
22% Deo
38% Deo
69% Dec
15
Deo
5% Deo
Oct
8%
Oct
Mar
7% Deo
8*4 Mar
23% Sept
4% Jan
2
Oct
1*4
9%
1%
4%
2%
26
Oct
May
May
Mar
July
June
149%
Jan
3% Mar
227b Mar
34% Mar
135
1%
17b
22%
123%
1%
Jan
Mar
June
Jan
July
Mar
% July
%May
Mar 18
3% Feb 10
36% Feb 8
4% Mar
21% Jan
98% Jan
5
Jan
20% Deo
3
Jan
13% Dec
5
Jan
42*4 Jan
190% Deo
8
Nov
367b Nov
65% Nov
154
Dec
4*4 Aug
6% Oct
47% Deo
130% Nov
5
Deo
3%
2%
287b
42*4
Deo
Dee
Deo
110
Dec
Deo
29% Feb 27
53% Feb 21
23% Jan 30
25
67
Jan 30
19% Feb 17
5% Mar
8% May
70% June
6% Mar
24% Oct
90
Aug
16
Nov
14% Mar
123
2
Feb 24
77% Feb
129
5
Dec
42% Mar
36% May
49% Nov
16
July
28
56% Dec
78
Oct
14
Deo
110
Jan
49
Mar
Jan
16% Sept
36
Jan
120% Apr
37
Aug
Feb 21
38% Mar
126% Feb 24
117% Mar
99% Nov
126% Dec
Feb
130
Feb
50
Apr
93
Nov
115%
3*4
6%
7%
Mar
Mar
90% Feb 21
121
Jan
2
26
19U Jan
2
39
13
Jan 27
17
3:2714 Apr 30
80
Jan
7
20% Apr 30
18i2May 4
14% Jan 2
Feb 28
87
28% Jan
Apr
18% Jan
4% Apr
Apr
20% Apr
103% Mar
4% Apr
7
30
7
30
28
28
10
29
747b Feb 26
60
Marl6
22*8
20%
34%
19%
7%
12%
15%
94%
8%
2%
95s
Apr 30
27
28
29
2
29
30,
30
2
30
29
30
90
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Jan
Apr
Aor
Apr
12
Jan
2
387sMay
47% Jan
4
2
7%May
7
25
May 7
Marl6
97
97*4 Mar 13
102% Feb 7
19
Apr 29
No par
I%c
11
22% Deo
130
43
3,900
3,600
1,400
160
581s Jan 18
88 May 7
121*4 Feb 5
34
Mack Trucks Inc
200
82
No par
100
7,580 t Louisiana Oil pref
1,200 Louisville Gas A El A—No par
1,400 Louisville A Nashville.... 100
1
3,800 Ludlum Steel
500 MacAndrewg A Forbes.....10
mmmmmm
6
Apr 30
Jan 6
Jan 9
Apr 30
Jan 30
107
Apr 27
23
Apr 28
47is Jan 2
15
Apr 29
52%May 6
12is Apr 30
10% Apr 30
No par
5% preferred
60
75
49*4 Mar 24
3*4
214
1*8
2012
3714
Dec
Deo
2
125U Feb
Jan
July
30*4
July
8
14812 Jan 23
2*4 Apr 30
412 Jan 2
43i4May 8
118
42
56*8 Jan
Liquid Carbonic
Preferred.
Jan
5*4 Mar
495
3512 Jan
Link Belt Co
Loft Ino
104
81*4
Feb
185% Apr 11
257b Jan 2
37% Apr 29
Loew's
Deo
73% Apr
36% Deo
6% Mar
8
9
2
30
29
2
28
30
Lima Locomot Works ..No par
_
1914 Jan
No par
600
400
5
0i8 Jan 6
6
Apr 23
IH2 Apr 30
3*4 Jan 7
3
Jan 9
91*4 May
73
Kresge (S S) Co
Oct
131
109
Keystone Steel AW Co No par
Kimberly-Clark
No par
Kinney Co
No par
Preferred
90
Feb
30% Mar
Mar
113
Kan City P & L
Jan
Mar
4
33
887g Jan 18
1,200
"3", 900
6
11
71
122
44% Feb 20
2234 Apr 2
29*4 Feb 19
mmmmmm
100
Jan
11U Apr 24
4i8 Jan 2
26*4May 8
108 May 4
June
6% Mar
2
_.
1,600
3,600
58
June
162
1
2
No par
5
3,700 Lehn A Fink Prod Corp.
No par
2,100 Lerner Stores Corp
5,600 Llbbey Owens Ford Gl-No par
1,600 Libby McNeill A Llbby No par
..--5
1,400 Life Savers Corp
400 Liggett A Myers Tobacco. .25
Series B
25
3,500
Preferred
......100
700
2
141
Jan
19% Dec
Apr
Feb
Deo
Jan
142%
6
Apr
Jan
100
.....
1,800
12,400
12
120
127
35% Apr 22
Jan
Joliet & Ch RR Co 7% Ktd 100
Jones A Laugh Steel pref- .100
5% preferred
mmmm
Jan
5
Apr 29
Apr 29
Laclede Gas Lt Co St Louis 100
2,500
1
18*8 Apr 30
31
Apr 30
Feb
4478 Feb 19
15
..No par
.....No par
Preferred
mm
119
Jan 13
1
Preferred.
7% preferred
100 Kresge Dept Stores
8,100
80
27
100
80
"""166
4
6
Jan 27
..1
Jewel Tea Inc......
Johns-Manville
13i2May
Mar
163% Mar 24
35*4 Jan 2
105% Feb 17
135
Apr 17
No par
Preferred..
60
4% conv preferred
4,000 Lehigh Valley RR
1,300 Lehigh Valley Coal-Preferred
2,600
1,200 Lehman Corp (The)
39
39
39
38%
38%
35
35
3534 3534
35%
35% 3584
45
46
46
46% 47%
4638
47%
47%
46%
45%
47%
106
106
*104
106% *105
10678 *105
106% *105% 106% *106
10678
2%
2%
2%
2%
2%
2%
2%
*2%
2%
2%
2%
2%
584
5%
578
5%
5%
5%
5%
5%
5%
5%
5%
578
*40*4 41% *41% 42
41%
41% *41% 4I84 *41% 42
*41% 42
38%
35*4
..100
96%
9%
41
27%
Preferred..
1,500
1,100
25%
28%
No par
13%
177g
2%
9%
90%
15%
3978
15%
Class C
Preferred
23%
35
"19%
8
8
8
7%
7%
*778
734
25
25»4
25%
2538
25%
25%
25% 25%
101
101
*100
104% 103% 103%
101% *100% 102%
IO284 10284 *103
104
105
104% 104
101% 101% 100% 101% 101% 102%
102% 104%
*160% 168
*160% 168
*160% 167
*160% 167
*160% 167
*160% 168
20
20
20
20
20
20
20%
19%
*20% 2034
19%
20%
*25%
7,100
82
10
*
91%
1534
39%
10
*80
13%
17s4
96%
9%
9%
2%
10%
90%
15%
39%
978
2%
82
23%
20
20%
10%
14
*80
82
89
22%
89%
95%
"79"
*76
...100
Island Creek Coal
125
*86
Preferred
Intertype Corp
96
183s
27%
25
Inter Pap A Pow cl A ..No par
Class B
No par
500
*
18%
27%
100
Int Mercantile Marine.No par
Int Nickel of Canada. .No par
300
*123
18%
27%
Preferred
Int Hydro-El Sys cl A
27%
120
48*4 Jan
314 Apr
812 Apr
314 Apr
27i2May
160
Apr
3,000
16,400
85%
19%
153
i884
Prior preferred
141
544
4
14
7
21
30
27
...No par
100
Int Business Machines .No par
Internat Carriers Ltd.
1
133
Apr 28
Apr 22
40
2ia Jan
978 Apr
800
3 per share
470
..No par
No par
International Salt
125
30
Intercont'l Rubber
200
*
18%
29%
tlnterboro Rap Tr v t C..100
Internat Rys of Cent Am. 100
Certificates...
...No par
Preferred
100
5,500 Interlake Iron
1,000 Internat Agrlcul
500
1
Int Printing Ink Corp.No par
Preferred
100
*122
18
Insuranshares Ctfs Ino
600
153
*29
..No par
100
Preferred
300
125
*114% 120
18%
18%
29%
29%
19%
19%
27% 27%
..No par
Ingersoll Rand
107
*122
79
78% "78%
*114% 120
*114% 120
100
Leased lines
;
100
RR Sec ctfs series A...100
Indian Refining
10
5,800
4,600 Industrial Rayon
2
♦
"77%
100
6% pref series A
3
98
78
Preferred
17,000 Hudson Motor Car
..No par
15,500 Hupp Motor Car Corp
10
13,800 Illinois Central
.....100
6
153
"77%
Hudson A Manhattan.... 100
1,600
125
98
5
13
97
98%
Howe Sound Co.
2
3 per share
85
Jan
112
6514 Jan
0*8 Jan
1,900
1,600
...No par
3,700 Inland Steel--..
6,400 Inspiration Cons Copper. .20
44%
Jan
Highest
$ per share
Feb 17
100 Household Fin partlo pf
60
18,500 Houston Oil of Tex v t c new 25
400
10%
9
1914 Jan 13
Lowest
108
22i2May
92%
10%
6%
*122
96%
Class B
75U Apr 28
113
Apr 29
30is Jan 2
No par
_
*
,
Jan 23
Jan 30
*38%
120
70%
84
4,800
109
5%
3078
2512 Apr 30
128
50
478
478
44% 45%
12784 12784
*4
4%
278
*2%
19
*26%
27%
No par
100
150% 150%
85
85
85
21
27%
Hercules Motors
Hercules Powder
118
Apr 30
156% Jan 27
...No par
20
44%
2
Preferred
$7 cum preferred
13
80
3
25
25
100
Hazel-Atlas Glass Co
Helme (G W)
40
63
3%
27%
*160% 165
45
4434 45%
45%
44% 44%
45%
4458 4584
83
82
80% 82%
80%
79%
83%
81%
83%
156% *150% 156
*150% 154% *150% 153% *150% 152
3
3
3
3
3
3%
2%
2%
2%
5
538
5%
5%
*5%
5%
5%
5%
5%
45
46
45%
45%
45% 46%
46%
46%
43%
127% *127
127% 127% 127»4 *127% 128% *127% 128%
4*4
*4%
4%
458
4%
4%
4%
4%
4%
3
3
3
3
3
2%
*2%
*2%
2%
2
2
2
1%
1%
1%
*134
1%
1%
22
24
23
23%
2234
2384
22% 23%
22%
39
39
39%
39% *39%
3934
39%
39%
39%
107
107%
107% 107% 107% 107% 107%
107% 107%
*23
24
25
24
24
*23
*23
24%
24%
48
48% 48%
48% 48%
48% 48%
48% 49
16
1634
*1584
15%
1584
*15%
15%
15%
i684
54
55
53
53%
*53% 54%
5438
52% 55
14
13
13
13%
13%
13%
1378
12%
13%
11
11%
10%
11%
11%
11%
11%
10%
10%
*26%
*68
2684
11%
6
3li%
166
63
*11%
1178
93%
10%
1284
*5%
5%
*32
2%
19»4
3484
*130
6
1284
634
110
15
2
12
110
378
10%
19%
28%
11%
6
3134
3%
11%
37g
2984
168
11%
27
93
92%
xll
13%
19%
*130
*19%
*113
*9
12
10
13
*11%
11%
12%
29%
29%
110% 110%
14
9
51
Highest
$ per share
115 May 8
6,000
14%
64
14
19%
400
Par
40%
mmmm
Year 1935
10Qshare Lot
Lowest
23
498
*3%
2
35
20
On Basis of
O 1 UuH
8,000 Holly Sugar Corp
No par
20
7% pre!
100
200 Homestake Mining.
.100
200 Houdallle-Hershey cl A No par
51
20%
33%
63%
63
*11
22%
*74%
8%
-
3%
9%
15
19%
1%
51%
*74%
884
40%
23%
23%
9%
5284
834
52
50%
41
*40%
75
*461
499
*460
2378
1,300
7534
114%
114% *113
113% 113% *113
114% *113
114% *113
34
33
30%
31%
31% 32%
33% 34
32% 33%
10
10
10%
10%
10%
io84
10%
10%
10%
10%
34
35
33% 34
3484
35%
33%
34%
32% 34
*110
*10584 112% *111% 112% *111% 112% *111% 112%
499
499
*460
474% 474% *460
41
*40
41
41
*40%
41%
23% 23%
23%
22% 23%
24%
100
400
mmmmmm
89%
*130% 131
Range for Previous
Range Since Jan. 1
QTHPir
X Uxvn.
EXCHANGE
Shares
*87
76
89
*129% 131
VTVDTT
Week
$ per share
Tuesday
May 5
STOCKS
AN xii w
JUf
Saturday
May 2
3123
May
4
Apr 21
104% Feb 28
2
Apr 23
3*8 Jan 2
40% Mar 13
109% Jan 30
21% Apr 28
Apr
Apr
6
2
Mar 24
21% Mar 3
33% Feb 25
91% Mar 10
28*8 Jan 2
247b Jan 2
25% Mar 20
13*4 Mar
10
21
43
Jan
23
8
25% Jan 2
110% Feb 10
67b Mar 3
81% Apr 23
77% Jan 3
28
Jan
8
33% Jan 31
47% Jan 31
2634 Feb 6
10% Apr 7
10% Mar 17
23
Mar 24
102% Apr
14% Mar
Jan
2%
Mar
Mar
Oct
Mar
19% Mar
103% Apr
Jan
80
Oct
80
Nov
12
Mar
19% Mar
21% Oct
5
May
8% Mar
10% Mar
6
5
Mar
1% Mar
5% May
67% Mar
Apr 27
Apr 28
Mar 6
6
Jan 29
Jan 16
116% Jan 15
Feb 28
10%
Oct
21% Mar
6% Sept
21
Mar
94% Apr
93*4 Apr
151% Jan
23% Feb
o
15%
Oot
39% Feb
50% Feb
44% Apr
54% Jan
108% Jan
3% Feb
8% Mar
21
13%
17%
24%
31%
Mar
Mar
Mar
Feb
45*
Deo
Apr
May
6
8
165
113
6618 Apr
22% May
0
Jan
Dec
27*4 Nov
2
Feb
115
Nov
42
16%
IOO34
15%
42%
03%
11%
31%
Apr
6%
41
6% Nov
32% Aug
27% Deo
46
Aug
28% Jan
9
Jan
14% Deo
17%
Jan
9
19
6
8
15
11
24
Jan 17
112% Apr 11
26% Jan 27
26
Jan
10% Aug
Feb
151
Apr
Jan
Jan
3% Mar
4
3
Jan
Jan
Oct
Feb 25
Apr 24
Jan 8
7
127%
27*8
40%
8*s
34%
1*8
7%
90%
Jan
84
4
2
28
7
9
30
30
2
6
2
2
22*8 Apr
May
Mar
6
Apr 14
Jan
37
Oct
34
Deo
20% Nov
91*4 Feb 11
May
57% Jan
30
41%
97%
29%
7%
13
Jan
22
31% Nov
28% Nov
18% Jan
96
July
30% Deo
20
142
120% Deo
14% Deo
Mar
Feb
15*4 Jan
Jan 30
May 8
23% Jan 28
102
Feb
1
Mar
1% Mar
11% Jan
3% Aug
1534 Nov
9534 Nov
17% Jan
49% Oct
10% Nov
29% Nov
120
Aug
122
Aug
167% May
28*4 Nov
27% Nov
43
Oct
37% Dec
55% Nov
108*4 Oct
2% Oct
438 Dec
41% July
33
Apr
Deo
107*4 Nov 112
18% Mar
20% Nov
124
Apr 3:149% Dee
15
Deo
4% June
23
10% Mar
Aug
34
64
Deo
35
Feb 19
12*4 Mar
26
Sept
42
Jan 21
37% Nov
46
Feb
130
May
Deo
Nov
Deo
Deo
May
May
77% Apr
9
130% Mar 16
37
Apr
6
49% Mar 4
14% Apr 18
42
Feb 17
3% Feb
17% Feb
7
7
113
Mar
Feb
18% June
30ia Apr
5% Jan
18% Jan
% Feb
4
Jan
30*4
57%
11%
37*4
2%
10
New York Stock Record—Continued—Page 7
3124
HIGH
AND
LOW
SALE
PRICES—PER
May 9, 1936
Range Since Jan. 1
Sales
8TOCKS
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE
May 2
May 4
May 5
May 6
May 7
May 8
Week
$ per share
*8
10
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
NOT PER CENT
SHARE,
Range for Previous
On Basis of 100-share Lots
*32
15
*1818
4is
834
*134
*5%
*21
*32%
*15%
19%
17%
334
8%
4%
878
2
*36
15
*7
*534
*21%
*2%
*38%
147g
8%
2978
3%
41%
15
7
8%
29%
30%
158
158
44
44
10i2
*155
43%
16%
49
9%
*8
8%
387S
*35
387S
16%
18%
16
15%
18
18%
49
16%
*49
4%
8%
4%
834
2
2
25
*2l4
.
*8
41
15
*2
8%
*534
*21%
*2%
26%
3
41
29
29%
*155
44
4378
*4
43
*22
3
*2%
*40
44
110
30
13%
13%
13%
13
117
109% 109%
*110% 110% *110% 110%
30
30
29%
29%
nl3
13%
12%
127g
110% 110%
29%
29%
*114
200
19%
19%
19%
45%
45%
46%
107% *104
107
107
87g
42%
107
107
9%
43%
9%
3678
*32%
43%
44
914
19l2
33%
9%
9
19%
33%
1934
35%
*124i2 125
*124
*35%
36%
44
44
20%
20%
38
37
125
67
67"
68%
108%
108% *108
87g
8%
8%
62%
62%
*6U2
62%
%
%
*5g
34
2
2
*1%
*134
3%
*2%
3%
*2i2
108
87g
62%
8l2
7U
1914
2i2
4l2
2314
9334
38
4%
*3%
1934
20%
7%
7%
19%
2%
4%
1978
2%
4%
23%
*6612
67
U4
1%
2912
I8I4
*11*8
1%
2934
29%
1834
18
12%
*12%
Apr
8
*61%
*1%
3%
200
%
3%
100
3%
19%
800
7%
7%
19%
77g
7%
7%
7%
7%
3,200
2078
2%
4%
23%
93%
39%
20%
2%
4%
23%
21%
234
4%
23%
19%
2078
19%
11,100
20%
2%
2%
4%
23%
93
92
*3%
2%
4%
22%
92
2%
45S
23
733
19%
*2
100
2%
1,600
4%
4%
2,100
21%
22%
1,200
86
91
83%
85%
3,400
40%
38%
40%
38%
39%
47,100
48
*45
48
*45
48
45%
*45%
48
67
*66%
67%
67%
40
1%
30%
18%
*12%
1%
67%
1%
*66%
1%
2934
*65%
1%
30%
45%
67%
13g
1%
1%
8,400
39%
13
15%
13
103
15%
*45
17%
22%
133g
17%
22%
13
13
*934
33%
10%
10%
10%
3378
3234
33%
13%
1078
33%
*
160
127g
1278
47
45%
103
*100
16%
47%
1534
*45
18
1734
23%
11
22%
13%
10%
34%
34
13%
160
1%
30%
18%
*12%
19%
75%
*25%
26
*66
31
19
*12%
75%
25%
*4478
45%
.
13
13
447g
1434
45%
39%
3078
19%
74
4478
*
100
30
30%
3,300
19%
1878
*11%
19%
12%
10,300
125g
12%
31
13
12%
75%
75
76
*71%
75
1,500
420
25%
46%
25
25
*24%
25%
1,000
47
47
*45%
104
1037g *100
15%
16%
15%
12,200
104
16%
47%
18%
23%
13%
•
47
*100
15%
*45
12%
47%
17%
177g
22
22
13%
11%
17%
*20%
13%
400
100
48
*45
13
100
10,100
17%
450
23
2,600
13%
10%
10%
10%
10%
10%
900
34%
33%
34
33%
34%
9,500
160
158
300
160
160
158
"22%
23%
22
2234
112
23%
23%
~23%
5,700
26,600
280
111
111
*150
165
*150
165
*150
165
*150
165
*150
165
*150
142
*141
142
*141
142
141
142
*140
152
*140
130
1,7C0
15,400
100
152
978
*1
%
59
3134
*95
8%
1134
10%
134
%
5934
97g
*1
10
10%
1%
%
%
33%
93%
8%
96%
33%
97%
34%
97%
8%
87g
1134
87g
1178
34%
44%
11%
*33%
34%
46
*43%
44%
*105%
40"
*30
3234
*4
1%
*97
227g
48%
49
31
5
*10%
*128
*30
22%
*34
337g
21%
49%
21%
934
*43%
*105%
97g
35%
3338
23%
9%
35
48
39"
11%
*33%
48%
934
35
61%
33%
61%
37
36
337g
*4
4%
*11
11%
132%
1134
4%
11
*97
98
98
3%
3%
3%
3%
*734
7%
8
*4%
8%
434
*234
3%
*2%
11%
3%
11%
4%
*234
*2%
1034
4%
3
3%
97
3%
8
*98
834
1178
34%
43%
*105%
1%
*1%
1%
%
%
%
600
60%
6134
60
60%
8,400
34%
33%
34%
32%
33%
4,400
99%
95
96
94%
94%
10
9
11%
12,800
33%
23%
35%
33%
35
26%
5078
25
25
23%
23%
49
48%
50%
48
48
4
1134
11%
127% 127%
1%
1%
*96% 98
3%
3%
8%
4%
*4%
*234
434
3
£238
3%
*2%
3%
11%
3
34%
35%
*4
11%
129
1%
*96%
47g
11%
129
1%
98
34
32%
4
*10%
*127
1%
97
63
*60
63
*60
63
*60
*87
89
*87%
89
*87%
89
*87%
*98% 100
*13g
1%
*1%
2378
54%
8%
*103
67g
24%
54%
8%
10534
67g
*9784
2678
*53
27"
5334
*2034
*2%
234
24%
13
13%
50
50%
1%
225
*220
228
*1%
*225
1%
228
*99% 102
*1%
*222
1%
228
100
2,500
9%
800
34
77,400
2,100
4,300
110
4
11%
200
132%
100
1%
4,100
30
97
*13g
*222
2%
3%
3,000
10%
89
160
90
1%
3%
22%
13%
5278
3%
13
3%
25%
13%
52%
64%
*20
For footnotes see page 3118
27g
*20
13
51%
27g
25%
13%
53%
27g
*20
12%
48%
27g
25%
2%
*20
100
150
20,100
800
18,900
•
1,400
310
2%
1,600
10
27,100
14,800
13%
13%
52%
48%
49%
116i8
Oct
85
Nov
150
Dec
58
Jan
105
Jan
»llli4 June
37| Mar
7*8 Nov
70is Mar 24
31
Mar
*8 Mar
138 Feb 10
234 Feb 7
514 Feb 10
0i2 Feb
Feb
84 Apr
1
Mar
68
Nov
84 Nov
2*8 Dec
4
July
7
2% July
57g May
1
July
638 Nov
1014 Dec
3
Jan
1% Mar
8
1084 Mar
23
9434 Nov
4i2
Dec
Nov
Mar
6
55
6
2134 Mar
417g Dec
4078
Dec
7
66
Feb
60
65i2 May
11® May
Feb 25
1778 Mar
4
1
84
4
28
Murphy Co (G C)
No par
4478May
4
47
May
Feb
Dec
103
May
6
Dec
1538 Dec
16U Oct
Sept
13U Mar
1584 Nov
8134 Nov
26i2 Dec
434 Mar
21«8 Nov
5
2234 Mar
9% Aug
33i8
7
5
103
10
14
Apr 30
No par
43
Jan
No par
Nash Motors Co..
Nashv
10i8 Apr 24
20%May 4
12% Apr 30
9% Apr 30
Chatt A St Louis..100
National
Nat
Acme
Aviation
Apr 30
100
5% preferred
Murray Corp of Amer
Myers F & E Bros
.1
No par
Corp
National Biscuit
10
7% cum pref
100
Nat Cash Register
Nat Dairy Prod
No par
7% pref class A
7% pref class B
100
100
No par
t Nat Depart Stores..No par
Nat Distil Prod
No par
Nat Enam A Stamping.No par
National Lead
100
May
3 H8 Apr
153
Jan
2
30
9
21
Apr 30
21
Apr 30
108% Jan 4
107% Jan 6
10
Apr 28
27% Apr 30
2884 Jan 2
Jan
Mar 27
51% Mar 11
2178 Feb 19
30i2 Apr 6
17i2 Feb 19
15*8 Mar 9
3884 Jan
9
162 >4
Jan 24
30
Feb 11
25% Mar
II284 Mar
111
6
2
Feb 28
62
30
Jan
47i2
11
Apr
14
Mar
19i2 Jan
27i2 Jan
14*8 Dec
4i2 Mar
6»4
22%
1411a
13i2
1278
108
Feb
14U
Dec
Apr
36%
158i8
23i2
22i8
113U
Nov
108
Aug
Mar
Mar
Mar
Sept
Sept
zl06
Oct
15% Mar 11
3338 Mar 6
H2 Mar
23ig May
3778 Apr 14
21
May
4*8
Dec
Dec
Dec
Nov
Jan
3412 Nov
32i2 July
2
305
Mar 19
145
Jan
100
164% Apr 14
108
Mar 17
150
Jan
162i2 May
Preferred B
100
13734 Jan 21
143
Mar
121*8
Jan
140i2 July
National Pow & Lt
No par
Nat Rys of Mex 1st 4% pf 100
2d preferred
100
934 Feb 19
7g Jan 8
% Jan 10
478 Mar
143g Aug
Jan
2
197t Jan
7418 Jan
40
Apr
6
6% preferred series A
100
t New Orl Tex A Mex..100
Newport Industries
1
No par
New York Central
No par
N Y Chic & St Louis Co...100
Preferred series A
100
New York Dock
100
Preferred
100
N Y & Harlem
2
6
Apr 15
104i2 Apr
1014 Feb
9
32%
2734
1744
30is
4
7
4
Jan
Jan
Apr
10i2 Apr
Jan
2
N Y Lacka A Western
100
90
Jan 10
t N Y H & Hartford
100
3
Apr 24
4
6
Feb
Feb
Feb
Feb
Mar
Feb
Dec
Dec
2
Mar
4
Mar
112
Mar
%May
7
24
96
Nov
6%
167g
139
II4
99
Dec
Dec
June
Dec
May
2*8
Oct
5*8
Oct
10*8 Aug
2*8 Mar
0i2 Nov
3*4 Deo
218 Nov
16>g Jan
24
24
*8 Mar
% May
13
0i» Mar
Apr 30
5
51
Oct
Mar 17
90
Feb 17
69
June
107
Jan 31
79
May
84 Aug
278 Jan 14
8i2
87
Jan
Jan
92i2 July
102ig Dec
2i2 Dec
100
210
Jan
2
235
5
158
Mar
218
Deo
100
106
Jan
4
108i2 Apr 21
30% Jan 8
50
Apr 16
1034 Mar 19
105i2 Apr 7
12i2 Feb 21
99
Jan
108
June
9
Mar
28
Nov
101
3
86i2 Mar
99
3634 Feb 20
13ig Mar
357g Jan
2514 Dec
52i2 Deo
No par
50
1
.60
Northern Pacific
100
Telegraph ...50
Norwalk Tire A Rub..No par
Preferred
50
No par
Ea
Mar
Deo
19
39
5
5*8 Feb
Dec
Dec
Nov
Mar
83
No Amer Edison pref..No par
No German Lloyd Amer shs__
Oliver Farm
Feb 28
1H2
107g
30i2
29»4
97$ Mar
6
01
North Amer Aviation
Ohio Oil Co
Deo
Oct
3*8 July
43jj Mar
18% Mar
12U Mar
Apr
9312 Apr 23
114 Apr 21
Ad]us 4% pref.
Northwestern
13%
Apr 14
No par
Norfolk A Western
Preferred
77% Aug
118a Jan
4184
Jan
No par
100
100
34 Nov
61U Dec
2U Feb
14%
7i2
5*8
5%
15*8
73i2
ll2 Nov
83»4 Nov
2078 Aug
43i2
35% Feb 21
63% Mar 6
0i2 Mar 4
17U Feb 17
98
Jan
Dec
21% June
42% Apr 13
135
7i2
206
6
3
1
Mar
Jan
6
1
North American Co
Mar
*8% Mar
Jan 24
4
No par
$7 1st preferred
43
36
Jan 17
42% Mar
6
No par
105
Apr 13
8
2
2
2
21
20
Jan
Jan
Jan
N Y Shipbldg Corp part atk..l
117g
1314
3878
59%
Mar
1334 Feb
119
Conv preferred
108
% July
% Mar
40*8 Mar
9
Apr 30
60
N Y Steam $0 pref
Feb 11
1% Feb 11
Jan
100
t N Y Investors Inc
3
75
..No par
N Y Air Brake
1478 Feb 17
5714 Apr 29
No par
Natomas Co
5
25
Preferred
National Tea Co
204
25
National Steel Corp
National Supply of Del
Northern Central
20,400
25%
133g
Nov
Apr 13
7
1 Norfolk Southern
......
228
m
.
2%
22%
1234
*934
75
60% Mar
85
10978 Mar 16
12% Mar 23
Jan
7% preferred
63
100
107
107
107% 107%
107% *105
*107%
25
24%
24%
24%
25%
2538
24%
25%
24%
23%
55
55
54%
55
543g
*5458 5478
*54%
O478
547g
8
8
8%
8%
8%
8%
8%
8%
8%
77g
*103
105%
105% *103
105% *104
1053g *105
105% *103
7
7
7
7
6%
6%
6%
7%
6%
67g
*97%
99%
*9778
99%
*9734
99%
*97%
99%
*97S4
27%
28%
26%
277g
273g
26%
27% 28%
26% 28
*52
53
53
53
53
53
53
53
*52
53%
Feb 20
May
N Y Railways pref
Preferred stamped
*60
225
11
400
97%
97
70
738 Apr 28
87
Oct
247* Sept
21
1
418 Apr 29
2% Jan 7
z2% Jan 17
912 Apr 27
62
684
20% Dec
No par
100
97%
33% Dec
42*8 Dec
8% Mar
No par
Preferred
N Y Ontario A Western...100
86
Deo
Dec
153s Jan
115*8 Dec
14»4 Dec
97% Dec
65% Nov
83g Nov
6034 Oct
9% Mar
Munslngwear Inc
500
10
Nov
IOS4
40
6
Apr
9% Aug
2,100
*2%
131
47i2 Apr 0
13 U2 Mar 30
7i8 Mar
7%
3%
Jan
4
4%
3
Apr
2% Mar
3
77g
4%
27g
10
23
24%
4
8%
9%
22
1734 Mar
8%
4%
Mar
3778Mar
22% Mar
4,600
4%
Jan
3
20% Mar
283s Apr 30
1518 Jan 2
Ilk Apr 30
3%
*2%
Dec
41
% Apr
3N4 Dec
3%
*2%
11
97% Dec
6884 Mar 17
178 Feb 10
3%
*59
99% 100
39
33%
8
5
71
3%
97%
*107%
2,500
*106
9%
7412 Apr
10% Mar
38i2 Dec
8% Apr
85% Mar
00% Jan
84 Jan
41
*30
15U Mar 26
67% Feb
7% Mar
33S4 Nov
90% Jan
578 May
35% June
1478 Dec
1438 Dec
111% Dec
1934 Dec
45% Sept
5934 Feb
No par
10%
Mar
45% Apr
No par
¥9"
Oct
103
Jan
Nelsner Bros
9%
June
784 Feb 11
Newberry Co (J J)
*30
103
a:2838 Apr
100
*106
Feb 17
4
2%May
3?8 Jan
100
63
134
Class B
Oct
Jan
Dec
37%
86%
108
5
Nov
54
55
20i8 Apr 14
44
50
11
Motor Wheel
20
Jan
141} Jan
*43%
24
11
Mother Lode Coalition.No par
Motor Products Corp..No par
32'8
84%
Dec
*33%
36
8
50
5784 Nov
.Jan
4i2
44
35
8
Morris A Essex
Dec
Nov
1734
44
10
11
3378 Nov
156
H4 Mar
Mont Ward A Co Inc..No par
No par
Deo
103s Apr
Morrel (
J) & Co.
Dec
8
20% Jan
83%May
3584 Jan
20
178
10
23s4 Dec
378 Deo
45% Dec
14% Nov
2018 Apr 14
9% Feb 21
37%
35%
3%
284 Mar 27
234 Jan 2
11%
10%
97
100
Jau
Oct
Sept
19i2 Nov
3
May
978 Dec
1712 Jan
5% Jan
*43%
39"
4
100
Conv preferred
2
6
Jan 17
Jan
7
Jan 2
Jan
Jan
*33%
*86
225
900
9
11%
10
4%
t Missouri Pacific
Mohawk Carpet Mills
Monsanto Chem Co
Feb 21
12%
8%
12
*30
11
100
21% Jan
34%
43%
8%
10%
34%
Preferred series A
3:1714 Apr 30
83gMay 4
lli8 Mar 14
3234 Apr 29
9
*59
108
8,300
97g
*1%
*%
1%
*96%
*1%
*215
10
10%
%
61%
10%
*4%
27g
11
40
39"
128% 128% *128% 129
1
1%
1%
1%
1%
*1
*%
31%
12
10%
%
60
*43%
984
1%
60
*33
*30
10%
*%
59
3134
97%
834
*105
*1
100
100
No par
Mo-Kan-Texas RR.l_.No par
534 Jan
107%
01*
57U
%
H2
5%
33
Dec
30
Preferred A.
100
165
*141
7% preferred
4% leased linectfs
Mission Corp
Mulllns Mfg Co class A...7.50
23
23
2334
23%
"23% 23%
23%
23
23%
2338
23%
24%
23%
22%
23%
110
110
110
*109% 110%
110% 111
110%
108
108
108
*108% 111
*108% 111
*108% 111
*108% 111
108%
11
12
12
11
12
11
11
11%
11%
1034
11%
11%
29
29%
287S
29%
2884
287g
29% 30%
28%
297g
28%
28%
*31
33
32
33
32
32%
*30%
32% *31
*30%
32%
*30%
*250
259
258
*245
259
*250
258
259
*250
258%
258% *251
22%
Minn St Paul A SS Marie. 100
3%
15%
2234
t Minneapolis & St Louis..100
1
2
19%
48
111
0% pref series A
No par
Minn Mollne Pow ImplNo par
Preferred
No par
*3%
3%
MIlw El
500
65
12
%
2
10
3
15%
*
*05
2,500
61%
*l«>
9
11,000
8%
*1%
Mar
8%
9%
61%
%
2
88
*68%
69%
*106% 108
8%
65
110
20
127g
160
72"
*106% 108
9%
100
30
10
3578 Mar
3734 Apr 3
5084 Apr 11
1214 Apr 13
31*2 Jan
*0% Jan
Ry & Lt 0% pf.100
Minn-Honeywell Regu.No par
220
_
3
II84 Feb 14
6514 Jan 3i
7
Apr 30
51
Apr 27
8% cum 1st pre!
_
118i2 Jan
No par
No par
.
Jan 31
Apr 23
Midland Steel Prod
128
24
493s Jan 24
Apr 22
Mld-Contlnent Petrol
Jan
7% Apr
Mar 24
5
2384 Mar
6% Apr
19
Merch & Mln Trans Co No par
Mesta Machine Co
5
Mar
June
136
28
108
1
20
6
108
100
Mar
1578 Mar 11
117 May
4
97% Jan 10
7% preferred
1
1214
6018
May
32U Jan
par
100
8,400
3
25%
160
70
*94
9
No
36
20
74
13
72
108
*125
Mar
40
Jan
20%
4%
12%
2134
128
*94
Mar 27
Apr 30
Miami Copper
20%
77g
25%
*21
*3
35%
Jan
Apr 28
Mar 25
4,100
9,300
*3%
1834
17%
20%
*1%
20
37%
128
95
*%
2
20%
4,500
9%
20%
72
17%
1978
60
35%
45
9%
3%
4%
12
46
*62
64%
%
35%
44%
9%
36
20%
38%
35%
46%
9%
110
8
lli2 Apr 29
97% Jan
123s Jan
Mengel Co (The)
20
20%
727g
25%
*45%
17%
87g
1,200
3%
*3%
*70%
25%
*44%
12
*100
9%
7%
35%
Feb 28
13%May
Apr 13
1734
39=8
103iS
8%
3734
3
2112 Feb 28
No par
537g
71i
*493g
1
pref
300
69
20%
39%
66%
94%
717g
77g
53%
*67
45%
10
127% 128%
7*1%
108
7%
*51%
7%
69
6% conv
Mead Corp
5
No par
$6 pref series A
Melville Shoe
4%
37%
*45
48
127
*67
800
1934
91
9334
38%
*45
*%
*15g
438
23%
9334
23%
36%
45
15
5378
36%
46%
36%
66
*3l2
7%
5378
*35%
4434
54
36
*94%
697g
20
*96% 105
68%
20
*108
20
68%
9%
125
105% 105%
*96% 105
14%
14%
97g
*94%
*94l2
15
*105% 107
12%
9%
20%
9%
3,200
12%
107
108
12%
12%
*96% 105
14%
14%
1234
107
100
Conv preferred
$3 conv pref.
McLellan Stores
600
Feb 28
110
Feb 24
12%May
12
McKesson A Robblns
4238
29
No par
Class B
6,300
43%
3012 Feb 19
100
May
No par
2,100
9
42%
4
109
pref called
42%
*103
634 Mar
5
Jan
Mclntyre Porcupine Mines..5
McKeesport Tin Plate.No par
9%
43%
5
103
McGraw-Hill Pub Co..No par
12
12
12%
123g
1134
*98
108
*92% 107% *96% 105
14%
14%
14%
*1412
1434
14%
*105
107
*105
109% *105% 107
69
69
69
*67%
*6634
*66%
*7
7%
7%
*7ls
7%
7%
54
107
5
Mar
50% Apr
IMcCrory Stores Corp new.l
2i2 Oct
334 Mar
12
No par
McCall Corp
5U Apr
38 June
5034 Mar
JOisMar
6
4i2 Mar 18
Feb 13
2
Apr
Apr
13% Mar
3034 Apr
45
400
*18%
Feb
3i8 Mar 19
10% Mar 18
par
16,400
19%
1
0»4 Mar 17
1034 Jan 14
55
20%
44
Mar
6312 Jan
ex-warrs_.No
Prior preferred
1st
10
Mar 17
A or 28
par
No par
4438
45%
457g
106% *102% 107
9
9%
93g
*18%
43%
12
54
210
1,400
10,700
1,600
43
9%
I
1238
13%
118%
*18%
42%
123g
160
23
4
13% Apr 30
No
,
Preferred
~
44
19%
*48
29
49
Preferred
3
10i2 Jan 3
57U Jan 10
23i4 Feb 3
43%May
Maytag Co
43
4314
1537s Jan 17
Preferred
May Department Stores—10
*18
*32*8
100
10
1,000
197g
*52%
2,300
2,300
2978
3
29%
159
__
•1,400
13%
Jan
6I2 Apr 28
2712 Apr 27
No par
Marlin-Rockwell
16%
110
7
Martin-Parry Corp
No par
Mathelson Alkali Wks.lVo par
46%
110
4
2% Jan
3
8*2 Apr 30
Us Jan 7
17%May
Marshall Field & Co—No par
49%
*48
8% Apr 29
Apr 25
14U Apr 30
38
200
49%
*48
$ per share
300
45%
*16%
44%
59
44%
$ per share
3,200
16%
44%
$ per share
6%
49%
12%
*46%
29%
*155
Highest
$ per share
143g
16%
*12U
12
29%
159
1438
6%
Lowest
43%
3
49
110
9
*40
,
Highest
18% Jan 10
2% Jan 6
41
May 5
Ilia Jan 22
*23g
43
100
100
100
preferred
2d preferred
17
110% 110%
2934
29%
42%
3
Preferred
Prior
8%
29
49%
12%
9%
*22
100
*16%
30
42
8%
25
1
(Del). 5
Market Street Ry
*49
110
9
Marine Midland Corp
330
16%
1214
4U2
Maracaibo Oil Explor
7,100
49
30
107
2,800
16%
110
116
25
49
109% 109% *109% 110
116
Manhattan Shirt
100
5% guar
16%
109% 109%
4314
3,400
Mod
49%
109%
*18
t Manhattan Ry 7% guar. 100
178
7
44%
No par
Man del Bros
87g
..5
44
„
4%
14%
29%
_
1%
*5%
*6%
*155
-
8%
7
30
—
Tioo
4%
15%
159
*18
100
_
15%
18%
87g
2
15%
*155
15%
Par
.
l4%
8%
*17g
*5%
25
109
*113
9
41
*6%
29%
*49
12%
12%
*8
*35
16%
18%
9
*40
29%
159
2%
8%
*5%
*21%
*2%
15%
8%
159
4%
2
978
387g
16%
18%
19
4%
8%
41
15%
*6%
7
*8%
*32%
16
19
3%
15%
8%
387g
16
4%
87g
2%
8%
26%
41
*48
*48
8%
*32%
Year 1935
Lou est
new..No
par
2318 Apr 30
5234 Feb 6
65s Jan 6
98
Jan
4%
97i2
24is
6H4
Jan 17
2
Apr
2
7
Jan 2
Jan 16
Jan
6
22i8May 4
12i2 Apr 30
241a jan 6
57
Mar
Mar
Mar 24
4i2Mar
30
6
Jar. 22
17% Jan 15
54%May
5
35i2 Mar
2
Mar
57
Jan
3% Nov
H8 July
x20
Mar
9% Mar
16U Oct
65
73g
102
Dec
Dec
Nov
10% Nov
214
Aug
Jan
32i2 Jan
1414 Dec
27U Dec
Volume
New York Stock Record—Continued—Page 8
142
AND
SALE PRICES—PER
LOW
SHARE, NOT PER CENT
Thursday
Friday
the
Monday
May 4
May 5
May 6
May 7
May 8
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
1734
18%
112
*9%
18%
19%
19%
18%
18%
*110
113%
112
11134 *107
11
10%
10%
10%
10%
25%
25%
26%
25%
25%
25% 26%
133% 133%
133% *133
133%
133% 133% *133
14
15
14%
15%
1478
14%
14%
14%
18%
17%
*10
25
25
2534
*133% 133% *133% 133%
14
14%
14%
13%
*66
75
*66
89%
*46
*47
"
140
*14%
*534
*11
13%
7
*6%
33%
33%
*48
1334
*12
15
123
15%
1234
9%
13
6%
34
17
1334
6%
*6%
7%
15%
15%
48%
2,400
15%
15%
800
*123
125
*123
125
*123
' 125
30
155
*150
155
150
150
*149
154
40
12%
13%
9%
.
934
15
2%
*2%
13%
13%
13%
13%
10
97g
10%
934
10%
9%
10
17
*13%
17
*13%
*27g
3
278
63
64
62%
741$
8%
74
74%
74
3%
41%
6778
9%
9%
23%
3%
4034
*22%
41%
3%
4034
25
8%
6934
9%
*22%
3%
41
26
24%
6%
26
878
8%
6978
69%
934
9%
22%
37g
23%
37g
41%
26%
12
41
17
*13%
3%
6434
74%
884
69%
978
2484
4
41%
26
7%
9%
12%
9
9
12%
12%
2%
7
2534
7%
2%
2%
7%
65%
*61%
71%
74
*71
74
69%
*69%
7334
*37$
6%
70
69%
70
73%
4%
74
74
76
75
6%
434
4%
6%
634
4%
7
6%
36
*34%
36
35%
35%
2834
29%
30%
*38
30%
39%
307g
40%
2934
*39%
40%
40%
*4
40
*33
29%
39%
7%
9
70
•
75%
4%
678
4%
6%
434
6%
35
35
30%
29%
2934
39%
40
40
32
1634
1634
*46
3234
46%
*86%
32%
1634
33
46%
89
*86%
93
9
8%
11%
2%
11%
2%
80
82%
2
2
8O84
81%
*8%
9%
*8%
*65%
86%
42%
7%
*71%
40%
*6%
*75%
12%
*2
46%
*86%
9%
83
42
778
*6%
16%
3384
3434
33%
35
46%
46%
46%
*86
500
10
8
*2
*734
11%
11%
2%
2%
8284
10%
80
12%
2%
34%
38
I84
*33%
*48%
*734
*34%
180
180
«
33%
2,900
10,500
46%
500
16%
91
8%
*734
8%
11%
11%
1134
400
2%
2%
80%
*8%
2%
8534
1,900
9%
77%
43"
4378
778
81
*8%
77%
42%
*67$
91
83%
9%
77%
77%
4378
41%
778
*6%
m-
9%
77%
42%
7%
120
19,300
100
-M
-
-
10
*80
Yi%
11%
11
*48%
7%
*35
75%
178
2%
33%
*48%
2%
33%
75%
1%
*33%
34
*50
75%
8
8
16
9%
38
*8
7%
9%
38
*35
2
*35
7%
38
*180%
*180%
8
68
*14%
75%
641$
8
8%
65
1%
1%
*1334
177$
1%
400
*50
75%
*35
9%
*35
180
8%
*65%
*1%
68
*1334
7%
16
1%
8%
65%
*1%
*1334
8%
68
8%
65
8%
65
10t2Mar 24
48U Mar 24
100
50
Preferred
par
110
Pref called
25i8 Apr 28
64% Jan 3
100
66
Jan
No par
16
Jan 13
24
1234 Apr 30
18
Prior preferred.—
-
Petroleum Corp of Am
Pfelffer Brewing Co
5
No par
Phelps-Dodge Corp
Philadelphia Co 6% pref
$6 preferred
No
25
50
par
J Phila Rapid Tran Co
50
50
7% preferred
Phlla & Read C & I
No par
Phillip Morris & Co Ltd
10
7% preferred
Phillips Petroleum
100
No par
5
Phoenix Hosiery
7%
70%
8%
73%
72
73
70%
77g
71%
31%
1%
33
30%
31
31
31
14
14%
22
22%
1434
1434
6%
2%
17$
*1%
13%
1334
14%
1%
14%
22%
1484
*1%
14%
*22
*22
23
*22
*14%
1434
*14
*5%
*134
5%
5%
6
6
2%
2
2
7%
*7%
3
3
7%
278
2334
2%
7%
278
2%
7%
6
22%
14%
2%
*20
14%
*6
2%
734
27$
7%
3
21
21
*20
1%
8
3
2184
*1%
1334
*20
14%
132
132
132
*131
133
70%
5%
31%
*36
43
*38%
70%
5%
3134
31
43%
43%
40%
*12
40%
23%
113
6
6%
32%
5
40t2 Feb
5
170
100
155
6%
200
*1%
2
600
7%
7%
900
3
2%
2%
3,600
6
31%
133
400
4,300
5
No par
39
No par
100
Preferred
No par
Procter <fc Gamble
55 preferred
400
6% preferred
7% preferred
8% preferred
900
100
200
7,300
38,200
290
800
13,200
70,300
1,700
71%
6%
31%
70%
6
31%
8,200
6%
20,300
31%
2,200
39%
*39
50
*45
50
*45
50
200
*38%
41%
*38%
40
*39
40
1,100
76%
2%
21%
76%
*178
*12%
21%
97
*95
15
178
23%
113
2234
*106
14
22%
98%
23%
112
534
B%
18%
18%
17%
534
I834
18%
578
19%
78%
77
78
77%
77%
81
81
5%
7834
*79%
81
78%
*10S4
*23%
13
*10%
12%
2884
*23%
2834
90
12%
*25
90
84
2%
15
96
97
12%
20%
*95%
23
23
*23
*105
217g
112
6%
*106
534
18%
79%
13
81
*76
2%
12%
*12
20%
98%
23%
*96%
23%
112
6%
80
12%
13%
*11%
13
2884
27
27
*24
2684
90
90
90
80%
80
*1%
21%
584
187S
77%
80%
13%
19%
12%
19%
80%
8O84
100
*106
40
12%
81
2
1434
21
97%
23%
112
No par
534
15" 100
*78%
81
12
12
*24
27%
*90% 100
51%
*60
61
*60
61
*60
61
*60
61
*60
61
13%
*12
1378
*12
1334
*12
13%
*12%
1334
*12%
13«4
29%
*27
28
28
28
28
28
*27
29
3734
38
38%
38%
38%
37%
38%
2934
36%
25%
110
44
44
51
*27
37%
For footnotes see page
3118
2
7
91i2 Apr
2
41% Apr
334 Feb
37%
3734
Jan
2
4i8 Jan
214 Apr 29
18
Apr 30
41
May
8
5
8
9i2 Apr 11
6818 Jan
21
7
Mar
26%June
8
4
6
10~
Deo
55
Oct
1
Mar
23$ Nov
10% Apr
1% Mar
24% Apr
10% Dec
3% Sept
62
Nov
07$ June
25
Nov
1
Mar
13
6% Mar
1% Mar
123$ Nov
57$ Nov
% Feb
43$ June
16%
Jan
% May
4%
Dec
36
Jan 16
0i2 May
20%
Dec
49
Jan
2
122i$ Feb 20
103i2 Feb 21
113i8 Apr 3
107%May 8
1197$ Feb 15
1361$ Jan 27
4884
Jan 15
423$
115
Jari
Jan
203$ Mar
623$ Feb
73
132
Deo
148
Dec
113
July
Jan
7
114
Apr
1
99
Jan
3678 Jan
2
2
48i2Mar
3
29%
Preferred
No par
No par
t Radio-Keith-Orph
Raybestos Manhattan-No par
Reading
50
preferred
preferred
60
50
-
Real Silk Hosiery
Preferred
—
10
100
Reis
1st
Reo Motor Car
-
5
Republic Steel Corp
No par
6% conv preferred
100
6% conv prior pref ser A-100
300 Revere Copper & Brass
5
Class A
10
100
Preferred
-.100
70
2,100
1,100
1,700 Reynolds Metals Co.—No par
200
hYx % conv pref
100
1
800 Reynolds Spring—
8,100 Reynolds (R J) Tob class B.10
Class A
10
10
El & Pow_.
No par
""706 Rltter Dental Mfg
2,500 Roan Antelope Copper Mines.
Rhine Westphalia
Jan
17
Deo
1197$
Dec
91%May 4
934 Apr 30
117i2Mar 27
65
103
Dec
978May
No par
1st
527$
57$ Mar
495$ Mar
54i2 Feb
$3.50 conv 1st pref-No par
2d
Oct
13334 Apr 17
May
par
Preferred B
Dec
1
16% Jan
103
50
-
Nov
4684 NOV
104% Deo
117
112
par
5334 July
121
Mar
Pub Ser El <fc Gas pf 55-No par
100
100
2% Nov
Mar
100
85%
Dec
Mar
Feb 27
No par
23$ Aug
6% Mar
156
No par
4484 Aug
Aug
5% Mar
22% Mar
Apr 14
8% conv preferred
6% preferred
Purity Bakeries
No
Radio Corp of Amer—-No
Nov
76% Jan
127$ Aug
180
Apr
Pure Oil (The)-.
184 Dec
38
Feb
172
128
Pullman Inc
Deo
Nov
10i2 Apr 2
20i2Mar 3
1934 Feb 19
934 Mar 4
33$ Jan 11
12U Feb 6
53$ Jan 16
117«4 Ap
7
39
Apr 29
4
8
2
Jan 17
Jan
Apr
65% Aug
146
30,900
6034
25%
Jan
85i2 Mar
% July
31
100
100
100
(Robt) & Co
No par
preferred
100
—1
13,200 Remington-Rand
600
56 preferred
25
Prior preferred
600
25
Rensselaer & Sar'ga RR Co 100
100
79
51%
45
*43
*83
*108
10
200
18%
51%
26
110
600
79
5%
6O84
*12%
*27%
3584
*2534
400
18
*90%
26
26
26
26%
26%
2534
26%
*25%
110
*108
110
*108
110
109% 109% *108
44
45
46
*43
44
46%
45%
46%
5278
5284
51%
52%
52%
52%
52%
527g
90
*83
*108
500
7034
*43
81
21
1
700
41
*12%
*76%
*178
6
2
2
5% pf (ser of Feb 1 *29). 100
50
12%
Apr
114 Jan
i Pressed Stee Car
Apr 29
May
3
7%May
Pub Ser Corp of N J -—No par
431$
12%
*76%
*17g
*12%
2134
2
4
Jan
6
113s Jan 31
Jan
l%May
„-No par
Class B
130
41
1378
7i2 Apr 30
t Postal Tel & Cable 7% Pf 100
5,300
*42
39%
180
160
Feb
Porto-Ric-Am Tob cl A-No par
*5%
778
*40
"5%
*75
634
32%
39%
3
Mar 25
12
44%
12%
*23
6%
31%
35i2 Apr 28
pf 100
Pond Creek Pocahon.-No par
6%
70%
2
234 July
6
Feb
li2 Jan
Poor & Co class B
43%
12%
*
-
71
Jan 15
500
40%
178
*12%
21%
98%
*23
32
*12%
*76%
2%
*97
*
70%
57g
31%
97
15
21
70%
20%
85
*178
*12%
*37
*42
13%
*76
5%
70%
17
800
•I...
71
2
Jan
14%
133
78% Nov
Feb 21
14
133
July
84
12
Preferred B rets
70
Dec
50
Jan 31
22%
2
133
Deo
10%
2
Plymouth Oil Co
Jan
40
738May
100
Nov
Mar
Feb 21
Preferred
Nov
43$
3
2i2 Feb
37% Jan
Pittsburgh & West Va
100
PittstonCo (The)
No par
10
184 Mar
97$ Jan 10
61
par
Deo
Nov
85
Mar
4938 Apr
7
pref
Deo
July
53% Apr
1334 Mar
14%
3,500
22
1% July
3% July
Deo
19%
28%
45%
85%
43$
5
23%
*20
Mar 13
Feb
14
88
14%
22%
21%
38% Mar
12
14
300
*149
152
149% 149%
*149% 152
*149% 152
*113%
*113%
113% 113% *113%
*113%
*113%
42
41
41
421$
42%
41%
41%
41%
41%
40%
41%
41%
19
1978
19%
20%
19%
1934
19%
18%
18%
18%
1734
19%
105
105
105
105
105
105% 106
105%
105%
105% 106
105%
94
92
92
92
*92
92
92
92
9134
91%
91%
92%
12
12
12
12
12.
1178
9%
11%
1134
11%
1178
1178
10
10%
9%
10%
10%
10%
10%
10%
978
10%
10%
10%
552332552%2 a 55233$55*332
55«3255«37 552%2552%z a55z332 55»32 55**32 55**32
*94
*95
*94
95
94
94
9578
95%
94%
94%
94%
94%
•
720
1%
*149% 152
Mi
820
77g
234
21%
Feb 17
1678 Mar 13
3*8 Jan 13
14%
*1%
23
93
li2 Apr 24
1178 Jan 6
22
May
6
1%
41
42
43
42%
4134
42%
41%
42%
42%
42%
42%
42%
118% 118% 118% 118% *118% 118% *118% 118% ♦118% 118% *118% 118%
39
40
40
40%
39%
3934
40%
40%
3934
3934
39%
39%
107
107
107
107
107
106% 107%
106% 106%
*106% 10678 *106
119
118% 118%
118% 118%
118% 118%
118% 118% *118
*118% 119
*131
6,400
2
♦5%
491$ Jan 11
4
Screw & Bolt--No
Oct
1234 Mar
Deo
1938 May
Dec
3
7%
8
72
11
Nov
Dec
16
1534
33
4
4
34% Nov
6434 Dec
1434
100
25
1%
13% Oct
7% Mar
Jan
Pittsb
54
Mar
6
May
100
43% Aug
Feb
50
Preferred-.
11634 Mar
5% Mar
6% preferred
Pittsburgh United
*1%
Mar 28
Feb
Oct
13
Feb 19
30
1734 Mar
2% Feb
9% Mar
16% Mar
33
Pitts Ft Wayne & Chic
5% Aug
1083s
25
120
6% Aug
7
8
100
July
8484 sept
15% Feb
100
Pittsburgh Coal of Pa
81
734 Apr 29
77i2May 7
38i8 Jan 6
7
Apr 23
72
Plllsbury Flour Mills
184 Nov
*68*8
49
*1334
Jan
Jan
Jan
Apr
Dec
May
35% Mar
100
100
1»4
Jan
Dec
8%
3034 Nov
32% Dec
39% Apr
40U Apr 11
7
3
7
3
2
24
438
15
8
Pitts Term Coal Corp
1534
Jan
Apr
6
Mar
19% Mar
Apr 30
Dec
Sept
Mar
17% Mar
7234 Feb 27
6
12
8534May
100
Preferred
88
Nov
807$
Mar 13
06
Pitts Steel 7% cum
*1%
7%
2
100
*1334
7%
153s
25%
45i2
8H8
314
8i8
170
1%
2
Jan
100
100
3,000
70
134
4
Mar 27
100
8
1534
43
Pere Marquette
66
31
7%
38
20
3
Feb 21
114i2 Jan 9
IIII4 Apr 25
49i2 Feb 17
7i2 Feb 19
3534 Feb 19
5
Apr 20
Apr 27
111
People8GL&C (Chic) —100
8
70
6%
Mar
Deo
18
39
Feb 19
30
100
Peoples Drug Stores—No
*63
31
152
4>2 Jan
2
2834 Jan
28I4 Apr 29
No par
Preferred series A
Pennsylvania
500
38
180
38
*180%
70
*150
2% Mar
Pirelli Co of Italy Am Bhares..
3,500
33%
75%
30
7%
*131% 133
2
Pierce Petroleum..-—-No par
1%
*32%
178
33%
70
21%
Jan
678 Jan 28
1%
33
*50
30
20
79
Apr 30
Pierce Oil Corp pref
70
1%
1334
Feb 21
Mar 13
4
4,500
29
7
73
69
"l3%
*7%
Oct
04t2 Mar 13
1234
9%
Apr
8%
10
12%
*71$
84
47a
278 Mar 17
U8 Jan
Deo
178
14% Sept
21*8 Nov
May
2% Mar
Jan 24
17%
Oct
21
9% Aug
Jan 23
47% Mar 10
26% Apr 22
10
Apr
1
1178 Apr 2
4i8 Jan
73s Jan
Deo
7%
10134 Sept
11
Apr
514
14
Nov
No par
11%
1%
1234 Jan
67
Feb
84 July
64% Feb
57% Apr
Common
8%
*63%
*1%
33%
6% Mar
71% Dec
8
Aug
7
3
28
3% Apr 28
4034May
23
Apr 28
Jan
% June
6
85s Apr 20
17i2 Jan 13
82
160
*33%
Feb
12
87s4 Feb
82
11%
Apr 28
7% Apr 20
ftlar
3%
1034
4% Apr
7412 Apr
97i2 Feb 13
18i2 Jan
Phillips Jones Corp-_-No par
16,900
684 July
No par
Preferred
2,900
111%
2058 Jan
Mar 24
13s Jan
60'4 Apr 25
Corp
Pet Milk
2%
12%
♦180%
160
»
*734
*8%
*70%
*6%
m
*11%
43
7%
*86%
MM.
*86%
2%
81%
Feb 19
Peoria & Eastern
100
8%
11%
83
*9%
*70%
42%
*6%
16%
33%
46%
20
1,300
93
*80
12%
17%
46%
93
8
8%
17
34
81%
117$
167g
46%
11%
*8%
42
17
16%
33%
*46
*11%
17,800
Dec
142% Dec
Feb 10
No par
4,900 Penn-Dlxle Cement
400
35
123
Jan
10
Penney (JC)
Penn Coal & Coke
Jan
13
Penlck & Ford
600
Jan
70
18
1034 Apr 27
1,200
21
2
Patlno Mines & Enterpr No par
Peerless Motor Car..,
3
2,700
Dec
June
100
Pathe Film Corp
Deo
12
1134 Apr 30
2.50
Deo
6
Jan
Feb 27
No par
Dec
53s
Nov
Apr 27
Second preferred
37$
10
Mar
56
130
67
1784 Nov
Mar
150
14
Nov
19
8
5
Dec
129
4
3
Petr & Trans
Dec
55
115% Mar
31*8
Jan
Panhandle Prod & Ret.No par
July
17&8 Sept
92
13% Mar
Jan
678 Jan
26*8 Deo
125
6
118
par
First preferred
70
1
140
Pac Western OH Corp.-No Par
7534
Mar
100
Parmelee Transporta'n.No par
75
Aug
1
3i2 Apr
100
4,100
2,900
634
14
Feb 11
Deo
Nov
11*8 Nov
19
2,200
4,800
6%
11684 *113% 11634
114% 114% *113% 11634
*111
11134
111
111
11134 *111
11134 *111
11134 *111
11134 *111
40
40
39
3S78
38%
40%
39%
39%
38%
39%
39%
39%
5
5
5
5
5
*4%
*4%
*4%
*4%
5%
*4%
*4%
*24
27
*25
28
*25
27
27%
25%
25% *25
28%
*25%
*68
75
*70
78
78
76
*70
76
*68
*70
75% *68
*60
68
*59
*60
*60
*59
64
*59
62
62%
62%
62%
23
23
23
23
*20
*201$ 22%
*19%
*19%
22%
*1934
*19%
13
14
13%
13%
1334
13%
1334
13%
1384
1334
13%
13%
16%
1478 Apr 28
270
8% conv preferred
100
No par
1,700 Parafflne Co Ino
1
27,700 Paramount Pictures Inc
11634 *113
11634 *113
*113
No par
Apr 30
6,000
2%
*1%
No Par
N
Mar
2034
107
39*8 Apr
6678 Feb
Jan 11
Parker Rust Proof Co
2%
*68%
72
Pacific Ltg Corp
Pacific Mills
25
6% preferred
Jan
Mar
Mar
934 Feb 10
Parke Davis & Co
2%
*68
3
1,000
878
73
Jan
No par
1
11%
4
38
8
984 Feb 11
2d preferred
Pacific Gas & Electric
3,000
12,700
2234
80
17
1
8%
6884
4
Park Utah C M
11%
72%
Jan
Park-TUford Inc
12%
6834
2
900
2534
2%
69%
Jan
No par
Pacific Telep & Teleg
Jan
4% Mar
177„ Mar 25
Jan 20
4,500
24%
6%
8%
1134
is4
14
-.10
334
10%
43
1%
5
Jan
312
e%
414
3034
47*8
Pan-Amer
100
2
Feb 19
4
104i2
2
128
2434
25
6%
87S
1134
6%
73%
1,200
Feb 24
Apr 27
114% Mar
25
Pacific Coast
Jan
484 Apr
11% Apr
Mar
Feb
53
7
69%
9%
2434
43
8%
4%
10
*24
1134
Jan
Jan
334
70
42%
7
36
9%
42
834
4
8%
2534
11%
6%
34%
30%
9%
9%
25%
334
7
834
-
64%
8%
69%
47
55,200 Packard Motor Car
3%
65%
3
8%
11%
1%
1%
3,500
17
3
13%
64
8%
67%
13%
13%
934
*13%
278
13
*74
10
*38%
48%
125
*13%
23%
3%
29%
3,500
*121
71%
6%
34
*149
*63
4
3234
15%
*147g
7378
884
*30
70
34
48
-_No par
100
1st preferred
49
4884
64
24%
34
Jan 15
Pacific Amer Fisheries Ino
124
234
70
8
87
210
*9%
2
100
Outlet Co
3234
134i2
2034
9518
2414 Apr 27
31$ July
75
Mai 25
14
Apr 30
1,000
12%
2
2
13
2,500
*11%
6%
33%
1334
Jan
25i8 Mar 30
11512 Feb 24
4
Jan
8
123
6
6
$ per share
100
15
147g
$ per share
17%May
No par
143% 144
534
Highest
5 per share
--No par
Owens-Illlnols Glass Co
14%
Lowest
107
par
Preferred
Otis Steel.
Preferred
14%
534
6%
4834
4834
15%
"
146
145
14%
*12%
*678
33%
50%
149
978
934
*22%
146"
6
Otis Elevator
70
9,600
*115
*115
14%
6,700
149
150
*12%
*13%
234
*56%
7378
8%
49
143
Oppenhelm Coll & Co.-No
76
*48%
50
Omnibus Corp (The) vtcNo par
Preferred A
100
Prior preferred
*70
76
*48%
50
*115
6%
6%
*70
76
*47
W
14%
33%,
48%
15%
100
700
Highest
5 per share
Par
123
123
*149
-
*5%
6%
*14%
-
14%
34
48
4834
*147s
141
*11%
6%
331$
7
—
143
139% 14034
14%
14%
6
6%
1478
*70
50
*115
*115
*138
85
Lowest
11,000
*
10%
Year 1935
Lots
EXCHANGE
Shares
*107
10%
26%
*70
50
*46
50
*115
18%
110
110
10%
*9%
*25%
19
18%
114
*110
934
On Basis of 100 -share
Week
Saturday
May 2
*110
STOCKS
NEW YORK STOCK
Wednesday
Tuesday
Range for Previous
Range Since Jan. 1
Sales
fOT
J VI
HIGH
3125
4
3
83% Jan
2
97i2Mar 21
68% Apr 28
Jan
2
287$ Jan
35i2 Jan
6
5
2478 Mar 20
Feb
1784
Oct
4
Mar
133$
Dec
50% Mar
9
50
Mar
62%
Jan
IO484 Apr
8
8
35% Mar
92
Dec
6
Oct
104
Apr
6
73U Apr 22
9U Feb 19
38% Apr 14
39
Jan
7
37
Jan
4
483$ Feb 24
44i2 Apr 24
41
May 5
97$ Jan
2
1684 Jan 30
3
4
88
178 Apr 28
12%May 7
22
19% Apr 28
70
Jan
851$ Jan 3
22*8 Mar 12
110
Feb 20
Feb 17
Oct
Nov
7
June
9934 Apr 15
2434 Jan 23
69
Aug
21%
114
Apr 15
16i$ Feb 17
Jan 10
120
Jan 23.
2478 Apr 30
Apr 27
117
50
Apr 29
60
Jan
2
1034 Jan
191$ Feb
3
2
32
3
Jan
Nov
2384 Jan 15
Jan 13
Feb 17
72
3
36
27
Aug
18
26% Apr 27
90
Apr 28
105
Dec
11
Mar
95
4
38
Mar
Feb 19
Apr 20
Apr
Apr
3% Apr
20% Apr
1
8I4 Mar 25
2034 Feb 19
10
36
33
30% Dec
43% Jan
43% Nov
8
99
78i4May
1% Mar
10% Mar
2978 Mar
Jan 14
47$ Jan 2
1078 Apr 30
4
8%
384 Jan 14
77
May
June
14% Jan 17
173$ Jan
34
Feb
6
Jan 13
55*4 Apr 14
58% Feb 28
65*8 Feb 10
13% Jan 9
35
MarlO
38i2 Feb 17
Oct
98% June
2% Mar
9
Mar
28% Mar
78% Oct
5% Apr
Apr
75
Apr
13
17% Apr
101
June
12% Mar
43% Mar
55%
11%
5%
217$
Apr
208$
88
Dec
Nov
25% Nov
110
5%
Mar
Dec
203$ NOV
97
Nov
95% Nov
16
37%
Dec
Dec
115
Nov
32
Dec
113% Dec
3H4 Dec
58% Nov
67
Nov
Dec
Mar
13% Mar
20% Dec
Feb
33
Deo
New York Stock Record—Continued—Page 9
3126
HIGH
LOW
AND
SALE PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
Monday
Tuesday
May 2
May 4
$ per share
$ per share
*5538
56
*555s
85
$ per share
56i2
*76
Thursday
May 5
Wednesday
May 6
$ per share
57U
*76
85
*76
*5
6I4
*5
6
*5
23
2314
23
23
*178
35g
*8
35g
3034
31
9
9914
3834
99%
31
31
110
*110
12
68i2
78
*6784
78
2
2
*32l2
3312
*4
412
65i4
78
64l2
3%
3%
*33
r
34
6%<
64
6538
65i4
*3i2
378
*314
6378
63
I8I4
14
1734
1378
18i2
1438
23
23
*62
63
1778
23l4
2234
6
48
*3038
30i2
*45l2
48
48
30%
*46%
15
115%
115L
115
1018
IOI4
25is
434
24l8
26
434
1534
99%
2%
12
69
68l2
69
1212
68I4
78
2i2
3538
78
*2U
66ig
37s
*3%
66i8
37g
6t2
*111% 112
47s
5i8
28
28
4%
*153
159
*153
2514
2514
25
291a
2978
28%
13lg
2112
14
14
22
22
*36
40
812
*6718
*100
0l4
*8i4
30
8l2
6878
105
638
914
30
1678
1714
20
20
*48
50
66
66
*100l2 102
2378
15
128
*9l2
2378
1514
128
10
*534
578
10i2
1034
*24
28
3
28
*37
5
1334
1,800
24
23
23
22%
22%
6%
49%
3134
1,800
5,800
3038
48
3038
*4634
16i2
116
17%
114
11%
263g
25U
434
1034
25%
434
3038
48
47i2
1784
17
116
IH4
159
Ids
2414
1034
2534
434
484
24l2
40
15i8
16%
8ig
17i2
21
50
12734
10
10
512
1034
578
11
45,000
3,600
159
*914
*48
10%
103g
578
IU4
6i8
U5g
28
*24
26
1038
534
103g
6
10%
5%
11
1U2
1034
*23
26
*25
11212
600
500
800
40
49
3,100
100
1,700
25,700
140
66
6638
234
9
26
2,800
3%
112% 112%
2,100
3,000
16,600
27,200
*43
49l2
18
18%
16i2
IH4
80
*1211g 124
31%
438
4l2
1038
103g
2614
8
2U4
2934
173g
1878
1512
16%
1138
80
*78
*41
10%
*76
12312 124
*31
33
438
*10
26ig
25
25
6OI4
5834
60l2
59
5934
2534
*2412
26
25
25
6914
234
6758
25g
69
67%
*2%
68%
234
3,400
*8ig
*4334
9
100
4812
8%
48%
17i2
157g
1914
1634
8%
*4334
17%
16
16%
9
48i2
19ig
17ig
11%
80
12334 124
31
31
47g
412
4%
29
29
734
434
*26i8
7%
21i8
29%
*138
29
*7
*31
11
8
734
80
107s
2H2
29%
*1%
79
2678
*712
*138
1%
7i2
7%
112
712
77s
*634
19
1134
*12112 124
1078
21%
48l2
17
2634
7i2
9
*18%
16l2
1H2
1078
2U4
712
6812
*25g
*8%
*4334
26i2
21
188
778
49l2
25
25g
*684
32l2
5ig
*78
*120
*31
4l2
1U4
11
26i2
7i2
263g
*26
2U2
29i2
U2
734
7i2
*73g
1018
103g
934
10
97g
10
35
*33%
35l2
35
*335g
*33l2
355g
3478
6012
*60
60i2
7
3514
34ig
3434
34%
3514
35
36
35
978
9l2
934
97g
9%
3514
IOI4
10
34i2
34l2
34l2
35
3478
35
6012
*60%
60i2
*60
914
9%
95%
9%
*534
914
9512
9%
*914
*92i2
*60
*95l2
9i8
*534
98
*9512
9is
*2312
2534
*2334
25
*10
10i2
*938
10
2638
2512
2634
914
7l2
55g
27
27
I6I4
165s
104
104
*53
60
*884
6
97
95g
6
512
1612
5734
5834
1134
12
1978
19
958
978
♦6938
69l2
10^8
26i4
2534
6
*50
12
23l2
3178
*9i2
*50
59
8l2
912
6
25h
*50
60
H78
*1918
*10%
*7I8
23i2
3178
6
*23U
*50
5834
538
9ig
95
10434 10478
*27
15
8L
26
95g
714
2534
105g
2638
914
103l2 10312
14%
*514
2658
*9i2
95
914
*9212
6
534
*2712 2834
1634 17
10434 10478
1518
*102i2 103
*6
*24
912
6
534
29l2
1634
1612
10334 10434
15
11
9%
684
978
26%
2834
16
35
2512
978
*24
534
*2634
35
678
60
60
55g
1434
59
123g
195g
20
20%
20
21
1034
1034
77g
8ig
102l2 102l2
538
53g
9
*7%
23
23i2
*32
3378
11
11
1112
8%
1U2
1214
1914
1078
10
6912
8%
23l2
3314
10
69i2
*718
24
3358
10
10
*6934
70
5
458
434
478
434
88
87l2
87i4
87l2 *87
12984 *12618 129
*126lg 129
41
40i2 41%
41l8
41%
%
%
h\
%
%
For footnotes see page
3118.
60
10,800
484
200
100
2,600
7%
7
4,800
13,900
5,700
6,500
34%
35%
10%
10
8,200
*33%
35
300
*33%
34%
6Q%
9434
9%
*534
*23%
10%
25%
27
200
25%
*9%
900
6
534
.
200
10
2,700
200
Preferred
No par
..No par
.1
par
Preferred
No par
$6 cum prior pref
$7 cum prior pref
No par
No par
Stand Investing Corp. .No par
Standard Oil Export pref.. 100
Standard Oil of Calif..No par
of Indiana...25
Standard Oil
Standard Oil of Kansas
Convertible preferred
Stewart-Warner
50
5
Stone & Webster
No par
J Studebaker Corp (The)
Sun Oil
1
14i2 Jan 25
3234 Apr
684 Jan 15
31>4 Mar 30
Jan 16
75
Apr 17
Apr 17
13
Mar
24
Mar
72
Jan 31
463, Nov
13
Apr 28
110
4
Mar
28% Jan
17
Feb
Jan
Feb 20
107i2
20
Jan
160
4% Apr 28
Apr 27
112i2May
7% Feb 29
3484 Mar
23i2 Jan
1234 Apr 27
132
Feb
Mar 26
77s Jan
40%
2,800
%
%
9,900
Feb 20
78
64s4 Jan
101% Mar 18
584 Apr 30
5
Tennessee Corp
5
Texas
Corp (The)
...25
Texas Gulf Sulphur...No par
Texas Pacific Coal & Oil
Texas Pacific Land Trust
Texas & Pacific Ry Co
Thatcher Mfg
10
1
100
pref
934 Mar
314 June
7U Mar
1338 Jan
24i2 Mar 20
5334 Mar 20
7734 Apr 13
8i2 Mar
33U Feb
437, Mar
44
Jan 22
63
Mar 13
99
Mar 12
2134 Apr 27
1438 Apr 19
12078 Jan 10
10
Apr 27
5%
9i2
2434
2684
Apr 30
Jan
Apr 28
Apr 30
2
Feb 26
11178May
37 May
3234 Jan
25
Mat 27
5118 Jan
6
2%May
8i8May
49
Mar
8
7
16i2 Apr 30
14% Jan 2
918 Jan
6
1035a Jan
9
3
pref
Tidewater Assoc Oil
Feb 24
12i2 Sept
129
Feb 24
1225, June
1384
978
1714
36%
397a
384
113%
4758
Mar 17
Feb 17
Jan
Jan
Feb
Jan
Jan
Feb
40% Feb
30
30
27
17
17
24
3
6% Jan
4
Feb
6
12% Mar
5884 Jan
11, Mar
Mar
8
Jan
Jan 28
7i2 Jan
6
9% Apr 27
28
Jan
2
2i2 Mar
2% Apr
60% Mar
115i2 Jan
*11
Apr
145s Feb 19
2978 Apr 20
958 Feb 14
Jan
6
1134 Feb 19
93a Jan 8
IOI4 Mar 11
3912 Apr 7
3884 Feb 3
15% Feb 29
1438Mar
6
Apr 13
44
Jan
62
Jan 15
95
No par
No par
100
No par
10
6% preferred
No par
Truax Traer Coal
No par
Preferred..
Apr 20
8% Jan 18
No par
Under Elliott Fisher Co No par
Preferred
100
Union Bag & Pap Corp .No par
Rights
1238 Mar
5
4
Mar
16% Mar
2884
3%
8%
14
Apr
Jan
Jan
Apr
13% May
50
May
5% Apr
6U8 Jan
2i2 Mar
9% Feb 18
29is Feb 13
2
June
1
16
Mar
3
2
12U Feb 14
32i2Mar 6
5% Jan
133s Mar
478 Jan 21
8i2 Mar 23
3934 Feb 25
19i8 Feb 4
106i2Mar 3
26
Apr 30
6
1005s Jan 3
1434 Jan
52
Jan 20
1218 Jan
56
6
Apr 27
11
Apr 30
1478 Jan 2
10i2 Apr 29
718 Jan 3
93
Jan
6
478 Jan
6
225s Jan 2
3138 Apr 27
100
Feb 28
32i2 Dec
% Apr
1% Apr
6*4 Sept
2
par
No par
6
Jan
Mar
Jan
314
718 Apr 30
City Rap Trans.No par
8
1%
5
177s Oct
3% Mar
15
Sept
25%May
8I4 Jan
24% Jan
10
FilmjCorpNo
1414 Mar
110
Mar
6% Mar
8
4
Apr
40% Mar 18
634 Mar 12
42
31, Mar
36
Apr 16
2 84 Feb 11
6
Oct
3534 Mar
25
6
20
Feb 10
Mar 19
J&D 28
3578 Jan 30
Jan
Jan
Mar
Marl9
3
2
7
8
558 Apr 27
2878 Jan
Mar
78 July
3334
7134
4%
1284
53%
2412
21%
14%
Apr 28
33
6
111
70
Apr 28
Jan
Jan
May
Mar
Mar
Mar
Mar
2734 Mar
Apr 30
Timken Roller Bearing.No par
Transamerica Corp
No par
Ulen & Co
2
Jan
2i2
li2
I84
43,
23
Mar 25
Timken Detroit Axle
Preferred
Jan
934 Apr 30
10134 July
18
9
Preferred
Twin
Jan 11
Nov
3138 Apr 13
59
1
31
Jan 29
2378
3378 Apr 27
.....100
Apr
3634 Jan 25
100
Third Avenue
Mar
2984May
1578 Apr 30
No par
Thermoid Co
July
July
59i2 Apr
3*8 Mar
No par
Preferred
7
42
Feb
109% Feb
No par
conv
The Fair
5i2 July
15
5
Apr 27
Telautograph Corp
105, Mar
12's Apr
67s Jan
Jan
1284 Mar
1134 Feb
Mar 12
Truscon Steel
40%
17
19
21
20
Feb
Feb
Feb
Feb
27
Tri-Continental Corp..No par
400
15U Apr
105, Aug
Superheater Co (The).-No par
Superior Oil..
No par
Jan
95
Apr 27
22i2 Feb 18
91
Class A
Oct
6i2
Jan
124
25
Mar
6
434
60
2
100
203$ Jan
5% Mar
63is Mar
83s Feb
Apr 11
2
7,000
4084
*2
Mar
Jan
Transue & Williams St'l No par
434
86%
Jan
47i2May
19i4 Feb 20
120
Mar
314 Mar
40% Nov
29% Dec
Jan
600
90
Oct
Mar
lij May
40
Apr
Mar
72
Transcon & Western Air Inc.5
5
Jan 16
118
13,100
4,400
87
58
73
100
19%
71
27a
31
No par
Preferred
20th Cen Fox
2034 Mar
657b Jan
Jan
No par
12%
300
Jan
% June
5S Aug
42
65
10
Preferred
19%
1,200
8
55
132
Mar
112
Sterling Products Inc
Sterling Securities cl A .No par
21
934
4%May
19i2 Jan
May
8,000
6,700
134 Apr
Apr
7
Jan 17
34
984 Apr 28
1934 Jan
25
cum
Jan
Mar
7
134 Feb 7
4i2 Feb 7
435s Mar 12
7
Oct
6
22
Mar 31
76
83s Feb
1434 Apr 30
110i2 Jan
10
Standard Oil of New Jersey.25
Starrett Co (The) L S..No par
15%
59%
1,900
h
Standard Brands
Tide Water Oil
60
1,400
40i2
100
...
Thompson-Starrett Co.No par
10
h
1st preferred
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
.1
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Splcer Mfg Co
No par
Conv preferred A
No par
Spiegel-May Stern Co..No par
100
6H% preferred
Square D Co
...No par
5,000
1,300
41
100
Preferred
3,500
484
86%
%
Southern Railway
$3.50
109
7
50i2 Feb
38i2 Jan
25
Thompson (J R)
25
Thompson Prods Inc..No par
300
31% Dec
104®4 Mar
75, Mar
7% Mar
150
Third Nat Investors
100
Apr
Apr
Mar
9
25
100
$3.60
1
6
12
32
100
Southern Calif Edison
Southern Pacific Co
7
10
10134 Mar
414 Feb
20i2 Feb
9
26
7
60%
*834
*92%
9%
Feb 29
Apr
22i2 Mar 26
1684 Apr
20i4
2812
1%
578
34%
9%
934
52
Nov
3
69U Apr
458 Feb
No par
No par
33%
384 Jan
23
126% 126% *12612 12934 *126% 12934
41
So Porto Rico Sugar
Preferred
t Symington Co
*64
32% Apr 27
Superior Steel
34
Apr 23
Jan 20
29% Mar
593s Jan 21
3*8 Apr 17
6284May
Sutherland Paper Co
10
Sweets Co of Amer (The)—.50
9%
5
100
1434
58%
12%
97g
68U
2
1,200
3334
*86l2
Socony Vacuum Oil Co Inc.. 15
Solvay Am Invt Tr pref
*1%
*50
97% Feb 1
23s Apr 30
II84 Apr 28
53% Jan 6
% Jan 2
South Am Gold & Platinum.. 1
15i4
60i2
1234
34
978
100
No par
5%
11% Apr 27
3838 Apr 30
1,000
2,500
67
7% preferred
Swift Internat Ltd
7
114i2Mar 11
163s Jan 13
11
III4
*10%
11%
734
8l4
734
734
104%
10314 10314 *103
5%
5%
53g
53g
*7%
8%
*7ig
83s
24
2334 243g *23%
34
Sloss-Sheff Steel & Iron. .100
Smith (A O) Corp
No par
Snider Packing Corp...No par
Swift & Co
634
113
2
26%
1,700
1514
83g
700
31
10434 10434
60
10312
55g
83g
24
2414
33l2 3378
10
IOI4
70
7012
5%
5ig
87% 87i2
300
220
8,800
1218
*53g
*738
11%
80
122%
16%
59
*103
17,100
30,800
30
123g
538
4,800
*26%
60
8I4
18
Sl6 %
1434
103
600
17
12
538
900
26i4
59
8%
33,200
I6I4
15
103
200
27
26i4
1514
100
200
13g
7i2
7
Preferred
1,500
13g
34%
3514
25
6,800
30%
7
Skelly Oil Co
8%
21
2934
*634
7U
10
21%
30%
1%
*7%
2Ug
3434
60l2
914
7h
21
2934
34
97g
978
4%
11
634
34
5
31
2614
3434
3618
3214
12i4
6I4
•
11
1158
78
33%
10
35%
llig
73g
7ig
35ig
3578
10ig
7U
38%
35%
*23%
78
10
*7I2
67s
37%
*12D2 124
34
6i2
25g
No par
Simms Petroleum
t Stand Gas & El Co..No
25
6778
2%
*8%
*4334
1834
16%
1138
Simmons Co
4,300
3,500
59l2
2534
26
preferred
100
Silver King Coalition Mines
2,000
5938
5834
365g
Conv
5%
11%
27
67
*2l2
*8
11178 11178
39l2
38U
35i2
36i2
No par
10%
39
35U
*23
59
11214
Trading.£2
Stand Coram Tobacco
38i2
35ig
38U
3758
34i2
27
112
2
Jan
Spalding (A G) & Bros-No par
18,900
8
Jan
49
6,400
4
11
6
111
Jan
220
3
112i8 11238 *112
34 June
Jan 21
2734
27%
4
100
40
10
49
IOI4 Mar
19
9,300
50
28
34
22%
*36
82
100
22
15
6
19
19
Mobile & Ohio stk tr ctfs 100
5,700
40,900
10,500
2378
5758Mav
1175s Feb
10i2 Feb
2984 Feb
3% Mar
63gMar
1284 Feb
22i2 Feb
35i2 Jan
100
29%
14%
40
Mar 25
$ per share
2884
3878
20*8
3278
2534
3
9
%
5%
26%
29%
13%
28l2
234
41
300
25%
3
67i8
4%
52,700
13%
112
31
2812
*2i2
*8i4
*86
*153
500
26
3
67i8
*126
50
6ig
*25
8i8
1358
2214
*37i2
159
29lg
2514
5%
25l2
2938
3
25
26is
*153
26%
190
1,300
25
5
5i2
27
2858
*22%
5738
*834
5
26i2
13
3
25l4
34
112
13
2914
59
*60
11158 H158
3
27
*33
*24
28%
25
9%
243g
13l2
3
5858
612
243$
28l4
*22
3334
3434
934
43%
*9%
10%
67
66%
68l2
67U
66%
106
*103% 106
*10312 106
6%
658
6j8
634
6%
8
8I4
8%
814
*8%
32
32
31
31
*30i2
17%
1712
16%
1678
17l2
20 i2
20
20
19%
19%
IOI4
1U2
*24
26
3512
138
*6l2
*738
88
42%
10
68
88
4434
3
3778
2934
68
88
28i4
37
*7I8
67i2
87
30
$ per share
109
434 Jan
4318 Jan
3014 Apr
Shell Transport &
Shell Union Oil
400
122%
44
*55i8
3
34
21
122
Jan 24
No par
Sheaffer (W A) Pen Co .No par
1,800
69i8
1112
35
2618
*48
122
23
2
2
2
18
Sharpe & Dohme
90
102
*1014
57g
1U4
3784
31l2
20%
122
23
1
IDs Jan
20®4 Jan
40
5,600
13,400
3,900
22%May
1% Jan
23g Jan
77b Jan
No par
No par
Conv preferred serA .No par
20,000
1,400
74»4 Apr 28
584 Apr 24
Shattuck (F G)
Sharon Steel Corp
400
68
68
67%
67%
6912
683S
*1007s 10312 *10138 10312 *101% 103%
24
24
24
24
23%
23%
2334
2334
15%
1512
1534
15%
1534
15%
15i8
15%
127%
127U *124
127i2 *124
12712 12734 *124
6778
15U
34
11
8%
*30i2
17ig
31
102
2334
3714
*76
6%
15i8
24
*6
Preferred
Servel Inc..
13,700
*4878
*30%
48
*46%
16%
17%
11514 116
10%
10%
25%
24%
434
434
28i4
*112% 113
16l8
*103
6%
*48
4934
6734
*65
6878
*20
20i2
*1007a 102
*25
*878
106
17
*127
38
10
31
15
24l2
38
8%
914
23%
23l2
638
17
67
2534
315fi
40
*103
31
159
24
*35l2
*834
*6612
614
28
2512
30U
14%
23
14i2
233g
*153
2534
3138
1734
115
434
25
26%
*111
65g
4734
30i2
47i2
26ig
11U2 11U2
5ig
558
28ig
2512
30%
1458
31
20%
*48%
130
19
6i8
Year 1935
Lowest
15% Jan
1
Second Natl Investors
63%
*153
2538
3038
67
*8
100
1858
1312
*llll2 112
558
478
10
6%
334
63
159
6684
*312
143s
28
*93i2 105
378
1912
28
*834
Seaboard Oil Co of Del.No par
63
4734
30i2
Range for Previous
Highest
$ per share
4838 Jan 2
100
Seagrave Corp
No par
Sears, Roebuck & Co..No par
14
634
Preferred
1,900
5%1
1834
48
No par
20~166
33%
14ig
6i2
1
100
Preferred
65%
*4
1934
48
Schulte Retail Stores
64l4
5i2'
633g
6i2
No par
100
100
No par
Schenley Distillers Corp
6
5M% preferred
..100
t Seaboard Air Line—No par
600
14%
23%
25
2412
478
27%
1,000
%
2%
Safeway Stores.
6% preferred
7% preferred
Savage Arms Corp
Scott Paper Co
320
19
10l2
2512
4%
103g
2512
*111% 112
69
*62l2
48
*62
100
655g
*4
64i4
*312
78
*214
3314
14%
14i2
2334
253S
122
122
*122
126l2 *12212 12612 *124
12512
*62
*65%
68i2
*5812 68i2 *55% 68i2
68i2
87
87
88
85
*86
85
*8512 88
44
*43
45
43
*44
45
44% 45
24
2378
2478
2378
*23%
2438
2378
*23%
13
13i2
1312
1314
13%
1312
1314
13l2
24i2
34
1
23g
3514
2l2
1912
*115
115
24
9938
12
900
10,400
1,700
7,000
1,800
6338
*4734
*30l4
*46l4
1578
3038
10%
23%
4%
99l2
2l2
*414
65i8
63g
48
1534
12
14is
23i4
48
15%
210
200
1834
6%
688
638
48
3,500
4334
35
35
31
110i2 110l2
1112
68
5%
30i2
100
10
t St Louis-San Francisco-.100
1st preferred
100
t St Louis South western... 100
pre!
Preferred
*11114 113
4234
6734
*4
9%
12
12
78
214
2,500
1,000
23
4338
997g
2i2
*11
1
3,600
Rutland RR 7%
St Joseph Lead
334
*8i8
*15
3134
110
113
Ruber*dCo(The)cap stkNo par
12
212
1314
214
31
110
113
(N Y shs)
Royal Dutch Co
100
334
238
23
1,300
200
4134
33i2
78
214
*4
315g
no
6734
*7g
214
68i2
*8i8
*15
11212 113
1214
12ig
40
4134
9958 9934
212
2l2
4014
9912
334
912
2I2
*lll2
2l2
13
6378
*1334
4
Par
23%
2%
2278
2i4
37s
9i2
Lowest
6%
*5
23
2i8
23
31l2
no
2278
2i4
39I2
99l2
99l2
*2
68l2
31%
110i2
IIU4 IIU4
12
*1178
3938
2i2
258
12
85
24
*15
110
9934
*2i2
*1058
57%
*7512
7
*8
23
112l2
112l2 *111
12
12
*1178
IIS4
39
*56i2
76
*5
6!4
334
*8
*15
112
3834
37s
9
3058
111
*110
3I2
3%
5714
75
2%
23
Shares
5714
6I4
*8
23
$ per share
57%
2334
2ig
Week
$ per share
Range Since Jan. 1
On Basis of lOO-sAare Lots
EXCHANGE
the
85
57%
*77
6l4
2414
*15
1012
*15
2314
2i8
2i4
*178
312
2i4
5714
85
May 7
Friday
May 8
STOCK
NEW YORK
for
Saturday
May 9, 1936
9U Jan 21
6514 Jan 22
4i2 Apr 28
60
1734
72i2
1434
27%
16i2
12
Jan
2634 Mar
458 Mar
Feb 18
Feb 25
Apr
4
Jan
2
Feb
4
Feb 29
Mar
2
1234 Jan 31
83
84
Feb 19
T07s Feb 18
32% Mar 2
41
Apr
75, Mar
Mar 11
10718 Mar 11
7
l5s Mar
17
Mar
6
85s Jan 20
28-%
478
714
Sis
178
69
358
Mar
Mar
Mar
Mar
Mar
Apr
Oct
3i2 Mar
13
Aug
245,
Oct
2i2June
18
Mar
1 ia June
5384 Mar
3
99
Jan 13
125i2 Apr 23
40i2 Apr 30
38May 8
133
Jan 17
125
Dec
5234 Feb 19
29
May
86
Jan
1
Apr 24
Highest,
New York Stock
Volume 142
HIGH
AND
Saturday
77%
78%
22%
2234
123% 123%
25
May 7
May 8
$ per share
$ per share
$ per share
$ per share
Shares
23%
96
*24%
21%
78%
123
25
96%
24%
22
8034
16%
15%
16%
22%
1634
21
21
22
25%
25%
78%
96
11%
21%
*100
5%
534
40%
4138
11%
21%
—
72%
25%
5%
41%
11%
23%
22%
5%
12%
5%
37
35
35
35
70
70
69%
70%
70%
99
97
*97
1%
16%
13g
*14%
1%
16%
*15
33%
%
*2%
33%
32
32%
516
3%
12%
316
*2%
s16
3%
11%
2684
1334
*12
27
11
27
14
97
14
*94
26%
13%
96
85
161%
*ir
~ii%
1134
46
47
*684
6%
12%
12%
634
12%
*82
84%
8
8%
28%
27
27%
14
14
734
*96
98
83%
161%
11% 11%
47
4834
7
*6%
12%
12%
8
30%
*72%
26
*25%
6
42
-*
15%
14%
5%
*6534
5%
100
33,600
4,400
13
16,400
57S
2,900
23%
500
800
71%
3,800
1478
16,900
300
7%
5%
2,800
60
700
50
156% 156%
95
1%
15%
1%
16
16%
32%
34
3234
33%
5,200
%
s16
*2%
3%
416
*2%
3%
1034
11%
*10
11%
480
2784
1434
27%
27%
*27
27%
14%
15
14
14
1,000
2,200
98
*96
98
98
*96
84
82%
160
160
11%
47%
*160
11%
83%
163
11%
11%
11%
4534
634
634
634
684
1134
83
83%
83
83
8%
27%
65%
9%
8%
29%
2734
6434
6634
90
91
26.300
9,600
*72
74
100
72
*11
*122
5%
72
21
14
14
16
76
76
76
77
*77
*135
145
*135
145
19
18%
12134 12I84 *121%
*121%
"79%
*77
-
-
10
3,300
4,200
35
112
110
41%
100
30
79%
*17
*121%
20
-
-
77
77
*75
145
*135
145
*135
145
3
*2%
3
3
3
3
3
234
3
*2%
3
634
*63g
6%
634
7
634
7
684
7
634
"12%
7%
12%
634
*234
13%
7%
13%
30%
13%
31
*
*
30
116% 116% *116% 117
6%
634
6%
63s
28
28
18%
18%
*10
12
*2%
*54
18
*2%
59%
*53%
58
9%
10
9%
48
1%
8%
*40
23
6%
21
*6%
*80
*80
1%
*1%
3434
3434
*80
81%
*93% 100%
100% 101
*91% 92
*1%
*34%
*80
10%
8%
*19%
9%
22%
*22%
22
*41
1%
6%
6%
1%
1%
17
2
2
5%
75%
5%
76
37
37%
1033a 105
137
2434
*3734
21%
137
2434
39
2134
102
*13
2%
5%
75%
36
37%
102% 106%
2%
6
*135
24%
*3734
21%
69
*55
*70
85
*70
*25%
*86%
27
*55
21
14%
4
*17
*334
7%
*73
4734
2634
59%
90
21%
14%
4%
20
4
8
74%
48%
2634
59%
52
52
*75
95
*15
17
*21
6%
6%
*1%
35%
25%
*80
19%
1438
*4
*17
334
7%
*73%
47%
26%
58%
*24%
*3734
25%
39
69
69
85
*70
26
26%
90
*80
94
110
120
120
780
114
114
40
*91%
120%
878
8%
17
8%
16%
1,800
2%
2%
*14%
2%
6%
5%
2%
534
""666
6
74
77%
7378
75%
19,200
36
37
37%
38%
10434 108% £104% 106
136
25
23
39
*3734
2134
68
136
£135
24%
*24%
*3734
21%
39
217S
69
*
135
24%
2,200
5,300
20,600
50
900
39
21%
69
27
*26
27
90
*85
90
*87
90
*87
21%
434
100
*70"
21%
14%
4%
21%
1434
4%
22%
21%
22%
21
22%
1434
14%
1434
4%
4%
4%
19
19
20%
201.1
4
4%
20%
4%
20%
4
14%
4%
20%
4%
8%
14%
4%
2034
14%
4%
*17%
4%
434
4%
conv
5
No par
15
Western Union Telegraph. 100
Westingh'se Air Brake.No par
Westlnghouse El & Mfg
1st preferred
Jan 24
50
Deo
Apr
638 Nov
Feb 25
18
33%
120
4
Apr 29
Apr 30
3% Jan 24
70
Jan 24
14% Feb 19
67% Feb
2% Feb 29
10% Mar 31
2584 Apr 11
28% Feb 19
29% Jan 2
5
Mar
1% Feb
28% Jan
2% Mar
14% Mar
11
Dec
3
Dec
47
Dec
1038 Dec
52
%
2%
7%
20%
25%
Mar
1%
Mar
6%
Dec
Dec
Jan
Mar
17
Aug
Aug
32
Sept
1
11% Feb
Dec
30%
Deo
4
Mar
Apr
1
Jan
30%
6
Feb 25
234 Jan 13
46% Jan
8238 Feb
Jan
55% Nov
8
Apr 21
84% Oct
91% Dec
99% Nov
98% Apr 23
121
8% Apr 27
Apr 30
Feb 21
116
Mar 23
36
.
92
Nov
Jan
12038
Deo
11434 Dec
10% Dec
1934 Dec
338 Jan
7% Jan
77% Nov
5% Mar
20% Feb 24
7% Mar
1% July
2% Feb
4
72%May 4
34% Jan 13
94% Jan 6
123% Jan 7
2284 Apr 28
36% Jan 14
95
Feb
9% Feb
7
Feb 13
48% Mar
3
20% Mar
18
Mar
122% Feb 10
32% Mar
145% Apr 18
3334 Jan 25
90
Feb
10
Mar
29
Jan
39
Jan
3
Nov
Jan
12% Feb 21
Apr 25
5% Jan
Feb
3
Mar
104%
95
784 Nov
90
3534 Dec
9834 Nov
126
33%
38%
Dec
Deo
Deo
25% Nov
5
18
Jan
35% Sept
50
Jan
90
Mar 24
25
Mar
500
Wheeling Steel Corp...No par
23% Apr 3u
Preferred
17",300
100
White Motor
50
86
May
18% Feb
4
1
3
14%
1,500
White Rk Min Spr ctf.No par
14% Apr 2?
4%
1,400
White
19%
1,100
3% Apr 28
16
Apr 28
2% Jan 7
56%
650
51%
1,400
*70
85
80
70
70
70
1,500
35
3434
3434
500
173a
18%
61,700
1337s 1337fi
240
2,400
19
Feb
34% Feb 21
Jan
Jan
1%
16% Mar
48%
*48
4734
4734
48% 49%
48
48%
487s
52
53%
52%
5184
53%
51% 5278
5084
51%
114% *110% 114% *110% 114% *122% 115% *110% 114
17
17
17
17%
17%
I684
17%
16%
16%
6%
6%
6%
6%
6%
6%
6%
6%
6%
3118.
Aor 17
Apr 17
114
69
Sewing Mach.-No
Conv preferred
No
85
For footnotes see page
Feb 28
Dec
Deo
9% Nov
28% Jan 10
*70
6%
Jan 16
10
534
43s
Jan 14
*52
16
3484 Jan
May
Apr 30
51
49
1
4'8 Mar
26% June
11734 Deo
3% Nov
34
50
114% *110
Mar 11
21
74
18%
May
Wheeling & L Erie Ry Co. 100
6% non-cum preferred-.100
13,000
2,100
135
Nov
83
Westvaco Chlor Prod. .No par
48%
135
60
Weston Elec Instrum't.No par
Class A
...No par
48%
2434
56%
138
33
118
Jan
2
5/
18%
Apr 30
116% Jan
111% Jan
100
27
138
78
100
4878
L38
Feb
Feb 19
85
Western Pacific
56%
*50%
128
Jan
6%May
100
100
Dec
120% Oct
112% Deo
734 Nov
Apr 15
135
Apr
19% Apr 28
Western Maryland
2d preferred
Preferred
37
63% Mar
109% Feb
1
Apr
I84 Mar
123
Feb 20
100
Dec
4% Dec
June
87
100
Deo
63
2
Jan
100
44%
.
15
Mar
6% preferred
Nov
8
72
6% preferred
Nov
7
39% Mar
West Penn Power pref
Jan
33
114
9% Feb
86
9% Apr 30
44
56% Nov
30% Feb
Apr 27
May
34
26
124
Jan
100% Apr
48%
47%
Jan
72%
6
Jan
110
27%
5984
124
85
114
Jan
48%
12134 124
*48
48%
133% Apr 28
96
57
69%
34%
1734
6
91% Jan
27%
19
Dec
2% Mar
17% June
West Penn El class A..No par
Preferred
100
60
35
Feb
1% Jan
34% Apr 30
27%
18%
46
Nov
21 s4
Feb
Wells Fargo & Co
1
Wesson Oil & Snowdrift No par
Conv preferred
No par
58
35
91
Nov
May
Aug
2
19% Apr
11% Apr
11% Feb
2
Apr
July
Nov
4% Aug
May
2% Apr 29
47% Jan
par
Mar
% Mar
63
115% Apr
5%
26%
17%
10%
165
Mar
Mar
100
59
18
30
Jan
Feb
Mar
114
72
Dec
124%
7334
50%
119%
14034
Jan
34
70% Feb
130
Jan 18
1
Dec
6
7
5
$6 preferred
35
4
14
50
27% Feb 19
36% Mar 3
48
24% Mar
9184
62%
27%
73%
119%
14984
May 6
83g Mar 16
4884 Mar 19
Apr 30
May
Dec
9% Sept
16% Sept
9% Mar
6% Mar 2
2% Jan 18
21
1,100
18
5
Nov
165
Jan
NOV
87
73
Sept
11% Dec
17% Jan
2
No par
4,600
8,600
35
143
Nov
96
Jan
Jan
Jan
15
4% Mar
65% Mar
4% Mar
Oct
Mar
Apr 29
No par
8%
4934
Deo
3
163% Mar 20
Convertible pref
Warren Fdy & Pipe
76%
52%
Oct
3938
4
6
1% Jan
4% Jan
15% Jan
76%
52%
72%
70%
3%
20%
Mar
53
Mar 12
Feb
No par
77
52
July
9%
18% Jan 28
15% Feb 11
No
% June
5
11
10% Nov
160%
3%
1%
34%
4% Jan
Oct
Mar
50% Nov
Apr 27
7
Jan
78
Feb
2
Jan 27
Apr
131
115% Jan
Dec
7%
35% Mar
318 Mar
7% Mar
59
9
96% Jan 24
75% Apr 9
72% Apr 9
132% Apr 11
143% Jan 21
No par
77
72%
69%
*34%
2
Jan
$ Warner Quinlan
77
72
Jan
Warren Bros
77
52%
5
9% Jan
100
pref
48
70
Feb 17
Mar
Nov
11%
10
100
25
99
4% Jan
Warner Bros Pictures
75
8
6% Apr 30
100
48
8%
3
20
110% Feb 16
169% Feb 18
14% Feb 21
18% Nov
110
73% Nov
133% Feb *159% Deo
29
73
Nov
Aug
% Oct
2% Jan
938 Oct
1938 Mar
1484 Mar
22% Dec
Jan 23
19% Jan 23
39% Jan 2
4% Feb
10% Mar
734 Mar
No par
75
8
.
No par
Class B
47%
27%
8
Apr
5
Walk (H)Good <fe W Ltd No par
Preferred
No par
Ward Baking class A..No par
75
8
115
100
4734
2634
8
2
Feb
51
69% Jan 10
159% Jan 24
2% Jan
Wilcox Oil & Gas
8%
8
Jan
9234 May
1,266
90
72
6%
90
260
6
8% Jan
39
Feb
100
Preferred
400
92%
100
Webster Elsenlohr
81
80
100
800
102%
May
100 *114% Jan 16
Waukesha Motor Co
98
160
Jan 23
—.100
600
700
98
8
Mar 24
t Wabash
"300
1%
81
4
109
Virginia Ry Co pref
Vulcan Detlnnlng
$3.85
35%
102
Jan
80%May
105
.100
Dec
7%
"60% "Oct
7% Mar 26
5
100
5% preferred
23
27
35
6%
28,166
*1%
81
91
3% July
12% Feb
Jan
Apr 29
25% Apr 28
13
Apr 30
No par
Preferred
*34%
98
8%
*14%
500
1%
103
92%
200
113
3% Mar 24
22% Mar 23
3812 Apr 6
Apr 30
32
No par
600
7
Jan
1% Apr
100
No par
2,000
Mar 23
13% Apr
72
21
*70~
74
51
.
57% Apr 29
Vicks Shr & Pac Ry Co comlOO
Va-Carolina Chem
No par
6H% preferred
t Walworth Co
35%
98
9% Mar
87% Mar
2% Jan
3% Apr
46
Apr
40
Walgreen Co.
30
23%
7%
8
Feb 10
7
Jan
6% Apr 30
5
Apr 30
67'4May 1
5
2,100
18.800
*80
103
Vlck Chemical Inc
Preferred B
6,600
*6%
19% Jan
14% Apr 30
109
Apr 22
17% Apr 29
2884 Jan 16
100 *110% Feb 17
W aldorf System
48
85
*70
17%
7
4
8O84 Apr
1,100
"i',666
21
Feb
47
Preferred A__
1%
*2234
79
68% Jan 3
46% Jan 21
100
Preferred
800
8%
23
1
Dec
5
84% Feb 25
1,100
8%
*19
7% Apr
35%May
Vanadium Corp of Am.No par
Van Raalte Co Inc
5
6% preferred
7% preferred
96
Dec
Nov
Nov
20% Dec
Mar
3
41* Jan
Jan
1
7% 1st pref
65
4
2
Apr 23
24%
734
4534
1334
Apr 15
No par
Preferred
17% Oct
1% Feb
20»4 Mar
884 June
4% Mar
3484 Apr 30
66% Jan 2
Virginia Iron Coal & Coke. 100
70
16% Feb
25% Apr
102
13
10
100
9
85
Va El & Pow $6 pf
*1%
1%
8%
----
*1%
*3434
10%
28
71%
51
684
25
22
*41
2178
*3734
21%
*
934
*27
17
17
136
10%
Jan
Jan 15
35
50
58
*70"
*34%
*110
6%
77%
*55
2%
85
1734
1738
2234
81
2%
13
26%
71%
*34
2%
37
38%
10634 109%
*131
39
21%
17
76%
24%
69
9
*13%
2%
6%
22
70
*69
8%
2%
6%
22
1%
35%
2%
23%
120
119% 11934
*114
11334 114
17
137
8%
*80
*81
81%
98
97%
103% 103%
9134
92%
78%
37%
38%
107
108%
137
7
*80
*10%
48
1%
23%
21%
76
137
1%
21%
97
5%
72%
*41
23
102
*2%
48
13
60
9%
22
81
98
*55
*20
81
81%
58%
10%
8%
1%
34%
102
*2%
22%
*1%
34%
35
2%
*10%
8%
*80
-
11
*20%
*22%
97%
103%
91%
91% 91%
9134
120
120
120
120
11934 120
11334 11334 *11334 114% *11334
9
8%
*8%
8%
8%
834
*14
*94%
*55
48
1%
23
*22%
22
2%
10%
21
8%
22
*42
11
58
1%
834
22%
*19
*22
9%
48
1%
22
*6%
*54
18
2%
9%
*42%
*1%
8%
*19%
116% 116%
7
6%
28
28%
18
18%
12
*10%
2%
2%
28
*10
7%
7%
*234
7%
12%
12%
13%
13%
13%
31
31
30%
30%
*30%
31%
116% 116% *116% 117
*116% 117
6%
7%
7%
634
634
678
29
28
28
28%
2734
2834
*18
18
18
*18
18%
18%
13
30%
11%
2%
28
*2
7%
"13"
31
30
100
145
*135
*2%
*6
*
3,100
40
-
80
*135
4,000
1034 Apr 27
15
93
8
100
Vadsco Sales
17%
9% Feb 17
47% Feb 17
7% Apr 30
16% Jan 2
Utilities Pow & Lt A
37%
6
22% Jan
71
100
Jan
5% Apr 30
40% Apr 29
par
par
100
26%
Nov
8
No par
1,700
20% May
Dec
Dec
Nov
Aug
60
Preferred
20
Jan
July
78
50
U S Steel Corp
Dec
July
118
ll%May
100
Smelting Ref 4 Min
Preferred
7,100
"41%
20
*121%
No
U S Tobacco
*70
*17
-
No
1st preferred
1%
6
10°
v t o
4%
28% Jan
117
Mar
24
111%
90%
26%
3038
1334
Oct
No par
No par
1%
*35
*70
19
.
t c
4%
35
122%
v
v
4
6
Feb
Mar
Jan
5
par
Feb 18
21% Apr
2834 Mar
7534 Nov
Mar
Oct
Mar
Mar
7
7
Feb
Jan
1484
82%
79%
20%
9%
4%
46
2
.No par
44
7
6
Feb 26
111
10
...No par
8
Feb
Mar
Jan 11
'16May
Freight..
88% Apr
28%
138%
97%
31%
32%
79% Apr 14
29% Apr 13
100
Preferred
53s
36
20
t c
U S
2,800
2
Jan
21% Jan
Prior preferred
*162%
177s
34%
13
161* Apr 27
24i4 Mar 18
No par
U S Realty & jmpt
U S Rubber
133%
♦
Jan
50
Class A
5578 152,800
12034 121
Jan
153
U S Leather
400
7
2
2
Jan
ioo
U S Hoff Mach
Corp
U S Industrial Alcohol-No
8%
5,600
287S 102,500
6
5%
5%
5%
5%
5%
5%
5%
"5%
36
36
35%
36
36
36
35% 37%
35%
*133% 1333g
133% 133% *133% 133% *133% 133% *133% 133% *133% 133%
*112% 11334 *112% 11334 *112% II334 *113% 11334 *113% 11334 113
113%
*4%
6%
*4%
6%
6%
5
*4%
*4%
534
4% 1
*4%
4%
5%
35
No par
..No par
Preferred...
1,600
«...
No par
USA Foreign Secur ...No
par
600
11%
5434
l
United Gas Improve
U S
2,300
3
Apr 30
20% Apr 30
Rights
10.600
12%
*126
United Eng & Fdy__
United Fruit
-.100
8%
30%
69%
8%
29%
par
..No par
7% preferred
12
684
Corp
Preferred
No par
United Drug Inc
5
United Dyewood Corp
10
Preferred
100
United Electric Coal___Afo par
20
12%
71% Jan
2078
1081a
9018
22%
Jan 21
U S Gypsum...
84
12%
*82
$ per share
Jan 18
100
47
$ per share
68
2,800
12%
47%
*
$ per share
113
>
U S Dlstrib Corp
Preferred
100
46
49
*6%
416 130,200
8134
80%
163
*160
Highest
$ per share
ioo
United-Carr Fast Corp No
United
Lowest
U S Pipe & Foundry
370
97
1%
Year 1935
Highest
Universal Pictures 1st pref-100
t Universal Pipe & Rad
1
Preferred
ioo
7,100
17%
*93
No par
Preferred
140
95
1%
par
t United Paperboard
100
United Stores class A
No par
Preferred class A
No par
Universal Leaf Tob...No par
70
*58%
Range for Previous
100-share Lots
No par
Preferred.
100
11
83%
82%
8%
31%
71%
93%
5%
35%
5%
59%
59%
156% 156%
No
Preferred
26
*69
v t c__5
Bosch
United Carbon
*658
70
5
Transp
Amer
5,900
*10978 110
7%
No par
United Biscuit..
41%
1434
110
*7
ioo
Corp
United
-
73%
5%
41
66
69
69
6634
65% 70%
68%
89
90
89
91
90%
90%
93%
95%
92%
*71
73
73
*73
75
*72
74
73
*70%
73
55%
56%
54%
56%
55%
57%
5634
5834
58%
55%
12238 122% 121
121
122%
120% 124
121% 123
122%
*125
133% *125
133% *129
133% *130% 133% *131
133%
*162%
*162%
*162%
*162%
*162%
4%
43s
434
4%
4%
4%
4%
434
434
-i%
13s
138
1%
13s
1%
1%
1%
I3g
2%
1%
37
*35
41
37
*35
*35
37%
*35
37%
37%
18
19
19
18%
17%
18%
1734
18%
18%
18%
34%
34%
34%
34%
34%
34
34%
3434
35%
35%
*111
112
112
112
112
113% *111
*111% 112
*110
*40
42
*41
*41
*40%
42% *42
43%
43%
4212
_
-
Preferred
2,200
3%
*96
83%
82%
'J
74"
300
34%
5.6
316
*2%
10%
161
84%
7%
30%
*114
110
1%
14%
12%
*82
26%
534
16
27%
11%
47%
634
45%
34
27%
161%
*26
41%
97
1%
*15%
3334
%
3%
11%
27%
85
*
26%
*25%
■6
4134
97
1%
16
316
96
83%
96%
85
*
Un Air Lines
21
12%
12%
13%
12%
23
23
*23
23%
23%
*100
109
*100
*100% 109
*5
*5
5%
5%
*5%
5%
35
*34
35% 335
35%
35%
71
71
70%
71%
71%
7134
99
3234
11
14,800
16%
*20
23
1%
*2%
21,700
1634
17%
72%
15
15
1434
14%
14%
14%
15%
15%
*10884 10934 *109
10934 109% 109% *109% 110
7
7
*6%
7%
*6%
7%
7%
*634
5%
538
5%
534
5%
5%
5%
534
*6534
6834
*6534
6834
*6534 6834
*6534
6834
58
58
59
59
59
57%
57%
59%
*156% 158
156% 156% *156% 156%
156% 156%
*13s
*1434
22
23%
22
108
*35
*97
21%
Union Tank Car
United Aircraft
26%
26
*25%
534
5
4%
5%
500
*114
74"
73%
41%
12%
12
24%
2134
26
6
22%
24%
ir
42
*100
25
*20
534
*100
-
900
17%
41%
12
22
*25%
74%
26
_
96
22%
*114
72%
Union Carbide & Carb.JVo
par
Union OH California
25
Union Pacific
100
96
1634
*114
72%
25%
5,100
2,100
*24%
"
*114
73%
26
79%
23%
96
'22%
26
12,700
78%
96
25
22
Par
2234
24
12434 12434
96%
*24%
2534
~---
72%
*2434
534
40%
Ranoe Since Jan. 1
Lowest
123% 124%
81
23
24
124% 125
22
x25\
81%
80%
23%
24
12434
96%
24%
22%
17%
Friday
Thursday
3127
On Basis of
Week
96
22
10
EXCHANGE
May 6
26
*114
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
May 4
25
26
Sales
Wednesday
77%
78%
2234
23%
120% 120%
96
*21
Record—Concluded—Page
$ per share
$ per share
25
PRICES—PER
Tuesday
May 5
»
96
SALE
Monday
May 2
21%
15%
LOW
16,100
3,200
par
109% Feb 19
28% Mar
4
17
6
Mar
5% Jan 13
24% Jan 10
5% Mar 30
14% Mar
4612 Jan
6% Mar
12% Oct
1% Mar
6
Jan
1
Mar
50
32%
102%
19%
24%
434
20%
3%
9%
Nov
Nov
Nov
Deo
Jan
Deo
Dec
.5
Wilson & Co Inc
No par
7% Apr 29
11
Jan 14
100
87
Jan 15
10
71% Apr 23
44% Apr 23
100
23% Apr 30
35% Mar 23
1134 Mar
25% Mar
20
Apr
35% Mar
61
7334 Mar
1734 Apr
8234 Apr
35% Nov
Woolworth (F W) Co
Worthington P & W
Preferred A
56
Apr 30
76
Mar 23
47
Jan
4
66
Mar 23
62% Jan
6
106
Mar 11
67% Apr 30
33% Apr 28
884 Jan 3
79
Feb 10
45
Jan 23
Wrlgley (Wm) Jr (Del)-No par
25
Yellow Truck & Coach ol B.10
Preferred..:
100
Spring & Wire.-No
oungstown
S & T
enith Radio Corp
Zonlte Products Corp
5
100
Yale & Towne Mfg Co
oung
563s Feb
par
100
Preferred B
Wright Aeronautical...No
5H preferred
"4" 300
par
May
37% Jan 10
par
No par
100
No par
1
83% Jan 6
44% Jan 21
41% Jan
105
Jan
6
6
11% Jan 28
5% Apr 28
20% Mar 26
3% Apr
Apr
79
51
Jan
65% June
25% Nov
2% June
68
9%
May
5
31% May
96
55
Apr
6
18
Mar
13
Mar
53%
46%
38%
Apr
61% Apr 11
Feb 19
19% Apr
9% Jan
3
4
1% May
2% June
Nov
Nov
51% Nov
138
116
Dec
Nov
58
105
Deo
Deo
Nov
Dec
Dec
Deo
1434 Nov
734 Dec
Brokerage Service
Bond
Complete
WHITNEY & CO.
RICHARD
Members
New
York
Stock
Members
New
York
Curb
BROAD STREET,
15
A. T. & T. Teletype TWX, N. Y. 1-1793
New York Stock Exchange
On Jan. 1 1909 the Exchange method
Bond Record, Friday, Weekly and Yearly
transactions of the week, and when selling outside of the
the range for the year.
week's range, unless they are the only
No account la taken of such sales In oomputlng
shown In a footnote In the week In which they occur.
range are
a
except for income and defaulted bonds.
ofquotino bonds was changed and prices are now "and interest"
NOTICE—Cash and deferred delivery sales are disregarded In the
regular weekly
NEW YORK
9-4600
Telephone BOwllng-Green
3128
Exchange
Exchange
Week's
Friday
Friday
Week Ended May 8
8
jS
sb,
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
Range or
Range
BONDS
Last
Range or
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
Week Ended May 8
Price
Price
Treasury 4s
Dec
Treasury 3*8—June
15 1946-1956 M
15 1943-1947 1
Treasury 3s
Sept
15 1951-1955 M
Treasury 3s
June 15 1946-1948 J
Treasury 3*8—Mar
Treasury 3*s_._June 15 1940-1943 J
Treasury 3*s._.Mar
15 1941-1943 M
Treasury 3*s._.June 15 1946-1949 J
Treasury 3*8..-Dec
15 1949-1952 J
Treasury 3*s
1 1941 F
Aug
15 1944-1946 A
15 1955-1960 M
Treasury 3*s_._Apr
O
O
D
8
D
S
D
D
8
D
D
A
O
15 1942-1947 J
3s
Jan
2*8
Mar
2*s series B__Aug
2*8 series G
1 1939-1949 F
Low
High
No.
226
115 3
♦Chilean Cons Munlc 7s
1960 M S
U*
12*
31
72
105 24108
♦Chinese (Hukuang Ry) 5s
1951 J
51
7
112.24 112.20
112.26
75
111
113.5
111.2
111.13
♦Cologne (City) Germany 6 *8.1950 M 8
Colombia (Republic of)—
♦6s Apr 1 1935 coup on.-Oct 1961 A O
51*
24*
19
19*
19
19*
19*
19*
19*
19*
111.1
110.29
108.4
108.1
High
118.8
45
109
108.4
89
106 17108.12
104.13 104.8
104.16
90
102. 20104.18
104.30 104.25
105.2
295
102. 29105.2
108.16
108.20
17
107 19109
108.26
108.30
13
108
105.25 105.18
105.28
106
105.17
105.24
4
108.26 108.23
108.28
233
107.10 107.7
107.13
103.18
102.8"
102.7
83
109.8
105. 12107.20
102.5
103.13
423
100. 31103.13
102.2
231
101. 7
103.2
103.25
100
102.8
1947 F
♦7s stamped
1937
Cordoba (Prov) Argentina 7s.-1942
Costa Rica (Republic of)—
46
102.20104.15
♦7s Nov 1 1932 coupon on
1951 M N
100.26103.10
♦7s Nov 1 1936 coupon on
89
100.17103.1
A 101.13 101.8
101.20
262
99.16101.29
101.16
122
99.17101.29
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
18M
18*
18*
99M
♦Artloqula (Dept) coll 7s A.-.1945 J
♦External
s
f 7s series B
♦External
s
f 7s series C
1945 J
♦External
s
f 7s series D
1945 J
♦External
s
f 7s 1st serlses
J
9
J
J
8*
8%
J
9
9M
9*
17
10*
8*
10*
3
7*
10*
7*
10
8*
8*
10
8M
f 7s 2d erles..l957 A
O
8*
8*
5
sec s
f 7s 3d series. 1957 A
O
*8*
s
..1959 A
f 6s series A
O
1957 M S
1958 J
1961 F
20
22
100
28
95* 101*
97* 100*
97* 100*
97* 100*
99 M
100*
60
97* 100*
99*
99*
99*
99*
99*
100
100
A
Extl 6s pub wks May 1927.-.1961 M N
Public Works extl 6*s
1962 F A
'"21
100
99*
99 M
99*
100
100
95
97* 100*
100*
22
97* 100*
100
97
99
98
105
105
99*
63
100*
23
QQ
39
97* 100*
97* 100*
97* 100*
99*
94*
1957 M S
105M
105 M
106
1956 M N
Australia 30-year 5s
100
100
100*
133
104* 106
104* 106
98* 101
94*
7
92*
97
26*
32
1955 J
External 5s of 1927
External g 4*s of 1928
Austrian (Govt) s f 7s
1957 J
♦Bavaria (Free State) 6 Ms
J
1945 F
J
A
1949 M S
Belgium 25-yr extl 6 Ms
f 6s
94
1955 J
106*
107
J
1955 J
*27 M
D
105*
55
27
32
107*
105*
19
25*
25*
7
17
19*
12
17*
20
4
17*
92*
88*
20*
99*
97
11
93*
55
1
12
51
63*
44*
55*
70
65*
"56*
56
73
75*
22
29*
29*
29*
29*
31*
49
4
60
73
80 *
29*
50
34*
A
•Sinking fund 5*3—Jan 15 1953
♦Public wks 5*s
June 30 1945
J
D
"33
1
50
53*
194
10*
52*
10*
5
104*
104*
1952 A
O
104*
105
104*
105*
34
100*
101*
49
1942 J
4*s
101
12
O
Denmark 20-year extl 6s
External gold 5*s
g
96*
A
1951
External
20
101
J
J
10
100
95*
1959 M N
6*s
101
100
A
1949 F
100*
S
1949 F
J al05*
1955 F
A
A
O
Apr 15 1962
101*
29
.97*
98
1
23
99* 103
99* 100*
92
96*
100
101
37*
54*
10
13*
100* 105*
100* 105*
104* 106*
100* 102*
99
93*
Deutsche Bk Am part ctf 6s
1932
{♦Stamped extd to Sept 1 1935... M S
Domlnican Rep Cust Ad 5*3—1942 M S
1st ser 5*s of 1926
1940 A O
2d series sink fund 5*s
1940 A
40*
♦Dresden (City) external 78—1945 M N
40*
48*
12
67
71
62*
61*
10
68
3
61*
61*
25
25
1
68*
61*
61*
O
40*
67*
67*
25
1
25
68*
30*
8
61*
41*
64*
70*
10
100
100
D
f 6s of May 1926-— w-1960 M N
External s f 6s (State Ry)...1960 M S
s
Sanitary Works
99*
9
97
100
21
21*
100*
10*.
7*
18*
8
s
a98
17*
98
2
13
External 6s series B
External
9
8
Extlsf 6s of Oct 1925
Extl 6s
15
O
1957
Antwerp (City) external 5s
1958 J
D
Argentine Govt Pub Wks 6s...I960 A O
1959 J D
Extl
11
18M
8*
Argentine 6s of June 1925
External
19
100 M
A
♦External sec
♦External
1945 J
1944 M
External loan 4*s
Czechoslovakia (Rep of) 8s
Sinking fund 8s ser B
100 M
19
11
101.20103.26
100.15102.16
A
O
A
58
73
1951
253
1963 M N
♦Sink fund 6s Apr coup on.__1948
Akershus (Dept) ext 5s
j"3
12*
52
51
46*
High
27*
93
44*
*64*
56*
11*
23*
51
"45*
1957
20
Low
43
19*
97*
97*
97*
93*
A
1937 MN
♦External sink fund 7s
♦Cundinamarca
Foreign Govt. & MunicipalsAgricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupod on. 1947 F
1952 J D
.1953 M N
♦7s stamped
"19*
A
151
228
102.21 102.15
♦Sinking fund 7s of 1926.
1957 F
19"";
J
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
354
I
D
1947 V o
1946 M N
25-year gold 4 *3
♦Cordoba (City) extl s f 7s
102.3
104.14
♦6s July 1 1935 coup on .Jan 1961
♦Colombia Mtge Bank 6*8
103. 19105.25
109.12
Low
Foreign Govt. & Mun. (Con.)
103. 24106.2
108. 5
102.15
1942-1944
Since
No.
102.26
S
Range
Jan. 1
Asked
High
101.10 101.4
1 1942-1947 M
&
117.25
J
Home Owners' Mtge Corp—
3s series A._._May
1 1944-1952 M N
Bid
107.24
S 101.29 101.23
103.3
Treasury 2*s_—Sept 15 1945-1947 M S 103.8
Treasury 2*s.__Sept 15 1948-1951 M S 101.28 101.24
Federal Farm Mortgage Corp—
104.8
3*8
Mar 15 1944-1964 M S
3s.
May 15 1944-1949 M N 102.28 102.22
Treasury 2*8—Mar
Asked
107.20 107.16
Low
15 1947-1952 A
15 1943-1945 A
15 1944-1954 J
Treasury 3*s...Oct
&
117.19 117.19
U. S. Government
Treasury 4*8—-Oct
Bid
8
105* 110
101* 109*
8
109
104M
111*
107*
108
41
105* 109*
S
100*
101*
8
100* 102*
(Germany) s f 6 Ms
1950 A O
♦External sinking fuDd 6s.._ 1958 J D
♦Bogota (City) extl s f 8s
1945 A O
23 M
24*
23*
24*
1
15M
15*
4
9*
9*
35
8*
16*
6*
1
6*
19
6*
9*
32*
25*
25*
26*
31*
27
27*
35*
46
22*
30
43
22
29*
40
21*
26*
*65*
64*
Estonia (Republic of) 7s
Finland (Republic) ext 6s
1967 J
1945 M
External sink fund 6*s
1956 M
7s
—.1949 J
unstamped
D
—
107*
6
10
22
98*
105* 108*
102
104*
1
22
27
15
165
183
/
167
167
182*
31
171
177*
25*
47
24*
24
24
12
24
32*
24
55
176*
24*
25*
176*
171
"167"
175*
170*
33*
28*
25
31*
39*
13
28
34
28
D
22
93
170
.1949
German Prov & Communal Bks
^Cons Agrlc Loan) 6*s
1958 J
Graz (Municipality
11
103*
165
165
171
1949
unstamped.
96*
102*
German Govt International—
♦5*s of 1930 stamped
1965 J D
*5*8 unstamped
.1965
♦German Rep extl 7s stamped..1949 AO
♦7s
78
69
106
107*
♦Frankfort (City of) s f 6*8.-.1953 M N
French Republic 7*s
stamped. 1941 J D
7*s unstamped
1941
External 7s stamped
94*
96
34*
35*
2
165* 172*
32
35*
29*
29
45*
9*
6*
♦El Salvador
(Republic) 8s A—1948
♦Certificates of deposit.
s
External 30-year s f 7s
Stabilization loan 7s
Bergen (Norway) ext
1956 M N al07*
1960 M
s f 5s
♦Berlin
♦Bolivia (Republic of) extl 8s. .1947 M N
♦External secured 7s
1958 J
J
♦External sinking fund 7S--.1969 M S
9*
♦Brazil (U S of) external 8s
1941 J D
♦External s f 6Ms of 1926...1957 A O
♦External s f 6 Ms of 1927—1957 A O
32
♦7s (Central Ry)
♦{Bremen (State of) extl 7s
Brisbane (City) s f 5s
Sinking fund gold 5s
20-year s f 6s
1952 J D
1935 M S
26*
1957 M
S
99*
25
Budapest (City of)—
♦6s July 1 1935 coupon on.-.1962 J
Buenos Aires (City) 6 Ms B-2..1955 J
D
J
30 M
1960 A
O
"98"
1960 A
O
External
s
ser
f 6s
C-2
ser
C-3
♦Buenos Aires (Prov) extl 6s.
♦6s stamped
♦External
f
s
Extl
s
(Kingdom
100
95
100
"63 *
A
♦Carlsbad (City) s f 8s
1954 J
J
♦Cauca Val (Dept) Colom 7 Ms. 1946 A O
♦Cent Agrlc Bank (Ger) 7s
1950 M S
t*Farm Loan s f 6s__July 15 1960 J J
♦Farm Loan
s
♦Farm Loan 6s
f 6s. .Oct
ser
A Apr
15 1960 A
O
16 1938 A
62
~4o"
14*
64*
71
__
♦Ry ref ext
s
f 6s.
Jan
1961 J
J
♦Ext sinking fund 6s._-Sept 1961 M S
♦External sinking fund 6s
1962 M S
♦External sinking fund 6s—1963 M N
♦Chile Mtge Bank 6 Ms
1957 J D
39 M
14*
14M
10*
38
45
80
1947 M
Italian Public
J
Utility extl 7s.-.1952 J
Japanese Govt 30-yr s f 6*8—.1354 F A
Extl sinking fund 5*s._
1965 M N
Jugoslavia State Mtge Bank—
57*
64*
1
61*
61*
♦Leipzig (Germany)
21
39*
43
Lower Austria (Province of)—
♦7*s June 1 1935 coup on...1950 J
D
14*
15
~16
63
68*
63
60*
64
96*
95*
96*
75
83*
82*
83*
75
30*
32
25
32*
27
27
27
31*
48
76*
51*
64*
91* 100
78
89*
100* 101
♦Mexican Irrlg assenting 4*s..l943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
99
28
96*
93
94* 101*
38* 45
36
29*
30*
27
34*
33
34*
9
12*
♦Assenting 5s of 1899
1954 J
1945 Q
J
8*
♦48 of 1904
8*
26
7*
10*
6*
10*
7*
10*
12*
1954 J
9*
6*
11
8*
"8*
6*
9*
8*
8
4*
4*
6*
"22
D
28*
37
15
14
16
12*
5*
7*
D
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910 large—
♦Assenting 4s of 1910 small
*8*
8*
*3*
♦Assenting 5s large
♦Assenting 5s small
♦{Treas 6s of '13 assent (large) '33 J
J
♦{Small
Milan (City, Italy) extl 6*8—1952 A
*5*
7*
7*
9*
Mlnas Geraes (State of, Brazil)—
16
9
14M
14*
14M
13*
15*
14 M
14*
14*
58
14M
37
14
15*
14M
14M
14 M
14*
51
13*
14 M
14 M
14*
14*
10
14
15*
15*
15*
14*
12*
14*
12
12*
13*
5
12*
13*
12*
12*
10
12*
23
12*
15*
13*
13*
13*
11
12
13*
12*
12*
97
67*
113* 116
*4*
♦Medellln (Colombia) 6*s
16*
37*
12*
92*
64
A
16
13*
9*
105* 109
111* 115
27*
O
1947 F
13
31*
1962 M N
f 7s
13
5
1961 A
s
1
2
2
♦Guar
*87
60*
83*
♦7s with all unmat
coup—1957 AO
17
31
12*
190
D
61*
40*
62
32*
9
16
120
76*
62
32 M
"Tm
42*
72
"75*
S
59*
"~8
98*
100*
*38*
14 M
B
58
65*
98*
101*
43*
9*
101M
14M
ser
13
53
"29*
7s
41*
*112*
a41*
1960 M N
19
42
32M
sec s f
f 5s
101
113*
98 M
External
s
61*
10*
108*
12M
32*
25*
26
61*
112*
D
f 68
"27"
55*
107
1961 J
s
*1.1—
"l5
113
♦Sink fund 6Mb of 1926
♦Guar s f 6s
For footnotes see page 3133.
30
20*
25*
24*
63*~
108
O
♦Chile (Rep)—Extlsf 7s
1942 M N
♦External sinking fund 6s.
1960 A O
♦Ext sinking fund 6s
Feb 1961 F A
20
20*
62
62
61M
J
21
20*
33
30
1961 1
20
J
98
55
26*
24*
104* 110
106
J
97*
"63* "91
105*
97
19
1945
coup on
Italy (Kingdom of) extl 7s
I60I J D
Italian Cred Consortium 7s A-.1937 M S
/
60*
105*
,
114* 118*
28* 34*
25* 36
26
29*
23* 28*
♦7s unmatured coupon on.—1946
♦7*s unmatured
♦Hungarian Land M Inst 7 *s. 1961 M N
♦Sinking fuDd 7*s ser B
1961 M N
Hungary (Kingdom of)—
♦7*s February coupon on
1944 F A
Irish Free State extl
of)—
—Aug 15 1945 F
O
93
58*
1952 M N
A
30*
*72
1975
6s
25
95
60
J
24
106
104* 108
93*
22*
95
*16
7
79
28*
94*
*20
8
70
95
J
4
*72
36
30*
O
98
38*
36
*28*
A
J
99
99*
100*
98*
92*
60
O
30*
101* 104
263
*34*
A
98
61M
♦Sink fund 7s July coup off_.1967 J
(Republic) s f 6s ser A—.1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7*s '50
Helslngfors (City) ext 6*s
1960
Hungarian Cons Municipal Loan—
105*
104*
*26*
30*
61
J
35*
95
Haiti
99
110
all5* all6*
105*
—1968
5
8
1984 J
30*
~~6
♦6s part paid
99*
A
1976 A O
21*
103*
1976 F
♦Sink fund 7 Ms May coup off 1968 M N
♦Caldas Dept of (Colombia) 7Ms '46 J
J
Canada (Dom of) 30-yr 4s
1960 A O
10-year 2Mb
25-year 3Us
98
S
S
27*
13
*
t4% fund loan £opt 1960—1990 M N
♦Greek Government s f ser 7s. .1964 M N
♦7s part paid
1964
♦Sink fund secured 6s
1968 F A
9
99
1977 M
f 4*-4*s
4*-4*s
Extl re-adj 4*-4*s
3% external s f $ bonds
s
Extl re-adj
Bulgaria
99
A
A
1961 F
f 4M-4MS
Refunding
1961 M
1961 M
1961 F
__
6Ms
♦6 Ms stamped
100
28*
23*
23*
of)—
♦8s unmatured coupons on.. 1954 M N
Gr Brit & Ire (U K of)
5*8
1937 F A
97*
A
D
f 6s
~99M
10
118*
102 M
1958 F
s
26
*
1950 I
External
31M
24*
24 M
25
112*
11
13*
14
♦6 *s Sept coupon off
♦6*s Sept coupon off
♦Montevideo (City of) 7s
♦External
3
f 6s series A
1958 M
5*
O
1952 J
17
9
64
1
15*
19*
11
14*
19*
47
53
64
91
16*
17*
17
5*
50
60
51*
7
47*
47*
51*
47*
A
101*
101*
101*
17
43
48*
100* 103
O
101*
101*
102*
42
101
D
1959 M N
New So Wales (State) extl 5s. .1957 F
External s f 5s
Apr 1958 A
2
16*
63*
S
1959 M S
5*
11
103
New York Bond
Volume 142
BONDS
N. Y. STOCK EXCHANGE
Last
11
Week Ended May 8
Ha,
Foreign Govt. &Munic. (Concl.)
Norway 20-year extl 6s
1943 F
20-year external 6s
1944 F
40-year s f 5%s
1965 J
External sink (und 5s
1963 M
106 %
1003,6
100 H
S
External sink fund 4%s
1S56 M S
Municipal Bank extl s f 5s—1970 J D
100%
--
♦Nuremburg (City)
extl 6s..->1952 F
Oriental Devel guar 6s
1953 M
Extl deb 5%s
1958
—
Oslo (City) 30-year s t 6a
Panama (Rep) extl 5 Ha
♦
Extl sf fie ser A
102 H
102%
D
105%
Poland (Rep of) gold 6s
100% 104%
68
98% 1011
102% 102%
10-year 5s conv coll trust
1944 M S
{♦ Am Writing Paper 1st g 68—1947
J
♦
Certificates of deposit
Anaconda Cop Mln s f deb 4%s 1950 AO
Anglo-Chilean Nitrate7S----1945 M N
{♦ Ann Arbor 1st g 4s
1995 Q J
22%
78%
74 %
10
72%
102%
105%
95
102
104
1
104
106
1947
♦88 June coupon off
94
11%
50
11%
71
17
64
91
25
79
77
96
16
22
15
19%
*16%
*16%
1952 MN
f 7s._1941 A
1947 F
25-year external 6s
♦Rblne-Maln-Danube
7s A
Rio de Janeiro
(City of)—
♦88 April coupon off
1950 M
*6Ha Aug coupon off
Rio Grande do Sul
(State of)
22
112%
109
111
109 H
109%
S
27 H
27 H
27%
17%
14%
*22%
65
O
1959 J
J
Atlantic Refining deb 5s
1937 J
15
54%
112
57
25
5s assented
1940
Bait A Ohio 1st g 4s
July._1948 A
Refund & gen 5s series A
1995 J
20%
67
122%
22%
25
27
18 H
17%
23
17%
14%
19%
PLE&WVa
•»
22%
■
19%
16
"20%
24
18%
3
15%
14
15%
16
87
6
65
1
64%
57%
7
57
*__---
34%
28%
27%
A
<•> —
•»
*"
"27"~
D
D
26%
27
........
15
27
1
26%
AND
25%
24%
26
43
A
34
23%
23%
63
36
57
.
33
40%
J
S
94%
102%
7
%
69%
75
74%
103%
76%
69%
75%
10%
10%
5
68%
73%
warr assented
44
44%
41
43
43%
20
39%
37%
37%
53%
*62%
61%
50
92%
92%
94%
58%
62%
39
55%
71%
82
79
82
17
78
89
-
48
O
D
65%
D
106%
68
106%
70
4
99%
J
105%
81
41%
50
321
48%
36%
101
19
98%
109%
100
128%
MN
100
99%
126%
S
O
100%
21
129%
127
♦
S
72%
71
102%
1962 A
Canadian Nat guar 4%s
1957 J
Guaranteed gold 5s__—July 1969 J
112
101%
117
113
M N
113
J
J
F
A
110%
113%
1940 A
O
91%
114%
108%
J
66%
69%
360
113%
109%
68
107%
113%
38
112
112%
•
113%
100
110
111%
56
112%
89%
113%
98
92%
36
cons gu
5s A
Guaranteed gold 5s
Guaranteed gold 5s
92
108% 113%
84% 100%
100% 105
99% 105
88
98
90
74
90
82%
123
.
80%
12
109% 118
1
110
101% 120
162""
75
68%
100% 101%
101% 101%
98% 100
121%
129%
21
119
128%
9
125
"26%
"12
121
25
24%
4
"26"
32%
28
104%
199
24%
30
24
29
27
32
103%
*109%
33
102% 106%
109% 110
"43""
""I
79
80%
157
78%
93%
79%
74%
23%
19%
81
21
79
94
75%
23%
23%
31
73
1
23
31%
85
20
21%
45
18%
17%
26%
26%
25
99%
105%
104%
99%
105%
104%
105% 1052*32
1032532 103%
80%
80%
1
18
9
11
174
10
7
69
75
128%
128%
1
105
105
2
109%
6
106
109%
105%
11
89%
25
103% 106
109
4
43
88
100%
105% 108%
104% 108
105% 107%
"~6
122
106
43
1
95%
*103%
109%
103%
75%
73%
85
95%
115
119% 122
124% 128%
104
105%
108
110
105% 106%
20
*19%
85%
5s equip trust ctfs
1944
Dec 1 1954
—1960
20
104%
13%
116
117
28
111%
116%
118%
118%
116%
113%
113%
125%
90%
103%
114%
112%
20
104%
117
113%
113%
"92"
"IIB"
107%
103%
95
106
106%
103%
117
Telephone HAnover 2-7900
Member*
-
—
New York Curb Exchange
-
-
NEW YORK
— A. T. & T. Teletype NY 1-911
Private Wires to ChicaQO, Indianapolis and St. Louis
9
8
17
4
9
118%
118%
10
117
20
114%
113%
126%
92%
104%
115%
107%
103%
29
10
14
7
186
13
18
103
108% 111
103% 104%
65%
84%
19%
30%
20
5
Vilas & Hickey
—
10
60%
95%
106%
105%
14%
58%
"95%
106
Railroad, Public Utility and Industrial Bonds
-
103
28%
85%
355
118%
Canadian Pac Ry 4% deb stk perpet
Coll trust 4%s
1946 M S
Coll trust gold 5s
Collateral trust 4%s
1
21
62%
—1970
S
57
103
109%
104%
77%
BOND BROKERS
75
74%
61%
252
For footnotes see page 3133.
I
104
102% 106%
16
71
121
Canadian Northern deb 6 %s—1946
1
49 WALL STREET
51
121
13%
Oct 1969 A
Guar, gold 4%s
June 15 1955
Guaranteed gold 4%s
1956
Guaranteed gold 4%s.-Sept 1951 M
112% 115
109% 119%
112
114%
88% 101%
New York Stock Exchange
113
62
117
Canada Sou
78
S
28
112%
Bush Term Bldgs 5s gu tax ex.-I960 A O
By-Prod Coke 1st 5%s A...—1945 M N
83%
79
117%
106%
134%
110%
113%
82
D
95
150
111%
59%
1955 J
-
104
106
Am Telep <fc Teleg coll tr 6s.—1946 J
♦Consol 5s
60
1942 A
112%
27
~40
152
111%
O
♦Camaguey Sugar 7s ctfs
69%
106
92
100% 104%
103
107%
104
106%
83%
111%
94%
102%
103%
95%
82%
111%
O
Cal G A E Corp unf & ref 5s—1937 M N
Cal Pack conv deb 5s
1940 J
105%
113%
108%
112%
J
A
1952 A
{♦Bush Terminal 1st 4s.—
100%
112%
72%
M N
M N
102
4
77 i
6
113
*90
♦Certificates of deposit
108% 110%
99% 101%
118% 143%
91%
97
74%
72%
Am Internat Corp conv
6%S—1949 J
Am Rolling Mill conv deb 4%s_1945 M
A
-1907 M S
CodsoI 4%s
1957
S {♦Burl C R A Nor 1st A coll 5s 1934]
104%
90
6
98
102""
"
110
A
BrunsA West lstgug4s
-1938 J
Buffalo Gen Elec 4%s ser B—-1981 F
35
AO
104%
105«32
1032*32
80%
D
1950 F
f deb 3%s
Buff Roch A Pitts gen g 5s
68
{♦Am Type Founders 6s ctfa
J
1957 M N
76
63
*103%
1950
s
15
25
"23%
21%
J
1952
73
66%
47%
--I960 J
S
53
O
f deb 5s
O
55
103% 106%
7
68%
1950 A
b
25
70
61
104% 106%
110
97%
35-year
A
A
Brown Shoe
69%
109
»«.
95%
D
F
53
m
78
J
"74%
12
^
87%
S
O
65%
m
140
A
A
1950 J
133
F
40
43
1947 M N
88
M
1961
104%
S
1st lien A ref 6s series A
94%
Am Beet Sugar 6s ext to Feb 1 1940
Am A Foreign Pow deb 5a
..2030
American Ice s f deb 5s
1953
Amer I G Chem conv 5Ha
"79%
1950 M
Debenture gold 5s
1st lien A ref 5s series B
82%
1955 M
1967 M S
1955 M N
J
49
101
90
Alpine-M ontan Steel 7s
o
98% 102
40%
87
♦
34
24
D
97
*63
A
9
68
105
19
*
1944
1
63%
O
M
1955
7
*110
1948
Allegh A West 1st gu 4s
1998
Alleg Val gen guar g 4s
1942
Allied Stores Corp deb 4%s—1950
A Ills-Chalmers Mfg copv deb 4s 1945
14
43
24%
O
99%
93
5s 8tamped
97
48
46
95% 100%
76
88%
81%
89%
95%
99%
40%
57%
33% 47%
108%
26
D
45%
O
♦
J
A
99%
A
5s
o
99
D
conv
1960
43%
99%
""99%
S
D
1946 A
♦Coll A
J
J
Bklyn-Manh R T sec 6s A
1968
D
15-year sec 6s, series A
1949
Bklyn Qu Co & Sub con gtd 5s .1941 M N
1st 5s stamped
J
1941
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s-1945 M N
'
1944 F
1949 J
tr 5s
5s
1948
Gen mtge 5s series E
*90
61%
{Alleghany Corp coll
conv
J
O
♦Certificates of deposit
{{♦Bowman-Bilt Hotels 1st 7s. 1934
M
Stmp as to pay of $435 pt red
Brooklyn City RR 1st 5s
1941
Bklyn Edison Inc ger 5s A
1949
49%
50
Alb A Susq 1st guar 8 Ha
Coll &
1936
1951
{♦Boston A N Y Air Line 1st 4sl955
{{♦Botany Cons Mills 6%s
1934
9%
11%
100
102
19
44%
D
1943 J
A
-
J
1st g 4%s ser JJ
82%
1
43%
43%
D
1952 A
1936
1st M 5s series II
76%
44%
1952 M N
1958 F A
1948 M
99
113% 115
103% 109
*74%
*100%
*100%
*100%
120%
120%
127%
*101%
Boston A Maine 1st 5s A C
93%
100% 103%
73%
83
74
44
A
1947 J
D
Big Sandy 1st 4s
Blng A Blng deb 6%s
166
92
4
24
1
102
102
M N
♦Albany Perfor Wrap Pap 6s.-1948
♦6s with
*90
.
103%
76%
69%
1961 A O
1947 M N
M N
1943 J
Adriatic Elec Co. ext 7s
Ala Gt Sou 1st cons A 6s
1st cons 4s ser B
48
115
*107
J
1989
♦Berlin Elec El A Underg 6%s.l956
Beth Steel cons M 4%s ser D__1960
51%
158
----
118%
107%
112%
1942
♦Debentures 6s
114
115
♦Berlin City Elec Co deb 6% S--1951
♦Deb sinking fund 6%s
1959
29
INDUSTRIAL
Adams Express coll tr
g 4s
Coll trust 4s of 1907
81%
1951
2d guar g 5s
Beech Creek ext lstg 3%s
Bell Telep of Pa 5s series B
1st A ref 5s series C
75
*162
A
J
69%
1951
4s stamped
29%
25%
59%
*37%
61
D
A
COMPANIES
♦{{Abltibi Pow A Paper 1st 5s. 1953
101%
101%
94%
79%
66%
79%
81%
Belvidere Delaware cons 3%s._1943
25%
M N
1961 J
102
103%
94%
1996
Bataviar Petr guar deb 4%s
Battle Crk A Stur 1st gu 3s
Beech Creek 1st gu g 4s
32%
26%
F
ser
Con ref 4s
35
26%
s f 6s.-1964 M N
Venetian Prov Mtge Bank
78—1952 A O
Vienna (City of)—
RAILROAD
J
92
93%
Bangor A Aroostook 1st 5s ----1943
21%
20%
90%
75
69%
33%
32%
81%
65
Ref A gen M 5s
29%
23%
16%
18%
♦External
on
111%
1995 J
Sys ref 4s___1941 M N
■
20%
M N
♦68 Nov coupon
105%
80%
110%
82%
July. 1948 A
Southwest Dlv 1st 3%-5s
1950
Tol A Cfn Dlv 1st ref 4s A—1959
Ref A gen 5s series D
2000
Conv 4%s
1960
Styrla (Province of)—
Warsaw (City) external 7s
Yokohama (City) extl 6s
88
*103
106%
Ref A gen 6s series C
28%
45
86
F
96%
95%
104%
36
109
103% 106%
80
104
92
92
108%
102% 106%
118
85%
104%
"
Serbs Croats A Slovenes
(Kingdom)
♦8s Nov 1 1935
M N
coupon on._l
Trondhjem (City) 1st 5Hb
1957
♦Uruguay (Republic) extl 8s -.1946
♦External s f 6s
1960
"67%
105
105% 110
103
J
1952 M
43%
67%
104%
110%
104%
104% 113%
106% 109
107
103
17 %
M N
External s f 5%s guar
♦Tolima (Dept of) extl 7s
45
94%
105
105% 107%
110% 113%
110% 112%
104%
57%
Tokyo City 6s loan of 1912
96%
5
30
103%
30%
84%
101%
105%
98%
106%
115%
113%
106%
112%
111%
120%
104%
1941
S
1971 J
62
1940 M N
O
1946 F
1955 F
5
111
1939
24 %
♦Stamped.
coupon off
106
{Baldwin Loco Works 1st 5s
54
11
30
107%
Auburn Auto conv deb
4%s
Austin & N W 1st gu g 58
20%
143
110
25%
17%
115
68
107
21
A
♦7s,Feb
6
14%
16
M
Sydney (City) ef 5%s
Taiwan Elec Pow a f
5%s
190
105
14
J
F
97%
106%
114%
110%
47
J
9
J
96
96
J
Atl Gulf A W I SS col tr 5s
18H
{♦8s July coupon off
J
1936 J
♦External 8s July coupon off. 1950 J
J
♦External 78 Sept coupon off-1956 Mi S
♦7s Nov 1 1935
coupon on__l
Silesia (Prov of) extl 7s
—1
1
80
*20
1— J
85
M N
19%
1st gold 5s
F
23%
70%
101
21
19
25
J
7
16%
115
1953
xuaii
21
104%
105%
95%
77%
84%
96%
78%
S
D
21
99% 104%
179
71
19 H
62
IVI N
1952 M N
♦Extl 6 Ha May
coupon off--1957 |M N
San Paulo (State
of)—
♦External 6a July coupon off-1968
112%
MN
J
1021132 118%
33%
49
32%
48%
110%
106%
112%
111%
"U0%
J
J
111
6
107
S
1948 J
High
97
24%
15%
20%
1952 A
6%s
38
Low
104%
*118
J
26
109%
1944
M
25
34
106
1946
1944 J
102%
36%
107
J
J
26
19%
15%
1966 M N
1967 J D
♦Saarbruecken (City) 6s
g
107%
D
14
23 H
UK
1959
♦Sinking fund
D
16
18 H
15
1946
♦7s August coupon off
ATXVfeO
1955
2d 4s
Rotterdam (City) extl 6s
1964
Roumanla (Kingdom of
Monopolies)
uvutv
no""
July. 1952
General unified 4%s A
1964
L & N coll gold 4s
Oct—1952
10-yr coll tr 5s
May 1 1945
Atl A Dan 1st g 4s
1948
28%
109
114
1995 M N
1955 J D
D
No.
104%
97%
106%
113%
109%
104%
97%
106%
O
High
110
Since
Jan. 1
101
S
J
Is
Is
24
1995 Nov
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st
4%s A.
1st 30-year 5s series B
Atl Coast Line 1st cons 4s
29%
22 H
110 H
A
1968
Sao Paulo (City of
Brazil)—
♦8s May coupon off
21%
22
1946
♦7s June coupon off
Rome (City) extl
6%s
22
21%
102"32
34%
32%
103%
Range
Asked
70%
A
Rocky Mtn Dlv 1st 4s.- -.-1965
Trans-Con Short L 1st 4s
1958 J
Cal-Arlz 1st A ref 4%s A
1962 M
99% 101%
110
1953
♦8s April coupon off
♦6s June coupon off
♦78 May coupon off
103
*101
21%
17
A
109 %
24
Conv g 4s issue of 1910--—-1960
Conv deb 4%s
1948
111%
65
104
D
1995 A
Copv gold 4s of 1909
Conv 4s of 1905
16%
16%
80%
85
Bid
109%
F
—1950 J
Adjustment gold 4s
Stamped 4s
17%
12 H
1966
♦Prussia (Free State) fextl
6%s.l951 M S
♦External s f 6s
1952 A
s
19
12%
Range or
Friday's
Sale
1939 J
1955]
Atch Top A S Fe—Gen g 4s
12%
15%
15%
81
M N
1964 M
f 4s ser B (Del)-—
58
16 H
1961
♦7%s July coupon off
Prague (Greater City) 7 Ha
s
Armstrong Cork deb 4s
90
84 H
1st M
90%
82%
"90 %
1950
Ark A Mem Bridge A Ter 5s
Armour & Co (111) 1st 4%s
67
"15
66
86%
82%
69
1940
1975]
27
11
11%
11%
12
12
f 7s
Queensland (State) extl
100f,6 103%
44
14%
External sink fund g 8s
Porto Alegre (City of)—
s
34
101%
101
106
76 %
Last
Price
Low
100*32
79
Week's
Frlday\
High
Low
Amer Water Works A Electric—
Deb g 6s series A
*16
1959
js
107%
105% 108
62 %
1947
c
9
*73
♦Nat Loan extl sf 6s 1st ser-. 1960
♦Nat Loan extl s f 6s 2d ser. 1961
Week Ended May 8
18
73%
*
fcS
N. Y. STOCK EXCHANGE
107
"24""
M
1963 M N
♦78 Sept coupon off
♦Peru (Rep of) external 7s
No
T3
107
"78 %
♦Stamped
Pernambuco (State of)—
Stabilization loan
High
*
»
BONDS
Since
Asked
120%
A
~
1955 M N
1953 J
A
166%
106%
100316
100 H
99%
A
D
3129
2
Jan. 1
Friday's
Bid
Low
A
Range
Range or
Sale
Price
Record—Continued-Page 2
Week's
Friday
29
90
80%
68%
48%
67
58%
92% 101%
106
107%
103% 105%
9%
17%
111% 118%
108% 112%
113% 117
115
118%
115% 118%
112% 117
110% 114%
110% 114
122% 126%
87%
94%
102% 105
113% 115%
86
105% 108
37
100% 104%
New York Bond Record—Continued—Page 3
3130
May
Friday
<r'f fi.ew
£Members
aw
|
Range or
Sale
Friday's
Price
Week Ended May 8
liennett Hros. & Johnson
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
J
Cin Wabash A M Dlv 1st 4S.1991 J
St L Div 1st coll tr g 4s
1990 M N
J
W W Val Div 1st g 4s
.1940 J
Cleve-CllffS Iron 1st mtge 4Ha. 1950 M N
J
Cleve Elec Hlum 1st M 3%b
1965 J
%AILROAD 'BONDS
98%
A
Cleve A Pgh gen gu 4Ha ser
Series B 3Hs guar
Chicago, IU.
View York, fi. X.
133 So. La Salle St,
Private Wire
'Digby 4-5200
Connections
Randolph 7711
•2^. Y, 1-761 -+ Veil System Teletype •>- Cgo. 343
f 5s series B guar
1st
Last
BONDS
Range or
Sale
N. Y. STOCK EXCHANGE
Price
Week Ended May 8
A
Low
1949 J J
Caro Clinch & O 1st 6s
1938 J D
1st A cons g 6s ser A_.Dec 151962 J
D
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
{♦Central of Ga lstg 6s_—Novl945 F A
♦Consol gold 6s
1945 M N
♦Ref A gen 5 Ha series B
1959 A O
♦Ref & gen 5s series C
1959 A O
♦Chatt Dlv pur money g 4s..1951 J D
♦Mac A Nor Dlv 1st g 5s
1946 J
J
♦Mid Ga A Atl Div pur m 58.1947 J
J
♦Mobile Dlv 1st g 6s
1946 J
J
Cent Hud G & E 1st A ret 3H8-1965 M S
Cent 111 Elec A Gas 1st 6s
1951 F A
{♦Cent New Engl 1st gu 4s
1961 J
J
Central N J gen g 5s
1987 J
J
{♦Car Cent 1st guar
1987 J
Cert Pac 1st ref gu g 4s
Through Short L 1st
gu
J
1949 F
General 4s..
A
O
A
N
N
S
4s...1954 A
Guaranteed g 5s
1960
Cent RR A Bkg of Ga coll 5s. ..1937
Central Steel 1st g s f 8s
1941
Certain-teed Prod 5Hs A.....1948
Champion Pap Ac Fibre deb 4Hal950
Chesap Corp conv 5s
1947
10-year conv coll 5s
1944
Ches A Ohio 1st
con g
♦50
4a
g
5s
General gold 4 Ha
Ref A lmpt 4Hs
Ref A lmpt 4 Ha ser B
1939
1992
1993
1995
Craig Valley 1st 5s__May__.1940
Potts Creek Branch 1st 4s
RA A Dlv 1st con g 48
2d consol gold 4s
1946
1989
1989
Warm Spring V 1st g 5s....1941
Chic & Alto n RR ref g 5s
1949
Chic Burl A Q—HI Div 3 Ha.—1949
F
M
M
M
M S
M N
J D
M N
M S
A O
J J
J J
J J
J J
J J
M 8
A O
J J
110H
7
104 H
28
25
110.H
*11
24 H
*
102 H
64 H
61
10
♦Debenture 4s
102 H
61
Consolidation Coal
101H
89H
107 H
107
108 %
107
98 H
99H
149
79
82
124
124
12
124H
124 H
126 H
98
115
114
115
55
111*
124H
111H
110H
124 %
111%
111H
23
110H
110H
1109,6
61
*110
110
15H
14
U7H
J
1989
May 1 2037 J
10
28H
49
48
29
48H
46 H
42
10
23H
24
93
99H
111%
99%
52""
51
92 J4 102 H
111%
46H
111k
43
65H
58 H
"30
47 H
68
69 H
17%
25
18H'
17H
6H
6%
11%
"3§k
33
*30 %
J
1963 J
1944 J
J
D
1944 J
1943 A
O
1947 J
J
Cin G A E 1st M 4s A
Cin H & D 2d gold 4Hs
CI St L A C 1st g 4s
1968 A
O
1937 J
1941 J
J
95 H
61
84
1059,6
16
105 %
107 H
14
11
10515,2 108H
1059,6 108
105H 109
105 % 108 H
108H 112
106%
108
108
99 H
105H
40
106
77%
80
57
101 %
102
48
73
86%
100H 103
35
60
104"
104 %
"60
101H
101H
5
100 %
106
47
♦104H
*106 %
111
110H 113
83
85
38 H
20 %
72
13
20%
23
31%
26
39
4
1
4
7
68
1
66
71
109
4
116
25
1UH
15H
15H
112 % 116
103'*32 105
105 H 107
52 H
itok
108
107
15
113
"82""
"l3
81%
27%
85
88
72
74%
*
*110H
*101 %
57
101
1942
74
88
76
165
70
86
76
375
69%
116H 119H
"59"
10
102
10
1st lien 8s stamped..
1942
1942
30-year deb 6s series B
1964
1
99H
102 %
♦1st A ref 5s series A
98
1
71
2
60
52H
29
8
7%
4
7
*8%
9%
8
*4%
5
4
.
3H
*104 %
—
J
f 7Ha— .1942 IVI N
105 H
"70H
3%
107%
1
105%
*107%
62%
105%
108%
""5
70%
87%
"43
*86
Galv Hous A Hend 1st 5Hs A—1938 A O
Gas A El of Berg Co cons g 5a..1949
♦{Gelsenklrchen Mining 6s....1934
63
35H
75H
90H
"52"
101K 104 H
101
105 H
2
105
52
34
1
29
5
30
96
98 H
39
89
88 H
91
105
102
63"
1
33H
33%
39
9
103
94H
106%
105H
110H
70H
106
104
33H
33H
78H
105
104 H
♦Sinking fund deb 6 Ha
♦20-year s4f deb 6s
Gen Pub Serv deb 5 Ha
105
105
104
"~3
119
6H
6H
105
"63"
105 H
1940
1948 IVI N
J
.1939 J
3H
11
*120
*96 H
105 H
♦106 H
66H
"l3
8%
7%
96 H
101H
57
56%
60 H
101H
117
101 %
101H 104
95
100H
60H 71
8
34
104 H
111H 116 H
103 H 105 H
103
99
59
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 5H A
..1947
20
98
8
1952
MN
{ {♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner MN
s
104H 104H
42 %
59
59
♦Certificates of deposit
Fonda Johns A Glov 4 Ha
{♦Francisco Sug 1st
"13
103%
70
1974 M S
119
97H 103
*54
s f g 7s
1946
{♦Fla Cent A Penln 5s
1943
{♦Florida East Coast lst4Ha—1959
85%
117
118H
112H
99H
Flat deb
105H 107
99 % 105K
77% 89 H
105% 106H
74% 89%
75
89%
118
*118""
59
33
110
100 H 107
*81H
72%
75
33
27%
*82
1967 IVI N
1975 A O
108
128 % 131
"27"
*106 %
1954
stamped
23 H
21
104 H 104 H
103 H 111
*101 %
102 H
102%
98
f 5s
72 H
12H
10H
19
1942
s
35"
84 H
83
N Y A Erie RR ext 1st 4s...1947 IVI N
1938 IVI s
1st Hen
50 H
"35"
103""
103
1953
Federal Light A Tr 1st 5s
5s International series
116
105 H 107
1953
3d mtge 4 Ha
Ernesto Breda 7s
113
108 H 110H
108H 111H
50
100H
90H
.9
40
♦Gen Elec (Germany) 7s Jan 151945
*78 H
98 %
2
110
111H
108 H 110
107H
J
108
13H
*105 %
102 %
D
2
21
*106 H
1940
1940
Framerlcan Ind Dev 20-yr 7 Ha 1942 J
"29
*1H
16H
15H
25H
"15%
6
15H
14H
.1953
f 6s
38
32 %
108 k
4s 4s prior—1996
1996
1951
s
30
32
108%
106
95
1
89
33
32
O
1
111%
107%
106 H
106%
112H
101 % 108 H
2
108 %
11
103"
112%
♦Certificates of deposit...
Fort St U D Co 1st g 4 Ha
1941 J
Ft W A Den C 1st g 5Hs
-1961 J
106 H
107H 110H
98
*24%
*24%
112%
101H 106
101H 103
102 % 102
1085,6
35
84 H
100 %
*103 %
J
J
J
74
106
D
..1963 J
1977 J
.1939 J
~8§H
25
40
*83
103
J
24
"4
*105 H
J
76 %
60
*130 H
J
106 H
106 H
108',6
110H
83%
100
2
62
103 H
65%
61
49H
75 H
49%
46%
70H
102% 104 H
104 H 106H
90 K
78H
102 H
98
105
106H
102H 105 H
106 H 110
105 H 108 H
105 M 108 %
J
1957 J
90
19
J
1955
94_"
54
55 H
♦106H
1939 J
1995 J
Genessee River 1st
106 %
110H
83%
100%
106 H
102
"4l
*103 H
109 %
109 %
108
108
Ref A lmpt 5s of 1927
Ref A lmpt 6s of 1930
Erie A Jersey 1st s f 6s.
11%
104
58
*30 %
*32%
20 H
110
103 H 106 H
109H
13%
7%
2
6
52%
52%
1965
4s series D
101H
106
115H
15
conv
105
103 H
96
104 %
103%
56%
57%
111%
Conv 4s series A
Gen
103
109
1965 A
Series B
104
100H
4
East Ry Minn Nor Dfv 1st 4s_.1948 A O
East T Va A Ga Div 1st 6s
1956 MN
cons g
62
109H
107 H
104 H
*102 H
16H
5s stamped
107
68
46 H
43 H
105
1
57
102 H 103
106
106
14%
25%
32%
31%
44
108', 6
A
17
"52
J
F
80
103 H
1st guar 5a series C
1957 M N
Clearfield Bit Coal 1st 4s......1940 J
J
Series B (small)
.1940 J
J
Clearfield A Mah 1st gu 4s
1943 J
J
Cleve Cin Chi A St L gen 4s
1993 J D
.1993 J
54
105H
100 H
106
101
J
70
90%
*108
J
10H
109 %
Aug 2 1936 Q F
Cin Leb & Nor 1st con gu 4s
1942 M N
Cin Union Term 1st 4 Ha A
2020 J J
J
1st consol gen lien g 4s
Penn coll trust gold 4a
102 H
"I64"
s
Erie RR 1st
108k
J
♦{East Cuba Sug 15-yr
♦Ctfs of deposit
25H
8%
*
101
3
*20
25 H
103 %
1952 M N
17
U4%
114H
1031*32 103is32 103'5j2
105 H
105 %
60 H
63H
"63H
18H
16H
18H
f 7H8-1937 M S
16
20 %
8
49
♦2d 4s assented
1995
Detroit Term A Tunnel 4Ha..l961 M N
J
Donner Steel 1st ref 7s
1942 J
Dul A Iron Range 1st 5s
1937 A O
J
Dul Sou Shore A Atl g 5s
1937 J
16
16%
2
101H
*20
2
14%
23H
57H
105 H
104 H
J
J
32
31
100 H
J
J
20
20
31
'loik
30
25%
1031*32 106
106H 109 H
1031*32 106
30H
31H
109 H
D
116
52
3
108%
105%
104 H
J
J
1995 J
♦Second gold 4s
Erie A Pitts g gu 3 Ha aer B
Series C 3 Ha
32
106 H
J
27
"l09k
102
1971
1969
1969
61H
35
33
44
106
17
46
53
24
105%
1943 M N
1937 IVI N
43
113
1
34
102 %
24
7%
"78k
107H 109
105 H 107 H
20 H
102 %
"_3
*108 %
*89
1962 M S
Chllds Co deb 5s
Chile Copper Co deb 5s
{♦Choc Okla A Gulf cons 5s
112
34 H
J
El Paso A S W 1st 5s
25
*
1
21
60
56
15
76%
IO51S32 1051532
105916 1059,6
107H
107H
"l
107
♦56
42 H
16H
75
109""
D
67%
19H
22 H
_89
59
D
56
"13
*
98% 104%
112"
J
44
76 H
34
104 H
99% 105 %
111H 111X
111
112H
D
43
11
16 H
15
15H
7%
J
1st mtge 4s series D
1963 J
J
Chic & West Indiana con 4s. ..1952 J
J
1st ref 5Hs series A
...1962 M S
12
99
110
109H
Corp (Germany) 6HS.1950 M S
♦1st sinking fund 6 Ha
—1953 A O
Elgin Jollet A East 1st g 5s
1941 IVI N
14H
15H
14 H
*16"
D
4Hs A—1963 J
2020 J
17
280
103
♦El Pow
17H
80 H
23
98 H 104 H
112
57%
♦Detroit A Mao 1st Hen g 4s...1995
♦
1st 4s assented
1995
55%
45
69%
193
102%
1952
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s
/18H
70H
39
J
..1965
9%
48%
54%
56
*71 %
Gen A ref 6s series E
Gen A ref M 4s ser F
6
16H
"ilk
67 H
{♦Dee Plaines Val 1st gu 4H8..1947
Detroit Edison gen A ref 5s ser C '62
Gen A ref 4 Ha series D
1961
38H
41H
43
80H
48 H
103
A
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B
Apr *78
{♦Des M A Ft Dodge 4s ctfs—.1935
21
16
16M
F
5s... 1951 IVI N
IVI N
36
46 X
17H
s f
16
*40
"44"
102%
D
Stamped as to Penna tax
1951
{♦Den A R G 1st cons g 4s
1936
{♦Consol gold 4 Ha
1936
{♦Den A R G West gen 5s__ Aug 1955
518
50
*
1st mortgage 4 Hs
Den Gas A El 1st A ref
361
41
43
Del Power A Light 1st 4Hs
1st A ref 4Hs—
7%
*39
43
Gold 5 Ha
19H
38H
16"
65H
53
1937 J
36%
36
D
D
Memphis Dlv 1st g 4s.
1951 J
D
Chic T H & So East 1st 5s
1960 J
D
Inc gu 5s
Dec 1 1960 M S
56
29
68
I960 M N
June 15 1951 J
3133.
2
12
50
55
—June 15 1951 J
page
25
28
49 H
1934 A O
♦Certificates of deposit
•{♦Secured 4Hs series A—...1952 M S
♦Certificates of deposit
see
53
28H
15H
16H
39H
47 H
{♦Refunding gold 4s
For footnotes
111%
26 H
1
J
Ref A lmpt 5s ser D
Ref A lmpt 4 Hs ser E
Cairo Dlv 1st gold 4s
100 %
7
104 H 105 H
29
{♦Chic R I & P Ry gen 4s..—.1988 J
♦Certificates of deposit
General 5s serial B.
Ref A lmpt 6s ser C
23
21H
118H
56
22
A
1st mtge 5s series B
116
54
F
1st & ref 5Hs series C
14
3
96
56
♦1st A ref 4 Hs stpd-.May 1 2037 J D
♦1st A ref 4Hs ser C_.May 1 2037 J
D
♦Conv 4% s series A
.1949 M N
Guaranteed g 5s
Guararteed 4s
14
16
21%
1987 MN
1936 M N
Chic Un Sta'n 1st gu
1st 5s series B__
25
117H
54
♦4 Ha stamped
Gold 3 Ha
82
54
1987 MN
♦Conv g 4Hs
3
J
♦Gen 5s stpd Fed lnc ta x
Ch St L & N O 5s
27
112
44%
~u~
41
Stpd 4s nor-p Fed Inc tax 1987 MN
♦Gen 4%b stpd Fed lnc tax..1987 MN
5 {♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
16
107H 113H
106 H 113H
52
J
A
{♦Chic Milw St P & Pac 5s A.. 1975
♦ConvadJ 5s
..Jan. 1.2000 A O
{♦Chic & No West gen g 3Ha—1987 MN
♦General 4a
1987 MN
§♦ Secured g 6 Ha
55 H
29 %
*
J
♦1st ref g 5s.i.
41
104 H 107J4
108 H 113
28
J
C—May 1—1989
♦Gen 4Ha series E—May 1—1989
♦Gen 4%o series F—May 1—1989
10
117H
104 H
104 H
.29
D
♦Gen 4Ha series
12
19
110
*38
"I04H
J
J
16
105 H 110H
100 H 108
95
102H
318
1936 J
1936 J
Del A Hudson 1st A ref 4s
*109 H
16
67 %
103%
103%
Dayton PowALt 1st A ref 3Hs 1960 AO
112H 116H
108 H 109H
*112
"16 %
110H
70H
71H
104 H
105 %
103%
1952 J
Cumb T A T 1st A gen 5s
*107
91
D
1943 J
...1942
1st ref 7 Ha series A
1st Hen A ref 6s ser B
31
*109
51 %
107%
111%
112%
111%
117%
93%
17%
106
lOfik
104 H
66
67%
69%
104%
104%
57
123
"78" '""2
78
103 H
103 %
*20%
1946 J
warr
Cuba Nor Ry 1st 5Ha
Cuba RR 1st 5s g.
16
124 H
111 %
110H
117K
*109H
'"78"
*20 H
Crown Cork A Seal s f 4s
1950 M N
J
Crown Willamette Paper 6s
1951 J
Crown Zellerbach deb 5s w W..1940 IVI S
44
1934 A O
1980
3
Copenhagen Telep 5s Feb 16—1954
94H
50
102 %
May 11965 M N
1st mtge 3Hs
Container Corp 1st 6s
15-year deb 5s with
5
105H
106 H
18
110H
108
101H
21
1956 J
1960 J
6
93
1977 F A
♦Chic M A St P gen 4s ser A
♦Gen g 3 Ha ser B May 1
16
105
51
110%
106%
102 %
•
s f 5s
Consumers Gas of Chic gu 5s..1936 J
Consumers Power 3Hs—May 11965 IVI N
45
107
110H
1955 J
1955 A
♦Debenture 4s
90
94 H
1
108H
25%
25%
103«32 103i»i2 103®, e
107 H
106 %
107
103*7,2 103»32 103*732
20 H
21H
deb 4s—1954 J
non-conv
♦Debenture 4s
102
108 H
108 %
107
1957 J
Debenture 5s
{♦Consol Ry
30
90
106
*109
109
F
Wuertemberg 7s... 1956 J
1945 F
—1951 J
1
61
111H 111H
*107
*110H
111H
111%
*104 H
Debenture 4 Ha
106 H
1st & ref 4Hs ser B
1st & ref 5s ser A.
J
of Upper
102
61
111H
*105 %
*110
Consol Gas (N Y) deb 5Hs
27
106 H
102 H
-
111H
♦Consolidated Hydro-Elec Works
13H
13H
24%
22 H
*20 "
101H
101 % 107
108H HI
*104
102%
1943 A
Conn Ry A L 1st A ref 4Ha——1951 J
Stamped guar 4 Ha
1951 J
27
♦20
.1949
High
93% 100H
96
104H
"94H
106 H
HI
*110H
1948 A
1955 F
Comm'l Invest Tr deb 5 Ha
Conn A Passum Riv 1st 4s
65
♦11
Jan 151961 J
Deberture 5s
105732
*63
1977
Coal River Ry 1st gu 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 Ha ser A
1980 M N
Columbia G A E deb 5s. -May 1952 M N
Debenture 5s
Apr 151952 A O
Lew
—-
104 H
107 H
1973
f 4Hs series C
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
86
33
105k
111H
110H
117H
♦1st A gen 6s series B.May..l966
Chic Ird A Sou 60-year 4s
1956
Chic L 8 & East 1st 4H8
..1969
"l§
103 H
*81H
*
s
.
"l04H
110 H
{♦C A E 111 Ry (.new Co) gen 5s.1951 M N
♦Certificates of deposit
Chicago A Erie 1st gold 5s
1982 M N
Ch G L A Coke 1st gu g 5s
1937 J
J
{♦Chicago Great West 1st 4s...1959 M S
{♦Chic Ind & Loulsv ref 6s
1947 J
J
♦Refunding g 5s ser B
1947 J
J
♦Refunding 4s series C
1947 J
J
♦1st & gen 5s series A
1966 M N
No.
60
107H
J
1958 M S
1971 F A
High
Jan. 1
106 %
110
1949 J
_
Since
Asked
107H
Illinois Division 4s
General 4s.
§ {Chicago & East 111 1st 6s
Range
Friday's
Bid
s
1st
Week's
Friday
3
*100 H
Series A 4 Ha guar
One Wall Street
No.
98%
100 %
*103H
Since
Jan. 1
High
98%
106 %
111
O
B.1942
1942 A O
1942 J J
Series C 3Hs guar
1948 MN
Series D 3Hs guar
1950 A F
Gen 4 Ha ser A
:
1977
Gen A ref mtg 4 Ha ser B
1981
Cleve Short Line 1st gu 4Hs—1961
Cleve Union Term gu 5 Ha
1972
Range
Is
Asked
A
*100
1940 M S
Spr A Col Div 1st g 4s
York Curb Cxchange
Bid
Low
Clev Cin Chic A St L (Concluded)—
York Stock Exchange
1936
9,
I
30 H
102
34
33 H
34
104
Volume
New York Bond
142
BONDS
Last
[N. Y. STOCK EXCHANGE
g3
ftit?
High
A
No.
Low
Gen Steel Cast 5 Ms with warr. 1949
J
5t*Gen Theatres Equip deb 6s. 1940 A
♦Certificates of deposit
^♦Ga & Ala Ry 1st cons 5s._..1945 J
5t*Ga Caro & Nor 1st ext 6S..1934 J
♦Good Hope Steel & Ir
sec
Goodrich (B F) Co 1st 63*8— 1947
Conv deb 6s
J
J
J D
Goodyear Tire & Rub 1st 5s..-1957 M N
Gotham Silk Hosiery deb 5s w wl946 M 8
5t*Gould Coupler lsts f 6s
1940 F A
Gouv & Oswegatchie 1st 5s
1942 ■" D
1945
79
23}*
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
104
104}*
103}*
1043*
97
100
Hackensack Water 1st 4s
1952 J
♦Hansa SS L 6s (Oct 1 '33
coup) '39 A
♦6s (Oct '36 coupon
od)
1939
♦Harpen Mining 6s
1949 J
Hocking Val 1st
J
J
J
♦Hoe (R) & Co 1st
mtge
Il944 A 0
^♦Housatonlc Ry cons g 5a
1937 M N
H A T C 1st g 5s lnt
guar
1937 J
J
Houston Belt & Term 1st 5s... 1937 J
J
Houston OH sink fuDd 5
Ms A..1940 ^ N
Hudson Coal 1st s f 5s ser A..11962 J D
Hudson Co Gas 1st g 5s
1949 M N
Hud A Manhat 1st 5s ser
a"Ii957 f A
♦Adjustment Income 5s_Feb 1957 A O
Illinois Bell Telep
3Ms ser B..1970 A O
Illinois Central 1st gold 4s
1951 J
J
1st gold 3Ms
1951 ■»
J
Extended 1st gold 3Ms
1951 A 0
1st gold 3s sterllDg
1951 M S
Collateral trust gold 4s
I" 1952 A °
Refunding 4s
Zl955 M N
Purchased lines 3 Ms
11111952 J J
Collateral trust gold 4s.
1953 M N
Refunding 6s
1955 M N
4 Ms..
cons g
15-year secured 6Ms
1999
g_.I.IIl936 i J
40-year 4Ms
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s...1951
Louisv Dlv & Term
g 3
Ms. .1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term
g 3s... 1951
Gold 3 Ms
1951
Springfield Dlv 1st g 3MS—.1951
Western Lines 1st g 4s
1951
111 Cent and Chic St L <fe N O—
Joint 1st ref 5s series A
1963
1st & ref 4 Ms series C
1963
F A
J
J
D
J
99
99
*1073*
sl013*
1932
conv
A O
M s
1951
M N
deb 4s..l945
M N
M N
t*Int-Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A..July 1952 A
♦1st 5s series B
1956
♦1st g 5b series C
1956
Internat Hydro El deb 6s
lnt Merc Marine s f 6s
1944
1941
Internat Paper 5s ser A A B..1947
Ref s f 6s series A
1955
lnt Rys Cent Amer 1st 5s B..1972
1st coll trust 6% g notes
1st lien & ref 6 Ms
lnt Telep & Teleg deb
g
Conv deb 4 Ms
J
J
A
A
J
M
M
J
O
J
J
O
O
J
s
N
M N
1947 F A
4MS..1952 J
J
1941
J
Debenture 5s
1955 F
^♦Iowa Central Ry 1st A ref 4s 1951 M
James Frank A Clear 1st 4s...1959 J
Kan & M 1st gu g 4s
1990 A
t*K C Ft S A M Ry ref g 4s...1936 A
♦Certificates of deposit
A
1939
J
A
8
D
0
O
O
K C Pow & Lt 1st mtge
4ms-.1961 F A
Kan City Sou 1st gold 3s
1950 A 0
Ref A lmpt 5s
Apr 1950 J
J
Kansas City Term 1st 4s
i960
Kansas Gas & Electric 4Ms... 1980
♦Karstadt
♦Ctfs
♦Ctfs
w
J J
J D
(Rudolph) 1st 6s...1943 M N
w
w w
♦Ctfs with
1113*
110M
111 M
45
113M
111
113M
119
1073*
106
1073*
28
91
warr
101}*
101}*
1013*
1003*
100 M
101
230
110
110
111
654
110
100 M
100 M
1053*
1053*
1003*
105}*
9
Plain
1961
1937
1954
D
J
t*Kreuger A Toll cl A 5s ctfs.. 1959 M S
Laclede Gas Light ref A ext 5s. 1939 A O
Coll & ref 5 Ms series D
F A
1960 F A
...1953
Coll tr 6s series A
1942
Coll tr 6s series B
1942
For footnotes see page 3133.
-
-
-
---
26
----
•m -
-
-
-
103}*
— mm-*.
96 M
2
91M
73
*110
-
-
-
-
-
—
121
-
-
-
—
-
8
-----
,
46
*34 }*
*31
121
2
F
F
A
A
70
7M
-----
*1033*
37
37 M
122
M
64 M
89
104
105
104
105M
100 M
103
1
82 3*
30
833*
61
31
58
1063*
107 X
89
48M
119M 123
80 3*
30
102 M
101M 102M
87 M
102 M
89
84 M
84
89
84}*
84 M
86 M
80
86
45
81M
91)*
82
J*
783*
82
83}*
8
69M
86
77 M
68 H
85 H
95
79 3*
95 M
157
95
100 M
4
103
90
100 M
13
100
102 M
84 M
69
147
105
2
913*
93
10
98 M
98 M
813*
92 M
73
105
_
813*
853*
89
*81}*
8
1033*
1
-----
17
14
133
50
93
94
60
92
126
923*
26
100 M
12
1293*
161
36 M
39
30
— *-
93*
10
63
33 M
35M
25
34
34
42 M
41}*
69 M
353*
43}*
184
72 M
8
763*
91
a88
22
92}*
56
78
76
46
93}*
933*
87
89
9
4
77 M
75
79
893*
88}*
913*
478
81M
80 M
85
206
90
2M
23*
2M
5
93}*
92 M
93 M
17
*104
-
—
853*
675*
88
1065* 108M
26
33 J*
99 M 1015*
215*
395*
1035* 106 M
1065* 108
103M 1045*
89 M
95
87M
935*
48
65 M
M
90
875*
86 M
99
60 M
94 M
945*
97 M
1025*
41
2
5
1113*
16
823*
81
81
833*
1073*
873*
92
107 M
1073*
42
103 M
1023*
103 X
68
*38
44
1944 A
A
5s
Little Miami gen 4s series A...1962 M N
Loews Ino s f deb 3 Ms
1946 F A
~97M
33
104M 105M
Unified gold 4s
11
101
1937 M N
102
1015*
101J*
101M
20-year
102
33
98
1949 M
101 J*
101
102
60
133
32
p m deb 5s
Guar ref gold 4s
Lorlllard (P) Co deb 7s
1944 A
S
O
6s
1951 F A
Louisiana <fe Ark 1st 5s ser A...1969 J
J
Louisville Gas A El (Ky) 5s...1952 M N
Louis A Jeff Bdge Co gu 5 4s
Louisville A Nashville 5s
132
131M
*1183*
18
1115*
113
107 M
109
8
107 M
109
1033* 107
103 X
107 %
104 H
108}*
28
103 X
103J*
8
2003
O
110
110
29
107 M
107M
108}*
60
103M 1103*
*104M
106 M
J
ser
D
108
^♦{McCrory Stores deb 5Ms...1941
Proof of claim filed by owner
M N
McKesson A Robblns deb 5 Ms. 1950 IVI N
S t^Manatl Sugar 1st s f 7 Ms.-1942 A O
♦Certificates of deposit
t*Manhat Ry (N Y) cons g 4s. 1990 A O
♦Certificates of deposit
♦2d 4s
2013 J D
Manila Elec RR A Lt s f 5s
1953 M
Manila RR (South Lines) 4s... 1939 M
1st ext 4s
1941 J
D
1947 A O
Marlon Steam Shovel s f 6s
Market St Ry 7s ser A_April._.1940
Mead
Corp 1st 6s with
D
ser
103 M
33
104
363*
t
44 M
733*
97 M
97 M
82 M
63
15
109
3
101}*
6
61
13
88 M
96
815*
915*
Ref A lmpt 4Ms series C
Mid o IN J 1st ext 5s
735*
915*
Mllw El Ry A Lt 1st 5s B
86 M
995*
105M
405*
575*
535*
1135*
85
67
88 M
107
1095*
1025* 106M
103 M
103 3*
l04~"
103}*
J
104 }*
104
5f*Milw<fcNorlstext4Ms(1880)1934 J
D
1st ext 4 Ms
*
t*Mll Spar A N W 1st
1947 IVI
4s
gu
j*Milw A State
♦
Line 1st 3Ms..1944 J
{♦Minn A St Louis 5s ctfs
1934 M N
♦1st A refunding gold 4s
1949 IVI
♦Ref A ext 50-yr 5s ser A
1962 Q
M St P & SS M con g 4s lnt gu.1938 J
1st cons 5s
1938 J
1st cons 5s gu as to lnt
1938 J
42
1st A ref 6s series A
1946 J
39
25-year 5 Ma
"bX
*2%
S
F
1st ref 5Ms series B
3
4
J
J
43
22
1023*
5
98
1978 J
102
1035*
1035*
Prior lien 4 Ms series D
105J*
106 M
155
160
ser
Jan 1967 A
J
O
1965 F
36 3*
"
104 M
1043*
13
1035* 1085*
♦General 4s
115}*
115}*
1
121
121
1125* 1155*
♦1st & ref 5s series F
121
119
121
♦Certificates of deposit.
♦1st A ref 5s series G
67 M
683*
100
1025*
35
104 M
112
72
275*
41
57
99
19
66
1025*
805*
7
66
80 M
67M
87
77
77
-----
24 M
3
91
91
26
23
92 M
19
37}*
"II
873*
110
*87
363*
86 M
87
73 H
70
733*
162
62 M
61
62 M
40
64M
65
16
45
50
133
283*
29
15
11M
12 M
127
27 M
29 M
133
"47"
♦Certificates of deposit
1043*
115}*
♦Certificates of deposit
♦Codv gold 5 Ms
♦1st A ret g 5s series H
♦Certificates of deposit
♦1st A ref 5s series I
♦Certificates of deposit
1975 M
11M
...1977 IVI
28 M
*
28
~28}*
1978 M N
:.
1949 IVI N
1980 A O
~~7M
8M
28 M
273*
*
1981
F
A
1
26
A
A
72
33
J
J
♦Cum adjust 5s ser A
1
3
37%
1962 J
"28 M
105
46 M
108
64
110M
100M 102
13
18 H
3M
29}*
94
29
"36
"~§M "121
29
50
28
~27M
29}*
95
88
49}*
79
5
3
42
40-year 4s series B
t#Mo Pac 1st & ref 5s
5}*
36 M
33
Mo-K-T RR pr Hen 5s ser A.-.1962 J
92
103
70
33
115
1st Chicago Term sf4s
79 M
100
102
35
43
S
1978 J
J
1941 MN
36 M
97M 100
60}*
J
J
733*
70 H
36 M
75
1949 IVI
38 M
32
84
36 M
S
J
61
95
88
*73
-.1939
83
92
88
*83
1939
Con ext 4Ms-
100
74
1043* 109
98M 106
673*
95
101M 1043*
101M 105
104}*
*85
50J*
91
102 M 103J*
104
1971 J
1st mtge 5s
68
41
IM
104
J
1940 A O
1961 J D
1979 J
71M
563*
283*
93 M
100
67
-----
-----
89
*67
2
13
103 %
107
68
5
22
108}*
93 M
1
101}*
3
83
100}*
62
108 }*
58 M
36
1013*
103 M
103%
98}*
67
2
*108 M
D
100 M
97 M
J
1990 J
39
1
1951 M S
1952 M N
Mo Kan A Tex 1st gold 4s.
106 X
733*
43}*
*
283*
104 5*
100 M
1
♦13*
102
38
82
283*
3
1053*
"2
82
O
A
1023*
1
91
"91"
J
160
95
1023*
1959 J
1
41M
56
59
101
t*Mo-Ill RR 1st 5s series A
106
41M
22
61
103 H
965*
114
23
58 M
56 3*
58 H
8
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
Jack Lans <fe Sag 3 Ms
1st gold 3 Ms
1023* 104 M
10
79 M
865*
28
28
99
119
343*
161M
33
4
88
36 M
D
90
88
108}* 113
104
1956 J
f 7s
108}*
33
♦Mlag Mill Mach 1st
75M
74 M
92 M
59
s
105
81
1977 M S
♦Mex Internat 1st 4s asstd
111M
1043* 1073*
1013* 102M
115
J
Q
1073* 109}*
1033* 106
111}* 112
86
96}*
99
1945 M N
warr
2
112
J
1943 J
"l08
108
92 M
1959 M N
^♦Man GB&NW 1st 3 Ms
Mfrs Tr Co ctfs of partlc in
A I Namm A Son 1st 6s
145*
375*
102 M
108
S
46 M
45
111
102
102 M
N
9M
845*
1075*
Atl Knoxv A Cln Dlv 4s
1955 IVI N
♦Lower Austria Hydro El 6MS.1944 F A
33 M
34
4
95
O
S
95
84
1940 J
O
96 M
122M
"86
2003
92
*100
118
93
112
91
1st refuDd 5 Ms series A
1st A ref 5s series B
1957 A
15*
102
Unified gold 4s
1968 M
79
103M
993* 102 M
131
133}*
4
37
*1563*
122M
104M 106
111M
'"92?*
1945 IVI S
1937 M N
Metrop Wat Sew A D 5 Ms
1950 A
5t*Met West Side El (Chic) 4s.l938 F
985*
63
104 3*
Metrop Ed 1st 4 Ms
365*
655*
90 M
97}*
45}*
104 M
Merldlonale Elec 1st 7s A
35 X
111
96M
1938 J D
1949 M S
37 M
-
106
108
20
63
6
93}*
106
6
"46
105M
28
*1043*
973*
105
28
102
67
111
1950 A O
98}*
101
125
*106 M
96 M
11
135M
123 M
103M 1063*
115
H9M
133 H 137
1213* 126
60
1023*
*108}*
1053*
133}*
123 M
97
D
1952 J
ser A
92
------
1183*
O
1951 F
106 M
*118
O
Liggett A Myers Tobacco 7s
41
29
-
64M
703*
*106
O
47 M
1155* 1415*
-
423*
403*
1113*
82 M
925*
102
42 3*
403*
-
40
Leh Val Term Ry 1st gu g 5s...1941 A
Lex A East 1st 50-yr 5s
gu
1965 A
80
87
*85}*
933*
715*
50
383*
92
29
Mob A MoDtg 1st g 4 Ms
1945 M S
South Ry Joint Monon 4s... 1952 J
J
50
34}*
58 M
53
*113}*
91M
127
100
*87 %
48 M
127
98
52
S
91
m m. m.
1
23
723*
52 M
A
4
91
5s
o
35M
903*
68
34
1980
-----
100
58
48
1946
71
-
693*
2
45M
2003
933*
—
4
64 M
60
48
1st A ref 4s
97
80}*
101}*
97
963*
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold 3s
923*
M
57
67
33}*
85
100 M 101
j1043*
98
95
915*
93
-
104 %
71
104M
105M
45 M
49 M
90 M
103 M
923*
98
1
42 M
75
104
92
62
44 J*
82
*101
93 M
104}*
102 X
1055*
823*
813*
1
15
104
27}*
98
99 M
24
o
95
28}*
21
15
93 M
o
61
50
103M 105
87
26
227
93 M
1941
97
*100
"~~6
25
95M
9
107
105
93 M
2003
80 M
91
cons
104
2003 IVI N
Lehigh Val (Pa) cons g 4s
General cons 4 Ms
General
104
1940
2003 IVI N
2003 NI*N
1954
1st A ref 4 Ms series C.
84 M
*1063*
1938
Ms
Gold 5s
79
35M
1033*
Secured 6% gold notes
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g 4
98 M
82
1033*
64 H
f 5s_
*65}*
94
79 M
1063*
98
91M
72 M
83 M
107
*66
A
87
1
-----
*96}*
O
M S
f 5s. 1944 F
Long Dock Co 35*s ext to
Long Island gen gold 4s
*1023*
-----
s
39 H
105M 112
—
s
s
Lombard Elec 7s
1075*
104
Lehigh Val Coal 1st A ref
89 X
*100
x
102 J*
104 %
High
102
104
99 M
49 H
1223*
100
103 M
99 M
39
1223*
71
24
103 X
102 M
J
A
104M
24 M
J
58
38 M
100 x
104 J*
J
Low
100 X
60
90
M
Lehigh A New Eng RR 4s A...1965
Lehigh A N Y 1st gu g 4s
1945
D
58
413*
*89
Lake Sh A Mich So g 3 Ms
1997 J
♦Lautaro Nitrate Co Ltd 6s... 1954 J
Lehigh C A Nav s f 4 Ms A
1954 J
Cons slDk fund 4Ms ser C...1954 J
60
40
-
35
104 M
58
40}*
-
102 M
60
6
—
No.
102
*104
Low
1974
13
-
High
1937
1964
64 M
-
Jan. 1
..1941
Lake Erie A West 1st g 5s
2d gold 5s
1st A ref
104
*107
Since
1st A ref s f 5s
102
30 M
Range
Asked
72
102 M 104 M
107 H 110
104
82 M
A
1954
102
-
Bid
f 5s
M. *.
te
Price
1st A ref
44
—-
Week Ended May 8
77M
116
-----
-
Friday's
77M
14
77%
Range or
Sale
94 M
3
55
Laft
81M
31M
,
1213*
*66}*
«. ••
14M
106 M 107
90
98M
31
40
54}*
99 M 101X
107 H
105
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
69
----
103 M
46
H
-
115
60
-
903*
8
s
■»
J
J
J
J
A O
A O
F A
J J
J J
Kinney (GR) & Co 7M% notes 1936 J
Kresge Foundation coll tr 4s.. 1945 J
Coll <fe ref 5Ms series C
306
963*
28
1946
Purchase money 6s
...1997
Kings County Elev 1st g 4s...1949
Kings Co Lighting 1st 5s
1954
First and ref 6 Ms
393
-
9M
*107 M
*32
M
1948 M
Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4M8...1961 J
Stamped...
1961 J
Kings County El L A P 5s
75
*51
*27
(par $925)..1943
102 M
107 M 113
107M 116
1033* 112M
96 M 106
96 M 105
stmp (par $645)..1943
stmp (par $925).. 1943
Keith (B F) Corp 1st 6s
Kendall Co 5Ms..._
100 M
*46
Corp 5s stamped 1942
Internat Cement
91
100^32 ..74
100 }*
J J
F A
1932
Interlake Iron 1st 5s B
lnt Agrlc
99
82 M
100 M
*743*
*743*
103}*
Telephone Whitehall 4-2900
90
885*
83
*100}*
♦Certificates of deposit.
{♦10-year conv 7% Dotes
♦Certificates of deposit
90
82 M
91
NEW YORK
63 Wall St.
100
108M 110
101M 103M
1
----
92 M
M
Members New York Stock Exchange
88
100
13
95
92 M
883*
♦Certificates of deposit...
b
1013*
108 M
105 M
56
----
----
*90
92 M
J
J D
J D
Illinois Steel deb 4 Ms
1940 A 0
♦Ilseder Steel Corp mtge 6s __Il948 F A
Ind Bloom & West 1st
ext 4s..1940 A 0
Ind 111 & Iowa 1st
g 4s
1950 J
J
t*Ind A Louisville 1st gu 4s...1956 J
J
Ind Union Ry gen 5s ser A
1965 J
J
Gen A ref 5s series B
1965 J
J
Inland Steel 3}*s series
D.....1961 F A
tlnterboro Rap Tran 1st 5s... 1966 J
J
{♦10-year 6s
1053*
99
1
70 M
70 M
*104
J J
F A
J J
J
Co
&
100
O
J
D. H. SlLBERBERG
103 M 106
27
A O
J
FOR BANKS AND DEALERS
35 M
30
107J*
68
A O
J J
5MslIII" 1942 J D
9
10
1053*
"1940 M N
Stamped
Gulf States Steel deb
32
108}*
Feb
Gulf Mob & Nor 1st
6Ms B...1950
1st mtge 5s series C
1950
Gulf & S 11st ref <fc ter Ss.Feb
1952
20M
34
30
1950
.
30
12M
1
----
1043*
D
F A
J J
Great Northern gen 7s ser A..1936 J
J
1st A ret 4Mb series A
...1961 J
J
General 5 Ms series B
1952 J
J
General 6s series C
1973 J
J
General 4 Ms series D
1976 J
J
General 4 Ms series E
1977 J
J
Gen mtge. 4s ser G
..1946 J
■*
Gen mtge 4s ser H
1946 J
J
Units (equal amts of G & H)_1946 J
J
♦Green Bay & West deb ctfs A
Feb
6Ms
19
20
89
12 M
29
108
Grays Point Term 1st gu 5s... 1947 J
1st & gen s f
30 M
108 M
105
lstgug4Ms
1941 J
J
Grand Trunk Ry of Can
g 6s.. 1936 M s
7s... 1944
98
19
25
233*
12 M
*21
Gr R& 1 ext
Gt Cons El Pow
(Japan)
76
243*
12 M
BROKERS IN BONDS
High
Low
57
85
243*
24}*
J
J
7S..1945 A O
Jan. 1
154
84
J
O
Since
Asked
Friday's
Bid
Price
3131
Range
Range or
Sale
Week Ended May 8
Record—Continued—Page 4
Week's
Friday
"l07
9
15*
6
23*
323*
4
46 X
29
42 M
38
52
23}*
183*
39
813*
303*
93}*
83
83
36
493*
76
89 X
59}*
78 X
49 M
52 M
69
70
303*
55
27 M
36
263*
33 M
10M
163*
27
35 M
27
33}*
35 X
32 X
27M
27
7H
123*
27 X
26X
35 H
32 M
27
35 M
27
33M
New York Bond Record—Continued—Page 5
May 9, 1936
Week's
Friday
BONDS
RAILROAD
Bought
—
Sold
BONDS
—
N. Y
Last
Price
-
New
4-6%
N & W Ry 1st cons g 4s
BONDS
Y
Last
8TOCK EXCHANGE
Sale
Week Ended May 8
Price
Range
♦Montgomery Dlv 1st
A
.....
91
91
A.'60 IVI N
ser
Montana Power 1st 5s A
Deb 5b series A
1943
107%
103 M
1962
Montecatlnl Mln & Agrtc deb 7s '37
Montreal Tram 1st & ref 5s
1941
Gen <fc ref a f 5s series A
1955
Gen A ref erf 5s series B
Gen & ref s f 4%s series C
Gen & ref s f 5s series D
Morris & Co 1st
8
107
103%
1955
D
1956 M N
Nash Flo A S 1st gu g 6s
Nassau Elec gu g 4s stpd
Nat Acme 1st a f 6s
Nat Dairy Prod deb 5%s
98
88 M
114%
Nat Ry of Mex pr lien 4Mb
♦Jan 1914 coupon on
♦4s Apr 1914 coupon off
104
J
J
104"
98
98%
90
94%
98%
84
92%
88%
114%
89
109% 114%
114%
108% 110%
104%
65%
103%
102%
103%
89%
86
104%
69%
103
103%
103%
104%
102
No 4
on..
D
105%
4MB
4%
4%
66
123%
I960,A
4%
4%
3%
6%
103% 107
66
77%
120% 121
"3%
105%
76
66
58
64%
45%
105%
New Orl Pub Serv 1st 5s A9...1952 A
122
124
-4954 A
36
1944 MN
35
110%
42
100%
101%
74
98
J
105%
83%
100%
105%
106
12
100
A
82
96%
103%
91%
1937 A
O
103%
1974 A
O
93%
Ref 4%s series C
1978 M
S
82%
O
89%
81
88%
107%
107%
N Y Connect 1st gu 4 %s A
1st guar 5s series B
1953 F
1953 F
A
N Y Dock 1st gold 4s
1951 F
A
O
66
O
A
84%
395
97%
50
95
97%
94%
11
103%
23
94
107
84%
270
90
107%
47
12
101%
106%
74%
90
90
98
96%
86%
101% 104%
82
97%
70%
87%
94%,
105% 109
106% 108%
88
7
11
66
77%
14
58
75
107
68%
66%
107%
5
107
125%
3
122% 125%
116%
28
1
113% 116%
92% 100%
1
102
109%
D]
125
F
A
116
99
103%
99%
6
105
105
5
M N
lmpt 68.1943 J
J
101%
105%
N Y L E & W Coal A RR
5%s.l942
N Y L E & W Dock &
N Y A Long Branch gen 4s
1941 M S
{♦N Y & N Eng (Bost Term) 4sl939 A O
{♦N Y N H & H n-c deb 4s
1947 M S
29
37
38%
27%
28%
27%
26%
26%
28
28
37%
31%
30%
41
28
27%
37%
37%
"""l937
6sl 11943
Conv deb 6s
103
•103%
86%
105
40
1956 M N
107
1937 J
82%
103
93%
107
104% 106%
31%
48%
31%
47%
99% 104%
99% 104%
107% 108%
108% 111
106
107%
107
106
105%
42%
42%
104%
104%
107%
109%
76
54
89%
*58
74%
45
83
1940 F
*55
62
46
1943 IVI N
1939 M N
110%
1946 J
*101%
110%
100
111
110% 111%
*80
"85
16
88
81
93
85
85
84
96
15%
107%
16%
107%
A
110%
112%
113
93
105%
106%
110%
113%
113%
121
112
112%
119%
*10
*109%
102%
102%
93%
95%
112%
*112%
*114%
112%
105%
105%
109
108%
108%
V
-
~
-
111
76
10%
102%
93%
96%
89
89
98
112%
111
113
120
124
113
115%
115%
106
112%
110
106
103%
107%l
105
109
106%
106%
|
104
108%
43%
44
47
23%
28%
30%|
106%
107
70
111% 112%
113%|
111
111
113%
*110%
112"
110
110%
*106%
*110%
110
106% 106%
Series H cons guar 4s
Series I cons
1960 F
1964 M N
1970 J D
113
.....
