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COPYRIGHTED IN 1936 8Y WILLIAM B. DANA COMPANY, NEW
YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1870, ATTHE POST OFFICE
AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 9, 1J70,
William B.Dana Co.,Publishers,
VOL. 143.
,MUSdWM«Y«r,Co,,y~
BROOKLYN
NEW YORK, NOVEMBER 28,1936.: igSSffgSBfc
TRUST
THE CHASE
COMPANY
Chartered
/
'v
i.
NATIONAL
1866
;V"-'-
Kidder, Peabody & Co,
OF
THE
CITY
OF
BANK
NEW YORK
;
George V. McLaughlin
NEW YORK
The chase
BOSTON
President
PHILADELPHIA
is
tra-
ditionally a bankers' bank.
For
BROOKLYN
NEW YORK
NO. 3727
many
served
Member Federal Deposit Insurance Corporation
years
it
has
large number
a
of banks and bankers
as
New York
WfellsIinjoBank.
and
b
Deposit Insurance Corporation
United States
Government
FRANCISCO
United States
Securities
Member Federal Deposit Insurance Corporation
RESOURCES
depository.
reserve
Mtmbtr Ftdtral
UnionTrustCo.
SAN
correspondent
and
COMMERCIAL BANKERS SINCE 1852
Government
OVER $200,
Securities
'The
Hallgarten & Co.
FIRST BOSTON
Establiehed I8S0
CORPORATION
Brown Harriman & Co.
■'
,
Incorporated
—
63 Wall
NEW YORK
NEW YORK
BOSTON
Street, New York
Telephone! BOwling Green 9-5000
CHICAGO
Boston
PHILADELPHIA
London
Chicago
Philadelphia
Chicago
San Francisco
SAN FRANCISCO
Representatives in other leading Cities
AND OTHER PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
120
The
Broadway
State and
New York
Amsterdam
London
CARL Me LOEB & CO.
61
NewTorkTrust
Company
BROADWAY
Capital Funds
NEW YORK
Municipal Bonds
.
$32,500,000
Barr Brothers & Co.
INC.
New York
Berlin
Amsterdam
Chicago
Paris
London
ioo broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
SECURITIES
NEW YORK
EDWARD B. SMITH & CO.
31 Nassau Street
State
New York
-
Municipal
Industrial
PHILADELPHIA
Cleveland
New York
•
.
Pittsburgh
(5th Ave.)
•
BOSTON
•
Allentown
European Representative
s
Office:
London
•
Easton
8
Railroad
KING WILLIAM STREET
-
Public Utility
BONDS
LONDON, E.C. 4
Correspondent
Edward B. Smith &
Minneapolis
CHICAGO
R.W.Pressprich&Co.
*
Co., Inc.
St, Louis
Member Federal Reserve System
N. Y.
and
Clearing House Association
Members New York Stock Exchange
New York
Chicago
Philadelphia
San Francisco
Financial
n
Chronicle
Nov. 28.
1936
BAKER,WEEKS
A. G. Becker & Co.
& HARDEN
Incorporated
Investment Securities
J. & W. Seligman & Co.
Members
Established 188B
New York Stock Exchange
New York Curb Exchange
Investment Securities
Commercial Paper
New York
52 WALL
54
Wall
NEW
Street
YORK
STREET, NEW YORK
Graybar Building, New York
Commercial Trust Bldg., Philadelphia
Chicago
London Correspondents
,
Buhl
Building, Detroit
6 Lothbury, London, E. C. 2
Bourse Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
And Other Cities
•
No.
Philadelphia Stock Exchange
Chicago Board of Trade
SELIGMAN
BROTHERS
Dividends
Leading Out-of-Town
KAUFMANN DEPARTMENT
STORES, Inc.
Investment Bankers and Brokers
Pittsburgh, Pa., November 24, 1936.
Preferred, Dividend No. 95
The
BIRMINGHAM
Directors
have
declared
a
dividend
of
$1.75 per
share on the Preferred Stock, payable
January 2, 1937, to all holders of record Decem¬
NEWARK
ber 10, 1936.
Common Dividend No. 64
New
MARX & CO.
Jersey State & Municipal Bonds
of
Newark Bank & Insurance Stocks
The Directors have declared an extra dividend
One Dollar and Twenty-five Cents
($1.25)
Eer share on the all holdersStock, payable Decem15, 1936, to Common of record December 4,
er
BIRMINGHAM, ALABAMA
1936.
Common Dividend No. 65
J. S. RIPPEL & CO.
MUNICIPAL
SOUTHERN
AND
18 Clinton St.
Newark, N. J.
CORPORATION BONDS
The Directors have declared
dividend of Forty
a
Cents
(40c) per share on the Common Stock,
payable January 28, 1937, to all holders of record
January 11, 1937.
Cheques will be mailed.
PALM
BEACH
AND
WEST
PALM
BEACH
DETROIT
MUNICIPALS
Members
New York Curb Assoo.
Detroit Stock Exchange
FLORIDA BONDS
Treasurer.
OHIO
RY.
CO.
the close of business December 2, 1936.
A dividend for the fourth quarter of
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach, Fla.
Bell System Teletype:
W-Palm Beach No. 84
Chicago Stock Exch.
834 BUHL BLDG.,
AND
extra dividend of $1.00 per share in cash
$25 par value common stock ($4.00 per share
on
$100 par value common stock) will be paid
December 15, 1936, to stockholders of record at
CORPORATION BONDS
WATLING, LERCHEN & HAYES
KAUFMANN,
on
and
New York Stock Exch.
M.
CHESAPEAKE
An
Specializing in
MICHIGAN
OLIVER
THE
1936 of
seventy cents per share on $25 par value common
stock ($2.80 per share on $100 par value common
stock) will be paid January 1,1937, to stockholders
of record at the close of business December 2,1936.
An extra dividend of $2.00 per share in Prefer¬
Stock,
ence
Series
A,
of this
Company
on
$25
par value common stock ($8.00 per share on $100
par value common stock) will be paid January 11,
DETROIT
ST.
LOUIS
1937, to stockholders of record at the close
business December 15, 1936.
The issuance
of
of
Preference
Stock, Series A, for this dividend is
subject to appropriate authority from the Inter¬
state
Commerce Commission and from the State
Corporation Commission of Virginia.
MICHIGAN MUNICIPALS
Transfer books will not close.
St/x
PENOBSCOT
H. F. LOHMEYER, Secretary.
SAINT LOUIS
Charles A. Parcel Is & Co.
Members of Detroit Stock
Co.
*
OFFICE
LOUISVILLE
8O9OUVK st
Exchange
Louisville Gas
Company of Delaware, at a meeting
held on November 19, 1936, declared a quarterly
dividend
of
thirty-seven
and
one-half cents
(37He.) per share on the Class "A" Common
Stock of the Company, payable by check Decem¬
ber 24, 1936, to stockholders of record as of the
of business November 30,
1936, for the
Missouri and Southwestern
close
our
quarter ending November 30, 1936.
Stocks and Bonds
account
ILLINOIS
The Board of Directors of the
and Electric
MIAMI
own
ELECTRIC
COMPANY
Members St. Louis Stock Exchange
buy and sell lor
OF
AND
CHICAGO
BUILDING, DETROIT, MICH.
We
GAS
J.
J.
McKenna, Treasurer.
Florida Municipal Bonds
(jOmUGAN.MlJvUjR £(jo.
Smith, Moore & Co.
In graham
Bldg.
MIAMI
The First Boston
Exchange
of
December 19, 1936.
SANFORD
SOUTHERN
B. WHITE,
CALIFORNIA
.......
FULLY PAID CAPITAL
RESERVE FUND
.
Royal Bank of Scotland
Incorporated by Royal Charter 1727
Capital (fully paid)
of EGYPT
£3,780,192
Reserve fund
Cairo
£3,857,143
£64,009,174
Deposits-.
(being Original Preferred Dividend No. 110) and
34He per share
5H% Preferred
Stock (being Series "C" 5H% Preferred Dividend
No. 38)
was declared
on November 20,
1936
for payment on January 15, 1937, to stockholders
of record on December 20, 1936.
Checks will be
mailed from Los Angeles January 14th.
B. T. STORY, Treasurer.
3.000,000
CHIEF
LONDON AGENCY
3
FOREIGN
Bishopgate, London, England
New
value)
Genera] Manager
1936
William Whyte
York, November 23,
1936.
of this Company, payable December 17,
to
stockholders
business December 4,
of
record
at
the
close
1936.
R. FAST, Secretary
J.
Total number of offices, 254
Associated Bank, Williams Deacon's Bank,
COMPANY
been
Branches in all the
principal Towns in
LINE
Broadway
A dividend of Twenty (20) Cents per share has
declared on the Capital Stock ($10.00 par
HEAD OFFICE—Edinburgh
EGYPT and the SUDAN
PIPE
26
DEPARTMENT
7, King William Street, E. C. 4
Angeles, California
the regular quarterly dividend of
on the outstanding
Series "C"
INDIANA
6 and
EDISON
Building
The regular quarterly dividend of 37 He per
share on the outstanding Original Preferred Stock
£3,000,000
....
on
Secretary
COMPANY LTD.
Los
Head Office
Harvester
regular quarterly dividend
(62Hc.) per share
January 15, 1937,
a
Edison
NATIONAL BANK
COMPANY
International
the
to all holders of record at the close of business
Foreign
Foreign
Directors
of sixty-two and one-half cents
on the common stock payable
St. Louis Stock
Corp. Wire
Bell System Teletype MMI 18
The
Company declared
St. Louis
INC.
INTERNATIONAL HARVESTER
Ltd.
For other dividends
see
pages
iv and
xi
of
w
ronirlp
ontimrcW f
No. 3727
NOVEMBER 28,1936
Vol. 148
CONTENTS
Editorials
page
3362
Situation
Financial
3375
3376
Working Less to Make More Work
Blockade and Neutrality
Comment and Review
Week
the European
on
Stock Exchanges
Foreign Political and Economic Situation
and
Foreign Exchange Rates
Comment
3366
3367
3371 & 3410
Course of the Bond Market
3378
Indications of Business Activity
3379
3364
3412
Week
on
the New York
Stock Exchange
Week
on
the New York
Curb
Exchange
9
News
/
Current Events and
Bank
and
General
Trust
3390
Discussions
Company Items
Corporation and Investment News.-.
Dry Goods Trade
State
and
3408
..3457
3498
3499
—
Municipal Department
Stocks and Bonds
3456
Foreign Stock Exchange Quotations
Dividends Declared
—
3412
3456
Auction Sales
3423
New York Stock Exchange—Stock
Quotations
New York Stock Exchange—Bond
Quotations. .3422 & 3432
New York Curb Exchange—Stock
Quotations..
New York Curb
Exchange—Bond Quotations—
Other Exchanges—Stock
and Bond Quotations
Canadian Markets—Stock and Bond Quotations
3438
3441
3444
3449
Over-the-Counter Securities—Stock & Bond Quotations. 3452
Reports
3370
Foreign Bank Statements
Course of Bank
Clearings.
..3410
.
Federal
Reserve
Bank Statements
3419
General
Corporation and Investment News
3457
Commodities
The Commercial
Markets and
the Crops
3489
Cotton
Published Every
3491
Breadstuff 8
3496
Saturday Morning by the William B. Dana Company 25 Spruce Street. New York City
Board and Editor William Dana Seibert, President and Treasurer; William D. Riggs, 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. C
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23. 1879, at the post office at New York, N. Yh. 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
WHILE New Deal managers and others with in- tration, a good removed. edge of its to be measdeal of the proved forceful futile
fluence
Administration have
could
the
with
been
ward
embodying
plans
the
general
notion
day.
of
three weeks been witnessing a rather
or
bestowing additional
Administration
an
of the rank and file
conceptions
there
the
upon
be
can
mind of
Following
enhanced
year
a
great
many
executives have
their part in
increased
the
extra
the
busi¬
played
that
that
of the
in
the
added
major
now
by
of
stockholders
fac¬
laws
placed
book
statute
sure
of
upon
once
appears to
a
mem¬
the
far
more
be
use
purchase
to
present
the
one
the
of
to
to
the
and of pres¬
of
this
sort
are
emotions
of
the
possess
idea of
comprehen¬
a
or
agriculture
for
a
moment
con¬
has
been
Washing¬
at
forces
are
also at work
not to be al¬
and may
any
develop action at
of several points.
It may
therefore be taken
for granted that the coun¬
try is embarked
our present-
upon
an¬
of poorly-
planned planning, the ef¬
fects of which, in addition
to those
"considera¬
already being felt,
will be marked in the busi¬
tion" of the problems in question, no matter
how "careful," is not likely to avail a great
community.
ness
deal.
that be (and of the
politicians who
at
likely to
production,
other four years
squarely faced,
evi¬
ton. In other directions the
These
effects without doubt will
demagogic utterance of various
farm
relinquished
reserves
No ills at all have been really cured
by such
policies, which, however, have created just
the problems to which reference is now made
by the Chairman of the Board.
Unless facts
the
will
time seemed
never
and in the expressed
of
a
More
Act.
effort
trolled
reserves
that both the excess reserves
complaint is now made and the
of gold to which they are
many
the
at
exemption from
sively "planned"
inflow
reserves
in¬
seriously
the first crystal clear that
forget
creasing bank
cer¬
providing
Sherman
same
furthermore, ought
say
many
although it has been from
inordinate
excess
of
control
obligations presents
serious and hazardous situation
existence
more
dently be made than
of government
more
good
without
vigorous
necessary
of
a
time
measure
some
expectation that thereby
day ills would be cured.
formal sort by the political
powers
are
taken
same
charged are the results of New Deal policies
deliberately formulated for the purpose of in¬
indirect and in¬
an
as
banks
about which
the result
are
reserves
hoped that
The Board,
lowed
tak¬
and
substantial increase of
labor
as
disappointed if such action
is
July in
requirements there has been
far
so
dustrialists will be
themselves.
certain
labor
last
action
legal requirements and of
member
than
To the extent that these
sections
effect of the Na¬
tain, that
public interest."
an even
ing place.
to
Council
prospective
continued
disbursements
Board's
remind the Chairman that the
major factors—
the
the
of
excess
amounts
probably
Advisory
of those attend¬
ing these conferences had the hardihood to
au¬
have been
probable,
more
probable, not to
these
reserve
It is to be
campaign
tors—in what is
since
in the
strength
political
of
action at such time
given to labor unions by
tumn
Reserve
the various problems raised by the effects
of these reserves with a view to taking such
tax
the preachments of the
Federal
Federal
to
fact
profits
the
of
and
beyond dispute that the
undistributed
plans for further
daily
is concerned, and also
the
needs of commerce, industry
agriculture," adding that "those charged
with
responsibility for credit and reserve
policy are now giving careful consideration
or
for
a
the
that member bank
day-to-day
it is likewise
news,
grows
Act at least
of
week
a
weeks past been the
feature
with
last
ber bank reserves, resulting
principally from
further large inflow of gold from abroad, so
dis¬
have
Governors
continued and
bonuses and the increases
wages
conferences
course
raising
dividends,
dividend
are
acknowledgment
not less so, that definite efforts will be made to restore
pre-
meetings the business
and
credit
situation
was
fully reviewed.
Particular attention was given to the fact
bursements, the employee
of
It
and the presidents of the Reserve banks, the
Chairman of the Board announced that "in
bringing about
the
of
System
and
confident state of
more
and
than to retard
Careful Consideration?
Board
the
circumstances
an
the net
of
volume
as
tional Industrial Recovery
doubt that
no
profits of the past
some
rather
aggressive legislation.
While
business,
in
existing
the busi¬
enlarged
ness
in
dent and his advisers during the campaign, and to
stimulate
enjoying the support
impose its ideas and its
community.
ness
the
can
are
of the correctness of the position taken by the Presi-
be used to control industry, and the extra-legal
influence of
dividends,
likely to be interpreted
more
the government
upon
power
The increases that have taken place and
enlarged
striking
demonstration of the fact that legislation not in itself
can
a
taking place in the amounts paid to labor, and the
"planned economy," the public has during the past
two
It
hope, and little of this kind of reasoning is heard to¬
during President Roosevelt's second term with
further
be
ures
busily engaged in formulating plans for pushing for-
in many
the
power
unthinking),
of arousing the
they represent
the
unforeseen by those who
instances be quite
making the plans.
Indeed, the developments already under way are rather
are
imposition of arbitrary authority, not inspired by or
originating in purely economic or business consid¬
clearly destined to have results quite inharmonious
erations, in
Administration, apparently, is anxious
as
true
been issued
sense
as
if formal orders had
from
the
a
of
with
some
objectives of the Administration.
Washington.
Furthermore, since
"planned economy" is found in the
imposition upon the business community of plans
the
formulated
wishes to have
essence
living standard of
wages,
but prices
wage earners
hands of the small
already feeling in
the results of fur-
country by
idea
but these larger dividends
ther
extension
of
dramatic
the
way
general
of
planned
economy.
purchasing
Planned
It
was
Economy—More of It
commonly believed four
years ago
,
that by
"voluntarily" acceding to the wishes of the Adminis-
means
of higher
response
higher labor cost of producing the goods.
by supposedly (but not really) all-wise
political authority, it may be truly said that we are
a
by
already advancing in
are
more
means
power
of
purchasing
power
The
to raise the
to
It
placed in the
security holders throughout the
more
liberal dividend payments,
are
losing their additional
through increases in prices, and be-
sides, in the degree in which such price increases fail to
additional labor costs, there will naturally be less
profits to distribute than otherwise would be the case.
cover
Volume
Financial
143
One of the main
porations to
in this
of
production
would
based upon
industry
of the dividend funds thus received.
What appears to be
happening is that the better class
of securities have risen to such
is
average man
high prices that the
and more tempted to buy second-
more
highly speculative stocks and bonds in the
hope of obtaining
It is
Such
apparently
was
the expectation of the reinvestment by
the average man
rate and
and control of the
stimulated.
be
democratization of control of
the hope that
was
broader ownership
manner a
tools
advanced for obliging cor¬
reasons
larger dividends
pay
yield that is suitable to his needs.
a
quite possible that the major effect of it all will
redistribute the securities
be to
such
a
way
of the country
that the large investor has
portion of the good
larger
a
in
pro¬
and the small investor
ones
a
3363
Chronicle
Smith's
not
are
in
Indeed,
new.
mediaeval
been
half
a
and
ancient times.
by popular publicists and writers on economic and
social
and
subjects. Not too literal, but too incomplete
faulty adaptation of the ideas of laissez faire
during the early decades of the present century gave
the
contrary doctrines of the self-styled liberals of
times
recent
than
be little doubt that among
occurring
now
planning
He must be
dreams.
pends
upon
afford to live
cannot
it.
a
in
of
wrorld
a
His economic life de¬
realist.
He must somehow obtain
a reason¬
The
form
of the
or
To
forget experience,
seriously
what is
continuously
and
going
It is for this
to
misunderstand
around him spells disaster for him.
on
that the situation
reason
today places such
trying burden
a
it exists
as
those who
upon
the business affairs of the world.
manage
does
to ignore reality,
or
Not only
high degree of uncertainty inhere in the whims
a
and fancies
the
of
who control the
Utopians and the opportunists
government, but once legislation is
the statute book in such varied and confusing
upon
volume, the proverbial Philadelphia lawyer would
be
badly puzzled to know just what its ultimate ef¬
fect will
and
be,
conflicting
so
confusing
so
It is of
course
are
the forces generated
are
the
enough to
easy
currents resulting.
cross
tions of the whole structure
see
are
that the founda¬
not solid and sound
and that serious trouble if not actual disaster must
sooner
or
later
develop.
must guess,
man
if he
But the practical business
can,
who creates
business
tems
are
Meanwhile, of
mankind.
Now
tion of the effort to combat and
generally known
never
as
"economic planning" to be
pa¬
Viewed
has
the habit of
government to interfere, to try to con¬
make certain
to
that there is
the
same
The time when we as a nation may
drugs!
be able to grasp
than is
realized, although the turmoil in Europe
now
in
elsewhere
and
action
more
There is
these facts may be closer at hand
a
tendency in
of the
in their
grip, there is
no reason to
victory. There is always
between
world's
the
teachings
a
lose hope of ulti¬
long and wearisome
of those
who
do
the
thinking and the public policies of those who
by their political
Adam Smith
doctrines
wits.
It
was
in 1776
that'
published his "Wealth of Nations." The
even
then
were
not
altogether
not until the middle of the 19th
new.
It
was
century that Adam
renders
some
York State
an
is
Monday which
on
unemployment insurance
indication that the highest court of
by the election returns,
and to find in this fact ground
It
for discouragement.
entirely premature to draw
any
other conclusions about the tenor of
decisions in the
that
later
appropriate
quarters to see in the
Supreme Court
early future.
rulings of
the
What
political
or
Supreme Court
likely is
seems
Supreme
Court
on
the
points raised in this suit, even if made by the full
Court, are likely to be favorable to the New Deal.
adoption
mate
world
the
difficult.
the
world
no
the evil effects of all this is further medication with
that
the
fair field with
And the remedy proposed for
economic mechanism.
thoroughly impractical ideas of the self-styled
to have
a
favors, to subsidize, and to inject inflation into the
be
seem
arrant non¬
course,
trol, to grant special privileges, to overlook its duty
of
the dictators
is, of
got beyond control is not the machines or any
will
liberals and
sys¬
particular "system" of industry or economics, but
This,
even
existing
by those who prefer to do their own thinking. What
laws
perspective,
courage.
of expressing it is that
and is being increasingly recognized as such
sense,
at this hour when
historical
live
a
We shall
thoroughly done. The work requires
tience, determination.and abiding
lag
con¬
get back to really sound footing until this task
is done and
the
diminu¬
ultimately to
practical necessity in modern industry.
in
no
the popular fallacy that holds what has become
quer
this
all
the land had been influenced
there should be
course,
perhaps that it can be
longer the servants but the masters of
no
law in force
Fallacy to Be Combated
or
Another way
men.
left the New
The
it,
has created machines which under
ap¬
pearance.
philosophy of economic
easily controlled by a small coterie of selfish
decision
they will make their
the
requires outside control, that it has become
man
man
what form the difficulties
will take and about when
of
powerful that it cannot be managed by the busi¬
so
too
evitable.
Who can say how soon it
planning is the claim that industry in its modern
ness
they will do it, in order to adjust himself to the in¬
the thoughtful there is
sharp reaction against all this
Keystone of the Arch
central idea
The
ably accurate concept of what the various factors
day will do to his business, and about when
a
begin to spread rapidly among the masses?
unexpected the results of all this
be to government officials, the busi¬
may
executive
ness
will
Necessity
foothold with the masses
stronger
a
they otherwise could have obtained..There can
Utopianism of the day.
a
ef¬
century or longer since they were
fectively espoused afresh in somewhat different guise
worthless.
Realism
of them are to be found
But it has
many
even
even
however
Despite the
popular impression to the contrary, the ideas in¬
volved in what is now known as economic planning
larger proportion of those that will ultimately become
But
his ideas in large
country adopted
own
part and put them into practical effect.
course,
States has been
is
means
that
other
of
given
a
such
laws
by
still
distinct impetus.
defense
other
All this
against unwise legislation has
been the courts but the common
Whatever
an
State
unfortunate, but the fact remains that the ulti¬
mate
in
similar
upheld if tested in the courts, and
the
the courts may
sense
have ruled,
never
of the people.
or
may
rule
future, the real problem is that of creating
atmosphere that would * prevent the passage of
legislation which cannot stand the test of intelligent
economic analysis.
Financial
3364
Federal Reserve Bank Statement
Chronicle
Nov. 28., 1936
special dividends of $1, and the United
declared
BANKING with continuing gold imports and large Corp. made since July 1,1933. The Norfolkpayment
a dividend of 20c. a share, the first & Westnature, statistics remain of a rather routine
Treasury expenditures the chief elements of recent
Of
changes.
variations
more
significance than the immediate
intimations
are
conclusion of the usual
other
meetings, that
raised
requirements
reserve
be
may
again early next year, if gold continues to
hints have been
Europe.
These
augmented also in New York, and
already is being accepted by the banking com-
munity that the full
quirements
of
Washington, at the
in volume to New York from
move
it
in
Open Market Committee and
50%
and
was
have been
then
of
Chiefly by
.
o
of
gam
duced
to
made available
i
i
new
companies likewise declared larger distributions,
They
Gulf Oil Corp. of Pennsylvania
of
American Can
Colgate-Palmolive Peet Co.
are re-
united
statistics
Bor^ Warn^Ccu^ °°
temporary, for it is evident that
post-Christmas return of
tion will boost reserve
currency
deposits and
Cannon Mills Co.
GiiieU^af^ty^iSor
from circula-
Houdaille-Hershey Corp.
The credit
summaij indicates that additions to
The New York Stock Market
monetary gold stocks wfere $35,000,000 m the
our
week from Nov. 18 to Nov.
25, making the aggregate
$11,162,000,000, which again is
record figure.
a
The
Treasury deposited $37,999,000 gold certificates with
12 Federal Reserve
banks, advancing the total
holdings of such instruments to $8,768,838,000.
Cur-
demands lowered the cash in vaults, and total
rency
reserves
703,000.
All
moved up
were
currency
only $25,421,000 to $9,027,-
in circulation increased $54,-
000,000, with Federal Reserve notes accounting for
$34,931,000, raising the aggregate to $4,169,201,000.
Total
deposits with the 12 Federal Reserve banks
decreased
$17,523,000 to $7,080,209,000, the respec-
tive alterations
balances of
consisting of
a
drop in member bank
$56,002,000 to $6,794,650,000;
increase
an
of
Treasury general account deposits by $28,594,000
to
$79,079,000;
a
gain of foreign bank deposits by
$1,253,000 to $53,955,000, and
member banks
The
increase of
an
non-
deposits by $8,632,000 to $152,525,000.
gain in total
reserves
and the drop of deposit
ALTHOUGH price movements were rather uncertain on the New York stock market this week,
it was evident throughout that a firm undertone prevails. Liquidating movements occurred on several
occasions, but they always were followed by renewed
buying interest, and the result was a series of downward and upward movements that left the market
structure not greatly changed for the week. European political difficulties accounted for some of
the selling and a little nervousness still was in evidence because of official reactions here to the flow
of European funds to the United States for safekeeping or investment.
Bullish enthusiasm was
stimulated, on the other hand, by the continuing
flow of extra dividends declared by corporations
because of the corporate surplus tax. One of the
most important of these was the announced distribution by United States Steel Corp. of $7 a share on
preferred stock, which reduces sharply the arrears
**
liabilities overshadowed the increase of circulation
on
liabilities,
a
80.3%
on
Co
Yale & Towne Mfg. Co.
excess reserves
materially.
the
Drug, Inc.
Remington Rand, Inc.
This drop of $60,000,000 ;
yesterday.
prove
Co.
United Fruit Co.
a
,,
banking
the
Corp.
dispen-
reason
•
circulation, they
currency m
$2,210,000,000 in
probably will
the
sharply.
peak under the
a
$2,270,000,000.
,
sharp
cut
were
rising steadily since that time, however,
and last week reached
sation
re-
An increase
effected last Aug. 15, it will be recalled,
reserves
excess
to increase reserve
power
to 100% may be exerted.
up
ern
deplared an fcxtra dividend of $5 a^ share,
and ^ie United States Steel Corp. a further distribu-.
tion on account of accruals on the 7% cumulative
preferred stock of $7 a share, which may amount to
enUre earned surplus for the year. Westingbouse Elee. & Mfg. Co. declared a special dividend,
a ®'bare on the common and participating prefeiTed- Montgomery Ward & Co. declared a special
dividend of $2.90 ; National Lead Co. an extra of
^7%c., and
■^>enney Uo. an extra of $3.75 a
share. In addition, the following list of prominent
so
that the
ratio increased
reserve
Nov. 25 from 80.1%
on
Nov. 18.
to
Other
this cumulative issue.
Holiday influences caused
lull in mid-week trading, as there was the usual
suspension for Thanksgiving Day.
Of interest in
Discounts by the
the current situation was a decline of $7,000 in the
System increased $820,000 to $6,065,000, while indus-
price of a seat on the New York Stock Exchange,
transferred Wednesday at $95,000. The recession is
due to apprehensions regarding dealer-broker regulations, as trading kept up at a fair pace,
changes
were
of
trial advances fell
ket
holdings
bills
minor nature.
a
$57,000 to $25,980,000.
were
Open
quite unchanged, with
mar-
bankers'
reported at $3,086,000 and United States Gov-
ernment securities at
Stock prices moved forward easily last Saturday,
$2,430,227,000.
#
in relatively quiet trading.
<
Corporate Dividend Declarations
Gains were general,
with industrial and railroad issues in somewhat bet-
THE current week was anotherpreviously noted in ter demand than utility stocks. way in thaton Monreplete with favor- day
Dealings session,
dividend
active and prices gave
able
these
actions.
columns, the tax
on
As
were
corporation surpluses is
mainly responsible for the avalanche of year-end
ex-
tras, specials and increases declared in the current
and
recent weeks.
The utilities
identified with the group
among
an
prominently
which acted this week, and
the larger companies which took action the
North American Co.
of
were
extra of 25c.
a
was
included
share.
by the declaration
The Public Service Co.
of Northern Illinois and Commonwealth Edison Co.
not only because of the European crisis, but also
because of the death of O. P. Van Sweringen, head
of the vast railroad empire that was built up by the
Van Sweringen brothers.
Railroad stocks fell, with
issues of the Van Sweringen roads more affected
than others.
Advances in wages in the steel and
other industries caused some dubiety as to effects on
profits, and recessions were general in industrial
stocks. The utility group also receded, but merchan-
Volume
Financial
143
dising shares held fairly well
business.
reports of excellent
011
The market turned about
good gains
issues.
registered in almost all
were
Fresh
buying appeared
on
scale, and speculative leaders moved
while
stocks
other
showed
losses
tional
somewhat
gains.
It
1 to 3 points,
In the
gains.
the
than
numerous
made rather clear in Wash¬
was
ington that another increase of
continues, but buyers
liquidate
brated
not deterred and
were
throughout the land.
yesterday the trend
There
pre¬
was no
better levels and
list.
gains
When trading
was
little
was a
was
toward moderately
were common
throughout the
Industrial issues reflected best
there
demand, but
buying also of railroad and utility
shares.
In
was
the listed bond market
degree of hesitation
a
apparent, partly because the long previous ad¬
made
vance
cause
interests
some
further
any
and
nervous
increase
of
partly be¬
required
reserves
might be expected to affect high-grade bonds
than
ties
idly, with the small fractional
sions
a
There
were no
little
pronounced
more
variations of
than
importance
corporate bonds, while bankers found
response to
Railroad bonds with
best-
grati¬
a
high-grade issues.
new
speculative interest did not
a
greatly for the week, but sharp gains appeared
in sugar,
oil, coal and other bonds that rely funda¬
mentally
were
gains.
among
fying
offerings of
commodities.
on
dull and uncertain.
steady, with gains of
the next.
Foreign
dollar
issues
Commodity markets
Foreign exchanges
under the careful
were
control of the various stabilization funds and
ments
small.
were
United
were
day offset by the losses of
one
The flow of
States, however, in
move¬
gold remains to the
response
to transfers of
capital to this side.
On
the
touched
New
new
touched
Stock
Exchange
high levels for the
low
new
On
levels.
Exchange 76 stocks touched
stocks
touched
N. Y. Stock
On
the
the
new
New York
on
New
the
118
York
Stock
Call loans
Monday they
on
Curb
on
were
293,110 shares;
on
2,276,130 shares.
On
Monday, 641,335 shares;
on
on
Wednesday, 636,750
Friday, 617,255 shares.
The stock market the better part
characterized
holi¬
a
Exchange the sales last Satur¬
Tuesday, 547,830 shares;
shares, and
on
Wednesday, 1,856,320
were
the pressure
was
by uncertainty, with the exception of
of foreign selling.
Thanksgiving Day holiday
was
on
A pronounced fall¬
also noted, and the
Thursday
extent accountable for the decline.
ever,
in
was
to
some
Yesterday, how¬
the market' showed greater stability and most
groups
of stocks enjoyed
prices.
Trading
was
a
Friday of last week; Consolidated Edison
Electric
N. J. at
chine
at
47% against 45%; Columbia Gas &
18% against 18%;
Public Service of
47% against 46%; J. I. Case Threshing Ma¬
at
156% against 156%; International Har¬
vester at
99% against 99%; Sears, Roebuck & Co. at
American Tel. & Tel. at
ern
Union
moderate upward revision
rather vigorous, with closing
closed
189% against 184%; West¬
yesterday at 90% against 91
on
Friday of last week; Allied Chemical & Dye at 233
against 231; E. I. du Pont de Nemours at 182 against
184; National Cash Register at 31 ex-div. against
29%; International Nickel at 64 against 63%; Na¬
tional
Dairy Products at 24% against 25%; Na¬
tional Biscuit at
33% against 34%; Texas Gulf Sul¬
phur at 42% against 42; Continental Can at 69%
against 72%; Eastman Kodak at 180 against 181%;
Standard Byands at 16% against
16%; Westinghouse Elec. &
at
Mfg. at 145 against 141%; Lorillard
23% against 24; United States Industrial Alco¬
hol at
40% against 42; Canada Dry at 18% against
17%; Schenley Distillers at 54% against 54%, and
National Distillers at
The steel
week.
stocks
31% against 31%.
show decided
improvement this
United States Steel closed
against 73%
on
yesterday at 76%
Friday of last week; Inland Steel
at
120% against 119%; Bethlehem Steel at 72%
against 69%; Republic Steel at 25% against 23, and
Youngstown Sheet & Tube at 82% against 82%. In
the motor group,
Auburn Auto closed yesterday at
34%| against 32%
Motors
at
70%
on Friday of last week; General
against 70%; Chrysler at 127%
against 127%, and Hupp Motors at 1% against 2.
In the rubber group,
Goodyear Tire & Rubber closed
yesterday at 28% against 28%
on
Friday of last
week; United States Rubber at 47 against 38%, and
B. F/Goodrich at 30
their
reversed
over
vania RR.
against 28.
and
course
The railroad shares
closed
yesterday
Friday of the previous week.
closed
with
Pennsyl¬
yesterday at 41% against 41
on
Friday of last week; Atchison Topeka & Santa Fe
at
73% against 72%; New York Central at 44%
against 42%; Union Pacific at 132% against 131%;
Southern Pacific at 42
against 41%; Southern Rail¬
at 22% against 21%, and Northern Pacific at
27% against 26%.
Among the oil stocks, Standard
Oil of N. J. closed
yesterday at 66% against 65
on
Friday of last week; Shell Union Oil at 27% against
25%, and Atlantic Refining at 31% against 31. In
the copper group,
at
Anaconda Copper closed yesterday
49% ex-div. against 50%
on Friday of last week;
Copper at 59% against 59%; American
Smelting & Refining at 95% ex-div. against 96%, and
Kennecott
Phelps Dodge at 55% against 52%.
Trade
of the week
Monday, when equities suffered wide declines under
ing off in trading volume
week
a
on
Co. of N. Y. at
way
802,260
were
2,159,820 shares;
were
Friday the sales
the New York
day
the
on
Exchange the sales at
Saturday last
on
Tuesday, 1,924,190 shares;
on
Curb
high levels and 9
new
shares; Thursday was Thanksgiving Day and
day;
stocks
while 11 stocks
Exchange remained unchanged at 1%.
half-day session
shares;
year
low levels.
Friday
50%
gains
York
on
General Electric closed yesterday at 52 against
reces¬
the
rated
vary
more
United States Government securi¬
equities.
drifted
higher than at the close
ago.
98% against 97; Montgomery Ward & Co. at 67%
trading Thursday, when Thanksgiving Day was cele¬
resumed
stances
against 63%; Woolworth at 68% against 66%, and
the holiday.
over
quotations at the day's best levels, and in many in¬
requirements
they absorbed the offerings of professionals who
ferred to
3365
gold to the United
reserve
would be effected if the flow of
States
of
small, with frac¬
were
more
groups
substantial
a
up
smaller
pre-holiday session changes
fractional
Tuesday and
on
Chronicle
ance
and
of the
the year.
industrial
reports suggest
a
continu¬
good rate of activity attained earlier in
Steel ingot production for the week
end¬
ing today was estimated by the American Iron and
Steel Institute at
last week
tric power
and
74.3% of capacity against 74.1%
55.4% at this time last
year.
production for the week to Nov. 21
Elec¬
was
reported by the Edison Electric Institute at 2,196,-
175,000 kilowatt hours,
The
an
output compares with
hours in the
all-time record figure.
2,169,715,000 kilowatt
preceding week and with 1,953,119,000
Financial
3366
kilowatt hours in
Car
corresponding week of 1935.
the
loadings of revenue freight for the week to
Nov. 21
789,590 cars, according to the Associa¬
were
This is
tion of American Railroads.
cars
the
the
over
previous week and of 141,576 cars over
As
indicating the
course
closed
mar¬
yesterday at 118%c. as against 117c. the close
closed
close
of the commodity
option for wheat in Chicago
December
Friday of last week.
at Chicago
corn
yesterday at 104%c. as against 106%c. the
December oats at
Friday of last week.
on
strictly aloof from the
Industrial
noted in gold min¬
ing and base metal issues. Quotations were marked
higher in Shorters Court for Anglo-American favor¬
ites. The European political troubles again weighed
heavily on the London market, Wednesday, owing
to publication of the German-Japanese treaty. Brit¬
ish funds were idle, while industrial stocks moved
close
were
Friday of last week.
spot price for cotton here in New York closed
yesterday at 12.27c. as against 12.18c. the close on
The spot price for rubber
Friday of last week.
yesterday was 18.56c. as against 18.22c. the close on
Domestic
Friday of last week.
copper
exception.
the
price of bar silver yesterday
21 pence per ounce,
was
unchanged from Friday of last
week, and spot silver in New York closed yesterday
at
45%c.? without change over Friday of the
the
transfers
of
the
foreign
London closed
on
against $4.89 1/16 the close
cable
and
4.65%c.
transfers
as
exchanges, cable
yesterday at $4.89%
Paris closed
on
as
Friday of last week,
on
against 4.65^. the close
yesterday at
Friday of
on
European Stock Markets
of
uncertainty
was
re¬
major conflict, while
a
caused by the conclusion
agreement against Communism by the German
an
and
and its
repercussions caused much anxiety
garding the possibility of
further
war
In view of these in¬
Japanese Governments.
ternational
difficulties, traders in the leading Euro¬
markets preferred to remain
pean
Whenever the situation seemed to
on
the side lines.
brighten, however,
inquiry for securities increased, and the losses of
one
day
generally offset by the gains of the
were
Internal affairs
next.
played only
determining the trend
change.
on
the
a
issued
a
number of favorable
earnings reports and these provided
gloomy foreign position.
nervousness was
Spanish
onism to
Stock Ex¬
In reflection of the good trend of trade,
British corporations
of the
minor part in
London
an
offset to the
On the Paris Bourse
some
apparent at times, not only because
war
and the growing Fascist antag¬
Communism, but also because of the
a
enjoyed
con¬
gilt-edged issues, while larger advances were noted
in industrial and
trading
liquidation. Rentes dropped precipitately and bank
stocks showed sensational declines. Recessions in in¬
dustrial, utility and foreign securities ranged from
5 to
10% of market prices.
the
were
French
rule
securities
heavily
trend
on
the
European Continent
the Swiss bank
of
the
was a
reduction of
rate, Wednesday, to 1%% from 2%.
A cautious attitude
prevailed
on
the London Stock
Exchange in the opening session of the week, chiefly
because of the
Spanish situation. British funds
marked lower and securities of
also suffered.
trial group,
while
Textile issues
were
European countries
were
firm in the indus¬
but almost all other issues lost ground,
selling also predominated among precious and
base metal stocks.
The tone
with the rest.
Anglo-American issues dropped
*
•
was more
cheerful
on
Tues-
preceding decline. International
The market again dropped
in favor.
were
Wednesday, owing to the reports of a
on
alliance.
German-Japanese
losses
other
bank, industrial and
among
in contrast with the
were
Rentes
and
dropped
large also in French equities of all de¬
scriptions. Liquidation of foreign securities was in¬
termittent and
issues suffered
these
The French market turned about on
gains
only
a
little.
Thursday and
recorded in all departments. Rentes were
were
marked
little
a
higher
and
modest advances ap¬
peared in most of the French bank, industrial and
International issues were purchased
utility stocks.
Rentes
eagerly.
were
lower in
an
active session
yesterday, but equities showed good gains.
national issues advanced
Trading
day,
as
sion created
for
the Berlin Boerse was listless
on
uncertainties did
were
of
on
Mon¬
by the requirements of the authorities
deposits of foreign securities.
ume
Inter¬
sharply.
the market still was under the bad impres¬
Tuesday
Indicative
Tuesday, and
equities, but such movements were modest
monetary
way.
on
Rentes recovered
previous day. Gains also
rally occurred in that session.
quiet and
a
The international situ¬
considered less delicate
was
Fixed-interest
regulated
resumed last Monday, the Spanish
was
being clearly responsible for the widespread
troubles
losses
well
foreign stocks.
Sharp recessions were noted on the Paris Bourse
Leon Blum.
pursued
The advance was
material recovery.
yesterday, with small gains recorded in
extended
tinuing troubles of the Socialist regime of Premier
The Berlin market
in¬
commodity stocks. International issues
most of their losses of the
IRREGULAR in the leading European financial
exchanges movements were the rule on stock
The Spanish civil
advanced on
British Government issues were moder¬
dustrial and
a
international
In continuance of
ately better, while larger gains appeared among
ation
last week.
centers, this week.
Lower levels also
commodity issues,
the British market
see-sawings,
Thursday.
as
matter
securities.
and for international
its
pre¬
vious week.
In
recorded for metal and other
also
closed yester¬
day 'at 10%c., the close on Friday of last week.
In London
previous
regained most of their
issues
lower almost without
The
opening but eased later.
better at the
were
British
international reverberations.
its
and
war
funds
Chicago closed yesterday at 45%c., the same as the
on
British Govern¬
Spanish
day, owing to indications that the
ment would remain
losses, and improvement also was
corresponding week of last year.
kets, the December
on
gain of 4,828
a
Nov. 28. 1936
Chronicle
not
The international
improve matters, and small
general in industrial and other equities.
were
issues
also
declined.
Changes
on
small and unimportant, with the vol¬
trading still at very low levels.
Heavy in¬
marked lower at first, but re¬
dustrial issues
were
covered in later
trading, while other groups of stocks
showed
any
a
business in fixed-income issues. Public interest
increased
new
comparable listlessness. There was hardly
slightly on Wednesday, partly because the
treaty with Japan was welcomed in the Reich.
Small fractional advances were the
industrial stocks
benefiting
more
rule, with heavy
than others.
Im¬
provement again was the rule on Thursday, and it
was
more
marked
than
in
the preceding
session.
Volume
Financial
143
Gains of 2 to 3
recorded in speculative
The cruiser
advanced
inconsequential in the
party, moved at high speed across the equator and
The Boerse was quiet yester¬
tering reception is planned for Mr. Roosevelt, who
points
were
favorites, while other market leaders
Changes
moderately.
3367
Chronicle
fixed-interest group.
were
were
is due at the
is
day, with changes small.
International Gold
lands had
of
joined the tripartite monetary agreement
Sept. 25 and the gold exchange agreemeilt reached
as
natural corollary to that accord
a
importance to the bloc formed when devalua¬
tion of currencies
was
effected
by the remaining gold
standard countries two months ago.
the United
States, Great Britain and France, they
will make up a
interested in
tionships.
that
none
Together with
formidable
that apparently is
group
maintaining reasonable
rela¬
currency
More important still, it may be assumed
of the six countries
arrangements cares to experiment with its circulat¬
ing unit to such
uation
degree that a sharp further deval¬
a
might result.
sion of the accord
tion.
Less
on
For these
is
money
satisfactory
reasons
the exten¬
matter for gratifica¬
a
indications that
are
closer control than heretofore has been the
be exercised
the
as
is
well,
will
case
continued
the
of the deepest secrecy
nance
mainte¬
everywhere regarding
operations of the various stabilization funds.
made the announcement in
erland and Holland had
Washington that Switz¬
joined the accord for inter¬
monetary equilibrium reached on Sept. 25
by Great Britain, France and the United States.
indicated at the
of
same
time that
He
Belgian intimations
agreement with the principles then expressed had
been
formalized.
described
The
aptly in
bers" in the
one
three
members
new
dispatch
"associate
as
tripartite agreement.
accorded full
were
They
rights and privileges,
save
formal
statement
declarations
Mr.
Morgenthau
made
tion
on
Sept. 25,
the Nobel peace
occasion
it
ing conference will set
already
ence
a
record for constructive
being furnished by feminist dele¬
are
want
the
The
,
On
a
brief
the
that
reciprocal basis
price of gold for
plus %% handling charges.
ounce,
also
a
fine
The Secretary
explained that previous regulations for sales of
gold to foreign central banks had been withdrawn
and
replaced by arrangements for gold movements
only through government agencies,
country is concerned.
have been occasioned
fund in
tion
to
or
be
such
Belgium.
far
so
This modification
by the lack of
a
as
this
appears to
stabilization
All other members have stabiliza¬
equalization funds, and gold movements
are
arranged in settlement of balances through
funds, but in the
ernment
case
of Belgium direct
gov¬
arrangements will be necessary.
Inter-American
Peace Conference
ARRANGEMENTS have been completed for the
Jrx
opening
Peace
Conference, which is to start at Buenos Aires,
ceremonies
of
the
Inter-American
Tuesday, with an address by President Roosevelt.
women
protection and others equal rights with men,
differences
being voiced so energetically that
the Buenos Aires
police had to be called in on Tues¬
day to maintain order.
German-Japanese Treaty
SIGNATURES were treaty against Communism,
long-discussed attached on Wednesday to
the
and
over a
period of months by the German
Japanese Governments, and the document has
of anxiety in
Europe
regarding the possibilities of armed conflict.
Osten¬
occasioned still another
wave
sibly, the pact is directed against the Communist
which
Internationale,
directs
propaganda intended
Communism
as
throughout the world.
made known in
Moscow
from
the
disseminate the idea of
to
The treaty text,
Berlin, is quite brief and merely
Internationale.
munist
where that
a
harbor
every¬
countries, since the leaders of the
Tokio Governments both
are
known to
designs upon the territory of Soviet Russia.
Observers have been
be
is believed
it
deeper understanding actually prevails
between the two
Berlin and
But
quick to point out that it would
preposterous for Germany and Japan to sign a
pact against the idea of Communism and its promul¬
understanding.
countries.
Some of the
ing the international meeting.
gators, unless some hidden
these three
ac¬
gates who intend to push their respective causes dur¬
Treasury for gold transactions
with
official
brief
participants to mutual consultations
added
export from the United States remains $35
a
Interesting sidelights for the confer¬
complishment.
arrangements have been made by the United States
on a
In
felicitous.
statement, Mr. Hull voiced the opinion that the com¬
of combating the activities of the Com¬
welcomed
was
prize for 1936, which rendered
more
the
principles of the declara¬
and
Dr. Saavedra
just been informed of the award to him
commits
by Belgium, Switzerland and The Neth¬
erlands of adherence to the
Foreign Minister of Argentina,
for purposes
only with
In
long discussions with Dr. Carlos
upon
mem-
question of further additions the original three
members will retain the deciding voice.
last
to be
are
respect to the election of still other members.
the
Aires
Buenos
at
greeted quietly and immedi¬
recognized leader of international thought
Lamas had
the
Secretary of
the official head of the Amer¬
the Latin American countries.
among
of
as
was
Lamas,
negotiated
Secretary of the Treasury Henry Morgenthau Jr.
national
Saavedra
gold movements by governments.
over
Disappointing,
even
He
ately entered
and the
interesting contribution to
arrived
delegation,
included in these
now
Hull,
Wednesday.
countries constitute additions of consid¬
The three
erable
Oct. 13.
on
ican
an
doctrines of the Americas.
State Cordell
FORMAL notice was Switzerland and The Nether¬
day, that Belgium, given in Washington, Mon¬
A glit¬
Argentine capital on Monday.
expected to make
the peace
Agreement
Indianapolis, carrying the presidential
matter
purpose
animates the
The precise nature of the whole
remains difficult
to gauge,
however, since
only the brief official document is available.
obvious,
on
It is
the other hand, that a new stage has been
reached in the
steadily growing antagonism of the
Fascist and Socialist States.
The
new
treaty is not the only reflection afforded
this week of the
and
Communist
discovered
stiffening attitudes of the Fascist
dictators.
instances of
new
in Western Siberian coal
involved
The
Russians recently
sabotage
mines, and
among
a
along with eight Russian engineers.
offenders
were
workers
German
was
All the
hastily condemned to death last Sun¬
day but a storm of protest in Germany caused a com¬
mutation of the sentence
neer
were
to 10
against the German engi¬
years' imprisonment.
Equally interesting
the indications in Russia and
tiveness
Germany of sensi¬
regarding views maintained by people of
other countries
government.
regarding their respective forms of
The
new
Russian Constitution plainly
3368
is
Financial
designed in part to make the Soviet scheme of
things
palatable
more
countries
such
Great
as
Britain
States.
Official
measure,
Tuesday, when it
Germany
that the Nobel
way
awarded to Carl
genuinely
to
democratic
and
the
the
remained of
warfare.
diplomatic departure thus
was
made by the Reich
was
recorded.
caused by the
was
of
intent
the
the German and Italian Governments, Nov. 18.
Gen-
eral Francisco Franco, as the leader of the rebels,
notified the leading maritime nations at about the
same
time that he intended to
use
the Spanish war-
ships that fell into his hands for blockading BarceNazi-
new
Japanese treaty partly because of the mystery
rounding the real
absorbing interest than the actual
involved has been heightened sharply by the recog-
Ossietzky of Germany, who has
anxiety
more
The danger that other nations will become
nition of the insurgents accorded so precipitately by
Norwegian Government, and other curious
International
Madrid, but the international aspects of the struggle
made known in Nor-
An official protest
pacifism.
1936
continued their fierce battles for possession of
beyond
long languished in German prisons because of his
to
Nov• 28>
prize for 1935 had been
was
peace
von
ers
United
incensed
was
Chronicle
sur-
lona and other ports through which the loyalists
were
receiving
supplies.
This
action
made
was
partly because of the aggressiveness displayed by the
German Fascists of late.
*
known officially late last week, when the British,
French and other governments started to give the
insurgent threat serious consideration.
lias made
for
signatories, and
Chancellor Adolf Hitler
secret of the fierce hatred he entertains
no
Communism, while in
a
recent speech at a Nazi
Congress he spoke wistfully of the economic
progress
Germany could make if possessed of the wheat fields
ous
that General Franco
was
It is obvi-
encouraged to take his
arbitrary stand by the backing extended to him in
Berlin and Rome.
Because of the
partisanship
open
of the two Fascist countries, diplomatic tasks of
of the Ukraine and the mineral wealth of the Urals,
governments that really wish to remain neutral have
The
been rendered infinitely difficult,
territorial
ambitions
of
Japan have been suf-
ficiently emphasized by the expansion of that
try
coun-
the Asian continent since 1931, and by the
on
current endeavors to
gobble
up
still more territory,
Against this dual
menace Russia has been arming
frantically, while Germany and Japan claim that
their
due
tremendous increases in
own
armaments
chiefly to what they prefer to regard
munist
German-Japanese treaty
countries
even
as
the Com-
Against this background, the
menace.
more
an
In
portentous.
seems
than
are
new
some
impending struggle be-
The British Government made known
the text of
an
insurgent note complaining of the
Franco threatened to destroy the port of Barcelona,
if necessary, and he warned all countries of possible
naval action of the most drastic nature to seal the
port. The United States Government, informed indirectly of this communication, decided to ignore
the note officially, but American vessels
to continue avoiding Spanish ports.
the document.
out in
new
treaty,
published, declares that the
as
Nov. 20
"scandalous" traffic in arms and ammunition flowing through Barcelona for the loyalists. General
tween the Fascist and Socialist States is read into
The
on
Washington that
no
It
were
was
urged
pointed
American vessels
the vicinity of Barcelona.
were
The British Govern-
aim of the Communist Internationale is directed at
ment suggested to the rebel commander that safety
disrupting and violating existing States.
zones
ate the
Comintern's interference with the internal
affairs of nations not
social
and
only endangers internal
welfare, but threatens world
large, the treaty adds.
was
reached for
regarding
countries
Communism.
Comintern, and for consultation
invited to
Perhaps
general statements
more
was a
arrive at
an
of the
activity.
Other
join the entente against
significant than such
provision that "the high
contracting parties will, at the
expiration
proper
time before
five-year period of the
understanding with each other
ing the form of cooperation."
treaty,
concern-
The Russian Govern-
lodged protests against the pact at Berlin and
Tokio
even
before the
Moscow made
no
terms
were
published, and
secret of its belief that
joint mili-
tary measures against Russia would eventuate.
London and Paris the view
is
a
mere
already
ties
are
for
screen
was
held that the
military
believed to exist.
Dutch East Indies into
so
far
as
London authorities likewise declared
German-
to divide the
spheres of future German
considered out of the question.
■
.
Spanish War
would be sought preventing British ships from carrJing war materials to any Spanish ports, and the
i10Pe was expressed that this would satisfy the insurgents and make needless
Spain.
In recognition
°f the
very real danger of the situation,
nients
were
announced
in
arrange-
London, Tuesday,
for
of .the British Government.
Still another phase of possible international
The loyalist and insurgent contend-
com-
plications was introduced on Sunday when the loyalist cruiser Miguel de Cervantes was torpedoed in
Cartagena harbor and slightly damaged. The arms
experts of the Madrid regime carefully studied fragments of the torpedo and announced
on
Monday that
considered the torpedo of neither Spanish nor
Italian manufacture.
The insurgents, they said,
possessed no submarines at the start of the civil
pointed out, as well, thai German naval
in Cartagena harbor at the
were
in
any unfortunate meas-
ures with respect to British ships.
THERE was no halt, this week in from stream of It was
disconcerting events resulting the the civil
sels
war
But the
that legislation
the Mediterranean. The French Government decided on Tuesday to adopt a stand similar to that
that
It was held possible that
Italy will accept the invitation to join the crusade
against Communism, but British or French action
was
seas would not be permitted, he indicated.
treaty
Japanese influence.
along this line
no reply to such requests.
Due consideration was
given the entire problem by the British Cabinet over
tlie last week-end, and the results were announced
Monday in the House of Commons by Foreign Secrefary Anthony Eden. Great Britain refused to recoguize> diplomatically, a state of belligerency in Spain,
which meant that search of British ships on the high
alterations in the disposition of British warships in
Some London authorisecret
be provided at Barcelona and other loyalist
ports for neutral shipping, but General Franco made
In
agreements
professed to believe that the
Japanese understanding goes
and
at
An agreement accordingly
measures to combat this
were
peace
peace
exchange of information concerning
the activities of the
ment
To toler-
war.
ves-
time of the
ex-
plosion and the Madrid authorities thus
suggested,
Volume
Financial
143
the
that
inferentially,
might
torpedo
Much
been
have
3369
Chronicle
was
made of this
new
Mr. Stalin
charter by
The official Spanish
in
announcement also listed n'umerous instances where
as
German
Socialism has been achieved in Russia and the foun¬
launched by
the German ships.
warships carefully watched movements of
well
dations
from
there
port to port, and it was charged that these
no
for
longer antagonistic classes in Russia
emphasized, and Mr. Stalin tried to depict that
was
stitution is the most democratic in the world and
Government on
as a
virtue.
is the
tries and arrested some
idea of the real
found in the German
The battle for
political refugees who were
be
building.
Madrid, meanwhile,
carried
was
on
by loyalists and insurgents in the most bitter and
the
of the
as
that
battle
centered
University City,
the
around
area
an
the northwestern edge
on
Insurgent troops, with Moors promi¬
capital.
nent in
fewer air raids by
were
intensified artillery bombardment.
an
immediate
known
There
manner.
rebels, but
The
brigades, struggled desperately to take
section, and a good part of the area fell into
their
But the
hands.
drove the invaders
in
but also
upon
other
loyalists rallied and slowly
unexpected attack
The city of
heavily in the aerial and artillery
that hundreds of thousands of non-com¬
batants could be evacuated at short
notice, if
neces¬
The United States Government issued orders,
sary.
gained from the further comment of the Russian
dictator that the Constitution will
port
against
transfer of
other
Valencia,
who
willing
were
leave
to
to
the encroachments of Fascism.
serve as a
model for
Soviet Constitution
ent liberalism of the Constitution are
in
a
on
Congress of Soviets called for the specific
adopting the
new
next
Constitution which
The
in recent months.
purpose
was
framed
Congress will continue into
week, but it is quite certain that the stamp of
approval will be placed upon the document, just
as
it is certain that Mr. Stalin will retain supreme and
arbitrary
the
despite various liberal aspects of
power
charter.
new
Opinions of competent
munist observers in Moscow differ
Constitution
is
due
to
as
internal
non-com¬
to whether the
necessities
charter
the
liberally inclined nations.
bi-cameral
a
lower house
universal
chosen
spondent
of
mean
States, it
somewhat in the
last week that
been
a
upper
may
will
of
have
a
as
The
near
religious freedom, as well
are
Joseph E. Davies, of Wisconsin, had
appointed to the long-vacant post of Ambassa¬
Japan and China
FIGHTINGr~has developed on a Chinesewide scale
Mongolia between rather defenders
Suiyuan and
groups
are
by Japanese airforce detachments.
far has favored the
Inner
The struggle
Mongolia probably depends largely
determination of the Japanese
The latest
centuries
of
work,
as
rest
and
and guarantees
freedom of the
are
press,
included.
ownership of personal
of production.
own
the
The obligation of
on
the
military authorities.
phase of the struggle between Japan and
domination
for
China
so
Chinese, but the actual fate of
was
of
territory that for
many
strictly Chinese is taking the form
previously noted in the invasions of Eastern Asia by
the
Japanese military forces.
by Japanese advisers and
Native troops, aided
technical
experts,
are
attempting to set up what is euphemistically called
"autonomous" area,
an
fall under
ceeds.
suc¬
Japanese measures, if the experiment fails,
undefined, but the precedent in Manchuria is-
encouraging to friends of China.
It is
a
which clearly is destined to
Japanese subjection if the movement
now
clear that the Japanese militarists, after
long period of hesitation, have decided that Inner
Mongolia offers a more fruitful field for their
deavors than Russian-controlled Outer
the northern Provinces
are
Mongolia,
of China proper.
who
women,
of Manchu-
aided materially
Japanese movement are,
citizens to work also is embodied in the document.
announced late
native troops
confirmed in the
means
was
forces in the
effects, but it is reserved for the State to
land and all
It
The Constitution
guarantees
Equal rights for
future.
rights, whereunder all
and of assemblies and demonstrations
Citizens
new par¬
the "Supreme
R.," and it is to be the "su¬
bill of
Russia and the
be noted, are likely to improve
dor to Russiax
house of members
of political power."
citizens
security.
new
Under the
councils of the constituent
republics and autonomous provinces.
Council of the U. S. S.
in advanced liberal countries.
dictatorship and will remain one
Relations between
indefinitely."
United
are
contains
must
phrases as free speech, freedom of
This is still to be
not
liamentary body will be known
preme organ
"It
"Times."
New York
the
sia) what they
legislature is to be formed, with
supreme
likewise
neatly set off
always be borne in mind," said Mr. Denny, "that
consisting of members elected by
suffrage, and the
by the
to
or
propagandist aims directed toward attracting
allies among
The glow¬
dispatch from Harold Denny, Moscow corre¬
a
kuoan-Mongolian troops who
Wednesday
special session of the
JOSEPH STALIN, dictator of Soviet Russia,
of
capitalist countries.
ing promises of the Russian dictator and the appar¬
of the Province of
opened
Optimis¬
in Outer
the Mediterranean.
on
sup¬
struggling
are
tically, Mr. Stalin suggested that the document will
diplomatic representatives and all
Americans
give moral
who
everywhere
people
to
f
Monday, for the closing of our embassy in Madrid
and
adopting the charter may
meeting, and the like, simply do not mean (in Rus¬
An
insurgent entry the authorities organized transport
so
for
sections.
bombardments, and in view of the possibility of an
facilities
reason
such words and
adherents, but it was repulsed.
Madrid suffered
Some
only truly democratic one in existence.
back, not only in University City
the rebel rear was made Wednesday by the
Madrid
He declared that the new Con¬
situation
Tuesday seized the embassy buildings of those coun¬
relentless
The fact that
Communism.
real
Italy, the Madrid
and
Germany
laid
are
He declared that
consumption.
recognition extended the rebels by
the
to
answer
In partial
reported to the rebels.
were
internal
as
loyalist vessels, even to the extent of following them
movements
clearly was intended for external
address that
an
as
en¬
or
Advance
usual, the
easily stirred to "rebellion" by
promises of regular pay or chances of looting.
Some
30,000 of such troops, described in some dispatches
as
an
yuan
and
aggregation of bandits, started to invade Sui¬
Province two weeks
airplanes that
Japanese.
China,
were
ago,
with the aid of tanks
furnished and manned by
The Nanking Nationalist Government of
spurred
on
by
the
mounting
sentiment
aaainst the Japanese, extended much aid to the Sui-
,
3370
Financial
farces in the defense of the Province, and
yuan
official announcement
the invaders
were
were
reported
badly defeated in
of Charar
the
anxious to press
as
Province, which
a
bitter strug¬
for recapture
on
is incorporated in
now
Japanese puppet-State of Manchukuo.
for it would be
into action
on
Any such
to bring Japanese troops
sure
large scale.
a
The tension between
Japan and China remains unabated, meanwhile, for
representatives of the Tokio Government made plain
several
on
the
their
occasions
official
sympathy with
Manchukuoan-Mongolian forces
that tried
to
Suiyuan.
conquer
THE statement for in the Bank's Nov. holdings,
change the week of
gold 20 again
shows
Nov. 25
on
2%/ rate had been
which time it
abroad,
ances
bills
are
000,000 francs,
OF
in
circulation
FOREIGN
CENTRAL
Pre¬
Effect
Date
record
a
Nov.27
Established
Rate
Country
Pre¬
Effect
Date
vious
Nov. 27
Established
furnish
Rate
Austria
Batavla
4
July
1 1935
434
India
3
Nov. 29 1935
3H
Belgium...
2
May
15 1935
2 34
Ireland
3
June 30 1932
15 1935
7
6
Aug.
Mar. 11 1935
Chile
4
Jan.
Colombia-_
4
m
24 1935
234
..
3
4H
4 34
May
18 1936
Apr.
6 1936
3.65
434
Java
4M
Aug. 28 1935
20 1936
3.29
Italy
Japan
«
Oct.
4
...
Hungary
BANK
3
June
21935
5
Danzig
1936
1
Jugoslavia.
5
Feb.
1 1935
534
634
334
July
1
Morocco...
May 28 1935
4«
May 23 1933
4
6
5
Oct.
3H
Aug. 21 1935
2H
Poland
5
Oct.
25 1933
2
June 30 1932
234
Portugal...
5
Dec.
13 1934
Estonia
5
Sept. 25 1934
5M
Rumania
434
Dec.
7 1934
Finland
6
Norway
..
6
5>4
4
Dec.
334
May 15 1933
4
2
Oct.
4H
2 34
South Africa
France
Spain
5
July
5J4
Germany
4
Sept. 30 1932
5
Sweden
Greece
7
Oct.
7 34
Switzerland
4 1934
15 1936
13 1933
10 1935
234
Dec.
1933
FRANCE'S COMPARATIVE
OF
Nov. 25 1936
'
'
•
Nov. 22, 1935
Nov.
Francs
23, 1934
Francs
*64,358,742,140 69,025,012,910 81,976,307,838
7,837,395
72,793,263
8,976,191
+ 1,000,000
discounted.,
8,308,263,071 9,573,245,214 3,922,006,334
+ 14,000,000
1,472,728,661
1,263,980,831
932,324.877
—120,000,000 3,449,262,960 3,199,130,319 3,132,426,139
—515,000,000 85.760,819,750 81,234,710,695 79,956,499,905
+ 840,000,000 14,777,663,509 14,268,799,667 21,958,793,869
+ 1,714,000,000
b Bills bought abr'd
Adv. against securs.
Note ciiculation
c
i
20, 1936
Francs
No change
Term .adv. without
interest to State..
No change
12,302,601,962
Proport'n of gold on
hand to sight liab.
a
72.27%
64.02%
—0.20%
Includes tills purchased in France,
80.44%
b Includes bills discounted abroad,
c
Rep*
resetned by drafts of Treasury on 10-billion-franc credit opened at Bank.
*
Gold holdings of the Bank were revalued Sept. 26, 1936, in accordance with de¬
valuation legislation enacted on that date.
Immediately following devaluation
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
fund, but it was announced a few days thereafter that 5,000,000.000 francs of the
gold had been returned to the Bank.
Banks" on
pean
See notation to table "Gold Bullion in Euro¬
subsequent page of this issue.
a
Note—"Treasuiy bills discounted" appeared in blank in the statement of Sept. 25,
as
all of these bills had
matured and
have now been transferred to
the account
"Temporary advances without interest to the State."
Bank of
1
as
Friday of last week, and 9-16@%% for three
months' bills, as against 9-16% on Friday of last week.
Money on call in London on Friday was K%- At
on
Paris the open market rate remains at
in Switzerland at 1H%.
2J^%, and
Gold
a
before
year
stands at
and
another small loss of
£138,253, which leaves the total at £249,366,543 as
compared with £198,439,085.
As the gold loss was
to 65,607,000 marks.
up
aggregated 88,117,000 marks and the
year ago
marks.
78,390,000
The
ratio
reserve
1.7%, in comparison with 2.44% last
2.34% the previous
year
Reserves in foreign
year.
bills of exchange and checks and invest¬
currency,
THE statement for the gold amounting this time to
week ended Nov. 25 shows
increase in
an
marks, bringing the total
ments record
England Statement
Germany Statement
THE statement for the gold and bullion November
third quarter of of 144,000
shows
IN LONDON open market discount against 9-16%
rates for short
_-bills
Friday
9-16%,
were
t?
Nov.
Francs
1
.
2
1
Foreign Money Rates
Bank of
STATEMENT
•
3
134
"j. «
on
Below
French commercial
6
..
21 1935
6J4
1936
England
Denmark
unchanged at 2%.
Changes
3J4
334
18 1933
Jan.
totaled 81,234,710,695 francs.
for Week
•
5
Lithuania-
July
,
Czechoslo¬
vakia
Notes
515,000,000 francs,
three years:
3 J4
4~
10 1935
2 H
of
64.02%,
now
year.
comparison of the different items for
a
Credit, current accts
Holland
1 1936
3H
3H
Canada
period last
loss
a
ratio is
reserve
same
year ago
Credit bale, abroad,
BANKS
Rate in
vious
Bulgaria
The
bringing the total down to 85,760,819,750 francs.
bills
Rate in
July
discounted
14,000,000 francs and 840,000,000
against 72.27% the
as
Gold holdings
RATES
Mar.
French commercial bills
francs respectively.
a
Argentina..
Credit bal¬
register increases, namely 1,000,000 francs, 1,714,-
shown in the table which
follows:
Country
and
a year ago
ago.
bought abroad and creditor current accounts
lowered from 2Present rates
was
years
effect since Sept.J 9, 1936, at
«n
leading centers
DISCOUNT
francs two
81,976,307,838
Circulation
THE National Bank of Switzerlandto llA%.its The
dis¬
from 2% reduced
64,358,742,140 francs,
compared with 69,025,012,910 francs
we
at the
no
the total of which remains at
The discount rate remains
Discount Rates of Foreign Central Banks
count rate
1936
28,
Bank of France Statement
an
attempt probably would be abandoned quickly, how¬
ever,
Nov.
Wednesday indicated that
on
Encon raged by their victory, the Chinese forces
gle.
Chronicle
decreases, namely 61,000 marks, 181,-
450,000 marks and 56,000 marks respectively.
A
loss also appears
in note circulation of 164,000,000
marks,
the
marks,
bringing
as
total down to
4,247,500,000
against 3,797,864,000 marks
a year
ago.
attended by an expansion of £663,000 in circulation,
reserves fell off
£799,000.
Public deposits decreased
and in other daily maturing obligations of 90,248,000
£2,060,000
marks.
and
other
deposits
£1,459,748.
The
latter consists of bankers accounts which rose £1,521,592 and other accounts which
dropped off £2,981,340.
The reserve proportion rose to.42.15% from
41.70%
a
week ago; last year it was 38.80%.
Loans on
Government securities decreased £813,000 and on
other securities, £1,869,533.
Of the latter amount,
£591,905 was from discounts and advances and
£1,277,628 from securities.
The discount rate was
not changed from
2%.
Below we show the different
items with comparisons for several
years:
BANK
OF ENGLAND'S
COMPARATIVE
STATEMENT
An increase appears
Below
25,
1936
Nov.
27.
1935
Nov.
28,
1934
Nov.
29,
1933
REICHSBANK'S
c
eposlts
Other deposits
Bankers' accounts.
Other accounts
Govt, securities
Other securities
Dlsct. & advances
.
Securities
Reserve notes <fc coin
Coin and bullion
Proportion of
Nov. 30,
1932
reserve
to liaoilities
42.15%
38.80%
47.10%
2%
2%
2%
51.97%
2%;
comparison
of
the
COMPARATIVE STATEMENT
Nov.
for Week
Assets—
Gold and bullion
+ 144,000
Of which depos. abroad
Reserve in foreign curr.
Bills of exch. and checks
Silver and other coin
Notes
on
—61,000
*
Reichsmarks
88,117,000
21,034,000
5,436,000
Reichsmarks
78,390,000
21,204,000
4,152,000
—56,000
14,353,000
16,630,000
81,783,000
/._
33,364,000
523,719,000
30,679,000
660,705,000
749,675,000
a573,888,000
+4,692,000
Investments.'.
Other assets
65,607,000
a28,093,000
5,236,000
-181,450,000 4,354,242,000 3,6P6,607,000 3,454,792,000
230,614,000
al44,671,000
286,481,000
other Ger. bks.
Advances
23, 1936 Nov. 23, 1935 Nov. 23, 1934
Reichsmarks
Reichsmarks
701,415,000
68r,159,000
Liabilities—-
445,567,000 401,345,467 379,686,948 370,201,697 358,843,248
12.055.000 19,707,107 27,692,954
13,637,336 10,147,445
139,298,263 127,423,010 127,259,599 143,404,697
12,595.575
97,604,111 90,887,211
89,126,832 106,910,361 90,531,585
41,694,152 36,535,799 38,133,767
36,494,336 37,063,920
78,160,337 85,544,999 80,361,413 70,841,066 68,871,740
27.211.001 22,320,057
19,428,281 22,326,234 30,141,309
6,803,132
9,499,737
9,156,732
8,570,416
11,867,034
20,407,869 12,820,320 10,272,549
13,755,818
18,274,275
63,800,000 57,093,718
72,994,087 81,616,427 56,574,938
249,366,543 198,439,185 192,681,035 191,818,124 140,418,186
Bank rate
a
Changes
Other daily matur. oblig
Other liabilities
41.07%
2%
—164,000,000 4,247,501,000 3,797,864,000 3,526,039,000
+ 90,248,000
712,526,000
717,635,000
935,009,000
281,243,000
273,217,000
a269,243,000
Propor'n of gold & for'n
curr. to note
Circular ion
Public
furnish
we
various items for three years:
Notes in circulation
Nov.
in advances of 4,692,000 marks
*
1.7%
clrcul'n.
Validity of notes
on
2.44%
other banks expired March 31, 1936.
a
2.34%
Figure of Nov. 9,
latest available.
•
f
.
New York
Money Market
VARIATIONS in the New Yorkweek, but much
money market
completely lacking this
were
consideration
rate structure.
was
It
given the entire problem of the
was
hinted
broadly in Washing-
Volume
ton that
Financial
143
requirements
reserve
ments to this side of the Atlantic.
had
ever,
mained dull.
Little business
bills
or
over
from last week.
an
commercial paper,
issue of
These
hints, how¬
immediate effect, and the market re¬
no
done in bankers'
was
with rates merely carried
The
Treasury sold
Monday
on
$50,000,000 discount bills due in 273 days,
and awards
made at
were
0.084%
average
discount,
computed
on an
indicated
yesterday that the weekly bill issues
are
to be
annual bank discount basis.
stepped
It
Exchange
STERLING strongerthe major European currencies
ruling and all in terms of the dollar. This
are
is due
largely to the fact that the foreign exchange
and the
on
security markets here and abroad have taken
tone of uneasiness due to the
a
veyed
few
a
weeks
President Roosevelt,
Reserve Board,
impressions
con¬
made by
by statements
ago
Chairman Eccles of the Federal
and other high officials in Washington
was
to the effect that
now
curb the flow of
to $100,000,000, with $50,000,000
up
Course of Sterling
be raised again,
may
early next year, in the event of continued gold move¬
3371
Chronicle
steps might be necessary to
some
Similar
foreign funds to this side.
views expressed in the past
few days have aggravated
going for refunding and the other $50,000,000 toward
the uncertain tone of the
security markets and
replenishment of the Treasury balance.
therefore reflected in the prevailing
the
on
New
York
Stock
Exchange
throughout, while time loans
Call loans
held
1%
at
available at 1%%
were
for all maturities to six months.
New York
quotations.
there
was
$4.90 15-16 for bankers' sight
Money Rates
DEALING ;.n detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for both
still
at
a
reported
1/4% f°r
transactions
no
week.
nominal
The demand for
at
prime
has been fairly brisk throughout the
week, but high class
requirements.
is
having been
continue
Rates
maturities.
commercial paper
new
The market for time money
standstill,
this
is still far short of the
paper
Rates
%%
are
for
choice
extra
names
running from four to six months and 1% for
names
less known.
The
for
range
transfers
cable
$4,883^ and $4.89J^
Largely
remarks at the press
in which he is
to stand
week
a
or
demand has been
show
Rates
are very scarce.
Official quotations
change.
no
no
good but bills
issued by the
as
Federal Reserve Bank of New York for bills up to and
including 90 days
four
six
are
%% bid and 3-16% asked; for
months, 5-16% bid and }4% asked; for five and
months, %% bid and 5-16% asked.
The bill-
buying rate of the New York Reserve Bank is Yff0
for bills
running from 1 to 90 days, %% for 91-to 120-
day bills and 1% for 121- to 180-day bills.
eral Reserve Bank's
unchanged at $3,086,000.
acceptances
cerned,
as
nominal
nominal in
are
so
far
for
open
dealers
as
they continue to fix their
rates
follows:
Open market rates for
own
are con¬
The
rates.
market acceptances
are
as
conference
Prime eligible bills.....
X
—150 Days
Bid
90 Days
X
Prime eligible bills
■
r
FOR
Asked
Bid
si6
X
WITHIN
X
30 Days
X
3i«
THIRTY
Asked
5i«
60 Days——
3is
DELIVERY
120 Days
H
s\s
by the statement made the day before by
additional legislation
might be needed if the move¬
of funds from
other countries to the United
ment
States
to be
was
brought within the
there has been
of European
dition
for
has
been
Rates
of
the
Federal
Reserve
Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
following is the schedule of rates
the
for
various
classes
of
paper
The
the
Effect
to
2
Boston
come
BANKS
import to New York
$35
an
Rate
8 1934
2X
New York
IX
Feb.
Philadelphia..
2
Jan.
Cleveland
IX
May 11 1935
2
2X
2X
2X
2X
2X
2X
2X
2X
2 1934
Richmond
2
May
Atlanta
2
Jan.
14 1935
Chicago
2
Jan.
19 1935
St. Louis
2
Jan.
3 1935
Minneapolis
2
May 14 1935
City
2
May
10 1935
2
Dallas
San Francisco
9 1935
*
May
8 1935
2
Feb.
16 1934
are
London to
on
a
compared with the
transfers
on
not to be interpreted as
On
continued
throughout the week and gold
market has been engaged for
as
the difference in the price of
continues
ounce,
to
attract funds.
This
is, however, offset in part by the demand
movement
sterling by
not
nervous
2
2X
foreign
been sufficient
have
which would
owners,
in itself
to
mark
up
the
the other European currencies in terms of
or
the dollar
it not for the coincident commercial
were
demand for exchange on London.
The present
phase of the market is at best only
generally,
on
are
Abroad, it is felt that
no measures
It is not believed that it will
possible for the United States authorities to take
any
in
and European
still convinced that the dollar
this side to arrest the very apparent
upswing in business.
be
market
London
The
will be taken
Previous
17 1935
gone
real return of European funds.
to New York
investors
Date
Feb.
as
sterling cable
from the London open
different
Established
on
Nov. 27
has
commercial
a
contrary, new European money has
the
Rale in
Federal Reserve Bank
money
of business
Monday,
on
any
temporary.
RATES OF FEDERAL RESERVE
demand
time there has sprung
advance in exchange
is undervalued.
DISCOUNT
foreign
same
foregoing remarks
indicating
in effect
at
In ad¬
a
The result of both movements
quotations for
closing
reported
Friday of last week of $4.89 1-16.
now
Reserve banks:
Kansas
an
more
course
sterling.
high of $4.91
rates
The
funds to this side.
At the
in the ordinary
up
of Federal
scope
subsidence in the
the part of New York investment
on
back to London.
demand for
some
New York banks have
sterling
pound
Discount
some
banks, indicating that
for
% % bid
%% bid
Eligible non-member banks
Friday, Nov. 13,
3i«
DAYS
Eligible member banks
on
reported to have said that he preferred
gold in London and in New York, where gold brings
,
—180 Days
Bid
Asked
ago.
Chairman Eccles of the Federal Reserve Board that
The Fed¬
holdings of acceptances remain
of between
a range
of President's Roosevelt's
the result
as
movement
THE market for prime bankers' acceptances The
has
shown little
improvement this week.
a
between
been
has
$4.893^8 and $4.91, compared with
authority,
Acceptances
bills, compared with
of between $4.88 7-16 and $4.89 5-16 last week.
♦
Bankers'
Day,
The range for
sterling this week has been between $4.89 1-16 and
range
loans and renewals.
Thanksgiving
Thursday,
On
market in New York.
no
are
foreign exchange
practical
United
measures
States
undervaluation
of
to restrict foreign investment
London considers the
securities.
the
dollar and
the
new
undistributed profits prominent factors
make
American securities
vestors, although the
tax on
tending to
attractive to foreign in¬
United States policy
as a
whole,
Financial
3372
is
largely responsible, to
causing
which still
Europe,
are
heavy movement of fugitive capital to
a
markets
which
promise
security and greater
more
clearly the movement of this fugitive
can see
capital to the United
but because of the
States,
heavy movement of gold from London hoards
York
New
take
to
of
advantage
differential in the price per ounce
it is not easy
if
not
profitable
the
obtainable here,
parts of the world to London to take advantage
of similar
An
outstanding event of significance in foreign
exchange
the announcement made last Monday
was
Holland, Switzerland, and Belgium had officially
joined the tripartite money agreement of Sept. 25
and the gold agreement of Oct. 13. On Nov. 23 the
Federal Council announced adherence to the
Swiss
agreement by notes
The Swiss Council
Washington, London and Paris.
declaration
concerning
intentions
their
on
brought about when Secretary
was
23 that he had
1934.
the Treasury had contracted
statement
gold for export to foreign central banks
"sell
whenever
exchange
our
This
standard"
exchange
the
continued
had
which
was
"international
so-called
establishing the
statement
gold
with gold standard
rates
reach gold export point."
countries
technically until the revocation of Nov. 23.
Since the abandonment of
which
gold exports
statement
theoretically possible under
were
Belgium, since it
was
the only
was
outside the United States maintaining a
country
fixed
gold by France, Holland,
September, the only nation to
and Switzerland in
gold price against which the dollar could "reach
Until Nov. 23, however, the
gold export point."
Treasury had refused to say whether it would release
gold to Belgium, thus hinting at the abandonment
of the 1934
gold standard.
Asked why he
simultaneously dispatched to
informed these capitals that it "takes recognition of
their
Under this
this
opportunities for security offered there.
1936
revoked his statement of policy dated Jan. 31,
at first to realize that.there is as great,
greater, movement of foreign funds from
a
many
that
to
change
28,
Morgenthau announced on Nov.
to
prospects of gain.
We
This
nothing of disturbed
say
Continental
conditions in
Nov.
Chronicle
had chosen not to permit private
gold transactions to control the dollar-belga ratio,
Secretary Morgenthau said that for the time being
case would have to rest on his
word that the
the
contained in the convention of Sept. 25 among the
strictly Government controlled exchange system was
better and was an advance toward international
three
stabilization.
monetary policies and approves the general principles
The notes said that "by this formal
powers."
Council
the
communication
In the Oct.
negotiations
pursues
formerly announced which have for their goal col¬
was
be
to
laboration of other States and for adhesion of Switzer¬
of the
land to the convention for the remittance of
changed by adding
The
Netherlands
on
the
same
adherence to the conventions.
a
day also
gold."
full
gave
Belgium also became
With the adherence of Belgium a
change in the
gold policy of the United States became effective
on
Monday, Nov. 23, which is certain to have an
important bearing on the future of the foreign ex¬
effect
became in
The three countries
market.
change
"associate members" in the tripartite
While they will enjoy the benefits
ment.
agree¬
of the
re¬
"Treasuries
or
any
as
fiscal agencies acting for or whose
This
plained,
guaraneed by Treasuries"
offering gold to America at accepted
countries
prices.
does not have
a
that other countries have made
inquiries looking to participation in the tripartite
It has not been revealed what
monetary agreements.
countries have vouchsafed advances in this direction,
but it has been asserted that
full
a
voice
the original contracting
In
discussing the
new
inquiries have been
no
German}*-,
or
Japan.
arrangements with the press.
Secretary Morgenthau said that the arrangements
parties.
Secretary of the Treasury Morgenthau
abolished
the
continue
right of private individuals and in¬
On Nov. 23,
that
stitutions to export
gold from the United States, thus
abandoning the "international gold exchange stand¬
ard"
which
United
the
States
maintained
has
technically since devaluation of the dollar.
gold exports will
move
stabilization fund
to the Oct. 13
countries
as
to
Hereafter
only through the American
those
countries
adhere
which
monetary agreement and to such other
may
obtain special licenses for single
on
a
He emphasized
"twenty-four basis."
"we do not support
anybody's currency" but
that "we support
the dollar."
agreement must
"look after their own
The
Other countries in the
attempting to indicate to
any
should conduct its fiscal affairs.
other country how it
"All we say is that if
these countries wish to do business
cate
how
Money
with
Although the abolition "of private gold exports is
in
Street
Lombard
continues
a
week.
Call money
against bills is at lA%.
three-months'
Morgenthau indicated that the elimination of private
21-32%, and six-months' bills 11-16%.
export transactions may become permanent by
able in the
plaining that
month and believed it to be
The
step
which
no
the
private individual
any
indi-
we
in
large
external
persons can
or
institution
internal
purpose
A large part
shipment to New York.
can
obtain
except that
Gold avail¬
market continues to be taken for
changes
still import gold for sale to the
Treasury at $35 an ounce.
or
Two- and
19-32%, four-months' bills
a move
Tuesday
Monday,
open
are
believed to be taken for private
monetary system in the United States under
on
bills
unknown destination.
available
a
private
Treasury had studied the
ex¬
Secretary explained,
create
gold for
a
the
"international stabilization."
announced
us
they shall do it outside their owncountries."
part of the "temporary monetary system," Secretary
carefully for
currency."
Secretary said that the United States was not
supply, showing hardly any change from week to
transactions.
toward
ex¬
stabilization fund.
It is understood
received from Italy,
as
Morgenthau
Secretary
change,
necessitated by the fact that Belgium
was
it is understood that
they will not have
now
acceptable exchange channels
ciprocal exchange of gold for currency stabilization,
in the direction of the pact as
This language is
participating countries.
acts in this connection are
of
party to the agreement on Nov. 23.
the interchange of gold
13 agreement
through "exchange equalization funds"
£167,000,
£286,000,
on
on
Thursday, £173,000, and
On Saturday last there was
Monday,
£468,000,
on
Wednesday
£136,000,
on
on
Friday £218,000.
At the Port of New York the
the week ended Nov. 25, as
Reserve Bank of New
of this gold is
interests for trans¬
York,
gold movement for
reported by the Federal
was as
follows:
1
Volume
Financial
143
GOLD MOVEMENT AT NEW YORK, NOV. 19-NOV. 25, INCLUSIVE
Imports
Exports
$5,207,000 from England
3373
Chronicle
money movements
been under
None
3,664,000 from Switzerland
and
severe
from Paris, the franc would have
for the past several weeks
pressure
by this time its position would have become
1,740,000 from Canada
precarious.
752,000 from India
413,000 from Straits Settlements
Undoubtedly the
$11,776,000
Net
Change in Gold Earmarked for Foreign Account
Decrease:
to arrest transfers
figures
Wednesday.
report
issued.
was
for
are
the
on
On Friday $2,421,400 of gold
was
came
There
from Canada and
were
$2,385,800
$35,600 from India.
no
exports of the
change in gold held earmarked for foreign
or
account.
of
during the week ranged between
rate
following tables show the
Paris, the London
on
and the
London check
market gold price,
CHECK RATE ON
LONDON
Saturday, Nov. 21
105.15
Monday,
Nov. 23
105.13
Tuesday,
Nov. 24
.105.13
LONDON OPEN
Wednesday, Nov. 25
Thursday,
Nov. 26
105.14
Friday,
105.14
105.14
Nov. 27
MARKET GOLD PRICE
2d.
Wednesday, Nov. 25
Nov. 23
142s.
2d.
Nov. 24
141s. lO^d.
GOLD
FOR
Saturday, Nov. 21
$35.00
35.00
I
Nov. 24
35.00
1 Friday,
Monday
was
sterling
was
On
$4.89 1-16@
range
sharply
was
on
up
$4.89 3-16@
sight and $4.89%@$4.91
Tuesday sterling
still
was
commercial demand
though under Monday's
$4.89 7-16@$4.89 15-16;
transfers
sterling
$4.89%@$4.90.
pound
no
The
On
was
$4.89 5-16@
The
range
was
Friday the
$4.89 9-16@
$4.89%@$4.89%
Closing quotations
were
$4.8911-16
Com¬
(60 days) at $4.88%, and seven-day
grain bills at $4.89%.
closed at
Cotton and grain for payment
Continental and Other
Foreign Exchange
He
of wages
and
revenues
confidence
French
adverse
ever,
90
discussed above in the review
The equalization funds
only spot exchange.
confidence
in
the
a
appear
Franc futures, how¬
rule at discounts of around
days, indicating
power
seven
points for
continued widespread lack of
European
political outlook
and
on
has
borrowing
ficiently
balance
easy
monthly
are
or
the
recent restrictions
placed
on
and
gold exports and
to
rise.
As
money
for
is
suf¬
disposed to extend credits for either
quarterly accommodation and certainly
not for investment in
French shares and
bonds, so
for the stimulation of French industry.
Government rentes are ruling at exceptionally low
necessary
prices, but attract
no
native funds.
One informed
foreign observer in Paris stated recently:
"If a year hence there is no revival of confidence
revenue
and lending, currency
than
The
,
will be
another
and the
ever
country will face unpleasant alternatives.
one
devaluation; the other will be the
arbitrary treatment of private capital after Fascist
or
Communist
Socialist models.
or
Unless, indeed,
both alternatives should be combined."
It is clear that in Paris and in France at
resemblance is discerned between the effect
of devaluation of the franc in 1936 and what
in
1926 and 1928.
large
no
prices
on
happened
The intervention in the
foreign
1926 which accomplished
a
de
stability in rates consisted in the first- place in
raising the value of the franc in terms of gold.
had for
a
short tune been down
as
The
low
as
10% of its legal parity. By the 1926 intervention the
same
was
raised to
20% of its legal parity.
At the
time the price index, which had not had time to
adapt itself to that brief relapse of the franc, but
which had nevertheless risen to 854 in
in December to 640.
1927 and the currency
July, 1926, fell
The franc remained stable in
law of 1928 merely legalized
The wholesale
essentially unchanged and
the
The
grown more so since Sept. 25,
slightest evidence that the French
of France.
it not for the tripartite money agreements
and
and has
there is not the
citizenry
continues
while day-to-day
power,
anxiety regarding the internal and external situation
The French situation is
increase in
improved
the level at which it had stood for
were
an
activity, but neither French
industry
nor
trade
franc
reasons
sterling exchange.
to consider
borrowing
foreign trade situation remains difficult.
is
concerned, for
ever
service, besides additional
and pensions.
confidence and business
FRENCH francs past week ruling exceptionally
firm during the have been
far
the spot rate
as
year
than
obliged to stake his hope of increased
was
currency
so
coming
more money
for public works and the costs of ordinary
administration, due to social reforms including in¬
facto
of
debt
exchange market in
$4.89%.
There is
money
sight bills finished at $4.8954$; sixty-day bills
payment
a
undoubtedly done
Moreover for the
prov'de
and in
$4.88%, ninety-day bills at $4.88%, documents
for
and
armament
has
will be less sound
On
notes
against the franc, but his task
and finances
for demand and $4.89% for cable transfers.
mercial
Auriol
Minister
Thursday, Thanksgiving Day,
$4.89 13-16 for bankers' sight and
for cable transfers.
Wednesday
sources.
currency
into the Bank of France.
way
and activity,
market in New York.
steady.
was
range
On
foreign
the part of the French
on
sight and $4.89%@$4.90
bankers'
for cable transfers.
was
was
steady.
was
$4.89 15-16 for
at
On
Bankers' sight
on
prices.
there
The
bankers'
for cable transfers.
cable
35.00
$4.89%@$4.89%.
somewhat
was
demand.
$4.90 15-16 for
firm
35.00
from Friday's close in
up
cable transfers
commercial
$35.00
Nov. 26
Nov. 27
Bankers' sight
trading.
$4.89 3-16;
Thursday,
day-to-day rates sterling exchange
Saturday last
limited
) FEDERAL
j Wednesday, Nov. 25
Nov. 23
Tuesday,
on
STATES
BANK)
Monday,
Referring to
142s. Id.
Nov. 27
UNITED
BY THE
RESERVE
Nov. 26
evidence
evidence that hoarded metallic money is
continues formidable.
142s. Id.
Tuesday,
Thursday,
Friday,
has
notes
no
occurred in Paris, indicating
much to stem the tide
142s. Id.
Monday,
flow of
a
to the future of the franc.
as
no
finding its
crease
142s.
PAID
or
from
notes
further lack of confidence
citizenry
bank
time there is
large return of French
a
from hoarding has
for
PARIS
Saturday, Nov. 21
PRICE
re¬
It is noted in London
British
same
British
M. Auriol has had to
price paid for gold by the United States.
MEAN
hoarding of
of
return
Finance
mean
open
a
However,
premium of 5-32% and of 7-32%.
The
foreign
virtually ceased. At the
little
/
Canadian exchange
a
ended
week
On Thursday, Thanksgiving Day, no
received of which
metal
measures
capital have caused
the Paris market.
money to
that
received at San Francisco from Hongkong.
above
of
$2,250,000
Note—We have been notified that approximately $228,000 of gold was
The
restrictive
severe
cently undertaken by the Popular Front Government
nearly two
years.
price index in 1927 ranged from 600 to
655, in 1928 it stayed between 620 and 646.
The German mark situation continues
precarious,
distressing alike to German and foreign interests.
severely pressed as ever for
The Reichsbank is as
ratio of reserves against
at 1.7%. Total gold and bullion
foreign exchange, with its
outstanding notes
stand
de facto,
though not
by decrees brought about the
owned
foreign
German
of
yet, formal expropriation
as
which
securities
are
quoted officially or unofficially traded in on bourses
in the Reich.
Compensation must ultimately be
made to the holders of these securities in some
It is
undetermined status.
reichsmark value of yet
quite clear that for the past three weeks or more the
Berlin authorities have been engaged in a policy
which
produced
crash in bourse quotations for
a
finally prove highly
profitable to the Reich.
The expropriation of these
securities is expected to produce a valuable addition
foreign securities and which will
to the
'
foreign exchange reserve.
seem that the Reichsbank's
It would
reserves
may
through the execution of
be further enhanced
soon
completing the liquidation of
the Bavarian, Saxon, Wuerttemberg, and Baden
banks of issue, which was predicted about a year ago.
At that time the gold held by these banks, amounting
government plans for
approximately 70,000,000 marks, was provision¬
to
Bank as trustee.
the complete liquidation of the provincial banks
gold should find its way to the Reichsbank.
ally placed with the Gold Discount
On
the
gold holdings of the Reichs¬
Recent additions to the
bank
ascribed to the
from internal resources
were
restrictions
placed
on
the
y
The Italian Government on Nov. 21
would be lifted
out
of
decreed in
a
1, that restrictions
the movement of capital into and
effective Dec.
move,
on
Foreign exchange observers believe
decree is evidence that the Italian Govern¬
Italy.
that the
position sufficiently stabilized to
ment considers its
eliminate fear of
a
Of importance to
flight of capital.
the United States is the fact that the
should
rapid liquidation
permit the
balances which have been frozen in
Italian action
of American
Italy, owing to
exchange permits because of
the
inability to
the
shortage of foreign exchange.
The
secure
relation of the
shows the
following table
leading European currencies to
the United States
dollar:
New Dollar
Parity
Belgium (belga)
13.90
16.95
Italy (lira)
Switzerland (franc)
5.26
19.30
8.91
32.67
Holland
40.20
68.06
a
New dollar
parity
between Sept. 26 and
as
before devaluation of the European currencies
Oct. 5, 1936.
The London check rate
at 105.15
against 105.15
New York
sight bills
on
4.65%, against 4.64%
transfers at
cable
Final
Paris closed
transfers,
Friday of last week; cable
bankers' sight bills and at 16.91
against
16.91% and
were
16.91%.
40.23 for
transfers, against 5.26% and 5.26%.
Austrian
Czechoslovakia at 3.54%, against 3.54; on Bucharest
0.74, against 0.74; on Poland at 18.86, against
18.86; and on Finland at 2.16, against 2.16.
exchange closed at 0.89%, against 0.89%.
both
to
as
and future
spot
guilders, due
steady and consistent movement of
funds into British and American securities.
entirely to a
Dutch
The
Swiss National Bank
discount rate to
on
Nov. 25 lowered its
had
reduced from the
1%% from 2%, where the rate
when it
remained since Sept. 9,
was
prevailed since May 3, 1935.
of any
central bank in the world. It is the lowest rate in the
history of the Swiss bank which was founded in 1907.
Bankers' sight on Amsterdam finished on Friday at
54.27, against 54.10 on Friday of last week; cable
2%% rate which had
The Swiss
transfers
rediscount rate is now the lowest
at
54.29,
54.20, against 53.95.
Swiss francs
and at 22.98 for cable
bills at
sight
closed
against 54.12; and commercial
22.97 for checks
at
transfers, against 22.98%
and 22.99%. Copenhagen
transfers at 21.87,
checks finished at 21.86 and cable
against 21.84 and 21.85. Checks on Sweden closed
at 25.24 and cable transfers at 25.25, against 25.21
and 25.22;
while checks on Norway finished at 24.60
against 24.57 and 24.58.
and cable transfers at 24.61,
Spanish pesetas are not
quoted in New York.
«
EXCHANGE on thefeatures American countries
South from those of past
presents
no
new
These currencies are
months.
held in close relation
controls.
sterling through their various exchange
to
the major currencies improve
in steadiness, the South American countries will
extend the freedom of their foreign exchange markets.
It is
expected that
as
Friday, official
sight bills, against
32% on Friday of last week; cable transfers at 32%,
against 32%. The unofficial or free market close was
27.75@27.95,
against 27.85.
Brazilian milreis,
official rates, are 8.45, against 8.45.
The unofficial
Argentine paper pesos closed on
quotations, at 32% for bankers'
or
free market in milreis is
5.95.
Chilean exchange
5.85@5.95, against 5.90@
is nominally quoted at 5.19,
Peru is nominal at 24%, against 24.55.
EXCHANGE all these currencies are held in close
on the Far Eastern countries is
steady
as
relationship to sterling either by legal enactments or
through the policy of their exchange control au¬
thorities.
Closing quotations for yen checks
yesterday were
28.60%, against 28.60 on Friday of last week. Hong¬
Shanghai
Manila
at 50.25, against 50.30; Singapore at 57%, against
57.50; Bombay at 37.02, against 36.98; and Calcutta
kong closed at 30%@30.66, against 30 9-16;
at
29%@29 31-32, against 29.70@29 31-32;
at
37.02, against 36.98.
{
Gold Bullion in European
'
Banks
Italian lire closed
schillings closed at 18.72, against 18.70; exchange on
at
dollar
sight bills and 40.24 for cable transfers, in
5.26% for bankers' sight bills and at 5.26% for
cable
there
In the main
importance in the neutral currencies during the past
few weeks. Holland guilders are easy in terms of the
In
the French center finished at
on
comparison with 40.23 and 40.24.
at
Friday
Friday of last week.
quotations for Berlin marks
bankers'
on
4.65%, against 4.65%. Antwerp belgas
closed at 16.90% for
for
on
on
This action has already been
of sterling exchange.
has been no essential change of
—•—
4.65% to 4.66%
16.91
to 16.92%
5.26
to 5.26%
22.98
to 23.00
54.11
to 54.33
6.63
tri¬
discussed above in the review
This Week
3.92
(guilder)
Switzerland and Holland to the
of
against 5.19.
Range
Parity a
Old Dollar
France (franc)
war
adherence
of the metal in industrial
use
arts.
surprise
EXCHANGEcurrent importanceneutral during the
on the countries by reason of the
is of
partite agreement.
65,607,000 marks.
at
Last week the Reich
all
Nov. 23, 1936
Financial Chronicle
3374
Greek
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at par
of
banks as of
reported
by special cable yesterday (Friday); comparisons
exchange) in the principal European
respective dates of most recent statements,
to
us
are
shown for the
four years:
corresponding dates in the previous
£
Germany b.
Spain.c
Italy, a
Netherlands
Nat. Belg..
Switzerland.
Sweden
..
Norway
3,354,150
90,314,000
42,575,000
51,853,000
98,216,000
46,719,000
21,604,000
6,555,000
6,602,000
Prev. week.
b Gold holdings
amount of which
1935; latest figures available,
exclusive of gold held abroad, the
Amount held Oct. 29,
Bank of Germany are
c Amount
reported as £1,404,650.
Note—The par of exchange
held Aug. 1, 1936; latest figures
yet, since the legislation enacted Sept. 26, 1936, empowers
the franc's gold content somewhere between 43 and 49
an
address at Chicago on
labor would do well to
of about
ponder.
On the basis of an
present time
6,000,000 if
workers are excluded, Dr. Moulton pointed
9,000,000,
part-time
from 5,000,000 to
or
industrial production in
out that if
the course of the
reached the 1929 level, there would
directions an acute shortage of labor.
next five years
be
in
some
said, would have
expanded enough to take up the entire present num¬
ber of unemployed, while the consumer goods in¬
goods industries, lie
The durable
dustries
this
instead
of
a
seemed to lie
rate of
hand, and increas¬
presented the situation,
reduction in hours and a retarded
the one
industrial recovery on
ingly longer work periods and a more
of recovery on
Dr.
time been
of the demand
Incidentally, it
is reported that a number of members of the House
of Representatives who opposed the demand were
defeated in the November election, partly at least
athwart
organized labor has for some
which
systematically urging, and which a good
officials and others having to do with unem¬
The extreme form
represented by the demand for
of the contention is
week, but even where that low limit is not
30-hour
insistent for
material reduction below present average lev¬
advocated, the demand is strong and
some
els.
not, of course, expected that many
It is
tries would
since in
operate only for the shortened
that
case
no
more
indus¬
period,
labor would be needed
than is needed now.
What is insisted is that, with a
shorter work week
and operation in excess of the
shortened
time,
more
workers could and would be
employed and the unemployment slack in due course
On that basis an industry operating 45
taken up.
hours per
week instead of 30 could take on 50% more
while one operating 60 hours could double its
labor staff.
As the demand for fewer hours is
men,
coupled with insistence that wages shall not be
reduced, the benefit which labor would expect to
derive from the change
becomes a matter of simple
The idea that the
unemployment problem can be
solved, to a large extent at least, by a reduction qr
strict limitation of hours is being advocated in
quarters where one would expect
that its fallacies
of labor opposition. Harry
in consequence
L. Hop¬
the Works Progress Admin¬
istration, in his elaborate review of the unemploy¬
ment situation at the meeting of the Conference of
kins, Administrator of
Mayors at Washington, on
Nov. 17, put "hours short
have jobs" among the
enough to let others also
things which it was
indispensable the American
worker should have.
Whether the 1929 level
is the standard
of industrial
by which American
production
industry should
the standard of
of 1929 made possible
was as high as American labor should
reasonably
expect, are questions regarding which both industry
and labor may properly differ. It should be obvious,
however, that any considerable reduction in the num¬
ber of wrorking hours, if not accompanied by a cor¬
responding reduction in wages, must inevitably in¬
crease the costs of production.
The fact that more
workers may be employed may doubtless be classed
now
its efforts, or whether
gauge
living which the wage levels
as
a
social benefit to the extent
of the
unchanged.
main
that it takes some
unemployed off the relief rolls and affords
a
normal livelihood, but the labor costs of
production are nevertheless
costs is
crease
advanced if wages re¬
production
The effect of higher
reflected in higher prices which
consumer
cannot rise as
higher prices.
in turn de¬
living
reduced by
demand, and standards of
long as consumption is
On the other hand, if the employer
competition, to keep prices
added costs, his
profits will be cut down and his ability to expand
his own industry, or invest in other industries which
are also giving employment to labor, will
be cur¬
tailed. One may keep a cake or eat it, but it is not
seeks, or is forced by
by absorbing some of the
down
possible to do both.
It is equally fallacious to contend that employ¬
ment would be stabilized or purchasing power in¬
creased by
shortening the working period. Volume
of industrial
production depends upon demand, and
the operation of
variations in demand result from
many
causes
wholly irrespective of the number of
employed. Unless an employer, having ad¬
justed his working force to a shorter day or week,
is to be required to carry the full force thereafter
persons
whether there is work for
offs
calculation.
the reappearance
Congress convenes.
new
4
them
ployment relief have endorsed.
a
rapid rate
the other.
Moulton's observation runs directly
contention
many
would be
gradually the working day
shortening it. The choice, therefore, as
to lengthen
Moulton
between
a
accomplish
transformation is to be reached, it
necessary
Dr.
production which would
of
If the
several million more.
need
would
level
1929
eight-hour day as a means
to look for
the
when
Nov. 20 Dr.
unemployment volume at the
estimated
employees was among the
legislation looking to a five-day
day for railway
reason
Work
Moulton, head of the Brookings
Indus¬
York, ad¬
things which the railway brotherhoods tried hard
to obtain from the last Congress, and there is every
fix
Harold
Institution at
Washington, laid down some propositions about em¬
ployment and working hours which industry and
In
the State of New
hour
available.
I
L.
Andrews,
Elmer F.
dustry to absorb more
of France has
Working Less to Make More
11,
National
at Wash¬
week with a
of forcing in¬
of the unemployed. A six-
vocated
maximum
of the
is now
the Government to
Nov.
trial Commissioner of
milligrams. However,
revalued its gold holdings,
the parity between francs and pounds sterling is approximately 165 francs to the
pound (the old parity was about 125 francs to the pound).
It is on this new basis
that we have here converted the French Bank's gold holdings from francs to pounds.
calculated on the basis or which the Bank
on
ington
exactly determined as
of the French franc cannot be
At the Third
Legislation, held
Labor
Conference
on
called for by
meeting at
Federation of Labor at its
Tampa, Fla., on Friday.
1,275,383,534
1,045,504,817 1,118,431,438 1,252,858,447 1,242,732,829
1,274.721,893
1,044,440,420 1.153,544,210 1,254,176,040 1,252,359,345
Total week.
relieving unemployment was
of
the American
140,418,186
666,732,498
38,298,850
90,327,000
62,846,000
86,048,000
74,690,000
89,166,000
11,443,000
7,400,000
8,014,000
191,818,124
622,579,355
17,250,350
90,433,000
76,329,000
76,730,000
77,642,000
61,691,000
14,290,000
7,397,000
6,573,000
192,681,035
665,810,462
2,876,950
90,660,000
ee,158,000
73,410,000
72,072,000
69,482,000
15,732,000
7,396,000
6,580,000
198,439,185
552,200,103
249,366,543
391,871,164
1,875,000
c87,323,110
a42,575,000
47,491,000
105,691,000
81,882,000
24,274,000
6,553,000
6,603,000
France
a
£
£
£
£
Denmark
1932
means
England—
A 30-hour week as a
clearly perceived.
would be
1933
1934
1935
i
1936
Banks of—
3375
Financial Chronicle
143
Volume
and
seasonal
his
temporary
or
can
or
not, reductions, lay¬
other fluctuations affect the demand
product.
power
it
shut-downs will continue as
for
No general increase of purchasing
result from any change which raises
prices to consumers, or which,
bv lowering profits,
3376
Financial
reduces the income which
receive.
sion
or
As
a
even
Chronicle
employers and investors
Institution has
conclusively shown that the productive capacity of the country has at no time been
safeguard against periods of deprestemporary slackening of demand for
a
goods, the proposed reduction of hours
would
fully exercised, and Mr. Roosevelt, during the recent
campaign, commented pointedly upon the low
standard of living that still
widely prevails. The
be
wholly illusory.
The effect of
a
six-hour day for
railway employees
would be disastrous for the roads.
eight hours to six hours
in
the number of
demand for
A reduction from
increase of
means an
employees required,
or
33%%
perity
.
somewhat
and
employees were not included. The additional annual cost to
the companies
has been estimated at from
$400,000,000 to
for the railroads
deficit
est
on
securities, and for
would be granted
It has
roll,
in consequence of an
decrease in the
a
lately been pointed out that
roads, in addition to paying
more
for materials
advancing price level, have al-
ready been subjected to substantial
expenses by sosecurity and pension legislation, namely, a
1%
tax on
payrolls beginning in 1937, and either another 1% on
pay rolls under the Social
cial
Security
3%% pay-roll tax under
tirement
Act.
the Railroad Re-
The
financial, stability of the railroads, the financial position of savings banks and
insurance companies which have
large investments'
in railroad
securities, and the incomes of many thousands
of small
shares of
stock,
investors who hold
are
few bonds
a
or
alike endangered by the six-hour
day proposal.
Another
industry which
would
be
seriously af-
Estate
Boards, meeting at Washington on
18, President Roosevelt, after
saying that "I
Nov.
recognize
State
with
your
and
position that there is
Federal
need for
no
government aid
in
housing which private capital
city,
connection
can
provide,"
added "but I feel
strongly that it is a part of your
responsibility to help us discover the ways in which
private authorities can cooperate with
public authorities in
improving the housing conditions of
the Nation
as
a
whole."
One of the most serious ob-
stables to the provision of
modern
housing at
a
cost
within the reach of
persons in the low income brackets is the
very high level of wages in the
building
trades.
A reduction of
hours, accompanied by the
maintenance of existing
wage
scales,
would
add to the
as
we
liave
the
Roosevelt has not committed
are
himself,
as
aware, to support of the 30-hour week
similar reduction
any
only
difficulty which already embarrasses pribuilding in the low-price field.
Mr.
of
far
or
hours, and he appeared to
at
The situation in
Spain is rapidly approaching a
over questions of international
point where disputes
law
arising out of the acts
or
policies of the
batants may themselves widen the
area
sympathy for the six-hour day demand of
railway unions when that proposal was before
the last
Congress. It is
to be
hoped that he will be
projects if they are again
brought forward. The mitigation of
unemployment
which
everybody desires is not to be brought about
by working less hours for relatively
higher pay, but
by expanding production and
utilizing all the resources
of
technological improvements
management to lower unit costs.
and economy
The
Brookings
corn-
and materi-
ally change the nature of the conflict. The action of
Italy and Germany in recognizing the Franco Goveminent
the true
as
and
only Government of the
country had the effect not only of giving to what
had
been
legally a rebel movement a belligerent
status, but also of withdrawing from the Madrid
Government,
cerned,
Italy and Germany
as
diplomatic
States had all
situation
far
as
the
recognition
along accorded to it.
were con-
which
other
The anomalous
thus created of a
Government, whose
right to recognition in the family of nations no
was
other Power had
previously thought of questioning,
finding diplomatic recognition suddenly withdrawn
by two of the leading European Powers, at the same
time that
a
military organization hitherto regarded
as
in law rebellious
elevated to the rank of
gime
with
exclusive
a
was
as
suddenly
lawful and established
rights
of
recognition
re¬
and
support.
The result lias been
a
denials highly charged
Had
complication of claims and
with explosive possibilities,
Italy and Germany merely accorded to the
Franco Government
belligerent rights, the situation
would have been similar to that which developed in
this country during the Civil War, when Great Britam
recognized the Confederate States
ent but not
is
no
the
as
as
belligerindependent government. There
an
a
parallel, however, between that situation
one
that has been
Power, of
course,
created in
is under
any
Spain.
and
No other
obligation to follow
the Italian and German
lead, but the fact that the
lead has not been followed has divided the European
Powers into two groups each of which is
dealing
with the Spanish situation from
a different
angle,
To Premier Mussolini and Chancellor Hitler, General
Franco is the head of the
only lawful Government
that Spain possesses, and diplomatic relations with
his Government
To
Prime
are
Minister
in process
Baldwin
of being established,
and
Premier
Blum,
no
found opposed to all such
in
Moulton indicated
Blockade and Neutrality
everywhere
fected by any sharp reduction of
working hours is
housing. In a letter to the National Association of
Real
unemploy-
The true approach is
=========
j
inission, would merely result in
a
solution of the
Chicago address,
weak roads bank-
many
large increase
by the Interstate Commerce Com-
volume of traffic.
or
no
as a
sufficient to offset the increase in the labor
pay
even if it were conceivable
that such a
vate
There is
clearly in the direction which Dr.
in his
ruptcy. Any increase in freight and passenger rates
Act
a program of scarcity
high prices of both labor and
inent problem along that line.
whole, a serious impairment for
stronger systems of the net available for inter-
the
the
be reached through
can
the consequent
commodities.
$500,000,-
mean a
shorter working day, when
examined,
embody the fallacious theory that pros-
a
turns out to
less than that if all classes of
000. At the lowest estimate this would
Nov. 28, 1936
General Franco is
ical
even
a
rebel to whose forces and
polit-
organization, if the latter actually exists, not
belligerent recognition has been given, and dip-
lomatic relations continue
legal
on
the
one
side thus
with
Madrid.
becomes
What
illegal
on
is
the
other, according to the national capital or Foreign
Office from which the situation is viewed,
The
aspect
of the matter which has become of
most critical importance is that of blockade.
The
main principles of international law applicable to
Volume
blockade
Financial
143
simple. A blockade must be announced
are
by formal proclamation, and the proclamation must
specify the ports or parts of a coast to which the
A reasonable time, not
blockade is to extend.
A sufficient force to
withdrawal of neutral vessels.
make the blockade effective in fact must be
tained at the
what
places
known
are
or on
or
blockade is in
The
threatens world- peace
of
the
the
the
supplies have been reaching the Madrid forces,
provided he
able to make the blockade effective.
was
Prompt action by Great Britain and France, how¬
has called
ever,
halt in the reported plan to block¬
a
The form that
to
with
the
spirit" of the agreement, or
join in it.;
A
supplementary
protocol provides for the ex¬
change of information concerning the activities of
the Communist
with
nection
Internationale "as well
in
con¬
measures
"Strict measures" are
against" that organization.
also to be
as
defense
and
publicity
taken, "within the framework of existing
laws," against "those who at home or abroad, di¬
rectly or indirectly, are active in the service of the
recognize either the legitimacy of the Franco Gov¬
ernment
its
or
right to impose
a
blockade, but direc¬
tions have been issued to treat as
vessels
safety
the high seas,
on
recognize
right of blockade
a
to have been based on the belief that Gen¬
appears
eral Franco had
the blockade
in
naval force sufficient to make
no
effective, but it would have been im¬
refusal
in the
case
any
diplomatic
of
recognition.
safety
a
zone
has been formally
granted, and at that particular point the tension
been somewhat
has
whole
There is still the
as a
possibility, if not the probability,
German
and
Italian
direct
relaxed, but the situation
hardly be said to have been improved.
can
aid
to
the Franco
Government, and of forcible interruption of Russian
supplies intended for Madrid.
non-intervention,
trouble.
its
Under
moreover,
The empty shell of
continues
to
make
anything resembling normal condi¬
disruptive
mission
is
be
to
lend
or
work," and
set
up
Both Berlin and Tokio are
the Soviet Government is
technically correct in in¬
sisting that the Comintern is not a Soviet organiza¬
It
tion.
seems as
futile to deny that the pact has no
special reference to Russia, however, as it would be
deny that a pact which declared representative or
to
parliamentary institutions a menace had been drawn
with
no
thought of France, Great Britain or the
The bearing of the agreement upon
United States.,
support for the Socialist and Communist Govern¬
ment- at Madrid seems too obvious to call for com¬
The British Foreign Office
ment.
is reported to be
convinced, moreover, that the German-Japanese pact
is in
part a screen for a secret understanding regard¬
ing German and Japanese spheres of influence in the
East Indies and the Pacific. If the conviction turns
out to be well
the
belief of
founded, it will add confirmation to
European observers that the seat of
future conflict will be found in the
official
sympathy for Madrid in Great Britain and
France
has at
time been
no
fear of doing
and
has
war
more
than
lukewarm,
anything that might widen the
prevailed. The fact that Italy and Germany
have
recognized the Franco regime makes it incum¬
bent
upon
those two Powers, if they would avoid
great diplomatic blunder, to aid if necessary in
assuring victory
for that side, and the fact that
seems
to
in Western Europe
depend more than ever upon Great Brit¬
ain and France.
war
Far East rather
Europe.
The immediate future of peace
prevent or stop a rebel attack upon Bar¬
requested, but
of
represented as insist¬
than in Western or Central
celona if the Madrid Government so
matters
ing that the pact is not aimed at Soviet Russia, and
tions, it is conceivable that the British and French
intervene to
helping hand
to consider
fleets
might, in the interest of peace and humanity,
a
permanent com¬
a
policy.
up
The demand for
Internationale
Communist
in
and the creation of
protection against bombard¬
a
as
The refusal to
plied
rebel
any
seize French or
for neutral vessels at Barcelona has
zone
demanded
been
ment.
pirates
undertaking to search or
British vessels
a
In
meantime, other States which find themselves
only have Great Britain and France declined to
Not
of
and to execute
cooperation.
close
city.
ade Barcelona and in a threat to bombard the
a
its activities,
similarly threatened are invited to take steps "in
Germany would give him theoretically the right to
Spanish port through
in
to consult regarding
Comintern,
cooperation shall take is to be determined later.
accordance
and they may be sunk.
impose a blockade at any
measures
at large," the two countries
other informed regarding the
combat
recognition of General Franco by Italy and
which
to keep each
agree
only endan¬
well-being but
their internal peace and social
gers
to
liable to seizure and condemnation
are
with the internal affairs of nations not
measures
Once
interference
Internationale's
Communist
activities
effect, neutral trade with the ports
with their cargoes,
command, and convinced that to toler¬
at its
the
ate
blockades
or
regions is banned, and vessels attempting to run
the blockade
disrupting and violating existing States with all
means
the coasts to be blockaded,
"paper blockades,"
as
main¬
by proclamation only, not being recognized.
a
less
twenty-four hours, must be allowed for the
than
3377
Chronicle
Great Britain, which does not want
anywhere, is exerting itself to restrain Germany
from
forcing
matic
and
an
issue with Russia, and its diplo¬
commercial
signs of improvement.
relations
with
Italy show
The presence of a strong
British naval force in the
Mediterranean, and
espe¬
cially in Spanish waters, is a reminder to all inter¬
ested Powers
that violations
of international law
they seem to have been content as yet with announc¬
will not be tolerated.
ing their attitude does not mean that more tangible
putes and a revival of the strikes which have jeopar¬
support may not be forthcoming.
dized the
The effect of the
text of which
German-Japanese agreement, the
was
published
the outlook for peace
far
as
the
directed
Wednesday,
upon
As
agreement itself goes, the alliance is not
against
any
European State but against
organized communism.
ment runs,
nationale
on
is undoubtedly disquieting.
Recognizing,
so
the
agree¬
"that the aim of the Communist Inter¬
known
<?
as
the
Comintern
is directed
at
theless
France, torn by factional dis¬
position of the Blum Ministry, is never¬
cooperating with
Great Britain
in
naval
preparations, and doing, perhaps, the best it can
to
maintain
The
a
non-intervention policy toward Spain.
political skies are clouded, but there is still a
possibility that the war in Spain will not spread,
recognition of the Franco Government, if
and that
it has
eventually to be accorded, will not rupture
general diplomatic relations.
3378
Financial
Chronicle
but
The
bond
market
lias
continued
firm,
additional strength in some groups.
instance,
have
been
somewhat
remaining
groups
the
mixed,
in
Some of the medium
ground
being 3.12%.
low yield
new
general
and
High-grade
railroad
bonds
of
far from
lower classes
Monday but advanced
on
a new
have
high this
the
Price
of rail
made
levels.
continued
bonds lost
steady.
1947, declined % to 115%.
with reduced
retention
of
freight
share
Illinois
%.
Central
jt.
5s,
of
a
(Based
u. s.
All
1936
Govt.
Bonds
PRICES
new
120
Corp.*
Nov. 27- 112.64
105.60
issues
few
a
116.86
Aa
117.07
showing.
Paper and printing
to 69%.
The
24..
116.86
Baa
week.
RR.
P. U.
Some Polish
and
and the Panama
French
91.51
100.18
105.22
stamped
relatively
5s advanced
105.22
in
the
bond prices and bond yield averages
on Individual
(REVISED)
Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
ticCorp.
26—
112.55
105.60
105.41
116 64
113.48
103.02
91.20
99.83
105.04
21..
112.64
116 43
113.48
103 20
91.51
100.00
106.04
20-
111.84
112.62
105.60
116.64
113.48
103.20
91.51
100.00
105.04
25—
111.84
105.41
112.05
91.20
99.83
105.04
24—
116.86
113.68
103.20
91.66
100.18
105.04
18- 112.60
116.64
113.48
103.20
91.81
100.18
105.04
113.27
102.84
91.66
100.18
104.85
16- 112.38
105.41
116.43
113.27
102.84
91.51
100.00
104.67
14- 112.32
116.64
113.27
102.66
91.35
99.83
104.67
116.64
113.27
102.66
91.35
99.83
12- 112.19
104.67
105.22
116.64
113.07
102.66
91.51
100.18
104.48
P.
U.
Indus.
3 69
3.81
4.52
3.99
3.71
3.36
Exchan ge Clos ed
3.12
3.29
3'.S2
Stock
4.53
4.00
3.71
3.72
3.37
5.64
3.13
3.29
3 83
4.54
4.01
3.70
3.14
3.29
3.83
4.54
4.01
3.72
3.37
3.15
3.29
3.82
4.52
4.00
3.72
3 37
3 69
3.14
3.29
3.82
4.52
4.00
3.72
3.36
3.69
3.13
3.28
3.82
4.51
3.99
3.72
3 36
18—
3.69
3.14
3.29
3.82
4.50
3.99
3.72
3.36 '
17—
3.70
3.15
3.30
3.84
4.51
3.99
3.73
16—
3.70
3.15
3.30
3.84
4.52
4.00
3.74
3.38
14—
3.71
3.14
3.30
3.85
4.53
4.01
3.74
3.37
13—
111.64
Exchan ge Clos e'
eign*
3.36
3.69
3.71
3.14
3.30
3.85
4.53
4.01
3.74
3.37
3.14
3.31
3.85
4.52
3.99
3.75
3.38
111.84
11
RR.
19—
111.84
105.22
Baa
20—
111.64
105.22
13- 112.25
3.28
A
3.70
112.05
116.43
3.13
3.69
Aa
21—
112.05
105.60
105.41
30
For¬
Aaa
23—
111.84
17- 112.40
un¬
following tables:
120
112.05
23.. 112.49
4%
have been
or
Domes-
Nov. 27—
112.05
100.00
Sugar
issues receded
Averages
Indus.
91.35
a
amuse¬
the sugars; Manati
among
Other groups moved fractionally
shown
Clos ed
103.02
have
1947, dropped precipitately to 107%,
All
103 20
113.48
com¬
metals
1936
103.38
113.48
105.22
frequent
There has been interest in the
(Based
A
113.68
105.60
10- 111.96
been
Daily
Exchan ge
Stock
points.
points,
120 Domestic
Aaa
a
been firm to strong, American Writing
Moody's computed
are
Corporate* by Groups
112 60
—
have
MOODY'S BOND YIELD AVERAGES
by Ratings
25..
105.60
maintained
changed.
have
120 Domestic Corporate *
26.. 3tock
19- 112.71
8%
(REVISED)
tic
grades
fractional,
1947, advancing 8%
Average Yields)
Domes¬
Daily
Averages
on
lower
For the most part, foreign bonds have remained
developments in the utility bond
MOODY'S BOND
of
points.
considerable number of
important
somewhat better
a
stable this
Offering of $48,000,000 Montana Power Co. 3%s, 1966, and
registration
fairly active,
7%s, 1942, added 13% to close at 84%.
.
been the most
mostly
Sharp gains again ruled
partial
or
1963, declined % to 90; Lehigh Valley 4s, 2003, advanced %
to 70%;
Missouri-Kansas-Texas 5s, 1962, closed at 87%,
up
been
High-grade utilities
ments, Itadio-Keith-Orpheum 6s, 1941, rallying 16% to 117.
quotations,
regarding the extension
surcharges.
recessions,
Oil of Calif, conv. 4s,
loss
Lower-grade railroad bonds lost
also due to uncertainty
slightly, while
up
have
easier, Anaconda Copper 4%s, 1950, closing at 106%,
off %.
Most of the oils have been steady, although Union
Atchison
some
sympathy
issues
restricted.
been
4s, 1995, closed unchanged at 115%; Chicago Burlington
& Quincy 4s, 1958, were
up % at 115%; Union Pacific 4s,
in
been
industrial high grades, while issues below top quality
Paper 6s,
gen.
ground
Listed
have
pany securities have
Friday.
on
been
among
various
former
week.
movements
1936
generally firm tone.
Lower-grade bonds
averages
not
evidence of
High-grade bonds, for
exemplified by Aaa's, recorded
as
week, the
with
this
market
The Course of the Bond Market
Nov.
111.84
12—
11
3.71
Stock
—
Exchan ge
5.59
3.37
5.58
Clos ed
116.43
113.07
102.48
91.66
100.00
3.71
*3.15
3.31
3.86
4.51
4.00
111.75
3.75
3.38
105.04
116.21
112.86
102.30
91.66
100.00
104.30
111.64
9—
3.72
3.87
4.51
4.00
3.76
105.04
3.38
116.21
112.66
102.12
99.66
99.83
104.11
7„
3.72
3.33
3.88
4.51
6- 111.63
111.43
f 3.16
13.16
3.32
7- 111.63
4.01
3.77
104.85
116.00
112.45
102.12
91.51
99.83
103.93
111.23
6
3.73
3.17
13.34
3.88
4.52
5- 111.36
4.01
3.78
104.67
3.40
116.00
112.25
101.76
91.20
99.48
103.74
111.03
5—
3.74
3.17
3.35
3.90
4.54
4.03
3.79
104.48
3.41
116.00
112.25
101.58
91.05
99.48
103.74
110.83
4„
3.75
3.17
3.35
3.91
4.55
4.03
3.79
3.42
9-
4-
111.00
3- Stock
2- 110.85
Exchan ge Clos ed
104.48
116.00
112.05
104.48
10-
111.64
—
3— Stock
101.41
91.05
99.31
103.56
Weetly—
2
110.83
Exchan ge
3.39
Clos ed
3.75
3.17
3.36
3.92
4.55
4.04
3.80
3.42
3.75
—
5.60
3.18
3.35
3.91
4.54
4.04
3.79
3.41
3.36
3.90
Weekly—
Oct. 30.. 110.85
23.. 110.85
104.48
115.78
112.25
101.58
91.20
99.31
103.74
111.03
Oct. 30—
104.48
115.78
110.83
23—
110.91
104.67
115.57
111.84
101.94
91.51
99.83
103.56
110.83
16—
3.74
3.19
3.37
3.89
4.52
9.. 110.82
4.01
3.80
3.42
104.67
115.78
111.64
5.64
101.94
91.51
99.83
103.56
9—
3.74
3.18
3.38
3.89
4.52
2.. 110.83
110.83
4.01
3.80
104.11
3.42
115.57
101.41
91.05
99.48
103.20
3.77
3.19
3.40
3.92
Sept 25.. 110.68
110.43
2--
5.65
111.23
4.55
4.03
3.82
103.93
3.44
115.78
5.68
111.03
101.23
90.59
98.97
103.02
110.24
Sept.25—
3.78
3.18
3.41
3.93
4 58
4.06
18.. 110.86
3.83
103.93
3.45
6.«8
116.00
111.03
101.06
90.14
98.45
103.20
110.43
18..
3.78
3.17
3.41
3.94
4.61
4.09
11- 111.04
3.82
3.44
103.74
116.00
5.68
11
3.79
3.17
3.41
3.93
4.63
4.10
3.82
3.44
16-
112.05
101.76
111.03
101.23
91.05
99.31
103.74
89.84
98.28
103.20
110.43
97.78
102.84
110.24
4.. 111.13
103.38
115.78
110.83
110.88
89.25
Aug. 28.. 110.91
21.. 110.71
102.84
115.35
110.43
100.35
88.51
96.94
102.66
109.84
102.66
114.93
110.43
100.18
87.93
96.11
102.66
109.64
14- 110.59
7.. 110.42
3.75
—
4.
4.55
4.04
3.79
4.42
5~61
6.67
3.81
3.42
3.95
4.67
4.13
3.84
3 45
6 70
3.20
3.44
3.98
4.72
4.18
3.85
3.47
5.71
3.85
—
3.18
3.84
_
Aug. 28..
21
3.18
3.22
3.44
3.99
4.76
4.23
3.85
3.48
5.76
102.66
114.93
110.43
100.00
88.22
96.44
102.84
109.44
3.85
3.22
3.44
4.00
4.74
4.21
3.84
102.66
3.49
114.93
5.75
110.43
100.00
88.07
96.28
102.66
109.64
—
3.85
3.22
3.44
4.00
4.75
4.22
110.13
3.85
102.48
3.48
114.93
99.83
87.78
95.78
102.48
109.44
July 31..
6.82
110.24
3.86
3.22
3.45
4.01
4.77
24„ 109.92
17.. 109.76
4.25
3.86
102.12
3.49
114.72
5.75
109.84
99.48
87.49
95.29
102.48
109.05
24..
3.88
3.23
3.47
4.03
4.79
4.28
3.86
101.76
3.51
114.72
5.75
109.64
99.14
87.07
94.97
102.48
108.66
17..
3.90
3.23
3.48
4.05
4.82
10.. 110.05
4.30
3.86
101.58
3.53
114.93
109.64
98.97
86.50
94.49
102.48
108.66
10..
3.91
3.22
3.48
4.06
4.86
4.33
3.86
101.23
3.53
114.93
5.82
109.44
98.62
85.79
102.12
108.46
3—
3.93
3.22
3.49
June 26.. 109.88
94.01
4.08
4.91
4.36
3.88
101.06
3.54
114.30
109.05
98.45
86.07
94.17
101.58
108.27
June 26..
5.80
3.94
3.25
3.51
4.09
4.89
19.. 109.93
4.35
3.91
101.06
3.55
114.30
108.85
3.77
98.62
94.49
101.58
108.08
19..
3.94
3.25
3.52
4.08
12„ 110.01
4.33
101 23
3.91
3.56
114.72
6.85
109.05
98.45
86.36
94.33
101.58
108.66
12—
3.93
3.23
3.51
4.09
4.87
5.. 109.99
4.34
3.91
100.88
3.53
114.30
108.85
5.95
98.28
85.65
93.69
101.23
108.46
5..
3.95
3.25
3.52
4.10
4.92
4.38
3.93
3.54
6.06
3.91
JulypJl—
3.. 110.04
May 29.. 110.01
101.06
114.51
109.05
86.07
14._•
7
4.89
5.77
108.46
May 29..
4.09
22- 110.20
4.92
4.37
100.88
3.54
114.09
5.91
108.85
98.45
85.38
93.53
101.23
108.46
22..
3.95
3.26
3.52
4.09
15.. 109.98
4.94
4.39
100.88
3.93
113.68
3.54
108.85
5.92
98.45
85.65
93.69
101.06
108.46
15..
3.95
3.28
3.52
4.09
4.92
4.38
3.94
3.54
98.45
85.65
93.85
101.58
3.94
3.24
3.51
5.89
8.. 109.70
100.35
113.48
108.46
98.11
84.96
93.06
100.53
108.27
8..
3.98
3.29
3.54
1- 109.69
4.11
4.97
4.42
99.83
3.97
3.55
113.07
107.88
5.84
97.78
84.28
92.43
100.18
107.49
1
4.01
3.31
3.57
4.13
5.02
4.46
3.99
3.59
5.96
92.90
100.35
107.88
Apr. 24..
3.99
3.30
3.58
4.13
4.96
4.43
3.98
3.57
5.86
3.97
3.29
5.83
Apr.r24._ 109.80
100.18
113.27
107.69
97.78
85.10
17.. 109.96
100.53
113.48
107.88
98.11
86.07
—
93.85
100.53
108.08
17..
4.11
9„ 109.75
4.89
4.37
100.88
113.68
3.97
3.56
108.08
98.11
86.50
94.49
100.70
107.88
9—
3.95
3.28
3.56
3„ 109.64
Mar. 27- 109.66
4.11
4.86
4.33
100.70
113.89
3.96
3.57
108.08
97.95
86.21
94.33
100.53
107.88
3„
3.96
3.27
3.56
4.12
4.88
4.34
100.53
113.48
3.97
3.57
107.88
5.83
98.11
85.93
94.01
100.35
107.88
Mar.27—
3.97
3.29
3.57
4.11
4.90
4.36
3.98
3.57
5.85
85.79
93.85
100.53
108.27
20„
3.96
3.28
3.55
4.10
4.91
4.37
3.97
3.55
5.80
3.56
5.94
20- 109.51
100.70
113.68
108.27
98.28
13„ 109.11
100.53
113.07
108.27
98.11
85.79
3.57
5.83
13..
3.97
3.31
3.55
4111
4.91
101.41
4.36
3.99
113.48
108.66
98.80
87.64
96.11
100.63
108.27
6„
3.92
28„ 109.03
3.29
3.53
4.07
4.78
101.23
4.23
113.07
3.97
108.46
3.55
5.87
98.45
87.64
95.46
100.53
107.69
Feb. 28„
3.93
21.. 108.95
14- 108.48
3.31
3.54
4.09
4.78
101.41
4.27
113.07
3.97
108.27
3.58
98.45
6.03
88.22
95.95
100.35
108.08
21..
3.92
3.31
3.55
4.09
4.74
101.06
4.24
113.07
108.08
3.98
3.56
97.95
87.78
95.13
100.53
108.08
14..
3.94
7„ 108.21
3.31
3.56
4.12
100.53
4.77
4.29
112.86
3.97
108.08
3.56
6.07
97-45
86.78
94.17
100.35
107.88
7—
3.97
3.32
3.56
4.15
4.84
4.35
3.98
3.57
6.10
93.06
100.18
107.49
4.90
4.42
3.99
3.59
6.13
6.. 109.46
Feb.
Jan.
31.. 108.03
100.00
112.25
107.88
96.94
85.93
24.. 107.89
100.00
112.25
107.88
97.28
85.93
94.01
100.18
108.08
Jan. 31
—
4.00
3.35
3.57
4.18
5.92
93.06
100.00
107.88
24„
4.00
3.35
17- 108.34
3.57
4.16
99.66
4.90
4.42
111.84
4.00
108.27
3.67
6.11
96.78
85.10
92.43
99.83
107.88
17..
4.02
10- 108.02
3.37
3.55
4.19
98.97
4.96
4.46
111.64
107.49
4.01
3.57
6.17
96.11
83.87
n
s.. 107.94
High 1936 112.71
91.20
99.14
107.11
10-
4.06
3.38
3.59
4.23
97.95
5.05
4.54
111.03
106.22
4.05
3.61
6.26
95.13
82.40
89.84
98.80
105.98
4.12
3.41
3.62
4.29
105.60
5.16
4.63
117.07
113.68
4.07
3.67
6.23
103 38
91.81
100.18
105.22
112.05
Low
1936
3.69
3.12
3.28
3.81
97.61
4 50
110.83
3.99
106.73
3.71
3.36
5.58
94.97
81.87
89.55
98.62
105.79
High 1936
4.14
3.42
3.63
4.30
5.20
4.65
4.08
3.68
6.31
105.60
Low
4 15
3.42
3.63
4.31
5.22
4.67
4.08
3.69
5.78
i
Low
1936 107.77
3
—
High 1935 109.20
97.45
110.83
106.73
94.81
81.61
Low
1935 105.66
89.25
98.62
88.07
103.56
95.78
86.92
1 Yt. Ago
Nov 27*35 107.47
68.17
79.70
82.79
94.17
High 1935
96.11
109.84
105 79
93.21
79.95
87.35
97.28
104.85
Nov27'35
95.95
85.65
68.77
85.65
81.74
93.69
2
1
Yts.Aqo
4.75
3.80
4.25
4.83
6.40
5.37
5.13
4.35
6.97
4.23
3.47
3.68
4.41
5.35
4.80
4.16
3.73
6.71
4.84
3.85
4.24
4.92
6.34
4.92
5.21
4.38
6.46
Yr. Ago
2 Yrs.Ago
Nov 27*34 104.71
Iavait.
1935
86.78
102.66
Vu—
jiciuo uu me
uamo ui uuu
tyincai
Nov 27'34
uuuu
\*ye
uuupuu,
umiuruig in au years;
auu ao uoi purport to snow eitner tne
average
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
level or
tne average
movement
Moody's Commodity Index
at New
High
Moody's Daily Index of Staple Commodity Prices closed
Friday at a new high of 190.6, as compared with 189.1
this
a
week ago.
The
cocoa,
There
were
net changes in the prices of
hides,
lead and sugar.
no
copper,
The movement of the index
parisons, is
as
a
decline in
were
advances in wheat, hogs and
corn.
There
were
also
gains for
rubber, cotton and coffee, and moderate declines in silk and
Nov. 20
189.1
Nov. 21
-.189.5
Mon.
Nov. 23
189.5
Tues.
Nov. 24____
Nov. 25
Wed.
Thurs. Nov. 26
Fri.
Nov. 27
during the week, with
com¬
follows:
Fri.
Sat.
principal changes
and
wool.
silver, steel,
___189.5
-.189.7
holiday
190.6
2 Weeks
Ago, Nov. 13
186.9
Month Ago, Oct. 27
Year Ago, Nov. 27
182.3
1935 High—Oct. 7 & 9_
Low—Mar. 18
1936 High—Nov. 27
175.3
148.4
Low—May 12
167.0
...190.6
162.7
Financial
143
Volume
3379
Chronicle
Indications of Business Activity
STATE
THE
Friday Flight, Nov. 27, 1936.
to more than hold its own in most
continues
Business
lines, with indications of no let-up during the balance
year.
Because of the tremendous spurt in consumer
ing which has developed since the election,
merchants are
industry continues exceptionally
good,
especially for the balance of the year, as a result of the
higher prices announced for steel.
As proof of this state¬
ment, it is reported that the New York Central has divided
an order for 100 locomotives between the American Locomo¬
and the Lima Locomotive Works, the former
Co.
tive
also
having received an order for 10 engines for the Wheeling &
Lake Erie.
The New York Central has also ordered 82,150
The Central order
tens of steel rails and track accessories.
for locomotives was the
field that indicates the continued buoyancy
hit
a
the week ended Nov. 21
all-time record of 2,196,175,000 kilowatt hours,
12.4% above a year ago.
Another encouraging
and power industry for
new
which
of trade is the
Production of electricity by the elec¬
electric power output.
tric light
Another
largest placed since 1929.
was
item is the report
net
damage occur¬
far South as northern Florida and southern Missis¬
The lowest minimum reported was 4 degrees at North-
as
sippi.
field, Vt.,
23d.
In
locomotives
order
on
on
on
1, this year, included
the 19tli, and Sault Ste Marie, Mich., on the
other sections of the country warm dry
on
many
weather prevailed,
which was generally beneficial for out¬
door work and much plowing was accomplished in nearly
all central districts from the Rocky Mountains eastward to
the Ohio Valley.
Little or no rain occurred, and some soil
Nov.
Revenue
Gainj4,828
Loadings
Car
Freight
Cars
freight for the week ending Nov. 21,
cars.
This is an increase of 4,828
cars, or 0.6%, from the preceding week, a gain of 141,576
cars, or 21.9%, over the total for the like week of 1935,
and an increase of 227,580 cars, or 40.5% over the total
loadings for the corresponding week of 1934.
For the week
ended Nov. 14 loadings were 24.6% above those for the like
week of 1935, and 34.1% over those for the corresponding
week of 1934.
Loading for the week ended Nov. 7 showed
a gain of 16% when compared with 1935 and a rise of 27.7%
when comparison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
Nov. 21 loaded a total of 375,562 cars of revenue freight on
Loadings of
1936,
revenue
totaled 789,500
their
own
week and
1935.
A
lines, compared with 371,506 cars in the
306,606 cars in the seven days ended
preceding
Nov. 23,
comparative table follows:
REVENUE FREIGHT LOADED
AND
.
RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded,
Rec'd from, Connections
Week Ended—
Own Lines
on
Week Ended—
Nov, 21 Nov. 14 Nov. 23 Nov. 21 Nov. 14 Nov. 23
1935
1936
1936
1935
1936
1936
Chicago Burlington & Quincy RR.
25,389
34,971
26,285
19,449
Chic. Milw. St. Paul & Pac. Ry__
22,319
Chicago & North Western Ry
17,375
Atchison Topeka & Santa Fe
Ry.
19,555
26,970
22,167
15,732
18,958
14,163
2,958
2,082
5,137
14,823
Gulf Coast Lines
3,551
International Great Northern RR
2,492
2,350
Chesapeake & Ohio Ry
Missouri Pacific RR
18,153
5,167
18,077
New York Central Lines.
44,714
44,966
5,271
5,483
24,788
71,184
7,171
25,556
68,474
5,469
Missouri-Kansas-Texas RR
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
7,846
32,633
Pittsburgh & Lake Erie RR
Southern Pacific Lines
6,502
Wabash Ry
46,920
10,733
4,945
46,425
6,092
7,714
X9.939
9,734
25,325
5,428
1,104
3,505
9,585
6,486
16,803
5,445
13,741
12,214
8,994
9,393
7,623
7,391
9,069
1,362
1,960
3,218
9,497
43,917
10,496
4,928
46,096
5,939
6,721
x9,708
8,916
Excludes cars Interchanged
between S. P. Co .-Pacific Lines and Texas
RECEIPTS FROM CONNECTIONS
TOTAL LOADINGS AND
(Number of Cars)
Weeks Ended—
wind erosion
Illinois Central System
37,458
St. Louis-San Francisco Ry
16,366
36,190
15,806
80,620
78,487
occurred in
Plains
States
Wyoming, and
from
severe
dust storms
In the
injurious to winter grains in several States.
Far Northwest, droughty conditions were more serious;
in
Washington the Walla Walla district noted the driest period
of record since March
southeastern
of
1, which is representative of extreme
Washington, and Oregon also reports the driest
record, with some wells and springs dry.
In the
City area the weather was rather unsettled,
New
York
with
warmer
temperatures
during
the early
part
of the
week, while during the last 48 hours the weather has been
clear and
decidedly cold.
Today it
with temperatures ranging from
cast was
fair and cold here,
22 to 31 degrees.
The fore¬
for fair and continued
Saturday cloudy and
24 to
was
cold temperatures tonight.
Overnight at Boston it was
wanner.
38; Baltimore, 24 to 36; Pittsburgh, 16 to 26; Portland,
Nov. 21,
Total
This
Salt Lake City, 22 to 48; Seattle, 34 to 54;
Montreal, 4 to 28, and Winnipeg, 10 to 18.
week in 1934, and
Reach 34,113 Cars
service 34,113 new
freight
cars,
the largest number installed
in any corresponding period since 1930, the Association of
American Railroads announced on Nov. 23.
The number
placed in service
far this
increase of 29,321
above the number installed in the corresponding period last
year and an increase of 12,442 above the corresponding
period in 1934.
The association further reported:
New
cars
15,350; box
so
year was an
installed in the 10 months' period this year included coal cars,
cars,
14,621; refrigerator cars, 2,819 and 1,323 miscellaneous
New locomotives
included
73
steam
placed in service in the first
and
27
electric
and
Diesel
10 months of this
engines,
year
compared with
31 steam and 102 electric locomotives installed in service in the same period
of
1935, and 22 steam and
the first
199,638 cars or 34.1% above the corresponding
Miscellaneous freight loading
above the preceding
cars
in 1935, and
the
totaled 323,200 cars, an increase of 14,674
103,987 cars above the corresponding week in 1934.
of merchandise
Loading
less than
carload lot freight totaled 166,806
decrease of 1,745 cars below the preceding week, but an
above the corresponding week in
cars
amounted to 157,744 cars, an increase of 6,560 cars above
week, 35,335 cars above the corresponding week in
and 31,340 cars
and
grain products
loading totaled 33,947 cars, an increase of
above the corresponding
In the Western
14,068
new
freight cars
on
order
on
Nov. 1, this
compared with 6,433 cars on Nov. 1, 1935, and 3,080 cars on Nov. 1,
1934.
5,910 cars above the same week in 1934.
Districts alone, grain and grain products loading for
20,296
1935,
above the same week in 1934.
week in 1935, and
cars,
an
the week ended Nov. 14
increase of 2,238 cars above the preceding week
and 1,413 cars above the same week in 1935.
this year,
Live stock loading amounted to 22,618 cars,
above the
an
increase of 3,541 cars
preceding week, and 5,459 cars above the same week in 1935.
It was, however, a
decrease of 644 cars below the same week in 1934.
the Western Districts alone, loading of live stock for the
totaled 18,250 cars, an increase of
year
increase of
1935, and 9,854 cars above
week in 1934.
same
Coal loading
the preceding
Grain
increase of
week, 68,156 cars above the corresponding week
3,011
cars
In
week ended Nov. 14
above the preceding week this
and 4,737 cars above the same week in 1935.
Forest
above
12,808
products loading totaled 34,505 cars,
the
cars
increase of 1,957 cars
amounted to 34,780 cars a decrease of 4,011 cars below the
but an increase of 20,879 cars above the corresponding
1935, and 30,728 cars above the corresponding week in
Coke loading amounted to
11,072
cars, a
and 5,655 cars
1934.
decrease of 242 cars below the
preceding week, but an increase of 3,952 cars above the same
week in 1935,
above the same week in 1934.
in the number of cars loaded with revenue
freight, compared with the corresponding weeks in 1935
and 1934.
previous years
Loading of revenue freight in 1936 compared with the two
and in
1935, and
above the same week in 1934.
Ore loading
week in
an
preceding week, 8,476 cars above the same week in
All districts reported increases
10 months of 1934.
Class I railroads had
year,
16 electric locomotives installed in service in
14 totaled 784,672
3.3% above the preceding week.
cars or
preceding week,
cars.
reviewing the
Loading of revenue freight for the week of Nov. 14 was an
25,354
totaled
Class I railroads in the first 10 months of 1936 placed in
13,196
65,034
4,920 cars or 0.6% above the corresponding week in 1930.
4,620 cars above the preceding week, 4,815 cars
Freight Cars Placed in Service During First 10 Months
23, 1936
21,887
29,951
compared with the corre¬
increase of 154,944 cars or 24.6%
an
was
sponding week in 1935,
7,872
City, 34 to 50;
Nov.
follows:
Loading of revenue freight for the week ended Nov.
land, 18 to 24; Detroit, 10 to 22; Charleston, 38 to 54; Mil¬
14 to 26; Savannah, 36 to 56; Dallas, 42 to 56;
City, 24 to 36; Springfield, Mo., 22 to 36; Oklahoma
14, 1936
cars.
cars, a
Kansas
Nov.
1936
The Association of American Railroads, in
week ended Nov. 14, reported as
Me., 20 to 38; Chicago, 18 to 26; Cincinnati, 20 to 30; Cleve¬
waukee,
& New
Orleans RR. Co.
26,491
in
reported
was
9,527
1,370
1,890
2,624
7,929
37,968
8,447
3,865
34,384
4,971
4,973
c7,477
8,327
12,027
375,562 371,.506 306,606 226,725 218,750 176,946
Total
x
7,336
7,175
31,394
6,051
6,570
17,628
12,059
10,310
8,932
12,126
1,404
37,829
4,321
20,117
58,752
6,150
6,139
24,220
34,705
27,555
19,802
22,710
17,149
3,336
Baltimore & Ohio RR
26,796
season
in
Week Ending Nov. 21
Chicago Rock Island & Pacific Ry.
were
electric
1935, and 34 steam and 101
1,
Nov. 1, 1934.
Oklahoma
northward, and in the middle and northern Rocky Moun¬
tain region and the upper Mississippi Valley.
Considerable
blowing
i
67 steam and
compared with 14 steam locomotives and
engines,
order
operating income of
farther southward than a week ago, with frost
ring
"
order on Nov.
on
Diesel
on
that Class I railroads of the United States
approximately $90,000,000
in the month of October, according to estimates based on
reports of individual railroads released to date.
This would
represent an increase of approximately 20% over the like
month a year ago.
Latest advices indicate that Christmas
shopping is pretty well under way. The retail trade shows
a further increase of 5%
to 15% over the preceding week,
and 15% to 25% ahead of the corresponding 1935 period.
Wholesale volume lis up 22% to 25% compared with the cor¬
responding period last year.
Output of automobiles this
week was estimated at 104,283 cars and trucks.
This figure
compares with 93,995 in the 1935 week.
As a result of
the holiday this week, it is a decrease from the 110,160 units
produced last week.
No zero weather occurred in the United
States during the past week, though the freezing line dipped
earned
10 electric and
three electrics
of the
spend¬
hopeful that the holiday sales volume may equal the 1930
•level.
In fact, there are a few lines of trade which seem
certain to set records for the current Christmas season.
The
outlook for the steel
New locomotives
EPITOME
TRADE—COMMERCIAL
OF
1930 follows:
Financial
3380
In
following table we undertake to show also the
the
loadings for separate roads and systems for the.
3.061.119
4,095,623
759,318
784,672
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
2,465,735
3,224,872
3,098,001
2,628,482
3,565,051
654,947
629,728
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
3,072,864
2,501,950
3,147,988
594,790
585,034
3,470,797
4,380,615
3,550,076
3,653,575
4,586,357
3,575,454
8,683,338
4,608,697
3,840,292
4,668,611
829,023
779,752
31,818,205
Four weeks In January
27,961,810
27,690,264
41,626,587
2,353,111
3.135.118
—
Five weeks In February
_.
Four weeks in March.
2,418,985
2,544,843
Four weeks in April—
3,351,801
2,787,012
2,825,547
3,701,056
Five weeks in May
Four weeks in June
Four weeks in July
Five weeks in August
Four weeks in September.
Five weeks in October
Week of Nov.
7
-
Week of Nov. 14
Total
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
/I
-
«
.
■«"
-
-
'
1934
1935
1936
last
The most important of these roads which showed
increases
Central
were
the
Lines,
Pennsylvania
the New York
System,
Ohio RR., the Atchison
the Baltimore &
Topeka & Santa Fe System, Southern Pacific RR. (Pacific
Lines), and the Illinois Central System:
NOVEMBER 14
Total Loads Received
Total Revenue
from Connections
Freight Loaded
Railroads
1936
1935
597
662
665
1,765
7,936
1,867
1,765
6,725
1,347
1,818
255
247
6,742
1,501
10,895
9,495
2,470
1,909
Central Indiana.
37
12
23
97
57
Central Vermont
1,115
4,992
9,210
1,002
4,427
7,958
919
2,132
4,657
8,494
7,670
6,858
1,902
6,156
5,874
Arbor
Maine..
&
week ended
total of 119 roads
showed increases when compared with the same week
year.
from Connections
1936
a
1935
1934
1935
1936
Group B (Concluded!)—
Bangor & Aroostook
Boston
During this period
1936.
14,
Total Loads Received
Eastern District—
Ann
Nov.
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
Freight Loaded
Railroads
1936
28,
1930
1934
1935
1936
Nov.
Chronicle
Chicago Indianapolis & Loulsv.
Delaware & Hudson
Delaware Lackawanna & West.
1,322
1,139
591
Erle
Grand Trunk Western
293
137
82
2,609
1,416
1,291
381
189
11,117
5,059
11,474
2,109
3,553
16,184
5,031
Detroit & Toledo Shore Line...
403
13,296
Detroit Toledo & Ironton
352
2,503
Detroit & Mackinac
1,362
2,982
12,948
6,789
1,653
Lehigh & Hudson River
156
148
1,913
1,046
7,332
2,232
1,401
7,832
2,482
3,357
8,745
1,932
1,273
7,775
2,576
159
Lehigh & New England
Lehigh Valley
3,558
1,781
31,610
8,736
2,892
Maine Central
Georgia
Georgia & Florida
Illinois
N. Y. N. H. & Hartford
New York Ontario & Western..
Central System
Nashville.
461
1,065
894
11,921
5,372
9,770
4,175
N. Y.
Chicago & St. Louis
Pittsburgh & Lake Erie
Pere
Marquette
Pittsburgh & Shawmut
Pittsburgh Shawm ut & North..
Pittsburgh & West Virginia
Rutland
18,959
18,403
25,329
Louisville &
135
139
306
300
2,044
3,095
2,035
2,825
1,918
Nashville Chattanooga & St. L.
1,753
2,669
1,347
1,922
435
343
370
751
652
67,218
52,015
51,601
32,593
26,395
110,671
89,857
89,759
67,919
54,942
2.065
12,027
1,719
9,453
2,572
7,303
2,788
Tennessee Central.
Total
Grand total Southern District
2,530
941
6,691
2,374
257
157
42
40
43,917
12,302
1,856
10,496
35,011
10,466
1,558
8,257
4,526
4,879
Northwestern
Belt Ry. of
Chicago
Chicago
Chicago
Chicago
District—
838
623
601
18,341
2,926
22,710
4,215
13,242
15,514
2,267
19,139
3,544
13,759
2,274
17,491
3.468
933
394
Chicago...
& North Western.....
217
408
20
20
426
307
380
225
152
858
1,214
1,495
1,046
628
627
952
831
Minneapolis & St. Louis
1,739
1,859
Minn. St. Paul & S. S. M
6,507
v
293
367
200
Mobile & Ohio
2,033
37,263
9,740
1,553
4,214
5,742
6,480
4,210
4,114
4,538
131
174
173
Macon Dublin & Savannah
Mississippi Central
4,842
2,349
44,966
10,444
1,745
5,483
7,508
7,336
9,809
1,797
375
300
1,577
19,917
17,442
607
b New York Central Lines
1,280
327
1,776
1,490
Montour
1,607
498
1,853
24,893
454
Monongahela
763
801
1,148
—
Gulf Mobile & Northern
6,388
5,939
Great Western
Mllw. St. P. & PacificSt. P. Minn. & Omaha
Duluth Missabe & Northern..
3,581
9.066
3,401
185
151
Shore & Atlantic
976
635
420
376
350
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
7,085
5,678
3.469
7,657
5,375
Duluth South
326
Wabash
6,050
Wheeling & Lake Erie..
4,390
5,019
3,155
5,162
2,960
8,916
3,643
7,885
3,083
161,130
134,740
124,342
171,613
140,512
487
604
416
864
26,138
1,897
25,693
16,803
2,338
15,049
1,730
Atch. Top. & Santa Fe System.
300
252
6
8
1,397
1,036
5,574
11
15
6,295
1,280
5,185
11,517
9,602
768
729
560
56
41
Cumberland & Pennsylvania
287
378
Ligonier Valley
Long Island
202
153
172
51
17
796
911
859
2,544
1,273
1,210
Reading
68,474
13,975
Union
14,308
56,355
11,395
8,813
1,160
51,496
12,716
4,034
2,168
1,298
34,101
14,616
1,610
133
3.245
2,479
440
1,055
928
111
803
367
78
1,540
1,696
1,855
1,688
5,301
9,836
4,981
9,607
2,489
3,530
1,946
2,817
Central Western District—
1,687
397
121
12,267
398
637
34,705
3,863
266
12,722
437
Green Bay & Western
Lake Superior & Ishpemlng
238
15,986
Great Northern
Northern
11,893
Pacific
183
125
99
270
295
2,491
2,027
992
1,501
1,190
111,985
81,516
72,845
52,002
40,842
24,220
3,619
19,599
2,669
19,195
2,733
6,486
2,445
5,214
1,961
375
348
215
114
48
19,802
2,097
13,280
3,324
1,720
5,297
1,019
1,489
2,071
1,776
16,315
1,278
10,680
2,773
1.698
5,023
15,946
9,393
1,087
7,617
9,029
6,783
1,691
1,253
2,496
117
70
North Western Pacific
944
964
356
329
Peoria & Pekin Union
Total
336
113
231
111
79
17,345
4,517
Spokane International
Spokane Portland & Seattle
Total
.
Allegheny District-—
Akron Canton & Youngstown..
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley.
Cambria
&
Indiana
Central RR. of New Jersey
Cornwall
Penn-Reading Seashore Lines..
Pennsylvania System
Co
(Pittsburgh)
291
.
1,391
46,096
17,336
3,764
58
67
69
3,200
3,181
6,332
151,124
Total
118,615
5,493
109,147
109,196
Bingham & Garfield
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy..
& Illinois Midland:...
Rock Island & Pacific& Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
Nevada
1
3,839
West Virginia Northern.
Western Maryland
34
37
Alton
86,419
Northern
Pocahontas
District—
20,415
21,422
16,589
Norfolk & Portsmouth Belt Line
767
754
1,285
22,699
25,556
Norfolk & Western
10,034
4,033
1,413
12,214
4,928
27,555
.
966
4,511
Total
3,381
3,397
842
47,262
42,162
19,269
12
1,062
1,111
527
a
6,574
302
1,209
895
18,615
16,230
14,374
10,408
8,573
723
840
285
9
13
1,823
1,637
1,371
2,125
1,792
125,660
Total.
103,741
93,769
59,575
46,309
3,871
in U.
District—
185
146
5.133
Burlington-Rock Island
156
164
138
.308
Fort Smith & Western
Group
A—
Atlantic Coast Line
9,157
234
206
168
309
211
Gulf Coast Lines
3,336
2,350
2,673
2,085
1,362
International-Great Northern
2,820
2,123
1,960
1,234
2,272
1,380
1,952
1,054
1,716
192
Cllnchfield
1,431
7,987
1,156
2,005
3,875
1,597
Charleston & Western Carolina
456
348
314
1,115
853
Kansas Oklahoma & Gulf
Durham & Southern
129
155
134
332
498
Kansas
8,452
1,049
4,718
Northern.
Richmond Fred. & Potomac
Seaboard Air Line
909
981
120
93
403
315
349
319
393
1,009
633
2,591
3,659
12,532
Midland
777
671
712
292
228
147
113
263
216
5,167
Missouri
4,888
14,341
4,432
13,984
3,218
9,497
2,482
7,606
91
96
1,260
1,152
440
928
375
327
263
1,055
3,794
7,277
18,720
7,523
18,559
4,381
15,729
185
174
151
846
766
43,453
Southbound...
37,842
38,158
35,326
28,547
Louisiana
Arkansas
&
Valley
Missouri & Arkansas
Missouri-Kansas-Texas
Lines..
18,077
Pacific
St.
246
176
215
35
19
102
117
107
4,758
2,184
3.134
4,128
3,472
Texas & Pacific
Terminal RR. Assn. of St. Louis
635
843
631
842
711
651
Wichita Falls & Southern
3,973
3,488
1,447
2,831
1,253
4,393
2,282
Weatherford M. W. & N. W__
Columbus & Greenville
505
268
301
307
851
810
812
733
777
7,313
2,377
7,255
4,899
2,469
7,775
2,222
7,629
5,058
2,051
18,747
2,283
3,364
14,443
282
156
93
41
24
24
26
37
50
53,997
52,961
61,386
48,209
1,542
341
Florida East Coast
9,710
3,055
8,638
5,970
2,789
65,514
103
134
12
55
164
255
Louis Southwestern
Texas & New Orleans
Alabama Tennessee & Northern
179
62
Quanah Acme & Pacific
St. Louis-San Francisco
Group B—
1,294
181
Natchez & Southern
Total
138
1,557
1,275
236
57
1,216
398
8,558
21,622
Southern System
182
1,699
Louisiana Arkansas & Texas...
49
1,251
437
Southern
197
2,104
1,427
City Southern
299
Litchfield & Madison
49
1,054
Gainesville Midland
Winston-Salem
22
1,326
1,392
15,199
System
Western Pacific
Southwestern
&
343
1,164
1,912
P.
Alton & Southern
Piedmont
920
1,304
1,967
1.699
16,174
Southern District—
Norfolk
2,922
1,367
3,083
339
22,756
Included
Union Pacific System
Utah
694
58,588
Virginian
10,936
2,915
1,446
3,070
793
374
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Chesapeake & Ohio
1,605
Atlanta Birmingham & Coast..
Atl. & W. P.—W. RR. of Ala..
Central of
and
Georgia
713
Note—Previous year's figures revised,
the Michigan Central RR.
737
*
Previous figures.
ICC to Reopen Emergency Freight Surcharge
The
Interstate
prejudice
Commerce
Commission
denied
a
Not available.
b Includes figures for the Boston & Albany
on
Commission in June
extended until Dec. 31, 1936,
sur-charge rates.
The roads later asked a gen¬
eral adjustment of the rate structure estimated to bring in
about $100,000,000 annually.
The Commission said in denying the roads' petition:
emergency
"Upon consideration of the petition and the replies, the Commission has
determined that the petition of the carriers, in so far as it prays for modi¬
following
reasons:
"1—The modification desired would amount to abrogation of the main¬
tenance clauses of the
orders, and it is believed that such action should not
be taken except after interested parties have had a hearing upon the merits
of the proposals of the rail carriers;
"2—The
expense
to the carriers
of publishing tariffs and supplements
merely embodying the rate changes outlined in Exhibit Two and the ex¬
pense
to the
Commission of preparing and serving suspension orders re¬
lating to such rate changes would be very great and the labor
might serve
no
ceedings within the maximum suspension
impose
an
(seven months)
would
"Treating the railroads' petition broadly, and as seeking ultimate ap¬
lawful of the specified new rates sought to be initiated, the Com¬
of rates described in Exhibit Two attached to the petition, should not
mission is of the view that the petitioners
granted at present upon the mere assertions of the petition and the replies
period
administrative burden which can be avoided by the course here¬
in indicated.
proval
be
involved
useful end; and
"3—The decision of the multitude of investigation and suspension pro¬
fication of outstanding orders to the extent necessary to permit the filing
RR., the C. C. C. & St. Louis RR
thereto, but should be further heard before it is finally determined for the
Case
without
Nov. 19 the petition of Class I railroads for
the modification of freight rates that will expire on Dec. 31,
1936, and ordered a public hearing on Jan. 6, 1937, when
the roads will get an opportunity to present arguments for
the proposed increase.
The
Total.
as
hearing
as
should be accorded as prompt a
is possible on the issue so raised.
It has therefore been decided
Volume
Financial
143
case) for further hearing
docketed as Ex Parte 118 (modi¬
fication of maximum rate orders).
The reopening of that proceedings
has been decided upon in order to relieve carriers, shippers and others who
already have made extensive presentations in that proceeding from being
required virtually to duplicate evidence of comparatively recent date.
Ex Parte 115 ithe emergency surcharge
to reopen
as
questions raised in the petition
to the
"As
additional
an
the hearings,
expediting
of
means
any
interested
modities
17
number
largest
with only
during the week,
recorded' in many weeks, and compared
increases
of
there were 33 advances and 12
declines; in the second preceding week
declines.
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Compiled by the National Fertilizer
Latest
Week
Week
Weekly Index of Wholesale
Commodity
Prices Advanced to High Mark for 1936
During
Week Ended Nov. 24—October Average Rises
"Annalist"
83.6
82.5
81.3
80.2
79.1
80.4
82.1
96.0
93.6
95.7
101.2
79.4
77.3
67.2
66.8
67.2
68.8
100.4
100.5
100.8
76.5
80.8
81.6
Cotton
—
Grains
79.0
77.8
75.1
79.5
17.3
Fuels
79.7
79.7
79.8
76.2
10.8
Miscellaneous commodities.-
80.1
79.7
78.7
8.2
Textiles
71.7
71.1
69.8
72.1
7.1
Metals
87.6
87.7
85.8
84.1
6.1
83.1
83.0
82.4
1.3
Building materials
Chemicals and drugs
Livestock
tin, rubber and the
reported by corn, beef
COMMODITY PRICES
Steers, pork, butter and eggs, cocoa, hides, pig iron,
—J——
j.—
72.3
77.3
96.5
96.3
96.2
95.6
68.0
68.0
67.8
65.9
0.3
0.3
(1913—100)
Nov. 17, 1936
129.5
al29.1
74.6
74.6
72.7
92.6
92.6
92.6
92.0
81.0
80.6
79.9
79.0
All groups
127.7
127.8
136.4
Textile products
119.6
all8.4
combined
119.1
Fuels
166.9
166.9
169.8
Metals
116.2
115.7
111.6
Building materials
111.8
111.8
111.7
97.7
Miscellaneous
90.3
90.3
Ended
129.4
76.6
a76.5
Nov. 21
Wholesale commodity prices rose 0.5% during the week
ended Nov. 21, reaching the highest level in the past six
84.9
129.7
al29.5
Wholesale
in
98.2
97.7
Chemicals
Department of Labor Reports 0.5% Gain
Commodity
Prices
During
Week
United States
122.9
Food products.
77.1
old dollar basis...
74.7
Farm Machinery—
26, 1935
Nov.
Farm products
All commodities
Fertilizers
100.0
24, 1936
Nov.
Fertilizer materials.
0.3
and veal, lard, flour and cotton.
according to an announcement made Nov. 25 by
Commissioner Lubin of the Bureau of Labor Statistics, U. S.
years,
In issuing the announcement Mr.
Department of Labor.
Revised.
a
23,
1935
83.5
Farm products.--
23.0
on
14,
Cottonseed oil--
high for 1936 was made by the "Annalist" Weekly
Index of Wholesale Commodity Prices in a week marked by
somewhat divergent price changes.
The index rose to 129.7
on Nov. 24 from 129.5 on NoV. 17, and 129.4 a year ago the
"Annalist" reported, adding:
"ANNALIST" WEEKLY INDEX OF WHOLESALE
1936
Nov.
Oct. 24,
1936
21, Nov.
Fats and oils
Foods
25.3
new
Losses were
Ago
Ago
1936
Total Index
Year
Month
Preced'g
Nov.
Group
Bears to the
All commodities
(1926-1928=100)
Association.
Per Cent.
Each Group
textiles, except cotton, were higher.
and
in the preceding week there were 44 advances
18 declines;
based on such
affiant for the purpose of cross-examination
verified statements."
rubber, and
series included in the index advanced
Fifty-one price
the
submit relevant and material evidence in the
statement, subject to the right of adverse parties to require
the presence of
A
for hides,
prices
rise in
about 'by a
brought
was
cattle feed.
party will be permitted to
form of a sworn
3381
Chronicle
Lubin stated:
prices in October the "Annalist" said:
Reflecting the rise in the weekly figures at the beginning of November,
the average for the entire month advanced to 129.1 from 127.3 for October,
As to the trend of
and 128.3 for November,
1935.
\'j
"ANNALIST" MONTHLY INDEX OF
now
stands at
with the corresponding
week of last year.
and'leather products,
Sharp increases were recorded in the foods, hides
(1913—100)
and textile products groups
Nov. 1,
1926 average as 100, an increase of 1.6%
month ago and 2.2% compared
a
The composite index
shared in the advance.
82.4, using the
compared with
WHOLESALE COMMODITY PRICES
products and housefurnishing goods, all of
With the exception of farm
the major commodity groups
1936
1, 1936
Oct.
Nov.
1, 1935
and
Farm products
120.9
124.5
128.3
Food products
127.7
126.5
117.0
112.5
118.5
Fuels
166.9
167.5
169.5
Metals
115.5
114.1
111.6
Building materials
111.8
111.8
111.6
commodities.
miscellaneous
and
drugs,
The
farm
chemicals
products group
housefurnishing goods remained at last week's level.
declined slightly and
135.5
Textile products
and smaller increases were shown for fuel and
lighting materials, metals and metal products, building materials,
Wholesale prices of raw
materials advanced 0.1% during the week and
1.2% above a month ago, the highest level reached since June
are now
1%
commodities increased
Semi-manufactured
and are 4.1%
1930.
above the
The index for the large group of finished
98.2
corresponding week of October.
Miscellaneous--
89.8
88.2
85.0
products rose 0.5% and in comparison with a month ago shows an increase
All commodities
129.1
127.3
128.3
76.2
75.2
76.2
97.7
97.7
Chemicals.--
All commodities on old dollar basis—
of
1.3%.
The index for "all commodities other than farm
is 1.6% above a
Life Insurance Sales in United States
During October
2% Below Year Ago
Life Insurance Sales Re¬
This report, which gives
an analysis of sales conditions by States of companies hav¬
ing 90% of the ordinary life insurance outstanding in the
United States, show that the production last month was off
2% from October, 1935.
For the first 10 months of 1936
ing to the monthly survey of the
search Bureau of Hartford, Conn.
Bureau
the
96% of that for the same period a year ago,
was
31,
the 12 months ending Oct.
For
reports.
"all commodities
1936, sales were 96% of those for the preceding 12 months
ending Oct. 31, 1935.
Sales this year, in general, show a much greater improve¬
ment in the West than in the Eastern section of the coun¬
said.
try when compared to last year's business, the Bureau
of
a year
and
ago
Wholesale prices of
other than farm products and
Compared with the corresponding weeks
processed foods," increased 0.5%.
Ordinary life insurance sales in the United States are
slightly below those for the same month a year ago, accord¬
business
month ago and 0.9% above a year ago.
commodities,
industrial
products," reflecting the
commodities, advanced 0.6% during the week and
trend of nonagricultural
and a month ago, industrial commodity prices are now 1.4%
2.8% higher.
Lubin's
Commissioner
announcement
had
the following
to say:
Advancing prices of hides, skins, and leather caused the index for
hides and leather
the
products group to rise 1.5% to the highest point reached in
Shoes and other leather products remained unchanged.
73.5 due to sharp
the past six years.
The index for the textile products group advanced to
of cotton goods, raw silk, silk yarns, and woolen and
increases in prices
worsted
Raw jute prices declined and clothing and knit goods
goods.
remained firm.
Largely due to pronounced increases in prices of meats, fruits and vege¬
tables, and the subgroup of other foods, the wholesale food group
advanced
Individual food items for which higher prices were reported were
1.2%.
oatmeal, flour, canned applies, fresh beef, fresh and cured
poultry,
edible
beans,
cocoa
tallow
and
coffee,
vegetable
canned red salmon, lard,
copra,
Dairy
oils.
pork, dressed
and
products
cereal
oleo oil,
declined
fractionally due to lower prices for butter, hominy grits, and corn meal.
Wholesale
Price Average Continued to
Week Ended Nov. 21 Reaching
Since November, 1930
According
Commodity
Advance
During
Highest
Point
to
National Fertilizer Association
Reflecting
a
the weekly index compiled
by the National Fertilizer Association during the week ended
21 reached the highest. point since the second week of
Nov.
November, 1930.
index last
Based on the 1926-28 average of 100%, the
81.0% as compared with 80.6%
week registered
in the
preceding week. A month ago the index stood at 79.9%
and
year ago
a
The announcement by the Associa¬
at 79.0%.
tion, under date of Nov. 23,
index
The
of
farm
product
week,
this year,
the
but slightly below
rise of
the
index last
responsible
largely
was
while the
food
foods
a year ago.
week
for
a
was
the
were
index
was
at new peaks for the
at
the
com¬
recovery
highest level reached
The most important single factor in
sharp upturn in
increase
in
the
food
egg
prices, which
group
index;
the
general trend in this group was upward', however, as 16 commodities repre¬
sented
increased
it
in
in
nine
price and
declined.
The
increase
in
the
higher prices for livestock and
livestock products.
Although most grains were slightly higher during the
week, the decline in the price of wheat at Minneapolis was sufficient to
farm
product
result
was
at
cotton,
in
a
the
index
was
largely
due
fractional decline in the
to
grain index.
The textile price index
highest point reached since the corresponding week a year ago;
most
cotton
good's,
wool,
yarns,
burlap,
jute
and
6ilk
were
all
the week preceding.
Lower prices for steel
scrap, silver, and copper wire more than offsetting the higher quotations
for lead and zinc, were responsible for a slight drop in the metal price
index.
A rise in the index representing a group of miscellaneous com¬
higher
last
week
than
in
month ago
were
reported for dried apricots, lamb, veal, cured
This week's food index—84.5—is 2.9% above a
and 1.5% below a year ago.
Pronounced increases in prices of fats, oils, and menthol largely accounted
Prices of formal¬
0.7% increase in the chemicals and drugs group.
an
No changes were reported in prices of fertilizer materials
dehyde declined.
and mixed fertilizers.
•
Continued advances in prices of nonferrous metals, principally pig lead,
pig zinc, and quicksilver, were responsible for the
0.2% increase in the
index for the metals and metal products group as a whole.
Pig tin declined
Wholesale prices of agricultural implements, iron and steel, and
sharply.
plumbing and heating fixtures were unchanged from last week's level.
The fuel and lighting
materials.
materials group advanced 0.1 % as did also building
The rise in the former group was due to higher prices for anthra¬
cite coal and
petroleum products.
Bituminous coal and coke prices were
Higher prices for yellow pine flooring, window glass, china wood oil,
steady.
prices and the index of prices for all
modities except farm products and
period last
continued:
also
prices
salmon, and raw sugar.
for
continued upward trend in the general level
Wholesale commodity prices,
of
Lower
and rosin caused the increase in the building materials index as a whole.
Yellow pine
lath, linseed oil, and turpentine prices declined.
Brick and tile,
cement, and structural steel remained steady.
As
a
result of
a
4.7% decrease in livestock and poultry prices, primarily
cattle, hogs, lambs, and live poultry, and falling prices for corn, lemons,
oranges,
hops, and flaxseed, the farm products index declined 0.4% during
the week.
Higher prices were reported for barley, oats, rye, wheat, sheep,
cotton, eggs, alfalfa hay, clover and timothy seeds, sweet potatoes,
potatoes in the Portland,
decline,
recent
month ago
the current farm
did
whole.
products index—85 2—is
1.2%
above a
and 9% above a year ago.
Minor increases in prices of
cloth
white
Notwithstanding the
Ore., market, and wool.
not
affect
furnishings such
as
cotton blankets and oil¬
the index for the housefurnishing goods group as a
It remained at
83.4%
of the
1926
average.
Wholesale prices of
furniture were stationary.
Cattle feed prices
advanced 3.4% during the week.
2.7% and paper and pulp prices were 0.9% higher.
mobile tires and tubes were unchanged.
Crude rubber rose
Average prices of auto¬
Financial
3382
The index
of the
Bureau
of
Statistics includes 784 price series
Labor
weighted according to their relative importance in the country's markets
The following table shows index
numbers for the main groups of
and for Nov. 23,
modities for the past five weeks
new
Nov.
com¬
amounted to
$451,678,000,
increase of $254,067,000,
months
The
129%.
or
ad¬
An
announcement
by the United States Department of
Labor, from which the foregoing is taken, continued
(1926=100.0)
change from August to September in the number and cost
The percentage
Nov.
Nov.
Nov.
Oct.
Oct.
Nov.
Nov.
21,
14,
7,
31,
24,
23,
24,
25,
26,
1936
1936
1936
1936
1936
1935
1934
1933
1932
Nov.
Nov.
of
buildings for which permits were issued for each of the different types of
cities having
construction in 1,455 identical
82.4
82.0
81.3
81.2
81.1
80.6
76.3
71.0
84.2
83.9
84.2
78.2
70.6
56.8
47.3
84.5
83.5
82.6
82.3
82.1
85.8
75.0
63.9
61.6
98.3
96.8
96.2
96.0
96.5
95.7
84.9
88.9
71.4
73.6
72.4
71.7
71.6
71.2
73.1
69.3
75.8
53.4
population of 2,500 or over,
64.0
85.5
a
tabulation:
is indicated in the following
86.2
All commodities
an
ditions, alterations, and repairs to existing structures, 33%.
1935, Nov. 24, 1934,
Nov. 25, 1933, and Nov. 26. 1932.
Commodity Croups
1936
28,
residential buildings for which permits were issued during these
value of new non-residential buildings advanced 49%, and the value of
1926 as 100.
and is based on the average for the year
Chronicle
New residential
Change from Aug. to Sept. 1936
Farm products
Foods
;
Hides and leather products..
Textile products
Type of Building
Estimated Cost
Number
—0.5
+ 5.5
111(- N> k>C5
1 00
+ 5.8
—12.6
+ 13.1
Fuel and lighting materials..
77.5
77.4
77.4
77.3
77.3
75.7
75.6
73.9
72.1
New non-residential..
Metals and metal products..
87.3
87.1
86.5
86.4
86.3
86.4
85.3
83.5
79.5
Additions, alterations, and repairs
Building materials.
87.8
87.7
87.5
87.4
87.3
85.8
84.9
85.1
70.7
Chemicals and drugs.
82.5
81.9
81.6
81.5
82.3
80.9
77.1
73.8
Housefurnishing goods
83.4
83.4
83.3
83.2
83.2
82.1
82.7
82.0
72.5
Miscellaneous
73.9
73.5
72.0
71.9
71.5
67.4
70.6
65.4
63.5
83.1
83.0
82.1
82.0
82.1
x
x
x
x
Semimanufactured articles..
79.5
78.7
76.8
76.6
76.4
x
x
X
x
Finished products
All commodities other
82.8
82.4
81.9
81.7
81.7
81.8
81.3
80.7
80.6
80.5
81.1
77.5
74.0
67.8
81.2
80.8
80.3
80.2
80.1
79.0
78.1
77.5
69.9
Raw materials
......
commodities
other
X
72.7
X
change as compared with September 1935 is shown in
The percentage
X
Type of Building
Number
than
Not computed.
+37.6
+ 15.7
--
Additions, alterations, and repairs
Than/
Edison Electric
a
Year Ago
There
Institute, in its weekly statement,
light and
industry of the United States for the week
ended Nov. 21, 1936, totaled 2,196,175,000 kwh., or 12.4%
above the 1,953,119,000 kwh. produced in the corresponding
power
+30.9
+ 54.3
_
Total
12.4% Higher
disclosed that the production of electricity by the electric
+ 110.7
+ 19.4
+27.3
New non-residential
Electric Output for Week Ended Nov. 21,
was
102% in the number of family-dwelling units
increase of
an
provided in these 758 identical cities comparing September 1936 with the
corresponding month of the preceding year.
The increase
the number
in
of family-dwelling
permits issued during the first nine
first nine months of 1935 is given
units provided for by
months of 1936 as compared with the
below:
week of 1935.
Change from First 9 Months in 1935
Electric
output during the week ended Nov. 14 totaled
2,169,715,000 kwh.
This was a gain of 11.9% over the
to First 9 Months in 1936
Type of Building
<
+ 91.1
+ 128.6
+26.4
+ 48.5
+ 9.4
+33.1
+ 21.7
The Institute's statement follows:
+ 71.2
Additions, alterations, and repairs
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Total.
Week Ended
Week E?tded
Major Geographic
Regions
Nov.
1936 Nov.
21,
14,
Week Ended
Nov. 7,
1936
1936
Week Ended
10.0
Central Industrial
8.3
9.9
9.7
12.8
11.6
12.7
13.1
14.6
13.8
17.2
private construction, the number and value of buildings for which con¬
tracts were awarded
in the
18.4
Bureau of Labor Statistics include, in addition
The data collected by the
Oct. 31, 1936
to
New England
Middle Atlantic
Estimated Cost
Number
1,938,560,000 kwh. produced during the week ended Nov. 16,
1935.
Cost
Estimated
+79.9
New residential
The
H-» ■sj +
Change from Sept. '35 to Sept. '36
farm products and foods..
x
1
the table below for 758 identical cities having a population of 10,000 or over:
than
farm products
All
X
Total
by Federal and State governments in the cities included
For September, 1936 the value of these public buildings
report.
8.3
10.7
11.4
amounted to $13,185,000; for August,
Southern States
14.3
18.0
17.2
20.1
12.3
16.0
19.3
18.6
8.4
6.5
4.5
7.2
1936, to $32,515,000; and for Septem¬
ber, 1935, to $9,314,000.
Rocky Mountain
West Central
7.6
Pacific Coast
Permits
were
ing projects:
Total United States.
12.4
11.9
13.4
ment
14.7
houses
issued during September for the following important
to
$1,250,000; in the Borough of Brooklyn for
nearly
cost
apartment houses to cost nearly
DATA FOR RECENT WEEKS
for apartment
Weekly Data for Previous Years
I in Millions of Kilotoatt-hours
P. C.
1935
1934
1933
1931
1932
1930
2,098,924
2,028.583
2,170,807
2,157,278
2,169,442
2,168,487
Sept. 19...
Sept. 26...
Oct.
3...
Oct.
10...
Oct.
17...
Oct.
24...
Oct.
31...
Nov.
1,752,066
1,827,513
1,851,541
1,857,470
1,863,483
1,867,127
+ 19.8
1,565
1,634
+ 11.0
+ 17.2
1,631
+ 16.1
7...
+ 13.4
1.676
Nov. 14...
Nov. 21...
+ 11.9
+ 12.4
1,691
Nov. 28...
DATA
1,424
1,476
1,491
1,499
1,506
1,508
1929
1,705
1,684
FOR RECENT MONTHS
1,663
1,660
1.646
1,653
1,656
1.647
1,652
1,628
1,623
1,655
1,600
1,630
1.727
1,722
1,714
1,711
1,724
1,729
1,747
1,741
1.728
1,713
1,722
1,675
1,806
1,792
1,778
1,819
1,806
1,799
1,824
1,816
1,798
1,794
1,818
1,510
1,617
1,617
+ 16.1
1,582
1,532
1,475
1,653
1,646
1,619
1,619
1,622
+ 14.7
1,649
1,659
1,657
1.668
1,677
1.669
+ 16.4
2,170,127 1,863,086 + 16.5
2.166,656 1,895,817 + 14.3
2,175,810 1,897,180
2.169.480 1,913,684
2.169,715 1,938,560
2,196,175 1,953,119
1,876,684
1,583
1,663
1,639
1.671
1,672
1,718
1,528
1,533
1,583
1,525
1,521
1,608
1,554
$450,000;
$300,000; in Battle Creek, Mich., for factory buildings to cost
in Detroit, Mich., for factory
buildings to cost over $400,000 and for store
cost over $350,000; in Pontiac, Mich., for a
and mercantile buildings to
Sept. 5
Sept. 12
$2,300,000; in Syracuse, N. Y., for a school
building to cost $400,000; in Kokomo, Ind., for a sewage plant to cost over
Ch'ge
1936
$900,000; in the Borough of Manhattan
houses to cost over $1,400,000; in the Borough of Queens for
apartment houses to cost nearly
{In Thousands of
Kilowatt-hours)
Week of-
build¬
In New York City—In the Borough of The Bronx for apart¬
factory building to cost $350,000; in
cost
Dayton, Ohio, for factory buildings to
$380,000; in Washington, D. C., for apartment houses to cost nearly
Beach,
$1,000,000; in Miami
Fla., for apartment houses to cost nearly
$400,000; in Long Beach, Calif., for school buildings to cost over $300,000;
and in Los
Angeles, Calif., for apartment buildings to cost over $450,000
$2,400,000.
and for school buildings to cost nearly
TOGETHER WITH
ESTIMATED COST OF BUILDING CONSTRUCTION,
NUMBER
THE
FAMILIES PROVIDED
OF
FOR
IN
NEW
DWELL¬
IN 1,455 IDENTICAL CITIES IN NINE REGIONS OF THE
UNITED STATES, AS SHOWN BY PERMITS ISSUED, AUGUST AND
INGS,
1936
SEPTEMBER
(THOUSANDS OF KWH.)
New Residential Buildings
Month
P. C.
1936
of—
1935
Ch'ge
1933
1934
1932
No.
Geographic Division
1931
Estimated
of
June...
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
July
August.
9.275.973
Feb
March.
April...
May
9,163.490
...
Sept.-.
9,262.845
Oct
Nov.
Dec....
Total.
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
8,521,201
+ 11.6
+ 13.9
7,131,158
6,608,356
+ 11.7
7,198,232
+ 16.7
7,056.116
6,480,897
5,835,263
6,182,281
6,024,855
6.532,686
6,809,440
+ 17.5
7,116,261
7,058,600
+ 14.8
7,309,575
6,832,260
7.384,922
7,160,756
7,538,337
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
+ 12.9
+ 13.1
+ 18.8
93,420,266
6,978,419
7,249,732
7,011,736
6.494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6.310.667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370,687
7,184,514
7,180.210
7,070,729
7,288,576
7.166,086
7,099.421
7,331,380
6,971,644
7,288,025
85,564,124 80,009,501 77,442,112 86,063,979
Note—The monthly figures shown above
are
based
on
New Dwellings
Aug. 1936
Sept. 1936
154
3,028,410
1,517,554
9,762,540
34,480,978
23,230,704
10,662,113
2,975,247
8,284,555
5,898,019
3,234,803
1,476,922
9,688,477
1,455
61,113,464
69,931,818
New England
126
Middle Atlantic
344
East North Central..
318
West North Central.
126
South Atlantic
159
West South Central.
34,498,182
14,380,527
16,215,418
2,974,004
7,220,391
1,516,438
57
East South Central..
103
.
68
Mountain
Pacific
Total
Percentage change.
.
Families Provided for in
Cost
Cities
Jan
Aug. 1936
925
851
3,501
3,144
4,656
2,073
893
911
1,946
2,252
1,447
1,217
492
1,134
491
395
2,687
2,622
15,213
-
16,424
—7.4
—12.6
.
Sept. 1936
reports covering approxi¬
mately 92% of the electric light and power Industry and the weekly figures are
based
on
about 70%.
New Non-Residential
Buildings,
No.
Geographic Division
Seasonal
Decline
United
in
Increase
of
54%
in
Building Construction
During September—However,
Reported as Compared with
September 1935
While
building construction activity in September, as
measured by the value of permits issued, showed a seasonal
decline of 12.6%, it showed a rise of more than
54% as
compared with September 1935, Secretary of Labor Frances
Perkins reported on Oct. 24.
She stated:
The decline in the value of permits issued in September as
compared with
August
was
attributable entirely to the contraction in public building.
private building is taken by itself the value of permits issued showed
advance of
New England
Middle Atlantic
344
East North Central..
318
West North Central.
126
South Atlantio
159
(Including Alterations
and Repairs),
Aug. 1936
S1.827J329
7,553,062
10,849,486
1,567,302
4,549,776
1,725,659
2,412,669
2,650,925
Sept. 1936
68
506,030
154
5,634,877
6,709,761
38,174,927
34,323,632
31,894,426
5,839,912
13,832,668
3,840,256
6,267,196
2,666,855
19,631,567
1,455
36,568,807
39,845,969
126,471,439
126
...
East South Central..
57
West South Central..
103
Mountain
Pacific
Total
31,504,321
10,913,028
9,850,561
1,307,351
3,692,250
1,444,322
1,716,067
—8.2
Percentage change
Aug. 1936
$8,920,126
42,142,988
28,467,540
6,608,277
16,888,052
8,221,299
7,197,508
4,781,713
21,400,894
144,628,397
—12.6
an
1% during the month.
Compared with the
same
month of last year, all types of building con¬
struction show pronounced gains.
registered
If
Sept. 1936
Total Building Construction
Estimated Cost
Cost
Cities
Noted
States
Estimated
of
an
The value of
increase of 111%, the value of
new
new
residential buildings
non-residential buildings
gains 19%, and the value of additions, alterations, and repairs increased 31%,
During the first nine months of 1936 permits issued for buildings in cities
with a population of 10,000 or over were valued at
$997,924,000.
This
represents a gain of 71% over the first nine months of 1935.
The value of
Total
Value
of
by Grand
September
,
Exports and Imports of Merchandise
Divisions and Principal Countries in
The
Department of Commerce on Nov. 12, 1936, issued
merchandise imports and exports by
grand divisions and principal countries for the month of
its report showing the
Volume
143
Financial
September and nine months ended with September for the
1935 and 1936.
The following are the tables complete:
VALUE
VALUES
PORTS
OF
OF
EXPORTS,
INCLUDING
RE-EXPORTS,
AND
OF
EXPORTS
STATES
UNITED
OF
PORTS
FOR CONSUMPTION
CIPAL COUNTRIES
years
TOTAL
3383
Chronicle
MERCHANDISE
DIVISIONS
GRAND
BY
AND
AND
IM¬
PRIN¬
IM¬
BY
GRAND
DIVISIONS
AND
Exports of United States
PRIN¬
Imports for
Merchandise
MERCHANDISE
Consumption
CIPAL COUNTRIES
9 Mos. End.
9 Mos. End.
'of September
September
9 Months Ended September
September
September
September
1936
Month
1936
1936
1936
Exports to1935
1936
1935
1936
$
Europe.
$
97,471,000
28,008,000
15,687,000
13,906,000
Europe
Northern North America
Southern North America
South America
31,175,000
Asia
Oceania
Africa
—
6,275,000
6,281,000
98,937,000
32,142,000
19,370,000
16,596,000
37,921,000
5,733,000
9,451,000
658,678,000
248,066,000
147,538,000
129,690,000
262,521,000
52,953,000
68,823,000
719,102,000
282,488,000
161,403,000
145,874,000
279,362,000
61,829,000
82,439,000
98,237,000
30,966,000
Northern North America
Southern North America
South America
Asia—
Oceania
Africa
505,653,000
266,375,000
67,763,000
35,800.000
16,924,000
25,451,000
65,102,000
3,399,000
3,923,000
193,320,000
208,696,000
528,885,000
27,586,000
36,861,000
217.535,000 1,704,232,000 218,370,000 1,767,277,000
198,803,000 220,149,000 1,568,270,000 1,732,496,000
Total.
4,228,000
4,978,000
3,931,000
3,196,000
2,236,000
445,000
27,362,000
113,000
Argentina
Australia
-
Belgium.,
Brazil
BriUsh India.
British Malaya..
Canada
Ceylon.
Chile
1,283,000
2,462,000
China
Colombia.
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador..
Egypt
Finland
France—
Germany
Gold Coast
(Irpppp
Republic oflII"IIIIII
Honduras
Hongkong.
Iran
144,817,000
278,514,000
61,626,000
81,906,000
9,301,000
Total.
Haiti,
707,160,000
271,068,000
159,141,000
19,124,000
16,402,000
37,791,000
5,714,000
(Persia)
Irish Free State
Italy
Jamaica
Japan
Mexico
...
Netherland India
Netherland West Indies—
1,467,000
4,786,000
297,000
978,000
352,000
273,000
1,027,000
525,000
7,319,000
8,926,000
251,000
935,000
306,000
407,000
776,000
224,000
690,000
4,795,000
337,000
17,037,000
4,916,000
869,000
Peru
1,091,000
3,577,000
637,000
1,231,000
1,012,000
1,580,000
954,000
Philippine Islands
4,842,000
Netherlands
Newfoundland and Labrador.
New Zealand
Norway
Panama
1,727,000
960,000
3,734,000
2,932,000
527,000
622,000
2,740,000
44,000
53,597,000
736,000
Poland and Danzig.
Portugal
Spain
Sweden...
Switzerland
Turkey
Union of South Africa
U. S. S. R. (Russia)
United Kingdom
Uruguay
1,301,000
Venezuela.....
4,946,000
4,226,000
4,550,000
3,516,000
2,300,000
371,000
31,498,000
126,000
1,051,000
3,634,000
2,660,000
6,045,000
598,000
868,000
313,000
329,000
840,000
595,000
14,929,000
10,213,000
558,000
542,000
279,000
391,000
674,000
549,000
1,192,000
2,868,000
360,000
21,328,000
6,381,000
1,122,000
1,300,000
4,191,000
633,000
1,406,000
1,382,000
2,069,000
1,025,000
5,297,000
1,278,000
854,000
245,000
3,182,000
551,000
580,000
5,572,000
2,145,000
47,498,000
588,000
2,076,000
37,433,000
41,455,000
38,132,000
32,391,000
23,440,000
3,318,000
243,546,000
908,000
10,946,000
29,113,000
15,687,000
43,502,000
2,402,000
8,536,000
3,417,000
2,053,000
7,056,000
3,967,000
71,656,000
55,120,000
2,255,000
4,776,000
2,408,000
4,082,000
6,885,000
3,334,000
4,950,000
48,818,000
2,987,000
132,907,000
48,381,000
8,152,000
10,898,000
34,447,000
4,352,000
10,789,000
9,308,000
14,693,000
8,774,000
38,024,000
15,374,000
7,464,000
28^997,000
25,688,000
5,767,000
3,483,000
37,523,000
15,929,000
270,059,000
4,540,000
14,375,000
39,976,000
46,550,000
39,581,000
34,843,000
19,932,000
3,757,000
227,035,000
914,000
11,602,000
34,363,000
19,813,000
48,819,000
3,185,000
8,537,000
3,254,000
2,593,000
7,116,000
4,667,000
85,211,000
70,840,000
2,775,000
4,902,000
2.731,000
3,677,000
6,733,000
3,297,000
.5,252,000
41,728,000
2,611,000
137,109,000
54,848,000
9,094,000
9,559,000
37,123,000
5,293,000
14,267,000
10,787,000
16,658,000
10,214,000
44,417,000
13,322,000
6,256,000
21,280,000
27,991,000
5,470,000
4,620,000
49,680,000
27,805,000
295,978,000
5,955,000
16,744,000
VALUE OF GENERAL IMPORTS OF MERCHANDISE INTO THE UNITED
Argentina
Australia
Brazil
...
British India
British Malaya
Canada
:
Ceylon
Chile
China
Colombia
Cuba
Czechoslovakia—
Denmark
Dominican Republic
Ecuador
Egypt
Finland
France
Germany
Gold Coast
Greece
Republic
Haiti,
of
Honduras
Hongkong
Iran
-r
(Persia)
Irish Free State
...
Italy...
Jamaica
Japan
...
Mexico
Netherland India
Netherland West Indies
Netherlands
Newfoundland and Labrador.
New Zealand
Norway
Panama
Peru
Philippine Islands
Poland and Danzig.
Portugal
Spain
Sweden
Switzerland
Turkey
Union of South Africa
U. S. S. R.
(Russia)
United Kingdom
Uruguay
September
9 Months Ended September
3,59, ,000
2,229,000
7,462,000
11,297,000
45,354,000
57,037,000
8,132,000
6,551,000
1,236,000
4,613,000
6,319,000
3,003,000
594,000
27,790,000
1,244,000
124,516,000
36,049,000
49,483,000
10,689,000
36,234,000
3,260,000
8,786,000
15,846,000
3,287,000
6,348,000
84,107,000
7,714,000
4,502,000
13,691,000
34,421,000
14,404,000
7,428,000
1,030,000
1,052,000
87,000
620,000
458,000
310,000
62,000
3,434,000
127,000
2,567,000
136,643,000
53,591,000
9,085,000
9,528,000
36,472,000
5,242,000
14,212,000
10,747,000
16,583,000
10,108,000
44,325,000
13,265,000
6,217,000
21,222,000
27,868,000
5,223,000
4,657,000
49,660,000
27,754,000
291,994,000
5,928,000
16,627,000
15,918,000
2,986,000
6,977,000
1,270,000
7,651,000
657,000
977,000
2,036,000
277,000
650,000
II,145,000
909,000
650,000
730,000
4,408,000
2,353,000
708,000
581,000
2,058,000
16,746,000
753,000
2,184,000
6,240,000
4,666,000
17,400,000
139,972,000
9,697,000
18,918,000
Years/According
To Bank of Montreal
"The
beginning of winter finds business conditions in
better than at the corresponding date for some
years past," according to the monthly "Business Summary"
of the Bank of Montreal, dated Nov. 23, which added:
Canada
Imports from—
1935
$
Europe
Northern North America—
Southern North America—
South America
Asia
Oceania—
Africa
59,555,000
32,460,000
111,078,000
16,091,000
2,045,000
193,000
297,000
709,000
1,451,000
6,068,000
5,130,000
39,028,000
Canadian Business Conditions Best in
STATES, BY GRAND DIVISIONS AND PRINCIPAL COUNTRIES
Month of
.
578,000
2,067,000
Venezuela
41,948,000
17,512,000
41,424,000
73,480,000
53,483,000
121,191,000
262,393,000
9,848,000
20,811,000
6,859,000
I,915,000
6,250,000
9,636,000
5,352,000
1? ,043,000
34,756,000
855,000
1,299,000
5,155,000
3,552,000
10,092,000
2,327,000
266,000
39,830,000
46,404,000
39,237,000
34,736,000
19,848,000
3,744,000
265,669,000
913,000
11,501,000
34,320.000
19,395,000
48,311,000
3,111,000
8,496,000
3,204,000
2,576,000
7,108,000
4,636,000
82,862,000
69,944,000
2,599,000
4,807,000
2,680,000
3,652,000
6,700,000
3,297,000
4,929,000
4,213,000
4,526,000
3,511,000
2,291,000
371,000
30,328,000
126,000
1,025,000
3,630,000
2,557,000
5,992,000
588,000
867,000
307,000
327,000
840,000
594,000
14,758,000
10,107,000
484,000
538,000
276,000
388,000
665,000
549,000
1,192,000
2,774,000
349,000
21,251,000
6,241,000
1,121,000
1,297,000
4,147,000
627,000
1,399,000
1,377,000
2,063,000
1,004,000
5,288,000
1,274,000
853,000
245,000
3,172,000
536,000
568,000
5.570,000
2,143,000
47,290,000
Belgium
I.,.
50,015,000
26,572,000
10,841,000
20,663,000
49,024,000
2,205,000
2,327,000
1936
1935
1936
8
66,291,000
36,015,000
17,103,000
24,918,000
64,666,000
3,067,000
3,585,000
412,345,000
207,747,000
171,112,000
209,954,000
449,477.000
19,560,000
31,579,000
501,637,000
263,898,000
193,909,000
210,143,000
529,678,000
28,985,000
37,319,000
Both manufacturers
and
wholesale
houses report
a
satisfactory inflow
of orders and it is estimated that the level of retail trade is
higher than it
communities
is
now
about 10%
Increased purchasing power in the rural
year ago.
was a
making itself felt, and thanks to the rise in grain
prices there is, despite the short
crop,
more money
in circulation in the
Prairie Provinces than at the beginnig of last winter.
161.647,000 215,645,000 1,501,775,000 1,765,570,000
Total
Argentina
Australia
Belgium
Brazil
—
British India
British Malaya..
Canada.-
Ceylon
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
■.
Egypt——
Finland
753,000
France—
4,398,000
6,998,000
439,000
383,000
Germany
Gold Coast
rirnnnA
Haiti,
Republic of——Ill-
Honduras
Hongkong
Iran (Persia)
Irish Free State.
Italy
Jamaica
-
Japan
Mexico..
Netherland India
Netherland West Indies
Netherlands
Newfoundland and Labrador
New Zealand
Norway—
63,000
435,000
544,000
243,000
75,000
2,347,000
129,000
13,605,000
2,593,000
4,781,000
1,163,000
4,282,000
400,000
496,000
1,503,000
332,000
Panama
Peru——
Philippine Islands
Poland and Danzig
Portugal...
Spain
Sweden
Switzerland
Turkey
5,102,000
1,668,000
3,874,000
8,028,000
4,555,000
11,096,000
25,972,000
957,000
824,000
4,317,000
3,741,000
4,896,000
2,103,000
177,000
127,000
220,000
456,000
4-
Union of South Africa
U. S. S. R. (Russia)
United Kingdom
Uruguay
Venezuela
219,000
7,911,000
482,000
123,000
965,000
3,723,000
1,259,000
134,000
398,000
1,031,000
14,572,000
561,000
1.736,000
6,546,000
1,720,000
6,180,000
9,455,000
5,202,000
17,051,000
34,998,000
860,000
1,476,000
5,374,000
3,558,000
10,049,000
2,212,000
278,000
193,000
311,000
547,000
1,452,000,
5,905,000
7,212,000
879,000
545,000
85,000
624,000
470,000
328,000
83,000
3,171,000
115,000
16,017,000
3,055,000
6,975,000
1,207,000
6,987,000
639,000
842,000
2,163,000
274,000
640,000
11,148,000
1,054,000
674,000
526,000
4,379,000
2,236,000
196,000
569,000
2,262,000
17,524,000
485,000
2,184,000
50,566,000
10,523,000
28,005,000
72,152,000
46,462,000
102,097,000
203,396,000
8,668,000
18,942,000
46,008,000
37,846,000
95,695,000
15,358,000
2,026,000
42,527,000
18,957,000
41,341,000
73,314,000
53,529,000
121,208,000
259,934,000
9,857,000
20,684,000
60,692,000
32,518,000
110,108,000
16,266,000
2,102,000
4,226,000
3,602.000
2,300,000
6,342,000
8,234,000
2,207,000
7,890,000
11,312,000
45.263,000
56,652,000
8,083,000
7,714,000
1,202,000
4,642,000
6,719,000
2,748,000
625,000
26,270,000
1,164,000
124,028,000
37,181,000
49,467,000
10,682,000
34,979,000
3,324,000
8,739,000
15,728,000
3,286,000
6,555,000
84,036,000
7,778,000
4,532,000
13,033,000
34,420,000
13,977,000
6,919,000
4,596,000
16.725,000
139,168,000
10,386,000
18,914,000
39,705,000
55,644,000
6,266,000
7,174,000
852,000
5,234,000
5,258,000
2,954,000
369,000
23.425,000
1,601,000
107,944,000
30,917,000
38,891,000
10,007,000
28,359,000
4,135,000
7,631,000
11,392,000
3,706,000
5,041,000
76,479,000
7,777,000
2,455,000
13,001,000
26,4 37,000
11,032,000
4,780,000
2,649,000
12,455,000
107,617,000
4,913,000
16,156,000
The level of production in the first nine months
stantially higher than in
1935.
of this year was sub¬
With mining, manufacturing,
electrical
and railway transportation participating largely in the improvement,
power
the Government's manufacturing index averaged 106 2, a gain of
General Business
9.8%.
Activity in California During October
Fargo
Showed
Improvement, According to Wells
Bank & Union Trust Co., San Francisco
General
time
in
business
in
California in
nearly six years reached
October for
the
first
the average level which
prevailed during the 1923-25 period, the current "Business
Outlook," published by the Wells Fargo Bank & Union Trust
Co.,
San
Francisco, reports.
The bank's index for this
(1923-25 equaling 100) stood at 99.9 as against 97.3
September and 86.4 in October a year ago. The previous
high index figure for October was 104.9, in 1930.
An an¬
month
in
nouncement
in
the matter continued:
The
upturn was the result of increases in all four factors of the index;
considerable for bank debits, moderate for industrial production, freight
leadings and department store sales.
car
California
business
this year
agricultural returns since
the
for
mobiles
adverse
effect
of
1930.
labor
has been favored by the most remunerative
Distributor trade has been good, except
troubles
on
water-borne
commerce.
Auto¬
selling well,
building is expanding, and tourists are visiting
exceeding even that of 1929.
Factory employment in
October was 8% larger than that of October, 1935, and total
payrolls
were 16.9% larger.
the
are
State
in volume
♦
Far Western Business at
Highest Level Since July, 1931,
According to Bank of America (California)
The index of Far Western business of the Bank of Amer¬
ica
the
(California) for the month of October registered 78.3,
highest point in 63 months, according to the November
issue of the bank's "Business Keview."
index gained 6%
1935.
or
over
The October, 1936,
September and 13.5%
over
October,
The index level in October this year was 23.6
points,
43.1%
over
the depression low of March, 1933.
California
Financial
3384
according to recognized indices, con¬
substantial improvement over last year,
the "Business Review" reports, said an announcement issued
business
October,
in
tinued to register
by the bank, which went on to say:
the year.
The value of building permits issued in 32
cities totaled $17,027,616 in October, an increase of $9,241,114,
of
trend
California
118.7%
or
the
over
same
$130,028,289
aggregated
month in 1935.
Permits in 10 months of 1936
in these cities, a gain of $55,131,006, or 73.6%
in payrolls during October this year
16.9%
while
1935,
of
crease
Retail
11.3%
of
12%
department
above
last
California during October were
10 months of 1936 averaged
in
stores
Sales
year.
in
100. Comparison
11-month period.
The current index is 10.6% above the low point of June, 1933.
Since
December, 1929, there has been a 17.3% drop in average living costs.
Adlvances in general living costs in the last two months were reported
for 25 of the 32 cities covered by the Bureau of Labor Statistics.
The
largest change noted' for any city was an increase of 1.5% in Los Angeles.
July 15, the average costs in 1923-25 being used as
Oct. 15, 1935, shows an increase of 2.1% over the
on
California
farm price
October gained 18 points,
ind'ex for
or
20%
0.4%
October According
Conference Board
Business Advanced Further During
Industrial
National
Industrial
activity,
on
seasonally adjusted basis, ad¬
largely to increases in iron, steel
and miscellaneous freight
car-
loadings, all of which reached new high levels for the recovery
period, according to the regular monthly business survey of
the National Industrial Conference Board.
An announce¬
ment issued by the Board on Nov. 23 continued:
Gains were also recorded in the machine
by
tool industry, in which orders
the usual seasonal
than
more
non-residential
retail sales volume.
substantially unchanged as compared with the
amount; in
building contracts, bituminous coal production, and in
Electric power output was
preceding month, and output in the automobile industry failed to show the
Residential building contracts declined and
customary seasonal expansion.
somewhat curtailed.
Average daily steel ingot production in October reached the highest level
activity in the textile industry was
month since September, 1929, and was only 3.6% below the 1929
New orders from the construction industry continued
volume during October, but advanced substantially in the week
monthly average.
in small
The current operating rate in the steel
industry is estimated at about 74.1 %
Total production of
automobiles in the first 10 months of this year has
12% above the corresponding
period of 1935.
Current estimates indicate that with the higher schedules
now in effect, the industry will produce about 4,600,000 units during 1936.
Total building awards in October, as reported by the F. W. Dodge Corp.,
amounted to $225,839,900, which was 3.6% below the September figure,
3,687,000
approximately
but 12.6%
units,
increases, of which five were more than 2%, with
A general advance in
showing a rise of as much as 3.7%.
Angeles
price of eggs, customary at this season, was the most important factor
cities.
In Los Angeles an increase in milk prices also contributed
the
rise
the
the
drop
or
the
cities
12
reporting
food
in
drop
a
In each of these five cities,
more.
or
large part to a seasonal decline in the price of
September food costs were 5% below July.
In Buffalo,
On
slight but general upward trend in clothing costs was apparent.
A
the
clothing
average,
of 1%, with increases occurring in
city, Savannah, was this rise more
0.3
one
Insignificant declines were reported in five cities.
1%.
Since the
rents have been moving steadiily, though
continued over the two-month period.
The
early part of 1935
This trend
upward.
slowly,
costs rose
In only
cities.
32
the
of
than
advance in. the 32 cities was 0.7 of 1%, with all hut five cities
showing increases.
The largest rise was noted in Cleveland, 5.3%, while
in Atlanta and Richmond rental costs rose 3.1% and 3.0%, respectively.
average
the
Of
and
Seasonal
increases
and
Fuel
4.4%
in
upward
1%.
of
cost
light
was
6.1%
a
three cities and declined in
3%, with the greatest
in
than
more
rise
in
the increases of
accounted for
coal prices
housefurnishing goods showed
reported,
was
that
for
3.2% in Baltimore, and 3.1% in Scranton.
increase of 0.9 of
average
an
with only Pittsburgh and Minne¬
than 2%.
Minneapolis, 2.1%.
having increases of
of
cost
index
where a sharp advance in the cost
in the total fuel-and-light index.
A
In most cities the rise was small,
2.9%
the
caused
costs
change
no
rise
movement
in Atlanta,
The
and
in Portland, Ore.,
resulted
wood
the
cities
four
occurring
seasonal
fuel
in
This general advance reflected! increases in 26 cities.
costs showed
light
In
increase
three, Los Angeles, Portland, Ore.,
the Pacific coast,
on
showed increases between 2.0% and 2.5%.
to rise 1.5%.
three.
of
cities
four
Seattle,
group
in
In Pittsburgh an advance of
Insignificant decreases in the
reported from two cities, New Orleans
more
housefurnishing goods
were
and Baltimore.
The
0.1%
the
on
average,
as
an
increase
of
cities
10
The
items
miscellaneous
of
cost
there
was
in
above a year ago.
Of
costs.
declines of 2%
due in
was
potatoes.
27
food
in
showed
five
costs,
apolis
of capacity.
been
the average, increased 0.4 of 1% during the two months.
Food costs, on
Twenty cities reported
Demand from the automobile industry is increasing.
following the election.
Department of Labor
announcement issued by the
an
(Office of the Secretary) it was stated:
a
vanced during October due
and petroleum production
for any
covered was the
increase noted above.
average
In
The
food prices.
living costs was 1%, due entirely to a drop of 5.0% in
effect of the advances and declines in the 32 cities
to
increased
the reduction in
where the largest decrease occurred,
In Buffalo,
in most
"Business Review" reports.
1935, the
October,
to
Seven cities reported
1%.
under
the increase was
cities
the
of
most
In
declines.
Los
1935.
over
The
over
earnings
...
sales
estimated
weekly
average
8.3%.
8% in employment and
over the corresponding month
of employees showed an in¬
gained
industries
manufacturing
California's
1936
28,
with
net
last year.
over
of
October continued the
California during
in
construction
and
Building
upward
Nov.
Chronicle
than
more
insignificant in
were
showed
result of
a
little
increases
1%.
cities.
19
only
advancing
change,
in
In
case
no
the declines reported
Similarly,
size.
cost-of-living index presented at this time
Changes over a
measures
This
period of two months instead of over the usual three-month interval.
Noted
Increases
and
Payrolls
in
Collieries
from
Mid-
Employment
in
Anthracite
Pennsylvania
of
number
workers
rolls
the
on
Pennsylvania
of
companies increased about 5% and wage dis¬
bursements 39% from the middle of September to the middle
anthracite
according to indexes compiled by the Federal
Reserve Bank of Philadelphia from reports to the Anthra¬
of
October,
Institute
cite
nearly 69^900
whose earnings amount to approximately $1,978,000
workers
a
by
33
The Reserve Bank further stated:
week.
The
in
35%
gains reflected largely seasonal expansion in the output of anthracite
of
index
September to
29.3%
to
Detailed
indexes
by
indlexes
the
lower-salaried
Table
I
Table
by
combined.
clerical
for
II
100,
base
shown
September,
the cost
of
be
will
workers
best
that
in
be
can
December, March and
goods
of
results
purchased
calculated
of
as
by
wage
15th
the
of
months.
Percentage changes in
as
has
Investigation
prices secured
reliability of
the
of
securing quarterly prices in
and
lower-salaried
in
study
a
32
Group
combined,
143.6
was
large
presents
groups
based
indexes
for
with
on
each
as
to Sept.
of
in
by
1913
1936,
taken
as
on
TABLE I—PERCENTAGE CHANGES FROM JULY 15,
1923-25
the cities
for
100,
and
shown
of items.
groups
and
The index
compared with 143.0
are
in the years
costs
these cities
Table II.
wage earners
15,
States,
average
in
costs
also presented
Sept. 15,
15
the United
cities of
indexes
of items,
are
on
the cost of goods purchased by
workers from July
for
on
the 32
the 1913
July 15.
1936, TO SEPT. 15,
1936, IN THE COST OF GOODS PURCHASED BY WAGE EARNERS
46.8%
of the
49.0% in October, and that of payrolls
same
interval.
registered
comparisons
months.
of
AND LOWER-SALARIED
employment increased from
40.8% in the
these
ever,
these
result
Henceforth,
earners
colder weather.
of
result
a
as
about
of
increase
an
June.
cities
in the collieries of 27 companies showed
in October as compared with a month earlier.
Employee-hours actually worked
These
different
employing
companies
the
is
obtained
September to Mid-October
The
change
Compared with
declines
of
15%
and
1923-25 average
rose
a
UNITED
STATES BY GROUPS OF ITEMS
sharply from
[Preliminary Figures]
how¬
respectively.
year
13%,
WORKERS IN 32 LARGE CITIES OF THE
ago,
Fuel
follow:
All
Area and City
Food
Clothing
Rent
Items
Prepared by the Department of Research and Statistics, Federal Reserve Bank
of Philadelphia.
1923-25 Average=400
Average:
32
large cities
1935
1936
1933
1934
a40.4
+0.3
+0.7
—2.7
+0.2
—0.1
—0.9
—2.8
—0.1
—1.0
Boston
1934
4-0.4
—0.8
of the United States..
1933
House
furnish' Miscel¬
ing Goods laneous
—5.0
-+0.3
+0.2
1.5
+0.9
+0.1
+2.2
+0.5
b
b
+1.2
+0.3
b
+0.5
+0.8
+ 1.0
e-t
New England Area—
Payrolls
Employment
•
and
Light
1935
1936
Portland,
Me
Middle Atlantic Area—
45.8
Buffalo
53.9
64.7
New York..
+0.6
+1.3
c
+ 1.3
+1.1
+] .4
32.7
35.9
Philadelphia
4-0.1
4-0.2
—0.6
4-0 3
-1-0.5
—0.2
+0.5
+0.2
+2.2
+1.3
+2.9
c
—0.3
+0.2
—0.1
+3.1
+1.1
51.1
62.3
61.1
57.9
36.3
59.4
48.1
February
57.2
61.4
62.7
60.1
47.7
55.2
March
53.1
65.7
50.0
51.5
40.9
69.2
January
April
60.3
56.6
51.5
48,9
31.3
43.3
42.0
24.1
Pittsburgh
May
42.0
62.0
52.4
53.9
25.2
53.7
41.8
47.5
Scranton
June
38.5
56.0
55.6
50.3
28.8
44.7
55.5
35.3
32.0
+0.2
+0.2
c
c
—0.7
East No. Central Area—
35.4
31.6
31.3
Chicago
4-1.0
+ 1.7
+0.7
+0.2
+2.4
+1.5
+0.2
August
46.4
48.2
37.9
40.4
39.0
33.3
23.8
26.4
Cincinnati
4-0.2
—0.2
+0.3
+0.6
+1.9
+1.1
—0.2
September
55.2
55.4
46.2
46.8
50.9
39.4
32.2
29.3
Cleveland
+ 1.0
+0.5
+0.4
+0.3
d
d
October
55.3
56.9
57.7
49.0
51.6
40.4
47.1
40.8
Detroit
4-0.2
—0.4
40.9
+5.3
+ 1.2
—0.1
4-0.4
—0.1
November
59.4
59.0
45.7
40.1
42.8
23.9
Indianapolis..
4-0.5
40.5
40.5
+2.0
+0.3
40 3
—0.1
53.0
59.8
56.3
37.2
43.9
46.7
50.4
58.0
52.0
38.4
46.7
39.9
July
42.7
December
52.2
48.5
47.5
West
No.
Central
Area
Kansas City
4-1.2
42.7
+0.3
+0.6
+2.3
4-0.5
4-0.1
Minneapolis
-1-0.6
+0.4
+0.5
+1.0
+ 1.7
+2.1
+0.1
St. Louis
Average
+1.1
42.6
+0.4
+0.4
+2.1
+0.8
d
41.1
41.0
+ 0.2
43.1
4-4.4
+1.0
+0.6
+3.2
—0.1
+0.2
+0.1
South Atlantic Area—
Atlanta
Living Costs in United States Increased 0.4 of 1% from
Perkins
living costs for families
and
lower-salaried workers in 32 large cities of the United
States increased 0.4 of 1% in the two-month period between
July 15 and Sept. 15, 1936, Secretary of Labor Frances
Average
Perkins announced
Nov.
10.
"This
of
wage
increase
earners
reflected
ad¬
+0.5
40.4
b
—0 1
—0.8
+0.5
Norfolk
+0.5
+ 1.4
41.6
42.9
c
Richmond.
July 15 to Sept. 15, According to Secretary of Labor
Savannah
+0.4
Washington.
+0.5
Baltimore
Jacksonville
+0 5
+0.8
b
d
—0.1
+0.2
+0.7
+0.1
+3.0
—0.1
+1.0
+0.6
+0.4
+1.3
+0.3
—0.4
+0.1
—0.1
+1.0
+0.2
+0.6
+1.6
+0.6
—0.2
+0.1
b.
East So. Central Area—
Birmingham
Memphis..
+1.3
—0.2
b
+ 1.2
+0.6
+0.8
+2.6
—0.2
+0.7
+0.1
+0.1
b
—0.5
-2.0
—0.1
c
+1.8
b
+0.1
+0.5
__
Mobile...
West So. Central Area—
Houston
vances
in
the
in
costs
for
each
of
the groups
of items included
budget," Secretary Perkins said.
"The in¬
creases were small, however, each group showing a rise of
less than 1% except the fuel and light group.
For this
grqup,
family
which customarily rises at this time of
increase of
The
survey
1.5%
September
was
reported."
index for
the
32
cities
was
included
82.4
as
in
+1.8
d
+0.8
—0.2
+1.6
+0.1
+0.1
+ 1.8
+0.5
+0.1
d
-0.3
c
+0.5
+0.1
+0.7
+ 1.7
+1.4
+0.6
b
e+1.5
+3.7
+0.5
+2.5
e+0.4
+0.1
+6.1
+0.9
Denver
Pacific Area—
Portland, Ore
year,
the
pricing
compared with
82.0
-0.1
—2.8
4-0.1
1-2.5
San Francisco
+0.4
+0.8
+0.1
+0.3
d
+1.1
+1.7
+0.8
Seattle
an
Miss Perkins continued:
large
of the Bureau of Labor Statistics
+0.8
New Orleans.'
Mountain Area—
+0.5
—0.9
+0.2
+ 2.0
+2.0
+ 1.0
Los Angeles
a
Covers 51 cities,
d No change,
e
b Increase less than 0.05%.
Based
on
revised fuel-and-light
c
b
+0.1
Decrease of less than 0.05%.
data.
Volume
Financial
143
Chronicle
TABLE II—INDEXES OP THE COST OP GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 32
OF THE UNITED STATES BY GROUPS OF
said, while the gain of 10.1% in
CITIES
LARGE
August.
[Preliminary Figures]
(Average 1923-25=100)
An
this
Area and
Food
All
City
Rent
Clothing
and
Items
light
House-
It
is
the
first
Miscel¬
substantially
Shipments
also stated:
was
examination
ing Goods laneous
furnish-
the activity of the iron
for most of the decrease in July and
foundries compensated
ITEMS, SEPT. 15, 1936
Fuel
3385
the
cf
records
of
and steel
iron
foundries, deliveries kept
and
among
82.4
a84.3
78.6
64.6
b87.4
78.2
96.5
New England Area—
Boston
83.5
79.2
84.2
75.6
85.9
76.6
97.9
ments
orders
cating
85.7
81.9
80.5
76.0
86.3
85.1
102.9
Buffalo......
83.3
81.7
77.2
67.3
99.3
81.3
99.4
New York
84.4
85.0
88.3
75.1
Philadelphia
Pittsburgh
82.1
85.4
74.1
65.9
82.6
76.5
95.4
80.9
81.9
76.9
62.1
100.3
77.1
95.9
Scran ton
83.2
80.4
80.1
72.9
79.9
84.8
78.3
75.1
to
that
the fact
reveals
date
iron castings has increased
gray
the steel
castings
also
increased.
the
Among
gray
with the greater volume of production,
pace
shipments
foundries the
rose
even
thus
more,
indi¬
a depletion of stocks of finished castings on hand.
These develop¬
give added significance to the increase in the volume of unfilled
97.7
Portland, Me
Middle Atlantic Area-
1926
of
in September.
iron
Average: 32 large cities
of the United States..
from
that production
time
for
iron
gray
castings
minimize
and
the
slight
decline
the
in
backlog for steel castings.
During the last 12 months both groups of plants have recovered rapidly.
96.3
When
the
the
34.5%
ments,
East No. Central Area—
of this month are compared with those of
reports
foundries show increases
iron
and
increases
of
year
a
ago,
61.9% in production, 57.7% in ship¬
and the steel foundries show even
unfilled orders,
in
Chicago
Cincinnati
78.4
86.2
72.8
51.6
91.1
98.6
larger
87.4
89.9
77.3
74.5
95.4
85.7
97.5
84.3
85.3
81.1
62.5
99.9
75.1
102.0
109.6% in
Cleveland...—
79.0
84.9
79.2
58.5
82.0
78.4
91.6
81.8
86.5
75.0
60.0
84.8
82.5
92.6
No.
Per Cent
Per Cent
Firms
September
82.9
89.9
76.8
58.5
81.6
74.5
97.0
1936
Change
from
Minneapolis .......-
84.5
92.3
77.1
65.1
91.0
82.0
95.1
Report¬
ing
Short Tons
Aug. 1936
Change
from
Sept. 1935
St. Louis...
83.8
91.3
78.0
55.6
86.3
83.9
100.3
81.5
82.0
81.2
62.2
72.9
86.9
93.8
Production
86.4
87.4
79.2
70.7
85.7
77.2
104.7
Jobbing.
80.1
81.6
79.1
56.5
88.6
79.2
90.2
85.2
83.8
85.0
62.2
80.7
82.0
103.9
85.5
81.5
84.9
70.7
80.5
89.1
99.6
Unfilled orders
81.0
84.8
81.7
58.9
82.0
83 2
91 2
Raw
87 4
86.4
78.3
86.8
84.3
82.0
97.1
stock—Pig iron
Scrap
Coke
Detroit
.....
Indianapolis
—
70.8
145.7%
of
unfilled
West No. Central Area
Kansas City
—.
South Atlantic Area-
—
Jacksonville.
...
Norfolk.
Richmond
......
Savannah
Washington
in
and
shipments,
of
Gray Iron Foundries—
Atlanta
Baltimore
204.6%
production,
in
orders.
...
76.5
77.8
82.7
48.0
80.3
75.8
81.1
83.8
83.4
55.5
85.4
85.7
94.5
82.2
79.3
86.7
62.8
69.4
83.4
95.9
+61.9
+ 12.2
+ 59.1
—4.1
+88.4
3,878
+ 9.7
+ 57.7
17
741
+ 12.7
+ 34.5
24
+ 12.6
+32.7
23
1,710
1,460
+ 23.9
23
552
+ 13.3
+ 9.4
—2.2
8
4,920
4,480
+ 3.6
+ 145.7
+ 6.8
440
—20.5
+ 180.0
+ 9.3
8
5,151
28
90.8
Mobile
+ 10.1
3,771
3,341
430
Shipments
East So. Central Area—
Birmingham
Memphis
29
For further manufacture
Steel Foundries—
Production
West So. Central Area—
Jobbing
Houston
81.5
82.2
73,5
68.5
72.6
84.3
94.7
New Orleans
82.6
86.1
75.9
70.5
75.0
82.7
90.5
Unfilled orders
7
5,727
+ 39.4
—4.0
83.4
90.8
76.6
60.0
75.8
83.7
97.1
Raw stock—Pig iron
6
508
+ 75.3
+204.5
+ 109.6
+40.4
Scrap
6
5,109
+4.8
—28.6
b76.3
77.3
81.9
47.7
b82.0
76.8
90.7
F
Coke
6
155
—11.5
+ 45.8
Portland, Ore
81.9
82.0
78.2
57.2
85.9
79.6
98.6
San Francisco...
84.8
84.0
86.7
70.1
78.6
80.5
97.5
Seattle
84 5
82.3
84.1
64.4
92.4
85.6
97.6
For further manufacture
Shipments
Mountain Area-
Denver.
......
Pacific Area—
Los Angeles...
Average: 32 large cities
105.2
141.1
al33.7
143.6
192.4
163.8
bl62.0
his
In
Angeles for July 15 was 81.7, that for all-items was
The revised index of fuel-and-light costs for the 32 cities combined was
monthly
ol fuel-and-light costs in Los
75 2
86+ for July 15 on the
ditions
1923-25 base; on the 1913 base it was 159.6.
Labor
of
ment
The revised index
b Based on revised fuel-and-light ^ata.
Covers 51 cities,
Employment and Payrolls in Illinois Industries
During September Reported by Illinois Depart¬
.
of the United States..
a
Gains in
7
(1913= 100)
in
of the Illinois Department of Labor, reports
and Research
the rolls of Pennsylvania
wage disbursements as
well as employee-hours actually worked registered gains
of about 6% from the middle of September to the middle
of October, according to indexes compiled by the Federal
Reserve Bank of Philadelphia from reports received from
2,275 manufacturing plants employing about 510,700 workers
whose payroll averaged $12,182,000 a week.
The increase
in employment represented the usual seasonal change that
occurs in the period, while in the ease of wage payments
and working time the gain was somewhat larger than cus¬
tomary, the Philadelphia Reserve Bank indicated on Nov. 18,
that the statistical summary of data
1%,
over
The
and the
reports
employment
census
945,000
about
and
with
groups
chemicals
the
showed
wage
earners
of
The
non-ferrous metals
October, although groups
in
the
in
the
except
other
durable goods
industries
in
and
textiles and clothing.
recent
months,
employment and wage payments in October
industries registered somewhat larger gains than
was
Relative to the 1923-25
average,
the indexes of employment and payrolls in durable goods stood
at 76% and
83%, respectively.
In consumers' goods the October index
of employment was 102%, and that of wage payments 95% of the threeyear
average.
Although the number of wage earners employed in the
durable goods industry continues lower,
relative to the base period, the
case
increase of about
producing consumers' goods.
the
following to
say
re¬
garding employment conditions in Delaware factories:
Delaware
factories
employment and
decrease
chiefly
had
year
of
a
3%
over
6%
as
October
reported
in payrolls.
compared
with
a
decline
of
nearly
11%
seasonally in
employment
and
the
wage
Employee-hours worked showed a
These declines reflected
September.
previous
months.
Compared with a
showed increases of 14% and
24%, respectively.
Mr.
indexes
1936,
wages
the
employment for all reporting industries
from
59.8
to
68.4
show
same
rose
75.6 in
from
while the index of payrolls
1936,
during the
paid.
period.
Foundry Operations in Philadelphia Fed¬
eral Reserve District During September Reported
by University of Pennsylvania
The production of gray iron and steel castings in the
Philadelphia Federal Reserve District increased during
September, according to reports received by the Industrial
Research Department of the University of Pennsylvania.
A rise of 3.6% in the output of steel castings nearly offset
the declines reported last month, the Research Department
Wages Paid, According to Sex
3,939
from
Total wage payments to males increased 0.5 of
female workers increased 1.3%.
compared with August.
as
while total wages paid
1%,
manufacturing classification
the
Within
of
industrial
the number of male
2.8%, respectively.
Total
establishments,
1.5%
and
enterprises, 2,156
female
and!
workers
payments
wage
to
in¬
male
increased 0.5 of 1%, while total wages paid female workers
1% during September as compared with August.
industries considered as a class, representing
1,783 reporting enterprises, showed increases of 0.1 of 1% in the number
employees
0.4 of
increased
The
non-manufacturing
male
of
and
4.2% in the number of female workers employed during the
Total wage payments to male workers increased
August-September period.
0.6
of
the
same
1%, while total
wages
paid female workers increased 5.1% during
period'.
Changes in Man-Hours During September in Comparison with August
and female workers
number of
total
hours increased
workers
female
during
respectingly.
In
the manufacturing
for
man-hours
lishments
1%
for male
in
female
1,895
female
and
for male workers
of
0.5
workers
were
combined,
of
1%
enterprises
in
and
1.9%,
and
reported
estab¬
these
1% greater than in August.
establishments, reporting man-
separately,
1.6%
1,488
of
for
decreased less than 0.1 of
female
workers.
enterprises reported
worked
this classification
0.2
1,988
0.2 of
manufacturing
workers,
and increased
non-manufacturing group,
of 1% in total man-hours
Within
increased
industries,
the
combined.
an
September
group
and
male
combined, in all reporting industries, the
of 1%.
Total hours worked by male
0.3
total hcurs worked
the
worked
Hours
hours
of
in
by
industrial enterprises which designated the sex of
their working forces showed increases of 1.3% in the number of male
and 3.1% in the number of female workers employed during September
In
Increase
issued
September,
of
1935,
Changes in Employment and
two
payments
September,
with
The index
and
in
marked reduction in the activity of the canning industry, which
expanded
ago,
in
review
the
9.8% in employment and 14.4% in total
For male
had
from
September, 1935, to 83.0 in September,
2% in plants producing consumers' goods.
Bank's announcement
The
is also
following
advanced
gain during the past year has amounted to nearly 21% as compared with
an
employed
Swanish:
creased
As in
in
The current August-September
number
greater-than-seasonal
a
reporting
food
that the
were
those comprising
of
employment
in
the
in
represents
classifications
textiles,
inclusive, the records of the Division
average August-September change
employment and a decrease of less than
1923-35,
show
1.0%
1% in payrolls.
1.2%
lumber products showed somewhat
smaller increases over September than are to be expected seasonally.
Pay¬
rolls in the food and leather products groups decreased slightly in Octo¬
ber, while larger than customary increases occurred in all the other major
chiefly
comprising
of
increases of 2.1%
and total wages paid, respectively,
increase in employment and a contraseasonal increase in
payrolls.
The latter changes exhibit net gains in
both series and further growth in industrial activity in Illinois.
0.1
and
Reports
exception
gains
13-year period,
increase
an
receiving a weekly payroll
approximately $22,344,000.
All
the
Statistics and Research
was
Compared
show that
data
For
of
6
nearly
October was
in
in Pennsylvania factories in October,
employed
of
of
Mr.
Swanish noted:
increases of
88% of the 1923-25
average, or over 10% higher than last year, and that of payrolls was 87%,
or
24% above the level of a year earlier.
Estimates made from current
index
employed and 1.2% in total wage payments."
persons
and
its announcement adding:
returned by 4,809 re¬
porting manufacturing and non-manufacturing enterprises
in the State reveal "increases of 2.1% in the number of
The number of wage earners on
increased
during
August, Peter T. Swanish, Chief of the Division of Statistics
Pennsylvania
Factory Employment Increased from
Mid-September to Mid-October—6% Gain Noted in
Payrolls—Delaware Factories Report a Decline
factories
industrial employment con¬
September as compared with
of
review
Illinois
by
male
industries,
1,319
an
increase
female
workers
concerns
and
showed
of
increase
1.0% in the total number of man-hours worked by male
3.6% in the total number of man-hours worked by female workers.
Average actual hours worked in September by 435,653 wage earners
and
in
of
the
3,476
decrease of
In
with
the
less
of
than
enterprises
average
manufacturing plants, the
40.6
number
industrial
1.7% from the
in
August.
hours
in
In
worked
August.
reporting
of
man-hours
were
89.8,
or
a
40.5 hours in August.
average hours were 39.8 as compared
the non-manufacturing enterprises, the average
week during September was 40.0, or 1.2%
per
Financial
3386
Report
Weekly
Week Ended
Lumber Movement,
of
Nov.
14, 1936
14,1936,
production and
51% of 1929 shipments.
The maritime strike continues to
restrict lumber shipments and output.
Reported new orders,
however, were appreciably above production.
National pro¬
duction reported during the week ended Nov 14 of 4% fewer
mills was 8% below revised production figures of the pre¬
ceding week; shipments were 4% below, and new orders
during the week ended Nov.
The lumber industry
55% of the 1929 weekly average of
stood at
week, according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of important hardwood
and softwood mills.
Reported new business during the week
ended Nov. 14 was 9% in excess of production; shipments
0.2%
were
above
that
9% below output. Reported new business of the previ¬
week was 1% above production; shipments were 12%
were
ous
Production in the week ended Nov. 14 was
softwood mills 6% below the corre¬
sponding week of 1935; shipments were 4% below, and
orders 13% above shipments and orders of the correspond¬
below output.
shown
reporting
by
The Association further reported:
ended Nov. 14, 577 mills produced 199,236,000 leet of
ing week last year.
During the week
and
softwoods
orders
of
Mills,
599 ;
booked
feet;
Revised figures for the previous week were:
215,958,000 feet; shipments, 189,639,000 feet;
217,571,000 feet.
production,
217,204,000
orders,
181,631,000
shipped
combined;
hardwoods
feet.
Southern cypress and Northern Hemlock
reported orders above production in the week ended Nov. 14.
All report¬
ing softwood regions except West Coast and Southern cypress reported
regions except Western pine,
All
reported shipments and all but West Coast
cypress
Southern
All regions except West Coast and
above the 1935 week.
orders
mills
totaled
mills.
same
202,632,000 feet,
or
Shipments
as
reported
by 490 soft¬
9% above the production of the
for the same week were 168,571,000
9% below production.
Identical Mill Reports
*>
181,028,000
feet, and a year ago it was 192,390,000 feet; shipments were, respectively,
164,664,000 feet and 170,751,000 feet, and orders received, 199,026,000
week's
Last
feet and
production of 462 identical softwood mills was
176,305,000 feet.
Automobile Sales in October
The Bureau
of the Census has issued the figures in the
of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units
table below of factory sales
Canadian production figures
vehicles) for October, 1936.
or
supplied by the Dominion Bureau of Statistics.
Figures for months prior to those shown below were reported
in the issue of the "Chronicle" of Sept. 26, 1936, page 1962.
have
been
NUMBER'OF VEHICLES
(INCLUDING CHASSIS)
United States (Factory Sales)
Canada
Total
Total
YearlandjMonth
Passenger
Trucks,
IAll
&c.
Vehicles)
Trucks
ger
Cars
States
90,597
190,688
44,333
33,940
4,655
5,361
2,481
4,592
October
301,106
September
July.
269,782
270,053
274,627
June
270,051
79,830 May
May
267,067
75,719
April
April--.
258,721
76,470
March
76,507
72,252
79,361
February
August-
March
Tot. 10 mos. end. Oct.
3,560,924
2,908,588
652,336
131,099
104,680
26,419
221,569
227,955
January
1935—
87,540
56,097
213,310
31,443
58,733
5,188
8,273
3,402
272,043
6,803
1,786
1,470
3,147,347
2,572,308
575,039
145,597
113,980
31,617
170,007
131,991
125,040
84,003
44,967
47,982
5,579
4,211
2,125
1,368
3,780
2,516,005
2,017,838
498,167
112,461
89,152
23,309
1934—
-
Tot. 10 mos. end. Oct.
November
October
Wheat
World
Newsprint
1,655
Production
Reached New High
United States Mills
Record in October—Output by
Increase
8,811 Tons
During October, Canadian mills produced 301,106 tons of
newsprint, a new all-time high record, it was announced on
Nov. 13 by the Newsprint Service Bureau.
The October
output compares with 269,782 tons produced in September
and 266,515 tons in October, 1935.
The previous record
month
were
was
newsprint
mills during
July, this year, when 274,627 tons of
produced.
Shipments
by
Canadian
October totaled 307,250 tons.
According to the Newsprint Service Bureau
production
and shipments 81,544
tons, making a total United States and Canadian newsprint
production of 382,133 tons and shipments of 388,794 tons,
it was stated in the Montreal "Gazette" of Nov. 14, which
in the United States was 81,027 tons
continued:
made in Newfoundland,
amounted to
412,810 tons. Total production in October, 1935 was 378,175 tons.
The Canadian mills produced 356,708 tons more in the first 10 months
of 1936 than in the first 10 months of 1935, which was an increase of 15.9%.
The output in the United States was slightly greater than for the first 10
months of 1935, in Newfoundland production was 8,253 tons or 3% less,
with no production in Mexico, making a net increase of 333,020 tons,
During October, 30,677 tons of newsprint were
so
or
that the total North American
production for the month
10.1%.
Stocks of newsprint
tons at
paper
the end of October
75,869
78,929
79,746
244,732
262,854
266,515
December
Institute of
71,416
232,020
75,187
73,108
77,339
242,693
222,224
205,682
180,305
201,959
84,323
November
239,544
240,869
79,777
74,933
October
235,021
80,572
January
-
74,891
73,528
70,805
80,666
1934—
Production Estimated by International
Agriculture at Lowest Level Since 1922
advices from Rome, Italy,
International Institute of Agriculture reported
that day the lowest estimates of world wheat production since
1922.
The advices continued:
According to AssociatedPress
Nov. 12, the
Prospective crops
normal,
The
China and Turkey were declared to be
Argentine production was considered good.
wheat stocks at approximately 671,800,000
in Russia,
while Danubian and
Institute
set
export
bushels, 10% below 1935.
Wheat
production of importing nations,
and will necessitate aggregate imports
the Institute said, will be small
of approximately
543,600,000 bushels,
compared with 499,200,000 last year
$155,000,000 of Loans Repaid by Farmers to Production
Credit Associations During 12 Months Ended Nov. 1
Repayment by farmers of loans
at Canadian mills were
from production credit
months has been the largest on
record, it was stated in Washington on Nov. 21 by S. M.
Garwood, Production Credit Commissioner of the Farm
Credit Administration.
Farmer payments to the 553 as¬
sociations
comprising the new short-term farm credit
system, Mr. Garwood said, aggregated $155,000,000 during
the 12 months ended Nov. 1 just past, compared to $173,000,000 of cash advances during the period.
Production
loans are made for periods of 12 months or less, but where
the payment record and security are satisfactory, certain
types such as dairy loans may be renewed.
The Com¬
associations during recent
missioner further stated:
collection of loans have been
On Nov. 1 last year, the associa¬
tions had $93,000,000 of loans outstanding. Since then, cash advances
amounted to $173,000,000, or a total of $266,000,000 of short-term credit
available for crop and livestock production during the 12-month period.
Heavy liquidation of loans since the present marketing season began
reduced loans outstanding to $111,000,000 as of Nov. 1.
Organized three years ago as cooperative credit agencies through which
farmers get loans and elect their own officers and directors, the production
credit associations have made over 565,000 loans for more than $484,000,000
Gradual expansion of
business and prompt
general with the associations this year.
organization.
Products—December Recommended
Barrels Above Current Month—
Texas Allowable to be Raised 10%—Crude Stocks
Hit New 15-Year Low—Oil Production Up in Week
Petroleum and its
trend of consumption of refined crude products
has made it necessary for the
increase its recommended crude
allowable, the December level being set at 2,930,300 barrels,
up 60,000 barrels from the recommended November crude
production.
In issuing its recommendations for next month, the Bureau
reported that the present market trend indicates a con¬
tinuance of the increased demand for petroleum products
The rising
for heating purposes
Bureau of Mines to again
used
Further increases in the recommended
supplies of new crude are seen likely,
particularly in States supplying refinery districts which
serve areas in which fuel oil consumption is heavy.