.....
112
'
119
1963 F
ser
111
112
119"
118
Il9%l
118%
115% 121
119%
116
120
108%
108%
107
110
I
*109
~87~
"73"
92%
85
85
75
91%
84%
85% i
74
*85
A O
~
1948 J D
I960 A
A
111
109
108% 108%
115% 119
119%
B_._...IIl958
Pitts Y & Ash 1st 4s
1st gen 58 series B
1974 J
1977
Port Arthur Can A Dk 6s
A... 1953
1st mtge 6s series B
1953
Port Gen Elec 1st 4%s ser
C..1960
1st 5s 1935 extended to 1950
J
77%
*113%
119%
98%
—
D
F
F
M
15
22%
106% 108
94%
96
97
79%
70
66%
J
*94%
66%
104%
Porto Rican Am Tob conv 6s. .1942 J
{♦ Postal Teleg A Cable coll 5s. 1953 J
73
77
28%
30%
88%
90
conv g
5s. 1933 J
{♦Providence Sec guar deb 4s..1957 M N
1956 IVI ~
*12
{♦Providence Term 1st 4s
104%
|
105
107%
103%
|
"104
94% I
94
12%
120
4%s without warrants
Purity Bakeries 8 f deb 5s
115%
103%
93%
82
41%
21%
79
117%
94
28
98
80%
108
80
15
105
1950 J
104%
64%
|
*94
Pub Serv El A G 1st & ref 4s__1971 A
Pure Oil Co s f 4% s w w^
1950 J
1948 J
91%
ii9%
1962 F
1st gen 5s series C
1st 4%s series D
114
112"
118%
119%| 119%
1975 A
4%s series C
112
*110%
Gen 4%s series C
1977 J
Pitts Va A Char 1st 4s
guar...1943 M N
♦Pitts A W Va 1st
4%S ser A..1958 J D
1st M 4%s series
1st M
70
m"%|
111%
*112
4%s
55
23%
32%
25%
34
106% 109
26
*71
O
1945 M N
4%s
95%
106%
A O
1953 J
17
108% 111%
98% 104
25%
1957 M N
92
9
87%
107%
30
'
114
106
1952 M N
1949 F
104
115% 120%
99% 104%
105% 111%
105% 111%
115% 117%
106% 111%
104
...
Series D 4s guar
Series E 3 %s guar gold
Series F 4s guar gold
Series G 4s guar
Series C 4%s guar
70
102%
101% 104%
90%
99
103% 107%
108% 108%
106
107%
110% 112%
111% 114
111% 113%
118% 121%
V
120%
107%
*117%
110%
110%
87%
42
102% 106%
45%
J
.1940 A
1942 A
104
•
Stressed Steel Car
107
1937 F
75%
106%
60
104% 106
92
105
*108%
60
101
106
O
1942 M N
98%
56%
49%
*>
1949 IVI
89
1951 M N
For footnotes see page 3133.
F
97
1947 M N
{♦N Y Westch A B 1st ser I 4 %s.*46 J
Nlag Lock & O Pow 1st 6s A.-.1955 A
..1967 J
J
N
35%
J
D
1971
Series J cons guar
42%
A
1981 J
General M 5s series A
Gen mtge 6s ser B
37%
SI
II1977 J
5sIIl973
51%
—
--
...1974 F
I ref
Reading C A
40%
45
M
J
J
4%s.__1967 M N
1st & ref 4s
26%
36
O
1943 M N
General 4%s series D
Phila Co sec 5s series
A
Phila Elec Co 1st A ret
39
39%
104%
104%
107%
109%
106%
1946
"l980
76%| —
101
103%
108
1955 J
16%
29%
1965 J
.
1st 4s series B
17%
43%
105
61%
59%
72
49%
119% 122
66%
120
102
108%
5s... 1956 J
1st g 4%s series C
Phila Bait <fe Wash 1st
g 4s
General 5s series B
32%
1951 M N
General gold 5s
Terminal 1st gold 5s
ser A
32%
33
106
103%
108
O
1947 M S
4s.
cons
40
D
O
101
55
59%
*68
103%
April 1990 Apr
Peoria A Pekln Un 1st
5%s.._1974 F A
Phila A
97%
126%
151%
118%
102%
1940 A
Marquette 1st
83
112
112%
119%
Peoria A Eastern 1st
♦Income 4s.
Pere
90%
1968 J
A
101
105
46%
1*106
106%
1984 J
93
102% 104%
105
63
A
1981
102%
48%
120
*
L>
1943 A
10
26
32%
92%
O
-*
Gen mtge 4%s ser E
Peop Gas L A C 1st cons 6s
Refunding gold 6s
2
101
48
1970 A
31
101
"
1960 F
Debenture g 4%s
General 4%s series D
93
56%
85%
II1948 M N
1965
107%
100%
102% 104%
106% 108%
99% 101%
~5o"
112
1943 M N
4s
43
46%
*46
1948 M N
39%
16%
1965 -•&.
1st mortgage 5s
1st mortgage 5s
N Y Susq A West 1st ref 5s
2d gold 4%s
cons g
103
*103%
•102%
Al.Il941 M
.
| 102%
64
*105%
1944 J
1963 F
Pirelli Co (Italy) conv 7s
Pitts C C & St L
4%s A
Series B 4%8 guar
39
102%
J
1944 A O
1949 M 8
1942 M 8
1937 M S
1941 F
Pa Ohio & Det 1st & ref
4%s A. 1977 A
4%s series B
1981-1
Pennsylvania P A L 1st 4%s.Il981 A
*>
O
Jan 1965 A p
1965
28-year 4s
Penn-Dlxie Cement 1st 6s
105%
27
100%
100%
1952 IVI N
Phllllpplne Ry 1st s f 4s_.
Pillsbury Flour Mills 20-yr
27
107%
1942 J
E trust ctfs
108
28
3%s.l965 M N
Prior lien 6s assented
N Y A Rlchm Gas 1st 6s A
N Y Steam 6s series A
ser
102%
105%
100%
73
102%
1953 J
Penn Co gu 3%s coll tr A
100%
104%
105%
100%
30%
N Y A Putnam 1st con gu 4s.-.1993 A
N Y Queens El Lt A Pow
Inc 6s assented
{♦Park-Lexington 6%s ctfs
103
28%
27%
26%
26%
1957 IVI N
Prior lien 6s series A
104
94% 100%
27
S
1940 A
4%sserof 1927...1967 J
♦Harlem R & Pt Ches 1st 4s. 1954 M
N Y O A W ref g 4s..
June 1992 M
General 4s
1955 J
{♦N Y Providence & Boston 4s. 1942 A
105%
*106%
*99%
♦Non-conv debenture 3%s._1954 A O
♦Non-conv debenture 4s
1955 J
J
♦Non-conv debenture 4s
1956 IVI N
♦Conv debenture 3%s
1956 J
J
♦Conv debenture 6s
1948 J
J
1st & ref
99
104
55
-.
General g 4%s series C
.
J
103%
98%
95%
107%
65
l" N
M N
M N,
M N
6s stamped
90
J
1937 J
4s sterl stpd dollar
May
Consol sinking fund
4%s
General 4%s series A
General 5s series B
74%
80%
103%
101
*62%
102%
106%
L>
f g
100
J
86
344
101
102%
1938 J
89
447
95%
102
102%
1938 F
Consol gold 4s
91%
1998 F
N Y Telep 1st & gen s f 4
%sN Y Trap Rock 1st 6s
43
105
101
4%s...l955 J
{{♦Pan-Am Pet Co(Cal)conv 6s '40 J
♦Certificates of deposit
Paramount Broadway Corp—
♦1st M s f g 3s loan ctfs
1955 F A
Paramount Pictures deb 6s
1955 J
Paris-Orleans RR ext 5%s
1968 M 8
s
113%
102
102%
1964 J
119
89%
Refunding 5%s series A
♦
32%
82
♦Debenture 4s
1st A ret 4s series G
Pac RR of Mo 1st ext g 4s
♦2d extended gold 5s
Pacific Tel & Tel 1st 5s
Paducah A III 1st
112%
121%
108%
121%
1961
109
90%
♦Collateral trust 6s
1946
Oslo Gas A El Wks extl 5s
1963
Otis Steel 1st mtge 6s ser A... 1941
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas & EI gen & ref 5s A. 1942 J
Pennsylvania RR
624
83%
♦Non-conv debenture 3%s__1947 IVI
120%
119
42
F
1998 F
1948
Purchase money gold 4s
1949
N Y Greenwood L gu g 5s..... 1946
N Y & Harlem gold 3%s
2000
N Y Lack A West 4s ser A—..1973
4 %s series B
1973
118
121%
107%
41
A
Serial 5% notes
1938 A
NY Edison 1st & ref
6%s A...1941 A
112%
120
121%
106%
30
A
Oct 1 1938 A
109
120
1946
1946
32%
33%
111%
97%
84%
39%
112
35%
111%
97%
102%
26%
112%
36
*109
1945 J
"99%
30%
112
24%
42
102%
112
Guar 4s
35
104% 107%
107% 109
112
97
33%
36%
35
108%
111%
4s
g 5s
com g
92%
33%
106%
108
Oregon RR A Nav
88%
35
105%
108%
Ontario Power N F 1st 6s.....1943
Ontario Transmission 1st 6s... 1945
80%
1956 F
106%
101% 101%
103%
111% 114%
111% 115
89
1956 F
104 % 107
103%
95%
1954 A
104% 106
105
1937
95%
96%
108
104%
112% 113%
90%
31%
74
108
104%
104%
111
Guar 3%s coll trust ser B
Guar 3%s trust ctfs C
Guar 3%s tmst ctfs D
♦1st 5s series C
♦1st 4%s series D__
♦1st 5 %s series A
O
88%
111%
109%
99% 109
112
105% 107%
'
101%
113
105%
80%
52
81
100%
103%
105%
75
104% 112%
74%
85%
93
103%
110%
112
Pat A Passaic G & E cons 5s.
♦Paullsta Ry 1st ref s f 7s
57
105
1947
Parmelee Trans deb 6s._._.
102
107
73
100
106%
1936
119% 122
♦1st 6s series B
N Y A Erie—See Erie
RR.
N Y Gas El Lt H & Pow
g 6s
124%
111%
112%
1st A ret 7s series B
Ohio River RR 1st g 5s
General gold 5s
100
93%
93%
88%
*29%
First A ref 6s series B
1955 J D
New Orleans Term 1st gu 4s
1953 J
{{♦N O Tex <fe Mex n-c Inc 6s__1935 A
3%s
83%
77%
65
69
106
Ohio Indiana A West 6s..Apr 11938
Ohio Public Service 7%s A
1946
122
57
N Y Chic & St L 1st
g 4s
6%
120
*60%
109%
79%
100%
110%
105%
*106%
102%
102%
29%
29%
'109%
101
80
Lake Shore coll gold 3
%s
Mich Cent coll gold
2%
103% 106
101% 107
121%
112% 115
65%
70%
107
*107
104%
121
106% 107%
103% 106%
102% 105
106
110%
80%
100%
110%
105%
....1961
121%
1983 J
Consol 4s series A
1998
Ref & lmpt 4%s series A
2013
Ref A lmpt 5s series C
2013
N Y Cent & Hud River M
3%s_1997
Debenture 4s
:
1942
Ref & lmpt 4%s ser A
2013
ser B
101
121%
%s A. 1952 J
N A C Bdge gen guar 4
%8
N Y Cent RR conv 6s
6%
6%
*120
63%
4%
.
63
4%s
105%
120%
107%
*113%
*60%
*60%
1938
1941
Ore-Wash RR A Nav 4s
105
2%
3%
.
*2%
3%
104%
Ref mtge
22%
21%
63%
115
104%
104%
105%
*120%
Ref mtge 5a
1964
Northwestern Teleg 4%s ext..1944
Norweg Hydro-El Nit 5%s
1957)
Og A L Cham 1st gu g 4s
1948
Ohio Connecting Ry 1st 4s
1943
Ore Short Line 1st cons
Guar stpd cons 5s
103%
3%
.
*63
New England Tel A Tel 5s A...1952 J D
1st g 4%s series B
1961 Nl N
N J Junction RR guar 1st 4s_..1986 F
N J Pow & Light 1st
"
73%
4%
5%
107
1941
1st & ref 6s ser B
103
3%
104%
2047
Nor Ry of Calif guar g 5s
Nor States Pow 5s ser A
102% 104%
*3%
1954 IVI N
4s_
{♦N Y Rys Corp lnc 6s
92%
104%
57%
*3%
Newark Consol Gas cons 5s_._1948 J
♦New England RR guar 5s
1945 J
♦Consol guar 4s
1945 J
♦
105%
90
3%
*2%
...1965 J
3-year 6s
83
88
105%
*3
1951
f 4s
New Orl Great Nor 5s A
NO A NE 1st ref&lmpt 4
87
88
1957
♦Assent cash war ret No 4 on
♦4s Apr coupon on
..1977
♦Assent cash war ret No 5 on
Nat RR Mex pr lien 4%s
1926
♦Assent cash war ret No 4 on
g
83%
85%
82%
94
*87
103*32
IVI N
I Nat Distillers Prod deb 4%s_._1945
2047
100% 104%
•108%
1937 F
1942 J
1948 F
2047
93
1951 J
war ret
83%
*83%
105%
J
1939 J
2000
2047
Reg A lmpt 6s series B
97% 103%
66%
88
86
101%
83%
*83%
Constr M 4 Mb series B
1955 M N
Mutual Fuel Gas 1st gu g 5s._.1947 M N
s
101%
85
Mut Un Tel gtd 6s ext at 5%..1941 IVI N
Namm (A I) A Son—See Mfrs Tr—
Nash Chatt A St L 4s ser A
1978 F
Assent cash
107%
103%
1955
f 4 %s
{♦Naugatuck RR 1st
107%
101%
1955
Morris & Essex 1st gu 3%s
Constr M 5s series A
Nat Steel 1st coll
104%
155
13%
12%
106
104%
1974
{♦North Ohio 1st guar g 5s
1946
♦Ex Apr'33-Oct'33-Apr'34 cpns.
♦Stmpd as to sale Oct 1933 A
♦Apr 1934 coupons
North Pacific prior lien 4s
1997
High
96% 102%
88%
96%
48%
57%
51
1957
Ref A lmpt 5s series C
Ref & lmpt 5s series D
14%
15%
96
85%
105% 109
107%
104%
104
J
1937
1937
A
103% 104%
106% 107%
25~"
9
9%
15%
119%
107%
104%
Aug 15 1963
Nov 15 1969 M N
103% 105%
14%
12
11%
102%
93%
IVI N
2047
93%
11%
ser
Deb 5s series C
Gen lien ry A Id g 3s Jan
Ref A lmpt 4%s series A
High
101%
93%
124
1974
82
10%
Mohawk <fe Malone 1st gu g 4a. 1991 M S
Since
Jan. 1
Asked\
14%
...1961
North Cent gen A ret 6s A
Gen A ret 4%s series A
98%
97%
1938 M S
Mont Cent 1st gu 6a
1st guar gold 5a
Deb 5%s series B
Low
High
1977 M SI
'Monongahela Ry 1st M 4s
No Am Edison deb 5s
Since
Jan. 1
Askcd\
19
*92%
A
g 5s__1947
♦Ref A lmpt 4%s
♦Sec 5% notes
Range
or
Friday's
Bid
102%
1996
1941
Pocah C AC Joint 4s
North Amer Co deb 5s
Week's
Low
♦MoPac 3d 7s ext at 4% July..1938 MN
{♦Mobile A Ohio gen gold 4s.-.1938 M S
A
1950
$ {♦Norfolk South 1st A ref 5s-1961
♦Certificates of deposit
{{♦Norfolk A South lstg 5a...1941
NY 1-735
Friday
N.
Range
Friday's
1947 MN
Nord Ry ext sink sunf 6%s
123 S. Broad St., Phila.
Kingsley 1030
A. T. & T.:
IVI N
♦Norddeutsche Lloyd 20-yr b f 6s *47 M N
Members New York Stock Exchange
HAnover 2-1720
Range or
\Bid
Low
LOBDELL & CO.
St., NcwYork
,
Quoted
Niagara Share (Mo) deb 5%s..l950
48 Wall
Sale
STOCK EXCHANGE
Week Ended May 8
92%
103% 109%
110% 131%
102% 104
91% 103
Volume
New York Bond
142
BONDS
N.
S3
Y. STOCK EXCHANGE
Week Ended May 8
IS
LttAf
Sale
Price
Range or
£
{♦Debenture gold 6a
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
Gen A ref 4 *s series A
1997 J
J
Gen A ref 4*s series B
1997 J
J
Rem Rand deb 5*s with warr.1947 W N
5*s without warrants
-.1947 MN
Deb 4*s with warrants.
1956 W S
Rensselaer A Saratoga 6s gu—1941 M N
Republic Steel Corp 4 Ha aer A-1950 M S
Gen mtge 4*s series B
1961 F
Purch money 1st M conv 5
*s 'f>4 ™
Revere Cop & Br 1st mtge 4*s.1956 J
♦Rhelnelbe Union a t 7a
1946 J
♦Rhine-Ruhr Water series 6s.—1953 J
♦Rhelne-Westphalla El Pr 7s.. 1950 M
♦Direct mtge 6s
1952 M
A
Jan. 1
•"
1952 J
♦Rlma Steel 1st s f 7s
1955
♦Rio Grande June 1st gu 5s
1939
{♦Rio Grande West 1st gold 4s. 1939
♦1st con A coll trust 4s A
1949
Roch G A E 4*8 series D
1977
J
99*
99*
107*
106*
107*
104'ie
107*
N
J
J
f
A
M
1947 J
107*
33
104',6
1
105* 107*
104
113*
104* 113*
112*
333
96*
97*
107*
103*
29*
88
97*
106
"29*
103*
29*
38
21
1
34
25*
28*
28*
28
28
28
28
40
39*
40*
38
49
39*
39
40*
37
47*
"28" "
104
28
104
104
107*
41*
52*
31
"27*
31
30
76*
74*
71
78
40
38*
51*
75
86
15*
26
85
67*
14*
23*
y
j
'20*
20*
20*
17*
27*
16*
19
15
24*
"*
B
"16*
16*
18
14*
13*
22*
20*
91
18*
15*
J
-
18*
15
15*
88
88
76*
50
70*
58*
53
52
53
39*
59
34
J
61
33
36
28*
41*
102
101*
102
100* 102*
101* 102*
18
105
20*
20
31
19
17
100*
29*
100*
29*
D
1940 J
J
106*
1972 J
J
121
121
122*
117* 12 2*
98
98*
109*
108
104*
98*
109*
*55
52
1989 M N
A
*118*
*13
O
13*
1950
5a
Oct 1949
{♦Refunding
4s
1959
1945 M S
5*
7*
6*
deposit
{♦Atl A Blrm 1st g 4s
{♦Seaboard All Fla 6s A ctfs
♦Series B certificates
1933 M
Shell Union Oil deb 3*9
Shlnyetsu El Pow 1st 6*s
1951 IVI
♦{Siemens A Halske
1935 J
1951 M
1935 A
1935 F
1952 J
f 6*8
89
99*
110*
108* 112
62
58*
95*
D
s f 6*s series C
—.1961 J
♦Sink fund deb
6*8 ser A
1947 J
Utah Lt A Trac 1st A re t5s
Utah Power A
Light 1st 6s
13
62*
120
16
13*
19*
11*
...
20*
21
21
6
5/-
5*
7*
5
4*
9*
101
7*
13*
59
6*
16*
24*
6*
16*
3*
4*
95*
3
4
"52
Sou A Nor Ala cons gu g 5s
1936
100*
*116*
108*
107*
50-year 5s_.--1963
f 5s„1941
Southern Colo Power 6s A
1947
So Pac coll 4s (Cent Pac coll).-1949
105*
104
105
91*
-
1st 4*s (Oregon Lines) A... 1977
Gold 4*s
1968
Gold 4*s
.1969 IVI N
Gold 4*s
1981 M N
San Fran Term 1st 4s
1950 A O
So Pac of Cal 1st con gu g 5s_—1937 M N
So Pac Coast 1st gu g 4s
J
—1937 J
So Pac RR 1st ref guar 4s
J
1955 J
89*
97*
97
89*
86*
88*
86
112*
109*
*105*
11*
3*
3*
6*
94*
81*
59*
96*
32
110*
42*
7*
88*
80
61*
110* 112*
24*
31*
75
97*
104*
100*
90
98*
103* 106*
100* 102*
114* 116*
1956
A
87*
98*
68
76*
93
77
91*
89*
134
89*
112*
231
105
106*
91*
76*
106* 117*
106* 106*
{Wabash RR 1st gold 5s
81
101
102
A
89
1954
J
*79
1941
J
1939
J
*
Omaha Dlv 1st g
3*8--—..1941
Toledo A Chic Dlv g 4s
1941
O
Des Moines Dlv 1st
g 4s
{♦Wabash Ry refA
♦Certificates
of
of
1976 F
1978 A
O
of
1996 J
95*
J
85
1938 M
1938 M
1964 J
O
1980 A
Walworth Co 1st M 4s
105*
1945 F
J
sec
107*
19
102*
62*
106*
64
58 series G
1956 J
1st mtge 4s ser H
Western Maryland 1st 4s
1st & ref 5*s series A
West N Y A Pa 1st g 5s
Gen gold 4s
ser
D
J
West Shore 1st 4s guar
2361
J
2361
107*
110* 112
121*
*1053i6
122"
121* 124*
119
122*
105*
105"fc 106*
101*
101*
105*
106*
A
D
105*
S
106*
110
108
110
*108*
99*
107*
F
101*
96*
109
106
102* 104*
110
106
44
36
80
34*
35
46
34
105*
8
105
107
107*
101*
53
103
108
42*
24
101* 103*
106
19
103* 106*
106*
65
104
2
25
108
33*
25
43
85
96
86*
16
81
92
104
105
*105*
S
A
90*
85
"89*
25
88*
J
White Sew Mach deb 6s—-—1940 M N
100*
107* 112
*111*
99*
101*
101
99
100
132
99* 101*
19
90
31
45
20*
20*
45
67
101*
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref
conv
J
7s A-1935 MN
Wllk A East 1st gu g 5s
Will A S F 1st gold 5s
gen
D
22*
53
107'
107
107
100*
101*
52
31*
106* 107*
99* 102
110
107
110
♦Sup A Dul dlv A term 1st 4s 1936
IVI N
110
5
17
21
98
15*
25*
21
—
17
21
36
15*
11*
38
25*
15*
14*
9*
11*
*Q
98*
78
89*
Youngstown Sheet A Tube 5s. .1978
1st mtge s f 5s ser B
20*
"26*
1949 J
4s
22*
*51
D
1938 J
♦Certificates of deposit
20*
21*
21*
101
J
1942
85
32
105* 108*
109* 109*
107*
J
1949 M
1
97* 102*
57*
76*
108*
102*
109*
IVI
F
82
94* 100
102*
109*
34*
34*
D...1966 M S
RR 1st consol 4s
77
116*
J
ser
66*
81
14
y
IVI N
Registered.
41*
133
34*
Funding & real est g 4 *s
1950
15-year 6*s
1936
25-year gold 5s
1951
30-year 5s
I960
♦Westphalia Un El Power 6s—1953
-
68
23
105
—1946
1938
41*
62*
108
1946 IVI
♦5s assented.—..
Western Union coll trust 5s
30
21
61*
100
100
J
193
23
64
108
1952 A
A
32*
98*
46*
*120
122
1943 A
{♦Western Pac 1st 5s
1961
93*
164
108*
*108*
1977 J
43
13
84
92*
103* 108*
*110
D
S
"16
*100
A
Westchester Ltg 5s stpd gtd...l950 J
West Penn Power 1st 5s ser E..1963 IVI
31
29
81
A
1945 F
25
36*
63*
31*
s
1939 J
26*
35*
32*
36*
91*
31*
93
s
Warren RR 1st ref gu g 3 *s—2000 F A
Washington Cent 1st gold 4s.-. 1948 Q IVI
f 5s
32*
26
86
83
61 *
s
27
~26
71
82
S
Wash Term 1st gu 3*s
1st 40-year guar 4s
27
14
O
Wash Water Power
38
31
"l2
70
----1955 A
♦Deposit receipts
95*
28*
41
74
1941
77
26*
"53
71*
6s.-(
"15
82*
60
89
26*
O
1939 M
72
14
106
105
1955 A
6s debentures
68
71*
26*
*22
of deposit
Walker (Hiram) GA Wdeb
4*s 1945
1st
28*
26*
28*
*22
♦Certificates of deposit -i
♦Wor A Conn East 1st 4 *s
4
26
deposit
55
88
84*
96*
67*
67*
100* 100*
27
*22
♦Ref & gen 5s series D
♦Certificates
27
A
deposit
♦Ref A gen 4 *s series C
♦Certificates
28*
30*
28*
*22
75*
78*
95*
86*
102*
67
98* 104*
96
26*
deposit
♦Ref A gen 5s series B
♦Certificates
69*
92*
12
"80
"69"
s
{♦Wis Cer 150-yr 1st
77
»,
81
*95
s
A-1975
gen 5*8
90*
70
105
62
*101*
1st Hen g term 4s
Det A Chic Ext 1st 5s
92* 104
78
101*
61*
65
1939
"97
1956 A
11
20*
106* 108
107*
106*
104
103*
59*
85
"15
13*
88
102*
56*
53
*3
115
1939 IVI N
♦2d gold 5s
69
60
87
95*
106* 108
107* 107*
6*
3*
86
Wilson A Co 1st M 4s series A—1955 J
Winston-Salem S B 1st 4s
1960 J
68*
"3*
33
*104*
99* 106*
72
9
42*
99*
95*
97* 101*
64
72*
J
247
74
87
88
29*
26
O
105*
181
33
68*
33*
*
104*
58*
g 6s_—1955 J
9
11
*10
1943 J
J
1970 A
9
O
1052'32
1062932
105*
1062932
105*
136
104* 106*
107
116
104
107
104* 107*
19.
20
14*
34
22
22
19*
28*
92*
98
1943 J
"22
{{♦Stevens Hotels 6s series A..1945 J
♦Studebaker Corp conv deb 6s_1945 J
Sunbury & Lewlston 1st 4s
1936 J
Swift A Co 1st M 3*8
1950 IVI
Tenn Cent 1st 6s A or B
95*
"i05~
1947 A
94
Tenn Coal Iron
A RR gen 5s. .1951 J
Cop A Chem deb 6s B
1944 IVI
Tenn Elec Pow 1st 6s ser A-—1947 J
4*8—1939
97*
A
1944 F
gold 5s
f g 4s
5s
33*
33
28*
2003 J
1958 A
gu gs
cons
35*
S
105*
1956 A
1951
107*
112*
1949 IVI
Wheeling Steel 4*s series A.-.1966
142
94
J
1955 MN
1st
72*
68
14*
Va Iron Coal A
Coke 1st g 5s.
Va A Southwest
1st
1
72
J
El A Pow 4s ser A
102* 106*
93*
80*
13
92*
97*
99*
*108*
*108*
3*
Virginia
103"
1994 J
Staten Island Ry 1st 4*s
262
D
Wheeling A L E Ry 4s
1955
S'west Bell Tel 3*8 ser B
100*
J
106* 108*
108*
105*
87*
89
10*
267
~82
104*
8*
13
83
47*
110*
97
1951
Mobile A Ohio coll tr 4s
72
1942 J
{♦Warner-Qulnland Co deb 68—1939 IVI
♦Warner Bros Co deb
IVI
6*
1950
1941
Devel A gen 6*8
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
East Tenn reor Hen g 5s
98*
87
1934 J
4*8
75
38
26
♦{July coupon off
♦Vertientes Sugar 7s ctfs
118
29
98
68
109
29
5
36
1957 M N
A P 1st gu
29*
26
72
122
111* 123
111* 114*
107* 111*
103
108*
25
38
1959
f 4s series B
2
29
29*
1947
66
19
1946
...
D
1944
66
114* 119
16*
*76*
50*
s
52
119
111
29
J
98*
100*
66
47
6*
5*
7*
6*
16*
3*
*3*
94*
81*
Cons
♦{Vera Cruz
44
26
Warner Bros Plct deb 6s
3*
Sllesian-Am Corp coll tr 7s
Skelly Oil deb 4s
Socony-Vacuum Oil 3*8
-
105*
D
J
60
52
*90
J
1949 F
Southern Ry 1st cons g 5s
Devel A gen 4s series A
Devel A gen 6s
100
Corp 6*s A—1951
♦Sec,
50
51
10
3*
♦Certificates of deposit
Sierra A San Fran Power 5s
♦Silesia Elec Corp s f 6*s
104* 106*
._
♦Adjustment
7s
103*
106*
16
*12
♦Certlfs of deposit stamped
104* 107*
103* 104*
*50*
—.1946
g 4s__1950
104*
*111
50
6s series A
s
U S Rubber 1st & ref
J
5s ser A.-1947 J
United S S Co 15-year 6s
-.1937 IVI N
♦Un Steel Works
J D
27
104*
103*
106*
J
...
s
105
1937 J
♦Certificates of deposit
{♦Gold 4s stamped
Gen refund
100* 102*
106
IVI
1944
85*
19*
17*
1937 J
1937 J
f 6Hb series B
cons
2
105
41
"40
{♦Universal Pipe A Rad deb 6s. 1936
♦Unterelbe Power A Lhcht 6s. .1953
74*
38*
Stamped
1st
103* 107*
*32
7
26
*112
J
81
S A'A Ar Pass 1st
gu g 4s
1943
San Antonio Pub Serv
1st 6s
1952
Santa Fe Pres A Phen 1st
6s.-.1942 M
Schulco Co guar
6*3
1946 J
Term Assn of St L 1st g
100
s
1934 J
Vanadium Corp of Am conv 5s. 1941
Vandalla cons g 4s series A
1955
17
Tenn
160
1944 IVI
1953
gen 4s
{ {♦United Rys St L 1st
g 4s
Utll Power A
Light 5*3
Debenture 5s
A
{♦Spokane Internat 1st
100*
106* 109*
98
103*
107*
87
{♦St Paul AKCShL gu 4*8—1941 F
St Paul Minn A Man 5s
1943 J
1st 4s 8tamped
11
O
92
20
s
101* 104*
108 *
1950 A
80
J
South Bell Tel A Tel 1st
61
e
"l02*
43
*105
cons guar
103
112*
113
D
42*
74*
98*
105* 107*
104* 106*
21
17*
102*
107*
99*
119*
113*
113*
1968 J
85
75*
107
105*
*17*
87*
112*
85
1990 J
tPaclflc ext gu 4s (large)
St Paul Un
Dep 5s guar
107
91
84*
82*
89*
95
93*
103', 6
88
1978
Mont ext 1st gold 4s
*82
112
107* 109*
105*
117* 130
90*
99*
98*
89*
89*
88
108*
32*
103
98*
98*
89*
101* 105*
120* 122
103
27*
103*
13
120"
108*
27
107*
105"
105
103
27*
35
86*
101
96*
S
31
*102
Gen
21*
159
104*
J
35
J
a
13
114
99* 104*
96
1967 J
June 2008 ivi
1st lien A ref 5s
Gold 4s
UNjRR&Can
20
25
High
June 2008 M
1st lien A ref 4s
Gold 4*a
94*
153
77*
98
120
'119*
54
16*
39
79
*121*
120
S
12-year 4s conv deb
—1947 IVI N
Union Pac RR 1st A id
J
gr 4s... 1947 J
90
152 *
91*
Low
*109
{♦{Union Elev Ry (Chic) 5s
1945
Union Oil of Calif 6s series A.—1942
79*
18
2
Jan. 1
106*
18*
120*
113*
113*
108*
90
153
No.
92*
78*
103*
106*
37*
107* 109
Since
II
*95
Union Elec Lt A Pr (Mo) 5s—1957
Un E L A P
(111) 1st g 5 *s A —1954
80*
1989 M N
Novl989 J
8 f
1945 IVI
f 7s
8
41*
♦108
104*
*80
--.1950
-
Scioto V A N E 1st gu 4s
5 {♦Seaboard Air Line 1st
UlJIgawa Elec Power
80
112* 112*
D
Truax-Traer Coal conv 6*s___ 1943 M N
♦Tyrol Hydro-Elec Pow 7*s—1955 IVI N
♦Guar sec s f 7s
1952 F A
41
♦112*
J
Toronto Ham A Buff 1st g 4s-.1946 J D
Trenton G A El 1st g 5s i
1949 IVI S
Tri-Cont Corp 5s conv deb A—1953 J
J
80
95
78*
1950 A O
1942 M S
41*
*91""
D
Imp 3*s 1960
Tol St L & W 1st 4s
Tol W V A Ohio 4s ser C
United Biscuit of Am deb 5s
United Drug Co. (Del.) 5s
34*
D
♦Debenture
34
33*
33*
33*
con g 4S--1968 J
{♦St Paul E Gr Trk 1st 4*8— 1947 J
of
109*
102* 105
16
5s
♦Certificates
96* 100*
106
Range
Askea
Hioh
A
92
s
1953 J
*78
St Paul A Duluth 1st
com
107* 126
1st 6s dollar series
Tol A Ohio Cent ref A
O
1996 A
♦Gen A ref g 5s ser A
St Paul City Cable cons
5s
♦1st A
110
Friday's
Bid
Low
1955 IVI
103
unifying 5s. .1952
s
107
108*
32
deposit
Stamped
96* 100*
29*
27
J
♦Ctfs of deposit
stamped
{♦St L S W 1st 4s bond ctfs
Guar
82*
28*
28
♦Certificates of deposit--
Guaranteed
106*
109*
J
J
21
110*
s
J
25
107*
"68
D
O
100
63
Range or
Sale
Price
Tokyo Elec Light Co Ltd—
1937 M N
J
1996 J
♦Prior lien 5s series B
♦2s g 4s inc bond ctfs
♦1st terminal A
N8.
High
158
17
108*
A
{♦St L-San Fran pr lien 4s A..-1950 J
♦Con M 4 Hs series A
Last
it
8TOCK EXCHANGE
Week Ended May 8
66
107*
♦Certificates of deposit
{♦St L Peor A N W 1st gu 58—1948 j"
St L Rocky Mt A P 5s
stpd
1955 J
of
Low
158
108*
J
Southern—
♦{Riv A G Dlv 1st g 4s
1933 IVI N
♦Certificates
No.
*104
N
1949 J
St Jos Ry Lt Ht A Pr 1st 5s
St Lawr A Adr 1st
g 5s
2d gold 6s
St Louis Iron Mt A
63
J
1941 J
__
64*
N
Gen mtge 5s series E
1962 «I
{{♦R I Ark A Louis 1st 4*s.__ 1934 M s
Royal Dutch 4s with warrants-1945 A o
♦Ruhr Chemical s f 6s
1948 A o
Rutland RR 1st con 4 Ha
St Joe A Grand Island 1st
4s.
High
N. Y.
Since
*130
107*
J
♦Cons mtge 6s of 1928
1953 F A
♦Cons M 6s of 1930 with warr *55 A O
| {♦Richfield Oil of Calif 6s
1944 M N
Rut-Canadan 1st gu g 4s
BONDS
Range
Friday's
A
Asked
Toho Elec Power 1st 7s A
•*
3133
Week's
Friday
Bid
Low
{♦Radlo-Kelth-Orph pt pd ctfa
for deb 6s A com
atk(65% pd)
♦Certificates of deposit
Rlchm Term Ry 1st gu 5s
Record—Concluded—Page 6
Week's
Friday
—.1953 J
107*
Texarkana A Ft S gu 5*8 A.-.1950 F
101
105
93*
*122*
103*
96*
110*
*114*
107*
100*
102*
*102*
122*
102*
105*
94*
191
"22
45
81* 117
100* 100*
105
107*
74*
HI*
118*
121*
103
49
105
94
102
110* 111*
116
108
23
101
67
Cash Sales transacted during the current week and not
Included In the yearly
No sales.
98
120
103*
97*
e
range.
118*
105* 111*
87* 102*
102* 105
Texas Corp conv deb 5s
1944 A
Tex A N O con gold 5s
1943 J
Texas A Pac 1st
2000 J
122*
1977 A
103*
94
98
103
102
103
91
97
104*
103
101
103
94
97
109
3
Cash sale only transaction during current week
during current
current week.
week,
n
a
Deferred delivery sale only
Under-the-rule sale only transaction
{ NegotiablUty Impaired by maturity
during
t Accrued Interest payable
at exchange rate of $4 8665.
{ Companies reported
as
being In bankruptcy, receivership, or reorganized under
104
1979 A
r
transaction
gold 5s
Gen A ref 5s series B
Gen A ref 5s series C
Gen A ref 5s series D
—1980 J
64 M S
J
-.I960 J
Tex Pac-Mo Pac Ter 5 *s A—
Third Ave Ry 1st ref 4s
•
♦AdJ inc 6s tax-ex N Y—Jan 1960
Third
Ave
RR 1st g 5s
102*
A
1937 J
O
J
33
108*
65*
32*
*102*
102*
100
Section 77 of the Bankruptcy Act, or securities assumed
by such companies.
99* 103*
123*
103*
"37
67*
30
34*
103*
100
117* 124*
104*
105* 109*
57*
22*
8*
100* 103*
*
s
Friday's bid and asked price,
• Bonds selUng flat.
Deferred DeUvery Sales transacted during the current
in the yearly range
Grand Trunk 6s 1936, May 7 at 101*.
week and not included
3134
New York Curb
Exchange—Weekly and Yearly Record
9,
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote in the week In which they occur.
In the
the week
following extensive list
beginning
from the
on
we
furnish
Loot
Week's Range
for
Sale
Par
of Prices
Low
High
Price
Shares
1
10
"44%
"3:266
2%
*44% "44%
-"l"66
44%
2%
2%
3X
1,400
'S~I6
""266
27
*
'516
39
39
25
Ala
70%
62%
71
110
Power $7
pref
*
$0 preferred
*
63%
90
~20%
""466
Allegheny Steel 7% pref 100
Allen Industries com.——1
Alles & Fisher Inc com...*
"20 %
"26"
Aluminum
Goods Mfg..*
Aluminum Ind com
*
Aluminum Ltd
American Book Co
American Capital—
100
Common class B
*
Jan
113%
18%
4%
15%
Mar
Jan
Mar
Mar
62%
Feb
4%
Mar
114
113
10
16
10%
10 X
3%
71
16 %
10 X
Feb
Feb
76
Feb
Jan
115
19
Apr
Apr
Buckeye Pipe Line—
50
Buff Niag & East Pr pref 25
$51st preferred
*
Jan
23%
2%
Apr
Apr
1
5%
"35 ji
46
1
Feb
Feb
Burco Inc
25%
Feb
warr.
Amer Gas & Elec com...*
Preferred
35
American General Corp 10c
$2 preferred
1
$2.50 preferred
Amer L & Tr com
25
0% preferred
87
100
50
350
5%
1,000
"36%
16:800
450
1,200
9,400
100
1,700
300
35
'""550
23
100
1
1%
20%
20
Amer Mfg Co com___..100
Amer Maracalbo Co
Amer Meter Co
19%
20
1%
26%
1%
26%
Jan
75
Mar
Jan
2%
101
3,800
25
17,900
100
Amer Pneumatic Service.*
Amer Potash & Chemical.*
Superpower Corp com*
1st preferred
Preferred.
2%
4%
*16
4%
Jan
May
71
77%
Jan
Jan
Jan
9
Feb
2
Feb
27
Jan
36%
86%
Jan
91%
2%
12,900
"33"
Mar
Feb
9
36%
40%
*
Preferred
10
Arkansas P & L $7 pref..*
Art Metal Works com
5
Amer deposit rets
Assoc Gas & Eleo—
>
£1
Common
118
Mar
7
Feb
19
Am
24%
Feb
3%
Mar
5
Feb
33%
Apr
108
Jan
43%
114
Feb
Feb
7%
30%
Jan
12
Jan
39%
B
non-voting
'"76"
43%
29
Aprl
46
19%
17%
25%
Jan
27%
Jan
25
Feb
30 %
Jan
14
Jan
24%
Mar
Jan
1%
39%
Feb
*16
18
Jan
Apr
Apr
Apr
2
Jan
Apr
4%
Apr]
Feb
Jan
Mar
Mar
2%
2%
200
4%
20
1,200
108% 108%
10
1%
5%
5%
7%
900
1%
2
5%
6%
6%
6
7%
8%
3,500
16,500
5,400
18%
1%
4%
13
"10% ""800
Jan
Jan
Jan
Mar
104%
%
3%
3%
7%
Feb
Jan
29
Feb
4%
99%
Feb
63%
4%
Feb
Jan
Feb
Jan
Jan
18%
2%
Jan
Jan
Feb
6
20%
Apr
109
Feb
4
Feb
Jan
7%
Mar
Jan
7%
Mar
Mar
Jan
Apr
96
Jan
9%
Jan
12%
Apr
10%
Jan
12%
Feb
85
16"
11%
11%
1,400
500
1%
8%
4,000
9%
3,800
%
100
*
Associates Investment Co *
Associated Rayon com
*
Atlanta Gas Light
pref. 100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co—50
Atlas Corp common
*
$3 preference A..
Warrants.-
38%
Jan
38%
4,850
1
2%
Feb
Feb
Jan
3%
5%
i32
%
%
26%
1%
Jan
Jan
Feb
liP.
%
%
Jan
Jan
Jan
Feb
Feb
Feb
Feb
38% May
3%
Feb
11%
11% "12%
53
2%
7%
8%
8%
5
Mach. *
9%
53%
3%
7%
9%
*
100
12:666
600
5,900
100
Apr
93
Apr
9
Apr
34
*
Automatic Products
32%
9%
*
Atlas Plywood
Corp
1
92
700
'16
Laundries of Amer. *
t c common
11%
1%
1
1%
7%
Jan
16%
38%
Feb
11%
Apr
16%
Feb
51
Jan
55
Jan
2% May
4%
Jan
1
25c
8
1%
1%
10
Class B
46%
46%
74%
Bellanca Aircraft com.__l
Cent Hud G & E v t c__—*
Cent Maine Pow
7% pf 100
Cent P & L 7% pref...100
Feb
Jan
11
Jan
Apr
11
Mar
6% pref without
7% preferred
warr
♦
Charis
Corporation
10
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet & Mach...»
Ch'lds Co pref
100
Chief Consol
Mining Co..l
Cities Service com
*
Preferred.
—I*
Preferred B
8%
Clinchfield Coal Corp
100
Club Alum Utensil Co
*
Cockshutt Plow Co com"*
Cohn & Rosenberger...—*
Colon Oil Corp com
•
Colt's Patent Fire Arms 25
Columbia Gas & Eleo—
Conv 5% preferred..100
Columbia Oil & Gas vtc
Columbia Pictures new
*
Commonwealth Edison" 100
Commonwealth & Southern
Community P & L'fYpref*
Community Water Serv..*
Jan
Como Mine?
76
150
70
Jan
200
%
55%
2%
Apr
2%
Feb
Feb
Warrants
!
1
Compo Shoe Machinery
1
Connecticut Gas & Coke^Secur $3 pref
Jan
Consol GEL
"22 %
17%
20
"lox
*
Bohack (H
C) Co com...*
7% 1st preferred
100
17%
2%
45%
15%
1
*
14%
36%
7
14%
36%
23%
19%
3
100
3,100
3,100
14%
19%
Mar
Jan
39
Feb
Consolidated Min & Smelt
Consol Retail Stores
5
8% preferred
100i
20
Apr
30
Feb
13%
2%
Jan
27
Feb
Apr|
4%
44%
Jan
53
15%
Apr
25%
9%
50
7
130
35
Jan
May
60
Jan
Feb
Jan
Mar
Mar
Jan
200
%
Jan
1%
Feb
Apr
6%
Feb
250
13
13%
22
23%
600
10%
10%
2,200
9%
Jan
29%
15%
Mar
Brazilian Tr Lt & Pow...*
22 x
10 x
3%
12%
20%
Bridgeport Machine
15%
15%
17%
3,200
13%
Jan
20%
Apr
*
25
Bearing
97
100
Brill Corp class B
Class A
100
Brillo Mfg Co com.—...*
Class A
*
Brit
Amer Oil
i*
»
preferred..
35
7X
7%
35
7%
50
200
29
Registered
29
150
22
coup
22
100
29
7%
26%
16%
20%
Apr
Apr
Mar
18
97
Feb
Feb
Mar
5% preferred
A
Continental Oil of Mex.
Continental Securities
Cooper Bessemer com
$3 preferred A
Jan
21%
87%
82%
8%
100
8%
Feb
4%
Feb
5
Mar
Jan
22%
Jan
98
Feb
20
75
Apr
90
Feb
Apr
12%
1,800
7%
Apr
43
9%
Jan
16%
200
99%
May
107%
Feb
Apr
Apr
102
100
12
2,800
99% 104
Corroon & Reynolds—
Common
$6 preferred A
40
4%
16%
17%
15%
1,200
14%
Apr
Apr
74
61
1%
2%
375
42%
Feb
62%
700
1%
Apr
6,500
1%
18%
Jan
3%
Jan
31%
31%
Jan
64
Jan
44
Apr
30%
4
Apr
"36"
"""75
4%
1,300
'16% *~16% "l7"" """366
18%
Feb
16% May
3%
6%
25%
22
""loo
43
4%
200
28
48
125
4%
49%
Apr
Jan
24
Jan
34%
34%
Jan
59
H
110
28
110
38
110
50
Jan
4%
53
37:500
2,600
41%
"47%
50
41%
42 %
3
"44% "44%
14
""166
15%
4,000
13%
45
11%
12%
Jan
Mar
Jan
7
68
56%
Jan
200
44
Apr
19%
3%
1%
52%
1,100
11
Apr
16%
"1%""!% """600
7
6%
54
11
Jan
%
Jan
3%
""!%
1
7%
69%
44% May
"""% "l" "1:566
45
38
Jan
3%
"n"%
124%
Jan
4
"42"
100
Feb
1%
Apr
7
May
6
3%
8%
7%
2%
45%
101%
4
Apr
12
4
101
3%
2%
47
2,200
1%
Jan
1,300
44%
Apr
73
103%
2%
45%
1,500
93
Jan
114
4%
9,700
%
Jan
97%
97%
98%
800
S16
27%
1%
%
26%
®16
28
1%
%
2%
,3t6
33,500
13%
14%
800
Mar
45
97
Jan
112
5,200
%
13%
300
300
%
13
16%
5%
17%
5%
87%
1,800
Jan
% May
11%
Jan
254
4
£94
287
2%
97
""13"
200
4
1,700
94
3%
91
40
500
2%
97%
%
300
"13%
""300
5%
4,700
75
5%
5
Jan
3%
1%
Mar
Jan
32
16
Apr
15%
Apr
Feb
49
23%
5
Mar
84
Jan
92
Jan
116
Jan
290
226
3%
90
May
Jan
2%
Jan
6%
6%
105
3%
Jan
99
May
6%
Jan
9%
Jan
10
88
%
Jan
4%
Jan
Apr
5
5%
900
5
Apr
68
1
Jan
Feb
Apr
113
13.8Q0
2,500
Mar
%
Apr
Jan
1%
49
85
Feb
5%
36
87
Mar
116
19
4%
..."
Cosden Oil com..
Preferred
Apr
20
*34"
Jan
55
Jan
Feb
116%
200
40
15%
Feb
21
18%
11%
109
Jan
Feb
Mar
86
6%
5
71%
200
65
2%
2,700
2
19
49%
9
8
8
Feb
Jan
77%
Feb
1%
Jan
4%
Feb
100
6%
Jan
17
12%
Mar
15
%
Feb
1
2%
2%
Feb
Courtauld's Ltd
8%
Feb
Cramp Shp & Engine —100
63%
Feb
Crane Co
Apr
8%
29%
27%
Mar
27%
Apr
Jan
22
70
34
Copper Range Co
Cord Corp
Jan
Feb
2%
Jan
2
*
Jan
Apr
Feb
11%
2%
Am dep rets ord reg._£l
Jan
Mar
12%
Apr
10%
%
Feb
Mar
15%
Apr
100
.
4%
Jan
Mar
9,500
81
Jan
Mar
18%
58%
1%
Royalty Oil
10
Cont G & E 7% prior
pf 100
com
Preferred
25
26
100
"28"
Creole Petroleum
Crocker Wheeler Elec...
Croft Brewing Co
91
2,700
50
8,600
1,800
4,500
*
1
24%
26%
123% 123%
26% 28%
9%
10%
1
1%
2%
2%
2%
8,700
Jan
Feb
Apr
31
Apr
120%
19%
Jan
130
Mar
Jan
34%
9
Apr
10
24
%
Jan
1%
5%
1
Crown Cent Petroleum
3139
7%
Mar
32
Jan
3%
100
Crowley Milner & Co
For footnotes see page
Jan
68
15%
Consol
1,300
%
com*,
Jan
Mar
18%
7
P Bait
Jan
Feb
46%
%
Jan
4%
3%
11%
13%
35%
1,900
1,300
40
35
com. *
300
4%
Feb
Feb
May
109
Consolidated Aircraft——!
Consol Copper Mines
5
Jan
Apr
Mar
1%
17%
.._.*
148
1,200
Apr
10%
2%
'it
5%
Jan
100
"*
48
70
Feb
3
10%
34%
104
*
Claude Neon Lights Inc..1
Cleve Elec Ilium com
*
Cleveland Tractor com.—*
Apr
%
Jan
17%
4%
pref"*
City Auto Stamping..—*
City & Suburban Homes 10
Jan
Jan
40
Feb
Apr
40
*
55%
Mar
3%
1%
*16
5%
24%
Jan
1%
*
Prefened BB
Cities Serv P & l $7
$6 preferred
121
14 %
Feb
Jan
'2:800
Conv preferred
100
Conv pref op ser *29.100
Centrifugal Pipe
Jan
Blckfords Inc com
$2.50 conv pref
*
Black & Decker
Mfg Co..*
Bliss (E W) & Co com...*
Mar
7%
%
3
100
Jan
7%
600
100
12%
103
Mar
"i~X "2"
87
Cent & South West Util.l
Cent States Eleo com.
1
121
Preferred
8%
1st preferred
142
Bower Roller
200
*
100
Borne-Scymser Co
2,500
1,900
15
46% May
3
Jan
25%
92
7% 1st partio pref
100
7% prior Preferred..100
Celluloid Corp com
$7 dlv preferred
6%% pf.100
Benson & Hedges com
Convertible pref
2%
Mar
107
Jan
21%
*3%
"11%
8% May
Baumann (L) &Co7% pf dl 00
Bourjois Inc
8
17%
Castle (A M) & Co
10
Catalin Corp of Amer.
1
Celanese Corp of America
180
%
Jan
18%
"l%
*
com..
1,200
%
warr.
Apr
103
50
7
81
1
100
2%
8%
1%
*
t
Carnation Co
1,100
9%
Jan
14%
8%
*
7%
8%
Axton-Fisher Tobacco—
Botany Consol Mills
"150
Me
8%
Carolina P & L $7 pref—*
$6 preferred.
*
Carrier Corporation
L»
Mar
82
'16
_•
pref
"72%
__*
Convertible class A
Jan
Jan
33
.4%
ix
conv
900|
200
dep rets A ord shs.£l
Canadian Car & Fdy Ltd—
Preferred
25
Canadian Indus Alcohol A*
Feb
Jan
100
18%
Class A
$3 opt
100
23%
24
103% 104%
Am dep rets B ord shs £1
Amer dep rets pref shs £1
Calamba Sugar Estate..20
Feb
Associated Elec Industries
Blumenthal (S) & Co
Mar
Warrants
Carib Syndicate
Carman & Co-
Mar
124%
600
*
Common class A
com
Mar
10%
16%
Mar
48
104%
Capital City Products—.*
Jan
85
*
Arcturus Radio Tube
1
Arkansas Nat Gas com...*
Corp
31
Chapman Valve Mfg...25
Appalachian El Pow pref- *
Blue Ridge
34%
Apr
Jan
Mar
Jan
Jan
36
300
Angostura Wupperman-.l
Apex Elec Mfg Co com..*
Bell Tel of Canada
Bell Tel of Pa
Jan
27%
6%
15%
39%
23%
Jan
Feb
48%
Feb
33
Amer Thread Co pref....5
Amsterdam Trading—
American shares
Anchor Post Fence
44% Marj
6% May
31%
Jan
29%
Jan
85
*
*
2
28
500
900
33%
%
2%
com
$3 convertible pref
Mar
Mar
1%
21%
*
600
Apr
Jan
Mar
Cables & Wireless Ltd—
9%
45
300
25
~20~~
15%
.»
Mar
32%
23
41
Jan
29%
Apr
Mar
13%
300
"31% "35%
24
41
3%
Jan
8
62
Jan
100
38
32 %
41
Apr
150
85
16%
1
Amer Hard Rubber com.50
Amer Laundry Mach—.20
9
9%
32
29
9%
Jan
Feb
46%
5%
34%
Feb
Mar
Jan
15
V
35%
111% 111%
8%
8%
32%
30%
Jan
1,200
3%
*
Jan
Mar
1%
Burma Corp Am deprcts—
Butler Brothers.
....10
Cable Elec Prod v t o__._*
110
3%
28
61%
Apr
Mar
10
23%
3X
100
*
121 %
1
22%
3%
34%
30%
28%
Bulova Watch $3% pref..*
Bunker Hill & Sullivan..10
4%
115
7% conv preferred
100
Amer Equities Co com
1
Amer Fork & Hoe Co com*
Baldwin Locomotive
.......
Jan
32%
46
30%
2%
*
109
100
87
High
28
9
*
Class A preferred—
Canadian Marconi
Amer Cynamld class A..10
Class Bn-v
10
Amer Diet Tel N J com..*
Class A common
Babcock & Wilcox Co
Brown Fence & Wire B
Mar
200
32%
Low
28%
100
152
71
1
25
Automatic-Voting
6% pref
Jan
3%
87
32%
Class B
$5 preferred
Option warrants
Brown Co
87
90
3%
30%
Brown Forman Distillery. 1
Bruck Silk Mills Ltd—*
58
Range Since Jan. 1 1936
for
Am dep rets ord reg-.lOs
British Col Pow cl A
*
950
54
90
71
*
Pow
£l
21
114
53 X
"90"
Class A
Foreign
Am dep rets ord bearer
100
119
Price
Range
Am dep rots ord reg—£1
British Celanese Ltd—
Feb
Am Cities Pow & Lt—
V
bond, in
British Amer Tobacco—
500
21% 21X
115% 122 %
10c
$3 preferred
$5.60 prior pref
Apr
Apr
May
Jan
Apr
Jan
Jan
46%
Jan
Jan
Jan!
10c
com
Apr
May
Feb
Feb
%
*
com
0% preferred
100
American Beverage com.l
Par
Feb
2%
26
Aluminum Co common...*
0% preference
100
Week
of Prices
Low
High Shares
1%
48%
82%
._
com
Week's
Sale
35
"i«
87%
67%
2%
Allied Internatl Invest
*
Alliance Investment com.*
Allied Products cl A
Last
115
""5"i6
Alabama Gt Southern.—60
Assoc
or
Sales
STOCKS
High
Jan
"3%
11
*
Warrants
108%
'15
"3"
3
Conv preferred
10
108 X 108 X
-*
com
Loto
43%
7% 1st pf 100
Supply Mfg cl A
*
Agfa Ansco Corp com
Alnsworth Mfg Corp
Am
It is compiled entirely
security, whether stock
(Continued)
Range Since Jan. 1 1936
20
v t c com
Class B
Amer
the New York Curb Exchange for
Friday\
Week
Adams Mlllls
Class A
every
Sales
Friday
Air Investors
on
Saturday last (May 2,1936) and ending the present Friday (May 8,1936).
dealings occurred during the week covered:
STOCKS
Aero
No account is taken of such sales In computing the range for the year.
complete record of the transactions
daily reports of the Curb Exchange itself, and is intended to include
which any
Acme Wire
a
Apr
7
1%
Jan
2%
Feb
Feb
Feb
Mar
Jan
Volume
New York Curb Exchange—Continued—Page 2
142
Last
Sale
(Continued)
Price
Par
Crown Cork Internatl A.
Crown Drug Co com
15
5*
26
Cuneo Press
com
of Prices
High
Low
14*
25e
23 *
Preferred
Cuban Tobacco
Week's Range
5
23*
4,800
2,600
15
5*
23*
25
37*
1H
Davenport Hosiery Mills. 5
Dayton Rubber Mfg com.*
Class A
1*
10*
Mar
15*
5*
11*
Feb
7,100
*
Mar
Mar
Feb
Feb
25
Jan
Mar
Par
42*
Feb
Mar
200
~\2° ll2*
24*
35
r~500
200
24*
1*
12
Grocery Sts Prod
Apr
Guardian Investors
1
Gulf Oil Corp of Penna. .25
Gulf States Util $6 pref..*
Apr
*9
Mar
Jan
11
Apr
14*
Apr
Mar
22*
Apr
25
Mar
16*
17
May
19*
Mar
7% pref.100
63*
66
380
60
Feb
70
Mar
Detroit Gray Iron Fdy_._5
10*
10*
3*
200
Jan
14*
Mar
400
Jan
9
9*
500
8*
1*
25*
8*
4*
49*
10*
17
18*
11*
175
17
1,300
11
1,300
3*
Derby Oil A Ref Corp eom*
Preferred
3*
•
Detroit Paper Prod
1
Diamond Shoe Corp com.*
Dictograph Products.
2
Distilled Liquors Corp
-5
8*
11
11
6*
11
Mar
Mar
May
Mar
Jan
Amer deposit rets
Doehler Die Casting
"~29>i
28*
5
24*
29*
300
23*
800
28
5
24*
£1
*
200
Douglas (W L) Shoe Co—.
7% preferred
.100
Dow Chemical
99
preferred
69
30
30
900
100
*
10
Driver Harris Co
7%
loo"
80
72
Apr
10H
10*
Apr
Helena Rubensteln
Heyden Chemical
Hires (C E) Co cl A
Feb
Hollinger Consol G M...6
Holophane Co com
.♦
Mar
25
Feb
Jan
124*
73*
Mar
Jan
65*
Jan
Apr
39
Jan
Jan
110
Feb
Jan
6
Mar
Feb
80
Jan
100
"
Jan
$6
lo"
5
com
preferred
3*
17*
»
Elec Bond 4 Share
*5 preferred
76*
Elec Power Assoc com..
Class A
.1
Elec P 4 L 2d pref A
*
Option warrants
Jan
13*
Apr
56 conv pref w w
*
Elec Shovel Coal 54 pref..*
Electrographlc Corp com.l
Elgin Nat Watch Co...15
Emsco Derrick 4 Equip.
Equity Corp
.6
10c
com
Eureka Pipe Line..
Feb
1*
50
17
Apr
23*
Mar
500
36
Jan
18*
76,500
Apr
Feb
42*
4*
25*
Apr
Mar
17
2*
15*
67*
76*
9*
67*
41
6*
88
5*
88
10*
7*
45*
6*
6*
88
Mar
Mar
800
9*
Apr
12
Mar
600
6*
18*
Apr
9*
Jan
Jan
51*
Mar
Jan
8*
Mar
Apr
9*
Feb
375
200
800
25
2
5*
88
May
Jan
98
Jan
29*
Feb
Intemat
19*
Apr
Feb
Internal
37
Jan
62
Feb
Feb
Internat Mining Corp
Warrants
62
52
43
Jan
Jan
57*
Feb
Jan
65*
Feb
International Petroleum..*
Registered
Jan
67*
23*
Feb
International Products
Jan
15
Jan
Jan
21*
3*
Apr
Feb
Jan
44
,18*
2
2*
7,200
2
50
39
516
Feb
15*
14*
16
'3",800
7*
6*
7*
8
1,300
5*
6*
900
14
14
14*
300
*
12
12
12
100
*
Jan
*
Internatl 8afety Razor B. *
Internat'l
31*
Class A
1*
Feb
3,300
7
4*
13*
12
Apr
23*
10*
Jan
Jan
Interestate Hos Mills
Jan
7*
Feb
Jan
16*
17
Feb
Ford Motor of Can cl A..*
22*
Mar
20
*
May
Mar
Feb
1*
1*
89
Feb
Feb
Feb
Superpower A
Common
V t
c
7*
20*
25*
Apr
9*
Feb
Apr
28*
Feb
Apr
32
Feb
3
Jan
Jan
30
Jan
16
Jan
19
Mar
4*
Feb
7% preferred B
5% preferred D
Kirby Petroleum
Kleinert
Feb
15
16
500
13
Jan
49
Feb
Feb
La kawanna RR of NJ
Mar
*
40
May
Apr
2*
49
*
325
73
Jan
85
140
67
Jan
1
Jan
Jan
52*
Mar
775
69
Apr
93
Apr
102
77
70
77*
92
92
80
81*
10
725
79*
80
6
May
Apr
Apr
Feb
100
13*
2*
Apr
Jan
68*
90*
73
6%
Apr
14*
Mar
200
37
6*
400
16
10
16
16
20
Jan
Feb
Jan
39*
9*
Feb
10
Feb
20
Apr
16
Mar
5*
Jan
May
16
May
Jan
97
3*
100
Feb
3*
3*
Jan
6*
6*
Jan
Jan
Jan
Jan
3*
25
11
Jan
20*
Jan
700
69
Apr
84
Feb
29
Apr
34
1*
11*
71*
69*
11*
72
Jan
1*
7*
8*
600
7
11*
8*
11*
4
300
11
37*
37*
4
3*
36*
36*
3*
38*
37*
4
"I* ""I*
Apr
Feb
14*
Apr
2,100
3*
33*
Jan
400
36*
3*
May
May
64
"I *
3*
10,400
900
"""166
Jan
Apr
Apr
Jan
7*
14*
5*
39*
38*
7*
64
Feb
Jan
Jan
Feb
Feb
Apr
Feb
Jan
Jan
1*
Jan
2*
Jan
4
Jan
14*
2*
*i»
Feb
Feb
9*
1*
9*
200
1
1 *
5,300
»te
Jan
Jan
100
*
Ji6
Jan
*
Jan
Feb
9*
Apr
28*
*
8*
28*
200
27*
Apr
Feb
22
24*
120
20*
Jan
*
1,900
•*
"7*
Jan
24*
22*
550
23*
May
900
15
1*
500
*
7*
20*
1
1
5,700
7
Jan
Apr
Jan
83*
Jan
*
*
32
33* Mar
* May
l*
Feb
31*
Feb
26* Mar
1*
Feb
*
Feb
* May
Jan
81
700
70*
1 *
Jan
Feb
Mar
100
24
Jan
16*
400
8
Jan
316
*
3*
6,400
100
*
2*
Jao
Jan
Apr
25*
100
16*
14*
200
10
Jan
20*
70J
18*
Apr
16*
Mar
*
3*
*
3*
4,000
200
1 *
Feb
'4*
Jan
111*
1*
Jan
Jan
3
*
300
30
Jan
*
44
Feb
1*
6*
Mar,
113
Apr
Mar
Mar
Apr
Mar
112*
100
2*
2*
100
Jan
4*
J^n
4*
4*
8,300
2*
Jan
*
100
*
Jan
Jan
5*
*
100
18*
Jan
24
Jan
11*
112
74
4*
20
20
8
3*
*i«
6
Jan
Mar
Apr
Mar
Feb
Feb
100*
11*
1
100*
367
11*
24*
1,400
"54* "57*
9^200
6*
600
99
11*
21*
400
1
14
May
Jan
12* Mar
24* May
74*
101*
56*
Jan
78
51
Jan
69*
Jan
Jan
8*
Mar
May
5*.
Mar
Jan
Jan
Feb
Jan
Class A
Lefcourt
6*
Realty
Feb
Mar
Apr
Feb
20
78
2*
Apr
17*
18*
700
17*
May
8*
8*
8*
6*
Jan
1
1
1 *
3,000
4,000
*
Jan
2
Feb
Feb
Jan
111
Apr
Mar
12*
*
...»
Lehigh Coal A Nav.
•
Leonard Oil Develop...25
Mar
78
1
com
Preferred
70
78
7% pref. .100
Jan
15*
4*
Jan
Jan
25
Jan
11*
Jan
Lerner Stores
6*%
107*
preferred
100
Development...*
*
Class B
5
12
5
1,200
3,800
20
50
.*
Lockheed Air Corp
Lone Star Gas Corp
Long
11*
11*
4*
20
Loblaw Groceterias cl A..*
34
3*
34
1,300
32*
3
107
7*
...1
6*
6*
*
11*
11*
12
3*
80*
66*
7*
3*
83
68
7*
3
18*
17*
15
Mar
5*
Apr
Feb
Jan
20*
Apr
Apr
18*
10*
Feb
Jan
14*
Mar
Jan
1,100
3,100
6*
9*
800
170
3*
72*
Apr
Jan
88
Mar
875
64
Jan
76
Mar
Apr
Jan
8*
15*
Feb
Mar
Jan
95
Apr
Jan
Apr
2*
55*
9*
Apr
66
iBland Ltg—
Feb
Common..
Feb
7%
preferred
*
100
100
67*
.*
7*
14*
21*
Jan
Loudon
16
Apr
Louisiana Land A Explor.l
Jan
100
6*
9*
6*
Feb
Louisiana L P A L Co—
32*
Packing
36 preferred
12*
7*
15*
46,000
2*
100
2*
100
84*
10
42*
95
......*
Lucky Tiger Comb G M 10
Lynoh Corp common..—5
Mangel Stores Corp.....*
6*% pref ww
.100
Jan
13*
Apr
Feb
3*
3139
Feb
Apr
Feb
96*
10*
preferred
100
(S. H.) A Co pref. 100
Preferred class B
page
53*
20*
20
Jan
1
Lit Brothers com
34
21
see
Feb
Mar
Feb
18*
3*
39*
18*
»i«
4*
53 preferred
For footnotes
9*
Feb
55
Mar
45
15
16*
14*
19*
Jan
53*
*
Lion Oil
13*
2*
7,200
Jan
Gorham Mfg Co—
16*
Feb
Jan
3*
Feb
8*
16
Gray Telep Pay Station..*
9*
7*
40
Laneendorf United Bak—
47
45
V t c agreement extended
Grand Rapids Varnish...*
Jan
1
Feb
500
50
Gorham Inc class A com.*
Jan
39*
6*
3*
Lakey Foundry A Mach..l
Mar
493^
16
6
2*
33* May
36*
Jan
38*
Jan
52*
Feb
Feb
£1
Ltd
Lane Bryant
81*
2*
18*
300
2,300
Brandes
Jan
Jan
1*
15*
.......
Goldfleld Consol Mines. 10
Apr
Apr
33
Feb
12*
1
15
Class B
Feb
30
19
Koppers Gas A Coke Co—
Kress
Jan
1,100
15*
49*
"34"
Mar
2*
40*
91
Lake Shore Mines Ltd
600
56 conv pref class B...
Godchaux Sugars class A.*
76*
Apr
May
98
Kreuger Brewing
Jan
.1
2*
May
Jan
Knott Corp common.
Kolster
14*
Feb
300
10
Feb
2
Jan
28*
May
Rubber
4*
..»
39
Jan
Apf
Jan
76
1
20*
18*
Globe Underwriters
110
1,000
16,300
100
Jan
Jan
81
Jan
105
Feb
92*
16""
Klrkland Lake G M Ltd.l
Klein (Emll)
»
Jan
6% preferred A
100
Georgia Power $6 pref.. *
$5 preferred.
Gilbert (A C) com
35
100
2*
mm
Apr
9*
24*
24*
16
7% pref.100
Kingsbury Breweries
1
Kings County Lighting...
18*
12*
Glen Alden Coal
6*
*
600
Preferred
39*
*
1,100
-
r
29*
86
v t c
2*
-
Feb
10
80
preferred A
19*
*
General Tire A Rubber. .25
10
22*
140
Apr
Feb
2*
33 convertible pref
Feb
Jan
97
60
650
76
Jan
Mar
87
45
18*
73
Jan
81
Apr
4,100
S32
Feb
17*
Mar
3
76*
May
24*
79
Jan
23
75*
41
19*
*
55
Feb
86
36
2,400
74
Apr
Apr
87
400
7*
1*
1*
43*
21*
13*
97
7,700
2*
*
14*
17*
Kansas City Pub Service—
4*
19*
.......
6*
Jan
Jan
100
..100
*
Gen Rayon Co A stock..*
General Telephone com.20
200
75
Feb
Mar
Jan
Mar
Feb
Jan
Jan
100
5*% preferred
6% preferred
7% preferred
Feb
44*
$6 conv pref B
Gen Investment com.....l
8*
72*
2*
Jersey Central Pow A Lt—
70
38*
17*
Jan
3*
10*
11*
Warrants
dep rets ord re«..£l
78*
9*
22*
22
13*
»
Jan
40*
Gen Electric Co Ltd—
Gen Outdoor Adv 6 % pf 100
Gen Pub Serv $6 pref
.*
9*
20*
20*
Italian
31*
Jan
Feb
Froedtert Grain A Malt—
Warrants.
100
£23*
20*
30
*
1,900
39
1
46
Fort Worth Stk Yds Co..
Gen Flreproofing com
Gen Gas A Elec—
41
Irving Air Chute
Jonas A Naumburg
2.60
Jones A Laughlin Steel. 100
200
17*
200
39
Iron Fireman Mfg v t c.10
Jan
....
15
450
34
Jan
Feb
475
American dep rets...100
Apr
Apr
*
1,700
Feb
Ford Motor of France—
Conv preferred
Genera] Alloys Co
1
13*
21*
21*
•
9
52*
7*
22*
Jan
8*
Apr
22*
61*
39
35*
39*
Kansas G A E
7*
Jan
84*
J an
1
7,800
4,000
6*
4*
35*
6*
4*
Interstate Power 37 pref.*
117
7,700
36
dep rets ord reg..£l
Mar
Jan
5*
300
26*
63
*
Apr
Jan
1
Vitamin
Apr
May
5*
43*
36
900
70
22*
1
Iron Cap Copper com. ..10
28*
*
International
Apr
5
46
•
31*
109
19
Investors Royalty new
May
112
100
*
91
30
22*
New warrants
21
77*
46
Feb
98
Warrants
First National Stores—
5*
29*
109
»
1
Feb
Jan
14*
1,300
1,400
1
100
Feb
Utility—
Feb
20
28*
Jan
6*
100
Jan
25
Fire Association (Phlia).lO
Am
6% preferred
*
Jan
6
28*
Mar
1*
Apr
5*
43*
300
39
10*
3*
72
9*
1
44
18
Fldello Brewery
1
Film Inspection Mach...*
Class B
..50
....
75
1,050
Flat Amer dep rcets
Am
Pref 33.50 series
100
50*
Mar
18
Intl Metal Indus A.
49
Jan
31*
Hydro-Eleo—
Jan
Jan
1
Fedders Mfg Co com
Ferro Enamel Corp com.
3^300
Holding A In v..*
15
39
.1
"15*
1
21
__1
com
V t c common
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Mach *
47
2*
"l5"
1,400
»
30*
1,800
Florida P 4 L 57 pref
Ford Motor Co Ltd—
Class B
425
47
Apr
Jan
Jan
128
Industrial Finance—
200
50
18
15*
*
17
*
FUntkote Co
A
35*
Lead
preferred
class
Class B
preferred..
.100
Ex-oell-O Air 4 Tool.....3
56
Non-voting
34*
48
2
130*
Indian Ter Ilium Oil—
42
50*
3,500
Ind'polls P A L 6*% pflOO
87
7%
7% 1st preferred
100
79
Jan
Evans
Flsk Rubber Corp
preferred
Apr
74*
400
Fanny Farmer Candy
Faneteel Metallurgical
7%
64*
17
35*
100
6% pref 100
400
*
Falrchild Aviation
Mar
Britain and Ireland. ..£1
Indiana Pipe Line
10
Indiana Service
2,000
10
50
Falstaff Brewing
Jan
9,000
European Electric Corp—
Option warrants
Wallower
May
3*
Empire district E16%.100
Empire Gas 4 Fuel Co—
6% preferred
100
6*% preferred
100
7% preferred
100
8% preferred
-.100
Empire Power Part Stk__*
Mar
17*
79
Feb
Imperial Tobacco of Great
83
42*
3*
Jan
40*
3*
6*
1
.
L500
Jan
Jan
Apr
59*
40
7*
42
«.
Electric Shareholding—
Common
"ll* II*
85
41 *
30
17*
Economy Grocery Stores.*
Edison Bros Stores com..*
Elsler Electric Corp new. 1
100
1*
30
45
5
Jan
Mar
30
45
16
43
11*
16 preferred series B___*
1,600
,316
43*
Jan
50
14
61*
Jan
4
325
13
*
Jan
Mar
1,200
12
4*
Huylers of Delaware Inc—
Common
1
24*
6*
15*
30
400
13
25*
61*
23
Jan
30
700
7
12*
25*
Hygrade Sylvania Corp..*
Illinois P A L 36 pref..
*
6% preferred
100
Illuminating Shares cl A..*
Imperial Chem Industries
Amer deposit rets.
£1
Imperial Oil (Can) coup—•
Registered
Imperial Tob of Canada.5
7*
1,100
7
Mar
24*
Apr
6* May
7H
*
Hygrade Food Prod
Eastern Malleable Iron-.25
Eastern States Corp
*
11*
Hud Bay Mln <fc Smelt
Humble Oil A Ref
Jan
73
124
68
100
Jan
63
Easy Washing Mach "B"_*
preferred
1*
61*
1*
7%
10*
6*
71*
5,100
1*
4*
12*
*
Jan
6*
86*
*
Mar
73
S7 preferred series A...*
Hormel (Geo A) A Co
Horn A Hardart
1
61*
82
Holt (Henry) A Co cl A..»
25*
35*
7*
♦
25
7
4*% prior preferred. 100
6% preferred
100
300
*
Hazeltlne Corp
Hecla Mining Co
7% pref stamped
100
7% pref unstamped..100
Hydro Electric Securities. *
.*
500
110*
76
..10
Jan
East Gas A Fuel Assoc—
Common
330
High
81
82*
1*
4*
12*
2,500
11*
240
50
26*
7
2*
Low
*
Am dep rets pref
8 sh
Hartford Electric Llght.25
Hart man Tobacco Co
*
Harvard Brewing Co
1
l'loo
"7* "~7*
Shares
Ltd—
66
"
7*
114*
127
25*
6*
2*
6*
19
30
*
High
*
125
72*
Durham Hosiery class B..»
Eagle Plcher Lead
Jan
2:94 *
"_3* "3* ""§66
Dublller Condenser Corp.l
Duke Power Co
10
*
10
Jan
Week
of Prices
Low
127
7
1
Range Since Jan. 1 1936
for
*
Hall Lamp Co
13
106
30
100
Duval Texas Sulphur
Mar
Jan
4*
22
100*
69*
69*
*
Draper Corp
35.50 preferred
Week's Range
113
25*
__25o
Apr
Apr
Apr
Apr
Distillers Co Ltd—
Dominion Steel A Coal B 25
com
Price
»
7% 1st preferred
100
Gt Northern Paper
...25
Greenfield Tap A Die.
*
Handley Page
De Havlii Aircraft Ltd—
Am Dep Rec ord Reg £1
Dennlson Mfg
Great Atl A Pac Tea—
Non vot com stock
Apr
109
12
•
com
1*
10*
Jan
Jan
23
106
100
Darby Petroleum
11*
4*
Sale
High
Low
4*
•
com
6*% preferred
Last
(Continued)
Week
Shares
vtc__*
Cusi Mexican Mlnlng._50c
STOCKS
Range Since Jan. 1 1936.
for
Sales
Friday
Sales
Friday
STOCKS
3135
2*
40
2*
40
40
42 *
42*
4
Jan
Mar
Feb
Jan
Feb
New York Curb Exchange—Continued—Page 3
3136
Sales
Friday
STOCKS
Last
Week's Range
(Continued)
Sale
Friday
Week
of Prices
Low
High Shares
Par
Mapes Consol Mfg
Price
Low
Jan
27%
Feb
7%
Apr
9%
Jan
14
Mar
22%
Mar
*
Apr
Apr
8%
5%
Jan
Pacific Eastern Corp
Jan
Pacific G A E 6% 1st
Masonlte Corp common—*
Mass Utll Assoc v t c
1
Jan
Associates
100%
Mar
1%
Jan
4
Feb
Apr
7%
Jan
Apr
Apr
Pacific Pub Serv
3%
1,650
85
78
5
1,100
3%
3X
1
pf.25
5%% 1st pref
25
Pacific Ltg $6 pref
*
Pacific P & L 7% pref—100
56
.1
62%
2
2%
200
5%
Massey-Harris common—*
Mayflower
100
5%
1,100
*
64
Mills—
May
Hosiery
$4 pref w w
49
42
49
100
McCord Rad & Mfg B_—*
11%
12
800
McWilliams Dredging
Mead Johnson & Co
*
74
77%
900
59
*
90
93
300
79%
Memphis Nat Gas com..6
6%
6%
800
26"
Mercantile Stores com...*
100
Merchants & Mfg cl A...1
"26""
""266
7% preferred
May
5%
20%
89%
5%
13%
Apr
Jan
89
Apr
Feb
1
5%
4%
"""300
6%
4%
5%
4%
70,500
*
33%
Mar
37
Apr
Jan
4%
Mar
Pa Gas & Elec class A
Pa Pr & Lt $7 pref
Apr
Jan
Class B
%
102
Feb
Penn Mex Fuel Co
Feb
Pennroad
1%
Jan
4%
Mar
800
"16
Jan
1%
Feb
200
6%
Jan
6%
Jan
3X
1,100
IX
1,700
Middle States Petrol—
100
-*
Apr
62
Jan
Pender D Grocery A
Peninsular Telep com
Preferred
5,700
Corp
100
3%
*
'107%
*
.50
Jan
Pa Water & Power Co
2%
Feb
Pepperell Mfg Co
Midland oil Corp—
$2 conv pref...
Midland Steel Prod
Midvale Co
*
*
Jan
13
Feb
Pet Milk Co
Jan
28%
Apr
Philadelphia Co
com
44
52
200
19
42%
1%
27%
44
Minnesota Mining «fc Mfg *
27%
250
42%
1%
100
1%
28%
450
22
Jan
91%
Mining Corp of Can..—*
Jan
10
109
pf 100
Miss River Pow 6% pfd 100
112
112
Apr
May
Jan
Feb
Phlla Elec Co $5 pref
Jan
33%
91%
Mar
Jan
Phillips Packing Co
Phoenix Securities—
5%
Feb
19%
19%
107% 109
105% 106%
500
Mar
22%
Apr
100
125
1
Mock Judson Voehringer.*
23%
24 X
500
15%
Jan
29%
Apr
Moh & Hud Pow 1st pref.*
83%
85
275
81
Jan
93
Feb
Pie Bakeries Inc
50
52
50
41%
Jan
70
Jan
8,700
7%
May
13%
Feb
Piedmont & Nor Ry__.100
Pierce Governor com
*
2d preferred
*
Molybdenum Corp
Montgomery Ward A
1
*
7%
7%
145
8%
146 X
240
31X
1,000
142
152
10
$3 conv pref Ber A
560
30
Jan
Pines Winterfront Co
30%
Apr
34
Feb
Pioneer Gold Mines Ltd..1
Feb
40
Apr
28
Jan
35
Feb
Apr
Apr
150
Apr
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie. 50
Meter
25
4X
5%
4X
200
5X
1,900
25%
27%
1,000
23%
11%
Jan
15%
Mar
36"
38%
""400
35
Apr
47
Mar
Feb
1%
Jan
1%
42% May
Apr
1
com
Jan
Pratt <fe Lambert Co
*
Mar
Premier Gold Mining
1
13%
Jan
Prentice-Hall, Inc
t c.
National Baking Co com.l
1
1%
2
5,600
42%
1%
Nat Bond & Share Corp..*
44
200
National Candy Co com..*
5
Jan
Apr
Apr
Jan
8%
150
35%
5%
Feb
Pittsburgh Plate Glass. .25
Feb
*
pref
National Fuel Gas
conv
24%
39%
39%
50
50
Potrero Sugar com..
Powdrell & Alexander
5
Jan
31
33
Apr
39%
Feb
May
Producers Royalty
19X
5,500
18%
May
23
Jan
National Gypsum cl A...6
National Investors com__l
8%
2%
51%
2,200
48%
Apr
57
Apr
Providence Gas
2%
1,300
Feb
Prudential Investors
$6 preferred
Pub Serv of Colo—
Nat Leather com
1%
Nat Rubber Mach
1%
200
78%
""200
4%
Nebraska Power
400
1,600
200
4%
5
1,200
4%
Apr
Feb
%
Jan
100
»1«
Jan
400
27
10%
1
*
%
MOO
11%
20
20
Zinc
78%
New Mex & Ariz Land... 1
3%
Mar
9%
Apr
May
3%
5",400
12%
Jan
7%
Jan
10%
Jan
36%
Apr
Jan
39
Feb
14%
Feb
69%
121
8%
9%
1,700
9
8%
9%
300
69%
72%
114% 122%
1,100
98%
Jan
1%
3%
Apr
Jan
3%
Jan
6%
Jan
Jan
34%
18%
Jan
100
23%
11%
400
32
520
1,200
200
13%
2%
4%
29%
13%
32
32
4%
28%
4%
33
2%
37%
"27%
2%
40
27%
S16
N Y Merchandise
46 Mi
N Y & Honduras RosarlolO
37
200
37% May
40
500
19%
i?M
2%
Jan
2
Pub Utll Secur $7 pref
3%
113
Jan
6%
Jan
4%
Feb
Jan
21%
Apr
Mar
Jan
Apr
75%
4%
128;
$6 preferred
May
*
6% preferred
Quebec Power Co
Feb
Ry & Light Secur
Feb
Ry & Utll Invest cl A.
Mar
92%
Mar
6%
Feb
_*
com
Class A...
Class B
Jan
25%
Jan
Feb
3%
Jan
$3 convertible preferred*
Raytheon Mfg v t c_..50c
Feb
Red Bank Oil
Reed Roller Bit Co
36
Jan
30%
Apr
62
Common
Co
—..*
38
Jan
Feb
Jan
Reeves (Daniel) com
Relter-Foster Oil..
7%
Jan
Reliable Stores
15
100
14%
Apr
Apr
11%
15
20%
Jan
Reybarn Co Inc
120%
125
116%
Jan
121%
Apr
5
100
58
60
105
Class B opt warrants...
4%
55
7%
6
8X
..6
2%
8%
34
Nlplsslng Mines
2,500
9%
700
35
2%
2%
4,000
5%
;
*
*
5%
1,100
3%
36 preferred
40
3%
4
No Amer Utility Securities*
Nor Cent Texas OJI Co...5
40
41%
42
North American Match.
1,000
1,250
44
4
325
400
*
Nor European Oil com_._l
Nor Pennsy RR
50
""316
"""%
5:600
Nor Ind Pub Ser 6% pfd 100
7% preferred
100
100
106%
106%
25
103
Jan
Mar
105
Apr
Jan
53
Feb
14%
Jan
27%
Feb
60%
Feb
11%
%
2%
2%
3%
Jan
Apr
Jan
Jan
97
Feb
110
Feb
Apr
54%
24%
300
50%
Jan
67
600
22
Jan
34%
Jan
Jan
15%
Apr
18%
Feb
Feb
Feb
13%
44%
Mar
3%
7%
Jan
Mar
Feb
1
6%
Feb
Jan
18%
1
Jan
9
130
125
Apr
137%
Jan
10
141
Jan
149
Apr
150
50
5%
Mar
14%
Jan
18%
Feb
17
Jan
21%
Feb
Jan
2%
Jan
9i6 May
1%
Feb
%
600
X
16
200
%
Jan
%
Feb
5%
Feb
19%
Apr
Feb
36
800
X
26
26
26
6%
25
600
24%
23%
Apr
3
Jan
15%
Mar
JaD
75
Apr
24%
2,300
22%
Apr
26%
100
6%
Jan
Apr
Mar
%
14%
700
100
*16
12%
Jan
Jan
8%
1%
20%
5%
2%
1,400
4%
Jan
7
3,300
1 %
Jan
3%
Apr
8
8
8
%
2%
1,500
600
6% preferred ser D—100
Roosevelt Field, Inc
6
3%
100
14%
15%
9,000
""%
»
"l"306
60%
300
Royallte Oil..
5
6%
Feb
Apr
2%
Jan
Apr
6%
Mar
Apr
105%
4%
19%
Feb
2'l
Jan
4%
Jan
Jan
Apr
49%
Feb
Ryan Consol Petrol..
35
Feb
46
Jan
Safety Car Heat & LlghtlOO
St Anthony Gold Mines. .1
St Regis Paper com
5
3%
3%
Jan
6%
Jan
8%
Jan
Jan
%
98%
Apr
Jan
7i6
98%
Jan
58
Apr
79
Jan
87%
Feb
Jan
108%
9%
Mar
Feb
7% preferred..
3
*
Savoy Oil
Apr
4
Salt Creek Producers
100
10
»
70
75
25%
1,500
21%
Jan
38
20%
>6%
25%
20%
6%
27%
Northwest
21
200
15%
Jan
26%
Apr
Securities
39%
39
39%
700
35%
Jan
48
Feb
Seeman Bros Inc
26%
27
26%
May
35
Jan
Jan
Feb
Feb
Seiberling Rubber
Selby Shoe Co
Jan
1%
39%
Mar
Feb
4%
3%
75
900
1,700
225
Jan
70
Apr
Jan
19
Mar
3%
Jan
38%
1%
70
Jan
Apr
6%
Feb
4%
Apr
92
Feb
Feb
3ie
X
1,400
*16
Jan
3%
3%
4,100
3%
Mar
7i«
5%
480
57%
Apr
73%
Jan
7
Jan
10
Feb
59
57%
64
7%
7%
7%
1,100
4
4
4%
800
%
26
100
1%
26
716
7ie
%
900
33%
Segal Lock & Hardware..*
101%
Jan
Mar
*16
Feb
Apr
Apr
X
26
Northern Pipe Line
10
Nor Sts Pow com class A100
23
3%
Schlff Co com
Schulte Real Estate com..*
Scoville Manufacturing.25
>
8
58
Rustless Iron & Steel
36%
Jan
1%
35
*
Feb
Apr
Mar
4
14%
3%
15%
20
Royal Typewriter
11
Mar
104%
1%
pref....
Rosala International
6%
8,900
4%
conv
Jan
7%
9
1%
$1.20
Feb
2%
39%
"16"
4%
1
25
6%
11%
25
Feb
Jan
18%
"266
Richmond Rad com..
1
Rochester Gas <fe Elec Corp
8%
103
Jan
Jan
92
2%
143% 143%
16%
17
5%
Richfield Oil pref
Northern N Y Utilities
1st preferred
Jan
103%
37%
"25
126
125
14%
Feb
77%
~
Apr
2%
""6% ""6%
125
5%
Feb
Apr
22%
%
14%
6%
s16 May
1% Mar
7%
28%
22%
*
75%
71
4%
Feb
Mar
10%
14
54
...10
com
Russeks Fifth Ave
Common
20
94
»
l
Jan
Nor Amer Lt & Pr—
7%
w
Root Petroleum Co
Nlles-BementrPond
Noma Electric
New
Apr
Niagara Share—
common
11%
102%
98
2%
Reynolds Investing
1
Rice Stix Dry Goods.....*
Niagara Hud Pow—
Class B
330
»
104
7,400
1,600
Apr
May
Apr
9
Raymond Concrete Pile—
110
5,*
23
*
Jan
Jan
Jan
warr
21
»
9%
Jan
r'?
Jan
Class A opt
41%
120
93%
1
96%
6%
74%
7%
9%
Feb
Rainbow Luminous Prod—
96%
5
Feb
Apr
48
*
10
—15
28
400
40%
22%
100
20
55%
Feb
Apr
100
»
101
120% 119%
*16
1%
9%
98%
<*
$5 preferred
109%
Common
10%
9%
30%
2,300
Puget Sound P & L—
Apr
101
"56X
9
6% prior lien pref...100
7% prior Hen pref
100
Feb
109%
N Y Wat Serv 6% pfd„100
10%
Jan
Jan
Apr
8%
%
%
%
26%
Pub Service of Okla—
Jan
Feb
Jan
400
1,400
1
May
Apr
9
15%
$6 preferred
N Y Shipbuilding Corp—
Founders shares
N Y Steam Corp com
*
N Y Telep 6%% pref.. 100
NY Transit
6
Mar
30
Feb
Apr
3%
82%
100
Feb
Jan
2%
Feb
Jan
69%
1%
34
1%
Apr
N Y Pr & Lt 7% pref...100
34
Jan
May
Jan
4,100
Feb
Apr
117%
Pyrene Manufacturing.. 10
Quaker Oats com
*
100
77%
140
Apr
Feb
46%
Jan
115
Feb
com
69
100
16
N Y Auction Co com——
7%
preferred
2%
3%
80
Jan
7%
19
*
Newmont Mining Corp. 10
Feb
Jan
Jan
"766
79%
18%
17%
24%
New Haven Clock Co
New Process
77
Jan
Apr
Apr
123
25
Jan
7%
"9% """9% "10%
Pyle-Natlonal Co.......5
300
50
60
Apr
74
6
Jan
114
115
100
Feb
13%
Apr
Jan
New England T & T Co 100
Apr
Jan
48
Jan
70
20
40
Mar
9%
111
10%
100
36
.60
4%
1,100
Apr
7%
100
110%
12%
""166
15
Jan
preferred.
1,500
14X
Apr
4%
Common
Jan
~~2%
12
6%
Mar
14%
Mar
Feb
%
"~2%
Feb
36
Feb
111%
Nestle-Le Mur Co cl A___♦
Jan
116%
Apr
Feb
Apr
Apr
Apr
%
400
5%
18
Jan
Jan
10
900
1
Feb
Apr
23
8%
11
Jan
117
""800
Public Serv Nor 111 com..*
1,000
8%
%
2%
26%
41
2%
100
100
Mar
316
Mar
70%
Apr
100
7% 1st preferred
8%
Neptune Meter class A...*
New Jersey
6% 1st preferred
Jan
7% pf.100
7% preferred
Feb
14
12.50
New Bradford Oil
Jan
86%
5%
10
com
Feb
Apr
100
%
Nehi Corp com
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp...5
Nev Calif Eleo
6
Jan
75
6
1
National Sugar Refining. _*
Nat Union Radio Corp
Nebel (Oscar) Co com
Jan
Apr
6
Conv part preferred...*
National Steel Car Ltd...*
Nat Tea Co 5 Mi % Pf
National Transit
1%
1%
2%
Pub Serv of Indlana$7 pref*
$6 preferred
*
1
common
Jan
4%
89
2
*
Nat Service
Jan
Jan
800
"77~~
*
National P & L $6 pref...*
National Refining com__25
93%
12
*
Nat Mfg & Stores com...*
Mar
Jan
Apr
"l2%
*
Feb
2
80
IX
44
87
300
6%
37%
37%
10%
10%
"l2
12
*
"2%
1%
1%
Mar
Apr
Apr
55%
31%
115
12%
6%
1
18%
Warrants
Mar
60
Propper McCallum Hos'y *
Prosperity Co class B
*
18%
1
130
50
*
*
$5.50 preferred
107%
Jan
Apr
Apr
Pleasant Valley Wine Co.l
Pressed Metals of Amer..*
*
$2
*
....
Feb
National Container Corp—
Common
12%
12
6%
37%
*
Nachman-Sprlnfllled Corp*
com
4%
138
Mountain Sts Tel & Tel 100
111
Jan
114%
106%
34
Power Corp of Can com..*
2%
49%
13
10
Mountain Producers
60
5
32%
100
"""266
Pitts Bessemer & L E RR50
4% May
Jan
32%
MtgeBank of ColAmshs.*
Jan
103
Pltney-Bowes Postage
150
30 X
Moody's Invest Service..*
Moore Corp Ltd com
*
17
112%
*
com
35
Montreal Lt Ht & Pow...*
,
12
*
Common
Feb
Jan
8%
Jan
PhilaEl Pow 8% pref...25
114
Mar
May
3%
44
7% pref.—100
1%
112
5%
*
23X
Jan
300
61
35%
35%
115
115%
*
21
Mar
17,300
58
*
10%
*
Mar
20
5%
"90% "9l""
*
100
Perfect Circle Co
Jan
6
Feb
4%
Pennsylvania Sugar Co. .20
6
Jan
Mar
125
*
5%
3%
Jan
May
Jan
110
5%
1
$6 preferred
4%
5
...1
Penn Salt Mfg Co
v
17%
»
v t c
Jan
"u
May
Feb
5i«
100%
3
6%
7%
Jan
Feb
300
3%
1%
Feb
Apr
Jan
1%
Apr
66%
60
1%
*
85
Apr
Apr
Jan
45%
3%
Apr
Feb
Plymouth
Patchogue
Apr
—_*
36%
85
150
39
"54""
23%
51%
35
IX
Natl Bellas Hess
38%
"54"
Feb
Mar
*
Feb
5X
v
20
Feb
7%
Apr
Apr
90
4%
t c
5%
Feb
IX
5%
Nat Auto Fibre A
500
Apr
83
28%
4
Mueller Brass Co
6%
29
107
Apr
IX
Preferred A
6%
10
24
4%
Minn Pow & Lt 7%
'"""25
77
Parker Rust-Proof new 2.50
*
t c—
106""
106~
Jan
Mar
»
v
May
30%
10
v
Feb
32%
25
Michigan Sugar Co
Preferred 1
Class A
6%
Jan
26%
Jan
104%
Jan
77
May
3%
29%
Apr
Michigan Gas & Oil
Class B
Apr
500
2,000
20
Mar
*
4
32%
77
1
8%
40
We"
3%
31%
Mar
50
31%
%
31%
Jan
Parker Pen Co.
.10%
!
Mar
Jan
6
*
Paramount Motor
Jan
1
May
3%
17%
8%
11
Pantepec Oil of Venez
Mar
1
400
400
Mar
Apr
3%
—
14%
2%
13%
High
7% May
1%
Jan
Mar
31%
1
Low
3,500
82%
"1:566
1 1 <H 2K!
8%
2%
105%
8%
Jan
"~6% "MOO
%
Range Since Jan. 1 1936
for
Shares
Apr
Jan
"7%
*
1936
Week
High
*
Pacific Tin spec stk
"5%
6%% A pref erred.-.100
2%
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
e%
Metrop Edison $6 pref...*
Mexico-Ohio Oil
49
Jan
"m
Participating preferred.*
Merrltt Chapman & Scott*
Messabl Iron Co
Feb
8%
76
Memphis P & L 7% pref..*
Range
of Prices
7%
*
$1.30 1st preferred
—*
8
Week's
Low
Overseas Securities—...*
5
16
16
.*
Price
Class A conv pref..—..*
1
Oldetyme Distillers
Outboard Motors B com..*
American dep receipts. £1
Maryland Casualty
Sale
Par
High
Marconi Internat Marine—
Marlon Steam Shovel
Last
(Continued)
24%
»
Margay Oil Corp
STOCKS
Range Since Jan. 1 1936
for
May 9,
Sales
33%
50
30
42
Jan
May
6%
Jan
Apr
34%
Feb
Jan
1%
Feb
Apr
41%
Feb
Selected Industries Inc—
Engineering..*
Novadel-Agene Corp
*
Ohio Brass Co cl B com..
Ohio Edison $6 pref
Ohio OH
% pref
*
100
com
rootnnth»
106%
104%
111
5
paye
6% May
112
90
Jan
110
Feb
112%
101%
Ohio Power 6% pref...100
Ohio P S 7% 1st pref...100
Ollstocks Ltd
700
Jan
106
13%
3139
Jan
109%
15%
Mar
Mar
Feb
Scranton
Spring
Brook
Water Co. $6 pref
55
25
Jan
55
3
3
400
2%
Jan
42
100
41%
3%
2%
31%
11,100
1%
2
Jan
4%
4%
Mar
*
2%
2%
31%
Apr
Jan
5%
46%
Feb
42
150
30%
Jan
1
2%
3%
3,500
2%
Jan
55
*
Corp General-.*
Common...
__*
com
$5.50 prior stock
25
Allotment certificates..
700
40
4%
84
86%
85
200
81
Jan
90
85
86%
250
78
Jan
95
Mar
Jan
Feb
Mar
Feb
Mar
Mar
Volume
New York Curb Exchange—Continued—Page 4
142
Friday
STOCKS
Last
Week's Range
Sale
(Continued)
Par
Price
3137
Sales
of Prices
High
Low
1 1936
Range Since Jan.
for
Week
Shares
High
Low
Specialists in Curb Bonds
Selfrldge Prov Stores—
Amer dep rec
2%
£1
Sentry Safety Control
1
Seton Leather com...
♦
Shattuck Denn
%
Mining" ""5
5% cum preferred... 100
Sherwin-Williams of Can *
Singer Mfg Co
100
20%
1%
"l
*1.25
Shenandoah Corp com
com..25
1%
%
11%
6%
21%
300
%
7%
15
1,000
8%
23%
400
2
Jan
1%
Apr
4%
47%
118%
110%
Mar
124%
T.350
114%
114% 114%
20
17
17
25
17
Apr
349
70
332
Mar
55
Mar
Feb
Apr
500
23
22
2%
2%
2,900
19
1%
28%
38%
28%
"2% "2%
141
141
141
70
20%
865
200
T.ioo
10
Jan
100
T.ioo
5%
34%
Mar
Jan
3%
Feb
Feb
Mar
Jan
2% May
141
May
4%
Apr
41%
28%
Apr
27
Apr
5%
Jan
7%
2%
11%
40%
35
35
35%
1,500
Jan
68
Jan
Jan
Jan
Jan
Feb
149
6%
32%
1
Line" 150
%
dep rets ord reg__£]
Square D class A pref
%
31%
16
31%
'16
Feb
Feb
Mar
Mar
Mar
31%
300
Jan
29
Jan
2%
%
Standard Cap & Seal coin
Standard Dredging Co-
37
37
50
%
Feb
%
800
Stahl-Meyer Inc com.11"
Standard Brewing Co
33
Apr
Jan
Jan
%
33%
4%
1%
41%
Feb
*29*
Feb
21%
Jan
97
Jan
103%
2%
2%
27%
716
50
2%
2%
1.600
2%
May
900
2%
Apr
27%
%
50
%
900
17%
•
17%
100
105
4%
4%
Apr
Apr
Jan
Feb
13%
Apr
4%
19
17%
18
70
"760
3%
6,900
1%
17%
100
15%
Feb
Jan
4%
18,500
2%
Jan
16,800
17%
Apr
4%
18%
5%
20
64
5%
100
250
5%
62
Jan
Mar
Jan
5
Feb
Feb
"5%
4%
"5% ""5%
"*3%
5%
4%
Technicolor Inc common.*
27%
4%
26%
3%
5%
28%
4%
4%
1
3%
""366
Jan
Feb
Mar
Mar
102
Mar
5
Apr
8%
Mar
39%
Jan
Mar
Jan
4,000
2%
Feb
4%
7,400
4%
Apr
6
6,700
17%
Jan
3,300
4%
Mar
70
7% 1st pfllOO
Tenn Products Corp com.*
Jan
%
Texas Gulf
5%
103
6%
*
%
500
%
Jan
4%
5%
11,600
4%
Apr
10
100%
Apr
103
103
6%
6%
800
IIoo
6
*
3%
3%
3%
4,200
Mar
2%
dep rets ord reg. £1
Am dep rets def reg..£i
Todd Shipyards Corp..
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev
104
104
10
103
1%
7%
3%
3%
3
Tri-Contlnental warrants..
104
Feb
Feb
Mar
3
3%
"""166
1%
3
3%
900
1%
22
1%
22%
"1% "2"
7%
7%
11%
27%
11%
1%
30%
•
Canada.""
10%
5s
4%s
f deb 5s *52
Jan
Feb
Apr
Amer Com'ity Pow 5%s *63
8
Am El Pow Corp deb 6s
Feb
Amer G A El deb 5s..2028
Jan
1%
Feb
Jan
5%
Jan
Jan
5%
Feb
22%
11%
Mar
106%
Apr
'67
300
4,500
1,500
8%
20%
3%
11%
1%
7%
30%
Mar
Mar
13%
12%
300
12%
11%
Apr
13%
Feb
Feb
Mar
JaD
16%
4%
30%
12%
Mar
7%
Mar
Seating 6s stp ..1946
Appalachian EI Pr 58.1956
Appalachian Power 5s. 1941
Debenture
Feb
Feb
Mar
Conv deb 5%s
*
United Gas Corp com..4
Pref non-voting..
.*
Option warrants..
United G A E 7% pref 1100
United Lt A Pow com A..*
7%
100%
2%
"""5%
..I*
"I*
$6 conv 1st pref
Milk Products...*
40%
106"
115%
100%
57%
8%
Birmingham Eleo 4%s 196*
Birmingham Gas 5S...1959
Boston Consol Gas 5s. 1947
76
Blnghamton L H A P 5s *46
Mar
Mar
Mar
Jan
64
Mar
Jan
14
Mar
1%
10
B1.1
3%
3%
3%
700
83
25
85
675
42
United Shoe Mach com..25
42
10
JaD
8
Unitea Profit-Sharing..
Jan
Jan
1
*
1
page
1
100
3139.
Mar
13%
1
7
3
Mar
Feb
Apr
Mar
Feb
Apr
May
May
40
Jan
Feb
83
Mar
15%
Feb
Mar
106%
Apr
Jan
Jan
Feb
4 103
105% 106
21,000
29
Feb
100%
96
Feb
100
84
Mar
95
96%
Feb
Apr
Feb
79%
106%
May
91%
Feb
Apr
108%
Mar
103%
Feb
105%
Apr
3%
13%
Jan
Feb
Jan
10%
28%
Feb
106
Jan
108%
Mar
92%
102%
103%
Jan
99%
Jan
105%
Jan
105
14,000
1,000
89,000
91,000
12,000
16,000
5,000
103
50,000
104%
107%
113%
2,000
115% 115%
100% 100% 123,000
56%
73,000
58%
Apr
Jan
Mar
107%
Feb
Apr
106%
Feb
Feb
108%
Feb
117
98
Feb
102%
Mar
May
Jan
Apr
56
Apr
65%
Feb
50
69,000
35%
Jan
52%
Feb
38%
13,000
28%
27%
Mar
38%
Feb
Mar
39%
40%
39
81
1st M 5s series B...1957
120%
122%
122% 122%
141
141
5s
series
C
1960
"92"
82
Gen A ref 5s..
141
90%
92
81
82%
106
106
99
99
105% 105%
105% 105%
Buffalo Gen Elec 5s..1939
1956
Canada Northern Pr 5s *53
4
107 ^ 107
104%
104 4 104%
109% 111%
100% 102%
Canadian Pac Ry 6S..1942
111%
90
Jan
Carolina Pr A Lt 5s... 1956
102%
Jan
42
May
Cedar Rapids M A P 5s '63
Feb
Cent Aria Lt A Pr 5s 196u
Feb
Feb
Feb
30
Jan
29
Mar
41
33
Mar
45%
75
Jan
84
78
Jan
91%
Mar
Mar
101%
Apr
96%
Jar
101
Apr
77%
108
Mar
79
Apr
Apr
90
73%
Apr
100%
Apr
Mar
75
Apr
93
Apr
114%
Jan
117
Mar
116
Jan
121
Mar
116%
Jan
123
Apr
134
Jan
145
Mar
105%
Feb
107
Apr
89%
Jan
94%
76
Jan
87%
106
Apr
109
Jan
89%
Jan
102
Apr
105%
Apr
109
Jan
Apr
May
heb
May
20,000
19,000
1,000
1,000
2,000
78,000
21,000
3,000
1,000
3.000
1,000
5,000
51,000
88,000
1,000
4,000
Feb
Feb
108
Feb
102%
Mar
104%
Apr
109%
104
Apr
116%
Mar
98%
Jan
102%
May
111%
105%
Jan
113%
Feb
Jan
107%
Mar
28%
Air
33%
Mar
Central German Power
Apr
Jan
%
4%
50
4%
Apr
May
17%
18%
2,400
17%
Mar
.
10
Mar
115% 115%
119% 120%
Jan
3% May
4%
17%
5%
Mar
105%
115%
88%
%
100
10
104%
Jan
May
107
1st M 6s series A...1955
83
1
»
B
6%
1%
Feb
Bell Telep of Canada—
Broad River Pow 5s.. 1954
5%
70
Jan
76%
6s stamped x W...1938
Mar
United Molasses Co—
300
Jan
Feb
3%
7%
10%
30%
Jan
23%
Apr
81
Mar
reg...£l
Mar
78
105%
102%
82%
9%
48%
Apr
Jan
Feb
Apr
39,000
104%
99% 37,000
12,000
98%
20,000
85%
80% 101,000
22,000
107%
104
76
Jan
Jan
Apr
15%
46
101%
Feb
82%
Bethlehem Steel 6s...1998
43
Jan
Jan
Feb
2,000
1,000
73,000
15,000
Feb
preferred
Feb
May
80
Mar
3,800
Apr
10%
4%
80
7H
41
32%
Jan
4%
100%
6s with warrants... 1938
91%
38
Jan
Jan
19
Feb
9%
121666
Jan
United
2%
31%
99%
4%s..lP55
5%s..l943
Jan
100
10%
2%
Jan
Mar
Baldwin Locom Works—
Jan
6%
Jan
Jan
1%
8
Jan
99%
Atlas Plywood
3%
5%
29%
6%
6%
Feb
Feb
Jan
17,000
%
86%
10
Feb
Mar
Mar
84%
3,800
11,900
Feb
10%
5%
1%
82%
92% 100%
5%
6% May
Feb
7%
700
78
Jan
2%
27
1,600
83%
81%
90
87
Jan
23,600
84
6,200
5
Apr
2%
40
1977
Assoc Rayon 6s
1950
Assoc TAT deb 6 %s A *55
53,700
2%
81
31%
8%
41%
Conv deb 6%a
8%
90
Mar
3
7%
103
6s stamped w W..1938
Jan
Feb
3%
Jan
Jan
31%
38
6s without warrants 1938
4
32%
Apr
1%
18
Jan
1968
2%
10%
9%
104%
2%
7%
Feb
Mar
Debenture 5s
Jan
Apr
3
Jan
11
223,000
40% 295,000
41
245,000
42%
42,000
84
36,000
Apr
Jan
Mar
100
37%
Jan
%
200
""35%
42%
2%
1%
200
1950
Feb
1,300
400
Conv deb 6s
Jan
2,800
1,500
47%
36%
35%
37%
37%
Mar
1%
100
1938
Conv deb 4%s C...1948
Conv deb 4%s
1949
10
9%
United Dry Docks com
United Elastic Corp
2024
6s
22
500
Jan
Jan
104% 104%
Apr
42%
1
42
6%
5%
103% 103%
Apr
1%
♦
Jan
May
300
104%
12
1%
$3 cum A part pref..
United Corp warrants.
Jan
2%
8%
103%
600
7%
35%
Jan
Jan
7
Am Roll Mill deb 5s.. 1948
Atlanta Gas Lt
12%
5%
Jan
Am Pow & Lt deb 6S..2016
Associated Elec 4%s..l953
Associated Gas & El Co—
9%
United Aircraft Transport
12%
Feb
83
3%
107% 108%
96%
98%
Arkansas Pr & Lt 5s. .1956
Union Traction Co (Pa)
Warrants
1%
101
Apr
May
""loo
107%
98%
Feb
37%
14%
16%
United Chemicals com...1
600
2%
104% 105
7%
8%
22%
22%
Amer
Jan
7
3
Feb
104
104
Aluminum Ltd deb 5a 1948
Jan
($17.60 paid In)......50
20
1942
Aluminum Co
Apr
8%
%
4
BONDS—
Abbot's Dairy 6s
Alabama Power Co—
80
8%
200
3%
76
Apr
JaD
2%
31%
8%
5
1967
6%
23%
10%
Jan
Apr
8%
Petroleum
__i
Woolworth (F W) Ltd—
1968
500
10%
Jan
66
"4% "_4%
1st & ref
600
'""166
2%
Jan
80
Woodley
deposit rets
11
7
Feb
9%
*25% *25%
Jan
101%
3%
Wise Pr & Lt 7% pref.. 100
Wolverine Portl Cement 10
Apr
Apr
2%
Apr
25% May
%
46
64
*
%
13
32
99%
79%
Jan
Mar
Apr
66
85
8%
1%
Jan
12%
37%
98%
97%
113
11
22%
Jan
100
99
1,600
1,300
2,500
750
lisoo
28%
27
.8%
85
6%
11%
2,400
*600
2%
98
106
Mar
Jad
Feb
4%
5%
1956
Jan
Mar
19
82
82
1951
Apr
Mar
6%
2%
22
1st & ref 5s
5%
48%
4%
Jan
%
200
1st & ref 5s
%
%
10
see
3%
1
Jan
6%
13
"
For footnotes
1
Jan
9%
6%
75
25
4
21%
1%
Jan
3%
1,200
400
66
10
U 8 Foil Co class B
1%
62%
4
Mar
Trunz Pork Stores
Tublze Chatillon Corp_._l
Class A
200
76
3%
1946
Mar
Mar
Jan
Feb
Jan
3
96
3%
1st <fc ref 58
Mar
Tung-Sol Lamp Worksl.,1
80c dlv pref new
2,900
14,800
3%
Apr
Mar
U S Finishing common
Preferred
62
1
11%
Class
1%
Apr
21%
U S Dairy Prod class A
3%
5%
Feb
Co-^~
Preferred
Feb
Feb
9%
Am dep rets for ord reg.
Tri-State T A T 6% pref 10
United Shipyards com
1%
Amer Radiator 4%s..l947
3%
Preferred
1%
_*
Yukon Gold Co
68%
15,600
Common
Am dep rets ord
preferred
Wilson-Jones Co
Wright-Hargreaves Ltd..*
Trans Lux Plct Screen-
$3
Apr
%
1,100
2,400
22%
1
Conv
Jan
Apr
Mar
107
'""% ""%
Apr
7%
1st & ref 6s
19%
5%
32%
Am
Jan
4%
%
4%
18
»
WU-low Cafeterias Inc
Amer
Jan
Jan
100
Feb
79
7%
1
10
10
Jan
65
*
Tobacco Prod Exports..
Tobacco Securities Trust
Apr
32%
5%
Jan
55 %
1
preferred
Williams (R C) <fc Co
*
Williams Oil-OMat Ht._*
6
35%
Tenn El Pow
3%
4%
20%
West Va Coal & Coke
Jan
4%
100
36
36
1,800
7%
Feb
Apr
Feb
1,900
1
3%
4%
v t 0.
Jan
102
4%
%
-----
Co..111.1
Apr
24%
6%
65%
35%
1%
Walker Mining
Apr
Mar
~28~~
4
West Texas UM1 $6 pref.
Westvaco Chlorine Prod—
6%
Feb
Apr
Feb
May
30
Feb
41%
*
Western Tab <fc Sta
Jan
7%
34
3%
84
May
Ol&ss
Jan
4%
18
4
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
Apr
Apr
Tastyeast Inc class A
"l
Taylor Distilling C0.....I
Common class B
1
common
7% preferred
..100
Venezuela Mex Oil Co. .10
Venezuelan Petrol new.. 1
Avt
7%
61
4%
1
Syracuse Ltg 6% prefllloo
Taggart Corp common ...»
Tampa Electric Co com. *
Union Gas of
Utll Pow & Lt
__*
2%
29%
4%
22%
9%
Apr
6%
15
Unexcelled Mfg Co
Union American Inv'g
preferred
25%
Apr
3
loo
Twin Coach Co
Conv
Jan
19
76
Jan
Jan
32%
17%
.I..1
Col" 10c
Triplex Safety Glass
C0..I5
Apr
1%
3%
""250
*
_
High
Jan
"22"
*19*
8
Feb
3%
25
"27"
19
Il
com.
Apr
400
""966
150
10
Insurance....
18
5%
32%
•
Tlshman Realty A Const
Tobacco Allied Stocks
»
1
18
•
Texon OH A Land Co
Thermold 7% pref
United Wall Paper
Universal Consol Oil
Wayne Pump common
.1
Western Air Express.
..1
Western Auto Supply A.
Western Cartridge pref. 100
Western Maryland Ry—
7% 1st preferred
100
Western Power 7% pref 100
32%
"5% ""5%
I"II*
Producing
*
Texas P A L 7% preflllOO
United Stores v t c
*
United Verde Exten___50c
Low
4%
*
18%
7%
32%
..20
Teck-Hughes Mines
preferred
..100
U S Rubber Reclaiming. _*
U 8 Stores Corp com
I*
Waltt <fc Bond class A
Feb
4%
*
.."50
Swiss Am Elec pref
Swiss Oil Corp
7%
Jan
63
%
30%
*
Feb
41
160
Sunshine Mining
8wan Finch Oil Corp
30
*
Apr
Jan
Jan
IlO
Waco Aircraft Co
Wahl (The) Co common
Mar
25
59
Sterling Brewers Inc.
1
Stetson (J B) Co com_.I"*
8tlnnes (Hugo) Corp..
"5
Stroock (S) A Co
♦
Oil
Jan
14%
36%
3,000
100
*
23%
30
2
Utility <fe Ind Corp..
49%
28%
2
*
Jan
Apr
Jan
*
Utility Equities Corp
Priority stock
Apr
Feb
11%
600
Utica Gas & Elec 7% pf 100
18%
17%
2%
1%
74%
2%
U S Radiator Corp com
Universal Products..
Shares
I*
1st pref with warr
U S Lines pref
U S Playing Card
Universal
Price
*
Feb
Jan
400
»
Sun Investing common
U 8 Int'l Securities
Feb
Apr
2,100
103
Standard Silver Lead
1
Steel Co of Can Ltd..II"
Stutz Motor Car
Sullivan Machinery
Par
Jan
6H
17%
12%
17%
•
Preferred
1st preferred
Week
Utah Apex Mining
Mar
12
17%
Standard Oil (Ohio) com 25
6% preferred
100
2d preferred
for
of Prices
Low
High
Utah Pow & Lt $7 pref...*
Utah Radio Prod
*
35%
Stand Investing $5.60 pf *
Standard Oil (Ky)__.
io
Standard Oil (Neb).___25
6%% preferred
Week's Range
Sale
Feb
13%
preferred..""
Sterchl Bros Stores
Range Since Jan. 1 1936
Last
Feb
3%
Common
Stein (A) A Co common
Sales
Friday
Universal Pictures
Am
Common class B
NEW YORK
-
STOCKS
Feb
64
5%
"8% ~~8%
5
com
-
-
DIgby 4-7140
Feb
5%
34%
27%
Spanish & Gen Corp—
Am dep rets ord bear_£l
Standard PAL
BROADWAY
Apr
Apr
Jan
25%
38%
25
.
So'west Pa Pipe
39
Apr
145%
116
Jan
3%
2%
Co"
Members New York Stock Exchange
Members New York Curb Exchange
{Concluded)
Southern Pipe Line
10
Southern Union Gas__H
Southland Royalty
South Penn Oil.
Peter P. McDermott & Co.
Apr
Feb
Jan
Edison—
Southern Colo Pow cl A 25
Southern N E Telep___l00
Sunray
Jan
Jan
339
5% original preferred.25
6% preferred B
25
5%% pref series C____ 25
_
2%
1%
Feb
Jan
122"
Sonotone Corp....
Conv
.
4%
19%
200
3,200
123"
Singer Mfg Co Ltd— "
Amer dep rec ord reg_£l
Smith (L C) A Corona
Typewriter v t c com
Southern Calif
6%
6%
20%
Shawlnlgan Wat & Pow_.»
S3 conv pref
Sherwln-Wllllama
11
11
Jan
Apr
3% May
2%
1%
1%
6%
24%
Jan
Mar
Jan
68 partlo ctfs
1934
112% 112%
"l05%
105% 105%
New York Curb Exchange—Continued—Page 5
3138
Sales
Friday
Last
BONDS
Price
Week's Range
for
of Prices
Week
Sale
(Continued)
Central 111 Pub Service—
6a series E
-..1956
1st A ref 4%s ser F.1907
5s series G
1968
4*4% aeries H
Low
High
102%
102 M
102%
98%
104%
101%
1981
Cent Maine Pr 4%s E 1957
Cent Ohio Lt & Pr 68.1950
Cent Power 6s ser D..1957
Cent Pow A Lt 1st 5s. 1956
Cent States Eleo 5s...1948
Cent States PAL 5%s *53
Chic Dlst Elec Gen 4%s '70
Chic Jet Ry A Union Stock
Yards 5s.
1940
Chic Pneu Tools 5%s_1942
Chic Rys 5s ctfs
1927
Cincinnati St Ry 5%s A *52
6s series B
1966
Conv deb 5s
1950
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Line 6s
.1943
103%
6%s
1949
99
46,000
100%
Jan
90,000
94
Jan
15,000
99%
93%
Jan
21,000
17,000
102%
Jan
96
6,000
96
Apr
May
89 m
90%
5,000
89%
May
87 %
105%
100%
103%
100%
104%
1965
4 Ms series C
Jan
6s series C
1951
Apr
Mar
104%
23,000
110%
110%
4,000
109%
Jan
111%
102%
15,000
101%
Apr]
103%
70%
93%
72%
17,000
93%
97
97
76 m
77%
Jan
"97"
76 m
76 %
76%
100% 100 m
Apr
Jan
80
86%
93
Jan
69%
Jan
77% 361,000
100%
82,000
69%
97%
Jan
80%
Feb
Jan
102 %
Apr
103%
104%
103% 103%
70
72
71m
70%
72
45%
110%
111%
Jan
3,000
10,000
72
45
67
12,000
w
6,000
3,000
102
Mar
103% May
182,000
65%
Jan
52,000
66%
34
6,000
110%
3,000
112
11,000
1,000
96%
Mar
98%' Apr
80%
Apr
104%
Feb
103% May
Mar
Jan
76%
76%
Feb
45%
May
110%
110%
Arp
Mar
106% 106%
105
104%
l07~~
8(6000
105
45,000
Jan
110%
111% May
Jan
110%
Jan
105%
Jan
103%
.103% 103
70 m
70%
103%
48,000
102%
72%
49,000
63%
125
Feb
Feb
112%
Jan
113%
113% Mar
111% May
113
Mar
107%
106%
Jan
Apr
105
77
Feb
Apr
107%
1,000
106%
106%
Mar
112%
112%
14,000
111%
Jan
120
Gen mtge 4 Ms
1954
Consol Gas El Lt A P
(Bait)
1st ref s f 4s
1981
Jan
8,000
106
Mar
109
Apr
Ms 1941
109%
97
96
97
8,000
88
36 m
36%
37
6,000
29%
Jan
97
99
3,000
96
Jan
87%
89% 200,000
85%
Jan
Consol Pub 7 % s stmp. 1939
Cuban Tobacco 5s
1944
Cumberld Co P A L 4 %s'56
Dallas Pow A Lt 6s A. 1949
101%
103% 103%
Jan
127%
109
109
Mar
Jan
97
97
76%
76%
2,000
14,000
Jan
104
Feb
86%
107%
Jan
97
Feb
12,000
8,000
3,000
29,000
11,000
7,000
24,000
10,000
1,1,000
12,000
17,000
9,000
52,000
5s series A
Without
100
100
100
2,000
106
105% 106
104%
104% 105%
6,000
7,000
100
105
105
104% 104%
55%
59
10,000
13,000
Jamaica Wat Sup 5%s '55
Jersey Central Pow & Lt—
5s series B
—
49% 112,000
50
50
4,000
105%
103% 104
104% 105%
118%
4%s series C
1961
Kansas Gas & Elec 68.2022
Kansas Power 5s
1947
118
118%
21,000
73,000
13,000
2,000
101% 101%
93
90%
1948
-
99%
.1955
93
103% 105
98%
99%
90%
93
9,000
6,000
7,000
57,000
109
Feb
111%
110%
Apr
106
23,000
103%
104%
103% 103%
105% 105%
Lexington Utilities 58.1952
Libby McN & Libby 5s '42
104% 104%
105% 105
105%
15,000
105%
105% 106
56
Feb
Mar
Jan
8,000
53%
4%
Jan
11
Feb
12,000
7,000
4%
Jan
10%
Feb
%
%
101%
Jan
3
Jan
Jan
2%
Jan
Jan
103%
Feb
Mar
2,000
106%
Jan
109% May
112
10,000
105%
Mar
117
Apr
Metropolitan Ed 4s E.1971
Middle States Pet 6%s '45
100%
31,000
98%
Jan
102
Feb
Midland Valley 5s
1943
88%
86%
53,000
80%
Jan
92
Jan
103%
56
56
May
Milw Gas Light 4 %s_. 1967
Minneap Gas Lt 4%s_1950
Minn P&L4%s
1978
Jan
107%
Mar
90%
92%
16,000
Jan
92%
34
May
39%
104%
May
Jan
75%
34
102%
~~2~y~3~666
84%
100
i
22,000
1%
75%
1,000
99%
Apr
Apr
Jan
Feb
5%
89
Apr
Feb
Jan
1,000
91
Jan
100%
105%
106%
95%
67,000
100
Jan
105%
91%
103%
93%
92,000
90%
Apr
98
Feb
92%
94%
43,000
88%
Jan
96 %
Feb
96
98
103,000
92%
Jan
99%
Mar
90%
Mar
89
Mar
103% 102%
103%
13,000
104% 103%
104%
18,000
94
98
90
94
102%
Apr
103% May
89%
90%
41,000
83%
Jan
88
89
15,000
82
Jan
97%
98
4,000
97%
Jan
102%
100
8,000
98
May
102%
89%
98
Mar
Feb
Mar
5s
84%
85%
23%
24
31,000
Munson
Jan
5s series B
1957
Nassau & Suffolk Ltg 5s *45
Nat Pow & Lt 6s A...2026
Deb 5s series B
2030
Nat Pub Serv 5s ctfs.1978
Nebraska Power 4%s.l981
6s series A
2022
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
Jan
60
Apr
27
Apr
Jan
100%
10,000
7,000
93
38%
Mar
85
Apr
90%
Jan
93
106%
Apr
103
Mar
Mar
90
Feb
71
51%
64
Jan
102%
106
71
53%
50
Apr
Jan
Apr
115%
100%
Jan
Feb
Mar
61
Jan
108
Jan
Apr
108
Feb
106%
Apr
108%
Jan
Ext
106
106%
118%
103%
Mar
Mar
1st 5%8
N Y & Westch'r
Ltg 4s 2004
Feb
Debenture 5s
70
Apr
82%
Mar
51%
15,000
44
Jan
60
65
18,000
50%
Jan
75
105%
14,000
105
Apr
107%
Feb
104%
105
19,000
104%
Apr
102%
102%
4,000
102%
Jan
106%
103%
Mar
108%
Jan
109%
Apr
Jan
87%
11,000
72
Jan
Feb
25
25
25
5,000
25
May
107%
93%
43%
Jan
86%
5%s series A
1956
Nor Cont Util 5%8—1948
No Indiana G&E 6s. 1952
29
Mar
32%
104%
Jan
105
2,000
103%
103%
Apr
105
Apr
107
Feb
5,000
97%
Jan
101%
105%
2,000
104%
Mar
108
Mar
103
Mar
105%
15,000
104
Mar
107%
106%
Mar
Mar
112%
112%
19,000
106%
106%
10,000
112% May
106%
Apr
101
97%
Apr
Jau
Feb
Jan
102%
Apr
90
107%
Feb
95%
Apr
Jan
103%
102%
Apr
97%
104%
104%
104%
Apr
106
108%
Feb
102%
Jan
111% May
104%
Apr
105%
Feb
104%
Apr
107% Mar
Jan
103%
102%
Feb
105
Apr
Feb
103%
105%
Jan
Jan
Jan
Jan
75%
96
Jan
Mar
107%
105%
107%
83%
106%
62
Apr
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Mar
101
Feb
103%
Feb
101%
104%
107%
91%
Jan
103
Jan
Mar
Jan
94%
78
Mar
Mar
Mar
Jan
Jan
102%
Apr
Mar
105
Jan
84%
89%
Mar
85%
92%
107%
105% 106%
107% 108%
106%
-
106% 106%
—
-
31,000
-
-
«.
-
107
Feb
10,000
106%
57%
Mar
Jan
108% May
108%
Jan
68%
Feb
93%
Jan
100%
100%
104%
41,000
5,000
24,000
35,000
100%
105
98% 100%
87%
86
26
22%
112
—
121%
105%
93%
105
2,000
23,000
87%
80,000
27% 445,000
112
121% 122
105% 106
90%
93%
1,000
2,000
20,000
86,000
Apr
Apr
Apr
107%
Jan
104
Jan
106
Feb
Apr
102%
93%
Feb
Apr
18
Jan
27%
May
May
May
Feb
112
Jan
122
105% May
86%
Jan
109%
Jan
109
108%
117%
68%
69%
43,000
66
68%
27,000
62,000
65%
64%
84%
77
101%
31,000
4,000
3,000
Jan
97
67
82%
76%
106
85%
66%
101
Apr
Feb
5%
67%
136,000
11%
Feb
102%
102%
68
69%
Jan
19,000
100
6
Feb
107
26,000
6
95%
96%
Jan
Jan
65%
103
Apr
Feb
105
103% 104%
-
-
103
May
13,000
43,000
63
100%
102%
103%
,
Feb
95%
Feb
113%
Apr
Apr
Apr
79%
79%
Feb
Apr
79%
99%
102%
Mar
88%
Feb
85
Jan
88%
Jan
74%
Feb
Jan
Feb
Feb
Mar
69
Jan
81
Jan
101
Feb
104
Feb
108% 108%
105% 106
103
102% 103%
10,000
107%
Jan
56,000
105
Apr
110%
107%
60,000
5,000
102%
105%
Jan
103%
Mar
108%
Jan
5,000
101%
Mar
105%
Feb
111
106
107
104
104
107%
104
Apr
112%
Mar
Mar
Apr
Jan
No Amer Lt & Pow—
105%
86%
Apr
May
1962
105
90
Mar
98%
71,000
1954
1,000
Feb.
Mar
102%
4%s stamped..I960
NY PAL Corp 1st 4
%s *67
N Y State E & G
4%s_1980
Jan
5,000
New Orl Pub Serv—
5s stamped
loo""
90
Jan
31,000
83%
Mar
106% 106%
69
Jan
100%
1942
Income 69 series A.. 1949
N Y Central Elec
5%s '50
New York Penn <fe Ohio—
95%
48,000
Jan
103% 104
S3%
87
92%
93%
98% 206,000
99% 153,000
8,000
82%
88
Mar
May
100
92%
79%
"85%
105%
103%
12,000
96%
Debenture 5%s
Jan
22,000
24,000
95
Feb
Apr
9,000
11,000
97%
Apr
94
32%
7,000
1954
27
Jan
99%
Jan
Feb
39%
103%
103%
Jan
106%
93%
106%
105%
New Eng Pow Assn 5s. 1948
Mar
79
27,000
68%
96
86%
.
Feb
106%
20,000
N E Gas & El Assn 58.1947
Conv deb 5s
1948
Conv deb 5s
1950
Jan
101
106
86%
88%
103% 104
103% 104
SS6%sww.l937
Mar
79
44
Apr
100
Narragansett Elec 5s A '57
22,000
99
65
104%
106% 107
'
86%
81%
104
99% 100%
1944
22%
30
5,000
104
Missouri Pub Serv Ss.1947
Montana Dakota Utilities
Feb
Mar
Mar
Feb
98%
107
Miss River Pow 1st 5s 1951
Missouri Pow A Lt 5%s '55
5%s
81
98
Mississippi Pow 5s
1955
Miss Pow & Lt 5s....1957
Mississippi Riv Fuel 6s *44
5,000
98
1955
22
84%
"23%
Apr
59
McCord Rad & Mfg 6s 1943
Memphis P & L 6s A..1948
Jan
38~6o6
105% 105%
Feb
40%
105%
80
Mass Gas 5%s
1946
McCallum Hosiery 6%s '41
105
105%
102
-
Jan
4,000
Apr
107
-V-
7,000
106% 106%
"105% "104%
Louisville G&E 4%9 C '61
Manitoba Power 5%s_1951
1,000
4,000
111%
1942
Long Island Ltg 6s
1945
Los Angeles Gas & Elec—
5%s series E_______1947
Louisiana Pow & Lt 5s 1957
Mar
11,000
100
Lone Star Gas 5s
92%
105
106%
81%
1969
Mar
34
83%
58 series I
99%
102%
106%
92%
99
104%'
104% May
104%
Apr
101%
Jan
Jan
102%
Kentucky Utilities Co—
Apr
103%
107%
105%
84%
Mar
106%
194/
Feb
14,000
47%
Jan
85%
Jan
87%
78
59
"49%
Jan
100% 100
Feb
Feb
107%
99%
•
Feb
92
19,000
111
101%
Apr
107%
102%
109%
Jan
81%
102% 102%
109%
103
78% May
104% 104%
102%
Apr
24,000
104%
102%
98%
40,000
Feb
88%
109%
85
Sink fund deb 5%s.l950
Lehigh Pow Secur 6s. .2026
Jan
Mar
Jan
80%
Apr
74
Mar
107
78%
105%
5,000
Mar
76
83
Jan
11,000
70
75
Feb
79%
103
84% 337,000
Jan
Feb
53%
83%
104%
104%
50
64
Jan
2,000
102%
Feb
79%
37,000
8,000
42,000
3,000
5,000
102%
Feb
17
Apr
Iowa Pow & Lt 4%s._1958
Iowa Pub Serv 5s
1957
5%s series F
80%
83%
104% 103
Jan
67%
57,000
104% 104%
5%
1M
Feb
Feb
72%
1961
6%s series D
Jan
Jan
75%
74
96%
106%
68%
warrants
Apr
Jan
Jan
4%
Feb
70%
Iowa-Neb L & P 5s...1957
Apr
105%
102%
104%
Feb
Feb
1947
w w
99
2,000
Jan
Jan
Mar
Feb
111%
88
110
107
65
63
00
Apr
1956
83%
Mar
110
108%
101%
107
Apr
Jacksonville Gas 5s—1942
Stamped.
93
Jan
May
May
74%
Jan
Jan
Jan
91
104%
Jan
79% 108,000
103% 104%
105"
1938
98
105% 105%
105
Hydraulic Pow 5s....1950
Ref A lmpr 5s
1951
1C2
100
104%
1936
Houston Gulf Gas 6s..1943
6Ms with warrants. 1943
Houston Light A Power—
For footnotes see pa**
Jan
Jan
76%
122
Mar
Apr
Mar
77%
Italian Superpower 68.1963
48
Jan
Jan
Feb
1958
5s series D
4%s series F
Invest Co of Amer—
Jan
Hamburg El Underground
1st 6s series A..... 1953
1st 4mb series
D...1978
1st 4Mb series E...1981
107% 107%
98%
Jan
95
Feb
Apr
Interstate Public Service—
Jan
....1977
A St Ry 5 Ms
Hood Rubber 7s
63%
99
97%
90
Kimberly-Clark 5s—1943
4 Ms series B
1961
Hackensack Water 5s. 1938
.1935
Apr
Jan
80
Koppers G & C deb 5s 1947
Grocery Store Prod 6s 1945
Guantanamo A West 6s *58
1947
95%
82%
81%
109
3,000
Jan
Glen Alden Coal 4s___1965
Oohel (Adolf) 4Ms
1941
58 series A
Interstate Power 5S..1957
Debenture 6s
1952
70
Certificates of deposits..
Hall Print 6s
stmp
Hamburg Elec 7s
May
Apr
1941
Guardian Investors 5s. 1948
Gulf Oil of Pa 5s
1947
Gulf States Util 5s...1956
105%
103%
100%
110
General Bronze 6s
1940
General Pub Serv 5s.. 1953
Grand Trunk West 4s.
1950
Gt Nor Pow 5s
stmp.. 1950
Great Western Pow 5s 1946
Jan
108
91%
Georgia Pow A Lt 5s__1978
Gesfurel 6s
1953
101%
72,000
18,000
76,000
8,000
Apr
5s ex-warr
stamped. 1944
Gen Wat Wks A El 5s. 1943
Georgia Power ref 5s..l967
109
Mar
Florida Power A Lt 5b 1954
Gary Electric A Gas—
Gen Pub Util 6Ms A. 1956
General Rayon 6s A.. 1948
Gen Vending Corp 6s. 1937
Jan
106
"102%
Deb 6s series B
100
106
Corp 5MS.1979
Gatineau Power 1st 5s 1956
Deb gold 6s June 15 1941
40,000
10,000
105%
108
Finland
Firestone Tire A Rub 5s *42
First Bohemian Glass 7s '57
International Sec 5s..1947
Interstate Nat Gas 6s_1936
Isarco Hydro Elec 78-1952
Isotta Fraschini 7s—1942
100%
Feb
Jan
101 %
107%
1951
Jan
100%
82
Mar
3,000
European Mtge Inv 7s C67
Residential Mtge
Banks 6s 5s 8tmpd.l961
Firestone Cot Mills 5s 1948
104% 105%
6
6%
63
Apr
112%
High
Jan
107
5,000
Erie Lighting 5s
1967
European Elec Corp Ltd—
1965
66%
64
88%
of
6 Ms
94
59%
2,000
6
Fairbanks Morse 5s__1942
Federal Sugar Ref 6s.. 1933
Federal Water Serv 5 Ms*54
105%
67
65%
93%
59
International Salt 5s
Low
60%
2,000
2,000
15,000
Aug 1 1952
1953
110%
58
4,000
-76%
106%
96%
65%
66%
1st mtge 5s ser H..1961
6Ms
Aug 1 1952
Certificates of deposit.
6 Ms series A
110
1952
Jan
Mar
95
104% 106%
...1955
7s series E—......1957
Apr
58 1st series B
1950
Detroit Internat Bridge—
Empire OH A Ref 5 Ms 1942
Ercole Marelli Elec Mrg—
98%
101% 101%
88%
89%
7s series F
104
98
106%
Jan
"95
6%9 series C
104
107%
6M with warrants.. 1943
Deb 6Ms
1938
Empire Dlst El 5s
1952
89%
Intercontinents Pow 6s '48
International Power Sec—
102
Derby Gas A Elec 5s.. 1946
Det City Gas 6s ser A. 1947
Elmira Wat Lt A RR 5s *56
El Paso Elec 5s A
1950
El Paso Natural Gas—
91%
98
1963
101% May
104
deposit.
Dixie Gulf Gas 6Ms..1937
Elec Power A Light 5s.2030
91 :s
5s—1950
1st lien & ref 5s
5,000
104"
Certificates
Indiana Service
8,000
Delaware El Pow 5 Ms 1959
Denver Gas A Elec 5s. 1949
Deb 7s
91
Indianapolis Gas 5s A. 1952
Ind'polis P L 5s ser A._ *67
103%
106%
1952
98% 100
1957
102
106% 106%
107%
5s series C._
5s
Feb
Jan
107%
1939
Cont'l Gas A El 5s
1958
Crane Co 5s
Aug 1 1940
Crucible Steel 5s
1940
Cuban Telephone 7
99%
Indiana Hydro-Elec 5s *68
Indiana & Mich Elec 5s *55
5s series B
..1962
Consol Gas UtU Co—
1st A coll 68 ser A.. 1943
Conv deb 6Ms w w.1943
11,000
Indiana Gen Serv 5S..1948
(Bait City)—
5s
Fla Power
105
102% 103%
Apr
104m
1956
SsBerlesD.
Consol Gas
103%
102%
1953
Apr
1957
Community Pr A Lt 5s '57
Connecticut Light A Power
7s series A
..1951
104%
ser
6%s series B
65
111% 111%
3%s series H
A *63
1st & ref 5%s ser B.1954
1st & ref 5s ser C...1956
Feb
54,000
-
Com'wealth Subsld 5 Ms *48
111 Pow & L 1st 6s
80%
100%
67%
1956
1981
107%
S f deb 5%s ..May 1957
65m
1954
Registered -Ca.
107
Indiana Electric Corp—
6s series A—
1947
66
1953
1st 4mb series D
1st M 4s series F
107
Jan
Apr
May
Commonwealth Edison—
1st M 5s series B
1st 4mb series C
111 Northern Util 5s__.1957
Apr
Range Since Jan. 1 1936
$
68
107% 107%
95%
94%
Illinois Central RR 6s 1937
Jan
63
69
Feb
Feb
71,000
Week
High
Mar
78%
61
66
for
of Prices
1949
89%
75%
88% 115,000
64%
81,000
Week's Range
Low
67%
1947
Feb
613*
104%
6s series B
Idaho Power 5s
Feb
63
82%
Mar
Mar
96
64 m
Commerz A Privat 5Ms '37
1st M 5s series A
Price
101
62 M
88
Registered..
Cities Serv PAL 5%s 1952
Sale
(Continued)
High
96
89 m
72
....1955
Last
BONDS
Low
102 M
5%s ex-warrants... 1954
Cities Service 5s
Range Since Jan. 1 1936
$
Hygrade Food 6s A—1946
102 % 102 M
98 m
98 m
May 9, 1936
Sales
Friday
3139
98%
Feb
Jan
Jan
Mar
114
Jan
108
Jan
Niagara Falls Pow 6s. 1950
6s series
A
1959
105% 106
16,666
105% 106%
85%
85%
13,000
4,000
■
-
-
-
-
106%
Nippon El Pow 6%s._1953
94
92%
94
31,000
54%
53%
55
8,000
105%
105%
84%
90%
53
106%
Apr
May
Mar
Jan
Apr
Mar
108%
Jan
109
Jan
90
Feb
97
Mar
64%
108
Jan
Jan
Volume
New York Curb
142
Friday
Last
BONDS
Sale
(Continued)
Price
Exchange—Concluded—Page
Sales
Week's Range
for
of Prices
Week
Low
High
Range Since Jan. 1 1936
5s series C
1966
103%
103% 103%
25.000
102%
6s series D
1969
104
103
39.000
102%
4%s serlesE
1970
100%
No States Pow 5%s__.1940
N'western Elec 6s
1946
104%
100% 101
104% 104%
102
102%
N'western Power 6s A. 1960
Certificates of deposit...
"66"
N'western Pub Serv 5s 1957
161"
65%
66%
65%
66%
100% 101%
106% 106%
72,000
98
Jan
Jan
Jan
15,000
103%
Feb
9,000
100%
Mar
12",000
8,000
51
Jan
50 %
Jan
104%
104%
101%
Feb
Mar
Feb
104%
104%
Mar
Feb
68%
67%
Apr
Apr
Jan
102%
Feb
Ogden Gas 5s
1945
106%
27,000
103%
Jan
108
Apr
Ohio Edison 1st 5l
1960
105%
52,000
105%
Mar
107
Jan
Ohio Power 1st 5s B..1952
1st & ref. 4 %s ser D 1956
105% 105%
105% 105%
13.000
104
Apr
107%
Mar
105"
105
32,000
103%
Apr
107
Mar
Ohio
6s
Public
Service
C
1953
58 series
D
1954
5%s series E
109%
105%
109% 109%
105% 105%
1961
A...
107
1950
Okla Gas & Elec 5s
series
98%
Co—
series
6s
105
38,000
104% 105%
1940
Okla Power & Water 5s *48
107
102% 102%
88
86
88
1,000
13,000
109
Jan
105
Jan
2,000
106
Apr
93 %
Apr
Pacific Invest 5s
1948
ser A.
~99%
Pacific Ltg & Pow 5s.. 1942
Pacific Pow & Ltg 5S..1955
Palmer Corp 6s
1938
Park <fe Tllford 6s
"82%
120
120
105% 105%
105% 105%
99%
99%
116% 116%
81%
103
83
19.000
119%
Jan
4,000
105%
105%
May
2,000
Penn Electric 4s F
1971
"99%
May
Jan
102%
Jan
80
Mar
116%
94%
103%
103%
15,000
101%
Apr
Apr
100%
102% 103%
106% 106%
99% 100%
49,000
100
Jan
105
1,000
104%
Apr
47,000
97%
Jan
107%
101%
Mar
Jan
Jan
Mar
May
Feb
6s series A xw
1950
104
106
106
69---UbJM
Texas Power <fc Lt 5s__I9o5
63
58,000
5s series D
1962
6s 2nd stamped
6s 3d stamped
Penn Water Pow 5s
1940
4%s series B
196£
Peoples Gas L <fe Coke—
;_1944
5s series A
1967
4%s
4s
series
B
1981
97%
6s
series
C
1957
105%
11%
Peoples Lt & Pr 5s
1979
Phlla Electric Co 58..1966
Phlla Elec Pow 5%s__1972
112
92
Pledm't Hydro-El 6%s '60
Piedmont & Nor 5s
1954
""55%
106%
Jan
114%
Jan
105%
Feb
108
Jan
96%
97% 102,000
105% 105%
36,000
86%
103%
Jan
100
Mar
Jan
106%
Feb
11
11%
48,000
6
Jan
15%
Mar
112
112%
11,000
Apr
Mar
110% 111%
70,000
111%
110%
6,000
86%
Apr
Jan
19,000
Mar
Jan
56%
36,000
105%
41%
13,000
103
Jan
113%
112%
94%
108%
56%
106%
2,000
106
91
92
54%
76%
106
77
107
108
108%
Jan
May
Mar
Jan
108
Mar
Jan
105
Apr
Mar
Feb
27%
106
Mar
Jan
141
141%
110
103
87%
104%
104%
103%
102%
102%
106%
San Antonio P S 5s B_.'58
104
65%
65%
"4",066
66
65%
100
107
106%
115% 115%
56
58%
107%
107
115%
6,000
10,000
58%
20,000
3,000
Utah Pow & Lt 6s A
4%s
108 %
Jan
16,000
104
Feb
107
Jan
9,000
101%
Jan
Apr
Mar
111%
Feb
8,000
102
Jan
103%
18,000
102
Jan
104% 104%
101
101%
92
88%
34,000
103%
Apr
105%
Feb
103%
100
Jan
96%
93%
89%
Feb
106%
Mar
85%
103
3,000
96,000
87%
30,000
84%
81%
103% 104%
66,000
86
88
88%
105%
"§7%
87%
110
103%
103%
86%
83%
78%
Jan
Vamma Water Pow 5%s*57
Va Public Serv
5%s A. 1946
107%
103%
103%
108%
72%
103
97%
102
88
So'west Pow A Lt 6s .2022
110
Feb
107% May
Feb
107%
Jan
116%
Jan
Jan
58%
May
Apr
Jan
Apr
32%
33%
89%
93%
76
Jan
34,000
80
Jan
Jan
Apr
Apr
17,000
56,000
100%
Jan
81%
Jan
91%
Apr
104%
75%
Jan
111%
Feb
Jan
86%
Feb
105%
106%
100%
Feb
110
110%
82%
13,000
20,000
104%
1,000
104
Jan
105
105
105%
96%
96%
9,000
105
May
2,000
2,000
96%
95%
106% May
Feb
99
1,000
52,000
22,000
5,000
Jan
Mar
98
Apr
107
96%
Jan
100
Feb
100% May
95%
Jan
91%
Jan
104
Apr
Mar
Mar
5,000
102
98%
102
90%
02%
105%
98%
98%
99
1950
B
ser
94
94
86
86
94%
87%
7s with warrants... 1954
Ward Baking 6s
1937
Wash Gas Light 5s... 1958
Wash Ry A Elect 4s__1951
21
19%
104% 104%
106%
Feb
Jan
Jan
101%
97%
83%
Jan
94
21
18%
Apr
27
104%
107%
107
Jan
107%,
Feb
1
Mar
27,000
7,000
104%
Aor
25,000
105%
Mar
106
Wash Water Power 5s. I960
West Penn Elec 5s
2030
West Penn Traction 5s '60
West Texas Utll 5s A-195.
Newspaper Un 6s '44
104%
100%
105%
91%
57%
Jan
106%
101
105%
92
59%
1956
103% 103%
104
1958
58 series F__
8,000
15,000
10,000
78,000
47,000
14,000
104%
Jan
107
Jan
May
107 %
Feb
Jan
103%
108%
Mar
99
103%
88%
33%
Jan
Jan
Mar
94%
Jan
Mar
66
Apr
103
103
105
Mar
107
Feb
106%
107%
106
Jan
107
Feb
Jan
105
Feb
Jan
104%
107%
107%
Feb
Mar
Apr
104%
Jan
Jan
103%
13.000
101
105%
106
11,000
105%
107
107
3,000
103
Wise Pub Serv 6s A...1952
Yadkin Riv Pow 5s__.1941
York Rys Co 5s
1937
103%
Jan
Mar
Feb
Feb
Jan
AND MUNICIPALITIES—
106%
Jan
105%
Apr
100
Jan
104
Jan
74
Jan
95
Feb
Baden 7s
Apr
112
Jan
Buenos
33
Feb
27
Feb
"5", 000
106% 106%
13%
13%
14,000
27
102
104
6,000
20,000
105%
12%
101%
May
Mar
Mar
109% 109%
4.000
21
21
5,000
10,000
64
64
1,000
Agricultural Mtge Bk (Col)
20-year 7s
1934-1946
20-year 7s
1947
99
100
8,000
107
1,000
102% 103%
103% 103%
102% 103%
51,000
2,000
5,000
Aires
1952
63%
7%s 8tamped
...1947
Cauca Valley 7s...... 1948
Cent Bk of German State A
64%
Jan
105
Mar
Apr
Jan
127
Jan
110
Jan
Danish
33
Jan
5s
Jan
30%
Mar
Jan
30
Feb
German Cons Munlo 7s '47
May
104
Jan
98
106%
100%
100%
100%
72%
Feb
108
Feb
Jan
65%
4,000
58
Jan
99%
28,000
97
Apr
104% 107% 127,000
101
Feb
105%
105%
105%
70
Mar
8%
24,000
38,000
5,000
100
10,000
1953
Secured 6s.
1947
70
71
21%
21%
22%
22
22
22%
Certificates of
8,000
9
Medellin 7s series E..1951
Mar
Mendoza 7%s
9
10
deposits..
Maranho 7s
Mar
12
10
4,000
7,000
14%
10%
14%
12
4,000
1,000
1951
4s stamped
1951
"74%
*72% "75""
15",oo5
Mtge Bk of Bogota 7s. 1947
Issue of May 1927
103%
Mar
105%
Apr
101
Jan
Mar
Mtge Bk of Chile 6s... 1931
Jan
Mar
Mtge Bk of Denmark 6s '72
96
107
45,000
100%
106%
105%
104%
104%
3,000
Issue of Oct 1927
108% May
Parana
1958
16%
107
Jan
107
Jan
Rio de Janeiro 6%s..l959
Russian Govt 6%s
1919
"i%
Feb
108
Jan
Jan
82
Feb
Jan
104
Jan
Jan
99
Feb
103
28,000
102% 103
47,000
101
97%
97%
100% 102
6,000
4,000
99
Jan
2,000
92%
Jan
91
Jan
102
96%
97%
69
69
69
68%
24,000
S'west Pub Serv 68...1945
92%
101%
1,000
69
Jan
Jan
103%
99
105%
83%
Apr
Mar
Feb
(State) 7s
6%s certificates
6%s
6%s certificates
Santa Fe 7s
Jan
Mar
66%
Mar
11
Jan
33%
Feb
Mar
Mar
34
Jan
100%
Apr
Jan
97%
Mar
Jan
95%
89%
69%
21%
66
Jan
8
Jan
73
Apr
May
28%
Feb
21
Apr
28%
Feb
Apr
Mar
32%
26%
Jan
May
12%
Feb
9
Jan
8%
Jan
12
13%
9%
71%
Jan
17%
Jan
14
Mar
Feb
85
May
63
Feb
76
Apr
Jan
20
Apr
Mar
22
12
Feb
73
71
Jan
Jan
55%
57%
17%
Apr
107%
56%
Feb
18
1958
11,000
107% 107%
26%
22%
88,000
66,000
Mar
May
27
6,000
16,000
1939
102% 103%
108%
Jan
21%
21%
Jan
17
28
100
1955
Mar
100% Mar
107% May
18%
22
31%
Hanover (Prov) 6%s._1949
Lima (City) Peru 6%s..'58
103
63%
.1952
5%s
Hanover (City) 7s
Apr
Jan
6s series A
Feb
Mar
Jan
64%
8
Danzig Port A Waterways
External 6%s
1952
18
Apr
61%
62%
1,000
3,000
2,000
Prov Banks 6s B...1951
Apr
Apr
61
18%
22
(Province)—
7s stamped
19
18%
22
Feb
Jan
108%
19%
98%
104% 105
102% 103%
19
18%
195
109
101%
Jan
FOREIGN GOVERNMENT
Jan
"27%
102%
Feb
Apr
110%
17,000
106
Jan
103
102
S'western Nat Gas 68.1945
Jan
Apr
104%
103
107%
Apr
Waldorf-Astoria Corp—
Apr
Sou Calif Edison Ltd—
105
Jan
102
59,000
89%
106%
1946
1st ref 5s
6s
103
65
""98%
Jan
84%
Mar
81
Utica Gas <fe Elec 5s D.1956
5s Series E
1952
Valvoline Oil 7s
1937
13,000
107
103%
May
Feb
Apr
Jan
85
Feb
101
87%
Jan
101%
101% 102
1948
Jan
27
87
88%
1944
18%
"64"
Mar
27
2022
28
21
Mar
Mar
5,000
124
109%
Feb
34
108
104%
113%
45%
7,000
25
13%
101%
Apr
105
106%
10,000
Jan
May
106%
107
106%
1935
Certificates of deposit.
25
106%
76%
Wheeling Elec Co 5s. .1941
Wlsc-Mlnn Lt A Pow 5s '44
1937
Stand Gas A Elec 6s. .1935
82%
74,000
85,000
Feb
Schulte Reai Estate—
S'western Lt A Pr 5a..1957
Jan
31,000
1,000
25
107
Jan
San Joaquin L A P 6s B '52
S'western Assoc Tel 5s.'61
Mar
Apr
104%
104%
104%
"27"
Ruhr Housing 6%s
1958
Safe Harbor Water 4 %s '79
St. Louis Gaa A Coke 6a *47
Sou Indiana Ry 4s
1951
Southern Nat Gaa 68.1944
100
74
1973
6%% serial notes...1939
6 % % serial notes
1940
105
Rochester Ry. A Lt 5s 1954
Ruhr Gas Corp 6%s._1953
1st A ret mtge 4s...I960
Sou Calif Gas Co 4%s 1961
Feb
93%
98%
132%
2,000
Sou Counties Gas 4%s_'68
Sou Indiana G A E 5 %s '57
101
Mar
"moo
25
106% 106%
80% 80%
110
"6",660
85
2025
25
"94""
Jan
106
101
Debenture 3%s
.1945
Ref M 3%s May 1 1960
Ref M3%sB July 1 1960
104
91%
57%
105%
105
JaD
106%
West United G A E 5%s* 5*
104
Mar
40
Apr
West
110%
55% May
105
U S Rubber Co—
Wise Pow A Lt 5s E
103%
Jan
Mar
104%
Jan
85
1st 4%s series D
1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
19,000
Jan
99%
Apr
101
Shawinlgan WAP4Hs'67
4%s series B
1968
41%
29
7,000
91%
96%
Rochester Cent Pow 5e 1953
1948
63,000
100%
1,000
2,000
Inc 5s
32", 606
102%
30%
105%
Jan
Jan
105
Servel
"55%
102% 101%
29% 29%
105% 104%
Feb
2,000
32
Feb
Feb
Jan
141% May
Jan
98
25%
141%
Jan
Jan
90
Mar
Jan
Feb
Mar
Apr
Mar
Jau
102%
83%
107
65
60%
106%
106%
110%
109%
Mar
Jan
105
Second Int'l Seo 5s
"54% "53%
1959
6s series A..
Apr
78
Mar
Queens Boro G & E 4 %s '58
5Ho series A
1952
Reliance Managemt 5s 1954
Scrlpp (E W) Co5%s_1943
Seattle Lighting 5s... 1949
Apr I
Rys (Del) 5%s '52
United Lt & Rys (Me)—
6s series A
1952
Apr
Feb
62
89
66%
90%
97%
26,000
83%
1935
"(LOOO
108%
99
"90%
6s with warrants
93%
Jan
95%
1st A ref 5s series C.1950
1st A ref 4%s ser D.1950
Quebec Power 5s
1968
6s ex-warrants
92%
76%
Feb
108
93%
Apr
99
Puget Sound P & L 5 Ha '49
1955
Apr
Mar
95
104%
Sauda Falls 5s
105%
76%
95%
4%s series I
1960
Pub Serv Subsld 5%s_1949
Saxon Pub Wks 6s
10,000
106%
11,000
1980
F. 1981
Apr
106%
105%
87
1966
1978
104
106%
2,000
85
1956
5s series C
4% series D
Apr
6,000
85
1949
1st & ref 5s
Jan
104
11,000
Prussian Electric 6S..1954
Pub Serv of NJ 6% pet ctfs
Pub Serv of Nor Illinois—.
45
8,000
100%
106%
Potomac Elec Pow 58.1936
Power Securities 6s
Apr
23%
1961
Potrero Bug 7s stmp._1947
Power Corp (Can) 4
s B '59
Mar
103%
1939
4%s series F
Apr
96%
Portland Gas & Coke 5s *40
Potomac Edison 5s... 1958
108
1,000
Elec 6s__1953
6s
Un Lt &
Feb
1974
5%s
May
107%
24,000
107
106% 108
Pittsburgh Coal 6S...1949
Pittsburgh Steel 6s...1948
Poor <fc Co.
May
102%
Jan
105% 105%
106% 106%
111%
Phlla Rapid Transit 6s 1962
Phil Sub CoG4E4M« '57
Pomeranian
106
Mar
106%
Feb
104%
Jan
112% May
107
5,000
3,000
1954
5s series B
Mar
105
49
64%
58%
104%
57
Union Amer Inv 5s A. 1948
Union Elec Lt & Power—
United Lt «fe Pow 6s...1975
101%
98%
112% 112%
107
'52
High
62% May
46%
Jan
1944
Feb
13,000
1954
64%
..2022
Apr
Jan
Mar
24,000
100% 102%
106
106%
Penn Pub Serv 6s C..1947
Southeast PAL 6s
Texas Elec Service 53.1960
Texas Gas Utll
6%s
Deb 5 %s series B
1959
Pennsylvania Power 5s '50
ser
Tenn Public Service 5s 1970
Terni Hydro Elec 6 %s 1953
1957
United Elec N J 4s
1949
United El Serv 7s ex-w 1956
United Industrial 6%s 1941
1st 8 f 6s
1945
May
Low
99,000
104%
57
Twin City Rap Tr 5%s
Ulen Co—
Penn Ohio Edison—
4 Ms series E
1st & ref 4
5s series B
1957
Tennessee Elec Pow 5s 1956
64%
Jan
99%
103%
1936
Jan
114
1936
Penn Cent L & P 4%s 1977
5s
1979
7-4% stamped
7-4% stamped
1946
Super Power of 111 4%s '88
1st 4%s
1970
Syracuse Ltg 5%s
1954
107
121%
107%
107%
Range Since Jan. 1 1936
S
Stlnnes (Hugo) Corp—
100
1,000
98%
65%
100% 100%
94%
97,000
6,000
63
Toledo Edison 5s
105
105%
Week
High
Jan
Mar
9,000
64%
for
of Prices
Feb
May
2,000
Standard Pow & Lt 6s. 1957
Standard Telep 5%s__1943
Week's Range
Low
"94"
86
98%
Sale
Price
Thermoid Co 6s stpd.1937
102
106%
120
3139
Sales
Tide Water Power 5s__ 197$
Tietz (Leonard) 7%s.l946
104%
98
1941
Feb
6,000
106
1st & ref 4%s E
1957
1st & ref 4%s F_._. 1960
Apr
Jan
32,000
Pacific Coast Power 5s 1940
Pacific Gas & El Co—
Feb
106%
107%
107
Apr
Jan
1st 6s series B
112
9,000
1947
Oswego Falls 6s
Last
BONDS
(1Concluded)
High
Low
$
Northern Indiana P S—
104
6
Friday
96
Jan
Jan
Jan
96%
18
5,000
92%
9,000
10%
12%
"ik ""1%
i8~66o
1%
16%
1919
1
1%
15,000
1
1921
1%
1%
11,000
1%
1%
1921
Jan
Mar
Jan
Apr
14%
98%
23%
May
17%
2%
2%
2%
Mar
2%
Apr
May
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
1945
58
Feb
71
7s Stamped........1945
60
Feb
60
Apr
13,000
11%
Jan
12%
Jan
7,000
11%
Jan
12%
Jan
Santiago 7s
1949
1961
7s
11%
11%
11%
12
Feb
Ma
Feb
68
68%
4,000
68
81
1935
69
69
9,000
69
66
69
84%
Feb
Certificates of depositDebenture 6s
1951
11,000
66
81
Feb
66%
64
67%
32,000
80
Feb
Debenture 6s.Dec 11966
66%
63%
67%
64,000
76
Feb
101%
9,000
Convertible 6s
Standard Investg 5%sL 939
101
May
May
May
64
May
63% May
97
Jan
102%
Feb
Feb
♦
No par value,
the rule sales
range,
x
not
a Deferred
Included In
delivery sales not included In year's
year's range,
r
Cash sales
not
range,
n
Under
Included in year's
Ex-dlvldend.
No sales.
Abbreviations
1
Used Above—"cod," certificates of
deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "m," mortgage; "n-v," non-voting stock
"v t c," voting trust certificates; "w
1," when Issued; "w w," with warrants; "xw,"
without warrants.
f
May 9, 1936
Chronicle
Financial
3140
Other Stock Exchanges
Sales
Friday
•
New York Real Estate Securities
Exchange
,•
•
'-.1
1
j.•
•:
Friday, May 8
Alden 6s
Old Dominion
5%s, 1934. 3d series
'
'•']
■
'*
'
V
32
5%s, 1940, 17th series—
44
61 Bway Bldg 6%s—1950
Unlisted Stocks—
45
'
36
—
—
-
47%
Dorset ctfs of deposit
29
Drake (The) 6s
34%
37%
City & Suburban HomesLincoln Bldg Corp v 10
3%
5th Ave & 29 th StCoro6s*48
58
61
8
%s_l944
72
75
39 Bway Inc units
Tudor City—
10%
11%
1939
Natl Tower Bldg 6
mmm
4th Unit Inc units
12
8
11
■
mmm.
35%
33
Pennsylvania Bldg 6s. 1939
4%
5
9th Unit Inc units
Oliver Cromwell ctfs
•
Week's Range
for
Sale
'
of Prices
Week
Price
Par
-
-
-
11%
16%
2%
Established 1853
6. S, Calvert St.
Louisville, Ky.
Hagerstown, Md.
Members
70%
1%
424
28%
22%
Apr
39
23%
1%
18%
Jan
26%
Feb
70o
Jan
1%
Feb
15%
Jan
18%
1%
Jan
40
2
2
.
10
672
210
*
—*
Jan
11
Jan
13%
15%
698
Feb
21%
2%
2%
20
14%
1%
2%
3%
96%
153
24%
24%
75
3
1,350
95%
3
Jan
Feb
Mar
104
Jan
Apr
Apr
5%
May
90%
22%
Feb
28%
Mar
Mar
8
121
4
Jan
9%
83
85
822
83
Jan
90%
Feb
42
40%
42
49
39
Jan
42
Feb
7%
7%
5
1
Apr
2
900
Jan
Apr
Feb
11%
17%
11%
Mar
-
-
—
-
130
800
8%
2%
Feb
".6
%
Jan
Jan
90o
Jan
95
9%
Jan
16
Feb
482
4%
Jan
10%
Apr
Jan
78
Apr
130
13
8%
50
69c
66c
-
13%
-
1%
1%
------
10
13%
9
Bonds—
Eastern Mass St
NEW YORK
York, Pa.
BALTIMORE, MD.
Jan
18%
130
Warren Bros Co.
39 Broadway
56c
May
83
1
Vermont & Mass
STEIN BROS. &) BOYCE
33% May
100
2%
5
Waldorf System Inc
350
1%
30%
95%
24%
1
—*
Utah Metal & Tunnel
39%
1%
------
Utah Apex Mining
Jan
32o
23%
V
*
Stone & Webster
*
Suburban El Secure com—*
United Gas Corp
Baltimore Stock Exchange
m
-
------
10
Torrington Co
Union Twist Drill Co
High
58c
700
1%
29%
33%
Shawmut Assn tr ctfs
Texla Oil Corp
Low
35c
33%
■
------
Qulncy Mining
—.—25
Reece Butt'n Hole Mach 10
Mach
Shares
High
32c
United Shoe Mach Corp. 25
Preferred
100
Orders Executed on
Low
1%
18%
Reece Folding
Range Since Jan. 1 1936
Last
.
*'■_.
Pennsylvania RR
60
Pond Creek Pocahontas-_*
Prudence Bonds Corp—
44
1941
-
Old Colony RR
Ask
Bid
Unlisted Bonds (Concluded)
Ask
Bid
Bonds
■
*
100
—.25
North Butte
Unlisted
/;
V'
;
\
(Concluded)
Stocks
Closing bid and asked quotations,
!
-
r1
Series A 4%s
Railway—
1948
76
$3,000
77%
70
York and Baltimore Stock Exchanges
New
Chicago Board of Trade
ahd Commodity Exchange, Inc.
BALLINGER & CO.
Baltimore Stock
May 2
Sales
Friday
Week's Range
Last
Sale
r
.
of Prices
High
Low
Price
Par
.
Low
Stocks and Bonds
High
Wire System—First Boston Corporation
'
Arundel Corp
Bait Trans t Co com v t
1st preferred v t c
Black & Decker com
Preferred
Consol G E L & Pow
-*
c.*
*
*
25
*
17%
------
3%
-
-
-
m
86%
115%
preferred
100
Eastern Sugar Assoc com.l
Preferred.-1
5%
4
3%
22%
16%
Apr
55
%
2%
Jan
Apr
30
Feb
5
Feb
7%
Jan
Feb
22
23
-
2
Jan
849
403
17%
2%
17%
23%
691
20%
27
28%
345
27
May
36
Feb
86%
88
264
84
Jan
92
Apr
116
284
114
Jan
116
640
11
Jan
115
Cincinnati Stock Exchange
Feb
Last
13%
11%
13%
22
23
20
17
Jan
17%
28%
95
•
94%
39%
97%
52
88
Jan
105%
40
84
39%
Apr
50
—-
—
Mar
Sale
Par
17%
1
50
Mar Tex Oil
15
Jan
20%
Jan
Feb
25
Feb
%
Feb
1
124
%
May
2
Jan
m
200
2%
Feb
Feb
6
248
36%
78
31
Jan
PS7% pf25
MtVer-Wood Mills comlOO
New Amsterdam Cas
6
25%
25%
117
23%
Feb
254
%
255
Apr
34%
254
Mar
11
Merch 4 Miners Transp—*
Mercantile Trust Co
Range Since Jan. 1 1936
for
Jan
Mach—20
*
Champion Coated
100
1st preferred
100
Churngold
——*
Cin Gas & Elec pref
100
100
CNO&TP
Monon W Penn
32
2
2
May
2
37%
25%
3%
Apr
Jan
Mar
Cincinnati Street Ry
Cincinnati
Jan
Crosley Radio
High
10%
12
9%
Jan
13%
Mar
23
79
19%
Jan
27
Mar
5
33
3%
Jan
20%
152
19%
Apr
25
102% 103%
127
Mar
105
23
22%
5
20%
20%
"I§~~
12%
102
20
115
6
7
T
Apr
Feb
Jan
Feb
17%
12%
Apr
100%
Jan
105
13
104%
115
110%
Jan
116%
295
Jan
5%
89%
90
104
23
31
Feb
Feb
Jan
8%
Jan
20
92
Mar
Mar
23
Feb
85
22
89 H
6%
96
13
104
104%
......
Cin Union Stock Yard—*
Telephone—50
Low
Shares
High
10%
50
Apr
Week
of Prices
rjOw
Price
Burger Brewing
%
1%
*
Amer Laundry
25
1
%
%
------
Aluminum Industries
482
25
25
2nd preferred
Jan
10
16%
25
25
Humphrey Mfg Co com—*
Mfrs Finance com v t
*
Week's Range
Feb
100
Houston Oil pref
Sales
Friday
Mar
23
official sales lists
May 2 to May 8, both inclusive, compiled from
Stocks—
Fidelity & Deposit
20
Fid & Guar Fire Corp—10
CINCINNATI
Specialists in Ohio Listed and Unlisted
Range Since Jan. 1 1936
for
Week
Shares
Stock Exchange
UNION TRUST BLDG.,
both inclusive, compiled from official sales lists
to May 8.
Stocks—i
Members Cincinnati
Exchange
-
—
-
2
U S Fid & Guar
14%
10
14%
14%
929
Jan
Jan
1%
92%
Apr
13%
1,400
16%
87
775
1%
99%
10%
Apr
17%
Feb
9%
1%
A
5s flat
B 5s flat
15%
6,650
17
5,000
Jan
1,000
1,000
2,000
55% May
27%
28
97%
98
55%
55%
63
63
8
Georgia Marble 6s (flat) '50
North Ave Market 6s. 1940
Wash B & A 5s (flat). -1941
$18,000
8
60
16
Mar
26
Apr
7
110
Jan
115
Mar
10%
10%
8
Jan
15
Mar
22
23
62
17%
Jan
25
*
20
20
10
19%
Jan
25
Jan
*
29
29%
166
28
Jan
30
Mar
42
44%
97
40
Mar
45
Jan
23
35
22% May
27%
Jan
4%
Feb
5%
Mar
%
Mar
1%
Mar
-
Feb
Hobart A
*
Feb
Kroger
*
22%
Moores Coney A
*
5%
100
63
May
May
'
Jan
8%
1
B
Nash
May 2
to May
8, both inclusive, compiled from
Co—
25
Amer Tel & Tel
100
Bigelow-Sanf Carpet pi 100
Boston & Albany
.100
Boston Elevated
100
Week's Range
for
Sale
U S Playing Card
preferred
100
CI B 1st pre! stpd
100
Class D 1st pre! stpd. 100
Boston Personal Prop Tr. *
Boston & Providence.. 100
Calumet & Hecla
25
18
18
o7
7
61
of Prices
Price
Low
High
Shares
High
Low
1%
1 %
2
95
1%
1st
66
Apr
Feb
May
70
Feb
21
20%
Apr
6% May
9% May
41
Feb
7%
6%
9%
14%
149
22
7%
12
Jan
New York Curb (Associate)
20%
Feb
65
249
20%
14%
149
58
20
55
25
14% May
Jan
Jan
Jan
15%
9%
Apr
15
%
Jan
1%
Feb
6%
6%
120
Jan
11%
Mar
Jan
83
Mar
Last
Jan
84
Mar
Jan
61
61
63%
117
72
72
72%
153
60
3%
115
/
May 2
Chicago Stock Exchange
8, both inclusive, compiled from
to May
56%
58
15
18
7%
135
Jan
3%
62%
670
8%
Feb
18
215
3
Feb
280
1%
33
10%
*
52
30
52
Mar
Economy Grocery Stores.*
17
18
110
17
Apr
10%
159"
158
Edison Elec Ilium
100
Employers Group
*
20%
*
Georgian Inc class A pref 20
37%
160
866
21
390
8%
155%
20
Jan
Jan
Apr
37%
100
37
Jan
Isle Royal
Copper.---.-25
May
Adams (J D) Mfg com.._*
------
Apr
Adams Royalty Co com„*
------
14%
Feb
Advance Alum Castings.-5
60
Jan
Allied Products Corp cl A. *
7%
23%
Mar
Mar
169
27%
Feb
Mass Utilities v t c
Mergenthaler Linotype.-*
New Eng Tel & Tel
100
New River Co pref
100
N Y N H &
page
22
5%
3%
5
Asbestos Mfg Co com
1
Jan
Associates Invest Co com. *
39
Automatic Produots com. 5
9
1
Feb
1%
20
5%
16
300
15%
Jan
Apr
19%
Feb
Automatic Washer
30
130
30
Jan
35
Jan
Backstay Welt Co com
1%
6%
10
Mar
8
conv
pf *
*
9%
26%
1%
225
2%
Jan
Bastlan-Blesslng Co com. *
1%
150
1%
%
Mar
1%
Jan
2
Apr
Bendlx Aviation
185
9%
Jan
11
Feb
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
11
10%
Bliss «fc Laughlin Inc cap. 6
23%
69%
29%
2
40
120%
2
39%
29%
2
40%
349
821
73
31
3%
3143.
20
310
119% 121
73
Hartford—100
For footnotes see
*
pref. 100
Apr
41
%
Maine Central—
100
*
Altorfer Bros conv pref
Amer Pub Serv Co
------
10%
1%
-.--25
Preferred
10
Common
7%
1%
*
Loew's Theatres
122 %
Abbott Laboratories com. *
30
15%
*
.
Class B
Pnce
Apr
15%
1%
6%
-*
Hathaway Bakeries—
Preferred
Par
—
88
18%
1%
38%
117%
73
2%
Jan
Jan
45
3%
*
of Prices
Low
High
6
115
Range Since Jan. 1 1936
for
Week
Shares
Low
High
16%
6%
7%
21%
12%
44%
920
97 %
Jan
16%
80
15%
6%
200
123
8
21%
18%
Jan
7%
Feb
5%
Jan
8%
25%
Mar
Feb
21
Jan
Mar
Feb
250
12%
Apr
15%
40
40
Jan
46
Feb
70
20
Feb
22
4%
3%
32%
8%
1%
5%
4%
39%
9%
15%
9%
26%
10%
15%
2
10
28%
12%
6%
24
69
71%
*
28
28
*
30%
30%
13%
8%
Borg Warner Cbrp com. 10
50
May
Feb
6
13
20
6
1,100
123
45
23
Jan
May
32%
4%
Apr
7%
Jan
2,150
3%
Apr
5%
Jan
5,350
1,200
27%
Jan
39% May
7%
Feb
11
130
1%
May
700
60
14
Feb
3%
Feb
18
'
850
6%
Jan
12%
7,750
21%
Jan
32
Jan
12%
3,300
370
7%
3
Jan
22%
Apr
64
Jan
100
27
Apr
100
26%
Jan
200
13
Jan
1,800
3,000
7
Jan
Jan
Mar
Apr
Mar
Mar
30%
83%
Mar
30%
34%
18%
10%
Mar
Mar
Brown Fence & Wire-
Jan
Mar
Feb
130
Mar
May
87
Jan
5%
com
Feb
51
Apr
official sales lists
Sales
Week's Range
Apr
Armour & Co common
General Capital Corp
*
Sale
Stock
3%
10%
,—
CHICAGO
Friday
3%
41%
6
Gillette Safety Razor
Feb
Apr
1,191
499
52
Gilchrist Co
Jan
Feb
35%
8%
Apr
14%
1%
11%
100
preferred..
May
5% May
Chicago Stock Exchange
Chicago Curb Exchange
10 So. La Salle St.,
Jan
156%
8
*
30
Members;
1%
7%
Adjustment
2d
9
VmiRDavls &@o.
7%
10%
100
Eastern SB Lines com
34
New York Stock Exchange
17
268
65
100
preferred
Jan
Jan
4%
Feb
Eastern Mass St Ry—
Preferred B
21
Listed and Unlisted
*
-100
100
Common
221
5%
Jan
Jan
16
SECURITIES
CHICAGO
Apr
143
97%
117%
107
2%
107%
149%
10
144
149% 156%
■
178
3,517
107
128% 130
154 %
Jan
Apr
Jan
Jan
East Gas & Fuel Assn—
6% cum pre!
4%% Prior pre!
30%
Mar
32
48%
Week
*
25
East Boston Co
,
30
5%
144%
5%
6%
Copper Range
Common
30
*
Jan
30
41% May
5
10
US Printing
Boston & Maine—
Prior
6
97
*
_
Amer Pneumatic Serv
Common.
20
Range Since Jan. 1 1936
Last
Par
Feb
Sales
Friday
Stocks—
1
30
43
*
B
official sales lists
48
30
*
Randall A
Exchange
5%
41%
25
—
Procter & Gamble
Boston Stock
42
210
Apr
55% May
Feb
8
25
32%
Jan
84
24
25
110
Dow Drug
27%
Jan
23%
flat 1975
1975
1976
25
110
Jan
Bonds—
Bait Transit Co 4s
*
Gibson Art
-
11%
1%
90%
—
pref---.—.100
Eagle-Picher Lead
20
Early & Daniel
*
Formica Insulation
-
Owings Mills Distillery—1
Penna Water & Pow com. *
Feb
Class A
Class B
Bruce Co (E L) com
Butler Brothers
*
10
13
8%
8%
3,100
7%
Jan
Mar
Mar
Mar
Volume
Financial
142
Friday
Week's Range
for
Sale
Par
of Prices
Price
Low
High
Range Since Jan. 1 1936
Convertible preferred..*
100
60
13
60
IX
40 %
13
High
5
150
1%
38%
Jan
Jan
42%
430
57
Jan
66
100
1
Jan
400
1%
Last
13
May
2%
18
Stocks (Concluded)
Jan
Par
Jan
Common
Feb
....I
Prior lien preferred....*
1%
54
Chain Belt Co com
*
IX
IX
52%
4X
52
21
50
1%
3,000
54
20X
*
t o
v
6% preferred
Jan
Feb
Feb
35
Jan
54%
Apr
4
Arp
5%
Mar
45
45
Chic & No West Ry com 100
Chic Rivet & Mach cap
*
3
3
28
29
60
25
Jan
101% 103
100
100
Jan
Chicago Towel Co
pf *
conv
Chic Yellow Cab Inc cap.*
*
Cities Service Co com
3,850
350
43%
33%
50
3
50
Apr
52
48
•
"97X
Compressed Ind Oases oap*
com *
4%
Feb
34%
Apr
Southwest Lt & Pow pref. *
FeD
Standard DredgeCommon
31 %
Apr
4%
IX
97%
4%
IX
98%
8,750
2%
Mar
Feb
Convertible preferred..*
Stein <fe Co fA> com......*
50
1%
Jan
Stutz Motor Car
*
100
110%
Jan
54
54
Apr
59%
Apr
Swift International.....15
Swift & Co
.........25
30%
21%
3%
29
%
"lX
30X
100
Cord Corp cap stock
Crane Co
6
25
common
Preferred
X
7%
7%
29%
35
100
"lx
101
5
4,800
%
Feb
1%
Feb
Thompson (J R) com...25
190
5%
Jan
12%
Feb
Utah Radio Product com.*
Util A Ind Corp
*
29%
May
May
47
Apr
.100
1,500
•
100
100
117%
Jan
Convertible pref
Viking Pump Co-
Apr
Apr
Wahl Co
5%
5,300
Apr
8
26%
1,050
24
Apr
100
120
Jan
Mar
,
23%
123
Dayton Rubber Mfg com. *
Cum class A pref.....35
125
11%
22%
12%
24%
7%
7%
4%
9%
2%
%
.....
Common.
Deep Rock Oil
...._...*
..
Jan
250
10%
19%
Jan
50
4%
Jan
9%
Mar
Wisconsin Banksharee com*
17%
Apr
May
fcenith Radio Corp com..*
950
pref.
16
16
10
10
14
19%
38%
60
19%
13%
18%
38%
1,050
9%
Jan
18% May
38% May
Econ Cunngbm Drug com »
17
16%
17%
550
Eddy Paper Corp (The).
25
24
25
15%
conv
Dexter Co (The) com....6
*
com
Class A..
.....*
Elec Household Util cap.5
100
Feb
14
•
com
Mar
Ward
16%
Jan
20
23
Apr
30
(Montg) A Co cl A. *
Apr
18%
250
27%
16%
Jan
37%
Feb
50
Jan
23
14%
Mar
28
Jan
15%
Jan
32%
28%
Mar
350
180
2%
Apr
20
99
Feb
61
Feb
3% Mar
13%
Jan
17% May
1,350
1,100
150
40
3
Apr
Apr
5%
103%
Jan
Jan
70
Apr
7
Apr
18%
18%
Feb
Jan
Apr
3% May
Apr
1,150
2,200
28 %
Apr
35%
20%
Apr
25
Jan
300
8%
2%
Jan
Mar
12%
Feb
4%
Feb
%
May
May
2
Jan
Jan
24
Apr
May
Apr
19
19
45
47
70
39
Jan
16
2,050
2,100
11%
Jan
16
7
33
34%
1,050
16
17
650
Mar
47
14%
6%
Gardner Denver Co com..*
"ie"
7
34%
400
1
550
50
19
90
15%
4
150
30
Apr
50
142
Jan
17
5%
Apr
250
4%
31%
146
Jan
Feb
6%
Jan
34%
Jan
152
Feb
450
5%
16%
5%
17%
16
Apr
100
11
5%
16%
3
10
Mar
22%
13%
Jan
Mar
Jan
8%
Jan
Jan
19%
Apr
1,060
2,200
5%
11
3
Jan
8%
22%
Jan
Jan
39%
18%
Members Cleveland Stock Exchange
GILLIS
Godchaux Sugars Inc—
Class B
2%
Apr
35
19
*
Jan
Ohio Listed and Unlisted Securities
Jan
35%
Class A
May
8%
3
146
Wleboldt Stores Inc com.*
Jan
15%
50
Elgin Nat Watch C0...15
5
125
110%
60
10
4%
30%
4%
Walgreen Co common....*
Mar
700
FltzSlms & Con DAD com*
Gen Household Utll com.*
Mar
19% May
38% May
15%
35%
General Candy A
Feb
55
19
19
Wtlliams-Oll-O-Mfl tic com*
10
Dixie-Vortex Co
26
3
._*
30%
131%
14%
25%
Decker & Cohn—
Common
Jan
Jan
s
....
Common.
Jan
17
50
2%
100%
21
Feb
20
28%
25%
4%
14%
18
3%
30%
21%
9X
com
13%
Apr
3%
15%
200
4%
13%
17%
*
6%
Jan
35
67
~~3%
96%
Apr
Jan
7%
3%
Continental Steel—
Preferred
Jan
May
11
20
66
Jan
Common.............5
100
100
19%
Consumers Co—
6% prior pref A
2%
1,000
50
High
650
11
24
25%
27
350
2%
1%
200
950
19
10%
28%
30
South Colo Pow A com..25
Sou'west G & E 7% pfd 100
105
Low
1,900
46%
110% 110%
100
Sivyer Steel Castings
Feb
Jan
Range Since Jan. 1 1936
Shares
Signode Steel Strap Co—
54
4%
6%
2%
13%
Feb
Jan
46
25
Club Aluminum Uten Co. ♦
Commonwealth Edison. 100
•
Preferred
4%
45%
*
5%
2%
11%
18%
45%
6
Common
240
Price
50c
t c
v
Preferred
68%
40
Jan
Chicago Flex Shaft com..5
Preferred
Feb
49
20% May
52%
*%
46%
Chicago Corp common...*
3%
Apr
80
70
■
Week
Reliance Mfg Co cora-.lO
Ross Gear & Tool com
*
Feb
Sangamo Electrlo Co
Preferred..
for
of Prices
Low
High
Raytheon Mfg—
Central 8 W—
Common
Week's Range
Sale
Low
Shares
IX
40%
58%
lX
Sales
Friday
Week
Canal Construct conv pre!*
Castle & Co (A M) com..10
Cent 111 Pub Serv pref
*
Cent 111 Secur common... 1
3141
Sales
Last
Stocks (Continued)
Chronicle
Mar
Goldblatt Bros Inc com..*
"26"
25
26
1,950
8%
22%
Jan
26
Great Lakes D & D com..*
27X
27%
29
1,750
26%
Apr
33%
13%
40
17
Apr
13
2,900
9%
8%
Jan
12%
13%
12%
25%
26
150
25%
Mar
Apr
May
Harnlschfeger Corp com. 10
Helleman Brew Co G cap
Heller (W E) pref—
With warrants
Horders Inc
"
25
*
com
"22%
Houdallle-Hershey cl B._
Illlnols Brick Co
12
*
Mar
Friday
8
May
12%
109%
Jan
Last
Week's Range
for
Feb
Jan
Sale
W cplp
VV tsGfc
18
10
18
May
24%
Mar
of Prices
Low
High
"24X
800
24
Kalamazoo Stove com...*
51
50
56
1
*
5
Warrants
18%
Katz Drug Co com
1
38
25
5%
23
38
38%
84%
10%
85
Stocks—
Ken-Rad T A Lamp com A*
Ky Utll Jr cum pref...—50
6% preferred
100
Kingsbury Brew cap
1
LaSalle Ext Unlv com...6
Law beck Corp
6% pfd .100
Leath A Co com
*
Cumulative preferred..*
Llbby McNeil A Libby-.IO
Lincoln Printing CoCommon
37
76X
2X
IX
2%
1%
29
29
3%
23%
23
3%
7%
1%
29
4%
24%
8
10
4
10%
41%
4
11%
44%
4%
Airway Elec Appl pref. 100
35
35
5
43
Jan
70
Mar
Allen Industries
1
19%
20
112
Apr
6
Apr
*
19%
19%
60
610
18% May
23
90
400
Feb
40
May
Apr
15
32
20
54
Jan
115
Mar
650
10
14
Jan
140
34%
Apr
Feb
43
130
76
May
90
480
280
4%
1,200
170
40
340
90
1%
Jan
1%
28%
3%
Apr
Prior preferred
21
Apr
Feb
Jan
7%
Apr
Jan
11%
Jan
46
140
35%
Apr
7%
Jan
-.5
41
42
150
34
Jan
54%
MoCord Rad A Mfg A...*
34
36
20
33
Apr
43
30
27%
30
1,950
27
Jan
33
58
58
59
61
Electric com.-.5
com.
Manhatt-Dearborn com.
.
*
*
Marshall Field common..*
Masonite Corp com
*
Mer A Mfrs Sec cl A com.l
2
"l4%
14%
78%
"ex
5%
2
15%
82
6%
2x
2%
7
7
3%
3%
2%
7%
3%
X
*
%
2%
100
1%
....
6%
15
Conv preferred A
Miller A Hart conv pref..*
Monroe Chem Co—
6
Common
*
7
Preferred
*
49
Muskegon Mot Spec cl A.*
National Battery Co pref.*
North Amer Car
com
*
51
20
51
May
70
11%
11%
5
10
Feb
11
Feb
13
13
20
10
Jan
15
Mar
Pressed
Bros
Steel
*
8
8
19
46
46
8
May
10%
140
36
Jan
48%
18
Jan
26
Jan
55
Apr
15%
Apr
26
Feb
19
*
46
10
Jan
May
Lamson & Sessions
*
4
Feb
Jan
100
5%
Apr
8
70
34%
Jan
Apr
Mar
4%
655
3%
Mar
4%
Jan
21%
50
21%
Jan
27%
Mar
McKee (A G) class B._.
Medusa Portland Cement*
Jan
Apr
Jan
16
Miller Wholesale Drug...*
Monarch Machine Tool..*
Mar
3,900
Steamship
Jan
20
48%
19
20
Apr
Mar
3%
Feb
25
48
*
Cooperage A.*
100
62 %
12%
11%
12%
Apr
15
Mar
20
19
20
200
16%
Mar
20
May
18%
19%
200
18%
Apr
26
5%
147
5
Jan
46
55
Jan
5
Murray Ohio Mfg
National Refining
21%
16
*
25
4%
10%
Feb
National Tile
Feb
National Tool
7%
Feb
1900 Corp class A
*
%
Feb
Richman
*
68
*
X
2%
1,520
%
Jan
Mar
3%
Jan
Seiberling Rubber
1%
6%
10
%
Jan
3%
Apr
8% cum preferred
S M A Corp
100
3%
Jan
11%
Jan
Stouffer class A
16
5X
100
Apr
May
95
15
Mar
11
7
May
10%
Jan
139
May
May
12
Jan
2
30
Feb
4%
30%
Feb
50
56%
Jan
68
Feb
62
552
2%
100
1
10%
10%
14
15
181
14
May
32
32
80
32
Jan
Union Metal Mfg
Vlchek Tool
49
May
52
Jan
Weinberger
Jan
Feb
Mar
Mar
705
*
30
8%
77
Mar
5%
30%
59
*
17%
2
2
30%
61%
25
70
5
50
20
3%
250
10
2
Jan
Jan
8%
Jan
Feb
4%
25
Feb
19%
Feb
35
Apr
West Res Inv Corp—
19
50
17
Jan
25%
190
28
Apr
52
960
38%
1%
Jan
65
7
5%
32%
Jan
10
Feb
Jan
42
Mar
%
Jan
Drug
*
7
*
10
10
30
10
Jan
12
Mar
17%
17%
80
17
Jan
18
Feb
82
82
32
70
Jan
83
Feb
Inc..
7
50
Jan
5%
Jan
10%
32% May
4
1%
700
20
40
100
%
28
300
400
4
50
9%
.20%
10
800
21
350
9X
25%
9
10
.10
20
100
Prior lien pref
Parker Pen Co com
51
265
200
100
7% preferred
May
15%
32%
%
27%
4
Feb
19
20
Mar
9%
20 %
Northwest Bancorp com..*
Northwest Eng Co com..*
Northwest Utll—
Feb
24%
59%
971
14%
31
40
Nat'l Union Radio com..1
Noblltt-Sparks Ind com..*
Mar
69
61%
402
20
6%
National Rep Invest Trust
Cumul conv pref
*
National Standard com..*
66
85
64%
20
51
6%
National Leather com...10
Jan
Jan
66
*
49%
1%
Natl Gypsum cl A com..6
Feb
*
19
21%
110
63%
18%
18%
Jan
Mar
123
3%
7%
107%
Apr
750
49
Feb
131
Interlake
19
1
71%
Kelley Isl Lim & Tras
Jan
280
Jan
Jaeger Machine
Midland Util—
6% preferred A.
Jan
19%
6%
Feb
5
54
Jan
Midland United Co—
Common
Jan
15%
2
110
Harbauer
Mar
Jan
Jan
Apr
131
Jan
1%
11%
7
105
Mar
116
Apr
55
2%
Apr
Jan
65
64
Foote-Burt
30
500
Jan
21
112
Fostoria
20
3,850
24
Mar
112
Preferred-
Middle West Corp oap...5
Stock purchase warrants
Apr
11%
Electric Controller & Mfg *
Enamel Products
*
Mlckelberry's Food ProdCommon
*
26
18%
225
3%
64
108% 108%
100
100
18
3%
63
40
100
Jan
1,850
Jan
18
63
Mar
Apr
4
350
McQuay-Norris Mfg
Cleveland Ry
Ctfs of deposit
Feb
7
*
102
25
Jan
7
1,250
102
Realty..*
Cliffs Corp vtc
Dow Chemical pref
Feb
4,250
Bldrs
Cleve-Cliffs Iron pref
Cleve Elec 111 S4.50 pref.*
Mar
32
35%
11%
100
City Ice & Fuel
Jan
3%
Inc
Apex Electric Mfg
Feb
3%
300
McGraw
High
Feb
Mar
12
Lynch Corp com
Low
31
24
11%
UX
com.
Range Since Jan. 1 1936
Shares
Feb
Greif
10%
$3% preferred
Lindsay Light com
Lion Oil Refining Co
76
10%
37%
76%
2%
Price
May
Cleveland
100
Par
Sales
18%
3,590
Kellogg Swltchbd—
Preferred
Exchange
compiled from official sales lists
100
20%
w
Feb
130
24%
18%
Rights
13%
32%
Cleveland Stock
May 2 to May 8, both inclusive,
350
19
—
22%
Jan
107
Co cap.——1
Jar via (W B)
2,350
Apr
A. T. & T. CLEV. 595
106
8
106%
Interstate Power $6 pref—*
Iron Fireman Mfg v t C
22%
12
24%
9%
11
13%
29
Union Trust Building# Cleveland
Telephone CHerry 5050
18
25
111 North Utll Co Dref—100
,
50
Jan
Apr
May
Apr
25%
19%
25%
20%
35
35
19%
19%
110
20
150
Jan
26
Apr
3%
9%
15%
Jan
2%
1%
35
6%
prior preferred ..100
Feb
Jan
Watling, Lerchen & Hayes
Feb
Members
Feb
New York Stock
Jan
Apr
14
Jan
26%
Detroit Stock
Jan
Apr
Jan
20
Apr
40
19
Apr
27%
38
Feb
2?%
Apr
Chicago Stock Exchange
Building
DETROIT
Jan
Jan
Buhl
Feb
27%
New York Curb Associate
Feb
25
Exchange
Exchange
7%
Telephone, Randolph 5530
Peabody Coal—
6% prepared
Penn Gas A Elec
100
•
com
Pines Wlnterfront com...5
Potter Co (The) com
*
Prima Co
3%
...*
com
4
Process Corp com
*
Public Service of Nor 111—
Common..
23%
3%
4%
1%
150
1,000
600
400
50
17
Mar
2% Mar
2%
Jan
2%
Jan
1% May
3%
5%
6
2%
Detroit Stock
May 2 to May 8, both inclusive,
Jan
49%
50%
49
49
50
49
Apr
May
..100
112
113
20
103
Jan
100
116
118
120
112%
Jan
400
49%
Apr
Friday
Last
Week's Range
for
Feb
Sale
of Prices
Week
rop
oa«"
124
3143
122
126%
490
122
May
Par
Price
Sales
Low
High
Shares
Range Since Jan. 1 1936
Low
61%
Feb
Auto City Brew com
1
115
Mar
Baldwin Rubber com
1
11
11
2%<
11%
3,100
10
123
Mar
Bohn Alum & Brass com..5
47
47
47
225
47
47
47%
16%
319
2,895
High
Feb
61%
I
*
Exchange
compiled from official sales lists
Mar
Stocks—
60
Common
For footnotes
1%
_.*
Common
6% preferred
7% preferred
Quaker Oats Co—
2%
3%
10
140
Jan
Briggs Mfg com
Burry Blscut
*
50c
2%
16
2%
15
2,405
1%
Jan
3%
Apr
May
May
57%
47
13
Apr
14
63
Feb
Apr
Jan
Mar
16% May
Financial
3142
Consolidated Paper com.
Low
Detroit Cripple Creek
Federal Mogul com
19
Apr
360
3
1,370
6%
w
24%
VA
VA
\
196
139
;*
27
27
10
63%
7%
2%
6%
63%
8%
2%
7
13%
15%
1
Graham-Paige com
1
Hall Lamp com
*
Hoover Ball & Bear com. 10
2%
"m
11
15
Hudson Motor Car com..*
McAleer Mfg com
*
Mich Sugar com
com50c
Mid-West Abrasive
Murray Corp
5
com——10
*
com2.50
Reo Motor com
5
Rickel H W com.
—2
River Raisin Paper com..*
Packard Motor Car com.
.
5
18
com.2.60
Mich Steel Tube
18
4
15%
"5%
*
*
*
*
.1
United Shirt Dist com
U S Radiator com
Unive Cooler A
B.
Warner Aircraft com
Wayne Screw Prod com_4
Wolverine Brew com.
1
10
10
4
Jan
Jan
34%
70%
10%
2%
Apr
5%
Jan
-
Jan
Jan
4%
8%
15%
19%
8%
6%
Apr
20
11
Jan
749
14
Apr
6
435
Jan
3%
962
16
571
6%
Warner Bros Pictures Inc. 5
400
300
100
Feb
1%
5%
765
15
Apr
22%
Apr
10
100
9%
Jan
14%
NEW YORK
30 Broad Street
Jan
6%
Jan
12%
24%
Apr
4%
Jan
28%
8%
7%
Mar
Philadelphia Stock Exchange
Feb
560
1,235
10%
10
10
4
4
100
8
800
2
7}
3%
1%
3%
2
4,615
'5i6 Jan
m
8%
8%
180
8% May
1%
19%
1,230
19%
48
48
5
Jan
7,217
250
7%
Jan
4
Jan
>
May
> 6%
Jan
2%
Jan
100
Feb
Friday
Jan
Last
Week's Range
Feb
Sale
of Prices
12%
Mar
7
Apr
31%
5%
Apr
Par
Stocks-
Sales
Low
*
Stores
American
Price
7
Jan
American Tel & Tel
100
9%
3%
Apr
Baldwin Locomotive
*
Apr
Bankers
Securities
pref.50
100
*
Mar
3
154%
Bell Tel Co of Pa pref.
Mar
Budd (E
122%
14%
Jan
11%
1%
445
15
Jan
20
Apr
Budd Wheel Co
*
9%
525
47
Jan
54%
Apr
Chrysler
5
94%
-
compiled from official sales lists
May 2 to May 8, both inclusive,
33%
11%
Jan
:■ 5%
.
Apr
Mar
G) Mfg Co
Corp.
9%
Low
561
28%
29%
149% 156%
3%
3%
24
24%
121% 122%
13%
15%
94
Range Since Jan. 1 1936
for
Week
Shares
High
3%
Rights
999
148
108
600
2,898
LOS ANGELES
St.,
Last
Weeks Ranoe
for
Sale
of Prices
Low »
High
May
55%
Jan
Jan
34%
Mar
54
Jan
70%
Apr
30
Price
31
31
25
Apr
34
Jan
109
10
105%
Jan
110
May
677
6%
8%
1%
Jan
*
50
Sec
Corp
8%
9%
8%
25
Valley
8%
"5"
3%
5
Shares
Low
4
*
29%
115%
12c
1,600
1,000
1,000
24%c 24%c
100
8c
8c
12c
..
6
8c
12c
3%
5%
Jan
5
Jan
Apr
8%
Jan
6c
Jan
16c
11c
Apr
16% c
31%
Jan
Jan
1
Jan
41
41
3%
95%
3%
95%
3%
95%
200
100
95%* Apr
27
27
27
200
27
May
Prod..*
Consolidated Oil Corp—*
Consolidated Steel com— *
12%
12%
300
Apr
12%
4%
1,000
*
14%
12%
11%
4%
14%
12
15%
200
18
18
200
14%
Feb
300
20c
Feb
100
54%
8%
11%
8%
100
23%
100
15% May
18%
Jan
4%
18
45c
63
10%
14%
10%
25%
15%
19%
11% Apr
3%
Jan
14% May
700
45c
46c
62%
9%
14%
10%
25%
15%
63%
700
10%
1,800
15%
10%
25%
15%
19%
400
19
1,500
1
75c
1.30
14,000
46o
10c
11c
10c
11c
9c
Airpl & Mot Corp. 1
52%c
50 c
57%c
6,000
6,200
48c
Jade Oil Co
Kinner
12
50
90c
Holly Development Co
M Warrants
4c
1
Lockheed Aircraft Corp-.l
Los Ang G & E 6
.
% pref 100
Inc
2
Los Ang Industries
Los Ang
4c
8c
lie
11c
12c
-
Lincoln Petroleum Corp.
7
3
Mills Alloys Inc A
2%
2%
101
Apr
32%
16%
15%
Mar
5%
Apr
19%
Feb
Jan
Feb
Jan
Jan
Feb
Mar
8
145
9%
Feb
14%
Feb
4%
30%
3,310
3%
28%
Jan
5%
Feb
H2% 115%
204
34%
8%
1,212
50
11%
10%
"mi
17%
.5%
Salt Dome Oil Corp
Scott Paper
1
18%
*
69%
Jan
16c
95c
Apr
Feb
11%
116%
Jan
4
5
Jan
6%
6%
Mar
4
192
8%
1%
10%
16%
Mar
Apr
113
24
1,773
3%
Jan
5
Jan
19% May
Apr
7%
Jan
17%
Jan
Mar
Jan
45
739
6
30%
Apr
Apr
1
57
Jan
75
May
20
115
Apr
122
Feb
69%
116
254
2
May
2%
May
78%
18
71%
Jan
90%
Mar
316
%
800
'16
Jan
500
%
3%
Jan
Feb
699
6%
Apr
165
40%
14%
108%
9%
2
Tonopah Mining
50
7%
*
5%
Corp com
Preferred
*
*
com
Westmoreland Inc
1
6%
5%
41
"14%
*
United Gas Impt
Preferred
2%
1
1
Traction
110%
__*
2,372
7%
6
109
11%
9,283
110%
14%
41%
15%
364
11%
125
1
Jan
Feb
Apr
1%
8%
9%
47%
Mar
Apr
19%
Feb
Apr
Feb
Apr
113
Feb
Apr
15
Feb
Bonds—
18
$22,500
1943
27
27
1,000
(Pa) 1st 53.1966
111
113
1,000
Elec & Peoples tr ctfs 4s '45
Peoples Pass tr ctfs
Phila Elec
rs.
17
20
Mar
Mar
27
May
May
113
Feb
Jan
10
24%
111
H. S. EDWARDS & CO.
Members
I Pittsburgh Stock Exchange
j
New York Ourb Exchange (Associate)
UNION BANK
Tel
PITTSBURGH, PA.
BLDG.,
Court-6800
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
120
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Jan
Jan
Jan
Feb
Mar
Feb
7
Apr
Mar
100
Jan
33%
2%
115%
35%
12%
Jan
2%
Apr
78%
Feb
13c
29c
11%
2%
19%
329
39
Apr
112
Devel.l
Feb
Apr
1,589
*
Apr
Jan
69%
115
100
Sun Oil Co
Tonopah-Belmont
United
7%
2
5
Union
29%
34%
Philadelphia Traction...50
20% Apr
67% c Mar
70% Apr
10% May
19% Mar
13% Feb
30% Feb
16% Apr
24% Apr
1.50
111
5%
2%
5
Feb
25%c Mar
44% Apr
4% Apr
Feb
8c
3,500
5%
5
Jan
Jan
185
3%
1
*
Co
Jan
300
112% 112%
3
Jan
Apr
30c
Feb
3c May
2,677
13,300
7%
112%
Investment Co. 10
Menasco Mfg
Jan
10%
50
preferred
Series A 7% pref
High
41
Goodyear Tire & Rubber.*
General Tel Corp
20
95
1,351
3%
34%
8%
Rights
100
6%
3%
24% c
Hancock Oil A com
■
9%
11%
14%
9%
25
Reo Motors Co
Range Sines Jan. 1 1936
3%
3%
6%
*
Globe Grain & Mill Co..25
18% May
109
50
7%
Week
1
Equip Co.-5
1
General Motors Corp—10
Gen Paint Corp B._
*
Gladding McBean & Co..*
3% May
14% Mar
Apr
103%
Apr
24%
Jan
100
Phila & Rd Coal & Iron.*
Sales
Friday
Exeter Oil Co A
Apr
Apr
86
(NY) com.*
Pennsylvania RR.
compiled from official sales lists
May 8, both inclusive,
Emsco Der &
Mar
15% May
22%
3,513
Preferred
Angeles Stock Exchange
Preferred.
Apr
125%
182
65
Phila Rapid Transit
Claude Neon Elec
Jan
44%
50
60
Phila Elec of Pa $5 pref.*
Phila Elec Power pref. .25
Chapman's Ice Cream Co. *
Chrysler Corp
5
Citizens Natl T & S Bk..20
27
Jan
Jan
Angeles Stock Exchange
626 So. Spring
25
119%
9%
2%
8%
Jan
343
24%
Bk
Feb
101
10
Mitten
Feb
6%
572
10
63%
177%
Apr
1,010
46%
25%
Asphalt-
Apr
2%
21%
3%
18%
General Motors
Apr
10%
44%
com
High
36
27%
149%
96%
18%
*
Co
Pennroad Corp vtc
Preferrd vtc
Jan
Mar
Jan
Dobbs-Crowe-Wagenseller & Durst
Byron Jackson Co
California Bank
Feb
6
1416 Walnut Street
Feb
Mar
"16
Lehigh
Buckeye
Apr
200
PHILADELPHIA
Apr
Lehigh Coal & Navig
Co...l
10
Union Oil com__l
Apr
6
14%
7%
Philadelphia Stock Exchange
Mar
Preferred
Bandini Petroleum
Apr
10
New York Stock Exchange
Mar
Horn & Hard
Bolsa Chica Oil A
41%
Apr
Apr
Members
Feb
Listed and Unlisted
Par
Apr
DeHaven & Townsend
Feb
Mar
LOS ANGELES SECURITIES
Stocks—
7
10
General
to
Apr
2,000
Electric Storage BatterylOO
May 2
Feb
3
Established 1874
Feb
Curtis Pub
Los
177%
34%
Apr
4
253
Member Los
May
27%
Jan
2%
Apr
5% Apr
33% May
7%
Apr
100
Apr
875
31%
1
1
150
200
29%
2%
6%
33%
8%
10%
Mar
54%
6%
High
Mar
31%
9%
i
Mar
12
1,282
1,311
Wire...*
Young (LA) Sp &
6
18%
500
25%
5
*
Wolverine Tube com
6
5%
5%
5%
5%
10%
1
Apr
Radio-Keith-Orpheum
6
*
Square DA..
Tivoli Brewing com
10
2,819
10
9%
25%
5%
5%
9%
Parker Rust-Proof
10
1,215
5%
18%
1%
4%
16%
1%
1%
4%
15%
33%
8%
Radio Corp of America
Jan
400
com__l
*
Lakey Fdy & Mach
North Amer Aviation Inc. 1
Curtiss-Wright Corp
24
610
1,754
5,535
1,945
NY Central RR
Apr
Commonwealth & Southern
Jan
150
General Motors com
Feb
Apr
Atlantic Refining Co
468
156
150
7%
152
Feb
%
9%
7%
612
Gemmer Mfg A
154%
29%
2%
Am er Tel & Tel Co
Feb
Apr
4
Mar
23
100
25
Low
Unlisted—
10%
26%
Jan
2%
7%
350
9
9
Goebel Brewing com
128
690
Jan
Mar
Range Since Jan. 1 1936
for
Week
Shares
High
Jan
2%
2% May
550
Jan
Low
29%
2%
6%
33%
8%
Jan
Jan
1,630
17
16%
Fed Motor Truck com—*
24%
23%
3%
4%
Price
Jan
2%
130
3
24
*
.*
Dolphin Paint B
1,264
2%
5/4
m
24
*
Det Steel Prod com.
21
135
8%
1
Prod com
May
2/4
1
_
17
3
100
Detroit-Mich Stove com.
200
2%
2%
1
Detroit Edison com
17
of Prices
Par
(Concluded)
Stocks
High
19
21
10
Det & Clev Nav com
High
Low
Shares
17
Continental Motors com.l
Det Paper
Week
Week's Range
Sale
for
of Prices
Price
*
10
Capital City Prod com
Week's Range
Sale
Par
Last
Range Since Jan. 1 1936
Last
1936
Sales
Friday
Sales
Friday
Stocks (Concluded)
May 9,
Chronicle
900
100
2%
Jan
Jan
Feb
Pittsburgh Stock Exchange
May 2 to May 8, both inclusive, compiled from official sales lists
82% C Mar
Mt Diablo Oil Min & Dev 1
65c
65c
65c
600
32c
Jan
Nordon Corp...
5
20c
20c
20c
2,000
15c
Jan
28c
Apr
Occidental Pet Corp
1
26c
26c
26c
200
25c
Jan
43c
Feb
Pacific Finance Corp
10
800
118%
i 31%
Jan
f 23
Apr
Feb
139%
Apr
Pacific G & E 6 % 1st pref25
Pacific Western Oil
_*
Republic Petroleum Co._l
20
20
20%
33%
13%
33%
13%
5%
33%
13%
6
6%
v-
200
200
*13
9,000
2%
Jan
Jan
17% Feb
6% May
Last
Stocks—
Par
Allegheny Steel
Corp B com
6%ipreferred ann
*
60c
60c
60c
50c
100
f
Feb
1%
Jan
2%
52%
51%
53
214
|45
Security-First Natl Bank20
52
52s
53
600
I
Signal Oil & Gas A com
Sou Calif-Edison Co
*
27%
29
500
25
25%
27%
25%
25%
200
Original preferred
25
37
37
37
6% preferred
25
28%
26%
27% 28%
26% *26%
Security Co
un
10
of ben int. *
5%% preferred......25
Sou Cos Gas 6% pref.-.100
Southern Pacific Co
100
Standard Oil of Calif....
*
2%
2%
i 100
»
600
108
108
29%
38%
29%
37%
|
i
„
'
31%
38%
1,000
500
Blaw-Knox Co
*
Apr
Carnegie Metals Co
1
60
Jan
Jan
J
38
26
106%
Mar
Jan
Feb
'Jan
24
; 37% ".May
Apr
*
25
Universal Cons Oil Co..10
12%
23%
14%
11% 1 12%
22% ] 24
12% li 14%
Weber Chowcse & Fix pref*
9
9
9
Wellington Oil Co
8%
8%
7%
8% j
8 "
1
Western Air Express
Corpl
7,700
| 1,100
3,100
135
8%
2,100
100
Follansbee
Bros
Jan
Fort Pittsburgh Brewing. 1
27
Apr
Harb-Walker Refrac
109
Apr
Koppers Gas & Coke pf 100
com
38%
Feb
Lone Star Gas Co
*
Feb
Mesta Machine Co
5
5%
Feb
4% ' Jan
5% [Jan
14%
28%
15%
10%
i 9%
10%
Feb
Mar
Apr
Mar
Apr
Feb
Penn Federal
Phoenix Oil
Mining— *
"44c
44c
46c
10c
5c
5c
5c
Cardinal Gold Mining Co.l
1.25
1.10
1.30
Calumet Gold Mines
Imperial
footnotes
see
22c 'Jan
63c
Mar
7%c
Jan
1.00
Feb
1.40
Jan
2%c
j Jan
Apr
Jan
o*utp
1%C
l%c
2c
9,000
lc
7c
7c
4,000
6c
3143
Feb
85
47%
62%
Jan
9
Mar
Apr
Mar
Apr
423
14%
1,484
2%
Apr
4%
Jan
18
870
Jan
21%
14
29
1%
34%
1%
36%
99% 100
Jan
7
15%
Jan
40
Mar
1%
10
2%
Feb
1%
Jan
125
31
Jan
Mar
70
97
Jan
41%
106%
Mar
100
11%
12
2,958
10
Jan
14%
46%
5%
403
41
Jan
50%
Apr
2,362
Jan
7%
Feb
14%
Mar
8c
Feb
4%
14%
20
6c
6c
1,000
28%
114% 122%
1,313
25
128
98
25
550
1%
8%
13%
1%
8%
14%
1%
280
3c
14
Feb
43%
14%
28
Feb
Apr
Apr
435
5%
20
3c
11%
2c
%
Jan
Jan
28% May
140
Apr
Apr
13%
1
11%
Jan
Jan
16%
Apr
Jan
8
1,000
600
Jan
Apr
1%
Jan
Mar
4c
Jan
Feb
3%c
7c
Development-25c
Zenda Gold Mining Co
For
5,000
2,000
11,700
1
Co
7%
3
5
Pittsburgh Screw & Bolt.*
5
100
Feb
Apr
25c
Renner
m
Blk Mammoth Cons M.lOc
11%
44%
Corp pref 100
com
Pittsburgh Brew Co pref.*
Pittsburgh Plate Glass .25
Plymouth Oil Co
~
loo""
Mountain Fuel Supply Co.
:n
a_
20% Apr
7% i Jan
High
38%
7%
Apr
50%
17%
23
1%
*
47
Low
30%
3%
47%
14%
2%
5%
pref. .100
28%
r
Transamerica Corp
Union Oil of Calif
3
Crandall Mck & Hend Co *
J
30%TMay
28% Feb
15%
Columbia Gas & Elec Co.*
35
15
<108
Feb
50
17
Armstrong Cork Co com.*
3%
54%
Shares
535
31%
6%
8
8
Range Since Jan. 1 1936
for
Week
High
5%
100
Jan
25%
Low
Corp..*
50%
;i27%
"*
Price
31%
11%
10
500
J
60c May
of Prices
*
com
Arkansas Nat Gas
Week's Range
Sale
Preferred
Samson
Sales
Friday
15c i Jan
San Toy
Mining Co
1
Shamrock Oil & Gas
*
Standard
United
Steel
Spring._.*
Engine & Fdry
4%
4
2c
3%
Jan
5%
Jan
4%
1,235
22
22%
200
21
Apr
26
Jan
35
35%
650
30
Jan
40
Mar
Volume
Financial
142
Last
Week's Range
Vanadium
Price
Week
Low
Alloy
33 X
Steel
*
Airbrake..*
Westlnghouse
Westingh Elec & Mfg..50
Range Since Jan. 1 1936
33 X
38H
37)4
50
110
3414
97
Feb
35
Ja«
154
Jan
105)4 108
Stocks (Concluded)
High
Low
31
Last
Jan
4714
12214
Par
Week's Range
for
Sale
Shares
High
Sales
Friday
for
of Prices
1
Sale
Par
3143
Sales
Friday
Stocks (Concluded)
Chronicle
of Prices
Week
Price
Leslie-Calif Salt Co...... *
Letourneau
Mar
Apr
Lockheed Aircraft
High
28)4
26)4
28)4
26)4
1
7
113
113
28)4
27)4
7)4
7
100
Los Ang G & E pref
Unlisted—
Low
Range Since Jan. 1 1936
Shares
730
55
103 )4 103)4
58
101
Jan
10614
1)4
2)4
1)4
2)4
10814
11014 May
17 34
17)4
314
Feb
Natl Automotive Fibres. _*
38
38
38
110
Natomas Company
*
No Amer Inv 6% pref.. 100
North Amer Oil Cons...10
11)4
1154
12
75
75
75
14)4
14)4
15)4
3H
414
Mar
514
100
I. M. SIMON & CO.
6% 1st pref
5)4% pref
8
25
2134
Pac Pub Ser
on
all
2054
Apr
33)4
Jan
47)4
Mar
1,450
11)4
Mar
13
Jan
10
68)4
Jan
86
Mar
1,025
14)4
Apr
19)4
MJ°
135
Mid-Weotern and Southern Securitlee
Pacific Tel & Tel
New
Chicago
315 North Fourth
Curb
Board
York
(Associate)
Trade
of
St., St. Louis; Mo.
Telephone Central 3350
Schlesinger & S (B F)
7)4
Apr
Jan
14)4
3934
Apr
32)4
Apr
28)4 May
Sale
Stocks—
Par
Price
150
150
5
5
20
20
82
82
83)4
25
37 H
37)4
37)4
206
54
A
1,135
54
3)4
Shares
High
Low
55
190
39
Feb
55
23
125
13)4
Jan
28)4
Feb
60
139 )4
Jan
152
5
100
4)4
17)4
Jan
Apr
Feb
Jan
24
Feb
80)4
34)4
Jan
Jan
91)4
Apr
41
Feb
100
20
54
2)4
28)4
28)4
27
Feb
30
55
May
75
55
140
55
10
Chicago Sou Air Lines pref *
9
9
100
14
15
105
118
118
55
Elder Mfg com..
*
Ely & Walk D Gds 1st pf 100
2d preferred..
Falstaff Brew
100
97 H
1
1)4
Feb
8
Feb
17)4
679
15 )4
Apr
19
Feb
23)4
Apr
42
Jan
23)4
Jan
30)4 May
58)4
Apr
38)4
Feb
4
27)4
30)4
1,041
5
55 H
65)4
586
30
30
65)4
31)4
1,639
2)4
154
485
39)4
1,623
100
*
2)4
154
37)4
2)4
1)4
38
H ussmann-Llgonler com
.
3
3
*
com
Key Boiler Equipt com...*
McQuay-Norrls
com
National Oats
Scullln Steel pref
Securities Invest
*
com
15
1,949
21
Apr
3,650
10
Jan
305
80
30
13)4
13)4
100
11)4
5
118
21
14)4
100
15)4
Jan
2,646
7)4
5
2
Jan
Apr
43
12334 124)4
Feb
61
119
Mar
7)4 May
Apr
1)4
10)4
Feb
10
180
9)4
28)4
Apr
Francisco
San Francisco Curb
Mar
May 2 to May 8, both inclusive,
Mar
Feb
Curb
107)4
Mar
22
Exchange
Sales
Last
28)4
Par
37
Jan
Mar
35)4
Alleghany Corp
Jan
American Pow & Lt
1
*
5
3
Baldwin Locomotive
Board
Stock
Portland
2
New
Calif Ore Pow 6%
(Asso.)
Cotton Exchange
Coffee t Sugar Ex.
Commodity Exchange, Inc.
Honolulu
Stock
Exchange
York
New York
Seattle
Calif Art Tile A
Low
3
100
150
464
9)4
150
High
Apr
Jan
Apr
Tacoma
Stockton
Fresno
San Francisco Stock
39c
Jan
60
15)4
Jan
20
24
23
24
760
18)4
Jan
33)4
Mar
15
4)4
Jan
7)4
Mar
3 34
May
6)4
Jan
5)4
3
5)4
3
62
1,250
*
pref '27
1.30
..1
7)4
68)4
13)4
7)4
68)4
75)4
7)4
75)4
5
1.10
1.30
7,550
13)4
52
30
20
13)4
63
1.00
Jan
17
Jan
Feb
*
4)4
703
85c
86c
300
*
12)4
12)4
195
12
*
5)4
5)4
100
1
490
5)4 May
75
May
Jan
4)4
5)4
75
*
6)4
Last
Sale
Stocks—
Par
Price
Sales
Week's Range
of Prices
Low
High
for
Range Since Jan. 1 1936
Week
Great West El-Chem pf.20
2
Anglo-Calif Nat Bk S F.20
20 M
Assoc Insur Fund Inc...10
4H
Associated Oil Co.
20)4
4)4
20)4
4)4
450
565
17
3)4
Jan
Apr
21)4
Feb
41
41
20
24
23
25
1,628
20 %
Jan
34
185
185
25
Jan
192
Apr
23
25
2,207
180)4
15)4
Mar
Apr
44
Jan
57 H
40
38
Apr
40
2234
21)4
17
Jan
635
21
Apr
21
80c
1.35
18,400
50c
Feb
5.00
7,335
3.15
Jan
International Cinema... 1
1.45
1.45
1.50
930
1.40
12)4
12)4
115
Apr
12)4 May
Apr
Apr
22)4
Apr
1.55
Apr
5.00 May
26)4
2.95
Feb
19
Feb
1
"39c
38c
41c
954
22c
Jan
75c
Feb
1
2.95
2.85
3.05
4,663
1.60
Jan
3.90
Feb
Feb
185
Jan
934
145
4.20
ItalO Petroleum
41
87
220
90c
Jan
25
5)4 May
57)4
4.80
International Tel & Tel... *
Atlas Imp Diesel Eng A..5
Bank of California N A. 100
Feb
Mar
1
Feb
22)4
5)4
50)4
1)4
15 34
1
Holly Development
Idaho-Maryland.
High
Feb
Jan
36)4
2234
2
Low
35
7)4
Jan
Apr
57)4
20
General Metals
Shares
6)4
Jan
1.35
3634
Ewa Plantation
General Electric..
Friday
76
65c
Feb
Apr
Mar
85
1
3
9)4
Jan
Feb
Claude Neon Lights
4)4
6
85
Jan
Mar
Curtiss-Wright Corp
May 2 to May 8, both inclusive, compiled from official sales lists
Apr
2,500
Cities Service
Exchange
Feb
71c
60c
16)4
Cord Corp
Crown-Will 2d pref
Honolulu
Sacramento
Mar
10)4 May
177)4
58c
Consolidated Oil
Beverly Hills
4
15)4
10
Cardinal Gold
Range Since Jan. 1 1936
Week
16)4
..1
Bunker Hill-Sullivan
3
10)4
10)4
151)4 15634
.*
Bancamerica-Blalr
of
Trade
Exchange
New York Curb Ex.
Los Angeles
Oakland
Atlas Imp Diesel B
San Francisco CurbEzchange
Chicago
San Francisco
2
Aviation Corp
Chicago
3
3
*
Exchange
San Francisco StockExchange
PRIVATE LEASED WIRES
New York
<
Stock
Municipal and Corporation Bond•
Shares
Price
100
Anglo Nation Corp
Dean Witters Co.
for
of Prices
Low
High
*
American Toll Bridge
Members
York
Week's Range
108)4 May
Jan
Exchange—Chicago
compiled from official sales lists
Friday
Feb
American Tel & Tel
Neto
Apr
Mar
Direct Private Wire
Stocks—
$8,000
6,500
7,000
42)4
Board of Trade—New York Curb Exchange (Associate)
May
127)4
10)4
34)4
Mar
608
33
34 )4
Jan
Jan
3)4
43
Jan
30
108)4 108)4
30)4
30)4
Jan
26)4
23)4
Apr
Jan
102
Mar
38)4
123
Exchange—San
17)4 May
Jan
29)4
32
Apr
Apr
Members: New York Stock Exchange—Ban Francisco Stock
Sale
108)4
2054
15)4
327
(Since 1880)
May
9)4
t United Railways 4s. 1934
290
FRANCISCO
SAN
Apr
15
100
67
176
15
300
MONTGOMERY STREET
Apr
Jan
13)4
150
2
43
30)4
133
Feb
Feb
116
135
101
294
STRASSBURGER & CO.
Feb
Mar
Feb
9)4
195
1734
7)4
Apr
53)4
14)4
10)4
Apr
56
803
11K
18
Jan
6)4
15
14
7)4
17
12)4
16)4
Apr
60
60
101
16)4
17
14)4
28)4
Feb
16)4 May
Apr
23
24)4
16)4
14)4
17
5
Feb
Feb
3)4
45
24
"7)4
7)4
25
9
9
Jan
2)4 May
6)4
Jan
9)4
Jan
15)4
Apr
47)4
Jan
8)4
Jan
4)4
225
13)4
"mi
260
370
263
124)4
31)4
42
Bonds—
Natl Bearing Metals 6s '47
t Scullln
1941
2)4
14)4
Feb
49
43
31)4
38
25
United Air Lines Trans
May
98
10
118
25
31)4
118
48
Stix Baer & Fuller com...*
Wagner Electric
Feb
Feb
42
15
Apr
48
___*
com
Sou'western Bell Tel pf.100
24
4)4
19
1454
Yellow Checker Cab A..50
Apr
5
*
Rice-Stix D Goods com...*
2d preferred..
100
22 54
Jan
Jan
Apr
300
Feb
11)4
100
com...
Jan
Jan
Feb
11
100
Wells Fargo Bk & U Tr.100
Western Pipe & Steel Co. 10
97
16
15
3)4
2)4
47)4
24,148
Universal Consol Oil_.__10
116
1134
*
*
1st preferred..
17
12)4
9
13
16
Laclede-Chr Clay Pr com.*
Laclede Steel com.
20
National Candy com
17
1154
Apr
Feb
2)4
9)4
*
.*
International Shoe
2)4 May
154 May
37)4 Apr
5
3
17
12)4
22)4
*
Feb
25
2)4
*
.
Preferred
100
77
6)4
Hamilton-Br Shoe com...*
Hyde Park Brew
54
Jan
2)4 May
286
64)4
Jan
Apr
Apr
May
6)4
com
48)4
8)4
13)4
97)4
97)4
7)4
17
Thomas-Allec Corp A...
Mar
55
_
Apr
150
Transamerica Corp
Union Oil Co of Calif
Union Sugar Co com
May
55
_
Feb
130
27)4
Standard Oil Co of Calif..*
High
50
*
Burkart Mfgcom
7)4
24)4
Jan
17
B
23
*
Brown Shoe common ._...*
Jan
Jan
119
'
55
Jan
Jan
30
Tide Water Assd Oil com.*
American Credit Indem.10
American Invest B
*
161
Feb
4)4
18)4
352
123)4
com
So Pac Golden Gate A
Range Since Jan. 1 1936
31
29)4
26)4
Week
of Prices
Low
1,357
*
Sales
for
28)4
6)4
6
Soundview Pulp Co
Southern Pacific Co
May 2 to May 8, both inclusive, compiled from official sales lists
Week's Range
1,726
Signal Oil & Gas A
St. Louis Stock Exchange
Last
709
3154
2134
21)4
123)4 125
com *
100
Preferred
Shell Union Oil
Friday
.100
6% preferred
100
Ry Equip & Rlty com
*
5%
6%
100
Rainier Pulp & Paper A__*
MEMBERS
New York Stock Exchange
St. Louis Stock Exchange
com.
8
33)4
6
Jan
Jan
28)4
31)4
28)4
Jan
13
33)4
31)4
33 %
...25
(non-vot)com*
(Non-voting) pref
*
Business Established 1874
Enquiriet Invited
8
Mar
1)4
2)4
520
ST. LOUIS MARKETS
Oliver United Filters B.._*
Pacific G & E com
25
Apr
Apr
111
18)4
130
Feb
Jan
Lyons-Magnus Inc B
Magnavox Co Ltd
2)4
Marchant Cal Mch com. 10
V/s
2)4
40
High
Jan
25)
253
6)
1,777
114
11014 U014
Lone Star Gas 6% pref. 100
6)4% preferred
100
Pennroad Corp vtc
*
Low
375
Byron Jackson Co
*
24)4
41
May
Jan
25)4
Preferred
2
Kinner Air & Motor
Warrants
Mar
Calamba Sugar com
20
10
Calif Water Service pref 100
Clorox Chemical Co
*
Cons Aircraft Corp
Cons Chem Indus A
1
Crown Willamette prf
Crown Zellerbach vtc
*
*
*
Preferred A
*
Preferred B
*
27)4
1
103)4
36 %
27)4
1
340
23)4
Jan
32)4
Feb
Lincoln Petroleum
1
1
100
Vi
99)4
Jan
1)4
Feb
M J & M & M Oil.
1
Jan
104)4
Apr
Montgomery Ward
*
39
Mountain City Copper.:.*
6
10
292
35
Jan
38
Apr
17
17
17
100
15)4
Apr
31)4
ioi)4
8)4
96)4
31
31)4
545
29)4
Jan
Apr
23)4
31)4
Feb
Oahu Sugar
Feb
2
97
7)4
102
70
8)4
2,377
95
96 H
95
92)4
97
260
100
109
7)4 May
91)4
Apr
10)4
96)4
91
97
Apr
Di Giorgio Fruit com
S3 preferred.
5
5
5
367
3)4
Jan
100
37
36
37
80
*
32)4
Jan
26
26
26
165
23)4
Jan
Emporium Capwell Corp.*
Emsco Derrick & Equip..5
16 H
16)4
1734
915
14
18
18
18)4
365
14)4
Fireman's Fund Insur...25
98
145
98
Foster & Kleiser
com
10
10
Galland Merc Laundry...*
General Motors com
10
*
Gladding McBean
Hale Bros Stores Inc
Hawaiian Pineapple
Honolulu Plantation
Hunt Bros A
42
98
4
100
4)4
Mar
Jan
Jan
37)4
10)4
9)4
635
33)4
5)4
Apr
37)4
10)4
3,715
9
9)4
1,553
15
15)4
595
9)4
*
16
16
16
260
5
27)4
27)4
28)4
822
28
27)|
28
20
*
7)4
23)4
31)4
7)4
23)4
Langendorf Utd Bak A...*
11
11
11
*
2)4
2)4
31)4
2)4
50
221
9
14)4
14)4
1,500
10c
Mar
20c
Apr
8,900
13c
Jan
35c
Feb
100
36)4
Jan
44)4
Apr
39
6)4
1,900
4.10
Jan
35 )4
225
27)4
Jan
25c
1,200
Mar
3)4
21c
100
11
150
3)4
50
Mar
Jan
18
Feb
9)4
186
Jan
12)4
(Del)
Republic Petroleum
Feb
10)4
10)4
215
10
Apr
14 H
Jan
634
6)4
2,441
3
Jan
1)4
1)4
100
1)4
Apr
6)4
234
Mar
*
pref.*
45
50
32
Jan
45
17)4
18
386
17
Mar
19
31
31
32
45
31
May
36
Jan
26
26
395
24)4
Feb
28)4
Feb
"2654
26)4
200
25 H
Feb
27
Apr
28)4
26)4
28)4
421
27)4
Mar
38)4
38)4
Jan
28)4
52)4
Feb
10)4
11
10)4 May
11)4
Feb
8)4
Feb
5)4
...*
Southern Cal Edison.'...25
5 )4 %
preferred
6% preferred
25
25
—
So Pac Gold Gt pref 6% 100
15
37
125
18
Feb
United Corp
*
Jan
30)4
Apr
United States Pete
*
32c
6 54
32c
300
26
Jan
30
Jan
Victor Equipment com...*
3.55
4.00
500
11
11
225
10
10
30
17)4
17)4
50
Jan
11
Apr
2)4 May
Preferred
5
Warner Bros Pictures
West Coast Life Ins
*
No par value,
c Cash
Jan
45
17)4
27)4
27
Feb
Feb
105B
20
Feb
Mar
13)4
6)4
*
150
6)4
41
Super Ptld Cement B
10)4 Mar
24)4 Mar
31)4 May
16)4
Jan
5)4
Jan
44c
14
10
18
Jan
Jan
10
Apr
7)4 May
Jan
Apr
—*
1
Radio Corp
Apr
12
13)4
9)4
Jan
Apr
23
Apr
Apr
43
ShastaWater—
Jan
6.75
36
..*
Packard Motors
Mar
Feb
Apr
3)4
48)4
Jan
70H
Apr
38)4 Mar
10)4 May
11)4
Jan
15
100
13c
31c
30c
13)4
Schumacher Wall Bd
May
Feb
12
Santa Cruz Port Cement 50
54)4
Apr
58c
43
Jan
30
lie
Jan
*
Pacific Western Oil
Feb
1,817
Apr
15c
25c
Pac-Ptld Cement pref.. 100
4
65
2c
700
5)4
*
112
42
3,865
34)4
*
Jan
62
Feb
7c
25c
39
*
Richfield Oil pref....
42
42
—
Pacific Eastern Corp
Apr
35
7)4
23)4
31)4
B
3)4
Occidental Pete
Pacific Clay Products
Jan
21
62 %
Hutchinson Sugar Plant. 15
Island Pine Ltd pref
25
com
650
95
3c
12c
31c
20
Feb
May
15
Gen Paint Corp A com...*
B common
*
Golden State Co Ltd
4)4
Mar
8)4
47)4
30)4
18)4
May
Jan
2
Eldorado Oil Works
50
1,000
55
25c
3c
10
28
103)4 103)4
36)4 36)4
101
53
...
Kleiber Motors
California Copper
1
5
sale,
x
5)4
May
Jan
Jan
5)4
Apr
25c
Jan
55c
Feb
3.55 May
500
4.50
f 11)4
Apr
Apr
14)4
Feb
20
Jan
ill
Ex-dividend, y Ex-rights,
Apr
9)4 May
15
Jan
s Listed,
t In default.
3144
Financial Chronicle
May 9, 1936
Canadian Markets
LISTED
Provincial and
Province of Alberta—
Bid
AND UNLISTED
Municipal Issues
Ask
;
Toronto Stock
Province of Ontario—
Bid
Ask
80
82
5 Ha
Jan
3 1937
Oct
1 1956
Prov of British Columbia—
78
80
5s
Oct
1 1942
6a
102* 103*
112
112*
116* 117*
117
117*
1 1962
105
105*
Consumers Gas
15 1965
110
110*
Cosmos ImDerlal
Jan
4*s
5s
12 1949
97*
99
5a
1 1953
July
4Mb
Sept 15 1943
May
1 1959
94*
96
4a
June
4*a
Jan
Oct
Province of Manitoba—
4 Ha
Aug
6s
June
5a
Dec
1 1941
15 1954
102
103*
104* 106
106
107 *
4*8
June 15 1936
4*8
Apr
4*s
Apr
100
111 *
100*
112*
2 1950
4a
Feb
4*a
2 1959
Mar
May
109* 110*
Province of Nova Scotla-
15 1952
1 1960
110
*
Dominion Steel St Coal B 25
Economic Investment.
Oct
1 1951
93*
99*
94*
♦
1.50
_
-
_
Mar
..
Wood,
._
Jan
8
Feb
1*
?o
Jan
2*
Feb
22
20
100
13*
15
22*
24*
67
55
70*
55*
Apr
Apr
JaD
34*
May
24
Apr
5
8
V May
23
Feb
;"T 15
18
May
20
Apr
2,532
7,489
13*
Jan
16*
Feb
20*
Apr
28*
Feb
240
64*
Jan
72*
Mar
217
53*
6*
2*
59
Mar
May
8
18
-
6*
*
1
1
«
1
1
1
Kelvlnator
1
1
1
1
1
1
.
1
CO..
Inc.
_♦
10
Railway Bonds
Bid
•<
Bid
Ask
Canadian Pacific Ry—
91*
92*
4*8
Sept
1 1946
103* 104*
106* 107*
103* 103*
111
111*
5a
Deo
1 1954
100
101
4*8—
July
1 1960
Dominion Government Guaranteed Bonds
Ask
Bid
Ask
Canadian Northern Ry—
113* 114 *
4*8
4*8
4*s
Sept
Feb
1 1956
116* 117*
113* 114*
4*8
July
1 1957
112
112*
5s
July
1 1969
117
5a
Oct
1 1969
118* 118*
6s
Feb
1 1970
6*8
July
125* 126
1 1946
Grand Trunk Pacific Ry—
4s
Jan
1 1962
3s
Jan
108* 109*
1 1962
99* 100*
118* 118*
117*
15*
lioo
103*
...*
1
1
•
l
1
l
1
t
«
l
I
t
1
1
33*
Grand Trunk Ry—
6a
1 1936
101* 101*
*
30
.100
Feb
Mar
Feb
09
Mar
20*
Mar
18
1,100
18*
17*
Mar
3*
3*
61
2*
Mar
1.00
1.00
70
,1.00
Apr
5*
1,611
4*
29*
May
May
4*
29*
14*
31
16*
103*
474
Jan
Jan
105
Jan
27*
Jan
39
Mar
56
Jan
165
Mar
1,858
111*
1"_1*
111*
535
---to
70
May
95
Feb
3*
Jan
40
22*
11*
May
27
930
19
9*
10
Apr
29
Jan
31
Mar
Jan
113
May
73
May
80
Feb
626
57
Jan
240
49*
Jan
67*
60*
Apr
Apr
8*
50
Mar
11
Jan
80
102
Jan
100
Apr
100
9
Apr
1,577
29
18
18
18*
40
40
15
—
29*
100
2*
2*
Feb
Jan
55
8*
11
Jan
18*
30
106
9*
Apr
6*
27
Jan
36
113
27*
—
14
Jan
350
30
Feb
7*
Jan
5,965
6*
2*
—
May
6
14
105
10*
-
5*
17*
79
23
27*
*
146
22*
13*
8*
--
Feb
12*
97
8*
—
Mar
923
Tip Top Tailors
Tip Top Tailors pref— lioo
*
Twin City..
-
Jan
Jan
7*
40
225
6
73
106
Feb
151
31*
108
"
Feb
4
2.25
34
102
58
Western Can Flour pref 100
9
22
66*
Preferred
Jan
Jan
61*
.
6*
Jan
56*
com
Feb
2.25
Jan
74*
*
com
Feb
14*
Jan
18*
63
(Hiram)
54
Jan
40c
17
1.25
Walker
43*
3*
May
10
65
74*
63*
United Steel
Apr
Feb
26*
29*
27
lioo
Union Gas
Sept
14*
40
6
6
13*
Preferred....
15*
105*
117
14
23
Steel of Canada
Feb
May
Apr
May
210
23,558
87
...l
....
Apr
1,692
5*
Ill*
111*
Simpsons Ltd pref
Jan
Feb
29*
19*
14
..-*
Riverside Silk A
12*
13*
101
Jan
20
86
Photo Engravers
Russell Motors pref
27
8*
4
68
87
*
...
Jan
66*
19*
17*
150
Orange Crush 1st pref. lioo
•
Page-Hersey
Pantepeo Oil
110
7*
151
.100
National Grocers
Pressed Metals
Canadian National Ry—
30
Power Corp
114* 115*
Bid
......
"
.
Ask
Canadian Pacific Ry—
3*
*
McColl-Frontenac
95
505
10
1.15
65
Mar
19
----
19*
•
Moore Corp com
46*
95c
lido
Preferred
43*
9*
*
Massey-Harrla com
Preferred
12*
13*
103*'
7*
Maple Leaf Gardens pfd.10
•
Maple Leaf Mill
Private wires to Toronto and Montreal
>
45
111*
Hi*
111*
B
29
101
m.m*
Lake of the Woods—.
&
New York
13*
......... .
Loblaw Groc A__
852
12*
13*
12*
102
:::»
Internatl Nickel com..
466
3*
29
29
"'.5
Imperial Tobacco
6*
3*
3*
Internatl Milling pref. -100
Laura Secord
1 1951
June 15 1955
toV-
*
Hlnde&Daucb
Bonds
Gundy
1 1944
4*
93
55*
I'Jo
Hamilton Cottons pref ::§o
14 Wall St.
15 1944
2,085
*
69
♦
fl
July
Feb
1
14*
22*
*
Internatl Utilities A.
Dec
Apr
22*
103
5*
Apr
117
Ford A
Canadian
5s
Jan
17*
102
18*
8
*
Fanny Farmer
11
205*
6,405
20
-
-
-
Preferred
4*8
-
-
*
Gypsum
Harding Carpets
48 perpetual debentures.
6a
Sept 15 1942
«
-
English Elec Co. of Can..*
Famous Players
189
High
Jan
4*
4*
100*
20
Low
189
102* 102*
19*
22*
-
Easy Washing com...
99
175
1*
—
113* 114*
98*
Range Since Jan. 1 1936
Shares
200
19*
19*
lioo
High
199
199
1 1961
111
116
100
Goodyear Tire..
5s
Sept
Low
Price
1 1958
June 15 1943
Nov 15 1946
„
Week
22*
5*s.
—
of Prices
Distillers-Seagrams— ...»
Prov of Saskatchewan—
5s
Par
Stocks {Concluded)
for
Sale
„
Week's Range
113* 114*
109* 110*
4*a
15 1960
15 1961
Sales
Last
Preferred
4*8
Prov of New Brunswlck-
4 Ha
Province of Quebec—
Exchange
Friday
1 1948
6b
757
9
Jan
12*
Feb
12*
Feb
Feb
2*
26*
May
4*
1,577
Apr
34*
Jan
536
17*
Mar
19
Feb
May
65
40
Jan
■
*
New preferred
Duncanson, White & Co.
13*
Apr
115
99
Apr
56
57
—50
Last
Sale
Abltibl
1.50
6% preferred
Alberta-Pacific Grain
*
Alberta Pac Grain pf_—100
Beatty Brothers
"~4*
27
*
Bell
*
Telephone
100
145
Blue Ribbon 6 * % pref. 50
Brantford Cord 1st pref. 25
10*
Brewers & Distillers
*
1.00
British American Oil
*
Canada
B
23*
149
Jan
170
238
190
Jan
222*
Feb
.100
198
201
54
200
Jan
221
Feb
185
190
54
182*
Apr
213
Feb
271
Jan
to
W
-
-
~i<X)
100
Bread
*
100
Canada Packers
Canada Steamships
Low
1
500
1.25
Jan
55
6*
Jan
4*
4*
8(J
3
Jan
27
2*
27
10*
100
2*
141* 146
10*
95
21*
30
20
110
21
120
474
15
55
30*
11
9,423
1.00
605
23*
29*
35
39
41
35
4*
35
14,721
20
High
2*
12*
6
.loo
Jan
39
Jan
9* jMay
15
Jan
105
.
*
93
2*
141
27
30
9*
85c
Jan
Mar
Apr
Jan
3*
150
31
Jan
Feb
Apr
Mar
31*
Feb
Jan
15*
Feb
Mar
1.40
Jan
16*
Jan
28*
Jan
27*
32*
Apr
Mar
270
33
Jan
37*
Jan
37*
Jan
47*
Mar
105
35
4*
35
Apr
6
Feb
May
44
Jan
6*
281
6
Jan
8
Feb
139
58
Jan
75
Feb
80
80*
no
80
May
93
Feb
Apr
15
Feb
205
5
10
25
44
44
10
6*
97
6*
5*
Preferred....
25
Canada North Powr Corp.
Canadian Dredge
*
Canadian Ind Alcohol A _*
13*
Preferred
25
Canadian Wineries
*
Cockshutt Plow
*
...
♦
Smelters..25
214
6*
540
6*
290
14
24*
44*
45
85
6*
20*
9
43*
88*
6
5*
Jan
27
Mar
Feb
12*
Jan
Jan
57
Jan
Mar
Apr
98
8*
8
Apr
Feb
Feb
13* May
17*
Feb
15
23*
Mar
24*
Apr
580
37*
Jan
49*
7*
8*
7,505
7*
Apr
12*
Apr
Feb
7*
185
6*
11
Jan
18
May
127
2*
6*
Mar
150
152
23
137*
Jan
100
Feb
80
10
79
May
90
Mar
12
12
35
12
May
112
to
to
to
to
-
—
'to
to
to
to
to
to
Toronto Stock
112
21
109
Jan
300
Feb
14*
112*
Jan
Mar
11
2*
6*
15*
127
12*
127
13
May
May
6
123
Jan
10,973
Jan
May
May
3*
8*
Feb
Apr
18*
Mar
3
210
2*
840
6*
15*
16
16*
180
55*
51
57*
7,823
51
May
15*
Feb
10*
7
16
Exchange—Curb Section
compiled from official sales lists
Sales
Friday
Range Since Jan. 1 1936
Last
Week's Range
for
Sale
Stocks—
of Prices
Week
Blltmore Hats
*
34*
High
36
Shares
Low
Feb
57* May
High
10
30
Feb
36
.100
(TE)
110
110
10
110
May
110
May
May
*
Preferred
Bissell
Low
Price
Par
4
4
25
2
Jan
5
Mar
13*
455
11
May
16*
Mar
9*
550
6*
Mar
9*
Apr
Apr
Bruck Silk
*
13*
Canada Bud
*
8*
Canada
•
31
31
31*
400
30*
...»
20
20
21
430
20
Malting
Canada Vinegars
Canadian Marconi.
_
...1
Canadian Wire Box A.
Consolidated Press
Canadian Bronze
-
-
*
-
-
-
-
*
Preferred
Hamilton Bridge
Preferred
1*
6*
3*
to
-
-
—
—
—
35
5*
73
1*
24
6*
37
15
285
1*
21
*
Int Metal Indust
Preferred
*
Jan
2*
24
5
Mar
9
Jan
10
37
May
37
May
7
Mar
130
2
Jan
36*
220
32
Jan
40*
5*
185
4
Jan
7*
70
56
Jan
May
4
75
May
79
Feb
Feb
Apr
310
4
37
55
30
Jan
37
Feb
50
25
40
Apr
70
Feb
31
Apr
35
Feb
20*
Jan
24*
Apr
4*
31*
20
20*
22*
17,589
5*
6*
Jan
35
4
Jan
35
36
30
30
Jan
42
Jan
37*
36*
39
11,415
33*
Jan
Apr
31*
31
31*
31
Apr
39*
34*
5
100
International Petroleum._*
•
Montreal Power
Jan
Feb
Feb
35
31*
21*
*
Mar
27*
34*
4
37
Imperial Oil
Mar
35
50
*
_
Ilumber,stone Shoe
8*
37
.100
Honey Dew.
11
23
24
*
*
DeHaviland Aircraft..
Dominion Bridge
,mm*
*
Dom Tar Sl Chemical-
5
378
7*
Apr
Feb
*
10
10
27
9
*
450
39
Jan
*
41*
13*
42
National Steel Car
14
135
13
May
13*
43*
17*
Mar
National Breweries
North Star Oil
5
1.55
210
1
Jan
1*
Mar
4*
655
Mercury Mills
Jan
127
13
12*
Feb
235
Feb
6*
8*
100
Canadian Pacific
98
24*
44*
Cndn Industrial Alcohol B*
Canadian Oil
*
Consolidated Bakeries
8
25
7*
25
98
182
Jan
Mar
25
227
10
Conv preferred
Canadian Car
Jan
225
79
.100
*
Huron & Erie 20% pref
Ontario Loan & Deb. -50
Jan
67*
B
Canadian Bakeries pref 100
Canadian Cannerslst pref
164
50
Trust—
Feb
6*
"7 *
94
Feb
65*
*
pf.lOb
7
170
231
May 2 to May 8, both inclusive,
67*
Canada Wire & Cable A..*
Consolidated
Range Since Jan. 1 1936
for
Shares
6*
Preferred
283
165
"i70
100
Canada Permanent
8*
4*
preferred—50
Canada Cement
High
34*
41
Feb
230
283
100
Royal
Huron & Erie
1.50
29
*
,
Building Products A.....*
Burt (F N)
25
1.50
30*
*
Apr
94
202
Toronto
of Prices
29*
Brazilian
BC Power A
Week's Range
Low
100
2*
68
152*
199
Sales
9*
Beatty Brothers pref—100
Beauharnols Power
Jan
51*
150
Nova Scotia.
WA. 3401-8
8
100
78
152*
202
Montreal
Exchange
Friday
Price
57
.100
_
Par
Mar
Imperial
May 2 to May 8, both inclusive, compiled from official sales lists
Stocks-
Jan
17*
102
.100
Loan and
Toronto Stock
258
99*
Dominion
Exchange
King Street West, Toronto.
15
99
Commerce-
Canadian Commodity Exchange, Inc.
New York Curb (Associate)
15
13*
99
Banks-
Canada
STOCK BROKERS
Members Toronto Stock
14
lioo
Westons (Geo) com
Rogers-Majestic
Simpson (R) pref
Shawlnlgan
Standard Paving
Stop & Shop com
♦No par value
*
100
1.55
4*
117
*
20*
♦
2*
*
/ Flat price.
4*
113
20*
Jan
Apr
Feb
4
Apr
6*
Jan
117
35
111*
Jan
21
370
19*
Jan
117*
23*
Mar
Apr
2
2*
692
1.15
Jan
3.00
Mar
60c
60c
110
*
Feb
2*
Feb
Volume
142
Financial
Chronicle
3145
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange—Curb Section
Friday
Par
Supertest Pete ord
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
*
Preferred A
■
Shares
PriceZ
35
34
35
170
111
111
10
*
38
38
40
2
2
40
Walkerville Brew
Waterloo Mfg A
110
109
112
22
Jan
32
Feb
111
May
Jan
109#
38
Mar
30
40
Mar
Jan
1#
5
65
109
May
119
20
20
Apr
Feb
29
Feb
2#
22 #
2 #
110
2# May
3#
Feb
1.25
1.50
200
1.25 May
2.25
Mar
*
*
(Concluded)
Par
May 2
to
May 8, both inclusive, compiled from official sales lists
36c
Par
Acme Gas & Oil
Price
36c
39#c
Teck-Hughes Gold
*
4.80
4.65
+
2.15
2.05
2.20
1.30
1.35
Toburn Gold.
—1
-
-
—
-
-
Towagamac Exploration. 1
Week's Range
of Prices
Low
for
Waite-Amulet
Week
High
Shares
Low
1.20
1.00
Jan
1.37
Apr
lie May
3C
Jan
20# 0
5#c
Feb
Jan
9#o
Feb
13c
4,307
79,400
3c
3#c
16,000
6#c
6c
7c
9,200
3o
*
8.15
7.85
8.45
Mar
9.00
Feb
51#c
45c
51#c
12,303
13,000
7.55
*
38C
Mar
71c
Jan
1
—
Ymir Yankee Girl
Exchange—Mining Curb Section
18% o
Feb
54c
Feb
82c
Apr
Last
Week's Range
for
50o
Jan
70c
Feb
Sale
Week
2#c
l#c
Jan
3#C
Feb
of Prices
Low
High
3#o
Jan
12 #C
May
4.10
Jan
12c May
4.60
5.25
5,158
1.31
1.57
87,375
1.15
Apr
7,700
13,000
65c
Apr
97c
Jan
6#c May
25c
Feb
48,200
2#c
Jan
6#C
Feb
12#c 375,900
80c
80c
85c
8#c
Ashley Gold
Astorla-Rouyn
6#c
4<#c
8#c
5#C
5c
Bagamac Rouyn
7c
8#c
6#c
18# c
*
7c 524,400
20c
c
18,650
4,800
4,750
14,230
87,400
17c
38c
1.45
55c
65c
c
1.35
*
Big Missouri.*......
Bobjo Mines.
Brnlorne Mines
10# c 333,100
4c
18#
35#
37c
66c
13#c
*
19c
7.35
B R X Gold Mines
7.50
16#c
15c
5.35
5.65
8#c
Buffalo Ankerlte
1
5.50
Buffalo Canadian
*
8c
Bunker Hill
*
13c
6#c
10#c
*
1.05
1.05
16#
c
2,795
6,600
4,825
Jan
6#c
5.25 May
1.57 May
11#C
Feb
Sales
Stocks—
Par
Aldermac Mines
...1
1
3#c
Mar
7c
May
40c
Jan
East Crest Oil
28c
49c May
70# c
Feb
5#c
Mar
40c
1,000
4c
Apr
95c
4,340
Jan
13o
72 #o
Apr
3,100
40c
23o
Jan
7.85
*
7c
15#c
7#c
Jan
25#c
Apr
Mar
Klrkland Townsite
Lake Mar on
1
Jan
9o
Malroblc Mines
1
3#c
3c
4#c
38,500
14#c
3#c
l#c
3.80
Jan
6.50
Feb
Mandy Mines
*
22c
20c
24c
4,500
12o
11#0
Apr
Nordon Corp
5
18c
17c
19c
12,200
14c
5c
4#c
80c
80c
ll#c
8c
16#c
18c
5#c 280,700
500
1.15
Jan
1.60
Mar
1.24
Jan
1.69
Jan
Ritchie Gold
2.41
Mar
Robb Montbray..
20,440
14c 614,475
7c
Jan
Feb
2,650
80c
May
Porcupine-Crown.
9#c
14c 206,200
4c
7c
8c 153,700
lo
7#c 163,800
6#c
12,600
Sudbury Mines...
5#c
5c
3#c
3c
Jan
2#C
5#c
140 May
325
2.80
Jan
3.45
2.35
1.80
Jan
2.75
5#c
4#c
Wood-Klrkland..
80c
42
Jan
56
90c
1.10 118,044
23# c 29# c 206,850
75c
Mar
1.45
Jan
14#c
Jan
29 #c
May
6c
Jan
26#o
Feb
3#c
Jan
16c
19c
42,400
6c
9c 101,400
17c
22c
26,478
9c 13#c
37,500
52c
3c
lie
14#
37# c
17c May
5#o
60c 164,305
11c
500
Jan
21c
Feb
75c
Jan
2c
85,070
4#c 26,000
17c 336,010
Jan
8c
1.20
Jan
30o
4o
Apr
9C
Feb
3#o
Jan
7#c
Mar
17,500
2c
Jan
4#c
Feb
5#c
1,000
4c
Jan
8c
Feb
Drury & Thompson
Members
Jan
Canadian
13#c May
66c
360
Apr
5c
I
Montreal Curb Market
Commodity Exchange Inc.
ST. JAMES ST. W., MONTREAL
ll#c Mar
1.20 May
PHONE
HARBOUR
7c
Jan
17c
May
13#
Mar
17#
Jan
11c
Jan
55 #c
290
Mar
30c
Jan
50c
65c
7,800
51c
62,485
Jan
Montreal Stock
58c May
93c
May
63c May
May 2 to May 8,
Exchange
both inclusive, compiled from official
Friday
-
45c
41c
56#
54#
8c
7c
9c
1.23
1.12
1.24
19# c
19c
4c
3#c
23# c
5#C
7.00
Maple Leaf Mines
Mclntyre Porcupine.
3.70
23c
17c
22#c
--.1
6.90
4.00
18# c
45
_
McKenzle Red Lake..
43
1254
Jan
7,005
93c 478,765
63c 234,800
*
Apr
3#c
Montreal Stock Exchange
9c May
58c 207,300
15#
58c
•
Mar
Feb
50c
...
15C
8#o
CANADIAN SECURITIES
Feb
73c
Mac ass a Mines
Feb
Jan
Jan
May
Mar
57c
Little Long Lac
1.20
Apr
56
Howey Gold
Manitoba & Eastern..
5#C May
Feb
110
1.00
1
Apr
31#c
Temiskaming
3.10
J M Consolidated.... ...J
..
26c
Jan
Apr
Mar
17c
Lee Gold Mines
Mar
Feb
Jan
Apr
4#o
15#
Lebel Oro
Mar
Jan
Feb
85,100
4c
Lava Cap Gold
34c
4#o
1.67
10c
1.00
1
Feb
Jan
Feb
2#o
1.60
9.50
11c
Lamaque-Contact
70
18 #o
3.55
Jan
57c
Lake Shore Mines
9#c
6,700
Jan
Jan
12#c
-
22c
Jan
17,400
Apr
3c
1
-
Jan
Jan
6c
1.25
90c
6.90
21c
-
Feb
23c
21c
1.39
52#
7c
-
1.43c
5#c 123,800
5#c
...-
1.47
2.20
17c
...1
500
5 55
Pend-Orellle
5#c
48c
Feb
4#c
Feb
5c
Homestead Oil
13#o
90c
1.40
8.15
Holinger Consolidated —5
Jan
40c
Mar
7.90
Barker Gold
6#c
4#
*
95#c
4#c
5#c
Halcrow-Swayze
4,500
1
15,831
8.00
Gunnar Gold-.
Feb
8c
»
1.10
4#c
5#c
Greene-Stabell
78o
Parkhlll Gold
1
*
Jan
7#c
Pawnee-Kir kland.
3.05
1
40o
Home Oil
Feb
*
Granada Gold
47c
Grozelle-Kirkland
l4o
9,200
7,846
6,230
32,300
Grandoro
Mar
Foothills Oil
Jan
9#c
Graham-Bousquet....
Feb
3#C
Jan
5c
10#c
28c
4.50
Jan
Jan
1,500
*
96# c
Apr
Feb
9#c
Clerlcy Consolidated
*
2.60
l#o
Feb
2,500
Good fish Mining
Apr
470
10,800
2,950
76c
Feb
1.10
Goldale
9#o
2.60
2#c
50c
18o
1.43
55#
May
1.84
1.39
3.49
Franklin Gold
May
26c
Mar
Jan
3.30
2.35
91,050
8c
Jan
Mar
Jan
1.05
•
Jan
8#c
Feb
Jan
May
6c
1.30
*
20
ll#o
3#c
55c
73c
1.05
Dome Mines
8c 179,000
26c 110,250
16c
1.30
4,650
1.35
Conlaurum
Jan
/
15c
♦
5
High
7c
2c
•
1.08
*
.
Low
26,430
Jan
18 #c
Jan
Chemical Research
3.43
He
43c
Dalhousle Oil
2c
Chibougamau Pros...
1
7c
8#c
Range Since Jan. 1 1936
Shares
2.60
83,400
84,000
20,584
31,240
Central-Patricia
17c
~2#c
1.40
1.40
5c
26c
Coast Copper
Cobalt Contact
1.39
Castle Trethewey
9#c
Central Manitoba
Churchill Mining
1.04
1.06
10#c
7#c
...
9#c
------
*
Price
B rett-Trethewey
Oil Selections
.
Klrkland-Lake
Feb
May 8, both inclusive, compiled from official sales lists
to
1,700
97,400
1.52
Kirk Hudson Bay
Feb
Feb
11c
8,700
5.25
Grull-Wihk8ne
37c
2,50
1.15
18,800
*
God's Lake
Jan
3c
13c
Anglo-Huronlan
.
20c
1.15
53c
Argosy Gold Mines Ltd...
Arntlleld
Falconbrldge
Feb
ll#c
74c
8c
Federal-Kirk land
1.60
Jan
12c
l#c
Conlagas
Jan
1,60
52c
11c
Cariboo Gold
1.20
3,200
68c
2#c
Calmont Oils
Jan
Apr
47,340
•
Wlltsey-Coghlan
W right-Hargrea ves
May 2
High
*
Canadlan-M alartlc
5.40
2.50
24c
*
Toronto Stock
Range Since
Algoma Mining
Calgary & Edmonton
Mar
May
2.01
72c
Alexandria Gold
Bear Exploration
Seattle Gold Mines
Feb
4.30
2.05
1.75
12#c
1
Barry-Holllnger
Bnsp Metals
52c
1.95
«■
1
Alton Gold
...
High
Jan
21c
Ventures
*
AJax Oil & Gas
1
Low
28o
14,250
10,765
14,760
1,200
4.90
Texas-Canadian
Range Since Jan. 1 1936
Shares
High
Sales
Sale
Stocks—•
Low
Feb
Exchange—Mining Section
Last
Week
Tashota Goldflelds...
white Eagle
Friday
for
of Prices
Price
Wayside Consolidated -50c
Toronto Stock
Week's Range
Sale
Stocks
High
Sales
Last
1
Low
Exchange—-Mining Section
Friday
Week
*
Toronto Elevators pref.100
United Fuel pref..
.100
1
Range Since Jan. 1 1936
100
Tamblyns (G)
Thayers
Toronto Stock
Sales
Last
57
41o May
7.15
4,578
46,600
26,250
243,134
176,700
14,300
4.00
25,905
3.12
Jan
24# c 839,800
5#o
Jan
5#c
Jan
25c
46
5,069
51#
Jan
6c
Jan
1.03
Apr
12c
Jan
2#c
Mar
6.05
Mar
40
Mar
62o
Last
Feb
680
Feb
Sale
Jan
59 #
19c
Feb
1.22 May
29# o Mar
Stocks—
Par
Price
15
15
95
95
Feb
7.75
Feb
6# % pref
100
Agnew-Surpass Shoe pref- *
Ang-CdnT pf7%Canreg-50
4.73
Feb
Associated Breweries
24#c May
25c May
Jan
49#
1.67 Apr
of Prices
High
Low
Acme Glove Works Ltd-.*
6#c
Preferred-
_
104# 104#
53
*
_!
100
Bell
Telephone
1.45
1.41
1.50
36,510
1.22
Mar
4#c
26# c
4c
50,000
2#c
Jan
15c
24c
4#C
29# c
Feb
Jan
42c
Jan
*
.134
1.32
1.45
40,475
36,200
21c
McWatters Gold
1.19
Jan
Bruck Silk Mills
145
*
»
1.25
1.13
1.25
1.11
1.50
Jan
Building Products A
78c
78c
82c
7#c
Jan
1.00
Low
High
15
Apr
35
95
110
100
15
Apr
May
95
May
Jan
107
Mar
53
70
10
685
10
Jan
15
5
107
Mar
110
11#
14#
146#
6,136
354
51#
10#
141
Jan
Mar
Mar
54#
17#
150
Mar
Jan
Feb
Feb
Feb
Mar
Mar
51
104
142
*
*
4,176
14,480
Apr
Apr
1.65
Mining Corp
Mlnto Gold
Range Since Jan. 1 1936
10
13#
100
1
—1
53
for
Week
Shares
104
10
-----
Bathurst Power & Paper A *
sales lists
Sales
Week's Range
McMlllan Gold
McVittie-Graham
Model Oil
23c
23c
500
22c
26c
Mar
Moneta-Porcuplne
13c
12# c
14c
2,700
6#c
Jan
15c
Morrls-KIrkland
Mar
67c
62c
67c
580
Jan
80c
Feb
3#c
3c
3#c
15,000
75,100
#0
Jan
4#C
Feb
3c
2#c
3#c
2c
Jan
40
Fod
28 #o
34c
Jan
..
23c
'
Murphy Mines
Brazilian Tr, Lt&Pr
British Col Power
B-
*
Northern Canada Mining *
42#c
Pamour-Porcuplne
*
Paymaster Consolidated. .1
8c
57c
3.95
♦
60c
8c
1
..
Olga Oil & Gas New..
Omega Gold
40c
96c
60c
O'Brien Gold
3.90
1.00
86c
43c
25,700
30,700
1.03
267,700
32,700
64c
44,626
4.30
22,932
1.05 508,600
9#c
Canada Cement
44o
Apr
1.03 May
14#c
Mar
40c
Mar
79c
Feb
3.50
Mar
4.85
Jan
60# c
Pickle Crow
100
Can North Power
Corp...*
Steamship
*
Preferred
100
Canadian Bronze
Preferred
*
7%
100
Jan
1.05
May
1.55
15,880
1.12
Jan
1.74
Feb
3c
9,100
2#0
Jan
4#o
12.00
Jan
Candn Foreign Investm't.*
2.48
Mar
2.15
May
3.25
Jan
Candn Hydro-Elec pref 100
Candn Industrial Alcohol. *
21c
Mar
44c
May
1
6.40
6.35
6.70
9.50
9.50
10.25
2.32
2.25
2.35
Prospectors Airways..
*
2.15
2.15
2.37
22,813
3,290
4,170
2,400
Preston (new)
♦
41c
27c
44c
208,940
Quebec Gold Mines.
.
6.95
Apr
1.28
1.10
1.40
31,150
90c
Mar
1.40
1.89
1.88
2.06
May
16,428
1.44
Jan
2.20
1.26
1.18
Apr
1.31
1.31
1.10
May
1.23
23,725
91,445
1.00
1.18
50c
Jan
24# c
28# c
lc
28c 107,600
5#c
Mar
...J
.
Reno Gold
...1
*
Read Lake-Gold Shore
Roche-Long Lac
*
Roy all te Oil
San Antonio
28#c 29#c
2.30
Sheep Creek
Sherrltt-Gordon
2.25
2.40
68c
-50c
67c
79c
480
7,135
4,200
27
Mar
1.23 May
28o May
May
39#
Feb
2.15
Mar
3.45
Jan
56c
Jan
79c May
Rights
Canadian
Converters
-
Class B
Canadian Pacific Ry
Cons Min & Smltg
1.18
13,320
1.00
Jan
1.40
Apr
19,048
2.87
Jan
3.58
South Tlblemont
Apr
4#c
4#c
5#c
52,048
8#c
Feb
Dry den
*
35c
33c
3#c
18#o
Mar
Stadacona-Rouyn
Jan
38# c
Feb
Electrolux Corp
75c
Apr
80c
Sudbury Contact
75c
21c
—
Sullivan Consolidated..
20c
24c
3.70
3.68
3.80
1
15#C
15c
16c
1
99c
96c
1.02
2.50
2.38
2.51
Rylvanlte Gold..
25,100
36,200
32,200
31,150
14,900
90c
Apr
18c
Jan
36c
Feb
3.00
Jan
4.95
Feb
6o
Jan
18 #o
Feb
83c
Mar
1.15
Feb
2.25
Mar
2.90
Feb
*
25
32#
Feb
158
4
5#
Feb
1,200
11
Apr
May
55
33
Jan
Feb
-
24#
1.45
------
5#
13#
26#
13#
35
7
629
Jan
8
67
255
58
Jan
74
Feb
50
50
27
41
Mar
50
May
24
24#
1.45
7
37
6#
Jan
Jan
Feb
22#
Jan
26#
1.50
75
1 25
Feb
110
6#
Apr
Apr
3#
7#
37#
15#
Feb
102# 104
5#
6#
13
14#
15
49
685
31
Jan
41
102# May
104
5#
480
13
26
27
579
26
115
118
210
19
115
16
37#
670
20
75
30
Apr
8
Jan
Apr
May
Feb
17#
Feb
31#
Feb
115
May
May
May
128
Jan
18
Feb
21
Mar
8#
7
------
Textile
22#
24
15
23#
Jan
30
Jan
30
30
100
23#
Jan
34
Mar
28
31
572
26
Apr
48
Jan
7#
6#
2#
11#
6#
8#
7#
2#
13
55#
51
*
15
15
15
*
22#
37#
14#
19#
34#
14#
22#
37#
14#
100
100
Dominion Steel & Coal B 25
Dominion
24
------
7#
57#
Diet Corp Seagrams
Dominion Bridge
3.39
»
-
(new) 25
Dominion Coal pref
Domlnon Glass
1.10
Sudbury Basin
-
12#
6#
Crown Cork
3.32
St Anthony Gold
-
*
Cockshutt Plow
1.12
37c 179,200
86c
98,035
-100
♦
Canadian Locomotive
3.35
Shawkey Gold Mines.....1
—
*
•
Slscoe Gold
Jan
9#
Feb
3.95 Mar
9.50 May
1.80
Jan
15#
28
6#
65#
7
67
-
37
Celanese
Jan
930
11
104
Canadian
4
6,691
34#
*
1.45
...1
Read-Authler
13
(New preferred ------100
Canadian Car <k Foundry.»
Preferred
---25
2#C
...1
...
Premier Gold
11
29#
4
100
1.47
—.1
10#
28#
*
Preferred
Can Iron Foundlres
2#C
Perron Gold
Peterson-Cobalt
Pioneer Gold
Jan
8c May
10#
29
*
Canada
Newbec Mines
*
Corp A.*
*
112
4#
68
112
4#
65
5#
24#
English Electric A
20
20
Foundation Co of Can
*
15
15
General Steel Wares
*
15#
3#
7#
Charles
•Nc par value.
*
100
100
7
100
100
Apr
May
2#
10#
6#
Jan
12#
Feb
U#
Jan
4
Jan
Jan
15#
Feb
May
9#
Feb
5
Mar
17
Feb
600
15
Mar
17
Feb
1,745
18#
Apr
34#
878
32
Jan
40#
Feb
945
14#
Apr
17#
Feb
10
4#
7#
6#
12,074
706
23#
Preferred
471
2,436
5
Gurd,
5,623
5
24
3#
10
70
1
*
3#
7#
1,300
112
♦
Paper
4,745
106
4#
65
400
4#
1,300
19#
10#
5
1,075
120
135
2
13
3#
6#
100
Jan
Jan
115
Feb
Jan
8
Feb
May
Apr
79
7
Jan
Feb
Jan
28#
Feb
Jan
24
Feb
Mar
18#
May
5#
Jan
Jan
8#
Mar
Jan
100
Apr
Jan
3146
Financial
Chronicle
May 9, 1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Sales
Last
Sale
Stocks (Concluded)
Par
Gy psum. Lime A Alabast.*
Hamilton Bridge
*
Hamilton Bridge pref— 100
Holllnger Gold Mines
Howard Smith Paper
5
*
100
Preferred
Imperial Tobacco of Can.5
Price
6%
14%
10%
89
88
13%
43%
13%
46%
International Power pf. 100
Montreal Tramways... 100
National Breweries
*
13.60
Mar
275
10%
Apr
24
80
35
14%
19%
5%
16%
32%
56
90%
43
55%
"90%
43
320
1,065
1,684
90
41%
42
50
57%
57%
54%
1
Gold
35c
40c
Jan
Jan
Big Missouri Mines......1
33
32
33
36
Jan
Bulolo Gold Dredging....5
4%c
4%c
17%
14%
Jan
Mar
Cartler-Malartlc Gold.... 1
Consol Chlb Gold Fields—1
Mar
Dome Mines
Mar
400
45c
Apr
Mar
76o
Jan
55o
5%c 207,800
119
High
Low
30o
19,000
6%
Jan
Apr
31
Jan
37
3.20
3.20
100
2o
Jan
5%c May
~1~37
1.30
1.45
6,855
1.10
Apr
2.30
—*
55%
61%
Jan
56
*
8.00
8.00
8.20
2,475
6.90
Jan
9.50
Feb
*
20c
20c
24c
30,350
190
Apr
44o
Feb
43
63
56
Mar
May
Apr
54
Feb
Jan
6
Feb
Greene-Stabell Mines
1
60c
50c
60c
1,100
23c
Jan
68c
Apr
J-M Consol Gold
Lake Shore Mines
1
58 %c
47c
63c 127,960
28%0
Jan
63c
May
Jau
14%
Feb
88%
Jan
5
22
Feb
Apr
16%
7%
17%
Feb
Jan
12%
Jan
54%
57
8%c
7c
19c
22 %c
Lee Gold Mines Ltd
Jan
Mclntyre-Porcupine M..5
Apr
O'Brien Gold Mines Ltd.. 1
Apr
103
Jan
Jan
44
Feb
Pamour Porcupine M Ltd *
Parkhill Gold
1
Feb
Perron Gold
Mar
39%
43
820
13
May
10
34
Jan
55
Mar
8
56
Jan
60
'"210
1.45
.......1
Pickle-Crow Gold
1
Feb
Apr
6c
200
Mar
46%
Jan
1.03
76,985
350
Jan
1.03
May
4.25
100
3.75
Jan
4.70
20 %C
1.45
25c
19,750
18% o
Jan
31%
Feb
1.55
3,680
1.12
Jan
1.75
Feb
6.70
3,400
3.95
Mar
6.95
Apr
9.50
9.50
200
98c
1
39
Feb
Mar
44%
"44%
Jan
85
Jan
18c
29c
6.50
Feb
34
60
95
59
Jan
Jan
4.25
100
2,905
Jan
6c
13c
8,500
6,600
56c
3c
Jan
65%
52
1,440
67%
8%c
21c
1
Lamaque Contact Gold M*
Lebel Oro Mines Ltd
1
Apr
25
Week
8%
•
31
50
*
38c
86
14%
*
Shares
36
106
42
13
Niagara Wire Weaving
for
of Prices
Low
High
Price
5,451
95
31
;
Beaurort
Par
Falconbridge Nickel
Francoeur Gold
Mar
57
National Steel Car Corp..*
Preferred
Apr
65
94
"31%
Feb
88
4
5
5
15 %
25
Preferred....
2,420
13%
43%
3%
19
19
Montreal Cottons pref. 100
Montreal L, H & Pr Cons.*
Montreal Telegraph
40
Apr
80
4
*
4%
25%
2,450
13,678
Stocks (Concluded)
High
6% May
4
45
*
Low
135
89
13%
*
*
190
540
15%
11%
Week's Range
Sale
CC/v
6%
4%
15%
11%
*
Massey-Harrls.-
6%
4%
Range Since Jan. 1 1936
Last
Range Since Jan. 1 1936
for
rr
Sales
Friday
.
Shares
35
Int Nickel of Canada
McColl-Frontenac Oil
of Prices
High
35
International Power
Lake of the Woods
Week's Range
Low
Market
Curb
Montreal
Exchange
Friday
44
3c
1,000
5c
40
Jan
Feb
17%
Feb
"
9.50
Pioneer Gold Mines of B Cl
9.50 May
11.60 RJan
*
*
223
225
Ottawa L H & Power—100
93
93
Penmans
48
48
*
Power Corp of Canada...*
Quebec Power
Regent
53%
*
Knitting
....
Preferred
25
Holland Paper pref
St Lawrence Corp
100
...»
A preferred
50
St Lawrence Paper pref. 100
Shawlnlgan W A Power..*
13%
17%
4%
14%
101%
1.75
9%
30%
20%
13%
16%
4%
14%
101
4,433
44%
Jan
15
199%
Jan
1.40 May
93c
1.92
2.05
2.20
3.35
3.28
3.45
2.88
Mar
3.60
Apr
Apr
Mar
Sullivan Consol
1
1.00
99c
1.03
2,151
9,050
15,111
1.43 IJan
1
83c
Mar
1.15
Feb
Simon (H) A Sons
Feb
95
Mar
67
Jan
Teck-Hughes Gold
1
4.80
4.70
4.90
4,100
4.30
Mar
6.35
18%
Feb
Ventures Ltd
*
2.00
1.79
2.02
3,750
12,600
1.60
Jan
2.50
Feb
11 %c
May
21c
Feb
7.65
Jan
8.90
Feb
558
55
770
70
2.00
470
1,930
1,708
2,611
Jan
11%
Jan
14%
4% May
12% Feb
Jan
97
1.70
6%
*
Mar
Steel Co of Canada
*
Preferred..'
110
23%
12c
Apr
700
98c
Mar
1.42
Feb
2,025
2.43
Mar
3.52
.1
6%c
6c
7%c
29,900
6c
Apr
10% o
Mar
1
Duparquet Mining
1.00
99c
1.01
500
.97
Apr
1.38
Mar
20
10
20
10
Jan
12
Jan
380
12
Jan
14
Mar
55c
Mar
91o
62
63%
928
57
Jan
May
57
58
146
49%
Jan
67%
60%
Apr
Apr
.1
60c
90c
5,200
Kirkland Lake Gd M Co.l
44c
44c
1,500
Howey Gold
1
4.00
3.75
4.00
8,595
8berrltt-Gordon Mines
1
1.11
1.05
1.16
1,410
Stadaoonna-Rouyn Mines *
Sylvanlte Gold
1
35c
30
16
18
Jan
38
Mar
20
25
20
May
32
Jan
*
51
51
19
48
Feb
51
Western Grocers Ltd pf 100
110
110
110
15
107
Jan
110%
25
4
Apr
4
Apr
Apr
May
4%
4%
4%
Cum 6% pref
56
57
58
Mar
100
138
135
138
115
133
Jan
140
Feb
Brewing Corp of Can
Commerce
100
150
151%
164
148
Apr
170
Feb
Montreal...
100
151%
187%
184
188
219
184
May
214
Feb
282
282%
169%
18
271
Jan
300
Feb
125
164
Jan
181
Feb
Canada & Dominion Sugar *
Canada Malting Co Ltd. .*
56
100
Nova Scotia
.....100
Royal
169%
165
48
Jan
61%
Sparks St, Ottawa
Week's Range
Sale
Asbestbs Corp voting tr..*
Bathurat Pow & Pap cl B.*
of Prices
29
Beauharnols Power Corp.*
Brit Amer oil Co Ltd....*
Low
28
3%
2%
110
Belding-Corticelll Ltd.. 100
23%
21%
Brit Col Packers (new)...*
Canada Vinegars Ltd
*
Cndn Dredge & Dk Ltd..*
Can Gen Invest Trust.. 100
Can Int Invest
cum
pref 100
Canadian Vickers Ltd
*
High
Feb
12%
Feb
1.00
650
80o
Mar
56%
2
Catelli Mac Prods pref A 30
30
3%
2%
110
23%
3%
105
5
4,624
105
111
55
107%
20
21
155
44%
60
7%
108
7%
56
2
19%
56%
10
110
Jan
May
Jan
58%
8%
425
5%
260
73
*
1.25
100
Jan
37
Jan
-\48H
m
35
Feb
65c May
26%
8
Jan
Apr
4%
50
Feb
Mar
2.00
200
850
Jan
65
Mar
4
1.35
Feb
36
12
7%
Feb
Jan
Feb
80
Feb
2.75
Apr
12
12%
222
9
Jan
19%
Feb
11
11
12
330
8
Jan
19
Feb
90c
95c
2,065
70c
*
21%
20%
22%
1,241
20%
25
25
45
19
3%
38%
25
2%
Apr
37%
3%
36%
4,942
33%
Jan
9%
9%
10
90c
1.05
725
50o
"~9%
9%
235
9%
Mitchell A Co Ltd (Robt)*
9%
5%
6
250
6
Montreal Ref & Stor vot tr*
2
2
5
2
Apr
Apr
Inter Utilities Corp cl A—*
Inter Utll Corp class B ..1
Melchers Dist Ltd A
*
Voting preferred
*
Page-Hersey Tubes Ltd-.*
Power of Can cum pref. 100
Sarnla Bridge Ltd A
*
Sarnia Bridge Co Ltd B.. *
Sou Can P Co Ltd pref. 100
3%
Mar
35%
Jan
4%
Apr
11% May
9%
Feb
16%
Feb
5%
54
11%
15
21%
1,547
5
5%
35
Feb
Jan
23
Feb
Apr
21%
48%
May
68%
Feb
19%
17%
19%
17%
45
19
Jan
30
32%
175
102
102%
101
101
*
2%
par
value
30
3%
2%
22
65
30%
855
Feb
Feb
28%
65
Jan
72%
20%
18%
Feb
Mar
40
Mar
Feb
Jan
May
101
5
23%
May
104%
102%
Mar
May
6%
Mar
Jan
96%
106
185
22
Jan
17%
25
26%
May
Apr
26%
40
Feb
39%
Feb
/ Flat Price.
305
4
„
60c
Walkervllle Brewery Ltd. *
Walker-Good A Worts...*
2%
2
25
137
102%
82
82%
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
Brltlsh-Amer Oil Co 5s '45
26%
27
Brit Col Power 6%s__ 1900
5s
Mar 1 1960
Feb
Jan
2.25
Feb
Canadian Con Rubb 6s '46
Apr
13%
Feb
Canadian Inter Pap 6s '49
Can North Power 5s.. 1953
Can Lt & Pow Co 5s._1949
97%
7
1.50
98
8%
45
60c
60c
5,000
2%
28%
2%
730
2%
100
7%
Apr
8
Jan
2
Apr
9
94%
Jan
Feo
Canadian Vickers Co 6s *47
Cedar Rapids M & P 5s '53
Mar
101
Feb
Consol Pap
Feb
11
Apr
Dominion Canners 6s. 1940
Dominion Coal 5s
1940
Jan
3
Feb
Jan
100
Mar
Jan
Apr
10
Feb
Corp 5%s.l961
Dom Gas & Elee 6%s.l945
Dominion Tar 6s
1949
Donnaconna Paper 5 %s '48
East Kootenay Pow 7s 1942
44%
Utility Bonds
115%
104% 105%
103% 104%
106% 107
Feb
1 1942
6%s
Feb 1 1947
MacLaren-Que Pr 5%s *61
Manitoba Power 5%s.l951
Maple Leaf Milling—
2%s to '38—5%s to '49
Massey-Harrls Co 5s_.1947
/49
/94
83
80%
49
89%
109
106
105%
106%
82%
104%
101%
89%
112%
/30%
McColl Frontenao Oil 6s '49
105
84
97%
Ask
Lake St John Pr & Pap Co
6%s
99
103
Burns & Co 5 %s-3 %s. 1948
39%
14%
100
99
Asbestos Corp of Can 5s '42
BeauharnolsLH&P 5%s '73
115
HAnover 2-6363
Bid
/44%
98
•
NY 1-208
Ask
Abitlbi P & Pap ctfs 5s '53
Alberta Pao Grain 6s—1946
Canada Bread 6s
1941
Canada Cement Co 6 %s '47
Cana Canners Ltd 6s. 1950
99
8%
Bid
Jan
98%
New York
Industrial and Public
6
Jan
•
Bell System Tele.
Calgary Power Co 5s._1960
Jan
2
,
Apr
Apr
Jan
98%
Corporation
•
Royal Securities Corporation
30 Broad Street
24%
9
10
SECURITIES
Municipal
•
Private wire connection between New York, Montreal and Toronto
30
79
9%
Government
Jan
5
9%
-
Jan
95
8%
Minn A Ont Paper 6s. 1945
Montreal Island Pr 5 %s '57
/30%
89%
98
50
95
83%
81%
50
90%
Montreal L H & P ($50
-
-
par
-
100%
value) 3s
1939
Montreal Tramway 5s 1941
105%
30%
91
50
50%
101% 102%
New Brunswick Pr 58.1937
107%
83%
104%
102%
90
113
30%
110
„
89
90
Northwestern Pow 6s. 1960
66
67
Certificates of deposit—Nova Scotia L & P 5s. 1958
66
67
102
Ottawa Lt Ht A Pr 5s. 1957
106%
Ottawa Traction 5%s.l955
Ottawa Valley Pow 5 %s '70
•»
100
Power Corp
of Can 4 %s '59
5s.....—Deo
1 1957
77%
94%
100%
_
-
101
78%
96
.1943
124
125
91%
Certificates of deposit...
124
125
104% 105%
Provincial Pap Ltd 5 %s '47
Quebec Power 5s
1968
Price Bros A Co 6s
104%
90%
77
78
101% 102%
104% 104%
98
98%
103% 103%
.1
90c
Jan
3%
34%
Feb
Feb
Eastern Dairies 6s
Jan
19
Feb
Fraser Co 6s unstpd—1950
6s stamped
1950
109
111
Saguenay Power 4%s_1966
Shawlnlgan W A P 4 %s '67
Simpsons Ltd 6s
1949
Smith H Pa Mills 5%s '53
104
105
Southern Can Pow 5s. 1955
105
98
97%
100% 101
/50%
50%
103%
Steel of Canada Ltd 6s '40
113
United Grain Grow 5s. 1948
Base Metals Mining Corp*
103% 104%
83%
84%
82%
83%
1949
18%
35
9%
15
8%
Jan
9%
Mar
68%c 68%c
1,000
61c
Jan
81c
Apr
Gt Lakes Pap Co 1st 6s '50
19c May
37c
Jan
Int Pr & Pap of Nfld 5s '68
9%
Mines—
1
Fam Play Can
26 %
17%
18
9%
50c
Apr
Apr
Gatlneau Power 5s... 1956
General Steelwares 6s. 1952
........*
Jap
33
Apr
50
Brit Columbia Tel 58.1960
9
98%
Afton Mines Ltd
2
275
Apr
20
140
Feb
•87
9
Thrift St cum pf 6% % -.25
United Distillers of Can..*
Whlttall Can Co Ltd
3,570
Feb
67
30%
70
1.46
Jan
86%
98%
3
35
11%
*
Jan
12
Int Paints (Can) Ltd A...*
Int Petroleum Co Ltd
*
2%
33%
2%
35
Feb
24%
*
.100
13
Feb
Feb
91c
Imperial Oil Ltd
435
21
Mar
Apr
7% May
.*
Preferred
Apr
13
118
*
Inter City Baking Ltd.
10
31%
21
May
24%
50
Jan
Feb
8%
5%
72%
27%
Jan
27%
Apr
106
Home Oil Co Ltd
58%
31
31 %
Jan
78
55
Apr
20
1.50
674
3%
Feb
1.11
18%
470
Voting trust ctfs
464
69
No
Feb
2,130
16%
80
2%
48%
*
4%
18%
86%
61%
3%
16
3%
16%
CANADIAN
May
Feb
May
75
80c
5H
Apr
Apr
120
33%
Fraser Cos Ltd
30
2
65c
Dom Tar A Chemical Ltd *
8%
Jan
Ma'
Mar
20
27%
Foreign Pow Sec Corp
16%
10
"70c
.*
2%
105
91
High
Feb
17%
32%
8%
Cum pref..
Low
110
Dom Eng Works Ltd
Dominion Stores Ltd
Jan
2%
13%
1.40 IJan
78
*
Royallte Oil Ltd
3,082
Commercial Alcohols Ltd. *
*
Donnaconna Paper A
90c
Nova Scotia. & P pre f. 100
Price Bros Co Ltd
100
Preferred
100
Range Since Jan. 1 1936
for
110
44
7%
Feb
13
Jan
Week
Shares
110
20
2.50
6%
6%
Jan
50
McColl-Frontenac OllpflOO
9
-.
1.30 May
216
8
Massey-Harrls Ltd pref 100
110
Canada Paper Co pref
100
Can Nor P Corp Ltd pf 100
871
9
Sales
Last
Price
1.50
8
Eastern Dairies pref...100
Ford Motor of Can A
*
compiled from official sales lists
Friday
Par
Feb
8
*
B
Montreal Curb Market
Stocks-
Feb
2.89
1.30
Industrial Bands
330 Bay St., Tarsotf
May 2 to May 8, both inclusive,
39c
Mar
Loblaw Groceterias Ltd A *
Public Utility and
18S3
255 St. James St., Montreal
56
Jan
2.38
General Steel Wares pf 100
Goodyear T & Rub Co...*
Municipa
INCORPORATED
ESTABLISHED
18% o
500
l .00
.
Preferred
Dom Oilcloth & Linoleum. *
Canadian Government
37c i 06,400
8%
Canadian Light & Pow. 100
Consolidated Paper Ltd..*
HANSON BROS
Apr
8
Calgary Power Co pref. 100
50
1.40
2.50
31c
1.50
100
Canadlenne.
Canada
>
Jan
Feb
Jan
Unlisted Stocks—
Abitlbi ctf of dep 6 % pf 100
Brewers <fc Dist of Van.. *
Banks—
56c
2.50
Abitlbi Pow A Paper Co..*
100
Jan
Jan
1.00
51
pref
Apr
4.73
44c May
Macassa Mines Ltd
30
Hotel
Jan
3.18
20
Windsor
2o
Jan
*
Western Grocers Ltd
61,050
1.10
3.45
_......*
100
Vlau Biscuit pref:
Wabasso Cotton
10%c
7c
1.03
1
13
25
875
3.33
1
Central Patricia Gold
10
63
8.25
9c
Arno Mines
Cndn Malartlc Gold
12%
Apr
8.00
*3*45
Feb
16%
16%
11%C
Unlisted Mines—
Apr
Apr
2%
11%
17%
17%
ll%c 12%c
*
104
32
Jan
50c
Wright-Hargreaves
Jan
Mar
Jan
19%
Wayside Cons Gold
15
Jan
Apr
8
20%
Feb
Feb
18
12%
*
Southern Can Power
Mar
48
Eldorado Gold
Sberwin Williams of Can.*
1.25
Quebec Gold Mining Corpl
88
10%
31%
21
23,785
1.95
Slscoe Gold
Apr
15
614
8%
20%
1.40
1
Mar
55%
240
10
14%
17%
4%
14%
101%
1.75
28
1.10
Read-Authier Mine
52
Noranda Mines
Ogilvie Flour Mills
19c
19c
500
Corp 6s '48
97%
83%
84%
105% 106
-
-
-
-
-
-
United Secure Ltd 5%s *52
Winnipeg Eleo 6s.Oct 2 '54
105
104
105%
104%
Volume
142
Financial
Chronicle
3147
Over- the- Coun ter
Citizens
STOCKS & BONDS
Utilities Company
HouRgSESTftosn
Common
Established 1914
74
Trinity PL, N. Y.
Members New
•
mm
Whitehall 4-3700
York Security
Quotations
New York
Bid
03^8 July 1
d3)*8 May 1
a3)*s Nov 1
a3)*sMar 1
03 Ha Jan 15
aSHs July 1
1975
1954
105 X
103)4
1975
106
a 4s
May 1 1957
Nov
a 4s
a4s
May 1 1959...
May 1 1977
a 4s
Oct
110)*
110 )*
110)4
1 1958
110)4
1 1980
110)4
113)4
113)4
1 1960
1 1962
1 1964
04)48 Mar
113)*
Art
Bid
1960
103)4
o4)4s
o4)4s
105 H o4)48
104)4 o4)4s
103 % o4)4s
10 6H a4)4s
111
a4)4s
111
d a4)*8
111
04)*8
110)4 a4)*s
111)4 a4)*s
114)4 o4)*s
114K a4)*s
114)4 a6s
April 1 1966
Feb 15 1976
113)* 114)4
114)4 115
114)* 115)4
114)4 115)*
Jan
115
Apr 15 1972...
June 1 1974
1 1977
Nov 15 1978
1 1981
Mar
(
Mar 1 1963
June 1 1965
116)4 117)4
116)* 117)*
117)4 118)4
117)4 118)4
Dec
1 1979
Canal A Highway—
5s Jan & Mar 1946 to *71 b
116)4
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and
Commodity Exchanges
119)* 120)*
103)4 104
Jan 25 1937
New York
Highway Imp 4)*s Sept '63
Art
——.
130
Bank Stocks
Art
Par
Bid
Ask
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
26)*
28
50
60
Benaonhurst
4)48 April 1940 to 1949.. b 2.10
Highway Improvement—
4s Mar A Sept 1958 to'67
125)*
Canal Imp 4s JAJ '60 to '67
125)*
Barge C T 4s Jan 42 to '46
114)4
Barge C T 4)4s Jan 1 1945.
117)4
—
132)*
132)*
Canal Imp 4)*s Jan 1964
Can & Imp High4)48 '65..
Bid
World War Bonus—
2.90
Sold and Quoted
MUNDS, WINSLOW & POTTER
115)4 115)4
115)4 116)4
116
1 1967
Deo 15 1971
Bought,
115)4
May 1 & Nov 1 1957
July
Bank and Insurance Stocks
New York State Bonds
Bid
•
City Bonds
Ask
1954
1976
Private wires to principal cities in United States and
Canada.
•
Over-the-Counter Securities—Friday May 8
on
102)4 102%
105)4 105)4
o4s
04)48 Sept
a4)48 Mar
Bought & Sold
Dealers Association
Open-end telephones wire to Baltimore, Boston, Newark and Philadelphia.
National..50
50
13.55
Chase
City (National)
Par
Bid
75
85
20
25
85
National Safety Bank.12 )*
14
16
37
39
Penn
Exchange
Peoples National
10
50
52
Public National
25
40)*
9)*
Bid
Art
ser
35
171
177
950
980
Sterling Nat Bank A Tr.25
23
1960
Trade
18
100
Bid
'
Art
Kingsboro
National...100
...
60
...
Bank
Yorkville
12)*
Bank
100
10)*
42)*
33)*
20
.
.
.
George Washington Bridge
Gen A ref 4a Mar 1 1975-
Gen A ret 2d
33
First National of N Y..100 1920
Flatbush National
100
17
Port of New York Authority Bonds
Port of New York—
12)*
Commercial National.. 100
Fifth Avenue
...
Ask
Merchants Bank
100
National Bronx Bank...50
106)6 106)*
104)4
3 he '65
-
-
-
4s
1936-50..JAD
101)4
112 H
Bayonne Bridge 4s series C
1938-53
B
ser
4)*s ser B 1939-53-MAN
Inland Terminal 4)*s ser D
1936-60
JAJ 3
104)* 105)*
MAS
Holland Tunnel 4)4s ser E
1936-60
MAS
113)4
New York Trust
107)* 108)*
113
114
|
Par
Bid
Companies
Ask
Par
Bid
Ask
Banca Coram Itallana.100
United States Insular Bonds
Philippine Government—
Bid
4s 1946
Art
Bid
101)*
Honolulu 5s
106
107
U S Panama 3s June 11961
1952
106
107
101)* 103)*
107)* 109
4)*s July
5s
Aprl
5s
Feb
1952
6)*s Aug
1941
111)* 113
Hawaii 4)*s Oct 1956
114)* 116)*
3.50
3.0ft
38
1955 opt 1945
JAJ
100
JAJ
MAN
99'516 100)*
99'516 100)*
3)4s 1955 opt 1945
MAN
4s
1946 opt
1944
102
102)4
109)* 109)*
104)* 104)*
JAJ
MAN1
4s 1957 opt 1937
I 100)4
23
24
100
206
210
58)*
Guaranty
100
289
294
12
Irving...
Kings County
100 1680
56
,20
Bronx
County
Brooklyn
20
112
113)4
Chemical Bank A Trust. 10
109
111
Clinton Trust
113
114
113
U S conversion 3s 1946
Conversion 3s 1947
10
7
10ft
)*
8 X
113
9)*
118
118)4 120
114
,.50
Colonial Trust
25
Continental Bank A Tr.10
Corn Exoh Bk A Tr._ -20
Art
3s 1956 opt 1946
3s 1956 opt 1946
10
Fulton.
Central Hanover
4)*s July 1958
5s July 1948
Federal Land Bank Bonds
Bid
Empire
500
Bank of Slcllly
Art
Govt of Puerto Rico—
1955
1959
115
492
Bankers
100
4)*s Oct
105
Bk of New York A Tr. .100
106)* 109)*
52)*
54)*
75
80
13
18)4
59)4
Manufacturers
New
14)4
25
45
15)4
1720
48
20
49
51
25
York
114
117
15
17)4
58)4
10
Lawyers
Title Guarantee A Tr
20
Underwriters
9)4
100
United States....
70
1955
10)4
80
2005
Art
4s 1958 opt 1938
MAN
4)48 1958 opt 1936...JAJ
4)48 1957 opt 1937...JAJ
4)48 1957 opt 1937..MAN
105)*
101)*
102)4
103 H
4)4s 1958 opt 1938..MAN
Chicago Bank Stocks
107)*
Par
Bid
Art
American National Bank A
Trust
JOINT STOCK LAND BANK BONDS & STOCKS
100
230
145
33 1-3
National
Bid
Art
100
280
285
Harris Trust A Savings. 100
Northern Trust Co
100
360
385
780
820
149
Continental Illinois Bank A
Trust
Par
First
210
MUNICIPAL BONDS
Bought— Sold— Quoted
9P
Insurance Companies
r(oMn/iaMu, tfnc.
MUNICIPAL BOND DEALERS-COUNSELORS
120 So. La Salle
St., Chicago
State 0540
•
Par
Teletype CGO. 437
Aetna Casualty A Surety 10
10
Aetna Fire
Bid
97
52)4
33)4
Art
101
Par
Home Fire
Security
Bid
.10
54 94
Homestead Fire
Art
5
Importers A Exporters. .10
10
25 H
6)4
27)4
Aetna Life
Joint Stock
Bid
Atlanta
5s.'
Atlantic
6s
98)*
Bank
Bid
101
Louisville 5s
99
101
101
Maryland-Virginia 5s
Mississippi-Tennessee 6s..
Chicago 68
/12
13
Dallas 5s
100
101
Denver 5s
...
New York 5s
First of Fort
70
Ohio-Pennsylvania 5s...__
Oregon-Washlngton 5s
87
5s
90
Pacific Coast of Portland 5s
Pacific Coast of Los Ang 6s
99)* 101
99)4 100)4
5s
71
74
Merch Fire Assur
American Reserve
10
28)4
29)4
100
101
American Surety
25
47
49
10
35)4
37 H
National Casualty
National Fire
99)*
Automobile
98)*
97)*
99)*
98)*
Bankers A
.2)*
Baltimore Amer
2 )*
25
Shippers
Boston
98~" l66"~
100
Camden
5
Fire
45
48)4
5s
St Louis 6s.
San Antonio 5/
Southwest 5s
Eagle Fire
2)*
Employers Re-Insurance 10
Excess
5
H
9)4
4)*
42
llXz
North
99)*
100
101
92
96
Virginia-Carolina 5s
Virginian 5s
10
43
Fidelity A Dep of Md_._20
94
46)*
97)*
31
74)*
78
101
Fire Assn of Philadelphia 10
Firemen's of Newark
5
11X
32)4
97)*
98)*
100
101
98
99
Franklin Fire
General
5
1
Alliance
Georgia Home
10
Glens Falls Fire
Bank Stocks
5
Globe A Republic
9)4
■
42)*
19
95
2.50
National.25
11
23)*
45)*
21)*
99)*
25
.10
127
132
127
Phoenix
68
Federal
.10
Pacific Fire
101
f29
Union of Detroit 5s
.
60
20
73)*
9)*
10)*
126
131)*
11X
12)4
31)4
33)4
44)*
46)4
5
River
100
5s
.
8
70)*
12.50
Northwestern
60
18
2
Hampshire Fire
Jersey
100
Southern Minnesota 5s
Land
3
40
9)*
10
Northern
5
56
.10
New York Fire
25
101
131
85)*
17)*
89)*
Providence-Washington .10
38
40
Republic (Dallas)
24
25)*
Preferred
Accident
5
10
19
30)4
18)4
20)4
Rossia
5
12
25
27
St Paul Fire A Marine- .25
205
211
40)*
42)*
Seaboard Fire A Marine ..5
11
13
Rochester American
.10
30
33
13)*
Par
32
38
Lincoln
Atlantic
33
38
North
67
Pennsylvania
Carolina
Bid
Art
5
14
16
Globe A Rutgers Fire...15
Ask
Atlanta
63
.2)*
National Liberty
23
Tennessee
Dallas
.25
com
National Union Fire
.20
New Amsterdam Cas_. -.5
New Brunswick Fire... .10
Continental Casualty
75
Bid
9
665
Connecticut Gen Life—10
100
Par
8
96)* 101
653
Bonding A Ins
99)* 100)*
106)* 108)*
99)* 100)*
36
f32
98
Joint Stock
14
100
6/
6
Merch A Mfrs Fire New'k 5
-
Pennsylvania
Illinois of Montlcello 5s
Kentucky of Lexington.__
Mass
American Re-Insurance .10
101
New
72
La Fayette 5s
15)*
101
100
New
Illinois Midwest 5s
Iowa of Sioux City 6s
46
American of Newark
100
22)4
31)4
Phoenix
Greensboro
3 H
43
26)4
Potomac 5s
Greenbrier 5s
..1
24 %
99)*
89
Maryland Casualty
20)4
29)4
100
101
15
10
101
86
13
American Home
99
10
98
100
15)4
4)*
10
Art
Carolina
First Texas of Houston 5s.
First Trust of Chicago 5s..
Fremont 5s
13)4
3)*
City of New York
88
Fletcher 5s
„5
100
101
94
Lincoln Fire
100
99
85
90
72 )*
—5
33
Pao Coast of Salt Lake 5s.
Pao Coast of San Fran 5s_.
5s..
First of Montgomery 5s...
First of New Orleans 5s
Wayne
70)*
Knickerbocker
30
98)*
North Carolina 5s
66
First Carollnas
Ins Co of North Amer. .10
25
5
97
Lincoln 5a
100
5s
79
10
35)4
82)*
26)*
American Equitable
Ask
99)*
25
American Alliance
Bonds
100
Burlington 5s
California
Agricultural
Land
10
40
44
Seaboard Surety
Security New Haven
64
69)*
Southern Fire
28)4
29)4
Springfield Fire A Mar. .25
—5
Stuyvesant
129)* 132)*
5)4
6)*
.....100
8
12
2d preferred
Great American
100
26
29
Great Amer Indemnity
...100
15
5
.
.1
20
24
Halifax Fire
..100
24
28
Hamilton
San Antonio
100
54
57
Hanover Fire
10
Virginia
Virginia-Carolina
Harmonia
100
10
9
12
.10
21)*
23)*
__
.10
36 H
38)4
—
.10
24
26
Des
1
75
80
100
2
6
4
First Carollnas
5
100
Moines
8
Fremont
For footnotes
see
page
3150.
Potomac
5
K
30
35*
21)4
22)4
Sun Life Assurance
100
460
490
20
30
Travelers
100
575
585
39)4
U S
Fidelity A Guar Co —2
14
15
10
37)4
25)4
37)*
U S Fire
50
52
...10
72)*
75 H
U S Guarantee
10
53)*
56)*
Hartford Steam Boiler.. 10
Denver...
73)*
76)*
Westchester
2.50
35)4
37)4
5
34)4
36)4
Fire
Hartford Fire
Home...
...10
4
Fire
H
X
Financial
3148
May 9, 1936
Chronicle
Quotations on Over-the-Counter Securities—Friday May 8—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3o$epb Walkers Sons
DUNNE&CO.
York Slock Extbaug*
Mctnbtrs
Members New York Security Dealers Ass'n.
=\
Dealer* In
120 Broadway
Tel. REctor
20
GUARANTEED
NEW YORK
JOhn 4-1300
Pine Street, New York
2-6600
STOCKS
^Slnc.1855^
BONDS
RAILROAD
Bought
Guaranteed Railroad Stocks
Sold
—
Quoted
—
Earnings and Special Studies
Request
on
(Guarantor in Parenthesis)
Asked
6.00
90
94
10.60
195
100
Members Hew
York Security Dealers Association
200
6.00
....100
Hudson)..
100
.....100
50
100
103
Alabama A Vlcksburg (Illinois Central)-.
Albany A Susquehanna (Delaware &
Bid
SLOANE & CO.
E.
JOHN
Dividend
Par in Dollars
Allegheny & Western (Bull Roch & Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
2.00
36
129
150
54
4.00
94
97
6.00
97
100
5.00
95
100
60
.—60
25
100
3.60
86
88
2.00
48 ?
51
2.00
45
47
5.60
86
90
100
10.00
Bonds
57
100
Common 5% stamped
100
Chicago Cleve Clno & St Louis pref (N Y Central)—100
Bell System Teletype NY 1-694
155
3.00
•
133
8.50
HAnover 2-2455
•
38
8.75
41 Broad St., New York
Boston A Providence
—100
—100
(New Haven)
Central)
(L A N-A O L) 4%
Canada Southern (New York
Carolina CUnchfleld & Ohio
(Pennsylvania)
Cleveland A Pittsburgh
Betterman
stock
Delaware (Pennsylvania)
Fort Wayne & Jackson pref
(N Y Central)
Georgia RR A Banking (L & N-A C L)
Lackawanna RR of N J (Del Lack & Western)
100
185
50.00
Bid
55$s, 1945
6s, 1945
79
99
Chesapeake & Ohio 35*s, series D, 1996
Chicago Union Station 35*s, series E, 1963
100
60
—60
7.00
30
35
4.60
63
68
1.60
38
40
Choctaw A Memphis, 1st 5s, 1952
Cincinnati Indianapolis A Western 1st 5s. 1965—
Cincinnati Union Terminal 35*s, series D, 1971
60
3.00
76
86
Cleveland Terminal A Valley 1st 4s, 1995
(Pennsylvania)—100
-.100
7.00
162
167
Georgia Southern A Florida 1st 5s, 1945...
7.00
180
183
Goshen A Decker town 1st
Preferred
Pittsburgh Fort Wayne A Chicago
Preferred
St Louis Bridge 1st pref
Second preferred
6.90
108
112
Hoboken Ferry 1st 5s, 1946
146
150
Kanawha A West Virginia 1st 5s,
3.00
75
Kansas Oklahoma A Gulf 1st 5s,
—100
3.00
146
150
(Pennsylvania)-—100
Utlca Chenango & Susquehanna (D L & W)
100
Valley (Delaware Lackawanna & Western).—.—100
Vlcksburg Shreveport & Pacific (Illinois Central).—100
10.00
253
257
6.00
90
94
6.00
100
105
5.00
75
80
100
60
5.00
78
82
3.60
50
53
60
3.00
64
67
Preferred
Warren RR of N J (Del Lack &
West Jersey & Sea Shore
Western)
(Pennsylvania)
60
105
88
85
—
—
—
1955—
1978
Little Rock A Hot Springs Western 1st 4s. 1939
96
95
59
—
73
RR)
69
102
—
........
6.00
United New Jersey RR & Canal
98J*
1045*
1045*
—
55*8, 1978.—
995*
1065*
975*
—
-100
(Terminal RR)
Tunnel RR St Louis (Terminal
995*
1055*
/66
.".
—.100
100
(Delaware A Hudson)
Rensselaer & Saratoga
87
83
100
Oswego & Syracuse (Del Lack A Western)
Pittsburgh Bessemer & Lake Erie (U S Steel)
95
1015*
100
4.00
84
85
...
85
82
1025*
1015*
1005*
102
/40
—
———.
43
103
104
70
Macon Terminal 1st 6s, 1965—
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
73
90
...
62
59
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s, 1956
New York Central secured 35* s, 1946
New York A Hoboken Ferry general 5s, 1946
95
98
985*
80
77
Pennsylvania RR 35*8, series C, 1970
100 5*
Portland RR 1st 35*8, 1951——.—
Consolidated 6s, 1945
695*
Rook Island-Frisco Terminal 45*s,
;
67
81
97
5.00
1045*
63
96
Hartford)
Old Colony (NYNH4
104
....
Chateaugay Ore A Iron, 1st ref 4s, 1942..........
66
78
915*
"68
3.875
73
.
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 45*8, April 1 1943—
Boston A Maine 3s, 1950—
Prior lien 4s, 1942—
—
Prior lien 45*s, 1944
——...
Convertible 5s, 1940-46
...
Buffalo Creek 1st ref 5s, 1961
950
Asked
70
„
Akron Canton A Youngs town
192
76 5*
4.00
Michigan Central (New York Central)
...100
Morris & Essex (Del Lack & Western)—
60
New York Lackawanna & Western (D L & W)—-100
Northern Central (Pennsylvania)-—
50
Railroad
1015*
715*
89
...
91
92
90
1957—...
'
St Clair Madison A St Louis 1st 4s, 1951
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951—
EQUIPMENT TRUST CERTIFICATES
Quotations—Appraisals Upon Request
92
87
Toledo Terminal RR
45*8, 1957
Stroud & Company Inc.
Private
Wires to
'mm
65
92
110
——
111
975*
965*
99 5*
985*
1971
103
Virginian Railway 1st lien & ref 35*s, series A, 1966
Washington County Ry 1st 35*s. 1954
'
68
90
Toronto Hamilton A Buffalo 45*s, 1966——...
Union Pacific debenture 3 5* s,
'mm
'
1035*
69
66
Philadelphia, Pa.
New York
garlock packing company
Railroad
Equipment Bonds
Bid
Ask
Baltimore & Ohio
45$s_.
45$ s
6s
61.75
1.25
64.65
2.00
6s
64.50
3.00
2.00
5Hs
64.50
3.00
65.00
4.00
63.10
2.00
63.10
2.00
Missouri Pacific
45$ s
63.90
2.75
New Orl Tex A Mex
6s
63.90
2.75
New
35*8 Deo 1 1936-1944..
63.50
2.00
Boston & Maine
4>*s
45$s_.
York Central 45$s...
68
N Y Chic <fc St L
63.10
2.00
63.10
2.00
Canadian Pacific 45$ s
Cent RR New Jer 45$s_..
63.00
2.00
62.50
1.75
Chesapeake A Ohio 55$s_.
Canadian National
45$s..
5s
61.50
1.00
65*s
45*8
61.00
0.50
62:75
2.00
6s
62.00
65.25
4.25
65.25
4.25
66.76
6.00
6s
Chlo Mllw & St
Paul" 4}ja.
6.00
66.75
6s
Chicago RI & Pao 45$s...
6s
6s
4.50
65.60
6s
65.60
4.50
6Hs
65.50
4.50
63.00
2.60
62.25
1.50
Erie RR
6>$8-
6s
45*8
—.
2.75
63.25
63.00
6s
2.50
62.00
1.25
....
62.00
1.25
...
62.00
1.25
Great Northern 45$s
5a
Hocking Valley 6s
63.10
2.00
5s
62.75
2.00
6^8
62.00
1.00
65.00
4%
63.25
2.00
Ullnois Central
4>$s
Internat Great Nor
4>$8_.
Long Island 4>$s
1.00
1.00
Assoc Gas & El orig
4s series E due
1936-49
63.00
2.00
non-call Dec 1 1936-60
62.75
2.00
63.00
2.00
Jan & July
25*8 series G
Pere Marquette
45*8
—
62.75
Reading Co 45$ s
62.75
11
85
81
-
6s
55*8
Southern Pacifio
7
8
111
113
Carolina Pr <fe Lt $7 pref..*
87
90
*
Ark Pub Ser pref.100
Maine Pow 6% pf 100
preferred
100
Pr A Lt 7% pref..100
78
81
6%
pref...25
preferred
65.60
4.50
$7
4.50
Cent
1.75
Columbus Ry Pr A Lt—
1st $6 preferred A—.11
45*s
6s
63.75
3.00
55*8
63.75
3.00
63.00
2.00
63.00
2.00
63.00
2.00
Texas Pacifio 4s
45*s
6s.
$6.50 preferred B
100
Consol Traction (N J). 100
Consumers Pow $5 pref..*
6% preferred
6.60% preferred
100
100
7%
preferred
100 /
1095* 111
48
53
192
198
102
Foreign Lt & Pow units..*
1.00
55*8
1005*
1025*
Gas A Elec of
103
Hamilton Gas Co
45*s_.
101
3.25
Western Maryland
63.00
2.00
63.00
2.00
65.50
45*s._.
6s
Western Pacifio 6s
4.50
66.50
5Hs
4.50
Realty, Surety and Mortgage Companies
Pari
Bid
Bond A Mortgage Guar_20
Empire Title A Guar... 100'
For footnotes
see page
3150.
|
7
5*
1
Par
Ask
5*
12
98
96
Dayton Pr<fe Lt 6% pf.lOO
Derby Gas A Elec $7 pref *
102
4.00
1045* 1055*
1065* 1075*
1.00
99
4.00
105
104
1.00
100
3.25
475*
62.00
6s
68
65.00
455*
111
1.00
65.00
45*8
108
106
Dallas Pr & Lt 7% pref. 100
2.00
64.00
5Hs
Minn St P & S S M 4s—.
1095*
1.00
Essex-Hudson
64.00
Maine Central 6s
62
1.00
61.75
6s
60
62.00
Virginian Ry 45*s
20
Lawyers Title & Guar.. 100
-
-
69
62.00
5s
Wabash Ry
-
64
62.00
Union Pacifio 45*s
63.25
45$ s
■
61
66
Continental Gas A El—
61.75
6s
Louis v A Nashv
95
Bid
%
Lawyers Mortgage
1
Gas
1
Bergen..100
v
Hudson County Gas...100
Idaho Power $6 pref
*
7%
preferred
100
Illinois Pr <fe Lt 1st pref..*
Interstate Natural Gas..*
Interstate Power $7 pref.*
Jamaica Water Sup pref.50
Jer Cent P & L 7% pf._100
Kan Gas A El 7% pf
Kings Co Ltg 7% pref. 100
2
-
—
-
122
p.
H
—
1
192
198
105
106
110
111
395*
235*
25
23
24
33
36
55*% pf.*
N E Pow Asan 6% pf--100
New Eng Pub Serv Co—
$7 prior lien pref
*
New Jersey Pr A Lt $6 pf .*
New Orl Pub Serv $7 pf..*
N Y Pow 4 Lt $6 cum pf.*
7% cum preferred...100
N Y A Queens E L P pf 100
Nor States Pr $7 pref.. 100
Ohio Edison $6 pref
*
$7 preferred
*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf_.100
7% preferred
100
Okla G A E 7% pref...100
Pacific Pow & Lt 7% pf 100
Penn Pow A Lt $7 pref
*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
Rochester G A E 7% B 100
6% preferred C
100
Sioux City G A E $7 pf.lOO
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
7%
94
-
Consol Gas...100
New Eng G A E
6% pref 100
preferred
100
Texas Pow & Lt
53
92
7%
Los Ang G A E 6% pf--100
Memphis Pr & Lt $7 pref
--
7% pf.lOO
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf.lOO
95
97
685*
Utah Pow A Lt $7 pref
*
Utlca Gas & El 7% pf._100
81
83
Virginia
112
14
35 5*
Tenn Elec Pow
40
1115*
Ask
114
3
66 5*
Ask
1%
.
95
t c
12
33
Newark
-
-
235*
Buff Nlag & E pr
Cent
1.75
-
60
Bid
112
Mountain States Pr com.*
7%
615*
24>*
Cent
3.00
115
Miss Riv Pow 6% pref. 100
Mo Pub Serv $7 pref... 100
preferred
100
Nassau & Suff Ltg pf__100
Nebraska Pow 7% pf__100
8
85
62.75
855*
55*
7
85
63.75
72
84
3
81
62.75
45*s
6s
Southern Ry
70
pref..*
65.50
St Louis Southwestern 5s.
Par
Ask
Bid
preferred
.*
$7 preferred
*
Atlantic City El $6 pref..*
BangorHydro-El 7% pf 100
Birmingham Elec $7 pref.*
81
45*s
45$s_.
Par
Alabama Power $7 pref..*
Arkansas Pr A Lt $7 pref.*
$6.50
St Louis-San Fran 4s
78
72
6s
Denver A R G West
1.25
.
62.00
45$s
Pennsylvania RR 45$s
'
Public Utility Stocks
2.25
3.75
62.00
Northern Pacifio
<;
3.75
62.00
45$sIIII
64.60
64.50
N YNH & Hartf
'
inc.
HAn«ie282 52 William Street, N.Y.
2.25
63.10
5S
78
72
63.10
45$s
6s
1.00
Chicago & Nor West 45$s.
robinson, miller a co.
3.25
63.25
63.25
Atlantic Coast Line
•
Quotations and Analysis
Bid
Ask
-
76
79
70
72
-
-
Ry
100
Washington Ry A Elec—
5
HI?* 1135*
121
125
215*
22 5*
665*
675*
39
375*
1035* 105
43
44 5*
100
1015*
108 5*
103 5*
110
84
87
1025* 1045*
108
110
110
1115*
97
103
98 5*
1045*
104
107
765*
785*
1075* 1085*
805*
825*
104
79
805*
106
103
86
275*
104
87
285*
192
198
58
59
66
67
5*
1015* 103
1085* 1095*
91
93
68
62
935*
63
955*
106
110
100
110
112
Western Power $7 pref. 100
100
5%
preferred
-
-
-
Volume
Chronicle
Financial
142
Quotations
on
Over-the-Counter Securities—Friday May 8—Continued
Securities of the
Specialist* in —
Associated Gas & Electric
S. A. O'BRIEN
Members New York Curb
ISO
Water Works Securities
System
Complete Statistical Information—Inquiries Invited
CO.
&
Exchange
75 FEDERAL ST.,
BROADWAY, NEW YORK
Smrt,Beent&Co.
BOSTON
Hancock 8920
COrtlandt 7-1868
INCORPORATED
40
Direct Private
Telephone between New York and Boston
Bell System Teletype—N.Y. 1074
Public
Bid
Amer States P S
5)48.1948
Amer Wat Wks & El
'76
1st 6s series A
88
89
94
Associated Electric 5s. 1961
66 >4
65
Assoc Gas & El Co
35
36
4>4s '58
Assoc Gas & Elec Corp—
Kan Pow A Lt 1st
Income deb
3)48
3J*s_..1978
30
1978
31
Angeles G A E 4s. 1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
454s
1960
Bid
10554
1978
32 H
34 >4
Conv deb 4s
1973
60
62
1973
61 >4
64 >4
62 >4
N Y Edison 3 >48 D
66
Northern N Y Util 5s. 1955
Conv deb
4>4s
1973
6)48—1973
69
Sink fund Income 4s 1983
35
Sink fund inc4)4s-1983
35>4
37
Sink fund Income 5s 1983
1940
Bellows Falls Hy El 5s 1958
66
—
mm
-
m
Blackstone V G A E 4s '65
Citizens Water Co (Wash)
5s
105)4 10554
Okla Nat Gas 6s A...1946
5s
series
B
1948
'mm
—
6s.
69 >4
10354
102 >4
10254
10054
104 >4 106
-
-
195;
194;
105
106
Connellsville Water 5s. 1939
72 >4
73 >4
Pub Serv of N H 3 >4s C *60
10454 105
105)4 105J4
Pub Serv of Okla 4s A.1966
103 >4
Consol Water of Utlca—
4 >4s
.1958
87
79
77 >4
1st mtge 5s
10954
Scranton Electric 5s.. 1937
104 >4
10454
Sioux City Gas A El 6s '47
105>4 107
Sou Calif Gas 1st 4s..l965
50 >4
51
10354 103>4
Sou Cities Util 6s A..1958
S'western Gas A El 48.1960
Tel Bond A Share 5s.. 1958
5s series A
1942
6s series B
1942
Federated Util
5>4s—1957
Utlca Gas A El Co 58.1957
125
Virginia Power 5s
107
Western Pub Serv 5>4s '60
88 >4
West Penn Pr 3 >4s ser I '66
105 %
Wisconsin G A El 3>4s'66
Wisconsin Pub Ser 5 )4s '69
102 >4
Green Mountain Pow 5s '48
102
103
Iowa Sou Util
100
101 >4
Kan
5^8.-.1950
City Pub Serv 3s. 1951
4054
5sserie8 B
1942
WashA Suburban 5>4s 1941
Western Mass Cos 4s. 1939
98
1952
93
91
90
106 >4
102 >4
105>4 106
108
'
Huntington Water 5s B '54
'
— m
—
6s
1954
102)4
5s
1962
104)4
mmm
101
103
Indianapolis Water 4 >4s '40
105
Ask
1st 6s
31)4
1st lien A ref 5s
1960
40 >4
1970
/57
Munson Bldg 1st 6>48.1939
N Y Athletic Club—
1st Aref 5)4s
1947
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 Legended
50 Bway Bldg 1st 3s inc '46
..
_
.
,
50 >4
41
33 >4
/32>4
/49
35)4
1939
68 >4
70)4
1400 Broadway Bldg—
94)4
97)4
■
-
106
-
/40>4
43)4
-
5 Ha unstamped
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s_1951
Hearst Brisbane Prop 6s *42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
Keith-Albee Bldg (New
1936
/45>4
47 >4
67
69)4
55
58
91>4
93)4
/54
Apr 15 1937
1947
London Terrace Apts 6s '40
(Bklyn)
41
/28
78
mmm
mmm
Debenture
2-6s
44)4
Mtge Co
46)4
75
m
43
mm
45
1934-43
1953
77
part ctfs
(Central Funding series)
/36
38
(Mtge Guarantee series)
Bondholders part ctfs
/36
38
(Mtge Security series)..
Nat Cons Bd Corp 2-5s *53
Nat Deben Corp 2-6S.1953
/29
mmm
Nat Bondholders
5s series B
.1960
Haute Water 5s B *56
.1949
104>4
101
103
92
1950
1st mtge 5s
1st mtge 5>4s
5s series C
1960
103"
104 >4
6s series A
1949
103
103
98
100
1951
98
100
1950
101
102
Bondholders
part ctfs
—
104"
104 >4
43
45
43
45
43
45
Potomac Deb Corp 2-6s '53
mmm
1953
1953
Atlantic
67
Debenture Corp 2-6s '53
43
45
1953
43
45
Union Mtge Co 5 )4sA 6s'37
Universal Mtg Co 6s *34-'39
/54
/54
ture Corp 2-6s
deb
Realty
Bond
A
mmm
Mortgage
2-6s
—
•
Telephone and Telegraph Stocks
32 >4
11
Am Dlst Teleg
84
Preferred
(N J) com.*
Bid
Ask
114
118
/49)4
51
Franklin Telegraph
Emp A Bay State Tel.. 100
100
42
47
Gen Tel Allied Corp $6 pf.
92)4
94)4
Roxy Theatre—
1945
75
Potomac Cons Deb Corp—
2-6s
1953
32)4
Realty Assoc Sec Corp—
6s
mmm
mmm
46
59)4
36
100
Bell Telep of
145
22
147
121
89
123
90)4
.
43
62
Int Ocean Telegraph... 100
100
115
137
New England Tel A
Tel 100
Par
New York Mutual Tel.100
Bid
25
Ask
29
N'west Bell Tel pf 6 >4 % 100
Pao A Atl Telegraph
25
117)4 119
Peninsular Telephone com*
Preferred A
100
18)4
21)*
109)4 111)4
Roch Telep $6.50 1st
So A Atl Telegraph
123)4 125)4
Mtn States Tel A Tel.. 100
/20
/20
77
(all
1953
4754
48
/34
1954
Corp
Ask
45"
46)4
Savoy Plaza Corp—
Realty ext 1st 5>4a.l945
Bond
52)4
*7 ft
< O
43
/57>4
1943
Series B 2-5s
Potomac
Realty
Nat
5>4s double 8tpd... 1961
income
Bid
Nat Union Mtge Corp—
Series A 2-6s
1954
Potomac
165 Bway Bldg 1st 5>4s '51
Co
1st 5 >4s
May 15 1948
70
/51
112
pf.100
25
Sou New Engl Telep...100
S'western Bell Tel pref. 100
104
Wisconsin Telep 7% pf.100
21
21
25
140)4 143
122)4 124)4
Trl States Tel A Tel-
141
19
Preferred
.10
10)4
11H
114)4 116
119)4 121)4
23
k"
94
45
Syracuse Hotel (Syracuse)
1st 6 >4s
Oct 23 1940
Textile Bldg 1st 6s
1958
Trinity Bldgs Corp—
1st 5 >4s
1939
2 Park Ave Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—
1st 6 >4s
Oct 19 1938
/22)4
24
/54)4
57 >4
/15>4
/4554
4754
18 >4
/10
45)4
1942
69)4
72)4
1936
72
75)4
1st fee A leasehold 6s '39
Bank
Debentures
13
/57)4
/43>4
Federal Intermediate Credit
.
F I C 1)48- .July
15 1936
FIC 1)43- -Aug
15 1936 6.30%
15 1936 6 .35%
F I C 1)43-. .Sept
/27>4
74)4
For footnotes see page
mmm
5.30%
31
f72
Ask
15 1936 6 .30%
15 1936 b .30%
Bid
3150.
mmm
FIC 1)43- „Oct
FIC 1)43- ..Nov
15 1936 6.35%
16 1936 6 .40%
FIC 1)43. ..Dec
15 1936 6.40%
F I C 1)43- ..Jan
F I C l)4s. —Feb
15 1937 6.50%
15 1937 6.50%
FIC 1)43- ..Apr
FIC 1)43.. .June
9854 100 >4
64 >4
66 >4
Bid
•
FIC 1)43- .May
Westinghouse Bldg—
82 >4
102
Potomac Maryland Deben¬
Mortgage Bond Co of Md
Canada. .100
Bell Telep of Pa pref
100
Clncln A Sub Bell Telep. 50
Cuban Telep 7% pre!.. 100
87
/42>4
1960
2-68
/54
66)4
83
93
102 H
Potomac Franklin Deb Co
5>4s A
63 >4
65)4
62
5s series A
issues) 2-5s
1953
Par
/8
mmm
/8154
61 Bway Bldg 1st 5>4s 1950
General 7s
1945
Ludwig]Bauman—
1st 6s
Nov 15 1939
53
59 >4
100 %
Sherry Netherland Hotel—
5554
Lewis Morris Apt Bldg—
Lincoln Bldg Inc 5)48-1963
Loew's Theatre Realt Corp
80 >4
102
Ask
65
(The)—
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6>4s'38
51 >4
iSSg
102
■mmm
76
Llnooln Tel A Telegraph..*
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
103
11
69
102 >* 103 J*
101 >4
108
2-5s '53
(Phlla)
July 7 1939
1st fee A l'hold 6 >48.1940
9
67
Oct 1 1941
1967
104)4
1 Park Ave 6s. .Nov 6 1939
5s
Fox Theatre A Off Bldg—
1st 6Hs (LI)
1st 6s
101
Prudence
42 Bway 1st 6s
l«6s
5>4s series Q
1st 6s
103H
6s series B
103 E 57th St 1st 6s.. 1941
75)4
1st 6)4s
5>4s series F-l
Arundel Bond Corp
Nat
/39)4
/31>*
/46 >4
/38
19th A Walnut Sts
73 >4
49
74
Rochelle) 1st 6s
5 >4s series BK
5 >4s series C-2
38)4
1944
31
36
1958
1st 6)4s
/29
76)4
33 >4
30
1948
75
1st A gen 6s
1946
N Y Eve Journal 6 >4s.l937
N Y Title A Mtge Co—
8
1958
105)4
Arundel Deb Corp 2-6s '53
Associated Mtge Cos Ino—
Inc 2-5s
92
1941
Film Center Bldg 1st 6s *43
—
89 >4
40 Wall St Corp 6s
Fuller Bldg deb 6s
1945
93
36
73
93
ioI"
101 >4 103
104
1953
2-5s
6s
34K
/6
4>4s
101 >4
101)4 103
Home
1st mtge 2s stmp A reg'55
70 >4
99 J*
104
100 >4
Water Serv Cos Inc 5s. 1942
104)4
92
71
50 >4
1950
105 >4
91
105
102
89)4
67)4
1949
unstamped
stamped
1947
Oliver Cromwell
62d A Madison Off Bldg—
6s
N 'V
1947
1st 6)4s
1948
69
32
107>4
102
103
Cont'l Inv Bd Corp 2-5s *63
Cont'l InvDebCorp 2-6s '53
62)4
600 Fifth Avenue—
6)4s
6s
S f deb 5s
/42>4
/29
102
6s series A...
105)4
30
Metropol Playhouses Inc—
59 >4
Ask
Metropolitan Chain Prop—
6s
Apr 28 1940
103
104
Pinellas Water Co 5>4s *69
Pittsburgh Sub Wat 5s '58
105)4
1st lien A ref 5s
f2 8 >4
Metropolitan Corp (Can)
/37J4
Dorset (The) 1st 6s
1941
East Ambassador Hotels—
602 Park Ave 1st 6s
Bid
Majestic Apts 1st 6s__1948
Court A Remsen St Off Bid
101
105 >4 107
97 >4
99>4
Surety Guaranteed Mortgage Bonds and Debentures
/42
/52
/30
/30>4
Broadway Motors Bldg6s stamped
...1948
Chanln Bldg Inc 4s
1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6S..1948
100 >4 102 >4
99 >4 101>4
Bell System Tel.
N Y 1-588
Real Estate Bonds and Title Co. Mortgage Certificate*
1st leasehold 6)*8-.1944
1948
106
Bid
B'way A 41st Street—
Prior lien 5s
erre
Illinois Water Serv 6s A '52
All series
32"
1948
...
102
Allied Mtge Cos Ino—
Certificates of deposit...
106
f'msport Water 5s... 1952
& CO.
150 Broadway, N.Y.
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 6s. 1941
1950
1948
106
Lexington Wat Co 5>4s '40
INCORPORATED
Bid
1st A ref 5s
98)4
Jamaica Water Sup 5 >4? '55
Joplin W W Co 5s
1957
Kokomo W W Co 58.. 1958
Real Estate Securities
AMOTT, BAKER
102 >4 104
Peoria Water Works Co—
1st A ref 5s A
100
96)4
1st lien A ref 5>4s__1953
1st lien A ref 5>4s..l954
1
BArclay 7
94"
'
mmm
We invite inquiries for copies of our compre¬
hensive statistical reports on real estate issues.
Jan 1 1941
90
Scranton Spring Brook
Water Serv 5s
1961
1035*
126
101 >4 102 >4
4154
-
-
5s
....1958
Interstate Water 6s A. 1940
Alden 1st 6s
88
Penna State Water 5>4s '52
Penna Water Co 5s... 1940
91
ranton Gas A Water C
-
Indianapolis W W Secure—
2360
98
Roanoke W W 5s
101
103)4
104)4
6s series D
1960
Greenwich Water A Gas—
Ssserels A
1952
102 >4 102 J4
84
82
105>4 106 >4
/40
70 >4
71>4
Duquesne Light 3>4s_1965
Edison El IU (Bos) 3>4s *65
Federal Pub Serv 1st 6s *47
96
Roch A L Ont Wat 6s. 1938
98
99
1055*
E St L A Interurb Water—
104 >4 10454
55 >4
54 >4
102 >4
105>4 10554
107
10754
1937
Duke Price Power 6s-.1966
110
Ohio Water Service 5s. 1958
St Joseph Water 5s
1941
4s series A
....1966
95
1958
Hackensack Wat Co 5s '77
Dayton Ltg Co 5s
105
108
Richmond W W Co 58.1957
85)4
87)4
100
Davenport Water Co 5s '61
109
10354 10354
10054 10054
3>4s. 1970
90 >4
93
>4 101>4
Plainfleld Union Wat 5s '61
83)4
10354
105 >4
10454 10454
Debenture 3>4s
1956
Consol E & G 5-6s A.. 1962
Consumers Pow
Pub Util Cons 5 >48—1948
...
85)4
68
San Diego Cons GAE 4s '65
105
3^8*46
Consol Edison NY
88
102 >4 10254
1055^ 107 >4
Conn River Pr 3 X s A. 1961
91
99
Phlla Suburb Wat 4s. .1965
105)4
/66
88
1951
5 >48
1st consol 5s
...
103
Public Serv of Colo 6s. 1961
G *60
— mm
Community Water Service
Peoples L A P 5 >4s ...1941
ser
■
106
5>4s series A
*
102 >4
New York Wat Serv 5s '51
1st consol 4s
6s series C
77
Colorado Power 5s...1953
Columbus Ry P A L 4s '65
■
101)4
'
Pennsylvania Elec 6s. 1962
mmm
Commonwealth Wat (N J)
96
Cent Maine Pr 4s
...
105 >4
71)4
103 >4
103
104 >4
101 >4 103
Newport Water Co 5s. 1953
102
102 >4
101
Pacific Gas A El 354s H '61
Pacific Tel A Tel 3 >4s B '66
Parr Shoals Power 58.1952
105 >*
Ohio Cities Water 5>4s '53
Ohio Valley Water 5s .1954
105
101
76
Cent Ind Pow 1st 6s A 1947
-
102
102 >4
95
1966
-
-
103 >4
Central C & E
Cent 111 Light 3>4s
'
103
103
Cent Ark Pub Serv 5s 1948
1946
New Jersey Water 5s_> 950
New Rochelle Wat 5s B *51
105
106
1st lien coll tr 6s
102
101 >4 102)4
10254
Penn Telep Corp 1st 4s '65
5)48—.1946
Muncie Water Works 5s '65
100
101 >4 101 >4
Old Dom Pow 5s May 15'51
108 >4 109
100
103
Ore-Wash Wat Serv 5s 1957
—
98 >4
97 >4
102 >4
101
Bklyn Man Trans 4)4s '66
103
105 >4 107 >4
100 >4 102 >4
Monongahela Valley Water
5 >4s
1950
Morgantown Water 5s 1965
105)4 106)4
Ask
Long Island Wat 6 >48.1955
Middlesex Wat Co 5 >4s' 57
Monmouth Consol W 5s *56
101
106 >4
69
Ohio Ed 1st A cons 48.1965
•mm
43
Participating 8s
1965
-
-
10754
104 %
98 >4 100 >4
105
w
103
72
39
Sink fund inc 5)43—1983
Newport N A Ham 5s. 1944
New Eng G A E 5s...1962
-
-
103
104 >4
New York Cent Elec 5s '52
Conv deb 4)4s
Conv deb 5s
Income deb
105
mmm
10554 10654
105
10554
107 >4
Bid
Ask
98)4 100)4
108 >4 108 >4
100 >4
31J4
33 >4
Ask
105
Mtn States Pow 1st 6s 1938
30 >4
1978
4>4s '65
Los
1st A gen
Income deb
Income deb 4s
Water Bonds
Kansas Elec Pow 1st 6s '37
Keystone Telep 5>4s.l956
Long Island Ltg 5s...1955
92
NEW YORK
Teletype: New York 1-1078
Tel.: HAnover 2-0510
______
Bid
Ask
64 >4
64
1945
Ark Missouri Pow 1st 6s '53
EXCHANGE PLACE,
Utility Bonds
66 >4
68 H
100
101
Ariz Edison 1st 5s....1948
3149
15 1937 6.55%
'
mmm
mmm
Ask
mmm
mmm
mmm
mmm
mmm.
Financial
3150
May 9, 1936
Chronicle
Quotations on Over-the-Counter Securities—Friday May 8—Continued
HAMILTON GAS CO. V T C
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
30
Telephone HAnover 2-9030
Kneeland dC Co.—Western Trading
REORGANIZATION SECURITIES
Bid
Ask
•
15.68
16.68
Affiliated Fund Inc 00m..
1.69
1.87
Par
Fund
Administered
M. S. Wien & Co.
22%
1.07
1.17
12%
13%
1.09
Bancamerlca-Blair Corp
Am Insurance Stock
Corp*
Shares—2
3%
Assoc Stand Oil
5%
4%
6%
*
2%
17.95
19.41
.38
".58
Maryland Fund Ino com..
Mass Investors Trust
1
24.24
26.35
27.93
29.87
Mutual Invest Trust....1
1.41
1.55
18%
Nation Wide Securities.. 1
4.01
4.11
Voting trust certificates.
1.65
1
16%
4.00
4.40
3.15
Corporate Trust Shares...
Series 1956
Series AA
2.48
Series 1958
Accumulative series
2.48
Northern
Securities... 100
55
62
Series AA mod
3.09
Pacific Southern Inv pref.*
40
42%
Series ACC mod
3.09
Class A
*
13
14
Class B
*
3
100
114
Common B shares
in the
.10
37
100
110
Bristol & Willett
vtc._
9%
*
American
American
28
100
Book
25
70
73
Arch
99% 103
8% cumul preferred
31%
32
*
20
22
100
18
21
100
69
73
25
American Hardware
Amer Maize Products
American Mfg
Preferred
Republics com.*
3%
4%
Andlan National Corp...*
47%
Construction. 10
14%
49%
16%
Beneficial Indus Loan pf.*
51%
54
American
Art Metn
Bowman-Blltmore
Hotels
7
*
48
50
Preferred
Mallinson (H R)
Selected American Shares.
3.41
4.50
Selected Cumulative Shs..
8.92
7.10
Selected Income Shares
4.64
Selected Industries conv pf
1.55
1.68
24.53
26.43
*
11.07
*
9.19
20.88
22.98
Fundamental Tr Shares A.
5.63
6.25
100
116
121
Carrier Corp 7%
44
49
Ohio
Climax
pref.. 100
Molybdenum
*
38
39%
9%
Columbia Baking com
*
Crowell Pub Co com
100
Co of N Y
Dictaphone Corp
*
$7
preferred
Dentists' Supply
100
Preferred
Dixon (Jos) Crucible
100
Doehler Die Casting pref.*
Preferred
50
22
50%
52%
50%
52
49
51
106%
50
53%
120
41%
__5
36
38
Leather
*
20
22
Oldetyme Distillers
1
Pathe Film 7% pref
Publication Corp com
*
$7 1st preferred.
Standard Cap &
Standard Screw
Seal
_
5
100
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
50
71
107
1
1%
Foundation Co—
*
Taylor Milling Corp
Taylor Whar I & S com..*
Trlco Products Corp
*
Tubize Chatlllon cum
*
4%
5%
__*
6%
7%
*
5%
6%
Foreign shares
shares
.
Gen Fireproofing $7
Golden Cycle Corp
*
35
pf.100
100
10
Graton & Knight com
*
50
4%
38
53
5%
100
47
Great Northern Paper..25
26
27
Herr-Hkll-Marv Safe. .100
31
Jacobs (F L) Co
Klldun Mining Corp
15%
17"
2%
2%
1
King Royalty common
*
Lawrence Portl Cement 100
17
100
100
100
19"
Supervised Shares new
1.51
Trustee Standard Invest C
112
1.40
1.52
1.09
1.19
1.32
1.44
Trusteed Amer Bank Shs B
1.00
1.12
1.12
1.22
Trusteed Industry Shares.
1.31
1.45
1.43
1.56
Trusteed N Y Bank Shares
1.47
1.67
1.25
1.36
.99
1.08
United Gold Equities (Can)
Standard Shares
1
2.66
2.96
1.37
1.49
U S El Lt & Pr Shares A..
1.24
1.35
1%
1%
preferred
*
Welch Grape Juice pref.100
conv
West Va
Pulp & Pap com.*
100
Preferred
White (8 S) Dental Mfg.20
White Rock Min Spring—
V
99
104%
93"
/ 90
93
Am Wire Fabrics 7S..1942
95
97
preferred
125
Deep Rock Oil 7s
100
7
8
102
Chicago
18
15
105
Sept 1 1939
1938
Jones & Laughlin Steel—
4%s
1961
Journal of Comm
6%s.l937
18.83
Fund
4
NEW YORK
-
-
Boston
Securities
44%
115
3
2%
10
8
4%
3%
Chain Store Stocks
44
Par
100
17%
15%
Borland Shoe Stores
7%
101% 103%
$2.50
conv
Bohaek (H
7%
Bid
pref
*
C) common..*
.
—
-
Kress
.
.
.
Lerner Stores
36
37
6%
4%%
7%
38
108
110
(Daniel) pref...100
105
(I) <fc Sons com
6%% preferred
Nelsner Bros
L) 7% pref.. 100
Katz Drug preferred
Kobacker Stores
*
14%
Reeves
pref
Ask
12%
•
-
.
6
35%
111%
8
37%
-
-
.
.
105
103
*
8
85
Bid
—
100
104
109
114
-
-
-
5
95
....
100
United Cigar Sts 6 % pf. 100
6% pref ctfs
U S Stores preferred... 100
108
•mmm
Rose 5-10-25C Stores
-
100
preferred
16%
99
100
Par
7%
11%
118
Edison Bros Stores pref 100
Fish man (M H) Stores...*
Preferred
...100
Ask
Bid
109%
100
*
100
100
100
preferred
Murphy (G C) $5 pf
61
Bid
10
100
Miller
40
104
(S H) 6% pref
pref
Melville Shoe—
15
100
100
preferred
Par
Ask
7%
88
14
Diamond Shoe pref
29
27
100
Blckforda Ino
15
14
*
preferred
131
Aug
48
Aug
Corp
15 1936
15 1937
15 1938
2s
Aug
1%8
June 15 1939
3 % s'5l
1946
72
No Amer Refrac
Sohlff Co
preferred
20
23
20
23
3
7
101.3
101.5
/16%
18%
98%
98%
100.12 100.15
101.27 101.29
Sugar Stocks
102.27 102.30
101.4 101.6
99% 101
101%
101
36%
/34%
96
89%
92%
1941
102%
Eastern
Penn-Mary Steel 5s.-.1937
Mfg 5%s
1945
Std Tex Prod 1st 6%s as '42
Struth Wells Titus 6%s '43
Wlllys-Overl'd 1st 6%s '33
Wltherbee Sherman
Woodward Iron 5s
6s
'44
1962
—
Savannah Sugar Ref_.
*
115
21
23
preferred
100
West Indies Sugar Corp..l
Haytlan Corp Amer
Ask
115
14
1
Preferred
•No
86
105% 106%
14
/12
Bid
22
12%
20
Sugar Assoc
*
%
7%
2%
3%
1%
-
102% 103
84
Par
Ask
21
1
Cache La Poudre Co
98
6%s.l944
Otis Steel 6s ctfs
Scoville
71
1%
17.15
Wellington
Store
Chain
10%
9
42%
125
Reynolds Investing 6s 1948
l%s
Un N Y Tr Shs se rF
1%
57 William St.
54
100
N Y Shipbuilding 5S..1946
102%
Federal Farm Mtge Corp—
Haytlan Corp 8s
1.08
3
1.08
27%
26%
127
preferred
Nat Radiator 5s
100% 101
/70
2.65
1.00
BURR & COMPANY INC.
135
120
Nat Dairy Prod deb
102
.65
22.18
.98
100
Worcester Salt
Merchants Refrlg 6s..1937
1955
1937
17%
2.55
Voting trust ctfs
4%
32%
33%
345
340
22%
21%
38
36%
24
1st
8
Bear Mountain-Hudson
3%s
17%
B
43
100
111
/90
1st
.50
20.63
Investors..*
5.96
Un N Y Bank Trust C 3_.
24
22
6.83
B
Home Owners' Loan
1939
1953
Chicago Stock Yds 58.1961
Cudahy Pack conv 4s. 1950
*
D
Trustee Standard Oil Shs A
101
40
103
3%
100
$7
Ask
Type Founders 6s_1937
River Bridge 7s
com
Investors Fund of Amer
Wilcox-Glbbs common..50
7%
American Tobacco 4s .1951
Debenture 6s
shares
Incorporated
Miscellaneous Bonds
Am
shares
Huron Holding Corp
Green (H
American Meter 6s...1946
2.30
1.72
Preferred
118
Bid
13.70
2.35
1.87
Young (J S) Co com...100
200
1st 6% preferred
2d 8% preferred
2.07
1.39
Warren Northam—
WJR The Goodwill Station
....
Lord & Taylor com
pf.10
Unexcelled Mfg Co
10
Un Piece Dye Wks pf__100
U 8 Finishing pref
100
$3
45
Preferred
6.30
12.60
1.98
.1
20
69
American
Pharmacal
Sparta Foundry common.
46%
106
Galr (Robert) Co com
Preferred
6.30
D
shares
Guardian Inv Trust
80
56%
124
Flour Mills of America...*
Driver-Harris pref
75
53
•
Douglas Shoe preferred. 100
Corp
*
100
Draper
2.30
C
6.07
RR Equipment shares..
Steel shares..
95
44
100
*
100
Remington Arms com
*
Scovlll Mfg
25
Singer Manufacturing.. 100
100
17
5.52
11%
20%
$1 cum pref
Columbia Broadcasting A *
Class B
*
BB
Tobacco shares
24%
90
42
Northwestern Yeast
Norwich
3.53
B
Mining shares
5%
22 %
100
2.30
AA
Merchandise
lI6"
4
preferred
3.34
Chemical shares
51
New Haven Clock pf
100
North Amer Match Corp.*
91.17
Food shares
102
*
*
.89
*
Building shares
33
Preferred
.96
*
__
Automobile
116
Nat Paper & Type com
3.85
Standard Utilities Inc
Super Corp of Am Tr Shs A
26.43
Petroleum
31
114
Casket
20.01
3.60
Investing shares
1
100
18.82
Spencer Trask Fund
State Street Inv Corp
24.53
Group SecuritiesAgricultural shares
18%
17
*
Standard Am Trust Shares
41
37
5.36
B
3%
100
preferred
National
30
Preferred
3
Preferred
26
1.60
25c
Mock Judson & Voehringer
Canadian Celanese com..*
3%
~3%
100
Merck <fc Co Inc com
5%
1.47
9%
General Investors Trust..
%
4%
Inc com.*
Maytag warrants
—100
1st preferred
Ask
6
2
Selected Amer Shares Ino.
Fundamental Investors Inc
Bid
Maofadden Publics com.-*
6%
.65
3.90
3.51
6.40
Dividend Shares
Par
Preferred..:
American Hard Rubber—
4.70
4.20
B
Ask
8%
12.08
4.40
2.55
Equit Inv Corp (Mass)..5
Equity Corp cv pref
1
Fidelity Fund Inc
*
Tel. BArclay 7-0700
NY 1-1493
Industrial Stocks
Amer Air Lines Inc
11.58
__
C
Fixed Trust Shares A
Bid
1.63
D
Members New York Security Dealers Association
Par
1.05
1.48
3.75
Diversified Trustee Shs B.
1920
N. Y.
3%
.94
.40
40
2.29
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B.
3.15
Plymouth Fund Ino A. 10c
Quarterly Inc Shares
25c
Representative Trust Shs.
Republic Investors Fund.5
Royalties Management...
5.45
Cumulative Trust Shares.*
Market
31%
29%
7% preferred
COMPREHENSIVE SERVICE
Bell System Teletype
2.40
3.11
8% preferred
115 Broadway,
No Amer Tr Shares 1953..
%
Crum & Forster Ins com 10
Established
27.91
77%
Serles 1955
Teletype N. Y. 1-1666
Over-the-Counter
73%
1.79
3%
No Amer Bond Trust ctfs.
2.58
BOwllng Green 9-3565
New York
N Y Bank Trust Shares...
6
25.95
ICommodity Exchange, Inc.
61 Broadway,
43
4
Century Trust Shares
*
Commercial Nat'l Corp..
/New York Security Dealers Association
.
_
40
Central Nat Corp cl A...*
Class B
._*
C. E. UNTERBERG & CO
_
6%
Major Shares Corp
Canadian inv Fund Ltd.l
Sylvania Industrial Corp.
5%
Pomeroy Ino com
4%
Broad St Invest Co Inc—
Ltd
8%
49
Schoellkopf, Hutton &
4.28
Fund
7%
47%
First Boston Corp
Shares...*
British Type Invest A...1
Basic Industry
Bullock
5%
*
Investment Tr of N Y
.75
.50
4
Bankers Nat Invest Corp *
Molybdenum Co.
93~.60
Investm't Banking Corps
.97
Bancshares Ltd part shsSOc
Climax
91.74
Amer General Equities Inc
Gal.
Angeles,
41
Investors Fund C
23%
44
41
*
7% preferred
*
1
Corp
Shares
Amer Business
York Security Dealers Assn.
25 BROAD ST., N. Y.
Teletype N Y 1-1397
Ask
Bid
Par
■
-
Invest Co of Amer com. 10
Amer & Continental Corp.
Amerex Holding
Established 1919
Members of the New
Los
Correspondent
Investing Companies
ISSUED SECURITIES
RIGHTS
HAnover 2-8780
Incorporated
BOwIing Green 9-1420
Street, New York
63 Wall
Members New York Curb Exchange
WHEN
GROUP.
DISTRIBUTORS
NEW YORK
STREET
BROAD
Company Securities
d
par
Coupon.
value,
a
Interchangeable, b Basis
/ Flat price,
to
< When Issued,
x
price,
e
Registered coupon (aerial).
Ex-dlvldend.
y
Now selling on New
York Curb Exchange.
75
t Now listed
'
/58
on
New York Stock Exchange.
...
/18
20
/61
63
t Quotations per 100 gold rouble bond equivalent to 77.4234 grama of pure gold.
Volume
Financial
142
Quotations
Over-the-Counter SecuritiesFriday May 8—Concluded
on
3151
Chronicle
BOURSE
PARIS
THE
Quotations of representative stocks as received by cable
each day of
the past week:
May 2
Foreign Unlisted Dollar Bonds
Bid
Anhalt 7s to.
/23
/32
/17%
/17%
/15
/25
26
Hungarian Ital Bk 7 %s '32
19
/18
/13
/8
/22
/66%
/69
>
)
L
Hungarian
Ban
22%
Leipzig O'land Pr 6 %s '40
Leipzig Trade Fair 7s. 1953
uneberg Power Light A
Water 7%
1948
lannhelm A Palat 7s_1941
Munich 7s to
1945
Munlc Bk Hessen 7s to '45
12
26
67
/27
196 )
/39%
41%
f9
i
/io%
7
Nassau Landbank 0 %s '38
C C A D 7
10%
11%
/2%
—
6%s (A A B).. 1940-1947
Nat Central Savings Bk of
47
L
/53
54
9
/23
/51
/24%
/23
/23
/22
25
.
9
6s.
3
5
5
East Prussian Pow 6s. 1
3
1948
Oberpfals Eleo 7% —1946
Oldenburg-Free State 7%
63
6
/33
/23%
5
7%
Mtge
Panama 5%
Porto Alegre 7%
24%
Protestant
24%
1940
'33
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% '36
Rio de Janeiro 6%
1933
scrip
1968
many) 7s
Prov Bk Westphalia 6s
26
26%
Rom Cath Church 6 Hs
*46
7
155
2
142
147
R C Church Welfare 7s '46
5
/27
29
Saarbruecken M Bk 6s '47
8
11
French Nat Mall 83 6s
/26
28
-
-
-
Salvador
bank 0 % %
July to Deo 1933.
/45
/37
/24
/7%
.
.
-
Dawes
...
/9
9%
/18
German
12-1-34
1936
1
/12
/14%
/40
.
6%
824
810
820
795
110
110
100
Courrieres
200
199
184
192
511
507
470
490
1,450
1,310
410
615
1,440
1,200
413
596
Energie Electrique du Nord
Energie Electrique du Littoral..
29%
/73
/70
26
/23
25
70
15%
25%
560
560
554
850
860
860
790
792
800
1,021
800
732
950
1,005
Nord Ry
Orleans Ry
1940
7s
7sl 111946
1,022
Rentes
Rentes
0
/ 20
/25%
4%%, 1932 A
4%%, 1932 B
5%, 1920
1951
1950
7
27%
Veeten Elec Ry 7s
1947
Wurtemberg 7s to
1945
/24
65.90
66.60
68.40
67.80
68.20
68.10
67.00
67.20
72.40
71.30
94.00
2,690
1,337
1,355
72.00
70.90
70.80
71.10
69.90
69.80
93.40
90.40
89.00
2,670
1,325
2,680
2,680
2,630
Saint Gobaln C A C
1,335
1,285
Cle
Societe Francaise Ford
1,340
1,250
"48
48
48
367
Societe Lyonnaise
45
46
35
35
33
34
1,310
1,200
1,100
1,153
531
531
531
Soclete Generale Fonclere..
34
37
Societe Marseillaise
531
16
Tubize Artificial Silk, pref
Union d'Eelectrlcltie
72
73
69
72
25
405
370
375
360
24
Wagon-Lits
46
45
46
46
39~"
35
EXCHANGE
STOCK
THE BERLIN
11
Closing prices of representative stocks
each
May
May
May
4
5
6
7
8
-Per Cent of Par
36
35
35
35
36
37
.114
114
115
115
115
114
.147
147
147
147
147
147
88
87
87
86
87
87
-134
133
132
131
133
133
89
89
88
88
88
88
.121
120
120
119
120
121
Rys) pf 7% .127
126
126
126
126
127
Berliner Handels-Gesellschaft (6%)
Berliner Kraft u. Licht (8%).__
Commerz'und Privat-Bank A. G
.
(7%)
Deutsche Erdoel
95
May
May
2
Allgemelne Elektrlzltaets-Gesellschaft
27
received by cable
May
30
40
/270
/44
/24
as
day of the past week:
Deutsche Bank und Disconto-Gesellschaft.
City 7s
67.10
68.60
67.80
Royal Dutch
/69
/93
/93
Tucuman Prov 7s
66.60
72.80
71.80
94,60
Dessauer Gas
24
13
1,190
68.75
68.00
/75
s
7
12
66.90
Stlnnes 7a
—
375
1,115
16
45
unstamped-1936
7s unstamped
1940
359
378
1,185
378
Stettin
Pub TJtil
830
1,185
50
/44 55
Serbian coupons
1,200
"586
533
559
Schneider A
/23%
/40
/30
/32
/15
/23
/22
/25
/36
/34
/8
1,360
day
Rentes
/14%
l,3i0
1,100
382
Holl-
Rentes, Perpetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
/25
/22
1,410
1,160
L'Air Liqulde
Pathe Capital
Pechiney
/25
110
99
Lyon (P L M)
15
93
3
6%.
415
Comptolr Nationale d'Escompte
R140
20
390
Tucuman
-
Guatemala 8s 1948..
Haiti
12%
-
19
413
Kuhlmann
11%
15%
Slem A Halske deb 08.2930
Young
Co
stamped..
June
19
1,070
1,130
19
1,140
19
430
18%
1956
20,100
730
1,140
28
77
08.1943
1947
197
20,100
692
Transatlantique
/26
/27
/17
Serbian 5s
201
19,700
758
Eaux Lyonnaise
/10%
/14%
/26
/39
Sao Paulo (Brazil)
192
19,800
773
26%
/ 72
Saxon State Mtge 6s
-
180
19,400
29
Santander (Colom) 7S.1948
1947
360
Citroen B
Cle Generale
(Brazil)
8%
8%
799
340
352
...
29
Santa Fe scrip
25
s
-
Catharlna
Santa
/20 40
.
German
1957
of dep '57
Salvador 4% scrip
.
German scrip.
7%
Salvador 7% ctf
s
750
347
190
804
Cle Distr. d'Electricitie
Cie Generale d'Electricitie
/24%
/23
25
5,400
5,700
Banque de Paris et Des Pays Bas
Banque de l'Union Parisienne..
/26
/26
(Ger¬
Church
Francs
6,300
Credit Commercial de France...
Credit Lyonnaise
/60
1945
to
53
27%
European Mortgage A
French Govt 5%s
32~~
/29
National Hungarian A Ind
/24
/61
/45
3
1962
7 He
Hungary
J
6%%
1948-1949
May 8
Francs
6,500
801
Coty S A
83
/3"f"
Panama
Natl Bank
/111
7
1947
Recklinghausen 7s
/25
)
Call (Colombia) 7%.
27%
Municipal Gas & Elec Corp
Coal Ind Corp—
6%S
40
Land M Bk Warsaw 8s '41
15
[
196 2
7%s
Brown
/24
/44 55
1943 /25%
Coupons
Koholyt 6%s
May 7
Francs
Canal de Suez
39
16%
May 6
Francs
6,800
Canadian Pacific
change Bank 7s
1963 /25
Hungarian defaulted coups /20 40
19%
Palatinate
Bavarian
British
25
36
May 5
Francs
Bank of France
Ask
Bid
Ask
May 4
Francs
German and
(4%)
Deutsche Relchsbahn (German
.
25
/22
/2 4.
Dresdner Bank
88
88
88
89
89
26
Farbenlndustrie I G (7%)
.169
169
169
166
168
169
Gesfuerel
...
.138
138
136
133
135
137
.139
138
138
138
139
139
Hamburg Electric Werke (8%)
7% gold rouble
Ask
BUt
91.35
1942
on
....$16 lot
10
182
183
184
184
236
237
237
239
183
184
183
182
182
.185
186
188
183
New
$12 lot
Building.
business
$7 preferred
preferred
Due June 30, 1934.
$60 lot
By R. L. Day & Co., Boston:
$100
24
3824
Arlington Mills, par $100
'
Co., Chicago, $3 preferred..
[$2 lot
J
$500 lot
$500 lot
1,000 Agawam Racing A Breeders Association Inc
2,000 Chandalar Gold Mines Inc, par $1
Bonds—
By Crockett & Co., Boston:
$ per Share
RR., common, unstamped, par $100
—Joseph A.
934
1134
1534
1534
Appleton Co., common
Springfield Gas Light Co., par $25
Bonds—
$5,000 National Electric Power Co. 5s, Jan. 1, 1978.
assignment
—
$8 lot
Pennsylvania Co. for Insurances on Lives A Granting Annuities, par $10..
25 Philadelphia
National Bank, par $20
John B. Stetson Co., common, no par
50
S. S. White Dental Manufacturing
Co., par $20
35%
103%
1834
1434
By A. J. Wright & Co., Buffalo:
Shares
10
announces
Alexander
that
effective
Eisemann
May
Co.,
&
1,
its
members
First National,
Company,
Soo Line Bldg., Minne¬
Mr. Milo S. Meier will be in charge
Department.
Torres has joined Hirsch,
Lilienthal
Co.
&
associate
as
of the
New York
Stock Exchange,
that Frederick Loeser has become associated with them at the
main office of the firm.
&
Co.,
Inc.,
120
South
La
SaUe
St.,
Chicago,
announce
that Darwin F. Luscher has joined their organization to represent them in
the State of Michigan in the sale of municipal bonds.
Mr. Luscher
was
previously associated with the Investment Management Corp., Chicago.
has been appointed factor for Uneeda Novelty
Company, New York City,
Co.,
become associated with
—Lord,
formerly
T.
a
Abbett
&
manufacturers of fur novelties.
Inc.,
announces
that
George
H.
Brewster has
them in their Trading Department.
Co.,
Inc.,
announces
that Edward C.
partner in Lloyd Sloane & Cie., Paris,
Potter, Jr.,
France; and Augustus
Fry, formerly with the East River Savings Bank, have joined the staff
'
of the firm's research and analytical department.
.
quarters at One Wall St., to engage in underwriting as well as the dis¬
Allen Walker has become associated with Russell
Maguire & Co. as vice-president.
$ per Share
22
also
through
This company was established in 1919 and does a general
tribution of securities.
By Barnes & Lofland, Philadelphia:
42
Co.
—Russell Maguire & Co. announce the removal of their offices to larger
Receipts ctfs. without
Stocks
&
of their Hotel Pennsylvania office.
announce
3
Dwight Manufacturing Co., par $12.50....
Co., par $50
Farr Alpaca
Price
Exchange and other principal exchanges.
Lowe
—G. A. Saxton &
Stocks
Boston A Maine
Shares
firm
—James Talcott, Inc.,
$147,500 Agawam Racing A Breeders Association Inc. 6s, Aug. 1940...$73,750 lot
30
The
E.
of George
branch office at 1501 Broadway in the Para¬
apolis, announce the retirement of Clifford S. Ashmun as Vice-President
•—Robinson
]
27 Corporation Securities Co., Chicago, common
34-100 Corporation Securities Co., Chicago, common scrip....
A184 A184
NOTICES
Exchange firm
a
—Greer, Crane & Webb, members
$ per Share
Stocks
Berkshire Fine Spinning Associates, preferred, par
3
of
cleared
New York Stock
manager
16
be
of the Municipal
$3,000 Transport Co. (N. J.) 1st mtge. 5-year 5% bonds.
Dec. 31, 1932, and subsequent coupons attached
1
Stock
municipal and corporation business.
Bonds—
5
will
and Treasurer.
10 Central Public Service Corp.,
York
the opening
—Justus F.
4 Richfield Oil Co. of California
Shares
17
184
mount
$ per Share
Corp. (N. Y.), par $100
89 Bank of Sicily Trust Co. (N. Y.), par $20
.53333 Compania Salitrera Anglo-Chilena
1.3889 Lautaro Nitrate Co., Ltd
10
17
234
—The
Stocks
25 Corporation Securities
16
Wednesday
50 City Housing
Shares
16
.184
announces
2
15
95
16
.230
CURRENT
sold at auction
By Adrian H. Muller & Son, New York:
5 Pocono Hotels Corp., 7%
15
94
.184
(8%)
SALES
of the current week:
Shares
15
92
Rbeinlsche Braunkohle (8%)
87.61
OS
were
.
15
93
Salzdetfurth (7%%)
Siemens A Halske (7%)
10% gold rouble
AUCTION
following securities
Norddeutscher Lloyd
15
94
17
.
Reichsbank
Union of Soviet Soo Repub
87.61
1943
For footnotes see page 3150.
The
Mannesmann Roehren
Ask
Union of Soviet Soo Repub
15
94
Hapag
tSoviet Government Bonds
Bid
89
.
(0%)
—Erwin Curtis, for the past five years associated with the financial staff
of the New York Evening Journal
New York Times,
and prior to that
on
the staff of the
has joined the Wall Street office of J. Walter Thompson
Company.
—Leib, Keyston & Company, members San Francisco Stock Exchange,
Stocks
$ per Share
Angel International Corp
$0.05
50 Post St.,
San Francisco,
have issued
a
comprehensive booklet
on
the
outlook for Bunker Hill & Sullivan Mining & Concentrating Co.
—David E. Graham and Edward Hilson announce the formation of the
CURRENT
NOTICES
firm of Graham
& Hilson with offices at 40 Exchange Place, New York
City to transact business in investment securities.
—Schwabacher & Co. announce the removal of their New York offices
to
111
Broadway.
—Strauss Bros, announce their removal to
i
—Gertler & Company, Inc., 40 Wall St., New York, have prepared for
distribution a circular concerning the City of Detroit's outstanding callable
large quarters at 25 Broadway.
bonds and its recent call operations.
Financial
3152
May 9, 1936
Chronicle
General Corporation and Investment
News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
FILING
OF
REGISTRATION
STATEMENTS
Peter Luyendyk, 42 Garden Place,
underwriter is named.
UNDER
SECURITIES ACT
and Exchange Commission on May 5
filing of 10 additional registration statements
(Nos. 2123-2132) under the Securities Act of 1933.
The
total involved is $7,976,818, of which $7,748,900 represents
The
Securities
announced the
The securities involved
No. of Issues
are
grouped
as
Dayton
Total
8
Investment
1
$6,948,900
800,000
Commercial and industrial-.:
1
Certificates of deposit
trust
227,918
The securities included in the total
are as
follows:
American Box Board Co.
(2-2123, Form A-2) of Grand Rapids, Mich.,
registration statement covering 9,000 shares ($100 par) 5)4 %
cumulative convertible preferred stock and 40,910 shares ($1 par) common
stock.
The preferred stock is convertible into common on or before
March 1, 1941, as follows: To and including March 1, 1938, $22 a share;
thereafter and including March 1, 1940, $24 a share; and thereafter and
including March 1, 1941, $26 a share.
Marcus B. Hall of Grand Rapids,
Mich., is President.
Filed April 23, 1936.
has filed
following registration statements also were filed with
SEC, details regarding which will be found on subse¬
quent pages under the companies mentioned:
follows:
Type
/
Grand Rapids, Mich.,
Power
& Light
Co.
(2-2134, Form A-2), covering 100,000
% series.
Filed April 30, 1936.
shares ($100 par) cum. preferred stock, 4)4
Hearn
Department Stores, Inc., N. Y. City (2-2135, Form A-2),
covering 45,000 shares of 6% cum. convertible preferred stock (par $50)
and 500,000 shares of common stock (par $5).
Filed April 30, 1936.
Brooklyn Edison Co., Inc. (2-2145, Form A-2), covering $55,000,000
1936.
Filed May 5, 1936.
consolidated mortgage bonds, 3)i% series of
a
American Box Board Co. (2-2124, Form A-2) of
No
The
the
issues.
new
Brooklyn, N. Tt., is President.
Gold Mines, Ltd. (File 3-3-622), 712 Insurance
Exchange Bldg., 276 St. James St. West, Montreal, Quebec, Canada.
Offering 100,000 shares of common stock ($1 par) at par.
S. P. Myers,
510 McGill St., Montreal, Quebec, Canada, is President.
The offering is
to be made through W. A. Kissell & Co., 82 Wall St., New York, N. Y.
District
Matheson
Montana-Dakota Utilities Co. (2-2148, Form A-2), covering $12,500,000 1st mtge. sinking fund bonds, 4)4%, series A, due 1956 and
serial debentures due May 1, 1937-43.
In
$2,450,000
Filed May 5, 1936.
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.
has filed
a registration statement covering 50,000 shares ($1 par) common
stock, all of which is presently outstanding and owned by stockholders.
The proposed offering price is $19 a share.
Marcus B. Hall of Grand
Rapids is President.
Filed April 23, 1936.
Truax-Traer Coal Co. (2-2125,
The last
in
our
previous list of registration statements
May 2, page 2980.
Virginia Bond & Mortgage Corp.—T. O. Heinrich, ,et al (2-2126,
registration statement covering
for $197,438 of 6% collateral trust gold
bonds, and $486,318 of 6% first mortgage real estate collateral trust gold
bonds of the Virginia Bond & Mortgage Con).
The members of the com¬
mittee are T. O. Heinrich, O. M, Nicholson, Jr., S. R. Maxwell, H. William
Nolde and Clinton L. Williams.
Filed April 25, 1936.
Earnings of Large Telephone Companies—The Fed¬
eral Communications Commission at
a
panies having
an annual operating revenue of $250,000 or
Below is a summary for January, together with the
cumulative figures for the past year:
over.
No. of Co.
Stations in
Form D-l), of Richmond, Va., has filed a
Bayuk Cigars Inc. (2-2127, Form A-2) of Philadelphia, Pa., has filed
registration statement covering 131,020 shares (no par) common stock
and 393,060 purchase warrants evidencing rights to purchase the common
stock.
The stock is to be offered to stockholders of record May 21, 1936,
in the ratio of one share for each three shares held.
The warrants will be
issued to stockholders and will expire June 11, 1936.
Any stock not taken
by the stockholders will be offered publicly at the market.
The proceeds
from the sale of the stock are to be used to redeem the entire issue of first
a
preferred stock of the corporation, at $110 a share and accrued dividends.
Harry S. Rothschild of Philadelphia is President.
Filed April 25, 1936.
Development Corp. (2-2128, Form A-l) of Atlanta, Ga.,
registration statement covering 350,000 shares ($1 par) class A
stock, to be offered at $1.35 a share.
The proceeds from the sale
of the stock are to be applied to the payment for and the development of
properties.
W. A. Kissel Co. of N. Y. City is the principal underwriter,
and Benjamin P. Tuggle of Atlanta is President.
Filed April 25, 1936.
a
common
Lockheed Aircraft Corp. (2-2129, Form A-l) of Burbank, Calif., has
a registration
statement covering 63,535 shares ($1 par) common
capital stock, to be offered to stockholders on the basis of one share for
each seven shares held.
The proceeds from the sale of the stock are to be
used for the purchase of new machinery and equipment, and other corporate
filed
Surposes. 1936.
Robert E. Gross of Beverly Hills, Calif., is President.
•pril 25,
Filed
Bliss & Laughlin, Inc. (2-2130, Form A-2) of Harvey, 111., has filed
a registration statement
covering 25,000 shares ($30 par) 5% cumulative
preferred stock and 25,000 shares ($5 par) common stock.
The preferred
stock is convertible into common on a share-for-share basis until Jan. 2,
1942.
The proceeds from the sale of the preferred stock, together with
other funds, are to be applied to the redemption of the outstanding first
mortgage 20-year sinking fund gold bonds, series A, of the corporation.
Walter R. Howell of Harvey is President.
Filed April 25, 1936.
Seminole
Provident Trust (2-2131, Form A-l) of Tulsa, Okla., has
registration statement covering 8,000 units of beneficial interests
E. R. Perry, S. L. Dedman and
M. P. Perry, all of Tulsa, are the trustees.
Filed April 25, 1936.
filed
a
in the trust, to be offered at $100 each.
A-B Stoves, Inc. (2-2132, Form A-l), of Battle Creek, Mich., has filed
a registration statement
covering 200,000 shares (no par) common capital
stock, to be offered to stockholders of record May 17, 1936, on the basis
of one share for each share held, at $1.25 a share.
The offering to stock¬
holders will expire June 1, 1936, and all shares not taken by them are to
be offered publicly at $1.25 a share.
W. L. Smith of Battle Creek is
President.
Filed April 25, 1936.
Prospectuses
filed for eight issues under the regula¬
III of Release No. 182, which
exempt from registration certain classes of offerings not
exceeding $100,000.
The act of filing does not indicate that
the exemption is available or that the Commission has made
any finding to that effect.
A brief description of these new
filings is given below:
tions
were
contained
in
Part
Homestake Gold Corp. (File 3-3-616), 414 Equitable Bldg., Denver,
Colo.
Offering 49,997 snares of common stock ($1 par) at par and 500
shares of preferred stock ($100 par) at par.
C. W. Lowe, 414 Equitable
Bldg., Denver, Colo., is President.
No underwriter is named.
(File 3-3-617), 746 Equitable Bldg., Denver,
Offering 99,000 shares of common stock ($1 par) at not less than par.
N. C. Anderson, 746 Equitable Bldg., Denver, Colo., is President.
No
underwriter is named.
Royal Gold & Silver Mines, Inc. (File 3-3-618), 1347 West 24th St.,
Los Angeles, Calif.
Offering 99,000 shares of common stock ($1 par)
at par.
Harry E. Griggs, Picacho, Ariz., is President.
No underwriter
is named.
Gold Ridge Mining Corp. (File 3-3-619), 900 Market St., Wilmington,
Offering to brokers and security dealers 100,000 shares of common
stock ($1 par) at par.
G. L. Strobeck, 68 Post St., San Francisco, Calif.,
is President.
No underwriter is named.
Del.
John W. Bradford & Co. (File 3-3-620), 804 Neil P. Anderson Bldg.,
Fort Worth, Texas.
Offering 4,800 shares of common stock ($10 par)
at par.
E. L. Gregory, Jr., Fort Worth, Texas, is President.
No under¬
named.
15,077,000
14,539,415
-L
12mos. end. Dec. 31, '35
12 mos. end. Dec. 31 '34
Operating
Operating
Operating
Revenues
Income
Expenses
87,731,431 ' 60,053,151
17,584,884
15,710,561
82,661,512
58,559,479
992,652,772 699,615,687 194,362,168
940,395,899 662,825,202 185,294,242
Acme Wire Co.—Admitted to Unlisted
Addressograph-Multigraph Corp. (& Subs.)
Period End. Mar. 31—
1936—3 Mos.—1935
Net oper. profits, before
other deductions
$594,558
$454,552
Mines, Inc. (File 3-3-621), 19-21 Dover Green, Dover,
Offering 250,000 shares of common stock (25 cents par) at par.
-Earnings
1936—12 Mos—1935
$1,830,168
$1,512,878
Maintenanceof non-oper¬
ating prop'y.less rental
income therefrom
13,141
49,983
45,870
44,911
77,725
19,761
218,697
313,533
128,189
44,509
25,000
128,807
191,333
318,140
85,390
118,553
114,054
...
.64,201
_
8,996
share.....
—V. 142, p. 2812.
per
10,504
39,686
45,434
$337,949
$0.45
Net prof.for the period
Earnings
15,710
60,633
77,097
32,541
Patents, development &
engin'g, incl. amortiz.
Deprec. of oper propert's
Int., deb. disct. & exp__
Prov. for contingencies.
Income tax (estimated)
Pref. divs. guaranteed to
minority interests....
$241,432
$0.32
$926,273
$1.24
$594,104
$0.79
Advance-Rumely Corp.—Report to Shareholders—
Finley P. Mount, President, says in part:
On Oct. 28, 1935, the shareholders voted to dissolve the corporation and
authorized and directed the directors to proceed to liquidate the corporation
On Dec. 30, 1935, directors ordered a distribution out of the treasury of
$1 in cash and )4 share of Allis-Chalmers stock on each share of AdvanceRumely Corp. stock, such distribution to be made on and after Jan. 14,
1936.
On Dec. 27, 1935, the corporation had in its treasury 94,743 shares of
Allis-Chalmers stock. On that date an agreement was made whereby AllisChalmers advanced corporation 7,105 shares of Allis-Chalmers stock against
future distribution of Allis-Chalmers stock under the contract between the
companies dated June 1,1931, and corporation pledged against such advance,
the balance of the receivables in the hands of Allis-Chalmers for collection
and also pledged an additional $50,000 of Home Owners' Loan Corp. bonds.
By this transaction the amount of Allis-Chalmers stock in corporation's
Treasury was raised to 101,848 shares, which was the amount required to
a distribution of one-half a share of Allis-Chalmers stock on each
share of Advance-Rumely Corp. stock.
I
On Nov. 25, 1935, corporation received subscription rights on the 94,743
shares of Allis-Chalmers stock then held in its treasury, and these sub¬
scription rights were sold on the New York Stock Exchange prior to Dec. 31,
1935, for $124,528.
make
?f Income and Expense for Calendar Years
1935
Int.
ctfs. of dep.
U. S. Treas. notes and
bank accounts, &c
1934
1933
1932
1
rec. bn
real
on
estate
$10,313
$5,460
$5,370
$3,739
2,731
4,059
3,887
sale
contract accts. and
on
miscellaneous notes..
Prem. on funds trans¬
ferred from Canada-_
945
.
485
Dividends received
on
Allis-Chalmers stock.
Profit
on
15,064
sale of miscell.
and
rents
collected less taxes and
repairs thereon
1,985
Total income
Gen. exps., incl. salaries
and wages, office exps.,
maint of properties ,&c
2,544
3,817
2,396
$13,243
$11,220
$13,246
$25,085
44,428
40,847
51,682
57,366
Fees paid to stock trans¬
fer agent and registrar
Indiana State intang.tax
Taxes and insurance on
4,105
4,099
2,688
4,057
3,503
4,063
Battle Creek plant,&c.
3,709
4,934
7,284
16,309
1,817
3,336
$43,098
$41,307
$51,041
$55,989
.
Legal
expenses
in
con¬
nection with settlement
of old claims
Old Lot Gold
Del.
Trading—
The New York Curb Exchange has admitted to unlisted trading privi¬
leges the voting trust certificates for common stock, $20 par, issued under
voting trust agreement, dated April 23, 1928, as amended under dates of
May 1, 1929, May 1, 1931, May 1, 1933, and May 1, 1936, which latter
amendment extends the period of voting trust from May 1,1936, to May 1,
1939—V. 142, p. 770.
properties
City Industrial Savings & Loan Co. (File 3-3-615), Hyattsville, Md.
Offering 2,500 shares 7% cum. preferred stock (par $20) and 2,500 shares
(no par) commoh stock in units of 1 share of preferred and 1 share of com¬
mon at $25 per unit.
Walter L. Green, Hyattsville, Md., is President.
The Southeastern Investment Co., Inc., 1407 K St., N. W., Washington,
D. O., is named as underwriter.
writer is
Service
Janiiary 1936.
January 1935
Int.
Hoosier Gold Mines Co.
Colo.
Washington has issued
monthly earnings statement of the large telephone com¬
thei issuance of certificates of deposit
Motherlode
given
Form A-2) of Chicago, 111., has filed a
registration statement covering 5,000 shares ($100 pa,r) cumulative con¬
vertible 6% preferred stock, and an undetermined number of shares (no
par) common stock to be reserved for conversion of the preferred stock.
The proposed offering price of the preferred stock is $100 a share.
The
proceeds from the sale of the stock will be used for working capital.
Piper,
Jaffray & Hopwood, J. M. Dain & Co. and Thrall, West Co., Minneapolis,
Minn., and Goldman, Sachs & Co., N. Y. City, are the principal under¬
writers.
A. H. Truax of Evanston, 111., is President.
Filed April 24,1936.
has filed
was
issue of
Net loss.
Volume
Financial
142
Statement of
Common stock of
3153
Chronicle
Capital at Dec. 31, 1935
value:
no par
Balance Jan. 1, 1935—issued
277,600 shs.
Less—Cost of treasury stock re¬
tired and canceled in 1935
73,905 1-5 shs.
$11,104,000
Balance Dec. 31,
$10,354,084
Specialists in
749,916
1935—issued._203,694 4-5 shs.
All
Rights and Scrip
Deficit—
Balance Jan. 1,1935 (after
deducting capital surplus
of $1,755,816 as at Feb. 9, 1931)
$5,603,659
Add—Excess of exps. over income for the year 1935
43,098
Loss on sale of subscript'n rights to Allis-Chalmers
Manufacturing Co.'s 4% convertible debentures
due Nov. 1, 1945
39,146
Estimated expenses in connection with liquidating
dividends, including stock transfer stamps
12,401
Balance
5,698,306
and before
„
-
4,113,942
capital (less deficit and liquidating dividends) as at
203,694 4-5 shares no par value
$541,837*
Balance Sheet Dec. 31,1935
[Giving effect to transactions consummated in January 1936, relative to
liquidating dividend authorized by directors Dec. 30, 1935, to be paid on
or after Jan. 14, 1936 as follows:
(a) Delivery on Jan. 8, 1936, of $210,825
in cash to New York Trust Co. for distribution as a liquidating dividend of
$1 a share to stockholders and for transfer tax on certificates of AllisChalmers Manufacturing Co.'s common stock to be distributed to the stock¬
holders of Advance-Rumely Corp. as a liquidating dividend,
(b) Delivery
on Jan. 8, 1936, to New York Trust Co. of certificates for 101,848 shares of
Allis-Chalmers Manufacturing Co.'s common stock for distribution to stock¬
holders of Advance-Rumely Corp. as a liquidating dividend, being M share
of Allis-Chalmers Manufacturing Co.'s common stock for each one snare of
Advance-Rumely Corp.'s common stock outstanding.
Assets—
$233,564
Cash in banks
8,1936, for payment of a liquidating dividend
for transfer tax on certificates of AllisManufacturing Co.'s common stock,
which stock is to be distributed as a liquidating
Jan.
Chalmers
dividend
■
210,825
Allis-Chalmers Manufacturing Co.
(In respect of collections for last quarter or 1935
received in January 1936)
—-
$22,738
due from
—
190,332
46,614
real estate contracts
held by
contra:
receivable (including accrued interest
$668,690)
Accounts receivable
Miscellaneous items in suspense
on
as
Shavinigan^Water & Power 4Ms, 1967, and $4,000 of the 4Ms 1970.—V.
Aldred Investment Trust—Earnings—
Loss
on
Deficit.
$1,255
118,154
$5,682
18,792
$24,918
$116,899
$13,110
quarter
the
solidated Edison, 305 Consolidated
following sales were made: 300 Con
Gas of Baltimore, 200 Gillette pref.,
1,700 United Corp. pref.
Purchases were: 2,700 Eastern Gas & Fuel 6% pref., $15,000 Inter¬
Power Securities Corp. C 6Ms, 1955, $23,000 E 7s, 1957 and
$1,000 F 7s, 1952.
The liquidating value of the trust on March 31, 1936, was $994.66 per
$1,000 or outstanding debentures and the appurtenant 10 common shares
forming a part of the unit.
The quoted price on that date was $725 bid
for a unit.
This compares with a liquidating value on Dec. 31, 1935, of
$921.74 per unit, and $802 on March 31, 1935.—V. 141, p. 3216.
1934
1935
1936
3 Mos. End. Mar. 31—
Shs.
$336,964
612,685
$0.45
taxes
stk. (no par).
com.
Earnings
per
share
1933
$293,954 loss$131,937
$324,145
610,695
610,695
$0.38
$0.43
greatest flood ever known on the Allegheny
The damage to our plant due to the
"The
$2,154,669
To Vote
5,862
108,935
610,695
Nil
River occurred on
high waters, while
informed stockholders in the report.
Manufacturers
1,134,733
Corp.—Trustee for Bonds—
1,134,733
Trust
Co.
is trustee for
$9,027,000 cumulative income
4% bonds.—V. 140, p. 4220; V. 142, p. 1454.
Corp.—Bonds Called—
Allied Stores
the 15-year 4M% debenture bonds,
announced that $57,280 principal amount or the bonds have been
drawn by lot for redemption on July 1, 1936, through operation of the
sinking fund. Payment will be made at 100 and accrued interest at the
corporate trust department of Bankers Trust Co.
The Bankers Trust Co., trustee for
due 1950,
New Director—To Issue
$3,626,046
Quarterly Reports—
Reginald L. Whitman has been elected a director to replace Oswald
resigned.
Directors have decided to issue quarterly reports.
The company is one
of the first in the retail business to issue such statements.
Few others
release anything but annual reports.
President B. Earl Puckett stated that the report for the first quarter
should be ready for release within the next few weeks.—V. 142, p. 2653.
Kanuth,
284,200
liability
101,848 shares..
On Jan. 8, 1936, certificates for the above number
of shares were delivered to the New York Trust
Co. for distribution to Advance-Rumely Corp.'s
stockholders on or after Jan. 14, 1936, as a
Merger—
Stockholders at a special meeting to be held on May 20 will consider a
proposed agreement of merger between this company and the West Leechburg Steel Co.—V. 142, p. 1454.
Manufacturing Co.:
94,743 shs. on hand at Dec. 31, 1935, at agreed
value of $40 a share, less $163,674 repre¬
senting the percentage of cost of such stock
assignable to subscription rights to AllisChalmers Manufacturing Co.'s 4% conv.
debentures due Nov. 1,1945. These rights
were sold by the company prior to Dec. 31,
1935, for $124,527
7,105 shs. advanced by Allis-Chalmers Manufac¬
turing Co. at value of $40 a share per contra
on
Allied Owners
thereof, representing collec¬
and Allis-Chalmers
therein—
$3,910,246
Amerada Corp.
(& Subs.)—Earnings—
Quar. End. Mar. 31—
liquidating dividend.
2,201
Miscellaneous investments
Land, buildings, machinery and equipment (Battle
Creek plant) and miscellaneous real estate at
112,341
La Porte
$1,535,298
Total
$7,931
961
other taxes
payable to Allis-Chalmers Manuf. Co.:
of Allis-Chalmers Manu¬
facturing Co.'s common stock at value of $40
per share (secured by pledge of notes and accts.
receivable and $50,000 par value Home Owners'
Loan Corp. bonds per contra)
Less—2,633 shares Allis-Chalmers Manufacturing
Co.'s common stock due Advance-Rumely Corp.
on collections in last quarter of 1935 at $40 a sh.
1934
1935
1936
$1,873,943
1933
$982,730
operating income- $2,543,447
Operating & adm. exps.,
:
1,224,876
$1,963,145
992,369
932,302
835,052
$1,318,571
414,545
$970,775
213,500
$941,641
119,329
$147,678
138,832
$1,733,116
$1,184,276
$1,060,970
$286,510
1,259,120
784,965
535,971
488,449
$473,996
$399,310
$0.60
$0.51
Gross
Operating incomeOther income
Liabilities—
Accounts payable
Accrued real estate and
loss$4,553
20,365
sur$48,172
March
the
1933
1935
$6,204
prof41,968
securities sold..
During
1934
1936
3 Mos. End. Mar. 31—
Profit after expenses and
debenture interest
President of the company,
of
liquidation expenses
Manufacturing Co.'s interest
Common stock of Allis-Chalmers
securities sold of $947 in 1934.
of March 31, 1936, shows total assets of $2,520,993,
a book value of $2,427,604 had a bid or nominal
value of $1,236,056.
This compares with book figure at the end of 1935
of $2,503,593 and bid or nominal value of $1,160,618.
During the March quarter $65,000 Duke Price Power 6s, 1966, and $15,000 Saguenay Electric 5Ms, 1953, were sold.
Purchases were: $3,000
profit
The balance sheet
yet wholly-determined, is estimated to be in the neighborhood of
$110,000.
None of this expense is included in the above statement, pending
the decision of the board of directors as to its disposition," Harry E. Sheldon,
$2,269,466
tion and
x$l,539
$3,312 in 1935
not
to indebtedness per
Less—Reserve of 50%
x$2,597
March 17, 1936.
Dec. 31,
1935, for collection in accordance with agree¬
ment dated June 1, 1931—pledged as collateral
Notes
1934
1935
1936
x$2,023
securities sold of $162 in 1936 and
of which investments with
come
115,543
Notes and accounts receivable balances
Allis-Chalmers Manufacturing Co. at
on
Net profit after all chgs
& est. Fed. & State in¬
pledged to
indebtedness)
Balances due on
Canada—Earnings—
Allegheny Steel Co.—Earnings—
26,337
$74,789
are
RECTOR 2-7815
national
New York Trust Co. on
in cash and
secure
But before loss
x
31, 1935, represented by
stock
Marketable securities at cost—
United States Treasury bonds
HOLC bonds (of which $50,000
TEL.
3 Months Ended March 31—
common
Cash
NEW YORK
BROADWAY,
Net loss after all charges
3,910,246
Less—Amount delivered to
120
york Curb Exchange
Aldred Investment Corp. of
$203,696
outstanding
Dec.
York Stock Exchange
Member.^New
$4,655,779
-
Deduct—Liquidating dividends declared Dec. 30,
1935, payable on and after Jan. 14, 1936—
Cash—$1 per share
101,848 shares of common stock of Allis-Chalmers
Manufacturing Co., being one-half of one share
of common stock of that company for each share
of common stock of Advance-Rumely Corp.
Balance of
McDonnell & Co
Deprec.,
depletion
and
Amount
Advance of 7,105 shares
Balance
to
be liquidated by shares
stock accruing to
Net
Earns, per share on no.
of shares outstanding.
—•V. 142, p.
$284,200
American Box Board
of common
178,880
805,687
contingencies
liquidating dividends):
4-5 shares of no par value com. stock
541,837
$1,535,298
x Of the stock 3,444 1-5 shares are held by transfer agent to be exchanged
for capital stock of predecessor company not yet presented for exchange).
Total
—V. 142, p. 118.
A-B Stoves,
See list given on
earnings-;.
Profit after oper. exps.
Federlua'S*!
_
142, p. 2487.
1936—4 Mos.—1935
$1,594,500 $1,603,500
&
*
173,000
238,700
Chain Co.,
Inc.—To Increase Common Stock
Preferred—
meeting on May 19 will consider a proposal
stock by 142,857 common shares and to
of incorporation so as to eliminate from the authorized
the authorized capital
716,700
capital stock of the corporation all of the 7% cumulative preferred stock, if
and when such stock shall have been purchased or otherwise retired or
called for redemption.—V. 142, p. 1802.
American Chicle Co.—Larger Dividend—
May 1 declared a dividend of $1 per share on
The directors on
Co.—Earnings—
develop, chgs. but be-
—V.
American
amend the certificate
Alabama Power Co.—New Vice-President—
A. S. Coleman, Manager of the Southern Division, was elected a VicePresident of the company on April 23.—V. 142, p. 2981.
Gross
American Brake Shoe & Foundry Co.—Listing—
Stock Exchange has authorized the listing of 96,000 shares
5H% convertible preferred stock (cumulative) par $100, upon official
notice of issuance upon reclassification of the company's capital stock and
192,000 shares of common stock (no par) upon official notice of issuance at
any time or from time to time upon the exercise of the right of conversion
contained in the 5M% convertible preferred stock.
The total amount of
common stock applied for is 804,916 shares out of a total of 1,000,000
shares authorized.—V. 142, p. 2982.
to increase
first page of this department.
1936—Month—1935
$394,000
$445,500
Co.—Registers with SEC—
2487.
first page of this department—V. 142, p.
Stockholders at their annual
Inc.—Registers with SEC—
Period End. Apr. 30—
Nil
of
and Eliminate
Alaska Juneau Gold Mining
$0.68
The New York
Advance-Rumely Corp. out of
Capital (less deficit and
Represented by 203,694
$524,999 loss$201,939
2813.
See list given on
105,320
future collections
Reserve for
x
income
779,300
stock, no par value,
payable July 1 to holders of
the common
record June 12. This
with 75 cents per share paid each three months from April 1, 1934,
to and including April 1. 1936, and 50 cents paid each quarter from Jan. 1,
1929, to and including Jan. 2, 1934.
In addition extra dividends were
paid as follows:
25 cents on April 1 and Jan. 2, last; 50 cents on July 1
and Jan. 2, 1935, and 25 cents per share paid each three months from
Jan. 1, 1930, to and including Jan. 2, 1934.—V. 142, p. 2653.
compares
3154
Financial
American
Commercial
Alcohol
Corp.
(&
Subs.)
Earnings—
3 Months Ended March 31—
Total operating income
1936
~
"
Federal taxes.
Profit
to
for
reserve
estimated
profit
share
per
1935
Selling, general & administrative
$284,125
260,901
$1.09
Gross income
Interest & amortization
$96,747
60,284
4,764
$141,552
68,370
Provision for Federal income tax.
$31,698
$72,559
$25,968
Accounts payable (parent).
Other
12,451
67,389 Accrued liabilities
34,890 Funded debt
1,314 6% preferred stock
113,379 Common stock
Surplus
$2,666
21,770
32,561
700,500
700,000
500,000
226,270
Total
$2,183,722
.
$1,927,462 $23,851,601 $22,960,120
74,463
695,715
749,435
$2,050,904
1,351,363
Deductions
$2,001,925 $24,547,316 $23,709,556
1,346,614
16,163,994
16,192,710
Balance
$699,540
American Gas <£ Electric Co.—
Total income
$1,152,741
Expense
45,173
391,378
Deductions
Balance
Federal taxes, &c
$8,601,850
$7,756,774
for
three
-Earnings—
1936
$426,295
1935
1943
$225,084
-
1933
$272,422
months ending March 31,
$223,866
1936, were
compared with $2,416,762 for March quarter of 1935.—V. 142,
American Machine & Metals, Inc.
Period End. Mar. 31—
Net sales
Cost of sales
Gross profit on sales.
.
Other income
Total income
Expenses
Depreciation & depletion
Interest
Federal taxes
Profit
Profit
on
1936—3 Mos.—1935
$840,489
$640,488
590,116
461,373
,787,191,
p.
1936—12 Mos—1935
$3,260,093
2,240,300
$2,673,536
1,892,848
$179,115
34,003
$1,019,793
122,452
$780,688
168,949
$277,379
206,129
27,350
12,326
5,216
$213,118
170,484
24,197
13,645
4,309
$1,142,245
757,317
105,444
57,663
16,147
$949,637
692,067
106,360
67,374
17,143
$26,358
Cash
Notes & accts. receivable
Accrued interest receivable--
Earnings per share
—V. 142, p.
$26,358
298,260
$0.08
$483
$483
286,110
Nil
,
Inventories
^Invest. in affiliated company.
12,643
Property, plant & equipmentDeferred charges
Sinking fund
1,730,797
70,144
55,154
523
Total
$2,183,722
—V. 142, p. 941.
American Metal
Co., Ltd.—Accumulated Dividend—
The directors have declared
accumulations
a
dividend of $4 per share
$205,674
1,550
$66,693
$207,224
298,260
$66,693
286,110
$0.23
on
3 Months Ended March 31—
1936
1935
1934
Profit before charges
$311,704
Other income
y516,612
$579,526
219,349
$267,659
93,569
$798,875
x92,867
$361,228
92,318
37,063
9,109
105,412
191,743
9,685
69,981
198,625
7,034
207,601
9,970
20,643
51,395
9,639
75,712
Cr4,783
$0.69
American Lime
& Stone Co.—Financing Program—
Graham, Parsons & Co.,, Philadelphia, in February last
offered $1,000,000 1st mtge. serial and sinking fund bonds
dated March 1, 1936; comprising $750,000 of the series
maturing March 1, 1951, bearing interest at the rate of
53^2%, and $250,000 of the series maturing serially from
Sept. 1, 1936, to March 1, 1941, at rate of $25,000 semi¬
annually, bearing interest at rate of 5%.
A prospectus
affords the following:
Interest payable M. & S. in Philadelphia without deduction for normal
Federal income tax up to 2% or for Penn. personal property taxes up to
5 mills.
Tradesmen's National Bank &
Trust
Co., trustee.
Coupon
in denoms. of $1,000, registerable as to principal only.
Red. all
part on 30 days' notice on any int. date at par and int., with following
premiums: 5%, if red. on or before March 1, 1939; if red. thereafter the
premium will decrease by 1 % of such principal amount for each three years
or part thereof which shall have elapsed between March 1, 1939, and the
redemption date. The bonds of the series due March 1, 1951, are also re¬
deemable for the sinking fund.
bonds
$828,316
32,970
104,150
Interest, &c
Administrative and selling expense
Taxes, other than income
Amortization of investment
73,911
13,650
178,132
32,700
-
Depreciation
Depletion
Reserve metal price fluctuation.----
Contingent reserve
Adj. of metal price fluctuation and
normal
stock reserve—Cr
Federal taxes
*
Minority interest
Net profit
Earnings
$282,430
per
common
2143.
account of
on
the
6% cum. conv. pref. stock, par $100, payable June 1
to holders of record May 21.
A like payment was made on March 2, last
and compares with $2 paid on Dec. 2 and Sept. 3, 1935, this latter
being
the first payment made since Sept. 1, 1931 when a
regular quarterly dis¬
tribution of $1.50 per share was made.—
share
on
238,154
$73.3591oss$183,766
1,224,585 shs.
stock (no par).
$0.15
Nil
Nil
Includes $7,822 loss
x
Net profit
Shs. cap. stock (no par).
$85,037
—
Cash to pay bond interest
Marketable securities
2143.
Earnings
$250,373
27,006
;
retire't of bonds
.
Liabilities—
Total income
(.& Subs.)
$99,993
74,024
622
$7,516,848
$1,100,898 $13,789,299 $12,914,578
45,890
490,909
461,265
391,378
4,696,539
4,696,539
$663,629
Assets—
Other assets..
$8,383,367
2487.
American Ice Co.-
sales
$655,311
$716,189
3 Mos. End. Mar. 31—
Net loss after int., depr.,
Net
__
Balance Sheet Dec. 31 1935
Subs.)—Earnings—
$1,992,292
58,611
Total income
—V. 142, p.
$82,848
17,144
$123,413
18,138
L
r*
exps.
$717,668
506,067
128,752
$80,564
16,183
[Subsidiary companies consolidated—Inter-company items eliminated]
1936—1935
1936—12 Mos.—1935
revenue
$5,594,031
$5,331,769 $65,769,542 $62,509,342
3,404,306
expenses
3,601,739
41,917,941
39,549,222
Operating income
1933
$884,298
623,372
137,512
Net profit from operations.
Other income
Operating
Operating
Other income
1934
$967,802
709,230
178,009
Cost of products sold
Net income.
Period End. Mar. 31—
giving
of voting power in Warner Co.
Income Account for Calendar Years
—V. 142, p. 2653.
American Gas & Electric Co. (&
1936
9.
Feb. 20, 1936, owned securities
149,000
$161,149
260,879
$1.19
Shares capital stock outstanding (par $20)
Earnings
46,559
unrealized
profit on sale subject to deferred development..
It 50.9%
on
$284,125
$310,149
Additional
Net
$965,171
634,487
855,138
31,000
70,050
"
May
Wawaset Securities Co. in turn
1935
$1,266,337
Expense, interest, depreciation, &c
Special reserves.
Chronicle
exchange,
y
on liquidation of security and $58 loss on foreign
Includes dividend of $375,000 from an unconsolidated sub.
Consolidated Income Account for 12 Months Ended March
31, 1936
Profit before charges, $1,437,160; other income,
$1,493,860; total income,
$2,931,020; interest, &c., $216,017; administration and selling expenses,
&c., $405,678, taxes, other than income taxes, $271,890; amortization of
investment, $49,002; depreciation, $788,539; depletion, $157,309; con¬
tingent reserve, $84,044; balance, $958,541; adjustment of metal price
fluctuation and normal stock reserves, $335,934;
profit, $1,294,475; income
taxes, $283,108; minority interest, $769; net profit, $1,010,598.
This
latter figure is equivalent after dividend
requirements on preferred stock
to 50 cents per
share
on common.
The above figures do not reflect company's interest in results of
operations
of subsidiaries less than 80% but more than 50
% owned.—V. 142, p. 1803.
American Republics Corp.
(& Subs.)
Calendar Years—
Sales...
Earnings—
'
1935
1934
$1,391,087
14,402
-
Gross profit from operations
Other income and charges (net)
-
$9,566,044
8,256,335
$1,309,709
52,733
$1,405,489
Cost of sales
$8,407,298
7,016,210
$1,362,442
808,366
424,516
101,551
30,500
or
Offering—The bonds were originally offered for sale to the public at
102.543% (as to the earlier series) and at 102% (as to the later series)
plus int. from March 1, 1936.
Application of Proceeds—Of the net proceeds (estimated $955,500), $600,000 will be applied to the repayment of a loan to the company from Phila¬
delphia National Bank.
Proceeds of this loan, together with approximately
$86,000 in cash advanced by the company out of its current working capital,
were deposited on Jan. 31,
1936, with the trustee of the outstanding 1st
mtge. 7% sinking fund gold bonds, to be used, with approximately $72,000
then held by the trustee in the sinking fund and int. accounts, for the retire¬
ment of those bonds at 103 and int.
$310,000 of the estimated net proceeds
will be used for the retirement of 3,500 shares of 6% preferred stock, (par
$100).
The remaining $45,500 of the estimated net proceeds will be used
to reimburse the working capital of the company.
History & Business—Company was incorp. in Pennsylvania Sept. 30,1901,
Is engaged in the quarrying and mining of limestone and the production of
lime and allied products, such as hydrated lime, and the marketing of the
same.
The stone, depending upon its quality and character, is used for
road building, railroad ballast and as a furnace flux in the manufacture of
iron and steel. It is also used for agricultural purposes when finely pulverized.
In the aggregate, the limestone deposits of the company are among the
largest in the United States.
A mine is operated at Bellefonte on a 400-foot
level, and also on a 600-foot level.
Two quarries, mostly for road stone and
fluxing stone purposes, are operated at Union Furnace.
Company has a
crusher at each location.
At Bellefonte it also has what is regarded as one
of the largest lime burning plants in the United States, comprising three
rotary kilns, each of which is 175 feet in length.
There is also a large plant
at Bellefonte to produce hydrated lime and other allied products,
a steel
barrel manufacturing plant, and a battery of six shaft kilns for the produc¬
tion of lump lime.
Both the plants at Bellefonte and Union Furnace, respectively, are of a
modern character and have an aggregate annual capacity in excess of 400,000
tons of stone and 130,000 tons of lime and lime products.
Funded Debt and Capital Stock, upon Completion of Present Financing
Authorized
Outstanding
1st mtge. serial & sinking fund bonds—
Earlier series
Later series
6% preferred stock (cum.) par $100
Common stock (par $50)
It
7,000 shs.
10,000 shs.
$250,000
750,000
x3,500 shs.
10,000 shs.
Each share of preferred stock is convertible at holder's option on any
div. date into <H»ths of a share of common stock.
The aggregate number of
x
shares of common stock called for by the preferred stock outstanding on
Dec. 31, 1935, was 4,375.
This figure will be reduced on completion or the
present financing to 2,188.
This conversion right expires on (a) any date
fixed for redemption of such preferred stock, and (b) when there shall have
been converted preferred stock of the aggregate par value of $500,000.
Parent Company—Warner Co. is the parent company, and owned Feb. 20.
1936, all the outstanding 10.000 shares of voting common stock.
On the
same date Warner Co. in addition owned 2,100 shares of the
6% preferred
stock.
Total income
General, administrative and selling expenses
Drilling expenses
Engineering, exploration and geophysical exps
886,142
347.786
128.820
Reserve for Federal income taxes
12,200
Net income
$30,541
Surplus Jan. 1
Adjusts, in setting
and
Miscellaneous credits
Dividends
After
x446,405
3,076
Dr204,956
261,610
Surplus Dec. 31
x
loss$2,492
3,327,365
3,774,355
up appraised values of prop,
entries incident to readjustment of subs
$3,338,331
-
$3,774,355
deducting transferred to capital stock
and provision for dividend
on
accounts of $2,268,490
former preferred stock of $842,241.
Consolidated Balance Sheet Dec. 31
•
i
1935
•
Assets—
x
less
M arketable securs.
Accts.
(less res.)
666,117
137,503
1,129,219
663,004
137,504
assets
586,453
3,679,631
$
94,696
appraised value. 14,384,038
14,695,115
credits.
31,500
257,296
------
112,985
5,461
586,453
3,679,631
4,819
4,819
58,803
361,202
Capital stock.-.13 080,490
Surplus
3 338,330
87,782
417,240
13,080,490
_
payable
(inter-company)
payable, due
after
one
year__
15-yr. 1st mtge. 6s
(Pa. Car Co.),
due April,
1937,
less sinking fund
Reserves
z
18,059,707 21,724,0691
103,487
13,190
Accounts
at
Total
$
282,004
pay'le.
expenses.
Deferred
Bills
85,308
1934
303,433
200,000
.
Accrued
(less
reserve)
y Fixed assets
Liabilities—
Accounts payable
Bills payable
Dlv. notes
receivable
(Inter-company)
Def'd
615,688
or
market)
sees.
742,029
(at
res.
lower ol cost
Inv.
709,208
1,059,925
rec
1935
$
398,332
Accts. & bills
Inv.,
1934
$
Cash
Total
3,774,355
18,059,707 21,724,069
x After reserve for doubtful
accounts of $63,396 in 1935 and $97,666 in
1934.
y Less reserve for depreciation, depletion, amortization and obso¬
lescence of $9,611,591 in 1935 and $9,464,156 in 1934.
z Represented by
shares of $10 par.—V. 142,
p. 1625.
American Steel Foundries Co .—^Accumulated Dividend—
The directors have declared
a dividend of 50 cents per share on account
on the
7% cumulative preferred stock, par $100, payable
June 30 to holders of record June 15.
A like amount has been paid in
each of the 13 preceding quarters, prior to which the
company made regular
of accumulations
quarterly distributions or $1.75 per share.
Accruals on the preferred stock after the payment
will amount to $17.50 per share.—V.
142, p. 1456.
American Type
of the current dividend
Founders, Inc.—Listing—
The New York Stock Exchange has authorized the listing of $3,279,045
15-year convertible sinking fund debentures, due July 15,1950, and 331,451
shares of capital stock ($10 par) upon official notice of issuance pursuant
to the "plan of reorganization, dated July 12, 1935, with
authority to add
Volume
142
Financial
to the list 327,905 shares
capital stock, upon official notice of issuance in
conversion of 15-year convertible
sinking fund debentures.
American Type Pounders Co. under date of Dec.
12, 1934, filed a petition
for reorganization under Section
77-B of the National Bankruptcy Act.
The plan of reorganization (V.
141, p. 4009) was confirmed on Feb. 28,1936.
The corporation, by its
trustees, pursuant to order of the Court, filed a
certificate of amendment to the certificate of
incorporation on May 1, 1936,
changing the corporate name from American Type Pounders Co. and
providing for the issuance of the securities required by the plan.
Chronicle
Assets—
Cash
y
that date to provisions of a plan of
reorganization
and the issuance of debentures and
capital stock to the creditors and stock¬
holders, as follows: (1) Issuance of $3,279,045 15-year convertible
sinking
fund debentures, 196.743 shares of
capital stock and payment of $31,703
cash in settlement of creditor claims of
$6,584,700; (2) issuance of 134,708
shares capital stock of
stockholders; (3) revesting of $32,231 sinking fund
with the
corporation; and, also write-off of
amount of
at
as
$135,000
Typographic library, &c
Deposits with insurance
150,375
-
113,451
public service companies...
32,365
(net)
2,504,103
$9,125,468
American
Water
Works
&
taxes
2,331,134
2,052
20,494
133,833
3,279,045
3,314,510
2,012,358
Electric
2,122,615
Co.
(& Subs.)—
1936—12 Mos.—1935
$48,484,162 $46,619,232
24,992,009
24,422,010
$1,769,513
$1,804,970 $23,492,153 $22,197,222
Interest, amortization of discount, &c., of subs.
8,891,244
8,816,501
Preferred dividends of subsidiaries
5,714,410
5,713,513
Interest, amortiz. of disc., &c. of Amer. Water
Works & Elec. Co., Inc.
1,466,332
1,500,431
Reserved for renewals, retirements and
depletion.
3,705,109
3,328,349
Preferred dividends
1,200,000
1,200,000
Balance for common stock and
surplus
Shares of common stock
$2,515,057
xl ,791,408
$1,638,426
1,741.008
$1.40
per share
$0.94
Average, the number of shares actually outstanding
being 2,343,158.
Balance for
$1,119,821
stock outstanding
$1,226,424
1,741,008
$0.63
stock
common
common
per share
$2,426,424
1,200,000
xl ,791,408
Preferred dividends
$3,966,392
1,539,968
$2,319,821
1,200,000
dsicount, &c
Balance
$4,904,826
938,433
$3,796,045
1,476,223
Net income
1935
$4,810,942
1,014,896
Expenses
$0.70
$12,043,000 of collateral trust bonds
stock resulting in an increase of
602,150 shares
outstanding.
As the full amount of the annual
savings in fixed charges
resulting from such conversion is not reflected in the above
earnings state¬
ment for the year ended March
31, 1936, the
share
per
earnings
on
the
been computed on the basis of the
average number of
shares outstanding
during the period, namely, 1,791,408, rather than the
actual number of shares
outstanding at the endAof the period,
namely,
2,343,158.
UK
Output of electric energy for the week ended
May 2d totaled 44,433,000
kwh., an increase of 18% over the output of
37,658,000 kwh. for the corres¬
ponding period of 1935.
Comparative table of weekly output of electric
energy for the last five
years follows:
Apr. 11
Apr. 18
Apr. 25
May
2
—V. 142, p.
1936
1935
46,512,000
45,251,000
45,791,000
44,433,000
2814.
1934
27,681,000
28,319,000
29,232,000
30,357,000
29,582,000
28,835,000
28,123,000
26,545,000
company in March.—V.
Court
142. p. 2488.
by the
The directors have declared a
dividend of $1.75 per share on
the 7%
cumulative preferred stock, par
$100, payable June 1 to holders of record
May 15. This payment represents the dividend
due Sept. 1, 1935.
Similar
distributions were made each
quarter since and
including June 1, 1933; as
against $1.50 per share on March
1, 1933, $1 per share on March 1 and
Nov. 18, 1932, and $1.75 per share
previously each quarter to and incl.
Dec. 1, 1931.—V. 142,
1806.
p.
Calendar Years—
Gross earnings
Expenses
Depreciation &
Corp. (& Subs.)—Earnings—
1935
1934
$2,459,388
1,230,254
amortiz
$2,291,018
1,006,807
538,555
59,705
487,246
-
Other deductions (net)-Exchange fluctuations..
93,796
year..
1932
$1,874,779
772,795
$1,711,173
769,016
462,238
23,919
489,789
7,508
4,724
Surplus.
Shs.com.stk. (nopar)..
Earnings per share
_
Average number of
no
63,000
112,886
86,452
65,768
$527,283
265,886
164,218
Net income
Preferred dividends
Common dividends
101,948
$528,925
Fed. & Canadian taxes..
$549,766
236,028
150,437
206,167
138,455
$374,367
206,167
306,812
$98,820
273,698
$0.96
$140,819
x244,371
$1.19
$205,144 def$138,615
227,408
$1.51
227,408
$0.74
par shares
outstanding during the year.
Consolidated Income Account 3 and
12 Months Ended March
31
Period End. Mar. 311936—3 Mos.—1935
1936—12 Mos.—1935
Gross mfg. profit before
deprec. & income taxes
$514,059
$545,192
$2,428,255
$2,318,058
Selling, gen. & adm. exps
306,545
275,751
1,261,047
1,074,147
Depreciation
129,011
127,129
540,437
495,228
Net profit from oper.
Other
deductions,
less
pats,
$78,502
$142,311
10,564
_
income
of
1
tion
maturing
subseq. to 1936.
1
567,776
GoodwiU
567,776
Preferred
stock.
b Common
stock.
a
Capital surplus
14,925
14,925
4,090,500
4,090,500
3,226,380
3,226,380
497,375
497,375
797,951
858,432
Dr 136,817
Drl36,817
$10,042,183 $9,853,092
Total
$10,042,183 $9,853,092
Acquired during 1934 of doubtful salability in
ordinary course of busi¬
and (or) collectible on or
prior to Aug. 15, 1936, from the former
stockholders of such subsidiary
(1,000 shares of preferred stock of Anchor
Cap Corp. deposited in escrow as collateral
security),
x
ness
yAfter allowance
doubtful notes and account of
$97,004 in 1936 and $86,918 in 1935.
After allowance for depreciation of
$4,383,486 in 1936 and $4,299,344 in
1935.
a Represented
by 40,905 no par shares,
b
for
z
no
par
shares.—V. 141,
p.