The Bureau, however, also said that insufficient data,
unpredictable weather conditions and the wide divergence
of opinion to the probable trend of refinery operations make
detailed forecasts for more than one month in advance
impractical.
On the current trend, however, a probable
increase of about 9% in the total demand for motor fuel and
an average monthly increase of about 4,000,000 barrels in
aggregate demand for heating and fuel oils in the first
quarter of 1937 as compared with a year earlier.
The Texas allowable for December will be approximately
10% above the quota of 1,161,410 barrels in effect as of
Nov. 18, it was indicated by members of the Railroad Com¬
mission.
The increasing demand for crude from foreign
purchasers plays an important part in the increase in the
allowable.
The 1,161,410-barrel quota is substantially above
the
1,109,300 barrel level recommended for Texas for
November by the Bureau of Mines.
Stocks of domestic and foreign petroleum set a new 15-year
low on Nov. 14, dropping 230,000 barrels to 289,964,000
barrels, the Bureau of Mines reported.
The decline rep¬
resented a dip of 90,000 barrels in stocks of domestic crude
and of 140,000 in holdings of foreign oil.
Stocks are now down to the point where further curtail¬
ment may have serious repercussions should there be any
interruption in the flow of crude to refiners. Of the approxi-
during early 1937.
allowables to bolster
Canadian
j.
December
1935—
769
H
October
———
243,900
February
September
U. S.
223,892
235,573
234,266
72,216 August
73,673 July
73,361 June
2,174
September
Canada
1935—
U. S.
81,027
Production 60,000
135,130
224,628
Tot. 10 mos. end. Oct.
-Tons-
-Tons-
Canada
1936—
Cars
.......L-
October
"Gazette," shows
the United
of newsprint in Canada and
for each month since October, 1934:
production
1936—
September
Sept. 30,
31. 1935.
following table, contained in the
The
the
since their
(Production)
(All
September
75,998 tons compared with 82,596 tons on
Passen¬
Vehicles)
October
of
or
Production was 185,921,000 feet.
Reports from 107 hardwood mills give new business as 14,939,000 feet,
or
12% above production.
Shipments as reported for the same week were
13,060,000 feet, or 2% below production.
Production was 13,315,000 feet.
feet,
total
1936 and 87,658 tons on Oct.
and Northern hemlock
reported production above the corresponding 1935 week.
Lumber orders reported for the week ended Nov. 14, 1936,
wood
combined
1936
Nov. 28.
Chronicle
reported at 59,574
and 16,424 tons at United States mills
making a
Volume
raately 290,000,000 barrels held, about 200,000,000 barrels
located that they would not be immediately available.
This leaves less than 90,000,000 barrels, which on the basis
of current refinery runs
averaging about 3,000,000 barrels
is only 30 days'stocks.
Stocks have shown a steady
barrels in storage at the outset
Minneapolis
Cleveland
.195
New Orleans
.23
.17
Denver
.21
Boston...
.17
Detroit
.19
Philadelphia
Pittsburgh
16
.195
Buffalo
.175
Jacksonville
.20
San Francisco...—
.175
Houston
.18
St. Louis
Los Angeles
.175
New York
Brooklyn
r
The
production of crude oil in the
third week of November rose 20,550 barrels to 3,060,950
barrels, the American Petroleum Institute reported. This
compared with estimated market demand of 2,870,300 bar¬
rels set by the Bureau of Mines, and actual production in
the corresponding 1935 period of 2,839,950 barrels.
Texas showed the broadest expansion, production rising
15,200 barrels to 1,149,850 in contrast to the Bureau's
recommendation of 1,109,300 barrels.
An increase of 6,150
barrels in Oklahoma lifted that total to 593,450 barrels,
reduce output,
daily
average
against estimated market demand of 558,400 barrels.
Louisiana with an increase of 3,250 barrels, accounted for
233,650 barrels, against the Bureau's 198,600-barrel figure.
Kansas showed only a nominal gain of 200 barrels at 167,300,
against 154,500 barrels. A slash of 900 barrels cut California
to 592,900, in comparison with the Bureau recommendations
of 549,600 barrels.
There were crude oil price changes posted.
Prices of Typical
Crudes
(All gravities where A. P
$2.45
1.16
1.42
Bradford, Pa
Co.)
Corning, Pa
1.28
Illinois
Western Kentucky
1.28
Mtd-Cont't
Okla., 40 and above.
1.18
Winkler, Texas
.85
Smaokover, Ark., 24 and over... .75-.80
_
per
....$1.10
1 15
Rusk, Texas, 40 and over
.97
Darst Creek
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
1.32
1.15
1.22
1.40
Petrolela, Canada
2.13
Central Field, Mich
Sunburst, Mont
PRODUCTS—GASOLINE
STOCKS
CONTRA-
SHOW
WEEK—
PRICES
INVENTORIES—FUEL
RAISED
gasoline showed a
week ended Nov. 21,
Inventories of finished and unfinished
contra-seasonal contraction during the
dipping 912,000 barrels to 56,670,000 barrels, statistics com¬
piled by the American Petroleum Institute disclosed.
Re¬
finery stocks were cut 1,151,000 barrels, gains of 143,000
barrels in bulk terminal holdings and of 94,000 barrels in
unfinished gasoline stocks reducing the net decline.
The drop in motor fuel stocks was even more noteworthy
in the face of the sharp expansion in refining activities.
Refineries operated at 77.8% of capacity during the period,
up 2.7% from the previous week.
Daily average runs of
crude oil to stills rose 95,000 barrels to 2,995,000 barrels.
An increase of 20,000 barrels in daily average production of
cracked gasoline lifted the total to 705,000 barrels.
With consumption spurred by the cold weather, stocks of
gas
2% duty city sales tax.
and fuel oil reflected the broadening demand with the
sharpest decline scored so far this year.
Inventories suffered
a reduction of 1,079,000 barrels, totaling 111,762,000 barrels
on
Nov. 21.
Further reductions are anticipated as con¬
sumption shifts into its normal winter high rate.
Sinclair Refining Co. announced on Nov. 25 that it would
advance the price of kerosene and No. 1 furnace oil to 5 cents
a gallon and No. 2 heating oil to 43^ cents at all ocean ter¬
minals in carload lots, effective Nov. 27.
Other companies
followed the advance posted by Sinclair.
Under Sinclair's new schedule, No. 4 heating oil will be
%-ceiit a gallon at New York, Philadelphia and
Tiverton, R. I., to 434 cents.
Kerosene will be advanced
Oil
Crude
average gross
Nov.
21,
1936,
Institute
estimates
An increase of
8% in estimated domestic market demand
gasoline during December was reported by the Bureau
of Mines.
The Bureau put the probable demand at 36,400,000 barrels.
Export demand for motor fuel during December
was estimated at 2,300,000 barrels, 900,000 less than in the
like month last year when heavy foreign demand lifted the
total to abnormal heights.
Representative price changes follow:
This was a rise
3,060,950 barrels.
was
of 20,550 barrels from the output
25—Sinclair
to 5 cents a
in
Refining advanced kerosene and No.
1
by the United States Department of the Interior
imposed by the various
calculated
be the total of the restrictions
to
oil-producing States during November.
Daily average pro¬
duction for the four weeks ended Nov. 21, 1936, is estimated
at
The daily average output for the week
3,029,650 barrels.
23, 1935, totaled 2,839,950
ended Nov.
details,
Imports of petroleum for domestic use
daily
of 143,143 barrels,
average
and receipts in bond at principal
week ended Nov. 21 totaled
United States ports for the
a
effective Nov. 27.
U. S* Gasoline (Above 65 Octane), Tank Gar Lots, F.O.B. Refinery
Standard Oil N.
J.$.06%
Socony-Vacuuxn..
.07
.07^
Richfield Oil(Cal.) .073^
Warner-Qulnlan
.0734
Tide Water Oil Co
ex.
-.053
.06H-.063
.053
ports...
.053
Chicago
New York—
New York
Colonial Beacon_.$.07H
$.05
Orleans.
New
Texas
.0734
Los
Gulf
.07
Gulf
.07
Tulsa
Shell
Eastern
Ang.,
.06
-.063
barrels for the week ended Nov.
1,002,000 barrels,
compared with a daily average of 169,571
14 and 149,071 barrels daily for the four
weeks ended Nov. 21.
barrels
the four weeks
compared with a daily average of 10,000
14 and 5,167 barrels daily for
ended Nov.
for the week
Atlantic and Gulf Coast ports
receipts of California oil at
were no
ended Nov. 21.
Reports received from refining companies
barrel
daily potential refining
estimated
indicate that the industry as a
whole, ran
owning 89.9% of the 3,954,000
capacity of the United States,
to stills, on a Bureau of Mines
daily during the week, and that all
refineries, bulk terminals, in transit and in
week, 56,670,000 barrels of finished and
unfinished gasoline and 111,762,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 705,000 barrels
basis, 2,995,000 barrels of crude oil
companies had in storage at
pipe lines as of the end of the
daily during the week.
DAILY AVERAGE
CRUDE OIL PRODUCTION
B. of M.
Actual Froduction
Average
Dept. of
Week Ended
4 Weeks
Nov.
culations
21,
14,
1936
1935
587,300
167,100
568,100
160,300
499,400
58,950
64,800
63,050
64,900
34,300
145,300
33,850
154,800
166,900
165,000
65,050
60,850
32,050
157,550
47,050
433,050
108,150
164,100
167,300
63,750
64,700
33,550
North Texas
West Central Texas
Fuel Oil, F.O.B. Refinery or
California 24 plus
$1.15
Bunker C
67,050
441,350
164,800
158,100
1,149,850
1,134,650
1,158,700
1,067,850
76,700
156,950
77,050
153,350
76,750
156,100
33,850
126,500
198,600
233,650
230,400
232,850
160,350
28,100
108,400
27,800
114,050
29,450
49,200
18,450
4,650
27,900
114,250
105,250
East Texas
Southwest Texas
...
Coastal Texas
1,109,300
Total Texas
North Louisiana
Coastal Louisiana
Total Louisiana
Michigan
29,000
27,800
114,300
29,750
Wyoming
40,100
46,700
Montana
14,300
18,000
4,400
75,600
3,750
83,500
2,320,700
549,600
2,870,300
Arkansas
...
....
Colorado
New Mexico..
Total east of California.
California
Total United States
69,300
441,000
27 plus
$.04
$.03J$
-.0334
Terminal
New Orleans C
D
$1.00-1.25
83,550
4,550
83,450
50,100
36,850
12,750
4,050
57,900
2,468,050
2,446,600
2,444,500
2,168,250
592,900
593,800
585,150
671,700
3,060,950
3,040,400
3,029,650
2,839,950
46,450
17,800
Note—The figures indicated above do not
include any estimate of any oil
c
which
CRUDE RUNS TO STILLS AND STOCKS OF
FINISHED AND UNFINISHED
(Figures In thousands of barrels of 42 gallons
Dally Refining
Capacity
14. 1936
WEEK ENDED NOV.
GASOLINE AND GAS AND FUEL OIL,
Crude Runs
to Stills
each)
Finished and
Unfinished Gasoline
Stocks of
Stocks
Of
Unfln'd
Poten¬
Total
P. C.
Daily
Aver¬
Reporting
tial
Rate
P. C.
Oper¬
At Re¬
age
ated
fineries
Terms., Nap'tha
Distil.
<&c.
Fuel
Oil
12,278
9,358
793
881
962
257
660
4,282
3,349
704
6,297
434
3,450
1,732
4,354
86.6
94.8
104
71.2
96.2
400
87.5
384
84.8
270
70.3
48.5
109
68.1
3,061
1,322
2,042
160
68
193
92.5
1,978
8,568
2,351
612
Appalach an.
Ind.,111., Ky.
Okla., Kan.,
154
146
475
457
453
330
Mo
and
530
East Coast..
Inland Texas
Gas
in
District
612 100.0
Texas Gulf..
732
710
97.0
657
4,768
275
La. Gulf
169
163
96.4
129
79.1
861
300
162
80
72
90.0
57
79.2
181
67
37
93
775
1,213
72,971
No. La .-Ark.
405
Rocky Mtn.
97
60
61.9
44
73.3
773
852
789
92.6
463
58.7
8,363
l",946
3,553
89.9
2,763
77.8
28,846
2,159
18,367
1,026
5,864 109,487
408
2,275
Phila., Bunker C
2,900
31,005
32,156
19,393
19,250
6,272 111,762
6,178 112,841
z2,773
27,814
17,904
5,653 109,179
Reported
Est. unrepd.
—
401
232
3,954
3,954
2,995
xEst.tot.U.S.
$
.95
Nov.21 '36
3,954
1.05
Nov.14 *36
3,954
/
Gas OH, F.O.B. Refinery or
N. Y. (Bayonne)
29,650
30,050
might have been surreptitiously produced.
1.65
Diesel 28-30 D
144,100
150,500
74,450
442,400
168,650
151,850
West Texas
East Central Texas
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
INorth Texas.$.0334--0334 J New Orleans.
(Bayonne)..._.._$.04%|Los Angeles.. .0334-.05
(Tulsa
..03
(Bayonne)
Nov. 23,
21,
1936
Panhandle Texas
Eastern
Nov.
593,450
558,400
154,500
Kansas
Nov.
1936
(Nov.)
Oklahoma
Week
Ended
Ended
Int. Cal¬
California...
New York
N. Y.
Further
barrels.
reported by the Institute, follow:
as
furnace oil
gallon and No. 2 heating oil to 4 H cents at all ocean terminals,
carload lots,
The
of the previous week.
figure remained above the 2,870,300 barrels
current week's
for
Nov.
the
that
crude oil production for the week ended
advanced
% cents to 5% cents a gallon at Cohoes, N. Y., with No. 2
heating oil lifted *4-cent to 4% cents and No. 4 the same
amount to 4% cents a gallon.
Kerosene at Wellsville, N. Y.,
was lifted J4-cent to 5 cents and No. 2 heating oil y-cent to
4)4 cents.
Higher
Continues
Output
Petroleum
American
The
daily
for the week ended Nov. 21
Eldorado, Ark., 40
COLD WEATHER PARES FUEL OIL
OIL
.18
.194
...
During Week Ended Nov. 21
There
Barrel at Wells
I. degrees are not shown)
SEASONAL DIP—REFINERY OPERATIONS RISE IN
I
Not including
Daily Average
26,500,000 barrels from the inventories on Jan. 1, last.
With California the only major oil-producing State to
REFINED
Cincinnati
$.167
expected to decline only moderately from the
drain, however, is expected to pare stocks by some
Lima (Ohio Oil
..$.201
$.195
.167
Newark
z
z
decline from the 314,631,000
of the current year. Crude
mid-November total of around 290,000,000 barrels.
total
Gasoline, Service Station, Tax Included
Chicago
are so
oil stocks are
3387
Financial Chronicle
143
Terminal
[Chicago,
|Tulsa M. G. I.$.0224-.0254
I
M.G.I.—S.0234-.0254 |
U.S. B. of M.
xNov.21 '35
x
Estimated Bureau of Mines basis,
z
November, 1935 daily average.
Financial
3388
Production of Coal During Week
Year
a
Chronicle
bile industry.
Ended Nov. 14 Above
sufficient
Ago
Nov. 28, 1936
The United States Bureau of Mines in its
weekly coal report
production of soft coal during the week
9,833,000 net tons.
Although
time was lost at many mines in holiday observance of Armis¬
tice Day, Nov. 11, the total for the week was the second
highest recorded since the end of February.
Production
during the corresponding week last year amounted to
7,851,000 tons.
Anthracite production in Pennsylvania during the week
ended Nov. 14 is estimated at 800,000 net tons.
This is
in comparison with 841,000 tons in the preceding week,
and 599,000 tons in the corresponding week of 1935.
During the calendar year to Nov. 14, 1936, a total of
364,773,000 tons of bituminous coal and 43,802,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 316,592,000 tons of soft coal and 44,317,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
the rate Is said to be somewhat higher than
1936
Nov.
offerings moderate,
prices moved upward.
Lead
.
.
The buying "pressure" in lead has subsided, according to some
Sales
the
for
week,
however,
Quotations
reported at
were
a
maintained at 5.20c., New
also the settling basis of the American Smelting & Re¬
was
Sales in the East by St. Joseph Lead
fining Co., and at 5.05c., St. Louis.
were
observers.
involving about 7,000 tons,
large,
were
total well above the average.
York, which
premium.
a
developments was the favorable showing made
A feature in the week's
Stocks of refined lead
by the October statistics.
reduced 17,087 tons.
were
October ship¬
The cable industry continues to come in for larger supplies.
totaled 5,929 tons, bringing the total for the first 10
against 21,574 tons in the January-October period
months to 35,582 tons,
of 1935.
Calendar Year to Date
Nov.
7,
in recent weeks, but,
The market for export copper was not as active as
(IN NET TONS)
/
r;
reported in the Utah strike area.
.
Some mines are
again operating and negotiations are under way for a complete settlement
of difficulties at other properties.
16,
1935
1936
1935
1936 d
c
approaching the
A reasonable increase in stocks is
held to be necessary.
with
Further progress was
Nov. 14,
Those
mind contend that
actual consumption is not so high and production is fast
point where stocks will again increase.
STATES PRODUCTION OF COAL AND BEEHIVE
Week Ended—
At present
monthly.
75,000 tons a month.
bullish on copper believe that the demands will continue at the present
very
ments to that industry
COKE
and
price advances
as
rate, whereas producers of a more conservative turn of
statement follows:
ESTIMATED UNITED
eventualities, such
against all
Consumption of copper in the United States during the
first 10 months of 1936 averaged close to 60,000 tons
stated that the total
ended Nov. 14 is estimated at
build'up
Motor-car manufacturers are specifying freely to
reserves
labor difficulties.
On Nov. 23 the London market for lead touched £23 13s. 9d. per ton, the
1929
highest level since Sept. 26, 1929.
Bltum. coal: a
Zinc
Tot. for per'd 9,833,000 9,369,000 7,851,000 364,773,000 316,952,000 464,688,000
1,358,000
Daily aver.. 1,756,000 1,703,000 1,427,000
1,177,000
1,719,000
Tot. for per'd
Dally aver..
800,000
160,000
841,000
161,700
599,000
43,802,000
119,000
164,400
44,317,000
166,300
53,200
8,867
64,500
10,750
22,600
3,767
1,429,800
5,237
763,400
2,796
5,902,600
21,621
Daily over..
on
metal for shipment over
with
ter,
business extending beyond the first quar¬
unwilling to quote on distant
producers
most
transaction
Includes lignite, coal made Into
Sales of Prime Western in the week ended Nov. 21
totaled slightly more than 6,000 tons.
The strength in zinc
-
without the aid of a Cartel, are now equal to
(The current weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
from the operators.)
outside of the United
consumption
ments and are
for the revival of buying of zinc,
and State sources or of final annual returns
The statistical posi¬
abroad attracted wide interest.
and the stocks, even
has improved in recent months
tion of zinc abroad
(IN THOUSANDS OF NET TONS)
One
material.
reported during the week at 5.075c., St. Louis, for April-
was
May-June delivery.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
There was a
the first quarter of next year.
distinct tightening, however, on
coke, local sales and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised, e Armis¬
tice Day weighted as 6% of a normal working day.
f Five-day week.
a
•
■
made to raise the price above 5.05c., St. Louis,
for zinc, but no attempt was
63,607,000
238,700
Beehive coke:
Tot. for per'd
•
Higher London prices naturally added strength to the domestic market
Pa.anthracite:b
only one and one-half months'
States.
This development accounts
speculatively and otherwise, on the London
Belgium is the only country abroad producing zinc that
Metal Exchange.
did not report a reduction in stocks.
.
Week Ended—
Tin
Average
State
9, Nov. 10, Nov.
7, Oct. 31, Nov.
Nov.
1936P
1936?
Nov.,
1929
s
the previous
2
2
2
231
233
22
Alaska
Alabama.
171
280
139
94
104
82
60
181
179
133
1
1
1
1
1,124
1,132
958
889
1,289
385
335
338
375
536
70
68
86
81
132
128
Georgia and North Carolina
Illinois
tation
1,571
314
•
Indiana
Iowa
was
100
265
s
seven-day period.
Nov. 23 there
409
219
Arkansas and Oklahoma
Colorado
prevailed in the tin market here during the week than in
More activity
1923
s
1934
1935r
9,
were
52.500c., the high for the week.
domestic market,
145
159
138
134
155
Kentucky—Eastern
919
725
633
824
197
154
165
244
218
30
33
36
35
66
Chinese tin, 99%, was quoted nominally as
follows: Nov. 19th, 50.925c.;
52.000c.
20th, 50.675c.; 21st, 50.500c.; 23d, 50,500c.; 24th, 51.375c.; 25th,
724
205
A tight position in spot tin
result in even higher prices in the
the trade believes.
175
852
Prices continued to be irregular and on
At the close Nov. 25, however, the quo¬
here and sustained strength abroad may
236
s
Kansas and Missouri
sellers at 51c.
35
26
Western
Maryland
10
13
17
16
Montana.
91
90
90
66
86
83
New Mexico
40
43
37
27
63
62
North and South Dakota
63
65
90
46
s59
s35
1
493
539
403
487
558
764
2,335
2,410
1,848
1,812
3,052
2,993
93
98
85
84
106
Exports of Tin
Under International Tin
Agreement Above September—Increase of Quotas
October
117
9
Michigan
Ohio
Pennsylvania bituminous.
Tennessee
14
Texas
16
16
107
64
126
196
252
Virginia
217
61
55
48
35
55
2,101
1,679
1,438
2,152
1,271
589
642
467
491
803
276
140
140
147
115
167
184
1
Virginia—Southern,
1
1
1
s5
s5
9,369
9,975
7,984
7,537
937
554
1,029
11,285
1,524
10,878
841
a
Northern, b
Wyoming
Other Western States.c
Total bituminous coal
...
Pennsylvania anthracite—
reported at 11,904 tons, but the figure of exports by
been
10,210
Grand total
and
10,912
8,538
8,566
12,809
had
Bolivia
2,490 to 2,381
been changed from
since
Committee:
International Tin Committee
1,896
monthly statistics
as
to
exports
are
as
follows:
12,774
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G„
the B. & O. In Kanawha, Mason and Clay Counties,
b Rest of State,
Includes operations on
on
including the Panhandle District and Grant, Mineral and Tucker Counties,
tons.
following is the announcement of the International Tin
The
The
a
The September exports had previously
velopment Council.
72
1,818
Washington
revised
September of 11,795 tons, it was announced on
Nov. 17 by the International Tin Committee, through the
New York office of the International Tin Research and De¬
for
total
112
231
tin exports under the International Tin
Agreement amounted to 13,639 tons as against the
29
81
273
Utah
West
20
15
99
236
105% of Standard Tonnages Recommended
to
During October
Tons
Tons
September
October
In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina and South Dakota included with "other Western
Netherland East Indies
Nigeria
657
942
States."
Bolivia
*2,381
5,125
1,963
7,128
1,080
c
♦
2,526
2,515
Malaya
1,117
Week's Trade in Non-Ferrous Metals
—Prices
Hold
on
Reduced Scale
*
Firm
In
"Metal & Mineral Markets" in its issue of Nov. 26 stated
though deliveries of major non-ferrous metals to con¬
sumers
are holding
at the same high rate as in October,
buying slackened in the last week. Producers, with few
exceptions, welcome this reduced activity, chiefly because
they feel that consumers have been permitted to take on
very large tonnages against future needs and additional
buying of consequence at this time might upset business
later on.
The London market continued strong, with in¬
creased activity in lead and zinc.
Prices here on major
metals were unchanged but firm.
Tin advanced about lc.
Antimony, domestic, scored
a small gain for the week.
There was little change in silver.
The publication further
new
2,490 tons previously reported.
communique issued
a
Committee revealed that
that
,
by
the
of four of
delegates
about the same
10 He., Valley.
There
and the undertone everywhere was firm.
were no
The
signs of seeling pressure
The
delegations
Netherlands
ments
at
that
East
Actu¬
still a shortage of near-by metal abroad, and this
condition may continue for some time.
market reports
on
consumption of copper are favorable.
Most of the call for copper products at present is coming from the automo¬
The
TIN COMMITTEE
quota,
per
will
four
the
and
countries,
signatory
Nigeria,
are
Bolivia,
Malaya,
their
recommending to
The
govern¬
105% of their standard tonnages for the last quarter of 1936.
cent,
15% to
Bolivia
of
Indies
Malaya, The Netherlands East Indies and Nigeria should export
the rate of
Ninety
of
this
arrears
export
at
production
is
attributable to
already surrendered by Bolivia.
90%
of its standard tonnage.
The
exports of the
international
by Bolivia.
arrangement should have
similarly be reckoned
will
international
the
For the last quarter
on
a
90%
plus their share of the shortage of exports surrendered
four
delegations will
retroactive effect from
World
The renewed strength in London
quotations would, under increased production, tend to keep in line.
Tn the domestic
countries.
Communique
surprised many in the industry who thought that the foreign and domestic
ally, however, there is
in the export
recommend
Oct.
1,
that
this
1936.
Sales totaled 4,295 tons in the domes¬
bringing the total for the month to date to 86,331 tons.
business was placed at
of 15%
the signatory
INTERNATIONAL
The
New business booked during the week in copper was at
level as in the preceding seven days.
increase
communique follows:
quota,
Copper
Nov. 11 the International Tin
on
an
quotas to 105% of standard tonnages had been recommended
participating countries
reported:
tic market,
Amended from
Consumption and Production of Tin Increased
During Year Ended September
A continued
upward trend in tin consumption is shown in
statistics recently published in "The Hague Statistical Bul¬
letin" of the International Tin Research and Development
Council.
in
World apparent consumption has increased by
the year ended
14%
September, 1936, to 153,751 tons against
'
Financial
143
Volume
134,916 tons in the previous year, while world production
figures for the same periods were, respectively, 166,032 tons
and 124,585 tons.
In noting the foregoing, an announcement
issued Nov. 23 by the New York office of the Research and
Development Council further said:
of
Details
countries
given in the
are
the Chicago & North Western,
Increase
1936
8,481
6,000
27,335
Germany
Italy
Other countries
consumption
Total apparent
Change in consumers' stocks
—21.3
+ 11.6
+ 6.8
25,601
+ 14.0
134,916
136,900
—2,000
153,751
151,200
+ 2,550
Tin used in manufacture.
+25.4
+ 1.9
+21.5
+ 32.4
56,771
21,557
8,135
6,697
10,781
5,374
8,870
Union of Soviet Socialist Republics-
or
Decrease
1935
71,218
21,959
9,888
France
+ 10.5
only approximate, but may be taken as
In the United Kingdom there was only a
are
again exceeded all previous records, and has more than doubled in the
has
last year is over 32%, and
ranks fourth among the tin consuming countries of the world.
are
now
available for the consumption of home produced tin
Russia
now
Statistics
compared with
The increase
five years.
past
in
small percentage increase in
ended September, 1936, but in the United States consumption
by 25.4%, and in France by 21.5%.
Consumption in Russia
year
increased
This reached
Japan in 1935.
record figure of 2,027 tons in that year
a
1933.
The total consumption
thus 6,215 tons in 1935 against
of 20%.
Data regarding the
against 1,199 tons in 1934 and 950 tons in
domestic and imported tin in Japan was
of
5,190
in
tons
showing
1934,
increase
an
the current year are not yet
available, but the consumption of imported tin has increased by 21%% in
the
domestic tin
of
consumption
September,
ended
year
in
in
Japan
tons against 3,803 tons in the
4,622
1936, to
previous year.
Substantial
38%
tin
29.4%
Czechoslovakia,
;
in
increases
consumption
The Consuming
Out of the total of
ended
September,
other
in
tion to 2,000 inquired for a
is
months
12
3,097,000
30%
over
that
world output
vehicles in the
visible stocks
of
motor
under
year
vehicles
review
tin
of
1119993382074
2
in
October,
standard:
in
tin
streamlined trains.
trains has been
shops.
placed at Philadelphia.
raises the "Iron
The immediate effectiveness of pig iron price Increases
$1 a ton to $19.73, highest since December, 1926.
Age" pig iron composite
119932380
Inland Steel
Composite prices of finished steel and scrap are unchanged.
Co. will build
blast furnace, the first
a
"IRON
THE
in this country since 1930.
AGE" COMPOSITE PRICES
Finished Steel
Nov. 24, 1936, 2.197c. a
One week ago
One month ago
Based on steel bars, beams, tank plates
Lb.
wire, rails, black pipe, sheets and hot
2.197c.
rolled strl ps.
These products represent
2.197c.
85% of the United States output.
2.130c.
Sept. 29
Oct.
1
Low
2.084c.
Mar. 10
2.124c. Jan.
8
2.199c.
Apr. 24
2.008o.
2.015c.
Oct.
Oct.
Jan.
1.867c.
1.926c.
1.945c.
2.018o.
2.273c.
2.217c.
2.212c.
High
1936
2.197c.
1935
2.130c.
1934.......
3
4
13
Jan.
7
Apr.
2
Dec. 11
Jan.
4
1.977c.
2.037c.
...2.273c.
1930
...2.317c.
2.2860.
2.402c.
Pig Iron
Nov. 24,
Jan.
Apr.
Feb.
Deo.
Dec.
Oct.
July
Nov.
2
18
2
29
9
29
17
1
,
(Based on average of basic Iron at Valley
1930, $19.73 a Gross Ton
$18.73
18.73
One*year ago
18.84
furnace and foundry Irons at Chicago,
Philadelphia,
Buffalo,
Valley
and
Birmingham.
One week ago..;
One month ago
-
Low
High
$18.84
Nov.
17.90
May
Dec.
16.90
14.81
Jan.
Jan.
6
Jan.
7
18.71
Nov. 27
19.71
15.90
18.21
17.04
17.54
May 14
18.59
Aug.
May
Jan.
Jan.
Deo.
Deo.
Dec.
Dec.
July
Nov.
17.83
16.90
13.50
13.50
14.79
5
15.90
18.21
1927
$18.73
7
5
1
5
Jan.
18.84
1935
Jan.
11
14
27
3
0
15
10
17
24
1
Steel Scrap
Based
on
No.
1 heavy melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
Nov. 24,
1936, $16.17 a Gross Ton
$10.17
16.50
ago
13.25
One week ago
One month ago
One year
Low
High
Sept. 22
Dec. 10
$12.67
13.42
10.33
Apr. 23
13.00
12.25
Mar. 13
Aug.
8
9.50
Sept. 25
$10.75
1935.
1936,
sterling
was
and
sterling
1935.
9
6.75
Jan.
8.50
Jan.
12
0.43
July
Jan.
6
8.50
Dec. 29
15.00
17.58
1932
Feb.
18
29
11.25
-
—
1930
1928
5
Dec.
14.08
9
-
The American Iron and
Dec.
3
16.50
-
1927
3
Dec. 31
13.08
July
2
15.25
1929
October,
June
11.33
1933
2,003 tons during October,
£194.17.7 in the previous month
sterling
against
£227.8.11
of
price
cash
average
Western for
The Milwaukee
engines and the Rock Island 350 freight cars and three
An order for 200 tons of stainless steel for streamlined
inquiring for. 10 locomotives, the Delaware Lackawanna &
1934.
Prices
increased by
1936, and with 14,845 tons at the end of October,
£201.7.3
The Western Maryland
New York.
1935
17,975 tons compared with 15,972 tons at the end of September,
1936, to
The
used in
were
the previous year.
World Stocks and
world
tons
The
tons.
5,678,000
to
against 4,357,000 vehicles in
The
57,200
September, 1936, the figure for the previous
the year ended
being
by
Industries
is estimated
it
week ago, and 110 to 250 subway passenger
for the Board of Transportation,
1930
12,800 tons in the motor industry, and 81,200 tons
A record' world output of 3,522,000 tons of tinplate
industries.
increased
10.5%.
151,200 tons of tin used in manufactures in the year
1936,
tinplate manufacture,
is recorded for
recorded also for Poland,
are
Canada, 12.7%, and Belgium,
;
the Chesapeake & Ohio, in addi¬
Missabe & Northern, 125 freight cars for
One year ago
stocks"
indicating the general trend.
Figures for "tin used in manufacture" and "change in consumers'
the
250 to 1,000 large ore cars for the Duluth
for the Gulf Mobile & Northern,
road has ordered 31
Percentage
Year Ended September
United Kingdom
400 freight cars and three passenger cars
five, and the Burlington will build 11 in its own
following table in tons of 2,240 pounds:
United States
S. Steel Corp. roads; 500 freight cars for
for the Union Railroad, both U.
cars
consumption in the principal
tin
3389
Chronicle
Jan.
11
13.08
Nov. 22
Jan.
Steel Institute
on
Nov. 23
an¬
nounced that
Advances
of $1 to
$4
on
Semi-Finished and
Steel—Large Volume of Steel Buying
Expected Before Dec. 1.
Price
Finished
______
"The "Iron
Age" in its issue of Nov. 26, stated that price
advances of $1 to $4
and $1
a
ton
semi-finished and finished steel
on
pig iron, which had been expected by buyers,
were announced on Nov. 23 and Nov. 24 and were preceded
by an increased volume of anticipatory buying, resulting
in a slight bulge in steel plant operations in some districts
and an average for the country as a whole of 743^%, up a
half point from last week.
Indications point to a heavypoint from last week.
Indications point to a heavy volume
of steel buying within the next few days that will sustain
ingot output at its present rate, or higher,, until the'endfof
December.
The "Age" further reported:
a
ton
on
53.7% Feb. 24
Nov. 25
55.4%
56.4%
55.7%
54.6%
49.5%
Oct.
5
Mar. 16
52.9%
53.5%
55.8%
60.0%
June 30
Oct.
12
Mar. 23
53.7%
July
Oct.
19
Oct.
26
Deo.
2
Dec.
9.
Dec. 16
Dec. 23
at
day
of November
Jan.
6
Jan.
13
to
markets,
effect immediately.
Price
It is the intention of the steel mills to take only as
current prices as can
be rolled and shipped during December, but it is quite
possible that the volume of buying
of the lower-priced tonnage into
of the steel
necessitate the
may
However, the higher operating
January.
The
principal
SI;
and
enameling,
advances
price
rerolling
and sheet piling,
quality,
are
$2;
Forging
follows:
as
alloy billets,
S4;
quality
bars, shapes,
of sheets,
vitreous
except
$3; rails, from $36,375 to $39;
enameling,
tie plates,
$2;
$4,
semi¬
plates
vitreous
wire rods,
$3
there
may
be advances
on
these products.
Tin plate was covered by an adjustment a week ago which leaves the net
price nominally unchanged.
An important product
on
likely is pipe, the unsatisfactory resale situation in
making it appear difficult to establish
a
which
some
no
M
While steel companies will not be able to accept much business in sheets
but it is expected that they will very
hanging the market
as
a
quickly be filled
and
up.
In addition to
jobbers, there is
over¬
substantial tonnage of steel for specific projects,
buildings, bridges, subways, dams, railroad
cars
and locomotives,
which price protection good for 60 days can be obtained from the mills.
Railroad equipment orders and inquiries have spurted, and there will be
a
Aug. 31
large volume of rail orders, possibly as much as 500,000 tons, before the
effective date of the
new
rail price,
Dec.
1.
Among
new
equipment in¬
quiries are 2,000 large freight cars for the Bessemer & Lake Erie and 900
Nov. 23
74.3%
72.5%
71.6%
July
July
Aug.
Aug.
Nov.
2
Nov.
9
of the iron and steel
Nov. 23, stated:
for the first
quarter of 1937
on
a
number of steel
week.
$2
a
ton
ton on bars, shapes and plates, and
advance
semi-finished steel,
on
possibly $4 to $5
a tons on
sheets,
current.
considerable protective
buying through December.
considered
it is
increases will be
questionable in
From the producers
quarters
some
enough to offset the added burdens of
wage
whether
the
increases and
other items.
Advances ranging from $20 to $50 a ton have been in tool steel prices,
carbon grades and the $50
The tin-plate manufacturers
Jan.
a ton on
high speed.
have abolished the 7 H % discount, effective
The contract price for 1937 extends the net market at $4.85 per
1.
base box, Pittsburgh, a move which was
believed principally due to
com¬
petition with other container materials.
Under
miscellaneous
strong
buying and with
backlogs being worked
down to the advantage of the delivery situation, steelworks operations ad¬
vanced
H point to 74M%, the 18th consecutive week that
the
rate
has
held between 70 to 75%.
Not since 1929 has such a steady rate of operations been maintained for
schedules in most other products,
the requirements of manufacturing consumers
on
69.4%
Nov. 16
Sept. 28
72.2%
adjustments
standpoint,
advance
jobbing centers
higher price level at this time.
for December shipment, there are open
such
Aug. 17
the $20 a ton applying on
Skelp and reinforcing bars have not been mentioned
but
a
was
No price has been announced on cold-rolled strip, on which prices may be
price announcement,
July
74.0%
6
67.2%
13
69.0%
20
70.9%
27
71.5%
3--—71.4%
10
70.0%
Aug. 24
Considerable discussion of a
$3,
bright wire, $2; spring wire, $3; nails, $4 and other wire products, $2 to $4
$5 or $6 a ton higher.
June 22
Announcement of higher prices for first quarter Is expected to result in
$3; cold-finished steel bars, $4; hot-rolled strip, tin mill
all grades
on
nounced early this
price advance.
a
June 15
68.2%
72.5%
74.4%
75.4%
75 3%
75.9%
74.2%
74.3%
74.7%
74.0%
74.1%
products were nearing completion late last week and are expected to be an¬
carryover of some
companies will make them more exacting in restricting
purchases than they have usually been at the time of
finished,
much business at
8
"Steel" of Cleveland, in its summary
present prices for December shipment, the new prices for
In pig iron the price advances take
June
62.0%
50.0% May 18
only until the last
which
1936—
1
64.5%
67.9%
70.4%
-71.2%
70.1%
69.1%
3
given
are
was
Dec. 30
June
Mar. 30
Feb.
Buyers
enter orders
is
9
24 by statements that other steel companies would adopt the same
first quarter going into effect Dec. 1*
in
2
Mar.
20
quotations.
plate
Mar.
27.
Steel Corp.,
issued late Nov. 23 and
Sept. 7
Sept. 14
Sept. 21
Nov. 18
Jan.
Carnegie-Illinois
67.9%
68.2%
69.5%
70.0%
70.2%
52.0%
51.7%
Jan.
of the
1936—
May 25
50.9% Feb. 10
52.6% Feb. 17
5
followed
The official announcement
costs
1936—
1936—
1935—
Nov. 11
Nov.
6
40.7% Apr.
Apr. 13
49.2% Apr. 20
49.4% Apr. 27
4
49.9% May
49.4% May 11
initiated the steel price advances, was
Nov.
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 74.3% of capacity
for the week beginning Nov. 23 compared with 74.1%
one week ago, 74.3% one month ago, and 55.4% one year
ago.
This represents an increase of 0.2 point, or 0.27%,
from the estimate for the week of Nov. 16.
Weekly indi¬
cated rates of steel operations since Nov. 5, 1935, follow:
so
long.
Automobile production increased to 110,160 units, compared to 104,248
last week,
a
Chevrolet
about
gain of 5,912.
28,000.
of the corresponding
93,177 units
were
Ford assembled better than 25,000
Production
period last year.
this
month
is
cars
and
considerably ahead
In the week ended Nov. 16, 1935,
assembled, and in the week ended Nov
23, 1935, 94,723
units were assembled.
The gain in auto
steel
industry.
production is reflected In
many
lines of the iron and
At Chicago, with mills booked for the remainder of the
3390
Financial
year, sheet producers are
wire consumption
Rail
awards
soliciting
no new
20,000
soon
on
about 275,000 tons.
Western carriers
expected
are
Railroad shops are taking moderate
Aggregate purchases of cars were relatively small last
new cars.
3,000
some
cars went
out.
With close to 3,000 beehive coke ovens active in the western Pennsylvania
district, only about 1,000
more
placed
on
Fifty-five additional
ovens
in production at two plants.
Although shipments
increasing at a rapid rate, most pig iron sellers
are
expect to be able to complete deliveries by the end of this year.
foundries have anticipated a price advance
Many
and will have large stocks
made
furnace
grades
but
Leading independents
weeks ago.
two
The following table gives a
remained
with the nearest
cent to $34.59 and the finished
steel index is unchanged at $53.90.
off about
were
tons for alterations to
Independents
U. S. Steel
67
1936
7\Y
1935
55
+ 1M
43
29
+ 1
25
1933..
27
+
80Y
H
—
Yi
66
+2
+ 1
32
24
+ 1
30
+1/^
+ Y
16^
-w
16
—1
1931
29
—2
28
—3
16^
29^
—l Y
40
—3
45
—2H
37
—4
—2
—2
1929.
14,000
to
tons
69
—2
70
—2
68
including 2,980
1928
83
+2
82
+2
1927
66
2Y
—SH
84
Concrete rein¬
11,931,
lock and dam at Emsworth,
a
together with the
years,
1930
The iron and steel composite is down 1
Shape awards
comparison of the percentage of production
corresponding week of previous
approximate changes, in points, from the week immediately preceding:
1932
previous sale.
a
80 Y%,
decrease
a
mill purchased a small tonnage of heavy melting
one
$16.50, 25 cents below
credited with
are
compared with 80% in the preceding week and 79Y% two weeks ago.
on
At Pittsburgh advances
heavy melting steel
down 1 to 67;
U. S. Steel is estimated at 67%, against 67 Y% in the week before and
68%
1934.
electric
At Chicago
quiet.
at
in
was
which further stated:
Industry
"Steel's" scrap composite is down 4 cents to $16.00, due to
were
Pittsburgh
Steel ingot production for the week ended Nov. 23, is
placed at 743^% of capacity, the same as in the previous
two weeks, according to the "Wall Street Journal" of Nov. 25
hand Jan. 1.
in the price of compressed sheets at Philadelphia.
Y to 48.
Wheeling, 3 to 89, and Cleveland, 1 to 79 Y-
ovens were
schedule last week by one company which already had 525
Y point to 76H%; Youngstown,
Operations in Chicago district were up
3 to 73, and Eastern Pennsylvania,
could be put in operation and to many of
these extensive repairs would be necessary.
1936
forcing bar awards, at 2,706 tons, held even with the previous week and
6,000 by
tonnages for repair work, but delays are met in closing on the proposed pinchases of
week, but inquiries for
Nov. 28,
included 1,750 tons for a San Francisco reservoir.
placed by Union Pacific,
tons
Illinois Central and 500 by the cotton belt.
to close
Bar shipments and
business.
have been assisted materially.
included
Chronicle
64
—2
Pa.
+
68
—2Y
New York City
The Week with the Federal Reserve Banks
Chicago
Nov. 25 Nov. 18 Nov. 27
Nov. 25
Nov. 18
Nov. 27
1936
1936
1935
1936
1936
1935
$
$
$
$
The
daily average volume of Federal Reserve bank credit
outstanding during the week ended Nov. 25, as reported by
the Federal Reserve banks, was $2,467,000,000, a decrease of
$15,000,000 compared with the preceding week and of
$7,000,000 compared with the corresponding week in 1935.
After noting these facts, the Board of Governors of the
Federal Reserve System proceeds as follows:
On
Nov.
decrease of
Reserve bank credit amounted to $2,457,000,000,
25 total
$7,000,000 for the week.
This decrease corresponds with
Assets—
$
Reserve with F. R. Bank
$
2,602
2,592
2,435
654
660
Cash In vault
60
56
61
37
36
38
Balances with domestic banks..
81
79
81
187
191
202
489
462
519
71
71
83
6,405
6,360
5,898
1,596
580
583
436
82
97
176
47
1,590
436
60
1,481
592
2,541
2,534
415
408
2,197
404
649
5
656
4
530
5
Other assets—net
633
Liabilities—
Demand deposits—adjusted
Time deposits.'
United States Govt, deposits—
398
60
Inter-bank deposits:
a
a
Domestic banks
-
Foreign banks
i
decrease of $56,000,000 in member bank reserve balances and an increase
of
$35,000,000 in monetary gold stock, offset in part by increases of $54,-
000,000 in
money
circulation, $21,000,000 in Treasury cash and deposits
Reserve banks and $10,000,000 in nonmember deposits and
with Federal
Member bank
other Federal Reserve accounts.
were
estimated
be
to
approximately
reserve
$2,210,000,000
balances
in
on
legal
requirements.
Relatively small changes were reported in the System's holdings of bills
discounted, purchased bills and industrial advances.
$6,000,000 in United States Treasury notes and $1,000,000 in United States
bonds.
376
377
330
24
25
46
Capital account
1,444
1,442
1,457
234
239
227
*
Revised.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above,
The statement in full for the week ended Nov. 25, in com¬
the preceding week with the corresponding
date last year, will be found on pages 3420 and 3421.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Nov. 25, 1936, were as follows:
parison with
or
Decrease
(—)
Since
Nov.
25,
1936 Nov. 18, 1936
$
Bills discounted
Industrial
advances
(not
the
entire
cannot be
In the
body
following will be found the comments of the Board
of
returns
26,000,000
—8,000,000
—7,000,000
body of reporting member banks of
the Federal Reserve System for the week ended with the
—7,000,000
—7,000,000
condition
leading cities
total
2,457,000,000
11,162,000,000
+35,000,000 +1,288,000,000
2,520,000,000
Monetary gold stock.
Treasury currency
loans
adjusted
and
government
statement
Nov.
on
and
—7,000,000
—15,000,000
+99,000,000
Loans
Member bank
+54,000,000
to
on
of
2,449,000,000
reserve
+ 609,000,000
—56,000,000 +1,006,000,000
+21,000,000
—176,000,000
"Other
467,000,000
+10,000,000
—67,000,000
6,429,000,000
6,795,000,000
balances
Treasury cash and deposits with Fed¬
eral Reserve banks
investments,
Non-member deposits and other Fed-
at
all
000,000 in the
Returns of Member Banks in
New York
in
City and
banks
in
101
$20,000,000
deposits,
in
decrease
a
demand
of
depositsin
deposits credited
$63,000,000 in
$75,000,000
to
dealers
dealers
and
in
New
outside
York
New
(except banks)
City
York
declined $23,000,000,
declined
$7,000,000,
increased $4,000,000.
and
Holdings
commercial
paper
bought increased $3,000,000, real
$6,000,000, and loans to banks declined $12,000,000.
increased
$27,000,000 in
the New York District
and
$17,-
declined
$31,-
reporting member banks.
States
Government
Richmond District,
direct
obligations
$20,000,000 in the New York
District,
$33,000,000 at all reporting member banks, and increased $13,000,000
Cleveland District.
Holdings of obligations fully guaranteed by
the
the
Chicago—Brokers' Loans
and
Holdings of United
and
time
member
reporting
decrease for the week of $46,000,000 in
$65,000,000 in balances with domestic banks.
and
estate loans increased
000,000
aerl Reserve accounts
a
increases of
in
securities to others
loans"
weekly
and increases of
brokers
brokers
acceptances
of
18 shows
$7,000,000
deposits,
to
loans
loans
Money in circulation
System respecting the
entire
the
domestic banks and
Total Reserve bank credit
101 cities
of reporting member banks in
compiled.
of Governors of the Federal Reserve
The
including
Other Reserve bank credit..
week, instead of being held until the
same
close of business Nov. 18:
—2,000,000
$22,000,000 commitm'ts—Nov. 25)
covering the
following Monday, before which time the statistics covering
$
3,000,000
2,430,000,000
U. S. Government securities
given out on Thursday, simul¬
are
taneously with the figures for the Reserve banks themselves
+1,000,000
6,000,000
Bills bought
Nov. 27, 1935
$
the statements of the New York and
Chicago member banks
and
(+)
2
Other liabilities
A decrease of $7,000,-
000 in holdings of United States Treasury bills was offset by increases of
Increase
2
Nov. 25
of
excess
Borrowings
United
securities"
States
Government
declined
increased
$3,000,000.
Holdings of "other
$4,000,000.
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
trict,
banks
reporting member banks,
and
also
for
the
Chicago member
brinks,
for the
current
week, issued in advance of full statements of the
member banks, which latter will not be available until the
coming Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
New York City
1936
Assete—
1936
Nov. 27 Nov. 25
1935
1936
Nov.
18
1936
Nov. 27
1935
8,625
8,611
7,949
930
874
827
1
77
60
36
33
increased
San
$22,000,000
Francisco
District,
2,042
2,052
member banks.
the
Kansas
at
Outside New York City
Loans
on
securities
to
(except banks)
Loans
on
real estate.
-
declined
reporting member banks.
Deposits credited1 to foreign
$10,000,000 in the New York District.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Nov. 18, 1936, follows:
*713
732
141
141
149
135
137
169
12
12
17
130
14
123
14
16
$
Loans and investments—total
114
6
6
6
1,458
1,187
372
379
242
Loans
U. S. Govt, obligations
3,699
3,722
3,332
1,100
1,106
996
(except banks)
Accepts, and com'l
Other securities
463
373
1,017
*1,011
1,032
97
•
95
97
263
265
240
$
—46,000,000
+1,952,000,000
915,000,000
209,000,000
—23,000,000
+96,000,000
+54,000,000
2,029,000,000
+4,000,000
329,000,000
1,150,000,000
+3,000,000
+6,000,000
58,000,000
—12.000,000
—28,000,000
4,062,000,000
+17,000,000
+683,000,000
Outside New York City
Loans
454
(—)
Nov. 27, 1935
22,442,000,000
In New York City
26
1,444?
Obligations fully guaranteed by
United States Government...
Decrease
or
Nov. 18, 1936
$
Loans to brokers and dealers:
Other loans....
32
(+)
Since
Nov. 25, 1936
Assets—
131
all
Deposits credited to domestic banks increased $24,000,000
District, $17,000,000 in the Chicago District, and
Increase
707
Loans to banks
Dis¬
City
28
others
Accepts, and com'l paper bought
Cleveland
$20,000,000 at
all
Loans to brokers and dealers:
In New York City
the
in
and
and declined $28,000,000 in the New York Dis¬
deposits increased $12,000,000 in the New York District and
1
76
1,791
the
$7,000,000 at all reporting member banks.
Government deposits declined
$17,000,000 in the New York District, $15,000,000 in the Chicago District,
$14,000,000 in the San Francisco District, and $75,000,000 at all reporting
banks
Chicago
$$$$$$
Loans and investments—total
Time
$63,000,000
(In Millions of Dollars)
deposits-adjusted
$16,000,000 in
trict.
in
IN CENTRAL RESERVE CITIES
Nov. 25 Nov. 18
Demand
on
on
securities
to
paper
real estate...
Loans to banks
Other loans
-
—7,000,000
others
bought.
—53,000,000
—11,000,000
+9,000,000
Volume
Financial
143
Increase
Nov. 25, 1936
Assets—
Obligations
fully
+901,000,000
—33,000,000
—4,000,000
ments of
Reserve with Fed. Reserve banks.
Cash in vault
+ 126,000,000
+3,000,000
-+•
+9,000,000
5,471,000,000
404,000,000
2,505,000,000
Balances with domestic banks
175,000,000
T 717,000,000
+ 1,000,000
+58,000,000
+65,000,000
with the principles of the tripartite declaration of Sept. 25,
+63,000,000
3,000,000
Foreign banks
+19,000,000
6,297,000,000
449,000,000
Domestic banks
—75,000,000
+3,000,000
+867,000,000
+69,000,000
+2,000,000
Switzerland
—7,000,000
Holland
and
Tri-Partite
Join
International
Monetary Agreement—Accord to be
Managed Solely by Original Countries—United
States Alters Gold Export Policy
.
Three
countries—Belgium, Switzerland and The Nether¬
lands—have joined with the United States, Great Britain
and France in the tri-partite currency agreement of Sept. 25,
1936, designed to promote international monetary equili¬
brium, it was announced on Nov. 23 by Henry Morgenthau,
Jr., Secretary of the Treasury.
Belgium informally in¬
formed
the United States of its intention to adhere to the
principles of the pact
Sept. 26,
on
as
noted in
issue of
our
Oct. 3, page 2137.
In the same issue, on pages 2134-2135,
reference to the tri-partite currency pact was also made.
Secretary Morgenthau also announced
Nov. 23 that
on
his statement of Jan. 31, 1934, relating to the sale of gold for
export, had been withdrawn.
This announcement of the
Secretary also supplemented that issued by him on Oct. 13,
1936, regarding the conclusion of a reciprocal agreement
between the United States, Great Britain and France for the
purchase and sale of gold through their stabilization funds.
The Oct. 13 announcement appeared in these columns Oct.
17, pages 2447-2448.
Commenting on the latest announce¬
ment the Washington advices Nov. 23 to the New York
The Governments of the United States, Great Britain, and France wel¬
our
gold standard countries reach gold export points."
exchange rates with
This enabled private
bankers to initiate export of gold and, even when export of the metal was
closely concentrated in the hands of the government in the Franco-
Anglo-American agreement of transfer, it
example,
gold export point
Mr.
was
indicated that Belgium, for
still eligible to receive gold sent by private bankers if the
was
of
the
Governments
Switzerland and
Belgium,
of
stated in the
tripartite declaration of Sept. 25.
Arrangements have been made by the United States Treasury for gold
transactions
on
reciprocal basis with these three countries.
a
Remarks made by Secretary Morgenthau at a press con¬
ference held on Nov. 23, were summarized as follows in
Washington advices, that day, to the New York "Times" of
Nov. 24:
Questioned relative to the standing of Belgium,
Switzerland and the
Netherlands in the money pact, Treasury experts explained that
difference."
It
made it inadvisable that all contracting countries
be termed
In
should have what might
"voting membership."
a
other
words,
application of other
on
countries for membership the
United States would consult only Britain and France.
explained,
"there is a
pointed out that the mechanical operation of the pact
was
the
would
arrangement
accord will be maintained
Otherwise, it was
tripartite
The
unwieldy.
become
three large
under the direct supervision of the
countries, although all those entering will receive equal benefits.
Secretary Morgenthau emphasized that "we do not support anybody's
currency,"
but
that
"we
Other
dollar."
the
support
countries in
the
agreement must "look after their own currency."
Mr.
Roosevelt
Morgenthau said that he had conferred with President
the day before the Chief Executive left for
entire
situation
South America and that the
Roosevelt
Mr.
considered.
was
approved the plan for
admission of the other three countries into the agreement.
The
Secretary said that the United States was not attempting to indicate
to any
"All
other country how it should conduct its fiscal affairs.
we
say
is that if these countries wish to do business with us,we
how they shall do it outside
indicate
added.
their own countries," the Secretary
of
Italy Abolishes Restrictions on Imports or Exports of
Foreign Funds—Decree Effective Dec. 1
Italian
Government
issued
decree
a
Nov.
on
21,
effective Dec. 1,
abolishing all restrictions on the transfer of
foreign funds to or from Italy, provided such transactions
are made through designated Italian banks, it was stated in
United Press advices from Rome, Nov. 21, which continued:
The action will place
Italy on the same footing as nations having a free
financial market.
Italian-Ethopian war the Government placed various re¬
transfers of funds and securities in order to maintain a sufficient
During the
reached.
was
declarations
The Netherlands expressing their adherence to the principles
The
gold for export to foreign central banks whenever
more
the
come
"Herald Tribune" said:
This 1934 regulation said that the Secretary of the Treasury would "sell
1936.
Similar declarations of adherence have now
been received from the Governments of The Netherlands and Switzerland.
+155,000,000
+20,000,000 +1,580,000,000
+ 7,000,000
+157,000,000
15,399,000,000
5,029,000,000
521,000,000
Borrowings
Belgium
Govern¬
The Belgian Government notified the United States of its adherence to
these principles on Sept. 26.
Liabilities—
Demand deposits—ad]usted
equilibrium
Belgium, The Netherlands and Switzerland to co-operate with the
Governments of the United States, Great Britain and France in accordance
by
United States Government
Other securities
Time deposits
United States Govt, deposits
Inter-bank deposits:
further step in the direction of international monetary
as a
arrangements have been made to give effect to the desire of the
$
1,261,000,000
3,195,000,000
guaranteed
By authority of the President the Secretary of the Treasury announces
that
Nov. 27, 1935
9,234,000,000
3391
Chronicle
(—)
or Decrease
Since
Nov. 18, 1936
$
$
U. S. Govt, direct obligations
(+)
Morgenthau said that the wording of the
the death knell of the private banker as
new
agreement sounded
exporter of gold.
an
Thus, he in¬
strictions
on
amount of
foreign exchange to purchase war materials abroad.
dicated that the strings of the "new type of gold standard," announced six
weeks ago,
had been drawn tighter in the hands of the government, working
through the Treasury.
In
Oct.
its
13
Pay Dec. 1 Coupons on External Gold Loan
l]/2% Bonds, Payable June 1, 1941, and External
Loan of 1924 7% Gold
Bonds at Rate of 25.52
Francs per Dollar
France to
...
which revealed that the United States,
announcement,
Great Britain and France would reciprocally exchange gold, the
Treasury
said that this country would sell "gold for immediate export to, or earmark
for the account of, the
exchange equalization
countries whose funds likewise
are
or
stabilization funds of those
offering to sell gold to the United States."
Under the changed agreement, the clause was added that the United States
"will also sell gold for immediate export to, or earmark for the account of,
the treasuries
nection
are
or
fiscal agencies acting for
any
guaranteed by the treasuries"
or
whose acts in this
of countries
which will
con¬
export
gold to this country.
It
has
was
this change that made possible export of gold to Belgium, which
stabilization fund, and which also made possible the withdrawal of
no
the Jan. 1, 1934, regulations.
"Does this end private gold exports, which have been authorized under
the 1934 agreements?" Mr. Morgenthau was asked.
He replied in the affirmative, explaining that the move ended the pos¬
sibility of private bankers being a channel for initiation of gold exports.
They will continue to be allowed to arrange imports of gold, he said. He also
said that the United States might export gold to other countries not in the
agreement, but the transactions would
be only between governments.
now
following is Secretary Morgenthau's announcement of
Nov. 23 affecting the sale of gold:
Supplementing the
the sale
of
announcement made
gold for
treasuries,
are
on
24 hours' notice, this statement of intention
or
immediate
or any
guaranteed
to,
or
earmark for
the
account
of,
to
of those
countries
States, provided such offerings of gold
the public interest.
will hereafter
announce
whose
treasuries
names of
upon
such rates and
announces
herewith, and
the foreign countries complying
All such sales of gold by the United States
will b« made through the Federal Reserve Bank of
States,
are at
New York,
as
fiscal agent
the following terms and conditions which the
Secretary of the Treasury deems most advantageous to the public interest:
Sales
charge,
gold will be made at $35 per fine ounce, plus 14% handling
and sales and earmarking will be governed by the Regulations
sulate General in New
ernment
5}^%
of the Young Loan (German Gov¬
purchase price
to be $20
of 1930)
Loan
International
the same manner as
in
chased
German Con¬
York that the Dec. 1, 1936, coupons
of the American tranche
be pur¬
will
June 1 last—the
those of
$27.50 face amount of the
per
coupon.
The following
is the announcement of the German Con¬
sulate General:
Secretary further
announces
that his statement of Jan.
31,
1934,
explained in Washington press advices that while
Belgium, Switzerland and The Netherlands will have all the
rights and privileges of the tri-partite currency agreement,
the original contracting countries will have complete super¬
vision of the pact, particularly in permitting new countries
to join.
The announcement of Secretary Morgenthau of the
agreement of Belgium, Switzerland and The Netherlands to
adhere to the principles of the currency accord, follows:
was
With
the
relating to the sale of gold for export, is accordingly withdrawn.
It
1—Payment at Rate of $20 per $27.50 Coupon
June
Announcement was made on Nov. 23 by the
of
issued under the Gold Reserve Act of 1934.
The
of American Tranche of Young Loan
in Same Manner as Those of
Purchased
Be
to
or
Secretary may deem most advan¬
The Secretary
daily, the
with the foregoing conditions.
of the United
the deduction in each
the amount of such payment.
1 Coupons
Dec.
the
fiscal agencies acting for or whose acts in,this connection
by the treasuries,
upon such terms and conditions as the
tageous
Unstamped coupons may, until further notice, be paid
places and rates specified above but only after
of 10% of
case
stabilization funds of foreign countries, will also
export
fiscal agencies so acting or guaranteed are likewise offering to sell gold to
the United
at the
to the
pursuant
dated July 16,1935.
may
altered) the United States, in addition to sales of gold to the
or
exchange equalization
sell
Oct. 13, 1936, relating
on
been stamped
have
gold for export, the Secretary of the Treasury states that
(hereafter, and until,
be revoked
by him
that such coupons
Decree of the French Government
Payment on the above basis is made with the provision
The
to
of the French Republic is notifying
external gold loan 7^ % bonds, payable
June 1, 1941, and of its 25-year external loan of 1924 7%
gold bonds due Dec. 1, 1949, that coupons maturing Dec. 1,
1936, will be payable on and after Dec. 1, at the offices of
J. P. Morgan & Co., New York City, in United States cur¬
rency at the dollar equivalent of 25.52 francs per dollar of
face value of coupon upon the basis of their buying rate for
exchange on Paris at time of presentation. Holders also hh-ve
the option of presenting the coupons at the offices of J. P.
Morgan & Cie., Paris, France, and receiving payment in
French francs at the rate of 25.52 francs per dollar of face
value of coupon. An announcement in the matter continued:
Government
The
holders of its 20-year
reference
falling due
Coupons
Loan
on
to the
purchase of
manner
June
1, 1936.
of the
tranche of
American
5%% International Loan
of 1930),
Dec. 1, 1936, the following is communicated herewith:
maturing Dec.
stamped
same
coupons
(German Government
Young Loan
"USA
as
1,
1936, of the American tranche of the Young
Domicile
those
coupons
Act.
1,
of the
1935,"
same
Holders of such bonds and
will
tranche
coupons
be
purchased in
which
the
became due on
will therefore
have the
opportunity to sell their coupons falling due on Dec. 1, 1936, against dol¬
at J. P. Morgan & Co., New York, or at any of the American offices
of the German steamship company, Hamburg-American Line, on or after
lars
the
date
amount
of
of
maturity.
The
purchase
price
will
be
$20
per
$27.50
face
the coupon.
Young marks may be acquired at the customary rate of exchange accord¬
ing to the regulations in effect.
Financial Chronicle
3392
6% Bonds of 1964 to Be
Guilder Bonds
to the SEC, to the amount of 922,446 shares, against_total
transactions of 2,516,449 shares, a percentage of 18.33%.
New York announces it has been
30, 1936, City of Rotterdam
In the preceding week (ended Oct. 24)
trading on
£he
Exchange was 22.02% of tota1 ^ansact^ionss of
Holland
City of Rotterdam
Converted into 6%
National City Bank of
authorized to accept up to Nov.
abroad to be
6% bonds of 1964 for transmittal to agents
S6' " PUrSUant ■ ° PUbliShed
•«nottce dated
JNoy, lo, xyoo.
^
■*
....
Agents
Appointed
'
■'
2^31,561 shares, the member trading being reported by
Commission is in the series.of
The
current figures being published weekly, in accordance
its program
Argentine
$23,500,000
for
External
Nov. 28, 1936
iy2%
embodies
m
the "Feasibility and Advisability of the Complete SegTega-
tion of the Functions of Broker and Deaelr.
Conversion Loan
Morgan & Co., the National City Bank of New York,
and the First National Bank of Boston have been appointed
J. P.
fiscal agents for the loan for the payment of
with
its report to Congress last June on
The figures
<£*'the
3eS1^-3iIS^SdSrSed-
principal
$23,500,000 Argentine Republic Sinking fund
The figures given for total round-lot volume for the New York Stock
external conversion loan 4%% bonds, due Nov. 15,1971. The
«"» New York Curb Exchange represent the volume
«u
nuv,
ti0_iT
^-p
xtItit V/wir Hoo olerv. 1round-lot sales of stock effected on those exchanges as distinguished from
National City Bank of New Yo 1
has a so been
anointed the volume reported by the ticker. The total round-lot volume for the
as
and interest on
authenticating fiscal
week ended Oct
gan
agent for the loan, and J. P. Mor& Co. US sinking fund agent.
Reference to the offering Of the 4%% bonds was made in
OUr issue Of Nov. 21. page 3234.
was
o
31
the New York Stock Exchange, 9,700,630 shares,
on
On th„e New
13.6% larger than the volume reported on the ticker.
York Curb Exchange, total round-lot volume in the same week was 2,516,-
449 shares, exceeding the ticker volume (exclusive of rights and warrants)
by8.0%.
:■
The data are based upon reports filed with the New York Stock
~
,
,
;
.
_
October
Sales
*T
...
o
Securities
of
,
..
«
National
on
...
Securities
October
uctooer
st0<*
value
$2 241 462 458
of
an
increase
of
40 6%
over
L™ A00?!.
©Qob /oo ai v
September , while bond sales were valued at $329,488,417,
and
increase
of
14.5%
September,
over
the Commission
said, adding:
Total sales of stock in October (including rights) were 79.991.599 shares,
or
34.2% above September's total.
$420,739,375,
was
an
Total principal amount of bonds sold
increase of ii 2%
over
September.
The two leading New York Exchanges accounted for 95.7% of the value
of sales on all registered exchanges, 95.1%
of stock sales, and 99.9%
R^r^iXt!gtransactlons:
nS^SS^fS00'
—
i$2
173
413
-
501
* On the New York Curb Exchange the round-lot transactions of specialists 'In
stocks in which registered" are not strictly comparable with dataImllarly desig-
nated for the New York Stock Exchange, since specialists on the New York Curb
Exchange perform the functions of the New York Stock Exchange odd-lot dealer
specialist.
The number of reports in the various classifications may total more than
as weu as those of the
the number of reports recced bemuse, at times, a single report may carry
entries in more than one classification
The following is the data covering the week ended Oct. 31
issued by the
as
SEC yesterday (Nov. 27):
EXCHANGE—TRANSACTIONS
STOCK
YORK
IN
9,700,630
Total volume of round-lot sales effected on the Exchange
Members of New York
Coffee & Sugar Exchange ApWorld Sugar Futures Contract
The new No. 4 "World Sugar Futures Contract" was
approved by the membership of the New York Coffee &
Sugar Exchange, Inc. at a vote held Nov. 25.
Trading is
scheduled to start at a discretionary date not earlier than
one week after ratification, the Exchange said on Nov. 25.
contract was made in
new
our
Round-lot
transactions
of
members
except
.
■
t. -
———
801(1
*
Total
8,677
.
specialists
in
Chicago Board of Trade Vote Permanent
By
Trading Hours
.
in
783,740
...
813,650
-
Total—
4.64
which
1,597,390
—
8.23
Total round-lot transactions of members, except transactions
large majority, members of the Chicago Board of
on
Nov. 24 to continue trading hours from
9:30 a. m. to 1:15 p. m. (Central Standard Time), except
™ Satodays wheu the
Exchange will close at noon, it was
stated m the Chicago "Journal of Commerce" of Nov. 25,
from which the following is also taken:
voted
1,852,945
of odd-lot dealers in stock in which registered—Bought—
a
Trade
stocks
...
_
899.504
-
.
transactions of
registered—Bought—
—
—
44°,827
*
Round-lot
.
—.—
2. initiated off the floor—Bought
Sold.—
of
of
u '"Sly °"""
♦'
,
transactions
specialists and odd-lot dealers In stocks in which registered:
issue of
Oct. 31, page 2761.
Members
Per
Cent a
Week
+
Reference to the
STOCKS
ALL
FOR ACC<?yNJ,„0F ^n^f^oqR(SHARES)
Wools Ended Oot. 31, 1936
Totalf„
increase of 12.4% oyer September.
New
'
■
"
Repo^sbowixS no transaction! I" 111"" II11""""
NEW
prove
854
':
ise
as"specialist:
othertban
The dollar value of sales on all exempt exchanges in October was $1,348,an
Exchange
1,074
Number oi reports received
of
bond sales
061.
CttrJ>
Exchange
and
Exchange Commission announced
yesterday (Nov. 27) that the dollar value of sales on all
registered securities exchanges in October amounted to
$2,570,962,872, * an increase of 36.6% over the value of
sales in September and an increase of 16.1 over the value
of sales in October, 1935. Stock sales (including rights) had
a
New York
New York
Year Ago
i ear A<ro
Securities
These
reports are classified as follows:
Exchanges Reported by SEC Above September and
The
Exchange
and the New York Curb Exchange by their respective members.
801(1—
-
1,906.337
-
Total
3,729,282
—
19.22
~
TrMMCtlons Ior account 0( oM.lot dealer8 ln swct9 ln whWl
registered:
1- inOOlQ.» lots—Boughtround
-
-
202,100
OUO jOUU
-
»««>»«■«■ 4* mmmmtmmmmmmm
These trading hours have been in effect for many years, except during
periods of last year when alterations
were
Members of
Pacing Chicago on eastern time.
the Exchange cast 523 ballots to retain
have been in effect under
an
emergency
instead of at 1:15
a
the hours which
Bought
] ,331,529
—
1,240,681
Sold..
minority vote to close
_
Total
p. m.
trading hours of New York Cotton and Securities
Exchanges.
Week Ended Oct. 31,1936
Total £or
ToM1 volume „t round-lot sales effected on the Exohange....
2,616,449
;
Chicago's return to the Central Standard Time Zone
referred to in
our
was
Ro^mbere?^lrt1ra^tioMI?f sSiste'TstocS
issue of Nov. 7, page 2936.
on
the floor—Bought
93,280
89,895
Total
183,175
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended Oct. 31—
Percentage of Trading to Total Transactions Below
*
1—
Total...
The percentage of trading in stocks on the New York Stock
and New York Curb Exchanges during the week ended
r>a.a
snares.
■
sold—Y-—III-III——III—II!—Ill—IIIII
-----
11,21
Total round-iot transactions for members of ail members:
:
IMS
-
—
Total—.—
—
——-
922,446
18.33
Odd-lot transactions of specialists in stocks in which registered:
-
——
—
*
-
}?S'SS?
:
Total—
—...
300,430
lThe term ••members;' includes all exchange members, their firms and their
partners, including special partners.
Per cent of
members'
transactions to total
Exchange transactions.
In cal-
Curb Exchange, members traded for
rLi-rinrr
fVir,
it,r\„4-
oi
their own account during tne week ended Uct. ol,
3.48
294,441
.—
564,046
Total—
a
ortrtrmnf
175,225
Round-iot transactions of specialists in stocks in which regis-
Oct. 31
by members for their own account, except odd4ot
dealers, was lower than in the preceding week, it was made
known yesterday (Nov. 27) by the Securities and Exchange
Commission.
Member trading on the Stock Exchange during the latest week amounted to 3,729,282 shares in 100share transactions, the Commission said, or 19.22% of total
transactions on the Exchange of 9,700,630 shares.
This
compares with 4,312,612 shares of stock bought and sold on
the Exchange for the account of members, excepting odd-lot
dealers, during the previous week ended Nov. 24, which was
20.50% of the total transactions that week of 10,521,150
3.64
——
95,895
'
Previous Week
On the New York
"
——==
in
.....
Sold
#
"L
.
...
which registered:
1. Initiated
it.
oin
2.572.210
—
Hours for trading for future delivery in cotton and for trading in securlties will be fixed by regulation adopted by the Board of Directors, and will
continue to conform to the
508,700
.....
—
2. In odd lots (Including odd-lot transactions of specialists):
ruling since Chicago returned to
Central Standard Time, while 228 members cast
at 1:30 p. m.
Total...
necessitated by the action of
the city council in
dilating these percentages the total of members' transactions is compared with twice
„the total Exchange volume for the reason that the total of members' transactions
according
includes both purchases and salee while the total exchange volume includes only sales.
Volume
Financial
143
of Investment Trusts and Invest¬
Examination by SEC
Seeks Informa¬
tion as to Supervisory and Advisory Services
The Securities and Exchange Commission, in furtherance
of its study of investment trusts and investment companies
which Congress directed the Commission to make, released
on
NoV. 27 the form of a questionnaire for investment
counsel, investment management, investment supervisory
and investment advisory services, which have investment
Companies—Questionnaire
ment
companies
trusts, investment
funds
common
or
or
commingled
clients.
as
questionnaire
was
indicated
as
substantially the period from Jan. 1, 1933, to
The questionnaire covers
the form and personnel
the manner and method, of solicitation of accounts; the
of the organization;
nature and extent of the services
and
method
investment
The
companies.
questionnaire
requires information with respect to the activities of the organization
than the furnishing of investment
accounts of
size of accounts supervised; the custody of securities
the type, number and
and funds of clients;
and their
Specimens of literature and advertisements used
business experience.
the organization are to be furnished to the Commission,
balance sheets and profit and loss statements of
by
In certain cases,
the organization are re¬
quested.
The Commission announced at the same time that
with
it had
of representatives of investment
advisory services in connection with the preparation of the
questionnaire.
a
group
by SEC of Investment Trusts and In¬
Companies—F. W. Denio of Old Colony
Investment Trust Presents Views—R. W. McGrath
vestment
Publicity Incident to Op¬
of Lazard Freres Favors
eration—Opposes Segregation
customers' men, Maurice
L. Farrell, Chairman of the Committee on Public Relations
of the New York Stock Exchange, in an address on Nov. 18
declared that "taken on the average, he [the customers'
man] is not as predatory and consciousless as he has some¬
times been painted."
An address in which customers' men
in general were referred to as "commission conscious" was
Answering recent criticisms of
bankers
was
voiced
the
before
Securities
and
Exchange Commission on Nov. 12 by Raymond D. McGrath,
a partner in the firm of Lazard Feres, during the Commis¬
sion's hearings into investment trusts and investment com¬
panies.
According to a Washington account Nov .12 to the
New York "Herald Tribune" Mr. McGrath, who had de¬
scribed in detail the operation of his trust, a consolidation
of two trusts sponsored by Lazard Freres and Lehman Broth¬
ers, read a formal statement favoring Federal regulation
through publicity, which would take the practical form of
regulations on accounting and on public reports, which
would, first, permit full disclosure to stockholders and,
second, mitigate against abuses.
These advices continued:
Separation Opposed
Mr. McGrath strongly opposed segregation on investment trusts from in¬
vestment
bankers,
a
possibility which the SEO is studying.
that such separation would not be in the
business.
While expressing
a
strong belief that
chief weapon in avoiding abuses,
"some
action
were
considered
He believed
best interest of the $5,000,000,000
publicity should be the
William O. Douglas, a member of the Securities
Exchange Commission.
In his speech Mr. Douglas is
Nov. 12 by
and
said that at present the institution of
has an "unestablished value," but the
be made a "valuable investment service adjunct
reported as having
that it
would be preferable to
prohibit certain types of transactions, where abuses have occurred, rather
than to exclude investment bankers
It
was
as a
class from investment trust activity"
this statememt that aroused the interest of James Austin, of SEC
counsel, and produced
a
Messrs. McGrath and Austin,
representing the business and the Federal agency, respectively, appeared
to have almost a unanimous meeting
tion of dealing
did not believe prohibi¬
between the investment house and its trust would result in
much damage to the trust.
Nor did he consider it a bad idea to have the
firms hold substantial interests in
vious witnesses in favoring
the trusts.
He went further than pre¬
requirements to force investment trusts to make
public withing 24 hours such details of operation as the SEC thought the
public
was
entitled to know.
The present General American Investors
Company, Inc., of which Mr.
McGrath is secretary and a director, he explained, resulted from the con¬
solidation in
was
was
organized in 1928.
Both trusts were sponsored by Leh¬
Brothers and Lazard Freres, and the consolidated trust has partners
from both
banking houses on the boards.
Mr. Austin seemed to agree that the trust had
of
explained that the reports should show "first, make-up of portfolios; second,
the profits or losses realized from different sources;
third, all transactions
between directors, officers and sponsors of the trust, if any; and, fourth,
his securities.
as
As
a
would enable
an
investor to appraise the real value of
corollary <1 recommend that all profits and losses from
underwriting should be shown separately."
F. Winchester Denio, Vice-President of the First National
Bank of Boston and a trustee of the Old Colony Investment
Trust, stated on Nov. 19 at the Commission's hearing that
operating policies of the trustees of the company "have
been founded upon the belief that regular income and grad¬
ual appreciation in value can be obtained through purchase
of carefully selected investment securities.
In general the
policy has been to hold the portfolio much as an ordinary
trustee and not to sell except as new developments may
the
the trustees to deem
it must have meticu¬
It cannot
the customers but
ostensibly serves
finance.
social vindication of that institution is to be found in such a
or
not such a program of achievement can be attained
The only
Whether
course.
will be in
issue.
Taking occasion to state that the New York Stock Ex¬
change recognizes its responsibilities to the public which
chooses to make use of its facilities and endeavors to safe¬
as it is possible to do so by
organization designed to enforce "just and
equitable principles of trade," Mr. Farrell added:
their interest insofar
guard
providing an
the
But
vidual
York
New
Exchange does not
Stock
to guard the indi¬
assume
speculator or investor from the results of his own folly or
sellers
mistaken
That is beyond its power.
The risks assumed by buyers and'
of their own undertaking and presumably of their own free
judgment.
are
choice.
"I
willing to grant,"
am
1929
and
customers'
there
was
temporary influx of so-called
a
very
we
liquidation advisable."
could
well
From all directions and from all busi¬
have done without.
and professions they
nesses
Farrell, in his com¬
Street whom
Wall
to
men
Mr.
said
"that back in the halcyon days of
ments on customers' men,
enjoyed a brief heyday
came,
prosperity, but were soon retired back to their previous
of
about
knew little
They
occupations.
proved just about as helpful
economists of that time."
In part,
securities and less
But I might add that they
about statistics and economics.
as
many
of our best-known
Mr. Farrell, whose address was given before a
Thanksgiving luncheon of the New York Financial Adver¬
tisers Association at the Lawyers Club in New York City,
also had the
Stock
The
and
following to say:
recognized
Exchange
member
the
On
control.
firms
Jan.
15,
from
that
and customers'
1930,
the
experience
men
Governing
the
of
necessity
under rigid
Committee
supervision
appointed
a
special committee to make a study and report back with recommendations
the
of
problems then
of
6et
which
rules
This committee undertook a
presented, and! four months later submitted
were
adopted
on
May 7,
survey
a
new
1930, which since then have
been
supplemented by various other restrictions as the need for such were
shown by experience.
The regulations are extensive and specific.
Among
other
things, they provide:
That
1.
under
the
cause
it
designed to accomplish that purpose.
Detailing the type of disclosure which, he said, should be required, he
such other detail
of customers' men is to survive,
institution
if
bringing
the "Herald Tribune" added:
with the
exchanges."
This, he said, rests
Mr. Douglas also stated:
generation.
regard for the standards of conduct governing fiduciaries.
and
had a good performance.
Noting that Mr, McGrath had given his advices on a
variety of matters which he believed should not be regulated,
man
actually serves the em¬
ployees and employers.
It must redefine its functions.
It must forsake
the idea of salesmanship and concentrate on investment service.
If the institution desires to survive, let customers' men become serious
students of corporations; let them be in a position intelligently to advise
clients on
reorganization plans; let them qualify to render counsel to
those solicited in proxy campaigns; let them be competent to advise on
mergers, consolidations, recapitalizations and the like; let them lose their
consuming interest in intermediate price movements; let them desist from
calling their customers unless requested or except in serious emergencies;
let them become studiously concerned with the fundamentals of business
Investors Company, Inc., which
organized in 1927, and Second General American Investors Company,
Inc., which
man
1929 of General American
the
If
lous
1928
of minds.
to questions, Mr. McGrath said that he
can
organized
younger
comprehensive discussion on waht transactions
might be prohibited without great harm.
kin reply
to
he said in his formal statement that if
necessary
Institute on
delivered before the New York Stock Exchange
survive
Opposition to the segregation of investment trusts from
Exchange
Supervision and Control by Stock
Cites
on
Douglas of SEC—Mr. Farrell
O.
W.
of
Criticisms
vocation
Examination
Men—Comments
Farrell Defends Customers'
L.
M.
the customers'
investment
that the public
Pacific Southern
Inc.,
Investors,
Pacific
of
Investors, Inc., American Capital Corporation, all of Los
Angeles, Calif., and Investment Co. of America, Detroit,
scheduled for Nov. 24 and 25, had been postponed.
service
and the connections of officers and directors of the organization
conferred
certain to come."
also
other
clients; and the investment policies of such service organiza¬
In addition, information is sought concerning
tions.
save
The Commission announced on Nov. 23
advice; the security transactions of the
organization with investment company clients; the control of the
over
he is reported to have said, adding
their profits to cover future losses which
"That's all wrong,"
"they should
and the affiliations of the organization with
basis-of compensation;
trusts
rendered by the organization; the
does not favor the
He is also said to have stated that he
so-called "open end" type of trusts because they are forced
under the 1936 Revenue Act to liquidate their profits.
examinations
June 30, 1936, and calls for information relating to
investment
minded."
follows
by the Commission:
and
[said the Washington advices to
that trusts of this
type should not be organized on a general scale throughout
the country because, he said he did not believe the country
has reached a point as yet where it is "investment tsust
He indicated the belief,
the New York "Journal of Commerce"]
are
The nature of the
3393
Chronicle
customers'
a
power
Stock
of
shall
man
attorney
for
a
Exchange Committee
not
operate
customer,
on
discretionary
a
without specific
Customers'
Men.
In
account,
of
permission
practice,
that
is
given only for bona
fide reasons, such as when the customer is traveling
or
residing abroad or otherwise not ordinarily available for communica¬
tion during business hours.
Even then a restriction is imposed that all
orders
This
not
2.
for
such
obviously
the
accounts
places
must
be
approved
and
initialed1
the discretionary responsibility
on
Customers'
purchase
a
partner.
V
or
men
may
not communicate with
sale of securities
customers
short
for
their
own
regarding the
at their residence without previous
permission from such customers to do so.
3. Customers' men are not permitted to buy stocks
stocks
by
the partner and
employee.
account.
Neither
are
they
on
margin
permitted
written
or
sell
to par-
Financial
3394
ticipate
in
joint account,
any
accept
nor
any
share
of
the
profits they
4.
They shall be paid a fixed salary and not on a commission basis.
Since
early in the present year, all new customers' men are required
pass an
examination given by the Stock Exchange Institute to determine
of such
in respect
no one
man,
is
be always right.
and
going to do tomorrow or next week, or next
Maybe it
be done,
can
and have taken
many years,
and
year,
but I've been in Wall Street
a
pains to delve into various economic
some
account
become a
to
„
.
restricted accounts—A creditor shall not permit a
customer to make in a restricted account any transaction which, in com¬
bination with any other transactions made on the same day, results in any
increase of the excess of the adjusted debit balance of the account over the
maximum loan value of the securities in the account, or results in any net
withdrawal of cash and (or) securities: Provided, however, That a creditor
may permit a customer to make any transaction or combination of trans¬
actions which causes the account to become an unrestricted account.
"(e) Combination of transactions—For the purposes of subsections (c)
and (d) of this section all the transactions in a given account on a given
day may be considered a single transaction; and any substitution of securi¬
ties consisting of a sale of securities in the account followed by the pur¬
chase of other securities on the next succeeding business day may be con¬
sidered a substitution occurring entirely on the day on which the purchase
occurs."
charts and graphs and what not, and
explore the aspects of
have yet to find a
a
is going to enable one's favorite
one's pet broker or anybody else, to tell exactly what
or
the stock market
theories
will infer that conformity with all these rules andl
with which I shall -not bore you,
more
customers'
good
to knowledge and experience to perform the duties
position.
Now, I hope
lot
28, 1936
"(d) Transactions in
5.
their fitness
would cause such
which
of transactions
bination
restricted account.
make for customers.
to
Nov.
Chronicle
safe prophet of the market's future.
amended by changing the period at the
5. Section 6 of said regulation is
end of said section to a colon
and adding thereafter the following:
That the special cash account provided for in this section
be used, to any extent not forbidden by other provisions of law, to
and hold for any customer cash or securities, including cash or
securities withdrawn from another account without violation of this regu¬
"Provided,
George O. May Asks Change in SEC Regulations
Methods of Accounting—Tells Bond
Club It
Unreasonable to Expect
Annual Reports
on
Is
to Serve
may
receive
lation."
Several Purposes
The
Securities and Exchange
nize that there is
Commission should
recog¬
siders Plans
annual report and a prospectus published incident to the
issuance of securities, George 0. May, senior partner in
Price, Waterhouse & Co., accountants, told
that it-is unreasonable to expect a
meeting of
May said
single ordinary account¬
ing report to
purposes
the Bond Club of New York
on
Nov. 24.
the variety of
serve
I think if
that
are
going to get
we are
the
from
real improvement in the prospectuses
any
issued in this part of the world, anything like a return to the sort
of useful information which
Commission
think it would be
a
that
very
used to give, we must first get some action
we
will
allay those fears
and apprehensions.
recognize the essential difference between
annual report and the pros¬
an
pectus, and state categorically that in its opinion the adjustment of ac¬
that
counts
have
prospectus,
been issued in
carries
If
erroneous.
we
no
an
tion
annual report for the
The Board of Governors of the Federal Reserve
ments in order to reduce excess reserves,
implication whatever that the original report
Chairman of the Federal Reserve
following statement on Nov. 21:
Board
The
the
of
Governors
of
Federal
In
the
the
the business and credit situation was
of these meetings,
course
attention was given to the fact that since
July in raising reserve requirements, there has
Particular
reviewed.
Board's
action
last
continued and substantial-increase of
member bank reserves, result¬
been
ing principally from a further large inflow of
everything in the accounts of the report is
affected by
been
has
what
That is not at all the
same
position.
Very often what
concerned with is the earnings of the enterprise rather
you are
than the
enterprise of the particular company that has carried on the business in
the past, and that is dependent,
the company over-provided for
annual report is entitled to
that is not affected because, let us say,
depreciation in the past and
take
now
in its
lower depreciation than formerly
a
a
member
bank
of
Governors
Federal
of
of these reserves with a view to taking
System Pro¬
poses Amendment to Regulation T to Curb "In and
Out" Trading—Would Require Stock Purchasers to
Post Margins Immediately
Nov.
on
19
submitted
their consideration
the
to
Federal
System
banks
Reserve
the Board said:
customer
who
purchases securities
of purchases and sales made
on
asked
S. Eccles,
Act limited
the
on
the
broker
to
the
on
OF
Board
Regulation T,
require that any
same
day, not later than the end of the
PROPOSED
as
read
as
follows:
of Regulation T—Effective
or
means
is less than
1935.
Mr.
Bonds Possible
appeared the probable method of control which
open
market operation
has
$2,430,000,000 of
run
off
cision,
and
it
thus
was
was
said,
securities which might be allowed to
Open for later de¬
banking reserves.
excess
whether the Board would only increase resrves
was
requirements in its prospective action or
trol
The Federal Reserve System
not foretold.
government
decrease
the Board would utilize
hanking reserves, the possibility of an
early next year to-reduce excess
whether the two weapons of co-
might be used to supplement each other.
The staffs of the Treasury, the
and Exchange Commission
Federal Reserve Board, and the Securities
continued their discussion of possible ways of
controlling the inflow of gold, which has increased excess reserves.
Dr.
Treasury adviser, and John H. Williams,
the Federal Reserve Bank of New York, have been
Jacob Viner, economist, a special
of
'
called into the discussions.
Board of Governors of Federal Reserve System
compilation
and
Federal
of
State
laws
relating
to
banking within the United States, appearing in the
November issue of the "Bulletin" published by the Board
1936
an
are
account
amended to
in
the ma.Yimum
which
loan
the
value
of the securities in the account.
the account."
of
Governors of the Federal Reserve Systeih,
lowed by reports that
of
.
has been fol¬
the Board is studying the feasibility
legislation enlarging the branch banking powers of the
Reserve System member banks.
In an address at Gettys¬
Nov. 11, Charles F. Zimmerman, President of
the First National Bank of Huntingdon, Pa., made the state¬
burg, Pa.,
on
ment that "it is understood in some quarters
Eccles
wishes
to
reenter
the
arena
'
--
Reported
Studying Branch Banking—Makes Available Com¬
pilation
of
Federal and State Laws
Relating
A
"(j) The term 'restricted account' means an account in which the ad¬
justed debit balance exceeds the maximum loan value of the securities in
I
of
added authority rested on the possibility of
ask
Sale of
•
.
'unrestricted account'
double reserves
Meantime, it developed that while an increase in reserve requirements
TO
amended, is hereby further amended in the following
adjusted debit balance equals
"
might
to
branch
(i) and (j)- of section 2 of said regulation
"(i) The term
wipe out excess
but the Banking
Speculation that
increase
Thereto
AMENDMENT
T
respeccs:
1. Subsections
the
margin shall provide the required
REGULATION
Amendment, No
Board, originally
to completely
authority
Eccles renewing his request.
The text of the suggested amendment follows:
DRAFT
Chairman of the Federal Reserve
sufficient
for
if such drastic action were thought necessary,
reserves,
which the purchase is made.
TENTATIVE
Congress
economic adviser
cause
margin in advance of the purchase—or in any event, except in the case
day
in the public interest.
Washington dispatch of Nov. 24 to the New York
"Herald Tribune" commented as follows on the Board's
A
for
proposed amendment to Regulation T,
applying to loans by brokers, dealers and members of
national securities exchanges, which would require pur¬
chasers | of stock to post margins immediately instead of
taking advantage of a permissible lag of several days under
present regulations.
It was reported that the proposed
amendment would affect principally big traders.
As was
indicated in these columns Nov. 21, page 3250, the Board
asked the Reserve banks to reply to the proposal not later
than Dec. 7, when the Board will consider the advisability
of adopting the amendment.
In describing the proposal,
a
The proposed amendment would
problems raised by the effects
such action at such time as it appears
possible action respecting the problem of excess reserves:
Reserve
The Board of Governors of the Federal Reserve
needs of commerce, industry and agriculture.
responsibility for credit and reserve policy are now
Those charged with
to be necessary
gold from abroad, so that
in excess of legal requirements
more far
once
giving careful consideration to the various
Marriner
Board
are
reserves
and of present or prospective
done, by the form of the company's organization, and all those things in
the prospectus.
System met during
Federal Open Market Committee.
fully
report, as I said, it is another chapter in the history, and
Board, issued
and later with the Presidents
to make them appropriate for a prospectus.
a
reported in
In addition, there was a meeting of the
banks.
Reserve
Reserve
Federal
the week with the Federal Advisory Council
of the
tice of adjusting reports, figures that have appeared in the reports, so as
After all, in
was
Eccles,
the
was
could do that, then we would get back to the old prac¬
it
Washington on Nov. 24. ' The Board increased reserve
requirements by 50% on Aug. 15, and the Banking Act
of 1935 gives the Board the authority to increase them an¬
other 50%.
As was noted in our Nov. 21 issue, page 3250,
the Board met last week with the Federal Advisory Council
and with the Presidents of the Federal Reserve banks, and
reviewed the business and credit situation.
Marriner S.
of a
purposes
System
ask the next Congress for
banking reserve require¬
is considering suggestions that it
unlimited authority to increase
I
valuable thing if the Commission would explicitly
Con¬
System
for Further Power to Raise Reserve
Requirements—Studies Business and Credit Situa¬
a
required under
Reserve
Reduce Excess Reserves—May Ask
to
Congress
Mr.
existing Federal regulations.
The annual report, he said,
is purely an historical document, revealing what the com¬
pany has done in the way of income and expenditures over
a definite period in the past, and it is impossible to
get one
form of account or one statement that will serve equally
well the purpose of regulation, taxation, annual reporting
and for the prospectus for a new security issue.
Mr. May said, in part:
Federal
of
Governors
of
Board
great difference between a corporation's
a
that Governor
against
States
'
government
banking."
branch
Further
reference
rights
Mr.
to
2. The last paragraph of subsection (b) of section 3 of said
regulation is
amended by striking out the words "and together with demands for addi¬
Zimmerman's remarks is made in another item in this issue.
tional margin in connection therewith."
In
3. Subsection (f) of section 3 of said regulation is amended by striking out
clause
(8); by substituting
at the end of clause
a
period for the semicolon and the word "and"
(7); and by adding the word "and"
at the end of clause
(6) after the semicolon.
4. Subsections (c), (d) and (e) of section 4 of said regulation are amended
to read
as
follows:
"(c) Transactions in unrestricted accounts—A creditor shall not permit
any customer to make in an unrestricted account any transaction or com¬
its
November
Reserve
"Bulletin"
System note that
"Bulletin" there
the
Governors of
the
Federal
in the April, 1930, issue of the
published a compilation of State laws
within the United States, and
in the "Bulletin" for July, 1932, there were printed the pro¬
was
relating to branch
banking
visions of the branch banking laws of certain
had been amended
was
prepared.
or
States which
added since the previous
compilation
The latest compilation, which has been pre-
Volume
Financial
143
pared in the office of Counsel of the Board of Governors of
the Federal Reserve System with the assistance of the
Counsel of the Federal Reserve banks, supersedes both of
the records referred to and (to quote from the November
"shows
''Bulletin")
laws of the United
1936, the status of the
of June 1,
as
States and of the various States affect¬
of branches by banks and trust com¬
savings banks and Morris Plan banks.
ing the establishment
including
panies,
From
November "Bulletin"
the
The
compilation contains only such laws
one
followed
When only one citation to the State law is
pamphlet edition of the State banking laws
citations.
more
or
given,
the reference is
which
was
ticular
there
to a
consulted in the preparation of
statute
is
it
if
the compilation, or
in such pamphlet
is not contained,
second
are
equally secured with other
edition;
to
par¬
a
outstanding issues of the bank
improved farm lands, cash
pledged
seasoned loans
which have gone through the depression and have been reduced by amortiza¬
tion payments until the average amount of all loans as of Oct. 31, 1936,
was $5,100 as against $7,100 for all loans outstanding as of Oct. 31, 1927.
1936, the mortgages so
As of Oct. 31,
$14,300,256, representing for the most part
amounted to
Liquidation of the bank's farm mortgage loans has
thus far with almost
date when liquidation
approximate
refinanced or sold
investment of $11,611,949, on which
began, to Oct. 31, 1936, the bank
the recovery was 98.6%.
•
1933, to Oct. 31, 1936, of farms
the period May 1,
sale during
The
yielded a substantial profit.
acquired by the bank under foreclosure has
Real
with
estate
sideration of
a
been accomplished
From May 1, 1933, the
negligible loss.
of $2,947,872 was sold for a con¬
"carrying value"
$3,317,342.
,
•
and when
is to the official edition
the second reference
citation,
of the laws of the State.
a
The bonds
by collateral consisting of first mortgages on
and Government bonds.
1,474 mortgage loans representing an
relate to the establishment
as
the United States and each provision of law is
of branches within
by
also quote:
we
3395
Chronicle
$159,737,000 Tendered to Offering of $50,000,000
273-Day
Treasury
Bills
Dated
Nov.
25—
$50,000,000 Accepted at Rate of About 0.084%
Bids of
of
The
following
summary
is
presented
current
the
in
"Bulletin":
SUMMARY
States
OF
STATE
BRANCH
Announcement
LAWS
BANKING
States with no
Permitting
States Permitting
Branch
Prohibiting
State-icicle
Banking Within
Branch
States
Regarding
Branch Banking
Limited Areas
Banking
Branch Banking
Legislation
Arizona
Alabama
Colorado
Kentucky
California
Arkansas b
Florida
New
Connecticut
Delaware
Illinois
North Dakota
c
Hampshire
Georgia
Kansas
Oklahoma
Idaho
Indiana
Minnesota
Wyoming
Maine
Iowa b
Missouri
Maryland
Louisiana
Nebraska
Michigan
Massachusetts
Texas
Nevada
Mississippi
West
North Carolina
Montana
Oregon
New Jersey
Dist. of Columbia
a
Rhode Island
Virginia
New York
Carolina
Ohio
Utah
Pennsylvania
Vermont
Tennessee
Virginia
made
on
Nov. 23 by Secretary of the
previous issues of 273-day bills of 0.101% (bills dated
Nov. 18), 0.106% (bills dated Nov. 10), 0.115% (bills dated
Nov. 4), 0.120% (bills dated Oct. 28), 0.124% (bills dated
Oct. 21), and 0.141% (bills dated Oct. 14.).
The tenders to the offering of Treasury bills dated Nov. 25
were received at the Federal Reserve banks and the branches
New Mexico b
South
South Dakota
was
Treasury Henry Morgenthau Jr., that tenders totaling
$159,737,000 had been received to the offering of $50,000,000,
or thereabouts, of 273-day Treasury bills,
dated Nov. 25,
1936, and maturing Aug. 25,1937.
Of the amount tendered,
bids of $50,000,000 were accepted, the Secretary said,
adding that the entire amount accepted was bid at a price of
99.936, equivalent to a rate of about 0.084% per annum, on
a bank discount basis.
This rate compares with rates on
Wisconsin b
thereof up to 2 p. m., Eastern Standard Time,
Reference to the offering was made in our issue of
3238.
page
Washington
Nov. 23.
Nov. 21,
*
Total, 18
a
District of Columbia not included in tabulations
"Bulletin" for April,
Total, 5
Total, 9
Total, 17
published In Federal Reserve
from
"offices," "agencies" or "stations" for limited purposes as
"branches," permitted under certain circumstances.
distinguished
agencies to receive deposits
and cash checks.
t
Note—The foregoing tabulation is designed to indicate the generaly policy of the
various States on branch banking as reflected by the provisions of the laws of such
such as
of the head office or the place
of the proposed branch, restrictions that certain branches be established only by
consolidation or merger, requirements that the place of the proposed branch be
without other banking facilities, &c.
For example, the State of Virginia is classi¬
fied in the foregoing tabulation as a State permitting State-wide branch banking,
but under the laws of that State branches may be established only in "other cities
States, but it does not reflect detailed provisions of the law in certain States
restrictions based upon the population of the place
For such detailed pro¬
having a population of not less than 50,000 inhabitants."
visions, reference should be had to the compilation of the laws of the
individual
States.
member banks is being
studied by the Board of Governors, advices from its Wash¬
ington bureau to the "Wall Street Journal" of Nov. 9 added,
branch
the
banking
of
powers
in part:
of
Existence
In
what
of branch
type
authorized
to
could,
Alternatives
engage
Federal
legislation
on
branch banking,
But the fact that the work is going forward
establish
branches
State-wide
are
or
advocated before
have been
Federal authorities prior to this
branch banking under which
trade-area
the trade
within
zone
nation-wide branch
which
of
Board
of
question
as
body has
banking
branch
yet
not
legislation as
taken
far as
In
Washington
Until
be offered
quarters doubt
is
the
at
certainty that
no
expressed over passage of
a
In
branch bank
official
some
such a measure, even if 1 it is
in the House of Representa¬
National
banks
only
to
and
upon
State
member
banks
are
now
terms
to
have
are
per¬
permitted
State non-member banks
by the various State laws.
the same
have them
as
cording to recent indications.
made yesterday (Nov. 27) of $7,500,000 of Dallas Joint Stock Land Bank 3% farm loan bonds
by a group headed by Lee Higginson Corp.
In accordance
with the Emergency
Farm Mortgage Act of 1933, the
Dallas bank, like all other Joint Stock Land banks, is in the
process of orderly liquidation of its assets.
The present
bonds, which bear a five-year maturity date, are being issued
to replace an equal amount of 5% bonds maturing in 29
and 30 years.
The bonds offered at a price to yield over
2.47% to the optional date (Jan. 1, 1940) and 3% there¬
after, are exempt from Federal, State and municipal income
taxes.
The following is also from an announcement bear¬
ing on the offering:
addition
to
the
was
Lee
Higginson
Corp.,
the offering group includes
Halsey, Stuart & Co., Inc.; G. M.-P. Murphy & Co.; W. E. Hutton & Co.;
Kidder,
Peabody &
New
Co.; A. C. Allyn & Co.; Priester, Quail &
Illinois Co. of Chicago, and Walker, Austin & Waggener of
the next three months, ac¬
Henry Morgenthau, Jr., Secretary of the
no
financing would be
December refinancing operations,
undertaken in January or February.
.
.
of borrowing $100,000,000 instead of
The new program of $100,000,000
bonus last June.
weekly borrowings is
quickly above the $1,000,000,000 level, which Secretary Morgenthau recently said was the minimum
for safety while conditions abroad remain in their present unsettled state.
The working balance dropped to $987,809,000 on November 23.
♦
of $100,000,000 of Treasury Bills in Two
Series—Both to Be Dated Dec. 2, 1936—$50,000,000
New Offering
of 104-Day
Bills and $50,000,000 of 273-Day Bills
On Nov. 26 announcement was made by
Henry Morgen¬
Jr., Secretary of the Treasury, of a new
thau
offering of
Treasury bills in two series to the aggregate amount of $100,000,000, or thereabouts.
The plans of the Treasury to offer
weekly issues of bills in amount of $100,000,000, or $50,000,000 in excess of maturities, is noted elsewhere in these columns
Since last June the Treasury has offered new bills
of $50,000,000 weekly.
The tenders to the offering announced Nov. 26 will be
received at the Federal Reserve banks, or the branches
today.
Co.; The
Dallas.
to 2 p'. m., Eastern Standard Time, Monday,
Bids will not be received at the Treasury Depart¬
up
ment, Washington.
sold on a discount
Each series of the bills, which will be
to the highest bidders, will be
basis
of $50,000,000, or thereabouts.
One
104-day bills maturing March 16, 1937, and the
other 273-day bills, maturing Sept. 1, 1937; both series will
be dated Dec. 2, 1936.
The Secretary pointed out that
bidders are required to specify the particular series for which
each tender is made.
The face amount of the bills of each
offered
in
amount
series will be
series will be payable without interest on their respective
maturity dates.
There is a maturity of Treasury bills on
Dec. 2 in amount of $50,010,000.
The
following is from Secretary Morgenthau's announce¬
ment of Nov. 26:
The bills will be issued in bearer form only, and in amounts or
denomina¬
and
$1,000,000
(maturity
will
be considered.
tions
of
$1,000,
$10,000,
$100,000, $500,000,
value).
No
tender
v
for
an
amount
less
than
tender must be in multiples of $1,000.
on
•
,
$1,000
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e.g.,
99.125.
Fractions must not be used.
Tenders will be accepted without cash
deposit from incorporated banks
and trust companies and from responsible and recognized dealers in
reduced to $14,109,000.
ment securities.
.
$50,000,000 weekly at
the equivalent of considerably less than 1 % per annum in interest .charges
was last used during the eight weeks which followed payment of the veterans*
The practice
At the peak of 1929, the outstanding bonds of che Dallas bank amounted
to $40,527,000.
As of Nov. 1, 1936, the outstanding bonds had been
^
York
which involved an exceptionally low cost,
Treasury, in announcing plans for the
said
thereof,
Offering of $7,500,000 of Dallas Joint Stock Land Bank
3% Farm Loan Bonds
offering
26, to the
stated:
be continued through much, if not all of
Nov. 30.
Public
Nov.
to the amount
branch banking.
branches
may
be
coming session of Congress.
in view of the traditional opposition
to
mitted
formally there is
the Board acts
will
offered,
In
advices,
"Herald-Tribune" of Nov. 27, it was
a
can
banking.
tives
months.
many
Congress in the past.
official
an
has been
practice the past several months.
It is explained that the
was taken so as to raise the Treasury's cash balance,
which has fallen below $1,000,000,000 for the first time in
the
action
their .home city.
of
banking, both
position on the
learned.
The
subject is still in the study stage and is being analyzed by one Board
member particularly with the aid of the legal staff.
Four members of the
Board
have in
the past expressed
personal views favorable to branch
The
bill
$100,000,000 of the bills, instead of $50,000,000 as
expected to raise the Treasury's working balance
banking Federal Reserve member banks might
is not known.
advocated
have
Administration
banks
further
knowledge in certain Administration and banking circles.
common
be
plans for
is closely guarded.
however,
is
The Treasury this week increased the weekly offerings of
Treasury bills to $50,000,000 in excess of maturities, when,
as noted elsewhere in this issue of the "Chronicle," it offered
This method of raising funds,
it is learned that the question of enlarging
In stating that
$50,000,000 Weekly
Raise Cash Balance
to
Court decisions permit establishment of offices or
c
Treasury to Increase Bill Offering
1930 and July, 1932.
b Only
invest¬
Tenders from others must be accompanied by a deposit
of
10% of the face amount of
closing hour for receipt of tenders on Nov. 30,
the Federal Reserve banks or branches thereof
be opened and public announcement of the
acceptable prices for each series will follow as soon as possible thereafter,
probably on the following morning.
The Secretary of the Treasury express¬
ly reserves the right to reject any or all tenders or parts of tenders, and to
allot less than the amount applied for, and his action in any such respect
shall be final.
Any tender which does not specifically refer to a particular
series will be subject to rejection.
Those submitting tenders will be advised
of the acceptance or rejection thereof.
Payment at the price offered for
Treasury bills allotted must be made at the Federal Reserve banks in cash
or other immediately available funds on Dec. 2, 1936
the closing horn* will
to
inkling of whether new money
thought probable that the total financing would
$1,500,000,000, through a request for about $300,000,000 of new money
It was pointed out that the Treasury working balance
is now only about $1,000,000,000, lower than usual.
Another indicaion
of a request for new money now is that fact that in March, the next financing
date, the Treasury will receive a large inflow of tax funds, which will
"while Mr.
Morgenthau declined to give any
would be sought, it was
approximate at least
balance at that time.
augment the working
asked Mr Morgenthau whether Treasury bills, which
rates of fractions of 1 %, would not be more sensitive than
A reporter
interest
principal and interest, and any
gain from the sale or other dispostition thereof will also be exempt, from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
of any tax now or hereafter imposed by the United States or any of its
The Treasury
bills.will be exempt, as to
amended, and this notice
Treasury Department
fine
SILVER TRANSFERRED
-
New York
New Domestic
—
San Francisco
$84,934.71
S15~8~8~57l~00~66
-
New York
San Francisco
Denver
New Orleans
$475.16
188,500.00
1,493,452.88
17,877.63
Philadelphia
23,611.92
10,852.33
19,115.44
15,198.36
301,600.00
1,650,331.52
625,854.65
253.22
-
Seattle
Total for week ended Nov.
$17,396,683.73
20
$342,213.76
New Orleans
—...
Seattle
20, 1936
through Nov. 20, 1936------
Total for week ended Nov.
Total receipts
571,521.38
made
during
transferred
silver
the
to
Nov. 13.
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 1-186,During Week Ended Nov. 20
of
Receipts
from
Offices
to
According
23,
a
tabulation
issued
by the Treasury
1933,
on
authorized the Department to absorb at least
fine ounces of newly-mined silver annually.
since the issuance of the proclamation, which
referred to in the "Chronicle" of Dec. 31, 1933, page
were
in amount
tabulation issued by the
of 113,679,762.25 fine ounces.
ing
r
'
(Under Executive
Week Ended Nov. 20,
Proclamation
^t/^FinTounces~
813,809.37
368,466.42
4,684.42
Denver
to
from
of Dec. 21, 1933, as Amended)
San Francisco
through Nov. 20, 1936
were
1,186,960.21
113,679,762.25
in
in
excess
on
21
bank
reserves,
which amounted to
$2,270,000,000
Nov. 18, was made known in a statement issued on Nov.
by Marriner
S. Eccles, Chairman of the Board; this
1935.
1934
to
expenditures, and reached a post-war low of 3.8% in 1927 and
to 1933 the ratio increased uninterruptedly. The decline
the ratio
in
1935
1934 was the first that has taken
compared with
as
since 1927.
The following table shows the ratio of Federal expenditures to
each
in
of
the
15
years
from
1921
1921.
9.3%
1926.
1922.
5.7%
1927.
4.8%
4.3%
4.0%
1928.
3.9%
3.8%
3.8%
1929.
3.9%
1930.
4.6%
1923.
1924.
1925.
,
Months
NATIONAL INCOME
6.1%
10.2%
10.8%
13.6%
12.8%
Foreign Capital to United States in 21
$2,281,659,000 According to Treasury De¬
Inflow of
Net
national
to 1935:
WFEDERAL EXPENDITURES AS PER CENT OF
Treasury to Meet $1,187,000,000 of Maturities in Dec.
15 Financing Including 3% Notes due Feb. 15—
"Clearing Decks" for Possible Action on Excess
Reserves, Secretary Morgenthau Says—Details of
Financing to Be Made Known Dec. 7 J
Treasury's Dec. 15 financing will involve the offering
approximately $1,187,000,000 of new'securities to meet
maturities, without taking into consideration the possibility
of the Treasury seeking "new money," it was revealed by
Secretary of the Treasury Henry Morgenthau Jr., at a
press conference Nov. 23.
The Secretary said that new
securities will be issued in exchange not only for the $358,000,000 of 2%% Treasury notes, series B, 1936, which
mature on Dec. 15, but also for the $428,000,000 of 3%
Treasury notes, series C, 1937, due Feb. 15, 1937; there is
also maturing on Dec. 15 about $400,000,000 in short-term
Treasury bills, which the Treasury, in all probability, will
pay off in cash.
Full details of the Dec. 15 financing,
Secretary Morgenthau said, will be made public on Dec. 7.
The decision to include the February maturity of notes in
the Dec. 15 financing was taken, the Secretary explained,
so as to
"clear the decks" for any possible action by the
Board of Governors of the Federal Reserve System to reduce
excess bank reserves.
The Secretary said that there would
be no Government financing in January or February except¬
ing the weekly offering of Treasury bills.
The indication
that the Reserve Board might act to reduce the volume of
in
in
place
income
The
in government spending,
the Board on Nov. 14,
From 1929
1928.
during the week ended
noted in these columns Nov. 21, page 3239.
of
by
government expenditures amounted to 9.3% of the national income. There¬
after the ratio was reduced each year, due both to rising income and a
The receipts of newly-mined silver
Nov. 13
issued
increased
expenditures
$6,900,000,000
$50,300,000,000
decline
Total for week ended Nov. 20, 1936-.
Total receipts
ended
slightly, rising from $6,800,000,000 in
The national income, however, advanced
$53,800,000,000 in 1935.
The Conference
Board's study of the ratio of Federal expenditures to
national income covers the 15-year period from 1921 to 1935.
In 1921
Federal
1934
MINTS AND ASSAY OFFICES
1936—
announcement
an
adding:
The
Philadelphia
period, not to reduction
the
said
Treasury follows:
RECEIPTS OF SILVER BY THE
week
the
of the Federal Government in the fiscal
1935 amounted to 12.8% of the national income as com¬
pared writh 13.6% in 1934, according to the National Indus¬
trial Conference Board. The decline in the percentage figure
was due entirely to the increase in the national income dur¬
Expenditures
year
Total receipts
4441,
81 00
112,989,239.2/
Entirely to Increased
Income
24,421,410
was
Reports Decline Due
Board
a
which
Below
1935
total of $1,186,960.21 fine ounces of silver was
turned over by the Treasury Department to the various
mints and assay offices during the week ended Nov. 20.
The silver was from purchases made by the Treasury in
accordance with the President's proclamation of Dec. 21,
Nov.
81.00
——
Expenditures to National Income in
1934—National Industrial Conference
of Federal
Ratio
960.21 Fine Ounces
""""oVm
"Chronicle" of Nov. 21, page 3239, reference was
In the
$3,149,908.53
Fine Ounces
—-—-
—
————
Denver
125.82
193245
of Aug. 9, 1934)
V Week Ended Nov. 20, 1936—
Philadelphia
.
TO THE UNITED STATES
(Under Executive Proclamation
ASSAY OFFICES
Secondary
that
made known on Nov. 23
of silver were transferred
ounces
various mints and assay offices:
Imports
Nationaliza¬
20 Amounted
during the week
ended Nov. 20 to the United States under the Executive
Order of Aug. 9, 1934, nationalizing the metal.
Since the
Order was issued, the
Treasury revealed, 112,989,239.27
fine ounces of the metal have been transferred to the United
States Government. The order of Aug. 9 was given in our
issue of Aug. 11, 1934, page 858.
The following tabulation
was issued by the Treasury Department on Nov. 23:
81
During Week
Ended
Nov. 20—Imports Totaled $17,396,684
The various mints and assay offices received during the
week ended Nov. 20 a total of $20,888,806.02 of gold, it was
announced by the Treasury on Nov. 23.
Of this amount,
the
Treasury made known, $17,396,683.73
was imports,
$342,213.76 secondary, and $3,149,908.53 new domestic.
The gold was received as follows during the week ended
BY THE MINTS AND
bor¬
81 Fine Ounces
to
Mints and Assay Offices
RECEIPTS OF GOLD
United States Under
During Week Ended Nov.
tion Order
The
Nov. 20 by the
pointed out that
charge from 0.1 of 1% to 0.2 of 1% for money
nine-month period "would not be paying too much."
rowed for a
J
Gold Receipts by
possible, but he
Morgenthau agreed that this was
Mr.
increasing the interest
bills and govern the conditions of their
issue.
other
reserves.
Silver Transferred to
Circular No. 418, as
Treasury Department
carry
Board in decreasing excess
by the Federal Reserve
to action
securities
possessions.
prescribe the terms of the Treasury
by Secretary
Tribune" of Nov. 24:
York "Herald
1936. all tenders received at
up
elsewhere in this issue
As to further comment
trust company.
Immediately after the
1936
of the " Chronicle.
Morgenthau at his
press conference on the Dec. 15 financing, we are taking
the following Washington advices, Nov. 23, from the New
statement appears
Treasury bills applied for, unless the tenders are
of payment by an incorporated bank
accompanied by an express guaranty
or
Nov. 28,
Chronicle
Financial
3396
partment—Net
$123,974,000
Outflow
in
12
Weeks
of
Period
Department on
to the United
the 21 months period from Jan. 2, 1935, to
Sept. 30, 1936, is shown as $2,281,659,000.
The report in which this is made known was made avail¬
able by Secretary of the Treasury Morgenthau; the report
consists of 127 pages, and in a dispatch Nov. 26 to the New
York "Times" it is noted th^t the figures show that in only
12 weeks of the period between Jan. 9, 1935, and Sept. 30,
1936, was there a net outflow of funds amounting in total
to $123,974,000, from the United States.
The despatch added that these outward movements were
influenced by a variety of events, including legislative and
judicial uncertainties, the fear of inflationary activities in
this country, and temporary credits to foreign countries.
In
a
report made public by the Treasury
the net inflow of foreign capital
26
Nov.
States during
From the
None
largest
[of
was
the week
same
the
account we also quote:
outflow]
was
of relatively
consequential
the week ended May 1, 1935, amounting to
ended July 1,
for the July 3, 1935
1936, there was an outflow of
week, $16,954,000.
volume.
$42,349,000.
$19,270,000,
The
For
and
Volume
the
While
holdings
Financial
143
did not state the total ^amount of foreign
Treasury report
this
in
of the
earlier reports
country,
Department
Commerce
speculate
to
as
real, no lasting prosperity can exist where it is
no
the principle
No nation
and
Figures showed the following net inflow of capital from abroad for the
of interdependence is paramount
live
can
Each one of us has learned the
entirely to itself.
Let; each one of us learn the glories of
glories of independence.
maintain
constant,
a
growing exchange of culture, of science
a
thought; spiritually, the life of each can well enrich the life of all.
21 months' period:
interde¬
Economically, we supply each other's needs; intellectually, we
pendence.
foreign considerations
secured at the ex¬
neighbors—that among nations, as in our domestic relations,
declined
explaining that they were motivated by both domestic
twelve weeks,
problems with understanding good will.
that
the specific reasons for capital outflow during those
Treasury officials who discussed the capital movement report
to
All of us have learned
current
pense of our
about $7,000,000,000.
indicated that they amounted to
3397
Chronicle
and of
We are
have long known in private
Short term banking funds, $1,353,072,000.
showing in international relations what
Brokerage balances, $23,158,000.
relations—that good neighbors make a good community.
In
Security transactions, $905,429,000.
In
the latter item
with
connection
American securities
the net inflow
for
the purchase of
$633,253,000 for the period covered, and for the
was
The tremendous shifts involved in
the series of transactions
was
illus¬
$4,354,461,000, and sales $3,449,032,000,
$7,803,-
aggregate for both of
an
493,000.
The report showed that the largest inward movement of foreign
week
capital
Civilization Than By Maintaining
Domestic and
International Peace
At Rio de Janeiro
yesterday (Nov. 27) President Roosevelt
joint session of the Brazilian Congress, the theme
of his remarks being a plea for peace. "Your first concern,
like ours," said the President is peace for we know that war
destroys, not only human lives and happiness, but destroys
as well the ideals of individual liberty and of the democratic
form of representative government which is the goal of all
the American republicsHe continued:
addressed
a
"I think I
war,
we
with full respect,
meet
Secure in unbroken respect and friendship
each of the other, with every hope that our
useful to others as well. There has never been a
and the United States was more
time when this confidence between Brazil
needed.
or more
plete ability to raise the standards of life for those millions who cry for
The motto of war is, 'Let the strong survive; let the
opportunity today.
weak die.'
The motto of peace is, 'Let the strong help the weak to
of his address the President said that "the
friendly Nations of the Americas can render no greater
service to civilization itself than by maintaining both domes¬
tic and international peace and by freeing themselves forever
well-being, culture and civilization throughout the changing years.
President Roosevelt's address followed
the two largest countries in this hemisphere have been able,
by the exercise of good will, good temper and good sense to
conduct the whole
of their relations without clash
course
conflict of ill feeling."
"Not only that,
he said, adding
confidence
together for the
each
in
common
other's
In part,
good.
We have
a
has
country
derived strength
Janeiro
Associated Press accounts from Rio de
said:
In
he had
Fernandez, diplomat,
address of welcome in the Chamber, Raoul
an
asserted that Mr. Roosevelt
and former majority floor leader,
brought about
"admitted
it had been a peaceful
revolution, but was proud
a
one."
to the effect that
force for peace
He quoted, at length from leading Brazilian statesmen
the Monroe Doctrine "must be recognized as a permanent
the American continent."
on
Members of the Supreme Court,
their black robes accentuating the crisp
aids and the marine
white dress of President Roosevelt's military and naval
Lieutenant-Colonel's uniform of James Roosevelt, attended the ceremony.
mission
of
and
peace
was
President and the songs
He
walked
despite
the
down
the
gangplank from
his inter-American
Brazil's
cruiser
Indianapolis and,
and stood at attention while
drizzling rain, removed his hat
a
on
greeted by the outstretched arms of
and cheers of her people.
massed bands played the
or
Brazilian national anthem.
At the foot of the gangplank, President Getulio
Vargas of Brazil waited
and shook
The two Presidents embraced warmly
arms.
hands.
•
and motives
aims
ovation at the
wealthy Brazilian.
with outstretched
enables
record of which
record of joint endeavor in the cause of peace in
—a
an
city's harbor and in the rose-strewn streets of Brazil's capital
as he drove to a luncheon at the
home of E. G. Fonter,
President Roosevelt set foot in Rio de Janeiro today
Prior to the above quoted remarks, the President observed
that "in the present state of the world it is heartening that
with
If we are guided by wisdom, such
this hemisphere.
We are
entitled to hope that we may thus contribute to the universal ideal that
nations throughout the entire world, laying weapons aside, may at last
fulfill the greatest ambition which any nation, large or small, can have—
that of contributing steadily and, above all, generously to the advance of
from conflict."
The
the coming conference, deeply mind¬
responsibility and the need to work in fullest understanding
our
all of the republics of
survive'."
In another part
with '
I know from my enlightening conversation
comprehension will banish conflict from this part of the world.
that if in the generation to come we can live-without
can say
democratic government throughout the Americas will prove its com¬
Those false
place among American neighbors.
no
cended those lesser conceptions.
ful of
to
of
We can forget all thought
Happily, the relations between Brazil and the United States have trans¬
President Vargas that we are entering
President Roosevelt Addressing Brazilian Congress Says
Nations of America Can Render No Greater Service
put aside the empty phrases
can
domination, of selfish coalitions or of balances of power.
gods have
precious
in the 7 days ended May 29, $94,586,000.
was
we
We can discard the
neighbots.
"shrewd bargains."
or
mutual regard may prove
for any one
we
meet today as
we
"diplomatic triumphs"
by the fact that even on the basis of the incomplete information
available, total foreign purchases of all securities for the 21 months were
knowledge
dangerous language of rivalry;
of
purchase of foreign securities, $272,176,000.
trated
that
we can
be proud
this New World.
My
band crashed into the strains of "The
A Brazilian military
work
to
us
Banner"
Roosevelt started down the gangplank to
Mr
as
Star-Spangled
be greeted by
President Vargas.
the far-sighted irre-
and confidence from
prochable attitude of Brazil in its devolution, arbitration, concilliation and
Land
Making the statement that "we are happily free from
ancient antagonisms which have brought so much misery to
other parts of the world," President Roosevelt also said:
There
it is true, conflicts of Interest between the American States—
are,
but they cannot be called serious or difficult of solution, when compared
with the deeply rooted hates of other
conflict—and
I
weigh
my
say
interest
our common
We
no
American
arrived
American
at
We serve not ourselves alone.
.
And, it is in
.
.
about to gather in a great American conference, called
are
by President
Justo in furtherance of the good neighbor policy in which we all share.
this conference
we
In
have the opportunity to banish war from the New World
and dedicate it to peace.
It is unthinkable to
President
American
no
imperative that they be settled always by agreement
and not by bloodshed.
Conference
There is
conflict that cannot be settled by orderly and peaceful means.
me
that in this time of world¬
Arrives
Buenos Aires
at
Rio
at
de
Nov. 30,
on
to
Address in Montevideo
this—there is
continents.
words when I
Janeiro—Will
Open Peace
Following Day—Secretary Hull Makes*
Roosevelt
President
other methods for the peaceful settlement of international disputes.
yesterday
de
Rio
at Buenos
24
en route to Argentina for
Conference which will open on
Roosevelt,
Peace
that
Aires
he
27)
(Nov.
It
Nov. 30.
on
acceded
had
on
the cruiser Indianapolis
arrive
President is scheduled to
The
Janeiro.
to
the
was
announced on Nov.
Government's
Argentine
Buenos Aires instead of Mar del
in Argentina.
Mr. Roosevelt's
outlined in the "Chronicle" of Nov. 21, pages
request that he land at
Plata
he
when
itinerary
was
arrives
of
headed the American delegation to
He will be met at Buenos Aires by Secretary
3239-40.
wide apprehension we should fail to seize the opportunity to meet what is a
State Cordell Hull, who
heavy responsibility, this is
the conference which traveled south on the liner
serene
no
time to hesitate
We must be guided by
and generous view of our common needs.
World horizons
dark, but the time is auspicious for our task in America.
world presents a grim picture of
in
our
continent
own
may
The rest of the
armed camps and threats of conflict.
armed clashes
which in recent
a
be
years
have
But
divided
It is gratifying to be able to pay well-deserved
standing
Macedo
part
played
Soares,
American
through
the
mediatory
And
patient
Mello Franco.
tribute to the
by your able and distinguished
the
in
republics.
of
efforts
the Letlcia
the
Foreign Minister,
and masterly diplomacy of
assistance
very out¬
representatives
question was settled
The progress we have made must not
here
Dr.
be allowed to
of six
in Rio
Afranio
serve as
pretext for resting on our laurels; It should, on the contrary, stimulate us
to new and increased effort.
It is not enough that peace prevails from the
arctic to the antarctic, from the Atlantic to
the Pacific; it is essential that
this condition be made permanent, that we
provide effectively against the
recurrence of
terity.
the horrors of
and
war
assure peace
to ourselves and our pos¬
All Instrumentalities for the maintenance of peace must be
solidated
and
re-enforced.
We
wheresoever it may come.
cannot
countenance
con¬
aggression—from
confident, the people of the Dominion of Canada as well—wish to lead their
own
lives free from desire for conquest
the
time
same
to
and free from fear of conquest—free
expand their cultural and intellectual relationships
and to take council together to encourage
civilization.
Solidarity
no
threats
agreements
the
we
more
among
to
other regions
among
us
us
or
races,
will harm
no
the honorable adherence to solemn
other continent.
On the contrary—
firmly peace is established in this hemisphere, the
will live up to the spirit as well as
more
closely
the letter of our agreements, the
Let
us
present a record which
hemisphere may give to the world as convincing proof that peace lies
always at hand when nations,
serene
Hull
Mr.
speaking
on
a
as
radio broadcast
Conference
Peace
the
in their soverign security, meet their
American
by officials of the Argentine Government.
arrived in Montevideo on Nov. 24, and in
well
that day he predicted
on
will
achieve
a
new
progress
toward peace based on sound economic understanding.
An
address by Mr. Hull at Rio de Janeiro was reported in the
"Chronicle" of Nov. 21, page 3250.
His Montevideo speech
was
described
as
follows in United Press advices of Nov. 24
from the Uruguayan
Mr.
route to the
Argentine capital, said the forthcoming parley "undoubtedly
is an opportunity to
show the world what neighborly, friendly nations are
good will and
achieve, animated by a spirit of cooperation and
able to
meeting in conference as
The
capital:
Hull, who arrived aboard the Munson liner American Legion en
broadcast was
equals."
made after the Secretary of State and Mrs. Hull,
Sumner Welles, Assistant Secretary of State,
and Foreign Minister Espalter
President Gabriel Terra
and his wife.
At the Foreign Office the Uruguayan and
the Buenos Aires meeting were compared,
United States programs for
and it
was
found both countries
agreed that the conference must principally be one of commercial
acter, without slighting
American
relations.
It
most-favored-nation
char¬
the peace phase, as a basis for improving Interwas believed
the two statesmen also| discussed
reintensification of trade between
and all our neighbors.
the American States in the cause of peace constitutes
better it will be for all the rest of the world
our
the peaceful progress of mdoera
Our aims will best be served by agreements which bring peace,
security and friendship among
as
and Senora de Espalter were guests at luncheon of
•
The people of each and every one of the American republics—and, I am
at
Legion,
that
American countries have been happily brought to an end.
the Pan
Dec. 1,
clause
on
Uruguay and the United States and the
which
they
conferred
during
the
Pan-
American conference here in December, 1933.
A Buenos
Aires
dispatch of Nov. 24 to the New York
the
plans for President Roosevelt's
reception in Argentina as follows:
^Times''
described
Vessels of the Argentine high seas fleet will meet the American
bringing
President
Roosevelt off Cape Polonia
on
squadron
the^Uruguayan coast
Financial
3398
Sunday and
exchange salutes
21
of
Then
guns.
fleet will escort the President up the River Plate to Buenos Aires.
ciation,
President Roosevelt will arrive at the North Basin, where all the trans¬
atlantic liners arrive, at 2 p. m. Monday.
President Jus;o will go there to
Large Mr. Wed-
estate."
In
The party will then enter several State coaches and will be driven through
the
Calle
Santa
Fe
Avenida
the
to
Callao,
the Avenida Alvear
to
and
through this thoroughfare to the United States Embassy, which faces the
beautiful gardens of Palermo Park.
Troops of the entire
First
including infantry,
Divisions,
Second
and
by
The State coaches will be escorted
Presendential guard of mounted grenadier guards.
a
Upon the arrival at the embassy
squadron of grenadiers will escort
one
President
escort
formal call
Roosevelt when he goes to Government House to pay a
General Justo at 5 P. M.
on
President Justo will then go to the
This will terminate formalities for the day and President Roosevelt will
On
In
Presidents
will inaugurate the
Then at 6
P. M. the two
Inter-American Conference for the Main¬
possible after the luncheon he will give for President Justo at the Em¬
bassy.
Instead of leaving Buenos Aires aboard the
destroyer Phelps as
development
what
on
3,000,000
%
of
of
from
period, and
10-year
in
ibed
Desc
of
mortgage
Delegates
which
for
the twenty-ninth annual convention of the
of Real Estate Boards, held in New
to
Orleans, La., Nov. 16 to 21, received a plea on Nov. 18 from
President Roosevelt for their cooperation in a sound housing
program for
The President's mes¬
families of small income.
read at the first general session of the convention
sage was
Housing Administrator.
Association for the support
given to the government in its effort to "make home owner¬
ship widely available to the American people."
The Presi¬
by
Stewart
McDonald,
Federal
President Roosevelt praised the
dent added:
I
that
convinced
am
the continuance
assure
home
builders of
have
We
the
too
a
civic
Large
we
fundamental
I
know
I
that you,
importance
aid
in
already
set
will
the
of housing
the economic
in
projects of
on
will
me,
which
they have
until
be content
not
.
we
with
no
which
State
private
or
in
improving the housing conditions of the Nation as a whole.
The problem is a tremendous one in which I am vitally interested, and
calls for
the best
Your
thought that
cooperation
continue
to
in
contribute
be mustered from all
can
the past
encourages
me
be
never
that
in
evidence
a
period
a
sufficiently grateful,
is
finished.
Funds
are
keen
of
Interest rates have fallen from
competition
and
soundness
the
for
desirable
health
of
loans.
real
%% to 1%.
If
estate
needed
we
today,
:
this
,
States
Supreme Court by 4-4 Vote Sustains
in Holding Valid New York State
Unemployment
Insurance
Law—Statements
by
State Attorney General Bennett and J. G. Winant
of Social Security Board
Lower
In
Court
ruling, unexpectedly announced on Nov. 23, the
Court, by a 4 to 4 vote, affirmed the
findings of the New York State Court of Appeals, upholding
the constitutionality of the New York State Unemployment
Insurance Law.
The lower court's 5-2 decision on April 15
last, was noted in these coumns April 18, page 2597.
The
opinion of the State Court of Appeals had followed a ruling on
March 16 by Justice Russell of the State Surpeme Court
holding the law unconstitutional.
There was no written opinion in the case of the Supreme
Court's conclusions this week, which were announced by
Chief Justice Charles E. Hughes on Nov. 23 as follows:
a
United States Supreme
In No. 49, Chamberlin vs. Andrews, No. 50, Stearns
vs.
Andrews,
and
No. 64, Associated Industries vs. the Departemnt of Labor; appeals from
the
Supreme Court of the State of New York.
these
cases are
It
Per curiam:
Judgment in
severally affirmed by an equally divided court.
made known
was
ington
by Chief Justice Hughes that Associate
Stone, who is ill, had taken no part in
deciding any of the cases on which rulings were
on
or
If Justice Stone had been present, it was generally assumed, in view of
that he would have voted to uphold the law.
will
When
the Court divides evenly, it can only affirm the action of a lower court.
The New York Act
you
Associated Press accounts from Wash¬
that day said:
his liberal record,
sources.
believe
to
for
the creation of at least 200,000
see
have passed from salvage work to
we
announced Nov. 23.
can
But, I feel strongly that it is part of your responsibility to help
discover the ways in which private capital can cooperate with
public
authorities
struc¬
year
per
.
Federal
capital
provide.
us
obsolete
therefore, sustain a
units
The great work of the Home Owners' Loan Corporation,
can
are
considering
need for city,
housing
replace
can,
Justice Harlan F.
for the whole Nation.
connection
We
family
have them readily absorbed.
There
danger of overbuilding with such a program.
any
.
housing
sound
losses,
investment in practically every community in the
New financing has risen from 30.4% to 35.6% of normal volume
United
right to live.
a
a
of
condition would give it.
permanent prosperity.
a
have always been spent
sums
recognize your position that there is
Government
has
have not yet found a satisfactory solution to one
of our economic problems—the provision for all
with
is established
that
the road to
on
American citizens of the kind of homes in
program
work
constructive
long ignored the
betterment, but
most
the
country well
structure of the Nation.
of the
community of interests and mutual regard
of
care
400,000
seeking mortgage
now
Rose
Association
there
year
be
should
we
to feel that the present steady increase in building
financing
financing.
new
to
continue, and 1937 should
family units.
new
by Administrator McDonald—Report of
President
National
to
Convention of National
Estate Boards—Plans of FHA
Real
Last
in volume.
judgment
my
be
believe,
I
300,000
There is every reason
volume will
further
Addressed
a
normal basis.
a
volume which
family units to take
new
volume
Mortgagees
Message
on
and building cannot take place
normal
the
during the past nine months.
Association of
last
over
real estate depends
family units constructed throughout the country.
55,000
about
del Plata and thus satisfy his desire to see something of the interior
Requests
Aid of Realtors in
Program for Homes for Families of Small Income—
health of
steady increase
a
country.
Roosevelt
the
would consider
we
witness
we
originally planned, however, Mr. Roosevelt will depart by train for Mar
President
15%
have reported rents are up
as
tures, and provide for increase in population.
In
President Roosevelt plans to leave Buenos Aires on Wednesday as soon
which
This
building.
This year
preliminary figures indicate that the total will be possibly
120,000 family units, or about
% normal volume.
We need possibly
tenance of Peace.
as
New
building
some
only
Tuesday Mr. Roosevelt, accompanied by General Justo, will vist a
small farm in the Province of Buenos Aires.
300 cities
market back
the
would! not,
spend the evening quietly with Ambassador and Mrs. Weddell.
affecting the outlook for real
factory
every
is most important,
return.
stable
Embassy to retorn the call.
than
This
were
is
President Justo back to Government House and another squadron will later
in
until rents
justify it.
During the current fall season rent advances are everywhere
being made for residential and business property, and it is my belief that
the next 12 months will see at least another 10% advance in the average
rent schedules of the country.
This 10% is just what is needed1 to put
cavalry, artillery and machine-gun regiments, will be lined up in extended
formation along the whole line of march.
report to the convention on
"the present year has seen
his annual
He explained :
more
year.
fair
dell, and the Mayor of Buenos Aires.
Rose, of Orlando, Fla., President of the Asso¬
presented
upturn
an
Lamas, other members of the Argentine Cabinet, Secretary of State Cordell Hull, Spruille Braden, United States Ambassador at
1936
28,
Nov. 18, in which he stated that
greet him
Accompanying President Justo in the receiving party will be Dr. Saavadra
Nov.
Walter W.
Argentine
of the
part
Chronicle
statute and
was
a
was
supplementary to the Federal Social Insurance
model of legislation enacted for that purpose by several
States.
largely to the solution of this problem.
The action in deciding the controversy without a vote by Justice Stone
In
addition
to
reading President Roosevelt's message to
the convention, Mr. McDonald also described
plans for the
future of the Federal Housing Administration.
His remarks
summarized
were
as
follows by a correspondent of the New
York "Times" in advices from New Orleans, Nov. 18:
Mr.
McDonald
Act would
several
before the next session of
come
of
committee
a
that
announced
experts
to
make
for
revision
of
the
statute.
McDonald Tells Mortgage Plan
He indicated that he would
favor extension
of
the
mortgage insur¬
plan to nearly all types of property "except perhaps mercantile and
and to most types of residential construction except those
out
builders
with
and!
government aid and those in
occupants
are
able to
invest and
the
high-rental field "where
6pend
their
money
exchange for properties which,
under
insured
Explaining that
of
they
care
for
about
any
mortgages,
"we
have
claims made
$500,000,000 in
agency up
are
conveyed to the
fear of
no
it,"
upon
the
guaran¬
because of
FHA Administrator.
ability of the insurance fund
Mr. McDonald pointed out that out
insurance business
to Oct. 1, 1936, had taken
over
now
on
the FHA books, the
only five properties with $15,450
in debentures issued for them.
The
$10,000,000
$15,000,000,
and
insurance fund originally provided has grown to about
probably will amount to $20,000,000 by July, 1937, he
added.
Cites Investment
In
the
large-scale
14,000 families at
with
FHA
a
multi-family
a
are
is
to
being
total
given
$51,000,000,
to
possibilities
other
the
built
to
or
Administrator
developments,
estimated
care
for
projected
reported.
to
cost
I
$25,000,000.
"The
projects
in
this
type
cases
He has
but constant.
There
heard Nov.
case were
was one
11 and 12.
written opinion, it could not have been decided until
a
last term
ineligible to participate.
If there
Dec. 7.
The Court adjourned today for two weeks to write opinions in five
States
a
New
number of others argued during the last fortnight.
States and the District of Columbia have similar laws.
The
Alabama, California, Idaho, Indiana, Massachusetts, Missis¬
are:
sippi, New Hampshire, New York, Oregon,Rhode Island, South
Carolina,
Texas, Wisconsin and Utah.
Under the New York measure, employers of four or more persons—with
certain exceptions—are
required to pay
a
tax on pay rolls which is to be
pool to aid the unemployed.
a
While the legislation was supplementary to some extent to the Federal
Social
Security Act, the latter statute
decided
was
not involved in the litigation
today.
The New York tax for
The fund is
lishments
now
for
in
excess
1936
of
was
1%, 2% for 1937 and 3% thereafter.
$20,000,000, paid by more than 76,000 estab¬
2,500,000 workers.
No indication was given as to the stand taken individually
by the Justices participating in the ruling.
It was pointed
out in Associated Press accounts from Washington on Nov. 23
that the 4-4 verdict of the Supreme Court recalled that as
as
1826 Chief Justice Marshall ruled that when the
evenly divided a lower court's decision must stand.
Noting that arguments on the New York Law were heard
Nov. 11 and 12, a dispatch Nov. 23 to the New York "Times"
was
added:
W. H. H. Chamberlin, Inc., and the E. C. Stearns Co., both of Syracuse,
of
construction,
with
the
safeguard of
insurance, have just been scratched, and big and small lending
institutions are just beginning to understand1 and
appreciate the oppor¬
mortgage
tunities for investment in this type of
handed down fairly often.
Arguments in the New York
had been
Court
38
total cost of $68,000,000 have been
insurance
Consideration
field
his illness should continue.
tax case in which Justice Roberts was
far back
Opportunity
housing
manner if
His recovery was reported slow,
Divided decisions
placed in
One of his recommendations will be the extension of the Federal
tee of the debentures issued in
to
as
fit."
default
observers to indicate that five pending New Deal
some
few more weeks.
Fourteen
FHA
industrial,"
carried
see
by
been absent since Oct. 13, and it was said at his home he might be away a
Deal controversies and
Mr.
ance
taken
might be disposed of in that
in
changes in the National Housing
Congress, and said he had named1
recommendations
was
security," the Administrator declared.
and the Associated Industries of New
were
represented by Frederick H.
York State, Inc., protesting the Act,
Wood, winner in the fight against the
National
Industrial
Fraser of
Syracuse and James McCormick Mitchell of Buffalo.
Recovery
Act
and
the
Guffey
Coal Act;
Henry
S.
Volume
Financial
143
Epstein, Solicitor General,
McGohey, Assistant Attorney General.
assisted by John F. X.
in arguing the independence of the New York law,
Mr. Epstein,
"We wish to stress that there is no tie-up between
the Federal statute which in any way
said:
and
the New York law
enforceable
itself."
by
New York was most insistent that its plan should
that whereas other States
had such
an
interdependence, this was not so of
He explained that New York "may" receive
New York's law.
the statute was utterly
Wood in
Mr.
unjust, taking an employer's property without
due process of law, failing to
distribute the financial burden properly on the
employers and was not
a
cure
for unemployment at
to that condemned
employers was comparable
Wood, counsel for W.
H. H. Chamberlin,
and
pauper's
distinction between the
voluntarily
discharged for cause despite the fact that this
minority and majority opinions in
the Railroad Retirement Act case last sprnig.
"It is society as it is organized
of
by periodic waves?" Justice Brandeis asked. *
the act is not intended to
mean
you
that
provide relief from sharp industrial changes
of
being
that
the
of
the
way
three years ago,
enacted
was
tribunal to
highest
the
for
whole," the Justice asserted, "it is a static situation, not
a
"What would you say
to
a
situation such as that of the automobile manu¬
facturers in Detroit who brought
thousands of persons into the city from
asked.
"I would say that the manufacturers were responsible for bringing them
there but the unemployment was caused by the fact that we live m an ever
of the country?" Justice Brandeis
"Unemployment is the product of
changing world," Mr. Wood replied.
Variation Pointed Out
The
it
chief
the
said
the
that
here
decision
alluded
them and Ohio's law was
wages based on living
conditions and standards
the Ohio law established "wages reasonably com¬
set
whereas
vary,
held unconstitutional, but
the other cases
to
difference between
of
point
laws
other
mensurate with
The decision added:
received."
service
is that it exacts from the employer an
the stamp of validity
and upon a basis having no casual connection
the contract or the work of the employee engages to do."
a
purpose
other
States
have enacted minimum wage
which
Ohio law
The
was
It
January.
to Enjoin State
one of
Mr. Bricker's assistants, who
invited by the »Attorney General-elect,
S. Duffy, to follow the case to its conclusion.
J. K. Evans and
Topper, Assistant Attorneys General, have been closely identified
considered
handled
the
the
probable
litigation,
that
be
may
litigation.
in suits seeking to
Yesterday's unanimous decision was rendered
officials
State
John W.
office of Attorney General
defended by the
who withdraws from the State's service next
is
with
laws await the
The other law held un¬
Supreme Court outcome of the Ohio controversy.
constitutional was in the District of Columbia.
Bricker,
it
arbitrary payment
with his business, or
perhaps more than any other, puts upon
"The feature of this statute which,
enforcing the minimum wage code
from
enjoin
established under a
industry.
Walker, 142 S. Oakley Avenue,
Both retained Mrs. Dickinson as
their attorney, and she contended in the suit that the law deprived the
women
of their constitutional liberty of contract and' caused their employ¬
mandatory order for the dry cleaning
The
and
plaintiffs
Mrs.
Marguerite
Mrs.
were
Dakin
.Kathryn
of
Lebanon.
replace them with men at lower wages.
to
ers
society itself and not industry."
Supreme Court of the brief
of New York State Attorney General Bennett was made in
our Nov. 7 issue, page 2935.
Attorney General John J. Bennett Jr. expressed himself as
"greatly pleased" with the decision this week, and added:
interpretation of the
make its own
Ohio law.
Herbert
periodic."
the test suit of Mrs. Dickinson
the
the
Isadore
Calls Condition Static
to the next
Legislature.
Sought
period un¬
when times were good about
10% of the workers were unemployed.
as
Act seeking the same purpose,
an
last January.
Legal experts yesterday were of the opinion
Supreme Court was bound by the State court's 'interpreta¬
New York Act, the ruling of the three-judge court here opens
filed
while
tion
however, that in the pre-war
employment varied from 10% to 20% and even
all parts
session
Mr. Chapman was prepared to
unconstitutional,
held
type of
sudden unemployment.
cause
Justice Brandeis pointed out,
"Taken
law been
different
a
Twelve
Mr. Wood said that what he meant was that
reduce unemployment, but to
retail stores.
of
the
Had
people themselves.
that causes periodic waves of unemploy¬
ment," Mr. Wood said.
do
ployees
for
Unemployment, he declared, is not caused by the employers or groups
employers, but by changing modes of the
industrial relations, to proceed
to nearly 60,000 em¬
of extending its benefits
prepared program
a
which
provides insurance even to persons who
condemned by the Court in both the
"What
with
the New
must
poor.
He said that the law
left their employment or were
was
Inc., and E. C.
failure to require a
beneficiaries and because it makes no
oath from
action, the Ohio "State Journal" of Nov. 21 said:
Approximately 42,000 employees of laundries, dry cleaners, hotels and
restaurants are covered by the Ohio statute, and yesterday's decision was a
law with an assertion that the act
be held invalid by the Court because of its
rich
case on
Co., both of Syracuse, N. Y., closed his plea against
Stearns &
York Unemployment Insurance
Dickinson, attorney for
plaintiffs who attacked the Ohio statute, the action on
which the three-judge ruling was given, Nov. 21, will be
carried to the United States Supreme Court.
Regarding the
Ohio's law
Nov. 12, the
New York "Journal of Commerce" had the following to say
in part in an account from its Washington bureau:
Frederick
columns today.
the
Retirement Law case.
by the Court in the Railroad
the
ago.
According to Mrs. Agnes Bryant
submit
With the closing of arguments on
a
years
referred to elsewhere in these
really
all.
He insisted that the tax-pool collected from
13
signal for Ora B. Chapman, State director of
Social Security Board..
attacking the law argued that
cated by the
Government
About $181,000 was so allo¬
but only for administrative purposes,
money,
be not linked with the
Attorney General Bennett stressed in a brief
Government's in arguments.
Supreme Court, and
unconstitutional
brings before this Court consideration
The New York law stands by itself and is
of the Federal statute.
District of Columbia 'law held
This week (Nov. 23) the
United States Supreme Court held the New York Unemploy¬
ment
Insurance Act constitutional, and that decision is
the
Independence of Law Stressed
Defending the law for the State was Henry
3399
Chronicle
Reference to the filing in the
It is
one
of the most
forward-looking pieces of legislation enacted by any
State and should go far in the future to meet
the serious problems caused by
unemployment.
On Nov. 23
a
statement issued at Washington
by John G.
Winant, Chairman of the Social Security Board, said
in part:
Court de¬
cision, all of the States which have not yet secured for their employees the
unemployment conpensation benefits and for their employers the tax-saving
benefits made possible by the Social Security Act will now proceed quickly
to secure these benefits through the enactment of the necessary legislation.
The Social Security Board stands ready—on invitation of any State—to give
every possible assistance in the formulation of an unemployment compensa¬
We hope that
with the situation cleared by today's Supreme
tion law which will both meet
the local requirements of the particular State
and conform with the National
Thus far
some
Social Security Act.
insurance through the enactment by 15
District of Columbia of laws conforming
States and the
with the requirements of the Social
The
in
1936
of public
District
Such procedure sometimes is permitted
importance.
Court
for
Western
Missouri
dismissed
the bill
legislation broadened
an
of
1922 to include rice,
Act passed in
mill feeds, butter, eggs and Irish potatoes under Federal
"The
regulation.
the Supreme Court was told, "is to enjoin
of the various provisions of the Act and its criminal and
of
purpose
the enforcement
the suit,"
penal provisions for failure to comply with its requirements, on the
the
tive
penalties
are
so
ground'
harsh that petitioners are precluded from testing
regulatory provisions by refusing performance, and to
declaratory judgment as to the validity of the Act and its respec¬
validity of the
secure
their contributions to the State unemployment
compensation fund for employment as defined for purposes of
the Federal
tax.
a
provisions."
The filing in
the United States Supreme Court of briefs
by the Chicago Mercantile Exchange and Board of Trade
members was noted in our issue of Nov. 7, page 2934.
The
Kansas
City
action
was
referred
in
to
these
columns
Sept. 12, page 1640.
♦
A statement by
Thomas H. Eliot, General Counsel of the
Board, said:
Arguments
of
The decision, although
that of an equally divided Court affirming the New
York Court of Appeals, would seem to
the New York Unemployment
due process
Insurance Law did not take property with¬
of law, and accordingly did not
1934
by Three-Judge Federal Court at Columbus—Case
to Be Carried to United States Supreme Court
The
constitutionality
of Ohio's minimum wage law was
upheld on Nov. 20 by a three-judge Federal Court at Co¬
lumbus, Ohio.
The three-judge court, composed of Judge
Florence E. Allen of the Sixth United States Circuit Court
Appeals, and Federal District Judges Mell G. Underwood
Robert R. Nevin, ruled that Ohio's law was "distin¬
and
guishable" from the New York Act, recently invalidated by
Act
Heard
by
United
States
Retroactive tax provisions of the Silver Purchase Act of
on
tax
defended in the United States Supreme Court on
were
17
Nov.
Constitutionality of Ohio Minimum Wage Law Upheld
Purchase
Percy H. Hudson Attacks Validity of Silver Act
violate the Fourteenth
Amendment
Constitutionality of Taxing Provisions
on
Silver
Supreme Court—Robert H. Jackson Representing
Government Urges Need of Broad Monetary Powers,
in Event of Stabilization Agreement—Attorney for
indicate that, at least in their major
provisions, the various State unemployment compensation laws satisfy the
Fourteenth Amendment.
The New York Court of Appeals decided that
of
considered
first, that the entire cost of
of this tax—the amount of
out
Circuit Court of Appeals.
Federal
The
to
administering its unemployment
compensation law is borne by the Federal Government, and, secondly, that
employers of eight or more in that State, in the payment of their Federal
pay-roll tax under title IX of the Social Security Act deduct—up to 90%
the legislation without waiting for a ruling
complaint.
tention
for any State,
Chicago cases—asked the court to take the
on
passing
of
action
cases
The
the
...
of the Commodity
the
appeal—like
new
by the
merous
.
the constitutionality
14
unusual
that
requirements of the Act means
action filed in the United States Supreme Court on
Exchange
Mo., Board of Trade
and a group of its members.
Noting that previous chal¬
lenges were recently filed 'by members of the Chicago Mer¬
cantile Exchange and the Chicago Board of Trade, Associ¬
ated Press accounts from Washington, Nov. 14, said:
Nov.
A 16th State, Colorado, has just enacted such a law.
Nu¬
other States have indicated to the Social Security Board their in¬
introduce such legislation shortly.
an
Act is challenged by the Kansas City,
Security Act.
Conformance with the simple minimum
by Kansas City Board of Trade
Court
In
Cotton,
8,000,000 workers have in the last year gained the protec¬
tion of unemployment
Validity of Commodity Exchange Act Challenged in
Action Brought
Before United States Supreme
by Assistant Attorney General Robert H. Jackson,
Nov.
were
17, when arguments
heard.
As
was
involving the validity of the
in these columns Oct. 17,
stated
2455, the Supreme Court agreed on Oct. 12 to review
November, 1935, of the United States Court of
Claims in Washington holding unconstitutional the 50%
page
the ruling in
retroactive
tax
levied
under
the
Silver
Purchase
Act
on
profits made from sales of silver from May 15, 1934, to>
June 19, 1934.
The ruling was given in an action by Percy
K. Hudson of New York, who sought to recover $4,311, which
he
paid under
the 50%
retroactive
tax provision
on
the
13400
Financial
Chronicle
of
profit he made on the purchase and sale of 500,000 ounces
of silver just prior to the signing of the Act.
Arguing in
support of the government's power to impose the tax, Mr.
of broad monetary powers in the
event that it is called upon
Fletcher's
contributed
the
to act on an international cur¬
the
fight
his
to
Senate to give the proposal
this
28, 1936
lease
a new
life,
on
down.
for
the
project
death
sudden
while
his friends to have
still pending in
said by
was
the
proposal
was
House.
Before
In reporting the arguments
the Washington account, Nov. 17, to the
stabilization agreement.
Mr. Jackson
by
persuaded
House turned
the
Mr.
Jackson urged the need
rency
Florida
but
Nov.
cated
Congress turned
$5,400,000-to
it
down
President Roosevelt had allo¬
the project,
from relief funds.
New York "Times" said:
people hope the time is
"Many
will
for
down
sit
and
ments
the
last
the other
with
solve
and try
a
this
government,
with
conference stripped
would
with
a
justices
and
Mr.
case,
'a national- government
understanding.
an
Stone.
Justices Sutherland,
Chief Justice Hughes cooperated
taxation operates.
that the 50% levy was justified and necessary to
present
McReynolds asked
in
an
insisted
Jackson
except Mr.
questions.
explanation of how retroactive
curb silver speculation.
ment's power in a
neutrality
through an embargo
program
will
counter,
through
his
It was stated in a
Nov. 20, to the New York "Times"
that Chief Justice Hughes was active in the questioning
that day and appeared surprised that the unbroken policy
of congressional delegation of
Act
embargoes was
on
informed
He
Constitu¬
that the levy violated the due process clause of the
introduced
dential
gift tax,
and that the silver tax is not part
tion,
now
later
a
authority to the President to
The 'Times" added:
questioned.
now
Medalie, attorney for
Z.
former Secretary
a
of
accused indi¬
of the
some
had
State,
as
Senator
a
approved congressional joint resolution broadening presi¬
embargoes.
power over
that the Supreme Court, having found against a retroactive
must
George
Elihu Root,
that
Bernhard
attorney,
dispatch,
Washington
viduals,
j
Hudson
Mr.
Tomorrow
Knoll enberg,
Act, the United States Supreme Court took under considera¬
tion on Nov. 19 the question of the scope of the govern¬
of arms to nations engaged in a conflict.
all
were
Jackson
Mr.
in the Norman
government enter
We hope this court will leave
explained
in such
ertgage
The
Butler
of official power.
said
it
as
make this
tonight that he had no definite knowledge as
conference would be held, but assumed the Powers eventually
Jackson
when
to
Following the conclusion of arguments on the Neutrality
find nothing to
power.' "
sovereign
Mr.
which have afflicted the world
,
this court will
hope
such
;
ills
years," Mr. Jackson said, and, speaking of the retroactive
few
levy, added:
"We
Arguments Before United States Supreme Court on
Validity of Neutrality Act—More Stringent Legisl¬
ation Reported Planned at Coming Session
far distant when this government
to reach stabilization agree¬
not
nations
the economic
of
some
of
this retroactive tax,
oppose
monetary control program.
a
said to be affected by the retro¬
which directed the Secre¬
tary of the Treasury to buy silver until one-fourth of the government's
monetary stocks consisted of the white metal.
Mr. Jackson argued that in 1934 there was a situation in the Treasury
which "foreshadowed the exercise of its monetary powers."
At that time
About
only 10% of the metallic base and thus, he said, purchase
silver constituted
was
similar taxes are
$400,000 of
levy attached to the Silver Purchase Act,
active
"The
wave
United
States
of speculation,"
was
to
basis for
buy silver laid the
its
from
the tax
function
may
destroy the effectiveness of the monetary power by anticipating exercise."
Nov. 18
The constitutionality of the Act was challenged on
Bernhard Knollenberg, New
York lawyer (who represented Mr. Hudson), on the ground
that it was a retroactive levy.
From United Press advices
before the
of
Supreme Court by
Washington, Nov. 18, we quote:
law
which
imposed
a
retroactive tax
on
silver profits
obtained in
days before the bill became law.
Mr. Knollenberg said the Hudson purchases were made before the bill
was
introduced in
Congress and sold before enactment of the Senate
purchases made within 30
which
measure
did
to
arms
qatch to the "Times" continued:
not
carry
the tax
in
the
of
by
government
the
The
and
joint
of
use
the
provision.
The
lawyer
challenged
conditions
subsequent
Hughes
Elihu
Federal
District
of
interests,
Southern
of
violence
read
legislation
are
New
delegated
York
congres¬
"It
interest
may
which
exist
embargoes
in
that
promoted
are
arms
on
American
any
by the
the United States."
is the broad base upon which
rests.
legislative
the
for
find
procured' from
war
further extended in 1922,
neutrality
asked.
of
provided
shall
behind
history
to know
you
that
that it
resolution?"
Mr.
introduced by
was
Root."
Noting
that
the
1912
resolution
enlargement
an
was
the Chief Justice said the language
authority "in view of the exigencies."
powers,
of
airplane
After they were indicted
Court
1912,
President
domestic
munitions
or
you
adopted in
"whenever the
resolution,
"Have
Curtis6
r
that the joint resolution unlawfully
resolution,
arms
This
the
to the President.
munitions,
country
including
case,
sending 15 machine guns to Bolivia.
sional power
presidential
of
"an admissible delegation'*
was
*
Whereas the Chaoo resolution gave latitude to the President to issue an
embargo proclamation if he found this would contribute to peace, Congress
had now taken a different view, Mr. Medalie commented.
He said that in
the
1935 legislation
Congress provided that upon the outbreak of war
the
"shall" proclaim the fact.
Further, he asserted that a
the President "may" extend the embargo to other nations
been changed to "shall."
President
provision
had
that
now
As
assume
its
that, carried to
end
governmental claims that the retroactive tax served to stop speculation.
the
the
on
argued that the delegation of power was
Congress, he said, could well convene in extra
responsibilities
outbreak of
a
He asserted
war.
concluion, the delegation of authority would in
allowing the President to make the laws.
to
who
appeared
for the Curtiss airplane interests,
pro¬
insisted upon the Supreme Court's passing
point of constitutionality decided by the District Court.
government
one
Wallace contended
Mr.
on
logical
Wallace,
that
solely
own
a
amount
William
tested
Medalie
unjustified.
and
session
the
Mr.
yesterday,
vague
Knollenberg told the court his attack involved only those provisions
the
President Roosevelt stopped shipments of
combatants in the Chaco war.
In part, the dis-
sustained their plea
he stated.
that the
Supreme Court not be confined in the
matter and should pass, not alone upon
BoardloflArmy Engineers Approves Florida Ship Canal
Project
The
the
special board of Army Engineers named to reexamine
building of
of
revival
the
the Florida ship canal has approved the
interrupted work.
Announcement of the
board's findings was made on Nov.
16 by the War Depart¬
ment, which said that the report "expressed the view that
the construction of a sea-level canal to provide a minimum
depth of 33 feet and a minimum width of 250 feet, at an
cost of $157,585,000, exclusive of lands, in ad¬
estimated
dition
to
$5,400,000
already expended,
is justified
in the
public interest."
tion of
not
power,
Martin
debate
Chairman,
as
said
advices
to
the
New
York
The
report will be considered by the Board of Engineers for Rivers and
Harbors and then by Major-General F. M. Markham, Chief of Army Engi¬
neers, before a finding is submitted to Congress.
The Board' of Engineers
for Rivers
and
the project here
The
Dec.
canal
Harbors
Dec.
was
announced
that
it would
hold
a
public hearing.on
16.
originally approved by
a
special board of
army
engineers
While army engineers have been unfavorable to the plan
grounds of engineering economy, they have not opposed it on the
grounds of public interest.
The development lapsed after Congress failed
to provide additional funds late in the last session.
on
30,
1933.
strict
It
was
observed in Associated Press advices from
Wash¬
ington, Nov. 17, that the Florida ship canal project stirred
one of the most bitterly fought issues in the last session of
Congress.
The
From these advices
project had' been
we
quote:
started by President Roosevelt out of work-relief
but Congress failed to appropriate additional money and work was
stopped.
funds,
Senator
Vandenberg of Michigan led the fight against the project, con¬
tending that it was unjustified economically.
The late Senator Fletcher
spoke
for
the
yesterday,
government
closed
the
today.
reported
House
Nov.
ton,
14,
We quote from
contained
in
the
an
item from Washing¬
"Times,"
which
also
said,
in part:
The
existing Act provides for mandatory embargoes on arms, ammunition
of war against belligerents, but the new proposal
may
implements
steel.
Division,
who
brief presentation
expiring next "May.
lantic, the Gulf of Mexico, the Mobile and the Jacksonville
"Times" from Washington, which also stated, in part:
whether there was an unjust delega¬
three other points taken to the District Court and
on Nov. 14 that Chairman McReynolds
Foreign Affairs Committee indicated that he
will introduce neutrality legislation at the next session of
Congress which will go further than the present statute,
cover
districts, and for the Works Progress Administration, with
E.
I.
Brown, engineer for the South Atlantic
a
was
of the
engineers for the South At¬
Colonel
upon
there.
Conboy,
in
It
but
with
dealt
and
The board consisted of army
,
1934 under which
accused
for Speculation Laid
as a corollary of
the monetary policy of
be considered as a revenue measure alone.
So
viewed, its retroactive effect is precisely similar to that of an income
tax, which Congress has unquestioned power to impose retroactively."
Again, the Department of Justice contended:
"The taxpayer has no vested right in, speculative operations in monetary
metals against the interest of the sovereign.
He has no constitutional
right to dig himself into a sheltered position by acting while the sovereign
is obliged to deliberate.
He should' not be permitted to force the Congress
into a position where it would be obliged to rush its deliberations on
money policy in order to get into the market ahead of speculators.
"The government should be able to protect its period of deliberation
against impulsive action by itself or prejudicial action by others in a
speculative market of great volatility.
None should be permitted to
"Apart
Congress,
Mr.
arguments closed on the government's complaint against air¬
plane manufacturers and individuals on alleged charges of
conspiracy to violate the congressional joint resolution of
Defendants
the
that
fact
substantial
from
explained in the "Times" dispatch, the issue was placed
squarely before the Supreme Court justices on Nov. 20 as
the horizon.
on
Basis
a
As
also
some
essential
supplies
war
such
oil,
as
wheat,
iron
and
...
When the present statute was passed by Congress the Senate eliminated
discretionary features which had been voted by the House, and the measure
did not include essential war
supplies other than arms, ammunition and
_
implements
Ethiopia
Mr.
of
then
lest
war,
at
their
McReynolds
has
obtained
study in preparing his bill.
until
after
inclusion
be
misunderstood
by Italy
and
war.
the Inter-American
He
reports
says
peace
from
the
State
Department
it will not be placed in final
conference
Buenos Aires has
at
for
form
con¬
sidered the subject of neutrality in order that
any decisions reached there
by the United States and other Powers may be incorporated in the measure.
From Washington, Nov.
"Daily Tribune" said:
With
12,
a
dispatch
to
the
Chicago
administration
leaders in both the Senate and House
working on
neutrality legislation to supplant the existing law when it expires on May 1,
Chairman Gerald P. Nye and other members of the Senate Munitions Com¬
mittee
are
counting
upon
the radical strength of the
new
Congress in their
hopes of putting
1.
2.
war,
3.
over a drastic program to include:
Legislation to nationalize all munitions industries.
"Anti-war
profits"
to
$10,000, and
A
constitutional
legislation limiting personal
profits to 6%.
amendment
manufacturing facilities, and labor
4.
A constitutional
engaging in
war
with
incomes,
in
time
of
corporation
authorizing the
in time
of
conscription of capital,
war.
amendment providing for a national referendum before
a
foreign country.
••
Financial
143
Volume
"The
Rate StructuredOrganization in
Southern Territory—Courts Refuse to Halt Free
ICCJto Investigate Nation's Freight
Will Study
Revision of Class
^
Pick-up
Store Door
Commission in 1937 will inves¬
tigate the entire freight rate structure, it was revealed on
Nov. 22 with the announcement that the Commission had
Southern State commissioners and
chippers to study the class rate situation in Southern ter¬
ritory. The Commission had previously agreed to consider
the request of Class J. railroads for a modification of out¬
standing rate orders to enable them to post higher per¬
manent tariffs.
Special statutory courts in New York City
and Washington on Nov. 14 rejected suits brought by truck¬
ing associations which sought to prevent the Commission,
railroads and steamship lines from giving free store door
pick-up and delivery service to merchants on less-than-
granted the request of
Shipments.
A Washington dispatch
of Nov. 22 to the New
"Journal of Commerce" described the Commission's
posed investigations as follows:
exhaustive
study
Southern
The
be the most
of the rate structure conducted since the depression.
class rate investigation was ordered by the Commission
dozen complaints received last September
claiming the present structure to be so unreasonable that it was handi¬
capping the natural growth of industries in the South.
Present class freight rates applicable in Southern territory are the result
of the decision of the Commission in an investigation started
in 1920
in
to
response
of the Transportation Act and is based upon a
passages
upon
than two
more
record,1 made
succeeding years when economic conditions were un¬
the next few
during
period of prosperity that is
far different from anything that has existed since the rates became effctive.
The inquiry to be made by the Commission will cover the region bounded
on the north by the line of the Norfolk & Western Railway between Norfolk,
usual
and
Va.
when
and
111., and
Kenova,
the
country was enjoying a
W.
Va., and the Ohio River between
the West by the Mississippi River
on
Kenova and Cairo,
between Cairo and the Gulf.
Probable
Interterritorial Quia
probability the inquiry will be enlarged to include interterritorial
rates to and from such territory.
In the event that this appears desirable
the Commission asked that requests of this nature be filed before Dec. 12.
In all
investigation into advisability of reopening thousands of outstanding
orders in order to enable carriers to substitute new permanent rates
The
rate
It was because of
the fact that the inquiry could not be started and concluded before the
emergency
charges expire that request was made yesterday for further
charges will get under way Jan. 6.
the emergency
for
extension.
petition the carriers called' attention
their
In
to their financial plight,
pointing out that without the emergency charges they could
a
deficit in net income during the year ended Aug. 81, of
have suffered
approximately
$18,600,000. As it was, the petition said, they were able to close the 12
months' period with an actual net income of $90,400,000 due to the fact
that they
realized approximately $115,000,000 from emergency charges.
Corporation
Next
at
Session
Chairman
by
Proposed
Law
Tax
Jones of RFC
in taxes are planned at
the coming session of Congress, Chairman Harrison (Demo¬
crat, Miss.) of the Senate Finance Committee predicted on
Nov. 20 that the present taxes will be continued for 1937,
in furtherance of plans for balancing the budget, which,
he said, is hoped to be effected by the fiscal year 1938.
According to Senator Harrison, the corporation surplus tax
In
that no increases
indicating
undergo revision to remove inequalities, but the changes
will not affect collections in 1937.
From its Washington
may
of
were
study.
We hope, however, to find a way.
bill
aimed to adjust inequalities
the
tax
increased
provide cer¬
corporation tax law to give credits for
expansion expenditures and also set up liberal pro¬
for corporations with heavy debts incurred during
the lean depression years.
In United Press advices from Washington,
Nov. 20, it
was stated that Chairman Harrison said his group and the
plant
visions
Committee would meet in December
House Ways and Means
study reports of experts working on tax
to
made
is
"It
All
but
a
the nuisance
taxes
revisions.
He
think
"I
balanced budget as soon as possible."
expenditures will be "rationally decreased" and certain
Government
2.
activities will be curtailed.
8.
Congress will oppose establishment of any new emergency
4.
There
States meet
on
agencies.
the Social Security Act to help
requirements for providing pensions for their needy aged.
But
be
may
minor
revisions
in
compulsory insurance tax
employers will fail, he predicted.
attempt by organized labor to eliminate the
any
employees and saddle it on
The
tax
on
undistributed
corporation
surpluses
passed
was
with
000,000,
that
we may
+
Curtailing Drought Aid—Reduction
Number Is Planned
Federal Agencies
Relief Rolls to Half of
of
activities in drought areas
directing aid for more than 1,000,000
persons in the farm area was in progress on Nov. 21, it was
stated in Washington advices, that day, by the Associated
Press.
The advices said that officials expressed hope of
holding to 300,000 the number of families carried through
the winter.
This would be less than half the total aided
heretofore by the Works Progress Administration and the
Resettlement
Administration,
the
advices pointed out,
Curtailment of Federal relief
the two agencies
by
adding:
of the Special Drought Committee of the Agri¬
which has designated 1,190 counties in 24 States as
emergency areas, said the entire list was being reviewed with elimination
of many counties as the goal.
Philip F. MacGuire, directing drought aid in the RA, said his agency
and the WPA were checking every farmer on their lists with the intention
J.
W.
Chairman
Tapp,
culture Department,
job rolls from a peak of 324,295 work¬
reducing the WPA farmer relief
of
60,000 by Dec. 15.
to about
ers
number of jobs, reset¬
"actual need."
The policy of shifting farmers from relief jobs to grants already has
brought open protests to Harry L. Hopkins, WPA Administrator, from
Senator
Clark of Missouri
and' Governor Herring of Iowa, Democratic
explained that as WPA reduces the
Mr. MacGuire
direct grants for those farmers in
tlement would provide
'
Senator-elect
said that
MacGuire
Mr.
averaged about $18 a
increased to as high as $23 where fuel and
clothing
$50
for
needed this winter.
was
monthly payments to farmers on
WPA's
to
to farm families
grants
month, but that this would be
relief^projects varied from $25
jobs to grants income
that as farmers are shifted from
month,
so
is cut
a
in half.
some
this shift
which
in
under
is
way
Iowa,
Illinois, Missouri,
Kansas, Nebraska and Kentucky.
Ohio,
Minnesota,
With winter weather ending many
include Wisconsin, Michigan,
North Dakota, South Dakota,
outdoor relief projects, WPA recently
jobs was reached the final week of October.
announced today that it had aided 815,749 families by drought
announced the peak of farmer
The RA
amounting to $11,246,076 up to Nov. 14. This included
the past month due to an increase of
52,000 families in one month.
Mr. Tapp, Chairman of the committee which designated counties as a
guide for Federal relief, said that favorable fall weather had greatly im¬
proved many sections, but that WPA, Resettlement and other agencies
grants and loans
an
expenditure of $4,000,000 during
removing any area.
before
consulted
be
would
■*»
RA
Option on 9,000,000 Acres of Submarginal
States—Cost Placed at $39,916,603 by
Administrator Tugwell
Takes
Land ^in 44
Tugwell, Resettlement Administrator, an¬
15 that the Resettlement Administration
G.
Rexford
nounced
Nov.
on
than 9,000,000 acres of sub$39,916,603, or an average of
$4.40 an acre. The land, considered unsuitable for crop pro¬
duction, is located in 44 States and involves 210 projects.
Mr. Tugwell, who is also Under-Secretary of Agriculture,
explained that the acres "could not support human sub¬
option
had taken an
on
more
marginal land, at a cost of
grazing, forestry,
to
were
the
Although
one-tenth of all
acquisition
RA's
the
indicating
experts,
so were being re¬
recreation and other use for
naturally fitted.
He said:
present conditions, and
under
sistence"
poor
is substantial,
need
aid
that this work is
in
resettling;
the money
on
this purchased land which will
been moved, and
More than 2,000 have already
also
Washington, Nov. 15, it
reported:
Other Resettlement spokesmen
to
Some were able to move with
received from purchase of their land.
In Associated Press advices from
was
it
use"
the "land
program,
said about $100,000,000 had been allotted
with a large part of it for rehabilitation and
development of land after acquisition.
slightly more than one-third of all tax revenue.
Development work is proceeding on 141 of the land projects, Mr.
"Times"
In
an
Senator
that
advices, Nov.
take the following:
Washington
From
we
informal
discussion
said that the views
sentiment
in
Congress,
of
20, to the
New York
in his offices,
the
He added, however,
sounded it, would be in
expressed were his own.
so
far
as
he
had
sympathy with his program, especially for economy and "rational" abolition
of emergency
"The
meet
agencies.
surplus tax
will not
imposed this year," he said.
corporate
taxes
said,
Service for
refuges
The
in this Congress to
being turned over to the National Parks
"recreational projects," while 63 are being utilized as wild-lift
of
these
areas
are
Bureau of Biological Survey, or for Indian rehabilitation
under the Interior Department.
project, Milk River land in Northeast Montana, in the dry
by the
projects
largest
land area,
be modified
Tugwell
furnishing employment for 55,000 men from relief rolls.
Forty-six
the financial situation,
than
barely beginning if it is to have
others have moved without RA aid.
many
it represents less
farm land suggested for public purchase by land
widespread and lasting remedial effect.
There are 5,746 families remaining
the
would yield about $645,000,000.
Secretary of the
Treasury Henry Morgenthau Jr. estimates now that it may bring in slightly
more
than anticipated.
Last year corporation income taxes yielded1 $738,expectation
made 6o that
he said.
years,"
had by the government and
approach a balanced budget in two
possible revenue should be
every
saving
more
will be extended after June 80,
"because it is necessary to get a
emergency
Senator Harrison said that
Senator.
which they
of
adjusted by this
he thought these should
be
repealed as quickly as possible, but they, yield revenues that are
needed now and will
be necessary for another year, according to the
stored
few
the inequalities will be
only
and
tax,
As to nuisance taxes,
Press:
the United
1.
sound
a
Congress," he said.
predictions regarding financial legislation, said
these
surplus tax was responsible
of dividends and increased
distribution
larger
the
wages,
purchasing power.
Reconstruction Finance Corporation to
the
had for the
I think this will be done in
that will be passed in the
contended1 that the corporate
Senator Harrison
for
year,
debt
The tax
Congress."
coming
"Wall Street Journal" reported that Senator
favors the proposal advanced by Chairman Jones
tain revisions in the
exemptions in the time they
to devise
unable
experts
bureau, the
Harrison
funds to make improvements.
employed their
which
States
of Congress
According
to
Senator Harrison—Expects
Con¬
tinuance of Present
Levies—Favors Revision of
Taxes
in
Increase
No
tax features were carefully studied last
the tax less burdensome on corporations in
idea of making
an
those
pro¬
.
inquiries to be carried on by the Commission will
two
York
an
corporate surplus
"The
and
payable until next year for the earnings
how it will work. We cannot
1936.
We want to see
actual experience.
year
had
have
we
every
carload
The
until
taxes are not
corporate
the calendar
in
with
The Interstate Commerce
3401
Chronicle
comprises more than 900,000 acres, or one-tenth of all the
land
Tugwell said this region "tragically demonstrated its unsuitabflity for crop production," with its many residents on relief.
acquired.
Mr.
Financial
3402
This
Cost
situation
of the
it
these land projects," he added.
"from the thickly populated
drought-stricken area of the Great Plains."
"paralleled
was
land,
the
of
areas
was
the
r.
Warns
the
right
go
Other
substitution
Hook Elected President
tration and Labor.—J. W.
No man
Nearly 1,000 executives met in Boston on Nov. 19 and 20
the twelfth annual conference of the New England
for
Council.
of
that
One of the
national
the
the
subjects of discussion was the result
Most of the speakers asserted
showed that social reform is inevitable,
and they advised a co-operative attitude
tration and with labor.
J. R. McCarl,
with the Adminis¬
(former
however,
Comptroller-General of the United States), told the Council
on Nov.
19, speaking in criticism of the Administration's
financial policies, warned that unless Federal spending is
sharply curtailed there will be another crash.
According
"Herald" of Nov. 20 Mr. McCarl declared
Boston
the
to
"we must rid the
that
ship of state of those extra govern¬
mental barnacles which, if retained and added to, will ulti¬
mately sink us."
He asserted that "so far as government
is concerned we should put on the brakes," as to the method
of accomplishing which he said:
Make every dollar
Stop waste.
Quit experimenting with our prob¬
business.
We must stop borrowing—stop increasing
Husband our resources.
"Stop needless spending.
Economize.
count.
lems—get down to
are as
everywhere—and there
We must cut costs
load.
debt and interest
our
points for immediate attack as there are government activities.'*
many
"Our
also quoted in
was
the
same paper as
public debt is now well over $34,000,000,000 of dollars, and as
have been so depleted as
relief appropriations for this fiscal year appear to
to
anything
seem
billion dollars
just for interest.
year
year out
a
for curtailments,
or
.
for
extend such
to
agencies
is
relief as
necessary,
.
.
the
public
the
at
objection to
for equally strenuous
in dispensing
a course
operating
indolence or breaking down of the self respect of those requir¬
the inaugural
of
Haven,
two-day conference
of the
programs
at the Hotel Stateler included the election of
of New
James H. Hook, industrialist
the sixth President of the New England Council.
as
rather than at the end.
It is preventive rather than
applied to causes rather than to effects.
The phrase,
done" is more effective than "Thou shalt not."
It
"It
is not
is
that sort is, of course, the ideal state.
But it may
nor may we expect
it to become a reality
Self-regulation of
achieved
be
not
through
except
overnight,
the
legislation
and
We should,
tendency.
our
,
.
National
urging a return to gold at a fixed ratio.
Trade Council
a
view in part to the
us
L. Carter, retiring council
President, who advised that industry adjust itself to a new ara and to new
New
and
a
as
victory of the masses.
overwhelmingly in favor of a workers'
thinking
this new popular
to recognize
men
de¬
for
that
permanent
social
reform
can
be achieved through re¬
co-operation, and that this should be the future field of the
England
Mr.
Council,
probably always
have been and
"there always
Carter said,
be points of disagreement between
will
employer and
But there are also far more points of common interest than
employee.
either party recognizes until
"reconsidered."
be
The resolution further said:
tripartite agreement between the United' States, England and France
lead
in
time
to
obtain
three
Aldrich
of
National
Chase
Bank
Questions
Tendency to Put Codes of Action into Effect by
Legislation—Says, However, Industry Should Sup¬
Calculated
"Wisely
Measures
port
to
Achieve
Objectives"
which
"seeks
to restrain
commented upon in the address
trade
agreements
ence
of
made in
was
course
any
our
issue
on
of
a
week ago, page
of his remarks Mr. Aldrich said:
formula prescribing individual
3252.
cases.
The
proved their uselessness many times.
of
detailed
law
programs
for carrying
on
business."
He
likewise stated:
There
is
to believe that
a man
who has risen to responsible
position in business life is far better equipped to draw plans for the fair
conduct of his
But
if
we
own
wish
enterprise than is
to
avoid
prescriptive regulation,
the
any
dangers
central authority, however gifted.
inherent
in centralized
authority or
in responsible position must study and
re-study his decisions and guide his actions according to his best estimate
of
the
public
drawn from
the
good.
wave
and
program
principle"
every
That,
man
I
think,
is the outstanding inference
to be
of opinion which swept the country two weeks ago.
Our
of
an
dollar, the
own
effort to
pound ster¬
its
unconditional
"most
for
the
as
urged
that
trade
shall
ment
the
State
adequate
Department
"first,
by
convention
capital,
as
aid
To
well
recommended
merchant
the
of
aid in
firm
American citizens,
as
international
the
"a
assist
exporters
by
concluding
arranging that the foreign
assurances
and second, giving appropriate
agreements with such governments."
ances,
The
"Journal of Com¬
'
agreements,
provide
in the Chicago
follows
as
govern¬
liquidation of blocked bal¬
the
negotiation of refunding
policy of protection for American
in foreign countries, under established
law."
marine
it
urged
that
the American
business
and
traveling public favor American ships.
Other
1.
recommendations:
Increased attention
Foreign and
Domestic
to
the trade promotion
activities of the Bureau of
Commerce.
2.
Study by the Agriculture Department of method's by which quarantine
regulations may be safely modified.
3.
Ratification
4.
of
Limitation
the
of
of
the
sanitary
government
convention with Argentina.
financial aid
to the
domestically consumed.
Recognition of lumber as fundamentally
5.
6.
farm
that
to
portion
crop
Improvements
and rate
reductions
in
an
air
export
mail,
industry.
express
and passenger
services.
7. Rejection
Cairo
and
by
of proposals
abandon
the
1938
International
designed to increase
some
deferred!
Communications
costs
classification
8.
every reason
stability
"most effective means
breaking down trade barriers which restrict
indicated
were
In
rigidity of such formulas has
I therefore," he added,
"question a tendency we have in this country to put codes
of action into effect by legislation, to freeze into the form
plicable to all
world.
cooperation in
of
lasting stability of the
three im¬
such
exchange of the products both of agriculture and
industry."
The further recommendations of the Council
"I do not know
action which is ap¬
of
securing the return
of the
part
these
among
in
world
of Winthrop W. Aldrich,
Nov. 19 of the Chamber of
State of New York, to which brief refer¬
Commerce of the
the
nation
available
Chairman of the Board of the Chase National Bank of New
York, at the annual banquet
effective
the fullest measure
and
ratio
accomplishment
be
Balancing of the Federal budget was recommended by the
Council, which also reaffirmed its support of the reciprocal
and
direct the freedom of the few for the benefit of the many"
was
working
final
the greater
throughout
early, definite
principles of
world-wide movement
The
The
should
nations
ling and the franc.
It
W.
stabilized
a
currencies.
stability
reciprocal
W.
and
purchase of silver for monetary purposes
merce" of Nov. 21:
the trouble is taken to find them out."
transactions,"
international
of
settlement
that laws requiring
favored
.
Declaring
search
to all
The
resolution, according to United Press accounts from Chicago,
that currency be converted into gold "as re¬
government should lend
mistake, social reform is here—the election leaves
up
a
adopted on Nov. 20 by the National Foreign
was
ing materials.
It is
Convention in Chicago
the National Foreign Trade
At
resolution
currency
.
Agreements Also Re¬
Council—Support of Trade
vocating the use of agricultural products for synthetic building and cloth¬
control.
as
commended
In
Wilbur L. Cross of Connecticut was ad¬
"The recent election is referred to
Agreements
Logical Methods of Increasing Exports—Return to
Gold Standard Urged by National Foreign Trade
these
with
doubt about that situation," said Winthrop
Chicago—
in
Trade
Views
Farrell
A.
Convention
Trade
Foreign
—James
between
mocracy.
ahead of us those men of character,
the conduct of great
corporate affairs according to their
but will gladly and conscientiously
give such aid as they can, through institutions of the character of this
Chamber or through individual effort, so that social measures when adopted
will be workable and will accomplish the ends desired?
world
England's water and power resources,
The verdict of the election is
this
the public interest,
conception of
New
methods.
the
fear
will not only guide their
enterprises,
best
The
no
should
we
.
not assume that in the years
we
portant
make
further
in
ability and experience, who are being tested daily in
should
"Now
think
not
be
will
agriculture
to further those measures
power
their objectives.
ator-elect, asked for inter-state action for the control and conservation of
no
there
and
contrary, stand ready to do everything in
which are wisely calculated to achieve
the
on
do
I
betterment.
business
of
regulation
further
social
of
interest
of
lesson
In the meantime, if I
processes of evolution.
recent times correctly,
slow
the
read:
have
addition, Gov. H. Styles Bridges of New Hampshire and Republican sen¬
elimination of floods, while Gov.
and
accepted
if
beginning
quired
The Boston "Herald" likewise said:
activities
behavior,
of
recommended
ing assistance due to the inability to find work."
Other
code
unwritten
An
interest.
corrective.
.
relief that involves waste or extravagance—or that smacks of partisanship.
reason
must
men
applied by the leaders in industry and finance, becomes a far more power¬
ful and far more flexible regulatory force than laws or decrees.
It works
but only by helping
sound reason for the most strenuous objection to any course
to encourage
If democ¬
able to govern themselves.
world grown so complicated as ours,
a
themselves, not only through their elected representatives and
officials, but by adjusting their own actions to the highest conceptions of
objecting to Federal participation, to the fuU extent actually necessary,
And there is
survive in
is to
racy
providing relief for all those unable to secure employment, but there is
in
quote:
govern
No one has valid ground
responsibilities.
their
for
care
will
tell for what period of time this world-wide movement
can
From his address we also
"What's to be done about it.
"Continue
in
a bil¬
Paying a
Think of it.
.
.
of our taxes before there is a single dollar available
amounting to nearly seven billions of dollars a year.
local
and! the
the
capacities allow,
his
fast as
individual's
seeing in many
individual has a
Democracy presumes that men are
red cent to take care of other government costs—
a
far and as
as
are
the
that
required approximately
certain, too, that there will be
lion of dollars a
now
wise for us to
$35,000,000,000 of dollars, before
be done about it.
can
seems
would
large appropriations, it
necessitate further
expect that our debt will go at least to
"It
saying:
ahead
We
security.
philosophy
the
further changes it will produce in the economic, social and
political world as we know it.
It is the twentieth century's version of the
philosophy of the eighteenth.
It is a swing away from the intense indi¬
vidualism of the rights of man toward a limited application of that theory.
Can
Mr. McCarl
,
of
what
or
go
election.
election
for increased
return
abandonment
place of it of the philosophy that the activities of
individual must be restrained to some extent for the benefit of all.
of Council
*
to
in
act
countries
of the
movement yielding up some
stimulated—the
Against Administration's Finan¬
cial Policies in Addressing New England Council—
Speakers Urge Co-operation With Adminis¬
said;
estimate is correct, the election of two weeks ago was an American
reflection of a world-wide movement that the war and its consequences
freedom to
McCarl
R.
1936
If nxy
greatly
J.
28,
portion of his remarks, Mr. Aldridh
In the earlier
all
in
said, varied sharply
Northeast to
Nov.
Chronicle
Amendments to
Conference
and radio
at
messages
Simplification of customs procedure.
9.
of cable
services.
10.
Education
the
in the
Robinson-Patman
field
of
bill
international
exempting export sales.
'
relations.
James A. Farrell, President of the National
Foreign Trade
Council, addressing the convention at the opening session
on Nov.
18, declared that "trade agreements will be found
to be
a
logical method by which to increase
He added:
our
exports."
trade
the
purpose
In
of
operations
the
at
through to equality of
way
our
United
the
in
tariff law requires equal treatment
the American
not discriminate
against American trade."
individual
freedom
of movement
This
control.
departure
has
relations
the
to
of
has
business
tend
render
to
the
we
but
we
forms of govern¬
concerned with
deeply concerned with any influences
trade relations with the rest of
are
difficult
more
the
not
are
international trade
countries that have followed
of
system
pre-war
appreciably
men
other countries,
in
progress.
subjected to the rigidities of bureaucratic
from,
benefited
not
As
course.
when
industrial
of
rank
in
which
enterprise,
front
our
The
present Shipping Act
marine.
American merchant
found unworkable will
are
carrying
of
Maritime Commission is definitely
a
of
restoration
Undoubtedly
modern
adequate and
an
provisions of the Act which
the conditions required in
any
be modified to meet
trade and in time of emergencies for the purposes
our overseas
on
creating
advance toward the
important
an
confident
the
support of all
impartially of the
responsible administrative duties intrusted to the Maritime Commission.
feel
I
It
.
shipping laws
new
connected with the
men
the
have
18, to the New
Chicago advices, Nov.
stated in
was
will
in the carrying out
sea
of Commerce" that for the first time in any
York "Journal
States Tariff
of these foreign trade conventions the United
Commission
represented
was
Chairman, and Sidney Morgan, Secretary.
vices
the record
is
the call
was
he said:
talk, and
and does
from
the
actually the
key
Leaders who
present
in
trade
O'Brien
for Mr.
of
manner
other
make
to
a
production can
mass
countries, and
line and
is in
relations."
this session,
at
Commissioner
that
felt
liberalize
to
were
chair
"The American
compete with cheap labor
bankers,
From these ad¬
also quote:
we
Off
brief
O'Brien,
Lincoln
Robert
by
O'Brien
keynote of
had sounded the
the
Educational sessions as well as trade groups held their various
meetings throughout the day and evening, following the general presenta¬
talks
of
the outline of
and
the
current
although the former is being touched
rency,
situation
of
and
tariff
cur¬
reported, in part, as follows by the New York "Journal of
Commerce":
World
and
said
restoration,
Clayton &
Clayton
Tex.
"The
the
menace
of world
question
the cotton
of
of
another
trade
Anderson,
firm of
great
will
war
Clayton stated, "until the United States and Great Britain,
creditor
foremost
W. L.
Houston,
Co.,
continue," Mr.
terials,
be disassociated' from
cannot
peace
its
lead the
which
nations
Discussions
the
control
bulk
the
of
world's
raw
ma¬
Chinese
on
and
the
actions
19 session.
Other
Latin-American
Germany,
to
Nicaragua in limit¬
40%
many
be
is
bility.
lost
orders
mark"
he
and
overcome,
6aid',
and
"ASKI
Mr.
compensation
under
known
is
mark."
such
In
quality
and
our
adapta¬
and
also
arrangements
discussion
a
international
the
on
are
being
currency
of
the
agreement,
General
Motors
Export Co., told the convention:
"It
is
futile
off
gold
"The
stress
of
gold
can
charge these obligations
when
we
when
goods again
begin
only, shall
A
we
and
was
as
of
disease of
In other words,
economic nationalism,
gold' for paying debts, then, and then
these columns
in
delivered
bhe
at
President of the
Lewis E.
'good
the
Pier son,
today we refer to the ad¬
by Leon Fraser, Vice-
Bank of
lead to
Silas
a
Chairman of the Board
which now hampers foreign
period of unexampled prosperity.
II.
Strawn,
former
and
President of the
Chairman
and progress
away
value of
the gold
vary
stated,
formal
the
of
real emergency.
It should be
there is, in fact, no intention to
reserved, any more than it has been employed
the dollar in
course, that
power
any
during the past three years.
'I
Besides
the
the
of
continuation
gold
fixed
present
is to become a
tion
and
reality:
foremost,
especially
trade,
without
content
international stabiliza¬
change, there are six other policies we must pursue if
international
increasing volume of
must bend every effort to expand
we
Before
imports.
regards
as
an
prices on the part of the wealthy economic nations,
such as ours, the network of exchange restrictions will slowly fall, because
their raisons d'etre will simultaneously disappear.
Born of the crisis, they
better
purchases at
with
die
believe
talk
to
the
an
without more and freer international transactions is
Economic nationalism and monetary stabilization are at
standard
vanity.
exclusive poles.
mutually
the
must
demand sound fiscal conditions, and
bring the national budget into balance,
also.
We are going forward swiftly
monetary conditions
gradually
government must
our
this
approval of
deserve, and I
international
negotiations
To talk of
Hull's trade
Council.
Secretary
recovery.
have,
monetary
State
administrations,
balancing of
effect.
Government finances and
financing constitute the greatest single influence for evil or for good in
budgets will not exercise a deflationary
the monetary situation of
Third,
world's
ready to
the
to
we
shall avoid, inflation, and we
authorities have to
controls our
many
Nothing would be
development of a run-away stock market.
helpful to this end than
drastic alteration of the capital gains tax.
a
must be resigned to leaving the war debts in their status quo
we
them
readjusting
coupled with
ments,
believe
and I
employ
world disaster.
Similarly, if we do not wish to drain the
and render stabilization almost impossible, we must not
a
capital
permit the
more
or
today.
must avoid,
we
stand
must
the basis,
on
say,
annual
nominal
of
call
realize
must
we
pay¬
the debtor nations for the delivery to us of
upon
commodities and supplies of the character we shipped to
Fifth,
cash
call in case of a great emergency, such as a nation¬
a
them.
followed at home of
the process we have
that
debts and reducing interest rates, in order to liquidate the
inflationary past and build for a new future, is equally applicable to
international debts.
The entry of such debtor countries as Ger¬
.
changes,
trade may
United
of the
.
.
Hungary into any stabilization accord, with freedom of ex¬
beneficial to all the world as well as to them, will be long
and
many
so
burden.
interest
Specifically,
example,
for
would
it
economic
represent
would offer, and all the markets agree to accept, a
refunding Dawes bond at 5°/0 interest instead of 7%, and a Young bond
at 4% instead of 5%%—on the proviso, of course, that this was definitive,
if Germany
progress
and
effective
payments assured.
.
.
.
Sixth, while wisely abstaining from any participation in political affairs
of the Irving
pressure
Chamber of Commerce
equilibrium,
ultimately arrive at a de jure stabilization, in place of
exercise
New York.
Trust Co. of New York, told the convention that relief from
economic
coordinated
and
deliberate
and
banks
delayed unless a sensible and permanent adjustment is made of their high
convention
First National
the
is
instrument
second
central
writing down
freely in goods or services.
from
the gold behind the domestic credit
either deflationary or inflationary
managing monetary authorities desire
about
the
unless
from economic nationalism, we
de facto sta¬
bility.
Complete and enduring exchange stabilization requires stable inter¬
national conditions,
political as well as economic.
Surely we cannot
honestly say that these solid prerequisites yet prevail.
In maintaining de facto stability and: in attaining definitive stabilization,
much depends upon ourselves as the most powerful, single economic unit,
whose every act has a repercussion upon our neighbors.
The dollar is,
and has been, stably anchored to gold for nearly three years, and we have
operated on a modified gold standard internationally.
I believe that the
gold content of the dollar is definitively fixed and' will not again be
changed.
But, as things stand today, and principally because of its useful¬
ness
as
a
bargaining instrument with other countries, I incline to the
view that, pending still more progress in general stabilization, it is politic
to extend the President's
formal power, which expires next January, to
national
be taken
addressed to the convention by President
given in our issue of Nov. 21 (page 3240),
elsewhere
dress
as
can
find it possible to keep the exchange rates stable."
message
Roosevelt
are
the stress
be relieved only by making it possible to dis¬
more
convalesce
to
as
international obligations.
the discharge of
for
agreements for the stabilization
until such time
paper moneys
bring
to
The
by
wide catastrophe—a
international
discuss
to
exchange rates of
exchange
from
their impact
not
result.
a
rightful modern use; and with
sole,
is its
internally,
Fourth,
Vice-President and General Manager
Riley,
the operation of ex¬
First,
Treasury authorities of the supply
interest rates, and of monetary policy generally, with a view
to preserving relatively constant price
and business conditions insofar as
the monetary element is a factor.
Under this hybrid system, which may
endure for a considerable period, as we get closer to a more general inter¬
by other European countries.
summarizing
0.
will be:
of credit, of
'
E.
in
as
so
tendencies
prevent such
Moran continued,
ordinarily theirs through
so-called
Germany's
followed
reichsmarks,
difficult handicap to
a
have
exporters
regular
suitable
(certainly,
out this difficult union
for carrying
being kept within narrow limits by gold shipments that will
segregated
structure,
The German subsidized mark is being quoted 20%
including "coffee
names,
That
the
below
Moran, Assistant Vice-President National
T.
said W.
City Bank, New York.
is practicable, of some of the concepts of a
as
and of certain of the principles of the classic gold
enough in internal economic restoration, so that a progressive
nations may follow Brazil and
ing the amount of products they will want to part with in barter arrange¬
ments with
economic world in which we live, totally
old automatic standard functioned, will
period, at least)
which
only,
fluctuations
as
Nov.
transition
Second, sound
Japanese trade featured the
the
change equalization funds, with gold: being employed for international trans¬
back to economic peace."
way
far
as
currency
Two instruments
each.
for
First
discussions at tlie closing sessions, on Nov. 20, were
The
in
lightly.
upon very
to the
wherein
merging,
a
paper
simultaneously
including both educators and
meeting.
tion
adjusted
standard, endeavoring to reconcile and retain what is best and most
can
defense.
business
managed
by the stern lessons
reformed gold standard, bettered
the
that
from
administration
world.
the
shortly,
the past and
constitute
tenaciously to the democratic theory
cling
credit situation, interest rates,
relative price levels."
and
of
of domestic economy,
the fiscal position,
Mr. Fraser continued, in part:
attentive to the development
ever
different
practice
Inter¬
trade, fettered by political considerations that make for increasing
self-sufficiency in defiance of economic laws, loses its flexibility
national
that
and
country
our
national
ment
States
initiative
individual
but
the local
Put
part, Mr. Farrell also said:
brought
this
directed
criticism
3403
Chronicle
products in the markets of the world.
that do
countries
We
and
American
basic principle of
all
the
intended—that of bargaining
for
treatment
The
in
pacts any alternative plan which would prove more effective for
the
for
discovered
not
have
We
Financial
143
Volume
States
abroad,
the
Committee, and W. H. Mahoney, Manager of the
Foreign Trade Bureau of the Merchants Association of New
a
technical cooperation with
continuous,
authorities of the leading
countries,
in
operating and preserving the reformed gold standard,
changing
studying
economic
and
the
shall
desirable.
prove
The
is but
rapid
ultimate
goal
instrument
an
.
.
that
so
of
as
the
experience
.
of monetary stabilization is not
to
task
joint
and of continuously
developments,
monetary
application of the principle of the standard may be modified
Chicago Con¬
vention
must be prepared for
we
monetary
complete that economic
end in
an
recovery
which
itself.
is
on
It
the
march.
York, also addressed the convention, many others also being
included among the speakers.
Before National
A.
W.
Leon
Fraser
Predicts
Managed Gold Standard
Addressing National Foreign Trade Convention
Leon
of
Vice-President of the First
Fraser,
New
York,
National
Foreign Trade Convention,
at Chicago, on Nov. 18, asserted that he believes the future
world
at
monetary
the National
system will be "a reformed, modified and
managed gold standard which will not attempt to be merely
automatic in its operation, and which will take into ac¬
count the fact that the pre-war
so
world has vastly changed,
that the future gold standard must be less rigid to work
satisfactorily,
content
with
more
flexible,
focusing its
more
gaze
consciously directed, not
exchange rates alone,
upon
Presents
Views
on
International
Monetary Stabilization
in
Bank
Foreign Trade Conference in Chicago
Mitchell
His views
on
"International Monetary Stabilization" were
before
the Conference of the National Foreign
Obicago, on Nov. 18, by W. A. Mitchell of
Morgan & Co., following the address of Leon Fraser,
presented
Trade Council at
J. P.
Vice-President
of
the
At
of
liis
the
outset
First
National
remarks
Mr.
Bank
Mitchell
New
pf
made
York.
the
fol¬
lowing statement:
Before I
thoughts
There
business
it
before
begin this discussion
in
are
an
such
men
and
endeavor
wide
more
may
of
say
of
opinions
that it represents
discussion
opinion
the operation
recent
I
stimulate
differences
regarding
the
to
today
the
gold
among
my
the
among
personal
audience?
economists
standard
regarding managed
as
we
currency
and
knew
that
Financial
3404
I
I wish to point out also that what I
ideas.
dogmatic in my
not
am
this morning is in no sense an expression
and business associates in New York, who,
say
may
friends
major
I know, in a certain
differ with some of the things that I
would
degree
minor
or
of the opinions of my
may say.
of Mr.
The address
Fraser,
which Mr. Mitchell's re¬
on
is referred to at length in another item
Stating that "the question of the segregation
marks bore,
issue.
in this
of gold
shipments in their import from the gold behind the domestic
credit structure is one which is occupying considerable atten¬
public press today," Mr. Mitchell went on to say:
inevitable at this early stage of international monetary
stability that this should be so, but it is so different from the automatic
functioning of the gold standard which we knew before the war that I am
not entirely sure that the currently popular ideas will stand' the test of
time.
In the so-called good old days the operation, as we understood it
from our school text books, was that importations of gold would enlarge
the credit base, cause a reduction of interest rates and an increase in
prices, which would set in motion an outflow of gold and that, by this
tion in the
It
is
perhaps
Fraser has
Mr.
Ae
a reasonable operation could be effected.
properly said', the attempt to make artificial adjust¬
and balance,
of check
system
so
without sufficient thought for the malad¬
rates following the war,
ments or
which stabilized at that
which we are presently
that it is unfair to say that
justments which existed in the various countries
time, made inevitable perhaps the vortex from
As I think this over, I am sure
stabilization arrangements which
emerging.
various
the
involved, but
factors
1925
from
understood
well
made in the post-war
arrived at without great thought at that time of the various
I think it is safe to say that over the three years
on the rigidities of the wage and
social structures were not as
were
years
were
"because some of the major
currencies have had no sure values in terms of gold, there
has been a restless movement of migratory funds into gold
Whenever it could be obtained; thus a rentier has become a
but its chan¬
often diverted.
As a result of this lack of confidence, capital
withdrawn from investments where it was much needed during
Thrift
are
has
been
the
past years, and now
which
countries
the
and
confidence
of
offer
experienced
1933,
this restless gold becomes a menace to those few
reasonable stability.
We have, as recently as
a
country the tragedies which follow lack of
of normal transactions through the spiral
follows.
It is in such times that we realize how
in this
drying,
which
deflation
peoples and hard to kill,
in certain
instinctive
is
up
the function of money as a medium of exchange.
important is
officials of the Masters', Mates' and Pilots' Asso¬
the Marine Engineers' Beneficial Association
ordered their members ashore.
The officers strike, which is
and
independent of that in progress at the Atlantic and Gulf
ports by the "strike strategy committee" of the International
Seamen's Union, under the leadership of Joseph Curran, was
called in demand for higher wages and improved working
conditions.
Longshoremen at the port of Le Havre, France, in sym¬
pathy with the insurgent strike at the Atlantic and Gulf
ports of the United States, refused on Nov. 25 to unload
freight from the United States Line's liner Washington and
the American freighter Collamer.
It was reported in Asso¬
ciated Press advices from Le Harve yesterday (Nov. 27)
that
Washington had sailed for Hamburg, Germany,
the
without having discharged its cargo.
A similar stand to that of the French longshoremen
has
Mexican dock workers; as to this the
York "Times" of yesterday (Nov. 27) said:
also been taken by
New
strike was made the occasion of a demonstration by union
The shipping
according to information received last night by the
in Mexico also,
men
strike
local
strategy
committee from
one
of managed
which is justly
Today they lean rather far over on the side of the exponents
At this point it is only fair to pay a tribute,
currency.
theirs,
devoted more time and study to the question of monetary arrange¬
than those of any other country, and whose wisdom in this regard
100 years
ments
no
to those of us
gives a great feeling of security
It
gainsay.
can
one
world who depend so much upon these British
bankers for the sagacity and courage in matters of this kind.
One must
in
other
the
of
parts
fact that a managed currency, which is quite
country with as much accumulated wisdom and experience
however, overlook the
not,
possible
in
a
successfully in countries lacking the
and the experience in monetary matters
which they possess.
In such countries, the more simple operation of the
pre-war gold standard, if set up upon a proper basis, to my mind holds
more opportunity of success.
In an informed' article in the London "Econ¬
omist"
of
Oct.
24
last,
on
this subject, the author discusses rather
England,
as
lightly,
sented
sale
the
this
price would
method
of
It
rigidities
that it
beings unless it be,
almost
is
all their business
that revaluation,
true
correcting
if
disaster
mean
is
the
in
were
down, is
or
I
seldom
have
to
me
the
me
heard
that the free
simple
internal price structure, but it
to be left to the frailty of human
income.
easy
Mr. Fraser so aptly says, for bargaining purposes.
exchange rate being revalued upward.
It seems
play of economic forces brings home more clearly to
of
with
governments
their
spending complex the
a
necessity of living within
...
is a relative
of goods, and
the cost of living during the war and post-war years and in the later 20's
and up to 1933 have been, I think, greater than those which have occurred
since.
Nevertheless, we are at the moment considering the question of
reasonable stabilization of exchanges from a rather narrower point of view,
Of
there is perhaps
course,
The
term.
such thing as stability;
no
The strikers'
bulletin
on
fluctuations
ment,
a
I
as
means
or
the
we
international gold'
Mr. Fraser has
As
actually
gone
difficult
do,
of
risk
that virtually
first principle that we
of
world
that
them,
trade
under
as
the
and,
present
trade will be carried
no
should
as
soon
on
three-party agree¬
at all, but it seems
practicable return to some form
as
standard.
so
must
recent
tariff
the
on
aptly stated, it is
in
spite
all
credit
of
a
marvel that
the impediments
so
much trade has
existing over
give
to
the
three
countries
the recent
participating in
the
regarding currency and the unwinding of the
barriers has begun which started to wind up after the passage of
general
agreement
Smoot-Hawley tariff bill
of
1930,
and
which
wound
up
tighter and
1931, in the attempt by countries to protect
trade against the effects of devaluation in other countries.
It is my
tighter following September,
their
hope and belief that under the able leadership of the President and Secre¬
these hampering restrictions will be gradually eradicated,
especially if the world comes to believe in the possibility of the perma¬
nence of currency arrangement.
tary
Hull
^
•
Strike—Dockworkers at French and Mexican Ports
Unload
Freight
Refuse
to
The
Gulf
American
Ships—
Coast Situation
strike
Coasts
of maritime
on
spread this week to ship officers,
when,
on
borne out by an
American ships arriving
This
including those of the Gulf of Mexico.
of the proposed
The effectiveness
ports.
was an
Pacific Coast
disputed by the
boycott was
Regional Confederation of Mexican Workers.
Previous reference to the strikes at the Atlantic and Gulf
ports, and also to that in effect on the Pacific Coast, was
made in these columns of Nov. 21, page 3248.
As to the
Pacific Coast situation, the New York "Herald-Tribune" of
yesterday (Nov. 27) had the following to say:
that
an
agreement
night the Pacific Coast marine strikers suggested
Alaska should
effected with Government officials to man ships for
be used
as
a
basis for
early strike settlement.
an
It was
reported that the Government had granted the unions, specificaUy, prefer-
and increased wages and cash payments
entials in the hiring of personnel
for officers, seamen
and longshoremen who work overtime.
The emergency agreement between the strikers and the
Government was
F. Ohlson, general manager of the Alaska Railroad,
signed by Colonel O
which is owned by the Government.
This railway temporarily has been
authorized to enter into shipping transportation by chartering private ships,
as
Navy or Government owned vessels were available to rush food and
no
supplies to Alaska.
emergency
Edward F. McGrady,
Assistant Secretary of Labor, will resume negotia¬
with the leaders of certain unions on strike at San Francisco.
tions today
All mails for the United
States will be sent from Shanghai on foreign
vessels after Dec. 2, as no American vessels will
be available, according to
The United Press, unless settlements are affected.
♦
Settlement
Seattle
of
Agreement Reached
"Post-Intelligencer" Strike—
on Basis of Terms Drafted by
Executive Committee of A.
F. of L.—John Boetti-
Son-in-Law of President Roosevelt, Named
by W. R. Hearst as Publisher of Seattle Paper
ger,
Settlement of the strike called in
August by members of
Newspaper Guild which brought about the
suspension of the Seattle (Wash.) "Post-Intelligencer" was
announced at Seattle on Nov. 25 by Charles B. Lindeman,
associate publisher of the "Post-Intelligencer," and Richard
Seller, President of the Seattle Chapter of the American
Newspaper Guild.
the
American
Mr. Lindeman's statement said:
"The
newsroom
terms were upon
strike
on
The Post-Intelligencer has been
settled.
The
the basis incorporated in the draft prepared by the exe¬
cutive committee of the American Federation of Labor."
It is stated that
publication of the paper will be resumed
Monday, Nov. 30.
Following the announcement of
the reaching of an agreement for the termination of the
strike, it was made known on Nov. 26 that John Boettiger,
son-in-law of President Roosevelt, has been appointed by
William Randolph Hearst as publisher of the "Post-Intelligencer."
Mr. Boettiger, who was formerly a reporter
for the Chicago "Tribune," is resigning as Assistant to Will
H. Hays, head of the Motion Picture Producers and Dis¬
tributors of America Inc.
With regard to the strike and
its settlement we quote the following from Seattle Associated
next
Press advices Nov. 25.
Ji
The agreement ending the strike, which
9:35
p.
m.,
said Arthur French,
a
started Aug. 13, was signed at
Post-lntelligencer photographer who
joined the strike.
In
a
news
dispute over the discharge of two Guild members,
photographer,
and
called the strike with
Everhardt Armstrong,
the support
which placed the newspaper on its
£lThe
cases
Mr.
by Mr
of the Seattle Central Labor Council,
"unfair list."
he said
Lindeman and, himself.
was
a
Frank Lynch,
drama critic, the Guild
of Messrs. Armstrong and Lynch were
Seller released what
settlement
placed before the Na¬
has not announced a decision.
was
a
copy
of the agreement signed
The Guild Chapter President said the
"complete victory for the Guild," though it left to the
National Labor Relations Board the cases of Lynch and Armstrong.
Ml "We
workers along the Atlantic and
was
D. F., announcing that the Mexican
Confederation of Workers had ordered a boycott of
tional Labor Relations Board, which
Ship Officers Join Atlantic and Gulf Coast Maritime
Pacific
the Mexican situation
expansion of an earlier boycott order which affected only the
it
years.
We
*
think
Mexico.
Associated Press dispatch from Mexico,
price fluctuations in this country and! in others
through it, world
peace and
well-being, are encouraged by a feeling of reasonably safe
exchanges over a future period.
That is not to say that slight or occasional
believing,
The line hoped to have its
Strike leaders
travel by motor to their homes in California
passengers
said the passengers were still in
conducted
very
a
as
to
seems
too
up
ships.
Santa Elena arrived at Ensenada from New York a few
The Grace liner
conference
basis.
this
on
operated
and have
instructed their members not to drive passengers arriving on such
currency.
at
strike-bound ports of Califor¬
Officials of the Mexican chauffeurs' union also are cooperating
the fluctuations of 5% or 10% in the value of de facto
It seems to me that any of the manufacturers repre¬
would think that a 5% or 10% difference in
feel,
I
stabilized
be
cannot
the British people
of
discipline
The pier
agents.
nia, it was said.
British central bankers and economists who have over the post
to
San Pedro
passengers' baggage of American
ships stopping at Mexican ports to avoid the
In San Francisco late last
time were the
leading exponents of the automatic functioning of the gold
standard," Mr. Mitchell had the following to say, in part:
"British bankers at
that
Observing
its
workers will refuse to handle freight or
at all national ports,
He added:
hoarder."
nels
observed that
1936
28,
Nov. 23,
ciation
days ago, cancelling its usual California trip.
they are today.
as
Mitchell
Mr.
Nov.
Chronicle
are
mighty happy because we got something newspaper men have
long sought," said Seller, "including a 40-hour
to $7.50 a
week."
week and raises from $2.50
ji
Volume
Financial
143
provides, he said, that there shall be "no discrimination
The agreement
The copy of
obtainable
March
the agreement issued by Mr. Seller said that effective
have worked six months
second
Ik It fixed the minimum scale for editorial employes with less than three
years' experience at $25 a week; for more than three years, $40 a week;
national
boys with less than three years' experience,
copy
the
or
any
of its national committees and leading
Special conditions
International Chamber of Commerce.)
of the
The first volume
tary
C. C.
I.
(Price 16s. and 8s., respectively, post free.
to members
If 1937, there would be a 40-hour week, sick leave with full pay, two weeks*
vacation for those who have worked a year and one week for those who
library clerks, $20 a week;
from the
booksellers.
against any editorial employe for union affiliation."
3405
Chronicle
problem
economic
conclusions
of
Ohlin's
Professor
relations,
detailed
a
report
of
committee
aspects of the mone¬
The
policy questions.
the
on
by
survey
printed' in the first volume,
the
various
on
commercial
memoranda on
contains
memoranda
21 memoranda
contains
and nine
volume
inter¬
future of
Professor
and, finally,
of
Gregory
text of the
the
experts.
'
•
$15, and
the
reinstated.
of 27 men were on the list of those to be
names
For
*,
boys of more than three years, $18
copy
The
last
weeks
few
there
have
pickets at the plant.
several
been
Annual
Report of Lloyd's Register of Shipping Cover¬
ing Operations During Year Ended June 30, 1936
The management had not attempted to reopen the building.
appeared in these columns Aug.
2771.
References to the strike
22,
1168 and Oct. 31,
page
page
National Association of Credit Men Issues 1937 Edition
of "Credit Manual of Commercial Laws"
1937
The
edition
of
of Commercial
Manual
"Credit
the
and
of State laws
which influence business operations, has recently been pub¬
lished by the National Association of Credit Men, 1 Park
Avenue, New York.
The manual has been gotten out each
year by the Association for the past 29 years, and is priced
at $5, postage paid.
The new Federal Acts covered in the
Laws," covering
which
also
provides
edition
new
Federal laws which affect trade
new
of the
complete
a
"Credit
Manual"
Act, Walsh-Healy Act and the
Income Tax
profits.
law which
The
Robinson-Patman
are
surtax
a
of the Federal
section
new
assesses
undistributed
on
written by
recognized authorities in their respective fields.
Other im¬
portant chapters in the 1937 edition of "Credit Manual" are:
Bonds
laws;
were
During the period under review plans of 519 vessels, of 1,692,515 tons
gross
as
the Canadian
of
bankruptcy law, and complete
and
contracts
commercial
written
President Roosevelt Issues Proclamations
sales,
language; nego¬
contracts such as
retention
bailments,
consignments
leases;
and
large number
of
forms
U6cd
information
listing
actions,
bulk sales
business transactions
in
by
law
States
such
on
and
subjects
number
a
limitations
as
and exemptions
requirements,
of
for
homesteads,
on
personal property and wages.
Entitled "Financial Statements of
Retailers"
&
ac¬
Nov. 16 the publication of "Finan¬
on
Statements of Retailers," which originally appeared in
the June,
Herwood, partner
The author
in
the
of the booklet is
accounting
member of the New York
firm,
who is also
faculty of St. John's University, School of Commerce.
to the booklet's contents, it was announced:
viewpoints of
the retailer, credit grantor,
and) investor
President
As
business
statement
are
of
grouped
organization,
the
balance
income,
under
long-term
net worth
capital
following
structures.
reconciliation
profit and loss.
the
liability
and
sheet,
Ratios
of
Financial
net
worth,
state¬
and
the
discussed at length and
Working capital ratios,
are
classifications:
ratios.
ratios,
profit
and
operating
ratios,
York,
and
which
of
United
invita¬
an
will
while the
the Golden
States
National
the
brate the completion
of
America
Government
of
and
in
the
the
City of
San Francisco exposition will cele¬
of the San Francisco-Oakland Bridge
Gate Bridge.
(which was issued in conformity with
passed by the last Congress) follows:
BY
THE
PRESIDENT OF
tangible
THE
A
Whereas, There
World's
hundred
of
the
Fair
and
in
part,
as
the
UNITED
has
joint resolution
a
STATES
OF
AMERICA
Proclamation
be held at New York City,
is to
which
fiftieth
for
its
purpose
the
during the
celebration
year
of
1939,
the
one
anniversary of the inauguration of the first President
United States
Whereas,
in
include
16, in two
extended
same
the
of
Government
Subjects dealt with include books of account, the preparation of budgets,
of
City,
the
establishment
stressed
are
Nov.
on
Washington,
International
Francisco in
a
throughout.
ments
Gate
Herman
member of the
a
York
New
Golden
a
State Bar and
States
United
issued at
be held in 1939, and the
Exposition, to be held at San
year.
The New York fair will cele¬
brate the 150th anniversary of the inauguration of the First
at
July, August and September, 1936, issues of the
"Credit Executive."
Both to Be Held in 1939
the
The text of the proclamation regarding the New York fair
Herwood, of New York, certified public
countants, announced
of
President
Inviting Na¬
Participate in New York World's
Gate International Exposition
tion to all foreign countries to take part in the World's Fair
and
Issued by Herwood & Herwood
Herwood
Golden
proclamations
New
Booklet
and
San Francisco,
at
The
in layman's
title
crimes;
conditional
mortgages,
The
This contemplated tonnage is more than
.
items of interest.
the
text of
new
chapter on warehouse receipts as credit instruments with a com¬
plete text of the Uniform Warehouse Receipt Act; collection of accounts;
corporations and partnerships; fraudulent conveyances; anti-trust laws;
types
.
great as that for the previous year, and is the highest since 1929-30.
The report contains statistics regarding oil tankers, motorships, steamers fitted for oil fuel, and new turbine vessels,
and also discusses electric and other marine propulsion,
various types of engines and motive power, and various other
foreign credits, collections and exchange; Social Security
instruments,
cial
dealt with.
were
twice
Fair
;
a
civil
the'greatly increased activity in shipbuilding is indicated by
Evidence of
for which plans have been approved.
bankruptcy proceedings, including corporate reorgan¬
assignments for benefit of creditors, equity receiverships
the laws of sales
chattel
a
^
figures relating to vessels intended for classification with Lloyd's Register,
tions of World to
digest
tables
Society's classification was assigned to 296 vessels, of
1,009,207 tons gross.
"These figures," the report said,
"represent approximately 66% of the world tonnag com¬
pleted during the period, and show a large increase over
those of the past few years."
The report added:
(77-B)
a
tiable
subjects
new
public improvements, with summaries of the Federal and State
on
Bankruptcy Act;
Acts;
on
Lloyd's Register of Shipping recently issued its report
discussion of
a
izations
and
chapters
summary
The
of operations during the year July 1, 1935, to June 30, 1936.
'The report notes that during the 12-month period, the
of America
and
of
the establishment
of
the National
City of New York;
A joint
resolution of
Congress, approved June 15,
1936, reads,
follows:
"Resolved
by the Senate and House of Representatives of the United States o
America in Congress assembled, That the President of the United States
be, and
he is hereby, authorized and respectfully requested by
proclamation, or in'such
manner as he may deem proper, to invite
foreign countries and nations to such
proposed world's fair with a request that they participate therein.";
And
and
whereas, I believe the people of many nations would be pleased to
the people of the United States in
participating in this World's
unite with
A limited number of
copies
are
available for free distribu¬
tion, it is announced.
Fair:
Now, therefore, I,
of
Franklin D. Roosevelt, President of the United States
America, in compliance with the aforesaid joint resolution of Congress,
the participation of the nations in this World's Fair.
do invite
Currency Alignment and Trade Barriers
as
Surveyed by
17 Economists Reviewed in "World Trade" Journal
of International Chamber of Commerce
The
November
issue
of
Chamber
of
"World Trade," journal of the
Commerce, gives an interesting
account of the survey of currency and
foreign trade prob¬
lems carried
out, with the collaboration of 17 leading
economists, by the Joint Committee of the Carnegie Endow¬
International
ment
and
the
International
October,
which
Council
when it pointed
nated action for
would
the
a
of the
I.
C.
C.
page
recom¬
2601.
to
the
further
made
contents
of
in
Two
special
articles
give
a
issue
our
the
of
Oct.
fessor A.
E.
Boehler
Prehohl
quotations
a
the
various
reports
the
future
barriers
the
of
of
a
the
of the
of
recommendations
arrived at by the
Gregory (Great Britain),
Bertil Ohlin (Sweden), Pro¬
(Germany) and Professor Charles Rist (France).
from
review
Professor
reports
are
of
Chamber said:
descriptive analysis of
(Switzerland),
24
issue
submitted by the experts of the "practical conclusions"
committee of experts consisting of Professor T. E.
Professor
also given.
The
number
Numer¬
further
in¬
contributed to the series by Professor Ohlin
international economic relations, the full text of
report
the
in
connection
adopted by the Council
with
of
the
the I.
monetary
C.
C.
at
situation
its
last
and
meeting,
trade
and
viewpoints put forward at that meeting by the business
representatives
number of leading countries.
The work of the experts and economists consulted
by the Joint Committee
the Carnegie Endowment and the I. C. C. is
published in two
volumes,
City
Lord
have
of
hereunto
America
to
set
hand
my
and
caused
the
be affixed.
of
one
Washington this 16th day of November, in the
thousand nine hundred and! thirty-six, and of the
one
hundred
and
sixty-
FRANKLIN D. ROOSEVELT.
By the President:
R.
WALTON MOORE, Acting Secretary of State.
Officers
New
of
Uptown
York
Banks at
Dinner
Hear
Plans
for
World's
Fair—Douglass B. Simonson,
Vice-President of the National City
Bank, Elected
President of Association of Uptown Bankers
More than 100 officers of New York uptown
banks, under
auspices of the Association of Uptown Bankers, met on
the
the evening
hear
November
"World Trade," an announcement by the
on
of Our
the
I
States
first.
out that
was
at
United
Independence of the United States of America the
undermine
recommendations
cludes
year
"failure to take coordi¬
progressive reduction of trade restrictions
cil's
ous
Done
published in
the exchange stability aimed at
by the
Tripartite Monetary Agreement."
Reference to the Coun¬
As
testimony whereof,
Chamber.
The results of this survey form the basis of the 13
mendations
In
Seal of the
of Nov.
17 at dinner at the Harvard Club to
plans for the New York World's Fair of 1939 and to
discuss the influence of the fair on general business.
The
meeting was addressed by Commander Howard A. Flanigan,
Administrative
Earle
Andrews,
Assistant to the President of the
fair;
General
Manager,
and
Robert
D.
W.
Kbhn,
architect.
At this meeting Douglass B.
the National
City Bank,
was
Simonson, Vice-President
Madison Avenue office of the National
son
of William
A.
Simonson,
National City Bank.
Bank of Manhattan
of
elected President of the Asso¬
ciation of Uptown Bankers for the coming
year.
son
is Vice-President
in charge
of the 42d
Mr. Simon¬
Street
and
City Bank and is
a
Senior Vice-President of the
Charles C. Fagg, Vice-President of the
was elected Vice-President of the
Co.,
Association, and Hamilton C.
Stenersen. Vice-President
of
Financial
3406
Trust Co., Secretary and Treasurer.
addition to Mr. Simonson and Mr. Fagg,
elected members of the Executive Committee: Charles
were
Edward
James
S. Alexander, Vice-President of the Guaranty Trust Co.,
retiring President of the Association.
P.
"New industrial processes do not carry with
Midland
the Marine
The following, in
New York Trust Co.;
Luckey, Vice-President,
Streeter, Vice-President of the Fifth Avenue Bank;
1936
Nov. 28.
Chronicle
them," he said "influences
the distribution of increased profits or to offset the effects of
fierce competition possible because of increase in productive capacity."
to rearrange
Death of John
Harman, "Dean" of Silver Trade—
as Chairman of Handy
& Har¬
F.
Had Retired in 1931
Metal
York
New
man,
After 64 Years
Dealers,
Association
workers, to distribute $27,829,500 of debentures for financ¬
Frelinghuysen Harman, known in New York City as
Plainfield,
N. J., on Nov. 25, in his 93rd year.
At the time of his
death he was a member of the Board of Directors of Handy
& Harman, of New York, dealers in precious metals.
He
retired as Chairman of the firm on May 1,1931, the occasion
of his 87th birthday, after participating actively in the
management of the firm for 64 years. Mr. Harman became
associated in 1867 with the organization which 19 years later
adopted his name under the partnership title of Handy &
Harman.
He was elected Vice-President of the firm in 1905
ing the New York World's Fair, to be held in 1939.
and
Campaign
Sell
to
Dinner
Opened
at
Astor—In
Radiogram Read to
Roosevelt
Termed
1939
Fair
President
Guests
Bonds
Fair
World's
Hotel
at
Who Believe in the
"A Challenge to all Americans
Destiny of the Nation"
than
More
2,000 persons prominent in the business and
at the Hotel
financial life of the city attended the dinner
Astor
Monday night, Nov. 23, which marked the formal
on
opening of the campaign, to be conducted by 3,000 volunteer
Harvey
World's Fair Finance Com¬
mittee, presided,
and addresses were made by Mayor
LaGuardia, Grover Whalen, President of New York World's
Fair; Bayard F. Pope, Treasurer of the Fair, and Richard
F. Whitney, Chairman of the Fair's Bond Committee.
Mes¬
sages from President Roosevelt, wirelessed from the cruiser
Indianapolis, and from Governor Lehman of New York, who
is vacationing in California, were received during the eve¬
ning.
The President's message, which was read by Mr.
D.
Gibson,
Gibson,
'Chairman
follows:
was as
Aboard
of the
the Indianapolis,
Route, via Naval Communication,
en
Nov. 23,
Grover
It
is
tives,
inspiring thing for nations and communities to have high objec¬
an
to
1936.
President New York World's Fair:
Whalen,
their
unite
energies
boldly
in
self-appraisal
in
New York beginning in 1939
and
future.
to be heldi
Fair
plan
for the
subsequently became Vice-Chairman and Chairman of
the Board.
Mr. Harman who
was born on May 1,1844 in the Shenan¬
graduated from Washington and Jefferson
College in 1865, and thereupon came to New York City to
take a position as clerk in the specie firm of his uncle, Jacob
Stoll Cronise.
Shortly thereafter he entered the employ of
Peter Hay den, dealer in bullion, and the acquisition of this
business by Parker Handy marked the commencement of
Mr. Harman's business association with three generations of
the Handy family.
Mr. Handy senior was succeeded by his
son, the late Parker Douglas Handy, who was President of
Handy & Harman from its incorporation until 1927, at which
time the third generation assumed the presidency of the
company in the person of Cortland W. Handy.
doah Valley, Va.,
•
•
The World's
John
the "dean" of the silver trade, died at his home in
is
a
chal¬
Death
lenge to all Americans who believe in the destiny of this Nation and who
welcome
the
knowledge that the exposition is to focus
upon
one
central
theme:
Building
At this
achieved
as
the World
of
Tomorrow.
great fair all the world
in
the
150
President of the United States;
the national life which is to
That it
influence
attend
be
will
the United
life
may
visualize
come.
O.
Sweringen—Railroad
Van
P.
Magnate
Oris P. Van Sweringen of Cleveland, director of a wide¬
spread railroad network, died on Nov. 23 aboard a private
railroad car in Hoboken, N. J.
He was en route from
Cleveland for a conference at the offices of J. P. Morgan &
ascribed to coronary
from heart trouble.
Mr. Van Sweringen was 57 years old.
His death followed
by less than a year that of his brother, M. J. Van Sweringen,
Co. in New York City.
His death was
He had recently suffered
thrombosis.
for many years
phase of its activities—these
States.
first inaugurated
here millions of citizens
memorable and historic fair,
a
national
our
every
review what the United States has
may
since George Washington was
years
of
Victim of Heart Attack En Route to Ndw York
All power to your
that it will profoundly
to come, and that
success may
the hopes of the people of
are
sponsors.
who died
Dec. 12, 1935, and whose death was noted in
of Dec. 14, 1935 (page 3796).
Funeral
on
"Chronicle"
the
FRANKLIN D. ROOSEVELT.
services for Mr. Oris P. Van Sweringen were held in
Centennial
at
of
American
Patent
System Celebrated
Roper Praises United
Washington—Secretary
States Methods
The 100th
celebrated in
as
Standard for World
Patented foods and
served at the dinner.
Dr. Charles F. Kettering
Co., who presided at the dinner,
predicted that the next hundred years would be as fertile of
invention as the last.
Secretary of Commerce Roper, who
also spoke, praised the American system of granting patents.
The meeting was described in part as follows in a
Washing¬
ton dispatch of Nov. 23 to the New York 'Times":
were
of the General Electric
While the
room was
used to illuminate
a
flooded for
space
America's
of
a
moment
that size
zooming in the sky overhead
ments
a
"Twelve
by the most brilliant light yet
radio voice from
called1 the
Greatest
nation's honor roll of scientific genius.
he
after
Inventors"
We
chosen
to
head
the
are
shocked and grieved by the sudden
gathered together a group of railway properties, which they brought to a
high state of efficiency and economic management.
road world he was
which
over
we
high purpose.
His
system,
one
Midamerica
sold at auction to pay off
Great
In
Mr.
Edison's voice
of his machines.
was
Morse's
was transmitted
frontiers, as weU
developments in known fields, awaiting the exploration of
inventive genius.
These are destined to reveal marvels of comfort and
many further
a
the audience to join in a toast to those "creative minds" which are "the
pride of all good Americans."
Thomas
Ewing,
former
attitude
of
labor.
Commissioner
of
system "depends
Sympathy
toward
the
Patents,
on
warned
that
the
the continuing favorable
demands
of
labor
should
be
maintained, he said
"The
enormous
increase in the use of machines has raised the
capacity
of labor and capital to produce wealth," he said.
in wealth or of means of
tribution of it.
"Every sudden increase
producing it gives rise to contests over the dis¬
The struggle between capital and labor is not warfare, for
Dean
Dexter
Kimball
of
Cornell
George A. Ball and George A. Tomliuson,
several millions last year to form
Corp
.
Ball is
owner.
obligations owing to J. P. Morgan & Co. and
a glass manufacturer and Mr. Tomlinson is a
Although
title
rests with them , they-have
to majority control in Mid¬
had no experience in the rail¬
pointed out in Wall Street yesterday.
the advices
the
to
"Times" of Nov. 24 it
was
Van Sweringen
also
had left Cleveland the night before, accompanied
University urged his
both Van Sweringen roads, and by his secretary.
Van Sweringen was riding.
The damage was
to
the
Scranton,
a
sufficient to cause the party to switch from that car
private car used by the railroad for rental purposes.
held that the shock-must have contributed to Mr.
At first the theory was
Van
was
Sweringen's death, but Dr. Benson J. O'Grady of Hoboken, who
called when Mr. Van Sweringen was stricken, said that he did-not
was a
contributing cause.
Under date of Nov.
25 Associated Press accounts from
Cleveland said:
On
whether
a
minor
railroad
of Oris P. Van Sweringen
accident
caused the fatal heart attack
rested today on the value of the railroad empire
builder's personal estate
Seven physicians
a
performed an unexpected autopsy late yesterday, only
few hours after the body was
which
were
returned from the Hast for funeral services
arranged for this afternoon.
Physicians said results of the
10 days "
It was requested by
insurance companies, they said, because of the large amount of insurance
held by the rail and real estate magnate, who died Monday on a business
autopsy will not be known for a "week or
trip to New York.
From Cleveland Nov. 24 Associated Press advices
neither side is seeking to destroy the other."
"make haste more slowly."
associated
and
They
were aboard Mr.
Fitzpatrick's private car.
In Scranton at 8 o'clock
yesterday morning a locomotive switching a dining car onto the train to
which the private car was attached crashed into the car in which Mr.
great responsibility on the shoulders of patent
office authorities "to keep in the foreground the service idea to the
people
and not allow patents to be used for material profits alone."
He asked
permanency of the patent
ship
believe that that
convenience yet unknown."
was
Mr.
Lakes
the Nickel Plate,
model Of "standard practice for the entire world."
"Our patent development is indeed the marvel of the
world," he said.
me that there are yet many undiscovered
He declared there
$3,000,000,000 railroad
by Herbert C. Fitzpatrick, Vice President of the Chesapeake & Ohio
"It is evident to
as
a
stated:
as it was on May 24, 1944.
Secretary Roper, speaking at the dinner, acclaimed the American method
a
control of
Van Sweringen, his-younger brother,
in railroad finance, died a year ago.
Corp. to rescue the Van Sweringen assets when they were
road business, it was
original telegraph message, "What Hath God Wrought?"
granting patents as
follows:
Mid-Western business men, who put up
again from Baltimore to Washington
of
as
Sweringen
Mantis J.
as
with him for 20 years
were:
the scientists of the past without reply.
on
Van
Control apparently passes to
of Edison Heard
recording he had made
in part
career
ends
death
america
a
"Times" of Nov. 24 outlined Mr. Van
The New York
Sweringen's
Cyrus Hall McCormick, the first practical reaper.
Ottmar Mergenthaler, the linotype.
Samuel F. B. Morse, the electric telegraph.
George Westinghouse, the air brake.
Wilbur Wright, the airplane.
Eli Whitney, the cotton gin.
heard from
In the course of the decade
him through the financing of various
contact with
properties we came to-have great respect for his energy, character, and
other banks.
were
leader of vision and force.
a
had
Opinions may differ
Van Sweringen's work, but certainly in the rail¬
in their estimate of Mr.
Charles Goodyear, the vulcanization process for rubber.
Charles Martin Hall, aluminum manufacture.
Elias Howe, the first practical sewing machine.
Voice
death of O. P. Van Sweringen.
and his brother, who died less than a year ago,
From small beginnings he
transport liner
and the principal achieve¬
names
They
a
Alexander Graham Bell, the telephone.
Thomas Alva Edison, the electric light and the phonograph.
Robert Fulton, the first commercial steamboat.
Nor
Co., /issued the following statement on Nov.
had been informed of Mr. Van Sweringen's
Morgan &
23
Cleve¬
Thomas W. Lamont, partner of J. P.
Nov. 25.
on
death:
anniversary of the American patent system was
Washington on Nov. 23 when 1,000 scientists
met to honor the Nation's inventors.
drinks
land
colleagues
to
The death of Oris P.
Interstate
Commerce
stated:
Van Sweringen complicated plans of the Senate
Commission
Committee
to
start
hearings
in its
Financial
143
Volume
the Van Sweringen interests,
Ohio, Missouri
investigation of the financial organization of
included such
which
railroad lines
the Chesapeake &
as
Erie, and "Wheeling &
Pacific, Nickel Plate, Pere Marquette,
Sweringen's death was uncer¬
of the Senate
1, but as a result of-Mr. Van
hearings Dec.
tain when they
Lake Erie.
begin
Mont.) said he-had intended to
(Democrat,
Wheeler
Chairman
tors for the three-year
announced
H.
to
fiscal organization.
O.
Col. In Marine
Lieut.
Commissioned
Reserve—Will Act As
President,
of
Son
Corps
made
was
Nov. 25 by Secretary
on
Marine
Corps Aide during the present trip, and
Secretary Swanson's announcement said:
"Mr. James Roosevelt
in as a Lieutenant
was sworn
States Marine Corps Reserve on
perhaps
Colonel in the United
Lieutenant Colonel
S. Indianapolis, where he is receiv¬
induction
procedure.
commission.
|*"At the present time, we are endeavoring to increase the United States
Marine Corps Reserve, and I am sure that Lieutenant Colonel Roosevelt
will make an excellent officer and be zealous in the discharge of his duties.
Like his father he has always been interested in the Navy and the Marine
Corps. I was very glad to appoint him and I wish the Marine Corps had
Lieutenant Colonel Roosevelt's
into the Marine Corps Reserve was in
He fulfilled all the professional
many more
accordance with standard
and physical requirements for a
like him."
Englewood Club—Memorial
Dwight W. Morrow
Lamont Honored by
Made
Also
Citation
Late
to
At a dinner given in his honor on Nov. 25 by the Englewood
Club, at the clubhouse in Englewood, N. J., Thomas W.
Lamont, partner of J. P. Morgan & Co., New York, re¬
ceived a testimonial scroll citing him for "distinguished
service."
He was cited for "liberality, philanthropy" and
and also "influence and ability" in
affairs.
The Englewood Club also made a posthumous award to
the late Dwight W. Morrow, who was a member of the club,
Tor "high character and devoted service to our country and
-community."
•"resourcefulness,"
-domestic and foreign
On Nov.
Board
18 Mr. Lamont was
of
Trustees
of
director;
First
combined
Funk,
capital
and1 surplus of
President La Crosse Rubber Mills Co., La
class B
of
$60,000).
Cummings Elected Director of Chicago
Reserve Bank—M. W. Babb Retained
Announcement
"was
made
on
Nov.
of
re-elected Chairman of the
Foundation for the
the
made at the White House on
Nov. 20
Roosevelt of Joseph E.
by President
appointment
Washington attorney, as American Ambassador to
Mr. Davies succeeds William C. Bullitt, who was
Russia.
recently appointed Ambassador to France. President Roose¬
velt signed the appointment before he left Washington for
the Pan-American peace conference in Buenos Aires, but
.announcement was withheld until approval of the appoint¬
ment
it
received from Moscow,
was
Davies
Mr.
to
1918,
and
ex-officio member of President Wilson's War Indus¬
was
President Wilson's adviser at the Versailles
an
He
also
Conference.
He
Board.
Peace
Federal Trade Commission from 1913
Chairman of the
was
was
stated in United
was
Nov. 30, which added:
Press advices from Washington on
tries
is considered
an
expert
international
in
economic
affairs.
Davies
Mr.
was
a
staunch supporter of President
Roosevelt in the recent
of his public life has been tied in with
Democratic policies.
His 1936 campaign contributions totaled $17,500.
In years past Mr. Davies served! in many important capacities in Demo¬
cratic campaigns, and was a member of the Advisory Committee of the
Democratic National Committee in the recent presidential campaign.
Mr. Davies was born in Watertown, Wis., in 1876.
He ran for Senator
ficm Wisconsin in 1918 and was defeated by a small majority.
and
campaign,
political
much
.
Davies
Mr.
took
the
Bank
,
Chicago, and the reelection of Max W. Babb, President of
Chalmers Manufacturing Co., Milwaukee, Wis., as
directors of the Reserve Bank.
class
Mr. Cummings was elected
A
director, succeeding James R. Leavell, President
of the Continental Illinois institution, while Mr. Babb was
a
reelected
class B
a
class B director.
post by
Mr. Babb was opposed for the
George W. Purdy, a farmer of
Gagetown,)
Mich.
Winter
Meeting of American Society of Agricultural
Engineers to Be Held Next Week in Chicago
Means of farm improvement are
slated for discussion at
meeting of the American Society of Agricultural
Engineers at Chicago, Nov. 30 to Dec. 4, the week of the
International Livestock, Hay and Grain Exposition, accord¬
ing to the Society's completed meeting program announced
Nov. 17. Some of the information to be brought out in the
meeting will be the kind that farmers can apply in their
current operations and improvement programs.
Other in¬
formation developing in the program will be of the technical
variety used by agricultural engineers in the research and
development work which precedes and creates new methods
and equipment for practical farm application.
The
Farm
Structures
Division and
the
Power
and Ma¬
chinery Division will hold simultaneous sessions beginning
the afternoon of Nov. 30, and continuing through Dec. 1
and 2.
Sessions of the Rural Electric
and of the Soil and
Water Conservation Division will occupy
Economic Forum in New York
Davies,
E. Wood,
R.
Dec. 3 and 4.
Society for Stability in Money and Banking to Hold
Appointed American Ambassador to Russia
—Washington Lawyer Has Moscow's Approval—
Oath Administered in Washington
of
by
Chicago, of the election of Walter J. Cummings, Chairman
the Continental Illinois National
Bank & Trust Co.,
J, E. Davies
was
17
Federal
Deputy Chairman of the Board of the Federal Reserve
of
N. D.,
(those
Carnegie
the
Advancement of Teaching.
Announcement
Churchs Ferry,
National Bank,
elected by member banks in Group 3
the winter
»
T. W.
1937, it was
the Aliis
Friday, November 13.
Roosevelt is now embarked in the U. S.
ing active duty training at sea.
J.
of the
Navy, Claude A. Swanson, that James Roosevelt, son of the
President,, was commissioned on Nov. 13 a Lieutenant
Colonel in the Marine Corps Reserve. He accompanies his
father on his South American trip, to whom he will act as
later.
P.
as
excess
W.
Aide to His Father
Announcement
in
President
A
term beginning Jan. 1,
Geery, Chairman of the Board:
$60,000 and less).
Ckosse, Wis.,
director; elected by members banks in Group 2 (those
having combined capital and surplus of not more than $300,000 but
serve
banks
Roosevelt,
James
class
having
Albert
to
by W. B.
Hansen,
as
serve
banks
They were scheduled as a part
would start.
committee's general investigation of railroad
3407
Chronicle
oath
of
office
at
Washington on
on
Dec. 18 and 19—
Steagall,
H.
Parker
Edmund Piatt Among Speakers
Representative
Willis
and
Congressman Henry B. Steagall, Representative from
Alabama, and Chairman of the House Committee on Bank¬
ing and Currency, will be one of the principal speakers at
the Economic Forum to be conducted in New York City
by the Society for Stability in Money and Banking, New
York, Dec. 18-19, it was announced Nov. 27 by Dr. Joseph
E. Goodbar, President of the Society.
The forum hopes
to develop from the present mass of divergent opinion on
banking and money, a comprehensive program of reform,
which can be submitted to the next session of Congress.
In
view of current inflationary trends, the conference is ex->
pec ted to attract a large attendance.
Congressman Steagall's subject will be "Stability Through Coordination of
Government Policies and Banking Practices," and he is
scheduled to speak at the dinner session on Dec. 18.
The general subject for the Friday dinner session is "The Stabilizing Problem from Various Aspects."
In addition to
Congressman Steagall, the speakers at the dinner will be
Edmund Piatt of New York, Vice-President of the Marine
Midland Group, Inc., and former Vice-Governor of the
Board of Governors of the Federal Reserve System, and
Roy L. Garis, Professor of Economics at Vanderbilt Uni¬
versity.
The forum will open at a luncheon session on
Dec. 18, the speakers at which will include Reid L. McClung,
held
dean, College of Commerce, University of Southern Cali¬
of R. Walton Moore, Acting Secretary of
State, included Daniel E. Roper, Secretary of Commerce;
Senator and Mrs. Millard Tydings of Maryland; Senator Pat
Harrison of Mississippi; Jesse H. Jones, Chairman of the
Reconstruction Finance Corporation; Stephen T. Early, Sec¬
fornia; Thomas C. Boushall, President, Morris Plan Bank
of Richmond, Va., and Dr. George W. Coleman, Former
President of Babson Institute.
Nov. 23.
the
in
present at, the ceremony, which was
Those
presence
retary to President Roosevelt, and Donald Richberg.
Mr. Bullitt's transfer from the Ambassadorship at
to tbat at Paris was
cow
Mos¬
referred to in our issues of Sept. 19,
1810, and Aug. 29, page 1337.
page
Directors Elected
by Federal Reserve Banks of St. Louis
and Minneapolis
Federal Reserve banks of
The
St. Louis and Minneapolis
announced this week the election of
Paul
Dillard,
Deputy
tion, made known as
Class A and B directors.
Chairman of the St. Louis institu¬
follows the results of the election of
The morning session of Dec. 19 will present Theodore J.>
Grayson, Professor of Finance at the Wharton School of
Finance, University of Pennsylvania.
He will be followed
by H. Parker Willis, Professor of Banking at Columbia
University.
Professor Willis will discuss "Mitigation of
Inflation in Relation to Banking Prosperity."
At the
luncheon session on Dec. 19 Dr. Goodbar, President of the
Society for Stability in Money and Banking, will talk.
It is
expected that other speakers will be included in the pro-,
gram, and it its hoped that the United States Treasury will
be represented.
D.
P.
that Bank, which ended on Nov. 17:
Max
Ky.,
B.
was
Nahm,
Reserve
Harris-Polk Hat
as
class
a
Jan.
1,
In
also
Citizens
Vice-Presidents—New Members
National
reelected by member banks in Group 2
Federal
the
Vice-President
B
Bank
of
Co., St. Louis,
director.
Each
St.
Louis,
was
was
and
as
James
Bank,
a
Bowling
Green,
class A director of
W.
Harris,
President
reelected by member banks in Group 1
chosen to serve for three years from
1937.
on
of the Minneapolis Reserve Bank, which
Nov.
17, the following were elected as direc¬
Economic Club of
Named
of
Executive
Com¬
mittee
Paul D. Cravath, of Cravath de
has
been elected
Gersdorf, Swaine & Wood,
President of the Economic Club of New
organization with its headquarters at Town Hall,
City, holding four meetings a year for the dis¬
cussion of economic, social and industrial problems.
Mr.
Cravath will serve for a two-year term.
Announcement was*
York,
an
in New York
the election
ended
Cravath Elected President of
New York—Leon Fraser and David Sarnoff
3408
Financial
also made
Chronicle
1936
Nov. 28,
Nov. 23 by Robert Erskine Ely, the Club's
Executive Director of the election of two Vice-Presidents to
local governments to tax real property.
Mr. Richardson is
Chairman of the association's municipal securities committee.
Cravath, viz.: Leon Fraser, ViceBank, former President of the
Bank for International Settlements; and David Sarnoff,
President of Radio Corporation of America.
New members
for 1936-37 serving on the Executive Committee, include:
Besides the item in our Nov. 7 issue, other references to the
coming convention appeared in these columns Oct. 17, page
2462 and Nov. 14, page 3084.
along with Mr.
serve
President
Louis
B.
E.
on
K.
of First National
Comstock,
President Merchants
Association
of
New
York;
Loomis, President Lehigh Valley Railroad Co.; Charles F. Noyes,
President of Charles F. Noyes Co.; Arthur Hays Sulzberger, President New
York
"Times"; Arthur D. Whiteside,
Wendell L. Willkie,
President Dun &
Bradstreet; and
ITEMS
I ABOUT
TRUST
BANKS
&c.
COMPANIES
Arrangements were made Nov. 25 for the transfer of a
New York Stock Exchange membership at $95,000.
The
previous transaction was at $102,000, on Nov. 20.
President Commonwealth & Southern Corp.
*
These executive officers who
serve
a
three-year term, in¬
A New York Curb Exchange
clude the following members:
decline of
a
Floyd L. Carlisle, Chairman, Board of Trustees, Consolidated Edison
Co.; H. P. Davison of J. P. Morgan Co.; W. Averell Harriman, Brown
Brothers, Harriman & Co.; George E. Naumburg; E. O. Sams, President
J. C. Penney Co.; James P. Warburg; Allen Wardell of Davis, Polk, Wardell,
Gardiner &
Reed;
Thomas J.
Watson,
According to Charles S. Lecky, Secretary of the Economic
Club which celebrates its 30th anniversary this year, it is
the object of the Club to aid in the creation and
expression
of an enlightened public opinion on the economic and social
questions of the day. Four regular meetings are held every
year, each consisting of a dinner at the Hotel Astor, followed
by the discussion of some public question or economic subject
by authoritative speakers. George V. Denny Jr., serves the
organization
as
Treasurer.
The
price equaled the low for
the
year
to date,
established May 14.
4
President, International Business
Machines Co. and F. E. Williamson, President New York Central RR. Co.
9.
Nov.
"seat" sold Nov. 24 at $26,000,
$6,000 from the previous transaction, recorded
G. Howard Wilson, one of
York Cotton
New
to
the best-known members of the
Exchange, sold his membership Nov. 24
The price paid was
sale.
Philip G. McFadden, for another.
$11,500, off $400 from the last previous
«
A regular
was
membership on the New York Produce Exchange
sold Nov. 24 at $600, unchanged from the previous sale.
A
membership in the Chicago Stock Exchange was sold
♦
19 at $3,500, down $100 from the last previous trans¬
Nov.
action.
♦
Corporate Tax and Financial Problems
at
to Be Discussed
American Management Association Convention
in New
of
The sale
a
seat on the Montreal
Stock Exchange was
21 at $45,000, up $5,000 from
arranged Nov.
the previous
sale.
York, Dec. 2-3
*
Tax and financial
problems of American corporations, in¬
cluding such topics as the Revenue Act of 1936, the "Unjust
Enrichment" tax, the Social Security Act and other legisla¬
tion affecting corporate set-ups will be discussed on Dec.
2-3 at a two-day conference to be held
by the American
Management Association, New York City, at The WaldorfAstoria. Fiscal officers of industrial organization and
banks,
together with tax authorities and certified public accountants,
are included on the
program which was announced on Nov. 19
by Alvin E Dodd, President of the American Management
.
Association.
The meeting has been planned in such a
way, Mr. Dodd
said, that specific questions may be put to the chairman and
speakers; sessions have been arranged for this purpose.
These "clinic" sessions will provide
opportunity for intimate
discussion of particular corporate problems in connection
with tax returns, tax accountant policies, and other
problems
arising from recent legislation.
At
regular meeting of the directors of The National City
Bank of New York on Nov. 24 Geoffrey C. May, formerly
an
Assistant Cashier was appointed an Assistant Vicea
President.
*
the Corn
The directors of
Exchange Bank Trust Co.,
of
New
York, authorized on Nov. 25 the payment of half a
month's salary to all employees and officers except those
who
directors, as extra compensation for the year 1936.
are
The
payment, the first to be made by the bank in four
years, will be made on Dec. 15.
The bank also announced
on
Nov. 25 that Ralph Peters Jr. was elected First Vice-
B. McGowan and
Vice-Presidents, and
President; Charles D. Wheelock, George
Edwin
James
McManus
S.
M.
Corbett
appointed
were
Mclnerny, Harold H. Boswell and
appointed Assistant Secretaries.
R.
Le Roy
were
•
The New York State
Banking Department
on
Nov. 16 gave
authority to the Bank of London and South America, Ltd.,
Annual Convention of Investment Bankers' Association
of America To BE Held Next
Week, Dec. 2-6, at
Augusta, Ga.—Occasion
Marks
to
change the location of its New York
67
Wall
25thIAnniversary
The main
year's annual convention of the Investment Bankers'
Association at Augusta, Ga., on Dec. 2-6, marks the 25th
anniversary of the association, and a program worthy of the
occasion has been arranged.
Various items incident to the
principle features of the convention proceedings have pre¬
viously appeared in these columns, and, as'stated in our
Nov. 7 issue, page 2941, the guest speakers will include Dr.
Karl T. Compton, President of the Massachusetts Institute
of
Technology; C. A. Dykstra, City Manager of Cincinnati;
Lionel D. Edie, of Edie-Davidson, Inc.,
consulting economist
of New York; D. Leon Harp, Texas Securities Commissioner
from
agency
♦
of Association
This
City
Street.
Street to 55 Cedar
office
of
the
Sterling National Bank
taken additional space on the
and
keeping
stenographic
The
special
records.
provide
more space
ties
housed
major
on
& Trust
Street, in New York City, has
at Broadway and 39th
Co.,
mezzanine floor for its book¬
files
and
departments
will
credit
departments,
removal
of
these
for the teller's division and other facili¬
the main banking floor.
expansion of
this
office within
This is the second
year, ad¬
the last
ditional space having been taken some months ago to enlarge
the
offices
executive
and
provide
new
quarters
for
the
of
the
directors.
«—.
and President of the National Association of Securities Com¬
Arthur
W.
Loasby,
missioners; James M. Landis, Chairman of the Securities
and Exchange Commission; and James D. Ross, member of
in
and
director
the Equitable Trust
the SEC.
Vice-President
Mr. Wood will open the general sessions
convention with his presidential address on Dec. 4.
At the various forums the discussions will bear
on
of the
National Distillers Products
Co., of New York City, died on Nov. 24
private hospital in Cromwell, Conn.
Mr. Loasby, who
a
60 years old,
was
munici¬
Trust
First
Rochester,
government to the electric power industry; railroads, in¬
cluding consideration of the modernization programs and
their results in operating
efficiency and economies; invest¬
ment problems
of today, particularly those inherent in
present low interest rates.
L. A. Downs, President of the
Illinois Central RR., will be the
principal speaker at the
forum on railroads, it was announced on Nov. 22
by Fairman
R. Dick, partner of Dick &
Merle-Smith, New York, and
for
of
the
Railroad
Securities
Committee
of
the
association.
Francis E.
Inc., Boston, and chairman of the Public Service Securities
Committee of the association, will
preside at the public
utility forum which will be held Dec. 5. Charles W. Kellogg,
President of the Edison Electric Institute and Chairman of
the Board of Engineers Public Service
Co., will be
those who will address the forum.
Investment bankers who specialize in
have one major problem in mind when
one
of
municipal bonds will
they meet at the con¬
vention, according to D. T. Richardson, Vice President Jof
Kelly, Richardson & Co., Inc., Chicago; that problem, he
said, is how to gain a public appreciation of the whole effect
of measures being proposed to limit the
power of States and
also Chairman of the Board of the
was
Deposit
N. Y.,
time
as a telephone clerk on the floor of the New York
Exchange.
Following the removal of his family to
Syracuse, N. Y., in 1893, he was employed for two years
by the New York Central RR., and then began his banking
a
Stock
career
with the First National Bank of Syracuse, where he
served
successively
ager,
as
Loan Teller, Bond Department Man¬
In 1910 he was elected a Vice-
and Assistant Cashier.
President of the
called to
of
Frothingham, Vice President of Coffin & Burr,
&
CO., of Syracuse, N. Y.
Born in
Sept. 29, 1876, he was educated in the
public schools of New York City, including the College of
the City of New York.
After leaving the latter he worked
pal finance, with special consideration of tax limitations;
securities regulation, both Federal and
State; public utilities,
a discussion of
the principles involved in the relations of
Chairman
Corp. and former President of
institution, and three
the presidency
Syracuse.
of
He remained
1919, when he negotiated
National
and the
Trust
a
&
years later he was
the First Trust & Deposit Co.
as
head of that institution until
consolidation between the First
Deposit Co., becoming President
of the consolidated organization known as the First Trust &
Deposit Co.
of
In 1920 he resigned to become Vice-President
the
Equitable Trust Co. of New York, and three years
was made President, which
position he held until
September, 1929, at which time the Seaboard National Bank
was merged with the
Equitable Trust Cb. of N. Y., and he
later he
was
made Chairman of the Board.
from
the
Chairman
Equitable Trust.
In
In May, 1930, he resigned
June,
1932, he
of the Board of the First Trust &
was
made
Deposit Co. of
Syracuse, N. Y., which position he held at the time of his
death.
He
became
a
Vice-President of National Distillers
ships in many
director
was a
This
City, announced
T. Hardaloupas as
President.
formerly Vice-Presi¬
dent and Treasurer, succeeds John Platsropoulos, resigned.
M. T. Courdjis, Secretary, was elected Vice-President and
Secretary; A. Georgiades, Assistant Secretary, was elected
Vice-President and Treasurer, and Edmond Kavounas was
Bank & Trust Co., New York
The Hellenic
Assistant
named
will
Nov. 20 by Henry H.
on
Pierce,
Massachusetts, that petitions
dividends totaling ap¬
of the closed CharlesBoston and the Western Massachusetts
of Springfield.
The dividends will be
We quote further, as follows, from the
Co. of
Trust
Trust Co.
&
Bank
available Dec. 21.
Boston
"Transcript" of Nov. 20:
is
This
of
dividend
second
the
by these de¬
received
amount
same
Co.
approximately $143,000.
dividend of about 25%, amounting to
a
the
department of the Charlestown Trust
the commercial
Depositors in
will receive
Depositors in the savings department have been paid in full.
the Western Massachusetts Bank & Trust Co., a dividend of $139,000
positors.
In
be
to
is
received
paid
the
to
dividend
a
depositors.
3,000
already
depositors
These
have
46% of their original deposits.
of
1
In the New Haven "Register" of Nov.
14 it was stated that
approximately 5,400 depositors of the closed Citizens Bank
& Trust Co. of New Haven, Conn., would receive dividends
We
savings and commercial accounts beginning Nov. 17.
on
quote the
Under
receive
of
.
.
5%, while 10% will be paid to savings
.
dividend
Payment
depositors will make
a
the additional 5% to the
45% paid to these accounts,
of
total of
1/3% to the savings department.
.
.
it possible for
give additional dividends.
Banking Department to
•
4
receive
to
are
County Trust Co. of West Chester, Pa.,
George K. McFarland, liquidat¬
distribution
be
will
made
Dec.
before
15,
McFarland
Mr.
said.
Only clerical work remains to be done before checks are mailed out.
The distribution
include
will
14% of the
18% of the trust fund pools,
♦—
The Board of Directors of the Tradesmen's National Bank
Co.
Trust
Philadelphia, Pa., has declared an extra
15 to stockholders of
of
dividend of $2 per share, payable Dec.
record at the close of business Dec. 8.
B.
Hood
been
has
advanced from
Connelsville dispatch,
a
Cashier
Vice-
to
printed in "Money
effective Dec.
district.]
1.
The vacancy in the Cashier's
Pore, Assistant National Bank Examiner in
office will be filled by Harold
this
'
•
-
*
Payment
dividend
begun
was
the
to
on
Nov. 18 of another
5% liquidating
and creditors of the Fletcher
Bank of Indianapolis, Ind.
The present
depositors
American National
5% distribution this year, and
amounts, it is understood, to $280,000.
The Indianapolis
"News" of Nov. 18, from which this information is taken,
payment
is
fourth
the
continued, in part:
At
the
erally,
time
in
American
Under
a
1933,
February,
Bank
National
liquidating trustees
trustees
repaid
Corporation.
withdrawals from banks
gen¬
5% was paid to depositors of the Fletcher
Indianapolis, and in August, 1933, 50% of the
a
were
precluded from making further payments for
dating from August 23, 1933.
During this period
loan of $1,200,000 to the Reconstruction Finance
...
This fourth
dividend
will
cover
certificates of beneficial interest
The
on
was
period of two years,
the
of
placed
paid.
reorganization plan of the Fletcher American National Bank
the
coupon
No.
4, which is attached to the
issued by the liquidating trustees.
.
.
.
liquidating trustees, Otto J. Feucht, John P. Collett and William N.
Fleming Jr., announced that subsequent dividends will be paid as sufficient
funds are collected from the assets remaining in their possession.
4
In noting a
Home
The
Home
brings
the
Kalamazoo, Mich.,
the "Michigan
said:
the statement as at
10%
or
Home Savings
$58,000.
the dividends paid from the segregated assets
amount
Frank A. Rolph is President,
General Manager.
remain the same as last year.
and A. E. Phipps,
4
of
statement
annual
Canada) covering the fiscal year ended
Oct. 31, 1936, shows total assets of $805,081,998, up from
$792,772,872 (a gain of more than $12,000,000 over last
year), of which quickly available resources total $606,472,587, or 83.27% of all liabilities to the public.
This un¬
usually high percentage of liquid assets, the report tells us,
is probably due to the, lessened demand for current accom¬
modation and the necessity of placing a greater amount in
increased
As a result, the total hold¬
and other bonds and debentures have
$442,781,097 from $361,769,848.
At the same
to
time, increases are reported in call loans both at home and
abroad.
The latter stand at $25,400,166 as compared with
total $8,169,988, a
A further indication of the strength
liquid assets is afforded by cash holdings and deposits
in the Bank of Canada of $79,242,079; notes of and checks
on other banks, $29,222,231, and deposits with other banks,
$20,264,801, bringing the available cash holdings well above
$125,000,000.
Further details regarding the bank's Showing
gain from $4,435,736.
of
follow:
general business throughout the country, particularly in the latter
the year, has reported substantial increases, it is evident that
While
months
of
take
to
resources
are availing themselves of their liquid
of any new business secured.
As a result, current
care
declined
have
companies
larger
the
of
many
and are
reported at
$174,141,011, down from
This situation probably also indicates
loans have been liquidated.
461,311.
former
afforded by
healthy sign is
Another
$234,-
the readiness with which
the manner
in which
the bank'B
continue to reach new high levels.
Deposits payable on demand
$691,312,054, up from $676,944,866.
deposits
and
after notice now amount to
depositors is the position reported, with total
meet payment of liabilities to the public of
$728,315,850, leaving a margin of assets over liabilities of $76,766,147.
Reflecting the improvement in conditions, profits showed a tendency
to gain
as compared with the previous year.
The total profits for the
year,
after making appropriations to contingent reserve fund, out of
which fund provision for badi and doubtful debts had been made,
were
$3,181,501 as compared with $3,005,212.
The profits were equal to 4.18%
on
the capital, surplus and undivided profits.
From the total profit there
was
appropriated for dividends $2,880,000 and $200,000 was written off
bank premises, leaving the amount to be carried forward for the year of
$101,501.
When this amount was added to the balance brought forward
at the end of the previous year, it brought the total balance at credit of
Of
interest
special
assets
of
to
$805,081,998
to
From
amount
this
there
was
transferred
to
rest
account
$1,000,000,
against the capital of $36,000,000)
and .loss to be carried forward at
bringing the rest up to $39,000,000 (as
The amount
and
and to 75%
$1,036,534.
balance
of
profit
Carimichael
of
Messrs.
leaving
the
♦
L.
liquidating trustees of the First National Bank
of Monroe, Mich., were to pay 25% of the impounded bal¬
(head
of Montreal
the Bank
Montreal,
office
paid from the assets impounded.
That t;he
$150,547,261, as
profit and loss up to $2,036,534.
This is the second distribution for the
segregated assets and represents
to 25%
the total
21
Savings Bank of Kalamazoo heads a list of banks paying off
impounded deposits.
from
Bank of
Nov.
of
payment of impounded deposits by the
10%
Savings
Investor"
shown in
are
compared with $142,405,878 a year ago, while total deposits
are given at $124,616,919, or almost $10,000,000 in excess of
deposits at the close of the preceding year, when they stood
at $114,674,601.
The paid-up capital of the institution and
its reserve fund, at $7,000,000 and $8,000,000, respectively,
loans
restrictions
the
of
remaining balance
the
because it is the
the year, and the
figures usually denote the general trend in bank earnings.
Net earnings for the year—after providing for Dominion and
Provincial taxes ($285,974); contributing to staff pension and
guarantee funds ($82,500) and making appropriations to
contingent accounts, out of which accounts full provision for
bad and doubtful debts has been made—amounted to
$962,813, and, when added to $607,242, the balance to
credit and profit and loss brought forward from the preceding
fiscal year, made $1,570,055 available for distribution. This
amount was allocated as follows: $700,000 to pay dividends
at the rate of 10% per annum and $250,000 written off bank
premises account, leaving a balance of $620,055 to be carried
forward to the current year's profit and loss account. Total
$18,835,238, while call loans in Canada
& Commerce" of Nov. 21, which went on to say:
The change becomes
The Imperial Bank's
always awaited with interest
first (Canadian) bank to make a report for
statement is
ings of government
President of the Second National Bank of Connelsville, Pa.,
it is learned from
of the Imperial Bank of
the fiscal year ended
Canada (head office Toronto) covering
Oct. 31 makes a satisfactory showing.
high-grade government bonds.
*
A.
♦
The sixtv-second annual report
The
attorney-in-fact pool, and 13% of the first mortgage certificate pool.
&
checks.
their
Philadelphia "Record," further said:
the
of
Advices from West Chester, on Nov. 17, printed
ing trustee.
The
$900,000, according to a
payments totaling
statement issued Nov. 17 by
in
various mortgage pools of
certificates in the
of
Holders
the closed Chester
in the form
$58,000
depositors
3,300
assets
.
estate and other assets made
certain real
Liquidation of
the
depositors of the commercial division will
the order
17).
(Nov.
commercial
73
terms of
additional
an
depositors
and
in part:
paper,
the
following
of a 7% dividend will be distributed
the United States National Bank here starting
(Nov. 17), Liquidator Roy Sugg announced today.
Tins will be the third payment since the United States National Bank of
Portland bought the assets
of the bank in 1933.
Tomorrow's dividend
brings the total refunded to depositors up to 85.66%, or a total cash
payment of about $725,000.
Depositors of the defunct bank must call at Mr. Sugg's office in the
Central Building and show their certificates of deposit in order to receive
than
More
proximately $282,000 to depositors
town
Portland "Oregonian" had the
to the
16
defunct United States Na¬
Wash., advices from that place
say:
to
of additional
payment
impounded
tomorrow
State Bank Commissioner for
authorizing
eventually all of the funds
the affairs of the
Bank of Vancouver,
Nov.
on
to
♦
made
was
76% of the
repaid to depositors.
Regarding
of the Executive Committee.
Announcement
expressed belief that
trustees
be
tional
announced the
director and a member
election of George W. Giddings as a
to
♦
The bank also
Secretary.
total payments
brings
and
dividend
third
a
trust certificates on
Nov. 16, printed
originally impounded.
The
the election of Evangelos
Mr. Hardaloupas, who was
21
Nov.
is
outstanding
Monroe advices on
"Blade," which went on to say:
Toledo
the
in
funds
on
on
Nov. 18 is learned from
/.
♦
$125,000,
or
ance,
Besides holding director¬
industrial companies at his death, Mr. Loasby
of the Chemical Bank & Trust Co., New York.
20, 1934.
Products Corp. on June
3409
Chronicle
Financial
143
Volume
T.
Walter
joined the Board of Directors of the
Ltd.
(head
office
London).
Diyican &
Co.
has
National Bank of India,
3410
Financial
Chronicle
The
Nov.
1936
28,
SS.^Mooltan, whichIsailedlfrom^Bombay on"Nov.'J7, carrieslgold
to^ the value of about £743,000.
Bankers, manufacturers, merchants and
others
The Transvaal gold output for
.
ounces
interested in trade abroad will find it advanta¬
geous to use our
compared
as
931,724 fine
October 1936 amounted|to 977,425 fine
967,328 fine
with
ounces
for
1936
September
and
for October 1935.
ounces
SILVER
world-wide banking facilities.
Active conditions developed during the past week, a wave of speculative
buying carrying prices rapidly upward from 20 %d.
MANUFACTURERS TRUST COMPANY
liveries
FOREIGN DEPARTMENT:
PRINCIPAL
OFFICE
AND
55
BROAD
STREET, NEW YORK
week
a
yesterday's
to
ago
quotation
quoted for both de¬
22 15-16d.
of
reached after two successive rises of 1 1-16d. and is
This
the highest
was
touched
since last December.
Member Federal Reserve System
Member New York Clearing House
Member Federal
The feeling of optimism with regard to the outlook for commodities which
Association
followed the reelection of President Roosevelt, pervaded the silver market
Deposit Insurance Corporation
and
general speculative activity,
market, met with
accentuated
FOREIGN
Pursuant to the
Act of
RATES
EXCHANGE
now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
CERTIFIED
RATES
We
Following the rise
NOV. 21,
1936 TO NOV. 27.
OF
RESERVE
New York
Nov. 24
Nov. 25
S
we
in
have referred.
New York
20 last.
This possibility imparted
advanced
more con¬
still below London parity
was
China account and speculative resales were in
on
was
helped in
a
large
measure
by the paucity of
heavy appreciation in the price seen this week was too rapid and;
circumstances,
present
$
Nov. 26
Nov. 27
downward movements
following
$
considered
not
warranted;
registered from midday
.186800*
.186783*
.186942*
.186942*
.186900*
.169138
.169144
.169096
.169084
.012750*
.012750*
.012750*
.035379
.035375
.035381
.035382
.035382
Denmark, krone..
England, pound sterl'g4.891208
Wnlon/1
wiamLLA
.021550
Finland, markka
.218516
.218558
.218579
British
4.893625
.895416
.897166
4.896375
on
British South Africa
.218404
which
overstrained,
anticipated.
.
Nov. 2 to midday on Nov, 9:
.169086
.012750*
are
appear
the United Kingdom imports and exports of silver
were
.012875*
the reaction
yd. to 22 7-16d., was not, therefore,
the price fell
Even at today's figure the market would
and further
The
Czechosl-kia, koruna.
price
evidence at the advancing rates, but sellers continued to show a great deal
unexpected.
$
being
demand
and America has not bought in London during the week.
occurred today, when
Unit
Nov. 23
the
market,
fidence, although the price at the advance
The
$
poorly supplied
a
offerings.
1936, INCLUSIVE
Nov. 21
this
the former figure since May
in
Europe—
Austria, schilling
Belgium, belga
Bulgaria, lev
in
of hesitation and the rise
1930
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
on
nervous,
Nov. 9 from 45 cents to 47% cents after having remained unchanged at
on
Sales have been made
FEDERAL
BY
TO TREASURY UNDER TARIFF ACT
Bears became
cumulative, resulting in the rapid advance to which
record for the week just passed:
a
EXCHANGE
BANKS
moderate at first
response.
peared only to encourage further speculative enquiry and buying became
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is
ready
a
by forced bear covering purchases, but the rising prices ap¬
.218318
A01 CCA
AOl
C01
Exports
Imports
Irish Free State
.021553
.021556
.021562
Japan.
France, franc
.046570
.046532
.046558
.046574
.046565
Manchuria
Germany, relohsmark
Greece, drachma
Holland, guilder
Hungary, pengo..
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
Switzerland, franc
Yugoslavia, dinar
.402235
.402239
.402328
.402235
.402250
Belgium
Other countries
.021531
._
India
British
x£80,000
x3,792
x4,000
74,467
9,083
7,268
3,145
West Africa
Canada
Liberia..
Egypt
France
Denmark
.008937*
.008933
.008939*
.008954*
.008962*
.541078
.541471
.541864
.542200
.542450
Switzerland
.197750*
.197750*
.197750*
.197750*
.197750*
Other countries
.052603
.052600
.052607
.0526C8
.245681
.245787
.245925
.245983
.246004
.188300
.188200
.188200
.188200
.188200
.044433*
.044383*
.044441*
.044441*
.044408*
.007328*
.007271*
.007285*
.007300*
.089071*
.088285*
.088642*
.087785*
.252118
.252220
.252358
.252437
HOLI¬
.252412
.229892
.229883
.229844
.229864
DAY
.229794
.022983*
.023000*
.023000*
.023000*
.052604
£181,755
Quotations during the week:
.007285*
.086083*
IN
LONDON
IN
-Bar Silver per
Cash
.023000*
Asia—
£286,179
Coin at face value.
x
2 Mos.
5
20 5-16d,
Nov.
(yuan) dol'r
.295104
.295312
6
20 9-16d.
20 5-16d.
20 9-16d.
Nov.
4
5
.295645
.295312
.295479
NEW YORK
(Per Ounce .999 Fine)
Oz. Std.-
Nov.
Nov.
7
20 13-16d.
20 13-16d.
Nov.
6
9
China—
Chefoo
£217,283
40,465
13,300
x5,000
1,460
2,142
1,433
1,446
3,650
U. S. A
Hankow(yuan) dol'r
.295104
.295312
.295479
.295312
.295645
Nov.
Shanghai (yuan) dol
Tientsin (yuan) dol'r
.295104
.295312
.295479
.295312
.295645
Nov. 10
.295104
.295312
.295479
.295312
.295645
Nov. 11
22 7-16d.
.304308
.304141
.304208
.304175
.305208
Average
21.490d.
.369403
.369875
.369873
.369848
45 cents
21.490d.
.369313
45 cents
45 cents
22 7-16d.
Hongkong, dollar..
India, rupee..
Japan, yen
Singapore (S. S.) dol'r
Nov.
....
.285783
.285872
.286075
.286128
.286002
.573625
.573675
.574350
.573725
The
.573587
21 ysd.
21 yd.
Nov.
9
22 15-16d.
22 15-16d.
47^ cents
Nov. 10
47K cents
highest rate of exchange
from Nov. 5 to Nov. 11
was
on
New York recorded during the period
$4.89 and the lowest $4.87K«
Australasia—
Australia, pound
3.896875*3.901473*
New Zealand, pound- 3.926696*3.927187*
3.904017*
902864*3.904464*
928541*3.930892*
3.930446*
8outhiAfrica, pound._ 4.839553* 4.840468* 4.842500*4.844218*
4.842343*
Africa—
North
South
326016*
.086891*
""""""
1.002103
.999166
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.998828
.998883
.999062
.999218
upon
.326158*
indicate that for the week ended today
with
a
.326500*
.326360*
.326483*
.086776*
.086743*
.086793*
.058537
.058625
.058637
bank exchanges for all cities of the
.051700*
it
.051700*
.051700*
.051725*1
.571700*
.572600*
.573862*
.574175*
.800000*
.800000*
.800000*
.800000*
is
total
We
AND
SILVER
MARKETS
(Saturday, Nov. 28)
United States from which
stands
same
corresponding week last
at
week in 1935.
ended
Our preliminary
year.
$5,816,263,771, against $5,363,465,451
At this center there is
Friday of 6.7%.
a
for
gain for the
Our comparative
summary
for the week follows:
the following from the weekly circular of
Montaigu & Co. of London, written under date of
Clearings—Returns by Telegraph
Week Ending Nov. 28
Sov. 11, 1936:
GOLD
compared with the previous Wednesday.
In the open market about
dally fixing.
£2,450,000 of bar gold
again taken mainly for
movement
was
disposed of at the
Prices continued to be fixed at about dollar parity and ruled
higher, owing to the appreciation of the dollar in
were
the United
of gold to that country
has maintained
a
terms of
sterling.
States of America
Offer¬
and the
following the devaluation of the franc
steady flow, exports from England since that date amount¬
ing to about £21,600,000.
Quotations during the week:
5
9
Nov. 10
lis.
142s. 6^d.
6
7
Nov.
142s. 3d.
lis.
lis.
10.87d.
_142s.
Nov. 11
The following
were
the United
on
on
British
Malaya-
41,568
Germany
Guiana-
7,984
18,718
20,502
65,560
22,723
6,783
22,025
Other countries.
Iraq
Germany
Netherlands
Belgium
Switzerland
Other countries.
+ 13.6
158,000,000
57,327,718
57,500,000
99,999,000
77,265,566
79,896,658
50,887,799
41,973,948
31,676,000
+ 15.7
Boston
Kansas
City
£3.160,346
66,333,573
65,500,000
St. Louis
San Francisco
104,451,000
105,240,880
74,916,729
63,296,603
Pittsburgh
Detroit
Cleveland
Baltimore.New Orleans
44,564,172
40,456,000
...
cities, 5 days-.
$3,948,016,144
Other cities, 5 days...
648,870,332
+ 11.7
+ 15.7
+ 13.9
+4.5
+ 36.2
■—6.2
+ 24.4
+ 6.2
+ 27.7
$3,630,348,607
552,110,115
+ 8.8
+ 17.5
U. S. A
British
cities, 5 days.
$4,596,886,476
$5,816,263,771
Total all cities for week
$4,182,458,722
1,181,007,729
+ 9.9
1,219,377,295
$5,363,466,451
+ 8.4
+ 3.2
them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
£3 864,903
India
Prance
Switzerland
...
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish
Exports
British
India
,
Nov. 9.:
Islands
West Africa
British
+ 6.7
194,893,530
256,000,000
All cities, 1 day
lis. 11.12d.
lis. 11.05d.
£2,086,819
142,691
652,833
72,140
British
Channel
11.33d.
Kingdom imports and exports of gold
Nov. 2 to midday
Imports
British South Africa
$2,524,928,388
221,493,992
286,000,000
182,756,000
lis. 10.96d.
7y2d.
142s. 5^d.
142s. 6.42d.
Average
registered from midday
$2,693,007,194
10.96d.
lis.
Cera
Chicago
Total all
11.04d.
142s. 7^d.
—142s. 8^d.
Nov.
1935
Philadelphia
Twelve
Equivalent Value
of £ Sterling
Per Fine Ounce
Nov.
Per
1936
New York
The Bank of England gold reserve against notes amounted to
£248,660,346
on Nov. 4,
showing no change as
Nov.
based
reprint
Samuel
ings
us,
possible to obtain weekly returns will be 8.4% above
those for the
week
GOLD
compared
telegraphic advices from the chief cities of the country,
.087231*
the
-
Preliminary figures compiled by
year ago.
.058555
.800000*
ENGLISH
CLEARINGS
1.001754
Nominal rates* firm rates not available.
THE
BANK
001538
.571500*
Colombia, peso
Uruguay, peso
OF
Bank clearings this week will show an increase
1.001466
America—
Argentina, peso
Brazil (official) mUrels
(Free) milrels
Chile, peso
*
COURSE
America—
Canada, dollar
1.001466
Cuba, peso
.999166
Mexico, peso...
.277500
Newfoundland, dollar .998883
12,000
349,002
386,289
34,815
until
noon
today.
of the week in all
In
Accordingly, in the above the last day
cases
the elaborate
2,926
has to be estimated.
detailed statement,
however, which
we
present further below, we are able to give final and complete
results
for
the
week
For that week there
of
£4.649.935
clearings
for
previous—the week ended
was an
the
increase of
whole
country
Nov.
21.
26.4%, the aggregate
having
$7,275,498,528, against $5,756,260,451
in
amounted
the
same
to
week
Volume
in 1935.
the bank
Financial
143
Outside of this city there was an increase of 19.2%,
clearings at this center having recorded a, gain of
the cities according to the Federal Re¬
serve districts in which they are located,
and from this it
appears that in the New York Reserve District (including
this city) the totals register a gain of 30.8%, in the Boston
Reserve District of 12.5%, and in the Philadelphia Reserve
District of 18.9%.
The Cleveland Reserve District has to
its credit an expansion of 25.9%, the Richmond Reserve
District of 17.6%, and the Atlanta Reserve District of
31.3%.
In the Chicago Reserve District the totals record
an improvement of 19.5%, in the St. Louis Reserve District
of 29.1%, and in the Minneapolis Reserve District of 18.6%.
In the Kansas City Reserve District the increase is 24.9%,
in the Dallas Reserve District 27.9%, and in the San Fran¬
cisco Reserve District 9.8%.
We
31.7%.
In the
3411
Chronicle
group
following
we
furnish
a summary
by Federal Reserve
Week Ended Nov. 21
a,
earings at—
Inc. or
$
Seventh Feder al Reserve D istrlct — Chi
279,887
110,718,607
3,541,767
1,543,682
1,192,807
19,541,000
1,470,754
5,570,963
20,592,688
1,116,169
8,540,923
3,889,269
Mich—Ann Arbor
Detroit
Grand
Rapids.
Lansing
Wayne
Ind.—Ft.
Indianapolis
South Bend
Terre Haute.
__
Wis.—Milwaukee
Iowa—Ced. Rap.
Des Moines
Sioux City
Chicago
1,112,630
5,278,391
1,304,222
1,371,234
Decatur
Rockford
SUMMARY
OF
BANK CLEARINGS
Springfield
;
■
S
Reserve Dists.
Federal
12 cities
1st
Boston
2nd
New York. 12
"
3rd
Philadelphia 9
Cleveland.
6
"
6th
Richmond.
6
6th
Atlanta
10
7th
Chicago
18
8th
St. Louis
4,490,221,090
"
4th
"
"
"
"
4
S
448,517,430
323,936,987
,
148,262,896
S
%
+12.5
286,546,280
322,408,763
1934
Dec.
234,003,087
S
Mo.—St. Louis.
Ky.—Louisville.
3,433,089,873 +30.8
377,263,863 + 18.9
257,396,325 +25.9
126,039,586 + 17.6
2,718,882,623
3,069,779,000
300,660,274
204,109,422
249,887,071
103,634,766
87,520,407
168,829,682
183,739,272
139,987,310
+31.3
120,984,932
453,154,142 +19.5
139,358,019 +29.1
336,773,606
285,229,691
1/9,942,677
114,388,149
122,285,378
162,"730,955
130,242,695
+24.9
108,094,907
88,693,31/
79,976,612
62,507,834
+27.9
48,015,993
49,767,960
271,901,278
247,604,943
+9.8
197,975,996
now
add
5,756,260,451
+26.4
4,572,482,128
4,650,107,924
2,446,807,982
+ 19.2
1,948,435,144
1,655,949,260
537,698,132
437,578,223
our
85,600,000
29,736,375
+24.3
+28.0
23,627,644
+47.9
—18.6
335,776,580
309,554,106
Total (4 cities).
Ninth Federal
Minn.—Duluth..
Minneapolis—
N. D.—Fargo ...
S. D.—Aberdeen.
_
Helena
-
Tenth Federal
Clearings at-
Omaha
Inc. or
1936
+41.6
409,000
266,000
179,942,677
139,358,019
+29.1
114,388,149
96,514,617
2,688,502
52,838,175
18,204,735
1,451,571
459,782
Reserve Dis trict
4,492,634
77,892,296
32,498,330
2,380,561
824,240
926,097
3,271,220
122,285,378
1935
117,985
1934
Dec.
1933
Kan.—Topeka
.
3,259,919
625,162
Fall River
New Bedford.
+ 13.8
456,679
401,278
Colo.—Col.
1,912,199
+0.3
+ 13.6
1,232,757
190.314,530
Pueblo-.
250,105,657
768,123
303,514
748,205
3,155,507
1,617,096
206,812,716
112,201,745
4,184,864
819,374
595,493
646,297
312,440
551,577
683,994
Total (10 cities)
162,730,955
Reserve Dlst rict—Boston
Lowell
1,917,813
284,159,201
783,248
401,784
862,326
.
—
Minn eapolis
3,167,794
66,461,740
+41.8
+ 17.2
26,263,501
2,174,113
695,683
660,314
+23.7
3,646,436
—10.3
2,324,276
53,772,977
23,177,806
1,667,697
587,245
587,061
2,841,311
103,069,581
+ 18.6
84,958,373
77,962,207
1,543,442
22,546,625
1,223,965
1,508,979
58,488,899
2,617,837
381,947
336,766
Reserve Dis trict
Wichita
Portland
Springfield--
3,416,609
Worcester
2,133,139
549,148
+9.5
+ 18.5
+40.3
Mo—Kan. City.
_%
St. Joseph
+2.0
+32.4
+ 15.3
+8.3
+52.0
2,552,823
1,058,900
7,646,257
2,819,394
8,188,900
340,008
—
Kan?
as
City
431,900
374,581
286,546,280
Feder al Reserve D Istrict—New
—12.8
130,242,695
+24.9
108,094,907
88,693,317
734,105
36,845,818
6,062,090
2,129,000
640,623
38,204,196
6,118,797
2,863,000
8,666,755
12,302,779
1,133,625
1,112,528
36,800,000
41,000,000
615,023
667,484
566,506
774,872
4,358,980,598 3,309,452,469
7,118,021
8,253,783
+42.0
5,627,285
3,733,327
a2,7 58,671
a2,204,849
3,585,114
361,821
17,707,790
43,349,422
+23.9
+25.1
Blnghamton...
Buffalo
Elmira
Jamestown
New York
Rochester..,
Syracuse
Westchester Co
Conn.—Stamford
J.—Montclair
Newark
Northern N. J.
Total (12 cities)
Third
270,227
488,888
2,284,357
1,121,088
6,944,841
Eleventh Fede ral
Reserve
District—Da Has—
1,287,471
61,875,145
8,466,328
1,010,035
+27.5
48,418,933
7,668,027
+ 10.4
4,679,000
a938,801
3,668,668
2,797,000
a857,465
2,613,839
+67.3
+9.5
+40.4
79,976,612
62,507,834
+ 27.9
Texas—Austin.
Dallas
3,709,393
Ft. Worth
7,888,200
545,136
Wichita Falls..
322,408,763
4,408,292
438,345
21,612,398
36,042,786
4,490,221,090 3,433,089,873
234,003,087
Galveston
+ 27.8
9,507,214
723,894
4,370,555
26,700,000
397,744
386,039
,624,046,984
5,284,700
2,704,341
al,377,244
3,465,486
391,427
15,568,695
29,706,100
23,770,111
466,100
369,721
—1.9
+ 11.4
+8.5
+36.8
+31.7
+ 16.0
+23.0
+21.1
+22.1
—16.9
684,186
2,687,229
400,000
13,727,890
21,289,765
+30.8 2,718,882,623 3,069,779,000
1,941,344
48,015,993
49,767,960
.
Reading
Scranton
Wilkes-Barre..
York
N. J.—Trenton..
+35.7
246,632
Francisco-
San Jose
Santa Barbara
b
402,594
+37.3
915,884
436,000,000
366,000,000
1,270,184
2,220,740
997,538
1,189,848
3,747,400
+ 19
+24.1
+44.0
292,000,000
1.062,396
Total (11 cities)
cities)
*1,100,000
1,508,140
2,809,000
227,461
+26.8
2,041,710
942,047
974,144
—25.0
2,250,000
+ 10.3
251,050
760,061
Outside N. Y
889,434
2,052,951
1,098,719
866,636
2,732,000
448,517,430
377,263,863
+ 18.9
300,660,274
249,887,071
Feder al Reserve D istrlct—Clev elandb
68,938,211
96,113,395
12,433,200
2,351,191
Cincinnati
Cleveland
Columbus
Mansfield
Youngstown..
Pa.—Pittsburgh
b
b
b
51,609,489
79,732,864
+20.5
11,007,000
1,642,806
b
+33.6
+ 13.0
b
42,737.820
57,259,904
8,434,600
1,265,381
+43.1
b
b
b
34,505,062
52,469,328
7,252,100
903,606
b
144,100,990
113,404,166
+27.1
_
94,411,717
73,699,586
Total (5 cities).
323,936,987
257,396,325
+25.9
204,109,422
168,829,682
+42.7
2,905,070
2,366,549
117,847,419
1,878,850
1,138,688
1,580,207
+9.8
197,975,996
164,833,902
+ 26.4 4,572,482,128
4,650,107,924
+ 19.2 1,948,435,144
1,655,949,260
4,708,193
152,326,000
3,059,912
1,597,954
+40.3
+4.6
+9.2
—0.9
Reserve Dlst rlct—Rlchm ond-
Inc. or
1936
97,238
102,277
1,746,000
32,332,147
1935
Dec.
$
%
$
155,604,147
125,371,790
60,110,702
20,140,183
21,344,844
5,394,198
2,845,688
5,394,263
1,241,301
2,036,114
1,952,700
3,476,266
5,002,949
4,780,177
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
197,213.269
134,579,704
74,773,901
18,986,408
58,072,644
5,088,451
2,726,261
—19.6
+6.1
14,677,890
—63.2
4,874,215
4,259,866
2,494,211
3,632,233
6,716,544
1,612,292
1,343,509
—6.8
+6.0
+4.4
4,804,706
+ 12.3
8,238,653
2,588,079
1,807,892
3,929,130
4,767,031
4,780,911
—12.1
—21.3
+8.0
—11.5
Kingston..
668,960
574,794
Chatham
712,718
536,084
663,191
607,636
1,112,871
921,080
+20.8
437,578,223
537,698,132
—18.6
335,776,580
+4.9
—0.1
Total (6 cities).
148,262,896
126,039,686
Sixth Federal
Tenn.—Knoxviile
Reserve Dlst rict—Atlant
4,778,167
Nashville
19,873,130
Ga.—Atlanta
67,400,000
1,474,689
Augusta
*1,300,000
Macon
Fla.—J ack'nville.
18,187,000
Ala.—Birm'ham.
25,771,252
1,678,331
Mobile
Miss.—Jackson..
3,387,382
15,304,037
49,800,000
1,119,372
905,907
15,202,000
18,752,525
1,378,092
b
b
175,621
132,969
49,890,017
14,364,293
40,268,116
12,180,266
Brantford
645,356
598,645
+6.2
+2.5
+2.4
+9.8
+9.2
+29.9
+7.8
+ 17.6
103,634,766
87,520,407
Medicine Hat—
268,348
315,799
—15.0
Peterborough
D.C.—Washing'n
23,099,933
S.C.—Charleston
+8.4
+26.2
+23.4
+ 19.2
New Westminster
Md.—Baltimore
2,456,000
43,016,991
1,029,917
59,979,491
19,384,607
Richmond
689,897
651,784
Sherbrooke
688,106
630,921
1,228,174
3,388,788
436,928
878,646
1,180,911
2,795,754
373,374
843,198
+5.8
+9.1
+4.0
+41.1
+29.9
+35.3
+31.7
2,291,889
12,701,610
43,400,000
1,030,034
786,726
13,860,000
17,223,291
+ 43.5
+ 19.6
+ 37.4
+21.8
,
3,429,218
9,035,485
34,300,000
1,251,875
1.089,533
956,050
b
La.—N e w Orleans
43,101,082
34,005,026
cities)
183,739,272
139,987,310
+ 31.3
891,601
a—
+32.1
+26.7
Vicksburg
2,735,000
35,639,671
908,547
555,732
10,806,000
13,082,106
547,884
843,360
Saskatoon..
Moose Jaw
768,376
973,940
1,063,645
860,957
Fort William
Kitchener
Windsor
Prince Albert
—
1,866,329
401,318
Lethbrldge
Monet on
378,054
534,637
1,910,861
Brandon..1
.—
Sarnia
Sudbury
662,669
$
104,538,777
98,431,254
50,146,310
14,287,880
4,439,368
3,477,841
124,176,832
94,389,622
54,298,978
—21.1
2,530,486
4,164,280
4,135,208
326,582
522,397
1,604,792
557,883
795,240
755,077
459,810
257,707
537,438
527,374
1,064,636
1,827,662
313,729
688,314
521,029
561,453
547,304
601,987
London
1933
1934
$
Regina
172,580 + 11.62
+ 14.9
373,168
2,823,000
46,641,035
1,300,013
74,025,747
W.Va.—Hunt'ton
892,317
1,132,728
Week Ended Nov. 19
Edmonton
Va—Norfolk-
591,239
22,401,123
13,300,352
Clearings at—
Victoria
Fifth Federal
247,604,943
19,461,236
5,523,000
416,817
18,732,917
12,010,308
2,753,791
2,215,316
99,979,292
1,716,180
25,723,499
8,223,000
241,000,000
Montreal-
Ohio—Canton
271,901,278
SCO
(109
total
Canada—
Total (9cities).
28,032,597
14,375,720
3,804,902
3,355,943
145,885,914
2,802,521
1,612,256
2,073,825
19,127,228
4,417,120
+5.0
+22.9
+39.1
+ 19.4
+33.1
+ 16.1
b
1,058,934
.
Stockton
236,220
—16.8
—10.2
1,576,011
3,197,569
Philadelphia..
386,625
a480,774
902,870
Franci
7,275,498,528 5,756,260,451
Pasadena
Grand
34,978,395
9,980,000
2,916,517,930 2,446,807,982
Calif.—L. Beach.
San
36,717,114
12,265,000
1,256,113
33,466,642
2,960,002
Ore.—Portland..
361,505
Lancaster
Spokane
Yakima
Utah—S. L. City
1,453,926
Chester....
--
5,195,143
2,659.636
a 1,427,266
511,180
Bethlehem
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle
,994,158,664
a*400,000
Pa.—Altoona
Total (10
b
b
2,244,980
215,884,689
Federal Reserve Dlst rlct—Philad elphia
Fourth
b
York-
N. Y.—Albany
N.
+ 15.2
+ 12.0
+ 15.3
+ 12.5
Total (12 cities)
Second
—11.4
51,857
67,606
62,525
1,813,251
27,405,397
2,124,901
2,192,551
70,487,671
3,041,691
365,870
533,444
+63.4
+3.6
+29.6
+ 10.0
+6.2
+ 19.2
+30.9
+34.1
+64.2
Total (5 cities).
N.H.—Manches'r
New Haven...
427,169
1,892,273
72,204
120,233
2,395,210
32,522,940
2,388,795
2,733,984
85,705,569
3,121,712
499,096
682,952
La.—Shreveport.
R.I.—Providence
11,093,405
4,482,476
12,101,700
1,403,210
12,525,096
3,891,540
10,809,500
Conn. — Hartford
b
b
b
b
394,000
124,540
3,104,202
35,786,983
2,535,850
Hastings
Lincoln
Mass.—Boston..
59,400.000
18,642,490
18,206,127
b
Neb.—Fremont--
Me.—Bangor
69,400,000
23,987,166
20,591,983
detailed statement showing last week's
Week Ended Nov, 21
Federal
285,229,691
558,000
Quincy
Mont.—Billings
figures for each city separately for the four years:
First
+ 19.5
453,154,142
34,936,770
111.—JacksonviUe.
Total (7 cities)
We
-
St. Paul
7,275,498,528
32 cities
Canada.
164,833,902
2,916,517,930
109 olties
Total
336,773,606
515,986
2,448,018
4,699,099
940,973
983,370
106,400,000
38,047,90?
-
Tenn.—Memphis
77,962,20/
"
"
"
Outside N. Y. City
613,035
837,122
238,102
191,715,691
383,514
2,082,412
436,724
737,749
219,661,437
96,514,617
84,958,373
"
12th San Fran..11
b
b
475,672
290,004
292,886,626
665,547
95,205,381
541,575,190
Minneapolis 7
5
2,024,347
3,791,985
13,997,878
679,208
6,384,117
2,863,394
uis—
Eighth Federa 1 Reserve Dis trict—St. Lo
215,884,689
10th KansasCltylO
11th Dallas
11,991,000
1933
103,069,581 + 18.6
9th
541,575,190
Total (18 cities)
Jnc.or
1935
1936
Week End. Nov. 21, 1936
749,000
653,545
1,317,975
1,023,392
14,339,000
1,018,052
4,344,253
17,478,195
900,140
7,471,188
3,051,667
b
444,534
354,065,663
250,264
55,824,932
1,329,967
637,040
454,698
8,958,000
538,888
3,048,172
11,490,614
230,156
4,921,617
1,951.151
274,247
67,403,144
1,512,471
354,915
99,130,368
2,254,378
b
Waterloo
111.—Bloomington
Peoria
districts:
1933
1934
Dec.
1935
1936
+21.2
+ 17.0
+4.2
+ 16.4
+7.5
—11.8
2,123,445
3,512,994
5,359,645
1,460,039
1,351,346
2,129,048
3,427,702
3,313,172
272,724
359,325
1,466,164
515,582
698,611
538,241
366,352
228,942
501,743
474,146
919,180
2,176,780
242,475
736,912
485,389
500,349
503,120
/
569,250
b
109,138
28,492,711
125,196
21,663,719
120,984,932
95,205,381
Total (32 cities)
a
Not included in totals,
*
Estimated.
b No clearings available.
309,554,106
3412
Financial
ENGLISH
FINANCIAL MARKET—PER CABLE
The daily closing
as
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Nov. 21
Nov. 23
21%d.
Sliver, per oz d
218-16d.
142s.2d.
Gold, p. fine oz. 142s.2d.
Consols, 2%%
8534
84%
British 334 %—
106%
► W. L
106M
British 4%—
1960-90
117%
117%
Tues.,
Nov. 24
20 15-16d.
Wed.,
Thurs.,
Nov. 26
141s.10Hd. 142s, Id.
84%
106%
117%
DAILY
TRANSACTIONS
142s, Id.
21d.
142s.Id.
84 13-1
84%
AT
THE
NEW
YORK
106%
106%
117%
117%
Stocks
85
CURB
117%
price of silver per ounce (in cents) in the United
States on the same days has been:
(forClosed
45%
44%
44%
50.01
50.01
50.01
50.01
Holiday
Holiday
(newly mined)
77.67
77.67
77.57
77.67
Holiday
$1,219,000
2,243,000
1,091,000
2,243,000
$52,000
71,000
66,000
Total
69,000
617,255
2,192,000
75.000
2,736,280
$9,888,000
$323,000
$1,342,000
2.365,000
2,108,000
2,341,000
23,000
Tuesday
Wednesday
HOLI DAY
Thursday
50.01
Foreign
Corporate
$71,000
61,000
61,000
29,000
Friday
elgn)
TJ. S. Treasury
U. S, Treasury
Foreign
Oovernm't
Domestic
293,110
641,335
547,830
636,750
Saturday
Monday
EXQHANGE
Bonds (Par Value)
CNumber
of
Shares)
Week Ended
Nov. 27,1936
106%
The
Bar N. Y.
28, 1936
Nov. 27
21d.
Nov.
against 30%, Humble Oil (New) at 72%, against 69, Newmont Mining Corp. at 106 against 104%, and South Penn
Oil (1.60) at 42 against 41%.
Fri.,
Nov. 25
21 l-16d.
Chronicle
HOLI DAY
2,290,000
77.67
45%
Total
$235,000 $10,446,000
Week Ended Nov. 27
Sales at
Jan 1 to Nov. 27
New York Curb
THE
Curb market stocks
were
inclined to
move
downward dur¬
ing the early part of the week, but gradually recovered and
several of the more active of the trading favorites worked
into new high ground for the year.
Public utilities slowly
improved, particularly in the preferred section and there has
been
a
1936
Exchange
EXCHANGE
CURB
Stocks—No. of shares-
substantial advances.
among
1,937,610
119,154,957
65,862,831
$9,888,000
323,000
235,000
$19,176,000
285,000
186,000
$728,507,000
16,543,000
11,798,000
$1,056,865,000
14.768,000
11,727,000
$10,446,000
$19,647,000
$756,848,000
$1,083,360,000
Bonds
Foreign government
Foreign corporate.....
_.
Total...
CURRENT
the mining and metal stocks
—E. J. Coulon &
have been small.
► Public utilities were fairly active during the two hour
trading period on Saturday, though most of the gains were
in the preferred group.
Oil shares and mining and metal
issues were also in moderate demand but many of the changes
in these shares were in small fractions.
Specialties were, lor
among some of the more active stocks.
New tops were
registered by Electric Bond & Share, Northern States Power
A, American Superpower and United Gas. Other gains were
Brill Corp. pref., 5% points to 50%; Driver Harris, 2
points
to 30; National Oil Products, 2 points to 36; United Light &
Power pref., 1% points to 57% and Hudson Bay Mining &
Smelting, 1% points to 31%.
Declining prices predominated during the greater part of
the dealings on Monday. The recessions were due in part to
the large amount of selling and to the current reports that
reserve requirements would be increased after the holidays
to prevent further expansion of bank reserves.
Singer
utilities
were
firm and there
were
numerous
sub¬
stantial gains among the
industrial specialties. Wayne Pump
was especially active and surged forward 2% points to 37 and
Humble Oil registered a gain of 3% points at 72%. Gulf Oil
of Pa. was also active and advanced 3% points to 106%.
Other noteworthy gains were Jones & Laughlin Steel, 2
points to 80; Childs Co. pref., 2% points to 79%; NilesBement Pond, 3% points to 52%; St. Regis Paper pref., 2%
points to 104; Vogt Manufacturing Co., 2 points to 30% and
Creole Petroleum, 1% points to 33%.
Sharp individual gains were recorded by a number of the
trading favorites on Wednesday despite the fact that price
movements were irregular during most of the session.
High
class specialties were in demand due in many instances to
very favorable year end dividend announcements and there
was considerable interest manifested in the public utilities,
though the advances in this
fractions.
group were
Oil shares did not
generally in minor
participate to
great ex¬
fractionally
lower.
The best gains included among others Aluminum
Co. of America 4 points to 133, Babcock & Wilcox 4 points
to 115, Duke Power 4 points to 74, St. Regis Paper pref.
6% points to 113% and Childs Co. pref. 4 points to 83%.
The New York Curb Exchange, New York Stock Ex¬
change and all commodity markets were closed on Thursday
in observance of Thanksgiving Day,
Curb stocks continued to move upward on
Friday, though
the volume of business showed a slight decline from the pre¬
ceding day and the advances were generally fractional.
High class specialties attracted a goodly part of the buying
and some interest was also apparent in the oil stocks and
mining shares.
Pepperell Manufacturing Co. was partic¬
ularly active and forged ahead 10% points to 149%.
Amer¬
ican Hard Rubber advanced 3% points to 29% and Alum¬
inum Co. of America climbed upward 7 points to 140.
As
compared with Friday of last week prices were generally
higher Aluminum Co. of America closing last night at 140
against 130 on Friday a week ago, American Gas & Electric
at 39% against 39, Commonwealth Edison at 113% against
110%, Creole Petroleum at 23% against 31%, Fisk Rubber
in the advances and in
some
cases
any
-—Greene &
distribution
105%, Hudson Bay Mining & Smelting at 32%
descriptive circular
on
H. L. Green
a
37 Wall St., New York City, have issued for free
Co.,
booklet containing quotations on over the counter securities.
—Frederick H. Mitchell, formerly with the Home Owners Loan Corpora¬
tion, is representing Amott, Baker & Co
—Burr &
in Washington.
Company, Inc., 57 William St., New York City, has prepared
analysis of the Simmons Company common stock.
an
—Robinson, Miller & Co., Inc., 52 William St., New York City, have
prepared
a
detailed analysis of Submarine Signal Co.
—William
P.
Lehrer
become
has
associated
Leach
with
Bros.,
Inc.,
where he will specialize in Cities Service issues.
NATIONAL BANKS
The
following information regarding National banksTis
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY
LIQUIDATION
Capital
Nov. 19—The First National Bank of Nashua, Nashua. Mont
Effective Nov. 15, 1936.
Liq. Agents, E. T. Peterson, Malta,
H. Brocksmitb, Nashua, Mont.
Mont.; C.
succeeded by any other association.
or
$25,000
Not absorbed
a
""
"
~
BRANCHES AUTHORIZED
Nov. 19—Bank of America National Trust & Savings "AssnT San Francisco, Calif.
Location of branches: 100 North Downey Ave., Town of
Downey, Los Angeles County, Calif.
2284 Honolulu Ave., Town of
'
Montrose, Los Angeles County, Calif.
Certificates Nos. 1285A and
r
1286A.
National
Nov. 19—First
r
Trust
Savings Bank of Port Huron, Mich.
&
Location of branch: City of Marysville, St. Clair County, Mich.
tificate No. 1287A.
Cer-
Nov. 19—Security-First National Bank of Los Angeles, Calif.
Location
of branch: 2808-2822 Santa Fe Ave., City of Vernon, Los Angeles County,
Certificate
Calif.
No.
1288A.
CHANGES IN CAPITAL STOCK AS REPORTED BY NATIONAL BANKS
Retirement
Incease in
Pref. Stock
Name and Location
Date of
Change
Com. byDiv.
No. of She.
No. of She.
Par Value
11- 1-36 The Clement National Bank of
Rutland, Vt
10-19-36 Haledon National Bank, Halodon, N. J
11- 9-36 The Peoples National Bank of
New Brunswick, N. J
10-29-36 The Otselio Valley Nat. Bank
of South Otselio, N. Y
First
11-10-36 The
National
P
$100,000
C
100.000
20 shs.
P
$2,000 "A"
200,000
28,280 A
10,000 B
40,000
69,710
250,000
94,000 A
$50,000
86 shs.
602 3-5 shs.
$15,065
Ashland, Ky___
of
_■
150 shs.
25,000 B
50,000
$6,000 "A'
Bank,
2,400 shs
$150,000
3,000 Bhs
$150,000
of
25 shs.
25 shs.
10- 1-36 The American National Bank
200 shs.
of Vincennes, Ind.
First National
10-22-36 The
Bank
Parsons, Kan
of
$2,500
$2,500
Hutchinson, Kan...
200 Shs.
$20,000
$20,000
10-22-36 The Granville National Bank of
Granville. Ill
48,000 A
10,000 B
50,000
50,000
500 Bhs.
of
Bank
National
Capital
After
Chargee
Par Value
$1,720 "A"
Spring Valley, N.Y...
11-10-36 The American
Outstanding
2,000 Bhs.
$20,000
-«-•
8-18-36 The Third National Bank
were
Corp. at 11% against 9%, Gulf Oil of Pennsylvania at 107%
a
Co., Inc., chain stores.
Manufacturing Co. registered the sharpest decline
as it
dropped 16 points to 410. Metal stocks were slightly higher,
New Jersey Zinc moving up 2 points to 82, but mining shares
were generally under the previous close.
Sharp recessions
were
also apparent among the regular trading favorites
including Ainsworth Manufacturing Co. which declined 3
points to 68, Babcock & Wilcox, 4 points to 112; Gulf Oil
of Pa., 3% points to 103; Pennsylvania Water & Power, 3
points to 90; Sherwin Williams, 3 points to 135 and Western
Auto Supply, 2 points to 67%.
Prices turned upward on Tuesday, and while the market
was moderately active, the turnover was the smallest since
Nov. 2. The gains ranged from fractions to 3 or more points.
NOTICES
Co., members New York Stock Exchange, 50 Broad¬
New York City, have prepared
way,
the most part, quiet though there were occasional advances
against
2,736,280
Domestic
Industrial specialties have also moved
tent
1935
1936
considerable demand for oil shares which have shown
upward but the gains
Public
1935
15 shs
15 shs.
$1,500
$1,500
None
400,000
47,500
52,500
20,000
130,000
23,500
26,500
DIVIDENDS
Dividends
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
we
show the
have not
are
Then
we
follow with
a
second table in which
dividends
previously announced, but which
yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in our "General Corporation and Investment
Department" in the week when declared:
pany name
News
The dividends announced this week
are:
Per
Name of Company
Share
Acadia Sugar Refining (resumed)
Aero Supply Mfg., class A
Class A (auarterly)
Akron Brass Mfg. Co., Inc
Extra
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quarterly)
Allied Stores Corp., preferred (quar.).
Allied Stores, 5% preferred (quar.)
American Bank Note (quarterly)
Extra
Preferred (quarterly)
10c
-
Dec,
AS 3%
37 %c
12Hc
Dec.
25c
.
....
When
$1%
$1%
ll%
25c
15c
75c
Holders
Payable of Record
1 Nov. 14
30
15 Nov.
Dec. 15 Nov.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
Jan.
30
18
18
2 Dec. 12
2 Dec. 12
2 Dec. 21
2 Dec. 21
8
Dec. 24 Dec.
Jan.
Jan.
Dec. 24 Dec.
2 Dec.
Jan.
8
8
Financial
143
Volume
When
Per
Share
Name of Company
Aluminum Goods Mfg. Co.
15 Dec.
15 Dec.
5
5 Nov. 24
American Can Co., common extra
Dec.
Preferred (quarterly)
American Home Products Corp
3a
Dec.
18a
14a
2 Dec.
14a
4
Jan.
Monthly
Dec.
American Ice Co., preferred
American Machine & Metals
American Mfg. Co., common
Jan.
^ 35 preferred
American Public Service, 7%
preferred
Dec.
Dec.
preferred
American Safety Razor (quarterly)
Special
19 Dec.
2 Dec.
15
Dec. 31 Dec. 15
Dec. 15 Nov. 30
1
Dec. 18 Dec.
American Meter Co_
American Power & Light Co., $6
1
18 Dec.
9 Nov. 25
4
19 Dec.
4
Dec. 19 Dec.
Dec. 15 Nov. 30
Dec.
-
-
preferred
American Tobacco Co., preferred (quar.)
American Steel Foundries, 7%
2 Dec.
Dec.
Jan.
prior pref. (quar.)
7% preferred
8 Nov. 30
1 Dec. 10
1 Dec.
Jan.
Associated
7
7
15 Dec.
1
Dec.
Telep. & Teleg. Co., 7% 1st pref
10
17 Dec.
17 Dec.
Dec.
Special
1 Dec.
Dec.
(Del.), 7% pref. (quar.)
(quarterly)
Associated Breweries of Canada
15 Nov. 27
15 Nov. 27
Dec.
1st $6 preferred
Feb.
Dec.
(s.-a.)
Atchison Topeka & Santa Fe, pref.
Auto City Brewing Co. (quarterly)
Dec.
Extra
Babcock & Wilcox
Jan.
(quarterly)
Beech Creek RR.
31
19 Nov. 30
19 Nov. 30
1 Dec.
2 Dec. 21
15 Dec.
2 Dec.
Jan.
15 Dec. 23
Jan.
(quarterly)
Bell Telephone of Canada (quar.)
Bell Telep. of Penna., preferred (quar.)
Black Clawson, 6% preferred (quarterly)
—
15 Dec.
Dec.
Dec. 23 Dec.
Borg-Warner Corp. (quarterly)
Preferred (quarterly)
Dec. 21 Dec.
Jan.
Boston & Albany RR. Co
10c
50c
Bright (J. G.~) Ltd. (quarterly)
► 6% preferred (quarterly).
Budd Wheel Co., 1st pref. ( quar.)
(
7Mc
SIM
SIM
__
15 Dec.
jl
Dec.
18 Dec.
4
Dec.
18 Dec.
15 Nov. 30
Dec.
15 Nov. 30
Dec.
31 Dec.
Dec. 31 Dec.
20c
Dec.
51
SIM
(increased)
h 5% preferred (quarterly)
Butler Bors. (resumed)
60c
$1
$1M
62 He
Byron Jackson (special)
Canada Bread Co., class A pref
Class B preferred
Canada Malting Co. (quar.)
15 Dec.
17a
17a
3a
Dec.
1 Nov. 22
Dec.
1 Nov. 23
Dec. 21 Dec.
5
19 Dec.
Dec.
9
Dec.
Jan.
Jan.
Dec.
15
Dec. 15
15 Nov. 30
Dec.
Extra
15 Nov. 30
Jan.
25 Dec. 31
Jan.
15 Dec. 31
-
Canada Northern Pow.Corp., Ltd., com.
30c
(quar.)
7 % cumul. pref. (quar.)
Canada Permanent
1K&
Mtge. (quarterly)—
52
Cannon Mills
Jan.
Dec.
2 Dec.
15
19 Dec.
5
Nov.
Dec.
Nov. 27
Dec.
Nov. 27
S4M
Goodyear Tire &Rubber Co., $5 conv. pref.(new)
25c
Great Lakes Dredge & Dock Co. (extra)
60c
Great Western Sugar Co. (quar.)
;
SIM
Preferred (quarterly)
75c
Greene Cananea Copper Co. (quar.)
S3
Green RR. (semi-ann.)
6100%
Gulf Oil Corp
20c
Hall (C. M.) Lamp Co.
Haloid Co. (quarterly)
—
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
of 5% pf. stk
$2
Celluloid Corp., 1st partic. preferred
Central Illinois Light Co., 4M % pref. (quar.).-- SI.125
Dec.
28 Dec.
4
Central Illinois Public Service,
$6 pref
19 Dec.
5
2 Dec.
22 Dec.
15
Dec. 22 Dec.
6% preferred
1M
Jan.
Dec.
4
18
1M
Jan.
Dec.
18
62 He
50c
15c
Dec.
26 Dec.
3
Dec.
4 Dec.
1
Dec.
91H
►
2
24 Dec.
Extra
50c
SIM
30 Dec. 15
Dec. 15 Nov. 30
Jan.
Dec.
2 Dec. 21
24 Dec.
1 Dec.
5
5
24 Dec.
Dec. 17 Dec.
16
3
2 Dec.
11
Jan.
„
10c
SI
75c
15 Dec.
5
Dec.
15 Dec.
75c
—
Dec.
75c
Jan.
5
15
A,2!&
fc$14
—
Dec.
Dec.
Preferred
18
18
Dec.
5
Hoskins Mfg. (quar.)
Extra
Dec.
Dec.
11
Dec.
Dec.
11
Houdaille-Hershey, class A (quar.)
Class B (quar.)
Class B (extra)
Hudson Bay Mining & Smelting Co.,
Hygrade Sylvania (quarterly)
Jan.
Dec.
5
Dec.
Dec.
5
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
5
5
10
Extra
Dec.
Dec.
Preferred (quarterly)
Jan.
Dec.
10
10
Dec.
Dec.
Dec.
4
Dec.
Dec.
4
Eastern Gas & Fuel Assoc., pref.
Kansas Electric
Irving Oil, 6% preferred (quarterly)
Kansas City Power & Light 1st pref.
Katz Drug Co.
Preferred (quar.)
Kaufmann Dept. Stores, Inc.
15
Dec.
21
Extra
Lava Cap Gold Mining
Dec.
Dec. 21
Dec. 10
Lehigh Coal & Navigation (special)
Lessing, Inc
_
Life Savers Corp. (quar.)
;
Dec.
Lindsay Light & Chemical Co., pref. (quar.)
London Packing Co. (quar.)
Long Island Lighting Co. 7% pref. A (quar.)
6% preferred B (quar.)
Luckenheimer Co
Maneschewitz (B.) Co.
Maryland Fund, Inc. (quar.)
)
Extra
1
First National Stores, Inc. (quar.)
Special
Fobs Oil Inc. (quar.)
Franklin Rayon Corp. common ($1
621!
SI
60c
par)
$1.20
Common, no par
General Electric Co. (quar.)
25c
50c
20c
Extra
Fire Extinguisher
General Metals Corp. (extra)
General Public Utilities, Inc., common
50c
SI
(special)-
$5 preferred (quar.)
General Railway Signal
General Refractories Co
General Theatres Equipment
90c
Dec.
-
2 Dec.
10
2 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
10
Jan.
1
Dec.
25c
Dec.
SIM
Feb.
18 Dec.
18 Dec.
1 Jan.
1
5
Dec.
4
Dec.
1
Dec.
Dec.
Dec.
Dec.
Dec.
5
5
Nov. 25
Nov. 25
Dec.
16
Dec.
16
Dec.
Nov. 30
Dec.
prior lien
Nov. 30
Dec.
1
Dec.
Dec.
-
10
Nov. 30
Dec.
-
Dec.
Dec.
Dec.
Nov. 30
Dec.
Dec.
1
10
17
2
_
(quarterly)
Dec.
Dec.
25c
Dec.
Nov. 25
Dec.
Nov. 25
50c
Tool (quarterly)
Extra
Dec.
Jan.
20c
Monarch Machine &
(special)
7% preferred__
Dec.
50c
Jan.
Jan.
Dec.
Dec.
Dec.
22
$2.90
SIM
W1M
1
22
(quarterly)
Jan.
Dec.
18
Dec.
Dec.
Dec.
Dec.
5a
10
10c
(semi-ann.)
30c
25c
(quarterly)
Dec.
Dec.
10
75c
Jan.
Dec.
15
36c
(quarterly)
National Container Corp.
(initial)
Special
Dec.
10
10
Dec.
Dec.
10
Jan.
Dec.
15
Jan.
Dec.
15
25c
Dec.
25c
Preferred
Dec.
Dec.
50c
43c
Preferred (quar.)
National Breweries (quarterly)
Dec.
75c
SI.15
Extra
Dec.
10 Nov. 30
10 Nov. 30
i$2H
National Gypsum, A and B
National Lead Co. (quarterly)
12Hc
Extra
3$it?
73
75c
•referred..
New York Steam Co.,
$7 pref. (quar.)-.
$6 preferred (quarterly)
New York Steam Co., $7 pref.
Preferred (quarterly)
—
Norfolk &
North American Co. (quar.)
Western RR., extra
Extra
Preferred (quarterly)
/iS4H
SIM
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
5
4
4
Feb.
1 Jan.
Jan.
2 Dec. 15
1 Nov. 25
Dec.
Jan.
2 Dec.
18
15
SIM
(quar.)_.
$6 preferred (quarterly)
Niagara Hudson Power Corp., common.
Niagara Shares Corp., class B
4
16
5
5
Dec.
Dec.
5
4
1
Dec.
Dec.
Dec.
Munsingwear, Inc
Stock div. of H sh. of Wayne Knit. Mills for
each
sh. of Munsingwear held,
payable
Dec. 23 and Jan. 2.
National Bond & Investment Co. (quar.)
10 Nov. 30
Dec.
Dec.
Extra
15 Nov. 30
Dec. 23 Dec. 18
Dec. 23 Dec. 18
Nov. 30
Dec.
$6 pref. (quar.)__
Minneapolis Brewers
Mission Corp. (initial)
Missouri Cottons, Ltd., pref. (quar.)
Mueller Brass Co.
Dec.
Nov. 30
Dec.
Oil Co
Dec. 21 Dec.
Dec. 21 Nov. 27
Dec. 21 Nov. 27
25c
(quar.)
Dec.
Midvale Co
Class A
Jan.
S1H
SIM
(quarterly)
Michigan Gas & Electric, 7%
$6 prior lien
Mountain Producers Corp.
15a
15a
Nov. 30
Dec.
Dec.
6
1
1
Dec.
Extra
Jan.
Dec. 21 Dec.
Dec. 15 Dec.
Dec. 21 Dec.
5
Dec.
Dec.
Montgomery Ward Co.
Special--
Jan.
15
Dec.
Dec.
Dec.
Monolith Portland Cement
15 Nov. 30
2 Dec.
5
Dec.
Dec.
Jan.
15
15
Dec.
18
15
Jan.
Machine Co—
10
50c
Dec.
Dec.
Jan.
Preferred (quarterly)
Dec.
14
5
Jan.
—
7% preferred (quarterly)
Dec.
15 Nov. 30
5
5
Dec.
8
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
S2H
(quar.)
5
Dec.
Preferred (quarterly)
10
3
Dec.
Dec.
Dec.
Dec.
(extra)
(quar.)
15
15 Dec.
Dec. 21 Dec.
15
Dec.
Mathieson Alkali Works
Midwest
15
Dec.
Additional distribution
Master Electric Co.
Dec.
/$i
Federal Motor Truck
Dec.
Extra
Dec.
31 Dec. 14
10
Dec.
Dec.
Dec.
11
4
Dec.
15
Jan.
Dec.
Falcon bridge Nickel Mines (quar.)
Falstaff Brewing Co. (resumed)
Dec.
Dec.
Extra
15 Dec.
Jan.
Jan.
(quar.) —
6% preferred C (quar.)
5% preferred D (quar.)
Landers Frary & Clark (quar.)
Monarch Knitting Co.,
Dec.
15
Jan.
Dec.
Modine Manufacturing
Dec. 21 Dec.
Dec. 21 Dec.
14
Dec.
7
50c
Dec.
Jan.
Dec.
50c
Dec.
Nov. 30
Dec.
Jan.
Kings County Lighting Co. common
7 % preferred B (quar.)
Dec. 21
15 Dec.
15 Dec.
Nov. 15
Dec.
Dec.
25c
(quarterly)
Special
Fairbanks-Morse (quar.)
Extra
Dec.
Dec.
Nov. 20
Jan.
Dec.
15
Nov. 30
Dec.
Jan.
Dec.
15
Dec.
Nov. 30
Jan.
(quar.)
(quar.)
Refining Co. (special)
Jan.
25c
Dec.
Dec.
Jan.
Kendall
Jan.
Dec. 21 Dec.
Dec. 21 Dec.
15
1
Jan.
Nov. 28
SIM
SIM
SIM
Elgin National Watch--
Dec.
1
Dec.
Dec. 15
15 Dec. 31
17 Dec.
15
Jan.
Extra.
Jan.
Dec.
5
Dec.
Dec.
Dec.
3
5
Dec.
Jan.
10c
Dec.
Jan.
Extra
Jan.
$1,125
S1H
Feb.
Jan.
(quar.)
6% preferred (quar.)
Intertype Corp. common
First preferred
Second preferred
Investors Fund of America, Inc. (quar.)
Mesta
$6 preferred (quarterly)
Electric Shareholdings Corp., pref., opt. pay¬
$2,625
ment of 77-1000th sh. of com. stk. or cash__
(quar.).
Power, 7% pref.
Dec.
Dec.
Dec.
Extra
Nov. 20
Jan.
(quar.)
Interstate Hosiery Mills
Nov. 20
Feb.
Merrimac Hat Corp
10c
Electric Sotrage Battery Co., common
Cumulative partic. preferred (final)
Dec.
Dec.
Dec.
International Silver Co., preferred
International Vitamin (quar.)
14
2
SIM
(quar.)
Dec.
Dec.
Dec.
14
Nov. 28
1
7
Dec.
Nov. 27
1
Dec.
Jan.
(semi-annual)
International Petroleum Co.
$2
B (special)
Dec.
Ingersoll-Rand Co., pref. (s.-a.)
Imperial Chemical Industries, ordinary shares._
Inter-City Baking Co., Ltd
24 Dec.
75c
(quarterly)
-—
Incorporated Investors
Indiana Pipe Line Co
91H
(quar.)
Ltd
(quar.)
Illinois Bell Telephone
H
—
31
Dec.
(quar.)
Home Fire & Marine Insurance
Memphis Power & Light Co.,
19
Dec.
10
1
Nov. 20
11
Dec. 31
Dec.
Dec. 24 Dec.
Dec. 21 Dec.
15 Dec.
Dec.
Jan.
(D. H.), Ltd. (quarterly)
Extra
Dec.
Jan.
11
Dec.
Dec.
Dec.
m
1
11
Dec.
Dec.
7
15 Nov. 30
Dec.
Dec.
Dec.
75c
Dec.
Nov. 23
15
Dec.
(quarterly)
25c
25c
Nov. 30
Jan.
Holmes
15 Dec.
22 Dec.
15 Dec.
SIM
Dec.
Dec.
Maytag Co. (resumed)
McCall Corp. (extra)
Melchers Distilleries, Ltd., class A
1
Dec.
Jan.
60c
Durham Duplex, class A &
Preferred (special)
Preferred
1
Dec.
10
Dec.
5
Dec. 15
Jan.
Hercules Powder Co
75c
Extra
Gillette Safety Razor
Extra
15 Dec.
Dec.
10c
—
Drive-Harris Co., 7% preferred
Duke Power Co. (quarterly)
Preferred
5
7
Dec.
Dec.
Preferred (quar.)
Hepburn & McTavish
60c
Draper Corp. (special)
Quarterly
Draper Corp. (quarterly)
General
15 Dec.
Dec. 21 Dec.
7
11
Dec.
Jan.
Extra
SI M
Dominion Textile Co. (quar.)
Preferred (quarterly)
Financial Assoc., Inc.
1 Dec.
Dec.
SIM
Dairy League Cooperative Corp., 5% pref
Devonian Oil (quarterly)
Diamond State Telephone, preferred (quar.) —
Dominion-Scottish Investors, preferred
Evans Products Co.
Jan.
25c
k. Extra
Preferred
Dec.
Dec.
.
(Geo. W.) Co., common (quar.)
17
Dec.
S3
(special) —
15 Dec.
Nov. 16 Nov.
20c
(quarterly)
Preferred (quarterly)
Colgate-Palmolive-Peet, extra
Preferred (quarterly)
Commonwealth Distribution (special)
Commonwealth Edison Co. (special)-Commonwealth & Southern, $6 preferred
Compo Shoe Machine (quarterly)
I* Extra
:
Connecticut Light & Power Co. (quar.)
Consolidated Laundries, preferred
Continental Diamond Fibre Co
Crane Co., 7% pref. cumulative
fe-7% preferred cumul. (quarterly)
Crocker Wheeler Electric Mfg. Co
Crosley Radio Corp
Crowell Publishing Co. (quarterly)
5
Dec.
75c
Cluett, Pea body & Co., Inc., com.
4
65c
Centrifugal Pipe Corp. (special)
Certain-Teed Products, pref. (quarterly)
6% prior preferred
Chain Belt Co. (quarterly)
Chicago Mail Order Co., extra
City & Suburban Homes (s.-a.)
Climax Molybdenum Co
Clorox Chemical Co.
Dec.
Dec.
preferred
Inspection & Insurance-
Hawaiian Commercial & Sugar
.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Hartford Steam Boiler
Helme
Jan.
18
4
15
Dec. 15
Dec.
Extra
Hamilton United Theatres, 7%
Preferred
Caterpillar Tractor Co. (extra)—
Pay. at the rate of 6-200th a sh.
3
Nov.
5c
Special
Dec.
25c
dividend)
Common
>
2 Dec.
Dec.
preferred—
Bridgeport Brass Co. (quar.)
Bunte Bros,
8
4
Dec. 21 Nov.
-
Boston Woven Hose & Rubber Co.,
19
1 Nov. 25
Bohn Aluminum & Brass
1st preferred (participating
7
15
Jan.
Dec.
Extra
1
10
Dec.
Armour & Co.
Art Metal Works
t
10
Jan.
Jan.
Anheuser Busch, Inc
Armour & Co. (111.), $6
'
2 Dec.
24 Dec.
Holders
Payable of Record
20c
/iSl.05
preferred.
Extra
23 Dec.
Jan.
Share
Name of Company
Globe Knitting Works, 7%
Goebel Brewing (quar.)
4
Dec.
Dec.
When
Per
Holders
Payable of Record
Dec.
(quar.)
American Bemberg Corp., preferred
American Box Board, 7% preferred
3413
Chronicle
Jan.
2 Dec.
15
SIM
S1H
Jan.
2 Dec.
15
40c
Dec.
2 Dec. 15
15 Nov. 30
50c
Dec.
18 Nov. 30
SIM
$5
25c
Jan.
Dec. 31 Dec. 10
Dec. 19 Nov. 30
Dec.
25c
Dec.
75c
Jan.
16 Dec.
16 Dec.
4
2 Dec.
15
4
Financial
3414
Per
Name of Company
Share
North American Rayon, class A&B
Dec.
-—
Jan.
--—
Package Machine Co. (quar.)
Extra'
----.
'
-_
Park & Tiiford, Inc. (quarterly)
Penney (J. O.) Co., common (quarterly)
Extra
;
.
_
Penna. Glass & Sand, vot. tr. ctfs. (initial)-—.
Preferred (quarterly)
Penna. Power Co., $6.60 pref. (mo.)
Dec.
Jan.
15 Dec.
1 Dec.
Jan.
2 Dec.
Feb.
1 Jan.
Mar.
1 Feb.
Jan.
2 Dec.
Jan.
2 Dec.
Dec. 23 Dec.
Jan.
2 Dec.
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Penna. Water & Power (quarterly)
Preferred (quarterly)
Perfection Stove Co. (quar.)
-
Philadelphia Co., $6 cumulative pref. (quar.) —
$5 cumulative preferred (quarterly)- -- -- -- Philadelphia Electric Power, pref. (quar.)
Philadelphia Insulated Wire
Philips Packing Co. (extra)
Pioneer Mills Co., Ltd. (mo.)
Extra
15 Dec.
15 Dec.
2 Dec.
.
5
5
11
Dec. 15 Nov. 30
Dec.
1 Nov. 24
1 Nov. 20
Dec.
Jan, 15 Dec. 31
Dec.
1
Dec.
1
Dec. 21 Dec.
1
Dec. 15 Dec.
4
Dec. 15 Dec.
4
Northwest Engineering Co
.
Northwestern utilities, 6% pref. (quar.)_
Ohio Assoc. Telep. Co., 6% pref. (quar.)
Pacific Lighting Corp., 6% pref. (quar.)
Jan.
2 Dec.
5
15
19
20
20
15
19
1
1
Dec.
15
Dec. 21 Dec.
4
Dec. 10 Dec.
1
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 17 Dec.
3
—
-
Public Service Co. of Oklahoma—
Jan.
7% prior lien stock (quarterly)
6% prior lien stock (quarterly)
Pyrene Mfg. Co., common (special)--Queens Borough Gas & Electric Co., 6% cumul.
preferred (quarterly)
Railway Equip. & Realty Co., Ltd., lstpf. (qu.)
Reading Co., 2d preferred (quar.)--Reed Roller Bit Co. (quar.)
—
$1H
50c
20c
55c
Jan.
Jan.
15c
Jan.
$1,125
fc$12
Jan.
—■
(quarterly)---—
—
Extra
25c
>vt
Rice-Stix Dry Goods, 1st & 2d pref
Richardson Co
15c
10c
—
Royal Typewriter Co., Inc., preferred
Preferred (quarterly)
h$8K
UH
Ruberoid Co.
25c
(quarterly)
Special year-end dividend-—--
St. Joseph Lead Co-
$3
25c
-
25c
Special
Safety Car Heating & Lighting Co
$1
$1
$1
$6
;
Extra
Savage Arms Corp. (resumed)
(resumed)
25c
Schenley Distillers Corp. (quar.)
Extra...
$1H
$2H
$1H
Extra, payable in 5H % pref. stock.
5H% preferred (quarterly),
Scot Paper CO. (quar.).
ott
Extra
Scranton Lace Co
50c
25c
■
60c
$1
Special
Preferred
.
Dec.
Dec.
1 Dec. 15
1 Dec.
1
14 Dec. 24
Dec.
4
4
1 Dec.
1 Dec.
1 Dec.
10
1® Dec.
Dec.
19 Dec.
Dec. 19 Dec.
Dec. 15 Dec.
Dec.
15 Dec.
10
10
9
9
1
1
Jan.
1 Dec. 15
14 Nov. 28
Jan.
1 Dec. 19
Jan.
1 Dec. 19
Dec. 15 Dec.
8
Dec. 15 Dec.
8
Dec. 21 Dec.
7
Dec. 21 Dec.
7
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Dec. 23 Dec.
9
Dec. 23 Dec.
9
Dec. 15 Dec.
5
Dec. 15 Dec.
5
Dec. 21 Dec. 17
Dec. 21 Dec. 17
Dec. 21 Dec. 17
Jan.
1 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
16
Simmons Co
Southern California Edison Co. orig. pref. (qu.)
5H % preferred series O (quar.)
Southern Colorado Power Co., 7% pref. (quar.)
Southwest Consol. Gas Utilities Corp
87 He
37 He
34 He
1
—
Southwestern Light & Power, $6 pref
Spencer Trask Fund...
h$ 1%
$1 %
—
30c
25c
25c
lc
37i!c
-—_
Payable in 5 years 6% deb. notes
Sylvania Industrial Corp. (quar.)
—
37 He
$1H
35c
Extra---
50c
Quarterly (normally payable Mar. 15)
Taylor (K.) Distilling Co
Initial
Telephone Bond & Share 7% 1st pref$3 first preferred
Texas Corp. (quar.)
35c
7 He
7
5
4
Dec. 11 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 24 Nov. 30
Dec. 15 Dec.
4
Dec. 15 Dec.
4
Dec. 20 Dec. 10
Dec. 20 Dec.
15 Nov.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 20 Dec.
Dec.
10
30
30
30
10
10
15c
Extra
Dec. 24 Dec.
98c
42c
Dec. 15 Nov. 23
Dec. 15 Nov. 23
25c
------
Jan.
25c
Tex-O-Kan Flour Mills, 7% pref. (quar.)
-
2n%
Texas & Pacific Ry. Co., preferred--
1 Dec.
1
Dec. 21 Dec.
1.
1 Nov. 14
Dec.
Dec. 15 Nov. 30
Dec. 15 Dec.
5
1 Dec. 20
Si U
2
3*010% Dec. 21 Dec.
Dec. 21 Dec.
1
Dec. 15 Dec.
8
1 Dec.
Jan.
4
Thompsons Products Inc
Preferred (quar.)
Jan.
Tobacco Securities Trust Co. ordinary (final).
Tonapah Mining Co
Tradesmens Nat. Bank & Trust Co. (extra)
Union Carbide & Carbon Corp
Union Pacific RR
Jan.
2 Dec.
1
United Carbon Co. (quar.)
Extra
Dec. 19 Dec.
9 Dec.
Dec.
4
United Corp. (resumed)
Preferred (quarterly)
United Drug Co
United Fruit Co. (quar.)
Jan.
Dec.
-
Dec. 18 Dec.
2 Dec.
—
Special
United Milk Products Co
Cumulative participating preferred (quar.) __
Cumulative participating pref. (partic. div.)
United National Corp., partic. pref
United Public Utilities Corp., $3 pref
$2 H preferred
United States Steel Corp., preferred-—
United Stores Corp., preferred
-
h$
-
Universal Consol. Oil (resumed)
-
Valley RR. Co. of N. Y. (s.-a.)
-
Vick Financial Corp
Victor Equipment Co., $1 pref. (quar.)
Vulcan Detinning Co. (special)
Preferred
Preferred
Preferred
Preferred
—
—
Wagner Electric Corp
Waldorf SyBtem Inc. common
Warren (S. D.) Co. (resumed)--
4
7
18
18 Dec.
4
Jan. 15 Dec. 21
Dec. 21 Dec.
3
1
Dec.
Nov. 24
2 Dec. 24
Jan.
1 Nov. 24
Dec.
Dec. 15 Dec.
5
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 24 Dec.
1
Dec. 15 Dec.
3
Dec. 21 Dec. 10
2 Dec. 16
Jan.
8 Nov. 28
Dec.
Dec. 15 Dec.
5
Dec. 21 Dec.
20 Jan.
—-
10
11
10
10
Oct. 20 Oct. 11
Dec. 21 Nov. 30
Dec. 21 Dec. 10
Dec. 81 Nov. 30
Jan.
Apr. 20 Apr.
July 20 July
-
-
-
Washington Water & Power $6 nref. (quar*)
—
Extra.
6% preferred (quar.).
$5 prior preferred (quar.)
Wisconsin Power & Light, 6% preferred.
$1H
75c
7% preferred.
Worcester Salt (extra)
Wright Hargreaves Mines, Ltd. (quar.)..
s7m
10c
5c
Extra
Below
Dec. 15 Nov. 25
1 Dec. 15
Dec. 30 Dec. 15
Dec. 30 Dec. 15
2 Dec. 15
2 Dec. 15
21 Dec.
7
Jan.
Jan,
Dec.
Dec. 21 Dec.
7
Dec. 23 Dec. 12
Dec. 15 Nov. 25
Dec. 29 Dec. 22
Dec. 29 Dec. 22
Jan.
2 Dec. 22'
Jan.
2 Dec. 22
Dec. 15 Nov. 30*
Dec.
Dec.
;
15 Nov.
15 Dec.
3b
5
Jan.
2 Dec. 14
Jan.
2 Dec. 14
61 Jan.
Feb.
15c
.
Holders
Jan.
10c
Youngstown Steel Door Co. (quar.)
Extra
When
Payable of Record
Jan.
40c
25c
$1
Special interim dividendYale & Towne Mfg. Co
Special-.
Dec.
Dec.
Dec.
2 Dec.
17 Dec.
15 Dec.
15 Dec.
7
7
1
1
give the dividends announced in previous weeks
we
and not yet
paid.
The list does not include dividends
an¬
nounced this week, these being given in the preceding table.
Per
Name of Company
Share
25c
30c
50c
75c
Abbott's Dairy Co. (quarterly)Abbott Laboratories Co. (quar.)
Extra
Abraham & Straus, Inc..
Acme Steel Co. (quarterly)--
Addressograph-Multigraph.
Agnew Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (Watertown, N. Y.)_
Alabama Water Service Co., $6 pref. (quar.)
$1
25c
$1H
75c
TirfifArrfiH
Ainsworth Manufacturing Corp
Albany & Susquehanna RR. Co. (s.-a.)
e3 to 1
$4H
50c
Allegheny Steel Co
Preferred (quarterly)
Allegheny & Vvestern Ry. gtd. (semi-ann.).
Allen Industries (quarterly)
-
37m
Dec.
Dec.
50c
Dec.
Dec.
Dec.
%
'
-
Alpha Portland Cement
Dec.
25c
——
Aluminum Manufacturing. Inc. (quarterly)
7% preferred (quarterly)
(quarterly)
American Asphalt Roof Corp., 6% pref. (quar.)
American Bakeries Corp., 7% pref (semi-ann.)
American Box Board Co. (quarterly)
7% preferred (quar.)
Dec.
50c
—
American Arch Co.
Dec.
Jan.
Dec.
25c
Extra.
'
$2
$3H
Dec.
Dec.
Jan.
Extra
American Business Shares, Inc
Extra..
American Capital Corp., prior pref. (quar.)
American Chain Co.. 5% preferred (initial)
American Chicle Co. (quar.)
20c
Dec.
17Hc
...
Holders
Dec.
1 Nov. 14
Dec. 23 Dec. 10
Dec. 23 Dec. 10
Dec. 15 Dec.
5
Dec. 12 Nov. 27
Dec. 22 Dec.
2
Jan.
2 Dec. 15
Jan.
2 Dec. 19
Dec.
1 Nov. 29
Dec.
1 Nov. 29
Dec.
8 Dec.
7
Jan.
2 Dec. 15
*3
Allis-ChalmersMfg.Co. (quar.)_.--Extra
When
Payable of Record
$1H
Dec.
10 Dec.
1
1 Nov. 14
19
2 Dec.
5 Nov. 29
5 Nov. 29
24 Nov. 39
24 Nov. 39
21 Dec.
1
31 Dec. 15
31 Dec. 15
1 Nov. 29
28 Dec. 21
i Dec. 15
7 Nov. 26
7 Nov. 29
nc
-
—
-
—
Dec.
7
2c
Dec.
lc
Dec.
Dec.
1 Nov. 15
1 Nov. 15
$1.04
Dec.
Dec.
...
$1
$1H
Special
Dec.
Nov. 26
1 Nov. 18
15 Dec.
1
15 Dec.
1
15 Dec.
1
American Cigarette & Cigar—
-
-
...
35c
75c
(quar.)
—
...
25c
-
American Mfg. Co. preferred (quar.)
American Metal Co., preferred
American Paper Goods Co.. 7% pref
$1 H
h$4
*124
-
-
(quar.)
American Public Service Co., pref. (resumed)__
American Radiator & Standard Sanitary (quar.)
Special
'I'd
15c
Preferred (quar.)
American Rolling Mill Co. (quar.)
$1H
-
30c
75c
10c
—
American Seal-Kap Corp. of Del
American Seating Co. (resumed)
50c
$2
-
Optional payment of 1-10 of a sh. of com
American Service Co., $3 cum. preferred
$3
$1
Cum. class A (initial)
American Smelting & Refining Co
5<)c
$2 k
----------
American Steel Foundries (resumed)
Preferred
Preferred (quar.)
American Stores Co. (quar.)_
"I
$lk
50c
American Sugar Refining (quar.)
Preferred (quarterly)
50c
$1H
American Sumatra Tobacco Co. (quar.)
25c
Extra..
American Surety Go. (semi-annual.)
50c
-------
American Telp. & Teleg. (quar.)
American Thread Co., preferred (semi-ann.)
American Tobacco Co. com. & com B (quar.)-.
American Water Works & Electric Co., common
American Woolen Co., Inc., pref. (quar.)
Andian National
Extra
Dec.
Dec.
Dec.
1 Nov. 17
1 Nov. 17
1 Dec. 12
Dec. 23 Dec. 12
Dec. 31 Dec. 18
1 Nov. 14o
Dec.
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Dec.
1 Nov. 29
Dec.
1 Nov. 20
• >»»p. 3)
Dec. 15
50c
15c
-
Anaconda Copper Mining
Extra...-
Nov.
Dec.
Jan.
25c
75c
20c
60c
(111.) (quar.)
Extra
Special
1st preferred (quar.)-.
2d preferred (quar.)
Dec.
Dec.
Dec.
2
15
20
30
200
15 Dec.
1
15 Dec.
1
1 Nov. 25
30 Nov. 20
15 Dec.
5
2 Dec.
4
1 Nov. IT
Jan.
■
American Laundry Machry. Co. (quar.)
Extra-.
Extra
Dec. 15 Dec.
Dec. 31 Dec.
Nov. 30 Nov.
Nov. 30 Nov.
Dec.
1 Nov.
25c
American Hide & Leather, pref. (quar.)-—.—.
American Investment Co.
25c
62 He
50c
-
American Home Products Corp
$1*4
7i$5
American Fork & floe
American Gas & Electric Co., common (quar.)-American General Corp., $3 preferred
American Hardware Corp (quar.)
American-Hawaiian Steamship Co.
$2
7Hc
25c
$3H
-
-
American-European Securities Co., preferred
$2H preferred
$2 preferred
$1H
50c
-
Co
$1H
$2H
12Hc
$1H
20c
h$ 1
25c
25c
Corp., Ltd. (semi-ann.)
wr$l
ur$ 1
Dec.
Dec.
1 Nov. 21
16 Dec.
5
Dec.
9 Nov. 25
Dec. 21 Nov. 27
Dec. 21 Nov. 27
1 Nov. 27
Dec.
Jan. 15 Dec. 15
Dec. 15 Nov. 16
Dec. 10 Dec.
1
Dec. 21 Nov. 27
Dec. 21 Nov. 27
Dec. 19 Nov.25
Dec. 19 Nov. 25
Nov.
Dec.
Dec.
Dec.
30 Nov.
6
22 Nov. 30
21 Nov. 30
21 Nov. 30
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 31 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
2 Dec.
Jan,
Dec. 15 Dec.
Dec. 15 Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
30
30
15
15
15
15
1
1
2 Dec.
7
15 Dec. 15
1 Nov. 30
1 Nov. 10
15 Nov. 20
Dec. 15 Dec.
la
Dec. 21 Nov. 30
Dec. 21 Nov 30
Dec.
1 Nov. 20
Dec.
1 Nov. 29
Anglo-Huronian, Inc
20c
Dec.
Anheuser Bush. Inc (quarterly)
Apex Electrical Mfg. Co. (special)-—
7% preferred (quar.)—
50c
$1
Dec. 30 Dec. 29
Dec. 21 Dec. 19
.....
-
Common (resumed)
Archer-Daniels-Midland
Special
Armstrong Cork Co. (quar.)....——
Artloom Corp., preferred--Asbestos Mfg preferred (quar.)..............
Associated Dry Goods Corp. 6% 1st pref.
6% first preferred
6% first preferred (quar.)..................
Associates Investment Co. (quar.)........--..
-
(quarterly)
(quarterly)—_—
(quarterly)
(quarterly)
Wisconsin Investment Co-Weiboldt Stores, Inc. (quar.)
Extra--
4
Jan.
$2
$2
$4
20c
25c
35c
75c
-
American Envelope Co., 7% pref. A (quar )....
15 Dec.
2 Dec.
2 Dec.
Jan.
—
Class B (quarterly)
Sunstrand Machine Tool
Partic. preferred
Wheeling Steel, $6 preferred
8% preferred (quarterly)
Dec. 19 Dec.
Dec.
20c
Standard Oil (Kentucky)-Extra
Standard Silver Land Mining (quar.)
Sunset-McKee Salesbook Co., cl. A (qu.)
Westinghouse Electric & Mfg
Amer.Elec. Securities Corp., partic. pref. (qu.)American Enka (quarterly)
Dec. 21 Dec.
Dec.
1 Nov. 20
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Dec. 15 Nov. 30
Dec. 21 Dec. 10
20c
Standard Brands (quarterly)
Preferred (quarterly)
-—
Standard Cap & Seal Corp. (special)
12Hc
50c
...
Dec. 15 Dec.
Dec. 15 Dec.
h$ 26.12H Dec. 15 Dec.
2 Dec.
20c Jan.
Dec. 15 Dec.
25c
Smith-Alsop Paint & Varnish Co., 7% pf. (qu.)_
10c
—
American Dock Co_.
25c
5H % cum. conv. preferred——
M. A. Corp. (quar.)
Extra
15c
Extra--Wesson Oil & Snowdrift Co., Inc.
Extra.
Pay. in l-20th sh. Amer. Tob. Co. com. B stk
6% pref. (quar.)--
n%
(quarterly)
Shell Union Oil Corp. common.
cc
S
19
Dec.
Robert's Public Market, Inc. (quar.)
Extra
25c
Wellington Fund (quar.)
-
el%
Republic Steel Corp., 6% preferred—
6% preferred A (quarterly)
Reynolds Spring
Preferred
1
Jan.
Remington-Rand, Inc
Quarterly
19
Jan.
Extra
Preferred
2 Dec.
2 Dec.
Dec. 15 Dec.
Jan.
Share
Waukesha Motor Co. (quar.)
15
1 Dec. 10
Dec. 15 Dec.
1
Dec. 15 Nov. 30
Dec.
1 Nov. 21
Dec.
1 Nov. 21
Powdrell & Alexander Co. (quarterly)
Pratt & Lambert, Inc
Prudential Investors, Inc. (special)
Public Service of N. H., $6 pref. (quar.),
$5 preferred (quarterly)
Public Service or Northern Illinois (special)
Per
Name of Company
Jan.
-
Nov. 28, 1936
Holders
Payable of Record
Dec.
-
Extra
Northern Pipe Line Co
When
Chronicle
$1il
50c
-
...
Extra
37 He
h$ 3
"88
50c
75c
Jan.
1 Nov. 19
1 Dec.
Dec. 21
Dec.
1
Dec.
1
1
Dec.
Dec.
1
1
Feb.
Dec.
Jan.
Jan.
Dec.
Dec.
Nov. 20
Nov.
9
Nov. 14
Jan. 20
1 Nov.
15
15
31
31
29
Dec. 10
Nov. 29
Jan.
Jan.
6
2
2
Dec,
Dec.
15
15
Volume
Financial
143
Atlanta Birm. & Coast
Share
Company
2 Dec. 12
23 Nov. 30
RR. Co., 5% pfd.' (s.-a.)
Coast Line Co. (Conn.)
Coast Line RR. (resumed).
& Ohio Teleg. (quar.)
Refining Co. (quarterly)..
Atlantic
Atlantic
Atlantic
Atlantic
Badger Paint & Hardware Stores, Inc.,
Baker (J. T.) Chemical (resumed).
21 Dec.
Baldwin Rubber Co. (quarterly)
Extra
Baltimore Radio Show, Inc. (quar.)
Extra
1 Nov. 25
1 Nov. 25
(quarterly)
10
2 Dec. 10
2 Dec.
Bangor Hydro-Electric Co. 7% pref. (quar.)
6% preferred (quar.)
Bank of Great Neck (G. N., N. Y.)
Barlow & Seelig Mfg. Co., class A (quar.)
Baton Rouge Electric Co., $6 pref. (quar.)
Bayuk Cigar Co
Special
Extra
Common
12
15 Nov. 27
21 Dec. 10
21 Dec. 10
(special)
Special
...
2 Dec.
Balding Corticelli, Ltd. (quar.)
15
Dec.
15
9.
Preferred
(quar.)
Bellows & Co., Inc., class A (quar.).
Bendix Aviation Corp
Berghoff Brewing Corp. (extra)
Bethlehem Steel, 7% pref. (quar.)..
5% preferred (quarterly)
....
Bigelow-Sanford Carpet Co
Special
Preferred (quar.)
Biltmore Hats, Ltd., 7% preferred (quar.)
Birmingham Water Works, 6% pref. (quar.)—
Blacks tone Valley Gas & Electric Co.6% preferred vsemi-ann.)
18 Nov. 30
12 Nov. 20
15 Dec.
5
2 Dec.
2 Dec.
4
4
1 Nov. 16
1 Nov. 16
1 Nov. 16
15 Nov. 15
1
15 Dec.
Dec.
Dec.
1 Nov. 16
18 Nov. 27a
31 Dec. 24
5
Dec. 15 Dec.
Dec.
Bloomingdale Bros
Dec.
$3 conv. pref. (quar.)...
8% pref. (resumed)
Dec.
1 Nov.
6
15 Nov. 30
Class
Dec.
payable in cl. A stk. at the rate of 2-10
Dec.
— mi
^ —
m
B."payable"in d.
A stk. at the rate of 1-10
Dec.
6% pref (quar.).
Dec.
Dec.
Class B
Bond & Share Trading Corp.,
15 Dec.
15 Dec.
15 Dec.
15 Dec.
1 Nov.
Borden's Co. common (quar.)
Dec.
1 Nov.
Bornot, Inc., $2 class A
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
—....
Boston Storage & Warehouse Co. (quar.).
Boston Wharf Co. (semi-annual)
—....
Brach (E. J.) & Son (quarterly)
Brandywine Corp
Brewer (C.) & Co., Ltd. (monthly).......
Bridgeport Gas Light Co. (quar.).
Bridgeport Machine Co., common. .
Dec.
18 Dec.
Dec. 31
Dec. 21 Nov. 21
Dec.
1 Nov. 14
________
$1
$1H
75c
Briggs& StrattonCorp. (quar.)....
Bristol-Myers Co. (quarterly)
_
.......
.
Dec.
Dec.
Dec.
$2
83
75c
75c
Burroughs Adding Machine Co. (quar.)
Special
Butler Wkter Co., 7% preferred (quar.)
(quar.)....
—
—--—
1 Nov. 13
15 Jan.
Apr. 15 \pr.
Jan.
Jan.
2 Dec.
1
6
2
1
15
Nov. 20
2 Dec.
1
Nov. 30 Nov. 16
15c
Nov. 30 Nov. 16
Dec.
1 Nov. 20
75c
Dec.
$1
$1K
UK
Jan.
40c
Jan.
Feb.
15 Nov. 20
2 Dec. 16
1 Jan. 15
2 Dec.
15
Dec. 22 Dec. 10
Dec.
1 Nov. 15
10 Nov. 19
1 Nov. 14
$1.40
Dec.
c50c
Dec.
50c
15c
Dec.
1 Nov. 14
Dec.
5 Oct.
5 Oct.
60c
$1K
40c
Calamba Sugar Estates
Extra
Jan.
15
10
10
5
13
30c
75c
Dredging Co., Ltd. (interim)
(quar.)..—
14 Dec.
1 Nov.
Nov. 30 Nov.
Dec.
«1H
—
Bunker Hill & Sullivan Mining Co.
Extra
$1
h$ 1
Dec.
Dec.
15 Dec.
30
30
1
Jan.
Jan.
2 Dec. 15
2 Dec. 15
class A
California Ink Co., Inc. (quar.)
Extra
California Packing Co. (quarterly)
Calumet & Heda Consol. Copper Co
—
1 Nov. 19
Dec.
1 Nov. 24
Jan.
2 Dec. 21
25c
-——
Dec.
/i50c
50c
Calaveras Cement Co., 6% pref—
Calif. Art Tile Corp., cumuf. conv.
Dec.
37 He
Dec.
5
16 Dec.
15 Nov. 30
25c
Campbell. Wyant & Cannon Foundry
—
c25c
Dec. 21 Dec.
Nov. 30 Nov.
1
...
7
5
50c
Campe Corp. (quarterly)
Canada & Dominion Sugar Co. (quar.)
—
Extra
Canada Vinegars,
Ltd. (quar.)
;
preferred
Canadian Canners, Ltd. (quar.)
Preferred (quarterly)
Canfield Oil Co., 7% preferred (quar.)
Canada Wire & Cable Co.
Carman &
—-—
Dec.
1 Nov. 16
Dec.
Dec.
1
30c
—
Dec. 21 Dec.
10c
r$l
Extra
Dec.
1 Nov.14
r37Hc
h$2H
r$lH
r$lH
UK
50c
Co., Inc., A
preferred (quar.)
K
Carnation Co., 7%
Carolina Telep. & Teleg. Co. (quar.) —
Carter (Wm.) Co., preferred (quar.)
Carter (J. W.) Co. (extra)
Case (J. I.) Co., resumed
UK
Preferred
(quar.)
Corp. (special)
---—- —
40c
36c
pref. (s.-a.) —
$1.20
Cayuga & Susquehanna RR. Co. (s.-a.)---— UK
Central Arkansas Public Service, 7 % pref. (qu.)
25c
Central Cold Storage Co. (extra)---—J43.60
Central Illinois Securities, preferredCentral Mississippi Valley Electric Property—
6% preferred (quarterly)
Central Ohio Light & Power, $6 pref. (quar.) —
Central & Southwestern Utilities, $7 pref
Catelli Food Products, Ltd., 5%
$6 preferred--Century Ribbon Mills, pref. (quar.)
Chain Store Investment Corp., $6)4 pref
Champion Paper & Fibre Co.—
6% preferred (quarterly)
Chartered Investors, Inc., $5 pref. (quar.)
Chesapeake Corp. (quar.)
1
Dec. 23 Dec.
Jan.
2 Dec.
15
Jan.
1
2 Dec.
15
Dec.
14 Dec.
io
Dec.
15 Nov. 14
Ian.
2 Dec. 20
Dec. 21 Oct. 15
Dec. 15 Dec. 10
Dec. 21 Dec. 21
Dec. 24 Dec. 12
Dec. 24 Dec. 12
Dec. 15 Nov. 15
Nov. 30 Nov. 17
Jan.
2 Dec. 19
Dec.
1 Nov. 16
Dec. 15 Dec.
Dec.
Dec.
15 Nov. 30
3
Dec. 21 Dec.
Dec.
1 Nov. 17
Dec. 26 Dec.
-
Dec.
26 Dec.
Jan.
Extra
31 Jan.
5
10 Nov. 30
1
Nov
14
Dec.
1 Nov. 14
Dec.
7 Nov. 23
Dec.
7 Nov. 23
Dec.
1
Nov. 20
Dec.
4
4
21
19
Nov. 16
-
Nov. 16
Nov. 30
Nov. 23
Nov. 20
Sept. 30
Dec.
19
Nov. 25
Nov. 25
Extra
Cleveland & Pittsburgh Ry. Co., reg.
Special
15
15
1 Nov. 10
1 Nov. 10
Dec.
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec.
1 Nov. 20
Dec. 14 Nov. 20
Chicago Yellow Cab Co. (quarterly)
Chrysler Corp., Common,
Churngold Corp. (quar.)
Cincinnati New Orleans & Texas Pacific, pref-_
guaranteed.
Nov. 10
gtd. )qu.)
Nov. 10
—————
Clinton Trust Co. (quar.)
Extra
Dec.
16
Dec.
16
Cluett, Peabody & Co. (special)
Preferred (quarterly)
Coast Counties Gas & Electric, 6% pref. (quar.)
Coca-Cola Co., common (year-end extra)
Nov. 30
Dec. 21
Nov. 22
Nov. 28
Nov. 28
Common
(quarterly)
Class A (semi-ann.)
Nov. 28
Nov. 28
Coca-Cola international Corp., com. (quar.)
Extra
$16
$3
Nov. 28
Dec.
Dec.
Nov. 28
Nov.
Colgate-Palmolive-Peet (quar.)
Collins & Aikman Corp., common
6
Nov. 19
Nov. 19
Nov. 19
Extra
Preferred (quar.)
Dec.
Special
1
Dec.
Colt's Patent Fire Arms (quar.)
1
Nov. 20
(quarterly)
Nov. 20
Special
Columbus & Xenia RR. Co
Nov. 25
Commercial Credit Co. (quar.)
Extra
Nov. 30
Preferred
Nov. 30
Nov. 30
(quar.)
Dec.
Extra.
of 1935 (quar.)._
Commercial National Bank & Trust (quar.)
Commercial Solvents Corp., common (s.-a.)
Special
Commonwealth Loan, (Indiana), pref. (quar.)_
Compressed Industrial Gases (quar.)
Confederation Life Association iquar.)
Congoleum-Nairn, Inc. (quarterly)
Conv. preference $4H series
5
Dec.
—
5
Dec.
Commercial Investment Trust Corp. (quar.)
5
Dec.
23
Nov. 21
Nov. 21
Nov. 20
Nov. 30
Dec
Dec.
Dec.
Extra
25
1
1
Connecticut Light & Power Co. 6H % pref—
Nov. 14
5H% preferred (quar.)
Nov. 16
Connecticut Power Co. (quar.)
6% pref
Nov. 16
Connecticut River Power
(quar.)
Consolidated Bakeries of Canada (quar.)
Dec. 15
Dec. 15
Extra
1
Consolidated Biscuit (quar.)
Dec.
Consol. Car Heating Co., Inc.
(quar.)
preferred (quar.)
Consol. Diversified Standard Securities—
$2H non-cum. preferred (s.a.)
Consolidated Edison Co. (N. Y.) (quar.)
Nov. 30
Consolidated Cigar,
Nov. 14
25c
90c
Jan.
50c
Consol. Gas, Elec. Lt. & Pow. Co. of Bait, (qu.)-
2 Dec.
15
UK
UK
UK
7% preferred (quarterly)
Consolidated Oil Corp
$5 preferred (quar.)...
Consolidated Paper Co. (quarterly)
.
Extra
Consumers Power Co.. $5 preferred (quar.)
HP
25c
Dec.
Nov. 16
Dec.
Dec.
Nov. 20
Nov. 20
Jan.
Dec.
Jan.
Dec. 15
Dec. 15
Dec. 15
Nov. 14
Dec. 15
118
preferred (quar.)
Dec.
1
Jan.
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
Jan.
-
-- --
Jan.
55c
Continental Assurance (Chicago, 111.) (quar.)__
Continental Casualty (Chicago, 111.) (quar.)
Continental Insurance Co
Jan.
50c
Dec. 31 Dec. 15
Dec.
1 Nov. 16
25c
Nov. 14
Dec. 15
Dec.
e2.59% Dec. 28 Dec.
25c
Dec.
25c
Continental Oil Co. (Del.)-Continental Steel
—
Preferred (quar.)
Cook Paint & Varnish Co. (quar.)
Jan.J
8
15 Nov. 30
1 Dec. 15
15
Jan.
1 Dec.
15c
Dec.
1 Nov. 21
$1
Dec.
30c
Dec.
1 Nov. 21
1
15 Dec.
UK
$4 preferred (quarterly)
Copperweld Steel Co
Quarterly
Extra (payable in form of certificates)
Corrugated Paper Box Ltd., pref. (quar.)
Cosmos. Imperial Mills, 5% pref. (quar.)
Creameries of America. Inc., $3H pref. (qu.)-Oreamery Package Mfg Co
20c
$1
88
Nov. 30 Nov. 15
Dec.
15 Dec.
Dec.
1 Nov. 17
15 Dec. 31
1 Nov. 10
1
10 Dec.
1
10 Dec.
Jan.
Dec.
Dec.
10c
Creole Petroleum Co
Crown Central Petroleum Corp.
(initial)
Crown Cork International Corp., cl. A (quar.)Common (quar.)
Dec.
6c
25c
Jan.
1
15 Nov. 30
Dec. 21 Dec.
1
2 Dec. 10a
7 Nov. 20a
$2H cum. preferred (quar.)
Dec.
Dec.
7 Nov. 20
Dec.
15 Nov. 30a
3a
18 Dec.
2 Dec. 14
561i
Crown Cork & Seal Co., Inc., com. (special)
h$lK
$1H
hUK
-
A & B pref-
Crucible Steel Co., preferred
Crum & Forster Insurance, A and B (quar.)
Cuneo Press, Inc., preferred (quar.)
25c
$1H
hUK
Curtis Publishing Co., preferred
Dec.
Jan.
Dec.
1 Nov. 13
5
Dec. 21 Dec.
Nov. 30 Nov. 20
1
Dec. 15 Dec.
Dec.
50c
Dec.
87 He
Curtiss-Wright Corp., class A (initial)
Cushman's Sons, Inc., 7% preferred
Cutler-Hammer Co. (quar.)
Extra
50c
50c
—
Crown Wilamette Paper, 1st pref
Dec.
25c
Extra
Crown Zellerbach Corp. class
Dec.
15
50c
50c
55c
preferred (monthly)
6.3% preferred (monthly).
6.6% preferred (monthly).
6%
-
Jan.
2 Dec. 15
Dec. 15 Nov. 30
$1
Preferred (quarterly)
Consolidated Glass Ltd. (quarterly),
6%
1
Dec. 15 Dec.
Dec. 15 Nov. 16
Dec. 15 Nov. 16
37 He
Extra
Crown Cork & Seal Co., Inc
Preferred
Catalin
Dec. 21 Dec.
60c
Bullock's, Inc
Bulolo Gold
Dec. 29 Dec.
20c
.............
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred (quar.)
Brooklyn & Queens Transit, pref........
Brooklyn Teleg. <fe Messenger Co. (quar.)
Brooklyn Union Gas Co. (quar.)..—....
Brown Fence & Wire (old).....
New (initial)
Brown Shoe Co., common (quarterly)„.
Buckeye Pipe Line Co...
—
Bucyrus-Erie Co., preferred (quar.)
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
Preferred (quar.)
——
—
Bullard Co
Dec. 31 Nov. 25
Dec. 24 Dec. 20
Dec. 21 Dec.
Preferred (quarterly)
Extra
1
1
1
1
21
14
18
30
Dec. 31 Nov.
Jan.
2 Dec. 10
50c
Jan.
Dec.
Extra
Columbian Carbon Co.
Boni-Ami—
Class A,
(31&SS .A.
2 Dec.
2 Dec.
Jan.
Dec.
Class A (semi-ann.)
Blaw-Knox Co
Bloch Bros. Tobacco, 6% preferred (quar.)
Blue Ridge Corp., opt.
Bolsa Chica Oil Corp.,
UK
$2H
$1H
37Hc
1 Nov. 14
15 Nov. 28
Dec. 15 Nov. 28
Dec. 15 Nov. 28
5% preferred (quar.)
City Auto Stamping
City Auto Stamping Co. (extra)
City Ice & Fuel Co. (quarterly)
Preferred (quarterly)
City of New Castle Water Co., 6% pref. (quar.)
Clark Controller Co. (special)
Clearfield & Mahoning RR. Co. (s.-a.)
Cleveland Hobbing Machine
2 Dec.
B-G Foods, Inc., 7% pref
Dec.
Cincinnati Northern RR. Co. (s.-a.)
Cincinnati Union Terminal Co.—
15 Dec. 31
2 Dec. 15
2 Dec. 12
i
Dec.
————
-
1 Nov. 20
1 Nov. 20
Dec.
40c
Chicago Pneumatic Tool, preferred
Chicago Rivet & Machine (quar.)
Semi-annually-
2
11 Dec. 15
15 Nov. 28
1 Dec. 31
Dec. 21 Nov. 27
Dec. 21 Nov. 27
Dec.
Jan.
$1H
Preferred (quarterly)
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Mail Order Co. (quar.)
1 Dec.
Jan.
Jan.
Dec.
50c
Extra
Payable of Record
75c
1 Nov. 13
15 Nov. 30
15 Nov. 30
Beech Creek KR. Co. (quar.) .a
Beech-Nut Packing Co. (quarterly)
$3$1
$1H
h$ 5H
1
15 Dec.
1 Nov. 16
z\
(quarterly)
14
1 Nov. 14
6% preferred (quar.).
Bangor & Aroostook RR. (quarterly)
---
Chicago Corp., pref
Preferred (quarterly)
Chicago District Electric Generating—
$6 preferred (quarterly)
Clark Equipment Co. (quar.)
-
21 Dec. 14
30 Nov. 20
30 Nov. 20
1 Nov. 14
1 Nov. 14
Special
Preferred
1
15 Nov. 30
15 Dec. 31
Balfour Building, Inc., voting trust ctfs. (qu.)__
-
Extra
30
15 Dec.
pref
Baldwin Co., preferred (quarterly)
Preferred A (quarterly)
Preferred
-
Extra
10 Nov. 30
8 Nov. 27
1 Nov. 16
Extra
Auto Signal Corp. (.initial)
Aztec Land & Cattle, Ltd
$1
-
-
6H% pref. (semi-ann.)
Chesebrough Mfg. Co. (quar.)---
15 Nov. 20
1 Nov. 23
10 Nov. 30
Special
Atlas Corp., preferred (quar.)
Atlas Powder Co. (quarterly)
70c
$2
Chesapeake & Ohio Ry (quar.)
Extra (payable in new pref. ser. A stock)
Extra
23 Nov. 30
2 Dec. 17
15 Nov. 20
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
per
Name of
3415
Chronicle
Dec.
15 Nov. 13
15 Nov. 27
25c
-
Daniels & Fisher Stores 6)4% pref. (quar.)
Dayton Power & Light, preferred (quar.)
Delaware Rayon, A, (increased)
Dentist's Supply Co. of Naw York (quar.)..
Dec.
15 Dec.
1
Jan.
Dec.
2 Dec.
15
1 Nov.
2
7% preferred (quar.)
Denver Union Stockyards, 5H% pref. (quar.)__
Jan.
2 Dec.
2
Deposited Bank Shares of N. Y. (semi-ann.)
Dec.
1 Nov. 16
4
15 Dec.
$1
Dec.
15 Dec.
$1H
$1,125
$1
Dec.
50c
Dec.
Dec.
4
1 Nov. 12
1 Nov. 20
1 Nov. 12
Dec. 11
Dec. 21
Dec. 31
$1K
1 Nov. §5
$1.37 H Dec.
Jan.
2 Nov. 15
e2 H%
'
3416
Financial
Per
Name of Company
Deere & Co.
(quar.)
7% preferred
35c
Mfg. Co. preferred (quar.)_.
SIM
30c
$2
15c
-
Diamond Match (quarterly)
Dictaphone Corp
Preferred (quarterly)
Dixie-Vortex Co. (quar.)
Class A (quarterly)
Dixon (Joseph) Crucible Co
Dr. Pepper Co. old stock (quar.)
Nov. 16
Dec. 18
Nov. 21
Nov. 27
Jan.
Dec.
25c
.
Nov. 15
Nov. 15
Dec
30c
Nov. 27
Dec.
Dec.
Nov
Nov.
Nov.
Dec.
Dec.
Dec.
37Mc
Jan.
62Mc
SI
35c
Jan.
Nov.
Dec.
14
13
Dominguez Oil Fields Co.. extra
Dresser (S. R.) Manufacturing Co., class A__
Class B
du Pont de Nemours (E. I.)__
Debenture (quarterly)
Nov. 16
Dec.
Dec.
Nov. 17
Nov. 17
Nov. 17
Dec.
Nov. 17
Dec.
SIM
Nov.
Dec.
Dec.
Dec.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Jan.
Duquesne Brewing Co. (extra)
Duro-Test Corp. common
Dec.
Extra
Dec.
Nov.
Eastern Shore Pub. Serv. Co.
$6M pref. (qu.)._
$6 preferred (quar.)
Eastern Utilities Assoc., conv. shs. (initial).
East Mahoning RK Co. (semi-annual)
i
Dec.
Dec.
7% preferred (quar.)
Jan.
25c
Jan.
75c
18c
Dec.
75c
Dec.
SIM
25c
Extra
—
.*
k.
50c
75c
43 Mc
15
Dec. 15
Dec.
1
Dec. 31
Dec.
1
SIM
Dec.
15 Dec.
1
25c
Dec.
Hammer mill Paper (quar.)
P
....
6% preferred
25c
jfquar.).
Hancock Oil of Calif. (Dela) A & B (quar.)
Class A & B (extra)..
Hanes (P. H.)
Extra
Class B
12Mc
Knitting (quar.)
(quar.)
Class B (extra)
Hanna (M. A.) Co., preferred
(quar.)
5
5
Nov. 23
Nov. 23
...
i2m
i2m
Wc
Extra
50c
SIM
>i$3M
....
$2
SIM
Extra
$2
1 Nov. 16
7
20 Jan.
1 Nov. 15
Dec.
Dec.
1 Nov. 19
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Hawaii Consol. Ry. Ltd., pref. A (quar.)
Preferred A
Dec.
15 Dec.
h4 0c
Dec.
Hazel-Atlas Glass Co
SIM
Jan.
15 Dec.
5
2 Dec. 10a
15 Dec.
1
20c
Hazel tine Corp. (increased)
Hecla Mining Co
Heyden Chemical Co
18 Nov. 18
Dec.
1 Nov. 28
75c
Hibbard, Spencer, Bartlett & Co, (monthly)
Special
Hiram Walker-Gooderham & Worts (quar.)
Dec.
Dec.
50c
Extra
Preferred
Dec.
1 Nov 28
lu<-
Dec. 24 Dec.
50c
(quar.)
Dec» 24 Dec. 14
Dec.
25c
Hires (Ohns. l.j Co., com. class A (quar.)
Hobart Mfg., class A (quar.)
*
Dec.
50c
Dec.
Dec.
1 Nov. 17
50c
Dec.
1 Nov. 17
2 Nov. 17
Extra
Class B
Dec.
SI
50c Dec.
-
30c
Dec.
29 Dec.
Dec.
19
Dec.
1 Nov. 18
2 Dec.
Ex-Cell-O Aircraft & Tool
Special
Faber, Coe & Gregg, Inc. (quar.)
Fairbanks Morse Co. preferred (quar.)
Fairmont Creamery Co., 6M% pref. (quar.)
Fajardo Sugar (quarterly)
Dec.
Class B (extra)-
& Son (extra)
5c
Extra
7% preferred (quarterly)
SIM
Hoover Ball & Bearing Co
Partic. preferred (quarterly)
Hudson County Gas (s.-a.)
Humble Oil & Refining Co. (quar.)
25c
Extra
25c
Hummel-Ross Fibre (quar.)
Huntington Water Corp., 7% pref. (quar.)
6% preferred (quarterly)
Ideal Financing Assoc., A (quar.)
Dec.
Nov. 30
Nov. 12
Nov. 12
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
21 Dec.
15
Dec.
31 Dec
16
SIM
$2M
Nov, 16
Jan
Jan.
Apr.
Dec.
Dec.
Jan.
Dec.
11 Nov. 27
Dec.
10 Dec.
4
Dec.
28 Dec.
8
50c
Dec.
15 Dec.
5
A & B.
12Mc
Dec.
24 Dec.
14
7% preferred
7 % preferred class A
Firestone Tire & Rubber. preferred (quarterly)..
43 Mc
Dec.
24 Dec.
14
Dec.
24 Dec.
14
$'&
Dec.
1 Nov. 14
SIM
Dec.
1 Nov. 20
SIM
$1
$25
87 Mc
Jan.
2 Dec. 31
Dec.
24
2 Dec.
15
2
Dec. 31
Jah.
(quar.).
7% preferred (quar.)
Dec.
16 Nov. 28
Dec.
1 Nov. 18
Feb.
1 Jan.
15
1
♦JpJL
Dec. 21 Dec.
25c
General Cable Corp., 7% preferred
Dec. 21 Dec.
1
15 Dec.
4
h$7
1 Nov. 22
Mar.
SIM
(quar.)
Dec.
SIM
(quar.)
General Development Co
General Finance Co. (quar.)
Dec.
I1*
Cigar Co., Inc., preferred (quar.)
June
1 Feb. 19
1 May 22
1 Nov. 23
25c Dec. |
Dec. 15 Dec.
10c
General Foods Corp. (extra)
General Gas & Electric Corp. $5 preferred
General Gas & Electric (Del.), $5 prior
ser.
45c
SIM
Dec.
SIM
SIM
10
17 Nov. 27
15 Dec.
7
Dec.
pref.
A (s.-a.)
15 Dec.
7
Nov. 30 Nov. 16
Dec.
Dec.
...
General Theatres
Equipment Corp
Georgia RR. & Banking Co. (quar.)
Dec.
S2M
12 Nov. 19
10 Dec.
1
Jan.
15 Dec.
31
Gleaner Harvester
Corp
Glen Falls Insurance (quar.)
Globe-Wernicke Co. (resumed)
Preferred (quarterly)
40c
SI
60c
Jan.
Dec.
'Jan.
Gas
2 Dec.
15
10 Nov. 25
1 Dec. 20
Dec.
15 Dec.
19
5
I
Nov.
31 Dec.
1
Jan.
2 Dec. 31
Dec.
Dec.
1 Nov. 20
1 Nov. 20
Dec.
15 Dec.
1
Dec.
15 Dec.
1
Dec.
15 Dec.
1
Dec.
Dec.
15 Dec.
15 Dec.
Dec.
15 Dec.
1
2 Dec.
17
1
Dec.
SI .331-3 Jan.
(resumed)
1 Nov. 20
SIM
Dec.
15 Dec.
50c
Dec.
15 Dec.
50c
Dec.
15 Dec.
25c
Dec.
Extra
Iron Fireman Mfg. (quar.).... 1
Ironwood & Bessemer Ry. & Light Co.—
(qu.)_
(quar.)
Special
Jones & Laughlin Steel Corp. preferred
Jar vis (W. B.) Co. v
quarterly)
Special
Kalamazoo Vegetable Parchment Co. (quar.)
Kansas City Southern Ry. pref.
(resumed)
Kansas Oklahoma & Gulf Ry. Co.,
6% pref. A_6% non-cumul. preferred B & C
Kayser (Julius) & Co
Kelley Island Lime & Transport (quar.)
5
Dec.
15
25c
International Shoe Co. (extra)
International Teleg. of Me.
(semi-ann.)
Nov. 14
Nov. 14
15 Dec.
Jan.
1
1 Mar. 15
21 Dec.
60c
7% preferred (quar.)
Jaeger Machine Co. common.:
Dec.
Dec.
1 Nov. 13
17 Dec.
37 Mc
12Mc
Nov. 16
Nov. 20
Nov. 20
M
General American Transportation
Extra
(new) (quar.)
General Investment Corp., $3 pref.
General Motors Corp. (quar.)
Dec.
25c
Freeport Texas Co. (quar.)
Preferred (quar )
International Products Corp., 6% preferred
International Safety Razor class A (quar.)
International Salt Co. (quar.)
Extra
Investment Corp. of Phila. (quar.)
Dec.
Dec.
Apr.
2 Nov. 27
1 Nov.
9
50c
1
87 Mc
$1
25c
Ford Motor of Canada (quar.)
12-1-41 Nov. 27
h$l
S3
/i$3
Special
15 June
Dec.
1 Nov. 13
1 Nov. 13
1 Dec. 12a
Jan.
75c
SIM
Preferred
June
Dec.
Jan.
Dec.
Dec.
Dec.
International Power Security, pref
50c
12Mc
12Mc
SIM
Foote-Burt Co. (increased).
(quar.)
Interstate Natural
Dec.
1 Nov. 16
2 Dec. 31
Dec.
International Petroleum (semi-annual)
1
Dec. 31 Dec. 21
Dec.
1 Nov. 16
Dec.
Nov. 16
15
Dec.
40c
23
25c
Florida Power Corp. 7% pref. A
International Nickel Co
International Ocean Teleg.
Dec.
h$ 3
Extra
Internationa! Harvester (quar.)
Prefered (quar.)
15 Dec.
15c
2 Dec.
SIM
«5%
SIM
62 Mc
SIM
.
Dec.
SIM
15
Jan.
50c
International Business Machine
50c
tan.
1 Nov. 16
2 Dec.
Dec.
-
Quarterly
1 Nov. 16
Dec.
•SIM
S3M
Special
S2M
;.231)6%
Dec.
Jan.
75c
Ingersoll Rand Co
87 Mc
$2
Fisk Rubber Co., preferred
Fitz Simons & Connell Dredge & Dock
Extra
1 Nov. 20
Inland Steel Co
50c
...
1 Nov. 20
h%43 M
SIM
N. J.) (qu.).
1
Dec.
50c
Preferred
Nov. 16
17 Dec.
7
2 Dec.
1
15 Dec. 31
Dec.
1 Nov. 20
Dec. 26 Nov. 25
Dec. 26 Nov. 25
Dec.
Imperial Oil, Ltd. (semi-ann.)
r25c
Special
r37Mc
Indianapolis Water Co. 5% cum. pref. A (qu.)..
SIM
Indian Refining Co., common
Si
Com. div. is pay. in 5-yr. 5% int. bear, notes.
Apr.
Nov. 23
$2
Illinois Water Service Co., 6% pref.
(quar.)
Imperial Life Assurance of Canada (quar.)
50c
1
1 Nov. 10
12 Nov. 21
15 Dec. 31
Dec.
35c
50c
1 Nov. 16
15 Dec.
1
25c
$8 preferred (quarterly)
$2 convertible preferred (quarterly)
Dec.
Nov. 16
Nov. 16
Nov. 16
Nov. 16
2 N6v. 17
15 Nov. 30
1 Nov. 16
SIM
SIM
12Mc
Extra
Dec.
$2M
National Bank (Toms River.
14
Jan.
$4
Dec.
50c
Security Corp. of Ogden(Utah), A & B(s-a)
Series A (semi-annual)
First State Pawners Society (Chic., 111.)
Fishman (M. H.) Co. (quarterly
Jan.
Household Finance Corp., A & B (quar.)
1
50c
First
75c
87Mc
1
SIM
SI H
First National Bank of Chicago (quar.)
First National Bank of Jersey City, quarterly
First National Bank (N. Y.) (quarterly)
Dec.
Dec.
Dec.
30c
Extra
45c
Holding Corp. (Calif.) 6% prer. (qu.)
SIM
(N. Y.) pref. (quar.)
15 Dec.
,8c
com.
Nov.
1 Nov. 10
Nov. 30 Nov. 25
Dec.
1 Nov.. 15
Dec.
1 Nov. 15
25c
Horn & Hardart Co.
15 Dec.
Dec.
Dec.
$4
10 Nov. 30
1 Nov. 20
15
1 Nov. 14
10 Nov. 30
Dec.
10c
Hooven & Allison Co
Dec.
Dec.
Dec.
25c
Hollinger Consol. Gold Mines (monthly)
Dec.
Dec.
Dec.
S3
5c
„
15c
(e)__
1
Dec.
Jan.
Fidelity Fund (special)
Fidelity-Phenix Fire Insurance
Filene's (Win.) & Sons
Finance Co. of Amer. (Bait., Md.),
15 Nov. 20
15 Nov. 20
37Mc
Holt (Henry) & Co., A_.
Honolulu Sugar, Ltd. (monthly)
Jan.
Empire Power Corp., par tic. stock
50c
SO cumulative preferred
SIM
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)
87 Mc
Essex & Hudson Gas Co. (s.-a.)
$4
Essex Co. (semi-annual)
$3
Equitable Office Building Corp
10c
Equity Corp., preferred (quar.)
75c
Erie & Pittsburgh RR., 7% guaranteed (quar.).
87 Mc
Guaranteed betterment, (quar.)
Hoc
Ever Ready Co. (Great Britain), Ltd. (interim) xw
15%
Preference, interim
xwl0%
Federated Dept. Stores
17
85c
Holophane Co., Inc
Jan.
Nov. 30 Nov. 19
Feltman & Curme Shoe Stores, pref. (quar.)
Ferro Enamel Corp. (increased)
5
SI
20c
15 Dec. 31
15 Dec. 31
$1
«
1 Nov. 20
1 Nov. 14
1 Nov. 16
Dec.
Jan.
Dec.
5c
(quar.)
1 Nov. 20
Jan.
Hollander (A.)
Extra
Federal Light & Traction, pref.
1 Nov. 20
1 Nov. 20
Dec.
Dec.
Nov. 23
10c
Quarterly.
7
1 Nov. 15
1 Nov. 15
Dec.
15 Nov. 14
15 Nov. 14
15 Dec. 31
50c
Extra
Nov.
Dec.
Dec.
Dec.
Dec.
25c
$5 pref, (quar.)..
1
16
Dec.
Nov. 24
20
Empire Capital Corp. A (quar.)
Fansteel Metallurgical Corp.
Dec.
Dec.
(special)
40c
Farmers & Traders Life Insurance (quar.)
Extra
Nov. 30
Nov. 16
Nov. 23
Nov. 20
Jan.
2 Dec. 15
Dec.
Nov. 20
Nov. 30 Nov. 19
20c
...
Dec.
Ely & Walker Dry Goods (quarterly)
Emerson Drug Co. preferred (quar.)
Empire & Bay State Teleg. 4% gtd. (quar.)
Famise Corp. (increased)
10 Nov. 20
15 Nov. 30
Dec.
Dec.
SIM
SIM
SIM
$6 preferred B (quarterly)
Preferred
Dec.
Dec.
Hackensack Water Co. (semi-annual)
Preferred A (quar.)
20
Nov.
Dec.
Nov. 20
Dec.
30c
El Paso Electric (Texas), $6 pref. (quar.)
El Paso Natural Gas (initial, quar.)
Preferred
50c
.»
Utilities $6 preferred (quar.)
S5M preferred (quar.).
Gurd (Chas.) & Co. (special)
Gulf States
Dec.
Dec. 21 Dec. 10
10 Nov. 20
Dec.
40c
-
General
25c
SIM
Electrolux Corp. (quar.)
Extra
El Paso Electric (Del.), 7% pref. (quar.)
First
Special
20c
1 Nov. 16
5 Nov. 20a
Nov. 24
21 Nov. 10
Dec.
Dec.
12c
„
(quar.)
new
Nov. 20
Dec.
Dec.
60c
e3%
Electrographic Corp. (quar.)
First
Extra
Nov. 20
Nov. 20
Dec.
Dec.
5c
(quarterly)
25c
Dec.
Dec.
15c
40c
40c
Electric Boat Co
Preferred
Nov. 20
"ii8
1st preferred (quarterly)
Great Western Paper (quar.)
Dec.
40c
10 Nov. 20
Jan.
2 Dec.
5
Dec. 15 Nov. 30
Dec. 20 Dec. 10
Dec. 10
Dec.
2 Nov. 28
SIM
Electric & Musical Industries (Am. shares)
Electric Products Corp—
Electric Shareholding Corp.—
Pref. stock div. of 44-1000 sh. of com. or cash.
1 Nov. 10
Dec.
Hamilton Watch Co. 6% preferred
Preferred
Dec.
Curb
Dec.
25c
Hale Bros. Stores (quar.).:
Nov. 20
Nov. 20
Dec. 17
Dec.
5
Dec.
5
Dec.
SIM
To be distributed after listing on
El Dorado Oil Works (quarterly)
25c
Preferred (quarterly)
Hart-Carter, preferred
Hathaway Mfg. Co. (quar.)
Hawaiian Traction Co. (quar.)
Special
,,—
Grand Union Co. preferred
Great Atlantic & Pacific Tea Co. (extra).
Preferred (quarterly).
Doc.
Dec.
1
Dec. 21 Dec. 10
Nov. 30 Nov. 18
12 Mc
Harbison-Walker Refractories Co. (quar.)
Extra
Preferred (quarterly)
Edison Bros., Stores, Inc., (quar.)
Eisler Electric Corp. (resumed)
Special
Nov. 10
Nov. 23
Jan.
10
Dec.
Dec." 15
25c
Dec.
$1.44
Dec.
_
25e
Grand Rapids Varnish Co. (quar.)
Dec.
SIM
SIM
6%„preferred (quar.)
$1
SI
common
Halle Bros. Stores
1
East St. Louis & Interurban Water Co.—-
East Tennessee Teleg. Co. (s.-a.)
Eastman Kodak Co. (quarterly)
Mfg. Bo.
Nov. 20
Dec.
Dec. 10 Nov. 20
Dec. 10 Nov. 30
Jan.
2 Dec. 31
14
Nov. 14
Dec.
1
Dec.
1
Nov. 14
Nov. 10
Dec.
Eddy Paper Corp
40c
60c
Gold & Stock Teleg. (quar.)
Gorham
Holders
Payable of Record
14
20
Nov. 25
Jan.
8
Dec.
•T
$1M
Gulf Oil Co
50c
87 He
ft50c
Dolphin Paint & Varnish $2 class A
7% pref. (qu.)
Goodrich (B. F.) Co., $5 cum. preferred
Greyhound Corp.,
She
Doehler Die Casting Co
7 % preferred (quar.)
Globe Democratic Publishing Co.
10
10
61 he,
(quar.)
(extra)
Extra
Share
Golden Cycle Corp
13
S2.45
New initial
New
Nov. 30
Nov. 25
Dec.
Dec.
20c
-
of Company
1936
28,
When
Per
Name
Extra
Doc.
Dexter Co. (quar.)
Extra
Nov. 14
Nov. 14
Dec.
Detroit Hillsdale & South Western RR
Detroit Motorbus Co. (liquidating)
Detroit Paper Products Corp. (quar.)
Extra
Dec.
Jan.
Dec.
Dec.
Nov.
Holders
Payable of Record
Dec.
fc$l
Delaware Rayon Corp. 7% pref. (quar.)
Derby Oil & Refining Corp., $4 preferred
Detroit City Gas Co., 6% pref. (quar.)
Detroit Gasket &
When
Share
Chronicle
SIM
-
Dec.
25c
Common
Jantzen Knitting Mills, 5%
pref. (initial
Jewel Tea Co., Inc., common
Dec.
«10%
SIM
$1
Dec.
Dec.
1
Nov
la
la
1
1
5
1 Nov. 14
15 Nov. 20
15 Nov. 20
1 Nov. 25
Dec.
21 Dec.
2$
Dec.
21 Dec.
hSlM
37 Mc
SIM
Dec.
15 Nov. 30
15c
Dec.
SI
S3
S3
c50c
25c
Extra
Dec.
Dec.
1
7
7
Nov. 14
Dec.
15 Dec.
1
31 Dec. 21
3 Nov. 21
1 Nov. 25
Dec.
1 Nov. 25
Dec.
Nov. 30 Nov. 10
Dec. 15 Dec.
1
25c
Dec.
15 Dec.
1
Kelsey-Hayes Wheel Co., A & B (initial)
SIM
Dec.
21 Dec.
11
Kendall Co.
SIM
Dec.
cum.
partic. pref. (quar.)
Kennecott Copper (increased)
Kentucky Securities Co
85c
SI-60
Kimberly-Clark Corp. (quarterly)
Dec.
Dec.
1 Nov. 10a
22 Nov. 27
15 Nov. 30
25c
Preferred
(quarterly)
Special)..
Kingston Products Corp. (quar.)
Preferred (quarterly)
Kirkland Lake Gold Mining
Klein (D. Emil) Co. (quar.)
Preferred (quar.)
Kobacker Stores Co., preferred (quar.)
...
Jan.
2 Dec.
12
SIM
Jan.
25c
Dec.
10c
Dec.
2 Dec.
23 Dec.
15 Dec.
12
*
SIM
Dec.
1 Nov. 17
3c
Dec.
1 Nov. 12
25c
SIM
Dec.
Feb.
SI H
Dtc.
24 Dec.
1 Jan.
1 Nov.
3
1
14
20
14
Volume
Financial
143"
Per
Name of Company
Share
Nov.
Nov. 25
Jan.
Dec.
12
25c
Jan.
Dec.
11
Dec.
1
50c
Koppers Gas & Coke, preferred (quar.)
Kresge (S. S.) Co. (quar.)
Preferred (quar.)
Kroehler Mfg. Co., class A preferred (quar.)--Kroger Grocery & Baking Co. (quar.)
__
;
Dec.
Dec.
Dec. 23
Dec.
Nov. 10
Dec.
Nov. 10
Dec.
21
20
Mutual Chemical Co
De&
Lake Shore Mines, Ltd. (quar.)
Nov. 14
Nov. 14
Dec.
1
Nov. 14
Dec.
6% prefeerred (quar.)
& Clark (quarterly)..
preferred (quar.)
Lanston Monotype Machine Co. (quar.)..
Lawson (F. H.) Co., preferred B (quar.)
Preferred BB (quarterly)..
Layton Oil, 8.4% pref. (mo.).
Leath & Co., preferred (quarterly)
Lehigh Coal & Nav. Co. isemi~ann.)__
Lehn & Fink Products Corp. common
Le Tourneau, Inc. (quar.)
1
Dec.
Dec.
Landers. Prary
Dec.
Dec.
Bonus
Lake Superior District Power Co. 7% pf. (qu.)_
Nov. 14
Jan.
Dec.
,
I)eo
5
Nov.
Dec.
Nov. 20
Dec.
10
45c
Dec.
Dec.
10
70c
Dec.
Nov. 16
62Hc
Dec.
Dec.
10
Nov.
Dec.
Oct.
21
Nov. 14
Dec.
Nov. 16
•
15c
87 He
25c
Extra
Dec.
Quarterly
Quarterly.
Quarterly
Quarterly
Libbey-Owens-Ford Glass Co
:
Libby, McNeill & Libby, com.—Div. is opt
1 sh. of com. for each $10 of divs. due...
Preferred (semi-ann.)
Life Insurance Co. of Va. (quar.).
Liggett 8c Myers Tobacco, com. & com. B (qu.).
Extra
Class B (extra)
Preferred (quar.)
Lily-Tulip Cup Corp. (quar.)
;L
Lincoln Printing Co. (increased)
Lincoln Stores (quarterly)
Preferred (quarterly)
Link Belt Co. (quarterly)...
Nov. 16
15
25c
Mar.
Feb.
25c
June
25c
Sept.
May 15
Aug. 15
25c
Decl
Nov. 15
Dec.
Nov. 30
SI H
$1
3%
75c
Dec.
Nov. 27
Dec.
Nov. 27
Dec.
Dec.
$1
$2
$2
$m
37 He
Dec.
Nov. 16
Dec.
Dec.
4
3
Dec.
Dec.
Jan.
Dec.
3
10
Dec.
Dec.
1
10
50c
Dec.
Dec.
25c
Dec.
Nov. 23
SI H
Dec.
Nov. 23
30c
Dec.
Nov. 16
Dec.
Nov. 16
15c
Extra
Jan.
Dec.
50c
Dec.
Nov. 25
SI.10
Dec.
Nov. 25
Dec.
Nov. 12
SlH
(quar.)..
Little Miami KK., special guaranteed (quarterly)
Original capital
L
Loblaw Groceterias Co., Ltd., A & B (quar.) —
r25c
15
Jan.
Dec.
31
50c
Dec.
Dec.
11
$1
$2
Lock-Joint Pipe Co. 8% preferred (quar.)
Loew's, Inc. (quar.)
Dec.
Dec.
50c
Dec.
Dec.
11
11
75c
Dec.
Dec.
11
20c
$1 H
Dec.
Nov. 25
Extra
Lone Star Cement Corp. (quar.)
Extra
Lone Star Gas
5% preferred (quar.)..
Lord & Taylor
(quarterly)
1st preferred (quar.)
Lorillard (P.) & Co. (quar.)
S2H
S1H
—
Jan.
nee.
l»a
Jan.
Dec.
17
Extra
Preferred (quar.)
Nov. 17
Dec.
Dec.
1
30c
-
Dec.
30c
—
Dec.
Dec.
1
Dec.
Dec.
1
SlH
37Hc
Dec.
Nov. 20
Louisville & Nashville RR. Co. (extra)
Dec.
Nov. 30
Louisiana Land & Exploration Co. (quar.)
Dec.
Dec.
la
la
Louisville Gas & Elec. Co.
(Del.), cl. A & B (qu.)
10c
Dec.
Dec.
S1H
Dec.
Nov. 19
S3
Dec.
Nov. 19
25c
Dec.
Dec.
SlH
Jan.
Dec. 21
Jan.
Dec.
Dec.
Nov. 25
Dec.
Nov.
Nov.
Nov. 13
•
Extra
Ludlow Mfg. Assoc.
(quarterly)
Extra
Ludlum Steel Co., extra
Lunkenheimer Co., preferred
(quarterly)..—
Lynchburg & Abingdon Teleg. (semi-ann.)
Macfadden Publications, Inc., preferred
50c
15c
Macy, R. H. & Co. (quarterly)
Madison Square Garden (quar.)
Magna Copper Co. (year end dividend)
Manhattan
15
6
Nov. 30
Dec.
Nov. 10
50c
Dec.
Dec.
1
SlH
Jan.
Dec.
20
50c
40c
Jan.
Dec.
15
SI
(resumed)
7% preferred (quarterly)
Mapes Consol. Mfg. Co. (quar.)
Marsh (M.) & Sons, Inc. (quar.)_
Mar-Tex Oil Co., common (initial)
Class A (initial)
Masonite Corp. (new) (quar.)
Jan.
Dec.
15
5c
Dec.
Dec.
1
5c
Dec.
Dec.
1
Dec.
1
Dec.
1
Dec.
25c
Dec.
25c
83 l-3c Dec.
Extra
5% preferred (new)
May Dept. Stores (quarterly)-.1
Mayer (Oscar) & Co., Inc., 8% 2d
8% 2d preferred (extra).
Dec.
25c
Shirt
Manischewitz (B) & Co.
Nov. 20
Dec.
Nov. 16
Dec.
Nov. 23
75c
pref. (quar.)_
$2
25c
Dec.
Nov. 23
25c
Dec.
1 Nov. 23
25c
Common (resumed)
May Hosiery Mills, A (initial)
Preferred (quar.)
McCahan Sugar Refining & Molasses Co.—
Preferred (quarterly)
- —
McClatchy Newspapers, 7% pref. (quar.) —
McColl Frontenac Oil Co. (quarterly)
Dec.
1 Nov. 23
Dec.
1 Nov. 23
SI
SlH
43Hc
1 Nov. 18
Nov. 30 Nov. 30
Dec. 15 Nov. 14
50c
Dec.
—
-
2
SI
Dec.
4c
Dec.
8 Nov. 25
15 Nov. 30
Dec.
15 Dec.
1
2Hc
Dec.
1 Nov. 19
50c
Dec.
1 Nov. 20
Dec.
Dec.
1 Nov. 20
Dec.
1 Nov. 15
'I®
$4H
SlH
20c
20c
SlH
Quarterly
1 Nov.
75c
30c
Memphis Natural Gas Co
Preferred (quar.)
Merck & Co., lnc
Extra
Dec.
20c
Mclntyre Porcupine Mines (quarterly)
McKeesport Tin Plate
McKenzie Red Lake Gold Mines, Ltd
McKesson & Robbins, Inc., pref. (quar.)
McKinley Mines Securities Co
McWilliams Dredging Co. (quar.)
Special
Mead Corp., preferred (quarterly)
Pref. stock div. of 1 share of com. plus cash of
Metal Textile Corp.
7
Dec.
Jan.
1 Nov. 15
19 Dec.
1
1 Dec.
19
15 Dec.
4
Dec.
Dec.
4
15 Dec.
2 Dec. 22
Jan.
81Hc
preferred (quar.)
Dec.
1 Nov. 20
1 Nov. 20
10 Nov. 20
SI
Dec.
40c
Dec.
75c
75c
Dec.
1 Nov.
Dec.
1 Nov. 25
SI
Dec.
1 Nov. 20
iir:
1 Nov. 19
Missouri Utilities Co., 7 % pref. (quar.)
Dec.
Dec.
Mock, Judson, Yoehringer, 7% pref. (quar.) —
SlH
Dec.
8c
Dec.
$2
Jan.
1 Nov. 21
22 Dec. 15
2 Nov. 23
2 Dec.
1
15c
Dec.
12 Dec.
25c
Dec.
Meteor Motor Car Co
Michigan Steel Tube Products
Mid-Continent
Petroleum
—
Middlesex Water Co., (quar.)
Mid-West Rubber Reclaiming Co., $4
Mississippi Valley Pub. Serv. Co.,
Monroe Loan Society (guar.)
Mobile & Birmingham RR., 4%
pref
7% pref. (qu.)
gtd. (s.-a.)
Mock, Judson, Voenrmger
Monsanto Chemical Co,
(quarterly)
SlH
Special
25c
Montgomery (H. A.) Co. (quar.)
Quarterly
Quarterly
Moore (Wm. R.) Dry Goods (quar.)
Morris Financing Co. (quarterly)
Class A (extra)
Class B (quarterly)
Class B
25c
25c
--—
SI
(extra)
June 30 June 15
Jan.
2
2 Jan.
Dec. 31 Dec.
15
15
31 Dec.
Dec. 31 Dec.
15
Dec.
31 Dec.
15
Fuel
Supply
Mullins Mfg. Corp. class A
Preferred
(quarterly)
& B (special)
15
2 Dec.
15
Jan.
2 Dec.
15
40c
Dec.
10 Nov. 20
lc
Dec.
Dec.
1 Nov. 24
lc
Co. (qu.)
Extra
2 Dec.
Jan.
1 Nov. 24
25c
—,— -
Jan.
S2H
pref. (semi-ann.)
1 Nov
25c
Special
Dec.
25c
Motor Wheel Corn, (quar.)
Mt. Diablo Oil Mining & Development
Dec.
Si
Morristown Securities Corp., common
Mountain
15 Nov. 25
15 Nov. 25
Dec. 24 Dec. 14
Mar. 31 Mar. 15
Dec.
SlH
Morris Plan Insurance Society (quar.)
cum.
1
Dec. 31 Dec.
50c
7% preferred (quarterly)
$5
SlH
$2' '
2
Dec.
1 Nov. 14
50c
Dec.
21 Nov. 28
SlH
Dec.
i' Nov. 14
15
26
15 Dec.
Dec.
1 Nov. 20
23 Dec. 12
15 Dec.
5
DeCi
1
50c
19 Nov. 13
Dec.
Dec.
19 Nov. 13
15 Dec.
5
SlH
Dec.
1 Nov. 16
28 Dec. 17
25c
Dec.
15 Dec.
$1
$1.10
Dec.
SlH
of Am. 6% pref. (quar.)_
National Biscuit Co
Preferred (quarterly)
40c
...
SlH
S3
$2H
National Bond & Share Corp. (special)
National Can Co. (special
National Cash Register Co
:
National Casualty Co. (quarterly)
National Casualty Co.
Dec.
Dec.
65c
-
Nachman-Spring-Filled Corp
National Aviation Corp. (resumed)
National Bearing Metals Corp. (extra)-
Dec.
1 Nov. 24
Dec.
Dec.
15 Nov. 30
15 Nov. 30
Dec.
15 Nov. 30
Dec.
15 Nov. 28
20c
(Detroit) (quar.)
30c
SlH
h$lH
SlH
(quar.)
25c
5% 2nd preferred (quarterly)
National Lead preferred A (quar.)
Jan.
2 Dec.
15
12
Dec. 22 Dec.
12
Dec.
Dec.
15c
15c
National Power & Light Co
(quar.)
National Pressure Cooker Co. (quar.)
Dec.
$1
$1
$2
National Oil Products Co. (extra)
Dec.
40c
National Life & Accident Insurance Co. (Tenn.)
National Malleable & Steel Casting
National Oats Co. (special)
Dec.
Dec.
Dec.
Dec.
20c
National Transit
Dec.
50c
35c
Extra
National Sugar Refining Co. of N. J
Jan.
Dec.
-
Dec.
37Hc
(quar.)
-
Dec.
Dec.
25c
7% preferred (quar.)
(quar.)
SlH
SlH
50c
Nebraska Power Co. 6% pref.
2 Nov. 28
22 Dec.
Jan.
SlH
Neisner Bros,
Extra
1
1
15 Dec.
1 Nov. 18
Dec. 15 Nov. 13
Nov. 30 Nov. 13
Dec. 15 Nov. 30
Dec.
50c
A & B preferred (quarterly) —
National Grocery Co., Ltd., preferred
National Gypsum Co., 7% 1st pref.
Dec.
20c
—
National Dairy Products
Dec.
Dec.
15 Nov. 27
1 Nov. 20
15 Nov. 28
1 Nov. 20
18 Dec. 10
1 Oct. 26
1 Nov. 15
1 Nov. 15
2 Dec.
1
15 Nov. 30
1 Nov. 16
1 Nov. 16
15 Nov. 30
15 Nov. 30
Nov. 13
Dec.
21 Dec.
10
Dec. 21 Dec.
10
SlH
5% preferred A (quar.)
New England Gas & Electric Assoc.,
New England Telep. & Telegraph
50c
pref
$2
Dec.
1 Nov. 14
Dec.
15 Nov. 30
15 Dec. 10
SlH
Dec.
Dec.
1 Nov. 12
1
15 Dec.
2 Dec. 31
75c
50c
Special, option of l-20th share of stock or cash
Mines
Norfolk & Western Ry. Co. (quar.)
North American Edison Co., pref.
North Canada Mining Corp., Ltd
.
(quar.)..
Dec. 21 Nov. 30
Dec. 21 Nov. 30
Dec. 22 Dec.
1
$2
Dec.
Dec.
—
Dec.
;
19 Nov. 30
1 Nov. 16
1 Nov. 20
15c
Dec.
16 Dec.
SlH
Dec.
20c
North Central Texas Oil (special)
North Oklahoma Gas Co., 6% pref. (quar.)
North River Insuronce (quar.)
Northern Canada Mining Corp.,
Jan.
SlH
SlH
Co. (semi-ann.)
Noranda
Dec.
1 Nov
15
10 Nov. 27
2c
Ltd
35c
Pipe Line Co
Northern RR. Co. of N. J., 4% gtd. (quar.)
Northland Greyhound Lines, Inc., S6H PL (Qh.)
SI
SlH
SlH
(quar.).
/i87Hc
7% preferred
SlH
6% preferred (quarterly)
/i75c
6% preferred
SlH
Northwestern Teleg Co. (semi-ann.)
SI
Northwestern Water & Electric, S4 pref. (qu.)_.
Nova Scotia Lt. & Pow. Co., 6% pref. (qu.)
SlH
SlH
Ogilvie Flour Mills, preferred (quar.)
Northwestern Public Service, 7% pref.
35c
Ohio Oil Co
SlH
SlH
(quarterly)
2
Dec.
1 Nov. 20
Jan.
2 Dec.
Dec.
1
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
11
Nov. 20
Dec. 21 Dec.
11
1 Nov. 21
1 Nov. 21
1 Nov. 21
1 Nov. 21
2 Dec. 15
1 Nov. 10
1
Nov. 14
1
Nov. 20
Dec.
15 Nov. 14
Dec.
15 Nov. 30
1
Oct. 31
Nov. 14
Dec.
1
Nov. 14
41 2-3 c
Dec.
1
Nov. 14
50c
Dec.
1
Nov. 16
SlH
Dec.
58 l-3c
6% preferred (monthly)
5% preferred (monthly)
Ohio Water Service Co., class A
pref. (quar.)
Oklahoma Gas & Electric, 6%
Dec.
50c
Ohio Power Co., preferred (quarterly)
Ohio Public Service Co., 7% pref. (mo.)
7% preferred (quarterly)
Old Dominion Co., irregular dividend
—
SlH
Dec.
1
15 Nov. 30
Dec. 15 Nov. 30
10 Nov.
10 Jan.
1 Nov.
2 Dec.
50c
Irregular dividend
Olympic Forest Products Co., $8 preferredOmnibus Corp., preferred (quar.)
Oneida, Ltd. (quarterly)
7% preferred (quarterly)
Ontario Manufacturing (extra)
Ontario & Quebec Ry. deb. stock (semi-ann.)—
Ontario Silknit, Ltd., 7% pref. (quar.)
Ontario Steel Products, preferred
Oshkosh Overall Co. (quar.)
Preferred (quar.)
Dec.
25c
Feb.
$2
$2
Dec.
Jan.
12Hc
Dec.
15
15 Nov. 30
43 He
2.jc
Dec.
15 Nov. 30
Nov. 30 Nov. 20
Dec.
Dec.
Dec.
18 Oct.
10c
Dec.
50c
Dec.
Dec.
1
1
1
2
1
31
Nov. 20
21 Nov. 30
Dec. 21
Nov. 30
Dec.
10 Pec.
Dec.
15
50c
Jan.
$2
(quarterly)
Pacific & Atlantic Teleg. Co. (s.-a.)
20
Nov. 20
2oc
Outlet Co., common (special)
26
15 Dec.
h$2
SlH
(quar.)
25
Nov.
2H%
r$lH
15c
Otis Elevator Co
Ozark Corp.
Dec. 24 Nov. 30
Dec. 21 Dec. 14
Dec.
50c
New York Air Brake..
New York Air Brake
Preferred
Nov. 16
lc
Newport Industries (resumed)
Preferred
1
S2
(year end dividend) —
New York & Mutual Teleg.
Noblitt Sparks
Dec.
60c
New Mexico & Arizona Land Co
Newmont Mining Corp.
1
1 Nov. 13
60c
—
Extra.
Nov. 13
Dec.
Dec.
40c
Class B
7% preferred (quarterly)
Newberry (J. J.) Co., (quar.)
1
25c
SlH
New Bedford Cordage
Northern
Dec.
25c
—
Extra.
Jan,
Dec.
Holders
When
Payable of Record
25c
Murray Corp. of America (resumed)
Muskegon Piston Ring Co. (quar.)
Dec.
2
$2
50c
75c
Extra
Muskogee Co., common
6% cumul.pref. (quar.)
Dec.
Loose- v\ ties Hiscult Co..
Muncie Water Works Co., 8% pref. (quar.)
Murphy (G. O.) Co. (quar.)-
Feb.
.....
Preferred
Preferred
Per
Share
Name of Company
Jan.
.
6% preferred (quarterly)
7% preferred (quarterly)
Krueger (G.) Brewing Co. (quar.)
Lake of the Woods Milling, preferred
Land!* Machine Co
3417
Holders
Payable of Record
$1H
Koloa Sugar, Ltd. (mo.)
Extra
When
Chronicle
1
Nov. 30
2 Dec.
15
25c
Pacific Mills Co. (resumed)
Pacific Public Service, 1st preferred
10
Dec.
A$1H
20c
Packard Motor Car Co. (increased)
40c
Parker Pen Co. (increased)
Paraffine Co., Inc.
10
Dec. 24 Dec.
AS 6
(quarterly)
Extra
Dec. 24 Dec.
25c
Pacific Can Co
Pacific Lumber Co
.
(quar.)
-
50c
50c
Extra
SI
Preferred (quar.)
Parker Rust-Proof Co
Extra
37 He
82 He
Dec. 23 Dec.
Dec. 23 Dec.
Jan.
7
7
15 Dec. 31
--
(David) Grocery, class A (quar.)
Ltd. (quar.)
Peninsular Telephone (quarterly)——
7% preferred (quarterly)
Penick & Ford Co.,
Nov. 10
1
Nov. 10
Dec.
1 Nov. 10
Dec.
1
Dec.
1 Nov. 20
25c
Pender
1
S2H
Electric (s.-a.).
Co. (quarterly)
Dec.
Dec.
25c
Patterson & Passaic Gas &
Dec.
i Nov. 25
25c
Dec.
87 He
75c
Dec.
Dec.
25c
Jan.
SI .75
Feb.
25c
Pennroad Corp
$7 pref. (quar.)
Pennsylvania RR
Pennsylvania Gas & Electric Corp., cl. A (quar.)
7 % & $7 preferred (quarterly)
Pennsylvania Power Co., $6 pref. (quar.)
$6.60 preferred (monthly).
Pennsylvania Salt Mfg. Co. (quar.)
Penn State Water Corp.,
2
Dec. 10 Nov. 27
Dec. 15 Dec.
1
Dec. 15 Nov. 10
Dec.
1 Nov. 14
3H%
,
Preferred (semi-annual)
Parker-Wolverine Co
Patterson Sargent
Extra
16 Dec.
Dec.
SlH
Dec.
SI
Nov. 14
1
Nov. 25
1
Nov. 20
15 Dec.
1
Dec.
15
15 Feb.
5
1
1 Oct. 23
1 Nov. 20
Dec. 21 Nov. 23
Nov. 20
37Hc
SlH
Dec.
1
Jan.
2 Dec.
SlH
Dec.
1
Nov. 20
55c
Dec.
1
Nov. 20
21
SI
S2H
Dec.
15 Nov. 30
Dec.
15 Nov. 30
SlH
Pennsylvania State Water Corp., $7 pref. (quar.)
25c
Peoples Drug Stores, Inc. (quar.)
SlH
6H % preferred (quarterly)
SlH
Peoples Teleph.Co. (Butler. Pa.)—6% pf.(qu.)
AS13H
Peoples Water & Gas Co., $6 preferred---h$20
Pere Marquette Ry., prior preferred---50c
Perfect Circle Co. (quarterly)
25c
Pet Milk Co. (quarterly)
Dec.
Dec. 21 Dec.
1
25c
Dec. 21 Dec.
1
75c
Dec.
19
SI
Dec.
10
SlH
Deo.
1
Extra
Extra
Peter Paul, Inc.
Extra
Pfauder Co.,
(quarterly)
preferred (quar.)
Jan.
Dec.
1 Nov. 20
2 Dec.
8
15 Dec.
1
Dec.
1 Nov. 20
Dec.
1 Nov. 20
Dec.
17 Nov. 28
15 Nov. 25
Dec.
Nov. 20
1
Financial
3418
Per
Name of Company
Share
Phelps Dodge Corp
Special
Philadelphia Suburban Water Co. pref. (qu.) —
Phillips Petroleum Co
Phoenix Finance Corp., preferred (quarterly)
Phoenix Hosiery Co., preferred
Pills bury Flour Mills (quar.)
_
Pioneer Gold Mines of British Columbia
(special)
Plymouth Oil Go
Per
Dec.
Nov. 24
$1H
50c
Jan.
87 He
Dec.
40c
Dec.
Jan.
3%
$1X
$1H
Dec.
Jan.
Dec.
Dec.
5
2
Dec.
—
21
15 Dec.
Extra
Sunshine
16 Dec.
16 Dec.
5
5
12 Dec. 21a
15
14 Dec.
31 Dec.
31 Dec.
19
31 Dec. 19
11 Nov. 27
24 Dec.
9
25c
15c
1 Nov. 15
h $1.36*4
25c
15 Dec.
5
6% preferred O & D (quar.)
5% preferred E ^initial, quar.)
7% preferred B (quarterly;
Holland Paper Co. 6% pref. (quar.)
Roxborough Knitting Mills, pref. (quar.)
1
Royalite Oil Co., Ltd
fe usseks Fifth Ave.
Special
1-50 share for each common share
6% preferred (quar.)
7% preferred (quar.)......
St. Louis Bridge Co. 1st pref. (semi-ann.)
^ 2d preferred (semi-annual)
3% 2nd preferred (semi-annual)
St. Louis Rocky Mt. & Pacific, preferred
San Francisco Remedial Loan Assoc. (quar.)
San Joaquin Ligh & Power, pr. pref. (quar.)..
Prior preferred A (quar.)
............
Preferred A
15 Dec.
15 Dec.
75c
Nov. 18
75c
15 Nov. 18
1 Nov. 14
50c
1 Nov. 14
15
1
16
Dec.
Dec.
Dec.
15
15 Nov. 30
15 Nov. 30
Dec.
15 Nov. 30
15 Nov. 30
Jan.
72 Dec.
2 Dec.
10
2 Dec.
10
2 Dec.
10
Preferred
(quar.).
Twin Disc Clutch (quar.).
208 S. La Salle Street Bldg. Corp. (Chicago)
10
Dec.
Quarterly
Underwood Elliott Fisher Co. (quar.).....
.
1 Nov. 20
Union Tank Car Co.
United Aircraft Corp
15 Nov. 30
1
6
6
24 Dec.
Dec.
Dec.
Jan.
2 Dec.
lw
.
Preferred (quarterly)
Dec.
1
Dec.
Dec.
1
Dec.
Nov. 20
Dec.
Nov. 14
Shattuck (Frank G.) (quarterly)
Extra
Dec.
Shenango Valley Water Co., 6% pref. (quar.)..
Nov.
Nov. 14
Siscoe Gold Mine, Ltd. (quar.)
Dec.
Skelly Oil Co., 6% preferred
6% preferred (quar.)
Dec.
Jan.
Socony-Vacuum Oil Co., Inc. (special)
Somerset, Union & Middlesex Lighting Co
Sonotone Corp., preferred (quarterly)
South American Gold & Platinum Co
South Carolina Power Co., $6 pref. (quar.)
Dec.
Nov. 18a
Dec.
Nov. 14
5
Jan.
Dec.
Dec.
Nov. 15
Jan.
Dec.
10
15
i
19
5
Jan.
Dec.
Dec.
Dec.
Nov. 23
Dec.
Nov. 20
Dec.
Nov. 16
Dec.
Dec.
Dec.
Feb.
Jan.
la
Nov. 16
15
50c
Dec.
Dec.
Dec.
Dec.
Dec.
10
25c
Dec.
10
25c
Jan.
Dec.
11a
$154
10
Jan.
Dec.
11
15c
Dec.
Dec.
4
$154
Dec.
90c
Dec.
Nov. 13
Dec.
1
United States Graphite Co.,
(extra)
United States Gypsum Co. (quar.)
Extra
United States & International Security 1st pref..
United 8tates National Corp. (liquidating)
United States Pipe & Foundry Co. common (qu.)
58 l-3c
58 l-3c
Dec.
1
Dec.
1
Dec.
$154
Dec.
Dec.
1.54%
I.
United States Bobbin & Shuttle Co. 7 % pref—
United States Freight Co. (quar.)...
Extra
Nov. 30
Dec.
1
Feb.
18
Dec.
50c
40c
United New Jersey RR. & Canal Co. (quar.)
United Paper board Co., preferred
United Profit Sharing Corp. (resumed)
Nov. 14
Nov.
10
12
$154
(quar.)
Preferred (quarterly)
United Light <& Railways, 7% pref. (mo.)
7% pref. (monthly)
6.36% pref. (monthly)
6.36% pref. (monthly)
6% pref. (monthly)
6% pref. (monthly)
United Merchants & Manufacturers, Inc
Sharon Steel Corp. (quarterly)
2 Dec.
12 Dec.
40c
....
5% preferred (quar.)
United Gas Improvement (quarterly)
1 Nov. 18
1 Nov. 18
12 Nov. 27
50c
........
8 Nov. 13
Ba
30c
United Gas Corp., $7 preferred (quarterly)
United Gas & Electric Corp., common
Preferred (quar.)
19
Dec.
h$ 5*4
5
1 Nov. 10
um
...
Preferred (quar.)
United Dyewood Corp. common (quar.)
Preferred (quar.)
United Elastic Corp. (quarterly)..
19
Dec. 24 Dec.
Dec.
1
1 Nov. 10
15 Dec.
75c
United-Carr Fastener (quar.)
Extra
19
25c
28 Dec.
....
(quarterly)
United Biscuit Co. of America.....
Preferred
15 Dec.
$154
$1H
37^c
Union Gas Co. of Canada
Union Investment Co. (extra)..
2 Nov. 16
Dec.
.......
.......
Dec. 31 Dec.
Dec. 24 Dec.
4
Nov. 10
Nov. 20
2 Dec.
19
19
(W.) Brewery (quar.)
Dec.
$1H
$1H
58 l-3c
...
Teleg., 6% pref. (quar.)
Troy & Greenbush RR., A (semi-ann.)
Truax-Traer Coal Co. (resumed)
Preferred (quar.)
Tubize-Chatillon, 7% preferred
7% preferred (quar.)
Twentieth Century-Fox Film Corp., common__
Dec. 31
14 Dec.
Extra
Nov. 30
Nov. 10
15c
-
Jan.
14 Dec.
Simon
....
Nov. 30
50c
j.
5% preferred (monthly)
15 Nov. 30
—
Nov. 30
Nov. 30
Jan.
Dec.
Sherwin-Williams Co., 5% preferred series AAA
Nov. 30
1 Nov. 14
Dec.
Special
1
Nov. 15
1 Nov. 16
Dec.
It
1
Dec.
15c
Dec.
.....
Dec.
Nov. 21
Tri-State Telep. &
Dec.
...
Nov. 20
15
Dec.
preferred (quar.)
15
Nov. 20
2 Dec.
Securities Acceptance Corp. of Omaha (quar.)..
Extra dividend payable in 6% pref. stock
cum.
Dec.
h$31H
$154
...
Toledo Edison Co., 7% preferred (monthly)
6% preferred (monthly)
15 Nov. 30
1 Nov. 14
1 Nov. 14
7%
15
Nov. 14
21 Nov. 30
Preferred (quar.)
Second Investors Corp. (R. I.), $3 prior pref
Secord (Laura) Candy Shops, (quar.)
Extra
15
15c
...
fcj Quarterly
Selfridge Provincial Stores Am. deposit rets....
Servel, Inc. (quarterly)
Dec.
412-3c
15 Dec.
Dec. 15 Nov.
Dec. 15 Nov.
Security Acceptance Corp
6% preferred (quar.)
Dec.
Nov. 14
Transue & Williams Steel Forging
Dec.
Schiff Co., common (quar.)
Extra
Dec. 15
Dec. 15
Dec. 15
15
Dec.
.....
Nov. 20
Nov. 20
...
...........
1
18
15
15
...
Extra
Dec.
1 Dec.
Jan.
...
Dec.
15
15
17
1 Dec.
Jan.
7H% debentureB (quarterly)
7% debenture O (quarterly)
6H% debenture D (quarterly)
Savannah Gas Co. 7% pref. (quar.)
Schoellkopf, Hutton & Pomeroy, Inc
Seaboard Oil Co. (Del.) (quar.)
Sears Roebuck Co. (quarterly)
Dec.
Jan.
Jan.
Jan.
Preferred B (quar.)
Savannah Electric & Power Co., 8% deb. A (qu.)
Dec.
Dec.
Jan.
Dec.
(quar.)
Nov. 16
Nov. 24
Extra
Dec.
1
Nov. 30
6% prefferred (quar.)
Tide Water Power, $6 preferred (quar.)
Timken Detroit Axle, preferred (quar.)........
Timken-Roller Bearing (quarterly)..
5
5
5
Nov. 30
(initial).
Resumed
Tide Water Assoc. Oil
1 Nov. 13
1 Nov. 21
.....
.............
(quar.)
Ruua Manufacturing Co. (quarterly)
Safeway Stores—
Common and extra div. payable in pref. stock,
Dec.
Dec.
7% preferred (quar.)
1 Nov. 20
1 Nov. 13
1
Dec.
Thew Shovel Co. 7% preferred..
Nov." 14
1
Nov. 20
Thatcher Mfg. Co
Extra
1 Nov. 12
1 Nov. 12
....
Dec.
Nov. 23
Texas Utilities Co,, 7% preferred (quarterly)...
Tex-O-Kan Flour Mills Co., 7% pref. (quar.)
Rochester Gas & Electric Corp.—
10
Dec.
Mining (quar.)
Extra
5
25c
Extra
15 Dec.
10
Dec.
Nov. 16
......
19
Non-voting common (semi-ann.)
Dividend obligation (semi-ann.)
Rike-Kumler Co. (quarterly)
River Paper Co.
Riverside Cement Co., class^A pref
Robertson (H. H.) Co. (q
Dec.
...
...
4
Richmond Federicksburg & Potomac (s.-a.)
Nov. 25
Nov. 10
5H % Partic. pref
ampa
Tampa Gas Co., 8% pref. (quar.).
7% preferred (quarterly)
Tamblyn (,G.) Ltd. (initial, quarterly).
Quarterly
Quarterly
Quarterly
Tennessee Electric Power Co., 5% pref. (quar.).
6% preferred (quarterly).
7% preferred (quarterly).
7.2% preferred (quarterly)......
6% preferred (monthly)..
6% preferred (monthly)
....
7.2% preferred (monthly)
7.2% preferred (monthly)
Terre Haute Water Works, 7% pref. (quar.)...
Texas Gulf Producing Co
Texas Gulf Sulphur Co. (quar.)
31 Dec.
Extra
Nov. 15
Special
Sylvanite Gold Mines, Ltd. (quar.).
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
5% preferred (quar.)
Talcott (James), Inc
1 Nov. 16a
2
Nov. 25
Extra
New
2
Nov.
Swan Finch Oil Corp., preferred....
Swift & Co. (quarterly)
15 Nov. 27
15 Nov. 27
Reynolds Metals Co. common
5H % cumul. conv. pref. (quar.)
Rich's Inc., preferred (quarterly)
Nov.
Superheater Co., special
Superior Portland Cement, class A.
Susquehanna Utilities, 6% 1st pref. (quar.).
Sutherland Paper Co. (quar.)......
1
1
Nov. 14
Sunray Oil
15 Nov. 30
1 Nov. 19
1 Nov. 19
15 Nov. 30
Extra
Revere Copper & Brass, Inc., 7% pref
5 34 % preferred
Dec.
Nov,16a
Nov. 16a
Preferred (quarterly)
Sun Ray Drug Co. (quarterly),
10 Nov. 19
15 Nov. 30
Reliance Insurance Co
Nov. 30
Nov. 30
Sun Oil Co., common
Com. stk. div. of 6 shs. for each 100 shs. held.
15 Nov. 30
15 Nov. 30
........
30
Nov. 30
Common ' extra)
30 Nov.
2
15 Nov. 30
15 Nov. 30
1 Nov 20
Extra
Nov. 20
Strawbridge & Clothier, 6% priorpref. A (quar.)
Stromberg-Carlson Telep. Mfg. Co., pref
1 Nov. 16
Rapid Electrotype (quar.)
Raybestos-Manhattan, Inc. (quar.)
Special
Reading Co. first preferred (quar.)
Reeves (Daniel), Inc. (quarterly)—
Preferred (quarterly)
Reliable Stores Corp., common
1st pref. (two quar. periods, July 1-Dec. 31).
Reliance Grain Co., Ltd., 6H% Pref. (quar.)...
15
Jan.
........
19 Nov. 20
1 Dec. 10
1 Dec. 10
1 Dec. 10
Rainer Pulp & Paper Co., $2 cl. A & B. (quar.)..
Dec.
Nov. 20
....
30 Nov. 22
19 Nov. 20
19 Nov. 20
19 Nov. 20
preferred (quar.)
% preferred (quar.).
•.).
8% preferred (quar
Pure Oil Co., 5)4 % preferred (quar.)
6% preferred (quar.)
8% preferred (quar.)
Purity Bakeries Corp
Quaker Oats Co. 6% preferred (quar.)
Quaker State Oil Refining (quar.)
Nov. 16
Nov. 20
Sterling Products,
19 Nov. 27
19 Nov. 27
.....
Nov. 16
5% 2d preferred (special)..—....
Sterling Brewers (increased)
Inc. (quar.)
Special.........
Stewart-Warner Corp., common (semi-ann.)...
15
1 Nov. 14
....
Nov. 16
Nov. 16
-—
Special
5% preferred (quar.).
19 Nov. 20
1 Nov. 14
1 Nov. 14
6% preferred (monthly)
5% preferred (monthly)
Nov. 27
Sterchi Bros. Stores, Inc., resumed.
6 % 1st preferred (quar.).
>.
18 Dec. 15
1 Nov. 20
Public Electric Light, 6% pref. (quar.)
Nov. 16
Nov. 16
Extra
15 Dec. 31
Public National Bank & Trust Co. (quar.)
Public Service Elec. & Gas, pref. (quar.)
Public Service Co. of Colorado, 7 % pref. (mo.)..
Nov. 16
...
Extra
15 Nov. 25
10 Dec.
1
18 Dec.
(quar.)
Standard Steel Construction, $3 class A—
Stanley Works (quar.)
1 Nov. 20
Preferred (quarterly)
15
Nov. 30
Jan. 15
Nov.
9
Jan. 15
Nov. 16
$100 par value stock (s.-a.)
1 Nov. 20
1 Nov. 20
Prudential Investors
31 Dec.
(quarterly)
Extra
21 Nov. 24
7
Dec.
Standard Oil of Nebraska (resumed)
Standard Oil Co. (N. J.), $25 par (s.-a.),
1 Nov. 16
1 Nov. 16
Prudential Securities, 4% A (quar.)
Extra
10
10
Nov. 20
.....
22 Nov. 30
30 Nov. 20
30 Nov. 20
—
Dec.
Nov. 20
Standard Oil Co., Indiana (quar.).
Extra..
15 Dec. 15
28 Dec. 21
22 Nov. 30
5H% preferred (quarterly)
Pottsburgh Screw & Bolt
Prentice-Hall, Inc. (quar.)
Dec.
Nov. 20
Standard Oil Co. of California
Extra
Nov. 20
1 Nov. 15
Potomac Electric Power Co., 6% pref. (quar.)..
6% preferred (monthly)
6% preferred (monthly)
Nov. 20
(quar.)-.
Spencer Kellogg & Sons (quar.).
Spicer Manufacturing Corp
Spiegel May Stern Co., preferred (quar.)
Standard Brands, Inc., extra
Standard-Goosa-Thatcher Co., 7% pref.
J
...
Holders
Spear & Co. (initial).
$5H 1st & 2d preferred (quar.).
10
Dec.
...
Public Service of N. J. (quarterly)
Extra
When
Preferred (quar.)
Southern Calif. Edison Co., Ltd., pref. B (quar.)
Southern Natural Gas Co. class A.
Nov. 14
Dec.
1
Nov. 14
Dec. 10
Jan.
28, 1936
Payable of Record
South Jersey Gas Elec. & Trac. (semi-ann.)—,
Nov. 24
Nov. 12a
Nov. 16
Dec. 31
Nov. 19
South Porto Rico Sugar Co., common
Dec.
Dec.
Portland & OgdensburgRy., gtd. com. (quar.)
Guaranteed
Extra
$3 preferred (quar.)
Procter & Gamble Co., 5% preferred (quar.)
Share
Name of Company
Dec.
............
Extra
Holders
Payable of Record
Extra...
Class A
Nov.
25c
25c
r20c
Pittsburgh Bessemer & Lake Brie, pref. (s.-a.)_
Pittsburgh Ft. Wayne & Chicago By. Co. (quar.)
7% preferred (quarterly)
Pittsburgh Plate Glass
Pittsburgh Youngs town & Ashtabula By. Go.7% preferred (quarterly)
Plymouth Fund, Inc., class A
When
Chronicle
Nov. 30
Dec.
Nov. 30
Dec.
Jan.
Nov. 16
54c
Dec.
Nov. 16
54c
Jan.
Dec.
50c
50c
Dec.
Nov. 16
Jan.
Dec.
Dec.
Nov. 16
Dec. 21
25c
$2H
fc$4*4
10c
7i$17
25c
75c
$1
50c
$1*4
$2
6c
37 He
Jan.
Dec.
Dec.
Dec.
Dec.
15
15
15
15
Nov. 20
Dec.
Dec.
Dec.
Dec.
Nov. 11
Nov. 20
Dec.
1
Dec.
Dec.
4
Dec.
Dec.
4
Dec.
Dec.
11
Nov. 30
Jan.
Dec.
Dec.
Nov. 30
23
Volume
Financial
143
Extra—
25c
25c
10c
..„i.......
.............
U. S. Sugar Corp
Stock dividend of H share Glewiston Realty &
Dec.
15
Nov. 18
Weston Electrical Instruments.
Glass A (quarterly).
Dec.
Nov. 20
Dec
Nov. 14
Mar
Feb.
15
Westvaco Chlorine Products (quarterly)
West Virginia Water Service Co., $6 pref
Wheeling Electric Co., 0% pref. (quar.).
vtav
IS
Dec.
8
Jan.
Apr.
July
Upper Michigan Power & Light Co.'—
6% preferred (quar.)Utah Power & Light, $6 preferred
$7 preferred
Utility Equities CorpJ ~$~5 X prior"preferred I III
Vanadium-Alloys Steel (quarterly)..
June
...
Dec.
Dec.
Nov." 16
Dec.
Nov. 20
Jan.
Dec. 20
Dec.
....
1 Jan. 26
Dec. 21 Nov. 21
Dec. 21 Nov. 21
Dec.
1 Nov. 10
Dec.
2 Nov 20
Dec. 20 Dec. 10
Dec. 20 Dec. 10
Dec.
1 Nov. 18
Dec.
1 Nov. 18
1
Dec. 10 Dec.
...
Van Norman Machine & Tool Co
Extra....
Van Raalte Co., Inc
Preferred (quar.)
Dec.
Dec.
.....
..........
Vapor Oar Beating Co., preferred (quar.)
Venezuelan Oil Consol., Ltd. (interim)
Vick Chemical Co. (quarterly)
...
Extra....
....
Victor-Monaghan Co
7% preferred (quar.)
Viking Pump (special)
....
.....
(quarterly)
...
S1H
$3H
Warren (Northam) Corp., $3 pref. (quar.).....
....
...
Dec.
Dec.
Dec.
Dec.
Dec.
,2»1
Dec.
Dec.
37Hc
A37£c
$3
$7
h75
7% preferred (quar.)
■
Extra
THE NEW YORK
....
20
1
Dec. 21 Nov. 20
Dec. 21 Nov. 20
7% preferred-
Dec. 21 Nov. 20
Dec.
1 Nov. 23
Dec, 15 Nov. 30
Dec. 15 Nov. 30
Dec.
1 Nov. 10
Dec. 14 Nov. 27
Dec,
1 Nov. 20
Ian.
2 Dec. 19
Feb.
1 Tan. 20
Mar.
J Feb. 20
\or.
y Mar. 20
5
Dec. 15 Dec.
Jan.
1 Dec. 19
...
Wolverine Tube Go., 7% pref. (quar.)
Woodall Industries (quar.)
Extra....
....—..
Woolworth (F. W.) (quarterly).;
Wright Aeronautical Corp. (resumed).
Wrigiey (Wm.) Jr. Go. (monthly)
Monthly
Monthly.
Monthly.
Monthly
Youngstown Sheet A Tube, preferred
Preferred (quarterly)
Nov.
10 Dec.
Deq. 10 Dec,
...
-
—
;
....
Transfer books not closed for this dividend.
The following /corrections have been made:
e
Payable in stock.
20
Nov. 20
Nov.
Nov. 20
1
Dec.
Nov. 10
2 Dec. 21
f Payable in common stock,
g Payable in scrip,
dividends,
i Payable in preferred stock.
h On account of accum¬
ulated
American Ghain Go. pref. stock, called for redemption with above
p
accumulated dividend.
r
a
Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made
reduction of
Deposited Insurance Shares, series A & B stock div. of 2X% payable
in trust shares.
Holders have option of dividend in cash based on liqui
dating value of shares.
t Caterpillar Tractor, extra div. of 50c. or 1-200 sh. of 5% pref. stock.
u Payaole in U. S. funds,
to Less depositary expenses.
x Less tax.
v A deduction has been made for expenses,
z Per 100 shares
s
Condition of the Federal Reserve Bank of
New York
CLEARING HOUSE
NOV. 21, 1936
ENDED SATURDAY,
Dec.
a
weekly statement issued by the New York City
Clearing House is given in full below:
OF MEMBERS OF
.........
12-31-37
Nov. 27
Nov.
9
Nov. 14
1
Dec.
e
The
ASSOCIATION FOR THE WEEK
Dec.
Wiliiamsport Water Co., $0 pref. (quar.)
Wilson & Co. (quar.)
Wilson Products (quarterly)........
Weekly Return of the New York City
Clearing House
STATEMENT
.....
Williams Oil-O-Matic Heat..
Wisconsin Public Service, 6% pref6J4% preferred..
)
Dec, 31
3-31-37
6-30-37
0-30-37
Nov.
9
Dec.
1 Nov. 14
Dec. 10 Nov. 30
Jan.
2 Dec. 18
Nov. 10
Dec.
Dec. 15
Jan.
Oct. 31
Dec.
Dec. 21
Jan.
Jan.
Dec. 21
Dec. 16
Dec.
Jan.
Dec. 16
Dec.
Nov. 19
...
16
Nov. 20
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
...
10
Dec. 31
Nov. 16
Nov. 16
Nov. 16
Nov. 16
Nov 16
Nov. 14
Dec.
SI X
..
Whltaker Paper Go. (resumed).
Preferred (quar.)
Whitman (Wm.) Co., Inc., 7% pref. (qu.)..
Nov. 20
Dec.
Dec.
Jan.
75c
$9
$10
Washington By. A Electric Co
5% preferred (quarterly)
...........
4% preferred (semi-ann.)
;
Wesson Oil A Snowdrift, preferred (quar.)
West Coast Telephone Co., 6% pref. (quar.)...
6% preferred
Western Auto Supply, class A & B (quar.)
Class A & B (extra)
...
Western Maryland Rwy, 7% 1st pref.
Western Public Service, SI X pref. A
Western Tablet & Stationery Corp.—
5% preferred (initial)
.....
Nov. 17
Nov.
30c
.....
1
1
Nov. 20
Nov. 30
Dec.
Dec.
,
Waldorf System, Inc. (quar.) ..
.......
Ward Baking Corp., preferred
Ware River RR. guaranteed (semi-ann.)
Nov. 16
Dec.
Dec.
.....
Virginia Coal & Iron Co. (quarterly)
Virginia Electric & Power $0 pref. (quar.)
Vogt Manufacturing (quarterly)
Waialua Agricultural Co., common—Payable in
stk. 1 sh. Hawaiian Pineapple for each sh. held
....
Special
Feb.
......
....
Extra
Westinghouse Electric A Manufacturing
Preferred (quarterly).....
West Jersey A Seashore 6% spec. gtd. (s.-a.)
Dec.
.....
...
Nov. 20
Nov. 20
Dec. 15
Mar. 15
Time
.....
Dec.
Dec.
Quarterlv
Universal Products Corp...
Preferred
10
.
of Record
Jan. 30
4-30-37
7-30-37
10-30-37
1-30-38
Dec; 23
Nov, 30
Nov. 30
„
Jan.
.........
Payable
Westinghouse Air Brake (quar.)
Quarterly
Quarterly
Quarterly
Quarterly
Dec.
Development Co., common..
Preferred
Preferred (quarterly)
.....
Preferred (quarterly).
.....
Preferred (quarterly)
Preferred (quarterly)
United Verde Extension Mines Co....
United Wall Paper Factories, 6% pref. (qu.) ....
Universal insurance (.Newark, N. J.) (quar.)__.
Quarterly
Jan.
1 Dec. 16
Jan.
1 Dec. 10
Dec. 10 Nov. 20
Share
of Company
Holders
When
Per
Name
Payable of Record
Share
United States Playing Card Co. vquar.)*.
Solders
When
Per
Name of Company
3419
Chronicle
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 25, 1936,
in comparison
with the previous week and the corresponding
date last year:
*
Members
Profits
Net Demand
Tims
Deposits,
Average
Surplus and
Undivided
Capital
Clearing House
Deposits,
Nov. 25,1936 Nov.
Average
18, 1936 Nov. 27,1935
%
Bank of N. Y.&Tr. Co.
11,191,300
138,236,000
376,288,000
25,431,700
c53,577,400 al ,428,809,000
484,053,000
62,738,100
178,070,700 61,511,385,000
464,598,000
35,132,900
732,759,000
64,217,500
257,002,000
16,866,400
512,817,000
90, V 50,600
604,914.000
59,220,500
66,897,000
3,911,600
/121,233.300 C2,064,049,000
47,290,000
3,440,600
4857.854,000
69,954,500
16,416,000
2,702,200
8,494,300
86,618,000
315,941,000
23,129,200
75,894,000
7,873,900
79,613,000
8,695,100
National City Bank
«77,500,000
Chemical Bk. A Tr. Co..
20,000,000
90,000,000
42,935,000
21,000,000
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. A Tr.
Corn Exoh. Bank Tr. Co.
15,000,000
10.000,000
50,000,000
First National Bank....
Irving Trust Co........
Continental Bk. A Tr.Co
4,000,000
/100,270,000
Fifth Avenue Bank.....
500,000
Bankers Trust Co
25,000,000
Title Guar. A Trust Co..
10,000,000
Marine Midland Tr. Co.
5,000,000
New York Trust Co....
12,500,000
Com'l Nat. Bk. A Tr.Co.
7,000,000
Public N. B. A Tr. Co.
5,775,000
Chase National Bank...
Totals.
*
12,648,000
34,075,000
163,213.000
11,556,000
35,705,000
92,832,000
46,268,000
22,778,000
3.500,000
836,531,800 10,021,433.000
6,000,000
20,000,000
Bank of Manhattan Co..
567,565,000
522,480,000
355,000
1,058,000
44,478,000
Assets—
Gold certificates on hand and due from
United States Treasury x.
Total
As per official reports:
National, June 30, 1936; State, Sept. 30, 1936; trust
/As of Sept. 30, 1936.
a $246,319,000; b $96,486,000;
$110,596,000; d $40,699,000.
The New
returns of
are
York "Times"
publishes regularly each week
number of banks and trust companies which
not members of the New York Clearing House.
The
following
are
the figures for the week ended Nov. 20:
1,360.000
46,806,000
1,136,000
63,133,000
3,412,557,000 3,386,699,00J 3,098,955,000
reserves....
2,816,000
1,444,000
2,288,000
1,520,000
1,469,000
1,999,000
...
4,260,000
3,808,000
3,468,000
Bills bought in open market...........
Industrial advanoes
1,098,000
6,402,000
1,098,000
6,409,000
1,797,000
7,733,000
101,245,000
Other bills discounted
Total bills discounted
...
...........
United States government securities:
Treasury notes
Treasury bills.....................
384,763,000
159,235,000
100,883,000
383,222,000
161,138,000
60,663,000
499,368,000
181,786,000
Total U. 8. Government securities..
645,243.000
645,243,000
741,817,000
657,003,000
656,558,000
754,815,000
85,000
7,105,000
156,606,000
10,860,000
85,000
7,462,000
174,336,000
10,860,000
31,552,000
260,000
5,810,000
125,599,000
12,135,000
31,789,000
Bonds
...
Total bills and securities.
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items
.....
Bank premises............
NOT
IN
CLEARING HOUSE WITH THE CLOSING
BUSINESS FOR THE WEEK ENDED FRIDAY, NOV. 20,
NATIONAL
AND
BANKS—AVERAGE
STATE
Loans,
Other Cash,
Disc, and
■
Including
Notes
Investments Bank
$
$
Manhattan—
Res.
Dep.,
Dep. Other
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
$
93,000
919,000
899,000
5,406,000
Brooklyn—
Peoples' National...
4,008,000
,
84,300
TRUST COMPANIES—AVERAGE
Dep. Other
N. Y, and
Banks and
Gross
Elsewhere
Cash
Invest,
32,851,000
4,277,067,000 4,267,552,000 4,029,363,000
....—
F. R. notes In actual circulation.......
869,520,000
792,676,000
852,202,000
Deposits—Member bank reserve aco't.. 3,013,945,000 3,016,530,000 2,777,837.000
U. S. Treasurer—General acoount
13,808,000
10,034,000
14,644,000
20,832,000
19,579,000
16,726,000
Foreign bank
176,168,000
Other deposits...
76,363,000
68,484,000
Total deposits.................
Trust Cos.
Deferred availability Items............
156,253,000
175,481,000
50,259,000
50,240,000
50,825,000
7,744,000
8,849,000
7,584,000
........
Federation. ........
Fiduciary
Fulton
Lawyers
United States......
$
58,098,900
8,426,718
11,660.505
20,515,100
28,560,100
63,929,929
$
♦7.331,200
207,940
•1,333,235
♦4,606,600
♦8,781,600
29,322,871
50,825,000
7,744,000
125,295,000
51,005,000
49,964,000
7,250,000
Deposits
All other liabilities
$
12,333,300
1,339.945
1,178,137
1,021,500
4,276,000
16,960.971
$
2,766,300
3,514,424
SIMM
$
71,300,700
11,518,223
11,893,230
22,096,700
39,538,500
80,516,633
Ratio of total reserves to deposit and
F. R. note liabilities combined.....
Commitments
to
8,849,000
8.669,000
7,500,000
10,298,000
4,277,067,000 4,267,552,000 4,029,363,000
Total liabilities.
Manhattan—
3,124,948,000 3,114,627,000 2,985,375,000
Capital paid in
Surplus (Section 7)
...............
Surplus (Section 13b)...............
Reserve for contingencies.............
FIGURES
Res. Dep.,
Loans,
and
$
252,934
/ 832,000
......
—..—
Liabilities—'
29,050,000
29,212,000
6,716,793
20,099,000
5,118,557
All other assets
Total assets....
FIGURES
2,609,800
2,332,000
146,689
24,646,900
Disc,
OF
1936
5,480,700
8,322,000
2,254,235
Grace National.....
Sterling National—
Trade Bank of N. Y.
Empire
973,000
a
INSTITUTIONS
«
3,355,108,000 3,322,430,000 3,050,789,000
56,476,000
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed
companies, Sept. 30, 1936.
e As of Aug. 1, 1936.
Includes deposits in foreign branches as follows:
c
.....
.............
Bills discounted:
25,543",000
682.U00
3,076,000
22,442,000
1,456,000
46,000,000
...
Redemption fund—F. R. notes
Other cash f
make
vanoes........
Industrial
85.4%
85.4%
82,0%
8,962,000
9.016,000
10,003,000
ad¬
...........
f "Other cash*' does not Include Federal Reserve notes or a
bank's own Federal
Reserve bank notes.
Brooklynr—
Brooklyn..........
Kings County......
77,014,000
34,196,059
*
3,084,000
2,390,609
65,397,000
9,846,091
292,000 127,215,000
41,366.139
Includes
amount
with
Federal Reserve as follows: Empire, $5,818,300;
Fiduciary, $999,503; Fulton, $4,387,600; Lawyers County, $7,918,100.
gold taken
devalued from
the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Aot of 1934.
x
These are certificates given by the United States Treasury for the
over
from the Reserve banks when the dollar was on Jan. 31, 1934,
100 cents to 59.06 cents, these certificates being worth less to
Financial
3420
Nov. 28, 1936
Chronicle
Federal Reserve System
System on Friday afternoon, Nov. 27
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight 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
Weekly Return of the Board of Governors of the
The
returns
following
was
issued by the Board of Governors of the Federal Reserve
"Current Events and Discussions."
for the latest week appear in our department of
OF THE FEDERAL RESERVE BANKS AT THE
COMBINED RESOURCES AND LIABILITIES
Three ciphers
Nov.
(000) omitted
Nov.
25,
Nov.
18,
1936
1936
Nov. 4,
1936
Total reserves.
Sept. 30,
Nov. 27,
1936
1936
1935
$
$
$
14,
$
7,266,651
252,246
12,428
261,445
227,249
8.792,375
8,658,556
7,511,568
3,963
3,426
4,113
2,893
6,558
3,200
4,196
9,451
6,032
12,273
265,825
12,471
253,547
13,136
251,328
8,911,546
8,913,929
8,875,346
8,845,848
4,142
3.421
2.935
2,686
3,103
3.067
12,585
258,858
11,853
243,801
11,354
249,355
9,002,282
8,981,991
4,211
3,345
1,900
4,128
2,738
8,635,831
8,650,837
S
8,384,683
8,581,384
8,726,337
9,027,703
-
—
Oct. 7,
1936
Oct.
8,609,328
8,730,839
11,407
Redemption fund (Federal Reserve notes)
Other cash *„
28,
$
8,768,838
247,458
Gold ctfs. on hand and due from U. S. Treas.x
CLOSE OF BUSINESS NOV. 25, 1936
Oct. 21,
1936
1936
$
$
$
ASSETS
10,
1936
Oct.
8,527,881
12,248
17,668
Bills discounted:
Secured
by
U. S. Government obligations,
guaranteed
direct and(or) fully
1,854
Other bills discounted
6,866
5,245
6,065
Total bills discounted--
3,086
United States Government securities—Bonds--
381,326
Treasury bills
2,430,227
Total U. S. Government securities
379,960
1,443,363
606,904
2.430,227
2,430,227
8,159
3,089
26,427
3,098
26,480
3,098
3,098
4,674
27,142
28,145
32,634
378,077
379,960
1,443,363
606,904
379,960
1,443,363
606,904
6,170
3,087
26,299
3,087
26,474
26,037
1,449,163
599,738
Treasury notes
6,107
7,077
3,086
26,281
3,086
25,980
Bills bought In open market-
Industrial advances
2,832
7,539
378,077
1,443,363
1,443,363
608,787
2,430,227
2,430,227
378,077
378,077
378,077
219,940
1,443,363
608,787
1,443,363
608,787
1,651,757
608,787
1,443,363
608,787
2,430.227
2,430,227
2,430,227
2,430,227
2,430,179
558,482
181
Other securities
_
...
Foreign loans on gold
Tota
Gold held abroad—
2,465,913
2,467,964
2,465,358
2,464,595
2,466,460
2,466,865
2,465,720
""221
bills and securities
""221
""226
"""226
"""220
"""218
216
25,464
26,926
718,925
23,289
573,938
24,720
573,806
48,062
24,797
654,301
48.066
24,852
556,847
48,067
40,255
39,116
48,062
38,307
24,791
841,169
48,062
40,657
—...—
Due from foreign banks
Federal Reserve notes of other banks
-
615,194
48,066
Uncollected Items--
2,468,006
21,297
22,640
20,038
622,578
531,236
48,060
39,247
48,060
39,232
43,329
Total assets
10,630,794
12,302,740
12,134,953
12,048,652
12,065,573
12,106,944
12,268,707
11,961,819
11,862,204
4,169,201
-
41,725
48,067
40,988
12,224,679
All other assets
"""645
""2I7
'"217
592,617
42,673
Bank premises
2,473,700
2,470,921
4,134,270
4,142,981
4,134,747
4,086,242
4,091,064
4,093,187
4,077,724
4,049,143
6,356,952
50,278
LIABILITIES
*
Federal Reserve notes in actual circulation
United States Treasurer—General acoount--
Forelgn banks
Other deposits
Total
deposits,-,
-------
6,850,652
143,893
48,804
142,440
7,097,732
7,070,398
50,485
52,702
623,656
130,247
145,501
Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
-
6,824,565
54,589
6,794,650
79,079
53,955
152,525
7,080,209
Deposits—Member banks' reserve account
_
130,224
145,501
27,088
27,088
34,290
14,487
All other liabilities
570,910
130,219
720,127
145,501
27,088
34,291
13,565
34,295
13,503
6.732,003
6,693,359
94,549
46,778
6,693,447
88,337
6,616,920
135,246
6.478,948
195,786
63,782
163,492
88,904
159,828
74,395
197.022
7,000,898
3,626,782
*
5,788,991
53,768
252,737
51,950
43,787
181,873
237,782
6,946,151
6,843,512
6,124,328
824,207
130,243
145,501
588,543
130,178
533,284
27,088
34,242
13,341
27,088
34,242
12,392
620,360
130,162
145,501
27,088
34,241
12,197
153,316
99,903
65,479
154,170
6,988,002
7.051,555
7,009,058
575,644
130,232
145,501
27,088
34,237
13,201
577,408
130,241
657,033
130,243
146,501
27,088
34,236
13,302
145,501
27,088
34,236
12,721
12,065,573
12,106,944
12,268,707
11.961.819
11,862,204
10,630,794
145,501
130,436
144,893
23,457
30,700
16,914
12,302,740
12,134,953
12,048,652
80.1%
Total liabilities
80.1%
80.1%
80.0%
80.0%
79.7%
79.8%
79.5%
77.0%
t 22,436
22,574
22,790
22,774
23,086
22,906
23,307
28,002
5,130
4,337
6,579
5,834
7,628
3,761
12,224,679
,
■
]•
Ratio of total reserves to deposits and Federal
80.3%
Reserve note liabilities combined
22,040
Commitments to make Industrial advances
22,138
Maturity Distribution of Bills and
Short- erm Securities—
5,250
4,262
511
565
564
73
62
51
114
784
860
788
594
1,077
527
576
601
231
317
209
319
525
431
874
9
156
155
162
252
117
6,065
5,245
6,866
7,077
6,107
6,170
163
220
141
83
31
5
£9
158
204
264
154
1-15 dayst bills discounted
16-30 days bills discounted
4,832
31-60 days bills discounted
504
61-90 days bills discounted
144
43
542
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought In open market
4,054
479
•
386
v
845
865
118
233
243
1,138
8,159
7,539
9,451
6,032
2,275
341
481
532
67
31
717
716
1.958
282
198
713
"
204
227
174
278
2,592
2,514
2,566
2,617
2,739
497
1,758
1,703
1,471
3,086
3,086
3,086
3,087
3,087
3,089
3,098
3,098
3,098
4,674
1,017
Total bills bought In open market
1-15 days Industrial advances
116
295
2,620
31-60 days bills bought In open market
61-90 days bills bought in open market
Over 90 days bills bought In open market
285
991
852
1,035
1,092
1,081
894
1,561
1,615
1,530
435
16-30 days Industrial advances..
334
348
433
457
301
332
469
448
312
31-60 day8 industrial advances
819
780
880
677
608
588
507
522
551
797
721
949
984
930
1,039
812
987
61-90 days industrial advances
713
24,855
28,998
32,634
23,097
Tota llndustrlal advances
23,121
25,980
Over 90 days industrial advances
26,037
23,356
23,314
23,496
23,571
26,281
26,474
26,299
26,427
26,480
27,142
28,145
42,362
..
37,521
42,362
184,628
40,187
35,561
37,521
38,559
40,187
84,287
168,653
39,009
33,830
31,795
112,050
23,395
49,968
139,372
32,521
143,297
44,586
34,319
49,968
28,951
148,587
2,073,061
156,053
43,749
168,653
26,739
28,951
189,340
32,521
2,065,069
2,143,477
2,150,548
2,136,765
2,133,860
156,053
2,114,144
2,430,227
1-15 days U. S. Government securities
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
44,586
135,042
16-30 days U. S. Government securities
31-60 days U. 8. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
Total U. S. Government securities
684
1,019
23,592
34,319
86,948
76.383
56,925
2,098,541
184,628
2,098,412
2,164,756
2,430,227
2,430,227
2,430,179
62,618
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities.
.
.
_
_
.
_
181
Over 90 days other securities
181
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F.
R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by
Agent as
4,466,513
4,473,196
303,996
332,243
4,443,261
300,280
4,397,757
263.010
4,388,746
302,504
4,399,643
4.378.99C
308,579
285,803
4,368.693
290,969
4,346,943
,
270,326
3,626,782
3,824,343
4.134,270
4,169,201
4,142,981
4,134,747
4,086,242
4,091,064
4,093,187
4,077,724
4,049,143
4,437,838
3,534
4,395,838
4,362,833
4,348,838
5,882
4,337,838
5,306
4,494
93.00C
88.00C
109,100
4.447.72C
4,431,144
3,937,937
Security for
Notes Issued to Bant—
Gold ctfs. on hand and due from U. S. Treas..
By eligible paper
United States Government securities
"Other cash"
1
5,147
93,000
4,369,838
5,289
93,000
4,361
4,360,838
4,445
93,000
98,000
6.59C
88.00C
4,525,372
4,493,985
4,468,127
4,463,199
4,463,283
4,457,423
does not Include Federal Reserve notes,
These are certificates given by
ts on Jan.
,
4,365,838
84,000
4,437,838
4,395
85,00C
4,530,233
Total collateral
•
t Revised figure.
the United States Treasury for the gold taken over from the Reserve banks when the dollar was
31, 1934, these certificates being worth less to the extent of the
ovlslons of the Gold Reserve Act of
3,897,108
297,800
1934.
devalued
difference, the difference Itself having been appropriated as profl
from
100 cents to
by the Treasury
59.06
under
volume
3421
Chronicle
Financial
143
Weekly Return of the Board of Governors of the Federal Reserve System (iConcluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 25. 193*
(000) Omitted
Three Ciphers
Federal Reserve Bant of—
Total
Boston
New York
Phila.
RESOURCES
%
$
$
$
8,768,838
Redemption fund- -Fed. Res. notes..
Total reserves
9,027,703
$
488,678
644,638
291,093
Atlanta
St.
Chicago
%
%
$
1,599
973
198
672
239
25,704
56,476
27,753
20,529
14,858
604,920 3,412,557
516,629
665,839
306,190
251,610 1,760,036
12
99
22
17
Dallas
Louis Minneap. Kan. City
S
165,182
245,339
178,321
San Fran.
$
$
$
5
236,937 1,734,576
577
2,368
24,883
12,305
577,657 3,355,108
11,407
247,458
Other cash *
Cleveland Richmond
596,695
1,567
254,614
1,619
688
720
227
17,172
6,629
14,359
7,475
19,315
273,405
185,638
260,418
172,884
617,577
26
35
Bills discounted:
Secured by U. 8. Govt, obllgat.^,
direct and (or) fully guaranteed..
4,211
2,816
304
37
1,444
46
46
6,065
541
4,260
350
121
225
1,098
6,402
31?
294
66
196
12
•271
26
80
86
61
87
87
218
,
1,236
2,782
496
1,539
488
1,103
813
1,403
1,809
38,563
146,555
19,694
74,843
44,552
169,311
19,748
15,791
60,010
33,641
127,846
60,651
30,973
70,070
18,171
69,058
28,580
14,233
54,089
51,575
15,563
59,147
24,478
22,385
31,059
24,836
52,909
645,243
208,990
245,769
125,510
99,188
283,933
115,809
90,707
125,855
100,637
214,396
177,870
657,003
214,652
247,420
128,446
99,908
285,915
116,579
91,883
127,026
102,153
216,503
17
85
21
20
10
8
26
4
3
6
6
369
2,221
54,259
3,280
79,629
4,833
3,628
23,665
36,900
2,453
1,534
2,009
31,861
3,361
667
15,675
2,919
2,002
21,772
2,284
1,322
26,662
5,078
1,348
56,758
6,525
853
46,898
3,113
7,105
156,606
10,860
660
64,509
1,526
3,580
42,673
478
32,851
2,888
1,706
1,220
1,394
579
275
300
301
330
351
851,276 4,277,067
786,826
979,616
495,265
378,978 2,134,298
420,700
295,886
424,982
301,231
878,554
936,700
181,658
133,863
157,697
92,154
331,415
128,763
220,814
162,935
2,361
2,148
1,513
3,895
455,924
6,650
3,599
599,738
384,763
159,235
2,430,227
174,190
2,465,358
...
Total U. 8. Govt, securities.
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks.
Uncollected Items
Bank premises
All other resources
Total resources.
12,224,679
LIABILITIES
4,995
32,793
124,622
363,911
869,520
307.878
405,170
204,157
185,078
6,794,650
Deposits:
389,092 3,013,945
383,956
442,750
14,130
4,799
24,775
205,955
189,107
2,337
l,655i
75,048
15
79,079
Foreign bank...
Othpr deposits
1,962
53,955
152,525
reserve account
U. 8. Treasurer—General account.
3,860
13,808
20,832
4,011
76,363
8,399
4,851
1,824
3,880
148,065 1,053,344
11,292
1,807
6,051
1,825
1,856
7,278
7,584
4,204
792
3,272
16,686
398,925 3,124,948
399,030
486,454
222,420
158,975 1,072,543
200,593
136,580
225,267
171,615
482,859
156,253
46,540
56,468
53,785
12,569
4,716
3,822
5,186
16,190
2,947
3,149
3,953
14,371
28,182
3,756
4,655
26,370
12,221
13,406
4,231
81,181
12,189
32.276
50,259
3,613
1,007
546
1,003
1,142
3,000
3,110
3,448
1,304
946
1,415
840
3,783
1,252
1,328
7,080,209
Total deposits
64,466
623,656
130,247
Deferred availability Items
Capital paid In
Surplus (8ection 7)
8urplus (Section 13-B)
9,386
•
145,501
"
27,088
All other liabilities
34,290
14,487
Total liabilities.
12,224,679
Reserve for contingencies
.
50,825
'
7,744
8,849
8,669
9,902
2,874
1,513
10,290
2,295
21,495
4,255
5,616
754
467
786,826
979,616
495,265
8,962
242
1,363
i
1,513
40,450
10,174
/
9,645
1,696
1,849
364
739
194
907
466
378,978 2,134,298
420,700
295,886
424,982
301,231
878,554
1,28?
73
343
492
4,192
242
2,366
299
21,350
1,391
1,252
7,573
1,371
2,563
249
520
851,276 4,277,067
industrial
make
r
4,169,201
F. R. notes in actual circulation
1
2,373
22.040
advances
"Other cash"
101,245
221
Treasury bills
to
2,914
27,332
103,871
42,987
381,326
1,449,163
Treasury notes
*
58
385
45
205
12
615,194
48,066
Bonds
Commitments
45
25,464
U. 8. Government securities:
Member bank
151
108
120
\
58
116
34
3,086
25,980
Total bills discounted.
Bills bought in open market..
Industrial advances
504
1,854
Other bills discounted
75
does not include Federal
48
299
Reserve notes.
FEDERAL RESERVE NOTE
STATEMENT
u—
Three Ciphers (000) Omitted
Federal Reserve Agent at—
In actual circulation
%
Dallas
Louis Minneap. Kan. City
San Fran.
S
$
$
$
S
970,848
34,148
191,258
9,600
138,067
4,204
168,782
11,085
100,026
7,872
379,733
13,297
207,554
22,476
204,157
185,078
936,700
181,658
133,863
157,697
92,154
331,415
433,000
219,000
166,000
986,000
166,632
75
12
388,589
24,678
961,57"
-92,054
318,044
10,166
26,097
363,911
869,520
307,878
405,170
4,437,838
4,395
Held by Federal Reserve Bank
&.
Chicago
Atlanta
$
$
S
431,267
4,473,196
303,996
4,169,201
Issued to F. R. Bank by F. R. Agent
Collateral held
Cleveland Richmond
Phila.
S
$
%
$
Federal Reserve notes:
New York
Boston
Total
396,000
965,706
2,937
319,000
304
217,454
48,318
by Agent as security
for notes Issued to banks:
Gold
certificates on hand and due
from United States Treasury
Eligible paper
4,530,233
Total collateral
968,643
396,504
319,304
433,075
219,012
129,000
167,000
101,500
389,000
99
152
256
11
45
45,000
504
88,000
U. 8. Government securities
30,000
10.000
3,000
196,784
139.000
170,256
101,511
389,045
211,099
986,000
Member Banks of the Federal Reserve System
Federal Reserve System, giving the principal
Weekly Return for the
Following is the weekly statement issued by the Board of Governors of the
items of the resources and liabilities of the reporting member banks in 101 leading
always a week behind those
the Federal Reserve System upon the figures for
immediately preceding whicn we also give the
These
figures
are
cities from which weekly returns are obtained.
for the Reserve banks themselves. The comment of the Board of Governors of
the latest week appears in our department of " Current Events and Discussions,
figures of New York and Chicago reporting member banks for a week later.
6, 1935, covers reporting banks in 101 leading cities, as it did prior to the banking holiday in 1933, instead of 91 cities, and has
additional Items. The amount of "Loans to banks" was included heretofore partly in "Loans on securities—to others" and partly
deposits—adjusted" represents the total amount of demand deposits standing to the credit of individuals, partnerships, corporations,
associations States counties municipalities, &c., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the Item "Net
demand deposits " furthermore has been changed in two respects in accordance with provisions of the Banking Act of 1935:
First, it includes United States Government
denoHits
avainst'which rmerves must now be carried, while previously these deposits required no reserves, Thnaosecond, amounts due from banks are now^deducted from
and, nhanfrc.a rr>ab-a
uoin/oim, °Soluo>i Huluu
VOT uiuo» "" "
"
•
th.
lo-rrr
• • "NT Ah rt
,1
t.„.i
The statement beginning with Nov.
also been revised further so as to show
in "Other loans " The Item "Demand
_
wuiuu
are now
inciuaea
iiiter-uauB. uwyuctJi/o.
in
represents funds received
on
bills payable and
....
"
*^
on
Chicago
$
%
$
9,493
1,177
1,857
633
587
3,022
3
6
38
12
885
79
21
10
149
221
67
Loans to banks
Other loans
U. 8. Government direct obligations..
198
,
.
.
.
-
147
44
145
23
4
9
670
408
6
2
241
62
182
27
71
26
689
$
511
2,180
3
3
12
42
2
4
30
46
9
9
26
2
22
44
6
18
23
364
9
25
3
San Fran.
$
31
5
87
Dallas
$
$
71
53
846
329
58
on real estate
,,
Louis Minneap. Kan. City
%
9
26
1,150
banks)
St.
3
915
(except
Acceptances and com'l paper boughtLoans
Atlanta
$
209
:
securities to others
Richmond
$
ev eland
Phila.
1,215
22,442
Outside New York City
.
,
BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON NOV. 18 1936 (In Millions of Dollars)
2,029
In New York City
.
'•
Loans to brokers and dealers:
Loans
—
--
$
%
ASSETS
;
New York
Boston
Total
Loans and Investments—total
:
other sources. Figures are shown also for "Capital account," "Other
Is meant the aggregate of all assets not otherwise specified, less cash items reported as on hand or in process
WEEKLY REPORTING MEMBER
Federal Reserve District—
n™ r. ^
w„
rediscounts, from the Federal Reserve banks and from
net>» an(j "other liabilities."
By "Other assets—net"
of collection which have been deducted from demand deposits.
assets
ASSETS AND LIABILITIES OF
,
8
159
'
2
4
1
1
2
2
301
1,608
181
210
113
166
532
139
123
144
161
384
420
4,062
9,234
3,955
333
901
262
205
1,596
225
179
258
'184
716
1,261
18
507
93
54
72
39
153
60
12
51
44
158
Obligations fully guar, by U. 8. Govt.
3,195
155
1,201
306
271
79
87
391
108
47
139
52
359
Other securities
5.471
311
2,701
286
345
128
71
151
104
404
124
72
17
37
18
11
68
11
5
12
10
19
123
451
149
96
292
189
257
224
Reserve with Federal Reserve
Bank-
Cash in vault
Balance with domestic banks
Other assets—net
deposits—adjusted
United States Government deposits..
Domestic banks
-
Foreign banks
Other liabilities
Capital account
864
285
137
190
170
255
79
535
88
108
39
42
104
24
17
24
29
15,399
5,029
1,055
6,906
823
1,104
426
310
2,324
409
279
488
378
897
283
977
275
713
198
177
816
180
121
147
122
1,020
521
10
124
55
51
28
36
94
10
3
17
36
57
333
378
249
228
881
288
133
423
223
310
9
4
"""~~6
"""342
Inter-bank deposits:
Borrowings
84
2,505
1,313
LIABILITIES
Demand
Time deposits
141
196
•
6,297
247
2,604
/449
10
410
3
1
2
893
26
390
3,544
234
1,578
4
2
1
1
5
"~22
15
35
8
33
.
15
1
'
226
339
90
87
356
,
86
56
3
90
78
•
324
T,i
3422
Nov.
Stock and Bond Sales—New York Stock
DAILY, WEEKLY
AND
28, 1936
Exchange
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash
account
and deferred delivery sales are disregarded in the
is taken of such sales in computing the range for the year.
United States
Government Securities
York
Below
furnish
we
a
Stock
the
on
day's
New
the current
on
Daily
a
Nov.
more
32ds
Tuesday
Wednesday
Friday
or.
120.30
121.2
121.6
120.30
120.27
120.30
121.3
120.27
121.2
121.6
121.9
$1,000 units...
3
9
120.30
31
110.5
110.3
110.1
110.8
$7,163,000
13,468,000
12,332,000
13,026,000
HOLI DAY
12,612,000
1,536,000
997,000
15,145,000
9,018,720
$45,316,000
$7,873,000
$7,945,000
$61,134,000
109.31
109.30
110.4
110.7
109.31
110.1
(Close
110.4
76
Week Ended Nov. 27
Jan. 1 to Nov. 27
Stock
1936
12
15
115.28
115.28
115.30
116
Low.
115.28
115.25
115.23
115.26
116
Clos<
4s, 1944^54.
Stocks—No. of shares.
110.10
110.8
76
116
115.28
115.25
115.28
115.30
1935
1936
9,018,720
1935
11,553,265
443,970,972
335,376,125
Bonds
116
(High
12
$1,000 units...
47
49
190
Government
$7,915,000
7,873,000
$2,608,000
6,045,000
45,316,000
62,593,000
$294,499,000
305,721,000
2,600,306,000
2,021,032,000
$61,134,000
$71,246,000
$3,200,526,000
$3,018,487,000
State and foreign—
Railroad and industrial
1
13
(High
114.13
114.7
114.6
114.13
114.10
114.6
114.6
114.8
114.13
114.6
114.6
$653,315,000
344,140,000
114.12
(Clos
Total
114.12
iLow
3^8, 1946-56
York
Exchange
110.10
110.2
$1,000 units...
114.12
114.13
12
38
1
106
2o
110.26
110.26
110.24
110.28
110.30
110.24
110.21
110.24
110.25
110.26
110.26
110.30
$1,000 units...
Low.
3HB, 1943-47.
110.26
110.24
110.24
3
28
52
11
51
106.15
106.13
106.11
106.14
106.14
106.12
106.9
106.8
106.11
106.9
106.15
106.10
106.11
106.11
Low.
3s, 1951-55.
128
20
107.30
107.29
107.30
and
Bond
daily closing
Averages
averages
107.27
107.26
107.28
of representative
107.28
107.28
the New York Stock
Exchange
107.29
107.27
on
compiled by Dow, Jones & Co.:
107.31
108.1
108.1
Low.
the
are
stocks and bonds listed
as
108.1
107.30
9
$1,000 units...
3s, 1946-48
Stock
Below
106.13
$1,000 units.
Total sales in
$1,208,000
1,167,000
1,930,000
1,643,000
2,276,130
Sales at
(High
Total sales in
Sales
$1,039,000
1,694,000
1,590,000
2,014,000
...
New
3
60
•! Low.
3Ms. 1943-45
.
Bond
...
121.9
120.30
4Mb, 1947-52
Total sales in
$4,916,000
9,607,000
8,812,000
9,369,000
Total
Stales
Bonds
121.9
Low.
Close
Treasury
Total sales in
United
25 Nov. 26 Nov. 27
Total
High
State,
Miscell. Municipal <fc
For'n Bonds
Bonds
HOLI DAY
Thursday
Nov. 21 Nov. 23 Nov. 24 A
and
802,260
2,159,820
1,924,190
1,856,320
Monday
one or
Railroad
Number of
Shares
27, 1936
Saturday
point.
Total sales in
Exchange
Weekly and Yearly
Stocks,
Week Ended
the New York Stock Exchange during
week:
Total sales in
No
daily record of the transactions in
Quotations after decimal point represent
of
the only transactions of the day.
are
Transactions at the New York Stock
Exchange
Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds
unless they
range,
no
23
Stocks
Bonds
10
10
j,
8
21
22
30
20
20
Total
10
First
Second
10
108.13
Total sales in
108.11
108.10
108.8
103.12
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
108.12
108.7
108.10
108.8
108.11
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
108.12
108.9
108.10
108.8
108.12
$1,000 units...
1940-43
^
jLow.
l Close
14
2
Date
Total
26
18
8
1
7
Nov.
27
65.60
107.73
113.33
109.18
-109.14
109.14
109.15
109.17
Nov.
26
1 Low.
109.18
109.14
109.14
109.14
109.14
Nov.
25
180.78
55.08
34.69
64.64
107.73
113.46
93.55
106.99
(Close
109.18
109.14
109.14
109.15
109.14
Nov.
24
181.11
55.28
34.84
64.82
107.66
113.35
93.59
106.90
$1,000 units...
Total sales in
1
2
1
12
Nov.
23
178.62
54.73
34.33
63.97
107.55
113.13
93.48
106.88
105.26
Nov.
21
182.01
56.05
35.10
65.30
107.69
113.18
94.06
106.80
105.43
$1,000 units...
(High
3^8, 1941-43
Total sales in
(Hlgt
_J Low.
(cios<
3^8, 1946-49
1
108.28
108.26
108.26
108.27
108.28
108.25
108.25
108.23
108.26
108.28
108.25
108.26
108.27
3Hs, 1949-52
44
108.11
108.7
108.9
108.13
108.7
108.7
108.6
108.9
106.95
108.7
108.7
108.6
108.9
United States
88
1
13
109.18
109.16
109.18
109.17
109.16
109.14
109.14
Holi¬
109.17.
109.16
109.16
109.17
day
26
156
29
3
Nov. 27
Asked
Bid
110.12
Dec.
109.28
110.2
110.7
Dec.
9 1936
110.1
110.8
110.12
Dec.
16 1936
2 1936
0.10%
0.10%
0.10%
0.10%
Apr. 21 1937
May 19 1937
May 26 1937
0.11%
0.11%
0.13%
0.13%
0.13%
0.13%
0.14%
0.14%
0.14%
0.14%
0.15%
0.15%
Apr. 28 1937-
May
5 1937
May 12 1937
3
5
19
15
306
Deo. 23 1936
104.14
104.14
104.11
104.11
104.12
Dec. 30 1936
0.10%
0.10%
0.10%
0.10%
0.10%
0.11%
0.11%
0.11%
0.11%
0.12%
0.12%
0.12%
0.12%
0.12%
Aug.
4 1937
Aug. 11 1937
Aug. 18 1937.
0.16%
0.15%
0.15%
0.11%
Aug. 25 1937
0.15%
104.11
104.7
104.4
104.8
104.10
Jan.
104.14
104.10
104.11
104.11
104.12
Jan.
308
279
141
55
Jan.
106.12
106.10
106.11
106.11
Jan.
27 1937
Low.
106.13
106.7
106.5
106.8
106.9
Feb.
3 1937
(CiOS<
106.13
106.7
106.10
106.8
106.10
29
6 1937
Feb.
10 1937
Feb.
17 1937
3
34
104.13
104.11
104.9
104.8
104.8
Feb. 24 1937
104.11
104.7
104.5
104.8
104.8
Mar.
104.13
104.7
104.9
104.8
104.8
Mar. 10 1937
Total sales in $1,000 units...
Low.
Total sales in $1,000 units...
(Higl
2Mb. 1951-54
63
73
147
197
25
6
102.30
102.30
102.30
102.30
57
103.2
102.25
102.24
102.26
102.28
102.25
102.30
102.28
102.29
12
401
153
536
40
102.21
102.19
102.16
102.18
\ Low.
102.17
102.13
102.11
102.12
102.13
102.16
102.12
274
553
53
105.31
105.26
105.26
105.30
105.30
105.26
105.26
105.26
105.30
105.26
105.26
105.30
10
1
14
27
Apr.
105.1
104.30
104.27
104.27
----
104.28
105.1
157
105.18
(Clos<
105.17
Total sales in $1,000 units...
51
3s, series A, 1944-52
11
8
m m
-
mmmm
mmm
"mmmm
_
—
«•
105.15
26
501
«
Maturity
Dec.
103.28
104.3
104.6
103.27
104
104.2
103.28
103.28
104.3
104.3
104
75
5
35
151
13
104.26
104.22
104.21
104.22
104.24
104.22
104.18
104.15
104.19
104.20
104.26
104.18
104.21
104.22
104.24
$1,000 units...
57
(Close
303
34
103.2
103
103.1
June 15 1940...
Deo. 15 1940...
Mar. 15 1940...
June 15 1939...
102.24
102.29
5
Treas.
2
Treas.
103.5
93
102.29
117
103
101.22
101.24
Maturity
Rate
Sept. 15 1938...
2M%
2M%
101.14
101.16
Feb.
1 1938...
101.29
101.31
Deo.
32ds of
June
15 1938
2J?%
101.31
102.1
Feb.
15 1937...
101.31
102.1
3%
3%
3%
3M%
101.27
101.29
102.8
102.10
Apr. 15 1937...
Mar. 15 1938...
103.17
103.19
Sept. 15 1937...
Bid
56
103.1
102.30
102.31
103
102.29
102.26
102.28
102.31
103.2
102.26
102.30
102.31
103
20
2
1
FOOTNOTES
102.28
14
31
*
11
table
includes
only
of
sales
were:
114.2
-
to 114.2
104.6
to 104.6
NEW
YORK
t Companies reported in receivership.
Deferred delivery,
n
New stock,
r
coupon
FOR
Bid and asked prices; no sales on this
day.
Cash sale.
x
Ex-dividend.
V
Ex-rights.
'
/
Asked
103.29
103.31
102.31
103.1
101.10
15 1936...
USE
Asked
101.12
104.6
104.8
101.10
101.12
101.26
STOCK
101.28
103.24
103.26
102.29
102.31
103.2
103.1
54
103.2
Transactions in registered bonds
3Ms, 1946-56
2Ms, 1955-60
Bid
103
a
bonds.
more
103.2
102.28
Total sales in $1,000 units...
above
or
6
169
103.5
103
Total tales in $1,000 units..
2Mb. 1942-44
l%%
1M%
1M%
1M%
1M%
1M%
1H%
2M%
Mar. 15 1939...
Mar. 15 1941.—
(Cloi
one
Int.
Rate
15 1939...
103.28
(High
-j Low.
0.15%
105.15
103.28
(High
2Mb, series B, 1939-49..i Low.
0.15%
0.15%
0.11%
Int.
105.16
105.17
104
-(Low.
I
28 1937
61
106.17
105.17
i.
104.1
(:
July
point.
(High
Home Owners' Loan
Home Owners' Loan
...
June 15 1941
Total sales in $1,000 units...
Home Owners' Loan
7 1937
14 1937
21 1937
Figures after decimal point represent
a
|I Low.
2Mb. 1942-47
July
July
104.30
105.17
Federal Farm Mortgage
June 30 1937
July
Quotations for United States Treasury Certificates of
Indebtedness &c.—Friday Nov. 27
---.
104.28
3 Low.
Note—The
7 1937
Apr. 14 1937
....
104.28
105
105.2
Total sales in
Mar. 31 1937
June 23 1937
30
....
105.2
38, 1942-47
Mar. 17 1937
Mar. 24 1937
9 1937
June 16 1937
102.15
329
■< Low.
3 1937
2 1937
June
102.15
102.21
8s, 1944-49
mmm
June
102.15
103.1
103.2
i Low.
2Mb, 1956-1959
mm
20 1937
106.13
-
13 1937
6
2MB. 1948-51.
Asked
8
110.8
109.29
110
Treasury Bills—Friday
Bid
109.17
110.1
110
110.3
.
105.38
109.15
"
109.29
110.3
2Mb. 1945-47.—
105.43
Rates quoted are for discount at purchase.
3
109.17
2MB. 1955-60.
105.59
4
6
109.17
i Low.
94.36
HOLI DAY
108.9
5
125
8Mb, 1944-46
35.65
108.27
11
108.13
$1,000 units...
(Hlgl
(Low.
55.94
HOLI DAY
108.27
108.13
Total sales in
182.81
PAGES
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
New York
Chicago
•
Volume
•
Boston
Buffalo
•
Montreal
•
•
Toronto
Cleveland
•
•
Indianapolis
New York Stock Record—Continued—Page 2
143
LOW AND HIGH
Tuesday
Wednesday
Nov. 21
A GV. 23
Nov. 24
Nov. 25
$ per share
$ per share
$ per share
$ per share
68I2
*65
68%
*65%
70
*67
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Monday
Sales
for
SALE PRICES—PER
Saturday
68I2
Nov. 26
Nov. 27
$ per share
$ per share
Shares
10
15
*2784
3384
414
8278
4%
693s
15%
28
3384
4i2
82%
4%
15is
27%
33%
484
8I84
Ts%
190
4
15
*175
5%
438
58
58i2
54%
*57
59U
53%
59i2
*5612
54%
61%
5H2
3884 3884
37%
*109
11134 *108
234
*69%
14%
27%
33%
5%
82%
4
5
234
70
15%
275s
34
5%
*100
*100
*175
*68%
14%
81%
3%
69%
1434
27%
34%
6%
82%
8I84
4
4
"15%
Par
Abraham & Straus
53%
54
52
52%
53%
57%
5184
52%
47%
37%
52%
48%
53
3884
22634 231
305s 31%
18
I884
*108
*68
68
139
124
121% 123%
165l2 165i2 *163% 166
50
4884
4684 4984
89
88
89l2
88%
65
66I2
6712
66%
123
♦111
112
105
105
*29
34
1434
1478
34
2814
34S4
28«4
99
99%
5%
13
*175
7
5%
135s
300
7
111
111%
*101% 106
*29
34
14%
27%
*97
5%
13%
*175
658
*29
3284
33%
28
99
99
5%
*13%
*175
7%
6%
46%
49
47
4834
17i2
18
17
18
38%
18
38%
19
18%
I884
6%
36%
50%
*17
40
♦SOU
27s
36%
50%
3%
*20
5%
*35
50%
2%
19%
3
2078
19%
14%
1412
1434
14%
35
34
3478 35%
*10512 106% ♦105
106%
23
233s 23%
23%
11
11
1078
11%
49
48
50%
50U
*133
*60
150
34
27«4
*1812
57s
363s
684
*35
50%
284
*1884
14%
3434
106%
23
10%
4984
*133
150
*133
65«4
60
60
*61
7
475J
8
17%
38%
1834
5%
35%
50%
234
20%
1484
35%
106%
23%
11%
50%
150
6584
115s
1034
11%
10%
11%
81
79
81
79
80
67
68%
67
68
67
228s
225s
2I84
22%
2134
67%
22%
2718
27%
*395s 40
97
965s
*14714 148
*1063s 107
67%
*6612
*141
51%
135
145
27
39%
*38
40
95%
97%
96
97
147% 148
106% 106%
6684 6684
*141
145
52
51
137
137
28%
*27%
5614
56%
65%
67
67
*141
145
137% *135
27%
27%
56%
57
100% 100%
100
98%
IOO84
144
144
144%
14484
16%
25
16%
52%
136
56%
137%
183% 185%
98
50%
135
28
25%
2514
184i2 185
9884 98»4
1658
147% 148
106% 106%
53
135
137% 137%
25
16%
34
14%
34%
28
13%
25
25
—
300
66%
1,600
3,900
900
300
Thanks¬
29
14%
14%
34%
2834
99%
4,400
13,800
3,200
6%
13%
15,600
1,400
34
28%
giving
99
5%
Day
*13
*175
20
160
300
284
*19%
14%
39%
111
112
22%
23%
22
1084
11
49%
1084
49%
7%
56%
20%
45'8
18%
5%
35%
50%
2%
20
14%
41%
115
2284
10%
50%
18,500
19,400
6,800
4,900
2,200
4,000
400
1,300
2,900
300
9,500
37,400
1,700
7,800
3,300
6,600
25%
9%
6284
25%
24%
2 H % prior oonv pref.No par
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd..l00
Allied Chemical A Dye-No par
Allied Mills Co Inc....No par
Allied Stores Corp
No par
5%
10
Preferred
..50
Am Brake Shoe & Fdy-No par
5%% conv pref....