Represented by 276,698
3217.
Earnings for 3 Months Ended Mar. 31, 1936
Revenue from sale of gold and silver bullion
Revenue from sale of quicksilver
Revenue from other sources
$117,998
Total revenue
Less operating costs
$156,197
*
37,038
1,160
(including development)
Net operating profit, before
—Y. 142, p.1276.
105,424
deducting depletion, deprec., &c
9,393
acquired
$626,769
60,875
$748,683
Archer-Daniels-Midland Co.—25-Cent
Special Dividend
The directors have declared
in addition to the regular
a
special dividend of 25 cents
per share,
quarterly dividend of 25 cents per share on
the
value, both payable June 1 to holders of
record
May 21.
Similar distributions were made in each
of the seven
preceding
quarters.
Regular quarterly dividends of 25 cents
per share have been
paid since and including Dec. 1, 1931, prior to which
50 cents per share was
paid quarterly from May 1, 1929 to and
including Feb. 1, 1931.
Income Account for Period Ended Mar.
common
stock,
no
par
31
1936—3 Mos.—1935
Earns, per sh.
shs.
—V.
com.
1936—9 Mos.—1935
$412,204
on
$596,054
$1,220,816
$1,759,099
$0.65
$0.92
$1.92
$2.90
549,546
stk. (no par)
142, p. 941.
Associated Gas & Electric
Co.—Weekly Output—
For the week ended April 25.
Associated Gas & Electric
System reports
electric output of 74,655,016 units
(kwh.), which is 12.9% above the
comparable figure a year ago.
For the four weeks ended
April 25, the
output was 305,228,905 units or
12.3% above last year.
Gross output,
including sales to other utilities, was up
10.4% above
the same week of 1935.
Consolidated Statement of Earnings and
Expenses of Properties Irrespective
of Dates of Acquisition
Tnrrpn
12 Mos. Ended Feb. 29—
1936
Electric
1935
$86,223,445
12,995,725
Gas_
Transportation
Heating
"
4,986,744
1,431,081
1,237,740
Water
Ice
1,178,385
Total gross oper.
revenues.__$108,053,120
Oper. exps., maintenance, &c__
54,742,197
Taxes
<?/>
Amount
$82,576,682 $3,646,763
12,354,748
640,977
4,868,618
118,126
1,352,745
78,336
1,243,906
x6,166
1,296,011
xll7.626
$103,692,710 $4,360,410
1
5
2
6
x9
4
11,151,666
3,021,770
754.477
$42,159,257
$41,575,094
$584,163
1
9,389,494
8,899,299
490,195
6
$32,769,763
Net operating revenue
for retirements
Provision
51,720,427
10,397,189
$32,675,795
$93,968
(re¬
Operating income
x
Decrease.
Number of
6
7
Security Holders Gains—
Registered security holders of the Associated Gas
& Electric System
on Jan. 1, 1936, a gain of
1,286 during 1935. This is a
greater gain than was made during 1934.
This compares favorably with the
records of 25 other
large utility com¬
panies, which sustained during the year an
aggregate loss of 3% in the
number of their stockholders.
Of these 25
companies, only three sustained
no net
or 125,660, of these Associated
security holders are cus¬
This is 7,334 more than the
number of customers who
owned
registered securities on Jan. 1, 1935. There are
10,499 institutions and
individual fiduciaries listed as holders.
There are 241,328 registered
security holders in the 48 States; New
York
leads with 90,332, followed
by Pennsylvania, 51,895;
Massachusetts. 15.194:
New Jersey, 11,409; Illinois,
11,028; California, 9,663.
Associated securities are also owned
by persons living in 38 other councountries and their (dependencies.
In this group Holland
ranks first with
9,321 holders.
A total of 14,704 holders
live outside the United
tomers.
possessions.
on Associated
security holders exclude
not include the security holders of new
States
These data
63,000
Canadian income tax.
20,442
21,641
99,749
$47,495
$111,275
$466,144
$494,474
do
Denied Dismissal of Petition—
Federal Judge Julian W. Mack
on
May 6 denied for the second
time a
motion to dismiss for lack of
good faith a petition
asking reorganization of
the company.
Judge Mack decided this motion
originally Oct. 26, 1934,
but it was reargued last week when
counsel for the
company said that
occurrences since that time had thrown
new light on the
question.
Judge
Mack said the passage of time "has
served to confirm
my conviction that
both the petitioning creditors and their
counsel have been and are
acting in
what they honestly believe to be the best
interests of all parties."
The U. S. Circuit Court of Appeals on
May 4 unanimously reversed an
order of Judge Mack directing that the trial
of the solvency of the
company
be held in his chambers in the Southern
District of New York.
The Court
of Appeals held that the case
originating in the Northern District, must be
tried there unless a transfer can be effected
to the Southern
District under
Section 77-B of the National
Bankruptcy
Law.—V. 142,
Associates Investment
3 Months Ended March 31—
Gross income from operations
Other income credit.
on
on common
1936
1935
$1,637,376
738,758
$1,154,043
552.344
$601,699
19,876
298
Int., incl. commissions & exps. on coll. tr. notes, &c
Provision for Federal income taxes
Dividends
2983.
$898,619
Operating expenses
Dividends
p.
Co.—Earnings—
109,592
Net income for periods
duplications, and
properties acquired by the Asso¬
ciated system during the year.
81,616
year
Allowance for Federal &
$50,772
and its
1933
Cr20,392
Cost of patents acquired
during
67,000
7,500
Contractual obliga¬
loss.
Almost half,
Corp.—Accumulated Preferred Dividend—
Anchor Cap
136,035
totaled 256,251
Federal
Cost
Pats. & pat. rights
1932
35,004,000
35,224,000
35,957,000
35,278,000
39,135,000
38,874,000
37,100,000
37,658,000
1933
Judge Geo. C. Sweeney has appointed Arthur
Black, Referee in
Bankruptcy for Suffolk County, Mass., as special
master to determine
feasibility of the plan of reorganization submitted
to the
Artloom
yrs.
Unearned income.
newals and replacements)
Amoskeag Mfg. Co.—Special Master—
other
ma¬
—
Weekly Power Output—
Week Ended—
35,836
174,689
7,660
Federal
common
common stock have
x
5,537,803
86,030
for
taxes, prior
net
February and March 1936,
converted mto
during
chinery, eq., &c. 5,732,409
Prepaid expenses.
103,567
and taxes
1936
of
125,876
current year
Prov.
132,373
Net profit after charges
(Company Alone) Year Ended March 31
Income—dividends, interest, &c
Interest, amortization
32,161
Anglo American Mining Corp.,
Ltd.—Earnings—
$9,125,468
Gross income
Income Account
&c
Total
38,790
58,150
(1950)
Total
Period End. Mar. 31— 1936—Month—1935
Gross earnings.
$4,100,647
$3,927,585
Oper. exps., maint. and
were
subsidiary
Land, bldgs.,
132,373
z
165,520
Total
In
missions,
Treasury stock
—V. 142, p. 1627.
x
Prov.for Fed.,Can.
&
State
taxes,
non-curr
Amt. realiz. from
sales of mdse of a
$266,236
Capital stock (par $10)
Initial surplus
Fixed assets
Shares of
7,814
con¬
Earned surplus
Contract payable.
Convertible debentures
and
Unexpired insurance, &c
Earnings
2,365,008
rec.
customers
sidered
Afar.31,'36 Dec. 31/35
$716,000
$565,000
586,520
400,885
Accounts payable.
Acer, wages, com¬
Liabilities—
$998,683 Accounts payable
United States Treasury notes.
252,705 Accrued salaries, wages and
Accounts receivable (net)
commissions
756,132
Notes receivable (net)
1,244,694 Accrued taxes and insurance..
Inventories (net)
2,498,837 Accrued royalties
Mortgages receivable
408,601 Accrued int. on debentures
—
Notes receivable (not
current)
Liabilities—
Notes pay. to bks.
798,400
2,493,874
Inventories
x
Sheet
753,523
(as at Jan. 31, 1936.]
Assets—
x
Afar.31,'36 Dec.31,'35
$258,657
$357,887
rec
patents and patent rights in the
Cash
Earnings
Notes & accts.
Notes & accts.
Pro-Forma Consolidated Balance Sheet, Feb.
29, 1936 (Incl. Subsidiary Cos.)
[Giving effect
3155
Consolidated Balance
preferred stock
capital stock.
$898,916
89,174
133,500
$676,243
52,500
100,000
•
$621,575
71,895
80,550
$469,129
22,750
80,000
Financial
3156
May 9, 1936
Chronicle
& Power Co., Ltd.—Earns.
Barcelona Traction, Light
ATLANTIC REFINING COMPANY
Period End. Mar. 31—
Gross earns, from oper..
Convertible 4% Preferred
Operating expenses
Stock
Net earnings
QUOTED
BOUGHT, SOLD AND
Bayuk Cigars, Inc.—Registers
The stockholders on
March 31
4 ,978,585
Cash
107,825
4,210
Repossessed autos.
Accts. receivable.
203,825
110,790
355,502
Reserve for losses.
460,416
956,988
Income..
2,098,953
1,136,265
Beatrice Creamery Co.—Directorate Reduced—
Stockholders at their annual meeting on May 1 approved an amendment
to articles of incorporation providing for reduction of number of members
of board of directors to not less than nine and not more than 15.
The
present range is 15 to 21 directors.
At the meeting President C. H. Haskell told shareholders that plans for
refinancing present preferred stock with a lower dividend-bearing issue
remained unmatured but would be developed during the summer.—V.
142, p. 2817.
1,300,000
2,260,475
4,176,025
the common stock,
4,278,010
23,166,630 A<Ats. payable
cr. Fed., State,
34,""
local and excise
23,824
(est.)
taxes
45,870
76,738
Funds withheld fr.
dealers
auto
250,000
69,129
250,000
68,820
Prepd.lnt.,rent,&c
26,090,000 17,651,500
305,196
514,375
Notes payable
Office furn.& equip
—deprec. value.
Cap. stk. of Asso.
Bldg. Co., asub.
Unearn.
7% pref. stk. (par
$100)
3,000,000
x
Common stock.
2,109,373
5,980,600
_
Earned surplus
572,352
shares in 1936 and 80,000 no par shares
Represented by 400,000 no par
in 1935—V. 142, p. 1277.
x
Equipment rents
Net ry. oper.
deficit..
Other income-
1932
685,882
346
Operating income.
Non-oper. rev. (net).
$3,991,565
$3,467,523
$3,553,824
Drl,847
17,319
47,811
82,612
$73,286 def$198,461 def$129,593 def$745,345
96,408
111,584
129,758
151,116
11,168
9,669
8,054
5,464
Total gross income..
Miscell. deductions..
$3,989,718
$3,601,635
$3,125,830
20,340
1,361,084
$3,484,843
26,349
1,468,243
25,774
1,550,028
22,553
1,550,582
$2,608,295
$1,990,251
$2,025,833
$1,552,715
325,000
2,200,000
325,000
1,650,000
325,000
2,200,000
325,000
2,200,000
$15,251 def$499,167
def$972,285
$1.54
$1.11
1,149
$336,273
$83,294
32,858
33,494
*
$250,846
44,718
$302,779
$206,128
$852,921
56,202
$796,719
50
50
21,893
3,313
14",550
14,311
2,885
"2,103
235
$75,692
$317,564
$223,374
$801,898
Other deductions
Net deficit
3,075
2983.
Net oper.
Taxes and Federal taxes.
Interest
Net income
dividends.
Common dividends..
Preferred
$83,295
Surplus
company
000 shares com. stock
Atlas Powder Co.—Extra
have
directors
2983.
p.
of Chicago—Earnings—
1935
1934
1933
1932
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals, &c
$4,654,488
2,767,366
460,408
$4,565,384
2,719,879
355,490
$4,027,327
2,498,301
531,813
$3,927,472
2,748,747
465,368
Railway oper. income.
Non-oper. income
$1,426,714
819,741
$1,490,015
803,540
$997,213
1,036,169
$713,357
1,111,167
$2,246,455
$2,293,555
$2,033,383
$1,824,524
263,714
112,728
1,765,177
90,883
144,645
1,758,550
1,757,944
79,083
108
7,014
116,289
614
129,258
5,372
139,370
10,260
480
10,478
$181,626
$298,649
Calendar Years—
Gross income
Hire of freight cars
1,714,908
Rent for leased road
Other rents and int.
on
funded debt
Int.
on
unfunded debt--
Miscellaneous charges._
97
Comparative Balance Sheet Dec.
declared an
'
The stockholders on April
29 approved the amended
reorganization plan
outlined in V. 142, p. 2816.
770,969
Long-term debt—
215,822
Traffic & car serv.
200,399
166,923
Audited accts. and
Special deposits
balance
wages
Net balance receiv.
George H. Houston, President, on May 1 announced that up to the close
of business April 30, acceptance of the plan of reorganization had been
received by Drexel & Co., agent, Philadelphia, and J. P. Morgan & Co.,
sub-agent, New York, from holders of Baldwin securities in the following
Material & supplies
Int. & dlvs. receiv.
Deferred assets
Unadjust. debits..
53,040
187,464
64,123
57,050 Deferred liabilities
442,438 Unmat. int. accr'd
92~609
310,479 Other curr. liabil.
19,100 Unadjust. credits. 1,623,263
10,604 Approp. surp. not
specifically lnv.
140,213
13,322
—undiv. surplus
10,671
Deficit
79,789
436,763
301,908
11,249
20,908
168,538
_
amounts:
Sinking Fund 30-Year Gold Bonds Due May 1, 1940—
32.2% of the $2,676,000 bonds of this issue outstanding in
67,778
189,614
13,072
78,714
payable
payable--
Miscell. accts. pay.
from agents and
Miscell. accts. rec.
Plan—
1935
1934
$3,120,000 $3,120,000
22,000
$3,160,223
346,814
238,676
Cash
conductors
Baldwin Locomotive Works—Assents to
31
Common stock
$3 ,382,655
balance recelv'le
Approved—
$48,840 loss$238,174
Liabilities—
1934
1935
Assets—
Investments
Traffic & car serv.
Autocar Co.—Amended Plan
as
$1.51
$2.08
outstanding
Dividend—
extra dividend of 25 cents per share
quarterly dividend of 50 cents per share on the
common stock, no par value, both payable June 10 to holders of record
May 29.
Similar distributions were made on March 10, last.—V. 142,
The
579,884
$3,043,218
—V. 142, p. 2308.
Net income.
in addition to the regular
$3,623,102
1,100,-
Earns .per sh. on
Belt Ry. Co.
Co.—Entire Preferred Issue Sold—
announced May 5 the issuance and sale of the entire
148,000 shares of its new cumulative preferred stock convertible 4%
series A.
All except a relatively minor part of the issue was subscribed
for upon the exercise of rights issued to the company's stockholders and
the remainder was purchased by the underwriters.
The list of the under¬
writers was headed by Edward B. Smith & Co. (see V. 142, p. 2656).
The New York Stock Exchange has authorized the listing of 148,000
shares cumulative preferred stock, convertible 4% series A (par $100)
on official notice or issuance and payment in full upon subscription by
common stockholders and by the underwriters; and of 411,112 additional
shares common stock (par $25), upon official notice of issuance on con¬
version of the cumulative preferred stock, convertible.4% series A, making
the total amount applied for 148,000 shares of cumulative preferred stock,
convertible 4% series A, and 3,107,754 shares of common stock.—V. 142,
p. 2656, 2816.
The
_
$4,239,706
2,413,794
5,998,945
159,847
Total interest accrued.
Atlantic Refining
1935
1934
1933
$15,053,055 $14,944,706 $14,713,932
10,694,743 10,705,000 11,090,830
890,789
2,855,871
160,277
$2,604,545
2,578,042
154,169
1,925
Rent for leased roads..
—V. 142, p.
1936
$4,358,313
$50,436
Total deficit
Telephone Co. of Pa.—Earnings—
Bell
3 Mos. End. Mar. 31—
1,127,864
1934
$2,818,836
Joint facility rents
584.
revenue....' $5,119,430
1935
$3,009,163
2,786,623
148,609
645
Railway oper. income-
1Q33
declared an initial dividend of five cents per share on
payable June 1 to holders of record May 15.—V. 141,
Telephone oper.revenue_$15,919,133
Telephone oper. exps
10,799,703
Birmingham & Coast RR.- -Earnings-
Atlanta
Calendar Years—
Railway oper. revenue..
Railway oper. expenses.
Railway tax accruals
Uncoil, railway revenues
Mines—Initial Dividend—
Beattie Gold
The directors have
p.
41,414,532 27,868,107
Total
41,414,532 27,868,107
Total
2984.
—V. 142, p.
$
$
Liabilities—
$
Notes receivable..35 928,351
1935
1936
1935
$
to the charter,
May 6 approved all amendments
restating the authorized capital stock and splitting the number of issued
common shares 4-for-l and authorizing the directors from time to time to
issue stock as deemed advisable.
They also amended by-laws with respect
to date for determination for stockholders entitled to allotment of rights.
John L. Davis was elected a director in place of Harvey L. Hirst, resigned.
Teletype—Phila. 22
Condensed Balance Sheet
1936
Assets—
with SEC—
Split-up Voted—New Director
Stock
Walnut Street
21,140,147
22,225,469
first page of this department.
See list given on
Philadelphia
A. T. & T.
6,277.295
6,890,353
1936—3 Mos.—1935
33,588,146 32,869,146
11,362,677
11,728,999
p72146.
-V. 142,
YARNALL & CO.
1528
...
(Spanish Currency]
1936—Month—1935
10,650,831
10,305,039
3,760,478
4,027,744
409
537
121,801
1,903,423
13,322
192,297
First Mortgage 5%
$862,000, or
the hands of the
Five-Year 6%
500,
or
public.
Consolidated Mortgage Bonds Due March 1, 1938—$4,254,of the $10,435,600 bonds of this issue outstanding in the
40.9%
public.
hands of the
35.7 % of the 200,-
7 % Preferred Stock ($100 Par Value)—71,526 shares, or
000 shares outstanding in the hands of the public.
Common Stock (No Par Value)—173,321 shares, or 15.7%
of the 1,105,860
public.
of the plan by Baldwin's security
holders is progressing favorably, the first request for assents having been
mailed on March 26," said Mr. Houston.
"In terms of percentage, the amount of common stock assented is smaller
than for other classes of the company's securities but, at this stage of our
work, the results are quite satisfactory.
Baldwin's common shares are
widely scattered in small holdings. As is the case in all reorganizations of
this kind, our problem has been to locate the actual owner of the stock.
This takes time but we are making encouraging headway."
Consummation of the plan is contingent upon its acceptance by not less
than a majority in amount of each class of stockholders, bu not less than
two-thirds in amount of holders of the first mortgage bonds, and by not
less than two-thirds in amount of holders of the consolidated mortgage bonds.
The first mortgage bonds, preferred and common stocks are listed on the
New York Stock Exchange and Philadelphia Stock Exchange.
The con¬
solidated mortgage bonds are dealt in on the New York Curb Exchange.
Transactions can be conducted in either assented or non-assented securities
on each stock exchange on which they are listed or admitted for trading.
—V. 142, p. 2816.
|
shares outstanding in the hands of the
"The work of obtaining acceptance
Baltimore Radio Show,
Inc.—Initial Dividend—
Total.
—V.
.
B/G Foods, Inc .—Accumulated
common
Baton
Beneficial Industrial Loan
Period End. Mar. 31-
Operation
Maintenance
Taxes
Int. and amortization
1936—Month—1935
1936
1935
1934
$4,341,219
$4,296,152
$3,718,628
2,509,966
2,527,264
2,154,493
Net operating
Income credits
$1,831,253
$1,768,888
17,919
11,217
$1,564,135
$1,849,172
$1,780,105
63,555
3 Months Ended March 31—
income
767,605
85,664
181,038
164,541
5,945
16,101
13,632
5,846
15,265
13,803
70,938
179,279
166,348
$30,084
$330,593
140,000
37,254
$254,368
121,250
37,254
$153,339
$95,864
$34,499
Appropriations for retirement reserve
Preferred dividend requirements
Balance
Balance for common dividends
-V. 142, p.
$1,453,217
852,404
$135,713
70,713
;
and surplus—.
x9,398
57,438
1,856
5,804
6,299
$1,388,183
6,389,486
$1,276,707
$1,236,088
5,340,359
5,689,621
$6,617,066
Cr288
debentures!
/
Prov. for Fed. inc. & capital stk. taxes
119,884
304,756
16,320
$6,925,709
35,479
$7,777,957
Other interest
351,376
$7,777,669
Interest(on 6% convertible
$6,600,746
$6,890,229
188,494
1,374,580
188,494
784,694
188,494
784,684
109,2871
1
expenditures for business
develop., deb. disct. & exp., and
Amort,
of
commissions and exp. in
with sales of cap. stock
Other charges
Net inc. applic.
connection
to minority
stock¬
companies
Net income
Earned surplus Jan. 1
Surplus charges, net.
Earned
dends
Dividends
surplus available for divi¬
on
capital stocks of the1
on
preferred stock, ser. A.
_
$6,214,883 $5,627,556 $5,917,049
2,092,444
2,092,444
2,314,989
$0.50
$0.52
$0.51
Including amortization of debenture discount and expense.
Earned surplus March 31
Shares
common
Earnings
x
2489.
65,279
$1,629,414
64,764
92,967
170,000
"""326
Gross income
1936—12 Mos.—1935
$1,599,564
$139,755
69,575
Corp.—Earnings—
Operating income
Operating exp. (incl. prov. for doubt¬
ful notes)..
Rouge Electric Co.—Earnings—
Gross earnings
Dividend—
dividend of $1.75 per share on account
7% cum. preferred stock, par $100, payable July 1
to holders of record June 20.
Accruals after the payment of the current
dividend will amount to $29.75 per share.—V. 142, p. 1808.
The directors have declared a
The directors have declared an
the
$5,187,701 $5,293,822
of accumulations on the
holders of sub.
initial dividend of 25 cents per share on
stock, payable June 1 to holders of record May 15.
Total
.$5,187,701 $5,293,822
140, p. 3205.
per
stock (no
share
par)
-
Volume
142
Financial
Consolidated Balance Sheet March 31
1936
1935
©
e
A
Cash
b Instl. notes
1936
accts.
receivable
67,035
15,555
533,264
450,254
24,308
570,452
discount & exp_. el88,949
a
522,444
Furniture & fixt-
$
to
9,875,000 11,002,500
Federal lncom, tax
636,417
638,424
Other current llab.
154,100
177,073
Due to assoc. co._
187,705
714,231
Miscell. notes and
Investments
1935
$
Liabilities—
4,058,538
4,034,580 Notes payable
banks
rec_.50,264,814 48,398,633
Employees'
Unamortiz. deben.
thrift
accounts
2,235,279
..
1,985,236
921,120
566,784
Reserves for taxes,
Insurance, &c._
Minority
Int.
In
cap.stk. of sub.
6% conver. deben.
4,237,000
capital stocks of
187,519
subsidiary cos..
stock__10,770,650 10,770,650
Common8tock_.16,585,168 14,916,080
Paid-in surplus
4,329,122
6,983,827
Earned surplus
5,627,556
6,214,883
Preferred
d
Total
'
55,128,156 54,600,671
Total..
55,128,156 54,600,671
a After
depreciation reserves of $589,210 in 1936 and $721,447 in 1935.
b After reserves of $2,966,528 in 1936 and
sented
by 215,413 no par shares,
in 1936 and $2,092,444in 1935.
$3,275,659 in 1935.
c Repre¬
d Represented by 2,314,989 no par shares
e Deferred charges only.—Y. 142,
p. 2984.
Berland Shoe Stores, Inc,—$1.75
The company paid a dividend of $1.75
per
on the 7%
cum. pref. stock,
preexisting debt secured by the first mortgage, and the Worcester Nashua &
Rochester bonds are part of the underlying bonds for which bonds are
for purchasing, refunding, or retiring them,
or to reimburse the
treasury for expenditures made for such purposes.
In order to reimburse its
treasury in part for the moneys expended in
retiring these bonds, the applicant proposes to procure the authentication
and delivery to it of
$3,600,000 of first-mortgage 5% bonds, series MM.
It is of the opinion that it can not sell the
proposed bonds in the open
market at this time on a favorable basis, so it will retain them in its
treasury
until price conditions are more favorable.
Pending their sale the applicant
proposes to pledge and repledge them from time to time as collateral
security
for any note or notes which it
may issue to governmental agencies to evid¬
ence loans, or under the
provisions of section 20a (9) of the Act. In the near
future it expects to borrow $2,000,000 from the Federal
Emergency Adminis¬
use the bonds, or such part of them as
be necessary as collateral security for such notes as may be authorized
loan.—V. 142, p. 2985.
tration of Public Works and wishes to
may
to evidence the
(John W.) Bradford & Co.—Registers with SEC—
Preferred Dividend—
share on account of accumu¬
par $100, on May 1 to holders of
record April 25.
A similar payment was made in each of the six preceding
quarters, and compares with $3.50 per share distributed on Aug. 1 and
May 1, 1934. The last regular quarterly payment of $1.75 per snare was
made on Feb. 1, 1932.—V.
142, p. 617.
See list given on first
page of this department.
lations
Black & Decker Mfg. Co.—To Call
Brandon Corp.—Accumulated Dividend—
The company paid a dividend of $1.50
per share on account of accumula¬
on the 7% cum.
preferred stock, par $100, on April 15 to holders of
record April 10.
A dividend of $3.50
tions
and
on
Preferred Issue—
Stockholders at a special meeting to be held
May 14 will vote on a pro¬
posal to call in $1,000,000 of 8% preferred stock, par $25, now
outstanding
and issue $25,000 shares of new $50
par 5% convertible preferred stock,
the new issue to be offered to holders of common stock.
The present out¬
standing 8% preferred is callable at $27 a share and would require a sum
of $1,080,000 to effect the retirement.
It is understood that one of the provisions for the
proposed new preferred
stock is that it shall carry a sinking fund.
Full details of the new issue will
be set forth later in a
registration statement, if the
proposal is approved
per share was paid on Jan. 2, 1935
1, 1934.
The company also paid $3-86 on May 1, 1934;
April 2,1934 and $1.75 per share on Jan. 2,1934.-—V. 141, p. 2582.
Nov.
on
$3.50
by stockholders.
3157
The report of the Commission says:
The applicant had
outstanding $3,652,000 of bonds, consisting of $1,872,000 Fitchburg RR. 5% bonds, dated Jan. 1, 1914, and which matured
Jan. 1, 1934; $380,000
Worcester, Nashua & Rochester RR. 4%bonds,
dated Oct. 1, 1894, and which matured Oct.
1, 1934; $150,000 Worcester,
Nashua & Rochester RR. 4%
bonds, dated Jan. 1,1906, and which matured
Jan. 1, 1935: and $1,250,000 Boston & Lowell RR.
Corp. 5% bonds, dated
March 1, 1916, and which matured March
1, 1936.
These bonds were all
issued prior to the effective date of Section 20a of the
Interstate Com¬
merce Act and have been retired
by the applicant from funds in its treasury.
The Fitchburg RR. bonds and the Boston & Lowell bonds were
part of the
reserved under the first
mortgage
12,500
Outside interest in
c
Chronicle
Brockway Motor Co., Inc.—Balance Sheet
Assets—
1935
hand
on
$249,299
Domestic
a
$471,279
1,313,771
1,249,176
accounts
receiv.
19,000
Earnings
x
share
per
xl936
reserves
on common
Approximate.—V. 142,
p.
1935
$2,117,000
350,000
b
$1,605,711
171,393
140,599
$0.34
$1.40
151,334
55,860
55,840
Bldgs.,
mach'y,
&c.
Prepd. ins., bank
discts., supplies,
&c
Bliss &
of sale
for
incl.
stockholders
c
April 28 approved a reduction in the authorized
preferred stock from 30,400 shares to 29,200 shares.—V.
142, p. 2489. j
Blue Ridge
on
Total.
$106.45 per share of preference stock outstanding, and, after
allowing for
preference stock at the amount to which it is entitled in
liquidation ($55
per share and accrued dividends), $2.95 per share of common stock out¬
standing.
Net unrealized appreciation of investments at March 31, 1936,
was $11,720,868.
These amounts were arrived at after deducting provision
for Federal income tax on so much of the net unrealized
appreciation as
would, upon realization, represent taxable profit.
In connection with security
purchases made during the quarter and in
anticipation of further purchases, bank loans were incurred which amounted
to $5,416,000 at the end of the
quarter.
Consolidated Income Account for the 3 Months Ended March
Income—Dividends
Interest
31, 1936
Total
Expenses
Interest
bank loans
on
Provision for Federal income tax
on
$200,533
323,669
optional $3 convertible preferred stock.
Deficit
tax
profit
applicable
account.
sales of securities, less provision for Federal
thereto was credited directly to earned surplus
on
<§
d Investments
&
$142,175
Mar. 31 '36 Dec. 31 '35
$
Liabilities—
35,709,770 30,475,944 Accts.
int.
S
174,152
206,758
4,219,025
Warrants
for pur.
of com.8tock...
secur.
2,226,185 Notes
v
106,421
52,631
purch
payable
to
banks
^.30,740
155,654
5,416,000
378,331
223,982
c Preference stock.
10,788,950 10,788,950
b Common stock..
7,489,483
7,489,483
Surplus
14,395,162 12,885,983
General reserve... 1,544,524
1,670,171
Prov.for tax &cont
(maxi¬
requirement, 53,945 shares), and 228,301 shares for exercise
(to purchase at any time shares of common stock at
$20 per
c 431,558 shares, no par value, at stated value of
$25 per share,
d At average book values
(based on Dec. 31, 1932, market quotations as
to investments acquired
prior to that date and cost as to
share),
chases) .—Y. 142,
subsequent
p.
pur¬
943.
(Sidney) Blumnthal & Co., Inc. (&Subs.)—Earnings—^
3 Mos. End. Mar. 31—
Profit from operations..
1936
1935
$22,124
97,843
reserve...
$427,261
95,788
67,209
Res. for taxes, &c
Net loss
-V.
142, p.
$75,719prof $264,264
1934
$2,954,745 $2,894,760
$2,419,121, due
principally to the accrual of interest on outstanding debts of the corporation.
Every effort is being made to collect the foreign receivables which were
one of the
principal assets of the corporation, but relatively little progress
was made in 1935 and
payments on all foreign accounts have practically
ceased.
The Brockway Motor Co., Inc., the
operating subsidiary, shows
of $60,637 for the year ended Dec.
31,
profit of $33,597 for the
year
a profit
1935, and this compares with a
1934.
[Incl. wholly owned subs diary, Indiana Truck Corp. (in dissolution),
assets and liabilities of its wholly owned
subsidiary, Brockway
Motor Co., Inc.]
but not incl
Assets—
1935
(In Cubic Feet)—
January
February
'
$111,664
i
April
$267,499
Co.—Output—
1936
1935
1,287,421,000
1,256,310,000
-.1,112,924,000
1,047,968,000
1,346,975,000
1,153,085,000
1,152,477,000
1,039,210,000
1934
1,172,408,000
1,171,444,000
1,126,368,000
988,598,000
Boston & Maine RR.—Bonds—
The Interstate Commerce
Commission
April 28 authorized the com¬
exceeding $3,600,000
treasury for retiring
matured bonds, the bonds to be held in
treasury pending further order or
approva'
on
pany to procure the authentication and delivery of not
1st mtge. 5% bonds, series MM, to reimburse the
Liabilities—
1934
Cash in banks and
on
hand
Foreign
accts.
$67,617
Brockway
notes,
c
209,367
$2,856
Notes & accounts
payable
text.)..
4,419,552
3,085,297
1,360,795
1,102,012
Accr. Int., incl. int.
2,388,791
on
for'n conting.
liability
Res. for poss. losses
Mot.
on
18,333
18,333
Rl. est., other than
cust.
paper
discounted
1,553,007
Miscell. reserve.._
oper., & miscell.
d
investments
70,566
Land
70,591
120.791
120,791
702,994
7,591
1
7%
cum.
140,500
123,108
2,290,500
3,177,807
2,290,500
conv.
pref. stock!
738,809
2,898
1
mach'y &
e
Common stock..
Deficit
Goodwill
Total.
1934
518
■
9,994
Brockway
Motor Co., Inc. 2,449,428
Accr. int. rec., gold
equipment
$1,054
Motor
Co., Inc
receivable
h Land,
1935
Accts. pay., trade.
$123,598
.$3,503,297 $3,617,2001
Total
g7,887,429
3,177,807
17,717,389
$3,503,297 $3,617,200
a After
allowance for losses,
b Represented by five-year 5%
gold
debenture bonds of $1,100,000 and 1,000 shares of common stock at cost of
$1,349,428 in
1935 and $1,288,791 in 1934.
c Extended, subject to the
agreement dated Nov.
1, 1930.
d Represented by
$100 par.
e Represented
by 219,082 no-par shares,
f After
adjustment of $43,725, representing excess of investment in Brockway
Motor Co., Inc., over underlying assets,
g After adjustment of $16,912
representing excess of net assets in Brockway Motor Co., Inc., over in¬
terms
of
shares
creditors'
of
vestment.
h After
allowance
for
depreciation of $396,359 in
1935
and
$508,081 in 1934.—V. 141, p. 2729.
1933
loss$8.731 loss$171,856
102,933
95,643
1631.
Boston Consolidated Gas
March
Total.
Brockway Motor Truck Corp.—Financial Statement—
Prepaid insurance.
40,233,687 33,111,2011
Total
....40,233,687 33,111,201
b Represented by shares of $1
par value.
Of the authorized 12,500,000
$1 par value shares, there are 647,337 shares reserved for
conversion of
preference stock; 1,142,914 shares for dividends on preference stock
Depreciation
_
G. S. Piroumoff, President,
says in part:
agreement under which the corporation has been oper¬
ating since Nov. 1, 1930, has been extended by the consent of the creditors
to Nov. 1,
1936.
The capital deficit has increased to
Brockway
Co., Inc
114,817
Total
of warrants
&
Common stock-
The creditors'
debenture bonds
Due to brokers for
46,661
Cash
annual
118,318
1,000,000
235,272
53,519
cust.
paper
1934.—V. 141, p. 2729.
b Inv. in
$
pay. & accr.
expenses
accrued
Accts. receivable
mum
in
drafts, accepts.&
Mar. 31 '36 Dec. 31' 35
rec.
114,336
1,000,000
235,272
114,156
conting.,
for
on
$13,922
in 1935 and
a
Comparative Balance Sheet
Divs.
$2,954,745 $2,894,7601
98,086
1,100,000
a After allowance for
possible uncollectible notes and accounts of $181,546 in 1935 and $168,175 in 1934.
b After allowance for depreciation of
$37,677 in 1935 and $22,667 in 1934.
c Represented by 1,000 shares at
a stated value of
$1,000 each, all owned by Brockway Motor Truck Corp.
d After allowance for
possible uncollectible drafts and accounts of
$123,136
-
Note—The net
income
92,563
1,100,000
Consolidated Balance Sheet Dec. 31
Net income
Dividends
$233,711
68,691
$302,402
89,982
10,186
1,700
.
re¬
Capital surplus
Earned surplus
Corp.—Quarterly Report—
Earle Bailie, President, says in part:
Based on March 31, 1936, market prices for
investments, the net assets of
the corporation on that date amounted to
$45,938,986, equivalent to
17,026
on
miscellaneous
Bloomingdale Bros., Inc.—Preferred Stock Reduced—
18,333
prov.
losses
disctd.
The
inc.
5-yr. 5% gold dbs
due Sept. 1,1937
2985.
p.
int.
dome8t. notes
Laughlin, Inc.—Registers with SEC—
department.—V. 142,
18,333
gold debentures.
ceivable
-
50,972
29,250
5%
Depos. on contr'ts
Res.
See list given on first page of this
on
8173,982
15,664
int.
Def'd
equipment,
1630.
64,469
883,661
19,000
1934
$210,209
23,269
30,943
commissions
Accrued taxes
Accr.
76,572
1,068,850
Inventories
1935
Accts. pay., tradeAccrued wages and
notes
& accts. receiv..
d Foreign drafts &
Land
6 Mos.—Ended March 31—
Net sales
Net profit after taxes depreciation & other
Liabilities—
1934
Cash in banks and
Brooklyn Edison Co., Inc.—Files Statement with SEC—
$55,000,000
Bonds for Refunding Purposes
Seeks to Issue
The company, on May 5, filed with the Securicies and
Exchange Com¬
mission
registration statement (No. 2-2145, Form A-2) under the Securities
Act of 1933, covering $55,000 000 of
consolidating mortgage bonds, 3
series of 1936, due May 15, 1971.
a
According to the registration statement, the net proceeds from the sale
of the bonds together with other funds will be applied to the
redemption of
the following outstanding securities of the company:
$30,039,000 general mtge. gold bonds, series A, 5%, due Jan. 1, 1949, at
105% and interest.
24,968,000 general mtge. gold bonds, series E, 5%, due Jan. 1, 1952, at
104% and interest.
It
is stated
chat the company intends to redeem the above bonds on.
1936.
redemption provisions, 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.
Frank W.
Smith, of New York City, is President of the company.—V. 142, p. 2986.
July
1,
The
Financial
3158
Brooklyn-Manhattan Transit Corp.—Bonds Called—
Coincident with the call for redemption on July 1, next, of $82,660,000
rapid transit security 6% sinking fund gold bonds, Series A, due July 1,
1968, at 105 and interest and of $10,000,000 of the company's 15-year
secured 6% sinking fund bonds, Series A, due June 1, 1949, at 103 and
interest, the company has authorized the Chase National Bank of the City
of New York, as trustee, to make immediate payment of these bonds at
their full redemption prices with iterest to the redemption date.
Hollders of the bonds, under this arrangement, can obtain immediately
by presentation and surrender of their securities to the Chase National
Bank a cash payment which amounts, in the case of the rapid transit security
6% sinking fund gold bonds, to 108% of the principal amount and, in the
case of the
15-year secured 6% sinking fund bonds, to 1063^% of the
principal amount.
The payments in both instances include the redemption
premium and the full interest which would accrue if the bonds were held to
the redemption date.
Immediate payment of the bonds as well as their redemption on and after
July 1, will be effected through the corporate trust department of the Chase
National Bank, 11 Broad St.
Redemption of these bonds follows the recent public offering through a
banking group headed by Hayden, Stone & Co., Brown Harriman & Co.,
Inc. and Lazard Freres & Co., Inc. of $110,000,000 Brooklyn-Manhattan
Transit Corp. rapid transit collateral trust bonds, comprising $65,000,000
4M% series bonds, due May 1, 1966, and $45,000,000 3 and SH% serial
bonds, due May 1, 1937-1951, inclusive.—V. 142, p. 2986.
Co.
Brunswick-Balke-Collender
Quarter Ended March 31—
Sales, iess returns, &c
Gross profit on sales
Depreciation—
(& Subs.)— -Earnings
1936
$1,376,100
451,029
27,839
,
1935
$1,156,753
401,127
28,429
1934
$1,170,902
393,326
28,375
May
Chronicle
i
n
a
way,
1936
9,
general retail dry goods store business on premises located at Broad¬
Hill and Seventh streets, in Los Angeles, Calif.
Since organization
the company has continued to carry on and has expanded the business
its predecessor.
At the present time the company operates and intends
of
to
continue to operate the following stores:
A general department store known as "Bullock's," located at Broadway,
Hill and Seventh streets, Los Angeles, Calif., with a total floor space area
of
approximately 751,177
An eight-story addition to this
feet.
square
completed in 1934.
■
„'
specialty store known as
Bullock s Wilshire,
located
at 3050 Wilshire Boulevard, Los Angeles, with a total floor space area of
store was
.
A ready-to-wear
the public
approximately 200,017 square feet.
This store was opened to
on Sept. 26, 1929.
A store, known as "Bullock's Westwood," located at 1002
Boulevard (in Westwood Village), Los Angeles, Calif.
This
opened in 1932.
A shop known as "Bullock's Desert Inn Shop," located on the
the Desert Inn, Palm Springs, Calif.
Debt and Capitalization
Financing and Retirement
Funded
Outstanding
wholly-owned
grounds of
subsidiary.
a$250,000
-
1937, to
1,
5.000,000
40,000 shs.
b243,759 shs.
-
by
store was
Completion of Present
Thereby
upon
-----
Held
Westwood
of Securities Provided for
5-year 6% gold debentures, due Oct. 1, 1932
Secured 4% bonds, maturing serially from May
May 1, 19465% cumulative preferred stock (par $100)
Common stock (no par)
a
_
_
Maturity
extended
1,
Oct.
to
1937.
No additional amount of these debentures may be issued,
b 6,241 shares held in the treasury of the company.
Principal Underwriters—The
of each principal underwriter of the
name
issue of bonds and of the issue of preferred stock, and the amounts of bonds
and
preferred
stock respectively
by
underwritten
of them
each
are
as
follows:
$423,190
84,958
Profit
Other income
Total income.
Expenses and bad debts written offSpecial charges
Loss from
Profit
on
operations
sale of securities
$372,698
92,237
$364,951
97,686
$508,148
566,493
46,500
$464,935
561,427
$462,637
473,039
$104,845
45,923
Net loss
4%
Bonds
$96,492
$10,402
24,954
Bush Terminal Co.—Court Dismisses Reorganization Pro¬
ceeding and Equity Suit Against Company—.
Judge Inch in the U. S. District Court in Brooklyn on April 30 signed
order dismissing reorganization proceedings under Section 77-B of the
law of the company and also dismissing a suit in equity
pending against the company. The order of the Court directs the return to
the company of all of its assets as of 9 a. m. June 1.
The Court said in its order mat the dismissals of both proceedings were
subject to the settlement of all claims against the company allowed by
James C. Van Siclen and C. Walter Randall who occupy the dual capacity
of trustees in reorganization and receivers in equity. The Court also directed
that the company assume all obligations contracted by the trustees and
ordered the company to be substituted for the trustees in any action brought
against the trustees.
The Court also said the dismissals were subject to the payment by the
company of administration charges incurred during the reorganization and
equity proceedings and the payment of allowances a nd fees to persons taking
part in the reorganization.
The Court directed that petitions seeking such
an
fees and allowances be filed before June 1.
The Court said these allowances
were to be considered prior liens against all assets of the company.
Judge Inch also signed an order expunging from the records of the com¬
litigation in the Federal court an affidavit filed by Irving T. Bush,
President, on April 24, last;, in which Mr. Buwh made "statements or
implications" that there existed "an improper and collusive agreement"
pany
between Mr. Van Siclen and Mr. Randall and the committee representing
the preferred stockholders of the Bush Terminal Buildings Co., of which
Charles Bedford is Chairman.
implications that said persons have taken action
to mislead the Court," said Judge Inch in his order, "and the further state¬
ment that said persons have persecuted said Irving T. Bush during the
receivership of the debtor, are entirely false and other statements and
implications contained therein are false and misleading."
or
Pay All Past Due Coupons—
Arrangements have been made with the committee representing the
consolidated mortgage 5% bonds, of which E. A. Potter is Chairman, for
the payment of all past due coupons totaling $150 per $1,000 bond upon
the return of the property and assets of the company to its officers, and
directors, according to Lowell M. Birrell, attorney for the company. There
are
approximately $7,000,000 of the consolidated 5s outstanding, with
three years' accrued interest.—V. 142, p. 2820.
Bullock's, Inc.—Further Data—
In
connection
with
*40,000
100%
28%
100%
18.5
$5,000,000
14
18.5
1
,<■
9
7
5
18.5
14
9
7
5
*
The number of shares of preferred stock that may be purchased by the
principal underwriters may be reduced pro rata by reason of the exchange
or purchase of stock from the company, pursuant to the offers to holders
of 7% preferred stock.
Opportunity to Exchange Afforded Holders of 7% Cumulative Preferred
Stock—Company is offering to the holders of the outstanding 7% cumu¬
lative preferred stock the right to exchange such 7 % cumulative preferred
stock for 5% cumulative preferred stock on the basis of 1 1-10 shares of
5% pref. stock for each share of 7% pref. stock surrendered.
Stockholders
who make this exchange will receive dividends on the 7% pref. stock to
date of redemption (Aug. 1, 1936), and will be charged an amount equal to
the accrued dividends on the 5% pref. stock from May 1, 1936, to May 7,
1936.
This offer to exchange remained opened until May 6 (5 p. m.).
Income Account Years Ended Jan. 31
1936
Net sales of merchandise $23,608,481
Sales of leased sections—
1,261,497
Cost of sales—
13,462,392
Gross
1935
1934
1933
$20,422,685 $18,464,578 $18J28,688
1,079,608
891,584
314,607
11,756,218
10,529,419
11,889,206
profit—owned
sections.
$8,884,592
13,540
Miscellaneous income
Total gross profit
Operating expenses.....
Deprec. & amortizationBond interest
Miscellaneous
(net)
Prov. for Fed. inc. tax..
Net profit
Previous surplus
Gain by purchase of own
securs. at a
Reduction in
$7,586,859
$8,898,132
6,315,531
553,320
341,160
Crl.267
277,727
$1,411,661
2,882.627
$7,043,574
7,710
$6,524,876
$7,596,282
5,721,611
569,638
351,694
Dr34,57l
121,875
$7,051,284
5,209,965
$6,538,964
5,408,992
543,612
544,519
391,776
Dr165,265
107,825
408,433
95,987
7,805
$796,893
2,831,505
$632,841
2,382,393
$73,226
2.733,187
3,220
53,973
165,426
9,424
discount—
reserve
14,088
for
contingencies
207,301
Cash value of life insur„
Total surplus
Preferred dividends
376,957
$3,838,919
255,460
365,695
$4,294,288
243,706
487,518
Common dividends
Add'ns to
res. for con tin.
Reduction in book value
of land owned adjacent
to Wilshire store
$3,446,165
274,680
304,980
35,000
$2,971,840
288,536
$2,831,505
$2,382,393
243,984
$1.46
243,984
243,999
35,000
335,138
Premium
on pref. retired
charges
~4~ 059
Other
96,237
Surplus, Jan. 31
Shs.com.stk.out.(no par)
Earnings per share
$3,462,767
243,759
$4.78
—
21*911
$2,882,627
243,759
$2.22
Balance Sheet
the
offering of $5,000,000 secured 4% bonds and
40,000 shares 5% cumulative preferred stock by Blyth & Co. Inc., and asso¬
ciates (V. 142, p. 2987), a prospectus dated April 29 affords the following:
$5,000,000 Secured 4% Bonds—Dated May 1, 1936; due as follows:
Series A, $500,000, May 1, 1937; series B, $500,000, May 1, 1938; series C,
$500,000, May 1, 1939; series D, $500,000, May 1,1940; series E, $500,000,
May 1,1941; series F, $2,500,000, May 1,1946.
Interest payable M. & N.
in Los Angeles, San Francisco or New York, at option of holder.
Princi¬
pal and interest payable in lawful money of the United States.
Series
A to E non-redeemable.
Series F red. as a whole or in part at any time on
30 days' notice on or after but not before May 1, 1941, at par and int.
Coupon bonds in the denom. of $1,000, registerable as to principal only.
Citizens National Trust & Savings Bank of Los Angeles, trustee.
Series F
bonds are entitled to benefit of a sinking fund in the amount of $200,000
for each of the years ending on May 1, 1942 to May 1, 1945, inclusive.
40,000 Shares 5% Cumulative Preferred Stock—Dividends payable Q.-F.
out of surplus or net profits in preference to holders of common stock, at
rate of 5% per annum.
Dividends cumulative.
No voting rights except
that in event of a default in payment of six quarterly dividends holders
may elect a majority of the board of directors.
Red., all or part, at par
plus divs. snd a premium of $5 per share if red. on or before May 1, 1941;
and $2.50 per share if red. after May 1, 1941, and on or before May 1,1946,
and thereafter without premium. / Citizens National Trust &
Saving
Bank, Los Angeles, will act as transfer agent and California Trust Co. will
cict/ es registrar
Purpose of Issue—Net proceeds of about $8,783,859, together with other
cash on hand from working capital of company in an estimated amount of
$441,657, will be used for the following purposes:
(1) To redeem the outstanding Bullock's, Inc., secured sinking fund 6%
gold bonds at redemption price of 103 and int.
Total amount necessary
to redeem is $2,318,220, which includes $2,187,000 principal, $65,610 pre¬
925,000
700,000
450,000
350,000
250,000
centage
11,200
7,400
7,400
5,600
3,600
2,800
2,000
18.5
Banks, Huntley & Co., Los Angeles
Bateman, Eichler & Co., Los Angeles..
E. H. Rollins & Sons, Inc., Los Ang__„
Wm. Cavalier & Co., Los Angeles
Federal Bankruptcy
To
Snares
28%
925,000
William R. Staats Co., Los Angeles
Dean Witter & Co., Los Angeles
$58,922
statement
centage
Per¬
Preferred
$1,400,000
$96,492 prof$14,552
The consolidated balance sheet as of March 31, 1936, shows current
assets, including $3,158,391 cash and marketable securities, of $7,700,367
and current liabilities of $461,505.
This compares with cash and market¬
able securities of $1,792,705, current assets of $6,641,867, and current
liabilities of $271,088 on March 31, 1935.
Total assets as of March 31,
last, aggregated $11,314,262, comparing with $9,543,592 on March 31
a year ago; deficit from operations was $168,684, against deficit of $1,158,062
and capital surplus was $2,875,094, against $2,478,771.—Y. 142, p. 2819.
"The
Per¬
1936
1936
Inventories
in
owned
452,375
Accr'd
2,140,757
3,057,351
subs
747,147/
834,546
(less
62,774
176,284
liabilities..
I
7,500
150,000
1130,872
139,118
251,050
f. 6s... 2,345,500
2,367,000
Secured
depreciation) ...10,383,133
value)
1
465,378
--18,833,898
s.
1st mtge. 6s
7 % pref. stock
a Common stock..
10,638,929
1
Deferred charges..
559,771
Surplus
18,525,5301
Represented by 243,759 shares (no
Butte
60,221
618,110
Indebt. to whollyowned subs
Good-will (nominal
a
1,270,490
Deferred income..
251,050\
Total
5
1,174,543
Res. for contln.,&c
3,443,372
assets
$
Acc'ts pay., trade.
Pref. div. payable.
841,797
wholly-
Inv. & other assets
Fixed
1935
'
Liabilities—
838,726
U. S. Treas. ctfs..
136,906
Accts. rec. (net)— 2,568,185
—
Invest,
Nil
31
1935
Assets—
Cash.
Jan.
3,437,500
3,587,100
4,452,635
2,882,626
4,452,636
3,462,767
Total
par
2,889,500
3,441,200
18,833,898 18,525,530
value).—V. 142,
p.
2987.
Copper & Zinc Co.—Earnings—
3 Months Ended March 31—
Net loss after expenses & taxes, but
before depletion
1936
$3,505
1935
1934
$444 prof$18,232
—V. 142, p. 2820.
•
$65,610 accrued interest to Oct. 1, 1936.
(2) To redeem outstanding Bullock's, Inc., 1st mtge. 6% gold bonds at
redemption price of 103 and int.
Total amount necessary to redeem is
$3,062,870, which includes $2,889,500 principal, $86,685 premium and
$86,685 accrued interest to June 1, 1936.
K (3)
To redeem outstanding 7% cumulative preferred stock at redemption
price of 110 and divs.
Total amount necessary to redeem is $3,844,427,
which includes $3,440,200 aggregate par value, $344,020 premium and
$60,207 accrued dividends to Aug. 1, 1936.
►
The amount of the net proceeds and also the amount necessary to redeem
the company's 7% cum. pref. stock is subject to adjustment by reason of
exchanges which may be made by holders of preferred stock for shares of
the company's 5% cumulative preferred stock.
>
History and Business—Company was organized in Delaware Sept. 27,
1927.
Upon organization company acquired all of the capital stock and all
of the business, properties and assets of Bullock's, a California corporation
which had been organized in 1908 and which since that year had engaged
mium and
M
California
Oregon Power Co.—Earnings—
12 Mos. Ended—
Feb. 29, *36 Feb. 28. '35
Operating revenues
$4,079,615
$3,787,627
x Operating
expenses, maintenance & all taxes.__
1,756,998
1,700,798
Net oper. rev. (before approp. for retire,
res.)..
Net
oper.
rev.
$2,322,617
7,014
$2,086,829
6,954
$2,329,631
300,000
Other income
$2,093,784
300,000
$2,029,631
239,319
1,028.099
156,989
23,107
$1,793,784
234,641
1,036,482
157,129
12,164
& other income (before approp.
for retirement reserve)
Appropriation for retirement
reserve
Gross income.
Rent for lease of electric properties-
—
Interest charges (net)
Amortization of debt discount & expense
Other income deductions
Net income
$582,115
$353,366
Including $166,668 for the year ended Feb. 29, 1936, and $33,332 for
1935, for amortization of extraordinary operating
expenses deferred in 1931.—V. 142, p. 2490.
x
the year ended Feb. 28,
Volume
Financial
142
California Water Service
„
1935
1936
Net earnings before depreciation
—V. 142, p. 2310.
_
$
1
Impts.
Co.—Changes Approved
Approval of the California Railroad Commission has been granted the
company to amend its articles of incorporation to provide that the call
price of its 6% preferred stock shall be increased from $26.50 per share
together with unpaid dividends to $27.50 per share together with unpaid
dividends, the company has announce!.
Authority was also granted to amend the articles of incorporation to
provide that no shares of stock having rights which have priority over
the rights of the 6% preferred stock may be issued without the consent of at
least two-thirds of the holders of the 6% preferred stock.
The corporation requested to be allowed to increase the call price of its
6% preferred in order to make its preferred stock more marketable and to
facilitate future financing.
In October, 1935, the Railroad Commission authorized the company to
issue $1,800,000 (72,000 shares, par $25) 6% preferred stock.
The company's articles of incorporation at that time provided that this
preferred stock might be redeemed in whole or in part at $26.50 per share
together with unpaid dividends. Since receiving the approval of the Rail¬
road Commission, appropriate changes have been made in the company's
application to the Securities and Exchange Commission for registration
or this stock in
anticipation of its public offering
1936—12 Mos—1935
1936—3 Mos.—1935
construction
3,973,540
132
132
Misc. phys. prop
Inv. in affil.cos.:
637.621
659,979
566,760
776,879
344,238
321,852
771,346
1,282.895
Bonds
Notes,adv.&c.
Cash
344,238
321,852
deposits
bals. receiv'le
Net bal.reo. from
$1,032,149
$1,168,556
$4,908,584
$4,841,272
1,103,964
998,053
4,610,829
4,317,486
k>ss$71,815
32,153
$170,502
14,997
$297,754
164,669
$523,786
103,002
loss$39,661
82.862
49,305
$185,500
65.217
48,082
$462,424
296,127
195,342
9,889
$626,788
103,614
196,347
8,087
45,745
42,238
_
Adver.,
sell.,
1936—12 Mos.—1935
distribut.
& adminis. expenses--
—
-
Gross income
Other deductions
Depreciation
Interest
U. S. & Dom. of Canada
income taxes (est.)-.
780
544
4,477
10,785
$177,087
prof$60,871
——
Net loss for the periods
—V. 142, p. 1113.
$84,679 prof$276,501
Rys.—Earnings—
1
Gross earnings
QQft
Tnsrpncp
1QQK
$4,580,815
$4,884,024
Canadian Pacific
The shareholders
10,323
24,620
accrued.-
Oth. curr. liabU.
555,846
1,074,375
suppl.
65,334
21,067
15,749
327,540
139,575
rec.
Oth. curr. assets
Insur. & oth. fds
Rents & insur'ce
advance
Disc,
on
$303,209
9,137
723,485
167,510
fund.dt
Oth. unadj. debits
6,777
762,562
316,636
tired
Ry.—Additions Stock Voted—
on
determine.'
1QQK
$3,236,000
Gross earnings-—
—V. 142, P. 2988.
107,460,036 109,467,525
Total
Central Electric &
Telephone Co.—Personnel—
(which is the principal
resulting from the reorganization of Central West Public Service
Co.) are.as foUows: Max McGraw, P. C. Ward, J. B. Gallagher, W. C.
Freeman, E. P. Smith and E. M. Stark of Chicago, and F. J. Young of
The directors of this newly organized company
company
New York.
Recently elected officers are Chairman of the Executive Committee,
Max McGraw; President, E. P. Smith; Vice-President & General
R. A. PhiUips; Secretary-Treasurer, Judson Large, and Assistant
Chain Store Investment
$3,097,000
TY)PYPn*iP
$139,000
Corp.—Earnings—
$3,660
470
145
on April 27, approved a plan of recapitalization whereby
value of preferred shares will be reduced from $30 to $15 a share and
preferred and dividend arrears amounting to $11 a share as of March 1,
1936, will be eliminated.
See also V. 142, p. 2821.
Central of Georgia
416
492
261
$2,626
$2,344
$2,301
Security Transactions March 31
$77,091
$36,259
36,773
26,192
5,452
-.
$22,089
12,178
prof$10.066
prof$9,911
Miscellaneous expense
Net income to current surplus
Cost of securities sold
Estimated Federal taxes
— —
—
Surplus Account March 31, 1936
for
Def. from
Capital
Security
Surplus
Transactions
$540,026
$386,581
258
34,866
Years
(Combined
Corporate
and
Receiver's Account*)
1935
1934
Loss from retire, of treas. pref. stock
Gain from security transactions
Av. rev. per pass.per mi.
1.59 cts.
1.57 cts.
Earns, per pass.-tr. mile
$0.45
,$7,513
$0.43
$6,931
of rd__
$539,767
Balance March*31. 1936
Accts. receivable-
— --
$10,645
2,743
$351,715
$7,902
1932
Cash
416.27
1,006,929
73,347,024
2,625
$351,715
Dividends paid on preferred stock-__
1933
399.60
577,955
55,560,604
i.79
cts.
$0.38
$6,268
394.82
534,399
35,442,227
3.10 cts.
$0.39
$5,938
Balance Sheet March 31
1936
stock—
1936
$1,162 Accounts payable1,155 Unclaimed divs
339,277 Res. for taxes
-
Invests, at cost—
Treasury
1935
$17,320
Assefs—
298,091
«
—
—
-
2,508
-
Liabilities—
x
Preferred
Years
{.Combined
Corporate
$8,937
291
10,390
98,775
10,000
539,768
101,025
10,000
540,027
351,715
7,902
324,025
7,848
$315,411
$344,103
stock-
Common stock
Capital surplus.-.
Def. from security
and Receiver's
Current surplus-—
Accounts)
Ry. Optr. Revenues—
Freight.
Passenger
Mail, express, &c-
1935
1934
-$11,672,250 $10,660,080
1.227,336
1,151,774
1,213,318
1,180.351
342,476
338,459
20,165
22.486
1933
$9,815,252
994,920
1,054,593
236,244
31,332
1932
$9,116,300
1,097,364
1,028,321
270,944
34,719
Total ry. oper. revs.--$14,475,545 $13,353,151
$12,132,343
$11,547,648
$1,417,876
2,668,084
573,063
4,849.628
$1,427,497
2,290,480
641,724
5,156,746
63,097
845,643
2,670
— _
Incidental
—
Joint facihty
—
Railway Oper. Expenses—
$1,732,865
3,093,474
Maint. of way & struct—
Maint. of equipment--Traffic---
620,288
5,953,668
59,290
766,931
1,927
Transportation
MisceUaneous operations
General-----—
Transp. for invest.—Cr_
Total ry. oper. exps--$12,224,590
Net rev. from ry. oper—
2,250,955
RaUway tax accruals---
857,582
1,807
Uncollectible ry. rev
RaUway
$1,531,852
2,863,369
588,984
5,354,413
55,161
949,339
2,222
$11,340,897 $10,356,850 $10A22,516
2,012,254
1,775,494
1,125,132
888,159
794,926
1,152,238
3,233
2,068
5,490
income-
$1,391,566
Dr352,056
$1,120,862
Dr445.180
Net ry. oper. income-
$1,039,510
$675,682
oper.
Other income--
40,457
809,020
1,278
$978,500
JDr342,489
def$32,597
Dr239,277
$636,011 def$271,874
$22,965
MisceU. non-oper. inc—
$22,953
157,700
110,066
111,135
159,126
118,918
115,528
$27,633
158,214
128,837
117,157
$226,039
161,799
i26,340
112,494
Total non-oper. inc—
Gross income
$401,854
1,441,364
$416,537
1,092,220
$431,841
1,067,852
$626,673
354,799
sec-
Deductions
Int.
Int.
on
funded debt
on
non
$2,887,304
$3,010,294
$3,035,978
$3,004,679
50.241
393,389
358,628
50,241
382,523
256,502
50,241
377,712
273,486
59,300
343,597
288,900
$2,248,198
$2,607,342
$2,669,565
$3,341,676
negotiable
debt to affU.
cos—
—
Rent for leased roads---
MisceUaneous
Balance, deficit
Total.
$315,411
$344,103
Total-
Represented by 2,195 (2,245 in 1935) no par shares at stated value
of 10 cents per share.—V. 142, p. 2661.
x
Chesapeake & Ohio Ry.-—Bonds Called—
All of the outstanding refunding and improvement mtge. 43^ % gold
bonds, series B, due Jan. 1, 1995, have been called for redemption on
July 1 at 110. Payment will be made at J. P. Morgan & Co., 23 Wall St.,
New York City.—V. 142, p. 2989.
The Interstate Commerce Commission on May 2 authorized the company
to issue not exceeding $40,362,000 ref. & impt. mtge. 3H% bonds, series
D, to be sold at 97.5% of par and int., and the proceeds applied to the
redemption and retirement of funded debt. See offering in V. 142, p. 2989.
Chicago
Burlington
&
Quincy
RR.—Seeks
Sale
of
Equipment Trusts—
The company has applied to the Interstate Commerce Commission for
authority to assume obligation and liability in respect of $3,950,000 of
2H% special equipment trust certificates of 1936, which are to be sold at
competitive bidding to provide part payment for new equipment estimated
to cost $5,279,000.
The equipment certificates would mature $395,000 on May 1 in each
year between 1937 and
and May 1 each year.
1946.
Dividends would be payable on Nov. 1
Approximately 25% of the cost of the nfew equipment will be provided
from cash in the road's treasury, the application states.
Non-Operating Income—
Dividend income-Income from funded
MisceU. rent income
1935
$291
transactions
Calendar
Current
Surplus
$8,020
$539,767
Total
Av.rev.tr. loan (tons)--
427.89
Passengers carried1,105,041
Pass, carried one mile— 76,974,068
-
Current net income
Ry.—Earnings—
Calendar
Balance, Jan. 1, 1936
Avge. miles operated—
1,927
1,927
1,936
1.945
Rev. frt.carr. (tons)...
5,833,915
5,321,387
4,697,861
4,277,824
Rev.frt.carr. lmile—_ 1204137825 1120181,862 991,000,545 916,700,433
Av. rev. per ton per mile
1.11 cts.
1.08 cts.
1.13 cts.
1.12 cts.
Rev. per frt .-train mile.
$4.15
$3.96
$3.96
$3.93
for
178
—
The stockholders
Account
$2,750
$3,307
325
149
Interest
Taxes.
par
Income
1934
1935
1936
3 Mos. End. Mar. 31—
Dividends income
Corp., Ltd.—Recapitaliza¬
Voted—Preferred Accruals Eliminated—
rev. per m.
Company—
Co. above.—V. 142, p. 1461.
Net to def. from secur. transactionsprof$34,866
Oper.
Manager,
Secretary
Products
Macaroni
Statistic*
229,213
1,585,030
229,213
def932,259
ihc. & surplus
107,460,036 109,467,525
Sales of securities
1 QQA
Traffic
4,049,222
—V. 142, p. 2989.
Gain from
Earnings of System for Fourth Week of April
Catelli
238,582
380,798
through
Profit and loss..
Managers' commission
May 6 approved a resolution authorizing the issuance
of $65,000,000 additional capital stock ipar $25).
The resolution was approved at a special meeting following the annual
meeting. The stock is to be issued at "such times as the directors might
tion Plan
4,024
Drl0,902
11,877,256
Funded debt re¬
paid in
prem.
2,894,291
unpaid.
Deferred
labi s.
4,125
Drl0,668
30,430 Tax liability—
475,272 Accr. dep., eqpt. 10,684,357
1,064,149 Accrued depreo.,
misceU. phys.
70,276
238,582
15,625
property
366,183
15,554 Oth. unadj. cred
345,540 Add'ns to prop,
thru,
income
34,494
and surplus..
4,064,039
Central West Public Service Co.—New
2988.
p.
10,256
23,178
Int. mat'd unpd.
74,769
See Central Electric & Telephone
Earnings of System for Fourth Week of April
142,
89,265
8,233,519
668,392
1,271,143
295,212
5,528,218
675,679
& Assistant Treasurer, H. A. Hanson.
Canadian National
—V.
89,580
1,380,315
132,151
75,509
Total
Profit from opers
Other income..---
41,024
payable
wages
13,736
agts. & conduc
Misc. accts. rec.
Oth. def'd assets
1936—3 Mo. .—1935
balances pay.
Audited accts. &
Fund. dt. mat'd
Work, fund adv.
(& Subs.)—Earnings-
995,107
1,998,885
1,790,058
Unmatured rents
250,000
122,086
65,809
Loans & bills reo
Traf. & oar serv.
.
995,107
Lns.& bills pay.
Traf. & car-serv.
Unmat. int. accr
Special deposits-
—
Misc. accts. pay
900,341
1,449,132
drafts and
&
—
571,000
affil. cos
566,760
Stocks
Int. & divs.
269,000
65,000 Non-nego. dt. to
Other invest.:
period was $30,000 held for refund in event of adverse court decisions.
—V. 142, p. 2987.
'
Canada Dry Ginger Ale, Inc.
Income bonds.-
5,089,614 Receiver's ctfs_.
791,613
Mat'ls
-
6,343
2,994,000
48,613,000
4,840,000
269,000
2,894,292
609,000
Mortgage bonds 48,613,000
Underlying liens
4,840,000
ctfs.
ind'tness
Advances
Time
7,058
2,391,000
_
Equip, obliga'ns
4,004,176
5,089,634
65,000
Bonds
of
$
20.000,000
Notes—RFC—
Stocks.
Notes &
$
20,000,000
-
Grants in aid of
June 30, 1914
Depos. in lieu of
mtg.prop. sold
and Federal taxes
x$101,3l6
$69,224
y$549,190
y$517,098
x The net includes $6,178 of revenues refundable in the event of adverse
decisions in pending litigation,
y Included in the net of each 12 months'
Period End. Mar. 31—
Gross profit--
Stock
Stock
leased
on
1934
1935
Liabilities—
$
91,945,183
89,988,643
ry. prop, since
California Water & Telephone
Period End. Mar. 31—
Net earnings before int.
Assets—
Inv. rd. & equip
{Corporate and Receiver's)
1934
1935
,
$2,075,481
1,014,566
$2,147,267
1,056,813
revenue
3159
Consolidated Balance Sheet Dec. 31
Co.—Earnings—
12 Months Ended March 31—
Gross
Chronicle
The company proposes to buy the following equipment: Two six-car
stream-line trains, $1,156,000; two 10-car stream-line trains at $2,218,000;
four locomotives at $330,000; 250 55-ton hopper cars, $500,000, and 500
50-ton steel-frame box cars at $1,075,000.—V. 142, p. 2990.
Chicago Indianapolis & Louisville Ry.—Annual Report
H. R. Kurrie, President, says in part:
-
Reorganization—Company still continues to operate the property under
appropriate orders of the U. S. District Court for the Northern District of
Illinois, Eastern Division.
In conformity with the requirements of an
amendment to Section 77 of the Bankruptcy Act, the Court appointed
H. R. Kurrie, President, and Holman D. Pettibone, as trustees. Under the
law these appointments are subject to ratification by the Interstate Com¬
merce Commission, and at the end of the year the matter was still pending
before the Commission.
The protective committees for the bondholders
3160
Financial
Chronicle
remain unchanged and there have been no additional committees formed.
There has been no plan of reorganization submitted as yet.
The time for
filing such a plan has been extended by the Court from Feb. 27, 1930 to
Aug. 27, 1936.
Monon Coal Co.—The capital stock of which is all owned by company
through its control of the Chicago & Indianapolis Coal Co.. completed a
plan of reorganization under Section 77B of the Bankruptcy Act which was
approved by the Court on Jan. 31,1936.
Under this plan the railway com¬
pany will surrender to the bondholders of the coal company 32 % of the capi¬
tal stock and cancel the indebtedness due it by the coal company amounting
to $2,619,841 representing moneys advanced under its written guarantee for
the payment of interest on Monon Coal Co. bonds.
The railway will no
longer oe under a guarantee to pay interest on bonds of the coal company.
A charge against the surplus account of the railway will be made in 1936 to
reflect the cancellation of this debt.
St. Louis Ry.
1935
1934
1933
One of the purposes of the proposal was to have portions of the Minneapolis
& St. Louis properties incorporated in the railway systems of the purchasers
in such a way as to increase net revenues of these systems.
The principal
acquisitions of the Rock Island would be the line from Des Moines, Iowa,
to Gowrie, Iowa, over which it now has trackage rights, the line from
Northwood, Iowa, to Mason City, Iowa, jointly with the Chicago & North
Western Ry. or its trustee, and one-sixth interest in the Minneapolis
Terminals.
The plan has already involved the formation by certain of
the acquiring railroads of another company, Associated Railways Co.,
which would be the actual purchaser and which would borrow the amount
of the purchase price from the RFC on 10-year bonds, guaranteed by the
acquiring railroads, which it would issue, and secured by the properties
acquired.
The purchase price of the properties proposed to be acquired
ana operated by the Rock Island is approximately $1,130,000, which would
be reduced, through certain salvage, to approximately $780,000.
The
plan was studied by the trustees of the Rode Island System and also by
representatives of tnis and other committees.
The trustees applied to the
court for, and were granted, authorization to join in a petition to the
Interstate Commerce Commission for permission to put the tentative plan
into effect, subject, however, to further hearings before the Court on the
desirability of the plan as finally evolved as a result of the proceedings before
the ICC.
Pending the outcome of the proceedings before the ICC this
committee has taken no position with respect to the plan, except that at
the preliminary hearing before the court this committee took the position
that it would not oppose the granting of authority to the trustees to join
in the petition to the ICC, provided the plan is construed to mean that the
guarantee by the Railway trustees of the bonds of Associated Railways Co.
issued with respect to the properties to be acquired by the Rock Island can
be discharged by substituting therefor the guarantee' of the reorganized
1932
646.84
644.59
646.84
644.59
197,349
218,689
32,168,177
216,628
173,362
25,450,629
2,532 cts.
4,531,652
Pass, carried 1 mile
28,113,211
Av. per pass. per mile
1.874 cts.
Rev. frt. (tons) carried-4,521,756
Rev. freight (tons) car¬
1.794 cts.
4,214.953
34,282,355
1.871 cts.
4,141,959
ried 1 mile
Av. per ton per mile
Av. train load (tons)
755,424,208 652,275,842 609,896,469 684,764,155
0.912 cts.
0.938 cts.
0.926 cts.
0.893 cts.
489
509
523
537
'
Ram. per pass, train mile
$1.15
$1.16
$1.07
$1.12
Earns, per frt. train mile
$4.77
$4.46
$4.67
$4.97
Earns, per mile of road-$12,763
$11,523
$11,175
$12,281
Income Account for
Years Ended Dec. 31
1935
1934
1933
$6,746,082
526,840
337,451
121,697
40,946
55,180
427,719
$5,950,919
577,245
299,841
129,582
43,951
52,956
373,004
$5,722,358
641,363
292,691
126,999
38,480
57,455
349,370
1932 '
$6,340,639
644,349
310,284
138,317
44,356
67,786
370.606
$8,255,917
$7,427,499
$7,228,716
$7,916,338
Operating Revenues—
Freight
Passenger
Mail
Express.
Misc. pass, train rev
Other transport rev
Other operating revs
Total
Operating Expenses—
Maint. of way & struct
Maint. of equipment
$791,023
1,797,491
313,190
3,404,362
81,161
245,934
4,131
__
Traffic expenses
Transportation expenses
Miscell. operations
General expenses
Transp. for invest.—Cr_
TotalNet rev. from ry. oper..
$676,841
1,687,002
299.891
3,071,906
69,235
363,108
$593,558
1,620,410
273,899
2,942,904
64,190
260,289
10,193
Dr331
company.
Proposed Consolidation of Operations of the Properties of Chicago,
$6,168,313
1,259,185
7,752
1,192
$5,745,056
1,483.660
428,456
could be eliminated to the extent of about $125,000
tions
668
$1,359,271
$1,250,242
$1,054,535
Net joint facil. rents.Dr.
420,739
Dr25,967
701,862
428,528
Dr7,636
694,279
374,627
Drl5,318
685,675
381,581
Dr5,241
702,348
Net ry. oper. income._
$210,703
20,988
$119,800
25,678
$231,691
$145,478
$83,715
def$30,309
35,911
x4,951
1,368.361
136,707
35,911
5,190
1,380,380
139,977
35,911
5,020
1,404,367
225
334
35,911
5,438
1,392,369
157,136
7,327
$1,314,465
788,809
3,127
$1,416,314
2,286,790
18,002
$1,514,467
3,904,131
16,512
$1,594,813
5,559,882
19,786
_
Non-operating income.
_
.
Gross income
Deduct—
Rent for leased roads
Misc. rents & tax accr'ls
Int. on funded debt
Int. on unfunded debt—
Miscell. income charges.
Net deficit
Previous surplus
Miscell. credits
combined.
annually, if the opera¬
Consequently, the trustees obtained the authority
company's stock.. Accordingly this committee has requested, and has been
granted, leave to intervene in the proceeding before tne ICC in order that
the committee may be heard on the question of apportioning the net income
of the combined System between the properties of the Gulf company and
the Pacific company.
Meantime, negotiations are being carried on with
the other parties in interest which
may result in a satisfactory solution of.
this question without the necessity of hearings.
$977,407
Deduct—
Hire of frt. cars, Dr. bal_
Rent from equip. (net)
were
of the court to apply to the IOC for permission to consolidate the operations.
There are pledged under the 1st & ref. mtge. a large portion of the mortgage
bonds which have been issued by the Gulf company and all of the Gulf
$6,457,415
1,458,923
480,317
1,198
Railway tax accruals
Uncoil, railway revenue
Rock
Island & Pacific Ry. and Chicago, Rock Island & Culf Ry.—The lines of the
Rock Island System in Texas, which are owned by a subsidiary, Chicago
Rock Island & Gulf Ry., have been operated separately from those of
the remainder of the System, entailing expense which the trustees believe
$701,933
1,709,227
310,300
3,361,715
78,924
311,401
16,085
$6,629,031
1.626,886
266,548
1,066
Under tms proposal the total price would be $7,200,000, plus
whatever amount is needed to discharge existing equipment trust obligations.
General Statistics, Calendar Years
Average miles operatedOperations—
Passengers carried
May 9, 1936
Properties of Minneapolis^ St. Louis
Ry.—As stated in report of May 18, 1935, Reconstruction Finance Corpo¬
ration made a proposal for the acquisition by eight railroads, including the
Rock Island, of the railway properties (including certain portions to be
abandoned and certain equipfuent, materials and supplies) of Minneapolis &
Possible Acquisition of a Portion of the
Abandonment of Unprofitable Lines—The trustees had surveys made or
the earnings and prospects of 62 of the company's branch lines, aggregating
view to determining whether abandonment of them
These surveys were studied by this committee, and
applied to the court for,
the ICC to abandon 11
of the branch lines, aggregating 325 miles.
The trustees, after discussion
with representatives of this committee, are continuing to study the desir¬
ability of abandoning 26 of the other branch lines, aggregating 1,063 miles.
Liens on So-called "Free" Equipment and on Certain Lines Northeast of
Kansas City—This committee, together with the committee for the general
mortgage bonds, has written the trustees and the debtor claiming (a) that
the general mortgage and the 1st & ref. mtge. constitute liens on rolling stock
and equipment which have been listed by the company as "free" of liens
and also on rolling stock and equipment covered by the equipment trusts,
subject of course, to the lien of the equipment trusts, and (b) that the
general mortgage and the 1st & ref. mtge. constitute first and second liens,
respectively, on important parts of the main line northeast of Kansas City
on which claims have been made that bonds of the St. Paul and Kansas
City Short Line Ry., a subsidiary, are a first lien.
The committees pointed
out to the trustees and the debtor that in drawing any plan of reorganization
they should have in mind that the two committees €laim those liens and the
2,579 miles, with
a
would be desirable.
with the approval of this committee the trustees
and obtained, authority to seek permission from
def$21,083 def$lll,763
104,798
81,454
112,394
6,811
grounds therefor.
Debt of Railway
Company Serviced by Trustees in 1935—The trustees have
on equipment trust obligations and on the
$944,000 Peoria Terminal Co. 1st mtge. bonds and interest due through
July 1, 1935 on the $453,600 Little Rock & Hot Springs Western notes.
They have also continued rental payments through which dividends have
been paid on the stock of the Peoria & Bureau valley Ry. and through
which payments have also been made on certain terminal obligations.
In
Feb., 1935 the trustees paid the interest due Jan. 1, 1934 on the Choctaw
& Memphis RR. 1st mtge. 5% bonds.
No other interest (nor principal) has
been paid on any of the long or short term debt of the System.
paid all interest due to date
Total surplus
Miscellaneous debits
def$522,529
69,265
$888,478
99,667
$2,406,177
119,386
$3,984,855
80,726
Profit & loss surplus., dif$591,794
$788,809
$2,286,790
$3,904,129
x
Net figure.
Balance Sheet Dec. 31
1935
Assets—
1934
$
Stocks
pledged.
716,700
J Stks. unpledged
88,968
Notes pledged.. 2,566,858
Advances
1,414,029
Other investments
26,721
Misc. phys. prop.
177,700
Imp. leased prop..
20,962
_
Dep. In lieu of mtg
property sold—
Material & supplies
Sepcial deposits
Traffic, &c., bals.-
accounts
.
rec. from agts.
& conductors...
nt.'A div. receiv.
curr. assets.
Deferred assets
Other
4,991,300
4,991,300
716,700 Funded debt
26,888,056 27,126,809
88,968 Loans & bills pay. 3,570,273
3,601,137
2,566,858 Traffic, &c., bal—
347,445
278,610
1,344,808 Accounts & wages. 1,150,243
1,980,308
26,721 Misc. accounts...
167,818
255,553
176,750 Int. mat. unpaid-- 3,532,772
2,079,211
19,649 Unmatured int
75,116
78,472
debt
ma¬
136,438
35,596
3,079
33,372
tured unpaid
9,671
2,000
363,692 Deferred liabilities
131,482
697,032 Divs. matured un¬
73,708
paid
2,247
29,959 Other curr. liab—
103,823
353,220 Taxes accrued
527,766
Otherunad]. items
678,210
107,306 Accrued deprec'n. 6,610,531
135,596 Add'ns to property
thru inc. &sur__
3,152
230,113
11,956 Prem. on funded
702,959 Approp.
Bal.
Other
$
Preferred stock-..
Funded
5,570
494,872
632,675
6,265
21,812
247,227
1934
$
Common stock.—10,497,000 10,497,000
559,357
Cash
Miscell.
1935
Liabilities—
Road equipment-.52,773,686 53,111,622
Inv.Wfc affil. co.—
unadjusted
debts
debt
spec,
37,437
136,091
2,247
109,704
228,286
18,596
not
1,028,890
loss bal—def591,794
788,809
invested.. 1,028,890
Profit &
Change in Membership of Committee—Harold Stone, one of the original
Onondaga County Savings
Bank, representing the National Association of Mutual Savings Banks, was
recently elected President of the Savings Banks Association of the State of
New York and, because of his added duties incident to that office, he felt
compelled to resign from this Committee.
There was immediately elected
in his place as a member of the committee
August Ihelfeld Jr., Executive
Vice-President of Savings Bank Trust Co., N. Y. City, to continue the
representation of the National Association of Mutual Savings Banks.
members of the committee and President of the
309,822
612,437
6,379,607
18,596
surp.
Support Received by the Committee—Total deposits of bonds with the
as of April 24, 1936, amounted to $76,446,500 as follows:
$55,552,000, or about 53.17% of the $104,470,000 of the 1st & ref. mtge. 4%
gold bonds in the hands of the public; and $20,894,500, or about 52.23%
of the $40,000,000 secured 4J^% gold bonds in the hands of the public.
These deposits have been maae by almost 6,000 bondholders.
committee
Earnings for March and Year to Date
March—
1936
Gross from railwayNet from railway
Total
-59,961,888 60,540,327
Total
.
16,688,076
14,491,515
1,056,667
957,725
def1024,504 def1012,213
15,004,911
2,397,515
363,696
13,272,538
1,438,422
def816,451
Note—The foregoing are for the company only.
59,961,888 60,540,327
entire system were given in V.
Interstate
Commerce Commission recently issued a certificate
permitting Charles P. Megan, trustee, to abandon the Mercer-Winegar
branch, approximately 18.981 miles; and the so-called Shea's spur, approxi¬
mately 1.425 miles, all in Iron and Vilas counties, Wis.—V. 142, p. 2991.
Depreciation
Other charges
Provision for income tax
Net from railway-Net after rents.
—V. 142, p. 2312.
1936
$362,884
112,669
44,488
1,015,302
283.959
86,570
1935
Net income
$295,253
51,632
def34,021
$284,001
50,535
def26,281
1933
$246,219
57,673
def30,951
868,339
174,352
842,410
176,733
def54,533
764,648
180,214
def93,516
def61,473
1934
The earnings for the
2991.
P
Balance,deficit
& L. surplus Dec. 31com. outst. (no par)
Shs.
Earns, per sh. on com....
.
in
1935
1934
1933
$213,876
4,564,200
400,000
$0.46
$114,002
377,561
$508,889
373,386
1932
$1,476,690
753,488
98,793
$624,409
486,448
$263,559 sur$135,503 sur$137,961
4,642,355
4,941,416
4,747,674
400,000
400,000
399,300
$0.28
$1.27
$1.56
expenses,
c Includes other income of $85,873
1935, $94,606 in 1934 and $94,690 in 1933.
b After administrative
Income Account 3 Months Ended March 31
-Beebe
Committee
The protective committee for the 1st and ref. mtge. 4% gold bonds, due
ADril 1, 1934 and the secured 4H% gold bonds, series A, due Sept. 1, 1952
(Dwight S. Beebe, Chairman) has issued a report to depositors, dated
April 30, regarding develonments of importance and the work being done
by the committee.
The last report was made May 18, 1935.
Among
other things the report says:
p.
c$898,582 c$l,023,511 c$l,498,054
670,142
853,972
884,140
11,513
29,639
20,149
31,504
25,897
84,875
$185,424
399,300
Dividends
„
Chicago Rock Island & Pacific Ry.Makes Report to Bondholders*
142,
Chicago Yellow Cab Co., Inc. (& Subs.)-—Earnings—
Calendar Years—
b Net prof.from oper---
Chicago Rock Island & Gulf Ry.—Earnings—
March—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1933
$4,343,162
492,658
def265,614
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
Chicago & North Western Ry.—Abandonment—
The
1934
$5,306,253
870,187
209,917
Net after rents
_
-V. 142, p. 2990,
1935
$5,209,090
590,172
def63,947
$6,047,513
697,430
def81,916
—__
_.
_
Net prof, after deprec.,
Federal taxes, &c
Earns, per sh. on 400,000
shs.
1936
$171,663
cap.stk. (nopar)-
1935
$70,206
1934
$23,370
1933
$102,974
$0.43
$0.17
,
$0.05
$0.25
held May 12 stockholders will be asked to
plan restricting the sale of 100,000 shares of Chicago Yellow Cab
stock now held by the Waverly Corp., a wholly owned subsidiary to
anyone
except the company or one of its subsidiaries unless approved by a majority
At the annual meeting to be
approve a
of stockholders.
Volume
Financial
142
959,359
Investments
978,351
Special
43,212
securities
cl38,583
62,804
183,881
12,659
fr. offic.
31.125
49,183
Cash
1,645,392
Escrowed cash
Accts. & notes
Market,
Notes
rec.
rec.
Insur. claim
previous
Houseneating installations increased
4,772
4,439
34,166
26,352
39,200
10,324
17,245
4,564,200
16,634
Federal tax, <fcc
Reserve for claims,
&c—
Res. for workmen's
comp.
1,723
4,642,355
62,123
pl8,433
111,765
insur., &c
Earned surplus
3,976
958,640
69,765
held by sub
Inventories
coupon
books
6,454
Due fr. employeesCos.
own
stock
100,735
Acer. int. and divs.
received
*
Deferred charges..
Total
a
19,955
$7,177,645 $7,230,6751
Represented by 400,000
amortization,
2823.
c
Natural Gas—The volume of natural gas sold by all subsidiaries for both
domestic and industrial purposes increased approximately 13% over the
Outstand.
a
1,031,654
1,995,389
60,100
2,393,449
8,212
deposit—_
utilization of the power prover, heat prover
and ride prover.
Capital stock...$2,200,000 $2,200,000
111,664
Accounts payable.
129,648
218,906
Accruals & mlscell.
188,413
b"Cabs, equip., &c$2,112,854 $1,358,540
Gdwill, franch. &c.
1934
1935
Liabilities—
1934
1936
3161
general public recognition and
Consolidated Balance Sheet Dec. 31
Assets—
Chronicle
(no par)
Total
.>—$7,177,645 $7,230,675
year.
There was an increase of over 10,000 domestic customers.
more than 9,000.
This new business,
although not effective for the full year, together with prevailing low tem¬
peratures in the territories served, resulted in substantial increases in
earnings.
Electric Light and Power Operations—Gross operating revenue increased
5% over 1934 although substantial reductions in rate schedules were made
during the year.
Notwithstanding increased costs of operating materials
and increased taxes, the net earnings exceeded 1934 by about $900,000 or
4.2%.
This result was attained from greater industrial activity and from
the increasing use of electric energy in the home.
Richfield Oil Co.—Since the turn of the year a new plan was made for
dealing with the interest of company in the Richfield Oil Co. of Calif,
whereby the stock and bonds held by company were delivered to Rio Grande
Oil Co. in exchange for one-half of the capital stock of the latter.
The
other half of the capital stock of that company is owned by Consolidated
Oil Corp.
Rio Grande Oil Co. expects to participate in a plan of reorgani¬
zation of the Richfield Oil Co. of Calif.
shares,
b After depreciation and
d Interest only.—V. 142, p.
Simplification of Corporate Structure—The development and growth of
1910 to the present time has
acquisition of subsidiaries which already were
going concerns and subsequently expanding and enlarging their activities.
The corporate structures of sucn subsidiaries, therefore, in many instances,
had been set up by others than the management of this company.
In
many .cases it was actually necessary to preserve the individual corporate
identity of these companies.
This is true particularly in States where public
utility companies must be organized under local State laws.
During the past year a further study was directed toward effecting
simplification wherever practicable by consolidations, mergers or other¬
wise.
One of the accomplishments in this direction was the merging of
19 gas distributing companies, most of which are in Kansas, into a single
operating company, The Gas Service Co., which formerly was a holding
company.
This merger together with other similar changes, made possible
the elimination of 62 subsidiary corporations.
Accounts receivable only,
Cities Service Co. from its organization in
"
occurred in part through the
Chicago & Western Indiana RR.—Refunding Plan—
Interstate Com¬
ref. mtge. series
like amount of series A, B and C
The company on April 30 filed an application with the
Commission for authority to issue $24,462,000 1st &
merce
D 4H % sinking fund bonds to replace a
1st & ref. mtge. bonds.
•
The road said that it had made informal arrangements with Morgan
Stanley & Co., Inc., of New York, for the purchase of the bonds at about
their par value, plus accrued interest, but up to this time had not entered
1932045
into
contract.
a
The new series D bonds, dated March 1, 1936, would mature Sept I 1,
1962, and would be issued under the road's 1st & ref. mtge. dated Sept. 2,
1912, to Bankers Trust Co., trustee, to refund $22,267,000 of 5H% 1st &
ref. mtge. bonds of series A, $593,000 of 1st & ref. mtge. bonds series B,
and $1,602,000 of 1st & ref. mtge. bonds series C, all of which mature on
Sept. 1, 1962, and are to be called for redemption on Sept. 1, 1936, at par
plus interest to date, and a premium of 5% on all bonds outstanding in
the hands of the public.
The road under the terms of the issue would enter into a new joint supple¬
mental lease dated March 1,1936, for 999 years, with its proprietary tenant
companies, the Chicago & Eastern Illinois Ry., Chicago & Erie RR.,
Chicago Indianapolis & Louisville Ry., Grand Trunk Western RR., Wabash
Ry. and the Bankers Trust Co., as trustee.—V. 142. p. 2823.
Consolidated Income Account Year Ended Dec. 31
1935
$
divs.
invest,
on
54,372,528
51,515,437
52,131,193
5,507,040
5,099,003
5,668,304
5,695,624
pipeline cos.,
in other cos.,
Int. & advances to & on bonds of
New Brunswick Pow. Co., and
int. & advances to & on debs. of
Warner Quinlan Co. and
Report for 1935—
Excess of par over book
were
sink.
funded into serial maturities of three years or longer.
x
expenditures of company and subsidiaries for construction and
acquisitions in 1935, amounted to $18,157,000.
Preferred stocks of these
companies were acquired or retired in the aggregate par or stated value of
$10,643,000. including th 5% non-cumulative stock of Cities Service Co.
Funded debts of the company and subsidiaries were reduced $5,013,000,
and the net reduction of bank loans was $2,676,000.
Consolidated cash
increased $6,112,000.
This improvement in the financial condition of
company was effected without the issuance of any new debt or capital
securities to the public.
During the last five years the reduction in funded
debts, notes payable and preferred stocks of company and subsidiaries, out¬
standing in the hands of the public, has aggregated $110,000,000.
Taxation—Continuous increases in taxation now represent a serious
problem of business.
The increases in taxation during the last six years
on the business of Cities Service Co. and subsidiaries, may be seen from
the following figures:
Gross
Indirect
Total Direct
Expense
Taxes,
and Indirect
Accrued
Sales Taxes
$10,193,000
9,636,000
9,624,000
10,305,000
13,233,000
13,759,000
$9,708,000
11,331,000
12,607,000
15,495,000
17,468,000
20,031,000
$19,901,000
20,967,000
22,231,000
25,800,000
30,701,000
33,790,000
The increase in the above total amount of taxes since 1932 is $11,559,000,
which is equal to 1-7-10 times
the preferred stocks of Cities
the annual cumulative rate of dividends on
Service Co. presently outstanding.
It appears that still greater increases in taxation must be expected in the
future.
It is not practical at the time of this writing, however, to forecast
the full effects
on
this business, of the contemplated revision of corporation
in the legislation now pending before the Congress: but the total
direct and indirect taxes above shown at $33,790,000 in 1935, may be com¬
taxes
pared with earnings accruing to all security-holders of and lenders to com¬
pany and all of its subsidiaries, amounting to $43,020,000.
Government Projects—The past year has seen a continuance of projected
loans by Governmental authorities to municipalities, the effect of which
would be to create competitive conditions witn some of the public utility
subsidiaries.
The Tennessee Valley Authority in Tennessee and surround¬
ing territory has also progressed.
These and other like matters whereby
the Government is injecting itself into business projects, have given great
concern to the officers of company.
The officers of company regret the
necessity of engaging in any litigation with Federal authorities.
It has
been felt, however, that the invasion of fields of business in which company
is engaged by Federal agencies may result in the destruction of substantial
property values belonging to security holders.
Obviously
no
private
company can compete with governmental agencies subsidized by the Na¬
tional treasury and unlimited taxing power.
It is equally obvious that no
private business can continue to exist if it is to be subjected to a degree of
regulation which amounts to control of all the important functions of
management.
Petroleum
.
Operations—The gross production of crude oil by the subsidiaries
The change in
the quantity produced was due chiefly to the continued pro¬
States and to the lack of transportation facilities in
developed in western Kansas.
Since Jan. 1, however,
an
oil pipe line, in which a subsidiary has an investment interest, has
been extended into the western Kansas area, thus affording an adequate
areas
expenses
There
were
239 producing wells completed
during the
year.
Divs.
for crude oil remained about the same as in the pre¬
Jan. 1, however, the posted prices have advanced
slightly.
Production
costs
increased
due
to
additional
wells
being
operated,
advancing costs of materials and increased taxes and labor costs.
Crude oil transported by wholly owned pipe line subsidiaries and by
affiliated pipe lines increased.
There were few tariff changes during the
year.
The increased volume of oil handled practically offset (from a revenue
basis) the effect of tariff reductions which occurred during the latter part
of the year 1934, with the result that oil transportation revenues were well
maintained.
•
the largest in the history by the com¬
This improvement in the volume of sales can be attributed to
the intensified sales campaigns carried on throughout the year, together
with the development of additional volume tnrough the medium of dis¬
tributors and jobbers.
These activities were materially assisted by a more
The volume of retail sales were
panies.
3,329,058
4,036,768
4,480,788
2,849,475
14,049,352
14,313,960
J
14,581,561
15,056,517
1,457,633
1,498,518
1,334,813
1,990,149
6,903,923
7,316,124
7,316,230
7,358,260
33,697,182
203,454
on
pref. stocks of sub. cos.
.
paid & accrd
41,538,468
34,428,550
32,071,540
Drl,171,970
280,121
150,383
689,122
40,366,498
fund. dt. of Cities Serv.Co
9,426,979
34,708,671
9,470,798
32,221,922
9,575,971
34,386,304
9,692,924
702,561
Balance
applicable to minority ints
Total
Int. on
—
Amortization of debt discount and
of Cities Service Co—
622,215
634,953
689,320
Provision for Federal income tax.
2,594,072
2,252,574
358,253
157,629
Net inc. before depl. & deprec-
27,723,232
21,598,379
23,833,189
Depl.& depr.as determined by cos 21,866,966
22,350,346
22,296,905
17,744,345
18,367,450
5,856,265
53,440
3,854,034
5,465,740
expense
Net Income
Prev. surplus from
all sources...101,349,646 103,084,802 101,140,128 112,928,431
Surplus acquired in respect of ad¬
ditional holdings in sub. cos—
1,926,988
Sundry credits and charges (net)
relating in part to prior period
and
in
part
to
non-operating
transactions of current
969,129
period..
Excess of par over book
value of
debentures
acquired
— -
-
107,205,911 103,138,243 108,373,454 121,290,287
Total surplus
Cost of malnt.
3,379,292
secur.
sales organi¬
zation and provision
for contin¬
gent and other losses incident
to securities transactions
2,818,410
7,926,434
Adjustment of reserves for depl. &
deprec. applicable to prior years
Loss
on
ry.
1,138,744
—
certain abandoned street
& elec. props, written off..
Net charges to premium on
1,093,136
766,184
capi¬
y9,339,946
tal stock Issued
Losses in connection with liquida¬
tion of secure, sales department
discontinued in 1933 less credits
charged to premium on capital
649,392
stock issued
Add'l provision for bad debts and
estimated losses on balances in
1,025,771
closed bks. appllc. to prior yrs.
Sundry charges and credits (net)
relating in part to prior years
and in part to non-oper. trans¬
265,046
period
actions of current
Dividends
373,020
305,726
96,507,782 101,349,646 103,084,802 113,363,852
Balance
Service
Cities
of
Co.
(to June 1, 1932):
Cash dividends:
Preferred & preference
3,084,831
4,569,447
4,569,447
stocks
Common stocks
(commonstock)..
The develop¬
N. M.
Since
3,124,767
60,951,583
Proportion of net loss of sub. cos.
Surplus from all sources (net)
mainly in the East Texas area and in western Kansas and
heretofore non-producing, were proven,
chiefly in the western Kansas area, Caddo Parish, La., and in Lea County,
year.
2,601,191
59,784,932
and
debt disct.
in hands of public,
96,507,782 101,349,646 103,084,802 101,140,128
at Dec. 31
substantial number of new leases,
The average price
1,796,404
61,593,921
losses of
of sub. companies
Stocks divs.
outlet from this new territory.
ments occurred
of
Amortization
ration in the several
new
for operating
1,877,225
67,481,887
Int. on funded debt of sub. cos-
of company amounted to 29,986,061 barrels as compared with 30,840,707
barrels in 1934.
Inventories of crude oil were reduced 750,000 barrels.
several
of
companies not consolidated
Taxes
Direct Tax
amortization
Int, on notes and accounts pay¬
able and other charges
Provision
$40,446,000.
Service Co. had no bank loans.
and
Total
The con¬
This is an improvement of $18,524,000 over
the current position at the previous year end.
At the end of 1935 Cities
fd.
disct.on bonds held for retirem't
solidated balance sheet shows that the excess of current assets over current
was
325,986
subs—
value of
bonds and debs, retired through
facilitated rearrangements of maturity dates on a substantial amount of
the balance of bank loans.
About three-quarters of the amount of such
liabilities
119,462,492 102,291,318 115,890,909
60,097,621
Net operating revenue
Income from affil.
Henry L. Doherty, President, says in part:
Financial—Company and subsidiaries continued to reduce short-term
ndebtedness in 1935.
The favorable change in the banking situation
vious
1932
<g
Oper. expenses, malnt. and taxes_121,853,525
given on first page of this department.
Cities Service Co.—Annual
a
1933
§
181,951,146 173,835,020 153,806,755 168,022,101
interest and sundry receipts
See list
1934
<g
'
•
City Industrial Savings & Loan Co.—Registers with SEC
loans
1
'•
Gross operating revenue
x
Less interest
capitalized on construction and other accounts, $24,882 in 1935,
$48,605 in 1934; $287,499 in 1933, and $1,254,417 in 1932.
yNet charges to premium on capital stock Issued: Appropriation to establish
general reserve against certain investments, $10,000,000; deduct discount on pre¬
ferred, preference and common stocks of Cities Service Co. reacquired and held in
treasury, $5,236,342; net $4,763,658.
Premium on common stock of Cities Service
Co. Issued in prior years In connection with acquisition of Investments but now
eliminated ($4,025,332) and sundry charges less credits ($550,955 net), $4,576,288;
total net charges to premium on capital stock issued, $9,339,946.
Earnings for 3 Months Ended March 31
3 Months Ended March 31—
Gross
operating
revenues
Net after taxes, &c
Total income
Net income
after
1936
1935
$51,394,678 $45,898,822
18,897,641
15,546,432
20,413,812
16,779,017
int., amortiz., sub. pref. divs.,
min. ints., deplet., deprec., &c
3,094,030
1,853,033
3162
Financial
Consolidated Balance Sheet Dec. 31
$8,287,938 in
1935
1934
$
Public
utility, petroleum & other
$
1,036,650,349 1,066,308,748 1,069,044,340
cos. not
consol.
and miscell. Invest. & advances, at cost
78,159,827
12,978,114
228,921
30,413,274
^Current assets—Cash in banks &
on
1,061,549
15,846,576
hand
a68,494,324
52,037
Sinking fund assets
Special cash deposits
15,625,366
b Marketable securities
Customers' accts., receivable, less res_
Balances receivable from sales of sees.,
under instalment & other contracts.
Mdse. accts. rec., lncl. instal. contracts
166,758
Mdse., materials and supplies—at cost
Prepaid Int., lnsur. & other expenses—
Balances in closed banks, less reserve
Notes & accts. receivable—not current—
156,455
26,771,086
1,062,729
16,269,319
24,300,323
4,357,461
3,294,783
23,682,777
9,343,171
1,566,085
268,844
Other notes & accts. receiv., less res—
Crude and refined oil—at market
a70,759,783
11,215,834
12,336,877
493,658
3,521,523
3,843,978
24,908,227
9,221,650
1,509,585
594,568
1,786,098
3,744,128
2,435,538
24,244,026
8,972,348
1,876,361
363,434
2,068,422
1,085,311
Employees' Holdings, Inc.—advances &
710,716
245,300
837,026
323,169
1,041,210
343,692
103,839
27,044,793
4,298,421
205,516
29,350,685
6,912,150
1,005,295
31,277,273
7,161,677
(personnel)
Employees' subscriptions to capital stks.
and debentures, less reserve
Unamortized debt discount and expenseOther deferred chgs. & misc. unadj .debits
Total
—
1,250,330,604 1,269,626,752 1,2 81,987,98
Liabilities—
c
$6 preferred stock
106,384,818
2,582,441
1,496,451
d $6 preference BB stock
Preference B stock, 60c. cumulative—
5% non-cumulative stock ($1)
Com. stock (issued, 37,804,394 shares)_e
Pref.stks.of sub.
Sub. companies, bonds and notes
Cities Service Co.—debentures
Accts. pay., accrd. int. & other chges.
Divs. pay. on pref. stk. of certain subs.
Provision for Federal income tax
Notes pay. to bks. (secured) (non-curr.)_
Notes & accounts payable—not current
charges—payable
solely
1,575,951
269,565,584
186.994,263
282,893
16,591,210
4,076,978
24,047,314
141,103
3,253,252
24,145,000
1,566,658
Purchase money obligations
Current liabils.: Notes pay'le (secured).
Notes payable to others (unsecured)
114,956,581
2,878,341
1,593,331
1,000,000
188,887,968
118,821,900
43,927,724
1,000,000
188,095,820
121,848,848
43,579,318
119,636,888
40,667,808
Minority com. stkhldrs.' int. in sub. cos.
Funded debt in hands of public:
Drilling
114,253,448
2,746,441
187,614~313
hands of public
cos. in
272,502,571
188,787,935
276,495,849
189,866,326
848,678
43,428,011
565,785
30,482,660
2,964,232
23,097,636
147,295
3,646,272
12,930,000
1,102,837
Reserve for injuries and damages
Contributions for exten'ns, not refund'le
by
pref. stock
of
Cities
Cash in banks and
Accrued int.
on
hand..
35,797
47,982
103,839
Unamortized debenture discount and expense
205,516
12,868,961
1,319,031
11,926,549
1,109,365
Other deferred charges
Total--.
611,950,746 630,378,315
mips
$6 preferred stock
$6 preferred BB stock
Preference B stock, 60c.
106,384,818
2,582,441
1,496,450
114,253,448
2,746,441
1,575,951
1,000,000
—187,614,313 188,095,821
cum—
5% non-cum. stock ($1 par)
—
Common stock
7,550,250
282,892
7,316,116
188,787,935
10,764,591
565,785
7,666,385
Interest accrued
2,438,945
9,300,000
1,880,098
Int. coupon deposit accounts of subs, cos
Accounts payable
1,173,640
272,618
142,327,288
134,330,350
186,994,263
5~,244",741
Accrued taxes and other charges
Prov. for Fed. inc. tax (incl. prior yrs. assessm'ts)
Assessments of Federal income tax
Reserve for contingencies
General reserve against certain investments
1,651,052
1,470,854
1,932,649
13,750,424
3,443,510
1,584,524
103,084,802
Total..
4
1,250,330,604 1,269,626,752 1,281,987,981
Including company's stocks of 884,960 In 1934 and 869,078 in 1933.
b Market
1935, $656,743 in 1934 and $830,846 In 1933.
c Represented by
1,063,848 shares of no par stock in 1935, 1,142,534 in 1934 and 1,149,566 in 1933.
d Represented by 25,825 shares of no
par stock in 1935, 27,464 in 1934 and 28,784
in 1933.
e Represented
by 149,645 shares of no par stock in 1935; 157,595 in 1934
and 159,333 in 1933.
a
96,507,782
Int.
on
Divs.
Childs Co. (&
Subs.)
-Earnings-
1936
1935
$4,007,484
Cost of sales & gen. exps.
3,731,568
Income from operation
1934
1933
$4,428,331
4,140,824
$4,746,095
4,459,594
$4,350,630
3,974,575
Other income interest—
$275,915
4,761
$287,507
6,639
$286,501
5,613
$376,055
6,457
interest
$280,676
108,566
$292,115
117,628
152,422
$294,147
113,459
3,041
160,161
$382,513
123,529
7,730
166,058
410
10,200
978
1,899
6,945
65.904
$18,710
$15,586
$3,630
&
discount
Income taxes
—
Deprec. & amortization.
Unamort.
-
-
mm
investments in bonds of subsidiary cos.
investm'ts in com. stks. of certain sub.cos.
Int. and divs.
receipts
163,501
of units
costs
held for retirement
_
__
or
investment
Admin., management & engineering expenses
General, legal and other expenses
Depreciation of furniture and fixtures
Management and engineering fees collected from
subsidiary companies—Cr
Franchise, cap. stk., deben coupon & other taxes._
—
of subs, affil. & other
cos.
_
sold
Interest and amortization
Provision for Federal income tax
Balance
966,561
6,054,072
5,359
1,230,445
6,510,785
175,713
Total-.
Operations of sub.
Service
profit
subject to adjustment at the end
finally audited.—V. 142, p. 1810.
are
in
preferred stocks
1,715,951
$19,676,852 $17,601.283
1,725,158
1,716,562
1,136,870
908,705
62,683
72,591
2,041,693
223,760
733,729
12,003,168
cos.
Co.'s
3,984,461
3,110,017
3,095,709
7,080,170
for year ended Dec. 31, *34:
proportion of profit
as
Net income
(incl. accrd. undeclared
cum.
divs__
22,217,283
13,296,164
10,013,940
7,754,792
10,411,833
'
stocks credited above—
3,282,223
7,466,250
2,657,041
4,369,688
Excess of divs. over net income as above
Amount appropriated to reserve against invest¬
4,184,027
com.
ment in Mexican subsidiaries
Net bal.
Audited
from
rec.
112
agents & condrs.
Miscell. accts. rec.
Mat'l
856,064
186,389
not due)
on
5,307
fd.
1,580
debt,
933,992
3,148
Oth. unadj. debits
&
246,443
Net income
3,254
4,955
937,584
3,419
353
291
unpaid
9,745
30
585,730
90,036
Unmat'd divs. deel
60,000
396,250
2,871
164,757
100,000
4,111
221,198
Int.
mat'd
Unmat'd int. accr.
Deferred
liabilities
Unadjusted credits
Total.
.44,005,449 44,307,334
City Stores Co. (& Subs.)—Earnings—
Period End. Jan. 31—
Net profit after prov. for
deprec.,
conting.
1936—3 Mos.—1935
1936—12 Mos.—1935
and
$420,884
45,780
$79,817
22,801
$397,246 loss$486,093
93,908
38,235
x$375,103
$57,016
x$303,337 loss$524,329
x Excludes net loss of Goerke Kirch Co. in
process of liquidation, reserve
against which liquidation has been provided from surplus.—V. 142. p. 1282.
Cleveland Graphite Bronze
Calendar Years—
1935
Co.—Earnings—
1934
1933
1932
Manufacturing profit
$2,023,112
Selling, general and ad¬
ministration expenses.
501,789
$1,205,161
546,701
342,218
233,765
$1,521,323
32,816
$658,459
15,443
$519,036
4,699
$42,412
8,163
$1,554,139
38,445
242,578
$673,902
80,854
82,245
$523,735
84,370
62,202
$50,575
15,201
1,048
$1,273,117
1,647,172
$510,802
1,416,759
$377,161
1,150,953
$34,325
1,212,076
$1,927,562
280,180
$1,528,115
111,272
$1,246,401
95,376
210
84
72
Other income-
4,323,565
7,026,730
as at
Dec. 31
5,856,265
53,440
-101,349,646 103,084,802
Total-.
Other
deductions
Net profit
Bal. beginning of periodof Federal inc. tax
for 1934
107,205,911 103,138,243
Net charges to premium on capital stock issued-b9,339,946
Loss on certain abandoned street railway and elec¬
tric properties written off
1,093,136
766,184
Losses in connection with
liquidation of securities
$861,254
Ad j.
dept. discontinued in 1933, less credits
(charged to premium on capital stock issued)
Other surplus charges and credits (net)
Prov. for divs.
sales
—
649,392
373,019
265,046
Total surplus
Dividends paid
reserve
Trans,
to
a
a
Surplus from all
sources
(net)
as
at Dec. 31--
96,507,782
101,349,646
Incorporating company's proportion of net undistributed
cos.,
inclusive
of special
$276,177
surplus reserves
($7,600,473
in
surplus of
1935
and
1,045
$2,921,334
x644,320
on
stock
for
exchange.
capital stock
account
sub.
180,967
pay..
142, p. 2991.
Provision for Federal tax
(net)
Misc. accts.
44,005,449 44,307,3341
Total
accts.
wages payable..
815,874
193,164
Divs. mat'd unpd.
&
suppliesRents rec. (accr'd
Disc,
—
139,538
Balance credited to investment account
sources
$
&C—.41 387,539 41,393,213
949,433
621,571
Special deposits.
9,745
6,355
7,026,730
on
Dec. 31, '35
3,500,000
3,500,000
Preferred stock.
3,000,000
3,000,000
Long-term debt—36,000,000 36,000,000
Non-negotiable dt.
625,000
*25,000
Net profit—
29,972,074
Feb. 29, '36
$
Liabilities—
Est. Fed. income taxes..
ints. but before appropriation for
depl., deprec.
and replacement and pref. dividends
35,076,083
Depl., deprec. & replacem'ts as provided by cos. 21,779,919
Surplus from all
year
Common stock-—
deduct, of min. int—
re-
icome
Divs. received
$9,092
of the
-Balance Sheet-
29,'36 Dec. 31, '35
Assets—
—V.
10,179,830
„
Feb
Deferred assets
2,214,620
267,759
58,975
11,370,213
200,000
of
not declared__
Cincinnati Union Terminal Co.
& equip.,
Cash
gorted by such cos. after provision forminority
Federal
tax, and after adjustment for
Pref. divs.
Net
Note—The foregoing is
when accounts
Investment in road
7,069,813
investments
on
subsidiary companies accrued but
Cities
$
3,598,699
4,369,688
1,768,086
Total-
Dividends
and bad debts
1934
3,416,524
7,466,250
Excess of par over book value of debs, of Cities
Service Co. retired through
sinking funds; and
amortization of purchase discount on debs, of
Cities Service Co. and on bonds of sub. cos.
on securs.
mm
investments in and advances to
on
affiliated and other companies
Interest on indebtedness of subsidiary
companies.
Int. on notes & accts. rec., &c., & sundry
Loss
'
mm
Res. for Canadian exch.
(Cities Service Co.)
on
101,349,646
.611,950,746 630,378,315
discontinued
1935
S
-
cos.
cos_
-
value $65,556 in
Income Account Year Ended Dec. 31
1,324,841
719,052
-Y. 141. p. 2881.
3 Mos. End. Mar. 31
1,372,176
101,349,646
117,203
231,118
265,783
190,787
879,644
10,000,000
Surplus from all sources (net), incorporating
proportion of net undistributed surp. of sub.
Total
(net)
4,499,384
853,195
908,540
997
468,882
8,904
(a sub.)—
3,440,435
1,094,508
96,507,782
cos
15,260,000
2,401,678
564,304
3,347,897
3,639,515
13,195,674
726,731
—
securities of sub. and other
on
Loans, notes and accts. receivable, less reserve
Prepaid expenses
Accounts receivable—personnel (incl. officers and
directors of subsidiary companies)
Employees' subscriptions to capital stocks and de¬
bentures, less reserve
or
book value of Cities Service Co. debs,
owned by Cities Service Securs. Co—
sources
$
integral operating units of Cities Service Co.:
Securities of subsidiary companies——
221,491,773 230,252,506
Indebtedness of subsidiary companies
167,740,289 193,743,896
Company's proportion of undistributed sur¬
pluses, less deficits Of sub. cos
150,290,831 140,501,020
Discount and expense on original issue of pref. and
com. stocks, organization, &c
6,334,847
7,556,828
Other investments and advances, incl. securs. of
and advances to sub. cos. not regarded as integral
oper. units of Cities Service Co., affil. cos., «fec__ 34,225,682
37,194,018
Developm't& exploration expend, on for'n prop'ties 3,933,180
Office furniture and fixtures, less reserve
358,378
426,441
Sinking fund assets
22
Service
Corp. at July 1,1934 market prices.
Oper. tax (prior yrs.) and other res'ves
Surplus in suspense—excess of par over
Surplus from all
1934
$
-
Employees' stock subscription plan—
provision for obligations thereunder,
securities
1935
Investments in advances to sub. cos., regarded as
Owned by cities Service Securities Co.
137,125,583
10,000,000
5,588,035
1,641,662
2,214,817
Reserve for crude & oil price changes
liquidated
(.Cities Service Co.)
Assets—
Purchase money obligations
Indebtedness to subsidiary cos.—accts. payable—
Notes payable to banks (secured)
Reserves—Depletion, deprec. & replace¬
be
Balance Sheet Dec. 31
23~,b~2~6~642
3,471,723
ment, as determined by companies
Gen'l reserves against certain investm'ts
to
transferred by them from replacement
Debentures of various maturities 1950 to 1969:
Held by public.-
from
future crude oil production
Customers' and line extension deposits—
other
cos.
charges to premium on capital stock issued: Appropriation to
establish general reserve against certain investments, $10,000,000; deduct
discount on preferred, preference and common stocks of Cities Service Co.
reacquired and held in treasury, $5,236,342; net $4,763,658.
Premium on
common stock of Cities Service Co. issued in prior years in connection with
acquisition of investments but now eliminated ($4,025,332) and sundry
charges less credits ($550,955.91 net), $4,576,288; total net charges to
premium on capital stock issued, $9,339,946.
—
securities sold under repurchase agree¬
ment, less reserve
Accounts receivable
1934) of such
1936
b Net
props.,
lncl. intangibles—book value
Inv. in and advs. to cub.
May 9,
reserves.
1933
$
Assets—
Chronicle
106,840
-
Balance earned surplus $2,170,174
$1,647,172
$1,416,759
$1,150,953
x Includes
$480 reserved for dividends on unexchanged stock of Dann
Products Co.
Volume
Financial
142
Earnings for 3 and 12 Months Ended March 31
Period—
$318,456
...
(par $1)
Earnings per
$547,917
322,160
$1.70
1935
deposit
on
as
1934
$949,352
$248,404
508,532
828,589
10,818
Inventory
Other assets
$132,190
_
848",339
Permanent assets-
Intangibles
55,685
25,479
Deferred assets
Dividends declared
Res.
13,879
47,997
736,045
58,029
13,622
Affiliated company
for
divs.
Dividends paid
$305,437
259,695
179,886
160,960
Other accr'd liabs.
539,621
606,258
82,245
12,437
$3,515,881
$3,255,735
308
197
332
8,819
$3,516,079
$3,256,067
$3,949,217
7,258
7,515
7,749
$3,508,821
3,515,881
$3,248,552
3,255,735
$3,941,468
3,940,397
$7,060
$7,183
sur$l,070
$3,940,397
1,967
1,486
321,920
100,000
56,000
59,080
Capital surplus
Earned surplus... 2,170,174
M
—
—
—
—
Balance Sheet Dec. 31
Assets—
a
Paid in surplus
_
1935
Cash
on
exchange
1932
$4,206,737
Balance, deficit
stock reserved for
Stated capital
1933
$155,501
Net income
1934
1935
taxes
1934
$4,051,236
4,206,737
Taxes
Expenses.
of Dec. 31
Liabilities—
Accounts payableAccrued Fed. Inc.
Customers' notes &
acc'ts receivable
322,160
$2.60
$3.24
Balance Sheet
Assets-
1935
$4,207,046
152,550
3,260
Total..
321,920
$0.99
3163
Calendar Years—
Divs. rec. Coca-Cola Co.
Other income
$837,969
$1,043,666
321,920
__
shar^
Cash on hand and
;
1936—12 Mos. —1935
1936—3 Mos.—1935
Net income after deprec.
and Federal taxes.
Shares new com. stock
Chronicle
1934
$9,796
Liabilities—
$15,297
Co..^ 976,900
Total
Total
$4,949,696 $5,143,467
d Common
stock.
Note payable
3,995,840
1,132,330
-.-.$4,949,696 $5,143,467
1,647,172
1934
$976,900 $1,132,330
3,963,000
3,995,840
150,000
15*297
defl40,203
c
b Class A stock of
Coca-Cola
1935
Class A stock
Surplus
Common stock of
Coca-Cola Co.. 3,963,000
Represented by 1,585,200 (399,584 in 1934) no-par shares,
b Repre¬
by 195,380 (226,466 in 1934) no-par shares,
c Represented
by
97,690 (113,233 in 1934) no-par shares,
d Represented by 198,150 (199,792
in 1934) no-par shares.—V.
142, p. 2823.
a
Total
$3,226,792 $2,263,859
Total
.$3,226,792 $2,263,859
-
...
-V. 142, p. 1978.
Clark
Equipment Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Gross profit from oper..
1936
_
$21,990
9,551
$256,072
105,839
19,296
$317,335
99,714
17,540
$31,541
93,842
4,383
100
& selling exps__
$299,701
17,633
61
89,522
17,123
81,454
69,610
$23,273
exchange paid..
Prov. for depreciation.
Develop,
_
incurred.
exp.
Federal income tax
Net profit
Frost minority interestPreferred dividends
Common
Calendar Years—
1935
Gross operating
income.$39,613,254
376
105,811
4,761
12,616
Total income
&
Colonial Beacon Oil Co.
1933
1934
$244,170
11,902
$331,528
128,146
25,859
income..
Cash discount allowed.
Int.
1935
$319,374
12,154
$54,254
Miscellaneous
Admin.
sented
919
$118,565 loss$136,671
5
CrlOl
19,819
19,880
46,755
18
19,945
46,755
dividends
19,811
46,755
$43,293
sur$51,986
36,181,770
29,832,061
30,550,825
$125,875
13,116
loss5,865
$584,189
loss28,326
$531,375
loss96,286
__def$380,120
Interest, discount, &c__
x90,487
Depreciation
1,881,785
Federal taxes.
590,233
Profit applic. to min. int.
Cr3,470
1,817,958
571,562
Dr6,882
Total
.
income
1936
1935
$822,825
Marketable
Cash
secur.
on
$156,450
preferred stock
x
30,534
383,609
Notes receivable-.
10,099
Accts. rec. (net)._
467,731
Accrued Interest..
1,705
Inventories
1,565,798
In
26,341
secs..
Minor,
8,406
310,055
3,024
1,289,248
of Frost
66,477
b Common
68,860
3,024
Special tool acct..
3,668
a
26,984
c
mach'y,
stock.
Treasury
stock
1,214,900
4,996,760
606,872
585,765
Dr318,566
Assets—
After
Total..
$7,532,497 $7,556,657
for
1935.
732
Coca-Cola Co.
4,746,398
4,406,566
1934
1933
Net operating profit ..$20,509,954
Other deductions
(net).
1,525,697
3,180,000
Federal taxes
9,769,159
1932
8,651,198
$17,365,946 $13,127,366 $12,950,658
426,278
308,222
487,984
2,611,000
1,980,150
1,750,000
$14,328,668 $10,838,993 $10,712,673
2,016,540
2,019,240
2,036,190
6,901,300
6,250,000
7,750,000
$6.75
$6.90
$6.25
$7.75
1,908,270
8,909,325
Rate
Surplus
Earned surplus Dec. 31.
Shs.
com.
outstanding
(no par)r
Earns, per sh.
c
$4,986,661
20,379,100
c4,000,000
$5,410,828
24,762,053
cl,000,000
$12.49
on com.
$3.48
Includes stock held in company's treasury.
__
$2,569,753
28,118,335
cl,000,000
$8.82
$926,483
25,548,582
1,000,000
$8.67
earnings after charges, Federal
requirements on
taxes and dividend
class A stock
Shares
common
Earnings
x
per
stock,
1936
$2,660,067
x4,000,000
$0.66
no par
share
1935
$2,106,332
985,900'
$2.13
$1,703,354
995,900
$1.71
Consolidated Balance Sheet Dec. 31
1935
1934
$
Cash
1935
Liabilities—
$
6
1934
$
d Class A stock...
$
,841,233
5,844,917
Govt, securities
3 ,748,576
1,033,523
Accts. receivable- 1 ,888,284
1,533,678
Inventory
10 ,944,451 11,658,791
4,000,000
c Common stock.
.25,000,000 25,000,000
Accts. payable... 1,258,88 7
8 94,827
Accrued accts
3,758,100
3,064,296
Mlscell.
Res. for contlng. &
_.
invest.
&
deferred charges
of affil. cos.
548,585
not
138,410
Profit and loss
consol
Accts.
due
affil.
8,910,186
20,379,100 24,762,053
a
Class A treas.stk
Com. treas. stk.
accts.
1,593,959
53,771
664,578
Funded debt
2,045,280
465,055
Purchase oblig (curr)
196,505
payable-_.z31,869,509 26,027,425
reserve
7,415
13,545
Other accrued liab.
92,342
91,105
Purchase oblig. (not
Accts
Federal tax
current).
144,250
1,582,364
-
Cap. stock of subs.
1,583,198
Deferred credits &
other
78,725
1,460,357
1,620,377
from oper. 16,650,869
13,677,586
reserve
Capital
Deficit
40,599,192 39,986,993'
surplus..
Total....
40,599,192 39,986,993
shares,
Colorado Fuel & Iron
Corp.—Earnings—
[Successor to Colorado Fuel & Iron Co.]
3 Months Ended March 31—
Gross sales, less discount, &c
1936
1935
$5,699,906
Cost of sales, bad accounts, &c_
$3,301,093
2,594,986
347,774
141,393
184,817
4,171,570
...
Depreciation and depletion
Ordinary taxes
Selling and administrative expense
354,587
175,393
212,332
Balance
Other income
$786,024
Balance
Interest on C. F. & I. gen. mtge. bonds
$850,767
56,038
68,459
$107,261
55,771
Federal taxes
Profit...
$726,270
$51,490
$32,123
75,138
64,743
a
£>r6486,883
Drl89,533 Z)rl319712
meeting of the
new
corporation, Arthur Roeder, formerly President
of the old company and receiver and Federal trustee, was elected President.
W. A. Maxwell Jr. was elected Vice-President.
S. G. Pierson, Vice-Presi¬
dent and Treasurer; Newell H. Orr and Thomas Aurelius, Vice-Presidents;
D. C. McGrew, Secretary; H. C. Crout, Assistant Treasurer; Harry P. Fish
Terrell C. Drinkwater, Assistant Secretaries; Fred Farrar, general
counsel; W. B. Montgomery, Comptroller, and J. A. Bullington, Assistant
Comptroller.
Directors are Messrs. Roeder, Pierson, Maxwell, Farrar,
McGrew, John Evans, Jesse F. Welborn, Cyril J. C. Quinn, Carl J. Schmidlapp and Bertram Cutler.
and
Speaking for directors, Mr. Pierson said; "Opportunities
have only to take advantage of them.
The
company
is
here; we
financially
are
on
a
sound basis and I believe the coming years are going to mean great things/'
—V. 142, P. 2824.
Columbia Investing Corp.—Final
The directors have declared
the
a
Liquidating Dividend—
final liquidating dividend of
33
cents per
payable May 25 to holders of record
May 23.
Previous distributions were as follows: 50 cents on July 1, 1935;
70 cents on May 27, 1935; $1.50 on March 5, 1935, and on Dec. 10, 1934;
$4 on Oct. 19, 1934, and $6 per share paid on July 23, 1934.—V. 140, p.4230.
on
no
par common stock,
Columbia Pictures Corp.-
receivable
Land, bldgs.,
chinery, &c
438,660
784,771
1,527,676
67,091
668,640
$
21,818,594 21,818,594
129,589
Sundry notes and
b
3,529,601
4,246,709
259,183
773,019
6,120
1934
$
Capital stock
depreciation and amortization,
y Represented
by 1,444,970
z Including
$30,197,906 payable to Standard Oil Co.
of New Jersey and affiliated
companies.—V. 142, p. 1811.
share
e
not
consolidated
7,493,659
sur¬
plus
from
cost
3,000,000
miscl. opers
585,412
Sec.
1935
Liabilities—
y
After
At
1934
Includes stock held in treasury.
Assets—
$1,226,521
Personnel—
Earnings for the Three Months Ended March 31
Net
Special dep. & fds.
9,229,788
Net income..$15,804,256
Class A divs. (net)
Common dividends.....
Investments
Deferred charges..
x
$27,135,105 $21,778,564 $22,180,445
10,791,743
.
799,358
after
Mat'ls & supplies.
Other merchandise
no-par
Sell., branch., admin. &
general expenses
712,719
and
notes
Total
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1935
Grosss operating profit.$31,301,697
423,297
272,326
$'"
694,365
8,353
reserve...
depreciation of $3,326,878 in 1936 and $3,084,612
b Represented by 249,838 no par shares,
c Represented
by
(851 in 1935) shares preferred stock, par $100, and 16,062 shares of
common stock, no par value.—V.
142, p. 2823.
in
1933
,571,116
,177,171
392,760
227,706
1934
837,101
secur.
accts. rec.,
reserve
$900,054
$
Oil inventories
a
44,512
$1,052,440
Property, plant,
equity, &c
.26,419,571 27,347,976
Goodwill, less write¬
Accept,
111,750
$7,556,6571
41,591
x
Cash
3,855,027
$7,532,497
1934
$2,565,266
2,725,185
Consolidated Balance Sheet Dec. 31
1,214,900
4,996,760
606,872
815,345
Dr330,466
&
Total
1935
$1,758,788
2,342,831
387,089
39,717
1935
off
31,614
~
$339,576
Profit appl. to min. int.
Marketable
exps...
'
'
1936
503
5,543
4,082,214
&c
chgs.
prepaid
was
"
$2,424,113
2,344,361
371,046
22,979
25,302
Net loss.
Real est., bldgs.,
Deferred
interest
-
Standard Oil Co. of New Jersey.
Interest
441
Surplus
63,199
Clalms against
closed banks...
-
Gear &
Capital surplus—
owned
$225,758
73,557
Forge Co
stk.
com.
no
2,472
$2,775,104
$3,125,645
$2,796,028
charged to Colonial Beacon Oil Co.
in
Preferred stock—
Land Co
1935
year
earnings
Operating expenses
Depreciation
capital & surplus
Buchanan
Mis cell.
$372,769
interest
1,868,120
498,884
Dr39,600
Earnings for Three Months Ended March 31
Taxes, royalties,
&c., accrued
365,984
During
its loan payable to
Gross
pay¬
rolls
life ins. policies.
U. 8. Govt,
&
$435,089
824,513
1,014,426
1,817,066
500,243
Cr3,241
2,472
2,472
$2,941,627
1935
1936
accounts
payable
value of
surr.
Inv.
Liabilities—
Current
$953,121
559,300
$555,862
$120,010
846,780
Divs. of affil. companies
on
Assets—
1932
loss$393,236
Operating profit
Other income
Consolidated Balance Sheet March 31
Cash
1933
■
$12,464
.L.
-Earnings—
1934
$36,307,645 $30,416,250 $31,082,200
Oper. exp., incl. cost of
sales, sell'g&adm.exp. 40,006,490
Net loss
Deficit.
(& Subs.)
424,321
665,651
6 876,867
6,559,754
-Foreign Business Shows 25%
I ncrease—
ma¬
The company's foreign business shows approximately a 25% increase for
the first three quarters of its fiscal year over the same nine months last
Formulae, trademk
and goodwill
30, 576,423 29,526,515
Total
62,116,739 57,408,242
year,
the
company
announced on April 30.
Columbia's foreign business has shown a steady growth since the adoption
Total
62,116,739 57,408,242
a 127,820 shares, at cost,
b After reserve for depreciation of $4,811,516
In 1935 and $4,551,477 in 1934.
c Represented by 4,000,000 no par shares
in 1935 and 1,000,000 in 1934.
d Represented by 600,000 shares (no
par)
in 1935, and 800,000 in 1934.
8,100 (14,000 in 1934) shares at cost.
New Director—Edward Findlay has been elected an additional director.
—V. 142, p. 1635.
e
Coca-Cola International Corp.—$4 Dividend—
The directors have declared
stock,
dividend of $4 per share on the common
no par value, payable July 1 to holders of record June 12.
This
Oct.
paid on April 1 last, $6 paid on Dec. 31, 1935; $4 on
1, July 1 and April 1, 1935; $3 per share paid each three months
July 1,1933, to Jan. 2,1935, inclusive, and $3.50 on April 1 and Jan. 2,
1933.
In addition
an
extra dividend of $2 was
opening of nine distribution centers in the British Isles, company officials
std/tod
While
English-speaking countries have accounted for the greatest part
of the growth of Columbia's foreign business, the company now has its own
offices in every important country of the world, including Japan, China,
and India, it was said.
Its newest offices include five in Spain, five in
Brazil, and six in Australia and New Zealand, the last resulting from the
acquisition of
an
Australian distributing company.—V.
142,
p.
1979.
a
compares with $2.40
from
of the policy, in September, 1934, of distributing through its own offices
rather than through franchises.
This policy was inaugurated with the
paid on Jan. 2, 1935.
Columbian Carbon Co.—50-Cent
Special Dividend—
The directors have declared a special dividend of 50 cents per share in
quarterly dividend of $1 per share on the common
(v. t. c.) stock, no par value, both payable June 1 to holders of record
May 15.
A special dividend of 40 cents was paid on Dec. 2, 1935. one of
addition to the regular
'
3164
20 cents
per
Financial
paid
was
share
Dec. 24, 1934, and a special distribution of 25 cents
made on March 1, 1934.—V. 142, p. 1979.
was
on
Community Power & Light Co. (& Subs.)—Earnings—
Period, End. Mar. 31—
Operating
1936—Month—1935
$270,114
145,816
17,134
27,545
$3,794,538
1,917,345
197,164
351,437
$3,806,409
1,908,233
173,416
344,390
income—Net
$82,640
1,653
$79,618
1,152
$1,328,591
22,395
$1,380,367
17,865
Balance..
Retirement accruals....
$84,293
20,500
Int. & amortization, &c.
71,309
$80,770
$1,350,986
17,842 Cv; 289,446
71,463
851,237
$1,398,233
314,078
855,536
Maintenance.
Taxes
May 9, 1936
Commonwealth Edison
Period End. Mar .31—Other oper. revs.
77,188
(net)..
Total gross earnings-$21,394,397
Non-oper.
def$7,517
def$8.534
$210,302
$4,982,499
439,813
218,780
31,417
$5,216,393 $17,339,695 $17,998,417
214,993
1,228,771
810,219
300,569
925,298
1,195,617
52,836
75,039
112,192
Consol. net earnings $5,672,509
on funded debt
2,113,513
$5,784,793 $19,568,805 $20,116,446
2,215,057
8,576,883
8,861,653
47,679
177,765
153,418
Maintenance.
Taxes
—.
—
J
of stockholders will be held May 28 for the
rate
a
purpose
of
lower
than
the
smaller number of
greatly
simplified last year through the issue of 514 % convertible preferred stock,
plus additional shares of common stock, in place of the five issues of pre¬
ferred stocks theretofore outstanding.
In connection therewith a substan¬
Int.
bds., notes, &c
Miscellaneous (net)—
on
effected in the annual dividend requirements on preferred
The financial condition of your company is now even better than
on
unfund. debt
48,163
Amortiz. of debt discount
and expense
180,424
Consol. net income— $3,330,408
Shs. outstand. at end of
•
it
at that time last year,
and your board of directors is of the opinion
that
the present financial condition of your
company
rate lower than that carried by the company's
present
justifies a dividend
5K % convertible pre¬
ferred stock, and that, notwithstanding the current set back in the
security
markets, fundamental investment conditions are such that a satisfactory
refunding program can be successfully carried out in the not distant future.
Furthermore, in view of the expansion in the volume of business of your
company and its subsidiaries, your board of directors deems it desirable that
the amount of capital represented by preferred stock be increased to
$25,000,000, so that the preferred and common stocks will provide a larger
Sroportion of the total funds required to finance the present volume of
usiness.
It is contemplated that the new convertible
preferred stock will have a
dividend rate lower than 5 K % per annum and will be convertible into a
smaller number of shares of common stock per share of new convertible
1,608,498
_ ——
preferred stock than is the
case
of the present 5H% convertible preferred
outstanding $19,371,800 aggregate par value of 5^ % convertible preferred
stock.
Therefore,
your
board of directors recommends the creation of a new con¬
be authorized as a stock junior
vertible preferred stock of your company to
to the now authorized convertible preferred
stock, but to become the only
preferred stock of your company and to be issued only after all shares of the
present 514% convertible preferred stock have been called for redemption
or retired.
The stockholders are asked to adopt amendments to the com¬
pany's certificate of incorporation to provide for the new convertible pre¬
ferred stock and to authorize
a reduction in the
capital of the company by
$45,000, through the retirement of 4,500 shares of its common stock now
owned by the company, without,
however, affecting the number of shares
of authorized common stock which may be issued
by the company.
After the certificate of incorporation has been amended
by vote of the
stockholders, authorizing the new convertible preferred stock, and after a
registration statement in respect thereof has become effective under the
Federal Securities Act of 1933,
amended, the following steps, subject to
satisfactory investment conditions then existing, are proposed to be under¬
as
taken:
All of the outstanding 53^ % convertible preferred stock of
your com¬
is to be called for redemption;
The holders of the 5}4 % convertible preferred stock so called for re¬
be offered
are to
an
opportunity to retain an investment in the
shares, within a period to be specified,
value) of 5H % convertible preferred
value) of the new convertible preferred stock
company by exchanging their present
on the basis of one share
($100 par
stock for
share ($100 par
one
Slus a board of of one share of common stock to be is made, the hereafter
y the fraction directors.
Before the exchange offer determined dividend
rate, the dates from which dividends
conversion into
common
to be cumulative, the ratio of
redemption prices of the new con¬
are
stock and the
vertible preferred stock are to be fixed by the board of directors.
3. The shares of new convertible preferred stock to be offered in
exchange
be underwritten and the shares of new conv.
pref. stock to be author¬
ized in excess of the amount thereof to be offered for
are to
exchange
are
to be sold
the underwriters, so that the entire
$25,000,000 aggregate par value of
convertible preferred stock is to be issued and all of such shares of new
convertible preferred stock not taken by the holders of the 5
to
new
Vi % convertible
preferred stock under the proposed exchange offer are to be sold for cash,
regardless of the amount, if any, of
% convertible preferred stock which
may be converted into common stock prior to or during the
exchange period.
Application will be made at the proper time for the listing of the new con¬
vertible preferred stock and the additional common stock on the New York
Stock Exchange and the registration thereof under the Federal Securities
Exchange Act of 1934.—Y. 142, p. 2824.
Commercial Investment Trust Corp.— To
Pay 20% Stock
Dividend—
The directors on May 7 declared a stock dividend of
20% on the no par
common stock payable by June
1 to holders of record May 18.
They
also declared a regular
quarterly cash dividend of 90 cents per share on the
common stock payable July 1 to holders of record June
5.
The company
stated that the dividend
meeting was held earlier than is customary to
enable delivery of the stock dividend
prior to the usual record date for the
Stockholders will receive the July 1 cash dividend on the
issued as a stock dividend.
A stock dividend of
25% was paid on Oct. 1, 1934.
Previous cash distributions were as follows: 75 cents on
cash dividend.
additional shares
April
1
last;
Industrial Compendium."—V.
142,
75 cents regular and 25 cents extra on Jan.
1, 1936; 70 cents regular and
cents extra on Oct. 1, 1935, and 50 cents per share each three month
previously.
An extra of 50 cents was paid on Jan. 1, 1935.
For detailed record of dividend payments see Dec. 12, 1935. issue of
40
"Industrial Number" of "Railway &
p.
2494.
Commercial Solvents Corp. (&
3 Mos. End. Mar. 31—
Net profit after all chgs.
and taxes.....
Shares
common
142,
p.
Chase
1935
1934
1933
$617,778
$564,860
$635,004
$224,758
2,636,636
$0.23
2,636,310
$0.21
2,635,891
$0.24
2,530,277
$0.09
1462.
Connecticut Ry.
The
Subs.)—Earnings—
1936
stock
outstanding (no par).
Earnings per share
—V.
& Lighting Co.—Bonds Called—
National
Bank, successor trustee, is notifying holders of
mortgage 4H% 50-year gold bonds endorsed with a
guarantee of interest by the United Gas Improvement Co., that $97,000
principal amount of these bonds has been drawn by lot for purchase out
first
$6.29
Consolidated Chemical
1,609,114
$6.50
1935
and refunding
of sinking fund moneys on July 1, 1936.
at 105% and accrued interest on July 1,
The
bonds
will be
purchased
1936, or at any time thereafter
prior to Jan. 2, 1954 at the Corporate Trust Department of the Bank,
11 Broad St.—V. 142, p. 1283.
Industries, Inc. (& Subs.)—
Earnings for the 3 Months Ended March 31,1936
Net profit, before depreciation and income taxes
——$212,980
J3epreciation»w-—---—..i-:—90,105
Income taxes.....
15,987
...
—.....
.....
.....
.....
Final net profit-—V. 142, p. 2992.
$106,887
Consolidated
Gas,
Electric
Light
& Power
JPeriodEnd. Mar. 31—
1936—3 Mos.—1935
1936—12 Mos.—1935
$5,166,005 $21,694,975 $19,369,360
2,554,027
9,064,826
8,837,822
363,725
308,174
767,748
655,932
73,287
67,407
312,151
345,611
Revenue from elec. sales $5,821,792
Revenue from gas sales.
2,711,304
Rev. from steam sales..
Total oper. revnue
Retirement expense
Taxes
$8,970,110
4,649,513
664,106
al, 152,955
58,095,615 $31,839,702 $29,208,726
4,046,701
16,489,425
14,690.065
629,993
2,477,839
2,398,811
974,353
a3,923,256
3,540,279
Operating income
Non-operating income..
$2,503,535
58,741
$2,444,567
51,708
5,949,180
348,523
$8,579,569
247,452
$2,562,277
680,572
!,496,275
725,978
$9,297,703
2,898,092
$8,827,022
2,886,857
$1,881,704
278,828
1,050,657
$1,770,297
290,067
1,050,657
$6,399,611
1,133,525
4,202,629
$5,940,165
1,159,498
4,202,612
expenses
Gross income.
Fixed charges.
_
Net income
Preferred dividends
Common dividends
Balance
$522,218
$1.37
Earns .per sh.of com.stk.
Taxes for 1936
—V. 142, p. 2313.
a
are
Consolidated
estimated;
Textile
$429,572
$1.27
the
amount
Corp.-
$1,063,456
Quar. End. Mar. 31—
Net profit after interest,
deprec. & Fed. taxes—
—V. 142, p. 1116.
1936
$100,554
Subs.)
1935
$88,979
-Earnings—
1934
$105,253
1933
$35,590
$578,054
$4.51
may
$4.10
prove
insufficient.
-Independent
Committee
Formed—
An
independent committee for the protection of first mortgage bond¬
holders has been formed at the request of the holders of a substantial num¬
ber of bonds and certificates of deposit who are opposed to the
proposed
plan of reorganization dated April 30, 1936.
Bondholders are asked not to
deposit bonds under the proposed plan.
The members of the committee are: Benjamin Gottfried, David
Fox,
Irving Geist, Emanuel Schwartz and M. Jesse Greene, with Henry H.
Ackerman, Sec'y, 32 Broadway, N. Y. City.—V. 142, p. 457.
Continental
Can
Co.,
Inc.—Offers Rights to Purchase
Additional Stock—
Representing the first major industrial financing, under the Securities
improvements through the issuance of
stock, this company on May 6 mailed to its shareholders warrants
Act of 1933, of plant additions and
common
and
prospectuses
of business
covering the offering, to holders of record at
May 5, of subscription rights to 177,679 shares of
the
close
common
stock at $60 a share in the ratio of one new share for each 15 shares held.
The warrants will expire at 2:00 p. m. Eastern Standard Time on
May 25,
and will be exercisable only in amounts calling for full shares of common.
Any portion of the 177,679 shares not subscribed for by the shareholders
will be purchased by members of a
banking
group
headed by Goldman,
Sachs & Co.
Of the proceeds to be derived by the company from this
offering, approxi¬
mately $6,000,000 is expected to be used during the current year in con¬
nection with a general program for the improvement and
expansion of
existing facilities and the erection and equipment of new plants.
Out
of the remaining proceeds, the-sum of $2,090,000 has been
specifically
allocated to reimburse the company for the redemption of all
outstanding
preferred stock of the Whittall Can Co., Ltd., of Montreal, Canada, in
January, 1936, a step in the acquisition of that company; and the balance
estimated at between $2,050,000 and $2,225,000,
depending upon the
number of shares subscribed by warrant holders, will be used for
ordinary
betterments to plant facilities or retained as working capital.
An additional $4,500,000 may be realized by the
company from the
offering to officers and employees of 75,000 shares of common stock at
$60 a share.
This latter sum will not become immediately available to
the company, however, since
subscribing officers and employees will be
allowed to pay for their shares over a period of five years from the dates
of their subscriptions.
The shares to be offered to officers and employees
have not been underwritten.
Capitalization of the company to be outstanding upon completion of
financing, including the 75,000 shares to be offered officers and em¬
ployees, will consist solely of 2,917,870 shares of common stock ($20 par
value), the company having no funded indebtedness or preferred stock.
Authorized capitalization stands at 4,000,000 shares,
having been increased
to this figure from 3,000,000 shares on April 21.
Associated with Goldman, Sachs & Co. in the underwriting
group are
Lehman Bros.; Chas. D. Barney & Co.; Brown Harriman &
Co., Inc.;
The First Boston Corp.; Mellon Securities Co.
(Inc.); Edward B. Smith
& Co.; Hay den. Stone & Co.; Dominick &
Dominick; G. M.-P. Murphy
& Co.; Harris, Hall & Co. (Inc.); W. E. Hutton &
Co.; Kidder, Peabody
& Co.; Klein wort, Sons & Co.; Lad en
burg, Thalmann & Co.; Lee Higginson
Corp.; Field, Glore & Co.; Bancamerica-Blair Corp.; Norton Conway &
Co.; Hemphill, Noyes & Co.; Ralph Christie Smith; Piper, Jaffray & Hopwood, and Kuhn, Loeb & Co.—V. 142, p. 2824.
this
Continental Steel Corp.—50-Cent Dividend—
The
directors
have
declared
a
dividend
of
50
cents
per
share on the
May 15.
stock, no par value, payable June 1 to holders of record
An initial dividend of like amount was
paid on March 2 last.
common
Period Ended
larch 31,1936—•
3 Mos.
inc. after deprec., int., loss on dismantlement
properties, Federal taxes and other charges-_
$54,343
Earns, per sh. on 200,590 shs. com. stock (no par)
$0.04
12 Mos.
Net
of
Consolidated Cigar Corp. (&
Co. of
Baltimore (& Subs.)—Earnings—
Operating
2.
1,608,498
$2.09
restated to include the allocation of adjustments affecting the years
and 1934.—V. 142,p. 1979.
000 aggregate par value of new convertible preferred
stock, which is some¬
what less than the annual dividend requirements of
$1,065,449 on the now
demption
645,194
Note—The above income account for the quarter ended Mar. 31, 1935
and those for the 12-month periods ended Mar. 31, 1936 and 1935 have been
Misc. operating revenue
If the dividend rate should be fixed at, say, 4%% per annum, the
annual dividend requirements would be
$1,062,500 on the entire $25,000,-
1.
1,609,114
$2.07
period—
Earnings per share
stock.
pany
701,463
161,365
$3,360,691 $10,112,694 $10,456,180
was
stock.
was
from utility
Interest
common shares than the present 5H% convertible
preferred stock.
A. E. Duncan, Chairman of the Board, under date of April 30 sent a
letter to stockholders which read, in part, as follows:
The capital structure of your company and its subsidiaries was
tial decrease
earns,
operations—.
Other income: Dividends
Interest
increasing the amount of capital represented by preferred stock by $25,000,000.
The new preferred will have a dividend
present 5H% preferred, and will be convertible into
(estimated)
$228,619
Commercial Credit Co.—To Refund Preferred Stock—
A special meeting
$79,505,711 $76,284,471
594,149
439,861
$20,441,280 $80,099,860 $76,724,333
3,120,975
12,604,564
12,416,251
6,262,591
25,661,845
24,618,347
876,607
3,779,754
3,406,888
1,991,123
8,000,197
8,050,768
2,973,589
12,713,802
10,233,661
Operation
Net
Net income...
—V. 142, p. 2663.
1936—12 Mos.—1935
96,478
3,151,042
6.734,114
853,302
1,990,373
3,683,066
Power purchased
Prov. for depreciation—
Net oper. revenues.__
Co.—Earnings—
1936—3 Mos.—1935
Elec. light & power rev__$21,317,209 $20,344,801
1936—12 Mos.—1935
$282,923
154,030
15,141
31,111
revenues
Operation
Chronicle
$745,126
$2.80
Current assets as of March 31,1936, including $714,595 cash and market¬
able securities, amounted to $6,562,200, and current liabilities were $1,-
114,183.
This compares with current assets of $5,969,189
liabilities of $1,414,178 on Dec. 31, 1935.—V. 142, p. 2664.
and
current
Volume
Financial
142
Continental Oil Co. (&
No action
Subs.)—Earnings—
1935
1934
1933
Gross operating income.$69,501,247 $65,721,348 $52,338,811
costs
153,522,589
Oper. & admin, exps
Taxes.
J
1932
1,529,218
n
$53,405,468
16,960,506
24,457,651
53,332,908 118,994,811
J25,991,972
1,575,664
_
was
taken
on
1,695,228
1,485,532
on the company's $8 cumulative
No dividend has.been paid on the $8 stock
1981.
the dividend due
preferred stock at this time.
since Dec. 2, 1935.—V. 142,
Consolidated Income Account for Calendar Years
Merchandise
3165
Chronicle
p.
Dayton Power & Light Co.—Files with SEC—-To Issue
100,000 Shares 4^% Preferred Stock for Refunding and
Expansion Purposes—
The company on April 30 filed
Net operating
$5,866,495 $10,292,084
income_$l4,402,994 $10,859,222
Equity in current year's
.of controlled
earns
cos.
not consolidated, net.
Divs. and int. received..
b286,377
1,896,895
b316,235
1,132,250
515,555
896,155
bl30,037
1,419,009
.
Income before capital
extinguish. & inter¬
est charges
.$16,586,267 $12,307,707
Intang. develop, costs..
4,380,022
2,210,462
Deplet. & lease amortiz.
803,356
683,821
Depreciation
3,849,305
3,921,688
Int. disc., on fund, debt,
&c
329,277
Other interest
22,349
Adjust, of inventories—
■
...
$7,415,541 $11,703,795
1,784,463
1,239,258
1,907,829
702,782
7,447,761
4,029,190
455,793
8,598
1,553,223
557,198
3,975
-
...
Net income..
Prem.
&
exp.
43^% series.
According to the registration statement, $8,580,000 of the net proceeds
from the sale of the stock will be applied to the redemption on July 1, 1936,
of all the company's outstanding ($7,800,000) $100 par value 6% cumu¬
lative preferred stock, at $110 a share,
Accrued dividends on the stock
to be redeemed, amounting to $39,000, will be paid out of treasury funds.
The balance of the proceeds will be applied to the enlargement of the
company's Millers Ford generating station.
Additional funds for this
purpose are to be supplied from earnings, from the sale of common stock to
Columbia Gas & Electric Corp., the parent of the registrant, if such sale
can lawfully be effected, or from funds to be raised in some other manner.
It is stated that the estimated cost of the improvements will aggregate
approximately $3,000,000.
W. E. Hutton & Co. is expected to be the principal underwriter, it is
stated.
The names of other underwriters, the price to the public, and the
redemption provisions are to be furnished by amendment to the registration
statement.
Frank M. Tait of Dayton is President of the company.—V.
142, p. 2992.
Dayton Rubber Mfg. Co.—New President, &c.—
246,798
125,450
205,212
88,021
tax
John
of
A.
the
accr.
to corp.
$8,813,561
4,097,149
....
$4,865,358
2,341,274
Delaware Lackawanna & Western RR.—Annual
1936
1935
1933
1934
$15,776,888 $14,493,638 $14,271,651
11,066,067
11,685,365
11,131,379
expenses
Operating profit.
$9,607,941
10,570,016
$4,710,821
385,486
$2,808,273
301,402
$3,140,272 def$962,075
60,079
149,921
$5,096,307
429,391
1,590,085
Surrendered leaseholds.
74,782
Depletion.
93,037
Depreciation
934,060
i,109,675
384,138
573,615
$3,200,351 def$812,154
396,328
366,036
304,247
320,921
Other income
Total income
Franchise taxes
Intangible develop. costs
y
Extra
items.........
x157,920
995,143
133,475
„
....
Cr948
29,499
Drl,232
$2,114,521
$940,807
$l,211,4831's$2,825,247
Shares cap. stk. (par $5) z4,682,639
4,738,593
4,738,593
4,738,593
per share.....
$0.45
$0.19
$0.25
Nil
x Includes
lease
amortization,
y Increase
in
equity in
Kettleman
North Dome Association resulting from readjustment of ownership.
z Does
not include treasury
stock.
Consolidated Balance Sheet Dec. 31
1935
SCCtS
x
1934
§
1
Cash
......11,438,067
6,240,859
U. S. Govt,
securs.
20,000
20,000
Notes & accts. rec.z6,189,318
Invent,
of
crude
4,166,976
oil,
y
Accounts payable-
Dividends
revenue—__
Total
8,048,171
7,572,261
and
4,247,819
3 ,977,955
27,003
$4,263,212
8,665,489
1,374,968
Transportation expenses 20,551,917
Miscellaneous operation
214,549
General expenses
1,979,335
Transportat'n investm't
Cr80,972
Traffic
expenses
Total expenses
Joint facility rent income
Hire of equip.—Dr. bal.
209", 037
Income
,654,892
3,646,955
46,949,207
.
.
nuities & cont..
$3,934,890
from
x
4,831,496
...91,747,021 85,872,147
Total
...91,747,021
85,872,147
such trustee he shall receive
salary or compensation
as an officer or
employee of the debtor, and that his only compensation
from the estate of the debtor shall be that allowed to him as trustee by
the judge, within maximum limits to be approved by this Commission as
reasonable."—V. 142, p. 457.
no
Stockholders at their annual meeting on May 26 will consider changing
the date of their annual meeting to the last Tuesday of March and also to
ratify a change in the fiscal year based upon the calendar year.—V. 142,,
p. 2992
.
Crown Drug Co.-—Initial Common Dividend—
common
Crown Zellerbach
$5,551,528
$5,942,637
7,133,867
472,360
par value, both payable June 1 to holders of record May 16.
Previously
dividend of 75 cents was paid on March 1 last; $1 was paid on Jan. 1,
1936; 75 cents per share was paid on Dec. 1, Sept. 1, June 1 and March 1,
1935, and on Dec. 1, 1934, and dividends of 37H cents per share were dis¬
a
quarter from Dec. 1,1931, to Sept. 1,1934, incl.
dividend of $1 per share was paid on Nov. 1,
1935.—V. 142,
In addition,
p.
1637.
1936
1935
1934
900
1,770
618,783
164,283
$2,932,305
$1,972,613
$2,993,862
$2,542,447
General Balance Sheet Dec. 31
1934
1935
$
$
Assets—
in road.
54,617,777
in equip. 85,050,704
Invest,
Invest,
Impts. on leased
railway prop. 15,792,693
Miscell. physical
2,457,934
—
Notes
Advances
Advances
9,487,356
3,335,638
3,772,964
4,761,650
9,487,154
3,355,815
3,772,964
4,727,200
1,592,673
11,882,676
627,772
20,701
2,704,693
and
22,300
712,375
receivable
$
84,441,200
70,720
*
15,000
4,053,000
and
326,883
680,736
343,725
1,100,000
car
serv. bal. pay.
wages
531,537
Traffic, &c., bal.
payable
1,123,109
2,579,980
20,398
2,214,450
184,179
Misc. accts. pay.
Int. mat'dunpd.
24,174
450
45,091
5,484
45,770
6,266
1,786,912
170,867
25,476 Deferred liabil.. 13,003,012
939,821 Tax liability
3,336,847
1,778,530
141,459
13,147,703
2,402,263
815,184
13,405,230
Divs.mat'd unpd
Unmat.int. accr.
20,724
3,131,389 Unmatured
accrued
144,828
curr.
rents
liab.
....
Ins., &c., res'ves
Net balances re
852,546
Accr'd deprec'n,
ceiv from agts.
& conductors.
531,244
Misc. accts. rec.
967,659
1,915,909
10,016
235,979
946,840
Unadjusted deb.
to affil. cos
Loans & bills pay
Traffic
Other
bills
Mat'ls & suppl's
1934
,
Audited accts. &
Miscellaneous..
Loans
$
Non-negot. debt
Other investm'ts.
Notes
1935
Liabilities—
54,712,528 Common stock. 84,441,200
86,087,384 Premium on cap.
stock
70,720
15,877,206 Funded debt un¬
matured
15,000
2,274,260 Equip, tr. oblig.
4,652,000
1,638,162
11,882,576
619,272
13,817,398
Stocks
Bonds
Deferred assets.
1933
7,700,247
481,379/
102,535
Other curr.assets
Curtiss-Wright Corp. (& Subs.)—Earnings—
Quar. End. Mar. 31—
7,227,4961
900
733,079
Special deposits-
dividend of $1.50 per share on account of
the series A and series B $6 cumulative preference stocks,
a
no
817,188
38,870,144
equipment
906,703 Other unad] .cred 2,125,602
2,060,175 Add'ns to prop.
thru Inc. &sur
19,692
6,480,268
207,764 Approp. surplus
417,048
964,400 Profit and loss.. 54,865,390
38,804,613
1,159,823
6,584,411
417,048
58,192,122
after
deprec.,
charges .prof$309,768
2314.
int. & other
—V. 142, p.
Cushman's Sons,
$197,348
$209,979
prof$4,753
distributed.
215,301,843 217,041,025
Delaware River
Inc.—Halves Preferred Dividend—
Previously regular quarterly dividends of $1.75 per share
Total
Total.
215,301,843 217,041,025
—V. 142, p. 2992.
The directors have declared a dividend of 87 y cents per share on the 7 %
cumulative preferred stock, par $100, payable June 1 to holders of record
May 18.
730
$5,975,546
330,286
10,745
Cash
Corp.—Accumulated Dividend—
The directors have declared
loss
332
16,494
on
Bonds
an initial dividend of 10 cents per share
stock, par 25 cents, payable June 10 to holders of record
June 1.—V. 142, p. 2664.
Net
7,104
332
4,462
unfunded debt..
Int.
Stocks
The directors have declared
a
7,498
956,542
Miscell. income charge..
property
tributed each
7,498
Inv. in affll. cos.:
Crosley Radio Corp.—To Change Meeting Date—
on
49,537
268,133
92,429
551,744
423,575
Net deficit
Commission has ratified the appointment of
George H. Westcott as trustee of the property, provided, however, that
the ratification of the appointment shall be subject to the condition "that
accumulations
218,129
259,413
87,926
533,333
958,840
5,754
33,288
54,644
Copper Range RR.—Trustee's Appointment Ratified—
the
7,393
253,307
59,432
557,419
571,474
14,512
Dcd uctions-
Rent for leased roads
N. Y. pier rentals—
Int. from funded debt..
The Interstate Commerce
on
6,231
247,093
65,001
476,776
277,203
12,538
799,401
depreciation,
depletion
and
intangible development costs,
z Includes
$1,650,000 notes and accounts receivable arising
from sales of certain properties.
a Includes
55,929 shares held in treasury and carried at no par value.
—V 142, p. 2992.
as
133,355
291,979
sinking and
other reserve funds
$5.
serves
485,030
7,086,464
Misc. non-op. phys. prop
Dividend income
Miscellaneous income.
After
while he
$4,170,579
133,215
489,957
$4,682,162
securities & accounts.
Miscell. rent income
Inc. from lease of road._
Total
$3,837,042
136,612
412,093
unfunded
Gross income
Par
$4,779,660
137,748
7,498
2,215
Operating income....
Prepaid and
y
$4,338,501
9,037,525
1,431,913
20,072,012
345,550
1,868,374
CY38.296
Additional Income—
872,782
651,979
$3,782,238
8,773,596
1,291,449
18,771,948
347,599
1,816,138
CY5.841
_
466,099
coupons,
&c
Uncollectible ry.
Income from
deferred charges
$3,728,663
8,760,476
1,286,217
19,649,050
252,671
1,842,332
Crl2,617
$36,968,499 $35,506,791 $34,777,127 $37,055,579
7,753,734
9,085,739
8,562,152
9,392,277
3,805,005
4,292,970
4,715,876
5,216,791
revs...
13,839
13,109
9,233
4,906
Net revenue from oper.
27,003
253,962
133,647
terest,
in¬
466,099
628,310
1,178,640
1,910,845
971,292
$44,722,233 $44,592,530 $43,339,279 $46,447,856
Income from fund secur.
&c
1932
125,450
bonds,
Res. for insur., an¬
636,525
1933
$9,847,086 $10,927,117
21,313,834
21,420,347
6,482,867
7,407,091
958,265
997,217
452,655
593,600
1,464,409
2,026,211
1,810,885
1,984,047
1,009,276
1,092,224
Railway tax accruals...
Paid-in surplus...47 ,431,530
Earned surplus... 9 ,448,597
rec.
1934
Expenses—
Maint. of way & struc..
Maint. of equipment-__
1,703418
interest.
bonds, int., &c.
Unadjust.
debits,
1,058,624
1,963,317
957,251
revenue
Incidental
201,683
credits.
4,047,726
(not current)....
Deposit for red. of
Express
,700,371
Minority
invest,
Passenger
Mail...
Accrued liabilities.
Deferred
advances......
1935
$10,469,122 $10,555,766
22,475,636
22,012,174
6,557,815
6,484,862
796,954
879,690
526,307
516,465
,224,415
Invest. & advances
Other
Income Account Years Ended Dec. 31
Revenues—
Coal
pay'le.
Unred.
3,670,087
1932
1933
$1.37
633.71
18,762,933
S
$
Capital stock.. a23 .692,966 23,692,966
19,748,742 20,224,950
Mat'ls & supplies.
596,992
636,299
Other curr. assets.
265,945
177,640
Notes & accts.
$1.36
656.98
18,569,680
.
Prov. for Fed.taxes
&c
to contract cos..
1934
1935
Liabilities—
§
Property aects..39,825,882 40,647,154
1934
$1.33
*
$1.42
637.48
642.29
Rev.frt. carried (tons)...
17,141,210
17,071,179
Net revenue ton miles.-.2,625,652,130 2,662,321,663 2,497,525,358 2,482,231,345
Aver. rev. per ton mile.._
1.25c.
1.22c.
1.25c.
1.30c.
20,309,692
20,506,176
20,240,588
21,331,311
Passengers carried.
Pass, carried one mile
423,783,439
429,765,249
428,415,662
459,745,665
Rate per pass, per mile...
1.53c.
1.53c.
1.51c.
1.61c.
Average train load (tons)
Other
Earnings
Operation for Calendar Years
1935
Milk
13,592
Dr 1,557
interest
Net profit
xl76,389
1,022,475
128,220
Drl,755
x201,150
979,234
Crl54,718
Fed. taxes, &c. (est.)
Statistics for
Merchandise freight
Interest
Minority
Report,
President J. M.
Davis, together with comparative income account and
balance sheet for 1935, will be found under "Reports and
Documents" on subsequent pages.
Year Ended Dec. 31, 1935—The remarks of
Earns, per pass. tr. mile..
Earnings for 3 Months Ended March 31
Gross income
was
$2,275,860 df$ 1,444,133
Surplus.
$4,716,412
$2,524,084
$2,275,860 df$l ,444,133
Shs.com.stk.out.(par $5) c4,682,663
4,738,593
4,738,593
4,722,522
Earnings per share
$1.88
$1.03
$0.48
Nil
a Federal
and State oil and gasoline excise taxes not included.
Such
tax®? paid in 1935 amounted to $17,687,432; in 1934 amounted to $18,380,820, and in 1933, $15,647,324.
b After reserve for losses of $6,244 in 1935
$90,415 in 1934, and $441,512 in 1933.
c Does not include treasury stock.
Cost and
MacMillan, President of the company was elected Chairman
and chief operating executive.
A. L. Freedlander, Viceelected President.—V. 142, p. 1637.
board
President,
Net inc.
Dividends
with the Securities and Exchange Commis¬
Form A-2) under the Securities
par) cumulative preferred stock,
a registration statement (No. 2-2134,
Act of 1933 covering 100,000 shares ($100
bonds
on
purchased, &c_
Federal income
Other changes
$883,1381oss$1453 873
10,446
Cr9,740
1,403,168
>,140,109
12,251
109,748
$7,553,584
11,398
1,564,608
Applic. to min. interests
Extraord. profits—Cr—
sion
were
Ferry Co. of N. J.—Abandonment—
The Interstate Commerce Commission recently
issued
a
certificate per¬
mitting the company to abandon operation of its ferries in Philadelphia
County, Pa., and Camden County, N. J., by or in connection with any
railroad.
The applicant is a subsidiary of the Reading Co.
3166
Financial
Chronicle
May 9, 1936
Income Account for
Derby Oil & Refining Corp. (& Subs.)—Earnings—Calendar
Years—
1934
1935
Sales.
Operating income
car
$2,996,886
1,930,505
285,371
139,977
$326,334
36,275
7,033
$448,553
78,479
10,176
mile-
$2,628,297
1,586,061
311,643
150,049
$580,545
30,681
8,749
$641,033
59,513
17,633
_
Total oper. revenues.-$11,519,810
Maint. of
Total income
Other
charges
Lease salvage, exp.,
$537,208
13,373
$369,642
13,330
$619,976
60,325
$718,178
92,557
141,212
222,971
__
65,979
170,781
222,041
97,447
125,446
211,463
186,051
126,185
342,830
-
12,681
Proportion applicable to
minority interest
Cr91
99
40
$67,036 loss$102,398
$125,194
$50,393
58
Net income
Consolidated Earnings for Month and
12 Months Ended March 31
1936—Month—1935
Period End. Mar. 31—
Oper. profit before depr.,
depl. & non-productive
development-.
Non-productive
devel.,
deprec., depletion
1936—12 Mos—1935
$38,176
$138,264
$112,533
33,096
39,413
99,837
125,457
$10,525
Net profit--.;
loss$l,236
$38,426
Cash
on
banks
in
receivable
231,703
325,461
551,921
5,549
2,379,698
37,408
payable-
$227~092
70,845
Accounts
-
$1,958,535
$3,380,965df$2,535,330
Net ry. oper. income.
Total non-oper. income.
$1,981,648
902,059
prior years
1934
$38,500
488,764
78,409
.$3,483,982 $3,611,448
1935
jLSS6tSmmmmm
$25,118 in 1934.
369,264
305,409
1,795
1,764
729,456
4,434,753
2,356,918
—
737,196
4,434,753
2,473,348
$3,483,982 $3,611,448
for doubtful notes and accounts of $33,544 in 1935 and
After reserve for depletion and depreciation of $3,086,274 in 1935 and $2,875,400 in 1934.
z Represented by 18,849 (19,049 in
1934) no par shares,
a Represented by 263,140 no par shares.—V. 142,
p. 2496.
lVfackinac Ry.— -Earnings'
•
Maint. of way & struc..
Maint. of equipment
Traffic
1934
1935
$654,506
120,962
119,667
10,529
-
Transportation—rail line
Miscellaneous operations
General
Transp. for invest.—Cr.
Net
operating revenue
Railway tax accruals
Uncoil, railway revenues
Railway
Other income
La.
1932
$601,960
115,187
88,349
11,662
249,334
$759,895
136,571
121,996
15,103
284,184
44~921
49" I IS
75
55,376
-vV.;':; 85
528
$118,572
1,733
$93,036
42,747
$153,107
50,001
62
24
16
100,123
3,330,147
sinking fund.335,951
312,536
92,809
Accrued rents....
72,286
109,223
Accrued tax liab..
Trustee
bond
of
Miscell. invest.—
Cash
Demand loans and
Traffic, &c., bal_.
Miscellaneous
—
$90,572
Dr24,334
$116,814
Dr9,307
$50,273
Dr3,296
$102,751
Cr3,131
$107,507
$46,977
$105,884
30
Int.
31
30
855
820
151
110,000
9,999
966
110,000
9,737
1,401
1,299
110,000
8,888
1,860
$53,160
on
funded debt.
unfunded debt.
on
30
853
108,347
10,017
$14,344
$75,012
$16,193
rents
Miscell. tax accruals
Interest
_
Other
curr.
rec.
Miscell. income charges-
1935
Investments-
$7 ,534,453
Cash
_
Special deposits
Traffic &
car serv.
balances
Net bal.
rec.—
rec.
Miscell. accts.
rec.
Mat'l & supplies—
Other curr. assets
.
Deferred assets
Unadjusted
Liabilities—
1934
debits
1935
$7,310,183 Preferred stock... $950,000
200,605
128,296 Common stock
2,000,000
313
120 Grants in aid of con
2,400
Long-term debt.
2,734,000
2,101
5,444 Loans & bills pay250,000
_
Traffic &
from
agts. & cond'rs.
9,132
26,039
181,227
11,525
22,629
160,648
126
72
874
820
12,255
13,256
_
1934
$950,000
2,000,000
car serv.
balances payable
wages
payable.
_
53,524
Misc. accts. pay—
Int. mat'd unpaid.
Unmat'd int.
accr.
Other current liab.
32,134
13,160
170,064
10,000
1,603
786,623
236,064
9,946
3,782
1,093,349
income
and surplus
1,856,202
Profit & loss deficit
$7,652,994
Total..
1,260,933
1,856,202
1,197,575
$7,969,214 $7,652,994
depreciation—.13,124,361 12,737,330
Amortization fund 8,413,337
8,291,053
Surplus invested in
2,208,032
2,208,032
8,378,302
13,368,894 23,181,777
sinking fund
Approp'd surplus- 8,378,618
Profit and loss
Total
52,588,443 62,319,157
2316.
Duquesne Light Co.—Earnings—
Income Account for Calendar Years (Not
1935
Taxes
--------
a
1933
1932
1,091,688
2,530,419
1,224,678
$14,911,162 $15,268,190 $16,280,814
926,245
897,116
999,826
..$16,369,540 $15,837,407 $16,165,306 $17,280,639
178,194
178,314
178,614
176,980
3,150,000
3,103,125
2,846,667
3,150,000
unfunded debt—
95,706
22,529
18,057
78,527
Gross income.
—
Rentals, &c
Int.
on
on
funded debt——
Amort, of debt discount
charges.
Approp. of special res.
Int. charged to const. Cr.
_
-
Retirement reserved
167,281
90,420
167,316
721
163,104
20,551
2.039,217
231,509
104.220
500,000
18,273
2,062,553
23', 173
95", 060
2,017,774
2,017,895
721
Net income
-—$10,443,355 $10,214,788 $10,578,647 $11,833,711
Previous surplus..
25,337,721
24,980,308
24,527,111
23,645,762
Miscellaneous credits
6,210
134,096
96,568
110,363
—$35,787,287 $35,329,192 $35,202,326 $35,589,836
Deduct-
Preferred dividends
Common divs.
(cash)...
com.
value, payable June 1 to holders of record May 15.
This
$1.50 paid on Dec. 2, 1935;
1935; 25 cents on March 1,
1935; $1 on Dec. 1, 1934; 50 cents on Sept. 1 and June 21, 1934, and 25
cents per share paid on April 21, 1934; Dec. 21, 1933, and March 1, 1932.
—V. 142,p. 297.
stock
Dixie-Vortex Co.—To List Stock—Personnel-—
The
following officers were elected: Hugh Moore, Chairman of the
board; R. C. Fenner, President; W. J. Hamlin, C. F. Dawson, J. E. McGiffert and F. C. Smith, Vice-Presidents; S. J. Graham, Vice-President and
Secretary, and A. R. Lillicrapp, Treasurer.—142, p. 2496.
Ry.—Earnings—
Statistics for Calendar Years
1932
Freight—
1935
1934
1933
ore (gross tons)
1.458,711
10,470,874
9,127,488
9,169,966
MisceU. freight (tons)..
670,961
854,696
750,497
563,133
Allfrt. 1 mile (net tons).942,094,325 825,735,186 805,721,958 154.651,667
Aver, revenue per ton
$0.8739
$0,7958
$0.7431
$0.7900
Aver. rev. per ton per m_
1.30 cts.
1.06 cts.
0.99 cts.
1.06 cts.
Aver. rev. per train mile
$7.70
$19.95
$18.06
$19.02
Passenger—
19,439
Passengers carried
47,706
46,371
29,978
Pass, carried one mile..
854,889
2,378,406
2,183,112
1,509,177
Aver. rev. per passenger
$0.9933
$0.8289
$0.8327
$0.9566
Aver .rev. per pass .perm.
2.26 cts.
1.66 cts.
1.77 cts.
1.90 cts.
$0.23
Av.pass. rev. per train m
$0.32
$0.30
$0.25
1,375,000
8,826,595
1,000,000
8,214
5,158
20,423
11,005,829
11,005,829
_
1935
Fixed
2,152,828
$4.11
2,152,828
$4.21
77
4,640,987
20,311,244
8,310,970
12,726
8,121,720
1,856,978
197,016
1,872,602
disc. & exp
Prelim, survey &
9,280,943
5,144,234
invest. chgs._
Oth. unadjusted
93,053
Indebt.
of affils
Mat'ls & suppl's
debits
Accts. payable.-
Indebt. to affil.
Accrued taxes__
Accrued interest
Accrued divs
Def. liabilities-
Retirement
94,359
Amort,
res.
372,077
72,411
6,012
2,700,000
Res. for conting.
Special
reserve.
Retire,
fr.
70,000,000
55,714
554,536
109,310
191,987
329,577
3,230,078
818,777
343,750
145,924
40,347
5,491,887
of lease¬
hold
359,033
211,410
$
56,813,120
27,500,000
6,733
Customers' dep.
Misc. accr. liabs.
Unamort'd debt
Other assets
W'kmen's comp.
UnadJ. credits—
1,871,495
308,905
1,827,488
1934
56,813,120
27,500,000
70,000,000
53,042
636,136
150,102
145,251
188,719
2,601,755
218,609
343,750
151,423
39,863
6,726,243
Funded debt
20,032,728
8,229,103
notes
receivable
$
Common stock
5% pref. stock—
Cash.
&
1935
x
2,152,826
$4.86
(Not Consolidated)
Liabilities—
$
Prop., plant &c
arising fr. re¬
Accts,
2,152,828
$4.28
1934
capital.-.158,591,637 158,457,586
val. of prop..
1,375,000
9,687,726
out¬
$
Sk. fund assetscom¬
1,375,000
8,611,312
Balance Sheet Dec. 31
Assets
Investments
mon stocks on the
1,375,000
8,611,312
.$13,786,932 $14,331,893 $24,980,308 $24,527,110
Surplus Dec. 31
no par
compares with 75 cents paid on March 2 last;
75 cents on Sept. 3, 1935; 50 cents on June 1,
Directors have decided to make application to list both class A and
New York Stock Exchange.
—
Approp. from surplus for
special reserves
Surplus adjustments
Adjust, of charges pre¬
viously made agst. sur¬
plus arising from reval.
of property
dividend of $1 per share on the common
Duluth Missabe & Northern
1,687,465
Net earnings
--.$15,498,480
Net earns, other ope—_
871,059
standing (no par)
Earnings per share
Dictaphone Corp.—$1 Dividend—The directors have declared
Consolidated)
1934
$25,781,910 $25,490,209 $23,972,178 $25,223,690
8,595,965
8,048,628
7,612,298
7,718,197
Operating revenues
Operating expenses
Shares
-V. 142, p. 2993.
Equipm't & docks
-—52,588,443 62,319,157
Total surplus
through
Iron
14,596
unadjusted
accounts
30,469
40,245
2,720
Add'ns to property
stock,
803,690
reserve
37,325
149,096
24,330
558,445
785,623
22,258
liab.
313
2,750,000
250,000
Audited accts. and
Unadjust. credits.
Total...... ...$7,969,214
Insur, fund
$
1,484,000
215,570
96,128
45,044
380
and expenses
Miscell. income
Condensed Balance Sheet Dec. 31
Assets—
curr.
■
4,112,500
21,783
121,657
128,730
debits
-V. 142, p.
Int.
Deficit
380
26,914
Working fund adv.
Other def. assets._
Total.
51
78
assets.
Unadjusted
Other
Other
301,781 10,106,410
16,079
64,951
11,732
4,037
101,375
45,422
28,818
24,803
38,167
22,950
1,023,271
928,749
deposits
Special cash deps..
Miscell. accts.
Traffic, &c., bals.
Interest matured-.
78,630
55,712
203,102
354
'
Total income
Miscell. accts. pay.
136,692
3,550,568
4,112,500
625,000
267,661
20,452
75,230
15,850
153,596
129..744
869,219
184
$105,882
15,248
debt
Accts. & pay. rolls
on
Agents & condtrs.
Mat'l and supplies
$66,238
income-
oper.
263,109
137
34,335
116
1933
$632,904
114,118
79,707
10,311
254,831
■
Funded
Int. receivable
Years End. Dec. 31—
Total operating revenues
Liabilities
Misc.
Improvements
1934
1935
',.1
^
Capital stock
preferred stock,
Common stock-
y
Detroit &
$4,412,355df$4,003,720
1934
*
'
equipt.-46,196,856 46,400,973
phys. prop..
459,837
453,632
leased ry. prop..
Total
$l,644,456Cr$4,138,119
$1,516,643
1,239.251
10,581,105 def2,975,595
25,703,125
6,168,750
1,028,125
General Balance Sheet Dec. 31
U.S. Govt, bonds.
div.
$1,631,876
2,478,624
12,337,500
--
__
Inv.inaffil.cos
reserve
10,508
$2,883,707
$6,442,986 df$l,458,951
6,431
5,940
6,238
1,428,600
1,423,159
1,420,574
94,705
130,360
172,441
114,720 Cr5,697,578
Cr82.610
Balance, surplus.._-df$9,858,876df$24,463874
cumul.
$4
Deficit.-.
After
.
27,270
$3,408,235df$2,524,823
3,034,751
1,065,872
Road and
.
a
x
$3,765,586
344,913
...
7,649
puted, subject to
counter claims).
Minority Interest
z
Total.
23,113
$4,110,499
Miscellaneous rents
6 ,145
Rent, leased roads
1,441,574
Int. on fund. & unf. debt
52,813
Miscell. income charges.
131,344
Dividends paid.
Royalties pay. (dis¬
y
Tof;al oper. income— $3,755,614
Eq pment rents & joint
facility rents
9,972
Prov. for Fed. taxes
582,650
5,550
2,370,828
29,680
-
...
Capital assets
Deferred charges.
1935
Accrued liabilities-
$280,679
$294,300
Cash in restricted
banks
$5,717,850
$4,784,318
3,982,350 def2,409,384
601,385
125,946
Total deductions
Notes payable
&
Notes & accounts
Inventories.
$6,717,413
2,769,180
810,644
Net income
Liabilities—
1934
1935
hand
$6,642,543
4,877,268
1,121,654
loss$12,926
Consolidated Balance Sheet Dec. 31
x
Total oper. expenses..
rev. from ry. oper__
Railway tax accruals, &c
Gross income.
$43,621
1,027,714
1,724,544
37,358
1,508,387
486,519
203
2,467,841
452,474
297"
Transport'n for invest Cr
Net
-----
$2,374,934
1,130,258
2,012,020
36,149
2,067,371
472,337
285
1,465,148
2,468,872
38,199
2,219,868
526,268
943
41,294
General expenses
contr. cos. not consol.
$9,700,200
V
1,494,378
2,186.850
& structMaint. of equipment—.
way
Transportation
Depletion
Depreciation
Propor. share of loss of
1932
$1,279,582
734,444
19,309
87,982
253,616
.
Traffic
non¬
productive devel'm't,
rentals, &c_
Assets—
'Pl'YTiP'n
1933
$7,936,685
621,292
28,676
98,582
1,014,964
$9,486,593
Freight—iron ore
$9,169,632
Freight—miscellaneous
843,665
Passenger-39,542
Mail, express, &c
176,777
Incidental & joint facility
1,290,194
.nmorntimn
Calendar Years
1934
$7,336,638
817,834
38,612
162,287
1,131,222
1935
Operating Revenues—
1932
13,175,473
2,331,825
310,975
206,339
$3,567,396
Cost of sales
2,665,960
Selling expense..
253,412
Gen. & adminis. expense
199,470
Rev. from tank
Other income
1933
res.
-
4,200",000
aris.
reval.
of
5,498,260
property
5,779,305
Surp. invest, in
plant, prop'y.
Surp. aris. from
1,854,341
1,849,130
reval. of prop.
Earned surplus
14,532,579
14,532,579
14,331,893
.
Total
x
205,446,861 204,823,9261-
Total
Represented by 2,152,828 shares (no par).
13,786,932
205,446,861 204,823,926
Volume
Financial
142
Consolidated Income Account for Calendar Years (Incl. Subs.)
1935
1934
1933
1932
Operating revenues
1
$26,524,275 $26,249,658 $24,701,290 $26,145,024
Oper. exps., maint. & tax 10,479,843
10,724,100
8,889,626
9,232,312
_
_
Net
operating revenue$16,044,432 $15,525,558 $15,811,664 $16,912,711
Other income
667,797
683,953
711,443
730,315
income
—$16,712,229 $16,209,510 $16,523,107 $17,643,026
2,388,577
2,362,862
2,337,399
2,330,799
res._
Gross income.
$14,323,653 $13,846,648 $14,185,708 $15,312,227
Rents for lease of prop._
176,980
175,480
175,600
175,900
Int. on funded debt
2,846,667
3,150,000
3,150,000
3,103,125
Amort .of debt disc.&exp
231,509
167,281
167,316
163.104
Other interest
22 880
18,392
16,274
17,116
Approp. for special res.
500,000
Other income deductions
104,220
90,420
79,500
62,875
Int. chrgd to cons true. Cr
19,988
22,238
23,869
95,774
Eastern Massachusetts Street
^
$10,461,384 $10,267,312 $10,620,887 $11,885,882
Min. int. in inc. of
a
sub.
Preferred dividends
1,375,000
8,611,312
Common dividends.....
Balance surplus—
Earns,
per
152,828
$281,000
$419,292
$823,156
$4.22
$4.13
$4.29
rents, &c
Deprec. & equalization.
Net
—Y.
Balance
Sheet, Dec.
31
(customers)
1934
$5,325,771
1,964,792
...
notes receivable
Materials and supplies.
Other current assets
$8,444,352
1,930,769
1,993,508
219,268
2,280,970
167,020,464
1,997,343
257,831
2,313,003
Property, plant and equipment (incl. intangibles) .168,024,109
Property, plant and equipment arising from re¬
valuation of property (incl. intangibles)^
20,032,728
Other assets
54,730
Deferred charges
10,133,698
...
Investments (at cost)
Total
Liabilities—
Interest.
$212,847
173,684
3,343,430
818,777
7,075
218.609
7,075
preferred capital stock..
on
Indebtedness to affiliates
Workmen's compensation claims payable
liabilities
343,750
...
...
Deferred
Funded debt.
reserve
Amortization of leaseholds
reserves
Retirement
reserve
arising
from
revaluation
1st pref. stock (par value $100)-(2,152,828 shares no par).
Min. int. in cap. stock & surplus of sub. company..
Earnedsurplus
Surplus invested in plant property
Surplus arising from revaluation of property
Months
12
Ended February
approp.
Net oper. rev. & other inc.
29 '36
Feb.
'135
(before approp. for
$39,586
44,300
loss$21,379
44,509
$4,633
loss$4,715
loss$65,888
1933
Steamship Lines, Inc. (& Subs.)—Earnings—1936—Month—1935
$753,658
763,035
2,307
55,468
$62,538
Net deficit
...
Amortization of debt discount & expense
Appropriation for special reserve
Other income deductions
Ebasco
—
$14,317,688 $13,849,758
176,995
175,710
2,736,414
3,147,930
256,221
167,280
500,000
83,333
100,905
94,740
.$10,547,152 $10,180,764
(S. R.) Dresser Mfg. Co.—New Directors—
1936
102,800,000
40,406,000
Edison Brothers
Amount
14,456,000
6,414,000
9,909,000
*
%
16.4
18.9 j
14.2
Stores, Inc.—Sales—
Month of—
January
February
1936
$874,140
1,051,674
—
March
1,603,565
April
2,124,966
The company had 93 stores in operation
same month last year,—V.
142, p. 2497.
k
1935
$733,092
867,050
1,368,964
1,829,871
in April, against 88 during the
Eisler Electric Corp.—Admitted to Listing & Registration
The New York Curb
new
common
stock,
Exchange has admitted to listing and registration
stock, $1 par, issued share for share in exchange for old
par.—V. 142, p. 2497.
1
no
Electrolux Corp.—Extra Dividend—
common
have declared an extra dividend of 10 cents per share in
the regular quarterly dividend of 40 cents per share on the
stock, both payable June 15 to holders of record May 15.
3 Months Ended March 31—
1935
1936
Net profit after charges and Federal income taxes._
$722,472
$627,451
Shareholdings Corp.—Accumulated Dividend—
The directors have declared
a dividend of $1.50 per share on account of
on the
$6 optional cum. conv. pref. stock, no par value,
payable June 1 to holders of record May 5.
A similar payment was made
on March 2 last, Dec. 2 and
Sept. 3, 1935, prior to which the last previous
dividends of $1.50 per share (or at the holder's option, 44-1,000 of a share
of common stock) were made on Sept. 1 and March 1, 1933.
Accumulations after the payment of the current dividend will amount
to $15 per share.—V. 142, p. 782.
accumulations
Emerson-Brantingham Corp.—Balance Sheet—
CorporaVn
Book Values
Assets—
Dec.
Manufacturing plants.
10
'31
Receivers
Est. Values
Dec.
10
*31
Balance at Receivers
Estimated Values
June 10
'35 Dec.
10
'35
$973,418
$565,000
$515,082
$285,647
216,933
123,325
12,312
11,934
_
7,455
1,750
95,536
1,062
49
670
95,427
2,708
49
692
Misc. real estate & other
properties.
—
New accounts receivable
Accts.
rec.
rec.
(farm mach.)
& int.
on
686
686
598
598
203,609
19,321
153,638
78,000
16,020
67,000
73,305
5,996
9,220
73,142
48,986
8,341
farm
machinery
Rec. from sale of prop'ty
Inventories
Q^Q
Total
—.
444-
6 713
*250,000
250,000
3,238
5,174
2,485
1,021
285401
1,136
1,022
$1,947,805
Def. chgs.—Insurance..
Other charges
Q^Q
326,288
4,128
24,578
Investments"11 -1
Dunlop Rubber Co.—Annual Dividend—
$1,118,607
$955,470
$809,862
Liabilities—
annual dividend of
8%, less tax, on the
May 21, 1935.—V. 138,
3088.
Receivers payables
Old notes pay. & interest
Old accounts payable-..
22,943
16,100
7,573
22,943
16,100
7,573
b9,128
8,473
4,628
29,757
21,909
250,000
173,812
70,921
1,901,187
100,000
711,990
17,681
711,990
5,041
711,990
$1,947,805
Accrued taxes
East Carolina Ry.—Bonds—
$1,118,607
$955,470
$809,862
Reserves: For contingent
The Interstate Commerce Commission recently authorized the company
to extend from July 1, 1936 to July 1,1946, the date of maturity of $300,000
claims, &c_
For shrinkage of vals.
in liquidation
For cost of liquidation
of 1st mtge. 4% bonds.
These bonds are held by the Atlantic Coast Line RR., which controls
the company through ownership of all its outstanding stock except director's
qualifying shares.
The interest on the bonds has not been paid for 1930 and
subsequent years.—Y. 142, p. 2152, V. 137, p. 2803.
-.—10,000
and distribution
c
Net equity of stockh'rs
Total
Eastern Gas & Fuel
1935
88,344,000
33,992,000
69,756,000
79,665,000
CJatsh
The company announced on April 29 the election of three new directors,
George A. Ball, G. A. Tomlinson, and T. G. Wilkinson, two to fill newly
created posts, increasing the board from 9 to 11 members, and one to
fill an existing vacancy.—V. 142, p. 2665.
A similar payment was made on
$465,763
—V. 142, p. 2993.
Notes
The New York Stock Exchange has authorized the listing of $70,000,000
1st mtge. 3Vi% bonds, due 1965 —V. 142, p. 2826.
an
$294,491
l7tCVC(LSC
Operating Subs, of—
Amer. Power & Lt. Co
Elec. Pow. & Lt. Corp
Nat. Pow. & Light Co.
Old notes receivable
Listing of 1st Mtge. 3^% Bonds, Due June, 1965—
The directors have declared
$132,741
Services, Inc.—Weekly Input-—
Old accounts receivable.
Net income.
1936—3 Mos.—1935
$1,919,530
$1,744,173
2,051,392
2,043,856
3,928
3,649
166,557
169,729
For the week ended April 30, 1936, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co. as
compared with the corresponding week during 1935, was as follows:
a
Rents for lease of electric properties
Interest charges (net)
$660,065
737,314
1,498
56,990
—V. 142, p. 2496.
$16,398,482 $15,905,158
2,080,794
2,055,400
reserve
Gross income
stock.
1934
$27,059
22,426
$8,420
Electric
28
for retire, res.)..$15,526,495 $14,991,441
871,986
913,716
retirement reserve)
Appropriation for retirement
common
1935
22,550
addition to
$26,009,929 $25,692,501
10,483,434
10.701,059
maintenance & all taxes
Other income (net)
p.
Co.—Earnings—
$30,970
Other income
Other expense.
(Company Only)
Feb.
(before
$10,354
The directors
14,532,579
revenues
Net oper. rev.
$114,506
expense
common
$210,104,007 $208067,268
expenses,
$12,235
revenue
15,192,585
1,860,495
14,532,579
1,865,706
Total
Earnings for
199,780
334,815
1936
Period End. Mar. 31—
5,779,305
27,500,000
56,813,120
5,498,260
27,500,000
56,813,120
180,837
14,664,640
Common stock
Operating
Operating
$544,949
193,167
339,170
Capital Surplus and Deficit from Operations March 31,1936—
Capital surplus, March 31, 1936, $705,829; deficit from operations, Jan. 1,
1936, $69,521; deduct—profit, first quarter 1936, $8,420; deficit from
operations, March 31, 1936, $61,101—V. 142, p. 2154.
the
of
property
cum.
343,750
89,651
55,712
605,500
268,178
70,000,000
7,618,382
52,194
2,800,000
67,884
53,042
684,656
33,052
70,000,000
9,925,547
64,072
4,300,000
Unadjusted credits
Retirement
$646,843
66,158
108,718
90,532
Summaries of
liabilities:
Dividends declared
5%
1934
1935
Other
Special
20,311,244
18,560
5,848,132
$393,352
203,204
2,754,618
Taxes
current
$187,111
Eastern Rolling Mill
Quar. End. Mar. 31—
$210,104,007 $208067,268
Accounts payable
Accrued liabilities—Payrolls
Other
$514,746
30,203
2316.
p.
Operating profit
Prov. for depreciation..
Operating
Operating
1935
deposit
on
income.
142,
Eastern
Assets—
hand and
$622,853
23,990
1,150,181
Interest
$4.88
Consolidated
on
$176,570
10,541
$42,781
Gross corporate inc..
on funded debt,
$1,755,459
64,078
111,183
Balance
$1,904,074
1,172,750
108,471
$218,042
,
$577,398
369,625
31,203
Net profit
$10,267,312 $10,620,887 $11,885,882
1,375,000
1,375,000
1,375,000
8,611,312
8,826,595
9,687,726
$474,235
stk.outstand.(nopar).
Cash
1936—3 Mos —1935
$638,134
391,840
35,791
$210,503
'
7,539
oper. expenses.
Taxes
share on 2,shs. of com.
Accounts &
Ry.—Earnings—
1936—Month—1935
oper. revenues.
837
I.$10,460,547
Net income
Period End. Mar. 31—
Railway
Railway
_
Balance.
3167
Other income
Net oper. rev. & other
Approp. for retire,
Chronicle
Associates—Earnings—
c
a
Before inventory adjustments,
b Incl. unpaid receivers' salaries,
Representing 132,325 shares of class A stock outstanding.—V. 140, p. 3386.
Earnings for 12 Months Ended Feb. 29, 1936
Net income after Federal income taxes
Net after depreciation, depletion & retirements
Actual
a$10,077,542
b6,727,090
interest, amortization & provision for minority interest. c3,818,083
Engineers Public Service Co. (& Subs.)—Eiarnings—
Period End. Mar. 31—
Gross earnings
Operation
Balance
$2,909,013
Dividends
on
Dividends
on
a
And
4M% prior preferred stock
6% preferred stock
before
provisions
for
reserves
.-
for
...
depreciation,
1,108,245
1,972,727
depletion
and
retirements and before interest, amortization of debt discount and expense
of recently liquidated subsidiaries,
provision for minority interests in
earnings of subsidiaries and surplus adjustments,
b After provisions of
$3,350,446 for depreciation, depletion and retirement reserves,
c Annual
interest on funded debt and dividend requirements on minority stock
interests now outstanding, after giving effect to the recent
financing,
amount
to $3,001,627.
Such interest and dividend requirements were
covered 3.36 times by the above net income before reserves and 2.24 times
by the above net income after reserves.
Note—The above figures do not reflect the benefits of the recently
completed $75,000,000 financing program, nor do they give effect to any
savings from the recent changes in the capital structure of the company
and its subsidiaries which resulted
V.
142,
p.
2665.
in the elimination of 14 subsidiaries.—
Maintenance
1936—Month—1935
1936—12 Mos.—1935
$3,770,349
$3,550,322 $45,712,226 $44,118,512
1,597,852
1,554,693
18,908,003
18,163,403
223,101
212,039
2,633,080
2,523,997
Taxes
_
Balance
448,73 1
440,287
4,946,293
5,410,357
sources.
$1,500,664
58,361
$1,343,303 $19,224,848 $18,020,754
52,233
646,574
626,800
Interest & amortization-
$1,559,025
666,275
$1,395,536 $19,871,422 $18,647,554
690,565
8,323,990
8,389,079
Inc. from other
Balance..
Balance-^
$892,750
$704,971
Appropriations for retirement reserve
Dividends on preferred stocks, declared
Cumulative pref. divs. earned but not declared..
Amount applicable to minority interests
—
.
$11,547,432 $10,258,474
5,086,678
4,882,623
2,252,464
2,233,395
1,317,596
719,433
8,196
11,535
Balance applic. to E. P. S. Co., before allowing
for unearned cum. pref. divs. of certain subs.
Cum. pref. divs. of certain subs, not earned
$2,882,496
840,715
$2,411,486
1,469,036
3168
Financial
Comparative Income Statement (Paren
12 Months Ended March 31—
Chronicle
Co. Only)
f'
1936;':
Equity Fund, Inc.—Earnings—-
1935
Earnings for 3 Months Ended March 31,1936
Revenue from subsidiary companies:
Interest—income notes
Interest—time notes
$58,000
59,708
87,861
Dividends—preferred
Dividends—common*.;...
xl,444,669
Miscellaneous revenue.——*
_
Total
$1,650,238
141,241
20,623
——
Balance for dividends and surplus
Preferred dividend requirements.
Total
Expense.
1,321
111
... .
$1,080,250
3.528
$5,778
1,988
1,050
—
——_ .—_—.*.**,
Provision for Federal taxes
,81,037
48,514
19,031
$1,488,195
Taxes.*.—
Interest
$2,137
.—*
Dividends.....——....*..
$1,228,834
179
*
Profit from sales of securities
Profit from sales of treasury stock.
$195,700
71,416
88,118
872,277
—.*.*
..
gross revenues
Expenses——
May 9, 1936
....
Net Income
Earned surplus, Jan. 1,1936
Total
—.*...
......
...
$2,739
..........
40,329
^
$43,069
11,631
Dividend paid Feb. 15,1936
2,323,537
2,323,531
Includes $972,548 declared by a subsidiary
company in November 1935,
the only declaration on the common stock of
that subsidiary for the entire
year 1935; also includes $277,871 declared by the same
company in February
1936, the initial declaration for the year 1936.
x
Earned surplus March 31, 1936
-
Cash in banks and
Comparative Balance Sheet Mar. 31 (Parent Co. Only)
1936
1935
Assets—
$
Inv. in sub.oos.a93,743,151
Notes
rec.
41,075,533
58,059,512
'
2,735
39,851
260,113
5,450,608
8,655,000
2,025,000
1,604,057
21,918
Com. stk. scrip.
Accts. payable.
8,655,000
1,175,000
876,875
21,981
Taxes accrued.
(sub.
Total
_
Sundry liabilities
cos.)
UnadJ. debits..
Earn,
surplus.d
1
Total
106,049,127 104,892,635
^
a_
per share
2,978,626
....
$6 cumulative dividend preferred, $16.50
(1935,
$10.50) per share
1936
_
1 500,000
rec
108,280
2 ,704,114
531,110
302,796
36,463
524,877
Prepayments
Sink, fund cash.
Pref. stock scrip
Common stock.
58,059,512
Com. stock scrip
58,059,053
4,142
Subsidiary
590~012
5,647,985
99,648
2,640,289
295,404
357,768
157,815
763,702
Pref.
cos.:
stock..69,449,923
on pref. stk.
78,679
Bonds.
146,396,500
Coupon
notes
2,919,500
Banks
8,221,118
payable.
Cust's' deposits.
526,021
Divs. declared..
265,000
285,269
1,793,293
735,277
51,432
accr
4,300,117
451,335
23,608,779
Unamortiz. debt
Others
Accts.
discount &exp 10 ,147,630
Unadjust. debits
914,548
69,050
144,383,400
2,919,500
Notes payable
Sundry liabilities
_
69,541,938
Prem. & disc,
Int. & taxes
Spec, deposits.
597
Retire,
reserve.
Contr.for extens.
Operating res...
Unadj. credits
1,498,887
370,310
50,000
90.135
1,530.467
803,929
53.038
4,580.090
408,786
22,727.373
18;149
1,077 ;198
380)095
Cum. pref. divs.
not
declared
(sub. cos.)...
7,709,861
5,581,517
573,627
6,352,279
601,799
Min.int.incom.
cap.
stocks
&
controlled cos.
Total
365,975,219 359,635,898
Total...
5,679,999
365,975,219 359,635,89
Consolidated property, paint and equipment is based on
(1) the stated
by Engineers Public Service Co.
(2) the par or stated value of securities of
subsidiaries outstanding in the hands of
the public at date of acquisition
by Engineers Public Service Co. of its interest
in these subsidiaries, with
proper adjustment for net assets
(other than property, plant and equipment)
of such subsidiaries at
such date of acquisition and for
minority capital
erest *n t'ie
Preacquisition surplus of such subsidiarias, (3) the cost
ol additions to
property, plant and equipment since the acquisition of such
interact m subsidiaries, less abandonments or other property retirements,
and
(4) amounts aggregating
$8,749,745 arising from revaluation since
acquisition, less retirements applicable thereto.
^ity of Seattle Municipal Street Railway 5% bonds
of
1919 (pledged under the first and
refunding mortgage of
Puget Sound Power & Light Co.)
.$8,336,000
Mortgage notes due 1940 (pledged under first
mortgage of Pacific
Coast Power Co.).___
242,000
Western Gas Co., second
mortgage 6% bonds due 1944
3,313,600
El Paso
Mortgage Corp., 6% debentures due 1944
182,000
Miscellaneous stocks, bonds and notes
(no quoted value), less
reserve of $167,901 and real
estate held for resale
601.829
—V. 142, p. 2994.
a
value of securities issued and
cash paid
tor securities of its
subsidiaries,
the
(Del.) (& Subs.)—Earnings—
Period End. Mar. 31—
1936—Month—1935
$229,878
$217,605
120,794
102,591
11,777
13,565
Taxes
28,563
26,526
Int. & amortization—36.143
36,116
Gross earnings..
...
Operation..
Maintenance..*
....
Balance
$32,599
$38,806
Appropriations for retirement reserve
Preferred dividend requirements of sub. co
Pref. div. requirements of El Paso Elec. Co. (Del.)
Balance for com. divs. & surplus.
—V. 142, p. 2497.
a
$0.29
$0.01
1936, net profit was $259,566 after
share.
on
common
new
.
In the opinion of counsel, these bonds will be a legal investment for funds
of insurance companies registered under the Canadian and British Insurance
Companies' Act, 1932.
x
Schedule of Maturities
Due June 1—
Amount
1940-.1941
—
350,000
350,000
350,000
J
1942.
1951...
Price
Coupon
3%
3%
3%
$350,000
350,000
350,000
-
Yield
100.00
3.00%
3.00%
100.00
100.00
3)4%
3)4%
3)4%
4)4%
5,000,000
3.00%
3.50%
3.50%
100.00
100.00
100.00
98.50
3.50%
Over 4% %
Bankers Making Offering
Wood, Gundy & Co., Ltd.
W. C. Pitfield & Co., Ltd.
McLeod, Young, Weir &
Hanson
Bros.
Co., Ltd
Inc.
Greenshields & Co., Inc.
Milross Securities Corp.
McTaggart,
Hannaford,
Birks
Gordon, Ltd.
Cochran, Murray & Co., Ltd.
&
Burns Bros. Ltd.
Canadian Alliance Corp. Ltd.
Holt, Rankin & Child
Eastern Securities Co., Ltd.
Ltd.
Drury & Co.
James Richardson & Sons
T. M. Bell & Co., Ltd.
Irving, Brennan & Co., Ltd.
Melady, Sellers & Co., Ltd.
Western City Co., Ltd.
Johnston & Ward
R. A. Daly & Co. Ltd.
Midland Securities Corp., Ltd.
L. G. Beaubien & Co., Ltd.
All of the outstanding 6% 1st mtge. 20-year s. f. bonds series A and B
have been called for redemption on July 1 at 103 and interest.
All of the outstanding 0)4% 20-year gold debentures have been called
for redemption on July 1 at 103 and interest.
,
Payment
Canada
or
1936—12 Mos—1935
$2,853,132
1,270,656
167,979
314,910
433,300
$2,715,388
1,162,854
154,713
315,988
435,116
$666,286
335,000
46,710
182,972
$646,715
281,250
46,710
193,598
$101,604
$125,157
on both of the above issues will be made at the Royal Bank of
the Montreal Trust Co.—V. 141, p. 1095.
Fansteel
Metallurgical
Corp.
Subs.)—Earnings—
3 Months Ended March 31—
Net profit after charges and taxes
Note—Above figures
1936
$20,243
1935
loss$833
exclusive
of company's equity in earnings
Vascoloy-Ramet Corp., in which it holds a two-thirds interest.
are
of
New Chairman and President—
J.
M.
Troxel, formerly President, has been elected Chairman of the
J. Aitchison, formerly Vice-President & General
Manager,
142, p. 2827.
Board and R.
has been made President.—V.
.e
El Paso Electric Co.
$0.34
Bonds Called—
surp.of direct,
Earned surplus.
244,918
Montreal Trust Co., Toronto and Montreal.
$
41,075,534
244,918
$0.27
Bonds are dated June 1, 1936; to mature June 1, 1937-42 and 1951.
Principal and int. (J. & D.) payable in lawful money of Canada, at holder's
option at any branch of the company's bankers in Canada, except Yukon
Territory. Coupon bonds in denom. of $1,000 and $500 registerable as to
principal.
Red. in whole or in part at option of company at any time
prior to maturity on 45 days' notice, at following prices: 1937, 1938 and
1939 maturities at 100)4', 1940, 1941 and 1942 maturities at 101; the 1951
maturity to and incl. June 1,1941, at 103, and thereafter to and incl. June 1,
1946, at 102, and thereafter prior to maturity at 101; in each case with
accrued interest to date of redemption.
On partial redemption bonds will
be redeemed in order of maturity.