American Can
102
10%
64%
1%
10
24%
10%
64
68
102
*101
10%
6534
25%
105
11
684
7
684
7%
6%
67%
1%
7%
5
5
434
5
434
5%
*60
80
*60
80
*60
80
*34%
37
*35
36%
35
35
50
49%
8584
50%
20
20%
1%
50»4
51%
85»4
1%
1%
1%
49
86
86
8684
20
20%
20% 205s
105% 105% *104% 105%
33
33
32
33%
484
484
6
*4%
86
105
105
32
32
58%
16%
115% ♦108
American
Am
Chicle.
..
-
_
58%
I684
57%
16%
58%
1634
Colortype Co
10
Am Comm'l Alcohol
Corp..20
Sugar
10
6% 1st pref....
100
Amer Encaustic Tiling new_.l
Amer European Sees
No par
Amer Express Co.
100
American Crystal
Amer & For'n Power
Preferred
2d preferred.
$6
No par
No par
.No par
No par
preferred
Amer Hawaiian SS Co
Amer Hide & Leather
10
....1
50
6% oonv pref
Amer Home Products
1
*38
24
3934
96
97%
148% 149
106% 106%
67
68
143% 143l2
52%
135
27%
56%
53%
136
2784
5684
137% 137%
25
25%
185% 186
97«4 9784
9934 IOO84
24
2434
294%
95%
11,200
*
110
*149
150
700
*104
107%
68%
800
67%
*143
252%
137
27%
145
54%
138
500
10
12,900
440
2784
600
57%
138
138%
25% 25%
186% 190%
99
98%
99% 100%
145
145%
7,800
56%
17
17%
400
700
24%
25%
*101% 103
10%
65%
1%
7%
4%
*60
IO84
67
1%
8%
5%
80
25%
10%
66%
1%
7%
5
10%
67%
1%
8%
5%
24,000
25,600
12,900
11,600
10,900
*60
80
35%
36
*36
3684
"""SOO
49
49%
85%
249%
72,100
19% 20%
*104% 105%
32
32%
19%
60%
8684
20
*83
115% *108
115%
59
58
58%
16%
1634
16%
I684
85
20
31
32%
1,400
6
684
41
*40%
*118% 119%
10984 10934
9,400
"""BOO
584
16,900
5%
81
*108
58^2
I684
81
1,700
700
115%
59
"2" 900
17
3,800
Aug
34
Nov
Aug 14
7
Jan 31
.
32
Deo
Sept
17
22%
75%
Mar
Mar
37
65
40
July 17
July 7
Jan
3
Jan
27
3
87%May 11
27
Nov 16
7% July 10
20% July
1
9
Apr 8
3% Apr 30
984 Jan 2
16% Jan
89
175
Oct
2
6% Apr 30
25
2
Apr 30
Apr 30
13
Jan 20
2984 Jan
12
4% Oct 30
31% Oct 29
37
Jan 2
Jan
41% June
13% Jan
43
Jan
21
Mar
2
24
29
Nov 23
48%
Nov 17
68
30
Oct 15
55% Apr 15
73
Nov 20
140
May
11534 Feb
162%May
30
Apr
57% Apr
Nov
110
Jan
149%
151%
Jan
168
10
Mar
92% Nov
69% Nov
25% Mar
8
Jan
113% Oct 26
66
Feb
3
30
Mar
34
Jan
15% Nov 19
35% Nov 20
32
Aug 29
101
Sept 12
6% Nov 27
14% Feb 17
175
Oct
Jan 27
51% Nov 18
5% Jan 14
2% Mar
22% Mar
6% Feb
72
Aug
84 May
284 Apr
Amer Metal Co Ltd
No par
$6 preferred..
No
$5 preferred
No
Am Rad & Stand San'y.No
Preferred
May
9
Apr 28
27
Apr 30
124
Apr 2
z35% Jan 3
7% Feb 20
Feb 20
par
43
par
36% Feb 20
par
I884 Apr 30
100
American Rolling
Mill.....25
new.18.50
American Seating Co
No par
Amer Shipbuilding Co-No par
Amer Smelting A Refg.No par
157
Jan
7
29% Jan 14
15
Feb 13
3584
19%
9284
3%
June
Nov
Deo
Deo
Deo
9% Dec
Mar
42
17
12
8%
3
Mar
Apr
Oct
28
Oct
/29%
1%
Apr
Oct
14% Oct
4% Mar
18% Mar
4% Apr
13% Mar
72
Nov 27
*24
14% July 28
87% Sept 2
74% Sept
27% Jan
165% Aug
3
4
4
Nov
9
23% July
37
36
9% Aug
Mar
54% Nov 7
July 16
134
66
06
34% Aug
9% Deo
2
Mar
10
Dec
33% Deo
3% Mar
Mar
21
65
14
9
Jan 14
15% Nov 12
115
Oct
May
33% Deo
2
984 Mar 23
56% Nov 27
20% Nov 27
45% Nov 27
21% July 20
8% Mar 6
46
Nov
Nov 19
32
Amer Mach A Fdy Co..No par
Amer Mach & Metals ..No par
70
42% Deo
16912 Sept 5
54% Oct 13
112
Dec
5784 Feb
47% Nov
137% July 17
Nov 27
100
80
5
24
Preferred
Oct
Oct
2234 Nov
4% Oct 15
36
125% Mar 29
89
Nov 20
Apr 28
124
Nov
37%
14
49
9
June
3% Mar
4
6
24% Deo
/49
34% Nov 12
Jan
Dec
20% Nov 13
90
Nov 24
71% Nov
Oct 28
Jan
Apr
3% Deo
14% Deo
14% Deo
14% Deo
33% Dec
187
173
1984May 31
4
z20%
Jan
35% Jan 21
75
Nov
2% Dec
Sept
74
Mar
12
3184 Nov 14
173
125
41% Nov 27
Jan
Jan
1% Mar
10%
8%
10%
134%
1584
Mar
Mar
Mar
Mar
Mar
Aug
Aug
38% Aug
15% Oct
6% Nov
40
Nov
38% Nov
4% Jan
3784 Feb
11% Nov
2784 Nov
75%
33%
12%
32%
130i2
36%
9%
49%
Deo
Nov
Deo
Deo
Nov
Nov
Nov
Aug
41% Aug
25% Deo
159
Sept
32% Nov
3984 Oct 21
Preferred
100
7
Aug 28
18
Apr 30
25% Jan 2
56>4 Jan 7
136% Jan 3
15284 Mar 11
121
Feb
144
2d
100
104
Jan
9
108%May 28
101%
Dec
117% Aug
25
100
57% Mar
133% Jan
6
73% Jan 22
144
Sept 26
*54% Nov 27
63
6
Amer Safety Razor
preferred 6% cum
American
Snuff
Preferred
Amer Steel Foundries..No par
Preferred
American
...
100
Stores......No par
Amer Sugar
Refining
Am Sumatra
100
100
Preferred
Tobacco..No par
A Teleg
100
Tobacco........25
Common class B
25
Preferred
......100
American
Founders Inc....10
Am Water Wks &
1st
100
Eleo.No par
No par
preferred
American
Woolen.....No par
100
Preferred.
{Am Writing Paper
1
No par
Preferred
Amer Zinc Lead A Smelt....1
7
20% Apr 30
4
2484 Sept 1
48% Apr 30
107% Jan
129
Jan
6
20% Mar 21
149% Apr 30
87
Mar 13
8%June 30
20
May 13
19% Apr 28
92>4 Jan 3
4% Apr 30
3% July 3
Anaconda
35
Jan
Anchor Cap
15% Jan 2
97
May 13
Armstrong Cork Co..-No par
Constable Corp
..5
Arnold
145
Sept 23
26% Jan 28
190% Nov 27
102% Feb 6
Feb
6
Mar 17
Jan
2
8
35
Jan 11
2784 Oct 30
2
10
38
6
Jan 10
2
2
Nov
Mar
31%
Apr
21% Deo
26% Jan
64% Deo
May
Jan
76
June
125
Feb
143
July
12
Mar
88
Feb
25% Nov
113
Deo
32% Deo
43
Jan
50%
70%
Feb
Dec
Deo
140% May
18% Jan
98% Mar
27% Nov
160% Nov
72% Apr
7484 Mar
129% Jan
104% Nov
124
107
Nov
141
9
Nov
4% Mar
35% Mar
% Mar
38%
2284
94%
IO84
6884
2%
2% Mar
6
Deo
Deo
Nov
Sept
Nov
II84
Mar
7% Mar
Mar
Deo
Deo
5% Dec
3
Mar
31
Mar
49
Aug
8
Mar
30
Deo
16% Apr
10% Sept
37
9612 Oct
3% Mar
1% June
109
9
55% Nov
87
Nov 12
2684 Mar
111
9
43
3
July 1
Apr 30
May 11
122
105% Jan 3
4%June 10
66% Jan 2
104
Aug 18
47% Feb 24
7% Jan 9
Feb
784 Mar
73% Mar
June
37
20
48
109% Sept
9
118
4% Mar
17% Nov 18
11% Feb
Jan 20
100
Jan 29
Aug 29
7084 Feb
May 18
No par
63%
7% Sept 25
28
$6 conv pref
Preferred
36
5284 Sept 25
84May 19
24
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Armour of Illinois new
6
145% Nov
150
44
W A Cable—No par
No par
$6.50 conv preferred .No par
Andes Copper Mining
..20
A P W Paper Co
-No par
Aroher Daniels Midl'd. No par
Oct 13
Nov 10
104
25
...
45
103
2
Jan
25
$5 prior pref
Anaconda Copper
28% Nov 18
88% Mar 13
136
Mining..50
Preferred
1,000
3,200
245
684 Jan
Apr
Oct
Nov
Dec
Nov
Deo
Deo
8% Feb
7484
11%
37%
24%
20%
21
23% Apr 28
66
Apr 28
Am Type
100
7
69
Mar
I84 Mar
6%
116
Oct 13
Jan
23
6
2
American Locomotive..No par
29,400
2M00
40% Oct
2% Mar
2% Sept 24
Amer Telep
26
54% Nov 19
84 Mar
16% Sept 24
9% Apr 30
6% non-cum pref
Corp
Amer Internet
11,600
1,600
7,200
1,500
*101% 103
5% Nov 19
61% Nov 18
60% Nov 17
60
Nov 10
100
No par
Ice
23
120
1712 Sept 24
Mar 25
Apr
Sept
13% Oct
186
Apr
74
No par
American
22
58
For footnotes see page 3422.
.No par
Coal of N J (Alleg Co)..25
Amer
81
2,100
5,400
34
Nov 18
157
31
79«4
67%
39,200
86% Nov
6% Apr
111
111
100
Amer Power & light...No par
*160% 182
34% 35%
36% 36%
6% Sept
104% Mar
8
100
34,900
36%
Mar
Feb
No par
11%
34%
Jan
4% Mar
98
5% conv pref
11
4,700
2
2
2
27
Apr 28
26% July 7
12% Jan
12% Jan
12% Jan
American Chain
11
79%
42,700
2% Apr 28
No par
1034
68%
_
American Car & Fdy
Preferred
6% conv preferred..
100
Amer News N Y Corp..No par
6
115% *108
25
100
""460
6%
5%
6%
41
41
41
41
40
40
39%
*118% 119% *118% 119% *118% 119% *118% 119%
*109% 109% 109% 109% 109% 109% *109% 110%
5%
584
5%
5%
584
584
5%
5%
*8084
81
80% 81
*8084 81%
80% 81%
*108
100
Preferred
66
183% I8684
97%
9784
99% 100
*144
145
144% 144%
I684 17%
17%
16%
25%
IO484
100
warr
Preferred
*102
100
Pref A with $40 warr....100
150
6784
22%
June
8
195
66
67%
28
4% Mar
21% Jan
July 17
Aug 5
*133
32184
3584 Feb
37% Oct
13
61%
3,700
June
178
61%
79
Jan
51
Albany & Susque RR Co.. 100
{Allegheny Corp..
No par
.
2%
150
5,100
29
19
49
165
*106
Closed
14«4
38%
*133
230
90%
50
106
10
2,300
66%
5%
14%
70
63
139
*112
18
19
200
2,700
88%
Exchange
50%
34a4
1,300
2,300
8,100
50
2%
33%
2
110
9
Highest
share $ per share
62% Nov
Apr
Feb
Alaska Juneau Gold Mln.._10
Pref A without
3,600
50,500
1,700
23,100
2
share
7484 Feb
1584 Nov
103
Pref A with $30 warr
2,000
9
21
14
Apr 28
Jan
Nov
118
Mar 25
1,500
4,500
3,500
20
3
28
30
per
91
9,000
1,300
521;
35%
584
13,300
74",205
50%
Stock
43
18
68%
121% 122
*35
39
2
70
I per
32
$
Mar31
7% Jan
58
American Bank Note
165
42
Lowest
Highest
share
110% Aug
59
Apr
9% Apr
17%June
22% Jan
zl% Jan
Air Way El Appllanoe. .No par
Ala & Vlcksburg RR Co.. 100
3,300
62%
18%
/%
10
No par
Alfillated Products Ino.No par
40%
139
7%
51%
17%
No par
Corp.
Advance Rumely
1,600
7%
52%
1834
43%
18%
534
35%
48%
Address M ultigr
86
*68
5%
*12%
*17J, 3u£,
Adams M tills
3984
28os
99% 100
No par
85%
14%
33
4%
33%
33%
110
*29
*160%
162% 165
33 >2
33%
34%
36%.
37%
37%
323'2
2634 27%
38%
*2778
*135
28
*105
Express
preferred
100
Allis-Chalmers Mfg
No par
Alpha Portland Cem...No par
Amalgam Leath Cos ino new 1
6% com preferred
.50
Amerada Corp
No par
Am AgricChem (Del)..No par
101% 102%
70
5%
13%
300
III4
79U
*16212 165
*162% 165
33
3434 35%
34%
37
37%
37%
37%
*68
31%
18%
8784
4%
4%
4%
*31% 33%
95% 102
*84% 85%
40% 40%
64
99
40
31%
233
30%
18%
8784
s67%
3234
139
28S4
*38
31%
62
34
5%
68%
*135
14%
13%
67%
65
143s
300
30%
19%
89
138
105% 106
48%
6%
71
8684
18%
88
121% 123
121% 123
165% 165% *162% 166%
48% 4984
4814 49%
87% 87%
88
88%
65% 66
65% 66%
11134 112
112
112
15%
3134
6384
138
57%
231
71
71
64l2
139
58
67
231
41
Wis
5684
230
39%
139
5%
111
413s
139
"15""
38
228
25
Air Reduction Ino new.No par
190
*108
413s
*71
4%
—100
per
10
38
82
68%
31%
4,500
111
87
66%
32
4%
89
~2~506
5534
57%
52.
50%
39
38%
110% 110%
86
89
Adams
4%
1434
50%
38%
111
11,200
1,200
1,400
41,900
82%
*175
56
48%
14%
27%
3434
2%
*100
15
57%
68%
4
190
484
No par
...
Acme Steel Co
$
Year 1935
100-Share Lots
Lowest
"""266
82
4%
57
55
8884
695s
48s
3434
2%
82%
4%
4%
53%
4%
33%
94%
4k
*3234
*95i2
18%
27%
3484
7%
15
15~
1484
*175
*175
190
98
6884
3178
32
14%
27%
*33%
5%
57%
31%
4%
33%
95%
86%
18U
8884
14%
102
230%
31%
30%
18%
19%
89% 90
68
67%
*31% 32%
*4%
4%
*33
34%
94% 95
8384 85%
39% 40%
3114
68%
102
*100
190
368%
14%
27%
*33%
3%
*68
Range for Previous
Range Since Jan. 1
On Basis of
Week
75
3423
EXCHANGE
Friday
Thursday
Preferred
69%
Norfolk, Va.
Richmond, Va.
•
5
Jan 30
Nov
5
6% Nov 27
50
7
36
Jan 13
117
Jan
Jan
84
Jan 28
Aug
97
Apr
3% Apr
65% May
125
Jan 28
85
110% Jan 20
7% Jan 25
62% Mar 23
18% Nov 17
Jan
17%
12%
Jan
Dec
4
Dec
52
Aug
122% July
109
6%
70%
110
25% July
6O84
Mar
9%
4
Dec
Apr
Deo
Jan
Jan
Jan
Dec
Det
New York Stock Record—Continued—Page 3
3424
SALE PRICES—PER
LOW AND
HIGH
Saturday
Monday
Tuesday
Wednesday
Thursday
Nov. 21
Nov. 23
Nov. 24
Nov. 25
Nov. 26
$ per share
17
17
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
On Basis of 100-Share Lots
STOCKS
Sales
SHARE, NOT PER CENT
NEW YORK STOCK
*100
107
17
16
107
*100
16%
*100
16%
107
16%
107
«
*100
26%
1678
2,200
107
25%
26%
2678
1087S
25%
*95
26%
108%
25%
26%
10534
2584
......
loiioo
26%
10584
109
*95
*118
122
*118
122
*118
122
*118
122
*118
122
*45
48
45
45
45
48
*45
47
*45
48
72%
7384
71% 73%
7378
*104% 105% *104% 105
42
43%
4U4 43
27
2784
28% 28%
4834 4834
*4734 50%
31
31%
30% 31%
*114% 116% *114% II684
80
80
*80% 82%
*127% 131
*127% 131
*16
15%
16%
16%
33
33
35%
3378
8
8%
8%
8%
44
44%
*44% 45%
5 ?8
6%
6%
6%
721s
578
5%
*81
6
106
115
*115
78
78
127% 127% *128
*1534
16%
1534
33
35%
3334
8
8
8%
*42
*41% 44
22
3578
35
45
*44
45% *44
a:10934 10984 *110
11234 113
26
129%
187S
19%
20%
20%
*110% 112% *110%
25%
26% 26%
19%
103
104
*43
44%
100% 103
*43
1438
*83%
28%
2234
1378
*83%
28%
22%
103
14%
85
29
2234
26
68
68
68%
70%
57
59
57
31
1784
18%
30%
17%
30%
18%
34
35
113
*111
3238
3434
47
46%
46
46%
28
28%
28
87%
87%
7%
86
4%
7
85
86
85%
*7%
7%
7%
334
16%
60%
.
5%
16%
61%
17
16
17
53
60%
5134
6134
5134
*51%
52%
45
45
*44
46
*36%
67S
*36%
38
7
19
16%
1678
*
111%
"I2"
12%
*92% 9978
10®4
1078
*55% 56
17
*
111%
*
77
22%
28
28%
26%
26%
27
4%
22%
6%
22
6%
4%
4%
77
2934
30
42
43%
2%
78
14%
14%
1378
14%
36
35
35%
34%
1778
1678
1734
22%
77%
29%
77%
29%
42%
2%
I384
17
2
*56
14
-
28
136
**87
2678
29%
7784
*63%
65%
107
30%
31
*42%
*9234
58
73
94%
73%
*134
2
*5
5%
1%
9%
*184
9%
*7
33%
134
3%
3%
*9%
87S
33%
1%
334
3%
1038
18
18
64%
6484
1%
434
1%
484
484
*27
434
29
8,800
1,600
4,700
37%
38
54%
5434
6,500
*10234 103%
50%
5134
200
500
48
*47
600
19%
2034
16%
17
*
4,700
110
-
»
138
*136
88%
2784
27
32
142
30%
78%
8784
27%
32
145
145
64
65
67
*105
*10534 107
30
30%
3034
107
"64"
*51
90
71
58%
93%
73%
310
3
18%
134
3%
3178
3%
9%
17%
6234
1%
1%
*478
5
478
*4S4
28
28
For footnotes see page
*
148
*65%
67%
107
107
27%
3178
*77%
28%
32%
7878
3378
7%
39
11%
68%
1378
*
*65%
*105
71%
71
3%
*9%
3%
10%
18
18%
65
65
1%
4%
434
*27%
3422.
2
4%
4s4
29%
'■<
34%
67%
107
3634
55
90%
72%
2
5%
1%
10%
*712
878
33%
33%
134
3%
I84
3%
3%
984
18«4
2
478
484
29
Jan
28% Nov 12
July 30
427s Oct 20
103
Nov 21
«.«.«.
-
10
5,500
3,000
140
5,300
14,500
2,800
190
3;ooo
£63
1%
434
484
-*27%
21
10
240
10
5,600
100
1,400
12,800
Bon Ami class A
Class B
(The)
B org-Warner Corp
500
2,700
1,100
4,900
...........
1,800
3,400
5,300
4,000
800
2
12,800
2,300
1,600
5
1 500
478
28%
1,200
65%
100
Jan
3
41
June 30
$6 preferred series A-No par
Brooklyn Union Gas
No par
No par
Bruns-Balke-Collender.No par
5
7% preferred new
Budd (E G) Mfg
7% preferred
No
Budd Wheel
No par
Bulova Watch
No par
No par
100
par
100
Burroughs Add Mach_.No par
{Bush Terminal
No par
Debentures.
100
Bush Term Bldg gu pf ctfs.100
Butte
Copper & Zinc
Byers Co (A M)
6
No par
Preferred
100
Byron Jackson Co.California Packing
No par
Callahan Zinc-Lead
1
No par
Calumet & Heola Cons Cop. .5
Campbell W & C Fdy..No
Canada Dry Ginger Ale
par
100
Canadian Pacific
5
25
..No par
Capital Admin class A
Preferred A
1
__10
Carolina Clinch & Ohio Ry.100
Stamped
100
Carriers & General Corp
Case (J I) Co
1
100
Preferred certificates
100
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
JCelotex Co
No par
5% preferred
100
7% preferred
100
6% prior pref
100
ChampPap & Fib Co 6% pf 100
...No par
Cab
Chesapeake Corp
No par
Chesapeake & Ohio
25
{Chic & East 111 Ry Co
100
6% preferred
____100
Chicago Great Western
100
Preferred
100
tChic Ind & Louisv pref...100
Chicago Mail Order Co
5
tChic Mil St P & Pao..No par
Preferred
100
Chicago & North Western. 100
Preferred
100
Chicago Pneumat Tool.No
100
Dec
Feb
44
Dec
60
Dec
72
Nov 10
Nov
1834 Nov
Sept
92% Deo
37% Jan
17% Dec
191s Deo
28
May
par
No par
tChic Rock Isl <fc Pacific... 100
..100
100
No par
Mar
5% May
35% May
2>4 July
1%
Feb
7% Apr
7%
9%
36%
106%
Mar
Mar
Mar
Mar
3% Feb
32
June
51s Mar
14
76% Nov
32I4N0V 9
20U Feb 19
38% Nov 12
Oct 30
47
641s Mar
69
Apr
50% July
12% Mar
51% Mar
Oct
79
Sept
18% Oct 15
115
Sept 25
157sMay 5
115% Sept 16
14
Mar
5
0884 Nov 17
34% Nov 18
34% Oct 7
Mar 23
9
32
Nov
9
3134 Nov 9
6% Mar 20
25% Sept 19
84
Sept 18
24%
57% Nov
1484 Mar
27% Sept
4478Nov 18
Nov 25
3
9% Mar
16% June
28% Mar
6% Mar
395s July
90
Jan
16
5
Feb 19
984
97%
14%
1434
24%
Nov
Dec
Nov
Nov
Nov
28
Nov
Mar
2% Mar
384 May
8% Mar
13% Mar
1
Apr
5% Apr
10
Mar
1% Mar
11% Mar
32
Mar
100
3% Jan
10% Jan
22% Jan
3% Nov
20% Jan
66
Dec
30% Aug
% July
2% Mar
42% Feb
1% Jan
684 Oct
7% Mar
8% Sept
Apr
8% Oct
33% Nov
17% Dec
56% Oct
1334 Jan
40% Oct
50
Aug
95
June
4584
83%
36%
19%
16%
Mar
Apr
55
Nov
6
33% Nov 19
86
Sept 26
35% Mar 13
8% Nov 9
57
Feb 21
11% Nov 27
108% Oct 2
74
Nov 10
19% Mar 24
146
80i2 Feb
4
57i2Sept
8
71
Mar 13
107
2
3% Mar
23
Dec
32% Jan
Jan
11% Dec
878 Dec
Mar
6
6
May 12
25%May 13
1% Apr 30
278 Apr 27
2% Apr 29
684May 1
12i2 Apr 30
4084May 4
li2 Apr 23
3i2 Apr 24
3U Apr 28
1984 Jan 2
De©
Mar
7
Nov
l%May 19
278 Jan 4
II4 Apr 28
38
3% July
4% Mar
85
July 15
2
Oct
Dec
5% Dec
4684 Aug
Aug
71% Aug
6384 Aug
103% Oct 3
934 Feb 19
June 22
Jan
55
42
Nov
143
51
234 Dec
17% Nov
553s Oct
Nov
186
2
July
July
Nov
Deo
Dec
14
8
£91
2
47%
27«4
70%
87S
88
Oct
7
3
100
48
4
5484 Jan 16
2134May22
19
Apr 30
54 May 1
2538 Jan 6
Jan
Dec
22% Deo
5978 Jan
30
Nov
4
59
Nov
4% Mar
32% Feb
82% Feb
53
Jan
19
Aug
2214 Jan
90
18% Feb 24
91
6% Apr 29
97i2May 2
4734 Jan 21
8%June 4
17
231s Aug
6884 Nov 18
4 zlOO
4
Apr 28
Oct
2234 Dec
3334 Oct 22
Jan
65s Nov
May
Jan
Mar
87
6
Nov
1484 Deo
34
53
40% Apr 2
20% Oct 6
60
Aug 20
Jan
15% Nov
88
1178 Mar
15% Mar
43
6
9212 Jan
Dec
33% Sept
95
Sept
1484 Nov
117% Mar
Oct 20
57
Jan
634May 22
116
Feb
65% Jan 15
9
2 lis Nov
30
10?8 Jan 20
Apr 30
1234May 8
4584 Jan 8
18
Sept
25% Deo
49% Aug
Nov
11% Mar
Jan
16% Nov
37
Jan
Deo
72
90
6
6
6%
40
"33"
6
Jan
Jan
Jan
5
Nov 19
61
106
108s Apr 30
Jan
5% Dec
20% Nov
36% Mar
8
14
63
Oct
58% Sept 22
Jan
19% Dec
Oct
45%
16784 "Jan lis"
6
4
24
6
5
Jan 17
48% Nov
Sept
115
197b Nov 12
135% Nov 18
6
4
15
28% Jan
334 Mar
% June
8% Apr
24% Feb
23% Jan
30% May
1% Apr
14
May
8% Apr 30
1U2 Jan 10
2084 Apr 28
25
Apr 27
212 Jan 2
8I4 Jan 2
1418 Apr 29
23s Jan 2
I6I2 Apr 29
54i8June 15
22
Apr 30
30% Apr 30
6s Jan 2
101
Mar
90% Nov 18
11% Jan 30
5% Nov 25
1878 Feb 13
44i2May 11
45
Sept 21
8i8May 19
878 Jan
10712 Sept
918 Jan 2
35
4
Jan 21
40% Jan
9784 Feb
116
Oct
3284 Apr
10684 Jan
Dec
412 Jan
331a Jan
54
Mar
Mar
yl2% July
4314 Apr 30
47i2June 30
85
Mar
6
21
Apr 27
lis July 16
41
3
20%
38
6
No par
Bullard Co
Mar
Mar
Mar
Apr
Nov 18
64
No par
Bucyrus-Erle Co
48
2934
3534
6658
19%
32% Aug 10
10
Preferred
share
Oct
109
2
100
Bklyn Manh Transit
7% preferred
6% preferred
Chicago Yellow Cab
23
258s Jan
tBotany Cons Mills class A.50
Bridgeport Brass Co
No par
Briggs Manufacturing.No par
Briggs & Stratton
No par
Bristol-Myers Co
6
Brooklyn & Queens Tr.No par
Conv preferred...
4584 Apr 30
16is Apr 28
107% July 8
15
Boston & Maine
Common
7
39
5
Borden Co
Checker
June
No par
Bohn Aluminum & Brass
Cannon Mills
83
No par
Boeing Airplane Co
91s
90
105
35% Nov 25
63% Mat 7
100% Apr 13
100
5
7,000
178
65
May
1678 Apr 30
Aug 20
80i8June 12
Blumenthal & Co pref
14
878
18
18
120
Bloomingdale Brothers .No par
Preferred
100
Cerro de Pasco Copper.No par
Certain-Teed Products.No par
10%
64%
*178
*4%
4%
*27%
110
29UNOV13
14%July 8
18i4May 8
77U July 11
No par
Century Ribbon Mills. .No par
2
9%
19%
5%
7%
1,600
33%
1%
9%
Beth Steel new (Del)
9,900
434
3
No par
70
1%
10%
...5
Aviation
1,100
I84
3%
9%
I6I4 Mar
89%May
39%
11%
478
3%
8
2
Central AgUirre Assoc..No par
Central Foundry Co
1
Central RR of New Jersey .100
*7%
33%
1%
3%
3
Feb
1318 Jan
23,900
10
10%
Feb 28
85
7%
34
145
71%
1%
4%
1%
«.
*103% 108%
89
2
136
88%
*50
184 V 1%
3%
334
120
88
90
*7-~.,.■884
31%"732%
48
al36
2634
*30%
1,600
400
142
88%
27%
29,200
16%
153
53
1%
9%
-
153
34
4%
9%
878
3378
134
334
3%
9%
17%
6384
47%
,
88%
7034
134
4%
1®4
-
13%
53
5
-
17,100
65
32
2
I884
-
13%
89
4%
1S4
9%
2,200
*136
734
35
Canada Southern
35
65
*16%
31%
*1»4
*7
*56
1,600
6,200
278 153,600
18,000
14%
18%
60
320
79
31%
43%
34%
47
70%
*134
32%
78
3078
£42%
234
1378
*98%
*101% 10234
7%
784
153% 15634
8734
8,700
1,000
4,200
4,400
13
13%
6484 65
16%
16%
47% 47%
*98%
101% 101%
7%
6,600
4%
23%
89
*45%
500
11,900
4,500
2,000
28%
35
17%
57,200
100
7%
43
284
13%
— —
28%
4%
22%
29%
*56
87%
"l2%
M
29
42%
50
20
Beldlng Heminway Co.No par
Belgian Nat Rys part pref
Beech-Nut Packing Co..
Brown Shoe Co
3,100
/
j
"~6~,500
29%
34%
145
146
*106
11,800
29
79
78
78%
78%
77%
33
34
34
34
33% 3378
33%
33%
7
784
734
7%
7%
7%
7%
7%
38% 3934
*39% 4084
3834
38%
38%
3884
11
11
11
11
11%
*11%
1034
11%
*103% 108% *103% 108% *103% 108% *103% 108%
70
71%
68%
70%
71%
68%
68%
69%
14
13
131s
1384
14%
13%
1384
14%
*
1678
61%
54
7%
35%
1734
....
*31%
*7784
11,800
431s
7%
Day
14%
13%
13%
13%
13%
65
65%
65% 65%
16%
16%
16%
16%
*
50
49
4884 4884 *47%
*98%
*98%
*98%
*10134 103
*101% 103
*101% 103
7%
7%
7%
7%
7%
7%
*157
155
15934 152
156% 152
87%
28%
32%
700
5%
30
14
17
139
2,300
7%
53%
4%
22%
78%
3078
*77
2%
14%
87
86
42%
684
giving
110
14%
*56
-
4%
22
43
65%
139
61
Exchange
at
7,500
30%
7%
77
65%
*16%
16%
Thanks¬
60
320
56%
32%
30%
43%
*35%
17%
*55%
Closed—
50,400
2,200
28%
30
*29%
43%
1%
2
80
45
5534
32%
4%
2158
29%
4%
44
27%
85%
7%
484
30%
*25%
4%
22%
Stock
11%
28
634
Aug 18
preferred
Creamery
$5 pref w w__
Beech Creek RR Co..
Blaw-Knox Co
230
10%
2934
7%
*29%
100
1st
Beatrice
1,500
1,600
34
96
32%
No par
100
25
No par
9,000
115% 118
35
34%
46%
4678
95
9434
1034
56%
32%
55
Bayuk Cigars Inc
No par
preferred
20
preferred
.100
Bigelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
6,700
55%
3134
18%
18%
32%
12%
55
Nov 23
20% Nov 9
22UNOV 10
114U Jan 15
1,100
19
96
32%
30%
7%
29%
130
131% 131%
10%
30
13U Jan
8214 Jan 10
14i8 Jan
1634June 26
6
Jan
12%
55
100
48
96
32%
3078
678
2834
No par
preferred
Barnsdall Oil Co.
Best & Co..
10%
32
6oonv
243jj Nov
1,100
51,000
12%
54
8s Nov 24
10
68%
73%
1934
96
30%
100
Rights
6
"11%
31
50
Preferred
per
334 Mar
Apr
7% Mar
8018 Apr
70
Nov 27
2758 Nov
41i4 Oct
49i2 Feb 28
118
July 2
34 NOV 24
275s Nov 6
28% Nov 20
25U Oct
*93
10%
54%
3184
Bangor & Aroostook.
91
32% Oct
12
1078
100
Jan 18
96%
32%
30
*108
100
Preferred
Nov 27
7
578 Nov 27
911s Nov 27
21% Jan 20
54®8
110
Pref assented.
Baltimore & Ohio....
2% July
2% July
2912 Apr 30
3384 July I
1578 Apr 30
21
Apr 30
4118 Jan
3:10984 Nov 24
Jan 15
Jan 24
7s4 Mar 18
20
"U34
31
684
54
51%
*42
100
Preferred
Feb 14
Mar
Beneficial Indus Loan..No par
*92%
1038
32%
*28%
29%
54%
60%
2912 June 30
3
Apr 9
Del(The)new.3
30is
5414
10i8
46%
Bendix
100
23
68%
71%
1031s 10378 *102% 106
50%
50%
50%
50%
48
*46% 48% *46%
19
1934
19%
1938
16%
1634
16s4
16%
20
16%
20
3734
54
38
634
*36%
1678
61%
52%
45%
678
37%
61s
684
37%
54% 55%
54% 55
104% 104% *101% 105
51
4978
50% 51%
*46% 50
*46% 50
20
434
16%
26%June 5
538June30
3518 Apr 10
15,100
3,900
2878
2284
94
7%
4%
1,300
3,100
14%
83%
29%
83%
45
28%
8534
7%
5%
Nov 17
4578 Nov 18
3U2 Oct 19
5484 Nov 10
4
5
7
•
35%
94
62
7%
44
102
1384
46%
45
47
52%
*43
al02
1
34
2734
1,100
200
'
115
95
—
26
31%
28%
129
June 26
Jan
No par
Prior A
Barker Brothers
310
19,100
2,800
103
54
46
Jan 17
14
48
No par
No par
Automobile
Austin K'"hols
2,300
2684
26
57
95
Nov 18
—No par
Barber Co Inc
130
103
19%
2734
200
19%
£19%
19%
*110% 112%
31%
18%
34%
46%
Preferred
Atlas Tack Corp
4,500
7,800
2634
19
71%
34
100
Oct 14
Highest
per share $
Nov 27
Baldwin Looo Works. .No par
Assented..
5,400
107
84
100
No par
56,900
91
26%
*
A
20,300
23%
25%
*126
4% oonv pre! ser
Atlas Powder
7
37%
45%
2
118
25
Avia'n Corp of
1,700
2,100
27,500
9084 Jan
5U8 Feb 10
88i2 Aug
100 1112
Preferred
21,000
110% 110%
84
84
130
115
40
2
2
No par
100
Atl G & WISS Lines
Atlantic Refining
Auburn
Jan
218s Apr 24
11
Apr 22
13ia Apr 24
26%June 4
109 Sept 17
578
9178
*44
68
45
7%
6%
2134
3534
26
95
4
18,300
1,900
8%
4634
90
8378
22
46%
28%
87%
*92
95
46
35
30%
35%
46%
33%
46
114%
10
«
900
55%
£18
34
34
113
*92
*46
6984
1834
130
58
30
68
400
16
578
5%
84%
*103
104
*10278 104
103
*43
44
*43
44%
44%
102
103
102% 102% al02
14
14%
14%
14%
14%
85
85
*83%
*83% 85
28
2884
28%
2878
28%
23
22%
2234 2278
22%
68
69
70%
19
19
19%
1834
133% 13334 *130
133%
71
19% 19%
13034 133%
59% 69%
30% 30%
18% 1834
*32% 35
*113
115%
3334 34%
46% 47
26
400
78%
578
5%
82%
110%
%
84
%
84
25%
224%
24% 25%
26
2734
26%
27%
26%
128
128
128% 129
130
19
1834
19%
19%
18%
20
19%
1984
19%
1978
112% *110% 112% *110% 112%
25
500
May 13
2778 Nov 19
Oct 30
Atlantio Coast Line RR...100
11,500
22is Feb 27
108
124
14,600
..
$
Oct 30
Feb 21
Oil..
per share
112
May 21
118
Year 1935
Lowest
June 19
59
900
*41%
25%
26
103
14,000
34%
,
125g Apr 30
100
100
98
28
8%
3
Jan 20
36
15
'
68
70%
„
45
25
25% 25%
27%
27%
1283g 128%
-.1
818 Jan
95
$
25
47%
3I84
116
36
45%
Associated Dry Goods
share
Atch Topeka & Santa Fe..l00
Preferred
100
44%
£78%
*128
6
35
77
100
per
700
28
6%
35%
5
No par
$
Associated
104
Range for Previous
Highest
"""136
47%
31%
45
22%
78%
61%
-
534
78%
21%
34%
7%
4%
16%
6
-
Corp
Preferred
6% 1st preferred
7% 2d preferred
7434
Z4234
Artloom
■
1534
34%
8%
7634
78%
21%
22%
70
6%
6
•
5%
5%
81
113% 113%
104
78
76%
2184
36%
36%
45%
72%
116
78
5%
81
*68%
49
30%
115
76%
*103
28
27
30%
534
478
76%
75%
21%
5
76%
19
73%
104
104%
42% 43%
28
28%
46% 48
30%
31%
42%
*48%
*96
72%
105
42
6
534
5%
827s
*44
*90
Par
Shares
1
*100
Lowest
Week
27
$ per share
16%
16%
*100
Nov
1936
EXCHANGE
the
Friday
Nov. 28,
7734
3%
634
2%
12%
12
21
29
May
6% July
96% Mar
38% Jan
3% Mar
Mar
88% Dec
Mar
7
Nov
4
Nov
4% Mar
36
Mar
4
Jan 13
37% Mar
Oct 13
Feb 5
Is June
% Feb
1% Feb
Oct 16
Jan 31
331s Nov 13
27g
57g
478
12%
Nov
62% Aug
12% Jan
109% Jan
65% Deo
15% Deo
34
Nov 12
Oct
Feb
60
35% Jan
21% Nov
62% Nov
Nov 25
3634 Nov 27
69% Apr 17
100
22%
Jan
Apr
Nov
July
8% Dec
111% Nov
126% Nov
Feb 11
Feb 11
Feb 21
Oct 19
Nov 27
*65% Nov 27
3
Feb
8
Jan 11
8
8
July 15
32% Oct 7
1
Apr
21
61%
53%
2%
3%
2%
5%
Dec
Nov
Deo
Jan
Deo
Jan
Deo
Mar
9
Dec
19% June
% Mar
34 Mar
1% June
3% July
4% Mar
*35,
Nov
1
20
84
1%
1%
9%
Mar
July
Mar
July
July
3
Jan
484
5%
Jan
Jan
Jan
20% Dec
10%
5484 Deo
2% Jan
4% Deo
4
Jan
1984 Deo
Volume
LOW
AND
SALE PRICES—PER
HIGH
Sales
NOT PER CENT
SHARE,
Nov. 21
1934
11%
11%
*44*2
128
46
129
21%
*86%
*51
21*4
8734
100
11%
34%
Nov. 24
12
34*2
*97
19
19%
11%
12%
44%
123*4 127
44*2
2034
8734
42
42
*8834
*51
100
71*4
12
34%
33*4
*104
111
110% 111
42
40%
h.m —
60
60*2
111
40*4
8884
m
ll"l"
$ per share
$ per share
19
Shares
20*2
71%
68*2
*126*4
•
"
59
"l9%
18
18%
104l2 *104
58%
109
mimmm
131
*58
18%
1,200
Clark
*97
*41%
41
42
2,700
10
*88%
-
-
-
*47
-
£70
71%
—
3,200
72
127
18%
18%
*104
60
700
127
*56*2
—
M
18%
104%
26,100
60
4,200
330
110% 110%
109% 110
*25
29%
*25
29%
*25
29%
*25
36
36
35
36
35%
37%
36*2
25%
2534
2534
25%
25*2
25%
30
30
30
30
*28
30
32%
*26
31
24%
*27*2
*25%
*30
32%
11634 117*4
*28
116
117%
37*4
*42%
37*4
46*2
3684
44
18*4
18%
17%
118
37%
44
18%
103% 103*2
*94
95*2
76*2
77%
127% 128
88
88
104
104
94
94
75%
17
16%
*82%
*88
*78
35
20%
17 /
16%
84
9034
110
434
17
4%
17
45*2 46*2
107*4 107%
34%
*18
17%
15%
*79
88
*78
*94
75%
127
86
87%
134% *129
45
18
*118
36%
*43
17%
39
10,600
25%
25
26
610
30
29*2
30
290
37*4
37
*——
120
36%
,
18
104
95
96
77
76%
77%
127
86*2
128
85%
1
4
20%
20*8
20
85*4
87
Oct
June
110
234
2%
36%
26
26
125
Aug
126
May
Nov 16
72*2 Nov
93
Dec
58
Nov 17
533s Apr
58%
Dec
6
15*8 June
21
Dec
preferred..
No par
100
Apr 30
Jan 3
Sept 24
Jan 6
28i4Septl7
2112 Jap 2
1918 Jan 2
100
16
Jan
2
No par
94
Jan
7
No par
No par
31
Columbia Gas & Elec__No par
14
Preferred
100
(called)
No par
4% 1st preferred
4% 2d preferred
Columbian Carbon
v t o
Col Pict Corp v t c
$2.75 conv pref
Preferred series A
5%
Credit
35%
20*8
19%
34%
35%
34%
35%
*18*4
20%
17*4
20
20
*18
*17*2
18%
50
15%
15%
15%
2,600
16*2
93%
16
15*4
*70
91
88
*76%
*88
77
91
90
16%
4%
45% 46
107% 107%
*78
1
1
44
1
*104% 106
Exchange
1
1
12%
1
6%
24%
20
3%
giving
3%
26*4
19%
31%
Thanks¬
32
3%
27,100
27,300
15,400
2,470
5,300
12,500
23,600
1
Class B
No par
100
67U Jan
20
....
67%May
7
46
Feb 11
4
37%
25%
37%
31,000
5
Continental Oil of Del
26
2,300
Continental Steel Corp .No par
6I84
63
740
Corn Exch Bank Trust Co..20
71
71%
■
1
'
'
•
35
3778 Nov 18
35%
155s Mar 16
3538 Sept
1
91*2 Nov
No par
4534 Nov 24
9
9
9
1134 Sept
23*2 Mar
$2.25 conv pref w w.-No par
43% Jan 7
46% July 22
52%
*44%
45*4
1,400
*112
125
ex-warrants
Pref
Cr W'mette Pap 1st pf.No par
122
*120
'*.•*-
122
100
234
3
33,300
19
18*8
19
3,780
11%
12
11%
12%
11%
12%
12%
13*4
12%
13
40,600
6%
6%
21%
£20*2
84
*80
84
*46%
53%
*46%
53%
*46%
53
75
75
77
77
19
19
93
94
2934
3134
46
18%
534
2934
32%
46*4
18%
76
75
1,320
39
20%
21%
6%
21%
400
9,900
112% 112%
400
6%
6%
47.600
20%
20%
52,500
80
*80
84
*46%
53
75%
*46%
75%
53
*75
80
19
20
1,000
1834
18%
19
18%
90
92
91
91%
91
19%
94%
31
30*2
31
31%
4584
32%
18%
5%
19%
10,500
5%
400
30
29%
30%
*30*2
3134
31
32%
45*2
18*2
44*2
17%
31*4
45%
31%
46*2
18*4
18
18*4
634
*5%
6%
142
*64
*64
*8
*8
142
142
143
46
534
5%
*141
143
*8
142
1,700
6,300
48
9,200
142
500
*64
*64
"9%
2,400
10,000
"9%
*7%
10
9*2
*15%
20
*15*2
20
*15*4
20
*15%
20
60
58
58
*55
58
*57*8
J8
*15%
*58
58
58
58
33*2
3334
32%
32%
32*2
32
32
32
32%
3934
40
3984
3934
*39*2
39%
39%
3934
40
40
25%
23*4
52%
26%
23*4
25%
23%
26*4
52
52%
26*4
2334
52%
26%
53
*11
11*4
*11*8
73%
73
45
45*2
*29
29*2
27
27%
25%
27%
24
24
23%
24
53
53%
53
32
53*2
23%
11
11%
1034
11
11
11
7334
74*4
71%
74*2
72*2
74%
72%
46%
45
45
29
29*4
29*4
46%
46%
44%
45
*44*4
30
30%
30
30
29
1
*%
1
*%
2
*1%
120
184
18434
131% 131%
120
*115
120
*115
120
*115
180*4 184
*179
181*4
*115
131*4 13138
*115
*115
*7%
8
16*2
734
"
-
-
—
734
180
180%
132% 132%
132*4 132*4
115% 115% *115
7%
7%
7%
7%
„
Participating preferred—.25
14,400
180
I8OS4 181
180
181
180% 181
180
160
*160
162
160
160*4 160*4
160
38%
14
43*8
38%
14*4
4438
113
113
12%
13
161
38
38%
37%
38%
37%
37%
13*2
14*4
13%
14*4
13%
43%
44
42%
113
12%
44*8
113
13%
43%
113
44%
113
12%
For footnotes see page 3422.
12%
113
12%
14*4
113
12%
180
44*4
113
12%
Corp-Seagr'8 Ltd No
Co
No
Ltd
No
Dominion Stores Ltd..No
Douglas Alrcr Co Inc..No
Dresser(SR)Mfg conv A No
Convertible class B__No
Duluth S S & Atlantic
Distil
1,000.
900
par
500
Duplan
Silk
~
«•
•*
-
*
7,500
1,200
10
8%
180
14*8
44%
113
12%
1,000
1,700
110
2,100
8,700
14,300
100
13,100
Oct
5
12458Sept 21
3*8 Nov 25
Nov 25
14*4 Mar
9
Nov 24
44*2 Jan 14
24*4 Apr 13
10% Jan
6
9
36isMay 17
43U Jan 6
758 Apr 27
2158 NOV 24
59
90
1
Jan
5
Jan
Dec
15
Mar
89% Mar
Mar
2
6*4 Mar
5
2284 Mar
27
Jan
2
323s Nov
6
19
Jan
18%
Dec
6884 Nov
28
Sept
24% Dec
Jan
23*2 Mar
43*2
Mar
13*8
Jan
Feb
5
Dec
11
1*2
May 12
153
Feb 17
65
Mar
130
Deo
Jan 24
65
May 12
45
Apr
1178
Oct 24
2
Apr
Aug
45
Apr 29
2138
Jan 31
13
June 12
42
Jan 10
60*2 Nov 13
3018
Oct
40*2 Jan 25
5*8
Oct
35*2 Aug
6
Jan
19
Dec
50%
Jan
43
Aug
6
34%
Jan
Jan
41
37i2 Oct 28
18U Apr 30
3458 Jan
2
33
Deo
38*2 Dec
Jan
May
Mar
Mar
Mar
June
June
44% Dec
12% Jan
Oct
5
7
2
7i2 Apr 28
25
26*2
4
34*8
1178
Jan 23
684
50% Jan
6
82*4
Oct
6
17*2
Jan
29
5sMay 20
134
Jan 15
834
Oct 13
18*4
Jan 17
8
11534 July 28
18434 Nov 21
6% non-voting deb—..100
Feb
133*8 Apr
1
pref—100
ill 1U June 12
11534 Feb 14
Mills..—..5
Eastman Kodak (N J)-No par
5i2July 1
156
Apr 28
152
July 24
97s Feb 11
6
534 Apr 28
3034 Apr 27
llOU Jan 23
10
Apr 30
28i2 Jan
*4
Jan 15
3
Feb
7
185
Aug
166
Mar 13
8
40*2 Nov 16
Dec
Nov
17%
Dec
1
Dec
1%
8*4
19
Dec
Dec
Aug
Mar
116
Nov
103
June
86% Mar
146*2 Nov
126%
Feb
132
104
Feb
115
384 Mar
8
110*2
Jan
141
Jan
16%
Jan
1578 Nov 16
3*4 Mar
6
19% June
Feb
4
6
58%
32
1234 May
*4
2
47*2 Nov
115
Nov
173«
Nov
41% May
Nov 16
61*2June
Apr 30
5
Deo
4
129
100
3
4%
12*4 Dec
60
128
133
:—
2434 Nov
105*4 June
Dec
101*2 Nov
1318 Aug 27
Preferred
Dec
Dec
7
lis Jan 6
47S July 10
4
Dec
Nov
Jan
100
100
1
No par
Deo
2%
14
10*2
6%
Ettingon Schild
Elec Auto-Lite (The)
105*4
75
June
13*2
100
Dec
47
6
23*8 Feb 20
93s Feb 7
Dec
Mar
16
33*2 Nov 4
5434 Oct 13
Dec
9*8
38
June
61
5
1978 Nov 19
1478 Apr 30
43s Jan 4
100
Nov
83
3634 Jan 20
48% Nov
£95
70*2 Jan 27
Nov
39% Mar
19% Dec
8OS4 May
47*2 Jan
37
3334 Nov 16
6% cum preferred
Eaton Manufacturing Co
Dec
Jan
40*2
50*2 Nov 18
Eastern Rolling
May
7%
8*2 May
52
19i2 Apr 28
165
5*8 July
Mar
114
Boat
47*2 Apr
73
100
Electric
Mar
Jan 21
Nemour8(EI)& Co.20
Duquesne Light 1st
3% Mar
14
6
Preferred
Du P de
Jan
74*2 Mar
No par
16%
....
par
par
I884 Nov 27
5634
5i2 Jan 10
international
120
par
Nov 12
110
9*4 Mar 11
Sept
4*8 Mar
par
Preferred
Dunhill
*160*4 162
38
38%
14
Devoe &
2,500
*115
7%
No par
Preferred
20
Diesel-Wemmer-Gllb Corp. 10
Delaware & Hudson
100
Delaware Lack & Western. .50
Denv & Rio Gr West pref..100
Detroit Edison..
—100
Det Hillsdale & SWRR Co. 100
Det & Mackinac Ry Co...100
7%
180*4 182
*132%
5
Corp
500
2
7%
*16*4
Davega Stores
Deere & Co
No par
Inc—No par
1,500
1
*1%
8
*113
preferred
Cutler-Hammer
58*4 Nov
493gNov
113*4 Nov 23
23,400
2
*16
pref..100
Deo
4
Jan 15
4
74
*%
16
1
A
Nov
4
99i2 Mar 13
16%June
11*4
7%
16
Class
Cushman's Sons 7%
35i2May 26
19
*1*2
16
1
Curtiss-Wright
140
7
63i2 Jan
Dec
Nov 18
126
4H2 Jan
1
16
Preferred
46
19
par
2
16
50
No par
...No par
Packing
Curtis Pub Co (The)
168*2 Apr 15
73s Mar 6
li4Sept 28
Sept 26
6'8 Jan 7
9
par
*%
7%
100
Preferred
Cudahy
4
Apr 30
9512 Apr 29
7%May
28
Dome Mines
*1%
7%
10
Sugar
Jan 27
102
Dixie-Vortex
1
734
Cuban-American
2
Mar 27
1,200
2
7%
pref
Nov
11,600
1,100
54%
*%
7%
1634
No par
100
(The)
Cuba RR 6%
5% non-cum preferied—100
Raynolds A. .No par
Diamond Match
No par
200
24
*1%
7%
.100
Preferred
Cuba Co
8%
76
94%
18%
89%
29*2
3084
44%
1734
*534
*64
8
124%
39
21*4
19
534
141% 141%
8
124
39
6%
19%
*80
Oct
No par
18
83
Oct
No par
18*2
*80
60
148*4
No par
1
Oct 26
Dec
69
6984 Deo
78% July
Crosley Radio Corp
Crown Cork & Seal
July
Dec
Dec
1%
35
Cream of Wheat ctfs
Preferred
23*8
11%
15*8 Mar
136
£52*8
Dec
1% Nov
4134 Mar
100
Corn Products Refining
7% preferred
2,400
1,700
2,700
1,800
Dec
Dec
8
41
2%
17*4
113
7
Apr
6912 Oct 19
82%June 18
25
17%
113
Nov
46
Crane Co
15
125*2
39
8,100
31
Dec
20*2 Dec
44% Dec
234 Nov
Jan
45%
89
6%
12*4
101*8
8*4
Jan
84
4
36%
105% Nov
7
28% Mar
158
2*4
15%
3%
5
25
100
87
Jan
Feb
3434 Nov
99*4 Nov
No par
36%
30%
7*2
22*8
Jan
Coty Ino
44
Jan
6284
600
*137*2 142%
125
2%
Jan 13
8,000
6,300
15
113*4 113*4
6%
6%
1934 2034
4*2 Mar
% Apr
46*4 Jan
6%
6%
•
635s Aug 22
Aug 20
87*4
Dec
22
163% 163%
.
Crucible Steel oi America..100
*112% 113%
6*2
6%
20*2 2084
Feb
1*2 Mar
6*2 Mar
100*2 Deo
2% Jan
s8 Aug
72%
Mar 20
Crown Zellerbach v t o.No par
20%
Nov 18
2438 Mar
4,800
*38%
109
218 Apr 30
28i8June 6
2514 Nov 23
55U Apr 30
84,400
123
Nov 18
17i2June 30
18%
21%
112% 112%
9
4
35i2 Apr 30
Motors
51%
39*2
26*4 Mar
353s Nov 18
1
Continental
17*2
126
Jan
$1.50
Continental Insurance
8,300
51
20%
158
Continental Diamond Fibre..5
3,700
234
50
*38%
103s Jan
2,100
2%
£37%
25*4
Preferred...
Continental Can Inc
17%
119
14*4 May
15% Feb
Nov
26i4 Nov 27
2
6
2
3
49%
38%
21%
5i2Sept 23
38May 5
106i8June 30
1234 Nov 25
June 18
16%
38%
2084
6
15%May 14
16%
118% 119
Jan
12i4June 18
5% preferred v t c
49*2
22
3
100
Consol Coal Co (Del) v t C..25
14%
*120
Jan
483s
Container Corp of Amerlca.20
Continental Bak class A No par
48%
3934
Mar
1% Jan 16
638 Nov 27
tConsolidated Textile..No par
15%
119
80
3% Apr 28
'
5034
21%
72*2 Oct
3*4 May
lli2 Apr 30
Consol RR of Cuba pref—.100
14%
2%
Nov 12
44
25%
*117% 121
Feb
94
21%
25%
2%
74
82
21%
36%
120
Mar
Nov
43*2
21%
42%
2%
36%
Nov
Sept
69
4334
2%
21%
42%
Nov
62
21*4
42
4534
21*2
58*2
11*4
7
700
21%
Dec
Nov 14
13,900
21%
Oct
11
Nov
69%
42%
71
85
68%
Day
Nov
95
107% 107%
108
69%
*112
5%
Closed—
5
19%
3*4
*105
11%
Jan
3
7
101
Preferred
Oct
23%
Nov 18
No par
70*2
2%
Mar
105
17
102
5,500
Dec
3
June
$5 preferred
No par
Consol Laundries Corp
6
Consol Oil Corp
No par
69*2
125
Feb
Nov
800
70
*110
9
24
Oct 30
109
July 14
914 Nov 27
15% Mar 6
45,200
Mar
27
7is Feb 13
20i8 Feb 13
9*4
Aug
8
4
3
4i8 Sept 28
15U Apr 30
72
125
33% Jan
2714 Apr 30
32
2%
44% Jan
2534 Mar
13*2 Oct 26
No par
13%
Oct
72
Jan
578 Mar
Consol Ed Co of N Y..No par
8%
13%
58
29*8
61,300
31*4
2%
35%
25%
2
Feb 17
47%
32
2%
7
Jan
Aug 28
82
46%
30%
2534
Nov 18
5% Feb 17
45%
23%
36%
136
1,200
----
83
Jan
56*4 Feb
9778 July
16*2 Oct
84 Mar
9184 Nov 17
1,900
Stock
Mar
39*2
4%
4%
3%
100
Prior pref ex-warrants.. 100
Preferred
Oct
90*2 Dec
1584
6534June 24
72i4 Jan 27
7312 Feb 13
100
preferred
Consol Film Industries
Dec
31
17*2
/
Dec
50
35*2 Mar
4%
\
4978
Nov 21
3078 Aug
16
Dec
48*2 Dec
33s Mar
245g Feb 21
15
21
17*2 Dec
101*4 Nov
40*4 Dec
Oct
14% June 26
2% Apr 30
5914 Apr 28
7
July 3
8
47
*38%
9
No par
15
116
128
Jan
7
17*2
46%
21%
19%
108
10
110
Prior
10834
Feb
7
4%
4%
120
7
Congoleum-Nairn Inc..No par
Congress Cigar
No par
Connecticut Ry & Ltg pf.,100
50*2
120
9
$6 preferred series...No par
Conde Nast Pub Inc...No par
1434
2%
Jan
Jan 10
Preferred
22% Deo
6% Mar
Mar
17%
19%
3%
40
110
*78
110
22%
107
77
91
"i034 "Feb
4
36
2
6
97
Dec
3978 Oct 3
36% Feb 20
3778 Mar 11
8034 Jan
No par
Deo
9% Nov
23% July 28
Jan
50
109
684
2
55
Dec
Mar
Jan
Oct 29
30
100% July
100
107*4
Oct 26
11034
Jan
Comm'l Invest Trust.-No par
Consolidated Cigar
9
136l2 Aug 11
*45% Jan 22
51% Jan 23
May 20
Jan
6934 Mar
5
4%
*16%
19%
4
100
*88
83%
91
4%
16*2
4%
17
15%
83%
90
110
17*4
6684 Nov
116% Nov 16
5
103
Aug 24
8478 Sept 30
10
pref
conv
101
106% Feb 28
9012 Jan
100
preferred
Commercial
20% Jan
42i2May 26
100
49*2
*117
3912
IO7I4
110^8
8I4
Colo Fuel & Iron Corp.No par
Colorado & Southern
..100
6,800
34%
*18*4
17*2
Aug 14
100
100
Collins & Aikman
June 30
13
par
2,000
20*2
*109
July 28
134
12%
63
62
62
62
63
62
62
62%
71
71
71%
70*2
70*4
70*2
70*2
70%
*161
162
162
162% 162%
160*2 161
162%
6%
6*4
6%
6%
634
6%
634
6%
43
43 38
44%
44*4
43*2
45%
4234 43*2
*135
140% *135
142% *137*2 142% *137% 142%
36%
36%
37% 37%
36%
37%
37% 37*2
31
31
30%
3134
31% 31%
30*2 31%
86
85%
85*4
85%
85%
87
85*2 8634
53
52%
*52%
53*2
53*2
53%
5234 53%
46
46%
45%
45%
46%
46%
46% 46%
*105
129
Jan 31
72%
30
3134 3234
3284
3%
3%
334
3%
110
*106
*107% 110
36%
Jan 15
84
555s Jan 16
12*4
20
21%
42%
234
35%
25*4
124
100
70%
20%
Dec
No par
Colgate-Palmolive-Peet No
4M%
5284
No par
Coca-Cola Co (The)
69%
3434
Aug
48
5,600
'
89
48*2 Dec
July
Commonw'lth <fe Sou
12%
Dec
80
27% July
Mar
$4.25 conv pf ser '35.No par
Commercial Solvents..No par
*12
IIII4 Aug 13
47i2 Oct 10
8834 Nov 24
June
19,200
12%
Oct 31
Dec
Oct 10
98
Oct
6*2 Nov
27%
20
72,600
71%
3*4 Apr
12*4 May
48
3%
12*4
l3i2Nov 17
80
16%
69%
37
Oct 13
3%
70*4
13%
100
Oct
35
46i8 Mar 24
200
2478 May
May
69'4 Sept
51
16%
72%
Oct
Dec
743s Nov 17
3%
•
12
9378
Feb 26
16%
19%
43%
200
Mar
Apr 28
3%
129*4 129*4
31
Mar 30
16%
130
Nov
82
3%
*127
July
Dec
26
48
16%
134
1%
4*4
2134
86*2
33
4
7
Dec
9
Feb
48
3%
20%
43
1,500
4,700
Feb 10
90
10714 Jan
4
3I84
9
gtd.50
16%
1
21%
13,600
86*4
4
72%
70
74%
128*2
9634
128
18
71%
96%
a74
434 Jan 7
2334 Jan 21
15614 Jan 9
Nov
Sept
3*2 Mar
Special
50
Cluett Peabody & Co..No par
Clev & Pitts RR Co 7%
334
44*2 46 34
107% 107%
70
500
rl28
107% 107%
8
8
8%
8
8*4
8*4
7%
12%
13%
12%
13%
13%
1234
13%
*10434 106
*104% 106
*10434 106
*10434 106
11
9
9
12%
10%
10*4
11%
9*4
%
300
55,300
*103% 104
104
95
43
18%
1,900
4,100
37*4
43
17%
44
8
4
120
37%
13
20%
30
*118"
30%
50
17%
484
I6S4
37%
103% 104
127% 127%
85%
118
17%
77%
*131% 134% *127
17
17%
1634
3*2
334
3%
71
7134
71*4
1234
1234
12%
34%
*1834
36%
*43
29%
8934 Nov 17
4
5
Colonial Beacon Oil
29%
Nov 17
23
2
2
15U Jan
100
Preferred
*25
50
Nov
Clev El Ilium Co pref__JVo par
Clev Graph Bronze Co (The)
6%
...
3014 Jan
7278 Jan
No par
C C C & St Louis Ry Co...100
Class A
.■
13884 Nov 12
8
50
Equipment
Preferred
*126*4
127
59%
60
110
290
25
Oct 23
Jan
100
Preferred
——
110
I per share
100
3,400
*108
Highest
$ per share
8512 Jan 21
No par
Preferred
12%
58
59
110
220
share
Lowest
6
HI4N0V 27
25
5
33
104*2
5934
5,600
Chrysler Corp
City Ice & Fuel
per
17^8 Sept 19
7
Jan
3
10
25
12%
104l2 *104
111*4
21
88
....
$
No par
Chile Copper Co
33
*126%
*56*2
18%
47,200
Childs Co
12"
*109% 110
£127
128
Chickasha Cotton Oil
33%
12
70
47
30
City Investing Co
City Stores
*88%
129
r-
86%
*51
£32
*47
35,800
£20*2
87
40*4
70"
2,900
14*4
127
*51
88%
19%
13%
*43%
21
86%
Par
Highest
$ per share
*
Lowest
'
!
Year 1935
EXCHANGE
19%
19%
13%
12%
43%
43%
124i2 125%
40%
*47
68
104% *104
111
Nov. 27
$ per share
*97
*97
*58
18%
87*s
11%
*126%
130
131% 131% *127
18%
21
100
33
*126*4
*58
87
12
1134
3234
*47
69%
Nov. 26
Range for Previous
100-Share Lots
On Basis of
STOCK
Weet
.
*8834
*47
20*2
*51
*97
110% 110%
19*2 20%
12%
11%
*44%
46%
124% 126%
21%
87*8
the
Nov. 25
$ per share
$ per share
Friday
-
Thursday
Wednesday
Tuesday
Nov. 23
$ per share
*19%
Monday
Range Since Jan. 1
STOCKS
NEW YORK
for
Saturday
3425
New York Stock Record—Continued—Page 4
143
107
Jan
3% Mar
Oct
Aug
.
Jan
172*4 Nov
164
July
30%
Oct
883 Nov
3834
Oct
113% Sept
1434
Dec
New York Stock Record—Continued—Page 5
3426
LOW
AND
SALE PRICES—PER
HIGH
Tuesday
Wednesday
Thursday
Friday
the
Nov. 21
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Nov. 27
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
On Basis of
STOCK
NEW YORK
for
Monday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
Saturday
Shares
6%
18ia
i578
18
1634
1778
17i8
88
89
85
88i2
80U
46U
81
463s
78U
4618
8514
7914
47i8
1
1
284
3l8
2378
24U
6878
618
*1
lis
3U
24i4
3i8
24
*68
6812
6i8
8H2
5812
678
6
461s
7S
284
2312
5934
578
1734
584
17i2
6I4
10,800
Elec A Mus Ind Am shares...
I884
97,900
Electric Power A Light-No par
85
87»4
10,000
86i2
3,600
46U
46i2
4,300
Elec Storage Battery—No par
423s July 13
78
78
800
3i8
23i2
*3is
2314
5,000
t Elk Horn Coal Corp. No par
6% part preferred
—50
i2 Jan
278
*23U
78
314
2412
1,400
El Paso Nat Gas Co
5978
5978
*58i2
60
12l2
*12
1258
72i2
7014
*70l4
72i2
*71
1212
72l2
*70
79i8
*7H2
77i8
*72
80
*73
80
*74
400
77
*75
80
76ls
75is
*72
80
*76
80
9
9
15l2
27i2
2258
13i2
3114
8h
I684
27
2278
*884
1458
2634
1518
27i2
22
1214
878
15i2
2778
2278
1434
2734
225s
13i2
31i2
112i8 112i8 *11018 113
9
29i2 Jan
2
2
80
1214
80
5i8 Sept 22
2
63g Jan
3284 Jan
465s
13
70U
77i8
$ per share
78
114
*70
No par
No par
preferred
$6 preferred
$ per share
7834
12
113
$7
Highest
46i2
*113
113
Par
86
80
22
878
1514
*71
28
2212
13l2
31l2
1358
135s
135s
1358
22i8
13i2
3088
3238
30i2
3138
30l2
70
1,700
7212
9
9i8
15i2
2714
*110l8 113
1258
1338
100
100
100
9i8
I6I4
29i2
24
153s
28l2
2212
13i2
3,200
3,100
Endicott-Johnson
Corp
50
100
preferred
6%
$5
conv
$53^
1
No par
preferred
No par
No par
preferred
$6 preferred
Equitable Office Bldg.-No par
Erie
100
First preferred
1,200
3178
3
Engineers Public Serv
6,500
13l2
3078
1936
Range for Previous
Year 1935
100-Share Lots
Lowest
17i8
534
28,
EXCHANGE
84
1778
87U
8OI4
4678
78
318
23i2
5984
Nov.
Second
800
7,300
100
100
preferred
li2 Jan
2284 Nov
53i2 July
110
Aug
7i2 Jan
45i2 Jan
2
4
4
25
18
3
14
Lowest
784 Feb 21
I884N0V 27
89i4 Nov 20
8112 Nov 23
5514 Jan
7
15s Feb 5
37s Feb 6
2638 Nov 17
69
Feb
116
7
July 22
1558 Apr 17
48
Jan
6
8434 Oct 13
89i2June 30
55
Jan
4
97
5U Apr
7
11
Apr 30
16
Apr 29
H84 Jan 3
June 30
IOI4N0V
2l2 Mar
3184 Dec
Mar
6884 Nov
U Mar
63 Apr
78 Jan
178 Aug
39
5284 Jan
12534 Jan
li8 Mar
66
134
Sept
Deo
8U Nov
50
Nov
55
Nov
14
15i2 Mar
55i2 Nov
7i2 Deo
14
13i2 Dec
Mar
14i2
5
Feb
18i4Sept
8
3412 Oct
6
4i2 Aug
7i8 Mar
8i2 Mar
29
7
634 Mar
Oct
Highest
share $ per share
8h Feb
658i Sept
7i2 Aug
lh Mar
Mar
3
34&8 Deo
per
Jan
19i2 Deo
10i2 Mar
1478 Aug
8
15
May
40i8 Dec
8I4 Mar 19
584 Mar 25
24i2Nov 27
7034 Oct 7
2
Apr
58 Mar
4
Mar
17
Jan
Oct 13
115
Dec
Eureka Vacuum Cleaner
5
12
Jan
7
1578 Aug 10
Evans Products Co
5
23i8 July
2
4078 Jan
'
*6i4
3l2
17i8
6538
*190
534
312
1734
3i2
17U
384
1912
65l2
64
657s
6
6I4
6
614
4
334
18
384
21U
2012
6334
6412
64i4
195
*188
5412
55
63
5512
54l2
5578
2434
2434
2312
25ig
2312
24i2
*95
96
195
95
*74
76
119
95
72
*115
115
9i8
9i8
4i2
434
*4i8
*458
4l2
113
46
46l2
32l2
6
55
5512
4,800
24
24l8
243g
2,500
Federal Light &
32
5i2
95
75
*93
76
120
105»4 Nov 10
30i2Sept 25
25i2Mar2l
378 Aug 29
3878 Nov 18
325s July 31
II84 Mar 2
19
47i2 Mar
5
113I2Nov 19
4278 Nov 17
20U
978 Mar
30
127
Feb 17
603s Mar
111
4578 Nov 27
1934 Mar
Federated Dept Stores-No par
110i8 H0l8
32
111
3284
10458
55
36i8
3178
558
584
33l2
10458
55?8
3712
3178
584
122
120
42
42
41
4214
40l8
42l2
70
70
70
70
70
70
*115
100i2 Feb 26
40
Apr 30
900
llll2
4018
120
100
45
124
11214
48l2
1,500
1,600
44
33
3338
10458 10434
~~6~, 000
700
4,800
First National Stores—No par
38
13,900
FllntkoteCo (The)___-No par
300
Florshelm Shoe class A.No par
3212
6
4,700
t Follansbee Bros
44
43
1,000
Food Machinery Corp new—10
llll2 11112
393s
3934
*115
42
43
43
*66i4
73
*78
2714
27l2
26S4
27U
2634
2712
2734
28
*108i4 115
*109
115
*108U 115
*109
115
124
4578
73
2812
2734
240
8,900
20
4,700
90
11,200
*109
115
*6684
70i2
67i2
67l2
68
68
69
69
70
70
""190
39i2
39i2
6
38
39
38l2
38i2
38
41
41
42
570
538
5l2
5
2,400
558
538
558
316
3t6
18
316
316
I3
lg
27
2518 2714
2534 2534
2514
26
13
13
1358
1384
13
1378
1338
1312
*102i2 104
*102l2 104
*10318 104
*10212 104
69U
69i4
67i2
6912
6812
6912
6838
6938
18
I884
I884
1778
18
I884
1838
1838
27
*146
*
150
8i2
2034
48
52i4
*148
22
152
123i8
53
52
5212
152
*150
5218
*150
64
70
*66
80
76
7078
2178
47
123
67
119
8i2
48
67
6258
119
7158
152
2H2
147
*150
152
513s
5018
5134
Z5038
42I8
212
4314
258
x4238
212
64
64
*70
75
258
64
72l2
76
6214 63
II884 119
6834
70i2
122
122
48
48
*64
*64
9i8
918
68
878
22
47
12314 124
*5134
52
4278
2l2
*11534
2i2
36i2
55
5614
285s
*40
*8
Closed—
72
70
18
*75
Day
693s
70l2
122U 12214
48
9i8
*64
48
9i8
68
*65
41
4H2
*40U
41
42
41
4134
40l2
53
5414
5414
5i8
5312
588
5334
538
5i8
538
7
7i8
29
7i8
28i8
2758
28
7U
2884
85
86
85
86
27i2
2858
3i8
538
3i8
584
458
2414
32i8
23i2
2312
23
2314
32
32i2
50
49
50
32U
4938
32i2
4938
21
*49
*2034
3
50
458
2,100
2,800
4i2
*116s4
3
39U
80
1658
1678
16i8
1678
I6I4
278
3U
3i8
358
314
43
*13
5012
43l2
50
52
14
1314
5012
43l2
12878 12878
6i2
684
*34
3412
*36i8
36i2
*50
*76
82
1612
3i2
56i2
52
1312
*13U
14
517s
*50
5178
45
42
4314
12878 12878
55s
6i2
129
*34
*34
34i2
42U
r578
5712
129
7
3412
36l2
55i2
*90
42l8
5438
6,000
5i8
538
6,800
684
843s
28i8
94
94
50
*76
3,000
4984
2012
49i2
50
213g
5,300
39
49
4078
17,900
39U
40s4
9,400
14758
90
86
20l2
*
*63"
36i2
*76
68
37l2
85
1638
16l2
1634
22,100
334
33s
358
27,900
1,340
56l2
61
59
63i2
14
4414
129
14
14
500
5114
47l2
5114
52
52
500
47l2
50l4
129
7"678
34i2
"34i"2
129
34"l2
36
38
1318
133s
30i2
.
105
104
3422.
105
*105
Conv preferred
No par
Brothers
No par
$6
preferred
Glldden Co (The)
No par
Oct 30
81
Oct
107
4,700
77
123
*120
122
240
60
103l8 103U
190
595s
3,100
4884
*108
130i2
1778
105i2 105i2
17l2
3
Jan 10
2
Apr 28
26i2May 25
3314 Apr 30
32irApr 30
17 July 6
30's July 7
13-Vune 25
70
Aug 21
6»4 Jan
84
6
Oct 15
Grant (W T)
No par
Gt Nor Iron Ore Prop. No par
Great Northern pref
100
Great Western Sugar
Preferred
6I4N0V
2
2
13&8 Jan 21
74
Sept 11
Jan
812 Apr 28
77
Jan
6
40
June 30
2
281$ Jan 16
Oct
Aug
103s Nov
63g Nov
Nov
46i2 Nov
6414 July
Jan
Jan
145i2 Oct
4078 nov
Sept
3778 July
li2 Aug
15>2 Aug
127i2
20i2
30
14
Feb
8
Oct
11
Mar
18
Jan
Feb
18
1584
Aug
Apr
72i2 Oct
116
Jan xl20i2 Dec
593s Nov
2658 Mar
597s
Jan
120
Nov
21
Deo
6U Dec
17&8
Feb
425a Nov
683 Feb
5
Feb
4
118i2Marl4
378 Jan 21
43
Feb 21
57l2Novl2
64
Nov 27
93i2 Jan
li8 Mar
156s Mar
109
80
109
Jan
84
Apr
1434 Mar
I684
Jan
14
Apr
12
Mar
Oct
4i2 Nov
4114 Dec
3 >8
Oct
Dec
39i8 Dec
33i2 Deo
51
Nov
30a4Nov 18
4418 Nov 10
193s Oct 2
90
Jan 24
2712Nov18
92
14
19i2 Aug
93
Aug
Nov 19
Jan 14
*23f>8 "Feb
49i2 Deo
July 27
7i2 Feb 28
10U Feb 17
30
70i2 Jan
2i8 Mar
Nov 27
Nov 18
96i2 July 18
Ii_8
Apr
7i2 Mar
1584 Mar
70
Apr
2i2 Apr
20
Apr
x2558 Nov
35i2 Apr
9
2
5184 Nov 12
484
Jan
14i2 Deo
2678
92
Jan
Jan
10i2 Deo
85
Dec
4i2 Oct
135s Nov
5
Jan
143s May
29«4
Jan
18i8 Mar
353s Nov
26
38I4 Sept
Mar
2
223s
Oct 17
914 Mar
16
Dec
6
463s Oct 14
95s Mar
35]8
Deo
4078 Nov 19
149l2 Aug 14
119
Jan
Oct 17
21
Apr
50i2 Mar
65
1
22
9
Apr 28
3978 Nov 18
100
65
May 21
15i2Nov
15a July
Preferred
100
Gulf Mobile A Northern. .100
Preferred
100
Gulf 8tates Steel
No par
30i2 Jan
2883 Jan
24
4
105
25
30
25
33
Jan 24
55s Nov 23
Jan
4
June 10
95
177sNov 6
384 Nov 25
1
Feb
234 May
19
Feb
4314 May
4
Mar
6
Apr
12
Mar
1U2 Dec
34U Deo
33i2 Nov
48
Mar
129i28ept
9
11
Nov
Oct 10
Aug 4
37
Jan
9
1414 Nov 23
Jan
2
32
100
109
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
100
3
3
1
12
Jan 20
100
104
Nov 24
Jan
108
Dec
Dec
5
345s
6
30i8 Jan
Dec
Feb
14
120
50
285s Deo
34
10
100
Jan
Jan 23
95
No par
May 19
June 22
265s
3478 May
140
May
255s Nov
63i2Nov 27
1984 Mar 4
62i2 Oct 8
63
Aug 8
July
9U Jan
100
preferred
146
Jan
16
Greyhound Corp (The)-No par
Guantanamo Sugar.
No par
6H%
zl33s
3214 Jan
7
Hat Corp of America cl A
Jan
5U Mar
1U June
6
Preferred
78a Mar
115
514 Mar
2U Mar
Jan
7% preferred class A
48i2 Dec
683 Jan 15
Jan
Hamilton Watch Co
Dec
325s Mar
4i2 Feb 19
31
Hall Printing
Dec
107s
100i8 Sept
ID4 Mar 20
136
Water
13'4
Jan
6
No par
-
Mar
5i2 Mar
Apr 30
16
Apr 29
24>2 Aug 4
100
Green Bay & West RR Co. 100
Green (H L) Co Inc
Greene Cananea Copper
7
8484
Aug
86i2 Nov 24
3178 Apr 15
378 Jan
683 Nov
Mar
10978 Nov 27
No par
No par
Dec
4712 Dec
3
8
1
Nov
55
484 Mar
78 May
305s Nov
10
2
1
125
Mar
15
zl07i2
87
100
1714 Mar
112i2 June
Nov
1078Sept21
2158 July
Preferred
"5,400
9
Nov 27
5514
Preferred
4,200
Nov
55
No par
70
63l2Sept21
3934 June 11
Graham-Paige Motors
Rights
Hackensack
16,600
123
3
6
6
Aug 24
52U Sept 18
No par
Gotham Silk Hose—
Preferred.
490
100
3
7012 Jan
No par
1st preferred
6,000
129
8l2
*34
30
see page
10
312
3618 36i2 *36*8
36
36i8
13U
1414
1318
1378
13i8
135g
2912 3084
30
2914
30
31
122
12212 12212 12134 12134
122
12184 12214
*10314 10412 *10312 104i2 *10314 104l2 *103U 104l2
51
49
51l2 5134
5D2
5038
51
5078
*126i2
1*127
130i2 *128
13012 *128
13012
1678
17
17
I684
17i8
I8I4
1758
18'8
105
"6"666
16'8
*13
77
3
June 20
Goodyear Tire A Rubb.No par
13
3
50
par
Dec
Apr
3014
5
2
110
3,100
6,800
8,000
438 Feb
Jan 17
52,700
4,100
2,000
3778
Aug 21
Nov 10
3l2 Apr 28
32i2 Apr 28
8484
1278
3984
3734
150
105
2834
5,200
33,700
3284
39
59i2June 20
Nov 13
Corp .No
Dec
36<8 Nov
18i2 Nov
68
Gen Time Instru
7934 Dec
76
Oct
106
Jan
Jan
Mar
Feb 17
-.100
Dec
638
Mar
38
Gen Realty A Utilities
303s
Mar
General Printing Ink.-No par
$6 preferred
No par
Gen Public Service
No par
Signal-.-No par
Feb
2U Mar
4
1858 Jan
Gen Railway
Preferred
4514 Dec
25
Sept
25i2 Dec
10278 Dec
5878 Aug
2
Jan 27
584 Jan
Aug
19
5112 Oct
5378 Jan
118
25
9
9
235s Nov
Gen Outdoor Adv A...No par
Common
No par
10978
7
1384
I
1,500
30
30
107
116
10
No par
4H% conv preferred
60
Gobel (Adolf)
1
Goebel Brewing Co—
1
Goodrich Co (B F)
No par
65 preferred
No par
1312
^lor foot notes
700
405s
54i8
29
*105
50,-400
4,200
2458
68
80
3~I8
4018
24i8
3284
143
82
"
2412
33U
*63
*80
46l2
100
Preferred
Jan
3i8 Aug
12834 Nov 27
Oct
July 29
Conv pref series
Granite City Steel
143
37l2
200
58
188 July
68
3678
68
1,700
Jan
19i2 Jan
19
No par
General Motors Corp
$5 preferred
84i2 Apr
443s Nov
1134 Jan 11
71
3 <8
2038
*64
9U
3
Gr'by Con M S & P 2d stpd 100
3934
1475s
*143
600
2
Jan
Grand Union Co tr ctfs
3884
69
50
7a Jan
14
2,100
20
38
2
Jan 21
140
6,500
38&s
143
2
Jan
24,000
3778
37
584 Jan
17
70'2 Jan 2
51]8 Oct 30
5
21
*65
Oct 24
No par
No par
$8 pref class A
1318 May
Nov 17
3l8
40i4
143
800
1,300
$7 pref class A
General Mills
28i2 Mar
16
Apr
Nov 17
145s Nov 18
104i2 Apr 21
70i2Nov 19
20
2
July
78 Feb
16i8 Mar
14 Nov 17
30
155
Oct
55g
39
5
Jan 23
5
32i4
4912
20l8
383s
783 Aug
IO84 Apr 28
538
385s
69
3
42i4 Apr 30
3
20lS
37i2
377s
Jan
558
39
143
97
5
3984
*65
384 Jan 6
i8 Nov 16
lU2May 11
8i2May 20
3i8
538
434
2358
3934
*37l2
30
7038 122,900
45
96
3884
143
40
2,700
*107i2 10978
*94
458
300
123
68
*94
3
75
91S
109
6
70
62l2
*4834
2784
28I4
108i8 10878
13
1338
478
64
6984
10712 108i2
1212
13i8
85
63i2 Feb 29
Gen'l Gas A Elec A—-.No par
Conv pref series A—No par
29
28i4
31^2 Apr 30
8,000
678
2878
8584
512
32
X634
Feb 20
258
123
5414
5I4
5
4
Apr 14
75
355s Feb
53i2Nov 10
*118l2 119
4H4
5314
Nov 13 zl35
473s Jan 17
23*2July 15
108
44
300
42
1
3412 Apr 30
9012
5314
5U
Oct
333s Feb 18
75
92
42
9784
No par
26i4
92
484
100
3
Nov 27
57
No par
Gillette Safety Razor.-No par
90
3
preferred
Gimbel
90
July
40i8Septll
9
343s Nov
General Electric
17,300
1,600
92
63
1153s Nov 9
4934 Nov 10
General Foods
18,300
*89i4
Aug 21
24i8 Apr30
95»4 July 1
3018June 5
9
6,500
54,900
16l2
92l4
534
No par
2678
*90l2
40
106
46U Nov
52
70
84l2
26i8
47s
7%
June26
Oct 15
42l2
*6178
I6I4
83i8
25&S
3
General Cigar Inc
16i8
8484
16l8
2638
512
—100
3914
84
*484
*23i2
152
32
No par
No par
preferred
39U
16
96
1,900
cum
4i2
7
40U
82
3
Cable
Class A
7%
8i2 Dec
2
141
Gen Theat Equip Corp. No par
255g
94
General
1,300
1,200
334 Mar
6
6
78s Jan
5
Gen Steel Castings pf.-No par
I6i2
94
5,000
4
578 Mar
2i2 Jan
No par
8,600
8178
2658
96
$8 preferred
3,520
155s
*94
6
6
4,400
2558
85
86i2
2738 2914
10812 10914
12i2 1314
60
Gen Am Trans Corp
General Baking
64
81
2812 2938
107i2 108
1314
1334
9,700
No par
Gen Amer Investors—No par
Preferred
No par
56
1534
714
~~2,900
Rights
Gamewell Co (The)
305s
81
29i8
670
60
26l4
7
10
100
29»4
26
1558
Freeport Texas Co
1
$6 preferred
No par
General Refractories—-No par
41
16i2
*80
7%pfl00
Bronze
212
44
42
1
w
Fuller (G A) prior pref. No par
$6 2d preferred
No par
Gabriel Co (The) cl A..No par
General
63
68
.
w
F'k'n Simon & Co Inc
3,400
9i8
107l2 107l2 *107i2 10978
107
10714
414
458
4U
412
43g
412
43
43i2
43i2 443g
435s
44
*11634
*11634
*11684 __t._
25s
23s
258
238
258
25s
3
36i2
3512 36
3512
36i4
3634
3978
55
5484
5512
54i8
547s
5434
5512
5614
57
5634
59i2
5712
57U
5834
28
28
2912
29i8
2878
2834
2912
Fourth Nat Invest
12U Mar
3
5084
48
9i8
No par
Mar
4184
122
48
10
Preferred
834
*150
7978
122
100
preferred
conv
Foster-Wheeler
21i2
223g
49
47i2
12884 12834
52
5214
giving
62
623s
118l2 119
69i2
70
1812
150
""§34
70
75
2,900
♦
Thanks¬
64
6212
63
118i2 119
7,600
1334
*10212 104
695s
6934
25g
64
316
2712
1278
Exchange
43^ %
No par
Preferred
26
Stock
51
4234
*107i2 10978
458
458
*43
538
150
884
50
120i2 121U
*48
49i2
9i8
938
68
48
150
4218
258
70
2li2
150
123
5158
43
6258
8i2
48
61l8
4234
258
*75
*140
878
123
123
52U
8l2
21
21
483S
122
160
87s
Preferred series A
57
124
558
50
37
*117
*57s
100
4M% preferred
Fidel Phen Fire Ins N Y
56
*3034
578
Aug
Apr
May
z2478 Jan '2
44
47l2
72
95
10
44l2
*39
Apr
Apr
Firestone Tire A Rubber
*43
48
z85
54
Filene's (Wm) Sons Co.No par
Federal Water Serv A—No par
44
Jan
40
9
Apr 28
2
20i2 Jan 9
IO6I4N0V 6
38
Apr 30
20U Jan 27
Federal Screw Works.-No par
48
48
6
Nov 18
Federal Motor Truck—No par
600
*39
99U Aug 11
3,900
2,000
Dec
2158 Nov
92
9
44
538 Mar
120
4;
47
3
Deo
Oct 29
2758 Sept 21
Aug 10
438
110
Jan
66I4
Nov
3912 Dec
125
6978 Mar 30
9
*120
3984
84
37
205
6
35s Dec
15
100
Preferred
414
4234
43
4214
43
1*42
4384
110
110
10834 109l2
*110l2 llll2
3712 39l2
38i8
39U
38i2
3914
*108
—No par
Preferred
438
47
3
3
8i2 Apr 29
3484 Jan 7
I22i2 Jan 7
316a Feb 24
1834 Apr 30
483 Jan
258June
Federal Min & Smelt Co—100
9i8
*38
5l2
200
438
414
110
32
130
>800
4U
44
578
95
80
125
78*2*
*119
Traction—15
*4
44
3384
32
6
4234
55
193
9
3318
3258
10412 104l2 *10414 104&S
55
55
6512
5614
37
38
3578
3618
3678
32i2
42 84
44
Fairbanks Morse A Co.No par
100
24
4i8
4l2
*38
2,700
25
100
-
6% conv preferred
100
Fajardo Sug Co of Pr Rlco.20
9
4
45s
112
47i8
3258
3384
10414 10412
5538
56i2
*32
9i8
414
4514
Preferred
64l2
6438
Fairbanks Co
8,290
193
95
9.
44
64i4
Exchange Buffet Corp-No par
6,400
195
120
7U2
120
458
44
3558
95
7H2
*116
4,500
4i4
2412
6i8
37s
23l2
414
23i2
543s
4
4478
11214 11214
47i8
95
*190
9i8
4484
*39
7412
115
193
*185
6I4
Nov 18
125i2Novl7
105i2 Mar 18
52UNOV 17
128
Sept 24
I8I4 Nov 24
115
Jan
9
Jan
30«4 Dec
30
Jan
35
4
Mar
21U
612 Apr
8
Dec
Oct
14i2 Nov
Jan
112
Deo
100'2 Sept
105
Nov
63
16
Mar
303s
121
9934
Jan
5i2
Feb
14i8
Feb
11312
81
Deo
Dec
Deo
Deo
Volume
New York Stock Record—Continued—Page 6
143
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 21
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Nov. 27
*160
164
37
37i2
*160
1334
13*2
135g
1 2734
12784 12784 *126
164
3 684
36*4
135
137
136% 136*2 137
12912 *128*4 129*2 *128*4 129*2
68
*6578
6812 *657g 68*2 *657g
*6612 68l2
*108*2 110*8 *108*2 112
*10812 112l8 *108% HO
41*4
42
41
403g
4H2
4038
4012
41l4
113*2 114
113*2 114
11434 115
*11484
315g
323g
31*2
3184
30%
30%
313s
3114
38
39*4
40
39
3884
3934
393s 40
*133
148
*128
129*2 *128
470
*410
*42%
4314
43
43
28%
27l2
2814
*7314
77l2
68l2
75
75
6734
6784
*67
934
5812
*414
12U
20%
1214
2038
2
2784
*75*4
*66%
29
77*4
68*4
57
4l2
4%
11&8
19ig
17g
10
58
57*2
58*4
11%
1134
193g
2038
2
17g
4
4*8
II84
20
3%
76*2
10*2
23*4
23
235g
*44
453g
44l2
4412
7012
*70
71
70
70
16
15
15i2
397g 4012
13484 13434
1197g
145g
38%
133
120"
1478
5i2
1212
12ig
4
4
4
125g
1278
384
334
*325g
335s
185
185
99ig IOOI4
157
*155
4U
584
478
63%
64l2
534
»13312 135i2
163s
6*4
16
6l2
3i2
3U
82% 8534
48
47i2
llOU llOk
1034
10%
*9
35g
32
184
38
120
120*2
119*4
153g
1434
12»4
12*2
13
1,700
Indian Refining
38*s
39*4
7,200
Industrial Rayon..
38*4
120"
1,900
Intercont'l Rubber....No par
1338
13*4
14*4
14*8
147g
65,100
185*4 188
185
*358
*30*4
*12184
10*2
9
10
*56*4
68
58
*884
56U
884
10
293s
29
29
29
48
47%
475g
475g
475g
33*4
91*2
12*2
30*2
139
35
126
36
105
*21
2934
*12134
127
*47
48
47
*114
117
*114
I884
42
33%
*267g
*534
*20*2
2984
907s
140
*90
139
126*4 126*4 *125
125
116
42
36
21*2
2984
92"
124
48
48
117
18*2
18*2
58,700
978
3Ug
111
10
Stock
58
29
*10H2 101&8
1434
1434
148
*130
51
*45
35*2
giving
105
21
Day
30*4
*12134
4,100
260
126*2
£126
27
2984
31l4
15
130
13012
*44
51
24%
2884
27*4
45i2
27U
*4314
195g
27U
45
45
43*4
16i2
1612
193g
16*2
17»4
18l2
17*4
17
18
4312
4334
427g
174
*1721? 177
1734
18l8
27g
27g
1634
I684
17l4
25g
I6I4
121
123
123
20U
2014
20U
6
49*2
30%
101*2 101*2
15
24l2
2712
20U
20
44
43
174
171
18
17*2
17
17
175s
42l2
43*4
171
170
18
18
1634
20*4
20U
234
123
2084
16
121
121
20
20*2
2212
*4884
50
4784
*51
53
5184
4258
62i8
106
27g
5834
434
43
111
2334
24
24i8
14334
142
32i2
26i2
32
26*2
32i2
*26lg
97
97
28%
29
35
35
96*2
2734
*36
24
44*4
6034
165
24
*__
19,000
1,800
4,200
500
"23*2
142
34*2
96*4
28*8
96*4
37
3634
3634
97*2
2 884
*36
28*2
36*2
45
44*2
60*2
60*4
*45
6I84
800
5,900
35,100
200
7,900
59*2
8,400
5
43
3,400
600
43*4
110
"23%
*
9,900
3*8
583s
434
»
2334
-
-
-
1
1
No par
Johns-Man vllle
No par
Pref erred.
..100
Joliet & Chic RR 7% gtd.-lOO
Jones & Laugh Steel pref—100
Kalamazoo Stove Co
10
KanCltyP&LpfserB No par
Kansas City Southern
100
Preferred..
-—100
Kaufmann Dept Stores.$12.50
Island Creek Coal
Jewel Tea Inc
.....
...
5
Kayser (J) & Co
Kel8ey Hayes Wheel conv
Class
»
9,900
1
No par
B.
Kelvinator
cl A1
Corp
pf ser A.No par
Kennecott Copper
No par
Kendall Co pt
Keystone Steel & W Co No par
Kimberly-Clark
No par
No par
Kinney Co
Preferred
No par
Feb
495
Deo
42
July
6*2 Mar
Nov 16
U2 Mar
4*4 Mar
2*8 Mar
23*2 May
46*4 Mar
2*a Feb
Nov
Mar
Oct
7*2 Deo
884 Mar
5
2358 Sept
4
li2May
4*4 Mar
25g July
41
Mar 23
26
190
Nov 27
149*2
June
Jan
34*8 Mar
Jan
135
II4 Mar
178 June
22*4 iian
12378 July
Feb 21
66% Nov 18
Nov 20
136
1*8 Mar
% July
3gMay
1938 Nov 27
97gNov 27
Nov 27
412 Mar
21% Jan
98% Jan
91*8 Nov 27
4884 Nov 18
Sept 9
112
(The)-—No par
5
No par
Libbey Ownes Ford GL No par
Libby McNeill & Llbby No par
Life Savers Corp.
...5
Liggett & Myers Tobacco—.25
Lehman Corp
Lehn & Fink
Prod Corp
Lerner Stores Corp
—25
Preferred
-.100
Lily Tulip Cup Corp ...No par
Lima Locomot Works—No par
Link Belt Co
No par
Liquid Carbonic
No par
Loew's Inc
No par
Preferred
No par
Loft Inc
No par
Lone Star Cement Corp No par
Long Bell Lumber A ...No par
Loose-Wiles Biscuit........25
5% preferred
100
Lorillard (P) Co
10
Series B—
42*4 Mar
Nov 17
16
July
28
Nov 25
665s Dec
55g Mar
78
Oct
14
Deo
8% May
70*2 June
165s Sept
19*4 Feb 17
3778 Nov 18
107
Dec
100
Apr 29
2578 Jan 2
19
3
43
Apr 21
104*2 Feb 28
2
Apr 23
Nov 17
MacAndrews & Forbes.....10
—No par
No par
No par
Jan
3
May
4
57*2 Jan
2
22*4 July
Nashville....-100
6% preferred
Mack Trucks Ind
Macv (R H) Co Inc
2
21*8 Apr 28
141
Ludlum Steel
preferred
2
z3884 Oct 15
107 May 19
6,000
<.,7%
3
32i2June
29
«
Oct 28
8
33
Oct 16
127*2 Jan 9
27*8 Jan 30
40*8 Apr 30
Jan
2
90
Aug
6*8 Mar
Oct 16
2284 Apr
Mar 16
35*2 Jan
33a Jan
Deo
93
14
29
18
7
5
2
27
15
24
2
2
27
July
287g Deo
4284 Deo
110
Jan
25
Oct 30
53*2 Feb 21
97»4 Mar 13
36
Deo
35
12
Jan 2
387gMay 4
47*4 Jan 2
7 May 19
25 May
97
Nov
6
3*8 Deo
2% Deo
Jan
30
94*2 Apr 30
8*2 Jan 2
2 July 6
9% Apr 29
89 May 11
160
130
20*2 Deo
36*4 May
49*2 Nov
9*4 May
16
Nov
Oct
36
Jan
24*2
313gNov 12
126
Sept 1
110
Jan
49
9338 Nov 14
14112 NOV 18
126*4 Feb 24
Mar
38*2 Mar
117*2 Mar
120*2 Apr
37
Aug
99*2 Nov
126*2 Deo
150
Nov 14
130
Feb
130
Feb
129
Nov 19
50
Apr
93
Nov
48*2 Nov 13
121
Apr 6
Apr
48*2 Aug
26
120*4
Deo
2
334 Mar
14*2
Deo
8
65g Mar
22
Deo
115*4 Mar
36*4 Nov 17
33*4 Feb 25
Feb
Jan
7*2
1584
96
Jan
Oct 28
6338 Nov
5
245g Oct
Oct
3*4 Mar
10*4 Aug
Mar
6
107
30
84
34
2
247g Jan 2
25% Mar 20
28% Jan
20*4 Nov
Oct
31*4 Nov
28*4 Nov
18*4 Jan
Nov 18
110
Mar
1384 Mar
90*8
303g
July
Deo
3
35
Nov 27
738 Jan
8
51*2 Nov 20
Mar
10
Oct
2%
23
Mar
1934 Mar
19*4 Mar
50
6*2 Oct
47*4 Deo
lOSg Oct 20
61*2 Nov 12
213s
Preferred
Deo
434 Aug
5
6
18i2Nov 17
18i2Novl8
45*2 Nov 10
Cement...25
655g Nov
154
438
50*4 July 13
4% conv preferred..... 100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
Jan
Oct
June 10
Lehigh Portland
Jan
4284
190*2 Deo
Oct
1578July29
7*8 Jan
12 July 15
15*2 Apr 30
(The)
No par
Lane Bryant...—-----No par
Lee Rubber & Tire
5
Jan
5
IS4
32
100
preferred
3
13% Deo
2
61
5%
838
11*2 Oct 20
35»4 Aug 31
19*8June 30
20*2 Apr 27
13
6,200
July
Co new..No par
20
10,400
Nov
130
130*2 Nov 23
Lambert Co
Deo
121
4
57gMar 11
4
15
5*4 Deo
363s Oot
108
5*4 Feb 14
8
17*2 Oct
37g Jan
22*4 Deo
38*4 Deo
59*4 Deo
Jan
60*2 Mar
109
747g Feb 26
preferred—100
63*4
Mar
40
100
X Louisiana Oil
45*4
5*2 Jan
1384 Deo
34 Apr
1534 Mar
24*2 Sept 28
80
Jan 7
20 May 20
18 June 4
1434 Jan 2
87
Feb 28
28*4 Jan 7
1784June 4
18*2 Jan 7
378Mayll
30
Apr 28
Louisville &
61
603g Deo
9i2 Mar
15
Apr
187g Jan 11
June 8
11 *g Sept 21
103g Apr 30
Louisville Gas & El A ..No par
44*8
NOV
Jan
284 Feb
6*2 Mar
6*4 Mar
77g Jan 18
50
1,800
30
Nov
7
42
Sept 29
Nov 6
16*2 Nov
8
6
3*4 Apr 30
2*4 Jan 6
1% Jan 9
20i2 Apr 30
37 May 22
107
Apr 27
334 Jan 7
3
Jan 9
19*4 Jan 9
23
Apr 28
47
Oct 8
15
Apr 29
1,300
400
73
3238 Nov 18
1103g Feb 10
18i2Nov 13
Kroger Groc & Bak
No par
Laclede Gas Lt Co St Louis 100
31% Deo
Jan
49
10
20*2 Apr 28
7% preferred
100 zlOl Sept 9
Kresge Dept. Stores—No par
4% Apr 29
Kress (S H) &
Jan
11
22ss Deo
3078 Mar
338
15*8 Nov 10
413s Nov 12
147
Feb 14
Kresge (S S) Co
Preferred
3034 Deo
4
Mar
57g Jan 23
173g Feb 6
22% Nov 6
3*4 Feb 19
29*2 Oct 17
543gSept 2
73*4 Oct 4
20
Oct 19
4*2 Jan
43%May
125*4 Feb
1,190
-
8
Jan
July
118
6
12*4 Jan 15
Nov 10
885s July
9534
-
Oct
Feb
63
Jan 6
May 12
4*8 Jan 2
2 5% May 21
106 May 12
34
-
65g Mar
19*8 Dec
78
11
26*2
37
684 Mar
8I84
3*7058 Nov 12
58
24*8 Aug
U3
Apr
58*2 Jan
88 May
12184 Feb
145 Nov
75*sMay
39*2 July
116 Nov
13
Jan
19*4 Jan
17
Jan
Jan
104
6
33
Jan 2
185s Apr 30
30 June 5
"33"
-
Feb
36*2 Deo
44*4 Feb 20
1
Z26*s
£9534
37
Deo
115
63g Jan 7
4834 Jan 21
3*8June 10
8*2 Apr 27
13*2May 4
140
28*2
Oct
131
544
65*4 Jan 14
5434june 4
142
*133
*133
134*2 *133
3
2334
142
700
52
42*4
44*2
64*4
65*4
*10578 106
110
26*2
2,900
9,100
3,100
*51
42
26
3422.
700
2,700
106
54
31*4
For footnotes see page
*120*2 121*2
20*4 2034
62*2 62%
*78%
79%
10*4
10*2
28*4 28*2
51*4
2634
44*4
59%
5,500
43*4
51*2
33*2
613g
7,000
51
110
2334
900
I6S4
5134
2178
26*2
96
2784
44*2,
18
171
100
preferred
Inter Telep & Teleg
80
16684 16534
22% 22%
57*2 597g
2134
31
59
I684
17*2
4284
170
3,900
107*2 10778
2684
97
28*2
44
1034
106
28*8
347g
4478
6138
44
19*8
107
142*2
133
29
44
106
142
134i2
133
29
28
42
142
200
7,500
51
5134
111
142
48
25
107
4134
41*4
42%
63
643g
64*8
62*8
613g
63*g
627g
*105*2 106
106
*105*2 106
*105*2 106
3
3*8
3*8
2%
3*g
3
3
58*4
59*4
57*8
59
60*4
583g
5934
5
434
47S
434
5
4%
434
43
*42*4
43
42*4 42*4
*42*4 43
*
48
2478
106
165
7%
60
28
*164*8 165
22*8
22*8
41*2
4234
1,400
106
106*2 10634
Preferred
3,000
1034
*22%
160
1634
148
17*4
2:10*4
22
51
52*4
10178 10178
16*2
1134
217g
10,900
163g
11&8
*164*8 165
30%
3,000
7734
164
1,420
278
77
164
51*2
284
62
106*2 10734
584
1,700
1,700
440
77*2
27*2
13,500
10,900
62*2
106
36,600
1934
75*2
11»4
28i4
10
171*4
61*2
107
20%
16*8
No par
.......-100
International Salt.....No par
International Shoe
No par
International Silver
100
Certificates
2,200
1834
284
77
12
3,900
20,200
35
*131
100
Corp..No par
Preferred
....100
Internat Rys of Cent Am..100
Keith-Albee-Orpbeum pf-.lOO
-
21
30*8
1834
6314
12U
500
27*2
584
43*4
171
62
107
900
2,900
2378
51
18
7534
115g
107
90
1978
17
18
27g
123
12212
101% 1015g
157g
163s
*130*2 148
48
48
*44l2
25
25
24*2
28
27*4
27*4
44
43*2
*42*4
20
1934
19*2
78l2
28
1,700
33
303g
64
107
1,700
19
235g
15
16*8
16%
297g
63
2812
48*2
23
2234
*106*2 109
58*2 5978
6
78
*28
520
2O84
51
130
2&S
234
5%
4934
62
106i2 106i2
—
120
90
Feb
73*4 Apr
40*2 Nov 19
2
92
*112
Mar
122
3384 Oct 30
2
125
43
71
Apr 17
4478 Feb 19
116
Aug 15
Jan
140
34*4
Nov 17
Jan 13
119
Jan
*90
18*2
June
80
15
125
48
June
162
Jan
135
82
*117
141
Jan
11
1
Oct 14
138
....No par
140
48
No par
Class C
Preferred
Int Printing Ink
Preferred
—
Jan
142ia
Aug
41
Intertype Corp
1,700
126
127
Jan 27
141
164
8
25*2 Apr 30
84
Jan 23
126 Aug 13
587s Sept 24
102 Sept 16
30*8 Jan 2
108 June 13
9
Jan 2
19*4 Jan 13
108
Feb 17
414 July 3
397gJune 5
22*4 July 2
600
5,000
30*4
42
2434
1684
'
21*2
126*4
18*2
Nov
110
37
*142
Deo
22
No par
Interstate Dept Stores.No par
Preferred
100
35,000
105
34*4
24ig
17
13*4
No par
.........No par
Class B
810
42
2434
20
93
35
6
*43 ig
800
2,100
12*2
Thanks¬
48*4
34*4
9234
—
33
49
15
500
29
48*4
33*2
Closed
*40
6ig
130
270
33
331g
101% 101%
10
9*2
58
42
51l2
30
710
10*2
*8%
Exchange
70
111
33
6
31i2
47,600
1,700
A
Inter Pap & Pow cl
54,100
47*2
*40
49
6
50*2
4
91%
33s
100
Preferred
36,800
47*2
Sys cl A
Int Nickel of Canada..No par
300
19%
.
6
6
64
140
27
27
2684
28
2684
2634
2634
*112
120
*111
120
120
*110
*10912 120
24
23%
23*2
2414
23%
23l8
2418 2414
21
21
21
20%
21
2O84
21ig
21i2
23
225g
22*4
225g
23
22*8
2134
2234
107
107
*106*2 109
*10612 109
*10612 109
61
58»4
58*g
5884
60U
60 %
58ig
6012
20
20*2
203g
207g
1984
19U
19i2 20*2
32
3234
3284
3212
30i2 32U
*3H2 323s
5012
2,000
41,800
Int Mercantile Marine.No par
Preferred
400
*117
18*2
Int Hydro-El
87
105
*142
126
47*2
4712
117
1834
3212
35*2
105
Internat Harvester
15,100
*133% 134*2
17*4
75s
100
11,500
478
63*8
No par
Agrlcul
Prior preferred...
2,500
99*2
434
1234
*12184
*145
42
33i2
30
90
138
12784
I884
I884
42i4
21
2934
*12184
90
90%
13612 140
126U
129"
105
21
*126
*145
*145
36
35*8
105
21%
30U
1278
125g
13ig
105
139
126
128
98*2
29
93
2,700
*156% 159
3334
90
32*2
32i2 3178
90*2
92
91U
34%
187*2 190
884
59
475g
92"
*90
32
Internat
No par
Iron
Interlake
2,500
334
334
31*2
31*2
187*4 188
120
101*2 Nov 12
160
Apr 3
5*2 Jan 8
t Interboro Rap Tr v t 0—100
4*8
334
Jan
14% May
284 Apr 30
3,400
4*8
32
85
565s Jan 8
148*2 Jan 23
53g
1284
4*8
32
6
6
25
684
1258
4
3%
384
33
Mar
2188 Jan
No par
........100
*53s
12*4
4
4
Mar
133
17
14
150*4 July
125
Oct
6*2
9
10
122
127g
13U
16g Mar
5
30
7
6*8 Jan 6
5
Oct 27
11*2 Apr 30
2*2 Jan 2
9% July 1
27gJulyl0
2284Julyl0
160
Apr 28
No par
Inspiration Cons Copper...20
Insuranshares Ctfs Inc
1
1,900
5*2
4% Apr
Aug
125g Aug
117 May
102
Int Business Machlnes.No par
10,100
13
$ per share
$ per share $ per share
135
100
preferred
Inland Steel
2,100
15*4
1434
No par
No par
Highest
$ per share
Aug 24
6%
......
120*2 120*2
15*4
10
Ingersoll Rand
600
*132*2 13484
*137
32
357g 36U
10434 105
*21
217g
100
1.260
5*2
914
125g
RR Sec ctfs series A
16*8
1238
*884
13i8
100
15
89
127g
100
Leased lines
15*4
3378
89
6% pref series A
4
10*2
*28l2
100
Illinois Central
300
5*2
414
10i2
56
10
12*g
12i2
10%
58i2
2912
No par
Hupp Motor Car Corp
20,200
45
100
Preferred
Hudson Motor Car
60
*137
143g
25
45
Manhattan
Hudson &
72*4
48
48
*32
235g
13484 13434
134i2 134*2
2
5
100
Howe Sound Co
*70
99
98*4
97*2
9834
977g 100
*15638 159
*154i2 159
*1563g 159
478
434
4%
6
47g
4i2
6
5*2
584
5*2
5*2
5i2
6234
62*4
623g
6378
613g 6338
133% 13478 ♦133&8 13478
*1335g 1347g
165s
16*8
1534
1478
1684
143g
7*4
6
678
6%
534
6i2
3*4
3%
33g
314
3*8
3lg
83
86*2
85*2 87
805g 84
47
4758
47
47
47*2
473s
111*2
IIOI4 IIOI4 *11034 111*2 *111
9i2
58l2
*28i2
12*2
39*4
*137
11912 120%
15
14U
5i2
5i2
5i2
12i2
125g
39i2
134
*137
*136i2
1434
2:1284
15*4
12*2
38s4
43s
pref._50
Houston Oil of Tex v t c new 25
500
23l2
13
58
19,700
4,300
44
100
....No par
Class A...
55,000
4,900
2,600
107g
57
178
100
...
Household Fin partlo
100
300
12*4
70
125g
10,500
29*8
4*4
preferred.
Houdallle-Hershey cl A.No par
Class B._
No par
100
43
20*4
44
13
7%
5
Homeetake Mining
470
12*4
225g
13
Hollander & Sons (A)
Holly Sugar Corp.....No par
1934
7H2
15*8
$5 conV preferred...No par
430
5,900
1134
46
No par
5,400
68*2
2
No par
preferred
28*2
39*4
1978
*68
16
Conv
*75*4
107g
59*4
4*4
*4312
2284
100
No par
Holland Furnace
3,800
*6658
2i8
23%
23lg
No par
$7 cum preferred
Hershey Chocolate
1134
19*2
17g
2
Hercules Powder
400
No par
114*2
2858
.
68
10*2
97g
68l2
4U
68
Hercules Motors
68
*425g
427g
2878
76*2
100
Preferred
42*2
2:28*4
38*2
*112l2
*420
*42*2
28*2
*75*4
43*g
10
978
58
,
114
25
Helme (G W)
200
"e'soo
136
413s
25
Hecker Prod Corp v t c.No par
10,800
*108*2 110*8
*416
*416
*407
*4214
28i8
Hazel-Atlas Glass Co
*128*4 129*2
*112*2
*112l2
*11212
*11212
Hayes Body Corp
1,300
37*2
*657g
2
2,900
Highest
Lowest
Lowest
Par
164
*160
164
35*4
37
3534
3584 3784
*1357g 140
*160
v
Shares
$ per share
6*4
63s
IO484 105*2
13*2
1334
*124*4 12734
13%
*160
164
$ per share
6I4
63g
6*4
68)
105U 10514 *10434 105
6U
6%
IO584 10638
1312
1378
12734 12734
*12784 129*2
$ per share
$ per share
$ per share
6%
OSs
1O014 10678
137g
14
Year 1936
100-Share Lots
EXCHANGE
Week
$ per share
•
On Basis of
STOCK
NEW YORK
for
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
SHARE, NOT PER
HIGH SALE PRICES—PER
LOW AND
28
Jan
8
2684 Feb
22
6*8 Deo
41
Deo
2734 Nov
113
Apr
6*2 Nov
2
May
42
Jan
80
Oot
22*4 May
32
Aug
Mar
12
5
Oct
May
8*2 Mar
10% Mar
27*2 Deo
46
Aug
28*2
Jan
9
Jan
Deo
173g Jan
14*2
Nov 10
Oct 19
'5
Mar
4
Feb
6
1% Mar
19
Oct
1
5*2 May
12334 Nov 20
67*8 Mar
2134 NOV 10
65
Nov
Nov 13
3378 Jan 31
180
103*2 Apr
21
11*2 Jan
3*4 Aug
1584 Nov
9584 Nov
Oct
17*4
Jan
21*2 Mar
688 Sept
49*4
Oct
10*2
Nov 17
80*4 Nov 10
Jan 16
94*4
Apr
10% Nov
29% Nov
120
Aug
116*8 Jan 15
169
Aug 19
9334
Apr
122
151*2
Jan
Oct
167*2 May
2884 Nov
13i2 Mar
17*8 Mar
24i2 Mar
31*4 Feb
275g Nov
13
Nov 17
31*8 Jan 29
115
23*4 Feb
5
597g Nov 27
54
Nov 19
44*2 Nov 27
65*4 Nov 18
10878 July 17
3% Feb 11
60*4 Nov 18
8% Mar 24
45
Jan 17
21
15i2
Mar
102
Feb
1
Mar
2278 Mar
U4 Mar
33
Apr
1
10734 Nov
26*2 Jan 27
18*2 Mar
113
151
Sept
Jan 30
51*2May 25
30*4 Oct
7
1023s Oct 19
35
Feb 19
42
Jan 21
134*2 Nov 23
124
43
Aug
Oct
37*2 Dec
55*8 Nov
IO8S4 Oct
2% Oct
367g Nov
438 Deo
4i5g July
112
Deo
26*2 NOV
Apr z149*8 Deo
15
Deo
10*8 Mar
23
Aug
Mar
64
Dec
4*2 June
34
1234 Mar
26
Sept
377g Nov
46
Feb
Feb
130
May
113
49*4 Oct 30
18*8 June
65U Nov 12
30*2
Apr
3034
57
Deo
Nov
New York Stock Record—Continued—Page 7
3428
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
STOCKS
for
Saturday
NEW YORK STOCK
the
Tuesday
Wednesday
Thursday
Friday
Nov. 21
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Nov. 27
$ ver share
14
14
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis of
Week
54
3<58
18
16
13&s
54
55i2
55i2
384
4i2
25i2
3012
4
438
22
4ig
2D2
26i2
13i2
5314
*15i8
37
17
16
16
438
28i2
*16i2
*33
17
*33
1358
54
54
1334
40
*33
40
*33
14
14
54
#5314
434
5
14
*14*2
15
2212
334
23U
1038
10i2
2i8
1D2
3534
2&8
12
37
3i2
3i2
334
14i4
22i2
3&8
1038
28
26
*1612
1714
*33
40
15
1434
1434
22i2
2212
2234
3&8
384
358
10i2
ioi4
1038
1018
2i2
4i8
IOI4
3
14
16
40
43i2
5U
2i8
*214
2io
12i2
12i2
37
37
3734
334
13i2
39
4
4
*312
66
56
56
2318
2334
2138
56l2
2314
*784
8i2
734
8i8
4D2
41l2
*160
163
40
55i2
22i8
*734
41
41
*160's 163
68i2
6834
1714
*463g
5534
23
814
4134
4
5512
2214
*77S
4012
1434
2214
5534
83g
41i4
778
4014
*160i8 163
*160J8 163
68I4
6778
6812
69
6712
"ljoo
15
ioi4
234
15i2
4134
47g
*5514
227g
23
500
120
119
120
119
94
*40
42
42
42
*40
64
65
6234
6434
12is
1212
6212
42
*40
2318
77g
500
42
4,700
*16018 163
68i4
69
63
"moo
173g
175g
47
200
*44
46
40
110
110
200
2,000
4714
31,500
1,900
8,000
12~906
*40
30
300
20,700
1,040
42
100
2,100
104
*102
106
106
106
106
700
11812 119
118
120
11812 118l2
8is
83g
72
*70i2
118i2
119
450
4i2
2D2
22
*43g
5
22i2
225g
7
7
■
678
2614
*25s
55s
27i2
2714
234
2534
5
438
22
2D2
*45g
22
67s
7's
27
25i2
7
26i2
25g
234
25g
55g
538
5i2
257s
558
2734
512
2734
100i2 100i2
26i8
273g
101
258
10D2 £10038 100i2
64i8
6234
64ig
*43
45
4312
70 1
70i2
*6914
64
65
6D2
4314
4312
69i4
6914
4312
70i2
1'8
D4
4D2
Ds
lh
Ds
d4
3934
4D2
4OI4
4084
25U
373g
2414
36U
2514
243g
3634
247g
4112
247s
36l4
9814
*32l2
74i2
98
37i2
38D
iod2
100
1007s
3378
74i2
7414
74U
*105
106
*10514 106
2014 2058
195g 20i2
*59
62
*5878 60i2
17
175g
177s
1778
37
38
*3884 40
17
17
16i2
i684
14i2
1484
1378
145g
3434
34U
3234 3414
*154
157
15634 157
30
29
2984
3014
34
3478
255g
111
*108
2D2
315g
*31
3412
98i4
34
2618
*3278
2512
*110
111
10834
22
678
255s
234
5i2
26i8
99
6334
*43
6834
Ds
4012
76
*74i2
10514 *106
1958
203s
195g
*74U
2634
234
407s
36
75
2D4
66i8
43i2
giving
*68i2
28i8
11,100
25g
534
4,100
800
273g
997g
8,200
3,200
92,700
673g
4334
500
70
1]8
Day
70i2
H4
6,600
4034
4134
4,700
24i2
38i2
247g
5,700
9,400
100
39i2
270
100
35
35U
2,100
73i2
74U
500
70
*106
3834
1658
167s
1414
1434
145«
33 7s
3278
33ig
157
*15712 160
30
295g
2934
2534 £2434
25lg
111
*108i4 iid4
38i2
40i4
1678
18
2134
3178
3038
3184
30i2
31
31
3D2
*31i2
32
3284
353s
335s
25g
5i2
2678
99i2
Thanks¬
1U
20
62
2078
303g
*31
1934
*59
1634
10834 10834 *107
10834 10884
2012
215g
—
9978
6538
44i2
6834
37
111
Closed
5,100
18,400
38
29*8
25U
26i8
Exchange
5%
27
380
1,500
714
22,400
38 ^
111
263g
5
23
20*14
171S
137s
7
""eoo
593g
1734
17i2
3314
Stock
1,000
1*2
3
173g
59i2
1714
157
5
22i2
7
11,100
17i2
*59
5912
1658
3
43g
2412
2434
£375g
38l2
*9812 100
35
74i2
*13g
22
40
83g
72i2
d2
105
32
3478
43g
8i4
3
200
104
108
100
430
8,200
14i8
1434
5,200
33i8
337g
18,100
*157i2 160
300
31
10,600
a;297s
32
*16514 170
*165l4 167
*165i4 170
35
34i8
*163i2 170
*143
*143
*143
*143
*143
147
147
11
147
34
147
35
1D4
1D2
IDs
lll2
1112
123g
28,500
*li2
134
d2
d2
d2
ll2
*d2
D4
300
84
34
S4
34
84
34
34
34
2,000
71
7184
7D4
72
72
73i2
7634
14,400
69
69
67U
70
67i4
72i2
68i2
®8
72i2
6778
68i2
*12312 125
68I4
681?
*12314 125
4,000
*123
1138
1234
593g
*60i2
*109
*22
217s
*77U
423g
12478
lll2
1234
5934
62l2
110
28i2
235g
8oi4
42
43U
4234
8oi4
8012
684
183g
8
IDs
125g
5934
*60
110
*22
978
*5
4'8
125g
D2
98
*61
62
108
109
*108
28
*22
28
43
4D4
28i2
2714
77i2
433g
4212
41
41
7912
797s
80
7i2
19i2
8
2334
85g
2D2
139i2
160
d2
*120
Ds
13s
*96
35g
334
35g
978
934
ioi4
934
538
5
5
5
4i8
1234
4
4
4U
81
*98
102
*106l2 108i2
•*d2
1?»8
*70
125g
81
10D2 IOD2
107
3134
30
1214
*70
160
158
98
334
2,000
4,300
11
5,700
4's
1214
*70
434
1238
81
24
2634
134
*120
Ds
*96
334
10
5i8
4i2
1214
1«4
3058
2947s
110
313g
55
55l2
5534
55U 5514
55i2
5514
5514
10
10
10
97s
103s
105g
10l2
103g
103
103i2 103i2 102l2 10212 *102
1023g 10212
*100i2 104
*100i2 104
*100i2
*100i2 104
27
263s
2534
25i2 2612
26i4
257g
263g
53
53
*52i2
*52i2 53
*5234
5284
5234
3D
378
3l2
35g
3i2
3i2
334
37s
28
28
*26 "
*27
28i2 *26
2812
28i4
1378
1384
13&s
14lg
14i8
14ig
1378
1414
44 lg
45
45js1
44i2 45i8
45i2
45i2
4414
For footnotes see page
3422.
43,700
18,910
20
12,600
100
*ll2
110
31
Dg
100
------
66
65i2 May
li8 May
33's Dec
283s Apr 30
43i2 Oct 19
15i8 Jan
Mullins
5
Mfg Co class B
2
Apr 30
1
11
70
May
1
21
Jan
7
36
447gMay 4
102'8 July 3
14
Apr 30
106
Munsingwear Ino
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America. .100
Myers F & E Bros
No par
Nash Motors Co
No par
43
15
Jan
2
Aug 12
Nashv Chat & St Louis...100
20i2May
National
1212 Apr 30
9i2 Apr 30
2834 Oct 6
Acme
Nat Aviation
National
1
Corp
No par
Biscuit
10
7% cum pref
100
153
No par
Jan
4
9
100
Nat Enam & Stamping.No par
National Lead
10
A
B.
21
Apr 30
21
Apr 30
10734 Oct 19
IO784 Nov 27
Nov 25
79i2 Aug
Oct
5
2638June 30
2234 Mar
6
t New Orl Tex & Mex
Newport Industries
N Y Air Brake...
New York Central
New York Dock
Preferred
Jan
47i2
Oct
11
Apr
19i2
Jan
47l2 Oct 22
14
Mar
27i2 Jan
145g Dec
1838
Oct
7
155gMar
9
4i2 Mar
634 Feb
3834 Jan
9
2214 Apr
July 31
14H2 Mar
164
551?
1,300
11'4
132,500
600
24,100
50
4,600
28i2
70
1414
14I2
33,600
44U
45
1,700
28i4 July
108
112
4
zl06
23i8 May
32i2 July
162i2 May
Jan
140i2 July
4?s Mar
I43g Aug
li2 Nov
1215g
25
25
100
i2 Jan 10
57i4 Apr 29
1978 Jan 2
74's Jan
6
No par
100
100
1
No par
No par
100
100
100
Feb 11
i2 July
D? Feb 11
76 34 Nov 27
i4 Mar
403s Mar
9
Mar
8334 Nov
2078 Aug
127>2Nov 6
1214 Nov 10
1314 Jan 24
36
Mar
773s Aug
60
82
1734 Jan
2
Apr 14
287g Nov 27
495s Oct 13
12i4 Mar
1
100
90
3
2634 Nov 27
5
5
Api 24
73g Apr 28
14i2 Feb
4
July
9
2i2 Jan 7
9i2 Apr 27
May 21
No par
83
No par
93i2 Apr 23
J Norfolk Southern
100
100
Sept 14
2*4 Feb
N Y Steam $6 pref
$7 1st preferred
50
5
9914 Sept
55g Feb
57
1
Oct
2
100
50
Nov 27
Jan 10
Jan
Mar 17
Ds Aug 27
Jan
2
May 12
23i8 Apr 30
5234 Feb
6
65g Jan
6
7
7i2 Feb 24
53s Feb 24
155gMar 13
Sept 16
99
Oct
6II4 Dec
"ili2
1078
Dec
Dec
3612 Nov
2934 Dec
19
Dec
Dec
Mar
4
Mar
112
Mar
II4I4 Mar
i4 May
96
Nov
27g
Oct
55g
Oct
25g Mar
i8 Mar
6's Mar
51
Oct
Nov 16
69
June
IO9I4 Aug 12
79
May
104
Dec
39
2
138
Jan
1318
Mar
6
11
Jan 20
115g
4134
978 Mar
5318 Oct 5
95
Sept 29
125
No par
43g Mar
18i2 Mar
50
t N Y N H & Hartford.... 100
3&s July
Nov 17
10% non-cum pref
{NY Investors Inc
No par
9
£8U Mar
7i2 Jan
2D4 June
43i2 Jan
Nov 23
43
150
No par
Nov 24
64I4N0V
110
4
36i2 Jan 2
3i8 July 7
lO^May 16
84 Nov
7
75i2Nov
9
Apr 30
32i2 Jan 8
2784 Jan 2
10U Feb
45g Jan
34i2 Nov
Jan
Nov 16
3
11314 Nov
Aug
108
May
147
1478 Feb 17
14i4 Dec
363s Nov
15818 Dec
23i2 Dec
2218 Dec
21
9&sMay 11
6
Central
Northern Pacific
6
Sept
li2 Mar
13734 Jan 21
Jan
Preferred
June
2414 Nov 18
119
North Amer Aviation
No Amer Edison pref
13i2 Mar
12?g Mar
Sept
7
2
50
North
*10012 104
3178 Nov 18
11234 Mar
N Y & Harlem
preferred..
2138 Nov
30
150
N Y Chic & St Louis Co...100
Preferred series A
434 Mar
62i2Nov 7
217g Feb 19
100
National Steel Corp
National Supply of Del
Newberry Co (J J)
5% pref series A
2612 Dec
1
Mar 17
8
Dec
1584 Nov
8134 Nov
Nov 17
168
7g Jan
153s
Feb
Sept
13U Mar
No par
National Power & Lt
Bros
7i8 Mar
9i2 Aug
62
Oct 29
Nat Rysof Mex let 4% pf.100
2d preferred
100
Preferred
Apr 28
Apr
3184 Dec
155
105
334
3984 Nov 18
10H2Nov23
14
100
210
53
Nov 18
27
No par
Preferred
100
27i2
7
Feb 25
Motor Wheel
100
1021?
Jan
Dec
Nov
Dec
Adjust 4% pref
North American Co
62,800
Feb
4i2
60
Norfolk & Western
10
384
28i2
6
178 Feb 10
130
53
Mar
Dec
Dec
71
500
2658
55
103
2
110
*102
5512
23
6
289 7s
3234
3
li2 Mar
34 Jan
7%
40
I6I4
IO84 Mar
60'2 Jan
Conv
preferred
100
N Y Ontario & Western
100
N Y Railways pref
No par
N Y Sblpbldg Corp part stk. .1
5,100
July
Dec
63s Nov
734 Feb 11
50
1,100
3,000
1
4i2
1734
Morris & Essex
4,000
478
Apr
21? July
5?s May
Nov
25g Dec
4
July
28i2Nov 19
Mother Lode Coalition.No par
Motor Products Corp..No par
53g
127g
1U Mar
103s
68
943g Nov
407s Dec
108g
*98
7
Mar
Dec
N Y Lacka & Western
81
Mar
1
41?s
2,800
*70
31
2184 Mar
37s
*285
110
2,300
100
11012 11034
30&s
3D4
*290
69,900
160
294
3 d4
-
44
111
296
-
84i4
298
l's
-
445«
*106l2 10812
107
-
8D2
5
81
100
230
*
Dec
75g Nov
5934 Feb
No par
62l2
Nov
673s Nov 27
Nov
Neisner
134
Feb
85
150
42
1,000
8
4
Oct
De°
Sep*
116i8 Oct
20i2
247g
3584 Jan
5712
4334
97s
May 19
3338 Oct 16
634
Dec
Jan 1IIH4 June
34 Apr
6i2 Feb 8
26i8 Apr 14
95s Feb 21
Dec
Nov
37s Mar
234 Feb
Oct
33i2
4258
Jan
58
105
76i8Mar24
6034
Mont Ward & Co Inc..No par
Morrel (J) & Co
No par
£57i2
62i2
43
434
4U
12i2
14i2 Jan 2
2
Sept 15
378 Jan 3
197s Aug 24
77g July 10
8412
8i4
5
6
lOhjJune 18
3234 Apr 29
41
Apr 15
104i2 Apr 7
43
10
284 Jan
1634June 10
79
85
Nov 12
Nov 10
514 Feb 10
No par
4314
1«8
2i2 Aug
No par
42
334
57U Jan 17
13s July 14
National Tea Co
41
100
10
8I4 Mar
60^ Mar
126
123g Mar 23
6i2 Jan
5i2 Jan
485gSept 10
13D2Mar30
109
Sept 16
112
Natomas Co
79
13s
Monsanto Chemical Co
Feb 21
1,700
287s
35g
95g
100
20
2034 Mar
22
Apr
24i8 Jan
912 Mar
2,203
79
*96
100
preferred
Carpet Mills
Nov 27
2i2 Mar
IDs
28
160
J Missouri Pacific
98
137g Nov
125s
2858
77i2
*120
..100
83s Nov
307g Nov
Apr
Preferred series A
65U Nov
634 Jan
£65
100
Dec
97i2
Jan
21714 Apr 30
106i4June 19
Mission Corp
No par
Mo-Kan-Texas RR_.__No par
Dec
Mar
Oct 19
par
100
1434
3
Nov 17
par
7% preferred
4% leased line ctfs
Dec
Dec
41
45
Mar
Minn Moline Pow Impl No par
Preferred
No par
Minn St Paul & S S Marie. 100
Jan
1155s
97t2 Dec
65
88
Minn-Honeywell Regu.No
6% pref series A
No
153s
9
Oct
3D2 Jan
2158 Jan
Nov
113g Oct 17
4058 Jan
1214
77is
778
20l2
Nov 17
91
IDs
*99l2 10D2
10D2 102
1083g 108l2 *106i2 108i2
*112
Ds
*d2
d4
*13s
134
*295
*294i2 298
♦111
111
11378
26l4
id4
12i2
69i2
24
2D2
13034 13034 *13034 134
98
800
110
*22
358
*70
3034
62i2
109i2
*22
*75i2
712
*96
*59
*109
80
*120
60
ll's
123g
80
79
160
d2
59i2
28l2
41
*120
IDs
125g
*61
24I2
18
2O84
1383g *131
3&g
110
125
1D4
12i2
1d2
127s
5934
62i2
2314
7714
4D4
*131
*96i2
125
1247g 125
121
110
Dec
Dec
67gMay 22
May 13
1984
45i8 Sept
Dec
97i2 Jan 10
10
35i2 June
1034
90i2
5514 Jan 31
100
Preferred
147
IDs
134
Mar
1
100
cum 1st pref
Preferred
lll2
28
Oct
40
3778 Apr 14
36I4N0V 18
*d2
s4
June
38i2 Dec
8i2 Apr
333s Mar
12,100
103
2138Nov 18
28
IDs
73
85g Apr 30
2558June 11
*163i2 170
347s
Oct
Jan
Nov
131
No par
200
65
Jan
57g May
Nat Distil Prod
32i8
Jan
714 Mar
10
317g
54
3218
84i2
"3334 Nov
118i2 Jan 3
1434nov 18
49*4 Nov 17
No par
3H4
20
Jan
No par
..5
5734 Nov
Jan
5i2
11
No par
Nov
33
Jan 31
3734 Jan
30
Dec
337s Nov
156
Nov 18
7% pref class B
t Nat Depart Stores
*30i2
3Ds
3578 Mar
493g Jan 24
No par
100
70
Jan
46
7% pref class A
11,300
27,900
2334 Mar
136
24
Nat Cash Register
Nat Dairy Prod
223g
11
6
110
21i2
14i4 Nov
June
June 16
Milw El Ry & Lt 6 % pref.. 100
Conv
Dec
634 Mar
4
Nov 27
Copper
Mohawk
45U
Dec
5
17,100
25U
247g
*108i4 11134
10714 108
2D2
8%
Mar
20
23
Mid-ConHnent Petrol
109
Oct
Dec
Dec
85i2 Mar
Midland Steel Prod
120
367g Nov 27
2312 Nov 12
101
10
2334
378
Apr 23
Merch & Min Trans Co.No par
Mesta Machine Co
5
Miami
8
Sept
Mar
1
108
Mengel Co (The)
7% preferred
7,100
50i2 Apr
514 Apr
s8 June
2i2 Oct
334 Mar
No par
No par
$6 pref series A
Melville Shoe
7,200
■«
*
Jan
lll2 Apr 29
973g Jan
1234 Jan
100
Corp
12ig
109
3
No par
preferred
12
10334 10384 *102
*13S
Mead
conv
2884 29l2
44i2 45
12H2 123
109
d2
5
$3 oonv preferred
Stores
6,400
122
par
McLellan
63i4
104
3 is
5
MoKesson & Robbins
6234
118
71
Co
McKeesport Tin Plate.No
6%
109
*3
9
June 19
14
104
*13s
Feb 24
2t4May
92
4714
104
70i2
McCall Corp
Feb 28
55
110i2 Oct 30
Jan
9312
14U
122
D2
Nov 20
93
122
3I2
44
16
*102
*3
Preferred ex-warr'ts.No par
38i8 Oct
85
Aug
1214
*13g
2D2 Feb 28
40i2Nov
2834
71
70
13i2 Apr 30
Sept
46
Elec
Nov 18
43'4May
10
No par
Prior preferred
5
423gNov 17
No par
Preferied
Mar
16D2 Aug 17
Mclntyre Porcupine Mines. .5
IDs
ll2
Maytag Co
12
27i2 Apr 27
McGraw-Hill Pub Co..No par
28is
427g
33g
May Department Stores
5
7
1537g jan 17
McGraw
1214
73
1C0
400
28i2
43i2
*3
Mathieson Alkali Wks.iVo par
May
1,100
117S
*138
6i2 Apr 28
6,400
1,500
28l2
73
IDs Jan 22
417g
1214
8I4
41
No par
Marlin-Rockwell
23
2812
44ig
8
No par
No par
Martin-Parry Corp
41
43i2
*115l2 123
7
Marshall Field & Co
227g
IDs
812
72i2
214 July
42
2734
8i8
100
100
preferred
29
425g
85g
Prior preferred
2d
No par
McCrory Stores Corp new
1
6% conv preferred
100
1,300
7,600
29
8i2
100
.100
Preferred
42
64
122
19i2 Nov
3
May
97s Deo
178 Dec
200
36i2 367g
22
2114
*993g 10D2
44
109l2
1185s 119
Feb
103
44
109
30
Mar
1
14
No par
28i4
43
Mar
10
Preferred
47
42
64
13L
Nov
4312 Nov 25
514 Nov 25
56 »2 Nov 23
25i8Nov 19
5
56
98
9534
Nov 24
18
1834 Jan 10
42I2
94
94
Apr
Apr
30i2Nov 24
June 30
3i8Mar 19
1812Nov 27
1138
94
29
Feb
1234 Aug
83
93i2
Jan
3
67U Jan 10
7
No par
Bros
J an
7g
8i2 Apr 30
2,920
2,140
2,270
2,160
2,200
17,300
122
95
4
9
32i2May 27
100
Preferred
Man del
5i2
185g
Ds Jan
6i2July 27
3
18i2
107g
94
:
J Manhattan Ry 7% guar.100
Modified 5% guar.
100
11'4 Dec
3734 Dec
214 May
10
May
1214 Dec
6618 Oct
5
Market Street Ry
103g
83
10i2
714 Jan
Highest
share $ per share
per
Nov 25
Nov
2314 Feb 3
23i2Nov 19
684 Mar 17
*119
1078
85&S
5
214 Jan
1078
94i2
10l4
*83
147g Oct 28
57
:
17i2May
85
10U
:
i
1% Jan
10
100
Magma Copper
t Manati Sugar
25
122
8558
97s
8b8 Jan
34i2 Jan
Madison Sq Gard v t c.No par
Maracaibo Oil Exploration..]
Marine Midland Corp (Del).f
*82
855g
1014
i
Manhattan Shirt
*118
8684
$ per share
Lowest
6,500
5,700
*120
122
$ per share
Par
Year 1935
Highest
2,500
19l8
193g
*103i2 107
20i2 23
10
Lowest
4ig
17
1738
17i2
1738
17U
1714
47
47i2
*46i2
47i2 47i2
*4612 4714
*44
46
46
46
46
46
*44i4 46
*109l2 Hll2 *109l2 110i2 *10912 U0i2 *109i2 11012
36
36l4
36i4
3612
36U 36i2
36i4
3634
22
21
22
22
2214
2Ds
2134
2134
99
*9934 IOH2 *9914 IOD2 *991410D2
9914
44
44
43
43
*41
43
4314
4314
22
22
22
23
*2212 2234
2234
2214
41
4184
4178
4Ds
4134
4034
4078 4D2
*96
96
z94
95
93
94
96
9634
14
133s
133g
1378
14i8
1334
1312
14lg
47
47
47i2
48i8
48i8
48i2
47l2
47U
1914
1934
1834
18l2
1934
19I4
19lg
193g
*10312 107
*103i2 107
*103i2 107
*103i2 107
20
19
20
2014
1934
2038
2018
2014
*86
Range for Previous
Share Lots
22U
3 7g
173g
6712
13,970
17
14
2I8
16,000
40
22i2
*9
900
5
30i8
378
15
23
1,800
5314
'
28, 1936
EXCHANGE
| Monday
13i2
Nov.
34 Aug
278 Jan 14
6U
1678
139
Dec
Dec
June
II414 Mar
1U
99
Dec
May
8i2 Jan
165s Aug
6i2 Nov
384
Dec
16i8
Jan
87
Jan
92i2 July
102's
Dec
2i2 Dec
158
Mar
218
Dec
2
99
Jan
108
June
35i2 July 27
9
Mar
28
Nov
310i2 Oct 30
115
59
Oct
June
9
35i2 Mar
55
Dec
Deo
6
1H4 Nov 27
2
Mar
Jan
2
106i2 July 21
57
Jan
102
Nov
9712 Apr
2378 July
7
7
103
99
Aug
Aug 18
57
86i2 Mar
13i8 Mar
3578 Jan
98
Noithwestern Telegraph
50
Norwalk Tire & Rubb.-No par
Preferred
50
50
Ohio Oil Co
No par
Oliver Farm Eq new
No par
1218 Aug 25
24i8 Jan 6
2
19
Jan
6
Aug 28
Nov
4
3 684 Feb
20
Mar 24
4i2Mar
30
6
Jan 22
17i2 Jan 15
545gMay 5
li8 July
z20
Mar
914 Mar
Oct
16U
73s
25u
5212
Dec
Dec
2i4 Jan
32i2 Jan
1414 Deo
2714 Deo
£>
Volume
SALE PRICES—PER
Sales
LOW AND
HIGH
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 21
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Nov. 27
Week
NOT PER CENT
NEW YORK
$ per share
1934
1978
187g
19i8
18%
18
35
35u
35
*129
13034
129
1534
*113
*63
16%
114i2
70
*114i2
934
23
23
15%
36%
131
112% 114
*63
153
35%
*129
15%
70
35%
130
15%
1578
111% 111%
*63
70
*114%
*114%
15412 154i2
19
193s
*9
$ per share
$ per share
1978
1878
19%
1878
19%
114% *107
110% *107
110%
18
18%
17%
18
18%
$ per share
*107
154%
19%
18%
9
9%
23
9
*21%
15%
19%
18%
z34%
35%
19
9
22%
23
20%
18%
36
16%
114% 114%
1534
1534
70
70
13,700
"¥,366
3,700
60
10,900
700
60
157%
1~8O6
20%
20%
2034
13,500
9
10%
10%
10%
1,090
23%
25%
25
26%
730
154
15334
17
July
107
Jan
7
2
Oppenheim Coll & Co..No par
8
Jan
2
[..No
Otis Elevator
Steel
No par
Prior preferred.
10C
Outlet Co
14
Aug
1
Mar
No par
1st preferred
2d preferred
8% July
Jan
Nov
4
2,460
2,200
37
37%
7,400
Pacific Finance Com (Cal).lO
Pacific Gas & Electric
25
48%
49%
49%
35%
*150
152
150
150
49%
36%
3,900
Pacific Ltg
6,800
150
149
149
149% 149%
230
150
150
150
150
150
110
11%
1134
11%
14%
14
1134
14%
38,200
13%
3,100
Pan-Amer Petrol & Transp_.5
2%
2%
234
3%
4,800
Panhandle Prod & Ref.iVo par
12
11%
13
13%
13%
13%
2%
2%
2%
*53%
57%
7934
53%
*76%
53%
55
79
79
7934
*75%
*105
*105
20
20%
148
148
I8I4
33%
19%
142
18%
17%
34
34
20%
148%
1934
146
18%
1778
34%
34
4
4
44%
4478
4478
4%
4534
2734
28%
26%
27%
6%
6%
378
684
378
44%
26%
7
8%
87s
8%
15%
14%
3%
6%
87g
15%
15%
278
3%
63
63
103% 104
4%
7%
*60
4%
7%
65
62%
103
4%
7%
*59
8%
15
3%
3%
63
62%
104
19%
4%
2078
64%
370
79
78%
78%
200
22%
2134
159% 160%
i~92~666
10,500
1st'preferred
20%
33%
34,400
2d
20%
1984
34
4
45%
*44%
45%
45%
27%
27%
27%
28
34%
4
678
834
16
3%
63
4%
384
7,000
Park Utah CM
2,800
Parke Davis & Co
3,200
Parker Rust Proof Co
Parmelee Transporta'n.No par
6,000
5,800
3%
17,200
Pathe Film Corp
...No par
Patino Mines & EnterprNo Par
Peerless Corp
3
10%May 20
1% Jan 2
6284
63
63%
106% 110
484
*4%
Penick & Ford
No par
60
Aug 17
73
Feb 21
6,100
Penney (J C)
Mar 13
110
Nov 27
1,100
No par
Corp
10
69
Penn Coal & Coke
3%
104% 105%
4%
7
62
434
7
7%
63
62
7%
700
3,900
67
900
203s
41%
20%
20%
20%
20%
40%
4078
40%
41%
24,600
5634
57%
57%
57%
57%
700
*112
114
114
5034
50%
5%
5%
*4%
5
*36%
3878
51%
*434
51
*36
81%
84
2634
*26%
114
40
53
2,500
200
5
Penn-Dixie
Cement
No par
100
Preferred series A.
Penn G1 Sand
Corp
v t c
Pennsylvania
No par
50
30
110
People's G L & C (Chic)... 100
Peoria & Eastern
10C
38
Pere Marquette
3
112
Nov 18
Jan
6
89
Oct 16
26%
26
26%
400
No par
16
Jan 13
31
Nov
2
18
Feb
1434
15%
15
15%
4,800
Petroleum Corp of Am
11%
11%
11%
12
3,600
Pfeiffer Brewing Co...No par
52'8
53
*5184
53%
5134
54
53%
54
54
55%
29,100
53
53
52%
52%
53
53
53%
53%
*53
53%
1,200
99%
99%
*98
2%
2%
78%
79
78%
15
15
*85
2%
2%
78%
2%
81
79%
13%
14
*85
43%
87%
45%
13%
*85
73s
2%
747b
1134
2%
3034
58
12%
73%
73%
*73l4
11%
12%
2%
3034
*11%
7478
123s
2%
30%
5384
2%
30%
54
12
12
1278
*91
44%
56%
*50%
13
*12%
2%
20%
384
334
108%
3478
3478
*106
2%
90
*2%
20
384
105
34
378
44%
978
30%
30%
*54
58
*54
12
12
12
12%
5478
54
54
54
56
12%
1178
12
12
12%
90
90
9
21
378
334
10478 105
334
107
90
2%
21
378
107
32%
34%
2%
2%
21%
21%
300
2584
10,400
7%
1,200
2%
300
10%
24%
2,500
20,000
24%
3,000
153
*113
7%
*7%
*2%
7%
2%
978
978
10%
2178
2%
10%
2234
23%
7%
*2%
22%
23%
2184
22
23
23
23%
23%
115% *112
*150
153
*145
115% *112
153
59%
57
59
57
58
17%
18
17%
18%
17%
18
108
98%
18%
*1784
11%
109
9
36
98%
18%
19%
18
*177S
12%
11%
77*"
76
10
*44%
*49%
46
*44%
49%
*49%
45
*44
45
*13
14
*12
92
*89
49%
13
*88
36%
44%
49%
*44
734
36%
4634
92
23%
*87%
88
113
*108
2%
23%
21%
2258
87%
*108
2%
2434
22
2334
*44
23
87%
534
5%
534
23%
2378
2284
23%
*107
5%
27%
62
'125% 127
127% 127% *
26%
*107% 115
*33%
33%
5978
60%
*60
*
64%
10%
*27
27%
*44%
*49%
50%
45
45%
1234
234
*23
22
2134
23%
23
87%
110
87%
*107
89
234
24%
5% ccnv 2d pref
No par
100
$5
preferred
6% preferred
7% preferred
8% preferred
..100
100
37%
2,700
Preferred
Reis (Robt.) &
Co
preferred
No par
100
Reliable Stores Corp...No par
1
Remington-Rand—
Preferred with warrants. .25
Co—10C
5
¥5-666
Reo
23%
24%
24
25%
53,800
Republic Steel Corp...No par
121% 121%
122% 123%
1,700
101
6% conv preferred
100
6% conv prior pref ser A .100
Revere Copper & Brass
5
126
126
9734
98
26
26%
'107% 115
32
33%
109
31%
32%
60%
60
60%
64%
*60
64%
27%
27
27%
109
10%
29
29%
14,400
62
6234
1,900
12634 12634
126
12 634
*95
*95
26%
9734
2634
26%
115
*109
33
33
60%
59
59%
64%
*60
9%
27
9%
27
10%
*27
10%
27%
Motor Car..
65% Oct 13
1% Apr 28
384 Jan 14
2584 Nov 10
17% Aug 21
86
Nov 14
99% Sept
2
4% July 8
16% Apr 30
77
May
4
78%May 4
10
Apr 20
25
124
Class
Ritter
A
Dental Mfg
10
No par
7
Apr 15
Nov 17
Mar
85% Mar
100
Mar
99
Jan
Oct
578 Mar
49% Mar
29%
June
65
834
Feb
Mar
4
35% Mar
1% Mar
16% Mar
2978 Mar
36
Apr
33
Apr
3% Apr
20% Apr
1
Mar
8
Mar
7
June
98% June
2% Mar
Mar
9
28% Mar
Oct 1
2934 Nov 24
78%
5%
62 84 Nov 27
13
Oct
Apr
Apr
75
Apr
104%
Rhine Westphalia El & Pow.
600
Nov 18
8% Mar 25
2634 Feb 19
-"366
300
1,800
73
Feb
90% Nov
114
13,500
5M % preferred
Jan
62%
24% Nov 17
34
Preferred
Reynolds Metals Co
Jan 30
92% Nov 10
98
A
Oct
16
7
Aug 21
138
Class
Jan
2038 Mai
July 15
12%May
22%May 25
105
Apr 25
64%
*60
80
9734 Nov 24
80
33
Oct 27
14% Jan 17
108%June 18
42%
115
19%
100
No par
5H% conv pref
100
Reynolds Spring new...
1
Reynolds (R J) Tob class B.10
300
4,500
59%
117% Mar 27
20% Nov 16
16% Oct 2
984May 12
24%June 9
90
Apr 28
9784
32%
13384 Apr 17
10
100
26%
*109% 115
1
4
9
1634
Rensselaer & Sar RR
62
May
2
1st
29%
24% Mar 20
9% Jan
5%
28%
1
8
45% Oct 16
5
*60%
Apr
65% Oct
4
13%
900
114
July 14
7
10
100
101
July 14
144% July 14
164
Jan
Silk Hosiery
101
130
Jan
5%
101
July 15
37
5%
103
113
39
Real
400
9
54% Nov 13
50
50
500
17,000
703s Nov
122% Feb 26
49% July 22
3
49% Nov 24
13
23%
24% Nov 9
24% Nov 27
5034
--5C
110
1% Mar
% Feb
4% June
38% Nov 14
—
Apr
6
12% Feb
3
preferred—
Apr
Mar
6% Mar
4
6
preferred
Mar
Jan 11
2878 Jan
Reading
1
6% Mar
91%May
9%May
83% Jan 2
68% Apr 28
Mar
Mar
35% Jan
1st
8684
Aug 21
7
June
Raybestos Manhattan.No par
2d
107
7
2
65% Aug
26% June
5% Mar
22% Mar
1
10% Nov 17
400
Apr
Mar
6
2
200
23%
Jan
3678 Jan
5
Mar
4
Jan
50
23
87%
No par
Preferred B
$3.50 conv 1st pref.-No par
"¥,566
Apr 29
103% Feb 21
113% Apr 3
128
Apr 4
146
Apr 14
39
103
t Radio-Keith-Orph ...No par
22
57% Oct 23
40%May 12
Sept 23
117
8% conv preferred...—100
6% preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp..10
Radio Corp of Amer—No par
Mar
26% Mar 3
2534 Nov 27
934 Mar
16
3% July
134 Mar
35%
5%
53%
1334
20% Nov 18
33s
2
2
684May 21
No par
4684
21%
2
1% Jan
112
94,500
10
Jan
4% Jan
pf $5.No par
No par
*45%
22
110
50
No par
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No par
-4-766
500
Jan
1784 Oct 27
Procter & Gamble
38% Mar
1% July
10%
1%
24%
678
334 Feb
8%
234
24%
Jan 17
9% Apr 11
41% Apr
77%
89
3
2% Oct 30
2
*49%
234
94% Oct 23
24% Nov 27
1% Apr 24
11% Jan 6
20 May 18
500
*23
13% Nov 16
21
45
*80
4
13% Nov 17
57% Oct 21
100
5%
62
8
49%
2934
For footnotes see page 3422.
76%
44%
*85
12% 124,500
*95
336%
44%
2634
*27
300
45
62
884
18%
36
98
5978
11,300
36
26%
*60
19%
8%
98
2678
1,400
77-
2778
29
62%
200
99
2
37% Jan 6
62% Aug 26
June 20
17% Oct 23
pref
Pure Oil (The)
110
Jan
l%May
5
conv 1st
29,400
19
Jan
t Postal Tel & Cable 7% pf 100
Pressed Steel Car Co Inc
1
5%
Feb
July
6
...No par
Class B-_.
Oct
1234 Mar
23
% July
31
Apr
112% Nov
Porto Ric-Am Tob cl A.No par
Oct
7% Mar
11
234 July
7%June
12
Mar
13%
2
Oct
7
No par
13
Jan 15
58% Jan
Plymouth Oil Co
-.5
Pond Creek Pocahon_.No par
9% Mai
16% Mar
Mar
14
No par
Poor & Co class B
18%
778
3
Pittston Co (The)
18%
834
25%
Pittsburgh & West Va
18
IIS4
1234
Preferred
Oct
Feb
50
100
Pittsburgh United.
2%
Feb 21
100
25
preferred
Pub Ser El & Gas
98%
1
2
Feb
1734 Mar
84
49
pref—100
_
17% Mar
30
108%
July 13
Pittsb Screw & Bolt...No par
6%
Mar
Mar
3
8
35% Apr 28
7% Apr 30
100
3
18
Nov 10
4
Preferred
64% Feb
57% Apr
2% Mar
11
50
Pullman Inc
109
493s Apr
29% Oct
-9-366
98%
Mar
25
Pirelli.Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
Pillsbury Flour Mills
60
113%
Nov 12
3
58
110
8
6
3
16
17
*112
76%
45
100
38% Jan
5% July
Mar 13
88
2
6
57%
*95
*101
62
300
May 29
2
113%
76%
101
28%
300
150% 150%
11%
37
20
1213s 121%
*136% 139
12
12%
101
61%
500
*18%
121
2634
106% IO684
18
~ 122% *118
10178
16,100
177s
23% 23%
122
*101
*101
4,200
18
89
21%
98
2,400
19%
89
*2%
110
9,700
65%
1834
12%
*21
57%
17%
153
62%
1934
52%
52%
116% 116%
48
47%
19%
12%
87%
113
5%
122
98%
*90
*95
76%
*108% 110
99
*150
115% *112
59
21%
24
1,000
20
*142
21%
560
2%
23
62
61
60
6234
61%
*60% 62
61%
53
53
52% 5234
52%
52%
52%
52%
11734 *11578 117% *116% 117%
*117% 118% *117
47%
4634
4778
24634
47%
46% 4678
46%
IO6S4 10634
106% 106%
107% 107% *106% 107%
12134 I2I84 *121% 121%
121% 121% *121% 122%
139
*134
139
*136
136% 136% *136% 139
234
25%
35%
734 Apr 29
68
12
16% Mar 13
3% Jan 13
10134 July 24
Jan
3,400
*2%
Xl9%
Mar 13
4
55% Nov 27
54% Aug 19
102% Oct 19
1% Jan
334
34
l%July
66
100
Pitts Steel 7% cum
210
8% Jan
70
Pitts Term Coal Corp
107
Jan
3% Jan
7
3
7
3
2
7
9
19% Mer
A o par
Pierce Oli Corp pref
Pierce Petroleum
500
107
81%
100
Preferred
1,500
21%
22%
2134
—5
Hosiery
1,140
19
21%
..No par
234
22%
22%
22%
100
Phillips Petroleum
Phoenix
10
No par
preferred
24%
21%
22%
22%
Phillips Jones Corp
2%
1878
23g
No par
2034
3%
22%
22%
10
*2%
16,700
18
10%
*2334
500
22
978
37
94
50
22%
7
37
92
1,000
2,900
22%
21%
34
2
20
58
2234
2%
*2%
978
60
1,100
7%
9%
1,100
10,600
2%
7Y84
10%
2%
7%
12%
984
12%
2%
77%
2b",466
*12%
2%
284
10%
*95
Day
46%
12%
2%
30%
734
12%
45%
45%
preferred
7%
7%
12%
2%
734
18
300
74%
*2%
10%
18
87%
21%
18
19%
15
*85
*21%
19%
1878
Phillip Morris & Co Ltd
2%
22%
98s4
Phila & Read C & I
5,500
32%
22%
109
3,700
*73%
9
50
50
2%
74
*16%
t Phila Rapid Tran Co
8I84
74
30%
25% Jan
45% Jan
80%
*13
10%June 30
25
2%
giving
1238June
Philadelphia Co 6% pref—50
«6 preferred
No par
Phelps-Dodge Corp
4,700
2%
1878
*21%
22%
*98
Thanks¬
200
1,530
5
13%
3478
2%
1838
109
1284
2%
10
10038 100%
7
7%
Closed—
89%
2%
105
10
*51
91
2034
Exchange
1178
1234
11%
45%
10
58
11%
54
92
*2%
*20
30%
*53%
Stock
15
10
3034
*55%
*11%
*52l2
80
87%
*9%
2
79
*13
10
2%
13%'
*85
♦93s
ii84
12%
2%
14
45%
*73%
*9934 100%
7
*6%
87%
87%
4534
7% Feb 19
46% Aug 10
56
1134
1334
Oct 19
59% Nov 12
9
58
Oct 24
64% Jan
15%
100%
45
25% Apr 28
11%
7%
13%
Nov 12
8% Feb
34 July
2734 July 17
100
15%
7%
70
10C
100
1134
14%
678 Jan 28
10% Mar 24
Preferred.
15
634
Oct
Prior preferred-_
11%
12
Apr
500
Pet Milk
2% Mar
34
900
100
May
4%
84
38%
11
1
17% Nov
107
11%
634
Jan
Nov
9% Aug
2
7
3% Nov 27
Apr
1178 Apr
11684June
Apr 27
Aug
8
67
10
84
38%
1434
1178
4
Feb 19
Mar
% June
6% Mai
71% Dec
5
*104
1434
634
June 30
28% Apr 29
-10C
Preferred
11%
1134
17
Peoples Drug Stores...No par
*26%
14%
•*98% 100%
3%June23
4% Jan 2
2834 Jan 2
3% Mar
Jan
1034
32% Nov
84
40
108% 109
81%
6%June 20
'
5634
26%
5% Jan 23
3,200
.2.50
634 July
47% Mar 10
8%
20%
40%
*26%
4
4
6%
57%
2634
4034May
23
74% Apr
97% Feb 13
109
Aug 31
22% Nov 17
16334 Nov 17
20% Nov 17
35% Nov 16
15%
19%
*26
3
8% Aug 19
17% Jan 13
234 July 7
7
9
6
13% Oct
8%
7%
108% 108%
June
20% Jan
4% Apr
6%
41%
81
July 30
7% Aug 22
59
18% Nov 10
15%
3%
63%
56
8034
3
Apr 28
July 16
684
834
19%
82
Jan
152
15%
39%
*81
1
No par
Jan
111%
8
6%
8%
4134
108% 108% *108% 109
1
Inc..
June
15%
3%
62%
50
..
Mar
12
70
Jan
18% Jan
Mar
19
140
1184 Apr 30
678 Jan 2
12% Aug 4
138 Jan 7
1
13% Mar
5834 July 22
150
Apr 28
4% Jan 2
7%
113% 114
preferred
July 20
3% Apr
37% Nov 16
Nov 24
3
103
1
100
10
41
Jan
100
3%
4534
28%
900
114
*112
*112% 114
50
52%
51%
5034
578
*5%
578
*5%
*36
38
*36
3878
14%May 15
164% Mar
118
67
conv pref
Park-Tilford
58
41%
*57
100
4%
34
3034 Jan 11
47% Apr 30
No par
Paramount Pictures Inc
1,300
20%
*20
No par
8% conv preferred
Paraffine Co Inc
4%
*105
22%
33%
3%
62%
7%
63
58%
151% 160%
1878
*33%
Packard Motor Car
2%
58%
*105
¥l%
156
103% 105
4%
Corp..No par
1334
11%
13
*105
Pac Western Oil
6%
1134
1134
63
preferred
100
100
1,900
18
53
No par
18%
1734
*75
No par
18
17%
2u
150
Corp
Pacific Telep & Teleg
18
17%
2l8
35%
18
1778
12
*17l2
No par
Pacific Mills
148
*148%
Mar
80
36%
...
Mar
4
23
*152
Jan
38
114% Mar
12% Oct 13
28% Oct 13
22% Oct 13
39% Nov 10
37
35%
Nov 25
July 22
2O84 Nov 27
36
Z34
70
114
2
8
3
21
34%
7
Jan
4% Mar
2284
8
35
50
Jan
July 22
106
2
2134
37
7
Apr
Jan
18%
35%
2
12034 Nov
136
Jan
434 Apr
11%
July
3478
36%
36
2034 Mar
7
share
3% July
75
3% Jan
19%
49
2
13
35%
36%
49%
34
June 12
2
128
1734
6OI4
9
Jan
5
18%
37i2
3984 Nov
per
10
Coast
35%
36
>
July
25
Pacific Amer Fisheries Inc
1734
50
3714
share
12% July
47
34
3512
per
25% Mar 30
115% Feb 24
19% Nov 17
70
114
19%
34%
35%
4834
24% Apr 27
123
..100
36i2
1914
*36
share
per
No par
Owens-Illinois Glass Co
Pacific
par
__10C
Preferred
Otis
Preferred
~
$
$
par
100
A
Lowest
Highest
Par
OmnibusCorp(The)v t cNo
Preferred
19%
153
Year 1935
100-Share Lots
Lowest
Shares
70
*114%
On Basis of
STOCK
EXCHANGE
110%
*127% 130
129
11134 112
70
$ per share
*107
*114%
152% 154
1834
34%
129
$ per share
Range for Previous
Range Since Jan. 1
STOCKS
the
SHARE,
for
*107
3429
New York Stock Record—Continued—Page 8
143
117
Oct
1
Nov 23
Feb
5
Jan 13
17% Apr
101
June
3
36% Nov 18
Apr 29
60% Nov 17
43% Mar
58% Sept 16
834 Nov 23
65% Feb 10
55% Apr
9
11% Dec
19% Feb
35
25
50
July
13% Jan
Mar 10
*
TV/for
New York Stock
3430
LOW
AND
SALE
HIGH
PRICES—PER
Record—Continued-^Page 9
SHARE, NOT PER CENT
Nov.
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of ISO-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 21
Not. 23
Not. 24
Nov. 25
Nov. 26
Nov. 27
Week
$ per share
$ per share
*58
62
$ per share
$ per share
Shares
$ per share
*6084
6114
♦96U 103
7%
*638
40*2
Vs
414
♦10
*25U
47i2
*11U8
*113
17
5434
98B8
4078
2
438
1214
$ per share
*59
6114
9978 103
6
4018
178
4U
*938
35
*25i2
47l2
4634
*112i2
113
11314
11212
17
163s
5512
5258
98&8
98
258
212
0l2
41i4
178
438
1214
35
48l4
113
H212
171g
55i2
98
6O84
*92
6034
108
*578
40
178
4I4
*912
*2512
4684
100
0i2
41l4
2
412
1214
7
*60
101
7
42
41U
178
4U
*11
35
2
438
49i8
98
300
7
400
43
8,100
6,900
2ig
458
13
t*25
113
80
49
113
112
4,000
35
48
113
9778
107
4I84
178
4i8
12U
*2214
47U
*112i2 113
112
112
*11214 113
17
1734
17U
1758
5314
5538
54U 55U
113
112
173g
5414
98
30
60
98
98
238
18i2
193g
20
73
26,600
25g
20i2
73
5,100
74
700
212
234
18
18
18l2
20l2
212
1812
25S
20,
73
73
72
73
71
73
ll2
334
34
13g
112
138
li2
18s
ll2
7,200
334
33i8
384
3^8
334
378
'378
1,200
35i2
35i8
13s
384
3318
7&g
9738
*414
*80
29i2
1834
303g
13s
334
3358
758
98U
43s
8112
2912
19i8
30i2
138
358
32i2
7U
7i2
95i8
4U
2918
98i4
414
81i2
30l4
I884
29i2
81
*7i8
9578
34
7l2
97i2
*4i4
*80is
*4i8
238
7l2
7
98i2
98i2
4I8
43g
11,100
6,900
270
36
12,200
718
700
99i2
43g
14,200
82
82
2912
303s
19ig
I884
19U
293g
1834
31U
30
30 84
500
82
29
31
lOlU IOII4 *100l8 IOII4
10
978
958
10i8
*57
59
5778
577g
44
44
4278
44
26U 2684
*12614 126
115g
II84
4578 46
378
*384
3438
212
101
102
9l2
19
317g
*10112 105
102
95g
160
11,000
4,400
10,800
978
934
400
•
21,300
10l2
58
11
4
3458
3458
3434
12538 12538 *123i2 12538
80
81
*76l2 80
111
109i2 109i2 110
125
4
*334
34
3414
125
80
43
43
70
27
273g
4612
3412
125
1138
111
22,100
126
9,700
4
1U2
3,000
46
45U
4
334
35ig
363g
12484 125
1247g 12514
*78
8078
80
111
4338
3414
44
600
4458
*384
11&8
46i4
58
2658
125i8 126i2
1U2
1158
44U
*334
3412
58
433g
2578
2434
25U
125i8 125i8
58
15,400
400
82
85
*112
119
*112
119
46
465s
46
46
46
47l2
1,100
23i2
23
23ig
23U
23&s
23
16i8
1558
1638
1578
23i2
I6I4
2312
15i2
1578
16U
I6I4
23i2
16i2
*112i8 H318 *112i8 113i8 *112ig 1131s *112i8 1131S
484
484
412
434
a;438
4l2
45g
45g
32
3134 32
3134 32
3158
3118 317g
*
154
150
160
2958
30
2912
30
4138
4238
393s
4134
2214
4834
21
46U
56
53
2158
47i8
*53
*1038
*74
*109
8ls
*20l2
*8018
10
III4
*74
7834
11484 *109
95
36U
2314
35
35
*50l2
5084
107i2
*150
30
2184
4814
21
2178
46l2
48
53
54
54
10
10i2
10
76l2
7634
74
10i8
77
II434
8'
77g
2212
*80l8
23
2212
*80ig
33i2
2178
3412
95
34
34
2112
34i8
23U
3434
50i2
51
51
151
*150
2212
20
Ilk
7l8
2II4
48
49
5734
5884
2i2
38i2
212
3914
11U
678
127
11
67g
20
127
lUs
7U
213g
*80 ig
95
*3312
2234
345g
51l4
52
Exchange
Closed—
47
47
*47
59U
23g
3914
57
58i2
*57
4214
427g
4312
43
30
30
30
30
30U
43i2
30l4
6514
66
65
6638
65
6558
*38i8
39
38
38
7484
7434
75i8
7434
*2l2
38
2&8
*2i2
38i8
3834
Thanks¬
43
*30
645g
*3712
*37l2
75iS
75
80
*80lg
22ig
5D2
107
giving
8i8
13,300
23i2
700
95
33i2
225g
-
»
-
-
-
700
36,700
34
2,900
5212
620
109i2
4,500
*10784 109ig
41
40i8
1934
1878
1958
1834
2138
143s
22i8
21
2012 2178
14
1458
14i8
1458
82
*81 i8
8214
8H2 x77
*12214 125
*123
*12214 129
41
42
38
39
4178
4
4
4i8
4
4i«
25
25
24i2
2538
*3534
36l2
*35U
36i2
*13
13B8
*13
14
25
2514
2034
1378
77
*76
2,000
35,400
43
45
2414
26i4
26
2784
*3514
36U
*13
135g
25
36U
135g
253g
36
*13
a:25
414
3218
3218
315g
32i4
3184
32
17
3212
17
3214
16i2
17ia
I6I4
123s
16i2
123g
1758
1714
12i2
13
8i4
93g
8i2
95g
4614
467g
6
6
958
4638
978
47
6i8
6l4
42i4
12ig
10i8
42
1178
10
*825
*37
914
46
6
41
1178
978
1100 *925
3912
44
44
*62
65
14
8%
8i2
10
4714
6I4
42i4
12U
1018
41l4
42
41
12
123
12ls
10i8
10
127g
8i2
97g
4734
6i4
4U2
1318
1038
1100 *925
1100
97g
1100 *925
3912
3912
*38
39
43 38
4338
*44l2
45
44
65
*62
65
*62
39
14
14
14
14
14
14
14
93
94
*93
98
95
95
lllg
10U
III4
11
*6i2
7
7
6I4
6I4
*32i4
*12i8
1058
6i2
1078
7
35
35
*32lg
347g
35
1278
115g
1158
1178
1214
2978
30
2878
30
*32l4
5&8
*295g
534
512
534
31 ig
*29i8 32
2OI4
2058
1938
2018
105&S 10558 *105
107
2314
2334
72i2
175s
73
1734
1778
15
16
97g
18
97g
2318
7012
17i8
17ig
1434
95g
2414
7134
18i8
1778
1434
10
10858 108&g *1085g 109
9
*1018
36i2
40i4
9
9i8
lll2
*10l8
36i4
4584
lll2
3712
4634
*1458
1478
145g
145g
*99
9912
97
99
414
8584
50i4
4
414
85
49
105
10U
49i2
65g
31,700
14,500
15,000
4278
13
22,000
10
10*4
12,500
1100
38i2
40
a:4312
*62
,
4414
9,400
-
-
1,100
800
65
1378
*94
14
900
95
40
12
35,600
7
7
400
35
37
39
12i2
1212
12i2
1212
900
28l2
512
29
2914
578
3014
6I4
7,600
31
32
203
1938
32i2
197g
55
1051
1034
6i2
6ig
*10478 105
3314
3312
1934
2014
1047g 105
400
11,400
400
17,900
800
23i2
70i2
17ig
1718
2438
24
25
25
2558
18"606
72
7012
17i2
7114
718g
7184
4,200
1734
1734
18
17i2
1714
1778
1514
153g
15i8
95g
958
15is
9i2
1758
10
1083g 108i2 *108ig 108i2
9
9
*10ig
3634
4584
1458
lll2
3738
98
4ig
845s
4984
For footnotes
5i2
*29i8
1934
1,800
69,000
1778
6,500
1584
2,300
9i2
97g
*108ig 109
8,500
1714
2:15
500
see
4
85i2
85
50&S
page
4978
3422.
46i8
145g
99
4i8
.
9i8
*1014
a:36i4
3:45^4
145g
9834
418
63
Mar 13
113
99
Mar 12
10958 Nov 12
2I84 Apr 27
No par
1
1207g Jan 10
10
Stewart-Warner
5
No par
72
Jan
2
91
Mar 12
Jan
2
125
Nov 25
Superheater Co (The)..No par
Superior Oil
Superior Steel
100
27
Sutherland Paper Co
10
Sweets Co of Amer
(The)...50
Swift & Co
25
23
No par
Symington-Gould Corp ww_.l
Telautograph Corp
Tennessee Corp
5
5
Texas Corp (The)
'
25
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur...No
par
Texas Pacific Coal & Oil...10
Texas Pacific Land Trust...1
Jan
2
95s July
8
18i8 Dec
15i2 Oct
377g Oct 15
65g Jan 4
20U Apr 28
2812 Apr 28
13i2Nov 20
203s Nov 18
357g Jan 30
Jan
par
Preferred
Thermoid Co..
100
1
I—1.100
2
19
684May 14
55g Apr 27
2878 Jan
6
33
6
Nov 23
Jan
6
712 Jan
6
9i4June 30
7
5
1438Mar
6
Preferred
10
Mar 25
Oct
9
8i2May 23
3U Jan 2
2458 Jan 2
478 Jan 21
Apr 30
1484 Jan 6
10058 Jan 3
26
48
Oct
7
par
Transcont & West'n Air Inc. 6
Transue & Williams St'l No par
103gMay 19
par
...
Tri-Continental Corp..No
6% preferred
No
par
par
.
1,500
6,200
Under Elliott Fisher Co No
par
Union Bag & Pap
No par
Truscon Steel
10
CorpNo
par
Preferred
No par
Twin City
Rap Trans.-No par
Preferred
100
No par
Corp No
par
23
Dec
2i2 Nov
4078 Dec
333s Dec
Mar
20
Oct
32
3584 Mar
Feb
623g Dec
32i2 Nov
5834
Jan
68
Nov
li8 Mar
3i8 Mar
65g Mar
4
Dec
10
Dec
1878 Dec
2i2 Mar
214 Apr
60i2 Mar
115i2 Jan
zll
Apr
15g Jan
5
15ig Dec
1084 Nov
77
Nov
121
Mar
3058 Dec
3i2 Dec
Mar
1284 Aug
1778 Oct
314 Mar
25
Dec
9
Sept
15
2284 Dec
33i2 Dec
Sept
32i2 Dec
1478 Jan
2
16
Nov 17
110
Feb 28
1258Mar
5
9i2 Feb 18
Nov 27
3284 July 31
8i2 Mar 23
3984 Feb 25
2158Nov 17
106i2 Mar 3
60
Mar 11
2558 Nov
7412NOV
18is NOV
2758 Apr
17i2 Oct
27
12
23
4
16
12
Jan
Feb
4
110
7i8 Jan
93
6I4 Sept
4
Oct
8
10958Sept 15
478 Jan 6
11138 Sept 3
9i2Nov 25
7i8 Apr 30
22i2June 1
313g Apr 27
1134 NOV 6
385gNovl7
834May
65^4 Jan
278June
7458June
38i2May
20
22
30
29
21
4734 Nov 16
1612 Oct
100
978 Jan
884 Dec
30U Dec
Mar
1612 Mar
2884 Apr
314 Jan
8i2 Jan
14
12i8 Jan 6
50
Apr 27
11
Apr 30
Bearing.No
Transamerica Corp
.No
78 July
1050
l!!^ Nov 18
100
Mar
2734 Mar
Feb 18
4878NOV 18
6318 Oct 24
39
No par
113s Aug
26ig Dec
July 21
2
5
par
Jan
Apr
12i2 Dec
9U Aug
287g
49
Jan
Apr 27
3
No par
19i8
130
Nov 16
4434 Nov 13
15U Feb 29
8U Jan
Thom pson-Starrett Co .No
par
Oct
105i8 Nov
6
July 15 1375
884 June 16
85
93g Jan 8
1038 Nov 18
5038 Nov
2334June
Tidewater Assoc Oil...No
par
Nov
84
Mar
July
Nov 27
Nov
1
Thompson Prods Inc..No
48
Feb
Nov 12
13
15
25
Thompson (J R)
Mar
is4 Mar
434 Mar
2734 Nov 27
3
3
100 1000
Texas & Pacific Ry Co
100
28
Thatcher Mfg
No par
3378
$3.60 conv pref
No par
59
The Fair
no
1,700
5412
Jan 11
48l2NoV 27
684 Mar 12
Old
37g
51l2
6
1238 NOV 24
Without warrants
Ulen & Co
51
9ig Jan
2412 Apr 16
233a Nov 27
1578 Oct 13
118
800
5012
133g Oct 30
100
280
5014
8igMay
(The) —-1
4
86
36U May
Mar
12i2 Mar
...No par
Preferred
15
86
5
t Studebaker Corp
Truax Traer Coal
Dec
8U Dec
8i2 Oct
Nov
714
8i2
3314
4378
10184
8
Sun Oil
20th Cen Fox Film
31
Oct 21
7812NOV 9
4ig Jan 28
8
16i2 Apr 30
145g Jan 2
99
85i2
2
Mar 27
238May 21
15
85 I8
384 Jan 17
47&s Feb 8
45U Nov 12
3034 Oct 9
64
7
10
9834
8512
Feb 26
Aug 21
par
99
1,900
2
56i2Sept
Jan
Tide Water Oil
Timken Detroit Axle
Tlmken Roller
107
3ig Mar
314 June
12i2 Sept
65
pref
Jan
70i2 Nov
59i2 Apr
1225g June
2i2 Mar
li2 Mar
35
No par
Third Avenue
Third Nat Investors
16i2
21&8 Dec
3384 Dec
834 Nov
July
4
1384 Mar 17
978 Feb 17
243g Sept 8
Sterling Products Inc
Sterling Securities cl A.No
46
100
5i2 July
7
July
Feb 24
18i8Nov
129
9i2July 29
5i8 Apr 30
9i2 Jan 3
2434 Apr 28
2634 Apr 30
70i8 NOV
4034 Oct
4514
15i8
1,700
Nov 18
6
9
9U
1138
18,700
1438 Apr 19
5334 Mar 20
65i8 Jan
2434May
3678
4lg
2
Standard Oil of New Jersey.25
Starrett Co (The) L S_.No par
cum
Nov
25i2 Dec
4334 Nov 10
9i2
1U2
912
Nov 19
par
37
113s
3714
465s
37
Jan 22
.
$3.50
Dec
27
9212 Oct 24
No par
No par
Swift Internat Ltd
Oct
152
5
44
Preferred called
9
37s8
46i4
10&8
2,400
13,000
2,200
*925
9
97i2
11,000
12l2
4434
1038
*93
500
6I4
41t4
65
*62
15,500
«...«-
8l2
8i2
10
4854
13,900
Oct
100
Stone & Webster
Deo
Nov
Feb
6
133g Jan
Spiegel-May-Stern Co.No
Preferred.
6,700
934 Mar
3684 Jan 25
24i8 Aug 4
157g Apr 30
25
20
82
No par
Preferred
Dec
Nov
lOSg Mar
15
73&8June 10
3284 Jan
61,500
36,300
2,100
Oct
No par
preferred
Square D Co.,
Standard Brands
Jan
Dec
Dec
1284 Mar
Nov 12
2934May
Standard Oil of Kansas
25U
32&8
177g
"r8i~4 ~~8h
1
Standard Oil of Indiana.-.25
233g
132
32i2 July 28
4778 Oct 13
2584 Oct 13
27
678 Jan
21,800
135
32
par
Nov
288g May
Apr
44
7~200
Jan
Mar 26
112
Jan
20
Mar
Stand Investing Corp. .No par
Standard Oil of Calif. .No par
"i878 "lVig
107i2
5
18,500
2,400
July
7i2 Feb 29
35i2 Aug 28
42
No par
74U
114
Oct 15
No par
75
Mar
1178NOV17
No par
200
Mar
403g Nov
11434 Nov 24
prior pref
377g
13
I884
2012
116U
65i2
7012
68i2
Jan
8
prior pref
3778
Jan
24
July
193s Apr
20i2 Dec
Oct
6l2
684 July
cum
400
484
60
63UJune 12
10U2Mar 18
534 Apr 30
No par
Spicer Mfg Co.
Conv preferred A
111
Mar
par
cum
361
25l8
$5.50 preferred
Spencer Kellogg & Sons No
Sperry Corp (The) v t c
50
Feb
83*
6
100
1st preferred
Spang Chalfant & Co Inc pflOO
Sparks Withington....No par
Spear & Co
1
$7
49,900
684 Nov
34U Deo
16i2 Deo
1584 May
50
$6
14U
7634
126i2
46
48i2
4U
4i8
9
3U Mar
40i2 Nov
2958 Dec
6i2 Mar
6318 Mar
30
59
Prefei red
303a
Mar
105g Aug
Jan
7,100
667g
Dec
9
1278 Dec
2584 Nov
15U Apr
Jan 21
59^4
2i2
39ig
600
Nov
17
5
19
Spalding (A G) & Bros.No
70
6
34
100
4ig Nov
Apr
75s Mar
7U Mar
17i2 NOV
100
t Stand Gas & El Co...No par
7634
127i2Nov
Mobile & Ohio stk tr ctfslOO
1,300
14
Nov
160
Jan
Feb 20
5,600
*125
28
Southern Railway -LJL,
Preferred
25
2312 Jan
1234 Apr 27
17,000
36ig
2534
150
25
217g
4884
2378
2478
100
Stand Comm Tobacco
213s
Nov 12
100
150
23g
45
Southern Calif Edison
Southern Pacific Co
3,100
66
77
4
Mar
26
I referred
478 Jan
697g Nov
28i2 Jan
378 July 29
Apr 27
No par
Sugar
113s
73g
4i8
25
*13
110
South Am Gold & Platinum. 1
Oct
Mar
Ug May
40
Deo
3678 Deo
Nov 18
10i2 Nov 18
July 12
60
37UNov 6
April
Sept
16l2
383g
43i2
3038
14i8
4
21
12612
> •
.
123U 125
421
54
278
31
32i2Nov 17
132
Mar
5784
21i4
125
100
2084 Mar
14i2 Jan 25
4878 Oct 19
684 Jan 15
884 July
19»4 Jan
a:3i2June
19i2 Jan
112
I84 Feb
4i2 Feb
102
July
434 Jan
43% Jan
30U Apr
1484 Apr 30
110i2 Jan
100
So Porto Rico
Nov
77gNovl8
10U2NOV 12
458 Feb
83i2Nov
313gNov 16
1934 Nov 17
234May 25
7
1914
2134
143g
10
25
91
3i2 July 24
695g Jan 21
2034
4834
75
19
Slmms Petroleum
4ig Nov
20i8 Jan
Jan
I84
1U Dec
16
lUg
38
1914
Conv preferred
100
Silver King Coalition Mines .5
Simmons Co
No par
6
~
1958
No par
Apr
Apr
Mar 31
3
89
Shell Union Oil
8
55
76
14 June
No par
pref
56U Nov
&8 Aug
Sharpe & Dohme
F 0 par
Conv preferred ser A .No par
Sheaffer (W A) Pen Co.No par
Mar
7
61UMay 13
15&8 Jan
llig jan
2084 Jan
No par
22
7
43&s Mar 12
No par
Shattuck (F G)
Sharon Steel Corp
135g Dec
557g Nov 18
10184 Mar 7
4U Feb 7
20i2 Feb 7
Apr 23
3012 Aug 22
78 Jan
2
125
Day
48i4
5734
25g
3878
435g
30i2
665g
160
a:3358
12534 12612' *125
126l2
11
107g
1034
1U4
7
634
67g
67g
20U 21ig
2038 207g
49
900
74
114
33i2
3514
51
11
74
114
34
22
4812
5634
238
38U
4278
280
400
107
104
108
106
107i2 105
10714
*10734 10938 *10734 109i2 *10734 109lg *10734 109i8
3912 39i2
38l2 3912
37i2 38l2
39i2 40
16
I6I4
16
16i2
16
1638
163g
I6I4
*12538 127
6,600
19,400
95
1
Solvay Am Invt Tr pref.-.100
"(MOO
5534
227g
3434
Preferred
Servel Inc
114i2 June
Jan
12i2May 20
4978
34
No par
Oct
6
Socony Vacuum Oil Co Inc. 15
23
23
Seagrave Corp
Sears, Roebuck <fc Co.-No par
Second Nat'l Investors
1
113UJune
109
9
Nov
1,300
151
784
Seaboard Oil Co of Del-No par
Jan
Jan
1778 NOV 18
114
83,700
22ig
48U
55i2
Stock
4
6
2
7^8June
53i2 Jan
46
114i2Marll
Jan 31
48i2
8
June
Nov 27
22
23
23i2 Nov
315s Dec
10434 Mar
Nov 23
5,500
734
Mar
Oct 24
85
31,700
18,400
23
12
37
72
47
8lg
Nov
111
4212
11
Jan
3
14
Sept 29
30ig
74
2
Apr
Apr
377g July 15
97UNOV 20
138May 26
100
2584 Deo
84 June
8
Preferred
Dec
1
108
Aug 5
110i8Sept22
1
Deo
6
495s Nov 18
100
10
4
Jan 24
Preferred
Dec
Apr
10U Mar
3
4
July 29
fcott Paper Co
_JVo par
t Seaboard Air Line...No par
33
102
82
Oct 13
18
Schulte Retail Stores
share
Feb
Nov
2178
63gMar
15
27
11
Highest
per
358Mar
li2 Jan
77g Jan
6578 Jan
40*4 June 30
41
IOI4
Nov 18
Sloss-Sheff Steel & Iron
297g
11434
43
100
6% preferred
100
7% preferred..
100
Savage Arms Corp
No par
Schenley Distillers Corp... .5
5H% preferred—
100
conv
5
No par
Safeway Stores
$r
Nov
7% preferred
100
Smith (A O) Corp.....No par
Snider Packing Corp. ..No par
4Ug
56
23g Jan
65
1175s Feb 19
10i2 Feb 19
180
30
*5412
$ St Louis-San Francisco. .100
1st preferred
100
t St Louis Southwestern... 100
3
Jan
7484 Apr 28
150
2984
403g
213g
4114
11434 11434 *110
734
2278
2278
*34
151
2978
4014
*11218 113ig
4S>8
434
3158 32
$ per share
538June
22
July
Preferred
471g
$ per share
100
10
Skelly Oil Co
465s
$ per share
Rutland RR 7% pref
St Joseph Lead
1,800
48i2
Lowest
32
3,900
*4714
*23l4
Year 1935
Highest
Roan Antelope Copper Mines
Ruber'dCo (The) capbtkN0 par
Preferred
20"666
1784
5478
98
*72
Par
*634
12U
28
48i8
Range for Previous
Lowest
100
6214
*103
28, 1936
2
Nov 16
3684
914
Dec 1075
Apr
Dec
28i2 Dec
443a Dec
13i8 May
50
Feb
Oct
12i2 May
May
61
514 Apr
6118 Jan
2i2 Mar
100
125s
Nov
Oct
Oct
10i2 Dec
2
June
5
Jan
16
Mar
29
Nov
5i8
878 Nov
Jan
133g Mar
15s Mar
Apr
758 Mar
2684 Nov
5
84
2634
45?
2838
478
714
5i8
Jan
Mar
Mar
48
Dec
13i8
Dec
Mar
72i2 Nov
14
Mar
16
245g Oct
2i2 June
Mar
858 Jan 20
li8 June
99i2 NOV 13
54i2 NOV 27
5384 Mar
29
May
Dec
8I4 Nov
97i8 Nov
Oct
3i2 Mar
Aug
Dec
15U Nov
Mar
13
18
Dec
1578 Dec
104l2 Nov
Mar
178 Mar
69
Apr
358
Dec
28
17
I
678 May
8I4 Nov
2478 Dec
3312 Dec
1258 Nov
73
Dec
5i8 Nov
87i4 Dec
50i2 Jan
Volume
LOW
AND
SALE PRICES—PER SHARE,
HIGH
NEW YORK
for
On Basis
STOCK
Tuesday
Wednesday
Friday
the
Nov. 21
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Nov. 27
Week
$ per share
$ per share
$ per share
$ per share
101
102
$ per share
$ per share
Shares
134
134
*98%
98%
2834
26%
1584
29%
26%
16
101
IO284
24%
23%
13084 131%
98
98%
27% 27%
25% 26%
25
25%
130% 13212
131%
98
98
98
98
27%
27%
26%
28
2814
26
26%
27
1584
16%
15%
102i2 10384
25%
24%
131
16%
16
1712
13,200
12,900
2,600
2,100
1,300
40,300
29,700
Lowest
Par
Union Carbide & Carb.lVo par
25
Union Oil California
...100
Union Pacific
36
*33%
3284 3284
113% 113%
92
92%
34% 35%
7
6%
43% 44%
*33%
6%
49
4934
*84
84%
113
92
*34
6
49
82%
166
32
-
19%
18%
*98%
*2%
19»4
30%
-
19%
31%
1884
56%
1384
95
94
5484
55%
54
10%
39%
4134
99%
93%
93%
72
72%
15%
15
15U
16,500
21%
2134
4,300
*110
101
82%
1434
15
684
5084
4912
84%
84
11484
1334
14%
*111% 112
No par
Union Tank Car
United Aircraft
22%
20%
13
7s
16%
24%
Jan
Corp
__5
Un Air Lines Transp Corp...5
17%
18
18U
99
98%
*2%
98%
3%
20
20
32
34%
115
119%
114% 115
_
_
_
-
*9812
314
20i2
3414
124
18%
19
19%
59%
4184
57%
40%
5%
534
5%
13%
13%
*57%
40%
57%
13%
*94
95%
55%
55
55%
10%
10%
113s
44%
99%
43%
98
45%
99%
8934
92
91%
95
95
54%
10%
42
71
71
98
92%
71%
*7034
75
74%
152
♦158
160
160
105
106
104
2
2
49
47
4834
22%
*44
2
22%
43%
♦113%
45%
45%
23%
2%
2
47
47
4434
*113%
45%
3%
2234
23%
43%
*41
46
45%
584
40%
113
"5%
4034
113
*684
*27
734
34%
*84
*86
*86
23
45%
46
*86
5%
39%
5%
39
40%
112% 113
*6%
784
*5%
40
40
7%
*5%
18
18
18
3784
38%
38
*115% 116
9%
*46%
*1984
*47
10
47%
20%
50
*6%
7
105
*100
16%
*62%
16%
64
1%
9%
45%
*1984
49
49%
*47
6%
*100
*1984
.
16%
64
1%
16%
*63%
1%
10%
1%
10%
1034
32
32
28%
27%"
35
33%
27%
35
7%
35
784
7%
9%
7%
*1%
"l%
44
44
*1%
42%
40
giving
82
*80
9
100
*128
*5%
9034
91%
88
43%
43%
14184 143%
*151
155
26
26
*37%
23%
38
33%
23%
33%
5%
2584
*37%
23%
33%
7%
95
1,500
18
37%
116
1,800
140
IO84
64,700
4,700
1984
1978
200
*47
49
7
678
*100
49
100
7
1,800
17%
17%
87^800
6534
1%
1034
2%
21,400
11%
9,700
1,100
2%
900
36%
7,300
7%
900
734
81
81
97%
123
113% 114
9
9%
*
81
80
*
100
106% 106%
98
96
160
50
115
115
*115
150
9
4,800
884
*1734
9%
18
5%
90%
534
8884
£41%
18%
2%
43
155
26
38
24
33%
2
584
141
141% 143
*151.% 154%
25% 2512
17
17
16%
6
5%
5%
4034
4134
3%
4%
8%
40
384
77
77
8%
7634
67
68%
65%
8%
*96
25%
16%
*16%
17
5%
6
4234
40
41
30%
78%
73%
122
122
18%
7684
75
77
49
47%
48
19%
19%
153
153
*49%
8284
50
83%
120%
3984 40%
*118
A 7%
121% 124
8
I884
151
49%
153
50
1,000
100
22,800
4034
3%
4%
8%
884
78%
68%
31%
78%
78%
78
6638
67
68
68%
31
31%
31%
32
2,200
78%
7384
1,000
78
4%
78%
7784
76% 78
73%
72%
*70% 73%
£124
125%
122% 127
75%
75%
75% 76%
46% 47%
47% 48%
19
19% 19%
19%
153
153%
151% 152
49
48%
48%
49%
80% 82%
8284
120% 120% *120% 121
3884 40%
3834 40%
8
7%
7%
784
7934
For footnotes see page
80%
121
77%
7334
124
41%
3,000
4%
16,900
7,200
78
700
31,400
740
126
210
75%
77
48
4984
1,300
1,900
20%
17,300
19%
153
153
510
48%
121
48%
81%
81%
83
1,300
22,900
120
400
al20
3884
39%
39%
4084
8
8
8
8
3422
168
July 10
884 Nov 17
i1
•
12,000
4,200
78
9
51
Aug 7
115
Apr 24
6% Mar 18
2% Oct 28
5434 Oct 28
27% Feb 23
165
Mar 23
7
2
49% Nov
116
Aug
5
8
48% July 21
80
Aug 20
84
Sept
2
838Mar 16
4834 Mar 19
28% Aug
6
Mar 24
Apr 27
Mar
119% Nov
14084 May
Aug
7%
Jan
Oct
73% Nov
133% Feb £159% Dec
Aug
29
Mar
1
% Mar
19% Apr
11% Apr
73
Nov
4% Aug
2
Nov
56% Nov
2184 Jan
11% Feb
33
Nov
91
Feb
114
Nov
34
May
63
Dec
63
Dec
•68
Dec
70
Aug
2% Mar
17% June
44% Dec
4% Dec
37
Dec
Feb
100
t Wabash
.......100
109
4
14
May
114%May 15
9% Feb
2% Aug 21
5
Jan
2
100
4% June 29
No par
Walgreen Co
9% Jan 7
30
Apr 30
114% Oct 15
5% Jan 3
.No par
GH% preferred
.100
t Walworth Co
...No par
Walk(H)Good & W Ltd No par
Preferred
.No par
Ward Baking class A
No par
-No par
Class B
100
5
Warner Bros Pictures
$3.85 conv pref
No par
t Warner Quinlan
No par
No par
Warren Bros
pref
bo par
Warren Fdy & Pipe
Waukesha Motor Co
No par
5
Webster Eisenlohr
No par
..100
1
Co
Wesson Oil & Snowdrift No par
Conv preferred
..No par
West Penn El class A ..No par
100
Preferred
100
100
100
...100
100
preferred
West Penn Power pref
6% preferred
Western Maryland
2d preferred
26% Apr 17
17% Apr 17
10% Jan 4
2% Apr 29
83
9
May 26
1
Aug 21
3358June 30
78
Feb25
Westinghouse El & Mfg
preferred
9% Nov
38% Nov 18
26% June
Jan
33% Dec
120
Apr
1% Feb
6% Nov
118
Jan 16
IO84 Nov 27
20
Nov
52
Nov 10
7% Nov 17
Nov 19
18% Nov 17
Nov 27
Weston Elec instrum't.No par
No par
Class A
5% preferred
White Motor
Spr otf_.No par
Conv preferred
No par
Wilcox Oil & Gas—
Wilson & Co Inc
5
No par
$6 preferred
Co
100
10
100
84
Preferred A
100
Preferred B
100
47
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del) -No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach clB. 10
Preferred
100
Young Spring & Wire. .No par
Youngstown S & T
No par
5M% preferred
Zenith Radio Corp
Zonite Products Corp
100
No par
1
Jan
4
62% Jan 6
63
Aug 21
33% Apr 28
Dec
Dec
1038 Deo
52
Dec
1% Dec
4
Mar
30% Deo
784 Nov
Apr
90
Feb
3
Nov
5
6%
Jan
Mar
17
Aug
Aug
32
Sept
Dec
234 Jan 13
46% Jan 2
1
Jan
30%
Jan
55% Nov
83% Aug 11
Sept 9
72
Jan
34
Mar
84% Oct
91% Dec
116
Mar 23
12% Feb 21
23% Sept 11
39% Mar
Mar
Jan
120%
95
Jan
11434 Deo
92
Nov
Dec
5% Mar
10%
1984 Deo
77% Nov
3584 Dec
7
9% Feb
7
7% Mar
1% July
2% Feb
96% Nov
5
20% Mar
48% Mar 3
153% Oct 17
99% Nov
36
104%
Feb
4
18
Mar
32% Mar
Dec
338
Jan
7%
Jan
9884 Nov
Oct 16
90
Feb
3384 Jan 25
10
Mar
33%
Dec
39
29
Jan
38%
Dec
160
32
Jan
3
July 29
37% Jan 10
109% Feb 19
28% Nov 12
17% Nov 17
684 Nov 17
43
Nov 17
5% Mar 30
11
Jan 14
18
Jan
35% Sept
14% Mar
46% Jan
102% Nov
6% Mar
12%
Oct
1% Mar
6
Jan
1
Mar
3% Apr
Jan 15
58
Apr
Nov 18
51
Jan
85% Oct 23
8034 Oct 23
14034 Sept 16
79
Feb 10
51
Nov 17
884 Jan
3
6
159
1
6
55
2234 Oct
8
Dec
25% Nov
71
36% Oct 22
126
1684 Mar
87
83% Jan
42% July
4184 Jan
105
Jan
11%
Dec
3
85
39% Nov
11% Feb
Sept 10
23% Apr30
56
Apr 30
Worthington P&M
% Mar
11
47
June 23
32% Sept 30
85
Mar
6
35% Nov 17
102
1334 July 7
3% Apr 28
16
Apr 28
234 Jan 7
6%June 19
70 June 20
4484 Apr 23
5
1% Feb
28% Jan
2% Mar
14% Mar
Mar
124%Sept 18
1
4% Dec
2%
7%
20%
25%
Jan
Jan
5% Aug 26
72%May 4
34»4 Jan 13
94% Jan 6
123% Jan 7
114
2% Feb 29
1178Novl7
Apr 21
6
May
9
110
6
Apr 27
Apr 30
I84 Mar
4984 Nov 18
107
1% Nov
50
50
1
4% Mar
7
6
May
3% Nov
584 Deo
6
Feb 20
87
116%
HI84
8%
15
83
11734 Dec
6
Nov
2
9134 Jan
96
Jan
Feb
Apr
1
Nov
3
66
6%June
63% Mar
109%
33
784 Mar
19
Apr 29
%June 18
4% Jan 2
15% Jan 7
21
Apr 30
19% Apr 28
44
Feb 19
72%
1038Mar
105
100
.
86
137%June 10
4% Feb 5
2
9% Apr 30
47% Jan
100
Telegraph.100
Woolworth (F W)
165
3% Apr
Apr
46
Nov
Dec
50% Nov
27% Mar
73% Mar
119% Jan
14984 Feb
99% Nov 23
92
48
124% Apr
7384 July
15
White Sewing Mach...No par
8»4
31
3
5
Apr 30
67%May 1
67% Apr 29
Jan
Sept
36% Oct 22
White Rk Min
4
67%
7984 Oct 19
153% Oct 27
62%
73
22% Dec
11% Dec
17% Jan
131% Aug 26
4,200
41
Mar
4
2,100
8%
31%
77
6
""loo
384
4%
884
77
68%
*70
48
16%
578
41%
27%
16%
6
73
*76%
103%'
26
17
80
32%
*101%
26
6
7784
33841
25%
102% 102%
638
17
71
32
102%
26%
9
8
120
32%
3
9184 Dec
75% Apr
3
93
*115
33
1484 Mar
9% Mar
24% Mar
47% Nov 27
July
*87
113
33
Jan
100% Nov 27
1838 Feb
93
113
53
10384 Nov 10
50
*87
33
4
Jan
21% July
93
113
102%
26%
9
13
Wheeling Steel Corp...No par
Preferred
100
*87
113
25
58% Nov
35% Oct 6
3238Septl7
91
Nov 17
34
Jan 14
Oct 23
99 July 21 zl20
93
*95
9% Sept
16% Sept
..30
Wheeling & L Erie Ry Co..100
5>$% conv preferred-__ 100
120
*32%
7% Mar
1,000
33
*87
33%
102%
26%
50% Nov
3% Mar
Westvaco Chlor Prod..No par
*113
26
35% Mar
800
33%
Dec
10% Nov
23%
23%
3278
30
165
Feb
2258june 8
35% Oct 22
1934June 29
93
*96
Jan
5
Nov
784 Nov
Westingh'se Air Brake-No par
120
32%
143
Oct
87
112% Deo
13,000
*87
32%
4% Mar
Jan
4478
*113
33
Nov 27
100 zll4% Jan 16
100
70
Aug 8
.—100
120
Aug 31
Vulcan Detinnlng
1st
3938 Dec
June
578
91%
15,100
Oct
Mar
2
Western Pacific.
146
Nov
3%
8
.100
Preferred
Nov
96
9% Jan 27
16% Apr 30
Western Union
15
11
"""9"55
23%
33%
600
Nov
11% Dec
1838 Jan 28
104
Sept 21
2834 Jan 16
1,000
2,200
24,500
2%
18% Nov
110
62% Nov 18
59
Apr 2
9
5% preferx ed
6%
Jan
9284 May
2
July 30
f
Wells Fargo &
Dec
7%
20%
*151% 15478
225%
26%
38
37%
38
*37%
*23%
19
534
88%
4278
90
25%
*37%
23%
33%
20
280
123
89%
42%
139% 14284
500
96
2
*151
4,000
*122
2%
43
42%
80%
123
17%
534
"~2"% "4", 380
123
*96%
2%
5%
.
42
99%
106% 106%
17%
155
2%
2%
42%
Dec
96
July
20% Nov 18
100 zllO% Feb 17
Vick Chemical Co
5
40
Apr 30
Vicks Shr & Pac Ry Co comlOO
72 May 6
5% non-cum pref
100
84 Sept 2
Va-Carolina Chem
No par
4% Jan 7
Convertible
Nov
5
144
June
Preferred
*81
*81
100
91
7%
400
%
Oct
Mar
Mar
Jan
Mar
Mar
June
169% Feb 18
7
30
Preferred
104
5
9%
87%
2%
4%
65%
Apr 27
Corp of Am.No par
Preferred A..
8
9
Nov
124
9
100
3% July
60%
3938 Jan
46% Jan 21
50
Jan
3% Jan
20% Deo
Mar
Dec
Nov
22% Nov 27
3
July
6% preferred
4% Mar
1338 Nov 19
20
Feb 17
21% Jan 6
7% Apr 30
16% Jan 2
47
Jan 2
72% July 30
1
Van Raalte Co Inc
884 June
24%
784
4584
1334
Nov 19
1938 Jan
113% July
4% Oct 3
10
Aug 17
71
Jan 8
100
Waldorf System
36
106% 106%
1
Preferred
1,600
4778
104
5
153
Nov
Jan 23
87
100
Oct
78
65
1
4
115% Jan
Aug
Jan
17% Oct
1% Feb
2084 Mar
2
7h Apr
Jan
118
46
9
June
Nov
26%
Oct
5034 Nov 25
2
68% Jan
20% May
16% Feb 4
29% Aug 10
105
Mar
111
35% Nov 21
9% Feb 17
48% Aug 4
Jan 9
10
Apr 29
24% June 4
80%May 8
160 May 6
8% Jan 2
49
Aug 18
31% Aug 28
91
20%
Jan 11
9684 Nov
No par
~~2,GOO
36
*80
Universal Picture* 1st pref. 100
20
Jan
Nov
Jan
160
100
1384 Dec
7
Apr
Apr
14%
109
6%
13
131
Preferred
4% Mar
2
14
7
30
30
100
Preferred
"
3484
*
100
United Stores class A ..No par
Vanadium
9
Jan 21
22% Jan 6
5% Apr 30
40% Apr 29
10% Apr 27
15
Jan 9
No par
Virginia Ry Co pref
11
1%
100
Preferred
US Tobacco
60
978
47%
42
U S Steel Corp
35
12934
81%
35%
7%
1%
50
Preferred
Va El & Pow $6 pref...No par
27
44%
100
50
Virginia Iron Coal & Coke. 100
10
*7%
preferred
90
66
1%
No par
1st
910
34%
2
2534
38
24%
33%
3,600
27
*1%
42% 43%
138% 142%
*151
*115
64
1%
U S Rubber
U S Smelting Ref&M in
Preferred B
1778
37%
17%
10%
20
No par
9
33
96
2
1,500
578
41%
11334
27
123
2%
584
..
34
96%
2%
._
*122% 130
2%
3
7
"""966
3384
43
106% 106%
96
4534
*19%
6434
U S Pipe & Foundry
U S Realty & Impt
26% July
30% Dec
7
33% Nov 19
7% 1st pref
27
122% 122% *123
113% 113%
113% 113%
9
9%
9%
9%
I884
17%
17%
*1784
95%
79
200
28
7%
100
95
35
Day
5,800
2378
43
...
33
34%
82
101
2113
220
54
46%
64
100
Vadsco Sales
33
1%
44
*80
150
6%
1634
Prior preferred v t c
Utilities Pow & Light A
534
40
17%
*81
*100
106% 107
684
*100
No par
Preferred
20,100
10434
*27
*81
*81
*47
7
104
64%
33
19%
49
7
16%
33
*27%
46%
19%
*100
6%
104
*1%
10%
10
c_.___iVo par
v t
6,100
*84
Thanks¬
II584 116
10
984
4734
Leather
ClassAvtc
6,700
45%
37
9%
46^4
9%
47%
19%
U S
2%
*41%
18
116
U 8 Industrial Alcohol.No par
334
*92
17%
...20
7% preferred
100
U S Hoffman Mach Corp...5
5 H % conv pref
50
103
Closed-
37
U S Gypsum
2%
45%
37%
No par
3%
*113%
5%
8
U S Freight
100
103
Stock
18
*115
116
500
No par
10
Exchange
•••
37
18%
38%
*115
*5%
7%
7,500
U S Distrib Corp
Preferred
160
43
•
*5%
1734
7%
76% 111,800
U £ & Foreign Secur... No par
Pieferred
100
*158
12984
*127% 12984 *127% 12934 *127% 12934 *127
79
*75
80
77%
80
76%
77
*77%
*122% 130
*122% 130
*122% 130
*122% 130
2%
2%
2%
*2%
2%
2%
2%
2%
7
7
6%
7
7
7
6%
7%
*5%
700
100
No par
52
113% 113% ♦113% 11334
7%
9%
784
734
28
28
*27
34%
34%
*27
5%
4,800
59%
No par
Jan
Oct
9% Mar
1% Oct 6
37% Nov 16
July 10
June 18
United Paperboard
Deo
25% Sept 26
68
66% Jan
7584 Nov
24
111%
90% July
117
4
Universal Leaf Tob
*92
584
10
"l9%
Oct
111
132%
200
23
*84
....
124
Mar
No par
United Eng & Fdy
89
23
22%
*42%
*113%
35%
Apr
Feb
3238 Feb 18
Jan 15
No par
48%
47%
4284
*113%
*84
*84
47
2,760
8,700
1,700
Jan
Oct
Jan
1434
82% Mar
79% Mar
31% Feb
2
30
2
27
27
18
93
Preferred class A
104%
3%
2%
2
384
22%
Apr
44
June 10
100
100
500
*85%
160
105
3%
400
7%
*98
88
160
384
2%
100
3%
167
105
3%
800
99
*162
*158
5
10
Corp
Preferred
No par
15178 153%
101
109
United Drug Inc
United Dyewood
United Gas Improve
Preferred
15
167
160
No par
84%
138
*105
Preferred
No par
*137
*158
United-Carr Fast Corp.No par
United Corp
No par
United Fruit
137
8
No par
5,300
20,500
4034
8,400
2,800
5%
584
7,800
13%
13%
500
9578
*94%
55
5,700
2:54%
12% 48,000
11%
47% 119,300
45%
23,400
99% 10078
9278
7,400
90%
700
71%
71%
41
100
....
United Carbon
United Electiic Coal
*164l4
*164%
19%
United Amer Bosch...No par
United Biscuit
No pai
Preferred
7
2
Highest
$ per share $ per share
105% Nov 18
28% Feb 7
14984 Aug 12
3
71% Jan
2084 Aug 26
108% Jan
Jan
62,500
3,000
300
1214
$ per share
90%
6%
50
1,600
12%
20%
32%
103
12%
18%
12%
3%
10
*110i2 112%
18%
*98%
*2%
20%
31%
*56%
4034
5%
13%
684
12
11%
1734
18%
84
84%
111% 112
*164
4834
50%
*101
102
6%
684
7434
384
7,900
21%
150% 150%
3%
800
69,300
44
15
73%
72
74%
72% 74%
150%
151%
149% 150% 149
*136
*136
137
140
*138
136% 138
167
*162
*162
*16012 167
*160% 167
784
7%
8
7%
784
7%
8%
99
99
*98%
*98
99%
98% 99%
87%
*85% 87%
89%
*85% 89%
*85%
74
678
43%
1,300
20%
6%
10%
10%
40% 42%
97% 100
89%
93%
71% 72%
95
*3234
34%
7%
43%
901s
35%
7U
15%
20%
49
95%
55%
10%
"89"
43%
101
6
14
95
50
15
42
6%
6%
1,400
3158
43
20%
68%
5%
13%
68%
42%
7
6%
35"" """800
43
19%
4034
58%
42%
6%
13%
34
34
34
8484
166
20%
32
49
*166
33s
32
6%
*114% 116%
31%
99
32
35
114
•
"341*2
684
43%
15%
1984
18%
99
3%
21%
31%
114%
1834
35
113% 113% *113% 114%
*91
93
91%
A 91
113%
92
15
1484
1484
15
III84 HI84 *111% 112
12
12%
12%
1284
*18%
*98%
*2%
20%
3434
32%
31%
7
43%
16
16
15%
20%
19%
20%
*101% 105
*10084 103
*6
35
3134
36
$ per share
Lowest
Highest
100
Preferred
Rights
*33%
Year 1935
of 100-Share Lots
EXCHANGE
Monday
100% 102%
2384
24%
131% 133
98%
98%
28% 28%
25% 26%
15%
16%
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
Saturday
103% 104
23% 23%
3431
New York Stock Record—Concluded—Page 10
143
II84 Mar
25% Mar
20
Apr
35% Mar
7384 Mar
1734
Apr
32% Nov
19% Dec
24% Jan
434 Dec
20% Dec
3% Dec
9% Nov
79
NOV
65% June
25% Nov
61
Nov
51% Nov
68
Dec
8234 Apr
35% Nov
Nov 12
2% June
31% May
96
Apr
6
18
Mar
53%
13
Mar
46% Deo
6
8784 Oct 10
122
Aug 7
Jan 28
42% Nov 17
584 July
7
938 Jan
4
38% Apr
1% May
2% June
9% Dec
105
Nov
Dec
Deo
1434 Nov
784
Deo
'
New York Stock
3432
Exchange
'
Bond Record, Friday, Weekly and Yearly
On Jan. 1. 1909 the Exchange method of quoting bonds was
changed and prices
Nov.28.m6
"and interest"—except for income and defaultebonds
are now
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and *hen selling outside of
The regular weekly range are shown in a footnote In the week in whloh they occur.
No account is taken of suoh sales In computing the range for th
ear
Friday
BONDS
Y.
N.
Last
Sale
EXCHANGE
STOCK
Week Ended Nov. 27
Price
Low
U. S. Government
O
O
Treasury 4s
D
Treasury 3%8—Mar 15 1946-1956 M S
Treasury 3%s—June 15 1943-1947 J D
Treasury 3s
Sept 15 1951-1955 M 8
Treasury 4%a...Oct
15 1947-1952 A
15 1943-1945 A
Dec. 15 1944-1954 J
Treasury 3%s...Oct
June 15 1946-1948 J
Treasury 3s
Week's
121.9
110.10
116
114.12
110.30
106.13
Friday
Range or
Friday's
Bid <fe
Asked
High
120.27 121.9
109.30 110.10
115.23 116
114.6
114.13
110.21 110.30
106.8
106.15
D 107.30 107.26
108.1
Range
Since
Jan. 1
Low
115.3
High
121.9
105.24110.10
111
1162
109
114.13
106.17110.30
102.20106.19
102.29108.7
107.19109
Treasury 3%s—June 15 1940-1943 J D 108.12 108.7
Treasury 3-%s„_Mar 15 1941-1943 M S 109.14 109.14
108.13
109.18
D
J D
F A
A O
M S
M S
M S
J D
M_S
108.27 108.23
108.6
109.17 109.14
110.12 109.18
104.12 104.4
106.10 106.5
104.8 104.5
102.29 102.24
102.15 102.11
108.28
108.13
109.18
110.12
103.24109
15 1944-1964 M S
May 15 1944-1949 M N
Treasury 3%s._.June 15 1946-1949 J
15 1949-1952
Aug 16 1941
Treasury 3%s_..Dec
Treasury 3%s
Treasury 3%s.._Aprll 15 1944-1946
15 1955-1960
15 1945-1947
Treasury 2%s.._Sept 15 1948-1951
Treasury 2%s
—1951-1954
Treasury 2%s
Sept 15 1956-1959
Treasury 2%s_..Mar
Treasury 2%s—Sept
108
109.23
104.14
100
100.31106.13
104.13
103.2
102.21
100.30102.24
105.26
105.31
102.20106
101.7
104.19
104.17
100.23 103.6
Mar
3s
3s
15 1942-1947 J
—Jan
2%s
1 1942-1947 M
Mar
104.27
105.2
100.26 105.4
J 105.15 105.15
105.8
101.20105.18
8 104.3
104.6
100.15104.6
103.27
Home Owners' Mtge Corp—
3s series A
104.24 104.15 104.26
A 103.2 102.24 103.5
103
102.20 103.2
1 1939-1949 F
1942-1944 .—
2%s series B—Aug
2%s series G
*20%
A
21
O
Akershus (Dept) e-tt 5s
1963 M N
♦Antloqula (Dept) coll 7s A—1945 J
J
♦Sink fund 6s Feb coupon on. 1947 F
♦Sink fund 6s Apr coup on
1948 A
♦External
8
f 7s series B
1945 J
J
♦External
s
f 7s series C
1945 J
s
f 7s series D
1945 J
J
♦External
s
sec s
21
20%
20%
99%
99%
10%
21
99%
10%
9%
9%
9%
9%
9%
9%
9%
9%
f 7s 1st series —1957 AO
♦External
20%
J
♦External
f 7s 2d series. 1957 AO
f 7s 3d series. 1967 A
9
9
9
8%
9
9%
97
97
101%
102
101%
101%
102%
101%
101%
102
101%
O
8%
103%
110%
103
98%
102
102%
102
1C2%
103
102%
102%
102%
102
102
111
110%
103%
96%
96%
96%
Antwerp (City) external 5s
Argentine Govt Pub Wks 6s
1958 J
D
1960 A
O
Argentine 6s of June 1925
1959 J
D
102
O
102
102
External sf 6s of Oct 1925-1959 A
External 8 f 6s series A
1957 M
External 6s series B
19581J D
1960>M N
102%
f 6s (State Ry)—1960 MS
f 6s of May 1926
s
s
S
J
102%
102
102
102
110%
.1957 M S
Extl 6s Sanitary Works
110%
1956 M N
1961 F
A
Extl 6s pub wks May 1927-1961 M
Public Works extl. 6%8
1962 F
N
'
Australia 30-year 5s
External 5s of
1955 J
1927
External g 4%s of 1928
Austrian
(Gqvt) B f 7s
1957 J
♦Bavaria (Free State) 6%s
A
J
101%
110%
110%
24%
109%
1945 F A
1949 M S
J
105%
105
106
D
Bergen (Norway) ext s f 5s
1960 M S
♦Berlin (Germany) s f 6%s
1950 A O
♦External sinking fund 6s... 1958 J D
115%
115%
102
25%
24%
41%
33%
33%
115%
102
25%
35%
103
36%
Belgium 25-yr extl 6 %s
1955 J
Externals! 6s
External 30-year 8 f 7s
..1955 J
(U 8 of) external 8s...1941 J
♦Externals! 6%s of 1926—1957 A
♦External s f 6%s of 1927—1957 A
♦7s (Central Ry)
1952 J
Brisbane
(City) s f 5s
Sinking fund gold 6s
20-year sf 6s
D
O
O
D
1957 M
8
1958 F
24%
42
33%
33%
36%
103
A
24%
110%
24%
42
34%
35
103%
103%
105%
103
1950 J
D
105%
on...1962 J
D
—
J
100%
104%
Budapest (City of)—
♦6s
July 1 1935
s
f 6s
C-3
ser
1960 A
♦Buenos Aires (Prov) extl 6s... 1961 M
O
O
101
31%
100%
100%
31%
101
100
101
8
1961 M
8
♦6%s stamped
1961 F
A
101
79%
a79%
Extl
8 f 4%-4%S—
Refunding s f 4%-4%s
1977 M
8
1976 F
A
72%
74%
Extl re-adj 4%-4%s
Extl 8 f 4%-4%s
1976 A
O
1975
3% external
1984 J
80
6s
1952 MN
10-year 2%s—
Aug 15 1945 F
J
1954 J
99
97%
100
99%
,
92
97%
101%
97%
101
57%
101
100
103 %
59
101
104%
101
105%
100%
101%
98%
99%
37%
61%
90
105%
105%
104% 106%
100% 102%
93% 100%
89
37
66%
25%
48%
78%
61%
78
61%
21%
78
25%
♦ElSalvador 8s ctfs of dep
Estonia (Republc of) 7s
1948
*65
■
72
41%
70%
97%
30%
96
1967
*106
7%s unstamped
23%
126%
I
24
131
*120
19
—19
1949
External 7s stamped
7s unstamped
96%
108
109
18
27
122% 183
116% 172%
130
*124%
123%
93
105
123%
190
122% 182%
German Govt International—
1965
♦5%s unstamped
24%
25%
22%
29%
1965
♦5%s of 1930 stamped
23%
24
20
29
31
33
29%
39%
♦German Rep extl 7a stamped. 1949
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agric Loan)6%8
♦Greek Government
*26%
29
1958
f ser 7s. .1964
a
♦7s part paid
1964
♦Sink fund secured 6a
1968
♦6a part paid
1968
Haiti (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—
♦7%s unmatured coup on...1945
♦7s unmatured coupon on...1946
♦Hungarian Land M Inst 7%s_1961
♦Sinking fund 7%s ser B
1961
105%
17
*22%
49%
♦Hungary (Kingdom of) 7%s—1944
s
f 5s
1960
Italy (Kingdom of) extl 7s
External
sec s
f 7s
ser
B
80%
1951
Italian Cred Consortium 7s A—1937 I
Italian Public Utility extl
*113
79%
67%
99%
Japanese Govt 30-yr a f 6%S—1954
Extl sinking fund 5%s
1965
Jugoslavia State Mtge Bank—
♦Leipzig (Germany)
f 7a
s
50%
85%
32%
25%
16%
26
38
51%
112% 115
81%
60%
87%
83% 100
80%
69
53
*96%
1947,1
78—19521
♦7s with all unmat coup
27
120
30
18%
17%
22%
100
86%
83
51%
77
91% 100%
78
89%
1957
1947
Lower Austria (Province of)—
7%s June 1 1935 coup on
1950
♦Medellln (Colombia) 6%s
1954
♦Mexican Irrlg assenting 4%s.l943
J uly
1950 M
8
15 1960 J
O
A Apr
15 1938 A
a79%
♦4s of 1904
1954
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
♦{Treas 6s of '13 assent (large) *33
75%
75%
77
57
56
57
♦Sec extl
s
r 6 %s
1958 1
21%
22%
s
f 6%s
1959
21%
22%
15%
14%
22%
22%
18%
19
♦Montevideo
1952
65
65
47
65
43
61%
a20%
74%
♦Extl
sinking fund 6s—Feb 1961 F
♦Ry ref extl s f 6s
Jan 1961 J
♦Extl sinking fund 6s. -Sept 1961 M
♦External sinking fund 6s...1962 M
A
J
20
?20%
110%
(City) 7s
61%
61%
104%
104%
104%
100% 105%
1943
108
104%
108%
101
Norway 20-year extl 6s
20-year external 6s
1944
108%
104% 108%
36%
31%
External sink fund 5s
1963
107%
101%
102
100
External sink fund
103
External
1956
1965
102%
28%
115%
103%
101%
103%
101%
104%
*42%
49
♦6s series A
36%
35%
28%
27%
31%
15%
15
15%
Municipal Bank extl s f 5s.._ 1970
♦Nuremburg (City) extl 6s
1952
16
15
16
Oriental Devel guar 6s
31%
32
■
s
f
4%s
4%s
15%
15%I
Oslo (City) s f
S
15%
14%
15%i
8
al5%
15
15%
Panama (Rep) extl 5%s
♦Extl s f 5s ser A
♦External sinking fund 68... 1963 M N
15%
15
13%
13%
15%
13%
D
13%
D
♦Guar Bf 6s
1961 A
O
13%
13%
13%
13%
♦Guar 8 f 6s
1962 M N
13%
13%
46%
23%
12%
46%
23%
13%
12%
46%
24%
23
22%
23%
23
22%
23%
♦Chilean Cons Munlc 7s
1960 M
S
OP.Jan 1961 J
For foot notes see page 3437
J
13%
24
101%
104%
99% 103%
96% 101%
102% 104
18%
27
Extl deb 5%s
4%s
81%
75
78%
72%
1955
15
14%
1957 J
1961 J
100%
*102%
105%
104% 108%
1953
1958
15%
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6%s.l950 M 8
Colombia (Republic of)
♦6s Apr 1 1935 coup on.Oct 1961 AO
67%
1959
110%
114%
15%
♦Chile Mtge Bank 6%s
♦Sink fund 6%s of 1926.
9%
11%
♦{Small
Milan (City. Italy) extl 6 %s... 1952
Mlnas Geraes (State)—
New 80 Wales (State) extl 5s.. 1957
External s f 5s
Apr 1958
110%
114%
O
♦Chile (Rep)—Extl s I 7s
1942 M N
♦External sinking fund 6s...I960 A O
♦6s July 1 1935 coup
1945
72%
J
15 1960 A
_
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
74%
J
f 6s..Oct
ser
34%
99% 104%
101
72
A
1961 J
25-year3%s
♦Carlsbad (City) s f 8s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan 6s
23
103
76%
J
♦Sink fund 7s July coup off—1967 J
J
♦Sink fund 7%s May coup offl968 M N
Canada (Dom of) 30-yr 4s
1960 A O
b
24%
23%
♦Sec extl
f $ bonds
♦Farm Loan s f 6s.
98%
73%
74%
Bulgaria (Kingdom of)—
♦Farm Loan
21%
88%
20%
100%
103
I
1949
♦Assenting 4s of 1904
*80
♦6s stamped
8
High
♦Mexico (US) extl 5s of 1899 £.1945
coupon
Buenos Aires (City) 6%s B-2„ 1955 J
External s f 6s ser C-2
1960 A
External
17
97%
1945
Czechoslovakia (Rep of) 8s.--.1951
Sinking fund 8s ser B
1942
Denmark 20-year extl 6s
1952
External gold 5%s
1955
External g 4 %s
Apr 15 1962
Deutsche Bk Am part ctf 6s—1932
{♦Stamped extd to Sept. 1 1935—
Dominican Rep Cust Ad 5%s—1942 I
1st ser 5 %s of 1926
1940
2d series sink fund 5%s——-1940
♦Dresden (City) external 7s... 1945
Irish Free State extl
♦Brazil
Low
87
French Republic 7 %s stamped. 1941
External
Since
17%
22
17%
21%
92% 100%
88%
98%
70%
90
%
99%
Jan 15 1953
Agricultural Mtge Bank (Colombia)
Extl
High
20
♦Public wks 5%s_—June 30
Finland (Republic) ext 6s.....1945
♦Frankfort (City of) 8 f 6%B—1953
s
21H
20 %
20 %
Range
Jan. 1
100%
Cuba (Republic) 5s of 1904....1944
External 5s of 1914 ser A
1949
& Municipals—
♦External sec
Asked
1 1944-1952 M N
May
Foreign Govt.
dk
Low
Foreign Govt. &Mun. (Concl.)
1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
1952
25-year gold 4 %s
1953 I
Cordoba (Prov) Argentina 78—1942
Costa Rica (Republic of)—
♦7s Nov 1 1936 coupon on—1951
Sinking fund 5%s
106.13
Bid
♦Colombia Mtge Bank 6%s
External loan 4%s
109 25
105.12110.12
Fndav'8
Price
Week Ended Nov. 27
108.5
'
Range or
Sale
STOCK EXCHANGE
103.19108.17
Federal Farm Mortgage Corp—
3%s
Y
Week
Last
BONDS
N
99%
96% 100
86%
82%
104
106%
79%
67
90%
65%
1953
58
81
18%
12%
19%
16%
13%
13%
10
19
16%
*81
1963
♦Stamped
Pernambuco (State of)—
♦7s Sept coupon off
1947
♦Peru (Rep of) external 7s
1959
♦Nat Loan extl s f 6s 1st ser.. 1960
♦Nat Loan extl
s
f 6s 2d ser.1961
I
13%
10
16%
1940
57
37
80%
f 7s
1947
70
44
111%
♦External sink fund g 8s
1950
57%
♦Poland (Rep of) gold 6s
♦Stabilization loaD
s
Volume
BONDS
Last
N. Y. STOCK EXCHANGE
Ended
Nov.
Price
5
Range or
Sale
27
Bid
High
N. Y
Since
No
235*
♦External
a
f 6s
Queensland (State) extl
25-year external 6s
a
195*
215*
96 J*
14
245*
20
245*
45
1125*
1135*
7
113
A
1947
1960 M 8
♦Rhine-Main-Danube 7s A
5*
235*
113
2
23
O
f 7s. .1941
235*
15
215*
905* 101 v*
18
295*
18
285*
109
1135*
16
9
95
"24"
O
1952
23 5*
19 H
95
D
♦88 June coupon off
1961
♦7
J
July coupon off— *
1966
Prague (Greater City) 75*8
1952 M N
♦Prussia (Free Rtate) extl 6 5*8.1951 M S
114
109
24?*
295*
*285*
38
♦6s April coupon off
♦65*8 Aug coupon off
24
1946
1953
♦6s June coupon off
♦7b May coupon off
14
18 H
18 H
185*
28
29
36
16
D
20
20
21
21
14
225*
23
6
22
1
22
D
..1967
68 5*
O
A
1952
24?*
19?*
15
29
1966 M N
1964 M N
extl 6s
22
O
1968
♦7s June coupon off
Rome (City) extl 6 5*8—
245*
23
29
Rio Grande do Sul (State of)—
♦8a April coupon off
1946 A
(City)
68 5*
1125*
305*
21?*
23?*
.
14?*
24
15
705*
36
1125*
10
54 5*
110
815*
1225*
24?*
255*
24?*
18
22 5*
1953
♦8s May coupon off.
♦Extl 6 5*8 May coupon
San Paulo (State of)—
1952
M N
23
23
off—1957
M N
205*
21
285*
25
30
*25
♦Saarbruecken (City) 6s
Sao Paulo (City of Brazil)—
30
17?*
14?*
235*
215*
345*
22 5*
345*
32
165*
32
255*
22
♦External 6s July coupon off. 1968
Secured s f 7s
1940
345*
29
{♦8s July coupon off
1936
♦External 8s July coupon off -1950
♦External 7s Sept coupon offl956
265*
23
15?*
26?*
215*
14
24
88
ser
ref
4s
81?*
255*
255*
32?*
Bell
24 5*
245*
255*
32
23
295*
95 5*
61?*
31
24
24
26
41
225*
29
485*
50
39
27
33
75
33
515*
49 5*
D
*355*
A
905*
1235* 166
Styrla (Province of)—
F
1946 .
905*
A
—
1955 F A
1971 J
J
1952 M S
105 5*
1961 A O
1957 M N
♦Uruguay (Republic) extl 8s..1946 F A
*
IVI
♦External s f 6s
1960 "* N
55*s guar
Trondhjem (City) 1st 55*s
♦External s 16s
1964
Venetian Prov Mtge Bank 7s.. 1952
Vienna (City of)—
6s Nov coupon on
1952
Warsaw (City) external 7s
1958
1055*
905*
106
*70
775*
101
585*
101
59
59
595*
585*
83
76 H
82?*
99?* 1025*
395*
60
535*
12
59?*
37?*
37 5*
62
90
*70
955*
73 5*
49
575*
A
17
4
585*
58 H
M N
735*
685*
745*
76
101
90?*
1005s 1065*
765*
76
s f
54
14
36
AND
74
60
Telep of Pa 5s series B
895*
97
49
335*
715*
82
485*
F
825*
78
89
COMPANIES
79 J*
♦ItAbitlbl Pow A Paper 1st 68.1953
Adams Express coll tr g 4s
1948
805* 1354
74
1035*1
1035*
103 5*
1035*
1035*
*1025*
1035*
*605*
1947
10-year deb 45*s
10
12
735*
...1946
1952
93
106
5
D
.92
O
115
D
101
1075*
103?* 1065*
233
92
1085*
116
84 5*
105
103?*
104?*
85
1055*
106 5*
23
995*
25
243
795*
391
745*
61?*
88?*
905*
249
74
1155*
116
2
1095*
1095*
2
*73
765*
*103?*
O
♦Deb sinking fund 6 5*8
131
con
stamped
103
103?*
265*
25?*
"845* "114
84?*
77?*
79
195*
205*
30
34
405*
686
40
272
'"§9?*
J
39
335*
101
100?*
1045*
104?*
103?*
104
*80
1145*
825*
1155*
80
1948
70
1946
1944
104
1015*
.......1949
985*
1950
96 5*
♦5s
8tamped
1950
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942
Allied Stores Corp deb 4 5*s...1950
A Ills-Chalmers Mfg conv deb 4b 1945
A
O
80
.
77
104
100J*
975*
955*
705*
685*
*1025*
1025*
53
7
55
7
101
282
286
965*
715*
1035*
M
S
1115*
1115*
A
O
1005*
1005*
101
MN
1955*
190
1955*
4
276
"3
104?*
103?*
94
1145*
386
D
855*
855*
86
26
Amer I G Chem
1949 M N
1105*
1095*
1105*
74
1055*
106
36
134
1405*
J
115 J*
1105*
171
995*
Cal Pack
98
365*
73?*
Canada Sou cons gu 6s A
102 5*
90
1085* 1125*
175
909*
98?*
665*
835*
66
865*
1095* 117 5*
1015* 1065*
108 5*
146
Am
Convertible debenture 4 5*8.. 1939 J
Debenture 5s
1965 F
A
♦Am Type Founders conv deb. 1950 J
J
1125*
61
112?* 115
109 5* 119 5*
J
(111) 1st 45*8—1939
1955 F
Armstrong Cork deb 4s
1950 J
1st M 8 f 4s ser B (Del)
Conv gold 4s of 1909
1905
Conv g 4s issue of 1910
4 5*s
Rocky Mtn Dlv 1st 4s
605*
1065*
1065*
For footnotes see page
605*
1105*
235
70
174
1065*
375*
395*
75
72
72
73
10
D
"l045*
*1045*
1045*
A
1005*
J
1065*
S
945* 1005*
107 5*
1105*
1105*
112
71
5
31
*1095*
1105*
1105*
1075*
1075*
"116?*
1105*
111
1065*
106 5*
1135*
1075*
1135*
1125*
113
"II3"
1035*
24
1995 M N
S
84 *
96
136
1105*
"Ii05*
67
1075*
116
D
395*
1065*
1105*
3427.
70
325*
20
995* 1075*
275*
74
1035* 105?*
1045*
116?*
1045* 1135*
104J* 1134*
106)* 1105*
105
110?*
1025* 107?*
1105*
109
114
1055* 107?*
1105* 114
35
805*
1105* U3>*
69
48?*
73
55?*
55
July
Oct
30
50
67
99?*
1005*
15
103?*
103?*
5
92 5* 101?*
103?* 1075*
1055*
245*
1055*
1
1035*
30J*
297
1185*
1185*
1
114?*
114?*
115
1185*
1185*
118?*
13
108?*
113?*
WW
1195*
1195*
1195*
13
115
122
1205*
2
115-5*
1215*
32
50
1005*
305*
1175*
1175*
1205*
117?*
115?*
1155*
1165*
12
5
115
115?*
1275*
127?*
18
975*
115
303
11
1135* 116 5*
108?*
1095*
23
1055*
105
105?*
34
1055* 1095*
100?*
495*
*625*
1055*
915*
106
915*
Nov 1945 F
♦Consol gold 5s
♦Ref A gen 55*s series B
♦Ref A gen 5s series C
♦Mobile Dlv
1st g 5s
Gen mortgagees
27
108
108 H
111
1025* 108 u
73
345*
355*
A
795*
80
11
.30?*
295*
30?*
.175*
165*
175*
14
O
-175*
17?*
42
52
80
11H
82
O
94 u
27
915*
D
1945 M N
1959 A
1959 A
♦Chatt Dlv pur money g 4s.. 1951 J
1946 J
♦Mac A Nor Div 1st g 5s
♦Mid Ga A Atl Dlv pur m 5s. 1947 J
Central Foundry mtge 6s
66
1065*
1065*
1105*
5s
87?*
97?*
1025* 106
109
D
g
1105* 117
122 5* 129
12
Carriers A Gen Corp deb 5s w w 1950 M N
1981 J
D
Cart A Ad 1st gu g 4s
1948 J
112?* 120
1105* 117
1045*
115?*
111
♦Cent Branch U P 1st g 4s
119J*
1045*
115?*
1105*
1952 J
105 5*
9?*
30 J*
111?* 118*
115?*
104 5*
*1065*
1938 J
90
"715*
68?*
1115*
1005*
1155*
M
32 5*
"47
1105*
1962
97
1045*
1045*
1005*
1155*
1955 J
1955 J
1960 J
1948 J
1965 J
60
385*
O
A
13
70
22*
30
190
*85
D
^♦Central of Ga 1st
Trans-Con Short L 1st 4s...1958 J
Cal-Arlz 1st A ref 4 5*s A
1105*
1995 Nov
4s... 1995
Stamped 4s
deb
695*
O
1967 J
{♦Arm Arbor 1st g 4s
1995 Q
Ark A Mem Bridge A Ter 5s... 1964 M
Conv
1105*
695*
of
deposit
Anaconda Cop Mln s f deb 4 5*8 1950 A
♦Anglo-Chilean Nitrate—
Conv 4s of
J
1975 M N
68—1947 J
17
655*
1st A cons g 6s ser A..Dec 15
Amer Water Works A Electrio—
Adjustment gold 4s..
deb 5s
Guaranteed gold 6s
Guaranteed gold 5s.
95
19
25
715*
Canadian Nat guar 4 5*8
101?*
1185* 2035*
99
655*
235*
A O
M N
M N
.1940 J
J
1942 A O
1962 A O
♦Camaguey Sugar 7s ctfs
conv
885*
♦215*
915*
J
Caro Clinch A O 1st 5s
79
1125*
78
102?* 104J*
103?*
915*
*1025*
O
110?* 1149*
77
1405*
875* 102?*
1952 A
1955 J
♦Bush Term Bldgs 5s gu tax ex. 1960
By-Prod Coke 1st 55*s A
1945
Cal G A E Corp unf A ref 5s_._1937
485*
1085* 111
*109
O
1075* 173
79
Telep A Teleg—
20-year sinking fund 55*8—1943 M N
77
104?*
♦Certificates of deposit
^♦Bush Terminal 1st 4s
♦Consol 68
146
S
1953 J
80
1095*
109
*21
1957 M N
lt»Burl C R A Nor 1st A coll 6s 1934
124
2030 M
Atcb Top A 8 Fe—Gen g
1045*
1938
1981
5s...-.1937
4s
172
Am A Foreign Pow deb 5s
American Ice s f deb 6s
Armour A Co
*1035*
Bruns A West 1st gu g
111
1
S f income deb
1045*
1615*
92
Certificates
106?*
*1035*
D
1105*
92
♦
106?*
5s
A
1135*
92
g
106
106?*
66
122
—
130?*
1045*
1950 J
104?*
1095*
F
122
S
Deb g 6s series A
130
1947 M N
102
122—
130?*
1950
.1945
1125*
1155*
217
1955 M
J*Am Writing Paper 1st
122—
M N
Bklyn Union EI 1st g 5s
Bklyn Un Gas lBt cons g 5s
1957 J
J
1969 J
J
1969 A O
Guaranteed gold 5s
1970 F A
Guar, gold 4?*s
June 15 1955 J D
Guaranteed gold 45*s
1956 F A
Guaranteed gold 45*s..8ept 1951 M S
Canadian Northern deb 6 5*8
1946 J
J
Canadian Pac Ry 4% deb stk prpet J
J
Coll trust 45*8
1946 M S
5s equip trust ctfs
1944 J
J
Coll trust gold 6s
Dec 1 1954 J
D
Collateral trust 45*8
1960 J
J
t*Car Cent 1st guar g 4s
1949 J
J
20
•Alplne-Montan Steel 7s
Am Internat Corp oonv 55*8—1949 J
J
Am Rolling Mill conv deb 45*8.1945 M N
1135*
15
1015*
J
53
39
83?*
A
1015* 102
3
70
77?*
M N
gtd 6s. 1941
1941 J
13
..
1065*
84
1955 M N
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3J*s..l966 M N
Bklyn Manhat Transit 45*s—.1966 M N
6s
265* —3
..25?*
1st g 4?*s ser JJ
1961 A O
^♦Boston A N Y Air Line 1st 4s 1955 F A
^♦Botany Cons Mills 65*s— -1934 A O
♦Certificates of deposit
1st
131?*
26
25?*
25 5*
1055*
105?*
*1115*
J D
1944
82?*
1967 M S "825*
Boston A Maine 1st 5s A C
1st M 5s series II
122
125
265*
.1969
Big Sandy 1st 4s
119
131?*
*107?*
F
♦6s with warr assented
Alb A Susq 1st guar 35*s
55*s
845*
955*
121?*
1215*
130?*
1215*
1948
J
*79
conv
95
1135* 1165*
1035* 1095*
1095* 118
77 5*
685*
985* 100 H
114
*113
M S
♦Albany Perfor Wrap Pap 6s.. 1948
5s
100
88
90?*
775*
D
Buffalo Gen Elec 45*8 ser B
1035* 108
5s
1005* 1055*
995* 1065*
905*
1155*
Buff Roch A Pitts gen g
Consol 4 5*s
805*
109
conv
95?*
64
167
89
1035*
*109
conv
75
116
79?*
104
1943
Coll A
102 5* 1095*
101
995*
98?*
97
.1943
♦Coll A
1005* 106
109?* -17
115
1045*
1065*
87
113
70
103
108?*
905*
O
58
102?* 1065*
15
*105
97
405*
*113
Alleghany Corp coll tr 5s
14
1025*
90
*1055*
1st lien A ref 5s series B....1957 M N
Brown Shoe 8 f deb 35*8
1950 F A
INDUSTRIAL
Adriatic Elec Co ext 7s
Ala Gt Sou 1st cons A 5s
1st cons 4s ser B
65
61
106
♦Debentures 6s.
1955
♦Berlin Elec El A
Underg 6 5*s. 1956
Beth Steel cons M
45*8 ser D..1960
BklyD Qu Co A Sub
905*
485*
*89
M N
1961 J
Coll trust 4s of 1907
985*
1065*
405*
335*
845*
Debenture gold
RAILROAD
96?*
53
1st lien A ref 6s series A
Yokohama (City) extl 6s
76
83
605*
102?*
1st A ref 5s series C
—I960
Belvldere Delaware cons 3
5*8.. 1943
♦Berlin City Elec Co deb
65*8—1951
1936 M N
Tokyo City 5s loan of 1912
81
35
28
1935 coupon on..1962
Silesia (Prov of) extl 7s
1958 J
♦Sllesian Landowners Assn 6s.. 1947 F
f 55*s
1065*
1951
89
M N
♦7b Feb coupon off
815*
106
109?*
4s stamped..
1951
Battle Creek A Stur 1st
gu 3s.. 1989 J
Beech Creek ext 1st
A
g 35*8—1951
275*
♦7s Nov 1
8ydney (City) s f 55*a
108
"93"
1943 J
*275*
89
8erbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1935 coupon on.. 1962 M N
Soissons (City of) extl 6s
985*
53 5*
1996 M
F
Bangor A Aroostook 1st 5s
Con
97
61?*
1960 F
1946
Mtge Inst 7s
♦Sinking fund g 6 5*8
External
45*8
95?* 105
222
1065*
P
1945
♦Saxon State
s
1995 J
65
96
985*
L E A W Va
Sys ref 4s...1941 M N
Southwest Dlv 1st 3 5*-5s
1950 J
J
Tol A Cin Dlv 1st ref 4s A... 1959
Ref A gen 5s series D
.2000 M
Ref A gen M 5s
104?*
95 5*
1940 M N
July 1948 A
19
113 5*
104
96
J
J
J
Conv
113
1185*
835*
Atlantic Refining deb 5s
1937 J
conv deb 49*8—.1939 J
Austin A N W Is gu g 5s
1941 J
5s assented
1940
Bait A Ohio 1st g 48
July 1948 A
Refund A gen 5s series A
1995 J
1st gold 5s
High
103?* 1105*
1055* 1135*
104?*
J
J
Baldwin Loco Works 1st 5s
Low
118
113
1959 J
Auburn Auto
No
120?*
*110..
J
..1948 J
Ref A gen 6s series C
Roumanla (Kingdom of Monopolies)
♦7s August coupon off
1959
Taiwan Elec Pow
4s
Since
Jan. 1
Hioh
*119..
D
J
8
General unified 4 5*s A.—
1964 J D
L A N coll gold 4s
Oct 1952 M N
10-yr coll tr 5s
May 1 1945 M N
Atl A Dan 1st g 4s
1948 J
J
2d
Range
Bid
Low
Atl Knox A Nor 1st g 5s
1946 J
Atl A Chart A L 1st 4 5*8 A
1944 J
1st 30-year 5s series B
..1944 J
Atl Coast Line 1st cons 4s July 1952 M
Atl Gulf A W I SS col tr 5s
Rio de Janeiro (City of)—
Rotterdam
Price
Hiah
Low
Porto Alegre (City of)—
2
Sale
STOCK EXCHANGE
Week Ended Nov. 27
Jan. 1
Range or
Friday's
&
Asked
Last
BONDS
Range
Friday's
A
Asked
Low
Foreign Govt. &Munlc. (Concl.)
Week's
Friday
Week's
Friday
Week
3433
New York Bond Record—Continued—Page 2
143
.*23
1946 J
20
20?
29
20
24
21
—
12
21
.25
*15
175* —14
275*
:
15
-295*
20
1941 M
1425*
154
1941 M
102
103 5*
*108
108?*
105
1055*
Cent Hud G A E 1st A ref 35*s. 1965 M
1951 F
Cent 111 Elec A Gas 1st 5s
J*Cent New Engl 1st gu 4s
1961 J
Central N J gen g 6s
General 4s
1987 J
1987 J
133
22
28?*
955* 103U
105H 108
995* 1055*
515*
54
20
87?*
865*
89
66
82
815*
82
17
.54
23
165
435*
77 *
865* 103 5*
93?$
81
Nov.
New York Bond Record—Continued—Page 3
3434
Y.
Sale
EXCHANGE
STOCK
Ranoe or
Friday's
Last
BONDS
N.
Bid
Price
27
Week Ended Nov.
A
Col A H V 1st ext g 4a
Col A Tol 1st ext 48
1948
Conn A Passum Riv 1st 4a
1943 A
1955 F A
Columbus Ry Pow & Lt 4s
1965 M N
Commercial invest Tr deb 3%sl951 J « J
O
J
Conn Ry A L 1st A ref 4 %s
1951
4%s
1951 J
Consol Edison (N Y) deb 3%s.l946 A O
3%s debentures
1956 A O
Stamped
guar
Since
Jan. 1
Hioh
Low
75
76%
63
105
105%
105%
105%
53
75%
105
105
105
104%
*112%
*113%
104%
O
A
Ranoe
Asked
Low
Colo A South 4%a ser A
1980 M N
Columbia G A E deb 5a—May 1952 M N
Debenture 5s
..Apr 15 1952 A O
Debenture 5s
Jan 15 1961 J
28j 1936
Week's
Friday
§r_
1
108
105
104%
*104%
*110%
107%
106%
107%
107
106%
11
81
108%
105%
30
107%
107%
107%
2
21
High
69%
81%
106%
99% 105%
98% 105%
110
112%
110% 113%
107% 108%
104
105%
99
104% 105
105% 110%
53
39
106% 108
104% 107%
103% 107%
♦Consolidated Hydro-Eleo Works
of
Friday
Last
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov.
Ratios or
Sals
A
Low
Cent Pac 1st ret gu g 4a
1949 F
Through Short L 1st gu 4a. 1964 A
Guaranteed g 6a
1960 F
A
Champion Pap A Fibre deb4%sl950
Chesap Corp conv 6s
1947
10-year conv coll 6a
Ches A Ohio 1st con g 6a
General gold 4 %s
A
M
S
M N
102
94%
*125
91
92%
107%
106%
157
156
D
143%
109%
1996 F
May 1940
A
3%s ser E
Craig Valley 1st 6s
111%
108%
■155M
1939 M N
1992 M S
1944 J
Ref A lmpt mtge3%sser D..1996 M N
It el & Imp M
112%
O
Cent RR A Bkg of Ga coll 5B-1937 M N
Central Steel let g 8 f 8a
1941 M N
Certain-teed Prod 6 Ha A
1948 M S
139%
109%
126%
101%
101%
*110%
'i02~
102
Potts Creek Branch let 4s...1946
R A A Dlv 1st con g 4a
1989
2d consol gold 4s
1989
1941 M
1949 A
O
J
*118%
115%
*111%
S
Warm Spring V 1st g 5s
Chic A Alton RR ref g 3a
58%
108%
A
112%
1971 F
A
1947 J
1947 J
1956
Chic L S A East 1st 4 Ha
1969 J
J
1966
J
♦Chic M A St P gen 4s ser A.. 1989
♦Gen g 3%s ser B__May 1 1989
42%
39
42
1
21
J
J
1987 M N
M N
15
102%
115
102
128
M N
J
J
D
D
D
J
M N
13
113
5
19
115%
4
114
20
41
60
,
104%
108%
107%
106%
114
112
118%
82
28
207
109
113
115%
99
14
31%
29
14
30
2
25%
116
124
124
~42%
552
7
42
102% 105%
26% .46%
49
28%
14
22%
21
105%
24
29
48%
28%
....
46%
15%
28
16%
29
92% 105%
110% 111%
54
53
21
43
58%
66
19
68
66
51
65%
47%
47%
49%
24%
27
7%
39%
*39%
*37
44
41%
*
"47"
"46"
23%
25%
23%
14%
22%
13%
22
6
541
8%
553
38%
6
21
41
41
44
47%
26%
25%
23%
14%
46%
17%
6
33%
35%
36
65%
68
69%
29%
9%
48%
54%
54%
36
•
•»...
37
1944 J
56
16
29
16
29
10%
18%
J
3%8 guaranteed
Chic A West Indiana
1st & ref M
4%s
1951 M
con
4a
S
1952 J
J
1962 M S
ser D
Chllds Co deb 6s
Chile Copper Co deb 6s
1943 A
O
1947 J
J
Cln Union Term 1st
gu 6s ser C.1957 M N
1st mtge guar 3%s series D..1971 IV! N
1943 J
1993 J
1941 J
J
1963 J
J
1977 J
.....
J
J
1939 J
Cln Wabash A M Dlv 1st 4s. 1991 J
J
St L Dlv 1st coll tr g 4s
1990 M N
Spr A Col Dlv 1st
g
4s
1940 M S
W W Val Dlv 1st g 4s
Cleve-Cliffs Iron 1st mtge
1940 J
J
4%s. 1950 M N
Cleve Elee Ilium 1st M 3%a... 1965 J
J
Cleve A Pgh gen gu 4%s ser B. 1942 A O
Series B 3%s guar
1942 A O
Series A 4%s guar
Series C 3%s guar...
1942 J
1950 A
1st s f 4%s series C
Coal River Ry 1st gu 4a
1977
...
1
see
page
61%
67%
64
39
72
51
49%
49%
64
72
71
69%
71
10
69%
71
64
67
20
46%
gen
108%
90%
1971
{♦Dea M A Ft Dodge 4s ctfs.__1935 J
{♦Des Plaines Val 1st gu 4%a..l947 M
Detroit Edison Co—■
Gen A ref 4%s series D
Gen A ref 5s series E
Gen A ref M 4s ser F
♦Second gold 4s
1995 J
♦2d 4s assented
Dul Sou 8hore A Atl
g 5s
Conv deb
1937 J
20
23%
Penn coll trust
gold 4s
20%
Conv 4s series A
Series B
7
11%
105
113%
*93
"83%
74
61
99"
101
88%
cons
g 4s 4s prior.. 1996
1st consol gen Ilen
g 4s
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
1955
Genessee River 1st a f 6s
1957
N Y A Erie RR ext 1st
4s—.1947
3d mtge 4%s
1938
108% 112%
110
110%
40
107
107%
107
107%
13
105
105
69
Fairbanks Morse deb 4s
1956
Federal Light A Tr 1st
6s.....1942
5s International
series.... 1942
1st lien s f 5s
stamped
1942
105%
93%
82
111%
106% 107%
99% 107%
102% 105%
73
93%
102%
148
100% 103%
107
35
101
100
103
106
108%
*108%
108%
109"
20
108%
108%
28
47
108% 113
106
108%
104
*105%
105
22
103
37
96% 106
111% 119
103% 105%
*105%
101%
97%
96%
105%
"102" 101%
103%
103%
*105%
103%
107%
107%
10
101% 107%
111%
112%
4
108% 112%
176
89
78%
103%
98%
106
113
113
*113%
105% 112%
105% 112
100% 109%
88%
116%
116%
12
113
117
109
109%
5
108
110%
112%
112%
11
108%
108%
109
*50
*35
117%
103%
81
81%
109%
108%
39
40%
8
70
35%
112%
108% 109
45% 60%
2
117%
103%
5
81%
24
109%
40%
31
30
39%
455
45
35
40
35
35
15%
112% 117%
103%
52%
107
86%
107
109%
12%
40%
16%
39%
104% 108
114%
107%
138%
115%
107%
138%
114
104%
6
103% 115%
106% 108
128% 138%
2
110
2
114
104%
143
143
11
143
61
4
*110
90%
*105%
89%
87
86%
116"
108%
105%
91%
7
136
105% 107%
105% 107
99% 106
77%
105
"66" "_42
90
1
74%
75
74
92%
"84%
70
92
84%
86%
381
69%
91%
118%
117%
2
118%
117%
*113%
111
113%
*103
103
104%
IVI
F
A
J
D
118%
s
IVI
61%
104%
S
s
s
*102%
6
*103
95
105
110% 112
98% 108
81
88%
3
18
1
103"
s
116% 119
116% 119%
103%
42%
74
101% 105%
98
103%
99
101%
97% 103%
101% 104%
D
4
95
1946
J
76%
76%
3
60%
J
67
68
2
52%
68
74%
76%
5
56%
80
17
15
17
189
7%
16%
14%
16%
D
1974 M S
_
103%
74%
104
104
87%
47
7
18%
17%
8
11
4
1952
owner.
MN
9%
9%
4
4
1
3%
4
7
1982
3%
*107
107%
119"
Gas A EI of Berg Co cons
g 5a.. 1949
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f
5%s A
1947
♦Gen Elec (Germany) 7s Jan 16 1945
J
F
J
J
1940 J
D
♦20-year a f deb 6s
1948 IVI N
Gen Motors Accept
Corp deb 3sl946 F A
1951
A
122%
*95%
A
J
107%
115%
106
"~2
106
6%
6%
107
110%
40
35% 115%
89
79
96%
*121%
D
J
107%
3%
105
107
{♦Francisco Sug 1st
Gen Pub Serv deb
5%s
Gen Steel Cast
104%
102%
*101%
61%
104%
102%
IVI
Fort St U D Co 1st
g 4%s_.... 1941 j""j
Framerlcan Ind Dev 20-yr
J
7%a 1942 J
15-year 3%s deb
61%
IVI
{{♦Proof of claim filed by owner MN
♦Certificates of deposit
♦Sinking fund deb 6%s
94
379
1954 J
{{♦Proof of claim filed by
2-4s
Kg
87
..1942 IVI
♦1st A ref 5s series A
cons
94
106%
J
{♦Fla Cent A Penln 5s
1943
{♦Florida East Coast 1st 4%a..l959 J
♦Certificates of deposit
Fonda Johns A Glov
4%s
114
103% 104%
137% 155
101% 111%
100% 110
122%
123%
75%
103
103
105%
105%
4
40%
40%
2
40%
104%
103%
104%
40%
42%
103%
11
5
41
8
97%
101% 104%
101
106%
29
41%
30
30%
41%
43%
42%
104%
104%
59
104
57
103% 104%
"95%
246
76
98
29%
33%
10
12
1
20
29%
35%
104%
104
1939
J
5%s with warr. 1949
{♦Ga A Ala Ry 1st cons 6s
1945
{{♦Ga Caro A Nor 1st ext 6a..l934
J
"95"
J
29%
29
J
33%
♦Good Hope Steel A Ir sec 7a._1945
Goodrich (B F) Co 1st 6%S—.1947
Conv deb 6a
.....1946
33%
33%
J
'l07%
107%
108
93
107% 108%
D
105%
105
85
104
Goodyear Tire A Rub 1st 6s...1957 IVI N
Gotham Silk Hosiery deb 5s w wl946 M 8
104
104
105%
104%
40
107%
105%
104%
111%
107%
23
Gouv A
Oswegatchle 1st 5a
1942 J
1941
O
D
J
102
*102%
91%
5
33%
104%
111%
30
103%
98
36
106
106
108
100
14l
3437.
108%
46
"45"
*106%
Galv Hous A Hend 1st
5%s A.. 1938 AO
106
112
71
J
104%
105%
100% 105%
*110
107%
9%
66
112%
96
110% 110%
83%
65
J
93% 102%
104
111% 112%
112
*43
3%
J
14
111% 113
106%
5%
13%
IVI N
62
105
*104%
*112%
*110%
*109%
*105%
88%
5%
90
s f 7%S—1942 IVI N
♦Certificates of deposit....
103%
105
32%
6%
I
106 %
9
....
111%
1954
1st Hen 6s
stamped
30-year deb 6s series B
Flat deb s f g 7s
(Amended) 1st
106
*119
109
23
55
1051J2 109
38
108%
104%
44
90
1967 IVI N
1975 A O
110%
107%
107%
108%
27%
1953
Ernesto Breda 7s
105
20%
20%
25%
1953
Gen conv 4s series D...
Ref A lmpt 5s of 1927
105% 108%
111
13
27%
91%
1996
1
F
102
1951
.....1953
1
*112
67
16%
*108%
*107%
*107%
105%
104%
1940
112%
J
125
16
O
ser B...1940
106%
104
8
31
39
...1965
3%s
112%
102%
107
17%
O
D
105%
106%
27
110
105
2
*50
...1965 A
13%
97%
100% 105
107"
30%
D
J
91
16%
15%
D
..1946 J
14%
106
105% 108%
105% 108%
29% 38
29%
38%
78%
29%
1956 MN
4%s
15%
102
98
102%
104% 107%
*35
♦CtfS of deposit
East Ry Minn Nor Dlv let 4s. .1948 A
1
105%
33
29%
S
Duquesne Light 1st M 3%a...l965 J
J
♦{East Cuba Sug 15-yr a f 7%a.l937 M S
100
108%
101%
10
107
Detroit Term A Tunnel 4%s—1961 IVI N
Dul A Iron Range 1st 6a
.1937 A O
236
108%
3
177
107
1995
16
*._,
100%
108%
90%
89
101%
J
1961 F A
1952 A O
..1965 A O
G...1966 M S
Gen A ref mtge
3%sser
♦Detroit A Mac 1 st ilen g 4a...1995 J
♦1st 4s assented.
1995
17%
*
F
5s_Aug 1955
15%
101%
100%
O
A
76%
70%
100% 104 %
104% 108%
108%
J
1937
1943 M N
1937 IVI N
♦Assented (subj to plan)..
♦Ref A lmpt 6s ser
B._.Apr 1978 AO
15
91%
101%
D
17
Or R A T ext lat gu g 4
%s
For footnotes
64
30%
30%
16
93%
1
99% 103
103% 107
103% 106%
102
103%
53% 65%
J
A
17
88%
102
D
...
{♦Den A R G West
16
101
"23
102%
17%
1945
Colo Fuel A Ir Co gen a f 5s... 1943
♦5a income mtge
1970 A
83
*101%
*105%
15%
1977
Gen A ref mtg 4 %s ser B
1981
Cleve Short Line 1st gu 4 %a... 1961
Cleve Union Term gu 5%s
1972
1st s f 5s series B guar
1973
61%
a
Erie RR 1st
1948 M N
Series D 3%s guar
Gen 4%s ser A
102%
59%
J
1969
J
...1969
f 5s...1951 IVI N
Stamped as to Penna tax....1951 IVI N
J
{♦Den A R G 1st cons g 4s
1936 J
J
{♦Consol gold 4%s...
1936 J
1st mortgage 4%s..
Den Gas A El 1st A ref
23
D
Ref A lmpt 6s ser C
Ref & lmpt 6s ser D
Ref A lmpt 4 %s ser E
Cairo Dlv 1st gold 4s
"60%
105
100% 103%
96
105
15
D
1993 J
4
*104%
17%
J
Cleve Cln Chi A St L gen 4a
General 5s serial B
1
104%
102%
J
16%
1942
Clearfield A Mah 1st gu 4a
107
3%s 1960
Del Power A Light 1st 4%a
1st A ref 4%s
31
{♦Choc Okla A Gulf cons 5s...1952 IVI N
Cln H A D 2d gold 4
J
%s
1937 J
Cln Leb & Nor 1st con
M N
gu 4a
Cumb T A T 1st A gen 5a
2
*104%
102%
1936
Dayton Pow A Lt 1st A ref
Del A Hudson 1st A ref 4s
Gold 5%s
184
J
1963 J
ser B
35%
D
102%
101
1936
♦Certificates of deposit
35%
100%
26
102%
103
1952
Cuba RR 1st 5s g
In ref
7%s series A
El Paso A 8 W 1st 6a
5s 8tamped
98%
108
2
105
104
East T Va A Ga Dlv 1st 5s
29%
353
42% 66
99% 103
110
107
Ed El 111 Bklyn 1st cons
J
4s__..1939 J
Ed Elec (N Y) 1st cons
J
g 5a....1995 J
Elgin Jollet A East 1st g 5a
1941 IVI N
El Paso Nat
Gas4%sser A
1951 J D
61%
17
*113%
20
104
102%
S
31
30%
31%
103% 108%
104"
D
32
19%
14
A
...1942
20
20%
25
F
*100
30
107
D
40%
42
11
104%
102%
~~3
22%
105% 109%
99% 103%
67%
38
32
107%
133
D
56
32
423
107
107%
107%
65
100%
109%
107%
108%
'""4
J
W..1940 M
w
Cuba Nor Ry 1st 5%s
1st lien A ref 6s
56%
109%
7
2
1950 MN
J
f 4s
Crown Zellerbach deb 5a
.
"24%
*99%
Willamette Paper 6s...1951 J
Erie A Pitts g gu
Series C 3%s
J
1963 J
s
*22%
24%
65
38%
Chicago Union Station—
1st mtge 4s series D
1st mtg 3%« ser E
Crown Cork A Seal
24%
1943 J
warr
Copenhagen Telep 5s Feb 15.. 1954
Crane Co s f deb 3%s
1951
Crown
24%
1946 M N
82%
S
1944 J
Container Corp 1st 6s
15-year deb 5s with
24%
24%
D
1970 M N
46%
43%
98%
99%
87%
O
.May 1 1965 M N
32
8%
D
3%a
70
8
135
3%s
8
♦Certificates of deposit...
{♦Secured 4%s series A
1952 M S
25
103%
24%
24%
34%
24%
♦Consolidation Coal a f 5s
Consumers Gas A Chic gu 5s.. 1936 J
Consumers Power 3%s.May 1 1965 J
55
17%
107%
102%
1956 A
1960 J
♦Debenture 4s
36%
O
107
103
1955 J
1955 J
80%
1934 A
23%
107%
1951
♦Debenture 4s
1st mtge
1st mtge
22
23%
D
D
deb 4s.. 1954 4
non-conv
♦Debenture 4s
79%
35%
36%
35%
Guaranteed g 6s
Guaranteed 4s
{♦Consol Ry
23%
1951 J
Upper Wuertemberg 7a... 1956 J
Consol Gas (N Y) deb 4%a
Consol Oil conv deb 3%s
...
.......
44
49%
26%
J
Dec 1 1960 M
24
58%
108%
60%
37
F A
♦Certificates of deposit...
♦Conv g 4%s
1960 M N
Ch St L A New Orleans 5a
1951 J D
Gold 3%s
June 15 1961 J D
Memphis Div 1st g 4s
1951 J
D
Chic T H A So East 1st 5a
1960 J
D
115%
35%
8%
41
M N
M N
M N
M N
121
64
66
1988 J
5s
9
126%
121% 127
89% 100
102% 107%
116% 176
110% 155%
109% 112%
118% 127%
99% 102%
99% 102%
108% 111
110
-11%
112% 118%
108% 115%
110
110%
62%
"66"
38%
gu
95
81
95
64
J
J
Hioh
103% 112%
109%
89
103%
102
58%
52%
60%
♦Conv adj 6s
Jan 1 2000 A O
{♦Chic A No Weat gen g 3%a_. 1987 M N
lnc
160
143%
109%
22%
21
"27"
{♦Refunding gold 4s
12
43
104%
J
{♦Chic R I A P Ry gen 4a
♦Certificates of deposit..
107%
*112%
A
May 1 2037
4%s stpd.May 1 2037
♦1st A ref 4 %s ser C.May 1 2037
♦Conv 4%s series A
1949
{{♦Chicago Railways 1st 5a stpd
Aug 1 1933 25% part pd
33
21
104%
D
{♦Chic Mllw St P A Pac 5a A..1975
♦1st A ret
92%
"35"
21
♦Gen 4%s series C__May 1 1989
♦Gen 4%s series E__May 1 1989
♦Gen 4% series F.._May 1 1989
♦1st ref g 5s
126
*102%
J
1966 M N
♦Stpd 4s non-p Fed Inc taxl987
♦Gen 4%a stpd Fed lnc tax.. 1987
♦Gen 5s stpd Fed lnc tax
1987
♦4%s stamped
1987
{♦Secured g 6 %B
1936
89
103
25%
23%
J
♦1st A gen 5s Berles A
♦1st A gen 6s series B.May
Chic Ind A Sou 50-year 4a
♦General 4s
8
67
118%
124
J
1947
♦Refunding g 6s ser B
♦Refunding 4s series C
28
J
1937 J
Great West 1st 4a__1959 M S
{♦Chicago
{♦Chic Ind A Loulsv ref 6a
Low
104
94%
*95
U5X
If ♦Chicago A East 111 1st 6s. .1934 A O
{♦C A E III Ry (new Co) gen 6S.1961 M N
♦Certificates of deposit
Chicago A Erie 1st gold 5a
1982 M N
Ch G L A Coke 1st gu g 6a
Jan. 1
Hioh
112%
109%
103%
58%
108%
112%
114%
112%
117%
J
8
1977 F
1st A ref 4%a ser B
1st A ref 6s ser A
Since
Asked
*110
Chic Burl A Q—III Dlv 3%B—.1949 J
Illinois Division 4s
1949 J
General 4s
!
1968 M
.
Ratios
Friday's
Bid
Pries
27
Week's
,
I
104%
108
111%
Volume
New York Bond Record—Continued—Page 4
143
bonds
Last
N. Y. STOCK EXCHANGE
Price
Range
Range or
Sale
Week Ended Nov. 27
Since
Friday's
Bid
A
Jan. 1
Asked
BROKERS
High
d
Grays Point Term 1st gu 8s —1947
1944 f
1960 r
Gt Cons El Pow (Japan) 7s
1st A gensf 6)6s
Great Northern 4Mb series A-.1961
General 534s series B—1962
99
A
9534
11734
95
j
1973
i
J
General 4 Hs series D...
General 4Mb series E...
Gen mtge 4s ser G
1976
1977
r
j
r
j
1946
r
Gen mtge 4s ser H.
1946
♦Green Bay A West deb ctfs A
♦Debentures ctfs B_
r
_
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 Ma B
1st mtge 6s series C
Gulf ASIlstrefAter5s Feb
109
j
11834
j
108
11834
10834
10734
Feb
11*4
Members Neto York Stock Exchange
63
75
Feb
1960 A
16
O
C
Hackensack Water 1st 4s.....1962
10534
J
1949
Friday
Week
90
8834
44 34
*7134
*10234
64 34
Houston Belt A Term 1st 6s...1937
j
Houston Oil sink fund 534s A..1940 mn
10234
10234
10234
10234
55
"8234
35
♦Adjustment Income 6s.Feb 1957 A O
Illinois Bell Telep 3)4s ser B—1970
Illinois Central 1st gold 4s
1951
1st gold 334s
1951
Extended 1st gold 3)4s
1951
O
J
s
9234
9334
j
"89
1953 m n
1956 m n
Aug 11966 F a
...1950
1961
J
1963
j
Omaha Dlv 1st gold 3s
Bt Louis Dlv A Term g 3s
Gold 3Mb
1951
334a...1951
J
Western Lines 1st g 4s
1951
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A—....1963
a
{♦Ind A Louisville lBt gu 4s
Ind Union Ry 6s series B
8534
10634
Ref A
I ♦10-year 6s
lnt Agrlc
conv
J
O
1956 j
166
34
1136
7
1966 m
8
s
j
9534
8534
10634
10834
10434
4434
105
10634
f 6s series A
5034
10834
97
98 34
97
102 34
3
d
10036
s
104)6
1990 a
o
*»
•»«•»•>«•
O
5534
5134
j
9836
97
9834
j
10934
10934
o
10436
10434
10934
10434
5934
9124
9934
25
10634
1937
162
1949
1954
112
Uniform ctfs of deposit
1959
4434
10034
71
44
1st
39
1960
70
Coll tr 6s series A
1942
70j4
Coll tr 6s series B
1942
Lake Erie A West 1st g 6s.....1937
2d gold 5s..
1941
106
1997
1954
Lehigh C A Nav s f 4 34s A
Cons sink fund 434s ser C
3154
J
1954
f 5s
1964
1st A ref 8 f 5s
-.1974
Secured
6% gold notes
For footnotes
see
page
J
1945 M N
3437.
11434
11434
91
127
134
10734 11134
10234 105)4
10734 10934
10734
1
11134
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10134 10434
9634
105
99
9834
10934
81
9534
11134 114
86
'
100)4
10834 114)4
10434
10634
10434
10434
104
10434
1949 m
1962 Q
con g
7
99
82
82
10
76
86
71
8534
169
23
7134
8434
149
22
5834
5734
59
39
8534
843'
713
6134
5334
30
35
35
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7634
9734
97
10234
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7634
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106
10
1
1
97
109
1536
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8934
9534 100
7834
9834
100
5
102
19
10536
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16
336
31
11
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18)4
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3
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10636
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90
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4
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50)4
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3
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68
100
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74
9736
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•
1
6734
6234
91
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-
107
13
8
9336
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10134
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10536
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90
92
92
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85
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88
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36
12
32
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67
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n
12
12
3
5
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134
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83
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436
8
f
gu. 1938 J
j
1938 J
4s lnt
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3434
3636
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4)4
36
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5
95"
1334
6
j
33
4
29
1938 J
j
4136
40)4
42
33
38
52
j
30 j4
30
6
1949 m
s
28
1st ref 5 Mb series B.
91
91
9136
6
10434
1st Chicago Term s f 4s
j
1978 J
1941 m n
23)4
18 H
81)4
39
25-year 534s
30)4
3136
46 34
46
46)4
94
94)4
87)4
132
cons
5s
cons 5s gu as to lnt
1st A ref 6s series A
33
7
*9436
3136
9434
83
83
19
36
69
76
5034
9636
115
{♦Mo-Ill RR 1st 5s series A
1959 j
J
102
Mo Kan A Tex 1st gold 4s
Mo-K-T RR pr Hen 6s ser A
1990 j
D
1962 j
J
87)6
93)4
8534
5934
91)4
J
73
7234
7334
66
4934
79
J
77
77
77
2
52)4
30)4
27)6
2634
10724
108
10634
10334
10634
162
163
1962 j
Prior lien 4 34s series D—
1978 j
♦Cum adjust 5s ser A
Jan 1967 a
o
69)4
6934
70
50
1965 f
a
4036
3834
4034
77
40-year 4s series B
{♦Mo Pac 1st A ref 5s
ser
A
10834
11834
♦General 4s
118"
1975
122
♦lBt A ref 5s series F
1977 m
101
104
16
11334
42 34
10034
9834
7034
66
70
7034
64 34
65
6734
15
10034
10034
99*4
3934
1436
39)4
1336
40)4
3836
39 36
♦Certificates of deposit
3736
40 34
3836
39)4
1436
40)4
39 36
4036
3936
3936
3936
1949 M N
1036
11
1980 a
40 j4
39 36
1034
38)6
m"s
s
♦Certificates of deposit
♦1st A ref 5s series G
1978 mn
♦Certificates of deposit
4434
10034
*10534
10534
27
88
10334 10634
10234 10454
9934 10434
100
loo"
113
33
10634
1951 M S
10834
112
5
1946 J
32
10354
011434 011434
10034
10034
*10834
*10634
*10834
10334
16134
*10834
*11534
9134
10634
10434
...1952 m N
♦Conv gold 534s
♦1st A ref g 6s series H
♦Certificates of deposit
♦1st A ref 5s series I
o
1981 FA
♦Certificates of deposit
♦Montgomery Dlv 1st
♦Ref A impt 4 34s
1977 M
1734
46
2634
4336
140
27)4
4534
5
26)4
44
94
734
2734
2634
46
71
122
3936
40)4
3936
23
99
*
158
27
11
27
1
82
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33)6
23
20)6
23
11
9
23
22
23
27
934
97
98
26
3134
2934
10534
10434
98
Monongahela Ry 1st M 4s
98
1434
43)4
46
43)4
100
97
*30
s
'10434
43 34
1034
27
99
A
45 34
119
3836
3736
39 36
g 5s..1947 f
9
83
7434
163
4036
3736
40)4
♦Mo Pac 3d 7s ext at 4% July..1938 MN
{♦Mobile A Ohio gen gold 4s
1938 M s
♦Sec 5% notes
1938 M s
Mohawk A Malone 1st gu g 4s. 1991 M 8
38"
2634
2734
Monongahela West Penn Pub Serv
o
10534
9234
10434
57
*9934
74
O
108
108
10834
56
10634 10836
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107)4
10236
107)4
108
11
107
J
10234
103
17
10236 1063
1937 J
j
28
10234 104)6
10536 108 34
97)4 104)4
1st guar gold 5s
6334
98
8234
98
1937 J
54 34
29
8534
105)4 11434
1965 A
60
7234
*11134
1960 A
72
104
97 34
A'60 ivi N
1st mtge 434s...
Mont Cent 1st gu 6s
*9934
'i0434
ser
6s debentures
97
74
73
1938
Leh Val Harbor Term gu 5s....1954
""61
O
21
Lehigh A New Eng RR 4s A... 1965
Lehigh ANY 1st gu g 4s
1945 m s
Lehigh Val Coal 1st Arefsf 5s 1944 f A
1st A ref 8 f 5s
1954
s
9934
11434
D
3134
J
1954
a
1st A ref
1943 j
3134
♦Certificates of deposit
99
"9934
*33
1947 a
1st
3834
*6934
Coll A ref 634s series D
Lake Sh A Mich So g 334s
♦Lautaro Nitrate Co Ltd 6a
M St P A S3 M
3234
{♦Kreuger A Toll secured 5s
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 534s series C
1953
""l3
m N
m N
*9934
Kinney (G R) A Co 7 34 % notes 1936
Kresge Foundation coll tr 4s__1946
9534
S
118
1954
6
11
D
A—April 1940 Q
refunding gold 4s
♦Ref A ext 50-yr 5s ser A
2634
103
1961
1997
9934 10734
10934
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ser
♦1st A
4334
3234
j
37
10434
6334
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61 ♦Mllw ANorlst ext4 348(1880) 1934 j
1st ext 434s
1939
Con ext 434s
1939
{♦Mil Spar A N W 1st gu 4s... 1947 m
{ ♦Mllw A State Line 1st 3 34s. 1941 j
{♦Minn A St Louis 5s ctfs
1934 M
*25
1961
"95"
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10434
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9434
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*40
99
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10834
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m
.
5134
9134
1961
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63
34
91
1961
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
"55
91)6
1948 M s
Plain
*10734
o
stmp (par $925)_.1943
4Mb unguaranteed
10034
10534
10734
105
O
1987 J
♦2d 4s
-.2013
Manila Elec RR A Lt 8 f 5s
1953
Manila RR (South Lines) 4s... 1939
1st ext 4s
..1959
O
Ref A impt 434s series C
1979 J
J
Mid of N J 1st ext 5s
....1940 a O
Mllw El Ry A Lt 1st 5s B
1961 j D
1st mtge 5s
1971 j
J
100 34
a
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♦Ctfs w w stmp (par $645)..1943
Stamped
99j4
10434
A
Kentucky Central gold 4s
Kentucky A Ind Term 4Mb
10534
10234
93
8434
1942 a
cons g 4s. 1990 a
♦Certificates of deposit..
Jack Lans A Sug 334s
1st gold 3348
79
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Maine Central RR 4s ser A
1945 J
D
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1960 J
d
33 34
10234
M
11134
10934
11134
10834
1
10234
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Metrop Wat Sew A D 534s
1950 a O
Jt^Met West Side El (Chic) 48.1938 F a
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1977 M S
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1956 J ~
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
J
8734
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f deb 5sl951 M N
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2j4
8
101
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s
12
102 34
236
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10434
10934
10834
3534
7634
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111
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111
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79
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1946 m
100
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87
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124
84
169 34
10034
J
1980 j
118
102
9834
A
Kansas Gas A Electric 4 Mb
131
5
110
16034
10134
9734
9836
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Apr 1950 J
1st 4s
1960 j
2
98
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A I Namm A Son 1st 6s
Marlon Steam Shovel s f 6s
75 34
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s
9634
7334
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97
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124
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94
75)6
...
10134
133
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j
Atl Knoxv A Cln Dlv 4s
1955 m N
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95
99 34
1950
111
96
4534
7434
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6034
9834
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10
6
1946
4634
9936
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"46
16
2003
6534
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J§*K C Ft 8 A M Ry ref g 48.1936
67
10734
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10134
10134
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7034
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137
108
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1947 f
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111
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1955 f
126
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1939 j
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10734
6634
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1941
10034
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a
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f {*Manatl Sugar 1st s f 734s
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6434
a
1941
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1
10934
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115
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40
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102
100
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1947 j
16634
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31
1951 m n
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94
deb 4a..1945 m n
1956 J
104
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8834
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75
85
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103
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22
230
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A... 1969 J
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12534
1951 F
ser
9434
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135
1944 A
6s....
4634
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a
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b
f
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i*10-year
72 34
8334
10834
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1949 m
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•
105
m
...1932 A
10834
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Louisville A Nashville 5s
1937 m N
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j
1940 J
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2003
92
93
86
44
1966 j
{ Interboro Rap Tran 1st 6s
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10334
7034
Since
Jan. 1
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p m deb 5b
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J
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1961
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a
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j
J
Inland Steel
A
j
106
o
1965 j
1952 J
1949 m
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90
1956 j
...1946 f
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1938
23
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ser
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8734
8834
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1963
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11034
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s
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109 34
10234
j
g
Loews Inc
*96
j
1951
7234
2634
*10734
a
1951
3534
-
Little Miami gen 4s series A... 1962 M n
104
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Litchfield Dlv 1st gold 3s
Loulsv Dlv A Term g 3 mb
8334
34
1951 F
85
1
*9134
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1952
82
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2003 m N
1941 A O
5s
6s
11934
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3834
55
cons
70 m
75
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gu
1965 a
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10034
12334
12334
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10234
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5034
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j
m N
1940 J
2003
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1951
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Price
Leh Val NY 1st gug 434s
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116
12434
1937 mn
j
..1937
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D
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1949 mn
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1967 f A
Ended Nov. 27
Low
2934
2934
12434
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Friday's
Sale
10734
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j
1999
1944 a O
Week's
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bonds
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10634
10634
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9934
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1962
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o
1960 A
J
ser
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11434
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1940 mn
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11534
11734
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IN
FOR BANKS AND DEALERS
9534
r .j
i
3435
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Friday
Montana Power 1st 5s A
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1943 J
j
.1962 j
D
Montecatinl Mln A Agrlc deb 7s '37
j
J
♦10234
10534
10536
10436
10436
99
09836
10334
10534
10434
99
6
21
6634
1083
9936
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STOCK
Week's
hast
hangs or
Range
Sals
EXCHANGE
Friday's
Bid
a
Asked
Since
Pries
Week Ended Nov. 27
Low
J
Montreal Tram 1st A ref 6a——1941
Gen A ref s f 5a aeries A—..1965
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O
*85
86)4
o
C..1955
o
1955
J
Morris A Co 1st s f 4%s
1939
D
Morris A Essex 1st gu 3%S----2000 J
Constr M 6s series A
..1955 MN
Constr M 4%s series B
1955 M N
Mutual Fuel Gas 1st gu g 5s...1947 M N
Mut Un Tel gtd 6s ext at 6%—1941 M N
Namm (ADA Son—See Mfrs Tr—
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Nash Flo A S 1st gu g 5s
1937 F A
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1951 J J
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1997
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2047
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2047
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2047
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2047
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2047
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—1938
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1941
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1961
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1945 J
J
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5654
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1960
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1945
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1953
1951
1938
1965
1966
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1947
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1955
101
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1956 J
10354
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1927—1967
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J
D
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1955 J D
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J
1965 J
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1947 M N
...1951
1956
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1940
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1943
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121%
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1970 J
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1975 A
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1977 J
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9
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120
118
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115
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122
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89
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111%
111%
111
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122
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1960
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116
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1948 J
Pitts Y A Ash 1st 4s ser A
9
80
93
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...1962 F
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1977 J
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122
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tor deb 6s A com stk (65% pd)..
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D
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104 H
78%
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95%
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113%
104%
99 %
99%
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1951 J
115
10354 107)4
102)4 10554
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106
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Potomac Eleo Pow 1st M 3Hs 1966 J
Porto Rlcan Am Tob
105
105 H
*126)4
*118)4
96)4 104
107
51
60
122
10554 108
96
8
62
.94
1958 A
1960 A
4Hs series C
30
*104 )4
M
110%
121%
28
138
*52
D
115%
99%
105%
105%
115%
90
47
24
14
106)4
10254
10954
MN
22
111
23
94
'166)4
103)4
10954
109
23 H
89
"14""
S
O
4
111%
111%
100%
118%
8p
161
9154
J
124%
113%
121%
107%
137
27
89
D
103""
24%
F
105% 107%
110% 113%
115%
25 %
113 H
90% 100
104% 105%
103% 107%
104
11154
125
48%
107%
102% 107%
K)l% 107
108% 108%
i06%
47
...1957 M N
Pitts Va A Char 1st 4s guar
1943 M N
D
Pitts A W Va 1st 4%s ser A—.1958 J
109
55
47%
1942 M N
General mtge 5s series B
General 4 Ha series C
100
103%
113%
*117%
*114%
106 H
106%
106%
103%
O
1942 A
guar 4 Hs
General M 5s series A-
107
1
*129
Series D 4s guar
.....1945 MN
Series E 3Hs guar gold
1949 F A
D
Series F 4s guar gold
1953 J
cons
1
2
15%
112%
87
105% 107%
104
107%
106%
40
99
104
A
J
Philippine Ry 1st s f 4s
1937 J
PUlsbury Flour Mills 20-yr 6s. .1943 A O
Pirelli Co (Italy) conv 7s
1952 IVI N
Series G 4s guar
Series H cons guar 4s
Series I cons 4 Hs
60
104
113%
32% 42
49% 77
119% 122%
102%
104% 106%
105
106
151%
101
100
105
J
D
1967 J
Phlla Elec Co 1st A ref 4Hs... 1967 M N
1st A ref 4s
—1971 F A
J
Phlla A Reading C A I ref 5s.. 1973 J
Conv deb 6s
1949 IVI 8
4%s A
88
102%
106%
99
124
113 %
6s series A
Series B 4%s guar...
Series C 4Hs guar
5
*108%
106 H
N
1956 J
General g 4Hs series C
General 4 Hs series D
8
2
105
115%
*115%
102%
1980 M S
1943 M N
General 5s series B
75
104
99 H
108%
61%
59%
83
N
1st g 4Hs series C
F
16
*112
1st 4s series B
Phlla Bait A Wash 1st g 4s
71
102
65
*80
105
93
101
*101%
*106%
*107%
*107%
108%
106 H
106%
J
O
5
94
N1
April 1990 Apr
Peoria A Pekin Un 1st 5Hs—1974 F A
J
Pere Marquette 1st ser A 5s... 1956 J
"57
74
31
115%
97%
lio"
2
65
106% 110%
105% 108%
09% 102%
101
II5H
1940 A
1st M 4 Ha series B
93
*104)4
116""
6
10
90
98% 103%
100% 104
105
45
122%
36%
O
68—1943
1947 M S
Peoria A Eastern 1st cons 4s
66)4
17
105
121%
62)4
20
69%
100%
110%
110%
*121%
1st M
101%
102
103
107
73
123%
108%
34%
121H
90
105
36%
41
110%
110 %
93
119
55
40%
107 %
46
122
2
44
"60
44
1981
1984
45
113%
118
"45%
"44H
1968
54
115
109
7
*107
J
D
1970
60
111% 116
110
102% 105
104 %
Debenture g 4 Ha
64
20
"12
100% 104%
O
General 4Hs series D
Gen mtge 4%s series E
20
114%
113%
121%
122%
107%
69%
110%
108%
102%
General 5s series B
90
116
113%
113%
104%
Ha
1960 J
Pa Ohio A Det 1st A ret 4 Hs A. 1977 A
4Hs series B
1981 J
Pennsylvania P A L 1st 4Hs—1981 A
Pennsylvania RR cons g 4s
1943 (VI
Consol gold 4s
1948 M
48 sterl stpd dollar May 1-1948 M
Gen mtge 3 Ha ser C
1970 A
Consol sinking fund 4Hs
1960
General 4Hs series A
1965
Series J
101% 103%
111
59
Penn Glass Sand 1st M 4
Pitts C C A St L
112
102
27
Penn-Dlxle Cement 1st 6s A—1941 M S
sec
112%
111%
100%
Ry 1st ref s f 7s—
Phlla Co
24
39%
109% 109%
104% 108
101
.1937 M S
Guar 3 Ha coll trust ser B— .1941 F A
D
.1942 J
Guar 3%s trust ctfs C
88
'62 %
M N
F
28
34)4
88)4
1454
3437.
7
33)4
M N
♦Certificates of deposit
For footnotes see page
4
30
"n
F
37
30
10854
J
24
27)4
2754
108
A gen ■ f 4%S—.1939
6a
1946 J
stamped
1946
J
{♦N Y Westch A B 1st ser 14%sl946
M
Niagara Falls Power 3)48—-.1966
A
Nlag Lock A O Pow lst5sA—-1955
M
Niagara Share (Mo) deb 5)4s—1950
Nord Ry ext sink fund 6%s
1950 A
{{♦Norfolk A South 1st g 6s...1941
4s
1996
Pocah O A C Joint 4b—....1941
North Amer Co deb 5s
1961
No Ant Edison deb 5s ser A....1957
Deb 5%s series B
Aug 151963
Deb 5s series C...—-Nov 151969
North Cent gen A ref 5a
1974
Gen A ref 4)48 series A
1974
100)4 100 H
25)4 39
34
*27)4
6s
N A W Ry 1st cons g
21
2
N Y Trap Rock 1st
{{♦Norfolk South 1st A ref 5s—1961
108)4
103)4
109)4
100)4 10354
104 H 106 %
10554 108)4
103
109)4
106)4
MN
N Y Telep 1st
*106)4
108)4
107
94 H
103)4
32
29)4
Prior lien 6s series A
1st mortgage 5s..
1st mortgage 5s...
10354
109)4
*28
J
J
—1948 J
.1940 A O
1957 M N
♦Conv debenture 6s
102
*102
1956 MN
♦Conv debenture 3148
92)4 101%
101
*106)4
122%
106%
100%
100%
69
♦Income 48
N Y Greenwood L gu g
33
100%
104%
J
{♦Park-Lexington 6 Ha ctfs— .1953 J
1944 A O
Parmelee Trans deb 6s
Pat A Passaic G A E cons 5s. .1949 (VI s
1942 M 8
♦Paullsta
Refunding gold 5s
108
101
{{♦Pan-Am Pet Co (Cal) conv 6s '40
♦Certificates of deposit
cons
30%
111%
107
99% 104
161""
Ref mtge 3 % s series B
1966
Paducah A 111 1st s f g 4%s...1955 J
J
Peop Gas L A C 1st
104% 107%
107% 109
100%
1963 F
8654 97
101)4 104)4
104% 107
J
28-year 4s
74)4
108
106
J
74 H
96
80 H 102)4
98
10354
90
10
109%
107%
103
A
D
1944 J
1952 (VI N
10754
99%
105%
—1937 J
A
Guar 3 Ha trust ctfs D
Guar 48 ser E trust ctfs
100
74% .85%
1938 F
1938 J
Pac RR of Mo 1st ext g 4s
♦2d extended gold 5s..
103)4
9754 105)4
104 H
N Y Gas El Lt H A Pow g 5S..1948 J
Purchase money gold
103 H
J
Refunding 514s series A..
S
Ref 414s series C...
3-year 6s
*
Oct 11938 A O
N Y Connect 1st gu 414s A
1953
1st guar 5s series B
N Y Dock 1st gold 4s
116)4
2
104""
109%
107%
102%
D
Paris-Orleans RR ext 5%s—
18
90
104% 112%
107
108
D
D
Paramount Pictures deb 6s...
27
50 %
J
J
1st A ref mtge 3%s ser H...1961 J
Penn Co gu 3 Ha coll tr A
J
120%
Paramount Broadway Corp—
.1955
1st M s f g 3s loan ctfs
4754
*~6
113
8
55
24)4
3254
F
A
S
1946
1964
56
*105 H
A
M
,
107%
Q
107%
4954
80H 100)4
10
53
1956
1954
♦Certificates of deposit.
11954
40
.1956
414s series D
12654
14
44
*
♦Certflcates of deposit—
♦1st
12654
124
*109
108
J
Pacific Coast Co 1st g 6s
103 H
30
J
J
Pacific Gas A El 4s series G
106
108%
M S
J
7754
81
*107
J
1961 J
Oslo Gas A El Wks extl 5s.---1963 M
83)4
122
73
12
J
45)4
16
47)4
50 H
47)4
45)4
99
"47)4
,.1954
♦1st 5s series C
'~7
76
65
110
J
Ore Short Line 1st cons g 58—1946 J
A—1941
88
69
87%
108 H
D
Otis Steel 1st mtge 6s ser
High
108 H
J
J
58
62
4554
{{♦N O Tex A Mex n-c lnc 58—1935
♦1st 6 Ha series A
10354 107)4
61)4 77 H
120 % 123)4
44
New Orleans Term 1st gu 4s...1953
♦1st 5s series B
"I
*104
l07~~
New Orl Great Nor 5s A
55
67
64
93
J
Ore-Wash RR A Nav 4s
Nat Steel 1st coll a f 4s
.
107
112
MN
Low
37
J
Ontario Transmission 1st 5s—1945 M N
1946
No.
88
112
J
J
Guar stpd cons 5s...
Bioh
67
104
MN
Sines
Jan. 1
60
104 H
Og A L Cham 1st gu g 4s.. —1948
Ohio Connecting Ry 1st 4s
1943
Ohio Edison 1st mtge 4s
1965
Ohio Indiana A West 5s—Apr 11938
Ohio Public Service 7 )4s A— —1946
1st A ref 78 series B
1947
—1937
1943
Bangs
Is
Asked
81%
105%
112%
111H
81H
J
J
1936
112
J
F
J
MN
Ohio River RR gen g 5s
Ontario Power N F 1st g—
*82 H
111
Q
Q
1964
Northwestern Teleg 4)4s ext..1944
Norweg Hydro-El Nit 5)48—1957
Ref mtge 5s
Oregon RR A Nav com g 48—1946
"3)4
A
85 H
Nat
Ry of Mex pr Hen 4 %s—1957
♦4%s Jan 1914 coup on
1957
♦4%s July 1914 coup on
1957
♦4%8 July 1914 coup off—1957
Rangs or
Friday's
Bid
Low
82)4
100
M N
w.,1951
Distillers Prod deb 4 Ha—1945
8654
103*32 103'*32
I03f32
95 %
100 %
D
M N
"8654
Sals
EXCHANGE
No
*85~"
Gen A ref a f 5s series D
Nat Acme 1st a f 6s
High
STOCK
Y.
Week Ended Nov. 27
Jan. 1
*10354
O
Last
BONDS
N.
28,
Week's
Friday
Friday
BONDS
N.
Nov,
New York Bond Record—Continued—Page 5
3436
116
*230
D
117
100%
106
106
73%
106
14
4
65
1
79%
9
39%
227
105%
1
98%
59
12%
1
79% 106
66% 80%
104% 108
823
64%
27% 413
104% 105%
91
98%
116%
105%
'129
100%
54
18
9
21H
79
85
92%
110% 131%
102% 105%
91% 103
158
260
122
77% 106
63
63
275%
122
1
Volume
3437
New York Bond Record—Concluded—Page 6
143
Week's
Friday
Friday
Week's
BONDS
Last
Range or
Range
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Bid
A
Asked
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Week
n
27
Ended Nov.
Price
High
Low
Reading Co Jersey Cent coll 4s. 1951 A
Gen A rel 4%s series A
Gen A ref 4%s series B
1997
1997
112
i20M
GeD mtge 4%s series B
1961 F A
Purch money 1st M conv 5)48 *64 M N
J
Revere Cop & Br 1st mtge 4 %s.1956 J
98%
7s
s f
♦Rhlne-Westphalla El Pr 7s___1950
♦Direct mtge 6s
1952
♦Cons mtge 6s of 1928
1953
104)4
108
3
105%
108 h
108
Third Ave RR 1st g 5s
112h
106
113%
112
A
27%
27%
O
.
106
102% 106)4
8
27%
J
58
conv 6 Ha—- 1943 M n
♦Tyrol Hydro-Elec Pow 7%S-. 1955 M N
120%
100
ioa'x
90%
1950
1
104 X 107 H
105%
24%
4
104
Union Oil of Calif 6s series A.. .1942 F
A
1
107 %
61
35
3
108 h
"4
19h
34
30
31%
35
105%
"16
47
10
112% 113)4
107
109
sec s
12-year 4s
1962 f
f 7s
conv
s f
*89%
A
95
24
O
121%
103
.1947 ivi N
deb
103"
39
101
100%
101%
123
107%
101%
107%
24%
1944 ivi
s
j
§ {♦United Rys St L 1st g 4s... 1934 J
U S Pipe A Fdy conv deb 3Hs.. .1946 ivi N
U S Rubber 1st A ref 5s ser A.. 1947 j
85
92
78
101
*113%
j"
83)4
85
83
83%
25
4
8
39 %
39%
108
138
107%
53
103 H
107%
39%
10
104%
33
33H
95% 104 H
104%
105%
123
97% 105%
67 %
87%
86
.1944
Utah Power A Light 1st 6s
71
Util Power A Light 5%s
Debenture 5s
34)4
111
1
1
107 H
3%
19
2%
J
j
*2%
-----
25%
27
15
31
25%
24)4
108
cons g
4s series A
58.1941
1955
a
f
111
1957 M n
Cons s f 4s series B
f*July coupon off
24%
d
14)4 1
30)4
♦Vertlentes Sugar 7s ctfs
13 %
Virginia El A Pow 4s ser A
11
76 %
2934
97)4
1942
1955
J
209
Va iron Coal A Coke 1st g 5s..
1949
ivi
s
*62
69
5
50
75
Va A Southwest 1st gu 4s
2003
j
J
*110%
63
63
10
1958 a
o
99%
51%
35
ivi
s
107%
108%
81
100 %
3
ivi N
103%
96%
104
31
96
.
,
51)4'
%
48
100%
20
104%
102 %
107 h
122%
19 h
102)4
*101)4
19%
104 %
17h
31
107%
122
%
39%
6834
28 h
56)4
100)4 102h
100)4 102h
105
30
*24
102)4
J
102%
112h
115)4
115)4
*40
J
O
"42"
42
42
"~42~~
122%
23
....
2
42
120 h
120h
102 %
107
31
16)4
27
102)4 107%
101)4 104%
104% 107 h
117h 124%
42
1st
cons
5s
1966
Virginian Ry 3%s series A
{Wabash RR 1st gold 5s......1939
♦2d gold 5s
1939
1st lien g term 4s
1954
MN
f
A
109
109
97
*103%
1939
Omaha Dlv 1st g 3 Ha
1941
Toledo A Chic Dlv g 4s
1941
{♦Wabash Ry ref A gen 5Hs A. 1975
112%
115)4
42 h
42
"""3
43)4
34
120 H
23
22
23
O
23)4
20 h
23%
Walker (Hiram) GAW deb
Oct 1949
2
1959 A
O
65
6h
6%
10%
10h
10%
11%
10%
15
13%
15
12%
14
42
25
25
9h
9
154
8%
9
110%
21
100 h
100%
138
Shlnyetsu El Pow 1st 6%s
1952 J
1935 J
D
82%
82 H
82%
4
81h
"26
42%
72)4
23)4
31)4
*102
64
1941 F
1951
A
Skelly Oil deb 4s
Socony-Vacuum Oil 3 Ha
1950
O
South A North Ala RR gu 6s..1963
Bell Tel A Tel 1st s f 58.1941
O
J
108%
Sileslan-Am Corp coll tr 7s
South
Southern Colo Power 6s A
J
1968 M
S
1969 M N
Gold 4 Ha.
San Fran Term 1st 4s
56
96 %
102 34
105%
105%
106h
26
103 %
106)4
128%
128%
108h
128%
108%
106%
10
114)4 128)4
34
106)4
106 h
"98%
97%
99
4
145
95
108)4
102 h 107
80 H
99
99%
99%
93
94
136
87 h 100 H
96
76 h
93 %
92h
93%
188
77
95)4
95)4
93%
133
76 %
101
101%
300
97)4 102)4
109%
109%
10
92h
O
So Pac
RR
1955 J
1st ref guar 4s
1st 4s stamped...
J
*103%
*
1956
1994
Southern Ry 1st cons g 6s
Devel A gen 4s Beries A
108%
108%
'mil
iio%
1956
80 h
79
Devel A gen 6s
1956
98
Devel A gen 6Hs
1956
99h
102h
Mem Dlv 1st g 6s
1996
St Louis Dlv 1st g 4s
East Tenn reor lien g 5s
1951
104h
"166%
1938
Mobile A Ohio coll tr 4s
101
..1938 M
100%
*104h
90
S
S'western Bell Tel 3Haser B...1964 J
D
S'western Gas A Eleo 4s ser D..1960 M N
108)4
105%
31
J
108 h
105h
111%
80%
99%
102%
104h
101h
63
106 %
118
109%
106%
37
10434 106)4
100)4 101h
99% 10834
205
63
84
88
5
39
ioi)4
71h 104)4
85
10534
78
10134
68 h
97%
"56
17
42
67 h
104)4
91h
104 h 109)4
103)4 10634
106%
106 %
5
104 %
100)4
100%
95
U9%
106%
"l09
F
A
Standard OH N J deb 3s
1961 J
D
1943 J
♦Studebaker Corp conv deb 68.1945 J
D
37
*104)4
1946
Staten Island Ry 1st 4H8
Swift A Co 1st M 3%s
1950 M
116
106 %
w w
Without warrants
or
B
ivi
S
43%
55
312
1941 ivi
s
76%
77%
*77%
*99%
77%
Westchester Ltg 6s stpd
142
148
10
136
114
115h
7
114
104
104)4
36
125%
104)4
104 %
1
120
126)4
10
103
J
125%
S
Tennessee Corp deb 6s ser C
1944
M
S
104h
*104h
1st 6s ser A
1947
1st
cons
gold 5s
Gen refund s f g 4s
Texarkana A
Tex A N O
con
3 Ha
gold 5s
*109%
94
10234
109 % 112
116
121
112
11
105 h
108 H
108%
108 H
18
105%
105 %
106
91
87 % 108)4
101)4 106
1953
119%
"~~4
111%
119h
1951
1943
110
74% 1U4%
119%
111%
1944
Ft S gu 5Hs A.. 1950
Texas Corp deb
"57
98%
Term Assn of St L 1st g 4H8..1939
*105%
112
1st mtge 4s ser H
1st mtge 3 Ha series I
Western Maryland 1st 4s
1st A ref 5Hs series A
127
128%
"~~8
1977
105h
106%
67
98
10634
1979
106%
106%
51
97
107
Gen A ref 6s series D
1980
107
107%
24
97
107)4
Tex Pac Mo Pac Ter 5Hs A..1964 M S
128%
107%
*108%
36
26
40%
24 H
26
40%
36
35
101
-----
-----
70
87
71
98
86
99%
-
—
28
55
1
77%
80
103% 111%
41H
41%
77%
77%
77
83
--
----
----
—
-
-
-
109%
~2
125%
6
122%
126%
122%
109%
12
94% 101%
105H 109%
109H 110H
109H 112
104
105
81
121H 126%
119
123%
107% 110
107H 109%
96% 105%
107%
108%
24
106
100%
110%
100%
110%
1
100% 104%
1
106
34%
34%
56
34%
40
32 H
32 H
44
33%
125%
S
.1961
1966
1952
1977
5s—-.1937
Gen gold 4s
1943
{♦Western Pac 1st 5s ser A
1946
West N Y A Pa 1st g
104%
6
104%
107
111%
15
103
111%
108%
109
j
J
a
o
ivi
s
34%
1946
♦5s assented
1
8
109%
109
111H
42%
Western Union coll trust 5s...1938
Y'j
1950
1951
1960
ivi N
104%
110%
J
d
107
107%
44
103)4 107 H
s
108%
25%
98%
109
39
104
95%
96
Funding A real est g 4Hs
25-year gold 5s
ivi
30-year 6s...
♦Westphalia Un El Power 6s..1953 j
2361
Registered
2361
Wheeling A L E Ry 4s ser D..1966
West Shore 1st 4s guar
White Sew Mach deb 6s
J
j
J
j
J
M
s
95%
A
109%
26%
23
22 H
99%
43
85
8
81
*106
-----
*112%
----
96
104
107 H
107 H
113%
102%
102%
1940 M n
102%
102
99
112%
102%
102%
1
90
103%
11
60
18%
18%
13
45
37
36%
38%
38%
1942
j
D
62%
66
1938
j
D
*105%
-----
Wilson A Co 1st M 4s series A.1955 J
j
103%
104%
1960 J
j
J
j
j
♦Ctf dep Chase Nat Bank
J
37
♦Ctfs for col A ref conv 7s A. 1935 MN
Wllk A East
1st gu g 58
Will A S F 1st gold 5s
Winston-Salem S B 1st 4s
104%
-
-
50
*111%
115
25%
29
54
26%
15
20%
22%
"29"
♦Certificates of deposit
|*Sup A Dul dlv A term 1st 4s *36 M N
|♦Certificates of deposit
{♦Wor A Conn East 1st 4 Ha.. 1943
Youngstown Sheet A Tube—
Conv deb 3 Ha
--
26%
{♦Wis Cent 60-yr 1st gen 4s...1949
j
1951 f
1961
33 H
100
102%
1949 M s
Wheeling Steel 4 Ha aeries A—.1966 f
*19%
--
-
-
40
40
68%
105% 107 H
99% 104%
107
112%
15%
33%
15%
30%
9
24
9
21
21
21
25
16
----
J
*10%
A
128%
133%
234
105% 140
103%
104%
77
98% 105
ivi N
104
e
Cash Bales transacted during the current
No sales.
r
a Deferred delivery sale only
Under-the-rule sale only transaction during
t Accrued Interest payable
Cash sale only transaction during ourrent week,
transaction
during ourrent week,
current week.
n
$ Negotiability Impaired by maturity,
at exchange rate
of 54.8484.
m Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
117% 128)4
105% 110
week and not Included In the yearly
range;
•
Gen A ref 5s series B
2000
25
4
el09%
j
d
99 h 107
Gen A ref 5s series C
Texas A Pac 1st gold 5s
*122
----
109
1939
gtd—1950
West Penn Power 1st 5s ser E.1963 ivi
105
J
*110
15634
11534
A
O
M
38%
40%
27
107%
R
1944
42 %
81% 128
105
1947 A
Tenn Cop A Chein deb 6s B
93
151
1st mtge s f 4s ser C
24
1956 F
Tenn Coal Iron A RR gen 5s.. 1951
Tenn Elec Pow
10634
98)4 100)4
1956 F
Symington-Gould conv lnc
Tenn cent 1st bs A
J
S
86
98%
86
*
53
14%
1955 J
83
79
109%
96%
92% 112
108
{♦Spokane lnternat 1st g 5s
Staley (A E) Mfg 1st M 4s
99
26%
{♦Wickwire Spencer St't 1st 7s. 1935
"53
106
90%
90
36%
97%
RR 1st COEL80I 4s.
So Pac of Cal 1st con gu g 5s..1937 M N
So Pac Coast 1st gu g 4s
J
1937 J
77
60
90
94
101%
1950 A
59% 103 34
15
J
J
70
1
21
69
93%
...1946
23%
89 h
102%
1981 M N
10-year secured 3%s
~64
110%
94% 101)4
105 h
102
69
102%
J
1947
D
So PaC coll 4s (Cent Pac coll) .1949
1st 4%s (Oregon Lines) A...1977 M S
Gold 4 Ha.
Gold 4 Ha
23%
-
*91%
Wash Water Power s f 5s
J
-
S
♦Deposit receipts
110
A
108%
109
Warren RR 1st ref gu g 3
8%
F
--
o
♦Warner Bros Co deb 6s
110%
100%
1951 M S
34
35%
37%
"34%
----
o
{♦Warner-Qulnland Co deb 6s.1939
5
A
..1946
45
37%
1939 M
6s debentures
1951 IV1 N
1951 M S
f 7s
----
1955 a
1955 a
Walworth Co 1st M 4s
4%s
Shell Union Oil deb 3%s
s
*
4HS1945
Warner Bros Plct deb 6s
291
14
6%s
85
100% 102 %
72
82%
89
-
-
27
Ha.-2000 F a
Washington Cent 1st gold 4s..1948 Q ivi
Wash Term 1st gu 3 Ha
1945 f A
1st 40-year guar 4s
1945 f A
59
A
8h
98 H 104 %
97
84%
67%
26
--
♦Certificates of deposit
2
O
1935 F
6
103% 109
7
F
8%
—
35%
"33%
35
1980 AO
♦Ref A gen 6s series D
2
A
"~9%
----
112%
100%
81
25
AC
♦Certificates of deposit
A
11%
34%
*
1978
♦Ref A gen 4 Ha series C
9
----
70%
*33
A
12
38
99%
72
58
104
-
83
~70%
♦Certificates of deposit
5
46
-----
106% 109 %
—
-
97
88%
6%
3l"
'II"
----
-
100
*97%
32%
38
1976 F
♦Ref A gen 5s series B
67
112%
♦
Des Moines Dlv 1st g 4s
9
109%
*84
1941
Det A Chic Ext 1st 6s
4
4s. .1950
1950
|*Atl A Blrm 1st g 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs.. 1935 A O
220
31
97
22
110%
----
69
25)4
,24%
'97
100H
1945 M S
17
110%
17%
♦Certificates of deposit
93
3%
16
1989 M N
75
92
111
27%
1946
78
110%
Vandalla
A
64
60
j
Vanadium Corp of Am conv
31%
30)4
32%
J
59
44
I^Vera Cruz A P 1st gu 4%s__1934 J
86
15%
14 h
1946
68%
65%
85)4
96%
106H HI
75
27 h
27
66%
64%
51h
72
J
1
63
1947
1959
60
♦Certificates of deposit
s f
33
104%
25%
♦Stamped
♦Debenture
33 %
10
27%
♦Stamped..
♦Silesia Eleo Corp 6 Ha
27
27%
24
22%
24)4
22%
23%
S
♦fSlemena A Halske
38
15
107
J
131
29%
29%
25)4
Santa Fe Pres A Phen 1st 6s. .1942 M
deb
25
130
♦Certificates of deposit
conv
114%
34
36%
29%
82)4
J
♦Series B certificates
103 %
111
-----
29%
29%
27%
25%
S A A At Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s.. 1952 J
Sharon Steel
98
29%
83
1937
1940
1972
6s series A
101%
99
106% 109%
1
103
A... .1947
♦Sink fund deb 6 Ha ser
J
{♦St Paul E Gr Trk 1st 4%e...l947
cons
107 H 111%
118
109
3
103
35
35
♦Un Steel Works Corp 6Hs A.. .1951
.1951
♦Sec s f 6 Ha series C
J
{♦St Paul & K C 8h L gu 4%s_1941
St Paul MlDn & Man 5s
...1943
♦1st &
116%
28
109%
111%
s
102)4 105h
*105)4
^Refunding 4s.
111)4
115%
111%
O
10534
in%
123
115%
1971 M N
25
122 H
103
111;
1953 ivi
102 %
17%
119
s
35-year 3 H» debenture
99%
107%
6
June 2008 ivi
1st lien A ref 6s
United Drug Co (Del) 5s
U N J RR A Can gen 4s
43
4
108%
United Biscuit of Am deb 5s.. 1950 A
42 h
89%
114
121%
116%
109%
j
35
24)4
2
95%
S
25%
24
92
Union Pac RR 1st A Id gr4s... .1947 J
1st lien A ref 4s
June 2008 M
13
107%
*100 %
g
93%
106%
54
1937
IJ ♦Seaboard Air Line 1st
f♦Gold 4s stamped...
♦Adjustment 5s
98
79
105%
90
St Paul & Duluth 1st con g 4s..1968
Scioto V & N E 1st gu 4s
100
84 H
1
106%
♦Guar
83
1st terminal & unlfylDg 5s.. 1952
♦Gen A ref g 5s ser A
1990
St Paul City Cable cons 5s
1937
6%8
90 %
----
90%
J
85
♦
guar
"
130
o
94 h
102 %
25h
f 6 %8 series B
107
120H 122
115
Union Elec Lt A Pr (Mo) 5s... 1957 a
Un E L A P (111) 1st g 5Ha A- .1954 j
{f ♦Union Elev Ry (Chic) 6s... 1945 A
*100)4
J
.1978 ivi's
♦Ctfs of deposit Btamped...
{St L 8W 1st 4s bond ctfs
1989 M N
♦2d g 4s lnc bond ctfs...Nov 1989 J
s
161"%
-
13
5034
*100
♦Certificates of deposit
♦Con M4Ha series A
♦Guar
-
-
122%
*99%
120H
2
—
35%
33)4
O
M N
5S...1948
St L Rocky Mt & P 5s stpd...l955 J
{♦St L-San Fran pr lien 4s A...1950 J
{♦Scbulco Co
-----
255
*111%
gu
St Paul Un Dep 6s guar
----
107
S
30
J
tPaclflc ext gu 4s (large)
J
1953 j
---
--
'
107
*122%
7s.__. 1945 M
37 h
105
*110%
Uljlgawa Elec Power
833*
Mont ext 1st gold 4s
108%
96% 103
Utah Lt A Trac 1st A ref 6s... .1944
4s ...1933
Guaranteed 5s
86 %
99 H
7
50%
76 h
17%
34 h
♦Certificates of deposit
♦Certificates of deposit
♦Prior lieD 6s series B
77%
2
102
37
St Louis Iron Mt & Southern—
{♦St L Peor <fe N W 1st
44
108
254
90
*26)4
1996 A
g
80%
108%
102%
79%
102"
33 h
4
108)4
18
8t Jos Ry Lt Ht & Pr 1st 5s...1937 M N
J
1996 J
♦|Rlv A G Dlv 1st
79%
D
100)4 103 %
23 h
22
S
St Lawr & Adlr 1st g 5s
2d gold 6s
5
Truax-Traer Coal
90
M
105
102%
102%
2
♦122h
St Joe A Grand Island 1st 4s... 1947
43
102%
33 h
44%
S
Saguenay Power Ltd 1st m4%sl966
73%
22 H
D
Toronto Ham A Buff 1st g 4s_. 1946 j
1949 M S
Trenton G A El 1st g 5s
34
81%
M
1949
1941
57%
102
D
Tol A Ohio Cent ref A Imp 3%s 1960 J
1950 a o
Tol St L A W 1st 4s
1942 M s
Tol W V A Ohio 4s ser C
24
4
81
81
1948
101
39%
J
Tri-Cont Corp 5s conv deb A-.
42
90
J
f 6s
72%
1953 j
1st 6s dollar series
28%
90
D
s
70%
36%
1937 j
21%
102
O
Rut-Canadian 1st gu g 4s
Rutland RR 1st con 4%s
71 %
39%
33 h
58
{♦Rio Grande June 1st gu 5s... 1939 J
♦Ruhr Chemical
15
*103
♦Rio Grande West 1st gold 4s.. 1939 J
♦1st con A coll trust 4s A
1949 A
1977
1962
|{*R 1 Ark A Louis 1st 4 %B.-.1934
High
Low
TfNo.
J
a
23
50%
A
34
♦AdJ lnc 5s tax-cx N Y__Jan 1960
23
45h
Roch G A E 4 %s series D
Gen mtge 5s series E
Hia
Since
Jan. 1
6
50
J
Is
03
27%
M N
1955 F
109 h
27%
28%
45 h
1952
100)4
11
50
Rlchm Term Ry 1st gu 5s
♦Rlma Steel 1st s f 7s
126
95 h
26
27%
50%
♦Certificates of deposit
106
67
32%
24 %
1944 M N
♦Richfield Oil of Calif 6s
"57
106 H
27 %
*27%
A
♦Cons M 68 of 1930 with warr '55
89
108%
31%
24 %
31%
F
120%
98%
105
M N
Range
£2
Asked
Tokyo Elec Light Co. Ltd—
112
98 h
108
M N
A
Low
96%
105)4
J
♦Rhine-Ruhr Water series 6s...1953 J
Bid
o
1960 j
Third Ave Ry 1st ref 4s..
51
24
118
'105%
J
Price
High
LOW
103%
108
♦111
Republic Steel Corp 4 %B ser A. 1950 M S
♦Rhelnelbe Union
27
Nov.
111)4
J
Remington Rand deb 4%s w w.1956 M S
Rensselaer & Saratoga 6s gu.._1941 rvi n
1946 J
Ended
103
J
J
No.
Week
107 h
108
103
O
J
Jan. 1
Friday's bid and asked prloe.
No sales transacted during current week.
under
♦ Bonds
selling flat.
•
Deferred delivery sales transacted during the ourrent week
in the yearly range:
Bulgaria 7 %s 1968, Nov. 27 at 20%.
Washington Water Pow. 5s 1939, Nov. 2b at
109%.
and not Included
3438
New York Curb Exchange—Weekly and Yearly Record
Nov- 2S>
NOTICE—Cash and deferred delivery sales are disregarded In the week'B range, unless they are the only transactions of the week, and when
regular weekly range are shown in a footnote in the week! n which they ocour.
No account Is
elllng outside of the
aken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week
beginning
Saturday last (Nov. 21, 1936) and ending the present Friday (Nov. 27, 1936).
on
from the daily reports of
the Curb Exchange itself, and is intended to include
It is compiled entirely
security, whether stock
every
or
bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last
Acme Wire v t o com—20
Adams Millls 7% 1st pf
Aero Supply Mfg ol A
for
of Prices
Low
High
46
47%
23)4
47%
26
Class B
4%
*67)4
3
28
1
29
H
Alabama Gt Southern...50
80
49)4
June
113)4
15
Jan
1
80)4
5,900
75
26
2H
25
300
3
May
200
69
3%
28
40
400
67)4
9J4
Oct
®16
37)4
67)4
4)4
19
77)4
4)4
35
1)4
Oct
Jan
Feb
84)4
83
.._*
six
68%
68%
81)4
69)4
310
58
Feb
76
1
25 )4
25)4
26)4
400
19
Apr
29)4
4)4
$6 preferred
Allen Industries com
79)4
90
Alliance Invest com
2)4
$3
X
...
15
pref
conv
Allied Products cl A com 25
24
Aluminum Co common...*
140
100
123
6% preference
Aluminum Goods Mfg..
Aluminum Industries
18)4
6% preferred
Jan
Nov
21
Mar
Nov
Mar
Oct
Oot
Mar
Feb
Mar
Nov
Oct
Feb
Nov
Feb
"im
10
Feb
Jan
107)4
Oct
17)4
Nov
18)4
Nov
2)4
Sept
4)4
Jan
Aug
77)4
68
10c
4)4
10c
*
J4
35)4
36
-.*
88)4
88)4
:k
H
•1#
Jan
400
200
9
Jan
40
40
25
43
43
44)4
1
warr
40
6
Class B
50
600
35)4
.....
5)4
6
2,000
35)4
5)4
38
6,000
3
5)4
100
2,300
*
Preferred
*39ji "~3§k "39)4
12" 500
*
Amer Gas A Elec com
111)4 113)4
10)4
10)4
36)4
37)4
550
"io %
American General Corp 10c
$2 preferred
1
2
Burma Corp Am dep rets..
Burry Biscuit Corp._12)4c
Butler Brothers
Feb
Cable Elec Prod vtc
Cables A Wireless Ltd—
42
1
1
Jan
33)4
5
Feb
Oct
Apr
47 H
Jan
108
25)4
114)4
Aug
July
Jan
43)4
Mar
500
19 H
3,200
17 H
Jan
25)4
Feb
14
Jan
475
40)4
H
43)4
1
6,300
49
900
38
50
Jan
46
Mar
July
Jan
Oct
Jan
1)4
Feb
Jan
53)4
Nov
21)4
Apr
45
8)4
Nov
9)4
Nov
Apr
4)4
Feb
»u
18
Oct
8)4
9)4
1,100
2)4
2)4
28,900
2
89
89
200
82
45)4
4)4
46)4
1,600
32
May
63)4
Feb
5)4
3)4
400
4
June
5)4
Nov
3,900
6)4
1,500
39)4
1,600
1st preferred
Preferred
*
*
46%
5
x4%
Anchor Post Fence
*
3%
Wupperman_.l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
37H
6
Angostura
3)4
5)4
37
107
107
10
Jan
1)4
4)4
Jan
Jan
100
3)4 Nov
7)4 June
Mar
13
Oct
44
Oct
Jan
112
1
"l~X
104)4
Arcturus Radio Tube
1)4
1)4
5,200
J4
Jan
4
Arkansas Nat Gas
»
5
5)4
Jan
Mar
5
5)4
3,800
12,300
3)4
»
5)4
5X
Mar
9)4
9)4
9)4
5,200
3)4
7)4
Jan
10
Jan
Oct
com
Common class A
Arkansas P A L $7 pref
*
Art Metal Works
com
6
Ashland OH A Ref Co
1
92
92
16)4
17)4
3,200
6)4
'mi
5,400
12)4
400
20
83
June
Aug
Feb
10)4
Oct
97
Jan
17)4
Nov
Nov
9%
7)4
Nov
Jan
13)4
Industries
12)4
£1
12
10)4
A
Assoc Gas A Eleo—
Common
1
Class A
1
$6 nreferred
*
30)4
Option warrants
X
Assoc Laundries of Amer.*
Associated Rayon com...*
1)4
3)4
28)4
3is
5)4
61
5)4
61
11)4
Atlantic Coast Line Co..60
44
11)4
43)4
6
15)4
15)4
50
50)4
50
3)4
1
6
20
*
9
8)4
8)4
43
*
118)4
warr.
2)4
Barium Stainless Steel...1
3)4
Barlow A Seellg Mfg A...6
Baumann (L) A Co oom_.»
18
6)4
61
200
1)4
3)4
18
16)4
Jan
460
Nov
16)4
51)4
38,800
46)4
16)4
3)4
20)4
1)4
9
15,000
4)4
Feb
4,800
21)4
Nov
800
1)4
Sopt
8)4
43)4
120
1,600
1,000
130
1,350
2)4
3,800
3)4
3,700
18
95
3)4
4)4
154)4 154)4
4)4
15)4
100
10
11,400
2)4
4
18)4
Jan
Nov
Feb
Nov
Oct
com
1
3)4
3)4
3)4
2,500
600
1
95
Nov
200
2,300
2)4
Aug
4)4
21)4
15
15)4
3)4
1)4
Nov
Nov
Oct
Nov
Nov
Nov
Mar
48
48
Blumenthal (S) A Co
Bohack (H C) Co com
*
38
36
48)4
38)4
50)4
48
51
19)4
40
»
June
27
Feb
4)4
Jan
2,900
39)4
Oct
150
56)4
12
26
18
"l~H
5)4
28)4
20
100
Feb
18)4
100
1)4
7" 600
7)4
29)4
4,500
3,000
31
2)4
20
8,900
2)4
23)4
5)4
18)4
Nov
37
7
*
Aug
Sept
"IH
29)4
2)4
5
Feb
53
*
100
2d
120
Jan
124)4 May
14)g
7% 1st preferred
55)4
Mar
30
20)4
com
12)4
Jan
123)4
14)4
Bowman-Biltmore
11
Nov
4)4
154)4
21)4
*
Bearing
55
10
*
2)4
1)4
....
Botany Consol Mills Co. .*
Bourjols Inc
»
Nov
Aug
140
1)4
7)4
Casoo
Products
Castle (A M) & Co
7% 1st partlo pref._.100
7% prior preferred
100
Celluloid Corp com
..16
$7 dlv preferred
*
1st preferred
*
Cent Hud G A Evto
*
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
1
Cent P & L 7 % pref
100
Jan
2,100
75
Nov
Nov
Oct
•
4
*17)4
Bridgeport Gas Light Co.*
16)4
4)4
18
900
1,600
Oct
Nov
,
26)4
95
1)4
Jan
33)4
Jan
Jan
H
Apr
2)4
7)4
Mar
800
Nov
7)4
H
Jan
3)4
8)4
16)4
Nov
5,600
500
Jan
2)4
Mar
"k Nov
1)4
Jan
»u
5)4
Feb
300
X
400
4)4
100
26)4
28)4
15)4
2)4
7)4
6)4
2
15)4
2)4
•
-
33
33)4
96
95
96
-
300
100
11,600
—
—
-
-
-
-
9
—--
-
9)4
10)4
11
37)4
37)4
94)4
17)4
17)*
85
18)4
------
3%
1)4
50
12,100
100
500
300
Aug
4)4
Feb
16)4
Jan
2)4 May
18)4
Jan
23)4
Nov
1)4
7)4
16
40
Jan
Apr
Apr
6
36)4
102
95
Aug
23)4
40)4
Apr
68
16)4
Mar
99)4 May
Feb
107)4
9
Sept
116)4
Jan
116
16)4
56#
82
Sept
102
Jan
Apr
18
Oct
14)4
89
Oct
21
Nov
68
Apr
18)4
100
18
Nov
225
42)4
Feb
87)4
Oot
3)4
3H
31)4
Nov
Jan
56
Aug
Jan
44
Feb
85
10
3)4
3%
9,100
1)4
Apr
1)4
16,100
1)4
Jan
200
16)4
31)4
Nov
400
22
25
20
17
May
*4)4 May
30)4
Feb
7)4
Nov
15)4 Sept
22
68
Oct
250
105
May
Jan
70
Nov
124)4
53)4
38
56)4
Oct
30)4
55)4
31)4
1,350
31
600
24
Jan
1)4
1)4
2,700
H
34 H
Jan
*18
Nov
Jan
86)4
1%
85
3%
75)4
3)4
45
48
86)4
1,225
3)4
48)4
28,000
4,400
Jan
3
Jan
41)4
Jan
3)4 May
_
46
—
46
10
40
55
—
55
50
42)4
14
14)4
4,400
4)4
100
June
7H
66
Apr
Nov
Feb
June
6)4
63
Feb
June
H
4)4
,316
1
2,900
10
10)4
400
12)4
11)4
12)4
4,400
4J4
2)4
3)4
2)4
5)4
925
2)4
6,200
8)4
"8H
"ioo
70)4
43
14)4
------
Jan
May
65)4
Aug
July
11
Jan
19 X
Apr
Jan
5)1
Oct
Nov
10H
Nov
May
52)4
Aug
Aug
16)4
3)4
»&
41
3
------
2)4
3
2,700
4)4
4)4
2,000
3)4
3)4
200
$
Oct
Sept
1)4 May
6)4 Aug
6)4 Sept
2)4 Sept
Oct
3)4
3)4
Oct
6
Mar
3)4
4)4
3)4
11,100
Nov
14
6,800
May
73
92%
90)4
93)4
7)4
4,175
1
Columbia Pictures com..*
7%
Commonwealth Edison 100
Commonwealth A Southern
113%
6)4
41
41
X
Jan
Oct
Nov
Sept
Nov
Jan
116)4
7)4
July
Nov
50
36
Mar
45
Jan
114)4
111
516
1,500
97
Jan
117
July
)4
11,400
2)4
300
)4
2
DIstrlb.l
78,600
Nov
Jan
Nov
12
14
90)4
Feb
10
62
14
Feb
Feb
3)4
10)4
Apr
)4
1)4 June
H
Feb
2)4
Oct
Oct
52
55
875
13
Jan
------
31)4
31)4
150
28
Sept
33)4
Oct
1)4
1)4
1)4
1,100
1)4
Jan
3)4
Mar
3,0 10
11)4
Jan
54)4
Compo Shoe Machinery..1
Consolidated Aircraft
1
19
17)4
19
24)4
22)4
24)4
15,100
Consol Copper Mines
6
Consol GELP Bait com. *
6)4
86)4
6)4
7)4
25,500
86)4
87)4
1,500
14)4 July
3)4 June
55
19
Nov
24)4
7)4
94)4
Nov
Nov
Nov
84
Jan
112
Oct
116
Mar
725
63 N June
80
Nov
3,600
3)4 May
100
11
119
75)4
10)4
119
2)4
78
11)4
120
90
90
Jan
2,600
2
May
100
88
2,600
------
1)4
2%
96)4
1)4
Cont Roll A Steel Fdry...*
Continental Secur Corp._5
16)4
15)4
16)4
11
11
11
50
17)4
17)4
18
1,000
*
Mar
54k"
51)4
preferred..
Jan
700
450
*57)4
Consol Royalty OH
10
Cont G <fc E 7 % prior pf 100
Continental Oil of Mex_._l
Feb
16,500
19
Columbia Gas A Elec—
Conv 5% preferred.. 100
100
Oct
82
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
8% preferred
Jan
Jan
7)4
3)4
Consol Mln A Smelt Ltd_.5
Consol Retail Stores
5
Oct
Nov
7)4
16)4
_
5% pref A
Oct
Nov
Nov
6)4
Cohn &
Warrants
July
40
900
*
Community P A L $6 pref *
Community Pub Service 25
Community Water 8erv..l
Mar
Nov
16)4
Claude Neon Lights Ino..l
Clayton & Lambert Mfg..*
Columbia Oil A Gas
Jan
Feb
Mar
Aug
*
£1
22
17)4
P4LJ7 pref.*
6% conv pref
Oct
29 H
*
Rosenberger Inc. *
Development
1 sh
14
18)4
117)* 120
*
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Feb
k"
7
*
.
Nov
12)4
11)4
2)4
July
July
16)4
18
100
Cleveland Elec Ilium
63)4
25
*
Cleveland Tractor com
*
Cllnchfield Coal Corp.. 100
Nov
Aug
Oct
81
22
25
$6 preferred
Nov
Mar
75
55
93
nvs
*
City Auto Stamping
*
City A Suburban Homes. 10
Mar
7
Nov
86
55
108
109)4
109)4 110
-
37)4
.10
*
32
Nov
80
10
7)4
110
-
1,000
1,400
44)4
Preferred BB
Jan
Jan
Nov
14
1)4
7,700
18)4
Preferred B
Nov
Nov
12
1,500
22
43
Preferred
Oct
Feb
28)4
6)4
89
18)4
Chesebrough Mfg
5)4
40
Oct
Nov
6)4
39)4
43)4
Centrifugal Pipe
Charls Corporation
Cherry-Burrell Corp
July
Nov
10)4
11)4
14)4
700
20X
37%
100
warr
X
4)4 Nov
300
89
...
22
38)4
100
Conv preferred
100
Conv pref opser '29..100
Commonwealths
Oct
107)4 June
200
)4
33)4
7% preferred
$4
For footnotes see page 3443.
Jan
Jan
Cook Paint A Vara com..*
preferred
Brazilian Tr Lt 4 Pow
Oct
Apr
25
3)4
1%
18)4
5% income stock A
103
51)4
4)4
6)4
1)4
Cent A South West UtU..l
Cent States Elec com
1
Colon
Oct
Nov
60
200
"2)4
*
10
Catadn Corp of Amer
1
Celanese Corp of America
Cities Serv
Nov
20
*
Chllds Co pref
Cities Service com
Oct
6,100
3,000
Class B
Carnation Co com..
*
Carolina P4LJ7 pref...*
$6 preferred
*
Carrier Corporation
*
Nov
Nov
Nov
13)4
10)4
Jan
.*
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...*
Chief Consol
1
Mining
12)4
*
7% 1st preferred
Borne Scrymser Co
6)4
62)4
Oct
42
Nov
Aug
15,
"16
7)4
..25c
Convertible class A
6% pref without
36)4
7)4 May
9)4
July
100
16
6)4
1)4
..1
Nov
Feb
Nov
45)4
$3 opt conv pref
Bower Roller
2,800
com
_
pref
W) A Co
Blue Ridge Corp
'32
50
15)4
3)4 125,100
74,400
1)4
600
15
Purchase warrants.
Blckfords Inc com
conv
111
123
Conv pref
*
Berkey A Gay Furniture. 1
$2.50
42)4
95
4)4
1
100
Bell Tel of Pa 6)4% pf.100
Benson A Hedges com
*
Bliss (E
33)4
X 148,300
Oct
6
100
com
19)4
1)4
8)4
10
7% 1st pref
3)4
1)4
Automatlo-Votlng Mach-*
Axton-Flsher Tobacco—
Bell Tel of Canada
4)| Nov
97)4
Warrants
Automatic Products
2)4
9,800
1,800
92
Atlanta Gas Lt 6% pref 100
Atlantlo Coast Fisheries..*
Atlas Plywood Corp
Austin Silver Mines
1,200
3)4
30H
J4
Associates Investment Co *
Atlanta Blrm Cst RR pf 100
Atlas Corp common
2)4
Carlb Syndicate
Carman A Co—
Jan
Oct
37)4
28)4
Capital City Products...*
Jan
Jan
7
*
39)4
9H
American Thread pref
B non-voting
Jan
Nov
3%
24)4
Canadian Indus Alcohol A*
30)4
46
Oct
6)4
100
550
2X
Superpower Corp com *
6% preferred
Canadian Marconi
30)4
28)4
25)4
30)4
Nov
Jan
12)4
93
38
15
Canadian Canners pref
*
Canadian Car A Fdy pfd 25
Canadian Hydro Eleo—
Feb
Am
Bellanca Aircraft
lJic
*
12
700
24)4
3)4
3)4
7)4
8)4
15)4
16)4
,316 '
)4
Am dep rets A ord sh.£l
Jan
38
Amer Potash A Chemloal.*
Feb
American Seal-Kap com..2
Babcock & Wilcox Co
Baldwin Locomotive
"7 U
...10
7)4
47
*
Feb
7
Nov
Oct
100
Amer Meter Co
2
Nov
26
Nov
40 J4
Apr
39H
23)4
Calamba Sugar Estate..20
Canada Bread Co com
*
Canada Cement Co com..*
38)4
June
%
38
38
*
Sept
Jan
Mar
£8
32)4
32)4
600
106
3)4
...*
com
$3 convertible pref
Warrants
47)4
Sept
22)4
28)4
24)4
92)4
Nov
25
28
20
106
%
36)4
25)4
21)4
common
24)4
4)4
3
29)4
100
9)4
20
Amer dep rets pref shs £1
100
22
25)4
9)4
9)4
20
*
Jan
Feb
Feb
Nov
Mar
400
Brown Forman DlstlUery.l
Burco Inc
28
3,800
12
Jan
550
28
Class A
42
11)4
48)4
29)4
25
preferred
30)4
11)4
Nov
41
20
6%
42
Feb
25
26
100
28
Brown Co 6% pref.....100
Brown Fence <fe Wire com.l
Mar
9
13)4
Feb
Sept
2)4
31)4
Am dep rets ord reg.
British Col Pow cl A..
91)4
5)4 May
Jan
31)4
Jan
29)4
,
28)4
31)4
dep rets ord bearer £1
2,600
*
6% preferred
Eleo
Am
Am dep rets ord reg._£l
British Celanese Ltd—
36)4
41
Jan
55
Amer Tobacco—
Jan
27
29)4
Amer Lt & Tr com
Amer deposit rets
British
Apr
Mar
Jan
Jan
40)4
._1
Amer Hard Rubber com.50
Amer Invest (111) com
Amer Laundry Mach
Associated
300
86)4
19
Amer Fork A Hoe Co com*
Preferred
22)4
....*
Registered
27
300
2)4
Amer Cyanamld class A. 10
Class B n-v
10
Amer Equities Co com
1
Amer Foreign Pow warr...
Amer Mfg Co com
Amer Maracalbo Co
21)4
Class A
British Amer OH Coupon.
Am dep rets B ord shs.£l
25
Class A
$2.60 preferred..
7)4
26 H
Feb
Am Cities Pow A Lt—
Clas A with
800
12)4
$5 1st preferred
*
Bunker HiU A 8uUIvan..lO
87
Common class B
11)4
Mar
100
$3 preferred
$6.50 prior pref
Jan
Aug
Aug
4)4
8)4
Jan
29
Mar
100
com
3
900
13)4
6,200
1,000
Jan
1,800
76
18)4
108
1)4
5)4
Buckeye Pipe Line
50
Buff Ntag A East Pr pref25
Jan
Mar
97
21
50)4
12)4
Bruce (E L) Co
Feb
""ioo
High
Jan
5
Nov
Sept
American Capital—
Class A
""2k "2)4
Low
13 H
47
Mar
Sept
2,100
*
Class A.
162
18H
3)4
25 %
19)4
7% preferred
100
Brillo Mfg Co com......*
123)4
15
3
Nov
17)4
Range Since Jan. 1 1936
Shares
100
Jan
45
17)4
Nov
19
..._*
Jan
103)4 103)4
100
2
25
Preferred
Brill Corp class B
87
500
61
Jan
June
Jan
Price
Bridgeport Machine.....*
109
200
59
Week
1,700
9)4
61
American Beverage com._l
American Book Co
100
for
of Prices
Low
High
1,000
*
com
Aluminum Ltd com—-.*
American Airlines Inc
24
128)4 140
122
123)4
18)4
18)4
Week's Range
Sale
Par
Allied Internet Investment
Common
Last
High
Apr
Aug
44)4 May
2)4 June
300
*
Ala Power $7 pre!
13,900
17
-*
Conv preferred
Warrants
4H
3%
1,000
17
Agfa Ansco Corp com
1
Alnsworth Mfg Corp....10
Air Investors com
Low
99
100
*
STOCKS
(1Continued)
Range Since Jan. 1 1936
Shares
225
Sales
Friday
Week
Price
Par
.
Week's Range
Sale
STOCKS
2%
95)4
•300
Jan
J4 May
Sept
120
3H
Nov
Nov
Jan
101)4 June
2
18
Oct
11M
19)4
Oct
60
Jan
16 H
60
11X
Feb
Oct
Nov
Oct
Oct
New York Curb Exchange—Continued—Page 2
Volume 143
STOCKS
Last
(.Continued)
Sale
Par
Cooper Bessemer oom
S3 preferred A
*
Copper Range Co
Cord Corp
Corroon A Reynolds-
*
5
*
Price
20 X
55*4
sell
Preferred.
Courtaulds Ltd
..........
100
Crocker Wheeler Eleo——*
Croft Brewing Co
1
Crowley, Milner&Co....*
Crown Cent Petroleum...!
Crown Cork Internat A..*
4*4
22
55*4
5554
11*4
4 54
5
7
7*4
95
95
3*4
27 *4
2*4
3*4
28 X
23 X
x32~X "31X "*33*4
Shares
2,100
300
700
5,500
2#00
100
7,400
2,900
Detroit Paper Prod
Detroit Steel Products
...100
Feb
Godchaux S
Jan
Nov
Class B
Nov
Jan
OX
Jan
28*4
Feb
15
Jan
19X
Jan
Apr
84*4
Feb
16
Feb
Sept
1*4
Feb
May
14*4
Nov
Driver Harris Co
10
7% preferred..
100
Dubllier Condenser Corp.l
Duke Power Co
100
Durham Hosiery class B„*
Duval Texas Suplhur
*
Eagle Ploher Lead
10
....
5*4
Feb
23 H
10 *4
10
10X
700
106 *4
106
108X
550
16H
16
16 %
150
50
3%
22 X June
106
25
Feb
2*4
11*4
Oct
Feb
Aug
Jan
Feb
X
4X
37*4
■
14X
49
Nov
Mar
109
Apr
Sept
1654 Nov
®16
"l6
15*4
4,900
1%
Apr
Mar
15*4
Jan
16*4
10 X June
22
May
19*4
32*4
Nov
Apr
Nov
Oct
15,500
14 H
x9
12
16
15*4
"19*4 '"llx'im Tioo
71
71
6 *4
5X
6X
30
5,000
25
•i® Sept
Feb
50
IX
26*4
16*4
Jan
Mar
Aug
79
19 X
4754
79
16 X
1,300
18%
17 H
19 X
18*4
Nov
16
17 54
16 X
200
8*t
x9X
45*4
9X
4754
800
7*1
34*4
Jan
Aug
900
Aug
15
11
11
36*4
9*4
37*4
100
May
6*4 Mar
11
Jan
23*4
37
3,100
Mar
27*4 May
4*4 June
6*4
81
10*4
Easy Washing Mach "B".*
Economy Grocery Stores.*
Edison Bros Stores com..*
Elsler Electric
£85
86
50
65*4
30
500
27*4
""§*4 """8*4 "854 "I'M
6
*4
16*4
68
64
..........
3*4
62*4
36
preferred
Eleo Power Assoc
*
com
1
Class A
_i
Elec P A L 2d
pref A.....
1654
14%
7*4
1,000
550
61*4
69*4
64*4
23
25
2*4
57*4
56*4
62*4
6*4
68
14
3*4
61
14
21*4
65*4
21*4
.......
78
14,900
14*4
21*4
1,050
76
Aug
Apr
Emsoo Derrick A
Equip. .5
Equity Corp oom
10o
Eureka Pipe Line
50
European Electric Corp—
Option warrants
....25
5
*
49
49
"51*4
51*4
56
~~20~X
2X
54*4
56
2854
2854
21*4
2*4
20*4
2*4
Jan
Holllnger Consol G M
5
13*4
*
28*4
38*4
10*4
10*4
Nov
Nov
Nov
Oct
com...
Hormel (Geo A) A Co
Horn A
18 H
6H
9X
7% preferred.
100
Hud Bay Mln A Smelt...*
Humble Oil A Ref
*
Nov
86*4
Oct
Jan
Sept
6
Mar
85
Oct
Illinois P A L 66 pref.....*
Aug
July
1*4
Jan
10*4
Jan
Jan
16*4
Nov
Imperial
Mar
Amer deposits rets
£1
Imperial Oil (Can) coup.-*
11*4
Jan
Jan
85
Jan
83
Mar
42 %
Feb
3*4
Chem
cl A
Oct
7%
Class B
Apr
Jan
Apr
Apr
Jan
79
Mar
88*4
Julv
12
Mar
9*4
75*4
Julv
8*4
9*4
Vto common
Julv
Mar
Feb
Holding A In v. »
Internal Hydro-Eleo—
Pref $3.50 series
..60
Intl Metal Indus A......*
Apr
Nov
International Petroleum..*
Julv
63*4
Feb
43
Jan
65
July
Jan
66
July
72
31
Jan
22
July
July
47
1,200
15
9,500
1*4
38*4
18X
8X
9X
10X
4,400
•i«
X
8,800
350
900
1,300
22
13
13
300
34
400
38X
41*4
X
82 X
800
4,100
113X 113 X
9X
11X
72
73 X
36,100
",6
81
66*4
Jan
33
82*4
1,500
100
6
14*4
4*4
4*4
13*4
Jan
*4
Feb
Oct
7% 1st preferred..—100
1
100
preferred....
11X
72 X
Florida P A L 37 pref....*
Ford Motor Co Ltd—
Am dep rets ord reg._£1
69H
Ford Motor of Can cl A..*
Class B
...»
23
7%
61
58
7X
8X
24
22 X
X27
Ford Motor of France—
American dep rets 100 fee
Fox (Peter) Brew Co.—5
x27
2X
2X
30
775
900
112
1*4
21
Gen Flreproofing oom
Gen Gas A Electric—
*
...
July
17
Nov
Jan
1*4
89
Sept
Nov
Feb
Feb
Apr
4*4
Apr
46
May
40*4 May
117
Jan
11*4
79
Nov
Oct
10
Nov
18*4
18X
350
16
Jan
2
Sept
2X
1,500
400
21X
2,300
64
65
IX
Gen Outdoor Adv 6%
pfioo
Gen Pub 8erv $6 pref
Gen Rayon Co A stock..
91X
91
90 X
200
■
34,500
S32
91X
332
200
350
4,600
450
1,300
*i«
8
8*4
32*4
39
400
100
10
42*4
9*4
46
Feb
Aug
Oct
Oot
48
Jan
100
2*4
Sept
Aug
6*4
6*4
Jan
3*4
21*4
Jan
Sept
1*4
18*4
73*4
26*4
1*4
19*4
75
700
750
Jan
9
May
68*4
Oct
27
500
27
3
74
300
26*4
1*4
Nov
Oot
Aug
Jan
16*4
"12*4
36
16
17
14*4
11*4
3*4
35*4
15*4
12*4
4
37*4
36*4
5*4
36*4
5*4
...
2,000
250
4,300
500
4,500
100
700
7
Apr
Feb
Aug
19*4
10
3
July
5*4
Feb
32*4 Aug
83*4 Aug
3*4 May
39*4
38*4
7*4
Apr
Fel
5*4
64
—
Jan
'"560
10*4
10
10
1*4
1*4
200
1*4
10
6*4
35
7*4
17*4
37
3,800
*4
1,000
30
1
15
Jan
14*4
Jan
Sept
2*4
95
4
87
Jan
5
91*4
6*4
81*4
3*4
8*4
91
6*4
78
*4
3*4
Corp common
1
Koppera Gas A Coke Co—
6% preferred
100
Kress (8 H) A Co pref—100
Kreuger Brewing
1
9*4
21*4
20*4
£60*4
5*4
Lakey Foundry A Mafeh.. 1
2 X
24*4
Jan
Nov
Mar
*4 May
31*4
Feb
26*4
1*4
Mar
*4
Feb
Aug
17
Feb
8*4
Nov
70*4
Jan
170
76
Jan
50
86
5,000
1,700
30
Jan
6*4
83*4
Oct
29
1,100
1,300
*4
1*4
10
111*4
Mar
Jan
Jan
114
Oct
48
Oct
10
July
Jan
24*4
Nov
3*4
Mar
70
Nov
74
4
July
6*4
2*4
Jan
7i« May
18*4
Jan
5*4
6*4
81*4
*4
4
24*4
2*4
70
1,100
200
50
May
1*4
Jan
1*4
28,400
1,200
21
11*4
200
300
8
9*4
500
3*4
250
11
9*4
20*4
x80X
5*4
12
21*4
61*4
5*4
8*4 Nov
93*4
97*4
105
Jan
X
24
11*4
Mar
9*4
107
800
14
Jan
*25
3,800
1,600
61
Jan
100
6*4
Sept
Mar
Mar
Aug
Jan
96
Aug
Aug
Aug
Nov
Nov
Oot
1*4
6*4
X Apr
10*4 May
Lane Bryant 7% pref-.100
Jan
33*4
100
6*4
.4*4
12
1
Nov
Feb
Apr
Nov
200
105*4 105*4
11*4
Sept
Feb
Feb
Nov
91*4
95*4
112*4 112*4
20*4
*
Lake Shore Mines Ltd
Jan
*4 May
*4
Apr
14*4 Aug
*4
9*4
37
Jan
1,500
93*4
102*4 103
94
103
....10
Knott
27*4
Jan
Nov
2*4
15*4
8*4
Klrkld Lake G M Co Ltd.l
Rubber
100
July
46
8*4
1
Oct
Nov
Feb
28*4
15*4
Julian A Kokenge com...*
Kansas City Pub ServiceCommon vto...
16*4
14*4
'it
4,900
93
93
Feb
*4
15
Jersey Central Pow A Lt—
5*4% preferred
.100
6% preferred.......100
7% preferred..
100
Jonas A Naumburg
2.50
Jones A Laughlln Steel. 100
Jan
Sept
700
Jacobs (F L) Co
Jeannette Glass Co
Feb
84
1*4
2,500
1
84
3*4
*4
Nov
100*4
Nov
Feb
June
17*4
Klelnert
Feb
14
17
Sept
Feb
Jan
Feb
1,600
1,200
4
Nov
Mar
5*4
10
4*4
4*4
5*4
X
Jan
20
3*4
3*4
6*4
2*4
Oot
1054
92*4
4
85*4
57
Jan
14*4 Mar
Kirby Petroleum
Jan
"te May
Apr
40
69*4
24*4
24*4
19
Oct
60
Jan
5% pref series D
100
Kingston Products......l
70
Jan
Nov
Sept
Sept
Apr
10*4 Nov
Jan
Oct
7*4
62*4
13*4
2
13
9*4
FOb
Feb
Apr
20*4
70
Feb
Jan
May
86*4
Jan
38*4
Jan
52*4
Feb
80
300
Kingsbury Breweries
..1
Kings County Ltg Co—
4*4
Jan
2*4
32
2*4
40*4
1,200
Feb
23*
21*
54 Sept
9*4 Aug
13*4 June
Aug
Nov
76*4 Mar
5,700
.......
92
12*4
62*4
8*4
Nov
Jan
Oct
Mar
Apr
Oot
Feb
Mar
June
Nov
Mar
Langendorf United Bak-
IX
400
23 X
1,800
33 convertible pref
*
General Tire & Rubber...6
50
50
50
17*4
1854
4,200
100X 100X
40
300
1
12*4
47
13*4
85
Jan
Jan
Aug
Apr
62 X
Mar
18*4
Nov
102
Jan
Class A
Lefcourt Realty com
Preferred..
70
.*
12*4
1
2*4
17*4
10*4
.....*
Lehigh Coal A Nav......*
Leonard Oil Develop
25
Lerner Stores 6 *4 % pref 100
Lion OH Refining
*
Lit Brothers com........*
400
33
22
Superpower A....*
Warrants.
Jan
IX
3443.
1*4
17*4
1,500
June
22X
page
June
1,300
67
23X
see
57
22
71
"lX
For footnotes
Nov
J&n
111*4
22*4
X
28*4
80
General Telephone oom .20
18
104*4
*4
27*4
175
*
*
6% preferred A..... 100
120
30,300
9,200
22*4
14
24*4
Jan
Jan
700
92
Nov
Jan
July
20
Klein (D Emll)
IX
85X
IX
75X
16
25
Feb
18*4
12*4
Jan
39*4
200
112*4
Mar
Feb
65
38*4 Nov
17*4
Jan
22*4
57
Vtc preferred A
♦
Kansas G A E 7% pref.100
4X
3
Apr
54
Keith (G E) 7% 1st pf.100
Ken-Rad Tube A Lamp A*
2*4 Sept
Nov
19*4 Nov
29*4
5*4
52
63*4
*4
100
19
Oct
6*4 June
19
Oct
75
4*4
49*4
51*4
....*
82
22 X
1
oom
13*4
"27*4
Italian
100
W arran ts
3,500
Feb
"20*4
Irving Air Chute
25
2X
36 preferred..........*
21*4
*ic
Mfg v t O..10
Jan
36*4
42*4
July
Nov
50
Sept
Feb
20
May
*4 Sept
23*4 May
Jan
Jan
1*4
39
July
6*4
Nov
Feb
Feb
22 X
20
.*
10*4
10*4
New warrants
10*4
9*4
28*4
2H
20 54
400
4,400
2,900
International Vitamin....1
Interstate Hos Mills.....*
10%
24*4
7*4 May
July
22*4 June
22 X
*
Class B..._..........1
67 prior preferred.....*
23*4
1
Am dep rets ord reg—£1
Class A
Jan
10
Gen Electric Co Ltd—
Mar
500
38*4 39
105*4 106*4
30*4
33
69*4 72*4
39
6% preferred
100
Internatl Safety Razor B.*
Internat! Utility-
Apr
Sept
10
18*4
Jan
6*4
37
4
Iron Fireman
Froedtert Grain A Malt—
Conv preferred.......15
General Alloys Co.......»
.1
Warrant*
Interstate Power 67 pref.*
Investors Royalty
1
Oct
2,700
Mining Corp
Feb
Feb
64*4
3,500
Internal
Feb
*4
Jan
Aug
11*4 Nov
23*4 June
28*4
Jan
*4
Jan
74*4
3
Feb
July
Sept
Nov
First National Stores—
Fisk Rubber Corp..
2*4
Oct
Jan
100
32*4
854
Registered.
_.__.*
International Products...*
22 X
""A
72*4
Apr
Internal
19 X
"34"
(Phila)IlO
16
Nov
1
21
J
45*4
Jan
Apz
21*4
13*4
22
*
...
7% preferred
...100
Insurance Co of N Amer.10
Internationa] Cigar Mach *
Nov
29*4
Jan
Oct
Industrial Finance—
Jan
99
21
Nov
9*4
Non-voting class A_.._•
Julv
47
Nov
Ilium Oil—
Mar
4*4
43*4
97
14*4
2*4
500
57
preferred.......100
27
50
Apr
9*4 Sept
5*4 Aug
8*4
Feb
1,200
Jl'po-ls PAL 6 *4 % pf 100
Indian Ter
Jan
1
Ferro Enamel Corp com..*
Fldello Brewery
i
Fire Association
2,200
52
53*4
Registered
Imperial Tob of Can....I5
Imperial Tobacco of Great
Feb
250
88*4
Industries
15
"~50
Jan
6
*
30*4
1
17 X
19 X
8X
23 X
38*4
13*4
1*4
17*4
preferred.......100
200
600
Jan
14*4 May
Hydro Electric Securities.*
Hygrade Pood Prod..
6
Hygrade Sylvania Corp..*
6%
43
38*4
13*4
15
38*4
106*4
32*4
72*4
7% pref stamped....100
7% pref unstamped.. 100
Illuminating Shares
16*4
1*4
3*4
18*4
17*4
2*4
43
Huylers of Delaware Ino—
Common..
.j
Nov
275
Metallurgical
*
Fedders Mfg Co oom.....*
Fansteel
6*4
*
Hardart
Nov
41*4
18*4
1*4
*
10
Jan
3,500
16
X
17 X
Brewing....... i
Fanny Farmer Candy
18*4
16*4
12*4
44
100
Ex-cell-O Air A Tool.....3
Falrchlld Aviation
...l
6*4
38*4
39
Jan
Nov
72
81
*
Rubenstein....
May
May
42
Feb
Nov
1*4
117
76
(CE) Cool A..
69
1,000
....
preferred
36 preferred
Gen Investment
....___*
Mining Co
Jan
6*4
Evans Wallower Lead—..*
36
Heola
Apr
pref..
7% preferred
100
8% preferred
100
Empire Power Part 8tk__*
Falstaff
Hazeltlne Corp
2*<
16*4
64*4
74*4
9*4
6*4
18*4
5
3*4
66*4
111
Jan
10*4
1*4
86
2
Nov
3
300
500
Nov
1*4
Sept
Mar
2,000
Jan
130
z41
3
1
15*4
23*4
500
49
600
130*4
Feb
24*4 Apr
6*4 July
1*4 June
X
Jan
124
Harvard Brewing Co
6*4
Jan
15*4 June
79*4
18X
44
1,800
6,700
110*4 Mar
Nov
200
1,400
18 X
1,200
*4
»16
102*4 108
3
Britain and Ireland..£1
68
43 X
250
38*4
7*4
3*4
Nov
10
6% preferred......100
6*4% preferred
—100
3*4
nl6
107*4
190
25
129
11
Indiana Pipe Line
10
Indiana Service
6% pref 100
66*4
76*4
Apr
Jan
25*4
Nov
4,100
85,100
16
82*4
Oct
Nov
7*4
43 X
July
Nov
Nov
7
com—
Jan
17
11
88
Electrographlc Corp
10
22
62*4
21
7554
300
400
Oct
*5*4
4*4 Sept
100
61
6554
354
16*4 May
2*4 July
400
Jan
1*4 May
84
11
July
Nov
Oct
t'J? f,°
100
16,000
Oct
Oct
Oot
24
Jan
23
300
Feb
11
Jan
5*4
ShareholdingCommon.............
Elgin Nat Watch Co
15
Empire District El 6%. 100
Empire Gas A Fuel Co—
-
Gypsum Lime A Alabast.*
Hall Lamp Co..........*
Jan
7
Option warrants...
7%
Gulf OH Corp of Penna.25
Gulf States UtU 65.60
pf.*
$6 preferred.
23
65*4
3*4
19*4
72
4
69*4
41*4
50
23*4
3*4
13*4
19*4
18*4
104
200
21*4
3*4
13*4
47 *4
43*4
32*4
23
Electric
36 conv pref w w
Eleo Shovel Coal 34
*
Grocery sts Prod com—25c
Guardian Investors
1
24*4
5,600
1,300
1,500
1,400
""7*4 "754 ""BOO
"75*4
7*4
Jan
5
Feb
66
13*4
Haloid Co
June
25
106*4
X
75
3*4
*
74
70
20*4
preferred
27*4
'""3*4 ""3*4 "3*4 "l'soo
*4
6*4
37*4
7*4
25
Hires
135
£85
40
24
800
32*4
129
100
Heyden Chemical
Aug
Apr
Jan
16*4
*94)4
500
9*4
10
119*4 120*4
stock....*
Oct
108
2,500
1
35
com
Oct
Nov
129*4 132
Elec Bond A Share com..5
Corp.
Non-vot
7% 1st preferred
Gt Northern Paper
Greenfield Tap A Die
Oct
Julv
3,500
Apr
July
Apr
Great Atl A Pac Tea—
35
108
50
100
19
60*4
30*4
800
132
6*4
36 preferred series B...»
23*4
3*4
Helena
"""25
15*4
41
29
Feb
Aug
Nov
Sept
90*4
74*4
Hamilton Bridge Co com. *
Hartford Eleotrio Light.26
Hartman Tobacco Co....*
Oct
19*4
10 X
43
14*4
39*4
26*4
5
Apr
Apr
Oct
18*4 July
21*4 June
108 ~"
400
High
Low
79*4
68*4
Oct
73
R
10*4
"loS"" "i08~
9*4
*4
6*4
Holophane Co
1,100
9
32*4
Gorham Incol A.........
63 preferred..........*
Oct
5,200
175
100
preferred...,
Goldfield Consol Mines. 10
Gray Telep Pay Station. *
.....
Eastern Malleable Iron.26
Eastern States Corp
*
37 preferred series A.._*
28*4
67
Jan
X
Range Since Jan. 1 1936
for
Week
Shares
86*4
42
15
41
*
July
East Gas & Fuel Assoo—
Common
4*4% prior preferred. 100
6% preferred..
100
~Tx
class A.*
2*4
9
Douglas (W L) Shoe Co—
7% preferred.......100
Dow Chemical..........*
Draper Corp
»
mars
16*4
Distilled Liquors Corp...5
Distillers Co Ltd—
Amer deposit rets
£1
6*4% pref.
Mar
8
IX
of Prices
High
65 preferred
8
103
4*4
Week's Range
Low
86
86
Gilbert (A C) com
*
Preferred—
.........
Glen Alden Coal..
Jan
Diamond Shoe Corp com.*
Dictograph Products.....2
Doehler Die Casting.....*
Dominion Steel A Coal B 25
Dominion Tar AChem com *
Oct
Nov
Price
*
Jan
1
*
12*4
Georgia Power 66 pref
July
4X
65
5
13*4
A%
13*4
5
24
......
Class A
.__35
Dennlson Mfg 7% pref.100
Derby OH A Ref Corp com*
Preferred
#
Detroit Gasket & Mfg ooml
6% pre! ww
..20
Detroit Gray Iron Fdy...5
58
Jan
Aug
6*4
3X
Oct
1X
5,000
4,000
Davenport Hosiery Mills. *
Dayton Rubber Mfg com.*
Jan
34
25*4
11*4
X
CubI Mexican
Mining. .60c
Darby Petroleum oom...5
Jan
9X
400
54
14 X
%
*
com.
6*4% preferred.....100
Curtis Mfg Co of Mo.....6
Sale
Par
'""1 x "Tx "2" "4", 800
12*4
♦
vto—*
com
25,806
Last
(Continued)
Gorham Mfg Co—
Vto agreement extended
Grand National Films Ino 1
Grand Rapids Varnish...*
14 *4
...
com..
Cuban Tobacco
STOCKS
11936
High
Low
11% May
Crown Drug Co oom.—25c
Preferred
25
Cuneo Press
20 X
Range Since Jan.
for
Week
£1
Creole Petroleum.......6
Crystal Oil Ref
Range
of Prim
Low
High
£ll
Common.............!
$6 preferred A........*
Cosden Oil com.........1
Week's
3439
Sales
Friday
Bales
Friday
«16
12%
2
15*4
9*4
,316
112
14*4
14*4
6*4
12%
100
2*4
17*4
10*4
1516
6,100
2,500
112
14*4
7
Mar
11
Aug
600
1*4
Nov
700
July
150
11*4
6*4
*4
107*4
4,500
7*4
400
3
Jan
Jan
Feb
Jan
Mar
100
Oot
15*4
Jan
4X
Jan
25
12*4
Jan
Oot
2
Feb
112
Nov
15*4
7*4
Sept
Nov
New York Curb
3440
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Par
Price
5
Lockheed
Aircraft.
1
1294
12 N
Nov
15
Nov
10,000
3,700
6N May
10N
Jan
12n
2,700
9N
Jan
14N
Mar
*
4 94
4n
100
87 94
87 n
preferred
75
3,900
76
72 N
64
100
6N
6
12n
13n
3N
60
5
88n
6% pref class B
100
Loudon Packing
*
Louisiana Land A Explor.l
9,900
7
Sept
96
July
Jan
84
July
Oct
800
13n
Apr
Jan
9N
8N
Feb
Jan
16H
May
Louisiana P & L Co—
*
10
6
1
$5 conv preferred
*
Mapes
Consul Marine—*
94
preferred
Corp common
Mangel Stores new
Lynch
10N
10 H
May
102
Sept
108
23 n
Aug
27 H
Feb
July
9N
2294
Mar
Ohio P S 7%
109
Nov
Jan
Oldetyme
Apr
15
Sept
52 n
55
2N
900
44
Oct
5794
Nov
3,800
1,600
19n
19n
Mayflower Associates
*
70
69
200
7n
21
72
650
May Hosiery Mills pref—*
McCord Rad & Mfg B—*
12n
13n
1,000
*
36n
38n
1,300
14H
Jan
Aug
Oct
Jan
79N
Feb
594
Aug
32
20N
Jan
100
32
Scott *
4n
8994
5H
Apr
50
4n
1,100
47
47
694% A preferred,,, 100
*
Oct
1,300
7
Participating preferred- *
Feb
8H
35N
100
7
June
700
6
44n
Merchants & Mfg cl A—1
50
400
123
5n
38n
44 94
Mercantile Stores com—
IN
4
42
121
100
27
3h
40
Feb
4
.
7N
Overseas
7394
Nov
Pacific G & E 6%
53
Oct
13 N
4394
Apr
Sept
Nov
125
8N
Apr
Nov
4494
105
Sept
Jan
*94
Paramount Motors
Jan
62
Api*
Parker Pen Co
Aug
N
Feb
494
Nov
Patchogue-PlymouthMllls*
Pender (D) Grocery A. — *
102
Feb
294
2n
3n
4,800
2N
Aug
354
Oct
294
2n
2n
2,400
Jan
4N
Mar
17n
in
Oct
1894
Nov
3,800
IN
15N
H
17
17
600
—*
*
Preferred
-—100
Penn Mex Fuel Co
1
Class
in
Sept
Feb
6
1,100
5
Nov
Jan
$2.80 preferred
—*
*
v t o
v t c
5
5
5n
1,300
2H
July
IN
in
in
800
Jan
8
*
Oct
6
Jan
2%
Feb
13
Feb
*
*
Mid-West Abrasive comSOc
23n
"in
Penn Salt Mfg
200
19
76
275
3994
Jan
394
July
Sept
IN
May
28 94
77J4
Nov
594
Oct
Apr
,
4n
2n
"39 n
38
1,100
4n
3
39n
1,300
745
*
*
Co——50
pref—-100
116
115
pref—lou
100
Pepperell Mfg Co
Perfect Circle Co
13n
100
Mob & Hud Pow 1st pref.*
104 n
95
13n
102n 10494
109 94
Nov
Sept
100
110*4
July
20
11494
10994
July
111
1094
2794
28
634
"3194
2894
250
694
694
3,900
9
1094
3294
Oct
2894
2894
100
29J4
July
Sept
794
894
2,300
108
9294
46
4394
4694
1,500
60
59
60
2,100
694
8
180,100
594
694
8
2794
2794
61
2794
2794
694
694
494
5
Jan
116
Nov
160
1
*
1694
Pierce Governor com
Montreal Lt Ht A Pow—*
34 n
7%
210
Ry—100
*
Pines Wlnterfront
1
Pioneer Gold Mines Ltd—1
34n
100
40
100
100
91
90
14994
150
200
14994
137
1,825
500
11694
Mtge Bk of Col Am aha
Mountain Producers...-10
Mountain Sts Tel A Tel 100
Mueller Brass Co com
1
45
45
6n
6m
2,100
Erie_50
-1
Erie.50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
41n
42n
5,300
Plough Inc
Potrero Sugar com
25
Nat Auto Fibre A v t o—*
National Baking Co
41n
694
694
7
3894
3,300
3894
"2094
2094
2194
800
600
7n
com.l
1
Nat Bellas Hess com
~~3n
Nat Bond A Share Corp..*
Natl Container new com._l
3
Pittsburgh & Lake
13n
4
National Oil Products
86
36
8
Nat Service common
1
.....
2,300
110
l
11,800
1,400
in
56
""300
8
394
394
3594
94
94
516
94
94
200
1594
1494
1594
1,100
*
*
"1194
"1194
1294
1,700
11094 11094
10
10394
Mar
3794
1494
Jan
7194
56
700
300
2%
Feb
JaD
45
48
Apr
77
48
Apr
7694
111
Apr
119
Sept
40
Nov
Aug
92
Jan
101
8ept
98
Jan
110
6% preferred
10n
10n
11
1,200
15J4
9
Nebel (Oscar) Co com
in
in
*
pref.-100
Corp common
Nelsner Bros 7%
*
"If)""
*
IN
3n
Feb
12n
16
2,000
16
Feb
in
in
494
1,400
15
320
96
375
500
19n
22 n
4,400
79 n
79n
82 n
1,450
92 H
New Mex & Ariz Land—.1
*
N Y Auction Co com
*
3
2,200
104
106
1,400
26
2n
Mining Corp.10 2106
26
200
5n
100
42
42 n
200
2N
56
*
"~5n
Nov
Mar
694
Feb*
Nov
2694
794
July
Oct
38
"42 n
Jan
62
Feb
Oct
113
pref—100
*
preferred
Nov
111
N Y & Honduras Rosarlo 10
N Y Pr & Lt 7%
Nov
Feb
494
10
21N
New Process Co com
N Y Merchandise Co
July
9634
3n
3n
138n 138n
*
211 nc
Feb
24 X
25
New Haven Clock Co
Newmont
Apr
19
13834
2234
New England T & T Co 100
New Jersey
Nov
115
94
100
5
28
25
200
15
100
preferred
L8O6
15
28
Neptune Meter class A
7%
Aug
113
25
113
Nestle-Le Mur Co cl A
New Bradford Oil
Jan
14n
28
113
Nelson (Herman) Corp.—6
Nev Calif Elec com
Feb
394
113>4
600
Nebraska Pow 7% pref. 100
Nehl
Jan
Feb
2
1,000
10594
July
Founders shares
*
N Y Telep 094 % pref—100
New York Transit Co
I
1
N Y Steam Corp com
1894
5
5
Class A opt warr
594
53 94
xl5
14 H
b16
2
Class B opt warr
1894
11494 115
N Y Water Serv6% pref 100
Niagara Hudson Power—
Common
..15
18
94
2
54
100
300
425
112
Apr
Nov
200
494
Aug
20
47N
Sept
1594
29,500
5,6
1,700
2
6H May
14 N
200
794
94
Sept
1
May
Apr
1194
2094
125
634
7594
1794
94
394
.
Pub Utll Secur $7 pt
Aug
Class B common
5
5
1
For footnotes see page
xl3%
294
10
3443.
1394
14
6,200
49
-—*
52 94
2,500
294
254
1,100
954
1094
1,500
7 94
28N
2N
394
Jan
Apr
July
Jan
1594
Aug
5234
Nov
39k
Jan
11J4
Oct
3794
140
7694
7694
100
9794
9794
120
394
9794
pf. —*
Oct
Oct
Oct
Nov
394
""166
194 June
Feb
794
July
Puget Sound P A L—
*
80
79
81
600
5094
8794
Sept
*
5
Pyrene Manufacturing—10
Quaker Oats com
*
6% preferred
100
Quebec Power Co
—*
Ry A Light 8ecur com
*
Ry & Utll Invest cl A
1
42
4094
4294
950
22
Jan
4794
14
Jan
20
Sept
Sept
55
56
preferred
preferred
Pyle-Natlonal
Co
Prod—
*
Class B
*
Raymond Concrete Pile—
Common
*
53 cot iv preferred
*
"ok" ""894 ""994
T,o66
594
JaD
Jan
12594 128
80
115
June
145
20
141
JaD
145
"2194
2194
2394
2294
2394
525
25
9
94
Oct
137 Mj
Jan
Apr
149
2394
1494
JaD
17
Jan
24
Jan
2
94
Nov
Nov
94
Jan
Rainbow Luminous
Class
Raytheon Mfg v t
Red Bank Oil Co
C—50c
Reed Roller Bit Co
Reeves
300
A
(Daniel)
com
*
*
*
*
10
1
*
Richmond Rad com
1
Rochester G A E 7 % pf 100
94
94
94
18
18
18
3994
3994
494
"1794
1394
3994
494
1794
32
33
33
594
894
94
594
294
1194
1194
494
494
2 94
894
94
594
2 94
1194
494
150
51.20 conv pref
Sept
50
200
25
46
Feb
Apr
Oct
Jan
794
June
3
Jan
1794
Nov
1,600
21
June
34
Oct
200
694
July
994
Nov
300
»i«
Jan
194
Mar
3,400
494
194
694
394
3,100
1,000
800
Jan
7
Apr
Jan
354
Mar
May
1294
Nov
Mar
July
6*4
106
Oct
10694
104 94
Apr
106
Nov
Sept
113
Sept
113
694
20
1994
254
394
294
394
2,900
14 94
5
lS
Feb
Feb
594
Feb
11,500
Rogers-Majestic A
Roosevelt Field Inc
Aug
400
6% pref class D
100
RochesterTel634 % IstpflOO
Root Petroleum Co
Nlles-Bement-Pond
pref.-.100
pref...100
Reynolds Investing
Rice Stlx Dry Goods
Niagara Share—
Nlplfslng Mines
Noma Electric
6% prior lien
7% prior Hen
Reybara Co Inc—
Aug
May
3694
Okla—
Pub Service of
Jan
Feb
Feb
170
60
Jan
July
66
..100
Relter-Foster Oil
N Y Shipbuilding Corp—
64
111 com.
Common
3094
6494
3694
350
in
100
100
100
preferred
Pub 8erv of Nor
1,100
1
3,400
Indiana—
*
37 n
in
2,000
I
Colo—
28n
594 % pref. 10
37
preferred
57 prior pref
12,600
316
in
n
"35"
10,600
3694
6% 1st preferred
7% 1st preferred
800
1
100
Prudential Investors
37
1
*
10,400
B——*
Prosperity Co class
Providence Gas
27n
12.50
Oct
4
2,800
37
Transit
Oct
111
294
Prentice-Hall Inc
27 n
Nat Union Radio Corp
105>4
900
900
*
Premier Gold
100
National Sugar Refining..*
National
Jan
640
394
3,200
part preferred...*
National Steel Car Ltd
*
National Tea
2
*
Mining----1
*
Pressed Metals of Amer..*
Producers Royalty
1
Propper McCallum Hos'y
34,400
55n
14n
36n
6n
Conv
4,700
500
Public Service of
*
1394
93
"""500
85
Nat Rubber Mach
1194
90
13094 13294
194
2
"3594
Pub 8erv Co of
36
1394
92 94
132
3594
90
n
in
87n
4,400
6% 1st pref
Pratt & Lambert Co
25
National Refining Co
Jan
994
894
100
com...*
National P & L 56 pref...*
12 J4
7n
10,100
Nat Mfg & Stores
Nov
1294
3y8
1
594
2094
700
1
15,200
1894
19
*
Oct
Sept
694
594
11
57 n
Warrants
Nov
1994
594
394
18n
$5.60 preferred
62
Jan
Apr
1194
56
Nat Leather common
Jan
794
2094
18N
2N
Sept
294
Power
57n
3
Feb
92
600
700
*
90
Apr
Nov
1,900
o
National Gypsum cl A—6
National Investors oom_.l
National Fuel Gas
794
40
2194
Jaii
4
Alexander.---5
Corp of Can com _ . *
*
$2 conv preferred
Jai
Sept
18
16j4
394
594
394
Powdrell A
3n
55n
"xlZX
Nov
Junf
994
50
18
37 n
37
494
34
85
200
#21 n #22
3754
Mar
1694
Pitts Bessemer A L
1,200
Pittsburgh Forglngs
*
Nachman-Sprlng filled
Feb
36
894
Meter
100
7n
Nov
Pltney-Bowes Postage
34n
3854
7n
Nov
Mar
280
Piedmont & Nor
1,300
"~7n
Nov
19,900
IOO
preferred..
300
5,500
4
"45"
Nov
Nov
100
10994 11054
10494 106
1694
11094
10
pref ser A
conv
Pie Bakeries Inc com
8
*
67
Phoenix Securities—
95
Preferred A
Feb
Nov
Mar
112
.....
Jan
4094
794
2894
50
2794
Nov
794
2994
140
40
Nov
8
50
55
Nov
6H9i
400
40
61
Aug
894
2594
5194
10694
834
2,100
3m
Moore (Tom) Distillery--1
Oct
1,000
1694
Nov
7n
*
May
9
3194
1594
92
91 n
Moody Investors pref
Moore Corp Ltd com
9
300
sept
Feb
Aug
Aug
3194
1594
Jan
7n
155n 156n
1494
3394
500
Phila El Pow 8%
3n
*
48
1594
*
pref—-25
Phillips Packing Co
*
Nov
Nov
A—*
Montana-Dakota Utll-.10
Montgomery Ward A
*
preferred
Feb
4794
150
15
Corp— — 1
2d
Molybdenum
Monroe Loan Society
Sept
775
1494
4094
1,655
Nov
1,200
"1494
Jan
109
Mar
10494
3094
39
*
22
200
13n
38
Nov
*
Common
Mock, Jud., Voehringer Co
Common
-.2.50
Oct
Oct
99<j
45
111
*
Co
Philadelphia Co com
Phila Elec Co $5 pref
3
Jan
37
*
A
pref
preferred
9194
*
Minnesota Mining & Mfg. *
23n
73
23n
Mid vale Co
Mining Corp of Can
$6
Pa Water <fc Power
Midland Steel Products—
$2 non-cum dlv she
Pa Pr A Lt $7
Jan
July
—*
Pa Gas & Elec class
Midland Oil conv pref
200
Jan
4394
1
pref..*
Penn Cent L & P 55
5N
Middle States Petrol—
39
45
10894
Pennroad Corp vtc
IX
6
*
-
994
B
Peninsular Telep com
10
Michigan Sugar Co
994
3294
35
Corp.l
10
Nov
Mar
Preferred
1
Pantepec Oil of Venez
Apr
4N
Michigan Steel Tube.-2.50
9094
1st
Nov
Aug
Michigan Bumper Corp__l
Michigan Gas & Oil
*
preferred—
Pacific Tin spec stock....*
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
$1 30
10 94
Sept
—
594 % 1st preferred—25
Pacific Ltg 56 pref
Pacific P & L 7% pref. 100
Pacific Public Service
*
32
IN
5,500
1st pf-25
Jan
May
*
n
Metal Texrile Corp
Mexico-Ohio Oil......
30
894
Distillers—.—1
Nov
H
494
100N
n
94
85
110
994
Securities
21
com..*
Met Edison $6 pref
*
Mesabl Iron Co
89
60
1st pref-10
Jan
5
594
1,100
88
pref
Ohio Power 6%
Feb
700
6n
preferred
Northwest
5
Oklahoma Nat Gas com. 15
*3 preferred
50
14n
2N
Merrltt Chapman &
June
12n
123
1,500
3i6
8494
Feb
Sept
69i
894
'u
Ollstocks Ltd com
4
1494
7
Memphis Nat Gas com,.5
594
94
8394
63
850
400
594
94
594
3,100
494
10994 10994
Apr
1994
2%
Mead Johnson & Co
494
5534
494
100
pref—100
nov
42N
200
•
1
Pow
394
54
10794 10894
11n
200
UN
1
Miss River
4
5534
1,800
24
53 94
McWllllams Dredging
High
Low
7,100
Feb
Ohio Oil 6%
-...
Range Since Jan. 1 1930
Shares
3594
Mar
55 N
7N
com
High
"2934 "2894 "2994
2Ji
Jan
Apr
12
*
Low
Engineering_
Novadel-Agene Corp
*
Ohio Brass Co cl B com—*
Ohio Edison $6 pref
*
Oct
Mass Utll Assoc v t c
Minn P & L 7%
preferred
IN
Masfley-Harrls common
Master Electric Co
Class B
56
34 N
InternatlMfg-.
dep rights
Margay Oil Corp
Marlon Steam Shovel
Class A
---1
*
Securities.*
Nor Cent Texas Oil
6
Nor European Oil com—1
Nor Ind Pub Ser 6% pf_ 100
7% preferred
100
Nor N Y Utll 7% 1st pf 100
Northern Pipe Line...-.10
Nor Sts Pow com cl A--100
North Penn RR Co
50
Common
300
Amer
7%
Price
Nor Amer Lt A Pow—
1,000
3,200
in
42n
1936
Week
109
in
4054
Lucky Tiger Comblnat'n
Masonlte Corp
for
of Prices
No Am Utility
Common
Marconi
Week's Range
Sale
Par
Long Island Ltg—
$6
Last
High
954
10N
*
Low
11n
15
Lone Star Gas Corp
Shares
15
10n
1294
Locke Steel Chain
7%
STOCKS
(Continued)
Week
28,
Sales
Friday
I
Range Since Jan. 1 1936
STOCKS
(Continued)
Nov.
Exchange—Continued—Page 3
1394
3,600
1894
1894
1494
1894
100
2
494
1494
Oct
Oct
854
494
1994
Feb
Jan
Jan
23
Apr
Sept
Jan
Apr
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
11
*
%
*
90
%
93%
Russets Fifth Ave
*
35%
35%
37%
500
Steel....*
10%
9%
10%
3
3%
109% 115
15,400
*
Ryan Consol Petrol
Safety Car Heat A Lt._100
3%
115
St Anthony Gold Mines..1
St Lawrence
%
preferred
900
300
3%
Jan
1%
2 %
2%
2%
700
4%
Jan
7i«
2%
Jan
Aug
3%
Jan
55
8%
113%
May
Sept
1%
400
6%
41
.May
Oct
Apr
Seeman
*
Tublze Chatlllon Corp
Nov
Selby Shoe Co
Ulen A Co 7%% pref.—25
5 % preferred..
2
6%
6%
6%
800
10
3%
3
500
*
13%
3%
13%
50%
74
3%
75
42
Jan
85
Sept
700
2%
46%
2%
49
500
41%
1%
3
3,000
5%
8,400
30%
50
3%
94%
3%
95%
7,200
95
1
Common
25
Allotment certificates
94%
96
3%
22
Mar
United Chemicals
*
10%
$3 cum & part pref
*
United Corp warrants.....
52 %
July
Oct
United Elastic Corp.....*
Jan
4%
Jan
98 %
Feb
Oct
400
78
Jan
99
Oct
Seversky Aircraft Corp
1
Shattuck Denn Mining
6
200
12%
13%
600
7%
Jan
4%
4%
13%
8,000
3%
4%
18%
Oct
Feb
July
28%
117
May
145%
110
July
116
16
June
%
12%
4%
13
11
25%
Shawlnlgan Wat A Pow..*
Sherwin-Williams com..25
2%
1%
Oct
%
1
*
com
138""
26%
200
1,000
138
135
6,700
6% cum pref ser AAA 100
"25"
Sherwin-Williams of Can.*
"25"
"""Bo
%
Apr
<
Mar
Feb
Apr
15
Line stamped
25
Simpsons Ltd 6% % pfd 100
Singer Mfg Co
...100
Singer Mfg Co Ltd—
Amer dep rec ord reg. .£1
1
Corp
Apr
Am den rets ord reg
25%
Nov
%
%
200
%
%
July
83%
Sept
Aug
6% % pref series C
25
410
405
50
415
100
10
6
100
6
328
Sept
Aug
•
427
Nov
Co
5
25
1,600
■"2% """2% "1%
3",700
28
38%
1,000
38%
38%
28
"27"
28
400
27%
300
4%
500
27
4%
8pencer Chain Stores
Square D class A pref....*
Stahl-Meyer lnc oom
Standard Brewing Co
*
Standard Cap A Seal com.5
Standard Oil (Neb)
United Shoe Mach com..25
..25
Preferred
Oct
3%
34%
27%
"~8%
42
7%
41%
1
U S and Int'l Securities._*
1st pref with warr
4,900
35
6%
5%
25%
2% May
Oct
2%
93%
40%
2%
94%
41
2%
1
15%
conv 1st
2%
295%
2%
2
5%
47
*
34%
4%
1
3,100
3%
2,000
8,200
12%
22%
1%
3%
1,200
32%
Jan
Universal Consol Oil
10
1%
%
400
9%
36%
1,500
16
9%
36%
9%
36
1,150
>4
Universal Insurance
9%
29
2%
%
38
38
41%
1,350
33
8
23
100
1
15
13%
15
1,300
Universal Products
*
30
30
30
Feb
66
1%
65%
67
Oct
10%
Sept
Utah Apex Mining Co
5
Utah Pow & Lt $7 pref— *
Jan
July
37%
4%
1%
Jan
41%
No*
Jan
Feb
Fe*
Utility Equities Corp
Priority stock
Jan
Apr
15
Utlca Gas & Elec 7%
pf 100
*
*
4%
4%
1
1,300
3%
20%
20
21%
"37% "37"
"38"
3~300
Jan
7% preferred
Feb
Venezuela Mex OH Co
Oct
Venezuelan Petrol
40
Vogt Manufacturing
Feb
50
"21%
1
59
Wahl (The) Co common.
21%
900
64%
23%
Nov
21
Sept
Waitt & Bond class A
%
3,500
%
Jan
4%
1,450
4%
Nov
%
4%
7ie
4
70
20%
19%
20%
20%
108%
12%
100
10%
10%
11%
...50
7%
4%
21
Stlnnee (Hugo) Corp
5
3
3
Stroock
•
25%
Stutz Motor Car
25%
3%
Nov
Nov
7% 1st preferred
25%
Jan
Western Tab & Sta
*
400
5%
Nov
7%
5
150
3%
1,000
4%
Apr
26%
600
29%
Nov
3%
7,300
14~, 500
9%
100
94%
30
1,050
Apr
Sept
Jan
Aug
96
Oct
102
Mar
12
13%
6%% pl-60
52%
54
225
15%
54%
Tampa Electric Co com..*
Tastyeast lnc class A
1
37%
37%
400
40
1
June
5
24%
10%
Syracuse Ltg 6% pref..100
Technicolor lnc common.*
Oct,
25%
93%
13%
2%
5
2
2%
5
22%
21%
6
2
6
1,000
400
6%
2
1%
90
"31%
800
24
15,800
90
28%
33%
6
10
4,300
100
6
10%
100
10%
1%
2
400
2%
2%
2%
600
36%
34%
37%
22,700
27
28
800
9
1,000
8%
66
64
69%
900
28
28
28
100
84%
84%
80
3%
4%
7,600
9
9
100
175
*22% "23%
3%
23%
5%
Maryland Ry—
2,100
sc49
100
1
Wayne Pump common
1
Wentworth Mfg Co
5
Western Air Express
1
Western Auto Supply A..*
West. Cartridge 6% pf.100
Western Grocery Co
20
8,100
50
"23%
7,500
23%
*
Walker Mining Co
Western
1%
2%
*
7%
9%
3%
Nov
.
5
3%
25
Taylor Distilling Co
Nov
2,900
1%
2%
*
Class B
23
7%
4%
21
Taggart Corp common...*
Oct
15%
*
conv pref
Oct
Nov
43
Stetson (J B) Co com
Sunshine Mining Co.—10c
Swan Finch OH Corp
16
*
Waco Aircraft Co
59
*
(8) & Co.
1
Va Pub Serv 7%
Sept
4%
Sullivan Machinery
Sun ray Oil
10
pref__100
*
July
500
Sterling Ino..
100
5
3%
Sterling Brewers Ino
Utll Pow & Lt common
107%
100
104% 105
Class B
23%
4,100
4
1%
3%
Oct
Apr
400
4%
2%
Apr
14%
54
500
%
Conv preferred
6%
18%
52%
100
3,500
1%
*
Utah Radio Prod
55
250
53
5,800
7,200
%
300
Feb
Oct
3%
20
1
525
10,200
1,900
9
4
United Wall Paper..
3%
...
800
5%
47%
7%
4%
15
3%
Jan
...*
*
500
37
45
4%
6%
2,400
Sterchl Bros Stores
300
1,000
2%
*
1,300
3%
Stein (A) A Co common. .*
1,000
295% 295%
50c
1%
United Verde Exten
3%
Starrett (The) Corp
Steel Co of Can Ltd
400
"4",600
*
pref
United Stores vtc
"3%
Products Co...l
1%
%
Jan
1
Preferred
160
Universal Pictures com
100
Standard Silver Lead
900
16%
2%
""14%
9ts
1
Feb
Nov
1,100
93%
6%
3%
44%
Nov
20
41
7%
$7
May
July
200
"37"
300
June
68
1,200
6%
1%
US Stores Corp com. ....*
Jan
Aug
July
July
37%
25
255% 256
U S Rubber Reclaiming..*
Feb
Mar
100
65
I
*
*
U S Playing Card..
10
U S Radiator Corp com..*
7% preferred
100
200
42
58%
35
*57%
*
8%
'
56%
8%
9%
9,000
100
4%
4%
6%
7%
*
U S Finishing common
Jan
5%
7%
6%
U S Dairy Prod class A... *
U S Foil Co class B
26
Standard Oil (Ohio) com 25
Talcott (J) lnc
Nov
Mar
2%
94%
1%
Mar
Oct
Feb
*
Swiss Am Elec pref
121%
6,700
10
Preferred.
July
Dredging Co-
Conv preferred
*
Stand Investing $5.50 pf.
Standard OH (Ky)
10
6%%
1,400
1%
1%
Utility & Ind Corp com..
Common
1st preferred
121%
119
120%
United N J RR & Canal 100
7%
1%
141
^4%
50
8panlsh A Gen Corp—
Am dep rets ord bear_.£l
Am dep rets ord reg
£1
2d preferred
£1
Jan
34%
16%
19
75
So'west Pa Pipe Line
6%% pref
8%
Mar
Molasses Co—
Jan
3%
16%
29%
29%
1%
5% preferred
Standard P A L
Jan
Oct
9%
*
Class B
100
Southern Pipe Line
Southern Union Gas
2%
13%
81,500
*
$3 preferred
United Shipyards com B_. 1
83%
Oct
40
Oct
3
Southern Colo Pow cl A.25
7% preferred..
Southern N E Telep
1,600
8%
U S Lines pref
5% original preferred.25
6% preferred B
25
Standard
*
United Milk Products
Edison—
Common class B
1st pref
Nov
Nov
Apr
United
1%
7%
*
Common class B
conv
,
1%
100
United Lt & Pow com A..*
$6
1%
1%
Preferred
Typewriter vtc com.. *
Smith (Howd) Paper Mills*
Standard
1st $7 pref non-voting .*
United G & E 7% pref.
Sept
Smith (L C) A Corona
Southland Royalty
South Penn Oil
1
United Profit Sharing
*
Southern Calif
United Gas Corp com
1,100
18%
16%
18%
com
5%
Slmmons-Boardman Pub—
So uotone
Warrants
13%
Shreveport El Dorado Pipe
Conv pref
Aug
Mar
Mar
81
2
7%
Mar
250
£1
94%
United Aircraft Transport
Option warrants
dep rec
Sentry Safety Control
14%
1,500
50
Nov
Feb
July
Nov
Selfrldge Prov Stores—
Amer
13%
4%
Union Stock Yards....100
Union Traction Co
Oct
8%
4%
40
Nov
2%
Feb
Nov
10
Feb
Feb
Oct
5%
Tan
2
30%
14%
Unexcelled Mfg Co
Oct
Feb
Nov
16%
17%
2,400
Nov
Nov
1,200
11
16%
1%
Feb
13%
3,200
10%
15%
50%
4%
5%
8
11
16%
Apr
5%
Oct
Mar
53
4,900
1,000
13%
51
8
*
Selected Industries Ino—
Seton Leather
1
Tung-Sol Lamp Works
12%
49%
7%
*
Aug
30%
2%
»
13%
50
8O0 dlv pref
30
94%
Regal Lock A H'ware newl
Relberling Rubber com...*
$5.50 prior stock
1
.1
Class A
Twin Coach Co.
26
49
Jan
Feh
13
Apr
300
Jan
Apr
Jan
2%
Am dep rets for ord reg—
Aug
Nov
70%
3%
49
5%
5%
5,000
3,100
5
2%
Trunz Pork Stores
Union Gas of Canada
Bros lnc
4%
2%
_
Tri-State T & T 6 % pref. 10
..*
Feb
49%
*
Securities Corp general...*
High
Low
Triplex Safety Glass Co—
Scranton-Sprlng Brook—
Water Serv $6 pref
Range Since Jan. 1 1936
for
Week
Shares
36%
11%
1
Common
Trl-Continental warrants.
Nov
400
*16
of Prices
High
Low
Trans Lux Plct Screen—
Nov
39
39
*
Manufacturing.25
Price
Oct
71
Jan
Mar
Nov
115
Apr
70
60
103% 113%
*
Schulte Real Estate
Jan
Mar
8
1,000
8% 128,900
7
100
Savoy Oil Co
5
Schlff Co common..__...*
8covllle
%
38%
2%
Corp Ltd...*
5
St Regis Paper com
Sanford Mills com..
%
600
1%
98%
39%
10%
Jan
500
Royal Typewriter
Sale
Par
High
Low
Week's Range
Last
(Concluded)
Shares
Rossla International
7%
stocks
Range Since Jan. 1 1936
Last
Sales
Friday
Sales
Friday
stocks
(Continued)
Rustless Iron &
3441
New York Curb Exchange—Continued—Page 4
143
66
Westmoreland Coal Co. ._*
*
Westmoreland Co
West Texas Utll $6
pref..*
*
West Va Coal & Coke
Williams
(RC)ACo
4%
*
Wil-low Cafeterias Ino
1
Conv preferred
Wilson-Jones Co
*
11%
11
Williams Oll-O-Mat Ht._*
1!
10
1%
7%
100
'
500
1%
2,800
10
600
40%
400
Oct
Wolverine Portl Cement. 10
4%
4%
Oct
Wolverine
2
13%
13%
1
8%
8%
8%
41%
7%
41%
8%
4%
Mar
5%
9,500
6%
May
23%
10,600
32%
Mar
6%
July
Woodley Petroleum
Woolworth (F W) Ltd—
Amer deposit rets
Mar
85
2% June
7%
Oct
10% May
10
64
1
Apr
6%
Aug
5%
16%
3
15%
Oct
Feb
Apr
July
Feb
Feb
6s
30
July
42
Nov
Oct
3
Oct
80
40%
Nov
com
112% Sept
28% Nov
7% May
9% May
3
*
Winnipeg Electic cl B—*
Wise Pi & Lt 7% pref—100
Tube
Apr
15%
Jan
7% May
9% May
Feb
97
500
3%
Jan
7
Jan
3,100
4%
14
13%
6%
Nov
14
Nov
Jan
11
Mar
Jan
42%
Nov
Feb
1,100
9
200
29
12,900
7%
Oct
9%
Oct
Youngstown Steel Door..*
53%
50
53%
3,400
36%
Sept
55%
1%
Feb
Yukon Gold Co
6
3%
3
3%
6,800
1% June
4%
112%
Oct
Oct
Ltd.
1
5%
5
5%
3,100
Tenn El Pow 7 % 1st pf 100
Tenn Products Corp com.*
72%
72
72%
50
%
111%
3,000
20
6
3,000
9%
Feb
675
48%
14%
Nov
Nov
Abbott's Dairy 6s
Alabama Power Co—
Teck-Hughee Mines
.
Texas P A L 7 % pref
%
Tt xon Oil A Land Co
2
Thew Shovel Coal Co
1
6
*
TUo Roofing Ino
13%
48%
14%
1,800
7
7
100
10
Julv
68
Tobacco and Allied Stocks *
Tobacco Prod Exports
5%
46
"l3%
7
Tishman Realty A Const
916
109
100
81
68
100
69
Oct.
Am dep rets ord reg
3%
tl04
107%
107
107%
104%
104
104%
1942
Am dep rets def reg
£1
Todd Shipyards Corp
*
53
Tonopah Mining of Nev_. 1
Mar
Oct
Am
1st & ref 5s_
1951
1956
21%
Feb
1st & ref 5s
1968
1967
92
f deb 5s '52
106
%
516
%
1
4,800
900
Jan
Jan
53
Nov
Aluminum Co
Jan
106
Apr
107
450
53
1st & ref
103
51
pref. 100
7% preferred A
100
Tonopah Belmont Devel.l
19%
4%
32%
Mar
113
*t« June
%
Oct
6%
%
1%
Apr
4%s
s
Aluminium Ltd deb 5s
"20%
2028
107"
Ffeh
.
Am Pow & Lt deb 6s..2016
Amer
Am
Radiator 4%s_. 1947
Roll Mill deb 58—1948
Amer Seating 6s stp—.
Debenture 6s
For footnotes see page 3443.
Nov
Feb
104%
103%
100%
94%
108%
Aug
Mar
107
Nov
8,000
96
Feb
84
Mar
90%
Q9
142,000
106%
20%
107
12,000
25,000
7,000
21%
34%
108
64~66O
97
97% 114,000
1103% 104
22*666
104
103% 103%
97
103%
79% May
105% May
103%
Feb
3%
Jan
13%
Jan
106
92%
102%
102
104%
107%
104%
tl07% 108%
118% 118%
103% 104
~
2~66o
56,000
113%
98
Oct
Oct
Oct
Mar
108%
103% June
Jan
105%
May
10,000
11,000
37
Oct
Jan
Aug
June
106%
23%
Oct
Jan
103
105
106
105""
—2024
Arkansas Pr & Lt 58—1956
107%
55,000
*34
1946
Appalachian El Pr 5s. 1956
Appalachian Pow 5s. 1941
107
Jan
97
106% 107
5%s'53
Corp deb 6s '57
Am El Pow
Amer G & El deb 5s..
13,000
Apr
102%
96%
95%
1948
Amer Com'ity Pow
Feb
22,000
101% 102%
106
Feb
104
104%
.1946
1st & ref 5s
5%
1,100
£1
Oct
Feb
BONDS—
1st & ref 5s
3%
*
Tobacco Securities Trust
Toledo Edison 6%
Wright-Hargreaves
105
107%
Mar
Feb
Oct
Apr
107
leb
Feb
108%
Jan
119%
Aug
Feb
104%
Sept
New York Curb Exchange—Continued—Page 5
3442
Sales
Friday
BONDS
Last
Sale
(Continued)
Price
Associated Eleo 4%s__1953
Associated Gas & El Co—
Conv deb
Week's Range
61
63 j*
81,000
75
73 %
76
54
54%
105 x 105%
105% 105%
*53"
52%
54
Conv deb 5s
1950
57%
1908
68
57 %
57
58%
Debenture 5s
1977
Assoo Rayon 5s
1950
Assoc T & T deb 5%s A *65
63
62
63
99 %
99 %
99%
86
85%
86%
Atlanta Gas Lt
Atlas Plywood
4%s_.1955
5%s...l943
105}*
59
55% May
69
Oct
80%
July
172
146
173
20,000
6s stamped w w..1938
175
150% 175
129,000
6s without warrants 1938
166
139
166
1938
163%
139
166% 250,000
Bell Telep of Canada—
1st M 5s series A... 1955
116%
115% 116%
122% 122%
1st M 5s series B
1957
122%
5s series C
1960
123
Blnghamton L H & P 5s *46
122%
123
1142
19,000
15,000
8,000
98
Broad River Pow 5s1954
"98"
98
4939
87x 87?*
97% 98
W7% 108%
1953
01
Oct
Glen Alden Coal 4s
1965
66
Oct
Gobel
65%
Oct
Grand Trunk West 4s. 1950
70
Oct
Gt Nor Pow 58 stpd__1950
99%
Nov
Mar
Grocery Store Prod 6s. 1945
Guantanamo A West 6s '58
"82%
91%
105%
105%
Nov
Guardian Investors 5s. 1948
"76"
Oct
Hackensack Water 5s. 1938
1956
Canada Northern Pr 6s '53
Canadian Pao Ry 6s.. 1942
Carolina Pr A Lt 5s... 1956
1956
4 %b series H
Cent Maine Pr
1981
4%s
E. 1957
Cent Ohio Lt A Pr 58.1950
Cent Power 5s
ser
D..1957
68}*
67
Nov
Oct
117
Mar
Houston Gulf Gas 0s..1943
105
105
105
"3~66o
6%s with warrants. 1943
Houston Light A Power—
1st 5s series A
1953
101%
101
102%
20,000
104% 104%
$102% 102%
104% 104%
8,000
116
Jan
Jan
122%
123%
Nov
116%
Jan
145
Mar
Feb
107%
Sept
89%
Jan
98%
Nov
76
Jan
90
Oct
Oct
103%
June
109
Jan
108
Feb
74 %
Cities Service 5s
111 Pow A L 1st 6s
A '53
105%
8,000
107%
Mar
1st A ref 5%s ser B.1954
1st A ref 5s ser 0...1956
105%
11,000
105%
Mar
61,000
103%
104%
Nov
Sept
5,000
103%
~75%
102%
71%
Commerz A Privat 5%s '37
Commonwealth Edison—
111
1951
"93"
Indiana Gen Serv 5s_.1948
Indiana Hydro-Eleo 5s '58
"95%
,
Sept
Feb
6s
78%
103%
82
100%
100
100%
128
128
128
105% 105%
105% 106
*1962
109%
101%
67
Jan
111%
Apr
104
Aug
June
102
Mar
Feb
31
91%
107%
*105%
Denver Gas A Elec 5e.l949
Derby Gas A Elec 5s..1940
City Gas 6s ser A. 1947
Det
105
80%
80%
May
July
July
55
Nov
June
114
Jan
82
Feb
58
Jan
81%
Feb
107
Mar
Sept
Jan
109%
101
106
Jan
109
101%
Jan
82%
*106%
9%
Deb 7s
Aug 1 1952
Certificates of deposit.
94
107
106%
105%
$108%
102%
106?*
124
Jan
95
Jan
103%
Oct
86
Jan
99%
Oct
Jan
104%
Sept'
Jan
105%
97%
Sept
Sept
108%
Apr
101%
Feb
108
Oct
109% May
111%
Feb
65
Jan
Jan
84%
63
Jan
84
69
Sept
104%
4%
15% 370,000
71
72
73
"2~666
108
108
109
107
102%
102% 103
72%
74%
14,000
47,000
64,000
$75%
Jan
Jan
17
50
Jan
Feb
53%
Feb
Jan
Oct
83
54
Oct
Oct
90%
106%
14,000
85}
85}
109}
Feb
77
98%
Jan
103
69%
Aug
Aug
66
67%
26,000
69
Aug
79%
92
73
1956
4%s seiers F
1958
Iowa-Neb LAP 6s... 1957
5s series B
Jan
1961
1957
Isarco Hydro Eleo 78.1952
108%
Nov
6,000
108
Nov
29,000
105
Feb
59,000
86%
115,000
Oct
92%
81%
Apr
93
85
86
14,000
10,000
78
Apr
Jamaica Wat Sup
5%s '55
Jersey Central Pow A Lt—
101
Sept
May
128
Oct
4%s series C
1901
Kansas Gas A Elec 6s.2022
105%
105%
Nov
109
Jan
Kansas Power 5s
Nov
109
Jan
Jan
Nov
112% May
2,000
120
104%
Jan
Nov
125
110
101%
Nov
5s series B
33,000
52%
53%
$105% 106%
2,000
32,000
44
Jan
75
65
May
90
Feb
Jan
71
June
47% May
105% Aug
61
Jan
108
Jan
39%
1947
6%s series D
6%s series F
1969
1955
I.
Aug
Apr
102% June
Lexington Utilities 5s_1952
Libby McN A Llbby 5s '42
Lone Star Gas 5s
1942
Apr
Louisiana Pow A Lt 5s '57
Manitoba Power 6%a_1961
110%
104%
104%
5,000
110
Jan
1,000
108
May
105%
109
Apr
Feb
"wo
103%
Aug
5,000
107%
100%
Mar
1,000
Nov
Oct
97%
98
106% 106%
100% 100%
95%
96%
8
Oct
Oct
Aug
94% Nov
92% June
99%
102%
Mar
110
Sept
"moo
Jan
106%
5,000
98%
Jan
104
Aug
July
47,000
80%
Jan
92
Jan
102
104%
43,000
90
Apr
2,000
101
Feb
9,000
78,000
2,000
1,000
15,000
34,000
95%
90
103%
102%
103%
108%
104%
5,000
102
104% 105%
104% 104%
7,000
103%
102%
106
105% 105%
88%
88%
25%
$_...
McCallum Hosiery 6%s *41
McCord Rad A Mfg 6s '43
Middle States Pet 6%s *45
Midland Valley 5s
.1943
Oct
Oct
105%
88%
7b without warrants. 1941
July
10
7%
Mar
106%
120%
103%
13,000
2,000
11,000
2,000
105
103%
75%
Feb
Apr
Jan
Nov
May
Feb
Nov
Jan
Feb
Apr
Jan
40%
105%
Milw Gas Light 4%s..l907
Minn PAL 4%s
1978
5s
106
107%
99%
92
93
106% 106%
102% 102%
106% 106%
....1956
1965
90%
1957
98%
Mississippi Riv Fuel 6s '44
Miss River Pow 1st 5s. 1951
6%s '65
106%
Missouri Pub Serv 6s. 1947
Montana Dakota Utilities
77%
90
91
98%
98%
106% 106%
107% 107%
106% 106%
79
77%
$98
75%
Jan
3,000
99%
Feb
97%
Oct
103%
103%
94
'104%
99%
94
11,000
5,000
2,000
"2^606
16,000
June
7,000
9,000
69,000
16,000
20,000
8,000
24,000
65,000
1,000
106
Nov
103%
Feb
Jan
108%
103%
Oct
Jan
Sept
Aug
Sept
Oct
91%
78
Jan
102%
May
98%
Jan
95%
106%
8,000
57%
106
93%
Oct
June
82 %
104% 105% 39,000
98% 99% 147,000
5%
2030
61%
4%s.l981
July
105%
Feb
July
106%
95%
Feb
Jan
6s serles A.
.2022
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1950
Mar
New Amsterdam Gas 5s *48
Oct
N E Gas A El Assn 5s_ 1947
124"
100
Jan
90%
Apr
105%
99%
"78%
100
100%
102%
102
102%
100
100
100
100%
100
""94%
93%
88%
Jan
100%
92%
83%
Jan
102%
Nov
Sept
1948
78%
Conv deb 6s.
1950
77%
New Eng Pow Assn 5s. 1948
96%
Jan
100%
Sept
16.000
82
Jan
100
Sept
100%
102%
8.000
96
July
102%
Mar
98
May
103
Oct
94%
~59~666
79
Jan
96
July
N Y Central
25,000
30
Jan
106
Apr
107
85%
Apr
18
Jan
97
62%
112
10^666
117%
Jan
125
109%
100% 18L000
5,000
120% 120%
77%
78% 101,000
105%
86%
May
Jan
109%
109%
Jan
120%
64%
May
79%
64% May
79%
79%
99%
102%
123%
124
77%
77%
96%
78%
32,000
77% 127,000
97
87,000
64%
Apr
85
Jan
Jan
102
New York Penn A Ohio—
99
$102
11,000
64,000
3,000
Oct
16
May
97
107% June
$109
'"98%
Conv deb 5s
100
92
35,000
93%
62
59%
158,000
$107
109%
Oct
Sept
101%
102%
Deb 5s series B
Oct
107% May
109% June
108% May
Jan
6,000
15,000
Nebraska Power
06
107%
103%
100%
94,000
Aug
•
100
15%
102
Mar
103
Feb
94%
5,000
17,000
100
62
Jan
101
102%
102%
Jan
Oct
Mar
106% May
Oct
105%
102
91
100
107%
Aug
14
Nassau A Suffolk Ltg 5e *45
Nat Pow A Lt 6s A...2026
22,000
105
104%
27
105
Nov
94%
112}
89
101
Munson SS 6%s ctfS.,1937
June
31
93%
Sept
104%
Apr
104% June
106}
Jan
14%
June
108
Finland Residential Mtge
July
Aug
99%
June
101%
93%
09
Jan
101% 101%
102% 103%
103% 104%
28
Sept
24
Jan
July
1944
Jan
2,000
103
58
1,000
50
99
92%
106%
Miss Pow A Lt 5s
Missouri Pow A Lt
25%
102% 102%
104% 106
107
Mississippi Pow 6s
July
28%
100%
108%
Mar
Mansfield Mln A Smelt—
Memphis P A L 5s A.. 1948
Metropolitan Ed 4s E.1971
15
104
106
Jan
Jan
Feb
106
Long Island Ltg 6s... 1945
12,000
2,000
96
Apr
102% 102%
103% 103%
110% 111%
104
110
98
1948
103%
2,000
Nat Pub Serv 6a ctfs. 1978
93%
June
103%
115%
100%
103%
95
28%
Banks 6s-5s stpd...l961
Feb
Nov
1,000
Sink fund deb 5%s.l950
Lehigh Pow Secur 6s..2020
106%
61%
Jan
106%
106%
14,000
Nov
104% 104%
159
106
Jan
July
104% 104%
106% 106%
120% 120%
104
Jan
83%
106%
104%
105%
90
70%
56%
Kimberly-Clark 6s
1943
Koppers G A C deb 5s. 1947
103% 103%
89
65
54
Oct
87%
106%
102% 102%
1947
107% June
90% 306,000
111%
64
Feb
48
105
107%
4^666
24,000
5,000
104% Nov
104% May
104%
Apr
101%
Jan
Kentucky Utilities Co—
109%
6,000
106% 106%
12,000
70%
65
"54"
53
Stamped
104% 104%
$103% 104%
105% 106
106%
1942
124
14,000
1,000
2,000
85
104%
4%s..l958
Iowa Pub Serv 5s
Italian Superpower 6s_ 1903
Jacksonville Gas 5s
1942
1107% 108%
6s ex-warr stamped. 1944
Gatlneau Power 1st 58.1950
Nov
Nov
91
13%
67
5s series D
5%s
Florida Power A Lt 5s_ 1954
Gary Electric A Gas—
Nov
104% May
69
1952
Isotta Fraschinl 7s
•9% 11
31,000
9% 10% 10,000
3%
10,000
3%
3%
3%
1,000
102% 102%
7,000
93% 94% 159,000
$107
89%
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s *42
First Bohemian Glass 7s '67
Fla Power Corp 5%s.l979
Feb
99
14?*
1957
Mar
32
102%
106%
106% 106%
90%
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A
1960
Empire Dist El 5s
1952
6%s series A
1953
Erie Lighting 5s
1907
Farmers Nat Mtge 7s. 1963
Federal Water Serv 5Mb '54
Nov
106%
106%
69
1957
Mar
Detroit Internet Bridge—
General Pub Serv 5s..1953
Gen Pub Utll 6%s A. 1956
1955
113
2,000
91% 92% 186,000
103
104
10,000
98% 98%
2,000
t77
79%
tl04%
1952
1940
0%s series C
5s series
Cumberl'd Co PAL 4Mb '66
Deb gold 6s. June 151941
Deb 08 series B
1941
Aug
111% June
56%
Jan
International Power Sec—
113%
113%
5,000
3,000
j109% 110
Crucible Steel 5e
1940
Cuban Telephone 7%s 1941
Cuban Tobacco 6s
1944
General Bronze 6s
Mar
107
106%
10,000
52,000
Debenture 6s
113
7,000
Empire Oil A Ref 5%s_1942
Ercole Marelli Elec Mfg—
107%
Mar
10,000
12,000
Interstate Power 5s
34
2,000
100% 101%
Dixie Gulf Gas 0%s..l937
Eastern Gas A Fuel 4s 1956
Elec Power A Light 5s. 2030
Nov
104
Oot
2,000
11,000
85%
105%
Nov
Jan
1st A coll 6s ser A..1943
Conv deb 6%s w w.1943
Cont'l Gas A El 5s
1958
Aug 1 1962
Certificates of deposit.
Mar
Jan
79%
Nov
Jan
108
96
79
105
Mar
Jan
Jan
July
86%
79%
*105%
103%
104%
100
1903
84%
32%
104%
107%
8,000
32^666
68%
97%
Jan
10,000
6%s
96
43%
21% June
99%
Nov
103% May
97%
Jan
2,000
80
69
Jan
65%
104?* 104%
1960
95
98%
11,000
79
7s series F
...1962
International Salt 5S..1951
International Sec 5s._1947
Jan
93
66%
124
68 1st series B
94
80
7s series E
Apr
86%
9,000
Gem mtge 4%s
1954
Consol Gas EI Lt A P (Bait)
lstref h t 4s
...1981
Consol Gas Util Co.—
58 series C
103%
1950
1st mtge 6s ser H..1901
1QQQ
Dallas Pow A Lt 6s A. 1949
Q**
6,000
1st lien A ref 5s
Consol Gas (Bait City)—
Delaware El Pow 5Ms. 1969
101% 101%
105% 105%
$109% 111
1957
Indianapolis Gas 5s A. 1952
Ind'polis P L 6s ser A. 1957
2,000
111
103
82
..1956
5S
97
Indiana Service 5s
24,000
107%
1951
96
100% 106%
Indiana A Mich Eleo 5s '55
2,000
7,000
3,000
57,000
4 000
106% 106%
22,000
105% 106
105
33,000
105%
102% 103% 117,000
103
1953
5s series C
95
28,000
111%
103
Community P S 5s
1960
Connecticut Light A Power
5s series D
111
111%
107% 108%
107?* 107%
108
3%s series H
1965
Com'wealth Subsld 6%s '48
Community Pr A Lt 5s '57
4Mb series O
55
*000
111% 111%
112?* 112%
1st 4%s series C...1956
1st 4Mb series D
1957
1st M 4s series F...1981
101%
6%s series B
Iowa Pow A Lt
111%
1st M 5s series B...1954
7s series A
103% 103
70% 72
70% 72%
55
1st M 5s series A... 1953
97
77%
74%
76%
107% 108
100% 101
Jan
May
Interstate Public Service—
71%
1949
78% 80% 93*666
99% 100
7,000
103% 103% 24,000
73% 74% 11,000
73% 75% 301,000
102% 103
37,000
103%
Apr
Intercontlnents Pow 6a '48
80
Cities Serv P A L 5%s. 1962
May 1957
Indiana Electrio Corp—
6s series A
1947
Aug
3,000
110%
6%s
ser
102
7~66o
110
1947
104%
104%
23,000
99,000
52,000
25,000
47,000
2,000
105
1943
5%S
72%
69%
74%
16,000
3,000
~
105
1966
Line 6s
108
Nov
105%
5%a A '52
Conv deb 5s
1950
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
75
114%
tl02% 103
1955
1949
12,000
105
1927
77
1949
68 series B
113%
105
5%s.l942
6s series B
Hygrade Food 6s A
Sf deb
~i"i~666
1950
100?*
106%
105%
Ohio Jot Ry A Union Stock
Yards 5s
1940
Chlo Rys 58 ctfs
Cincinnati St Ry
1st 4%8 series D
1978
1st 4% s seriee E
1981
Hydraulic Power Co of
Niagara Falls 5s
3,000
$99% 100%
1930
Oct
72
102%
166%
114%
60
110%
107%
25
29%
9R
105%
105
"27^066
Apr
Idaho Power 6s
67%
Jan
75
Illinois Central RR 6s. 1937
111 Northern Util 5s... 1957
96
108%
Nov
Aug
94%
66%
68%
76%
1,000
166
Mar
103%
83
Jan
Apr
97
103
104%
66%
73%
98
Jan
~i3~66o
Hamburg Eleo 7s
1935
Hamburg El Underground
A St Ry 5%s
1938
97
Aug
108
Hall Print 6s stpd
$27%
90
93
J81
Jan
Nov
98
Apr
July
Nov
Sept
103
6%s ex-warrants... 1954
Cent States PAL 5%s '53
Chlo Dist Eleo Gen 4%s '70
Chic Pneu Tools
1977
85
104%
44
173
1947
Mar
Apr
May
79
64
"e'ooo
60
70
96%
97
Sept
175
105
101% 101%
$102 ?* 102%
103%
103% 103%
90 %
91
90%
69%
82%
High
May
79
~5~66o
Apr
116%
104
82
IO1T666
83
110% 110%
106
$105
105%
102?* 103%
91%
103
103%
$106% 107%
$58
3,000
38,000
103
95%
1961
103"
38,000
103
Cent Pow A Lt 1st 5s. 1956
Cent States Elec 5s.. .1948
6s series B
$80
(Adolf) 4%s_._1941
110?* 112
103?* 104%
103%
103%
35
90
Low
80
29
12,000
98,000
64,000
Apr
Central 111 Public Service—
1st A ret 4%s ser F.1967
6s series G
...1968
"96"
106 % 106%
Cedar Rapids M A P5s.'63
Cent Ariz Lt A Pr 6*. 1960
95%
103?* 103%
85%
87%
$
113
111
104
93
Range Since Jan. 1,1936
t
79
$106
107%
104?* 104%
Week
High
77%
105%
74,000
1,000
8,000
for
of Prices
87
Gesfurel 6s
134
150
tlo 6% 107
Birmingham Eleo 4%s 1008
Birmingham Gas 5s... 1959
5s series E
Georgia Power ref 6s_.1907
Georgia Pow A Lt 5s.. 1978
Oct
Hood Rubber 7s
Bethlehem Steel 6s... 1998
Gen A ret 5s
56,000
Week's Range
Low
93%
103%
61
6s series A
0s with warrants... 1938
Buffalo Gen Elec 5s
Gen Wat Wks A El 5s. 1943
1936
Sales
Sale
Price
Baldwin Looom Works—
6s stamped x w
Last
High
23,000
1938
G...1948
1949
BONDS
(Continued)
Low
21,000
9,000
70,000
45,000
32,000
9,000
37,000
14,000
16,000
5%s
6%s
Range Since Jan. 1 1936
$
62
Codv deb 4%s
Conv deb 4%s
Conv deb
for
Friday
Week
of Prices
High
Low
Nov. 28,
General Rayon 6s A..1948
Gen Vending Corp 6s. 1937
70
71
71
Nov
$26
28
22% June
27%
July
Certificates of deposit.._
$26
29%
20
27%
99%
99%
99%
23,000
88%
1942
93%
92%
93%
30,000
74%
93%
Nov
Income 6s series A.. 1949
90%
91
11,000
69
Jan
91
Nov
97
May
105
105
July
Debenture
6%s
1954
New Orleans Pub Serv—
5s stamped
Elec
6%s '60
90
$104
104%
Jan
Oct
Nov
For footnotes
see page
June
Ext
4%s stamped.. 195C
$108% 110
110%
Mar
3443.
saga.
Volume
Friday
BONDS
Last
Weel's Range
for
Sale
of Prices
Low
High
4%s *67
N Y State E A O 4%B_1980
1st
6%s
10634
10534 10634
103
Debenture 6a
Price
High
Low
10794
104
Oct
July
103"
10334
27,000
10634 10634
3,000
10834
Jan
103
2,000
10534
11234
Nov
103
{112% 114
J105 34 107
86
8634
1964
Niagara Falls Pow5sA1959
Nippon El Pow 6%s..l953
12,000
10534
8434
May
Mar
Feb
109
Jan
90
Feb
No Amer Lt A Pow—
5%s series A.
1966
Nor Confl Utll 5%s..1948
95 %
9534
9634
6734
7034
10734 10734
21,000
15,000
9034
53
Jan
Apr
72
Mar
Oct
Mar
108
Jan
97
2,000
10634
Northern Indiana P S—
1969
6s series D
105%
10534
4%e series E
1970
1940
N'western Elec 6u stmpl945
No States Pow
5j.<j8
105%
N'western Power 6s A. 1960
N'western Pub Borv 5s 1957
105
Ogden Gas 6s
Ohio Edison 1st «s
110
1945
1960
Ohio Power 1st lis B..1952
1st A ref
4%s
«er D.1966
100
June
6s series C
10534
..1964
1961
Okla Gas A Eleo 5s... 1950
1940
Okla Nat Gas
5s
conv
4} fa
1951
debs
1946
'i03~%
101J4
10634
10,000
106
10434 105
10934 11034
105
1,000
18,000
9,000
18,000
6,000
5,000
7934
9834
10334
10534
104
10334
Nov
109
10534 106
10534 10634
1960
10634
10634
Tide Water Power 68..1979
7348-1946
{24
Mar
1962
107
(Leonard)
Toledo Edison 5s
Apr
10734
Mar
Twin City Rap Tr
Apr
107
Mar
112
Feb
107
May
1954
Penn Water A Pow 5s. 1940
11134
Nov
10734
Jan
June
107
Feb
105
Feb
10034 101
1954
434s
5s series A
!
1957
United Eleo N J 4s.-.1949
99
Oct
Oct
United El Serv 7s ex-w 1956
4,000
86
Apr
9934
10234
9434
Nov
63,000
93 34
Jan
United Industrial
4,000
93
Jan
103
Nov
10634 10734
7,000
105:
Apr
108
Aug
Nov
Jan
Apr
1,000
114
Jan
8834 103,000
80
Mar
102
Phlla Electric Co 5s.. 1966
'11134
11134
9834
107
12134 Mar
10234 Mar
11034 May
9434
Feb
10134
6,000
21,000
5,000
44,000
1,000
10734
2,000
{10534 10534
11134 112
"6",000
9834
9934
2834
Oct
104
May
100
Jan
Sept
10434
9734
Apr
10634
10734
Jan
102
10134
9834
105
Mar
Mar
Jan
Apr
Aug
10694 June
10534
10834
Feb
10894
10434
Jan
107
11134
Sept
Oct
10034
10434
4% '57
Pledm't Hydro-El 634s *60
"mi
6348
6348
Un Lt A
Piedmont A Nor 5s... 1954
10534
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s... 1948
July
July
July
Aug
11494
Jan
10834 June
1962
1973
6s series A.....
6s series A
Utah Pow A Lt 6s A—2022
1944
4%8
"i05"
1939
10334
Portland Gas A Coke 5s '40
7834
107
Mar
108
Mar
July
8434
Jan
Mar
10294
Aug
51
44,000
3734
Jan
9434
Nov
Oct
72
June
2734
2734
8234
83
47,000
92
June
91
83
2734
92
10,000
97
July
13,000
10534 10534
9034
9134
Jan
323
5,000
1,000
113
113
11434
8434
8434
99
9934
09%
101
101
Jan
333
10034 May
3,000
86,000
9634
10134
9,000
1,000
7,000
8,000
101%
99
Jan
7534
9034
9234
Jan
Sept
11594
9094
Jan
Mar
July
10354
July
Oct
Oct
102
June
10634 May
Apr
105
{10534 10534
10834
{107
10734 June
10034 Aug
Jan
9734
Sept
June
3854
Nov
99
10234 10234
95
95
37
3834
1937
1958
Ry A Elec 48—1951
"i0734
Wash
Mar
9,000
104
Apr
103
Aug
14,000
10034
108
Mar
10534
Nov
2734
Mar
1906
Wise Pow A Lt 4s
Jan
Yadkin Rlv Pow 5s
Jan
York Rys Co 5s
1937
3,000
10734
10834
10634
Mar
108
1,000
10534
Aug
10734
10634 10634
10434 10534
10,000
36,000
105
Feb
107%
Nov
Feb
10534
Sept
10934 110
9734
9634
9634
7034
4,000
71,000
111%
Aug
9734
Sept
7134
41,000
77%
Sept
7034
102
10634 10734
Jan
Oct
10734
10,000
Nov
Sept
10754
Jan
107%
Nov
Oct
4,000
10734 10734
10734 10734
10634
1,000
10634
106
10234
18,000
Sept
10294
10634 10634
22,000
106
Mar
109
10134 102
11,000
10134
Nov
10494
Jan
Jan
2154
2154
2634
Feb
8034
8234
Nov
Nov
102
10234
1941
8334
107
17^00
10734 10734
Wlso-Mlnn Lt A Pow 5s *4*
20,000
Oct
10734
107
2030
West Newspaper Un
17
59,000
{10234 10334
Wash Water Power 6s. 1960
6s 44
West United G A E 534s *55
Wheeling Elec Co 5s..1941
100
11734
62
95
Nov
2,000
4,000
Sept
2734
3734
1946
29
11,000
10734
6034
6134
1954
78 with warrants
78,000
2l",000
10734 May
2,000
1st ref 5s series B ..I960
6s
Wash Gas Light 5s
Mar
Feb
110
{10634
10534
{105
104% 10434
116%
11634 11634
Waldorf-Astoria Corp—
Mar
75
100
{10134 10234
Sept
June
10034
Nov
Sept
Mar
107
2534
34
Apr
Jan
101%
West Texas Utll 5s A. 1967
2534
Electrlo 6e..l954
June
24
47
West Penn Traction 5a *60
82
9834
Jan
West Penn Elec 5s
82
Nov
4,000
27~666
32
10734
9,000
Jan
10034 101
10434
Jan
9934 10034
10834
10034 10134
Mar
9934
July
Power Securities 6s...1949
100
Jan
Sept
{10634
1961
Jan
Nov
10034 May
9534
Jan
9894
Potrero Sug 7s ttpd—1947
Power Corp(Can)434s B '59
July
40
IO034
11234
1,000
11234
10634 107
Jan
90
51,000
Apr
1,000
32,000
100
2334
Mar
104
10234 10234
Va Public 8erv 534s A.
71,000
10334 10334
7834
7734
29
10434
10534 Sept
10234
Vamma Water Pow
11334
2334
Elec 6e..l953
Feb
7434 June
534s *67
1940
Valvollne Oil 7s
3,000
1,000
13,000
105
Feb
49%
1962
1937
....
17,000
104 54
98
90
116,000
Utlca Gas A Eleo 5s D_ 1966
20,000
10534 10534
{10534 10634
Jan
United Lt A Rys (Me)—
9834
6234
Jan
Jan
Jan
Feb
77% May
4134
Jan
99%
Jan
89
94
1974
1959
Rys (Del) 534s '52 "90 %
11134
60
Apr
Oot
9234
1945
1st s f 0s
United Lt A Pow 6s... 1975
111
9834
99
Apr
Apr
94
634s 1941
11134 11134
10734 10734
Phil Sub Co G A E
4Mb series F
10634 10634
105
10634
27
Pblla Elec Pow 6%s-.1972
Phlla Rapid Transit 6s 1962
I960
1967
Ward Baking 6s
9934
1979
Edlison Be E.
1944
5s series B
Oct
101
Nov
Sept
106%
7634
Union Amer Inv 5s A. 1948
1013'
973
6l",666
5034
10634
10634
11034
10934
42
Union Elec Lt A Power—
10334
{10534 10634
4%s series B
1968
Peoples Gas L A Coke—
1981
534s *52
stamped
10534
{10294 10334
104 34 10534
Mar
Ulen Co—
2,000
116
Aug
6034
104
3,000
45,000
1,000
104
104
Tletz
13,000
43,000
87
9834
Jan
July
98
"99"
Nov
July
11934
40
11134 11134
Nov
10834
7,000
10534 10534
40
53
Aug
104
53,000
10534 10534
10534
111
10434
6,000
10534
107
37,000
107
Penn Pub Serv 6s C..1947
Prussian
Thermold Co 6s stpd.1937
10134 10234
QQ
9934
107
Pennsylvania Power 5s '66
Potomac
{10734 108
94
9434
Apr
Oct
43
10534
10634
10534 10534
10534 10634
105
4,000
3,000
10034 10034
Nov
44
{10634 10734
2022
0g
5a series E
Poor A Co 6s.
50
105%
1946
Texas Power A Lt 58..1950
10334 104
10634 10634
102
Deb 5%s series B... 1959
Pomeranian
5234
5034
Jan
Jan
Penn Ohio Edison—
Peoples Lt APr5e
51
51
16,000
10434 10534
7934
7934
116
1979
Penn Electrlo 4s F....1971
4s series B
50
51
43,000
14,000
Texas Gas Utll 6s
12034 12034
"16634
"i0434
1938
4%s.l977
5s series D
65
62
Texas Eleo Service 6s. 1900
93
Palmer Corp 6s
Penn Cent LAP
x-w
Feb
84
10134 10134
99
10034
"8734
6s series A
49
83
Nov
109
106
Pacific Ltg A Pow 5s.. 1942
Pacific Pow A Ltg 6s..1955
5s
5,000
25,000
51,000
19,000
10,000
8,000
6034
Sept
105
1941
A. 1948
ser
52
6134
6%s—1953
10434
10494
Pacific Gas A El Co—
1st 6s series E
35%
Ternl Hydro-El
10634
105
1941
Pacific Coast Power 5s '40
Pacific Invest 5s
Oct
84
6,000
10534 10634
105
10534
Okla Power A Water 5e *48
Oswego Falls 6s
2934
9434
9,000
105
...1963
6s series A
22,000
51
1957
6s series B
6s 3d
6s series D
5%s series E
3334
Tennessee Elec Pow 5s 1956
24,000
Ohio Public Sendee Co—
.
1936
7s stamp ctfs dep. 1936
7-4% stamped
1940
7s stmp ctfs dep. 1946
Super Power of 111 434s '68
1st 4348
...1970
Syracuse Ltg 534s....1954
9,000
Oct
High
Low
33
3334
7-4% stamped
10534 10534
10534 10534
10334 10334
Oct
Range Since Jan. 1 1936
$
Stlnnes 'Hugo) Corp—
10334 10434
1966
.
Starrett Corp lnc 5s. .1950
for
Week
of Prices
High
Low
Tenn Public Service 5s 1970
No Indiana O A E 0S.1962
5s series C
Week's Range
Sale
(Concluded)
50,000
103
1962
N Y A Westcb'r Ltg 4s 2004
%
Last
BONDS
Range Since Jan. 1, 1936
Week
Price
Sales
Friday
Sales
{Continued)
N Y PAL Corp l«st
3443
New York Curb Exchange—Concluded—Page 6
143
"V.666
9134.
10134
Aug
Mar
10194
Nov
8,000
101
July
1,000
32
Feb
21,000
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Public Service of N J—
14034
14034 141
8,000
13294
JaD
14594 May
9,000
108*4
Jan
11234
Sept
......1966
16334
11134 11134
103 34 104 34
3,000
10334
Nov
10734
...1978
1980
105
105
Oct
Aug
10434
104
104 34
6% perpetual certificate^
Pub Serv of Nor Illinois—
1st A ref 5s
5s series C
4%8 series D
434" series E
1st A ref 434s
434s series I
....1966
ser F. 1981
..I960
'10534
10,000
101H
Jan
105
25,000
102
Jan
10534
10334 104
21,000
102
Jan
10434
Sept
July
10534 10534
12,000
10334
Api
106
July
1,000
10634
Sept
106
1966
106
Puget Sound PAL 634" '49
9234
9134
9234 1/12,000
9634
8734
87
8834
22,000
D. 1950
8434
84
8434
15,000
1968
10434
10434 10434
7,000
9334
8934
10034
Jan
Feb
Mar
106
2,000
ser
Quebec Power 6s
1952
87
88
2734
2734
Ruhr Gas Corp 034"--1953
Ruhr Housing 6348.-195*
{2534
Safe Harbor Water
107
4%s '79
St Louis Gas A Coke 6s '47
1834
San Antonio PS 58 B__ 1958
10534
Sauda
9894
74
5,000
25
26
107
"6",000
1834
65,000
10534 10634
9,000
1734
103
"7",000
52
{13134
1955
{10934
2634
2654
7,000
May
2734
2834
1,000
1834
2034
1,000
3,000
17
Jan
24
20
May
80%
80%
3,000
5534
9%
~8766o
5734
Jan
794 May
12,000
2434
Nov
25
May
34
Jan
"moo
9534
8934
Jan
102
July
1,000
Jan
100
Aus
3,000
60
Aug
73
Apr
289
283
329
269
Feb
{78
9
9%
1955
534s..
12
May
Jan
Dan rig Port A Waterways
July
28
2834
68 ex warrants
2734
1935
Bcrlpp (E W) Co 6^8.1943
Seattle Lighting 5s... 1949
10234
Second Int'l Sec 5s... 1948
10234
1948
4%a *67
1968
1970
102 34 103
25
25%
3,000
1834 May
1947
25
25
25
22,000
1834 May
24%
24%
2494
21
23%
23%
2354
10,000
13,000
13
1234
19%
13
4,000
9
Mendoza
1958
7%s
1951
4s stamped
Sept
July
-----
12%
-----
1951
10734
10734 10734
12,000
10434
104
10434
6,000
104
104
5,000
10334
104
6,000
Rio de Janeiro
634s—1959
Russian Govt 634s
1919
634s certificates
1919
634s
1921
534s certificates
1921
7034
7134
8,000
9934
9934
1,000
10634
105J4 10634
55,000
Debenture
10634
106
10634
32,000
Ref M
10834
10734 10834
10734 10834
52,000
Jan
Oct
11
Feb
8,000
Jan
110
110
5,000
Mar
2,000
8,000
63
1334
Jan
Jan
20
Nov
14%
Aug
Feb
10054
8834
Nov
2134
Oct
22
Aor
Mar
Nov
Jan
12
1,000
Jan
Sept
Jan
1734
1334
Jan
13
Feb
18
2194
Feb
1434
Jan
Sept
{12
16
1234
Sept
{98
100
9234
1034
Jan
1254
9954
Jan
23%
Apr
1234
Jan
May
1994
Nov
{20 34
1934
22 34
1934
21,COO
134
1834
134
134
38,000
134
134
134
73,000
134
134
134
15,000
134
134
134
32,000
Oct
34
H
234
23
Jan
May
June
1
1
25
Jan
Sept
21
Jan
Jan
68
Feb
71
Mar
62
62
3,000
49
June
62
Nov
1234
1234
7,000
1234
1234
1,000
1134
1134
Nov
110
17,000
88
Mar
May
12%
1234
8334
Nov
10834
4,000
{2034
Mtge Bk of Denmark 6s '72
Parana (State) 7s
1958
20,666
20
1934 May
10094 10094
{2034
Mtge Bk of Chile 0S...1931
6s stamped
1931
15,000
.
May
1334
934
7134
88
Mtge Bk of Bogota 7s. 1947
issue of May 1927
21,000
{10234 103
10234 10234
6234
25
Medellin 7s series E..1951
Jan
2434
6234
1952
Maranhao 7s
Jan
10734
99
99
1953
5s
1939
Hanover (Prov) 6348—1949
Lima (City) Peru 0348.1958
2234 June
10534 Au?
10194
30
{25
9994 100%
...1952
0s series A
Danish
26
25
1951
Prov Banks 6s B
Issue of Oct 1927..
1936
4%s series B
1st 4%s series D
1948
Hanover (City) 7s
15,000
68 with warrants
Shawlnlgan WAP
80%
1947
7348 stamped...
Secured 6s
Jan
Schulte Real Estate—
Servel Ino 5s
2094
2034
24
,
German Cons Munlo 7s '47
Jan
124
Wks 6s... 1937
Falls 6s...
Saxon Pub
10634
{10434 104 h
Reliance Manag't 5s_.1954
Rochester Cent Pow 5s *63
San Joaquin L A P 6s B
...1962
7s stamped
Cauca Valley 7s..
External 634s
Queens Boro Gas A Eleo—
534" series A
Oct
2094
"20 k"
1951
Buenos Aires (Province)—
Feb
1st A ret Be series C. 1950
1st A ref
4%s
1947
20-year 7s
Baden 7s
Cent Bk of German State A
Pub Serv of Oklahoma—
4s series A
Agricultural Mtge Bk (Col)
20-year 7s
1946
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow
71
5s. 1957
Southeast PAL 6s
2026
7s
Ref M
1st A ref mtge 4s...1960
1945
1949
stamped
Santiago 7s....
Mar
1234
1961
7s
Sou Calif Edison Ltd—
354 b
1945
354s.May 1 1960
394s B.July 1 '60
1945
Santa Fe 7s
Jan
Jan
1294
1254
Oct
Oct
Oct
Aug
Sou Calif Gas Co
434«- 1961
107
10634 107
10,000
Apr
Oct
Sou Counties Gas
4^8.1908
10334
10334 10434
9,000
Feb
June
1951
8534
8534
43,000
Jan
Sept
Southern Nat Gas 6s..1944
10334
10334 103 34
74,000
Jan
S'western Assoc Tel 56.1961
104
10334 10434
6,000
Jan
Nov
S'weetern Lt A Pr 5s..1957
10334
10334 10334
3,000
Jan
Sept
9534
1,000
Jan
June
Sou Indiana Ry 4s
8434
9534
So'west Pow A Lt 6s..2022
Jan
May
Oct
85
8334
85
"5", 000
Jan
Oct
85
82
85
25,000
May
Oct
8534
83 34
8534
13,000
May
Oct
Certificates of deposit.
85
8234
85
25,000
May
Oct
1951
82
8034
82
38,000
May
Oct
May
Oct
2,000
Jan
Feb
68,000
May
*
the
Oc*
{10534 106
S'west Pub Serv 6s...1945
Stand Gas A Elec 6s_.1935
Certificates of deposit.
1936
Convertible 6s
Debenture 6s
Debenture 6sDec
1
1906
8134
8134
10134 102
Standard Tnvestg5%s 1939
Standard Pow A Lt 6s. 1957
7934
"8134
7934
8134
40,000
No par value
rule sales
range,
r
{ Friday's bid and
e
Defer red delivery sale* not nc»uded n year'•-range.
n
In year's range,
r ('ash sales not Inoluded In
a
not Included
Under
year's
Ex-dlvldend
asked price
No sales were transacted during curren week.
week and not Included In weekly or
Cash sales transacted during the current
yearly range:
No sales
y
Underthe rule sales transacted during the ourrent
week and not Included In
weekly or yearly range:
No sales.
s
Deferred delivery sales transacted
during the ourren
week and not
noluded
weekly or yearly range:
No sales.
Abbreviations
.
Used
"x-w." wlthou
J
Above—"cod," cert flcates of deposli; "cons,
consolidated,
"m," mortgage; "n-v," non-voting stock,
when Issued "w " " with warrants
cum,' cumulative: "conv," convert-bl »
"v t 0." voting trust certificates: "w
warrants.
Financial
3444
Chronicle
Nov.
28, 1936
Other Stock Exchanges
Friday
New York Real Estate Securities
Stocks (Concluded)
of Prices
Low
High
Price
Par
Reece Buttonhole Mach.10
Bid
v
Week's
Sale
Closing bid and asked quotations, Friday, Nov. 27
Unlisted Bonds
Ask
Unlisted Stocks
Bid
Ask
Reece Folding Mach Co. 10
8%
10"
Pennsylvania Bldg ctfs
30%
33%
Savoy Plaza Corp 6s ctfs *45
26%
28
Oliver Cromwell ctfs
City & Suburban Homes._
Lincoln Bldg Corp v t c
39 Bway Inc units
4
4%
4%
14%
*
23
14%
20%
2%
Suburban Elec Sec Comm *
Torrlngton Go
25%
2%
14%
23%
2%
*
Stone & Webster
54
Range
25%
Shawmut Assn tr ctfs
61 Bway Bldg 5%s...l950
32
Dorset ctfs of deposit.....
Sales
Last
Exchange
Sahres
29
245
407
25
99%
25C
....
—
High
25c
15%
July
2,343
14%
Feb
1%
90%
Jan
23%
6%
Sept
Jan
15c
Jan
418
1,100
26%
27%
67
7%
130
4
Jan
United Shoe Mach Corp.25
94%
93%
8%
94%
1,567
83
on
Baltimore Stock Exchange
40%
40%
Preferred-
STEIN BROS. &> BO YCE
Established 1853
6. S.Calvert St.
Louisville, Ky.
Hagerstown, Md.
Member $
York
New
and
Baltimore
Baltimore Stock
to Nov.
Sale
.
Par
Arundel Corp
*
Atl Coast Line
Bait Transit
Price
18%
3
*
7
Preferred
25
27%
86%
preferred
..100
113%
Eastern Sugar Assoc com.l
Preferred
1
130
508
55
46%
6
Jan
July
100
27
May
84
Jan
87
111
July
32
36
Mar Tex Oil
116
11
Jan
17
Jan
128%
122
88
Jan
139
Oct
39%
9%
14%
Apr
50
12%
Aug
20%
Jan
25
Feb
45
Nov
Mav
13
Nov
261
12%
63
19%
18%
20
2,789
45
45
15
12
12
100
30%
41%
2%
200
2%
3%
3%
258
7%
1,100
258
% May
Feb
1%
3%
3%
262%
Nov
Nov
9
248
Apr
41%
50
31
Jan
45
Oct
26
26%
140
23%
Feb
28
Aug
Mt Ver Wdb Mills com.100
5
47
1 %
June
5%
Oct
Apr
77%
Nov
Oct
Nov
5
Northern Central Ry
50
Owings Mills Dl8tillery..l
Phillips Packing pref. .100
Seaboard Comm'l
5
Nov
75%
100
If)
102M
1%
77%
22
15%
16%
1,524
102% 102%
1%
1%
16
95
Jan
17%
102%
1,365
1
Oct
2
Aug
50
101
Nov
102
Nov
101
102
40
Apr
9%
A 10
12
11%
12
106
8%
Feb
12
Sept
2
com
U 8 Fidelity & Guar
28
26%
28
6,225
13%
Apr
30
Nov
Nov. 21 to Nov. 27,
A 5s flat
39%
38
40
$59,500
49
1975
Oct
SECURITIES
45
49
14,700
Chicago Stock Exchange
Chicago Curb Exchange
both inclusive, compiled from official sales lists
15%
Jan
41%
17
Jan
49
^ct
Nov
Sales
Friday
Last
for
of Prices
Low
High
Week
Price
Par
Stocks—
Week's Range
Sale
Range Since Jan. 1, 1936
Shares
Low
High
Abbott Laboratories—
Common (new)
Adams (J D) Mfg
52%
53%
1 750
16%
53%
*
com...*
17%
110
15
June
50
5
Nov
5
Adams Royalty Co com..*
Advance Alum Castings..5
5
60%
Oct
67%
21
Sept
May
Sept
8%
.9
9%
1,400
JaD
9%
21%
22%
950
11% June
23%
24
24%
550
21
Jan
65
500
20
May
6%
Aug
7%
Allied Products Corp—
Common
10
Class A
25
21%
24%
64
Amer Pub Serv Co pref. 100
Armour & Co common.-.5
Asbestos
*62%
5%
3%
Mfg Co com.__l
Automatic Products com.5
Barber Co (W H)
5%
3%
61
Associates Invest Co com.*
8%
20
8%
5%
3%
Feb
Jan
July
6%
Jan
Jan
62%
Nov
9
150
7%
Feb
11
19%
20
17
20%
29%
12%
10%
34%
7%
2%
27%
28
12
4% June
Nov
Sept
250
28%
12%
11%
35%
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
Bliss & LaughUn Inc cap.5
1,000
4,000
25%
69
61
20%
com._.l
Bastlan-Blesslng Co com.*
com
*
Bendlx Aviation
Bonds—
Bait Transit 4s flat.. 1975
91
Chicago Stock Exchange
Nov
41%
New Amsterdam Cas
Jan
Nov
Merch & Miners Transp..*
MononW Penn P S 7%pf25
Preferred
70
Oct
IP So. La Salle St., CHICAGO
Oct
43%
12%
3%
$4,000
Exchange
Jan
Jan
126
......
91
Oct
Nov
Feb
771
330
42%
50
Mar
Jan
Aug
Nov
Aug
30%
l
Mercantile Trust Co
21
Feb
Members;
Feb
94%
41
..
5
New York Curb (Associate)
Nov
29%
25
36
260
Feb
2%
PaaJ RDavls & <90.
New York Stock
Feb
40
25
1%
19%
11%
37%
42
Listed and Unlisted
F-eb
7%
% June
2%
19%
Mfrs Finance—
1st preferred
2d preferred
Jan
Oct
1%
Apr
9%
4%
990
91
91
Nov
30
Humphrey Mfg Co com..*
Jan
30o
255
18%
11%
CHICAGO
Jan
July
183
27%
87%
113% 114
100
Houston Oil pref
22%
86%
12%
.
Jan
36
11%
1948
High
Apr
27%
*
Finance Co of Amer cl A.
Aug
"16
%
10
*
Series B 5s
41
Fidelity & Deposit
20
Fidelity & Gu Fire Corp. 10
37%
Eastern Mass St Ry—
Low
16%
26%
376
7%
30%
30%
Consol Gas E L & Power.*
325
3
6%
*
19
670
Week
Shares
45
z44%
2%
com
1
1
Mar
Mar
100
40%
1%
1%
Sept
9%
94%
-
Bonds—
Range Since Jan. 1, 1936
for
18%
18%
45
1st pref vtc
Black & Decker
5%
of Prices
High
Low
o__*
t
v
50 c
28%
21% June
Sales
Week's Range
(Conn)..50
com
'
Mar
Exchange
Friday
Stocks—
99c
17%
*
27, both inclusive, compiled from official sales lists
Last
1
1
Warren (S D) Co
Stock Exchangee
Chicago Board of Trade and Commodity Exchange, Inc.
Nov. 21
1%
5
Bros Co
Warren
NEW YORK
York, Pa
„
-
-
Venezuela Holding Corp..*
Waldorf System Inc
*
39 Broadway
BALTIMORE, MD.
25
Utah Apex Mining
Utah Metal & Tunnel
•
Nov
104
Jan
m
Sept
Jan
8%
+
M.
Nov
3
Jan
1%
1
5
United Gas Corp
Orders Executed
26
Jan
11
7
Union Copper L & M
Union Twist Drill Co
Low
15%
350
3
99
99%
*
Range Since Jan. 1, 1936
for
Week
12
35%
87%
400
Feb
19%
Nov
6%
Jan
2,400
21%
Jan
20%
20%
32%
Nov
11,300
2,450
7%
Jan
14%
July
3
Jan
12
Nov
880
2,350
22%
Apr
37%
Nov
Oct
Nov
Borg Warner Corp com. 10
Boston Stock
Nov. 21
to
Nov. 27, both
Exchange
inclusive, compiled from official sales lists
Sales
| Friday
Last
Stocks—
Par
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1,1936
Common
1st preferred
.100
Shares
Low
High
Jan
1,425
108
110
31
97%
150
154
107
117%
7%
7%
7
5%
Apr
29 %
27%
29%
772
17%
July
4%
July
190
Nov
110
Nov
157
Oct
70
33%
Feb
Nov
10% .Jan
41
Feb
14%
Feb
9%
341
22
6% May
17
Jan
Chain Belt Co
10
9%
18
Feb
16%
16
16%
4%
125
12%
Jan
May
200
2%
July
4%
13%
IK
100
64
xll
6%
67%
60%
14%
IX
760
6%
Jan
25
%
Feb
11%
16%
7
16%
2
Nov
Jan
Nov
Nov
Common
100
2
Preferred
100
51
*
514
100
Employers Group
*
General Capital Corp
»
Gillette Safety Razor
Jan
12%
Nov
*
11%
Mar
Cities Service Co
69
193
Helvetia Oil Co t
60
Jan
85
Jan
64%
465
41 %
Jan
83
Mar
Coleman Lp & Stove com.*
Commonwealth Edison. 100
2%
620
1 %
Jan
3%
62%
Apr
Apr
Apr
1
667
Jan
15
July
50
June
60
Jan
169
Mar
23%
378
20
Apr
43%
44%
50
14%
15%
1,288
15%
16%
53
58
8%
10 X
35
Inc
100
New England Tel & Tel loo
New River Co pref
100
NYNHAHRR (The) 100
North Butte
*
Old Colony RR
100
Pennsylvania RR
2%
55
7X
140
90
3%
For footnotes
see
25
July
19%
May
60
Jan
July
11% Sept
110
40c
65
%
9%
Jan
75
5
58%
17
Jan
Oct
Feb
1
Jan
12
July
490
57
Jan
73%
Oct
3%
94%
12,400
Apr
3%
Nov
59%
3%
96%
60%
13%
-
-
-
«.
1%
1,000
1%
2%
23
Feb
Nov
170
49
Jan
97
Sept
840
20% May
68
Sept
13%
16
480
8
Jan
22%
Feb
64
65%
71%
5%
180
35
Jan
40%
Jan
8,750
4
Apr
800
43%
Apr
53%
48%
55%
65%
71%
6%
55%
Nov
150
650
Jan
57%
Oct
3%
3%
50
33%
2%
Aug
4%
Feb
%
%
30
%
Nov
Jan
30%
28%
3%
Jan
%
34%
Apr
28%
3%
100
19%
Jan
32
Oct
7,150
2%
Mar
4%
2%
2%
1,350
1% May
3%
71%
5%
69
47
47
55%
3%
%
5%
Nov
Feb
Nov
3%
23
145
5,940
2%
25c
Aug
Nov
Cum class A pref
35
Decker (Alf) & Cohn comlO
Preferred
26
26
26
50
26
Nov
47
5
6 050
Aug
8
Apr
45
2,200
24
Apr
45%
Nov
139
330
120
Jan
141
110
4%
45
4%
42%
137
_
107% 108
5%
Feb
Oct
850
Nov
m
«.
-
-
-
10%
19%
% June
3%
40
103%
Oct
2,550
10%
19%
Jan
31%
32
10%
10%
92
92
4%
17%
250
2,350
10
18%
23%
290
40
200
21%
20%
21%
3,200
26%
10%
26%
11%
2,500
Elgin Nat Watch Co.-.15
43%
44%
Fitz Sim & Son(D&D)com*
16
17
Nov
Apr
„
18
39%
Nov
1%
12%
117%
23
Elec Household
430
Feb
Jan
39%
Eoon Cunnghm Drug com *
Eddy Paper Corp (The)..*
22%
1%
Aug
Aug
18%
23%
Nov
25
Aug
5%
8
*
Nov
3
Oct
116%
72%
U%
97%
%
8
*
com
Class A
7%
141%
23
Nov
90
100
57%
Oct
Apr
Jan
Sept
9%
Oct
Jan
Feb
450
19%
Jan
16%
96%
41
38
220
-
107%
Nov
28%
50
1,500
Sept
%
-
Dayton Rubber Mfg com.*
Dexter Co (The) com..-.6
912
•
4,150
30
99%
-
Cudahy Packing Co preflOO
Feb
274
40
Feb
Jan
Apr
Nov
Jan
Nov
3%
90
35
25
99
%
-
25
Jan
May
40
99
100
Dixie-Vortex Co
Mar
18
Preferred
32
110% 115%
47%
47%
9%
10%
10
6
Mar
117%
73
Cord Corp cap stock
Crane Co common
Mar
506
114
*
18
7%
10
Common
45
965
35
~
5
Jan
369
90
3%
Common
3%
2%
6% prior pref A
100
Continental Steel pref.. 100
Jan
55
2%
Jan
Sept
1,950
*
Nov
52%
7%
7%
138% 141
1.75
Feb
com
19
Jan
7%
18%
1%
38%
41%
Nov
5%
60
40
Nov
16
13%
239
63c
44%
26%
763
3%
Feb
87
3
85%
27%
942
10%
17
page 3448.
Jan
36
47c
2%
5%
1%
18
Pond Crk-Pocohontas Co. *
36% May
7%
200
8%
1%
2%
18%
50c
50
Quincy Mining Co
Feb
23
36
Mergenthaler Linotype..*
Narragansett Racing Ass'n
3
8%
23%
1%
*
935
Nov
2%
__100
Jan
205
18%
10%
o
33
5%
12%
IX
5% cum pref
Mass Utilities v t
Nov
Consumers Co—
230
54
25
c
Jan
Nov
33
67%
4, im
Compressed Ind Gases cap*
Consolidated Biscuit com.l
51
12
Loews Theatres (Boston)25
Maine Central com
100
Isle Royal Copper Co
Nov
23
Club Aluminum Uten Co.*
145
16%
32%
Mar
Nov
16%
66%
Chicago Rivet & Mach cap*
Chicago Yellow Cab Co..*
Jan
735
*
4,000
30%
22
95%
*
3%
155%
15
Jan
60
Chicago Flex Shaft com-.6
Chic & No W Ry com..100
Chicago Ry part ctfs 2.100
6%
"l55%
Hathaway Bakeries pref.-"'
Class A
4%
Preferred
*
102
151
*
Gilchrist Co
13
1%
July
7%
1%
20%
*
com
1,425
54
12
*
Preferred
7
Eastern Mass St Ry—
100
38%
200
3%
Cherry Burrell Corp com.*
Chicago Corp common
*
68
1%
150
15
Oct
11%
67
Prior lien preferred ._—*
Preferred...
*
10
100
270
55%
25
Central States Pr & Lt—
11%
"I 1%
33
1
Common
8%
14
32%
100
4,950
14,550
Aug
Nov
1%
22%
1
10
*
com
Common
11%
25
16%
1%
54%
14%
Conv preferred
*
Cent 111 Pub Serv pref...*
Central S W—
"io"
com..*
22
15%
w
-
13%
Central 111 Sec—
150
9%
18%
-
*
25
19% May
149%
Apr
110
Common
25
33
30
65
64
21%
16%
.-w
*
...10
preferred
300
12%
26%
Castle & Co (A M) com..10
Central Cold Storage cm 20
Oct
2nd preferred
Edison Elec ilium
conv
12%
*
Bruce Co (E L) com
Apr
65
Adjustment
Nov
Nov
28
Eastern SS Lines
9%
2%
933
4%% prior pref
6% cum pref
800
5%
449
Common
11%
1
Common
July
33%
Range
...25
East Gas & Fuel Assn—
23
July
68%
Copper
Jan
1%
32%
25
16%
2
67%
Cliff Mining Co
100
155
33
Calumet & Hecla..
23
100
68
Co
23
i%
100
Brown-Dorrell
Brach & Sons (E J) com..*
Brown Fence & Wire—
5%
Boston & Maine-
Class D 1st preferred-100
Boston Personal Prop Tr.»
Nov
4
Boston Herald Traveler. _*
100
Prior preferred
1U0
Class A 1st pref stpd_ 100
Class B 1st pref stpd. 100
112
1%
Jan
Jan
May
Boston Elevated
Feb
21%
23
183% 190
50
Blg-Sanford Carpet pf.100
Boston & Albany
100
107%
Canal Constr conv pref
50
Amer Tel & Tel
Nov
130
4
1H
_25
non-cum pref
90
110
Butler Brothers
Amer Pneumatic Service—
6%
Jan
109
Class A
for
Sale
85
100
7% preferred
Utll cap.6
"16%
16%
500
110
50
9%
Nov
Jan
19%
32%
12%
Jan
92
Nov
Jan
19%
24%
Nov
41%
June
21%
Nov
Jan
18% July
38% May
Jan
16%
23
Apr
30
Oct
Nov
Oct
Jan
Nov
150
9%
27%
Jan
45
Nov
300
16
Nov
23
Apr
18%
Jan
Gardner-Denver Co—
Common
57
58
90
39
60
July
64
65
200
62
Oct
65
Nov
6
19%
19%
19%
200
11%
Jan
20
Nov
*
10%
9%
10%
12.500
7%
Aug
14%
Aug
*
$3 cumul
70%
Mar
Oct
conv pref
General Candy Corp A
Jan
45%
27%
Sept
Oct
3%
Nov
Jan
Gen Household Utll—
Common
(new)
20
Volume
Financial
143
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
(Concluded)
1,1936
Range Since Jan.
Last
Stocks
3445
Chronicle
Cincinnati Stock Exchange
Members
High
Low
Shares
Markets In
Active Trading
Uodebaux Sugars Inc—
42
*
Class A
Goldblatt Bros Inc com..*
43%
42
26%
26%
28%
Jan
July
6
1,000
Jan
20
Nov
Apr
Apr
14%
14%
40
9%
Jan
17
10%
10%
750
8%
Jan
13%
26%
26%
200
warrants
111 North Utilities pref.
50
17
850
Apr
17
May
32%
8
May
100
Feb
18%
110%
72%
Nov
130
250
17
22%
*
72%
69
72%
90
60
July
Iron Fireman Mfg v t c
*
27%
27%
28%
1,000
24
May
Jarvis (W B) Co cap
1
*
25%
25
26
4,500
43
43
50
Katz
"48 "
31
Feb
26
44
Aug
70
Mar
Nov
18%
20
51
2,100
32
"16%
16%
16%
3,800
16%
Nov
51%
16%
10%
10%
11
1,800
4%
Apr
13%
Oct
24%
21
24%
8,450
Apr
24%
Nov
40
39
40
710
34%
Feb
78%
75
78%
140
75
43%
90%
Aug
2%
1,100
50
100
1
Ky Util Jr cum pref
6% cumul pref
Kingsbury Brew cap
Feb
10
Nov
Nov
Aug
Mar
3%
1%
Jan
5
2
2
20
1%
Sept
Lawbeck 6% cum pref. 100
30
30
340
Feb
33
May
9
2,850
28%
3%
Jan
9
Nov
La Salle Ext Unlv com
Leatn
& Co com
2%
2%
8%
9
*
10%
10%
12%
3,850
7
May
12%
Nov
*
12%
11%
12%
45%
3,550
7
Jan
13%
July
Jan
50
July
Oct
44%
*
$3% preferred
42%
5
com
«
m
m -
m
43%
350
34
Jan
6%
15%
8%
54%
50%
110
33
Apr
52%
Nov
44
100
27
Jan
46
Nov
1
-
-
-
«
-
1%
53
400
7
2,150
6%
30
*
..1
Stock
12%
5%
12
5%
3%
10,850
5%
2,150
3%
Jan
Nov
Oct
Mar
100
Apr
8
Jan
35
July
June
Jan
4%
Apr
13%
7%
Feb
Jan
%
Oct
Conv preferred A
100
6%
1
Mar
15%
Sept
5%
240
1
Mar
12
5%
Sept
Sept
3%
7
47
48
*
200
6%
100
7
5%
5%
mmmmmm
Miller & Hart conv pref..*
Modine Mfg com
%
3%
*
7% preferred A
350
%
7
7
Midland Util 7% pr lien 100
6% prior lien
%
%
*
20
1%
Jan
90
Vs
Feb
100
3%
38%
Jan
900
51%
Jan
10%
Nov
7
11%
Common
*
*
7%
7%
Preferred.
50%
Feb
55
Natl Pressure Cooker Co.2
Jan
10%
Jan
Oct
53
26%
Aug
National Union Radio coml
450
11
Jan
25
31
260
28
Apr
33
250
38%
Jan
65
850
1%
Jan
16
9
510
1,230
1%
6%
6%
*
50
52
42%
43%
20,050
Jan
10
52
Jan
%
Apr
Jan
3%
7% June
1%
Jan
17%
Feb
4% Nov
108%' Oct
9% Nov
85
Jan
100
13
5
Nov
8
Sept
Mar
25
June
235
142
525
5%
Nov
22
89
20
101
25
44
Jan
101
Nov
8
2
6
June
8
Nov
165
7
June
5
108
Sept
193
8
Jan
21%
Fomica Insulation
112
"23"
*
*
Gibson Art
8%
__*
Goldsmith
_
"48"
*
10
112
23%
31%
8%
4%
105% May
65
9
July
28
Jan
25
32%
18
162
24
7
Jan
4%
15
15
110
10
Nov
Sept
48
50
220
40
Feb
24%
100
4%
24%
*
Kroger
16%
15
12
100
prior pref
Hobart A
10
no
15%
19%
6
6
25
107
30
105%
National Pumps
*
10%
10
P&G..
*
53%
52%
Sabin Robbins pref
4
208
July
25
11
160
16
Jan
829
37
20
25
102
3
101
34
36
181
91
*
100
"34"
10
U S Playing Card
215
102
10%
*
Rapid
100
Jan
7
17%
Apr
50
Aug
27% June
Nov
37
*
_
172
Nov
Sept
24%
10%
91
16
215
100
8% Preferred
10%
53%
Jan
June
9
7
Jan
3% Feb
40% June
260
June
25
33%
107
2
353
3
114
July
4
107
2.50
Magnavox
July
Mar
Nov
16%
Jan
*
50
__
Little Miami Guar
Feb
11%
115
4%
Jan
Aug
4%
10%
54%
Feb
Nov
Nov
May
220
27%
12%
48%
Oct
Nov
Jan
Aug
26%
20%
102
Sept
36
Nov
Mar
91
Nov
Sept
Ohio Listed and Unlisted Securities
Members Cleveland
Stock Exchange
Feb
Nov
45
7% June
14
Jan
10
12%
28%
29
39
39
39
70
Jan
49
Sept
64
66
450
25
Apr
76%
8ept
23
23
50
12
Feb
23%
14
50
7% prior lien pref...l0(
Ontario Mfg Co com
15%
10
100
Eagle-Plcher Lead
Nov
12%
100
12%
Apr
1% June
100% June
Nov
Nov
105
10
100
Early & Daniel pref
200
Jan
15%
30%
GILLI SI?*"jWOODc<i
Sept
Northwest Utii—
7% preferred-
85
Jan
36%
Feb
Jan
26
450
Oct
18
5%
32%
1,500
Jan
July-
13
450
44%
6%
2%
29
_*
Northwest Eng Co com. _*
107
102
Feb
1%
11
Aug
Apr
19%
80
6
no
Drug
Preferred
Randall A
June
Mar
Nov
Jan
100
_*
Crystal Tissue
pref
6
90
June
8
Coca Cola A
Part
Jan
3
1,292
96
"22"
19%
146
13%
13%
4
4%
107% 107%
9
9%
5
Cin Union Stock Yard..
Hatfield
180
10
25%
3%
9
30
36%
106% 107
13%
28%
4%
May
57%
1
mm--—-
Nobiitt-Sparks Ind com..*
9%
96
25
Cin Tobacco Ware
Wurlltzer pref
22
£1
52
"io7%
9%
24%
Oct
9
225
Oct
8%
*
_
May
17
16
Nat Rep Inv Tr conv pfd_*
Northwest Bancorp com
49
1%
------
North Amer Car com
July
80
fO
57
1%
com
6%
50%
26%
20
10
Natl-Standard Co
20
Cin Telephone
B
29%
22
Nachman Sprlngfilled com'
com
.
49%
26%
National Battery Co pref. *
Natl Gypsum cl A com..5
National Leather
7%
*
100
50
50
Cln Gas & Elect pref
Jan
Monroe Chemical Co—
Muskegon Motor Spec A.*
13%
Cin Ball Crank pref
Leonard
Midland United Co—
Common
100
Preferred
Oct
July
2%
3%
30
Churngold
Dow
25%
7
7
*
*
Part pref
Champ Paper & Fibre
Feb
Jan
5%
3,050
12%
3%
3%
5
purchase warrants
Common
Feb
July
Mickelberry 's Food ProdMiddle West Corp cap
Sept
25% May
120
33%
Oct
45
2,300
53
-
Jan
U%
3,050
23%
1%
7
Mer & Mfrs Sec cl A com.l
950
22
23
*
Prior preferred
-
1%
Manhatt-Dearborn com..*
Marshall Field common..*
Masonite Corp com
6
44
*
Electric
350
50
5
McGraw
1,350
41%
*
McCord Rad & Mfg A
Jan
3%
14%
6%
3%
14
Lion Oil Refining Co com.*
Lynch Corp com
35%
3%
7%
25%
20
Amer Prod prior prel
High
Low
Shares
3%
8%
*
Industries
Amer Ldry Mach
Cln Street Ry
6%
~~~3%
LindsayLt & Chem com. 10
Loudon Packing com
40
Aluminum
Week
of Pr ices
High
Low
Jan
3%
Llbby McNeil & Ltbby_.10
Lincoln Printing Co—
Common
Sale
Range Since Jan. 1, 1936
for
Week's Range
Last
Price
Par
Stocks—
sales lists
Sales
Friday
48
1
Drug Co com
New—
both inclusive, compiled from official
Nov
31% June
39
Sept
Nov. 21 to Nov. 27,
Feb
50
Kellogg Switchboard com 10
Ken-Rad T & Lamp com A*
Tel. Cln. 291
Cincinnati Stock Exchange
Nov
Nov
48
»
Kalamazoo Stove com
CINCINNATI
BLDG.
6711—First Boston Wire—Bell Sys.
Mar
1,350
28%
16%
Indep Pneu Tool v t c
Jeflerson Electric com
Phone Cherry
Sept
110%
28%
16%
110
100
20%
Oct
July
no
"28%
clB..*
25
Houdaille-Herehey
Co
Illinois Brick
Jan
27%
11
24
15%
*
29
Feb
25
24
Without warrants
Horders Inc com
BALLINGER & CO.
UNION TRUST
25
Heller (W E) pref
Securities
Cincinnati and Ohio Listed and Unlisted
Apr
33%
26
13%
13%
"16%
With
Oct
Sept
14%
com—10
Harnischfeger Corp com .10
Heileman Brew Co G cap.l
Hall Printing Co
44
46
22%
2,300
2,450
43%
Great Lakes D & D com..*
Jan
22 %
450
42
39%
*
7%
Apr
9
Jan
15
30
30
20
27
Mar
30
27%
27%
28
350
19
Apr
30
Nov
Peabody Coal Co B com..*
2%
2%
3
1,060
1%
Jan
50
20
27%
Jan
Cleveland
A. T A T. GLEV. 565 & 566
July
10
Union Trust Building#
Telephone CHerry 5050
Nov
Oshkosh Overall
*
com
m -
Convertible preferred. _*
Parker Pen Co
com
14
•
—
— •*>
......
50
16
..100
6% preferred
-
mm**
16%
450
16
mm'—mm
37
37%
200
32
Penn Gas & Elec A com..*
Perfect Circle (The) com.*
Nov
3%
50
22%
Cleveland Stock Exchange
Feb
Nov
Nov. 21 to Nov. 27,
both inclusive, compiled from official
sales lists
Apr
Apr
41
Jan
8
Nov
Last
6%
5%
Sept
Sales
Friday
Oct
Pictorial Pap Package com5
Pines Wlnterfront com
6
7%
7%
8
3%
3%
3%
Potter Co (The) com
*
4
4
4
150
6%
2%
2%
Prima Co
*
1%
2
950
1%
Sent
6
4%
4%
350
1% May
6
Oct
Apex Electric Mfg
85
Oct
Akron Brass
13%
Oct
Week's Range
Range Since Jan. 1, 1936
for
Mar
4%
com
Process Corp com
*
1,300
1,600
•
Mar
Jan
Apr
Sale
Par
Stocks—
78
800
77
900
49
Apr
May
Clark Controller
28
115%
115
115%
20
103
Jan
120
Aug
Cleve-Cliffs Iron pref--..*
89
100
100
120
120
120
80
112%
Jan
123
Mar
Cleve Elec 111 $4.50 pref..*
Common
*
Common
78
74%
74%
60
6% preferred
7% preferred.
Quaker Oats Co—
Common
*
Preferred
100
Rath Packing Co com
49%
82%
124%
124
128
470
146
146
146
20
33
10
33
June
115
141%
100
22
140
Jan
Oct
150
July
May
50c
6% preferred vtc
5
Reliance Mfg Co com
10
mm--
4%
-
-
1%
*
250
1%
500
32%
32%
30%
11
11%
25
25
26
Rollins Hosiery Mills pf._*
Ross Gear & Tool com
4%
1%
3,350
160
20
•
2%
1%
11
Jan
Nov
May
9%
Nov
Jan
17
*
Nov
7% June
Feb
32%
Nov
Faultless Rubber
*
17%
Jan
Great Lakes Towing
Feb
Greif Bros Copperage
Sangamo Electric Co
*
Schwltzer-Cummins cap._l
Signode Steel Strap com..*
Preferred
74
75
28%
27%
28%
_
1,350
Jan
35
18%
75
Nov
July
30
Nov
Stein & Co (A) com
Storkline Fur conv
*
pref.25
Apr
33
Sept
91%
80
61
Feb
93
Aug
86
20
Mar
79%
Jan
3%
Mar
195
10
30
30
25
12
65
16%
62%
16%
62%
27%
27%
9%
11
91
*
9
20
8
18%
20
Jan
May
45
25
70
July
Jan
35%
20%
Nov
Jan
30
Mar
Jan
Mar
30%
Oct
Nov
105
Jan
Oct
26
Mar
Jan
62%
Nov
100 June
15
55
Jan
154
34%
175
19% June
3% Mar
28
June
20
Nov
3,251
625
8
9%
Oct
Oct
*
39
39
41%
41%
40
40
40
75
15
Mar
41
Nov
Met Pav Brk cum 7 % pflOO
65
65
10
62
Apr
67
16%
Oct
19%
Nov
Monarch Mach Tool
22
23
150
Aug
31
33%
7%
16%
18%
Mar
19%
19%
250
25
19%
34%
Nov
------
8
8
50
Jan
Murray Ohio Mfg.
35%
Jan
National Refining
Apr
26%
Nov
25%
13%
Nov
National Tile
Nov
National Tool
23
25
1,650
11%
12%
25
500
7
0% June
Apr
24%
18
Aug
8%
Jan
10%
8%
7%
8%
650
7%
Nov
3%
3%
3%
800
2%
Mar
%
1
400
%
May
2
3%
4
750
2%
May
5%
*
3%
*
23
*
*
100
A_*
5
5
37
37
24%
5
38%
116% 116%
80
1,050
850
15%
4
30
20
116%
30
142
8%
4%
25
.
.
24
-
-
*
Jan
Packer Corp
*
Jan
Patterson-Sargent
55
7%
2
280
1%
450
4%
%
1%
45%
140
27
19
20
275
25
25%
3%
235
9%
17%
3%
3
*
60
Nov
Seiberling Rubber
*
Nov
5%
40%
Nov
Jan
Apr
6%
39
Apr
Oct
Jan
9
July
Jan
112
Sept
July
12
Aug
Nov
4%
4%
Jan
Feb
Feb
116%
157
3%
Apr
47
Jan
July
21%
1,345
2
Oct
3%
467
54
Aug
27
Nov
Oct
Jan
Nov
Nov
Nov
16
Apr
24
Nov
10%
12
750
10
Mar
16
July
Stouffer class A..
Jan
6%
6%
6%
2,200
5%
Jan
2
14%
14%
14%
1,900
13%
Nov
4,300
11
For footnotes see page 3448.
5
20
44%
Rlchman
24%
900
40%
145
300
19
Peerless Corp
Jan
24
38%
45%
1,321
20%
25
Ohio Brass B
Apr
Wisconsin Banksharescom*
40%
1%
6%
1%
1%
2
107
370
May
Nov
Sept
8% cum pref erred... 100
S M A Corp
156
7%
107
*
50
cl A.
*
23%
------
156
33%
7%
..100
Preferred
N estle LeMur cum
1
Utah Radio Products com.*
21
20
Medusa Portland Cement *
Sundstrand Mach ToolCo*
*
29
19
*
McKee (A G) class B
20%
00m
69%
29
Feb
28%
Zenith Radio <"*orn
69
19%
Apr
750
Woodall Indust com
Nov
Nov
18%
4,700
Wllliams-Oil-O-Matic com*
26%
Feb
12% June
250
26%
Wleboldt Stores Inc com.*
July
35%
27%
6%
700
4%
32%
6%% preferred
Ward (Montg) & Co
73
July
17
16
4%
25
Wahl Co com..
Jan
235
15
32
Walgreen Co common
59%
1,848
15%
26%
Viking Pump Co com
97
33%
27%
55%
Leland Electric
32%
*
65
32%
100
Kelley Isl Lim & Tras
Lamson & Sessions
15
Convertible pref
64
32%
Oct
106
25
Util & Ind Corp
64
19%
Feb
Swift & Co
United Gas Corp com
July
36
Aug
Swift International
Thompson (J R) com
74
20
2%
Oct
Sept
Jan
55
99
Nov
61%
10
26%
95
55
29
40
29
112%
65
55%
30
Oct
106% June
13%
Oct
Nov
*
._
Convertible preferred..*
Jan
104
200
Standard Dredge—
Common
Oct
54
29
16
85
St Louis Nat Stockyds cap*
21
104
31
90
91
700
1,943
5
105
16%
Nov
Sept
pref *
Harbauer
*
Interlake Steamship
*
104
16
104%
Jan
12
64
"64"
Hanna (M A) $5 cum
31
16
30
Southwt u & E 7 % pref 100
S'western Lt & Pow pref. *
350
90
42%
Mar
A.
Halle Bros
75
10
75
Mar
107%
*
Foote-Burt
26
11%
10
Electric Controller & Mfg *
3%
100% 100%
13%
13%
28
27%
90
86%
High
Low
86
111
Commercial Bookbinding. *
33%
Raytheon Mfg—
Common vtc
Certificates of dep... 100
Cliffs Corp v t c
39%
Week
Shares
111
100
Cleveland Ry
of Prices
High
Low
39
*
100
Prior preferred
Public Service of Nor 111—
Price
Jan
8%
Jan
Upson Walton
15
Nov
Vlchek Tool
*
42%
Nov
Weinberger Drug Inc
*
14%
4%
40%
5%
45
17%
1,207
140
14
31
9
61
•17
*
60
31%
200
405
9
14%
22%
84
2
8%
Jan
Jan
68
5%
45
Feb
Nov
Nov
19%
Feb
30% June
35
Apr
9
Oct
10
May
15
130
9
May
22%
188
17
Jan
17
25%
Oct
Oct
Nov
Financial
3446
Chronicle
H. S. EDWARDS
Watling, Lerchen 8l Hayes
New York Curb Associate
Detroit Stock Exchange
Buhl
UNION
Chicago Stock Exchange
180
Randolph 5530
Telephone
Nov. 27, both
to
Auto
City Brew
Baldwin Rubber
1 Ye
1
11**
com
Capital Cty Prod
of Prices
Low
High
1
com
*
com
Det & Clev Nav com.-..10
Det
Cripple Creek
Detroit Edison
1
Det-Rlch Stove
%
100
com
com
1
Det Paper Prod com
2%
11%
15%
2%
%
140
1415*
0%
7
for
Sale
of Prices
Low
High
Week
9
40
*
10
1
6 5*
6%
6%
Graham-Paige com..
1
3%
3
Hall Lamp com
*
Houdallle-Hershey B
0%
16%
27%
19%
18%
*
Low
1%
9%
2,490
190
700
63
150
1,559
1,896
Jan
43*
Jan
Feb
4
Feb
Apr
Jan
1523*
Feb
Jan
7%
10 J*
Oct
Aug
Feb
9%
7%
Mar
25*
*
pref
"2%
50
Crandall Mch & Hend..-*
10
Devonian Oil
10
Kresge (SS) Co.
10
com
Lakey Fdy & Mach com.. 1
McAleer Mfg com
30%
80%
8%
5%
45*
*
2.50
Mich Sugar com.
J
17
*
Preferred
10
July
Murray Corp com......10
16"
Packard Motor Car com..*
5%
4%
24%
19%
11%
45*
30
315*
225
15*
15*
495*
515*
1055* 1065*
115*
123*
25*
25*
63
645*
65*
65*
1,250
1
July
1%
Jan
246
31
Jan
Nov
280
97
Jan
Feb
Koppers Gas & Coke pref 100
May
*
com.
McKlnney Mfg Co
Mesta Machine Co
1065*
115*
25*
Lone Star Gas Co
23
11%
45%
Parke-Davis
Reo Motor
*
com
5
com
Rlckel H W
W
Apr
Apr
2,325
Oct
Mar
45
5
5%
1,790
5
y
2
com
4%
5%
River Raisin Paper com..*
Scotten-DIHon
10
com
Square D A
*
Timken-Det Axle
*
__5
Tivoli Brewing com
*
com
Unlv Cooler A
*•
B
*
Warner Aircraft
1
com
Wayne Screw Prod
com
com
.1
Wolverine Tube
com
4%
542
6
550
Feb
5
Jan
Aug
Apr
1%
65*
53*
155*
Jan
15
Apr
Feb
Feb
Oct
Nov
Mar
255*
223*
133* Sept
6%
Jan
415* May
4% July
4%
Oct
4% July
85*
50
Feb
8}*
7%
Mar
Feb
Preferred
100
Pittsburgh Brewing Co
Company
15*
1305*
12
1
Rund Manufacturing Co.5
San Toy Mining Co
1
Shamrock Oil & Gas
*
Standard Steel Spring
United Engine & Fdy
*
United States Glass Co..25
12J*
Jan
Vandium Alloy Steel
45
2,637
1,175
5%
75*
6%
25*
Jan
115*
123*
Apr
Mar
95c
95c
Jan
Westinghouse Air Brake.
Jan
10
Jan
75*
15,6
Jan
3
475
5%
Sept
1,125
5*
12%
July
1%
1,860
1,945
15
"16
135*
-
120
Nov
Oct
Oct
Mar
115*
13*
14%
Oct
Mar
*
Victor Brewing Co
1
Penroad Corp vtc
45*
*
Budd Wheel Co.
*
Chrysler Corp
18%
5
Curtis Pub Co
*
com
Elec Storage Battery
General Motors
Horn & Hard
11
"265*
100
Angeles Stock Exch.
523 W. 6th St.
Nov. 21
to
Los
50
Nat'l Power & Light
*
Phlla Elec of Pa $5 pref
Phlla Elec Pow pref.
Phlla Rapid Transit
7% preferred
Phil & Rd Coal & Iron
Philadelphia Traction
12
1
5
50
41
c
.
*
25
1175*
345*
50
7
50
13
..
*
50
Reo Motor Car Co
5
Salt Dome Oil Corp
Scott Paper
1
*
Sun Oil Co
*
Tonopah Mining
Union Traction
United Corp com
Preferred
United
Gas Impt com
Preferred
of Prices
Low
High
275* 275*
1835* 1865*
65*
65*
415* 42
245*
255*
1225* 1235*
115*
135*
11
103*
1245* 1285*
205* 215*
Low
High
493
1885*
65*
647
124
50
*
*
*
*
Westmoreland Inc
Par
590
38
95*
175*
25*
35*
105*
195*
11
12
Westmoreland Coal
25
45*
4
45*
Nov
2
June
Jan
20
Mar
2c
Mar
4c
35*
Jan
Aug
6%
17
Jan
Nov
31
Nov
225* May
15*
Oct
505*
45*
Jan
47
Nov
Sept
1.25
Sept
Nov
750
60c
Jan
257
345*
Jan
Jzn
475*
1525*
Mar
97
Jan
5%
Oct
81
64
45*
Oct
3%
Chicago Board of Trade
San Francisco Stock Exch.
Angeles
Teletype L.A. 290
395*
415*
1155* 1173*
345*
355*
65*
75*
105*
145*
25*
25*
115*
125*
765*
825*
34
335*
5*
5*
% l116
45*
5
65*
75*
425*
435*
145*
155*
1103* 1125*
135*
135*
*
Price
of Prices
High
Low
Range Since Jan. 1, 1936
for
Week
Shares
20c
20c
Low
300
25*
25*
35*
25,100
13,600
1.40
California Bank
10
1
25
5
357
67
200
60
1,400
1,250
1,075
1,630
422
7,226
254
20
166
125* $24,000
1115* 1115*
5,100
1.50
8
104
60
600
10
9c
9c
10c
10c
10c
1,000
83
High
Aug
Jan
5c
98
6%
130
Jan
1J* Sept
575* c
Oct
55* May
Nov
Nov
25c
Oct
35*
Nov
1.50
Nov
10
July
Jan
1045*
Apr
Nov
30c
Feb
10c June
30c
Feb
2,000
10c
25*
9c
48
48
48
215*
215*
22
215
30
30
32
21,100
105*
135*
35*
175*
55*
105*
125*
35*
175*
55*
115*
135*
35*
175*
55*
600
205*
205*
205*
44c
41c
44c
245*
195*
85*
285*
215*
245*
195*
85*
285*
245*
195*
85*
285*
215*
400
225*
185*
July
300
Jan
875*c
245*
205*
135*
305*
285*
90c
90c
95c
1,200
46c
Jan
1.50
145* May
215*
Oct
16c
Feb
1.45
Aug
95c
Feb
100
Consolidated Oil Corp...*
Consolidated Steel com...*
*
Creameries of Amer vtc..
Gladding McBean & Co..*
Globe Grain & Mill Co..25
69
1,935
1,086
75*
104
130
16,300
Claude Neon Elec Prod.-*'
267
774
75*
104
90c
65*
Citizens Natl T & S Bk.,20
Central Investment
Goodyear Tire & Rubber. *
335*
25*
85*
13*
105*
43*
Jan
Hancock Oil A
Jan
Holly Development Co.-.l
Hudson Motor Car Co
Jan
715*
29J*
'i6
3*
35*
5%
405*
143*
1085*
95*
75*
t
21
19
Jan
60
Sept
315*
28
Jan
165*
155*
55*
195*
Fdb
300
200
145*
22
700
700
200
Feb
100
20c
Feb
100
215*
115*
Aug
200
100
8
Jan
Aug
195*
195*
195*
100
9c
8c
9c
4,000
1.30
1.20
1.30
300
575* c
43c
575*c
29,600
36c
Nov
30c
30c
36c
9,500
30c
Nov
700
Los Ang G & E 6% pref 100
Los Ang Industries Inc...2
Los Ang Investment Co. 10
1055*
95*
105*
1055* 1065*
-65*
75*
„
Internatl Cinema
July
Jan
Jan
Jan
Jan
105*
55*
75*
Oct
Mascot Oil Co
Apr
Apr
1
75c
Menasco Mfg Co
Mills Alloys Inc A
Nov
1
45*
*
2
Mt Diablo Oil Min & Dev 1
National Funding Corp
Nov
Apr
Apr
Nordon Corp
9
Nov
20
Mar
110
July
113
Feb
5
Occidental Pet Corp
1
Pacific Clay Products
Pacific Finance Corp
Jan
"
*
10
Pacific Indemnity Co... 10
Pacific Public Service
*
70c
4
2
187
7,600
600
7c
Oct
95c
Sept
65* June
105
25*
5
July
Jan
Jan
Feb
Feb
Oct
Apr
675*c Sept
115*
Jan
1165*
Jan
55* Nov
8
'
Nov
Apr
45*
2,100
25*
Jan
1J* June
65*
Mar
2
390
60c
1,100
32c
Jan
100
125*
Nov
13c
1,000
2,000
38c
13
13
13
100
355*
35
365*
500
32
32
32
75*
July
Nov
Nov
1.00
125*
75*
Oct
Nov
July
55c
13c
Feb
55c
125*
35c
Apr
2,000
60c
13c
6)*
Mar
75c
125*
38c
Apr
325*
10c
Jade Oil Co
July
265* June
105* Sept
115* June
35*
Jan
145* May
55*
Oct
Klnner Airplane & Motor. 1
Lincoln Petroleum Corp_„l
Lockheed Aircraft Corp._l
Jan
165* May
57
com
50
July
Bonds—
11
Sales
Week's Range
20c
Preferred vtc...
1,219
1,789
For footnotes see page 3448.
205*
Jan
31
100
400
73
Phlla Elec (Pa) 1st 5s. 1966
Nov
Jan
125*
Nov
18
50
Cons..l
Broadway Dept St pref. 100
Buckeye Union Oil pref__l
362
205*
Elec <fc Peoples tr ctfs 4s '45
Apr
135*
25
45*
1295*
Warrants
9,999
2,551
2,631
185*
1105*
357
65*
1295*
Bolsa Chica Oil A
285
5
978
72
15
505*
45*
140
Jan
3
General Metals Corp
100
193*
45*
73*
435*
840
Feb
Mar
Emsco Der & Equip Co..5
Exeter Oil Co A
1
255
715*
Co._.l
Berkey & Gay Co
1275*
165*
145*
1385*
245*
655*
775*
395*
1,387
47
Bandinl Petroleum
27
60
73
*
Stocks—
42
248
25
1
31
Friday
Barker Bros pref
Barnhart-Morrow
36
597
55*
765*
985*
Jan
75* May
Oct
145*
15*
Week
Shares
65*
Tacony-Palmyra Bridge.. *
Tonopah-Belmont Devel. 1
27
1,730
365*
Angeles Stock Exchange
Sale
Range Since Jan. 1, 1936
for
38
105*
195*
Jan
Nov. 27, both inclusive, compiled from official sales lists
Preferred
*
Mitten Bank Sec Corp. .25
Preferred
25
Pennroad Corp v t
Pennsylvania RR
Week's Range
695*
(NY) com.*
Lehigh Coal & Navig
Lehigh Valley
Jan
1
YORK
Sales
46
10
75*
50
415
Aug
Aug
25
MEMBERS
Exchange
Last
122%
200
80 Broad Street
Friday
Bell Tel Co of Pa pref..100
Budd (E G) Mfg Co.
*
251
Wm.Cwaher&Co.