An annual sinking fund, commencing
June 1, 1943, will be provided for the 1951 maturity series "A" bonds
amounting to $200,000 principal amount of such bonds per annum. Trustee,
1935
$
41,075,633
_
240,595
Offered—
& coll. trust bonds, series A,
($2,100,000 serial 3% and 3Yi% bonds and $5,000,000
15-year 41^% bonds) was offered in the Canadian market
the last week of April by the bankers named below.
787,500
1936
Preferred stock
$944
240,545
Famous Players Canadian Corp., Ltd.—Bonds
$4,066,180
Liabilities—
plant &
equipment, a 319 973,749 319,975,851
Investments
bl2 ,675,429
13,048,847
Cash.
9 ,758,376
7,311,432
on rental.
1933
An issue of $7,100,000 1st mtge.
1,895,480
1,237,500
1935
Prop.,
Matls. &supp__
1934
$66,038
on New Common Stock—
May 5 declared an initial dividend of 50 cents per share
stock, par $20, payable June 1 to holders of record
May 15.
The old $100 par common stock which was recently split five-forone had received dividends of $1.50 per share on March 2 last, Dec.
2,
Sept. 1, and June 1, 1935, this latter being the first distribution made since
Feb. 1, 1929, when $2.50 per share was paid.—V. 142, p. 1465.
Comparative Consolidated Balance Sheet Mar. 31 (Co, & Sub. Cos.)
Assets—
Interest
1935
$68,994
Fajardo Sugar Co .—Initial Div.
Note—'There are outstanding common stock
purchase warrants, which
originally issued attached to certificates for the $5.50 cumulative
dividend preferred stock, to
purchase 196,934 shares of common stock at
$b8 per share on or before Nov.
1, 1938; and 158,080 shares of $5 (cumu¬
lative) dividend convertible preferred stock convertible at
option of holders
up to June 30, 1938 into one and one-half shares of
common stock for each
share of preferred.
Appl.
19378
1936
$82,913
charges, equal to $1.08
The directors
on
were
536,826
6 ,261,014
$576,187
Total
Sales for 12 months ended March 31,
1936, amounted to $969,537,
against $734,045 in 12 months ended March 31, 1935.—V. 142, p. 1816.
$1,383,200
$6,389,726
Notes receivable
Accts. receivable
$715,643
2,100
$576,187
For the 12 months ended March 31,
taxes and
April 1 *36 April 1 '35
_
(cumulative) dividend convertible preferred
$13.75 (1935, $8.75) per share
$2,173,600
$5.50 cumulative dividend
preferred, $15,12)^
U. S. Treas. bills
477,551
40,330
Eureka Vacuum Cleaner Co.—Earnings-
d Before provision for cumulative
dividends not declared, including those
normally payable on:
(1935, $9.62^)
1,050
$715,643
Quar. End. Mar. 31—
profit after taxes,
depreciation, &c
Shares capital stock (par
$5) outstanding
Earnings per share..—
preferred, 196,934 shares (1935, 196,933 shares) $5.50
cumulative dividend
preferred and 75,000 shares $6 cumulative dividend
preferred, of no par
value (entitled to $110
p?r share uP°n redemption or voluntary liquidation,
or $100 per share
upon involuntary liquidation, plus accrued
dividends,
except that after June 30, 1938 the $5 preferred is entitled
to $105 per share
upon redemption or voluntary
liquidation).
Total preferred stock au¬
thorized 431,000 shares.
c
Represented by: 1,909,968 shares (1935,
1,909,922 shares) of no par
value. Authorized 2,349,000 shares.
c
$13,521
44,786
620,701
31,438
-V, 141, p.1436.
Investments in subsidiary companies are carried
at an amount based
the stated value of securitities of the
parent company issued, and cash
paid, to acquire stocks of subsidiaries and an amount of
$5,263,498 arising
from revaluation
b Represented by: 158,080 shares
$5 (cumulative) dividend convertible
i
1,030
$11,200
52,303
Net
106,049,127 104,892,6351
/
1,991
_
Capital stock
Paid-in surplus...
Earned surplus.'..
capital
Total
4,142
a
$5
443,607
stock tax
597
...
Fed.
Def.
on
®K
Mar. 31*36. Dec. 31*35.
58,059,052
3,367
33,852
283,104
6,593,657
$129,449
600,664
_
Liabtlities
Accrued taxes
$111,938
Dividends receiv
$
94,163,779 Pref.stock.b___ 41,075,633
inc.
notes
Time notes...
Cash
Divs.
Liabilities—
'
hand
on
Investments
1935
Pref. stock scrip
Com. stock_c__
rec.(sub.
cos.):
$
1936
Mar. 31'36. Dec. 31'35.
Assets—
$31,438
-
Balance Sheet
Fiat
(Turin, Italy) —Annual Report—
Consolidated Income Account for Calendar Years
[In Thousands of Lire]
v
Net
1 "
:
Cost
of
mfg.,
selling
1935
1934
1933
1932
930,178
sales
748,653
725,801
647,693
876,937
694,398
678,919
619,498
&
exp.,
taxes and
ordinary depreciation-
gen.
Net oper. profit
all taxes..
after
_
.
Gross income
Int.
Int.
on
on
Other
53,241
19,786
54,255
16,829
46,882
14,621
28,195
17,879
73,027
6,698
...
Non-operating income.
71)084
8,008
61,503
10,884
Cr652
882
992
27,862
funded debt
floating debt....
deductions
Net prof, for the year.
Surp. at begin, of year..
Other surplus credits
38,028
49,627
46,074
11,514
1,917
32,643
39,119
914,427
24,166
910,600
930",978
930",978
930,978
13
39
Together—
Approp. for shareholders
dividends, &c_L_
953,559
934,805
930,978
—
20,450
20,378
20,378
Surplus at end of year.
933,109
914,427
910,600
__
930,978
Volume
Financial
142
[In Thousands of Lire]
1935
Securities
Notes & accts. receiv'le.
Inventories
Land, bldgs., mach. and
equipment
Investments.
Advances to affil.
cos...
Def. chgs.& other assets
20-year sink. 7% debs.
1933
1932
415,126
5,429
199,447
205,368
392,520
1,142
251,252
219,363
349,066
2,639
283,984
271,152
566,586
129,744
89,067
4,292
(marketable).
1934
278,218
4,240
368,625
253,946
Assets—
Cash—
570,013
149,412
41,274
6,139
581,999
156,372
35,407
4,228
593,346
170,279
52,628
17,079
34,720
38,780
38,835
38,342
1,729,438
1,630,988
1,681,118
1,778,515
244,699
175,512
212,013
222,468
23,566
56,385
71,679
400,000
933,109
14,723
65,873
60,453
400,000
914.427
20,127
70,890
67,488
400,000
910,600
21,793
142,082
61,194
400,000
930,978
(held in treasury)
Liabilities
Accounts payable
Acer, exp.,
wages
deposits
on
and
The company paid dividends of 50 cents per share on the class A and
class B stocks, no par value, on May 28, 1935.
This compares with divi¬
dends of 75 cents paid on Dec. 17, 1934, 50 cents on May 28, 1934, $1 per
share
contracts.
debt
Reserves.
Capital stock.
Surplus
_
Total...
1,729,438
1,681,118
1,630,988
1,778,515
—V. 142, p. 2318.
has notified the New York Stock Exchange that the
authorized preferred stock has been reduced by $1,376,400.—V. 142, p. 1640.
company
of 40 cents
regular quarterly dividend of 20 cents
per
1930.—Y. 141,
year
March—
Net after rents
..
Net from railway
Net, after rents
Fox Theatres
March..
April
The
Interstate
1935
$165,027
192,684
214,193
265,007
1933
$101,306
123,869
126,196
197,556
1934
$154,799
161,205
226,586
229,742
Commission
on
1935—Month—1935
$718,955
9,701
$697,202
9,230
$5,063,630
394,540
$4,927,966
344,323
Gross corp. income
Interest & other deduct.
$728,656
350,311
$706,432
344,286
$5,458,170
4,153,622
$5,272,289
4,137,345
y$378.345
y$362,146
$1,304,548
Property retirement reserve appropriations
400,000
x Dividends
applicable to preferred stocks for
period, whether paid or unpaid
1,153,008
$1,134,944
Deficit-
Before
400,000
1,153,008
$248,460
.4 s Per
Valuation
Receiver's liabilities:
Accounts
/
banks:
$6,013
payable...
500
Fox Film Corp
Estate liabilities:
Due wholly owned
$746,638
Ea. Dist. of N.Y.
273,293
sub
Due Chicago Title & Trust
(ancil. funds).
1, ,098,891
Co., complainant
33,578
2, ,949,103
51,478
Claims allowed
Accounts
$780,217
Accts. receivable..
Reserve
20,794
payable
for
indeterminate
liabilities, representing 20%
Total curr. assets
Claims
for
adv.
in
to
&
of
disputed
passed upon or
amount
claims not
estd.
1, ,629,649
decided
uncoil, portion..
Invests,
of
$801,011
$801,011
less
rec.,
allow,
81,140
81,140
(or)
d Capital
e
45 ,092,425
stock._
Dr7 ,978,825
32 ,874,267
Treasury stock
Deficit
wholly
owned sub. cos.
1,237,498 al,312,439
Sundry invests.:
Market-17th Sts.
Corp.—2dmtg 4,418,666
property
Note—Income account
includes
full
revenues
without
consideration
Foreign
proved
Bond
Associates,
Inc.—Recapitalization
Movietonews.Inc
Ap¬
500
11,536
meeting of stockholders held May 6, approval was given to the
adjustment of this company.
More than 79% of the holders of
the company's securities assented to the plan, which provides for accelera¬
tion of the maturity of the company's debentures and a 200% stock divi¬
dend on its common stock.
In effect, each consenting security holder will
receive five shares of the company's common stock in exchange for each
$50 of the company's debentures held.
Since an escrow receipt represent¬
ing one share of common stock for each $50 principal amount of debentures
is attached to each debenture, the holder in effect will own eight shares of
common stock for each $50 debenture.
The debentures will mature and
a
the stock dividend will be
Fox, in litigat'n,
and others
cFixed assets
Reorganization
ex¬
during
penses
1929 and 1930..
Prepaid expenses.
Freeport Texas Co.—Earnings—
Ry.—Earnings—
1936
depletion,
profit after depreciation,
charges
1934
1933
1932
$4,497,680
356,792
778,896
$4,671,949
478,214
853,597
$5,473,927
528,435
888,993
Traffic
198,132
Transportation
1,881,004
General
346,948
Miscellaneous
48,344
Transp. for invest.—Cr.
7,162
$5,650,343
427,644
823,287
193,204
1,796,456
417,445
30,832
3,742
$5,633,368
372,603
802,046
183,599
1,610,513
378,199
18,193
5,947
$6,003,760
585,303
898,051
199,506
1,815,448
400,005
17,094
244,105
Operating expenses
$3,884,695
$3,685,126
$3,359,207
$3,671,303
Netrevenue...
$1,589,232'. $1,965,217
$2,274,161
370,489
$2,332,456
325,531
Shares
common
Earnings
—V.
per
142,
p.
1935
Federal
$508,540
796,270
$0.61
stock
share.
1466.
$199,371
796,371
taxes & other
$4,510,505
416,806
723,032
Total oper. revenue..
$10,248,261
Total..
Based on appraisals made November, 1935.
b Action in litigation
Supreme Court, Nassau County, and other affirmative claims.
It is
estimated that the provable items will aggregate approximately $15,000,000,
but for present purposes, receiver has taken one-half of this sum.
No
opinion as to collectibility of any judgment rendered is hereby intended,
c After
depreciation of $62,183.
d Represented by 1,800,201 shares
class A stock and 100,000 shares class B stock, both no par value,
e Repre¬
sented by 334,471 shares class A stock, no par.—V. 141, p. 1437.
3 Months Ended March 31—
1935
Maint.ofway& struct..
Maint. of equipment
4,457
4,457
$10,248,261 $9,711,086'
a
Net
$4,244,121
449,831
779,974
Calendar Years—
Freight evenue........
Passenger revenue
Mail, express, &c
3,693,449
_
in
paid on July 6, 1936.—V. 142, p. 2994.
Fort Worth & Denver City
b7,500,000
11,536
Claims against Wm
Total...
capital
500
com. stock
of
in litigation for which a reserve has been provided by ap¬
propriations from surplus in amount of $879,349 for the 12 months onded
March 31, 1936, and of $796,145 for 12 months ended March 31, 1935.
—V. 142, p. 2666, 2827.
rate reduction
At
77,899
Liabilities—
Receiver's
Books
hand and
on
(gen.funds)..
$418,064
retirement reserve appropriations and dividends.
x Dividends
accumulated and unpaid to March 31, 1936, amounted to
$3,747,276.
Latest regular quarterly dividends paid Jan. 3, 1933.
Divi¬
dends on preferred stocks are cumulative.
y
expenses,
Condensed Balance Sheet Dec. 31, 1935
$1,250,063 $11,651,050 $10,993,131
552,861
6,587,420
6,065,165
Balance
deferred
$46,748
Assets—
1936—12 Mos.—1935
from oper...
Other income (net)
rev.
159,088
Net loss.
in
$1,351,250
632,295
$190,238
$31,150
So. Dist. of N.Y.
expenses.....
Net
Corp. (& Subs.)—Earnings—
Depreciation,
$64,425;
amortization
of
$8,775; bad debts and allowances, $4,698
Light Co.—Earnings-—
revenues
93,199
def73,670
def105,920
def30.530
Cash profit.
[American Power & Light Co. Subsidiary]
Operating
Operating
105,146
def48,102
def74,651
:
Receipts from admissions, $55,467; rent income,
$133,512; other income, $1,259; total income
Theatre operating expenses,
$37,006; real estate expenses,
$78,372; receivership expenses, $22,500; general overhead
expenses, $20,218; miscellaneous expenses, $990
Cash
Period End. Mar. 31—
89,234
def59,303
def84,906
[Including Wholly Owned Controlled Subsidiary Companies]
May 2,-upon supplemental
application approved the extension for a period not to exceed two years
of the time of payment of the loan of $627,075 to the receivers of the com¬
pany by the Reconstruction Finance Corporation,-maturing May 1, 1936.—
—Y. 142, p. 2995.
Florida Power &
$35,801
def20,442
Earnings for 6 Months Ended Dec. 31 1935
Ry.—Receivers' Reconstruction Loan—
Commerce
$35,509
def 17.306
def26.093
"
—V. 142, p. 2498.
Florida East Coast
$31,223
def18,620
def26,945
Income
(M. H.) Fishman Co., Inc.—Sales—
1936
$184,107
212,166
212,259
282,947
._
1933
1934
1935
1
112,402
def45,370
def77,841
._
Ry.—Earnings—
V,
—V. 142, p. 2318.
share in addition to a
the common stock on
March 31 to holders of record March 21.
Month of—
January
February.
274.
1936
$38,140
def10,475
def21,768
Gross from railway
Net from railway
per
share on
p.
Fort Worth & Rio Grande
Filtrol Co. of Calif.—Extra Dividend—
The company paid an extra dividend
Dec. 31, 1933, 60 cents on June 20,1931 and $2.10 per share paid
on
during the
From Jan. 1—
Gross from railway
(William) Filene's Sons Co.—Pref. Stock Reduced—
The
Campbell, President of the company, in dealing with the
question of a dividend, declared:
*
"The years 1934 and 1935 were moderately profitable years following three
years of losses.
The combined profit for the two years amounted to $2.30
a share.
Aggregate dividends paid in the two years amounted to $1.75 a
share and equaled 76% of the earnings of that two-year period.
"The Federal budget is expected to be presented to Parliament within the
next few days and being unaware of the policy of the Government with
respect to its determination on the vital questions of tariff and taxation
as affecting this
industry, it appears unwise at this particular moment to
take any action with regard to the payment of a dividend.
"It is our recommendation that the incoming board of directors should
await the enunciation of the policy of the Government throught the Federal
budget, appraise its probable effects upon the operation of this' company
and thereupon give prompt consideration to the question of a dividend dis¬
bursement."
Total
Funded
3169
Chronicle
Wallace R.
Consolidated Balance Sheet Dec. 31
$0.22
General Paint Corp.—Listed—
Trading in company's class A and B stocks was called April 16 on the
Angeles Stock Exchange, registration with the SEC having become
Los
effective.
sales for the first four months
ahead of the corresponding period of 1935
campaign and establishment of additional
According to directors of the company,
of the fiscal
as
year
were
25%
the result of an advertising
stores.
The company
has outstanding 80,000 shares of class A $2 cumulative
169,413 shares of class B stock.—V. 142, p. 1290.
convertible stock and
Tax accruals, &c
341,856
28,585
General Public Utilities, Inc. (&
Subs.)—Earnings—
1936—Month—1935
Period End. Mar. 31—
Gross oper. revenues...
1936—12 Mos.-—1935
Operating expenses
Operating income
$1,560,647
Hire of equip, (net)—Dr.
149,721
Jt. facil. rent (net)—Dr.
230,287
$1,903,673
92,206
244,184
$2,006,926
99,543
250,208
$1,180,639
Net oper. income
$1,623,361
131,301
252,704
$1,239,356
$1,567,283
$1,657,175
668
668
668
668
11,020
353
72,208
11,992
13,053
15,138
327
97,284
83,424
66,589
437
3,233
11,797
932
27,647
60,426
2,009
Non-Oper. Income—
Inc. from lease of road..
Miscell. rent income
Misc. non-op. phys. prop
Inc. from funded securs.
Inc.
from
unfunded
se¬
curities & accounts
Miscellaneous income
1,898
$371,113
257,139
$344,613
228,456
$4,664,715
2,959,632
$4,509,958
2,849,643
Net oper. income
Non-oper. income
$113,973
5,540
$116,157
2,024
$1,705,083
34,464
$1,660,315
» 22,561
$119,514
$118,181
$1,739,548
$1,682,877
4,004
34,479
72.250
2,484
36,583
59,209
424,599
871,784
454,158
72,966
3,242
3,242
38,910
38,910
$5,536
$2,904
$345,044
$278,552
Total.
Exps. & taxes of G. P. U.
Inc. (excl. oper. divi¬
sions)
Charges of sub. cos
funded debt
Divs. on G. P. U., Inc.,
Int.
on
$5 pref. stock
Bal.
Gross income
$1,268,559
$1,362,029
$1,693,973
$1,802,331
725,545
456,181
3,553
724,756
465,279
7,259
218,532
777,807
479,246
6,078
18,030
646,028
484,030
Deductions—
Rent for leased road..
Int. on funded debt
Int.
on
unfunded debt._
Amortization, &c
avail,
for
35,654
875,601
com.
stock & surplus
—V. 142, p. 2321.
121,691
4.288
18.054
General Motors
Corp.—75r-Cent Extra Dividend—-
declared an extra dividend of 75 cents per share
dividend of 50 cents per share on the
stock, par $10, both payable June 12 to holders of record May 14.
Previous extra distributions were as follows:
50 cents on Dec. 12, 1935;
The directors on May 4
in addition to the regular quarterly
common
Net deficit
—V. 142, p. 2995.
$38,412
Ford Motor Co. of Canada,
$53,798 prf.$412,812 prf.$649,931
Ltd.—Defers Div. Action—
the company will pay no dividend at the present
time owing to the "uncertain state of affairs" existing before the Federal
Announcement that
budget is brought down, was made on April 27 at the annual meeting of
share holders.
:
25 cents on Sept. 12, 1935; 50 cents on Sept. 12, 1934; 25 cents on Dec. 12,
1933, and 30 cents per share on Jan. 3, 1930, and on July 2, 1929.
Buick
May Production—
Co. has boosted May production schedule about 6,000
original plans to a total of 18,043 as against April production of
18,582, according to Harlow H. Curtice, President.
Buick
cars
over
Motors
3170
Financial
Chronicle
Unfilled orders have continued to increase,
amounting to about 12,500
units May 1.
Retail deliveries in April
probably were more than double those for April,
1935.
Total deliveries in second 10 days were 5.842 units
against 5,568 in
first 10 days and 2,552 in
corresponding period last year.
Pontiac Production in
Production of Pontiac
next few months.
General Time Instruments
Corp.—Stock Offered—Public
offering was made April 28 by a group composed of Kidder,
Peabody & Co., W. E. Hutton & Co. and G. M.-P. Murphy
& Co. of 54,702 shares of common stock at $23.50
per share.
April—
cars
and comparing with
19,408 in May last year.
Retail sales for April are expected to reach
20,000 units,
than the March record.'—V.
142, p. 2995.
^
The stock offered represents that portion of
75,644 shares
subscribed by stockholders under the
rights offered to
stockholders by the company on
not
*
or
2,500
more
April 15, which expired
;
v
:
April 25.
General Refractories Co.- —EarningsCalendar Years
1935
Net earnings from oper_
1934
Proceeds of the stock offering, according to the
prospectus, will be used
9,637 shares of the 6% cumulative preferred stock of the cor¬
poration; to restore the consolidated cash position of the corporation and
its subsidiaries'after payment of certain accrued
preferred dividends; and
the balance to the general funds of the
.corporation.
Coirporalion owns and controls a group of subsidiary companies engaged
in the manufacture and sale of products used in the
measurement and re¬
cording of time.
Principal subsidiaries are Western Clock Co., Western
Clock Co., Ltd., Seth Thomas Clock Co. and
Stromberg Electric Co.,
whose products are marketed under various trade
names, including Westclox, Seth Thomas, Big Ben, Stromberg and Sterling.
Plants and labora¬
to redeem
1933
1932
$719,356 loss$452,225
111,104
140,253
$1,459,589
134,967
$1,271,904
130,817
$1,594,556
27,990
122,412
179,560
Depreciation & depletion
296,167
Extraordinary items
203,964
Federal income tax (est.)
109,607
$1,402,721
40,631
95,449
283,491
286,408
14,983
66,700
$830,460 loss$311,972
35,291
77,148
100,670
84,264
321,007
269,909
283,677
278,792
1,001,051
$615,058
$89,816 df$2,023,137
Miscellaneous income
--
Total income.
Bond discount & exp
Corp. munic, & inc. tax.
Int. on bond & float. dt_
Net Income....
Dividends
$654,857
227,141
tories are located in
$427,716
Shares capital stock out¬
standing (no par)
Earned per share.._
$615,058
454,281
$1,44
250,206
$0.36
1936
'
"
1935
1934
$494,809
77,206
33,750
3,254
1,280
29,209
119,527
$387,268
53,798
47,510
14,559
$342,579
40,522
78,270
9,020
21,507
66,667
14,688
7(1044
68",896
$197,802
394,255
$0.50
Interest on bonds
Bond disct. & expense.
Int. on floating debt....
_
Extraordinary items
Deprec. and depletion.
_
Net income.......—
Shs. cap.stk.out. (no
par)
Earnings
a
per
454,281
$0.51
share
Arrived at
follows:
as
1933
155
Underwriters—The
—
—
of operations for the year
Gross
Total
s
$
*
on
hand
445,510
539,589
Depos. for red. of
5-yr. 6% g. notes
rec.
net
2,000
allowances
21,536
allowances
Accrued Int.
mtge.
135,837
3,000,000
/
881,171
1,940,507
969
243,939
3,000,000
4>£%
28,161
99,772
196,052
Deferred
Real
accounts
Cash
in
banks
_
—.
Other operating expenses
Federal income taxes
Other taxes
Net operating income.
17,257,872
(& Subs.)—Earnings-
current
$2,670,590 $11,261,052
469,958
1,923,094
467,817
1,979,126
766,884
x3,233,059
16,887
85,031
168,037
858,270
$798,248
388,977
9,932
20,751
105,689
24,003
8,258
4,016
$3,217,563
1,476,643
7,711
88,337
422,828
95,990
43,459
19,470
2,196
20,732
105,718
23,979
9,147
3,851
$236,622
$258,662
$236,622
of holding companies, of
Associated Telephone Utilities
expense
of
$1,063,125
165,405
14^,
Equipment, Inc.—Sale Authorized—
Wilmington, Del.,
on
s
states
it
135,088
$0.78
common
$1,526,706
310,833
$0.25
stock
would
be
to
the
par value, payable May 5
holders of record April 20.
This payment will clear up all accumulations
the preferred stock.—V.
142, p. 2667.
Glidden Co.—Notes Called—
Buys Certain-teed Paint Business—
Effective
purchased, the
transaction involving only the
paint and varnish inventories and
able equipment of nominal value.
some mov¬
Production and sales of Certain-teed
paint and varnish brands will be
absorbed by several of the Glidden
plants which have adequate capacity
to handle the increased business.
New Director—
The
death
company has notified
was
elected
of Charles
a
W.
on
(B.
the
New
York
Stock
director
on April 20, to fill the
Higley.—V. 142, p. 2996.
Gold Ridge Mining
See list given
Exchange that P. E.
by the
vacancy caused
Corp.—Registers with SEC—
first page of this department.
F.) Goodrich Co.—Delays Bond Offering—
The company in an amendment filed
with the Securities and Exchange
Commission has postponed the
offering of its $28,000,000 4K % mortgage
bonds to May 25.
At the annual
meeting, Chairman Goodrich said serious study was still
being given proposals for refinancing the
company's funded debt and for
possible means of handling the accumulated
unpaid dividends on the pre¬
ferred.
W. A. Evans
V. 142, p. 1986.
28, signed an order
The sale will be held in
interest
of creditors
holders, and holders of voting trust certificates to hold
assets and property of the
company.
1935
$2,039,988
May 9, the company will acquire the paint and varnish business
of Certain-teed Products
Corp., that company discontinuing that division
of its business.
No plants or accounts receivable have been
has
been
elected
a
director
for
the
preferred stock.—
Goodyear Tire & Rubber Co.—$1 Preferred Dividend—
The
(
Court
$11,516,144
April
authorizing the sale of the assets of the company.
Wilmington, May 18, at noon.
The
Total--
All of the 5-year
5%% gold notes, due June 1, 1935 and extended to
June 1, 1939 have been called for
redemption on June 2 at 101 and interest.
Payment will be made at the City Bank Farmers Trust Co., 22 William
St., New York City.
$897,720
dicative of what such expenses will
normally amount to for a like period
case of General
Telephone Corp.
The operating expenses of General
Telephone Corp. from July 17, 1935, to date amount to $79,168.—V.
Wolcott,
on
$106,808
debtor, for
in the
General Theatres
to
which
Co.,
period April 1 to July 17, 1935, but does not include
certain expenses not
then approved by the court.
A substantial portion of this amount is of
an
extraordinary nature incidental to the reorganization and is not in¬
Chancellor
1,368,886
1936
Strague
$313,797
55,135
.....
Estate
1936
$3,182,472
35,091
earnings
Income balance
of
12 Mos.
1935
$781,007
17,241
charges.
Net income.
Preferred dividends..
expense
3 Mos.
$2,869,431
493,206
503,324
776,857
53,662
230,887
Amortization of debt discount
Declared pref, stock div. of sub. cos.
Undeclared pref. stock div. of sub. cos
is
2,514,530
1,406,244
1,368,886
626,237
The directors have declared a dividend of
$8.75 per share on account of
accumulations on the $6 cumul. pref.
stock, no
$825,419
345,999
Net earnings.
Interest on funded debt
Other interest
$202,670
Capital surplus
$11,516,144
per share on 327,000 shares
(after preferred dividends)
17,243,040
$811,495
13,924
Other income (net)
Includes
177
4,817,400
------- -
339,904 Earned surplus
407,596
131,250
33,525
8,443
21,264
50,472
Earnings
Total..
1936
Total operating revenues
Maintenance.
Depreciation. -*_—..v. _•i......
x
Equity of minor, stockholders
6 % preferred stockCommon stock (251,453 shs.,
no
par)
—
3 Mos.
fixed
64,216
328,938
157,559
expenses
Accumulated Dividend—
General Telephone Corp.
Other
Accrued
Sales.
Period Ended March 31—
Minority interest in
$231,956
of
Hamilton-Sangamo Corp..
Profit after all charges and Federal taxes
9,372
17,243,040
Cos.)
Earnings for Three Months Ended March 31
13,867
Total
17,257,872
—V. 142, p. 2827.
(Incl. Sub.
Special surplus
*
fund
Total.
15,958
12,238
3,372
5,885
1,889,313
3,010
16,015
4,774,314
Inv. in Grove Addition Trust
Assets set aside for employees'
pension
1935
Prov. for Fed. & Can. inc. tax
Restricted dep. in for'n banks
Deposits in closed banks
in
hands of rec....
Special deposits..
28,
Trade accounts payable
Settlement in liquidation
1,955
921,933
Deferred accounts.
bldgs.,
machinery, &c._12,085,516 12,031,663
Repair parts, &c._
135,301
122,798
Patents, at cost,
15,397
Dec.
588,311
Patents and trade-marks
Unamort. cost of excl. rights,
est.,
net of amort
only approximate.
$954,067
Inventories
134,619
251,140
101,688
1.133,547
12,226
Liabilities—
Treasury stock, at cost
Sundry Investments, at cost.
Land, bldgs. & equip, (net)-.
Land, bldgs. & equip, (not
used in operations)
800,000
200,000
& accrued int...
are
Balance Sheet
(officers and employees)
Capital stock and
capital surplus..13,603,314 13,441,503
27,860
800,000
cost
$40,540
$851,999
-----
Trade acc'ts receivable (net).
MagnesiteCo.at
1st mtge. on prop
Notes & accts. rec.
$685,051
160,304
_
Notes and accounts receivable
2,000
84
investments
67
$87,859
16,424
27,055
2,200
1,639
__
Trade notes receivable
on
Inv. in Northwest
$896,847
52,072
19,959
139,696
$1,126,019
113,376
bonds)
Assets—
243,939
42
on
Demand and time deposits-Marketable securities..
916
investments
$42,086
45,773
—
Consolidated
27,556 5-year 6% income
1,265,369
1,904,699
Investm'ts at cost.
Other
109,606
bonds.........
rec..
Accrued interest
1st
sink, fund bonds
Accts. rec., net of
Inventories
40,691
297,248
income tax..
of
income
The amounts shown
554,094
Accrued accounts.
due Mar. 1,1938
Notes
*
Liabilities—
316,618
$844,268
52,578
36,074
Net consolidated income.
Current accts. pay.
Allowance for Fed.
$4,746,460
3,456,913
4,488,309
64,748
1,341,361
9,352
Minority interest-- —339
Ufar.31'36 Dec. 31 35
.
Dec. 30 '33
$6,748,039
$1,089,945
Prov. for Fed. & Can. income taxes-
$687,638.
Condensed Balance Sheet
Assets—
re¬
shs.
shs.
shs.
shs.
Dec. 29 '34
profit
Income deduc. (excl. of int.
Interestonbonds
funded debt, $1,746; interest on funded
debt, $165,items, $209,418; Federal and Pennsylvania income taxes,
Cash in banks and
the
$7,940,595
5.251,611
72,171
1,515,273
11,594
Other income
on
Mar. 31'36 Dec. 31 '35
and
Dec. 28 '35
Selling, gen. & admin, expenses
Provision for doubtful accounts
ended March 31,
$7,880,193; cost of sales and expenses of opera¬
exclusive of depreciation,
depletion, interest and taxes, $6,340,229;
gross profit before other
income, allowance for depreciation, depletion,
taxes, interest, etc., $1,539,964; other income from
various sources, $138,379; profit before allowances for depreciation,
depletion, taxes, interest,
etc., $1,678,343; depreciation, $312,512;
depletion, $29,737; corporate and
property taxes, $135,954; bond discount and .expense amortized, $16,684;
mterest
178; extraordinary
estimated, $119,472; net profit,
underwriter
29,122.94
29,122.94
11,346.60
6,051.52
Certain costs and expenses
tions
other than
of each
Consolidated Income Account {Incl. Sub. Cos.)
—
The condensed statement
1936 follows:
Net sales,
38,539 shs.
stock to which this pros¬
follows:
Years Ended—
net
..
address
as
Gross sales, incl. service charges, less
returns and allowances
Cost of sales-
Nil
sales, ,#,2,325,457; costs and expenses, $1,852,459; gross profit, $472,997; other income,
$21,812; profit as above,
$494,809.
-
_
common
Kidder, Peabody & Co., New York.
W. E. Hutton & Co., New York
G. M.-P. Murphy & Co., New York
Field, Glore & Co., New York
$144,723 loss$205,356
279,266
262,900
$0.52
and
name
spective amount underwritten is
5,211
73~444
Outstanding
327,789 shs.
was approved by the directors.
The directors by resolution
adopted March 17, 1936, allocated $756,440, or $10 per share, of the con¬
sideration to be received for the 75,644 shares of common stock to
paid-in
capital, and the balance of the net amount of consideration to be received
to capital surplus.
The exact amount to be credited to capital surplus
cannot be determined at this
time, but is estimated at approximately
$11.50 per share.
loss$28,386
a
'
Financing
70,365 shs.
400,000 shs.
pectus relates
Nil
$230,583
Earnings before taxes,
interest, &c
Corp. munic.& inc. taxes
Present
to
cum.
The offering of the 75,644 shares of
(.Earnings for 3 Months Ended March 31)
^
Effect
Authorized
262,900
::
Giving
preferred stock (par $100)
Common stock (no par)
$89,816df$2,023,137
355,215
$1.73
Illinois, Connecticut, New York, and Ontario, Canada.
Capitalization
6%
Balance, surplus
>,667,938, subject to market
fluctuations.—V. 142, p. 2500.
in April totaled 21,046 units the highest for
14,666 for March and 18,749
Klingler, President, is optimistic over outlook for the
Company has scheduled 21,000 cars for May as against
any month since 1929,
in April, 1935.
H. J.
May 9, 1936
The minimum price of assets for the sale is
a
and
stock¬
prompt sale of the
directors have declared a dividend of
$1 per share on account of
on the $7 cum.
pref. stock, no par value, payable July 1
of record June
1.
Similar distributions were made on this
accumulations
to
holders
issue in
each
of the nine
preceding quarters prior to which
50 cents
per
Volume
share
142
Financial
Chronicle
distributed in each of the four
preceding three-months' periods.
A disbursement of $2 per share was also
made on the pref. stock on March 1,
1934
was
on account
142,
accruals on the above issue
2500,
p.
Graham-Paige Motors Corp.—Sales—
Sales for the-month of April showed a
44% increase over the same month
of last year, the company announced on
May 4.
The Graham factory
received orders during April for over
4,000 cars, the largest
orders for any-month during the past
year.—V. 142. p. 2996.
Grand Union Co.
Quarter Ended—
number of
(& Subs.)—Earnings—
Mar. 31, '36 Mar. 30, '35 Afar. 31, *34
$54,452
Total retail
$10,786
$122,034
$12,144
159,550
286,367
282,817
$0.01
278,067
Nil
stock
common
outstanding (no par).
Earnings per share
sales
for
$0.34
the
15
Nil
weeks
ended
$7,653,261
April
11,
1936,
aggregated
as compared with $7,894,526 in
corresponding period of
decrease of $241,265 or 3.05%.—V.
142, p. 2996.
a
Granite City Steel
Quar. End. Mar. 31—
1935,
Co.—Earnings—
1936
$1,584,490
1,347,323
$868,203
798,251
$157,965
4,475
$237,167
7,070
$69,952
3,901
$5,020
4,655
$162,440
11,224
90,000
$244,237
19,655
90,000
$73,853
2,294
90,000
90,000
$61,216
Costs, expenses, &C-...
1935
$2,211,883
2,053,917
Sales
$134,581
loss$18,441
Operating profit
Other income
Total incomeFed. taxes & spec.
chgs.
Depreciation
....
Net profit
1934
1933
$854,603
849,584
,
Month of—
March
.
April
—V. 142, p. 2500.
Effective Feb. 1,1936, Gulf Oil
Corp. of Pa. acquired and is
loss$80,32
1935
$5,578,375
6,953,195
7,662,787
;
1934
Texas,
Colorado, and Montana, and is the
Pennsylvania and New York,
Florida, Georgia, South Carolina, North
Carolina, Virginia, West Virginia,
Maryland, District of Columbia, Dela¬
ware, New Jersey,
Connecticut, Rhode Island, Massachusetts, Vermont,
New Hampshire, Maine
and New Mexico.
It has also
acquired from its
subsidiary. Gulf Building Co., and now
operates the Gulf Building, in
Pittsburgh, Pa., and plans shortly to take over the
property and affairs of
its
subsidiary, The Corbin Land Co., Inc.
1
'
The above-named
companies, whose assets and business have been so
taken over, will be
discontinued as operating subsidiaries.
The remaining
Oklahoma,
New
Mexico,
$4,492,044
5,136,563
6,267,376
subsidiaries will continue
Great Western Power Co.—Bonds Called—
All of the outstanding
lst-mtge. 5%
f. 40-year gold bonds have been
Payment will be made
p. 1986.
s.
called for redemption on July 1 at 106 and interest.
at the Bankers Trust Co., New York
City.—V. 142,
revenue
expenses
Operating profits
Non-recurring inc., net.
47,686,722
Non-recurring losses
profit
1935
$1,867,874
2,043,153
-
April
$1,609,115
1,981,446
2,383,537
2,521,571
The company had 131 stoes in operation
during
with 132 stores in April, 1935.—Y. 142,
p. 2500.
.
April,
as
compared
\
TH2S3K
Gulf Mobile & Northern RR.—Bonds—
The Interstate Commerce Commission
pany to
on
April 22 authorized the
com¬
pledge $888,000 of first
mortgage 5% gold bonds, series C, with the
First National Bank of Mobile, Ala., trustee under
the trust indenture of
Dec. 15, 1935, in substitution for a like amount of
first
bonds, series A, of the New Orleans Great Northern
Ry.,
mortgage
5%
pledged.
now so
Equipment Trust of 1934—
The ICC on April 28 authorized the
company to pledge $250,000 of bonds
identified as first mortgage 5% gold bonds, series
C, with the Merchants'
National Bank of Mobile, Ala., trustee under the
stock
outstanding (par $25).
1934
$
s
Assefs—
a
equipment-
Cap. stock
.284,726.121 279,884,578
Intangible assets
4,03^558
3,191,609
Cash on
hand,
_
share of
capital stock.
Refinancing and Liquid Position—The 15-year 5% debenture gold bonds
Dec. 1, 1937 (outstanding in the amount of
$26,997,000), were retired
June 1,1935 at 103
M, and the Gulf Building Co. mortgage of
$4,566,847
was paid on July 28,1935.
Retirement of these obligations was financed
through the issuance at par
of $20,000,000 Gulf Oil
Corp. of Pa. 15-year 4% sinking fund debentures
due April 1, 1950, and
subsequent issuance of $9,000,000 of long-term
notes,
payable in annual installments to 1940, at favorable interest
rates.
The
balance of cash required came out of company cash funds.
During the year
there was effected a total reduction of
$3,175,235 in funded and long-term
debt, including $111,3(88 of maturing property purchase
obligations.
Despite the heavy bash demands for plant additions and other
invest¬
ments, together with the draft on current funds for
refinancing and payment
of property purchase
obligations, aggregating $41,358,724, company closed
the year with a total cash balance of
$25,508,412 and a ratio of
total current
to 1.
Production—The
production of crude oil (including royalty oil)
principally
Kansas, Texas, New Mexico. Louisiana,
Arkansas, Cali¬
fornia, Venezuela and Mexico was 64,031,641 barrels.
The net production
(excluding royalty oil) was 53,273,155 barrels.
This represents an
increase
in the net production
(excluding royalty oil) for the year of 3,688,9382)arrels.
Company owns a 50% interest in the Kuwait Oil Co.,
Ltd., whifch has
secured a concession in the State of
Kuwait, on the Persian Gulf.
Material
is now being moved in and a well will
be started to test this
property during
the current
from Oklahoma,
terminus of its present pipe line in Winkler
County, west
Hobbs field in New Mexico.
This line will extend
the
Texas,
Bank
Taxes—The tax burden imposed by Federal, State and local
governments
to increase.
Through the direct taxes on sales of petroleum
products at fixed rates per gallon an unreasonable levy on the
consumers
of gasoline and
lubricating oils is exacted which constitutes a dispropor¬
continues
on
the
users
of these
essential
products.
The
total
gasoline
by the marketing divisions of company amounted to $53,080,344, constituting a direct sales tax equivalent to
51.47% of the net
price realized.
During 1935 the total sales taxes amounted to $54,555,850,
and in addition thereto other taxes,
including the Federal income tax, called
for further payment of
$8,582,868, making a total of $63,138,718.
This
does not include the cost to
company of collecting these taxes, nor the
b Notes & accts.
receivable
16,808,807
Inventory—Oil. 52,140,421
Mat'ls & suppl.
9,877,374
Employee's loans
sec. by stock.
14,257,681
919,517
4,976,915
3,400,000
2,000,000
Prop.purch.oblig
8,815,622
__
8,509,874
298,563
4,288,009
579,822
note
payable
Foreign sub. for¬
Prep.& def. chgs
ward exchange
4,267,275
transactions..
304,800
594,997
203,419
166,892
17,146,573
17,146,573
Earned surplus.181,902,993 172,590,920
Deferred
credits
Capital surplus.
430,245,575 421,984,0711
Total
430,245,575 421,984,071
depreciation and depletion of $340,739,009 in 1935
$328,041,090 in 1934.
b After reserves of
$895,948 in 1935 and
$1,256,027 in 1934.—V. 142, p. 1469,
After reserve for
and
Gulf States Utilities
Period End. Mar. 31—
Gross earnings
Operation
Maintenance
...
Taxes
Interest A amortization.
Co.—Earnings-
1936—Month— 1935
$433,483
$414,590
198,181
199,006
20,708
18,754
47.627
44,741
89,805
89,912
1936—12 Mos.—1935
—
$5,739,843
2,391,573
227,485
546,409
1,082,061
$1,426,771
$1,492,313
649,333
567,182
$109,588
$62,175
$5,701,606
2,430,141
232,934
533,582
1,078.176
750,000
567,183
Balance
$77,160
Appropriations for retirement reserve-
$275,796
referred dividend requirements
Balance for
common
-V. 142, p. 2501.
dividends and surplus
Hagerstown Light & Heat Co. of Washington County
—12 Mos. End. Mar. 31
1936
1935
Period—
Total
operating
Operation
revenue.
Taxes (incl.
$174,555
109,450
9,456
12 Mos. End. Dec. 31—
1935
1934
$175,056
12,192
$171,963
102,464
8,539
1,533
12,873
12,658
$171,776
100,127
8,135
2,123
1^,269
$43,083
$46,551
$45,136
$49,119
37
105
35
144
$43,121
14,400
Maintenance
Uncollectible accounts.
$46,657
14,400
$45,171
14.400
$49,264
14,400
$28,721
14,550
1,321
$32,257
$30,771
14,550
$34,864
14,550
4,411
372
_
Fed.inc.tax)
107,941
8,856
464
Net oper. revs, before1
prov. for retire'ts..
Non-oper. income—net.
Balance
—
Prov. for retirements
Gross income
Funded debt interest—
Other interest
Sundry deductions.
Net
14,550
4,489
1.130
210
214
213
228
$12,639
18,000
income
Common stock dividends
$13,003
10,000
$14,877
18,000
$15,673
13,000
Comparative
Assets—
Mar. 31'36
Prop., plant & eq.
(incl. intang'les)
$826,295
Misc.
2
10,293
Notes receivable.
2
11,478
107
Due from affil. cos.
107
50,356
7,429
6,534
on rental
25,171
2,253
Cash In closed bks.
1,583
23,353
2,280
1,459
1,351
1,078
$921,244
$922,069
Mdse., materials &
supplies
Oil Dorp, of Pa. or its capital or financial
structure, and to the end
Total
141.
P.
Liabilities—
Mar
3536.
31'36 Dec. 31'35
Common cap. stk.
$825,421
46,759
_
Acc'ts receivable..
-V.
Balance Sheet
(par $100)...u.
Funded debt
(nominal val.)_.
Cash
Def'd debit items.
increased efficiency, the internal corporate
set-up of the
Dec. 31'35
investments
Appli'ces
631,908
4,884,633
payable.
22,442,176
56,089,790
fluctuations
10,243,933 Acer, liabilities.
8,639,722
Forward exch'ge
trans.for.subs.
Simplified Corporate Set-Up—Without affecting the underlying ownership
of Gulf
Gulf organization has been
simplified'as follows:
for.
1,246,400
13,738,223
211,388
2,114,050
1,195,825
Accts.
Long-term
expense of all the administrative work necessary to prepare the
voluminous
tax returns and the
supporting data and to settle the tax due.
of economy and
loans
1,527,846
15,475,888
100,000
Res .for annuities
2,833,645
Res. for conting.
1,215,343
Res .for exchange
13,701,709
to the
through proven and pro¬
ductive acreage under lease to
company and will permit the
company to
bring into its system a substantial amount of oil which has heretofore
not
been accessible to its pipe line
system.
tionate toll
$
113,452,525 113,452,526
Funded debt... 87,166,000
91,629,847
subs...
25,508,412
Permanent lnv. 15,096,094
Marketable sees.
8,830,492
year.
Company has completed a pipe line to the Rodessa oil field in
north
Louisiana, which connects into the main pipe line system, and
through this
line a substantial amount of oil is
being handled.
Company also has constructed an extension of its pipe line system from
taxes collected
1934
$
(par
$25)
dem'd & time
deposits
due
4.76
2,743,492
1935
Liabilities—
Prop., plant &
a
President, state in part:
Earnings—The $40,467,599 operating income (before
reserves), repre¬
senting actual results from current operations, showed a marked
improve¬
ment and, together with the increase in
recurring non-operating income,
accounted for an improvement of more than
$7,000,000 or about 18%.
Through refinancing arrangements, the interest charges
against income were
reduced $1,702,187 and company, after
making adequate provisions for
depletion, depreciation, amortization, abandonments and
retirements, and
for all taxes, earned a net income of
$10,551,720, equivalent to $2.32 per
assets to total current liabilities of
2,81 l,1831ossl 1,386387
4,538,101
Total
Corp.—Annual Report—
W. L. Melon, Chairman and J. F.
Drake,
I
x7,952.264
on cap.
equipment trust indenture
1, 1934, in substitution for a like amount of first
mortgage 5%
bonds, series A, of the New Orleans Great Northern
Ry., now so pledged.—
V. 142, p.2996.
on
74,065,121
3,298,381
4,538,101
4,538,101
4,538,101
stk
$2.32
$0.62
loss$2.51
$0.60
x Includes
non-recurring income of $5,511,829.
y Direct sales taxes
amounting to $54,555,849 on gasoline and other refined
products were paid
(or accrued) to Federal, State and local
taxing authorities and are not
included in the above gross
operating income and expense for 1935.
Such
taxes totaled
$52,352,141 in 1934. $48,739,203 in 1933, and
$31,677,888
lH
iUuA•
Earns, per sh.
of June
Gulf Oil
71,178,596
Consolidated Balance Sheet Dec. 31
1936
March-.-.
10,551.720
of .capital
1932
52,804,764
91,342,980
74,476,977
82,017,385
29,236,725
31,192,196
32,609,406
34,848,692
7,219,124 y49,710,010 y46,608,222 y38,217,120
1,363,745
1,444,288
4,433,451
6,185,301
6,143,373
6,208,086
502,365
Depletion & deprec., AcTaxes (other than
Fed.).
Prov. for Fed. inc. tax..
Net
1933
84,333,319
3,305,336
3,704.325
5,li8~042
Total
Shares
1934
yl96,345,664 223,406,133 180,966,518 182,883,543
148,658.942 139,072,814 109,787,922 108,818,422
1935
of—
February
present.
1935
Operating
Operating
(H. L.) Green Co., Inc.—Sales—
Month
as at
Consolidated Income Account for Calendar Years
Interest, &c
Great Atlantic & Pacific Tea Co.— Usual
Extra Div.—
The directors have declared an extra dividend of
25 cents per share in
addition to the usual quarterly dividend of
$1.50 per share on the common
stock, no par value, both payable June 1 to holders of record
May 15.
Like amounts have been payable each
quarter since and incl. Sept. 1, 1931.
—V. 142, p. 624.
Kansas,
Gulf sales and
refining organization in Texas,
and the Gulf sales
organization in
1933
$4,550,096
6,774,303
5,951,919
now
operating
the properties and
business of its subsidiaries Gulf Production
Co., Gypsy
Oil Co., Indiana Oil & Gas
Co., and Gulf Refining Co., the Texas corporation.
Consequently, it is now the Gulf producing organization in
Other income.
1936
$5,753,923
6,475,347
7,648,879
Arkansas, Louisiana, Mississippi, Alabama,
Kentucky and Michigan, and
is the Gulf sales
and refining organization in
Ohio, and the Gulf sales organi¬
zation in
Michigan, Illinois, Indiana, Kentucky, Arkansas,
Tennessee,
Louisiana, Mississippi, and Alabama.
$9,675
(W. T.) Grant Co.—Sales—
February
Gulf Refining Co. of La.
It had already acquired, as of Jan.
1, 1936, the
properties and business of Gulf
Refining Co., the Texas corporation, in the
States of
Arkansas, Louisiana, Tennessee, Mississippi and
Alabama, as
also the properties and
business of Eastern Gulf Oil Co. in
Michigan and
Kentucky.
Consequently, it is now the owner and operator of the entire
Gulf pipe line
system, and of the Gulf producing properties and business in
-
Apr. 1, '33
deprec.,
taxes, &c
Shares
3171
Feb.
of accumulations.
After the payment of the
July 1 dividend,
will amount to $10.50 per share.—V.
Net profit after
Effective
Notes payable
Accounts payable-
$200,000
291,000
1,398
8,044
$200,000
291,000
1,602
21,694
12,836
11,757
21,308
12,999
13,198
8,541
Due
to
parent &
affiliated cos...
Consumers' deps..
Accrued accounts.
Def'd credit items.
Service ext. deps..
Reserves
Earned surplus.—
Total
-
-
10
"moo
6,000
158,489
210,013
156,542
210,877
$921,244
$922,069
I
Financial
3172
(M. A.) Hanna Co.—25-Cent Dividend—
The
directors
common
stock,
have
no par
declared a dividend
of 25 cents per share on the
value, payable May 20 to holders of record May 9.
1 and March 11, 1935, and on
Similar distributions were made on Nov.
Sept. 10, 1934.—V. 142, p. 2828.
$861,745.
b After deducting from gross profit on sales of $1,880,468,
shipping expenses of $74,602 and selling and general expenses of $486,291.
c After deducting from gross profit on sales of $2,954,321 in 1935 ($3,046,136
in 1934) shipping expenses of $554,383 in 1935 ($517,870 in 1934) and selling
and general administrative expenses of $574,434 in 1935 ($520,314 in 1934).
Consolidated Balance Sheet
Hart-Carter Co.—Accumulated Dividend—
Afar.31'36 Dec. 31
dividend of 50 cents per share on account
of accumulations on the $2 cum. conv. preferred stock, no par value, pay¬
able June 1 to holders of record May 15. A dividend of $2.25 per share was
paid on March 2 last, this latter being the first disbursement made since
Dec. 1, 1931, when 25 cents per share was paid; similar payments were made
in the two preceding quarters and prior thereto regular quarterly dividends
of 50 cents per share were paid.—V. 142, p. 625.
The directors have declared a
announce
Inc.—Debentures Sold—Hemphill, Noyes
Notes receivable..
bLd.,bldgs., mach.
& equip.,
cumulative preferred stock
($50 par) have been taken up through an ex¬
change offer, including both the new debentures and the new stock, made
to holders of outstanding debentures and participating preference stock.
*Cash proceeds of the present offering will provide the means for the
retirement of such portion of the company's outstanding $1,610,500 6%
surrendered for exchange. . The participating pref¬
erence stock to be redeemed amounts to 46,811 shares.
The balance of
the cash proceeds will be used for working capital and other corporate
not
purposes.
preferred stock and 100,000 shares of common stock.
The Hartford "Times" is one of the 19 Gannett newspapers which are
published in New York, Connecticut, New Jersey and Illinois.
Approxi¬
mately 73% of its common stock is owned by Gannett Co., Inc.
See also
4 Months Ended
— --- —
$510,085
465,019
!
Costs.
$605,303
600,995
184,131
Mar.
31, '36 Jan. 1, '36
$113,886
$432,157
$45,067
$4,308
$43,422
1,070,751
1,799,355
2,294
2,304
4,092
285
4,361
554
$47,799
16,119
loss$16,721
23,636
44,061
540
1,067
559
1,186
15,835
loss
$49,484
Department
New Common Stock—
Jan. 1, '36
$73,837
130,135
4,000,000
82,391
4,000,000
cancell)—Dr 3,309,200
3,000,000
3,306,200
3,000,000
3,632,508
770,100
1,500,000
2,153,803
770,100
1,500,000
2,080,746*
taxes,
Treas. stk. (purch.
for
Treas. stk. (purch.
3,626,935
for cancel.)—Dr
1
1
Common stock...
72,084
66,553
Surplus
$6,820,622 $6,660,676
Total
charges.
...$6,820,622 $6,660,676
dividends amounting to $290,136 ($42 per share)
the outstanding 1st preferred stock and $1,014,604 ($45.50 per share)
the outstanding 2d preferred stock were in arrears as at March 31,
Note—Cumulative
on
1936.—V.
142,
1291.
p.
Holland Furnace Co.
$13,567
$98,195
(& Subs.)—Earnings—
Stores, Inc., N. Y. City—Files
Shares 6% Preferred Stock and
*
a
12
Months
1935
$437,178
19.36
$727,476
$0.85
$1.50
Listing—
,
-
York Stock Exchange has authorized the listing of 32,000
cumulative convertible preferred stock (no par), which are
outstanding, and additional 72,000 shares of common stock
(no par) upon official notice of issuance upon conversion of the convertible
preferred stock.—V. 142, p. 2668.
The
April 30 filed with the Securities and Exchange Com¬
registration statement (No. 2-2135, Form A-2) under the Se¬
curities Act of 1933 covering 45,000 shares of ($50 par) 6% cumulative
convertible preferred stock and 500,000 shares ($5 par) common stock.
The stock is to be issued under a plan of recapitalization by which the
45,000 shares of new pref. stock are to be issued in exchange for presently
outstanding 20,000 shares of preferred stock, and 165,000 shares of new
common stock are to be issued in exchange for presently outstanding 500
shares of common stock.
Of the remaining shares of new common stock
being registered, 50,000 shares will be issued to certain underwriters; 50,000
shares will be reserved for issuance solely upon the exercise of options;
100,000 shares will be authorized, but not issued, and 135,000 shares will
be reserved for conversion of the new preferred stock.
According to the registration statement, the proceeds from the sale of
the stock are to be used to increase working capital necessary for purchases
of merchandise requiring increased funds at peak seasons.
The preferred stock is convertible to and including March 31, 1937, into
three shares of common stock, and thereafter, to and including Dec. 31,
1941, into 2)4 shares of common stock.
It is redeemable at any time
after 30 days' notice at $55 a share, together with all unpaid dividends at
the rate of $3 per share a year to the date of redemption.
The price to the public, the names of the underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.
Maurice Levin, of New York City, is President
of the corporation.—V. 142, p. 2668.
The company on
3 Mos.
depreciation,
1936
loss$188,032
Earnings per share on 426,397 shares
common stock (no par)
Nil
Net profit after interest,
and Federal taxes
with SEC—To Issue 45,000
mission
$115,983
2d preferred stock.
Period Ended March 31—
1469.
Hearn
16,069
Mar.
Mar. 31, '36
payrolls,
&e
1st pref. stock
.
Total
2,522
$1,160
Net loss of subsidiary—
Liabilities—
Liabilities—
55,316
4,729
42,343
charges._
Interest
Net
$8,906
14,009
43,822
$47,519
Profit
Depreciation
—V. 142, p.
148,187
1,567,931
receivable
Plants & equipm't
Patents & g'dwill.
on
Miscellaneous
802,840
116,198
(less reserve)...
Notes
loss$21,636
2,452
Operating profit
Profit of subsidiary
1933
$255,01S
1934
$115,100
Accounts payableAccounts payable.
Accrued
receivable
(market value)
$298,809
320.445
1935 >
$96,256
Consolidated Balance Sheet
Deferred
Other income
1936
Miscell. investm'ts
1933
141,
Heywood-Wakefield Co.—Earnings—
Quar. End. Mar. 31—
Net loss after charges._prof$68,530
—V. 142, p. 1817.
Inventories
1934
$227,553
1935.—V.
($523,000) first mortgage s. f. 6)4% gold bonds,
June 1, 1937, have been called for redemption on June 1 at
Payment will be made at the New York Trust Co.,
100 Broadway, New York City.—Y. 141, p. 752.
(less reserve)
Hayes Body Corp.—Earnings—
1936
1935
1936 and $10,018,268 in
and interest.
101
2501.
Quar. End. Mar. 31—
Gross earnings
21,967,458 21,610,287
Total...
Hershey Creamery Co.—Bonds Called—
Accts.
1935
$734,805
21,610,2871
All of the outstanding
Cash
1936
$743,505
April 26—
Gross revenue4
271,351
728,649
3,297,212
Earned surplus
16,644,828 16,206,297
aTreasury stock. _Dr2518310 Dr2518310
728,649
Surplus at organiz. 3,297,212
y
Assets—
Co —Earnings—
1,033,999
stock.
series A, due
V. 142, p. 2829.
Havana Electric Ry.
Conv. pref. stk.
Common
reserve
depreciation of $10,151,398 in
p. 4168.
of the refunding program, the funded debt of the com¬
will consist of the present $3,000,000 issue of 15-year 4)4% deben¬
and it will have outstanding 24,000 shares of 5)4% cumulative
—V. 142, p.
21,967,458
1,267,393
780,155
271,351
for bad debts and discounts of $322,317 in 1936 and $224,Represented by 271,351 no par shares,
z Represented by
728,649 no par shares,
a Represented by 17,507 shares convertible prefer¬
ence stock and 26,900 shares of common stock at cost,
b After reserve for
After
x
425 in 1935.
Upon completion
pany
tures,
10,700,084 10,559,442
Total
As part of a refunding operation for the company formal offering was
1 of the unsubscribed balance of $3,000,000 15-year 4)4% de¬
bentures, due 1951, by Hemphill, Noyes & Co. at a price of 100.
At the
same time it was announced that 24,000 shares of the company's
5M%
,
y
z
&c
1,432,768
...
pay'le
May 15, 1936..
150,169
28,850
that the selling group formed in connection
Dec. 31 *35
$
State
&
Acer, divs.,
90,093
made May
are
inc.
taxes
310,492
ad vs.,
Salesmen's
having been sold.
debentures as
Liabilities—
$810,817 Accounts & wages
payable..
$1,330,804 $1,323,694
1,375,520
8,403,846 Accrued for Fed'l
$613,387
x Custs. accts. rec.
1,567,692
Merch. inv. at cost 8,708,232
Supply
&
repair
parts
259,118
Cash
with the offering of the $3,000,000 15-year 414% debentures
has closed the books on the issue, all of the debentures
Mar. 31'36
Mar.31'36
'351
$
J\.sscts
prepd. ins., &c.
Hartford Times,
& Co.
May 9, 1936
Chronicle
New
shares
of $5
issued
and
Homestake Gold
See list given on
first
Corp.—Registers with SEC—
of this department.
page
Homestake Mining Co.—$2 Extra
Dividend—
an extra dividend of $2 per share in addition
regular monthly dividend of $1 per share on the capital stock, par
$100, both payable May 25 to holders of record May 20.
Similar distri¬
butions were made in each of the 22 preceding months.
The company
paid extra dividends of $1 per share and regular dividends of $1 per share
each month from Jan. 25, 1934, to and including June 25, 1934.
In addi
tion a special extra of $20 per share was paid on Dec. 5 last.—V. 142, p.2501.
The directors have declared
to the
Hoosier Gold Mines
See list given on first page
Co.—Registers with SEC—
of this department.
Hoover Steel Ball Co.—15-Cent Extra Dividend—
an extra dividend of 15 cents per share on the
$10, payable June 1 to holders of record May 21.
An
regular quarterly dividend of 15 cents was
April 1 last.—Y. 142, p. 1643.
The directors have declared
common
stock,
par
extra of 5 cents in addition to a
paid
on
Hershey Chocolate Corp. (& Subs.)—Earnings—
Years
1933
Idaho Power
Consolidated Income Account for Calendar
1935
Calendar Years—
1934
$10,582,034 $10,041,406
Ship., sell. & adm.exp_.
4,726,215
4,309,628
Gross profit on sales
1932
$5,364,573
profits
Prov. for Fed. inc. tax..
$5,855,819
$5,731,777
$4,752,099
293,264
163,354
122,607
$6,252,283
cellaneous charges
$6,025,041
876,789
$4,915,453
669,419
$5,487,180
749,415
$5,148,252
12,687,226
$4,246,034
11,912,531
$4,737,765
12,667,681
Period End. Mar. 31—
Operating
Operating
Net
Net profits.
$5,051,220
Earnedsurp.atDec.31. 14,333,787
Adjust, of res. for deprec.
of plant & equip, as of
Jan. 1,1935
373,757
revenues
expenses
from oper..
1936—Month—1935
$339,969
$306,326
179,298
159,209
..$19,758,764 $17,835,478 $16,158,565
178,000
148,000
1,260,220
1,268,620
/ 1,285,292
2,105,247
2,085,072
2,185,947
Total surplus
.
Conv. pref. stock divs..
$2,254,316
2,372
$2,104,504
Dr 1,949
$161,453
59,467
$148,566
59,472
$2,256,688
708,489
$2,102,555
715,420
Balance
y$101,986
y$89,094
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$1,548,199
423,000
$1,387,135
Gross corp. income
Int. & other deductions-
Common dividends
Earned surp. Dec. 31 .$16,206,297
Shares
com.
stock
$17,405,446
--
1,301,863
4,191,052
$14,333,786 $12,687,226 $11,912,531
out-
standing (no par)
Earnings per share
701,749
$5.38
728,649
$4.05
701,749
$5.53
Consolidated Earnings for 3 Months Ended
Quar. End. Mar. 31—
1936
1935
Operating profit
a$l,557,875 c$l,825,503
Otherincome
69,920
>89,798
728,649
$4.71
March 31
1934
1933
c$2,007,952 b$l,319,575
73,064
31,971
$1,627,795
194,046
215,063
$1,915,302
167,883
240,850
$2,081,017
155,813
264,716
$1,351,546
106,226
Federal taxes.
Net income
$1,218,687
$1,506,570
$1,660,488
$1,074,089
253,844
526,312
253,844
526,312
253,844
526,312
259,568
546,487
Total income
Cash discount. &c
171,232
y
z
Before
property
Regular dividends
1936.
dividends
Common dividends
$438,531
$726,415
$880,332
$268,033
701,749
701,749
701,749
728,649
$1.37
$1.79
$2.00
$1.12
a After
deducting from gross profits on sales of $3,070,732, shipping
expense of $651,113, and selling and general administrative expenses of
Surplus
Shs.com.stk.out.(no par)
Earnings per share
420,000
414,342
414,342
$710,857
i
$552,793
retirement reserve appropriations and dividends,
7% and $6 preferred stocks were paid on Feb. 1,
on
After the payment of these dividends there were no accumulated
unpaid dividends at that date.—V. 142,
Hudson Motor Car Co.
3 Mos. End. Mar. 31—
p.
2830.
(& Subs.)—Earnings—
1936
1935
1934
1933
Net prof, after all chges.,
incl depreciation, but
before Fed. taxes
x$592,827
$235,610
y$802,845 y$l,491,005
Depreciation amounted to $356,907.
y Loss.
Commenting on the company's first quarter statement, A. Edward Barit,
President, said, "Hudson's gain in earnings is a direct reflection of improved
operating efficiency and sales increases which are particularly marked
x
since the introduction of the 1936 models last fall.
"The
beginning of the second quarter has shown a continuance of sales
With several months of the 1936 season remaining, we have
more 1936 models than our total shipments of 1935 models."
Sales of Hudsons and Terraplanes for April are running at a high mark
and at the close of the month will have established another six-year record,
according to William R. Tracy. Vice-President in charge of sales.
"Ship¬
ments have kept pace with the increased sales demand," stated Mr. Tracy.
"As a result, factory sales to dealers for April will be the highest of any
month since 1929.
Retail sales in the United States of Hudsons and Terraplanes for the 14 days ended April 25 totaled 5,974 cars.
This exceeds any
two-week period since 1930."
increases.
Conv. pref.
$4,169,087
2,064,583
$147,117
1,449
revs,
Other income (net)
Balance
Prov. for taxes prior yrs.
1936—12 Mos.—1935
$4,419,750
2,165,434
$160,671
782
„
1,201,062
Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
$7,666,972
2,302,399
396,464
Net profits from oper_
Other income, less mis-
Total
$7,634,437
2,882,338
already shipped
Volume
142
Financial
Chronicle
3173
Listing Application Approved—
Consolidated Balance Sheet Dec. 31
The Los
1935
Angeles Stock Exchange has approved the application of com¬
list 1,596,660 shares of common stock, no par.
The stock will be
trading when notice is received from the Securities and Exchange
Commission that registration has become effective.—V.
142, p. 2830.
a
called for
May 1 for
capitalized at $4,000,-
The
000.
new concern
will control all stock and assets of the
parent com¬
International Agricultural
Inv. in oth.
141,
1934.
191,662
1,065,987
1,322,159
serv.
to affil.cos...
11,811.687
Loans & bills pay
Traffic and car
bal. pay.
Audited accts. &
2,791,483
2,179,719
51,330
50,862
wages payable
6,538,399
6,391,883
2,139,642
Sinking funds._
Misc. accts. pay
Int. matured un-
338,664
314,697
Special deposits.
2,411
10,156,127
4,534,471
Loans & bills rec.
157,397
2,345,468
2,720
8,222,213
579,101
295,299
121,978
108,167
1,707,159 1
1,452,379
Coups. & int.
1,620,863
1,636,770
notes
Cash
Traff.&
"
paid:
Coups,
balances rec..
Net bal.
rec.
fr.
on
agents & cond
Misc. accts. rec.
1,559,142
curr.
assets
1,373,891
4,716,266
6,818,385
30,920
31,489
73,162
Mat'ls & suppl.
Int. & divs. rec.
4,557,828
7,894,681
34,870
30,522
65,635
Oth. def. assets.
Disc, on fd. debt
1,669,643
due 1st prox
Divs.
matured
unpaid:
Divs. due but
uncalled for
4,308,507
4,562,340
Oth. unadj. deb.
2,021,978
16,076
16,526
25,893
30,433
2,364,777
2,339,760
321,536
651,227
2,140,098
6,957,807
4,484,508
4,195,143
113,456,188
Funded debt
4,429,401
9,777,999
ma¬
tured unpaid.
Unmatured
int.
accrued
Unmatured rents
p.
accrued.
liab..
Oth. def. liab...
The Interstate Commerce Commission on
April 24 found the company
"not to be in need of financial reorganization in the
public interest at this
time, and reasonably to be expected, on the basis of
present and prospective
earnings, to meet its fixed charges without a reduction thereof
curr.
Tax
liability...
320,536
544,611
Acer,
Oth.
through
judicial reorganization," and approved an additional loan of not to exceed
$7,449,667 for a term ending not later than May
31, 1937, by the Recon¬
struction Finance Corporation,
unadjusted
credits
7,175,958
5,263,371
11,210,329
11,198,023
Add'ns to prop,
thru income &
The Commission approved also the
surplus
extension of time of
payment, for a
period ending not later than May 31, 1937, of a loan of
$2,483,333 to the
company from the RFC, maturing May 11, 1936, but deferred.
Consid¬
eration of the application for an extension of other
loans from the RFC
on
reg. bds.
deprec.—
equip, owned. 103,982,103
Wkg. fund adv.
Illinois Central RR.—Reconstruction Loan—
$15,272,000, maturing
mat'd
but not pre¬
sented
car serv.
Oth.
1937.
83,369
advances
V-7-v-
in the aggregate amount of
138,754
379,061,973
2,140,720
_
23,700,610
7,276,229
cos.:
Stocks
Oth.
Corp.—Tenders—
$
Non-negot. debt
23,700,610
Bonds & notes
7,265,937
Advances
11,787,619
&
The Bankers' Trust Co., as corporate trustee for
the first mortgage and
collateral trust 5% 20-year sinking fund
bonds', announced that it will
purchase these bonds in an amount sufficient to exhaust the sum of
$148,125
now held in the sinking fund.
Tenders of these bonds are invited at
prices
not to exceed 103 and accrued interest
up to May 11, 1936.—V.
1,374,657
Stocks
Bonds,
April 23 authorized the com¬
pany to issue not exceeding $4,714,000 ref. & impt.
mtge. bonds, series B,
to be sold at 102.33 and int., and the
proceeds, together with treasury funds,
used to redeem outstanding bonds (see
offering details in V. 142, p. 2323).
The ICC also granted
authority to Pennsylvania RR. and New York
Central RR. to assume, jointly and
severally, obligation and liability, as
guarantors in respect of the bonds, and granted
authority to Cleveland
Cincinnati Chicago & St. Louis Ry. to assume
obligation and liability in
respect of such bonds pursuant to an indemnification
agreement dated
Jan. 29, 1931 —V. 142, p. 2998.
1,659,837 Grants in aid of
construction.
1,629,734
Inv. in affil.cos.:
Indianapolis Union Ry.—Bonds—
on
1934
$
stock.135,799,492 135,799,492
stk., ser. A 18,645,700
18,645,700
Misc. phys. prop
,
pany
The Interstate Commerce Commission
1935
Liabilities—
Common
sold
on
and subsidiaries.
Companies consolidated are the Imperial Wall Paper
Co., Inc.; Imperial
Color Works, Inc., Glens Falls; Plattsburgh Wall
Paper Co., Inc., and the
Underwood Paper Mills, Inc., Plattsburgh.
Capital stock to the amount
of $2,094,152 is outstanding.—V. 142,
p. 2501.
$
Inv. in road &
equipment— .676,710,859 694,102,374 Pref.
Depos. in lieu of
Prem.on cap.stk
138,754
mtgd. prop'ty
Funded debt...376,853,873
Imperial Paper & Color Corp.—Consolidation Voted—
Stockholders of this company and four subsidiaries voted
consolidation and organization of a new corporation
1934
$
Assets—
pany to
Sink, fund
res..
8,721,449
Misc. fund res..
Profit and loss__
506,000
8,262,992
506,000
48,493,817
62,221,917
Items (see note) 24,668,028
24,668,028
Diff'nee between
June 18 and Dec. 6,
'
par & face val.
.
The additional loan of $7,449,667 is to be
applied toward the payment
on July 1, 1936, of an issue of $8,000,000
gold 15-year 6 H % collateral trust
bonds which will mature on that date.
With this additional loan
made,
there will be outstanding loans from the
Finance Corporation
the
to
security to apply equally and ratably to previous
additional
loan
of
$7,449,667, the
company offers the
collateral, which now secures those collateral trust bonds.
This consists
of $8,225,000 ref. mtge. 4% bonds of 1955 and
$3,820,000 of Illinois Central
RR. and Chicago St. Louis & New Orleans RR.
joint first refunding 5%
bonds, series A, of 1963.
General
Traffic Statistics for Years Ended Dec. 31
1935
Avge. miles operated-—
1934
6,603
Tons freight carried
1933
6,627
Tons
Avge. rev. per ton per m.
Rev. passenger carried..-
.887 cts.
;
.910 cts.
29,593,979
575,403,847
29,569,329
543,564,174
24,895,859
484,322,394
1.616 cts.
1.670 cts.
1935
„
Ry. Oper. Revenues—
Freight
Passenger
Excess baggage
Parlor and chair
car
Milk
Other passenger train—.
Switching
Special service train
1932
$
«
74,263,394
71,594,112
9,310,895
18,965
21,863
2,295,422
1.913,685
179,951
171,655
1,245,631
31,712
9,084,329
20,608
21,057
2,312,587
1,686,803
199,764
121,917
1,237,097
19,635
72,620,881
9,195.823
89,453,173
1,390,209
29.379
86,297,912
942,161
538,809
x
19,502
2,417,650
1,891,993
271,195
189,461
1,166,653
20,003
95,741.872
1,104,639
650,185
1,030,351
661,448
974,353
686,218
Total ry. oper. rev.._
97,496,696
91,144,973
87,958,483
89,305,278
10,100,461
26,147,460
Traffic..
2,764,282
Transportation, rail line 37,616,399
593,809
4.712,548
81,381
7,760,663
18,120.901
2,511,030
34,589,158
474,688
4,487.361
88,400
6,898,499
16,839,838
2,003,088
31,725,636
411,365
4,111,266
50,220
7,461,287
17,397,638
2,596,462
34,179,715
494,713
4,413,557
39,274
Total ry. oper. expen.x81,853,579
67,855,400
Ry. Oper. Expenses—
Maint. of way & struc..
Maint. of equipment—
Miscellaneous operations
General
Transp. for invest.—Cr.
from ry. oper..
15.643,117
23,289,573
61,939,472
26,019,011
Includes $7,750,205 for maintenance
expenses in 1934.
Income
Account
[Excluding offsetting
Year Ended Dec.
31
expenses
Taxes—
Uncollectible ry.
revs...
Ry. operating income.
Rents from
use
1934
1933
of joint
36,958
59,618
43,454
$14,980,386
tracks, yards, & term¬
inal
facilities
2,849,452
2,317,283
2,449,373
Total.
$11,762,525 $19,237,720 $21,959,324
Hireof equip.—deb. bal.
2,955,957
3,578,865
2,815,883
Rents for use of joint
tracks, yards, & term¬
inal
facilities
2,082,324
2,115,241
2,205,293
Net income from trans-
portation oper
•
Other
on
stocks owned
bonds and
open
800
800
on
notes owned
Interest
on
loans
Miscellaneous income.
Total income
Interest on funded debt.
rents
Rent for leased roads...
x
.
800
500,800
49,026
49,928
64,623
104,394
161,344
631,155
208.216
238,074
195,166
724,147
5,396
_
Balance,
2,134,177
charges..
deficit.....
5,019
212,791
553)011
2,795
$7,529,257 $14,495,353 $17,965,691
$14,430,034
16,054.627
16,056,408
16,315,710
16,452,837
21,446
21,293
20,579
19,699
942,670
942,885
933,457
930,782
442,914
439,414
537,042
532,659
$9,932,400
$2,964,646 sur$l58,901
Includes $7,750,205 for maintenance
expenses in 1934.
$3,505,942
$98,726
53,400
Assets—
1936
.
1935
Plant, prop, rights,
franchises, &c..$6,065,224 $5,988,186
$107,409
53,400
Liabilities—
1st mtge.
due Jan. 1, 1952
working funds.,
y
97,796
179,043 Accounts payable.
Acer,
int., divs.,
z64,594
taxes, &c
38,544 Due to affil co
Notes & accounts
receivable
Acer, unbilled
65,390
39,067
rev.
Materials & suppl.
Consumers'
at average cost-
35,721
37,001
62,220
66,171
&
Debt discount and
expense
in
Unearned
pref.
capital stock.
8,924
9,624
24,190
29,110
5,139
x
International
ration
6,550
149,153
M
322
29,449
27,326
Common stock.
Capital surplus
_
5,260
5,259
505,232
507,112
890,000
1,140,000
81,515
178,126
890,000
1,140,000
81,515
167,157
$6,403,676 $6,413,3971
—
Represented by 57,000
$14,561 in 1935.
no
in 1936 and
preme
7,589
127,502
revenue
Earned surplus
prepaid accounts
*
int.
6% cum. pref. stk.
($100 par)
x
1935
$3,439,000 $3,439,000
deps.
Reserves
1,119
__
case
Deferred charges &
Total
accrued
thereon
pro¬
of amortiz.
on
1936
5% gold
series A
Cash in banks and
z
Total
$6,403,676 $6,413,397
shares,
y After reserves of $12,550
Accounts receivable only.—Y.
142, p. 2997.
par
Business
Machines Corp.— U. S. Su¬
Court Affirms Decree of Lower Court Holding Corpo¬
to
Have
"Chronicle,"
Violated
p.
Anti-Trust
2927.—V. 142,
International
Nickel
p.
Co. of
Laws—See
last
week's
2998.
Canada, Ltd.—Dividend
Increased—
The directors
88,147
112,320
551,692
7,823
and
accounts
Miscellaneous
2,491.182
44.231
Rents fr. lease of road.
Miscellaneous rents..
Miscellaneous
$17,327,184
$6,724,243 $13,543,614 $16,938,148
$12,701,825
income:
Divs.
Interest
2,346,798
700
6,441
21,250
700
Balance Sheet March 31
39,893
$8,913,073 $16,920,437 $19,509,951
Cr69
3,583
14,750
preferred stock
expense
1932
3,950
Cr 850
Net income
Unamort. rate
Bridge Co.]
1935
$312,947
171,950
1,348
3,917
1,223
Miscellaneous deductions
22,801,182
$97,496,696 $91,144,973 $87,958,483
$89,305,278
x81,853,579
67,855,400
61,939,472
66,504,096
6,693,086
6,309,518
6,465,607
7,780,903
$294,033
171,950
Interest charged to construction
Provision for Federal income tax
Provision for retirements & replacements.
on
$310,520
2,426
338
Miscellaneous interest
Amortization of debt discount &
expense-
Comm.
(Illinois Central System)
$293,695
Gross corporate income
Interest on bonds.
66,504,097
accounts
revenues
44,040
59,730
Other income
Dividends
1935
$598,205
187,396
7,045
5,650
38,724
48,869
800
Maintenance
cess
between Illinois Central RR., Yazoo
and
Mississippi Valley RR. and Dunleith and Dubuque
Operating
Operating
1936
$585,732
182,542
4,923
Amortization of rate case expense
Provision for uncollectible accounts.
87,824,308
31,147
Total rail-line revenue
Total inciden. oper. revs.
Total joint facility revs.
rev.
Co.—Earnings—
revenues
Net earnings from operation
1933
$
80,768,437
8,782,418
18,600
22,207
2,321,751
1,978,326
193,848
236,695
Mail
x
Illinois Water Service
12 Months Ended March 31—
Operating
Operation
General taxes
1934
$
Express
Net
Note—As this consolidated balance sheet excludes
inter-company items,
securities and accounts between the
system companies are excluded.
The
difference between the par and face value of
such items as carried on the
books of the subsidiaries and the amount at
which the securities and items
are carried
by the owning companies is entered here to balance.—V.
142,
p. 2997.
Income Statement for Calendar Years
\
„
Does not
1.896 cts.
passenger
mile—
per
.928 cts.
1.655 cts.
per
760,817,717 785,855,680
ment
6,680
25,177,140
530,290,711
Rev. pass, carried 1 mile.
Avge. rev.
.892 cts.
Total
1932
6,661
37,722,809
35,655,879
32,965,667
33,754,711
rev. fr't car. 1 mile-9,108,478,713
8,323,717,830 7,711,204,376 7,981,707,973
all frt. carr. 1 mile. 10,398,242,000
9,529,763,000 8,675,838,000 8,929,431,000
Tons
760,817,717 785,855,680
inter-com'y
include $20.410;609 in 1935 and
$20,552,626 in 1934, invest¬
in road and equipment by the Alabama &
Vicksburg Ry. Co. and
Vicksburg Shreveport & Pacific Ry. Co., leased lines, not owned.
a
As additional collateral
and
Total
totaling
$25,200,000.
loans
of
common
on
stock, no
May 4 declared a dividend of 30 cents per share on the
par value, payable June 30 to holders of record
June 2.
This compares with 25 cents paid on March
31, last, and on Dec. 31, 1935;
20 cents paid on Sept. 30, 1935; 15 cents per share
paid each quarter from
Sept. 29, 1934. to and including June 29, 1935, and 10 cents
per share
paid on June 30 and March 31, 1934.
This latter was the first payment
made since Dec. 31, 1931, when a regular
quarterly dividend of 5 cents per
share was disbursed.—V.
142, p. 2324.
International Ry. Co.
3 Mos. End. Mar. 31—
Operating income
Non-operating income.
Total income
Fixed
charges—
Net loss
—V.
(Buffalo)—Earnings—
.
—
1936
1935
1934
1933
$1,602,044
1,468,291
Operating revenue
Operation and taxes
$1,449,648
1,258,849
$1,599,787
1,322,267
$1,417,205
1,270,511
$133,753
2,746
$190,799
2,750
$277,520
3,218
$146,695
2,581
$136,499
278,931
$193,549
275,203
$280,738
278,626
$149,275
289,562
$142,432
$81,655
prof$2,lll
$140,286
3174
Financial
Chronicle
May 9, 1936
.Island Creek Coal Co. (&
International Railways of Central America
Division First
Central
Purchase Money
1935
1934
1933
$388,134
$355,507
$454,753
$153,890
$0.59
depl., Fed. taxes, &c_
E arns. per sh. on 593,865
shs. com. stk. (par $1)
—V. 142, p. 2670.
Mortgage
Gold 5s due January 1, 1972
SOLD
BOUGHT
$0.53
$0.70
$0.19
Jamaica Public Service Co.,
QUOTED
Eastman, Dillon 8 Co.
Oper. exp. and taxes
1936—12 Mos—1935
Interest & amortization.
$869,792
516,186
103,766
$832,154
495,159
106,387
$249,839
$230,607
NEW YORK STOCK EXCHANGE
Balance
New
Street
Broad
15
Ltd. (& Subs.)—Earnings
1936—Month—1935
$74,750
$70,968
46,956
41,506
8,706
9,347
Period End. Mar. 31—
Gross earnings
MEMBERS
Subs.)- -Earnings—
1936
3 Mos. End. Mar. 31—
Net profit after deprec.,
A. T. & T. Teletype N.
York
Y. 1-752
Jewel Tea
Co., Inc.—Sales—
&c. in 1936
Jan.
The report for 1936 contained the following comments:
The funded debt was further reduced by $727,153.
Bonds of the Buffalo
Palls Electric Ry., amounting to $188,000, became due on July 1,
The next maturity will be in 1938 when $299,000
of Buffalo & Lockport Ry. bonds mature.
The only other underlying bonds
outstanding are $523,000 of Buffalo Traction Co. due in 1948.
As reported to stockholders on Aug. 1, 1935, the general business depres¬
sion, resulting in greatly decreased revenue to company , has made it neces¬
sary to defer payments to the sinking fund in order to conserve working
capital, to the end that current needs for maintenance and operation of the
property may be met, and that payment of interest on bonds outstanding
in the hands of the public may be continued.
As then stated, the amortiza¬
tion was about seven years ahead of the schedule contemplated under the
mortgage.
22
Mar. 21...
18
& Niagara
Apr.
1935 and were paid off.
1934
1933
$1,395,225
1,450,684
1,439,369
$1,214,762
1,276,473
1,335.685
1,436,962
$1,470,582
1,522,355
1,534,026
1,497,019
25
Feb.
1935
1936
4 Weeks Ended—
Reduction in Funded Debt,
$20,114
$19,087
-V. 142, p. 2325.
1,276,651
$1,095,551
1,061,842
1,052,312
1,073,939
—V. 142, p. 2503.
Merger—International Bus Corp. was merged with
Co.
as
Jones &
The Bankers' Trust Co.
announced that it holds as trustee the sum of
International Printing
Ink Corp. (& Subs.)—Earnings
Sales after allow. &disct.
1936
$3,804,424
1935
$3,269,539
1934
$2,982,275
Costs, exps. & deprec._.
3,518,797
2,988,574
2,727,125
2,188,671
$285,627
$280,965
$255,150
34,933
_.
Profit.
$285,627
41,750
1933
$2,110,286
$290,083
34,000
$280,965
39,150
loss$78,385
10,958
21,350
$242,801
$209,507
77,493
67,623
$256,083 loss$109,509
79,105
83,442
124,161
$24,326
275,913
$0.54
$64,391
270,483
$0.48
$176,978 def$192,951
256,161
256,161
$0.69
Nil
94,314
_.
$2,207,430
Southern Ry. Co.—36th Annual Report—
1935—The remarks of President C. E.
Johnston covering operations for the year will be found under
"Reports and Documents" on subsequent pages.
Our com¬
parative income account and balance sheet were published
in V. 142, p. 2326.—V. 142, p. 2831.
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
depreciation & inc. taxes..
Depreciation.
Provision for income taxes
Net
Mar. 28 '36 Mar. 30 '35
$521,103
$252,203
184,014
210,414
63,040
12,835
$274,049
profit after all charges
For the
52
weeks ended March
1936, the
28,
company
$28,954
showed
a
net
profit of $648,167 after all charges.
This is equal to $10.07 per share
on the 64,304 shares of 7% cumulative preferred stock now outstanding.
The above figures are in part estimated and subject to audit and adjust¬
ment at the end of the calendar year, as has been the practice heretofore.
—V. 142, p. 2999.
(B. F.) Keith Corp. (& Subs.)—Earnings—
1934
$8,510,718
1935
$9,033,895
Theater admissions
1933
1932
$8,045,569 $10,131,604
and
concessions
940,735
844,546
$9,974,630
$9,355,264
other income
Total income...
A
854,272
1,120,799
stock (no par)
Earnings per share
Income account for 12 months
ended March 31,
1936, follows:
Sales,
$14,874,092; costs,
expenses
and depreciation, $13,515,414; other de¬
(net), $16,189; Federal taxes, $198,100; subsidiary preferred
dividends, $30,338; net profit, $1,114,051.—V. 142, p. 2502.
Central America—Earnings—
Oper. exps. & taxes
725,047
$1,307,612
693,973
$231,792
$838,060
$613,639
assets &
cap.
Divs.
rec.
on
International Silver Co. (& Sub.)—Earnings—
after deprec'n,
int. and Federal tax..
1935
1936
3 Mos. End. Mar. 31—
1933
1934
$169,728
$341,477 prof$56,794
$362,319
743,602
902,402
934,508
$883,422
$453,157
$158,026
$352,775
162.565
117,362
136,743
385,861
18,166
51,131
27,420
24,031
41,210
18,809
34,376
113,482
1,362
$1,115,284
$621,971
598,039
61,709
71,000
19,633
$354,789
548,281
15,306
25,935
24,067
37", 050
"~7~ 625
investm'ts
in other companies
theaters
Interest
earned
Sundry other income
Total income
Interest and discount
Loss on sale of cap.assets
cos.
Sundry other deductions
Loss on for'n exchange.
7,645
$464,645 loss$136,035 loss$580,387
784,981
779,335
1,247,712
137,010
63,163
114,593
Dr25,000
5,500
27,088
Dr2,807
Profit for year
Balance at Jan. 1
on
bonds retired__
Res've for contingencies
$209,782
3,042,553
118,236
52,141
Telegraph Corp.—Defers
Total surplus
$784,981
$1,315,482
900,000
Dividends paid
$25,000,000 of convertible debentures to its stock¬
corporation, Sosfhenes Behn, President,
accompanying the pamphlet report for
A plan to sell about
$887,856
670,429
638,656
85,403
205,500
5,618
_
Liquidat'g div. fr. affil
Adj. of prior years' chgs.
International Telephone &
Plan to Fund Bank Debt—
4,138,673
Commission from outside
Disc,
—V. 142, p. 2324.
5,826.447
3,559,048
_
Prov. for income taxes
Net loss
4,280,365
.
638,139
Operating income
Prov.for loss of affil.
to
fixed
„
amort, of leaseholds._
1936—3 Mos.—1935
$1,563,107
237,265
$317,459
revenues
1936—Month—1935
$569,809
$469,057
252,350
Period End. Mar. 31—
4,625,260
3,533,245
& theater
overhead
ductions
International Rys. of
4,876,404
3,576,666
expenses
$8,899,841 $11,252,404
nfhAT*
csinPiAc
salaries & film service.
Oper.
Deprec. of
Surplus....
applicable
charges
-V. 142, p. 2324.
$1,924,524
Cr449
Net profit
Preferred dividends..
Income
$794,789
Kansas City
31,573
352
(net)
Foreign exchange adj.
Subsidiary pref. divs.
Gross
106,889
$2,060,645
146,785
Year Ended Dec. 31,
Rents,
724
Interest
com.
95,689
$1,924,524
_.
Deficit
Calendar Years—
Federal taxes
Shs.
80,963
$794,789
$933,279
dividends.
Preferred
loss$78,385
3 Mos. End. Mar. 31—■
_
65,600
Net loss
13 Weeks Ended—
Profit before prov. for
Co.—Tenders—
$100,100 in a sinking fund for the purchase of the company's first and re¬
funding 5% mortgage bonds, series A and series B.
Offers of these bonds
will be received at the corporate trust department of the bank until May 11
at prices not to exceed 102H and accrued interest.—V. 142. p. 957.
Common dividends
1933
-V. 142, p. 2671.
International Paper
Operating profit.
Other income (net)
1934
$499,389 loss$669,882 loss$805,384
1,213,215
1,158,953
1,148,372
$933,279
Interest
of June 1, 1935.
1935
1936
$405,224
1,272,903
Depreciation & depletion
International Ry.
By favorable action of more than 70% of the stockholders of record,
voting power has been continued in the hands of voting trustees for a period
of 10 years from Jan. 15, 1936.
The arbitration proceedings to determine the amount which company
should receive as compensation for the Niagara Park & River Ry., which
became the property of the Niagara Parks Commission of Ontario on
Aug. 31, 1932, resulted in an award of $179,104.
The arbitrators stated in
their opinion that under the interpretation of the law advanced by IRC
the award would be $967,592.
Company carried the subject to the Court of
Appeal, which sustained the majority opinion of the arbitrators with some
incidental changes.
A final appeal to the Privy Council, London, England,
is now in preparation.—V. 142, *p. 2670.
;
Laughlin Steel Corp. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Profit after taxes
Prov. for inv.in affil.cos.
$779,335
$3,422,712
2,175,000
8,106
holders has been abandoned by the
announced May 6 in a statement
Loss
sale of cap.assets
39,752
1935.
Balance at Dec. 31.._
Earns, persh. on400,000
$367,625
$784,981
$779,335
$1,247,712
$1.16
Nil
Nil
$0.52
"In view of changed conditions in the securities market," Mr. Behn
said, "your board is not proceeding with the matter at present."
Mr. Behn had announced to stockholders on March 18 that the company
planned to fund $23,360,000 of bank loans and to retire part of its $37,661,100 of convertible 43^ % debenture bonds due in 1939 with funds to be
derived from the sale of new debentures to stockholders.
The company
preparing to register the proposed issue with the Securities and Ex¬
change Commission when the adverse turn in the security markets upset
the project.
Mr. Behn said that the banks that extended the $23,360,000 of loans to
was
some
of the company's
telephone-operating subsidiaries had agreed to reduce
% to4% and to extend the loans.—V. 142, p.2324.
the interest rate from 4
Interstate Department
Month of—
February
Stores, Inc.—Sales—
1936
$1,244,602
1,661,644
2,022,251
March
April
1935
$1,101,383
1,586,462
1,832,804
1934
$1,113,812
1,833,160
1,742,081
will redeem on June 1, 1936, all of its outstanding 53^%
103% of their principal amount and accrued mterest
to the redemption date.
Bonds should be surrendered on June 1 to the
Chase Bank, successor trustee, at its principal trust office, 11 Broad Street.
—V. 142, p. 2999.
Inc.—Admitted
to
Unlisted
Trading—
The New York Curb Exchange
has admitted to unlisted trading privi¬
Italo-Argentine Electric Co.—Final Dividend—
The company paid a final dividend of $1.03 2-5 per share on the
shares on May 6 to holders of record April 30.—V. 142, p. 2998.
46,150
$238,326
$29,820
Net profit after all charges
For the 52 weeks ended March 28, 1936, the corporation and subsidiary
a net profit of $673,151 after all charges, including depre¬
ciation and provision for income taxes.
estimated and subject to audit and adjust¬
has been the practice heretofore.
ment at the end of the calendar year, as
Consolidated Balance Sheet Dec.
1935
Accrued interest..
Land owned
6,520,701
Bldgs.&equipm't. 4,469,643
a
a
Leasehold impts.
& equipment...
Leaseholds
775,861
104,704
1,445
8,365,893
4,773,896
3,805,086
3,981,309
95,633
100,945
2,408,780
2,483,189
134,975
272,451
147,726
311,454
18,573,366
After
reserves
no par
21,046,4241
$
20,036
144,742
74,914
Accts. pay. to affil.
companies
34,550
15,695
280,549
236,047
Accrued taxes, int.
Serial
bonds
and
Rent & other dep.
Deferred notes pay
Reserves
b
Deferred charges..
a
Accounts payable.
Funded debt
posits, &c
1934
27,053
mtge. installm'ts
& other
companies
$
Notes payable
and
Other invests., de¬
400,000
Liabilities—
and expenses
goodwill
Invest, in & advs.
-
1935
$
759,752
106,132
rec.
31
1934
$
Assets—
Total
American
$204,923
169,103
6,000
companies show
to affil.
leges the new common stock, $1 par, in lieu of old common stock, $25 par,
issuable in exchange for old common stock on the basis of 10 shares of new
common stock for each share of old common stock.—V. 142, p. 1820.
Mar. 30 '35
$426,751
142,275
Provision for income taxes
Notes & accts.
The company
Mar. 28 '36
Depreciation
1,125,924
debenture bonds at
13 Weeks Ended March 28
13 Weeks Ended—
Profit before prov. for deprec. & income taxes
Cash
Co.,
par).
Consolidated Earnings for
1,560,191
Intertype Corp.—-Bonds Called—
Royalty
shs. cap. stk.(no
The above figures are in part
1933
$902,342
—V. 142, p. 2503.
Investors
on
Capital stock
Capital surplus
635,000
25,278
25,998
7,288,000
616,856
8,000,000
1,127,714
367,625
Operating surplus.
Total
for depreciation and amortization,
shares.—V. 141, p. 3694.
19,160
33,245
9,679,000
650,667
8,000,000
1,532,677
784,981
18,573.366 21,046,424
b Represented by
Volume
Financial
142
Kellogg
Switchboard
&
Supply
Co.—Dividend
Plan
The stockholders on April 24, approved a plan whereby accumulated
dividends on 7% preferred stock amounting to $57.75 a share as of April 30,
1936, will be eliminated. Under the plan present 7% preferred stockholders
new 5% $100 par preferred share, five new no par common
a share in cash for each share preferred held.—V.
142,
p. 2999.
will receive one
shares and $7.75
Kelsey-Hayes Wheel Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
Net profit after deprec.
and
int.
but
before
1936
Federal taxesx
In
addition
$502,486
$325,860
to
the
realized
was
results
on
from
1933
1934
1935
$127,303 loss$363,363
x$430,848
operations
non-recurring profit of
142, p. 2832.
a
the purchase of debentures.—V.
Kentucky Securities Co.—New Company—
See
Kentucky Securities Corp. below.
was
made
3175
Jan. 27, last, this latter being the first payment made on the
issue since Aug. 1, 1934, when a regular quarterly dividend of like amount
was distributed.—V.
142, p. 1645.
on
Kreuger & Toll Co.—Readjustment Plan—Statement
on
Sale
of Collateral—
The
American
two
protective committees for Kreuger & Toll secured
debentures on May 6 made public announcement of their joint plan of
readjustment of the secured debentures which was registered with the Securi¬
ties and Exchange Commission on April 6, 1936.
4
"It is the unanimous judgment of both American protective committees
and of the Kreuger & Toll protective organizations abroad, that unless the
debentureholders create an agency to protect the collateral at the fore¬
closure sale, most of it may be sold at almost nominal prices with the con¬
sequence that this major asset behind the debentures will disappear without
adequate benefit to the debentureholders.
4
"When the collapse of the Kreuger enterprises occurred an extensive
frauds were uncovered, it was found that collateral for the secured debentures
remained intact with the depositary in Sweden.
It was considered that the
secured debentures were highly fortunate in this respect.
The value of the
collateral does not, however, automatically enure to the debentureholders.
Kentucky Securities Corp.—Reorganized—
This company was
Chronicle
reorganized under section 77-B of the Bankruptcy
To realize such value, the collateral must either be reduced to possession
Act pursuant to plan of reorganization approved by the Federal Court on
Feb. 9, 1935.
The name of the new company, which was incorp. Nov. 14,
1935, in Delaware, is Kentucky Securities Co.
The Kentucky Utilities
Co. (controlled by Middle West Corp.) owns about 46% of the capital stock
of Kentucky Securities Co.
'
At the time of the approval of the reorganization of Kentucky Securities
Corp., the Kentucky Traction & Terminal Co. was reorganized.
Lexington
Railway System was organized in Kentucky on Nov. 14, 1935, and acquired
its properties pursuant to Section 77-B of the Bankruptcy Act.
This
latter company is controlled by Lexington Utilities Co. in turn controlled
by Kentucky Utilities Co.
Exchange of Securities—(1) Kentucky Traction & Terminal Co.:
Holders or $500,000 Blue Grass Traction Co. 1st mtge. 5% bonds re¬
ceived for each $100 in principal amount of bonds, $8.06 in cash.
Holders of $1,840,000 Kentucky Traction & Terminal Co. first & ref.
5% bonds received for each $1,000 principal amount, $400 in cash and $600
principal of collateral trust 5% notes of Kentucky Securities Co. (new
corporation which succeeded Kentucky Securities Corp., guarantor for the
bonds) except as to $1,327,000 principal amount of said bonds, the holders
of which, by agreement, received for each $1,000 bonds, $400 in cash, and
$500 principal amount of collateral trust 5% notes of Kentucky Securities
now
on
behalf of the
Co.
Lexington Ry. dated June 1,
1899, mature June 1, 1949 were not disturbed in the plan and are now an
obligation of Lexington Ry. System.
Kentucky Traction & Terminal Co. stock was surrendered by Lexington
Utilities Co. in exchange for 1,000 shares (all outstanding) of capital stock
of Lexington Railway System.
The Lexington Ry. System has outstanding 1,000 shs. (no par) capital
stock and $300,500 Lexington Ry. 5s (not including amount assumed by
Lexington Utilities Co.)
(2) Kentucky Securities Corp.:
Lexington Utilities Co. as holder of $100,000 note received $7,200 in
cash and $92,800 principal amount of collateral trust 5% notes of Kentucky
Securities
Co.
Holders of preferred stock
capital stock, of
no par
(21,006 shs. par $100) received one share of
value, of Kentucky Securities Co. for each share
surrendered.
Holders of
stock
(20,279 shs. par $100) received nothing.
The Kentucky Securities Co.
(new company) has outstanding 21,006
shares of capital stock (no par) and $1,063,500 collateral trust 5% notes
due
common
Pres., R. M. Watt; Yice-Pres., E. A. Olsen; Sec.-Treas.,
A. A. Tuttle; Asst. Sec., Gail Belden; Asst. Treas., C. V. Dinges Jr. Direc¬
tors are R. M. Watt, Guy Huguelet, A. A. Tuttle, W. Reed, Lexington,
Ky.; E. A. Olsen, Chicago.
are
It is, of
course, to be hoped that outside interests will be prepared at the sale to
buy
in these bonds at prices which
fairly reflect present judgment of their
intrinsic value.
in the
case
there is
However, we consider this very unlikely, except, perhaps,
of Roumanian and German bonds forming part of issues for which
public market.
As to the remaining bonds (Hungarian, Yugo¬
Latvian) which comprise the great bulk of potential value, the
a
slav and
following situation exists:
"All of these bonds are in default.
Their future depends upon the
capacity and willingness of the debtors to pay.
This cannot be accurately
appraised unless by the debtors themselves.
The amounts involved are
substantial—over $50,000,000 principal amount in the aggregate.
Any
outside purchaser will be required to pay the full purchase price in cash and
his investment will be "frozen"
by the lack of any public market and the
difficulty of creating one in the case of such defaulted bonds.
Under the
circumstances, it is feared that the only bidders may be persons acting in
collaboration with the foreign bond debtors themselves, and that unless the
are
organized as potential competitive bidders, the
debtors, acting through intermediaries, may utilize the foreclosure sale as
an opportunity to reacquire their own bonds at more or less nominal
prices.
"The market price at which the Kreuger & Toll debentures are now
selling
clearly indicates that substantial value is expected to be realized from the
collateral.
There can, however, be no assurance of this unless the deben¬
tureholders themselves act to assure it.
HJpset prices,' if fixed by a court,
may temporarily defer sacrifice sales, but such protective devices cannot
in the long run prevent the collateral
being sold at whatever it will bring, 4
"If the collateral, or any item thereof, is bid in under the
plan, it will be
administered
with
a
view to
debentureholders who
prudent realization in the interest of those
under the plan.
have deposited
Responsibility in
this respect will devolve upon persons selected as
representative of debentureholder interests in the various countries where there are substantial
All of them have had previous association with Kreuger & Toll
and they are all well versed in international financial problems.
It
holdings.
matters
is understood that it will be their policy to
to the extent, that bids by others are
estimate of what
—V.
can
buy in the collateral only if, and
substantially below a conservative
be realized by prudent administration and
liquidation."
142, p. 2504,
stock)
$1
Cash
109,455
U.S. bonds.
52,250
Interest & accounts receivable.
1,077
Notes rec.(Cons. Coach Corp.)
1,406,340
Dep. for note Int. due Jan. 1 '36
26,603
Deferred tax expense 1936
467
Taxes accrued
Miscellaneous liabilities
Paid In surplus
Earned surplus
26,588
1,062
15,233
67,083
2,404
712
-
142,
$1,596,437
Total
$1,596,437
-V. 139, p. 3158.
$902,131
831,043
1,395,583
1,386,739
-
...
1936
1935
$906,500
727,534
1,210,170
1,339,061
"
1934
$952,055
773,387
1,321,870
1,248,454
1933
^804,217
670,308
836,810
1,105,926
2672.
p.
Lawyers Mortgage Co.—Reorganization Plan—
-
-
■
.
Claims
on
guarantees will be immediately established for the amount
deficiency between the present appraised value of the real estate
covered by the mortgage and the amount of the guaranty, plus
delinquencies
of interest, taxes and an allowance for foreclosures
expense when appropriate.
of the
will
be
allowed
claims
for
the
full
amount
of
the
deficiency.
(Losses heretofore definitely established by creditors who have exhausted
against mortgage properties will also be allowed.)
^he plan
suggests that claims be fixed in appropriate liquidation proceedings to be
utilized as incidental in consummation of this purpose.
••
*
recourse
Kentucky Traction & Terminal Co.—Reorganized.—
See Kentucky Securities
Corp. above.—V. 138,
p.
682.
Key Co.—Initial Dividend—
The directors have declared
common
.
The following is a brief summary of the features of the
proposed plan
of reorganization, submitted by the committee of creditors at a
meeting
of the creditors held May 6.
Creditors
Total
:
January
February
—V.
$420,100
1,063,500
Accounts payable
Interest accrued
Bryant, Inc.—Sales—
Month of—
April
Liabilities—
Com. stock (21,005 shs. no par)
Coll. trust notes 5% 1940
(3,177 shs. Con¬
solidated Coach Corp. com.
Lane
March
Balance Sheet Dec. 31, 1935 (Kentucky Securities Co.)
Assets—
Investments
an initial dividend of 25 cents per share on
stock, payable May 15 to holders of record April 30.—V. 140,
p.2709.
Keystone Custodian Funds, Inc. —Series "B-2" Dividend
A semi-annual distribution amounting to $1.04 per share has been declared
Keystone Custodian Fund, Series "B-2" shares, for payment May 15.
compares with $1.01 per share paid on Nov. 15,
1935. —V. 142,
This
p.
defaulted foreign bonds.
1940.
OFFICERS
on
public
auction is expected to occur shortly.
"The collateral consists principally of
debentureholders
The first mortgage 5% bonds ($662,000) of
the
debentureholders, or sold to others at foreclosure sale.
"The Marine Midland Trust Co., as trustee for the secured
debentures, is
in process of foreclosing on the collateral and a sale thereof at
2503.
Key West Electric Co.—Earnings—
Period End. Mar. 31—
Gross earnings
Operation
Maintenance
Taxes
Interest & amortization.
1936—Month—1935
$12,821
$13,331
4,866
5,905
523
1,748
1,412
1.369
2,193
1,961
1936—12 Mos.—1935
$149,875
62,992
14,836
16,560
25,026
$151,181
70,287
18,090
18,007
24,360
$30,461
20,000
24,374
$20,435
20,000
24,500
$13,912
$24,064
Immediate Distribution of Cash Among
Creditors—Company has about
$6,000,000 in cash and Government bonds, the greater part of which will
be paid out on all allowed claims pro rata, just as soon as the claims are
fixed and the plan is operative.
The company's sole liability is for its
mortgage guaranties, no money being owed to banks.
Other Assets of the Company to Be Trusteed for the
Benefit of Creditors—
The corhpany has other assets with book value of about
$17,000,000,
consisting of mortgages, mortgage certificates, office buildings free and
clear, real estate, interest in process of collection, &c., all of which will
be set aside in trust for creditors having allowed claims and
gradually turned
into cash to provide for further distributions as
rapidly as possible.
Reorganization to Be Under Joint Supervision of Supreme Court, the
Superintendent of Insurance and Creditors' Committee—If as the result of
the present hearings by Hon. James A. Martin, the
plan of the committee
(with such amendments as may be suggested In the course of the hearings
and accepted by the committee) be declared fair and
equitable, it is pro¬
posed that further administration of the plan be placed in the hands of
three reorganization managers, one to be appointed by the Supreme
Court,
the other by the Superintendent of Insurance, and the third by the creditors'
committee.
,
Provision
Balance
$3,825
$2,346
Appropriations for retirement reserve.
Preferred dividend requirements
Deficit for
-V.
common
dividends and surplus.
142, p. 2503.
Kimberly-Clark Corp.—New Vice-President—
Charles H. Sage has been elected a Vice-President.—V. 142, p. 2999.
(S. S.) Kresge Co.—Sales—
Month
of—
1936
$8,597,317
9,570,689
10,043,390
12,011,258
1935
1934
1933
January
$8,488,424
$8,824,821
$7,706,388
February
8,975,051
8,797,055
8,053,868
March
10,328,161
12,320,725
8,491,512
April
11,518,500 "10,146,128
10,228.412
On April 30, 1936, the company had 731 stores in operation, including
683 in the United States and 48 in Canada, against 691 American stores
and 48 Canadian stores at the end of April, 1935.—V. 142, p. 2503.
Kresge Department Stores,
Inc.—To Retire Some Pref.
Stock—
at their annual meeting to be held on May 19
of directors in purchasing for retirement 12,281 shares of
the"preferred stock of the company.—V. 141, p. 2437.
1936
$5,204,273
5,459,343
6,314,178
6,872,971
January
February
March
April
-
1935
$4,761,726
4,968,306
5,472,265
6,441,416
1934
$5,106,517
5.083,475
6,330,794
5,732,389
1933
$3,912,983
paid
Lehigh Coal & Navigation Co.—Earnings—
12 Mos. End. Mar. 31—
1936
1935
1934
1933
Oonsol. net income, incl.
co's propor. of undistr.
whose
& losses of subs.
stock
owned
or
is
either
controlled,
depr.,
after int., taxes,
$569,411
$1,957,557
$837,888
$0.18
$0.29
$1.01
$0.43
1,800,922
1,716,163
1,934,669
1,907,919
$0.93
$0.89
$1.00
$0.99
Earns, per sh. on 1,930,065 shares capital stk.
(no par)
Net income of parent co.
from direct
oper. & from railroad
roQtdlSi divstf
after taxes & charges.
Earns, per sh. on 1,930,065 shares capital stk.
(no par)
—V. 142, p. 2999.
dividend of 37 M cents per share on account of
accumulations on the $1.50 class A cumulative and participating shares,
no par value, on May 5 to holders of record April 24.
A similar payment
a
organized by the Super¬
Chairman, Hubert E. Rogers, Secretary, Stanley M. Issacs, E. G. Lantman,
Ridley Watts, and Lewis B. Franklin.—V. 142, p. 130.
4,086,768
4,766,042
Knudsen Creamery Co.—Pays Accumulated Dividend—
company
was
enced personnel for the servicing of mortgages or mortgage certificates.
Members of the committee of creditors are:
Mortimer N. Buckner,
3,895,802
—V. 142, p. 2671.
The
a recovery on the guaranty.
Lawyer {Mortgage Guaranty Corp., which
intendent of Insurance to conduct the continuing operations of the Lawyers
Mortgage Co., will be continued under the plan to preserve the going business
and goodwill.
This will also assure the continued availability of experi¬
depletion & reserves$352,011
(S. H.) Kress & Co.—Sales—
of—
a
with
earns.
Preferred stockholders,
will ratify action
Month
for Contingent Claims—If any guaranty holder be not now
deficiency claim, but if deficiency should arise within three
years, or if deficiencies now determined on the basis of an appraisal should
disclose further deficiencies in that period, additional deficiency claims will
be allowed under certain conditions, to be a lien against such surplus of
assets trusteed as above indicated as may be left after paying in full all
deficiency claims now allowed and determined.
Terms of Existing Mortgage Not Affected—The plan will not alter the terms
of mortgages or mortgage certificates now outstanding.
It deals primarily
entitled to
accruing
Financial
3176
Chronicle
sinking fund mortgage bonds, due 1946, announced that May 1
coupons on these bonds will be paid at their face amount in current dollars.
Although regular payment for the service of this interest has not been
received, the fiscal agents hold a special deposit which may be used for
payment of bond interest.—V. 141, p. 3075.
The
New
shares
of
Louisiana & Arkansas
stock
(no par)
now outstanding of a total authorized
issue of 600,000 shares.
13 Mos.End.
Year End.
Calendar Years
1933
1932
*35
$32,216,435 $30,434,493 $22,088,275 $21,653,998
Net sales.
Cost of mdse.
sold,
1935
27,899,753
226,727
20,422,650
197,811
$2,317,072
67,574
67,495
23,095
80,074
150,059
Other income
i$2,308,011
67,391
$1,467,813 def$311,965
54,972
61,717
21,647,915
318,048
$4,793,954
653,919
780,425
305,332
1,214,229
8,402
184,951
24,263
i$2,375,402
119,034
274,007
215,744
330,044
313,478
198,900
Consolidated net profiti $1,935,567
:$1,787,917
$1,108,141
111,335
488,013
400,000
400,000
14,366
200", 666
through
$1,522,785 def$250,248
225,639
Prov. for Fed. inc. & ex¬
Divs.
profits taxes..
preferred stock
on
Divs.
on
com.
clared and
_
Maintenance of equipment
paid
200,000
28,200
200,000
29,100
$4.62
39.30
67.72
Nil
Nil
Consolidated Balance Sheets as at Jan. 31
Liabilities—
1935
1936
Assess—
$1,943,740 $1,631,553
Rents rec.(less res)
9,406
4,779
Cash
1936
Accts. pay., trade,
less discount
1935
Transportation for investment—Cr
$421,594
230,205
$328,618
178,792
18,116
Accrued taxes, oth.
than Fed. inc
89,969
83,096
30,214
Other
&
receivable
Mdse. advances to
contractors
2,453,055
2,266,524
35,787
108,187
64,870
60,459
675,000
3,941,409
Mdse. in transit-Est. val. of claim.
Fixed assets (net).
payable-.
Customers' dep. &
unred.
Mtge.
pay.,
40,900
& contingencies
Other liabilities
Notes
on
Net income
442,204
917,600
.
963,385
351,484
payable..
675,000
23,585
26,131
Deferred inc
Common stock
Capital surplus
2,640,000
700,000
700,000
570,622
Earned surplus
Assets—
3,588,034
$8,699,327 $8,525,287
Total
20,761
2,295,279
46,100
45,980
341,075
Miscell. phys. prop
Inv. in affil. cos__
147,774
823,415
1936
1935
1934
1933
$1,862,543
2,048,109
$1,789,622
1,837,678
$1,581,368
1,587,856
March.!
2,604,126
2,371,983
2,584,812
April
3,361,115
2,902,327
2,225,702
$1,174,761
1,240,948
1,391,889
1,949,997
Other
998,288
bills
Traffic &
receiv.
56,824
106,740
65,727
247,662
Mat'l & supplies..
Int. & divs. rec..
689,271
p.
loans
and
payable.
4,879
car serv.
161,381
138,050
279.587
275,416
19,885
329,950
327,912
Misc.
16,844
accts.
Int.
1,870
329
17,369
4,611
debits
mat'd
unpaid
16,938
16,714
liablls.
31,758
23,612
15,137
20,895
360,157
452,480
Other
Tax
188,054
curr.
liability
Accrued
deprec.—
Road
27.104
1,299,709
11,441
Oth. unadJ. credits
Add. to prop, thru
income & surplus
38,820
37,392
Approp. surp. not
specifically inv.
793,244
817,621
4,119,446
3,842,595
Profit
and
loss—
credit balance..
Lexington Ry. System—New Company—
Total
See Kentucky Securities Corp. above.
36,428,544 36,225,847
Total
36,428,544 36,225,847
In
October, 1935, the short-term indebtedness, represented by a
$1,400,000, was converted into a three-year note for $1,500,000,
receiving the difference of $100,000 in cash.
Subsequent
to the end of 1935, part of the treasury bonds
securing this note were
disposed of and the note retired.
x
note for
-Earnings-
1936
1935
1934
1933
Net prof, after deprec..
Federal taxes, &c
Earns, per sh. on 350,140
$154,498
$161,171
$214,856
$172,109
shares capital stock—
).44
$0.46
$0.61
$0.49
Quar. End. Mar. 31—*
1,333,579
234,000
2,766,000
Unpledged
2847.
Corp. (& Subs.)
1,403,826
Misc. phys. prop
stock, payable June 1 to holders of record May 15.—V. 142,
Life Savers
25,258
1,483,471
Equipment
bds.
Treasury—
3,000,000
57,452
accr.
Deferred liabilities
4,686
22,659
248,933
Other def. assets..
pay.
Unmat'd int.
18,000
642,241
19,501
(R. G.) Le Tourneau, Inc,—Initial Dividend—
common
*1,400,000
221,070
Working fund advs
Pledged
17,075.469
note
balances payable
Audited
accts.
&
from
agents & condr.
Miscell. accts. rec.
in
2,000,000
4,000,000
wages payable..
car serv.
The directors have declared an initial dividend of 25 cents per share on
the
term
(secured)
373,106
1st mtge. 5%
4,000,000
Fund. dt. unmat'dl8,413,204
Short
748,673
Unadjusted
par)...
no
403,032
balances
142, p. 2505.
shs.,
deposits..
Net bal. rec.
3,000,000
Preferred stock... 2,000,000
Com. stk. (100,000
investments
Cash
Special
5
3,000,000
stock
911,073
Other
1934
$
Cumul. prior pref.
Other curr. assets.
for Month of April
January
February
—V.
1935
Liabilities—
$
equipment--.29,514,851 29,474,355
Impts.
on
leased
62,581
54,001
ry.
propertyDeposits in lieu of
972
mtgd. prop, sold
136,717
$8,699,327 $8,525,287
Shops of America, Inc. (Delaware corpora¬
tion) to Irving Trust Co., trustee of Outfitters Operating Realty Co., Inc.
(Delaware corporation), in bankruptcy,
b Represented by 400,000 shares
(no par) in 1936 and 200,000 shares (no par) in 1935.
Issued by Associated Lerner
Sales
1934
$
&
Traffic &
a
-
207,865
33,997
General Balance Sheet Dec. 31
1935
84,000
$291,802
unfunded debt
Investm'ts in road
63^% pref.stock.. 1,436,600
Total
$428,984
13,578
711,272
Other deductions
38,400
84,000
$1,102,205
13,679
696,530
85,075
15,118
Rent for leased roads
Interest on funded debt
18,719
past
$1,007,116
95,089
49,770
22,402
income
$1,248,979
$1,132,072
93,935
-
—
Net railway operating income
Non-operating income
124,165
Res. for Fed. taxes
a
$1,351,166
183,314
35,780
income
$1,131,452
44,733
72,794
$1,226,007
Gross operating
394,012
562
$1,259,184
25,671
66,311
Rents for equipment
Rents for joint facilities
instalments
due
217,339
188,129
9,984
141,485
credits
due within 1 yr.
Mtges.
Prepaid tax., rents,
409,921
1,851
Operating income
Interest
&
accounts
notes
3,551,802
Inventory..
Other assets
Net operating revenue
Railway tax accruals
Uncollectible railway revenues
Gross
Accr.salaries & exp
13,148
11,089
aocts.
;
Rent from equipment
Rent from joint facilities
26,400
$8.01
$4.56
134.73
i
Earns. per sh.—Common
Preferred
notes
Transportation
Miscellaneous
def$475,887
stock de¬
Shs. outstdg.—Common
Preferred
Miscell.
$1,526,026
107.228
scrapping
of fixtures, &c
cess
$4,467,631
573,912
730,717
292,705
1,094,117
8,419
248,237
6,504
$1,670,957;
—'
Maintenance of way and structures
General expenses
$2,384,646
Loss
70,673
24,928
82,482
140,023
Express
Switching
Other transportation revenue
Traffic
p Gross profit
$4,042,296
•
Total
256,464
29,642,898
-
1934
$4,350,705
122,523
Freight revenue
Passenger
&
sell. & gen. expenses.
Depreciation
Jan. 31
'36
certificate
a
Ry.—Earnings—
Calendar Years—
Mail-
Consolidated Income for Stated Periods
Jan. 31
25 issued
County, Nev.—V. 142, p. 960.
Exchange has authorized the listing of 400,000
common
Interstate Commerce Commission on April
The
permitting (a) the company to abandon, and (b) the Union Pacific RR. to
abandon operation of that part of the St. Thomas branch extending from a
point about 2.3 miles southeast of Overton in a southeasterly direction to
the end of the branch at St. Thomas, approximately 4.46 miles, all in Clark
Corp.—Listing—
Stock
York
Salt Lake RR.—Abandonment—
Los Angeles &
Leipzig Overland Power Cos.—Interest—
Brown Brothers Harriman & Co., fiscal agents for the company's 20-year
6M%
Lerner Stores
May 9, 1936
—V. 142, P. 2327.
the
company
Equip. Trust Certificates—
The Interstate Commerce Commission recently authorized the
company
obligation and liability, as guarantor, in respect of not exceeding
$900,000 equipment-trust certificates of 1936, to be issued by the First
to assume
Lindsay Light & Chemical Co.—Dividend Reduced—
Trust Co. of
Philadelphia,
as
trustee, and sold at 98.88 and divs., in con¬
The directors have declared a dividend of 5 cents per share on the common
stock, par $10, payable May 25 to holders of record May 9.
This com¬
pares with 10 cents per share distributed in each of the seven preceding
nection with the procurement of certain equipment.
The report of the Commission says:
quarters.—V. 142, p. 2328.
payable
Lockheed Aircraft
See list given on
Corp.—Registers with SEC—
on
paid
a
dividend of 50 cents per share
May 1 to holders of record April 22.
on
the
attached, entitling the holders to dividends at the rate oi 2%%
April 1 and Oct. 1, and will mature
and Oct. 1 of each-year beginning
Oct. 1, 1936, and ending April 1, 1946.
per annum, payable semi-annually on
in installments of $45,000 on April 1
first page of this department.—Y. 142, p. 2505.
Locomotive Firebox Co.—Resumes Common Dividends—
The company
stock
The certificates will be dated April 1,1936, will be in the denom. of
$1,000,
to bearer and registerable as to principal, will have dividend
warrants
no par common
This was the first payment
made since Dec. 1, 1934 when a similar dividend was paid.
Prior to this
latter date no distributions had been made since July 1,1931, when a regular
Invitations for bids
were solicited from a number of
banking institutions.
bid, 98.88 and divs., was submitted jointly by Boenning &
& Co., Philadelphia, and has been
accepted.
On this
basis the average annual cost of the proceeds to the
applicant will be
approximately 4%.—V. 142, p. 3000.
The highest
Co.
and
Chandler
quarterly payment of 25 cents per share was made.—V. 139, p. 3811.
Louisiana & North West
Long-Bell Lumber Corp.—Earnings—
Income Account 3 Months Ended March 31, 1935
Loss before deduction for interest
$879
206
Interest
Loss for 3 months
$1,086
The corporation, as of March 31,
1935,
was
Hearing on the reorganization of
before Examiners R. H. Jewell and
merce Commission on May 28
at
D.C.
At the hearing evidence will
common stock (par $50) and 182,028 shares of preferred stock (par $100).
The Long-Bell Lumber Corp. owns practically no other assets.
There¬
fore, in addition to giving its own income account, the corporation gives
also the income account for the period of The Long-Bell Lumber Co.
interest—
Depletion
Depreciation
$513,517
260,041
202,121
Louisiana Power
Loss for 3 months ended March 31,
—V. 141, p. 4018.
Loose-Wiles Biscuit Co.
3 Mos.End. Mar. 31—
Light Co.—Earnings—
$205,728
Other income (net)__
$159,007
2,656
$2,319,751
27,811
$2,092,690
Dr52
$205,676
76,852
$161,663
76,729
$2,347,562
921,365
$2,121,728
932,356
$1,426,197
$1,159,372
450,000
420.000
_.
Gross corp. income-.
Interest & other deduct's
i
Balance.
y$128,824
y$84,934
Property retirement reserve appropriations
z Dividends
applicable to pref. stock for period,
whether paid or unpaid
.
1936
(& Subs.)—Earnings-
1936
1935
1934
depred. & int. but be¬
approp. for sink.
fund requirements
z
fore
com.
stock
$364,501
$412,096
$365,097
521,500
522,481
$0.68
$0.58
522,600
$0.67
526,000
$0.58
356,532
356,522
$412,850
y Before
property retirement reserve appropriations and dividends,
Regular dividend on $6 pref. stock was paid on Feb. 1, 1936.
After the
were no accumulated unpaid dividends at
payment of this dividend there
that date.—V. 142, p. 2672.
out¬
standing (par $25)
Earnings per share
—V. 142, p. 1992.
$407,675
29.038
$619,665
Balance
1933
Net prof. aft. Fed. taxes,
Shares
&
[Electric Power & Light Corp. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
Operating re venues
$546,578
$436,729
$6,215,531
$5,530,044
Operating expenses.
339,797
276,898
3,893,977
3,442,959
Rent for leased prop, (net)
1,053
824
1,803
Cr5,605
51,542
Interest
Reorg.—
Period End. Mar. 31—
Balance
Earnings of Long-Bell Lumber Co. for Quarter Ended March 31, 1935
Gain before deductions for depletion, depreciation &
on
be received in support of, and in op¬
position to the plan of reorganization heretofore filed herein by the com¬
pany, and any other plan which may be presented.—V. 142,
p. 2505.
the owner of certificates of
beneficial interest for 100,780.1 shares of the common stock of The LongBell Lumber Co., which at the time had outstanding 197,683 shares of
RR.—Hearing
the road is assigned for public hearing
C. A. Bernhard of the Interstate Com¬
the office of the ICC, Washington,
Louisville & Nashville RR.—Abandonment—
The
Interstate Commerce Commission
permitting
the
company
to
abandon
on
the
April 17 issued a certificate
Clarksville Mineral branch,
/
Volume
Financial
142
Chronicle
Louisville Gas&Electric Co. (Del.)
3177
Pro Forma Balance Sheet Dec. 31 1935
extending from a connection with its line at Hematite in a southerly direc¬
tion through Van Leer to a connection with the Nashville Chattanooga
& St. Louis Ry. at Pond, about 31 miles, together with the so-called Van
Leer spur, extending from Van Leer in an easterly direction to Cumberland
Furnace, about six miles, all in Montgomery and Dickson counties, Tenn.
—V. 142, p. 3000.
[Giving effect to the consummation of the proposed reorganization]
Assets—
Liabilities—
Cash (incl. proceeds from pro¬
posed sale of debs. & com.
stk.
&
applic. of funds
Mdse. inv. (less res. for depr.
& obsolescence of $350,000)
$10,581,546 $10,019,282
5,435,164
4,911,345
Miscell. accts. rec., less res..
Marketable securs., at market
29
'36 Feb.
quotation, less
Net oper. rev. (before approp. for retire,
Other income
...
.
res.).. $5,146,382
382,933
394,173
—...
Fixed
assets
(less
(before approp.
$5,529,315
1,025,000
37,000
$4,467,315
1,456,262
Appropriation for retirement reserve..
Amortiz. of contractual capital expenditures
.....
Gross income
i
$4,440,110
132,077
1,354,920
$1,509,963
$2,093,414
1,800,694
74,614
•"
22,272
yl935
$1,614,531
1,341,085
55,169
11,844
$195,834
14,367
$206,433
28,111
$210,201
4,100
1938
1,470,000
obligs.
(1937,
1957,
to
$722,116)
15-yr. 5% new debs
Preferred stock (par $100)..
Common stock (par $1)..
751,466
4,552,000
5,000,000
*981,821
*2,030,273
Total
$17,035,665
x The
above pro forma balance sheet gives effect to the issuance for
$250,000 cash and 23,256 shares of common stock pursuant to the option
$1,406,655
xl936
conting
money
follows:
as
agreements dated July 1, 1935.
$2,761,575
1,354,920
$234,544
4,387
Divs.onpref. stk. of Louisville Gas & El. Co. (Ky.)
due
$29,349;
6,817,301
378,934
113,800
35,350
deferred
exps.,
Mtge. & purch.
..$17,035,6651
directors
Balance
1936
Capital surplus
11,399
$2,864,883
discount unamortized.
Total
1,525,163
141,971
14,091
Interest charges (net)
Amortization of debt discount & expense....
Other income deductions
Bond
$5,502,110
1,025,000
37,000
adminis.
of
res.
install.
& mtge.
maintenance &
89,091
5,526
Prep, insur., store suppl., &c.
pay.
Res. for trustee & legal fees,
136,884
reserve
86,891,630)
Net oper. rev. & other Income
for retirement reserve)
Mtge.
due during
4,280,987
Other assets
$5,107,937
$1,514,469
600,286
100,000
expenses
Res. for Fed. inc. tax—1935.
$5,213,141
28 '35
Feb.
Operating revenues.
Oper. exps., maint. & all taxes
Accrued
as
specified)
(&Subs.)-—Earnings
12 Months Ended—
Accounts payable—mdse
Subject to the approval of the court, the
option agreements to obligate the corporation
aggregate of 31,688 shares of common stock.
If
approves such action, the number of shares of common stock
the
said
construed
to issue for
court
$250,000
an
be issued and outstanding as shown on the pro forma balance sheet
will be increased by 8,432 shares (from 981,821 to 990,253). and the capital
of the corporation as shown thereon will be increased by $8,432 and the
to
Net income
—V.
142.
2505.
p.
capital surplus decreased by the same amount.—V. 142, p.
Ludlum Steel
Co.—Earnings—
Three Months Ended March 31—
Net sales
Cost, expenses and doubtful accounts
Depreciation
Ordinary taxes
...
Profit
—.
Other income
Total income
—
Sundry deductions
Profit
before
:
Federal taxes
Minority interestNet profit
Shares
common
Earnings
x
stock outstanding
McKesson & Robbins,
(par $1)
Excluding subsidiaries.—V.
The
directors
Sell, and gen.
Depreciation
have
Net profit on sales
■
1936
April
230,432
223,493
496,567
147,672
$3,991,517
1,129,183
185,278
$3,540,749
1,137,813
279,567
$1,838,092
1,207,948
292,810
$648,252
1,407,906
271,469
33,085
Crl09,480
Interest paid
Other charges
foreign income taxes.
561,646
403,109
$2,115,410
$1,720,260
70,000
70,000
64,553
70,000
16,051
12,932
3,624
6,525
$2,029,359
$1,637,328
$236,072 loss$998,166
$1,637,328
$236,072 df$4998,166
See x
108,903
of McKesson
1935
bonds,
initial dividend of 50 cents per share on
payable July 15 to holders of record June 30.
an
new
Bal. applic. to pref. &
common
stocks of
•
McKesson
New
York
Stock
50,000 shares of convertible 6%
cumulative preferred stock, certificates
for
which are issuable to holders of
outstanding convertible 6%
cumulative preferred stock of the corporation, as
provided in the
280,659 shares of
ment of claims
are issuable to holders
stock and class B common stock;
stock to be issued in connection with the settle¬
common
common
against the corporation;
266,098 shares of
common
common stock to
be issued to holders of outstanding
stock and class B common stock on the exercise of sub¬
scription rights as provided in the plan, and, to the extent not
issued upon the exercise of subscription
rights, to be issued to
United Stores Corp. upon the payment of the
price specified in
the plan and in the
underwriting agreement;
100,000 shares of
<
version
stock to
common
of shares
be issued
of convertible
6%
from time
to
time
stock, ser. A, 7% conv.
surrender of ctfs.
for cancellation.
con-
stock.
non-current
1935
$35,388,911
Cost of goods sold, selling, oper. & admmis. exps.,
excl. of deprec. & amortiz
deductions, less other
receiv.
&
trade investments
4,000,000
$1,416,409
2,578,369
Surplus
Previous surplus
-
incl. pro v. for
obsol., est. Fed.
deb. ret.
Crl8,724
Cr72,518
Earn. surp. Dec. 31— $4,013,502
Shs. com. stk. outstand¬
$2,578,369
1,282,983
y$0.33
1,070,388
on
ing ($5 par)—
Earnings per share
31,442,544
$2,695,164
1936
Net profit after Fed. taxes, charges & minority int.
Earns, per share on 1,282,983 shares common stock
1935
Assets—
a
$
Land, buildings,
mack. & equip.
5,980,475
&c.,
at
locations
where
properties
nave
abandoned, and where leases have been
be disaffirmed)
Goodwill, trade¬
marks, &c
&
c
5,992,587
Net profit
i
1
3,080,691
23,341,243 20,901,773
30,268,508 28,783,533
6,788,555
8,602,656
Deferred charges.. 1,831,820
1,889,662
Inventories
$3ser26,65C),666
—
After
Min. Int.
in
com.
stock of subsid.
6,466,561
of
administration,
154,494
Div. pay., pref. stk.
Prov. for Fed. &
71,409,620 69,250,9031
Total
—
143,442
399,750
442,897
10,496
3,386,147
5,088,838
12,850
2,476,892
5,814,296
1,011,687
375,000
4,013,501
830,234
239,913
2,578,369
355,997
71,409,620 69,250,903
depreciation and amortization of $3,336,470 in 1935 and $3,1934.
b Represented by 1,082,555 shares, less 12,167 shares
held in treasury,
c Represented by $50 par shares,
d Represented by
533,000 no par shares,
e Represented by $5 par shares.
Note—The amounts of preference, $3 series, and common stocks issued
and to be issued include, respectively, 182,553 & shares of preference stock,
$3 series, and 73,021 H shares of common stock to be issued in exchange for
146,043 shares of old preference stock, series A, 7% convertible, which had
not been exchanged at Dec. 31, 1935.—V. 142, p. 2673.
103,379 in
$l,769,2571's$4,694,119
$
' ..I
Common stock.. 6,414,915 b5,351,940
Capital surplus... 4,867,894 11,139,719
Pref. stk. of subs.. 1,000,000
1,000,000
20-yr. 5J^ % conv.
debentures
17,594,000 17,984,000
Notes & accept...
Accounts payable.
Total
1934
21 323 250
foreign inc. tax.
Mortgages payable
a
Note—No provision has
been made for expenses
including trustee's legal and accounting fees, &c.
d Pref stock
Res. for conting..
Earned surplus
to
$
7% pref. stock..
Acer, wages, taxes,
&c
616,461
Nil
e
1
3,199,017
accounts
receivable
1935
Liabilities—
$
301,528
been
or are
$0.12
1934
and
481,885
1935
$35,782,206 $31,521,498
551,006
228,694
Consolidated Balance Sheet Dec. 31
& amortiz.
(add'l amortiz. of approx.
$325,000 and $204,000 would result in the years
1934, respectively, if $8,554,358 of
leasehold impts., &c., written off on leases not
affirmed by the trustee, were amortized at the
rates formerly utilized by the
debtor)
Non-recurring chgs.: Leasehold impts., acquisition
costs & carrying chgs., fixtures, prepaid exps.,
NIL
—V, *42 p, 2673
Deprec.
1935
1,071,798
Earnings for Three Months Ended March 31
$2,690,432
444,021
$0.13
Sales
Adv. & misc. inv..
32,693,746
$868,523 df$4889,263
1,071,568
Nil
Operating deficit of $4,889,263 was transferred to capital surplus in
accordance with vote of stockholders approved April 11, 1933.
y After
deducting dividends of McKesson & Robbins, Ltd., and minority interest
and after allowing for annual dividend requirements on 533,000 no par
shares of issued and to be issued $3 preference stock.
Notes
1934
$34,132,977
Cr632,451
x
inc.,
for doubtful accts., inventory
income tax for year 1935, &c
868,523
Amt. req. to conv. for'n
sub. capital to U. S.
Cash
Comparative Statement of Operations Years Ended Dec. 31
iv/r?rofiit £r°.m °Perati.ons- —
Miscell.
213,200
Reduc. of book value of
_
on
cumulative preferred
Sales—net
of
upon
plan and the certificate of amendment;
443,496 shares of common stock, certificates for which
outstanding
399,750
distribution
50c. per share payable
to holders of old pref.
dollars (net)
follows:
of
Rob¬
Robbins, Inc. of Md.
Net discount
Exchange has authorized the listing of 50,000
shares of convertible 6% cumulative preferred stock
(par $100) and 1,090,253 shares of common stock (par $1) upon official notice of issuance
pur¬
suant to the plan of reorganization of the
corporation including (as a
part thereof) the reorganization of subsidiary companies, dated June 15,
1935, as modified by all modifications dated on or before Dec. 2, 1935,
as
&
—Preferred
Special
stock for each share of old stock held.
Listing of Preferred and Common Stocks—
The
by
profits
applic. to com. stk. of
McKesson & Robbins,
Ltd., held by public—
stock for their
addition,
1, 1936.
preferred stockholders will receive dividend
accruals to May
A substantial amount of the new common
stock has been subscribed for by the common stockholders of the old
company, under the right given them to subscribe for 6-10ths of a share
new
Rob-
bins, Inc., of Md—
stockholders will receive share for share of
$304,249 def$921,642
Div. paid on pref. & com.
stks. of McKesson &
The plan of reorganization, confirmed by the U. S. District
Court, was
into effect on May 5, 1936, pursuant to an order
signed May 4
by Judge Robert P. Patterson, according to an announcement by the
reorganization committee comprised of Stuart Hedden, Bernhard Benson,
George S. Armstrong and A. J. Fink.
At that time, title to the property and assets of the estates of the-cor¬
poration and subsidiary corporations was vested in a new company of the
same
name
designated under the plan.
The new company will have
working capital of $6,000,000 provided for under the reorganization plan.
Creditors and bondholders of the old corporation will be entitled to
receive 100 cents on the dollar, with interest accruals to
May 5.
Preferred
of the
&
held
Ltd.,
the public
Portion
of
net
carried
in
for Federal &
Provision
$1,056,813
1,068,570
1,346,646
1,539,118
McCrory Stores Corp.—Plan Now in Effect—
and
661,390
of
460,277
—V. 142, p. 2834.
common
value
286,888
C.) Mahon Co .—Initial Preferred Dividend—
holdings,
427,856
$1,186,743 loss$657,376
Miscellaneous
—V. 142. p. 2506.
and
book
over
Total income
$1,094,442
1,154,648
1,312,992
1,620,954
preferred stock,
397,692
Net profits for year...
Div. paid on pref. stock
March
new
$2,912,625
335,731
trade invests, sold...
Net discts. on debs. red.
McLellan Stores Corp.—Sales—
the
1932
$2,908,620
on receivables, bank
balances, &C
of
sales
price
declared
Month of—
January
February....
(R.
1933
Excess
no par
The directors have declared
1934
$132,097,248 $124452,631 $104961,034 $104227,131
111,644,040 105,161,728
88,699,963
88,165,807
expenses. 17,106,644
16,013,614
14,725,457
16,085,580
437,944
364,663
348,871
633,121
Int.
a
dividend of 25 cents per share on the
value, payable May 15 to holders of record May 5.
This compares with 12 H cents per share distributed each three months
previously.
In addition, an extra dividend of 10 cents per share was paid
on Dec. 26, 1935—V. 142, p. 790.
stock,
the
Inc. (& Subs.)—Earnings—
1935
Sales.
Cost of sales.
Lunkenheimer Co.—Dividend Increased—■
common
on
Consolidated Income Account for Calendar Years
$198,511
202,155
$0.62
142, p. 2673.
,
y
an initial dividend of 3 cents per share
stock, par $1, payable June 15 to holders of record June 1.
j.*
$163,012
401,815
$0.36
share
per
Includes subsidiaries,
The directors have declared
common
$230,157
31,646
$206,101
30,150
12,939
Estimated Federal taxes..
2506.,
McKenzie Red Lake Gold Mines, Ltd.—Initial Dividend
3178
Mack
Financial
Chronicle
3 Mos. End. Mar. 31—
1936
Capitalization
1935
.
1934
1936
of Dec. 31, 1935
as
Title of Issue—
Authorized
b Outstanding
al6,766 shs.
16,766 shs.
c225,000 shs.
165,000 shs.
Original authorization 20,000 shares, reduced by purchase and retire¬
ment of 3,234 shares.
b Exclusive of amount held in treasury.
c Of which
50,298 shares are reserved for conversion of participating preference stock
in ratio of three shares of common stock for one of
participating preference
1933
Net
loss after deprec.,
maintenance, repairs &
Participating preference stock (no par)
Common stock (no par)
est. Federal taxes
Earns, per sh. on 597,335
sh8.
May 9,
Trucks, Inc.-—Earnings—
3107,477
stk.(no par)
-~V. 142, p. 2329.
com.
3187,018
30.18
329,647
3366,908
Nil
Nil
—
a
Nil
stock.
Underwriting—The
(H. R.) Mallinson & Co., Inc .-—Set-Up Extended by Court
Inc.
Federal Judge Alfred C. Coxe approved May 1 an agreement for the con¬
tinuation of the business of company until Aug. 4 as a
preliminary to a
permanent reorganization plan which is expected to be evolved by that time.
The parties to the agreement were the debtor company, the
Operating
Operating
Other
expenses,
—
$937,516
9,835
income.
2,
1935, and 25 cents
for retirement
reserve...
_—
$1,112,205
510,680
...
reserve
Gross income
Interest
1822.
■;
Metropolitan Playhouses, Inc.—Tenders—
The Central Hanover Bank & Trust Co. will until
12 noon May 26 re¬
ceive bids for the sale to it of sufficient
5% debentures due Feb. 1, 1945, to
exhaust the sum of $196,047 at prices not
exceeding the redemption price
and accrued interest.—V.
142, p. 791.
$567,630
519,941
28,077
8,025
$74,047
$11,584
193240876
Pass, carried 1 mile
Exchange has removed from unlisted trading the
5% sinking fund debenture bonds due May 1, 1955.—V. 142, p. 2506.
Av.rev.per
an
extra dividend of 25 cents per share on the
stock, no par value, payable May 25 to holders of record May 15.
quarterly dividend of 25 cents was paid on March 15 last.—V. 142,
A regular
Matheson District Gold
Mines, Ltd.—Registers with SEC
See list given on first page of this department.
Mead Corp.—Accumulated Dividend—
.
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cum. preferred stozk, series A, no par
value, payable
June 1 to holders of record May 15.
A like dividend was paid on March
2,
last, and
on Dec. 2, 1935, this latter being the first payment made on the
issue since June 1, 1932, when a regular
quarterly dividend of like amount
disbursed.—V. 142, p. 3001.
Memphis Power & Light Co.—Earnings—
[National Power & Light Co. Subsidiary]
Period End. Feb. 29—
1936—Month—1935
1936—12 Mos.—1935
Operatingrevenues_____
Operating expenses
$767,940
496,688
$652,386
389,819
$7,174,115
4,584,317
$6,492,070
4,112,160
from oper'n_
Other income (net)
$271,252
$262,567
339
340
$2,589,798
11,413
$2,379,910
9,402
Gross corp. income—
Int. & other deductions.
$271,591
65,352
$262,907
66,375
$2,601,211
780,723
$2,389,312
y$206,239
y$196,532
$1,820,488
Property retirement reserve appropriations
666,885
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
394,876
$1,571,839
678,121
revs,
Balance
817,473
394,876
$758,727
$498,842
y Before
property retirement reserve appropriations and dividends,
z Regular dividends on $7 and
$6 pref. stocks were paid on Jan. 2, 1936.
After the payment of these dividends there were no accumulated
unpaid
dividends at that date.—V. 142, p. 3001.
Textile
Corp.—Stock Offered—Public offering by
means of a
prospectus of 45,000 shares of common stock at
$6.75 a share was made May 1 by Distributors Group, Inc.,
New York.
The offering does not involve new
financing in
Freight
Passenger
Express
Miscellaneous
Incidental
Total.
$11,487,445
Net operating revenue-1,881,925
Railway tax accruals, &c
854,835
Railwayoper. income. $1,027,090
Hire of equipment
—
1935-
"52i;i05
664,178
761,153
830,129
864,925
852,677
644,971
634,440
894,595
878,792
Net Profits
$23,748
74,495
124,131
167,008
155,827
169,301
141,103
37,220
95,732
156,503
125,324
1936 (to date)--
Dividends
on
per
Com. Sh.
a
$1,356,950
$1,618,907
$767,119
184,805
358,456
7,455
4,075.675
138,552
367,268
5,406
4.083,669
163,293
358,640
6,675
4.088,887
153,297
353,811
5,595
4,092,334
1,969,128
1,750,831
1,733,656
1,587,249
54,764
33,464
55.655
34,110
56,623
54,628
58,325
55,550
Net deficit transferred
to profit and loss
$5,224,346
$5,078,543
$4,843,496
$5,539,040
Joint facility rents
Miscell. tax accruals
Interest
on
mtge. bonds.
Interest on equip,
oblig.,
leased line ctf., &c
Amortiz. of discount on
funded debt
Miscell. income charges-
1934
$
Liabilities—-
$
1934
$
25,206,800
12,603,400
92,641,800
3,225
Marie Ry. 4%
4,885
4,885
leased line ctfs
648,494
840,202
Non-negot. debt
pref. stock...
11,256,400
720,317
Cash
toaffil. cos—
Special deposits.
595,891
Loans & bills rec.
Int. & divs. rec.
1,805
1,218
2,046,122
200,679
372,941
Other investm't.
Traffic, &c., bal.
11,256,400
551,700
1,536,028
515
1,825
2,051,416
162,744
409,348
Loans & bills pay
Traffic,&c.,bals.
Vouch.
&
wages
11,256,400
11,256,400
19,229,237
12,812,730
365,556
2,484,139
13,685,113
13,759,833
350,509
2.116,440
Tax liability
Prem. on fd. dt.
613,868
693
768
Int., &c., due..
3,356,182
2,898,316
5,684-
13,238
808.817
Unmatur'd rents
accrued
Def.'debt items.
1,836,093
11,725
434,495
7,426,822
1,911,799
17,364
417,165
7,427,374
Unadjust. debits
Int. accrued405,902
Misc. accounts.
37,235
2,817,569
3,238,611
Receiver of Wis.
Other curr.assets
Miscell.
accts..
Funded
mat.
debt...
unpaid..
240,000
Cent. Ry
Other
curr.
Add'ns
to
389,815
313,485
661,614
150,232
1,528,473
543,764
725,253
599,441
844,770
242,307
13,048,909
laib.
Other unadj.cred
Deferred items.
10c
1935
■
$
Road &
a
share on the participating
preference stock of the corporation, and for its participation in the earnings,
net income for 1935 applicable to the common stock was
equivalent to
39 cents per share on the corporation's common stock.
$1,232,187 def$135,781
86,615
4,144
241,264
7,449,339
154,608
prop.
thru inc.&sur.
stock of predecessor corporation omitted.
After/allowing for the dividend of $3.25
$1,047,842
$1,459,402
Gross income
Deduct—
Hire of equipment
a
None
25c
25c
None
None
50c
40c
.
140,760
156,495
4,180
601,466
Bal. from agents
Mat'l & supplies
a
1932
$10,758,355 $10,630,286 $11,514,699
1,857,450
2,236.656
1,081,442
809,607
1,004,469
1,217,224
Misc. phys. prop
Cent. Ry.
manu¬
Divs. Paid
179,910
161,642
xntge.property
fabrics
Profits for Calendar Years
1.194cts.
127,474
159,627
4,169
95,449
Dividend income
Miscellaneous income
sold
■
1932-
a
other
1.121. cts.
178,217
161,360
4,149
Dr34.618
Joint facility rent income
Wis.
semi-metallic
chiefly to
-
4,163,821
1.120cts.
$13,369,370 $12,615,805 $12,866,943 $12,596,141
2,110,729
1,819,384
1.920,157
2,057,763
~
2.593,807
2,496,237
2,550,259
2,961,240
419,978
407,541
437,121
472,307
Transportation expenses
5,721,996
5.202,296
4,965,401
5,275,957
Miscellaneous operations
47,033
47,263
35.060
50,872
General expenses
610,042
796,012
734,745
715,763
Transp. for invest.—Cr16,142
10,378
12,456
19,202
1935
used in the automotive, gas refining, electrical, and other
-----
2.341 cts.
4,621.023
equip-118,043,477 118,868,595 Common stock. 25,206,800
Sinking funds..
257
2,347 Preferred stock. 12,603,400
y Inv. in prop, of
Funded debt... 92,004,800
affil.,&c., cos. 23,500,225
23,268,859 Govt, grants--.
22,523
Depos. in lieu of
M.St. P. & S. S.
Many of the well-known popular priced merchandise chain store systems
in the United States are customers.
The corporation also manufactures metallic and
and meshes (principally copper) which are sold
$404,923
2.002 cts.
Total
x
The general character of tne business is the manufacture and sale of a
line of trade-marked copper (fabric and
sponge) scorning and cleansing
devices for household use.
Net Sales
1.703 cts.
4,776,725
964,607^416 986,941,841 886,'004*536
Maint. of way and strucMaint. of equipment
Traffic expenses
Assets—
affords the following:
Corporation—Incorporated in Delaware Feb. 9, 1929.
Successor to
Rhose Island company of same name.
Its only subsidiary is Metal Textile
Corp. of Canada, Ltd. (100% controlled).
1925
3,262
199,891
31,891,941
$11,481,873 $10,801,062 $11,059,272 $10,574,601
727,295
682,495
621,963
746,712
628,355
625,133
•
627,910
653,583
113,661
116,304
139,948
179,794
227,156
216,450
249,806
292,960
191.029
174,361
168,043
148,492
Mail
Exchange.
Consolidated Sales and
1932
Balance Sheet Dec. 31 (Soo Line
Only)
A prospectus dated April 27
are
1933
3,252
185,341
31,072,595
Income Account for Calendar Years (Soo Line
Only)
1935
1934
1933
Corporation has made application for the listing of its common stock
facturers and
_
1934
pass, per m.
behalf of the company.
the New York Curb
Ry.—Earnings
3,251
258,096
40,075,685
Non-Operating Income—
Balance...
Marie
3,250
289,806
43,715,376
1.664 cts.
Freight carried tons
5,246,790
Tons carried one mile.
1,054,666,677
Av.rev. per ton per m_
1.089cts.
Masonite Corp.—Extra Dividend—
The directors have declared
-
Passenger caried
The New York Curb
industries.
Nil
1935
Aver, miies operated-
Massachusetts Gas Cos.—Removed from Unlisted
Trading
on
$0.53
1934
$70,857
General Statistics for Calendar Years (Soo Line
Only)
Leonard B. Burton will be brew-master.—V. 138, p. 3953.
Metal
$0.81
Minneapolis St. Paul & Sault Ste.
Secretary; A. C. Milne, Treasurer.
Net
$344,031
The Interstate Commerce Commission on
April 17 issued a certificate
permitting abandonment by the coreceivers of the company of the socalled
Montezuma branch line, extending from G. & M. Junction
southeasterly to
Montezuma, approximately 13.6 miles, all in Poweshiek County, Iowa.—
V. 142, p. 3002.
^
:
Marx Brewing Co.—Personnel—
was
1935
'-.S/v/-',
common stock (no par)
—V. 142, p. 1822.
Directors of this company met on April 22 and elected the
following
officers: Bernard P. Costello, Chairman of the Board and
Secretary of the
company; Edred B. Bass, President and general manager; Richard J. Lynch,
First Vice-President; Frank Armstrong, Second Vice-President and
Assistant
P.2329.
1936
$410,725
Minneapolis & St. Louis RR.—Abandonment—
Net income.
—V. 142. p. 2673.
common
Co.—Earnings—
3 Months Ended March 31—
Net profit after expenses,
depreciation, Federal taxes, &c
Earns, per share on 234,915 shares
$947,351
379,721
$601,525
496,912
26,106
4,458
...
charges
Amortization of debt discount & expense..Other income deductions
com¬
share previously each three months.
per
Midland Steel Products
Appropriation for retirement
the
Metropolitan Edison Co.—Removed from Unlisted Trading
$7,247,440
6,309,923
maintenance & all taxes—
on
The New York Curb
Exchange has removed from unlisting trading privi¬
leges the 1st mtge. gold bonds, series F 5%, due May 1, 1962.—V.
142,
p.
$7,349,561
6,245,916
-
Dec.
on
—V. 142, p. 2507.
Feb. 28, '35
$1,103,644
8,560
revenues
dividend of 10 cents per share
a
stock, no par value, payable June 1 to holders of record May 20.
Like payment was made on March 2 last and
compares with 15 cents paid
(& Subs.)—Earnings—
Feb. 29, '36
Group,
mon
Weber De Vore, chairman of the creditors' committee, told the court that
the members had unanimously favored the agreement plan and
expressed
the belief that liquidation would leave nothing for the creditors and stock¬
holders.—V. 142, p. 961.
Market Street Ry. Co.
Distributors
is
V1
The directors also declared
Mallinson property as security for loans and interest totaling about
$425,000.
The current assets of the company were reported to be about
$36,000 net,
which compares with $81,000 on Dec. 31.
It was argued that if the agree¬
ment did not go through the losses would continue. "
12 Months Ended—
underwriter
Dividends.—
the
on
principal
The directors have declared a participating dividend of 10 cents
per
share in addition to the regular quarterly dividend of 87
M cents per share
on
the no-par participating preference shares, both
payable June 1 to
holders of record May 20.
Similar payments were made on March 2
last and compares with participating dividends of 15 cents
paid on Dec. 2,
1935, and 25 cents paid on June 1, 1935, and on Dec. 31, 1934.
Mallinson
Fabrics Corp., which is the new sales company created during the
reorgani¬
zation proceedings: the Reconstruction Finance Corporation and E. Gerli
&
Co., Inc.
Gerli has deposited $200,000 was working capital for the new
company, in return for which it will receive its issue of preferred stock.
The RFC is involved by reason of the blanket mortgage it holds
only
,■
Prof.& loss, def.
per
Total
169,919,413 171.967,1781
Total
169,919,413 171,967,178
After deducting reserve for
equipment depreciation of $15,004,994
1935 and $14,546,581 in 1934.—V. 142, p. 3002.
x
n
Volume
Financial
142
Michigan Associated Telephone Co.—Accumulated Div.
.
The directors have declared
a dividend of $2 per share on account of
on the 6% cum. pref. stock,
par $100, payable May 15 to
holders of record April 30.
A dividend of 50 cents per share was paid on
Feb. 15 last and one of $1 per share in July, 1935, this latter being the first
dividend paid on the preferred stock since Feb. 15, 1933, when a regular
accumulations
quarterly distribution of $1.50 per share was made.
Accumulations after the payment of the current dividend will amount to
per share.—V. 142, p. 961.
$16
Michigan Steel Tube Products Co.—Dividend Increased
The directors have declared
a quarterly dividend of 25 cents per share on
stock, par $2.50, payable June 10 to holders of record
An initial dividend of 19 cents per share was paid on this issue
on March 10, last.
The company paid dividends of 25 cents per share on
the old no par common stock on Dec. 10 and Sept. 10, 1935. the latter
payment being the first made since Oct. 1,1931, when a dividend of 10 cents
was distributed.—V.
142, p. 2834.
the
new
common
May 30.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
[Including Wisconsin Central Ry.]
March—
Gross from
1936
Net from railway
Net after rents
1934
1933
$1,669,852
61,685
def204,466
$1,694,933
$1,391,764
5,460,973
349,952
def449.785
From Jan. 1—
Gross from railway.
1935
$2,059,076
347,039
59,934
railway.
Net from railway.*
Net after rents
4,532,614
def211,550
def864,935
4,777,302
4,038,171
314,567
def364,573
def458.815defl.198.592
Minnesota Power & Light
165,754
,
Period End. Mar. 31—
def111,918
expenses
1936—12 Mos.—1935
$5,736,233
2,549,898
$236,424
144
$5,363,881
2,454,973
$3,186,335
30
988
Other income
$265,186
143,047
$2,908,908
2,676
$236,568
143.683
$3,187,323
1,719,924
$2,911,584
1,730,697
y$122,139
y$92,885
Property retirement reserve appropriations
x Divs. applic. to
pref. stocks for period, whether
paid or unpaid
$1,467,399
405,000
$1,180,887
326,250
Balance
990,633
-
Balance
&
-V. 142, p. 2835.
Mohawk Hudson Power Corp.
Period End. Mar. 31-
990,522
$71,766 def$135,885
£ ividends property retirement reserve March 31, 1936, amounted to
Before accumulated and unpaid to appropriations and dividends,
$805,448, after giving effect to dividends of $1.75 a share on 7% preferred
on 6% preferred stock, and $1.50 a share on $6 pre¬
1, 1936.
Dividends on these
ferred stock, declared for payment on April
stocks are cumulative.—V. 142, p. 2835.
Gross income
Deduct, from gross inc..
$3,161,951
1,443,481
$3,279,228 $11,615,438
1,546,225
5,980,691
Balance
Divs. on pf. stks. of subs
$1,718,470
$1,733,003
552,115
552,115
income
Operating
1933
$726,055
638,467
Net oper. revenue
Tax accruals
$632,174
589,123
$604,360
552,244
$609,782
590,318
$87,587
27,888
expenses
$43,051
30,492
2
$52,116
34,229
Monsanto
Chemical
Co.—Rights for Additional Stock—
$60 a share on the basis of one additional share for each ten held.
The company has set May 15 as the record date for
shareholders to subscribe.
The subscription period will terminate June 4.
The issue has been under¬
written by a
banking syndicate headed by Edward B. Smith
Earnings
$12,558
$17,826
def $24,398
Patents & processes
864
345
297
Cash and securities
6.684
5,291
1,984
2,551
2,861
after reserves
Inventories
on
funded debt
Miscellaneous
7,860
Net deficit
$104,684
175,404
Sinking fund deductions.
$21,499
30,310
8,232
87,776
37,096
$25,446
35,542
8,413
def$18,690
37,668
8,254
105,887
7,803
97.008
22.456
$141,915
166,424
137,974
157,191
.
y
......
Mar. 31'36.
Liabilities—
«jj>
Preferred
$280,089
$308,340
3,685,082
x
American
5,165,089
116,356
128,062
220,109
Other investments 1,003,925
Deferred charges.
132,880
1935
Cash
79,857
Deposits
coups,
Traffic &
to
360,251
342,085
9,991,230
1,470,673
328,159
Accrued items
Estimated
702,184
143,192
89,821
102,500
102,500
24,878
15,060
car serv¬
from
772,055
and obsoletion..
for
and conductors.
5,336
Mat'ls and supplies
13,816
61,413
Interest receivable
21
21
ac¬
counts receivable
Working fund ad¬
"
828
vances
Other
808
10,717
6,955
23,230
deferred
assets
Unadjusted
debits
Miscell. accts. pay.
780
37.797
18,425
1,786
2,902
924
1,030
461,472
530,643
41,820
2,688,441
863,029
41,820
2,508,347
578,099
est accrued
liabils.
Other def. liabils..
Other
unadjusted
Add'ns
to
Total
142,
$8,887,621 $8,987,107
p.
res..
Total
$8,887,621 $8,987,107
3002.
(Electric Power & Light Corp. Subsidiary)
Period End. Mar. 31—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$452,770
$396,855
$5,221,530
$4,908,553
Operating expenses
308,862
287,980
3,554,950
3,317,564
.....
Rent
from oper
from leased prop.
rev.
$143,908
$108,875
$1,666,580
$1,590,989
609
488
Dr269
38
1,037
6,261
7,282
15,297
$144,555
74,318
$110,400
73,353
$1,672,572
886,231
$1,613,568
890,088
y$70,237
y$37,047
$786,341
380,843
(net)
Other income
(net)
Gross corp. income
Int. & other deductions.
Balance
Property retirement reserve appropriations
x Dividends
applicable to preferred stock
period, whether paid or unpaid
$723,480
351,657
for
S Before property retirement
403,608
403,608
$1,890
Balance
def$31,785
appropriations
reserve
and dividends,
ividends accumulated and unpaid to March 31,
1936, amounted to
$689,497. Latest dividend, amounting to $1 a share on $6 pref. stock, was
paid on Feb. 1, 1936.
Dividends on this stock are cumulative.—V. 142,
p. 2674, 2835.
Missouri & Arkansas
Ry.—Operation—
The Interstate Commerce Commission on April 22 issued a
certificate
authorizing the company to operate under trackage rights over tracks of
the Joplin Union Depot Co. and to use certain other facilities of
that com¬
pany at Joplin, Jasper County, Mo.—V. 142, p. 3002.
Missouri-Kansas Pipe Line Co.—Settlement
An
order
382,255
3,388,292
3,388,292
Total
8,582,446
7,775,075
x
Par $10.
Issue
274,051
..36,522,349
y
35,839,^65
Total
.36,522,349 35,839,665
On purchase of capital stock.—V. 142, p. 2835.
Utilities
Co.—Files
with
SEC—To
$12,500,000 Bonds and $2,450,000 Debentures—
The company on May 5 filed with the Securities and
sion a registration statement (No. 2-2148, Form
Exchange Commis¬
A-2) under the Securities
covering $12,500,000 of first mortgage sinking fund
bonds,
4H%. series A, due May 1 1956, and $2,450,000 of serial
debentures, due
serially May 1, 1937-May 1, 1943. The interest rate on the debentures is
to be furnished by amendment to the registration statement.
According to the registration statement, the net proceeds from the sale
Act
of
1933
of the bonds and debentures together with other funds will be
applied to
the redemption of the entire outstanding funded debt of the
company
follows:
as
Mississippi Power & Light Co.—Earnings—
Net
Earned surplus...
Montana-Dakota
prop.
through surplus.
Sinking fund
surplus.__
Surplus acquired fr.
inter¬
Deficit
-V.
Paid-in
13,040
66,395
payable..
curr.
234,298
372,856
pred. cos
16,607
credits
6,760
gencies
48,727
8,456
42,939
Other
234,298
Reserve for contin¬
car serv
Unmatured
548.677
565,134
for
exchange
fluctuation.....
Interest pay. Jan.l
2C502
18,002
59,316
Miscellaneous
578,807
562,024
reval.
of property, &c.
Audited accts. and
wages
7,785,576
con¬
tainers...
1934
814,159
7,994,808
Reserve for deprec.
$326,615
1935
balances payable
agents
426,333
income
taxes
Reserve
Capital stock
$3,940,000 $3,940,000
Long-term debt... 2,251,200
1,677,300
Loans & bills pay.
225.000
750,000
Traffic &
sub..
9,991,230
Accounts payable. 1,318,949
Res.
Liabilities—
pay
due Jan.l
ice balances rec.
Due
1934
$8 582,044 $8,668,341
1,940,000
Com. stock Mon¬
santo Chem. Co.
238,109
con¬
cos...
Balance Sheet Dec. 31
Assets—
Investment
1,940,000
Minority interest in
2,794,106
$178,302
148,313
$295,165
...
3,246,014
Reserve for
Deficit
$
of
2,776,175
5,282,158
employees
struction
Dec. 31'35.
$
shs.
British sub
1
Due from off. and
Investment in
,
Dec. 31'35
Notes & accts. rec.
1,393
$68,951
33,801
8,179
123,795
$3.95
b After deducting minority interest and
property23,744,731 22,983,840
7,339
1,355
Gross income.
$4,111,122
999,123
$0.96
Consolidated Balance Sheet
$
579
Equipment rents
Joint facility rents
$925,324
959,554
$1.03
Mar. 31'36.
$59,677
Miscellaneous
Int.
share
•
Plant and
Operating income
Equipments rents
Joint facility rents
per
a Before
subsidiary dividends,
preferred dividend requirements.
A ss ctS"'
& Co.
•3 Mos. End. Mar. 31— *12Mos.End.
1936
1935
Mar. 31,'36
Period—
88
22
year
pro rata at
$19,464
43.774
61
Uncoil, railway revenue.
$3,426,284 x$3,143,691
Edgar M. Queeny, President, announced on May 6 that subject to
regis¬
tration with the Securities and
Exchange Commission becoming effective
May 11, 101,310 shares of common stock will be offered to stockholders
b
1932
6,285,980
$5,352,154
2,208,462
x
Changed to give effect to major adjustments made later in the
1935.—V. 142, p. 2674.
Net profit after depreciation, Fed¬
eral taxes and other charges
$1,032,852
Shares common outstanding
999,123
1934
$117638^134
$5,634,747
2,208.462
$1,166,354 x$l,180,888
a
Mississippi Central RR.—Earnings—
1935
1936- 12 Mos.- 1935
$3,276,459 $11,599,874 $11,615,500
2,769
15,564
22,634
stock, $1.50 a share
Calendar Years—
Gross operating revenue-
(& Subs.)—Earnings—
1936—3 Mos.— 1935
Operating revenues
.$10,131,722 $10,236,426 $39,434,036 $38,401,718
Oper. rev. deductions...
6,974,967
x6,959,966
27,834,161 x26,786,218
Net
.
3179
Gas
Operating income—. $3,156,755
Non-oper. income, net..
5,196
$265,156
.
Columbia
Electric Corp. for settlement of the "Mokan s '
claims against the latter two.*
The Chancellor's order states it appears the
acceptance of the offer
will be a final settlement of differences and
disputes between "Mokan"
and the Columbias.
The offer is approved as fair and reasonable and in the best
interests
of the
receivership estate.
May 2© is the date set for hearing to determine
how many shares of the common stock of Panhandle Eastern
Pipe Line
Co. "Mokan" receivers shall be authorized to sell to
raise money to pay
claims, administration fees and expenses.
Claims for allowances are to
be filed with the Chancellor on
May 29.
The petition for acceptance of the offer was submitted
by Arthur G.
Logan of Wilmington.
Also upon petition of Mr. Logan, Chancellor
Wolcott appointed George C.
Bering Jr., Wilmington attorney, as special
master to hear claims.
One of the points in the accepted offer of the
Columbia, considered ad¬
vantageous to "Mokan" stockholders, is that 80,000 shares of Panhandle
Eastern Pipe Line Co. shall be first tendered to the "Mokan"
stockholders,
and thereafter taken
up by Columbia Oil & Gas to any extent not pur¬
chased by stockholders and to
any extent that "Mokan" stockholders
do not exercise their
rights to subscribe, the same shall be subscribed by
Columbia Oil & Gas and "Mokan" can
repurchase at $25 a share, plus
6% interest from the date of purchase from Columbia Oil & Gas.
The
purchase right of "Mokan" shall not extend beyond Dec. 31 next
year.
def360,949
Co.—Earnings—
1936—Month—1935
$473,177
$424,159
208,021
187,735
revenues
and
def99,404-
[American Power & Light Co. Subsidiary]
Operating
Operating
Chronicle
Offer—
signed April 29 by Chancellor Josiah O. Wolcott, Wil¬
mington, Del., directing Henry T. Bush and C. Ray Phillips, receivers
for the company, to accept tne offer of Columbia Oil & Gasoline
Corp.
was
$7,498,000 Montana-Dakota Power Co. 1st mtge. 5gold bonds, series
of 1929 (extended), due Jan. 1, 1944, to be
redeemed July 1.
1936, at 101)4 and int.
3,823,500 Minnesota Northern Power Co., Montana-Dakota Utilities Co
and Gas Development Co. 1st mtge.
6% gold bonds, series of
1930 (extended), due April 1, 194
to be redeemed Aug. 1.
1936, at 101H and int.
Northwest States Utilities Co. 1st mtge. 6% bonds, series B, due
June 1,
1945, placed as collateral to bank loans totaling
$665,750, which
will be paid and the bonds being held in the
treasury will be
,
CcLIlC0l6Ci
$796,800 Montana Cities Gas Co. 1st mtge. 7% sinking fund gold bonds
series A, due Nov. 1, 1937, to be redeemed Nov.
1, 1936, at
101
and int.
228,500 Consolidated Utilities Co. 1st mtge. 6% gold bonds, series
A,
due March 1,1946, to be redeemed Sept. 1, 1936, at 105 and int.
160,000 Bowdoin Utilities Co. 1st mtge. 6% gold bonds, due Feb.
1.
1945, to be redeemed Aug. 1, 1936, at 103 and int.
396,000 Black Hills Utilities Co. 10-year 5%% gold notes, due
July 1.
1938. to be redeemed July 1, 1936, at 101 and int.
230,000 Montana Cities Gas Co. 10-year 7% gold debentures, due
Nov. 1, 1937, to be redeemed July 1, 1906, at
par and int.
665,750 to pay on the closing dates notes payable to banks, due March 31.
1937, to March 31, 1939.
The proceeds will also be applied to the payment of unsecured
bank loans
in the amount of $120,000 and to replenish the
working capital of the
company for funds dispersed to pay for treasury bonds
acquired before
March 31, 1936.
The 4?^% bonds are redeemable in whole or in part at the
option of the
company after 30 days' notice at the following prices plus accrued int.:
If red. on or before May 1, 1940, 104%; thereafter and incl. May
1, 1944,
103%; thereafter and incl. May 1, 1948, 102%; thereafter and incl. May 1.
1952, 101%, and thereafter at par.
H
The serial debentures are redeemable as a whole or in part on the first
day of any calendar month prior to maturity after 30 days' notice at par
redemption?date plus a premium equal to 3^ of 1 % for each full
year and part thereof between redemption date and maturity.
Field, Glore & Co. of Chicago, 111., is the principal underwriter.
and int. to
Financial
3180
The price to the public, the names of other underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.—V. 142. p. 2330.
(& Subs.)—Earnings—
Montana Power Co.
[American Power & Light Co. Subsidiary]
Period End. Mar. 31—
Operating revenues
Operating expenses
1936—Month—1935
1936—12 Mos.~ 1935
$1,107,480
$966,741 $11,569,695 $9,404,109
490,596
449,669
5,790,198
4,812,865
9,829
$5,779,497
48,437
$4,591,244
126,181
$516,901
207,892
$5,827,934
2,491,758
$616,884
2,212
$507,072
Gross corp. income
Int. & other deductions.
$619,096
207,553
revs,
Morse Twist Drill & Machine Co.—-Larger Dividend—
declared a dividend of $1.25 per share on the capital
15 to holders of record April 30.
This compares with
$1 per share paid in each of the two preceding quarters and 50 cents per share
paid each three months from May 15, 1934, to Aug. 15, 1935, inclusive,
and on May 15, 1931.—V. 141, p. 3079.
The directors have
stock, payable May
Munson
The final
y$309,009 $3,336,176
Property retirement reserve appropriations
670,003
z Divs. applic. to pref. stock for period, whether
$2,182,867
552,210
956,193
$1,709,980
$675,350
paid or unpaid
(G. C.) Murphy Co.—Sales—
Before property retirement reserve appropriations and dividends,
z
Regular dividend on $6 preferred stock was paid on Feb. 1, 1936.
After
the payment of this dividend there were no accumulated unpaid dividends
at that date.
Regular dividend on this stock was declared for payment
on May 1, 1936 —V. 142, p. 2835.
y
Montgomery Ward & Co.,
Inc.—Sales—
1936
1935
1934
1933
$17,854,609 $17,904,886 $15,421,893 $10,131,891
24,844,596
22,783,089
18,312,477
11,263,374
30,402,667 25,571,012 20,872,132
15,665,586
Month of—
February
March
April.
—V. 142, p. 2508.
Morris Finance
Co.—Earnings—
Earnings for the 3 Months Ended March '31, 1936
Gross income from
3,001,322
April
$176,125
operations
68,756
Operating expenses
$107,369
operations
Other income credits (incl. $1,500 proceeds from sales of secur¬
ities not carried as an asset)
Net income from
1,520
inc. & excess prof, taxes._
Int., commissions & prov. for Fed.
28,820
$80,069
8,750
Net income
Cash dividends paid on preferred stock—
dividends paid on common stock.
10,500
Cash
x$506,351
Gross surplus
x
Capital, $118,735; earned, $387,615.
Condensed Balance Sheet
Assets—
Mar. 31 *36 Dec. 31'35
.
deposit..
$446,959
Repossessed autos.
4,054,766
2,119
23,080
Cash
$572,270
receivable-. 4,278,078
on
Notes
Accts. receivable.
5,193
13,434
.
7,820
9,697
trust notes
receivables purch
Acer.
&
taxes,
75,240
72,182
126,945
88,850
221,257
Common cap.stock
Capital surplus
Earned surplus
$4,950,854 $4,609,987
500,000
X350.000
118,735
326,796
$4,950,854 $4,609,987
Total
stock, par $50, and 10,000 shares
class B stock, no
Motor Wheel
outstanding shall be 465,000 shares.
common
of 5 % cumulative preferred stock will be issued and out¬
The 40,000 shares
standing upon surrender of subscription certificates for these shares by
the holders thereof.
The 449,814 shares of common stock will be outstand¬
ing upon completion of the exchange of 3 shares for each share held by com¬
mon stockholders on Feb. 19, 1936.
>y
The 15,000 shares (or less) of comhion stock are to be issued and out¬
standing pursuant to the privilege given common stockholders of record on
Feb. 19, 1936, to subscribe on or before April 3, 1936, to 1 share of common
stock at $30 per share, for each share held on the record date.
The addi¬
tional shares of common stock are to be outstanding on or before Dec. 31,
directors
stock,
This compares
and Sept. 10,
made.
Gross earnings
1936
$646,848
97,019
Other income
Total income
Expenses, &c
Federal taxes
Depreciation
Corp.'s proportion of net
__ng
$743,867
194,335
63,252
116,266
1934
1935
1933
$530,732
$537,931
loss$9,450
40,850
23,184
18,248
$561,115
J 56,137
12,584
106,172
$8,798
111,855
17,051
20,211
.
$571,582.
152,930,
39,708
106,485
73.2%
over
April last year.—V. 142, p. 2508.
Nashville Chattanooga & St. Louis
Traffic Statistics
$370,014
$258,124
Earnings per share
$0.43
$0.30
Net income for the 12 months ended March 31,
$269,171 loss$227,578
$0.32
Nil
1936, was $1,199,869,
equal to $1.41 a share.
April broke all our previous records in wheel shipments
and it appears at this date that May production may equal April," H. F.
Harper, President, said.
Current assets as of March 31, 1936, including $960,426 cash, amounted
to $4,798,691, and current liabilities were $1,.02,484.
This compares
with cash and U. S. Treasury bills of $1,136,414, current assets of $4,156,276
and current liabilities of $1,252,322 on March 31,
1935.
Inventories
amounted to $2,413,876 against $1,969,844.
Total assets on March 31
last aggregated $11,017,071, comparing with $10,555,876 on March 31,
1935, and surplus was $5,437,607 against $4,978,581.—V. 142, p. 1128.
"The month of
Motherlode Development Corp.—Registers
first page of this department.
_
for Calendar Years
1935
1934
1933
$9,976,899 $10,507,806 $10,391,187
951,446
884,604
763,816
603,881
600,984
591,308
346,210
321,982
238,491
425,054
418,325
396,286
Operating Revenues—
Freight
Passenger
Mail
Express
Operating Expenses—
Maint. of way & struct.
Maint. of equipment
$1,639,943
2,927,650
692,499
Traffic
5,113,813
Transportation
78,958
675,603
Miscellaneous
Crl ,478
.
Operating expenses...$11,120,990
Net
from ry. oper..
rev.
Mountain States Power
1,182,501
455,152
* 2,031
Tax accruals
Uncollectible
$725,318
Operating income
Non-Oper. Income—
_.Dr$369,209
212,489
5,002
Misc. physical property.
58,116
Separately operated prop¬
1,779
erty, profits
78,579
Inc. from funded secure
Inc. from unfund. secure.
34,482
Dividend income
8,680
.
,
$3,323,095
2,235,882
$1,087,212
248,096
Other income.
Appropriation for retirement reserve.
Interest on funded debt
$2,999,244
2,099,841
$899,403
241,325
$1,335,309
$1,140,728
300,000
219,279
Amortization of debt discount
(net)
Other income deductions
Other interest
& expense.
$134,180
$921,449
12,000
505,279
-
—
—
—
2,620
1,835
8,266
$1,245,086
$1,223,410
$788,976
Dr$435,893
Dr$428,495
Dr$377,179
184,640
5,005
55,071
236,819
5,012
70,356
339,610
5,067
88,986
1,233
78,746
54,624
8,680
68,276
—
364,552
5,041
44
49
$1,277,521
$1,149,454
oper. prop
10
10
Rent for leased roads
806,506
806,506
1,969
806,506
806,506
12,984
Deductions—
Separately
216
151
202
145
50,255
687,066
2,712
38,593
697,656
6,260
43,455
708,246
9,469
52,182
718,836
5,970
$1,546,765
791,460
$1,549,176
351,939
$1,569,847
292,326
$1,583,639
434,185
Miscellaneous rents
Miscell. tax accruals
Interest
Int.
on
on
funded debt.
unfunded debt..
Total deductions
Net loss
General Balance Sheet Dec. 31
1935
$
1935
Liabilities—
Capital stock
Prem. on cap.
33,455,222
18,344,624 18,081,566
Grants
<
544,261
Inv. in affil. co.„ 1,126,415
Other investments 1,697,301
Cash
937,661
Time drafts & dep. 1,260,000
5,717,844
585,464
1,172,808
1,700,546
671,821
1,850,000
6,020
56,612
Special deposits.
.
10,060
56,891
139,716
ceivable
181,775
148,112
487,474
1,372,195
wages
payable..
Traffic &
757,438
1,019,795
240,723
11,289
2,020
231,210
66,344
1,540
car serv.
balances payable
Misc. accts. pay..
Dividends matured
Funded
190
debt
ma¬
108,706
Unmat. Int.
._
accr..
405,631
Other current liab.
Deferred liabilities
25,282
1,838
12,704
69,112
12,454
69,866
1,381,673
1,313,237
Other curr. assets.
Working fund adv.
Other def. assets..
debits
0
Audited accts. and
1,520,916
22,856
2,174
Int. and divs. rec.
Unadj.
of
9,097
2,083
17,040,000 17,246,500
tured unpaid.
due from
agents & conduc.
aid
construction
Funded debt
unpaid
rec
Mat'l & supplies..
$
25,600,000 25,600,00
stk.
10,480
10,480
Int. matured unp'd
Loans and bills re¬
Net bal.
In
1934
$
1934
S
Assets—
Invest—Road ...33,027,594
Tax liability
Accrued
4,000
282,700
27,702
207,227
298,545
286,429
19,814
208,868
23,469
deprecia¬
tion—Equip ...10,895,316
dep.—Misc.
24,139
Oth. unadj. credits 1,789,244
Acer.
10,545,765
40,070
1,660,069
Additions to prop.
through income.
$34,575
Feb. 28, 1935, provision for amortization of
debt discount and expense and as to year ended Feb. 29, 1936, before pro¬
vision for amortization of discount and expense on first mortgage bonds.
54,627
89,109
$1,197,237
Miscell. accts. rec.
12,000
495,556
2,850
385,275
5,447
$11,048,705 $10,793,231 $10,151,895
1,684,997
1,587,857
1,203,221
437,291
362,612
405,979
69
balance
$1,035,309
Rent for lease of electric property
642,472
Cr4,195
$1,598,448
2,455,855
676,981
4,713,696
55,141
656,728
Cr4,954
$755,305
Gross income
Traffic & car serv.
inc. (before approp. for
$1,724,819
3,041,455
644,117
4,683,974
60,589
$1,664,934
2,958,770
656,190
5,030,588
68,763
674,526
Cr5,066
182,786
63,768
2,813
railway property 5,764,375
Feb. 29 '36 Feb. 28 '35
Operating revenues
Operating expenses, maintenance & all taxes
Net oper. rev. & other
Joint facility rents, &c__
Inc. from lease of road.
Misc. phys. prop..
Co.—Earnings—
12 Months Ended—
1932
$9,250,963
919,629
599,746
242,313
342,464
$12,303,492 $12,733,701 $12,381,088 $11,355,116
Ry. oper. revenues
Equipment
Impt.
on
leased
with SEC—
See list given on
1932
1933
1934
1935
1,203
1,203
1,203
1,174
285,398
367,305
565,326
643,001
carried.
38,780.705
41,447,105
50,917.374
No.ofrev.pass.carr. lm. 53,936,824
$3.22
$2.08
$1.56
$1.48
Average rev. per pass—
2.37 cts.
1.84 cts.
1.74 cts.
1.77 cts.
Aver. rev. per pass, mile
3,903,180
4,325,272
4,493,650
Tons of rev. frt. carried.
4,234,381
Tons rev. frt. carr. 1 mile794,319,010 848,010,679 850,543,204 740,393,369
$2.37
Average rev. per ton
$2.36
$2.34
$2 .40
1.249 cts.
Aver. rev. per ton mile.
1.256 cts.
1.239 cts.
1.222 cts.
No. of rev. pass,
.
104,311
Ry.—Annual Report
•Years Ended Dec. 31
Average miles operated.
Miscellaneous income
14,335
Co.
Netprofit
*
Shipments of this company in April were the largest for any month
since October, 1930, and for any April since 1929.
In the month just ended
the company shipped 7,012 cars, an increase of 25.3% over March and of
Hire of equipment
Quar.End. Mar. 31—
'
2508.
Co.—April Shipments—
Transportation for inv.
Corp.—Larger Dividend—
issued and outstanding
1936, so that the total number of common shares
shall be 465,000 shares.—V. 142, p.
General
have declared a dividend of 25 cents per share on the
par $5, payable June 10 to holders of record May 20.
with 20 cents paid on March 10, last; 15 cents on Dec. 10
1935, and 12
cents paid on June 10, 1935.
This latter
payment was the first made since Dec. 19, 1931 when 12 3^ cents per share
was also paid.
A dividend of 25 cents was paid on Sept. 10 and June 10,
1931, while on March 10, 1931 a distribution of 373^ cents per share was
The
common
be sold and issued, at such prices and to
decide, so that the total number of
1936, that from time to time may
such individuals as the directors may
Miscellaneous
7% cum. pref. stk.
(par $100)
Represented by 5,000 shares class A
par.—V. 142, p. 1478.
165,603
83,435
192,685
500,000
350,000
118,735
387,615
dealers.
Reserve for losses.
x
Exchange has authorized the listing of 40,000 shares
cumulative preferred stock (par $100). on official notice of issuance;
449,814 shares of common stock (no par) on official notice of issuance, and
15,000 shares (or less) of common stock, on official notice of issuance on
or before April 30, 1936, upon the exercise of rights by stockholders, and
such additional shares, on official notice of issuance on or before Dec. 31,
excise
17,925
1,628,753
Listing—
The New York Stock
Income Account
est
1,313,762
2,060,363
of 5%
Fed., ^tate,
Unearned income.
Total.
Dec. 31*35
$3,091,400 $2,808,000
Accounts payable.
64,731
48,126
Fds. withheld from
on
comm.
Mar. 31'36
payable
local
Prepd.int.on collat.
Prepd.
Liabilities—
Collat. trust notes
2.246,132
2,575,710
year ago.
$60,819
445,531
Surplus for the period.
Surplus, Jail. 1, 1936...
•
had 190 stores in operation on April 30, as against 186
The company
Nash Motors
$108,890
Gross income
1933
$1,129,575
1,222,990
2,266,253
2,320,436
March
1934
$1,554,500
1,584,436
1935
$1,803,350
1,890,864
1936
$2,003,071
2,310,918
Month o/—
January.
February
a
Balance
gold debentures due
file proof of claim in connection with proceedings for the
reorganization of this company has been extended from April 30, 1936,
to May 30, 1936.
-
955,307
y$411,543
Balance
Steamship Line—Time for Filing Claims—
date within which holders of the 6 H%
Jan. 1, 1937, may
$4,717,425
2,534,558
from oper
Other income (net)
Net
May 9, 1936
Chronicle
Profit & loss bal._
414,401
8,742,096
411,602
9,612,163
Before, as to year ended
—V.
142, p.
2508.
Total
-V.
66,356,418 66,986,389
142, p. 2330.
Total
66,356,418 66,986 389
Volume
f
142
Financial
National Dairy Products Corp.—Bonds Called—
The company through
Goldman, Sachs & Co., fiscal agents, is notifying
holders of its 5 M % gold debentures due 1948
that it has elected to redeem
and pay on June 4 next all
outstanding debentures of this issue at 102 % %
and interest to the redemption date.
The payment will be made through
Goldman, Sachs & Co.
Holders who desire to present their bonds for pay¬
ment at an earlier date will receive the full
redemption price with interest
accrued to June 4 on such debentures so
surrendered less bank discount at
the rate of M of 1%
per annum from the date of surrender to June 4.
Listing of Bonds—
The New York Stock
Exchange has authorized the listing of $62,545,500
3%% debentures due 1951, with common stock purchase warrants attached,
and 625,455 shares of common stock
(voting), no par value, authorized for
issuance agains the exercise of the warrants attached to the
debentures,
making the total listing of common stock applied for, 6,888,620 shares.
See also V. 142, p. 2508, 2836.
National Lead
Co.—Listing—
The New York Stock
Exchange has authorized the listing of 3,098,310
shares of common stock (par
$10), on and after April 16, in substitution
for the 309,831 shares of common
stock, (par $100), presently outstanding
(including 321 treasury shares), pursuant to a reduction in the par value of
the common stock.
of the
The stock
stockholders.—V.
142, p.
National Rys. of
split 10 for 1
was
on
April 16 by authority
2675.
Mexico—Earnings[Mexican Currency]
Period End. Feb. 29—
Railway
oper. revenues.
Railway
oper. expenses.
& uncollec. rev.
Tax
accr.
24
126,281
437,088
Deductions
Net oper. income
Kilometers operated
241,963
884,138
$1,851,863
11,287,417
11,289,417
$2,576,237
11,289,017
$4,243,988
11,287,417
1935
$5,223,621
817,769
490,220
547,999
902,330
516,301
394,191
Interest
Federal income taxes
Net profit
Shares capital stock (par $25)
Earnings
per
$2,377,145
2,156,977
$1.10
share
$3,367,633
2,155,777
$1.56
Inclades income from interest and dividends.
Earnings for 12 Months Ended March 31
1936
Net profit after charges and taxes
Earnings per share
—V. 142, p. 1995.
Calendar Years—
1935
1934
$741,349
946,910
Balance, deficit
1933
$1,612,246
1,007,247
Net earn, after taxes. loss$205,561
Dividends paid
1,158,200
capital
3.60
Refining Co. of N. J. (& Subs.)—Earns.
Deprec., int. & taxes...
of
$7,776,021
4.70
Gross earnings.
Shares
1935
$10,145,964
*
National Sugar
$1,363,761
1932
$2,702,248
1,355,159
$604,999
1,158,200
$2,789,324
1,375,515
$1,347,089
1,220,560
579,100
Earn.persh.oncap.stk.
Nil
$1.04
$1,413,809
1,200,000
579.100
600,000
$2.35
$2.32
Consolidated Balance Sheet Dec. 31
1935
1934
$
$
1935
$
15,476,962 15,986,877 y Capital stock...14,477,500
14,477,500
1,424,404
1,088,800 Warner Sug. Ref.
Accts. & notes rec. 2,193,883
Co. 1st 7s
4,427,887
2,259,400
Inventories
6,236,476
4,273,499 Serial notes pay'le,
Cash in closed bks.
20,449
26,776
1937-140
1,260,000
Cash in sink. fund.
160,500 Accounts payable. 1,161,200
1,787,834
Mlscell. Invest
l,57l"l40 2,097,475 Notes payable
1,500,000
Deferred charges..
324,415
313,216 Accrued Int., &c__
10,741
13,179
Federal taxes
143
65,540
360,000
Dividends payable
289,550
General reserve
353,102
Earned surplus
7,835,493
9,199,254
Ser.
notes
pay'le
(current)
27,247,730 28,375,031
289,550
282,773
....27,247,730 28,375,031
depreciation,
y Represented by 579,100 shares (no
par) after
deducting 20,900 treasury shares carried at $522,500.—V. 141,
p. 3698.
National Tea
Co.—Earnings—
Mar. 28 '36
Net
Mar. 23 '35 Mar. 24 '34
earnings after int.,
deprec. & Fed. taxes.. loss$22,632
Shares
com.
stock
$87,192
$339,832
629,500
$0.15
628,250
Earnings
Mar. 25 '33
$118,875
644,953
$0.10
627,736
$0.51
out¬
standing (no par)
per share
—V. 142, p. 2509.
Nil
(J. J.) Newberry Co., Inc.—Sales—
Month of—
1936
$2,446,502
2,752,292
2,968,868
3,690.855
January
February
March.
April
,
1934
$2,345,084
2.528,594
3,021,004
3,521,592
$2,360,766
2,294,272
3,329,179
2,876,783
1933
$1,883,121
1.976.225
2,117,309
2,710.174
Neisner Brothers, Inc.—Sales—•
Month of—
1936
$1,086,449
1,207,599
1,334,294
1,780,122
March
April
1935
1934
$993,887
1,053,897
1,335,358
1,565,392
$984,596
988,901
1,562,651
1.300,759
—V. 142, p. 2675.
Nevada-California Electric Corp.
(&
Period End. Mar. SI—
Gross oper. earnings
Oper. & gen.exp. & taxes
1933
$793,048
831,719
924,977
1,278,039
Subs.)—Earnings
1936—Month—1935
1936—12 Mos—1935
$446,751
$414,730
$5,501,465
$5,152,911
224,381
235,150
2,628,371
2,852,752
$222,370
4,309
$179,580
12,508
$2,873,094
67,288
$2,300,159
Total income
Interest.
$226,679
112,566
49,589
8,045
$192,089
120,957
$2,940,382
1,400,290
615,757
99,772
$2,419,795
Depreciation
Disc. & exp.on sees, sold
arising
tirement
of
from
bonds
51,308
8,601
re¬
45,292
146,707
121,826
9,407
Cr3,757
30,906
22,839
$42,960
>,271
$940,362
$334,968
ductions
National Transit
directors
1,463,160
617,968
102.685
loss4,109
Surplus avail, for re¬
demption of bonds,
dividends, &c---—
—Y 142, p. 2330.
have
$519,219
230,234
$527,245
241,392
$5,392,357
2,868,435
$5,233,438
2,888,437
Balance
y$288,985
y$285,853
$2,523,922
Property retirement reserve appropriations
2,124,000
z Dividends
applicable to preferred stock period.
whether paid or unpaid.
544,586
Deficit
$2,345,001
2,124,000
544,586
i
$144,664
$323,585
y Before
property retirement reserve appropriations
and dividends.
J Dividends accumulated and unpaid to March 31, 1936, amounted to
$1,701,831.
Latest dividend, amounting to
87]^ cents a share on $7
preferred stock was paid
April 1, 1933.
Dividends on this stock are cumu¬
lative.—V. 142, p. 2675.
New York
Chicago & St. Louis RR.—Earnings—
General Statistics for Calendar Years
1935
1934
1933
37,919,302
202,131
47,739,896
50,961,281
2.11 cts.
210,182
40,305,646
1.90 cts.
1.84 cts.
2.28 cts.
Passengers
carried
Pass, carried one mile.__
Rate per pass. per mile.
188,523
_
Revenue freight (tons)..
Rev. frgt. (tons) 1
1932
201,839
17,446,892
16,073,564
14,385,629
12,684,974
mile.3596485000 3459867,000 3126113,000
2824682,000
rating Income—
Freight
Passenger
1935
1934
1933
1932
$32,221,852 $31,087,824 $28,541,586 $27,074,976
800,315
909,186
938,311
920,170
447,387
438,382
410,529
477,672
773,959
708,472
757,080
685,649
Mail and express
Miscellaneous
Total ry. oper.
rev...$34,243,513 $33,143,864 $30,647,506 $29,158,468
Operating Expenses—
3,557,669
3,511,252
2,999,054
3,560,538
4,999,433
4,899,700
4,652,729
4,967,751
1,274,760
1,205,126
1,144,768
1,281,916
Transportation expenses 11,797,651
11,636,920
10,581,804
10,843,056
Miscell. operations
19,038
23,867
71,885
90,584
General expenses
1,475,838
1,474,322
1,354,044
1,464,312
Transp. for invest.—Cr_
17,204
58,931
Maint. of way & struc..
Maint. of equipment
Traffic expenses
69,326
101,428
Total ry. oper
exps..$23,107,185
Net rev. from ry. oper..
11,136,328
Railway tax accruals
1,334,324
Uncollect, ry.
$22,692,256 $20,734,958 $22,106,727
10,451,608
9,912,548
7,051,741
1,676,057
1,641,606
1.970,186
8,063
4,767
6,294
9,059
revenue._
Railway oper.income. $9,793,941
Equip, rents (net deb.)_
2,574,692
Jt. facil. rents (net deb.)
459,703
Net ry. oper. income.
58,770,784
2,779,655
481,702
$8,264,649
2,612,692
435,069
$5,072,496
2,429,644
501,699
$6,759,546
1,890,945
$5,509,427
2,079,549
$5,216,887
1,421,961
$2,141,153
1,428,273
Gross income
Total deductions
$8,650,491
7,534,562
$7,588,976
7,530,342
$6,638,849
7,844,485
$3,569,426
7,979,860
._
-
Net income
Inc. applied to sink, fd—
Balance, deficit
Co.—Larger Dividends—
declared
a
$1,115,929
99,000
sur$l,016,929
$58,63r41oss$12056361oss$4410434
99,875
98,779
98,116
$41,241
$1,304,415
$4,508,550
General Balance Sheet Dec
31
.
1935
Assets—
Investment in road & equipment
Improvements on leased railway property
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
Investments in affiliated companies
Cash in transit
Scrip certificates & tax warrants
Cash deposits for account of RFC
Cash deposits to pay interest and dividends
Cash deposits to retire funded debt
Cash deposits—miscellaneous
Secure, deposited as bond in appealed
judgmentsUndistributed Chesapeake Corp. stock
Loans and bills receivable
Traffic & car service balances receivable
Net balance receivable from agents & conductors.
.
Miscellaneous accounts receivable
Material and supplies
Interest & dividends receivable
Other current assets-—
Rents & insurance premiums paid in advance
Other unadjusted debits
92,445
74,483
1,366,103
10,071,284
29,968,576
1,895,079
213,464
106
997,939
330,458
3,000
42,006
45,000
30,691
15,357
525,608
595,705
1,380 i624
1,112,039
346,707
4,319
534,567
9,092
331,383
7,000
51,432
62,000
•,
56,627
18,583
553,161
567,185
1,569,974
1,370,897
361,707
5,936
1,006,731
7,221
2,164,186
286,942,900 287,018,960
Liabilities—
Common stock—
33,742,734
6% cumulative preferred stock, series A
Stock liability for conversions.
Premium on 6 % cum. preferred stock, series A
Governmental grants in aid of construction,
Funded debt-
4,008,371
1,686,106
1,300,894
40,442
432,230
36,178
5,250
Traffic and car service balances payableAudited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Deferred liabilities.
Profit and loss
-
-
200,724
15,822
158,566,587 159,694,587
1,216,477
6,335,000
-
Unadjusted credits.
Additions to property through income & surplus.
Funded debt retired through income & surplus
33,742,734
36,053,726
34,100
36,053,726
34,100
200,724
14,333
Non-negotiable debt to affiliated companies
Loans and bills payable
-
$
92,756
83,983
1,354,851
10,023,468
29,968,576
2,395,696
237,145
2,260,038
Total
Total.
1934
^
234,553,275 235,203,394
Other investments
Cash in treasury
.
2,128,062
82,174
77,901
20,492,591
260,452
1,183,039
25,380,529
4,194,082
1,618,584
1,253,551
131,041
326,441
36,177
10,750
1,819,369
53,958
275,252
20,115,990
252,901
1,084,038
19,770,129
286.942.900 287.018,960
(The) New York Edison Co., Inc.—Listing—
The New York Stock Exchange has authorized the
listing of $55,000,000
1st iien & ref. mtge. 3H% bonds, series D, due Oct.
1, 1965, which are
issued and outstanding.—V. 142, p. 3007.
New York State
dividend of 40 cents per share on
the
capital stock, par $12.50, payable June 15 to holders of record
May 29.
$5,216,721
16,717
Gross corp. income
Int. & other deduc'ns
—V. 142, p. 3006.
Other misc. add'ns & de¬
The
119,636
&
debentures
$5,347,536
44,821
Other current liabilities
Operating profits
Non-oper. earns, (net)..
Profit
Dr329
Deferred assets
1935
—V. 142, p. 2675.
January
February
$527,574
~
Total
After
12 Weeks Ended—
$517,891
1,328
1934
$
Liabilities—
Property acct
Cash, &c
x
x
Net revs, from oper'n.
Other income (net)
Total non-oper. income-
579,100
Total
Inc.—Earnings—
[Electric Power & Light Corp.
Subsidiary]
1936—Month—1935
1936—12 Mos—1935
Operating re venues
$1,450,306
$1,360,651 $15,887,086 $15,072,469
Operating expenses932,415
833,077
10,539,550
9,855,748
Period End. Mar. 31—
$553,201 sur$126,529 sur$213,809
stock
outstanding (no par).
Assets—
Sept. 15, 1932, and
share previously.—V. 141, p. 3387.
Results for Calendar Years
1936
$4,189,967
Depreciation and depltion
cents per
New Orleans Public Service
Subs.)—Earnings—
3 Months Ended March 31—
Profit after costs and expenses
x
93,427
415,810
142, p. 2508.
National Steel Corp. (&
x
quarterly payments of 25
24
71,856
195,383
$1,407,131
3181
This compares with 35 cents
paid on Dec. 16,1935; 40 cents paid on June 15,
1935; 35 cents on Dec. 15,1934; 40 cents on June
15,1934, and Dec. 15,1933;
35 cents on June 15,
1933; 20 cents paid on Dec. 15 and
1936—Month—1935
1936—2 Mos.—1935
$9,759,073
$8,594,768 $19,881,482 $18,380,423
8,041,135
6,619,354
16,663,069
13,814,027
Other income
—V.
Chronicle
Electric & Gas Corp.—Bond
Date Deferred—
The company has filed an amendment with the Securities and
Commission
Offering
Exchange
delaying the offering date of its $17,500,000 4% mortgage
1.
The offering previously had been set for
May 11.—
bonds to June
V. 142, p. 2675.
Financial
3182
New York Power &
Light Corp.—Earnings—
Operating income
$1,995,505
Drl,861
Non-oper. income, net-
$1,993,643
Deducts. from gross inc.
1,163,690
$2,069,645
$7,723,329
726
3,137
$2,070,371
1,194,197
$7,726,466
4,731,505
$7,294,286
12,439
$7,306,725
4,885,459
Net income
$829,953
x$876,173
$2,994,961 x$2,421,265
x
Changed to give effect to major adjustments made later in the year
1935.—V. 142, p. 2333.
New York & Long Branch
The dividend
1st mtge. 5%
1,650
banks
in
46,514
218,805
14,827
31,203
31,177
232,482
243,130
Service
&
working fund—
z
Due to Fed. Water
1,650
126,939
144,318
15,702
cost---
at
Cash
gold
bds., ser. A, due
Feb. 1,1958—.$3,820,000 $3,820,000
$7,350,753
Accts. & notes rec
Acer, unbilled rev.
cost...
cum.
pref.
(par $100).
6% cum. pref. stk.
(par $100)
96,558
stk
y
CI. A
com.
of
$3,705,452
-
$2,792,518
$9,620,825
$7,754,156
$7,961,396 $8,037,003
Total
1936—3 Mos.—1935
Operating revenues
Oper.rev.deductions
1936—12 Mos—1935
$19,926,758 $19,524,623 $76,460,668 $74,249,203
12,429,908 xll,907,763
48,609,903 x46,254,234
Operating income
$7,496,849
Non-oper. income, net-33,680
$7,616,859 $27,850,764 $27,994,969
x42,064
65,370
x270,723
Gross income
Deducts, from gross inc.
$7,530,529
2,858,005
$7,658,924 $27,916,135 $28,265,692
2,996,874
11,631,090
12,307,842
Balance
$4,672,524
Divs. on pref. stocks of
subsidiaries
2,968,525
$4,662,049 $16,285,044 $15,957,850
2,977,083
$1,703,998 x$l,684,966
11,879,196
11,935,586
$4,405,848 x$4,022,263
Changed to give effect to major adjustments made later in the
—V. 142, p. 2333.
■
x
year
Period End. Mar. 31—
Ohio Edison
Co.—Listing of Bonds—
The New York Stock Exchange has authorized the listing of
1st mtge.
Operating revenues
Oper. rev. deductions—
$1,233,689
818,733
Operating income
Non-oper. income, net—
$1,213,263
*801,541
$5,032,519
3,422,225
Earnings for Years Ended Dec. 31
1935
Gross earnings
Oper. expenses, incl. maint. & taxes.-
$414,955
1,056
$411,722
2,457
$1,610,293
7,261
$1,562,836
12,749
$416,012
241,985
$414,179
247,515
$1,617,555
974,061
$1,575,585
1,000,735
3,944,201
1,200,000
3,976,916
$3,452,051
1,866,882
718,400
Netincome.
Preferred dividends (all issues)
Common dividends
$3,269,833
1,866,880
1,149,536
$3,189,714
1,866,956
1,580,612
$174,027
x$166,663
x$574,850
$643,493
Changed to give effect to major adjustments made later in the
1935—V. 142, p. 2677.
x
'
year
1, 1933.
Balance Sheet as at Dec. 31
1935
1934
$
$
Liabilities—
.
incl
intangibles
Capital
161,566
136,700
19,874,700
2,349,800
$7 series
6,900,400
$7.20 series
409,600
$6 series—
$6.60
Operating revenues—..
Operating expenses
Rent for leased property
1936—Month—1935
$329,115
193,761
16,974
$346,095
205,022
17,158
344,630
3,456,500
notes
and int. receiv
1,353,942
202,689
843,710
1936—12 Mos.—1935
$3,932,995
$3,630,877
Accrd.
2,313,442
203,049
2,507,088
204,854
int.
curr,
Balance
(net—Dr.)
$118,380
$1,221,053
74
$123,915
637
299
$1,114,386
I 1,593
Contribs. for
$118,306
51,767
$1,220,754
590,216
$1,112,793
625,030
y$75,340
y$66,539
Property retirement reserve appropriations
z Dividends* applicable
to preferred stocks for
period, whether paid or unpaid
$630,538
260,000
$487,763
260,000
334,179
334,168
$123,278
47,938
Balance
Balance
$36,359 def$106,405
y Before
property retirement reserve appropriations and dividends,
z Dividends accumulated and
unpaid to March 31, 1936, amounted to
$1,128,165.
Latest dividend on 7% pref. stock was 88 cents a share paid
Jan. 3, 1933.
Latest dividend on 6% pref. stock was $1.50 a share paid
Oct. 1,1932.
Dividends on these stocks are cumulative.—V. 142, p. 2511
Ohio Bell
Telephone Co.—Earnings—
Period End. Mar. 31—
Operating revenues
Uncollectible oper. rev—
Operating expenses
Operating taxes
Net operating income.
1936—Month—1935
1936—3 Mos.—1935
$3,181,400
5.728
1,923,181
493,584
$2,899,945
8,644
1,802,925
370,011
$9,402,695
21,803
5,694,504
1,365,119
$8,633,628
$758,907
$718,365
$2,321,269
$2,045,205
26,236
5,453,251
1,108,936
distributed.
To Vote
on
employees at the joint expense of employer and employee.—V. 142, p. 2334
Inc.—Registers with SEC—
Ohio Water Service
12 Months Ended March 31—
revenues
Provision for uncollectible accounts.