New York Stock
27, both inclusive, compiled from official sales lists
*
1,897
1,468
Unlisted—
Los
Bankers Securities pref. .50
Barber Co
10
65*
415* 44
1395* 1425*
*
_
Westinghouse Elec & Mfg 50
Los
NEW
Feb
Nov
*
Philadelphia Stock Exchange
27%
Jan
Jan
Mar
Nov
July
15*
15*
25*
Sept
Mar
»
Townsend
A
1518 Walnut Street
*
Sept
Nov
Nov
•45*
300
45
6
..100
105*
195*
45*
9,202
15
Nov
Philadelphia Stock Exchange
American Tel & Tel %
Baldwin Locomotive
Nov
145
Nov
PHILADELPHIA
American Stores
64%
1,500
3,330
32%
%
135*
Sale
Jan
2c
2c
.....
25
"'%
Price
Apr
1
355*
Members
Par
Jan
1
41
10
Jan
Jan
New York Stock Exchange
Stocks-
10
135
812
1,250
25
6
Mar
600
15*
185*
30% May
268
Nov
525*
1075*
145*
2%
185*
100
8%
U%
7%
6%
15*
6%
165*
15*
185*
15*
18
230
8%
Last
798
155*
185*
18
525
7
Established 1874
Nov.
125*
32%
35%
DeHaven
to
32
32
85*
185*
45*
335*
125*
15*
1325*
125*
25
11%
7%
*
Nov. 21
35*
45*
*
Pittsburgh Forging Co
1
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Fdy
*
Plymouth Oil Co
5
Renner
17
17
*
Preferred
85*
55*
295*
485*
4%
U%
7%
6%
1%
..4
Wolverine Brew
790
Mar
20
Jan
"65*
82%
35%
1
United Shirt Dist
2,828
1,978
Apr
Mountain Fuel Supply Co.
1,880
5,613
Nov
24
82%
35%
..10
com
397
Nov
83*
63*
Jan
3
300
6
40
30
.
Harb-Walker Refrac
Mar
4%
24%
20%
11%
45%
Jan
Follansbee Bros pref.. 100
Fort Pittsburgh Brewing. 1
Feb
Nov
13i6
Nov
125*
Nov
8%
16
Oct
1.05
Apr
Nov
185*
315*
225*
32%
100
23
Nov
3
765*
105*
43*
Jan
3,188
K,
6
Mid-West Abrasive com50c
Motor Wheel com
5
17
Jan
50c
165*
-Mich Steel Tube Prod—
Common
Feb
44
Oct
5%
3%
20
125*
Aug
500
Oct
Jan
165*
75*
90c
Jan
210
700
July
Nov
155*
530
5%
*%
19
11
Jan
115*
Jan
14
Jan
July
14
50c
Feb
Jan
50c
24
20%
Apr
25*
63
Apr
165*
11
769
220
2
4,838
Oct
625*
205*
45*
235*
25*
July
July
115*
1.801
1,587
10
118
*
Oct
Natl Fireproofing Corp— *
Hudson Motor Car com..*
100
360
High
10
Jan
5
545*
65*
900
185*
25*
19
*
Carnegie Metals Co
Columbia Gas & Elec
Consol Ice
Low
75*
475*
135*
95*
615*
185*
3
10
Armstrong Cork Co com..*
Blaw-Knox Co
320
95*
585*
185*
25*
175*
25*
Duquesne Brewing Co
Rights
12
5%
Arkansas Nat Gas pref. 100
Range Since Jan. 1, 1936
Shares
Electric Products
Jan
2
Price
Mar
235*
996
Par
Apr
4
Jan
235
7%
3%
6%
185*
28%
20%
30%
Apr
245*
3%
Aug
2%
75*
%
100
70
14
Aug
25*
%
545
20%
9%
High
128
500
Stocks-
Oct
July
14
2.800
40
Goebels Brewing com
Hoover Ball & Bear com. 10
Range Since Jan. 1, 1936
1,550
1%
20%
com
Sales
Week's Range
610
_*
Gemmer Mfg A
compiled from official sales lists
Last
9
Federal Mogul com
*
Fed Motor Truck com...*
General Motors
Nov. 27, both inclusive,
Friday
Shares
1%
11%
15%
2%
%
1
Dolphin Paint B
to
for
Week
Week's Range
Sale
Price
Nov. 21
Sales
Last
Par
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
Pittsburgh Stock Exchange
inclusive, compiled from official sales lists
Friday
Stocks—
BLDG.,
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Detroit Stock Exchange
Nov. 21
CO.
New York Curb Exchange (Associate)
Oourt-6800
DETROIT
Building
j
BANK
Tel
1936
/ Pittsburgh Stock Exchange
Mamhon
Members
Members
New York Stock Exchange
Nov. 28,
7%
100
200
4
Feb
825*0
125*
Mar
12c
July
28c
Nov
Apr
25c
Jan
8
Jan
575*c
145*
July
Nov
135*
185*
55*
Jan
Mar
Jan
15
355*
8
Feb
Nov
July
Volume
Financial
143
Sec Co units of ben int
7%
3
8%
3%
3
3
3
49
49
31
33
29%
30%
38
38
38
28%
25
52%
28%
28%
Jan
1%
44
43
450
51%
Nov
3
200
300
July
300
27%
*
Nov
New York
Aug
Mar
29
July
300
26
Jan
28%
41%
600
24
Jan
46%
38
39
39
39%
200
22%
22%
100
17
18
23%
12%
37%
8%
8%
25%
15%
Van de Kamps Bakeries. .*
40
-_1
10
25
Union Oil of Calif
Wellington Oil Co
Western Air Express
8%
Corpl
Taooma
36c
36c
Calumet Gold Mines.._10c
l%c
l%c
Cardinal Gold Mining Co. 1
90c
90c
Sacramento
Stockton
Fresno
Oct
Feb
Friday
Last
Week's Range
for
23
Nov
Sale
of Prices
Week
Apr
18
Nov
20%
7%
Aug
28%
Mar
Jan
28
July
Bank of California N A.
12
Feb
40
Nov
Byron Jackson Co
Jan
10%
10%
Nov
Calamba Sugar com
4%
Jan
5%
Feb
Stocks
Par
(Concluded)
Price
.80
188
31%
25
Atlantic Refining Co
21%
185
200
300
25
Jan
51
51
100
44
June
*
63c
Feb
Calif Ink Co A
Jan
California Packing Corp..*
Aug
Calif Water Service preflOO
lc
Jan
lc
Jan
4c
Oct
15C
Jan
31%
6
5
Baldwin Locomotive
Continental Oil Co (Del) .5
5
1
Curtlss-Wright Corp
6
3%
3%
36%
4%
6%
Cities Service Co
Commonwealth & Southern
Cord Corp
6
6
Aviation Corp (Del)
3%
3%
36%
4%
6%
50%
12%
62%
Radio-Keith-Orpheum
50%
12%
66%
11%
11%
12%
8%
Standard Brand
16
16
General Electric Co
Internatl Tel & Tel Corp..
Montgomery Ward & Co..
North Amer Aviation Inc. 1
Packard Motor Car Co
Radio Corp of America
Inc
10
11%
11%
8%
7
7
United Corp (Del)
17%
5
Warner Bros Plct Inc
16%
22
200
190
84
100
31%
6%
100
300
3%
3%
36%
4%
6%
50%
12%
66%
11%
11%
12%
200
100
May
27%
4%
3%
3%
200
6
23%
20% May
150
/
190
34%
7%
Jan
Jan
7
Apr
com
43
*
Caterpillar Tractor
51
Calude Neon Elec Prods.. *
103%
87%
11%
10
44
103
1
24
70
42% 43
102% 103%
87
87%
11
11%
43
Consol Chem Indust A—*
33%
101% 103%
24
22%
33%
33%
5%
312%
312% 312%
111
110
Oct
Consol Aircraft Corp
Apr
Creameries of Amer Inc..*
Mar
Crocker First Natl Bk.. 100
Nov
Crown WiUamette
Feb
Oct
Nov
100
4
Aug
7%
Mar
700
5%
Apr
7%
Aug
pref—*
Crown Zellerbach v t c—*
17%
Preferred A
*
Preferred B
*
110%
110%
14%
Di Giorgio Fruit com...
10
100
$3 preferred
5%
1,230
15
737
5%
Oct
30% June
99%
55
10%
41
35
Jan
Jan
460
498
44
Nov
7%
4%
36%
Jan
Apr
2%
20% June
Sept
%
26%
Cst Cos G & E 6% 1st pflOO
21%
__
100
%
%
26%
1.45
Unlisted—
Amer Tel & Tel Co
Jan
%
26%
Clorox Chemical Co
Amer Rad & St Sanitary
Jan
23%
21%
22
7%c
8,000
15%
203
32%
22
Jan
lc
1,823
Sept
29%
Nov
7c
31
186
32%
Nov
lc
High
55
32%
90c
7c
Low
195
31
22c
lc
194
Range Since Jan. 1, 1936
Shares
22
1%C
7c
1
High
*
5,000
Zenda Gold Mining Co
Low
20
7% preferred
20
California-Engels Min Co 1
15,900
4,500
2,000
Sales
194
2c
Oatman Rainbow Gd MIOc
Coffee dk SugarExExchange, Inc.
Stock
Exchange
Honolulu
Nov
40c
c
New York
47
600
92%
New
11
,
of
Trade
Exchange
(Asso.)
York Cotton Exchange
York Curb Ex.
Commoditv
Honolulu
Calif Cotton Mills com. 100
Mining—
Blk Mammoth Cons M.lOc
Seattle
Beverly Hills
47
19,800
9
Stock
14% May
200
10%
Board
Oct
28
3,500
40
Chicago
Aug
35%
26,500
5,100
Portland
Exchange
San Francisco CurbEzchange
Chicago
wires
Los Angeles
Oakland
Stock
San Francisco StockExchange
July
27
2,300
York
New
New
July
27
Universal Cons Oil Co.. 10
Transamerica Corp
Corporation Bonds
private leased
32%
40%
22%
17%
24%
14%
*
*
Taylor Milling Corp
Apr
37%
27
Superior OH Co
Municipal and
Feb
40
Jan
Jan
39
Standard Oil of Calif
Dean Witter & Co.
San Francisco
41%
38%
Southern Pacific Co...100
Nov
'Jan
35
24
July
Jan
60
Jan
50%
11%
25%
1,100
13%
3%
3%
54%
Jan
2%
5,400
2,200
Members
High
Low
Shares
51%
32%
29%
25
25
5%% preferred
High
49
*
6% preferred
Low
3
25
Orig preferred
Week
8%
*
Sou Callf-Edlson Co
for
of Prices
Price
Security-First Natl Bk__20
Signal Oil & Gas A com
Week's Range
Sale
Republic Petroleum Co__l
Ryan Aero Co.
Samson 6% pref ann
10
3447
=.
Range Since Jan. 1, 1936
Last
Par
'
'
Sales
Friday
Stocks (Concluded)
Chronicle
203
Aug
33%
32%
22%
1%
Oct
Nov
Oct
Feb
45
Feb
52
Oct
44%
105
Nov
June
90%
Oct
Oct
16
Feb
Nov
44
Nov
100% June
106%
Feb
425
14%
July
24
Nov
122
29
July
34
Sept
600
5%
Oct
6%
Oct
3
301
Jan
325
Mar
111%
210
100
Apr
112
Aug
14%
18%
108% 110%
108% 110%
24,039
7%
Jan
220
91%
135
91
Apr
Apr
18%
Nov
111
Nov
110
Nov
14
14%
708
3%
Jan
23%
Aug
57
55
57
130
32%
Jan
75
Aug
24
598
22
Jan
14
Mar
30%
27%
Nov
22
Nov
100
37
May
53
Nov
Eldorado Oil Works
*
23%
100
12%
36%
7%
Sept
15%
July
Jan
66%
Nov
26%
20%
23%
25%
20%
Apr
10%
13%
Nov
Emporium Capwell Corp.*
Emsco Derrick & Equip. .5
Ewa Plantation Co
20
60
60
60%
Oct
Fireman's Fd Indemnity 10
34
34
34
835
57% June
30% June
14%
Jan
Fireman's Fd Insurance.25
94%
94%
94%
180
86
Food Mach Corp
com...10
44
42%
44
375
32% June
47%
Mar
Foster <fc Klelser com...2 %
4
4
685
3% June
4%
May
400
3,700
7
600
9% May
5% July
2,400
100
8%
Jan
100
7
17%
15
6
May
9%
1,800
Apr
Nov
8%
18%
Aug
100
16
10%
17%
July
Oct
Nov
4
26%
20%
2,636
870
80
14%
Feb
Oct
63%
36
Feb
Aug
Feb
Feb
112
16%
16%
16%
100
Galland Merc Laundry—*
40
40
10
70
68%
953
15%
37%
54%
*
14
14
40%
70%
14%
600
10
July
*
36%
36%
475
36
Nov
19%
8%
20
550
14 %
939
Oct
3%
Jan
14%
19% May
11%
Jan
23%
Aug
A preferred
25
General Motors
com
General Paint Corp com.
.
145
Oct
20
Oct
48%
75%
14%
36%
20%
Jan
Sept
Jan
NOV
Oqt
Golden State Co Ltd
*
Hale Bros Stores Inc
*
36%
19%
8%
21%
21%
22
394
Hancock Oil Co
*
21
21
21
100
Pineapple
5
39%
1,115
26
Jan
39%
Oct
10
39%
41%
31%
39%
Home F & M Ins Co
41%
41%
70
40
Oct
54
Feb
31%
32
1,100
21%
Jan
32%
Nov
33
33
33
30
27%
Jan
33
Nov
Hudson Motor Car Co...*
19%
19%
2%
2%
19%
2%
200
10
10
6%
6
275
Hutchinson Sugar Plant. 15
22%
22%
6%
22%
Island Pine Co Ltd com.20
17
17
17%
215
Langendorf Utd Bak A___*
13
11%
13
965
Preferred
ST. LOUIS MARKETS
Gladding McBean & Co__*
i. m. simon &co.
Hawaiian
Business Established 1874
Enquiriea Invited
all
on
Honolulu Oil Corp Ltd— *
MEMBERS
York Curb
Chicago
Board
Louis
Bt.
New
Exchange
Stock
315 North Fourth St., St.
20
Honolulu Plantation
Mid*Wextern and Southern Securities
New York Stock Exchange
Hunt Bros A com
(Associate)
of
Trade
Preferred
Louis, Mo.
Telephone Central 3350
.
.
*
LesUe-Calif Salt Co
Le Tourneau (R
St. Louis Stock Exchange
Nov. 21 to Nov. 27,
Last
Sale
Price
Par
Stocks—
Lockheed Aircraft
Sales
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1936
for
G) lnc-..l
Libby McN & Llbby com.*
1
•
both inclusive, compiled from official sales lists
Friday
preflOO
Lyons-Magnus Inc A
*
Los Ang Gas & Elec
*
B
Low
30
30
47%
47%
32%
31
5%
26%
31%
4%
4%
26%
25
25
32%
31%
4%
5%
26%
25%
*
Preferred
1
com
5
Columbia Brew com
Dr Pepper com
_*
Ely & Walker D Gds com25
1st preferred
Falstaff Brew
1
com
125
Nov
652
31%
64%
32%
Nov
20
32%
Jan
10
5%
6%
285
465
26%
70
25%
120%
10%
5
120%
9%
100
31
16
*
Burkart Mfg com (new)._l
Cent Brew
29%
25
Conv pref
Brown Shoe com
1,026
Oct
Feb
Oct
Mar
Nov
Nov
NOV
Nov
Grlesdieck-West Br com._ *
24
490
24
Hamilton-BrownShoe com*
4
150
4% NOV
17%
Oct
13% Nov
Hussmann-Llgonier com..*
16 %
*
13%
1%
48%
16%
U%
1%
296
NOV
Key Co com
*
11%
16%
13%
1%
48%
12
100
14m
Knapp Monarch com
Preferred
*
20
20
100
21
Nov
*
32%
100
36
Aug
12
32%
12%
27
27
Huttig (S & D) com
Hydraulic Prsd BrlckcmlOO
International Shoe com— *
Laclede-Christy Clay com*
Laclede Steel com
20
48
1,354
200
1%
Nov
177
53%
Mar
81
12%
10
30%
Feb
Nov
Feb
Natl Bearing Metals com *
National Candy com
1st
'l3%
National Oats com
318
20%
Nov
50
100
50
Nov
13%
May
425
15
119
35
119
Nov
100
100
45
102
July
29
12
45
30%
Nov
240
12%
117%
Nov
13
27%
11%
*
Rice-Stix D Gds com
19%
119
*
100
100
preferred
2d preferred
13%
50
19%
*
21% June
27%
June
Mar
17%
16%
5%
40%
Nov
6%
11
Api
May
Jan
40
476
25
June
76
Nov
10%
10%
10%
300
June
12%
Nov
10%
9%
10%
4,737
May
11%
Nov
116%
Jan
106
106
106
35
2%
7%
7%
7%
200
105%
5%
2%
2%
2%
200
1%
3%
27%
3,083
,
3%
26%
378
25
25
preflOO
42%
37
43%
Natl Automotive Fibres. _*
Market St Ry prior
Nov
Apr
3%
25
10
Jan
Nov
Jan
Jan
Feb
4%
Feb
2
July
16
Jan
4%
27%
Nov
Jan
664
19%
Aug
27%
Aug
680
20
Jan
43%
Nov
32% Aug
10% June
47%
Mar
37%
12%
37%
37%
150
*
12%
12%
1,379
19%
19%
680
100
97%
97%
19%
97%
North Amer OH Cons---10
13%
29%
20%
13%
14
29%
29%
40
28
Jan
20%
21
260
19
Aug
7
625
5%
5%% preferred
Occidental Insur Co
10
Oliver United Filters A... *
*
B
Pacific Amer Fisheries---5
*
Pacific Can Co
Pacific Gas & Elcc com..25
25
25
Pacific lighting Corp com*
6% preferred
*
Pacific P E (non-vot) com *
6% 1st preferred
5%% preferred
7
7
100
Jan
Republic Petroleum
35
8
Oct
Roos Bros com
10
75
Nov
15
14%
15
700
15
20
22
5,336
22
Nov
50
50
50
Nov
Jan
Nov
17%
Oct
23
July
36%
31%
28%
36%
31%
28%
578
40%
32%
29%
58%
July
49%
105%
31%
28%
49%
105% 105%
49%
78%
44%
6
7%
25
78
44%
6
31
Feb
1,954
1,041
29%
Jan
26%
Jan
330
49%
160
104%
2,369
4%
18%
Nov
Jan
Jan
805
Jan
120
119
Jan
155
139%
Jan
78%
44%
471
68
373
38%
6%
5%
140
2
Apr
Jan
Jan
Jan
Oct
July
July
108
Sept
8%
25%
151%
July
152
97%
48%
7
Sept
Nov
Apr
Feb
Apr
Nov
5%
20%
89%
235
4%
Jan
7%
20%
21
165
24%
89%
100
16%
80%
July
89%
Jan
93
Oct
46
45%
46
335
34%
Jan
46
Nov
39%
8%
39%
7%
39%
8%
100
29
39%
13%
Nov
July
33
Nov
5%
May
Feb
Oct
Nov
21
Feb
435
151
7
Mar
32%
14%
20%
19
150
75
Nov
18%
150
*
Nov
13%
97%
19%
33%
36
100
B...
Jan
13%
6% preferred
*
*
Ry Equip & Rlty com
*
5%
*
6%
100
Rainier Pulp «fc Paper com *
Nov
65%
820
150
Phillips Petroleum
Pig'n Whistle pref
Jan
22
20%
Pac Tel & Tel com
*
13
Jan
9
20
8%
25%
151%
com
580
Oct
20%
18%
8%
25%
150%
s
20
109
Aug
July
*
100
Preferred-
Oct
104%
North Amer Inv com..100
Natomas Co..
122%
15%
19
42%
15
30
189
19
43%
127%
Mar
420
123% 123%
15%
16%
15%
Nov
50
19
19
44%
Nov
44%
690
Nov
1
8,475
5%
Oct
1
33
32
33
505
110
110
110
35
23%
104%
Apr
—100
preflOO
6 % prior preferred
100
Schlesinger&Sons (B F) com *
110
110
110
40
108%
105
105
105
Preferred..
S J Lt & Pow 7 % pr
1%
1,251
—100
Preferred-
1%
15%
15%
15%
387
*
26%
125%
32%
25%
27
448
Shell Union Oil com
—100
Preferred
80
79
82
tScullln Steel 6s
1941
tUnlted Railways 4s.. 1934
97%
35%
88
97
35%
36
$6,000
163,500
7,000
*
97
Nov
Sou Pac Golden Gate A..*
3
3
Jan
36
Nov
Super Mold Corp of CaUflO
Sales
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1, 1936
Week
*
Tide Water Assd Oil com.*
6% preferred
Transamerica Corp
Union Oil Co of Calif
100
*
15
For footnotes see page
15
15%
22%
M..10
Anglo-Calif Natl Bk S F.20
Assoc Insur Fund inc—10
Atlas Imp Diesel Eng Co.5
Alaska Juneau Gold
22%
6%
23%
22%
6%
23%
3448.
7
24%
Shares
Low
20
105%
17%
240
13%
274
17
2,240
859
3%
17
25
com
25
10
24%
14%
Co
U T.100
Steel Co .10
Oct
Wells Fargo Bk &
Jan
25
Oct
Western Pipe &
Apr
7
Nov
Sept
26
Nov
July
17%
Yellow Checker Cab A..50
Series 2d
350
19%
25
Union Sugar
High
850
1%
9%
13%
3%
Universal Consol OH
Price
Par
3%
20
306
Oct
Nov
95
Jan
Thomas-Allec Corp A
27%
47%
28%
Exchange
Apr
Jan
22
39
Nov
Jan
520
1,010
8%
Feb
15%
23%
95
42
39
15%
115
185
3,178
Feb
1%
42
91%
*
112
38%
40
.
July
Jan
Jan
%
2% May
125%
95
1%
8%
38%
13%
3%
121
Jan
42
1%
Nov
Sept
Apr
5
*
110%
23%
Southern Pacifio Co—100
B
104
Jan
400
Nov
both inclusive, compiled from official sales lists
Last
32%
82
Spring Valley Water Co..*
Friday
31
10
July
Standard OH Co of CaUf.
Francisco Stock
125% 125%
69
Bonds—
St Louis Car 6s extd
5
1%
Signal Oil & Gas Co A
Sound view Pulp Co
Stocks—
July
543
25
115
Stix, Baer & Fuller com. 10
Title Insurance com
25
San
7%
40%
58%
Marchant Cal Mach com_5
7
S'western Bell Tel pref. 100
Nov. 21 to Nov. 27,
Aug
July
40%
58%
25
75
115
Scruggs-V-B D G com—25
Scullln Steel pref
*
Securities Inv com
-*
Wagner Electric com
Oct
22%
4%
220
108
10
Preferred
June
July
1%
5%
3%
108
100
100
1st preferred
St Louis Car com
16
Oct
3%
39%
58%
108
6% preferred
Paraffine Co
Mo Ptld Cement com...25
10
2%
*
100
Magna vox Co Ltd
High
40
28%
*
285
28
Oct
Nov
Week
Shares
Magnin (I) & Co com
American Invest com
3%
*
B
8%
Apr
2
May
1% May
Jan
6%
35
Aug
Oct
11%
2% June
5
Oct
Nov
Oct
Sept
2%
Oct
9%
Oct
Feb
Oct
Feb
Nov
Mar
Jan
47%
14%
4%
21%
105% 106
69
101
Jan
106%
18
116,222
11
Apr
Aug
28%
Feb
Jan
28%
Jan
28
Oct
July
Apr
327
17%
23%
24%
12%
306
13%
3%
25%
24%
15%
306
525
75
813
5,945
750
7.812
10
36%
64%
36%
36%
137
60
64%
800
69
59
59
80
14%
20%
10
7%
290
18
Nov
26%
23%
Jan
38%
Jan
64%
Apr
Sept
Nov
53
Oct
59
Nov
Chronicle
Financial
3448
Nov.
Sales
Friday
Last
STRASSBURGER & CO.
133
MONTGOMERY
(Concluded)
Week's Range
for
Sale
Stocks
of Prices
Week
Low
Price
Par
STREET
33%
33%
47
37
1%
34%
47%
1%
4%
4%
4%
2%
2%
8%
3
National Steel Car
Exchange—San
Curb
Francisco
Exchange—Chicago
*
Rogers Majestic Corp Ltd.
Shawinigan
*
Board of Trade—New York Curb Exohange (Associate)
*
5
Prairie Cities Oil
(Since 1880)
Members: New York Stock Exchange—San Francisco Stock
*
North >Star
North Star pref
9%
Standard Paving...
Direct Private Wire
suner Petroleum ord
Nov. 21 to Nov.
Francisco Curb
Sale
Par
Alaska-Treadwell
25
Alleghany Corp
American Toll Bridge
1
Anglo National Corp
Argonaut Mining
5
com
300
3
Apr
279
150
Apr
15c
Oct
39c
5,100
30
Jan
41
355
1
Feb
25
18
Aug
Aug
5
22
37
Feb
*
38
37
38
210
34
July
40
111
111
112
57
110
May
119
Feb
46
525
20
49
Nov
Walkerville Brew
75c
Feb
5%
Nov
190
Jan
95c
Sept
Nov
97c
Toronto Stock
Nov. 21 to Nov. 27,
Nov
for
Nov
16%
Nov
Shares
50%
200
7%
Mar
Brett-Trethewey
1
6%
7
500
Jan
4%
3% May
Jan
6%
5% May
7
Nov
Central Manitoba
1
Nov
1
July
Churchill Mining
Cobalt Contact
1
2%
94
Nov
Coniagas Mine
*
22%
Nov
Dalhousie Oil
*
52
12
25
Jan
5
May
4.00
16%
194
12c
16%
4.00
16%
B
12c
200
10
"38c
38c
92c
96c
3%
3%
95c
1.25
1.25
Coen Go's A
13%
20
13%
110
300
4.50
Jan
16%
Nov
Oc*
25c
Feb
Nov
8c
9%c
1.25
1.48
1,800
24,925
72 %c
30 %c 32 %c
1,272
22 %c
15,800
19,340
14%C
Jan
31c M'ay
3c
Jan
21c June
4%c 127,900
1%C
Feb
*
*
1.36
*
32 %c
Kirkland Townsite
1
Mandy Mines
*
1.10
Oct
1.75
Jan
Night Hawk
1
600
11% May
90
72
Mar
110
59
June
75
44
Jan
9%
Norden Corp
Nov
Oil Selections
Mar
15%
June
4%
19c
26%
Apr
Nov
115
40%
Mar
45
Nov
2.20
5
1.50
Aug
2.75
Nov
95c
500
50c
Feb
1.65
Apr
4%c
35
4.50
Jan
16.25
July
Jan
7%
Nov
1.50
12,685
85c
Nov
2.95
Feb
Sept
19
12%
100
11%
47c
50c
Jan
75c
Jan
4.15
37c
July
95c
25c
500
15c
Jan
58c
28c
5,600
13c
Jan
8%
50
6%
Jan
24c
Oct
18c May
48c
Sept
28c
2c
1.75
7c
8%c
7c
9c
65,000
65,000
9c 420,500
26c
Apr
Jan
5c 173,000
2c
Nov
2.60 194,630
70c
July
2.60
Nov
4c
Jan
15c
Mar
lc
Jan
13%c
Mar
4o
Sept
7c
10%c May
Apr
9%c
3c
3c
3%c
31,100
2%c
Oct
7%c
Mar
16%c
21c
47,300
2o
Jan
27c
Sept
No par value.
Feb
26c
7c
Jan
Feb
21c
July
7c
18%c
Sept
59c
*
Aug
4c
6%c May
Feb
1.60
44c
6,283
4,958
17,285
22c
4.05
Robb-Montbray..
Jan
Nov
10c
7%c
8%c
Temiskaming
1.05 May
7c
47c
6,400
26c
Sudbury Mines...
3.15
Nov
1,000
2,000
19,100
7c
405
Nov
Jan
2.52
7%
Feb
1.50
Jan
1%C
20c
Pend-Oreille
13%c
32%C
6%C May
Apr
11,000
16 %c
Porcupine-Crown
Mar
Jan
2%c
Titchie Gold
July
120
26c
Pawnee-Kirkland
July
57c
9 %c May
17,330
18 %c
Prrkhili
14 %c
35c
3%c
5
1.30
1.05 May
10c
Jan
3%c
12c 13%c
4c
4%c
3%c
.*
15%
25
22c
31c
Osiske Lake
3.90
27c
Menasco Mfg Co.——1
Montgomery Ward
Feb
CURRENT
current
offerings to the public should continue as business activity expands further,
with the upturn in the heavy industries, in particular, accelerating the de¬
4.25
100
2.65
6.50
Mar
63%
12%
15
36%
Jan
61%
Nov
6,738
4.10
Jan
12.75
Nov
Jan
17%
17%
10
17%
Nov
20%
Feb
North American Aviation..
11%
10
11%
Jan
44
Nov
35c
2,000
21c
Jan
54c
23%
Jan
35c
Occidental Pete
30c
20
22
46
21%
46
885
Pacific Clay Products
50
6%
43%
50
Apr
3.45
3.60
14,693
2.50
Aug
3.90
12%
13%
400
10
Aug
14%
Oct
3.10
Apr
5.00
May
100
4.85
12%
Radio-Keith-Orpheum
Feb
18%
20
13
May
11%
35%
415
30
27
Jan
12
20
52%
41
11%
35%
Packard Motors
Radio Corp (Del)
52
257
17%
Pacific Western
4.85
51
"52%
100
12%
798
10
Apr
9
130
4.25
116
18
—
"§6""
25
18
29%
25
26%
6% pref
25
28
27%.
28%
So Pac Gold Gate 6%pfl00
Stearman Hammond Air-
48
48
1.80
1.65
Texas Consol Oil
72
7%
7%
United Stages Pete.
7%
IMar
19
Jan
32%
July
27%
Mar
28%
Aug
Aug
66
Sept
Jan
37
1.50
Nov
75c
Nov
25
1.80
5%
Nov
2.10
Feb
Offerings of preferred and
Apr
rate
Nov
8%
Ju.y
35c
38c
1,350
25c
Jan
75%
75%
7%
100
48%
Jan
7%
2,976
3.10 June
8 25
Nov
15%
15%
480
10% May
16%
45c
33c
36c
3,055
16%
17%
1,550
17%
17%
10
15
100
5
Jan
1
8%
Included
e
in
range
for
year,
x
Oct
30c
Nov
9 %
May
18
Nov
Jan
20
Jan
60% stock dividend paid Aug.
z Listed,
t In default
t Company in bankruptcy, receivership
Feb
Ex-dividend,
Feb
9%
15.
stocks are increasing at
y Ex
month,
At
1935.
increase of 300%
an
the
same
time,
rights
and
for
total
quarter
an even faster
of 1936
compared with
averaged
the second
offerings increased
90%
to
a
In selecting the second quarter
Mr. Clark pointed out that it
was
not
that the volume of public offerings became large enough to
being classified for
omparative purposes.
—Announcement has been made of the organization of Kirk C. Dunbar
&
Company, Los Angeles, to
The firm
investment
years,
will
be headed
circles
having
of
the
engage in a general securities business
by
associated
been
Kirk C.
Pacific
Coast
with
Dunbar
and
who has
Chicago for
Griffith-Wagenseller
been
the
&
active
past
in
eight
Los
Durst,
Angeles, and Fuller, Cruttenden & Co., Chicago, which firm he represented
for a time on the Pacific Coast.
—Sidney
R.
Small
Company to do
in
municipal
a
announces
the formation
general investment business
and
brokerage business.
corporation
They
are
securities
and
of
as
to
Sidney
R.
Small
and
underwriters and dealers
also
members of the Detroit
their offices will be located in the Penobscot
1936
much greater
a
outstanding securities,
offerings and during the third
per
until this time
conduct
general
a
Stock Exchange and
Building, Detroit
Joseph J.
Cucchi will be associated with the firm.
—Announcement is made of the formation of H. N. Nash & Co.,
reorganization.
or
bond
of
warrant
Nov
36c
17%
cCash sale,
common
of 1935 for comparative purposes,
Nov
55c
79
than
$35,200,000
June
70
7%
5
their
quarter
'75%
Rights
"has made it possible for
refund
to
monthly average of about $225,000,000.
Apr
Victor Equipment
Warner Bros Pictures
corporations
Nov
United States Steel
5
of
corporations requiring new capital to obtain it at attractive rates."
Nov
5.50
28%
100
their capital, are willing to accept a lower margin of safety.
17
Feb
105
of security offerings reflects the
highest grade bonds and, in seekihg
Jan
Nov
Feb
1,230
on
"This trend" Mr. Clark said,
number
very
Jan
July
17
9,185
higher return
the
Sept
128
72
the diversity
growing number of investors have rebelled against the extremely
a
14%
10%
24%
25%
15
a
Feb
60
85c
70
Sept
18
marked increase in
Apr
5%
7o6
1.80
75c
Title Guarantee pref
United Corp
The
low interest rates prevailing on
13%
36%
9
4.00
70
30%
5%% pref
52%
Jan
6%
100
15
4.25
4.25
9
15
Riverside Cement A
Schumacher Wall Board._.
Bulletin released today.
fact that
Oct
13%
Onomea Sugar
20
Pacific Coast Aggregates..
Jan
'3" 55
—
capital, according to Chester M. Clark of Stone & Webster
new
Blodget, Inc., writing in the November issue of the Stone & Webster
July
Nov
mand for
and
Nov
40
7%
27%
Jan
40
11%
42%
1,606
Oahu Sugar
250
rapid increase in the volume and diversity of security
Feb
July
35c
4.25
20
N O TICES
12
63%
im
12%
Copper
sale—Not
Nov
98o
Feb
175
1.10
2
Western Air Express
8.00
East Crest Oil
—The
West Coast Life Ins
Mar
38c June
1%
8%
Preferred
2.25
6,465
Oct
50c
1
South Calif Edison
400
80c
60c
75
McBryde Sugar
Pioneer Mill..
6.40
71c
8%c
Jan
-.10
Preferred
6.40
72c
3 %c
59 c
Pacific Ptld Cement
3%
4%c
4.00
Kinner Air & Motor
O'Connor-Moffatt
Jan
"~!6c
17
12%
Oil-:
1%
*
1
Preferred
Kleiber Motors
13,000
1
1
Italo Petroleum
2%
Lake Maron
1,247
7
international Tel & Tel
2%
Hudson Bay
1.30
C International Cinema...1
Nov
Malrobic Mines
24%
7%
1.45
Jan
3c
Home Oil
15%
15%
1
ll%o
15,600
Feb
90c
20
Idaho-M aryland
47,700
4c
Aug
Aug
2.20
Honokaa Sugar Co
21c
75c
44
"44
18c
3%c
7%
72
Holly Development-—.1
Holly Oil Co
5
20c
3%c
1.45
23%
2
2c
Oct
336
High
10,700
Jan
6%
Low
9 %c
Nov
18
Range Since Jan. 1, 1936
Week
8%c
8%c
90c
6%
"23%
Price
Par
Stocks—
32c
950
13%
Apr
3
110
106
20
Hawaiian Sugar
Hobbs Battery A
38c
11%
8%
July
12c
1,911
87c
2.00
10
700
3%
1
Great West El-Chem
Feb
Nov
27
6%
60
—
3%
3.00
Sales
Friday
15
21%
General Metals
Oct
Exchange—Mining Curb Section
547
92
Crown-Will 2d pref
Curtiss-Wrlght Corp—_—1
Aug
both inclusive, compiled from official sales lists
16%
21%
Cash
1%
550
of Prices
Low
High
10
r
101
2%
Week's Range
Calif Art Tile A
value.
2%
Sale
Bunker Hill-Sullivan
par
'"2%
Last
200
♦No
1%
*
2
*
Apr
Sept
Oct
7%
92%
2
43%
Nov
7%
2
43%
15%
7%
Preferred—
1%
Jan
7
Consolidated Oil
Nov
2%
22
Mar
10
2
290
3%
July
22
15%
Bolsa-Chica A
2
37%
Aug
27
*
10%
16,259
Mountain City
Nash Motors
Feb
675
11%
M J&M&M
2
433
10%
2
15
15%
11%
2
2%
Nov
4%
June
22
—-
.
29%
Jan
11
6%
Chicago Sou Airlines -.10
Claude Neon Lights
1
Oct
High
1
Cardinal Gold.
Oct
9%
1.15
14%
3
2
Oct
5%
80
16
Calif Pacific Trading
Central Eureka com
4.50
July
18%
815
20%
...
Calif Associates-
Jan
Aug
June
4
1,056
50%
(new)
Bancamerica-Blalr
2
1.25
14%
Preferred (new)
2
3.15
22
Aviation Corp
Baldwin Locomotive
2
50
205
4,715
*
Waterloo Mfg
Low
300
95c
91c
92c
Range Since Jan. 1, 1936
for
190
Nov
Toronto Elevators
Week
Shares
5%
5
183
188
100
Nov
1.75
Toronto Elevators pref. 100
United Fuel pref
100
45c
45c
45c
;
*
American Tel & Tel
Atlas Carbon
of Prices
High
Low
Price
47%
Jan
Thayers pref
Sales
Week's Range
Last
Stocks-
May
1.00
Thayers com
Exchange
27, both inclusive, compiled from official sales lists
Friday
13
75
4%
37
*
36%
26
2%
*
Oct
30% June
3,962
27
3%
24
High
Low
1,433
9%
25
3%
100
Supersilk
San
26
*
Preferred
Range Since Jan. 1, 1936
Shares
High
Montreal Lt Ht & Pow cons
FRANCISCO
SAN
1936
28,
1421
Chestnut St., Philadelphia to deal in bank and insurance stocks, railroad,
public utility, and industrial securities.
Toronto Stock
Nov, 21
to
Nov. 27, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
Beath&Son
*
Canada Bud
*
Low
*
Canada Vinegars
Canadian Wire Box A
10
7%
Sept
745
6%
2,192
30%
20
25
1%
100
Dellavlland
*
Preferred
86
85
15%
14
100
72
"4%
Disher Steel
*
Dominion
*
57
*
14
Bridge
Dom Tar & Chemical—
—
100
Hamilton Bridge
*
Hamilton Bridge pref. .100
13
"l2%
63
95c
3
9%
37%
20%
26%
80
Aug
55
Nov
announce
16%
Mar
George J.
Mar
10%
June
May
37%
Nov
19% May
27%
140
21
26%
June
57
70
Jan
1.25
5
72
650
2
72
5
331
Aug
77
17
Oct
Nov
Apr
90
Jan
21
40
Jan
70
manager
3
Nov
11%
Mar
57
1.225
14
15
1,010
4
Jan
10
56
Jan
4,430
4
May
190
30
34%
Apr
Jan
|
57
18%
108
12%
65
Jan
nounce
34
25
15
1,525
4
Jan
16%
Nov
88
140
30
Jan
90%
Nov
Langleys
Preferred
Mercury Mills pref
6
6
6
75
3
Jan
100
56
56
5
35
; June
60
Oct
17
17
20
9
Jan
20
Nov
6
of
reorganization
Feb
100
._.*
now
associated
with
an¬
them in
securities.
Mr.
Schoenhof
was
formerly
with
a
study of the
Electric Power & Light Corp., part of the Electric Bond & Share System,
13%
35
Schoenhof is
with special reference to the natural gas
85
Aug
members of the New York Stock Exchange,
Edward Welton
Oct
15
28
that
Oct
88
34
as
com¬
Conference.
—Tobey & Co., 25 Broadway, New York, have prepared
Nov
*
34
Jr.
Inc. has available in booklet form the
Redmond & Co.
*
1.25
Finance
—S. P. Larkin & Co.,
charge
Int Metal Indust
Apr
Edward Atkins,
"Trends in Interest Rates" delivered in Chicago last Wednesday before
Nov
Humberstone
40c
of a Philadelphia office under the management of
Associated with him is F.
plete address of Professor Edwin Walter Kemmerer, of Princeton University,
on
Nov
Int Metal Indust pref—100
1,490
Kane, Jr.
Nov
*
1.05
and formerly with
of the municipal department.
the American
Oct
Honey Dew
95c
the opening
—Manhattan Foundation,
Nov
-
53
105% 105%
10
12%
60%
64%
Feb
2%
13
many years,
—Granbery, Safford & Co.. members of the New York Stock Exchange,
5
Feb
Jan
2
4%
who has been
number of years, is head of
75 State St. under the management of Gouverneur C. Hall, active in the
Apr
2%
30
175
13
S6
a
Minsch, Monell & Co., Inc. and Lee Higginson & Co.
High
60
36
12%
Corrugated Box pref
Low
9
9
Harold N. Nash,
security markets for
firm.
new
security business in up-State New York for
Week
Shares
4
9%
36%
1
Marconi
Consolidated Press
Range Since Jan. 1 1936
55
8%
*
Canadian
High
for
55
20
Malting
Preferred
Range
of Prices
the
—Brown Young & Co., Inc., have opened a branch office in Albany at
Sales
Week's
4
55
Silk
Canada
Price
*
Biltmore Hats
Bruck
active in the unlisted
Exchange—Curb Section
Nov
and oil operations of the holding
company.
/
—Stein Bros. & Boyce, 6 South Calvert St., Baltimore, are distributing
a
circular containing a survey of the liquor industry together with
parison of financial statements of representative liquor companies.
com¬
Volume
3449
Financial Chronicle
143
Canadian Markets
AND UNLISTED
LISTED
Provincial and
Bid
Alberta—
Province of
58
Jan
1
4*4s
Oct.
6s
May
95*4
4s
June
1 1962
108
109
Jan » 15 1965
Jan
6s
Oct
6s
Sept
Prov of British Columbia—
July
6s
12 1949
58
.June
114
115*4
98
4*48
Mar
2 1950
112
113
Carnation Co pref
98
15 1954
5s
Dec
2 1959
99
4s
Feb
1 1958
109
Apr
Apr
4*48
111
15 1960
15 1961
..Sept
4*4s
5*4s
Mar
6s
116
Nov
4*4s
110*4 112
15 1952
1 1960
Oct
*
Consumers
92
93*4
Cosmos
85
15 1946
1 1951
86
*
Dominion
75*4
24
25
...100
Dominion Stores
Bonds
*
103*4
10*4
1,650
9*4
453
21*4
3,494
51
May
80
135
189
Jan
209
525
5
14 Wall St.
&
4*4
May
8
May
12
20
652
10
Mar
20
5
250
30
30
10
30
30
5
17
20
*
*
6*4
6*4
30
»
22*4
21*4
*
22*4
22*4
1 5*4
23*4
23*4
5.986
5,386
*
*
:
Bid
4b perpetual
Sept
6a
Sept
1 1946
5s
Dec
1 1954
109
July
1 1960
104*4
109*4
104
Deo
5s
July
1
105
105*4
Government Guaranteed
,
115*4 116
117 X 118*4
1 1951
4Mb
Sept
4*is
June 15 1955
4 *4s
4*4s
Feb
July
1 1956
l 1957
5s
July
5s
Oct
5s
Feb
1 1969
1 1969
1 1970
115*4 116*4
114*4 115*4
118*4 118*4
1 1946
July
6*48..
215
64*4
Jan
90
120
53*4
Mar
59
150
1
Oct
3
30
30
30
13
Jan
30
11**
13
4,485
5*4
30
2*4
Intl Milling pref
Internatl Nickel
1,440
12
12
20*4
21*4
*
2*4
21*4
12
21*4
*
Imperial Tobacco
6
100
22*4
13*4
14*4
104
104*4
64
61*4
34*4
37*4
oom
*
63*4
*
35*4
*
10*4
9*4
*
1.35
1.10
Intl Petroleum
♦
Preferred.
Jan
1
3s
Jan
1 1962
¥
Abltlbi
3*4
23
34
6% preferred
4*4
37
Week
Jan
6*4
Jan
2*4
4*4
37
Sept
6
24
60
19
Sept
39
18*4
4,685
14
Oct
Beatty Brothers
*
15*4
11
16
2,475
104
104
100
♦
Bell Telephone
Blue Ribbon pref
4*4
4*4
154
158
-.50
5*4
159
33
33*4
26
33
Brantford Cordage pref. 25
26
25
1,370
583
9*4 June
93
1*4
141
Oct
Sept
Jan
18*4
Nov
Oct
1.40
Jan
Aug
4*4
Feb
18*4
27,550
9*4
90c
3,105
75o
2*4
1,800
*
50c
55*4
50
*
*
Canada Packers
pf_100
Canada Wire & Cable A..*
*
Preferred
Canadian
Dredge
*
Cndn Industrial Alcohol A*
B
Canadian Oil
Canadian Oil pref
June
Jan
1,109
4*4
Apr
7*4
103
5
90
Jan
48
15
30
May
14
2,657
6
Jan
103
25*4
91
200
6*4
235
104*4
-.100
July
4
May
104*4
7*4
12*4
13*4
Jan
Nov
44
45*4
*
146
Jan
182
175
Jan
270
39
Jan
45
3,765
5
June
10
200
1
Nov
1
79
*
41*4
41*4
*
9*4
8*4
*
1
1
1
*
101
101
103
355
1
8
24,769
*
*
20*4
18
23*4
20*4
*
37
35
37
23
23
32
32
80
28
15
15
200
15
111
112
115
100
100
100*4
145
Corp
Metals
6*4
7*4
23*4
1
.
*
15
Saguenay Power pref
_
.
100
100
166*4
15
*
41*4
9*4
16
Jan
110
3*4
Jan
21*4 June
8
27
2,141
11*4
Jan
20*4
1,207
19
Jan
38
135
500
30
19*4 June
*4 Aug
10*4
17
Jan
99*4
116
Nov
Sept
10
10
51
4
June
100
332
70
Aug
14*4
15
45
45
100
45
70
72*4
64*4
98
*
*
63*4
63*4
16*4
Preferred
'"72"
25
Stee lof Canada
16*4
53*4
24*4
33*4
Oct
98
*
B
Tamblyns Lts
Preferred...
......
Tip Top Tailors
10
*
6*4
101*4
25
15
100*4
Jan
15
10
27
Apr
45
430
57
Jan
150
49*4
Jan
72*4
64*4
108
100
Preferred
108
14*4 114*4
13*4
13*4
7*4
9*4
*
14*4
*
13*4
United Steel com
*
8*4
Walker (Hiram) com..
*
47*4
45
48
*
19*4
19*4
19*4
Preferred
Western Can Flour
pf__10G
Western Grocers
(Geo) common..*
preferred
100
Westons
New
Nov
58
7*4
Sept
12
Jan
108
5
25
109*4
8*4
June
16
14*4
5,282
9*4
49*4
1,719
17*4
20
10*4
300
78
135
116
5
19*4
20*4
108*4 109*4
102
2*4 May
26*4
Apr
21,548
116
"26""
16
Jan
3,321
10
"75~"
*
pref
16*4
53*4
75
♦
Can Flour
Western
Nov
25
722
2,950
53*4
11*4
Twin City
Union Gas
4,135
40
20
110
9
4*4
Mar
Apr
11*4
May
36
49*4
13*4
98
78
July
56
Apr
Mav
21
109*4
Oct
21
Sept
4
Oct
4
5
2*4
2*4
3
228
*
3
21
19*4
1*4
2*4
*
Winnipeg Elec pref
Winnipeg Electric A
5
5
285
2*4
June
60
126
505
51*4
Jan
149
Jan
173*4
114
190
Jan
119
197*4
July
222 X
225
182*4
Apr
217
Nov
271
Jan
310
Nov
20
100
*
B
Zimmerknit
Banks—
50
Canada
100
57*4
57*4
168
173*4
211*4 220
168
221
222
225
60
Nov
Nov
Feb
Nov
88*4
Jan
3*4
61
9*4
105
Montreal
100
2I2"
212
217
60
Nova Scotia—
100
308
301*4 310
222
Feb
Royal
100
198
200
115
164
Jan
200*4
Nov
Feb
Toronto
100
250
252
62
220
July
252
Nov
118
120
Oct
160
Feb
36
70
July
90
Mar
Nov
Oct
Canada Permanent
Nov
Huron
Nov
&
Erie
20%
13*4
37 *4
May
Jan
29*4
230
6*4
Sept
12*4
50
11
Nov
June
7*4
160
5
July
360
12
Sept
18
Jan
122
123
Jan
140
Sept
Jan
15*4
100
No par
value.
137
70*4
11*4
134*4 137
70*4
72
11*4
11*4
15
100
56
56
10
-.100
201
201
3
8*4
Oct
52 *4
Feb
58
Mar
Apr
214
Sept
196
14*4
/ Flat price.
Feb
13*4
10*4
*
100
-
7.235
5
<
Loan and Trust-
2,080
8,385
5
90*4
45*4
15
National Trust
14
Jan
28
Landed Banking
13
29*4
120
Nov
130
1.987
181
Nov
126
45
105
270
12*4
8
126
3
85
17*4
180
19*4
46
Jan
97
8
42
265
Apr
29
Jan
181
June
45
Sept
12*4
6*4
12*4
270
5*4
26
28
5
Imperial
Oct
40
46
3*4
Jan
Apr
Aug
Nov
165
19*4
28*4
22
2
5
100
100
22
141
1,970
Mar
1.00
5
Commerce
55
1,590
15,705
17*4
85
Dominion
Jan
20*4
9*4
19*4
23
5
Nov
Feb
60
11*4
78
Jan
85
Nov
15
57
7*4
Nov
May
9
17
17
Jan
100
14*4
1*4 Aug
6*4 June
80
60
10*4
150
101
101
Oct
18*4
100
48
Aug
25
11
7*4
104*4
Nov
Nov
49
104
8
Oct
Mar
91
20
8*4
75
47*4
Nov
Sept
27
20
'
9*4
103
23*4
IX
58
Jan
58
140
85
18*4
Mar
367
48
49
*
Canadian Pacific Ry._ ..25
50
Jan
Aug
37 X
6*4
6*4
*
100
6*4
10
in
8*4
♦
33
545
90
59*4J
Car
132
510
45
25*4
25*4
*
2nd preferred
9
68
100
103
Canadian Bakeries pref. 100
Canadian
56*4
12*4
*
Canadian Canners 1st pref.
Nov
47
*
Canada Steamships
Apr
38*4
103
47
♦
Canada Steamships
27*4
May
6*4
7*4
14
,100
Jan
28*4
43*4
.100
-.50
16*4
5
68
68
45
Canada North Power-
Canadian Canners
Mar
396
35,635
8
8
25
Canada Cement
B
Oct
14*4
35
55*4
21
23*4
35
*
Preferred
11
14
♦
preferred
1*4
20
Preferred
Brit Col Power A
B preferred
Nov
Nov
28
75c
A
Sept
5*4
34
16*4
Canada Bread
107
159
Jan
90c
Burt (FN)
Nov
June
17*4
Preferred
16
25
»
Building Products A._
Burry Biscuit new
Apr
Jan
Nov
27
Brewers & Distillers..
British American Oil..
103*4
13*4
6*4
13*4
65
Jan
18*4
21
Brazilian
2*4
Jan
June
Nov
Nov
150
*
Brewing Corp of Canada..
14*4
13*4
Standard Chemical
High
16*4
Preferred
7*4
40*4
40*4
Standard Steel pref
210
11
5*4
*
Simpsons Ltd pref
24
Beauharnols
21*4
10
6*4
37*4
Simpsons A
18*4
3
21
6
7*4
Russell Motor pref
♦
2*4
110
80
Root Petroleum
1.25
2.25
100
ed
100
*
102*4
15*4
Po^
pref
Alberta Grain
24
107
Photo Engravers
Batnurst Power A
Alberta Grain
Jan
Aug
Jan
100
^
Range Since Jan. 1 1936
73,093
7,410
6 X
25
Pan tepee Oil
Low
39*4
14*4
315
Page-Hersey
WA. 3401-8
Shares
66
23*4
107
Orange Crush
Sales
4*4
May
National Grocers
both inclusive, compiled from official sales lists
of Prices
High
14*4
105*4
43 X
National Breweries
Exchange, Inc.
Low
24*4
May
June
13*4
101
B
Toronto Stock Exchange
Sale
Jan
Jan
1,701
1,735
4,966
1,335
9,390
2,079
4,823
-.100
mington-Rand.
Price
15*4
*
com
Riverside Silk A
Par
20
July
A
New York Curb (Associate)
Stocks—
6
Nov
73
Massey-Harrls
Toronto Stock Exchange
for
19
400
23
100*4 101*4
STOCK BROKERS
Week's Range
>
3
22*4
4*4 June
34*4
3*4
70
10*4
Duncanson, White & Co.
Last
6
32
270
22*4
21*4
Moore Corp common
Friday
12*4
Jan
Apr
May
3,110
22*4
*
Preferred
Nov. 21 to Nov. 27,
75c
1.50
11
72
Maple Leaf Milling
»
Maple Leaf Milling pf.100
Preferred
King Street West, Toronto.
17,364
15,264
15*4
109
Preferred
15
60
*
MoColl-Frontenac
Canadian Commodity
27
20*4
395
*
Secord
Monarch Knitting
Members
25
33,882
*
Loblaw Groo A
119*4 120*4
119*4 120*4
30
14*4
(John;
Lang Co.)
B_.
1962
4s
22*4
107
100
Sons Ltd.
10
100
June
Jan
2*4
1,715
5*4
30
20*4
*
B.
5*4
12
*
127*4 128
Grand Trunk Pacilio Ry—
8
June
3
2
5*4
Laura
2*4
7
28*4
57*4
*
Ask
Canadian Northern Ry—
National Ry—
Canadian
Bid
July
Jan
84*4
12*4
Bonds
Ask
18*4
19*4
24
2
*
Lang &
Bid
Jan
*
Kelvlnator
Dominion
Aug
Aug
56*4
Intl Utilities A
4*4s
115*4 116
1944
7*4
5*4
13 X
84
Internatl Utilities B
4 *4s
39
100
Imperial Oil Ltd
4*4s
97 *4
15 1942 mix 112
102 H 103 X
15 1944
96*4
debentures.
Jan
56*4
Hunts A
Ask
30
10*4
20
785
Harding Carpets
Ry—
5*4
Apr
May
8*4
Hinde & Dauch
Pacific
10*4
*
Preferred
Great West Saddlery
Preferred
Bid
Canadian
1*4
21
8
Gypsum L. & A
Ask
Pacific Ry—
50
6
May
8*4
84*4
Hamilton Cottons pref. .30
Hamilton Utd Theatres_25
Canadian
18*4
Apr
50
Goodyear Tire
Railway Bonds
34*4
14
4*4
General Steel Wares
Private vires to Toronto and Montreal
106*4
9,595
1,570
30
Frost
Co •, Inc.
27*4
Apr
102
JSD
4,715
Fanny
New York
17 X
10*4
11*4
9
English Electric B
Gundy
22
78
Equitable Life
A
Apr
3*4
18*4
*
*
Ford
15*4
Aug
208
25*4
19*4
50
Farmer
5*4
11
11*4
*
English Electric A
June
24*4
7,175
10
Easy Washing
Economic Investment
Sept
Sept
30*4
2
101
27*4
21*4
25
21
pref
30
20
25
Eastern Steel Products
Wood,
Coal
Sept
65
300
106*4 106*4
""26*4
*
Dominion Steel & Coal B 26
Canadian
204
207*4
*
Preferred
20*4
76
100
Distillers-Seagrams
117
21
Smelters.-25
Gas..
8*4
24
310
3
103*4 103*4
9*4
Consolidated Bakeries
Consolidated
30*4
3
3
103*4
*
91
89
30
30
30*4
*
100
Cocksnutt
112*4 113*4
109*4 110*4
Province of Nova Scotia—
High
Low
Shares
15
30
*
Canadian Wineries
Province of Quebec—
4*4s
May
1 1961
112*4 Prov of Saskatchewan—
5s
June 15 1943
Prov of New Brunswick—
Week
120*4 121*4
98
4*4s
1 1941
Range Since Jan. 1 1936
for
of Prices
Low
High
Price
Par
96*4
/94*4
Aug
4J4s
Stocks (Concluded)
Week's Range
Sale
Canadian Wallpaper A
Canadian Wallpaper B
Province of Manitoba—
4*40
118*4 119*4
Sales
Last
113*4
96
1 1953
Oct
4*4s
/97*4
113
98*4
5*4s
67
Exchange
Friday
100*4 101
3 1937
1 1942
15 1943
1 1959
67*4
/65*4
1948
Ask
Bid
Province of Ontario—
n66
1 1956
Toronto Stock
Municipal Issues
Ask
Jan
Feb
Toronto Stock
Exchange—Curb Section
See
Page 3448
Jan
3450
Financial
Chronicle
Nov. 28,
1936
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
BONDS
11 KING ST. W.
Stocks (.Concluded)
Montreal
*
Paulore Gola Mines
Noranda
The Toronto Stock
Sudbury
Winnipeg Grain Exchange
Read-Authter
Kirkland Lake
Montreal Curb Market
Red Lake-Gold Shore..
Sarnia
North Bay
Owen Sound
Bourlamaque
Canadian Commodity Exchange (Inc.)
Chicago Board of Trade
Exchange
Tlmmins
Sale
Par
Price
♦
Acme Gas & Oil-
High
13o
8,500
8%c
22,800
9%o June
4c May
43c
2,200
40c June
1.42
1.30
1.42
96,708
88c
3%c
....
1
Alexandria Gold
Low
8c
3 %«
10 %c
8c
..1
Aldermac Mines Ltd
Week
Shares
43c
11c
1
Alton Gold
AJax Oil & Gas
of Prices
High
1 Ho
Oct
18%c
Feb
88o May
70c
Feb
158c
Nov
10c
Aug
7c
6%c
4c
27,700
8%c 237.250
3%o
Jan
Anglo Huronlan
5.90
5.85
6.00
791
4.10
Jan
Argosy Gold Mines
1.20
1.10
1.20
13,849
75c
84c
15,725
8%c ll%c 31,800
7c 10%c 300,850
1.00
Apr
1.75
Apr
6 Ho May
1.20
31o
Sept
Aug
July
Jan
10%
Nov
*
Algoma Mining
Arnt field
1
Ashley Gold
Astorla-Rouyn
1
11c
1
8%c
Bagamao Rouyn
1
9c
Bankfield Cons Ltd
1
1.65
1.45
Barry-Hollinger
1
4c
3%c
84c
*
Base Metals
Beattie Gold Mines
28c
1
•
Big Missouri
B R X Gold Mines
..1
19c
8.00
50c
Buffalo Ankerlte
48c
20c
8.00
*
Bralorne Mines
1.67
50c
1
Boblo Mines
1.28
1.75
1
26c
1.30
*
Bldgooe Kirk
9c
Buffalo Canadian
*
Bunker
*
Hill
9c
-
-
4%c
12 %c
Calmont Oils
12c 12 %e
650
2%c
5Ho
12 He May
7.50 Aug
Jan
ll%c
Feb
1.40
Oct
2.15
Nov
3Ho
Mar
10c June
14o June
42o
Sept
1.20 June
1.84
1.25
2.00
1
Oct
Feb
9%c
1,900
5c
11c
Nov
3.90
4.35
Jan
4 45
July
1.71
13,605
96,645
1.44
1.40
50c
Jan
2.55
1.38
1.35
1.40
16,850
1.00
Mar
1.46
Sept
Sept
23c
20c
26c
66,200
5 Ho
Mar
76o
Aug
Reno Gold
♦
31%
33%
Sept
39%
Feb
2.60
2.25
2.75
2,060
85,910
26%
—1
1.00
Aug
3.45
Jan
*
79c
76c
83c
31,450
75o
Apr
1.15 June
50c
78c
75c
78c
2,900
56c
Jan
97c
57,704
1.00
Jan
2 95
Nov
12,105
1.34 154,385
4c
15,000
2.87
Jan
5.10
Sept
43o
June
1.34
3%c
Nov
1
2.35
2.25
2.42
Siscoe Gold
1
4.45
4.40
4.55
S laden Malar tic
1.33
1.15
*
3%c
3 He
Stadacona-Rouyn
St. Anthony Gold
Sudbury Basin
Sudbury Contact...
*
75c
68c
1
17c
17c
5 85
5.40
..1
*
78c 100,710
19c
15,900
46c
Oct
760
Jan
130
Apr
36 Ho
Aug
5.55
Jan
9.00
Jan
25 Ho
5.000
6.40
Nov
6o
Jan
34c
40,606
83c
Mar
2.50
Sept
Sept
Sylvanlte Gold
1
3.32
3.25
3.45
13,420
2.25
Mar
3.65
Nov
Tashota
1
19c
14c
25c
12c
Nov
Goldflelds
5.40
5.05
5.40
4 30
Mar
*
2.10
2.00
2.30
13,700
1.45
Sept
2.50
3.90
3.60
3.90
5,050
1.20
Jan
4.45
Oct
1
3.08
1.00
1.15
20,630
20c
Jan
1.30
NOV
_.l
65c
65c
65c
500
25c
Apr
80c
Nov
Exploration
Tread well-Yukon
.
*
Ventures
2.80
3.02
*
2.15
2.05
2.20
Consolidated.50c
6%c
6%C
7c
*
3%c
3 He
4c
7 He
6%c
8c
8.40
8.00
8.40
36,993
19,429
38,500
12,000
17,800
27,725
37c
40c
4,815
Waite- Amulet
White
Eagle
2.96
1
Wiltsey-Coghlan
Wrlght-Hargreaves
»
3.80
Jan
2o
Jan
Ymlr Yankee Girl
12
Toronto Stock
13o
See
Page 3448
9,950
6o
Jan
18o
Oot
2.00
Jan
2 25
Nov
33c
20,935
12,240
73o
25c
50
Jan
50c
Nov
1.40
1.55
36,770
95 Ho
Mar
1.75
1.82
Jan
2.10
Montreal Stock
Nov. 21 to Nov. 27,
Nov
3c
Jan
Apr
Sept
3c
Jan
00
10c June
7.50
Oct
9.00
Feb
35o
Nov
71c
Jan
Exchange
Sales
Aug
Friday
1.69
Jan
Last
Week's Range
for
July
Sale
Week
35c
33c
38c
Oct
590
July
1.17
1.11
1.25
66,900
9,848
30o
of Prices
Low
High
75o
Sept
1.60
Feb
1.57
1.57
1.70
1.50
Oct
2.46
July
7c
8%c
13,545
46,875
9,600
13,330
98,908
*
*
*
*
7c
20 He
1.80
18c 20%c
1.75
1.93
2 92
2.48
1.94
1.52
3.00
2.05
1.15
3o
Jan
14o May
4%c
Jan
22c
1.70
Oct
2 75
Apr
1.22 May
3.30
Nov
Nov
Jan
9%o Sept
July
1.24
Nov
Aug
Nov
1.92
Nov
42c
55c
Nov
6.90
Jan
12%
Nov
30
Jan
12C
7%c
Francoeur Gold Mines Ltd.
Nov
m.
Bawlf (N) Grain
29
165
54
12
16%
24
158
17%
36 H
•
8%
18%
2%
7%
1.00
75c
Oct
2.22
Aug
Bruck
25c
24c
29c
19o
Nov
40o
July
Building Products A
•
55%
55
69c
69c
76c
65o
Nov
1.45
Jan
Canada Cement
*
14%
12%
14c
13%c
1
GolcondaLead
9%c
Oct
23% c
Feb
35c
41c
36.250
4Ho
Jan
49o
June
Goodfiah
1
llHc
10c
14c
6o
Jan
20% o
Feb
Graham-Bousquet
1
15c
12 ^c
17c
29,900
25.400
3Ho
Jan
240
27c
29c
9,750
6%c
7c
5Ho
39c
34 He
44c
14c
14c
9c
1
»
Granada Gold
1
*
Grandoro
1.05
1.00
1.10
4c
4%c
5%c
2.95
,
2.60
3.05
1,500
93,780
2,500
49,615
28,600
80.070
20c
23c
Grull Wihksne
1
Gunnar Gold
1
Halorow-Swayze
1
Hard Rock
*
Harker Gold
17o May
5,700
1
21%c
16%c
16c
17c
Jan
Aug
40c June
150
Preferred
•
♦
Canada
Mar
860
Aug
80
Feb
16c
Sept
76o
Jan
1.20
May
2o
Jan
14% C
Jan
30o
Jan
3.03
July
Apr
23c
Nov
7o
Jan
10Ho
Oct
31c
13%
Oot
17 H
July
Nov
Con Mln & Smelt new
15%c
18c
120
Jan
29 He
Mar
7%c
6Hc
2%c
Mar
15o
Aug
6.95
6.80
89,278
9c 132,100
7.00
6,815
20c
3,700
5.70
Aug
7.75
Feb
7.00
6.60
7.35
88c
88c
95c
62 H
60 H
62 H
Lowery Petroleum
17c
Sept
June
22c
47,329
33,906
48,500
11,800
44c
33,200
MacLeod-Cockshutt
*
4.65
4.65
4.85
Manitoba & Eastern...
*
14c
13Hc
14c
Maple Leaf Mines
1
20Hc
May Spiers Gold Mines
Mclntyre Porcupine...
42c
40c
6
41%
40 H
McKenzie Red Lake... —1
1.79
1.62
16c
9Hc
19c
20c 947,774
20c
10,200
87c
87c
98c
10c
11c
2.70
3.15
..1
McWatters
*
Merland Oil
*
Mining Corp
*
2.95
Mlnto Gold
+
23 He
19c
42
3,630
1.72
1
»
23c
30c
1.70
1.35
1.74
73 He
.1
70c
75c
5%C
5%c
6%c
5Hc
4Hc
6c
2.60
Noranda
♦
72 H
72
Northern Canada Mining.•
54 c
38,590
34,400
1,700
94,440
12,300
208,985
20,520
86,000
Nov
Jan
3
June
20%
2
Jan
14%
Nov
25
25%
2%
6%
705
22%
Jan
27%
July
1.25
Apr
49
323
"
108
12
6
228
689
19,006
110
126% 126%
22
28
'
0% June
31
Jan
102% May
5%
13
Apr
May
25% May
Mav
112
103
3.25
15%
51
Nov
Nov
Feb
Feb
Nov
108%
19%
29%
July
31%
Feb
130%
Nov
Nov
Oot
120
18
Feb
22
Oot
28
60
22
Aug
30
Jan
100
15
98%
Apr
101
Oct
29%
61
May
July
Candn Hydro-Elec pref 100
80 Ho
Aug
Candn Industrial Alcohol. *
30o
Jan
1.75
July
Class B
.
j.
m m
m—
260
2,363
7%
8
8,811
6%
6%
7%
1,185
7
*
67
7%
6
8
410 May
940 May
Canadian Locomotive--. *
55c
Aug
99c
Nov
13%
Jan
02%
76
75
78
27
25%
57 H
52%
19%
27%
57%
51%
o
Nov
Jan
7.35
Nov
3.50 June
5.05
May
5Ho
Jan
30c
5H0
370
Aug
Oct
49%
Mar
2Ho May
70 June
24%
Dlst Corp Seagrams
Dominion Bridge
Dominion Coal pref
Dominion Glass
3.12
33
1.22
Jan
9%
25
•
21
100
13
8%
115
100
"16%
8%
Dominion Textile
*
72
72
Dry den Paper
*
14%
11%
Aug
Eastern Dairies
*
3
30o
Aug
2 24
Sept
Jan
July
Electrolux Corp
1
Enamel & Heating Prod..*
English Electric B
*
Foundation Co of Can
»
23
60o
20c
Nov
General Steel Wares
42o
Jan
19o
July
87o
Nov
lOHo
Nov
24c
Feb
1.10 May
3.15
Nov
1.78 June
3
22%
4%
"23 H
Goodyr T pref lnc 1927.100
Gurd, Charles
•
Gypsum. Lime & Alabast.*
13%
7%
11%
12%
10%
57%
7%
Hamilton Bridge.
•
Hamilton Bridge pref. .100
62
Jan
1.00
Mar
Jan
1.93
Nov
Hollinger Gold Mines
6
"l3%
13%
54o June
85c
Oct
Howard Smith Paper
Preferred
*
18%
16%
8%c Sept
100
Imperial Tobacco of Can.5
14
20
Jan
7c
Nov
July
1.40
Aug
July
3.05
Jan
Int Nickel of Canada
44 H
Jan
74%
Nov
Industrial Acceptance
28HO
Jan
Intercolonial Coal
5%
13%
18%
100% 102
102
1.00
23
23%
8%
57%
8%
13%
12%
64%
7
6%o
Jan
10%
74%
14%
3%
320
8,770
425
420
»
10%
5%
51
Jan
Aug
May
8
10%
Nov
80
Nov
Apr
34%
Jan
32
Jan
Apr
57%
21%
Nov
14%
18%
4%
00
4%
1%
19%
Jan
116
May
July
79
May
July
14%
4%
Jan
28%
10%
Jan
6
19
1,265
2,240
13
Mar
3
June
5
675
Jan
Feb
June
2,810
2,810
Feb
Nov
15%
1
Nov
Nov
Nov
Jan
Nov
Nov
Feb
Nov
Oot
5% June
25%
9%
68%
9%
14%
4
May
13
Nov
Nov
54%
5
Sept
Aug
Oot
Nov
Mar
Nov
Nov
220
25%
Jan
65
2,990
13%
Oot
17%
Oct
9% June
88
Apr
18%
Nov
10,970
280
14%
45
14
60%
64
12,076
31%
2,832
13%
40
Mar
Jan
43% May
615
28
Nov
119
14%
45
Mar
Mar
Jan
66%
31%
Nov
87
Nov
Nov
87
20
27
Jan
12c
9c
Oct
Sept
International Power
*
6
6
345
3
July
34o
Jan
12%
Nov
91
93
110
67
Jan
95
6c
Aug
15c
May
International Power pf.100
Jamaica Public Serv Ltd.*
37%
37%
235
33
Jan
37%
Oct
40c
Mar
16
15%
16
590
14
Oct
16%
Nov
3.11
Oct
6.20
June
John A Lang & Sons Ltd
Lake of the Woods
100
35
33%
35
1,040
10%
Jan
38
57.251
22,550
25,500
34,995
22,125
27,760
50Ho
Jan
1.25
May
Lindsay (CW)
1.12
Jan
1.96
4%c
Sept
Feb
July
10,535
34,970
10c
8.60
*
11%
7%c
7Mo
..1
52c
51c
*
3.40
3.30
19,943
259,615
8c
8,360
57c
28,292
3.55
8,261
Paymaster Consolidated ..1
1.13
1.11
1.17
Perron Gold
1.65
1.55
1.70
3c
2%c
3Hc
6.70
6.25
6.70
Pioneer Gold
5.75
5.50
6.10
PoweU-Rouyn Gold
1.53
1.47
1.61
3.35
3.20
3.40
1.37
1.28
1.44
03o May
18c
85c June
20
July
3.95
Mar
7.60
5.50
Nov
12
95o
Oct
1.72
1.80
Jan
3.56
Sept
210
Mar
2.25
July
Jan
Nov
Intl Paper & Power pref 100
Preferred
Massey-Harris
McColl-Frontenac Oil
Montreal Cottons
Preferred
•No par value.
87
11%
Aug
4
30
tm
June
10
13%
"63%
*
5%
100
805
45"
100
Mar
Nov
12%
106
16,037
34
67
July
65
•
Jan
Apr
6%
2,810
5,168
5,465
116
22%
8H
8,275
1,340
5,260
21%
18
7 Ho
75c
14%
9%
18
*
281
23%
26
12 H
llHe
*
Jan
Nov
14%
58
28
81o
1.00
Jan
1,700
1.12
2.45
Premier Gold
16
58
20
67
Jan
Mar
55c
1.10
2.60
1
May
355
28
lie
72 H
1.12
6
Peterson-Cobalt
Jan
6
Nov
591
100
290
2.30
1
Nlplssing
Norgold Mines Ltd
33
Nov
NOV
19
"ioo
..
55% c
38,500
7,250
3,933
6,576
New Golden Rose
O'Brien Gold
7
265
18%
38%
8%
14
Canadian Converters ..100
Cndn Fairbanks
pref.
100
Cndn Foreign Investment •
Dominion 8teel & Coal B 25
M orris-Kirkland
Jan
Jan
103
22
July
Jan
May
July
4.50
May
70c
McMillan Gold
48
Rights
47 o
3%
650
126 H
1 38
9%
28
7,279
100
Jan
1.75
63c
Macassa Mines
160
2,989
1,110
Aug
1.45
*
23,030
8%
8%
56%
14%
9,381
50
66c
44c
64c
Lee Gold Mines
Jan
Nov
19%
70o
Nov
38
27
20,950
63c
40c
1.74
1
18%
159
29
16c
43c
64c
1
1
Jan
Nov
Mar
Mar
17
88c
39c
13%
1
Lake Snore Mines
July
15
57%
Sept
25%
25%
14c
41c
13%
Kirk Hudson Bay
Lava Cap Gold
Lebel Oro
55
Jan
Sept
19
84c
13%
Kirkland-Lake
Lamaque-Contact
Jan
July
20
28 H
14c
14c 16 He
,
41%c
Laguna Gold Mines
Nov
141
60
25%
17c
1
29
105
*
86c
■1
J M Consolidated
~~6%
Canadian Pacific Ry__._25
Cockshutt Plow
_*
*
High wood Sarcee
Hollinger Consolidated. ..5
Jan
Jan
829
Canadian Celanese
34,375
3,700
6,585
31,800
39,565
30,405
34,555
53,470
14,700
4,592
70,725
Jan
Jan
10%
1.00
37,690
Canadian Car & Foundry _♦
Preferred
25
Preferred 7%
51%
9%
34
6
38%
18
2
•
•
100
14
July
Sept
10
108
25 H
Steamship pref. 100
Preferred
2
21%
High
July
48
18%
*
Canadian Bronze
30
Low
7%
14
99
102
100
Can North Power Corp
Canadian Steamship
8
8
•
Can Forgings class A
Class B
July
21o
26c
Mills
480
2%
24
23%
154% 159
16%
18%
36
36%
1.00
Silk
90
12%
57
■
164,450
31,290
15c
11,500
395
30
.1
.
__
,
54
2%
100
Bell Telephone
100
Brazilian Tr, Lt & Pr
•
British Col Power Corp A. •
B
3
24
57
12
•
Preferred
2%
110
8%
28
18
820
13,290
-
m,
54
520
13,570
12
m.
29
4Hc
12c 407,100
1.11
28,150
42c
11
10c
m.
Range Since Jan. 1. H o> CO CO
Shares
24
Bathurst Pow & Paper A_»
44c
43c
11%
~
50
June
96,240
*
Amal Elec Corp pref
61%
1.24
__1
8%
100
Jan
2.00
Falconbrldge.
Preferred
42
1.72
Dorval Slscor Gd M Ltd -.1
Alberta Pacific Grain A..*
Nov
1.10
8c
Price
•
2.05
6%c
54 H
Agnew-Surpass Shoe
Sept
7c
52
Par
1.10
1.85
54%
Stocks—
Ang-CdnT pf7%Can reg 50
Associated Breweries,
*
Assoc Tel & Tel pref*
1.22
2.49
20% o
Jan
both inclusive, compiled from official sales lists
4.95
1.70
1
(new)
Nov
Jan
Nov
1.00
Nov
1
Pickle Crow
3 15
1.00
5%o
,
Oct
Eldorado
Pamour-Porcupine
Apr
May
Eastern M alartio Gold M .1
Omega Gold
July
Nov
Mar
Dominion Explorers
Olga Oil & Gas New...
6.70
Exchange—Mining Curb Section
1.18
Dome Mines.
Newbeo Mines
68o May
*
Gold
Toburn Gold
Wayside
Jan
—1
Teck-Hughes
Texas-Canadian
Towagamac
3.00
15,250
26,875
Mar
77,761
4,828
6,275
90,000
Murphy Mines..
Feb
76,550
2.41
*
Moueta-Porcuplne
38 He
33c
27,500
Darkwater Mines Ltd..
M c Vittie-Graham
Sept
5.90
2,500
33,115
Cons Chibougamau
Little Long Lac.
16c
2.07
Oct
9o
1.81
1.73
♦
Homestead Oil
Nov
30c
1.39
Coniaurum
Howey Gold.
89c
1.93
4.15
Clericy Consolidated
Hargal Oils
Feb
Jan
30c
1.23
Commonweath Petroleum *
Greene Stabell
Nov
8 Ho
18 Ho
2 05
3.80
Chemical Research
Glenora Gold
Oct
-.1
Sullivan Consolidated.. ..1
1.30
Chromium Mining
God's Lake
Nov
1.40 May
8%c
4.00
Central Porcupine
Federal-Klrkland
Jan
46c
Oct
59c
1
Central-Patricia
Preston
30o
1,700
—1
Cariboo Gold
Castle Trethewey
Goldale
33,100
July
Oct
1.48
*
41c
70c
3.25
1.50
Feb
30c
1
Canadian-M alartio
4c
61.950
Jan
1.90
*
Calgary & Edmonton..
10%
-
9%c
1.80
30,505
4%c 223,175
28c
15,300
1.32
7,980
2 00 170,752
53c
24,070
22c
32,450
8.25
2,141
10 %c
4,200
11
2,085
4%c 22,600
38c
South Tiblemont
Range Since Jan. 1 1936
Nov
70c
-
Sherritt-Gordon
Hales
Low
High
Low
1.30
4.25
Roche-Long Lac
Sheep Creek
both inclusive, compiled from official sales lists
Stocks—
—
*
Shawkey Gold
for
-
1,140
*
Royalite Oil
Exchange—Mining Section
-
1.50
—1
San Antonio
Week's Range
Range Since Jan. 1 1930
Sahres
High
1.30
38c
...1
Ottawa
Last
Low
1.30
....
Quebec Gold
Quemont Mining
Hamilton
Friday
Week
TORONTO
WAverley 7881
MEMBERS
Toronto Stock
for
of Prices
Price
Par
Prospectors Airways...
Nov. 21 to Nov. 27,
Week's Range
Sale
•)>
GRAIN
Cobalt
Sales
Last
OFFICES
Toronto
Exchange—Mining Section
Friday
87
6%
Nov
Sept
Oot
•
8
8
8
330
2
May
8
Oct
100
62
62
62
4
40
Jan
70
Oct
4
Aug
8
Nov
*
7%
*
13%
100
100
-
«.
13%
7%
14%
12%
Jan
17%
35
6%
38
7,961
35
20
Jan
38
Nov
102
102
5
86
Jan
102
Nov
4,618
Feb
Volume
Financial
143
3451
Chronicle
Canadian Markets—Listed and Unlisted
Stocks (Concluded)
Par
Montreal LH&Pr Cons."
Montreal
Week
Price
34
10
55?*
Apr
60
Jan
Bulolo Gold Dredging Ltd
5
"31"
30?*
92
155
85
Apr
103
Jan
Cartier-Malartic G M Ltd 1
33c
31c
4,268
39
Jan
45
June
Cons Chin Gold Fields..>1
2.90
2.50
41%
44 %
42?*
44%
182
47
36
new
42
40
*
...
Noranda Mines Ltd
*
Ogllvle Flour Mills
*
37
47 %
40
72?*
72
74
250
255
*
Preferred
18
100
New preferred
54?*
52%
1
1.20
1.13
RIdorado Gold Mines Ltd 1
1.85
1 72
75
Nov
Falconbrldge Nickel M__*
11?*
Jan
255
Nov
Francoeur Gold Mines Ltd*
1.02
44%
199%
11
96c
6
JaD
20
Nov
Greene Stabell Mines Ltd.l
41c
36c
75
Jan
120
Nov
J-M Consol G M Ltd
40c
40c
Feb
101?*
Aug
62?*
61?*
Oct
103%
Oct
Lamaque Contact G M._*
Jan
Lebel Oro Mines Ltd
1
1
88
7
99
99
103
99
100
*
East Malartlc
Nov
5
120
Ottawa LHA Pow
Dome Mines Ltd
Nov
40
50
■v
18
120
Nov
47%
Jan
29
45%
July
13
228
250
Mar
May
395*
14,524
1,492
3,887
100
Ontario Steel Products
10c
B R X Gold Mines Ltd.50c
58
*
Preferred
Price
Par
Oct
36
Week
91
25
National Breweries
103
15
101?*
13
June
21
1
Lake Shore Mines Ltd...l
Preferred
Saguenay Power pref
St Lawrence Corp
A preferred
Jan
Sept
9.40
3.45
100?*
0%
0%
St Lawrence Paper pref .100
'~58?*
Shawlnlgan W & Power..*
Sherwin Williams of Can *
25 %
24 %
24
25J4
65c
65c
Read-Authier Mine Ltd.-l
4.25
4.05
Nov
Shawkey
57
Jan
495*
Jan
20
25
*
6
100
1
Quebec Gold Mining Corp 1
59?*
285*
255*
367
25
100
Preferred (new)
United Steel Corp..
Pioneer G M of B.C
Nov
Jan
July
May
406
04%
50
Vlau Biscuit new
Nov
Nov
Jan
18%
40
Oct
64 %
Tooke Bros pref
1.69
June
70 A
45
Jan
130
10
Oct
Nov
50
Nov
Ventures Ltd
Nov
Wayside Con Gold
9%
15,820
7
Nov
24
24
320
20
May
32
Jan
9
9
10
4
Apr
12
3
3 H
1 810
2
Sept
4
Oct
3
Windsor Hotel pref
100
Winnipeg Electric A
*
3
B
3H
994
4%
Oct
9?*
2%
"85"
Aug
20
120
498
50
58
50
75c
Oct
1.16
July
2.88
Mar
5.00
Sept
42?*c
Mar
1.33
Nov
83c
Mar
2.47
Sept
4.30
Mar
6.65
July
1.94
2.07
5.20
89c
1.50
Aug
1.02
1.10
3,700
24c
May
1.22
Nov
2.90
2.95
1.00
Jan
3.12
Nov
6c
Nov
21c
Feb
7.50
Oct
8.90
Feb
11?*C
25?*c
July
79c
81c
6?*c
7?*c
8.05
8.40
*
5?*c
5c
6c
13,800
2c
Jan
9c
9c
500
8c
Sept
------
-
Unlisted Mines—
Arno Mines Ltd
Oct
Ashley Gold M Corp Ltd. 1
90
Oct
Cndn Malartlc Gold
1
1
1
Jan
1.47
1.50
2,900
4.15
3 90
4.15
6c
5?*c
2,610
12,700
2.49
5c
62c
62c
100
25c
65c
65c
7.30
,
a
Nov
Howey Gold Mines Ltd..l
------
Aug
Kirkland Lake
------
100
93
133
Commerce
100
170
170
173
266
148
Apr
173
Nov
Macassa Mines
1
7.00
6,75
Montreal
100
213
211?* 215
217
184
May
216
Nov
San Antonio Gold M Ltd.l
2.65
2.40
Nova Scotia
100
72
271
Jan
307
Nov
Sherritt-Gordon
1
2.41
2.25
236
164
Jan
201
Nov
Stadacona-Rouyn
Syl vanite Gold
*
74
100
Royal
304
307
198 % 200 %
Jan
60
"Wo
Canadienne
"l99"
37?*c May
8.25
21
51 %
53
59%
140% 141%
141
Jan
Nov
41,510
1,815
80,241
*
50c
Wright-Hargreaves
Oct
17%
88
banks—
Canada
6,600
6,920
40,175
1,500
5,000
2,930
Duparquet Mining
100
4.45
1.05
*
Central Patricia Gold
Woods Mfg pref
1.40 May
Jan
2.90
Exploration. 1
May
20
85
Winnipeg Electric pref. 100
11.60
Oct
1.43
Nov
7
Wabasso Cotton
Towagamac
Nov
59c
9,305
5.05
.1
Nov
1,475
2,200
5.70
75c
5.20
Thompson Cad.
Aug
6
6.60
4.35
2.04
Nov
25
10
50
Sept
Sept
July
82c
Teck-Hughes G M Ltd...l
25
1.95
7.55
1.33
Sullivan Cods Mines Ltd.l
46?*c
Jan
Mar
4.60
Nov
18c June
1.12
3.95
76c
Nov
June
1,700
1.20
1.32
73%
64%
Nov
5.00
6,500
18,100
4.40
1
12?*
Oct
1.70
29
5.70
1
Sladen Mai
Jan
Jan
6.70
79c
.1
Siscoe Gold Mines Ltd
Oct
3.95
35c
3.17
12.50 169,135
210
4.35
1.60
,
5.75
Nov
12>*
2.35 June
Aug
6.35
26
26 %
15
407
OH
50
400
6.60
9
64?*
2.43
2.43
-
1
11
72
*
25
Preferred
—-
Pickle Crow G M Ltd
114
Steel Co of Canada
—
Perron Gold Mines Ltd___l
55
13?*
72
25c
Nov
448
10 %
13
1,200
Nov
430
13%
70c
Nov
12
"11%
60c
80c
6%
25%
16
*
1,300
1.24
Jan
130
130
100
2.98
May
415
Southern Can Power.....*
Simon (H) A Sons.
2.88
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd._l
20%
6,318
3,416
59^
27
41?*
101%
65
39
100
41?*
Nov
8
62?*
7c
7c
1.6
10
65
51?*
25
------
995*
20,605
10,475
24
65
St Lawrence Flour MlllslOO
Preferred
100?*
5%
20 %
24
Aug
2.05
4.35
*
..60
81c
Nov
11.76
8%
105
Aug
Jan
Nov
5
Jan
Aug
93c
2.98
O'Brien Gold Mines Ltd-.l
4% May
97
50
141
2.24
Jan
Apr
Nipissing Mines Ltd
100
1,990
m
103% 105
July
Mar
Oct
103?*
Nov
10c
23c
14c
Oct
100
15
46?*
Aug
8
Rolland Paper pref
Jan
Oct
1
Nov
Nov
6.90
Apr
Montague
193*
24
Nov
2.00
3c
Lee Gold Mines Ltd
Mclntyre-Porcup M Ltd_5
Mining Corp of Can Ltd--*
Jan
1.25
Nov
Nov
Nov
Jan
28?*c
June
July
July
Nov
11H
61
52c
1.79
290
63
14%
JaD
43
63c
129
8,428
1,316
Nov
46?*c
Jan
21
3.36
Oct
Mar
22%
Apr
Jan
48
18
Nov
1.10
Jan
118
21?*
7%
41c
6c
40
21
Jan
13c
200
20?*
Jan
Sept
2c
54% c
60
*
Mar
27?*
36c
754
21
Quebec Power
Regent Knitting..
37
426
163,400
3.00
39,515
330
54?*
1.23
18,500
2.00
36,500
12
3,325
1.02
15,000
42c
12,000
44c
32,400
31
15,800
1,400
9c 174,100
129
Power Corp of Canada...*
22c
Nov
17c
59
Nov
10c
18?*
129
20
2,000
15c
*
100
Penmans
10?*c
High
Low
Sabres
17?*
15c
96
100
Ottawa Traction
Range Since Jan. 1, 1936
for
of Prices
Low
High
58
■"51"
40 %
Nat'l Steel Car Corp
May
30
9,918
Stocks (Concluded)
Hihg
Low
Shares
33%; 34%
Sales
Week's Range
Sale
for
of Prices
Low
High
40
Telegraph
Montreal Tramways...100
Niagara Wire
Week's Range
Sale
Last
1, 1936
Range Since Jan.
Last
Market
Friday
Sales
Friday
Curb
Montreal
Montreal Stock Exchange
141%
G4 Min___l
69c
c
2.33
1
2,000
15,715
1,200
2.41
19,375
78c 102,430
1.72
Nov
Mar
4.75
July
4c June
10?* c
Jan
Feb
93c
43?* c May
93c
Sept
May
7.30
Nov
98c May
3.18
Jan
1.64
Aug
3.40
Jan
1.00
Jan
3.00
Nov
17?*c
Jan
89c
Nov
2.33
Nov
3.65
Nov
4.75
Nov
2.74
2.33
Aug
200
53,612
9,502
Unlisted Stocks—
Abitlbl P A P Co
HANSON BROS
Canadian Government
255 St. James St., Montreal
56
4?*
36?*
6?*
June
37?*
35
595
0%
Jan
35
Nov
70
49?*
70
110
16?*
Apr
70
Nov
75c
Sept
*
85c
80c
90c
2?*
14?*
2%
14%
2?*
14?*
77
77
68
68
145
57
36
37
665
30?*
21
21
70
11
11?*
Preferred
*
Calgary Power Ltd pref 100
Industrial Bonds
------
Canada & Dominion Sugar*
37
Canada Malting Co Ltd..*
330 Bay St., Tarnta
Sparks St, Ottawa
3?*
26?*
Brewing Corp of Canada.*
Brewers & Dlst of Van
Public Utility and
ISIS
Canadian Light & Pow. 100
------
11?*
Can Pow A Paper inv pref*
1,870
1,920
200
13
11?*
*
12?*
Eastern Dairies pref... 100
------
10?*
16?*
13?*
■12?*.
Donnaconna Paper A
Montreal Curb Market
Sales
Friday
Par
Stock*—
Price
Week
22%
80
75
81
1,090
20
17%
20
285
Shares
Low
High
22%
20%
22%
28%
38%
39%
Loblaw Groceterias A_.__*
------
28
MacLaren Power &
Asbestos Corp voting tr._*
Batburst Pr & Paper el B.*
Beauharnois Power Corp
*
75*
65*
73
45*
Bright T G & Co. Ltd pf 100
Brit Amer Oil Co Ltd
Packers Ltd
*
755*
755*
10
21
205*
22?*
7,374
10%
12
125*
491
Can Int Invest Trust Ltd.*
53
1095* 110
110
—
-
4
45*
80
25*
25*
874
78%
Nov
Nov
8
Sept
Nov
Jan
110
75>*
Nov
27%
Apr
13%
112%
4%
107?*
Feb
1.00
Feb
1.10 June
Ltd... *
14
125*
14
1,726
1.60
Apr
Cum pref
100
Canadian Wineries Ltd...*
60
59
60
201
11?*
Jan
63
Canadian
Vlckers
Catelli Food Products B..*
25*
2%
3
------
Commerlcal Alcohols Ltd *
35*
*
—
—
*
Dom Tar & Chemical Ltd *
Dom TarAChem cm pf 100
115*
Fraser Cos Ltd
Voting trust ctfs
315*
*
32
*
Hunter Valley Oil
1.36
Southern
Can P pref. .100
*
11
115*
530
July
12
6,423
255
50
5
5
Feb
Jan
Jan
15?*
16
Mar
65c June
2.75
Jan
31?*
Nov
33
8
JaD
33
Nov
Abltibi P & Pap ctfs 5s '53
70c
Jan
1 55
Nov
Alberta Pac Grain 6s
Nov
1.25
1.45
39,735
13,615
70c
700
70c
Nov
95c
24?*
Apr
Jan
Apr
41
Nov
1.25
1 30
1,205
33%
Feb
CanadaNorthPow 5S..1953
105
102
103
90
79
Feb
106 5*
105
97%
35*
150
3%
105
June
4
13?*
Feb
Canadian Inter Pap 6s '49
Nov
Canadian Lt & Pow 5sl949
110?*
Nov
Canadian Vlckers Co 6s '47
Mar
106?*
Nov
Cedar Rapids M & P 5s
Nov
7
Nov
Consol Pap Corp
'53
55*8-1961
65*8.1945
June
5?*
16
9?*
4%
Aug
10
Jan
Dom Gas & Elec
50
1.50
Jan
10
Oct
Donnaconna Paper
Jan
105?*
52
98
97?*
Oct
1.50
1.50
25
1.00
Sept
3.00
Feb
1.00
1.05
4,060
50c
Apr
1.15
Nov
Walkervllle Brewery Ltd.*
25*
25*
25*
1,140
1.75
Sept
3?*
Feb
Walker-Gooderh & Worts *
475*
195*
465*
19 5*
47 5*
230
26?*
Apr
265
17?*
July
48?*
20?*
Nov
195*
Nov
Mines—
S5*c
85*c
500
5c
July
81c
Apr
1.40
1.30
1.40
95c
Sept
1.55
Nov
Barry-Holllnger G M Ltd. 1
45*c
22,620
3,000
93,825
4,050
13,875
7,800
4c
Nov
30c
Mar
59c
48o
Nov
75c
Oct
58o
1
1
4c
4c
1
555*c
445*c
57c
Big Missouri Mines Corp.l
51c
50c
52c
Bouscadillac Gold Mines. 1
43c
42c
48c
Prasll Gold A Dlamnnd Ml
12c
Beaufor Gold
12c
16c
Sept
96?*
Jan
2% May
1,060
27
May
26?*
Apr
42
104%
Nov
Nov
Jan
21
Nov
94
Nov
39?*
Feb
•
Corporation
York, Montreal and Toronto
3
s
1956
Nov
10c June
40c
-
-
-
-
---
98?*
95
80?*
Sept
Jan
Massey-Harris Co 5s._ 1947
Minn A Ont Paper 6s. 1945
Montreal Island Pr
5?*s '57
105
Montreal L H & P ($50
f50
50?*
103% 105
91
92
104k
Ottawa Lt Ht & Pr 5s. 1957
105
106?*
Ottawa Traction 6?*s.l955
Ottawa Valley Pow 5?*s *70
101
95?*
100?* 101
81
Power Corp of Can 4?*s'59
5s
Deo
1 1957
100
Provincial Pap Ltd 5?*s '47
102?*
Quebec Power 5s
1968
105
Saguenay Power 4?*s.l966
Shawlnlgan WAP 4?** '67
Simpsons Ltd 6s
1949
104
102?* 102?*
1 Flat price.
88%
86
85?*
94
93?*
104?* 105?*
/48
48?*
103?*
103?* 104?*
Feb
Feb
value.
*38—5?*s to '49
79
82?*
---
1 1942 fll6% 117?*
95
1 1947 f 93
92?*
93?*
MaoLaren-Que Pr 55*s *61
No par
to
79
-
102?*
103%
Ask
Certificates of deposit
Nova Scotia LAP 5s. 1958
—
78
/81 %
88
Northwestern Pow 6s. 1960
—
99?*
113?* 114?*
64?*
f04
98
65*s
65*8..
2?*s
par
--
98?*
Eastern Dairies 6s
1942
1949
Fraser Co 6s
Jan 1 1950
Gatineau Power 5s... 1956
General Steelwares 6s. 1952
Gt Lakes Pap Co 1st 5s *65
Int Pr & Pap of Nfld 5b '68
Lake St John Pr A Pap Co
5?*s.l951
Maple Leaf Milling—
New Brunswick Pr 5s. 1937
-
Co—
-
Utility Bonds
105?*
East Kootenay Pow 7s
•
5o
•
99?* 100?*
102
Oct
Aldermac
28?*
55
value) 3s
1939
Montreal Tramway 5s 1941
Jan
34c
Afton Mines Ltd
-
—
Oct
115
1.05
Walker-Good A Worts pf.*
55*8-35*8-1948
77
110
A pf
104
105
------
625
McColl Frontenac Oil 6s '49
104?*
2.50 May
United Distillers of Can..*
Thrift Stores Ltd
Nov
Sept
105
Jan
Aug
70
Mar 1 1960
5s
50o
5
75*
Oct
22?*
28%
Jan
15
Bid
--
A
Burns A Co
9
9
Feb
Nov
24?*
Manitoba Power
Calgary Power Co 5s__ 1900
Canada Bread 6s
1941
2%
8
28?*
90
Aug
Ask
-
Apr
670
7
June
14?*
72%
f71%
96?*
50
/49?*
115?* 116
Feb
320
8
Oct
1946
Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 58.1955
Brit Co) Power 55*8.-1960
__
14?*
870
85*
9
------
9?*
Bid
39?*
105
------
45
tmn
Jan
15
35*
Nov
SECURITIES
New York
Aug
115*
45*
"
4
------
•
4
14
105*
21
19
Municipal
Apr
9
Aug
4
33%
Industrial and Public
825
10,512
236
Oct
Nov
Nov
1.30
4,926
Oct
12?*
Nov
108
315*
105*
Oct
13?*
w
1.00
95*
Nov
75c
Bell System Tele. NY 1-208
26?*
27?*
34%
11?*
Royal Securities Corporation
HAnover 2-6363
itttf
9%
2%
145*
31?*
•
30 Broad Street
Jan
155*
7?*
4%
20 %
115*
99
Private wire connection between New
Nov
1.25
25
*
*
60
100
Melchers Dlst Ltd A
*
Jan
15,015
1.25
Sarnia Bridge Ltd B
Feb
Feb
Feb
7
1
Reliance Grain Co Ltd
Feb
Nov
40
Inter Util Corp class B
*
*
4
22 5*
10
Quebec Tel & Tel
Rogers-Malestic Ltd A
4
Jan
7
355*
Page-Hersey Tubes Ltd..*
Power of Can cum pref. 100
3.00
55c June
2
40
*
78?*
32?*
*
Government
Feb
50c
37 5*
Feb
Nov
205*
215*
Inter Util Corp class A
*
3%
12%
------
*
B
July
20%
12
23
9?*
10
25,532
4,405
Oct
Nov
Jan
4,391
Oct
45
108
95
CANADIAN
Nov
460
105
102% 103?*
16
22%
Feb
37
Aug
56
90c
20?*
.100
Royalite Oil Co Ltd
Nov
------
Int Petroleum Co Ltd
Mitchell & Co (Robt) Ltd *
25
40?*
------
100
Preferred
Nov
2% June
1.00 Sept
2
70c
*
Imperial Oil Ltd
*
Inter City Baking Ltd. 100
Int Paints (Can) LtdA....»
1,010
4,825
25*
12
------
*
Home Oil Co Ltd
35*
25*
14
14
107 5*
East Kootenay P cumpflOO
Foreign Power Sec Ltd...*
25*
3
90c
Dom Eng Works Ltd...__*
Dominion Stores Ltd
80
Apr
53
*
B
■
2
City Gas & Elec Corp Ltd *
David & Frere Ltee A
10
55
3
9 5*
McColl-Frontenac OilpflOO
Price Bros Co Ltd
86?*
69?*
Oct
2%
15%
Cndn Pow & P Invest Ltd*
Nov
8
5%
May
"75%
107
Jan
Mar
3
1.95 June
97%
75%
107
*
Can Nor Pow Ltd pref. 100
17 %
8
55*
Belding-Cortlcello Ltd. 100
B C
1,900
1,961
2,982
77 5*
8
4%
77
Paper*
Massey-Harris Co pref. 100
23?*
Oct
Mar
4?* Apr
2?*
Jan
8?* Sept
18?* July
457
22?*
*
Ltd pf 30
Feb
Mar
2
43
18
Gen Steel Wares pref...100
Ford Motor of Can A
for
of Prices
Low
High
Sale
B
Int Paints (Can)
Range Since Jan. 1 1936
Week's Range
vLast
official sales lists
*
4.50
18?*
Apr
19?* Nov
4?*
Jan
15c Sept
13,925
20,384
3,141
8?*
Jan
1.40
Aug
Sept
74?*
65
45c
8?*
------
*
Nov
1.75
5
7?*
Consol Paper Corp
36?*
11
565
40c
Claude Neon Gen Ad Ltd. *
Nov, 21 to Nov. 27, both inclusive, compiled from
1.30 May
4?*
35?*
34?*
....*
100
pref.-.100
100
7% pref
Municipal
INCORPORATED
ESTABLISHED
Cum 6% pref
Ctf of dep 6%
83
101
---
—
—
-
—
—
-
-
85
102
—
105?*
106?* 104?*
104
104
104?*
—
——
Smith H Pa Mills 5>*s *53
Southern Can Pow 5s. 1955
104?* 105?*
Steel of Canada Ltd 6s *40
113
United Grain Grow 5s. 1948
96?*
United Secure Ltd 5?*s '52
81?*
Wlnnlpge Elec 6s.Oct 2 '54
89?*
-----
—
—-
97?*
82?*
3452
Financial
Quotations
c35*sJuly 11975.
a35*s May 11964.
a35*sNov 11954.
a3>*sMar 1 1960.
o35*s Jan 15 1976.
035*8 July 11975
1095* 1105*
1125* 1135*
113
1135*
1135* 1145*
1135* 1145*
115
116
o4s
May
11957
a4s
Nov
11958
o4s
May 1195f
1195* 1205*
1195* 1205*
1195* 1205*
a4a
May
11977
121
122
048
Oct
11980
1225*
1235*
1235*
1235*
1225*
1245*
1245*
1245*
045*8 Sept 11960
04MsMar 11962
04>*s Mar 11964
New York Trust
City Bonds
Ask
Bid
Bid
o43*8
045*8
045*8
045*8
045*8
045*8
o45*s
0456s
0456s
a456s
a45as
04.5*8
045*8
Apr
1235*
1255*
1255*
1255*
11966..
Apr 15 1972
June 1 1974
Feb 15 1976
1 1977
Nov 15 1978
Mar 11981
126
Jan
Par
1255*
1255*
Banca Comm Itallana.100
126
105
470
b 2.30
less
1
6 2.40
less
1
Canal & Highway—
5b Jan & Mar 1946 to '71 b 2.75
Highway Imp 45*s Sept '63
Canal Imp 45*s Jan 1964..
Can A Imp High 45*s 1965
World
War
Bankers
10
655*
675*
Bank of Slcilly
1265*
1265*
20
10
12
Irving
7
9
10
Kings County
Bronx County
1355*
...
-
-
Bid
Gen A ref 4s Mar 1 1975.
Gen A ref 2d ser
Gen A ref 3d
35*s '65
35*s *76
ser
100
115
120
Lawyers
25
51
119
122
Manufacturers
20
495*
515*
Chemical Bank A Trust. 10
58
60
54
56
86
90
New York
50
Colonial Trust.
55
1295* 132 5*
18 5*
Title Guarantee A Tr
175*
18?*
Underwriters
100
Corn Exch Bk A Tr
62?*
63?*
United States
100 2005
101
..25
165*
20
Par
Ask
Trust
100
Ask
Bid
20
1285*
Par
Flret National
145*
135*
90
80
2055
.
.
Bid
Ask
100
286
291
Harris Trust A Savings. 100
400
420
Northern Trust Co
260
Continental Illinois Bank A
Improvement—
Sept 1958 to '67
Canal Imp 4s J&J'60 to '67
805
855
1285*
Barge C T 4s Jan '42 to '46
<
Trust
33 1-3
100
179
176
1155*
117
45*8 Jan 11945
Hartford Insurance Stocks
Bid
Inland Terminal
45*8
ser D
MAS
45*8
BOUGHT
MAS
111
1125*
—
QUOTED
York Stock Exchange
Members New
6
MAS 6 1.50
MAS
SOLD
PUTNAM & CO.
1115*
1937-1941
1135* 1145*
—
107
ser E
1937-1941
Holland Tunnel
Ask
106
1942-1960
1940-53.MAN
ser B
25
Continental Bank A Tr. 10
American National Bank A
1942-1960
45*8
20
Preferred
131
b 1.90
Bayonne Bridge 4a series C
1939-53
JAJ 3
George Washington Bridge
322
327
...100
155*
10
145*
1730
....100 1680
Guaranty
Clinton Trust
Bonus—
Ask
1095* 110
1065* 107
1065* 107
21
265
..20
Brooklyn
Central Hanover
Port of New York Authority Bonds
Port of New York—
26
130
Barge CT
133
Ask
Bid
250
Chicago Bank Stocks
48 Mar A
.
Par
...10
100
1005*
45*8 April 1940 to 1949.
Highway
1355*
.
Empire
Fulton
130
Bid
3a 1981
115
475
129
Ask
38 1974
Companies
Ask
Bid
Bk of New York A Tr. .100
1265* 126 J*
1275* 1275*
1255* 1265*
1265* 1275*
1265* 1275*
1275* 1285*
May 1 A Nov 1 1957
Mar 1 1963
June 1 1965
July 1 1967
Dec 151971
Dec
1 1979
Jan 25 1937
a6s
Ask
New York State Bonds
Bid
28, 1936
Over-the-Counter Securities—Friday Nov. 27
on
New York
Nov.
Chronicle
Tel.
1145* 1155*
CENTRAL ROW
HARTFORD
A. T. T. Teletype
5-0151
—
Hartford 35
United States Insular Bonds
Bid
Phllllpplne Government—
Ask
Ask
4s 1946
100
1015*
Honolulu 5s
45*8 Oct
45*8 July
112
113
112
113
Govt of Puerto Rico—
102
104
5s
Feb
1952
1135* 115
65*8 Aug
1941
115
Insurance
Companies
U S Panama 3a June 11961
68
1959
1952
April 1955
3.00
Par
45*8 July 1958
5s July 1948
3.50
1135*
Aetna Casualty A Surety 10
Aetna Fire
10
Bid
Ask
1025* 1065*
Par
Home
6
48
50
Home Fire
Bid
117
63.00
.10
215*
225*
85*
755*
185*
114
U S conversion 3a 1946
2.75
Conversion 3a 1947
Federal Land Bank Bonds
Bid
3s 1955 opt 1945
3s 1966 opt 1946
3a 1956 opt
JAJ 11035* 1045*
JAJ
1035* 1045*
MAN 1035* 1045*
105716 10511,6
MAN
1946
35*8 1956 opt 1945
4a 1946 opt
1944
JAJ
1125* 1135*
275*
295*
Homestead
25
84
86
Importers A Exporters...5
6
10
235*
25
Ins Co of North Amer..10
74
5
37
40
Knickerbocker
6
16
13
15
Lincoln Fire
5
4
Newark...25*
125*
135*
Re-insurance. 10
775*
805*
Maryland Casualty
1
Mass Bonding A Ins.. 125*
62
Merch Fire Assur
American Home
Ask
American of
MAN
American
MAN
4s 1958 opt 1938
1035* 1035*
105
American Reserve
10
American Surety
25
Automobile
10
45*8 1957 opt 1937...JAJ
45*8 1957 opt. 1937
MAN
45*8 1958 opt 1938..MAN
1055*
1005* 1005*
102
1025*
107
1075*
Baltimore Amer
Bid
Atlantic 5s
Burlington 5s.
California 5s
98
100
Chicago 5s
10
275*
345*
5
295*
25*
45*
5
100
...
100
Dallas 5s.....
8
102
865*
89
Bank
48
126
130
Lincoln 5s
94
Maryland-Virginia 5s
Mississippi-Tennessee 5s..
995* 100 5*
985*
995*
64
90
94
96
Pac Coast of San Fran 5s._
First Trust of
Chicago 5s..
100
100
86
Greenbrier 5s
100
Greensboro 5s
100
Illinois Midwest 5s
82
Illinois of Montlcello
45*8.
45*s...
100
Kentucky of Lexington...
100
Iowa of Sioux City
La Fayette 5s
97
95
Joint Stock
Pennsylvania 5s
...
-
-
-
86
...
99
...
97
Northwestern
28
National.25
Pacific Fire
25
Phoenix
10
6
100
100
/375*
San Antonio 5s
225*
105
295*
1245* 1285*
127
1315*
95
Republic (Dallas)
10
865*
205*
415*
255*
31
33
29
33
43
Rochester American
Rossla
10
415*
125*
135*
93
6
6
905*
215*
435*
275*
24
26
St Paul Fire A Marine. .25
445*
465*
135*
225*
Seaboard Fire A Marine..5
Seaboard Surety
10
105*
20
33
35
665*
695*
Security New Haven
10
345*
365*
Southern Fire
2055* 2105*
15
855*
895*
10
27
29
Great American
5
265*
285*
Springfield Fire A Mar..25
129
132
Great Amer Indemnity
1
10
Stuyvesant
8
5
10
225*
24
Sun Life Assurance
10
24
30
Travelers
10
100
640
670
.100
Halifax Fire
Hamilton Fire
9
509
519
Hanover Fire
10
365*
38 5*
U S Fidelity A Guar Co..2
275*
Harmonla
10
295*
305*
US Fire
56
10
74
76
U S Guarantee
73
75
Westchester Fire
4
285*
58
10
595*
63 5*
2.50
355*
375*
1085* 110
St Louis 5s
89
2.50
North River
165*
395*
435*
48
195*
Hartford Steam Boiler.. 10
Phoenix 5s
100
Southwest 58
79
Southern Minnesota 5s
102
40
Bid
100
985*
Virginia-Carolina 5s
Land
24
995*
100
Virginian 5s
99
100
Bank Stocks
Bid
Atlanta
100
30
35
Lincoln
Atlantio
100
36
42
North Carolina
Dallas
100
74
78
Pennsylvania
Denver
100
8
11
Potomac
75
Ask
Par
Ask
4
6
100
22
25
100
70
First Carollnaa
100
4
8
Virginia
Fremont
100
3
5
Virginia-Carolina
San Antonio
100
10
15
100
....
38
43
100
...
5
100
Allied Mtge Cos Inc—
All series 2-5s
1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Associated Mtge Cos Inc—
Debenture 2-6s
1953
80
80
55
58
25c
75c
45
55
Ask
...
...
55
52
775*
Contl InvDeb Corp 2-6s'53
47
Series B 2-5s
Potomac
54
...
...
Empire Properties Corp
2-3s
Bid
Nat Union Mtge Corp—
Series A 2-6s
1954
1954
Bond
Corp
Issues) 2-5s
Cont'l Inv Bd Corp 2-5s '63
Bid
100
.
Surety Guaranteed Mortgage Bonds and Debentures
1
/2i
Tennessee 5s
Union of Detroit 5s
Par
Des Moines
10
45
100
Hartford Fire
...
Potomac 5s
...
1005* 102
Fremont 5s
5
Corp5
155*
355*
425*
12.50
Providence-Washington. 10
100
98
68
100
First of New Orleans 5s.
First Texas of Houston 5s.
Fletcher 35*8
__
995*
100
87
Northern
Preferred Accident
Glens Falls Fire
985*
Ohio-Pennsylvania 5s
..
New Hampshire Fire.—10
New Jersey
20
New York Fire
2
125*
2d preferred
100
100
-
10
83
Globe A Republic
5
Globe A Rutgers Fire.-.15
100
Pacific Coast of Portland 5s
100
New Brunswick Fire
2
11
5
Georgia Home
Ask
96
100
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s..
First of Fort Wayne 45*8..
Flret of Montgomery 5s.
New Amsterdam Cas
815*
General Reinsurance
North Carolina 5s
92
65*
45
10
Firemen's of Newark
Bonds
Oregon-Washington 5s
First Carollnaa 5s
55*
47
10
Federal
New York 5s
88
45
Fidelity A Dep of Md._.20
Louisville 5s__
f7
Denver 5s
.
1395*
215*
305*
295*
365*
315*
55*
com.25*
Casualty
Fire Assn of PhiladelphlalO
Bid
100
.
10
134
10
Excess
Teletype CGO. 437
Ask
.
2
20
104
Fireman's Fd of San Fran25
100
10
National Liberty
National Union Fire
9
638
Franklin Fire..
Atlanta 5s
National Fire
135*
215*
665*
115*
Continental Casualty
MUNICIPAL BOND DEALERS
Land
10
195*
645*
Connecticut Gen Life... 10
t/nc.
Joint Stock
115*
195*
285*
Eagle Fire
State 0540
61
Merch A Mfra Fire New'kS
National
100
Employers Re-Insurance 10
St., Chicago
57
615*
City of New York
Bought—Sold—Quoted
135 So. La Salle
33
Carolina
MUNICIPAL BONDS
95*
65
3354
628
5
5
85*
S?S
100
Camden Fire
7
31
25*
25
Bankers A Shippers.
Boston
JOINT STOCK LAND BANK BONDS & STOCKS
Fire
10
American Equitable
Bid
opt 1937
10
Agricultural
/
Ask
48 1957
Aetna Life
115
American Alliance
Hawaii 45*8 Oct 1956
Ask
395*
55*
415*
10
Security
46
49
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
41
80
mm
(all
1953
77
Potomac Cons Deb Corp—
2-6s
1953
46
48
Potomac Deb
46
48
46
48
Corp 2-6s '53
Potomao Franklin
1945
Ask
56
Deb Co
44
Inc 2-5s
1953
..1953
Potomac Maryland Deben¬
80
ture
Nat Bondholders part ctfs
(Central Funding series)
2-6s
Corp 2-6s
Potomac
/34
Nat Cons Bd Corp 2-5s '53
76
Nat Deben Corp 2-6S.1953
46
36
...
48
Federal Intermediate Credit Bank Debentures
1953
Realty
Realty
Bond
A
—
46
48
46
48
425*
445*
Mortgage
deb 2-6s
Unified Deben
705*
Atlantic
Debenture Corp 2-6s '53
1953
Corp 5s '55
J
Bid
FIC 15*8—Dec
15
FIG
15
FIC 1J*8
Feb 15
FIC 15*8—Mar 15
1937 b .35%
1937 b .40%
FIC 15*s—Apr
Ask
1936 b .25%
1937 b .25%
1937 b .40%
1>*8—Jan
15
Bid
FIC
FIC
15*8... July 15 1937
Sept 15 1937
FICi 5*s—
...
FIC 15*8
FIC
Ask
15*8...May 15 1937 b. 40%
b .40%
b .45%
6.50%
15 1937 6.55%
Oct 15
15*8.. .Nov
Telephone and Telegraph Stocks
...
1937
Par
Ask
Par
Bid
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
32
34
Merchants Bank
100
95
58
64
National Bronx Bank...50
Bensonhurst
National..50
50
National Safety Bank.
13.55
44
46""
Pflnn
10
155*
115*
375*
395*
Peoples National
50
As*
30
64
Chase
City (National)
125*
Commercial National.. 100
202
Fifth Avenue
100
990
First National of N Y..100 2075
Flatbush National
34
100
Kings bo ro National
100
60
208
F'*«hang«
Public National
Par
Bid
New York Mutual Tel. 100
134
N'weet Bell Tel pf
Bell Telep of Canada..100
Bell Telep of Pa pref-.lOO
New York Bank Stocks
Par
Ask
134
132
156
158
Pac A Atl Telegraph
122
124
Peninsular Telephone com*
Preferred A
100
110
Roch Telep $6.50 1st pf 100
112
Preferred
Bid
Bid
131
.100
Am Dist Teleg (N J) com. ♦
125*
25
1015
Sterling Nat Bank A Tr.25
2115
Trade Bank
125*
110
185*
13
58
60"
40 5*
27
425*
Clncln A Sub Bell Telep. 50
Cuban Telep 7% pref_.100
95
97
40
44
103
105
103
105M
Lincoln Tel A Telegraph.*
115
29
111
195*
275*
21
285*
HIM
48
Gen Tel Allied Corp $6 pf.
Int Ocean Telegraph
100
25
Ask
26
108
45
Emp A Bay State Tel.. 100
Franklin Telegraph
100
65* % 100
65
Mtn States Tel A Tel.. 100
153
New England Tel A TellOO
138
35
For
Footnote
see
page
3455
...
...
So A Atl Telegraph
Sou New Engl Telep
25
22
24
100
156
158
S'weetern Bell Tel pref.100
122
124
Wisconsin Telep
115
...
141
1155*
5*
7% pf-100
Volume
Financial
143
Quotations
3453
Chronicle
Over-tlie-Counter Securities—Friday Nov. 27—Continued
on
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3oscpb CUalker $ Sons
Members New York Stock
DUNNE&CO.
Exchange
Members New York Security Dealers Ass'n.
Dealers in
120 Broadway
Tel. REctor
20 Pine Street, New York
JOhn 4-1360
GUARANTEED
NEW YORK
2-6600
STOCKS
.Since 1855
Bought
Guaranteed Railroad Stocks
John
Dividend
Bid
Par in Dollars
Albany & Susquebana (Delaware & Hudson)
Allegheny & Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston A Providence (New Haven)
Sold
—
—
Quoted
Earnings and Special Studies
(Guarantor in Parenthesis)
Alabama & Vicksburg (Illinois Central)
BONDS
RAILROAD
Asked
100
——.100
100
6.00
103
105
10.50
180
108
Tcrr\ Security Dealers Association
HAnover 2-2455
•
& Co.
Sloane
Members New
41 Broad St., New York
Request
110
Bell System Teletype NY 1-68*
•
185
6.00
E.
on
2.00
42
8.75
153
155
8.50
153
158
100
3.00
100
4.00
100 M
Common 6% stamped
100
Chicago Cleve Clnn A St Louis pref (N Y Central) 100
Cleveland A Pittsburgh (Pennsylvania)
50
6.00
102
104
6.00
97
101
91
Bonds
Railroad
45
60
100
100
Canada Southern (New York Central)
Carolina Clinchfield A Ohio (L A N-A C L) 4%
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J
(Del Lack A Western)
York Central)
(New
3.50
89
60
(Pennsylvania)
Michigan Central
102k
2.00
60
52
25
100
100
100
Betterman stock
Delaware
2.00
48k
50
5.50
94
98
10.00
195
200
100
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A
4.00
76
78
50.00
950
1100
69
71
3.875
50
5.00
96
99
4.00
101
103
W)
100
(Pennsylvania)
60
I
Oswego A Syracuse (Del Lack A Western).........60
4.50
70
75
Pittsburgh Bessemer A Lake Erie (U S Steel)..
1.50
42
44k
Northern
Central
Preferred
Akron Canton A Youngstown 5 Ms,
74
102 k
Boston A
106k
107k
Albany 1st 4 Ms, April 1, 1943
3s, 1950
Prior lien 4s, 1942
85 M
87 k
Prior lien 4 Ms,
86
88
1944
104
Utlca Chenango A Susquehanna (D L A W)
84
88
178
191
6.90
108
112
Kanawha A West Virginia 1st 5s, 1955
Kansas Oklahoma A Gulf 1st 5s, 1978
Little Rock A Hot Springs Western 1st
6.00
150
154
68
Macon Terminal 1st 5s,
3.00
75
77
3.00
150
154
10.00
255
259
6.00
93
97
107
101
5.00
87
89k
100k
70
89
87 M
172
6.00
66
102 k
101
Goshen A Deckertown 1st 5 Ms, 1978
Hoboken Ferry 1st 5s, 1946
186
Valley (Delaware Lackawanna A Western)..
Vicksburg Shreveport A Pacific (Illinois Central)...100
91
/63
101M
99k
Cincinnati Indianapolis A Western 1st 5s, 1965
Cleveland Terminal A Valley 1st 4s, 1995
100
100
100
100
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
89
Chateaugay Ore A Iron 1st ref 4s, 1942
Choctaw A Memphis 1st 5s, 1952
100
Hudson)
St. Louis Bridge 1st pref (Terminal RR)
Second preferred
94k
105k
92k
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
100
100
Rensselaer A Saratoga (Delaware A
74
71
Boston A Maine
7.00
3.00
100
102
7.00
60
76
98
6s, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
100
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
77k
75k
1945
Georgia Southern A Florida 1st 5s, 1945
60
Preferred
Asked
Bid
60
57
102
•
104 M
•
105k
/34
36
1965
Maryland A Pennsylvania 1st 4s, 1951
106
107
Meridian Terminal
101
1st 4s,
4s, 1939
82k
102k
80M
1955
55
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s, 1956
New York Chicago A St Louis 4s, 1946
New York A Hoboken Ferry general 5s,
Portland RR 1st 3 Ms, 1951
57
96
98
105k
104k
77M
1946
79k
6.00
95
3.50
51
65
50
3.00
69
71
79
81
94M
97k
96
St Clair Madison A St Louis 1st 4s, 1951
91
60
100
Rock Island Frisco Terminal 4 Ms, 1957-
97
98
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Preferred
Warren RR of N J (Del Lack A Western)
West Jersey A Sea Shore (Pennsylvania)
90
92
71
73
Consolidated 5s, 1945
Southern Illinois A Missouri
Union Pacific
3Ms. 1970
113
100k
99
100k
69M
-
Washington County Ry 1st 3 Ms. 1954
TRUST CERTIFICATES
94 k
93M
H2k
Bridge 1st 4s, 1951—
Toledo Terminal RR 4 Ms, 1957
Toronto Hamilton A Buffalo 4 Ms, 1966
EQUIPMENT
98
101
71
Quotation»~Appraisala Upon Request
CENTRAL MAINE POWER COMPANY
$6
Stroud & Company Inc.
Private Wires to
7% CUMULATIVE PREFERRED
BmfeU Brothers
Philadelphia, Pa.
New York
&.
Tel. DIgby 4.-2800
EST. 1908
Bid
Atlantic
Coast
6s
1.00
52.50
2.00
2.00
Missouri Pacific 4 Ms
63.00
5M8
63.25
2.25
Public
2.00
Par
National 4Ms.
68....
Mississippi Power $6 pref..
$7 preferred
66 M
76 M
orig pref *
12
13
Mississippi P A L $6 pf..
77
--*
27
28 M
Miss Riv Pow
28
30
Mo Pub Serv $7
Canadian
64.00
3.00
Arkansas Pr A Lt $7
62.40
2.00
Assoc Gas A Elec
63.00
2.25
62.40
2.00
$6.50
62.60
2.00
$7
62.60
2.00
Pacific 4 Ha...
62.60
2.00
2.00
Cent RR New Jer 4 Ms
61.70
1.25
Chesapeake A Ohio 6Ms_
6 Ms
61.00
0.50
N YNH A Hartf 4Ms
5s
Northern Pacific 4Mb
Pennsylvania RR 4 Ms
63.75
3.00
63.75
3.00
0.60
6s
62.25
1.25
61.75
1.00
64.00
3.00
64.00
3.00
1.00
0.75
62.50
2.00
62.25
1.90
48 series E due
6s
1.00
Ql.25
61.00
4 Ms
61.50
61.35
Chicago A Nor West 4 Ms.
6s
Chic Mllw A St Paul 4 Ms.
5s
65.00
65.00
Chicago R I A Pao 4Ms—
4.00
4.00
83
83
5s
86
86
Jan A July 1936-49
2ks series G
non
call Dec. 1 1936-50
Pere
Marquette 4 Ms
Reading Co 4Ms..
58..
St. Louis-San Fran 4s.
4Mb
Denver A R G West 4Ms._
6s
Erie RR 6 Ms
3.25
64.25
3.25
64.00
5^8
64.25
3.00
61.50
1.00
6s
61.50
1.00
4 Ms
62.50
1.75
5s
62.25
1.75
Great Northern 4M8
6s—
61.50
1.00
61.50
1.00
Hocking Valley 6s
61.30
0.75
5s
St Louis Southwestern 5s._
6 Ms
Southern Pacifio 4Ms...
5s
Southern Ry 4 Ms
6s
6 Ms
Texas Pacific 4s
4MB
6s
Illinois Central 4Ms
62.40
1.75
5s
61.75
1.00
5Ms
61.50
1.00
64.00
3.00
Internat Great Nor 4 Ms..
62.50
5s
1.75
62.50
Long Island 4 Ms
1.75
61.30
Loulsv A Nash 4 Ms
1.00
61.30
1.00
63.10
5s
Maine Central 5s
2.50
Union Pacific 4 Ms
5s.
Virginian Ry 4 Ms
5s
Wabash Ry 4 Ms
58
preferred
preferred
Atlantic City El $6
110M 112
pref.-
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Nlag A E pr pref.-.25
Carolina Pr A Lt $7 pref. *
6% preferred
*
Cent Maine Pow 6% pf 100
$7 preferred
100
Cent Pr A Lt 7% pref. .100
-
1st $6
62.40
1.90
0.75
Consol Traction (N J) .100
/94
97
Consumers Pow $5 pref..*
/95
97
/96
2.00
99
129
6% preferred
6.60% preferred
63.00
2.25
2.00
Gas
100
Newark Consol Gas
100
122
87M
90
51
81
New Eng G A E 5 M % Pf- *
N E Pow Assn 6% pref.100
50
78
79
80
88
91
New Eng Pub Serv Co—
61M
81
83
110
112
107
62
108 M
64
106 M
105k 106 M
105 M
67"
64
198
193
62.60
2.00
Essex-Hudson
62.60
2.00
Federal Water Serv Corp—
0.75
$6 cum preferred.
51k
62.00
1.00
$6.50 cum preferred
62.00
1.00
$7 cum preferred
53 M
55 M
1.00
Foreign Lt A Pow units.
*
61.10
0.50
Gas A Elec of Bergen.. 100
122
0.50
Hamilton Gas Covto
61.25
0.75
Hudson County Gas
57
95
61.10
52 M
54 %
61.25
0.75
100
102
100M
102 M
5M8
101
103
100
101M
62.10
1.75
Idaho Power $6 pref
7%
preferred
.
k
1
198
100
193
♦
109
110
100
110
111M
Illinois Pr A Lt 1st pref..*
52 M
53 H
112
*
60 M
New Jersey Pr A Lt $6 pf
New Orl Pub Serv $7 pf._*
105 M
N Y Pow A Lt $6 cum pf_*
102 M 104
111M 113
$7 prior lien pref
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
61.25
62.00
29
98
97
1.75
55
26
7%
6% pf.,100
preferred
Okla G A E
100
7% pref...100
Pacific Pow A 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
58
109
94
30
31M
Interstate Power $7 pref..*
21M
23M
Sup pref.50
54
7% pf-.lOO
102
7% pref.100
113
104"
2.50
2.75
112
114
111k
100 M 102
106 M 108
112
5 Ms
For footnotes see page
3455.
115
82
83 M
110
110k
90 X
110
86 M
93 k
117
88
Rochester Gas A Eleo—
6% preferred C
100
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
South Jersey Gas A El. 100
105 M 106 k
95M
27«k
193
pref 100
100
64
preferred
7% pf.100
109
Tenn Eleo Pow 6%
7%
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
72
97 M
28 M
198
65M
73 M
111
110M 112
1.75
Jer Cent P A L
64.00
3.00
Kan Gas A El
64.00
3.00
Kings Co Ltg 7 % pref. .100
90
94"
United G A E (N J)
pf.100
76 M
74 M
Utah Pow A Lt $7 pref...*
65k
87
76 M
89
74
77
Virginia
62.10
Western Pacifio 5s.
—.
110 k
7% preferred
100
Memphis Pr A Lt $7 pref. *
63.10
63.75
....
-
97
109
Texas Pow A Lt
Interstate Natural Gas—♦
Jamaica Water
59 M
107 M
Long Island Ltg 6% pf.100
5Ms
Minn St P A S3 M 4s
M
8
51
25M
95
1.75
17
6
Mountain States Pr com.
80 k
113
62.00
79
116M
78 k
107
62.00
15M
95
106
preferred
115
71
81
24 M
100
100
100
Dallas Pr A Lt 7% pref 100
Derby Gas A El $7 pref..*
7%
pref... 100
Ask
preferred
100
Nassau A Suff Ltg pref.100
Nebraska Pow 7 % pref.100
Continental Gas A El—
62.75
6% pref.100
7%
Columbus Ry Pr A Lt—
61.50
6s
Western Maryland 4Ms._
pref
preferred A--.100
$6.50 preferred B
100
62.50
Bid
93
New York Central 4M«
5a
62.70
Par
81
New Orl Tex A Mex 4 Ms.
5s
Ask
91
2.50
2 00
Utility Stocks
80
2.50
62.70
Bid
Alabama Power $7 pref.
N Y Chic A St. L 4Ms
Canadian
EXCHANGE
Teletype N.Y. 1-1146
3.00
5s
63.35
3Ms Dec. 1 1936-1944.
ONE WALL ST., N. Y.
Ask
64.00
63.35
Boston A Maine 4 Ms
5s
STOCK EXCHANGE
AND N.Y. CURB
Bid
Atk
b 1.50
62.50
Line 4Mb
Baltimore A Ohio 4Ms._.
N. Y.
MEMBERS
Railroad Equipment Bonds
Utica Gas A El 7 %
Ry
92 M
94 M
67
pf—100
100
102
100
137
141
Financial
3454
Quotations
Chronicle
Securities of the
Specialists in—
Members New York Curb
Water Works Securities
System
Compute Statistical Information—Inquiries Invited
CO.
S. A. O'BRIEN &
Exchange
SmRT,BRENT&C0.
75 FEDERAL ST., BOSTON
BROADWAY, NEW YORK
INCORPORATED
HANcock 8920
COrtlandt 7-1868
Direct Private Telephone between New
Bell System Teletype—N.Y.
■
Public
40 EXCHANGE
York and Boston
1-1074
Tel.
HAnover 2-0510
PLACE, NEW YORK
Teletype: New York 1-1073
Utility Bonds
OFFERINGS
Bid
90
Bid
-4s*
92
Kan City Pub Serv 3s. 1951
102% 102%
101
102
88
90
95
Kan Pow & Lt 1st
97
4%s '65
Keystone Telep 5%s.l955
'
Ark Louisiana Gas 4s. 1951
Lake
3%s ser A..1966
Los Angeles G & E 4s 1970
Louisville Gas & El 3 %s '66
85
87
Associated Electric 5s. 1961
65%
48%
to
First Mortgage
American
101
50
108%
101%
98%
106%
106%
Assoc Gas & Eleo Corp—
40
1978
Income deb 3%s—1978
Income deb 3 %s
41%
Income deb 4s
1978
45%
Income deb 4%s
1978
49
Conv deb 4s
1973
80
1973
41%
42%
46%
50%
82%
..1973
90
Conv deb 5%s
1973
Sink fund income 4s 1983
42
51
Est. 1854
56
100
107%
Water Bonds
61
Bid
58
63
-
-
Corp 4s
1965
98
Sink fund Ino 5 %s_ .1983
101% 102
103
Blackstone V G & E 4s '65
3%s series I._
1966
103% 103%
97
83%
107
85%
83
Cinn Gas & Elec
3Me. 1966
Colorado Power 5s... 1953
3 %s series F
Conn River Pr
99
85%
87%
107% 108%
Conn Lt & Power 3 %s 1956
Consol EAOfls A...1962
63
6% secured notes.. 1937
Cumberl'd Co P&L 3%s'66
ou
Federated Utll5%s.__1957
86%
Green Mountain Pow 5s *48
Cities Utll 5s A...
1958
Sinking fund 4%s._1951
102
102%
57
New Rochelle Wat 5s B '51
1951
New York Wat Serv 5s *51
Newport Water Co 5s 1953
105
103
m-m
96
106
Peoria Water Works Co
1st & ref 58
1950
1st consol 4s
1948
100% 102%
99% 101
101%
1st consol 5s
1948
100
Prior Hen 5s
1948
105
Phlla Suburb Wat 4s..1965
Pinellas Water Co 5 %s '59
106%
Pittsburgh Sub Wat 5s '58
101%
82%
Plainfield
Union Wat 5s '61
108
87
Richmond W W Co 5s. 1957
105
106
92
Q4.
Roanoke W W 5s
100
Consol Water of Utica—
4%s.
195
...
1961
1950
Roch & L Ont Wat 5s.1938
90%
92%
100
1st mtge 4s
St Joseph Wat 4s ser 19A'66
Scranton Gas & Water Co
106%
4
102
1958
%s_
Scranton Spring Brook
Water Serv 5s—1961
104
1st A ret 5s A
1967
102
Estate Securities
5s series D
105
Sedalia Water Co 5%s '47
104
196
104
103
Real
105%
Shenango Val 4s
B 1961
South Bay Cons Wat 5s '50
104
Sou Pittsburgh Wat 5s '55
5s series A
1960
Greenwich Water & Gas-
Reports—Markets.
102
/
5s series B
Public Utilities—Industrials—Railroads
101
103
105
[ackensack Wat Co 5
108
ser
BAKER & CO.
b
..
.
150 Broadway, N. Y.
2360
Real Estate Bonds and Title Co.
Bid
Alden 1st 6s
Jan 11941
6s.
/49J_
/35%
B'way Barclay 1st 6s. 1941
B'way & 41st Street—
53~
.1954
105
101
Terre Haute Water 5s B '56
101
103
1949
103
series A
/39%
/69%
Broadway Motors Bldg—
6s stamped
1948
Cbanln Bldg Ino 4s... 1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s.. 1948
41%
71%
73%
98%
75%
/50%
/32%
1st 6s
Apr 28 1940
Dorset (The) 1st 6s.__1941
1947
54%
34%
/7%
Equit Off Bldg deb 5s 1952
Deb 5s 1952 Legended.
50 Bway Bldg 1st 3s ino '46
500 Fifth Avenue—
6%s unstamped
1949
502 Park Ave 1st 6s...1941
Film Center Bldg 1st 6s '43
87
9
89
86
52%
•
54%
45%
/34%
40 Wall St Corp 68
1958
73%
1939
75%
1944
5%s unstamped
1949
Graybar Bldg 5s
1946
Harriman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s... 1950
Keith-AIbee Bldg (New
Rochelle) 1st 6s
1936
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
1st 6%s
Apr 15 1937
1st 6s
1947
London Terrace Apts 6s *40
(Bklyn)
1st! %b(LCi
1942
1936
94
6s
1947
5 f deb 5s
1945
Munson Bldg 1st 6%s_1939
N Y Athletic Club—
N Y Eve Journal 6
%s.l937
N Y Title & Mtge Co—
6 %s series BK.
5%s series C-2
5%s series F-l
5 %s series Q
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
Oliver Cromwell (The)—
15
1939
2nd mtge 6s
—.1951
103 E 57th St 1st 6s... 1941
165 Bway Bldg 1st 5%s '51
1943
/16
18
67
69
1st fee & l'hold 6%s.l940
/46
48
Savoy Plaza Corp—
Realty ext 1st 5%s.l945
75
77
69
71
83
33
96
103%
104% 105%
104%
103%
102% 104%
Western N Y Water Co—
5s
W Va Water Serv 4s. .1961
95
100
101% 103%
5s series B
1950
98
1st mtge 5s....
1st mtge 5%s—
1951
1950
101
101
99
1958
99
Interstate Water 6s A. 1940
103
Jamaica Water
106
Westmoreland Water 5s '52
102%
102% 104%
104%
104%
Wichita Water Co 6s B *56
102
Sup 5 %s '55
Joplin W W Co 5s..._ 1957
Kokomo W W Co 5s. .1958
Lexington Wat Co 5 %s '40
Long Island Wat 5 %s.l955
102
97%
5s series C
104%
106""
1960
6s series A
100
1949
104%
103%
1952
103
W'msport Water 5s
105
97
77%
79%
/36
38
/33%
/33
34%
BURR & COMPANY INC.
35
Chicago
101%
6s
...1945
73%
65%
Syracuse Hotel (Syracuse)
1st 6%s
Oct 23 1940
61%
53%
Textile Bldg 1st 6s
/52%
71
1958
Trinity Bldgs Corp—
1st 5%s
1939
2 Park Ave Bldg 1st 4s 1941
96%
51
73%
73%
Walbridge Bldg (Buffalo)—
1st 6%s
Oct 19 1938
Westinghouse Bldg—
1st fee A leasehold 4s '48
NEW YORK
-
-
Boston
57 William St.
/5 7%
/51%
/61%
/52
59
53
Chain
63
54
Store
Securities
/30
/8
10
Chain Store Stocks
70%
68%
/56
Par
58~"
Borland Shoe Stores
*
7% preferred
B/G Foods Ino
65%
/50%
100
com
/45
47
/25%
/25%
27%
27%
/29
31%
*
$2.50 conv pref
Bohack
*
(H C) common..*
7% preferred
..100
Diamond Shoe pref..,.100
48
/27
/56
58""
Bid
18%
103
Fishman (M H) Stores...*
Preferred
100
Green (H L) 7% pref..100
Katz Drug preferred
Kobacker Stores
-
-
6
15
15%
36%
37%
8
9
47
51
104% 106%
21
23%
100
*
•--
105
18
85
Kress
110
Ask
12
100
111
113
4%% preferred
100
(I) Sons com
*
6%% preferred
100
Murphy (G C) $5 pref. 100
Neisner Bros pref.
100
125
130
pref
Melville Shoe—
Miller
Reeves
(Daniel) pref-.100
Schiff Co
6
17
21
47
52
106
110
113""
108
110
100
pf.100
107%
18%
21%
6% pref ctfs
U S Stores preferred...100
18%
21%
preferred
United Cigar Sts 6%
...
—
Bid
11%
(SH) 6% pref
Lerner Stores
Rose 5-10~25o Stores
104%
*
..100
7% preferred
Par
Ask
20%
-
5%
Blckfords Inc
51%
Roxy Theatre—
Sherry Netherland Hotel—
1st 5%s._.May 15 1948
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6%s*38
61 Bway Bldg 1st 5%s 1950
/59%
51%
Ludwig Bauman—
1st 6s
1948
5s income.
Lewis Morris Apt Bldg—
Lincoln Bldg Ino 5%s.l963
Loew's Theatre Realt Corp
/31
5%s double stpd
1961
Realty Assoc Sec Corp—
/39
Fox Theatre A Off Bldg-
Fuller Bldg deb 6s
Majestic Apts 1st 6s.. 1948
Metropolitan Chain Prop—
Ask
Prudence Co
1400 Broadway Bldg—
Oct 1 1941
Bid
1st 6s.....Nov
79%
lst 6%s
102
Union Water Serv 5%s '51
Water Serv Cos Inc 5s '42
1 Park Avenue—
/34%
/50%
42 Bway 1st 6s
stamped... 1948
Mortgage Certificates
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
East Ambassador Hotels—
52d A Madison Off Bldg6s
Nov 1947
Texarkana Wat 1st 5s. 1958
Metropol Playhouses Ino—
Court A Remsen St Off Bid
1st & ref 5%s
104
Illinois Water Serv 5s A '52
ny 1-588
Metropolitan Corp (Can)
1st leasehold 6%s..l944
103
100
102%
5s.
6s
101% 103
103% 105%
101
101%
84% 86
103%
1960
5s series B
Bell System Tel.
Ask
/45J
Broadmoor (The) 1st 6s '41
1st 6%s
w
102% 103%
Spgfleld City Wat 4s A1956
Indianapolis Water—
1st mtge 3%s
1966
Indianapolis W W Securs
4CA
102%
102
INCORPORATED
BArclay 7
101% 102%
105%
108%
5 %s series B
AMOTT,
109
98% 100%
103
83
95~"
104
103%
107
80
5%8 8eries B
106%
106% 106%
106%
98
101%
105
100% 100%
86
87%
125% 127
93
95
ioi"
101
1st 5s series C...
100
99%
Penna State Water 5 %s '52
Penna Water Co 5s...1940
103
87%
95
108
Ore-Wash Wat Serv 5s 1957
104"
103
5s.
93
Ohio Valley Water 5s. 1954
Ohio Water Service 5s. 1958
102
59
93
97
93%
97%
99%
99% 101
Ohio Cities Water 5%s '53
106
103%
65
102% 103%
Iowa Sou Utll 6%S—1950
105
5%s
105
85
outhn Nat Gas Pipe Line
102""
100
107%
110% 110%
102% 103%
107% 107%
102% 103
108% 108%
/55%
Edison El III (Boat) 3%s '65
Federal Pub Serv 1st 6s *47
103
104
5%s
;•
103
58.
96
109% 109%
107% 108%
61
59%
1966
3%s A.1961
1950
M uncle Water Works 5s '65
New Jersey Water 5s 1950
■'/
104
102
10514 106%
106% 107%
98
/97
105% 106%
Central G & E5^s—1946
1st lien coll tr 6s
1946
94
Ask
ioi""
Monongahela Valley Water
103%
103%
'
104
106% 107%
104% 104%
106%
105% 105%
106%
99%
'
Cent Ark Pub Serv 5s 1948
Cent Maine Pr 4s ser G '60
Monmouth Consol W 5s '56
Morgantown Water 5s 1965
110%
Cent 111 Light 3 %s
1966
Cent Ind Pow 1st 6s A 1947
Middlesex Wat Co 5%s '57
105
102% 103%
78% 80
100
Bellows Falls Hy El 5b 1958
Bid
Ask
100% 102
101
44
103
Tel. 2-3761
PORTLAND. MAINE
76
53
Sink fund Income 5s 1983
-
(Maine)
H. M. PAYSON & CO.
108%
101%
Y State Electric & Gas
Sink fund Inc 4 %s_. 1983
V
W^ter Works & Electric Co., Inc.
103% 104%
'
Conv deb 4%s
Conv deb 6s
Bonds of Subsidiaries
Consumers Water Co.
101% 102
106% 106%
105% 105%
66%
Assoc Gas Ac El Co 4%s '
WANTED
As*
/50%
51%
109% 110%
Superior District
Power
102% 103%
Ark Missouri Pow 1st 6s '53
28, 1936
Over-the-Counter Securities—Friday Nov. 27—Continued
on
Associated Gas & Electric
150
Nor.
6
8
/69%
/47%
97%
Sugar Stocks
99%
66%
Par
Eastern
/29
Sugar Assoc..
Preferred
.
1
footnotes
see
page
Par
31
Savannah Sug Ref com
41%
West Indies Sugar Corp..!
*
/76%
For
Ask
29%
40
....1
Haytian Corp Amer_.
Bid
3455
%
1
Bid
38
6
Ask
40
6%
Financial
Volume 143
Quotations
Chronicle
3455
Over-the-Counter Securities—Friday Nov. 27—Continued
on
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
QUAW & FOLEY
80
BROAD STREET
NEW
YORK
Company Securities
DISTRIBUTORS
Members New York Curb Exchange
Telephone HAnover 2-9030
63 Wall
GROUP,
Street, New York
Kneeland 8C Co.—Western Trading
Am.Writ.Pap.,New Issues Mangel Stores New Pref.
United Cigar Stores Com.& Pref.
Electrol, Inc;
Incorporated
BOwling Green 9-1420
Correspondent
Investing Companies
Inquiries Invited
Established
Members of
the New York
BROAD
25
Administered Fund
*
20.69
11.12
12.10
Amerex Holding Corp...*
Amer Business Shares
1
29%
30%
1.27
1.39
Amer & Continental Corp.
Amer General Equities Inc
Security Dealers Assn.
Y.
Tel. HAnover 2-8780
Par
19.45
13%
Affiliated Fund Inc
1919
ST., N.
Ask
Bid
Par
M. S. Wein & Co.
Teletype N Y 1-1397
Bank Group Shares
com.
10
Investors Fund C
1.79
120.01 122.43
1.27
Investment Tr of N Y_._*
7%
Corp *
4%
5%
Keystone Cust Fd Inc B-3.
24.77
7%
7%
Bankers Nat Invest Corp *
Basle Industry Shares
*
4%
4%
Major Shares Corp
Maryland Fund Inc
5.40
British Type Invest A...1
Co.
.34
.54
36.07
Broad St Invest Co Inc
Sylvania Industrial Corp.
Bullock Fund Ltd
E.
UNTERBERG &, CO.
46
BOwllng Green 9-3565
Teletype N. Y. 1-1666
AA
10
Merck A Co Inc com
43
67
70~~
16 %
18%
Amer Box Board com
1
_
6%
8% cum preferred... 100
American
Hardware
26
Amer Maize Products
100
Preferred
106
37%
National
38%
*
27
84
87
American
9%
100
Casket
Ask
2%
30%
5%
23%
*
Nat Paper A Type com
31 %
46 %
48%
24 %
Northwestern
Indust Serv cl A*
Bowman-BUtmore
Hotels
1st preferred
100
Canadian Celanese com..*
Preferred
Climax
7%
53%
Norwich
..100
5
45%
*
18
11%
*
97
1
1
*
47
100
112
129
Publication Corp com
$7 1st preferred
40
Molybdenum....*
38%
14
16
Remington Arms
24 %
26 %
Scovlll Mfg
Columbia Broadcasting A *
57
395
x 37
60
167
Crowell Pub Co
*
com
$7 preferred
100
Dentists' Supply Co of N Y
Dictaphone Corp
109%
m
57
.....*
63
m
66
119
68
Douglas Shoe preferred. 100
Draper Corp
»
32%
35%
Flour Mills of America
*
Foundation Co. For shs_.»
American
shares
*
Galr (Robert) Co com
Preferred
..
-
-
Selected Industries
2.90
8.75
Spencer Trask Fund
*
22.72
23.42
25c
1.98
2.13
Standard Am Trust Shares
4.35
4.60
35.27
37.90
Standard
1.04
1.12
42%
45%
31.60
34.04
Fixed Trust Shares A
13.88
14
B
22
7.50
D
General
42%
Graton A Knight com...,.*
Preferred
100
m
$3
mm
88
91
45
*
$3
2%
3
i%
1%
38 %
100
100
40%
110
100
100
Chemical
cum
com
vtc 1
preferred
*
$7
1st preferred
1.91
--
7.72
mm
7.04
B
mm
Trusteed Amer Bank Shs B
1.10
1.21
Trusteed Industry Shares.
1.57
1.74
U S El Lt A Pr Shares A..
1.10
1.20
20%
20%
1.67
1.81
B
3.13
3.23
Merchandise shares
1.69
1.83
Voting trust ctfs
1.21
1.31
1.88
2.04
Un N Y Bank Trust C3-
3%
1.43
1.56
Un N Y Tr Shs
1%
4%
2 %
1.57
1.70
Wellington Fund
20.40
22.32
1.82
1.97
...
shares
8 hares
1.29
Tobacco shares
1.41
%
Guardian Inv Trust com.*
1%
22
25
.75
27.58
29.66
.93
Investors..*
F
ser
Investm't Banking Corps
12%
50%
5%
Corp..
11%
48%
Bancamerlca-Blalr
First Boston Corp
.55
Holding Corp
6%
1.07
mmm
Bid
American Tobacco 48.1951
111
Am Wire Fabrics 7s..1942
Schoelkopf, Hutton A
Pomeroy Inc com
Home Owners' Loan Corp
l%s
98%
99"
13%
Worcester Salt
72%
Young (J S) Co
7%
m
5%
6%
12%
35%
55
115
101.20 101.23
93
88
..1948 zlOO
Conv deb 6s
1951
102% 102%
1939
150
Merchants Refrlg 6s..1937
Nat Radiator 5s
1946
/59
98
Reynolds Investing 5s 1948
89%
Kopper Co 4s
Martin
103% 104
102% 102%
-.1955
3%s
f88
1937
Mtge Corp—
Federal Farm
90
conv
ser A
(Glenn
L)
6s
Scovlll Mfg
5%s
1945
6%s as'42
Titus 6%s '43
101.19
101.22
Std Tex Prod 1st
101%
1013%
Struth Wells
/20%
Sept I 1939
Goodrich (B F) 4%s..1956
Haytlan Corp 8s
1938
l%s.
22%
155
99%
61
91%
106% 108%
29
/27%
94
«
-
'44
/ 29
/93
96
Bid
Woodward Iron 5s
-
31
1952
Ask
Wltherbee Sherman 6s
120
126
102.18 102.22
60
100
100
nreferred
1951
37%
100
com...
''m
11%
10
WJR The Goodwill Station
12 %
69%
■
1 1939
6%s 1937
Kelsey Hayes Wheel Co—
99% 100%
1st
3l"
15
June
101.8
101.4
N Y Shipbuilding 5s..1946
3%s
Cont'I Roll A Steel Fdy
23%
28
*
101% 101%
Aug
1937
1938
Journal of Comm
103% 104%
37
101
6% preferred
"
15
l%s
104
1953
3%s E——1966
River Bridge 7s.._.
Aug
2s
Bear Mountain-Hudson
Beth Steel
Ask
Bid
Ask
114
100
Deep Rock OH 7s
100
.■mm.—
120
25
34%
22%
WUcox-Glbbs common..50
com *
Preferred
1.76
shares
16.64
3.29
3.22
Trustee Standard Oil Shs A
1.89
2.43
104% 106%
6
4%
Willys Overland Motors.. 1
260
1st 6% preferred
2d 8% preferred
1.74
2.25
shares
Chicago Stock Yds 58.1961
47
23 %
White (S S) Dental Mfg. 20
White Rock Mln Spring—
Lawrence Portl Cement 100
Lord & Taylor com
preferred
Pulp A Pap com. *
West Dairies Inc
Klldun Mining Corp
1
Lawyers Mortgage Co..20
2.79
Comm Credit
43
conv
Preferred
40
17%
3%
27%
103
47
37
3 %
2%
Welch Grape Juice pref. 100
West Va
9
Great Northern Paper..25
2.54
Agricultural shares
Warren Northam—
22
49%
Great Lakes SS Co com..*
Macfadden Publlca'n
106
2%
25%
21
8.39
Trustee Standard Invest C
Miscellaneous Bonds
101
16
45 %
7
8.23
D
14%
44%
United Merch A Mfg com *
105
8.39
15.31
Supervised Shares
7.57
Investors Trust..
Incorporated
42%
United Piece Dye Works.*
Preferred
100
*
2.95
6.77
Investors Fund of Amer
Trlco Products Corp
*
Tublze Chatlllon cum pf. 10
Unexcelled Mfg Co
10
1%
9%
4.46
BB
C
24
7%
9%
B
5.70
Huron
13%
4
39 %
2.95
27.79
6.18
...
4.26
AA
5.40
B
30 H
29
* 125.78
Super Corp of Am Tr Shs A
26.12
Preferred
*
com
1
*
Inc...*
State Street Inv Corp
11.49
*
Utilities
5.77
pf
Steel
15
6%
.*
Gen Fire Extinguisher
*
conv
39
3%
Gen Fireprooflng 17 pf.100
Golden Cycle Corp
.10
Shares
Foundation Trust Shares A
3%
51%
2:38
Steel
86
x83
«...
RR Equipment shares..
2%
Stromberg-Carlson Tel Mfg
72
Preferred
%
20.59
Petroleum
50%
100
6.45
18.89
.
Mining Shares
*
5
new
%
Selected Income Shares
Taylor Wharton Iron A
100
Dixon (Jos) Crucible... 100
15.31
5.15
Investing shares
25
Sylvania Indus Corp
*
Taylor Milling Corp.....*
—
60
14.81
Republic Investors Fund.6
11.05
A.
ser
Food shares
175
*
Representative Trust Shs.
37
Selected Cumulative Shs..
Automobile
39
58
Standard Cap A Seal
Standard Screw
B
20.71
stock
5.25
405
66 %
58%
57%
Singer Manufacturing.. 100
Class
1.12
'S18.90
New
3.57
12%
Columbia Baking com...*
$1 cum preferred
*
com
Quarterly Inc Shares. _25e
12
118
125
Conversion
31%
115
100
4.29
49
Petroleum
7% pref
3%
1.01
Selected American Shares.
2
28
29%
10
com
*
3.76
100
25
16%
4%
.*
Blass B
Selected Amer Shs
20
*
Pathe Film
15%
Class A
Plymouth Fund Inc A. 10c
3.79
2.33
47
Leather
Match Co
21
m
82
43
Building shares
Ohio
18
m
77
40
Royalties Management
93"
Yeast... 100
Pharmacal
3.83
Securities... 100
6.65
34
Ohio
6
51%
—
mm
Pacific Southern Inv pref. *
35
New Haven Clock pf._.100 *100
22 %
Beneficial Indus Loan pf_»
Series 1958
m
.mm
Northern
110
ii"
9%
Art Metal Construction. 10
Bankers
18%
Group Securities-
111
*
100
preferred-
25%
48%
Republics com.*
Andlan National Corp...*
9%
3.81
Fundamental Tr Shares A.
116
99
*
Preferred
29
American Mfg 5% pref. 100
3.86
Series 1956
Fundamental Investors Inc
114
Muskeg'on Piston Ring
■m
2.95
Series 1955
Eqult Inv Corp (Mass)..5
Equity Corp conv pref___l
Fidelity Fund Inc
,...*
Mock Judson A Voehrlnger
American Hard Rubber—
No Amer Tr Shares 1953..
8
68%
D
2%
28%
1
preferred..
64%
C
Bid
Maytag warrants
V--.
*
No Amer Bond Trust ctfs
50
2.44
3%
Diversified Trustee Shs B
Par
100
American Book
k Trust Shares
Deposited Insur Shs A
Deposited Insur Sh ser B_
1920
Industrial Stocks
American Arch
N Y Ba
11%
10
Dividend
Amer Air Lines Inc
5.00
3.79
Deposited Bank Shs
Ask
4.95
2.28
3.03
....
Common B shares
Members New York Security Dealers Association
Bid
4.85
Voting trust certificates.
28.76
7% preferred
100
Cumulative Trust Shares. *
115 Broadway, N. Y.
Tel. BArclay 7-0700
Bell System Teletype NY 1-1493
Par
mod
8% preferred
Bristol & Willett
Established
19.56
Nation Wide Securities.. 1
3.03
Crum A Forster Ins
Over-the-Counter Market
32.04
17.90
3.17
Series ACC mod
In the
30.20
1
17%
Accumulative series
Series
11.68
Trust.. 1
Investors
Mutual Invest Fund
9%
Corporate Trust Shares
SERVICE
10.68
5
Series AA
COMPREHENSIVE
com..
26.74
*
Century Trust Shares...*
Consol. FundsCorp cl A.
Continental Shares pref
lCommodity Exchange, Inc.
61 Broadway, New York
3%
38.58
4.60
*
27.11
*
23%
Central Nat Corp cl A
Class B
„fNew York Security Dealers Association
,
Members
Mass
22
1
Canadian Inv Fund Ltd.l
C.
1.93
53
51
Assoc Stand Oil Shares-.2
Am Insurance Stock
Climax Molybdenum
1.91
1.77
Insurance Group Shares
Invest Co of Amer
14
1.14
Ask
Bid
Institutional Securities Ltd
tSoviet Government Bonds
...
l
PENNSYLVANIA INDUSTRIES, INC.
Bid
*
Telephone
HAnover 2-1282
52 William Street,
N.Y.
*
Teletype
N.Y. 1-905
d
91.16
No par
Coupon,
value,
f
a
Interchangeable.
/ Flat price,
Ex-rtghts
selling on New York Curb Exchange,
t Now lif ted on New York Stock
t Quotations per 100
6 Basis price,
Allendale
Corp $3.60 pfd.-com.
Bought—Sold—Quoted—Analyses
&
NORVIN
GREENE
Incorporated
30
HAnover 2-0077
BROAD
Registered coupon (serial)
x
ex-dlvldenCi.
o
Now
Exchange.
gold rouble bond equivalent to 77.4234 grams of pure gold.
NOTICES
GAIR
$3 Cumulative Preferred
in quarter ended Sept. 30, 1936 earned over twice
preferred requirement .30 per share on Common
LANCASTER
c
to. i When issued
z Now selling ex-coupons,
CURRENT
ROBERT
10% gold rouble.—1942
86.06
—1
.
INC.
Union of Soviet Soc Repub
86.06
1943
7% gold rouble
Units
Bought—Sold—Quoted
ROBINSON, MILLER & CO.
Ask
Union of Soviet Soo Repub
—Gilbert Eliott & Co., 11 Broadway,
analysis of the office
—Ira Haupt
& Co., 39 Broadway, New York, have
Jersey Cent al Power &
Light Co.
—-Harold J. Browne, formerly with
with Charles King &
STREET
Bell Tele. N.Y. 1-1786
New York City, have prepared an
equipment industry.
—Ernstrom & Co.,
their Utica territory.
prepared a study of
,
Hart, Smith & Co. is now associated
Co.
Inc., announce that Harry Hook is now in charge of
3456
Financial
Chronicle
Per Cent
$5,000 Boston Metropolitan District 4%s, March,
103.45
By Crockett & Co., Boston:
Bid
Antioquia 8%
Argentine 4 34s
1946
1971
94%
Bank of Colombia 7% 1947
Bank of Colombia 7 % 1948
f21X
23
23
Barranquilla 8s'35-40-46-48
mx
fl9
21
Bavaria 63*8 to
f24X
Bid
Bavarian
Bolivia (Republic) 8s. 1947
7s
1958
7s
1940
Brazil funding scrip
Bremen (Germany) 7s 1935
21
17 X
Ilseder Steel 6s
____1948
/25
16%
8%
Jugoslavia 5s
1956
42
Coupons
Koholyt 634s
23 X
Leipzig O'land Pr 634e '46
Leipzig Trade Fair 7s 1953
72 X
Luneberg
.
.
Mannheim & Palat 7s. 1941
24
Meridionale
Munio Bk Hessen 7s to '45
f26X
Recklinghausen 7s
1947
Nassau Landbank 63*s '38
Natl Bank Panama 6%%
Cauca Valley 7 34s
_
no
nx
f!4
f!4
171
1946
1947
Chile Govt 6s assented
7s assented
1968
(A & B)
(C&D)
1334
10%
iox
Costa Rica Pac Ry 7 34 s '49
5s
1949
6 3*s._1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
Duisburg7% to.
1945
East Prussian Pow 6s-1953
Electric Pr (Germ) 634s '50
6?*s
1953
4s
57
French Govt 5 34s
1937
French Nat Mail SS 6s '52
Gelsenkirchen Min 68-1934
Protestant
32 X
Church
124
1968
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s *33
3234
1034
2534
243*
243*
Prov Bk Westphalia 6s *36
Rhine Weetph Elec 7% '36
Rio de Janeiro 6%.-.1933
Rom Cath Church 634s *46
/26
/27H
243*
Royal Dutch 4s
1945
26
Saarbruecken M Bk 6s '47
26
Salvador 7%
1957
1957
4s scrip
8s
25
128
1948
Catharina
Santa
1947
Santa Fe 7s stamped. 1942
Scrip
f23X
2534
S57
/38
S27X
/26
S24X
f23
f22X
f6%
Jan to June 1934
._
Jan to June 1935
July to Dec 1935
Jan to June 1936
July to Nov 1936
German scrip..
German Dawes Coupons
Dec 1934 stamped
f8X
fl7%
Apr 15 '35 to Oct 15 '36.
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 78.1945
634s
...
1951
Saxon State Mtge 6s. 1947
Serbian 5s
1956
...
....
Serbian
coupons
Siem & Halske deb 6s .2930
...
...
7s
...
734
1940
Stettin Pub Util 7s...1946
Stinnes 7s unstamped. 1936
7s unstamped
1946
9
17**
Toho
German Young Coupons
Electrlo 7s
1955
Tollma 7s
Dec 1 '34 stamped
June 1 '35 to June 1 '36-
m%
11?*
f 13%
13?*
102
/98
128X 130
114X 11534
141
1954
Tucuman
Tucuman
United
1947
City 7s
Prov
7s
1951
1950
Steamship 68.1937
common
$5 lot
30 United Elastic Corp
10 Beecher Falls Co., Inc., A
5 Saco Lowell Shops common, par $100-70 Railroad Share Corp
40 Shoe Lace
Co.,
15
;
$1 lot
12%
$5 lot
$1
par
$20 lot
40 Rhode Island Public Service
preferred,
$27.50
par
31%
$1 lot
5 Rogers Paper Mfg. Co. class A
10 Seaboard Public Service preferred certificates of
deposit
10 Bay State Fishing Co. common..
37
$2 lot
;
48%
By Barnes & Lofland, Philadelphia:
27
Shares
73
/24
25 X
/22J*
24%
187 Corn Exchange Corp., no par
107 Corn Exchange National Bank & Trust Co., par $20
13 1-3 Integrity Trust Co. common, par $10
/24
27
mx
27 X
Stocks
50c
58%
6%
25
8
2
right, title and interest to participate in $425,000 preferred stock of W. M.
Anderson Co.
f87
m
$ per Shhre
•
3 Philadelphia Bourse preferred, par $25
8 Philadelphia Bourse common, par $50
275 Glen Willow Ice Co. common, par $10
All
Pledged for the payment of matured debts of $731,816.71,
and contingent liabilities of $600,000, plus interest
5 American Academy of
Music,
par
$50
S100
325
25 Germantown Trust Co., par $10
/32
/32
/973*
/51$*
/22 %
99 X
52X
24%
Club, par $1
10 Huntingdon Valley Country Club, par $1—
2,500 Appalachian Gas Corp. warrants, common
2,070 Fabbrica Automobili Isotta Fraschini rights.
$2 lot
$2 lot
$6 lot
..$2 lot
22 Suburban Co. voting trust certificates
$3 lot
Bonds—
/22 %
/62
64
/18
19
f22X
24%
24%
/23
/23
/40
Per Cent
$9,000 Cincinnati Hamilton & Dayton Ry. Co. 1st & ref. mtge. 6s, series A.
dated Jan. 2, 1926, due Jan. 1, 1941; $1,000 Cincinnati Hamilton & Dayton
Ry. Co. 1st 6s, due Jan. 1, 1931 (Int. J. & J. 1); $9,000 Cincinnati Hamilton
& Dayton Corp. prior debenture 6s, due Jan. 1, 1976
$11 lot
$10,000 participation certificate of United Iron Works, Inc., 1st mtge. 7%
sinking fund,/due 1936 ($80 per thousand paid)—
—$35 lot
2534
43 X
18 X
PARIS
THE
25
BOURSE
24
128 X
131X
as received
Qdotations of representative stocks
day of the past week:
by cable
each
f23
38"
Nov. 21
35
/34
Nov. 23 Nov. 24
;;3Francs
A ov. 25 Nov. 26
Francs
Francs
Francs
75
Bank of France
7,800
8,300
8,000
65
Banque de Paris et Des Pays Baa
1,282
1,328
1,326
8,145
1,260
Banque de l'Union Parisienne..
/—
530
543
516
-
22
/20^
/66
/ 75
/10
4s
1960-1990
Guatemala 8s 1948
For footnotes
3e
Unterelbe
Electric 6s. 1953
Vesten Elec Ry 7s
1947
Wurtemberg
...
1945
7s
to
Canadian
Pacific
Francs
3455
"296
302
288
25,600
25,300
25,400
960
973
958
975
1,390
1,360
1,340
1,355
1,310
25
24
25
25
473
495
470
478
785
812
790
805
29
Comptoir Nationale d'Escompte
Coty 8 A
140
130
130
131
43
Courrieres
213
211
212
216
Credit Commercial de France..
Credit Lyonnalse
598
610
575
575
1,620
1,420
1,670
1,440
1,580
1,420
1,595
Eaux Lyonnaise cap
349
340
338
"337
d'Electricltie
iox
Cle Generale d'Electricltie
19
/18 X
/25>i
/2434
/26
/42
/50-60
/270
Cie Generale Transatlantlque
Citroen B
26
25X
300~~
/98
f28X
f 60
25%
Energle Electrlque du Nord
Energle Electrlque du Littoral..
Kublmann
/60
mx
no
Nord
625
609
657
27
/25X
/23
/243*
24X
25%
.
*
the
1,282
700
717
697
755
737
744
355
380
current
21
20
1,746
1,680
1,700
77 25
76.30
76.70
77.10
77.40
76.40
76.40
76.25
70.85
75.25
78.50
97.90
79.40
98.80
4,400
4,490
4,480
1,625
1,660
1,606
were
sold at auction
on
Wednesday
1,171
1,200
1,138
4%, 1918
4%s, 1932 A
4%%, 1932 B
Shares
$ per Share
(N. Y.),
$100, and $100 Guild Threatre Co., Inc.
(N. Y.) reg. 6% real estate cumulative income bond.
Due May 1, 1948..$16 lot
25 Clandere Realty Co., Inc. (N. Y.)
common, par $100
$25 lot
25 The Autopress Co. (N. Y.)
preferred, par $10; Certificate evidencing the
1920
have
par
Soclete Francalse Ford
Tubize Artificial
and paid; and Interim certificates and receipts
capital stock (par value $100) and $500 debenture bonds
of ltlp Van Winkle
Properties, Inc. (N. Y.)
$13 lot
5 Upanin Hotels Inc. (N. Y.), par $100
$50 lot
10 Brooklyn Garden
Apartments, Inc. (N. Y.), par $100
20
$1,000 Shore Road Academy (N. Y.),6% ctf. of indebted.
Due Jan.
2, *38-$lll lot
$1,500 lot
5%
100 Standard Bltulithic Co. (W.
Va.), common, par $100--.
100 Land Title Bank & Trust Co.
(Pa.) common, par So
6 42-67 Underwriters Trust Co.
(N. Y.), par $100
500 Weiss Engineering Corp. (N. J.)
...
par
130
71
Rd., par $100
65
Corp.; 1 Wilkes-Barre & Hazelton RR. pref.,
par $100;
2 22-100 Wilkes-Barre & Hazelton Corp. common; 2 22-100
Wilkes-Barre & Hazelton Corp. preferred
$2 lot
4 Dennison
Mfg. Co. debenture, par
10 Lynn Gas & Electric Co., par $25
50 International Match Corp.
preferred, par $35
5 International Match Corp.
preferred, par $35
25 Independence Trust Shares
126 American Public Welfare Trust class C
1 Columbian National Life Insurance
par
15 Hooker Electrochemical Co.
common,
25 State Street Exchange, par $100
:
Co.,
4%-%
5%
-
par
$100
$100
-
540
124
126
425
435
72
72
77
Nov.
23
as
received by cable
Nov.
24
Nov
25
Nov,
Allgemeine Elektrizitaets-Gesellschaft
Berliner
Nov.
26
27
-
39
39
39
39
126
168
126
168
125
168
124
124
124
169
170
170
109
108
108
108
108
108
109
Disconto-Gesellschaft. 109
Handels-Gesellschaft
(6%)
Llcht (8%)
109
109
39
39
108
108
109
108
109
109
142
141
142
142
143
143
Deutsche Reichsbahn (German Rys) pf 7% 126
Dresdner Bank
.106
Farbenindustrle I G (7%)
168
126
125
126
126
126
105
106
106
106
107
166
166
166
167
167
Gesfuerel (6%)
par $100;
$100, and 5 AltaVista Cotton Mills,
Trust
540
136
Per Cent of Par
(7%)
51%
22%
deposit, par $100
$100
60
448
21
144
143
143
143
143
144
144
144
144
145
Deutsche Bank und
5 Detroit Hillsdale & Southwestern
10 Wllkes-Barre & Ilazelton Ry.
warrants Coasolidated Investment
15 Old Colony Investment Trust.
116 Post Office Square Co. pref. ctf.
1,420
63
STOCK EXCHANGE
Prlvat-Bank A. G
$50 lot
43
154
1,419
Nov.
Dessauer Gas
Inc., common, par $100
6 Troy & Bennington RR., par $100
2 Rutland & Whitehall
RR., par S100
150
1,445
Closing prices of representative stocks
each day of the past week:
u
$ per Share
preferred,
61
76
Berliner Kraft
By R. L. Day & Co., Boston:
1 Baltimore & Ohio RR.
1,620
1,170
155
540
BERLIN
97.80
4,660
132
Wagon-Li ts
79.30
78.10
98.60
438
Silk, pref
Union d'Electricltie.
Commerz'und
Manufacturing Co. preferred, par $100
13 Richard Borden Manufacturing
Co., par $100
5 Norfolk & Southern RR„ par $100; 2 Wabash
Rys. Co. pref. A,
74.75
1,422
...
85
2 Merrimack
97.90
75.75
75.80
80.05
135
$28 lot
Stocks
79.80
66
THE
been declared
for five shares
Shares
...
Schneider & Cie
right to receive 10 shares Bowman-Biltmore Hotels Corp. 1st
pref., after a
regular dividend upon the pref. stock of
the Westchester Biitmore Corp.
shall
79.40
Soclete Lyonnalse.
Soclete Marseillaise
Stocks
5 City Housing Corp.
80.50
Societe Generale Fonclere
By Adrian H. Muller & Son, New York:
388
19
1,727
76.75
Royal Dutch
Saint Gobaln C & C
week:
1,250
345
22
Pechlney
Rentes, Pepetual 3%
Rentes ♦%. 1917
Rentes
following securities
1,550
672
1,260
675
■;
682
1,310
725
Ry
130
619
672
Orleans Ry 6%
Patbe Capital
103
100
615
Llquide..
Lyon (P L M)
25,200
1,380
1,280
L'Alr
98%
f 97 x
/97%
Holiday
94%
iox
98%
AUCTION SALES
The
7,900
296
Canal de Suez cap
Cie Dlstr
Rentes 5%.
of
Francs
25,500
68
Rentes
page
Nov. 27
535
12
Rentes
Gt Brit & Ireland 534 s *37
25
—
5 Huntingdon Valley Country
(Brazil)
8%
...
303*
42
$8 lot
25X
flOX
8s ctfs of dep
—
24
Co., par $1
Lucerne-ln-Maine Community Association
/24
-.1948
_
603*
$2 lot
/24*
/71
X17H
/23 X
f22X
R C Church Welfare 7s *46
7s ctfs of dep
German defaulted coupons
July to Dec 1933
(Austria) 8s
1945
Panama 5% scrip
Porto Alegre 7%
22
/6 8
f28%
53
130
German Atl Cable 7s-. 1945
German Building & Landbank 6^%
1948
1947
to.
f24
/23
1948
Oberpfals Elec 7%.-.1946
Oldenburg-Free State 7%
67
1945
1962
North German Lloyd 6s '47
76
European Mortgage & In
vestment 7 34 s
1966
73*8
Mtge 7%
73
J33
J73
f5 0
Frankfurt 7s to
1946-1947
$100
par
Co., par $50
50 Ohara Waltliam Co. class A
10 Ohara Waltham Co. class B
26X
National Hungarian & Ind
14%
14%
/64
Issue of 1934 4%---1946
Cordoba 7s stamped. .1937
7s stamped
..1957
Costa Rica funding 5% '51
_
1948-1949
Hungary
7%
f55X
f31
f!9X
f30
no
J23X
f22%
f22%
f22%
/25
/25
pest, 7s.1953
Colombia scrip issue of '33
Graz
/24H
/45
Nat Central Savings Bk of
City Savings Bank, Buda¬
July to Dec 1934
27 X
43 X
Municipal Gas & Elec Corp
f 12%
f9%
Cundinamarca
1945
/34
Call (Colombia) 7% —1947
Callao (Peru) 7J4%--1944
Chilean Nitrate 5s
Elec 7s_.1957
Co.,
22 Farr Alpaca
&
1948
Munich 7s to
1953
(Brazil) 8%
Light
26
Buenos Aires scrip
60
f58
Burmelster & Wain 6s-1940 fll2
115
Caldas (Colombia) 7 34s '46
flOX
10**
Ceara
Power
Water 7%
-
Corp—
6 3*8
1943
Land M Bk Warsaw 8s *41
11
2434
*50 60
...
-
15
16%
25
500 Montana Mines & Power
f22%
Hungarian Bank
Brown Coal Ind
/48
mx
f32
7%
7%
643*
70%
40 Booth Manufacturing Co., preferred, par $100
10 Androscoggin Mills, par $100
10 Edwards Manufacturing
25X
98
change Bank 7s
1936
Hungarian Ital Bk 7%e '32
f24%
/20
1940
1962
95
25%
n%
f7X
/9
f22%
71%
f 78
Brandenburg Elec 6s- -1953
Brazil funding 5%. 1931-51
734s
f22X
Housing <fc Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Discount & Ex¬
rm
1969
6s
1957
no
1945
1945
—
British
6%
Haiti 6%
1953
Hansa SS 6s stamped. 1939
94%
AsK
Wks
fl8
f 16 X
1945
Bogota (Colombia) 6 34s '47
6s,
29
Cons
Palatinate
Cit 7 % to
8s
Hanover Harz Water
$ per Share
79 Berkshire Fine Spinning Associates common.
Ask
24%
Stocks
20 Harvard Trust Co., Cambridge,
Mass., par $20
1 Concord & Portsmouth RR., par $100
Foreign Unlisted Dollar Bonds
f22%
f27
1951; callable March 1,
1937
Shares
1946
1936
Bonds—
Quotations on Over-the-Counter Securities
Friday Nov. 27—Concluded
Anhalt 7s to
Nov. 28,
Deutsche
Erdoel
(4%)
Hamburg Elektrizitaetswerke
Hapag
109
144
14
14
14
14
116
116
118
118
14
14
15
15
14
188
Rheinische Braunkohle (8%)
Salzdetfurth (.7%%)
....
Siemens & Halske (7%)
1
131
14
116
14
Norddeutscher Lloyd
Reichsbank (8%)
14
..117
Mannesmann Roehren
-
-
186
186
185
185
187
225
...187
199
226
227
...
225
185
199
200
225
189
200
224
_—
199
200
CURRENT
NOTICES
...100
;
!
...
$7 lot
$1 lot
—Dean Witter & Co
3.40
general partner.
6%
82
59%
7%
announce
the admission of George D. Cronin as
a
organized in 1924.
Mr. Cronin has been Comptroller of the firm since it
was
—Charles King & Co. have installed a direct telegraph wire to Toronto
and Montreal.
Volume
Financial
143
General
Chronicle
3457
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
Abbott Laboratories.—50-Cent Extra Dividend—
The directors have declared
an extra dividend of 50 cents per share in
a quarterly dividend of 30 cents
per share on the no par common
stock, both payable Dec. 23 to holders of record Dec. 10, an extra dividend
of 15 cents was paid on Sept.
28, last.
The company recently declared a
200% stock dividend, three new shares being issued for one old.
See V. 142, p. 3660, for detailed record of dividend
payments on old stock.
Company announced that on Oct. 1 minimum wages were increased 15%
and that an
employees' participation plan for next year is being considered.
—V. 143, p. 3134.
addition to
Abraham & Straus
The
directors
have
Specialists
All
stock,
Rights and Scrip
McDonnell & Co.
Inc.—75-Cent Dividend—
declared
a dividend of 75 cents per share on
the
value, payable Dec. 15 to holders of record Dec. 5.
This compares with 90 cents paid on
Sept. 30, last; 45 cents paid in each of
the three preceding quarters and
quarterly dividends of 30 cents per share
in addition to extras of 15 cents
per share paid for seven quarters prior
common
no par
Stock Exchange
(New York
120
TEL.
'To Eliminate 7% Preferred Stock—
The stockholders at
a special meeting on Dec. 16 will consider eliminating
7% pref. stock so that the authorized capital stock
4?£% pref. stock and common stock.—V. 143, p. 1549.
A & K Petroleum Co.—New Directors—
October—
1936
Gross from railway
102,498
$437,019
85,928
57,982
$397,501
91,675
46,868
5,398,296
1,379,286
756,773
4,359,991
694,682
313,278
4,099,879
3,758,054
895,898
491,710
183,090
«.
From Jan. 1—
Gross from railway
815,364
540,263
American Power & Light Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Subsidiaries—
Alabama Power
Net
Interest
Oper. exp & taxes
Prov. for retirement res.
Int. & other fixed chgs__
pref. stock
Balance
167,500
116,175
411,871
195,178
398,709
195,178
$225,160
Period End. Oct. 31—
Profit after deprec., int.,
$68,427
1,680,730
4,830.390
2.342.138
1,337.440
4,916,539
2,342,160
$1,188,139
$566,821
and
3,983,249
Cr6,294
4,091,850
Crl.827
15,933,922
Crl1,587
16,441,066
1,683,746
1,527,096
6,658,073
5,916,204
Pref. divs. to
public
applic. torn inority interests
Port
1936—3 Mos.—1935
Net
equity
Pow.
Lt.
&
Co.
of
25
cents
per
RR.—Earnings—
October—
Gross from railway
1936
1934
1935
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$351,703
82,676
50,848
$376,405
89,711
55,189
$293,034
64,436
38.427
3,260,546
3,266.557
2,779,606
602,307
310,728
Net from railway
Net after rents
762,715
426,211
626,135
315,001
1933
$286,537
62,628
32,460
2.496,571
511,945
189,539
earned
$2,821,701
$1,911,090 $10,444,961
Airlines, Inc.—Admitted
to
Listing and Reg-
The New York Curb Exchange has admitted the capital stock, $10 par,
listing and registration.—V. 143, p. 3135.
intercompany
transactions have been eliminated from the
Interest and preferred dividend deductions of sub¬
full requirements for the respective periods (whether
paid or not paid) on securities held by the public." The "portion applicable
to minority interests" is the calculated portion of the balance of income
»ortion of
available for minority holdings by the
'ower & Light Co. in income of
subsidiaries" includes nterest and preferred dividends paid or earned on
securities held, plus the proportion of earnings which accrued to common
stocks held by American Power & Light Co.. less losses where income
accounts of individual subsidiaries have resulted in deficits for the respective
periods.
No provision has been made in the above statements for surtax on "un¬
distributed net income" under the Revenue Act of 1936.—V. 143, p. 3136.
¥ublic of common stock of sub-
American
Seal-Kap Corp. of Del.—Admitted to Listing
and Registration—
*
Exchange has admitted the
listing and registration.—Y. 143, p. 3304.
American
Community Power Co.—Sale of Collateral
1936
Any debenture holder who so desires, upon the presentation of his de¬
bentures, with the July 1, 1932 and subsequent interest coupons thereto
1935
life insurance.
accts.
56,183
50,182
2,458,788
22,167
-
Inventories
1,093,694
20,020
Cash deposit to re-
tire6%goldnotes
due July 1,1936,
notdepos.forext.
18,000
Land,bldgs.,mach.,
equip., lessdepr.
reserve
Cash in closed bks.
1936
2,593,973
10,242
2,601,200
I 52,099
181,625
Res. for Fed. taxes
58,796
42,495
33,014
18,000
6% gold notes due
July 1, 1946
1,668,000
6% gold notes due
July 1, 1936
Deferred income..
22,073
a Common stock..
3,414,875
Capital surplus
1,065,083
Operating deficit..
62,768
3,414,875
1,065,083
499,542
$345_,081
due July
1,
1936, called Apr.
15, 1936
2,578,500
11,241
92,148
5,664
1935
$250,000
423,970
25,020
2,006,402
1,253,483
receivables
stock, $2 par,
Accounts payableAccrued interest..
Notes
rec.,
less reserve
Other
Liabilities—
Notes pay.—banks
$282,926 $1,066,527
Cash surrender val.
Cust.
common
Seating Co.—Consol. Balance Sheet Sept. 30—
Assets—
Cash & short term
securities
City Bank Farmers Trust Co., trustee under indenture dated July 2,
1928, has announced that the following stocks deposited as collateral for
the debentures would be offered at public auction to the highest bidder, for
cash, by Thomas F. Burchill, Inc., at the exchange salesroom, 18 Vesey
St., New York, on Dec. 7 next, viz:
10,000 shs. of com. stock of Community Power & Light Co. (no par) and
10,000 shares of com. stock of General Public Utilities, Inc., (no par).
The approximate amount of the claim to satisfy which the above property
is to be sold is $6,329,166, together with the expenses of the sale.
$7,339,778
applicable to respective periods whether
unearned.
The New York Curb
istration—
American
$2,733,665 $13,795,531 $10,640,657
82,930
442,100
259,381
739,645
2,908,470
3,041,498
dividend requirements
or
Note—All
to
to
$3,692,725
139,645
731,379
above statement.
sidiaries represent
—V. 143, p. 2824.
American
Full
x
share on the
common stock, no par value, payable Dec. 21 to holders of record Dec. 1.
In announcing the above dividend, directors stated that this dividend
represents the distribution usually paid in January and that hereafter
dividends, if declared, will be paid in March and quarterly thereafter.
Dividends of 25 cents per share had been previously distributed each
three months from Jan. 25, 1935 to and including Oct. 24, last.—V. 143,
p. 2664.
Alton
5,728,234 $13,772,846 $10,607,719
5,431
22,685
32,938
Bal. carried to consol.
earned surplus.....
dividend
$3,684,150
8,575
$1,664,653
Alpha Portland Cement Co.—25-Cent Dividend—
a
$2,728,234 $13,772,846 $10,607,719
in income of
taxes
Int. & other deductions.
$757,870 x$3,574,536
82,395
83,410
in
Expenses, including
declared
23,705
inc. of subsidiaries. $3,684,150
Amer. Pow. & Lt. Co.—
Net equity of Amer. Pow
Before undistributed profits taxes.—V. 143, p. 3303;
have
21,033
of Amer.
Total income
x$l,330,850
$4,544,500 $21,027,006 $17,858,834
1,792,561
7,170,750
7,168.720
$5,497,897
1,792,714
1936—12 Mos.—1935
Fed.
Cr258
on
subs, (as shown above)
Other income
(& Subs.)—Earnings—-
& prov. for sub. pref.
directors
$10,075,320 $43,413,573 $39,859,738
86,299
193,841
356,108
Int. charged to construe.
& Lt. Co
Allied Stores Corp.
The
1936—12 Mos—1935
inc...$11,158,598 $10,161,619 $43,607,414 $40,215,846
public
Balance
1936—Month—1935
1936—12 Mos- -1935
$1,703,301
$1,506,488 $18,262,044 $16,452,749
716,753
714,836
8,220,645
7,289,787
—V. 143, p. 2824.
x
to
45,865
other deductions
x
revenue
divs. but before
income taxes
from oper..$11,112,733
Co.—Earnings—
Period End. Oct. 31—
on
revs,
Other income (net)
[A Subsidiary of Commonwealth & Southern Corp.]
Dividends
1936—3 Mos.—1935
Prop, retire. & depletion
reserve appropriations
—V. 143, p. 2824.
Gross
Common Stock-
on Nov.
20 declared a dividend of $3 per share on the
stock, payable Dec. 31 to holders of record Dec. 15.
This will
be the first dividend paid on the common stock since
July 1, 1931, when a
distribution of 50 cents per share was made.—V. 143, p. 418.
Gross corporate
Net from railway
Net after rents.
on
The directors
common
1933
1934
1935
$507,885
122,014
70,392
$614,429
2-7815
Operating revenues
$23,014,357 $20,706,747 $89,439,181 $81,523,018
Oper. exp., incl. taxes,. 11,901,624
10,631,427
46,025,608
41,663,280
Alabama Great Southern RR.—Earnings—
Net from railway
Net after rents
NEW YORK
RECTOR
American Mfg. Co.—to Pay $3 Div.
■To Pay
and canceling authorized
Robert S. Kerr, President of this company announced the election to the
board of directors of J. D. Blosser and Frederick W. Straus.
Another recent
addition to the personnel of the
company include the association with it as
Vice-President and director of Dean Terrill.—V. 143, p. 2870.
Curb Exchange
BROADWAY,
thereto.
shall be
in
8,475
Prepaid&def.exp.,
incl. refin. exp..
7, 1936, then prior to the close of business on the third day next preceding
the date of sale, receive at the rate of two shares of the above common
stock of Community Power & Light Co., two shares of the above common
stock of General
Public Utilities,
Inc., and $9.78 in cash for each $1,000
presented (the same being the proportionate share of the
entire trust estate allocable to such amount of debentures).
The trustee
is advised that it is the intention of the committee acting under deposit
agreement dated as of Jan. 15, 1932 for the debentures, to so present to
the trustee all debentures deposited with it.—V. 143, p. 261.
of debentures
Misc.
res.
Period End. Oct. 31—
Operating earnings
Operating expenses
Net profit from oper..
Other; income
Total profit
Provision for deprec
(& Subs.)—Earnings—
1936- Month—1935
$1,493,913
1,240,163
$253,750
1936—10 Mos.—1935
$1,167,586 $12,951,737
$9,926,203
1,056,740
11,465,600
9,657.839
$110,845
$1,486,137
1,944
2,168
49,975
$255,694
62,903
$113,014
58,344
$1,536,112
578,130
$268,364
33,405
$301,770
572,026
less
Total
so
American-Hawaiian SS. Co.
invest.,
for valua'n.
a
$6,883,049 $6,990,747
Total
Resumes Common Dividend—
The directors have declared
stock,
no
par
a dividend of $2.50 per share on the common
value, payable Dec. 21 to holders of record Nov. 27.
This
dividend is payable 50 cents in cash and the remaining $2 is optional—stock¬
holders having the choice of receiving cash or l-10th of a share of common
stock.
The past previous distribution made on the common stock was
quarterly dividend of 50 cents paid on Oct. 1, 1930.—V. 143, p. 3304.
American
Balance.
$192,791
$54,670
5,298
$957,982 def$270.2$6
24,593
50,680
$192,791
$59,968
$982,575 def$219,575
Net profit before Fed¬
eral income tax
—V. 143, p. 2989.
the
Telephone & Telegraph Co.—97 Underwriters
Listed—
The company
has filed an amendment with the Securities and Exchange
listing 97 underwriters, believed to be the largest number
under the Securities Act of
1933, in connection with its registration statement for $165,000,000 of 3 H %
debentures due Dec. 1, 1966.
The underwriting group will handle $140,000,000 of the debentures,
the remaining $20,000,000 to be sold to the trustee for pension trust funds
of the system—without public offering.
Net proceeds from the $140,000,000 are to be used to refund outstanding issues.
Commission
in connection with any single issue registered
Non-recurring items
.$6,883,049 $6,990,747
Represented by 202,875 no-par shares.
9 mos. ended Sept. 30 were published in V. 143, p. 3304.
The earnings for
Financial
3458
Chronicle
The list of underwriters and the amount underwritten by each follows:
Morgan Stanley & Co
Kuhn, Loeb & Co.a
Kidder, Peabody & Co..
Lee Higginson Corp
First Boston Corp
Brown Harriman & Co
Edward B. Smith & Co
Blyth & Co
Mellon Securities
Corp
Dillon, Head & Co
Bonbright & Co
Lazard Freres & Co
Clark Dodge & Co
Dominick & Dominick
Goldman Sachs & Co
Harris-Hall & Co
Hayden, Stone &Co
W. E. Hutton & Co
Lehman Bros
F. S. Moseley & Co
J. & W. Seligman & Co
—_
White, Weld & Co
Hornblower & Weeks
Jackson & Curtis
$20,000,000
10,000,000
8,000,000
4,800,000
7,200,000
7,200,000
7,200,000
4,000,000
4,000,000
4,000,000
3,200,000
3,200,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
1,200,000
Stone & Webster and
Blodget
$750,000
Spencer Trask & Co
750,000
Tucker
Anthony & Co...
W. C. Langley &Co
750,000
600,000
A. G. Becker & Co
500,000
Biddle Whelen & Co
500,000
500,000
Alex Brown & Sons
Central Republic Co
Dick & Merle-Smith
500,000
500,000
Eastman Dillon &Co
500.000
First of Michigan Corp
Foster & Co
600,000
500,000
Laurence M. Marks & Co...
500,000
Otis & Co...
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
Arthur Perry &Co
Rlter&Co
L. F. Rothschild & Co
Schroeder Rockefeller & Co..
Shields & Co
Singer Dean & Scrlbner
Starkweather & Co
Washburn & Co
Whiting Weeks & Knowles..
1,200,000
G. H. Walker & Co
1,200,000
Green Ellis & Anderson
350,000
1,000,000
Dean, Witter & Co
Securities Co., Milwaukee
Sehwabacher & Co
350,000
Bancamerica-Blair Corp
Charles D. Barney & Co
Cassatt & Co
400.000
750,000
Stern Bros & Co
750.000
Wells-Dickey & Co
350,000
350,000
Yarnall & Co
350,000
E. W. Clark & Co
750,000
750,000
Coffin & Burr, Inc
R. L. Day & Co
750,000
750,000
Estabrook
750,000
750,000
750,000
750,000
750,000
750,000
&
Co..,
Field, Glore & Co
Graham, Parsons & Co
Hallgarten & Co
Hayden Miller & Co...
Hemphill, Noyes & Co...
Kean, Taylor & Co
Ladenburgh Thalmann & Co.
G.-M
750,000
750,000
750,000
750,000
750,000
750,000
P. Murphy & Co
W. H. Newbold's Sons & Co
Paine, Webber & Co
R. W. Pressprich & Co
E. H, Rollins & Sons
750,000
750,000
Salomon Bros. & Hutzler
Schoellkopf, Hutton & Pome- '
roy
_
Bacon
Whipple & Co
Baker Watts & Co
300,000
300,000
Blair Bonner & Co
300,000
Robert Garrett & Sons
The Illinois Co. of Chicago..
Mackubiu Legg & Co
300,000
Newton Abbe & Co
300,000
750,000
750,000
Speyer & Co
General Robert Irwin
on
Nov. 23.
He
was
Nov.
7
Nov. 16
Nov. 21
October Power
$45,107,935
$42,866,455
$2,241,480
5
8,677,858
9,712,018
xl ,034,160
xll
$36,430,077
Provision for taxes
Net operating revenue
for retire, (renewals &
$109,263,353
$54,922,838
7
9
11,474,060
$33,154,437
$3,275,640
10
$59,632,865
11,782,553
maint., &c
3
Prov.
replacements)
Operating income
Decrease
x
undistributed earnings,
and(or) its subsidiaries for the year 1936.—V. 143,
Note—No provision is included for Federal tdx on
if any, of the company
P.
3306.
The company, on Nov. 19, filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2643, Form A-2,) under the Se¬
250,000
of 1933 covering $10,000,000 10-year 3% debentures, series
According to the registration statement, the proceeds from the
are to be used to retire outstanding short-term notes
and to purchase receivables in the ordinary course of the company's business.
The debentures are redeemable as a whole or in part by iot at any time
after 60 days' notice at the following prices plus accrued int.: If redeemed on
or before Nov. 30, 1938, 103%: thereafter and incl. Nov. 30, 1940, 102%;
Nov. 30, 1942, 101H%;Nov. 30, 1944,101%; Nov. 30, 1945, 100>3%', and
Nichols Terry & Dickinson..
250,000
Stern Bros & Boyce
250,000
250,000
Stroud & Co
1935
company,
Output—
1Q31
1934
33,737,000
34,257,000
35,014,000
35,437,000
1932
31,484,000
33,629,000
33,065,000
33,231,000
29,752,000
29,026,000
28,584,000
28,336,000
Output—
The power output of the electric subsidiaries of this
company for the
month of October totaled
219.670,627 kilowatt hours, against 190,462,319
kilowatt hours for the
corresponding month of 1935, ail increase of 15%.
^he>. 10 months ended Oct. 31, 1936, power output totaled 1,992,406,701 kilowatt hours, against 1,688,887,402 kilowatt hours for the same
period last year, an increase of 18%.—V. 143, p. 3304.
curities
With SEC—
Investment Co.—Files
Associates
Act
due 1946.
sale of the debentures
thereafter at par.
The company states that F. S. Moseley & Co. and Field, Glore & Co.,
both of Chicago, are expected t.o be the underwriters.
The price to the public, the names of any other underwriters, and the
underwriting discounts or commissions are to be furnished by amendment
to the
registration statement.
Extra
Dividend—Larger Regular Dividend—
The directors
on
Nov. 16 declared
extra dividend of 75 cents per
an
share
in addition to
a quarterly dividend of 50 cents per share on the common
stock, no par value, both payable Dec. 31 to holders of record Dec. 15.
The above distribution compares with 37^ cents per share paid on Sept. 30
and June 30, last, and quarterly dividends of 25 cents per share paid each
three months previously. In addition an extra dividend of 25 cents was paid
on Sept. 30 and June 30, last, and an extra of 30 cents was paid on Dec. 31,
1935. A stock dividend of 400% was paid in August, 1935.
In announcing the current dividends, President E. M. Morris wrote to
stockholders the following:
.
"By reason of the unusual earnings, and by reason of certain tax measures,
it has been felt by your Board of directors that the dividend policy should
be very liberal as compared with the past.
The dividend policy of the com¬
pany
for this year should not be considered any precedent as to its policy
in the future.
Anaconda Copper Mining Co.—Extra Dividend—
"The
The directors have declared an extra dividend of 25 cents
per share in
to the regular quarterly dividend of like amount on the capital
addition
stock, par $50, both payable Dec. 21 to holders of record Nov. 30. Quarterly
dividends of 25 cents per share were
paid on Oct. 19. July 20 and on April
20, last, this latter being the first payment made on the issue since Aug. 17,
193^when a dividend of 37^ cents
exps.,
JZ
$7,260,000
$4,710,027
308,493
Total gross oper. revenues.$116,523,353
Oper.
1,547,719
1,218,308
1,210,790
250,000
250,000
years foliows:
42,629,000
43,446,000
43,756,000
44,400,000
-
Equitable Securities Corp—
Mitchum Tulley & Co
Rees, Assistant Vice-President of this
65 years old.—V. 143, p. 3304.
1936
Ice
%
7
6
9
3
5
250,000
kilowatt hours, an increase of
4.7% over the output of 44,400,000 kilowatt
hours for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
48,431,000
47,728,000
47,134,000
46,495,000
Transportation
Heating
Water
ITICTCCLSG
Amount
$5,880,549
778,910
460,557
46,546
63,915
29,523
Elkins Morris & Co.
energy of the electric properties of American Water
Works & Electric Co. for the week ended Nov.
21, 1936 totaled 46,495,000
31
-
' 'vV
300,000
Amer. Waterworks & Elec. Co., Inc.—Weekly
Week Ended—
$93,299,837
13,340,372
5,766,343
1,594,265
1,282,223
1,240,313
250,000
Output of electric
Oct.
Gas
V
1935
$87,419,288
12,561,462
5,305,786
1936
12 Months Ended Oct. 31—
Electric
Sailaway Fish &Co
Obituary—
died
Earnings and Expenses of Properties Irrespective of
Dates of Acquisition
••',7:.'f\
v
t
Lawrence Stern &Co
Smith Moore & Co...
-
The motion
'
300,000
Moore Leonard & Lynch
of minority bondholders of the company for the
petition for authority to reorganize under Section
denied Nov. 18 by Federal Judge Julian W. Mack.
Consolidated Statement of
300,000
300,000
...
Merrill Turbin &Co
was
made by John R. Hamm, William H. Hornaday and Florence Binns.
Judge Mack noted that the motion papers embodying an answer to the
petition had been filed without permission of the court, but said that he
would consider the proceeding before him in part, as a request for per¬
mission to file, and would deny the request as well as the motion itself.
The security holders represented by Frank J. Comfort, of Des Moines,
and James G. Mitchell, of New York, denied that Associated Gas & Electric
was insolvent as well as other allegations made in support of the reorganiza¬
tion petition.
Judge Mack stated that accountants are now working in connection with
the stipulation under which it is hoped to work out a plan of reorganization,
agreeable to the petitioners and the company.
The next hearing was set for Jan. 8.
300,000
300,000
J. J. B. Hilliard & Son
Plan Denied—
in
was
300,000
Burr Cannett &Co
Minority Plea
A motion by a group
dismissal of the pending
77-B
1936
28
Nov.
per share was distributed.—V. 143,
policy of this company has been to retain
a
large portion of the
earnings in surplus for the reason that our institution is a constant borrower
of funds; in fact, banks and financial institutions advance to this company
more
than four times the amount of the
essential that at all times
institutions from whom
maintain
we
we
common
a
stockholders' equity.
fine credit standing with
It is
financial
borrow.
"The company will handle this year the largest volume of business in its
history, and earnings therefrom will likewise exceed any previous year by a
143, p. 3306.
substantial margin."—V.
Anglo-Iranian Oil Co., Ltd.—Interim Dividend—
The company paid an interim dividend of 17 7-10 cents
per share on
American depository receipts for
holders of record Oct. 30.—V.
ordinary registered shares
142, p. 3663.
on
the
Nov. 24 to
Apex Electrical Mfg. Co.—Resumes Common Dividends—
The directors have declared
a dividend of $1 per share on the common
holders of record Dec. 10.
The last previous
payment made in this issue was the five-cent dividend paid on Dec. 30,1932.
-—V. 143, p. 2666.
stock, payable Dec. 21
to
Athey Truss Wheel Co.—Application Approved—
The Chicago Stock Exchange has approved the application of the com¬
pany to list 150,000 shares of
capital stock, $4 par.—V, 143, p. 2357.
Atlantic Coast Fisheries
Co.—Earnings—
6 Months Ended Oct. 31—
1936
Net profit after deprec. & inc. taxes-.
Earns, per sh. on 296,305 shs. com.
stock (no par)
1935
1934
$99,718
86,203
lossl42,503
$0.33
$0.29
Nill
...
—V. 143, p. 1388.
Associated Electric Co.
(& Subs.)—Earnings—
\2Months Ended Sept. 30—
Operating
expenses
__
Maintenance
Provision for retirements
Federal income taxes
Other taxes
.
__
Operating income
Gorss income
Deductions from income—
Int.
on
1,748,937
124,635
Prov. for divs. not being paid on cum. pref. stock._
Associated Electric Co.: Int. on funded debt
on
I_I
143,175
170,895
Crl5,055
161,957
041,432
505
486
3,550,000
12,412
247,863
3,550,000
5,888
247,847
$1,127,009
$1,374,409
Note—No provision is made in this statement for Federal surtax on un¬
distributed profits, if any, for the current year.
Operations of subsidiaries
included from their respective dates of acquisition
only.—V. 143, p. 1387.
are
Associated Gas & Electric
Co.—Weekly Output—
For the week ended Nov. 14, Associated Gas & Electric
System reports
86,283,303 units (kwh.), which is 11.4% above that
net electric output of
reported for the corresponding week a year ago.
Output for the four weeks
to date was up 13.3% over the comparable period of last
year.
Gross output, including sales to other utilities amounted to 96,130,667
units.
Pay $2.25 Dividend—
The directors have declared
a dividend of $2.25 per share on the common
$50, payable Dec. 23 to holders of record Nov. 30.
This com¬
pares with $1 per share paid on Dec. 14, 1935, and on Dec. 15, 1934, this
latter being the first dividend paid since March 10, 1932, when a quarterly
payment of $1 per share was made.—V. 142, p. 2657.
stock,
par
Atlantic Coast Line RR.—Resumes Common Dividends—•
The directors have declared
stock,
a dividend of $1 per share on the common
$100, payable Dec. 23 to holders of record Nov. 30.
This will
paid on the common stock pince January, 1932, when
share was distributed.—Y. 143, p. 2826..
par
be the first dividend
$2 per
Atlas
expense--HI
Balance of income-
$7,172,727
1,744,003
on
unfunded debt
Amort, of debt discount and expense
$6,889,976
282,750
$6,980,807
*
funded debt
unfunded debt
Amortization of debt discount and
Interest charged to construction
Int.
$21,879,860 $20,271,341
10,616,258
9,115,852
2,026,602
1,685,109
1,314,980 1 1,257,167
237,451
146,679
1,291,395
1,176,557
$6,393,173
587,634
Other income (net).-_
Subsidiary companies: Int.
Atlantic Coast Line Co.—To
1935
1936
Total operating revenues..
Corp.—Registrar—
The Manufacturers Trust Co. is
pref. stock, and will act
common
new
as
registrar for 1,000,000 shares of the 6%
new option warrants to purchase
were assumed by the
3138.
registrar for the
stock and also for the old warrants which
corporation.—V. 143, p.
Atlas
Plywood Corp.—Earnings—
Earnings for the Month of October, 1936
Net earnings after all charges but before surtax on undis. profits
Earns, per share on 131,100 shs. common stock outstanding--
$38,744
$0.30
—V. 143, p. 3306.
Autocar
Co.—Group Files Suit—
Counsel for a group of 11 holding 1,555 shares of non-assented 8% cumu¬
lative preferred stock ($100 par), which were voted against the company's
reorganization plan, has filed a petition in Court of Common Pleas at Norristown, Pa., seeking appointment of three appraisers to determine the fair
valuation of the stock.—V.
143,
p.
2199.
(N. W.) Ayer & Soft- Inc.—Officials Answer Charges—
Officials of company filed answer in Common Pleas Court, Philadelphia,
24, to a suit by George H. Thornley, former Vice-President, who
to obtain control of the corporation.
Mr. Thornley, in a bill in equity filed last month, asserted that under a
Nov.
seeks
Weekly Output Dates Changed—
The System has changed the date on which its weekly output readings
recorded from Saturday midnight to Friday midnight.
This will allow
the various properties time to prepare and forward their computation early
in the week so the results can be released for publication on Wednesday
are
along with other large electric utility groups.
For the week ended Nov. 20, Associated Gas & Electric System reports
net electric output of 87,649,705 units (kwh.), which is an increase of 11.7%
over the comparable week of last year.
This is the highest output ever to
be reported by the System.
•?
voting trust agreement he was entitled to exercise an option to purchase
voting trust certificates representing 234,000 shares of capital stock owned
by jtbe estate of "Wilfred W. Fry, former President.
Mr. Thornley stated he gave notice of his intention to take up the option,
but the directors passed a resolution to have the corporation purchase the
Fry interest and to allocate the Fry shares to Harry A. Batten, President,
to Clarence Clarence L. Jordan, director, and to the corporation.
The answer of the officials asserted Mr. Thornley had full knowledge of
the action of the board and so was now stopped from taking legal steps
Volume
Financial
143
3459
Chronicle
against allocation of the Fry voting trust certificates. The answer stated
the action of the board of directors was approved by a majority of stock¬
holders and asked dismissal of the Thornley bill.—V. 143, p. 2826.
Baldwin Locomotive
We Invite
Inquiries in
Wisconsin Issues
Milwaukee and
Works—Special Master Reports on
Acceptances—
Howard Benton Lewis, special master in the
proceedings for the reorgani¬
Section 77B of the Federal Bankruptcy Act,
regard to the sufficiency and validity of the
acceptances of the plan of reorganization by security holders.
He finds that
the plan of reorganization has been accepted by or on behalf of holders of
two-thirds of each class of bonds and by or on hehalf of holders of a majority
zation of the company under
has concluded his report with
Phone Daly 6392
MILWAUKEE, WIS.
Teletype Milw. 488
of each class of stock.
After reviewing the objections which were made on behalf of William A.
Brady and the Brady Enterprises, Inc., of New York, to acceptances of
certain holders of common stock, the special master says:
"All the excep¬
tions to the sufficiency or validity of the acceptances to the plan of reorgani¬
zation, are dismissed, and, as before stated, the special master finds, and
reports, that the plan of reorganization has been accepted by the number,
in amount, of the debtor's creditors and stockholders required by Section
77B."—V. 143, p. 3306.
Balfour Building,
$1 per share in addition
the common voting
to the regular quarterly dividend of $1.25 per share on
trust certificates payable Nov. 30 to holders of record
dividend of $1 was paid on Nov.
Nov. 20. An extra
See also V. 142, p. 1457.
30,1935.
Baltimore & Ohio RR.—Earnings—
1936
1935
1934
1933
$15,893,214 $13,879,435 $11,035,589 $12,974,089
4,908,322
4,213,245
3,123,347
4,006,162
3,456,674
3,076,577
1,999,673
3,003,893
October—
Gross from railway
Net from railway
Net after
rents
given tne right to subscribe to one new share for eacn five shares
Any shares not taken by stockholders will be sold to a group of under¬
The underwriters are: Lehman Bros., Alex Brown & Sons, Mackubin Legg & Co., Baker Watts & Co., Lehman Corp., Stone & Webster and
Blodget, Inc., and Wellington & Co.—V. 143, p. 3307.
held.
writers.
Bon Ami Co.—Stock Dividends on Class
The directors have declared
Extra
Net
a
139,190,756 118,078,386 114,707,185 110,566,994
37,200,921
30,636,657
30,795,207
36,488,605
24,603,252
20,329,660
20,306,229
25,683,329
after rents...
of the
Compensation to Employees—
parent company and subsidiaries of
Boston & Maine
Period End. Oct. 31—
Operating revenues
1936—10 Mos.—1935
$4,855,049
$5,129,779
1936—Month—1935
Period End. Oct. 31—
$542,953
313,919
48,955
3,344,543
491,877
$149,863
13,826
$1,018,629
35,737
$1,328,663
53,793
Other income
&
Tax accruals
Operating income
Net oper. revenues
Net ry. oper. income—.
3,359,342
441,774
$175,259
Oper. exps., maint.
depreciation
$512,737
305,530
62,164
Gross oper. revenues
Other income
'Net
$185,198
60,339
$163,689
61,434
$1,054,366
608,998
$1,382,456
640,053
$124,859
$102,255
$445,368
$742,403
Brandywine Shares—Dividend—
—V.
Bankers Securities
Corp.—Acquisition—
announced on Nov. 21
of the building and assets of the Mark Store,
Inc., one of the leading department stores in Miami, Florida.
Mark Max will be President of the new Mark Store Co.—V. 143, p. 576.
M.
Chairman of the board,
Greenfield,
Barker Brothers
Corp.—Recapitalization Assured—Meet¬
ing Postponed—
Sufficient proxies have been received to assure success of the company's
recapitalization plan, according to Paul Quattlander, President.
Special stockholders meeting called for Nov. 25 to ratify the recapitaliza¬
tion proposal has been postponed to Dec.* 9. See also V. 143, p. 2516.
Bayuk Cigars,
Inc.—Preferred
Stock Called—
A total of 2,600 shares of first preferred stock have been called for redemption on Jan. 15, 1937 at $110 per share plus $1.75 accrued dividend.
Payment will be made at the Guaranty Trust Co. of N. Y.—V. 143, p. 3307.
Beaunit
dividend of 30.15 cents per share on Dec. 31 to
A dividend of 31H cents was paid on Sept. 30,
share was paid on June 30, last.
pay a
Mills, Inc.—Earnings—
Net income, after all charges, including taxes,
for 8 months ended Aug.
143, p. 1389.
Brazilian Traction. Light & Power
the purchase by this company
.
wl'l
holders of record Nov. 25.
last and in initial dividend of 17 cents per
—V. 143, p. 3306.
Albert
$125,008df$2,215,866 def$385,974
3139.
p.
The company
Net income
$757,251
632,243
$257,993
income
143,
$5,905,303
6,291,277
$4,125,028
6,340,894
$891,938
633,945
Gross income
-V.
Deductions.
RR.—Earnings—
1936—Month—1935
1936—10 Mos.—1935
$4,305,968
$3,906,560 $38,079,009 $36,283,178
1,303,949
1,047,498
7,864,839
8,682,339
818,942
672,362
3,176,675
4,995,338
72,996
84,889
948,353
909,965
Deductions
9,939
compensation to all employees
7^ to 15% of annual wages,
—V. 143, p. 2667.
143, p. 3306.
Bangor & Aroostook RR.—Earnings—
A and B Stocks—•
stock dividend of 2-100 of a share of class
cash dividend of $1 per share on
Directors authorized the payment of extra
From Jan. 1—
Gross from railway
Net from railway
—V.
a
the no-par class A stock both
payable Dec. 15 to holders of record Dec. 1.
A stock dividend of 1% was
paid on the class A shares on Dec. 16. 1935.
The regular quarterly cash
dividend of $1 per share was paid on Oct. 30, last.
The directors also declared a stock dividend of 1-100 of a share of class
A stock and a cash dividend of 50 cents per share on the no-par class B
stock, both payable Dec. 15 to holders of record Dec. 1.
A stock dividend
of ^ % in class A stock was paid on the B shares on Dec. 16, 1935.
The
regular quarterly cash dividend of 50 cents per share was paid on the B
stock on Oct. 1, last.
A stock and
Inc.—Extra Dividend—
The directors have declared an extra dividend of
will be
Period End. Oct. 31—
Gross
earns,
Operating
from oper
$1,329,047 $14,494,196 $13,630,983
$1,552,938
Transit
Manhattan
Brooklyn
11,738,397
11,951,059
1,206,842
1,291,719
expenses
Net earnings
—V. 143, p. 2828.
Co. Ltd.—Earnings
1936—Month—1935 ,
1936—10 Mos—1935
$2,844,657
$2,535,889 $26,445,255 $25,369,380
Corp.—Changes
in
Collateral—
The Brooklyn Trust
Co.,
as
custodian trustfee under trust indenture and
supplemental indenture, both dated May 1, 1936, securing the issuance of
$45,000,000 principal amount rapid transit collateral trust serial bonds, due
serially to May 1, 1951, and $65,000,000, principal amount rapid transit
collateral trust bonds, 4XA% series, due May 1, 1966, of the Brooklyn
Manhattan Transit Corp., has notified the N. Y. Stock Exchange that it
has received as an additional collateral to be held under said indenture
$118,000 face amount New York Rapid Transit Corp. demand note No.
R.T.D.N. 6, 5% dated Nov. 16, 1936, payable to its own order on demand
Brooklyn Trust Co., making a total of demand notes held by it of $2,505,000.
In order to accomplish this it was necessary for the trustee to release
1936, amounted to $298,435.
Net income for 1935 was $190,306
compared with $196,245 for the year before.
These figures represent the
combined operations of Beaunit Mills,.Inc. and its affiliated companies,
at
Beaunit Weaving Mills Corp., and Luxuray, Inc., which were
the company in October of this year.—V. 143, p. 3307.
$356,250—V. 143, p. 3308.
31,
acquired by
$118,000 cash from the deposited cash account, leaving a
Berghoff Brewing Corp.—Extra Dividend—
The directors have declared
an
■
the
15 to holders of record Dec. 5.
An
extra dividend or 25 cents in addition to a regular quarterly dividend of like
amount was paid on Nov. 16, and Aug. 15, last, these latter being the first
dividends paid since March 1, 1934 when a quarterly dividend of 30 cents
per share was distributed.—V. 143, p. 2667.
stock,
common
Berkshire Fine Spinning
Years End. Sept. 30—
Sales
Other income....
Associates, Inc. (& Subs.)—
1936
1935
1934
1933
$18,950,664 $16,030,990 $16,334,575 $12,608,879
85,614
102,942
179,574
314,737
Total gross income...$19,036,277
Depreciation
$16,133,932 $16,514,149 $12,923,616
17,744,865
495,017
16,456,977
526,039
15,527,214
12,408,198
255,778
Deduct—Cost of material,
labor & sell., admin. &
gen. exp.,
429,265
equipment-
Write-down
of
9,104
60,000
56,924
173,758
162,048
$208,527
3,085,275
34,743
$97,591
3,075,733
34,743
Cr826,356
36,733
23,404
72,389
$3,370,413
$4,234,859
$2,934,895
$3,085,275
4,234,859
34,743
Amort, of organiz. chgs.
Consolidated Balance Sheet Sept. 30
1936
Asseta
Cash
$
Other assets
608,719
1,621,594
57,853
3,834,228
814,714
Plant assets
7,970,948
Notes & accts. rec.
x
Marketable secs.
Inventories
1936
1935
$
—
409,957
1,136,126
62,937
3,945,411
967,435
8,356,446
1935
$
Liabilities—
Notes
$
pay.—banks
650,000
Cot'n accept's pay.
350,000
Accounts payable-
521,882
1,343,235
386 J 53
Res. for claims and
allowances
Deduct—Pref. divs. (7%)
$8,292,849
See b
740,625
Additional
Res.
contingL.
for
42,700
Other
taxes
192,403
300,000
payable-.
170,020
881,314
5,966
5,667
8,318,000
7,599,452
276,067
8,318,000
7,599.451
Capital surplus
Deficit
3,370,413
4,234,859
capital & surp_.
Preferred stock
y
Common stock
_
.
in 1935.
287,853 shares of no par value.—V. 143, p. 2358.
The
company
276.066
y
common
/
119,000
27,098
$7,690,103
x247,000
$9,217,182
x247,000
$8,937,294
x247,000
$2.44
$3.59
$3.71
$4.90
include 5,000 shares held in treasury,
y After deducting
segregated and set up as contributed surplus of $895,031.
z In¬
cludes interest income net of $12,142; income from sundry investment of
$4,085, and elimination of inventory reserve provided out of income in
prior years (less amount transferred to reserve for advertising, recondition¬
ing of building and legal matters of $150,000) of $400,000.
a Includes income from sundry investments of $4,075, less sundry inter¬
est expense net of $3,247; balance, $829; and elimination of reserve for ad¬
vertising, reconditioning of building, and legal matters of $150,000, less
Does not
amount
b Called for redemption Oct. 31,1935.
charged thereto of $150,000.
1936
$
build¬
ings, machinery,
equipment, &c. 2,749,047
Lasts
1
Tradenames, &C-.
1
Securities,
Inventories
-
int.,
Accounts payable
2,768,266
Res.for inc. taxes
1
b
-
.
3H% sink¬
ing fund debs
3,840,000
494,895
5,776,851
c
6,931,915
Capital surplus
869,791
Reserves
Common stock.
Contributed
ins.,
1
415,528
240,287
el04,354
1935
$
b
630,807
130,796
dl27,939
15-yr.
1,047,221
5,694,547
6,690,022
licenses, &c.—
1
16,409,653 16,841,722
Total
$
Accrued accounts.
1
228,812
&c
Cash
,
Liabilities—
Preferred stock
Real est.,
Accts. receivable--
14,878,313
Co.—Files Amendment—
$
1936
1935
Assets—
a
Represented by
has filed an amendment with Securities and Exchange
the offering price to stockholders of its 60,909
stock will be $21 each.
Stockholders of record Dec. 3
Commission stating that
146,910
—
$7,525,127
246,500
Earned
Total
_
surp.
surplus
30,631
246,500
3,112,195
895,031
7,525,127
3,840,000
161,538
247,000
3.118,508
895,031
7,690,103
16,409,653 16,841.722
$3,114,124 for depreciation in 1936 and $2,942,124
for redemption Oct. 31, 1935.
c Represented by
246,500 (247,000 in 1935) shares of no par value,
d Consists of current
year's taxes of $100,000 and prior years of $27,939.
e Consists of current
year's taxes of $70,000 and prior years of $34,354.—V. 143, p. 3140.
a
shares of
7,936
15,743
631,180
deductions
Profit and loss surplus
Prepaid
.-.14,908,056
Total
Market value $28,189 in 1936 and $33,499
Black & Decker Mfg.
225
—
Consolidated Balance Sheet Oct. 31
Minor, int. in sub.
14,878,313'
$9,430,275 $10,196,347 $10,034,627
220,857
222,421
229,066
741,330
741,000
741,000
Earns, per sh. on com._
7,012
125,651
Floor and process'g
14,908,056
264,000
$1,436,844
8,597,782
income taxes
Prov. for State and
Local taxes pay
x
$1,138,581
8,937,294
120,471
Sundry surplus credits
expense
22,000
Fed. Income tax
Total
$1,108,124
y8,322,151
7,690,103
Add—Previous surplus..
x
Deficit at Sept. 30
$602,746
profit
100,000
212,000
Shs.com.stk.out. (no par)
Net chgs. for non-oper. &
prior period adjust'ts.
70,000
Estimated income taxes.
TotalW-plus
22,186,8,61
18,000
of prior years
$72,8341oss$1228488
2,934,895
34,743
Net profit for period..
Previous deficit
25,481,385
24,094,157
144,000
Prem.
106,820
83,197
120,000
7,012
169,195
120,000
41,381
80,372
paid
23,195,440
ing fund debs.
pf. stk. purch. for red _
on pref. stk. called
Discount & exp. in con'n
with issuance of debs.
43,440
Reserve for contingencies
Reserve for income tax..
Interest
incl. deprec.
charges, bad
debts, &c
Int. on 15-yr. ZK % sink¬
Excess of cost over par of
subsid.
plant values
Reserve for bad debts
int.
and
Common dividends—
380,906
Losses from real estate &
scrapping
a$24,012,186z$25,320,282 $26,831,966 $23,887,705
uct to customers
Net
Cost of sales, oper., sell.
& other adm. charges.
1933
1934
1935
lN"©t SBflss finished prod.™
$1, payable Dec.
par
1936
Years Ended Oct. 31—
extra dividend of 25 cents per share on
balance on hand of
Co., Inc. (& Subs.)—Earnings—
Brown Shoe
in
After deducting
1935.
b
Called
3460
Financial
Burco
Inc.—Earnings-
Years End. Sept. 30—
1934
1933
$34,054
43,170
$46,893
30,670
242
107
387
173,647
99,950
$187,332
26,779
$77,331
26,608
1,260
$77,950
20,317
1,330
208
Interest.
1935
$41,096
46,044
333
-
408
Miscellaneous income...
Net prof, on sale of sec.
.
Directors' expenses
Statistical
•
800
Transfer agents and reg¬
istrars' fees
840
4,551
2,455
1QQA
6,008
2,013
4,999
1,377
3,239
2,769
3,098
3,326
3,391
3,437
41
1936
1935
Increase
$2,735,000
$2,705,000
$30,000
Caterpillar Tractor Co.—Earnings—
685
,
12 Months Ended Oct. 31—
Net sales
Gross
905
Driggs Engineering
-
26,062,244
$12,202,956
1,876,155
$7,531,499
1,791,254
$10,326,800
Cr533,429
$5,740,245
Cr359,784
-
-
Profit
& Ordnance Corp.writ¬
as uncollectible
Interest earned
Interest paid
5,320
24,384
$184,407
138,496
...
Earned surplus
$99,110
92,157
y$24,154
Z96.463
y$38,536
xl03,519
$45,911
Prov. for Fed. inc. tax..
34,582
8,893
$6,953
def$72,309
def$64,983
8,569
1935_
$52,058,544 $33,593,743
misc. income—. 39,855,588
profit (inventory estimated)..-—
Depreciation
1936
_
-
Cost of sales, oper. exp., &c., less
2,385
ten off
-
1,883,237
,5.572
3,022
931,129
$8,971,420
1,882,240
$5.77
1.00
$5,165,877
1,882,240
$3.24
.50
$4.77
$2.74
„
Provision for Federal taxes
Net profit
Shares outstanding
x
—
Earnings
per share before Federal taxes
Deduct per share prov. for Federal taxes
Of which
$72,309 paid out of capital surplus,
y Not including net
profit on sales of securities amounting to $113,633 (1933, $84,628) credited
(or charged) to capital surplus account.
Such net profit (or loss) is com¬
puted by applying sales against the average cost of securities purchased,
z Of which $73,209 was paid out of
capital surplus.
Note—The unrealized appreciation
(before provision for taxes upon
realization) of securities owned, based on market quotations at Sept. 30,
1936, was $232,221 as compared with an unrealized depreciation of $101,750
at Sept. 30, 1935.
Balance Sheet Sept. 30
x
.Assets—
1936
Liabilities—
1935
Cash in bank and
$111,472
Miscell. accts.
Prepaid
Acer.
2,185
&
Prov.
$185,578
16,170
rec.
for
come
V
22,823
8,893
declared
22,823
~8~297
Preferred
d
stock,
Preferred
346,600
346,600
Dr42,290
94,405
D/42,290
stock
in treasury
b Common stock.
.
94,405
Earned surp. from
Oct. 1, 1934
52,865
Total
$1,755,267!
$1,850,994
Total
$1,850,994 $1,755,267
no par
Sept. 30, 1935, $1,431,967.
b Represented by 94,405
c Represented by 34,600 no par shares,
d Represented by
shares.—V. 143, p. 2200.
Oct. 31,'36 Dec. 31,'35
Liabilities—
3,158,563
3,422.181
less reserves
Accounts,
$
payable 2,473,171
11,788,594
9,918,242
14,962,643 12,178,762
expenses
Dividends payable
Terminal
Buildings Co.—Earnings—
Period End. Oct. 31—
Loss after exps., deprec.,
int.,
&c.,
but
1936—Month—1935
before
and goodwill
Land, buildings,
equipment, &c__ 18,140,279 16,168,269
Miscell. props
202,474
229,158
x
1,826,347
1,175",000
y Capital stock... 9,411,200
9,411,200
Capital surplus...13,7 33,577 1 3,733,577
Earned surplus.-.18,562,423 15,531,832
Prepaid insurance,
35,314
45,337
taxes, &c
Total
48,297,892 41,951,928
Total
48.297,892 41,951.928
After reserve for depreciation of $11,324,237 in 1936 and $10,720,856
1935.
y Represented by 1,882,240 no par shares.—V
143, p. 3309.
x
in
Central Cold Storage Co.—Extra Dividend—
1936—10 Mos.—1935
$8,831
$7,905
Central
$130,759
$100,973
Bush Terminal
accumulations
1936—Month—1935
1936—10 Mos.—1935
fore Federal taxes
$3,175
$24,158
Illinois Securities Corp.—Clears
$123,572
on
a dividend of $3.60 per share on account of
the $1.50 preferred stock, no par value, payable Dec. 10
Nov. 30.
This payment will clear up all arrearages
$109,525
year was reduced $15,039 by extraordinary
reorganization of the company under section 77B
of the Bankruptcy Act.—V. 143, p. 2828.
Central RR. of New
I
October—
Gross from railway
Net from railway
Net after rents
Brothers—Applications Approved—
Jersey—Earnings—
1936
1935
1934
1933
$2,884,717
901,926
264,049
$2,580,856
780,466
121,891
$2,506,337
$2,437,000
791,846
26,165,403
6,600,413
1,279,811
24,665,206
6,865,206
2,170,695
24,346,145
7,286,575
2,698,589
937,887
2/9,994
From Jan. 1—
The Chicago Stock Exchange has approved the applications of the com30 par, and 570,000 additional shares of
£any to list 285,000 shares of 5% cumulative convertible preferred stock,
stock, $10 par.
common
The
Guaranty Trust Co. of New York has been appointed co-transfer
for 2,000,000 shares of common stock $10 par value and 350,000
shares of 5% convertible preferred stock
par value $30 each.—V. 143,
Gross from railway
Net from railway
Net
after
—V.
agent
rents
.
Years End. Sept. 30—
Profit from operations
1936
$483,403
30,662
1935
1933
1934
$405,823
62,024
35,952
11,130
50,253
$349,898
36,470
11,458
41,601
$245,052
36,541
24,598
27,391
$308,487
159,867
$260,369
93,007
$156,522
138,624
$595,091
277,811
$468,354
265,733
$353,376
193,510
$295,146
202,138
$317,280
$202,621
$159,866
6,404
96,630
$4.06
96,630
96,630
$2.70
97,130
$1.61
$688,321
385
$662,616
293,823
3,573
a50,592
$688,706
304,890
2,301
Crl78
$314,626
227,160
$381,693
227,160
$87,466
All taxes including Federal income
Other operating expenses
1935
$1,829,999
112,529
180,270
221,446
627,431
$656,211
Depreciation
$93,008
Crl ,753
1936
$1,956,862
109,755
203,342
194,080
793,471
revenues
Maintenance
$392,470
202,621
Depreciation
Miscellaneous (net)
Prov. for Fed. taxes
$154,533
Net operating revenue
Non-operating income—net
Surplus, Sept. 30
stock
out¬
per share
$3.19
Balance Sheet
1936
Cash..
1935
$366,908
$319,648
Customers' notes &
receivable
Inventories
400.257
573,332
75,713
320,002
497,825
73,800
U. S. Govt, bonds
and notes
Sept. 30
Liabilities—
Accts.
1936
$82,017
$46,138
Z62.186
54,087
60,394
48,315
43,272
1,632,000
185,775
payable
1935
26,154
Fed. inc. & capital
Investments
stock taxes
Divs. pay. Oct. 1.
Accr. wages, prop.
taxes, &c
140,000
Accrued int. receiv
955
Plant & equip...
412,643
166,000
1,295
403,041
y
Capital stock
Paid-in surplus
Earned surplus
1,632,000
317,280
185,775
202,621
Brands, formulae &
goodwill
Other assets, incl.
deferred charges
Total..
Gross income
Bond interest
Other interest
Other deductions
Net income
Preferred dividend requirements
standing (no par)
371,673
371,673
41,444
41,806
$2,382,923 $2,195,089
Total
...$2,382,923 $2,195,089
Less allowance
for depreciation of $655,145 in 1936 and $630,219 in
Represented by 96,630 shares of no par value, z Federal income
taxes.—V. 143, p. 3308.
y
Campbell, Wyant & Cannon Foundry Co.—Extra Div.
The directors have declared an extra dividend of
50 cents per share on the
capital stock no par value, payable Dec. 21 to holders of record Dec. 5.
22,802,918
6,561,153
2,046,326
Corp.—Earnings—
12 Months Ended Oct. 31—
Operating
California Ink Co. Inc.— ■Earnings—
80,718
'
143, p. 2831.
Central Vermont Public Service
p.3140.
Assete—
Up Preferred
holders of record
to
profit this
expenses connected with
Earnings
on
on the preferred stock, on which for the
past four years dividends have been
paid at the rate of 60 cents annually.—V. 143, p. 2201.
.
deprec. & int., but be¬
capital
share
The directors have declared
Co.—Earnings—
Period End. Oct. 31—
Profit
after
expenses,
Butler
extra dividend of 25 cents per
Arrearages—
—V. 143, p. 2992.
Note—October
an
the capital stock, par $20, payable Dec. 15 to holders of record Dec. 5.
The regular quarterly dividend of 25 cents per share was paid on Nov. 15
last.—V. 142, p. 946.
.
Federal taxes
1935.
340,359
1,882,240
Res. for Fed. taxes
Patents, trademks.
The directors have declared
accts.
408,933
—
shares,
no par
Bush
Shs.
1,759,960
Accrued payroll «fc
Notes & accts. rec.
1,292,101
Market value
4,229
Cash
6,953
1,300,399
Capital surplus
31,*36 Dec. 31,*35
$
Inventories
47,203
Res. for conting..
c
Balance Sheet
Oct.
Assets—
Com. stk. dividend
dend declared..
Securities at cost..
provision has been made for surtaxes on undistributed earnings for
1936, as the directors plan to declare a dividend on the common
stock, payable in pref. stock, sufficient in amount so that the year's net
profit will be distributed.
Net sales for the month of October 1936 amounted to $3,747,741 com¬
pared with $2,634,638 for the month of October 1935.
Net profit before
provision for surtaxes on undistributed earnings was $703,721 for the
month of October 1936 and $403,434 for the month of October 1935.
$17,488
24,384
13,031
17,620
1,722,058 al,533,717
divs.
received
No
x
1935
$4,606
tax
2,181
2,248
Net earnings per share.
the year
in¬
Fed.
Preferred stk. divi¬
expenses.
int.
1936
Accts. payable, &c
hand
on
x
$408,195
Ry.—Earnings—
Gross earnings
3,803
2,758
5,263
Interest paid
x
T'flCYPfl^P
Earnings of System for Week Ended Nov. 21
Adv. to and for the acct.
'
$3,479,413
4,849
4,964
3,451
Miscellaneous expensesInsurance
a
IQQfC
$3,887,608
Gross earnings
143, p. 3309.
—V.
State taxes
paid or accrued
Legal expenses
Net income
Dividends paid
Ry.—Earnings—
—V. 143, p. 3309.
Rent
of
1936
Earnings of System for Week Ended Nov. 21
Canadian Pacific
Total income
Salaries
and
Nov. 28,
Canadian National
1936
$40,884
45,210
$260,074
26,412
Dividends!
Federal
Chronicle
Balance
a
Of this
amount
$40,201 represents
extraordinary amortization of
debt discount and expense to offset income tax
savings for the year 1936
as
a
result of refunding operations.—V.
143, p. 3309.
Chesapeake & Ohio Ry.—Plans New Stock Issue—
The company on Nov. 19 applied to the Interstate Commerce Commis¬
sion for authority to issue not to exceed
$15,315,500 of preference stock,
series A, par value $100.
If authorized, the new issue will be distributed
pro rata to holders of common stock of record of Dec. 15, 1936.—V.
143,
p.3310.
Chicago Milwaukee St. Paul & Pacific RR.—Applies
for Equipment Trust Issue—
The road applied on Nov. 14 to the Interstate Commerce Commission
for authority to issue $3,180,000 of 3 M % equipment trust
certificates, series
P.
Bids already have been asked on the
issue, it was said, from 58 banks
and investment houses as well as 15 large insurance
companies.
Proceeds will be used for payment in part for the purchase of 30
freigh
locomotives and one passenger locomotive at a cost of $4,251,358.
T.
freight locomotives are to be obtained from Baldwin Locomotive Works
and the passenger locomotive from American Locomotive Co.
The trust certificates are to be dated Jan. 1, 1937, and mature Jan.
1952.
Interest payments would be made
Jan. 1 of each year.—V. 143, p. 2831.
semi-annually
on
July
1
1,
and
An
extra dividend of 25 cents was
paid on Sept. 30, June 26 and March 31
The regular quarterly dividend of 25 cents
per share which was pre¬
viously declared is payable on Nov. 30 to holders of record Nov. 7.—V. 143,
last.
p. 2992.
Canadian Canners
Ltd.—To
to receive
will be
a
a reduction in
5% from 6%.
into five shares
entitle holders
further dividend of 1% under certain conditions.
New shares
exchangeable into
one
share of common.—V.
Unify Traction
Federal Judge James H. Wilkerson at Chicago handed down an opinion
Nov. 21 tentatively approving a plan for reorganization and financial con¬
solidation of the companies constituting the Chicago Surface Lines
which
Recapitalize—
The company, in a letter sent to
stockholders, proposes
dividend rate on first cumulative preferred stock to
The plan also provides for exchanging each share of $100
par
of $20 par, with a participation clause attached which will
the
Chicago Surface Lines—City's Plan to
Upheld—
Lines
143, p. 1552.
have been in receivership for 10 years.
The plan is approved subject to
the traction interests obtaining a new franchise ordinance from the
city
council, permitting the Surface Lines to use the city's streets.
At present the four surface line companies in the city are operating on
periodic extensions of the old franchise ordinance of 1907.
Judge Wilkerson's
ruling that these companies must obtain
a new
ordinance before fina
Volume
Financial
143
of their
authorization
consolidation
and
reorganization
was
hailed as a
3461
Chronicle
of Cash only,
Comparative Consolidated Balance Sheet
The decision was also interpreted as upholding transportation home rule
for Chicago, which was approved by an overwhelming vote in a referendum
primary last April.
Enabling legislation for this home rule, sponsored
by Mayor Kelly, was passed by the State Legislature in the spring of 1935.
The home rule bill provides that Chicago shall have power to pass an
ordinance prescribing the kind of service transportation companies shall
offer, including the determination of routes, schedules and types of equip¬
ment to be operated.
Until passage of the bill this power was in the hands of the Illinois Com¬
merce Commission, appointed by the Governor.
The Commission retains
jurisdiction over rates and financial structures of transportation companies.
The plan conditionally approved by Judge Wilkerson is known as the
Abbott plan.
It was prepared by a reorganization committee headed by
W. Rufus Abbott, former Chairman of the Board of the Illinois Bell Tele¬
phone Co.
The proposal, in effect, consolidates into one corporation the four com¬
panies that have been operating as a single unit since 1914.
It contem¬
plates the acquisition of the properties of the four companies by one cor¬
poration to be known as the Chicago Surface Lines, Inc.
The four companies are the Chicago Railways, which operates the north
and west side surface lines, and three south side lines, the Chicago City
Railway, the Calumet & South Chicago Ry. and the Southern Street Ry.
The Chicago City & Connecting Railways Collateral Trust owns stock
control of these south side lines and also controls shares of the Chicago &
Western Ry., a small leased property on the outskirts of Chicago, and partly
outside the city.
The four companies have been administered by receivers.—V. 142, p.
Assets—
1,537,049
289,049
6,134
1,090,819
931,094
7,565,436
290,300
4,820
350,328
5,992,008
226,896
5,941
357,154
240,019
8,600
27,117
Miscell. investm'ts
82,418
300,584
73,386
188,956
Land, bldgs., &c.
2,067,817
1,414,969
Accts. receivableNotes receivable.
producers
Inventories
Prepaid expenses.
October—
1936
Net after rents
From Jan. 1—
Ry.—Earns.
1934
$966,200
264,368
197,846
1935
$1,472,942
593,628
484,333
$1,259,262
527,302
432,079
Invest,
$979,337
361,010
265,332
306,198
5,000
in
from
703,381
171,142
to
114,360
other
23,888
74,162
producers
16,364
45,595
150,000
Mtge. payable
30L597
351,630
for'n customers.
120,708
226,111
payable.
53,981
7,804
262,185
Deposits
life insurance-..
a
v
Deposits rec. from
value of
sur.
Owing
100,000
14,302
1,034,555
Res. for Fed. tax..
out¬
side producers--
Cash
Accts. pay. & accr.
Adv. payable from
domestic cust..
Dividends payable
wholly-
Cash in trust with¬
held
bank.
expenses
owned for. subs.
Funds withheld...
Res. for conting..
Stock div.
on com.
Conv. pref. stock.
54,550
17,696
237,197
1,171,788
517,830
b Common stock..
3,487,500
3,788,433
2,276",507
Capital surplus...
Earned surplus...
67,505
4,021,994
3,857,258
13,440,453
9,921,638
S2.75 conv. pf. stk.
Total
13,440,453
After
sented by
1933
.
-
Deposits
a
Gross from railway
Net from railway......
_
Advance to outside
25,000
Notes payable
L'ns pay. to
$
$
Liabilities—
$
$
Cash,
3843.
Cincinnati New Orleans & Texas Pacific
Sept. 26 '36 Sept. 28 '35
Sept. 26 '36 Sept. 28 '35
at the
reserve
296,649
of
9,921,638
Total
67,070
$1,273,347 in 1936 and $1,111,367 in 1935.
b Repre¬
shares in 1936 (182,382 in 1935).—V. 143, p. 3311.
no par
Commercial Credit Co.—Extra Dividend—
Nov. 19 declared a quarterly dividend of $1 per share
of $2 per share on the common stock, par $10,
15 to holders of record Nov. 30.
This compares with
$1 paid on Sept. 30 last; 75 cents paid on June 30, last; 62 H cents per share
paid on March 31, last, Dec. 31 and Sept. 30, 1935; 50 cents per share paid
in each of the three preceding quarters, and 25 cents per share on Sept. 30,
June 30 and March 31, 1934.
Prior to this latter date no payments were
made on the common stock since June 30, 1932, when 12]4 cents was dis¬
bursed.
On March 31, 1932, 25 cents per share was paid and on Dec. 31
and Sept. 30, 1931, dividends of 40 cents per share were paid, while from
March 30, 1929 to and incl. June 30, 1931, quarterly payments of 50 cents
per share were made.
In addition, a stock dividend of 20% was paid in
common stock on Sept. 30 last, and an extra cash dividend of 25 cents per
share was distributed on Sept. 30 last.
The directors
and
extra
an
on
dividend
both payable Dec.
Gross from railway
13,816.336
5,470,700
4,059.836
Net from railway......
Net after rents.
10,414,772
3,845,079
2,754,446
11,178,233
3,937,139
2,963,606
9,946,503
4,026,581
2,995,874
—V. 143, p. 3310.
Clark Controller Co.—Files with SEC—
The company has filed a registration statement
with the Securities and
Exchange Commission covering 14,284 shares of common stock (par $1).
Company will offer the common stock for subscription at $16 per share pro
rata to the holders of record Nov. 20, 1936, in the ratio of one share of new
stock for each 10 shares of old stock held.
Rights to subscribe will be
evidenced by transferable full share subscription warrants and will expire
Dec. 19, 1936.
Any stock not subscribed for will be sold by the company,
at the market price then prevailing.
Proceeds will be used to refund to the treasury expenditures made for
land buildings erected in 1936, machinery and equipment purchased and
additions to inventory of material and parts.
Earnings for 8 Months Ended Aug. 31, 1936
Net income after all charges and
and excess profits taxes
provision for Federal income
$236,381
No provision has been made for Federal surtax on
—V. 143, p. 3143.
Clark
undistributed
No provision has been made for taxes on
g
profits.
victory for the city.
undistributed profits.
Equipment Co.—Extra and Larger Regular Dividend
The directors have declared
an
extra dividend of 50 cents per
share in
addition to
a quarterly dividend of 40 cents per share on the common stock,
value, both payable Dec. 15 to holders of record Nov. 28.
A divi¬
dend of 30 cents was paid on Sept. 15, last; dividends of 20 cents per share
were paid each three months from March 15, 1934 to and including June
15, last, and 25 cents per share was paid on Dec. 28, 1933.
Prior to this
latter date no dividends had been paid since December, 1931, when a quar¬
terly payment of 25 cents per share was made.—V. 143, p. 2831.
Extra
Compensation to Employees—
Desiring substantially to recognize the efforts of the officers and employees
compensation of one month's
salary was declared, payable Dec. 15, 1936 to such officers and employees
who are on Dec. 1, 1936 and who were prior to Jan. 1, 1936 on the payroll
of the corporation or of any of its now existing subsidiaries.
A special compensation of one-half of one month's salary was declared,
payable on Dec. 15, 1936 to all other employees who are on the payroll on
Dec. 1, 1936.
This special compensation to all officers and employees is
in addition to the 5% special compensation paid on June 30, 1936 to those
employees whose annual salaries were not more than $10,000 and who were
on the payroll prior to July 1, 1935, making a total of more than $550,000
of the corporation and its subsidiaries, a special
for the year.