Maintenance.
General taxes
Net earnings from operation
x
Other income
Gross corporate income
Interest
on
bonds
Miscellaneous interest
Amortization of debt discount & expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements & replacements
1935
1936
$507,451
164,278
11,520
27,031
56,909
$491,604
157,027
5,300
24,790
54,851
$247,710
27,081
$249,635
22,752
$274,791
191,000
572
10,648
$272,387
191,000
2,791
10,648
,—
Crl04
Feb. 29, *36 Feb. 28, '35
$11,495,947 $10,991,106
6,047,297
5,814,437
2,522
$5,176,669
14,675
$5,451,172
1,025,000
$5,191,344
1,025,000
$4,426,172
Net oper. rev. (before approp. for retire, res.)..
income
$4,166,344
2,226,111
200,000
2,230,020
$5,448,650
Other
Net oper. rev. & other income
for retirement reserve)
(before approp.
reserve
Gross income
Interest charges (net)
—
Amortization of debt discount & expense
Other income deductions
28,704
Net income
-Y.
200,000
26,270
$1,971,356
-
$1,710,053
142, p. 2512.
Called—
The Chase National Bank of the City of New York, successor trustee,
announced that $47,200 principal amount of first mortgage 6% gold bonds,
series A, due July 1, 1946, has been drawn by lot for redemption on July 1,
1936, at par and accrued interest together with a premium or 3 % %.
Bonds
drawn will be payable on that date at the corporate trust department of
the bank, 11 Broad St., New York City, or the Colonial Trust Co., Pitts¬
so
1449.
Ontario Tobacco
Plantations, Ltd.—Accum. Dividend
The directors have declared
a dividend of $3 per share on account of
cumulative preferred stock, par $100, payable
May 15 to holders of record May 1.
A like payment was made on May 1,
1935.—V. 133, p. 3639.
accumulations
on
the
7%
(& Subs.)- -Earnings—
1935
Maintenance and repairs
Depreciation
Gross profit
Selling, general and administrative
Net
$5,694,647
5,483,905
expense
operating profit
Other income (net)
.
Total income
Estimated Federal income tax
Net income—
...
Earned surplus at beginning of year
1934
$15,459,018 $17,924,925
8,628,150
13,172,955
423,795
433,426
712,426
737,006
Cost of sales
$3,581,638
5,523,354.
$2l0,7421oss$1941816
910,255
338,499
$1,120,997loss$1603317
—
10,000
...—
$l,110,9971oss$1603317
4,597,334
7,790,495
908
19,000
19",750
Total surplus
$5,708,331
$6,187,178
390,000
1,199,846
390,000
1,199,844
Earned surplus at end of year
$4,118,485
Earnings per share on 2,000,000 shares of common
stock, no par, outstanding
$0.36
$4,597,334
Preferred dividends
Net income
$52,663
$48,302
x Includes earnings of Ohio Lakes Recreation Go. to date of dissolution
Feb. 29. 1936.
Earnings for month of March, 1936 from fishing and boat¬
ing business formerly conducted by Ohio Lakes Recreation Go. inchujed
in "net earnings from operation."
310,161
2,817,961
Co.—Earnings—
Calendar YearsNet sales completed
Co.—Earnings—
1,014,985
60,832
5,622,358
148,995,796 126,730,673
Operating revenues
Operating expenses, maintenance & all taxes
Otis Elevator Co.
See list given on first page of this department.
Operating
Operation
Oklahoma Gas & Electric
burgh, Pa.—V. 141, p.
Annuities—-
Stockholders at the annual meeting to be held on May 28 will ratify and
confirm action of directors and officers of the company in purchasing an¬
nuities for retired employees, and past service annuities for active employees;
and in providing for the purchase of future Service annuities for active
Old Lot Gold Mines,
Total
Oklahoma Natural Gas Corp.—Bonds
dividend of 25 cents per
share on the com¬
mon stock, no par value, payable June 15 to holders of record May 18.
This compares with 15 cents paid on Dec. 14 and June 15, 1935 and on
Dec. 15, Sept. 15 and June 15, 1934, this latter being the first payment
made on the common stock since. Dec. 15,1932 when 10 cents per share was
a
126,730(673
12 Months Ended—
Co.—Dividend Increased—
The directors have declared
148,995,796
1,240,064
41,132
6,229,000
-V. 142, p. 3008.
Appropriation for retirement
—V. 142, p. 2334.
Ohio Oil
Total
12,832
1,499.945
ex¬
tensions
Surplus
Gross corp. income
Int. & other deductions-
99<M)49
272,747
351,618
2,700,078
liab.
Reserves
Other income
14,499,200
69,950,000
&
pref. divs. pay
Misc.
136,700
19,874,000
2,349,900
6,900,400
409,600
stock:
Funded debt
.
affil.
supplies
series
(l,436,920shs) 14,499,200
70,797,500
Fund.debt called 20,739,300
976,871
1,373,528 Defd. liabilities
Accts. & payroll
payable
286,019
198,975
895,623 Accts. payable—
61,347
sub., &c
Accrued taxes..
1,402,463
1,500,000
companies
Ma'Is &
423,292
Com.
Marketable sees.
'
$5 series
37,628
4,130,829
902,617
prepaid accts.
Cash & working
'American Power & Light Co. Subsidiary]
Period End. Mar. 31—
$
value:
*2,210,179
panies, &c
2,631,232
Special deposits. 22,471,066
Debt disct.&exp. 4,881,018
from
1934
Pref. stock:
of various com¬
Accounts,
$
stock—
without par
114,047,955 113,659,486
Invests, in sees,
Due
%
Northwestern Electric Co.—Earnings—
1,200,000
After giving effect to settlement in August, 1934, of a rate case involving
refunds retroactive to May
funds
Net income..
1933
1,350,000
4,049,650
Fixed charges..
Defd. charges &
Gross income
Deducts, from gross inc.
1934
$15,942,175x$l5,345,735x$14,490,008
7,090,473
x6,931,700 x6,123,378
Provision for retirement reserve
Assets—
$5,075,070
x3,512,234
$43,963,000
bonds, 4% series of 1935, due Nov. 1, 1965.
Fixed capital,
1936—12 Mos.—1935
1936—3 Mos.—1935
142,125
$7,961,396 $8,037,003
Total---
wholly owned subsidiary of Ohio Water
29,1936; assets transferred to and liabilities
Service Co.
y Represented by 40,522 no par
shares,
z After reserves of $22,740 in 1936 and $11,027 in 1935.
a Repre¬
sented by 58,746 no par shares.—V. 142, p. 2838.
1935.
Utilities, Inc.- -Earnings—
213,900
by Ohio Water
1935
Northern New York
213,241
xl59,931
xOhio Lakes Recreation Co.,
x
Netincome
appraisals
Service Co., dissolved as of Feb.
Niagara Hudson Power Corp. (&Subs.)—Earnings■—
Period End. Mar. 31—
|
properties
Earned surplus...
assumed
Net operating income
stock 3,157,818
Cap. surp, arising
from
-V. 142, p. 2333.
89,800
a549,108
Common stock
33,585
52,031
452,276
1,294,500
stk.
prepaid accts—
12,227
5H%
Period End. Mar. 31—
—
12,733
467,327
Reserves.
Debt disc't & exp.
in proc. of amort
Comm. on pref.—
1,332,500
3,645
126,692
227
Consumers' dep. &
accr. int. thereon
Co.—-Earnings•—
1936—Month—1935
1936—3 Mos.—1935
Operating revenues
$16,721,516 $15,607,315 $49,271,515 $46,241,539
Uncollectible oper. rev._
63,638
79,791
211,980
245,791
Operating expenses
10,973,362
11,167,717 33,501,514 33,258,404
Operating taxes
1,979,064
1,567,289
5,937,196
4,983,188
7,324
123,018
Due to affiliated co
Materials & suppl.
at avge.
Corp...
Accounts payable.
Accrued items
Deferred charges &
the capital stock,
New York Telephone
1936
1935
1936
Liabilities—•
1935
1936
Assets—
Plant, prop., rts.j
franchises, &c__$7 ,357,068
Miscell. investm'ts
cap.
RR.—Guaranty—
guaranteed jointly at rate of 7% per
annum by the Pennsylvania and the Central RR. of New Jersey, was re¬
duced to 4% beginning April 1,1936, and payable June 30.—V. 140, p. 4408
on
May 9,
Balance Sheet March 31
1936—3 Mos.—1935
1936—12 Mos.—1935
$6,125,083
$6,346,122 $24,326,958 $23,824,818
4,129,577
*4,276,476
16,603,628 x16,530,532
Period End. Mar. 31—
Operating revenues.,
Oper. rev. deductions
Chronicle
Common dividends
Nil
Volume
Financial
142
Chronicle
Consolidated Balance Sheet Dec. 31
1935
Assets—
Cash
Interest accrued-_
49,198
xNotes & accts. rec
2,282,053
2,909,225
Inventories
from
Due
7,200,000
56.819
2,107,057
2,704,144
subs, (not
consol)
129,024
9,200,495
12.820
299,961
20,567
2,046,526
614,474
reserve.
stock
6%
6,500,000
($100 par) 6,500,000
z Common stock..25,000,000 25,000,000
Earned surplus— 4,118,485
4,597,334
cum.
1
1
161,274
484,896
.
394,718
$867,980
476,062
$0.80
476,007
476,062
476,007
$0.52
$3.19
$1.83
share..
3009.
Inc.—Kennedy
Pictures,
Named
Special
•
tion to the many serious problems concerning the Motion Picture Industry,
especially to those touching upon Paramount in particular.
Costs have
risen rapidly in the studio and substantial losses have been taken on pictures
made since
January, 1935.
a
search
for
best equipped to advise the
man
a
39,229,752 39,814,207
Total
Co.—Earnings—
3 Mos. End. Mar. 31
1935
1936
-
Net profit.
178,811
216,000
152,644
$148,676
Depreciation
Federal taxes
$1,047,655 loss$305,605
$1,499,817
180,203
216,000
31,622
tion and expenses
1933
1934
$576,501
Operating profit
Bond interest, amortiza¬
$952,362
178,766
216,000
178,766
216,000
$652,889 loss$700,371
2839.
Pacific Telephone &
3 Mos. End. March 31—
Gross
....
Expense and taxes
Telegraph Co.—Earnings—
1936
1935
1934
^_x$25,173,603 x$22,942,565 $22,004,268
19,9x3,109
18,060,430
17,240,564
Operating income
$5,260,494
29,722
$4,882,135
31,560
$4,763,704
32,609
$5,290,216
912,154
$4,913,695
996,303
$4,796,313
1,093,716
$4,378,062
1,230,000
2,707,500
$3,917,392
$3,702,597
1,230,000
2,707,500
Other income (net)
Total income
Interest, rents, &c
and
the
of the situation to report and make recom¬
mendations.
Mr. Kennedy has accepted and will enter upon his new
duties immediately.
In his role as advisor, he is assuming no direct au¬
thority.
purpose
39,229,752 39,814,207
—V. 142, p.
p.
"The board has made
x After reserve for doubtful notes and accounts of $113,309 in 1*935 and
$180,055 in 1934.
y After reserve for depreciation of $12,625,331 in 1935
and $12,237,829 in 1934.
x Represented by 2,000,000 no par shares.—
V. 141, p.2746.
Otis Steel
$1,520,041
company. Finding that Joseph P. Kennedy was available, the directors
the officers unanimously invited him to become a special advisor for
tion in progress,
Total
$250,036
The board of directors issued the following statement on May 1:
"The board of directors of Paramount has been giving careful considera¬
140,508
installa¬
costless billings
per
142,
1936—9 Mos.—1935
$381,551
Advisor—
2,172,200
533,411
pensions
General
Earnings
—V.
Inc.—Earnings—
1936—3 Mos.—1935
Earns, per sh. on 476,007
Shares cap. stk. (no par)
Paramount
(not consolid't'd)
For
Period End. Mar. 31—
Net profit after all chgs.
subs.
Reserves:
9,621,542
and
exps.
foreign
Pref.
deferred charges
Contract
07" 500
299,961
Pref. div., payable
Com. div., payable
Property,
plant
and equipment. 14,266,165 14,913,033
Prepaid
464,762
47,409
10,000
97,500
payable.
Federal income tax
Pats., trade-marks,
goodwill & other
intangible assets
579,275
44,594
Accrued liaDilities.
Due
Investments
y
Accounts
foreign
$
$
2,663,565
6,500,000
1934
1935
Liabilities—
$
3,247,421
TJ. S. Govt, securs.
Paraffine Companies,
1934
$
3183
"Mr.
of making
a
survey
Kennedy brings
long and varied business experience to the aid
a year and a half Chairman of the United
Commission from which he recently resigned.
Previously he had been a banker and for four years he had an important
and personal experience in all activities of the picture business.
Paramount, after a long and profitable record, underwent reorganization
in 1935. On the completion of the reorganization Adolph Zukor was elected
a
of the company.
He was for
States Securities and Exchange
Chairman of the Board and John
continue in their offices."
Otterson was elected President.
Both
Mr. Kennedy in connection with his appointment stated:
"I have been called into the situation by the unanimous vote of the
directors and officers to give such help as I may to a company that has a
great potentiality but which recently has had rough sledding.
How that
potentiality can be most fully realized; what lines it should take; what
changes, if any in major policies—those are the questions I shall try to
answer in my role, which is
equivalent to a committee of survey and policy.
"I shall take an office in the Paramount Building and shall soon go to
the Coast.
How long the engagement will be is undecided; that will be
determined by the time required to make my findings. I am assured of the
unqualified support of the directors and officers. I take up the survey with
no preconceptions."
Joseph R. Sheehan, Administrative Coordinator of the Securities and
Exchange Commission, has resigned to become an assistant to Joseph P.
Kennedy.—V. 142, p. 3009.
,t
Pathe Film Corp.—Annual Report—
Net income
Preferred dividends
Common dividends
1,230,000
2,707,500
Surplus
$440,562
def$20,108
def$234,903
Including $110,600 in 1936 and $99,700 in 1935 of subscribers' charges
x
in controversy in Oregon which may
in event of adverse court decision.
A net gain of 24,013
possibly be refunded in whole
or
part
telephones for the system is reported for the quarter
ended March 31, 1936, against a net gain of 15,198 in the like 1935 period.
March showed a gain of 8,200 stations against a gain of 5,452 stations in
March 1935.—V. 142, p. 2679.
Packard Motor Car Co. (&
Quar.End. dfar.31—
Net profit after deprec. &
Federal taxes..
1936
August 15, 1935, the assets and business of Pathe Exchange, Inc.
acquired pursuant to the plan of reorganization of Pathe Exchange,
Inc., dated Aug. 17, 1934, and approved by stockholders on March 4,1935.
The plan also provided for the exchange of outstanding stock of Pathe
Exchange, Inc. into stock of this company.
In September last, company acquired a majority interest in First Division
Exchanges, Inc., in order to protect its interest in certain motion pictures
being distributed by that company.
First Division is a distributor of
independent motion pictures and operates exchange branches in nine
cities
Pathe film officials announced
on April
1, 1936, that it had formed a
subsidiary company to take over its motion picture activities.
They
new company is entering into negotiations to acquire an
experienced and aggressive management to handle the production and
distribution of motion pictures.
new
stated that the
Subs.)—Earnings—
1935
1934
$1,248,029*x$l ,210,162
Earns.per sh.on 15,000,000 shs. cap. stock (no
par)
On
were
1933
*$1,257,021
*$
Consolidated Income Account for
,131,823
Net sales (film
$0.08
Nil
•
Nil
Nil
Deficit,
x This loss was caused largely by expenses incidental to pre¬
paring the plant for production of the new lower-priced Packard 120 car.
Factory shipments for the first quarter of 1936 were 16,282 cars, an in¬
crease of more than 400% over the 3,839 cars shipped in the first quarter of
1935.
January's shipments were 4,986 and February's 4,517.
In March
shipments went up to 6,779.
Despite this increase in factory operations,
inventories as of March 31 were only 12% larger than a year previously,
being at $9,142,031 as compared with $8,151,577.
v
Cash and marketable securities on March 31,1936, were more than double
those of the year previous, being shown at $12,628,280 compared with
$6,261,596.
This increase was registered despite the fact that a dividend
of $1,500,000 was paid out of cash in the first
quarter.
Current assets as of March 31 were $26,297,695 and current liabilities
$7,458,753, compared with $16,441,847 and $4,159,018, respectively,
a year ago.—V. 142, p. 2512.
Period Aug. 15, 1935 to Dec. 28, 1935
developing and printing laboratory)
$314,826
Operating expenses
Depreciation
239,748
8,715
*
Panhandle
Producing
3 Mos. End. Mar. 31—
&
1936
Refining
1933
171,840
$131,134
36,026
5,482
$64,407
32,190
5,391
$40,297
33,488
6,169
loss$l,722
37,798
5,946
103
124
251
3,271
440
43,487
7,300
40,410
39,776
3,601
772
805
1,333
operating loss.. .prof $37,963
$23,400
loss2,906
$44,762
10,283
$115,579
2,087
$26,306
11,750
$34,478
12,535
$113,491
4,952
$47,013
$118,443
from
sales..
expenses
(note)
Lease rentals
Intangible devel.
Depreciation
Depletion
costs.
Amort, of undevel. leases
including $175,000 payable on Dec. 30,
received on Dec. 28, 1935
988
Total
_prof$38,951
i.
8,521
Net loss accr. to corp.prof$30,430
1936
Property
Other
Cash
Oil
Mat'ls & supplies.
Work In process
Notes
and
50,658
57,826
123,816
274,710
45,845
9,006
14,422
5,614
44,307
22,934
2,660
$38,056
278,898
8,605
charges.
Liabilities—
Accts., &c.,
pay..
Notes payable
Deferred
After
461,153
326,615
352,483
255,245
liabilities
187,751
59,831
143,975
45,817
167*318
16,962
144,216
1 ,713,600
1,582,208
168,000
z8,605
3 ,404,551
168,320
Redemption
preferred stock.
reserves
Profit
$219,196
7,645
Cr3,770
1,962
Profit for the period from Aug. 15, 1935 to
Dec. 28, 1935
$213,360
21,113
Preferred dividends
The dividends received from Du Pont Film
Manufacturing Corp. are
approximately $73,000 in excess of the company's equity in the reported
earnings of that corporation for the period from Aug. 15, 1935 to Dec. 31,
x
1935.
Consolidated Balance Sheet Dec. 28, 1935
Assets—
on
hand
Notes and loans receivable from producers and
Instalments on note receivable from officers
distributors
maturing within
c
Land,
buildings,
outside producers
machinery
3,335,074
$2,175,613 $1,933,7231
Total
$2,175,613 $1,933,723
depreciation, depletion and amortization of $4,709,452 in 1936
shares, no par value,
Pantepec Oil Co. of Venezuela—Stock Options—
The company, as part of an employment agreement with
Henry S.
Haskins, has consented to give the latter, in addition to certain monetary
compensation, an option to purchase 10,000 shares of its stock at $5 a share
until Dec. 31, 1936, and 5,000 shares at $8 a share until Feb.
28, 1937.
There are options on 168,267 shares of the capital stock.
Holders of
options for more than 5% are: W. F. Buckley, President, 80,*000 shares;
W. W. Smith, manager, 25,000 shares; Francis G. Allen, 9,000
shares, and
W. Linton Nelson, 20,667 shares.
Option price on 105,000 shares is $2 and expiration date Dec. 31, 1937.
Option price on 63,267 shares is $3.25, and expiration date is six months
after Dec. 29, 1935, or until 30 days after the certified completion of two
wells under the drilling agreement with Standard Oil Co. of Venezuela.
—V. 141, p. 3547.
$480,987
72,952
7,800
247,097
252,543
35,871
one year
Accounts receivable
b Unliquidated advances to
Inventories
and equipment, furniture and
fixtures and leasehold improvements
256,235
Investment in 35% of the capital stock
of Du Pont Film Manu¬
facturing Corp., at amount shown by books of predecessor
company (pledged to secure payment of note payable to bank,
see contra)
Deposits to secure contracts
Miscellaneous investments
2,857,143
7,303
2,837
Notes and advances receivable from producers and distributors
(not current)
d Notes receivable from Radio-Keith-Orpheum Corp. (debtor,
in proceedings for the reorganization of a corporation)
Deferred charges
Total..
11,290
and $4,583,318 in 1935.
y Represented by 198,770
z Includes
deferred credits.—V. 142, p. 2334.
x210,000
3,754
.
prem.
Deficit
x
1935
$1,683,200
1,054,872
Accrued liabilities.
Other
Total
1936
Preferred stock...$1 ,680,000
y Common stock. 1 ,054,872
Res. for pref. dlvs.
11,023
accts.
receivable
Deferred
1935
acct._$l ,409,998 $1,387,154
investments
Corp.
1935 which was
Interest expense
Cash in banks and
Consolidated Balance Sheet March 31
Assets—
r
9,629
—
Miscellaneous..
a
Net
1
Dividends received from Du Pont Film Manufacturing
211
General
Ad valorem taxes
$4,187
...
Interest and discount earned
Provisi on for Federal i ncome taxes
'
$334,688
204,270
132,140
_
$170,645
174,832
Loss from operations
Non-operating income:
*
$722,589
419,615
$605,754
397,020
168,437
inc.
Net
Total income..
Proport on of loss applicable to minority stockholders
$548,165
334,491
149,266
Direct operating costs.
$66,362
91,949
12,333
Selling, administrative and general expense
(& Subs.)—
1934
Gross oper. inc. (excl. all
inter-co. & inter-dept.
saies and gasoline sales
taxes)
...
Cost of goods sold
Co.
1935
Profit from laboratory operations.
Income from film rentals (net)
Income from other operations (net)
221,746
48,360
22,956
$4,513,832
JAabUitips—
Notes payable, trade
Accounts payable
$23,402
184,845
28,506
17,982
1,962
—
Sundry accruals
Owing to producers
Reserve for Federal income taxes—estimated
Advance payments for film, deposits, &c
e Note payable to bank, due May
1, 1939 (see contra)
Deferred income
Reserves: Reorganization expenses
Contingencies
Proportion of capital stock of subsidiary
minority stockholders
( Common stock
...
company
11,235
500,000
27,631
45,119
57,364
applicable to
...
g$7 cumulative convertible preferred stock.
Capital surplus
Paid-in surplus
Earned surplus
Total.
12,950
575,195
804,300
2,023,590
7,500
192,247
$4,513,832
for doubtful accounts of $7,529.
b After reserves for
doubtful advances,
c After reserves for depreciation and amortization of
a
After
$216,443.
reserve
d $248,000 principal amount of notes at value based
on amounts
Financial
3184
Chronicle
realized by predecessor company upon sales of similar notes prior to Aug.
15, 1935.
$224,000 principal amount of these notes are past due; the
remaining $24,000 principal amount matured on Jan. 1, 1936.
e Secured
by 3,500 shares of the capital stock of Du Pont Film Mfg. Corp.
t In¬
cluding shares reserved for exchange of capital stock of predecessor com¬
pany and fractional scrip outstanding,
g Including shares reserved for
exchange of preferred stock of predecessor company.
[Lehigh Power Securities Corp. Subsidiary]
Period End. Mar. 31—
board.—V.
142,
Balance...
Gross corp. income
New Stock—
on
quarterly dividend of 37M cents per share
on the new common stock, par $2.50, payable June 1 to holders of record
May 11.
A dividend of $1.12^ per share was paid on the old no-par
common stock on Feb. 20 last.
This issue was then split three-for-one.
The dividend rate on the new $2.50 par common stock is equivalent to
that on the old stock.—V. 142, p. 2680.
The directors have declared
a
Parker Wolverine Co.—25-Cent Dividend—
a dividend of 25 cents per share on the
stock, payable June 1 to holders of record May 15.
This com¬
with 37K cents paid on Feb. 15, last; 50 cents paid on July 2, 1935,
and 25 cents paid on Jan. 2, 1935, this latter payment being the initial
distribution on the issue.—V. 142, p. 2680.
The directors have declared
1934
1933
1932
$7,960,691
2.829
178,629
$7,877,775
3,906
119,135
$7 *744,509
4,443
$7,391,058
6,100
20,899
825
14,621
350
28,636
41
309
185
$8,143,015
Inc. from fund, secur
$8,001,310
$7,841,157
$7,446,694
from unfunded
securities & accounts
77,234
Income
_
Miscellaneous
income..
Gross income
Deductions—
Tax accruals
Int.
$733,988
$482,998
$91,261
$642,344
2,599,702
13,076
4,296
Maint. of invest, organ.
Miscell. income charges.
2,403,830
12,596
7,156
2,375,246
2,402,849
14,572
Crl ,385
11,535
.
Balance
transferred
$5,094,730
54,784,500
$4,791,952
58,637,102
$5,363,114
•49.847,510
Pennsylvania RR.—Listing of Gen. Mtge. Bonds—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 covering $22,000,000 4% 1st and ref. mtge. bonds, series D, due 1961.
Proceeds, with funds
to be obtained from banks evidenced by $7,500,000 promissory notes, are
$4,388,314
50,132,151
mortgage
Less div. approp
Sundry debits
334,069
_
15,642
348,052
Phelps Dodge Corp.—Option Taken Up—
$58,6371102 $54,784,500 $49,847,510
1935
Liabilities—
$
$
4,715,128
4,713,779
4H %
owned:
1934
$
12 Months Ended—
gold bonds
50,000,000
220,963,593 221,718,465 28-yr. 4% sec.
Bonds
bds., due Aug.
5,551,925
2,789,864
Cash
1, 1963
50,000,000
4,590,857
3,024,972
Misc. accts. rec.
2,744 Misc. accts. pay.
78,698
3,086
Int. & divs. rec.
1,759,214
1,788,484 Int. mat'd unpd
1,583,739
Other del. assets
284,086 Unmatured int.
accrued
Deferred charges
835,297
89,201
Accrued taxes..
921,938
Profit
and
Net
oper. rev. (before approp.
depletion reserve)
59,626,985
Gross income
104,242
50,440
City of Pittsburgh pref. capital stock
Appropriation for special reserve
58,637,102
of $4,600,000
certificates for 444,070 shares
of common stock, of which, 299,995 shares
presently outstanding and deposited under the voting trust.
Net income for divs.
1934
1935
$586,744
182,628
$703,547
194,939
$827,796
161,105
Other income.
$404,116
20,083
$508,608
38,217
142,
$424,199
262,380
$546,825
253,665
$715,992
47,612
43,070
$7 preferred stock
1934
$249,329
238,394
$420,782
381,430
Cash
$
1935
$
$
Liabilities—
common
Stock Exchange has
stock (par $1)
to be listed and now
479,546 Accounts payable,
187,076
vendors, &c
68,043
17,250
194,557
125,775
204,809 Accrued bond int.
Inventories33,114
19,467
140,436 Other accr. accts..
138,511
Life lnsur. policies
31,600
40,600 Dividends payable
95,358
47,679
Accrued int. rec._ •
5,172
5,047 1st
mtge.
m%
Investments
bonds
228,188
4,600,000
248,755
Gen. prop, accts-.12,459,507 12,435,315 1st mtge. 6% bds. 4,194,500
Deferred accounts.
244,280
203,888 x Capital stock at
stated value
Sinking fund
2,006,000 2,006,000
76,764
Cap. surplus, from
appraisal
6,663,603
6,663,603
Earned surplus, as
annexed
349,886
726,139
y Treas.stk.at cost Z)rl93,890 Drl93,890
outstanding.
income
from
Oper. cost, selling &
Depfe.,
1934
1933
1932
$3,950,617
$4,328,853
$2,767,650
$2,944,211
3,740,237
570,344
172,442
3,880,911
609,620
179,658
2,715,822
601,152
144,648
2,820,967
689,169
159,058
all
gen.
and taxes
amort. & deprec.
Interest, mortgages, &c_
Prov.
for
income taxes,
due to net prof, of subs
5,600
11,500
$538,006
4,146,142
Crl2,500
$352,836
3,815,784
Cr22,479
$693,973
2,958,127
$724,982
2,108,144
$4,671,647
$4,146,142
$3,652,100
163,684
$2,833,126
125,000
$4,671,647
$4,146,142
$3,815,784
$2,958,127
Deficit Jan. 1
Reduc.in res.for conting.
Gross
Total
13,657,316 13,758,396
deficit
Miscell. deductions.
*
Deficit Dec. 31--
Consolidated Balance Sheet Dec. 31
»
Assets—
Cash
y
28,814 shares $7 cumulative convertible preferred stock without par
value, redeemable at $120 and 300,000 shares common stock without
par value,
y 1,569 shares preferred and
1,654 shares common voting
trust certificates.—V, 142, p. 1481.
Accts. receivable
Inventory
Other assets
Securities owned..
Sinking funds
x Land, plant and
equipment.
Pennsylvania Salt Mfg. Co.
12
Earnings—
Deferred charges..
1936
donths Ended March 31—
Net profit after depreciation, Federal taxes, &c
Earns, per sh. on 150,000 shs. capital stock
—V. 142, p. 2000.
1935
$
35,508
357,839
108,938
10,887
78,476
77,740
1934
1935
Liabilities—
$
15,311
591,203
100,039
14,151
40,220
75,881
$729,586
$7.79
$4.86
Month of—
March
April
—V. 142, p. 2680.
1936
$1,612,984
1,651,507
1,587,299
1,646.717
1935
$1,466,958
1,428,088
1,558,292
1,537.720
Accrued liabilities.
Judgment payable
Liabil.
for
1934
1,450,922
1,324.034
$
mtge.
7,757
8,367
2,662,000
2,662,000
175,000
200,000
Preferred stock... 3,233,700
3,233,700
Common stock...12,000,000 12,000,000
Funded debt
Reserves.
ury
Dr24,000
(cost)
Common
Deficit
1933
$1,310,613
1,185,279
1,268,006
1,245,704
1934
463,580
9,400
224,580
77,521
payable, matur'd
bonds, &c
stock
Total
13,915,597
14,649,5811
Total
Dr24,000
JDr59,425
4,671,647
Dr59,425
4,146,142
in
treasury (cost)—
$1,322,136
1,250,116
469,172
9,400
86,873
26,766
Pref. stock in treas¬
/
Peoples Drug Stores, Inc.—Sales—
January.
February
$
Accounts payable.
Notes payable
...
13,117,615 13,687,006
128,593
125,769
1935
$1,168,662
Calendar Years
1935
278,737
x
authorized the listing of 120,000
in substitution for, share for share, a like
Consolidated Income Account for
net
13,657,316 13,758,396!
of Common
aggregate number of shares of capital stock (par $100) previously authorized
Bills & accts. rec.,
Total
Shares
Pittsburgh Terminal Coal Corp.—Listing—
The New York
expenses
1934
1935
$
Co.—50,000
A block of 110,785 shares of Philadelphia Electric common was offered
by the banking group in December of last year, likewise representing shares
purchased from stockholders.—V. 142, p. 3010.
745
244,716
Comparative Consolidated Balance Sheet Dec. 31
Assets—
Electric
common stock (price on application).
The offering
shares, the bankers state, does not represent any
new financing by the company.
The shares have been pur¬
chased by the offering group from certain stockholders of
Gross
on
$7,613,293
2840.
of these
49,750
761
$114,207
47,679
$8,441,679
pref. stocks & minority
on pref. & com. stocks
shares of
shares of
Divs.
p.
Philadelphia
$666,691
49,301
Net income
on
interest on sub. cos. &
of Philadelphia Co
■
the company.
Comparative Consolidated Income Accounts for Calendar Years
Profit from operations
Allowance for deprec. and depletion--
loans, &c
Income taxes.
69,192
83,333
246,319
Stock Offered—Graham, Parson & Co., Brown Harriman &
Co. Inc. and Kidder, Peabody & Co. are offering 50,000
Pennsylvania Glass Sand Corp.—Listing—
Int. on first mortgage bonds
Amortization of bond discount, tax on
69,192
500,000
268,082
Other income deductions
395,833
511,126
1604.
1933
$17,320,514 $16,526,199
1.608,731
1,491,553
6,073,444
6,517,815
476,561
387,514
Rents for lease of properties
237,671,658 234,323,744
The New York Stock Exchange has authorized the listing
.$24,084,894 $23,349,911
219,850
230,002
,
first jportgage 4)4% .sinking fund bonds, due Dec, 1, 1960; 28,814 shares
of its $7 cumulative convertible preferred stock (no par) and voting trust
are
......
Interest charges (net)
Amortization of debt discount & expense
Guaranteed divs. on Consolidated Gas Co. of the
»•
Total
237,671,658 234,323,744
p.
for retire.
Net oper. rev. & other income (before
approp.
for retire. & deple. reserve)
$24,304,745 $23,579,914
Appropriation for retirement & depletion reserve..
6,984,231
7,053,714
loss
balance
141,
Feb. 29, *36
Feb. 28, '35
.$48,599,968 $47,267,561
24,515,073
23,917,649
Operating revenues...
Operating expenses, maintenance & all taxes
$
Common stock. 124,625,000 124,625,000
Stocks
-V.
capital stock, leaving 6,000 shares outstanding under the option.
—V. 142, p. 2513.
Other income (net)
1934
1935
Total
aUv>
[Not incl. Beaver Valley Traction Co. (in receivership) and its subsidiary]
Balance Sheet Dec. 31
Securs.
Xi7ov»,
Philadelphia Co. (& Subs.)—Earnings—
Profit and loss surplus
Dec. 31
$59,626,985
Assets—
x,
The company has advised the New York Stock Exchange that the optionee
under the option expiring Jan. 1, 1939, has taken up and paid for 4,000
....
Real est. owned
v.™
5% mortgage bonds of Chicago Gas Light & Coke Co., due July 1,1937.
The new bonds are redeemable on or before May 31,1941, at 104; through
May 1, 1946, at 103; through May 1,1951, at 102; through May 1,1956, at
101, and thereafter to maturity at 100.—V. 142, p. 3010.
856,405
....$63,763,123 $59,894,872 $56,067,029 $54,868,517
(1%)1»246,250 (1)1,246,250 (4)4,985,000
4,136,138
11,519
36,279
36,007
Total-surplus
"
series
Adjust, of Pennsylvania
cap. stk. tax for years
1921 to 1931 incl
Profit on sale of securs.
3,846,535
The New York Stock Exchange has authorized the listing of $40,000,000
general mortgage 3H % bonds, series C, dated April 1, 1920, due April 1,
1970, on official notice of distribution of said bonds.—V. 142, p. 3010.
shares of
to
credit of prof. & loss
Previous surplus
3,846,546
$4,289,995
$4,884,542
y Before
property retirement reserve appropriations and dividends,
z Regular dividends on all classes^of preferred stock were
paid on Jan. 2,
1936.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on April 1, 1936.—V. 142, p. 2839.
to bei
2
bonds and other
on
indebtedness
$9,970,541 $10,606,077
1,834.000
1,875.000
Peoples Gas Light & Coke Co.—Files with SEC—
1935
-
y$855,142
y$819,115
Balance
Pennsylvania Co.— Earnings—
Calendar Years—
Dividend income
Miscell. rent income
$1,376,908 $16,236,122 $16,873,283
521,766
6,265,581
6,267,206
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
paid or unpaid—
common
pares
$1,349,549 $15,930,012 $16,446,483
27,359
306,110
426,800
$1,338,858
519,743
__
Balance
Parker Rust-Proof Co.—Initial Dividend
1936—12 Mos.—1935
$2,830,700 $35,148,752 $34,176,033
1,479,510
19,196,561
17,708,036
1,641
22,179
21,514
$1,308,471
30,387
Int. & other deductions.
2839.
p.
1936—Month—1935
Operating revenues
$2,957,241
Operating expenses.....
1,647,056
Rent for leased property
'
1,714
Other income (net)....
McKinney has been elected a Vice-President.
At the annual stockholders' meeting held April 26, the board of directors
was reduced to 9 members from 11, Paul Fuller Jr., E. W. Mann and George
S. Montgomery Jr., retiring, and Robert M. McKinney being elected to the
1936
9,
Pennsylvania Power & Light Co.—Earnings—
New Vice-President and Director—
Robert
May
13,915,597 14,649,581
x
After allowances for depletion, amortization and depreciation of
$8,196,299 in 1935 and $7,664,907 in 1934.
y After allowance for doubt¬
ful accounts of $23,036 in 1935 and $22,355 in 1934.—V. 142, p. 3011.
Volume
Financial
142
Chronicle
Phillips Petroleum Co.—Earnings—•
3 Mos. End. Mar. 31—
1936
1935
1934
1933
Gross earnings
$23,153,144 $19,445,897 $18,531,109 $11,463,017
Expenses & Fed. taxes._ 16,162,425
14,161,716
13,363,916
10,034,803
Deprec.. deplet., retire•
'
ment & other amortiz_
3,834,560
3,741,846
4,441,068
3,607,835
Net profit
Shs. cap. stk. (no par)..
Earnings per share
—V. 142, p. 2681.
Phoenix
$3,156,159
4,152,836
$0.76
$726,1251oss$2179621
4,154,687
Nil
$1,542,335
4,153,235
$0.37
4,154,687
$0.17
The
directors
have
declared a dividend of 10 cents per share on the
value, payable June 1 to holders of record May 18.
quarterly dividends of 25 cents per share had been
distributed from June 1, 1932, to and including March 2, 1936.—V. 142,
P. 1133.
common
stock,
no par
Previously regular
Radio Corp. of America
Hosiery Co.—Accumulated Dividend—
preceding quarters,
as
compared with 88M cents paid on
March 1, 1933, and 87 cents on Dec. 1,1932.—V. 142, p. 1482.
282,008
Ponce Electric
$29,832
15,295
1,130 V
2,630
Interest.
730,422
150,000
172,600
128,494
753,556
150,000
260,600
Preferred A dividends..
$1,286,691
431,148
$1,618,025
4,950,740
$1,235,725 loss$478,164
Surplus for period
Surplus at Dec. 31
$855,543df$3,332,715
12,401,100
13,518,354
$1,235,725 def$478,164
9,269,091
9,851,184
53,955
Depreciation
Taxes
Interest
$25,911
17,154
1,550
2,426
$.323,233
174,931
22,148
30.989
$323,513
217,396
18,132
27,963
152
Operation
Maintenance.
643
1,862
$4,626
$94,520
30,000
25,228
>
Balance
$39,292
def$4,825
$10,775
Appropriations for retirement
reserve
Preferred dividend requirements
Balance for
—V.
common
dividends and surplus
25,485
142, p. 2514.
Portland Gas & Coke
Period End. Mar. 31—
Net
1936—Month—1935
$273,969
$256,644
215,106
197,188
revenues
expenses
from
Surplus at March 31 ..$13.256.643
Time for
1936—12 Mos.—1935
$3,267,015
2,463,147
$3,061,958
2,210,537
$59,456
418
$803,868
3,370
$851,421
9,364
Gross corporate inc..
Int. & other deductions.
$58,533
45,035
$59,038
44,932
$800,498
535,367
$842,057
535,732
Balance
y$13,498
y$14,106
Property retirement reserve appropriations
z Dividends
applicable to preferred stocks for
period, whether paid or unpaid
$265,131
250,000
$306,325
250,000
430,167
Before
1936—Month—1935
1936—2 Mos.—1935
0,571,514 $10,024,937 $21,025,137 $19,859,895
7,101,590
6,472,628
14,215,603
13,030,169
184,473
129,380
380,143
263,576
132,323
145,222
276,677
290,500
1,946
1,967
8,036
3,542
Operating expenses
Express taxes
Other
fund, debt
on
deductions
Rail transport, rev. $3,151,182
$3,275,740
$( ,144,678
$6,272,108
Payments to rail and other carriers—express privileges.—V. 142,
2338.
x
p.
Railway & Light Securities Co.—Earnings—
accumulated
Prentice-Hall, Inc.—Extra Dividend—
an
extra
3 Mos. End. Mar. 31—
Interest rec'd & accrued.
Cash
dividend of 20 cents per share in
1936
Pressed Steel Car Co.—Assents Near Goal—
to
the
plan of reorganization exceed the legal requirement
on
managers,
report.
The minimum needed under the Bankruptcy Act
and the amounts assented as of April 27 follow: Debentures and allowed
$2,460,776
required,
$2,518,569
received;
preferred,
$51,825
68.073
$117,157
16,971
44,000
$109,349
13,406
49,857
$117,589
14,302
50,429
$119,899
13,239
52,496
$56,185
The next court
hearing
on
the plan will be in Pittsburgh
on
174,606
May 27.—
V. 142, p. 2514.
Public Service Co. of
Period End. Mar. 31—
Northern
Illinois
1936—3 Mos—1935
$46,086
$52,859
$54,162
$16,699 in 1933.
Based
market
quotations
(after allowance or possible Federal
appreciation were reallized), the following
of assets available for each class of security
of the company outstanding as of the dates mentioned;
income
upon
tax if
the
indicated
summary shows the aggregate
(& Subs.)—
„
_
„
'
,
Per $100 of collateral trust bonds
Per share of preferred stock
Per share of
common
$8,320,500 $33,198,351
$30,986,987
$266.23
314.58
27.80
stock
Comparative Balance Sheet
Assets—
$9,222,861
Mar.31, '36 Dec.31, '35 Mar.31, '35
$252.35
288.33
$202.63
24.40
11.93
192.09
Similarly computed, the assets available for the common stock
April 27, 1936 were estimated to have been $26.50 per share.
1926—12 Mos.—1935
heat & water
revenues
Net income
68,007XA
shares required, 76,770 received; common, 205,602 shares required
received.
gas,
1933
$65,185
52,404
49,563
Note—No gains or losses from sales of securities are reflected in the
above statement of income.
Profit on sales of securities for three month
ended March 31 amounted to $152,510, $9,981 in
1935, $53,769 in 1934 and
the debentures and claims and preferred stock and are within 30,996 shares
of the requirement on the common, Kuhn, Loeb & Co., reorganization
Elec.,
1934
$59,786
a
V. 140, p. 3227.
claims,
1935
$58,066
59,091
dividends...
Expenses and taxes
Int. & amortiz. charges.
regular quarterly dividend of 50 cents per share on the common
stock, no par value, both payable June 1 to holders of record May 20.—
Assents
1936
1935
Bonds & notes
as
Other oper. revs.—net..
663,347
351,155
Total gross earnings..$10,237,363
Power purchased
Gas purchased-
-
Operation.
Maintenance
State3% publicutil tax.
Other
State
and
Federal income tax
Other Federal taxes
Appropr.fordeprec'n...
Net earns, from oper._
Other Income:
Dividends...
on
2,709,739
1,325,973
2,788,563
1,333,408
$9,354,325 $37,234,064 $35,108,959
904,360
3,690,687
3,689,925
931,599
3.623,738
3,098,971
2,549,259
10,995,908
10,560,792
371,323
1,817,950
1,565.882
463,458
local
taxes.
Fed. 3% tax on electric.
Int.
923,387
1,130,912
2,965,198
536,958
178,757
697,053
336,771
1936
bonds, notes, &c_
(net)
Miscellaneous
385,443
107,991
201,340
36,108
1,006,902
$2,651,654
$2,859,995
44,340
97,213
Drl5,729
61,333
Drl9,347
1,651,582
428,867
648,394
1,238,753
412,166
541,328
112,908
129,293
4,015,110
3,656,214
$9,769,073 $10,232,017
127,872
238,855
Dr66,193
162,685
Dr91,987
liability
x5,420
Res. for dividends.
31,642
count & expense
bds.
Reacq.
117,000
210,255
($7,-
Int.
$2,777,477
1,422,379
$2,901,981 $10,069,608 $10,302,715
1,613,866
5,935,057
6,500,266
unfunded debt—
of
debt
5,800
x
Amount
available
Other income
184,238
594,556
756,783
Operation.
Taxes
reserve
60,000
Special surplus...
164,592
10,755
252,090
308,157
1936
$1,182,240
255,387
$1,084,427
255,841
$3,454,170
1,022,609
$2,939,512
1,023,366
625,951
$2,431,560
625,183
$196,068
24,741
21,980
37,570
24,945
54,973
17,203
23,470
13,842
55,729
60,483
34,442
28,188
45,082
$56,145
$15,486
$i.32
$3.89
625,951
$3.06
1936—Month—1935
1936—12 Mos—1935
$1,185,194
$1,095,529 $14,078,451 $13,389,875
476,612
458,329
5,445,315
5,161,853
70,412
68,611
774,674
774,101
136,019
154,742
1,748,324
1,919,301
$413,846
34,733
$6,110,136
416,799
$5,534,619
416,800
Interest & amortization.
$536,365
317,973
$448,579
320,669
$6,526,936
3,848,997
$5,951,419
3,908,380
Balance
$218,392
$127,909
Appropriations for retirement reserve
Prior preference dividend requirements—
$2,677,939
1,370,803
550,000
1,583,970
$2,043,038
1,354,039
$826,834
$1,444,971
—.
Preferred dividend requirements
Deficit for
—V.
142,
common
p.
dividends and surplus
2514.
1934
1933
$149,970
general expense
Depletion
Depreciation
19,635
19,747
2,895
12,000
26,272
5,573
110,518
$1,916,146
$502,149
34,216
Balance
$8,802,557 $8-,818,951
y
Abandonments
•
$828,586
625,183
$1.48
sources.
Inc. from other
Total
1935
$133,657
CY1.817
Net Income
x
Including $16,982 gain
on
550,000
1,583,970
$29,811
loss$68.849
sale of capital assets.—V. 142, p. 2841.
Republic Steel Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
1936
1935
Operating profit
Adjustment for minority interest
$4,170,842
$4,857,743
Total profit
Interest
Depreciation and depletion—
Balance
151,000
surplus
Production costs & adm.
Puget Sound Power & Light Co. (& Subs.)—Earnings
Maintenance
2,815
2,146,447
$173,382
xCr16,993
Royalties on crude oil,
gas
and
casing-head
gasoline
_
—V. 142, p. 2683.
Period End. Mar. 31—
Commonstock.. 2,146,447
Republic Petroleum Co.—Earnings—
Gross sales
106,152
$926,852
Gross earnings
45,217
77,959
liability which cannot
Represented by 163,140 no par
shares, of which 28,160 were non-voting common shares at March 31, 1936.
Note—The aggregate of securities owned priced at market
quotations
(after allowance for possible Federal income tax if the indicated apprecia¬
tion were realized) was greater than their book amount by
$2,029,315 on
March 31, 1936 and on March 31, 1935, was $460,895 less than their
book
amount.—V. 142, p. 470.
85,825
for
commonstock
y
$8,802,557 $8,818,951
Federal & State tax
Shs. of com. stk. outst..
Earns .per sh. on com .stk
2,113,600
Includes accrual of $3,000 for capital stock tax
&
Net income
Tax
be finally oetermined until July, 1936.
151,230
Div. require, on pref. stk
2,113,600
28,764
Coupon int. accr'd
(since Jan. 1/32)
19,449
dis¬
count and expense
bonds..$4,000,000 $3,963,000
Pref. stk. 6% cum.
Earned
21,628
on
net
Amortiz.
Coll. trust
Investment
000 face amount)
3 Mos. End. Mar. 31—
Net earnings
Int. on funded debt
of
1935
ser. A ($100 par)
Accounts payable-
Total
466,030
111,983
224,300
48,181
1,000.000
as
of March 31
Liabilities—
$3,475,469 $3,710,667
Stocks
4,864,193
4,062,852
Accept, notes rec.
199,904
299,400
Cash
67,018
473,735
Accts. receivable..
24,706
Acer, int recelv..
~5~6~241
54,264
Unamort. bond dis¬
Charges to other utility
cos. in equalization of
generating
capacity
among such companies
142,
Railway Express Agency, Inc.—Earnings—
Period End. Feb. 29—
Revenues & income
property
The directors have declared
exchange agent.—VL
as
2683.
Total income.
addition to
holders of unexchanged B
x
$415,036
$373,842
retirement reserve appropriations and dividends,
and unpaid to March 31, 1936, amounted to
$1,093,611.
Latest dividends, amounting to 87 cents a share on 7%
preferred stock and 75 cents a share on 6% preferred stock, were paid
on
Feb. 1, 1934.
Dividends on these stocks are cumulative.—V. 142,
p. 2170.
y
Dividends
$9,373,020
an
St., is acting
p.
430,167
Deficit..
z
$10,504,815
additional opportunity to make the exchange.
of the & preferred stock of the corporation had been
presented for exchange up to,.the close of business on April 30, 1936.
The
Bankers Trust Co., 16 Wall
Int. & disc,
_
135,000
More than 89%
$58,863
330
oper.
57,820
827,091
150,000
Mr. David Sarnoff, President of the
company, has announced that the
board of directors on April 30 fixed
May 22, 1936, as the date to and includ¬
ing which the remaining unexchanged B preferred stock of the corporation
may be exchanged under the corporation's plan of recapitalization.
The
preferred stock
(net—Dr)
revs,
Other income
$10,185,638
115,581
784,110
152,500
Exchange of B Stock Extended—
extension of time from May 1 was made to
give
Co.—Earnings—
[American Power & Light Co. Subsidiary]
Operating
Operating
Net income
$58,159
37,500
charges
1933
.
1936—12 Mos—1935
1936—Month—1935
1934
Tot inc.fr.all
sources.$22,542,319 $21,265,789 $19,133,919 $13,222,054
sales, gen. oper.,
develop., sell. & ad¬
ministrative expenses. 20,148,651
18,355,114
16,711,002
12,665,307
Amortizat'n of patents.
Prov. for Fed. inc. taxes
Co.—Earnings—
1935
$20,920,341 $18,869,246 $12,981,059
345,448
264,673
240,995
Cost of
_
Period, End. Mar. 31—
Gross earnings
(& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1936
Gross income from
oper.$22,260,311
Other income
The directors have declared a dividend of 87
cents per share on account
of accumulations on the 7% cumulative 1st pref. stock, par $100, payable
June 1 to holders of record May 18.
A similar payment has been made
in each of the 12
3185
Purity Bakeries Corp.—Dividend Lowered—
Federal
taxes
T.-C. Furn. preferred dividends
Net
profit
68,156
$4,238,998
1,347,822
2,397,148
75,550
57,446
$4,857,743
760,451
1,976,415
$361,032
$1,834,235
233,830
52,812
New Vice Preisdent Elected—
Julius
Kahn, President of Truscon Steel Co., has been elected
of product development.—V. 142, p. 2683.
a
Vice-
Julius Kahn, formerly President of the Truscon Steel Co. has
appointed Vice-President in charge of product development of this
pany.—V. 142, p. 2683.
com¬
President in charge
Republic Steel Corp.—New Vice-President—
been
3186
Financial
Revere Copper & Brass,
Calendar Years—
$3,051,870
131,121
$2,296,353 loss$280,971
205,602
211,308
$3,182,991
1,188,191
$2,501,956
1,194,416
loss$69,663
1,196,432
269,751
503,940
30,530
..
Depreciation
264,407
513,900
29,847
339,525
526,914
35,000
167,867
*542,950
33,780
1932
on sales,
paid, &c. (net)
bonded indebt--
on
Exps. of non-oper; propLosses
from
decline
in
mkt.
prices of metals
on own bonds pur¬
chased & retired
923,230
Net income
$425,556
&
Accts.
$10.11
$406,101 ls.$2,933,923
$4.06
Note
10,968
_
30,218
46,573
Acer, unbilled rev.
22,022
Matls. & supplies.
18,202
18,503
9,209
55,818
cos.—cur¬
2,424
.
11,690
debits—
9,562
29,406
488,614
called
9,209
50,000
50,000
1 ,185,500
592,392
575,261
1,185,500
591,142
504,386
..$5,398,602
$5,452,934
_
surplus
Capital
z
1,305
27,399
514,140
stock
Paid-in
89,782
1,541
depos.
for redemp
Common stock
y
3,056
62,173
accounts..
Reserves
85,124
5,030
8,270
.
&
Accrued liabilities
Pref.
& exp.
of amort
30,000
------
Extension deposits
of
Prepd. accts, def'd
chgs. & unadj.
def$29.33
rent
157,500
179,500
Y
parent
Consumers'
Depos.with trustee
disc.
to
affil.
51,627
21,009
redemp.
pay—N
Accounts payable
Due
notes
receivable
for
$2 ,200,000 $2,308,000
Water Serv Corp
&
working funds.
x
in proc.
$1,011,101
$4.25
banks
in
debt
DUe to N Y Water
Service Corp...
8,000
Cash
Debt
Earns, per sh. on 100,000
shs. 7% pref. stock
&c.$5,233,326 $5,219,677
equipment,
preferred stock.
7,544
168,000
9,810
68,000
Funded
1935
1936
Liabilities—
1935
Cash held by trus-
Loss
Prov. for Fed. inc. taxes
1936
Plant, property,
discount
int.
Int.
Balance Sheet March 31
$2,370,435
175,146
Total
1933
Assets—
1934
$2,545,581
1,237,994
Other income
May 9, 1936
/
1935
Operating profit---
Cash
Inc.—Earnings—
Chronicle
surplus
.
Earned surplus
Earnings for 3 Months Ended March 31
Quar. End. March 31Operating profit
Depreciation
100,921
13,125
51,200
62",000
66,655
$63,970
298,101
132,331
Rochester
69,714
77,198
profit
100,000
7% pref. stock-_
$234,769
$390,242
$2.34
64,068
$3.90
42,028
$417,015 loss$408,490
Includes other income of $39,651
in 1934 and $16,929 in 1933.
x
in 1936,
$4.17
def$4.08
$43,817 in 1935, $22,682
1935
U. S. Gov. secure.
1935
Liabilities—
$
3,126,687
126,850
2,279,267
71,410
6,105,212
1,385,713
191,417
,5,756,043
244,717
Accts.
accts.
rec..
Inventories
Prepaid
Acer. int.
-
216,829
expenses.
7% cum.
243,592
plant
A
&
122,930
treasury
1
Good-will.---
1
c
$1,117,512
4,888
861,583
89,792
$48,811
$222,917
$161,249
Net oper. income
See list given on first page of this department.
Sagamore Mfg. Co.—Dividends Resumed—
May 1 to holders of record April 28.
This was the first payment made
1, 1934 when $1 per share was distributed.
Dividends of $1
paid on May 1 and Feb. 1, 1934 while on Nov. 1, 1933
a payment of 50 cents per share was made.
This latter dividend was the
first paid since May 4, 1932 when a quarterly dividend of $1 per share was
disbursed.—V. 142, p. 969.
since Aug.
per share were also
St. Louis
com.
5,056,715
927,459
5,056,715
594,085
3,065,384
against par val.
of stock
in
fund
sinking
Class
stock
16,930,726 16,283,022
equipment
deposit
Cash
169,864
99,640
92,182
8,522~000
8,399,000
pref. stk. 10,000,000 10,000,000
__
1,097,855 Capital surplus
3,100,334
Surplus applied
&
$1,171,911
2,587
846,802
99,605
The company paid a dividend of 50 cents per share on the capital stock,
833,160
167,980
res
Earned surplus
advances
b Prop.,
bonds
on
compensation
a
$372,725
1,589
292,383
29,942
on
972,320
167,980
1st mtge. ser. A 6s
126,660
Treasury
stock.
696,150
696,150
$373,641
Represented
by
250,025
Total
$314,937
228,359
45,688
26,638
$1,306,658
1,003,365
172,728
107,027
$1,306,374
906,070
182,887
."
$26,885
$14,252
$23,536
$111,726
—V.
-.-28,885,855 28,338,965
shares
class A stock and 511,293 shares
common stock,
b After reserves of $11,625,948 in 1935 and $10,790,245
in 1934.
c Represented by 4,824 shares preferred 7% cum.; 9,000 shares
class A, and 22,350 (24,750 in 1934) shares com.—V. 142, p. 634.
a
income
142,
March—
Antelope Copper Mines, Ltd.—Obituary—
The company has informed the New York Stock Exchange
of Mr. Charles Engholm, a director.—V. 142, p. 3012.
Roanoke Gas Light
of the death
Total operating revenue
Co.—Earningsbee.
-12 Mos. End.
31—
1934
1935
_
$431,701
204,162
28,086
3,053
$445,629
212,332
27,381
2,122
$431,497
203,057
28,490
4,029
37,346
Uncollectible accounts.
260,352
def64,420
defl70,591
38,477
37,311
$157,920
$160,936
$166,481
482
401
494
$158,322
32,025
$166,975
33,546
$161,384
31,924
$122,431
79,585
$126,297
79,585
$133,429
79,585
$129,460
79,585
21,210
1,129
20,223
4,301
20,760
20,360
4,195
2.949
3,319
2,975
$17,557
30,000
Balance
Provision for retirements
Gross income
$18,868
$29,150
30,000
Funded debt interest
.
Indebtedness to affiliated
companies
Other interest
Federal and
on
State
958
taxes
—Fourth Week of April
1936
1935
Period—
.
San Antonio Uvalde & Gulf
March—
Mar. 31'36. Dec. 31'35.
Liabilities—
Mar. 31'36
x Com. cap. stock.
$100,000
$2,738,067 $2,732,885 Funded debt
1,447,000
Cash
280
19,583
28,158 Notes payable
Accounts receiv
123,268
128,783 Accounts payable29,125
Due from affll. cos.
11,968
12,108 Due to parent and
Merch., materials
affiliated cos
390,080
andsupplies
51,894
40,137 Consumers' deps__
13,213
Appli. on rental-19,984
19,696 Accrued accounts28,470
Mlscell. investmts.
extension
8,000
8,000 Service
215
Special deposits
215
deposits
9,179
Def. debit items..
419
21,672
20,064 Def. credit items..
Reserves
Represented by 10,000
12
Months
Ended
no par
Lake
b£ar.
Total
shares.—V. 141,
Ontario
Water
31—
Other
case
$100,000
1,447,000
,
384,449
13,436
40,475
9,530
A.9A.
expense.
Real property taxes
Excise taxes
....
Corporate taxes
p.
481,818
490,177
Feb. 29, '36 Feb. 28,
Net oper. rev. (before approp. for retire,
income
$3,307,283
$3,111,476
4,273
12,843
$3,311,557
1,263,000
$3,124,320
1,162,000
$2,048,557
682,156
66,593
4,908
$1,962,320
$1,294,899
$1,029,288
Net oper. rev. & other income
for retirement reserve)
Appropriation for retirement
1935
$525,167
175,451
22,041
2,333
Crl,403
1,250
23,104
52,673
2,544
1,875
171,168
7,670
2,590
04,586
2,250
19,933
45,795
2,621
1,248
$230,066
Other income
Gross
corporate income
Interest on funded debt.^
$230,345
114,979
$276,889
Gross income
Interest charges
(net)
Net income..
—V.
142,
p.
51
Amortization of debt discount & expense
Interest charged to construction.
29,143
29,163
Provision for retirements & replacements
Provision for Federal income tax
Federal income tax of prior years
845,660
80,467
6,903
2844.
Savage Arms Corp.
Net loss after taxes,
(& Subs.)—Earnings—
1936
1935
1934
1933
de¬
preciation, &c
—V. 140, p. 1843..
$53,968
$66,930
$82,336
$120,574
For the 12 months ended March 31, 1936, net profit was $114,511 after
charges and taxes, equivalent after 12 months dividend requirements on
506 shares of 6% preferred stock, to 66 cents a share on 167,715 no-par
shares of common stock.—V. 142, p. 2684.
Savannah Electric & Power
Period End. Mar. 31—
Gross earnings
GY7
Cr829
25,420
6,530
1,362
25,420
11,536
3.082
$52,864
$90,140
Co.—Earnings—
1936—Month—1935
$156,277
62,435
9,102
17,427
31,567
$145,064
62,673
8,868
16,515
33,121
Balance
$35,744
Appropriations for retirement reserve
Debenture dividend requirements J
$23,884
Operation
Maintenance
Interest & amortization-
116,841
1,535
Miscellaneous interest
reserve
$276,474
415
(before approp.
Amortization of debt discount & expense
Other income deductions
3 Mos. End. Mar. 31—
Corp.—
res.)._
Other
3549.
Service
Diego Consolidated Gas & Electric Co.—Earnings
Taxes
Net earns, before prov. for retirements & replace¬
ments & Federal income tax
on
192,334
36,609
def43,762
'35
$6,931,261
3,819,784
$2,994,652 $2,990,048
279
regulatory commission
General expenses transferred to construction
Provision for uncollectible accounts..
Maintenance
Net income.
338,457
143,191
63,747
11,964
$7,577,779
4,270,496
1,090
16,490
$509,936
expense
Prov. for int.
225,506
24,239
def47,797
115,242
22,193
after rents.
12 Months Ended—
486,975
1936
Operating revenues
operation
General
Rate
defl4,265
1—
Dec. 31*35.
495,065
Earned surplus...
$2,994,652 $2,990,048
&
$128,890
56,864
30,241
Gross from railwayNet from railway
Net
1933
$65,157
$87,664
16,680
def5,980
343,097
Net after rents
From Jan.
1934
1935
$124,629
48,536
19,767
Operating revenues
Operating expenses, maintenance & all taxes
plant &
Rochester
1935
$5,207,014
RR.—Earnings—
1936
Gross from railway
Net from railway
$22,006
equipment
x
1 936
3,312
Comparative Balance Sheet
Total..
Jan. 1 to April 30
$5,983,535
$428,899
—V. 142, p. 3012.
San
Common dividends
Assets—
$412,900'
—Y. 142, p. 2339.
debt interest
Net income
Property,
terminal
unifying mortgage has been enjoined from accelerating the maturiy of
$21,638,000 of bonds issued under the mortgage, by order of Federal
Judge Davis at St. Louis.
In the findings of fact which Judge Davis filed
witn the injunction order he found tnat to allow the acceleration of maturity
at this time would delay and in effect prevent preparation and consumma¬
tion of a plan of reorganization.
the
448
$156,983
34,551
Non-oper. income, net-.
Ry.—Gets Writ Against Bank-—
and
34,983
$156,500
208,872
def54,012
defl45,200
2339.
Gross earnings
Net oper. revenues
236,217
def25,181
defll6,911
-
Taxes (incl. Fed. income
taxes)
195,165
def75,845
defl55,174
$73,285
defl2,269
def43,386
The Guaranty Trust Co. of New York, trustee, under the first
$449,240
223,293
29,945
2,155
Operation
p.
$78,100
defl2,229
def43,652
St. Louis Southwestern
—12 Mos. End. Mar. 311936
1935
Maintenance
,
1933
1934
$67,532
def25,649
def49,031
1—
railway
Net from railway
Net after rents.
—V. 142
Ry.—Earnings—
1935
$86,522
defl9,211
def55,504
after rents.-.:
From Jan.
Comparative Income Statement
Period—
1936
Gross from railway
Net from railway
Net
105,690
2843.
p.
Gross from
Roan
1936—12 Mos.—1935
283,434
36,200
27,121
Net
684,150
684,150
1936—3 Mos.—1935
Expenses, taxes, &c
Interest, &c
;
Depreciation & depletion
held in
_
Rocky Mountain & Pacific Co.—Earnings—
Period End. Mar. 31—
Gross earnings
St. Louis-San Francisco & Texas
'
28,885,855 28,338,965
Total
1936—3 Mos.—1935
$391,354
847
295,641
33,203
—V. 142, p. 2842.
8
&
exps
Metal stock
purch. & held for
skg. fd. purposes
Mlscell. invest. &
y
$61,663
Operating expenses—-_
Operating taxes
•>
Res. for workmen's
Bonds of the corp.
1936—Month—1935
revenues
Uncollect, oper. rev
1934
$
payable
accrued
Customers' notes &
accts. receivable
—r-
1934
$
2,870,387
45,500
Assets—
Total
in 1936 and $4,992 in 1935.
Royal Gold & Silver Mines, Inc.—Registers with SEC—
Consolidated Balance Sheet Dec. 31
Cash
$5,452,934
Telephone Corp.—Earnings—
Period End. Mar. 31—
per sh. on
shs.
$5,398,602
After reserves of $4,911
Represented
by 2,000 no par shares,
z Representing surplus arising from appraisals
of properties, less deficit at reorganization.—V. 142, p. 3011.
x
Operating
interest paid, &c
Misc.
Total
1933
$989,732
307,868
134,780
bond prem.,
discount & other exps.
Federal taxes
Cash discount on sales,
Net
1934
$950,658
302,717
125,985
$797,720
320,507
Interest
Amort, of
Earns,
1935
1936
x
1936—12 Mos.—1935
$1,857,882
$1,776,040
717,926
666,043
115,716
108,206
201,211
207,110
396,913
407,102
*
com.
$397,766
162,500
150,000
149,114
149,114
60,000
Preferred dividend requirements
Balance for
$415,924
divs. & surplus
$44,309
60,000
$38,651
Tenders—
The Merchants National Bank of Boston will until May 14 receive bids
for the sale to it of sufficient 1st and refunding mtge. 5% gold bonds, series
F, due Sept. 1, 1955 to exhaust the
105 and interest.—V. 142, p. 2516.
sum
of $90,000 at prices not exceeding
Volume
142
Scott Paper
Financial
Co.—Rights to Stockholders—
An offering of not more than
31,669 shares (no par) common stock is
being underwritten by Cassatt & Co., Inc., and Chas. D. Barney & Co.
The registration statement filed with the
mission has become effective as of
May 3.
Securities and Exchange Com¬
Holders of common stock as of
May 14 will be entitled to subscribe for
these additional shares on the basis of one share
for each eight shares held
on that date, at a
price of $50
per share.
The subscription privilege will
expire on June 4, after which date the rights will have no value.
The purpose of the
offering is to provide a greater part of the funds re¬
quired to redeem all of the outstanding Series A
7% preferred stock of the
corporation, which has been called for redemption on June 3, 1936 at $115
per share and div.
*
The New York Stock
31,669 shares of
making the total
All of the outstanding series A
7% cum. preferred stock have been called
for redemption on June 3 at
$115 and dividends. Payment will be made at
Drexel & Co.. 15th and Walnut streets.
Philadelphia, Pa.—V. 142, p. 3012.
Correction—Earned 82 Cents
Common First Quarter—
on
The company earned
82 cents per share for the first quarter of 1936.
Due to a typographical error in "Chronicle" of
May 2, we stated that there
was a deficiency for the
common.—V. 142, p. 3012.
Seaboard Oil Co. of
Del.—Larger Dividend—
The directors have declared a
quarterly dividend of 25 cents per share
the common stock, no par
value, payable June 15 to holders of record
June 1.
This compares with dividends of 15 cents
per share paid each
quarter from June 15, 1933 to March 14, 1936,
incl., and 10 cents per share
paid each three months from June 15, 1932 to and
incl., March 15, 1933.
In addition extra dividends of 10 cents
per share were paid in each of the 10
on
preceding quarters.—V. 142,
p.
3012.
Provident'Trust—Registers with SEC—
Years Ended—
Operating profic
Depreciation
.___
______
Net profit
$519,671
•_
Cash dividends
on preferred stock
Dividends on common stock
Excess of cost over capital value of
common stock acquired for
treasury
Prov. for loss on stk. subscrip. notes.
Premium on preferred stock retired.
*36 Feb. 28, '35
Liabilities—
Accounts payableAcer, taxes & exps.
617,769
636,297
Officers'
Feb.29,'36 Feb. 28,'35
$85,360
$97,349
Unpaid payroll.__
530, 489
ma-
Deferred charges..
and
ployees'
1
*
48 ,243
26,818
14,988
Customers' credits,
pay. in mdse
85,517
Customers'
Res've
for
time"
106,939
96,500
"Life¬
products
guarantee..
50,000
50,000
Preferred stock.__
Common stock._
266,300
267,100
794,220
802,140
Earned surplus.__
1,692,773
1,469,550
Total
$3,196,910 $2,843,501
x After depreciation
allowance of $440,009 in 1936 and
$419,208 in 1935.
y Represented by 158,844 no par shares
(after deducting 3,511 shares in
treasury) in 1936 (160.428 in 1935).—V. 142, p. 2844.
1935
xl934
1933
$1,299,287
$1,369,108
919,971
37,908
37,981
913,435
45,439
38,534
51,036
$1,124,965
895,086
48,243
39,719
19,514
$310,521
*200,898
$250,496
*200,449
$320,664
y257,721
$122,403
114,542
$109,623
$50,047
$62,943
52.931
$7,861
Earns, per sh. on 776,627
shs. com. stk. (no
par)
$0.14
$0.06
$0.15
Nil
x Includes on a
consolidated basis the accounts of
Sharp & Dohme, Ltd.,
a
wholly owned foreign subsidiary,
y Regular dividend of 87 K cents
per
share and a dividend of 25 cents
per share on account of
accumulations
z
estimated).
In
Regular dividend of 87 H cents
per share
(amount
letter to stockholders, President J. S.
Zinsser says:
to
have to inform stockholders that the
settlement of the
Government tax claims for 1929 and
subsequent years, involving the
amortization of the company patents which we
believed to have been settled
by compromise in December, has been
reopened by the Government as to
the years subsequent to
1932, which action nullifies in part the advice to
stockholders in the annual report for 1935 and in
the financial data annexed
a
"We
regret
thereto.
"Our attorneys advise us that the
position which we have taken and will
maintain, if necessary, in the Board of Tax
Appeals and in the courts is,
in their
opinion, entirely just and legally sound, and that
they have full
confidence that they will
eventually be successful in maintaining it.
In
view of this, counsel advise that
preferred stockholders who have followed
the suggestion in our circular of Feb.
14 in making their income tax
return,
should continue to take this
position, so as to preserve their rights in the
ultimate
settlement of this
controversy."—Y.
Sharon Steel
142,
p.
1657.
Corp.—Listing—
The New York Stock
Exchange has authorized the listing of $2,000 000
lS-year 4H % conv. debentures, dated March 1,1936 and
maturing March 1,
1951, and 40,000 shares of conv. $5 pref. stock
(no par), and 177,695 shares
of common stock, as follows:
13,409 shares (no par), on official notice of
issuance, on issuance pursuant to agreements with officers
and employees
and 164,286 shares of common
stock, on official notice of issuance, on con¬
version of conv. debentures or conv.
$5 pref. stock, making the total
amount applied for to date
$2,000,000 of conv. debentures,
40,000 shares of
conv. $5 pref. stock, and
552,695 shares of common stock.—V.
142, p. 2172.
Shell Union Oil Corp.—To Reduce
Executive Committee—
Stockholders at their annual
meeting on May 21 will consider
amendmentof the by-laws to advance the date of
a proposed
the annual
meeting and to
the number of the executive
committee to not less than three or
than five.—V. 142, p, 2844.
reduce
more
$5,686,484
4,526,397
044,469
154,342
1,145,038
$3,271,264
3,147,721
109,935
160,926
1,353,097
0126,436
30,179
27,000
51,831
debs. purch.___
115,529
95,900
Federal taxes
Loss applic. tomin.int-Profit for quar ter____
935
$797,015
-
-
$297,5171oss$146,6551oss$1282,679
Earns, per sh. on 1,008,549shs. com. stk. (par
.-v.;.:'
$15)
$0.69
$0.19
Nil
7
—V. 142, p. 2685.
Simms Petroleum
Nil
Co.—Report to Stockholders—
Alfred J. Williams, President, says in
part:
Sale of Simms Oil Co. to Tide Water Oil Co.—Simms Petroleum
Co. (Del.)
was not itself an
operating company. Until June, 1935, it owned all the
stock of Simms Oil Co.
(Texas), which conducted the operating activities
p.
3402.]
Dissolution
of the Company—Except for cash, and certain stock holdings
in other companies of slight or uncertain
value, the stock of Simms Oil Co.
was the only asset of
company at the time the agreement for its sale was
made.
Directors therefore recommended to the stockholders
that, if they
approved the sale of the Simms Oil Co. stock, Simms Petroleum Co.
should
be dissolved.
The requisite vote of stockholders was
given at the meeting
on June
17, 1935, and the appropriate certificate of dissolution was filed
with the Secretary of State of Delaware.
Under the Delaware
At the termination of this three-
period, if the liquidation has not then been completed, trustees may be
appointed or some other procedure will be adopted to continue and com¬
plete the liquidation.
Progress in Liquidation—On July 5, 1935, a dividend in liquidation in the
amount of $10 per share, or $4,636,500, was distributed
to stockholders.
These funds represented primarily the initial cash
payment received from
Tide Water Oil Co. and the proceeds of sale of the
$2,000,000 notes of
Tide Water Oil Co. received as part consideration for sale of the
Simms Oil
Co. stock. Further dividends in liquidation were later
paid, in the amount
of $1.25 per share on Oct. 18, 1935, and $1
per share on Jan. 27, 1936.
The
distributions in liquidation to the present date thus have totaled
$12.25
per share.
During the six-month period from June 30. 1935, to Dec. 31, 1935, a
settlement was effected of the most important item of
litigation which had
been pending involving possible loss to
company.
This litigation related
to the title of Simms Oil Co. to
property in the Yates field, Pecos
Texas,
County,
together with
possible obligation to account for past production
In the sale of the Simms Oil Co. stock to Tide
Water Oil Co.,
therefrom.
Sharp & Dohme, Inc.—Earnings—
(amount estimated).
$5,974,879
4,399,695
0173,180
149,193
1,244,475
year
45,873
37,740
y
Surplus
on
$7,245,534
4,893,166
0224,625
123,234
1,446,250
holders the available proceeds of its assets.
credit
balances
State inc. taxes.
Net profit.
Preferred dividends
_____
filling, for the
2Q.289
Prov. for Fed'l and
Quar. End. Mar. 31—
1936
Gross profit
$1,448,732
Expenses
1,006,576
Charges (net)
42,460
Depreciation
37,588
Federal taxes.
51,587
expenses
193o
statute,
company's corporate existence is continued for three years from the date of
purpose of liquidating its affairs and distributing to stock¬
30,952
em¬
accts__
39,495
_.$3,196,910 $2,843,501»
Operating
1934
by directors and approved by stock¬
541,431
250,432
Gross earnings
1935
holders June 17, 1935.
Delivery of the stock was made on June 20, 1935,
at which time the initial payment from Tide Water
Oil Co. on account of
the sale price was received.
[For summary of provisions of the agreement
with Tide Water Oil Co. for sale of the Simms Oil
Co. stock, see V. 140,
$758,075
1
' ^.77:;
1936
2,800
100,000
641, 293
791, 272
249,038
-7
Income Account for Quarter Ended March 31
(Incl. Subs.)
9,981
151,347
5
Comparative Balance Sheet
_
contemplated plan," said W. G. Skelly, President.
"As a result of this de¬
lay, it will not be possible to redeem the present 6%
preferred stock on
Aug. 1,1936."
'
and owned the physical assets.
On May 14, 1935, as result of extended
negotiations, Tide Water Oil Co.
(Okla.) submitted an offer to purchase from company all of the stock of
Simms Oil Co. This offer was accepted
$936, 573
and good-will
....
$1,327,679
5,342
$1,692,773
$1,469,550
$1,219,537
x Estimated
Federal income tax only,
y After operating expenses of
$1,268,073.
z Less adjustment of
$3,848 for prior years' accrual.
chin'y & equip.
Pats., trade-marks
77- ;7'
,652,252
21,368
_
Mdse. inventories.
Other assets
New Stock Issue—
$235,516
1,092,163
Earned surplus
rec.
on
A special meeting of stockholders
scheduled for May 1 to authorize a new
issue of preferred stock to be used to refund the
outstanding 6% preferred
on which
accumulated dividends amounted to $30 a share as of
April 30,
has been adjourned to June 1.
"In view of unfavorable
changes in market conditions since the call for
the meeting was Issued, it was believed
desirable to defer action on the
54,052
Miscellaneous credits
Feb. 29
Defers Action
6%
$432,715
1,219,537
1,469,550
19,567
Total
6% Preferred Stock—
on
a dividend of $1.50
per share on account of
cumulative preferred stock, par $100, payable
Aug. 1 to holders of record July 1.
This will be the first dividend paid by
the company since
May 1, 1931, when a regular quarterly payment of
$1.50 per share was made.
the
on
$2,008,789
21,340
240,618
Previous earned surplus.
Total
Skelly Oil Co .—To Pay Dividend
The directors have declared
accumulations
Depreciation, depletion.
29, '36 Feb. 28, '35 Feb. 28, '34
y$669,482
$580,531
$284,161
20,801
27,068
30,588
100,276
34,300
3,406
819
14,758
26,730
88,654
z87,252
85,630
7x3,300
____
xLand.bldgs.,
par $1, both payab'e May 31 to holders of record
May 11.
Dividends
of 2 cents per share have been
paid in each of the three preceding quarters
a dividend of 3 cents
was paid on April 20, 1935.
An initial dividend
of 2 cents per share was
paid on Oct. 15. 1934.—V. 140, p. 2369.
and
Disc,
Feb.
Bonuses
Interest paid
Other deductions
Other income
______!
Provision for income taxes.___
Notes & accts.
stock,
Non-oper. charges.
(W. A.) Sheaffer Pen Co.—Earnings—
Assets—
(William) Siipon Brewing Co.—Extra Dividend—
The directors have declared an extra
dividend of 2 cents per share in
addition to the regular
quarterly dividend of like amount on the capital
Other income (net)
Interest charges-
See list given on first page of this
department.
Cash.
The directors have declared an initial
quarterly dividend of $1.25 per share
the new 5% cum. pref. stock, series
AAA, par $100, payable June 1 to
holders of record May 15.—V.
142, p. 1657.
on
Exchange has authorized
the listing of an additional
stock (no par), on official notice of issuance,
applied for 285,027 shares.
s
'
3187
Sherwm Williams" Co.—Initial
Preferred Dividend—
common
amount
Preferred Stock Called—
Seminole
Chronicle
company warranted this title, as well as the titles to the other
and certain of the undeveloped properties of Simms Oil
producing
Co.
The possible
loss involved in this litigation was in excess of
$4,000,000. It was settled
by payment of $350,000 to the State of Texas and certain individual claim¬
ants, out of the escrow fund established under the
agreement with Tide
Water
Oil
Co.
The agreement with Tide Water Oil Co.
provided that certain assets of
Simms Oil Co. (refineries, marketing stations,
pipelines, producing proper¬
ties in Arkansas, &c.) should be excluded from the sale.
These assets were
transferred, as of June 1, 1935, to Simms Co. (a newly organized Tdxas
corporation), all of the stock of which was acquired by Simms Petroleum Co.
The consolidated statements of income and
expense of Simms Petroleum
Co. and Simms Co. for the fourth quarter of 1935 and for
the year ended
Dec. 31, 1935 (the latter including income and
expense of Simms Co. from
June 1, 1935, only), are given below. These statements
include the results
of operation of the Arkansas
Producing properties from June
Sept. 1,
1935,
as
of which date they
expense connected with
at Smackover, Ark., to
1,
were
make it merchantable
completed before the end of the year.
Consolidated
Income
Account
as
(Simms Petroleum
Simms
Period Ended Dec. 31, 1935—
of crude oil, gasoline, &c.
Sales
Net loss before other income
Other income
revenue and
stored in open pits
This operation was
Co.—in
Liquidation—and
3 Mos.
12 Mos.
$2,794
(including fuel
used in operations
Expenses and charges
fuel.
Co.
3,554
Crude oil and gasoline purchased
Decrease in inventories
Remainder
1935, to
sold, and also the
dehydrating certain crude oil
—
$243,551
39,821
100,046
loss$760
25,345
$103,684
160,285
$26,106
11,612
$56,601
54,103
Net loss for period
$14,494
$2,498
Notes—The foregoing does not include the unrealized
profit on sale during
1935 of stock of Simms Oil Co., which is shown below. The
above therefore
does not include $220,932 received in 1935 from Tide
Water Oil Co., repre¬
senting seven months' instalments on account of principal of the amount
receivable if, as and when oil is
produced, and $71,151 interest thereon.
These were credited as part of the sale
price of the Simms Oil Co. stock
shown below.
The foregoing includes the income and
expenses of Simms Petroleum Co.
for the entire year ended Dec. 31,
1935, and of Simms Co. for the period
from June 1,
1935, only. No earnings or expenses of Simms Oil Co.
(a sub¬
sidiary of Simms Petroleum Co. until June 20, 1935) are included.
The above
statement does not include
charges for depletion ($2,617), de¬
preciation ($144,697), losses on property retirements
($167,421), and other
sundry adjustments ($21,505), all of which were charged to the reserve for
revaluation.
At organization in June, 1935, Simms Co.
provided'a reserve of $90,725
for rentals payable to expiration of lease contracts for tank cars
and two
marketing stations.
The rentals paid on these properties for the seven
Financial
3188
Undistributed
—V.
Net oper. rev.
$4,636,500
balance Jan. 1, 1935.
excess
Gross
1,531,691
—V.
877,212
1
■
142,
Co.—Surplus for period (7
31, 1935
-
months)
1,107,439
$7,275,631
-
capital stock
$4,636,500
579,562
$10 per share on July 5, 1935
share on Oct. 18, 1935
5,216,062
$2,059,568
Remainder
Oil Co. stock:
net amount re¬
ceived to Dec. 31, 1935, incl. $240,376 prin¬
cipal and $71,151 int. representing 7 months'
instalments on
contingent portion of sale
price, less $19,444 thereof deposited in escrow
Unrealized profit on sale of Simms
Fixed portion of sale price (being
of sale price (principal of
Oil Co., if, a(. and
when oil is produced, plus escrow fund: reali¬
zation in full on these [terns being subject to
reduction under various contingencies as set
forth in the agreement of May 14, 1935)
3,984,068
$9,479,045
Total
Oil Co.
$7,024,700
stocksold
7,241 499
216,799
in connection with sale.
2,237,545
Remainder
Total
$4,297,114
-
The amount of the reserve original
provided out of profit and loss sur¬
plus as of June 30, 1935, was $1,000,000. Since that date $363,322 has been
restored to profit and loss surplus and deducted from the sale price of the
Simms Oil Co. stock. This $363,322 is the amount of expenditures made in
connection with
litigation for which Simms Petroleum Co. is liable under
the agreement of May 14, 1935, with Tide
the covenants of warranty in
Water Oil Co., and therefore represents a
on the sale of Simms Oil Co, stock.
reduction in the unrealized profit
Consolidated Balance Sheet Dec. 31, 1935
Liabilities—
Assets—
$712,264
Cash
2,136
Accrued interest receivable
30
119,967
Crude oil inventory
rec.—instalments
$51,610
13,939
payable
61,608
26,684 Federal income taxes for prior
res.)-$8,715 res.)__
Due from officers & directors.
Notes
Accounts
Accrued expenses
Notes rec. (less $54,322
Accts. rec. (less
years
45,298
turing subseq. to Dec. 31,'36
261
17,695
(in litigation)—
420
Other accrued taxes
Due to officers and directors..
loss
Reserves—Contingent
ma¬
Investments
title and
10,968
in
other litigation,
inc. & excess prof. taxes, &c
Rental obligations
126,177
Contingent assets.a
3,984,068 Capital int. of stockholders,
represented
by
463,650
Prepaid insurance, taxes, &c._
7,608
Fixed property
_
shs. outst.
(quth.
b636,678
c57,678
capital
500,000 shs., $10 par val.;
36,350 shs. in treasury)—
Undistributed cap. & surp__ 2,059,568
Unrealized profit on sale of
Simms Oil Co. stock
__$5,086,104
Total
2,237,545
$5,086,104
Total
Arising in connection with sale of stock of Simms Oil Co. to Tide Water
Oil Co. under agreement of May 14, 1935: Principal amount on account of
sale price receivable only if, as, and when oil is produced, and if not other¬
wise reduced as provided in said agreement of May 14, 1935 (in addition
3 % interest is receivable thereon as provided in said agreement), $3,914,623.
Escow fund under agreement of May 14,1935. $69,444.
The agreement of
May 14, 1935, relating to sale of the Simms Oil Co. stock provided that
$4,155,000 of the consideration therefor was payable by Tide Water Oi
Co. only if, as, and when oil is produced.
Instalments on this contingent
payment are due monthly in an amount equal to one-fourth of the value
of the net oil and has produced from the Simms Oil Co. properties, except
that for each of the first 36 months the instalments are one-fourth of such
value less $6,250.
The principal amount of this contingent payment remaining unliquidated
on Dec. 31, 1935, was $3,914,623.
In addition, interest at 3% is receivable
thereon.
The amount to be received by Simms Petroleum Co. from Tide
Water Oil Co. on this contingent payment, and also from the escrow fund,
is subject to reduction in the event that liability is established under the
covenants of warranty in the agreement of
May 14, 1935, or if certain
other non-admitted contingent liabilities of Simms Oil Co. referred to therein
a
are
established.
b At Dec. 31, 1935, certain litigation was pending against Simms Oil Co.
involving possible liability of the nature referred to in note (a), which, if
unsuccessfully defended, would result in loss to Simms Petroleum Co.
The above reserve has been provided for such possible loss, as well as for
Federal income and excess profits taxes for 1935 and subsequent years,
and is believed by the board of directors to be a reasonable estimate thereof.
It is impossible, however, to determine with accuracy at the present time
the ultimate cost of these items and the reserve of $636,678.14 may therefore
prove to be either excessive or
c The Simms Co. is obligated
inadequate.
to pay rentals aggregating $28,229
payable
before Dec. 31, 1936, and $29,449 payable thereafter on tank cars and cer¬
tain station sites from which the revenue likely to be realized is substantially
less than said obligation.
has
been provided.
A reserve for the full amount of these rentals
to receive from Tide Water Oil Co. under the agreement
equal to the amount by which $200,000 exceeds the
capital stock, and excess profits and corporate
1935, to Dec. 31, 1939.—V.
income,
Simms Oil Co. from May 1,
(Franklin) Simon & Co.—Accumulated Dividend—
The directors have declared a dividend of $1.75 per share on account
of
cum. pref. stock, par
$100, payable June 1
16.
A similar dividend was paid on March 2
last, Dec. 2, Sept. 3 and June 1, 1935, this latter being the first distribution
made on this issue since June 1, 1934, when a regular quarterly dividend
of $1.75 was paid.—V. 142, p. 2517.
accumulations
to
on
the
7%
holders of record May
Southern Ry.—Abandonment—
The
Interstate Commerce Commission on April
25 issued a certificate
permitting (1) the Southern Ry., Carolina Division, and (2) the Southern
Ry., lessee, to abandon a branch line of railroad extending in a general
easterly direction from Sumter Junction to Sumter, 15.8 miles, all in
Sumter County, S. C
427.633
$170,110
3,815
2517.
Inc.—Annual Report, 1935—
President, states in part:
income for 1935 was $22,525,892, after deduction of
consolidated
$44,103,114 for depreciation, depletion, amortization, intangible develocosts, and self-carried insurance premiums, in addition to a non-re¬
curring charge of $2,864,796 representing unamortized discount and prem¬
iums paid on bonds retired during the year, and after a charge to provide a
reserve fo $500,000 for future loss on foreign exchange in countries with
exchange restrictions.
The net income for 1935 was equivalent to 71 cents
per share, compared with 76 cents per share for 1934.
Dividends received
from companies in which company owns a 50% share interest and whose
accounts have not been consolidated were $372,325 in excess of company's
equity in the total earnings of such companies.
Dividends of $9,345,442 were paid during 1935.
After adjustments in
the statements submitted herewith the earned surplus
reported for these two years. For the past five years, therefore, the total
dividends exceeded reported earnings by $35,475,636.
For the past two
years large capital expenditures have been necessary for replacements,
modernization of plants, and improvement of the fundamental conditions
of the company's position.
These expenditures will continue to be large
during 1936 and 1937.
Directors believe that the value of the stockholders'
equity is better preserved by meeting the capital expenditure requirements
out of earnings rather than by borrowing the required funds or restricting
necessary developments and improvements.
Cash and marketable securities of the company on Dec. 31, 1935 were
$70,359,702.
The company carries its own insurance on substantilly all
of its assets.
A large amount of cash must always be on hand in many parts
of the world to carry on the everyday business of the company, and some
of the cash accumulated can move only slowly out of countries with exchange
restrictions.
Under all of these conditions it is the opinion of directors that
they should endeavor at least to maintain, and preferably to improve, the
present modestly protective cash position of the company.
During the year 1935 the consumption of crude oil and products in the
United States increased 6.7% over 1934, and the storage above ground of
crude and products decreased 4%.
New discoveries of crude oil are believed
to have been in excess of crude porduced during the year.
The oil industry
has been fortunate in the enjoyment of a large demand for its products
during the depression years.
Domestic demand for crude and all products
in 1935 exceeded that of 1930 by approximately 6%.
Exports have declined
about 18% since 1930, but last year's total demand including exports,
was slightly in excess of the 1930 figures.
Gasoline reached a record of high
consumption in 1935 at 9.2% over 1930, and the greatest decline that
occurred during the intervening years was to a level of 5.4% below 1930.
However, the past five years have been years of discovery by the industry
of large new crude oil reserves.
Efforts by the States for an orderly control
of crude oil production in the interests of conservation have been increasingly
effective during the past year.
The attempts how being made to perfect a
compact among the crude oil producing States promises good results in this
direction
Nevertheless, the potential capacity to produce crude oil in excess
of demand with little added expense for operatio i and development has
had its influence on values because of the continued pressure to move
crude oil through refineries to the market.
Another factor has been the
attraction during the depression years of more companies and individuals
to the business of marketing petroleum products because gasoline movement
was
on
the whole expanding when the movement of other commodities
was contracting.
These forces appear to have caused an expansion in mar¬
keting outlets and facilities in excess of distribution needs.
It is believed
that the distribution and selling facilities in 1930 were at least sufficient
for the requirements of the industry, and their expansion during recent
years has made it more difficult to obtain satisfactory net realizations from
sales
increased the difficulties of successful operation for
which is so largely engaged in marketing.
The company is a
These influences have
company,
large buyer of both crude oil and products to provide supplies for its re¬
fineries and marketing outlets.
The management is endavoring to preserve
the value of the marketingassets and to make them profitable by economical
and efficient operation.
Efforts are being made to improve the ratio of the
company's own crude oil production to
its total crude oil requirements, to
improve refinery yields of the more valuable products of crude oil, and to
decrease the costs of refining and transportation.
At intervals during the year in various areas the price realizations from
sales after paying marketing costs were insufficient to return the posted
price of crude oil in the field with full transportation rates and refining
costs.
Conditions as to wholesale prices in most of the United States im¬
proved during the year, and were more favorable during the last half of the
year.
This improvement is still evident at the time of writing this report.
During the year 1935 company's gross production of crude oil in the
United States averaged 121,403 barrels a day, an increase of approximately
9% over 1934.
Lands and leases in the United States owned by company
for possible future oil and gas development total 4,392,997 acres.
Crude
oil production pertaining to company outside of the United States is mostly
in companias in which part interests are owned.
The Iraq Petroleum Co.,
in which company holds 11 % % share interest, moved an average of 74,013
barrels per day to Mediterranean ports during 1935, having started this
pipeline movement late in 1934.
Standard-Vacuum Oil Co., in which
company owns 50% share interest, produced an average of 37,262 barrels
of crude oil daily in Netherland Indies during 1935.
Volume of sales by company in all countries increased 5% to a total of
107,681,420 barrels of crude and products.
Refinery operations in all
countries increased 7.7% to 240,700 barrels daily average in terms of crude
oil charged.
Transportation by pipeline and water increased with larger
volume of production, refining and sales.
The figures regarding sales
volume and refining do not include Standard-Vacuum Oil Co. operating in
the Far East, which also increased its volume of sales and refininer.
International business has been carried on with great difficulties caused
by trade and exchange restrictions and efforts in some countries to increase
use of nationally produced alternatives or substitutes for imported crude
or products from petroleum, although at greater cost to the consumer in
these countries.
Nevertheless, the demand for oil products has continued
to increase throughout the world, and your company has maintained its
position in this international trade.
Taxes paid by the company in the United States, including gasoline taxes
collected for various States and for the Federal Government, amounted to
$85,851,604.
This sum is larger than the payroll of the company in the
United States, and 3.8 times the net earnings from all operations.
During the year 1935 the funded and long term debt of the company was
reduced by $10,688,089.
Cash and marketable securities were increased
$11,729,218.
Net current assets remained practically unchanged at $186,"
858,832.
Bonds and debentures of the company totaling $28,615,000 were called for
the
Petroleum Co.
of May 14, 1935,
aggregate Federal
franchise taxes of
142, p. 310
Note—No value is included above for the right of Simms
a sum
_
appearing on the balance sheet on Dec. 31,1935 was $33,553,387, equivalent
to 5.4% of the total net assets employed in the business.
For the three
years from 1931 to 1933, inclusive, dividends paid were $54,124,823 in
excess of the earnings shown by the reports for that period.
For the years
1934 and 1935 the total dividends were $18,649,187 less than the earnings
amt. rec. from Tide Water
Less: Book value of Simms
p.
surplus account on
$5,494,976
fund)
Contingent portion
x
427,473
4,103
$170,064
(net)
204,603
$601,558
ment
6,651
.1
Dividends in liquidation paid on
of Simms Petroleum Co.:
expenses
$806,162
232,498
$601,641
John A. Brown,
■■
$1,100,788
Remainder
per
$834,140
(before appropr.
Socony-Vacuum Oil Co.,
_
ended Dec.
$1.25
$805,265
896
Net income
Net
Total.
$833,574
565
income
Interest charges
,
litigation, inprofits taxes, &c_x636,678
■
Simms
$1,848,791
1,043,525
Appropriation for retirement reserve
for contingent loss
in title and other
&
1,111,623
$1,978,001
Deficitforyr.end.Dec.31,'35
$9,149
Dividend paid Feb. 1, 1935
231,385
come
Feb. 28, '35
$1,945,197
(before apprpr. for retire, res.)—
Net oper. rev. & other income
for retirement reserve)
3,777
Less:
res.
Feb. 29, '36
Other income deductions.-i_-.
Simms Petroleum Co.,
for
$2,787,518 $39,706,273 $34,435,631
Other income
$1,352,481
Profit and loss surplus:
Prov.
$3,233,789
Operating revenues
Oper. expenses, maintenance & all taxes
•'
175,433
.
3013.
Southern Colorado Power Co.—Earnings—
shares out¬
and contingencies
p.
12 Months Ended—
31, 1935
capital and surplus:
Capital st— or Simms Petroleum Co., 463,650
standing at par value of $10 per share
Capital surplus, Simms Petroleum Co.:
Balance, Jan. 1, 1935
Credits arising from sale of 1,089 shares treas¬
ury stock and the acquisition of one share.
Restoration to capital surplus of unused bal¬
ance in reserve for abandonment of leases
142,
1936
9,
Jan. 1 to April 30
1936
1935
1935
1936
Period—
Gross earnings
income.
property acquired from
Simms Oil Co. as the taxes on hese properties for the year 1935 were assumed
by Simms Petroleum Co. in connection with the sale of the capital stock
of that company and the acquisition of certi[n of its property.
to $400 and $8,332, respectively, were taken into
The taxes do not include any ad valorem taxes on
Capital Interest of Stockholders, Dec.
May
Chronicle
—Fourth Week of April
months to Dec. 31, 1935, amounting to $33,046, were charged to this reserve
but the rental income and tank car mileage earnings therefrom amounting
payment in Feb. 1935 and paid off by taking $1,615,000 from current funds
and borrowing $27,000,000 by five-year bank loans at lower interest rates.
These bank loans were reduced $5,400,000 during the year. The $50,000,000
4)^% debenture issue of Standard Oil Co. of New York was called
payment Nov. 12, 1935 and replaced by the sale at par of $50,000,000
year
3>3% debentures maturing in 1950.
for
15-
The interest savings resulting
Volume
142
Financial
Chronicle
from these
refunding operations will be fully obtained in 1936 and subse¬
quent years.
Interest on funded and long term debt in 1936 is estimated at
$1,350,000 less than the interest paid on such debt during the year 1934.
The
1935
$
*
$
22,438,345
26,111.126
Miscellaneous income (net)
Profit on foreign exchange
7,559,997
762,550
55,822
2,954,445
575,810
1,611,577
12,733,188
(other
than
5.141,833
1,484,429
1,562,426
11,016,937
Interest paid
funded debt)
8,378,368
1,716,251
Less:
6,893,939
3,579,407
33,005,064
3,910,441
27,291,093
4,368,422
on
Income before interest and discount
on funded debt
33,455,282
Interest and discount on funded debt.
2,730,209
Prem. & exp. on bonds called for red.
2.864.796
Res. for future loss on for. exchange.
Net earnings before provision for retirement and
Taxes
$0.76
$0.71
Less\
Government
holders
of
a
claim
paid
foreign
for
of
account
subsidiary—charged
1934, now transferred to capital surplus
Excess of cost over equity in net worth at
sidiary
1935
former
to
in
banks
Accts.
&
&
&
7,070
7,693
current account.
6,009
liabilities..
83,028
28,279
at
28,484
Accrd.
av¬
Consumers' deps__
dlsct.
&
183,651
405,643
434,773
1,044,400
1,044,400
750,000
750,000
516,265
516,265
182,354
Common stock (par
debits
6,611
10,064
$100)
Cap. surplus,
there-
Total
$6,918,158 $6,943,485
After
reserves
247,656
Total
$6,918,158 $6,943,485
of $10,157 in 1936 and $5,845 in 1935.—V. 142, p.
Southeastern Gas & Water Co. (&
38,898
„
12 Months Ended March 31—
$46,543,930
3,002,964
9,345,441
567,815
74,321
$677,117
281,931
46,959
35,760
Non-operating
$330,488
10,185
$312,465
12,040
$340,674
$324,505
income-
Expenses & taxes of Southeastern Gas & Water Co.
(excl. oper. divs.) & Southeastern Investment
Corp
$33,553,386
Consolidated Balance Sheet Dec. 31
$
Cash
33,592,858
31.456,034
36,766,844
27,174,450
48.720,456
48,356,174
Crude & ref'd prods, at lower of cost or
market..117,807,874 121,245.397
Materials and supplies at cost..,
8,904,584
10.004,540
d Socony-Vacuum Corp. stock
4,799,780
4,755,711
Investments in & advances to affiliates & others..
131,507,340 137,434,007
a
7,485,790
400,204,514
7,969,714
789 ,679,626 788,600,542
33 ,990,544
Taxes payable
12 ,285,491
9 ,014,424
Long-term notes payable
33,291.485
9,055,971
10,815,764
21 ,600,000
Reserve for future loss on foreign
exchange
Advances from Standard-Vacuum Oil Co
Funded debt:
Standard
Oil
Co.
of
N.
Y.—i}^%
500,000
bentures—maturing in 1951.
4M% serial gold debentures—completely
turing in 1948
Socony-Vacuum
Minority
.
75,150
106,243
on
Interest
on
1st lien bonds
general lien bonds
105.671
Other interest
252
122
Depreciation
439
439
>.444
def$20,197
—V.
Co.,
Inc.—15-year
Southern United Ice Co.—New Directors—
J.
surp.
pany, a subsidiary of United Public Service Corp.—V.
Southwestern Bell
Reserve for insurance
Net income.
Deficit.
—V.
depletion,
depreciation and amortization of $492,b Includes 1,205 shares still to be
c Market value. $36,683,539 in
1935
and $26,653,451 in 1934.
d 557,381 shares at cost in 1935 (554,176 in
19341.
e Includes reserve for insurance
of subsidiary company.
604,486
in 1935 and $482,996,368.
issued in 1935 and 2,012)4 in 1934.
Barco Purchase
as
directors
of the
South
Corp., the following
American
Gulf
Oil
Co.:
from
the
Socony-Vacuum Oil Co., J. A. Brown, A. F. Corwin, H. F. Sheets, G. V.
Holton; from the Texas Corp., T. Rieber, W. S. S. Rodgers, H. T.
Klein,
R. Ogarrio.
men
were
also
elected
—
dents, A. F.
Corwin,
R.
a.
South
Co.
Brown- President, T.
Ogarrio, W.
American
S.
S.
Rodgers.
were
then
elected:
$3,149,600
3,841,246
$258,976
$691,646
on
New Preferred Stock—
an initial quarterly dividend of
$1.37>£ Per
$5.50 cumulative preferred stock, no par value, payable
June 1 to holders of record May 20.
This new stock was recently issued in
connection with a plan to pay off arrearages on the old 7 % preferred stock.
—V. 142, p. 2517.
on
the
new
Standard Brands, Inc.—Correction—
For the first quarter of 1936 company earned 29 cents per share on the
12,645,415 shares of common stock outstanding in hands of the public
March 31, 1936.
In the "Chronicle" of May 2 this was arroneously stated
as a deficiency.—V. 142, p. 3013.
Co.—Weekly Output—
Electric
output for the week ended May 2, 1936 totaled 91,760,748
hours, an increase of 11.3% compared with the corresponding
week last year.—V. 142, p. 3014.
kilowatt
Standard Fruit &
I
Calendar Years—
'
Net earnings..
Divs. on par tic. pref .stk.
Steamship Corp. (& Subs.)—Earns.
1935
x$403,652
266,501
1934
1933
$1,708,587
335,335
$2,121,373
1932
$542,891
_
Balance
$137,151
$1,373,252
$2,121,373
$542,891
After deducting depreciation of $924,232 and interest paid and accrued
$131,087.
Earnings for 3 Months Ended March 31
x
Operating loss
Depreciation
of tne
$3,582,270
3,841,246
Spear & Co.—Initial Dividend
company.
following officers
$4,136,121
3,841,246
The directors have declared
share
of
Chairman of the Board. John
•
1934
1935
3013.
p.
directors of the Colombian Petroleum
Co., with the addition of Charles F. French and Harold J. Wasson
repre¬
senting the Carib Syndicate, Ltd., which has a 21% stock interest in the
as
2598.
sur$294,875
—
—
Standard Gas & Electric
Completed—
This company and the Texas Corp. announced Con
May 4) the completion
of arrangements for the purchase of the stock of
the South American Gulf
Oil Co.
The Soutn American Co. holds
79% of the stock of the Colombian
Petroleum Co., which owns the so-called Barco
concession, representing
the oil rights in about 500,000 acres in
northeastern Colombia.
At a meeting held May 4 in the offices of the Texas
elected
142,
p.
$19,458,556 $18,084,759 $17,188,718
14,623,119
13,748,993
13,277,766
699,316
753,496
761,352
including taxes
Dividends pa id
.789,679,626 788,600,542
for
1936
revenue.
14,633,000
3.376,140
3,948,350
685,724
e2,723,229
475,626,818
114,935,935
23,652,967
12,548,990
141,
Telephone Co.- -Earnings—
Interest
50 ,000,000
860,460
3 ,259,926
475 ,626,840
113 ,182,673
33 ,553,387
13 ,318,009
cos
Total
Total
Total expenses,
3 ,173,743
of sub.
Wilson, D. Gordon Rupe Jr. and A. F. Berringer were elected
on April 24.
Mr. Wilson succeeds J. J. Kirby, and Mr. Rupe and
3 Months Ended March 31—
2 ,696.078
Capital surplus
Earned surplus
reserves
B.
directors
19,324,170
ma¬
debentues—maturing 1936-1955
Minority int. in cap. stock &
b Capital stock (par $15)
3907.
p.
3H%
Purchase obligations
Deferred credits
After
140,
13,982,000
Oil
Cr289
operating divisions):
Interest
50,000,000
debentures
The
;
...
interests.
Deductions of Southeastern Gas & Water Co. (excl.
de¬
General Petroleum Corp. of
Calif.—5% 1st mtge.
sinking fund gold bonds—maturing in 1940...
Compagnie Industrielle des Petroles—5% serial
These
74,984
Federal income taxes.
8,468
103,490
12,354
Mr. Berringer were elected to the posts alloted to the receivers of this com¬
16 ,618,051
gold
23,435
23,290
2,076
109,914
4,836
38
Balance available for dividends & surplus
Total
Liabilities—
Accounts payable
Notes and loans payable
were
15,289
$309,216
Deductions of subs.& operating divisions:
Amortization and discount
Depreciation and depletion
$
c Marketable securities at cost
Accounts and notes receivable
a
13,725
$326,948
Interest
1934'
1935
Real estate, producing properties,
pipe lines, re¬
fineries, vessels and distributing stations
400,094,099
1935
1936
$679,002
274,632
36,749
37,133
Operation
Maintenance
Gross income
Assets—
2686.
Subs.)—Earnings—
78,516
and subsidiaries' bonds and debentures
pur¬
Prepaid and deferred charges
156,580
surplus
Taxes (other than Federal income taxes).
transferred to capital surplus
Balance, Dec. 31, 1935
rep¬
against
Earned
33,827
27,688
Equity (at Dec. 31, 1934) in undistributed earnings since
acquisition of subsidiary now consolidated
prior years
64,222
dry chgs.
now
Prov. for funding past service annuities
(less divs. rec'd).
Dividends paid during year
Adjustments of prior years' inc. taxes (Fed., State &
foreign)
Miscell. adjustments (net)—applicable to
liabilities
37,523
67,656
Reserves
171,475
1,444,088
Net income for year
Government claim paid for account of former stockholders
of a foreign
Less:
36,530
arising from ap¬
praisal, less sun¬
.$113,182,673
23,652,966
22,525,892
•
2,518
revenue-
6% cum. pref. stk.
(par value $100)
process
of amortization.
unadjstd.
80,304
3,558
Unearned
Deferred
ex¬
taxes
Total
5,052
18,747
58,814
Prepaid accts., de¬
ferred charges, &
x
own
116,640
resenting surplus
foreign subsidiary
(Federal, State and foreign)
of subsidiaries applicable to period
prior to acquisition
Miscellaneous adjustments (net)
on
529,750
.1,400
12,050
47,889
rev
in
in respect of goodwill of
chased (net)
680,970
Notes payable
Due to parent co—
247,656
subsidiary—charged to income in 1934,
1935
42,804
acquisition of sub¬
adjustment
Balance, Dec. 31, 1935
Earned surplus, Dec. 31, 1934
1936
$3 ,157,500 $3,157,500
Indebted, to parent
& affil. cos
46,818
erage cost
pense in
at March 31
as
Accounts payable-
supplies
—stated
Debt
$6,611,974
notes
receivable
Mat'Is
135
$13,639
Liabilities—
stock¬
income
162
Funded debt
now consolidated for the first time and
Adjustments of income
Profit
1936
working funds..
Includes retirements and other
Consolidated Statement of Surplus for the Year Ended Dec.
31, 1935
Capital surplus, Dec. 31, 1934
$114,935,934
15,500
4,419
12,175
$24,032
property,
equipment, &c._ $6,610,012
amortization.
included in the income account.
19,500
Net loss.
Accrd. unbilled
Note—In addition to the amount of taxes shown
separately above, $18,496,037 was paid (or accrued) for Federal excise taxes included in costs,
and gasoline taxes totaling
$56,637,681 were collected for States but not
Cr 103
1
Provision for retirements & replacements
on Federalincome tax of
prior years..
Cash
$0.71
$207,849
158,105
31,257
Crl62
,
425
$200,142
158,105
31,631
2,762
12,175
-
Prov. for int.
22,545,462
y
422
Amortization of debt discount & expense
Interest charged to construction-
377",209
24,121,297
(other than income taxes).
r.
Interest—parent and affiliated companies
Miscellaneous interest
22,922,670
22,525,892
shares capital stock..
1
Gross corporate income
Interest on funded debt
x
Net profit accruing to corporation.
Earnings per share on 31,708,454
x
replacements
Other income
Plant,
29,094,623
4,837,093
136,232
$207,423
Corporate taxes
Balance Sheet
26,556,890
Provision for income taxes
4,342,162
Applicable to minority interest (net).
Cr311,164
$472,980
163,735
20,624
7,862
Cr7,931
6,860
27,276
43,314
2,332
1,482
$199,720
:
Assets—
'
follows:
2,086
Maintenance
500,000
803,386
Miscellaneous deductions from income
as
1935
$462,616
152,986
9,554
3,431
Cr5,793
8,400
39,278
50,651
2,300
Real property taxes
Excise taxes
Non-operating income (net)—interest
and dividends received
elected
1936
revenues
Other regulatory commission
expense
General expenses transferred to construction
Provision for uncollectible accounts
23,711,686
11,948,972
849,530
loss65,314
Net operating income.
were
General operation
Rate case expense
60,459,674
3,859,527
2,013,003
30,875,459
.
Co.
South Bay Consolidated Water Co., I
nc.—Earnings—
472,560,181 469,147,169 459,469,313
65,801,245
4,775,009
5.645,048
29,270,062
Petroleum
12 Months Ended March 31—
Operating
Costs, operating & general expenses.-396,538,802 390,753,791 383,945,380
Self-insurance premiums charged
2,079,030
1,888.531
2,201,298
Federal and other taxes
x9,479,918 xl0,703,602
12,862,962
Operating income
64,462,429
Res. for depletion & lease amortizat'n
5,151,724
Intangible development costs
6,167,661
Depreciation
y30,704,698
Colombian
Chairman of the Board, A. F.
Corwin; President, R. Ogarrio; Vice-Presi¬
and George E. Dorsey.—V. 142, p. 2844.
1933
$
1934
3189
of the
dents, R. F. Baker
Consolidated Income Account for Calendar Years
Gross operating income
officers
1936
1935
1934
1933
$326,554
259,946
$100,425
232,364
$99,657
221,744
$160,417
256,874
$586,500
$332,789
$321,401
$417,291
Rieber; Vice-Presi¬
Net loss
Financial
3190
Consolidated Balance Sheet Dec. 31 (Including
1935
to
392,498
(mdse.
Inventories
&mfd. prods.)__
will be made at the
5% sec. serial deb.
501,657
686,655
521,203
(less
,
to
Drafts
654,523
602,279
domestic
charges
Curb Exchange has admitted the capital stock, $1 par,
registration.—V. 142, p. 2342.
on
321,000
971,000
53,092
[National Power & Light Co. Subsidiary]
585,630
of
SS. Cefalu...
Due
on
pur.
of
SS. Erin
Due
on
pur.
5%
sec.
$272,568
198,038
$235,522
159,742
$2,976,596
2,156,926
$2,781,742
1,932,399
$74,530
8,208
$75,780
8,157
$819,670
504
678
7,335
$849,343
96,911
19,501
$83,242
32,700
$84,615
32,640
$925,354
392,412
$965,755
392,103
y$50,542
y$51,975
$532,942
343,424
$573,652
318,998
297,618
297,618
$108,100
$42,964
Net revs, from oper__
Rent from leased prop.-
Other income (net)
of
SS. Eros
684,038
Other notes pay.
Gross corp. income
110,925
Int. & other deductions.
serial
deb. notes not
Balance
825,000
current
notes
of
Sea-
b'd SS. Corp
5,327,531
24,748,657 23,870,9501
Total
Deficit
Represented by 117,399 shares of no par value (1934, 116,995 shares),
b Represented by 11,989 shares no par value (1934,12,393 shares).
c 268,119 H shares par $10 in 1935 (267,917^ shares in 1934).—V. 141, p. 3875
3085.
a
Standard Oil Co. of Calif.
Standard Oil Co. of Ind.—Extra Dividend—
on
May 4 declared an extra dividend of 15 cents per share in
of 25 cents per share on the
stock, par $25, both payable June 15 to holders of record May 15.
addition to the regular quarterly dividend
common
—V.
142,
2172.
p.
Co.
of
New
Issue—To Call 5% Preferred
$85,000,000
Jersey—Plans
Stock of Export Corporation—
guarantee ($100-par) preferred stock as of June 30. The stock is subject to
call at $110 a share and accrued dividends. The amount of cash necessary
to call the 764,935 shares outstanding will be $84,142,850.
It is understood that Morgan Stanley & Co., Inc., will head the under¬
writing group. Offering probably will be made around May 27.
The Standard Oil Co. reports that it had consolidated net earnings, after
all charges, reserves and taxes, of $62,863,192, equal to $2.43 a share on the
capital stock.
This compares with $45,618,960 or $1.76 a share on the
25,856,081 shares outstanding at the end of 1934.
p.
appropriations and dividends,
971.
Corp.—Due to Retire $60,000,000 Notes—
The management contemplates retirement about Oct. 1 of its outstanding
$60,000,000 of 5% debentures, which otherwise would mature in 1944,
through issuance of notes to be repaid within a period of five years or less at
substantially lower interest rates, stockholders were informed at the annual
meeting, April 28, by T. Reiber, Chairman of the Board. Completion of the
proposed call would completely free the corporation and its subsidiaries
from funded debt.
Currently the corporation has an undisclosed amount of bank loans which
were contracted in connection with the retirement as of April
1 of $30,-
000,000 of the 5% debentures. Part of the retirement was effected through
of company cash.
Mr. Reiber stated net earnings of the company for the initial quarter of
to be announced
1936,
officially soon, would be about 60 cents a share.
South American Gulf Oil
announced that stock of the
chairman
Corp,, a deal for which was completed recently, was to be turned over to
Texas Corp., April 30.
It is the intention of the management, he said,
to conduct an immediate survey of the properties and to put them into
operation during the next two or three years. In addition plans are being
formulated for construction of a 240-mile pipe line to take care of pro¬
duction from the properties.
South American Gulf owns more than 70% of the stock of the company
which controls and operates the famous Barco concession in Colombia,
South America.
Socony-Vacuum Oil Co. is participating with Texas in the
purchase, development and operation
Barco Purchase
of the Barco properties.
Completed—
See Socony-Vacuum
Texas Power &
Extra Dividend—
Oil Co., Inc., above.—V. 142, p. 2688.
Light Co.—Earnings—
[American Power & Light Co. Subsidiary]
The directors on May 1 declared an extra dividend of 25 cents per share
in addition to a regular semi-annual dividend of 50 cents per share on the
capital stock, par $25, both payable June
An extra dividend of 25 cents per share was
Nov.
reserve
31, 1936, amounted to $558,034.
Latest dividend, amounting to 75 cents a share on $6 preferred stock,
was paid on Aug. 1,1934.
Dividends on this stock are cumulative.—V. 142,
The
has filed an application with the Securities and Exchange
Commission covering an issue of $85,000,000 of 25-year 3% debentures,
maturing on June 1, 1961.
The new issue is to enable the Standard Oil Export Corp., owned by
Standard of New Jersey and its subsidiaries, to retire its outstanding 5%
The company
on
retirement
property
use
Oil
Standard
Before
y
Dividends accumulated and unpaid to Jan.
z
Texas
(Del.)—Extra Dividend—
declared an extra dividend of 5 cents per share
in addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable June 15 to holders of record
May 15.
Similar payments were made on March 16, last.—V. 142, p. 971.
The directors on April 30
The directors
paid or unpaid
875,000
5,361,134
24,748,657 23,870,950
Total
98.349
Property retirement reserve appropriations
z Divs. applic. to pref. stock for period, whether
Coll. tr. 7% ser.
Surplus
1936—12 Mos—1935
1936—Month—1935
Period End. Jan. 31—
Operating revenues
Operating expenses
157,015
385,033
pur.
Co.—Earnings—
Tennessee Public Service
26,056
78,647
150,000
Due
244,471
355,398
operations
Fixed prop, (net) .20 ,294,595 18,961,944
listing and
tax
6% deb. notes..
to
and
The New York
Deferred liabilities:
283,493
450,120
eign corps
Def'd
payable...
Income
(est.)
for¬
&
S.
U.
Stocks & bonds of
(K.) Taylor Distilling Co., Inc.—Admitted to Listing
Registration—
50,000
notes
Inventories (mat'ls
& supplies)
s. f. gold bonds, due Dec. 1, 1952
June 1 at 105 and interest. Payment
Fidelity-Philadelphia Trust Co., 135 South Broad St.,
Philadelphia, Pa.—Y. 142, p. 3014.
All of the outstanding 1st mtge. 6%
have been called for redemption on
11,114.525
b $7 pref. stock
1,198,900
1,239,300
c Common stock..
2,681,195
2,679,175
Accounts payable.
530,514
711,583
Notes payable
1,168,807
167,035
Accrd. Int. on 6%
notes
14,565
planters,
contr., &c.
reserve)
$
Part. pref. stockll.152,905
a
1,624,505
424,935
Other accounts rec
1934
$
Liabilities—
459,010
Trade accts.rec
AdvB.
1935
$
987,120
756,088
419,111
Cash
Tacony-Palmyra Bridge Co.—Bonds Called—
Subsidiary Companies)
1934
$
Assets—
1936
9,
May
Chronicle
15 to holders of record May 16.
distributed on Dec. 16,1935 and
1, 1934.
Standard Oil Co. of
Kansas
-
Period End. Mar. 31—
$731,682
345,711
$669,836
366,662
$385,971
$303,174
450
814
$4,809,870
7,920
$4,680,268
10,762
$386,421
200,089
$303,988
203,312
$4,817,790
2,436,828
$4,691,030
2,457,395
y$186,332
y$100,676
$2,380,962
487,888
$2,233,635
450,000
—
Balance.-
Earning s-
Other income
1936—12 Mos.—1935
$9,196,913 $9,074,644
4,387,043
4,401,876
Cr7,500
1936—Month—1935
Operating revenues
Operating expenses
Rent for leased property
(net)
[Tncluding Coastal Plains Oil Corp.]
3 Mos. End. Mar. 31—
1936
profit after taxes,
deprec., depl., amount
of intangible develop¬
1933
1934
1935
Net
$46,876
$131,609 loss$271,134
$60,944
145,442
$0.32
Shares capital stock (par
$10)
...Earnings per share
—V. 142, p. 1834,
146,542
$0.41
Nil
$0.88
per
p.
-
-
share
2172.
y Before
property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 preferred stocks were paid on Feb. 1,
After the payment of these dividends there were no accumulated
1935
1934
$2,529,383
1,730,639
$2,773,796
1,750,070
$1.46
$1.58
Thermoid Co.
(& Subs.)—Earnings—
xl936
1935
Net sales
$5,956,000
$5,262,701
Net profit after depr., Fedl taxes, &c.
432,000
496,063
Shares capital stock outstanding
1,241,187
1.246,847
Earnings per sha,be
$0.34'
$0.40
x Approximate.—V. 142. p. 3014.
1934
$4,045,721
167,495
1,246,847
$0.13
Gross profit before depre¬
ciation
$1,536,339
share on the com¬
value, payable May 16 to holders of record May 9.
Similar dividends were paid on Dec. 16, 1935 and on June 30, 1935. this
latter being the first payment made since March 1, 1932 when 12 H cents
per share was paid.
During 1931 quarterly dividends of 25 cents per share
were paid and previous to then dividends of 37 ^ cents per share were dis¬
tributed each three months.—V. 142, p. 2687.
par
Superior Water, Light & Power Co.—Earnings—
Period End. Mar. 31—
$78,302
57,989
Net
revs,
$75,163
54,482
$20,313
$20,681
$276,016
$285,027
725
from oper
Prov. for Fed. inc. tax__
Gross corp. income
$20,313
8,519
$20,681
8,463
532
$276,741
'
100,151
y$l 1,794
y$12,218
Property retirement reserve appropriations
z
Dividends
applicable to preferred
period, whether paid or unpaid
stock
$176,590
48,000
$285,559
97,523
$188,036
47,250
$419,410
162,249
123,443
18,000
$90,365
166,361
123,872
$115,717 def$199,868
Consolidated Balance Sheet Dec. 31
(Excl. of Southern Asbestos Co.)
$114,351
Cash
656,741
So.
Asbestos
35,000
$351,931
624,486
1,022,657
789,284
3,866,125
3,957,229
21,121
16,202
2,334,644
120,811
2,089,980
133,429
1
Inventories
Prop., plant & eq.
1
Com. stk. (par $1)
Goodwill, &c
$256,066
3,041,700
2,581,500
Preferred stock
Gold notes
Notes pay.
Co.
Miscell. invest
1935
Liabilities—
1934
1935
Assets—
Prepald exp., &c._
for
35,000
$209,373
188,322
124,342
10,600
(Including wholly owned subsidiaries and Southern Asbestos Cq.)
1936—3 Mos—1935
1936—12 Mos.—1935
profit after provision
for Federal taxes
$45,066
$68,165
$84,643 loss$99,531
stock-
Balance
$79,380
10,985
Earnings for 3 and 12 Months Ended March 31
Notes &accts. rec_
Int. & other deductions.
701,772
$113,119 def$113,892
Balance
$909,725
624,698
$938,457
662,441
Other income
on gold notes
Depreciation
737,827
$415,376
4,034
$466,043
189,638
137,735
25,550
Int.
980,748
$207,273
2,099
Net
1936—12 Mos.—1935
1936—Month—1935
$781,152
Period End. Mar. 31—
[American Power & Light Co. Subsidiary]
Operating revenues
Operating expenses
bank.,
Pur.
$93,590
bond &
mon.
100,000
1940.
_
J
Notes pay.
93,750
12,487
(trade)
229,084
Accts. due others-
Syracuse Lighting Co., Inc.—Tenders—
of
1st and ref. mtge. gold bonds 5H% series due 1954, at prices not exceeding
105% of principal amount and accrued interest, in an amount sufficient to
exhaust the sum of $31,465 now held in the sinking fund.
Offers will be
opened at noon on May 13, at the Corporate Trust Department of the
The
Chase
National
Bank,
Bank, 11 Broad St.—V.
as
successor
142, p. 2846.
trustee,
Interest!
Otheraccr.
$105,786
liabil-.J
Due
Before property retirement reserve appropriations and dividends,
z Regular dividend on 7% pref. stock was paid on Jan. 2, 1936.
After the
payment of this dividend there were no accumulated unpaid dividends
at that date.
Regular dividend on this stock was declared for payment
on April 1, 1936.—V. 142, p. 2845, 2846.
y
1934
$256,056
3,066,800
2,503,000
mtg. due Jan. 28,
Acer, note
Balance.
1932
$1,153,203
$1,188,021
$442,074
23,969
Operating profit
Stix, Baer & Fuller Co.—25-Cent Dividend—
no
Asbestos Co.)
1.094,265
Sell., admin. & gen. exp_
Miscell. income—net
The directors have declared a dividend of 25 cencs per
stock,
Calendar Years
(Including wholly owned subsidiaries, but exclusive of So'n
1935
1934
1933
Subs.)—Earnings—
3 Months Ended March 31—
mon
142, p. 2688.
unpaid dividends at that date.—V.
Consolidated Income Account for
Stewart-Warner Corp. (&
865,050
$918,585
1936.
1936
-
865,050
$1,028,024
Balance
z
$2,706,646
1,715.670
$1.57
3 Months Ended March 31—
•Net earnings after all charges.
Shares capital stock (par $10)
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
paid or unpaid
148,446
148,446
Sterling Products (Inc.) (& Subs.)- —Earnings—
Earnings
142,
income
Balance
ment costs & other de¬
ductions
—V.
Gross corp.
Int. & other deductions.
>
So.
154,216/
I
203,129
66,385
46,339
Asbestos
Surplus
1,633,833
141,975
27,921
1,638,450
Total
$8,136,451
$7,962,542
Co. (net)
Prov. for Fed. tax.
Total
-Y. 142, p.
is inviting tenders
$8,136,451 $7,962,542
1,229
45,071
2519.
Timken Roller-Bearing
Co.—25-Cent Extra Dividend—
May 5 declared an extra dividend of 25 cents per share
regular quarterly dividend of 50 cents per share on the
common stock, no par value,
both payable June 5 to holders of record
May 18. Previous extra disbursements were as follows: 25 cents on March 5,
The directors
in
addition to
on
a
Volume
Financial
142
Chronicle
last; $1 on Dec. 5, 1935, and 25 cents on Sept, 5, June 5, 1935, and on
Dec. 5, 1934.
The company increased the regular
quarterly dividend from 25 to 50
cents per share with the Dec.
5, 1935, payment. See V. 141, p. 2907, for
detailed dividend record.—V. 142, p. 2847.
3191
Bonds Called—
,
The company has called for
redemption on July 1, 1936 all of its $26,835,000 outstanding 40-year 4H% bonds at a price of 102}4 and accrued
interest. Payment will be made at the office of the
company in New York.
—V. 142, p. 3015.
Truax-Traer Coal Co.—Registers with SEC— ;
United
See list given on first
page of this department.—V. 142, p. 2005.
a dividend of 75 cents per share on account
on the
$1.50 cumulative class A stock, no par value,
payable May 15 to holders of record May 1.
A dividend of 50 cents was
Truscon Steel Co.—New President—
A. E. Walker, General Sales
Manager of the Republic Steel Corp., has
been appointed President of this
company, a
He succeeds Julius Kahn.—V.
paid
on Nov. 15
1935 this latter payment being the initial distribution on
the class A stock.
This issue, which carries cumulative dividends from
Republic Steel Co. subsidiary.
142, p. 2174.
Feb. 15, 1933,
Tung-Sol Lamps Works, Inc.—Options—
company has notified the New York Curb Exchange that it has
granted to Tobey & Co. the right to purchase up to 19,400 shares of its
preference stock at the price of $13.50 per share, and 5,000 shares of com¬
mon stock at the
price of $11 per, share, such shares representing a portion
of the stock
presently held in the treasury of the corporation.
The right
expires 90 days from April 9, 1936, the effective date of the registration
of the shares under the Securities Act of
1933.
It has been further
agreed that Tobey & Co. shall have the right to
purchase up to 9,700 additional shares of preference stock and 2,600 ad¬
ditional shares of common stock presently held in the treasury of the
corporation, at any time within 90 days from the receipt of notification
corporation is prepared to sell the whole or any part of these
additional shares, the price for each class of stock to be $1.50
per share
below the market price of said stock at the close of business on the
day
prior to the date of sending such aforesaid 90-day notice.—V. 142, p. 2519.
that the
addi¬
pursuant
stockholders, making the total amount applied for 263,861
shares.
Stockholders of record April 27 are given the
right to subscribe to one
share of such additional stock at $40 per share, in
respect of each three
shares of capital stock held.
Subscription
,
rights will expire May 18.
Minsch, Monell & Co., Inc., 115 Broadway, New York, and Laurence M.
Marks & Co., 49 Wall Street, New York, have
severally agreed, subject
certain conditions, each to the extent of
50%, to purchase or pay for,
or to find purchasers for, at the
price of $40 per share, such of the 65,359
additional shares of capital stock as are not purchased
by the stockholders.
Their compensation for this underwriting is to be a flat fee of
$130,718.
The net proceeds of the sale of the stock to the
company is estimated to
be $2,455,642.
All subscriptions from stockholders shall be received
by Bank of the
Manhattan Co., the transfer agent, 40 Wall Street, New York.
The net proceeds are to be used primarily for the
purpose of repaying
such amounts as may be borrowed under the loan
agreement made with
certain banks under which the corporation has borrowed
$1,500,000 and
expects to borrow up to $1,000,000 additional, and the remainder, if
any,
is to be used for the purposes of
making advances to Union Bag & Paper
Corp. of Georgia, a wholly-owned subsidiary, to enable such subsidiary to
defray in part the cost of the construction and equipment of a pulp and
paper mill and bag factory now in the course of construction for such sub¬
sidiary near Savannah, Ga.
In order to enable the
subsidiary to defray in part the cost of such plant,
the corporation has heretofore paid an aggregate of
$1,500,000 in cash and
negotiable notes of Commercial Investment Trust, Inc., and has sold cer¬
tain machinery and equipment to such
subsidiary, for which the corporation
has received $1,500,000 par value of the
capital stock of said subsidiary.
The corporation has also advanced to or for the account of such
subsidiary
for such purpose the $1,500,000 principal amount of bank loans and has
received from the subsidiary in consideration of such advances an
equal
principal amount of demand notes of such subsidiary corporation,which
notes, together with all the stock, have been pledged by the corporation
as
collateral security for the bank loans.
The corporation will advance
to or for the account of such
subsidiary corporation for such purpose the
proceeds of any additional amounts of the above described bank loans
against receipt of similar notes of said subsidiary, which likewise will be
pledged as collateral for the bank loans.
It is intended promptly after the
receipt by the corporation of the net proceeds of the securities listed, to
stock.
The
Calendar
xl933
Manufacturing profit
Delivery, sell., adm. & gen.
expense
--
$9,534,626
7,784,594
$9,257,887
6,970,330
$8,283,182
6,363,666
$1,750,032
1,488,145
$2,287,557
$1,919,516
1,499,631
$261,887
22,843
12,770
$751,984
19,372
$419,885
42,723
8,559
48,609
__
107,500
60,000
$668,679
$394,050
1,216,201
12,000
Profit.
Other income
Other deductions
Prov. for Federal income and capital
stock taxes
(estimated)
Net profit
Balance at beginning of period
x Increase in book value of
2d mtge.
1,535,573
43,567
107
1,622,250
13,725
$1,944,270
389,915
$2,304,655
583,844
$1,554,355
$1,720,811
_
Surplus at end of period—
Assets—
on
a
year
Parent Co
Sheets
Consol.
hand and
Net rev. from oper
Other income (net)
$3,812,658 $13 480,591 $12,245,324
23,014
92,886
109,051
Gross corporate inc_
$5,050,713
Int. to public and other
deductions.
378,422
Int. charged to construe.
Cr7,899
Liabilities—
Prop, retire. & depletion
reserve appropriations
expenses
adv.
$501,700
Consol.
S628.684
75,330
223,627
mtges.
1,219,499
1,039,258
3,510,858
3,451,154
$2,474,880
9,375
$8,778,558
37,380
$7,643,163
37,499
$2,465,505
$8,741,178
$7,605,664
7,263
28,446
37,546
$3,432,778
$2,458,242
$8,712,732
$7,568,118
3,432,778
25,704
2,458,242
20,622
8,712,732
7,568,118
94,843
78.608
$3,458,482
75,879
754,350
Balance
$2,478,864
53,442
723,350
$8,807,575
270,254
2,900,813
$7,646,726
$2,628,253
$1,702,072
$5,636,508
$4,556,839
Net
equity of United
Gas Corp. in income
of subisidiareies
United Gas Corp.;
Net equity of United Gas
Corp. in inc. of subs.
(as shown above)
Other income.
Total income
Expenses, incl. taxes
Interest to public
223,627
43,500
260,778
d Capital stock...
5,955,041
e Treasury stock..
Dr72,810
Surplus
1,554,355
Res. for conting
43,500
260,778
5,955,041
Dr72,810
1,554,355
1,610,299
Notation—All intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of subsidaies
above statement.
represent
full requirements for the respective periods (whether paid or not
paid)
on securities held by the public.
The "portion applicable to minority
interests" is the calculated portion of tne balance of income available for
minority holdings by the public of common stock of subsidiaries.
Minority
have not been charged with deficits where income accounts of
have so resulted.
The "net equity of United Ga« 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 United Gas Corp., less losses where income
interests
subsidiaries
of
accounts
individual
subsidiaries
Period End. Dec. 31—
Gross inc —From subs._
Total
$1,292,719
69,943
738,850
$1,291,864
48,742
723,350
$5,113,432
265,780
2,885,312
$4,997,334
$519,772
_$1,962,340
$1,921,073
a
surplus.
gB
Summaryj)f Surplus 12 Months Ended Dec. 31 1935^
I Total
Earned
Capital
$5,514,587 $13,417,684
L8,<
.$18,932,270
12 months ended Dec. 31, 1935
Surplus, Dec. 31, 1935..
1,962,340
Balance Sheet Dec.
Assets—
$
.
'
Cash
31
$
{Company only)
t1935
■ Liabilities—V
^Liabilities-
reserve
$8,451,808!
Capital stock.141,
,269,159
Notes pa.
with¬
out
Loans receivable
collat.
Elec.
U. G. P. S. Co
292,756
4,269
7,466
Nov. 30,
297,516
9,042
Bond
4,213
Notes and
The
to
&
1938
due
21,250,000
21,250,000
25,925,000
26,876
395,133
25,925,000
19,069
385,219
Capital surplus-
4,466,538
13,417,684
Earned surplus.
7,476,926
4,468,466
13,417,684
5,514,587
Bond
&
Sh. Co., due
on
demand.
Accts. payable..
Total
Res.
$8,317,895 $8,451,808
c
After depreciation of
shares,
e
Repre¬
Total
directors
have declared a dividend of 10 cents per share on the
stock, payable June 15 to holders of record May 26.
A similar
on May 15, 1935.—V. 141, p. 3704.
Union Pacific RR.—Bonds Authorized—
The Interstate Commerce Commission
on
April 29 authorized the
com-
sold issue not exceeding $26,835,000 together with debenture bonds, to
Eany toat 97 and int., and the proceeds, 35-year 3K % treasury funds, used
e
(See offering details in V. 142,
p.
2520).
(appr. from
capital surp.)_
par
Canada, Ltd.—10-Cent Dividend—
outstanding bonds.
3,000,000
loans
July 20 *36.
payment was made
to redeem
$
payable;
Elec.
$74,622.
b After depreciation of $4,289,271.
$4,400,083.
d Represented by 198,501 32-88 no
sented by 2,427 shares.—V. 142, p. 2848.
common
1934
141 269,159
Share Co. due
2,971,000
for doubtful notes and accounts, discounts and allowances
Union Gas Co. of
S
*
.215,266,230 207,896,523
1,651,822
1,075,661
charge
$7,476,927^$13,417,684
'■
1934
Investm'ts (book
value)
1,962,340
..$20,894,610
8,010
$8,317,895
After
206,449
2,869,812
Bal. carried to earned
Accrued accts..
Total
re¬
$4,919,979
77,355
Land, bldgs., ma¬
chinery & equip.b3,181,593 c4,393,490
Deferred charges..
77,601
243,048
of
the
$5,020,345
93,087
125,000
8,010
for
$1,271,138
20,726
Banks,
125,000
_
deficits
1935—12 Mos.—1934
1935—3 Mos.—1934
part payment for
Other sec., at cost-
in
$1,267,499
25,220
Accts. rec.—Oth
98,669
in
properties sold.
resulted
$483,926
Other..
Deferred
98,669
have
spective periods.
Accts. rec.—Sub
co
rec.
220,074
2,S69,813
Bal. carried to consol.
82,260
Inv. in & ad vs. in
controlled
1,292,804
Cr32,746
$3,460,691
9,345
interests
1935
(est.)
1,533,507
to
co.
$12,354,375
Portion applic. to min.
& cap.stk.taxes
chine parts)
wholly-owned
1,309,927
Cr25,866
18,568
Pref. divs. to public..-.
Prov. for Fed. inc.
goods..._ 1,533,507
Supplies (incl. ma¬
342,231
Cr20,697
$3,451,346
Balance
$1,622,250
Parent Co.
847,152
re¬
ished
$3,835,672 $13,573,477
_
_
$25,702,813
13,457,489
Balance from statement of income for
Accounts payable.
Acer, taxes & other
In process & fin¬
2d
$5,032,751
17,962
Interest
1935
$979,303
ceivable
in &
Dec. 31,
847,152
Notes & acc'ts
1936—12 Mos.—1935
$7,531,782 : $28,062,507
3,719,124
14,581,916
_
Expenses, incl. taxes
1935 the amount required to in¬
$150,000) to an amount
$612,436
Raw materials, wk.
Inv.
1936—3 Mos.—1935
Operating revenues.
$9,078,557
Oper. exp., incl. taxes..
4,045,806
Surplus Jan. 1, 1935-
in banks
&
Subsidiaries:
$1,622,250
$75,000.
Cash
Power
Comparative Statement of Consolidated Income {Incl. Subs.)
Period End. Jan. 31-
the book value of the mortgage (face value
Balance
Electric
date of termination all representatives of Electric Bond & Share Cb. re¬
as officers of your company.
At the present time company is
officered and staffed by the same personnel that officers and staffs Electric
Power & Light Corp.
x
of
between
signed
Company only,
y Consolidated,
z Based for the years 1933 and
1934 on payments made by the owner of the property in reduction of
the
first mortgage on the property, but without provision for
depreciation of the
building, and representing for the
existing
& Snare Co. under which the latter company
Comparative Statement of Income {United Gas Corp.)
$223,351
1,720,811
Total surplus
Dividends paid
crease
heretofore
and
earned surplus..—
xl934
Gross sales, less discounts, returns and
allowances
Cost of products
contract
personnel and rendered other services for Electric
Power & Light Corp. and your company has been terminated, and at the
Years
yl935
service
supplied officers
construction is $4,000,000.
Account for
Report, 1935—
expenditures, company advanced during the year to its subsidiary, United
Gas Public Service Co., a net amount of
$4,029,000.
The loans to United
Gas Public Service Co.
aggregated $7,000,000 at Dec. 31, 1935.
Company has notes payable of $21,250,000 owing to banks, which are
due July 20,1936, and $28,925,000
owing to Electric Bond & Share Co.
As of Dec. 31, 1935, there were undeclared and unpaid dividends of
$22.20 5-6 per share on the $7 preferred stock and $26.83 1-3 per share on
the $7 second preferred stock.
No dividend has ever been paid on common
The total estimated cost of the plant now under
Income
April 30, last.
arrears on
Joe H. Hill, President, says in part;
Long-term debt of subsidiaries held by the public was reduced during
1935 by $1,126,500, principally through the operations of
sinking funds.
No subsidiary of company has
any bank loans.
In order to provide cash for extensions, services,
drilling of wells and other
to
repay such bank loans.
$4 32 in
Light Corp. and Electric Bond
Corp.—Listing—
The New York Stock Exchange has authorized the
listing of 65,359
tional shares of capital stock (no par) on official notice of issuance
to the offer to
was
United Gas Corp.—Annual
The
Union Bag & Paper
Corporations, Ltd.—Accumulated Dividend—
The directors have declared
of accumulations
217,227,317 212,249,183
Total
217,227,317 212,249,183
*
Represented by;
$7 preferred stock (no par value)
$7 2d preferred stock (no par value)
Common stock ($1 par value)
449,822
884,680
7,818,959
At Dec. 31, 1935 and 1934, there were outstanding option warrants en¬
titling the holders, without limitation as to time, to purchase 4,864,967
common stock at $33.33
1-3 a share, in lieu of cash each share
of 2d pref. 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 the
shares of
3192
Financial
holders to purchase on
820 per share.
before Feb. 1, 1938, 3,015 shares
or
common stock
at
The
was
income
for 3 and
account
12
months
given in "Chronicle" of April 25,
p.
2849.
1935
1934
1935
Assets—
Liabilities—
Plant, property,
franchises, &C.249 ,024,629 245,217,284
6 638,046
6,271,999
Investments
Cash In hanks—
4,582,087
Accts.
60,316
3,474,158
subsidiaries..
2,844,421
230,527
3,084,626
Accts.
Accts.
affiliated
cos.
311,173
273,376
Matls. & supp__
791,885
1,510,279
60,665
55,065
137,920
,379,299
125,373
2,153,837
588,038
138,282
580,398
115,208
Prepayments
Misc.curr. assets
Misc. assets
Conting.
18,901,000
3,000,000
912,993
21,250,000
8,935
8,935
preferred
Vick Chemical Inc.
(Del.)—Usual Extra Dividend—
The directors have declared
an extra dividend of 10 cents per share in
regular quarterly dividend of 50 cents per share on the
capital stock, par $5, both payable June 1 to holders of record May 15.
Similar payments were made in each of the 10 preceding quarters.
addition
to
E.
the
Comptroller—
G.
has been elected Comptroller,
Michaels
to succeed Ario Wilson,
who has resigned.—V. 142, p. 2006.
—
25,925,000
25,925,000
'
due
'
Oth. nts. pay-
35,000
76,282
145,420
93,000
pay.
497,500
South'n Gas Co.
bonds
Motor Gas Corp.
bonds
20,000
Mat. mtge. bds.
and interest-.
Custs.' deposits
281,550
570,628
563,015
accounts.
2,535,702
2,276,963
liab-
22,245
27,273
Misc. liabilities.
190,301
227,412
588,038
580,398
curr.
Conting.
_
liabils.
(contra)
Deferred
credit
to income
Reserves...
5,000
5,000
23,979,330
23,771,549
66,547
54,422
14,009,843
15,316,969
__
13,973,113
10,475,955
Min. int. insurp.
of subs, (net).
Capital surplus.
Earned surplus
269,356,710 262,292,182
.
See above.—V. 142, p. 2849.
United Engineering &
of
page
this department.—V. 127,
a
p.
1822.
special meeting
7% prior
Foundry Co.—37}^-Cent Div.—
The directors
have declared a dividend of 37 H cents per share on the
stock, par 85, payable May 19 to holders of record May 9.
A
similar payment was made on Feb
14 last, and compares with 25 cents
paid on Nov 8 and Aug 9, 1935, on this new class of stock.
On May 10,
common
1935 the company paid a dividend of 37
cents per share on the old nocommon stock which was subsequently split two-for-one.
Prior to
May 10, 1935 regular quarterly dividends of 25 cents per share were dis¬
tributed.
In addition a Christmas bonus of 50 cents per share was paid
on Dec. 24, 1935 and 1934.—V. 142, p. 1138.
par
in the treasury of the corporation,
now
was
19367 1940 19423
McKell
C.
postponed
John
and
Overbv, inspectors, reported to A. L. Ivey,
President, that a total of 423,645 shares of all stock were present, but this
number was about 64,000 short of the required two-thirds.
Total vote,
all of which was present by proxy, included 22,129 shares of 7% stock;
134,318 shares of 6% stock, and 267,198 shares of common stock.
Mr.
Ivey explained that there was some misconception abroad as to the purpose
of the meeting.
This meeting is not necessary to redeem 38,000 shares
of outstanding 7% stock, he said.
This action was taken by directors,
and that is final, he said.
Meeting of stockholders was called to retire 90,000 shares of 7% stock,
which corporation purchased several years ago and which is now in its
treasury.—V. 142, p. 2346.
Virginian Ry.—Listing—
The New York Stock Exchange has authorized the listing of $60,344,000
1st lien & refunding mortgage bonds, series A, 3%%, due March 1, 1966,
all of which are issued and outstanding.—V. 142, p. 3017.
Wabash
on Equipment Trusts—
receivers announced that they had elected to
of deferment agreements dated
June 1, 1936, the $166,000 of
equipment trust certificates, series D, $171,000 of equipment trust cer¬
tificates, series E, and $279,000 of equipment trust certificates, series F,
all due Dec. 1, 1933, and deferred to Dec. 1, 1936.
The equipment trust certificates should be surrendered on June 1. 1936,
at the office of company, 15 Broad St., New York, agent for Pennsylvania
Co. for Insurances on Lives & Granting Annuities, successor trustee, now
acting under the equipment trust agreement.
At the time of presentation of certificates, all unpaid interest accruing
thereon to June 1. 1936, at the rate of 4H % per annum, will be provided for.
Pursuant to deferment agreements dated June 1, 1933. entered into with
the holders of equipment trust obligations, the receivers paid all instalments
of principal which matured throughout the year 1935, aggregating $1,433,000,
and, in keeping with the program of the receivers of leveling out the annual
principal instalments, the receivers were authorized by the U. S. District
Court for the Eastern Division of the Eastern
District of Missouri to
On
269,356,710 262,292,182
Total
preference stock
until May 18.
W.
July 20, 1936. 21,250,000
Contracts,
Misc.
first
on
of stockholders held April 27 and called to retire 90,000 shares of
Bond
& Share Co..
Acer,
given
Failing to muster two-thirds of all classes of stock,
collateral
Banks
list
Virginia-Carolina Chemical Corp.—Meeting Adjourned
Dem'd—with¬
to Elec.
Virginia Bond & Mortgage Corp.—Registers with SEC—
See
Corp.:
out
Deferred charges
x
semi-annual dividends of
share previously paid up to and including Dec. 1, 1932.
following the current dividend will amount to $7 per share.
142, p. 973.
New
852,984
Notes payable of
United Gas
assets
(contra)
Total
account of
Divs. declared—
from
rec.
828,300
322,232
18,439,000
payable.
on
per
—V.
pay.(non-
current)
rec., cus¬
tomers & mlsc
dividend of $1.75 per share
June 1 of 1935, 1934 and 1933 and compares with
$
141,269,159
United GasCorp.
note
a
Accruals
1934
$
Capital stock. 141,269,159
Pref. stks., subs.
808,000
Com.s'tks., subs.
289,734
Long-term debt,
x
receivable
Utility Equities Corp.—Accumulated Dividend—
accumulations on the no par $5.50 cumulative priority stock, payable June 1
to holders of record May 15.
Similar payments were made on Dec. 2 and
$2.75
Consolidated Balance Sheet Dec. 31
(on demand).
Notes and loans
May 9, 1936
The directors have declared
consolidated
ended Dec. 31
Chronicle
May
Ry.—Payment
1,
the
1936,
exercise their option under the provisions
June 1, 1933, and would pay in cash on
under date of Feb. 1, 1936, with the holders of all
equipment trust obligations, except equipment trust notes
of which was previously deferred
to
1937 and 1938, respectively, whereby the instalments of principal
maturing in 1936 and 1937 are deferred for a period of three years re¬
spectively from the due dates thereof, so that under such agreements the
equipment trust principal payments, by years, aggregating $10,946,800,
were readjusted to the following:
enter into agreements
United Gas
United
Wabash
Improvement Co.—Weekly Output—
Week Ended—
Electric output of system (kwh.)
—V. 142, p. 2849.
States
May 2, '36 Apr. 25 '36
78,399,951
80,094,472
Electric
Power
Corp.
May 4 '35
71,266,661
(Md.)—Auction
Delayed—
Announcement was made May 7 on behalf of the Chase National Bank,
Guaranty Trust Co. and Chemical Bank & Trust Co. that the sale of certain
securi(ies held as collateral under notes of the corporation, originally an¬
nounced for 10 o'clock May 8, at the auction block of Adrian H. Muller
& Son, Jersey City, has been postponed to May 19, at the same hour and
place.
•
The securities to be sold
are
as
follows:
Parcels 1 through 49, inc.—48 parcels (parcels 1 through 48) each com¬
prising 25,000 shares, and 1 parcel (parcel 49) comprising 26,298 shares,
of common stock of Standard Power & Light Corp. (Del.).
Parcel 50—12,798 shares of common stock, series B, of Standard Power &
Light Corp.
Parcel 51—191,600 optional stock purchase warrants for Class A stock
and (or) common stock of Associated Gas & Electric Co. or common stock,
class A, of General Gas & Electric Corp.
Parcel
52—4,000 shares of cumulative convertible preference stock
(par $25) of National Shareholders Corp. (Del.)
Parcel 53—8,200 shares of common stock of General Investment Corp.
(Del.).
Parcel 54—12,100 stock purchase warrants to purchase common stock
of General Investtment Corp.—V. 141, p. 771.
United States Pipe &
Foundry Co.—Listing—
The New York Stock Exchange has authorized the listing of
$5,000,000
10-year 3,t£% convertible debentures, to be dated May 1, 1936, due May
1, 1936; upon official notice of issuance following payment in full therefor
by stockholders or assigns exercising rights or by underwriters, and 119,048
additional shares of common stock (par $20) upon official notice of issuance
at any time or from time to time upon exercise of the right of conversion
appertaining to the 10-year 3H% convertible debentures, making a total
amount applied for of 719,048 shares.
Declares
Three
The directors
Quarterly Dividends—
May 7 declared three quarterly dividends of 37H cents
per share each on the common stock
par $20.
The dividends are payable
July 20 Oct. 20 and Dec. 21 to holders of record June 30, Sept. 30 and
Nov. 30, respectivey.
A 37)^ cent dividend was paid on April 20 last,
and
on
123^ cents paid in each of the 12 preceding quarters.
1928, to and including Jan. 20, 1933, the company paid
quarterly dividends of 50 cents per share on the common stock.—V. 142,
p.3017.
compares with
From
Dec.
States
Printing
Lithographing "Co.—Di¬
&
rectorate Cut—
—V. 142, p.
$1,208,000
2,188,400
1,905.400
3017.
.$400,000
225,000
225,000
.$2,283,000
2,112,000
400,000
1939.
Walgreen Co. (& Subs.)—Sales—
Month of—
1936
$4,744,590
5,059,467
5,105,705
4,964,907
January
February
March.
April
1935
$4,698,604
4,637,407
5,032,075
4,621,245
1934
$4,303,469
4,079,749
1933
$3,664,964
4,248,372
4,618,455
4,211,153
3,412,705
3,452,181
—V. 142, p. 2850.
Wellington Fund—Sales—
The company reports for the month of April, 1936, sales of 4,634 shades,
increase of 46% over the previous month.
Total number of shares now
an
outstanding amount to 76,447 shares.
According to Walter L. Morgan, President, April sales were the largest
for any one month since the fund was established in 1928 with the exception
of December, 1931.
Net asset value of the fund as at April 30 was $17.21 per share compared
with.16.90 on Dec. 31, 1935.—V. 142, p. 2850.
Western Auto
Supply Co.—Sales—
Month of—
1936
$1,116,000
1,085,000
1,272,000
1,478,000
January.
February
March
April.
—V.
142,
p.
1935
$1,116,000
995,000
1,376,000
1,463,000
1934
$870,000
882,000
1,114,000
1,137,000
1933
$666,862
651,000
670,000
873,000
2525.
Western Public Service Co.
(& Subs.)—Earnings—
1936—12 Mos.—1935
1936—Month—1935
Period End. Mar. 31—■
Gross earnings..:
$160,633
88,203
7,824
16,145
28,883
87,288
7,756
15,108
2 9,430
Maintenance
Taxes
Interest & amortization.
$2,067,394
1,083,873
114,877
184,722
346,121
$2,032,329
1,047,834
97,557
190,019
360,754
$337,799
214,375
119,451
$336,164
205,250
119,453
$3,973
$164,490
Operation
Balance
$23,434
Appropriation for retirement reserve.
Preferred dividend requirements
Balance for
The board of directors
was
reduced from 13 members to 12 when stock¬
holders at the annual meeting held April 22 left vacant the position of the
late Richard Dorsey.
The position of Vice-President held by Mr. Dorsey
was
1938.
$11,460
15,
United
also
Ry.
of 1920, due 1934 and 1935. the payment
left vacant.—V.
141, p.
1111.
Period End. Mar. 31—
The directors have declared
of accumulations
$1,291,160
850,353
$1,276,677
x812,001
1
1936—12 Mos.—1935
$4,988,934
$4,875,839
3,333,988
x3,067,981
to
holders
$440,807
1,148
$464,675
1,014
$1,654,946
3,747
$1,807,857
3,400
$441,956
241,654
$465,690
242,298
$1,658,693
969,314
.,811,257
966,943
$200,301
Gross income..
dividend of 37 M cents per share on account
a
x$223,391
$689,378
x$844,314
stock,
no par
payable
the current
Corp.—Extra Dividend—
directors have, declared an extra dividend
•
Deduc'ns fr. gross income
a
the $1.50 series A preferred stock no par value,
of record
Westvaco Chlorine Products
The
addition to
Operating income.
Non-oper. income (net).
on
May 11.
Accumulations after
payment will amount to $1.12H per share.—V 142, p. 2526.
(& Sub.)- -Earnings—
1936—3 Mos.—1935
Operating revenues
Oper. rev. deductions._
dividends and surplus
Accumulated Dividend—
June
Utica Gas & Electric Co.
common
$21,049
of 10 cents per share in
regular quarterly dividend of like amount on the common
value, both payable June 1 to holders of record May 15.
New Director—
The company has advised the New York Stock Exchange of the election
of Max Y. Seaton to the board of directors, succeeding
Clifford B. Ewart,
resigned.—V. 142, p. 2853.
Net
x
income.
Changed to give effect to major adjustments made later in the year
142, p. 2849.
1935.—V.
Utica Knitting
The directors
of
Co.—Accumulated Dividend—
have declared
accumulations
on
the
7%
a
cum.
preferred stock, par $100, payable
A dividend of $3.50 was paid on March
2 last and compares with $1.75 paid on Dec. 2, 1935, $3.50 paid on July 1
and March 18, 1935: $1.75 paid on Sept. 1, 1934; $7 on March 1, 1934 and
$1
per
$1.75
March 1, 1932.
The last regular quarterly dividend
share was paid on July 1, 1930.—V. 142, p. 973.
share
per
on
Co.—Comm,on Dividend Omitted—
payments of $1 per share were made from July 1, 1935, to and incl. April 1
dividend of $1.75 per share on account
June 1 to holders of record May 21.
Whitaker Paper
The directors have decided to take no action on the payment of a divi¬
on
the common stock at this time.
Previously regular quarterly
dend
of
last,
on
Jan. 2, 1935, and
on
Aug. 10, 1934.
first made since April 1, 1931, when a regular
share was distributed.—V. 140, p. 4253.
Wilcox-Rich
The
directors
This latter payment was the
quarterly dividend of $1 per
Corp.—Larger Dividend—
have
declared
a
dividend
class B stock, no par value, payable May
of 45
cents
per
share
on
the
15 to holders of record May 1.
Volume
Financial
142
This compares with 30 cents paid in each of the three preceding
20 cents paid each three months from Feb. 15, 1934, to and
quarters;
including
May 15, 1935; 15 cents on Nov. 15, 1933, and 73^ cents per share paid
on April 30 and Jan. 30, 1932.
In addition a special dividend of 20 cents
was paid on Dec. 20, 1935.—V. 141.
p. 3707.
Chronicle
3193
Wisconsin Central Ryv
Calendar Years—
Oper. re vs.—Freight
Passenger
Mail
Express
Miscellaneous
Wheeling & Lake Erie Ry.—Earnings—
Traffic and Transportation for Calendar Years
511.60
1932
511.60
11,077,834
10,361,538
1,051,172,686 1,030,759,957
8,145,235
785,050,042
Maint. of way & struc..
Maint. of equipment
Traffic^.
1935
1934
Mi. of road oper
511.60
Rev. tons carried
12,407,331
Rev. ton miles._ 1,206,934,753
1933
511.60
_
Avge.net tons per
856
876
720
rev.
1.006 cts.
0.958 cts.
1.024 cts.
Trans, for inv.—Credit-
$24,798
12,812
$20,660
13,148
$19,308
13,261
$15,711
26,387
General
mile of road._
mile
700,529
633,562
681,289
1,389,768
2.50 cts.
2.92 cts.
2.81 cts.
2.60 cts.
miles of road..
$119
$126
$130
$71
Net op. rev. per
mile of road..
$7,029
$5,413
$4,042
Avge.
rev.
rev.
per
'
Avge.
$9,755,777
1,092,153
1,511,507
279,930
3,905,080
31,046
630,349
4,814
$9,426,652
1,088,729
1,580,826
292,637
3,777,274
30,702
600,005
6,592
$9,482,975
1,190,714
1,853,322
335,683
4,375,377
66,367
$7,445,252
2,310,525
581.554
4,373
$7,363,583
2,063,069
705,075
6,874
$8,398,560
1,084,415
847,656
4,360
$1,724,597
40,659
5,999
2,522
80,219
$1,351,119
35,744
6,039
2,197
76,504
$232,398
49,157
7,541
3,445
77,194
677,640
253,254
131,660
318,268
585,506
8,412
Total ry. oper. exps_.
$7,952,354
Net rev. from ry. oper..
Railway tax accruals
2,423,499
418,340
5,708
Uncollec.
ry. revenue
,
*'
$1,999,450
Rent from locomotives..
44,598
Rent fr. pass.-train care.
6,784
Rent from work equip.
4,016
Joint facility rent incomei
86,477
_
$5,346
of pass.
no.
per train
Net
179,208
368,801
203.291
per
mile.
pass, per
Pass.
al932
$8,102,152
per
Passengers carr'd
Passengers carr'd
one
bl933
$8,293,113
495,192
204,560
126,212
307,574
1,278,643
1,683,109
280,408
4,179,410
14,174
522,491
5,881
Miscellaneous operations
per
ton mile
Avge.
825
1.051 cts.
re/,
bl934
$8,558,197
446,277
$10,375,853
Transportation
train mile
Avge.
Total
„
Earnings—
bl935
9,237,116
395,503
216,329
137,451
389,454
..
6.3
5.71
6.15
7.37
Total ry. oper. income
$2,141,326
$1,853,996
$1,471,605
$369,737
$2.28
$1.90
$2.08
$1.56
Hire of freight cars—Dr.
balance
Rent for locomotives
741,147
129,186
648,019
91,297
53,633
5i/,987
568,548
694,552
123,681
45,147
1,977
626,313
$653,521
27,344
$362,324
25,467
$19,494 df$l ,202,295
7,560
Dr62,587
$680,866
oper.
$387,791
$27,054 df $1,264,882
207,903
207,832
rev.
per train mile.
Income Account for Calendar Years
Operatinq Revenue—
Freight
Passenger
1933
1932
$9,877,933
19,152
20,357
405,119
241,259
$8,037,590
36,178
30,972
292,312
139,183
$13,497,875 $11,239,794 $10,563,820
$8,536,235
1934
1935
$12,686,432 $10,569,728
17,528
18,517
Mail and express
22,757
22,474
Other transportation.__
463,843
396,627
Incidental
307,314
232,448
_
TotalJ.
Rent for pass.-train carsi
Rent for work equipment>
Operatinq Expenses—
Joint
48,230
692
facility rents
Net ry. oper. income.
Total non-oper. income
.
1,788,198
3,484,189
363,858
3,925,694
877,474
2.180,367
352,551
2,718,526
339,786
2,349
1,096,572
3,045,665
317,850
3,028,851
307,230
1,565
$9,901,688
3,596,186
$8,504,960
2,734,834
$7,794,603
2,769,217
823,137
966,780
424
2,233
788
2,067,968
929,289
372
Ry. oper. income
$2,619,346
Non-Operating Income—
of
freight cars—
$1,909,465
$1,801,649
430
811,690
$1,138,307
221,368
211,685
$6,468,267
976,416
76,648
658,263
Deductions-—
Rent for leased roads
Maint. of way & struct..
Maint. of equipment.
Traffic
105.276
895
Transportation
General
342,084
2,337
Transp. for invest.—Cr.
from ry. oper..
tax accruals
rev.
Railway
Uncollectible
Miscellaneous rents
Miscell. tax accruals
Int. on funded debt
Int. on unfunded debt..
Amortization of discount
437
on
ry. revs
Credit balance
Rent from equipment...
53,475
58,943
17,942
110,344
from unfunded se¬
curities & accounts.2,314
31,994
24,336
10,848
100,766
5,532
$2,917,482
$2,161,500
$2,084,522
$1,550,121
29,632
69,434
6,210
637,300
2,280
4,739
1,378
4,396
160,615
28,779
67,659
6,087
684,728
3,387
5,912
1,921
4,863
171,541
24,920
$2,162,113
$1,197,549
Deductions—
cars,
funded debt.
tax accruals
Int.
on unfunded debt..
Amort, of disc, on fd. dt
Misc. income charges.._
_
63,090
6,125
711,528
funds..
8,614
$1,648,668
....
$1,855,989
$2,184,969
4,728
10,254
2,250
2,620
10,258
13.458
$1,065,050
$435,084
53,879
1935
.
Cash....
Due from Soo Line
deposits
Miscellaneous accounts receivable
Interest and dividends receivable
Other unadjusted debits
Total
1,039,727
$982,386
Balance, surplus
$365,767
$381,206
623,837
$233,268 def$242,631
1935
1934
$
$
Assets—
Road
General
34,694
Improv.
TA fL hi Id td.p v——•
Common stock
Preferred stock
Grants in aid of construction
Funded debt unmatured
Non-negotiable debt to affiliated companies.
Auditing vouchers
Interest matured, unpaid
Unmatured interest accrued
Other current liabilities
lieu
In
5,690
5,690
of
$
Common
cons.
Equip, note6s_-..
Ref. mtge. bonds.
mtged. property
Nat.
sold
34,649
32,398
3,226
1,686
Misc. phys. prop..
Inv. in affil. cos.;
Ry.
Corp. equip, tr.
Traf. &
Total liabilities.
car
8,008,000
305,000
8,130,000
454,300
1,362,900
56,277
14,993
22,164
$76,783,548
644
329,592
3,262,615
55,164
222,862
682,742
15,721,922
1,815,429
3,283,182
92,268
222,127
682,742
13,844,606
-Sales-
1
1934
1936
1935
$16,983,089 $17,147,967 $18,137,412 $15,844,684
19,015,779
18,218,915
17,860,960
16,244,993
17 509,833
19,676,695
20,482,640
24,035,139
23.072,478
22,382,040
19,788,230
20,159,295
.
January
February
March.
April.
—V. 142, p. 2691.
service
bals. payable...
225,274
.$75,079,292 $76,783,548
(F. W.) Woolworth Co.
Month of—
6,870,000
Service
1,528,473
-V. 142, p.3019.
11,882,600
10,213,958
stock...33,772,300 33,772,300
mtge. 4s. 6,870,000
854,915
105,057
42,552
1,359
liability
depreciation—equipment
Other unadjusted credits
Additions to property through income & surplus..
Funded debt retired through income & surplus__
$
2,095,465
..$16,126,300 $16,126,300
11,265,900
11,265,900
24
3,114
44,539,000
44,803,000
7,614,199
7,668,853
12,857
12,501
6,041,962
4,198,222
236,084
237,383
407,816
219,220
Accrued
1934
Prior lien cap. stk. 11,882,600
Preferred stock...10,213,958
1st
ry. property....
Depos.
34,694
leased
on
1935
Liabilities—
71,598,340 71,365,420
21,111,704 20,910,740
Equipment
121,305
88
7,092
$75 ,079,292
_
Debit balance
General Balance Sheet Dec. 31
1934
$71,709,891
Other deferred liabilities
$1,065,050
831,782
b In¬
122,297
147,014
10,657
1,927,900
841,748
99,925
42,552
661,614
49,053
12,351
10,756
5,022
Tax
$1,197,549
831,782
<
$3,521,840
1932.
$71,148,401
Investment in affiliated companies
6,191
140,000
$2,022,113
738,328
2,993
23,567
Invest, in road & equip.
Income applied to sink,
Balance
Divs. on prior lien stock.
268,601
19,153
54,904
12,747
18.468
12" 827
Sinking funds
Deposit in lieu of mortgaged property sold
Miscellaneous physical property
Special
deb. bal.
Rent for equipment
Joint facility rents
Miscellaneous rents
11,684
9^458
Other investments
38,473
Gross income
res.
53,975
"
Comparative General Balance Sheet Dec. 31
37,456
70,065
97,580
100,416
47,785
61,474
13,087
111,206
2,783
8,547
Miscellaneous income
and other
1,945,687
a
Includes receiver's items from Dec. 3, 1932, to Dec. 31,
cludes both receiver's and corporate items.
Inc.
on
26,094
1,911,509
Investments—Road and equipment
Improvements on leased ry. property
51,675
53,292
45,326
20,395
100,797
Joint facility rent income
Miscell. rent income
Inc. from funded secure.
Interest
Miscell.
493
14,059
Assets
Hire
Hireoffrt.
467
15,059
1,871,327
136,271
funded debt
Net deficit..
597
467
29,461
1,889,667
192,576
Miscell. income charges.
Total ry. oper. exp...
Net
1,070,410
3,270,917
343,646
3,411.510
410,826
296,517
Stock
261,631
1,029,019
1,029,019
Audited accts. and
Bonds
2,224,000
2,224,000
wages payable..
495,888
370,336
600,007
investments
6,060
Cash..
2,423,326
641,485
208,910
Misc. accts. pay..
5,660
117,777
Divs. mat. unpaid
192
175
4,207
8,218
Advances
Other
Spec,
deposits
Traffic
serv.
Due
car
326,083
230,616
agents
and conductors-
43,859
90,824
rec__
199,092
194,582
200
10,753
Mat'l and supplies
Other curr. assets.
1,064,119
955,881
accts.
Ins.
_
227,442
51,049
40,132
Other def. liabils..
128,796
Tax
694,080
743
124.996
P. & L. surplus...17,973,580
9,093,939
389,160
2,255,922
1,285,016
17,130,956
15,080
51,443
Service
Ry.
equipment
unadj.
350,758
1,259,358
494,164
deb.
Total
—V.
200,000
7,461
10,763
350,348
105,181,138104,540,337 I
142,
3018.
p.
Total.
.105,181,138104.540,337
;
Wheeling Steel Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
Gross sales
Cost of sales
ordinary taxes, &e
Repairs & maintenance
,
Other income.
Interest & discount
Net profit
—V.
per
142, p.
:
share on
2346.
common.
1,106,851
1,387,678
956,888
1,245,969
1,202,187
1.246,000
$1,234,554
187,727
$379,299
353,473
14,904
$1,422,281
343,748
143,962
$934,571
$0.93
Nil
Bonds Called—
The company announced on May 1 that it had
Co. funds for the immediate payment at
deposited with Bankers
105%, with interest to
July 1,1936, of all the company's first mortgage sinking fund5% gold bonds,
series A, due Jan. 1, 1978, outstanding in the amount of $62,628,000; also
for the immediate payment at 105% with interest to Oct. 1, 1936, of all
the company's first mortgage (Series B) sinking fund 5% gold bonds due
April 1, 1970, outstanding in the amount of $22,334,000.
This provision for immediate payment, including interest not yet ac¬
crued, makes available to holders of the series A and series B bonds, ap¬
proximately two months and five months, respectively, in advance of the
dates fixed by the company for redemption of the bonds, exactly the same
amount of cash which they will be entitled to receive by holding the bonds
to the redemption dates.
Funds for payment of these bonds were derived
by company in part from the recent sale to the public, through a banking
group headed by Kuhn, Loeb & Co. and Edward B. Smith & Co., of $60,000,000 first mortgage sinking fund 4% bonds, series C, due May 1, 1961,
and $30,000,000 convertible 3H% debentures, due Feb. 1, 1951.
Trust
Paying Agent, &c.—
1935
$10,922
__
Federal income taxes.
Earnings
1936
$16,078,479 $14,913,485
12,397,718
9.984,775
$229,344
149,955
Selling, general & administration expenses, &c
Depreciation & depletion
a dividend of $1.37 H per share on account
on the 5}4 % cum. pref. stock, series A, par $100,
payable
July 1 to holders of record June 20.
A like payment was made on April 1
and Jan. 1 last, this latter being the first payment made on this issue since
April 1, 1932, when a regular quarterly dividend of like amount was dis¬
tributed.
accr..
llabils.
831
paid in adv..
on fd. debt-.
Misc.
curr.
104,000
105,829
liability
813,891
Accr. depr. equip. 9,803,302
Other unadj. cred.
363,497
Approp. surplus.. 2,477,350
Paid-in surplus... 1,285,016
Disc,
Nat.
ma¬
7,438
81,221
Working fund adv.
Other def. assets.
debt
unpaid...
Unmat. int.
Other
Int. and divs. rec.
Misc.
Int. mat'd unpaid.
Funded
tured
bal. rec...
from
1,855,284
2,938,926
3,531,892
and
Youngstown Sheet & Tube Co.—Accumulated Dividend
The directors have declared
of accumulations
The Guaranty Trust Co. of New York has been appointed trustee,
paying agent, fiscal agent, registrar and conversion agent under the com¬
pany's indenture dated Feb. 1, 1936, which authorizes $30,000,000 prin¬
cipal amount of convertible 33^% debentures due Feb. 1, 1951.
Earnings for
Quarter Ended
March
31
(Including
Subsidiaries)
1936
a
Total
1935
1934
$4,586,432
1,436,639
1,080,019
172,476
$2,109,389
1,340,957
1,070,332
293,869
$1,721,139
1,404,644
1,087,586
652,378
$425,262
1,618,192
954,499
1,325,941
bprof$1,897,299
$595,769
$1,423,469
$3,473,370
income
Deprec. and depletion..
Interest, &c
Miscellaneous charges..
Net deficit
1933
a After deducting charges for repairs and maintenance,
b Includes non¬
recurring items of dividends and interest received in the amount of $381,510.
-V. 142, p. 3019.
Financial
3194
May 9, 1936
Chronicle
JUpxrrts and gnotnxjettis.
PUBLISHED
AS
ADVERTISEMENTS
LACKAWANNA AND WESTERN RAILROAD COMPANY
THE DELAWARE,
i
ENDING DECEMBER 31st, 1935
ANNUAL REPORT FOR THE YEAR
one
of
report of the operations of the
erty of your Company for the year
railroad and other prop¬
1935, showing in appro¬
operating
of
details
schedules
priate
changes and other matters of interest,
results, property
is respectfully sub¬
mitted.
traffic handled by
The volume of
there
increase in total operating revenues due to an
an
was
Company during
your
slightly less than in the year 1934, but
the present year was
Y., and one at Kanona, N. Y., were put out of service,
of which was a total loss.
Similar conditions, but in a
degree, were encountered on the Syracuse
lesser
Lackawarma and Western Railroad Co.:
The Delaware,
A
N.
York, March 25, 1936.
New
the Stockholders
To
Division for a distance of 18 miles between
the Interstate Commerce Com¬
by
authorized
commodities
effective April 18,1935, and extend¬
After these emergency increases be¬
came effective, it was found that many adjustments were
necessary to remove inequalities, and in a number of in¬
stances the additional charges were substantially reduced
or wholly cancelled on certain of the commodities moving
in particular localities or territories in order to stimulate
mission in Ex Parte 115,
ing to June 30, 1936.
their movement and arrest,
as
far as possible, diversion of
the traffic to other forms of
additional
The
$1,025,757
Forks, N. Y., and Brisben, N. Y., as well as on the branch
from Owego to Ithaca and from Cortland to Cin-
lines
terminable
but
made in this
be
connection
of
inde¬
an
considerable loss of revenue incurred
very
following July
week
the
that period.
should
Mention
reconstruction was
of
Work
cinnatus.
seriously
retarded
material over
almost impassable highways in the affected sections. Not¬
by the difficulties encountered in transporting
the
withstanding these handicaps against rapid restoration,
line
main
the
on
service
1935, and services
resumed July 14,
was
Syracuse and Utica Division and other branch lines
The cost of replacement,
fully restored by July 15.
together with additional expenditures to protect bridges and
roadbed against a recurrence of flood conditions in the
stricken area, amounted to $721,370.
The increase in maintenance of way and
structure ex¬
is fully accounted for by higher rates of pay and
replacement of roadway and bridges destroyed by the
penses
the
hereinbefore mentioned.
floods
There
laid in
were
replacement during the year 212,650
rail, practically all
treated cross ties and 8,211 tons of new
of which was 131 lbs. to the
yard.
v
policy of reducing maintenance cost and taxes by
demolishing buildings and
miscellaneous structures and
The
in¬
emergency
18 to December 31, 1935, was
approximately 4.4% of the total freight revenue
or
earned during
in
revenue
the period April
for
creases
transportation.
realized from the
Chenango
Y., and Marathon, N. Y., and 14 miles between
N.
were
allowance in freight tariff charges on designated
emergency
and Utica
Chenango Forks,
7, during which
time various
abandoning
tracks
in
not
use
needed
nor
in economical
operation was continued during 1935.
During the past six
years your 'Company has removed, by demolition or other
methods of disposal, 596 buildings, 45 miscellaneous facilities
pits, washing pits, turntables, track scales,
etc.), and during the same period 102.9 miles
track were abandoned and 32.9 miles constructed, or a
(such
as
ash
water tranks,
parts of your railroad were rendered impassable to freight
of
and
net reduction of 70 miles of track.
trains by flood conditions hereinafter more
passenger
fully described.
improvement
conditions
traffic
in
months of the year
during
the
the
last
four
with encouraging increases in revenues.
Revenue from passenger transportation was
than in
slightly less
previous year, but passenger business increased
perceptibly during the closing months with corresponding
increase in receipts.
Revenues from transportation of United States mail de¬
creased
$82,736
approximately 9%, due, in part, to diver¬
or
in method of
with the con¬
tinuation of a policy of service curtailment originated by the
Post Office Department in April, 1934.
Revenues from express service rendered the Railway Ex¬
press Agency were approximately the same as in the pre¬
sions,
but in
determining
greater degree to changes
space allowances, together
a
car
milk
$120,016,
due, in part, to the reduced consumption of fluid milk in
the Metropolitan area which had declined consistently for
a period of three and one-half years
to June 30, 1935; but
in the remaining six months of the present year there was
increased
an
demand
decreased
transportation
conditions
market
and
were
proved as to make the prospects for a better movement of
milk
1936
in
reasonable
a
anticipation.
Diversion
class of traffic from rail to motor transportation and
reduction in rates to meet truck competition
of this
forced
Revenues
vehicles
from
the
the
over
factory increases
transportation
ferries
over
during the
of
the previous year.
The effect of the long period of depressed business
on
and
passengers
both show satis¬
year
activity
railroad earnings is illustrated by the following:
The average annual operating revenues
of your Company
for the five years 1925 to 1929, inclusive,
while
the
for
$44,722,233
1935
year
46.4%
or
like
less
than
in
$84,000,807,
were
amounted
revenues
the
years
to
only
immediately
preceding the depression.
to
$1,461,709.
by
year
tain your
good
increase
This
primarily
was
due
to
higher rates of pay granted under the national agreement
effective July
1, 1934,
1935,
1,
a
by
year
large
destroyed
by
torrential
"Weather
one
or
both
completely
increase
effective
further disturbed during the
for restoration of property
New York State, resulting from
July 6 and 7, 1935.
The United States
on
recorded
rainfall
14.23
of
On the main line for
Painted
main
a
Post,
tracks,
out,
N.
Y.,
together
and
three
a
and
with
inches
distance of 22
Kanona,
N.
side tracks,
bridges,
in
two
at
Y.,
were
Bath,
measured by revenue ton miles
year,
miles, follows:
passenger
1935
1934
2,625,652,130
2,662,321,663
423,783,439
429,765,249
Revenue Passenger-Miles
Increase in transportation expenses
amounting to $902,868
is accounted for by additional wages paid in
paid
for
like
in
work
the
preceding
1935
over wages
as
previously
year
mentioned.
Payments for
loss
exceeded those of the
and
damage to
shipments in
transit
One of the
major items of loss is pilferage of shipments in whole or in
part while in transit.
During the year 1935 special agents
of your Company arrested 1,142 persons for felonies or mis¬
demeanors and secured 936 convictions; 212 cases were
awaiting trial at the close of the year and 2 were acquitted.
All of these arrests, with one exception, were of persons not
employed by your Company.
The ratio of loss and damage to the gross freight revenue
of 1935 was .53% compared with .47% in 1934 and .37%
previous
year
by $22,320.
1933.
'Claims
slightly
paid
more
for
injuries
to
employes
and
others
were
than in the previous year.
Your Company's
indebtedness to the Railroad Credit
Corporation was reduced during the year by cash payments
of $275,000 and by the application of liquidation dividends
amounting to $144,263,
loans
were
previous
Revenue Ton-Miles
of
from
that
a
total reduction in the Company's
institution
of $419,263.
The original loan
$1,500,000 from the Railroad Credit Corporation has now
there
washed
5%
final
a
revenue
been
Bureau
between
and
in
thirty-eight hours.
miles,
2%% increase
comparison of transportation performance in 1935 with
that of the
expenditures
floods
rains
a
further increase of 2%% effective
and
April 1, 1935.
Operating comparisons
provided for
Company's roadbed, structures and equipment in a
of preservation and serviceability, were made
state
during the year.
those of the previous
exceeded
between the railroads which
January
1929, inclusive.
Expenditures for repairs and renewals necessary to main¬
in
The total operating costs
less
depreciation of freight cars and
about by the installation of ad¬
ditional new and rebuilt / units and a change in method of
computing depreciation charges ordered by the Interstate
Commerce Commission effective January 1, 1935.
The total charge to operating expenses for accrued de¬
preciation of equipment was $2,696,701, an increase of
$159,247 over the previous year, and compares with average
annual charges of $2,676,615 during the calendar years 1925
cars
continue to be
important factors in reducing milk transportation revenues.
slightly
were
expenses
im¬
so
expenses
for
brought
operating
passenger
A
from
equipment
preceding year. The reductions in cost of steam
locomotive repairs and floating equipment repairs were, in
a measure, offset by substantial increases in the charges to
than in the
ceding year.
Revenue
of
Maintenance
traffic declined materially in the months of
March, July and August of the present year, resulting in
substantially reduced revenues, but there was a decided
Freight
reduced
was
due
to
$680,736.
your
Corporation $721,319
Offsetting
Company
account
from
this indebtedness,
Railroad Credit
the
of advances under
the plan
adopted by the carriers in December, 1931.
^
The
remaining units
financed
of equipment,
uncompleted at the close of the
new
new
and
rebuilt,
through sale of Equipment Trust Certificates and
Diesel
Electric
year
Locomotives,
15
1934, consisting of 2
rebuilt
Steam Loco-
Volume
Financial
142
motives, and 433 rebuilt Box Cars, were completed
placed in service during the year under review.
and
All other addition and betterment expenditures amounting
to
$1,541,460
loans
were
were
financed from current cash and
no
bank
Chronicle
3195
The Management desires to record its appreciation of the
loyal and efficient services rendered by officers and em¬
ployes during the year.
By order of the Board of Managers.
incurred.
J. M.
GENERAL BALANCE SHEET,
DAVIS, President.
DECEMBER 31, 1935 AND 1934
ASSETS
•
Increase
'
.
1935
Investments:
or
Decrease
1934
/
Investments in Road and Equipment:
Road
$54,617,777.01
Equipment
Improvements on
Railway Property
Miscellaneous Physical Property
$54,712,527.93
$94,750.92
85,050,704.51
.
Leased
86,087,383.82
1,036,679.31
15,792,692.66
35,877,206.33
84,513.67
2,274,259.95
"
2,457,933.73
183,673.78
Investments in Affiliated Companies:
Stocks
9,487,356.37
9,487,154.37
202.00
Bonds
3,335,638.00
3,355,815.50
20,177.50
Notes.
3,772,964.42
3,772,964.42
Advances
4,761,649.99
4,727,199.90
34,450.09
Other Investments:
Stocks
1,638,162.41
Notes
1,592,673.06
*11,882,575.70
Bonds.
11,882,675.70
45,489.35
'
100.00
619,272.11
Advances
Miscellaneous
8,500.00
13,405,229.71
412,167.99
20,701.47
_
627,772.11
13,817,397.70
_
20,724.23
22.76
Total Investments
$207,254,826.08
$207,823,587.03
Current Assets:
Cash
$2,704,692.64
$3,131,389.37
426,696.73
144,828.27
144,828.27
Special Deposits
Loans and Bills Receivable
22,300.00
25,476.96
3,176.96
Traffic and Car Service Balances Receivable
712,374.97
939,821.33
227,446.36
Net Balances Receivable from Agents and Conductors
531,244.30
817,188.18
285,943.88
Miscellaneous Accounts Receivable
967,659.39
906,703.21
60,956.18
1,915,909.51
_.
Materials and Supplies
Other Current Assets
2,060,175.26
144,265.75
19,691.54
9,675.24
10,016.30
__
Total Current Assets
6,864,197.11
8,045,274.12
Deferred Assets:
Working Fund Advances
$26,636.98
$27,315.71
678.73
Insurance and Other Funds
178,512.75
180,448.45
1,935.70
Other Deferred Assets
30,829.44
30,829.44
Total Deferred Assets
235,979.17
Unadjusted Debits:
;
Rents and Insurance Premiums Paid in Advance
$575,319.60
Other Unadjusted Debits
Total Unadjusted
207,764.16
$600,307.59
371,520.58
Debits
24,987.99
364,092.59
.
7,427.99
946,840.18
964,400.18
$215,301,842.54
$217,041,025.49
..
Grand Total
LIABILITIES
$1,739,182.95
V
Increase
1935
1934
or
Decrease
.
Capital Stock:
Common Stock
$87,407,500.00
by Company
$87,407,500.00
2,966,300.00
2,966,300.00
$84,441,200.00
Less held
$84,441,200.00
i.
Premium
on
Capital Stock
70,720.00
Total Stock
,
Long Term Debt:
.
$70,000.00
by Company._
Equipment Trust Obligations
Non-Negotiable Debt to Affiliated Companies:
Open Accounts...
$70,000.00
55,000.00
_
$15,000.00
Total
$84,511,920.00
•
.
Funded Debt Unmatured
Less held
70,720.00
$84,511,920.00
55,000.00
"
$15,000.00
4,652,000.00
4,053,000.00
...
$599,000.00
<
r
326,883.52
Long Term Debt
343,724.94
4,993,883.52
16,841.42
4,411,724.94
Current Liabilities:
Loans and Bills Payable
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
$680,736.25
591,571.83
2,214,450.17
365,529.94
184,179.21
163,781.55
24,174.06
450.00
23,724.06
45,091.50
Dividends Matured Unpaid
Unmatured Interest Accrued
1,123,109.11
20,397.66
Miscellaneous Accounts Payable
Interest Matured Unpaid....
$1,100,000.00
531,537.28
2,579,980.11
45,769.50
419,263.75
678.00
5,483.99
782.35
1,778,529.87
8,382.64
170,867.35
Other Current Liabilities
6,266.34
1,786,912.51
Unmatured Rents Accrued
141,459.38
29,407.97
Total Current Liabilities
5,845,180.71
6,594,213.58
13,003,011.68
13,147,702.96
Deferred Liabilities:
Other Deferred Liabilities
144,691.28
Unadjusted Credits:
Tax
Liability
$3,336,847.37
Insurance and
Accmed
Casualty Reserves
Depreciation—Equipment
$2,402,262.83
815,184.09
852,545.79
38,870,144.14
Other Unadjusted Credits
2,125,602.10
Total Unadjusted Credits
934,584.54
37,361.70
38,804,612.87
.
65,531.27
1,159,823.50
965,778.60
45,185,139.40
43,181,883.29
Corporate Surplus:
Additions to Property
Through Income and Surplus
Appropriated Surplus not Specifically Invested
$6,480,268.66
Total
$6,584,410.56
417,048.20
Corporate Surplus
104,141.90
417,048.20
54,865,390.37
__
Profit and Loss—Credit Balance
58,192,121.96
3,326,731.69
61,762,707.23
65,193,580.72
$215,301,842.54
,
Grand Total
$217,041,025.49
$1,739,182.96
*
Pledged $913,000.
Figures in boldface denote decrease.
A general audit of the accounts of-your Company and its subsidiaries as of the close of business December
31st, 1935, was made by Messrs. Hasking &
Sells, Certified Public Accountants, and a detailed statement of the results of their investigations was submitted February 18th, 1936, with the
following
letter:
"Our audit (except for details that do not
1935, and has found them to be correct. In
businesslike."
seem to us
our
necessary) has covered the transactions of the company during the year ended December 31,
opinion, the methods employed and the safeguards surrounding all transactions are thorough and
3196
Financial
Chronicle
Mav 9> 1936
THE KANSAS CITY SOUTHERN RAILWAY COMPANY
THIRTY-SIXTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER
Kansas
To the Stockholders
The statistics of The Kansas
The Kansas
The
pany,
pany
City.i Southern Railway Cojnpany:
thirty-sixth annual report of the affairs of
being for the
your
Com¬
include the properties and operations of the following
Texarkana and Fort Smith
t
year,
Maywood and
compared with such results for the preceding year:
878.78
878.78
7
2.22
781.32
.01
815.69
165,507.67
73,846.69
2,727.39
8,160.44
761,997.11
2,174.70
18,053.17
137,377.86
1.66
171,369.39
96,553.29
2,686.28
7,080.52
731,531.43
3,191.26
13,178.51
130,057.04
_
Express
Other Passenger-train
;
_.
.
_
Switching
Special Service Train
Other Freight-train
-
Incidental and Joint Facility
Total.
.74
.03
.08
7.64
.02
.18
1.37
100.00%
$9,650,064.60
9.90%
$9,981,090.99
$309,870.26
85.79%
J,279,077.12
214,524.07
86.05%
$8,588,947.38
221,517.26
_
Excess Baggage.
Mail
Milk
Decrease
Increase
1934
1935
Railway Operating Revenues:
Freight
Passenger
Company,
Sugar Creek Railway Company,
Fort Smith and Van Buren Railway Company. *
The
succeeding* statement shows the results of operation for the
Average Mileage Operated
Railway Company,
Kansas City & Grandview Railway
ended December 31, 1935, is here¬
year
City Southern Railway Com¬
wholly owned and directly operated subsidiaries:
with presented.
The
OPERATIONS
SUMMARY OF
City, Mo., May 1, 1936.
of
31,1935
6,993.19
2.22
.01
1.78
$34,37
5,861.72
22,706.60
1.00
.03
.07
41.11
1,079.92
30,465.68
7.58
.03
1,016.56
.14
"4,874".66
1.35
7,320.82
100.00%
$331,026.39
9.45%
$76,245.52
68,787.55
1,452.58
98,899.01
11,727.67
$911,718.46
1,644,292.46
569,914.36
3,060,842.39
14,291.26
896,170.49
1,611.96
Railway Operating Expenses:
Maintenance of way and Structures.
Maintenance of
Traffic
$987,963.98
1,713,080.01
571,366.94
3,159,741.40
26,018.93
760,745.88
13,230.05
Equipment
Transportation
Miscellaneous Operations
-
General
Transportation for Investment—Cr_
-
17.16
5.72
31.66
.26
7.62
.13
Net Railway Operating Income
$220,956.76
7.79%
$775,509.26
2,290.50
8.04%
$1,376.59
1,086.50
19.99%
$1,776,647.38
18.41%
$218,493.67
4.20%
$402,438.30
82,756.26
4.17%
$16,718.78
$1,486,403.23
-
$110,069.63
26.47%
$419,157.08
89,580.74
,
73.53%
$2,554,447.14
$1,995,141.05
Railway Operating Income
Equipment Rents—Net debit
Joint Facility Rents—Net debit
$7,095,617.46
27.81%
$776,885.85
3,377.00
Railway Tax Accruals
72.19%
$2,775,403.90
Uncollectible Railway Revenues
14.89%
$1,291,452.82
13.38%
.03
.90
Ratio of Operating Expenses and Taxes to Operating Revenues.
79.98%
the
half
of the year and an increase of $529,692.20 during the last
half of the year, as compared with corresponding periods of
the year 1935.
Operating revenues as reported include
approximately $200,000.00 derived from the emergency rate
increases authorized by the Interstate Commerce Commission
in Ex Parte No. 115, effective from April 18,1935, to June 30,
1936.
Other important factors contributing to the increase
for the year are the discovery and development of a large
oil field at Rodessa, Louisiana, the enlargement and expan¬
sion of facilities to serve the Chevrolet Motor Company at
Kansas City, Missouri, and the commencement of operations
at the new plant of The Mathieson Alkali Works (Inc.) at
Lake Charles, Louisiana.
The principal increases, as well as decreases, in the various
accounts
were
as
1.59%
$309,870.26
Passenger Revenue—
$11,026.72
4,033.53
-
Mail Revenue—
Decrease due to less space used for mail service
6,993.19
5,861.72
Express Revenue—
Decrease due to the lesser movement of
Carload shipments
Less-than-carload
$12,445.19
10,261.41
shipments
Switching Revenue—
22,706.60
.
Increase due to
The greater number of cars handled at
$23,580.27
3,907.07
2,978.34
Tiger, Missouri (Coal fields)
Shreveport, Louisiana
adjustments, etc
Rate
30,465.68
All Other Revenues—
Increase (Net)--
12,265.58
Net increase in Operating Revenues--.
—
$331,026.39
OPERATING EXPENSES
reported for the year, operating expenses increased
$110,069.63.
If adjustment were made so as to eliminate
the effect of accruals in 1934 under the Railroad Retirement
account of
Gravel, sand and stone
Sulphur—
-
Products of Forests:
Pine lumber
Other lumber, pulp wood and box material—
Logs, posts, poles and piling
Miscellaneous items (Net)
Manufactures and Miscellaneous:
Automobiles, trucks and parts
$31,963.25
Act and the reversal of such
accounting in 1935 after the
Supreme Court of the United States declared the said act
unconstitutional, the increase would be $253,616.94, as com¬
pared with the preceding year.
This increase was due prin¬
cipally to the restoration on January 1, 1935, of one-fourth,
and on April 1,1935, of one-half, of the 10 per cent, deduction
from the wages of certain employees made early in 1932;
one-fourth of the said deduction having been restored on
July 1, 1934.
37,786.22
17,845.92
12,758.45
109,954.54
102,808.77
30,898.99
6,220.64
112,203.24
60,911.23
Iron and steel pipe and fittings
Fuel and road oil
58,683.90
The
53,318.72
syrup and molasses
Bar and sheet iron, structural iron, nails and
wire.
_
6,824.48
$194,950.41
As
Products of Agriculture:
Fruits and vegetables other than Irish pota¬
toes, berries and peaches
Products of Mines:
Bituminous coal
Sugar,
.86
81.57%
Increase in interline traffic
Decrease in local traffic
follows:
Freight Revenue—
on
.02
Brought Forward--
OPERATING REVENUES
The increase of $331,026.39 in operating revenues is
net result of a decrease of $198,665.81 during the first
Increases
$135,424.61
"11,'618:09
.02
$7,205,687.09
Total
Net Revenue from Railway Operations
revenue
17.04
5.90
31.72
.15
9.29
_
_____
Building paper and prepared roofing
Scrap iron and steel
Agricultural implements
Cement
Refined petroleum (Gasoline)
Miscellaneous items (Net)
Decreases on account of
increases
and
expense accounts may
51,341.08
38,580.37
23,958.00
23,516.96
13,391.37
10,795.81
163,990.90
decreases
in
the
be summarized
as
account of
on
Roadway and track labor
Roadway and track material
Miscellaneous items (Net)
Decrease
283,439.32
$68,739.89
42,004/99
5,038.10
account of
on
Fresh meats
Increases
Decreases
to
on
$37,440.96
42,720.66
9,178.93
15,399.69
account of
Repairs to shop machinery
Running repairs to equipment
Supervision
Miscellaneous items (Net)
16,897.18
9,488.16
Miscellaneous items (Net)
$76,245.52
account of
Freight-train cars
Passenger-train cars
Injuries to persons
Products of Mines:
Coke
on
Classified repairs
Locomotives
59,102.05
104,234.12
13,082.04
11,399.27
6,178.05
Packing house products
Eggs
Cattle, calves and hogs
Miscellaneous items (Net)
39,537.46
Maintenance of Equipment—
39,467.60
19,922.81
9,299.98
Berries and peaches
Miscellaneous items (Net)
Animals and Products:
operating
Maintenance of Way and Structures—
Increases
Supervision
Products of Agriculture:
Corn, oats and other grain
Irish potatoes
several
follows:
18,541.38
7,124.66
;
—
5,693.42
4,593.23
68,787.55
Products of Forests:
Railroad ties
27,439.05
1
Increase
Manufactures and Miscellaneous:
greases
Consignments
10,412.82
26,573.83
Ice
Less-than-Carload
Carried Forward
_
-
on
account of
Solicitation
Decrease on account of
Miscellaneous items (Net)
14,121.82
Lubricating oils and
Traffic—
$309,870.26
Carried Forward
$8,935.04
7,482.46
1,452.58
$146,485.65
Volume
Financial Chronicle
142
$146,485.65
Brought Forward
Transportation—
Increases
on
Locomotive, yard and train service
$104,518.28
Price of fuel
$51,989.64
2,962.62
Consumption of fuel
Casualties
Miscellaneous items (Net)
Decreases on account of
Other expenses
49,027.02
22,756.93
14.263.62
_
74,761.27
16,905.57
_
Supervision
Miscellaneous Operations—
Increases
on
98,899.01
„
account of
Dining car service
Miscellaneous items;
mantlement
or otherwise, and 161 freight-train cars in work
permanently assigned to work equipment.
The
net loss on 402 units of various classes voluntarily retired, in
accordance with a programme commenced in 1932 and since
continued, was $199,260.27.
That amount, which repre¬
sents the difference between the service value of the equip¬
ment and the depreciation accrued thereon, was
charged
against surplus through the equipment depreciation reserve
account under regulations of the Interstate Commerce Com¬
mission, effective January 1, 1935.
Equipment owned was
increased by the acquisition of 10 new automobile box cars.
service
account of
$11,522.96
;
3197
were
11,727.67
204.71
INVESTMENT IN
General—
Decreases
on
H,'':1'
i
account of
Railroad Retirement Act
1
Salaries and expenses of general officers
Valuation expenses.
$143,547.31
11,162.76
11,346.57
8,269.74
Miscellaneous items (Net)
Increase on account of
Salaries and expenses of clerks and attendants.»
with that of the year preceding, was as follows:
For the year ended December 31,
General
Totals
ments
$84,134.24
420,358.83
7,664.44
363,865.64
154.65
2,986.26
2,831.61
$98,769.81
64,157.63
Expenditures..
Totals
Adjust¬
..$235,221.59 $519,283.29
$7,161.91 $276,899.79
main line with respect to ballast at
being no changes, is shown below:
the end of the year, there
Section of 6 inches
or more
771.23 miles
under ties
Section of less than 6 inches under ties
1935:
3.90
—
Deferred ballasting on Leeds-Grandview line
Revenue Tons
one
mile—North
544,712,864
Revenue Tons
one
mile—South
-
$11,840.09
$171,063.96
The condition of your
compared
EQUIPMENT
ments
Equipment
11,618.09
TONNAGE
REVENUE
tonnage movement for the year, as
revenue
Retire-
tures
$110,069.63
Net increase in Operating Expenses...
The
ExpendiRoad
Transportation for Investment—Cr.
Increase due to the greater quantity of materials for construc¬
tion purposes conveyed in transportation trains
AND
following tabulation shows the expenditures made
during the year for additions and betterments to road and
equipment, the credits resulting from retirements, and other
adjustments in the investment account:
135,424.61
38,901.77
ROAD
The
296,892,945 841,605.809
12.75
Total main line mileage owned
"
787.88 miles
For the year ended December 31, 1934:
The
Revenue Tons
one
mile—North..
499,145,937
Revenue Tons
one
mile—South
334,745,440 833,891,377
Increase in Revenue Tons
one
mile
7,714,432
weights of rail in the main line at the end of the year
were as
follows:
Rail weighing 127 pounds per yard
Rail weighing 115 pounds per yard
Rail weighing 100 pounds per yard
TAXES
Rail weighing
Following is a statement of charges
compared with the preceding year:
account of taxes,
on
$768,057.58 $100,702.42
7,451.68
99,325.83
$776,885.85 $775,509.26
$1,376.59
The increase in State, county
and municipal taxes was due
account of increased levies
of ad valorem and franchise taxes by the State of Louisiana,
applicable to previous years, less the effect of current reduc¬
adjustment of
reserves on
tions in assessed valuations and levies of other States.
decrease in Federal taxes results from
income
the
for
tax
an
The
1920, the amount of which
finally determined in 1935.
was
WAGE ADJUSTMENTS
of officers remains in effect.
The average cost
of all material purchased during the year
slightly higher than for the preceding period.
The cost of
fuel oil increased 11.51 per cent, and that of coal 2.50 per cent.
RAILROAD
of the year
mileage operated by
was as below stated:
your
Company at the end
\
First
or
Controlled.
or
Main
Other
All
Track
Main Line Owned
Second
Main
Branch Lines Owned
Track
Tracks
Tracks
21.41
447.54
1,256.83
...787.88
Controlled
reinforce¬
through the application of tie plates, with
a view to stability, permanence and economy of maintenance.
The expenditure for this purpose was $11,792.27.
Other principal items of Additions and Betterments—
Road, together with the amounts expended therefor, were
as
follows:
$74,193.32
Construction of industrial tracks
Increasing weight of rail from 85-pound to 127-pound section,
43,923.60
Mile 92 to Mile 102..
17,016.62
Improvement of bridges
$135,133.54
77.92
expenditures for additions and betterments include
sidings to serve industries not heretofore reached
by your tracks, 3 additional sidings to accommodate indus¬
tries previously established on your line, tracks to serve
17 new industries located on your Company's right of way
at Rodessa, Louisiana, where a new oil field was discovered
during the year, and additional tracks to serve the enlarged
assembly plant of the Chevrolet Motor Company at Kansas
City, Missouri.
Incidentally, 36 new industries located on
existing tracks of your Company.
the cost of 5
During the year 10 new all-steel automobile box cars,
having an inside length of 50 feet 6 inches to accommodate
4 motor trucks or 4 automobiles, and equipped with heavy
SUPPLIES
was
The track
continued upon the schedule for the
The
stated, restoration of the 10 per cent, deduc¬
tion in 1932 from the basic rate earnings of certain employes
was made as follows: one-fourth on July 1, 1934; one-fourth
on January 1, 1935; and one-half on
April 1, 1935.
These
increases were made according to agreements with organized
labor and voluntarily in the case of unorganized employes.
The pay of some supervisors was also adjusted to conform
with the increased remuneration of employes under their
supervision.
The 10 per cent, reduction in the compensation
*
was
of track
Total
As heretofore
MILES OF
Work
ment
overassessment of
year
COST OF MATERIAL AND
787.88 miles
Increase
1934
State, county and municipal taxes.j..$868,760.00
Federal taxes..
91,874.15
to the
—
Total main line mileage owned
1935
Totals
_
85 pounds per yard
Rail weighing less than 85 pounds per yard
75.75 miles
10.99
"
.128.62
"
569.45
"
3.07
"
36.36
114.28
21.41
483.90
5.11
14.80
26.52
498.70
1,404.00
Locomotives—Application of arch tube and washout plugs, additional
11-inch air pumps, cast steel end sills and radial buffers, cast steel tender
frames, improved blow-off systems, and improved water connections.
Freight-train Cars—Application of steel center sills, A. R. A. type D coup¬
lers, cast steel body bolsters and heavier side sills, cast steel truck sides,
steel cover plates, steel decks and Z-bars, side dump doors, brake beam
safety supports, wider doors, improvements to Evans auto racks, and
improved air brake cylinders.
26.95
-878.78
878.78
Equipment, involving an expenditure of $19,279.76, consisted
mainly of the following:
1,371.11
7.04
duty mechanical loaders, were purchased at a total cost of
$44,599.24.
Other items of Additions and Betterments—
Work
equipment—Reconstruction of 3 cars for work service and the appli¬
cation of A. R. A. type D couplers.
Total mileage Owned or Controlled.
..865.80
.
..
Total
Mileage Operated
The total track
1,404.00, making
a
5.94
5.94
.......
EQUIPMENT TRUSTS
Equipment Trust, Series No. 34, matured on January 15«
1935, and payment of the final series of notes issued there¬
was made on that date.
The face amount of Equipment Trust Certificates out¬
under
mileage was increased from 1,402.23 to
net change of 1.77 miles, all in other than
main tracks.
standing December 31, 1935, was as below set forth:
Series E, dated September 1,
Balance last reported
Paid during the year
1923J
•
The
on
Rolling Equipment owned or otherwise controlled
December 31, 1935, consisted of:
Owned
Locomotives
133
Passenger-train Cars
10
51
Freight-train Cars in Commercial Service..
Freight-train Cars in Work Service
Cabooses
Work
Under
Trust
Total
2,230
DEPRECIATION RESERVE FUND
143
51
499
59
2,729
59
51
Total Units
51
223
Equipment
223
2,747
509
3,256
equaling the amount of charges to operating
representing the so-called depreciation of equip¬
ment, and for the amortization of equipment retired and of
property abandoned in connection with improvements, to¬
gether with proceeds from the sale of obsolete equipment,
are deposited in a special fund set aside for additions to and
Moneys
expenses
betterments
During the
402
year
freight-train
1
cars
.$432,000.00
108,000.00 $324,000.00
locomotive, 4 passenger-train cars,
and 2 cabooses were retired by dis-
of your property.