In addition,
current salaries have generally been readjusted upward
during the current year, which policy will be continued.—V. 143, p. 2832.
no par
•V
Cluett
Peabody & Co.
Inc.—Special Common Dividend
—Employees' Distribution—
The directors have declared
a
special dividend of $3 per share on the
stock, no par value, payable Dec. 15 to holders of record Nov. 30.
quarterly dividend of 25 cents per share was paid on Nov. 2
common
The regular
last.
distribution
The current
board
of
directors
in
on
view
the common stock
of the
Federal
tax
has been made by the
undistributed profits.
on
Except for this tax law, the board would not have made so large a distribu¬
tion at this time, in view of the company's requirements for working capital
due to increased inventory and larger accounts receivable caused by its
increased sales.
However, after a careful weighing of consideration, the
board decided to make this dividend payment in order to reduce the tax on
undistributed profits.
In recognition of the excellent cooperation the company has received from
all of its employees, it is making distribution to them also.
Every employee
will receive a participation equal to 6% of his or her earnings for the first
six months of 1936 if the earnings be no grater than an average of $40 per
week.
If the earnings be greater than $40
a week, 6% will be paid only
on
the average of $40.' Employees who came with the company after
July 1, 1936 will have had no earnings for the first six months, but if they
were employed before Nov. 15, 1936, they will receive a distribution of $10
each.—V. 143, p. 915.
Colt's Patent Fire Arms Mfg.
The directors
in addition to
on
Nov.
quarterly dividend of 32 ents per share on the
common stock, par $25, both payable Dec. 19 to holders of record Dec. 1.
A special dividend of 50 cents per share was paid on Dec. 31, 1935, Dec. 31,
1934 and on Dec. 30, 1933.
Employees' Distribution—
Directors announced that employees will receive 5% of earnings for last
quarter, similar distributions having been made in previous quarters, and
months.—V.
receive
143, p.
special disbursement of 10% on earnings for 12
1555.
a
Columbia Pictures Corp.
(& Subs.)—Earnings—
Income Account (Company and
13 Weeks Ended—
Balance
$161,627
9,681
$511,234
d68,850
$223,977
d58,291
$171,308
*42,050
$580,084
85,000
$282,268
42,655
$129,258
4,018,463
$495,084
4,627,555
$235,712
3,151,129
$241,779
1,984,938
$4,147,721
51,565
f74,162
$5,122,638
12,946
el,217,384
35,050
$3,386,841
12,946
42,543
$2,226,717
12,945
$4,021,994
$3,857,259
$0.26
$2.64
$3,329,852
$1.30
Prov. for Fed. inc. tax..
Exps. relating to org. &
est.
of newly formed
foreign subsidiaries
Total surplus
on
Divs.
on common
pref. stock
stock.
expenses
Miscell.
Earns.per sh.on com.stk.
record low
e
$1.36
Consists of $45,595 in cash and $1,171,788 in stock.
cost
to the
a yield of 2.825% to maturity.
by the corporation represents a
issuing company of any similar recent long-term debt
financing.
Extra Dividend—
The directors on Nov.
in addition to the regular
19 declared an extra dividend on $1.25 per share
quarterly dividend of $1 per share on the common
value.
The extra dividend will be paid on Dec. 15 to holders
of record Dec. 5, and the regular quarterly dividend is payable Jan. 1 to
stock,
no par
holders of record Dec. 5.
Previous cash distributions were as follows:
$1
on
Oct. 1, last; 90 cents
July 1, last; 75 cents per share on April 1, last; 75 cents regular and
25 cents extra paid on Jan. 1, 1936; 70 cents regular and 40 cents extra on
Oct. 1, 1935, and 50 cents per share paid each three months previously.
An extra dividend of 50 cents was paid on Jan. 1, 1935.
In addition a stock
on
dividend of 20% was
For detailed record of dividend
Number" of "Railway & Industrial Compendium."
paid on June 1, last.
paymentssee "Industrial
Completes Acquisition of National Surety Corp.—
corporation on Nov. 25 completed the acquisition of all of the
by paying the balance of the purchase price
$10,031,000 in cash to Superintendent Pink of the New York Insurance
Department and taking delivery of the stock.
C. I. T. was awarded the
stock of the corporation by a recent decision of the Court of Appeals of the
State of New York confirming its high bid in proceedings initiated by
The
stock of National Surety Corp.
of
Superintendent Pink earlier in the year.
Simultaneously announcement was made by C. I. T. that it will imme¬
diately increase the capital of National Surety Corp. to $2,500,000 by
paying into the treasury $1,500,000 cash for additional capital stock at par.
The surplus of the company at Sept. 30, 1936, according to reports fled
by the management with the insurance department, was in excess of
$6,500,000, so that with the additional capital its combined surplus to
policyholders will be in excess of $9,000,000.
Both the surplus account
and total assets show a substantial gain since the first of the year.
Discussing the capital increase, Henry Ittleson, President of C. I. T.,
said:
of the surety business is financial strength and we
that the capital funds of National Surety Corp. shall be second to
proportion to the liabilities assumed.
Accordingly we shall take
steps immediately to amend the charter of National Surety, increasing the
capital from $1,000,000 to $2,500,000, the increase to be paid in by C. I. T.
in cash for the new stock at par.
The additional capital will bring the total
assets of National Surety to more than $20,000,000.
"A strong capital position is necessary because the field of a surety com¬
pany includes the largest corporations in the country, as well as public
officials, trustees and other persons in positions of the highest responsibility.
"It is the intention of C. I. T. to hold National Surety Corp. as a wholly
owned subsidiary, to be operated and developed as an integral part of
C. I. T. activities, to which the principal of surety business is closely
related.
The company will continue under the management of its President,
Vincent Cullen, and it is expected that it will be able to extend and
"The first requisite
propose
in
strengthen its agency connections throughout the country.
"We consider the acquisition of National Surety Corp. an important
extending the diversified activities of our corporation."—V. 143,
step in
Commonwealth
$2,213,771
b After deducting general, administrative and selling expenses, including
depreciation in furniture and fixtures in main office and branches, amount¬
ing to $10,806 in 1936, $7,550 in 1935, $8,216 in 1934 and $7,042 in 1933.
c
Including depreciation of studios and studio equipment capitalized as
production cost: 1936, $39,606; 1935, $30,151; 1934, $25,838; 1933, $38,711.
d Includes $61,782 in 1935 ($33,490 in 1934) operating profit of foreign
8ubs. and branches,
by the insurance companies at a price
p.2832.
1,500
adjustments—
Balance
$282,782
41,003
3,902
Net profit
Previous balance
Other
$253,917
28,865
profit before Fed¬
eral income tax
Divs.
The debentures were purcnased
of 101.50, tne price being equivalent to
It is understood that the price received
none
Other income
Net
Domestic Subsidiaries)
Sept. 26 '36 Sept. 28 *35 Sept. 29 '34 Sept. 30 '33
$2,744,922
$2,535,773
$2,036,275
$1,445,114
2,583,295
2,024,539
1,812,298
1,190,178
1,019
b Net profit
c Amort, of film, &c
Interest
charges
made Nov. 24
by the corporation of $33,000,000 3% debentures
maturing in November, 1946.
The entire issue was sold
by the company to a group of six insurance companies
through Dillon, Read & Co., Inc.; Lehman Bros.; Lazard
Freres & Co.,, Inc., and Kuhn, Loeb & Co.
The sale was
a private transaction.
of the sale
Co.—Special Dividend—
19 declared a special dividend of $1.25 per share
the regular
in addition will
Commercial Investment Trust Corp.—$33,000,000 3%
Debentures Sold Privately—Announcement was
Edison
Co.—$1
Special
Dividend—
Wages Increased—
The
have declared a special dividend of $1
stock, par $100, payable Dec. 17 to holders of
directors
common
per share on the
record Dec. 3. A
regular quarterly dividend of $1 per share was paid on Nov.
James Simpson, Chairman of the Board, on Nov. 23 issued
2. last.
the following
statement:
In the nine
months of the year preceding the recent reduction in its rates
by the Ulinois Commerce Commission, company had accumulated a surplus
over dividends which would be subject to the higher rates of the new Fed-
,
3462
Financial
eral surplus tax.
special dividend.
Directors of the company therefore declared the above
15 of a bonus to all em¬
ployees except principal executives, equal to 2}4% of their pay in the 12
months preceding Sept. 30, 1936, and authorized the announcement of a
2Yi % increase in wages of employees effective Jan. 1, 1937.—V. 143, p.2994.
Commonwealth & Southern Corp.
(& Subs.)—Earns.
Period End. Oct. 31—
1936—Month—1935
1936—12 Mos—1935
$11,744,355 $10,537,462 $132,582,236 $120,005,498
Operating exp. & taxes,
6,122,835
5,347,468
68,929,453
60,068,543
Prov. for reoirem't res__
1,032,252
850,086
11,449,093
10,380,194
Int. & other fixed charges
3,224,198
3,478,873
39,999,547
40,801,875
Divs. on pref. stock
749,764
749,746
8,997,093
8,996,870
revenue
Balance
$615,373
$3,207,048 def$241,984
$111,287
75-Cent Dividend—
Nov. 24 declared
on
a
dividend of 75 cents per share on
the preferred stock, $6 series, payable Jan. 2 to holders of record Dec. 11.
A payment of like amount (which is one-half of the regular rate) was made
in each of the seven preceding quarters.
In
commenting upon the dividend action taken, Wendell L. Willkie,
President of the company, stated:
"Although present consolidated earnings are in excess of annual dividend
requirements of the preferred stock, the directors deemed it advisable to
preserve cash because our Southern companies are unable to meet their
own financial requirements.
The impending competition of the Tennessee
Valley Authority causes the bonds of these Southern companies to be nonsalable at current market interest rates and their preferred stocks to sell
as much as 40 points below par.
"The corporation, during the past year, therefore, has been compelled
to make additional loans to these companies to the amount of $8,831,000
for necessary construction and other business operations and it is now ap¬
parent that large additional sums must be advanced next year for additional
construction.
"The Northern
of the
companies
Commonwealth
&
Southern
Corp.,
free from the uncertainty caused by the operations of the TVA, are able to
finance their construction requirements at low interest rates and have been
able to refund their senior securities on such a basis that a similar refunding
our Southern companies would save them over six million dollars a year
in interest and preferred dividend charges.
This is equal to approximately
by
one-half
of
the
entire
revenue
received
annually from their
more
than
400,000 domestic electric consumers.
"The
officers
and
directors
hopeful that their long continued en¬
deavors to work out a solution of this problem with the Government, either
through joint power pooling or otherwise, will be consummated during the
next year.
If such accomplishment should be brought about, these compa¬
nies could then finance their construction program, could more than double
their present construction budgets and put thousands of additional people
to tfork while at the same time they could refund their outstanding obliga¬
tions in the mast favorable money market that has existed for over 50 years.
"Since no one is wise enough to know how long this period of cheap money
may prevail, we are hopeful that a stabilization of the utility operations in
the Southeast may be brought about at an early date in order that there
may not be a permanent burden cast on the rate-payers in that area which
will not be borne by the consumers in areas of the country free from such
Government competition.
"The benefits of such refunding become obvious when it is realized that
out of every dollar of revenue received by our companies in the Southeast
from all of their customers, we expend approximately 24 cents for labor,
13K cents for taxes, 19H cents for material and supplies and 38H cents
for cost of borrowed capital (bonds and preferred stocks).
We obviously
should not reduce wages paid; we have no ability to reduce the taxes or the
cost of supplies, consequently our only opportunity to reduce costs to any
appreciable extent is to reduce the cost of renting capital."
are
October Gas and Electric
Output-
Navy, brings the total number of units of this type now on order with the
176, aggregating a dollar volume of approximately $19,000,000,
3,300 employees of the company continuous employment well into 1938.
This is the third contract for this type of airboat to be awarded to Con¬
solidated, indicating the Navy's satisfaction with this type of boat, and
constitutes the largest peace time production of large type airboats in the
history of aviation.
The planes are large flying boats with a wing span of
over 100 feet and a cruising range sufficient to easily accomplish any trans¬
oceanic voyage.
The company is also engaged in the production of a
number of similar but earlier type airboats for the Argentine Navy.—V. 143,
p. 1871.
•■■■•.
•..;//" j,/
Electric Output—Electric output of the system for the month of October
707,292,715 kwh.
compared with
579,003,899 kwh. for October,
1935 an increase of 22.16%.
For the 10 months ended Oct. 31, 1936, the
output was 6,365,664,819 kwh. as compared with 5,241,272,615 kwh. for
the corresponding period in 1935, an increase of 21.45%.
Total output
for the year ended Oct. 31, 1936 was 7,540,448,311 kwh. as compared
with 6,213,434,720 kwh. for the year ended Oct. 31, 1935, an increase of
21.36%.—V. 143, p. 2832/
as
Community Water Service Co. (& Subs.)—Earnings—
12 Months Ended Sept. 30—
1936
Operating expenses, maintenance and taxes
Gross
income
1935
$7,438,070
3,823,897
Gross earnings.
a
$7,381,941
3,573,716
$3,614,174
2,265,420
9,928
$3,808,225
2,314,179
676,409
10,460
360,472
415,371
380,375
438,673
$92,523
Interest, amort, of discount, &c., of subsidiaries._
b Preferred dividends of subsidiaries
$11,871
655,505
Minority interest
Int., amort, of discount, &c., of Community Water
Service Co...
Reserved for retirements
Net deficit......
a After deduction of $206,821 in 1936 on account of rate reduction ordered
effective Nov. 1, 1935, for the New Rocheile Water Co. but appealed.
b Includes cumulated dividends on
preferred stocks of subsidiaries not
declared or paid. $205,949 in 1936 and $78,020 in 1935.
Note—The above earnings for 1936 are before deduction of the Federal
undistributed
profits imposed under the Revenue Act of 1936,
can not be finally uetermined until the end
All figures are subject to audit in so far as they contain earn¬
ings for the year 1936.—V. 143, p. 1069.
surtax
as
on
the amount of such surtax
of the year.
Connecticut Light & Power Co.—Files Bond Issue—
The company has filed an application with the Connecticut P. U. Com¬
mission for approval to issue $16,000,000 3H% 30-year bonds, proceeds
of which will be used to redeem $8,530,500 series C and $7,287,000 series D
bonds.
The registration statement was filed with the Securities and Exchange
Commission, Nov. 25.
Putnam & Co., of Hartford, and Charles W. Scranton & Co. of New
Haven, underwriters of a previous issue of $14,500,000 3Ms, will be the
underwriters.
This will complete the refinancing plans of the company, leaving only
$298,000 of Central Connecticut Power & Light Co. 5s due 1937 and
$195,000 non-callable Northern Connecticut Light & Power 5s, due 1946.
Earnings for 12 Months Ended Oct. 31
1936
Gross operating revenue
Net avail, for divs. and other corp. purposes
Balance available for common stock and
x
per
Based
other
3,872,344
x$3.373
share--
on average
1935
$18,464,412 $17,461,505
4,667,920
4,582,124
corporate purposes...
Earnings
Ltd.—Extra Dividend
Consolidated Bakeries of Canada
The directors have declared an extra dividend of 20 cents per
share in addi¬
regular quarterly dividend of like amount on the common stock,
no par value, both payable Jan. 2 to holders of record Dec. 15.
An extra
dividend of 10 cents per share was paid on Jan. 2, 1936.—V. 143, p. 1871.
a
Consolidated Car Heating
Co.—Larger Common Div.—
The directors have declared a dividend of $2 per
share on the common
stock, payable Dec. 15 to holders of record Nov. 30.
This compares with
$1.50 per share distributed in each of the four preceding quarters.—V. 141,
p. 3375.
Consolidated Electric & Gas Co.—Note
Exchange Offer—
holders of 5-year 6%
gold notes, due Aug. 1, 1937, covering an excnange offer which
is being made to such holders.
The letter states:
A letter dated Nov. 20 has been addressed to the
secured
At the time of the issue of the notes
($10,000,000) there were pledged
$10,000,000 collateral
under the note indenture, as security for the notes,
gold bonds, 6% series due 1957, of company.
Of this amount, $4,000,000 was then held subject to the prior lien, created by the noteindenture,
of Harris Trust & Savings Bank, as trustee under the first lien collateral
trust indenture of Federated Utilities, Inc., dated March 1, 1927, for the
purposes and to the extent provided in the note indenture.
It is provided
in the note indenture that upon the retirement of any of the first lien
collateral trust bonds of Federated Utilities, Inc. that were outstanding
on Aug. 1, 1932, the principal amount of the collateral trust bonds of the
company held under the note indenture upon which Harris Trust & Savings
Bank, as trustee ender the indenture of Federated Utilities, Inc., shall
have a lien, shall be reduced in the same principal amount as the amount of
Federated Utilities, Inc., bonds so retired.
Thus, when an aggregate of
$4,000,000 of Federated Utilities, Inc., bonds that were outstanding on
Aug. 1, 1932, shall have been retired, all of such rights granted to Harris
Trust & Savings Bank, as trustee under the indenture of Federated Utilities,
Inc., shall cease and determine.
Pursuant to the above-described provisions relating to the reduction of
the prior lien of the trustee under the indenture of Federated Utilities, Inc.,
and treating certain bonds of Federated Utilities, Inc., which are now
intercompany owned as being retired, the $10,000,000 notes outstanding,
of which $84,000 are held in the treasury, now have a first lien on $7,670,500
collateral trust bonds of the company pledged thereunder and a lien, sub¬
ject to the prior lien of the trustee of the indenture of Federated Utilities,
Inc., on the balance, or $2,239,500 of collateral trust bonds so pledged.
In other words, the notes now have a first lien on approximately 77%
princpal amouni of the collateral trust Donds and a junior lien on approxi¬
mately 23% principal amount of the bonds.
The note indenture also provides that whenever the $10,000,000 of
collateral trust bonds of the company are neld under the note indenture
free from any claim of the trustee under tne indenture of Federated Utilities,
Inc., then the holders of the notes snail have the right and privilege, upon
surrender of their notes to the trustee for cancellation (with all unmatured
coupons attached) to receive from the trustee a like principal amount of
collateral trust bonds then held by the trustee, with all unmatured coupons
trust
attached.
Gas Output—Gas output of the system for the month of October was
1,100,948,900 cubic feet as compared with 950,249,500 cubic feet for
October, 1935, an increase of 15.86%.
For the 10 months ended Oct. 31,
1936, the output was 10,483,352,300 cubic feet as compared with 8,949,925,700 cubic feet for the corresponding period in 1935, an increase of
17.13%.
Total output for the year ended Oct. 31,1936 was 12,760,238,100
cubic feet as compared with 10,799,849,000 cubic feet for the year ended
Oct. 31, 1935, an increase of 18.15%.
was
1936
28,
the company announced on Nov. 19.
In addition orders for spares equip¬
ment to 35 additional boats increases the total to 211 units and assures the
tion to
The directors
Nov.
company to
The directors also authorized payment on Dec.
Gross
Chronicle
3,762,680
$3,278
number of shares outstanding.—V. 143, p. 3143.
Unless there is
a
marked improvement in the market for Consolidated
Electric & Gas Co. securities, it will be difficult t(^ refund tne $10,000,000
of notes which mature on Aug. 1, 1937.
After careful consideration, a
plan has been prepared by the management which will make available to
the noteholders the rignt to exchange their notes for a like principal amount
of collateral trust gold bonds, 6% series due 1957, of tne company, which are
held under the note indenture but are now subject to the prior lien above
described.
This right of exchange is not now available to the
and it is not
noteholders
anticipated that it will be available to them, except through
this plan.
In order to make this plan possible,
it will be necessary to terminate the
prior lien on $2,329,500 of the bonds.
The management believes that,
by the time an amount of notes sufficient to insure tne successful con¬
summation of this plan shall have been deposited for exchange, it will be
in a position to satisfy the prior lien of the trustee under the indenture of
Federated Utilities, Inc., on the part of the collateral trust bonds now
pledged under the nore indenture, so that the collateral trust bonds pledged
under the note indenture will be available for exchange for the notes.
It is the intention of the company, if the prior lien above referred to shall
have been discharged on or before Aug. 1, 1937 and all or substantially
all of the notes have been exchanged for bonds under the plan, to covenant
with the trustee under its collateral trust indenture, dated Aug. 1, 1932,
securing its collateral trust gold bonds, 6% series due 1957,3%-6% A series
due Aug. 1, 1962, and 3%-6% B series due Aug. 1, 1962, that whenever
any dividends, except dividends payable in stock or stock dividends, are
paid on the preferred stock of the company, it will, on or before the date of
the payment of any such dividend, deliver to the trustee a principal amount
of bonds (of any series) and (or) cash equal to the aggregate amount of the
dividend to be paid; any bonds so delivered shall be canceled and-any
cash so delivered shall be used by the trustee for the acquisition and retire¬
ment of bonds of any series.
This covenant will be subject to the condition
that whenever $14,000,000 of said bonds outstanding under the indenture
on June 30,
1936 shall have been retired pursuant to said covenant, or
otherwise, then the principal amount of bonds and (or) cash required to be
delivered to the trustee pursuant to this covenant in any calendar year
shall not exceed $500,000.
Noteholders are urged to cooperate in making this plan operative by
depositing the notes promptly (with all unmatured coupons attached)
with Harris Trust <& Savings Bank, Chicago, depositary.
Bank Loans—The company states that subsequent to June 30, 1936, the
bank loans of the company have been reduced to $4,243,192, principally
through the delivery to the banks of $2,000,000 of collateral trust gold
bonds, 3%-6% A series due Aug. 1, 1962, of the company which had been
previously reacquired and an agreement has been entered into with the banks
which provides for the satisfaction of the remaining unpaid balance of the
principal amount of the bank loans on or before Jan. 5, 1937 (the extended
maturity date) by the delivery to the banks of the collateral owned by the
company and pledged thereunder in the event the company does not elect
to pay the same in cash.—V. 143, p. 2362.
Consolidated
Dividend
Film
Industries
Inc.—Delays
Plan—
Deferred—
The company
has sent
a
letter to stockholders stating that until the
Chancellor of Delaware has decided whether or not he will grant or deny
motion for injunction in the case of Keller vs. Wilson &
has been advised by counsel not to file certificate of
Co., the corporation
amendment or con¬
plan of recapitalization.
Therefore, the company cannot pay the
dividend of $1 declared on the preferred stock, unless and until the certificate
of amendment is filed and recorded in Delaware.
Until such determination is made and if same is in favor of the corpora¬
tion and the certificate of amendment is filed and recorded, the status of
summate
the outstanding preferred and common as
existing before the stockholders'
meeting on Oct. 23 continues in effect.—V. 143, p. 3311.
Consolidated Aircraft Corp.—To Sell Unit—
Sale by this company of control of its wholly owned subsidiary, Fleet of
Canada, Ltd., to Canadian interests has been proposed, it was announced
on
Nov.
20.
The
name
of
the
subsidiary
would
be
changed
to
Fleet
Aircraft, Ltd.
The new company would
to manufacture and sell all
have world rights, except in the United States,
designs of Consolidated as may be released for
Its plant would be mate¬
sale abroad by the United States Government.
rially expanded, according to present plans.
Receives Large Order—
The award to
this company of a
66 patrol bombing airboats at
a
new
contract for
the construction of
cost of $6,056,500 for the United
States
Consumers Power
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—^ 1935
Gross revenue
$2,651,096 $32,357,660 $29,813,369
$2,807,669
1,246,192
16,205,694
14,471,171
Operating exp. & taxes1,321,234
237.500
3,100.000
2,850,000
Prov. for retirement res262,500
490,768
4,468,701
4,890,727
Int. & other fixed chgs._
325,455
350,701
4,207.960
4.207,661
Dividends on pref. stock
350,672
Period End. Oct. 31—
Balance
-V. 143, p. 3311.
$547,806
$325,934
$4,375,303
$3,391,809
Volume
Financial
143
of $1.15 per share in addi¬
share on the capital
stock, par $1, both payable Dec. 15 to holders of record Nov. 18.
A special dividend of 50 cents was paid on Feb. 12, 1936; one of 70 cents
"was paid on April 15, 1935, and an extra dividend of 25 cents per share was
distributed on April 16, 1934—V. 143, p. 2204.
The trustees have declared a special dividend
tion to the regular semi-annual dividend of 60 cents per
Consolidated Steel Corp., Ltd.—Earnings—
1936
x$145,615
Earns, per share on 142,189
1935
y$53,595
$1.02
9 Months Ended Sept. 30—
Net profit after charges and normal Fed. inc. taxes.
Before provision for excess profits tax.
income taxes.—V. 143, p. 2995.
x
Consumers Steel Products
Statement of
y
Corp.—Earnings—
$282,633
122,122
41,832
46,995
$71,684
Operating profit.
846
ncome.
$72,531
6,746
Total income
Interest, discounts, &c_.
Provision for income tax.
$57,618
Net profit after provision for income tax
Sept. 30, 1936
Liabilities—
Cash on hand and in banks...
$14,111
Notes payable
and loans
$13,922
Accounts receivalbe
x77,990
117,685
Accounts payable, trade
58,360
Inventories.....
Accounts
payable, officers, em¬
ployees.Federal inc. tax (estimated).
Land
10,000
Buildings, machinery & equip.. y203,891
Insurance, taxes, &c
9,357
15,669
8,167
7,024
7,406
1,000
189,338
49,923
Accruals and miscellaneous
Land contract payable.
Reserve for contingencies
Capital stock (par $1)
Surplus—From appraisal
From sale of stock in excess of
par value,
less reorganiza¬
tion expense
42,858
39,367
—
From earnings, less dividends
$433,034!
Total
x
After
doubtful
for
reserve
Total
$433,034
------
of $1,500.
accounts
y
After
for
reserve
depreciation of $18,703.—V. 143, p. 1225.
Container
dividend of $1.75 per share on account
pref. stock, no par value, payable
A similar payment was made on
1 and July 1 last.
Dividends of
15 and Jan. 1 last, Dec. 14, Oct.
1, 1935, and each quarter from
Cyclops Steel Co.—Merged—
See Universal-Cyclops Steel Corp.
below.—V. 123, p. 1766.
In listing application to the N. Y. Curb Exchange dated July 18, 1936,
option granted on July 1, 1936, to A. L. Freedlander, Pres. & Gen. Mgr., to subscribe and pay for all or any part o
33,587 unissued shares of common stock (no par).
The corporation has
now supplemented the foregoing listing application by notifying the Ex¬
change that Mr. Freedlander has assigned the option, to the extent of 17,520
shares, in varying amounts, to 17 other individuals who are officers, directors
or employees of the corporation.
To Oct. 31, 1936, the option has been
exercised by Mr. Freedlander to the extent of 3,213 shares and by the other
assignees to the extent of 5,064 shares.—V, 143, p. 2519.
Deep Rock Oil Corp.—Skinners Committee Issues
Corp. of America—Bonds Called-—
State*
ment—
8,167
\.
a
the company described an
Administrative and office
Balance Sheet
declared
Dayton Rubber Mfg. Co.—Options—
Operations for the Year Ended Sept. 30, 1936
.
Feb.
and Jan.
Nil
Gross profit from sales and operations
Assets—
have
$1 per share were paid on April 1,
1, Sept. 14, July 1, April 1, Feb. 1
July 1, 1931, to and incl. Oct. 1,
1934.
Prior to the July 1, 1931, dividend the company paid regular
quarterly dividends of $1.75 per share.
Accumulations as of Jan. 1, 1937 after the payment of the current
dividend will amount to $11 per share.—V. 143, p.1396
Oct.
Before provision for Federal
Warehouse and process costs
Sales and delivery costs
Other
The directors
of accumulations on the $7 cum. first
Jan. 1 to holders of record Dec. 14.
(no par) shares $1.75
preferred stock
Co.—Accumulated Dividend—-
Crown Willamette Paper
Trust—Special Dividend—
Consolidated Investment
3463
Chronicle
The reorganization committee
dated Nov. 20, addressed to the
(John J. Shinners. Chairman), in a letter
holders of the $7 cumul. conv. pref. stock
reply to the letter sent by the independent ocmmittee organized by
John M. and W. H. Taylor urging withdrawal of pref. stock from deposit
with the Shinners' committee states in part:
in
"Apparently the Taylor committee is making a rather frantic effort to
again delay the reorganization of Deep Rock which has been in receivership
or bankruptcy since March 1, 1933.
The basis of the attack centers on the
position that no part of the claim for $9,342,642 asserted by Standard Gas
& Electric Co. is valid, and in support of their assertions, they quote
isolated sentences selected from a voluminous record of hearings which
consumed months of time.
"The
,,
,
Taylor committee calls the
,,
attention of the pref. stockholder to
committee 'very important facts' which it
asserts were omitted from the Taylor committee letter:
"(1) Court must approve new compromise and amended plan.
The new
offer of compromise and the amended plan cannot become effective or bond¬
ing on anyone unless and until the court shall aprove the compromise and
find that the amended plan is fair and equitable.
"(2) The Taylor committee will be given a full hearing by the court.
The court which will determine the question of fairness is the same court
which is quoted with such confidence by the Taylor committee.
The court
cannot either approve the compromise or confirm the amended plan until
after it is has heard all of the objections made by any interested party,
including those of the Taylor committee.
(3) If new compromise is not approved by the court you may then with¬
draw.
The amended plan itself provides that you will be entitled to with¬
draw your acceptances of the amended plan without expense in case the court
shall not approve the new offer of compromise or shall not allow the claim
of Standard upon terms substantially as set forth in the new compromise.
(4) The court has recognized the desirability of compromise.
The newoffer of compromise was made and the amended plan as prepared after the
court itself urged the desirability of settlement and suggested a reconsidera¬
tion of compromise by Standard to the end that a new offer of compromise
might be submitted in connection with a modified plan of reorganization.
The court, under date of Nov. 9, 1936, directed our committee to submit
the amended plan to the security holders of Deep Rock.
"(5) The trustee of Deep Rock and his counsel have approved the new
compromise.
The trustee of Deep Rock and his counsel, both appointees
of the court and entirely independent of any connection withft Standard,
thoroughly investigated all matters relating to the Standard claim and have
approved the new compromise thereof after fully considering all contentions
asserted by the Taylor committee."
Compare V. 143, p. 3313.
the following called by
the
"
A total of $59,500 first mtge. sink, fund 6% 20-year gold bonds, due
June 15, 1946 have been called for redemption on Dec. 15 at 102and int.
Payment will be made at the National City Bank of New York or at the
Continental National Bank & Trust Co. of Chicago.—V. 143, p. 2833.
"
Continental-Diamond Fibre
Period End. Sept. 30—
Sales, less returns, al¬
Co.—Earnings—
1936—9 Mos.—1935
1936—3 Mos.—1935
$1,776,011
$1,399,701
$5,034,837
$4,166,124
1,246,950
1,032,207
3,594,427
3,155,028
255,852
219.829
742,482
627,569
$273,209
6,988
$147,665
2,997
$697,928
$383,527
16,648
18,924
$150,662
93,555
Prov. for income taxes._
$280,197
77,592
28,605
5,598
$714,576
230,447
67,157
$402,451
279,845
13,298
Res. for adv. to partiallyown. sub. Haveg Corp
5,000
6,500
18,000
$169,000
$45,009
$0.10
$398,971
$0.87
lowances, &c-Cost of sales, exclusive of
depreciation
Selling, admin. & general
&
expenses
Profit
Other income, net
Prof.before deprec.,&c
Prov. for depreciation
_
_
Derby Oil & Refining Corp. (& Subs.)—Earnings—Period End. Oct. 31—
Net profit
Earns, per share
$0.37
A dividend of 50c. per share was
record Sept. 22, 1936, making total
^
17,500
$91.80S
$0.20
paid Sept. 30, 1936 to stockholders of
distributions paid during current year
Net profit
1936—10 Mos.—1935
1936—Month—1935
$78,255
$643,443
$415,272
32,143
382,710
355,317
$28,674
-
$37,517
49,582
Operating profit
Non-prod. div. deprec. &
depletion
$5,374
$260,734
$59,955
Current Assets
and Current Liabilities Oct. 31
of $1.50 a share.
The
1936
condition of company continues excellent, net current
Sept. 30, 1936 amounting to approximately $3,127,000 of which
$1,076,000 represents cash and government bonds.
Quarterly statements are based upon estimates which are subject to
adjustments upon final audit in the closing of the accounts at the end of
the year.—V. 143, p. 1070.
assets
financial
on
„
Continental Oil Co.—2o-Cent Dividend—
The directors have declared
a
stock,
some
no par
time in February.
share in addition to a regular quarterly
paid on Oct. 31 last
An extra dividend of 25 cents per
dividend of like amount
To
was
Pay Bonus—-
The company announced on
Nov. 21 that it has ordered the payment of a
bonus to its 5,000 employees out of 1936 earnings.
Permanent
employees with one year of service or more on Dec. 1 will receive two weeks'
wages or a half month's salary, while those with less than one year's service
special
on
that
date will receive
one
week's wages or
one
quarter
of
a
month's
salary.—V. 143, p. 2995.
Conveyancers Title & Mtge. Co.—Receivership—
Joseph
J.
Mulhern,
Boston
attorney
and certified
public accountant,
has been appointed by Judge John 11. Crosby of the Massachusetts Supreme
Court temporary receiver of the company on a bill in equity filed in the
Insurance Commissioner, Francis J. DeCelles of
The bill is also brought against the Realty Co., Inc., a
Supreme Court by the
Massachusetts.
subsidiary, and against the National Shawmut Bank as depository.
case
The
is returnable Dec. 8.
The bill alleges that the Conveyancers company's assets have shrunk
50% in value, also alleges 30 acts of misfeasance and malfeasance on the
This company was investigated by the
2498.
part of directors and officers.
Sabath committee.—V. 135, p.
Copper weld Steel Co.—Extra Distribution—
After
approval
by stockholders of an increase in
indebtedness of the
from none to $214,241, directors to avoid payment of surtax on
undistributed earnings, declared an extra dividend of $1.30 per share on
the no par common stock payable $1 in the form of certificates of indebted¬
company
ness
and 30 cents in cash, both payable Dec. 15, to holders of record Dec. 1.
will bear interest at the rate of 4% per annum and will
The certificates
mature in 10 years.
Dividends of 20 cents per share were paid on Nov. 30, and in each of the
three preceding quarters, and dividends of 12H cents per share were paid
in each of the four quarters of 1935.
Prior to 1935 no distributions were
made since Feb.
15, 1931 when a dividend of 50 cents was paid.
payment of like amount was made on
Corp.—Transfer Agent—
Crown Central Petroleum
Crown Cork & Seal
York has been appointed transfer
stock.—V. 143, p. 3312.
Co., Inc.—Special $3 Dividend—
The directors have declared a special
mon
An initial
Nov. 15, 1930.—V. 143, p. 1872
The Marine Midland Trust Co. of New
agent for this company's common
dividend of $3 per share on the com¬
18 to holders of record Dec. 3.
A
stock, no par value, payable Dec.
quarterly dividend of 50 cents per share, which had been previously de¬
clared, will be paid on Dec. 7.
A dividend of 50 cents was also paid on
Sept. 8 last, and compares with 25 cents per share distributed each three
months from Sept. 6, 1934 to and including June 6, 1936.
In addition,
an extra dividend of 50 cents was paid on Dec. 6 1935.—V. 143, p. 3312.
Current assets—-
-
-
1935
$369,407
$399,198
130,000
1,248,270
831,321
-
Current liabilities.
Working capital.—V. 143, p. 3314.
—
Detroit & Mackinac Ry
dividend of 25 cents per share on the com¬
value, payable Dec. 15 to holders of record Nov. 30.
The company stated that the next dividend action will be considered
mon
Cash in bank
Duebanks—
1,139,894
309,204
416,949
830,690
—To Pay Interest—
decided to pay the Dec. 1 interest on the company's
second mortgage 4s, both due in 1935.
Substantially all of the holders of these two issues agreed to postpone to
Jan. 1,1938 interest due on these bonds from Dec. 1, 1933 to June 1, 1935.
The directors ordered interest paid on the first and second 4s on Dec. 1,
1935 and June 1, this year.
There are about $1,484,000 of the first 4s
outstanding and about $1,250,000 of the second 4s.—Y. 143, p. 3834.
The directors have
first lien 4s and
Detroit Street
Rys.—Earnings—
Period End. Oct. 31—
Operating revenues
Operating expenses
Taxes assign, to oper
Operating income
Non-operating income..
Gross income
Deductions
Net
-
income
—V. 143, p.
1936—4 Mos.—1935
1936—Month—1935
$1,607,061
$1,456,854
1,137,501
1,043,404
69,617
70,327
$7,730,343
4,208,062
272,833
289,448
$399,943
2,162
$343,122
2,356
$1,249,447
8,778
$1,102,724
8,702
$402,105
156,335
$345,478
155,379
$1,258,225
604,994
$1,111,426
621,658
$245,770
$190,098
$653,231
$489,768
$5,133,657
3,741,484
2834.
Dolphin Paint & Varnish
Co.—Accumulated Dividend—
declared a dividend of 50 cents per share on account
the $2 cumulative class A stock, no par value, payable
Dec. 20 to holders of record Dec. 1.
A dividend of 25 cents was paid on
Dec. 20, 1935 this latter being the first dividend paid since Feb. 1, 1931
when 25 cents per share was also distributed.
Prior to this latter date
The directors have
of accumulations on
regular quarterly dividends of
50 cents per share were paid.—V. 143, p. 2365.
Chemical Co.—Files with SEC for $5,000,000 Debs.
The company on Nov. 25 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2674, Form A-2) under the Securi¬
ties Act of 1933 covering $5,000,000 of 15-year 3lA% debentures, due
Dow
Dec.
1
1951.
states that no allocation has been made of the proceeds to be
debentures, but it is expected that they will be
funds for, or to replenish working capital previously applied
to
capital additions, replacements and improvements to plants, processes
and facilities, and the purchase of stock of Cliffs Dow Chemical Co., a sub¬
sidiary.
According to the registration statement, the more important of
such projects completed during the past year or at present under construc¬
tion, together with the respective amounts expended or to be expended are
approximately as follows: Construction and equipment of ethylene products
plants, $800,000; construction and equipment of a chlorine plant, $800,000;
additions to power plant, $500,000; construction and equipment of a carbon
tetrachloride plant, $300,000; construction and equipment of additional
laboratory buildings, $300,000; purchase of real estate at Bay City and the
equipment of a Dowmetal foundry building, $175,000; construction and
equipment of a carbon bisulphide plant, $100,000; and the purchase of
preferred stock by Cliffs Dow Chemical Co., $600,000. The balance of the
proceeds will be expended, it s stated, on projects to be selected n the light
The company
received from the sale of the
used to supply
3464
Financial Chronicle
of future business conditions, trade developments and the results of experi¬
mental work.
The debentures are redeemable at the option of the company as a whole
from time to time in part after at least 30 days' notice at the following
or
prices plus accrued interest: If red. on or before Dec. 1, 1939,104%; there¬
after and incl. Dec. 1, 1942, 103%: thereafter and incl. Dec. 1, 1945,
102>^%; thereafter ana incl. Dec. 1, 1947, 101%; thereafter and incl.
Dec. 1, 1949, 100)4%; and thereafter at par.
Edward B. Smith & Co. of New York City is the principal underwriter.
The price to the public and the underwriting discounts or commissions
are to be furnished
by amendment to the registration statement.—V.
143,
2676.
p.
Dr.
Nov.
Operating Subsidiaries of—
paid on Dec. 1,1935 and an extra of 15 cents per share was distributed
in December 1934.—V. 143, p. 1875.
was
Duquesne Brewing Co. of Pittsburg—-Stock Offered—
Shareholders of record Nov. 14 are given the right to subscribe for 52,679
additional shares of capital stock (par $5) in the ratio of one share for each
five shares held, at $12.50 per share.
Subscriptions will be received for full
shares only.
All subscriptions, must be delivered and be paid for at the
office of Colonial Trust Co., Pittsburgh, at or before the close of its business
3 p. m„ on Dec. 12, at which time all rights to subscribe shall cease.
The company will make application for the listing of this stock on the
1935
91,856.000
42,585.000
71,832,000
%
10,537,000 11.5
9,163,000 21.5
4,683,000
6.5
—V. 143, p. 3314.
Edmonton Street
Ry.-—Earnings—
1936—10 Mos.—1935
1936—Month—1935
Period End. Oct. 31—
Total revenues
Total expenses
.■
Fixed charges
$55,577
41,052
$53,881
$552,536
4l,944
5,776
5,536
$534,059
414,940
56.133
42,000
$20,986
4,000
Total surplus.
-V. 143, p. 2677.
2,000
430.022
57,764
55,000
$4,748
Renewals
Pepper Co.—Extra Dividend—
The directors have declared an extra dividend of $2.45 per share in
addition to a regular quarterly dividend of 35 cents per share on the com¬
mon stock, no par value, both' payable Dec. 1 to holders of record Nov. 17.
An extra dividend of 70 cents was paid on Sept. 1, last, an extra of 40 cents
1936
American Power & Light Co.—103,393,000
Electric Power & Light Corp— 51,748,000
National Power & Light Co— 76,515,000
28,
Increase
Amount
$4,400
$9,750
Electrol, Inc.—Stock Offered—Thomas & Griffith, New
York, on Nov. 23 offered 60,000 shares of common stock
(par $1) at $1.87^ per share.
History—Company was organized April 6, 1936 in Delaware. Company
commenced business on May 28, 1936, at which time it took over all of the
assets of the Missouri
corporation known as Electrol Inc. , with the exception
of an interest in the Zoro Patent Estate, pursuant to a plan of reorganization
of the latter company duly approved
District of New Jersey in a proceeding
by the U. S. District Court for the
for reorganization under Section 77-B
Bankruptcy Act. Electrol Inc. of Missouri, whose assets were acquired
incorp. on or about May 11, 1926, and since the termination of the
of the
Pittsburgh Stock Exchange.
was
The net proceeds (after deducting estimated expenses of $3,023) to be
received by the company from the sale of these shares are estimated to be
been dissolved.
Sroceedings under Section 77-B of the Bankruptcy Act, such corporation
$655,463.
Company is mainly engaged in manufacturing and selling oil burners.
Company now does about 90% of its business in supplying burners for
converted furnaces.
Electrol burners are also installed in tbe heating
boilers of several companies, notably those of American Radiator Co.
Company also has a complete warm-air heating unit on the market. Com¬
pany also offers a complete six-point air conditioning unit and, where
required, refrigeration.
Complete Electrol air-conditioning units are now
available as low as $600-$800.
A secondary profitable, but less important, part of the business is in the
.
It is the present aim and purpose of the company to apply the entire
amount to the cost of the rection of new buildings, the alterations of build¬
ings already erected, and to the purchase of additional equipment necessary
to increase tue capacity of the company.
Capitalization—As of Sept. 30, 1936, the authorized and outstanding
amounts of the company's securities, exclusive of the stock held in the
treasury, were as follows:
Authorized
Outstanding
1st mtge. 50-year .6% gold coupon bonds of
Independent Brewing Co. of Pittsburgh 1955- $4,500,000
$906,500
Class A cum. pref. conv. capital stock (par $5) —100,000 shJ.
xNone
Common stock (par $5)——————
500,000 shs. 263,391 shs.
as
sale of fuel oil to Electrol users.
The company's plant and principal
Capitalization
x All issued class A stock was converted into common stock in the ratio
of 11 shares of common for 10 shares of class A.
Income Statement
9 Mos. End.
Cal. Years
1935
Sept. 30 '36
$7,166,979
,
128,024
687,621
19,264
94,845
exp.
Prov. for doubt, accts-Prov. for State inc. tax.
Balance.
Other income
profits taxes.
Net income....
Total dividends
I
$1,334,205
956,163
53,818
216,762
116,154
477,504
27,332
136,702
692,276
24,728
29,722
$1,025,985
16,628
.
Income deductions
JProv. for Fed. inc. and
excess
$5,317,653
4,140,035
5,621,088
—
GHMo.End.
Dec. 31 '33
1934
Depreciation
Sell., gen. & admin,
.
$662,460
14,343
$556,626
7,746
$107,461
3,300
$1,042,613
50,681
$676,803
55,831
$564,372
58,105
$110,762
28,563
178,143
....
78,973
62,526
$541,998
103,203
$443,740
58,030
$70,698
18,750
Company has no funded debt other than a series of promissory notes,
amount of $100,779.88.
These notes, dated
May 28, 1936, are payable to the holder, Petroleum Heat & Power Co.,
Inc., in equal annual instalments over a period of five yearn. Interest is
payable thereon at the rate of 4% per annum.
Application of Proceeds—Net proceeds will be used toward the retirement
of the promissory notes in the aggregate principal amount of approximately
$100,000.
Voting Trust—Under the voting trust agreement dated Sept. 24, 1936,
deposit of shares of common stock of the company is made with Morgan J.
Hammers, as sole voting trustee.
Manufacturers Trust Co., depository*
The terms of the voting trust is five years from Sept. 24,1936.
Underwriter—The 60,000 shares of the common stock are being offered
to the public by the company through Thomas & Griffith, 120 Broadway,
New York, N. Y.
Assets—
on
Sept. 30'36 Dec. 31 *35
hand.
$51,230
Cash on demand.. 1,068,207
Aects. reo. (net)..
138,750
Inventories
411,319
Adv. to salesmen.
2,120
...
Investments
Total
fixed
Selling & gen'l
2,195 Accrued
3
3
(net)
Prov.
Sept. 30*36 Dec. 31 '35
expenses.
for
Fed.
3,199,589
Total def. charges.
133,820
Sinking fund
50,000
$296,390
35,735
13,598
23,999
2,885,620 Dividends payable
70,794 Funded Dept.....
50,000 Total reserves
Common stock...
Capital surplus
Paid-in surplus
Earned surplus...
$5,055,040 $4,000,149
9 06,500
285,872
Total..
1,316,956
303,553
17,000
1,562,446
108,696
9,139
906,500
251,067
365,550
907,545
338,040
17,000
841,228
meeting of the board of directors held
on
membership was reduced from 17 to 11 members.
Non-recurring expenses
the board and three more members resigned, namely, M. A. Morrison,
B. W. Lynch and E. M. Newlin.
E. P. Griffiths, General Counsel of the
company, was elected to fill the remaining vacancy.
The board is now made up as follows:
Frank
R. Phillips, Curtis S.
Mitchell, E. W. Judy, E. P. Griffiths, Edwin W. Smith and A. E. Braun,
all of Pittsburgh; H. C. Cummins and B. F. Braheney of Chicago; and
Louis H. Seagrave, Victor Emanuel and Paul M. Rosenthal of New York.
—V. 143, p. 2996.
Eastern Cuba Sugar Corp.—Sale Confirmed—
The Chase National Bank, as trustee, is notifying holders of 15-year
mortgage sinking fund gold
bonds that
I
shares, of the aggregate par value of $380 for each $1,000 bond, according
to tbe notice.
The period of time for the deposit of these bonds has been
extended to Jan. 18, 1937, and non-depositing bondholders are given the
option of depositing prior to that date and receiving stock of the new comPan7, °r of receiving as soon as practicable from tne trustee, in cash, their
distributive share of the purchase price of the
mortgaged properties and
other funds held by the trustee, estimated to be equivalent to approximately
$400 for each $1,000 bond.
Raymond B. Hindle, 25 Broad St., is Secretary
of the bondholders' committee.—V. 143, p. 2835.
Electric Power & Light Corp.
Period End. Oct. 31—
oper. revenues.
oper. expenses-
Texas-
1936—-Month—1935
$519,192
$514,955
341,448
349,710
a43,251
30,546
Net
$134,493
12,765
$134,699
8,414
$1,708,283
83.828
$1,481,917
93,534
Gross corp. income
Int.
on
funded
debt,
$147,258
$143,113
$1,792,111
$1,575,451
rents, &c
Deprec. & equalization.
55,961
106,503
64,899
103,279
617,381
1,084,711
1,082.273
def$15,206
def$25,065
Other income.
Net income b
a
Includes
revs,
from oper..$11,504,709
—
$7,500 for Federal income taxes,
143, p. 2835.
$90,019 def$168,037
b Before
Dr35,461
provision
for
1936—12Mos.—1935
Balance-...
x
Pref. divs. to
$4,771,704
public—.
1,980,752
Balance
y
$8,378,435 $44,662,515 $34,251,362
7,640
Drill,731
56,078
$8,386,075 $44,550,784 $34,307,440
to
other deductions.
3,867,210
Crl3,228
15,643,570
Cr38,565
15,409,411
Cr48,803
_
2.018,621
10,678,447
8,549,857
$2,513,472 $18,267,332 $10,396,975
1,980,874
7,923,006
7,923,496
$532,598 $10,344,326
$2,473,479
22,394
1,001,783
105,700
$510,204
$9,342,543
$2,367,779
$2,590,381
$510,204
256
660
$9,342,543
2,433
$2,367,779
4,433
$2,590,637
48,477
$2,790,952
Portion applicable to
minority interests
200,571
$2,590,381
Net equity of Electric
Power & Lt. Corp.
in income of subs..
Elec. Pow. & Lt. Corp.—
Net equity of Elec. Pow.
& Light Corp. in cin.
of
subs,
(as shown
above)
Other income.
-
Total income
Interest & other deduct's
397,244
$510,864
60,668
397,244
$9,344,886
211,283
1,588,974
$2,372,212
292,179
1,588,974
Balance carried to consol. earned surplus.
$2,144,916
$52,952
$7,544,629
$491,059
Expenses, incl. taxes
Full dividend requirements
unearned,
applicable to respective periods whether
of common
y Based upon holdings by the public
stocks of subsidiaries at end of each of the respective periods.
or
Notation—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods only (whether paid or
not .paid) on securities held by the public.
The "portion applicable to
minority interests" is the calculated portion of the balance of income appli¬
cable to minority holdings by the public of common stocks of subsidiaries.
Minority interests have not been charged with deficits where income
accounts of subsidiaries have so resulted,
x'he "net equity of Electric Power
&
661,215
(& Subs.)—Earnings-
1936—3 Mos—1935
inc..$11,469,248
public and
3,902.469
Int. charged to constr't'n
Cr9,568
Property retirement and
depl. reserve approp..
2,804,643
Interest
earned
1936—10 Mos.—1935
$5,621,347
$5,305,031
3,555,682
3,533,084
*357,382
290,030
718
Operating revenues
..$24,322,508 $19,059,620 $92,832,917 $76,708,622
Operatingexps., incl. tax 12,817,799
10,681,185 48,170,402 42,457,260
x
Ry.- -Earnings—
—
surplus..
Period End. Oct. 31—
Subsidiaries—
bonds by the trustee to
Violeta Sugar Co., S. A., the new company organized by the
bondholders' protective committee under tbe plan of readjustment dated
Nov. 13, 1935.
Holders wbo have already deposited their bonds with the
Commercial National Bank & Trust Co., depositary for the committee,
will receive shares of capital stock of the new company at the rate of 20
Railway
Railway
...
—.
$26,902
8,334
2,340
1,718
—V. 143 , p. 3315.
Central
Eastern Massachusetts Street
.....—
-
Federal normal income taxes
the court has confirmed the
mortgaged properties securing such
—
...
.....
Gross corporate
Nov. 20, the board's
Four vacancies existed
on
sale or the
Total income
Deductions from income
Other income (net)
Duquesne Light Co.—Directorate Reduced—
a
$24,760
2,141
Other income
..$5,055,040 $4,000,149
-V. 143, p. 3144.
At
...
(incl. prov.
Net adjustment to earned surplus
292,989
Class A stock
Total.....
$185,911
1,359
32,844
27,195
8,074
&
State Inc. taxes.
.
expenses
Net profit on sales..
Liabilities—
$57,548 Accts. pay., trade.
457,909 Accrued payroll..
133,109 Accrued taxes
342,967 Acer. Int. on bonds
assets
Ended Aug. 31,1936
$240,254
163,236
for bad debts & deprec.)
52,256
Condensed Statement of Income 3 Months
Sales (less returns and allowances)
Cost of goods sold
Comparative Balance Sheets
Cash
.....
in the aggregate principal
11,500
$813,788
94,105
.
Authorized
Outstanding
500 shs.
500 shs.
..300,000 shs. 200,000 shs.
6% cum.pref.stock ($100par)........
Common stock ($1 par)
for Stated Periods
Gross sales less returns &
allowances
$7,755,386
Cost of goods sold
5,799,646
business office, is located at 934 Main
Ave., Clifton, N. J. The buildings contain 33,000 sq. ft. of floor space and
there are about 11,000 sq. ft. of yard space.
Light Corp. in income of subsidiaries" includes interest and preferred
dividends paid or earned on securities held, plus the proportion of earnings
which accrued to common stocks held by Electric Power & Light Corp.,
less losses where income accounts of individual subsid aries have resulted in
deficits for the respective periods.
The statement for each period is entirely
independent of the statement for any other period.—V. 143, p. 2871.
retirement losses.—V.
Ebasco Services,
Inc.—Weekly Input—
For the week ended Nov. 19, 1936, the kilowatt-hour system input
of the operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp., and National Power & Light
Co., as compared with the corresponding week during 1935, was as follows:
Electrographic Corp.—50"Cent Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common
Nov. 23.
stock,
An
143, P. 1877.
no
par
extra
value, both payable Dec. 1 to holders of record
dividend of 15 cents was paid on Sept. 1, last.—V.
Volume
Elmira
Financial
143
Light, Heat & Power Corp.—Earnings—
12 Months Ended Sept.
Total operating revenues
1936
$2,857,845
1,765,624
30—
Operating expenses
1935
$2,655,739
1,495,515
292,689
71,383
185,010
271,844
82,787
216,175
$543,139
$589,418
Maintenance
Provision for retirements
Provision for taxes
Operating income
13,064
1,453
$556,203
$590,871
250,000
125,274
250,000
125,274
200,062
183,935
18,091
30,000
Cr692
20,622
30,000
Cr221
Other income
stock; lb) For each $1,000 7% debenture note, with interest to Dec. 1, 1936:
$1,400 (14 shares) new 4% 2nd pref. stock.
Other unsecured creditors of
the debtor shall receive $100 of new 4% second pref. stock for each $100
(or fraction thereof) of claims filed by them to the extent any such claims
are allowed,
(c) For each share pref. ($50 par) stock: 1 share new (no par)
common; (d) For each 4 shares common (no par) stock:
1 share new
(no par) common.
...
In the event the holders of 51 % of the 6% pref. stock of the debtor or the
holders of 51% of the common stock of the debtor do not accept this plan,
the committee reserves the right to amend the plan by eliminating all dis¬
tributions to the holders of such pref. and (or) common stock; and in the
the committee's contention that the
exceeds the current cash value of its assets so
amended, would not be confirmed, the committee further
reserves the right to withdraw all plans in the 77-B proceeding and request
leave of the court to institute foreclosure proceedings and to carry out the
amended plan by means of a foreclosure sale.
the court should not support
event
Gross income
Interest
on
Interest
Interest
on
1st mtge. bonds,
5
% 3-year notes
on
unfunded debt
(owned by affil. cos.)
Amortization of debt discount & expense
Amortization of miscellaneous suspense,
'
Interest
charged to construction
$66,531
Balance, loss
Note—No provision is made in this statement for
distributed profits, if any, for the current year.—V.
Elk Horn Coal
$18,738
Federal surtax on un¬
143, p. 1227.
Corp.—-Reorganization Plan—
3465
Chronicle
indebtedness of the debtor
that its plan, if so
Expected Income from Royalties and
$149,688
23,000
Gross income
of the corporation under section 77B of
Bankruptcy Act, was entered in U. S. District Court at Cincinnati
Nov. 3 by trustee C. W. Watson and Fred G. Boyce, Jr., T. Stockton
Matthews, John K. Shaw, and William G. Baker, Jr., as a committee
representing the holders of the six-year 1st & ref. mtge 6&% gold bonds.
Hearings on the plan will be held Dec. 14.
Stockholders representing and owning over 60,000 shares of stock have
approved the plan and recommend its acceptance by the stockholders.
The company is incorp. in West Virginia, has its principal office in
Cincinnati, Ohio, and is engaged in mining and selling coal.
It owns
approximately 184,000 acres of mineral lands upon which seven mines are
being operated and of which approximately 53,000 acres (containing ap¬
proximately 42,000 acres of coal lands) and two mines will be sold and
A plan for the reorganization
10,000
Estimated expenses
-
Interest
on
income from these royalties
applied to payment of bank loans and other debts.
Tentative Balance Sheet as
-
shares of stock of other com¬
panies and royalties from coal lands leased to others.
These shares and
royalties, together with any cash held as security for the refunding bonds
after the consummation of the plan, will be pledged with Mercantile
Trust Co. of Baltimore as trustee as security for a new issue of collateral
trust bonds aggregating not more than $1,995,000, (approximately 50%
of the secured indebtedness due the holders of the refunding bonds) to be
dated Dec. 1, 1936, to mature Dec. 1, 1956, and to bear interest at rate of
4% per annum, payable semi-annually.
All of the remaining assets of the debtor will be released from the lien of
the mortgage indenture securing the refunding bonds so that they will be
held by the debtor free of such liens.
All existing securities and stock of
the debtor will be eliminated and the debtor will issue in exchange therefor
the bonds and stocks mentioned.
The assets of the debtor other than the
stocks, royalties, and cash pledged as security for its collateral trust bonds
will therefore be clear of all mortgage liens (except the lien securing $233,000
bonds of Mineral Fuel Co.) and the debtor, by reason of this subordination
should be able to obtain any current short term loans it may need for
seasonal operations at attractive rates.
The certificate of incorporation of the debtor will be amended to provide
that in lieu of the capital stocks now authorized and outstanding, the
following stocks will be authorized and issued in the following manner:
4% 1st pref. stock, par $100 (non-cumulative, unless earned),
callable at par and to have limited voting rights.
The par
value of this preferred stock is the closest figure to 50% of the
secured indebtedness due the holders of the refunding bonds
which will avoid fractions of less than one-half a share
18,525 shs.
4% 2nd pref. stock, par $100 (non-cumulative, unless earned),
callable at par and to have limited voting rights.
The par
value of this pref. stock is the closest figure to the total in¬
debtedness due the holders of 6-year 7% debenture notes
which will avoid fractional shares
19,236 shs.
4% 2nd pref. stock (non-cumulative, unless earned), callable at
par and to have limited voting rights (such stock being of the
same class as above set forth,
thereby making a total au¬
thorized issue of 20,000 shares) to be issued to unsecured
creditors of the debtor to the extent that claims filed by such
creditors shall be allowed by the court
Common stock (no par), with limited voting rights, of which
approximately 188,000 shares will be held in the treasury—
with no preemptive rights, and 120,000 shares will be issued
to two voting trustees and the beneficial certificates therefor
returned to the treasury of the debtor to be given or optioned
at nominal prices to the president of the debtor or such persons
as he may designate in a manner satisfactory to the board of
Assets—
—
(less reserve)—
rec.
Inventories
The certificate of incorporation
764 shs.
shall also be amended to provide that
elect one director, the holders of the
or
counsel for the
Existing Securities
certificates maturing Dec. 31, 1936 to July
Other priority claims shall be paid or assumed
the court may direct.
5% bonds of Mineral Fuel Co. shall remain
outstanding unaffected by the plan unless the debtor at its option elects
to purchase or redeem the same.
For the purpose of raising funds (a) to pay off the 5% trustee's certificates,
(b) to pay off the bonds of Mineral Fuel Co., if the debtor elects to purchase
or redeem the same, and (c) to raise working capital to improve its mining
facilities, the debtor proposes to enter into a contract and lease with Western
Pocahontas Corp.
Said contract will provide in substance that upon
approval of this plan, the lessor will purchase approximately 53,000 acres
of lands containing approximately 42,000 acres of coal lands with im¬
provements and equipment thereon for $1,500,000 cash of which $800,000
shall be withdrawn only for the improvement of mining facilities on the
leased premises, and will lease all of the property purchased to the debtor
for a period of 12 years at an annual rental after the first 2 years of $126,000
per
annum for 2 years, $132,000 per annum for 2 years, $138,000 per
annum for 2 years, $147,500 per annum for 4 years, plus 4c. per ton on
all coal mined from the leased premises in excess of 1,500,000 tons.
The
lease will provide in substance that at any time during the period of the
lease, the debtor may purchase the leased premises for $1,500,000, plus
all deferred rent less credit for all rental and other payments made in
excess of 53^% per annum on unpaid balances.
The new securities will be distributed to the holders (other than the
debtor itself) of old securities as follows:
(a) For each $1,000 refunding bond, with interest due to Dec. 1, 1936:
(1) $700 new collateral 4s 1956 and (2) $650 (6^ shares) new 4% 1st pref.
bonds
Coll. trust 4% bonds
—
2,085 1st pref. stock
5,043,670 4% 2nd pref. Stock
Def. and prepaid items
Real estate & coal lands (net)
815,027
Plant and equip, (net)
Common stock (312,000
49,651
233,000
1,995,000
1,852,500
bl,923,600
2,589,091'
shs.)
$9,400,865
a Bank loans to be paid off within four months as coal is moved off the
docks at the Lake,
b 764 additional shares of 4% second pref. stock have
been authorized to take care of any other unsecured claims which may be
allowed by the court and if issued will affect this balance sheet to the
extent of the par value.—V. 135, p. 1335; V. 136, p. 3914; V. 137, p. 497;
V. 138, p. 2092; V. 140, p. 3387; V. 141, p. 3535, 2826.
Total
$9,400,865
Total
Corp.—Refunding—
Emporium Capwell
The corporation and subsidiaries have arranged to refund approximately
$6,100,000 of debt, including $5,025,000 of 5^% debentures and the rest
of trust deeds.
Marketing of $4,500,000 of 4J^% cumulative preferred
stock, with warrants to purchase common, $2,000,000 of 4% bonds and
$800,000 of unsecured notes is contemplated.
The stockholders will vote Nov. 30 on approving the capital changes.
The outstanding debentures are to be called as of April 1.
The marketing is planned before the end of the company's fiscal year in
January, with underwriting understood to be in the hands of Dean Witter
& Co. and associates.—V. 143, p. 1398.
Equity Fund,
Inc.—Asset Value—
$1,421,055, equal to $4.67 a share on the
2365.
Net assets as of Sept. 30 were
outstanding stock.—Y. 143, p.
Erie RR.—Earnings—*?
[Including Chicago & Erie
1936
$8,088,017
2,888,403
October—
Gross from railway
Net from railway
1—
Gross from railway
From Jan.
69,852,524
21,084,685
13,513,134
after rents.
143,
—V.
1934
1933
$6,725,768
2,003,206
2,039,217
1,290,761
$6,675,956
1,987,471
1,210,885
62,434.727
16,633.688
10,632,445
63.902,288
17,999,926
11,268,535
60,649,635
17,615,298
10,628,000
„
Net from railway
Net
RR.]
1935
$7,501,932
2,719,652
1,985,583
after rents
Net
2678.
P.
Co.—Earnings—
1936—12 Mos.—1935
1936—Month—1935
$872,056
$879,123
$70,618
$71,522
464,028
464,353
Fall River Gas Works
Period End. Oct. 31—
Operating revenues
Operation
-
38,338
35,537
10,094
10,992
5,756
12,429
71,975
155,313
60,821
160,233
$13,995
$14,998
$180,739
$193,715
21
7
233
126
$14,016
5,000
$15,006
5,000
$180,973
813
847
11,881
$193,841
60,000
12,389
$8,203
$9,158
$109,091
$121,451
Maintenance
—
Balance
Retirement reserve accr.
The
Corp.—New Vice-Presidents—
announced on Nov. 23 the appointment of Cornelius
Jr. and of Howard Major Erskine as Vice-Presidents.
Both
company
den Berg
van
appointments will become
Fidelity Fund,
Directors at
effective as of Jan. 1.—V. 143, p. 3145.
Inc.—Rights to Stockholders—
per
extend to stockholders
the net asset value, insofar
of the Dec. 10 dividend of
meeting held Nov. 20 voted to
a
the right to acquire full shares of the fund at
as these can be purchased from the proceeds
$2.50
60,000
2678.
Federal Water Service
in the same manner as provided to be done by the
The $233,000 first mortgage
Mineral 5%
41,725
Cash
—V. 143, p.
The $1,050,000 5% trustee's
as
(net)
Net income
tion of the debtor, then a new corporation shall be formed, containing
provisions in its certificate of incorporation consistent with the plan. Such
new corporation shall acquire all assets of the debtor and issue and secure
the collateral trust bonds and issue shares of stock and sell and lease the
31,1937 shall be paid in full.
-
cos.
Interest charges
committee deem that it is inadvisable to amend the certificate of incorpora¬
Treatment of
Stocks of other
$165,451
a450,000
3,883
71,986
66,701
Net oper. revenues—
the holders of the 1st pref. stock will
property mentioned
debtor.
Accounts payable
Notes payable
—
653,480 Acer. int. on Mineral bonds5,940 Accrued payrolls
53,863 Accrued taxes
1,087,078 Workmen's compensation—
Non-operating inc., net-
2nd pref. stock will elect one director, and the holders of the common stock
will elect three directors.
In the event the number of directors is increased,
the proportionate representation shall be retained.
In the event counsel for the trustee for the debtor
of Aug. 31, 1936
$406,209
1,291,787
-
Investments (less reserve)
Taxes
500,000 shs.
directors
dividends
IAabilities—
Cash
Accounts
and
Reorganization Plan]
[After Giving Effect to the
Assets in hands of trustees—
5% trustees certificates dated April 8, 1936, maturing Dec. 31
1936 to July 31, 1937$1,050,000
1st 5% mtge. bonds of Mineral Fuel Co
233,000
Accrued interest to Dec. 1, 1936
6,803
0-year 1st & ref. mtge. sinking fund 6H % gold bonds due Dec.
1, 1931 (as of Aug. 31, 1936)
2,850,000
Coupons due Dec. 1, 1931
92,625
Interest at 6% to Dec. 1, 1936 on coupons
27,787
Interest at 6 U % on princ. from Dec. 1,1931 to Dec. 1,1936—
926,250
6-year 7% debenture notes due Dec. 1, 1931
1,374,000
Coupons due Dec. 1, 1931
48,090
Interest at 6% to Dec. 1, 1936 on above coupons
14,427
Interest at 7% on principal from Dec. 1,1931 to Dec. 1,1936—
480,900
6% preferred stock, (par $50)
' 6,600,000
Common stock (240,000 shs., no par, issued at $50 per sh.)
12,000,000
79,800
a$82,888
bonds
For the first three years, net
a
is to be
$162,688
4% collateral trust bonds for first year
Available for retirement of collateral trust
Notes receivable
and capital stocks as of Sept. 30, 1936
Part of the assets consist of investments in
$172,688
-
Net
the
The outstanding indebtedness
are as follows:
Dividends for 1936
Income from royalties
Income from dividends
In accordance with this plan,
all stockholders.
share.
subscription warrants
being mailed to
are
...
believed that many stockholders will desire to obtain additional
shares in order to keep in the fund the capital gains being distributed by
this dividend.
Those wishing to subscribe must return their warrant
to the Old Colony Trust Co.. 17 Court St., Boston, not later than 5 p. m.
Dec. 9
1936.
'
It was also announced that the directors propose to declare on or about
Dec. 12 a special cash dividend, which will be a distribution of approxi¬
It
is
mately the balance of the 1936 income of the fund, including capital gains
as defined in the Revenue Act of 1936.
Stock purchased in exercise of
the rights now offered by subscription warrants will also be entitled to
this special cash dividend.—V. 143, p. 3315.
(William) Filene's Sons Co.—Dividend Again
Increased—
have declared a dividend of 50 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 5.,
This compares with an extra of 20 cents and a quarterly dividend of 40
cents paid on Sept. 30, last and 30 cents paid on June 30 and March 31,
last, and on Dec. 31, 1935.
In each of the eight preceding quarters dis¬
tributions of 20 cents per share, in addition to extra divididends of 10 cents
The
directors
common
per
share were made.—V. 143, p.
First
Security
Corp.
3145.
of
Ogden
(Ogden,
Utah)—To
Pay 50-Cent Dividend—
The
directors
have declared a dividend of 50 cents per
B stocks, no par value, payable Dec. 10
class A and class
share on the
to holders of
This compares with 25 cents paid on June 10, last and
50 cents paid on Dec. 10, 1935.
No dividends were paid in 1934 and 1933.
—Y. 135, p. 305.
/
record
Dec. 1.
Florida Power Corp.—Issues Approved—
Commission announced the approval of the supple¬
The Federal Power
mental petition of the corporation, seeking modification of the Commission's
order of approval adopted June 16.
The Commission now has granted the
Financial
3466
company
authority to issue $10,000,000 30-year 4% first mortgage bonds
debentures in lieu of the securities authorized
and $2,500,000 10-year 5%
in June.
16, and has ordered that
unless acted upon by the
The Commission rescinded its order of June
supplemental order.—V.
within 60 days from the entry of the
2998.
company,
143,
p.
Florida East Coast Ry.- -Earnings—$322,244
$410,183
def46,389
defl43,788
defl4,379
$393,820
defl01,414
def201,185
defl27,778
def220,388
6,373,901
823,619
def277,157
$530,206
48,403
Net from railway
Net after rents
1933
1934
1935
1936
Octobcr—
Gross from railway
6,309,492
1,245,634
122,077
5,540,495
987,999
defl36,495
From Jan. 1—>
6,988,598
1,646,332
Gross from railway
Net from railway
517,197
Net after rents
Follansbee Brothers Co.—Bonds Withdrawn—
The Pittsburgh bondholders' protective committee (Frederick J. Lind
chairman) in a notice Nov. 25 states:
"Very substantially more than 50% of the bonds which were deposited
with the 'Roberts' bondholders committee haVe been withdrawn from such
deposit.
Holders of a large additional amount of bonds so deposited have
also notified the 'Roberts' committee of their dissent from the 'Roberts'
plan."
The committee urges those bondholders who have not already sent in the
acceptance of the company's plan, to do so today.—V. 143, p. 3145.
Fonda Johnstown & Gloversville
revenues.
_.
expenses
_.
_
RR.—Earnings—
assigned all of its assets to General Time Instruments Corp. as of
and the parent company assumed all
debts, obligations and contracts of Western Clock Co.
Pursuant to a similar plan of liquidation and agreement, Seth Thomas
Clock Co. conveyed and assigned all of its assets to General Time Instru¬
ments Corp. as of the beginning of business on Nov. 9, 1936, and the parent
company assumed all tne liabilities, debts, obligations and contracts of
Seth Thomas Clock Co.—V. 143, p. 3148.
and
the close of business on Nov. 7, 1936,
of the liabilities,
Tax accruals
RR.—Earnings—
Georgia & Florida
Gross
def$l,601
$10,770
$17,319
385
902
13,369
2,444
$2,548
14,856
def$698
14,427
$24,139
142,479
$19,763
142,465
$12,308
$15,126
$118,339
Ford Motor Co. of Canada,
The
class
directors
A
declared
have
and class
B
Ltd.— To Pay2o-Cent Div.—
dividend of 25
a
cents per share on the
stocks, no par value, payable Dec. 16 to
This compares with 75 cents paid on July 11,
common
holders of record Nov. 28.
last; 50 cents on May 28, 1935; 75 cents on Dec. 17, 1934; 50 cents on
May 28, 1934; $1 per share on Dec. 31, 1933; 60 cents on June 20, 1931
and $2.10 per share during the year 1930.
The company stated that the current payment will initiate quarterly
142, p. 4177.
dividend distributions of 25 cents per share.—V.
for normal
Divs.
on
$239,925
$1,950,477
$1,573,764
245,870
pref. stock
$304,187
Balance
143,
2839.
p.
Georgia Southern &
Florida Ry.—Earnings—
1935
1936
October—
$168,505
18,316
2,455
defl2,376
defl7,431
1,884,110
255,984
47,549
1,587,809
155,143
21,406
$62,823
$0.95
$0.62
shares com. stock
1,562,242
128,218
55,759
Net after rents
From Jan. 1—
Net from railway
Net after rents
Comptroller, it was announced
on Nov.
18.
He succeeds William A. Matthews, former Treasurer and
Comptroller, who has resigned.—V. 143, p. 3162.
Gorman has been appointed
Fulton Iron Works Co.—Mexican Contract—
The Mexican
Government has awarded to this
company
a
$2,500,000
machinery and equipment contract for a $4,000,000 socialistically operated
sugar factory and refinery it is building at Zazatepec, in the "sugar bowl"
State
of Morelos it was announced on Nov. 13 by F. Edward O'Neil,
President of the concern, upon his return from
Safety
Razor
Co.—Extra Dividend—To Retire
Preferred Stock—
The directors have
declared an extra dividend
quarterly dividend of like
addition to the regular
Mexico City.—V.
143, p.
Galveston Electric Co.—Earnings—
1936—Month—1935
_
Operation.
Maintenance
Taxes
Net
-V.
income
143,
p.
$18,383
13,258
2,803
1,305
$4,466
Operating revenues.
$22,888
14,044
2,800
1,576
1936—12 Mos.—1935
$247,090
$221,442
162,615
159,106
32,201
32,131
18,368
18,005
$1,015
$33,905
$12,198
2838.
General Cable
The directors
Corp.—Accumulated Dividend—
have declared
a
dividend of $7 P6r share on account of
the 7% cumulative preferred stock, par $100, payable
Dec. 15 to holders of record Dec. 4.
This will be the first payment made
accumulations
on
on
stock since Feb. 1, 1931 when a regular quarterly dividend
share was distributed.—V. 143, p. 2679.
the preferred
of $1.75 per
General Investors Trust—Earnings—
shares of
preference stock at
than $90 a share.
The offer marks the
$6,891
781
^
184
*
$ 5,926
Net income
Adjustment on account of income on shares sold or repurchased .
270
$5,656
8,243
Balance
Undistributed income, July 1, 1936
$13,899
Undistributed income, Sept. 30, 1936
The liquidating value of each share of General Investors Trust on Oct. 15,
was $7.25, compared with a liquidating value of $6.62 on July 15,1936.
1936
Balance Sheet Sept.
30, 1936
Liabilities—
Assets—
Cash
Investments at market
$14,872
661,557
Capital ($1 par).
Capital surplus
Unrealized apprec. on invests.
Undistributed income
Dividends payable
Unpaid dividends
Contingent capital liab. res
Accrued expenses
$676,428
Total
$96,575
324,640
237,172
13,899
1,075
362
2,395
310
$676,429
Total
-V. 143, p. 1076.
General
Drew
and
L.
M.
Y.
Refractories Co.—New
Vice-Presidents—
Thorpe has been elected Vice-President in Charge of Sales
Greene has been elected Vice-President in Charge of Plant
Operations, and
Dr. R. P. Heuer Vice-President in Charge of Research.
—V. 143, p. 2839.
General Realty & Utilities Corp. (& Subs.)—Earnings
[Exclusive of Lefcourt Realty Corp.]
Nine Months Ended Sept. 30—
1936
1935
Profit after interest, State and Federal taxes other
than income taxes, &c., but before depreciation.
$362,274
$201,881
Net after int. & deprec. but before Fed. inc. taxes..
66,881
loss96.678
Note—There has been excluded the share of deficiency of Lefcourt Realty
Corp. for the period Jan. 1, 1936, through Sept. 30, 1936, applicable to
company's holdings in the common stock of that company, which share
amounts to $186,164 after making provision for preference stock dividends,
as compared with $29,497 for the same period for 1935.
The results of operations of Central Park Plaza Corp. (Eldorado Apart¬
ments, 300 Central Park West), in which company has a one-half owner¬
ship, have not been included in income. Company's share of the net earn¬
ings for the nine months ended Sept. 30, 1936, before depreciation amounts
to_$43,828 and after depreciation $11,555.—V. 143, p. 1228.
4.
submit
10,000
lowest prices available, but in no event at more
„
initial step in the retirement
^
„
,
,
of the preference stock
from 310,000
available the
purchase in the open market or through other offerings to
of its preference stock at a price or prices
determined."—V. 143, p. 2840.
shareholders additional shares
to be later
group
Nov.
Offered—An underwriting
headed by Goldman, Sachs & Co. publicly offered on
23 a new issue of $27,000,000 of 1st mtge. bonds,
4i4% series due 1956, at 101% and interest.
The issue was
oversubscribed the day of offering.
The other underwriters
include First Boston Corp.; Brown Harriman & Co., Inc.;
Edward B. Smith & Co., and Otis & Co.
Bonds
D.
dated Aug. 1, 1935; maturing Dec. 1, 1956.
Coupon bonds
of $1,000, registerable as to principal only.
Interest payable
Penha. personal property tax not exceeding 5 mills per annum,
are
in denom.
Maryland personal property tax not exceeding 4mills per annum. Conn,
personal property or exemption tax not exceeding 4-10% per annum and
Mass. income tax not exceeding 6% per annum of interest, refundable
upon proper
application.
Red. in whole or in part at any
time on at least
30 days" notice, otherwise than through operation of sinking fund, at 105%
prior to Dec. 1, 1939, with successive reductions in red. price of 1% on
that date and periodically thereafter, together with interest accrued to the
redemption date.
Red. through operation of sinking fund at 103)4%
prior to Dec. 1, 1938, with successive reductions of J4 of 1%
that date
and periodically thereafter, together with int. accrued to the red. date.
Sinking fund provides for the deposit of cash or bonds each year, beginning
Dec. 1, 1937, in an amount sufficient to retire a minimum of $675,000 of
bonds of this series, and an additional $135,000 of such bonds if consoli¬
dated net earnings for the preceding calendar year exceed $7,000,000.
Principal and interest payable at the office of
N. Y., or its successor as corporate trustee.
Listing—Company has agreed with the
Bankers Trust Co., New York,
several underwriters to make
application, at their request, for the listing of these bonds on the New York
Stock Exchange and their registration under the Securities Exchange Act
of 1934.
*
'
Business—Company and subsidiaries are engaged in the manufacture
and sale of rubber products, of which automobile tires and tubes accounted
in 1935 for approximately two-thirds of their total sales volume.
The
principal tire brands of the company are "Goodrich" (including the "Good¬
rich Silvertown" line), "Miller," "Diamond," "Brunswick" and "Hood."
Tires are sold both
for original equipment and replacement purposes.
The largest quantity buyer of tires manufactured by the company for original
equipment is General Motors Corp., which has purchased from the company
an average of approximately 2,000,000 tire units per year during the three
years 1933 to 1935, inclusive.
During the same period, the average annual
sales to all classes of trade were approximately 8,000,000 tire units.
The
majority of the replacement tire sales are made to independent dealers and
distributors.
Another large portion of the tire output, as well as certain
related products such as gasoline, oil, batteries and other automobile ac¬
cessories, is sold through approximately 500 retail stores in the United
States and Canada which are owned or controlled by the company.
Tires
and tubes are also sold to oil companies for redistribution through their
,
Earnings for the 3 Months Ended Sept. 30, 1936
Income: Gross income from investments
Administration expenses
Taxes
of 25 cents per share in
amount on the common
stock, no par value, both payable Dec. 18 to holders of record Dec.
In announcing the above extra dividend directors also voted to
an offer to the preference stockholders to purchase not more than
J. &
Period End. Oct. 31
1,381,202
162,500
def 1,460
2840.
(B. F.) Goodrich Co .—Bonds
Inc.—New Comptroller—
Franklin Simon & Co.,
$130,070
def6,797
defl2,567
$142,976
15,232
3,431
—V. 143, p. 3145.
William B.
1933
1934
1
$181,624
Gross from railway
company may
$100,514
...
Earns, per share on 100,000
1935
1936
11,094,867
1,395,000
6,249,986
2,950,465
531,497
and, if accepted in full, will reduce the amount outstanding
to 300,000 shares.
The notice sent to stockholders stated:
"It is contemplated that from time to time as funds are
(Peter) Fox Brewing Co.—Earnings—
4 Months Ended Oct. 31—
Net income after all charges & provs.
Federal taxes
13,181,196
1,613,750
6,243,725
2,950,444
160,000
Int. & other fixed charges
Gillette
-V. 143, p. 2678.
954,898
125,000
527,712
245,853
1,131,464
Oper. exps. and taxes
Prov. for retire, reserve.
—V. 143, p.
Deficit
14
1935
$969,562
3317.
$122,701
Deductions
to Nov.
Georgia Power Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
-1935
Period End. Oct. 31—
1936—Month—1935
■ 1936—12 Mos.
$2,093,390 $25,939,593 $23,264,083
Gross revenue
$2,373,020
Gross from railway
Gross income.
1
1936
$1,031,002
$18,950
$22,150
earnings
Net from railway
$2,163
Operating income
Other income.
—Jan.
—Second Week of Nov.—
1936
1935
-V.
1936—10 Mos.-—1935
$476,765
$467,486
434,426
428,839
25,019
27,876
1936—Month-—1935
$45,126
$46,064
44,228
40,353
2,500
3,548
Period End. Oct. 31-
Operating
Operating
General Time Instruments Corp.—Acquisition—
notified the New York Stock Exchange that pursuant
plan of liquidation and an agreement, Western Clock Co. conveyed
a
—V. 143, P.
—V. 143, p. 2837.
28, 1936
The company has
to
authorization of the new proposal shall expire,
Nov.
Chronicle
service'stations.
The company
and its subsidiaries produce a great
^
'
variety of other rubber
Eroducts, comprising over 30,000 articles. Thesethe wholesale distributed
oth directly to many industries and through
products are and retail
goods,
They include such articles as rubber belting, hose, molded
rubber-covered rolls, rubber mats and matting, golf ball cores,
trade.
water¬
proofed fabrics, hard rubber products, battery containers, water bottles,
druggists' sundries, soles and heels.
Hood Rubber Co., Inc., and The B. F.
Goodrich Rubber Co. of Canada, Ltd., subsidiaries, are large manufac¬
turers of water-proof and canvas footwear.
The company is engaged in certain allied businesses, including the manu¬
facture of substantially all of its tire cord requirements, the reclaiming of
rubber'and the production of various chemicals for its own use and for sale
to other manufacturers.
In addition to the export business of the company
and its subsidiaries, products are manufactured and distributed in certain
foreign countries either by subsidiaries or by corporations in which the com¬
pany has a financial interest, although investments abroad have been sub¬
stantially reduced in recent years.
J
,
History—Company, incorporated in New York May 2, 1912, is the out¬
growth of a business commenced in 1870.
During recent years operations
have been expanded by the acquisition, through subsidiaries, of the assets
and business of Hood Rubber Co., Watertown, Mass., in August, 1929,
and of Miller Rubber Co., Akron, Ohio, in February, 1930.
Through a
rearrangement of the capital structure of Hood Rubber Co., Inc., successor
to Hood Rubber Co., in connection with a merger in August, 1932, the
company's investment in that company was exchanged for all of the new
preferred stock and a minority interest in the new common stock of that
company.
In June, 1935, the company acquired ownership of all the re¬
maining shares of the common stock, and, as a result, Hood Rubber Co.,
Inc., again became a wholly-owned subsidiary.
Purpose—Net proceeds from the sale of this series of bonds, after deduct¬
ing the estimated expenses paid and to be paid by the company in connec¬
tion with the financing, will be approximately $26,253,460, exclusive of
accrued interest.
Of this amount, $17,571,005 is to be applied to the
Volume
redemption at 107% on Feb. 1, 1937 of all of the first mortgage 25-year
6)4 % gold bonds of the company outstanding on Nov. 1, 1936, or to reim¬
burse the company for amounts expended in acquiring such bonds prior to
the redemption date; and $8,682,455 is to be used for general corporate
purposes, including additional working capital.
It is impossible to state
specifically at this time the uses to which the latter amount will be applied.
The management considers it advisable to provide these additional funds
in view of the increased volume of the company's business and the rising
prices of its principal raw materials in recent years, and the need from time
to time for plant improvements and betterments.
Funded Debt and Capitalization—Capitalization as of Nov. 15, 1936,
adjusted to give effect to the redemption of the outstanding 1st mtge. 25year 6)4 % gold bonds due July 1, 1947, the retirement of the outstandnig
15-year 7% sinking fund gold notes of Hood Rubber Co. at maturity on
Dec. 1, 1936, and the issuance of the 1st mtge. bonds, 4>£% series, due
1956, will be as follows;
Outstanding
Authorized
$27,000,000
1st mtge. bonds,
,
4% % series due 1956-_$45,000,000
15-yr. 6% convertible gold debentures,
due June 1, 1945
30,000,000
19,798,800
-
Funded debt of B. F. Goodrich Rubber
Co. of Canada, Ltd
a300,163
1,548,600
Preferred stock—$5 cumulative (no par
b412,031.2 shs.
430,386 shs.
bl ,303,255
shs.
stated value)_ c4,147,154 shs.
a There is outstanding an additional $875,337 of this funded debt which
is to be pledged with the corporate trustee of the first mortgage bonds,
4\i% series due 1956.
This funded debt is recited to be payable in United
States or Canadian gold coin at the option of the holder, and is stated herein
stated value)
Common stock (no par or
or
at face value in United States dollars.
b Including scrip certificates
c
Of which
representing fractional interests in such shs.
289,943 shs. are reserved for conversion rights of the
15-year
convertible gold debentures, and 100,000 shs. are reserved for em¬
ployees, although there are at present no commitments to employees in
effect with respect to these shares.
At June 30, 1936 there were authorized $25,000,000 of 1st mtge. 25-year
6)4 % gold bonds due July 1, 1947, of which $17,156,500 were outstanding.
On Nov. 1, 1936 the company redeemed $735,000 of such bonds, leaving
$16,421,500 outstanding.
'AH such outstanding bonds are to be retired
out of the proceeds of the sale of the 1st mtge. bonds, 4)4 % series due 1956.
6%
Change in Stock—At June 30, 1936 there were authorized 353,440 shares
preferred stock ($100 par), of which 294,308 shares were
of 7% cumulative
outstanding and on which cumulative dividends in the amount of $10,300,780, or $35 per share, and retirement provisions in the amount of $59,400
shares were in arrears as of July 1, 1936.
There were also authorized on
that date 4,000,000 shares of common stock (no par), of which 1,156,101
shares were outstanding, 271,331 shares reserved for conversion rights of
15-year 6% convertible gold debentures, and 100,000 shares reserved
for sale to employees.
At a meeting held Sept. 9, 1936 the stockholders
authorized the change and reclassification of the authorized and outstand¬
ing 7% cumulative preferred stock ($100 par) into $5 preferred stock (no
par) and common stock (in the ratio of 1.4 shares of $5 preferred stock and
34 share of common stock for each share of outstanding 7% cumulative
preferred stock), as well as certain other adjustments in the authorized
capital stock.
The arrearages mentioned above were, in the opinion of
counsel to the company, thereby eliminated.
Dividends on the $5 preferred
stock are cumulative from July 1, 1936, and are payable prior to July 1,
1938, at the election of the directors, in cash or preferred stock or partly
in each.
A certificate of amendment reflecting these changes was filed
the
of State of New York on Sept. 9, 1936.
After
giving effect to such change, reclassification and other adjustments, the
in the office of the Secretary
authorized and outstanding shares of $5 preferred stock and common stock
are as shown in the table above.
As of the close of business on Nov. 14,
1936, all of the outstanding certificates for 7% cumulative
except certificates for 12,577
stock and common stock.
preferred stock,
shares, had been exchanged for $5 preferred
Earnings for Stated Periods
Years Ended Dec. 31
6 Mos. End.
June 30 '36
1933
a
Consol. net income
Depreciation
b Consol. net income.
1934
1935
$8,199,089
4,590,708
$8,316,844
4,003,565
$9,985,006
4,342,579
$6,054,033
1,913,579
$3,608,380
$4,313,279
$5,642,426
$4,140,454
a
Before depreciation, interest on funded indebtedness, and provision
for Federal income and undistributed profits taxes.
b Before interest on funded indebtedness and provision for Federal in¬
come
and undistributed
income
taxes
4)4% series due 1956, to be presently issued, will amount to $1,147,500.
Total annual interest charges on all funded indebtedness of the company
and its subsidiaries to be outstanding upon the completion of the financing
and the application of the proceeds will amount to approximately $2,356,800.
Purchase and Offering of Bonds—Each of the underwriters named has
agreed, severally and not jointly, to purchase from the company the prin¬
cipal amount or bonds set opposite its respective name below at 98 )4 Plus
interest, if any, to the date of delivery:
Goldman, Sachs & Co., N. Y._$5,150,000 Lee Higginson Corp., N. Y...
First Boston Corp., N. Y.._. 3,000,000 Bancamerica-Blair Corp.,N.Y.
F. S. Moseley & Co., N. Y...
Co., Inc.,
New York
3,000,000 Chas. D. Barney & Co., N.Y.
Otis & Co., Cleveland
3,000,000 Estabrook & Co., N. Y
Edw. B. Smith & Co., N. Y__ 2,250,000 Graham, Parsons & Co., N. Y.
Hayden, Miller & Co., Clevel'd
Halsey, Stuart & Co., Inc.,
Brown Harriman &
Chicago
1,000,000
Hayden, Stone & Co., N. Y__ 1,000,000
Hemphill, Noyes & Co., N. Y. 1,000,000
W. E. Hutton & Co., N. Y... 1,000,000
Kidder, Peabody & Co., N. Y. 1,000,000
—V. 143, p. 3317.
—
Hornblower & Weeks, N. Y-.
$750,000
500,000
500,000
350,000
350,000
350,000
350,000
350,000
Jackson & Curtis, Boston....
350,000
Bond <fc Goodwin, Inc., N. Y.
250,000
Kuhn, Loeb & Co., N. Y
1,500,000
Share Declared
per
Stock—
of
on
New $5 Convertible Preferred
"
•
The new Goodyear $5 convertible preferred stock will be dated Feb. 23,
1936, and will carry accrued dividends since that date.
Transfer agents
for both the new and the old preferred stocks are the Guaranty Trust Co.
of New York and the National City Bank of Cleveland.
Listing of New $5 Pref. Stock
on
The New York Stock Exchange has
Stock Exchange Authorized—
authorized the listing of (1) 759,719
shares of $5 (cumulative) convertible preferred stock (no par) (to be desig¬
nated as "$5 preferred stock" after Oct. 1, 1946), which is the maximum
of shares required for exchange with holders of its existing first
preferred stock under the plan for the rearrangement of capitalization;
(2) 759,719 shares of second preferred stock $7 cumulative (no par), this
being the class of stock which is now outstanding and listed as first pre¬
ferred stock.
Under the plan for the rearrangement of capitalization,
the name of the existing first preferred stock has been changed to second
preferred stock, its preferential rights modified, and it is now exchangeable
for $5 convertible preferred stock and common stock; (3) 253,240 additional
shares of common stock (no par) which is the maximum number of shares
required for exchange with holders of its existing first preferred stock under
the plan for the rearrangement of capitalization; and (4) 2,279,157 addi¬
tional shares of its common stock (no par), which is the maximum number
of shares required for the conversion of the $5 convertible preferred stock.
This makes the total amounts applied for listing to date: 759,719 shares
of $5 convertible preferred stock, 759,719 shares of second preferred stocx,
and 4,072,796)4 shares of common stock.
Shares of the former first preferred stock which are exchanged for new
securities under the plan are to be canceled and no new shares of such stock
are to be issued in lieu thereof.
No underwriting by bankers has been
arranged in connection with the plan, and the company will not directly
or indirectly pay or give any commissions or other remuneration for soliciting
exchanges under the plan.
Holders of first preferred stock who make the
exchange provided by the plan, will thereby relinquish their claims to
accumulated dividends on such stock, amounting to $11.25 per share as
of Oct. 1, 1936.
No fractional shares will be issued upon sudh exchange,
or upon the subsequent conversion of the $5 convertiole preferred stock
into common stock, but in lieu thereof there will be delivered non-dividendbearing and non-voting common stock scrip certificates in bearer form, in
denominations of hundredths of a share, calculated to the nearest hundredth,
exchangeable for full shares (within a period of not less than six years after
the date of issuance of such scrip certificates), when accompanied by other
similar scrip certificates in appropriate amounts.—V. 143, p. 3317.
number
Graybar Electric Co.—To Modify Pension Plan—
The company has made
changes in its retirement plan because of the
announced on Nov. 20.
The
effect of the Federal Securities Act, it was
proposed change will not take place unless the Act remains in effect un¬
changed until 1942.
Frank A. Ketcham, President, stated that it is expected that the changes
will provide that only one-half the pension paid by the Government under
the Act shall be deducted.
The plan now provides that all pensions paid
by the Government shall be deducted from pensions otherwise payable
under the plan.
It was explained by Mr. Ketcham that the employee retiring on pension
after 1941 will receive from the Government and the company together the
equivalent of his or her full pension from the company plus one-half of the
Government pension, which half represents, in effect, what the employee
has contributed toward the Government pension through the tax on his or
her salary or wages.
Mr. Ketcham said that by this procedure Graybar employees are not
penalized because of the company's contributions to the Federal social
security fund, but rather they will have the retirement income increased
by an amount equal to one-half that which they receive from the Govern¬
ment when, as and if they become eligible to a Government pension.
The Graybar pension plan provides at present that an employee who has
had 30 years of service is eligible for retirement regardless of age; and
if 55 years old is eligible for retirement if he has had only 25 years or more
of service.
Retirement income is figured by using the number of years
of employment as a percentage and multiplying it by the average income
of the employee during the last 10 consecutive years of employment.
Thus
an employee who retires after 40 years of service and whose average income
during the last 10 consecutive years was $3,000, receives $1,200 a year
during the remainder of life.
The company also maintains other benefit
plans for employees, who as holders of all the common stock control the
company.—V. 136, p. 667.
Great Atlantic & Pacific Tea
Co.—Wages Increased—
Officials of the company announced on Nov.
20 wage increases in Greater
Cleveland for 2,000 employees, affecting mostly those in the lower salary
brackets
Officials said the increases would add
about $250,000 annually to the
payroll, and in some cases would be as high as 20%.
Some workers' hours were cut four a week with no reduction in pay.
All
Greater Cleveland A. & P. employees were granted a half-holiday a week
and one to two weeks' vacation with pay, depending on length of employ¬
ment.—V. 143, p. 3317.
Great Lakes Paper
Co., Ltd.—New Director—
Charles B. Shields has been appointed a
Green Mountain Power
director.—V. 143, p. 2210.
Corp.—Merger Approved—
The Federal Power Commission on Nov.
10 announced approval of the
application for merger as of Dec. 31, 1935 of the facilities of the Stamford
Light, Heat & Power Co., representing assets of $23,375, with the facilities
of Green Mountain
Power Corp., representing assets of $21,224,848.
application of the two companies was originally filed on
143, p. 3317.
Joint
V.
Greenwich
Water
12 Mos. Ended. Sept
&
Gas System
Inc.
Operating expenses, maintenance and taxes
1935
$1,588,290
$786,020
$756,629
153,633
9,779
316,112
319,774
—
Int., amortiz. of discount, &c. of subsidiaries
Minority interest
Int., amortiz. of discount, &c. of parent company
831,661
156,459
10,309
84,085
97,396
$222,410
Reserved for retirements
$172,691
155,597
132,013
;
a dividend of $4.25 per share on the
preferred stock of the company, to be payable
1936, to holders of record at the close of business on Dec. 18.
This dividend represents payment in full of all dividends accruing during
1936 on the $5 convertible preferred stock and is in addition to four quar¬
terly dividends of $1 each per share which had previously been paid on the
outstanding old first preferred stock this year.
The board of directors, in declaring operative the plan for rearrangement
of the company's capitalization, determined at a previous meeting that
exchanges of the former first preferred stock for the new senior $5 con¬
vertible preferred stock and common stock, in accordance with the terms
of the plan, may be made anytime up to and including Dec. 18, 1936.
Certificates representing the new $5 convertible preferred stock are now
available, and owners making the exchange on or before Dec. 18 will receive
on Dec. 26 the $4.25 dividend just voted by the board.
If all holders of outstanding preferred stock exchange their shares for
the new $5 convertible preferred, the total dividend payable Dec. 26 will
amount to approximately $3,250,000.
This is in addition to the $3,000,000
already paid as dividends on Goodyear preferred stock earlier this year.
The board of directors has declared
Dec.
April 17.—
(& Subs.)—
1936
$1,629,825
843,805
30—
Gross earnings
Net income
new
letter
stock¬
holders.
Gross income
Goodyear Tire & Rubber Co., Akron, Ohio—Dividend
of $4.25
on Dec. 18, 1936, when accompanied by a signed
transmittal, acceptance and assent.
Forms have been sent to all
the close of business
profits taxes.
of subsidiaries
(amounting to $61,023 in 1934,
$193,000 in 1935 and $60,900 for the six months ended June 30, 1936)
have been deducted from the above earnings.
The amount deducted in
1934 does not include Federal income taxes of certain subsidiaries whose
business or principal assets have since been absorbed by the company.
The annual interest charges on the $27,000,000 of first mortgage bonds,
Federal
3467
Chronicle
Financial
143
senior $5 convertible
26,
Capitalization Plan Approved—
declared operative the plan for rear¬
rangement of the company's capitalization which was approved by stock¬
holders at a special meeting held Nov. 21.
The plan provides for the
creation of new $5 convertible preferred stock, which will be senior as to
both assets and dividends over the outstanding preferred stock.
This new
stock will be convertible into common shares until Oct. 1, 1946, at an initial
rate of three shares of common stock for one share of preferred.
Holders
of the outstanding preferred stock are offered one share of new $5 con¬
vertible preferred and one-third of a share of common for each preferred
SbftT6 6XCbHJ1^6d
The board of directors has determined to accept for exchange all shares
of outstanding preferred stock surrendered to the transfer agents before
The board of directors on Nov. 23
•
paid on 6% cum. preferred stock during
period (including 1)4% paid Oct. 1,1936)
Divs.
Note—The above earnings for 1936 are before deduction of the Federal
undistributed profits imposed under the Revenue Act of 1936,
as the amount of such surtax can not be finally determined until the end
of the year.
All figures are subject to audit in so far as they contain earnings
surtax on
for the year
1936.—V. 143, p. 1559.
(Charles) Gurd & Co.
Ltd.—Special Dividend—
20 cents per share on
stock, payable Dec. 15 to holders of record Dec. 1.
The last previous distribution on this issue was the 15-cent payment made
in January, 1933.—V. 142, p. 624.
The directors have declared a special dividend of
the
no
par
common
Halle Brothers Co.—To
Holders of common
Refinance
stock will meet
on
Nov. 30 to act on a plan of ex¬
change and financing in connection with a new issue of convertible preferred
stock.
The present 6% bond issues are to be replaced by a new issue
of $2,750,000 of bonds bearing lower interest rates, to be sold to an insurance
company and a bank.
The company proposes the authorization of $4,000,000
convertible preferred stock bearing cumulative dividends
of new $50-par
at the rate of
share annually and convertible into common stock.
The preferred
stock will be redeemable at $55 until April 30, 1942, at $53 thereafter until
$2.40
a
April 30, 1947, and after that at $52.
Holders of the 16.644 outstanding shares of $100-par 6)4 % preferred
stock may exchange their shares for the new stock on the basis of two new
for each present share, with such adjustment in cash as the directors may
deem desirable.
expected to head an underwriting group for
of the $2,000,000 of new convertible stock
rights to purchase up to an additional $1,000,000 of such
A registration statement is to be filed soon with the Securities and
Hayden, Miller & Co. are
sale of the unexchanged portion
and also to have
stock.
Financial
3468
the
covering
Commission
2999.
Exchange
—V. 143. P.
Period End. Oct. SI—
(Wis.)—Bonds Offered—Sills, Troxell
6 Minton, Inc., and Central Republic Co., Chicago, are
offering $1,100,000 1st mtge. 5% sinking fund bonds (with
detachable stock purchase warrants attached) at 102 and int.
Hamilton Mfg. Co.
1, 1936; due Sept. 1, 1951.
Coupon bonds in denoms. of
$1,000 and $500, registerable as to principal only.
Principal and int.
(M. & 8.) payable at office of Marshall & Ilsley Bank, trustee, Milwaukee,
Red. all or part at any time upon 30 days' published notice, at option of
company or through operation of sinking fund, at 105 on or before Sept. 1,
1939, 104 thereafter and on or before Sept. 1, 1942, 103 thereafter and on
or before Sept.
1. 1945, and thereafter at 102}$, plus int. in each case
to redemption date.
,
.
,
History and Business—Company is the successor corporation to a business
which was instituted 56 years ago and which has been in continuous opera¬
tion during all of that period.
In 1880 J. E. Hamilton commenced the
production of wood type for printing.
In 1889 the company's predecessor
corporation was incorporated in Wisconsin and on Feb. 25, 1926, the
$563,249
354,252
$568,990
363,096
$7,063
15
$100,761
55
$96,081
91
$9,857
2,916
$7,079
2,916
187
124
$100,817
35,000
2,903
$96,173
35,000
2,807
$6,753
$4,038
$62,913
$58,365
$48,947
30,222
Taxes
Net oper. revenues
Non-oper. income—net-
2,669
7,285
$9,860
Dr2
Maintenance
$47,364
30,345
2,306
6,557
Operating revenues
Operation
Dated Sept.
Balance
Retirement
Interest
income.
Net
—V.
accruals
res.
charges
organized.
throughout these years, while adding to the products
continued the production of wood type (including
engravers' blocks), which is still an important item of production.
It is
believed that approximately 95% of wood type produced is made in the
Wisconsin plant of the company.
General printers' equipment and furniture
Were logical additions and throughout the years the company has expanded
its production in that connection and has acquired the businesses of other
companies engaged in similar activies until it is now the leading producer
The
company
22V763
85,472
23,154
86,658
143, p. 2681.
'
present company was
1936
28,
Haverhill Gas Light Co.—Earnings—
1936—Month—1935
1936—12 Mos.—1935
convertible preferred stock.
new
Nov.
Chronicle
America—New Director—
Haytian Corp. of
Sanford Griffith was elected a
member of the board of directors on
Nov.
recently formed a committee with Arnold Hanson of
Hanson & Hanson to protect the interests of the Haytian Corp.'s 8% gold
notes.
In assuming the directorship Mr. Griffith stated that he is acting
to familiarize himself with the business and affairs of the corporation in
such a manner as best to serve the noteholders.—V. 143, p. 2681.
23.
Griffith
Mr.
manufactured by it, has
in this field.
Capitalization—The capitalization of the company upon
refunding and financing will be as follows:
completion of
the present
1,300,000
1st mtge. 5 % sinking fund bonds
7 % 1st preferred stock ($100 par)
919 shs.
951 shs.
200,000 shs. 60,590 shs.
100,000 shs. 75,317 shs.
Purpose—Proceeds will total $1,072,500 and will be used to retire the
Class A preferential participating
Common stock ($10 par)
stock ($10 par)
attached to the first mort¬
gage 5% bonds due 1951, entitling the holder of each $1,000 bond to buy
10 shares class A stock or 10 shares common stock, either but not both
(and five-share warrants with $500 bonds), at the following schedule of
Class A Stock
Com. Stock
$10.00 per sh. $15.00 per sh.
10.00 per sh. 17.50 per sh.
12.50 per sh. 20.00 per sh.
12.50 per sh. - 22.50 per sh.
15.00 per sh. 25.00 per sh.
—
20.00 per sh. 27.50 per sh.
Exercise of Warrants—
Oct. 1, 1938-Sept. 30,
Oct. 1, 1939-Sept. 30,
Oct. 1, 1940-Sept. 30,
Oct. 1, 1941-Sept.
30,
1937
1938
1939--.
1940.
1941
1942.
-
These warrants will be detachable
.
Underwriting—Company
from the bonds.
entered into
has
an
agreement with Sills,
Troxell & Minton, Inc., Chicago, whereunder this firm has agreed to
chase from the company $1,100,000 of the first mortgage 5% sinking
bonds with stock purchase warrants attached.
pur¬
fund
39,278
81,464
24,494
62,255
98,873
239,730
67,077
196,100
$157,561
$52,643
$517,657
$308,434
$0.51
$0.30
Net
profit
Inc., the underwriter, entered
into a
Chicago, under the terms of
Which Central Republic Co. agreed to purchase from Sills, Troxell & Minton,
Inc., 50% of all bonds and stock purchase warrants purchased by it from
7, 1936, Sills, Troxell & Minton,
contract with Central Republic Co.,
On Nov.
company.
"■
_
104,231
1,000,(par 25c.)
capital stock
$0.15
$0.06
x Includes
other income.—V. 143, p. 3318.,
shares
000
■
(Walter E.) Heller & Co.—Listing—
The New York Curb Exchange
had approved the listing
application of the
for its 10-year 4% notes (with warrants), 7 % cumulative preferred
(with and without warrants), and common stock.
It is anticipated
that trading on the Exchange will begin as soon as registration under the
Securities Exchange Act of 1934 has become effective.—V. 143, p. 2841.
stock
stock.
for Stated Periods
Dividend—Regular Divi¬
dend Doubled—
The directors have
declared an extra dividend of 75 cents per share in
share on the common stock, par $10,
addition to a dividend of 50 cents per
payable Dec. 1 to holders of record Nov. 28.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition the following extra dividends were paid:
25 cents on Sept. 1,
last, Dec. 2 and Jan. 2, 1935, and 10 cents per share on March 1, 1934.—
—V. 143, p. 758.
both
Co.—Earnings—
Houston Electric
Operation
Maintenance
Retirement accruals
Taxes
Net
—V.
$2,373,587
$2,123,238
1,167,426
1,081,891
328,119
304,124
237,742
238,601
301,521
350,000
215,121
264,606
$97,573
def$89,902
$2,322
$23,227
income
143, p.
1936—12 Mos.—1935
1936—Month—1935
$220,445
$188,302
102,942
92,175
29,649
26,862
24,579
29,166
21,506
17,602
18,539
20,173
Period End. Oct. 31—
Interest & amortization.
■
Offering to Holders of Outstanding Bonds—Company is also offering to the
outstanding first mortgage 6% sinking fund gold bonds, due
April 1, 1941, which the company expects to call for redemption on April 1,
1937, at a redemption price of 102 plus int. from Oct. 1,1936, to the date of
redemption, the right to exchange outstanding bonds for an equal principal
amount of the new first mortgage 5% sinking fund bonds.
Each of the
first mortgage 5% sinking fund bonds delivered upon such exchange will
be accompanied by a detachable stock purchase warrant entitling the
holder thereof to purchase for each $100 of bonds one share of cpminon
stock, or, at option of holder, one share of class A preferential participating
holders of its
Income Account
47.262
Earns, per sh. on
Operating revenues.-
.
the
Depreciation
Depletion of ore bodies..
Heyden Chemical Corp.—Extra
,
Oct. 1, 1936-Sept. 30,
Oct. 1, 1937-Sept. 30,
'-
662,184
18,882
42,078
709,780
Taxes accrued
company
.....
_
Date of
237,360
_
presently outstanding 6% bond issue.
Stock Purchase Warrants—Warrants will be
prices:
1936—9 Mos.—1935
$1,338,016
$418,830 x$l,613,302
257,705
To Be
Outstanding
$1,100,000
x$554,891
Operating expenses
1
Authorized
•
Hecla Mining Co.—Earnings—
30—
1936—3 Mos.—1935
Period End. Sept.
Gross income
2843.
Hudson & Manhattan RR.—Earnings—
1936—Month—1935
1936—10 Mos.—1935
x$672,473
$659,159 x$6,430,106 $6,370,860
Oper. exps. & taxes
408,933
396,315
3,990,820
3,901,675
Period End. Oct. SI—
Gross oper. revenue
$263,539
17.333
Operating income
Non-operating income.-
$262,844
24,233
$2,439,286
221,087
$2,469,185
238,043
$280,873
$287,077
$2,660,373
$2,707,229
1934
1935
'36
Inc. chrgs.—incl. int. on
$1,198,836
854,036
270,448
$1,850,800
$1,899,418
adj. inc. bonds at 5%-
298,264
314,846
3,082,186
3,148.825
1,189,809
353,471
Deficit
$17,390
$27,769
$421,813
$441,596
Jan. 1, 1936
-Calendar Years
&c.)
sold
1
----Selling, general & admin, expenses—
Gross sales (less retruns,
to Oct. 10,
Provision for doubtful accounts
16,932
1,203,151
361,249
7,628
Maintenance & repairs
Cost of goods
Taxes
(other
15,367
61,598
78,506
47,088
63,727
loss$74,827
or
25,365
45,623
71,256
than Federal
4,062
24,858
$113,299
$216,399
State
income tax)
Provision for depreciation
Gross income
53,356
24,270
12,434
loss$21,470
$137,569
65,774
8,228
$228,833
49,001
6,053
Other income (net)
Total income
long-term debt
Amortization of debt discount & exp_
Interest
68,927
on
Net income before Federal &
8,601
_
State
Hammond Clock Co.—Stock Increase Voted—
a recent special meeting, stockholders approved proposal for increase
stock by adding thereto 10,000 shares of 6% preferred
stock of $50 par value, convertible into common stock on basis of one share
of common stock per $60 of par value of preferred prior to Jan. 1, 1938,
and one share of common stock per $100 of par value of preferred stock
after Dec. 31. 1937, and prior to April 1, 1939.
Stockholders also approved increase in authorized common stock from
100,000 shares of $5 par value to 110,000 shares.—V. 143, p. 112.
At
in authorized capital
(M. A.) Hanna Co .—Subsidiary
Dissolved—
has notified the New York Stock Exchange that the Todinactive subsidiary, was dissolved and that the certificate
of dissolution was filed Sept. 28, 1936, in the office of the Secretary of
State of the State of Ohio.—Y. 143, p. 2680.
Hat
an
Corp. of America (& Subs.)—Earnings—
Years End. Oct. 31—
1936
.
1935
1934
1933
Net profit after deprec.,
Federal income taxes,
&c
—
$779,390
$618,051
$222,178
Hathaway Mfg. Co.—$2 Dividend—
The directors have declared a dividend
of $2 per share on the capital stock,
$100, payable Dec. 1 to holders of record Nov. 19.
A similar payment
made on Sept. 1, last and compares with $1.50 paid on June 1 last and
$1 paid on Marcn 1 last and on Dec. 2, 1935, this latter being the first
distribution to be made since Sept. 1, 1934, when the company paid a
dividend of 50 cents per share.
Dividends of $2 per share were distributed
par
was
each quarter from Dec. 1,
1933 to and including June 1, 1934; $1.50 was
1933.—V. 143, p. 1559.
August, 1933 and 50 cents per share in May,
Co.—Weekly Sales Setting Seven-Year
Record—
Retail sales of Hudsons and Terraplanes in
the United States for the week
ending Nov. 14 totaled 1,820 cars, according to figures just
William R. Tracy, Vice-President in charge of sales.
This
released by
exceeds the
sales figure for the corresponding week of 1935 by 28% and is a gain of 29%
over the preceding week of this year.
According to the present outlook,
Mr. Tracy expects the late fall and early winter to rank among the best in
from a sales standpoint.—V. 143, p. 3001.
Humphreys Mfg. Co.—Accumulated Dividend—
of $2 per share on account of
cumulative preferred stock, par $100, payable
135, p. 3006.
The directors have declared a dividend
accumulations
the 8%
on
5 to holders of record Nov. 20.—V.
Dec.
Illinois Central
System—Earnings—
1 934
1935
1936
October—
2,214,029
1,923,703
$8,248,514
2,119,989
1,193,858
Gross from railway
93,495,968
Net from railway
Net after rents
12,053,787
80,446,066
16.936,924
9,448,769
75.794,508
19,336,731
10,827,862
$11,258,577
Gross from railway
Net from railway
Net
after rents
From Jan. 1
$9,718,858
2,753,621
1 933
$8,627,442
2,720,734
72.956,865
21,288,688
1,905,514
—
13,227,110
L. A. Downs, President, is quoted as follows:
"The Illinois Central last week returned to the
$100,000,000 class.
The
system's revenue fell below that mark in 1932, reached a low of $87,958,000
in 1933 and increased in 1934 and 1935 to $97,497,000.
After four years
of traffic which produced less than $100,000,000 of annual revenue, the
Illinois Central passed that mark last week with its system revenue for this
year.
I expect the Illinois Central to cover fixed charges for the full year.
"The outlook for winter travel is the best in years.
A favorable factor
is the increase in dividend distributions.
Many people who are dependent
upon
x$923,312
Equal, after annual dividend requirements on 31,748 shares (par $100)
of 6}$% preferred stock (on which dividends in arrears amounted to $1.50
per share on Oct. 31, 1936) to $1.53 a share on combined 359,660 shares
(par $1) of class A coupon and 109,660 shares (par $1) of class B bommon
stocks, and compares with $1.20 a share on combined class A and class B
common shares for the year ended Oct. 31, 1935.
The tentative consolidated income account for year ended Oct. 31, 1936,
follows:
Net sales, $10,208,614; cost of sales, $6,838,250; expenses, $2,300,941; operating profit, $1,069,423; other income, $5,412; total income,
$1,074,835; other deductions, $2,523; Federal income taxes, $149,000; net
profit, $923,312—V. 143, p. 2211.
x
oai tin
Hudson Motor Car
fares from joint service
Newark is determined.
Outlook—
The company
Stambaugh Co.,
Subject to adjustment when effect of reduced
Pennsylvania RR. between New York and
—V. 143, p. 2681.
x
with
the history of the company
„
$63,566
$173,799
The books of the company at Oct. 10, 1936, showed current assets
$1,296,319, against current liabilities $314,143, a ratio of more than four
to one.
The net current assets were $982,176, compared with $916,502
shown by the June 20,1936 balance sheet.—V. 143, p. 1230.
loss$99,000
income taxes
Gross income--
the winter travel mar¬
season."—V. 143, p. 3320.
income from savings and who have been out of
ket in recent years will be back this
Imperial Chemical Industries
The company announced that it is now
Ltd.—To Reorganize—
in a position to put the reorganiza¬
tion of capital into operation following the decision
to dismiss an appeal from an order of the Court of
duction in the capital of the company.
of the House of Lords
Appeals confirming re¬
£10,868,282 of deferred stock, which formerly
consisted of 21,736,564
The
is now converted into £5,434,141
dividend of 4% on the reduced
nominal value for the year 1935.
A further dividend of 4%, less tax, will
be paid on Dec. 30 to stockholders on register Nov. 27, thus bringing dis¬
tribution to the new common stock in line with that already made to old
common stockholders with respect to the year 1935.
Holders of the new common stock of £5,434,141, resulting from the con¬
version of the deferred stock, will simultaneously with the above distribu¬
tion also receive the interim dividend of 2}$ % actual, less tax, which already
has been declared with respect to the business year ended Dec. 31, 1936.
The company will make application to the London and Provincial stock
exchanges for quotation as from Nov. 28 of the whole of the company's
issued capital, now consisting of preference and common stock in units of
deferred shares of 10 shillings par value,
of common stock.
£1.—V.
143,
p.
It has already received a
1722.
Volume
Financial
143
Indiana Associated
Telephone Corp.-—Earning
1936—Month-
Period End. Oct. 31-
120
Uncoil, oper. revenue
59,911
Operating expenses
70
50
738
116,950
operating income
143,
p.
$34,575
$352,751
Jersey Central Power & Light Co.
119,771
$37,903
.
Inquiries Invited in
500
11,375
$301,180
Operating taxes
Net
48,624
10,600
Rent for lease of op. prop
—V.
1936—10 Mos —1935
$998,121
$929,765
1,153
706
507,161
526,976
•1935
$94,744
$102,484
Operating revenues
3469
Chronicle
W%, 6%, 7% Preferred*
2843.
Inland Steel
TRADING
DEPARTMENT
Co.—Special Dividend—
special dividend of $1.50 per share on the
common stock, no par value, payable Dec. 17 to holders of record Dec. 1.
An extra dividend of 25 cents per share was paid on Dec. 2 and on Sept. 3,
1935.
The regular quarterly dividend of 75 cents per share which had
been previously declared will be paid on Dec. 1 to holders of record Nov. 13.
—V
143, p. 2843.
Tne directors have declared
Eastman, Dillon 6 Co.
a
MEMBERS NEW
15
Broad
YORK STOCK EXCHANGE
New York
Street
A. T. & T. Teletype N. Y. 1-752
Interborough Rapid Transit Co.—October Earnings—
Thomas E.
Murray Jr..receiver, in his monthly report states:
Traffic—The Subway Division during the month of October carried
71,906,299 passengers, a decrease of 248,267, or .34% as compared with
October, 1935.
Tne lines which showed increased traffic over the cor¬
responding month of last year were the Lexington Ave., Pelham Bay Parle
and the Queens Lines.
The Broadway-Seventh Ave. Line and the Lenox
Avenue Line recorded losses of slightly over .5%, but the Brooklyn Line,
the last to feel the effect of the competiton by the Independent System,
had a decrease of 1.52%.
The Manhattan Division during October carried 19,299,572 passengers, a
decrease of 794,375, or 3.95% as compared with October, 1935.
Each line
on the division carried fewer passengers than in the corresponding month
of last year.
Subway Division Operations
$3,872,558
2,135,407
1936—4 Mos.—1935
$3,907,199 $13,594,680 $13,587,692
2,211,277
8,305,991
8,577,326
$1,737,152
165,092
$1,695,922
152,337
1936—Month—1935
Per. End. Oct. 31—
Gross oper. revenue
Operating expenses
Net oper. re venue
Taxes
$5,288,689
593,199
$5,010,366
538,193
Stock Purchase Warrants (which, in order to comply with the provisions
of the plan, are offered for subscription to holders of debentures and of
certificates of deposit therefor, unsecured creditors and stockholders of the
old company) will entitle the holders thereof, to subscribe for and purchase
voting trust certificates for common stock of the new company, at the price
of $10 per share.
Under the provisions of the plan, such stock purchase
warrants will be issued only against payment therefor, at the rate of $1 for
each stock purchase warrant entitling the holder thereof to purchase (for
an additional $10) a
voting trust certificate for one share of common stock.
(The purchase, at the rate of $1 as aforesaid of a stock purchase warrant
does not entitle the holder to a share of common stock, but entitles such
holder to the right to purchase, for an additional $10, a voting trust cer¬
tificate for one share of common stock.)
All rights to buy stock purchase
warrants (at the rate of $1 as aforesaid) will expire at 3 p. m. Eastern
Standard Time on Dec. 18,1936; and all rights to exercise (at the rate of an
additional $10 per share as aforesaid) any stock purchase warrants so bought
will expire at 3 p. m. Eastern Standard Time on Dec. 31, 1936.
The plan
provides that the number of shares of common stock in respect of which
stock purchase warrants
may be bought shall be limited
and that subscriptions shall be subject to allotment.
The
are
operation $1,572,059
218,707
$1,543 ,585
$4,695,489
$4,472,172
218,707
874,830
874,830
$1,353,351
Income from
$1,324,877
$3,820,659
$3,597,342
Current rent deductions.
Balance
Used for purch. of assets
of enterprise
37,727
Crl5,357
163,800
39,962
Bal.—City & company $1,315,624
Payable to city under
$1,340,235
$3,656,858
$3,557,380
Contract No. 3
$1,315,624
871,134
$1,340,235
867,440
$3,656,858
3,482,377
$3,557,380
3,469,761
$444,490
Fixed charges
$472,795
3,453
$174,481
3,148
$87,618
14,852
Net inc. from oper
989
Non-oper. income
Balance
$445,479
$476,248
$177,630
$102,470
Operations
1935
1936—i Mos,
Manhattan Division
1936—Month—1935
Per. End. Oct. 31
...
$1,016,273
874,579
Gross oper. revenue
Operating expenses
old company entitled thereto under the plan upon surrender of their se¬
or claims against the old company to City Bank Farmers Trust
curities of
Co.tl22 William St., New York, as distributing agent for the new company.
—V. 139, p. 2679.
International
$1,097,640
913,784
$3,728,139
3,384,022
$3,959,348
3,496,202
$141,694
$183,856
$344,117
$463,145
Hydro-Electric
System
(&
Subs.)—
Period End. Sept. 30—
1936—3 Mos.—1935
1936—12 Mos.—1935
$14,898,668 $14,396,663 $60,951,178 $59,492,360
Other income—net.....
693,562
855,935
3,184,409
3,487,558
Operating
-
Gross inc. from oper..
to 44,486 shares,
securities to be issued pursuant to the plan by the new company
available for distribution to the stockholders and creditors or the
new
now
revenue
Total revenue.
$15,592,230 $15,252,599 $64,135,588 $62,979,918
Operating expenses, incl.
purchased power
5,453,998
20,574,444
18,795,956
4,933,959
Maintenance
934,737
3.607,041
3,960,806
1,002,768
Taxes (other than income
taxes)
1,782,336
1,858,470
7,104,776
7,087,055
on funded
debt
other debt of sub
Int.
Int.
debs,
on
&
3.153,157
3.208.892
12,849,098
12,932,780
398,520
401,795
1,594,089
1,645,966
228,861
237,896
915,827
919,725
1,228,535
316,967
1,181,139
416,781
5,392,464
1,585,251
5,161,414
1,915,891
1.553,563
of
1,736,622
6,405,711
7,325,658
Inter¬
national
Hydro-Elec¬
tric System
Amort, of debt discount
Net operating revenue
Rental
of
jointly
charged
against operations
oper
lines:
$4,944
3,927
3,521
6,716
$4,898
3,948
3,463
6,769
$19,823
15,551
13,981
26,317
$19,482
15,572
13,808
26,386
$19,109
$19,080
$75,673
$75,248
$122,584
$164,776
$268,443
$387,896
Queensboro Line
Lexington Ave. LineWhite Plains Road line
Other rent items
_
& expense
Prov. for deprec.
_.
Provision for inc. taxes..
Divs.
paid
being
currently
pref. and class
on
A stocks of subs
Divs. not
being currently
paid on pref. stocks of
subs
Bal. of net oper. rev-
1935 Federal Income Tax
Areporthas been received, dated Sept. 1,1936, snowing tbat the Internal
Revenue Agent examining the receiver's books for the fiscal year ended
June 30, 1935, has proposed to recommend an income tax liability against
the Interborougn for that year of $114,412 oased upon alleged taxable
income as claimed by him of $832,089.
The return, as originally filed,
showed no taxable income whatever.
The agent's report ana the accom¬
panying details have been examined and a formal protest has been made
to the findings.—V. 143, p. 2843.
Intercontinents
Power
Co.—Reorganization Plan Con¬
firmed—New Securities Ready—
The plan of reorganization dated as of Sept. 15, 1934, has been confirmed
by an order dated July 9, 1935 (as supplemented by an order dated Aug. 5,
1936), of the U.S. District Court for the District of Delaware.
South American Utilities Corp. (Del.), has been organized as the new
company provided for in the plan.
The plan, as confirmed by the Court, provides that the creditors and
stockholders of the old company and other parties in interest shall be
entitled to securities of the new company or rights in respect thereof, as
follows:
(1)
Holders of debentures of the old company, or of certificates of deposit
therefor
(a)
are
entitled:
to receive in respect of
each $1,000 of debs. (1) 5 shares of $4 div.
Sref. stock (par shares of common stock (par 50c. each) of the new certificate
respect of 4 H $1) of the new company; and (2) a voting trust company;
l
(b) to receive subscription warrants (in respect of units of secured notes
voting trust certificates for common stock of the new company),
hereinbelow set forth; and
and
as
to the right to subscribe for stock purchase warrants (see below).
(2) The unsecured creditors of the old company whose claims have been
allowed in the reorganization proceedings are entitled:
(c)
(a) to receive subscription warrants (in respect of units of secured notes
stock of the new company), and,
(b) to the right to subscribe for stock purchase warrants.
(3) The stockholders, of all classes, of the old company are entitled:
(a) to receive subscription warrants (in respect of units of secured notes
and voting trust certificates for common stock of the new company), and,
(b) to the right to subscribe for stock purchase warrants.
(4) The "secured creditors" are entitled to receive:
(a) voting trust certificates for 9,500 shares of common stock of the
new company; and,
(b) units consisting of secured notes dated as of Jan. 1, 1934 and due
Jan. 1, 1938 (called secured notes), bearing int. from Jan. 1, 1934, and
voting trust certificates for common stock of the new company, at the rate of
$85 per unit, in payment of that part of their "secured debt" not paid from
the cash proceeds of the subscription offering of such units.
(5) The reorganization committee is entitled to receive secured notes
(bearing interest from the date of issue thereof). at 85 % of their face amount,
in payment of such part of its compensation as shall not be paid in cash
pursuant to the plan.
(6) General Management Corp. is entitled to receive, as partial com¬
pensation for managerial services, voting trust certificates for 21,000 shares
and voting trust certificates for common
of common stock of the new company.
Subscription Warrants in respect of units of secured notes and voting
trust certificates for common
stock of the
new company, to
holders of debentures and of certificates of deposit
be delivered to
therefor and
to unsecured
old company, will expire at 3:00 p. m.,
Dec. 31, 1936, and will evidence the rights of
the bearers thereof to subscribe for and purchase, subject to allotment and
other provisions, an aggregate of 41,279 units of the secured notes and
voting trust certificates for common stock of the new company, at the
purchase price of $85 per unit; each such unit will consist of a secured note of
$100 face amount (bearing int. from the date of payment in full of the
purchase price thereof as provided in the subscription warrants) and a
voting trust certificate for one share of common stock of the new company,
except that each of the first 2,500 units subscribed for will consist of such a
secured note and a voting trust certificate for four shares of common stock.
creditors and stockholders of the
Eastern Standard Time, on
586,575
403,639
2,154,929
217,567
92,927
1,099,132
1,174,913
surplus._loss$330,617 loss$154,259
$499,061
$1,176,049
Minority int. in net earn¬
ings of subs
Balance for
1,237,471
Note—No provision has been made in the above figures for possible
liability for United States Federal tax on undistributed net income applic¬
able to the 1936 period.
The amount of such liability, if any, is deter¬
minable only at end of the calendar year.—V. 143, p. 3149.
International Mining Corp.—Time Extended—
The directors have extended the time for the deposit of common stock
purchase
under
warrants
the plan
of recpitalization until the close of
business Nov. 30.—V. 143, p. 3320.
International Vitamin Corp.—Earnings—
1936
3 Months Ended Sept. 30—
Net income after amortization,
1935
depreciation and
Federal and State income taxes
x$36,442
....
$32,090
Shares of capital stock (par $1)
203,000
200,000
Earnings per share
$0.18
$0.16
x Before Federal surtax on undistributed profits.
Preliminary figures for month of October show net income of $28,000 after
above deductions, or 13 cents per share, against $22,000 in October 1935, or
10 cents per share.
Current assets as of Sept. 30, 1936, including $242,864 cash and treasury
certificates, amounted to $572,652 and current liabilities were $96,343.
On Sept. 30, 1935 current assets were $416,122 and current liabilities were
$72,851.—V. 143, P. 2375.
Interstate Natural Gas
Co., Inc.—Resumes Dividends—
The directors have declared a dividend of
$1.75
share on the common
per
stock, payable Dec. 15 to holders of record Dec. 1.
distribution made since 1931.—V. 140, p. 3719.
Jamaica Water
This will be the first
Supply Co.—Earnings—
12 Mos. End. Sept. 30-
Operating revenues
1936
1935
1934
z$l ,734,358 y$l,680,330 x$l,651,028
General & oper. expenses
Maintenance
Uncollectible bills.
519,552
90,458
26,193
539,774
485,696
82,340
29,554
27,111
43,136
1933
$1,648,373
535,314
38,078
9,377
260,294
Operating income
Miscell. rent revenues.
222,649
186,427
140,994
$837,861
Taxes, State & local
$860,091
$854,578
$924,609
489
660
7,405
_
Miscell. int. revenues—
971
$837,861
$860,091
$862,472
$926,241
317",196
313~222
322",492
326,705
14,224
14,374
14.578
14,781
35~696
10"692
4,050
25,405
3,820
25,208
5,964
102,000
30,653
6,166
102,000
42,842
102~666
102",obo
40,775
49,357
$332,130
Total revenue
$370,796
$353,172
$403,650
Non-oper.
rev.
(de¬
ductions rent revs.)..
Int. on long-term debt..
Amortiz. of debt disc't
& expense
Refund of State
bondholders
tax
to
Miscell. int. deductions.
Misc.
deducts,
corp.
fr.
gross
income
Retirement reserve.
719
_.—
Federal income tax
Net inc. transferred to
x
Includes
$199,009,
representing hydrant rental
at $45 per annum,
suspended and not paid, y Includes $268,828 included for first protection
from City of New York accrued at $5 per hydrant per annum.
Rate
suspended by City of New York as of Jan. 1, 1934.
Payment offered at
$18.50 per hydrant per annum, or $110*518.
Offer rejected, z $184,636
included for fire protection from City of New York accrued at $45 per
hydrant per annum to March 1, 1936 and at $40 per hydrant per annum
Financial
3470
to'Sept. 30, 1936. Kate suspended by City of New York as of Jan. 1, 1934.
Payment offered at $18.50 per hydrant per annum or $79,587.
Offer
rejected.—V. 143, p. 2056.
(W. B.) Jarvis Co.—To Pay $1.25
The directors have declared a special
per
acquired by Kentucky Utilities Co. on Nov. 30, 1935, have been included
c No provision
Kelsey-Hayes Wheel Co,—Initial Dividends—
share on the
capital stock, par $1, payable Dec. 15 to holders of record Dec. 1.
A
Quarterly dividend of 37 H cents per share which had been previously de¬
clared will be paid on Dec. 1.
Previously regular quarterly dividends of
25 cents per share had been distributed.—V. 143, p. 2682.
The directors
Judson Mills—Accumulated Dividend—
paid
company
a
City Kaw Valley & Western RR.—Plan—
Kansas
Commerce Commission Bureau of Finance has recom¬
the Commission an approved plan for reorganization of the
road.
This is the third minor reorganization plan to receive the approval
of the Bureau.—V. 142, p. 2326; V. 135, p. 1326.
The
To Make Interest Payment—
Electric
Power
Co.—Files
1936—3 Mos.—1935
$1,774,985
$1,591,967
xl,065,534
979,966
company
a
pany after 30 days' notice at
If red. on or before Nov. 30,
in part at the option of the com¬
the following prices plus accrued interest:
1941, 105%; thereafter and incl. Nov. 30,
1946, 104%; thereafter and incl. Nov. 30, 1951, 103%; thereafter and incl.
Nov. 30, 1956, 102%; thereafter and incl. Nov. 30, 1961, 101%; and there¬
after at par.
According to the statement, A. G.
Co.; Halsey, Stuart & Co., Inc., and
Becker & Co., Inc.; Field, Glore &
Harris, Hall & Co., Inc., all of Chi¬
and Brown Harriman & Co., Inc.; Bonbright & Co., Inc., and W. C.
Langley & Co., all of New York, are the principal underwriters.
The price to the public and the underwriting discounts or commissions
are to be furnished by amendment to the registration statement.
cago,
Issues
$900,000 Notes—
a registered holding company, has filed a declaration
(43-15) with the SEC under the Public Utility Holding Company Act of
The
company
1935 covering the issuance of two short-term notes to Middle West Corp.
One note for $500,000 or any part thereof is to bear 3% int. and to be
dated Nov. 27, 1936, and to mature on or before Dec. 31, 1936; the other,
for $300,000 or any part thereof, is to be dated upon the
of the funds thereon, at any time between Nov. 27 and
date of the advance
Dec. 20, 1936, and
Dec. 31, 1936.
The proceeds of these notes, together with other moneys in declarant's
treasury, will be used to redeem and discharge its $1,000,000 principal
amount 5 % first mortgage bonds due 1951, which have been called for re¬
demption Dec. 1, 1936, pending receipt of proceeds of its proposed new issue
of bonds.—V. 143, p. 3150.
to mature on or before
Kentucky Power & Light Co. (& Subs.)—Earnings—
1936—3 Mos —1935
$180,896
$154,965
Per. End. Sept. 30—
Total oper. re venues
85,038
Operation
255,546
29,024
55,201
x40,029
226,102
23,306
57,231
30,316
income
Other income
$41,366
$154,714
212
Dr24
1,221
$54,441
19,298
15,505
Taxes
7,130
19,436
10,519
73
:
Pro v. for retirement
10,495
17,661
xl3,335
$54,368
Maintenance
Net oper.
76,514
1936—9 Mos—1935
$534,513
$473,507
$41,578
20,098
15,500
$154,690
58,958
46,496
$137,774
60,295
80,920
$136,553
Int.
funded debt
on
General interest
of debt
Amortiz.
disc't
649
Net income
__
705
2,019
2,114
$18,989
& expense
$5,275
y$47,217
loss$5,555
provision has been made for Federal surtax on undistributed profits,
y As of Feb. 29, 1936, the common capital of the company was reduced.
The capital surplus resulting therefrom was utilized to absorb certain
balance sheet adjustments and to eliminate the deficit existing at that date
which included $18,691 of net income for the first two months of the year.—
V. 143, p.1234.
x
No
Kentucky Utilities Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Total oper. revenues
Operation
1936—3 Mos.—bl935
$2,312,196
$2,041,367
767,404
670,660
1936 — Mos.—bl935
$6,393,093
$5,924,601
2,055,659
1,812,205
384,559
604,856
382,757
607,620
Net operating income.
Other income
...
on
A
will
—Y.
and expense
278,016
7,053
287,525
9,357
8,356
35,335
29,778
stock
commission & expense
5,560
1,853
posed' bondholders committee as I was opposed to the reorganization plan
presented by John Gossling, because I did not think the bondholders should
reduce their interest from 6% to 4%, extend their bonds for five years or
permit the sale of the Canadian plant without receiving due compensation.
"Therefore, I urge you as a bondholder not to sign the acceptance of the
Gossling plan.
Mr. Gossling asks you to sign this acceptance and send it
to him by Dec. 7.
Special Master Deininger has set Dec. 7 as the date
upon which all reorganization plans will be given a public hearing.
Doubt¬
less other plans will be presented and it would be better not to sign until
have been furnished with all the information.
or before Dec. 4 the Bortle reorganization plan will be presented to
you
"On
the special master and you will receive a copy.
This plan will not reduce
the bond interest below 6%; it will not extend the bonds beyond 1942; it
will not ask you to waive your rights to the stock of the Canadian plant
without due compensation."—V.
Lake Shore Mines,
The directors
held
16 declared
Dec.
by
Lehigh Valley RR.—Earnings—
40,533
121,197
122,046
371,693
3,280
371,693
2,889
1,115,080
9,556
1,116,335
10,258
17,540
funded debt
General interest
18,608
52,621
' 55,852
Amort, of bond discount
and expense
Divs.
on
of Ky.
6% pref. stock
Util. Co.
„
$424,422
$273,586
$1,052,096
$847,933
114,017
114,017
342,050
342,050
1934
1933
$3,518,253
1,004,838
756,648
$3,596,836
881,665
593.742
33,572,745
6,972.745
3,882,733
33,449,219
7.441,792
4,195,119
31,808,809
6,837,452
3,532 586
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—Y. 143, p. 3003.
Lerner Stores
Corp.—Stock Increase Voted—
At a special stockholders' meeting held on Nov. 23, stockholders approved
all plans of management to amendments to the charter.
The amendments provide for issuance of 32,000 shares of 4)^% cumulative
preferred, par $100, to retire the 6H%
7 % pref. stk. of Ky.
Util. Co.a
$310,405
$159,569
$710,046
$505,883
The balance of $710,046 for the nine months ended Sept. 30, 1936,
ncludes net income of Lexington Utilities Co. and sub. company, amounting
to $169,843 in excess of dividend requirements for the period on its outstand¬
ing pref. stock.
Total cumul. dividends not paid or accrued at Sept. 30,
1936, on pref. stock of Lexington Utilities Co. held by the public aggre-
Sited $184,904, which represented accumulations Oct. 6, 1936, and paid
ividends totaling $5.62per share were declared of $7.43 M per share,
Nov. 10, 1936, on pref. stock of Lexington Utilities Co.
of Lexington Utilities Co. and its sub., Lexington Ice
b The operations
Co., which were
preferred, and 40,000 shares of
common to
be reserved for conversion of preferred stock and common
stock scrip certificates issuable in lieu of fraction shares of common on future
conversion of the preferred.—V. 143, p. 3321.
Lexington Utilities Co. (& Subs.)—Earnings—
Period End. Sept. 30—
Taxes
1936—3 Mos —1935
$506,500
$450,372
130,985
110,070
98,069
89,650
17,780
10,151
31,209
32,127
x53,343
55,729
Net operating income-
on
funded
$152,645
9,041
$460,884
32,188
$439,279
28,745
$161,686
$493,071
$468,024
55,970
1,745
&
$175,114
10,747
59,040
2,274
168,329
5,774
177,837
7,405
7,383
5,028
22,149
19,794
long-
Amort, of bond discount
&
expense
Amort r* of
pref.
stock
commissions & exp
Net
inc.
xNo
1936—9 Mos—1935
$1,356,913
$1,278,130
312,056
282,421
278,205
252,751
42,730
36,618
92,153
94,086
xl70,886
172,976
$185,860
Other income (net)
before
5,560
1,853
pref.
$95,344
$118,910
provision
has
been
made
for
Federal
$291,259
surtax
on
$262,988
undistributed
profits.—V. 143, p. 2376.
Lincoln Printing
Co.—To Pay Year-end Dividend—
17 declared a year-end dividend of 50 cents per
stock, payable Dec. 21 to holders of record Dec. 10.
A dividend of 25 cents per share was paid on Oct. 15, last, this latter being
the first payment made since Feb. 1,1932 when a regular quarterly dividend
of 50 cents per share was paid.—V. 143, p. 1886.
share
a
.
1935
$3,600,611
885,164
719,271
40,153,496
10,974,748
7,179,007
Net after rents
The directors
Balance before divs. on
and one June 15
1936
dividends
Net income before Ky.
Util. Co. pref. divs.
share in
$4,622,673
1,453,800
1,095.165
October—
Gross from railway
Net from railway
General interest
40,399
extra dividend of $1 per
an
1933 and 1932—V. 143, p. 2057.
15.
term debt
Kentucky Utilities Co.—
on
Nov.
distributed in each of the eight preceding quarters
were
Int.
the public
Int.
on
143, p. 2525.
Ltd.—$1 Extra Dividend—
addition to the regular quarterly dividend of like amount on the capital
stock, par $1, both payable Dec. 15 to holders of record Dec. 1.
A quar¬
terly dividend of $1 was paid on Sept. 15 and. June 15, last, and quarterly
dividends of 50 cents in addition to extra dividends of 50 cents per share
Gross income
on
$6.50 cumul.
pref. stk. of Lexington
Co.
Chairman of the "proposed" bondholders com¬
Hayes, C. P. McLain and James Warnock
H.
(former director of La France Textile Industries), in a letter addressed to
the holders of the first mortgage 6% bonds states:
"On Nov. 4, I advised Judge William H. Kirkpatrick in his chambers
in the U. S. District Court that I had resigned as Chairman of the 'pro¬
Maintenance
Divs.
Utilities
includes J.
which
Provision for retirement.
General interest.
pref.
(Textile) Industries—Gossling Plan Opposed—
La France
Rollin C. Bortle, former
mittee
Operation.
Power purchased..
95,603
2,668
Inc.—Plan Operative—
(G. R.) Kinney Co.
Sufficient notes having been deposited, the company has declared the
plan of extension of its 7M% secured gold notes, announced Oct. 9, 1936,
operative.—V. 143, p. 2524.
Total operating revenues
Amort, of bond discount
of
23.
A regular quarterly dividend of 12 K cents per
special dividend of 25 cents per share was paid on Oct. 1, last.
2683.
p.
68,616
92,532
2,181
long-term debt
Amort,
143,
16,950
$2,479,083
dividend of 25 cents per share on
be paid on Dec.
share and a
695,314
$2,676,514
$377,302
common stock, no par value, payable Jan. 2 to holders of record Dec. 12.
special dividend of 25 cents per share, which had been previously declared,
$2,426,706
52,378
$813,935
$533,316
Kimberly-Clark Corp.—Regular Dividend Doubled—
,c740,121
other
$114,797
342,050
Federal surtax on undistributed profits.
The directors have declared a quarterly
$2,607,897
11,778
funded &
$875,365
342,050
$719,351
114,017
the
$796,985
Subsidiary companies—
Int.
-
$228,814
143, p. 2682.
149,311
198,267
226,146
$965,679
Gross income
$1,898,594
1,179,243
$215,076
7% Jr. pref. stock..
22,836
Taxes
$2,052,621
1,177,256
on
$942,843
Prov. for retire, reserve.
$620,936
392,123
114,017
130,511
206,247
c265,192
Maintenance.
$1,872,161
26,433
No provision has been made for
—V.
and
Gross income
$2,015,996
36,626
6% pref. stock.
Balance before divs.
x
The bonds are redeemable in whole or
on
$612,001
8,935
$329,092
Net income
Divs.
^
$721,606
392,513
Gross income
Total int. deductions—
ties Act of
$3,000,000 first mortgage gold bonds 6% series A, to be redeemed on
June 1,1937, requiring, exclusive of accrued interest, $3,000,000;
1,000,000 first mortgage gold bonds 5% series of 1951, due June 1%
1951, to be redeemed on or before Dec. 1, 1936
at 104m,
and int., requiring, exclusive of accrued interest, $1,047,500; and
1,000,000 first mortgage bonds 4series of 1955, due Aug. 1, 1955,
to be redeemed on or before Feb. 1, 1937 at 105% and accrued
interest, requiring, exclusive of accrued interest, $1,050,000.
30 {Company Only)
1936—9 Mos.—1935
$4,992,270 $4,605,348
x2,976,274
2,733,187
$709,450
12,155
Net operating income.
Other income (net)
on Nov. 23 filed with the Securities and Exchange Com¬
registration statement (No. 2-2662, Form A-2) under the Securi¬
1933, covering $5,000,000 of first mortgage bonds, series A,
due Dec. 1, 1966.
The interest rate is to be furnished by amendment to
the registration statement.
According to the registration statement, the net proceeds from the
sale of bonds, together with other funds of the company, are to be applied
to the redemption of the following securities or to reimburse the company
for expenditures made in redeeming these securities:
The
originally
Earnings for the 3 and 9 Months Ended Sept.
Period End. Sept. 30—
Total oper. revenues
Total oper. exps. & taxes
With SEC for $5,-
000,000 Bond Issue—
mission
1936, the
1, 1934, and July 1, 1934, but postponed
in accordance with the terms of the indenture under which the debentures
were issued.
Funds for the payment have already been deposited with
Goldman, Sacbs & Co., fiscal agent for the company and holders of the
above-mentioned coupons may obtain immediate payment by presenting
and surrendering them at the office of the fiscal agent, 30 Pine St. New
York City.—V. 143, p. 2845.
payable on July 1, 1933, Jan.
Interstate
Kansas
.......
The company has announced that it will pay on Dec. 10,
instalments on its 15-year convertible 6% debentures
mended to
•
share
stocks, par $1, payable Dec. 21
Nov. 19 declared an initial dividend of $1.50 per
interest
dividend of $3.50 per share on the account of
accumulations on the 7% cum. pref. class A stock, par $100, on Nov. 16
to holders of record Nov. 10.
This was the first distribution made since
Jan. 1, 1935 when a regular quarterly dividend of $1.75 per share was paid
—V. 140, p. 2708.
The
on
for the year 1936 on the class A and class B
to holders of record Dec. 11.
...
■
'
1936
28,
in the 1935 figures, above, for comparative purposes only,
has been made for Federal surtax on undistributed profits.
Special Dividend—
dividend of $1.25
Nov.
Chronicle
on
the
on
Nov.
common
Lion Oil Refining
Co.—Earnings—
Earnings for 10 Months Ended Oct. 31,1936
Total
earnings before depreciation and depletion
Profit after interest, deprec. & deple., but before Fed. inc. taxes
Earns, per sh. on 416,135 shs. capital stock outstanding
—V.
143,
p.
2684.
$1,070,326
555,636
$1.33
Volume
Financial
143
3471
Chronicle
Condensed Consolidated Balance Sheet Aug. 31
Liquid Carbonic Corp. (& Subs.)—Earnings—
Consolidated Income Account for
Assets—
1933
1934
$9,210,443
1,303,555
560,812
$7,566,880
1,182,331
$1,423,828
$742,743
$643,477
_
$1,864,672
Net earnings-Other inc. int. on rec.,
'
$
Cash
503,118
367,227
350,586
$1,791,054
537,536
$1,093,329
519,720
2,229
106,694
$903,909
insurance237,738
group
179
180,000
65,035
2,452,078
35,634,587
Investments, &c 10,887,551
Skg. fd. require,
174,904
anticipated
59,605
Advances
Accts. pay. curr.
Prop,
of profits
4,072,348
745,686
2,756,638
1,326,376
Notes pay. curr.
Fed. & State tax
d Sink, fd., &C—
2,020,193
2,625,464
Accrued interest
Total
16,449
1,310,706
789,909
44,354,379
41,088,279
Cr6,322
Cr30,912
10,648
9,241
7,796
4,747
applic.
138,562,712
Total J——138,562,712
129,271,696
129.271,696
depreciation of $25,431,436 in
After
a
6,567
b Represented by 1,512,985 no par shares
c Represented
by 136,722 no par shares,
1936 and $26,982,442 in 1935
in 1936 and 1,490,095 in 1935d Sinking fund and instalment
interests
Including $1,278,456
payments on long-term debt due
within one year.
in
to min.
494,874
Due to affil. cos.
Surplus
Cr5,980
778,460
1,290.511
500,000
322,167
Res. for conting.
Deterred credits
38,973
Res. for foreign exchange
fluctuations
subs
of
316,229
1,912,059
3,474,747
Deferred charges
Prov. for unemployment
insurance tax
18,918,387
7,717,500
1,368,200
4,940,160
1,595,457
stock-Bonds & mtges.
89,222
receivable——
Inventories
499,261
4,295
12,920,229
1,210,199
32,504,979
11,856,467
7,265,397
183,763
secur.
For. Govt. sec..
260,433
$2,367,789
Admin. & gen. expenses>
650,168
Interest, &c
4,912
Res. for Federal taxes.„
220,000
Prov. for profit sharing104,508
Prov. for pensions and
Total income
12,920,229
16,872,053
Debenture bonds 13,864,000
Sub. stk. outst'g
1,363,700
c$6.50cum. pfd.
Accts. and notes
disc, on purchases, &c.
$ '
37,353,281
71,511,042
132,138
3,718,804
3,376,181
e4,776,634
U.S.Gov.
1935
$
b Common stock
mach'y, &c— 71,768,430
Due fr. affil. cos.
32,662
538,854
1936
Liabilities—
1 $
bldgs.,
Land,
a
38,154,431
1935
1936
Years Ended Sept. 30
1936
1935
$13,705,977 $11,012,808
2,510,793
2,002,298
Depreciation charges—
646,122
578,471
Years End. Sept. 30—
Net sales.
x Gross profit on sales.
restrictions.—Yv 143, p. 3322.
foreign banks subject to export
©
Net
profit avail, for
divs. & prof, sharing $1,106,823
Div. paid or declared
647,500
$366,914
$463,212
437,500
$903,273
437,500
Louisiana Land &
Net prof.bal.after ded.
curr.divs.but before
stock
com.
$459,323
$465,773
$25,712
$366,914
350,000
350,000
350,000
350,000
After branch selling expenses,
but before charging depreciation.
Assefs—
y
260,288
1,241,951
Investments
Cash
=
Notes
<fc
8,754,725
136,503
1,677,674
accts.
receivable
M ar ketable secure.
Inventories
3,516,998
38,919
1,052,740
2,349,736
114,062
4,183,768
32,205
191,565
2,911,525
Other assets
Deferred charges..
Goodwill,
94,760
Accts.
714,541
287,103
221,300
cruals, &c
Customer cred. bal
Res. for Inc. taxes.
Other income deductions
for
65,035
87,500
104,508
140,000
17,641,359
.18,562,471
984,444
reserve...
Louisville & Nashville RR.—Extra Dividend—
declared an extra dividend of $1.50 per share on
23 to holders of record Nov. 30.
with a semi-annual dividend of $2.50 paid on Aug. 24 last;
$2 paid on Feb. 25 last; $1 on Aug. 24, 1935, and $1.50 per share paid on
Feb. 25, 1935, Aug. 25, 1934 and on Feb. 15, 1934, this latter being the
first dividend paid since FeD. 10, 1932, when $2 per share was disbursed.
On Aug. 10, 1931, $2.50 per share was paid, prior to which regular semi¬
annual payments of $3.50 a share were made.—V. 143, p. 2848.
The directors on Nov. 19
x Represented by 350,000 no par shares,
y After deducting reserve for
depreciation of $6,874,210 in 1936 and $6,403,582 in 1935.
= After reserve
against receivables of $500,000.—V. 143, p. 1082.
Lockheed Aircraft
Corp.—Files with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission covering 150,000 shares of common stock ($1 par).
G. M.-P. Murphy & Co. will be the principal underwriter.
The proposed
maximum offering price per share is $11.
Proceeds will be used for working capital and additional plant facilities,
according to the statement.
As of Nov. 10, 1936, company said it had unfilled orders of around
$1,564,000.
Earnings for 9 Months Ended Sept. 30, 1936
Net income after all charges and
and
profits taxes
No provision has been made for liability, if any,
on undistributed profits.—V. 143, p. 3151.
directors
Ludlow Manufacturing
declared
have
a
on
Loew's
Ludlum Steel Co.—Extra Dividend—
dividend of 25 cents per share on
Dec. 21 to holders of record Dec. 7.
cents per share was paid on Nov. 16,
last.
See also V. 142, p. 2673 for detailed dividend record.
In connection with the current payment the company stated this distri¬
bution is to be made to avoid being too heavily penalized by the tax on
undistributed profits.
H. G. Batcheller, President, stated that prospects
for the balance of the year continue good and total earnings should be
$86,531
for Federal surtax
satisfactory
Announcement also was made
of the
Aug. 15 and Feb. 15, 1935.—V. 143, p. 761.
Inc.—Earnings—
2,597,841
792,079
644,735
Miscellaneous income—
Other income
1935
1934
1933
2,070,431
1,029,117
2,508,609
1,657,853
mittee of directors.
Net profit and loss on sale of investments or capital
the balance sneet would not be included in computing
29,048,476
25.786,663
916,706
accessories sold
rentals
,
805,881
787,017
579,280
5,269,557
5,117,255
5,105,501
4,371,694
311,187
505,089
516,352
531",614
568",484
Part of others in theatre
profits (net)
Interest
on debentures
bonds & mtges.
of subsidiaries
Int.
__
on
on bonds & mtges.
of affiliated corp
Provision for conting's..
Deprec. of bldgs. & eq._
Federal income taxes
Minority interest, share
affiliated corporations
Divs.
on
983,871
1,123,920
1,156,107
1,114,743
784,099
225,929
76,586
500,000
3,880.555
1,656,860
822,854
844,025
Net profit
Previous surplus
Divs.
from
prior
3,821,984
825,234
3,874,962
696,458
3,673,326
516,780
600,851
114.954
201,466
94,268
218,809
300,182
$7,479,897
33,700,322
$4,034,290
33,562,787
46,740
472,773
287,470
profits of affil. cos
Corp. formerly partly
*
302,890
693,410
$52,165,102 $45,293,547 $42,346,403 $37,884,547
888,531
888,571
890,481
893,406
3,753,144
3,316,737
1,096,944
3,290,819
corps,
Inc.—Insures Employees—
Donald Coster, President of the company announced
on Nov. 22
$12,000,000 group insurance policy for the benefit of 7,000 employees
Aetna Life Insurance Co.
All employees of
the concern are eligible under the policy whicn provides life, accident and
sick benefits.
Premiums will be paid by employees and the corporation,
the management paying a substantial share of the annual fee.
The individual amounts of insurance range from $700 to $10,000, depend¬
F.
tuat a
had been taken out with the
ing on the employees' earnings.
The accident and sickness benefits also
depend upon earnings, with benefits averaging about two-thirds of the
weekly wage or salary, up to $40 a week.—V. 143, p. 3152.
Magma Copper Co.—$1 Year-End Dividend—
the
15 to holders of record Nov. 30.
The directors have declared a year-end dividend of $1 per share on
stock, par $10, payable Dec.
A regular quarterly dividend
The directors stated that
of 50 cents per share was paid on Oct. 15 last.
they do not expect to take further dividend
action before their February 1937 meeting.—V. 143, p. 2685.
Maine Central
RR.—Earnings—
Period End. Oct. 31—
Undistrib. income partly
of such executives and
employees suffered substantial reductions of compensation during
bankruptcy or the reorganization proceedings."—V. 143, p.
3003.
senior
common
owned
Adjust, of val. of prod.
in susp. & continuities
Adjust, of investment in
incentive to achieve satisfactory results in future years and further
reward them proportionately as they succeed in producing larger earnings
McKesson & Robbins
$7,579,743
37,667,063
owned corps
to
.
76,576
Common divs. (cash)
proper
the
i.$l 1,076,823
41,088,279
years'
Total surplus
Preferred dividends—
company
635,921
subsidiary stock
(Metro-Goldwyn, &c.t
preferred)
elapsed," the company said in its notice of tne
"since the consummation of the reorganization of your
and the return of its property and business to the management.
The results of operations during tnis period have been highly satisfactory
and in the opinion of your directors the management deserves great credit
for these results.
The directors feel that it is to the interest of every
common stockholder to
furnish to the executives and senior employees
"Six months nave now
special meeting,
for the stockholders, particularly inasmuch as many
Int.
Amort, of dt. disc. & exp.
Loss on investment
tion of the bonus.
•
Producers' share of film
assets as carried on
earnings.
Rates of
depreciation and amortization shall be those used in calculating net profits
for each year. Excess net profits, if any, are to be computed before deduc¬
24,020,287
Cost of film advertising
beginning
each of the fiscal years 1937 to 1941 inclusive in excess
of earnings equal to preferred dividends and $1.50 a share on the common,
15% up to the first $1,000,000 and 10% over $1,000,000 and up to $2,000,000 would be distributed to the executives and employees by a com¬
From net profits of
$96,797,297 $93,778,125 $80,772,191
2,421,345
1,392,601
meeting Dec. 9
plan of additional compensation for executives and employees
after tne end of 1937.
$109,425,277$100,611,243 $96,877,672 $84,938,654
Operation of theatres &
38,892,073
38,745,506
office buildings
35,861,359
36,665,669
11,723,707
11,368,276
9,165,331
Oper. of film distribution 12,965,101
32,929,818
advance of approximately 10%
a
Total income
Amortization of films—
a wage
Directors have asked stockholders to approve at a special
31
[Incl. All Wholly Owned Subs, and Partly Owned Affil. Cos.]
Rents of stores & offices-
of
payroll, effective Dec. 1.—V. 143, p. 3151.
McCrory Stores Corp.—Plans Profit Sharing—•
Consolidated Income Account for Years Ended Aug.
Tiidd'tro r6Coipts rontftls
and sales of films, &c.$105,390,622
dividend of $3 per share in addition
regular quarterly dividend of $1.50 per share on the common stock,
payable Dec. 1 to holders of record Nov. 19.—V. 143, p. 432.
The directors have declared an extra
dividend of 20 cents per share on the
1936
Extra
the common stock, par $1, payable
The regular quarterly dividend of 25
stock, no par value, payable Dec. 24 to holders of record Nov. 25.
A similar amount was paid on Aug. 15, and Feb. 15, 1936, as against 15
paid
Pay $3
The directors have declared an extra
both
common
cents
To
Associates-
to the
Corp.—20-Cent Dividend—
Lone Star Gas
The
stock, par $100, payable Dec.
Dividend—
provision for Federal income
excess
common
This compares
18,562,471 17,641,359
Total
1,354,920
$1,411,430
—V. 143, p. 2847.
150,003
783,118
134,194
the
Total
$2,766,350
1,354,920
$1,875,202
-
Net income
& surp, of
subsidiaries
Mlscell.
140,006
12,879
$3,230,122
on pref. stock of Louisville Gas & Elec.
(Ky.)_-
Co.
Min. Int. in capital
stks.
1,025,000
37,000
1,510,950
12,447
Balance
fc
profit
Dividends payable
$5,492,185
Dividends
25,342
ment ins. tax
Reserve
$5,101,068
391,118
181,425
Res. for unemploy¬
sharing
patents,
<fcc
149,227
ac
pay.,
378,575
-
728,334
Capttal surplus-- 2,749,823
Earned surplus
reserve) $5,375,749
-
Net oper. rev. and other income (before approp.
for retirement; reserve)
$5,7 "4,325
Appropriation for retirement reserve
1,025,000
Amort, of contractual capital expenditures
37,000
Interest charges (net)
1,323,990
Amort, of debt discount and expense
125,765
10,500,000
2,764,823
2,691,218 2,231,894
Capital stock--.10,500,000
x
9.646,408
?
$
Liabilities—
$
$
&c.
Other income
1935
1936
1935
Land, buildings,
equipment,
...
$10,899,051 $10,266,947
5,523,302
5,165,879
Netoper.rev. (before approp. for retire,
Consolidated Balance Sheet Set. 30
1936
(Del.) (& Subs.)—Earns.
12 Months Ended Oct. 31—
Operating revenues
Operating exps., maint. and all taxes
$1.04
$1.32
$2.58
$3.16
record Dec. 1.—V. 143, p. 3323.
Louisville Gas & Electric Co.
out¬
standing (no par)_--_
Earnings per share before
profits sharing
x
dividend of 10 cents per share in
quarterly dividend of like amount on the common
stock, both payable Dec. 15 to holders of
charg. prof, sharing
Shares
Exploration Co.—Extra Dividend—
The directors have declared an extra
addition to the regular
493,286
Operating revenues
Net operating revenues-
2,396,172
Net ry. oper. income—
Other income
1936—10 Mos.—1935
1936:—Month—1935
$1,039,949 $10,041,523
$9,483,579
$1,112,395
321,099
205,089
33,837
308,055
218,695
35,015
2,217,376
1,004,012
396,402
2,403,766
1,426,040
419,377
$238,926
169,348
$253,710
180,256
,1,400,414
1,696,504
$1,845,417
1,814,247
$73,454 def$296,090
$31,170
formerly partly
owned
279,549
2,691,915
Gross income
Deductions
surplus--$44,354,379 $41,088,279 $37,667,063 $33,700,322
1,464,205
Shs.com.stk.out.(nopar)
1,512,985
1,490,095
1,464,205
$2.15
Earn8.persh.oncom.stk.
$6.79
$4.53
$4.50
Prof. & loss
I
Net
income
-V. 143, P. 2848.
$69,578
3472
Financial
Chronicle
Maracaibo Oil Exploration Corp.—New Vice-President—
necessary compensating
interest demands.
The company has advised the N. Y. Stock Exchange that at a
meeting
of the board of directors on Nov. 12 Alfred J. Williams, a
director, was
elected
a
Marshall Field & Co.—Debentv/res Called—
the
Continental
V. 143, p.
Illinois
National
Bank
Trust
&
Co.
of
the assets and assume the liabilities of the latter at their net worth after
Northern Pennsylvania Power has written off the increase in value of fixed
capital due to appraisals.
Metropolitan Edison also will set up the net
asset value as capital surplus or transfer it to the stated value of its stock.
The Commission found that this plan would not affect the interests of
Chicago.—
3323.
consumers, and would be consistent with the public interest by eliminating
an
Mar-Tex Oil Co.—Initial Dividends—
<
The directors have declared
the
and
common
record
Dec.
143,
Massachusetts
an
initial
p.
payable Dec.
15 to holders of
Investors
Trust—Extra
on Nov. 24 declared a dividend of $3
per share on the capital
value, payable Dec. 19 to holders of record Dec. 10.
This
with $1 paid on Oct. 1 last; 50 cents paid on July 1 and April 1
last; $1.00 per share paid on Dec. 7, 1935, and on Nov. 7, 1934; 50 cents
on Jan. 1, 1933; 75 cents on Oct.
1,1932, and from Jan. 1, 1930 to and incl.
stock,
Distributions—
same
JUl1406 193
$1
per
plan to declare another special distribution
share, which will be the estimated net profit
New Vice-President—
This
and
The company has filed a registration statement with the Securities
and
Exchange Commission covering $500,000 of 4% first mortgage bonds
of securities
during 1936.
Such a distribution of
profits, although a capital disbursement, is taxable as income under the
present law.
Shareholders will be offered an opportunity to apply the
amount to which they will be entitled from this particular distribution to
the purchase, at liquidating value, of as many full shares of the trust as
may be possible.
The excess remaining after such application in any par¬
ticular case, or the full amount if less than that required for a full
share,
will be paid directly to the shareholder.
It is contemplated that both these distributions will be paid on Dec. 24
to holders of record Dec. 10.
With the letter setting forth these plans, the
trust is also forwarding a card to be filled out and returned
by shareholders
who desire to express tneir election to take either shares or
cash, with respect
to the distribution from realized net
profit only.
Shareholders who do not
express such election will automatically receive checks for the full amount.
Previous dividend distributions were as follows: 23 cents on Oct. 20
last;
21 cents paid on July 20 last; 22 cents paid on April 30 last; 27 cents
paid on
Jan. 20 last; 20 cents on Oct. 21, 19 cents on July 20, 21 cents on
April 20,
1935; 24 cents paid on Dec. 31, 1934; 19 cents per share paid on Sept. 29
and June 30, 1934; 21 cents per share paid on March 31,1934 and
Dec. 30,
1933; 10 cents per share on Sept. 30 and June 30, 1933, and 20 cents per
share on March 31, 1933.
general distributors of Massachusetts Investors Trust
Supervised Shares, Inc., announced that Henry T. Vance has been
company,
elected Vice-President and director to assume active duties in connection
with the firm's wholesale organization.—V. 143,
p. 2849.
June 13 '36
A ssets—
Dec. 29 '35
$
1950, and 14,000 shares of first preferred stock, $5.10 series (par
Of the total issue of bonds being registered $200,000 were sold
privately by the company July 30 and Aug. 4, 1936, at 103H, to the Con¬
necticut Mutual Life Insurance Co.fci
The company paid G. L. Ohrstrom & Co., Inc., $4,000 in
connection
with the sale.
The remaining $300,000 of the bonds will be offered
publicly
at $105 as will the 14,000 shares of preferred stock.
As yet no firm commitment has been made with
respect to the preferred
$100).
stock
June 13 '36
726,116
574,220
1,804,131
47,843
1,751,844
54,998
Accounts payable.
Current instal. on
194,181
2,676,703
183,866
2,667,612
Customers notes &
accts.
receivable
Life ins.—cash
sur¬
render value
Inventories
Def. notes & accts.
20,026
959,428
purch. contracts
Accrued items
238,052
Fed. income taxes.
146,963
Funded
60,062
debt
529,363
94,673
234,230
95,110
7,669,036
7,656,314
10,727,512 10,0801574
Minority interests
995,179987,533
Cum. pref. stock.. 3,327,400 b3,331,200
Contr'ts,
Common stock
processes,
process rts., &c-
687,500
205,004
Deferred charges--
687,500
203,549
Earned surplus
1,528,795
591,073
1,528,943
287,921
Total
Minneapolis-Honeywell
V.
Mengel Co.—Listing—
by the
company
through Guar¬
anty Trust Co. of New York in connection with a plan of recapitalization
and refinancing adopted by resolutions of the
company's board of direc¬
tors on Oct. 19, 1936.
The plan will be submitted to the stockholders for
their approval Dec. 1 next.
The outstanding 7% bonds of the
company mature on March 1, 1939
and the board of directors feels that action should be taken as
promptly
as possible to refund this issue.
Upon taking up the matter witn various
investment bankers, the board of directors was advised that such a
refunding
operation is apparently not feasible unless the arrearages in dividends on the
preferred stock, amounting to $35 per share to Sept. 1, 1936, are cleared
up,
and unless the earned surplus deficit is eliminated.
Even though the earned
surplus deficit should be eliminated, which can not be done until the out¬
standing bonds are paid in view of a by-law provision, the arrearages in
back dividends on the preferrea stock can not be eliminated
by cash pay¬
ment thereof for some years.
In order to clear up the whole situation
in a manner which
appeared attractive to both classes of stock, the board
of directors adopted the
plan (outlined in V. 143, p. 3004).
While under
this plan dividends on the
preferred stock are reduced, the new preferred
stock is made
convertible, and the preferred stockholders should be in a
position, if the plan is consummated and conditions continue the same,
to receive cash
dividends in the future, commencing with the
quarter ending
If the plan is not consummated, some time will un¬
doubtedly elapse before dividends
can
be resumed and there will be
difficulties in the refunding of the
outstanding bonds.
The company has
reserved the right under the
plan to declare the plan operative in its dis¬
cretion, and it must know the number of depositing stockholders
prior to
making such declaration.
The certificates of deposits are to be issued for
that purpose.—V. 143. p. 3324.
1937.
Mesta Machine Co.—Christmas Dividend—
[Excluding
75 cents per share
payable Jan. 1, both to stockholders of record Dec. 16.
This compares with $1.50
paid on Oct. 1, last; 75 cents paid on July 1,
cents paid in each of the three
preceding quarters, and 37H cents
per share distributed on July 1, April 1 and Jan.
1, 1935, this latter being
the initial payment on the common stock
since the
2-3% stock dividend
distributed
1406.
company
in November
1935.—V.
Metal Textile Corp.—Admitted to
143,
p.
a
Listing and Registration
The New York Curb Exchange has admitted to
listing and registration the
common
stock,
no
par.—V. 143, p. 3324.
Metropolitan Edison Co.—Merger Approved—
The
Federal
Power Commission has announced
approval of the joint
application filed under Section 203 of the Federal Power Act
by the Metro¬
the Northern Pennsylvania Power
Co., both wholly
controlled subsidiaries of NY PA NJ Utilities
Co., a member of the Asso¬
ciated Gas & Electric System, for
merger of the latter company with the
politan Edison Co. and
former.
The Commission denied the
application on Sept. 22, 1936, basing its
denial upon the method of
consummating the transaction, which it found
involved the payment of $2,532,040 in cash and bonds
by the Metropolitan
Edison Co. to the Northern
Pennsylvania company, after which the latter
company would be dissolved and the holding company would have ulti¬
mately come into possession of cash and securities and would have owned
and controlled,
through one subsidiary instead of two, precisely the same
operating properties that it owned and controlled before and would be en¬
titled to the same total profits realized before the
transaction, without the
Co.—Subscription
Wisconsin
Central
Ry.]
*
1936—Month—1935
1936—10 Mos.—1935
$1,476,917
$1,708,879 $11,883,550 $11,200,783
Net railway revenues.__
413,391
695,751
1,712,912
1,548,960
Net after rents
251,340
581.449
371,739
663,007
Other income—Net Dr.
27,982
54,549
333,277
540,346
Int. on funded debt—Dr
479,337
460,872
4,651,609
4,493,404
Net income.
—V. 143, p.
Dr$255,979
.
3004.
$66.027Dr$4,6l3,147Dr$4,370,743
Minnesota & Ontario Paper Co. (&
Subs.)—Earnings—
[Excluding National Pole Treating Co.]
Earnings for the Period Jan. 5
to
Sept. 13, 1936
Sales..
$8,684,678
7,846,504
Cost of sales—
Gross profit
$838,174
983,846
General expenses
Operating loss
Sundry income
$145,671
81,080
$64,591
-
Deduct—
Interest on subsidiaries' debt
__
Other current interest
Interest
Interest
on
on
156,515
4,877
207,279
135,519
Head office depreciation
Sundry debits
y Reserves
Net loss
z
$2,112,649
10,025,286
Previous surplus
z
12,803
3,357
l ,527,705
funded debt
other obligations
Balance
$7,912,636
x Includes
depletion, $202,013, and depreciation, $495,049.
y For re¬
demption of N. P. & T. Co. stock,
z
Including appreciation from book
write-up of properties amounting to $24,246,914.—V. 142,
p. 4026.
Mission Corp.—Initial Dividend—
The directors have declared
the common stock, no par
an
initial dividend of 45 cents per share on
payable Dec. 18 to holders of record
value,
Dec.
2.—V.
143,
p.
3325.
Missouri-Kansas-Texas Lines—Earnings—
Period Ena. Oct. 31—
Operating revenues
Operating expenses
Fixed charges.
after fixed
chgs__
1936—Month—1935
1936—10 Mos.—1935
$2,969,378
$2,887,854 $25,885,615 $22,355,215
1,890,087
1,817,113
19,249,548
18,036,332
.
352,844
360,455
3,531,773
3,525,460
$444,776
$434,836 def$243,298def$2229,505
Missouri Power & Light Co.—To Obtain New
File Registration Statement
To
Nov. 20 declared a Christmas dividend on the $5
par
stock of 50 cents
per share payable Dec. 24, and a dividend of
on
last; 50
66
Regulator
V:.
142,
'
143, p. 3325.
Loss--
The New York Stock Exchange has authorized the
listing of certificates
of deposit
representing 32,948 shares of 7% cumulative preferred stock.
The stock is now listed on the New York Stock
Exchange.
The certificates of deposit will be issued
common
.
...39,227,996 37,813,522
by 33,274 no par shares, excluding 368 shares held in treasury,
c Repre¬
sented by 588,552 no par shares,
excluding 2,999 shares held in treasury.—
V. 143, p. 3004.
The directors
undistributed profits.—V.
The Guaranty Trust Co. of New York has been
appointed agent to accept
subscriptions for company's 4% convertible preferred stock, series B.—
12,977,189cl2,974,940
Capital surplus
.39,227,996 37,813,522
30,
on
Reserves
a
Cost of the corporation includes appreciation of
$1,444,980 through
appraisals of certain properties by predecessor companies,
b Represented
June
of surtax
3514.
Agent—
x
Total
No mention is made
taxes.
P.
Dec. 29 '35
619,270
612,692
Investments
1,269,072
801,946
Plants & prop's a.30,998,175 30,275,295
receivable, &c._
the bonds.
Period End. Oct. 31—
Total revenues
Notes pay.—equip.
purchases
Miscell. receivables
or
Proceeds from the preferred will be applied to the
redemption of the
company's 8,899 outstanding shares of first preferred stock, $6 series, less
any shares redeemed prior to the redemption date, and any excess will be
used toward payment of bank loans incurred to the extent of
$621,435 in
connection with the redemption of its first preferred
stock, $7 series and
$6 series, during September and October, 1936.
Income statement for the eight months ended Aug. 31,
1936, shows
net income of $521,301 after all charges and
provision for Federal income
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.—
Liabilities—
$
due
June 1,
Mead Corp.—Consolidated Balance Sheet-
Cash
quarterly distributions of $1 per share were made.—V. 143,
Minneapolis Gas Light Co.—xFiles With SEC—
time the trustees
the sale
no par
compares
already made during the year.
approximately
corporation, and that considerable savings would be ef¬
p. 2849.
The directors
In a letter to its shareholders sent on Nov. 18, the company announced
that two distributions will be paid on its shares in December.
One of these
an extra of about 25
cents per share, which is the ap¬
proximate amount per share by which estimated total net income from
dividends and interest during 1936 exceeds the aggregate of distributions
At the
143,
Midvale Co.—To Pay $3 Dividend—
3152.
distributions will be
of
unnecessary
fected.—V.
dividend of 5 cents per share on
class A stocks,
common
1.—V.
realized from
1936
benefits to the surviving subsidiary which the public
The companies filed a petition for rehearing on their application on Oct.
16, 1936 and followed it with supplemental statements and exhibits out¬
lining new plans for the merger.
In the new plan no* payment of cash or its equivalent by
Metropolitan
Edison to Northern Pennsylvania is involved and the former will acquire
Vice-President of the corporation.—V. 143, p. 3323.
All of the outstanding 43^ % debenture gold bonds have been called for
redemption on Dec. 21 at 100^ and interest for those bonds maturing
Jan. 1, 1938, 1939, 1940 and 1941 and at 101 and interest for those bonds
maturing Jan. 1, 1942, 1943, 1944, 1945 and 1946. Payment will be made
at
Nov. 28,
Stock
Issues
to
Cut Interest
Capital—
Covering Bond and Preferred
Charges and Obtain Additional
Funds—
The company, a
subsidiary of North American Light & Power Co.,
which, in turn, is controlled by North American Co., has
announced that
it is filing with the Securities and
Exchange Commission a registration
statement covering $9,000,000 of first
mortgage 3M% bonds due in 1966
and 15,000 shares of
$6 cumulative preferred stock. Principal underwriters
of the two issues will be named in a
subsequent amendment.
D. W. Snyder Jr., President of the
company, stated that the company
will apply the larger portion of the
proceeds of the new issues to the retire¬
ment of the entire
present funded debt of the company.
"In addition to
replacing the entire present funded debt with bonds bearing a lower interest
rate," Mr. Snyder added, "we plan to obtain from this
financing and other
sources
approximately $1,900,000 of new money to be invested in additional
property.
Our kilowatt-hour sales have increased from 58,800,000 in 1933
to over 85,000,000 for the 12 months
ended Sept. 30, 1936, or more than
44%. This growth in our electric load indicates the approaching need for
providing sources of additional energy.
The new capital will be applied
to this program
upon the completion of studies on which we have Deen
engaged to determine the most economical procedure."
Present outstanding funded debt of the
company which will be retired
with the proceeds of the
financing consists of $6,500,000 first mortgage
5H% bonds due 1955; $1,500,000 first mortgage 4H% bonds due 1958,
and $768,000 first
mortgage 4M% bonds due in 1960.
The outstanding
$6 preferred stock will be increased from 35,000 shares to 50,000 shares.
Company provides utility services, principally electric and natural gas
service, in a large area in northern Missouri, serving among other communi¬
ties Jefferson City, the capital of the State.—V. 143,
p. 928.
Volume
Financial
143
Montana
Power
Co.—Bonds
Offered—A
$48,000,000
financing operation for the company, designed to refund
outstanding debt and to provide funds for new construction
and additional working capital, was carried out Nov. 24
with the offering of an issue of 1st & ref. mtge. bonds,
3%% series due 1966, through an underwriting group headed
by J. & W. Seligman & Co.
The bonds, priced at 101 and
accrued interest, were oversubscribed the day of offering.
Other members of the offering group are:
Lee Higginson
Corp.; Edward B. Smith & Co.; Bonbright & Co., Inc.;
The First Boston Corp.; Brown Harriman & Co., Inc.;
Mellon Securities Corp.; Blyth & Co., Inc.; Halsey, Stuart
& Co., Inc.; Coffin & Burr, Inc.; Kidder, Peabody & Co.,
and White, Weld & Co.
Dated Dec. 1, 1936; due Dec.
1, 1966, Guaranty Trust Co., New York,
and Henry A. Theis, trustees.
$1,000, registerable as to principal only, and as fully registered
bonds in the denom. of $1,000, $5,000 and multiples of $5,000; coupon and
fully registered bonds, interchangeable.
Both principal and int. (J. & D.)
payable in New York in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public
and private debts. Red. (other than for sinking fund) at option of company
in whole at any time, or in part (selected by lot) from time to time, on at
least 30 days' notice, at following prices: to and incl. Dec. 1,1941, at 106%;
thereafter to and incl. Dec. 1, 1944, at 105%%; thereafter with successive
reductions in the redemption price of % of 1 % during each successive twoyear period to and incl. the period ending Dec. 1, 1964; thereafter at
100%, in each case with accrued interest.
Sinking Fund—Mortgage provides in substance that so long as any of the
1966 series bonds remain outstanding, the company will, on or before
Jan. 1 of each year beginning with the year 1938, deliver to the corporate
trustee, (a) an amount in cash (or, in lieu of cash, bonds at the principal
amount thereof) e'qual to 1% of the greatest principal amount of 1966 series
bonds at any one time theretofore ou.standing; and (b) an amount in cash
(or bonds of any series at the principal amount thereof) equal to % of 1 %
of the greatest principal amount of 196b series bonds at any one time thereto¬
fore outstanding.
These provisions are subject to certain terms all as
contained in the indenture.
All cash deposited by the company with the
corporate trustee pursuant to (a) above is to be applied by the corporate
trustee to the purchase of 1966 series bonds then outstanding if obtainable
at prices not in excess of the sinking fund redemption price thereof or, at
the option of the company, to the redemption of 1966 series bonds at the
redemption prices (below). Any balance of such cash aggregating $50,000
or-more not so applied and remaining with the corporate trustee on April 15
next following tne deposit thereof shall be applied to the redemption, on
the next succeeding June 1, of 1966 series bonds (selected by lot), on at
least 30 days' notice, at the following redemption prices:
to and incl.
Dec. 1, 1941, at 103%; thereafter to and incl. Dec. 1, 1944, at 102%%;
thereafter with successive reductions in .the redemption price of % of 1 %
during each successive two-year period to and incl. the period ending
Dec. 1,1964; thereafter at 100%, in each case with int.
Any cash deposited
pursuant to (b) above may be withdrawn, used or applied in the manner,
to the extent, for the purposes and subject to the conditions provided in
the mortgage, in respect of the proceeds of released property.
Purpose—Estimated net proceeds ($47,116,750, exclusive of accrued
interest) will be used for the following purposes:
(a) $41,232,782 will be used to redeem the following bonds and debentures
(being the entire amounts of such issues outstanding): $26,965,100 1st &
ref. mtge. 5% sinking fund gold bonds, series A, due July 1, 1943; $12,500,000 5% gold debentures, series A, due June 1,1962; $701,600 Helena Gas &
Electric Co. 1st mtge. gold bonds, 6% series, due Jan. 1, 1952.
(b) $452,425 will be paid off on account of the principal of the 6% note
of the company due Feb. 1, 1940, held by American Power & Light Co. in
the principal amount of $1,452,425.
(c) $4,000,000 will be deposited with the trustee of the mortgage under
which .the bonds Will be issued, (a) to be withdrawn from time to time to
reimburse the company (to the extent of 60%) for expenditures made after
Nov. 30, 1936, for property additions or subsidiary property additions,
including advances to be made after that date to its subsidiary Rocky
Mountain Power Co. in connection with the construction of the Flathead
hydro-electric project now under construction by that subsidiary, or (b)
to be transferred to the sinking fund for the bonds, or applied to the purchase
or redemption of bonds.
(d) The balance will constitute additional working capital available for
the general corporate purposes of the company and will reimburse the
treasury of the company, in part, for capital expenditures heretofore made,
for property additions and retirement of bonds, amounting in the aggregate
to in excess of $15,000,000 (including advances of approximately $2,600,000
made prior to Nov. 30, 1936, by the company to its subsidiary Rocky
Mountain Power Co.), for which bonds have not been issued.
Capitalization—(After giving effect to present financing)—Upon the
retirement of its outstanding obligations to be redeemed or paid out of the
proceeds of the $48,000,000 of bonds offered, and upon the-issue of $10,589,900 of debentures in connection with the acquisition of the assets of
Montana Power Gas Co., the company will have the following capitalization:
Denom.
19354
Authorized
Pref. stock, cumulative (no par)
Common stock (no par)
Outstanding
c300,000 shs. dl59,452 shs.
3750,000 shs. 2,481,665 shs.
1st & ref. mtge. bonds, 3% %, series due 1966
$48,000,000
Butte Electric & Power Co. 5% 1st mtge. gold bonds, due
June 1,1951 (non-callable)
a3,025,000
5% 20-year debs., due Dec. 1,1966
bl0,589,900
Note payable (unsecured)—American Power & Light Co.,
6% due Feb. 1, 1940
1,000,000
a
$20,603.06 is
$6 series
$62,614,900
on
deposit with the trustee of the mortgage securing these
bonds to be applied to the purchase of bonds at not exceeding the principal
amount thereof and accrued interest, or, if bonds are not obtainable at said
price, to the payment of the bonds at maturity.
b The new 5% 30-year debentures to be issued by the company in con¬
nection with the acquisition of the assets of Montana Power Gas Co. will be
unsecured, will mature on Dec. 1, 1966, and be subject to redemption in
whole at any time or in part from time to time at the principal amount there¬
of and accrued interest upon 30 days' notice.
Debentures are not offered
hereby and have not been registered under the Securities Act of 1933, as
amended.
c Issuable
in series, each series bearing such dividend rates, special
features, provision or limitations as determined by the board of directors.
d Excluding 225 shares, sold on instalment plan, to be issued and delivered
when and as final instalments are paid. Since July 31,1936, and prior to the
date of issue of this prospectus, six of such shares have been paid for, issued
and delivered.
Earnings—The net income after all charges, including appropriations to
property retirement and depletion reserves, but before deducting interest
and amortization of discount and expense on funded debt and interest on
long-termindebtedness to an affiliated company, and before deducting
Federal income and excess profits taxes of the respective companies and
subsidiaries, are as follows:
Montana
Power Co.
& Subs.
Year—
-
1936 (7 months)
Montana
Power
Gas Co.
$3,974,184
3,915,135
5,366,350
$412,723
435,826
1,128,513
3,598,979
601,093
retail and
wholesale, and also in the business of purchasing and distributing
natural gas.
It is also engaged, to a limited extent, in the business of dis¬
tributing water principally for domestic and commercial purposes and steam
for heating pin-poses. The company sells, and cooperates with dealers in the
sale of electric and gas appliances to its customers.
The company supplies electric power and light service in 123 communities,
comprising the greater part of the urban population of Montana, including
the Butte, Helena, Billings, Livingston, Bozeman, Lewistown, Roundup,
Great Falls and Missoula districts, which are leading centers of population
and industry in the State, and also in a portion of the Ooeur d'Alene mining
district in Idaho.
In addition, the company supplies a small amount of
electric energy at wholesale to five small distributing systems of other
privately owned public utility systems serving five communities in Montana.
The electric energy sold and distributed by the company is generated
by
its own hydro-electric plants, with the exception of a relatively small
amount purchased from Washington Water Power Co., substantially all
the common stock of which, the company is informed, is owned by American
Power & Light Co.
Company distributes natural gas through its distribution systems in 15
communities in Montana, including, among others, Butte, Helena, Ana¬
conda, Deer Lodge, Bozeman and Livingston. The natural gas distributed
by the company is now purchased by it at the "city gates" from Montana
Power
Gas
Co.
Company and a wholly-owned subsidiary propose to
acquire the business and assets of Montana Power Gas Co. prior to or
concurrently with this issue of the bonds.
:
Company supplies water in Missoula and Hamilton, Mont., principally
for domestic and commercial purposes, and steam heat in.the cities of Butte
and Missoula.
The territory served by the company, has an estimated population of
249,000.
A large portion of the
company's business consists of the sale of electric
energy used in the production and processing of copper, zinc, lead and other
minerals, which constitute the major industiies of the State of Montana.
The largest customer of the company is Anaconda Copper Mining Co.
Company has contracts with Anaconda Copper Mining Co. which run for so
long as the Anaconda company or its successors remain in the mining and
smelting business.
The two other largest customers of the company are, at present, Chicago,
Milwaukee, St. Paul & Pacific RR. and the United States Government
(Fort Peck project), with which the company has contracts.
Acquisition of Assets of Montana Power Gas Co.
It is proposed that company and a new corporation to be formed for the
the Production
after
the
debentures due Dec. 1,1966, and the company and the Production company
will assume the miscellaneous obligations of the Gas company (other than its
6% note payable, due 1942, in the principal amount of $6,000,000 held by
All of the outstanding securities of the Gas
by American Power & Light Co.
I
Tne Gas company is engaged in the production and sale in Montana of
natural gas, crude oil, natural gasoline and butane. It holds under lease gas
and oil producing lands in the Cut Bank field. The Gas company transmits
the gas so produced, and also gas purchased from Ohio Oil Co. in the Dry
Creek field, over its own transmission lines for sale to the company at the
"city gates" of the communities where the company distributes gas at
retail and for sale to Anaconda Copper Mining Co.
The company will take over the direct ownership of and operate the two
natural gas transmission lines, extending from near Cut Bank to Butte,
and from the Dry Creek field to Bozeman, the contract for the sale of gas to
Anaconda Copper Mining Co., the contract for the purchase from Ohio Oil
Co. of gas in the Dry Creek field, and all the other properties of the Gas
company, with the exception of its gas and oil producing properties, gatherng lines and gasoline extraction plant, which latter properties are to be
transferred to and operated by the Production company.
Underwriters—The names of the several underwriters, and the several
principal amounts of the bonds underwritten by them, respectively, are
American Power & Light Co.)
company are now owned
as
Business—Company is a public utility operating in Montana and Idaho.
It is engaged in the business of generating, transmitting, distributing and
selling electric energy for lighting, heating, power, and other purposes, at
follows:
J. & W. Seligman &
Lee Higginson
Co., N. Y„$6,000,000
Corp., N. Y
6,000,000
Edward B. Smith & Co., N. Y.
6,000,000
Bonbright & Co, Inc., N. Y__
First Boston Corp., N. Y
Brown Harriman & Co., N.Y.
3,000,000
2,000,000
1,750,000
Mellon Securs.
Corp., Pitts
1,500,000
Blyth & Co., Inc., N. Y
Halsey, Stuart
Chicago
1,500,000
Co.,
&
Inc.,
1,500.000
1,000,000
Coffin & Burr, Inc., N. Y
Speyer & Co., N. Y
Tucker, Anthony & Co., N.Y.
Bancamerica-Blair Corp.,N.Y.
W. E. Hutton & Co., N. Y...
Jackson <fc Curtis, Boston
Spencer Trask & Co., N. Y___
Cassatt & Co., Inc., N. Y__._
Graham, Parsons & Co., N. Y.
Harris, Hall & Co., Inc., Chlc.
Palne, Webber & Co., N. Y...
Whiting, Weeks & Knowles,
500,000
500,000
450,000
450,000
450,000
450,000
400,000
400,000
400,000
400,000
Kidder, Peabody & Co., N. Y_ 1,000,000
Inc., Boston
400,000
White, Weld & Co., N.Y
1,000,000 Alex. Brown & Sons, Baltimore
300,000
Goldman, Sachs & Co., N. Y_ 1,000,000 Riter & Co., N.Y
300,000
Hayden, Stone & Co., N. Y
1,000,000 Blair, Bonner & Co., Chicago.
100,000
W. C. Langley & Co., N. Y
1,000,000 Dyer, Hudson & Co., N. Y...
100,000
Lehman Brothers, N. Y
1,000,000 Hale, Waters & Co., Inc.,
Boston
G. M.-P. Murphy & Co.. N.Y.
850,000
100,000
Chas. D. Barney & Co., N. Y_
700,000 Kuhn, Loeb & Co., N. Y
4,500.000
Consolidated Balance Sheet July 31, 1936
Liabilities—
Assets—
Plant, prop. & equipment..$121,268,285
a Investments
1,671,175
Miscellaneous
74,736
1,188,835
securities
Cash
443,868
Notes receivable
receivable
2,335,734
Materials & supplies
735,653
Accounts
.
Capital stock
$65,489,973
Capital stock subscribed...
22,500
Long-term debt
44,644,125
Accounts payable
194,874
Dividend declared
239,178
Customers' deposits
448,985
c
Accrued accounts
Prepayments—'
52,629
40,114
1,861,974
4,411
173,875
11,048,912
4,417,697
1,271,918
41,629
Miscell. current liabs
Miscell. current assets
Miscellaneous liabilities
Miscellaneous assets
b Contractual
rights
Unamort. debt dlsc't & exp—
Other deferred charges
971,664
11,048,912
1,678,354
56,825
b
Contractual liability
Res.—Prop, retirement
Uncoil,
accounts
Inventory
adjustment...
Casualty & insurance
79,755
21,367
11,605,608
Other
Earned surplus
$141,566,786
Total
Total
$141,566,786
of ledger
value of company's investment in capital stock of
subsidiary (Great Falls Townsite Co.) over the par value
thereof plus surplus of the subsidiary at date of acquisition as adjusted,
b To acquire from American Power & Light Co., its investments in and
advances to Montana Power Gas Co. (contra).
c Represented by:
Mon¬
tana Power Co. tno par value): Pref., $6 series (159,452 shs.), $15,856,073;
Common (2,481,665 shs.), $49,633,300; Subs.—directors' qualifying sharessix shares common, $600.
d To American Power & Light Co. under agree¬
ment to purchase that company's investments in and advances to Montana
a
Excess
consolidated
Power Gas Co.
(see
contra).
Consolidated Earnings Statement (Including Subsidiaries)
Per. End. Oct. 31—
1936—Month—1935
Operating revenues
$1,063,598
Oper. exps. &c,, taxes..
568,304
Net rev. from oper—
Other income (net)
Gross corp. income—
Int. & other deducts
Balance
The annual interest charges on the $3,025,000 Butte Electric & Power
Co. 6% 1st mtge. gold bonds, and on the $48,000,000 1st & ref. mtge.
bonds, 3%% series due 1966, to be outstanding, amount to $1,951,250;
and the annual interest charges on $10,589,900 5% 20-year debentures
and on the $1,000,000 6% note payable to American Power & Light Co.
to be outstanding amount to $589,495. or a total of $2,540,745 annual
interest charges on the debt to be outstanding, exclusive of charges for
amortization of debt discount and expense.
(which will be a wholly owned subsidiary of the company called
company) will acquire the assets of Montana Power Gas Co.,
provision for certain interest and dividends.
In consideration of
acquisition of such assets the company will issue $10,589,900 5%
pin-pose
Con-
solidated
$4,386,907
4,350,962
6,494,864
4.200,073
3473
Chronicle
1936—12 Mos.—1935
$954,355 $12,458,637 $11,206,133
541,169
6,328,394
5,478,209
$495,294
5,839
$413,186
7,504
$6,130,243
33,709
$5,727,924
85,551
$501,133
$420,690
207,778
$6,163,952
205,977
2,477.641
$5,813,475
2,509,485
y$295,156
y$212,912
$3,686,311
717,504
$3,303,990
587,163
Property retirement reserve appropriations
Divs. applic. to pref. stock for period, whether
z
paid or unpaid
Valance
z
956.649
955,745
$2,012,158
$1,761,082
y Before
property retirement reserve appropriations and dividends,
Regular dividend on $6 preferred stock was paid on Aug. 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
Nov. 2, 1936.—V. 143, p. 3005.
Financial
3474
Montgomery Ward & Co.-—To Pay Special Dividend—
Larger Regular Dividend—
The directors
Nov. 24 declared a special dividend of $2.90 per share in
on
addition to
no
a quarterly dividend of 50 cents per share on the common stock,
value, both payable Jan. 15 to holders of record Dec. 22.
Divi¬
par
dends of 20 cents per share were paid on Oct. 15, July 15 and April
this latter being the first dividend paid since Aug. 15, 1930, when a
15 last,
regular
quarterly dividend of 75 cents per share was distributed.
Rights to Stockholders—
Subject to registration under the Securities Act of 1933 and to listing on
the New York Stock Exchange, the directors authorized an offering of
652,143 shares of common stock to holders of common stock of record Dec.
22 in
proportion of one additional share of common stock for each seven
shares held, at $40 a share.
Warrants will be issued on or about Dec. 28
Subscription privilege will
expire Jan. 29, 1937.
Subscriptions may be made either Dy the payment of
all of the subscription price or 50% of the subscription price before Jan. 29
next.
If the latter method is used, the balance will be payable in two equal
instalments on or before April 29, 1937 and July 29, 1937.
Certificates
will not be issued until payment for stock is made in full.
to evidence
right of those entitled to subscribe.
Earnings for
Stated
Periods
1936—3 Mos.—1935
Period End. Oct. 31—
1936—9 Mos.—1935
National Grocer
$4,584,578 $14,387,442
$0.92
$2.92
$6,285,586
$1.29
Earns, per sh. on com
—V. 143, p. 3153.
Segt. 1, $1.75 on July 2, May 1 and April 2, and $2.61 per share on Jan. 1.
National Lead Co.—Extra Dividend—of 37 M cents per share in
regular quarterly dividend of 12 H cents per share on the
both payable Dec. 21 to holders of record Dec. 4.
An extra dividend of 12)^ cents per share was distributed on Sept. 30 last.
—V. 143, p. 763.
National Oil Products Co.
directors have declared an
The
on
Consolidation—
National Power &
Period End. Oct. 31—
Light Co. (& Subs.)—Earnings—
1936—12 Mos —1935
1936—3 Mos.—1935
Operating revenues
$19,685,566 $17,852,525 $76,869,714
Oper. exps., incl. taxes. 11.416,540
9,950,144
43,807,174
$71,862,322
39,509,585
Net
16 declared
Nov.
an
revs,
from oper..
Other income
Total income
extra dividend of $5 per share in
—
Othe inc. deductions
$8,269,026
97,399
$7,902,381 $33,062,540 $32,352,737
87,165
386,167
375,179
$8,366,425
117,453
$7,989,546 $33,448,707 $32,727,916
93,354
421,309
349,423
$8,248,972
$7,896,192 $33,027,398 $32,378,493
a
Gross corporate inc...
Int.
to
&
public
other
deductions
The regular quarterly dividend on the class A stock was increased from
$1.60 per share to $2.50 per share with the Sept. 30, last payment and the
regular quarterly dividend on the class B stock was raised from 30 cents to
50 cents per share with the Sept. 30, last, payment.
In addition an extra
dividend of 50 cents was paid on the class A stock and an extra of 10 cents
was distributed on the class B stock on June 30, last, and on Dec. 31,1935.—
Y. 143, p. 3153.
Int. charged to construct
Property retirement res.
appropriations
Balance
Pref. divs. to public..
x
Portion
applic.
to
3,109,452
Cr4,137
1,651,500
$3,492,157
1,515,788
The directors
on
3,128,603
Cr5,987
12,387,449
Cr17,525
12,493,345
Cr24,555
1,612,372
6,128,960
6,289,859
$3,161,204 $14,528,514 $13,619,844
1,515,853
6,063,281
6,063,401
min.
1,927
2,291
11.419
12,613
$1,974,442
$1,643,060
$8,453,814
$7,543,830
interests
Morristown Securities
Corp.—Special Dividend—
Net
Nov. 18 declared a dividend of 25 cents per share from
a special dividend of 25 cents per share (or 50 cents per share)
the common stock, no par value, both payable Jan. 2 to holders of record
Dec. 15.—V. 142, p. 465.
have declared a dividend of 50 cents per share on the
par $10, payable Dec. 15 to holders of record Dec. 5.
This
dividend paid on the common stock since Feb. 1, 1930 when
stock dividend of 2% was distributed.
Natl. Pow.
Lt.
Co.
in
& Lt. Co.—
-
,
Net equity of Natl. Pow.
& Lt. Co. in inc. of
subs, (as shown above)
$7,543,830
$1,974,442
$1,643,060
$8,453,814
6.807
6,436
60,265
64,318
$1,981,249
Expenses, incl. taxes...
64,763
$1,649,496
51,817
$8,514,079
$7,608,148
207,592
204,912
directors
stock,
&
Natl.
of
income of subs—..
on
Murray Corp. of America—Resumes Common Dividends—
equity
Pow.
income and
The
dividend of $2 per share on the
paid on Sept. 30, last.—V. 143, p. 3006.
holders of record Dec. 15.
common
Inc.-—$2 Extra Dividend—
extra
stock, payable Dec. 18 to holders of record Dec. 10.
An extra
dividend of 20 cents and a semi-annual dividend of 30 cents per share were
common
on
quarterly dividend of $2.50 per share on the class A common
stock, and an extra dividend of $1 per share in addition to a quarterly div.
of 50 cents per share on the class B common stock all payable Dec. 31 to
.
the
stock, par $10,
common
Morris Finance Co.—Extra Dividends—
on
will amount to
The directors have declared an extra dividend
addition to
$8,934,344
$1.72
poration) and John Morrell & Co. (a Maine corporation).—V. 143, p. 1238.
The directors
account of
cum.
After the payment of the current dividend, accumulations
$31.50 per share—V. 143, p. 2059.
Dec. 23 a special meeting to consider an agree¬
ment of consolidation between John Morrell & Co., Inc. (a Delaware cor¬
addition to
Ltd.—Accumulated Dividend—
Co.
pref. stock, par $100, payable Jan. 2 to
A like payment was made on Oct 1 and July 1,
last, as against $3.50 paid on June 1, last; $1.75 paid on April 1 and Jan. 2,
last, Oct. 1 and July 1,1935; $3.50 paid on M^y 1, 1935, $1.75 paid on
April 1 and Jan. 21, 1935 and on Oct. 1, 1934; $3.50 per share paid on
the 7%
holders of record Dec. 15.
on
Subsidiaries—
(John) Morrell & Co. Inc.—To Vote
Stockholders will hold
s
The directors have declared a dividend of $1.75 per share on
accumulations
Net profit after taxes and
charges
1936
Nov. 28,
Chronicle
Other income
will be the first
a
Bonus to
Employees—
Total income
The company will pay a bonus of $25 to all employees who have been on
the payrolls smce March 31, and $1 extra will be paid for each year's service
bonus to old
prior to 1936 up to 10 years, making possible maximum
employees of $35.—V. 143, p. 3005.
Balance before int.
^
&
other deductions...
.
$1,916,486
341,450
$1,597,679
341,273
$8,306,487
1,356,372
$7,403,236
1,355,973
$1,575,036
Int. & other deductions.
$1,256,406
$6,950,115
$6,047,264
Bal. carried to consol.
Muskogee Co.—Larger Dividend—The directors
on
earned surplus
Nov. 19 declared a dividend of 65 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 5.
This compares with 35 cents paid on June 15, last; 20 cents paid on Dec. 31,
1935, 25 cents paid on June 15, 1935; 20 cents on Dec. 15, 1934; 25 cents on
June 15, 1934 and on June 15, 1933 and 50 cents per share paid on June 15,
1932—V. 143, p. 1085.
common
National Battery Co.—New President—
A. H. Daggett has been elected President, succeeding Lytton J. Shield,
deceased.
he also
His appointment was made by the board of directors, to
was
which
elected.—V. 143, p. 1407.
x
Full
earned
dividend
or
requirements
unearned.
applicable to respective periods whether
Notation—All intercompany transactions have been eliminated from the
Interest and preferred dividend deductions of subsidi¬
above statement.
aries 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 the balance of income applic¬
able to minority holdings by the public of common stock of subsidiaries.
Minority interests have not been charged with deifcits where income accounts
subsidiaries have so resulted.
The "net equity of National Power & Light
Go. in income of
earned
subsidiaries" includes interest andpreferred dividends paid
special dividend of $3 per share on the
securities held, plus the proportion or earnings which accrued
stocks held by National Power & Light Co., less losses where
income accounts of individual subsidiaries have resulted m deficits for the
capital stock, no par value, payable Dec. 15 to holders of record Nov. 30.
This compares with quarterly dividends of 25 cents per share paid on Oct. 15
and July 15, last.
Ftior to this latter date regular dividends of 50 cents per
respective periods.
No provision has been made in the above statements for surtax on "un¬
distributed net income" under the Revenue Act of 1936.—V. 143, p. 2851.
National Bond & Share Corp.^—$3
The
share
directors have declared
were
In addition
paid on March
a
16, last,
or
Special Dividend—
and each three months previously.
paid on March 16, last.—V.
extra dividend of 25 cents was
an
143, p. 2527.
National Bondholders
Corp.—Distribution—
The corporation in a notice to investment dealers interested in real estate
securities guaranteed or with collateral guaranteed by National Surety Co.
advices
that distributions on account of principal have been authorized
on
on
the following series at the rates indicated.
Distributions will be payable
or before Dec. 10, 1936 to holders of participation certificates of record
as of the close of business Nov. 30, 1936. Transfer books will be closed for a
period not exceeding 10 days, beginning Dec. 1, 1936.
Amount
Series
Alabama
Amount
Authorized
B series
Previously
Authorized
Authorized
To Date
National
Surety Corp.—Control Acquired by
CIT—
Capital Increased—See Commercial Investment Trust Corp.
above.—V. 143, p. 4348.
National Supply Co. of
in view of the recent decision in
Wilson & Co., Inc.
7%
20%
11%
26%
7%
28%
18%
35%
23%
New
22%
61%
28%
32%
37%
27%
66%
43%
Gross from
\C series
5%
B series
5%
5%
15%
/A series
Investment securities
1c series
/A series
\D series
Investors mortgage
Mortgage security
National mortgage
Title investment
5%
5%
7%
7%
8%
5%
D series
BB series
C series
A series
37%
42%
14%
10%
7%
3%
36%
44%
86%
91%
case
of Keller et al vs.
Stock
of the
5H% cumulative preferred stock ($100 par) and common stock i$25 par),
which were to have been issued in connection with the proposed plan of
recapitalization of the company.—V. 143, p. 3327.
4%
6%
mortgage
Delaware in the
In view of the withdrawal of the proposed plan, the Committee on
List has voted to rescind its previous action in approving the listing
A series
Guaranty title
Del.—Plan Withdrawn—
The Committee on Stock List of the New York Stock Exchange has been
advised by the company that it has withdrawn the plan of recapitalization
of the company and the proposal to amend its certificate of incorporation
/A series
Amortization..:
Empire bond
Instalment
Total
on
to common
Jersey & New York RR.—Earnings—
October—
1936
railway
^
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1935
1933
1934
$68,385
def585
defl9,941
$63,874
defl6,024
def33,008
$67,557
defl7,425
uef38,560
$78,292
defl4,690
' def37,097
653,751
def55,889
def263.682
643,481
defl64,833
def354,16l
698,270
defl55,l75
def358.138
794.058
def47,265
def278.545
—V. 143, p. 2689.
Those holders who have not
as yet exchanged their certificates of deposit
deposit receipts for the appropriate participation certificates, should do
so immediately in order that
they may rece ve their pro rata share of the
distributions author'zed without further delay.
Certificates of deposit or
deposit receipts should be forwarded for exchange to the issuing depositary,
either Manufacturers Trust Co. of New York, or Maryland Trust Co. of
Baltimore.—V. 143, p. 3326.
or
National Cash Register Co.—To
The
directors
Pay 50-Cent Dividend—
declared a dividend of 50 cents per share on the
value, payable Dec. 15 to holders of record Nov. 30.
company had distributed dividends of 12 % cents per share
each three months from July 15, 1934 to and incl. Oct. 15, last.—V. 143,
stock,
Previously, the
common
p.
have
National Dairy Products
Corp.—50-Cent Dividend—
have declared a dividend of 30 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Nov. 28.
This dividend which is in lieu of the dividend ordinarily paid on Jan. 2,
is the fifth distribution of 30 cents per share made this year.—Y. 143, p. 3326.
directors
common
National Distillers Products
Seton
Corp.—New Vice-Pres., cfee.
Porter, President of the company, announced on
Nov.
19 that
C. L. Jones had been elected Executive Vice-President and will be elected
a
director and
National
r
a year-end dividend of $2 per share on the
$10, payable Dec. 15 to holders of record Nov. 30.
15, last, and 50 cents per share
quarters and on Aug. 15, and
April 30, 1935 and Oct. 31 and April 30, 1934.
From July 15, 1927 to
and including April 15, 1931 the company paid quarterly cash dividends
of $1 per share, and in addition a 5% stock payment was made in January,
1928, 1929 and 1930 —V. 143, p. 1239.
stock,
par
This compares with 75 cents paid on Sept.
distributed in each of the three preceding
no par
3005.
The
Newmont Mining Corp.—$2 Year-End Dividend—
The directors have declared
common
a
member of the executive committee.—V. 143, p. 2688.
Gas & Electric
Period End. Oct. 31—
Operating revenues
Gross inc. after deprec..
Net income
—V. 143, p. 2379.
Corp. (& Subs.)—Earnings—
1936—Month—1935
$102,780
23,991
$83,161
17,997
1936—12 Mos.—1935
$1,101,640
$973,683
237,560
179,264
157,096
94,214
New Orleans & Northeastern
October—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
1936
RR.—Earnings—
1935
1934
1933
$269,038
107,070
60,057
$225,679
77,645
32,745
$189,958
38,243
def3,728
$188,794
59,781
11,185
2,272,610
760,519
308,507
1,942,494
512,592
1,835,750
426,035
42,159
267,452
def201,536
159,401
1,611,864
—V. 143, p. 2852.
New Orleans Texas & Mexico Ry.
Period End. Oct. 31—
Operating
revenues
Net ry. oper. income
System—Earnings—
1936—Month—1935
$1,039,019
80,632
$771,790
def21,060
1936—10 Mos.—1935
$9,984,968
$8,005,158
726,628
180,669
—V. 143, p. 2852, 3006.
Newport Industries, Inc.—Initial Dividend—
The directors have declared an initial dividend of 60 cents per share on
the common stock, par $1, payable Dec. 15 to holders of record Ded. 10.
—V. 143, p. 3006.
Financial
Volume 143
New York Central
New Director, &c.—
RR.—Earnings—
1934
1933
$25,202,899 $26,275,244
8,158,379
5,872,426
6,934,106
4,772,545
2,422,957
3,436,812
October—
>
1936
1935
Gross from railway—_.. $33,034,358 $28,792,066
Net from railway
9.318,411
5,791,607
after rents
Net
From Jan. 1—
Grossffom ra'lway
Net from
294,573,431 254,831,798 247,802,495 237,653.187
73,740,473
61,015,441
61,345,316
65,609,974
38,471,583
28.834,147
25,878,891
29,222,608
railway
Net after rents__
The directors elected C. D. Young a director to succeed M. G. Kennedy,
deceased, and E. R. Johnson, a director to succeed A. O. Needles, deceased.
The following appointments were announced, effective Dec. 1, 1936:
J. E. Crawford, Vice-President in charge of operations; R. H. Smith, Gen¬
eral Manager; G. E. Bruch, Asst. Gen. Mgr.; W. O. Tracy, Gen. Supt.,
western general division, and George Dunglinson, Jr., Asst. Vice-President
n charge of traffic.—V. 143, p. 2854.
North American Cement
—V. 143, p. 3156.
New York
From Jan. 1—
Gross from railway
Net
1935
1934
1933
$3,887,586
1,471,549
918,413
$3,451,295
1,390,420
991,616
$2,819,933
851,550
431,681
$2,763,566
815,817
418,989
34,248,423
12,323,823
7,412,233
28,238,891
9.139,576
5,461,791
28,017,162
9,056,569
4,793,986
after rents.
25,665,139
8,464,182
4,435,690
and
—V.
Rys. Corp.—Prior Lien Bonds Assumed—
old bonds suspended from dealings on the same
date.—V. 142, p. 3862.
New York New Haven & Hartford
Period End. Oct. 31—
Operating
rev.
revenues
from ry. oper._
Net ry. oper. income.__
Net after charges
RR.—Earnings—
1936—10 Mos.—1935
$6,471,928 $64,418,109 $58,741,075
1,751,391
15,857,829
15,530,615
930,590
5,566,803
6,973,763
def224,768 df4,444,556 df2,843,640
1936—Month—1935
$7,177,583
2,301,895
1,271,689
370,381
New York Ontario & Western
October—
stock,
1934
1933
$676,531
104,337
1 5,795
$722,426
140.078
44,446
$672,482
138,099
73.599
7,421,317
1,801,862
962,406
7.092,712
1.685,331
956.407
8,053,764
1,956,326
1,021,687
8,043,351
2,263,396
1,447,755
$668,626
124,284
Net after rents
46,366
From Jan. 1—
rents.
—V. 143, p..2852.
Period End. Oct. 31—
revenues
Gross inc. after deprec..
1936—12 Mos.—1935
1936—Month—1935
$105,423
24,714
$103,776
27,886
$1,188,245
314,767
$1,215,814
345,374
Note—No provision has been made for a possible Federal tax on undis¬
profits, since the amount of such tax, if any, cannot be determined
3327.
Susquehanna & Western RR.—Earnings—
1936
1934
1935
1933
31,982
$278,522
58,947
14,116
$303,957
72,596
24,091
$274,949
52,742
9,162
2,846,995
817,942
2,972,605
797,347
282,535
3,061,149
765,488
339,910
2,813,750
656,643
302,367
railway
$264,239
75,604
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
after rents.
208,503
—V. 143, p. 2690.
Niagara Hudson Power Corp.—To Pay Common Div.—
The directors
on
stock,
Nov. 20 declared
par
a
dividend of 40 cents per share on the
$15, payable Dec.
15 to holders of record Nov. 30.
This will be the first dividend paid since March 31, 1933, when 25 cents per
share was distributed.
A dividend of 30 cents per share was paid on Sept.
30 and
on
Dec. 31, 1932.
5% Wage Increase—
Operating companies of the system recently announced a 5% wage in¬
to ail employees receiving less than $2,600 a year, effective Nov. 30.
crease
Niagara Lockport & Ontario Power Co.—New President
William
Kelly was elected President of this company, succeeding
Alex D. Robb, who died recently.—V.
143, p. 3007.
Niagara Share Corp. of Md.—Larger Class B Dividend—
The directors have declared
a
dividend of 50 cents per share on the class B
par $5, payable Dec. 18 to holders of record Nov. 30.
with 10 cents paid on July 15, last, this latter being the
first payment made since January, 1933 when 10 cents per share was also
distributed.—V. 143, p. 2854.
common
This
stock,
compares
Noblitt-Sparks Industries
Inc.—Special Dividend—
The directors have declared
a special dividend of $1.50 per share in addi¬
dividend of 50 cents per share on the common
stock, no par value, both payable Dec. 21 to holders of record Nov. 30.
Stockholders have the option of taking 1-20 of a share of common stock in
lieu of the $1.50 special dividend.
Stockholders must notify the company
by Dec. 12 if they desire the cash; failure to give such notice will be deemed
tion to the regular quarterly
as
election to receive stock instead of cash.
A dividend of 50 cents was paid on Oct. 1, last, and compares with
37cents per share distributed in each of the four preceding quarters;
30 cents paid on July 1, April 1 and Jan. 2, 1935 and on Oct. 1, 1934, and
25 cents paid on July 1 and April 1, 1934.—Y. 143, p. 3328.
Noranda
Mines, Ltd.—Earnings—
Period End. Sept. 30—
Total receovery
Costs and expenses
Reserve for taxes
1936—3 Mos.—1935
$4,765,733
$3,848,347
1,880,632
1,903,799
485,000
275,000
1936—9 Mos.—1935
$13,285,791 $10,507,682
5,187,808
5,429,582
1,360,000
615,000
$1,669,546
61,307
$6,737,983
89,346
Profit
236,909
238,770
$2,489,447
141,000
$1,730,853
210,000
$6,974,891
423,000
$4,701,869
630,000
$2,348,446
$1.05
$1,520,853
$0.68
$6,551,891
$4,071,869
$1.82
$2,400,101
Other income
Total income
Depreciation
the first dividend paid since Sept.
cents per
share
was
Est.
earns,
per
$4,463,099
share
Northern Alabama
Norfolk & Western Ry.—$5 Extra
Dividend—
The directors on Nov. 24 declared an extra dividend of $5 per share on the
stock, par $100, payable Dec. 19 to holders of record Nov. 30.
Extra dividends of $2 per share were paid on March 19 last, March 19, 1935,
March 19, 1934, Dec. 19, 1931, and on Dec. 19, 1930.
quarterly dividend of $2 per share which had been previously
19 to holders of record Nov. 30.
President, made the following statement:
"For several
years an extra dividend on the common stock, out of the earnings of the
preceding fiscal year, has been declared in January.
Tfaffic has increased
during the year, and furthermore it has had the benefit of lower fixed charges
because of the retirement since Jan. 1, 1931 of approximately $60,000,000
of its total funded debt.
The resulting increase in net income enables the
The regular
declared will also be paid on Dec.
J.
a
quarterly dividend of 15
Ry.—Earnings—
1936
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1934
1933
$45,277
13,185
def534
$45,187
13,055
def783
$50,779
20,309
6,954
581,763
246,258
83,598
Net after rents
1935
$71,478
28,296
10,229
October—
Gross from railway
Net from railway
462,642
160,308
10,817
448,539
152,448
19,806
439,248
168,525
defl3,702
Pennsylvania Power Co.—Merger Approved—
See Metropolitan Edison Co.—V. 143, p. 767.
Northfield
(N.J.)
&
Building
Loan
Association—
To Dissolve—
by Carl K. Withers,
of New Jersey, following
of the membership .-
State Commissioner of Banking and Insurance
resolution adopted by directors and a vote
revenues
Uncollectible oper. rev..
a
Telephone Co.—Earnings—
1936—Month—1935
$2,748,945
10,269
1,882,523
278,163
Operating expenses
Operating taxes
1936—10 Mos.—1935
$2,591,583 $26,827,782 $25,151,264
6,349
88,818
96,433
1,843,599
18,215,906
18,002,213
234,711
2,934,412
2,441,005
Net oper. income
$577,990
$506,924
$5,577,646
$4,641,613
—V. 143, p. 2854.
Norwich Pharmacal Co.—New President, &c.—
Eaton, formerly Treasurer, has been elected President of this
a recent special meeting of directors, to succeed William G.
Robert E.
company at
Peckham, deceased.
remains
as
John K. Hill was elected a director and Treasurer and
Secretary.
Thaddeus M. Weems, Secretary, was
Hill.—V. 143, p. 1566.
Assistant
elected Assistant Treasurer to succeed Mr.
Nu-Enamel
Corp.—Stock Offered—An issue of 100,000
stock ($1 par) was offered in October by
American Industries Corp., Detroit, at $8.22 per share,
of which 97,000 shares were offered by the underwriter and
3,000 shares were offered by the company to its employees.
Of the shares offered, 50,000 were purchased from present
shares of
common
stockholders of the company.
History—Corporation is engaged in the manufacture of, and directly and
through subsidiaries and affiliated companies in the distribution and sale of
paints, varnish, linoleum finish, stain, top
dressing, wax polish and kindred lines, its products being distributed under
the distinctive trade name "Nu-Enamel."
These products are marketed
through approximately 300 exclusive Nu-Enamel stores in the United States,
and also are^old in approximately 2,500 other retail stores of which many
have "Nu-En&mel" departments.
In addition to this distribution, sales
are made either directly or through subsidiaries or affiliates in approxi¬
mately 22 foreign Countries.
At the present time the company owns all the stock of Nu-Mel and NuEnamel Products Control Co., Ltd., which distributes Nu-Enamel products
in Great Britain directly and through its wholly owned subsidiary, NuEnamel, Ltd.
Company also owns all the common stock of Neo-Smalta
(S. A.) which distributes, or arranges for the distribution of, Nu-Enamel
products in Italy.
Company owns 55% of the common stock of Nu-Enamel
Nebraska Co., through which distribution of its products is made in Ne¬
braska.
In addition to the subsidiaries named, the company has stock
interests amounting to 50%, or less, in Nu-Enamel Illmo Co., Eastern
Nu-Enamel Co., Nu-Enamel Co. of Wis., Novemail (S. A. R. L.), France.
Until recently, the company has sold its products to Novemail (S. A. R. L.),
France, which has acted as distributor of such products in France and
certain other European countries.
However, by a contract dated July 31
1936, the company assigned to Novemail (S. A. R. L.), France, its formulas
and granted it a license to use its trademarks and trade-names, and th
exclusive right to distribute Nu-Enamel products in France, French colonies
and French protectorates, and in consideration thereof the French company
agreed to pay to the company a specified royalty for each gallon of paint
manufactured by or for it and distributed in such licensed territory.
The business of the company was conducted by C. L. Lloyd as a proprietor¬
ship from 1931 until July 1, 1933, when the business of such proprietorship
was acquired by the Nu-Enamel Corp. of Illinois.
Subsequently, on March
31, 1935, the present company, Nu-Enamel Corp. (Del.), organized on
March 8, 1935, took over all the business and assets of the Illinois cor¬
poration.
Nu-Enamel Paint Co. (Texas), owned the trademark "NuEnamel" and the formulas employed by
the company, prior to their
transfer to Nu-Enamel Corp. (111.) but is not considered a predecessor in
the operation of the businass conducted by the company.
Dividends—Dividends have been paid as follows by the company and by
its predecessor during the period from June 30,1934, to Sept. 10,1936, as
indicated in the following tabulation.
Such dividends were paid in cash
except as
otherwise indicated.
Rate
June 30, 1934
$2.92
143, p. 3156.
common
W.
2, 1930 when
distributed.—V. 143, p. 33z8.
Jenks,
extra dividend to be delclared at
this time.
"From present indications the return on the company's total investment,
which gives an accurate picture of the situation, is estimated to be approxi¬
mately 6%."
of
Share
$1.25
Dec. 28, 1934
Estimated net profit..
—V.
Co.—Special Dividend—
a special dividend of 15 cents per share on
stock, par $5, payable Dec. 16 to holders of record Dec. 2.
A special dividend or 10 cents was paid on Dec. 16, 1935, this latter being
common
enamels for various purposes,
—V. 143, p. 2854.
Col.
North Central Texas Oil
192,465
until the close of the year.—V. 143, p.
common
and an officer
affiliated companies, has
Mr. Doolittle
143, p. 2854.
of its subsidiary and
The directors have declared
the
Operating
158,184
Operating
Net
number
Period End. Oct. 31—
Co.—Earnings—
Net income
Gross from
a
Northwestern Bell
New York & Richmond Gas
New York
October—
'
of
announced his retirement from executive work on Dec. 1.
will continue as a director of the North American Co.—V.
Dissolution of the association was announced Nov. 24
Gross from railway
Net from railway.
tributed
both payable Dec. 16 to holders of record Dec. 4.
no par value,
Northern
Ry.—Earnings—
1935
1936
Gross from railway
Net from railway
after
$841,279
$129,569
$438,112
—V. 143, p. 2854.
—V. 143, p. 3006.
Net
$96,279
1240.
North American Co.—Extra Common Dividend—
and director
The New York Stock Exchange has been advised that pursuant to the
plan of readjustment and motorization of New York Railways Corp., a
supplemental indenture between New York Railways Corp. and New
York City Omnibus Corp. and Central Hanover Bank & Trust Co. was
executed Nov. 25, 1936.
Such supplemental indenture provides, among
other things, for the assumption of principal and interest of the prior lien
mortgage 6% gold bonds, series A, due Jan. 1, 1965, of the New York
Railways Corp. by the New York City Omnibus Corp.
The assumed bonds were admitted to the list on Nov. 27, 1936, and the
Net
p.
Frederick W. Doolittle, Vice-President of ]this company,
Corp.—Assumes Bonds—
Rys. Corp. below.—V. 143, p. 3156.
New York
amortization
143,
Vice-President Retires—
New York City Omnibus
See New York
1933
1934
1935
interest
The directors on Nov. 23 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of like amount on the common
—V. 143, p. 3156.
,
deple.,
prec.,
-
i
railway
Corp.—Earnings—
1936
Not loss after taxes, de-
1936
Net from railway
Net after rents
Net from
12 Mos. End. Sept. 30—
Chicago & St. Louis RR.—Earnings—
October—
Gross from railway
3475
Chronicle
2.50
Date of Payment—
Number of
Shares Out-
Amount of
Dividend
standing
40,000
40.000
Paid
$50,000
100,000
200,000
200,000
200,000
200,000
200,000
200.000
xAmount of
Earn. Surp.
50,000
75,000
25,000
After Div.
$184,998
189,989
65.570
ydef9,429
49.463
0.25
50.000
def536
0.27X
55,000
190.882
—
x0.25
50,000
140,882
x Stock dividend,
y Before giving effect to earnings for Julv, 1935.
z On
March 31, 1935, the transfer of assets of Nu-Enamel Corp. of Illinois to the
company resulted in the capitalization of the then earned surplus, leaving
no earned surplus in the company as of that date.
All dividends paid by the company and by its predcessor were paid from
3, 1935
3, 1935
1935
Jan.
2, 1936
Aug. 29! 1936
Sept. 10, 1936-
Aug.
Aug.
Sept.
26!
0.25
Q.37H
0.12K
earned surplus.
declared a dividend of 15c. per share on its common stock
10,1936, to holders of record Nov. 2, 1936. Company will
annual dividend basis of 60c. per share, payable from
earned surplus at the rate of 15c. per share quarterly on Jan. 1, April 1,
July 1 and Oct. 1 of each year, beginning Jan. 1, 1937.
The company
payable on Nov.
place the stock on an
3476
Financial
Purpose of Issue—The proceeds from the sale of 50,000 shares of the
common stock amounting to $328,000
will be devoted to the following
purposes: (a) $50,000 to the purchase of equipment for use in a factory in
the Cicy of Chicago, leased by the company Aug. 7, 1936.
(b) $159,553 to
the enlargement of the company's inventories, including finished goods and
raw
materials,
(c) $100,000 to the contemplated purchase of a manu¬
facturing plant,
(d) $21,746 to the payment of certain expenses incident
to the financing.
None of the proceeds from tne sale of 50,000 shares of tne company's
common stock offered and to be purchased by the underwriter from stock¬
holders will be received by the company.
Capitalization—As to the effective date of the registration statement, the
company had outstanding 250,000 shares of common stock ($1 par).
Upon
the completion of the present financing the capitalization of th8
company
will consist of 300,000 authorized shares of common stock
<,$1 par) all of
Chronicle
Nov: 28,
Ohio Public Service Co.
(& Subs.)—Earnings—
12 Mos. End. Sept. 30—
1936
$9,448,898
Bal. after taxes, int., &c_ x2,322,547
Gross
1935
$8,410,941
1,856,409
revenues
1934
$8,340,255
1,876,846
Oklahoma Gas & Electric
Net
operating
--.$12,377,037 $11,247,106
6,357,062
5,973,832
appropriation
reserve)
$6,019,974
2,332
$5,273,274
2,440
$6,022,306
1,135,833
$5,275,714
1,025,000
$4,886,473
2,221,932
346,134
"
28,705
$4,250,714
2,227,769
200,000
26,271
$2,289,703
income.
$1,796,674
-
Net operating revenue and other income (before
appropriation for retirement reserve)
Appropriation for retirement reserve
Gross
Gross income
.$231,788
Oklahoma Natural Gas Co.
Operating
$235,484
2,689
34,000
-
.
.
Net income
.$198,795
-
—V. 143, p. 2690.
Ohio Associated Telephone Co.—Bonds
Offered—Public
offering of an issue of $1,770,000 1st mtge. bonds, 4^%
series due 1966, was made Nov. 21 through an
underwriting
group headed by Bonbright & Co.,
Inc., and including
Paine, Webber & Co. and Mitchum, Tully & Co.
The
bonds were priced at 103 and interest.
(& Subs.)—Earnings—
1936
revenues
Gross income after depreciation
Net income.
No
143,
1
.
143, p. 3328.
12 Months Ended Oct. 31—
3,695
.
Gross income
Deductions from gross income
Provision for Federal income tax
i.
(net)
Net income
—V.
405,291
Total other income
income
Interest charges
Amortization of debt discount and expense—
Other income deductions
$864,974
Selling, general and administrative expense, incl. depreciation, &c_ 227,894
1935
1936
(before
revenue
for retirement
Other
Earnings for Six Months Ended June 30, 1936
Gross sales (less returns and allowances)
,t
Cost of sales (excl. of expenses specifically set forth below)
,
Co.—Earnings—
12 Months Ended Oct. 31—
Operating revenues
;
Operating expenses, maintenance and all taxes
which will be issued and outstanding.
Industries Corp., Detroit, entered into an
agreement, dated June 17, 1936, with the company and O. L. Lloyd whereunder American Industries Corp. agreed to purchase from the
company
47,000 shares of its unissued common stock at $6.57 6-10 per share. Ameri¬
can Industries Corp. also agreed to purchase 50,000 snares of the
company's
common stock at the same price from stockholders.
•
American Industries Corp. entered into an agreement with Brown,
Schlessman, Owen & Co., Denver, Colo., dated Sept. 28 1936, whereunder
Brown, Schlessman, Owen & Co. agreed to purchase 25,000 shares of the
common stock from American Industries
Corp. at $8.22 per share less a
concession of 65c. per share.
1933
$7,895,244
2,416,045
Before surtax on undistributed profits.—V. 143, p. 1241.
x
Underwriting—American
1936
provision
3157.
for
made
p.
Federal
a
1935
$7,497,894
$6,730,956
2,485,306
2,270,500
836,656
534,319
undistributed profits.—V.
—
tax
on
;
•
Old
Colony RR.—New Haven Trustees Named to Act for
Colony Line—
Old
Appointment
of Howard
S.
W.
Palmer,
M.
Daniels
and
James
Lee
Loomis, trustees of the New York New Haven & Hartford RR. as trustees
also of the Old Colony RR., was ratified Nov. 18 by the Interstate Com¬
merce Commission.
Approval of appointments had been opposed by
a
protective committee
for the Old Colony shareholders, the Reconstruction Finance Corporation
and the Manhattan Co., it being contended that an investigation at this
time
by an independent trustee of the possibilities of independent operation
of the Old Colony was indispensable for the best interests of the carrier.
In its report, however, the Commission concluded that an independent
trustee could no more
advantageously bring about a judicial determination
Haven than could a representa¬
of claims of the Old Colony against the New
Purpose—The estimated net proceeds in the amount of $1,745,947 to¬
gether with cash on hand (which will then include proceeds of a 5% demand
loan of $100*000 from General Telephone Corp.) in the estimated
amount
of $94,852 will be used to redeem on Jan. 1,1937, tne $1,770,000
outstanding
first mortgage 6% gold bonds, series A, due Jan. 1, 1962, at
104%. The
tive committee, except, perhaps, in the matter of rolling stock equipment.
—V. 143, p. 1890.
redemption price will include interest
date .of
Total operating revenues
redemption.
Business—Company was incorp. Oct. 18, 1924 in Ohio.
Company is
engaged in the business of providing, without competition, local telephone
service in 277 communities and surrounding territory in Ohio.
Company
Operation
Power
purchased from
Ky. Util. Co., parent
also
Maintenance--.
on
the bonds redeemed to
toll lines and provides
toll service between various of its own
exchanges and between its exchanges and exchanges of other telephone
companies: toll service to other points in and out of Ohio is provided through
owns
Old Dominion Power Co. (&
Period End. Sept. 30—
Sub.)—Earnings—
1936—3 Mos.—1935
$189,633
$163,301
61,559
44,300
1936—9 Mos.—1935
$547,630
$517,600
146,957
127,248
,
Taxes
46,441
12,494
21,211
12,981
140,513
33,012
61,895
40,493
144,817
34.054
62,261
37,228
$56,156
30
$25,874
158
$124,759
90
$111,992
473
$26,031
36,563
393
$124,849
109,688
1,279
$112,465
109,688
1,952
4,395
Provision for retirement.
24,282
12,657
20,752
14,226
436
company
4,395
13,186
13,186
toll connections with Ohio Bell Telephone Co. and with certain independent
The toll service involving other telephone companies is provided
under operating agreements or interchange contracts with such
connecting
companies. The territory served has an estimated population of 113,000.
Net operating income-
companies.
Gross income
Capitalization (Upon Completion of Present Financing)
Funded Debt—
Outstanding
Unlimited
$1,770,000
200,000 shs. 170,169 shs.
33,548 shs.
8,860 shs.
1st mtge. bonds, 4% % series, due 1966
cum.
7%
cum.
Funded debt interest..-
Authorized
Common stock
6%
(no par)
pref. stock (par $100)
pref. stock (par $20)
—
16,452 shs.
Other income (net)
x
and expense
1
Net
Earnings for Stated Periods
Years Ended Dec. 31
1933
Gross
rev.
1934
8Mos. End.
1935
$597,946
287,691
30,000
60,803
General & Federal taxes
-
$598,954
281,733
104,987
50,227
$633,391
275,803
100,359
52,280
Aug. 31,'36
$454,442
199,584
86,738
35,997
$219,450
from opers
Operating expenses
Depreciation
$162,005
$204,948
$132,121
122
Dr.821
Dr. 8
$219,573
118,272
Net earnings
$161,183
120,662
$204,940
119,362
$132,453
76,127
$101,300
$40,521'
$85,577
$56,326
Description of Bonds—Dated Dec. 1, 1936, due Dec. 1, 1966. Both prin.
(J. & D.) payable, in any coin or currency of the United States
which at the time of payment is legal tender for public and private debts,
at the office or agency
of the company in Cleveland, Ohio, or, at the option
of the holder, at the office or agency of the company in New York, N. Y.
Issuance of these bonds has been authorized by P. U. Commission of Ohio..
Denom. of $1,000, registerable as to principal only.
Redeemable as a whole at any time or in part on any int. date at
company upon 30 days' notice.
If redeemed on or before Dec. 1,
option of
1941, at
premium of 734%; 6% if red. thereafter and on or before Dec. 1, 1946;
4% if red. thereafter and on or before Dec. 1, 1951; 2% if red. there¬
after and on or before Dec. 1, 1956; 101% if red. thereafter and on or before
Dec. 1,1961; and 34% if red. thereafter and on or before Dec. 1, 1963.
Underwriters—The name of each principal underwriter and the respective
principal amounts of bonds severally underwritten are as follows: Bonbright
& Co. Inc., New York,
$885,000; Paine, Webber & Co., New York $664,000; Mitchum, Tully & Co., Los Angeles, $221,000.—V. 143, p. 3156.
Ohio Cities Water
Corp. (& Subs.)—Earnings—
12 Months Ended Sept. 30—
Gross earnings
1936
$298,155
163,258
Preferred dividends of subsidiaries
Int., amortization of discount, &c., of parent
co_-
Reserve for retirements
Net deficit
$140,511
$3,961
Gross income
1935
$291,916
151,406
$134,897
825
32,032
92,399
13,602
maintenance, and taxes
Interest, amortization of discount, &c., of subs
$1,942
849
32,032
93,093
16,479
Cum. unpaid divs. on pref. stock at end of period.
105,241
75,241
Note—The above earnings for 1936 are before deduction of the Federal
surtax on undistributed profits imposed under the Revenue Act of 1936,
as the amount of such surtax can not be
finally determined until the end
of the year.
All figures are subject to audit in
ings for the year 1936.—V. 143, p. 1086.
so
far
as
they contain
earn¬
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Oct. 31—
loss$15,320
$1,514,088
746,379
Prov. for retire, reserve.
125,000
Int. & other fixed charges
277,233
Divs. on pref. stock
155,576
exps. and taxes...
.
$696
loss$12,360
1902,
holders
are
of the 1st consol. mtge. 5% gold bonds, dated Dec. 1,
advised that the bonds, extended to and payable Jan. 1, 1937,-
have been called for
a
further extension of 10 years.
The extension plan provides a 4% fixed interest rate instead of the
present basis of interest, if earned, up to 5%.
Upon deposit of the bonds with Jan. 1, 1937, coupon attached, together
with signed ownership certificate, with any of the three depositaries,
payment in cash will be made immediately of the 5% interest in arrears
and the 2H % interest due on Jan. 1, 1937.
The depositaries are:
New York Trust Co., 100 Broadway, New York;
United States National Bank,
Omaha, Neb.
Further information regarding the extension plan may be obtained from
any of the depositaries or from the
bondholders' committee, Dorothy
Minturn, Sec., 1502 City National Bank Bldg., Omaha, Neb.—V. 143,
2855.
p.
Oregon Electric Ry.—Holders Urged to Deposit Bonds—
Holders of 5% gold bonds, dated May 1, 1908, and due May 1, 1933,
urged by the bondholders' committee to deposit them without delay
at the United States National Bank, Portland, Ore.
The committee hopes to make a successful deal for settlement or liqui'
are
dation with the owning railroads.
Late in 1932 and early in 1933 counsel for the owning railroads reacquired
large amount of bonds at 78, plus accrued interest, according to the
issued to bondholders by F. A. Freeman, Secretary of the
committee, of which Ralph E. Williams is Chairman.
In
view of improved business conditions the bonds, Mr. Freeman said, should
be worth substantially more than in the spring of 1933, and, if the bonds
legally have priority over those reacquired they are worth a great deal more.
The railroads are in a mood to deal, provided the bondholders' committee
has authority to speak for a large majority of bondholders, Mr. Freeman
said, and the railroads desire that any adjustment made shall clean up
a
statement
bondholders'
the entire situation.
The committee is anxious to begin negotiations and points out that in
the event of a settlement with the roads, bondholders not represented
will be left in a less favorable position even than now—without any return
of their capital for reinvestment and without the favorable contact for
legal expenses.—V. 141, p. 2900.
Otis Elevator Co.—To Pay
The
Another 15-Cent Dividend—
directors have declared
a dividend of 15 cents per share on the
value, payable Dec. 21 to holders of record Nov. 30.
This will make the fifth 15-cent distribution paid to stockholders this year,
common
stock,
no par
like amounts having been paid on Oct. 15, July 15, April 15, and Jan. 15,
last.
The company also changed the quarterly dividend payment dates from
the 15th day of January, April, July and October to the 20th day of March,
June, September and December of each year.—V. 143, p. 3008.
Otis Steel
Co.—Listing—
The New York Stock Exchange has authorized the listing of 658,998
additional shares of its common stock (no par) on official notice of issuance
as follows: 57,650 shares to be issued in exchange for
7% cumulative prior
preference stock; 590,336 shares to be issued for the purpose of effecting
the conversion of shares of convertible first preferred stock, and 11,012
147,584 shares of
$5.50 convertible first preferred stock (no par) on official notice of issuance
in exchange for 7% cumulative prior preference stock.
The President addressed a letter to the company's shareholders, dated
Oct. 5, 1936, stating that directors believed that unpaid dividend accumu¬
lations on the outstanding prior preference stock and sinking fund defaults
were so large as to make it inadvisable to attempt to satisfy them in cash
shares which have not been authorized for issuance; and
1936—12 Mos.—1935
$1,314,206 $17,403,940 $15,739,174
607,114
8,153,969
7,118,178
100,000
1,450,000
1,350,000
311,293
3,771,434
3,851,324
155,573
1,866,917
1,866,882
1936—Month—1935
Gross revenue
Oper.
$14,792
Omaha & Council Bluffs Street Ry.—Bond Extension—
The
Net income.-.
and int.
Ohio Edison
pref.
dividends
332
'
Int. & oth. deducts
expenses,
before
Omaha National Bank, Omaha, Neb., and
Net earnings.
Other income
Operating
inc.
—V. 143, p. 1410.
the company issued 2,470 shares of 6% cumulative preferred stock which
were sold to the company's parent at the par value of $100
per share.
As
of that date, therefore, the amount of 6% cumulative preferred stock out¬
standing was 8,860 shares, and the amount owned by the company's parent
was 8,720 shares.
"
Amort, of bond discount
None
x In Sept.,
1936, funds were deposited to redeem on Oct. 1, 1936, the
12,347H shares of 7% cumulative preferred stock; and as of Oct. 1, 1936,
$56,186
36,563
General interest
out of the
Balance
-V.
143, P. 2855.
$209,899
$140,223
$2,161,619
$1,552,789
of
past and future earnings; that the board had formulated a plan
recapitalization providing for the creation of a new issue of preferred
stock to be designated as "convertible first preferred stock" and providing
Financial
Volume 143
for
offering to exchange 1.28 shares of the
an
new
preferred stock (carrying
accumulated dividends from March 15, 1936) and H share of common
stock for each share of old preferred stock.
On Nov. 5, 1936 the shareholders
approved the plan of recapitalization
and the amendments to the articles of incorporation and certificate of re¬
organization contemplated by the plan, authorizing 147,584 shares of the
preferred stock and 500,000 additional shares of common stock and
new
authorized the issuance of 147,584 shares of new preferred stock and 57,650
additional shares of common stock in accordance with the plan and 590,336
additional shares of
common
stock
as
required for conversion of the new
preferred stock.
Consolidated Earnings for 9 Months EndedSept. 30,1936
Gross sales
Cost of sales
.
$20,384,909
16,689,109
.....
.
Expenses.
Depreciation—.
.
.
.
;
.......
Operating profit...
Other deductions, less other income
$2,316,794
123,600
Bond interest and amortization
Federal income taxes...........