The total amount
so
de¬
posited, and withdrawals therefrom, are shown by the state¬
ment
following:
Financial
3198
DEPOSITS
Charges for Depreciation of Equipment:
From June 1, 1916 to December 31,1934--.$5,444,801.57
From January 1,1935, to December 31,1935
350,481.10
$5,795,282.67
Charges for Amortization of Retired Equipment:
From January 1, 1918, to December 31, 1934
Charges for Amortization of Abandoned Property:
From January 1, 1918, to December 31, 1929-Proceeds from Sale of Obsolete Equipment:
From June 1, 1916, to December 31,1932__
$331,858.17
From January 1,1935, to December 31,1935
4,015.00
1,131,602.16
1,086,535.97
335,873.17
Investments—Net:
June 1, 1916, to December 31, 1934-_
$168,858.98
January 1,1935, to December 31,1935
15,946.62
Income from Bank Balances and
From
From
™
184,805.60
Replacement Funds released by Trustees under Equipment Trusts:
From January 1, 1925, to December 31,1925
$22,592.59
From January 1,1935, to December 31,1935
12,309.35
34,901.94
1—
Total Deposits
$8,569,001.51
WITHDRAWALS
Payments for New Equipment:
From June 1, 1916 to Decernber 31, 1934
$1,407,272.74
From January 1, 1935, to December 31, 1935
45,317.87 $1,452,590.61
Redemption of Equipment Trust Obligations:
From January 1, 1932, to December 31, 1934
$514,800.00
From January 1, 1935, to December
31,19^5
171,600.00
_
31,19$5
686,400.00
2,010,744.66
2,314,098.82
„
/
Other
Improvements:
From January 1, 1931, to De¬
cember
cember
31,19^4
Amount
-
$271,213.33
1935, to De¬
115,244.00
31, 1935
386,457.33
temporarily withdrawn for other pur-
puses
_
900,000.00
_
TAXATION
depression began there has been a decided ten¬
dency toward horizontal reductions in the assessed valua¬
tions of farms, residences and other real and personal prop¬
erty, without corresponding decreases in railroad and other
public utility assessments.
Delinquencies in the payment
of taxes in some sections have been almost entirely on ac¬
count of other than railroad and utility taxpayers.
For
example, in one county the railroads and utilities paid 100
per cent, of their taxes, while other property owners paid
Since the
7,750,291.42
$818,710.09
Balance, December 31, 1935
The agreement
entered into with the Metropolitan Life
effective October 1, 1933, referred to in
report, providing for a revised group
insurance plan affording comprehensive protection to em¬
ployes of your Company against loss by death, accident and
illness, was continued in effect.
At the close of the year, 2,672 employes, or 90.5 per cent,
of those eligible, were subscribers to the revised plan.
The
life policies in force at that date aggregated $4,865,750.00.
Payments to employes and their beneficiaries under the
revised plan, and payments to employes entitled to total and
permanent disability benefits under the old plan, amounted
during the year to $123,946.59, classified as follows:
46 Death claims
3 Accidental death and dismemberment claims19 Accident claims--
Commissioner
excessive burden, which the Manage¬
an
$74,779.23
3,500.00
945.14
Appeals
on
Briefs have been filed and a decision
income tax payments.
is awaited.
FEDERAL VALUATION
Pursuant to the
requirements of the Interstate Commerce
to valuations of carrier property, your
Company has maintained its valuation as nearly as practi¬
cable upon a current basis.
The cost of such valuation to
Act
with
respect
as
follows:
13,981.04
Prior to
Since the inauguration of the plan of group insurance for
employes, the Insurance Company has paid claims aggre¬
gating $1,919,216.08.
orders.
Interstate
Total
$68,824.72
300,677.11
290,852.82
$9,824.29
12,991.09
44.64
13,035.73
105,099.30
485.25
105,584.55
705.79
338,979.51
Confer-
Contribution to Presidents'
ence Committee
------------
Appraisal of Real Estate
_
338,273.72
General and miscellaneous
RAILROAD CREDIT CORPORATION
THE
In the process
$816,041.65
Totals
$35,574.31 during the
As of December 31, 1935, the
with the Credit Corporation was as follows:
-
Balance due
$296,452.37
118,580.95
$177,871.42
TITLE
SEPARATELY REPORTING SUBSIDIARY
COMPANIES
year.
Amount contributed by your Company to the fund
Amount of liquidating distributions received
TO LINE
IN LOUISIANA
====
In
addition
the system which is located in the State of
since its construction, been owned by a
separate corporation, The Kansas City, Shreveport and
Gulf Railway Company, but all the stock and bonds of that
company have been held by your Company.
In order to
was
found desirable to have this property
conveyed to The Kansas City Southern Railway Company
stock
and bonds cancelled.
The
conveyance
was
completed during the year, and title to the line in Louisiana
is now vested directly in your Company.
The Kansas City,
Shreveport and Gulf Railway Company has meanwhile been
to
those
subsidiaries heretofore mentioned,
Company controls, by virtue of the ownership of securi¬
ties, all the property of the following separately reporting
companies, whose balance sheets and income accounts are
also published in the statistical section of this report:
your
THE
That part of
Louisiana has,
reduce taxes it
$11,059.97 $827.101.62
of liquidating the fund administered by it
pursuant to the Marshalling and Distributing Plan, 1931,
The Railroad Credit Corporation repaid to your Company
the
—
Com¬
Commission
merce
1935
$68,824.72
work
Valuation
Year
1935
Field
and
has computed an
November 18, 1935, in connection with a claim
30,741.18 $123,946.59
account
Revenue
of
for the recovery of a further substantial amount of interest
which the Management feels was illegally collected on in-
date has been
Health claims
Total and permanent disability claims
Internal
of
$123,405.12 for the year 1920, which
amount, less $15,244.81 on account of an underassessment
for the year 1921, is due your Company.
Interest on the
net amount recoverable was accrued during the year in
the sum of $67,433.68.
A hearing was had before the United States Board of Tax
overassessment
Insurance Company
the previous annual
59
Company
sought to have eased through vigorous protests to
state and county boards, and in some instances by resort to
litigation.
1
Taxes actually paid by your Company for 1935 amounted
to $857,032.93.
That sum is more than gross revenues have
averaged per month throughout the year.
Litigation for the purpose of effecting a reduction in the
assessed valuation of the properties of your Company
in
the State of Oklahoma, mentioned in previous reports, was
concluded with respect to the fiscal year ended June 30,
1934, resulting in a recovery of $22,101.64 in taxes.
Suits
in that State on account of subsequent years are pending.
Having elected not to appeal from the decision of the
United States Circuit Court of Appeals in your Company's
Federal income tax cases, mentioned in the previous report,
the
GROUP INSURANCE
313
the railroads and utilities paying 80
ment has
18,183.44
From January 1,
will be greater.
upon your
Shop Improvements, etc.:
From January 1, 1922, to December 31, 1934
$2,305,705.29
From January 1, 1935, to December 31,1935
8,393.53
„
imposes additional taxes upon your Company for purposes
of unemployment compensation
provided by that law.
Upon the basis of present pay rolls, these taxes are esti¬
mated at $45,000.00 in 1936, $90,000.00 in 1937 and
$135,000.00 each year thereafter.
With an increase in
business to a more normal level, the burden on your Company
cent, of all taxes collected.
These factors, and the mul¬
tiplication of miscellaneous corporate taxes, have imposed
„
Improvements to Equipment:
From June 1,1916, to Decem¬
ber 31, 1934
$1,992,561.22
From January 1,1935, to De¬
cember
to
be levied against your Company will approximate
$156,000.00 per annum.
The validity of this new legisla¬
tion is being contested by the railroads.
The Social Security Act, also enacted during the year,
per
^
„
May 9, 1936
less than 30 per cent.,
^
_
Chronicle
KANSAS AND
MISSOURI RAILWAY AND
TERMINAL
A
COMPANY
operating an electric switching line in and
through Kansas City, Kansas, which connects with the
present terminal tracks of your Company and forms an inter¬
mediate connection between your line and an interurban
line serving an industrial territory from
Kansas City,
Kansas, to Lawrence, Kansas, a distance of about 35 miles.
Its property consists of 5.56 miles of main track and 4.81
miles of yard and side tracks.
Control is had by your Com¬
pany through ownership of all the capital stock and bonds.
company
THE
dissolved.
ARKANSAS
WESTERN RAILWAY COMPANY
A
RAILROAD
RETIREMENT
AND
SOCIAL
SECURITY ACTS
The Railroad Retirement Act of 1934, mentioned a year
declared unconstitutional by the Supreme Court
States on May 6, 1935.
In substitution
therefor, a new pension law was passed by Congress and
approved August 29, 1935, together with a companion Act
under which an income tax of 3^2 per cent, of compensation
not in excess of $300.00 per month is imposed upon em¬
ployes, and an excise tax of like amount is imposed upon
the carriers.
Based upon the present pay rolls, the tax so
ago,
of
was
the
United
standard-gauge line from Heavener, Oklahoma, to
Forester, Arkansas, consisting of 55.58 miles of main track
and 4.79 miles of yard and side tracks, together with rights
of way, buildings and appurtenances; controlled by your
Company through ownership of all the capital stock and
bonds.
/
THE
KANSAS
CITY,
SHREVEPORT AND GULF
TERMINAL COMPANY
Union
depot property at Shreveport, Louisiana, including
and 1.55 miles of yard and terminal
tracks; controlled by your Company through ownership of
all the capital stock and bonds.
its real estate, buildings
Volume
Financial
142
PORT
ARTHUR
CANAL
Chronicle
DOCK COMPANY
AND
minal
K.
C.
S.
for
future yard expansion; controlled by your Company
through ownership of all the capital stock and bonds.
KANSAS CITY
A
COMPANY
ELEVATOR
delivery of less-thari-carload freight.
or real
property, and is controlled by
ownership of all the capital stock.
Mr. Alexander M.
Calhoun, Vice-President, passed away
May 16, 1935.
He had served your Company; efficiently
loyally fpr thirty-four years, and his death is recorded
with deep regret.
January 21, 1935, the frame headhouse and appurte¬
originally constructed in 1892, were destroyed and
the power plant and storage units damaged by fire.
During
the year, the headhouse and power plant were replaced by a
reinforced concrete and steel structure, modern
on
and the remainder of
$55,489.51, representing the cost of
advanced by your Company.
Operation of the elevator facilities was resumed by the
improvements,
was
of December
THE
and
equipment
installed, and the storage units were fully rehabilitated.
Of $275,476.05 expended on this account, $219,986.54 was
derived from the settlement with the insurance underwriters,
was
1, 1935.
The appended balance sheets and statistical statements
give full detailed information concerning expenditures for
improvements, and the results of operation.
A report, including balance sheet, income account and
other pertinent matter, in form prescribed by the Interstate
Commerce Commission, has been filed with that body at
Washington.
UNION LAND
•
COMPANY
By order of the Board of Directors.
A company
owning 85.36 acres of land in and adjacent to
City, Kansas, suitable for industrial sites.
All the
capital stock is owned by The Kansas and Missouri Railway
C.
Kansas
CURRENT
during the past
and financial
make the 1936 edition or the "Directory of
year,
Directors in the City of New York" virtually a new directory.
as
as
a
"Who's
the"Fe5eral""Home
handbook;
a
The
two
mailing list; and in determining credit responsibility.
edition, which marks the 27th publication of the
new
contains
as a
1,150 pages of compact, legible data.
sections.
The first
is
list
a
"Directory,'1
book~is""clivided into
The
30.000 directors with
of approximately
their respective directorates, their business addresses and, wherever
ticable, their residence addresses.
$50,000
and two
or over,
section.
or more
an
outstanding capital of
of whose directors
This section also includes
firms and their members;
prac^
The second section is an index of cor¬
porations, about 13,000 in number, which have
a
are
listed in the first
The following list presents an interesting study of the
comparison of the
1928, 1932,
1932
33
108
122
106
58
71
11
25
Floyd L. Carlisle
Henry L. Doherty
Charles Hayden
•T. Pierpont Margan
15
35
8
122
89
13
28
7
109
47
39
24
32
12
*
James H. Perkins
John D. Rockefeller Jr«_
Nicholas M. Schenck
9
19
Albert H. Wiggin
Owen D. Young..
42
10
St., London, E. C. 2.
These additions have entailed
two years
although
a
number of
an
became known in
by
a
Great Britain early in
year
1931
and
was
a
Particulars of 56 of these trusts will be found in this
exchanges
appear
relating to the British dominions, colonies,
also
principal legal decisions
1935 affecting companies.
The supplement, following the water works
section, contains particulars received too late for classification, and in the
subsequent
duty,
pages will be found the usual information, duly revised, relating
duties, trustee investments, the public trustee income tax, estate
the bank
reserve,
Mr.
forged
transfer Acts,
&c.
The
"Year-Book,"
duty paid, contains 3,488 pages and
compiled and edited by the Secretary of the Share & Loan Department of
Field
Day committees of the Bond
Olub
of
New
York
have
drawn
freely, if somewhat facetiously, upon the New Deal Alphabet in
making their plans for entertainment at the club's annual outing to be
held at the Sleepy Hollow Country Club on June 5.
The six hundred members of the Bond Club who will
receive advance
notice of [the [arrangements [today [may [be startled to see the
initials
"F. D. R." prominently displayed on an old-fashioned
poster.
Reading
however, they will discover that this is only the Field Day Regime
promising "more abundant life."
Equally ominous to bond men intent
on,
on
a
hoUday
shown
to
are
the bold letters "S. E. C."
represent
the
Special
Parenthetically, these
Entertainment
Committee,
R. A." is exposed as Facetious Events
Racing Association,
which will conduct
out to be the
on
hand "not
The
Bond
a series of cycling
contests, while the "P. W. A." turns
Prosit & Wienerwurst Authority, which guarantees to
have
one
Olub
frankfurter but
further reveals
carried out with the aid of the
and the "Hicksville
(L. I.)
a
its
Field
and
the
overseas^for 33
Flying~Uorps?,
Lafayette
was
public_relations for the Home Owners'
&
Insurance*Corpora^
Bank board!
administered by the Federal Home Loan
Company,
associated
for
the
past
with
three years
Seipp,
house, and formerly general sales
municipal bond
for"f?ond^& Goodwin^Incorporated'^of'Tilinois
in
the"*Middle
Gallaher joined
m
West.
army
and
dissolved in Chicago in 1931.
was
in charge
~
o?
S
Bancamerica-Blair'in "*j920 nafter
continued"with that firxrTuntilf'its"sales
predecessor of
a
He then became District
Sales Manager for Associated American Distributors, Inc.. a Transamerica
Corporation subsidiary.
—Distributors Group,
Incorporated, 63 Wall St., New York, has pre¬
pared detailed analyses for the first quarter of 1936 on the following com¬
panies—Adams
Express
American International
Company,
American
Securities
European
Co.,
Corporation, Capital Administration, Ltd., Class
tion, Prudential Investors, Inc., Second National Investors
Continental
far
"Flannigan Marching & Chowder Club"
Wheelmen's Association."
U.
S.
Foreign
&
same
Corp.T"Tri-
Corp.
Securities
companies which
These
rurTback
1930.
as
—Average price for 20 insurance company stocks as of May 1 was 27.78
compared with 28.79 as of April 24,
Allen &
week
of May
2.43.
Average ratio of price to liqui¬
value for these 20 stocks decreased
dating
a
net decrease of 1.01, according to
a
Co., 20 Broad St., New York.
agol.
Average price for
1
90.08 compared with 93.61
was
.04 from the
1.17 reported
18 bank and trust company stocks as
on
April 24,
Average ratio of price to book value on May
a
1
net decrease of
was
1.19,
a
net
decrease of .04 from the 1.23 reported a week ago.
—Attributing reduced railroad earning power to the decline in output
durable goods,
of
are
and not to competition, and asserting that the steam
still supreme as the transportation agency of the heavy indus¬
tries, an analysis prepared by Lobdell & Company, 48 Wall St., New York
City, states that railroads are now in a position to expand their earnings
substantially with the belated upturn in the durable goods industry.
—Bear, Stearns & Co.,
1 Wall St., New York, members of the New
York Stock Exchange, have available for distribution two circulars dealing
with the tax on corporate
undistributed earnings, one analyzing the dividend
possibilities of 225 leading issues, and the second presenting
summary
common
showing
the
cash
position,
accumulated
share record of earnings of 120
—Zimmermann &
surplus
Forshay, Inc., 170 Broadway, New York,
Control in the form of Rueckwanderer Marks for the
ing to Germany for permanent residence.
discount
per
of 50%, or double the amount
as
factual
a
and
11-year
active issues.
the granting of new facilities extended by the German Foreign
use
These marks
announces
Exchange
of persons return¬
are
obtained at
a
of the prevailing exchange rate
dollar.
—Louis J.
Day festivities will be
Corporation,
analyses bring up to date studies of these
as
thousand."
that
are
hisdi^liarge "frmnTthe
are
planning
"startling innovations and extraordinary excitement."
The "F. E.
Mr. Dock served
1916,
Ambulance
He
CgrporationT*Federal"Home Loan^Bank System^ Federal"*Savings
railroads
the Stock Exchange, London.
—The
American
citations.
Dock has been in charge of
organization
which costs $20 in the United States,
is
the
in
chairman of ^publicity on the Gibson
Committee for unemployment relief in New York in 1932r""Iri"Waslnhgton,
portion of the book, together with the tables of statistics,
counties and municipalities, and to the sovereign States of the
world;
the special chapters on the finances of India and the
to scamp
graduate of Dartmouth in
months
A, General American Investors Co., Inc., General Public Service Corpora¬
subcommittee of the Committee for General Purposes of
obtained from official sources,
of
__
Mr.
seen
the subject of
magazines and newspapers chiefly
financial subjects.
A
58 and 272
1935 has
He
"Advertising Investment"
has contributed frequently to various
on
This form of investment first
The usual lists of members of the various stock
the front
m
The
director of the Financial Advertisers Association.
a
managerin Chicago for Bancamerica Blair Corporation, has been appointed
House, Old Broad
were
as*an executive in the
Compton~do. ancT Halsey, Stuart
years,
Securities,''
Association, and editor and "coauthor of "Constructive Customer Relations," published
jbyjihe American
Institute of Banking in 1933.
A former newspaper man" in^StT*Louis, he
sales manager
have ceased to exist and
concerns
the continued progress of the fixed trust.
the Stock Exchange.
was
associate author of the book,
an
retail""distribution
increase of 278 pages in
been taken out of the book during that period.
volume.
Co., and
of William R.
engaged in advertising work
was
sponsored by the| Investment Bankers
—JohntG. Gallaher,
not included in the
were
previous year's issue, the corresponding figures in which
recent report
&
is
Princell
The publication contains notices of 45 Government
municipal loans and 344 companies which
the last
investment'banking"firms
tion, all of which
—The 1936 issue of "The Stock Exchange Official Year-Book" has just
been published by Thomas Skinner & Co., 330 Gresham
June 1.
agency, on
and""Loan System and"the~Federal"Savings antTLoan
1936
41
58
52
13
28
7
109
24
28
1935
28
1928
respectively.
Company, financial advertising
■Before going to Washington, Mr. Dock
Loan
1935 and 1936:
position in the New York office
a
in~"StTLouis anTTrTNew "YorkTdity for several
receiving two
directorates held by this prominent group of men, for the years
WashingtorT*luring'*'the past
ofTJoremus
BankHBoard in
Loan
has resigned to take
years,
&
list of the outstanding non-corporate
banks, trust and securities companies, insurance
and guaranty companies.
and
2
It is in¬
in business and finance in New York City;
Who"
JOHNSTON,
—Announcement is made that George Dock, Jr., public relations adviser
NOTICES
—The many changes which have taken place in the business
valuable
E.
President.
to
world
owns no
No bonds have
nances,
as
transportation and
equipment
your Company through
It
authorized.
or
On
lessee
organized under the laws of the State of
company
Louisiana to contract for the collection,
through ownership of all the capital stock.
been issued
TRANSPORT COMPANY,
SOUTHERN
INCORPORATED
One grain elevator (capacity 1,435,000 bushels), situated
Kansas City, Missouri; controlled by your Company
at
COMPANY
INDUSTRIAL LAND
A company owning 694.02 acres of land, mainly situated in
the northeastern part of Kansas City, Missouri, and acquired
-r ■*'
THE
Company, and control of the Land Company
by your Company through its ownership of the Ter¬
Company.
No bonds have been issued or authorized.
is had
Lands, slips, docks, wharves, warehouses, one grain ele¬
vator (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by your Company through ownership of
all the capital stock.
The bonds of the Dock Company are
outstanding in the hands of the public.
0
Under an agreement entered into as of February 1, 1923,
all the property of the Port Arthur Canal and Dock Company
was leased to the Texarkana and Fort Smith Railway Com¬
pany.
Pursuant to an^ agreement of lease made with the
Texarkana and Fort Smith, your Company assumed opera¬
tion of the property of the Dock Company as of February 1,
1934..'
3199
and Terminal
manager
manager of
Stirling has become associated with A. O. Slaughter & Co.
of their bond trading department.
Mr. Stirling has been
the listed bond department of Winthrop, Mitchell & OoTfor
the past five years and prior to that time was associated with Colvin
ScTto.
Financial
3200
May 9, 1936
Chronicle
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
4
Friday Night, May( 8, 1936
points higher
:
Coffee—On the 2d inst. futures closed 6 to 8
with sales totaling 7,500 bpgs.
Rio
points higher, with sales of 1,750 bags.
Rio contract, in which 1,250 bags were traded,
for Santos contracts,
contracts closed 5 to 7
The
new
opened nominally unchanged, and closed 9 to 10 points
higher.
Rio de Janeiro futures were 25 to 175 reis lower,
while on the other, hand, the official No. 7 price was 100 reis
higher.; Cost and freight offers from Brazil were scarce
and unchanged from previous day.
Havre futures were
M franc lower to
franc higher.
On the 4th inst. futures
closed 2 to 8 points higher for the Santos contract, with
transactions totaling 74 lots.
The Rio contract closed
1 to 3 up, while the new Rio closed nominally 6 to 8 points
higher.
There were no notices issued.
Sales of old Rio
totaled 58 lots.
There were no sales of the new Rio.
Much
represented switches or straddles.
The openwas better by 70 reis at 17.680 milreis
to the dollar.
Rio terme prices were irregular at 11.150
for May and 11.100 for July.
At 11.500 the spot Rio 7s
price was unchanged.
On the 5th inst. futures closed 1 to 3
points lower for Santos contracts, with sales of 15,760 bags.
Rio contracts closed unchanged to 2 points lower, with sales
of 5,250 bags.
Rio de Janeiro futures were 100 to 125 reis
higher, while the open-market exchange rate was 20 reis
weaker at 17.700 milreis to the dollar.
Cost and frieght
offers from Brazil were unchanged to 5 points lower, with
Santos Bourbon 3-5s at from 8.15 to 8.50 cents.
A report
from Brazil stated that receipts of coffee at Rio from the
interior had been suspended until the stock reaches 700,000
bags.
The May 1 stocks in the Port of Rio were 751,000
bags.
Havre future were
to 1 franc lower.
On the
6th inst. futures closed 4 to 5 points higher for Santos con¬
tracts with transactions totaling 13,000 bags.
Rio contracts
closed 2 to 5 points higher, with sales of 3,250 bags.
One
lot was traded in the new Rio contract, which closed 2 points
higher.
Rio de Janeiro futures were 75 to 125 reis higher.
Cost and freight offers from Brazil were unchanged generally
of the business
market dollar rate
,
with
Bourbon 3-5s
Santos
at
from
8.20
to
8.42cents.
Local spot prices were nominally unchanged, with no sales.
The strength in the local market to-day was attributed largely
to the
news
that Brazil's National Coffee Department
had
purchase 2,586,761 bags of the 4,000,000
bags of low-grade coffee to be bought and destroyed according
to recent plans.
On the 7th inst. futures closed 6 to 8 points higher, with
transactions of 18,250 bags.
Rio contracts closed 5 to 8
points higher, with sales of 2,000 bags.
Rio de Janeiro
futures were 125 to 200 reis higher.
Cost and freight
offers from Brazil were unchanged to 10 points higher,
with Santos Bourbon 4s at 8.20 to 8.40c.
Peaberry 4s
been tendered for
the inside price, ranging from 8.05 to
prices continued unchanged but with
slightly better inquiry reported.
Havre futures were
to 1 franc higher.
The chief stimulus to coffee prices has
been the news that Brazil's National Coffee Department
10 higher on
8.25c.
Local spot
were
over 2,500,000 bags of the 4,000,000 bags
purchased from the present crop for eventual de¬
had been'tendered
to
be
struction.
Today prices closed 4 to 6 points down for Santos con¬
tracts, with transactions of 27 contracts.
Rio (old) contract
points down, with sales of 12 contracts.
Rio
de Janeiro futures were unchanged to 25 reis higher.
The
official price of No. 7 was 100 reis better, and the open
market exchange rate was 50 reis improved at 17.650.
Cost
and freight offers by Brazil were unchanged to 10 points
higher, with Santos Bourbons from 8.25 to 8.35c.
Manizales
for shipment were reported offered at 10%c.
In Havre,
futures were 13^ to 2 francs higher.
closed 4 to 6
Rio coffee
prices closed
as
follows:
Santos coffee
as follows:
September
8.23 December
8.32
8.43
__8.14
May
July
Cocoa—On the 2d inst. futures closed 1 to 8
the
firmness
of
London
buying on the part of local operators.
Indications seem to
point to a pretty thorough liquidation of the May contract.
Cash cocoa in London was 2 to 13^d. higher, and futures
l^d.
up
future
to unchanged.
Local
contracts.
Sales there totaled 800 tons in
closing:
May,
5.15;
July,
5.18;
Sept., 5.27; Oct., 5.29; Dec., 5.32.
On the 5th inst. futures
closed unchanged to 1 point lower.
Manufacturers are
again reported to be buying quietly and in such a manner
as not to disturb prices.
While prices showed little change
during the session, the undertone was steady throughout.
London closed steady and virtually unchanged.
Transac¬
tions on the local exchange were 139 lots, or 1,863 tons.
Local closing: July, 5.19; Sept., 5.27; Dec., 5.32; Jan., 5.33;
Mar., 5.39.
On the 6th inst. futures closed 4 to 2 points
higher.
Sales for the day totaled only 62 lots, or 831 tons.
London cash cocoa was unchanged., but futures were \]4
to 3d. higher.
In the local market a prominent importer
was credited with buying considerably, apparently covering
short hedge lines.
Local closing: May, 5.19; July, 5.21;
Sept., 5.29; Oct., 5.31; Dec., 5.34.
On the 7th inst. futures closed unchanged to 2 points
The
lower.
London
there
with
market
spot
was
temporarily
deadlocked.
536 tons.
lV£d. higher.
Futures
showed the same range as prevailed in previous session,
transactions of 570 tons.
Local closing: May, 5.17;
Total sales
on
cash
the local Exchange were 40 lots, or
cocoa
unchanged to
July, 5.19; Sept., 5.27; Oct., 5.23; Dec., 5.33; (1937)
5.35; Mar., 5.41; May, 5.46.
Today prices closed unchanged to 1 point down.
Jan.,
The
yesterday's.
The market
is in a state of deadlock with offerings held above levels
which manufacturers are willing to pay.
Warehouse stocks
had a further decrease of 500 bags.
Closing: July, 5.18;
session
was
about
the
same
as
Sept., 5.26; Dec., 5.33; Jan., 5.35; Mar., 5.40.
Sugar—On the 2d. inst. futures closed unchanged to
point higher.
Transactions totaled 750 tons. In the
market for raws the lot of Puerto Ricos that had been offered
1
previous day at 3.75c. for first half of May shipment
The cheapest offer appeared
shipment at 2.90c. Other¬
wise offers were at 3.85c. for duty frees.
A report was
current to the effect that Puerto Ricos would be allowed to
the
on
had been definitely withdrawn.
to be 7,900 bags of Cubas, June
drought damage.
The
estimates that 950,000
the reserve above the
present quota and local consumption will total about 194,000
grind
excess
sugar
cane
to avoid
American Agricultural Administration
short tons will be produced and that
tons.
futures closed steady at 1 to 2 points
Notwithstanding the dulness of the market the
undertone was firm throughout the session.
Transactions
totaled but 2,200 tons.
The actual market was quiet with
a sale of a small lot of 7,200 bags of Puerto Ricos at 3 points
under the previous spot price.
Refiners appear to show very
little interest and until this attitude changes, no real activity
or marked change in prices are expected to
be witnessed.
The January sales, which accounted for 18 lots of the total,
represented hedging mostly, and was absorbed by the Wall
Street house with the leading Cuban producing interest.
The balance of the trading was without particular feature.
On the 5th inst. futures closed 2 points higher to 1 point
lower.
Sales were 10,500 tons.
Seventy-one lots of May
were sold at 2.88c., only 1 point under the eight year high.
In the market for raws, offerings were scarce and it was
believed that nothing was available under 3.85c., at which
price Puerto Ricos for May and June shipment and Philip¬
pines for May-June and June-July were offered.
Cubas
were held at 2.95c.
C. & H. announced the undelivered
On
the 4th inst.
higher.
balances
on
refined contracts made March 3 and 11, must
completed by May 11 for direct shipment and May 23
for consignment.
Licht, European statistician, estimates
European beet sugar sowings as unchanged from his first
estimate at the beginning of April.
London futures were
unchanged to ^d. lower, while raws were offered at 4s. 9d.,
8.52
points higher.
and substantial buying
on
domestic manufacturers, the local market was
given a firm tone.
European manufacturers were reported
purchasing contracts for shipment of the next West African
crop, which is harvested at the end of the year.
Domestic
manufacturers were buyers of spot Bahia cocoa and forward
shipment Bahias on an advancing scale.
New York ware¬
house stocks showed an increase of 10,000 bags for the week.
Final figures showed April arrivals in the United States
to total 482,278 bags compared with 244,597 bags in the
same
month last year.
Local closing: May, 5.11; July,
5.17; Sept., 5.24; Oct., 5.26; Dec., 5.29.
(1937) Jan., 5.32;
or
about .89c. f.o.b. Cuba.
points higher with
May sold at 2.95c., up
four sales were reported
On the 6th inst. futures closed 2 to 7
the part of
2
to
be
prices closed
March
With
4.92
4.99
4.55 December
4.67 March
4.81
May
July
September
5.37; May, 5.43.
On the 4th inst. futures closed
points higher.
Transactions totaled 163 lots, or
2,184 tons.
Active buying by London interests in the
local market was the chief source of strength in the futures
here.
However, this didn't seem to spur much active
Mar.,
COMMERCIAL EPITOME
transactions totaling 23,300 tons.
7 points.
In the market for raws
at
3.85c., against 3.72e. paid for spot sugar on
Revere of Boston bought
Monday.
3,000 tons of Philippines, June-
July shipment, and later on equal amount for May-June
shipment.
Rionda bought 5,000 tons Philippines, JuneJuly shipment and McCahan of Philadelphia purchased
4,300 tons of Puerto Ricos, second half July shipment.
Following the sales, Philippines were held at 3.88 to 3.90c.,
and possibly parcel lots of Puerto Ricos and one cargo of
Volume
Financial
142
Cubas could be obtained at 3.85c.
London futures
unchanged to 34d. higher while raw sellers
934d. or about .9034c. f.o.b. Cuba.
#
were
were
asking 4s.
On the 7th inst. futures closed
higher.
for
2 points lower to 1 point
5,850 tons.
In the market
Transactions totaled
no
further sales were reported.
Priivate cables
Philippines reported supplies of raws limited and
strongly held.
Advices were received from Washington
that during the first four months of the
year, 46% or 2,286,raws
from the
^
980 of the offshore
quotas had been filled.
London futures
34d. higher to 34d. lower, while sellers were asking 4s.
1034d. per hundredweight for raws, or about .9134 cents
Chronicle
tanks, April-June 3J4c. to 4c., Coast 334c. to 354c., Corn,
crude, tanks, West mills, 834c. to 854c. Olive: denatured,
spot, Spanish 74c. to 75c., Shipment, forward, 71c. to 72c.
Soya Bean: tanks, mills, 654c. to 634c., C.L. dms., 8.1c.;
L.C.L. 8.5c. Edible, 76 degrees, 954®. Lard, prime
1214c.,
Extra
o.
b. Cuba.
Today prices closed unchanged to 2 points
30 contracts.
Trading was quiet,
reflecting similar conditions in the raw sugar market.
One
sale of raw sugar was
reported when Godchaux bought 2,500
tons of
Philippines, May-June shipment, at 3.85 cents,
unchanged from Monday's price.
No Cubas were offered
below 3 cents a pound, a level the market is
expected to reach
on
the next buying wave.
London futures were 34d. to
Yd. lower.
Raws were reported offered at 0.9034 cents
down.
f.
o.
Sales
totaled
b.
Prices
were as
follows:
July
2.84 January
March
2.61
September
2.64
.2.93
May.
2.83
and
shorts covering.
From these two sources came the
major portion of the day's business.
Liverpool lard futures
were firmer after the recent
break, and prices at the close
were
unchanged on the spot position and 9d. to Is. higher
on the deferred months.
Final hog prices at Chicago were
nominally steady, the top price bringing $10.50 and bulk of
sales reported at $9.85 to $10.45.
On the 4th inst. futures
closed 5 points higher on the near months and 2 to 5
points
the distant deliveries.
Buying by packing interests
responsible for the strength in the near months.
Volume
of trade was small.
Western hog receipts were quite heavy
and totaled 67,900 against
78,000 for the same day last year.
Closing prices at Chicago were mostly 10c. lower, the top
price registering $10.55, with sales reported ranging from
$9.80 to $10.15.
Export clearances of lard from the Port of
on
was
New
York
over
the
week
end
moderately heavy,
totaling 121,800 pounds for Bristol.
Liverpool lard futures
closed quiet but steady,
unchanged to 3d. higher.
On the
5th inst. futures closed 7
points down
decline
attributed
was
were
—
Cottonseed Oil sales, including switches,
Crude, S. E., 7%c.
75 contracts.
Prices closed as follows:
8.77@8.85 August8.75 @
September
April
May
June
8.81 @8.83
July
8.82@
8.80@
...
8.57@8.60
8.50@
8.45@8.50
October
November
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 2d inst. futures closed 9 to 12 points
lower.
Transactions totaled 130 tons.
Spot ribbed smoked
sheets declined to 15.78 from 15.87.
London closed l-16d.
higher; Singapore closed unchanged.
Local closing: May,
15.74; July, 15.82; Sept., 15.91; Dec., 16.00.
points lower.
This
from the maximum low of
points around the opening.
Transactions totaled
I,490 tons.
During the day 70 tons were tendered for
delivery against May contracts, bringing the total to 6,640
tons.
The London and
Singapore rubber markets closed
quiet, with prices slightly lower.
The advance in the
price of tires did not seem to have any stimulating effect
on the
markets, though it is believed that later on it will
level
represented
8
11
to
on
a
recovery
_
have
a
wholesome
effect.
The French election
news
was
regarded as a disturbing factor.
Local closing: May, 15.06;
June, 15.71; July, 15.77; Aug., 15.81; Sept., 15.86; Oct.,
15.89; Nov., 15.93; Dec., 15.97.
On the 5th inst. futures closed 3 to 7
points lower.
Trans¬
actions totaled 920 tons.
Spot ribbed smoked sheets de¬
clined
to
15.68
from
15.73
unchanged to 1-16d. lower.
lower.
on
Monday.
London closed
Singapore closed 34 to 5-32d.
In the domestic market 80 tons
were
tendered for
delivery against May contracts.
Local closing: May, 15.63;
June, 15.67; July, 15.72; Aug., 15.75; Sept., 15.79; Oct.,
15.82; Nov., 15.86; Dec., 15.90.
On
points down
on the near months,
the distant options.
This sharp
to bearish hog news.
The closing
and 17 to 25
winter, 11c.
Cod, crude, Newfoundland,
Norwegian yellow, 3554c. Turpentine, 38c. to 45c.
Rosins: $4.50 to $5.90.
On the 4th inst. futures closed 3 to 8
Lard—On the 2d inst. futures closed 5 to 7
points higher.
The firmness of lard was due to
buying by trade interests
lower
strained
nominal.
were
f.
3201
believed business could be done at 8.7c. Quotations: China
Wood: tanks, forward, 18.9c. to 19.0c., Cocoanut:
Manila,
the
6th
Transactions
sheets
inst.
futures
totaled
declined
to
closed
6
to
11
points
lower.
1,650
15.62
tons.
Spot ribbed smoked
from 15.68.
London closed un¬
hog prices were 15 to 25o. lower at Chicago, due to heavy
Western receipts, which also showed an increase in the
average weight per hog. Total receipts were 64,900,
against
46,600 for the same day a year ago.
The bulk of the sales
were made at $9.60 to
$10.25, with the top price $10.20.
Liverpool lard futures closed 6d higher on the spot position,
3d higher on May and 3d lower on the
distant months.
changed.
Singapore closed 1-32 to l-16d. higher.
Local
closing: May, 15.52; July, 15.64; Sept., 15.73; Oct., 15.76;
Dec., 15.84; Mar., 15.96.
Clearances from the Port of New York
in
Hogs closed steady after the
sharp break on Tuesday, with the top price at Chicago
registering $10.35; major portion of sales ranged from $9.65
to $10.25.
Western receipts were quite
heavy and totaled
51,000 against 48,100 for the same day last year.
The
foreign demand for lard continues spotty and there were
no
shipments reported from New York Tuesday.
On the 7th inst. futures closed
unchanged to 12 points
lower.
The volume of business was moderate, with the eas¬
ing tendency attributed to lower wheat and hog prices.
Final hog prices at Chicago were 10c. to 15c.
lower, the
top price registering $10.35.
Western hog receipts were
fairly liberal and totaled 46,200, against 43,500 for the same
day last year.
Liverpool lard futures closed dull 6d. lower
on the spot
position, unchanged on May and July and 3d.
lower on September.
Clearances from the Port of New
York Thursday were 78,400 for Manchester.
Today prices
closed 10 to 15 ppints down.
So far as could be learned, the
weakness was due largely to heavier
hog receipts.,
Akron labor situation and
were rather
light and
totaled 77,000 pounds, destined for
Liverpool and Glasgow.
On the 6th inst. futures closed 7 to 10
points lower.
Trans¬
actions were fairly heavy.
,
DAILY CLOSING PRICES OF LARD FUTURES
IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
10.90
10.95
10.87
10.80
10.67
10.57
10.85
10.82
10.65
10.55
10.55
10.45
10.90
10.85
10.67
10.60
10.55
10.45
October
10.75
10.75
10.67
10.50
10.37
10.22
May
July
September
Pork—Quiet. Mess, $31.25 per barrel; family $31.37,
nominal, per barrel; fat backs, $20.75 to $25.25 per barrel.
Beef, quiet. Mess nominal; packer, nominal; family, $18.50
to $19.50 per barrel, nominal; extra India
mess, nominal.
Cut meats, quiet. Pickled hams, picnics,
loose, c.a.f.: 4 to
6 lbs., 153^c., 6 to 8
lbs., 14Mc., 8 to 10 lbs., 1414c.
Skinned, loose, c.a.f.: 14 to 16 lbs., 2054c., 18 to 20 lbs.,
2034°., 22 to 24 lbs., 1954c. Bellies, clear, f.o.b. New York:
6 to 8 lbs., 2254c., 8 to 10 lbs.,
22c., 10 to 12 lbs., 2034c.
Bellies, clear, dry salted, boxed, New York: 14 to 16 lbs.,
1554c-, 18 to 20 lbs., 1534c., 20 to 25 lbs., 1554c., 25 to 30
lbs., 1554c- Butter, creamery, firsts to higher than extra
and premium marks, 2754c. to 2834®.
Cheese, State, Whole
Milk, Held 1935, fancy, 21c. to 22c. Eggs: mixed colors,
checks to special packs, 1934c. to 23c.
Oils—Linseed oil market hold steady, though with
change in prices.
The asked price
was
no
8.8c., though it is
On the 7th inst. futures closed 27 to 29
points lower.
Transactions totaled 3,010 tons.
Spot ribbed smoked sheets
declined to 15.31 from 15.62.
London closed 1-16 to 34d.
lower.
Singapore closed 34 to 5-32d. lower.
The weakness
the local market was attributed to various influences.
The International Committee was
regarded as not favorably
disposed to higher prices at present.
over
Nervousness
over
the
the fate of the Dutch
guilder
were contributory factors to the declines
registered in the
local market.
Local closing:
May, 15.25; July, 15.36;
Sept., 15.45; Oct., 15.48; Dec., 15.56; Jan., 15.59; March,
15.67.
Today futures closed unchanged to 3 points up.
At the
opening prices were 7 to 11 points lower but recovered all
the loss before the close.
Tenders on May contracts totaled
Speculative interest in the New York market is
260 tons.
believed to be small.
Sales in the local market totaled 232
contracts.
London advanced
clined l-6th to 3-32ds.
Local
slightly
closing:
but Singapore de¬
May, 15.25; July,
15.38; Sept., 15.48; Oct., 15.51; Dec.. 15.57; March. 15.69.
Hides—On the 2d inst. futures closed 3 to 5
points lower.
Transactions totaled 320,000 pounds.
In the domestic spot
market 2,000 April light native cows sold at 10c., which
decline of 34c. against the last previous sales.
a sale of heavy native cows to the amount of
800, at 10c.
In the South American spot market 2,000
Uruguay frigorifico steers sold at 13c.
Local closing: June,
II.02; Sept., 11.35; Dec., 11.66; Mar., 11.96.
On the 4th
inst. futures closed 6 to 10 points down.
Transactions
totaled 2,040,000 pounds.
There was no business in the
domestic spot hide market.
Stocks of certificated hides in
warehouses licensed by the Exchange decreased by 1,086
hides to a total of 870,161 hides.
Local closing: June, 10.96;
Sept., 11.25; Dec., 11.58; Mar. (1937) 11.89.
On the 5th
inst. futures closed 6 to 10 points higher.
Transactions
totaled 2,560,000 pounds.
Stocks of certificated hides in
warehouses licensed by the Exchange, remained unchanged
at 870,161 hides.
Domestic spot hides were dull, with no
sales recorded.
Local closing: June, 11.03; Sept., 11.35;
Dec., 11.65.
On the 6th inst. futures closed 12 to 15 points
Sales totaled 320,000 pounds.
Domestic spot sales
higher.
were 3,000 Mar-Apr. light native cows at
1034c.; also 13,000
Feb .-Mar .-Apr. heavy native cows at 934c.
Argentine
spot market sales were 1,500 May frigorifico light steers at
11c.
Closing: June, 11.15; Sept., 11.47; Dec., 11.80; Mar.,
represented
There
was
a
also
12.10.
On
the 7th inst.
futures closed
Transactions totaled
1,080,000 lbs
11
to
13
points higher.
Sales in the domestic
Chronicle
Financial
3202
May 9, 1936
markets consisted of 4,000 light native cows with
April take-off selling at 10He. and May take-off at 10 He.;
also, 42,000 heavy native cows, February to April take-off,
at 9Hc.
In the Argentine market 4,000 May frigorifico
steers sold at ll^c.
Closing: June, 11.28; Sept., 11.60;
Dec., 11.92; March, 12.21.
"
Today prices closed unchanged to 5 points lower.
Trading
was fairly active with transactions
totaling 800,000 lbs. in
the early afternoon, with final total at the close 34 contracts,
Certificated
stocks
were
unchanged at 870,161 hides,
Closing: June, 11.28; Sept., 11.58; Dec., 11.87; March, 12.16.
slower period the next few months. It is estimated in the
railroad center of Chicago that perhaps 25,000 freight cars
will be brought over the next few months. Pending business
includes 5,400 cars for the Chesapeake & Ohio and 2,000
units for the Missouri Pacific, bids for which are now being
asked. Purchases of track accessories in the Chicago area
last week totaled about 4,000 tons.^ Rail mills in that district
are working at 55 to 60% of capacity.
The Nickel Plate has
ordered 777 freight cars. The Alton & Southern has ordered
a locomotive from the Baldwin Locomotive Works.
Iron
and steel scrap markets are reported the weakest in several
Freights-Chartering volume was fair.
Grain
active.
Its continuance in large volume resulted
grain freight market in some time.
^ey scrap ai i c .
Pig Iron—The outstanding feature of the week was the
spot
Ocean
berth
was
^ ^ ^ " SeVOTal
in the most animated
convention of the American Foundrymen's Association at
Detroit, both sellers and buyers being there. This naturally
Charters included—Grain booked: 16 loads, Albany, first half June, to
Scandinavia, 15c.: 5 loads, Montreal, May, to Sweden, 14c.; New York,
3H loads, Marseilles, first half May, 14c.; 5 loads, French Atlantic, fust
half May, 11c.; 25 loads, Montreal, first half June, A. R., 10Mc.
Tankers:
United Kingdom-Continent, April, 17s.; San Pedro, Vladivostok, June,
16s. 6d.; California, Philippines, May, 55c.
^
Coal continued in fair demand.
Anthracite dealers have
into fair buying in
Bituminous dumpings at
New England and at New York.
New York on Monday totaled 450
April ended with a large bulge in anthracite production.
In the April 25th week, coke output slumped
2,700 tons.
It was far heavier than a year ago.
In that
week Hampton Roads declined 41,000 tons to 316,000 tons,
New England trade fell 9,000 tons, other coastwise 31,000
run
some
surface.
Wool—Actual
volume.
next
the recent drastic decline in the securities market and
definite
signs that steel operations have reached the peak for
Still another consideration is the forthcoming
meeting of the International Tin Committee on May 26, and
the uncertainty as to the action that will be taken at that
meeting.
It can be readily appreciated how a combination
season.
demand~was"reported
Lead—A fair
the part of
for this metal, with
leading producers just about selling their output each day.
Prices are holding firm, with sales being made at the rate of
5,000 tons per week.
It is figured that about 40% of May
needs are yet to be covered on contract.
If predictions of
several leaders of the metals industry materialize, the leadtrade should receive quite a stimulus before long in the form
of heavy public utility buying of lead covered cable.
ry.
rrn_
•Ii!1!?
,
,
„
,
..
,
.
.
demand for this metal hold relatively quiet,
•
with business confined
largely to carload lots. Price> holds
firm at approximately 4.90c. per pound, East St. Louis.
A
feehng of optimism prevails, this having as its chief source the
continued buoyancy of the steel industry, predictions coming
from
authoritative^quarters that the steel
below 50% at any time
this
summer.
pace
Sales of
will ,not get
zinc
last week
aSZ, ^Pwvemeot, the total of pnme.Western having been
4,624 tons, with 100 tons of brass special placed under
JraCor
to
1
35,148
the
of
tons,
sales
con-
orders of prime Western declined o9o tons
indicating shipments of 5,200 tons.
All
made firmly at 4.90c. per pound, East
were
operations here
months
few
the
'
local
market
or
the
reported grade D lost 5
attention of
the
wool
trade will
be
were
6 to
markets.
Japanese advices
dropping to the price of 750 yen
foreign
yen,
at Yokohama and Kobe.
Futures
on
the Yokohama Bourse
12 yen lower and at Kobe
10 to 15
yen
lower.
Cash sales in both markets, 450 bales, and transactions in
futures totaled 3,600 bales. Local closing: May, 1.59 Hi
?Tine' !
n' 1.51; Aug., 1.50; Sept., 1.50; Oct., l.oO;
I
On the 5th inst. futures closed lc. decline to I/2C. higher,
totaled 800 bales. Spot declined 3 c. to $1.66H.
Cables from Japan reflected weaker markets there. Grade D
broke ?° Ven to the level of 730 yen. Futures on the Yoko^
1->
1
A
-u-
i.
0
kama Bourse closed 5 to 16 yen lower and at Kobe they
closed 5 to 18 yen weaker.
Sales of cash silk in both markets
totaled 325 bales, and of futures, 4,425 bales.
Local closing:
May, 1.60; June, 1.56H; July, 1.51H; Aug., 1.51; Sept.,
1 49 l£. Qct
1 49H* Nov
1 49* Dec
1 49
;0n the 6th inst. futures closed 1 He. to 8c. higher.
Transactions totaled 1,200 bales. Spot advanced 2He. to $1.69.
q^e feature of the session was the sharp rise of 8c. in the
There was no explanation for this sudden
juiy contract.
burst of
strength outside of the covering of a substantial
The Japanese markets were reported firm,
going to 735 yen in Yokohama
jn Kobe.
At Yokohama futures advanced 14
and Kobe was unchanged to 19 yen firmer. Cash
sh0rt interest.
Grade D
rose
5 to 10 yen,
anc[ 749 yen
to 22 yen
sajes for both bourses
futures
week, with brass
granted
Silk—On the 4th inst. futures closed unchanged to 3c.
lower.
Trading was very light, total transactions registering
320 bales.
There was scarcely any feature of interest in the
special included,
on
a
spotty and in small
are
The strong statistical position is taken for
PhLoms. Most of the at the were of the
sales end for prompt shipment.
Unfilled orders
books
,
on
position to allow the dealers holding earlier and higher price
contracts to average down. Reports of lower prices are
current in California and Nevada. Most Boston houses are
now asking 36c. to 37c. on three eighths and quarter blood
graded Ohio and similar wools, but meet little response
from ^s. Some top makers are offering 78c. to 80c.,
scoured basis, on fine territory wools, mostly French comblength, with dealers asking 82c. to 83c.
given for this dullness and lack of buoyancy all around such,
Pacific ports, 50 tons.
Commodity
Exchange warehouse stocks are unchanged at 1,195 tons.
about
pounds, of which amount some 60,000,000 pounds will come
out of the packing houses.
Shearing is more general in the
early territory States, and dealers are getting a little more
wool at slightly lower prices.
Growers are showing a dis-
Tin—Demand for this metal continues very quiet, with
indications of an immediate change.
Various reasons are
lantic ports, 429 tons;
are
regarded as
the jobbing
confined Almost exclusively to the merchandising of the new
domestic clip, which is expected to total about 430,000,000
no
many buyers, and result in a general disposition to await
further developments.
Tin afloat to the United States is
6,065 tons.
Tin arrivals so far this month have been: At-
among
by all parties, but no appreciable change appears to be
taking place as concerns a definite trading basis. For the
It is expected that the
will be the successful
bidder for the Philadelphia Mint business, which involves
160,000 pounds of copper.
Copper prices in Europe were
unchanged at the range of 9.17Ho. to 9.22 He. per pound,
c. i. f.
European ports.
The lower price is said to have
prevailed on sales to the Continent.
Foreign prices have
been virtually unchanged for several days.
on
Operations
of capacity.
°f textile machinery are operating at a better rate than a
few months ago, and are of course melting more pig iron,
this month approximate 3,000 tons.
American Smelting & Refining Co.
hesitation
The foundry melt of iron in the East is
both being spotty, with some foundries working two or
three days a week and others operating five days. Makers
well and the domestic price is holding firm to 9Hc- per pound,
delivered to the Connecticut Valley.
Domestic sales so far
cause
a
par,
Copper—No marked increase in the volume of business is
this could
at
foundries and the manufacturers' foundries
looked for during the current month in view of the very large
sales in April.
However, business is holding up surprisingly
as
Though the volume of business
substantial business.
45 to 50 percent
tons.
of factors such
Knoinoea
,r.i,1TMO
,01-i
,
rather low ebb, pig iron sellers state that
conditions in the trade are far better than appear on the
,
the
'
continues
cars.
as
.
.
is going to curtail the Volume Oi business tor the W66K,
though it is expected some iron Will change hands at the
Convention.
It is hoped also that this rather important
gathering will step up the morale of the trade and result in
were
450 bales,
and transactions in
to 36,423 tons, indicating shipments of
3,500 bales.
Local closing:
May, 1.62;
June, 1>.59; July, 1.58H; Aug., 1.52H; Sept., 1.51; Oct.,
Steel—The steel industry showed definite signs of slowing
1.50H; Nov., 1.50H; Dec., 1.50H.
On the 7th inst. futures closed 1H to 7He. lower. Sales
totaled 630 bales.
Spot remained unchanged at $1.69.
Grade D rose 7H yen m Yokohama, and 5 yen in Kobe, or
742H and 745 yen, respectively. Futures on the Yokohama
Bourse were unchanged to 9 yen lower and 4 higher to 2 yen
easier on the Kobe Bourse.
Cash sales for both markets
totaled 675 bales, with_ transactions in futures totaling
came
5,300 tons.
this week, the figures showing a drop from 71.2% last
week to 70.1% of capacity the current six-day period,
During the corresponding week of last year the steel rate was
42.2% of capacity.
Notwithstanding this slowing up tendency in the productive department of steel, the demand is
holding up surprisingly well, especially in the New York
district.
Moreover, steel makers are predicting that a
good volume of business will be maintained throughout the
summer, with predictions that the pace will not dip below
50% of capacity.
Steel production in April was the largest
for any month since May, 1930, and exceeded output in
April last year, by nearly 50%.
During April the industry
operated at an average of 60.09% of capacity, compared
with 58.58% in March and 45.88% in April a year ago.
Many steel makers have emphasized the good volume of
sales to the railroads, and this class of business is expected
to prove quite a sustaining power during the relatively
up
totaled
3,200 bales. Local closing: May, 1.59H; June, 1.57>H>
July, 1.52; Aug., 1.50H; Sept., 1.49; Oct., 1.49; Nov.,
1.49; Dec., 1.49.
Today prices closed unchanged to lc. down.^ The trading
was comparatively^ light, with prices showing an easing
tendency. The price of crack double extra silk in the
New York spot market was He. lower at $1.68H« Certificated stocks of silk increased 50 bales to a total of 420.
The Yokohama Bourse closed 3 to 7 points lower, while
Grade D silk in the outside market lost 2H yon to 740 yen
Volume
Financial
142
bale.
Closing: June, 1.56*£; July, 1.52; Aug.,
Sept., 1.49; Oct., 1.48*6; Nov., 1.48*6; Dec., 1.48.
a
totaled
56
1.50;
Sales
contracts.
Chronicle
From
Aug.
1
Exported to—
1935 to
Mag 8 1936
Exports from—
Galveston
Houston
COTTON
Corpus Chrlsti.
Texas City
Beaumont
Friday Night, May 8, 1936.
The
Movement of
from
grams
week
the
the
South
Crop,
indicated by
as
tonight,
tele¬
our
For the
is given below.
ending this evening the total receipts have reached
39,157
bales
bales,
the
against
bales
20,044
and
week
last
34,771
previous week, making the total receipts since
Aug. 1, 1935, 6,379,882 bales, against 3,877,792 bales for
3203
Great
Brltain
France
181,598 78,253
197,587 107,326
31,531 18,239
250
965
108
143,562 102,829
3,918
7,477
49,391
1,568
Pensacola, &c.
period
same
of
1934-35,
showing
since
increase
an
67,945
2,109
2,769
6,838
494
8,564
8,724 204,303 1189,258
205",276
3,042
13,337
35,403
22,151
3,500
27,279
80,634
104,956
146,308
2,166
50
3", 385
16",024
5,174
38,085
38,018
9,200
Charleston
3,659
9,742
143,953
30,706
6,694
300
183,708
4,351
15,628
12,652
12,887
10,052
Wilmington
Norfolk
2,721
Gulfport...
1,668
9,023
2,354
50
1,224
1,384
4,026
1,152
55
1,130
2,622
New York
Boston
1,086
792
250
7,376
2",897
1,700
1,656
8,053
Mon.
Tiles.
Wed.
Fri.
Thurs.
"45
"77
14,510
34,714
5,376
312
3,306
14
229
5,789
6,350
6,098
275,522
2,727
69,883
315
188,146
58,162
315
Total
Total....... 1233,544 651,639
Galveston
647
2,433
2,475
1,259
1,774
2,260
—
Texas City
Houston
653
1,338
869
1,465
-
_
Corpus Christi..
-
-
4
52
New Orleans
—
1,804
2,357
1,719
13,071
784
54
107
1,011
217
217
120
-
-
52
-
23
429
-
■
-
5,037
A
Savannah
Charleston
Lake Charles
-
43
•
Pensacola, &c—
4
10,755
■
963
1,191
Mobile
9,130
1,584
3,128
-
47
.
8
-
—
-
—
-
-
__
26
—
-
-
-
-
1,059
976
49
2,586
150
130
110
510
1
1
-
-
_
-
-
-
3
7
479
239
-
-
-
-
53
27
4
3,707
5,339
10,520
-
784
-
12
5,565
6,332
The following table shows the week's
total since Aug. 1 1935 and stocks
1,014
•
Baltimore
Totals this week.
22
204
784
Wilmington
Norfolk
—
39,157
7,694
total receipts, the
Total
778,400 346,396 1406,887
1934-35.
669,122 344,293 352,8344 19,898 1377,032 101,776 748,015 4012,970
1933-34. 1167,072 709,991 1297,670600,832 1595,157 237,142 920,489 6528,353
Total
NOTE—Exports to 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
returns
concerning the
districts
on
same
from
week to
numerous
inquiries
we
This
1934-35
Since Aug
1
This
1935
corresponding month of the preceding season the
exports were 12,341 bales.
173,222 bales exported,
as
For the eight months ended March 31, 1936, there were
against 160.724 bales for the eight months of 1934-35.
In addition to above
exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Shipboard Not Cleared for—
Leaving
Corpus Christi-Beauinont
Orleans
1934
1
1936
1,461
883,530
62,844
2,900 1,052,389
157
273,678
4,693
13,754
987,132
Galveston
Houston
529,441
347,270
10,719
612,237
46,999
814
501,549
Gulfport
Mobile
371",489
"412
129",517
113",205
84",728
159,565
3,693
305,367
895
72,972
6,810
10,944
191
112,586
8,780
3,389
177,012
1.011
Pensacola
217
Jacksonville
2", 586
Savannah
Brunswick
"510
209",572
"783
1
Charleston
55,819
21,500
39,744
339
141,240
56,663
16,595
51,504
11
39",549
33,494
x5,551
1,014
19
N'port News, &c
20,043
32.405
15,501
18,926
20,915
13",093
513
Norfolk
3,111
2,125
Boston
"784
Baltimore
"672
26,856
25,180
1,825
Philadelphia
39,157 6,379,882
Totals
In order that
comparison
21,595 3,877,792 1,743,013 1,833,378
be made with other
may
give below the totals at leading ports for six
1935-36
Receipts at—
Galveston
1934r-35
1933-34
9,130
10,755
13,071
1,461
2,900
13,754
Mobile
1,011
412
Savannah
2,586
191
'"510
1932-33
1931-32
1930-31
23,839
5,945
10,733
1,095
1,643
16,959
27,561
23,190
9,613
5,193
527
199
'""783
l",185
10,004
1,087
19
50
256
233
1,014
Orleans.
339
364
891
228
Brunswick
"
Charleston
_
.
Norfolk
Newport News
years,
seasons:
22
Houston
"
4,266
4,935
42,597
3,645
2,065
2,695
3,678
8,084
5,277
3,698
"
"l",973
398
343
"
"
"1,058
"l",736
"l",690
""6", 880
"2,915
"l",335
39,157
21,595
46,544
101,074
62,170
27,481
All others
Total this wk.
SinceAug. 1_. 6,379,882 3,877,792 6,943,042 7,890,865 9,301,876 8,299,756
The exports for
the week ending this evening reach
100,233 bales, of which 29,830
9,373
to
21,374
the
France,
to
Japan,
11,573
and
to
17,477
corresponding week last
For the
bales.
to
were
Germany,
10,606
other
to
previous
were
to date aggregate exports
season
Below
season.
Week Ended
to
Italy,
destinations.
total exports
year
total
a
Great Britain,
5,308,917 bales, against 4,012,970 bales in the
of the
In
70,867
have been
same
period
the exports for the week:
are
Exported to—
May 8 1936
Exports from—
Great
BrUain
Ger¬
France
Galveston
344
Houston
Italy
many
4,780
10,330
1,178
577
New Orleans
5,017
Charles...
China
13
1,613
Savannah
-
1,494
Norfolk
-
-
«
15,106
13,347
5,831
5,932
4,284
10.000
1,400
5,504
6,691
2,300
1,012
425
127
Other
,
•
_
154
*
-
-
-
-
-
50
New York
263
«
.
-
-
-
..
Total
1934...
Speculation
in
2,179
cotton
3,737
4,759
5,815
for
of
the
were
Pool,
5,838
24,278
36,854
47,578
future
more
or
1,727
1,308
8,564
6
delivery
262
6,494
9,844
26,800,000 bales.
1,494
-
-
—
„
moder¬
Nearby
distant
deliveries
were
subject
more
or
totaled 25,428,000
13
-
-
451
-
was
less irregular.
On the 2d inst. prices closed
unchanged to 8 points down.
Trading was very light and consisted largely of evening up
operations over the week end.
May held fairly well, through
most of the session, reaching a
high at one time of 11.5b.
Towards the close, however, it
dropped to 11.51 cents.
There was no evidence of selling on the
part of the Producers'
Pool, though the current price for the spot month was above
the average at the 10 designated spot markets and the
eight
delivery points.
Weather reports were more or less bearish
and influenced quite a little pressure in the new
crop months.
Average price of middling based on the 10 designated spot
markets Saturday, was 11.37 cents.
Liverpool was quiet,
closing steady at 3 points advance.
On the 4th inst. prices
closed 1 point up to 8 points down.
May and July held
relatively firm, being largely under Government control.
The new crop positions dropped to new low
levels, closing
around the lows of the day.
May finished at 11.52c., 1
point up, and 6 points over the average price of middling
7/s inch, where it may be delivered against New York future
contracts.
This premium held notwithstanding sales of
approximately 3,000 bales in this month by the Government
pool.
The South, New Orleans and spot houses were the
conspicuous factors on the selling side, including the Govern¬
ment pool, while the Far East,
ring traders and some pro¬
fessional shorts were on the receiving end.
Further rains
over the week end were
reported in Texas, Oklahoma and
Arkansas.
Also, there were further showers in the central
belt.
Offsetting this to some extent were the cool nights,
which do not help germination, and in some areas plants are
reported as not looking well.
The Cotton Exchange Service
estimated world all-cotton consumption
during March at
2,356,000 bales, compared with 2,243,000 bales in February
and 2,193,000 in March last year.
Consumption during the
eight months of the season to the end of March totaled
approximately 18,074,000 bales, compared with 17,167,000
in the same period last season.
Allowing for seasonal
variations, world all cotton consumption during the eight
650
_
47,027 1,695,986
62,200 1,771,178
72,072 2,789,597
weather influences.
3,021
35,290
-
217
«.
months to the end of March, was at
was
25,778,000
a
full
season
rate of about
World all cotton consumption last season
bales.
The largest in any past season
bales, in 1928-29.
The average price of
•
6
r
849
1,214
29,830
9,373
11,573
10,606
21,374
17,477 100,233
Total 1935
11,195
3,645
6,795
3,051
16,003
927
29,251
70,867
Total 1934
8,631
2,522
9,164
4,149
8,345
275
16,592
49,678
3,221
365
to
1,916
169
13
less
509,741
341,134
369,811
177,012
33,294
107,367
32,405
125,222
influenced almost entirely by the operations
and
22,432
445
San Francisco...
deliveries
1,498
991
....
ately active, with the trend
7,095
_
-
"200
2",083
ports..
Total 1936.
Total 1935.
9,289
781
-
Total
15,942
19,700
9,759
11,530
"200
999
-
382
1,216
282
Gulfport
Total
""28
900
546
Slock
Total
Norfolk
4,994
8,413
Charleston
.....
1,418
Other
6,973
4,020
Mobile
Los Angeles
Japan
3,845
5,980
340
6,903
Corpus Christ!..
Lake
3",727
wise
"
New York
of
Charleston
Mobile
Coats-
Foreign
705
Orleans.
Savannah
3,215
101,683
3 ,980
22
Wilmington
Wilmington
5,100
2,570
3,709
Other
many
459
Lake Charles
New
France
New
1935
2,935
350,893
37,966
30,240
381,341
Ger¬
Britain
SfocAj
Since Aug
Week
9,130 1,498,177
4
44,483
10,755 1,680,182
52
270,059
38,036
13", 071 1,655,340
__
Texas City
Houston
In view,
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 the
On
Week
we
are
May $ at—
Receipts to
May 8
New
week, while reports from the customs
the Canadian border are always very slow in coming to hand.
however, of the
Great
Galveston
36,172 855,879 5308,917
to-night, compared with
last year:
1935-36
167,090
14
"210
32,054
Philadelphia
Seattle
Sat.
Receipts at—
41,368
272,982
2,379
4,051
Savannah
Los Angeles
San Francisco.
Aug. 1, 1935, of 2,502,090 bales.
437,281
Total
j Other
761
Baltimore
the
9,662 220,483 1159,808
13,208 293,593 1444,935
1,078 47,158 280,380
150
261,146 263,418
4,580
9,014
107,433 27,825
Jacksonville
China
745
836
6~976
Japan
375,223
Italy
many
157,598 136,991
257,323 138,617
59,931 54,498
....
New Orleans..
Lake Charles..
Mobile
Ger-
4,920
middling at 10 designated Southern spot markets was 11.35c.,
2 points off.
On the 5th inst. prices closed unchanged to
9 points higher.
The market in general was a relatively
quiet featureless affair.
There was some pool liquidation
of May contracts, sales from this source totaling about 7,000
bales at bids of 11.52 and 11.54c.
The Producers' Pool is
Financial
3204
Chronicle
still long about 165,000 to 170,000 bales of [May.
also under moderate pressure in the early trading.
July was
Most of
this selling of July came from New Orleans, and was esti¬
mated at about 5,000 bales.
It was thought to be hedging
against loan cotton from the South.
There was some buying
for foreign account in the new crop deliveries, and this with
some short covering was responsible in large measure for the
firmness of these deferred options.
Fertilizer sales in six
of the principal cotton-growing States during April were
609,000 short tons, against 450,000 tons during April last
year, and 410,000 two years ago, according to advices re¬
ceived by the New York Cotton Exchange Service.
The
Liverpool market was a narrow professional affair, with
prices unchanged to 1 point higher.
Average price of
middling in the 10 designated spot markets Tuesday, was
11.40 cents.
On the 6th inst. prices closed 1 to 7 points
higher. Trading was comparatively light, with the under¬
tone generally steady.
Fluctuations were erratic and within
a narrow range.
Further sales of May by pool brokers,
to the amount of approximately 7,000 bales, kept that posi¬
tion within a range of 11.52 to 11.54c.
There was some
active foreign buying, and this had a very steadying effect
on
prices during the early session, but later the market
yielded under pressure, principally in the October option,
wh|ich was believed to be largely hedge selling.
Spot demand
generally was again inactive, although a fair amount of cotton
was reported sold to mills in small lots and for prompt de¬
livery.
Southern spot markets, as officially reported, were
unchanged to 9 points higher.
The average price of middling
cotton at the 10 designated markets was 11.46.
On the 7th inst. prices closed 2 to 11 points up.
Trading
much
was
active
more
mately 8,000 bales of May by the Pool brokers again held
position within a narrow range, 11.54c. to 11.57c.
For¬
eign and "Wall Street buying were noted in the new crop
deliveries, while the trade absorbed offerings of the nearby
months.
Sales by the Pool for the day were believed to
have brought the total sales so far this week up to approxi¬
mately 26,000 bales.
The remaining long interest of the
Pool in the May position is figured now at around 150,000
bales.
The buying of the new crop deliveries was attributed
that
to the continued dry
weather
areas
over many
The average price of middling cotton
10 designated markets was
at the
11.55c.
up on the near months,
points down on the distant deliveries.
May
received some fairly good support from the trade, and
opened at 11.59c., up 4 points, while other months were
easier in response to poorer foreign cables and reports of
4
rain
in
5
to
the southwestern section
of the
belt.
Spot houses
appeared as both good buyers and sellers, with one house
a good buyer
of all active months with the exception of
May.
Shorts, Wall Street, commission houses and Liver¬
pool were supporting the market, while the Continent, New
Orleans and the South sold.
Reports that Jesse Jones of
the Reconstruction Finance Corporation had predicted that
the
million
entire
by June
1
came
bales
of
loan
cotton
May
14 1936
1-lnch &
inch
longer
on
50
.22
.50
Middling Fair
...White
Strict Good Middling,,
do
.22
.50
Good Middling
do
V.Y. .22
.50
Strict Middling
.22
.50
Middling
.37
Strict Low Middling...
May 8
Range
11.50-11.56 11.50-11.55 11.51-11.55
..
Closing. 11.51-11.52 11.52
June—
52-11.54 11.54-11.57 11.55-11.59
11.52
53
11.55
11.57
11.40#
11.41#
Range..
11.32#
11.28#
Closing. U.28tt
11.34#
July—
Range- 11.05-11.13 11.03-11.08 11.02- 1.09
11.08-11.09
11.05-11.06 11.03
Closing
09-11.15 11.17-11.24 11.20-11.25
15
.
11.24
11.25
Aug.—
Range
..
10.90#
10.98#
10.93#
11.00#
11.03#
11.03#
Closing. 10.54#
10.62#
10.71#
10.72#
10.82#
10.78#
Closing
_
Sept.—
Range..
Oct.—
Range.. 10.19-10.29 10.13-10.17 10.17-10.24
10.15
10.24
Closing. 10.19
.23-10.29 10.25-10.36 10.27-10.34
.25
10.35
10.31-10.32
10 36#
—-
10.31#
Nov.—
Range--
Closing
10.20#
.
10.24#
10.15#
10.26#
Dec.—
Range.. 10.21-10.30 10.15-10.19 10.19-10.25
10.21
10.16
10.25 —
Closing
25-10.30 10.28-10.38 10.29-10.35
27
.
10.37-10.38 10.32
—
——
Jan J1937)
Range.. 10.24-10.33 10.18-10.21 10.22-10.26
10.27#
10.1-8#
Closing. 10.24
26-10.31 10.29-10.39 10.31-10.37
28#
10.39
10.35
-
Feb.—
Range—
10.28#
10.20#
Closing. 10.27#
10.29#
10.39#
10.35#
Mar.—
Range— 10.30-10.38 10.21-10.25 10.26-10.29
Closing
10.22#
10.30
_
29-10.35 10.31-10.40 10.33-10.39
10.29#
.30
10.40
-—
10.36
April—
Range..
Closing.
#
Nominal.
Range of future prices at New York for week ending
May 8 1935 and since trading began on each option:
Range for Week
Option for-
June
May
2 11.59 May
10.33 Aug. 24 1935 12.07 May
10.58 Sept. 30 1935 11.38 Oct.
11.02
May
5 11.25 May
10.21
1936-.
July
Range Since Beginning of Option
L1.50
May 1936..
1936-
4 10.36
May
10.15
May
4 10.38 May
10.18
May
4 10.39 May
10.21
1937-
Feb.
9 1936 11.55
Nov. 25 1935
3 1935 11.40
July
Sept.
26 1935
May
4 10.40
9.80 Jan.
9 1936 11.45
Dec.
3 1935
10.12 Mar.
1936..
Jan.
May 25 1935
10.42
10.13 May
1936..
Nov. 1936..
Dec.
8 1935
9 1936 11.97
10.39 Jan.
Aug. 1936-.
Sept. 1936_.
Oct.
17 1935
Jan.
3 1936 10.19
Jan.
8 1936
9.76 Jan.
9 1936 10.69
Jan.
2 1936
25 1936 10.53 Apr.
22 1936
7 10.20 Mar. 27 1936 10.60 Apr.
18 1936
7
1937..
Mar. 1937..
May
9.94 Feb.
Visible
The
Supply of Cotton to-night, as made up
by cable and telegraph, is as follows.
Foreign stocks as
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.
31
..bales.
.........
Total Great Britaini
—
Stock at Bremen
Stock at Havre
Stock at Rotterdam:
Stock at Barcelona
Stock at Genoa.
Stock at Venice and Mestre.___.
Stock at Trieste..
1935
1934
1933
628,000
104,000
689,000
76,000
931,000
108,000
668,000
103.000
732,000
214,000
170,000
17,000
77,000
72,000
765,000 1,039,000
230,000
575,000
127,000
272,000
22,000
19,000
771,C00
9,000
5,000
-
Total Continental stocks-.-...
Total visible supply.—
Mid.
on
do
.59
do
do
Basis
do
58 off
Mid.
do
1 31
do
do
2.05
do
d8
...2.57
do
1936
May 8—
Stock at Liverpool
Stock at Manchester
564,000
74,000
57,000
8,000
76.000
71,000
4,000
5,000
521,000
233,000
24,000
79,000
110,000
7,000
967,000
532,000 1,024,000
._
.22
.50
Good Middling
.22
.50
Strict Middling
do
do
.42
do
do
do
do
do
do
02
do
do
1.27
Of the
:
6,423,423 6,038,213 8,335,074 9,447,138
above, totals of American and other descriptions
AlTtCT%Cd7lm-mm
rvh-'-':"
<3,.y •*•
Liverpool stock
/
bales.
Manchester stock
Bremen stock.
Havre stock
...
Other Continental stocks
American afloat for Europe.
U. S. ports stock
U. S. interior stocks
_
_
lo'-* •;■
290,000
45,000
174,000
147,000
114,000
r-
266,000
41,000
182,000
4'
are as
•
375,000
58,000
-
108,000
100,000
follows:
;'v
426,000
54,000
—
—
,
-
894,000
905,000
177,000
184,000
188,000
324,000
__1.743.013 1,833,378 2,861,669 4,058,269
1,732,379 1,370,838 1,436,369 1,672,791
32,031
1,003
10,036
20,078
_
_
do
55 off
.22
.49
Middling
.17
.37
.16
.31
Strict Low Middling...
Low Middling...
.20
.42
Good Middling..
.20
.42
Strict Middling
.16
.33
Middling
♦Strict Low Middling.._
Extra White
.59
...
.22
.14
.31
.14
.31
.14
.31
do
do
—
♦Strict Low Middling...
♦Low Middling
.31
Good Middling
♦Strict Middling
♦Middling
.14
.31
Good Middling
♦Strict Middling
♦Middling
.14
.31
;14
.31
Good
on
do
do
do
1.95
do
06 off
do
.34ofr
do
do
do
do
do
1 28
do
do
do
1.92
Strict Middling
do
do
do
do
do
do
Yellow Stained..
do
do
do
1.18 off
do
do
1
76
do
do
2.31
do
Gray
do
.46 off
....
70
do
1
do
BlueStained
do
18
do
1.19 off
do
do
do
do
1.76
do
do
2.25
do
•
quotation for middling upland cotton in the
day for the past week has been:
May 2 to May 8—
Middling upland
Futures—Th,e
Sat. Mon.
11.61
11.62
highest,
Tues.
Wed.
11.62
11.63
11.65
Fri.
Thurs.
lowest and
New York for the past week have been
.4,454,423 4,086,219 5,870,074 7,413,138
Manchester stock
L
——
Bremen stock
__
Havrestock.Other Continental stock
Indian afloat for Europe-
338,000
59,000
41,000
23,000
65,000
188,000
109,000
275,000
871,000
Egypt, Brazil, &c., afloat.
Stock in Alexandria, Egypt
Stock in Bombay, India.
423,000
35,000
57,000
19,000
66,000
149,000
142,000
255,000
505,000
54,000
..
293,000
45,000
—
130,000
62,000
115,000
107,000
96,000
74,000
361,000
473,000
1 204.000,980,000
Total East
India, &c
Total American
806,000
1,969,000 1,952,000 2,465,000 2,034,000
..--.4,454,423 4,086,219 5,870,074 7,413,138
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
_
.
--6,423,423 6,038,219 8,335,074 9,447.138
6.46d.
6.88d.
6.15d.
11.67c.
12.40c.
11.45c.
8.95c.
9 41d.
8.82d.
5.12d.
6.10d.
9.10d.
4.85d.
5.47d.
5.93d.
6.57d.
5.66d.
5.90d.
6.19d.
8.99d.
Continental imports for past week have been 68,000 bales.
The above figures for 1936 show a decrease from last
week
of
116,426 bales, a gain of 385,204 bales over 1935, a
of 1,911,651 bales from 1934, and a decrease of
3,023,715 bales from 1933.
decrease
future contract.
New York market each
f"
Total American
East Indian, Brazil, A-c.—Liverpool stock
ao
187
—
♦Strict Middling
The official
do
...1.25
♦Middling
on
U. S. exports to-day
do
2.47
do
do
Light Yellow Stained. .64 off
do
Middling
♦Middling
♦Good Middling..
Not deliverable
do
1.29
do
♦Middling
.14
do
57 off
....
do
do
Strict Good Middling..Yellow Tinged...
Good Middling
do
do
Strict Middling.
do
on
08 off
Spotted
♦Low Middling
*
Friday
May 7
1,296,000 1,297,000 2,063,000 1,738,000
149,000
188,000
115,000
107,000
American cotton afloat for Europe
177,000
184,000
324,000
188,000
Egypt, Brazil ,&c., afl't for Europe 109.000
96,000
74,000
142,000
Stock in Alexandria, Egypt473,000
275,000
255,000
361,000
Stock in Bombay, India
871,000
806,000 1,204,000
980,000
Stock in U. S. ports
1,743,013 1,833,378 2,861,669 4,058,269
Stock in U. S. interior towns
1,732,379 1,370,838 1,436,369 1.672,791
U.S. exports to-day
1,003
20,078
32,031
10,036
67
do
.16
—.78
do
.17
♦Good Ordinary
Thursday
May 6
Total European stocks
India cotton afloat for Europe
do
Low Middling
Wednesday
Liverpool
quiet market.
contract to
.22
♦Strict Good Ordinary..
May 5
ATay(1936)
released
grades established
May 14 1936
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
for deliveries
on
15-16
be
Differences between
six markets quoting
for deliveries
would
in for considerable comment.
cables were 7 points down to 2 up in a
Staple Premiums
60% of average of
Tuesday
May 4
well
Today prices closed 1 to 2 points
and
Monday
May 2
of the belt,
which is hardly favorable to the growing crop at this par¬
ticular time.
Saturday
1936
9,
of approxi¬
sales
Further
today.
May
11.67
closing prices
as follows:
at
At the
Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Volume
Financial
142
Chronicle
3205
Movement into sight in previous years:
Movement to May 10
Movement to May 8 1936
Towns
Ala.tBirming'm
Season
15
Stocks
ments
Week
8
254
1
3,008
13,540
4
708
160,885
31,198
112,777
34,456
24,335
1,369
66,021
291,298
3"580
Eufaula,....
~~75
Montgomery.
Selma
40
Ark., Blyte ville
Forest City_.
207
10
Helena
41
Hope
Jonesboro
Little Rock..
1
Newport
Pine Bluff...
265
Walnut Ridge
13
Ga., Albany..
"*27
Athens.....
Atlanta
1,133
317
Augusta....
Columbus
Macon
124
Rome
Columbus.
_
"596
Greenwood.
Jackson
31
Natchez
Yazoo Clty.
Mo., St. Louis.
N.C.,Gr'nsboro
6
6,230
431
54
743
57,959
5
79,189
327
606! 16,792
654' 12,562
40
1,942
594
227
7
23,271
134,850
24,990
3,907
21,790
28,337
176,011
3,738
177
"*16
355
2
10
"~*4
22
479
531
325
1*547
2*642
410
8
664
31,500
39,153
24,369
22,933
18,287
"*55
25,242
24,413
16,403
2,962
520
2
1
94
6,919
9,207
2,331
2,071
436
3,608
440
3,733
2,177
98,893
2
4,174
5,425
131
877 18,656
10 40,851
1,270 83,537
943 19,124
832 14,935
19,659
"l96 24,563
416 46,290
2 14,284
S.C., Greenville
Tenn..Memphis
Texas, Abilene.
Austin
385,844
151,253
1,786
15,079 1,900,624
21
54,766
4
18,476
of the week:
Closing Quotations for Middling Cotton
Brenham.:
47
Dallas....
34,295536,426
46
May 8
Saturday Monday
Galveston
11.35
1,387
3,879
12,129
51
30
303
508
25
782
9,812
7,312
70
1,817
34,148
832
Robstown
10,525
13
1
5,317
24,665
16
79,632
502
San Antonio.
Texarkana.
171
.
Waco
3
Wed'day Thursday
Friday
11.37
11.44
11.53
11.53
29,170
New Orleans
11.40
11.32
11.37
11.40
11.49
11.55
11.60
11,475
Mobile
11.25
11.23
11.28
11.35
11.45
4,034
33,216
Savannah
11.56
11.53
11.59
11.65
11.65
11.65
11.65
11.65
11.33
11.45
11.68
11.38
11.73
11.80
11.89
11.90
11.15
11.20
11.25
11.45
11.50
11.35
11.60
11.30
Dallas
11.35
11.70
11.15
11.40
11.11
11.05
11.44
11.74
11.75
11.54
Fort Worth
11.05
960
71,932
1,949 101,618
12,511.
*212 18,603
21,858
*381 21,884
1,083 31,713
3,572
602
Norfolk
...
Montgomery
Augusta
Memphis
Houston
Little Rock
11.75
11.75
11.55
11.08
11.14
11.20
11.35
11.60
11.29
11.03
11.08
11.15
11.21
11.21
11.03
11.08
11.15
11.21
11.21
11.40
15,824
1,244 41,494
579 16,354
4,620
5,068
14,533
2,452
9,743
*407
236
2,071
218
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
Saturday
Monday
May 4
Tuesday
Wednesday
May 5
Thursday
Friday
May 7
May 6
May 8
429
109,184
4,922 50,266
19,633388,632
8,099
May(1936) 114061141a 11.41
11.42
11.47
115061151a 11.51
June.:
10.99
July.
85
2,377
4,487
6,908
11,991
October
1,360
3,622
15,645
8,667
December.
10.99-11.00 11.09
11.15
10.16
10.12
10.19
10.23
10.30
10.29
10.16
10.13
10.20
10.24
10.32
10.29
10.25
10.33
10.30
11.19-11.20
September
278
10.97
-—
August
58
21,068
15,077
46,789
35,708
6,747
16,610
26,809
56,736
26
8,778
9,674
1,337
54,788
Paris
1,844
14
Tuesday
220
|24,003
L477
961
on—
Week Ended
6
240,563
2,271
119,769
10,224 1,346,385
54,796
11,910,775
12,669,560
15,008,584
Quotations for Middling Cotton at Other Markets—
are. the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
May 2
341
Bales
1933
1932.
1931
Below
Oklahoma—
15 towns*
Since Aug. 1—
—.137,077
172,503
134,162
32
245
976
6,230
Bales
1934—May 11
1933—May 12
1932—May 13
10
178
130,860
13
5,418 151,124
4,054 123,817
800
May
Week
Season
"*84
210
4,212
58,599
15,261
47,996
12,343
17,154
46,899
Stocks
20,960
8,610
23,914
44,208
122,702
27,674
47,018
29,118
28,068
86,114
17,082
78,010
24,844
4,620
14,266
73,896
97,941
26,950
13,476
19,148
57,621
29! 16,279
30,726
37,752
193,786
7,780
Vicksburg..
I
775
121,008
41,201
173,062
56,058
8,789
"322
Mlss.Clarksdale
Week
1,444
15,383
71,408
90
._
La., Shreveport
Receipts
36,740
11,142
62,705
15
180,524
42,539
53,582
1,200
Ship¬
May
Week
58,183
15,424
81,092
85,604
109,524
27,123
36,639
31,826
Week—
ments
Ship¬
Receipts
1935
83
_
_
November
Jan.(1937) 10.18
February
10.15
10.22
Bid. 10.19
Bid. 10.25
_
March
10.23
Bid. 102761028a 103461035a 10.32
Bid.
April.....
Total, 56 towns
*
34,2014,945,690
80,8981732379
44.1491370838
18,789 3,370,258
above
decreased
show
totals
that
Options. Barely stdy
during the week
361,541 bales
more
46,697 bales and are to-night
than at the same period last year. The
receipts of all the towns have been 15,412 bales
the
same
more
than
week last year.
New York Quotations for 32 Years
quotations for middling upland at New York
May 8 for each of the past 32 years have been as follows:
on
11.67c. 11928
21.95c. 11920
41.30c. 11912
11.80c.
.12.25c.U927 —-,15.95c. 11919
28.75cJ1911
15.65c.
ll.65c.U926
19.25c.H918
—,27.25c.11910
-15.25c.
8.40c. 11925
23.35c. 11917
19.95c. 11909
10.90c.
5.90c.11924
30.50c.11916
12.90c.11908
10.55c.
10.00c. 11923
26.05c. 11915
9.85c.'1907
11.90c.
16.60c.11922
20.15c. 11914 .....13.00c.11906 .....11.80c.
19.60c. 11921
12.95c.11913
12.00c. 11905
8.15c.
1935
1934
1932
—
1930
1929
Steady.
Steady.
able in most sections of the cotton belt.
Bain
Texas—Galveston
1 day
Amarillo
2 days
2 days
Austin
Abilene
__1 day
Brenhan
Brownsville—
Corpus Christi
Dallas
Henrietta
1 day
1 day
Kerrville
1 day
Lampasas
Longview
Luling
Nacogdoches
..
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
unchanged.
1 pt. adv
unchanged1 pt. adv
2 pts. adv..
5 pts. adv..
Contr 'ct
Spot
0.90 in.
0.36 in.
Oklahoma—Oklahoma City..3 days
2 days
0.46 in.
2 days
dry
dry
0.02 in.
dry
dry
Total
2 days
Palestine
Steady
Steady
Steady
Steady
Steady
Steady
Paris
"iOO
"loo
San Antonio
*300
300
.1 day
800
100
900
Fort Smith
52,690
31,100
83,790
Little Rock
Total week.
Since Aug. 1
.
1 day
Weatherford
200
300
1 day
Taylor
'300
200
Pine Bluff
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
Louisiana—Alexandria
Amite
1935-36
May 8—
Shipped—
Week
Via St. Louis
6,230
1,720
3,784
8,134
191,588
71,089
2,828
10,872
168,485
590,471
19,868
Via Mounds, &c
Via Rock Island
1,035,333
Since
Week
Mississippi—Meridian
Vicksburg
Alabama—Mobile
!
77
Miami
Pensacola
Tampa
—
0.02 in.
0.10 in.
1 day
0.36 in.
dry
0.25 in.
dry
O.04 in.
Georgia—Savannah
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston,
Between interior towns
12,922
3,972
4,675
153,485
480,806
Augusta
1 day
1 day
13,461
924,580
N. C.—Asheville
1 day
&c__
784
5,873
26,914
9,383
257,346
6.353
24,846
12,214
255,838
6,874
293,643
7,274
Total to be deducted
12,994
741,690
672
249
6,187
631,682
including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 12,994 bales, against 6,187 bales for
the week last year, and that for thh season to date the
aggregate net overland exhibits an increase over a year ago
of 110,008 bales.
1 day
Raleigh..
1 day
Wilmington
2 days
1 day
Tennessee—Memphis
Chattanooga
Nashville
in.
in.
in.
in.
in.
0.05 in.
0.22 in.
0.01 in.
0.14 in.
dry
0.17 in.
0.04 in.
dry
In
Sight and Spinners'
Takings
1935-36
Week
Receipts at ports to May 8
39,157
Net overland to May 8
12,994
Southern consumption to May 8.-115,000
Total marketed
Interior stocks in
Excess
over
excess
167,151
*46,697
of Southern mill takings
consumption to April 1
Since
Aug. 1
North
1934-35
3.877,792
631,682
3,725,000
11,366,572
612,041
117,782
*25,360
8,234,474
223,360
568,360
spinn's' takings to May 8 23,196
993,034
*29,453
12,546,973
Decrease,
Aug. I
21,595
6,187
90,000
sight during week—120,454
sight May 8
wanted
,
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
70
54
64
mean
75
72
75
58
mean
75
64
64
mean
77
mean
75
60
62
50
60
mean
70
76
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
mean
mean
mean
mean
71
mean
78
mean
71
56
54
mean
73
58
mean
75
64
mean
77
58
62
60
66
62
62
58
mean
7l
mean
75
mean
59
mean
54
mean
74
76
75
76
73
74
72
54
mean
70
53
mean
70
53
mean
70
50
mean
69
66
62
mean
54
mean
60
59
52
60
mean
77
75
71
73
mean
73
mean
mean
mean
mean
mean
mean
69
mean
73
60
66
mean
62
mean
66
mean
74
77
72
77
60
mean
75
low 54
low 58
mean
low
low
low
low
low
low
52
mean
mean
mean
69
74
70
75
62
mean
46
mean
64
56
mean
71
52
mean
69
54
mean
low 53
low 54
low 48
mean
74
7l
mean
70
mean
67
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
May 8. 1936
May 10, 1935
Feet
Above
Memphis
Above zero of
Nashville
Above
of gauge.
9.7
11.6
Shereveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
3.7
28.4
35.6
39.1
zero
zero
of gauge.
Feet
New Orleans
13.9
16.5
16.0
gauge.
24.8
Since
Week
6,379,882
741,690
4,245,000
Came into
Total in
are
The
year
—
*
Macon
292,898
217
Leaving total net overland.*
this
1 day
Atlanta
Charlotte
Inland, &c., from South
*
"*90
S. C.—Charleston
Via Louisville
0.28 in.
1 day
Florida—Jacksonville
185,507
91,783
in.
in.
in.
in.
0.02
0.40
0.01
0.13
dry
dry
0.10
Birmingham
Montgomery
Aug. 1
2,071
2,653
1 day
1 day
1 day
—1 day
in.
1 day
1 day
Shreveport
1934-35
1 Since
Aug. 1
1 day
New Orleans
for the week and since
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
high 80
high 9(3
high 86
high 92
high 90
high 84
high 80
high 90
high 92
high 96
high 86
high 92
high 92
high 90
high 84
high 88
high 88
high 86
high 88
high 90
high 88
high 89
high 90
high 86
high 86
high 86
high 88
high 88
high 88
high 88
high 86
high 87
high 86
high 86
high 88
high 88
high 82
high 88
high 90
high 84
high 90
high 88
high 88
high 82
high 86
high 86
high 84
high 86
high 86
high 86
0.54 in.
Arkansas—Eldorado
Saturday
Monday ...
Tuesday
Wednesday.
Thursday
Friday
Closed
Steady.
Thermometer
0.32 in.
1.31 in.
0.03 in.
1.30 in.
dry
dry
dry
dry
dry
0.68
dry
0.01
0.02
0.38
1.48
SALES
Market
Closed
Rains
Rainfall
dry
dry
dry
El Paso
Futures
Steady.
stdy.
northwest and the northeast needs
Much work is being done in the
fields throughout the cotton belt generally.
Higher tem¬
peratures are resulting in better germination of the seed.
Market and Sales at New York
Spot Market
Steady
Very
Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that dry weather is highly favor¬
...
1931
Steady.
Weather
_
1933
Steady.
in many localities in the
showers for its top soil.
The
1936
Quiet.
Steady.
have
stocks
interior
the
Steady.
Spot
Includes the combined totals of 15 towns in Oklahoma.
The
Tone—
92,422
8,428*381
28,378
895,553
Gain in
on
More
Cotton
World Use of American
Competitive
Basis
Cotton with
Prices
Reported
by New York
result of the fact that
Exchange—Primarily as a
prices of American cotton were not supported by
a govern¬
ment loan above market levels this season, American cotton
has sold
during the current season more nearly on a com¬
basis with prices for foreign growths in world
markets, according to the New York Cotton Exchange
Service.
Another factor contributing to this situation, it
is stated, is the release of cotton by the Producers' Pool and
petitive
the
more
recent release of cotton in the
government loan
Financial
3206
May
Chronicle
1936
9,
Bales
With prices for American cotton
more nearly
competitive with prices for foreign growths, world spinners
have increased substantially their relative consumption of
the American staple, says the Exchange Service on May 4,
which in part adds:
stocks.
To
To
To
price situation in which American cotton is more
nearly competitive with foreign growths is undoubtedly due, primarily,
to the fact that, whereas last season the United States Government extended
to growers a loan above market levels
for American cotton, it refrained
from doing so this season, the 10-cent loan this season not haying proven
a price-supporting factor.
Another important fact contributing to this
situation has been the release of cotton by the Producers' Pool, both
To
To
To
To
spots and futures, and, more recently,
effective supply of American cotton in
last season, in Japan.
New
York
Cotton
a
meeting of the Board of Managers held May 7, Dudley B.
Cannafax, of Houston, Tex., was elected to membership in
York Cotton Exchange.
Mr. Cannafax is VicePresident of Anderson, Clayton & Co., Los Angeles, Calif.,
the New
who
are
engaged in the cotton merchandising business. Mr.
a member of the New York Produce Ex¬
Cannafax is also
change,
Receipts from
the
Plantations—The following table
indicates the actual movement each
week from the planta¬
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.
The
tions.
Week
figures
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
Ended,,
1936
1934
1935
1936
1934
1935
1936
|
1935
|
1934
Jan.-
50.871
11,172
17,101
27,759
8,480
31.149
22,543
42,943
1,007
24,345
70,903 2,103,575 1,639,950 1,815,174
8,103
24.391
1,667
44,884 100,030 2,249,736 1,767,312 2,027,706
70,572
54,614
14.
63,630
56,534
64,035
21..
28.
85,3112.196,265 1,740,457 1,964,746
84,994 2,158,658 1,708,042 1,910,901
73,560 2,124.667 1,677,356 1,861,686
40,896
31,693
45,609
6..
48,205
28,622
63,824 2,057,037 1,603,9371,759,566
Nil
8,216
13..
38,439
24,287
80,965 2,012,824 1,587,972 1,720,902
Nil
8,322
42.301
20..
47,370
2,103
43,060
48,797
76,2971,967,167 1,559,937 1,687,665
64,5791,944,895 1,535.485 1,662,788
1,713
27..
30,138
24,491
25,927
25,529
15,829
68,2551,902,472 1,492,794
70.948 1,871,482 1,474,028
74,294 1,833,913 1,451,845
79,1741,814,475 1,423,178
22,525
39
39,702
Nil
Nil
10..
35,607
17..
34,922
34.771
24..
1,620,120
1,581,871
1,546,878
1,506,117
4,617
6,763
To
To
To
To
750
54
50
245
908
;
870
174
4
270
189
1,418
977
36
Passages—May 2—Jomar, 189—
To Bremen—May 1—Hybert, 1,418
To Barcelona—May 1—West Ekonk, 977
CORPUS CHRISTI—To Ghent—April 27—Duquesne, 36.
To Havre—April 27—Duquesne, 550
To Dunkirk—April 27—Duquesne, 27
To Bremen—April 28—Hybert ,340
:
;.
To Rotterdam—April 27—Duquesne, 50
To
550
27
340
50
Gdynia—April 28—Hybert, 763
To
763
Gefte—April 28—Hybert, 100
Udderalla—April 28—Hybert, 50
MOBILE—To Japan—April 29—Assuan, 3,021
To Bremen—April 30—West Madaket, 332
To Rotterdam—April 30—West Madaket, 262
To Hamburg—April 30—West Madaket, 50
To Liverpool—April 30—Gateway City, 886
To Manchester—April 30—Gateway City, 727
To Havre—April 30—Kenowis, 1,216
—
LOS ANGELES—To Manchester—May 1—Pacific President, 130
To Japan—May 2—Golden Dragon, 2,121—May 4—President
Garfield, 600; Heijo Maru, 500.
To Liverpool—May 3—Steel Engineer, 33—May 4—Devon
City, 100.
To Bremen—May 4—Seattle, 445
To Dunkirk—May 6—San Diego, 200
To Havre—May 6—San Diego, 791
SAVANNAH—To Manchester—April 29—Magmeric, 3,742.
To Liverpool—May 1—Essex Druid,
4,671
To Genoa—May 2—Mongioia, 681
May 4—Mongioia, 100
To Gdynia—May 1—Toledo, 650
NORFOLK—To Liverpool—May 6—Manchester Brigade, 282
To Hamburg—May 2—City of Newport News, 149—May 8—
City of Baltimore ,20
CHARLESTON—To Liverpool—May 2—Essex Druid, 1,494
GULFPORT—To Liverpool—April 26—Gateway City, 154
To Bremen—April 26—West Kadaket, 13
To Havre—April 27—Kenowis, 50—
NEW YORK—To Bremen—May 1—Europa, 6
_
100
50
3,021
332
262
50
886
727
1,216
130
3.221
133
445
200
791
3,742
4,671
781
650
282
169
1,494
154
13
50
6
100,233
and Takings of Cotton—The follow¬
World's Supply
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
32,699
Nil
Nil
Nil
Nil
46,544 1,732,379 1,370,8381,436,369
Nil
Nil
36,803
15,228
1934-35
1935-36
Cotton Takings,
38,413
Nil
sight for the like period:
39,301
15.333
75,235 1,779,076 1,396,1981,467.685
21,251
To
3,927
9,289
25,587
Apr.
35.770
To
To
100
6,403
2,416
1,038
Antwerp—May 7—Michigan, 50
Lisbon—May 2—Jomar, 245.
Havre—May 7—Michigan, 908
Oporto—May 2—Jomar, 870
Ghent—May 7—Michigan, 174
Coruna—M ay 2—Jomar, 4
Dunkirk—May 7—Michigan, 270
Total.
Mar.
3..
To
1,382
2,814
43,330
I
vl-
Feb.
7__
To
1,463
22,351
26.023
86,523
31.
To
To
Exchange—At
1,282
262
5—Vasaholm, 262
Gdynia—May 5—Vasaholm, 1,441—May 1—Tennessee,
43; Hybert, 22
Gothenburg—May 5—Vasaholm, 1,382
Genoa—May 4—Marina O, 888—May 1—West Ekonk,
1,926
--4
Salonica—May 4—Marina O, 100.
Liverpool—May 12—Elmsport, 2,532—May 6—Atlantian
3,871
Manchester—May 2—Elmsport, 1,390--.May 6—Atlan¬
tian, 2,537
Japan—May 7—Eidswald, 6,672; Katsuragi Maru, 2,617
Venice—May 2—Laura C, 650...May 1—West Ekonk, 100
Sydney—May 7—Eidswald, 54
Trieste—May 2—Laura O, 1,378—May 1—West Ekonk,
To
of
Member
New
May I—
To Oslo—May
The restoration of a
the release of loan cotton.
The
world markets, i.e., the supply
in private
merchandising channels, exclusive of government holdings,
was slightly less,
relative to the supply of foreign growths, this season
than last season, and it was the running down of this limited supply which
began to lift prices of American cotton above normal relationships with
prices of foreign growths during the firt three (months this year.
This
trend of relative prices was definitely beginning to work against distribution
and consumption of the American staple.
The checking of this adverse
trend is doubtless the result of the release of pool cotton and loan cotton
by the governmental agencies controlling those holdings.
The improvement in the relative consumption of American cotton is
seen most clearly in the ratios of consumption of American to consumption
of foreign cottons in Great Britain, on the Continent exclusive of Russia,
and in Japan, in the five months from November to March this season,
compared with the same period last season.
In these five-month periods,
the ratio of consumption of American cotton to consumption of foreign
cottons was about 99% this season, compared with 54% last season, in
Great Britain; 111% this season, compared with 99% last season, on the
Continent exclusive of Russia, and 114% this season, as against 78%
747
HOUSTON—To Copenhagen—May 5—Vasaholm,
Tennessee, 535
Week and Season
Week
Season
Week
Season
May
1_.
8..
20,044
39,157
15,791
21,595
The above statement shows:
(1) That the total receipts
plantations since Aug. 1 1935 are 6,986,346 bales;
were 4,139,457 bales and in 1933-34 were 7,091,828
bales.
(2) That, although the receipts at the outports the
past week were 39,157 bales, the actual movement from
plantations was nil bales, stock at interior towns having
decreased 46,697 bales during the week.
from the
in 1934-35
Bales
GALVESTON—To
tact foci
Ghent—May
5—Binnendijk,
100
To Rotterdam—May
95—-May 2—
195
—
5—Binnendijk, 250
May 2—Nashaba,
509
259.
To
To
To
To
To
To
To
To
To
Antwerp—May 2—Nashaba, 18
Copenhagen—May 2—Tennessee, 365. . .May 6—Vasaholm, 459
Oslo—May 6—Vasoholm, 138
Havre—May 2—Nashaba, 339
Gothenburg—May 6—Vasoholm, 272
Dunkirk—May 2—Nashaba, 5
Bremen—May 2—Hybert, 4,680
Hamburg—May 2—Hybert, 100Genoa—May 2—West Ekonk, 653
May 5—Maria O,
1,143
To Trieste—May 2—West Ekonk, 832
967
To
120", 454
92", 422
79,000
33,000
59,000
33,000
18,000
10,000
•
Total
150
100
'
Total
-
American
Of which other
*
6,336,753 19,941,300
6,038,219
Embraces
a
6,038,219
298,534 13,903,081
175,534
9,036,881
123,000
4,866,200
This total embraces since
receipts in Europe from Brazil, Smyrna, West Indies, &c.
Aug. 1 the total estimated consumption by
4,245,000 bales in 1935-36 and 3,725,000 bales in 1934-35—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 11,529,409 bales in 1935-36 and 10,178,081 bales in
1934-35, of which 6,634,809 bales and 5,311,881 bales American.
Southern mills,
b Estimated.
India
Movement from All Ports—The
Cotton
receipts
Bombay and the shipments from all India
for three years,
the
ports for the week and for
have been
season
as
from Aug. 1 as cabled,
follows:
272
5
May 7
Week
Aug. 1
79,000 2,504,000
Bombay
Aug. 1
59,000 2,050,000
Week
Aug. 1
58,000 1,977,000
Since Aug. 1
For the Week
250
Since
Since
Since
Receipts at—
Week
1,799
1933-34
1934-35
1935-36
4,680
100
April 20—Laura C
-
6,423,423
379,880 15,774,409
239,880 10.879,809
140,000
4,894,600
takings to May 8.a
138
April 30—Laura C,
Gdynia—May 2—Tennessee, 257; Hybert, 114
May 6—
1,348.
To
Barcelona—May 2—West Ekonk, 854
May 1—Mar
Blanco, 1,671
\
To Oporto—May 1—Jomar, 105-To Lisbon—May 1—Jomar, 11.
....._
To Leixoes—May 1—Jomar, 250
To Passages—May 1—Jomar, 161
To Coruna—May 1—Jomar, 146
To Buena Ventura—April 29—Tillie Lykes, 100
NEW ORLEANS—To Ghent—May 2—Daghestan, 675
To Havre—May 2—Daghestan, 3,066
May 1—Indiana, 745
To Rotterdam—May 2—Daghestan, 264
To Antwerp—May 1—Indiana, 509.
To Dunkirk—May 1—Indiana, 1,206
To Japan—May 1—Katsuragi Maru, 1,689
May 2—Assaun
Maru, 3,305
To Liverpool—May 4—Custodian, 4,355
To Manchester—May 4—Custodian, 2,548
To Bremen—May 4—Wasgenwald, 3,060
To Hamburg—May 4—Wasgenwald, 960
To Reval—May 4—Maasdam, 50
LAKE CHARLES—To Liverpool—April 28—Elmsport, 13—
SAN FRANCISCO—To Great Britain—
?—365
To Japan—?—?—849
,
6,423,423
Visible supply May 8
339
Exports
To
Vasaholm,
6,803,303 22,197,832
supply
of India cotton at
824
8,428,381
2,050,000
667,000
1,450,200
466,000
Deduct—
1.796
-
Venice—May 2—West Ekonk,
18
6,879",719
4,295,259
12,546,973
2,504,000
812,000
20.000
1,609,600
430,000
11,000
8..
Bombay receipts to May 7—
Other India ship'ts to May 7Alexandria receipts to May 6.
Other supply to May 6*b
American in sight to May
Of which
News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 100,233 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Shipping
6,124,331
6,539,849
Visible supply May 1
Visible supply Aug. 1
1,719
From—
Great
i
Britain
Continent
Great
\Jap'n&
Total
I China
Conti¬
Britain
nent
Japan &
China
Total
2,525
105
11
250
161
146
100
675
3,811
264
509
Bombay—
1935-36
50,000
37,000
12,000
34,000
9,000
7,000
7,000
30,000
3~666
2,000
7,000
1934-35..
17,000
22,000
1933-34..
1,000'
16,000
11,000
9,000
23,000
__
1934-35..
1933-34..
Other India-
1935-36..
I
97,000
51,000,
57,000,
331,000 1,045,0001,473,000
277,000 1,004,0001,332,000
568,000
910,000
285,000
812,000
667,000
735,000
33,000
305,000
507,000
I 33,000
I 10,000
194,000
219,000
473,000
516,000
402,000
245,000
276,000
838,0001,045,000 2,285,000
750,00011,004,000 1,999,000
801,000
568,0001,645,000
Total all—
1,206
1935-36..
26,000
1934-35..
4,994
4,355
2,548
3,060
960
50
13
365
849
1933-34..
22,000
4,000
34,000
18,000i 30,000
11,000
7,000
83,000,
70,000!
22,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
20,000 bales. Exports from all India ports record an increase
of 13,000 bales during the1 week, and since Aug. 1 show an
increase of 286,000 bales.
increase
Volume
Financial
142
Alexandria
Receipts
Shipments—We
and
re¬
now
ceive weekly a cable of the movements of cotton at
Chronicle
tenders
3207
reported on May contracts here.
Small
reported in Minneapolis by mills.
Tenders
May in Winnipeg exceeded a million bushels.
Liverpool
closed
to %c. lower, influenced largely by the action of
were
tenders
Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
of
previous two
the markets here.
years:
were
On the 4th inst.
Alexandria, Egypt,
May 6
Receipts (cantars)—
This week
This
Exports {Bales)—
To
To Continent and India.
12",665
_
Total exports
Since
This
Week
1
Aug.
5,000 119,394
7,000 130,906
15,000 619,493
1,000 34,632
178,146
131,851
563,295
33,856
To America
8,201,497
Since
This
Week
1
Aug.
mmL
Liverpool
Manchester, &c
To
Since
Week
110,000
90,000
7,247,941.
100,000
8,095,798
Since Aug. 1
Aug.
1
5,000 241,720
6,000 159,643
24,000 574,929
66,821
1,043,113
12,000 907,148 28,000 904,425 35,000
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended May
6 were
100,000 cantars and the foreign shipments 12,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Demand for both yarn and cloths is im¬
proving.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
1935
1936
32s Cop
Twist
d.
8% Lbs. Shirt¬
to Finest
d.
d.
s.
Cotton
32s Cop
ings, Common
Middl'g
Twist
8% Lbs. Shirt¬ Cotton
ings, Common Middl'g
to Finest
Upl'ds
Upl'ds
s.
d.
d.
d.
d.
d.
s.
s.
d.
d.
Jan.—
31—.
9
4
9%@\1%
9
2
9%@11%
9%@n%
9
2
@
9
9
2
@
9
m
9H@11
9 2
@
9 4
6.04
m
@
9%@11%
@
9
@
9
6
7.07
6.14
10%@U%
9
4
@96
4
6.07
2
6.21
10H®11%
10% @11%
9
4
9
2
@94
@94
4
6.17
10% @11%
10% @11%
9
2
@94
7.10
Feb.—
1
1"M
•
1
21
.
-
l
—
28—.
m
7.05
-
7.06
9 2
@
94
7.09
7.10
Mar.—
6
9%@11
9
1
9
3
2
@94
2
@
9
4
6.12 j io%@UH
6.30
10
@11%
9
9%@n%
9%@11%
9
9
0
@92
6.59
20—
9 1
@
9 3
6.34
@91
6.30
27
9% @11%
9
2
@
9
4
6.44
9%@ll
9%@ 11%
8 7
9
0
@92
6.36
9%@U%
9%
11%
9
1
@
9
3
6.50
0
@92
1
@
9
3
6.57
9%@11
@11%
9
9
10
9
0
@92
6.65
9%@11%
9% @11%
9
1
@
9
3
6.58
10
9
0
@92
6.63
9
1
@
9
3
6.62
9
0
@92
6.78
9%©11%
9
1
@
9
3
6.46
9
0
@92
6.81
9%@11%
9 1
@
9 3
@92
6.88
13—
—
.
April—
3
.
—
10..
.
17...
m
24...
@11%
10%@11%
6.35
May—
1...
m
8...
10%@11%
10%@ll%
6.46
9 0
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Forward
Apr. 17.
50,000
618,000
282,000
44,000
20,000
193,000
72,000
...
Total stocks
Of which American
Total
imports
Of which American......
Amount afloat
Of which American...
May 1.
55,000
616.000
287,000
68,000
18,000
156,000
47,000
Apr. 24.
63,000
631,000
295,000
59,000
34,000
162,000
55.000
May 8.
64,000
628,000
290,000
66,000
27,000
151,000
50,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Spot
Saturday
Monday
Tuesday
A fair
A fair
A fair
A fair
12:15
business
business
business
business
Good
Good
P. M.
doing.
doing.
doing.
doing.
inquiry.
Inquiry.
Market
6.49d.
Mid.Upl'ds
6.43d.
Wednesday
6.43d.
Thursday
Friday
6.44d.
6.46d.
prices closed 3^c. to 1Y%g. higher.
Favor¬
weak Winnipeg market gave prices quite
a setback in the
early trading, and heaviness prevailed until
towards the close.
A sudden buying movement developed,
coming principally from shorts.
Predictions that most of
the crop reports to be issued the following day would be
decidedly bullish, together with a forecast of higher tem¬
peratures in the Southwest, a condition highly detrimental
to the growing crop, were the influences largely responsible
for the sharp turn-about movement, as a result of which
prices not only recovered their early losses but closed with
substantial gains.
*
On the 5th inst. prices closed ll^c. down on May and Yc.
to Y%g. down on July and September.
The feature of the
trading was the liquidation of May contracts, which month
at one time during the session showed an extreme decline
of 2Y2 cents.
The major portion of this liquidation was
attributed to a leading local operator.
This naturally caused
considerable uneasiness among many traders committed in
this month, and selling from this latter source accelerated
the decline.
However, short covering developed, which
did much to buoy up this contract, though it closed with the
net decline of lYfi. as reported above.
The moderately
bullish monthly private crop estimates appeared to be
treated indifferently.
There was an unusually wide varia¬
tion of opinion among the five recognized experts.
The
average of all five authorities was 486,000,000 bushels,
indicating a loss of about 50,000,000 bushels during April
because of drought.
It is figured that if normal weather
conditions are experienced for the remainder of the season,
and with the spring wheat outlook now so promising, there
will be a combined production resulting in a surplus of
approximately 100,000,000 bushels.
Final realization that
the new crop will prove in excess of home requirements
played quite a part in creating bearish sentiment and con¬
sequent liquidation.
On the 6th inst. prices closed unchanged to lc. up.
The
market received quite a stimulus late in the day on reports
of high temperatures and dust storms in the Southwest.
Other factors contributing to the strength of wheat were
estimates that Tuesday's export business in Canada totaled
2,000,000 bushels, the largest single day's business in some
able weather and
1933-34
1934-35
1935-36
i
6.46d.
Added to this
time.
Futures.
Quiet,
Quiet,
un¬
changed
to 3 to 5
1 pt. adv.
opened
Market,
Very stdy.,
4
3
P. M.
to
4
un¬
to 2
1 pt. adv.
Quiet, un¬
7 to changed to
9 pts. dec.
Prices of futures at
Sat.
Steady,
3
to
Steady,
un¬ Q't but st'y
1
3
to 1 to
pts. changed
advance.
pt. dec.
pts.
advance.
2 pts. adv.
Steady,
4 pts.
Steady,
are
Wed.
Tues.
points
decline.
given below:
Thurs.
d.
d.
d.
d.
d.
d.
d.
lowest levels of
the
to
favorable
gest
did
d.
d.
lower
d.
6.12
6.13
6.12
6.16
6.16
6.14
6.16
6.16
6.15
5.94
5.95
5.94
5.98
5.98
5.97
5.99
5.99
5.97
October
5.67
5.60
5.59
5.60
5.60
5.64
5.64
5.62
5.64
5.65
5.63
add
December
5.60
5.55
January (1937)--
occurred
-
-
5.52
5.56
5.59
5.53
5.51
5.53
5.52
5.56
5.56
March
5.59
5.53
5.51
5.53
5.52
5.56
5.56
May
5.59
July-.
5.56
October
5.44
...
•
-
-
-
_
5.50
5.52
5.48
5.49
5.37
5.36
.
.
„
5.56
_
5.54
5.56
5.57
5.55
5.54
5.56
5.57
been
buying
flour
the
of
report
greatly
to
in
The
5.55
best moisture relief yet this season.
5.41
5.41
5.41
was
downpours
were
reported
as
CLOSING
PRICES
OF
Sat.
-112^
change in the attitude of flour mill¬
for the metropolitan
Buying is spotty, and is chiefly for odd carlots.
area.
declines
effect
in the wheat market
on
appeared to have
very
The
little
new
OF
lows for the season,
and further substantial rains
the domestic winter wheat belt, where conditions
now
greatly change the outlook for the wheat crops.
The local
spot market was steady, with sales for shipment fair.
No
shipment at
in
a
furnishing to crops the
Open interest in wheat
WHEAT IN
Mon. Tues.
112%
110%
NEW
Wed.
110%
YORK
Thurs.
109^
Fri.
107
WHEAT
97 %
86 %
-
84j|
—
FUTURES IN CHICAGO
Mon. Tues.
Wed.
Thurs. Fri.
98
87
85%
96 %
87%
85%
96 %
87 %
86%
96
87^
86
93 %
86^
84%
Season's High and When Made
September
102%
December
97%
98%
May-
I
Season's Low and When Made
Apr. 16, 19341 September
78%
July
6, 1935
81
July
6, 1935
88%
Aug. 19, 1935
July 31, 19351 December
Aug.
1. 19351 May-
CLOSING PRICES
DAILY
OF WHEAT FUTURES IN
Sat.
prices closed J/gc. to ^c. lower.
The bearish factors responsible for the weakness in wheat
during Saturday's session were the continued pronounced
weakness in the Winnipeg market, where prices
dropped
over
May
July
September
the flour trade.
Wheat—On the 2d inst.
to
PRICES
Sat.
Friday Night, May 8, 1936
same
CLOSING
DAILY
BREADSTUFFS
prices remaining about the
deferred
79,123,000 bushels.
No.2red
ers,
reasons
widespread soaking rains, just in time to
winter crop yields.
These soaking rains
drought regions of Southwest and West.
5.53
DAILY
was no
the
the
5.55
-
of
bushel, the extreme limit permitted
a
5.53
-
December
Flour—There
for
5.53
-
One
estimates.
5.56
5.56
sug¬
In Chicago the maximum loss was 3^c.
The
factor responsible for this precipitous decline in wheat was
5.95
-
Monday, would
prices than obtainable for immediate delivery.
drop of 5c.
6.13
-
factors
single day.
6.19
5.51
unofficial
recent
have
sumers
much
6.01
-
bearish
and expectations that the
given for the special weakness of May wheat is that con¬
July
-
Other
season.
larger domestic winter wheat production this season
a
May (1936)
-
the
weather reports
United States Government crop report,
a
d.
for Canadian wheat, not¬
withstanding that Winnipeg quotations were at pretty close
Today prices closed nervous, 1 to $c. down. The sharpest
in wheat prices was at Minneapolis, which suffered
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
Eastern
break
Fri.
to
May 8
an
unch.
to to 2
1 pt. adv.
Liverpool for each day
Mon.
un¬ Qu't
changed
advance.
the announcement that
curtailment of European demand
than
Quiet but
pts. stdy.,
advance.
May 2
Quiet,
pts. changed
decline.
was
bakery chain had purchased in the Southwest 300,000 barrels
of domestic flour.
After a maximum rally of 1 Yc. a bushel
wheat closed firm as reported above.
Weather reports
were to the effect that the
mercury had climbed to prac¬
tically 100 in parts of Kansas.
Milling sources reported that
orders for flour were 105% of capacity last week in the
Southwest, as against 45% a year ago.
Elsewhere, how¬
ever, there was very little change in this demand.
On the 7th inst. prices closed % to %c. lower.
The chief
depressing influence on wheat was the reported cheap offer¬
ings of hard winter wheat to be shipped from Missouri
River points to Chicago.
Another unsettling influence was
were
Market
a
Mon.
May
July
77%
78%
77%
78%
October.
80%
80
Corn-—On
the
2d inst.
Tues.
78%
79%
80%
Wed.
78%
79%
80%
WINNIPEG
Thurs.
77%
78%
79%
Fri.
76%
77%
78%
prices closed % to l^c. lower.
or pep in the market for this
grain, though cash interests were moderate sellers.
The spot
market was steady to Yc. lower, and fairly good sales for
shipment were again executed.
Receipts from the country
continue satisfactory.
A small lot of actual grain was tenThere
was
a
lack of interest
Financial
3208
wiped out a total
On the 4th inst.
This market was heavy and
on May.
Re-tenders of this parcel
10,000 bushels from the open interest.
dered
of
prices closed Ys to YiG> lower.
and there being no appreciable support
prices eased off.
However, the spot corn market was steady.
Receipts were fairly large, and sales for shipment moderate.
The United States visible supply of corn was increased to the
extent of 480,000 bushels during the past week.
On the
5th inst. prices closed unchanged to YG- lower.
There was
little in the news or outside developments to furnish an
incentive for active trading in this grain.
Shipping demand
continued fair, while receipts from the country declined.
The Chicago supply of quality tenderable on contracts was
further reduced 70,000 bushels to a total of 205,000 bushels.
However, this did not seem to cause any apparent uneasiness
on the part of those committed in the May contract, even
though the situation might portend a "squeeze."
On the
6th inst. prices closed % to %e. higher.
The diminishing
receipts froip the country attributed to the activity with
spring work on farms, had much to do with the firm under¬
in
a
Sat.
i
There is not a very anxious demand
grain in the Chicago spot market, but Chicago
stocks are low, and this in itself is expected to hold prices
the
steady.
On
This
% to %c. higher.
prices closed
inst.
7th
the
Tues.
Mon.
37
37%
Corn. New York—
No. 2 yellow, all rail
Oats, New York—
No
2 white
40%
Rye, No. 2, f.o.b. bond N. Y— 61%
Barley, New York—
47% lbs. malting
49%
53-88
Chicago, cash
81%
FLOUW
—
Spring pats..high protein $6.45@6.651Ryeflour patents
$4.00@4.05
Spring patents
6.15@6.45ISeminola, bbl., Nos. 1-3. 7.40@7.45
Clears, first spring
5.35@5.551 Oats, good
2.40
Soft winter straights-... 4.85@5.051 Corn flour
2.00
Hard winter straights— 5.60@5.85 Barley goods—
Hard winter patents
5.75@5.95
Coarse
2.85
Hard winter clears
5.05@5.25
Fancy pearl,Nos.2,4&7 4.00@4.75
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Oats
Corn
Wheat
Flour
Receipts at—
Chicago
Minneapolis
77,000!
206,000
236,000]
54,000
September.
Carlot arrivals were larger and in good de¬
mand, yet the trading basis remained steady to slightly
easier.
Today prices closed unchanged to %c. lower.
This
market was relatively dull.
All attention seemed to be con¬
Detroit
501,000
80,000
264,000
298,000
100,000
1,429,000
287,000
2,000
156,000
937,0001
.
Toledo
73,000
94,000
806,000
59,000
475,000
1,000
17,000
on
16,000
Milwaukee—
Indianapolis
600,000
180,000
108,000
St. Louis
429,000
468,000
Peoria------
34,000
15,000
Kansas City.
13,000
566,000
163,000
26,000
75,000
—
Sat.
80%
DAILY CLOSING PRICES OF CORN
Sat.
May
July
September
Thurs.
Wed.
81%
80%
81%
Fri.
Wed.
Tues.
Thurs.
Fri.
62%
63%
63%
61%
61%
61%
59%
59%
59%
When Made
1
Season's Low and When Made
Jan.
5, 19351 September
67%
Mar. 25, 1935
62%
60%
59%
September
84%
December
65
June
May
68%
62
60%
59
July 29, 19351 May
1, 1935
60%
June
56
6, 19351 December
the
trading to warrant any comment.
or
news
CLOSING PRICES
DAILY
OF OATS IN
Sat.
40%
40%
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon.
Tues.
Wed.
25%
25%
26%
26
26%
Season's High and When
44%
35%
37
September
December.
_
—
May
Jan.
June
Aug.
41
40%
CHICAGO
Thurs.
Fri.
26
26%
26%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
31%
31%
_
July
31%
31%
31%
31%
31%
31%
31%
31%
31
31
Rye—On the 2d inst. prices declined Y to YLc.
There
was very little in the way of developments or news concerning
this grain.
On the 4th inst. prices closed Y to YG- RP on
May and September, with July unchanged from previous
close.
Trading light, with prices influenced largely by~the
closing strength of wheat.
On the 5th inst. prices closed
irregular, YG- higher to YG- lower.
There was very little
activity, and nothing in the news of interest.
On the 6th
inst. prices closed Ys to YG> higher.
There was no special
feature connected with the trading in this cereal, the slight
advance being attributed to the wholesome influence of a
strong wheat market.
On the 7th inst. prices closed %c. higher.
There was
nothing in the i\ews of interest, outside of the fact that the
market was quite
responsive to demand.
Today prices
%c.
down.
Trading
virtually featureless, the
in wheat.
-was
14,000
20,000
2,000
130,000
528,000
78,000
2,000
6,000
377,000
2,514,000
5,547,000,
1,609,000
Same week '35
364,000
2,653,000
370,000
1,899,000
971,000
847,000
1,770,000
836,000
Same week '34
2,979,000
2,246,000
356,000
464,000
140,000
845,000
Buffalo
Tot. wk. '36
Since Aug. 1—
14,557,000 275,632,000146,049,000 114,288,00019,964,000 79,751,000
14,111,000163,456,000152,376,000 41,619,000 10,928,000 51,538,000
13,752,000176,631,000162,383,000 58,339,000' 9,309,000 43,464,000
1936
1935
1934
Total receipts of flour
and grain at the seaboard ports for
Saturday, May 2, 1936, follow:
the week ended
Wheat
Flour
Receipts at-
Oats
Corn
lbs.]bush.
bbls.l96lbs. bush. 60 lbs. bush. 56
171,000
Philadelphia
275,000
6,000
29,000
New York
3,000
2,000
18,000
18,000
_
Baltimore
13,000
New Orleans *
20,000
Barley
Rye
32 lbs. bush.56lbs. bushASlbs.
29,000
2,000
4,000
23,000
•
18,000
......
3,000
5,000
91,000
1,000
7,000
Galveston
8,000
1,415,000
Montreal...
27,000
Boston....
36,000
4,000
Halifax
37,000
2,000
1,322,000
Sorel
800,000
Quebec
61,000
1,112,000
221,0001
754,000
4,219,000
11,725,000
38,000
4,266,000
5,564,000
92,000
892,000
16,000
312,000
425,000
2,714,000
14,000
305,000
1,231,000
333,000
Since Jan 1 '36
5,299,000
Week 1935
on
64,000|
3,824,000
22,363,000
Tot. wk. '36
86,000i
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
May 2, 1936, are shown in the annexed
ended Saturday,
statement:
Wheat
New York.
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from,—
Bushels
Barrels
Bushels
Bushels
Bushels
58,400
1,000
225,000
Boston
Philadelphia
56~000
Norfolk
56,000
~4"000
_2"666
37,000
27,000
2,000
127,400
24,985
4,000
43,000
"l.obb
New Orleans
Halifax.
Montreal
closed
68,000
~7~000
*
Fri.
26%
26%
26%
26%
26%
26%
26%
27
26%
Made
I
Season's Low and When Made
7, 19351 September
31%
June 13, 1935
4, 19351 December
33%
June 13, 1935
1. 19351 May
29%
Aug. 17, 1935
25%
May
July
September
Thurs.
40%
50,000
7,000
80,000
Since Jan 1 '35
Wed.
4~5~666
173,000
NEW YORK
Tues.
Mon.
40%
No. 2 white
696,000
32,000
17,000
4,000
Sioux City..
Aug. 13, 1935
closed unchanged to YsGlower.
The important news concerning this grain was that
tenders of oats were heavy, totaling 1,127,000 bushels.
On
the 4th inst. prices closed unchanged to 3^c. lower.
Trading
very quiet, and little of interest in the flews concerning this
grain.
On the 5th inst. prices closed unchanged to Y%g.
higher.
There was nothing of interest in this market, the
session ruling quiet.
On the 6th inst. prices closed Y to
Yg. higher.
There was very little of interest in this grain,
the market being influenced almost entirely by the strength
in the other grains.
On the 7th inst. prices closed unchanged to *4c. up.
Trad¬
ing very quiet, and no news worthy of comment.
Today
prices closed unchanged to %c. down.
There was little in
the 2d inst. prices
Oats—On
6,000
11,000
81%
FUTURES IN CHICAGO
Mon.
62%
60%
59%
-
Season's High and
Tves.
Mon.
80%
No. 2 yellow
6,000
15,000
60,000
98,000
46,000
621,000
Omaha
Wichita
OF CORN IN NEW YORK
4,000
129,000
26,000
86,000
156,000
71,000
34,000
-
St. Joseph-
wheat.
Barley
Rye
bbls.l96lbs, bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs. bushASlbs.
Duluth
DAILY CLOSING PRICES
Fri.
36%
36%
37%
37%
37%
38
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic ...107
Manitoba No. 1, f.o.b. N Y. 84%
staple was supported by houses with Southwestern connec¬
tions.
Part of the buying of July was against sales of
centrated
Thurs.
Wed.
37%
37%
36%
36%
Closing quotations were as follows:
moderate way,
tone of this market.
for
FUTURES IN WINNIPEG
DAILY CLOSING PRICES OF BARLEY
May
July
Commission houses and local traders sold
in the doldrums.
May 9, 1936
Chronicle
1,415~000
Sorel
Tooo
1,322,000
800,000
Quebec
Total week 1936—
1,000
3,874,000
Same week 1935
930,000
The destination of these exports
July 1 1935 is
as
8,000
14,000
for the week and since
below:
Flour
Corn
Wheat
Exports for Week
Week
Since
Week
Since
July 1
May 2
July 1
May 2
July 1
1935
1936
1935
1936
1935
Barrels
United
Week
1936
July 1 to—
Since
M ay 2
and Since
Barrels
Bushels
Bushels
Bushels
Bushels
53,645
19,350
2,115,933
Continent
So. & Cent. Amer.
16,000
West Indies
34,000
337,000
655,000
7,000
Kingdom.
Brit.No. Am.Cols.
471,328
2,475,000
1,224,000
10,000
41,647,000
34,548,000
21,000
2,000
552,000
72,000
"1,000
3,000
4,000
1,000
89,000
6,000
4*405
149,335
152:666
242:666
127,400
24,985
3,735,596
3,874,000
3,079,388
930,000
76,995,000
60,724,000
Other countries...
firmness being due almost entirely to the strength
DAILY
CLOSING
PRICES
OF
RYE
Sat.
May
July
September
50%
50%
50%
—
FUTURES
Mon.
Tues.
50%
50%
51
50%
50%
50%
IN
CHICAGO
Wed.
Thurs.
51%
51%
52%
52%
52%
52%
Fri.
51%
51%
52%
Season's High and When Made
September
December
May
DAILY
Jan.
76
53%
52%
June
Aug.
I
Season's Low and When Made
5, 19351 September
45
June 13, 1935
3, 19351 December
48%
June 13, 1935
1, 19351 May
46%
Aug. 19, 1935
CLOSING PRICES
Sat.
38%
40
May
July
DAILY
CLOSING
PRICES
___
39%
40%
OF BARLEY
Sat.
May
July
FUTURES IN WINNIPEG
Mon.
Tues.
Wed.
Thurs.
Fri.
OF RYE
36%
39
40%
41%
40%
41%
FUTURES
Mon.
36%
39
Tues.
36%
39
IN
Wed.
36%
39
40%
41%
40%
41%
CHICAGO
Thurs.
36%
39
Total 1936
Total 1935
The
visible
^
27,000
supply of grain, comprising the stocks in
lake and
at principal points of accumulation at
seaboard ports Saturday, May 2, were as follows:
granary
GRAIN
STOCKS
Oats
Wheat
Bushels
United States—
Boston
New York
49,000
279,000
Philadelphia.
Baltimore
New Orleans
Fri.
Fort Worth
—
Wichita
!
•.
-
-
-
-
.
3,000
330,000
607,000
267,000
38,000
29,000
47,000
1,000
250,000
481.000
3,000
115,000
...
Galveston
37
39
Bushels
2,000
•
Rye
Bushels
Corn
Bushels
1,000
241,000
46,000
15,000
.
-
-
Barley
—
-
Bushels
-
MOO
31,000
143,000
2I"66O
2,000
12:600
3,000
3,000
1,000
26,000
............
158,000
3,000
Volume
Financial
142
Wheat
Oats
Rye
Bushels
United States—
Corn
Bushels
Bushels
Bushels
Hutchinson
408,000
St. Joseph
551,000
Barley
Bushels
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
Total May 2, 1936
37,660
1,941,000
374,000
4,006,000
919,000
326,000
121,000
332,000
818,000
246,000
1,174,000
50,000
6,633",000
1,773,000
861,000
524,000
48,000
116,000 10,237,000
154,000
60,000
18,000
109,000
173,000
599,000
19,000
28,000
37,669,000
Sioux City
St. Louis.
Indianapolis
~7~66O
8,624,000
2,534,000
164,000
871,000
748,000
1,000
3,562,000
236,000
714,000
8,484,000
4,371,000
170,000
4,365,000
Kansas City
Omaha
48o"66o
8,030,000 34,866,000
425,000
890,666
873,666
88,000
1,136,000
5,143,000
2,507,000
2,296,000
2,713,000
39,000
8,690,000
8,000
669,000
5,000
8,000
50,000
956,000
540,000
1,045,000
7,549,000 35,659,000
37,727,000 13,585,000 11,077,000
6,861,000 11,856,000
7,081,000 12,065,000
8,529,000
7,098,000
Note—Bonded grain not Included above: Oats—New York,
Chronicle
3209
sippi River, except that rapid progress was reported from southern""and
western Kentucky.
In Missouri seeding is more than half done and is
three-fourths completed in southeastern Kansas.
This work is well started
in Nebraska and there are scattered reports of planting in South Dakota.
In Iowa plowing made fair progress and a little corn was put in during
the week, including some commercial sweet corn in the south.
Cotton—Better weather prevailed in the Cotton Belt, especially in the
half where rains were decidedly beneficial.
In the Atlantic area
mostly fair and sunny weather for the past two or three weeks has dried
and crusted the topsoil and made conditions rather unfavorable for seeding
and germination.
western
In the southern half of Texas progress of cotton was mostly good to
excellent, with chopping and cultivating advancing favorably; in the
planting has become more general.since the rains, but it is very
backward due to previous drought, and more rain is needed in the north¬
east.
In Oklahoma planting made fair advance and some cotton is up,
but stands are poor to only fair with the soil still too dry in some eastern
localities.
In the central States of the belt the weather was generally
favorable.
In the east showers for softening the topsoil would be helpful,
but planting made good progress to the northern portions of the belt:
germination is mostly slow due to crusted topsoil.
north
7,000 bushels; Buffalo,
Total April 25, 1936...39,267,000
Total May 4, 1935
73,000; total, 80,000 bushels, against none in 1935.
Wheat—New York, 569,000
bushels; N. Y. afloat, 44,000; Philadlphia, 31,000; Buffalo, 6,425,000; Buffalo afloat,
THE DRY GOODS TRADE
100,000; Duluth, 551,000; Erie, 86,000; Boston, 41,000; Chicago, 74,000; Albany,
3,967,000; total, 11,888,000 bushels, against 9,044,000 bushels in 1935.
Wheat
Corn
Oats
Rye
Bushels
Bushels
Bushels
Bushels
8,221,000
294,000
110,000
508,000
Ft. William & Pt. Arthur.53,628,000
Other Canadian & other
2,401,000
3,211,000
3,316,000
Montreal
49,082,000
1,971,000
180,000
550,000
2 1936...110,931,000
Total Apr. 25 1936.-110,532,000
4,666,000
5,225,000
5,052,000
3,501,000
3,506,000
3,195,000
4,374,000
4,306,000
5,312,000
water points
Total May
Total May
4 1935.-111,283,000
Summary—
American
37,669,000
Canadian
110,931,000
Total May
Total Apr.
Total May
8,030,000 34,866,000
4,666,000
6,861,000 11,856,000
3,501,000
4,374,000
2 1936—148,600,000
8,030,000 39,532,000 10,362,000 16,230,000
25 1936.-149,799,000
7,549,000 40,884,000 10,587,000 16,371,000
4 1935—149,010,000 13,585,000 16,129,000 11,724,000 12,410,000
The world's
shipment of wheat and corn, as furnished by
Exchange, for the week
ended May 1, and since July 1 1935 and July 2 1934, are
shown in the following:
Broomhall to the New York Produce
Wheat
Week
Since
Since
Week
Since
Since
July 1,
July 2,
May 1,
July 1,
July 2,
1936
1935
1934
1936
1935
1934
Bushels
North Amer.
Black Sea
Argentina
Australia
India
Oth. countr's
Total
I
Bushels
Bushels
Bushels
I Bushels
6,291,000146,291,000136,461,000
38,000
1,000,
44,000
232,000, 35,858,000
4,593,000
358,000) 8,096,000 16,151,000
1,145,000 69,554,000157,259,000 4,134,000 249,712,000 175,522,000
1,467,000' 96,154,000; 96,645,000
256,000!
328,000;
760,000
502,000 37,735,000 37,464,000
Bushels
34,025,000) 37,496,000
9,895,000382,138,000432,782,000
Weather
4,995,000 295,587,000 229,175,000
for the Week Ended May 6—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended May 6, follows:
general
Report
summary
During the first part of the week cloudy and unsettled weather, with
showers, prevailed over much of the country east of the
Rocky Mountains; temperatures were unseasonably low in north-central
areas.
The latter part had mostly fair weather, except that widespread
rains occurred east of the Mississippi River with some heavy falls in the
Potomac Basin and adjoining sections; the rainfall was unusually heavy in
Washington, D. C., and vicinity.
Temperatures were mostly mild to
abnormally warm after the beginning of the week, but considerably cooler
weather overspread eastern sections near its close.
The week averaged above normal in warmth in all sections, except a
limited central-northern area, where the weekly means were subnormal.
The relatively warmest weather occurred in the Middle Atlantic States
and the Southwest where the temperatures averaged from 6 degrees to 10
degrees or 12 degrees warmer than normal.
Freezing weather was confined
to a northern section extending from the upper Lake region westward to
the Rocky Mountains and as far south as extreme northern Nebraska.
The lowest temperature reported was 20 degrees at Bismarck, N.
Dak., on
April 29.
In the more southern districts, the minima did not fall below
60 degrees.
Rainfall was substantial to rather heavy in many places between the
Mississippi River and the Rocky Mountains, though the extreme western
Great Plains received very little.
There were also rather heavy rains in
the lower Mississippi Valley extending eastward over Mississippi into parts
of Alabama, as well as locally in the middle Atlantic area.
Substantial
falls occurred in parts of the northern Plains, especially in South
Dakota,
and also in much of the Ohio Valley.
West of the Great Plains there was
very little precipitation, except in the north Pacific area.
The weather of the week was decidedly more favorable for
agricultural
operations than had prevailed during the weeks immediately preceding.
The outstanding favorable features were beneficial rains that occurred in
the persistently hdry Southwest, and the widespread showers in the Ohio
and middle and upper Mississippi Valleys, and the northern Great
Plains;
in all these areas the moisture was decidedly beneficial.
In the Eastern States the weather was fairly favorable for
growth, al¬
though in south Atlantic sections, with previous heavy rainfall, it has
been mostly dry for some three weeks, which has crusted the
topsoil and
made conditions unfavorable for germination of spring-seeded grains and for
planting.
Both vegetation and farm work are very backward over the
eastern half of the country, but field operations were
decidedly more active
this past week and growth was stimulated by showers and
generally warmer
rather general
weather.
West
very
of the Rocky Mountains good rains in northern sections were
helpful, especially in Washington and Oregon.
Irrigated crops made
food is neededand parts of are mostlyArizona, but, in general, crops are
tain growth,
high from rapidly melting snow,
in streams Utah and
making satisfactory
progress
in the
more western
States.
Small Grains—Helpful showers and relatively warm weather over the
winter wheat belt made a generally favorable week for
small-grain crops.
Moisture was especially favorable in Kansas, where wheat shows
improve¬
ment rather generally; it is nearly all jointed in the south-central
portion
Improvement is noted rather gen¬
erally also in the Ohio and Mississippi valleys, while in the more eastern
States the crop continued to make good progress.
However, in Oklahoma
and Texas the condition of wheat remains mostly poor to
very poor in
many places.
Additional moisture was helpful in the more northwestern
States, especially in Washington.
1
Favorable weather conditions prevailed in the
spring wheat belt and
the crop made satisfactory progress.
In North Dakota early planted
grain is coming up well and good progress was made in completing seed¬
ing.
Seeding is nearly done in Minnesota, with some grain up; good
stands are reported in South Dakota.
Rains were helpful in the State
of Washington.
Oats also show improvement, with some very late
seeding still being
accomplished in the Ohio Valley.
In Iowa rains and the warmth of the
week have brought oats and barley up to good stands.
However, oats
are very poor to an entire failure in Oklahoma and Texas.
of the State and is jointing elsewhere.
Corn—Preparation of land for corn planting made good advance quite
generally, but little has been planted in the Corn Belt east of the Missis¬
York^-Friday Night, May 8, 1936
Retail trade
during the period under review showed the
first signs of recovery from, the lethargy displayed after the
active pre-Easter business.
This was particularly noticeable
in New England and in. other districts where the normal postholiday decline in volume had been accentuated by unfavor¬
able weather conditions. Although the sales Volume of local
department stores during the week was estimated to not
exceed about 3%, merchants viewed this increase as a
portent of an active late spring and summer season.
The
current
week's
sales
were
favorably influenced by the
approach of Mother's Day, and stores reported a good call
for items especially promoted for this event. For the month
of May an increase in store sales ranging from 8 to 10% is
anticipated, with prospects of further expansion during
June and July when soldier bonus payments will be an
influential factor.
Trading in the wholesale dry goods markets reflected the
improved flow of goods in retail channels.
With
stimulus,
orders for
such merchandise as well as fill-in orders for late spring
goods were received in fair volume. Wholesalers, however,
were still
hesitant as to commitments much beyond their
immediate requirements. Business in finished silk goods was
negligible.
An advance in silk prices failed to stimulate
the demand.
Trading in greige goods, however, showed
slight improvement, with most interest centering on print
cloths.
Trading in rayon yarns continued active, with a
scarcity developing in some popular counts. April shipments
of most producers surpassed those for March, and in some
instances were even higher than during February.
Rumors
circulated that prices of 150 deniers and coarser numbers
may be advanced, in view of the growing demand for these
counts stimulated by
the present fashion trend towards
much
Corn
May 1,
Exports
New
Barley
Bushels
Canadian—
various promotional events serving as an active
demand for summer goods increased steadily and
wool-like textures.
Domestic Cotton
Goods—Trading in print cloths, save
was practically at a standstill,
and prices displayed an easier trend. Uncertainty as to tax
questions and production curtailment plans again exerted
its retarding influence.
However, more active buying is
expected by mills, once consumers have realized the full
amount of present actual curtailment by many producers.
Last week's meeting at Pinehurst indicated that serious
thought was given the subject of reduction in output al¬
though no concerted action was decided upon. Trading in
fine goods improved moderately.
Although total sales were
not large, an active demand existed for
fancies, such as
combed lawns, dimities and voiles, with the
coming National
Cotton
Week supplying
a
much appreciated stimulus.
Closing prices in print cloths were as follows: 39-inch 80's,
7V8g.; 39-inch 72-76's, 6^c.; 39-inch 68-72's, 5%c.; 38^inch 64-60's, 53^; 383^-inch 60-48's, 4^c.
for
few scattered orders,
a
Woolen
Goods—Trading in men's wear fabrics showed
A fair amount of duplicate orders for
fall suitings was placed.
Active demand existed for over¬
coatings, although it was mostly limited to cheaper grades,
with business in higher priced goods remaining slow.
Un¬
filled orders were reported to show a further gain, and, as a
result, mills appeared assured of a continuance of present
activity throughout the third quarter.
Orders placed with
clothing manufacturers increased substantially, reflecting
the better movement of goods at retail, under the impetus
moderate expansion.
of
more
favorable weather conditions.
goods
Business in women's
featured by additional fair-sized orders on
fall lines.
Manufacturers received good orders on summer
coatings and sport dresses for which retailers reported an
wear
active
was
consumer
demand.
Foreign Dry Goods—Trading in linens continued to show
appreciable expansion, with the total volume in suitings and
dress goods estimated to run 20 to 25% ahead of last year.
Increasing interest was shown in linens for use in knickers
which appeared to regain some of their former popularity for
summer
sports wear.
Ladies' tailored suits remained in
good demand. Household linens were only moderately active.
Business in burlap continued fairly brisk for spot and afloat
goods with a growing shortage reported in some numbers.
Interest in shipments, however, remained negligible.
The
increase in Calcutta stocks had little effect
as
it had been
generally expected. Prices remained fairly steady. Domesti¬
cally lightweights were quoted at 4.10c., heavies at 5.50c.
3210
Financial
%
Chronicle
1,265,000 Yonkers, N. Y., various purposes bonds, comprising $962,000
3.30s and $303,000 3.10s, with maturities ranging from 1936
to 1960, incl., purchased by an
account headed by Halsey,
Stuart & Co., Inc. of New York at 100-046, a basis of about
3.223%.
Re-offered for public subscription at prices to yield
from 0.40% to 3.30%, according to maturity.
Specialists in
:
Illinois & Missouri
Bonds
1,200.000 West Virginia (State of), road bonds, including $768,000 2 Ms,
due from 1945 to 1960, incl., and $432,000 3 Ms, maturing from
1936 to 1944, incl., taken by Phelps, Fenn & Co. of New York
and associates on a net interest cost to the State of 2.383%.
Priced for general investment to yield from 0.25% to 2.50%.
1,050,000 Cuyahoga Co., Ohio, emergency poor relief bonds awarded to
Blyth & Co., Inc. of New York and associates as 2Ms, at
a price of 100.31, a basis of about
2.08%.
Due serially from
1937 to 1944, incl.
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N.
Broadway
1,000,000 Buffalo,
N. Y., 2.70% work and home relief bonds, due
$100,000 each year from 1937 to 1946, incl., sold to HalseyStuart & Co., Inc. of New York and associates at a price of
100.055, a basis of about 2.69%.
Re-offered for public invest,
ment at prices to yield from 0.70% to 2.90%, according to
ST. LOUIS
maturity.
MUNICIPAL BOND SALES IN APRIL
The market for State and municipal bond issues was rather
inactive during
the month of April, particularly in regard to
Awards during the
the volume of issues offered for sale.
period, according to
our
May 9, 1936
•.
compilations, totaled $101,987,654.
The figure for the month of March stands at
$129,015,023.
refunding
operation by the City of Detroit, the outstanding develop¬
ments during the month were announcements of the con¬
Aside from the successful completion of another
summation of the plans for refinancing the indebtedness of
Only a small proportion of the numerous issues offered for
sale during the month of April failed of sale.
Such failures
comprised 11 issues with a total par value of $7,318,890.
The issues in that category are listed herewith together with
the page number of the "Chronicle" where an account of the
abortive offering is given; also the rate of interest, if any,
named
on
the issue and the
Name
Int. Rate
each of these instances, the success achieved in
3218
No. 28, N. Y
Mount
assents to the
bonds at extremely favorable terms.
A record of these
the tabulation immediately following
Morris
and
Amount
2M%
4%
2375 aCincinnatl, Ohio
3045
Fairview, Ohio
2714 bGrant County, Ore
•
2374
Hempstead Union Free S.
new
for the non-sale;
RECORD OF ISSUES THAT FAILED OF SALE DURING APRIL
Page
the Chicago Park District, 111., and of Cook County, 111. In
obtaining the
respective programs of the holders of the bulk
of the indebtedness involved, was immediately reflected in a
widespread investment interest in the new refunding liens
to be issued by the two units.
Recognition of the virtual
complete solution of the financial difficulties of the munici¬
palities through the refunding operations, made possible the
sale by both debtors during the month of large blocks of the
reason
$2,841,000
538,445
x
76,000
Report
Offering canceled
No bids
Offering postponed
D.
...Not exc. 6%
Genesee
861,000
No bids
Twps. Beecher S. D. No. 2,
Mich
4%
41,000
No bids
6%
17,445
.Not exc. 6%
Pierce County Con. S. D. No.
494,000
Offering postponed
Bids rejected
2875 cNorth Salem, N. Y._
3044
Perquimans County, N.
2880
Not
342, Wash
Not exc.
2546 dSt. Louis, Mo
3037 eSeaford, Del
2877
was
to be named In the
150,000
35,000
existence of doubt as to legal status of Issue,
bid.
No bids
No bids
Not sold
Bids rejected
Postponement was caused by
b Faulty advertising of offering will
a
require new announcement,
these remarks.
15,000
2,250,000
x
—
sales is contained in
6%
2M%
4%
*.
Woodward, Okla
Rate of interest
x
exc.
C
in
Another interesting development during the month was the
signing by President Roosevelt on April 11 of the Wilcox bill
(H. R. 10490), extending the life of the Municipal Bank¬
ruptcy Act from May 24, 1936 to Jan. 1, 1940 and the sub¬
sequent attack on the constitutionality of the measure in a
case submitted to the United States
Supreme Court. Argu¬
ments in the case, involving a proposed refinancing under
the law of the indebtedness of Cameron County V) ater Im¬
provement District No. 1, Texas, were heard by the Court
on April 29.
(The tribunal had not issued a decision in the
matter up to the time of going to press.)
The issues of $1,000,000 or more sold during April were
as
follows:
518,720,000 Detroit, Mich., non-callable refunding bonds, comprising
$12,870,000 4s, maturing from 1937 to 1956, incl. and $5,850,000 3>^s, due from 1957 to 1962, incl., awarded to Edward
B. Smith & Co. of New York and associates at a price of
100.0048, the net interest cost to the city being about 3.774%.
The successful banking group made public re-offering of the
obligations priced to yield from 0.75% to 3.75%, according
to coupon rate and maturity.
17,336,087 Chicago Park District, 111., 3M% refunding bonds sold to
i
Halsey, Stuart & Co., Inc. of Chicago at a price of par.
Fur¬
ther particulars of the obligations have not been made avail¬
able as yet.
The sale followed on the heels of an announcement
by the bankers, as refunding agents for the district, that the
plan for refinancing the approximately $100,000,000 of bonds
of the 22 superseded park districts had been declared effective.
Proceeds of the current financing will be used to pay in cash
all past-due maturities.
11,510,910 Cook Co., 111., 4% refunding bonds awarded at competitive
sale to Stifel, Nicolaus & Co. of St. Louis and A. C.
Allyn &
Co., Inc. of Chicago and numerous other investment houses
at a price of 103.60, a basis of about
3.67%.
Due Jan. 1, 1951,
optional Jan. 1, 1946 or on any subsequent interest payment
date.
to
Public re-offering was made at prices to yield 3.40%
date and 4% thereafter.
The two investment
mentioned above, announced sometime prior to the
optional
houses
sale, in their capacity as agents for the county, that the plan
for refinancing
all of the approximately $47,000,000 out¬
standing bonds of the municipality, including those in default,
had
been made effective.
Sale of the present block of $11,510,910 bonds made possible the clearing up of all defaults on
county bonds, also to provide for redemption of those liens
maturing up to and including June 2, 1936.
5,000,000 Louisiana (State of), highway bonds were sold as follows:
$2,500,000 4 Ms, maturing from 1940 to 1960, incl., purchased
on April
17 by Graham, Parsons & Co. of New York and
associates at a price of 110.677, a basis of about
3.65%.
Re-offered to yield from 2.25% to 3.60%, according to ma¬
turity.
An issue of the same amount was awarded on April 28
to the
Chase National Bank of New York and associates at a
price of 107.819, a basis of about 3.64%.
These bonds mature
annually from 1940 to 1961, incl. and
basis of from 2.25% to 3.60%.
4,667,000 St.
were
marketed
on a
yield
Louis,
Mo., bonds, comprising $3,020,000 public bldg.
2Ms, due from 1951 to 1956, incl. and $1,647,000
refunding 2 Ms due in 1952, purchased by a group under the
c Issue was re-offered for sale on May 6.
d Lack of
was due only to threat of litigation against issue.
City experienced no difficulty
selling $4,667,000 of other bonds on Apr! 17.
e Petition for injunction against
issue, which is for a municipal power plant, prevented acceptance of tenders.
bids
That there is still
abundant demand for State and
an
municipal obligations of short maturities was vividly illus¬
trated in the result of the sale by the State of New York on
April 20 of an issue of $50,000,000 revenue anticipation
notes, dated April 21, 1936 and due Dec. 21, 1936.
Sub¬
scriptions to the offering were made by 80 banks and invest¬
ment banking houses throughout the State and allotments
were made by Comptroller Morris S. Tremaine in amounts
ranging from $1,600,000 to $200,000 each. Moreover, the
State was able to effect the financing on
extremely favorable
terms, an interest rate of 0.30% being paid on the entire
loan.
At the last previous sale of notes by the
State, which
occurred on Jan. 27 and involved a total of
$75,000,000, a
block of $35,000,000 maturing in five months bore
0.25%
interest and the remaining $40,000,000 notes of
eight months'
duration carried a coupon of 0.30%.
The sale in the past
month, coupled with similar temporary financing by the
City of New York in the amount of $15,000,000, helped
swell the aggregate emissions of
municipal financing of that
nature during April to a figure of
$93,850,100.
Long-term financing by Canadian municipalities was
negotiated on a rather negligible scale in the month of April,
the issues sold having amounted to
only $584,331.
Borrow¬
ing by the Dominion of Canada through sales of short-term
treasury bills continues high, however, transactions of that
nature having totaled $55,000,000
during April.
The first sale of bonds to be
negotiated by any of the
United States Possessions since the start of the
year took
place on April 17, when the Government of Puerto Rico sold
a $75,000
3% Isabella irrigation issue to Seasongood & Mayer
of Cincinnati at a
price of 97.30, a basis of about 3.32%.
Due Jan. 1, 1975, optional on or after Jan.
1, 1946.
A comparison is
given in the table below of all the various
securities placed in April in the last five
years:
1936
1935
$
Perm, loans (U. S.)_
*
Temp, loans (U. S.)
Bonds U.S.Possess'ns
Can. loans (perm.):
1934
1933
$
1932
$
101,987,654 156,078,031 106,389,422
93,850,100 131,300,000 47,963,994
10,899,995 69,637,025
51,630,795 127,015,686
75,000
None
None
None
None
584,331
48,438,200
533,900
13,543,167
8,121,531
None
None
None
None
None
None
None
None
None
None
'
Placed in Canada.
Placed in U. S
.Gen. f und bds. N.Y .C
and impt.
management of the Chase National Bank of New York at a
price of 100.289, a basis of about 2.64%.
Re-offered to yield
from 2.40% to 2.50%, depending on coupon rate and
maturity
date.
3,815,000 Boston Metropolitan District, Mass., 2M% bonds successfully bid for by a syndicate headed oy the First National Bank
of New York, at a price of 99.05, a basis of about 2.56%.
Public re-offering was made on a yield basis of from 0.35% to
2.58%, according to date of payment.
2,650,000 Minnesota (State ol), 2M% trunk highway bonds, maturing
serially from 1948 to 1952, incl., awarded to the National City
Bank of New York and others at a price of 100.619, a basis of
about 2.46%.
The bankers priced the issue for investment to
yield from 2.25% to 2.40%, according to maturity.
Total,.
196,497,085 335,816,231 154,887,316
76,073,957 204,774,242
*
Includes temporary securities issued by New York
City: $15,000,000 in April,
1936; $60,000,000 in April, 1935; $30,000,000 in April, 1934:
$22,948,800 in
1933 and $27,164,000 in April, 1932.
April,
The number of municipaities
emitting permanent bonds
and the number of separate issues made
during April, 1936
were 341
and 384, respectively.
This contrasts with 375
and 480 for March, 1936 and with 288 and 335 for
April, 1935.
comparative purposes we add the following table,
showing the aggregate of long-term domestic issues for April
For
and the four months for
a
series of years:
Volume
142
Financial
Month of
April
1936
Four
$101,987,664
al56,078,031
106,389,422
10,899,995
69,637,025
1935
1934
1933
1932
1931
bl05,974,805
1930
cl52,194,970
91,935,818
129,904,592
1929
1928
1927
134,881,048
111,151,259
94,671,659
133,288,881
81,426,486
_dl37,176,703
88,104,218
86,194,759
52,713,484
14,999,882
e68,277,482
1926
1925
1924
1923
1922
1921
1920
1919
«—
1918
1917
For the
Months
$418,549,718
456,999,709
324,655,336
78,235,058
352,340,849
555,578,394
469,024,905
343,323,940
493,905,006
507,494,813
470,774,988
421,599,166
428,848,418
328,000,980
429,237,993
292,561,134
240,267,877
158,952,753
90,130,471
169,324,775
>_$f86,899,155
26,402,049
1914
g 103,224,074
1913
23,644,915
1912
22,317,243
1911.38,562,686
1910
20,691,260
1909
37,462,552
1908
21,428,859
1907...
19,909,004
1906
8,725,437
1905
40,409,428
1904
11,814,584
1903..
17,626,820
1902.
6,735,283
1901
9,298,268
1900
14,157,809
1899
7,477,406
1898
3,570,963
1897
13,060,323
-
...
-
$206,902,393
171,261,251
268,986,826
96,258,461
97,951,422
162,026,305
124,708,581
117,402,998
112,196,084
78,235,067
65,755,686
76,137,234
58,533,230
48,803,588
38,254,819
33,192,622
48,650,275
26,098,992
27,336,696
48,631,385
Includes $50,000,000 bonds sold by New York
City,
b Includes
$34,975,000 bonds sold by New York State,
c Includes
$31,550,000 bonds sold by New York State,
d Includes
$45,000,000 bonds Issued by New York City at public sale,
e Includes
$25,000,000 bonds sold by New York State and $3,000,000 purchased
by the Sinking Fund of New York City,
f Includes
$55,000,000 bonds issued by New York City at public sale,
g Includes $70,000,000 bonds sold by New York
City—$65,000,000 at public
sale and $5,000,000 to the
Sinking Fund.
a
In the following: table
we give a list of
April loans in the
$101,987,654, issued by 341 municipalities.
In
the case of each loan reference is made to the
page in the
"Chronicle" where accounts of the sale are
given.
amount of
Page
Name
Rate
3044
Ada, Ohio
2548 Akron, Ohio
2877 Akron, Ohio
4
Amount
Maturity
3211
Four Months
April
1916
1915
Chronicle
For the
Month of
MUNICIPAL
WM. J. MERICKA & CO.
INCORPORATED
Union Trust Bldg.
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
Page
Name
2873
2710
3041
Rate
Dodge Co. S. D. No. 49, Neb
Douglas County, Nev
Douglas County, Neb
Duluth, Minn
Duquoin, 111
East Chicago, Ind
2872 East
Lansing S. D., Mich
2376 Elyria, Ohio
2.60
1947-1961
60,000
Erich S. D., Okla
Essex Fells, N. J
5X
Eureka S. D. No. 4, Kan..
2X
1-15years
3
1938-1948
2544
30,000
3
2707
Evanston, 111....
2870 Fairfield, Iowa (2
issues)
Fairhope, Ala
2877 Findlay, Ohio
2870 Floyd County, Iowa
2710 Forrest
County, Miss
2867
4X
..4
3038
1938-1944
2874
Albany Port District, N. Y
1941-1950
3040
Alcorn
Alice, N. Dak
4
A lien town School
District, Pa
Alamance County, N. C
[3X
4X
Mex
Allamakee County, Iowa
Allegany, N.Y
2712
Angola, N. Y
4.00
100.16
2.23
2868
3,400
4.00
100.50
100.117
3044
100
4.50
7-100,000
1937-1945
44,000
3X
1937-1945
9,000
3.30
1941-1956
16,000
Anthon School District, Iowa
3X
Anamosa Indep. Sch. Dist, Iowa.3
1937-1951
2715
Anson, Texas
1-30 years
3042
1937-1959
22,500
2
1937-1946
3037
Ashley. Ind
.4
1938-1965
7-20,000
28,000
3038 Atchafalaya
Basin Levee Dist., La5
1*0*0*24"
1.95
100
3.50
100.199
2870
2870 Atchinson
2879
4
1950-1976
County, Kan...
Parish
...3
Sch.
Dist.,
3
2873
Belvidere, Neb
Benton County, Ten
2878 Bethlehem Sch. Dist., Pa..
2370 Beverly, Mass
100.11
1.98
3.15
100
3.75
8,000
100.512
1.33
3045
1.045
3041
101.37
3.88
2869
100.20
3.98
99.05
2.56
30,000
101.51
2868
6,000
100.271
1.16
100.19
1.71
2871
IX
1937-1946
189,000
100.63
1.38
2871
1938-1947
10,000
1940-1946
28,000
3038
105.05
3.19
40,000
..
5-19 years
1937-1946
15,000
2874
1937-1951
r12,000
124,000
1947-1951
19,000
101
3
Camas, Wash
3
15,000
4
3.00
2*91
17,700
100.106
2369
Cambridge, Idaho.
2712
Canadian Co. S. D. No. 35, Okla.3
Canandaigua, N. Y
2.35
1937-1941
8,500
2550
Canonsburg S. D., Pa
1937-1946
50,000
2867
Carmel, Calif
101.76
2.50
2.50
104.50
2714
Carroll Twp. S. D., Pa
Catawissa S. D., Pa
12,000
100
2714
3.03
2715
Centerville S. D., S. Dak
3041
Chadron, Neb
3x
2710
2716
Chatham S. D., N. J
2X
Chaves Co. S. D. No. 6, N. M ..4
Chechalis, Wash
2372
Chester, Neb
3
2870
Cherryvale S. D., Kan
Chicago Park District, 111
3X
5,000
2X
__
__5
1941
4,000
3X
1937-1966
3X
20 yrs.
30,000
19,000
1937-1950
1-15 yrs.
--2X
4
1937-1941
1947-1955
4X
(2X
2711
61.000
6,000
85.0001
\2X
1947-1960
2368 Clear Creek Co. S. D. No. 5, Colo.3X
Clearwater S. D., Neb. (2
60,000
iss.)___/3K
\3X
100
4.00
4X
--2X
1937-1945
170,000
30,000
20,000
70,600
5
1941-1948
7-4,000
1939-1955
3X
1937-1951
3.40
4X
County, Ohio.
101.289
2.64
99.50
3.55
Cuyahoga County, Ohio
Cuyahoga County, Ohio...
3045 Dayton, Ohio
?045 Dayton, Ohio
3045
Decatur, Ga
4.50
1-5 years
2878
2545
15,000
100
4.00
1938-1940
24,000
100.12
2.57
1938-1956
48,000
7*65,000
5,000
73,000
1-20 years
26,000
100
4.00
4
1937-1941
10,000
105.40
2.38
100.30
2.88
'
16,000
4X
-,-4M
330,000
1936-1940
14,000
1944-1948
600,000
1947
r30,000
4
Mansfield, Mass
2X
IX
Mansfield, Mass
1937-1951
100
3.65
107.81
3.64
125,000
100.13
100,000
45,000
7*250,000
7*275,000
85,000
4.00
4.00
1.21
100.13
2.49
100.159
2.48
fob**""
~4~.bo
100
3.25
7,500
55,000
100.01,
100.23
100
17,000
100.27
5.00
2707
Mason City S. D., Iowa
2
1938-1944
740,000
100*7625 1*82
1936-1961
20,000
1937-1946
25,000
93,500
Mechanicsburg, Ohio
3X
Merrill S. D., Mich
4
100.75
1936-1953
2,000
18,000
*3*38
100.244
4.47
2.07
<*5-10 yrs.
7-9,485
101.297
7-18,500
2715
Mobridge, S. Dak. (4 issues)
2714
1955
55,000
2541
1937-1944
Montgomery, Ala.....
1,050,000
100.31
2.08
2546
Morrill School District, Neb
8,700
100.39
3.69
2879
—
Motley County, Texas
2376 Mt. Sterling, Ohio
3038 Monroe County, Ky
2542 Montrose, Colo
113.816
3.62
100*004
3.77
100.004
3.77
100.77*
*2*35
3X
1941-1948
r25,000
108.05
2.85
1937-1941
75,000
100.27
2.47
2X
1948-1952
2,650,000
4
1937-1945
1938-1956
-4
1935-1954
42,000/
2707
Montour Indep. S. D., Iowa
2370
Muhlenberg County, Ky
2543 Muncle, Ind. (2 issues)
1939-1956
1938-1944
_.__3
Monaca, Pa
1936-1948
115.087
100.63
2X
4
172,000
2.20
22,000
4
33,000
183,000
100
4
Minocqua S. D. No. 1, Wis
2.74
1940-1957
2X
2552
100.18
Miamisburg, Ohio
2550 Middletown Twp. S. D., Pa
2878 Milwaukie, Ore
2372 Minnesota (State of)..
2*50
r5,850,000
110.677
44,900
7*15,000
3045
1957-1962
100
1937-1946
2371
3X
"""
100
10,511
2,500,000
2,500,000
2.25
2877
4
100
5,000
...
3.67
80,000
1938-1973
500,000
1937-1960
35,000
1937-1956 7-12,870,000
3.87
3.28
1937-1946
4.00
2X
2X
1.06
101.28
102.116
1937-1941
18,000
7*45,000
103.03
1956-1958
103*60*
1941-1955
1.34
2.69
County, Kan. (2 issues) .2X
2873 Maplewood S. D., Mo
3
100.833
Detroit, Mich
4
2.60
3.62
100.306
Marinette, Mich
1*0*0****
Delaware River Jt. Comm'n, N.
J.4X
Derry S. D., Pa
3
5,000
101.221
100.05
Marshall
10,000
4
300,000
1937-1941
1. 90
101.38
2544
45,000
.2X
3X
1937-1956
4
..
2872
1937-1944
3039
100
1937-1946
2878
3039 Detroit, Mich
2872
15,000
1937-1939
100
2715
2549
3039
2545
2X
Crete, Neb
3
Crosby ton S. D., Tex._
5
Crowley Co. S. D/. No. 1, Colo...4
3037 Crystal Lake, 111.'
4
1948
63,000
160,000
2378 Malakof S. D., Texas..
100
2X
2873
450,000
22,000
Louisville, Ky. (2 issues).
4
1937-1945
Louisiana (State of)
4X
1940-1960
Louisiana (Stat# of)
4X
1940-1961
Lynn, Mass
IX
1937-1941
Lynn, Mass
2X
1937-1966
Lyons Twp. H. S. D. No. 204, 111.2 X
1941-1949
Macomb County, Mich
4X <*1937-1956
Madison County, Miss
.4
1941-1957
Mahanoy City S. D., Pa
3X
1937-1965
2873
20,000
2368
1941-1952
1937-1939
25,000
7-11,510,910
2713
Crawford
65,000
<*1946-1951
4
Cooper Co. Cons. S.D. No. 3, Mo.4
Coos Co. S. D. No. 12, Ore
5
Cotton Co. S. D. No. 101, Okla
3037 Crawford County, Kan._
1940-1952
2
1937-1966
Louisville, 111...
2707
7-8,000 \
9,000J
101.639
2708
3039
70,000/
1939-1956
100.05
101.292
Loudon County, Tenn
3038
7-6,000
1937-1946
93,300
Little Silver, N. J
3
Los Angeles County Flood Control
2708
1.55
2.12
35,288
2542
33,500
7,500
100.4224
100.73
..4
Lisbon, Ohio
3037 Litchfield, 111
Dist., Calif.
5.50
8,000
300,000
2868
100
44,000
1937-1946
2378
50.000
1.99
teoo.ooo
3
2544
2.65
100.03
100.18
105.23
..4
2376
101.059
2.94
1937-1956
3X
2716 Laramie, Wyo
3X
2368 Las Animas Co. S.D. No.
72, Colo.4
2372 Laurel, Miss
4X
3.19
100.42
r375,000
160,000
20,500
6
Lake Co. S. D. No. 11, Ore
2545 Lakeview S. D. No. 3, Mich
2875 Lancaster, N. Y
2710 Lamar S. D., Mo
3.50
3.43
2.00
12,000
2
KIngport, Tenn
3.09
103.04
2X
2X
2X
Kansas City, Kan
Kaplan, La
Kearney, N. J
100.73
r37,500
rl7,336,087
1936-1940
1937-1946
4
107.46
100
65,000
IX
2878
75,000
1937-1950
1937-1947
4
County, Iowa
Kansas City, Kan
Kansas City, Kan
100
rl2,500
3X'
2380 Chippewa Falls, Wis. (2
iss.)
3
2548 Churchs Ferry, N. Dak
____4
2877 Cincinnati, Ohio
205,000
1937-1943
3X
3X
2X
Lawrence County, Ky
2715 Lincoln County, Tenn
rlOO.OOO
1938-1959
_.
2711
2
Keokuk Indep. S. D., Iowa
Kenosha, Wis
3048 Kenosha County, Wis
2551
2877
...3
1937-1951
3X
IX
4
2542
3
2.70
2375 Butler County, Ohio
2878 California S. D., Pa
2716
2,500
52,500
2880
100
4.00
1-10 years
2870
1947-1950
100
7*75,000
353,000
2.69
3
1940-1949
1937-1954
4.25
2.70
Burlington, Vt
2.74
1937-1946
100.055
Buffalo, N. Y
2.50
100.10
22,000
100
2374
2551
1,000,000
2544
0.93
100
__2
3037 Jones
100,000
100.21
68,500
187,000
6,555
2372-3040 Jones County, Miss
128,000
3.14
450,000
4
County, Kan
Johnstown, Colo
1937-1941
1937-1946
4.00
100.756
4
Jackson Twp. Sch. Twp., Ind
jlX
\1X
Cortlandt, N. Y
Corinth, Miss..
1938-1966
3.00
100
72,000
3038 Jefferson
9,000
3.63
40,000
7*20,000
__
2369 Jacksonville S. D., Ill
2874 Jamestown, N. Y
...4
Buenavista Indep. Sch. Dist., Tex.
3045 Buffalo Con. S. D. No. 4,
Okla_.4^
2877
2870
100.613
2879
3042
2543
2369
40,000
4
2546
1946-1963
100.90
4
3045
1937-1941
55,000
50,000
118,000
Broadwater Sch. Dist., Neb
Bruckton, Mass. (2 issues)..
2710
1
RoadDists., Tex
Hobbs S. D., N. Mex
50,000
3045 Continental, Ohio
2708 Conway Springs S. D., Kan
2869 Cook County, 111
r30,000
2X
2%
Holton, Kan
Howard Co., Ind...
Hull, Iowa
Hutchinson, Kan
Ironton, Ohio
Irvington, N. J
29,000
Colfax Co. S. D. No. 24, N. M
Conneaut, Ohio
27,500
1937-1951
3.83
1938-1955
101.75
100
25 years
3X
104.20*
1937-1941
Brewster, Wash
3042
30,000
1941-1960
20,000
22,292
3,815,000
Cllffside Park, N. J
2714 Clifton Heights, Pa._._._
18,000
1937-1946
Hildreth, Neb
1937-1961
3041
r200,000
1939-1947
3X
2710 Hill Co. S. D. No.
19, Mont.....4
1937-1957
2546
1937-1949
3.15
2715 Hill Co.
1937-1941
3037
2549
4X
Heidelberg Twp. S. D., Pa
Hempstead, N. Y
1937-1965
Clay Center S. D., Neb
2714 Clairton S. D., Pa. (2 iss.)
15,000
100.03
169,000
4
Bloomsbury School District, N. J.4
Bonham, Texas
4
2546
1936-1945
1936-1940
Haziehurst S. D., Miss
IX
Clark Twp., N. J._
4
4
3.00
1937-1961
2710
2711
4
2372
IX
Brookllne, Mass. (2 issues)
2552 Brooklyn, Wis
2878 Brookville, Pa
34,000
102,000
4.00
3X <*1941-1956
2708
7*50,000
3
2708
1.06
1938-1947
Harmony S. D., Minn
2373
1.67
100.559
60,000
2872
2546
100.1599
30,000
91,000
Agr.
Haddon Heights, N. J
3042 Hamburg, N. Y
2715 Hamblen Co., Tenn
2547
6.00
2.83
4*75
1937-1941
100
100
5~bo
101.26
1*0*1*""
1937-1951
S. D. No. 1, Mich
2550
101.25
100
1*0*0* ~*
1937-1945
3X-3X
issues)
Twp. Rural
4.11
3.10
12,000
IX-
Grand Rapids
Twp., Mich.
2545 Granville S.
D., Mich...
2372 Grenada, Miss. (2
3.70
104.32
101.137
55,000
1.70
Gloucester, Mass
Goldsboro, N. C
100.50
15,000
15,000
25,000
/6
\5
Hardwick, Vt
3036 Hartford, Conn
100.701
1937-1942
100
1937-1949
4
2379
3037
.
2879
767,000
20,000
4%
65,000
17,000
28,000
1944-1950
Boston Metropolitan Dist.,
Mass.2X
Bourbon ounty, Kan
2
2712
Gillette, Wyo. (2 issues)
Pointe
1937-1948
1938-1965
404,000
..
2378
2371
2.86
Y.oe
6,000
2,400
3047 Hickman Co., Tenn
Balnville, Mont
4
Bay Springs Sch. Dist., Miss.....
3037 Beaver Township, Ind
4 X
2874 Bedford U. F. S. D. No. 7, N.
Y..3X
2873
101.00
1938-1949
1937-1956
6
3040
i
2546
1*00*36*
45,000
1-10 years
2546
2708
100
La.
(3 issues)
2714 Baden, Pa
2879
55,000
10,000
Austin, Texas
2544 Avoyelles
7-15.000
25,000
286,000
3
Garfield Co. S. D., Colo..
Gate City, Va
2545 Grosse
7,000
1937-1959
2X
2872
3.28
31,000
.4.10
2708
Amherst 8. D. No. 14, N. Y
Arkansas City, Kan
2707
2871
5.12
42,000
47,000
4
2874 Glens Falls, N. Y
3.80
118,000
1937-1946
.2
100
410,000
15,000
4X
2711
2869
100
108,000
1949-1960
2880
Almira, Wash
2711 Alamagorda, N.
12,000
1-10 years
1937-1948
97*40*
6,500
1946
1938-1952
.5
Gallon Twp. S. D., Mich
2544 Garfield S.
D., Kan
55,000
1939-1955
2
/4
2.45
1937-1961
Framingham, Mass
2880
2.83
103.62*
4.
2872
2552
10*1*84*
30,000
59,000
3X
4X
3X
2368
3.84
10,957
74,000
7*18,800
1937-1951
2X
Fort Smith Spec. S.
D., Ark
Frankfort, Ind
100.60
1937-1961
(3X
\2X
3035
30,000
3046
2.22
2X
Ephraim, Utah
2376
1937-1942
3044
100.53
2879
2711
4
Alachua Co. Special Tax Sch. Dist.
No. 10, Fla
4
2548
3.18
7*37,800
250,000
4.00
2.93
100.623
75,000
10 years
100
102.83
"3*16
1938-1953
1937-1946
3.95
60,000
2*58
100.609
4
4
100.57
1941
3.00
100.18"
2
493,000
...2 X
100
450,000
Enid S. D., Okla
2869
30,000
1936-1951
Ephrata S. D., Pa
1941-1960
4X
150,000
Basis
103.65
3045
4
2X
Price
18,000
15,000
r48,000
360,000
„.3X
Frederick, Colo
2877 Frankfort, Ohio
County, Miss
Allegany County, Md...
1937-1956
Amount
2878
$2,700
2871
-
2707
1937-1941
2542
Maturity
3
__4
2546
2869
Basis
Price
BONDS
Dealer Markets
1937-1949
5
1939-1966
3X
5
3X
4X
100.6199
2.46
36.000
103.41
3.25
55.0001
100.773
10,0001
100.894
3.88
100.15
2.98
7,000/
26,000
843,000
783,000
1938-1951
14,000
100
5.00
1937-1961
25,000
100.105
3.24
60,000
101.28
4
1937-1951
3
1937-1955
24,900
102*55"
*2*74
/3
1942-1959
180,000
1*00.075
IIII
\3
1942-1954
125,000
100.04
4X
55,000
36,374
Financial
3212
Rate
2K
Iowa-2%
5)4
Name
Page
3037 Nashua, Iowa
2543 Nashua Indep. Sch. Dist.,
3044 Nekoma, N. Dak
2544
Neosho
County, Kan
2546 Nettleton School District,
Miss—4
3040
Newcomerstown, Ohio
3
New Philadelphia, Ohio (2 issues). —
Newton Falls, Ohio
4)4
North Dansvllle, N. Y—*_
2.40
Notus, Idaho
—6
Olyphant, Pa
3K
Oneida, N. Y
2.60
Onida, S. Dak—
4
Ontario, Ore
*K
Onslaw Indep. Sch. Dist., Iowa—2%
Orange, N. J
3K
Orange, Va
3K
Orangeburg County, S. C
3K
Oregon S. D., Mo
3K
2716
Osceola School District,
3045
3045
2549
3043
2542
2878
2374
2378
3045
2543
2547
3047
2551
-
-
3K
1941-1965
1937-1951
J3
-
\3K
2541
Palos Verdes Sch. Dist., Calif
2378
Pampa Indep. Sch. Dist., Texas._4
Paris, Ky
4
Park City Sch. Dist., Utah
Parsons, Kan
Patriot (Town) & Posey Twp. Con.
School District, Ind
4
2370
2707
3043
-
3 )4
3K
111
2869 Pambroke
—(4^
1940-1957
\4K
2
1941-1961
1939-1946
S. Dak„„
Cons. Sch. Dist. No. 4,
2%
2.90
-3)4
1.70
Y
2%
—.4
2K
2K
3037 Red Oak S. D., Iowa
2866 Reconstruction Finance Corp
2710 Red Wing S. D., Minn
2875 Rensselaer, N. Y
-
2K
—3
4
4K
3K-4K
1}I
3044 Randolph County, N. C
3044 Randolph County, N. C
2550 Rhode Island (State of)
2K
2542
Riverton Twp. S. D., Iowa
Riverview S. D., Fla
2873
Richland Drainage Dist., Mo
2879
Richford, Vt
—6
6
3
.3)4
3)4
2878 Saegertown S. D., Pa
2370 Sabetha, Kan
/4
\2%
2868 Sacramento, Calif
Sachse S. D., Tex
Sacramento Co. S. D., Calif
2545 St. Joseph S. D., Mich
2372 St. Paul, Minn
3
4
2K
2)4
2710 Scribner S. D., Neb3042 Secaucus, N. J
Sedgwick County, Kan
Seymour, Conn
2548
Siler
City, N. C
J5
-
—
1937-1944
1937-1941
1936-1945
1938-1939
1940-1946
1940
1937-1943
1938-1947
1938-1946
1936-1958
1945
1937-1947
1948-1966
2545
3)4
4
2%
-
South Haven, Mich
2714 South Williamsport S. D., Pa
3043
Springport,
Fleming,
Aurelius,
Ledyard & Scipio Central S. D.
No. 1, N. Y
3.10
Stillwater County, Mont—
2880 Tacoma, Wash
3048 Tacoma, Wash
2707
Terre Haute, Ind
2549
Toledo, Ore
2549
Toledo, Ohio (2 issues)
3045 Toledo, Ohio
municipalities from agencies of the Federal Government,
101.52
4
1)4
---
4
2H
4
Tyler S. D., Tex
2549 Uhrichsville, Ohio
3040 Union Twp. Drain. Dist., Mo
3048 Uinta County S. D. No. 1, Wyo
101.818
1100.049 3.10
-.
101.30
101.80
3.39
100.225
3.18
%
5.16
96.037
4.41
100.195
2.18
102.333
2~30
100.28
2.88
100.161
3.48
100.035
1.69
1937-1940
2-10 yrs.
1938-1951
1956
-
1938-1947
1938-1951
1937-1949
1938-1951
5 years
1938-1946
1939-1968
1938-1960
1937-1942
1943
-
[2)4
2
.2)4
West Elkton Village S. D., Ohio.
Westville S. D., Okla
2552
Wast Virginia (State of)
2552
West Virginia (State
2550
Wilkes-Barre, Pa.
of)
3037 Williamsburg S. D., Iowa
2548
Williamsville, N. Y.
3047
Windsor County, Vt
2545
Winthrop, Mass
2872
Worcester, Mass
2)4
(2 issues) ..[1)4
\4K
Wilmerding S. D., Pa
2869 White River Sch. Twp., Ind
2549 Willoughby, Ohio
2874 West Paterson, N. J
2878
6
2)4
3)4
2)4
2%
4
--4)4
-.4)4
2)4
2
IK
1940-1944
1937-1946
1937-1965
1941-1946
15 years
1945-1960
1936-1944
1937-1946
1937-1956
1940-1947
Page
Name
3045 Doylestown, Ohio:
Price
Basis
following additional sales for
Rate
4
Neb
Maturity
Amount
1937-1944
2542 Kinmundy Twp., 111.
10,000
100
4.50
¥66
12,500
6
1955
25,000
ioo"
___3
1956
10,000
101
S. D.,
(Feb.)
additional
These
(except
March
(not including temporary
month $129,015,023.
DEBENTURES
SOLD
BY
as
issues
indicated)
will
make
are
the
for March.
total
sales
RFC and PWA loans) for that
or
CANADIAN
Name
Page
3~.59
r5,000
1-10 yrs.
4)4
3047 Rhea County, Tenn
Twp.,
4.00
1937-1945
100.80
101.25
2713 Ozark Cons. S. D. No. 6, Okla
2550 West Chillisquaque
Basis
100
12,000'
4
(Feb.)
Price
$4,000
3
Rate
MUNICIPALITIES
Maturity
Amount
*$25,000,000
IN
APRIL
Price
Basis
*30,000,000
_
1-10 yrs.
200.000
lbb".52~
20 years
64,000
100,000
99.77
2380 Halifax, N. S
3
1.05
3048 Moncton, N. B
101.26
2.57
2380 Oxford County, Ont
3)4
2
2380 St. John, N. B
3)4
IOO" 577
¥ 14
2716 Stratford, Ont
4)4
1946
100
2.25
2552
4)4
1-20 yrs.
3)4
10 years
30,000
50,000
15,000
125,331
Total long-term Canadian debs, sold in April..
2~ 92
$584,331
Trafalgar Twp., Ont
2380 Wentworth County, Ont--.
100.11
2.96
100
4.00
100
100.45"'
1.15
Page
100.25
2.18
2715 Puerto Rico (Govt, of)
100
2.39
103.13
3.04
105.67
3.80
104.23
101.79
3" 15
2~ 64
101.122
1943
6.00
102"""
9 months
4.25
*
Temporary loan; not included in total for month.
UNITED
100.20
STATES
POSSESSION
Name
Rate
3
BONDS
ISSUED
Maturity
1946-1975
IN APRIL
Amount
Price
$<*75,000
97.30
Basis
3.32
News Items
3.47
100.304
2.91
100
3.75
100.34
100.83
¥.67
101.04
3.34
100.289
2.64
100.28
2.15
100
4.00
100.23
2.98
100
2.25
Idaho—Supreme Court Approves Sales Tax Law—The
State Supreme Court approved on May 1 the general pro¬
visions of the Idaho 2% sales tax law but paved the way for
a referendum on the Act in the November election, according
to Associated Press dispatches from Boise on that date.
It
is said that the Court's action insured operation of the
law—-which has produced $1,300,000 for relief in 13 months—
at least until the general election.
Minnesota— Corporate
Excess Tax Ruled Invalid—In one
important decisions in recent years, the State
Supreme Court ruled invalid the Minnesota corporate excess
tax law, according to recent St. Paul news advices.
Six
of the seven justices are said to have concurred in the opinion,
which affirmed an earlier ruling by a Hennepin County
court, and affects hundrdes of corporations in the State.
Justice Julius J. Olson wrote the majority opinion, which
holds the 50-year old statute obsolete because later laws
have repealed it.
An involved business, legal and political
controversy has raged over this 1878 statute since the State
Administration set to work to enforce ts Operation.
of its
104.776
2.97
100.01
101.179
2.36
100.768
100
4" 00
100.70
3.63
100"~~
3~0b
100.01
3.09
103~429
3~27
100.64
95.88
5".bo
100
4.00
100
4.00
100.26
1.16
100.26
100.016
2.74
100
4.00
100.16
3K
100.13
1.85
100.251
1.43
100
3.25
99.625
3.51
101.61
2.31
100.87
2.10
100.17
1.97
most
New
Jersey—Governor Signs Bill Returning Relief to Cities
administering and financing emer¬
gency relief to municipalities was formally approved on May 4
as a special legislative committee of Republicans was named
to consider various tax proposals as a means of raising funds.
Governor Hoffman signed the Loizeaux bill, returning relief
to local control and creating a State Commission to allocate
any funds, but none thus far have been provided by the
Legislature.
At the same time he vetoed another Loizeaux
measure,
abolishing the present State emergency relief
council on the ground it would ' 'result in an intolerable con¬
dition" if wiped out immediately.
We quote in part as follows from a Trenton dispatch to the
New York "Herald Tribune" of May 5, dealing with the
—Return of the problem of
Governor's action:
The special committee named to study the various tax measures such as
sales, income, luxury and franchise levies, is to report its findings to a joint
caucus of the Republican members on Wednesday afternoon.
The caucus
will determine what action shall be taken at a session Wednesday night, but
there appears little possibility of any definite action, with the munici¬
palities shifting for themselves until after the primary election May 19.
100.576
Members of
2.38
2.38
100.89
2.10
100.75
3.42
4.25
29,000
100
1937-1940
24,600
100
4.25
1939-1964
300,000
36,000
46,200
3,000
50,000
100,000
250,000
100.361
2.72
1941-1950
1941
1937-1956
1937-1951
1937-1941
Amount
100.487
750,000
798,000
150,000
15,000
25,000
200,000
715,000
r87,000
55,000
70,000
790,000
12,000
30,000
715,000
79,900
7,700
10,000
150,000
3,000
10,000
768,000
432,000
200,000
47,000
Maturity
$42,000
of)
3048 Canada (Dominion of)
7100,000
350,000
55,000
95,000
for
12,
2880 Canada (Dominion
3.08
1937-1949
1937-1949
reasons
previous months:
Pa.
100.22
1937-i940
....3)4
2549
No.
D.
2543 Jackson School Twp., Ind
3.05
Washington Co. S.D. No. 3, Colo.4^
1940-1955
Suburban
Sanitary
Dist., Md.
—3)4 <21966-1986
3040 Wayne County, Miss
6
1936-1959
2708 Webster County, Iowa (2 issues).[2)4
1942-1948
2713
Rate
S.
(March)
2546 Hebron,
2.63
2368
2377 West Chester S. D., Pa
Ind.
We give the
same.
in which
our paper
We have also learned of the
....
104.56
—
Westfield, Mass
2551 Waxahachie
Refunding bonds.
r
totals for the previous
be found.
Name
Page
Texas
2544 Washington
2871
number of the issue of
these eliminations may
101.017
our
page
100.576
2869
Ware Con. S. D., Iowa
items included in
months should be eliminated from the
774,000
59,000
21,000
27,000
1)4
Virginia S. D., Idaho
3044 Walhalla S. D., N. Dak
$101,987,654
call in and during the earlier years and to mature in the later yeari
including $93,850,100 temporary loans or funds obtained by States and
3.23
1937-1956
1937-1947
1937-1945
1.90
Valley Stream, N. Y
Buren County, Iowa
ing 384 separate issues)
2.94
100.17
33,000
J4
Torrlngton, Conn
Truman S. D., Minn
Total bond sales for April (341 municipalities, cover¬
The following
100.53
719,000
2368 Tunnell Hill S. D., Ga
3037
k Not
2.63
1-10 yrs.
1937-1951
7100,000
780,000
6,500
50,000
3,200
225,000
297,000
20,000
450,000
17,500
750,000
\4
2369
4.46
101.02
3,020,0001
1940-1949
3
-3.10
3)4-3K
3)4
3)4.
1)4
3045 Temple S. D., Okla
2378 Tennessee (State of)
3043
2.59
71,647,000/
1938-1948
Sugar Creek Sch. Twp., Ind
Sullivan Centralized S. D., Ohio__4^
2379
1936-1964
3.58
3.22
d Subject to
279,700
120,000
154,000
107,000
Strasburg, Ohio
2546
1936-1960
102,000
2543
2542
1937-1955
3.10
98.33
39,0001
62,000/
165,000
2376
2713
1938-1942
3.30
3.10
33,000
300,000
66,000
117,500
155,000
28,000
9,000
25,000
72,000
80,000
75,000
200,000
765,000
5,183,700
7100,000
10,000
25,000
715,000
767,000
500,000
7,000
3,500
33,000
25,000
14,000
25,000
1950-1956
100.02
230,000
175,000 ^ 100.046
37,000
159,000
144,000
101.55*
110,000
45,000
3H
2546
3.30
100.000
1939-1949
50,000
1.95
100.399
550,0001
2.35
7550,000 1I 93.299
128,000 j
1939-1963
-
30,000
28,000
4.35
100,000
85,000
85,000
48,000
15,000
40,000
45,000
1951
1937-1956
1-16 yrs.
Basis
Price
50,0001
100.197
85,900
14,000
.2)4
3
4
3%
2715 State College S. D., Pa
1938-1956
3
2712 Yonkers, N. Y. (7 issues).
10,995
13,000
\3K
Stanly Co., N. C. (2 issues)
1947-1948
2-19 years
1943-1946
Amount
100.27
50,000
48,000
75,000
22,000
(3%
*
2548
1939-1944
100.777
8,000
6,000
\5 X
2715 Sioux Falls, S. Dak
Rate
2552 Yakima, Wash
1939-1955
San Bernardino County, Calif-—-4
3036 San Mateo County S. D., Calif—3
2368
1937-1946
3K
2K & 3
2%
.3)4
2710 St. Louis, Mo. (2 issues)
3038
1937-1940
1936-1951
1937-1945
1937-1960
1937-1949
—J 2)4
1951-1956
\2H
1952
2.20 1937-1946
St. Clair County, Mich
2546 St. Joseph, Mo
2709
2541
1937-1945
—
2548 Renville County, N. Dak
2706
1939-1956
1939
1938-1955
1937-1946
1936-1959
1943-1950
1937-1946
—
Colo—4
2378 Putnam School District, Texas—4
2709 Quincy, Mass
1K
2368 Pueblo Co. S. D. No. 4,
3048 Racine, Wis
2552 Raleigh County, Ya
2546 Ramsey County, Minn
Maturity
1942-1947
N. Y. (3 iss.).-2
[3.30
2876 Wyoming County,
All of the above sales
Piscataway Township, N. J
4
2373 Plainfield, N. J
2K
2877 Portland School District, N. Dak
2875 Poughkeepsie, N.
2542 Preemption, 111.
[2
Page
4.00
721,000
—
2874
2714 Port of Portland, Ore
Name
3.30
100
•
4
2712 Porter, N. Y
2376 Portsmouth, Ohio
May 9, 1936
2.48
2.65
101.07
18,000
1937-1966
10 years
Mo
2378
1-15 years
1943-1955
-4H
111
Township,
2372 Pike Co.
2707
——
Chronicle
(2
100.21
100.90
& Darien
2547 Perth Amboy, N.J. (2 issues)
2715 Pierre,
Amount
23,000
40,000
3,000
20,000
32,000
8,000
25,200
r8,000
25,000
6,800
215,000
121,000
9,100
r26,000
22,000
7135,000
750,000
190,000
42,000
22,000
<2503,000
57,000
20,000
Basis
16,500
1936-1955
Twp. U. F.
School District No. 7, N. Y
3.20
Pembroke
1952-1955
—
3046 Penn, Pa
2542 Pecatomica,
1939-1952
1936-1965
1937-1961
1940-1950
1937-1951
1937-1946
1947-1966
1944-1953
20 years
1937-1951
2714 Oswego, Ore
2379
1938-1947
1937-1951
1938-1945
1937-1946
Wis——3^
3048 Oshkosh, Wis
3038
Maturity
1938-1955
1938-1956
1938-1952
1937-1940
Price
100.013
100
4.50
ments of which it
result
100.22"
in
an
now
has
intolerable
custody, approval of this bill would immediately
under which the State would find it
condition
¥.47
difficult to settle with creditors of the emergency relief administration and
would be subjected to heavy losses of money, equipment and valuable
1~14
records."
100.52
100.58
Committee
The members of the committee are Senators John C. Barbour. Albert
Burling, Lester H. Glee, Frank Durand, Elmer King and Charles E.
Loizeaux, and Assemblymen William P. Howe, Charles E. Jackson,
Dr. Marcus W. Newcomb, H. Rivington Pyne, I. Grnat Scott and Henry
Young.
In vetoing the Loizeaux measure, Governor Hoffman asserted that "in
the absence of any provisions in the bill itself, or in a Companion measure,
for the orderly liquidation of the affairs of the emergency relief administra¬
tion and the conservation of the assets of the State and Federal govern¬
Volume
__
Financial
142
citrs 90.000 Bills
#
were some 90,000 bills outstanding,
involving over
Governor said the Loizeaux measure would give the relief
administration "no opportunity properly to terminate its relationships with
the various municipalities of tne State and to make final accountings in
order to relieve the State from further
responsibility for municipal funds.
The Legislature has made no
provision for the administration of the Federal
funds of which the
emergency relief administration is at present the custodian.
Governor
Signs Bond Refunding Extension Bill—Governor
measure extending until
July 1, 1937, the right of municipalities to refund outstanding indebtedness, according to an Associated Press dispatch
from Trenton on May 5.
The measure, introduced by
Assemblyman Edwin G. Scovel of Camden, would continue
privileges given Mnicipalities in an Act of the 1934 Legis~
lature. Without this extender the refunding privileges would
have expired July 1, this year. Refunding bonds with matun ties up to 45 years may be issued, it is said.
Hoffman has signed a legislative
New York City—Final
Computation on Collection of Real
Estate Taxes—Comptroller Frank J. Taylor's final computation of figures for real estate taxes collected up to the close
of business on May 1, when the penalty period for delinquents
began, showed, when announced on May 2, that the totals,
so
far, this year, as compared with the similar period in
1935, were $21,094,830 ahead.
"This
is
this year, to date, amounted to $209,411,121.64 while
record
collection,"
Comptroller Taylor, "one of the
heaviest we have had in several years,
it is a natural outcome of the
upward swing in city values which began to be particularly noticeable, in
the early part of 1935, when the financial condition of the municipality
began to show a pronounced betterment over the near panic period which
assailed us in 1932, and led to the bankers'agreement, the year following.
"It would seem to indicate that times, in general, are becoming better,
that more money is in circulation, and, as a result, taxpayers are in a
a
^Comptroller
said
issuecTa'repor^showing'a^tabuiation
Taylor
comparing the collections
on
by boroughs,
first and second half levy of
account of the
yparstfiret and Becond ha" °f the 1935
to May 1 °'the re"
MMtartfc
sllSsi.osfoo
$23?OT5,6lfs&
Bronx-
spect'ive
a count of 130 to 14.
o-finernl pWtirvn in Nn-uprnLpr
19,214,983.84
2,050,795.79
19 822 924 39
3*402
KichmondVAIIIIIIIIIIIIIIIIIIIIIII
Total 2d half
I
.
Grand total
/
2!278,528!43
$34,887,458.04
eorm
mi
*■"
$9M44?6C
Bronx
16,393,577.14
1,677,349.21
Brooklyn
Queens.
30,740,915.13
lhe Assembly also approved the Dunnigan bill
appronriatinp' $35 000 000 of thp $55 000 000 hrvnrl is«no
vnted
^00,UUU,UUU 01 tne $DD,UUU,UUU DOnCL ISSUe, Voted
last tall, tor reimbursements to localities for relief expendltures and the bill Was forwarded to the Governor for
signing.
It also passed
17,732,864.42
3,500,987.22
484,116.69
two!
2,065,216.61
«7wr
hoif
icf
xotai
isc nan
.
.
ion
ni
«qo
&io/,3// ,i»u.ui
lotal 2d nali.
177
oioin
®ioo
oic
nn,
ca
$188,316,291.52
The total collections for account of the first half of the 1936 levy amount
to
76.96% of the first half levy and first half collections on account of the
1935 levy amount to 67.06% of the levy.
The amount received, on account of the 1936 taxes, on the last day to
pay without incurring penalty, was $14,912,973.81.
The amount collected
on May l, 1935 for account of the 1935 levy was $13,559,590.90.
City Collector William Reid said the crowds which flocked to pay taxes,
at the various branches of his bureau, scattered throughout the
boroughs,
were among the largest seen in years.
In Brooklyn, where Charles J.
H°Pn is
deputy, four additional windows were opened, in the big
office
on the ground floor
of the Municipal Building, making 13 lines,
accommodating as high as 1,000 taxpayers at a time, in the closing hours of
Big crowds also appeared at the Long Island City branch, in
Court House Square, where Bernard H. Fee was in charge of a hard pressed
again,
Defeats Real Estate Taxation Limitation—The
Senate judiciary Committee on May 6 voted down a concurrent resolution
proposing an amendment to the State
Constitution, which would have limited taxation of real
estate to \%% of the assessed valuation, according to
Albany advices.
This measure had been the subject of considerable controversy during the course of the session, being
warmly defended by real estate interests and rejected by
municipal bond groups and other civic associations,
Child Labor Amendment Defeated—On the same day the
said committee defeated the bill of Senator
Byrne, Democrat,
of
Albany, providing for ratification of the Federal Child
Amendment. A similar measure, sponsored by
Assemblyman Andrews, Democrat, of New York, is in the
Labor
RulPo Onmmittftp in tho A^ruhlv
f1
Andrews is sold
n
«
r>-n
„
t>
to
move
j
to,
get it Out.
ri
j
±
Constitution Convention Bill Fassed—lne feenate passed
and sent to Governor Lehman the bill of
Assemblyman Hall,
Republican, of Nassau, providing for submission
voters at the November election
the
to
the question of whether
a
constitutional convention shall be held in 1938.
Pennsylvania—Governor Asks Legislature for $80,618,000
.
Taxes—An Associated Press
m
dispatch from Harrisburg
levies:
on
/
assure a sP^y
jn his message to the first special session of his 18-month-old
administraGovernor Earle offered a seven-point tax program to
provide the
money.
His proposals and their estimated yield were:
A 4% increase—to 10%—in the corporate net income tax.
tion.
$10,150,000.
°?G cent defease in the gasoline tax to 5 cents
Three mills
a
gallon, $12,000,000.
personal property tax and ending exemptions on
securities of corporations paying a capital stock or franchise
tax, $40,000,000.
Graduated license tax on chain stores, based upon the number of stores in
each organization, $3,000,000.
Ten per cent tax on liquors sold at State stores, $7,500,000.
Excise tax on sale of eleccrical energy, both wholeslae and
retail,
$5,000,000.
Increased license fees on heavier trucks and trailers, $10,150,000.
„
increase in
.
..
nnrt
.
r»
**-
^
•
•
i
«
United States—SEC Report on Municipal
_Thfi
0
following
is
the
text
of
Relpasp
No
Readjustments
fi40
from
the
A^e ioiiowing is tne text or Aeiease_LN o. D1U irom the
Securities and Exchange Commission,
Washington, D. C.,
dealing with the Protective Committee Study on Municipal
pQQrlinofmnnfa.
rteaajUStmentS.
SFnrrrcTTTFS
ANrn
EvpitAi\rmr
pommtqqtov
SECURITIES AND EXCHANGE COMMISSION
Protective Committee Study
About $10,000,000 reached the Collector, through the mails, after busihad closed for the day.
Such checks postmarked before midnight.
Report
Municipal Readjustments
i940,
Erf en sinn
extension
fitv
VAty
on
The report contains the following general recommendations:
That the Commission approves the extension to Jan.
1,
accepted without penalty.
Ynrlc
iorK
hut Mr
uommittee^ in tne^ AS&emDiy, out ivir. Andrews IS said.
,
to have given no indication that he Will
ness
New
New
issue
Committee
of receivers.
were
new
tion to carry the State's share of the relief burden
through
Feb. 1, next, when the Legislature will be in session
the rush.
crew
making $15,000,000 of the
Administration to use the moneys immediately after election
and forestalling the necessity of the $10,000,000
appropria-
ki
$3U,y3y,iii.5i
3U,y3y,in.5l
,
Grand total
a measure
immediately available, thus making it possible for the Relief
)<8aSgreemeSt.liday " "P°"tlCS a"d P°"tiCal conside:'ation" to
?14,156mlf"
4,625,245.59
Richmond
at the
Governor George H. Earle called on the Legislature tonight to provide
$80,618,000 for "necessary expenditures" in the next eight months, and
101
$209,411,121.64
Manhattan!
on
.
May.4 reported as follows oiTGovernor Earle's request to the
special^session of the Legislature to provide revenues of over
$>80,000,000 through the imposition of new or increased tax
' 458,'675^55
$174,523,663.60
34,887,458.04
Total 1st half
~
87o'?5
It will be voted
general election in November.
..
QuSnsyn"
3213
passed by
Noting that there
$4,500,000, the
The collections,
Chronicle
nf
OJ
Emernenm
umeigency
Tnrinn
A nth-
I axing
AUtfl-
of the
Sumner-Wilcox Act dealing with municipal debt readjustments.
2.
That the Sumner-Wilcox Act, if sustained in a case
now
ority Approved by Governor—I he city S emergency relief tax-
fore the Supreme Court, be amended to aid municipalities
ing
pending be-
""JfandhpracdtteS
which would have expired July 1 this
power,
extended until
was
signed
A1,
j
year, was
July 1, 1937, under the ±>rowneil bill, which
May 4 by Governor Lehman, according to
on
•
nn
i
mi
i
,
■»»
T
^
Albany advices, llie bill, requested by Mayor La Guardia,
city's emergency taxing authority first granted
by the Legislature in 1934, and under which about $60,000,000 a year has been raised for unemployment relief by
the imposition of the 2% retail sales tax and the special
public Utility and business excise taxes.
The Governor on May 4 also signed the Brownell bill providmg for the payment of 1937 and 1938 New York City real
estate taxes in qual semi-annual instalments.
A law was
^
enacted last year providing for quarterly instalments, but
under the new bill the quarterly instalment law will not
extends the
,,,,
i
.
ce
become
j
ertective
«T
New
York
/y
lJoo.
_
Governor
Halts
Security Bill—Governor Lehman, in
Obtain
nnocorvn
Ol
passage
succeeded
Lie
Ills
rrhfrvrdnf
j.
eiglltpomt
a
i
j
•
.
r\
Adjournment Over
desperate effort to
cAonyi+vr
n^m.n
m
social security program,
May 5 in temporarily blocking final adjournLegislature, pending Assembly action on
security bill, which passed the Senate unanimously
on
ment of the 1936
the
nn
on
new
Mnv 4
fleenrfHtio' to n
from Alhfrnv
May 4, accoramg to a Hisnflteh irom AIDany on tlm
aispatcn
Oil tne
Mr. Lehman
S
action IS said to have come to
Republican-controlled Assembly passed
^itVi
Otn.
light alter the
resolution early on
May 5 setting the final adjournment date at noon on May 8.
The resolution was sent to the Senate immediately, where
connection
.
.
^
,
_
municipal
.
.
,
debt
,
.
.
,
study and investigation revealed:
opmtinT^thoutsu^rvTliom h^e rader'ttalTabsoiutedomirnSnSuions
of dollars worth of securities over which the
owners for practical purposes
2.
Bondholders who do not deposit with municipal protective committees
are, as a rule, as much subject to the dominance of the committees as those
^Sn^the JLrgSizauSn pMd lRtie pr'ospeST?Su2fX the£
investment,
monopoly
over the municipal debt readjustment situation due to their
domination over protective committees and their control over the lists of
names
4.
and addresses of the scattered bondholders.
Control
means
of the municipal protective committees by these banking
not only that they have control over the profitable business
patronage which committees dispense, but also that they are in an effective
position to protect themselves against any fraud claims which the bond-
holders may have against them.
5. Despite the fact that municipal protective committee members are
fiduciaries, they are the sole arbiters of the worth of their own services and
the propriety of their expenditure of the bondholders'
money.
No
proper
^^i4gt^^afSB^tothebel'e'iciarlesotthetru8tismadeunder
The Securities and Exchange Commission transmitted to the Congress
its report on protective and reorganization committees for municipal and
quasi-municipal obligations.
This is part of the general study of protective
and reorganization committees inaugurated by the Commission in
a
a
T
i
t
TV,,•
i;'„
Ml
Senator John J. Dunnigan, the majority leader, in line with
the Governor's wishes, had it referred to the Finance Comm;,+nn
rPliAtiA • j
Ml
'
+ nn+il
tli£i
Ac-comKlir ontc
mittee.
lhere it Will rest until the Assembly acts again on
the security program.
with
The Commission concluded that control over municipal protective cornmittees should be directed primarily at the following conditions which
the
houses
n-
„
in
ess®?ti^l,-
moo
alter
Slate
xi'.i
„
•i
until
o-*.
xri
•, •
mittees
and their cred-
of protective comreadjustments is absolutely
October
gfifugatVon0 wl" hSdS'byEoSSSit^0wmL
Douglas, who
was
then Director of the Protective Committee Study.
o.
Col-
laborating with him on the municipal report were Abe Fortas, Assistant
Director, and Professor George II. Dession of the Yale Law School, expert
the law of municipal corporations.
0u
but refused to act on another JLehman pro-
The report is based upon testimony taken at public hearings before the
Connnission (including committees for the bonds of Coral Gables, Florida,
Asbury Park, N. J.), upon questionnaire returns filed by numerous
municipal protective committees, upon an exhaustive study of existing
legislation, judicial decisions, and all other available material on the subject
of municipal debt and municipal debt readjustment.
In its report the Commission emphasizes the importance of the problem
of more adequate control over municipal protective committees by pointing
t0 the magnitude of the municipal debt.
The current estimates place the
aggregate amount of municipal indebtedness of taxing districts (including
^anbnrlich f1]^1
aaimmediate appropriation of $10,000,000 for relief needs. The bond issue is said to have been
g^%ntofo%^a\h^p?StewtW«o!mooo!«S«ofti&g
outstanding.
L>
nnn nnn
fm $oU,UUU,UUU
Relief
neiiej
Rnnrf
llona
Tune
issue
Pniierl
rassea
A«s
AS
hnrl
naa
hocm
Deen
oy
ex-
pected, the Assembly passed the bill authorizing the subrniccirm r»f a ^0 000 OOO
mission Ot n flcSU,UUU,UUU
next
election,
rolipf bond i<?<3UP t.n
reiiei Dona issue IO flip tippivIp at flip
tne people of tne
an^
ness
Financial
3214
The Commission reviews in great
detail all phases of the readjustment
involved in dealing with municipal debt
process
default.
The history of
municipal defaults is set forth, the various legal procedures are discussed,
and the various collection methods are presented in detail.
The Commis¬
sion further develops the weaknesses in present methods for enforcing
claims of creditors against municipal or quasi-municipal debtors.
The Commission states that there are in general two steps which should
be taken.
The first involves Sections 78-80 of the Bankruptcy Act.
normally referred to as the Sumner-Wilcox Act.
That
May 24, 1936.
The Commission states: "We believe
statute expires
that efficiency,
economy and fairness of municipal debt readjustments will be promoted
by extension of Sections 78-80 of the Bankruptcy Act, as proposed in a bill
now pending before the Senate of the United States."
The report, how¬
ever, indicates that further amendment of these sections is necessary if
adequate handling of the municipal debt problem is to result.
The Com¬
mission recommends that a
municipality or other taxing district should be
permitted to file under the Bankruptcy Act, without the necessity of simul¬
taneously proposing a plan approved by any of its creditors.
The present
requirement is that a plan must be presented having the consent of 30%
of its creditors in case of drainage, irrigation, reclamation and levee dis¬
tricts and of 51% in case of other taxing districts.
It is felt that the diffi¬
culty of obtaining these percentages unavoidably delays municipalities in
moving towards an early readjustment of their financial difficulties.
The
Commission feels,
moreover,
that once the bankruptcy court has taken
jurisdiction in the cause it should have the power to stay "other procedures
by the creditors" to the end that resources and energy of the debtor will not
be expended in costly and long-drawn-out litigation, as in recent years.
By making the bankruptcy machinery more readily accessible to municipal
debtors, the Commission realizes that these debtors may have undue advan¬
tage over municipal
"In order
creditors.
Accordingly, it goes on to recommend that:
provide adequate protection for security holders, the bank¬
court should
ruptcy
course
to
be fully empowered, by appropriate orders in the
the interests of the creditors and insure
of the proceeding, to protect
vigorous efforts on the part of all concerned to promote the timely working
out of a fair debt adjustment."
The Commission leaves its recommendations in these general terms in
view of the fact that the Supreme Court of the United States has not yet
passed on the question of the constitutionality of Sections 78-80.
The second step involves a program of control over municipal protective
committees.
The Commission states: "We further submit that regulation
of the personnel
and practices of protective
committees in connection with
municipal debt readjustments is absolutely essential.
This conclusion is
amply supported by the many instances cited of committees whose members
have interests adverse to those of the investors whom they purport to repre¬
sent; of committees whose mode
are calculated to discourage the
of organization and subsequent activities
investigation and prosecution of possible
of the debtor; of committees
voting themselves pay¬
committees which have
distributed patronage to attorneys, depositaries, secretaries, agents and
others with a liberal hand; and of committees which, if not actively injur¬
ing investors, have found it possible, thanks to the usual iron-clad deposit
agreement, to do nothing for bondholders while milking their securities."
The Commission concluded that control over municipal protective com¬
mittees should be directed primarily at the following conditions which the
study and investigation revealed:
1. Municipal protective committees, possessed of broad powers and operating
without supervision, have under their absolute dominion millions of dollars
worth of securities over which the owners for practical purposes have lost all
causes
of action in favor of bondholders or
which have profited extensively from their trust by
ments for expenses, compensation and otherwise; of
control.
1
For all practical purposes a bondholder who deposits surrenders
ion over his securities so that they are "irrevocably vested in the
committee unless the committee
al 1 domin¬
protective
is willing in its own good time to surrender
them."
bondholder, "the beneficiary of this curious trust," has
"adequate possibility of obtaining relief in the courts from these deposit
agreements."
Aside from the difficulty of legal proof of fraud entitling
him to a return of his security, there is the "subtle mischief which does not
form a legal cause of action and which generally is not susceptible of legal
proof.
It may take the form of settlement unduly favorable to the mu¬
nicipality, of a refusal to investigate the bond houses which were responsible
for the fraudulent issuance of the securities, or of the disposition of patron¬
age to affiliated interests.
The subtle mischiefs cannot be remedied in
courts of law or equity.
Nor does there exist a cure or correction in ex¬
isting legislation.
Municipal protective committees are virtually un¬
touched
by present statutes."
Although depositors "are bound hand and foot" under deposit agree¬
ments, the committees "promise nothing and in no way restrict their free¬
dom of action."
The only controls over municipal committees which exist
are those "which the mind and conscience of the committee members pro¬
The depositing
no
vide."
As
a
result
of the
hold
which
the committees have on the
securities, the "credit of hundreds of towns,
is at "their
deposited
villages and taxing districts"
mercy."
who do not deposit with municipal protective committees
a rule, as much subject to the dominance of the committees as those
deposit.
If they do not deposit they are commonly faced with exclusion
rom the reorganization plan and little prospect of return on their investment.
Even those bondholders who are cognizant of the abuses by protective
committees and "do not wish to deposit their securities on typical protective
committee terms have no real choice.
The alternative to deposit is as a
rule the absence of any remedy against the city or at best a prolonged
and indefinite delay,"
Resources of the average bondholder do not permit him to institute the
necessary legal proceedings to collect his principal and interest.
Further¬
more, committees would normally block any such attempt should he try,
for they will exert all of their influence to minimize the possibility of favor¬
able treatment of non-depositors.
As in the case of Coral Gables, this
may take the form of the city arranging with the committee "to keep its
cash drawer cleaned out."
Another method is the use of the "continuing
mandamus" requiring the city to pay over not only funds qn hand but funds
that might thereafter come into the possession of the city.
Committees
generally arrange with the city for interest or principal payments only on
behalf of their depositors, since it desires that "all bondholders deposit with
it and share its expenses."
The Commission said: "If pressure is necessary to overcome the inertia
of security holders, regulation of those in a position to exercise this pressure
is necessary lest pressure be converted into oppressive coercion.
Com¬
mittees with such coercive power at their command certainly should be com¬
pelled to qualify themselves as fiduciaries and to operate under such terms
and in such manner as to assure depositors of fair treatment."
3. The banking houses which sold the municipal securities have a virtual
monopoly over the municipal debt readjustment situation due to their domina¬
tion over protective committees and their control over the lists of names and
addresses of the scattered bondholders.
Because of their ability to obtain the names of bondholders,
the bond
houses hold the key to readjustment of municipal obligations."
Pro¬
tective committees are largely dependent on these bond houses for lists of
security holders.
"Principally because of this possession of lists, the
bond houses have acquired control of the municipal debt readjustment in
2.
are,
Bondholders
as
who do
.
this
country."
.
_
Almost half of the municipal protective committees have a majority
of their membership from bond houses; about two-thirds have bond house
representation.
In addition to these committees the bond house frequently
selects or is influential in selecting members Of the committee.
Such com¬
mittees "may do an earnest, sincere and effective job, but they probably
will not penalize the bond houses for past negligence for over-reaching
either by publicity or prosecution or by depriving them of future business
Only occasionally do the organizers of a committee select a person who
owns bonds as a member.
The Commission stated: "From this it is not
to be inferred that we believe that problems of protective committees can be
May 9, 1936
Chronicle
mittee.
"The price at which this window dressing is bought is the deposi¬
tary job, carrying with it lucrative fees."
The affiliation between originating bond houses and attorneys is intimate.
"This is not to say that these attorneys will be
of their duties to the bondholders, but we cannot
financial dependence upon bond houses upon
their decision whether to pursue a conservative policy of negotiation or a
The Commission stated:
insincere in the performance
overlook the effect of their
of vigorous exertion of all the bondholders' rights."
Although the Commission recognized an existence of a feeling on the part
"responsibility" to holders of the securities, the Com¬
mission went on to point out other reasons why the bond house felt it neces¬
sary to take active steps toward readjustment.
One of these was "in
order to salvage its prestige which was damaged by the fact of default."
In this connection "control of the committee"
means "control over the
version of the situation presented to the bondholders through committee
circulars, advertisements, and answers to inquiries."
Still another reason
is the fact that control of the committee means: "There will not be a thorough
investigation of possible causes of action against the bond houses nor will
there be litigation against them."
The committee has the bonds and the
bondholder cannot get back the bonds in order to bring such suits.
The committee thus may be ostensibly serving the bondholders but
actually protecting the bankers against the bondholders.
"However
earnest, able and sincere a member of a committee may be, he cannot serve
two masters whose claims are conflicting."
program
of bond houses of a
5. Despite the fact that municipal protective committee members are fiduci¬
of their own services and the pro¬
priety of their expenditure of the bondholders money.
No proper accounting
by'these fiduciaries to the beneficiaries of the trust is made under the present
aries, they are the sole arbiters of the worth
unregulated system.
Although the Commission did not pass on the reasonableness of any
particular fees or expenses received by the committees under investigation,
it indicated that control over these fees and expenses was absolutely essen¬
tial.
Out of 126 committees in this field, all but one "provided for pay¬
ment of the committee's expenses without providing any opportunity for
review" by any independent body.
In about two-thirds
studied the committee members had "unlimited power
of the committees
to fix their own
The Commission stated that the power to determine the
amount of fees and expenses certainly "should not be in the hands" of the
fiduciaries themselves.
"It is inconsistent with the very nature of the trust
relationship, which implies scrupulous nicety in refraining from the very
appearance of unearned personal profit and meticulous submission of detailed
compensation."
accounts for examination and
revision."
The Commission called the prac¬
of municipal protective committees in accounting for their funds
"notoriously lax."
The Commission stated that the typical provisions in
this regard make it "unlikely that depositors will ever have an adequate
opportunity to object" to the accounts of the committee.
The Commission
said: "Such provisions are calculated to protect fiduciaries in breach of
duty; they do not promote that meticulous solicitude for other people's
money which is elementary to a fiduciary position."
The necessity for adequate independent review of fees and expenses is
demonstrated by the fact that of 163 committees in this field which were
studied, $16,500,000 had passed through the hands of these committees.
In summarizing the need for control over committee disbursements,
tice
the
Commission
said:
"
.
.
.
But
two
conclusions
are
apparent:
(1) That committee members having at their disposal this tremendous
patronage are under constant temptation to favor with it friends and asso¬
ciates to whom they are obligated or from whom they desire future favor;
and (2) that there results temptation to distribute jobs without bargaining
or absolute regard for ability, and an invitation to refrain from exercising
close and parsimonious watch over fees and expenses of attorneys,
assistants and depositaries which is part of the fiduciary obligation."
Other parts of the report are in process of completion and are expected to
be submitted to the Congress in the near future.
It is contemplated that
that
separate reports will be prepared dealing with the problems of real estate
reorganizations, voluntary reorganizations, reorganizations of foreign securi¬
ties and the corporate trustee, in addition to the main body of the report
dealing with all reorganization and protective committees.
Copies of this report will be available at the Securities and Exchange
Commission, Washington, D. C., on or about May 15, 1936.
Bill for Regulation of Bondholders' Committees Now Before
Congress—On March 30 there was introduced in Congress
and
referred
the
to
House
Committee
Interstate and
on
bill which calls for regulation of all pro¬
tective bondholders' committees, both municipal and cor¬
porate.
This measure, known as H. R. 12078, would place
all protective committees under jurisdiction of the Securities
and Exchange Commission and bar any actions by such bodies
until they have received a cretificate of authority from that
Commission.
This bill would require filing with the com¬
mittee of the names of committee members, compensation of
each, attorneys and all information incidental to proposed
action.
It would also bar court action by protective com¬
mittees without the permission of the SEC.
Constitu¬
tionality of this bill has already been questioned privately by
some prominent attorneys.
Foreign Commerce
a
In connection with the above report we
follows from
an
quqte in part as
which ap¬
article dealing with the subject,
peared in the "Wall Street Journal" of May 6:
Two bills now before Congress, one of which would put protective com¬
mittees under the jurisdiction of the Securities and Exchange Commission,
and a second which, some believe, might put trading in municipals under
the
Commission, caused investment bankers and attorneys to scrutinize
carefully these bills yesterday.
\
The Municipal Securities Committee of the Investment Bankers Asso¬
ciation conferred yesterday on Senate bill 4023, which some have inter¬
preted as extending the power of the Commission over trading in municipal
securities.
Senate spokesmen have contended that the bill does not apply
to tax-exempt securities,
but since the question has been brought up,
municipal men are of the opinion that an amendment might easily be made
before passage of the measure, clarifying its text.
The second bill which caused concern was HR12078, which would place
protective committees under the regulation of the Commission.
Consti¬
tutionality of the protective committee bill is doubted seriously in some legal
quarters where it has been studied. The Investment Bankers Association
a short time ago sent a memorandum to members of the municipal committee
summarizing the measure, but making no further comment on it.
Report Revives Interest in Bill
The general opinion was expressed last week that the protective com¬
mittee bill probably would not get out of committee.
However, the report
of the Securities and Exchange Commission on municipal protective groups
was
forwarded to
Congress Monday and
again brought attention to the
regulating bill.
There is
division of opinion in the
financial district as to whether any
regulation should be enacted for committees of this type.
It is pointed
out that such regulation, even if held constitutional, might hamper large
refunding operations.
It is admitted, on the other hand, that in some
instances the conduct and operation of a very few smaller committees left
some
room
a
for improvement.
by complete membership thereon of bondholders."
The Commis¬
sion cited this as one further evidence of the complete "domination of bank¬
solved
ers
of municipal
on
readjustments," the bankers not
was
activities from the
point of view of the person whose
is at stake."
OFFERINGS
believing as a general
"necessary or appropriate to place an individual bondholder
the committee to criticize committee policies and to censor committee
rule that it
MUNICIPAL BONDS
direct financial interest
,
,
.
.
protective committees by these banking houses
means not only that they have control over the profitable business patronage
which committees dispense, but also that they are in an effective position to
protect themselves against any fraud claims which the bondholders have against
4.
Control of the municipal
bond houses
Through selection of a depositary for the committee, the
further extend their "sphere of effective influence" to obtain an
well-known
bank
as
a
committee member
to gain
WANTED
Arkansas—Illinois—Missouri—Oklahoma
official ot a
prestige for the com¬
Francis, Bro. & Co.
ESTABLISHED
1877
I
Investment Securities
ST.
LOUIS
TULSA
Volume
142
Financial
Bond Proposals and
PALO
Negotiations
Thornton, of Montgomery,
as
4s,
paying
equal to 103.87.
a
premium of $2,710,
DECATUR, Ala.—SUIT FILED ON BOND PAYMENT—Involving
provision for bond principal and interest of a city after its consolidation,
the fifth circuit court of
appeals at New Orleans has heard arguments on the
appeal of the city from a Federal district court decision to enforce by writ
of mandamus collection of taxes at the rate in
effect when the bonds were
issued.
In
levied
1923, the City of Albany, Ala. issued general obligation bonds and
a tax for retirement.
In 1927 it was incorporated with Decatur and
the lowfer tax rate of Decatur was
adopted for the merged city.
Bonds of
the former City of Albany were defaulted in
1932, and bondholders there¬
after sought and obtained
a writ of mandamus to compel collection of tax
property which composed the former City of Albany at the rate in effect
when the obligations were assumed.
on
ARKANSAS
BONDS
SCHOOL DISTRICT,
Calif.—BOND ELECTION—At
eIoCtlon sclle(luled for May 14 the voters will pass on the question of issu¬
ing $360,000 school building and
improvement bonds,
as
BUTLER COUNTY (P. O. Greenville), Ala— BONDS SOLD—We are
informed by Lloyd Woodruff,
County Superintendent of Education, that
the $70,000 school bonds authorized
recently were sold on April 30 to
3215
ALTO
REDWOOD
ALABAMA
J. Mills
Chronicle
the date of
CITY, Calif.—BOATD ELECTION— June
an
election to vote
on
development bonds.
SACRAMENTO-MUNICIPAL
UTILITY
2
has
been
set
issuing $200,000 harbor
DISTRICT
(P.
O.
Sacra¬
Calf.—BONDS VALIDATED—In a ruling given on
April 29,
Supreme Court is said to have concurred in an opinion of the
mento),
the
the question of
State
Superior Court handed down on May 7, 1935,
validating the $12,000,000
distribution system bonds that were
approved by the voters in Novem¬
1934.
ber,
SAN BERNARDINO COUNTY
(P. O. San Bernardino), Calif —
MATURITY—It is stated by the Clerk of the Board of Supervisors that the
$85,000.4% Barstow Union High School District bonds purchased on April 6
by the County Treasurer, at par, as noted at that time—V.
142, p. 2541—
are due on
May 1 as follows; $5,000, 1937 to 1941, and $6,000 from 1942 to
1951, all incl.
Principal and interest (M. & N.) payable at the County
Treasurer's
office.
SAN
DIEGO COUNTY (P. O. San
Diego), Calif.—BONDS NOT
SOLD—The $7,500 issue of Jacumba School District bonds offered on
May 4
—V. 142, p. 3036—was not sold as the
only bid received, an offer of 100.68
for 5s, tendered by Miller, Hall & Co. of San
Diego, was rejected. It is
stated by J. B. McLees
County Clerk that the County Treasurer was then
authorized to sell these bonds at private sale.
Dated April 1, 1936.
Due
$500 from April 1, 1937, to 1951 incl.
VENTURA COUNTY (P. O.
Ventura), Calif.—BOND SALE—The
$10,000 issue of 4% semi-ann. Simi Valley Union High School District
for sale on May 4—V. 142, p. 2868—was awarded to the
County Treasurer, at par, according to the County Clerk.
Due $2,000
from Oct. 1, 1948 to 1952, inclusive.
Markets in all State, County & Town Issues
bonds offered
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING,
ST. LOUIS, MO.
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONTANA
NEW
ARKANSAS
—
WYOMING
DONALD F. BROWN A COMPANY
DENVER
State & Municipal Bonds
Telephone;
Keystone 2395
WALTON, SULLIVAN A CO.
LITTLE
MEXICO
ROCK, ARK.
—
Teletype: Dnvr 51
COLORADO
ST. LOUIS, MO.
COLORADO, State of— WARRANT OFFERING—Sealed
bids will be
received until 10
a. m. on May 19
by Peter Seerie, Chairman of the High¬
Advisory Board, for the purchase of a $10,000,000 issue of State High¬
way Fund revenue anticipation warrants.
Interest rate is not to exceed
4%, payable J. & D. Denom. $1,000. 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 in 1954. Prin. and int.
pay¬
way
ARKANSAS
ARKANSAS,
State
of—BALANCE REPORTED IN REDEMPTION
ACCOUNT—The State Refunding Board reports a balance of $516,635
credited to the redemption accounts created by Act 11 of 1934 cannot be
used for purchase of bonds on tenders until after June 30, as the
appropria¬
tion for the current fiscal year has been used in previous
purchases of
able at the
obligations.
Collections of gasoline tax, bridge tolls and motor vehicle
registrations have exceeded estimates, thus creating a surplus above
appropriations.
The balance includes $445,905 credited to the highway bond
refunding
account and $180,730
credited to the road district bond account.
Appro¬
priation for the new fiscal year includes $1,500,000 for highway bond account
and $1,000,000 for road district bond account.
ver
high¬
way
ARKANSAS, State of—HIGHWAY BOND TENDERS SCHEDULED
—It
is reported
that the State Refunding Board will receive tenders on
highway bonds, and unofficial estimates are that $1,000,000
It is said that the present surplus of $500,000 cannot
be used until the new fiscal year begins as the current year allotments have
been expended.
July
will
6,
on
be available.
MORRILTON, Ark.—BONDS VOTED—At the election held on April 28
142, p. 2867—-the voters are said to have approved the issuance of
$55,000 in 4% hospital bonds by a wide margin.
Due from 1939 to 1965.
An application is reported to have been made for a Public Works Adminis¬
—V.
tration loan.
York.
State Treasurer's office or at the Bankers Trust Co. in New
The approving opinions of Pershing, Nye, Bosworth & Dick of Den¬
and Masslich & Mitchell of New York will be furnished the
purchaser
purchasers.
Bidders are required to name the lowest interest rate ac¬
or
ceptable in multiples of M of 1%. No bid may be for less than par and
accrued interest.
No split bid nor bid for less than the entire
amount of
the warrants will be considered.
responsible bid.
The award will be made upon the
highest
Bids
are required on forms to be furnished by the above
Delivery of warrants will be made on or about June 1,
at the expense of the purchaser, at some bank in Denver.
The State High¬
way Department will furnish the engraved warrants.
The right to reject
named Chairman.
any or
all bids is reserved.
These warrants
are part of a total authorized issue of
$25,000,000 and
special obligations of the State.
The authorizing legislation
sinking fund for the payment of said warrants and the interest
thereon and the payment of necessary fiscal agency
charges, and sets aside
and pledges a sufficient amount of the State
Highway Fund into said
sinking fund for making such payments, which sinking fund is known as the
Highway Anticipation Fund and is for the equal and ratable benefit of all
constitute
creates a
holders of said warrants.
The
vehicle and motor fuel taxes.
revenues in this fund are derived from motor
Each bid, except any bid which
may be made
or other Federal agency, must be
by the Public Works Administration
accompanied by
a certified or cashier's check for $100,000, payable to the
of the State Highway Department.
(This offering had previously been scheduled for 11a.m. on May 16.)
order
California Municipals
DELTA
$50,000 State of California Relief VA%, due Jan. 1,'44, to yield 2.30
DONNELLAN & CO.
111 Sutter St.
San
Teletype-S F 396
Delta),
Colo.—WARRANTS
CALLED—
20,
on
COUNTY
SCHOOL
DISTRICT
NO.
2
(P.
O.
North
Avondale), Colo.—BOND SALE—An issue of $8,000 3 H% refunding
bonds has been sold to Bosworth, Chaunte,
Loughridge & Co. and Sullivan
& Co. of Denver, subject to approval at a coming election.
CALIFORNIA MUNICIPALS
...
O.
FORT COLLINS, Colo.—BOND SALE—It is stated
by the District
refunding bonds authorized recently
by the City Council, as noted here—V. 142, p. 2868—were purchased by a
syndicate composed of the International Trust Co., Boettcher & Co.,
Peters, Writer & Christensen, Sidlo, Simons, Day & Co., Donald F. Brown
& Co. and Gray B. Gray, Inc., all of Denver.
PUEBLO
$100,000 San Francisco, Water
(P.
Clerk that the $1,000,000 water works
Francisco, Calif.
Telephone Exbrook 7067
COUNTY
The County Treasurer is said to have called for payment on
April
which date interest ceased, various special school fund and
general school
fund, and county fund warrants.
4s 12-1-49 2.60%
SAN JUAN COUNTY SCHOOL DISTRICT NO. 1
(P. O. Silverton),
SALE—An issue of $27,000 4%
refunding bonds has been
Colo.—BOND
sold
to Bosworth, Chanute,
Loughbridge & Co. and O. F. Benwell of
Denver subject to approval by the voters at an election that is to be held
^Bootke,Gillette & Co.
Ill
west
LOS ANGELES
7th st.
teletype
on
la
May 4.
566
CONNECTICUT
MEMBER LOS ANGELES STOCK EXCHANGE
NEW
BRITAIN, Conn.—BOND OFFERING—Sealed bids addressed to
W. H. Hudd, President of the Board of Finance and Taxation, care of New
Britain National Bank, New Britain, will be received until
10.30 a. m.
(Eastern Standard Time) on May 13 for the purchase of $385,000 2M%
CALIFORNIA
ALAMEDA COUNTY
(P. O. Oakland). Calif.—BOND OFFERING—
a. m. May
19,
High School District bonds. ^
—The Board of County Supervisors will receive bids until
10
for the purchase of $18,000 4^% Livermore
bonds, divided as follows:
$260,000 sewer fund bonds, 14th series, 6th issue.
coupon
CALIFORNIA
(State of)—WARRANTS SOLD—State
Comptroller
Ray L. Riley has sold registered 4% warrants amounting to
$146,392.31
for a premium of $848.88.
Tne
Anglo-California
National
Bank
of
San
Francisco,
purchased
$131,392.31 of the warrants, and the remaining
$15,000, were taken bv
Wulff, Hansen & Co. of San Francisco.
KERN COUNTY SCHOOL DISTRICT (P. O.
BOND SALE—The $30,000 issue of
for sale
Bakersfield), Calif.—
Rockpile School District bonds offered
May 4—V. 142, p. 2706—was awarded to Dean Witter &
Co
of San Francisco, as 3J^s, paying a premium of
$12, equal to 100.04
according to the clerk of the board of supervisors.
LOS
on
ANGELES
COUNTY
(P.
DEFEATED—-At the election held
on
O.
Los
Angeles),
May 5—V. 142,
p.
Calif.—BONDS
2868—the voters
defeated the issuance of the three bond
propositions, calling for the issuance
of
$6,815,000 in bonds, according to news reports on fairly complete
returns
from the Pacific Coast.
Proposition No. 1 was a bond issue of
$1,815,000
for additions to the Olive View Sanatorium;
Proposition No. 2, a $4,000,000
bond issue for a new court house and other
general construction in'the
county, is said to have been decisively defeated, as was Proposition No.
3,
involving the issuance of $1,000,000 in bonds for the relief and assistance of
ndigent county residents.
Due $10,000 on July 1
from 1937 to 1962 inclusive.
125,000 school bonds,
Each
1961 inclusive.
issue is dated
27th series.
Jan.
1,
.
Due $5,000 on July
1936.
Denom.
$1,000.
1
from 1937 to
Principal
interest (J. & J.) payable at the First National Bank of Boston
New Britain National Bank, New Britain, at holder's option.
or
and
at the
Debt Statement, April 29, 1936
Assessed valuation (last completed grand list)
Bonded debt limit (5%)_..^_
$118,742,459
5,937,122
6,334,000
1,225,000
Subway bonds included in total debt
435,000
Net bonded debt (3.70%)
4,397,703
Sinking fund, not including water or subway sinking funds_,__
276,297
Population, Census 1930, 68,128.
Total uncollected taxes for all years prior to 1934,
$323,657.
1934 tax
levy, $2,655,370; uncollected as of April 21, 1936, $216,061.
1935 tax levy,
$2,644,595: uncollected as of April 21, 1936. $333,356.
Taxes due May 15; delinquent June 16.
Note—Subway bonds, issued for construction of underground wire con¬
duits, are general obligations of the City of New Britain and are payable,
both as to principial and interest, from the revenues of the
Subway Depart¬
ment.
By authority of Special Act of Legislature, they are deductible in
figuring net bonded debt.
Total bonded debt, not including these issues
Water bonds, included in total debt
-
j.
Financial
3216
PIERCE-BIESE CORPORATION
JACKSONVILLE
Miami
Orlando
Tampa
& Co.,
INDIANA
Jacksonville, Fla.
System
Teletype
Jacksonville
96
No.
BLUFFTON, Ind.—BOND SALE—The city recently disposed of $74,000
disposal system bonds.
,
,
sewage
FLORIDA
*
'
"
Fla.—BOND
HOLLYWOOD,
VALIDATION SOUGHT—The city is
reported to have been notified to instruct its attorney to prepare papers for
the validation of the $23,000 in sanitary sewerage system bonds approved
SCHOOL
these columns last
1,1935. Due from
1,1937 to 1951.
accompany
HALL COUNTY (P. O.
Gainesville), Ga .—BOND SALE—The $75,000
4% court house bonds offered on May 2—V. 142, p.
to the Trust Co. of Georgia, the Robinson-Humphrey
2868—were awarded
Co., J. H. Hilsman
and Johnson, Lane, Space & Co. of Savannah, at
2.25%.
Due on April 15 as follows: $5,000 in
1938 to 1944.
107.86, a basis of about
1937, and $10,000 yearly from
IDAHO
Ida.—BOND OFFERING—L. G. Parsons, City Clerk will
bids until 5 p.m. May 16 for the purchase of $50,000 6% refunding
Denom. $1,000.
Dated Jan. 1, 1936.
Certified check for 5%
BURLEY,
receive
bonds.
of amount of bid,
required.
IDAHO, State of—BONDED DEBT REDUCED 21 % IN 15 MONTHS
—A reduction of $665,000 or 21.67% in bonded debt during the past 15
months, is revealed in the report of the Idaho State Auditor, just released.
The report, which covers the period from Jan. 1, 1935 to March 31, 1936,
puts the current total debt at $2,403,500.
The reduction in outstanding
debt, which has been continued for several years will have cut annual
interest charges to about $90,000 for the coming year against $148,000 in
notes have been issued during the past 15 months,
although the State Liquor Commission issued $150,000
in bonds of which $50,000 were paid Dec. 31, and the remainder is expected
to be paid off by the end of this year.
The latter issue is not a direct general
obligation of the State.
The State increased its cash balance during the period by $1,224,354.
At the beginning of 1935 the balance was $2,929,451 from which was
deductible $996,729 of outstanding warrants.
At the end of March the
balance was $3,560,368, and after the deduction of $403,292 of warrants
the total was $3,157,076.
No bonds or treasury
JEROME COUNTY
CLASS A, NO. 33 (P.
election the voters are
in school building
JOINT INDEPENDENT SCHOOL DISTRICT,
O. Jerome), Idaho—BONDS VOTED—At a recent
reported to have approved the issuance of $40,000
bonds.
SCHOOL DISTRICT NO. 5
(P. O. Moscow), Ida.—BOND OFFERING—Edward E. Poulton, District
Treasurer, will receive bids until 8 p. m., May 18 for the purchase of
$65,000 refunding bonds, to bear interest at no more than 2M%.
Dated
May 1, 1936.
Due $10,000, May 1, 1938: and $11,000 yearly on May 1
from 1939 to 1943, includsive.
Certified check for $2,500, payable to the
LATAH
COUNTY INDEPENDENT
District Treasurer, required.
BOND
CALL—It is stated by the above
district has exercised its
which
date interest
shall
District Treasurer, that the
option and is calling for payment on June 1, on
cease, the following 4K% semi-annual general
bonds aggregating $65,000: Nos. 36 to 90, maturing
1947, and Nos. 91 to 100, maturing $10,000 in 1948.
to be payable at the office of the Department of
Investments of Idaho, at Boise.
obligation
from 1937 to
bonds are said
$5,000
These
Public
each proposal.
INDIANAPOLIS
DISTRICT,
SCHOOL
Ind.—BOND OFFERING—
building bonds.
Denom. $1,000.
Dated May 28, 1936. Interest
payable Jan. 1 and July 1. Due $6,000 yearly on July 1 from 1937 to 1956,
incl.
Certified check for 3% of amount of bonds bid for, payable to the
Board of School Commissioners, required.
Bids must be made on blank
forms obtained from the district.
school
KOKOMO, Ind.—BOND SALE—During April the city sold an
PARK DISTRICT, 111.—REF UNDING 97% COMPLETE
97% of all the park districts in the Chicago area superseded by
CHICAGO
—Almost
Chicago Park District have now definitely assented to the latter's refunding
offer, according to announcement of Halsey, Stuart & Co., Inc., refunding
agent.
The refunding was declared effective on April 21 and May 14,
1936 has been fixed as the final date for receiving deposits.
The refunding operation, one of the largest of its kind ever undertaken,
involved a total of $99,085,708 bonds, comprising 224 separate issues of
superseded districts.
Of the 224 separate issues, it is stated that 103
deposited in full, and of the 21 superseded districts, all
issues of seven of the districts have been deposited, as follows:
Calumet Park District, Fernwood Park District, Forest Glen Park District
Ravenswood Manor-Gardens Park District, Ridge Avenue Park District,
Sauganash Park District and West Pullman Park District.
This leaves
the following districts with small amounts of bonds still undeposited, the
total aggregating only $3,034,766.93: Albany Park District, $14,000; Edi¬
son Park District, $4,000: Hollywood Park District,
$2,000; Irving Park
District, $76,000; Jefferson Park District, $32,000; Commissioners of
Lincoln Park, $523,000; North Shore Park District, $6,000; Northwest
Park District, $84,000; Norwood Park District, $15,500; Old Portage Park
District, $10,000; Ridge Park District, $11,000; River Park District,
$11,500; South Park Commissioners, $1,831,000, and West Chicago Park
21
issues have been
the
LEXINGTON SCHOOL TOWNSHIP (P. O. Scottaburg), Ind.—
OFFERING—The Trustee and Advisory Board will receive bids
BOND
May 15 for the purchase
until 2 p. m.
MONTGOMERY
(P.
COUNTY
of $50,000 refunding bonds.
Crawford sville), Ind.—BOND
O.
Culver Union Hospital refunding bonds
offered on May 4—V. 142, p. 2543—were awarded to A. S. Huyck & Co. of
Chicago at a price of 100.453 for 2 As, a basis of about 2.175%.
Due
$10,000 each June 15 from 1938 to 1947 incl. Other bids were as follows:
$100,000
SALE—The
coupon
Int. Rate
Premium
Indianapolis Bond & Share Corp
244 %
$330.00
William R. Stuart & Co., Chicago
246%
2%%
108.00
Crawfordsville Trust Co
Ind.—BOND SALE—The $25,000 coupon
school funding bonds offered on May 5—V
142, p 2869—were awarded
to the Fletcher Trust Co. of Indianapolis as 2Ms, for a premium of $261.61,
equal to 101.046, a basis of about 2.65%.
Denom. $1,000. Dated May 15,
1936.
Principal and semi-annual interest (Jan. 1 and July 1) payable at the
Merchants National Bank of Muncie.
Due Jan. 1, 1948. Other bidders
MUNCIE SCHOOL CITY,
'
were:
Int. Rate
2%%
Name—
Merchants National
Bank
City Securities Corp., Indianapolis
Stokes, Woolfe & Co., Chicago
Bartlett, Knight & Co.. Chicago.
A. S. Huyck & Co., Chicago
Indianapolis Bond & Share Corp.,
25,280.00
25,375.00
25,269.00
25,287.00
25,279.00
Indianapolis.
(P. O. Corydon), Ind .—BOND OFFERING—
The Trustee and Advisory Board will receive bids until 2p.m. May 25 for
the purchase of $12,700 school bonds.
SHAWSWICK TOWNSHIP SCHOOL TOWNSHIP (P. O. Bedford
City), Ind.—BONDS RE-OFFERED—Norris C. Ray, Trustee, will receive
sealed bids until 10 a. m. on May 21, for the purchase of $9,000 4% coupon
school bonds.
They were not sold at the first offering on May 6, because
of faulty advertising of the issue.
Dated May 8, 1936.
Denom. $500.
Due $1,000 Jan. 1, 1937; $1,000 July 1, 1938; $1,000 July 1, 1941; $500
Jan. 1 and July 1, 1942 and 1943 and $2,000 Jan. 1 and July 1, 1944.
Interest payable J. & J.
A certified check for 3% must accompany each
I
SHELBYVILLE, Ind.—BOND SALE—An issue of $5,000 bridge-rightof-way purchase bonds has been sold to Marcus R. Warrender of In¬
dianapolis for a premium of $158, equal to 103.46.
UNION SCHOOL
$30,000
SALE—The
TOWNSHIP (P. O. Union Center), Ind.—BOND
4% coupon school building bonds offered on May
142, p. 2707—were awarded to the Exchange Bank of Warren at
par plus a premium of $1,245, equal to 104.15, a basis of about 3.15%.
Dated May 15, 1936, and due July 1, as follows: $2,500, 1937; $3,000 in
1938 and $3,500 from 1939 to 1945, incl.
2—V.
SCHOOL TOWNSHIP (P. O. Hazleton), Ind.—
DETAILS—The $36,000 4% school bonds awarded recently
State Bank at a premium of
$5—V. 142, p. 2869—are in the denomination of $500 each, and will mature
$3,000 yearly on Nov. 15 from 1936 to 1947.
WHITE
RIVER
BOND SALE
to the Patoka
National Bank and the Hazleton
Municipals
Iowa
Polk-Peterson Corporation
It is anticipated by the refunding agent that
located will be deposited before May 14.
Halsey, Stuart & Co., Inc., state they hope that the new refunding bonds
will be ready for exchange not later than June 1, next.
The exact date will
_
Bid
$25,028.50
3%
3%
3%
3%
3A%
POSEY TOWNSHIP
Commissioners, $414,766.93.
ail of the above that can be
be announced later.
issue of
disposal plant bonds to A. C. Allyn & Co. of Chicago
premium of $1,100, equal to 100.728.
$151,000 4% sewage
at a
proposal.
ILLINOIS
OFFERING—Lela R.
A. B. Good, Business Director of the Board of School Commissioners, will
receive bids until noon, May 22, for the purchase of $120,000 346% coupon
Bidder—
1934
the statement says,
of
Parker and Nellie Fair, of
Marcus R. Warrander of
FORT WAYNE SCHOOL CITY, Ind.—BOND
DARIEN, Ga.—PRICE PAID—We are informed by the City Clerk and
semi-ann. water system bonds purchased by
Co., all of Atlanta,
SALE—The $8,220 4% sewer bonds offered
May 1—V. 142, p. 2542—were awarded to
Park, at 103, a basis of about 3.60%.
Earl
Vesey, Secretary of the Board of School Trustees, will receive sealed bids
until 5 p. m. (Eastern Standard Time) on May 26 for the purchase of
$100,000 3 A % coupon school building bonds. Dated May 1,1936. Denom.
$1,000. Due $25,000 on Nov. 1, 1945, and $75,000 May 1, 1946. Principal
and interest (M. & N.) payable at the Lincoln National Bank & Trust Co.,
Fort Wayne.
This institution will supervise the preparation of the bonds.
A certified check for $5,000, payable to the order of the municipality, must
Johnson, Lane, Space & Co. of Savannah, as noted in
March—V. 142, p. 2028—were sold at par.
Dated Dec.
&
EARL PARK, Ind.—BOND
on
DISTRICT (P. O. Acworth), Ga.—BONDS
$5,000 school bonds were sold recently.
Treasurer that the $8,000 4%
Dec.
142, p. 2707—was
—V.
Indianapolis, the only other bidder, offered to take the issue at a price of
102.91.
Dated May 1, 1936.
Due $274 on May 1 and Nov. 1 in each
of the years from 1938 to 1952.
GEORGIA
ACWORTH
—The issue of $11,000 coupon
$20,000 for this project
Administration.)
by the City Commission on March 16.
(A loan of
is said to have been approved by the Public Works
SOLD—It is reported that
O. Gary), Ind.—BOND SALE
school building bonds offered on April 30
awarded to A. S. Huyck & Co. of Chicago as 5s,
at par plus a premium of $75, equal to 100.68.
Dated May 1, 1936.
Denom. $1,000.
Due $1,000 annually.
Interest payable J. & J.
CALUMET SCHOOL TOWNSHIP (P.
DELAND, Fla.—BOND VALIDATION SOUGHT—Circuit Court pro¬
ceedings are said to have been instituted calling for the validaton of $398,000
in municipal electric light plant bonds.
(The Public Works Administra""327,00
,000 on this project.)
tion is said to have approved a loan of
"
refunding agents for the district.
ATTICA, Ind.—BOND OFFERING—Morris Blout, City Clerk-Treas¬
urer, will receive sealed bids until 5 p.m. on May 11 for the purchase of
$16,500 not to exceed 446% interest street improvement bonds.
Dated
April 15, 1936.
Denom. $500.
Due as follows: $500, Jan. 1 and July 1
from 1938 to 1945 incl. and $8,500, Jan. 1, 1946.
Interest payable J. & ,T.
The approving opinion of Matson, Ross, McCord & Clifford of Indianapolis
will be furnished the successful bidder at the city's expense.
(This report of the offering supersedes that given in a previous issue.)
LEEDY. WHEELER & CO.
Bell
Inc., are
SUMMIT, 111.—BOIVD EXCHANGE—The village is exchanging $23,800
refunding bonds for a like amount of old debt.
Municipals
Florida
1936
9,
Coupon bonds in $1,000 denom. and one bond for $750. Due Jan. 1, 1951,
optional Jan. 1, 1946, or on any interest payment date thereafter. Principal
and interest (J. & J.) payable at the District Treasurer's office, Chicago.
Legality approved by Chapman & Cutler of Chicago. The bonds, issued for
refunding purposes as a part of a comprehensive refunding plan which was
declared effective May 4, 1936, are direct and general obligations of the
Forest Preserve District of Cook County, which is co-extensive with Cook
County and shares equally for all taxing purposes. The district was estab¬
lished in 1913 for the purpose of conserving and developing the natural
forests of Cook County.
It now owns approximately 33,000 acres.
The refunding plan for the bonds of the district provides for the issuance
of two series of refunding bonds, namely, series "A" to refund bonds ma¬
turing after July 1, 1936, and series "B" to refund bonds maturing July 1,
1936, and prior thereto. Up to April 29, 1936, holders of 97% of the total
debt maturing after July 1, 1936, had deposited their bonds or otherwise
assented to the refunding plan. A. C. Allyn & Co., Inc., and Stifel, Nicolaus
BONDS
FLORIDA
May
Chronicle
Des Moines
Waterloo
offering of the $32,131,299 Chicago Park District
purchased by Halsey, Stuart & Co., Inc., as a part of the refunding,
subsequently, has not yet been made.
Announcement of the
A.
Iowa City
T.
Sioux City
Davenport
Ottumwa
Cedar Rapids
„
Building
MOINES
DES
T.
&
Teletype: DESM
Sioux Falls,
S. L>.
31
bonds
and
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago),
111.—$3,838,750 BONDS SOLD—REFUNDING
PLAN EFFECTIVE—
A. C. Allyn & Co., Inc., of Chicago, and Stifel, Nicolaus & Co., Inc.,
St. Louis, jointly, have purchased $3,838,750 4% series B refunding bonds
and are making public re-offering at a price of 104.90 and interest, to yield
about 3.40% to optional date and 4% thereafter.
Dated Jan. 1, 1936.
of
IOWA
CALHOUN COUNTY (P. O.
to
Rockwell City), Iowa—BONDS VOTED
approval to the proposed
The vote was 2,970 "for"
April 28 election the voters gave their
primary road paving bonds.
329 "against."
—At the
issuance of $950,000
Volume
Financial
142
DENISON
INDEPENDENT
SCHOOL
DISTRICT, Iowa—BOND
SALE—The issue of $80,000 school building bonds offered on May 4—V.
142, p. 2870—-was awarded to the Charleton D. Beh Co. of Des Moines at
2)4% interest for a premium of $100, equal to 100.125, a basis of about
2.49%.
Due on Dec. 1 as follows: $3,000, 1937, 1938 and 1939; $5,000,
1940 to 1946, and $6,000. 1947 to 1952.
DES
MOINES,
CONTEMPLATED—It is
OFFERING
Iowa—BOND
stated by John T.
Stark, Treasurer of the Department of Accounts and
Finance, that tentative plans are being made for the offering of a total of
$135,700 in bonds divided as follows: $85,000 street pavement repair;
It is
three
$25,700 bridge repair, and $25,000 main trunk sewer lines bonds.
expected that these bonds may be offered for sale within the next
weeks.
GUTHRIE
CENTER, Iowa—BOND SALE—The $5,000 town hall
April 21—V. 142, p. 2707—were awarded to the Guthrie
County State Bank, of Guthrie Center, as 2Hs, at a premium of $11, equal
to 100.22, a basis of about 2.46%.
Dated May 1, 1936. Due $500 yearly
bonds offered
on
on
Nov. 1 from 1937 to 1946.
HUMBOLDT
(P.
IRETON, Iowa—BOND OFFERING—G. T. Juffer, Town Clerk, will
m. May 15, for the purchase of $5,500 water works
PLAQUEMINE SCHOOL DISTRICT NO. 2, Iberville Parish, La.
ELECTION—A proposal that the district issue $60,000 school
building bonds will be submitted to the voters at an election scheduled for
May 5.
■
—BOND
■
.
WICOMICO COUNTY (P. O. Salisbury), Md.—BOND OFFERING—
Sealed bids will be received by the Clerk of the Board of County Commis¬
sioners until June 1 for the purchase of $450,000 school bonds.
MASSACHUSETTS
BARNSTABLE (P.
May 6—V. 142, p. 3038—were awarded to
on a bid of 100.028 for 2s, a basis of about 1.99%.
Tyler, Buttrick & Co. of Boston, were second high, bidding 100.89 for 2 Hb.
Dated May 15, 1936.
Due yearly on May 15 as follows: $7,000, 1937 to
1941, and $6,000, 1942 to 1956.
Coffin & Burr of Boston
Other bids
LARCHWOOD, Iowa—BOND SALE—The $12,500 issue of water
1—V. 142, p. 2870—was awarded to
Jackley & Co. of Des Moines, as 3s, paying a premium of $25.00, equal to
100.20, a basis of about 2.97%. Due from Nov. 1, 1938 to 1950. The next
highest bid was an offer of $15.00 premium on 3s, tendered by the WhitePhillips Corp. of Davenport.
works bonds offered for sale on May
MASSENA INDEPENDENT SCHOOL DISTRICT (P. O. Massena),
Iowa—BOND SALE—The $9,000 issue of school building bonds offered
for sale on April 30—V. 142, p. 2870—was awarded to the Carleton D.
Beh Co. of Des Moines, as 2)4s, paying a premium of $15,000, equal to
100.166, a basis of about 2.48%.
Due from Nov. 1, 1938 to 1949.
MASON CITY, Iowa—BOND SALE—Bonds aggregating $40,000 and
bearing 2% interest, have been sold to the Carleton D. Beh Co. of Des
Moines for a premium of $305, equal to 100.7625.
WHAT CHEER, Iowa—BOND OFFERING—H. D. Wright, Town Clerk,
of $3,500 sewer
opinion will be
by the town.
O. HyannU), Mass.—BOND SALE—The $125,000
coupon sewer bonds offered on
than 4%.
(P. O. Anamosa), Iowa—MATURITY—It is re¬
ported by the County Treasurer that the $93,300 court house bonds pur¬
chased by the White-Phillips Co. of Davenport as 2s at a price of 100.054,
noted in these columns recently—V. 142, p. 3037—are due on May 1 as
follows: $3,300, 1937, and $10,000 from 1938 to 1946, incl., giving a basis
of about 1.99%.
furnished
Legislature out of the general fund for the current fiscal year. Should the
Legislature hold its appropriations to the figure of the current year, the
State cculd show a surplus of about $2,000,000 next year, it is stated.
The total of all tax receipts transmitted to the treasurer during 1935 was
approximately $15,000,000 more than for the previous year, although
several individual funds showed declines, according to the booklet.
follows:
were as
Bidder—
COUNTY
will receive bids until 7:30 p.m. May 12 for the purchase
outlet and purifying plant bonds.
Bonds and attorney's
Int. Rate
Blyth & Co
Newton, Abbe & Co
2%%
2M%
2M%
Estabrook & Co..
2)1%
First Boston Corp
Brown Harriman & Co
2H%
2)4%
2)4%
2)4%
2)4 %
2)4%
Hyannis Trust Co J
Whiting, Weeks & Knowles__
Ballou, Adams & Whittemore, Inc
Hornblower
& Weeks
R. L.Day & Co
BOSTON,
Finance
Mass.—TO
Board
___
—
SCHOOL
DEDHAM, Mass.—NOTE SALE—An issue of $100,000 notes, maturing
Dec. 18, 1936, which was offered on May 6, was awarded to the Boston
Safe Deposit & Trust Co. of Boston on a .17% discount basis, plus a
premium of $3.
Newton, Abbe & Co. of Boston were second, bidding .17 %
discount plus a premium of $1.25.
Other bids
were as
follows:
Discount
Bidder—
New England Trust Co
Merchants National Bank of Boston.
0.171%
0.18%
0.18%
0.19%
0.205%
0.23%
0.36%
t
Norfolk County Trust Co., Dedham
Washburn & Co
2)4%
EASTHAMPTON. Mass.—NOTE SALE—-The $15,000 municipal reflief
May 1 were awarded to Newton, Abbe & Co. of Boston as
1 Ms, at a price of 100.066, a basis of about 1.23%. Dated May 1, 1936 and
due serially from 1937 to 1941, incl.
Other bids, all for 1)4% notes, were
COUNTY
(P.
O.
Kan .—BOND SALE—
Oskaloosa),
The $25,000 214 % county road improvement bonds offered on April 10—
V. 142, p. 2544—were awarded to the Columbian Securities Corp. of Tokepa
at a
price of 101.114, a basis of about 2.03%.
$2,500 yearly on April 1 from 1937 to 1946.
Dated April 1, 1936.
follows:
Rate Bid
100.58
Bidder—
Merchants National Bank of Boston
HAYS, Kan.—BOND OFFERING—Emily C. Johnson, City Clerk, will
receive bids until 8 p. m. May 8, for the purchase at not less than par of
$25,000 park improvement bonds.
Bidders are to name rate of interest,
not to exceed 4%.
Denom. $1,000.
Dated about May 15, 1936.
Interest
payable Feb. 1 and Aug. 1.
Bonds are to mature in approximately equal
annual instalments, for a period of not less than 10 years nor more than
20 years, as determined in the successful bid.
Certified check for 2% of
amount of bid, required.
JEFFERSON
-
notes offered on
as
GARNETT, Kan.—BOND SALE—The city has sold $15,000
refunding bonds to Estes, Payne & Co. of Topeka at 101.25.
Due
KENTUCKY
Municipal Bonds
100.38
Estabrook & Co
100.254
First National Bank of Boston.
Faxon, Gade & Co
100.23
i
ESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE— The issue of
$35,000 flood emergency notes offered on May 8 was awarded to the Cape
Ann National Bank of Gloucester on a 0.21 % discount basis.
The Beverly
National Bank of Beverly was next best bidder on a 0.23% discount basis.
Notes are dated May 1, 1936, and will be payable May 1, 1937.
HAVERHILL,
Mass.—BOND SALE—The $150,000 municipal relief
on May 4—V. 142, p. 3039—were awarded to Halsey,
as 2s, for a premium of $579, equal to 100.386, a
basis of about .1.93 %.
Blyth & Co. of New York bid 100.101 for 2 % bonds.
Dated May 1, 1936.
Due $15,000 yearly on May 1 from 1937 to 1946.
The bankers made public re-offering at prices to yield from 0.30% to
2.10%.
The bonds are regarded by the bankers as legal investment for
savings banks in New York, Massachusetts and Connecticut. The bonds,
in the opinion of counsel, will constitute general obligations of the city,
payable from unlimited ad valorem taxes.
Assessed valuation, 1935, is
officially reported as $53,711,393 and net
bonded debt,
including this
issue, as $1,383,524. Other bids were as follows:
loan bonds offered
Stuart & Co.
of Boston
Int. Rate
Bidder—
EQUITABLE
Blyth & Co
Newton, Abbe & Co
New
Estabrook & Co
Nashville
York
Kno*vil!e
Chattanooga
Birmingham
-
-
-
Hornblower & Weeks
Securities Corporation
100.779
100.477
100.079
BORROW $4,000,000—The State Emergency
city to borrow $4,000,000 for public
R. L. Day & Co
(P. O. Cherryvale), Kan.—
PRICE PAID—It is stated by the District Clerk that the $50,000 school
bonds purchased by the Ranson-Davidson Co. of Wichita, as 3Ms, as noted
here recently—V. 142, p. 2870—were sold at par.
Dated April 1, 1936.
Due serially for 15 years.
100.812
100.752
100.724
100.51
100.419
100.189
100.157
authorized the
has
Faxon, Gade & Co
DISTRICT
Rate Bid
welfare needs.
First National Bank of Boston
KANSAS
CHERRYVALE
comparison of
MARYLAND
receive bids until 8 p.
no more
a
fiscal year beginning July 1, 1936 and ending June 30, 1937 at $8,827,500,
which would be $2,000,000 more than the amount appropriated by the
on
IOWA, State of—INTEREST SAVING THROUGH ROAD BOND
REFUNDING—Refunding of $21,148,000 of primary road bonds in 57
Iowa counties this year resulted in an interest saving of $2,680,000, it is
announced by C. B. Murtagh, State Comptroller. The refunding operations
effected an average interest rate of 1.77 %, whereas the former rate averaged
4.40%. Prior to Jan. 1, 1936, there were $86,658,000 in Iowa primary road
bonds outstanding of a total original issue of $108,000,000.
JONES
Prepared in booklet form the compilation also gives
for the years 1934 and 1935, segregating these items into the
various funds for which the receipts are used.
The Treasury Department also estimates general fund
receipts for the
revenues
O.
TION—An election is to be held
bonds, to bear interest at
3217
-
Dakota City), Iowa—BOND ELEC¬
May 14 at which a proposal to issue
$800,000 primary road paving bonds will be submitted to the voters.
COUNTY
Chronicle
—
Faxon, Gade & Co
2%
2%
2%
2)4%
2)4%
Rate Bid
100.109
100.03
100.02
100.034
100.46
Memphis
LOWELL, Mass.—BONDS AUTHORIZED—The City Council on April
28 approved an order authorizing the issuance of $150,000 flood relief
projects bonds.
KENTUCKY
CLARK'S
—REPORT
RIVER
ON
RFC
DRAINAGE
DISTRICT
REFINANCING
Mass.—TEMPORARY LOAN—Newton, Abbe & Co. of
on May 4 an issue of $75,000 notes at 0.337 % discount.
Nov. 16 and $25,000, Dec. 18, 1936.
Other bids were as
METHUEN,
(P.
LOAN—It
is
O.
Benton),
Ky.
stated
by H. H.
Lovett, Attorney for the district, that the said district (West Fork Division)
obtained a loan of $35,000 from the Reconstruction Finance Corporation
some time ago, to retire bonded and warrant indebtedness, and this loan
was closed on March 20, 1936.
He states that the Board of Drainage Com¬
missioners are preparing to issue $35,000 in refunding bonds to be delivered
to the Corporation.
The first of the new bonds will mature on March 1,
1940, the last on March 1, 1969, bearing semi-annual interest at 4%.
Boston
were
awarded
Due $50,000,
follows:
Discount
0.37%
Bidder—
Faxon, Gade & Co
—
0.374%
First National Bank of Boston
National Shawmut Bank
..0.44%
—0.46%
Whiting, Weeks & Knowles
METHUEN, Mass.— TAX RATE LOWER——A tax rate of $40.20 per
for 1936 was announced April 23 by the board of assessors.
Although salary cuts were restored to town employees, a larger decrease in
the rate was expected.
This was offset by an appropriation of $10,000 for
road repairs.
thousand
Immediate Firm Bids
on
LOUISIANA MUNICIPALS
Scharff L Jones
INCORPORATED
NORTHBRIDGE, Mass.—NOTE SALE—The $50,000 notes, dated
May 8, 1936 and maturing Nov. 24, 1936, which were offered on May 7—
V. 142, p. 3039—were awarded to the New England Trust Co. on a .223%
discount basis. The First Boston Corp. submitted the next best bid. .23%
discount.
I
Other bids were as follows:
Discount
0.26%
Bidder—
A. T. T. TEL. N. O. 180
TELEPHONE RAYMOND 1189
LOUISIANA
GUEYDAN DRAINAGE DISTRICT-SUB DRAINAGE
DISTRICT
NO. 5 (P.
O. Gueydan), La.—REFINANCING PLAN STILL PENDING
by the District Secretary that although the loan of $131,500
for refinancing was authorized by the Reconstruction Finance Corporation
back in August 1935, no disbursements have been made as yet because the
district has not been able to get bondholders to accept offers.
—It is stated
LOUISIANA,
State
of—TAX AND REVENUE LAWS SUM¬
MARIZED BY TREASURER—A summary of the tax and revenue laws
which provide funds for the payment of Louisiana's debt has been prepared
County
Day & Co.
Faxon, Gade & Co
Trust
Co
:
0.35%
0.36%
R. L.
New Orleans
by the State Treasurer's department for distribution.
to be the first of its kind made by the department.
Worcester
The summary is said
NORTHAMPTON, Mass.—NOTE OFFERING—Albina L. Richard,
City Treasurer, will receive bids until 5 p. m. (Daylight Saving Time)
May 12 for the purchase on an interest basis of $150,000 revenue antici¬
pation temporary loan notes.
Denominations, four for $25,000, four for
$10,000 and two for $5,000.
Dated May 14, 1936, and payable Dec. 10,
1936 at the Merchants National Bank of Boston, in Boston.
The Merchants National Bank of Boston will certify that the notes are
issued under the authority of an order of the City Council of Northampton,
the legality of which has been approved by Storey, Thorndike, Palmer &
Dodge of Boston and that the signatures thereon are genuine.
The legal
papers incident to the issue will be filed with The Merchants National
Bank of Boston where they may be inspected.
Delivery will be made at
The Merchants National Bank of Boston for Boston
funds.
Bids should state the rate of interest that bidders will offer for the whole,
but not for any part
is to follow.
of the loan.
Interest
..
on a
.
360-days to the year basis
Financial
3218
PALMER, Mass.—NOTE SALE—The $100,000 notes offered on May 6
awarded to Newton, Abbe & Co. of Boston on a
.297 % discount basis.
The First Boston Corp. bid .313 % discount. Notes
are dated May 8, 1936 and will mature Dec. 4, 1936.
—V. 142, p. 3039—were
Other bids
follows:
were as
Discount
0.33%
Bidder—
Merchants National Bank—
Leavitt & Co
0.34%
0.35%
0.36%
0.373%
First National Bank of Boston—.......
0.384%
R. L. Day & Co
— -
Whiting, weeks & Know las—
Faxon, Gade & Co
-
-
QUINCY, Mass.—BOND OFFERING—Harold P. Newell, City Treas¬
urer, will receive bids until 11 a. m. May 12 for the purchase at not less
than par of $200,000 coupon street construction loan bonds.
Bidders are
to name rate of interest, in a multiple of M%,
Denom. $1,000.
Dated
May 1, 1936.
Principal and semi-annual interest (May 1 and Nov. 1)
payable at the National Shawmut Bank of Boston.
Due $20,000 yearly
on May 1 from 1937 to 1946.
.
Bonds are engraved under the supervision of and authenticated as to
genuineness by the National Shawmut Bank of Boston; their legality will
be approved by Storey, Thorndike, Palmer & Dodge, whose opinion will be
furnished the purchaser.
All legal papers incident to these issues will be
filed with said/bank where they may be inspected.
Bonds will be delivered to the purchaser at the National Shawmut Bank
of Boston. Boston
Financial Statement May 4,1936
.
,
,
_
.
Chronicle
May 9, 1936
Cert, check for $500,
required.
Legal opinion of Miller, Canfield, Paddock
Detroit, will be furnished by the village.
& Stone of
CLAIR COUNTY (P. O. Port Huron), Mich.—REFUNDING
BONDS CALLED FOR PAYMENT—The Board of County Road Com¬
missioners announces that funds will be on deposit with the St. Clair
ST.
County Treasurer, Port Huron, June 1, 1936, to retire all refunding bonds
1, 1934, on Road Districts Nos. 107 to 121, inclusive, due
May 1, 1938. Also all refunding bonds issued May 1, 1934, due May 1,
1940 on Road Ditstricts Nos. 30 to 121, Inclusive. Interest will/be paid on
these bonds up to June 1, 1936. The calling in or redemption of these bonds
is in accordance with the option reserved in the issuance of said bonds.
They will mature and no interest be paid after June 1, 1936, in accordance
issued May
with said
option.
VASSAR SCHOOL DISTRICT NO.
1
(P. O. Vaasar), Mich.—BOND
SALE—Wm. R. Stuart & Co. of Chicago have purchased and
are now offer¬
ing to investors an issue of $20,000 4% coupon school bonds at prices to
yield from 1% to 3.35%, according to maturities.
Denom. $500 and
$1,000.
DatedNov. 1,1935.
Prin. andsemi-ann. int. (May 1 and Nov. 1)
payable at Vassar.
Due yearly on Nov. 1 as follows: $500, 1936 to 1939;
ill,000, 1940 to 1951, and $1,500, 1952 to 1955.
,
„
Northwestern Municipals
•
Net valuation for year 1936 (real estate
Total gross debt (including this issue)
Water bonds
and personal)
Minnesota, North and South Dakota, Montana,
$124,138,475.00
5,207,500.00
-
Oregon, Washington
391,000.00
645,078.00
Borrowing capacity under c. 44, General Laws.
Population (estimated) 78,000.
WELLS-DICKEY COMPANY
WALTHAM, Mas?.—BOND SALE—An issue of $30,000 coupon street
bonds offered on May 7 was awarded to Faxon, Gade & Co. of Boston on a
bid of 100.585 for 2 Ms, a basis of about 2.15%.
Tyler, Buttrick & Co. of
Boston were second high, bidding 100.51.for 2 Ms.
Dated April 1, 1936.
Due $3,000 on April 1 from 1937 to 1946, inclusive.
Other bids
were as
follows:
Rate Bid
First National Bank of Boston
Hornblower & Weeks.-
&
W. Brigham, Town
3:30 p. m. on May 11 for the pur¬
$100,000 revenue anticipation notes, due March 29, 1937.
We Buy
NO. 4 (P. O. Colon),
school building
2872—were awarded to Robinson &
SCHOOL DISTRICT
Inc. of Chicago at par plus a premium of $575,
Other bids were
Bidder—
as
DISTRICT
(P.
O.
State ot—CERTIFICATE OFFERING—Sealed bids
H. Arens, Conserva¬
Credit, for the purchase of an issue of $1,000,000 certificates
of indebtedness.
Denom. $1,000. Dated May 26, 1936. Due on May 26,
1941.
These certificates will be issued by authority granted to the Con¬
servator under Section 10 of Chapter 429, Session Laws of 1933.
The cer¬
tificates will be sold at not less than par, at the lowest interest rate obtain¬
able.
All bids shall be subject to accrued interest to the date of delivery.
An opinion regarding the legality of this issue by the Attorney General of
the State will be furnished to the successful bidder.
$10,000, payable to the State Treasurer, must
equal to 102.21.
A certified check for
accompany
the bid.
STAPLES, Minn.—BOND SALE—The $30,000 issue of hospital bonds
offered for sale
follows:
May 2—V. 142, p. 2873—was awarded jointly to the
of Minneapolis, and
Kalman & Co. of St. Paul,
$425.00, equal to 101.41, a basis of about
3.15%.
Dated March 1, 1936.
Due $1,000 from 1939 to 1964, and
$2,000 in 1965 and 1966.
It is reported that Bigelow, Webb & Co. of Minneapolis, offered a
premium of $320 on 3M% bonds.
Premium
on
Allison-Williams Co.
$68.00
Siler, Carpenter & Roose
E. Hill & Sons State Bank
SCHOOL
MINNESOTA,
MICHIGAN
Co.,
CONSOLIDATED
will be received until 10 a. m. on May 18 by Theodore
A. T. T. Tel. DET347
p.
COUNTY
tor of Rural
Mich.—BOND SALE— The $26,000 4% general obligation
142,
a
ISLE, Minn.—BOND SALE—An issue of $10,500 4% municipal water
LYON
DETROIT
bonds offered on April 30—V.
Minn.—BOND SALE—The
on April 11—V. 142, p.
as 3s, paying a premium
basis of about 2.71%. Due from April 1
Marshall) Minn.—BOND SALE—The $19,000 issue of coupon school
refunding, series B bonds offered for sale on April 30—V. 142, p. 2872—
was purchased by T. G. Evensen, of Minneapolis, as 3Ms, at par.
Denom.
$500.
Dated Jan. 1, 1936.
Due in 1956, callable on any interest paying
date prior to maturity. Interest payable J. & J.
Cray, McFawn & Company
TOWNSHIP
Anoka),
system bonds has been sold to M. H. Bishop & Co. of Minneapolis.
for Our Own Account
Telephone CHerry 6828
O.
LAKEFIELD, Minn.—BOND SALE—A $27,000 issue of 2M % semi-ann.
village bonds is reported to have been purchased at par by the Charles A.
Fuller Co. of Minneapolis.
MICHIGAN MUNICIPALS
COLON
(P.
$246.00, equal to 101.82,
1939 to 1946.
100.86
WATERTOWN, Mass.—LOAN OFFERING—H.
Treasurer, will receive sealed bids until
chase of
COUNTY
$13,500 issue of refunding bonds offered for sale
2198—was awarded to Kalman & Co. of St. Paul,
of
2M%
Whittemore
Teletype—Mpls287
MINNESOTA
ANOKA
.
tnt. Rate
Bidder—
Ballou, Adams
Telephone—Minneapolis Atlantic 4201
as
Par
DEERFIELD, Mich.—NO BIDS—BONDS RE-OFFERED—The $30,000
3M% water works bonds offered on May 4—V. 142, p. 3039— were not
sold as no bids were received.
Re-offering of the issue will be made on
June 18, on which date Edna Pieh, Village Clerk, will receive bids.
Denom.
$1,000.
Dated June 1, 1936.
Interest payable June 1 and Dec. 1.
Due
June 1 as follows: $1,000,1939 to 1948, and $2,000,1949 to 1958.
Certified
check for $500 required.
3 Ms, paying a premium of
MISSISSIPPI
COUNTY
ALCORN
(P.
O.
Corinth),
Miss.—BOND SALE—It
is
stated by W. L. Madden, Clerk of the Chancery Court, that $30,000 4M%
semi-annual refunding bonds were purchased by the First National Bank of
MOUNT MORRIS TOWNSHIP FRACTIONAL SCHOOL DISTRICT
NO. 4 (P. O. Mount Morris, R. D. No. 2), Mich.—BOND OFFERING—
Sealed bids addressed to W. S. Martin, District Treasurer, will be receive
Memphis for
Dated
a
March
premium of $280, equal to 100.933, a basis of about 4.13%.
1, 1936.
Due $1,000 from March 1, 1937 to 1966, incl.
until 8 p. m. on May 14 for the purchase of $9,000 not to exceed 6%interest
school bonds.
Dated May 1, 1936. Due $1,800 on May 1 from 1937 to
Prin. and int. payable at the Central Hanover Bank & Trust Co. in
York.
Legal approval by Charles & Trauernicht of St. Louis.
Principal and interest (M. & N.) payable at the Citizens Commer¬
cial & Savings Bank, Flint.
A certified check for $500 must accompany
each proposal.
The approving opinion of Miller, Canfield, Paddock &
Stone of Detroit will be furnished the successful bidder.
Love & Co.; Wiggins & Walton; C. H. Little & Co., all of Jackson, and Fox,
Einhorn & Co. of Cincinnati, is reported to have purchased on April 28, a
1941 incl.
CLARKSDALE, Miss.—BOND SALE—A syndicate composed of J. S.
block of $58,000 3M % semi-ann. refunding bonds.
MOUNT
MORRIS
AND
GENESEE
TOWNSHIPS
BEECHER
SCHOOL DISTRICT NO. 2, Fractional (P. O. R. F. D. No. 6, Flint),
Mich.—BONDS NOT SOLD—The $41,000 4% coupon general obligation
school bonds offered on April 25—V. 142, p. 2709—failed of sale.
Dated
Jan. 1, 1936 and due serially from 1938 to 1961, incl.
MISSISSIPPI,
FINANCING
O. North Branch), Mich.—BOND SALE—The $33,000 coupon,
registerable as to principal only, general obligation school bonds offered
on April 11—V. 142, P. 2545—were awarded to the State Bank of Georgerown and the Pinney State Bank of Cass City as 4s, at par.
Dated Dec. 15,
1935.
Due Dec. 15 as follows: $500, 1936 to 1940; $1,000, 1941 to 1954.
and $1,500, 1955 to 1965.
tration will be available.
Following enactment of the highway construction program by the Legis¬
lature at its recent session.
Governor White borrowed $250,000 on shortterm notes to provide for purchase of the rights-of-way and
preliminary details of highway construction.
This loan is
gasoline tax at a rate of $50,000 per month beginning July
The $42,000,000 program will include $18,500,000 of
(P. O. Pontiac), Mich.—PROTECTIVE COM¬
Bondholders' Protective Committee for the county, the members of
are Messrs. S. E. Johanigman, Chairman, B. T. Batsch and J. A.
be
which
Nardman, has announed to the holders of certificates of deposit represent¬
PENTWATER, Mich.—BOND OFFERING—D. E. Spore, Village Clerk,
Legality approved by Miller, Canfield, Paddock & Stone of Detroit.
(At an offering on Jan. 13 of $7,000 water extension and $6,500 sewage
disposal plant bonds, no bids were received.)
RIVER
ROUGE,
Mich.—NOTE SALE—The $25,000 delinquent tax
May 5—V. 142 p. 3039—were purchased as 2s by the River
Rouge Savings Bank.
Dated May 1
1936 and due May 1 as follows:
$10,000 in 1937 and $15,000 in 1938; callable on 15 days' published notice.
notes offered on
ROMEO,
Mich.—BOND OFFERING—Conrad Turrell, Village Clerk,
May 11 for the purchase of $12,000 paving
bonds, to bear interest at no more than 4%. Dated Oct. 15, 1935. Prin¬
cipal and semi-annual interest (April 15 and Oct. 15) payable at the Romeo
Savings Bank of Romeo. Due $1,500 yearly on Oct. 15 from 1936 to 1943.
will receive bids until 7 p. m.
derived
from
bond sales,
First projects of the new. program call for 190 miles of pavement on main
sioner
will receive sealed bids until 7:30 p. m. on May 11 for the purchase of
$13,500 not to exceed 5% interest water supply system bonds.
Dated
May 1, 1936. Denom. $500.
Due May 1 as follows: $500 from 1938 to
1946 incl. and $1,000 from 1947 to 1955 incl.
Interest payable M. & N.
to handle other
payable out of
1.
State funds to
grant of $15,000,000 by the Public Works
Administration, grant of $4,750,000 by the United States Bureau of Public
Roads and $4,750,000 of State funds to match the Bureau's grant.
MITTEE APPROVES STATE HIGHWAY BOND REFUNDING PLAN—
ing highway improvement bonds issued by the State Highway Commis¬
of Michigan, payable wholly or in part, by Oakland County, by
Townships within said county and (or) by special assessment districts
situated wholly or in part in said county, deposited under the bondholders'
protective agreement dated Oct. 27, 1932, that in accordance with the
provisions of tne agreement the State Highway Commissioner of Michigan
has adopted a plan, which has been approved by this committee, for the
refunding of all of the outstanding highway improvement bonds issued by
him under the provisions of Act No. 59, Michigan Public Acts of 1915, as
amended, known as the Covert Act, payable as previously outlined above.
The plan is contained in a resolution adopted by the Board of County
Supervisors, on Nov. 8, 1935, a copy of which plan has been deposited with
the Guaranty Trust Co. of New York, depositary for the Bondholders'
Protective Committee.
Pursuant to the provisions of Section 4 of Article IV
of said protective agreement all depositing bondholders shall be deemed to
have assented to said plan of refunding unless they shall bhave expressed
their dissent as provided in the agreement within 30 days from May 1, 1936.
of—REPORT ON CONTEMPLATED ROAD
an
offering of $9,850,000 of bonds
by Governor Hugh L. White is to the effect that the issue will be sold to the
highest bidder.
Of the May 14 issue $5,000,000 will be for immediate delivery and $4,850,000 for delivery July 1 when the 45 % grant of the Public Works Adminis¬
NORTH BRANCH TOWNSHIP FRACTIONAL SCHOOL DISTRICT
The
State
PROGRAM—With
scheduled for May 14, the State of Mississippi will inaugurate financing
of its proposed $42,000,000 highway construction program, and a statement
NO. 2 (P.
OAKLAND COUNTY
New
highways.
When former Governor M.S. Conner was inaugurated in 1932, he began
what proved to be an effective program to rehabilitate the State's finances.
Economies coupled with revenue from the general sales tax created a bal¬
anced budget and also a surplus at the end of his four-year administration,
and his successor, Governor Hugh L. White, Columbus lumber man, has
continued the same type of fiscal policies. At the recent Legislative session,
he demanded that appropriations be pared down to revenue and while a
technical deficit is said to have resulted from additional grants by the law¬
makers, the State is considered to have
a
budget in balance for the current
biennium.
.
SHELBY, Miss.—BONDS NOT SOLD—The two issues of 4M% water
bonds, aggregating $6,250, offered on April 7—V. 142, p. 2032—were not
sold, according to report.
The bonds are divided as follows: $5,000 revenue
and $1,250 general bonds.
YAZOO-MISSISSIPPI DELTA LEVEE DISTRICT (P. O. Clarksdale)Miss.—BOND SALE—The $1,254,000 issue of refunding bonds offered
for sale on
May 5—V. 142, p. 2873—was awarded to a syndicate composed
National Bank, the First National Bank, Scharff & Jones,
Inc., and Edward Jones & Co., all of New Orleans, the Leland Speed Co.
of Jackson, Miss., the Equitable Securities Co. of Nashville, the Union
Planters National Bank & Trust Co., Leftwich &
Ross, Saunders &
Anderson, and the Federal Securities Co., Inc., all of Memphis, J. G.
Hickman, Inc., and the First National Bank, both of Vicksburg, George
T. Carter, Inc., of Meridian, Cady & Co., Inc., of Columbus, Miss., and
Lewis & Thomas, of Jackson, Miss.
Dated June 1, 1936.
Due from June
1,1937 to 1956.
The above bonds are said to have been sold at par, a net interest cost of
about 3.40%, on the bonds divided as follows: $530,000 as 3 Ms, maturing
on June
1; $80,000, 1937; $100,000, 1938, and $70,000, 1939 to 1943;
$280,000 as 3Ms, maturing $70,000 from June 1, 1944 to 1947, and $444,000
as 3Ms, maturing on June 1: $75,000, 1948, 1950, 1951 and 1953; $80,000,
1954, and $64,000 in 1956.
of the Whitney
Volume
Financial
142
Chronicle
3219
annual interest
MISSOURI
BUCHANAN
(P. O. St. Joseph) Mo.—ADDITIONAL
following statement is furnished by George K.
Gilpin, presiding county Judge, in connection with |;he offering scheduled
for May 14, of the $150,000 issue of poor relief bonds, notice of which was
given in these columns recently—V. 142, p. 2873:
"The total assessed valuation of Buchanan County is $96,000,000. There
is a bonded debt of $1,400,000 in judgment bonds against the county.
We
voted at our recent/election, a sufficient amount to refund these judgment
COUNTY
INFORMATION—The
bonds.
This $1,400,000judgment bonds will be sold within the next month.
The judgment bonds of this county were not voted by the people, they
issued at the order of the Circuit Court. Our recent election was called
for the purpose of taking up all the judgment bonds, since there is no way to
were
take
of the interest and
principal on them.
on $100 valuation for the road fund; 35c. on $100 for
12)4c. on $100 has been levied to takei care of the road
bonds in thte county, but the road bonds will be paid up in June.
Our
estimate will show that there will be approximately 12He. on $100 valuation
to take care of the relief and judgment bonds of this county, making a total
assessment of 72He. on $100 valuation.
The present population is ap¬
proximately 98,000.
There has never been any default in the payments
of either principal or interest in this county."
care
"The tax rate is 25c.
general
revenue.
DUNKLIN COUNTY
'P. O.
Kennett), Mo.—BONDS DEFEATED—
At the election held on April 28—V. 142, p. 2546—the voters are stated to
have defeated the issuance of the $150,000 in court, house bonds.
ST. LOUIS, Mo.—BOND OFFERING NOT SCHEDULED—It is stated
by Louis Nolte, City Comptroller, that he is not aware of any plan being
perfected for the re-offering of the $2,250,000 in Jefferson National Ex¬
pansion Memorial bonds that were offered for sale without success on April
10 and 14—V. 142, p. 2710. Rumors had been current recently that these
bonds would again be offered in the near future.
(March
1
and
Sept. 1) payable at the County Treasurer's
office, in Ely.
Due $2,000 yearly on Sept. 1 from 1936 to 1953.
Bidders
are requested to make a bid on the basis of the lowest interest rate at which
they will take the bonds at not less than par.
Certified check for 5% of
amount of bid, required.
NEW
HAMPSHIRE
CONWAY, N. H.—BOND SALE—An issue of $37,000 2H% refunding
bonds has been sold to Mansfield & Co. of Hartford and E. H. Rollins &
Sons of Boston. Dated April 15, 1936.
Due from 1937 to 1948.
HILLSBOROUGH COUNTY (P. O. Manchester),
N. H.—BOND
SALE—The $300,000 3% funding bonds offered on May 6—V. 142, p.
.
3041—were awarded to the First Boston Corp. and Brown Harriman &
Co., jointly, at a price of 104.359, a basis of about 2.505%. Dated July.l,
1935, and due $15,000 each July 1 from 1936 to 1955 incl.
MANCHESTER, N. H.—NOTE SALE—The issue of $500,000 tax anti¬
cipation notes offered on May 7 was awarded to the First National Bank
of Boston on a .59% discount basis.
Notes are dated May 6, 1936 and
will mature Dec. 16, 1936.
Other bidders were:
Name
V
.
Discount
.
Brown Harriman & Co., New York
E. H. Rollins & Sons, New York
.60%
.605%
.61%
.61%
-
Leavitt & Co., New York
Faxon, Gade & Co., Boston
WOLFEBORO, N. H.—BOND SALE—Mansfield & Co. of Hartford
recently purchased a new issue of $38,000 2)4 % serial refunding bonds.
Dated May 1, 1936. Due May 1 as follows: $4,000 in 1937 and 1938 and
$3,000 from 1939 to 1948 incl. The bonds are certified by the First National
Bank of Boston and bear the legal opinion of Storey, Thorhdike, Palmer
& Dodge of Boston.
MONTANA
BIG
HORN
Mont.—BOND
COUNTY
SCHOOL
OFFERING—G.
C.
DISTRICT
Swartz,
NO.
District
2 (P. O. Pryor),
Clerk, will receive
H. L. Alls Company
bids until 1 p. m. June 1 for the purchase at not less than par of $8,500
not to exceed 6% school building improvement bonds.
Bonds will be
New Jersey
issued
on either serial or amortization basis, with final maturity in 20 years.
Denominations of amortization bonds will be determined at time of sale;
denominations of serial bonds will be $425.
Dated July 1, 1936. Interest
payable Jan. 1 and July 1.
Clerk, required.
A. T. & T.
Certified check for $850, payable to the District
1 V;
N. Y. 1-528
New York
BUTTE,
MUNICIPAL BONDS
j
New
WILLIAM
A. T.
GREAT
FALLS, Mont,—BOND SALE—The issue of $140,570.61 re¬
funding bonds offered on May 1—V. 142, p. 2546—was awarded to the
First National Bank of St. Paul.
The bonds maturing from 1937 to 1946
will bear interest at
issue is
bringing
a
2%%. and those running from 1947 to 1951, 3 %. The
premium of $1,560.25, and the buyer is supplying the
blank bonds and paying the cost of legal opinion.
Murphey, Fabre & Co.
of Spokane were second high.
Dated July 1, 1936.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 9
(P. O.
East
Helena), Mont.—BOND OFFERING—Harry Smith, Clerk of the
Board of Education, will receive bids until 7 p. m. June 6, for the purchase
$40,000 6% school rebuilding and reequipping bonds.
Certified check
for $4,000, required.
NEBRASKA
MUNICIPALS
Y. 1-730
JERSEY
Telephone: John 4-6364
Newark Tel.: Market 3-3124
MUNICIPALS
Cotyer, Robinson $ Company
INCORPORATED
1180
Mont.—BOND
GFFERING—Both sealed and auction
bids will be received by August Colin, City Clerk, at 7.30 p. ra. on June 1,
for the purchase of a $34,000
issue of 6% coupon Oiled Paving District
No. 10 improvement bonds.
Denom. $500, except bonds issued in pay¬
ment of the costs and expenses and the final payment of contract.
Dated
Nov. 1, 1935.
Due on Jan. 1, 1944, redeemable at the option of the city
at any time there are funds to the credit of the district.
Bids will be received
for all or for a portion of the bonds.
Prin. and annual int. payable at the
office of the City Treasurer.
A certified check for 5%, payable to the
City Treasurer, must accompany the bid.
This report supplements the offering notice given here recently—V. 142,
p. 3040.)
Ingen & Co. Inc.
STREET, N. Y.
&. T.: N.
NEW
FROMBERG, Mont.—BOND OFFERING—G. W. O'Connor, Town
Clerk, will receive bids until 10 a. m. May 18 for the purchase of $2,000
street improvement bonds and $1,000 electric street lighting bonds. Interest
is not to exceed 6%.
Dated June 1, 1936.
Interest payable Jan. 1 and
July 1. Bonds will mature either serially or on amortization plan. Certified
check for $200 required.
GLENDIVE,
Jersey and General Market Issues
B. J. Van
57
CASCADE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Great Falls).
Mont.—BONDS DEFEATED—It is reported that the voters defeated
recently the proposed issuance of $125,000 in school building bonds.
of
Mb
100 Broadway
.
Mont.—BOND OFFERING—It is stated by Beryl Wilson!
City Clerk, that sealed bids will be received until 7:30 p. m. on May 27
for the purchase of a $900,000 issue of coupon refunding bonds.
Interest
rate is not to exceed 4%, payable J. & J. Dated July 1, 1936. Amortization
bonds will be the first choice and serial bonds will be the second choice.
If
amortization bonds are sold and issued, the entire issue may be put in one
single bond or divided into several bonds as the Council may determine
upon at the time of sale, both principal and interest to be payable in semi¬
annual instalments during a period of 20 years from the date of issue.
If
serial bonds are issued and sold on a 20-year instalment plan there shall be
900 bonds in the amount of $1,000 each; the sum of $45,000 of said serial
bonds will become due and payable on July 1, 1937, and a like amount on
the same day each year thereafter until 20 payments have been made.
Principal and interest payable at the City Treasurer's office. These bonds
are issued for the purpose of refunding bonds issued in 1921, due on July 1,
1941, numbered from 101 to 1,000 incl. A certified check for $10,000, paya¬
ble to the city, must accompany the bid.
r
DJumpipal Bonds
Telephohw^i^'por 2-7333
Raymond Blvd., Newark
NewYor
MArket 3-1718
A. T. & T. Teletype
Wire:
REctor 2 2055
NWRK 24
NEW JERSEY
ATLANTIC
COUNTY
(P.
O. Mays Landing).
N.
J.—CREDITORS
ASKED TO APPROVE REFUNDING PROGRAM—The Bondholders' Pro¬
tective Committee has adopted and approved the permanent plan contained
in
an agreement dated May 1, 1936 for the adjustment and partial refunding
of a portion of tne county's bonded debt.
Copies of the program are now
being sent to all known bondholders and noteholders of the county, including
the holders of certificates of deposit issued by the Committee. Moreover, a
copy of the plan has been lodged with the depositary, the Bank of New York
& Trust Co., 48 Wall St., New York.
The Committee announces that
depositors who do not withdraw their bonds from deposit on or before
June 2,1936, also all holders of bonds who, subsequent to May 4, 1936, shall
deposit such bonds with the Committee, shall be conclusively considered
as
having definitely and finally assented and accepted the terms of the
permanent refunding plan.
Of the approximately $5,000,000 of county
obligations outstanding, about $3,000,000 are in default, according to report.
Members of the protective committee are Stacy B. Lloyd, Chairman;
William R. Bayes, Walter L. Gropley, George S. Downing, Alfred G.
Scattergood and George H. Wilson.
Counsel is Drinker, Biddle & Reath,
1429 Walnut St., Philadelphia, and the Secretary is Carl W. Funk, also of
1429 Walnut St., Philadelphia.
BELMAR, N. J.—BOND OFFERING—J. A. Joeck, Borough Clerk, will
10:30 a. m. (Daylight Saving Time) on May 19
purchase of $84,500 not to exceed 5% interest coupon or registered
refunding bonds, part of an authorized issue of $303,500.
Dated May 1,
1936.
One bond for $500, others $1,000 each.
Due May 1 as follows:
$3,000,1937 to 1962 incl.; $2,000from 1963 to 1965 incl. and $500 in 1966.
receive sealed bids until
OFFERING
WANTED
OMAHA, DOUGLAS COUNTY,
AND
OTHER
NEBRASKA
for the
LINCOLN
ISSUES
Rate of interest to be expressed in a multiple of H or l-10th of
The National
OF
First National Bank Bldg-
company
OMAHA
pany
water of New York
A. T. & T. Teletype OMA 81
NEBRASKA
/
r NEBRASKA.
State
of—$21,123,935
BALANCE
REPORTED
IN
TREASURY—An Associated Press dispatch from Lincoln on May 6 had
the following to say;
"The Treasury of Nebraska, the only debtless State in the nation, had
a balance of $21,123,935 today.
"The treasurer's office reported it had $1,691 cash on hand, $4,503,846
$2,879,643 in United States Government bonds and $13,738,754
in banks,
in other securities.
State
was
debtless and had neither
an
income tax
nor
a
sales tax,
Governor R. L. Cochran called it a taxpayers' paradise.
"Debt in excess of $100,000 has been forbidden by the Nebraska Consti¬
tution since 1875, and all highway work, the construction of a $10,000,000
Capitol and other major projects have been accomplished on a pay-as-yougo basis.
The State property tax last year was $2.15 per $1,000.
"State Treasurer George E. Hall said the State's present financial status
might be attributed as much to Federal expenditures within the State as
to laws and past activities."
[* SIDNEY, Neb.—BOND OFFERING—C. C. Jones, City Clerk, will
receive bids until 7:30 p. m. May 11 for the purchase of $5,000 Improvement
District No. 4 bonds.
(
NEVADA
ELY,
Nev.—BOND OFFERING—Dewey O. Simon, City Clerk, will
receive bids until 7.30 p.m. June 5 for the purchase at not less than par
of $36,000 4% curb and sidewalk, sanitary and storm water sewers, and
park improvement bonds.
Dated Sept. 3, 1935. Principal and semi¬
Prin¬
will be furnished the successful bidder.
BERGENFIELD,
"Because the
1%.
(M. & N.) payable at the Belmar National Bank.
A
payable to the order of the Borough, must accom¬
each proposal.
The approving opinion of Clay, Dillon & Vande-
cipal and interest
certified check for 2%.
N.
J.—BOND OFFERING—Edmund
L.
Willis,
Borough Clerk, will receive sealed bids until 8p. m. (Daylight Saving Time)
on May 25, for the purchase of $49,000 4M % coupon or registered general
refunding bonds.
Dated Nov. 1, 1935. Denom. $1,000.
Due Dec. 15 as
follows:
$13,000, 1936; $9,000, 1937; $5,000, 1938; $6,000, 1939 and 1940;
$4,000, 1941; $2,000 in 1942 and $4,000 in 1943.
Principal and interest
(J. & D.) payable in lawful money of the United States at the Bergenfield
National Bank & Trust Co., Bergenfield.
A certified check for 2% of the
bonds bid for, payable to the order of the borough, must accompany each
proposal. The approving opinion of Reed, Hoyt & Washburn of New York
will be furnished the successful bidder.
CHESTER TOWNSHIP, N. J.—SUMMARY OF PLAN FOR RE¬
FINANCING
TOWNSHIP AND SCHOOL DISTRICT DEBTS—The
following is an official summary, dated April 28, 1936, of the proposed plan
for refinancing the outstand'
• indebtedness of both the township and its
which has been approved by the New Jersey Municipal
Finance Commission and is now being offered for the approval of creditors
of both taxing units:
school district,
To the Bondholders
and Creditors of the Township of
District of the Township of Chester:
Chester and the School
herewith a proposed plan for refinancing the indebted¬
ness
of the township and school district.
Summarizing, this plan sub¬
stantially provides for the following:
"That all outstanding bonds and notes of the township be exchanged for
"There is enclosed
an
equal principal amount of an issue of $871,775.75 township refunding
school district bonds be exchanged for an
bonds and that all outstanding
equal principal amount of an issue of $164,500.00 school district refunding
bonds.
Tne township refunding bonds and school refunding bonds which
are to be dated Dec. 31, 1935, will mature in 1975 and will bear interest at
the rate of 39? per annum from 1935 to 1940 and at the rate of 3)4% Per
\
*
Financial
3220
annum
from 1940 until
maturity in 1975.
All overdue interest
on
Chronicle
May
the bonds
and notes of the township and of the school district will be adjusted by a
payment in cash of 33 1-3% of all interest accrued to Dec. 31, 1935 upon
Offerings— Wanted
surrender of all coupons.
- "A sinking fund to be held
and administered by a bank or trust company
will be provided for the security and payment of all refunding bonds.
Specific minimum budgetary payments and the collection of assessments
now on the books are pledged for payment to the sinking fund.
The fiscal
agent will have power to enforce such payments by mandamus or by other
appropriate action or proceeding at law or in equity.
All moneys in the
sinking fund are pledged first to the payment of interest and then to tne
retirement of bonds in the order of their maturity.
If refunding bonds are
available at less than par they may, until Dec. 31, 1950, be retired through,
purchase and cancellation by the fiscal agent with the assent of the town¬
ship; otherwise, refunding bonds will be redeemed by the fiscal agent by
lot at par after suitable published notice.
4'The township will be obligated to hold annual tax sales as prescribed
by law and covenant to operate on a cash basis substantially as provided
by the 'Cash Basis' Act—Chapter 60, Laws of 1934.
"The Municipal Finance Commission requests that you study the plan
carefully. If you have any comments to offer with respect thereto or there
are any points needing further explanation, please feel free to address the
Commission.
The plan has been formulated after long and careful study
and it is the opinion of the Commission and of those who have reviewed the
financial situation in the township that the proposal submitted is the most
equitable that can be offered to the creditors.
"The Commission and the township will contact all creditors with regard
to future prodedure after creditors have had an opportunity to study and
review the proposal.
Very truly yours,
WALTER R. DARBY,
Chairman,
Municipal Finance Commission'*
JERSEY CITY,
N. J.—BONDS AUTHORIZED—The Board of Com¬
missioners of the city have passed an ordinance authorizing *he issuance of
New York State Municipals
County-—City—Town—School District
Gordon Graves & Co.
MEMBERS NEW
COUNTY
(P.
O.
New
N.
J —BOND
MILLBURN TOWNSHIP (P. O. Millburn), N. J.—BOND OFFERING
—Mabel E. Goff, Township Clerk, will receive sealed bids until 8:30 P. m.
May 18 for the purchase of $21,000 not to
exceed 6% interest coupon or registered poor relief bonds.
Dated May 15,
1936.
Denom. $1,000.
Due May 15 as follows: $3,000 from 1937 to 1941
incl. and $2,000 from 1942 to 1944 incl.
Bidder to name one rate of
interest on the issue, expressed in a multiple of A of 1%.
Principal and
interest (M. & N.) payable at the First National Bank of Millburn.
A
certified check for $420, payable to the order of the Township, must
accompany each proposal.
The approving opinion of Reed, Hoyt & Wash¬
on
burn of New York will be furnished the successful bidder
NEW
JERSEY,
State
of— STATISTICAL
INFORMATION MADE
AVAILABLE—J. B. Hanauler & Co. of New York and Newark has pre¬
pared the May issue of their monthly folder entitled "The New Jersey
Municipal Bond Market."
The sheets present financial statements and
quotations on the greater majority of municipalities and all the counties of
the
State.
This folder should prove useful as a ready reference guide to
investors in New Jersey municipal securities.
NORTH
HALEDON, N. J.—BONDS AUTHORIZED—The Borough
Council recently passed an ordinance authorizing the issuance of $50,000
refunding bonds.
NEW
ALBANY,
PLAINFIELD, N. J.—BOND SALE—The issue of coupon
refunding bonds offered on May 5—V. 142, p. 2711—was awarded!to
Colyer, Robinson & Co. and R. W. Pressprich & Co. of New York, who
offered to take $128,000 bonds at 3%, for a price of $129,007.77, equal to
100.787, a basis of about 2.91%. B. J. Van Ingen & Co. and MacBride,
Miller & Co. of New York were second high, offering to pay $129,411.51
for $128,000 3% bonds.
Dated April 1, 1936.
Due Oct. 1 as follows:
$10,000, 1940 to 1943; $15,000. 1944 to 1948, and $13,000 in 1949.
NORTHVALE, N. J .—BONDS NOT SOLD—No bids
were
submitted
for the $60,000 not to exceed
4% % interest serial funding bonds offered on
May 6—V. 142, p. 2874. Dated Dec. 15, 1935 and due $4,000 on Dec. 15
from 1937 to 1951, inclusive.
PASSAIC COUNTY
William P. Leary, Clerk
until 2:30 p.
purchase of $238,000 not
(P.
O. Paterson),
N. 3.—BOND OFFERING—
of the Board of Chosen Freeholders, will receive
m. (Daylight Saving Time) on May 20 for the
to exceed 4% interest coupon or registered county
building bonds.
Dated May 1, 1936.
Denom. $1,000.
Due May 1 as
follows:
$20,000 from 1937 to 1939, incl.; $25,000 from 1940 to 1945, incl.
and $28,000 in 1946.
Rate of interest to be expressed in a multiple of
A of 1%.
Principal and interest (M. & N.) payable at the First National
Bank, Paterson, or at the option of the holder, at the County Treasurer's
office.
A certified check for 2%, payable to the order of the county, must
accompany each proposal.
The approving opinion of Hawkins, Delafield &
Longfellow of New York will be furnished the successful bidder.
sealed bids
POINT PLEASANT BEACH, N. 3.—BOND SALE—An issue of $184,000 4)4 % general refunding bonds has been disposed of privately to Ewing &
Co. of New York and J. S. Rippel & Co. of Newark.
Dated April 1, 1936.
Interest payable April 1 and Oct. 1.
Due Oct. 1 as follows: $9,000, 1936;
SIO.OOO, 1937; $15,000, 1938; $20,000, 1939 to 1943; $15,000, 1944 and
1945; $13,000. 1946, and $7,000, 1947.
POINT PLEASANT BEACH, N. J.—BOND SALE—The $2,000 4A%
general refunding bonds offered on April 30—V. 142, p. 2874—were sold
at a price of par to
Ewing & Co. of New York.
Dated April 1, 1936 and
due Oct. 1, 1946.
SEASIDE PARK, N. J.—BOND OFFERING—Aaron Wilbert, Borough
Clerk, will receive sealed bids until 2 p. m. (Eastern Standard Time) on
May 16, for the purchase of $7,500 4)4 % coupon or registered emergency
boardwalk reconstruction bonds.
Dated Dec. 30, 1935.
Denom. $500.
Due $1,500 on Dec. 30 from 1941 to 1945, incl.
Principal and interest
(J. & D. 30) payable at the Ocean County National Bank of Point Pleasant
Beach, Point Pleasant.
A certified check for 2% of the bonds bid for,
Payable to the order of the Borough, is required.
The approving opinion
of Caldwell & Raymond of New York will be furnished the successful bidder.
(The above bonds are part of the issue of $15,000 for which no bids were
received on Feb. 1).
WEST NEW
YORK, N. J.—BOND CALL—The following bonds have
been called for payment on
May 15 at the office of Thomas H. McCaffrey,
Town Comptroller:
Tax revenue bonds of 1933, due Aug. 25, 1936.
Tax revenue bonds of 1934, due Sept. 30,1937.
NEW
MEXICO
the Town
water
Clerk that the sale of the $100,000 4XA% semi-ann. refunding
bonds to Boettcher & Co. of Denver, reported in these columns
would not approve
1946 incl.
YORK
OFFERING—Lawrence J. Ehrhardt, City
Comptroller, will receive sealed bids until 2 p. m. (Daylight Saving Time)
May 19 for the purchase of $2,100,000 not to exceed 4% interest coupon
registered bonds, divided as follows:
on
or
$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, inclusive.
330,000 water refunding bonds.
Due $33,000 on May 1 from 1937 to
1946, inclusive.
(
J ■
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, inclusive.
60,000 municipal equipment bonds. Due May 1 as follows: $7,000 from
1937 to 1940, incl. and $8,000 from 1941 to 1944, inclusive.
25,000 local improvement bonds.
Due May 1 as follows: $2,000 from
1937 to 1941, incl. and $3,000 from 1942 to 1946, inclusive.
15,000 school bonds. Due May 1 as follows:
$2,000 from 1937 to 1941,
incl. and $1,000 from 1942 to 1946, inclusive.
1936.
Denom. $1,000.
Rate or
multiple of A or 1-10th of 1 %. Whereas
of the bonds of each
N.) payable at the
First Trust Co., Albany.
A certified check for $42,000, payable to the
order of the city, must accompany each proposal.
The approving opinion
of Reed, Hoyt & Washburn of New York City will be furnished the success¬
rates of interest to be
expressed in
a
different rates may be named on each of the issues, all
lot must bear coupon.
Principal and interest (M. &
ful bidder.
BATH, N. Y.—BOND SALE—The issue of $81,000
coupon or
registered
bonds offered on May 5—V. 142, p. 3042—was awarded to Granbery, Safford & Co. of New York as 3s, at a price of 100.22, a basis of
about 2.985%. Dated March 1, 1936, and due March 1 as follows: $3,000,
1937 to 1956 incl.; $4,000 from 1957 to 1960 incl., and $5,000 in 1961.
sewer
Other bids were as follows:
Int. Rate
Bidder—
Farmers & Mechanics Trust Co
Roosevelt & Weigold, Inc
Rutter & Co., Inc_
_
Manufacturers & Traders Trust Co
*
Bacon, Stevenson & Co_
Bancamerica-Blair Corp
—______
Bath National Bank.....
________
3.10%
3.10%
3.10%
,/3.20%
3.20%
3.20%
3.50%
Premium
$283.50
145.80
141.75
404.19
356.40
325.00
100.00
BOONVILLE, N. Y.—BOND SALE—The village sold an issue of $28,000
registered sewer bonds on May 4 to its sinking fund as Is, at par, according
to report.
Dated May 1, 1936. Denom. $1,000. Due $1,000 on May 1
from 1937 to 1964 incl.
Principal and interest (annual, May 1) payable at
the First
National Bank,
BUFFALO,
N.
Boonville.
Y.—REFUNDING ISSUE REDUCED—The budget
for the fiscal year beginning July 1 has been increased by $4.45 to a total
of $26.72
a
per
$1,000 of assessed valuation.
The higher rate will permit
City Council
reduction in the amount of maturing debt to be refunded.
had demanded that $3,500,000 of bonds be refunded, but was forced to
reduce the amount to $2,500,000, at the insistence of Mayor Zimmerman.
During the past five years, it is said, refunding operations have involved
total of $20,500,000 bonds.
The Mayor's proposal of curtailing the
of debt is in line with his policy of increasing the city's debt
incurring margin.
extension
BUFFALO SEWER AUTHORITY, N. Y.—PWA ONLY BIDDER FOR
ISSUE—At the offering on May 4 of $3,358,000 not to exceed 4%
BOND
interest sewer bonds, the only bid received was an offer of par for 4s, made
on behalf of the Public Works Administration, according to report.
Issue
is dated
April 1, 1936 and due serially
CLAYVILLE,
N.
2711—was cancelled, as the State Tax Commission
the issue. Dated May 1, 1936. Due from May 1, 1937,
p.
on
April 1 from 1940 to 1963, incl.
Y.—BOND OFFERING—Harry
J.
Buck,
Village
Clerk, will receive sealed bids until 8 p. m. (Eastern Standard Time) on
May 16, for the purchase of $5,000 not to exceed 5% interest registered fire
fighting equipment bonds. Dated May 1, 1936.
Denom. $500.
Due $500
on May 1 from 1937 to 1946, incl.
Interest payable (M. & N.) Rate of
interest to be expressed in a multiple of A or l-10th of 1%.
>
HAMBURG, N. Y.—PRICE PAID—The $18,000 3.15% tax equaliza¬
3042—
tion bonds sold recently to the Peoples Bank of Hamburg—V. 142, p.
a price of 100.20, a basis of about3.12%. Due June 15 as follows:
$1,000, 1939 and 1940; $2,000 from 1941 to 1946, incl. and $4,000 in 1947.
brought
HORNELL, N. Y.—BOND OFFERING—Howard P. Babcock, City
Chamberlain, will receive sealed bids until 2 p. m. (Daylight Saving
Time) on May 20, for the purchase of $40,000 not to exceed 4% interest
coupon or registered bonds, divided as follows:
$20,000 public works bonds.
Due May 1 as follows:
$2,000, 1938; $3,000
in 1939 and $5,000 from 1940 to 1946, inclusive.
20,000 emergency relief bonds.
Due May 1 as follows:
$2,000, 1938;
$3,000 in 1939 and $5,000 from 1940 to 1946, inclusive.
Each issue is dated May 1, 1936.
Denom. $1,000.
Rate of interest to be
expressed in a multiple of A or l-10th of 1%.
Principal and interest
(M. & N.) payable at the City Chamberlain's office.
Legality to be
approved by Clay, Dillon & Vandewater of New York City.
A certified
check for $800, payable to the order of the city, is required.
LAWRENCE, N. Y.—BONDS VOTED—At the special election held on
April 24 the voters approved the issuance of $135,000. An issue of $125,000
for the purchase of country club property carried by a vote of 176 to 144,
while a $10,000 issue for improvements to the property was voted by 172
to 141.
LYNBROOK, N. Y.—BOND SALE— The $65,000
coupon or
registered
bonds described below, which were offered on May 4—Y. 142, p. 2875—
awarded to
Halsey, Stuart & Co. of New York, as 1.60s for a premium
of $43.55, equal to 100.067, a basis of about 1.58%:
$52,000 tax revenue bonds.
Due May 1 as follows: $15,000.1937; $13,000,
1938; $12,000 in 1939 and 1940.
13,000 public improvement bonds.
Due May 1 as follows: $3,000 from
1938 to 1940 and $4,000 in 1941.
Each issue is dated May 1, 1936.
Denom. $1,000.
Principal and int.
(M. & N.) payable at the Lynbrook National Bank & Trust Co., Lynbrook.
were
Other bidders
were:
Name—
Int. Rate
Gordon Graves & Co., New York
Geo. B. Gibbons & Co., New York
Manufacturers & Traders Trust
Marine Trust Co., Buffalo
Co., Buffalo.
Bacon. Stevenson & Co., New York
Second National Bank of Hempstead
ALAMAGORDO, N. M —BOND SALE CANCELLED—It is stated by
recently—V. 142,
N. Y.—BOND
a
NORTH
r
Whitehall 4-5770
All of the bonds will be dated May 1,
Brunswick),
OFFERING—William A. Allgair, County Treasurer, will receive sealed bids
until 2 p. m. (Daylight Saving Time) on May 15, for the purchase of $1,285,000 not to exceed 6% interest coupon or registered improvement bonds.
Dated May 15, 1936.
Denom. $1,000.
Due May 15 as follows:
$75,000,
1937 and 1938: $100,000,1939 to 1945, incl.; $105,000 in 1946 and $110,000
from 1947 to 1949, incl.
Rate of interest to be expressed in a multiple of
A or l-10th of 1%.
Principal and interest (M. & N. 15) payable at the
County Treasurer's office.
A certified check for 2%, payable to the order
of the County Treasurer, must accompany each proposal.
The approving
opinion of Caldwell & Raymond of New York will be furnished the success¬
ful bidder.
The bonds will be delivered in New York City on or about
May 25, 1936.
If desired by the purchaser, interest on bonds registered
as to principal and interest will be remitted
by mail in New York exchange.
(Daylight Saving Time)
YORK STOCK EXCHANGE
N. Y.
WALL ST.,
1
$125,000 hospital lands acquisition bonds.
MIDDLESEX
1936
9,
2.10%
2.20%
2.25%
2.30%
2.40%
2.75%
Premium
$90.94
67.60
32.50
62.40
130.00
MONROE COUNTY (P. O. Rochester), N. Y.—DATE OF SALE—
May 27 has been set as the date on which bids will be received for the pur¬
chase of $1,425,000 tax anticipation notes and $400,000 work relief bonds,
according to report.
to
FORT
SUMNER, N. Mex.—BONDS TO BE SOLD—We
are
now
in¬
formed that the $60,000 sewer system bonds approved by the voters recently
—V. 142, p. 3042—will not be placed on the market, but will be purchased
by the Public Works Administration.
NEW YORK, N. Y.—APRIL FINANCING—Financing by the city
during the month of April consisted of the sale of various issues of 4%
bonds, aggregating $1,642,000 and maturing serially from 1936 to 1962 incl.
to the Public Works Administration, and the disposal to local banks of
$15,000,000 short-term liens, described as follows:
Volume
Financial
142
$5,000,000 1% certificates of indebtedness for home and work relief pur¬
poses.
Due Aug. 3, 1936.
5,000,000 2% special corporate stock notes. Due April 21, 1937.
3,000,000 2% special revenue bonds of 1936. Due April 21, 1937.
2,000,000 2% tax notes of 1936.
Due April 21, 1937.
NORTH SALEM (P. O. Purdys), N. Y.—BOND SALE—It is reported
that the $17,445 coupon tax equalization bonds offered on May 6 were
.
awarded to Anne Beeson of Purdys at a price of par for 3.10s. Dated June
1936.
Due June 1 as follows: $2,000, 1937 to 1944, and $1,445, 1945.
The Home Savings Bank of White Plains was second high bidder,
l,
offer¬
ing
par for
'l;>
3Ms.
Y.—BOND OFFERING—
F. Clinton Howe, Secretary of the Board of Fire Commissioners, will
receive sealed bids until 2 p. m. (Standard Time) on May 9, for the purchase
of $20,000 not to exceed 6% interest coupon or registered bonds.
Dated.
May 1, 1936. Denom. $1,000. Due $2,000 on May 1 from 1937 to 1946,
incl.
Principal and interest (M. & N.) payable at the First National Bank,
Old Forge.
A certified check for $400, payable to the order of the District,
must accompany each proposal.
The approving opinion of Clay, Dillon &
n
OLD
FORGE
DISTRICT,
FIRE
N.
Vandewater of New York will be furnished the successful bidder.
connection
exceed
6%
columns, we
with
Financial Statement
Assessed valuations, real property incl. special
Total bonded debt, including this issue
5179,613,058
1,206,000
franchises
(The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes upon any or all of the
subject to the taxing power of the county.)
Year—
1935-36_
—
1934-35
1933-34
1932-33
(P.
O.
Such Taxes
Taxes
Relevy, Town
and Special
Dist. Purposes
$1,04(1,108
907,803
1,007,057
907,496
for State
and County
Purposes
$794,739
664,900
834,000
843,000
ORWELL
property
Tax Levies for
School Dist.
Tax Levies
Uncollected at
End of
Fiscal Year
Not available
$181,972
Notseg'gated
Notseg'gated
Uncollected
as of
April 1,1936
Not returned
Orwell),
N.
Amount of
5154,952
106.356
74.459
Y —BOND OFFERING—Audrie
V.
Howlett,
Town Clerk, will receive sealed bids until 1 p. m. (Eastern
Standard Time) on May 16, for the purchase of $45,000 not to exceed 6%
interest coupon or registered funding bonds.
Dated May 15, 1936.
Denom. $1.000.
Due May 15 as follows:
$5,000 in 1937 and $10,000 from
1938 to 1941, incl.
Bidder to name one rate of interest on the issue, ex¬
pressed in a multiple of M or 1-10 of 1 %. Principal and interest (M. & N.)
payable in lawful money of the United States at the First National Bank,
Lacona.
The bonds are generall obligations of the town, payable from
unlimited ad valorem taxes on all its taxable property and
will be used as a refund to certain taxing districts in Oswego
the proceeds
County for a
portion of the State and County taxes erroneously assessed against property
in those units in the years 1921, 1922 and 1923.
Repayment will be made
in accordance with an order of the State Tax Commission equalizing the
taxes, and under the authority of the Tax Law and the Town Law of the
State.
Proposals must be accompanied by a certified check for $900,
payable to the order of the Town Treasurer.
The approving opinion of
Caldwell & Raymond of New York will be furnished the successful bidder.
PEEKSKILL,
tails
are
N.
Y —BOND OFFERING
DETAILS—Complete
de¬
available
covering the issue of $45,000 not to exceed 4% interest
registered municipal building bonds being offered for sale by the
village, preliminary report of which appeared in a previous issue.
Sealed
bids will be received by William F. Gallagher, Village Clerk, until 2p.m.
(Daylight Saving Time) on May 12. Dated Dec. 1, 1935.
Denom. $1,000
Due Dec. 1 as follows:
$1,000, 1937 to 1941, incl., $2,000 from 1942 to
1946, incl. and $3,000 from 1947 to 1956, incl.
Principal and interest
(J. & D.) payable at the National City Bank, New York City.
The bonds
are general
obligations of the village, payable from unlimited taxes.
A
coupon or
certified check for $900, payable to the order of the village, must accompany
each proposal.
The approving opinion of Clay, Dillon & Vandewater of
New York will be furnished
PORT OF NEW YORK
Sealed bids
"all
the successful
or
bidder.
$16,500,000 general and refunding 3 M % bonds, due 1965.
The sale of the
proposed $17,500,000 issue would conclude refunding operations until next
Jan. 1, 1938, is expected action will be taken tooutstanding $8,680,000
ear, when it at 103 and accrued interest, the provide for calling on
Bayonne Bridge, series O 4% bonds.
The George Washington Bridge
4M% bonds, of which $30,000,000 par value are outstanding, are callable
on Nov. 1,
1939, at 105 and accrued interest.
The completion of the re¬
funding program cannot be effected before 1941 when the series D and E
4)4 % bonds are callable at 105 of par and accrued interest.
The strong investment status of Port Authority bonds is attributed largely
to increased earnings.
The 12 months ending March 31, 1936, showed
an increase of
16.7% in net income over the similar previous period.
The
management anticipates that the Port Authority Commerce Building,
which is approximately 95% rented, will earn interest and operating charge
for 1936.
The Midtown Hudson Tunnel will be opened for operation early
in 1938.
and refunding bonds.
Each bid must be accompanied by a
certified check for $350,000.
All
legal proceedings incident to the issuance and sale of the bonds are subject
to the approval of Julius Henry Cohen, General Counsel for the Port of
New York Authority, and of Thomson, Wood & Hoffman, bond counsel,
New York City.
DISTRICT
ITALY
1
NO.
(P.
O.
Prattsburg),
N.
Y.—BOND
OFFERING— Sealed bids addressed to
Joseph C. Allen, District Clerk, will be received until 2 p. m. (Eastern
Standard Time) on May 15 for the purchase of $72,000 not to exceed 4%
interest coupon or registered school bonds.
The bonds will be dated
March 1, 1936.
Denom. $1,000.
Due March 1 as follows: $2,000, 1939
to 1944 incl.; $2,500, 1945 to 1950 incl.; $3,000 from 1951 to 1957 incl.,
and $4,000 from 1958 to 1963 incl.
Bidder to name a single interest rate
on the issue, expressed in a
multiple of M or l-10th of 1%.
Prin. and int.
(M. & S.) payable at the Chase National Bank, New York City.
The
bonds are direct general obligations of the District, payable from unlimited
taxes.
A certified check for $1,440, payable to the order of Warren C.
McConell, District Treasurer, is required.
The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
bidder.
RICHFIELD
SPRINGS,
Y.—BOND SALE—The
N.
$20,000
park
Improvement bonds offered on May 4—V. 142, p. 2875—were awarded to
Halsey, Stuart & Co. of New York as 3.10s, for a premium of $22, equal to
100.11, a basis of about 3.09%.
The Wilbur National Bank of Oneonta
second high bidder, offering a premium of $101.28 for 3 Ms.
May 1,1936. Due $1,000 on May 1 from 1937 to 1956, incl.
Dated
was
SCHENECTADY
COUNTY
O.
(P.
N.
Schenectady),
Y.—BOND
SALE—The $865,000 coupon or registered bonds described below, which
offered on May 4—V. 142, p. 2875—were awarded to Edward B.
Smith & Co. and the First Boston Corp. of New York and the Mercantile
were
Bank & Trust Co. of St.
Louis, on
bid of 100.059 for 2.10s, a basis of
a
about 2.09%:
$315,000 public impt. bonds.
Due May 1 as follows:
$10,000, 1937 to
1945, incl.; $20,000, 1946; $40,000 from 1947 to 1951, incl. and
$5,000 in 1952.
250,000 public works bonds.
Due May 1 as follows:
$20,000 from 1937
to 1945, incl. and $10,000 from 1947 to 1951, incl.
150,000 series A emergency relief bonds.
Due May 1 as follows:
$5,000
from 1937 to 1945, incl. and $105,000 in 1946.
150,000 series B emergency relief bonds.
Due $15,000 on May 1 from
1937 to 1946, inclusive.
„
„
are dated May 1, 1936.
Denom. $1,000. Principal and
(M. & N.) payable at the Union National Bank of Schnectady or
Bank, New York City.
Blyth & Co. and Stone & Webster and Blodget submitted a bid of 100.20
for2)4s.
All of the bonds
nterest
at the Chase National
PUBLICLY OFFERED—Edward B. Smith & Co., the
and Mercantile-Commerce Bank & Trust Co. of St.
First Boston Corp.
are offering a new-
Louis,
$865,000 2.10% bonds.
The bonds are dated May 1, 1936 and
mature from May 1, 1937 to 1952, inclusive.
They are priced to yield from
0.40% to 2.20%.
The bonds are to be issued for public improvement,
public works and emergency relief purposes and are payable from ad valorem
taxes to be levied against all taxable property within the county, without
limitation as to rate or amount.
They are legal investment for savings
issue of
York, according to the bankers.
PORT OF NEW YORK AUTHORITY,
N. Y.—FURTHER DETAILS
PROPOSED
$17,500,000
FINANCING-^Official announcement
is
of the
complete details
concerning the impending
sale
by
Port Authority of $17,500,000 3M
or 3M%
general and refund¬
N.
Y.—EAST RIVER
SIGNED—The Assembly is reported to
Governor a bill amending the Triborough
Bridge Authority Act. in relation to authorizing such authority to construct
a bridge across the East River from Whitestone to the Bronx, to maintain
and operate said bridge and charge tolls thereon, and to issue bonds in an
amount not to exceed $35,000,000 for the construction financing, and to
TRIBOROUGH
AUTHORITY,
BRIDGE
BRIDGE CONSTRUCTION BILL
have passed and forwarded to the
provide for the payment of such
bonds, and in relation to authorizing New
York City to grant the use of its lands
and to acquire lands therefor
TROUPSBURG, JASPER AND WOODHULL CENTRAL SCHOOL
(P. O. Troupsburg), N. Y —PRICE PAID—OTHER
BIDS—In securing the award of the $79,000 coupon or registered school
building bonds as 3Ms on May 5 the Marine Trust Co. of Buffalo offered a
premium of $485, equal to 100.614, a basis of about 3.45%. Dated March 1,
1936.
Due March 1 as follows:
$2,000, 1939 to 1945; $2,500, 1946 to 1950;
$3,000, 1951 to 1955; $3,500, 1956 to 1960; and $4,000, 1961 to 1965.
DISTRICT NO. 1
Other bidders were:
Rate
3.60%
3.60%
3.70%
Bidder—
Rutter & Co__«_;
Bancamerica-Blair
.v________
Geo. B. Gibbons & Co
_
E. H. Rollins & Sons
Premium
$395.00
166.00
316.10
126.40
308.10
315.76
3.70%
3.75%
Manufacturers & Traders Trust Co
3.90%
Roosevelt & Weigold,
Inc
UTICA, N. Y.—BOND SALE—The $520,000 coupon or registered bonds
below, which were offered on May 5—V. 142, p. 2876—were
awarded to a group composed of Sherwood & Merrifield, Inc., G. M.-P.
Murphy & Co., and the Bank of the Manhattan Co., all of New York,
as 28, for a premium of $2,500, equal to 100.481, a basis of about 1.92%:
described
$100,000 public
impt.
bonds.
A. & O. interest.
50.000
F. & A. interest.
Dated April
1,
Denom. $1,000.
1936.
Due $10,000 April 1, from 1937 to 1946, incl.
public impt. bonds.
Dated Feb.
1,
Denom.
1936.
$1,000.
Due $5,000 on Feb. 1 from 1937 to 1946, indl.
30,000 public impt. bonds.
Dated April 1, 1936. Denoms. $1,000 and
$500.
A. & O. interest.
Due $1,500 on April 1, from 1937 to
1956, inclusive.
30,000 public impt. bonds.
Dated April 1, 1936. Denom. $1,000 and
$500.
A. & O. interest.
Due $1,500 on April 1 from 1937 to
1956, inclusive.
improvement
10,000 public
Dated April
bonds.
$500.
Due $500 on April
payable A. & O.
made
the
SCHOOL
CENTRAL
URBANA,
WHEELER,
PULTENEY,
AND JERUSALEM
banks and trust funds in Ne\y
none" basis will be received by Frank C.
onds refunded will
gurposes for which be pledged as collateral security for allbe issued. The
general and refunding bonds may series of general
OF
Tunnel, series E 4)4% bonds.
The serial issues refunded are
security for the holders of general and refunding bonds.
as collateral
The second refunding step, taken in December, provided the balance
needed for the construction of the Midtown Hudson Tunnel by the sale of
AUTHORITY, N. Y.—BOND OFFERING—
Ferguson,
Chairman of the Port Authority, until 10:30 a. m. (Daylight Saving Time)
on May 14 for the purchase of $17,500,000 3M%
(third series) general and
refunding bonds, as described in the advertisement on page iii.
Award
will be made at or before 6 p. m. (Daylight Saving Time) on that day.
The issue will be dated May 1, 1936.
Coupon bonds in denoms. of $1,000,
registerable as to principal or as to both principal and interest, and when
so registered reconvertible into
coupon form upon payment of a nominal
fee.
Due May 1, 1976.
Principal and interest (M. & N.) payable at
the principal offices of the paying agent or agents of the Port Authority.
The bonds will not be subject to redemption until May 1, 1941.
Red.
in whole or in part, at the option of the Port of New York Authority, on
interest payment dates, at 103% beginning on May 1, 1941, and thereafter
and on or before May 1, 1945: at 102% thereafter and on or before May 1,
1950: at 101% thereafter and on or before May 1, 1955; and at 100%
thereafter to maturity.
Payments will be made into the "Third Series,
3M%, Due 1976, Sinking Fund," commencing in 1941.
The moneys in
the sinking fund will be applied to the retirement of the bonds of the third
series, by purchase or call.
The bonds will be exempt, in the opinion of counsel, from Federal, New
York State, and city income taxes, and legal, in the opinion of counsel,
for investment in New York and New Jersey for State and municipal officers,
banks and savings banks, insurance companies, trustees and other fidu¬
ciaries, and eligible for deposit with municipal officers or agencies in New
Jersey and New York for any purpose for which bonds of such States,
respectively, may be deposited, and with permission of the Comptroller
eligible to secure certain deposits of funds of the State of New York. The
issue will refund $16,493,000 New York-New Jersey Interstate Bridge Bonds,
series B, dated Dec. 1, 1926, and bearing interest at the rate of 4% per
annum (being part of $46,493,000 of bonds outstanding for George Wash¬
ington Bridge construction purposes).
Any surplus will be used for other
on an
Holland
pledged
3221
PRATTSBURG,
(P. O. Goehen), N. Y.—FINANCIAL STATE¬
the offering on May 13 of $240,000 not to
interest welfare home bonds, previously reported in these
give the following:
ORANGE COUNTY
MENT—In
Chronicle
1,
1936.
1 from 1937 to 1956, incl.
Denom.
Interest
Proceeds of the financing will be used in the redemption of
4% series B George Washington Bridge bonds which are
200.000 emergency relief bonds.
Dated April 1, 1936. Denom. $1,000.
A. & O. interest.
Due $20,000 on April 1 from 1937 to 1946, incl.
callable Dec. 1, 1936, at par and accrued interest.
The new bonds will
have no call feature before 1941.
Moreover, as in the case of other au¬
100,000 emergency relief bonds.
Dated Jan. 1, 1936.
Denom. $1,000.
J. & J. interest.
Due $10,000 on Jan. 1 from 1937 to 1946, incl.
ing bonds.
$16,493,000
thority issues, in addition to
being exempt from all Federal, State and
city income taxes, the proposed obligations will also be legal for investment
in New Jersey and New York for State and municipal officers, banks and
savings banks, insurance companies, trustees and other fiduciaries.
They
will be further eligible for deposit with municipal officers or agencies in
both States for any purposes for which bonds of those States may be de¬
posited.
With the permission of the Comptroller, they may be sold to
secure deposits of funds of the State of New York, other than deposits made
by the Commissioner of Taxation and Finance.
Issuance of the block of $17,500,000 bonds will constitute the third step
in the program of the Port Authority to consolidate all of its obligations
into one general and refunding issue for the purpose of simplifying its fi¬
nancial structure and sharply reducing the annual interast charges on the
outstanding indebtedness.
The first step in the refunding program was
accomplished a year ago.
It provided money for the refunding of $12 200,000 series A 4M% Arthur Kill Bridge bonds; funds for the building of
the Midtown Hudson Tunnel now under construction, and the refunding
of $14,800,000 Midtown Hudson Tunnel notes.
At the same time, general
and refunding 4% bonds were authorized for the exchange of outstanding
Port of New York Authority bonds of other issues.
Exchanges thus far
effected total approximately $9,000,000, viz: $3,507,000 George Washing¬
ton Bridge, series B 4% bonds; $3,320,000 Bayonne Bridge, series C 4%
bonds; $1,180,000 Inland Terminal series D 4)4% bonds; and $992,000
Principal and semi-annual interest payable at the City Treasurer's
office.
re-offering the bonds for public investment at
according to maturity, as follows:
1937, 0.40%; 1938,
The successful bidders are
prices to
yield,
0.80%; 1939, 1.10%; 1940, 1.30%; 1941,1.50%; 1942,1.60%; 1943,
1944, 1.80%; 1945, 1.90%; 1946, 2%; and at a price of 99 for the
1956, incl.
Other bids were as follows:
1.70%;
bonds,
due from 1947 to
Int. Rate
Adams, McEntee& Co., Inc
2%
and First Boston Corp.
2%
Blyth & Co., Inc.; Stone & Webster and Blodget, Inc
2%
George B. Gibbons & Co., Inc. and Dick & MerleBidder—
Bankers Trust Co. and
Harris Trust & Savings Bank
Smith
Lazard Freres & Co., Inc
i
Halsey, Stuart & Co., Inc
Traders Trust Co
Manufacturers &
Phelps, Fenn & Co.; F. S. Moseley & Co. and Schoellkopf, Hutton & Pomeroy, Inc
First of Michigan Corp.; Minsch, Monell & Co. and
Schaumburg, Rebhann & Lynch
Rate Bid
100.35
100.119
100.113
2.10%
2.10%
100.35
100.269
2.10%
100.228
2.10%
100.159
2.10%
100.155
_
2.30%
100.089
WHITESTOWN, MARCY, DEERFIELD AND TRENTON CENTRAL
SCHOOL DISTRICT NO. 2 (P. O. White*boro), N. Y.—BOND OFFER¬
ING—James M. Burke, District Clerk, will receive sealed bids at the law
3222
Financial
office of Adrian S.
Malsan,
No. 2 Moseley St., Whitesboro, until 12:30
p. m. (Eastern Standard Time) on May 12 for the purchase of
$650,000
not to exceed 6% interest coupon or registered school
building bonds.
Dated May 1, 1936.
Denom. $1,000.
Due May 1 as follows: $25,000 in
1939 and 1940: $30,000, 1941 to 1944 incl.; $35,000, 1945 to 1948
incl.;
$40,000, 1949 to 1952 incl. and $45,000 from 1953 to 1956 incl. Bidder to
name
one
M ;or
rate of interest
1-10
of
all
of the
bonds, expressed in a multiple of
Principal and interest (M:. & N.) payable in lawful
1%.
on
money of the United States at the First Citizens Bank & Trust
with New York exchange.
The bonds are direct
Co., Utica,
general obligations of the
district, payable from unlimited taxes. A certified check for $15,000, pay¬
able to the order of William Allerdice, District Treasurer, must
accompany
each proposal.
The approving opinion of Clay, Dillon & Vandewater of
New York will be furnished the successful bidder.
Financial Statement and Tax Data
The assessed valuation of the property subject to the
taxing power of the
district according to the 1935 assessment roll is
$6,624,000.00.
The total
bonded debt of said district including the above-mentioned bonds is
$650,000.00. The population of said district is approximately 7,500
The bonded
debt above stated does not include the debt of any other subdivision
having
levy taxes upon any or all of the property subject to the taxing
power of the district.
This school district was organized on June 14, 1935.
The first taxes for the purposes of this central school district were levied
Chronicle
1946, $646,000; 1947, $797,000; 1948, $604,000; 1949, $581,000; 1950,
$541,000.
"During the 25 years prior to 1978, city bond maturities will decline
annually, until the total is only $5,000 for the last five years. Maturities are
listed under present bonded debt schedules.
;
"Interest on maturities over a 10-year period will amount to
$6,088,429.75, bringing the total debt service for the decade to $14,164,829.75.
"The city has cut its operating expenses sharply during the past six
years,
during three of which it reduced its tax rate from $1.60 to $1.30 on the $100
,
■
assessed valuation of real and personal property.
"Yesterday's financial
statement
showed
a
six-year
reduction
net
in
operating expenses of $646,385. Aldermen appropriated $342,680 more for
the present fiscal year than 1934-35 expenditures due to
equipment replace¬
ments and a school supplement voted in a June special election.
"Statement of the sinking fund as of Dec. 31, 1935, showed
$12,868
cash on deposit and bond investments, city of Winston-Salem and United
States Treasury, of $400,975."
NORTH
DAKOTA
CARRINGTON, N. Dak.—BOND OFFERING—Helen B. Carnahan,
power to
for the fiscal year beginning July 1,1935 and ending June
30, 1936, amount¬
ing to $84,700.09, and the amount thereof uncollected as of the date of
May 1, 1936, is $17,700.09. Taxes uncollected for said year will be reported
to the County Treasurer by the Board of Education and be
paid by the
County Treasurer to the Treasurer of the school district.
May 9, 1936
City Auditor, will receive both sealed and auction bids at 7:30 p. m. on
June 17, for the purchase of a $21,000 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:
$2,000, 1937 to 1942, and $1,000 from
1943 to 1951, all incl.
All of said bonds will be subject to redemption on
any interest payment date at par and accrued interest.
The approving
opinion of Junell, Driscoll, Fletcher, Dorsey & Barker, of Minneapolis,
will be furnished.
FARGO
COMMON
SCHOOL DISTRICT NO.
5
(P. O. Fargo),
OFFERING—Sealed bids will be received by O. H.
District Clerk, until 2 p. m. on May 15, for the purchase of an
$11,000 issue of 4% semi-ann. school bonds.
Denom. $500.
Dated Jan. 1,
1936.
Due on Jan. 1, as follows:
$500, 1937 to 1954, and $1,000, 1955 and
1956.
A certified check for 2% of the bid is required.
N.
Southern Municipal Bonds
This
McALISTER, SMITH & PATE, Inc.
67 BROAD STREET
NEW
NORTH
BLOWING
ROCK,
HILLSBORO,
YORK
CHARLESTON, S. C.
CAROLINA
C.—BOND OFFERING— Sealed bids will be
May 12, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in
Raleigh, for the purchase of
received until 11
a.
m.
N.
$15,000 issue of coupon or registered water and sewer bonds.
Interest
rate is not to exceed 6%, payable M. & N.
Rate to be stated in multiples
of M of 1%.
Denom. $1,000.
Dated May 1, 1936.
Due $1,000 from
May 1,1939 to 1953, incl. No bid may name more than two rates of interest
and each bid must specify the amount of bonds of each
rate.
No bid for
less than par and accrued interest will be considered.
Prin. and int. payable
in lawful money at the Central Hanover Bank & Trust Co. in
NewJYork
City.
The approving opinion of Reed, Hoyt & Washburn of New York
City, will be furnished.
A certified check for $300, payable to the State
Treasurer, must accompany the bid.
a
DURHAM, N. C.—BOND VALIDITY UPHELD—Judge J. Paul
Frizelle, of the Durham Superior Court, is said to have sustained the city
by a recent decision in its authorization of $25,000 in park and playground
development bonds, It is understood that this ruling will be taken to the
State Supreme Court.
MOHALL
of the following coupon, registerable
$29,000 school funding bonds. Due July 1, 1938.
131,000 funding bonds.
Due July 1 as follows:
1939 and $35,000, 1940.
as to
$21,000,
NORTH CAROLINA, State of—BOND REFINANCING PLANS
UNDER WAY—State Treasurer Charles M. Johnson
shortly will announce
plans for refinancing a part of the State debt, he said recently in revealing
plans for the payment on July 1 of $6,136,044 of interest and maturities
on the State debt.
Mr. Johnson, together with Governor J. C. B.
Ehringhaus, conferred
in New York a short time ago with bankers on
plans through which the
State would use $500,000 in the State
sinking fund for the purchase at the
market of 5% highway bonds.
Under the plan, the State would replenish
the sinking fund through the issuance of short term securities
carrying a
2M % rate.
The banking conference was held in
February and since that time, it is
believed, the State officials have been working on the plan.
|» The July 1 payments will take care of $2,600,000 in maturing securities
(P.
O. Mohall),
N.
Dak.—BOND
sold
were
as
4s at
PORTLAND
SCHOOL
DISTRICT
(P.
O.
Portland),
N.
Dak.—
PRICE PAID—It is stated by Gerhard D. Olson, County Auditor, that the
$33,000
sch.bds. purchased by the Goose River Bank, of Mayville,
as noted here
recently—V. 142, p. 2877—were sold as 4s, for a premium of
$66, equal to 100.20, a basis of about 3.98%.
Due from Dec. 1, 1938 to
1955, inclusive.
coupon
WAHPETON,
N.
Dak.—BONDS SOLD—It
is
stated
by
the
City
Auditor that the $36,000 refunding bonds authorized recently by the City
Council—V. 142, p. 3044—were sold to local investors, as 4s.
Dated
April 1, 1936.
Due on April 1, 1941.
OHIO
and interest due then.
The payment on principal will reduce the State's
outstanding debt to $164,314,000, the Treasurer said, and will make a
WINSTON-SALEM, N. C.—CITYS BOND DEBT REDUCED DURING
1935—The following article appeared in the Winston-Salem "Journal" of
April 28:
"A reduction of $610,000 in the
city's net outstanding indebtedness
during 1935 was revealed yesterday in a financial statement by R. L.
Dixon, Commissioner of Public Accounts and Finance.
"The city government in 12 months retired bonds
totaling $922,000, and
a tax-anticipation note for
$200,000. It issued public works and refunding
bonds amounting to $512,000.
"In 1934, the municipality reduced its bonded indebtedness
$245,000,
retiring $1,067,600 in bonds and $33,000 in notes and issuing bonds and
notes totaling $855,000.
"Proceeds from the sale of a $470,000
refunding bond issue in 1935 are
earmarked for bond maturities from Jan. 1 to
July 1, 1936. The refunding
at lower interest resulted
indirectly in a tax rate reduction.
"Other maturities during thefiscal year
1935-36, aggregating $502,000, are
provided for in the fiscal budget and sinking fund.
"The city in 1935 issued abattoir bonds
totaling $42,000 to finance city
construction through the Federal Public Works Administration.
Federal
grants of approximately $74,000 expected this year on two completed
PWA projects will be used to cancel first maturities of bonds issued to finance
the projects.
"Percentage^ of the city's net debt to its 1935 assessed valuation of
$102,300,000 was shown in the Commissioner's statement to be 6.6466%
than 1M% below the State's legal maximum.
"Total of outstanding bonds was listed at $16,465,400 with deductions of
$9,665,866.37.
The net bonded indebtedness at date of the statement,
more
Jan. 1, was shown to be $6,799,533.63.
"The Finance Commissioner listed a balance of $847,000 due on bond
maturities for the fiscal year which ends June 30.
A total $722,000 is
taxation
and
remaining
MUNICIPALS
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA BUILDING, CLEVELAND
AKRON
CINCINNATI
$125,000
from
the
"Heaviest bond maturities in 40 years will come in 1944 when the city
obligations of $1,110,000, $650,000 of which will
COLUMBUS
SPRINGFIELD
OHIO
AUSTINTOWN RURAL SCHOOL DISTRICT, Mahoning
County,
Ohio—BOND ELECTION—On May 12 the voters of the district will be
asked to approve a proposed $25,000 school building bond issue.
BAY, Ohio—NO BIDS RECEIVED -There were no bids received on
May 2 for the $183,232 4% coupon refunding bonds offered on that date—
Dated Oct. 1, 1935.
Due on Oct. 1 as follows: $15,232,
1940; $16,000, 1941 and 1942; and $17,000, 1943 to 1950.
V. 142, p. 2713.
BELLEVUE, Ohio—BOND ELECTION—'The City Council has passed
a
come
from
resolution to submit
a
proposed bond issue of $45,000 for grade crossing
elimination to the voters at the May 12 elections.
CANTON TOWNSHIP RURAL SCHOOL DISTRICT, Stark County,
Ohio—BOND ELECTION—A proposal to issue $115,000 school building
bonds will be placed before the voters at the May 12 primaries.
CENTRALIA RURAL SCHOOL
DISTRICT, Ross County, Ohio—
BOND ELECTION—A proposed $34,000 bond issue for school building
improvements will be submitted to the voters for approval on May 12.
CHARDON
COMMUNITY VILLAGE SCHOOL DISTRICT (P. O.
the May 12 elections a proposal
$60,000 school building bonds will be submitted to the voters for
approval.
Chardon), Ohio—BOND ELECTION—At
to issue
CUYAHOGA COUNTY (P. O.
total reduction since June 30, 1935 of
$6,234,000.
meet
DISTRICT
1869—it is stated by the District Clerk that the bonds
and mature on Dec. 1, 1954.
^
must
SCHOOL
1938; $75,000,
A separate bid is required on each issue.
Bidders are to name rate of
(no more than two rates may be specified on each issue) in a
multiple of H%, but not to exceed 6%.
Denom. $1,000.
Dated May 1,
1936.
Principal and semi-annual interest (Jan. 1 and July 1) payable in
New York.
Certified check for $3,200, payable to the State
Treasurer,
required.
and
recently—V.
principal,
interest
revenue
here
(P. O. Greensboro), N. C.—BOND SALE—
bonds:
payable from
sinking fund.
given
par,
HENDERSON COUNTY
(P. O. Hendersonville), N. C.—BOND
OFFERING—W. E. Easterling, Secretary of the Local Government Com¬
mission, will receive bids at Raleigh, until 11a.m. May 12, for the purchase
not less than par
notice
SALE DETAILS—In connection with the sale of the $14,600 school bonds
to the State Land Department, as reported here last March—Y.
142, p.
The $495,000 issue of coupon school bonds offered for sale on
May 5—
V. 142, p. 2876—was awarded jointly to R. S. Dickson & Co. of
Charlotte,
and Stranahan, Harris & Co.,
Inc., of Toledo, paying a premium of $26,
equal to 100.005, a basis of about 3.70%, on the bonds divided as follows:
$445,000 as 3 Ms, maturing on May 1:
$10,000, 1939 to 1943; $15,000,
1944 to 1951; $20,000,1952 to 1961, and
$25,000, 1962 to 1964; the remain¬
ing $50,000 as 3Ms, maturing $25,000 on May 1 1965 and 1966.
at
offering
N.
Dak.—BOND OFFERING—R. W. Johnston, City
Auditor, will receive sealed bids at the County Auditor's office until 2 p. m.
on
May 11, for the purchase of a $10,000 issue of water main bonds.
Interest rate is not to exceed 4M %, payable M. & N.
Denom. $500.
Dated
May 1, 1936.
Due $500 from May 1, 1937 to 1956, incl.
Prin. and int.
payable in lawful money at the First National Bank in Hillsboro. Legality
approved by Junell, Driscoll, Fletcher, Dorsey & Barker of Minnesaplis,
according to report. A certified check for 2 % of the bid is required. (These
bonds were offered for sale without success on March
2.)
on
GUILFORD COUNTY
the
supplements
report
142, p. 3044.)
Telephone WHltehall 4-6765
GREENVILLE, S. C.
Dak.'—BOND
Thue,
Cleveland), Ohio—BOND ELECTION
—A proposition to issue $171,600
emergency poor relief bonds will
mitted to the voters at the May 12 primary election.
be sub¬
DOVER
CITY
SCHOOL
DISTRICT, Ohio—BOND SALE— The
$43,000 school building bonds offered on M!ay 2—V. 142, p. 2713—were
Ryan, Sutherland & Co. of Toledo as 23^8 for a premium of
$157, equal to 100.365, a basis of about 2.44%. Braun, Bosworth & Co. of
Toledo were second, offering a premium of $156 for 23^s.
Dated June 1,
1936.
Due $2,000 each six months from June 1, 1937, to June 1, 1947,
and $1,000 Dec. 1, 1947.
awarded to
Other bids were
Bidder—
as
follows:
Int. Rate
Saunders, Stiver & Co., Cleveland
Mitchell, Herrick & Co., Cleveland
McDonald, Coolidge & Co., Cleveland.Weil, Roth & Irving Co., Cincinnati-_i
Stranahan, Harris & Co., Toledo
Field, Richards & Shepard, Cleveland
Provident Savings Bank & Trust Co., Cincinnati
Grau & Co., Cincinnati
Grudden & Co., Toledo
G. Parr Ayres & Co., Columbus.
Van Lahr, Doll & Isphording, Cincinnati
BancOhio Securities Co., Columbus
Otis & Co., Cleveland
Seasongood & Mayer, Cincinnati
Reeves Banking & Trust Co., Dover
First Cleveland Corp., Cleveland
Assel, Goetz & Moerlein, Inc., Cincinnati
GROVE
234%
2%%
Premium
$77.50
2%%
2%%
2^%
2%%
2%.%
3%
3%
3%
3%
288.60
192.00
189.00
157.65
127.00
116.10
77.40
77.00
21.00
25.23
470.00
336.36
261.85
10.00
3U.%
120.40
3H%
240.80
2%%
2%%
2%%
2^1%
CITY, Ohio—BOND ELECTION—At the May~12 primary-
election the voters will pass on the question
and sewage disposal plant bonds.
of issuing $25,000 sanitary sewer
HOPEDALE
SCHOOL
DISTRICT,
Ohio—BOND OFFERING—
W. L. Schultz, District Clerk, will receive sealed bids until noon on May 22,
the purchase of $60,600 3J^% school bonds.
Dated June 1, 1936.
revenue and taxation sources.
for
"For other years through 1950, annual bond maturities will total: Year
1937, $715,000; 1938, $794,400; 1939, $584,000; 1940, $610,000; 1941,
$860,000; 1942, $634,000; 1943, $622,000; 1944, $1,110,000; 1945, $654,000;
J.
Due
&
$2,000
D.
on June 1 and Dec. 1 from 1937 to 1951, incl.
Interest payable
Bids may be made on other than 3 3^% bonds, provided the
alternative coupon is expressed in a multiple of
of 1 %.
A certified check
Volume
Financial
142
for $300, payable to the order of the Board of Education, must accompany
each proposal.
HURON
COUNTY
(P.
O.
Norwalk),
OFFERING—
relief
Ohio—BOND
On June 1 the county will offer for sale an issue of
$10,000 additional
bonds.
Russell Gfell, Clerk of the Board of County Commissioners, will
receive bids until noon on that date for the purchase of the bonds at not
less than par.
Bonds will bear interest at 6%. Denom. two for $100, one
for $200,. one for $300, two for $400, one for $500 and
eight for $1,000.
Dated April 1, 1936.
Due yearly on March 1 as follows: $1,000, 1937;
$1,100, 1938 and 1939; $1,200, 1940; $1,300, 1941; $1,400, 1942 and 1943,
and $1,500, 1944.
Certified check for $1,000, payable to the Clerk of the
Board of County Commissioners, required.
LEIPSIC, Ohio—BOND OFFERING—E.
H. Bucklan, Village Clerk,
May 23 for the purchase of $8,000 4% municipal
Denom. $500. Dated March 1, 1936. Inter¬
est payable semi-annually.
Due $500 yearly on Sept. 1 from 1937 to 1952
incl.
Certified check for $500 required.
i
4 Ml
will receive
bids until
t
LONDON, Ohio—BOND SALE—The $30,000
sewerage
disposal plant
construction bonds offered on April 25—V. 142, p. 2549—were awarded to
J. S. Todd & Co. of Cincinnati.
Dated Dec. 1, 1935.
Due $600 on
March 1 and Sept. 1 in each of the years from 1937 to 1961, inclusive.
M
MAHONING COUNTY (P.
O.'Youngstown)/ OhiS^BONIT~ELECTION—A proposed $132,000 bond issue for poor relief will be submitted to
on
May 12.
MIDDLEFIELD,
Ohio—BOND
OFFERING—H. J. Rhodes .^Village
Clerk, will receive bids until noon May 22 for the purchase at not less than
par of the following coupon bonds, which are not to exceed 5%:
1
$1,000 park improvement bonds.
Denom. $250.
Due $250 on Oct. 1
in each of the years from 1937 to 1940.
1,000 creek improvement bonds.
Denom. $250.
Due $250 on Oct. 1
in each of the years from 1937 to 1940.
2,000 water supply improvement bonds.
Denom. $200.
Due $250,000
on Oct. 1 in each of the
years from 1937 to 1944.
Dated May 1, 1936.
Interest payable April 1 and Oct. 1.
Certified
check for 1% of amount of bonds bid for, payable to the village, required.
MILFORD, Ohio—BOND SALE— The $18,000 coupon Main Street
improvement bonds offered on May 1—V. 142, p. 2877—were awarded
to Seasongood & Mayer of Cincinnati as 2s at
par plus a premium of $31.85,
equal to 100.176, a basis of about 1.905%.
Dated April 1, 1936, and due
$4,500 on June 1 and Dec. 1 in 1937 and 1938.
Other bids were as follows:
Bidders—
Premium
Rate
Ryan, Sutherland & Co., Toledo
Grau & Co., Cincinnati
Paine, Webber & Co., Cincinnati
Weil, Roth & Irving, Cincinnati
Assel, Goetz & Moerlein, Cincinnati
Saunders, Stiver & Co., Cleveland
Provident Bank, Cincinnati
2M%
2K%
2K%
2M%
2H%
J.
2^%
3%
$53.00
32.40
13.91
39.00
28.80
'
WAYNE TOWNSHIP SCHOOL
DISTRICT, Monroe County, Ohio
—BOND ELECTION—A proposal to issue $10,000 school
building bonds
will be submitted to the voters at the
May 12 elections.
OKLAHOMA
BUFFALO, Okla.—BOND EXCHANGE—An issue of $106,400 water
works refunding bonds has been exchanged with the holders of the
original
bonds, according to the Town Treasurer.
Denom. $1,000, $500 and $100.
Due from Jan. 1, 1937 to 1961.
ENID, Okla.—BOND SALE—The $140,000 issue of
water works bonds
on May 4—V.
142, p. 3045—was awarded to local pur¬
2s, according to the City Clerk. Due $20,000 from 1939 to 1945
offered for sale
chasers,
as
incl.
ENID SCHOOL DISTRICT
GEARY SCHOOL DISTRICT (P. O.
ING—Sealed bids will be received by the
1:30 p. m. on May 12, for the purchase of
bonds. These bonds were approved by the
OKEENE
resolution
has
Int. Rate
Premium
3%
$21.00
44.00
31.85
3&%
3
NEWTON FALLS, Ohio—BOND SALE—The $8,000 general
refunding
bonds offered on May 5—V. 142, p. 3045—were awarded to
Saunders,
Stiver & Co. of Cleveland.
Dated April 1, 1936 and due $1,000 on Oct. 1
from 1938 to 1945, inclusive.
of amount of
bid, required.
three years after date of issue, except that the last instalment will amount to
$3,000. Certified check for 2 % of amount of bid, required.
Oregon Municipals
CAMP & CO., INC.
OREGON
BAKER COUNTY SCHOOL DISTRICT NO. 5 (P. O.
ELECTION—A proposal to issue $25,000 school
BOND
OREGON, State of —UNEMPLOYMENT COMPENSATION COL¬
new unemployment
compensation insurance commission started on May 1, with the deadline
for first instalments fixed as May 20, according to a Salem news report.
The first collections will be retroactive as of Jan. 1, it is said.
After that,
all payments will be made monthly.
All employers, having four or more
persons on their payrolls, are affected by the law.
The tax this year is
9-10ths of 1%, and increases gradually thereafter.
It is stated that the
initial payments to beneficiaries under the law will not be made until 1937.
Gty of
PHILADELPHIA
Moncure Biddle & Co.
1520 Locust
During the week ended May 7, the average was down from 2.93 to 2.92.
Average yield for 15 largest Ohio cities declined from 2.92 to 2.91, and for
15 secondary cities from 2.95 to 2.94. Averages are
weighted according to
von
Klinger,
Village
Clerk, will receive bids until noon May 22 for the purchase at not less than
par of $2,525 3% coupon special assessment sewer construction bonds.
*
Denom. $500 except one for $525. Dated March 1, 1936. Interest
payable
annually on March 1. Due $525 March 1, 1937, and $500 on March 1 in
1938, 1939, 1940 and 1941. Certified check for $50, payable to the
village,
required.
ROCKY
RIVER, Ohio—BOND SALE—The $120,000 refunding bonds
May 5—V. 142, p. 2713—were awarded to Lawrence Cook &
Co. of Cleveland as 3%s, for a premium of $373.75,
equal to 100.311, a basis
of about 3.68%.
Dated Oct. 1, 1935. Due $20,000 on Oct. 1 from 1938
offered
,
Other bids
were
as
Bidder—
Int. Rate
4%
4M%
4W%
5%
Otis & Co
First Cleveland Corp
Mitchell. Derrick & Co
ROSS
COUNTY
(P.
O.
Chillicothe),
Premium
$101.00
537.38
336 00
Ohio—BOND OFFERING—
until
noon May 25 for the purchase of
$70,000 6% emergency poor relief
bonds.
Denominations $1,000 and odd.
Dated April 1, 1936.
Interest
payable semi-annually. Due yearly on March 1 as follows: $7,100. 1937*
$7,500,1938; $8,000,1939; $8.400,1940; $8,900,1941; $9,400,1942; $io,100,
1943, and $10,600, 1944.
Certified check for 1% of amount of bonds
bid for required.
COUNTY
(P.
O. Fremont), Ohio—BOND OFFERING
—On May 23 the county will offer for sale an issue of
$32,000 4% poor relief
bonds.
Ellen Mazey, Clerk of the Board of County
Commissioners will
receive bids until
11
a.
m.
on
that date for the purchase of the bonds
at
not less than par.
Denom. $1,000 and odd. Dated March 1,1936. Interest
payable annually. Due yearly on March 1 as follows: $3,200, 1937: $3 400
1938; $3,600, 1939; $3,900, 1940; $4,100, 1941; $4,300. 1942;
$4,600; 1943
and $4,900, 1944.
Certified check for $500 required.
,
SOUTHEASTERN
RURAL SCHOOL
DISTRICT, Ross County.
Ohio—BOND ELECTION—At the May 12 election a
proposal to iisue
$200,000 school building bonds will be submitted to the voters.
SPRINGFIELD
DISTRICT,
Venango
School District.
BETHLEHEM
SCHOOL
DISTRICT,
Pa.—FINANCIAL
STATE¬
MENT—In connection with the recent sale of $118,000 operating revenue
bonds to Gertler & Co. of Philadelphia as 1 j^s, at a price of 100.512, a basis
of about
1.33%—V. 142, p. 2878—we give the following:
Financial Statistics
Indebtedness:
April 1,1936—bonded indebtedness
Amount of proposed issue
$3,089,000.00
118,000.00
RURAL SCHOOL
building
STRUTHERS, Ohio—BOND ELECTION—At the May 12 elections
proposal to issue $30,000 swimming pool bonds will be submitted to the
voters.
.$3,207,000.00
$509,832.51
128,000.00
$637,832.51
92,000.00
Redemptions to June 30,1936
Probable balance—June 30, 1936—
$545,832.51
Statement of Operations
1933-34
12^ Mills
Cash balance—beginning of year
AlftSr.
1934-35
11 Mills
$35,742
$10,980
755,253
143,774
61,994
$111,000
154,747
179,960
747,924
151,722
202,328
783,117
$1,186,256
Other sources
$1,178,828
$103,623
State appropriations
Operating revenue bonds
688,320
112,613
320,844
46,069
$996,764
-
$1,248,167
Disbursements—
Sinking fund
Interest
on
...
bonds
Temporary loans (prior years)
All other purposes
DISTRICT, Mahoning County,
Ohio-—BOND ELECTION—At the May 12 primaries the Board of
Educa¬
tion will submit to the voters a proposal to issue
$18,000 school
bonds.
May 1, 1936—indebtedness (incl. proposed issue)
Sinking Fund:
April 1,1936—present balance (net)
Deposits to be made prior to June 30, 1936
i
713.10
C. C. Yost, Clerk of the Board of County
Commissioners, will receive bids
SANDUSKY
SCHOOL
follows:
Fox, Einhorn & Co
a
TOWNSHIP
County, Pa.—BONDS DEFEATED—At the April 28 election the voters
rejected a plan to issue $70,000 bonds to finance the district's share of the
cost of constructing a consolidated school together with Rouseville Borough
on
to 1943.
St., Philadelphia
PENNSYLVANIA
CORNPLANTER
OFFERING—John
improvement
LECTIONS START—The collection of taxes under the
Principal and int.
outstanding debt of each city.
Baker), Ore.—
bonds will be pbced before the voters for approval or rejection at an elec¬
tion to be held on May 8.
OHIO. State of—CHART OF WEEKLY YIELDS AVERAGE ON
30
CITY BONDS PREPARED—Consistent appreciation in market
prices of
Ohio municipal bonds during the past six months is revealed in a chart
of
the weekly yields average of 30 Ohio cities perpared
by Wm. J. Mericka
& Co., Inc., whose New York office is located at 1 Wall St. In
this period
the average has declined from 3.70 last May to less than 3
% basis at present.
Ohio—BOND
Portland, Oregon
Building,
inclusive.
PAULDING.
Okla.—BOND
WOODWARD, Okla.—BOND OFFERING—Justina B. Cosby, City
Clerk, will receive bids until 8p.m. May 11 for the purchase at not less
than par of $35,000 public park improvement bonds, which are to bear
interest at rate named in the successful bid. Due $2,000 yearly, beginning
NORWOOD, Ohio—BONDS SOLD—The Sinking Fund Trustees have
purchased $30,000 4% bonds, divided as follows:
$25,000 motor truck purchase bonds.
Due $5,000 each year from 1937 to
1941, inclusive.
5,000 swimming pool bonds.
Due $1,000 each year from 1937 to 1941,
Each issue is dated April 1. 1936.
Denom. $1,000.
payable at the First National Bank, Norwood.
Okeene),
bond issue
follows:
Seasongood & Mayer
O.
VICI, Okla.—BOND OFFERING—J. C. Ryan, Town Clerk, will receive
been
NEW PHILADELPHIA, Ohio—BOND SALE—The
$10,000 coupon
municipal building site purchase bonds offered on May 2—V. 142, p. 2713—
were awarded to
Saunders, Stiver & Co. of Cleveland as 2%b at par plus a
premium of $77.75, equal to 100.777, a basis of about 2.665%.
Dated
Dec. 1, 1935, and due $500 on Dec. 1 from 1937 to 1956, Incl.
Other bids
Bidder—
Provident Savings Bank & Trust Co
Ryan, Sutherland & Co
(P.
bids until 8 p. m. May 11 for the purchase at not less than par of $11,000
bonds, which are to bear interest at rate named in the successful bid.
Due $1,000 yearly on April 1 from 1939 to 1949.
Certified check for 2%
Porter
Ohio—BOND ELECTION—A
DISTRICT
sewer
12.60
23.40
28.80
passed by the City Council providing that a proposed $36,000
for flood prevention be submitted to the voters on May 12.
were as
SCHOOL
Geary), Okla.—BOND OFFER¬
Superintendent of Schools, until
$12,800 auditorium and addition
voters at an election on April 27.
SALE—The $6,000 issue of school building bonds offered for sale on April 21
—V. 142, p. 2714—was purchased by the First National Bank & Trust Co.
of Oklahoma City. Due $1,000 from 1939 to 1944 incl.
MONROEVILLE,
Ohio—BOND ELECTION—A
proposed
$25,000
waterworks improvement bond issue will be submitted to the voters for
apporval at the May 12 election.
BOSTON,
(P. O. Enid) Okla.—BOND SALE DE¬
TAILS—It is stated by the District Clerk that the $250,000 school bonds
purchased by the City Treasurer as 2s, as noted here recently—V. 142, P3045—were sold at par and mature as follows: $36,000, 1939 to 1944, and
$34,000 in 1945.
27.00
2H%
2H%
S. Todd & Co., Cincinnati.
First Cleveland Corp., Cleveland
NEW
3223
SUMMIT COUNTY (P. O.
Akron), Ohio—BOND ELECTION— The
County Commissioners on May 12 will ask the voters to approve the
issuance of $166,000
emergency poor relief bonds.
noon
waterworks extension bonds.
the voters
Chronicle
Cash deficit—fiscal year.
Temporary loans floated
Cash balance—end of fiscal year
Cash deficit—End of fiscal year
—
$189,491
$69,339
$200,472
10,980
$70,000
$189,491
$69,339
660
119933214--34265
Financial Chronicle
3224
Tax Collections as of March 28, 1936
Uncollected
Amt.
of Tax
Date
1930-31-
Uncollected
End. of Year
Prior to 1930
Mar. 28 '36
86,252
—
—
..........
-
$883,092
839,792
839,427
821.979
690,581
686,625
U
% Uncollected
$28,319
70,040
141,379
175,978
10.201
25,111
65,449
90,427
95,096
126,881
1.
.01155
.02990
.07797
.11001
.13770
.14842
101.909
CALIFORNIA,
Pa.—BONDS VOTED—The borough electorate on
April 28 approved a proposal to issue $70,000 street improvement bonds
The vote was 509 for to 87 against.
CLINTON COUNTY (P. O.
Lock Haven), Pa.—BOND OFFERING—
Messerly, Chief Clerk, announces that sealed bids will be received by
the Board of Commissioners until 2 p. m. (Eastern Standard Time) on
May 29 for the purchase of $130,000 1M,1M,2, 2M.2M,2Mor3% coupon
funding and improvement bonds.
Dated June 1, 1936.
Denom. $1,000.
Due $5,000 on June 1 from 1938 to 1963, incl.
Bidder to name one rate of
interest on the entire issue.
Bonds will be registerable as to principal only
and are offered subject to favorable legal opinion of Townsend, Elliott &
Munson oj Philadelphia.
Proposals must be accompanied by a certified
check for 2% of the bonds bid for, payable to the order of the County
Municipality and Purpose—
Township
School
District,
Washington
County—Construct and equip a grade school bldg_
Buffalo Township School District, Butler County—
Build a consolidated school
Blakely Borough, Lackawanna County—Refunding
bonded indebtedness; funding floating indebtedness
Wilmerding Borough
School District, Alegheny
County—Purchase and acquire lands, erect and
equip school building; purchase and acquire land,
improve and equip same as playground
Collingdale
Borough, Delaware
County—Laying
sewer, erecting jail, pay for Administration Bldg._
Monaca Borough,
Beaver County—Construct an
addition to municipal building, $6,000; fund float¬
ing indebtedness, $20,000
State
College
Borough
School
District,
Centre
County—refund bonded indebtedness
South Williamsport Borough School District, Ly¬
coming County—Payment of operating expenses.
Camp Hill Borough, Cumberland County—Fund
floating indebtedness, $21,750; construct sewer and
pumping station and purchase park, $33,250.
POTTSVILLE,
DOYLESTOWN
TOWNSHIP SCHOOL DISTRICT (P. O. DoylesPa.—BOND OFFERING—Alice S. Clemens, District Secretary,
(Standard Time) on May 19 for the
purchase of $17,000 2,2M.2M.2M\3,3M or 3M% coupon (registerable
as to principal) school improvement bonds.
Dated March 1,1936. Denom.
$500. Due March 1 as follows: $500 from 1938 to 1947 incl.: $1,000, 1948;
$500, 1949 and 1950; $1,000, 1951; $500, 1952; $1,000, 1953; $500, 1954;
$1,000 in 1955 and 1956; $500, 1957; $1,000 from 1958 to 1961 incl. and
town),
*
EAST
McKEESPORT, Pa .—BOND SALE— The issue of $33,000
bonds offered
coupon
May 6—Y. 142, p. 2878—was awarded to Singer, Deane
Scribner, Inc., of Pittsburgh, as 3.^s, at par plus a premium of $66.75,
on
equal to 100 .202,
a basis of about 3.48%.
Dated May 1, 1936, and due on
May 1 as follows: $3,000, 1940; $1,000, 1941; $2,000, 1942; $1,000, 1943;
$2,000, 1944; $1,000, 1945; $2,000, 1946; $1,000, 1947; $2,000 from 1948
to 1953, incl.; $3,000, 1954; $2,000 in 1955 and $3,000 in 1956.
*
*****
<
Amount
eq
April 30
$4,000
April 30
10,000
April 30
75,000
April 30
300,000
April 30
25,000
April 30
26,000
April 30
100,000
April 30
27,000
May
55,000
1
Pa,—BONDS
AUTHORIZED—The city authorities
authorizing the issuance of $101,000 municipal
have passed an ordinance
building bonds.
will receive sealed bids until 7p.m.
$500 in 1962. Bidder to name one rate of interest on the issue. Interest
payable M. & S. A certified check for 2% of the bonds bid for, payable to
the order of the District Treasurer, is required.
The bonds will be sold
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
mum
■
Approved
Carroll
Treasurer.
&
list of the issues approved by the Department;
Property Taxes Only ([Not Including Penalties)
Fiscal Year—
C.J.
May 9, 1936
The following is the latest
READING, Pa.—PLANS FUNDING ISSUE—The city has $400,000
maturing on May 15 and a $200,000 maturity on June 15, both of
Plans are now being made to
notes
which will be refinanced on a long-term basis.
determine the exact amount of the proposed bond issue
RIDLEY TOWNSHIP SCHOOL DISTRICT (P. O. Woodlyn), Pa.—
BOND SALE—The $50,000 coupon refunding bonds offered on May 6—
V. 142, p. 3047—were awarded to R. W. Pressprich & Co. and Stroud &
Co. of Philadelphia,
jointly,
3s at par plus a premium of $41, equal to
Dated May 1, 1936, and due $10,000 on
as
100.082, a basis of about 2.97%.
May 1 from 1937 to 1941, incl.
ROUSEVILLE
SCHOOL
DISTRICT,
Pa.—RESULT OF BOND
ELECTION—Although the voters of the district gave their approval
279 to 58 to a proposal to issue $36,000 bonds to finance the district's
share of the cost of building a consolidated school together with Cornplanter Township School District, the bonds will not be issued because
the Township School District voters refused to give their sanction to in¬
creasing the district indebtedness for their share of the cost*
for erection of
RUTLEDGE, Pa.—BONDS VOTED—A proposal to issue $25,000 sewer
bonds was approved by the voters at the April 28 election, the ballot on
April 28 election.
the question being
GIRARD, Pa.—BONDS VOTED—A proposal to issue $55,000 bonds
an electric light plant was
approved by the voters at the
HEIDELBERG, Pa.—BOND OFFERING—Walter Andrews, Borough
Secretary, will receive bids until 7 p.m., May 18 for the purchase of $10,000
4M % coupon bonds. Interest payable semi-annually. Certified check for
$500, required.
LATROBE SCHOOL DISTRICT,
Pa.—BONDS VOTED—By
a
vote
173 for to 22 against.
a vote of 221 to 69 a proposal
$25,000 municipal water plant improvement bonds was approved
April 28 election.
TELFORD, Pa.—BONDS VOTED—By
to issue
at the
TIOGA COUNTY (P. O. Wellsboro), Pa .—BONDS TO BE OFFERED
are advised that bids will be asked soon on an issue of
FOR SALE—We
of 1,957 to 590 the residents of the district on April 28
approved a propo¬
sition to issue $75,000 school building imrpovement bonds.
$112,500 2, 2M or 2M% non-callable 10-year funding bonds.
was approved at the April 28 election.
LEWISTOWN SCHOOL DIST. Pa.—NO BOND SALE PLANNED—•
Robert Stuckenrath, Solicitor, states that the borough does not contem¬
any additional bonds for some time.
bonds offered
plate the sale of
LIGONIER,
Pa.—BONDS VOTED—A proposed $20,000 bond issue
a new municipal building was
approved by the voters
April 28, the vote being 335 for to 144 against.
^
for construction of
on
MAHANOY CITY, Pa.—BOND SALE—The $60,000 coupoxTbonds
offered on May 5—V. 142, p. 2878—were awarded to M. M. Freeman &
Co. of Philadelphia on a bid of 100.25 for 3
Ms, a basis of about 3.15%.
Leach Bros., Inc., of Philadelphia were second
high, offering 100.11 for
3Ms
Dated May 1, 1936. Due $6,000 each six months from Nov. 1, 1936
to May 1,1941.
WARREN, Pa.—BOND SALE—The $60,000 coupon borough building
on May 4—V. 142, p. 2878—were awarded to Singer, Deane
& Scribner of Pittsburgh as 3s for a premium of $1,733, equal to 102.888, a
basis of about 2.67%.
Dougherty, Corkran & Co. of Philadelphia were
second high bidders, offering a premium of $1,309.80.
Dated July 1, 1936.
Due July 1 as follows: $4,000, 1942 and 1943; $8,000, 1944 to 1949, and
$4,000, 1950.
WEST
188
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
MYERSTOWN SCHOOL DISTRICT, Pa.—BOND SALE- The issue
$37,000 2M% coupon bonds offered on April 30— V. 142, p. 2878—
awarded to the Myerstown National Bank at par plus a premium of
$101, equal to 100.27, a basis of about 2.46%.
Dated June 1, 1936, and
due Dec. 1 as follows: $1,000 in 1937 and $4,000 from 1938 to
1946, incl.
of
,
PARKER, Pa.—BONDS NOT SOLD—Because
of improper advertising
reject the bids for the $5,000 4K %
30—V. 142, p. 2714.
Dated Jan. 1,
Due Jan. 1, 1946, optional on or after Jan.
1, 1937.
of the sale, the city was
obliged to
water supply bonds offered on April
1936.
PLAINS TOWNSHIP SCHOOL DISTRICT
(P. O. Plains), Pa.—
BOND OFFERING DETAILS—More complete details have come to hand
relative to the offering of $16,000 bonds on May 12—-V.
142, p. 3046.
Julius Lisinski, Secretary of the Board of
Directors, will receive bids until
8 p.m., May 12 for the purchase at not less than
par of $16,000 school
bonds, which will bear interest at no more than 4%.
Denom. $1,000.
Oated April 1, 1936.
Due $2,000, yearly on April 1 from 1937 to 1944, incl.
Certified check for $1,000, payable to the District Treasurer,
required.
PATTON SCHOOL DISTRICT,
Pa .—BOND SALE—The $18,000
4% emergency real estate tax bonds offered on May 5—V. 142, p. 2550—
to the First National Bank of Patton at par plus a premium
of $360, equal to 102, a basis of about 3.63%.
Dated May 1, 1936, and
due May 1 as follows:
$1,000 in 1937 and 1938, and $2,000 from 1939 to
1946 incl.
Other bids
were as
follows:
Bidder—
Bate Bid
S. K. Cunningham & Co__
Leach Bros., Inc
100.4
100.13
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED—The
following is a record of the bond issues approved by the Pennsylvania
Department of Internal Affairs during the period from April 21 to April 24.
The data includes the name of the
municipality,
issue and date of approval:
KIRCHOFER
,
ing and curbing certain streets
Cresson
Township,
Cambria
County—Install,
operate and maintain a water system
Lewis Run Borough, McKean County—Road con¬
struction.
Philipsburg Borough School District, Centre County
—Refunding bonded indebtednessPhilipsburg Borough School District, Centre County
Luzerne
County—Erect and construct addition to school
building
California Borough School
District, Washington
County—Enlarge junior high school building
Bethlehem City School District, Northamption and
Lehigh Counties—Payment of operating expenses
April 21
,
$9,000.00
24,000.00
80
CAROLINA
SOUTH
(P. O. Charleston), S. C.—BOND SALE
bonds offered for sale on May 4—V. 142,
p. 2878—was awarded to a group composed of Frost, Read & Co. of Charles¬
ton, the Robinson-Humphrey Co. of Atlanta and the Citizens & Southern
Bank of South Carolina, of Charleston, paying a premium of $151.50,
equal to 100.067, a basis of about 2.84%, on the bonds divided as follows:
$125,000 as 3s, maturing on May 1: $5,000, 1937 to 1939; $10,000, 1940,
and $20,000, 1941 to 1945; the remaining $100,000 as 2Ms, maturing
$20,000 from May 1, 1946 to 1950 incl.
CHARLESTON
COUNTY
—The $225,000 issue of county
LIST OF BIDS—The following is an official list of the other bids:
Edward B. Smith & Co. and McAlister, Smith & Pate, Inc., a rate of
3%, plus a premium of $1,259.33.
The Weil, Roth & Irving Co., for maturities 1937 to 1948 incl., a rate of
3%, and for maturities 1949 and 1950 incl., a rate of 2M %. Plus a premium,
of $25.
Johnson, Lane, Space & Co., Kinloch, Huger & Co. and Seabrook &
Karow, a rate of 3%, plus a premium of $387.50.
Equitable Securities Corp., Lewis & Hall, Inc., C. W. Haynes & Co., Inc.,
for maturities 1937 to 1942 incl., a rate of 3M %» and for maturities 1943 to
1950 incl., a rate of 3%, plus a premium of $26.
J. H. Hilsman & Co., Inc., Trust Co. of Georgia and Eldredge & Co., for
maturities 1937 to 1943 incl., a rate of 3M %, and for maturities 1944 to
1950 incl., a rate of 3%, plus a premium of $177.75.
R. S. Dickson & Co., Columbia, S. C., for maturities 1937 to 1941 incl.,
a rate of 3 %, plus a premium of $23.
SOUTH
DAKOTA
city
V. 142, p. 2551—was not sold, acApril 20
Due $500 yearly from 1937 to
Dated Oct. 1, 1935.
BONDS NOT SOLD—The $7,500 issue of 4%
auditorium bonds offered
cording to report.
1951. incl.
April 21
A. T. T. TELETYPE RLGH
RALEIGH, N. O.
Direct Private Wire to Paak & Waibridge our New York Correspondent
BURKE, S. Dak,
Amount
Date
ARNOLD
&
INCORPORATED
amount and purpose of
Municipality and Purpose—
Berrysburg
Borough
School
District,
Dauphin
County—Enlarge present school building by erect¬
ing, equipping and furnishing addition; repair
present building
Lower Paxton Township School District, Dauphin
County—Complete annex; furnish and equip same
Mifflin Township School District, Dauphin County
—Enlarge by erecting, equipping and furnishing
an
addition to school building; repair present
building
North York Borough, York County—Grading, pav¬
—Construction of high school building
Bear Creek Township
School District,
a proposal to issue $15,000 improvement bonds by 194 "opposed"
"for."
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
was
(
FAIRVIEW, Pa .—BONDS DEFEATED—The voters on April 28
defeated
to
MORTON, Pa.—BONDS VOTED—By a vote of 143 to 33 residents of
this community on April 28 approved the issuance of $35,000 sewer bonds.
NEW CASTLE, Pa.— BOND SALE—Yarnall & Co. of
Philadelphia
offering 101.537, were high bidders for the $100,000 3M% funding bonds
offered on May 4—V. 142, p. 2550.
Leach Bros, of Philadelphia were
second high with a bid of 101.35.
Award has not yet been made.
Dated
May 1,1936.
Due Nov. 1 as follows: $4,000,1941; $2,000, 1942, 1943 and
1944; $3 000, 1945, 1946 and 1947, $5,000, 1948; $8,000, 1949; $10,000,
1950 to 1955, and $8,000,1956.
The issue
on
MADISON, S. Dak.—BOND ELECTION—It is reported that an elec¬
on June 2 in order to vote on the proposed issuance of
tion will be held
$35,000 in armory bonds.
WATERTOWN, S. Dak.—BOND SALE—The three issues of 4% semibonds aggregating $50,000, offered for sale on May 4—V, 142, p.
3046—were awarded to the First Citizens National Bank, of Watertown,
ann.
April 21
14,500.00
April 21
8,000.00
April 22
8,000.00
April 22
70,000.00
April 22
27,000.00
April 23
5,000.00
TENNESSEE
8,555.40
April 22
a price of 104.90, a basis of about 3.47%.
The issues are as follows:
$12,500 street grading bonds. Due from May 1, 1938 to 1956.
10,500 paving resurfacing bonds. Due from May 1, 1937 to 1955.
27,000 street surfacing bonds. Due from May 1, 1937 to 1956.
at
HICKMAN
It
is
JACKSON,
19,000.00
April 24
118,000.00
(P.
O. Centerville), Tenn.—PURCHASER—
Court that the $40,000
142, p. 3047—were pur¬
Tenn.—BOND
SALE—'The
$140,000
water
works and
and general obligation bonds offered for sale on May 5—
142, p. 3047—was awarded to the National Bank of Commerce, of
Jackson, at par, as follows: $70,000 as 3s, maturing on May 1: $14,000,
1938; $14,000, 1939; $14,000, 1942, and $7,000, 1943 to 1946; the remaining
$70,000 as 3Ms, maturing on May 1: $7,000 from 1947 to 1956 incl.
sewerage revenue
V.
April 23
COUNTY
reported by the Clerk of the County
school building bonds reported sold recently—Y.
chased by the Public Works Administration.
now
Volume
Financial Chronicle
142
3225
bond issues for the Attorney General's approval. Texas cities submitted
54 of the new bond issues,
representing an aggregate of $3,740,250.
Fort
Worth approval for the greatest number of
bonds, a total of $1,472,000.
Other cities submitting issues in excess of
$100,000 were Dallas, $515,000;
new
TENNESSEE
San Antonio,
$350,000;
Lavaca. $110,000.
Municipal Bonds
Tyler,
$350,000;
Longview,
$250,000,
and Port
WACO, Tex.—BOND
VALIDITY SUSTAINED—The State Supreme
to have upheld recently the validity of a $41,000 issue of
bonds, for the construction of a stadium. The city is understood
to have been granted a mandamus
compelling the Attorney General to
approve the city bonds, on which a Public Works Administration grant is
based.
X:':."iv
-,,V
EQUITABLE:
Court
Securities Corporation
New York
Birmingham
Nashville
Chattanooga
Knoxville
Memphis
YSLETA COMMON SCHOOL DISTRICT (P. O. Ysleta) Tex.—BOND
SOLD—The $25,000 school building bonds approved by the voters on
Feb. 29—V. 142, p. 1872—are stated to have been
purchased by the State
Board of Education.
TENNESSEE
GILES COUNTY
(P. O.
is said
revenue
Pulaski), Tenn.—BONDS DEFEATED—
At the election held
on April 23 the voters of the
county rejected a proposal
S6O.000 high school building bonds.
to issue
OFFERINGS
LAUDERDALE COUNTY (P. O. Ripley), Tenn .—BOND OFFERING
—I. M. Steele, Clerk of the County
Court, will receive bids until 1 p. m.
May 16 for the purchase at not less than p?r of $100,000 3 %% coupon
refunding bonds.
Denom. $1,000.
Dated May 1, 1936.
Interest pay¬
able May 1 and Nov. 1.
Due $5,000 yearly on May 1 from 1937 to 1956.
Certified check for $1,000, required.
MUNICIPALS
FIRST SECURITY TRUST CO.
MEMPHIS,
TENN.—BOND SALE CONTEMPLATED—It was an¬
by D. C. Miller, City Clerk, that the city will offer for
sale, probably late in June, a $75,0o0 issue of general hospital bonds,
o
nounced recently
be used in connection with
MONROE COUNTY
Public Works Administration grant.
a
(P.
SALT LAKE
CITY
Phone Wasatch 3221
Bell Teletype:
SL K-37
j
O. Madisonville), Tenn .—CORRECTION—
We wish to call attention to the fact that
county
WANTED
UTAH—IDAHO-NEVADA—MONTANA—WYOMING
a
bond sale notice
on
the above
erroneously listed in these columns recently under the sub¬
heading of Kentucky news items—V. 142, p. 3038. It was stated that a
$60,000 issue of 4)4% semi-ann. funding bonds was reported to have been
purchased by Magnus & Co. of Cincinnati, at a price of 101.28.
UTAH
was
PETERSBURG, Tenn .—BOND SALE—The $15,000 issue of 5%
coupon semi-annual market house bonds offered for sale on Marhc 31—
V. 142, P. 2037—was awarded at par, as follows:
$5,000 to the Peoples &
Union National Bank, of Shelbyville; $3,000 to the First National Bank,
of Lewisburg; $2,000 to the Peoples & Union
Bank, of Lewisburg, and $5,000
to the First National Bank of
Petersburg.
Due $1,000 from March 1,
1937 to 1951, optional on any interest paying date after March 1, 1941.
NORTH
SANPETE
SCHOOL
DISTRICT
(P.
O.
Manti),
Utah—
BOND REDEMPTION REPORT—It is said that the Board of Education
recently called for payment a $30,000 issue of 5% school building bonds
issued in 1916, optional in 1936.
We Are
Specialists in
MAINE—-NEW HAMPSHIRE-VERMONT
Municipal Issues
E. H. Rollins & Sons
TEXAS BONDS
Bought
—
Sold
—
Incorporated
Quoted
200
Devonshire
H. C. BURT & COMPANY
Boston, Mass.
VERMONT
Incorporated
Sterling Building/
St.,
MISSISQUOI
BAY
BRIDGE
COMMISSION,
Vt.—BOND SALE—
E. H. Rollins & Sons, Inc., of Boston, and Mansfield & Co. of Hartford,
jointly, recently purchased a new issue of $200,000 4% coupon (registerable
Houston, Texas
to principal) bridge bonds.
The Commission, created by Act. No. 212
Legislature, 1935 Session, is to construct and maintain a
bridge from West Swanton, Vt., to East Alburg, Vt., across Missisquoi
Bay, Lake Champlain. The structure will be part of a continuous highway
as
of the Vermont
TEXAS
AMELIA COMMON SCHOOL DISTRICT NO. 3
(P. O. Beaumont),
Tex.—BOND SALE DETAILS—It is reported by the Superintendent of
Schools that the $30,000 school bonds purchased by the State Board of
Education, as noted here in March—V. 142, p. 2205—bear interest at
4% and mature from 1937 to 1955.
They were sold at par.
.
ANAHUAC INDEPENDENT SCHOOL DISTRICT
(P. O. Anahuac)
Tex.—BOND ELECTION—An election is reported to oe scheduled for
May 16, in order to vote on the issuance of $110,000 in 4% school building
bonds.
northern
across
a
made by R. A. Underwood & Co. of
Fort
Worth
to
refund
$86,000 outstanding 6% electric light and power system bonds into 4)6%
obligations.
proposal
BRAZORIA COUNTY ROAD DISTRICT NO. 3 (P. O.
Angleton),
SOLD—We are informed by Floyd Enlow, County
Judge, that the $650,000 issue of road bonds offered on May 4—V. 142,
p. 2879—was not sold as all the bids received were rejected.
Dated March
10, 1936. Due from April 10, 1938, to 1957.
Tex.—BONDS NOT
BUENAVISTA INDEPENDENT SCHOOL DISTRICT (P. O. Buenanow reported by the District
Secretary that the $40,000 school building bonds purchased by the State
Board of Education, as noted here recently—Y. 142, p. 2879—were sold
as 4s, at par, and mature in 30 years.
vista), Tex.—BOND SALE DETAILS—It is
GALVESTON
NO.
17
(P.
O.
COUNTY
CONSOLIDATED
SCHOOL
The bond8 will bear interest payable semi-annually, the rate for which
will
be determined by the successful bid, which bid cannot be less than
par and
accrued interest. Legality to be approved by Thomson, Wood & Hoffman
of New York.
KILGORE, Texas—BONDS DEFEATED—It is stated by the City
Secretary that at an election held in March, the voters defeated a proposal
$100,000 in airport bonds.
to issue
COUNTY
(P. O. Conroe), Tex.—BOND CALL—
Womack, County Treasurer, through the Com¬
missioners' Court, is calling for payment on June 1, Nos. 93 to 100 of
special road, series E-3 bonds. Dated June 1,1920, optional on June 1,1930.
It is stated that Mrs. Ollie
MUNDAY INDEPENDENT SCHOOL DISTRICT (P. O.
Munday)
Tex.—BONDS SOLD—The Secretary of the School Board states that
$44,000 4% semi-ann. grammar building bonds have been purchased by the
Public Works Administration.
Dated Nov. 1,1935. Due $1,000 from 1936
Boston or the Welden National Bank in St. Albans.
PARIS, Tex.—BOND CALL—Mrs. T. D. Wells, City Secretary, states
City Council is exercising its option and calling for payment on
July 10 and Aug. 10, on which date interest shall cease, various water works,
refunding, street improvement, public utility, city hall, sewer construction
and fire department bonds aggregating $631,500.
TEXAS, State of—LOCAL BOND ISSUES APPROVED—During the
first 85 working days of 1936, the Texas Attorney General's Department
has approved 221 bond issues, of which 123 were new ones that for the most
part had been authorized to finance new construction work.
The other
98 issues were for refunding old indebtedness, generally at a lower rate of
The total of bonds approved this year is $18,259,666.
in
A total
o
issues, and $9,027,566 in refunding issues.
Citief
and school districts were the politica subdivisions submitting most of ths
was
new
The bonds have been
$25,000.00
CITY OF
due
RICHMOND, Va., School 4i/2s
July 1964 at 2.80% basis & int.
F. W. CRAIGIE & COMPANY
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
VIRGINIA
f
BLAQKSTONE, Va .—BOND SALE—The two issues of 3 M % semi-ann.
bonds aggregating $60,000, offered for sale on May 4—V. 142, P- 3041—
were awarded to Scott & Stringfellow of Richmond, paying a premium of
$1,569.90, equal to 102.616.
The issues are divided as follows: $25,000
refunding and $35,000 funding bonds. Dated June 1, 1936. Due in from
one
to 20 years.
The following is a list of the other bids received for the above bonds:
Price Bid
Bidders—
Miller & Patterson, Richmond, Va
First National Bank, Blackstone, Va
The Richmond Cbrp., Richmond, Va
$61,415.00
61,303.00
60,766.00
Scott, Horner & Mason, Lynchburg, Va
60,472.14
Citizens Bank tc Trust Co., Blackstone, Va., and F. E. Nolting,
Inc., Richmond, Va
60,354.00
CLINTWOOD, Va .—BONDS VOTED—It is stated by the Town Clerk
an election held on April 28, the voters approved the issuance of
$10,000 in water system bonds by a count of 128 to 43.
that at
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
I
that the
$9,232,100
pledged for the pay¬
certified by the National Shawmut Bank of Boston and approved as to
legality by Storey, Thorndike, Palmer & Dodge of Boston. In the opinion
of counsel, the bonds are free from all Federal income taxes, and by legis¬
lative enactment are exempt from taxation in Vermont except for transfer,
estate and inheritance taxes, and are legal investments for savings banks,
trustees, insurance companies and other fiduciaries in Vermont.
1951, and $2,000 from 1952 to 1965
interest
The
O.
$227,000 road, series C, 1933'bonds. Dated Dec 15,1933. Due as follows:
$20,000, 1950 to 195?; $15,000, 1954 to 1962, and $12,000 in
1963.
A certified check for $2,250, is required on this issue.
75,000 hospital bonds. Dated Oct
10, 1935.
Due $11,000 in 1961, and
$16,000, 1962 to 1695. A certified check for $1,000 must accom¬
pany the bid.
to
Point.
principal and interest.
DISTRICT
Houston) Texas—BOND OFFERING—
Sealed bids will be received until 2 p. m. on May 11, by H. L.
Washburn,
County Auditor, for the purchase of two issues of bonds aggregating $302,000, divided as follows:
MONTGOMERY
Rouses
public re-offering
yield from 3.10% to 3.75%, accord¬
ing to maturity. They are dated May 1,1936. Denom. $1,000. Due May 1
as follows: $10,000, 1941 to 1946 incl., and $14,000 from 1947 to 1956 incl.
Principal and interest (M. & N.) payable at the National Shawmut Bank of
GROVETON, Tex.—BONDS TO BE SOLD—It is stated by the City
Secretary that $17,000 4% semi-ann. water system bonds will be purchased
by the Public Works Administration.
(P.
York at
E. H. Rollins & Sons and Mansfield & Co. are making
Galveston)
COUNTY
New
of the $200,000 4% bonds at prices to
were
HARRIS
northern
from tolls and other sources and such revenue will be
Tex.—BONDS SOLD—The $60,000 school
approved last March by the County Commissioners, as
noted here at that time—V. 142, p. 2205—have been purchased
by the
American National Insurance Co. of Galveston, as 4s, according to the
County Auditor.
Denom. $500. Dated March 15, 1936. Due as follows:
$500, July 1, 1937 to 1943; $1,000, July 1, 1944 to 1949; $1,500, July
1.
1950 to 1956; $2,000, July 1, 1957 to 1975, and $2,000 on March 15, 19761
bonds that
to
said, will be junior to the $200,000 4s just sold publicly. In the case of the
issue purchased by the State, neither principal nor interest will be payable
thereon until the 4% bonds have been
fully paid and canceled. The se¬
curity for the bonds sold to the bankers will be the net revenue of the bridge
ment of both
BARTLETT, Tex.—BOND SALE—The City Council has accepted
Vermont
bridge, which is expected to be in operation before June 1, 1937, will cost
about $514,000. The Federal Government has allotted a grant of $214,363
and the State of Vermont is to purchase $100,000 2)4% bonds, which, it is
Ferris & Hardgrove
SPOKANE
Teletype—SPO 176
SEATTLE
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
WASHINGTON
CHEHALIS, Wash.—BONDS AUTHORIZED—'The City Commission
is said to have passed an ordinance recently, providing for the issuance of
$162,000 in Z%% semi-ann. water refunding bonds.
Denom. $1,000.
3226
Financial
Chronicle
May
Dated May 1, 1936. Due on May 1 as follows: $6,000, 1937 to 1939, and
$9,000, 1940 to 1955 incl. Payable at the office of the City Treasurer.!
SEATTLE, Wash.—BOND CALL—H. L. Collier, City Treasurer, is
reported to be calling for payment from May 2 to May 12, various local
improvement district bonds.
,
Wash.—BOND ISSUANCE NOT' SCHEDULED^lVls
stated by H. W. Carroll, City Comptroller, that no action has been taken
as yet toward the issuance of the
$1,300,000 in not to exceed 6% permanent
bridge approach bonds that were approved by the City Council on March 12.
as reported in these columns—Y. 142,
p. 2379.
SEATTLE,
SPOKANE COUNTY SCHOOL DISTRICT NO. 21 (P. O.
Spokane),
Wash.—BOND SALE—The $12,000 issue of coupon school building bonds
offered for sale on April 30—V. 142, p. 3048—was purchased by the State
of Washington, as 4s at par.
Due in from 2 to 10 years, optional after
3 years from date of issue.
TEKOA,
1936
9,
WYOMING
GILLETTE,
Wyo.—ADDITIONAL
INFORMA TION—In
connection
with the report given in these columns recently, to the effect that an agree¬
ment had been entered into between the
city and Geo. W. Vallery & Co.,
Inc. of Denver, and the Stockgrowers National Bank of Cheyenne, for the
refunding of $25,000 6%, and $30,000 5% water bonds, at 4%—V. 142,
p. 2880—it is stated by the former firm that the original bonds are not yet
optional so that the success of the refunding is dependent upon the working
out of exchanges or outright purchases of the outstanding bonds.
LARAMIE,
Wyo .—BOND SALE DETAILS—In connection with the
report given in these columns recently, that the city had arranged with the
First National Bank of Laramie, for the refunding of $65,000 6% water
bondsinto 3% % bds.—V. 142, p. 2716—it is stated that the
bds.
are
dated
1936, and mature as follows:
$6,000, 1937; $7,000, 1938: $6,000,
1939; $7,000, 1940; $6,000, 1941; $7,000, 1942 ; $6,000, 1943; $7,000, 1944;
June 1,
$6,000, 1945, and $7,000 in 1946.
Wash.—BOND
OFFERING—Sealed bids will be received
until 8 p. m. on May 22, by A. C. Birk, City Clerk,, for the purchase of a
$5,000 issue of street grading bonds. Interest rate is not to exceed 6%,
payable J. & D. Denom. $500. Dated June 1,1936. Due $500 from June 1,
1938 to 1947 incl. A certified check for 5 % of the amount of bid is required.
Canadian Municipals
Information and Markets
YAKIMA COUNTY (P. O. Yakima), Wash.—BONDS AUTHORIZED
—The County Commissioners are said to have adopted
recently an order
calling for the issuance of $143,000 in general obligation bonds to refund
BRAWLEY, CATHERS & CO.
emergency warrants in that amount issued by the county in 1934 and 1935.
This action is understood to be the initial step toward a test case in the
KING
25
Superior Court regarding the security for the payment of these bonds.
ST. WEST,
WISCONSIN
ALLIS
SCHOOL
CANADA
DISTRICT
(P. O. Milwaukee), Wis.—BONDS
April 28, the voters are reported to have
approved the issuance of $52,000 in school construction bonds.
VOTED—At
an
election held
COUNTY
CHIPPEWA
on
O.
(P.
Chippewa
Falls), * Wis.—BOND
OFFERING—Wm. N. Hebert, County Clerk, will receive bids until 10 a. m.
May 13, for the purchase at not less than par of either of the following two
groups
of bonds:
K
$740,000 highway improvement bonds, to mature $100,000 yearly on May 1
from 1939 to 1945; and $40,000 May 1, 1946.
320,000 highway improvement bonds, to mature $100,000Ion May 1 in
1939, 1940 and 1941; and $20,000 May 1, 1942.
i
f* Denom.
Dated May 1, 1936.
Bidders are to name rate of
Interest payable May 1 and Nov. 1. Certified
2% of amount of bonds, payable to the County Treasurer,
Purchaser is to pay for legal opinion and printing of bonds.
$1,000.
interest, not to exceed 5%.
check
for
required.
ELGIN 6138
TORONTO
CLARK COUNTY
(P. O.
Neillsville), * Wis.—BOND SALE—'The
$175,000 issue of refunding bonds offered for sale on May 1—V. 142, p.
2716—was awarded to the White-Phillips Corp. of Davenport, Iowa, as
l%s, plus a premium of $301.50, equal to 100.17, a basis of about 1.70%
Dated June 1, 1936.
Due from June 1, 1937 to 1943.
The second highest
bid was an offer of $1,240 premium on 2s, tendered by Halsey, Stuart &
Co. of Chicago.
The First National Bank of Chicago was third, offering
$753 premium on 2% bonds.
!
AMHERST,
N.
S.—BOND ISSUE APPROVED—The
authorized to issue $15,000 paving bonds.
city
has
been
CANADA (Dominion of)—REFUNDING ISSUES FEATURE APRIL
BORROWINGS—Canadian Government, provincial and municipal financing
during the month of April totaled $55,800,891, of which $55,059,000 was for
refunding purposes and $741,891 to provide new capital, according to figures
compiled by Wood, Gundy & Co., Ltd.
This total compares with $64,155,774 in the same month last year and $15,843,900 in 1934.
The financ¬
ing during April consisted almost entirely of two issues for the Dominion
Government of discount treasury bills, one for $25,000,000 and the other
for $30,000,000.
For the first four months
of this year, financing totaled $378,565,913,
greatly exceeding the volume in that period in any of the past five years.
For the same period of 1935, a total of $135,369,374 was reported, and in
1934, a total of $89,046,553.
Of the total of the first four months of
1936, $357,300,400 was for refunding purposes, and $21,265,513 to provide
new capital.
Corporation issues in Canada during April included $7,100,000 by Famous
Players Canadian Corp., Ltd., $3,500,000 by the Canadian Canners Corp.
and $5,000,000 by Saguenay Power Co., Ltd., all of which were for refund¬
ing purposes. Corporate financing during the first four months of the year,
totaling $138,426,192, compares with $13,138,000 for the same period of
1935, and $20,276,596 in 1934.
FOREST HILL, Ont.—BOND SALE—The Dominion Securities Corp.
bonds at
Due in 20 annual instalments.
of Toronto has purchased an issue of $112,000 SH% improvement
CLARK
COUNTY
(P. O. Neillsville),
$223,000 highway improvement bonds offered
were awarded to
Wis.—BOND SALE—The
on May 7—V. 142, p. 3048—
a
Other bids
the Northwestern National Bank & Trust Co. of Minne¬
apolis as 1 Ms for a premium of $1,288.50, equal to 100.552, a basis of about
1.34%.
Edward B. Smith & Co. of New York were second high bidders,
offering a premium of $652.40 for lMs.
Dated May 1, 1936.
Due on
May 1 as follows:
$30,000, 1938; $90,000, 1939; $100,000, 1940, and
$13,000 in 1941.
price of 101.515, a basis of about 3.32%.
were as
follows:
Bidder—
Rale Bid
Harrison & Co
100.17
Griffis, Fairclough & Norsworthy
Dyment, Anderson & Co
C.H. Burgess & Co
GUELPH,
Par
99.882
97.07
Ont .—INCREASE
Wis.—BOND OFFERING—
deficit of $15,342 in 1935.
May 16, by A. R. Cole,
County Clerk, for the purchase of an issue of $167,000 5% semi-ann.
highway improvement bonds.
Dated May 1, 1936.
Due on May 1 as
$50,000 in 1940, and $117,000 in 1941.
IN DEBT—The city had a current
Net debenture debt increased during the year
by $236,097 to $2,054,335.
r
DOUGLAS COUNTY (P.
Sealed
bids will
O. Superior),
be received until
10
a.
m.
on
follows:
MAZOMANIE
JOINT
SCHOOL
DISTRICT
NO.
2,
Wis .—BOND
OFFERING—Karl
Schumann, District Clerk, will receive bids until 10
for the purchase of $15,500 general obligation refunding
bonds, bearing interest at 3%. Denom. $1,000 and $500.
a.
May 12
m.
MAZOMANIE
BOND
unril
UNION
FREE
HIGH SCHOOL DISTRICT, Wis.—
Klebesadel, District Clerk, will receive bids
May 12 for the purchase of $16,000 3% refunding bonds.
OFFERING—W. A.
10
a.
Denom.
m.
JONQUIERE
SCHOOL
CORPORATION,
INTEREST PAYMENT—The district
is
Que.—DELINQUENT
paying interest coupons dated
April 1, 1936.
LACHINE, Que.—NET DEBT HIGHER—The city reports a surplus of
on current account in 1935.
Net debenture debt increased during
$25,687
the
year by $158,547 to $4,322,382.
declined from $437,359 to $247,409.
At the
same
time other liabilities
LAPRAIRIE, Que.—BOND SALE—The issue of $29,000 bonds offered
April 6—V. 142, p. 2380—was awarded to the Banque Canadienne
as 4s at a price of 99.26, a basis of about 4.09%.
Dated May 1,
1936, and due serially on May 1 from 1937 to 1956 inclusive.
on
Nationale
$500.
LOW SOUTH TOWNSHIP
MILWAUKEE
COUNTY
(P.
O.
Milwaukee),
ING—Sealed bids will be received until 10
Wis.—BOND OFFER¬
(central standard time) on
May 25, by Clarence M. Sommers, County Treasurer, for the purchase of
a $l,4OO,O0O issue of county corporate
purpose coupon bonds. Interest rate
3%, stated in multiples of y± of 1%. Denom. $1,000, or
such multiples thereof not to exceed $50,000, as are desired
by the successful
bidder. Dated June 1,1936. Due as follows: $200,000, Jan. 1,1937; $150,000,
July 1, 1937; $125,000, Jan. and July 1, in 1938 and 1939, and $550,000
on Jan. 1, 1940. Callable at par on or after
July 1,1938; any bonds maturing
Jan. 1, 1939, or thereafter upon 30 days published notice. Prin. and int.
(J. & J.) payable at the office of the County Treasurer, or at the office of the
fiscal agent in New York City, at the option of the holder.
Bids shall not
be for less than 99% of par. Each of said bonds shall bear the same rate of
interest. The purchaser must pay accrued interest to the date of
delivery.
The county will furnish the legal approval of Chapman & Cutler of Chicago,
also the printed bonds, ready for
delivery on or about June 10. No deposit
is required with bids.
a.
m.
is not to exceed
OCONTO
COUNTY
MIDDLETON, N. S.—BONDS APPROVED—The municipality has been
and extending
authorized to issue $10,000 bonds for the cost of improving
its sewerage system.
MONCTON, N. B.—PRICE PAID—The $64,000 3M% coupon refund¬
ing bonds sold early in April to a group composed or Irving, Brennan & Co.,
Johnston & Ward, and W. C. Pitfield & Co.—V. 142, p. 3048—were sold to
the bankers at a price of 97.077, a basis of about 3.71%.
Dated May 1,
1936 and due in 20 years.
MOOSE
O.
Oconto),
Wis.—BOND
SALE—The
COUNTY
(P.
O.
Richland
Center),
s,
Wis.—BOND
OFFERING DETAILS—More complete information is now available con¬
cerning the offering of $40,000 bonds taking place on May 15—V. 142, p.
T. M. Pease, County Clerk, will receive bids until 1 p. m. May 15
for the purchase of $40,000 3% coupon
highway, series G, bonds. Denom.
$500.
Dated May 15, 1936.
Principal and semi-annual interest (May 15
and Nov. 15) payable at the County Treasurer's office.
Due on May 15
as follows: $36,000 in 1940 and
$4,000 in 1941. Purchaser is to furnish
legal opinion.
2880.
Total bonded indebtedness
$20,427,802
23,780,295
226,000
(including this issue)
other indebtedness.
Taxes levied and collected for the last three years for all county purposes:
1933
1934
1935
Levied
Collected
$183,739.57
183,754.89
Collected to March 31, 1936.
Estimated population, 20,000.
$189,798.44
188,649.84
$190,643.40
x92,967.86
x
ROCK VALLEY SCHOOL DISTRICT NO. 1150 (P. O. St.
ST.
The
COUNTY
(P.
O.
Eagle
River),
Wis .-BOND
SALE NOT
SCHEDULED—In connection with the proposed issuance of the $43,000
house bonds, mentioned in these columns last March—Y. 142, P.
1690—it is reported by the County Treasurer that nothing has been done
as
yet
toward the marketing of these bonds
additional funds.
FULGENCE, Que.—PAYMENT OF PAST DUE INTEREST—
city is paying interest coupons dated February, August and November,
1932.
HONORE SCHOOL COMMISSION, Que.—PAST-DUE INTER
Commission is paying interest coupons dated
ST.
EST
PAYMENT—The
May 1, 1932.
STE.
SAULT
city reports
MARIE, Ont.—TAX COLLECTIONS IMPROVE— The
slight improvement in tax collections in 1935.
Total collec¬
to 98.6% of the levy.
Current collections were 75.4%
of the levy, compared with 74.1 % in 1934.
During the year net debenture
debt was reduced by $71,566 to $1,846,007.
tions
a
amounted
SHERBROOKE, Que.—DEBT LOWER—The city had
current
account
of $25,713
as
the project will require
in
1935.
Profits
were
shown
three public utilities—water works, electric light and power
debenture debt was reduced by $87,626 to $4,269,515.
a
surplus on
by the city's
and gas.
Net
N. S.—BONDS OFFERED LOCALLY—An issue of
$50,000 5% paving bonds, due in 20 years, is being offered locally.
VANCOUVER, B.C.—SINKING FUND HOLDS$1,190,000 ALBERTA
—
court
Benedict),
Sask.—BOND OFFERING—Sealed bids addressed to J. P. Tobin, Sec.Treas., will be received until May 15 for the purchase of $3,500 not to exceed
6% interest bonds/due in 15 annual instalments.
SYDNEY MINES,
VERNON COUNTY
(P. O. Viroqua), Wis — BOND SALE— The
$100,000 highway improvement bonds offered on May 5—V. 142, p. 2880
were awarded to the Harris Trust & Savings Bank of Chicago as lMs,
for a premium of $576, equal to 100.576, a basis of about 1.30%. The WhitePhillips Corp. of Davenport was second high, offering $575 premium for
lMs. Dated May 1, 1936. Due May 1, 1939.
VILAS
$3,434,673 and
OTTAWA, Ont.—PLANS $610,000 BOND SALE—The city plans to
1935 relief costs by issuing 5-year 2% debentures.
Subject to the approval of the Ontario Municipal Board, the city council
has passed a by-law providing for the borrowing of $53,500 for installation
of water mains, hydrants and fire services in the new Lakeside Park division.
Financial Statement
Assessed valuation (1935)
Equalized valuation
No
JAW, Sask.—DEBT STATUS—The city has reduced its net
debenture debt during the past three years by $230,684 to
its floating liabilities by $197,208 to $1,103,844.
refund $610,000 of its
(P.
$100,000 issue of highway improvement bonds offered for sale on May
V. 142, p. 3048—was awarded to T. E. Joiner & Co. of Chicago as 3
paying a premium of $325, equal to 100.325, a basis of about 3.3
Dated May 1, 1936. Due on June 1, 1939.
RICHLAND
(P. O. Wakefield), Que.—BOND SALE
$12,000 5% bonds offered on May 4—V. 142, p. 3048—were awarded
Anglo-Francaise of Montreal at 95, a basis of about 5.64%.
Dated June 1, 1936.
Due serially in 20 years.
—The
to The Credit
BONDS—The city is watching the Alberta debt conversion situation with
considerable anxiety in view of the fact that
the sinking funds hold $1,Conversion of the bonds into stock bearing
fund revenue.
dates ranging
from 1938 to 1967 to offset city debentures maturing in that period.
190,000 of provincial bonds.
low rate of interest will mean a substantial loss in sinking
In addition, the bonds were purposely bought at maturity
a
YORKTON, Sask.—REPORTS SURPLUS—The city had
$8,172
Of this
amount,
deposited
as
a
surplus of
in 1935.
Debenture debt stands at $389,040.
$86,096 consists of unsold debentures which have been
security for a bank loan of $82,542.
on general account
@FedFRASER