537,735
3477
series
C, due Dec. 1, 1966.
According to the registration statement,
are to be used for the payment at maturity
Jan. 2, 1937, of $24,242,000 outstanding first mortgage and collateral
trust 5% sinking fund 30-year gold bonds, and the balance of the proceeds
is to be used for general corporate purposes.
The bonds are redeemable at the option of the company as a whole or
1q part after 60 days' notice on any interest payment date at the following
prices plus accrued interest: If redeemed on or before June 1, 1941, 108%;
thereafter and including June 1, 1946, 107%; thereafter and including
June 1, 1951, 106%; thereafter and including June 1, 1956, 104H% \ there¬
after and including June 1, 1962, 103%, and thereafter at par.
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
$24,242,000 of the net proceeds
on
registration statement,—V. 143, p. 3157.
729,802
649,204
.
............
.............
Chronicle
Panhandle Eastern Pipe
Line Co. (& Subs.)—Earnings
Period End. Sept. 30— 1936—3 Mos.—1935
1936—9 Mos.—1935
Sales natural gas (cu. ft.)5157766 000 3609904,0001711273400011192630000
Total revenue
$1,188,356
$798,920
$3,786,273
$2,559,634
Gross inc. before deprec.
260,000
.
Net
profit
Sept. 30'36 Dec. 31*35
Assets—
$
Cash
Sept. 30*36 Dec. 31*35
Liabilities—
$
$
$
2,840,764 Accounts payable. 1,424,086
2,451,840
Notes & accts. re¬
475,026
300,150
2,372,097
918,347
1,559,916
269,997
Net inc. before deprec.
and depletion—....
—Y. 143, p. 3008.
$471,793
$174,876
$1,453,750
$569,175
1,142,073
Acer. & unpd. Fed.
ceivable
(net).. 2,289,395
1,771.672
Inventory
4,339,007
4,110,307
Total invest, (net)
497,938
511,137
Other assets
82,737
99,128
Fixed assets (net).25.419,909 25,995,512
Deferred assets...
438,317
377,782
& county taxes,
778,156
interest, &c
Accrued & unpaid
bond interest...
869,164
54,138
216,550
31,583
29,449
487,505
Alfil. co.—current
990,741
Notes
1.300,000
Series A 6% bonds 10.827,500 10,827,500
...
Reserves
;
1,084,509
910,294
7% prior pref.stk. 11,503,832 11,503,895
Com. stk. (841,002
shares)
4,205,010 4,205,010
Capital surplus... 2,408,889 2,408,881
Profit & loss..—_ 3,201,441
1,805,981
35.519,144 35,706,303
Total
.....
Paramount Pictures
Inc.—Earnings—
3 Months Ended Sept. 30—
1936
Operating earnings or company and wholly-owned
or substantially wholly-owned subsidiaries..
x$1,609,224
Dividends from non-consolidated subsidiaries.-..
695,787
Foreign exchange adjustment
14,503
Profit on purchase of debentures.
Cr51,975
1935
$999,189
186,430
59,013
-
account
Unpaid county tax
......
741,790
$1,395,459
Comparative Balance Sheet
: Total
anddepretetion......
Interest hnd bond disc--
*
—...
35,519,144 35.706.303
Offering Postponed—
The
company has filed an amendment with the Securities and Excha
Commission delaying the proposed offering date of its securities to Dec
—V. 143, p. 3157.
Pacific Finance Corp. of Calif.—Piles with SEC—
The corporation on Nov. 20 filed with the Securities and Exchange Com¬
a registration statement
(No. 2-2648, Form A-2) under the Securi¬
ties Act of 1933 covering 35,000 shares ($100 par) 5% Series cumulative
...
Total profit.
Estimated Federal income taxes..
Interest on debentures
——...
Estimated net earnings
$1,244,632
$2,371,489
——
357,725
106,841
400,000
$2,013,764
$737,791
See*
.....
—
x Before
provision for undistributed earnings tax, but after provision for
estimated normal income tax and after applying $200,000 of the inventory
reserve set up as
of Dec. 28, 1935.
Note—The above figures do not include the results of operations of
Olympia Theatres, Inc., and its subsidiaries in receivership throughout the
period, and whose operations, therefore, do not affect the current earnings
of Paramount Pictures, Inc.
Operations of companies which are not wholly
owned or substantially wholly owned are included only to the extent that
dividend income has been received therefrom.
Paramount's net interest
as a stockholder in the combined undistributed earnings of such partiallyowned companies, available to it if, when and to the extent that dividends
are paid to it
therefrom, amounted for the quarter to approximately
$247,000.—V. 143, p. 2063.
mission
preferred stock with
stock purchase warrants for 35,000 shares
($10 par) common stock to be issued upon
common
attached and 35,000 shares
exercise of the w&rrdiQts
stock,
*
The company is offering to holders of its outstanding "Series D" pre¬
ferred stock the right to exchange such stock for the new preferred on the
basis of one share for each ten shares held.
The stockholders making this
exchange will also receive $5 for each 10 shares of "Series D" so exchanged
in lieu of redemption
premium and a sum equal to accrued dividends at
the rate of 7% on the "Series D" preferred from Nov. 1, 1936, to Dec. 15,
1936, and they will be charged an amount equal to the dividends on the
new preferred from Nov. 1, 1936, to Dec. 15, 1936.
The date on which
the exchange offer expires is to be furnished by amendment.
No frac¬
tional shares of the new preferred will be issued, but holders of less than
10, but 5 or more, shares of the "Series D" stock will be allowed to take
advantage of the exchange offer by paying to the company in cash the
difference between the aggregate par value of their "Series D" shares and
the casn offering price or the new preferred stock with adjustment for the
cash payable on the "Series D" shares in lieu of redemption premium and
for the accrued dividends on the new stock.
Shares not exchanged will
be offered publicly.
The warrants for the common stock to be attached to the new
preferred
stock are non-detachable except upon exercise and entitle the holder to
purchase at any time on or before Jan. 2,1940, one share of common stock
for each share of 5% Series preferred stock evidenced "by the share certifi¬
cate.
The price at which the common stock is to be sold through exercise
of the warrants is to be furnished by amendment to the registration state¬
ment.
According to the registration statement, the net proceeds from the sale
of the preferred stock will be used to redeem the shares of "Series D"
pre¬
ferred stock not exchanged, at $10.50 a share and accrued dividends, and
to retire outstanding notes or to purchase, or to make advances to subsidi¬
aries for the purchase of, receivable in the ordinary course of business.
The company states that it is its present intention to use the
proceeds
from the sale or the common stock upon exercise of the warrants for
general
corporate purposes.
The 5% Series preferred stock is redeemable in whole or in part at any
time at the option of the company after 30 days' notice at $105 a share
and accrued dividends if redeemed on
and accrued dividends thereafter.
Dean Witter & Co. and
are the underwriters.
or
William R.
before Nov, 1, 1941, and at $104
Staats Co., both of Los Angeles,
The price to the public and the underwriting discounts or commissions
be furnished by amendment to the registration statement.—V. 143,
are to
p.3329.
Pacific Mills—To
Pay Common Dividend—
The directors have declared
a dividend of $1 per share on the common
value, payable Dec. 10 to holders of record Nov. 27.
This
will be the first dividend paid since Sept. 1, 1934 when 60
cents_per share
was distributed.
Prior to then no dividends were paid since December
1925 when a quarterly payment of 75 cents per share was made.—V. 143,
stock,
p.
Patterson-Sargent Co.—25-Cent Extra Dividend—
The directors on Nov. 17 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividendpf like amount on the common
no par
1087.
Pelzer
Subs.)—Earnings—
1936—3 Mos.—1935
Operating revenue..... $1,344,532
$1,300,905
Operation
"
508,292
550,017
Maintenance and repairs
37,240
36,361
Deprec. & amortization.
164,832
150,862
Taxes (other than Fed.
income)
72,505
93,088
1936—9 Mos.:—1935
S3,876,712
$3,609,833
3,492,411
1,438,384
118,393
101,515
494,137
454,366
215,693
262,618
$561,665
$470,576
$1,556,078
liquidating dividend of $17
P. 2530.
terest, &c
Total income
on funded debt
share was paid in May 1936.—V.< 143, p.
no
par
value, both payable Dec. 15 to
holders of record Dec. 4.
This compares with dividends of $1 paid on Sept. 30, last; 75
June 30 and March 31, last, and on Dec. 31, 1935; 50 cents
cents paid
in each of
preceding quarters; 30 cents each three months from March 31,
1933, to andincl. Sept. 29,1934; 45 cents on Dec. 31 and Sept. 30,1932, and
60 cents per share paid each quarter from March 31,1931, to June 30,1932,
incl. In addition, an extra dividend of $1.50 was paid on Dec. 31,1935, an
extra of $2 on Dec. 31,1934, and an extra of $1 on Jan. 30, 1934.
on
the four
Christmas Bonus to
Employees—
The directors on Nov. 24 approved the payment of a special Christmas
bonus for associates of the company. This bonus -will equal two weeks'
for employees in the stores, offices and warehouses of the company
who have been regularly employed for over one year, and a proportionate
amount for those employed for shorter periods.
E. C. Sams, President of
pay
the company, stated that this is not a payment on any permanent
is additional 1936 remuneration for loyalty and service that have
plan but
played a
part in making this the greatest year in the history of the Penney company.
The number of employees affected will be somewhat in excess of 25,000.
On Nov. 20, at a special meeting of tne stockholders of tbe company,
they approved the company's proposal to issue and to sell to qualified
associates of the company, at the discretion of the board of directors,
150,000 shares of common stock of which not more than one-half will* be
offered in any one year.
Stock Option Voted—
Stockholders have approved theo reemmendation of d rectors to authorize
150,000 shares of common stock to be used for sale to associates of the
company, including 1,600 store managers, buyers and executives.
Under the plan, not more than one-half of the newly authorized stock is
to be issued and sold in any one year, and sales are to be for cash at a price
somewhat less than the market value.—V. 143, p. 3158.
Pennsylvania Salt Mfg. Co.—Extra Dividend—
in addi¬
dividend of $1 per share on the common stock,
$50, both payable Dec. 15 to holders of record Nov. 30. A dividend of
$1 per share was paid on Oct. 15, last, and regular quarterly dividends of
75 cents per Bhare were distributed previously.
In addition the following
extra dividends were paid:
$1 per share on July 15 and April 15, last, and
on June 28, 1935 and Oct. 15, 1929.
The current action moves up the quarterly dividend normally payable
in January by one month.
It was also announced that hereafter the directors will consider quarterly
dividends for payment March 15, June 15, Sept. 15 and Dec. 15.—V. 143,
p. 3158.
The directors have declared an extra dividend of $2.25 per share
16,154
50,055
Pennsylvania State Water Corp. (& Subs.)—Earnings
12 Months Ended Sept. 30—
47,457
Gross earnings
.....
1935
$1,182,239
1936
$1,216,995
557,746
520,285
$659,248
1,665
148
$661,954
990
151
399,247
399,237
$581,746
72,550
$486,730
90,075
$1,606,133
221,000
$1,400,407
322,325
Gross income....---.-....-.....-....-.....
3,229
892
2,474
1,279
9,686
1,934
6,644
4,354
Minority interest
Interest, amortization of discount, &c., of parent
Amort, of debt discount
and expense
Other int. & deductions.
Prov. for normal Fed,
income tax
Interest and other deductions of subsidiaries.
company
76,871
47,471
222.494
142,716
$428,204
Profit
$345,431
$1,151,020
$924,367
53,297
53,297
159,890
on pref. stock of
subsidiary company.
.
Net profit to surplus._
-
159,890
Divs.
Reserved for retirements....
$374,907
$292,134
$991,130
...
....
................
......
59,080
61,690
$199,107
133,714 '
$199,886
133,714
Balance for common stock and surplus
$65,393
$66,172
Note—The above earnings for 1936 are before deduction of the Federal
$764,478
undistributed earnings.—V. 143, p. 3157.
..
Net income
Preferred dividends
Does not include provision for surtaxes payable under the 1936 Revenue
on
per
Operating expenses, maintenance, and taxes......
Int.
x
paid to holders of voting trust
(J. C.) Penney Co.-—To Pay $3.75 Extra Dividend—
Other income, rentals, in-
Act
per share was
The directors on Nov. 24 declared an extra dividend of $3.75 per share
in addition to a quarterly dividend of $1 per share on the common stock,
$1,352,950
20,081
Profit
.
Manufacturing Co,—Liquidating Dividend-—
Aliquidating dividend of $14
certificates representing capital stock of record Nov. 19.
A liquidating
dividend of $5 per share was paid to holders of record Oct. 15, and an initial
par
[Including Cost Counties Gas & Elec. Co.]
Period End. Sept. 30—
x
1 to holders of record Nov. 25.
share was paid on Dec. 1, 1934.—
value, both payable Dec.
tion to the regular quarterly
Pacific Public Service Co. (&
-
no par
An extra dividend of 1.2K cents per
V. 141, p. 4021.
of 1936,
until the end
All figures are subject to audit in so far as they contain earn¬
ings for the year 1936.—V. 143, p. 3329.
surtax on undistributed profits imposed, under the Revenue Act
as
the amount of such surtax can not be finally determined
of the year.
Pacific Telephone & Telegraph Co.—Files with SEC
for $25,000,000 Bonds—Principally for Refunding Purposes—-
Pet Milk Co.—25-Cent Extra Dividend—
The company on Nov. 23 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2672, Form A-2), under the Securi¬
in addition to the regular quarterly dividend of like amount on
ties Act of 1933 covering $25,000,000 of refunding mortgages 3}£ % bonds.
stock, no par value, both payable Dec. 21 to holders of record Dec. 1.
The directors on Nov. 17 declared an extra dividend of 25 cents per share
the common
Financial
3478
Sept. 30,'36 Dec. 31,'35
on
2,939,699
2,006,465
970,994
15,048
hand
& notes recelv.
Misc. accts.
1,462,616
42,708
wages
81,599
66,090
--
15,379
13,267
Investm'ts & adv.
2,437,406
650,567
2,073,928
653,415
Sundry accts. pay.
158,497
68,853
Fed. income tax..
29,069
Due from em pi. &
y
929,465
Accrued taxes
_
rec._-
agents
Inventories
$
1,473,312
55,864
Accounts payable.
Accrued salaries &
Customers' accts.
*
$
Liabilities—
$
$
Assets—
Cash in banks and
324,941
123,470
Notes
payable not
800,000
current
6,036,309
945,447
equipment
Goodwill..
6,017,820
112,262
&
231,099
227,023
150,000
3,794
150,000
Mln. int. in subs..
112,972
Def. chgs. to oper.
945,447
cumul.
7%
4,096
The entire road is electrically
1,182,700
7,798,534
2,722,064
a
7,798,534
Earned surplus...
3,045,474
p.
Total
3329.
•
Pere Marquette
1936—10 Mos.—1935
1936—Month—193 5
$3,154,233
$2,966,937 $26,374,597 $23,141,569
7,029,835
5,638,540
1,077,355
1,139,913
3,604,851
4.260,426
802,625
738,479
313,099
368,690
20,104
22,038
73,777
57,025
3,931
3,981
2,895,309
2,794,502
287,577
277,321
Period End. Oct. 31—
Operating revenues
Net operating revenue._
Net ry. oper. income
Other income
Deductions
Fixed charges
$479,215
Net income
-V.
■
.
Ry.—Earnings—
$531,222
$1,777,589
-
$948,864
143, p. 3330.
with
Philadelphia Co.—New Directors—
T. Fitzgerald,
Schauer, VicePresident, Equitable Gas Co., all of Pittsburgh, were elected to the board
of directors of this company at a meeting held on Nov. 20.
At the same
meeting the board's membership was reduced from 15 to 11 members.
Four vacancies existed on the board due to the deaths of John J. O'Brien
and H. W. Fuller and resignations of Robert J. Graf and Joseph H. Briggs.
Three more board members also resigned, namely, B. W. Lynch and M. A.
Morrison, of Chicago, and E. M. Newlin of Philadelphia.
The board now consists of Frank R. Phillips, Curtis S. Mitchell, E. W.
Judy, Edwin W. Smith, A. E. Braun, T. Fitzgerald and F. F. Schauer, all
of Pittsburgh; H. C. Cummins and B. F. Braheney of Chicago; and Louis
H. Seagrave and Victor Emanuel of New York.—V. 143, p. 3009.
Rapid
Transit
Co.-
■Underliers
Appeal
Decision—
An appeal was taken Nov. 19 to the U.
the underliers from Federal Judge George
S. Circuit Court of Appeals by
A. Welsh's decision of Nov. 6
the present owners of the entire Philadelphia Rapid Tran¬
only between 10 and
15% of the system although they could acquire full title at the expiration
of the 999 year leases or through declaring a default in the 1902 lease by
P. R. T. failure to pay the full rentals annually.
Forty-four exceptions were set out in ohe appeal papers filed by Joseph
Gilfillan, J. J. Sullivan and Francis Shunk Brown, attorneys for Union
Traction Co., and the other underliers, to the Welsh ruling.
Forty of
them deal with the reason Welsh gave for sweeping aside the ruling of
Special Master David Bachman, favoring the underliers entirely and
recommending they be paid $3,500,000 for use and occupancy.
Welsh
disallowed the claim.
Two of the four remaining exceptions renew the
underliers' attack on the right of the city and the Public Service Commis¬
sion to participate in the reorganization case of P. R. T.; one claims that
Welsh s ruling is contradicted by the "admission" that P. R. T. had made
previously in the case and the final exception is a general one to the ruling.
The appeal which was allowed by Judge Welsh might be heard in January
if the Circuit Court gives it a special listing on the argument calendar and
if t.ie record of several thousand pages and the attorneys' brief can be
prepared by that time.
Otherwise it would go over until March.
In the
meantime the underliers cannot receive any revenue from P. R. T.
It is
the concensus of opinion that no matter who wins in the Circuit Court the
loser will take the case to the U. S. Supreme Court.—V. 143, p. 3158.
Under the Welsh decision the underliers now own
Piedmont
&
Northern
Ry.—Bonds and Debentures
Offered—Public offering of an issue of $6,250,000 1st mtge.
bonds, 3%% series due 1966, was made Nov. 27 through a
banking group comprising Blyth & Co., Inc.; Stone & Webster
and Blodget, Inc., and R. S. Dickson & Co., Inc.
The
bonds were priced at 100 and interest.
R. S. Dickson & Co., Inc., also offered $475,000 serial
debentures at prices to yield from 1.25% to 3.50%, according
to maturity.
These debentures mature $45,000 each, 1937
to 1941, and $50,000 each, 1942 to 1946.
Both offerings are subject to authorization by the Inter¬
Greenville.
acquired its railroad properties partly by purchase in 1914
Traction Co. and the Greenville Spartanburg & Ander¬
son Ry., and partly by subsequent construction.
In 1927 the company
filed an application with the Interstate Commerce Commission for authority
to construct a line from Spartanburg, S. C., to Gastonia, N. C., a distance
of 53 miles, which would connect its two divisions, and an extension from
Charlotte to Winston-Salem, N. C., a distance of 75 miles.
In April 1928
the application was denied, on the ground, among others, that the proposed
extensions would duplicate existing facilities, since they Would closely
parallel lines operated by the Southern Ry.
Subseuqently the matter was
taken into the courts and in May 1931, after the company had begun con¬
struction of the proposed extensions, the ICC obtained a permanent in¬
junction preventing such ocnstruction.
Subsequently this decision was
appealed to the U. S. Supreme Court, which in May 1932 affirmed the decree
granting the injunction.
Funded Debt and Capitalization
Authorized
To Be OutsVg
First Mortgage Bonds—Dated Dec. 1, 1936 and mature Dec. 1, 1966.
Principal and int. (J. & D.) payable in New York, in coin or currency of the
United States of America which at the time of payment is legal tender for
public and private debts.
Definitive coupon bonds of the denom. of
$1,000, registerable as to principal, and fully registered definitive bonds
without coupons, of the denom. of $10,000.
Red. at any time or from time
to time prior to maturity, at the option of the company, either as a whole or
in part by lot, on not less than 30 days' published notice, at 105% plus
int.
Red. on or after Dec. 1, 1947 on like notice at the principal amount
plus accrued int., but only by operation of the sinking fund, which
mences in that year.
Guaranty Trust Co., New York, trustee.
Serial Debentures—Dated Dec. 1, 1936.
Guaranty Trust Co. of
com¬
New
Both prin. and int. payable in coin or currency of the
for public and
trustee.
United States which at the tim6 of payment is legal tender
Tew York.
Srivate debts,Coupon inbe payable at the principal office ofand maturities
and will denom. of $1,000. Interest rates the trustee in
are as
follows:
Principal.
Int.
Principal
1X%
IA%
IH%
Nalurities
Rales
$45,000
Dec.
1937
Dec.
1938
Rates
$50,000
50,000
2%%
3%
W?
3 H%
3A%
Dec.
1939
50,000
Dec.
2M%
Int.
Amounts
1940
Dec.
1941
50,000
50,000
Maturities
Dec.
1942
Dec.
1943
Dec.
1944
Dec.
1945
Dec.
1946
option of company, as a whole but not in part, at any time prior
to maturity, at the principal amount and int. accrued to the redemption
date, together with a premium as follows: The premium shall be the fol¬
lowing percentages of the principal amount of the debentures of the respec¬
tive series if the red. date is on or before Nov. 30. 1937: Series due 1937,
Red. at
1%; series due 1939, 1 H%; series due 1940, 2%;
314%; series
On Dec. 1 in
each year, beginning with 1937, sucn premiums shall be reduced by A %
of such principal amount, each such reduction being effective in respect of
redemptions on a redemption date on or after such Dec. 1, and on or before
the next succeeding Nov. 30, after which the next such reduction shall be
M%; series due 1938,
series due 1941, 2A%', series due 1942, 3%; series due 1943,
due 1944, 4%; series due 1945, 434%; series due 1946, 5%.
effective as aforesaid.
Purpose of Issue—The
proceeds to be realized by the company from the
provide part of the funds required for the
sale of the bonds will be used to
redemption
192
First mortgage bonds,
Serial debentures
$6,250,000
$50,000,000
3M% series
475,000
475,000
15,000,000
x8,584,500
Exclusive of 14,155 shares of stock in the treasury of the company.
Valuation—In its valuation report on the property of the company, the
ICC found a final value as of Dec. 31,1933, of the property owned and used
for common carrier purposes of $10,500,OO0, and of such property owned
but not used, and leased to another railroad for common carrier purposes,
a final value of $2,174.
The amount of $271,000 is included in the value
above stated as owned and used on account of working capital, consisting
-
entirely of material and supplies.
Between Dec. 31,1933 and Sept.
property of the company
to the
30,1936, net additions and betterments
amounted to $468,495.
Earnings for Stated Periods
Times
z Deduc¬
Gross
Oper.
y Oper.
Oper.
Earned
tions
Income
Ratio
Dec. 31
Expenses
Revenues
3.26
$293,242
$955,852
57.64%
$1,511,145
1926 —$2,621,716
3.20
317,178
57.83
1,013,802
1,537,001
1927
2,658,010
2.90
316,785
918,187
59.98
1,477,029
2,462,381
1928
3.07
316,831
61.36
973,026
1,581,286
2,576,977
1929
2.40
316,718
62.88
761,117
1,380,396
1930
2,195,179
2.37
316,490
60.44
749,617
1,172,161
1931
1,939,376
1.89
315,751
595,382
61.46
987,042
1932
1,606,002
2.01
314,973
634,278
57.59
1,016,038
1933
1,764,131
2.01
316,872
636,916
58.54
1,073,692
1934
1,834,062
2.04
316,727
57.35
646,752
1,027,618
1,791,728
1935
9 Months Ended Sept. 30—
1.86
237,341
441,128
1935
1,283,959
759,584
59.16
2.14
235 417
503,279
1936
1,468,693
842,909
57.39
y Including equipment rents paid,
x Including equipment rents received.
z
Consists of interest on funded debt and other deductions (relatively
Yrs.End.
x
—
—
—
—
—
...
—
—
unimportant) from gross income.
The maximum annual interest requirement is $234,375 on the
$6,250,000
presently to be issued, and $11,925 on the $475,000 serial debentures
presently to be issued.
Company plans to charge the premium (exclusive
of accrued interest) on the redemption of its first mortgage 40-year gold
bonds to surplus and to amortize the discount and expense in connection
with the present issue of bonds and serial debentures, charging such debt
discount and expense to current income during the terms of such funded debt.
Dividends—Company paid no dividends prior to the year 1924 but has
paid cash dividends on its capital stock in 10 years of the 13 years from 1924
to 1936, inclusive, as follows:
Years End. Dec.31
Amount Per Sh.
Years End. Dec.31
Amount Per Sh.
$4.00
1931
$429,230
$5.00
1924
.$343,384
2.00
1932-.300,461
3.50
1925.
171,692
None
1933
686,768
8.00
1926-27-28.-None
3.75
1934
386,271
4.50
321,922
5.00
1935
257,535
3.00
1930
429,230
1936 x
193.151
2.25
bonds
x
—
-
Nine months to
Sept..—V. 143, p. 3009.
Pittsburgh & Lake Erie RR.—Earnings—
1936
1935
1934
1933
$2,239,291
$1,602,727
$1,219,844
$1,269,537
Net from railway
480,814
261,240
Net after rents
From Jan. 1—
476,861
316.845
95,657
178,434
177,936
218,351
18,000,649
4,189,247
4,394,859
13,917,642
2.744,752
13,007,025
2,179,977
2,785,832
12,229,857
2,385,217
2,558,427
October—
Gross from railway._
Gross from railway.
_
Net from railway
Net
—V.
after rents
...
...
...
...
3,202,241
143, p. 3159.
Pittsburgh Hotels Corp.—Bondholders'
Protective Com¬
Urges Deposits of Bonds—
committee (William H. Donner, Chairman),
20, addressed to the holders of 1st (closed) mtge.
The bondholders' protective
in
a
letter
dated Nov.
5A% sinking fund gold bonds of the corporation or certificates of deposit
therefor, advises that on Nov. 6, 1936, the Court filed its opinion and
order confirming the report of the American Appraisal Co., finding that
the corporation is insolvent, and fixing the fair value of the property at
$9,275,000.
This decision, states the committee, is a complete victory for the 1st
mtge. bondholders and has been brought about through the
committee.
In the meantime the U.
S. Supreme Court
efforts of the
has decided
has been found by the court
to be less than the amount due the 1st mtge. bondholders, as is the case
here, a plan of reorganization giving everything to the 1st mtge. bond¬
holders is fair and may be confirmed without the approval of the junior
that where the value of the debtor's property
creditors.
The letter further states:
the U. S. Supreme Court's recent
prudent in following the advice of
plan of Prioperty Management Inc.
which would have taken from the 1st mtge. bondholders 49% of the common
stock and given it to junior creditors who are not entitled to it.
Our attention has been called to a recent letter of Property Management
dated Nov. 6, 1936, stating that it now proposes to amend its plan so that
all of the common stock shall be given to the 1st mtge. bondholders.
If
Property Management had been working in the interests of 1st mtge. bond¬
holders it should have taken such a position in the first instance by support¬
ing this committee in its fight to establish the 1st mtge. bondholders' rights.
It did not do this but urged you to give up 49% of this stock.
Now that
the fight has been won by this committee without any assistance from
Property Management, the latter proposes to change its plan, thus admitting
that its plan was unfavorable to 1st mtge. bondholders in a very important
The results of the court's order and of
decision
demonstrate
that
you
were
this committee and not approving the
Amounts
45,000
45,000
45,000
45,000
to
The company
from the Piedmont
mittee
state Commerce Commission.
York,
Junction to
branch line 3.161 miles long from Belmont
x
E. W. Judy, Vice-President of the Duquesne Light Co.,
of the Pittsburgh Railways Co., and F. F.
that they are not
sit Co. system.
a
The South Carolina division consists of 101.626 miles of road
a distance of 88.867 miles from Spartanburg to Greenwood,
with branches aggregating 12.759 miles from Belton to Anderson and from
and extends for
Capital stock ($100 par)
Vice-President
Philadelphia
the
Belmont.
River Junction
14,123,112 13,315,003
x After reserve for doubtful debts and discounts of $86,060 in
1936 and
$94,098 in 1935.
y After reserve for depreciation of $5,898,765 in 1936
and $5,521,297 in 1935.
z Represented by 441,354 no par shares,
a All outstanding preferred stock called May 20,
1936.
The earnings for three months ended Sept. 30 were published in V. 143,
14,123,112 13,315,003
Total
operated and consists of two
separate and disconnected divisions located in the Piedmont section in
States of South Carolina and North Carolina.
There are 17.991 miles of
road in the North Carolina division, extending 24.83 miles from Charlotte
to Gastonia,
pref.
stock (par $100)
Common stock..
z
redemption is $6,720,040, of which $312,560 represents premium
$156,280 accrued interest.
,
;
A portion of the balance of the funds required for scuh redemption is
expected to be obtained by the company from the sale of $475,000 serial
debentures.
The remaining balance will be paid from the treasury fnnds
of the company.
- ,
Company—Incorp. in South Carolina under a special Act of the General
Assembly approved Feb. 24, 1911 and amended Jan. 27, 1927.
Company
has no subsidiaries.
Company operates 129.617 miles of first main track
and 192.859 miles of all tracks, of standard-gauge railroad, and in addition
the company and the Seaboard Air Line Ry. own 1.867 miles of yard tracks
and sidings.
Res. for Insurance.
Res. for conting..
Real est., mach.
1936
and
Consolidated Balance Sheet
Sept. 30, '36 Dec. 31,'35
Nov. 28,
Chronicle
on
40-yhar
The amount required for such
Jan. 1, 1937 at 105% of $6,251,200 first mortgage
gold bonds, series A, 5%, due July 1, 1954.
respect.
It is also apparent that under the Property
Management plan the mort¬
gage debt would be continued at a figure in excess of the fair value of the
mortgaged properties, which, in the opinion of this committee, is an exceed¬
ingly unsound basis for any reorganization.
On the contrary, the plan
of this committee, which provides for a new
mortgage indebtedness of
75% or less of the appraised value of the properties, is unquestionably a
safer method of reorganization.
This committee, having successfully fought for the rights of the 1st mtge.
bondholders, will now proceed to bring the committee's plan before the
court for confirmation.
It is expected that the only attempt to place
obstacles in the way of an early confirmation of the committee plan will now
Volume
Financial
143
be"made by Property Management.
cates of
deposit are accordingly cautioned that
any assents
given by them
to
Property Management may be used to further delay the reorganization.
This committee recommends that holders of certificates of deposit or bonds
who have already given such assents or powers of attorney to Property
Management immediately request their revocation and return, and advise
the Secretary of this committee that they have done so.—V. 143, p. 1891.
Plymouth Oil Co.—Extra Dividend—
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
stock, par $5, both payable Dec. 22 to holders or record Nov. 30.
A dividend of 25 cents was paid on
Sept. 30, and on June 30, last, this
latter being the first payment made since March 30, 1935 when a regular
common
Suarterly dividend was paid in lieu share was paid. On Dec. 22, 1934 a
% stock dividend of 25 cents per of the regular quarterly cash dividend
of 25 cents per share.—V. 143, p. 3159.
Port Royal
Chronicle
Bondholders and holders of certifi¬
Issued in conjunction with the Pacona offer is a
of operating and deficit account for Price Brothers.
x
Pulp & Paper Co.
Ltd.—Bonds Offered—
Nov.
1,
Rental claim provision
Less adjustment
additions and
improvements to the mill, which will increase capacity of
mill to 125 tons of bleached sulphite per 24 hours or 110 tons of rayon pulp.
the
common
Nov.
stock,
no
Inc.—To
9 declared
par
value,
Dec. 1.
On Nov. 23 the directors declared
on
the
common
a
Pay Two 25-Cent Divs.—
dividend of 25 cents per share on
payable Dec.
10 to holders of record
special dividend of 25 cents per share
stock, likewise payable Dec. 10 to holders of record Dec. 1.
a
The above dividends will be the first
ever
paid by the company.—V. 143,
2382.
p.
& Co.,
Provides For New
Ltd.—Plan Announced by Pacona—
Money andModifications of Existing Structure
Announcement was made Nov. 16 of a new Pacona-sponsored plan for
the reorganization of the company, in bankruptcy.
Briefly, it provides for
the infusion of $8,400,000 in new money, Pacona's acceptance of a common
shareholder's position instead of its present status as a bondholder, creation
of a new 5% two-year bond issue for $14,000,000, cancellation of the exist¬
ing 6s, settlement with unsecured creditors, maintenance of existing con¬
tracts, &c., plus certain modifications in the existing share structure.
Through exercise of rights existing shareholders may retain control of the
Coincident with publication of the plan, President Aime Geoffrion, K.C.,
that Pacona Ltd. is asking the trustee for the bondholders to
decl=re the bonds due and sell the mortgaged assets, but provision is made
announces
for
a stay of 15 days to permit preferred and common shareholders' com¬
mittees, the directors of the company and the trustee in bankruptcy to
signify their acceptance of the Pacona plan.
The plan provides that the capitalization of the new company shall be
62,843 5% redeemable cumulative after Jan. 1, 1940, preference shares
($50 par), together with 1,000,000 (no par) common shares.
Shares of the
reorganized company would be distributed as follows:
(a) To holders of existing preferred shares, in respect of each share held:
(i) 1 share of 5 % redeemable cumulative after Jan. 1,1940 preferred stock;
(ii) 1 share of common stock; and
,
(iii) the transferable right to subscribe for 2 shares of common stock at
per
Deficit
a$8,972,841
Depletion charge is based on one-half the rate used prior to April 1,'
y Adjustment of Saguenay Power Co.'s claim,
z Without provi¬
sion for
bankruptcy expenses,
a Without provision for bankruptcy ex¬
penses other than $25,000 paid on account of fees of trustee in
bankruptcy
and approximately $25,000 paid on account of
legal fees.
Pro Forma
Consolidated Balance Sheet of Price Brothers & Co., Lid.,
Brothers Sales Corp. and Pacona Ltd., as of Sept. 30, 1936
Cash
Investments
Mortgages
Fixed assets
Total
$849,001.
...
Pacona notes
14,000,000
3,142,150
13,200,702
Preferred stock..
2,712,151
13,445
554,336
20,000,000
rec
Prepaid assets, &c
x
Accts. pay
$911,870
2,386,502
4,613,548
Inventory
x
Price
Liabilities—
y
31,191,8531
Common stock—-
Total
In marketable and other securities,
y
$31,191,853
1,000,000 (no par) common shs.
Also issued in conjunction with the Pacona plan is
dated balance sheet bf Price Brothers & Co.,
a preliminary consoli¬
Ltd., and Price Brothers
Sales
Corp.,
as
of Sept. 30. 1936.
It follows:
Assets—
Liabilities—
Cash
$50,003
2,386,502
4,613,548
2,712,151
15,950
13,445
554,336
1,809,636
78,943
49,504,434
Accts. rec
Inventory, &c
a
Investments
Company's bonds
Mortgages
rec
Deferred, &c
b Balances due
Trustee cash
Deficit-
c
Accts. pay
$849,001.
Bank loans
3,990,000
46,635
2,699,829,
xl4,158,848
6,284,300
Loan, M. T. Co
a
Other accts. pay
—
.
Funded debt
Preferred stock
f Common stock
42,683,200
8,972,841
Total
70,711,8131
Total
$70,711,813,
a Market value at
Sept. 30, $3,205,000.
b Due from Quebec Investment
Co., Ltd., $1,273,500, and from Newsprint Institute of Canada, $536,136.
c
Incurred subsequent to bankruptcy,
d Incurred prior to bankruptcy,
e
Including $3,097,248 interest overdue and accrued, exclusive of interest
overdue interest,
f Outstanding, $426,832 common shares of $100 par
on
value.
President Oeoffrion's Letter
his
states
letter
interested
to
President
parties
Aime
Geoffrion,
K.O.,
that:
!
"Under the plan proposed Price Brothers & Co., Ltd., will be placed in a
sound financial condition.
Interest charges will
be
reduced forthwith
and a further substantial decrease in interest charges can be
expected upon
completion of the permanent financing, for which two years
"The Bankruptcy Act provides the means to carry out
are
a
allowed.
plan
of re¬
construction of the character
suggested through a scheme of arrangement.
Accordingly, if the plan proposed by Pacona Ltd. is to be adopted, the
company and the trustee in bankruptcy must submit an appropriate pro¬
posal for a scheme of arrangement for acceptance by the unsecured creditors
flkUd sh^rclioldors
*
"An obvious alternative is for Price Brothers & Co., Ltd. to
pay its first
mortgage bonds, pursuant to the terms of the trust deed, before the date
fixed for the sale of the mortgaged property."—V. 143, p. 2222.
share;
(b) To holders of existing common shares, in respect of each share held:
(i) M of a share of common stock; and
(ii) the transferable right to subscribe to 7-10ths of a share of common
stock at $12.50 per share;
(c) To the shareholders of Pacona Ltd. in exchange for all the share
capital of Pacona Ltd., 660,898 shares of common stock;
(d) Leaving 169,551 shares of common stock unissued.
These shares
will be the first to be applied against the subscription rights above men¬
tioned.
To
z$161,766
8,811,074
-
x
In
company.
the rights of subscription mentioned above, the company
total of 424,268 40-100ths shares of common stock, i. e., 254,-
honor
will need
„
Loss for period
Previous deficit
Fixed assets
Price Bros.
$12.50
-
y
Accts. rec
incorporated in March 1932, under Dominion Charter to
take over the pulp mill located at Union Point, Fairville, St. John County,
N. B., formerly owned by the Nashwaak Pulp & Paper Co., Ltd.
For the year ended May 31, 1936, earnings available for bond interest,
depreciation and income tax, amounted to $136,071 or more than 7M times
mortgage interest charges on the first mortgage bonds presently to be out¬
standing.
Interest requirements on this issue will be $17,500 for the first
year, and decreasing amounts thereafter.
It is estimated that as a result
of the new additions and changes in plant presently being made, net earn¬
ings will be substantially increased.
The proceeds of the issue will be used to retire present outstanding issue
of $200,000 of 6% bonds maturing January 1938, and the balance for
was
on
$604,734
500,000
xlOO.OOO
331,848
27,000
Crl92,346
Depletion
Bond interest
Assets—
Bonds are dated Nov. 1936 and mature $70,000 each year
1937 to Nov. 1, 1941.
Eastern Trust Co., trustee.
The directors
It follows:
Depreciation
at 101 and interest.
Prudential Investors
preliminary statement
Operating profit
1936.
Eastern Securities Co., Ltd., St. John, N. B., in October
last offered $350,000 5% :1st (closed) mtge. serial bonds
Company
3479
Earnings for Six Months Ended June 30, 1936
a
917 49-100ths shares more than the 169,551 shares unissued and available
for such purpose.
The present shareholders of Pacona Ltd. have agreed
to place the requisite additional 254,917 40-100ths shares of common stock
disposal of the company upon the latters' undertaking (1) to apply
them, if required after application of the 169,551 shares which are men¬
tioned above, against subscription rights outstanding; (2) to pay to the
present shareholders of Pacona Ltd. for all shares thus sold $12.50 per share;
(3) to return the unsold shares.
In connection with the funded debt of the new company, the plan pro¬
vides for the issue of $14,000,000 in two-year 5% bonds, which would be
pledged with the banking syndicate which will hold an equivalent amount
of Pacona notes after utilization of the $6,300,000 unused credit for the
benefit of Price Brothers creditors and for the liquidation of its bank loans.
The company will thereby acquire the $10,788,400 of its existing 6s, pledged
Public Service Co. of Northern
Illinois—Special Div.—
Wage Increase—
.
The directors on Nov. 23 declared
*
special dividend of $1 per share on
(par $60 and no par value), payable
Dec. 17 to holders of record Dec. 3. Dividends of 50 cents per share were
paid on Nov. 2, Aug. 1 and on May l.last, this latter being the first divi¬
dend paid since Nov. 1, 1933, when 50 cents was also paid; a like payment
was made on Aug. 1,1933.
Dividends of 75 cents per share were paid each
quarter from Aug. 1, 1932, to and including May 1, 1933, and payments of
$2 per share were made each three months prior to Aug. 1, 1932.
Directors further authorized payment of a bonus of 2
% of the past 12
months' wages to employees and a wage increase of 2% % effective Jan. 1,
1937.—V. 143, p. 3009.
the two
classes
of
common
a
stocks
at the
by Pacona in respect of its notes, and these bonds will be canceled.
Pro¬
vision is made for payment of the remaining $255,700 in outstanding 6s.
As between the $6,300,000 in unused Pacone credit and the sum of
approximately $2,100,000 which would be realized by the sale of 169,551
shares on the basis outlined above, there would accrue to Price Brothers
some
$8,400,000.
Out of these funds the company would under the terms
of the plan:
Pure Oil Co.—Notes Called—
A total of $1,000,000
ties.
s.
f. notes, due July 1, 1950, have
Quaker
State Oil Refining
Changed—
Corp.- -Extra Dividend-
Dividend Dates
The directors on Nov. 18 declared an extra dividend of 10 cents per share
in addition to the regular quarterly dividend of 20 cents per share on the
stock, par $10, both payable Dec. 15 to holders of record Novj 30.
The directors also changed the regular dividend payment dates, the
common
ast.—V. 143, p. 3010.
{jrevious regular quarterly dividend of 20 cents having been paid on Oct. 15.
Rainier
Pay in cash the admitted claims of its unsecured creditors without
interest to an aggregate amount not exceeding $3,000,000.
If the
aggregate of such admitted claims exceeds $3,000,000, that sum will be
distributed pro rata among them;
(2) Pay the fees and expenses of Montreal Trust Co., trustee for the hold¬
ers of the first mortgage 6% bonds, and of the trustee in
bankruptcy;
(3) Pay the legal and other expenses of the company incidental to the bank¬
ruptcy and to this reorganization; and
(4) Pay the legal and other expenses of Pacona Ltd. in respect of its activi¬
(1)
15-year 4M%
been called for redemption on Jan. 1, next, at 102H and interest. Payment
will be made at the City National Bank & Trust Co. of Chicago, or at the
Chase National Bank of the City of New York.—V. 143, p. 3330.
The company paid a dividend of 50 cents per share on the class B common
stock, on Nov. 20 to holders of record Nov. 16.
This was the first dividend
paid on the B stock since Nov. 1, 1934 when a dividend of 30 cents per
share was distributed.—V. 142, p. 471.
.
Radio Keith
A
Orpheum Corp.—Reorganization Plan—
plan of reorganization was presented to Judge Bondy in the U. S. Dis-'
It contemplates the continuance of RKO under a
capital structure, the new securities to be distributed among present
trict Court Nov. 23.
new
The company will thus secure discharge from bankruptcy.
creditors and stockholders.
The plan also makes provision for the issue of long-term series B bonds
The plan is sponsored by Atlas Corp. and associates, and has been in¬
formally approved by substantial creditor and stockholding interests.
Atlas Corp. agrees to underwrite the sale of common stock to provide
additional working capital in consideration of receiving for the underwriting
practicable before the maturity of the Pacona notes pledged by
the deposit of $14,000,000 in two-year series B 5% bonds, characteristics
to be determined at the time, and sufficient of these new bonds will be sold
to pay the Pacona notes then outstanding and to cancel the
two-year 5s.
as
soon
as
By that time, it is suggested, both through sinking fund operation and pos¬
sibly through the liquidation of some or Price Brothers investments, the
amount of Pacona notes outstanding shall have been considerably
reduced,
probably to a point, it is said, where the long-term issue will not be more
than $10,000,000.
In connection with the existing contracts of Price Brothers, the plan
provides that the company will carry out the power contract dated April
15, 1926, between the company and the Duke-Price Power Co., Ltd.,
now known as
Saguenay Power Co., Ltd., the agreement between the
company and Roberval & Saguenay Ry., and the agreement between the
company and Saguenay Terminals, Ltd., both dated Sept. 2, 1930, and the
lease from Price Realty Co., Ltd., in favor of the company, dated April 30,
1931, all for the balance of their respective terms.
If the present shareholders of Price Brothers & Co., Ltd., exercise their
rights, the new common stock will be distributed as follows:
Common Shares
To present shareholders of
Preferred shareholders
•
,
Brewing Co., Inc.—Resumes Class B Dividends—
Common
Price Brothers & Co., Ltd.—
shareholders
To present shareholders of Pacona,
and Saguenay Power Co., Ltd
•
Lehman
Brothers
188,529
405,490 40-100
Ltd., Aluminum Ltd.
---350,980 60-100
55,000
—
and its services in the reorganization common stock in
an
amount subse¬
quently to be approved by the court.
The plan will be consummated only in accordance with the provisions of
Section 77-B of the Bankruptcy Act. The new securities provided for in the
plan will be issued only when the plan has been confirmed by the U. S.
District
Court for the Southern
District of New York.
An introductory statement to the plan
of the company states that RKO.,
in outlining the history and busi¬
incorp. in Maryland on Oct. 25,
holding company whose principal assets are securities of numerous
corporations engaged directly or indirectly in the production, distribution
ana exhibition of motion pictures throughout the world,
principally in the
ness
1928, is
a
United
States
and Canada.
t
In the production and distribution branch of the business the principal
subsidiary is RKO Radio Pictures, Inc. (formerly FBO Productions, Inc.).1
which in turn through its principal subsidiaries, RKO Studios, Inc., and
RKO Distributing Corp., produces motion pictures and distributes its own
product, as well as the product of others, in the United States and Canada
and certain other parts of the world.
•«
In the exhibition branch of the business the principal subsidiary is KeithAlbee-Orpheum Corp., which controls two mafor theater circuits, the B. F.
Keith circuit and the Greater New York Vaudeville Theatre circuit. These
circuits operate in the eastern part of the
United States, principally in the
metropolitan New York area, and are made up largely of theaters which
After their acquisition by the
important part of their business
had been built for vaudeville.
ville
was
continued
as
an
The claims
acqui¬
result
1930 approximately 175 theaters were controlled and
indirectly by subsidiaries of the debtor. Acquisitions
that by the end of
operated directly or
were made at relatively high prices, and in some instances leases and funded
obligations in connection witn acquired properties were guaranteed by the
debtor. The extent of this expansion is indicated by the fact that there was
acquisition of capital assets in the years
net
1929 and 1930 of approxi¬
mately $33,000,000. For 1931 the net acquisition of capital assets amounted
to approximately $5,000,000, consisting for the most part of the purchase
from Pathe Exchange, Inc., of its production and distribution assets and
business.
In 1931 the debtor leased from Rockefeller Center, Inc., for a long term
of years, two newly constructed theaters and
Radio City, N. Y. City.
Actual possession,
also certain office space in
however, was not delivered
until the latter part of 1932
The progress of the depression
with its resultant impairment of property
through virtual extinction of vaudeville, and the
values, the losses incurred
capital commitments of the debtor arising from leases, guarantees of leases,
and funded obligations, coupled with the inability of the debtor to raise
additional funds, resulted in a petition against the debtor for the appoint¬
ment of a receiver.
On Jan. 27, 1933, Irving Trust Co. was appointed
receiver by the U.S. District Court for the Southern District of New York,
and, effective July 1, 1934, it was appointed by order of the court, dated
June 28, 1934, as trustee of the debtor's estate under Section 77-B of the
Bankruptcy Act. First, as receiver, and then as trustee, it has continued
the business of the debtor.
Substantially all the producing and distributing companies in which the
debtor had an interest prior to the appointment of the receiver have con¬
tinued operations, although Pathe Pictures, Inc., no longer produces pic¬
tures and its distributing organization has been merged with that of RKO
Distributing Corp.
A number of subsidiary
companies operating theaters have required ad¬
justments of their obligations, and many theater operations have been
discontinued entirely.
The largest of such companies requiring such adran. 27, 1933. The theaters which are now controlled and operated directly
Iustments was Orpheum Circuit Inc., which was adjudicated bankrupt on
indirectly by subsidiaries of the debtor approximate 100 in number. In
all phases of its business, the debtor now has an interest in approximately
80 active subsidiary and affiliated companies, exclusive of those in bank¬
or
or receivership.
'
The debtor owns practically
ruptcy
sidiaries with the exception of
all of the capital stocks of its principal sub¬
the preferred stock of Keith-Albee-Orpheum
That company has $6,430,400 $7 cumulative preferred stock out¬
standing, of which $2,176,100 is owned by the debtor and $4,254,300 is
in the hands of parties other than the debtor, but the debtor owns prac¬
tically all of the common stock.
Corp.
Reorganization
Digest of Plan of
Claims Against
and Interests in the Debtor's Estate
cation Thereof
and Proposed Classifi¬
The total amount of claims filed has been reduced to
further reduction is expected through negotiation or other
$32,681,000.
A
activities of the
trustee and other interested parties, so that the aggregate amount of all
allowed claims affected by this plan, at the time of its confirmation (ex¬
clusive of claims asserted for contingent and indeterminate amounts) will
not exceed approximately $30,000,000, exclusive of interest.
Although
up to the present time the court has not made any classification of claims
against and interests in the dbtor's estate, it is belidVed that the followingg
classification of claims is proper, and for the purpose of this plan is made:
Not Affected
Claims of
debtor, vaude¬
Beginning in 1929. the debtor embarked upon a program of rapid
sition of theater properties, including vaudeville nouses, with the
a
by the Plan
of the debtor, dated as of July 1, 1931
(on which int. has been paid to Nov. 1, 1936), outstanding
as of Sept. 26, 1936
Affected by the Plan
Secured 6% gold notes
a$800,000
all in buildings in
its express terms,
debtor. The claim is
based on a covenant in the lease that, upon such termination, the debtor
would pay as liquidated damages for the landlord's loss of its investment in
constructing and equipping the theaters, a sdm equal to the unamortized
cost of the theaters and equipment computed as provided in the lease.
The trustee objected, among other grounds, that this clause provided for
a penalty and not for liquidated damages.
The special master upheld the
for allowance the claim for the unamortized cost
their equipment in a net amount, less certain credits,
clause and recommended
of the two theaters and
by its express terms,
the debtor.
a covenant therein
that the debtor, upon such termination, would pay the landlord, as dam¬
ages, a sum which, at the time of termination, would represent the differ¬
ence. if any, between (a) the aggregate rental and (b) the aggregate rental
value for the residue of the term.
By an indenture supplemental to the
original lease for office space, the debtor surrendered over half the space
originally leased but agreed to lease on Dec. 1, 1937, at the same rate and
upon the same terms as the original lease, an amount of space equal to
one-half of the surrendered space not then leased to others.
The second claim with reference to the lease of office space is for an
amount which, on the date of the appointment of the permanent receiver,
would represent the value to the landlord of said agreement in the supple¬
mental indenture to lease on Dec. 1, 1937, such one-half of the surrendered
of $8,270,338.
The lease for office space terminated,
on the appointment of a permanent receiver for
The first claim with reference to this lease is based on
space
then unoccupied.
Over the objection
of the trustee the special master recommended for
difference between the aggregate cash rent
allowance the first claim for the
value for the balance of the term, in the amount
however, to the deduction of a discount of 6%
each instalment of rent reserved from Feb. 17, 1933 (date of
appointment of permanent receiver) to the day upon which it was required
to be paid by the lease, the net amount thereof being estimated by the true-
less the aggregate rental
of $1,335,291, subject,
per annum on
to© to Id© $880 291
The
second' claim
was
disallowed, without prejudice,
outoutout-
the
ter,
operations of the two theaters, make settlement with Rockefeller
Inc., desirable. Accordingly upon the consummation of the
1
'
1937.
(b) Will grant a lease to the debtor of office space in the RKO Building
approximately the amount of space now occupied by the debtor, for a
term of approximately 12 years at a rental of $2 per square foot per annum,
with the right to the debtor to have any additional space on or below the
18th floor, it may require which may from time to time be available at the
of
price of such space current at the time of renting.
Will enter into an agreement with the debtor providing for the opera¬
Music Hall and Center Theatre for a term of approxi¬
mately 12 years, under the direction of a committee of seven individuals,
of whom four shall always be persons selected by Rockefeller Center, Inc..
»nd three shall be persons selected by the debtor.
The debtor will issue to or upon the order of Rockefeller Center, Inc.,
market
(c)
tion of Radio City
500,000 shares of common stock of the
By various agreements the maturity of these secured notes
and effective May 4, 1936, the interest rate thereon
of
unsecured
allowed
All contingent or indeterminate claims
firmation of this plan, which the court
9.150,629
8,000,000
has been
has been
Executory Contracts
guaranteed by the debtor. Subject to the approval
shall be entitled to adjust such contingent or inde¬
basis which shall permit only of alloca¬
tion to them respectively of securities in a maximum amount not greater
than that which they would respectively have been entitled to receive had
terminate claims of landlords on a
they established a general claim in an amount not to exceed the rent, without
acceleration, reserved by their respective leases for the three years (a) next
succeeding the date of surrender or the leased premises or (b) in cases where
there has been no surrender, next succeeding the first day of the calendar
month in which this plan is confirmed, provided, however, that such con¬
indeterminate claims with the approval and at the option of the
for cash. Such of said contingent or Indeterminate
not based on leases guaranteed may be adjusted and settled
on terms satisfactory to the debtor subject to approval by the court.
No
such adjustment or settlement shall be deemed adversely to affect any
party who may theretofore havs consented to the plan.
tingent
or
debtor may be settled
claims
as are
Common Stock
Plan
be determined in the reorganization pro-
Old Debentures
debentures,
interest coupons
of common stock
for each $100 of old
surrender of such old debentures with all unpaid
attached thereto, $100 in new debentures and two shares
of the debtor.
surrender of the certificate
each share of such stock on
therefor, one-half of a share of new common
stock of the debtor.
The
2,577,554% shares of common stock
of the debtor now outstanding
(exclusive of 16,437 shares held in the treasury) include shares represented
by certificates still outstanding for class A stock of the debtor which, by
amendment to the charter made on Dec. 1, 1931, was reclassified into
one-quarter of a share of common
theretofore outstanding.
stock for each share of Class A stock
Certificates Issued by J. & W. Seligman & Co. as Depositary
Included in the above stated $12,718,500 of old debentures outstanding
and in the above stated 2,577,554% shares of common stock outstanding,
are old debentures and shares of common stock represented by certificates
issued by J. & W. Seligman & Co., as depositary, under an agreement be¬
tween the debtor and J. & W. Seligman & Co., as depositary, dated Dec. 21,
1931. As of Sept. 26, 1936, approximately $249,079 remained to be paid by
subscribers to
complete full payment of old debentures
and common stock
represented by said certificates which have been only partly paid. Holders
of such certificates which have been partly paid shall be entitled under this
plan to receive such proportion of the new
been entitled
to receive
securities which they would have
if their certificates
had been fully paid as their
payments made bear to their full subscriptions.
The holder of any such
certificate, however, may complete the full payments required by said agree¬
Dec. 21, 1931. provided that such payment shall be made
days after the confirmation of this plan and, in such event, such
be entitled to receive such new securities of the debtor as wili
be issuable against the old debentures or common stock of the debtor for
which their certificates would be exchangeable.
When and as J. & W.
Seligman & Co., as depositary, shall be advised by the debtor from time to
time that new securities of the debtor have been Issued pursuant to the plan
dated
within 20
holder shall
against any of such outstanding certificates,
tures and certificates for common
issued under the indenture, dated as of July 1,
1931, are not affected by this plan but will be paid out of the proceeds of
the sale of new common stock.
The following other claims are not affected by the plan and to the extent
that such claims are not paid by the trustee pursuant to order of the court
they are to be paid in cash by the debtor upon the consummation of the
plan or are to continue as obligations of the debtor:
Any claims of the U. S. of America and any claims for taxes of the States
of Maryland or New York.
Obligations of the receiver and of the trustee.
,
Priority claims (estimated to be nominal in amount) to such extent
The secured 6% gold notes
Holders of old debentures will receive
Holders of common stock will receive for
ment
which are executory
leases, as shall have been affirmed or
adopted by the receiver or the trustee prior to the date of confirmation of
this plan, and also on any executory contracts of the receiver or the trustee
which, by their terms, do not terminate at the conclusion of the receiver¬
ship or reorganization proceedings.
All other executory contracts of the
debtor shall be deemed to have been rejected and disaffirmed by this plan.
in whole or in part, including executory
upon
after hearing shall designate as
of the court the debtor
$725,000 remained outstanding as of the date of this plan.
interest on the $12,718,500 of old debentures to
approximately $3,124,700, which is approxi¬
mately $24.57 on each $100 of principal.
It is expected that reductions or eliminations will actually be effected
either by negotiation, litigation or otherwise, so that the aggregate amount
of all allowed claims affected by the plan, at the time of its confirmation
(exclusive of claims asserted for contingent or indeterminate amounts and
the claims of Rockefeller Center, Inc.), will not exceed approximately
$21,000,000. This plan shall not be carried out if such aggregate amount
shall exceed $22,000,000. These amounts are exclusive of interest.
Holders of common stock of the debtor outstanding in the amount of
2,577,554% shares (exclusive of 16,437 shares held in the treasury) shall
also be entitled to participate in the reorganization. This number of shares
includes shares represented by certificates still outstanding for class A stock
of the debtor which, by amendment to the charter made on Dec. 1, 1931,
was reclassified into one-quarter of a share of common stock for each share
of class A stock theretofore outstanding. Also included in the above stated
principal amount of old debentures outstanding and the number of out¬
standing shares of common stock are old debentures and shares of common
stock represented by certificates issued by J. & W. Seligman & Co., as
depositary, under an agreement between the debtor and J. & W. Seligman
<& Co., as depositary, dated Dec. 21, 1931. As of Sept. 26, 1936, approxi¬
mately $249,079 remained to be paid by subscribers to complete full payment
of old debentures and common stock represented by the certificates which
have been only partly paid.
may
allowed, % of
of the debtor.
asserted prior to the time of con¬
subsidiaries which were
b Accrued and unpaid
to priority
Claims
(other than Rockefeller Center,
with under the plan, shall be disposed of as follows.
inure to the benefit of landlords under leases made to
subsidiaries of the debtor or companies affiliated with the debtor or such
Dec. 31, 1936, will amount to
their right
ceedings.
claims
Most of these claims
prior to maturity.
as
debtor.
will receive for each $100, as finally established and
1 share of preferred stock and 1% shares of common stock
changed from 6% to 4% per annum. Under the extension agreements, as
amended, $25,000 principal amount of secured notes become payable on
the first day of each month to and including Feb. J, 1937, and $50,000 on
the first day of each month from March 1, 1937, to May 1, 1938, inclusive,
but the debtor or the trustee can pay "the whole or any part of any one or
more of the instalments of principal of any one or more of the secured
notes at such time or times and from time to time as it or they may see fit"
1
plan
Will surrender the claims recommended for allowance by the special
master on the theater lease and the lease of office space estimated to aggre¬
gate $9,150,628, and also surrender the contingent claim with reference to
the one-half of the surrendered office space not leased to others on Deo.
(a)
entitled to be dealt
extended
Claims Not Affected by the
Cen¬
Rockefeller Center
Inc.)
b$12,718,500
of Rockefeller Center, Inc., recommended for
allowance by the special master, objected to by the trustee
and not yet passed upon by the court, which (together with
the contingent claim of Rockefeller Center, Inc.,) are to be
handled as provided in Article V of the plan, estimated to
aggregate (exclusive of the contingent or indeterminate claim)
(2) Other general unsecured claims against the debtor, esti¬
mated not to exceed when finally determined
The debtor will remain liable on such of its contracts
however, to any
application the claimant might make to the court for equitable treatment in
any plan of reorganization.
The claims as recommended for allowance by the special master have
been contested by the trustee but have not yet been passed upon by the
court. The difficulty of the questions involved and the importance to debtor
of making new arrangements for such office space as it may now or later
need in the RKO Building, and also for securing an important interest in
Other Unsecured General
Claims
a
of Rockefeller Center, Inc., are for damages flowing from
of two leases, the first for the Center Theatre and the
Radio City Music Hall and the second for office space,
Radio City, N. Y. City. The theater lease terminated, by
on the appointment of a permanent receiver for the
Holders
10-year 6% gold debentures of the debtor ($11,600,000
L standing) and 6% gold notes of the debtor ($1,118,500
f;-standing), and of the aggregate principal amount
r
standing of
Class B—General Unsecured Claims Including—
1936
Rockefeller Center, Inc.
termination
the
Class A—Secured Claims—
(1)
Nov.
Financial Chronicle
3480
it shall deliver the old deben¬
represented by such
stock of the debtor
certificates, to the debtor for cancellation.
Sale and
Common Stock
the amount of $1,600,000
Underwriting of Additional Shares of
To provide the debtor
a
with additional cash in
sufficient number of shares of new common
stock of the debtor will be
approval
claims
offered for sale, at a price per share which shall be subject to the
of Atlas Corp. and the court, (a) to the holders of unsecured allowed
(b) to the extent not taken by them to the holders of common stock of
the debtor.
Such creditors and stockholders will be entitled to subscribe
substantially in proportion to their respective allowed claims and holdings,
but such right will be limited to a period not exceeding 30 days after the
confirmation of this plan.
Atlas Corp. will agree for itself and others to
underwrite the purchase of said shares upon terms to be proposed by it at
the time of such underwriting which shall be subject to the approval of the
and
court.
New
Capitalization
Upon final confirmation of this plan all of the
become free and clear of any lien or encumbrance
«
'
assets of the debtor will
of the indenture securing
Volume
143
Financial
the old debentures. The secured notes will be paid out of the proceeds of
the sale of new common stock.
After such payment the debtor will have
the following capitalization upon the consummation of the plan:
Securities—
To He Outstanding
Authorized
5H % sinking fund conv. debentures
$18,000,000
$12,718,600
6% cum. conv. pref. stock (par $100)— 11,000,000
a6.000,000
Common stock
b4.000,000 shs.
c2.163.148 sbs.
General unsecured claims, exclusive of that of Rockefeller Center, Inc.,
been estimated not to exceed, when finally determined, $8,000,000.
a
have
The amount of preferred stock shown above to be outstanding on consum¬
mation of the plan is based on this estimate. To the extent that such claims
finally determined
as
are
less than
or
exceed this amount, the amount of
Ereferred accordingly, outstanding as shown above for conversion of new
icreased stock to be
b including shares reserved would be reduced or
debentures
c
and preferred stock and for the exercise of option warrants,
This does not include shares to be sold and underwritten or shares that
be allotted to Atlas Corp.
Warrants
may
Non-Assignable Option
may
be
issued
entitling
the
holders
thereof to purchase within five years after the confirmation of this plan
•hares of new common stock of the debtor at prices to be therein stated.
The aggregate amount of shares at any time purchasable under said out¬
standing option warrants shall not exceed 10% of the number of shares at
the time outstanding. Such option warrants may be issued by the debtor
to executives and
employees of the debtor and (or) its subsidiaries as de¬
by its board of directors, provided, however, that such option
be issued before consummation of this plan shall specify
$10 as the price per share.
Atlas Corp. for its services rendered in connection with the reorganiza¬
tion proceedings and the plan shall be entitled to receive such number of
termined
warrants as may
shares of the
1923450
reimbursed
new
>n
common
stock
as
the court shall approve
and shall be
cash for its reasonable expenses.
For convenience (and upon the assumption that the general unsecured
claims, other than that of Rockefeller Cemer, Inc., when finally determined,
will aggregate approximately $8,000,000) the following table summarizing
the proposed distribution of securities of the debtor is set forth but shall not
be deemed to control of modify the other provisions of this plan:
New
New
Old debentures
New
Debentures
Pref. Stock
Common Stock
254.370
600.000
120.000
1,288,778
$12,718,500
Rockefeller Center, Inc
a
may
$6,000,000
shs.
shs.
shs.
shs.
$6,000,000 a2.163.148 shs.
$12,718,600
This does not include shares to be sold and underwritten
or
shares that
fund
convertible debentures, $11,000,000 6% cumulative convertible preferred
stock (par $100) and 4,000,000 shares of common stock without nominal
or
Notes and trade acceptances payable
Accounts payable, sundry
...
Accts. payable to affiliated and subs. cos. not consolidated....
Accounts payable to officers and employees
par
value
or
will
be authorized
of such
to
par as may
issue $18,000,000 5H % sinking
be determined by directors.
Merger of Subsidiaries
For the purpose of simplifying the corporate structure of the debtor and
its subsidiaries, and as an integral step in the consummation of this plan,
will be effected whereby RKO Rathe Pictures, Inc., RKO Rathe
Distributing Corp., RKO Pathe Export Corp., RKO Rathe Studios Corp.,
Ltd.. RKO Distributing Corp., RKO Studios, Inc., and RKO Export
Corp. will be merged into RKO Radio Pictures, Inc., the principal sub¬
sidiary in the production and distribution branch of its business.
It is
contemplated that this merger may become effective prior to the date of
the confirmation of this plan.
merger
Cash Requirements
...
In respect or film service rendered or to be ren¬
dered. unapplied
Rent and other deposits...
Remittances from foreign ubsidary cos., held in abeyance...
Deferred notes and accounts payable
its subsidiary corpora¬
tions after operating expenses, interest on the secured notes and taxes, as
certified by Price, Waterhouse & Co., were as follows:
a
Before Int. on
.
After Int. on
Old Debentures
-
-
proceeds from operation and management by Stadium
Theatres Corp., a sub. co., as pledgee, of the collateral for
the notes receivable from Orpheum
Circuit Inc. (contra)
Cap tai stocks of subsidiary in hands of the public—
7% cum. conv, pref. stock of Ke th-Albee-Orpheum Corp..
Equity In common stock of Keith-Albee-Orpheum Corp
5H% sinking fund convertible debentures
6% cumulative convertible preferred stock (par $100)--.
Common stock (2,163,148 shares)
Capital surplus
Old Debentures
$1,669,564
3,385,628
def4.524.926
adef9,925,391
def3,650,954
422,562
1,447,842
$1,669,564
3,385,628
def4.582.926
def10,695,503
def4.384.064
def310,547
684.732
years
1934 and
administration expenses of the trustee.
Estimated Pro Forma Consolidated Balance Sheet
as
of Sept. 26, 1936
Giving Effect to Consummation of Plan
6,000,000
Total
2,163,148
13,365,909
$66,852,330
Including $419,765 due within
one year,
exclusive of standing demand
mortgages of $160,500 amounts which may be due by default, and amounts
which are to be amortized in accordance with terms of certain agreements.
Contingent Liabilities—Corporation is guarantor of various leases and
financial obligations of various subsidiary and affiliated companies. Where
defaults have occurred and claims have been filed, provision nas been made
in the figures shown above for settlement of such claims.
In a number of
instances, however, no default has occurred and, therefore, estimate of
the contingent liability is impracticable.
There are certain lawsuits pending against subsidiary companies, the
liability in respect of which is not determinable.—V. 143, p. 1089.
Raybestos-Manhattan, Inc.—25-Cent Special Dividend—
The directors on Nov. 18 declared a special dividend of 25 cents per share
In addition to the regular quarterly dividend of 37 H cents per share on
the common stock, no par value, both payable Dec. 15 to holders of record
Nov. 30.
See also V.
Bonus to
142, p. 1302 for detailed dividend record.
Employees—
Directors also authorized
the payment of one week's pay to everyone
continuously in the company's employ since Jan. 1, 1936
for those who have been employed only since
July 1, 1936.—V. 143, p. 3331.
Who
and
has
been
one-half
week's pay
Reading Co.—Earnings—
Net after
1936
1935
1934
1933
$5,446,947
2,009.052
October—
$4,717,556
$4,265,623
1,302,121
1,067.253
$4,603,105
1.600,522
1.498,906
12.585.951
44,534.783
13.737.079
41.209.976
13,884.182
9,953,410
10.802,779
11,404,427
'
Gross from railway
Net from railway
1.659,574
1,530.849
Net after rents
1.398,038
48,611,357
15.427,984
11,564,180
rents
From Jan. 1—
Gross from railway
Net from railway
42.646,430
Reo Motor Car Co.
Period End. Sept. 30—
loss after taxes, de-
(& Subs.)—Earnings—
1S36—9 Mos.—1935If
1936—3 Mos.—1935
k.
<4
$51,186
share in
Net
preciation. Ac
—V. 143, p. 1728.
a
regular
quarterly dividend of like amount on the common
stock, both payable Dec. 15 to holders of record
Rutland
1936
1935
1934
1933
$314,856
49,226
$290,975
23,809
$276,242
7.676
$308,124
4*,002
2.213
def8,591
2.703.746
74.823
2,758,908
168.183
2,874.756
347,522
89,812
def114,633
def1,349
260,172
1—
,
Gross from railway
Net from railway
Net
33,714
31,398
2.865.210
223.037
after rents
From Jan.
Dec. 5.—V. 143, p. 441.
RR.—Earnings—
October—
Gross from railway
Net from railway
Net
$417,441
Robertson Co.—Extra Dividend—
(H. H.)
to
$93,342
$222,188
after rents
—V. 143, p. 3162.
Company has Issued to common stockholders warrants of subscription
certifying the right to subscribe to shares of common, stock. Pursuant to
the plan of capital reorganization, which was approved by the stockholders
Sept. 25, the directors, on Nov. 6. 1936, authorized the offer of 3,762,974
shares of authorized but unissued common stock (par $1), together with
1,415 shares now held in treasury, together aggregating 3,764,389 shares,
to common stockholders of record Nov. 23, 1936, for cash at $1.70 a share.
stockholder is entitled to subscribe to one share of common
stock for each share of common stock held. The rights will expire and the
warrants will become void after Dec. 15, 1936.
Subscriptions should be
Each common
made payable
(in N. Y. City funds) to the company at its office in Bridge¬
port, Conn.
Funded Debt and
Capitalization
as
of Sept. 30, 1936
-Authorized
Outstanding
of Nov. 28, 1934
$3,400,000
$2,650,000
st pref. stock, 7% cum., ser. "A" (par $100)
100,000 shs.
38,141 shs.
1st pref. stock, 7% cum., ser. "B" (par $100)
100,000 shs.
None
Pref. stock, 6% cum. (par $100)
38,141 shs.
None
Common stock (par $l).a............... 7,600,000 shs.
3,382,979 shs.
a The outstanding common stock includes 11,336 shares held for exchange
for similar number of old no-par common stock not yet surrendered.
Title of Issue—
Assets—
Cash (inci. $230,269 cash of parent co., use
to certain
6,115
12,718.500
Remington Arms Co., Inc.—Rights Issued—
1935 are after payment of certain
The earnings results for the years
1931, 1932 and 1933 reflect not only the effects of the depression, but also
of the change in public taste which outmoded vaudeville performances.
Furthermore, It is important to bear in mind that substantial contributions
to the losses in these years were made by various companies which are no
longer a part of the debtor s estate or business.
As compared with the
figure of $684,732 for the whole of the year 1935, the consolidated net
earnings for the first 39 weeks of 1936 (to Sept. 26) were $1,446,922, after
interest on secured notes and old debentures and after normal taxes, but
without any provision for possible surplus tax on undistributed profits.
for the
397,381
4,254.300
—
Before certain credits and extraordinary charges.
The figures
200,194
Net
addition
Earnings
-
598,804
Mortgage bonds and mortgages (less $97,000 bonds in treasury).a21,092,416
Reserves—For uncollected rents, and deferred income
186,943
For discount on bonds purchased and held in treasury
12,407
For taxes and contingencies
1,122,807
The directors have declared an extra dividend of 25 cents per
and capital requirements of the various companies.
-
382,259
107,993
—V. 143. p. 2693
de¬
posited with Chemical Bank & Trust Co. available for payment on account
of the secured notes, cash in the amount of $230,269 as of Sept. 26, 1936.
As of said date, according to the records of the accounting department of
the debtor, the cash of the debtor and its subsidiaries amounted to $6,558.276.
This latter sum is, however, widely distributed among numerous of
the subsidiary companies, in many instances not fully available to the
debtor, and it seems advisable to retain the entire amount for the operating
-
476,376
Collections
There was held by the trustee in the reorganization proceedings, or
The consolidated net earnings of the debtor and
913.285
252,256
539,338
Other accrued expenses
Serial bonds and mortgage instalments due within one year.--
f
a
$390,274
1,607,987
30.374
133.259
Accrued taxes
Accrued interest
be allotted to Atlas Corp.
T he debtor
3481
Liabilities—
a
Summary of Distribution of New Securities
Other general claims
Old common stock.............
Chronicle
restrictions)
Loan agreement
of which is subject
..
$7,358,276
Notes and accounts receivable, less reserve
Accounts receivable from officers and employees, less reserve..
Accrued interest, less reserve
622,979
18.955
3.380
Advances to outside producers, less reserve
Marketable securities at cost
133.763
79,430
The securities
Inventories (completed pictures, not released, at cost, $734,317;
released pictures, at cost, less amortization, $4,090,249; pro¬
ductions in progress, at cost, $2,907,020; accessories and
supplies, $188,634; scenarios and continuities not produced,
at cost less amounts written off, $493.977)
Assets received and held by Stadium Theatres Corp., a sub¬
sidiary company, as pledgee (contra)
Land owned
Buildings, equipment and improvements as revalued at Jan. 1,
1932. together with subsequent additions at cost: Buildings
and equipment on land owned and on land partly owned and
partly leased, $29,876,581; less res. for deprec., $16,782,156.
improvements and equipment, $13,232,336; less
amortization, $6,637,035
Leaseholds, goodwill and contracts, less amortization
Investments in affiliated and other companies:
Leasehold
Capital stocks of affiliated and other companies, less reserveEquity in investments in wholly owned foreign subsidiary
companies not consolidated
Advances to and bonds and mortgages of affiliated and sub¬
sidiary companies not consolidated, less reserve
Notes receivable (in default) from Orpheum Circuit Inc., an
unconsolidated sub. co. in bankruptcy, less reserve
Other assets—Subscriptions to debentures and stock, incl. int.
Cash and securities deposited with bond trustee
Deposits under contracts and sundry advances, less reserve.
Mortgages receivable
Sundry investments and deposits, less reserve
Deferred charges—Unamortized bond discount and expense
(being amortized over terms of debts)
Property maintenance and improvement expenses deferred..
Prepaid insurance and sundry deferred charges
General publicity deferred
being offered are:
$1)
.
4,145,799 shs.
Common stock (par
Under the plan of capital reorganization, adopted
holders held on Sept. 25, 1936, the holders of first
8,414,199
at a meeting of stock¬
preferred stock, series
"A" (38,141 shares), were given a right to exchange each share of said stock
one share of new preferred stock, 6% cumulative, and 10 shares of com¬
for
397,381
18,654,158
mon
stock on or before Oct.
15. 1936.
The right to make this exchange
expired Nov. 23. Any shares of the first preferred stock not exchanged
redeemed or retired at $1K) a share, plus divs. thereon amounting
to $32,025 each (at Oct. 27, 1936), plus 6% int. amounting to 64 cents a
share of such stock from Oct. 27. 1936, to Nov. 23, 1936.
If all the first preferred stock were exchanged under the terms of this
will be
plan, there would be outstanding 38,141 shares of 6% preferred stock
and 381.410 shares of common stock would be Issued in respect of the
exchange, thereby increasing the outstanding common stock to 3,764,389
shares exclusive of 1,415 held in the treasury.
Under this plan the au¬
thorized first preferred stock, both series "A" and "B," will be eliminated
from the company's capital structure.
Upon the expiration of the right to exchange, full subscription by com¬
mon stockholders would result in the issuance of 3,762,974 additional shares
of common stock and the sale of 1,415 shares now in treasury, thereby
increasing the outstanding and issued common stock to 7,528,778 shares.
Purpose—Proceeds to the company from the sale of the common stock
(if fully subscribed) will be $6,399,461, and after deducting estimated ex¬
penses to be paid by the company in connection with the issue, $6,380,271.
The net proceeds are to be used to retire current bank loans amounting at
Sept. 30 to $3,600,000: also repayment of 4% notes issued under agreement
dated Nov. 28, 1934, due July 1, 1937, plus accrued int. to Jan. 1, 1937,
amounting to $2,703,000.
Underwriting—There are no
underwriters under the plan of capital re¬
organization and no firm commitment to take the issue has been made.
However, the management has been informally advised by representatives
of E. I. du Pont de Nemours & Co. that it together with certain holders of
other large blocks of stock have agreed among themselves to exercise their
subscription rights to the extent indicated below.
Financial
3482
Stockholder—
E. I. du Pont de Nemours & Co..
...
M. Hartley Dodge, Geraldine R. Dodge
and Grace Hartley Mead*........
*
Subscription Rights to Be, Exercised
Approximately 2,254,000 shs.
mon
known,
nor
P.
be made
is it ascertainable from the records of the company.
Earnings for Stated Periods
1933
Years Ending
1934
Dec. 31
9 Mos. End.
1935.
Sept. 30 '36
$12,641,919 $10,766,214
8,284.573
7,166,462
564,570
349,389
680,374
546,801
$9,061,870 $11,748,197
5,974,271
7,414,912
281,530
462,221
Prov. for depr. & obsol.
548,811
636,172
Cost of goods sold
Maintenance & repairs..
Taxes, other than Fed.
income & excise taxes.
234,734
82,951
285,320
76,406
288,355
96,306
260,926
63,251
1,625.054
53,268
2,329,848
2,622,167
103,765
45,718
1,561,825
46,524
$261,247
88,549
$439,550
82,297
$59,855
81,299
Rents and royalties
Selling, delivery, admin.
and general expenses.
Other deductions
V
Operating-profit..,
Other income.
stock, no par value, both payable Dec. 21 to holders of record Dec. 1.
$349,797
37,783
309,499
$521,847
22,826
224,834
discount, &c_
Prov. for contingencies.
45,604
26,801
South American Utilities Corp.- -Organized. in AccordPlan—New Securities
with Inter continents Power Co.
ance
Ready—
Following the confirmation of the plan of reorganization of tee Intercontinents Power Co. (see above), the new company provided for in tne plan,
South American Utilities Corp., has been organized and the new securities
are available
for distribution to creditors and stockholders of the old
by City Bank Farmers Trust Co., it has been announced by R.
Subscription warrants issuable
Jan. 1, 1934, and due Jan. 1,
1938, and voting trust certificates for common stock of the new company
will expire on Dec. 31, 1936, and rights provided for in the plan to sub¬
scribe for the stock purchase warrants (expiring Dec. 31, 1936) will expire
on Dec. 18, 1936.
company
Van Horn, President of the new company.
in respect of units of secured notes dated
South Porto Rico Sugar Co.
$771,034'
$141,155
152,933
$992,736
114,330
Mfg., &c.,
exps.,
9,238,636
166,790
50,166
a
def$120,058
Includes sales to
8,823,338
10,745,123
9,530,799
Net earnings:
$3,480,876
Int. on investment, &c__
201,333
Profit on sale of securi¬
$2,234,681
197,640
$2,726,858
246,330
$2,964,616
284,418
$172,613
def$61,778
$711,616
Consdlidated Gas & Electric Co.—-Earnings
$2,973,188
$3,249,034
12 Months Ended Oct. 31—
Operating
Operating
1936
expenses,
Net oper. rev. (before approp. for
Other income..........
retirem'tres.).
$7,418,150
4,557,335
4,010,562
$3,262,318
maintenance and all taxes..
1935
$7,819,653
revenues
$3,407,587
9,796
776
Net oper. rev. and other income (before appro¬
priation for retirement reserve)—
$3,263,094
Appropriation for retirement
1,250,000
Interest charges (net)
■.
_
Amortization of debt discount and expense..
Other income deductions.
$3,417,383
1,205,000
$2,013,094
620,812
61,888
257
reserve
Gross income
$2,212,383
757,219
72,831
6,800
Net income
$1,330,138
$1,375,533
Note—The company made no provision for Federal income taxes for the
year 1935 as it claimed as a deduction in its 1935 income tax return, debt
on sale of sugar &
molasses prod, in prior
the company made provision for Federal income taxes, in amount of $66,000
by|monthly charges to operating expenses. During the period from Aug. 1,
1935, to Dec. 31, 1935, equal monthly credits were made to eliminate this
Total Income.
special meeting held Nov. 27 authorized an increase
in the capital stock from 5,200,000 shares to 6,000,000 shares, thus enabling
the company to proceed with plans for meeting its requirements for addi¬
tional permanent capital within the limits of its existing simple capital
structure, consisting solely of this one class of stock.
In addition, the
stockholders approved two plans of the company for the issuance of an
aggregate of not more than 125,000 shares of stock to its employees.
The company plans to file shortly under the Securities Act of 1933 a regis¬
tration statement covering an offering of additional stock to stockholders
in the ratio of one share for each 10 shares held, as well as the offering of
not more than 125,000 shares to employees.
...
The company is arranging for a group of investment bankers headed by
Goldman, Sachs & Co. to underwrite the proposed offering to stockholders.
—V. 143, p. 3162.
a
Charged
to
Maintenance and enforcement of resale prices in the sale and distribution
of liquors is alleged by the Federal Trade Commission in complaints issued
against five large manufacturers and distributors of liquor products.
These
respondents are as follows:
Seagram-Distillers Corp., N. Y. City and Seagram Distillers Corp.
of Mass.; Gooderham & Worts, Ltd., Detroit, a wholly owned subsidiary
of a Canadian corporation of the same name; Schenley Distillers Corp.,
N. Y. City, and three affiliated companies; Hiram Walker. Inc., Detroit,
and National Distillers Products Corp., N. Y. City, which controls sub¬
sidiary distillers and rectifying plants formerly operated by the American
Medicinal Spirits Corp., Penn-Maryland Corp., A. Overholt & Co., Inc.,
and the Old Taylor and Old Crow distilleries.
Joined as respondents with Gooderham & Worts, Ltd., National Dis¬
tillers Products Corp., and Hiram Walker, Inc.,'are five incorporated trade
associations of retail liquor dealers and two voluntary unincorporated trade
associations, whose officers, directors and members also are named.
Allegations against the five* respondent manufacturers are substantially
the same in each complaint, although the means and methods they are
said to employ to establish and maintain their price-fixing merchandising
policies differ slightly in some respects.
The respondents have 20 days in which to file their answers to the allega¬
tions contained in the complaints.—V. 143, p. 2694.
.
stock, no par value, both payable Dec. 15 to holders of record Nov. 30.
A quarterly dividend of 75 cents was paid on Sept. 15, last and compares
with dividends of 50 cents paid each three months from March 15, 1934 to
June 15, 1936, inclusive; 25 cents paid each quarter from Sept. 15, 1932 to
and including Dec. 15,1933 and dividends of 50 cents per share distributed
each quarter from Dec. 15,1929 to and incl. June 15,1932.—V. 143, p. 3162.
Seaboard Air Line
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
1934
1933
$2,610,194
452,160
$2,867,628
281,972
67,190
def40,668
$2,523,250
406,743
187,792
30 ,909,462
4 ,751,803
2 ,121,889
27,965,641
4,026,409
J,289,948
28,139,537
4,227,978
1,274,584
26,090,633
4,693,760
2,002,840
154,927
—V. 143, p. 2859.
Seaboard Power Corp.—Bond Issue
Approved—
(Frank G.) Shattuck Co.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
a
regular quarterly dividend of 12 cents per share on the com
276,730
$1,755,983
400,000
1,491,468
$1,853,591
$2,055,771
400,000
1,342,321
$2,635,180
Preferred divs. (8%)
Common dividends
400,000
2,237,202.
...
Balance, deficit
$2,022
Previous surplus
Transfer from reserve for
income taxes
3,683,j267
$135,485
3,818,751
50,000
$3,731,245
......
$3,683,267
400,000
1,789,762
$336,171 sur$313,450
8,929.850
9,022.886
■'.
......
$9,336,336
$8,593,679
Stock of Marancha Corp.
distributed to common
stockholders.
4,474,927
Res. for income taxes
300,000
406,486
$3,683,257
$3,818,751
745.734
$1.82
745,734
$1.95
$8,929,850
745,734
$2.22
Total profit and loss
Shs.
surplus Sept. 30
$3,731,245
com. out. (no par).
745,734
$3.00
per share
Earnings
Consolidated Balance Sheet
1936
O n
$
Gold bullion
223,752
Sugar
& molasses
hand
2,086,151
Aocts reo.(lessres.)
531,518
on
Advs. to planters.
1,065,664
1,067,054
Mdse. for sale
205,966
Supplies & mat'Is
197,822
Livestock
339,722
Deferred charges..
388,923
cane
-
Total
1936
1935
$
Liabilities—
Real prop. & pvt. 15,549,169 16,015,067
Invest. Uess res.). 1,740,652
2233,670
Cash.—
6,281,425
5,548,489
Growing
Sept. 30
1935
Q
(Yf t\
$
Preferred stock...
5,000,000
5,000,000
y Common stock—19,906,783 19,906,783
Earned surplus... 3,731,245
3,683,267
Accounts
payable
«fc accrued items.
309,198
308,318
1,931,607 Reserve for Income
taxes
261,525
1,040.674 Reserve for contin¬
gencies, <fcc
1,092,956
199,845
177,165
370,018
432,184
415,292
74,654
75,499
294,390
29,454,065 29,389,159
Total.
29,454,065 29.389,159
...
x After reserve for
depreciation of $10,846,341 in 1936 and $10,183,219
in 1935.
y Represented by 745,734 shares (no par value).—V. 143, P. 1417.
Simms Petroleum
Co.—Quarterly Statement—
Alfred J. Williams, President in a report to stockholders of this company
(in liquidation) states in substance:
Following is an analysis of the changes in the consolidated cash position
during the three months ended Sept. 30, 1936:
Cash, June 30,1936
.
Additions—Decrease in notes, accounts and accruals receivable.
Realization from sale of oil inventory
....
......
Realization from sale of fixed property, &c
....
Reduction in deferred charges
Total
..........
...
Deductions—Excess of expenses over income for three months
Additional Federal taxes for prior year resulting from com¬
promise settlement
$671,056
158,467
26,651
39,497
1,126
$896,798
-
.....
Reduction in current payables and reserve for rental obligat'ns
Miscellaneous debit adjustments in sale price of Simms Oil
Co. stock (represents principally cost of defending or settl¬
ing Simms Oil Co. litigation)
Dividend of $1.25 per share paid on July 20,1936
...
-
6,223
3,930
36,516
46,264
579,562
$224,300
In the report to stockholders dated Aug. 20,1936, reference was made to
the judgment rendered on June 12, 1936 against Simms Oil Co. by the
Federal district court in a suit brought by tne trustee in bankrkruptcy of
the Virginia Oil & Refining Co.
The liability of the company under this
decision amounts to approximately $335,000.
In accordance with the
agreement of May 14, 1935, covering the terms of the sale of Simms Oil
Co. stock, Tide Water Oil Co. has deposited in escrow the instalments on
the contingent oil
payment which accrued in the months of July, August
and September.
Such deposits to Sept. 30, 1936 totaled $152,653. These
are to be held in escrow pending determination of the appeal which is
being made of the district court's decision.
Statement of Consolidated Income
{Incl. Simms Co.)
Period Ended Sept. 30, 1936—
3 Mos.
Income, interest on notes and accts. receiv.
Rentals of marketing stations, &c.
Tank car mileage receipts........
Profit on sale of storage oil........
Miscellaneous income
.....
The Nova Scotia Board of Public Utilities recently authorized the
corporation to market $800,000 bonds.
Authorized capital is $100,000
common stock ($1 par).
The bonds which mature in equal annual instalments of $100,000 each,
bear int. at the rate of 3)4% for the first maturing $400,000 and 4% for
the remaining $400,000.
The purpose of the issue is to pay back $530,000 to the Dominion Steel
& Coal Corp., which was advanced to build the main power plant at Glace
Bay, N. S. and to expend $270,000 for the installation of a large generator
in the Seaboard plant.
addition to
916*533
249,527
funds
Ry.—Earnings—
1936
$3 ,313,614
626,798
870**,071
283,930
......
Cash, Sept. 30, 1936
Schiff Co.—To Pay Extra Dividend—
The directors on Nov. 16 declared an extra dividend of 75 cents per share
in addition to a regular quarterly dividend of like amount on the common
October—
Gross from railway
759"3i8
x
Sears, Roebuck & Co.—Capital Increased—
Fixing
12,220
794,623
366,896
Reserve for depreciation
Res. for income taxes...
A
Schenley Distillers Corp .—Price
Liquor Companies in FTC Complaints—
318,584
$2,799,232
Interest
exchange and
collection charges.._.
provision.—V. 143, p. 3332.
The stockholders at
123,690
$3,808,919
years (net)..
discount and expense, on bonds redeemed in 1935, consisting of unamortized
debt discount and expense on such bonds at date of redemption, and pre¬
mium and expense on redemption together with duplicate interest charges,
which resulted in no taxable income. From Jan. 1,1935, to April 30, 1935,
48,327
3,020
Profit
British
subsidiary—1933, $54,840; 1934, $107,196;
1935, $111,556; nine months of 1936, $97,287.—V. 143. p. 2383.
San Diego
306,000
$12,495,415
taxes,
ties owned
Net income..
348,900
301,250
50,000
13,000
Compensation to former
employees. .........
325,000
1933
1934
1935
1936
Sugar made (tons)
for Years Ended Sept. 30
Total receipts.........$12,719,512 $11,058,019 $13,471,982
50,000
Federal income tax
(& Subs.)—Earnings-
221,702
38,573
...
Int.
143,
3162.
Consolidated Income Account
Total profit
on bank loans, &c_.
on bds. & gold notes
Amort, of bond and note
Int.
1936
28.
710,000 shs.
Approximately
Net sales.a
Nov.
An extra dividend of 25 cents per share was paid on Dec. 28,1935.—V.
In what proportion subscriptions by these stockholders are to
is not
I
Chronicle
Total..
Administrative expenses
...
...............
Field expenses (watchmen, insurance, &c.)
Taxes (other than Fed. income and excess profits)
Interest (on Federal income tax liability)
$1,520
2,108
169
6,273
488
$10,561
13,841
2,116
498
327
Company's portion of deficit for the period of sub¬
sidiary not consolidated..
$5,486
6,718
5,116
8,165
2,350
$27,837
37,085
9,777
2,978
721
78
—
Deficit for the period
9 Mos.
$6,223
$22,803
Notes—The foregoing does not include the amounts paid during the nine
months' period by Tide Water Oil Co.; representing instalments aggregat¬
ing $379,417 on account of principal of the amount receivable if, as, and
when oil is produced, and $84,703 interest thereon, of which $177,653 was
deposited in escrow.
These are shown as part of the sale price of the
Simms Oil Co. stock.
T:
Volttme
Financial
,
Chronicle
The above statement does hot Include ehargesforthe nine months ended
Sent. 30, 1936 for depreciation ($43,932) and losses on property retirements
($428,123), 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. Two of these contracts have expired by their own terms
and the other has been settled on a compromise basis and the reserve ex¬
tinguished as of Sept. 30, 1936.
The rentals paid on these properties for
the nine months ended Sept. 30,1936, amounting to $57,678 were charged
to this reserve, but the rental income and tank car mileage earnings there¬
from, amounting to $855 and $5,116 respectively, were taken into income.
Capital Interest of Stockholders, Sept, 30, 1936
Undistributed capital and surplus:
Capital stock of Simms Petroleum Co., 463,650 shs, out¬
standing at par value of $10 per share.
Capital surplus: Balance, Jan. 1, 1936
$1,531,691
Amount realized on sales of fixed property
3483
Sierra Pacific Electric Co.
Period End. Oct. 31—
Operation
Maintenance
Taxes
(& Subs.)—-Earning#—
1936—12 Mos.—1935
$1,600,616
$1,709,231
678,957
605,421
86.866
80,897
196,668
244,197
1936—Month—1935
$153,738
$143,064
66,885
47,745
11,208
6,202
17,013
22,785
Operating revenues.
__
...
Net oper. revenues
$52,962
1,292
$778,714
3,764
Balance..
Retirement accruals
:.
$73,547
8,333
$642,586
10,644
$54,254
8,333
11,215
$782,479
Interest & amort., &C--
$4,636,500
$72,000
1,547
$638,124
Non-oper. income, net..
100,000
125,921
100,000
126,832
$54,570
$34,705
$556,557
$415,754
Net income.
—V. 143, p. 2695.
,..
4,462
>.
Southern Bell
and invests, in excess of book value after
reserves,
from
plus unused balance transferred
reserve
172,032
1,703,723
$1,107,439
1936—
Additional Federal income taxes
for prior year
'
Amount added to
,
reserve
Net oper. income.
-V. 143, p. 2861.
3,930
for loss
176,733
150,000.
Total.
____
Petroleum
on
Co
Remainder
Unrealized profit
.....
Southern Colorado Power Co.—Earnings—
on
;
............
$1,070,097
$815,584
214,309
for ret. res.).
6,259,275
-
$5,494,976
on contingent pay¬
fixed in agreement of May 14, 1935,
286,467
.....
Southern Ry.-
V
$5,781,444
....
Less miscellaneous debit adjustments (net)—
principally representing cost of settling certain
litigation against Simms Oil Co.
.......
........
1
.
3,782,304
Total.....
Remainder.........
7,241,999
$3,345,400
Liabilities—
$224,300 Accounts payable
receiv.
(less
Accrued
$60,421
reserve)
89,058
Accounts receiv. (less $3,727
reserve)
Accrued interest receivable.
Notes receivable—instalments
-
maturing
subsequent
Sept. 30, 1937
Invest,
in
capital
title and
income
$1,766
7,464
other litigations,
and
excess
profits
taxes, &c
183
profit on sale of
Simms Oil Co. stock
b728,235
1,070,097
2,275,302
Nil
Contingent assets...
a3,782,304
charges, prepaid insur¬
ance, taxes, &o_—.......
1,781
Def.
Total..—
$4,107,726 {
Total....
$4,107,726
a The agreement of
May 14, 1935, relating to sale of Simms Oil Co.
stock, provided that $4,155,000 of the consideration therefor was payable
Tide Water Oil 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 net oil and gas 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
Sept. 30,1936,
$2,602,955
Standard Brands
64,143,975
19,053,471
Jan. 1 to Nov.
1935
1936
1935
$2,262,090 $109,694991 $93,769,550
paid.—V. 143, p. 3012.
Inc.—Price Discrimination Charged—
The company, its subsidiary. Standard Brands of Calif., and AnheuserBusch, Inc., are charged with illegal price discrimination in the sale of yeast
in two complaints issued by the Federal Trade Commission.
The respondent corporations in both cases are charged with discriminating
in price between different purchasers of bakers' yeast of like grade and quan¬
tity by allowing certain customers prices varying from those which others
are charged.
An additional allegation of price discrimination in the sale of foil yeast
is contained in the complaint against Standard Brands, Inc.
The company
in this case is said to sell 300 cakes or more a month for 27C. a dozen and
any less amount in that period for 30c. a dozen.
The respondents are allowed 20 days from the date of service of notice
in which to file their answers to the charges.
„
$3,535,206. 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 funds
shown above, is subject to reduction in the event that
liability is esta¬
blished under the covenants of warranty in the agreement of
May 14,
1935 or if certain other non-admitted contingent liabilities of summq oil
„
Compensation Plan—
Unrealized
c
15,627,082
.
22,346
2,613
Undistributed cap. & surplus
not
...
....
Reserve for contingent loss in
5,208
of
Sobrantes Oil Corp., a sub.
consolidated, at cost..
Fixed property..
....
Other accrued taxes
to
...
stook
expenses..
Federal income taxes tor prior
year
1,646
3,243
12,673,369
23,223,756
of 50 cents per sbare was
2.275,302
.....
Consolidated Balance Sheet, Sept, 30, 1936
Notes
65,240,460
16,124,261
9,786,623
68,173,608
17,288,556
10,948,411
—Second Week of Nov,—
78,957,438
Spicer Mfg. Corp.—$2 Common Dividend—
-
—.—
Assets—
Cash..
$6,621,891
2,079,408
1,430,503
1936
(est.)_.
1933
1935
1934
$6,860,713
$7,888,030
2,552,873
1,649,007
1,850,066. ^1,030.832
Tbe directors have declared a dividend of $2 per sbare on the common
stock, no par value, payable Dec. 5 to holders of record Nov. 30.
A divi¬
dend of $1 was paid on Oct. 15 last, this latter being the first distribution
to be made on the common stock since Aug. 1, 1920, when an initial div.
$9,517,301
—
Total..
_.
...
$9,113,859
3,087,793
2,227,431
Period—
Gross earnings
3,816
—V. 143, P. 3334.
14.1935)...
Book value of Simms Oil Co. stock
sold.
$7,024,700
Expenses in connection with sale—
217,299
...
..
Net after rents
subject to reduction under various contingencies as set forth in the agreement of May
.
..
Gross from railway...
Net from railway.
$5,734997
.......
.
Net after rents
From Jan, 1—
46,446
Balance........
Contingent portion of sale price (principal" of
;
amount receivable from Tide Water Oil Co.
if; as and when oil is produced, plus escrow
funds; realization in full on these items being
1936
Gross from railway..
Net from railway
$170,049
-Earnings-—
October—
Total
$206,654
...
Net income
—V. 143, p. 2861.
being $379,417 principal and $84,703 in¬
terest, less $177,653 deposited in escrow
funds...
$601,275
427,410
...
—
Other income deductions.
$637,885
427,126
4,104
.-
Gross income
Interest charges (net)
....
Balance, Jan. 1,
544
r.
capital stock of Simms
1936
Nine months* instalments
ment
Other income...
$7,329,372
$815,040
$937,216
668
..
989,148
sale of Simms Oil Co. stock:
Fixed portion of sale price:
1935
1936
:$1,887,793
.$2,150,200
1,072,753
1,212,983
.>■
.......
....
$9,014,050
$1,004,119 $10,078,603
$1,094,797
12 Mos. Ended Oct. 31—
■Remainder..'.....
$930,706
Plus amount equal to charges made against
reserve for loss in title and other litigations,
&c., restored to surplus and deducted from
sale price of Simms Oil Co. stock......58,442
liquidation paid
15,814
3,238,948
607,233
rev.
$2<v,803
in title and other litigation, &c.
.Less dividends in
'
1936—10 Mos.—1935
$4,608,216 $47,363,584 $43,660,108
192,717
20,646
148,268
29,101,429
3,015,341
31,117,512
5,351,912
6,019,201
568,110
1936—Month—1935
$4,956,792
oper.
Operating expenses
Operating taxes....
„
Sept. 30,
Operating revenues
Uncollectible
Profit and loss surplus: Balance, Jan. 1,1936Deficit for nine months ended
,
Telephone & Telegraph CoEarnings
Period End. Oct. 31— "
for rental obligations...
,
Joseph Wilshire, President of the company, announced that the directors
pay additional compensation as follows:
Employees who have been with tbe corporation less than six months—
one-half week's salary.
Employees who have been with the corporation
six months or more—one week's salary. This additional compensation will
be paid on Dec. 15,1936.—V. 143, p. 2862,
had agreed to
Stanley Works—To Pay Extra, Special and Larger Regular
Dividends—
The directors have declared a quarterly dividend of 40 cents per share,
special dividend of 75 cents per share and an extra dividend of 60 cents
(or a total of $1.75 per sbare) on the common stock, all payable
Dec. 15 to holders of record Dec. 20.
A regular quarterly dividend of 25 cents per share was paid on Oct. 1
last.—V. 143, p. 1730.
a
per share
„
^
was
Co. referred to therein
are
established.
By agreement made on May 7, 1936, it was provided that Tide Water
Oil might withhold from the last portion of the
contingent payment a sum
equal to approximately $67,000 plus interest if, at the time payment of
Stone
&
Webster, Inc.
Sept. 30 {Parent Company)—•
1936
$
jf^LSS6tS~~~m
Stocks of sub. cos-61,242,738
Notes receiv. from
4,598,500
4,102,876
sub. companies.
Sec. of other cos__
-Comparative
1936
1935
$
Balance
$
Liabilities—
60,933,186 Accounts payable.
Taxes accrued....
77,510
29,985
8,219
Sheet
1935
$
31,059
17,582
14,407
1,079
4,648,500 Sundry liabilities.
25,486
3,953,877 Unadjusted credits
Capital stock (2,104,391 shares).50,000,000 60,000,000
1,569,464
Paid-in surplus
21,603,410 21,472,784
260,516
68,211
13,585 Earned deficit
such funds to Simms Petroleum Oo. would otherwise
accrue, the title to
a certain oil
property is stili in controversy.
Cash in banks and
b At Sept. 30, 1936, certain litigation was pending
against Simm« 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.
Included in such litigation is a suit
brought by the trustee in bankruptcy
of Virginia Oil & Refining Oo. in which the trial court decreed a
Other notes, Int. &
Acct. receiv. from
on June 12, 1936, against Simms Oil
Co.; et al., upon the basis of which
the liability of Simms Petroleum Oo. would approximate
$335,000.
This
contract, less res
Furn. & equip.,less
85,612
90,612
allow'ce for depr
39,605
1,920
868
49,899
1,376
on
•
1,577,591
26,687
offlc. under long
term stk.
judgment
judgment is being appealed.
Tide Water Oil Oo. has given notice of its
intention to deposit in escrow the monthly instalments on the
contingent
payment referred to in note (a) to the extent provided in the agreement of
hand
accts. receivable
purch.
Sundry assets
Unadjusted debits
15,892
May 14, 1935, until they equal the liability under the judgment, pending
determination of the appeal.
The above reserve has been provided for t.hia
and other possible losses of this nature, 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 $728,235 may therefore prove to he either
excessive or inadequate.
c The reserve for revaluation provided at June
1, 1935, was based on an
estimate made at that date of the amount to be realized on sale of fixed
property.
The amount realized to Sept. 30, 1936 had exceeded the total
of this estimate (although all of the property had not been disposed of)
and the amount of such excess was credited to capital surplus.
No reserve has been provided in the accounts for future
expenses of
administration, which the management estimated at not to exceed $250,000
for the period after June 30, 1935, for the company and its
subsidiary.
During the period from July 1,1935 to Sept. 30,1936, such expenses totaled
$70,763.
No value is indaded above for the right of Simms Petroleum Co. to receive
frpm Tide Water Oil Oo. under the agreement of May 14, 1935, a sum
equal to the amount by which $200,000 exceeds the aggregate Federal
income, capital stock, and excess profits and corporate franchise taxes of
Simms Oil Co. from May 1, 1935 to Dec. 31, 1939.—V. 143, p.
1416,
Total
71,676,400 71,276,395
Total
..71,676,400 71,276,395
The consolidated earnings and balance sheet for the
were
Standard Cap & Seal Corp.—To
a
period ended Sept. 30
published in V. 143, p. 3335, 3163.
Recapitalize—
A meeting of stockholders has been called for Dec. 11 to take action on
recommendation of the directors that the corporation be recapitalized by
changing each of the 211,005 outstanding shares of common of $5 par, into
one-half share of convertible preference, of $10 par, and one share of com¬
of $1 par.
It is proposed to provide the corporation with authorized
capital stock of 108,003 shares or new convertible preference stock and
500,000 shares of new common.
Each share of convertible preference will
be convertible into one share of common and will be entitled to cumulative!
mon
preferential dividends at the rate of $1.60 a year.
American Cities Power & Light, Corp.. an investment company, owns
approximately one-half of the outstanding 211,005 common shares of
Standard Cap & Seal.
"We have been advised that, in order to change its
present investment in Standard Cap for one more appropriate to the
general portfolio, American Cities proposes, if the recapitalization of Stand¬
ard Cap is effected, to make a public offering of all its holdings of Standard
Cap, except 25,000 shares of the new common stock which are to be offered
at favorable prices to three officers and directors of Standard Cap.., With
I
Financial
3484
( Swift & Co.—Larger Regular Dividend—Special Dividend—
single stockholder
& Seal. It is pro¬
York Curb Ecxhange of
Williams, Jr., President
exception *>f American Cities Power & Light Corp., no
at present owns over 12% of the stock of Standard Cap
posed to make application for listing on the New
the new preference and common stocks," Jarvis
of Standard Cap, stated.—V. 143, p. 3163.
.
Standard Gas & Electric Co. (&
The directors on Nov. 19
Subs.)—Earnings—
Operating revenues
$7,752,390
b Oper. exps., maint. &
taxes—..
4,107.266
$7,028,628 $95,066,420 $88,195,764
1
3.609.773
49.308.093 45,499.942
$3,645,124
14.781
Net oper. rev. A
Mm
oth,
$3,659,905
$3,446,674 $45,983,575 $42,978,220
Approp. for retire. &
deplet. reserves....
of
contractual
1,063,683
942.463
12.082.947
11.697.420
capital expenditures..
3.083
3.083
37.000
37.000
Amort,
$2,593,139
Gross income
102.271
102.486
1,099.036
12.791.556
*
93.262
1,276.957
9,150
129.068
5,766
5,766
41,667
69.192
500,000
69,192
375.000
35.629
3,757
—
32.900
1.347
04.709
376.720
Cr54,969
by sub
41.667
Fedl & State tax on int.
on funded debt
Other inc. deductions—
Cr7,125
Int. charges to constr'n.
Balance.
on
cap.
$1,139,806
stocks held
by public
35.199
$1,120,223 $17,510,341 $14,094,404
The
8,789.110
8,598.935
35.934
....
7.118
683.609
subs,
Standard
to
Gas & Elec. Co
of
Inc.
Divs.
797.318
93,081
ness
25.053
302.144
301.538
35.675
427.446
417,747
Divs.
1,823
$8,767,322
$6,805,780
."■*
$557,096
of
taxes
285.498
16.800
20,172
$540,296
$8,481,824
Amort,
State
tax
$339,880
111,125
254,419
526.951
$293,471
$451,005
$736,371
$946,511
^
on
partic.
47,663
class B stock at
$6,561,367
In cash
4,913
5.033
60.408
17,799
12,597
213,353
151,162
loss$l9,633
Consol. net income
$144,231
$3,662,419
$1,804,297
September. 1935, $50,006 for the 12 months ended Sept.. 30, 1936 and
$149,994 for the 12 months ended Sept. 30,1935 for amortization of extraor¬
dinary operating expenses deferred in 1931.
$254,419
$526,951
$688,892
25,097
$111,125
Balance Sheet Sept.
30, 1936
LiabilUies—
Assess—
(unsec.)- $8,800,000
credit
4,453,087
Accrued taxes159.952
Accrued rent and expenses-3,961
$2,348,776
Advances to manufacturers.
-
Accounts and notes rec. (net)
Including amortization of expenses in connection with proposed ex¬
tension of notes due Oct. 1. 1935.
b Including $16,666 for the month of
93.610
3,000
-—
Cash
a
101,912
20,800
100
.
Bal. at close of period-
57.881
and expense
103,012
7,400
96,610
-
for
pref.
stock purcnase fund--
4.418.970
129.057
84,798
3,450
86,074
class A stock—
Appropriated
on
funded debt,
of debt disc,
on
86,707
85,535
200
In class B stock
244.413
4,418,970
126.674
368.247
10,188
368,247
10,600
Int. on funded debt-_
Other interest
$481,952
$227,450
of
In class B stock
$381,926
Consol. net income
a
132,000
Notes pay. to banks
1,062.247
14,403.183
Manufacturers',
272,243
Acceptances and guaranteesInactive manufacturers'accts.
■*
79,268
Security investments
18,216
Office furniture
32.462
131,270
Deferred charges
balances
Dividends
Ac.
...
42,839
payable
Acceptances....
272,243
—
1,500,000
Preferred stock
Class B partic. stock
Class A
Statement of Income {Company
Only)
...
Appropriate! surplus
—
Unappropriated surplus.—..
,
1936—12 Mos.—1935
1936—Month—1935
1,481,350
920,100
155
25,097
688,892
—
partic. stock
Paid-in surplus
Per. End. Sept. 30—
$419,559
6%—
Divs.
Inc. charges of Standard
Gas & Elec. Co.:
on
50, §§9
::::::
In cash
Standard Gas A El.Co.
int.
74.858
20,000
78,000
preference stock
$402,098
&
68.218
66,021
110
Total..
.Fedl
100.000
and
Net profit
Balance of beginning
34,682
Other interest
&
$1,227,864
601.446
—.
Total surplus
Divs. on 5M%
indebted¬
of affiliates
Less—Exps.
$1,354,601
706.431
213,834
25.053
companies
on
$1,118,896
628,626
period
non-affil.
from
595,342
against
manufacture*
reserve
tax and surtax
Standard
Gas & Elec. Co.:
Interest
1935
accounts
$5,287,354
9 Mos. End.
Sept. 30,'36.
1934
refinancing expense--
$8,037,622
Stated Periods
1933
$1,036,628
Gross income
Prov. for
inactive
$403,287
,
,
Years Ended Dec. 31-
—
Prov. for registration
util.
applic.
Other
r™.
Stock Exchange for the
.
Income Account for
208,115
$342,363
non
$14 per share.
to the New York
used to supplement the company s work¬
ing capital in connection with the increased volume of its business.
An
issue of 30,000 shares of participating preference stock was marketed last
February, and subsequently listed on the New York
Exchange.
Upon completion of this financing, the company s outstanding capitaliza¬
tion will consist of 30,000 shares of 534 % participating preference stock and
359,390 shares of common stock.
•
.
.
Expansion of the factoring business of the company , which has prompted
the new financing, is reflected in its volume for the first 10 months of this
year, which amounted to $67,926,302, an increase of 20% over the corres¬
ponding period last year.
According to the prospectus, the company has
earned a net profit each year since its incorporation in 1914, with the
exception of the year 1932.
.
Conducting a diversified factoring business, company serves approxi¬
mately 400 manufacturers and merchants, principally in the textile and
allied fields, with lesser volumes in other lines. Including rubber goods,
shoes, gloves, printing and fuel oil.
Prov. for Fed. income tax
Prov.
for
Fed.
normal
Co
of
has applied
company
Expenses
709.818
Bal. of inc. of sub.pub.
util. cos. applic. to
Standard Gas & El.
Inc.
of common
established 82 years ago, was
placed on the market by
"Chronicle" the first public offering
F. Eberstadt A Co., Inc., at
Min. ints. in undistrib'd
net income
Inc.—First Common Stock Offering—
As noted in last week's
,
761,509
-
..
stock of this company since the business was
made Nov. 13 when 100.000 common shares was
393.374
5.684
Cr48.156
pref. cap. stock
Approp. for special res. .
Divs.
1.041,193
304.16»
236.572
14,253
& expense
Other interest
guar,
1.227,787
13.781.154
1.229.564
1,020.543
Rents for lease of props.
on funded debt
Amort, of debt discount
Int.
on
$2,501,128 $33,863,628 $31.243.800
—
—
front Jan. 1 the
it and thei special
ending Dec. 31, 1936.—V, 143,
listing of its common stock.
Proceeds of the offering will be
income
Divs.
be applicable to the taxable year
2538.
(James) Talcott
$3,418,855 $45,758,327 $42,695,822
27.819
225.248
282.398
Net oper. revenue
I last, and each three
of 25 cents was paid
share had been paid on Oct.
addition, a special dividend
may
P.
^
Other income—Net
special dividend of 30 cents per share
Feb. 15 last, and on Nov. 15 and Feb. 15,1935.^
The company stated that it had advanced to Dec. 21
usual time for payment of regular dividends, so that bdth
1936—12 Mos.—193b
1936—Month—1935
a
a
par
on
Deep Rock Oil Corp.. and Beaver Valley Traction Co. (subsidiary
of Philadelphia Co.) in receivership, and the subsidiaries of such companies]]
Sub. Pub. Ulil. Cos.,
declared
regular quarterly dividend of 30 cents per share on the common stock,
$25, ooth payable Dec. 21 to holders of record Nov. 30.
A regular
and
dividend of 25 cents per
months previously.
In
"""[Excl.
Per. End. Sept. 30—
Nov. 28. 1936
Chronicle
Inc. from divs. & int. Ac. J
$383,604
$439,290
$6,112,072
$5,477,841
25,053
30,000
25.053
302,144
301.538
10,885
affiliates
13.750
_■
V.
Divs. from engineering
& managem't
affil
Divs. from others
720.484
Int.
on
Int.
on
165.000
152,300
indebtedness of
439.407
1,823
427,446
36,981
34,682
affiliates
110
bank balances-
Tampa Electric Co.- -Earnings—
Operating
Operation
by
an
of
affil--
Int.
on
$7,022,197
285,498
$7,106,093
244.413
$528,274
368.247
368.247
10,600
10,188
$6,736,699
4,418.970
126,674
$6,861,680
4,418.970
129,057
4,913
5,033
60,408
57,881
17,799
12.597
213.353
151,162
-
Other interest
Fed. A State tax on int.
on funded debt
a
1,649.870
248,164
483.257
-
a
Including
$132,209
$32,493
amortization
extension of notes
of expenses
due Oct. 1, 1935.
in
$1,917,294
with
connection
Sun
compared
$1,804,973
16.542
30.771
$135,610
35.833
$1,821,515
430.000
$1,736,593
35.833
987
1,060
12.941
$107,766
Retirement accruals
Net income.
$98,716
33.065
42,585
Net "profit
Preferred dividends
with
the
$201.340
15,589
$129,770
15.963
$131,968
Net profit for common stock.Earned per share common stock, 35,500 shares outstanding
$185,751
$113,807
$114,817
$5.23
$3.21
Income taxes
the
common
Dec.
stock (par
a
dividend of 75 cents per share on
10 cents) payable
Dec.
15 to holders
of record
1.
This compares with 50 cents paid in each of the four preceding
quarters; 40 cents paid on Sept. 30, 1935; 30 cents on June 29, 1935; 20
March 30, 1935 and 16 cents per share paid in each of the three
preceding quarters.
In addition an extra dividend of 4 cents per share
cents on
y
mach. & equip.
paid on Dec. 31, 1934.
Directors stated, "We think that the increase
In the dividend rate is warranted by the increased production and earnings.
was
plan of operation has been made nor is there any
change contemplated. A Christmas bonus 50% more than that of last year
will be paid to the employees."—V. 143, p. 2538.
Sweets Co. of America,
30—
depreciation, Ac
x
Accounts recelv'le.
231.961
144,482
Accounts payable.
Inventory
813,674
7*7,783
18,633
46,237
46,238
Miscell. recelv les.
2,983
3,300
3,384
Deps. in closed bks
348
1,158
x$54,217
$45,150
x$86,538
$79,173
1936
$220,400
375,000
395,000
67,083
30.258
17.151
$3.23
Life ins.—cash val.
50,207
-
in operations...
Sink, funds for re¬
divs.
taxes—
Profit & loss surp-
Surplus
set
tire. of pref. stk.
44,994
20.767
$222,500
42,586
436,650
44,994
21,490
41,667
aside
for retirement of
preferred stock-
Deferred charges..
Total
penses and
Reserve for income
Securities owned.-
21,491
10,417
$1,613,381 $1,390,8431
Total
$1,613,381 $1,390,848
After depreciation allowances
$336,023 in 1936 and $299,090 in 1935.—V. 143. p. 2069.
x
of
x
Notes payable
1935
375,000
335,000
48,818
<
7,315
i
28,458
352,262
Accrued taxes, ex¬
21,650
_
Represented by 35,500 no par shares,
Texas Gulf Producing
1936—9 Mos.—1935
Common stock..
$343,752
y
Co,—To Withdraw Curb Issue—
Approval was given Nov. 24 by the Securities and Exchange Commission
the application of the company for permission to withdraw from listing
and registration on the New York Curb Exchange 888,088 issued shares
and 1,518 unissued shares of no par value common stock for the reason that
to
Before Federal taxes.—V. 143, p. 1576.
Preferred stock
$383,813
46,961
Inc.—Earnings—
1936—3 Mos.—1935
Net profit after expenses,
Liabilities—
1935
Land, buildings,
Cash
No change in the general
Period End. Sept.
1936
Real est., not used
Co.—Dividend Increased—
16 declared
—
Balunce Sheet Sept. 30
an extra dividend of 20 cents per share in
a regular quarterly dividend of like amount on
the common
$1, both payaole Dec. 23 to Holders of record Dec. 10.
An Initial
dividend of 20 cents and an extra dividend of 10 cents per share were paid
on Oct. 1 last.—V. 143, p. 3013.
Nov.
;
Assets—
par
on
1934
$195,292
34.920
28.427
Ray Drug Co.—Extra Dividend—
Sunshine Mining
1935
1936
$286,610
42.684
$193,119
Depreciation
proposed
The directors have declared
The directors
420.999
10,613
Taylor-Colquitt Co,—Earnings—
Years Ended Sept. 30—
addition to
stock,
$1,705,822
$134,531
1.079
$144,587
Interest
$2,104,610
Electric output of the Public Utility operating companies in the Standard
Gas A Electric Co. system for the week wnded Nov. 21, 1936 totaled
110,183,108 kilowatt hours, an increase of 18.1%
corresponding week last year.—V. 143, p. 3334.
237.982
461,960
-V. 143, p. 2863.
'
Weekly Output—
$3,997 673
1,591.907
def4l8
Profit before income taxes A deprec'n
Net income
42,854
r
$145,005
Balance
Amortiz. of debt disc't
A expense
,
20,117
47.030
Net oper. revenues
$545,074
16,800
$434,052
-----
funded debt
$4,186,266
137,613
23.162
Non-oper. income—net.
Expenses & taxes
Gross income
$338,162
137.222
-
Taxes
28,125
$454,224
20,172
Total
1936—12 Mos.—1935
1936—Month—1935
$349,376
-
revenues
Maintenance
Profit on redemp'n
secure,
143, p. 3336.
Period End. Oct. 31—
Int. on funded debt of
affiliate.
$18,347,668
Total
-$18,347,668
Total
,Divs. from pub. util.
Financial
Volume 143
these shares are now listed on the New York Stock Exchange.
tn this issue was suspended by the New York Curb Exchange
—V. 143, p. 3164.
Trading
Nov. 16.
3485
Chronicle
of
stock will
1937.
*
common
expire Jan. 6
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Oct. 31—
1936—Afiwtffc—1935
1936—12 Mos.—1935
Gross revenue.———— $1,301,096
$1,145,981 $14,726,399 $13,096,285
Oper. exps. and taxes..
775,220
700,946
8,520,542
7.196,519
Prov. for retire, reserve.
105,000
105,000
1,260,000
1,260,000
Int. & other fixed charges
222,025
222,216
2,692,480
2,681,038
Dividends on pref. stock
129.385
129,362
1,550.876
1,551,028
„
$407,698
$702,500
def$ll,543
Collateral Released—
The City Bank Farmers Trust Co., as trustee under the company's
and refunding mortgage, dated June 1,
first
1922, has notified the New York
Co.,
and in accordance with the terms of the mortgage, it has released from pledge
and canceled $5,321,000 principal amount Toccoa Electric Power Co,
first mortgage gold bonds, series A, 6%, due Jan. 1, 1962, being all the
bonds issuea under and secured by Toccoa Electric Power Co. mortgage
and deed of trust, dated as of Jan. 1, 1932; that the canceled bonds have
been delivered to the trustee and the mortgage of the Toccoa Electric Power
Co. has been satisfied, the property covered thereby having been acquired
by the Tennessee Electric Power Co.; that the trustee has been advised by
counsel
to the company that such property has become subject to the
lien of the aforesaid first and refunding mortgage, dated June 1, 1922.
The trustee further advises that it has released from pledge for cancella¬
tion 3,000 shares Toccoa Electric Power Co. capital stock and that it has
been advised by the Tennessee Electric Power Co. that proceedings will
be instituted for the surrender of the charter and franchise or Toccoa Electric
Power Co. and for its dissolution and termination of its corporate existence.
—V, 143. p. 3163.
Extra Dividend—
The directors have declared an
in addition to the regular quarterly
extra dividend of 50 cents per share
dividend of like amount on the common
value, both payable Dec. 15 to holders of record Dec. 1.—
stock, no par
V. 143, p. 2697.
^
Tran8ue & Williams Steel Forging
of 5 cents per share was paid on Oct. 1,
Period End. Oct. 31—
Incorp, Oct. 23, 1933 in California.
As of the close of
1934 the company acquired the business and assets of
Packing Co., an unincorporated group organized early in
engage in the canning of pure citrus juices, using a process now
Company
the
was
Santa Ana
1933 to
known as the instovac process.
in addition to the cann
ng of pure orange juice and lemon jui^e, the com¬
pany has developed and now packs several allied products, which include
TreeSweet Minced Orange, TreeSweet Orange Marmalade Base and orange
and lemon peel packed in brine.
The packing plant of the company is located in Santa Ana, -Calif.
Com¬
_
pany leases the plant but owns all of the equipment,
sealing equipment leased from the American Can Co.
Earnings—For the 13 months ended May 31, 1936 the company s state¬
ment shows net earnings of $16,970 after provision for Federal taxes.
This
amount is equal to $2 J6 per share on the average number of shares of com¬
mon stock outstanding
during that period after allowance of a sum equal to
dividends for said period on
preferred shares, but before capital loss susta ned in discarding of certain
plant equipment occasioned by enlarging
of plant facilities.
Purpose of Issue—These 4,000 shares of common stock are to be sold
only to persons who are residents of the State of California and are actually
present within said State.
These shares will be offeerd by the company
to present stockholders at a price of $15 per share and by Crowell, Weedon
$621,459
70,856
$625,654
38.336
$4,367,598
450,495
$3,977,973
393,330
Total income
.....
Miscell. deductions....
Fixed charges........
$692,315
21 —
21,223
331 .450
$663,990
5,712
$4,818,093
67,418
3,366,842
$4,371,303
60,765
3,418,182
—V. 143, p
price of $16.50 per share.
Company and
the right to reject, in whole or in part,
The company
proposes to apply the net proceeds realized by it from the
sale of stock covered by this offering, to the retirement of outstanding pre¬
to increase plant facilities, to provide additional working
ferred stock,
as
338,830
$339,642
$319,448
$1,383,833
$902,356
of Aug. 31, 1936
„
Authorized
Outstanding
Preferred stock (no par)..
2.000 shs.
*496 shss
Common stock (no par)
20,000 shs.
b 10,012 shs.
a 680 preferred shares were originally issued for cash, of which 184 share,
have been reacquired and canceled,
b 2,500 shares of common stock were
issued for the assets and business of Santa Ana Packing Co.. the unincor¬
.
—
porated business.
6,344 shares of common stock were issued for cash and
1,168 shares of common stock were issued for cancellation of indebtedness.
Tri-State Telephone &
Period End. Oct. 31—.
Operating revenues
Uncollectible oper. rev
Operating expenses—*.
Operating taxes
.
Telegraph Co.—Earnings—
1936—Month—1935
$501,096
$452,277
632
2,638
364,266
338,017
27,964
21,969
1936—10 Mos.—1935
$4,756,323
11,545
3,514,474
313,051
$4,361,456
17,081
3,275,880
222,780
$917,253
$845,715
2698.
Net oper. income—..
Thatcher Mfg. Co.*—Extra Dividend—
The directors have declared an extra dividend of $1.25 per share and
'a dividend" of 25 cents per share on the common stock, no par value,
both payable Dec. 15 to holders of record Nov. 30.
dividends of 25 cents per share had been paid on Oct.
quarter
a
reserve
any order received by them respectively tor the purchase of any of these
shares, or to allot to any such order less than the number of shares ordered.
Capitalization
1936—10 Mos.—1935
$2,263,447 $22,867,959 $19,242,071
1,415.421
15,759,923
13,233.711
156,000
1,489,320
1,046,000
59.987,
1,176,965
918,157
6,385
74.153
66,230
Other income..........
Net income
with the exception of
capital and for other corporate purposes.
1936—Month—1935
.
last.—V. 143, p. 2538.
Co.
business April 30,
Co.—jEarnings—
Operating revenues..... $2,724,821
Operating expenses.....
1,804,273
Railway tax accruals...
183,067
Equipment rents (net)..
107,597
Joint facil. rents (net)...
8,425
Net ry. oper. income..
Corp.—15-Cent Div.
(Calif.)—Stock Offered—An
issue of 4,000 shares of common stock (no par) was recently
offered to persons resident within the State of California by
Crowell, Weedon & Co., Los Angeles, at $16.50 per share.
Products
Crowed, Weedon & Co. each
The Corporation Trust Co., as transfer agent for the sub-share certificates
of proprietary interest issued under declaration of trust dated Feb. 1,1888,
has notified the New York Stock Exchange of the cancellation of 7,000
sub-shares as of Nov. Nov. 13,1936, making a total of 1,330.489 sub-shares
issued and outstanding as of Nov. 13, 1936.—Y. 143, p. 1249.
Texas & Pacific Ry.
amendment.—V. 143,
a dividend of 15 cents per share on the
stock, no par value, payable Dec. 21 to holders of record Nov. 30.
Similar payments were made on Oct. 1 and July 1, last, th s latter being
the first dividend paid since July 15, 1931, when a regular quarterly divi¬
dend of 25 cents per share was distributed.
In addition an extra dividend
& Co. to non-stockholders at
Texas Pacific Land Trust—Shares Canceled—
i
will
Warrants
stockholders.
The directors have declared
Stock Exchange that, at the request of the Tennessee Electric Power
Texas Gulf Sulphur Co.—50-Cent
such
common
Treesweet
,465
to
P. 3337;
Tennessee Electric Power Co.—Earnings-—
Balance.
be issued
The price to be subscribed will be furnished by
previously,—V. 143,
p.
Regular quarterly
1, last, and in each
2697.
$108,234
$89,653
—V. 143, p. 2864.
Truax-Traer Coal Co.
(& Subs.)—Earnings—
3 Months Ended Sept. 30—
Net profit after depreciation, depletion, interest, taxes, &c
1934
1935
1936y
x$149,015
x$36,249
$80,992
x Exclusive of discount
on debentures purchased for sinking fund re¬
quirements and before Federal income taxes,
y Including Truax-Traer
Lignite Coal Co.
I
Note—Of the above amount, $43,910 represents the proportion of the
earnings of Truax-Traer Lignite Coal Co. for the three months ended Oct.
31, 1936, applicable to the security holdings of Truax-Traer Coal Co. in
the Lignite company.
For that period, Truax-Traer Lignite Coal Co.
earned $44,066 as compared with $20,148 for the same period last year,
—V. 143, p. 2864.
—
Third Avenue Ry.
System—Earnings—
[Railway and Bus Operations!
Period End. Oct. 31—
Operating revenues
Operating expenses
1936—Month—1935
$1,194,799
860.363
116,304
$1,152,967
Operating income....
Non-operating income..
$218,131
38,563
Deductions.
$256,695
230,320
Taxes
—
Net income
-V. 143. P. 2864.
Toronto
$26,375
849,312
112,418
1936—4 Mo*.—1935
$4,473,872
3,313.479
$4,307,346
3.258,643
443.261
423.568
$191,237
36,974
$717,132
153,642
$625,134
150,204
$228,211
228,227
$870,774
916,744
$775,338
914,037
def$16
Elevators, Ltd, (& Subs.)—Earnings—
Period—
July 31 '36
$385,312
42,209
Prov. for depreciation..
124,526
Prov. for income taxes
33,288
Operating profit.......
Interest
July 31'35
$359,912
32,175
117,589
28,496
[Including Berwick & Salmon Falls Electric Co.]
Per. End. Oct. 31—
1936—Month—1935
1936—12 Mos.—1935
$2,383,065 $2,296,069
1,805,933
$1,639,624
Operating revenues.;
Operating expenses..*..
$211,454
132,802
$200,995
161.200
Net oper. Income..—
def$45.970 def$138.699
•Years Ended
Twin State Gas & Electric Co.—Earnings—•
$78,652
def67
$39,795
.110
$577,132
3,579
$656,445
2,989
Deductions.....
$78,585
53,109
$39,905
25.235
$580,711
323,277
$659,434
301388
Net Income—
Pref. div. requirements.
$25,476
$20,790
$14,670
$20,790
$257,434
$249,475
$357,565
Non-oper.
income—net
10 MosJEnd
July 31'34
$509,692
33,699
115.500
49,664
July 31'33
$298,606
29,422
23,764
95,398
Gross Income
.....
$249,447
—V. 143, p. 2698.
$185,288
Transf. to-general res...
Divs. on pref. stock....
DivB. on com. stock....
$181,651
104,006
25,426
104,456
25,000
$55,856
25,426
$52,195
25,411
$3.03
Acer, elevation writt. off
Surplus
com. stock (no par)
Earnings pea* share.....
Shs.
$3.20
$310,829
100,000
105,000
25.000
24,000
$56,829
25,000
$8.23
$150,021
.
1936
Assets—
$76,330
b Aoots. a bills reo
120,815
Contract sales for
future
delivery. 1,329,180
Accrued storage..
7,837
Grain inventories. 5,251,038
Agreement for sale
certain
on
real
estate......
Prepaid expenses.
Seats on grain ex¬
30,860
changes—
Land, leases, ele¬
12,100
c
1935
General reserve...
vator structures,
equip., dks., Ac. 2,186,073
1.954,599 Surplus
$9,014,234 $7,340,863
Total
Liabilities—
1936
$62,942 Owing to grain pur $1,134,962
720,117 Accts. pay. A accr.
charges........
148,527
Seed
Notes payable to
bankers (sec.).. 4,425,000
3.796
4,546,441 Int. A prin. pay. on
City of Sarnia..
65,204
Prov. for inc. tax.
35,600
15,000 Option accounts
8,798
30,367 Deferred liabilities
898,117
7%
cum.
conv.
7,600
preferred stock. 1,485,800
a Common stock._
134,200
Total
Union Pacific RR.—Earnings—
25.000
$£.85
1935
$47,438
131,969
4,195,000
Period End. Oct. 31—
1936—Month—1835
1936—10 Mos.—1935
Railway oper. revs
.$16,899,374 $14,941,117 $126.103982 $108.944722
Railway oper. expenses.
9,872,262
8,875,487
90,655,336
79,176,900
Railway tax accruals—
1,097,565
777,110
10,866,732
8,768,844
Equipment rents
1,058,702
1,123,504
6,309,232
6,980,867
Joint facility rents
49351
66.469
472,209
423,824
Net income
54,741
38,216
19,030
602,201
1,486,300
100,000
133,700
100,000
588,125
Union Public Service Co.—Bonds—
The Federal
Unit Corp. of
.
America—Successor—
See Fuller Manufacturing Co. above.—V. 134, p.
2547.
United Carbon Co. (& Subs.)—Earnings—
9 Mos. End. Sept. 30—
1936
1935
1934
c
Transcontinental & Western Air, Inc., Kansas City
—Files with SEC—
of the
5% 1st mtge. gold bonds, series A, due 1958 and reimburse its treasury in
part for fixed capital additions which have been made since June 1, 1928.
the date of the series A bonds.—V. 143, p. 3014.
532,269
After reserve for depreciation of $767,843 in 1936 and $645,018 in
d Includes contract sales for future delivery of $552,557.—V. 141,
Power Commission has approved the application
for authority to issue and sell $1,250,000 4% 1st mtge. A ref.
bonds and utilize the proceeds from the sale to retire $1,183,500 outstanding
$9,014,234 $7,340,863
3394.
$4,098,547 $17,800,475 $14,594,287
company
Represented by 25,426 shares of
1935.
1935.
p.
$4,821,494
—V. 143, p. 2698.
no par value in 1936 (25,411 in 1935.)
b After reserve for doubtful accounts of $18,000 in 1936 and $16,000 in
a
&c,—
The company announced on Nov. 23 that James H. Allen had, been
elected Vice-President.
At the same time it was announced that Edward
J. Noble had been elected a member of the board of directors to succeed
Charles L. McMillen, recently resigned.—V. 143, p. 3164.
$46,272
Consolidated Balance Sheet July 31
Cash...
Union Bag & Paper Corp.—New Vice-President,
-
78,750
25,000
a
Total Income....
Deprec. and deple
Minority interests......
Net
profit
Preferred dividends....
$2,735,716
$2,148,762
$1,558,479
1933
$959,603
879,060
281,690
784.411
630
570.066
479,956
$1,574,965
......
775,876
$1,363,721
......
714,058
......
......
$988,413
$479,647
51,728
544,086
60,749
185,063
The company has filed a registration statement with the Securities and
Exchange Commission covering 257.711 shares of common stock ($5
Common dividends.....
par) and subscription warrants evidencing the rights to subscribd to 207,711
Surplus
$799,089
$649,663
$392,599
$233,835
Shs. com.stk. (no par)..
397.885
397.885
370.127
370.127
Earnings per share.....
$3.96
$3.43
$2.53
$1.13
a After deducting
manufacturing .selling, gen. and admin, expenses.
Federal and State income taxes ana reserve for expenses.
Note—No provision made for Federal surtax on undistributed profits.
shares of common.
Of the common, 207,711 shares are to be offered for subscription to
stockholders pro rata at rate of one share for each three shares held to stock
of record Dec. 17.
Transferable subscription warrants evidencing the
subscription rights, but exercisable only in amounts calling for full shares
Financial
3486
Consolidated Balance Sheet Sept.
1936
1936
Trade-marks, contracts, Ac
y
408,382
813,064
600,784
380,363
701,432
656,084
578,127
838,455
Mlscell. def. llab
Res. for deprec. A
Surplus
274,180
274,180
2,069",927
2,629,076
...
Fuel
927,346
880,200
159,016
Corp. stock, Ac.
Deferred charges..
27,719,371 25,998,981
Total
Represented by 397,885 no par shares.—V. 143, p. 2387.
Corp.—40-Cent Extra Dividend—
United-Carr Fastener
The directors have declared an extra dividend of 40 cents per share
in
dividend of 50 cents per share on the com¬
stock, no par value, both payable Dec. 15 to holders of record Dec. 10.
This compares with 50 cents paid on Sept. 15, last; 30 cents paid on June 15
and March 16, last, and on Dec. 16,1935; 25 cents paid on Sept. 16, June 15,
March 15, 1935 and on Dec. 15, 1934; 15 cents per share paid on Sept. 15,
June 15, and March 15, 1934, and 10 cents paid on Jan. 15, 1934, Oct. 16,
1933 and on Jan. 15, 1932.
In addition an extra dividend of 15 cents was
paid on Dec. 16, 1935.
addition to the regular quarterly
mon
Bonus to
Employees—
'
,
,A bonus of two weeks' salary was voted to all employees on payroll
Dec. 31, 1933, while those hired subsequently but before June 30, 1936,
will receive one week's pay and those who have been employed since will
receive
a
small cash consideration.—Y. 143, p.
i
United
.
'
•
''
'■
'
2864.
'
'
] '
'
*
Corp.—To Pay Common Dividend—
have declared a dividend of 20 cents per share on the
stock, payable Dec. 18 to holders of record Dec. 7.
This will be
the first payment made on the common shares since July 1, 1933 when a
quarterly distribution of 10 cents per share was made.—V. 143, p. 2540.
The
directors
common
United Electric Coal
Period End
Sept. 30—
Cos.—Earnings—
'
1936—12 Mos.—1935
1936—3 Mos —1935
Profit from opers. before
143,
p.
92,887
14,309
430,871
56,327
381,666
58,287
35,514
Net income
-V.
$598,749
$779,021
$141,730
110,126
13,982
deductions
-
Corp.—To Pay $7 Pref. Div.—
United States Steel
24 declared a dividend of $7 per share on account
7% cumulative preferred stock, par $100, payable
Dec. 24 to holders of record Dec. 1.
This compares with $3.75 paid on
Nov. 28, $1 per share paid on Aug. 29 last and dividends of 50 cents per
share distributed each three months from Feb. 27, 1933 to and incl. May
29, 1936.
Arrearages after the Dec. 24 payment will amount to $9.25 per
share.—V. 143, p. 3165.
The directors on Nov.
,
Corp.—Earnings—
United Stockyards
10 Months Ended Oct. 31—
Net income after all charges
Federal taxes
—V. 142, p. 3015
1936
1935
$986,434
$658,942
525,938
354,72$
and provision for
43,109
144,425
200,557
$28,959
$147,399
loss$8,575
loss$41,761
Universal-Cyclops Steel Corp.—Files with SEC—
registration statement has been filed with the Securities and Exchange
covering 100,000 shares of common stock ($1 par).
It is.
expected that the principal underwriter will be A. G. Becker & Co., Inc. >
Of the 100,000 shares covered by the registration, it is stated that;
39,353 24-100 shares will represent new financing, proceeds of which are
to be used in part for plant improvement and the balance for additions
A
working capital.
The remainder of the stock comprised in the pro¬
posed offering will be supplied by individual shareholders.
Corporation represents a merger of Universal Steel Co. and Cyclops
Steel Co., which was effected in September of this year.
There has pre¬
viously been some community of ownership of the two companies and
close working relations between them, but no direct corporate relationship.'
The corporation, whose business dates back to 1908, is engaged in the
production of tool steels, and various alloys and high speed steels for
to
special purposes.
Plants are located at Bridgeville, Pa., and Titusville,
Pa.
The corporation has no funded debt and no preferred stock.*
Giving
effect to the present financing, capitalization will consist solely of 500,000
shares of the one class of stock.
*
L
■
-
the constituent companies have advanced sharply
and nine months ended Sept. 30, 1936, reported
Combined earnings of
in the period of
three
years
in the registration statement.
increased to $555,136 in 1935 and to
upon
Net in 1933 amounted to $176,602,
$608,472 in the nine months ended
Sept. 30 last.
The latter figure amouhts to $1.32 a share on the stock
outstanding at the end of the period, and to $1.21 a share on the amount
to be outstanding on completion of the proposed financing.
The cor¬
poration has indicated its intention to place the stock on a regular $1
The
basis.
has indicated its intention to apply for
corporation
listing of its
the New York Curb Exchange.
on
Universal Pictures Co., Inc. (&
39 Weeks Ended—
Net loss after taxes, de¬
Subs.)—Earnings—
July 28 '34
July 28 '33
y$735,756xprof$77,077
$728,747
July 27 '35
Aug. 1 '36
z$812,474
preciation, &c
providing for non-recurring loss of $158,608 settlement of notes
theatre company in receivership, and $10,000 for esti¬
mated loss on funds in closed banks,
y After giving effect to deduction
from costs and expenses of $197,449 on account of excessive provision for
royalties and foreign income taxes made prior to the beginning of the present
x
2070.
.
Commission
stock
Interest on mtge. bonds
Federal taxes and other
.
of accumulations on the
annual dividend
$188,581
royalties, depl. & dep.
Royalties, depletion and
depreciation
'
.
of the Dec. 15 dividend will amount
share.—V. 143, p. 2387.
Equity in net Income applicable to United Stock¬
yards holdings of the sees, of the underlying cos.
347,985
27,719,371 25,998,9811
•Total
to $24 per
324,240
Minority Interest.
Ino
y
320,000
Res. for Fed. taxes
bonBlack Export
200,000
357,428
424,867
losses, Ac
Cap. stock of Car-
River
11 ,303,441 10,004,534
depletion
Res've for possible
and
accts. & secur..
Miss.
11,166
45,000
.
.
500,000
156,447
128,250
150,904
_
Inventories
notes
11,952,538
391,127
238,731
298,414
259,725
Accrued taxes, Ao.
Deferred Income.
accepts.,
receivable
Accts. receivable..
Sundry
598,521
this latter being the first dividend
quarterly dividend of $1.25 per share
was
Common stock. 11,952,538
Accounts payable.
Unpaid dividends.
Notes payable
1
864,026
-
Cash
A
%
1936
1 and Sept. 10, 1935.
Nov.
on
1, 1930, when a regular
distributed.
Accumulations after the payment
since Nov.
1935
$
Liabilities—
Ld.,bldgs., equip.,
wells, Ac
23,141,592 21,274,613
Notes
last and
30
1935
Assets—
Nov. 28,
Chronicle
After
receivable from a
United Gas
Corp. (& Subs.)—Earnings—
Period End. Oct. 31—
Total oper.
1936—12 Mos.—1935
1936—3 Mos.—1935
$9,334,477
Oper.exps.,incl. taxes..
4,344,885
$5,992,072 $36,905,128 $26,515,731
3,454,525
16,461,079
14,255,234
from oper..
Other income (net)
$4,989,592
33,348
$2,537,547 $20,444,049 $12,260,497
19,139
107,908
97,940
Int. to pub. & other ded's
Int. charged to constr..
$5,022,940
657,954
CY6.876
$2,556,686 $20,551,957 $12,358,437
308,725
1,672,625
1,273,737
Cr6,228
Cr21,563
Cr38,665
Prop, retire. & depletion
reserve appropriations
1,206,608
Net
revenues...
revs,
Gross corp. income
4,922,354
673,091
3,330,616
fiscal year.
z
Due to changes in
accounting policy with respect to consolidation
of
operating results of foreign subsidiaries, there is included in the above figure
operating results of nine foreign subsidiaries for a period of only 30 weeks;
of 16 subsidiaries for a period of 34 weeks, and share of revenue from Eng¬
lish distributor for 37 weeks.
If the results of foreign operations had been
included for the full 39-week period, the consolidated loss for the period
would reflect at $600,815.—V. 143, p. 1251.
Universal Pictures Corp.—Vice-President—
P.
James
Normanly, General Business Manager, has been appointed
charge of business and financial contacts, it was an¬
Yice-President in
Balance
$3,165,254
Pref. dividends to public
9,345
Balance
$3,155,909
$1,581,098 $13,978,541
9,345
37,380
$7,792,749
37,380
$1,571,753 $13,941,161
$7,755,369
Portion applicable to mi¬
29,603
Net equity of U. G. C.
in income of subs..
•
16,673
76,816,,
$3,126,306
$1,571,753 $13,864,345
$7,738,696
$3,126,306
28,450
$1,571,753 $13,864,345
24,091
146,863
$7,738,696
89,761
$3,154,756
90,033
443,797
$1,595,844 $14,011,208
64,885
360,887
723,350
2,681,163
$7,828,457
247,818
2,869,812
United Gas Corp.—
Net equity of U. G. C. in
income
of subs,
(as
shown
above)
Other income
Total income
Expenses, incl. taxes...
Interest
$2,620,926
$807,609 $10,969,158
$4,710,827
aries represent full requirements for the
respective periods only (whether
or not paid) on securities held by the public.
The "portion applicable
minority interests" is the calculated portion of the balance of income
applicable to minority holdings by the public of common stocks of subsidi¬
aries at the end of each respective period.
Minority interests have not been
charged with deficits where income accounts of subsidiaries have so re¬
sulted.
The "net equity of United Gas 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 accounts of individual subsidi¬
aries have resulted in deficits for the respective periods.—V. 143, p. 2864.
paid
to
United Gas & Electric
The directors
have
declared
a
Corp.—Larger Common Dividend
dividend
of 90
cents
per
share on the
value, payable Dec. 15 to holders of record Dec. 1.
This compares with 60 cents paid on Sept. 25 last; 75 cents paid on Dec. 31,
1935; $1 per share on Nov. 6, 1935, and 75 cents per share paid on Dec. 31,
1934.—V. 143, p. 1419.
common
stock,
no par
United Gas
(kwh.)
—Y.
143,
*36 Nov.
94,143,268
p.
United
3337.
Nov. 7 '36 Nov. 23 '35
14 '36
91,132,966
90,166,698
82.740,084
Employees—
Universal Steel
6%
preferred stock, par $100, payable Dec. 31 to holders
of record Dec. 15.
This will be the first dividend paid on the preferred
stock since April 15, 1929, when a quarterly dividend of $1.50 per share
have declared
a
dividend of $4.25 per share on the
-
Co.—Merged—
See Universal-Cyclops Steel Corp.
above.—V. 113, p. 427.
Light Corp.—Hearing—
petition under Section 77-B of the Bankruptcy Act filed by
holders against the corporation came up for hearing
at Chicago, Nov. 16, he entered an order
referring the matter to the executive committee of district judges for reassign¬
ment preferably to Federal Judge Holly who has two allied cases now pend¬
ing before him.—N. 143, p. 3166.
When the
debenture
certain
before
Federal Judge Barnes
Utility & Industrial Corp.—New Director—
Announcement has been made of the election of E.
member of the board of directors.—V.
143, p.
K. MacDonald as a
1896.
Viking Pump Co.—Special Dividend—
have declared
The directors
a
special dividend of $1 per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 1.
with special dividends of 25 cents paid on Sept. 15, and
June 15, last, on Dec. 16, 1935, June 1, 1935, and on Dec. 20, 1934, this
latter being the initial distribution on the issue.—V. 143, p. 1660.
common
Tins
compares
Virginia Electric & Power Co.—Earnings—
Per. End.
1936—Month—1935
1936—12 Mos.—1935
$1,425,513
$1,295,816 $16,073,570 $15,232,223
562,758
493,703
6,416,305
5,874,813
108,133
83,079
1,102,478
989,876
175,281
156,588
1,728,785
1,903,520
Sept. 30—
Gross earnings
Taxes
Inc. from other
$6,826,000
Balance.
Int. & amortization
$562,445
$562,445
151,177
$6,886,000
1,916,118
$6,464,013
1,867,128
$411,268
$4,969,881
1,866,666
1,171,557
$4,596,885
1,800,000
1,171,632
$1,931,658
$1,625,253
60,000
non-cumulative
was
distributed.
Recapitalization Plan Voted—
Balance
$429,809
Appropriations for retirement reserve.
Preferred dividend requirements
Balance for
Stockholders at their annual meeting held Nov.
19 approved reduction
capital to $5,500,000 from $13,500,000 and exchange of two shares
of new $10 par common stock for each share of existing $100 par common
stock.—V. 143, p. 2387.
$6,464,013
$579,340
6,666
$586,006
156,197
sources.
/
Paperboard Co.—To Pay $4.25 Preferred Div.—
The directors
the common
Company will make a Christmas distribution to its 500 employees of
$25 for each one employed for nine months or more and slightly less than
that to those employed for shorter periods.—V. 143, p. 1577.
Maintenance
Improvement Co.—Weekly Output—
Inc.—Larger Dividend—
par
Operation
Week Ended—
Nov. 21
Electric output of system
511.
value, payable Dec. 18 to holders of record Dec. 8.
This
compares with 75 cents paid on Sept. 30 last; 25 cents paid on June 30 and
March 31 last; 40 cents on Dec. 31 and Sept. 30. 1935; 20 cents per share
in each of the three preceding quarters, 40 cents on Sept. 29, 1934, and
20 cents per share on June 30 and March 31, 1934, this latter being the
first payment made since Jan. 2. 1933,when a dividend of 10 cents was paid;
no
Utilities Power &
Notation—All inter-company transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of subsidi¬
p.
The directors have declared a dividend of $1.25 per share on
Christmas Bonus to
Bal. carried to consol.
earned surplus.....
137,
Universal Products Co.
stock,
nority interests
•
nounced Nov. 27.—V.
common
divs. and surplus.
—V. 143, p. 3015.
in
United
First
States
&
International
Securities
Corp.—
Preferred Dividend—
The directors
accumulations
have declared
on
a
dividend of $2 per share on account of
the $5 cumulative first preferred stock,
no par
value,
payable Dec. 15 to holders of record Nov. 30.
A dividend of $1 was
paid on Nov. 2 last and dividends of 75 cents per share were paid on Aug. 1
and May 1 last.
A dividend of 50 cents per share was paid on Feb. 1
Wabash Ry.- -Earnings—
October—
Gross from railway..
Net from railway
Net after rents
From Jan. 1—
...
...
...
Net after rents
...
2868.
1935
1934
$4,096,361
1,187,030
677,124
$3,872,836
$3,253,331
898,482
497,484
$3,232,912'
1,088,390
668,459
37,922,982
9,277,544
4,358,909
34,218,979
8,148,975
3.809,476
32,123,588
8,183,900
3,524,822
30,352,683
6,967,803
1,937.440
863,469
404,743
.
Gross from railway..
Net from railway
—V. 143, p.
1933
1936
...
Volume
Financial
143
Vulcan
Detinning Co.—Earnings—
Period End. Sept. 30—
Sales
a
1936—9 Mos.—1935
1936—3 Mos —1935
$972,293
$925,408
888,227
856,275
Expenses, deprec., &C-
$2,326,414
2,113,151
$2,369,598
2,168,807
$69,133
23,732
$213,263
b57,983
$200,791
72,398
3487
Chronicle
Federal income tax liability to and including the fiscal year ending Aug. 31,
1929 of $309,484 and adjustments of other reserves and accruals provided
in prior years of $390,304.
x Profits are not subject to the surtax on
undistributed profits,
z Loss.
Consolidated Balance Sheet
Profit
Other income
$84,066
b20,012
Assets
Cash.
Aug. 29, '36 Aug. 31/35 Aug. 25/34
$
$
$
3,888,217
3,312,593
4,664,138
f
1,310,661
1,019,735
I 56,794
__
Total income
Tax reserve, &c
$104,078
26,399
$92,865
15,146
$271,246
66,076
$273,189
55,217
Notes receivable
Trade customers
Net income
c$77,679
$77,719
c$205,170
$217,972
Officer & employee notes & accts .rec.
Sundry accounts receivable
J947,181
\
205,196
shs.
$100)
(par
com¬
stock.
$4.21
$3.89
$1.56
$1.58
adjustments and charges at current prices for tin-bearing
materials (other than tin plate scrap) used in operations, less credit for
finished and in process inventory as of Sept. 30, 1936.
b Net from other
transactions, from interest and dividends and miscellaneous adjustments
of inventories,
c Exclusive of surtax on undistributed profits.
mon
Includes
a
Comparative Balance Sheet Sept. 30
.Assets—
x
1936
Pats., goodwill, &c 2, 794,677
Cash
889,388
Inventories.
1, 083,533
Investments
276,197
Accts. receivable..
288,314
Def.
charges
2,794,677
210,400
1,628,210
265,962
Accts. payable and
accruals
181,725
170,690
Dividends payable
26,640
27,367
other Governm't
prepaid expenses
charges
9,100
9,097
58,934
—
Res. for contgs. &
in general
261,863
tetrachloride
equalization
62,203
res.
Pref. stk. in treas.
82,626
2>r407,100
Excess of par val.
over cost of
pref.
shares in treas
57,845
_.
1,217,538
Surplus
Total.
$6,465,495 $6,493,5801
After
x
deducting
for depreciation
143, p. 1420.
reserve
$1,561,352 in 1935.—V.
1,103,590
$6,465,495 $6,493,580
Total.
of $1,806,530
1936 and
in
,
Walgreen Co. (& Subs.)—Earnings—
Cost of sales & expenses.
Operating profit
1936
1935
1934
1933
$61,783,953 $58,106,876 $53,654,657 $46,026,125
58,747,419
55,519,138
44,000,746
50,996,644
Total income
Other
charges
Federal taxes
$3,036,534
181,688
$2,587,738
285,800
$2,658,013
246,224
$2,025,378
224,893
$3,218,222
G'r52,190
415,879
..
Other income
$2,873,538
267,451
285,715
$2,904,237
175,134
$2,250,271
•
325,448
170.208
104.340
Capital stock and fran¬
chise, taxes, &c
Net profit
69,631
Common dividends
Surplus
$2,320,372
265,433
921.294
$2,558,895
x265,922
760,354
$1,820,483
x268.761
571,276
stock outstg.
com.
828,961
share
per
$3.04
Consolidated Balance Sheet Sept. 30
1936
1935
$
$
Assets—
Land, bldgs. &
equipment
6,572,360
Goodwill,
lease¬
1936
Liabilities—
3,192,620
422,662
Warehse. receipts.
217,504
Inventories
9,032,471
Prepaid charges
718,396
Investments
917,639
...
Walgieen
$
4,083,700
Common stock.. 6,816,690
payable,
&c
2,950,459
Employees' invest¬
5,865,698
y
4,083,700
6,816,690
Accounts
holds, &c
Notes & accts. rec.
1935
$
Pref. 6^% stock.
x
Cash
2,891,408
ment certificates
411,727
Tax
680,608
provision
46,650
453,215
2,301,326
Surrender
60,000
co..
7,142,296
312,099
6,193,196
zCommon treasury
stock...
Dr369,456
Dr561,831
Earned surplus—
7,906,606
484,224
712,385
Total
Serial
5,063,304
30,700,000
45,369,872
Total
....21,123,554 19,184,631
After
ser.
due 1939-.
Mortgages and funded debt
Propor. of cap. & surp. of sub. cos.
applicable to minority stockholders
y Preferred stock
Common stock.
273,432
5,670,885
19,006,723
56,774,519
10,469,148
-
Capital surplus
Deficit
Inc.
!
Total profit.________
$3,872,583
685,000
$644,558 r$2,809,258
438,296
268,579
z6,636,756
341,978
$1,082,853 z$2,540,679 z$6,294,778
396,998
Propor.
of net earnings
or losses applicable to
minority stockholders
Net profit
6%
redemption of
debentures._____
cumulative dividend of $1 per share and convertible into commoii stockl
and net proceeds will be used to provide additional working capital which
handle a greater volume of business.
1 T > .(i
Upon completion of registration with the Securities and Exchange Com¬
mission, the stock will be sold in its entirety to the investment syndicate
of Haskell, Scott & Jennings, Inc., Chicago, and Rawls & Co., New York,
and public offering price of this stock is expected to be $15.75 per share.
"
.
*
Earnings for the Year Ended Oct.'61, 1936
Net sales..
Cost of goods sold
-
Elec.
3,967,189
_
Gross income from operations
Selling, general and administrative
$744,217
324,596
expenses.
Net operating income
Other deductions less other income
$419,620
12,579
57,615
Provision for Federal income taxes
Net income to surplus—...
$349,426
174,969
112,370
$3.41
Total cash dividends paid and declared
Stock dividends paid
Earnings
per
share on 102,474 shares of capital stock ($5 par)
1936
Assets—
Current assets
Liabilities—
1935
Property not used
Fixed
19,300
515,203
$979,662
Capital stock
$503,091
512,370
Earned surplus...
19,500
1935
$129,429
400,000
450,230
Total...u.....$1,530,665
x
320,101
1936
Current liabilities.
$694,342
$1,160,665
251,542
(less
assets
30,599
14,276
$1,530,665
Total
$979,662
;
Represented by shares of $5 par.—V. 143, p. 1420.
x
West Point
Manufacturing Co.—-Earnings—
(Including Dixie Cotton Mills fully owned Subsidiary)
Consolidated Statement of Income and Surplus
Year End.
44 Wks.End
Aug. 29, '36 Aug. 31, '35 Sep
1, '34
$16,094,282 $13,056,558
■
V
.
Net sales of cloth and yarn....
$18,438,995
Cost of cloth & yarn sold & selling
adminis. expenses.
16,977,723
Oper. profit of cloth mill divs
Net profit of other divisions
Other income (less other charges).
Estimated prov. for Fed. & State inc.
—
16.671,113
12,130,435
$1,461,272 loss$576,830
104,510
101,232
65,608
60,381
$926,122
94,839
9,917
251,716
taxes
Net profit for the year
Previous surplus
Dr159,008
$1,379,675 loss$415.216
6,775,869
7,839,085
226,202
Miscellaneous credits
Total surplus
$8,381,746
$7,423,868
$871,869
7,671.056
$8,542,925
Excess of net assets of Dixie Cotton
stock at acquisition
10,270
11,697
10,166
3,030
$674,159 z$2,530,514 z$6,291,748
16,346,564
19,547,005
12,078,665
made
Research
867,441
1,022,481
1,155,172
1,286,071
with
180,000
Red. of non-oper. plants to assessed
Surplus reserve for contingencies
Dividends paid in cash...
276,596
103,160
432,000
468,000
271,840
432,000
Inc
5,099,789
studio assets
destroyed
Other credits.
Surplus unappropriated
x$7,569,990
$6,775,868
$7,839,085
72,000 shs. cap. stk.
(par $100).
$19.16
Nil
$12.10
x The companies have made no provision in their accounts for
liability,
if any, for tax under title III of the revenue act of 1936 (windfall tax)
because of uncertainties as to interpretation of the statutory provisions.
Earns, per sh. on
Prod.
Net ins. recovery in ex¬
cess
of book val. of
f1,029,584
276,225
30,131
159,447
Consolidated Balance Sheet
796*259
A u#.31'36
Total deficit.
Miscellaneous
debits—
$9,886,972
582,176
$14,343,568 $15,663,112 $16,288,083
617,743
683,452
b3,258,922
Profit & loss
Before
deficit...$10,469,148 $14,961,310 $16,346,564 $19,547,005
for amortization and depreciation, interest, mis¬
providing
b Includes net loss on sale or abandonment of pro¬
perties of $1,535,894; loss on sale ofsubsidiary company of $334,444; pro¬
vision for loss on guaranty of mortgage of an affiliated company of $546,730;
net loss on miscellaneous investments and advances of $18,966; investment
in and advances to Skouras Bros. Enterprises, Inc. (in
bankruptcy) of
$668,666; investment in and advances to an affiliated company $155,220.
cellaneous
Includes
$574,601
charges,
depreciation of studio properties amounting to $752,318 in 1936,
1935 and*$691,011 in 1934.
d Exclusive of depreciation of
f Includes recoveries of pro¬
in
studio properties,
e Interest expense only,
visions made in prior years for investments
in affiliated companies occa¬
sioned by sales of investments dining the year of $329,794, adjustments of
estate
Atttf.31/35
$
Assets—
Real
and
c
5
$4,711,406
„
on
Settlement
a
...
Mills over est. market value of its
.x$3,177,313
14,961,310
Previous deficit...
19,006,723
56,650,505
14,961,310
Stockholders at a special meeting held Nov. 23 ratified the plan of the
board of directors to issue 40,000 shares no par value preferred stock
valuation.
Profit
,5,670,885
Issue New Preferred Stock-—
52 Wks.End.
„
Prov. for Fed. inc. tax._
599,045
5,670,885
19,006,723
56^325,485
16,346,564
581,358
i;..
...
Went worth Mfg. Co.—To
(& Subs.)—Earnings—
Aug. 29,'36 Aug. 31, '35 Aug. 31/31 Aug. 26,'33
aNetincome
$34,933,657 $31,419,227 $26,828,737 $23,504,457
Amount of film costs._.c21,250,565 c20,185,020 cl8,160,209 dl6,074,565
Amort. & deprec. of prop
5,098,475
5,450,610
6,174,278
8,233,108
Int. & misc. chgs. (net). ©4,786,832
©4,888,198
5,092,995
5,573,478
Prov. for inv.in affil.co's
230,841
140,153
168,233
111,483
Prov. fpr losses of co's in
equity receiversh ip
70,769
Prov. for contingencies305,682
Miscellaneous charges
20,000
77*811
42,280
$3,351,949
520,634
33,845,000
52,642,734
Total
173,009,012 168,471.830 168,342,026
x Represented
by 3,801,344 shares common stock,
y Represented by
103,107 shares of no par value.—V. 143, p. 1098.
Consolidated Income Statement
Other income.
955,137
540,000
551,576
bonds, sinking fund require¬
obligation, &c
Opt. 6% conv. debs.,
Years Ended--
.
2,926,825
31,924,000
50,029,024
307,011
590,521
1,510,853
1,075,474
1,220,262
ments, purchase money & contract
prepaid expenses
21,123,554 19,184,6311
Net profit before min.
interest
198,176
2,036,587
811,834
365,354
250,744
9,463,869
183,714
2,993,423
636,651
263,961
394,289
Deferred charges &
181,975
Warner Bros. Pictures
174,572
1,745,343
1,012,151
484,566
546,212
1,052,058
1,294,643
1,500,000
Reserve for Federal income taxes
Reserve for contingencies
depreciation)—
depreciation of $4,600,588 in 1936 and $4,524,112 in 1935.
y Represented by 858,409 no par shares,
z Represented by
29,448 no
par shares in 1936 (43.698 in 1935).—V. 143, p. 3166.
x
6.822*477
Advance payment of film deps., &c_
Remitt. from for'n. cos. held in abey.
Purchase money obligations
in business
50,000
valua'n
Insurance policy
8,035",720
_
Balance Sheet Oct. 31
39,450
Mgrs.
Investment
1,559,550
511,075
Due to affiliated companies
Deferred income
$949,100
$1,133,645
$1,532,619
$980,446
814,711
763,285
759,405
$2.52
$3 00
$2.04
x Includes dividends on
subsidiary companies' preferred stocks in hands
of public amounting to $355 in 1934 and $3,105 in 1933.
Shs.
Earnings
168,471,830 168,342,026
1,960,000
2,814,161
....
will enable the company to
$2,784,903
265,433
1,570,370
Preferred dividends
173,009,012
;
Unsecured notes payable.
Purchase money obligations
Accounts payable & sundry accruals
x
Years Ended Sept. 30—
Net sales
Total
Liabilities—
Notes payable
94,673
1,286,803
120,682,921 121,129,118 115,833,978
15,497,270
16,623,675
21,877,109
977,340
961,393
1,147,074
8,239,981
8,22?,483
8,514,623
Royalties payable
170,355
...
Tin
Properties owned and equipment.._
Properties leased and equipment
Deferred charges
...
Res. for taxes and
239,810
and
Investments and advances
Good-will
Preferred stock...$1,522,300 $1,970,900
Common stock
3,225,800
3,225,800
$1,345,420
1,819,766
269,056
10,830,560
728,110
10,625
2,003,938
162,632
1,251,639
Dep. to secure contr.& sink fund dep
Mortgages receivable
1935
1936
Liabilities—
1935
Plant and equip. $1, 124,289
44,567
257,508
12,550,026
1,088,457
1,379,124
446,847
1,565,678
Rights and scenarios
Advances to outside producers
100,601
335,869
16,865,964
1,613,945
Inventories
$
equipment.y8,924,484 x9,059,287
Securities owned..
923,750
Accts. & notes rec. 2,298,809
4,029,599
661,302
Inventories
Cash
Accounts
4,521,059
Surp.
642,512
Prepaid expense..
x
After
and
Aug.31/35
$
900,000
7,200,000
2,000,000
931,164
1,018,939
375,000
7,569,990
6,775,869
payable
accruals...
res.
7,200,000
for con¬
tingencies
Profit and loss
271,840
1
marks
net assets
$
Notes payable
948,750
2,074,969
Goodwill & trade¬
Total
Aug.29/36
Liabilities—
Capital stock.....
plant
138,210
16,976,154
120,070
17,266,6481
Total
16,976,154 17,266,648
provision for depreciation of $9,759,197 and $272,356
excess
of
of Dixie Cotton Mills over estimated market value at acquisition
After deducting $10,081,916 allowance for depreciation and $276,596
reduction of non-operated plant to assessed value.—143 p. 1897.
y
Financial
3488
Wisconsin Central
West Texas Utilities Co.—Earnings—
1936—9 Mos.—xl935
Period End. Sept. 30—
1936—3 Mos.—xl935
Total operating revenues $1,407,347
$1,231,621
Operation...
Power purchased
Maintenance
Provision for retirement.
$3,641,167
1,228.151
418,920
15,932
54.583
149,199
99.235
449,209
17,061
77,251
149.878
Taxes
yll2,203
Net operating revs
Other income (net)
$601,743
5,785
Gross income
Funded debt interest...
General interest
Amort, of debt discount\
$607,528
$3,303,878
1,156,204
53.747
•161.504
446.395
267,244
39.471
203,374
444,720
y289,941
$493,749
Nov. 28,
Chronicle
Ry.—Earnings—
1936—Month—1935
1936—10 Mos.—1935
$1,223,901
$1,039,605 $10,568,716
$8,767,579
Period End. Oct. 31—
Total revenues..
452,754
inc. before
dividends.
14,028
$1,228,469
907.773
12,367
21,851
...
Net
$1,448,565
4,668
$497,672
302,055
4,107
22.679
66,224
68,157
$290,037
and expense
$1,218.784
$168,830
$486,408
$240,170
290.970
—V.
9,685
881.904
Adjustments made subsequent to Sept. 30, 1935, but applicable to the
period beginning Jan. 1, 1935, have been given effect to in these columns,
y It is estimated that the company will have no liability in 1936 for Federal
income or surtax on undistributed profits, because of deductions to be made
in its 1936 return for allowable depreciation in excess of the provisions for
retirement shown in the current periods of this statement.—V. 143, p. 1733.
2,131,241
1,574,458
746,003
132,733
31,201
159,623
681,708
334,860
1,575,849
$47,539
fund/debt
143,
Dr$64,859
Dr..
1,413,877
Dr$585,422Dr$1,229.000
2869.
p.
V
'
•
•
Co. (& Subs.)—Earnings—
Wisconsin Power & Light
1936—3 Mos.—1935
$2,222,363
$2,022,373
Operation..-T688.256
576.446
Power purchased------74,128
84,256
Period End. Sept. Z0—
Total operating revenues
Maintenance.
pref.
3,332,636
125,965
86,057
Net income..
$1,435,509
13,056
3,923
301,522
266,330
Net railway revenues
Net after rents
Other income, net, Dr..
Int. oh
1936
1936—9 Mos.—1935
$6,438,147 $5,878,560
1,967.298
1,759,333
220,625
224,046
130,453
254,183
x295.049
176,015
206.764
286,651
368,292
748,969
x891,453
500.164
618,024
904,910
$780,293
3.378
$692,238
4,843
$2,241,508
8,257
$1,872,083
11,289
$783,671
357,000
2,153
$697,082
438,759
3,688
$2,249,766
1,197,493
8,686
$1,883,373
1.321,823
13,663
93,900
21,310
163,345
64,591
Cr43
_
Pro v. for retirement
Taxes
152
14
$233,366
$880,087
$483,280
x
Westchester Service
Corp.—Compromise Plan—
Maryland Ry.—Equipment Trusts Offered—
Public offeriug was made No v. 25 of a new issue of $1,590,000
234% equipment trust certificates by Salomon Bros. &
Hutzler and Stroud & Co., Inc.
The certificates were
Western
The
which
certificates,
bid of 101.41.
on a
—Second Week of Nov.
1936
1935
Gross
Western Public Service Co.
$42,975
Maintenance
Taxes
Int. & amortization
Balance
....
Bal. for com. divs. & profits
$2,009,746
1,047.534
113,045
$409,818
225.125
119,451
$311,852
209,000
119,451
65,242
$29,494
Preferred dividend requirements
def$16,599
..........
on
and 7%
Dec. 25 declared special dividends of $2 per share on the
preferred stocks (both of $50 par value), both payable
Dec. 21 to holders of record Deci 7.
A dividend of $1 per share will be paid on the common stofck on Nov. 30,
a similar payment was made on Aug. 31 last; 75 cents per share was paid
and
Feb. 29, last, and dividends of 50 cents per share were
1935.
This latter payment marked
the resumption of dividend disbursements on the common stock, no divi¬
dends having been paid since April 30, 1932, when 25 cents per share was
paid.
A regular quarterly dividend of 87 ]4 cents per share will be paid on the
preferred stock on Nov. 30.
The preferred stock shares equally with the
common after dividends of $3.50 per share have been paid on the latter
shares.—V. 143, p. 3016.
May 29, and
on
distributed
on
Nov. 30 and Aug. 30,
on
Wickwire Spencer
Steel Co. (& Subs.)—Earnings—
Sept. 30, *36 June 30, '36 Sept. 30 '35
3 Months Ended—
connection
{jremiums and with its refunding operations in June, 1936, bonds redeemed
unamortized debt discount and expense on which amounts
n
are
Wisconsin Public Service Corp.
$268,662
$138,313
53,289
35,934
42.355
$414,260
52,778
113,689
$304,596
45,610
113,689
$180,668
38,056
113,662
1,656
191
3,560
13,989
Total income
....
...
Other deductions
13,989
13,989
,
Legal & other professional services for
trustees, &c
Int.—American Wire Fabrix
Corp.
bonds
;
Int.—10-year 714% conv. gold notes
Wickwire Spencer Steel Corp. at 6%
10,117
10,117
6,744
$222,030
Net gain
$120,998
$4,655
Consolidated Balance Sheet
Sept.30'36
$
Assets—
Cash
$
811,800
ceptances reo...
141,561
105,948
Accts. rec. less res.
1,315,311
850,237
4,163
3,969,506
.4,439,842
Marketable
Notes &
securs.
trade
12,335
Ore contracts pre¬
paid
companies
A.
601,657
601,657
63,306
124,302
machy.,
Deterred charges..
151 674
265,458
104,485
13,000
13,000
674,475
674,475
799,400
196,039
799,400
10-yr. 7)4% notes
—Wickwire Spen¬
cer Steel Corp..
lst mtge. bonds—
rics
Corp
tax claims,
103,754
67,267
Chase
193,854
303,752
145,801
i
Nat.
Bank
Nat.
184,150
note int. accrd..
Bonded
debt
&
mtge.
Bonded
184,150
124,570
116,283
(1st
12,679,000 12,679,000
debts
int.
10,950,346
9,876,439
Prop. acct. deposit Drl61,101
Class A notes
2,515,000
Class B notes
3,639,340
Dr159,355
accrued.
A
_
a
notes
1,628,462
1,496,425
2,019,834
conting..
198,462
1,856,063
notes int.
accrued
Res.
for
Cap. &
Total
x
After
25,092,066 24,877,018
reserve
for
-
198,452
surplus.DrlO,986,185Drl0025,003
Total--
depreciation and obsolescence of
$10,112,885 in 1935.—V. 143, p. 1579.
2,515,000
3,639,340
int.
accrued
Class B
and
approp.
$7,794,777
4,489,993
$7,149,486
4,204,734
for retire, res.)— $3,304,784
28,006
$2,944,752
30,860
—
Net oper. rev. & other income
for retirement reserve)
(before approp.
$3,332,790
918,333
Gross income
Other income deductions
$2,975,612
880,428
$2,414,457
1,216,735
reserve
Interest charges (net)
Amort, of debt discount & expense------
$2,095,184
87,669
1,351,841
80,536
24,000
20,900
$1,086,052
$641,907
-
Net income..
-
-
—V. 143, p. 3337.
(F. W.)
Woolworth Co., Ltd., England—To Increase
Dividend—
Stock and Pay 100% Stock
The Guaranty Trust Co. of New York announces that it has been advised
that the company has called an extraordinary general meeting to be held
Nov. 30, for the purpose of increasing the capital by the creation of 15,-
000,000 additional ordinary shares of five shillings par value each, which
ordinary shares will be distributed to holders of the present
ordinary shares at the rate of one additional share for each share held.
In connection with the above referred to distribution, the Guaranty
additional
Trust Co. has established Nov. 19, 1936, as the record date with respect to
American depositary receipts for the ordinary registered shares, and
the
announcement
distribution
will be made
will
be
made
at a later date as to the
holders
to
of American
date upon which such
depositary receipts.—
V. 142, p. 4201.
Worthington Pump & Machinery Corp.—Disposes of
Foreign Holdings—
The company has notified the New York Stock Exchange that, on Nov.
6,1936, it disposed of 19,180 shares (each of 150 francs par value) of Soclete
Worthington-Batignolle3, a French company, and that 10,020 shares are
now held by the corporation.—V. 143, p. 2230.
Co.—Special Dividend—
The directors
on Nov. 24 declared
in addition to the regular quarterly
a
special dividend of 40 cents per share
dividend of 15 cents per share on the
The special dividend will be paid on Dec. 17 to
holders of record Dec. 7, and the regular quarterly distribution will be
made on Jan. 2 to holders of record Dec. 7.
V. 143, p. 3016.
common
stock, par $25.
Yellow Truck & Coach Mfg.
Co.<—Listing—
The New York Stock Exchange has authorized the listing of
shares of class B stock (par $1) upon official notice of issuance in
for and in substitution of
1,300,000
exchange
equal number of shares of class B stock (par
$10). and 900,000 additional shares of the class B stock (par $1), upon
official notice of issuance and payment in full, making the total amount
an
of class B stock applied for to date 2,200,000 shares.
The stockholders on Nov. 4 approved a proposition to
of the company by retiring 6,020 shares of preferred
reduce the capital
stock (par $100)
reducing the par value
share, and by reducing
the par value of the common stock from $10 per share to $1 per share.
They
also approved a reduction in the capital of the company from $36,000,000
which have been acquired by the company and by
of the class B stock from $10 per share to $1 per
to
$16,498,000.
of class B stock from
1,300,000 shares to 2,200,000 shares, and voted to
change the authorized capital stock from $60,000,000 aggregate par value,
divided into 300,000 shares of preferred stock (par $100) ,1,700,000 shares
of the common stock (par $10), and 1,300,000 shares of the class B stock
(par $10) to $33,298,000 aggregate par value, divided into 293,980 shares
of preferred stock ($100 par), 1,700,000 shares of common stock (par $1)
and 2,200,000 shares of class B stock (par $1).
The additional 900,000 shares of class B stock will be offered for sub¬
scription and sale to the holders of the outstanding 800,000 shares of com¬
mon stock and the outstanding 1,300,000 shares of class B stock at $10 cash
pot share.
General Motors Corp. will purchase at $10 cash per share all
the additional class B stock not subscribed for by the stockholders.—
V. 143, p. 3016.
Youngstown Sheet & Tube Co.—Bonds Called—
A total
prior
lien ponds)
CI.
1935
—
-----
...
Bank
note
Chase
(& Subs.)—Earnings—
The stockholders also voted to increase the authorized number of shares
demand
est.
mortgage
Acer.int. tax claim
39,256
45,119
bldgs.,
Ac.,-.17,602,056 17,824,374
receivable, &c_.
Real est.,
Accrued accounts.
Col.of Internal Rev
Misc. notes & accts.
x
$
465,610
Accounts payable.
ctfs—Wor¬
cester Depositors'
Corp
Dec.31'35
payable-
Amer. Wire Fab¬
Inv. Insub. Aaffil.
CI.
$
Liabilities—•
Accounts
Real
ac¬
In v. less reserves..
Sept.30'36
Dec.31,'35
1,233,299
12,335
(before
Other income
Yale & Towne Mfg.
$360,971
&c
refunded or refunding
1936
Operating revenues
Operating expenses, maint. & all taxes
deduct, for
selling, adminis. & gen. exps., but
Provision for depreciation
being amortized on its books over the lives of the
whichever is shorter.—V. 143, p. 1897.
12 Months Ended Oct. 31—
Profit from opers.—after
Other inc.—Int. earned,
discount taken, dock opers.,
$330,617
185,712
Westinghouse Electric & Mfg. Co.—Special Dividends—
The directors
pref.
have no liability in the current
year for Federal and 8tate income taxes or Federal surtax on undistributed
profits on account of allowable deductions to be made in its returns for
851.602
—V. 143, p. 3167.
common
before
It is estimated that the company will
Appropriation for retirement
$2,187,836
1,124,857
117,367
189,557
346,235
Appropriations for retirement reserve
inc.
i
dividends...
x
1936—12 Mos.—1935
28,849
Operation
Net
Net oper. rev.
(& Subs.)—Earnings—
85,871
9,393
15,743
28,716
J
subsidiary, Sumpter
light Co—-1
1935
1936
$169,218
$197,961
97,998
11.480
16,658
—
Equitable Trust Co.,
Jan. 1 to Nov. 14
1936—Month—1935
Per. End. Sept. 30—
Gross earnings
—
of
$316,546 $14,063,545 $12,875,886
$326,766
earnings (est.)..—V. 143, p. 3166.
and expense
ssues,
annually from Dec. 1, 1937, to Dec. 1,1946, are priced to yield from 0.40%
to 2.25%, according to maturity.
These certificates, which will be guaran¬
teed unconditionally by endorsement as to principal and dividends by the
company, are to be issued under the Philadelphia plan, and subject to the
approval of the Interstate Commerce Commission.
Baltimore, Md., trustee.
—
Mint. int. in net income
which mature $159,000
non-callable and
are
Gross income
Funded debt interest...
General interest (net)
Amort, of debt discount
At the Nov. 20, 1936 court hearing in the reorganization proceedings, the
judge signed an order authorizing the publication of the compromise plan
agreed upon by representatives of the various interests concerned.
It is
expected that the plan, which contains the essential features of the Van
Suetendael committee plan as outlined in its May 13, 1936 letter, will be
submitted for approval to all interested parties in the very near future.
Dec. 19, 1936 was set as the next court hearing date.—V. 143, p. 2702.
awarded to the bankers Nov. 24
Net operating income.
Other income (net)
25,092,066 24,877,018
$10,338,694 in 1936
of $5,000,000
314% debentures, due Feb. 1, 1951 have
and interest. Payment will
York.
Each debenture so drawn is convertible, if presented for conversion on or
before Dec. 22, 1936 at the office of the Guaranty Trust Co. into 16 common
shares as provided in the Indenture.
Upon such conversion an adjust¬
ment in cash will be made in accordance with the provisions of the inden¬
ture on account of the interest accrued on such debenture to the date of
conversion.—V. 143, p. 3337.
conv.
been called for redemption on Dec. 22 at 104
be made at the Guaranty Trust Co., of New
Zenith
Radio
Corp.—Earnings—
Period End. Oct. 31—
1936—3 Mos.—1935
1936—6 Mos.—1935
Net
profit after excise
taxes, royalties, exps.
and deprec., but before
Federal
x
income
^
tax.,x$l,013,858
$482,026 x$l,720.798
earnings.—V. 143, P- 1422.
Before surtax on undistributed
$547,448
Volumt
Financial
143
1936
closed 6 to 11 points
Friday Night, Nov. 27,
higher for Santos contracts, with sales of 7,750 bags.
Rio contracts closed 9 to 16 points higher, with sales of
bags.
New
4,000
points with
325
and freight market were light.
Old Rio contracts made gains of 9 to 15
sales of 1,000
Rio de Janeiro futures were 225 to
bags.
Offers in the cost
3Y francs lower.
reis higher.
Havre futures were 2% to
On the 23d
inst. futures closed 1 to 4
points higher for Santos contracts,
bags.
New Rio contracts closed 1 to 10
with sales of 59,000
points higher, with sales of 17,500 bags. Old Rio contracts
closed unchanged to 8 points higher, with sales of 6,500 bags.
Rio de Janeiro futures were 400 to 450 reis higher, and the
milreis
to the dollar, within 10 reis of the firmest rate registered this
year.
Cost and freight offers from Brazil were 5 to 10 points
higher, with Santos 4s at from 10.00 to 10.45c. Colombian
coffee was up Y to ^c.
Havre futures were 7 to 7% francs
higher, all new highs. On the 24th inst. futures closed 1 to 6
points lower for Santos contracts, with sales of 37,500 bags.
free market
exchange rate was 40 reis better at 16.760
New Rio contracts closed with losses of
sales of
4 to 11 points, with
Old Rio contracts closed 14 to 19
12,250 bags.
points lower, with sales of 9,750 bags.
Rio de Janeiro
futures were 225 to 300 reis lower, while the open market
exchange rate was 10 reis better at 16.750 milreis to
the
made Feb. 4. Cost
and freight offers from Brazil were reported unchanged to 5
points higher, with Santos 4s at from 10.00 to 10.35c.,
although in one quarter old crop 4s were available at 9.95c.
dollar, equaling the firmest rate this year,
Colombian coffees
about YG- higher, with Manizales
were
3 to 4 francs lower.
points higher to 4 points
lower for Santos contracts, with sales of 103 lots. The Rio
contracts, in which a large number of notices were issued,
held up quite well. The new Rio contract closed 2 points off
to 3 points up, with sales of 49 lots and 15 notices. The old
Rio contract closed 1 point up to 5 points down, with sales
of 29 lots and 51 notices reported. Rio futures closed 275 to
175 milreis lower after having been 525 milreis lower at the
call.
The Rio spot quotation was unchanged at 19.500
milreis, and the open market doller rate was 30 reis weaker
at 16.780 milreis to the dollar.
The Santos spot quotation
was
200 reis higher than on Tuesday at 20.500 milreis.
Havre futures were .75 to 1 franc off.
To-day futures
closed 11 to 13 points up on the nearby options, and 3 to 5
points up on the distant deliveries in the Santos contract.
at 11
Havre futures
^o.
were
On the 25th inst. futures closed 9
Sales
totaled 168 contracts.
of Santos
Old Rio contracts
closed 18 to 22 points up, with sales of 21 contracts. New
Rio contracts closed 8 to 14 points up, with sales of 54
contracts.
Rio de Janeiro futures were unchanged to 50
higher. The open market rate was unchanged at 16.780.
All sections of the actual market were active.
Coffees are
reis
being shipped to the Pacific coast by rail as a result of the
steamship strike. Havre futures were Y to 2 francos lower.
Rio coffee prices closed as follows:
6.76
6.79
6.661 July
...6.61 September....
December
March...
6.68|
May
Santos coffee
prices closed
as
follows:
9 771 December..
9.72
9.751 September..
March...........
May
.......
July
9.78
9.771
States from Eight South
Total
Imports During First Half of 1936
Coffee
Imports
American
by
United
Countries Represented 94.67% of
Imports of coffee into the United States, from the eight
countries represented at the recent conference in Bogota,
Colombia, during the first six months of 1936 were 94.67%
of the total imports over that period, according to the
Statistician of the New York Coffee & Sugar Exchange.
The Exchange
said
on
Nov. 16 that Brazil during the six
months shipped 4,210,809 bags or 58.36%. Colombia 1,297,210 bags or 18%, Salvador 353,609
mala 340,359 bags or 4.71%, Mexico
bags or 4 90%, Guate¬
329.103 bags or 1.56%,
Venezuela 190,713 bags or 2.64%, Nicaragua 54,448 bags or
.76%, and Costa Rica 53,478 bags or .74%, a total of 6,839,728 bags of the 7,215,054 bags which entered this country
from all sources during the first half of 1936.
Cocoa—-On the 21st inst. futures closed 26 to 28 points up.
In this session the highest prices in six and one-half years were
recorded.
the way of
The London market
was
strong.
All offerings in
on the scale
profit taking were readily absorbed
Manufacturers and dealers were substantial buyers.
Offerings from producing countries continued scarce. New
bags to the lowest level
in four years.
Transactions on the local Exchange Saturday
were 433 lots, or 5,802 tons.
Local closing:
Dec., 9.54;
Jan., 9.53; Mar., 9.52; May, 9.58; July, 9.60; Sept., 9.68.
On the 23d inst. futures closed 7 to 12 points up.
Transac¬
tions were heavy, sales totaling 860 lots, or 11,524 tons.
Highest prices since February, 1930, were recorded.
Wall
Street traders were reported on both sides of the market.
Considerable profit taking was in evidence, which appeared
to be more than countered by the buying.
Manufacturers
were also in evidence on the buying side.
New York ware¬
house stocks increased 2,310 bags.
Local closing:
Deo.,
9.61; Jan., 9.60; Mar., 9.63; May, 9.67; July, 9,72; Sept.,
9.77.
On the 24th inst. futures closed 22 to 28 points higher.
Trading was most active, with sales totaling 1,100 lots, or
up.
COMMERCIAL EPITOME
Coffee—On the 21st inst. futures
3489
Chronicle
York warehouse stocks declined 625
14,861 tons.
Dealers and manufacturers were aggressive
buyers, evidently spurred by the apparent lack of offerings
from West Africa, where the world's largest crop is being
harvested. New York warehouse stocks dropped 1,646 bags
to a total of 684,916 bags, the lowest figure in four years.
Local closing: Dec., 9.83; Jan., 9.86; Mar., 9.90; May, 9.95;
July, 9.94; Sept., 10.00.
On the 25th inst. futures closed 3 points down to 1 point
up. Trading was active with fluctuations somewhat erratic.
A feature was the tendering of a large block of Bahia notices
against the December delivery. A total of 244 notices was
tendered and promptly stopped by a leading food corporation.
Futures started unchanged to 13 points higher, touched
maximum gains of 8 to 16 points, broke to lows as much as
8 to 15 points under the previous close and then recovered
substantially from these lows.
Transactions totaled 827
lots, or 11,082 tons. Local closing: Dec. 9.83; Jan. 9.86;
Mar. 9.89; May, 9.92; July, 9.93; Sept. 9.99.
Today
futures closed 39 to 42 points up.
The Market soared on
large scale buying by manufacturers, with the speculative
element playing no small part in the rise.
Transactions
totaled 872 contracts.
Closing: Dec. 10, 25; Jan. 10, 26;
Mar. 10,30; May 10,33; July 10,35; Sept. 10,38; Oct. 10,41.
Sugar—On the 21st inst. futures closed 2 to 6 points
higher.
The market during this session scored new highs for
the fifth consecutive day.,
Trading was the heaviest for
Saturday in many years.
Sales totaled 442 contracts, or
22,100 tons.
Both July and September sold at 2.92 cents,
or within 8 points of the highest for any month this year.
In the market for raws Henderson of New Orleans paid
3.75 cents for 4,000 tons of 1937 Philippines.
It is generally
believed that refiners may find manufacturing customers
eager to buy refined for next year at the $4.85 price, following
a large interest at the initial $4.70 level.
It is pointed out
that gains in futures from the pre-election low now amount
to 37 to 46 points in the 1937 positions, or an increase in
value of above $500 per 50-ton contract.
On the 23d inst.
futures closed unchanged to 4 points down.
Sales were
17,650 tons.
Final day for trading in spot November
brought out one tender made and no sales reported, as the ont
lot was stopped by the original receiver.
Heavy profie
taking combined with producers' hedging, outweighed
demand and caused prices in the distant 1937 deliveries to
ease off, while January's strength reflected the active demand
for
raws.
In the market for
raws a
firm tone
was
displayed,
3.80 cents for about 25,000 tons late Saturday,
paying the same price f<?r 25,000 bags of
Puerto Ricos Monday, while National took 25,000 bags of
January shipment Cubas at 2.90 cents.
Further offers
ranged from 3.80 cents, with buyers believed to be still
interested at 3.80 cents.
Sucrest at the opening offered
refined for June, July and August delivery at $4.75.
On
the Pacific Coast the two large cane refiners advanced prices
15 points to $4.80, or in line with Eastern quotations.
London futures were unchanged to Y<1. higher, while raws
(preferential) were offered at 4s. 9%d. or about 86 Y cents,
f. o. b. Cuba.
On the 24th inst. futures closed 1 to 2 points
higher, with sales of 13,100 tons.
Both July and September
sold at 2.91 cents, within a point of the season's highs.
In
the market for raws, prices gained 2 points to within 6 points
of the highest for the year, when National paid 3.82 cents for
.a cargo of Puerto Ricos, April shipment.
Sellers were firm
at 3.85 cents, at which about 40,000 tons are understood to
have been offered, while buyers would take further sugars
at 3.82 cents, it was believed.
London futures were un¬
changed to Yd. lower, while raws were quoted at 4s. 9%d.,
or about 86 Y cents, f. o. b. Cuba.
On the 25th inst. futures closed unchanged to 1 point
refiners paying
and American
down.
Although fluctuations held within a narrow
the undertone was firm. It was a typical pre-hoiiday
session, transactions totaling only 84 lots, or 4,200 tons.
September touched its old seasonal high of 2.92o. for the
thud time, but the position at the close was 2.90c. bid,
range,
offered at 2.91c.
Oils—'Linseed oil is quoted around 8.6c.,
Raw demand was reported at 3.82c. j with
.with buying of
reported virtually at a standstill, and demand for oil
apparently dormant. Quotations: China Wood—Tanks, old
crop, 12.7c.; new crop, 12.5c.; drums, spot, 13J£c.
Coco¬
nut: Manila, tanks, Coast, 734c.; nominal, Feb. for'd, 7c.
Corn: Crude, tanks, outside, 834c. Olive: Denatured, nearby,
Spanish, $1.25 to $1.30; shipment, $1.15. Soy bean: Tanks,
mills, 8^c., C. L. drums, 9.3c., L. C. L., 9.7c.
Edible:
76 degrees, 1334c.
Lard: Prime, 13 34c j extra strained
winter, 12c.
Cod: Crude, Japanese, 47c.; Norwegian yellow
filtered 38 34c.; light, 38c, - ;i Turpentine , 44 34 to 48 34c.
Rosins, $8.7234 to $9.45.
seed
asking 3.85c. for forward positions, and on the basis
of these prices futures are still ruling about 10 points less
than raws.
In the market for raws the only reported business
sellers
hangover cargo from the previous day, which .an oper¬
bought at 3.83c. The amount involved was 3,500 tons
of Philippines for Japuary-February shipment.
In the
London market sellers were asking 4s 9d equal to 85c. f. o. b.
Cuba.
In the futures market prices were easier on the ap¬
was a
ator
pearance
Nov.28, 1936
Chronicle
Financial
3490
of 20 notices and hedge selling in the later months.
Today futures closed 3 to 5 points down. There was a loss
the opening of 4 to 8 points on selling attributed to a
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
newspaper story to the effect that the 1937 sugar quota may
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
be 500,000 tons larger than the original 1936 quota.
How¬
December...
11.70
11.75
11.77
11.87'
HOL
12.0®
ever, in the early afternoon news tickers quoted an official
January
11.82 •' 11.87
11.90
12.00
12.17
May......
12.40
12.45
12.47
12.60
' .12.75
denial of any figures on 1937 quotas, with the result that
July...
12.62
12.67
12.75
12.85
13.00
prices recovered to a level of 1 to 2 points net lower, with
Petroleum—The summary and tables of prices formerly
March selling at 2.83c.
In the market for raws offered
appearing here regarding petroleum will be found on an
prices were reduced, but were withdrawn later, and around
noon bids of 3.80c. were rejected.
Most sugars were offered^** Earlier page in our department of "Business Indications,"
ih'the article entitled "Petroleum and Its Products.".
at 3.85c. for duty paid.
London futures were 34 to Id.
Rubber—On the 21st inst. futures closed 8 to 13 points
lower, while raws were about 0.85c. f. o. b. Cuba.
'
down.
Transactions totaled 390 tons.
Spot ribbed* smoked
Prices were as follows:
sheets declined to 18.18 cents from 18.22 cents ±
London and
2.73
July
2.86 January
at
—
March
2.86
Cuban Sugar
2.83
1
2.80 May
September
Singapore markets closed unchanged to l-32d. higher.
closing: Dec., 1808; Mar., 18.14; May, 18.16; July,
18.17; Sept., 18.18.
On the 23d inst. futures closed un¬
changed to 3 points lower.
Transactions totaled 850 tons.
Spot ribbed, smoked sheets remained unchanged at 18.18
cents.
The London and Singapore markets elosed quiet,
the former declining l-16d. and the latter unchanged.,
Local
closing: Dec., 18.05; Mar., 18.14; May, 18.14; July,18.14;
Sept., 18.17.
On the 24th inst. futures closed 5 to 13 points
higher.
Transactions totaled 760
tons. Spot ribbed,
smoked
sheets advanced
to
18.22 cents. - London and
2.75
D ecember
Local
Exports Increased Slightly During First
Ten
Months of
Year
Exports of sugar from Cuba during the
first 10 months of
this year totaled 2,289,235 long tons, compared with 2,226,232 tons in the corresponding period of 1935, according to a
report to the United States Commerce Department from the
American commercial attache at Habana. Shipments to the
United
States
aggregated
1,482,566 long
tons
in
1936,
against 1,467,204 tons in the January-October period of
1935, it was stated. The stock of raw sugar in Cuba on
Oct. 31 registered a decline to 745,214 long tons from the
941,579 tons on hand on the same date of last year, the
report shows.
\
Lard—On the 21st inst. futures
Singapore markets closed unchanged to 34-cent lower.
Local closing: Dec., 18.18; Mar., 18.23; May*18.23; July,
18.23; Sept., 18.23.
On the 25th inst. futures closed 9 to 14 points up. Trading
was
closed unchanged to 2
The cash demand for lard continued spotty
rand is reported considerably behind normal for this time
of year.
Chicago hog prices on Saturday closed unchanged.
Marketings were heavy at the principal packing centres,
and totaled 34,600 head, against 13,700 for the same day last
.-year.
No export lard shipments from the Port of New York
on Saturday.
Liverpool lard futures closed unchanged to
3d. higher.
On the 23d inst. futures closed 5 points up.
Throughout the session there was a fair amount of switching
from December to the later deliveries, which proved to be
the
outstanding feature of the session.
Hog prices at
Chicago held very steady in spite of the heavy marketings at
the leading packing centers in the West.
Total receipts at
the large markets were 122,600 head, against 77,200 for
the same day last year.
The top price for the day was $9.80,
with the major portion of sales ranging from $7.15 to $9.75.
Only 1,400 pounds of lard were reported to have cleared
for export over the week end, being destined for Bristol and
Cardiff.
Liverpool lard futures were unchanged from
Saturday.
On the 24th inst. futures closed 2 to 7 points
higher.
Liquidation of December contracts was the feature
of the trading.
Final hog prices (heavy weights) were
10c. higher, while light weights were mostly 15c. lower.
Western hog receipts were again very heavy and totaled
129,400 head, against 65,900 for the same day last year.
The top price for the day at Chicago was $9.85, with the
major portion of sales reported ranging from $7.10 to $9.80.
Chicago expects 35,000 hogs for today. Liverpool lard futures
closed 3d. higher.
Export shipments of lard from the Port
of New York were light, totaling 23,172 pounds.
On the 25th inst. futures closed 7 to 12 points up.
Trading
was fairly active, with considerable liquidation late in the
day in the December option. * Liberal hog receipts at the
principal western markets met a good demand and early
prices were a shade higher. The top price for hogs at Chicago
was $9.85 and most of the sales ranged from $9 to $9.75.
Total receipts for the Western run were 93,100 head, against
40,600 head for the same day last year.
Lard clearances
from the Port of New York as reported on Wednesday were
light and totaled 22,400 pounds destined for London. Liver¬
pool lard futures were firm with final prices 9d. to Is. higher.
Today futures closed 13 to 20 points up. Buying has been
rather pronounced recently in spite of the liberal marketings
of hogs.
Covering by the short element has also played a
part in the recent firmness of lard.
barrel; fat backs, $22.25 to $24.00 per barrel.
Beef:
Quiet.
Mess nominal; packer nominal; family, $17.00 to
$18.00 per barrel nominal; extra India mess nominal.
Cut
meats: Pickled hams, picnic, loose, c. a. f.: 4 to 6 lbs., 14c.;
6 to 8lbs., 13Mc.; 8 to 10 lbs., 1334c.
Skinned, loose, c. a. f.:
14 to 16 lbs., 21%c.; 18 to 20 lbs., 19c.; 22 to 24 lbs., 1734c.
Bellies, clear, f. o. b. New York: 6 to 8 lbs., 19c.; 8 to 10
lbs., 19^c.; 10 to 12 lbs., 1934c. Bellies, clear, dry salted,
boxed, N. Y.: 16 to 18 lbs., 17He.; 18 to 20 lbs., 17%o.; 20
to 25 lbs., 17%c.; 25 to 30 lbs., 17 %e.
Butter: Creamery,
firsts to higher than extra and premium marks: 3134c. to
3434c. Cheese: State, held, 1935, 22 to 23c. Eggs: Mixed
colors; Checks to special packs, 24 to 41c. , ■
quoted
were
on a
standard sheets.
spot basis of 1834c. to 1834c. per pound for
Certificated stocks in warehouses increased
10,750 tons.
Local closing: Dec. 18.27; Jan.
18.29; Mar. 18.36; May 18.35; July 18.37. To-day futures
670
tons
to
points up on the December delivery, and 19 to 21
for the rest of the list. Trading was quite active,
totaling 297 contracts.
LocaL closing:
Dec, 18.55; Mar. 18.55; May 18.56; July 18.57; Sept. 18.58;
closed 28
points
with
up
transactions
Oct. 18.58.
Hides—On the 21st inst. futures closed 11
to 20 points
Transactions totaled 3,120,000 pounds., In the
domestic spot markets sales of 20,000 branded cows were
reported at 13c. and 35,000 light native cows at 1334c.
Local closing: Dec., 13.28; Mar., 13.56; June, 13.87; Sept.,
14.17.
On the 23d inst. futures closed 6 to 8 points lower.
higher.
totaled
Transactions
4,400,000 pounds.
cated hides in warehouses licensed by the
,
Stocks of certifi¬
Exchange declined
1,210 hides to 837,553 hides.
No new developments were
reported in either the domestic or the Argentine spot hide
markets Monday., Local closing: Dec., 13.20; Mar.* 13.48;
June, 13.80; Sept., 14.11.
On the 24th inst. futures closed
2 points lower to 3 points higher.
Transactions totaled
5,680,000 pounds.
There were 5,480,000 pounds tendered
for delivery against December contracts. -■ In the Argentine
market for spot hides 4,000 frigorifico steers were sold at
1434c. a pound, while 12,500 frigorifico light steei'3 were
sold at 1334c. a pound.
In the Uruguay spot market there
were 2,000 frigorifico hides sold at 14 ll-16c. a pound.
Local
closing: Dec., 13.20; Mar., 13.51; June, 13.78; Sept., 14.10;
Dec., 14.40. •
On the 25th inst. futures closed 23 to 26 points down.
There was increasing selling pressure as the session progressed,
and with absence of substantial support, prices yielded
rather readily.
Transactions totaled 1,700,000 pounds.
During the day there were 360,000 pounds tendered for
delivery against December contracts. The stocks of cer¬
tificated hides in - warehouses licensed -by- - the - Exchange
remained unchanged at 837,553 hides. Business in domestic
and foreign spot markets was quiet.
Local closing: Dec.
12.96; Mar. 13.27; June 13.55; Sept. 13.85; Dec. 14.14.
To-day futures closed 12 to 16 points higher/ The market
was
not
especially active, transactions totaling but 91
contracts. Local closing: Dec. 13.08; Mar. 13.40; June 13.71;
Sept. 14.00.
i
•
..
.
Ocean
Pork—Mess, $31.00 per barrel; family, $31.00 nominal,
per
fairly active, with undertone strong throughout the
Transactions totaled 1,370 tons.
Outside prices
session.
points down.
-
-■
-
Freights—Notwithstanding the fact that charter¬
ing continues relatively dull, brokers are reported to be not
at all pessimistic over the immediate outlook. ''
Charters included:
Trip: New York City-South Africa trade, $1.75.
Nov., St. Lawrence to Cassablanca, 2s. 9d., 4,400 tons, United
Kingdom-Continent, 2s. 6d.
4,200 tons, same to U. K.-A. R., basis
2s. 6d.
Scrap metal: Prompt, Atlantic range, Italy, $4.60.
Trip: At¬
lantic range, prompt, redelivery United Kingdom-Continent, $1.35.
Grain:
reported that industrial demand is slightly
is helping the
demand for ; steam
coals, but factory heating requirements in the tidewater
districts are not as pressing as they were.
Due to the colder
weather in the West, domestic large bituminous sizes are
stronger, and the whole price undertone has improved.
In
the week of Nov. 14 anthracite production dropped 241,000
Coal—It
lower-.
is
Cold
weather
Volume
tons to
Financial
143
80,000; bituminous
rose
almost 500,000 to 9,833,000.
coke output carried it
A decline of 10,300 tons in beehive
down to 53,200 tons.
are reported to be running at
daily, which brings the total for the month
up to this writing about 85,821 tons, or already nearly three
times the old copper code quotas for a month, and despite
the fact that sales in October were high for all time.
The
domestic price of 10He. per pound holds firm.
A sale
abroad was reported as high as 10.80c., but this was not
regarded as representative. The underlying copper situation
is reported as strong, especially abroad.
At the start of
next week books will generally be opened for March ship¬
ment, "though during the pressure on the part of consumers
to buy copper earlier this month they persuaded producers
Copper—Domestic sales
Therefore it is believed
deliveries.
to make March
a
sub¬
stantial tonnage has already been sold for
The opinion prevails that copper will be
the March position.
relatively quiet the
balance of the year, though spectacular developments could
result overnight from some ominous happening abroad in
connection with the grave political situation.
-
Tin—It is
reported that world stocks of tin now are less
supply, which, in view of the rising con¬
sumption trend all over the world, is said to be absolutely
inadequate, and that it is well to realize it will take consider¬
able time to remedy this unsatisfactory situation.
According
to unofficial advices from the other side, the new agreement
is supposed to run for five years, or until Jan. 1, 1941.
It
will have six signatory countries, since Siam and Belgian
Congo will be full-fledged members of the new agreement,
in addition to the Netherlands, East Indies, Malaya, Bolivia
^and Nigeria. Siam's basic quota is said to have been fixed
at 18,500 tons, and the one for Belgian Congo at 13,000 tons.
However, the most important innovation in the agreement
is supposed to be a clause which limits the possible restriction
to a maximum of 60%.
No such limits were fixed in the
old agreement, and the restriction at one time amounted to
66 2-3%.
World apparent consumption of tin increased 14%
for the year ended in September, 1936, amounting to 153,751
tons as against 134,916 tons the previous year, while world
production came to 166,032 tons as against 124,585 tons the
year before.
than
a
two months'
Lead—Sales of
pig lead last week were 65 per cent ahead of
preceding week and the largest in several weeks.
This substantial increase in demand explains the advance in
prices. In the past three months it is reported that surplus
stocks of refined lead have been reduced nearly 50,000 tons.
At London there was a further sharp upward movement in
the price of lead, which, according to advices, was ac¬
centuated by speculative purchases, the highest price reached
during the early part of the week being £23 per ton. In view
those of the
<
of
the
continued
for
demand
industrial
and
armament
it is reported as quite uncertain when a reaction
will take place, particularly as additional production is not
yet available. The price of spot lead on the London Metal
Exchange reached £23 13s 9d, which represents the highest
level since September 26th, 1929. Producers estimated that
consumption of lead is now 50,000 to 55,000 tons per month,
>as against 40,000 tons monthly a few months ago.
purposes,
Zinc—The
price of zinc-concentrates was advanced 50c.
range of $31.50 to $32.50. Last
rweek 700 tons of prime Western sold at 4.95c. per pound
per
ton last Saturday to the
^East St. Louis, 1,500 tons at 5c., 3,400 tons at 5.05c. and
200 tons of forward
delivery at 5.07He. per pound. It is
are bought ahead on
their re¬
quirements to the extent of three months. Sales of prime
estimated
that
consumers
Western slab zinc last week
brass
special,
a
were
6.076 tons and 51 tons of
total of 6,127 tons.
Western at the end of last week
Unfilled orders of prime
came
to 75,130 tons,
an
of 1,100 tons, indicating shipments of 4,976 tons.
Unfilled orders of brass special came to 3,103 tons.
Total
increase
unfilled
which
orders
shipments
the
645
were,
Steel—As
4
at
included
end
tons
of last week
of
best
78,876 tons,
grades.
Total
were
selected
therefore, 5,226 tons.
expected, the recent price advance on finish¬
ed and semi-finished steel products for the first quarter and
the increase in the price of pig iron of $1 a ton, effective im¬
mediately—brought about a wave of buying to forestall the
increases.
This of course caused steel operations to expand,
advancing the rate to 74H% of capacity against 74% the
previous week.
The feeling is, that heavy purchasing will
be under way for the next few days which should sustain
production at the present figure or higher during the re¬
mainder of the year, according to the "Iron Age."
The
advance in the price of pig iron raises the "Iron Age's"
composite price to $19.73 a ton, the peak figure since Decem¬
ber, 1926.
Composite prices of finished steel and scrap are
unchanged.
Buyers are given only until the last day of
November to enter orders at present prices for December
shipment, the new prices for first quarter going into effect
was
advances
The rise in steel rails to $39 per ton from
ton less than had been expected.
Other
about as looked for.
Advices are to the effect
$1
were
per
that railroad
equipment orders and inquiries have spurted,
and there will be a large volume of rail orders, possibly as
much as 500,000 tons, before the effective date of the new
rail
are
for" Gulf, Mobile & Northern, 250 to 1,000
for Duluth, Missabe & Northern, 125 freight
cars for the
Chesapeake & Ohio, in addition to 2,000 inquired
for a week ago, and 110 to 250 subway passenger cars for the
large
cars
ore cars
Board of
Transportation, New York.
Pig Iron—On Monday the advance in the price of pig
iron was announced, amounting to $1 per ton and applying
to all grades.
This is the first
general price change this
year, and has been anticipated for quite a long time.
Some
sales agents at New York were predicting another rise of $1
per ton on first quarter sales.
The iron price rise is under¬
stood to be general for the dozen or more chief producing
districts of the United States.
The higher prices will take
effect
general rush of business is looked
especially in view of a
possible further rise in price for the first quarter. There was
considerable doubt in the pig iron trade as to whether the
higher prices applied only to the rest of this year or whether
they included first quarter deliveries as well. Only one week
remains for open navigation of the New York State Barge
Canal, though in reality shipping is about over.
A few
scattered barges are being rushed to destination, loaded with
pig iron. It is reported that a fair amount of iron has been
placed in storage points for winter delivery.
for
immediately, and
the
over
balance
Wool—The
and
raw
a
of the year,
wool market is still seeking higher
levels,
the original bag material is now
quoted $1 for the
best wool, while fine graded territory has spurted up to $1.03.
There are no indications at the present time that wool and
tops have reached their peak.
It is reported that supplies
even
and demands from manufacturers .are equally
It is stated that the entire wool textile industry is
tending upward to a permanently higher level.
Observers
point out that the sharp rise in wool tops has not merely
high wool behind it, but increased manufacturing costs
following a general advance in wages as well as other charges
on
the industry resulting from the Social Security Act.
Advices from Melbourne Australia, on the 24th inst., stated,
that sales of wool that day were made at prices fully 5%
higher than the previous week. Competition there was keen
and general, with all sections operating freely wijh the
exception of Japan.
The Sydney wool sales also continued
with animated competition by Yorkshire and the Continent.
America gave good support on suitable lines, it was reported.
are
small
urgent.
Silk—On the 23d inst. futures closed 2 to 3
points down.
Crack XX declined 2c.
to $2.05HNo advices were received from Japan, Monday
being a'holiday there.
Local closing: Dec., 1.96; Jan.,
1.95; Mar., 1.94; Apr., 1.93H; May, 1.93; June, 1.92H.
On the 24th inst. futures closed 3H to 6c. higher.
Trans¬
actions totaled 3,280 bales.Crack XX declined lc. to $2.04HJapanese advices reported Grade D 20 yen lower at Yoko¬
hama and 5 yen lower at Kobe, the price at the former being
890 yen and at the latter 895 yen.
Bourse quotations at
Yokohama were 2 to 10 yen up, while at Kobe they were
1 to 7 yen up.
Cash sales for both centers were 825 bales,
with futures transactions totaling 9,450 bales.
In the local
market there were 71 notices issued against November,
which option expired at noon Tuesday.
This made a total
of 75 notices, which represented 3.6% of the 2,056 lots sold
during the life of the contract.
Local closing: Dec.,1.99H;
Jan., 1.99H; Mar., 1.98; May, 1.97H; July, 1.97HOn the 25th inst. futures closed unchanged to 1 He- higher.
Transactions -totaled 1,910 bales.
Cables reported grade D
25 to 35 yen stronger, with Yokohama going to 925 yen and
Kobe price 920 yen.
Bourse quotations ruled 3 yen lower to
9 yen higher in Yokohama and 6 to 25 yen up at Kobe.
Cash sales were 1,575 bales, with transactions in futures
13,700 bales.
Local closing: Dec. 2.01; Jan. 1.99H; Mar.
1.99H; May 1.98; June 1.98; July 1.97HToday futures
closed He- down to He. up.
There was a fairly active
trade, with transactions totaling 207 contracts.
Local
closing: Jan. 2.00H; Mar. 1.99; May 1.98H; July 1.97.
Transactions totaled
1,830 bales.
was
December 1st.
$36,375
for Union Kailroad, both U. S. Steel Corp. roads; 500 freight
cars for
Chicago & North Western, 400 freight cars and three
passenger
about 1,000 tons
3491
Chronicle
price, December 1st.
Among new equipment inquiries
2,000 large freight cars for Bessemer & Lake Erie and 900
COTTON
Friday Night, Nov. 27, 1936
The
grams
of
Movement
the
Crop,
as
indicated by
from the South tonight, is given below.
our
tele¬
For the week
ending this evening the total receipts have reached 217,563
bales, against 251,440 bales last week and 264,096 bales the
previous week, making the total receipts since Aug. 1, 1936,
4,228,359 bales, against 4,463,264 bales for the same period
of 1935, showing a decrease since Aug. 1, 1936, of 234,905
bales.
•
-
Receipts at—
Galveston
Houston
Corpus
Sat.
11,199
7,838
Mobile
Pensacola, &c—
Tues.
26,161
8,360
14,585
16,642
8,596
6,438
12,447
22,782
369
872
204
11,720
1,088
.
•
285
133
21
Charleston
555
132
78
215
Norfolk
135
.
267
Baltimore
Totals this week.
162
.
57
321
582
69
272
Thurs.
,
5,475
_
_
606
,
*»
..
«.
—
—
«•
—
48,487
45,419
598
-
490
3,227
33
559
302
-
1,121
1,750
1,750
39,660
13,147
889
117
-
....
Total
80,478
62,225
1,618
60,698
4,508
1,637
—
—-
27,562
836
-
164
145
Fri.
19,937
17,472
7,672
—
291
-
-
Savannah
Wilmington
Wed.
523
6,077
1,343
Christ!
New Orleans
Mon.
43,288 217,563
Financial
3492
shows the week's total receipts, the
1936 and stocks tonight, compared with
Speculation
The following table
total since Aug. 1,
last year:
Receipts to
Nov. 27
I, 1936
Galveston
62*225
Beaumont
967.757
274.374
1.618
Corpus ChrLsti-
9.426
...
60.698 1.143.771
New Orleans
1.1935
reflected
1935
1936
967.743
828.994
50
21.881
712 429
66.722
Gulfport
781.027
737.649
chief
during the last hour,
614.166
66.071
27.054
149*012
24*523
261*204
1*13*628
148*184
889
77.607
2,010
8.753
2.721
21.683
4.380
158.218
221.663
80.691
*490
94.894
8*934
122,485
3.497
267.666
3,227
130.344
Pensacola, &c...
Jacksonville
Savannah......
3.516
Brunswick
5*761
1*7*2*388
67.206
51.462
400
53.574
27.732
11.179
20.345
1.509
14.239
18.114
22.892
1.12.1
532
23,634
32.246
33.664
"**21*3
*4*854
1.750
Charleston
11.232
1.431
8.603
Lake Charles...
"559
Wilmington
Norfolk
Newport News..
New York
Boston
40.888
3.555
170
950
....
Baltin ore
1.450
Philadelphia
217.563 4.228,359 222,432 4.463.264 2.889.447-2.975.470
Totals
be made with other years,
In order that comparison may
The
in prices
the movement being based largely on
prices closed 4 to 19 points higher.
On the 21st inst.
development Saturday was the sharp spurt
In this up¬
of almost $1 a bale.
This sharp bulge, however, attracted scattered hedging and
week-end realizing, this selling effectively checking the up¬
ward tendency, though prices closed with substantial net
gains.
A good trade demand persisted.
Further December
liquidation was in evidence, and at one time this month sold
down to 11.71 cents.
Ginnings to Nov. 14 were placed at
10,766,378 bales, or about in line with expectations.
Some
quarters were of the opinion that that figure fully confirmed
restrictions by Italy.
the removal of exchange
the market showed gains
ward surge
the
give below the totals at leading ports for six seasons:
we
persistent hedge selling,
of rather
trend would be decidedly upward.
it is thought the
27,876
"4*508
Mobile
strong
a
counteracting influence
63.069 1.024.543
37.017
3.180
63.476 1.080.159
249.679
2.090
31.162
45,517 1.113.414
80.478 1.283.440
Texas City
Houston
the entire list.
December
considerably over later positions and
spot situation.
If it were not for the
effect on
stimulating
widened its premiums
Since Aug
Week
Week
This
Since Aug
active
The
feature.
This
future delivery was quite
December contract the Chief
trade demand for this contract .had
for
cotton
in
active, with operations in the
quite a
Stock
1935
1936
Nov. 28, 1936
Chronicle
Government
last
estimate of
crop
12,400,000 bales.
designated spot markets
On the 23d inst. prices closed
Average price of middling in the 10
1936
Receipts at—
1931
1932
1933
1934
1935
Saturday
86.884
91.463
83.162
7.245
19.472
4,495
notice
*7*362
5*649
Heaviness
Savannah
Brunswick
49(>
Charleston
*3*227
*5*761
*3*920
96,248
81,604
51.131
9.646
1,506
5,881
1,674
1,509
532
1,498
1,927
770
922
2.571
1.273
2.999
1.527
9*111
"*5*704
1*6*686
"19*827
*1*8*258
222.432
119.755
266.062
375.711
312.183
Houston
New OrleansMobile
Wilmington.
<».
_
9
1,121
Norfolk
NewportNews
34.949
24,263
41.629
2.528
3.337
2,493
*
"
*4*2*7
All others
217.,63
Total this wk.
4,463,264 2.782,415 4,673.971 4,840.236 5.260.821
Since Aug. 1-- 4,228,35
10
15
to
12.09 cents.
was
98,665
130.162
104.447
63,069
63.476
45.517
24,523
8,934
80,178
62,225
60.698
4,. 08
Galveston-
The menacing political situation
points down.
with active December liquidation for first
abroad together
day, caused
prevailed
prices to slump during this session^
from the start.
Operations were
There was rather
and switichng from this
delivery to later months.
It was believed that notices will
be issued Tuesday possibly against 20,000 to 25,000 bales of
centered largely in
the December contract.
heavy liquidation of this position
of the extended decline of about $1.50 a
occurred.
2,167,304 bales, against 2,368,466 bales in the same period
view of the recent activity
of the
previous
Below
season.
are
the exports for the week.
In spite
shown
Ger¬
Great
France
Britain
Italy
many
Other
China
Japan
2,841
6*212
3*012
13,919
2,854
20.787
4,541
2,351
Houston
100
3*303
Corpus Christ!—
New Orleans
7*583
Mobile--
6,208
Total
*291
—
4,426
4*472
6,631
35,712
1,719
14.055
238
1.082
14,911
108,169
"*60
301
10
13,082
Total
26,756
25,837
5,400
1,728
794
Pensacola, &o-_Gulfport
2,601
2,599
1,123
7,802
11,105
5.903
15,636
44,578
2,954
48,377
40.233
250
Total
1935
47.712
30.043
57.304
8,696
Total
1934
20.441
950
5,403
14,391
400
30,617 222.999
10,323
92.141
Aug. 1, 1936, to
Nov. 27, 1936
Exports from—
Japan
9.422
84.003
570
Beaumont
.
72.806
38.126
53,737
8,628
32.208
262,769
137,395
6,588
61,994
355
65,447
20.974
813
666
50
8,186
67,059
1,637
23,181
60*334
500
72.592
428,192
32,585
30,369
1,258
24,627
28,071
27,744
2,582
Savannah
6,748
47.931
1.248
34,624
34,535
Charleston
38,796
Lake Charles-
Mobile
Jacksonville-—
Pensaoola, &c.
16,135
15,030
1,200
Wilmington
.......
1,080
1,791
129
mmm
215
1,312
907
482
24th
6,011
222
4
132
Los Angeles...
4,528
mm
m
....
1,552
.
.
....
.
....
....
.
mm
748
....
——
50
-
mm
mm mm
w
mmmm
487
Total
1934
1,169
15,484
1.763
71.886
18,722
330.188 155,374
625,966
16.197 382.0282368.466
202,447 171,309
707,844
45,365289,806 1,858377
Includes exports from Brownsville.
In addition to above exports, our telegrams tonight also
us the following amounts of cotton on
shipboard, not
ive
leared, at the ports named:
Shipboard Not Cleared for—
Nov. 27 at—
Leaving
Other
Coast¬
many
Foreign
wise
12.500
Houston
Orleans..
.
25.000
8.000
63.600
3,000 112,100
855.643
7,938
13.872
2.640
4,013
21,736
21,122
46.117
44.982
1.000
568.049
736.045
157.218
66.906
107.817
32 246
155.213
6.975
Savannah
Charleston....
1,000
Mobile
3*517
1*200
1*094
Total 1936..
36.795
1935
36.766
48.010
55.849
33.292 140 768
Total 1934
16.296
14,279
Norfolk
Other
Total
Stock
Total
13.803
Galveston
New
Ger¬
France
*300
...
ports...
14.653 107,552
6.160
was
89.399
300
5,811
3.300 210.310 2.679.137
18.705 285,380 2.690.090
1,025 127,159 2.979,280
interpreted to indicate that trade shorts
and that the technical position was
firm?
11.98 cents.
which closed at
10,947 276,990 2167.304
Britain
markets
factor in
2,460
The fact that
later months despite
in the
late positions, although there was fair hedge selling and
liquidation by some recent buyers. Southern spot markets,
as officially reported,
were unchanged to 3 points higher.
Average price of middling cotton at thj 10 designated spot
1,989
58
"166
58*407
In the
Switching operations provided many of the contracts
1,615
622,613
On
was
still covering
8.720
327.046 108,286
Oreat
notices,
153
1,581
decidedly
advanced 7 to 15 points on heavy
subsequently lost most of its early gain.
86,782
1,200
1,259
was
progressed, liquidation became heavy and the market
session
2,242
591.123 267.590
272,785 168,821
1935
Trading
position by trade houses as well as foreign
months.
As the
near
70.790
1*631
mrnmrnmm
3,831
12,900 bales of cotton were
and commission house purchasing of later
68.932
....
'
-
108,608
2,506
443,866 377.556
Total
buying of the
5,748
'
rnrnmm
2,560
Total
early trading prices
1*682
....
mm mm
m
186,865
Delivery
prices closed 3 points up.
mixed, with price movement decidedly irregular.
166
....
18*666
100
54
Philadelphia...
Francisco-
mmmm
inst.
December against
2*182
....
mmmrnmm
955
Baltimore
....
2*850
655
mm,
60
133
Boston
5*400
7,936
7,296
m.
4,069
'mmmm
Gulfport
York
-
—
•
........
Norfolk
*
617.826
448.498
90,559
77,010
41,048
••
middling at the 10 designated
issued in the local market Tuesday.
were
75,027 129,499
Corpus Chrlstl*
Ban
Total
6.657
Houston
New
Other
China
Italy
many
60,141
82,131
47,278
Galveston
New Orleans.
France
basis in the Southern cotton
The average price of
the
On
the
Ger¬
Great
Britain
in the domestic textile markets
and the strength in the spot
December increased its premium over
Exported to—
From
aggressively
and this was all the more surprising in
bid the market up,
notices for
Galveston
Nov. 9, no disposition was
of the trade or speculators to
the part
on
spot markets was 11.98 cents.
Not. 27. 1936
Exports from—
levels prevailing prior to the publication
bale from the high
of the Government crop report on
markets.
Exported to—
Week Ended
Much evening up of accounts
certified stocks.
cotton in the
for the week ending this evening reach a total
of 108,169 bales, of which 13,082 were to Great Britain,
11,105 to France 15,636 to Germany, 5,903 to Italy, 44,578
to Japan, 2,954 to China, and 14,911 to other destinations.
In the corresponding week last year total exports were 222,999
bales.
For the season to date aggregate exports have been
The exports
On
25th
the
inst.
prices closed 6 to 12 points up.
The
by the trade was the chief
demand for December contracts
level
it
week.
advancing
had
There
prices during this session.
11.68c. Tuesday, advanced to
were
December,
11.80c„ or the
previously during the
62 December notices issued before the
reached
three
times
opening, which were stopped by trade houses.
This de¬
livery continued to widen its premiums over later positions,
Trade shorts played their
outstanding contracts.
The major portion of the trading was confined to opera¬
tions in the December delivery.
Hedge selling was light.
There was active trade buying throughout
the list; also
further foreign buying.
Southern spot markets, as officially
reported, were 6 to 10 points higher.
Average price of
middling at the 10 designated spot markets was 12.06c.
Today prices closed 2 points up on the near months and
3 to 11 points down on the distant deliveries.
Pressure on
the nearby months was not as heavy as in the preceding
sessions, and the posting of only one notice for December
may have also played a part.
However, offerings appeared
indicating
a
strong spot situation.
part in the advance as they covered
rather
liberal
from
nearby months.
the
South
Most of these
and
wire
interests
for
the
offerings were accumulated
Outside interest was very small.
on both sides of the market.
Dealings in Worth Street on Wednesday were moderately
active, with sales estimated over production.
The trend
of prices continued firm.
Liverpool cables reported the mar¬
ket quiet.
over
the holiday yesterday.
Foreign
interests
appeared
Financial
Volume 143
as
Staple Premium*
80% of average of
six markets
for deliveries
on
Inch
longer
.36
.66
.36
.66
.36
on
average
.66
do
Good Middling
....—
do
.36
.66
.35
.64
Middling
do
.30
.56
Strict Low Middling...
do
.25
.43
Low Middling
do
Strict Middling
♦Strict Good Ordinary..
do
♦Good Ordinary
—
do
...
.30
.56
Extra
Strict Middling
do
Middling
do
Strict Low Middling...
do
25
.43
Low Middling
.30
.52
Good Middling.
.30
.52
Strict Middling
.23
.42
.18
.35
.18
.35
.36
.66
.36
.f 6
.35
Good Middling
.64
do
..........
♦Good Ordinary
do
♦Strict Low Middling...
do
♦Low Middling
do
Good Middling
Tinged
Strict Middling
do
♦Middling
do
♦Strict Low Middling...
do
....
♦Low Middling
do
♦Strict Middling
.18
♦Middling
Good Middling
.34
.18
.34
*
Mon.
12.10
12.22
do
Total Continental stocks
do
do
867,000 1,586,000 2,007,000
61,000
72,000
68,000
391,000
230,000
555,000
American cotton afloat for Europe
328,000
109,000
174,000
175,000
Egypt, Brazil,&c.,afl't for Europe
199,000
413,000
280,000
274,000
Stock in Alexandria, Egypt
365,666
562,000
520,000
394,000
Stock in Bombay, India
580,600
2,975,470 3,106,439 4,092,949
Stock in U. S. ports
2,889,447
Stock in U. S. interior towns
2,397,188 2,350,425 1,973,968 2,198,290
13,310
12,319
38,279
U. S. exports today
17,216
Total European stocks
1,286,000
India cotton afloat for Europe—
89,000
do
do
do
do
do
do
do
do
do
do
12.13
Of the above, totals of American and other
do
American—
do
do
do
do
do
do
17,216
New York
6.270,851
Fri.
12.27
1933
1932
1931
1930
1929
..20.80c.
..19.75c.
1919
1918
...
..12.95c.
..21.35c.
...
..24.25c.
...
.
1923
...
.10.70c.
1922
....
..36.55c.
..25.25c.
1914
...
.17.30c.
1921
....
-18.00c.
1913
...
...
1925
.
...
1927
1926
.
...
15.50c.
Bremen stock
Havre stock,.
1924
...
263,666
.....
25,000
328,000
Other Continental stock
2,889,447
2,397,188
U. S. exports today
Total American
East Indian, brazil, &c.—
Liverpool stock
Manchester stock
...29.75c.
1917
1916
.
31.20c.
1909
.
20.90c.
1908
1907
...12.45c.
7.75c.
13.30c.
1915.
.
66,000
18,000
26,000
Indian afloat for Europe
89,000
—.
—
14.75c.
9.45c.
...
...
71,000
72,000
365,000
57,000
68,000
175,000
274,000
394,000
83,000
61,000
280,000
580,000
520,000
199,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
109,000
174,000
413,000
562,000
—11.45c.
1906
1905
...
-
31,000
Other Continental stock.
....
Havre stock
1910
.
629,000
15,000
54,060
55.000
44,000
29,000
9.30c.
-.15.15c.
1911
.
365,000
52,000
259,000
40,600
479,000
...13.10c.
1912
39.45c.
1920
...
1928
...
6,383,174 6,085,726 8,202,555
44,000
93,000
69,000
75,000
555,000
45,000
118,000
American afloat for Europe
Quotations for 32 Years
....
.12.27c.
.12.25c.
.12.75c.
9.90c.
5.90c.
6.15c.
...
427,000
218,000
47,000
38,000
282,000
133,000
92,000 1,033,000
230,000
391,000
2,975;470 3,106,439 4,092,949
2,350,425 1,973,968 2,198,290
38,279
12,319
13,316
183,000
248,000
bales.
Liverpool stock
Manchester stock
Bremen stock...........
1930
1935
1934
7,697,174 7,954,726 9,847,555
descriptions are as follows
8,150,851
Total visible supply
do
Wed. Thurs.
12.25
Hoi.
Tues.
670,000 1,116,000
,
U. S. ports stock
U. S. interior stock
Sat.
V
366,000
22,000
7,000
Stock at Genoa
quotation for middling upland cotton in the
market each day for the past week has been:
Nov. 21 to Nov. 27—
891,000
564.000
273,000
29,000
82,000
142,000
18,000
8,000
Stock at Venice and Mestre
Mot deliverable on future contract
Middling upland.
5,000
916,000
348,000
159,000
27,000
69,000
48,000
12,000
7,000
474,000
Stock at Rotterdam
Stock at Trieste
The official
New York
99,000
501,000
148,000
87,000
12,000
36,000
72,000
9,000
2,000
do
74
1.10
do
Middling
69,000
Stock at Barcelona
do
...
do
Strict Middling
•
do
do
do
.53 off
125
1.91
35 off
63
1 16
1 84
2 38
97 off
146
2.18
.51 off
...Yellow Stained
do
do
do
do
Gray..
Good Middling
.34
847,000
59,000
812,000
173,000
247,000
20,000
Stock at Havre
Mid
48 off
1.13
1.80
,
—
442,000
85,000
Stock at Bremen
do
.35
Basis
49 off
114
1.81
Middling
792,000
727.000
bales.
Total Great Britain
do
do
do
do
1—2.37
do
.Spotted............. .17 on
do
07 off
♦Strict Good Ordinary.,
.18
do
even
do
do
1933
1934
1935
1936
Stock at Liverpool
Stock at Manchester
do
....2-37
64 on
36
White
do
do
for Friday only.
Nov. 27—
Mid.
74 on
.64
.64
White
Strict Good Middling.,
do
Middling Pair
and consequently all foreign
are
it the exports
markets
inch &
15-16
the
this week's returns,
are
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, including in
quotations of the ten
designated by the Secretary of
Agriculture.
are
Nov. 25. 1930
afloat
figures
grades established
contract to Dec. 3, 1936
Differences between
quotin
for deliveries
3493
Chronicle
—
—
11.40c.
12.00c.
1,314,000 1,869,000 1,645,000
6,383,174 6,085,726 8,202,555
....1,880,000
....6,270,851
Total East India, &c.
Total American
~
Futures
SALES
-
Spot Market
Closed
Closed
Steady, 4 pts. adv..
Quiet, 12 pts. dec
Monday
Steady, 3 pts. adv..
Tuesday
Wednesday. Steady, 12 pts. adv.
HOLI
Thursday
Steady, 2 pts. adv..
Friday
Saturday
..
Total
Contract
Spot
300
Steady
Steady
Steady
Steady
1
300
1
1
300
1
1
til
"500
1
1
•
1
1
1
1
"500
1
1
1
300
DAY.
200
Barely steady..
Total week.
37,7 7
1
200
1,300
70, 97 *
1,300
Since Aug. 1
Futures—The
lowest and
New York for the past week have been
highest,
Tuesday,
Monday,
Saturday,
at
11.70d.
5.58d.
5.58d.
Egypt, good Sakel, Liverpool....
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine,Liv
12.80c.
10.70c,
9.45d.
5.66d.
12.20c.
10.49d.
6.lid.
12.20c.
4.l7d.
7.74d.
7.99d.
5.62d.
......
been 149,000 bales.
increase over last
week of 99,616 bales, a gain
of 453,677 over 1935, an
increase of 196,125 bales over 1934, and a decrease of
1,696,704 bales from 1933.
Continental imports for past week have
The above figures for 1936 show an
At
movement—that
the
Towns
Interior
the
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Thursday,
Friday,
Nov. 26
Nov. 25
Nov. 24
Nov. 23
Nov. 21
32,866
closing prices
as follows:
Wednesday,
6.72d.
Middling uplands, Liverpool
Middling uplands, New York
Market
7,697,174 7,954,726 9,847,555
6.o9d.
6.96d;
5.15d.
8,150,851
Total visible supply
Market and Sales at New York
detail below:
Nov. 27
Movement to Nov.
1936
Movement to Nov. 27,
29, 1935
Dec. (1936)
11.79-11.87
Range.. 11.71-11.80 11.65-11.78 11.67-11.80 11.71-11.80
Closing. 11.77-11.79 11.65-11.66 11.68-11.70 11.80
Jan.(1937)
11.69-11.75
Range- 11.61-11.75 11.60-11.72 11.60-11.70 11.63-11.70
11.70
11.61k
11.60
11.75
Closing
11.72
.
11.69k
11.61k
11.60k
11.73k
.
11.65-11.72
11.65-11.66
.
11.59k
11.66k
11.62K
HOLI¬
May—
11.58-11.74 11.55-11.69 11.56-11.66 11.57-11.64
11.63-11.64
11.55-11.56 11.57 —
11.69 —
_
DAY
11.58-11.68
11.58-11.59
June—
Range.
Newport
Pine Bluff.
—
Walnut Ridge
1,161
8,210
2,152
2,951
1,395
878
51,876
50,456
17,225
6,663
1,843
5,972
2,213
11.54k
11.53k
11.65k
11.61k
885
Athens
11.53k
Atlanta
July—
Range.. 11.51-11.65 11.50-11.63 11.49-11.58 11.52-11.58
Closing. 11.61-11.64 11.51-11.52 11.51-11.52 11.58
11.47-11.60
11.47
Augusta
Columbus-.
—
14,483
3,944
800
550
Macon
Auq.—
La., Shreveport
1,630
1,531
Mlss.Clarksdale
8,079
Rome
Range—
11.48K
11.37k
Sept.—
.
11.38k
11.31k
11.31k
11.40k
11.27k
95,006
1,415
5,846
Oct.—
836
Range..
11.12-11.31 11.20-11.27 11.20-11.27 11.22-11.28
Closing
11.30-11.31 11.20-11,22 11.21
.
—
11.28
11.18-11.27
11.18-11.20
—
Natchez
13,696
1,116
2,878
12,885
33,563
Vlcksburg—
Mo., St. Louis
Range..
107
N.C.,Gr'nsboro
Closing.
48,612
123,784
5,449
S.C., Greenville
13,689
8,888
Tenn., Memphis
78,767
15 towns ♦..
for
week
ending
Nov. 27, 1936, and since trading began on each option:
for future prices at New York
1,731
Texas, Abilene
761
Austin
429
145,643
102.146
,457,558
33,846
13,699
Dallas
2,189
5,147
67,618
Paris
2,356
62,682
Brenham...
Range for Week
Option for—
Range Since Beginning of Option
9.80
Nov. 1936..
Dec.
1936
—
11.65
Nov. 23 11.87
Nov. 27 10.12
Jan.
1937—
11.60
Nov. 23 11.75
Nov. 21
Feb.
Apr.
10 1936
7,102
1,236
1,419
2,195
604
5,600
1,676
3,534
2,113
20,572
30,424
23,774
6,013
105,281
17,422
87,562
17,874
1,500
331
540
1,249
2,444
12,526
67,904
438
77,037
98,123
23,520
26,597
23,523
766
l,*6l
5,417 105,753
903 21,621
4,198 77,820
.1,879 18,290
429
18,516
2.000 70,695
2,255
160,753
2,090 154,779
500 21,300
281 45,605
250 25,139
3,012 36,244
4.01
4,933
43,458
28,813
2,025
1,730
12,891
19,306
861
25,138
613
603
7.422
96,556
36,990
151,277
49,347
8,492
25,705
36,255
66,049
51
2,768
149
2,621
2,794
12,080 115,015
3,013 76,779
74,062 737,297
986 I
5,806
1,233
1,082
410
2,813
3,617 12,977
1,844 12,003
346
1,709
26,666
181,253
13,506 138,140
75,971
3,901
62,393 L,034,309
33,082
4,460
483
16,305
512
10,285
2.365
33,238
26,143
1,564
2,028 62,155
50,407 705,272
2,570
3,820
7,943
784
6,330
2,598
1,467
63,656
36,101
112,308
29,456
6,879
2",561
1,549
285
200
7,301
1,436
393
860
848
7,422
76,393
36,. 89
6,821
16,337
29,152
83
10 1936
Texarkana
Nov. 23 11.78
Nov. 21 11.52
Nov. 12 1936 12.13
10 1936
July
11~55 "Nov.
1937—
July
23
~Nov.~21
19371937— 11.47
1L74
Oct.
July
10 1936
Nov. 12 1936 12.14
Nov. 27 11.65
Oct.
June
Nov. 21 11.41
10 1936
n"l2Nov.21 ii:3'l" Nov"2i
cable and
Oct.
14 1936
Aug. 29 1936 12.55 July
27 1936
11.52
The Visible
Nov.
11.05
Nov. 12 1936 11.61
4 1936 11.52
Nov.
Oct.
Supply of Cotton tonight, as made
telegraph, is as follows.
15,003
89
10,401
258
6,877
473
942
202
133
913
1,743
2,133
32,536
71,236
1,284
13,829
9,249
619
3,962
19,955
—
941
13,302
2,623
70,039
2,353
13,163
1,908
2.051
Foreign stocks
Total, 56 towns 207,413 3,865,126
183,982 2397188 173,6713,143,029144,784 2350425
14 1936
1 1936 12.78 July
Nov. 12 1936 12.08
11.50
Aug. 1937-
Waco
5,413
13,591
8 1936
1936 12.78
11 51
4,514
821
13,362
San Antonio.
Jan.
651
2,161
1,384
423
Robs town
23 1936
it).20 Mar. 27
May
1937-
July
3 1936 12.25 July
9 1936 12.78 July
10.48
11.59
June
Oct.
999
42
9 1936 12.78
Mar.
Feb. 25 1936 12.76
1937-
Sept. 1937—
9.76
_
Jan.
9.94
1937—
Mar. 1937—
121
848
29
39,469
12,216
74,701
Oklahoma—
KiNominal.
Range
..
Yazoo City—
Nov.—
23.691
63,728
166,413
143,703
20,239
46,367
177
55,707
764
Greenwood
1,105
2,445
1,099
1,582
1,201
359
1,314
8,362
1,031
2,373
2,058
96,483
126.145
35,080
220,767
Columbus
Range..
76,624
81,599
74,343
1,200
13,516
2,549
1,872
41,038
10,860
17,355
108,095
137,374
7,726
30.263
16,458
Jackson...
11.41k
11.41k
Closing. 11.50k
2,065
1,040 22,862
5,077 142,184
4,557 138,374
300 34,800
627 39,586
50 30,217
2,201 42,429
93
395
Oct.
Week
54,372
14,363
3,219
1,518
8,339
1,445
1,691
25,610
165
Season
56,063
10,691
66,066
74,109
112,340
15,560
33,068
21,609
12,823
119,395
20,661
76,039
24,328
18,117
2,548
152,575
Ga., Albany..
.
Closing.
Closing
Forest City..
Hope
Jonesboro—
Little Rock..
Range—
11.58k
Ark., Blythville
51,041
155,271
28,277
Week
27
Stocks
ments
Nov.
Week
7,950
36,234
Helena
April—
.
153
Selma
Range.. 11.62-11.78 11.59-11.71 11.60-11.69 11.62-11.68
11.71-11.72 11.60-11.61 11.60-11.61 11.68
Closing
Range.
263
Montgomery.
11.69k
March—
Closing. 11.70tz
53,801
Eufaula
Range..
Closing
Season
2,494
Ala., Blrming'm
Feb.—
Closing
Week
Ship¬
Receipts
Stocks
ments
11.82
Ship¬
Receipts
Towns
4 1936
19 1936
by
well
up
as
♦
Includes the combined totals of
The
above
increased
totals
15 towns in Oklahoma.
show
during the week
that
interior stocks have
bales and are tonight
the
23,431
46,763 bales more than at the same
receipts of all the towns have been
the same week last year.
period last year. The
33,742 bales more than
3494
Financial
Chronicle
Overland Movement for the Week and Since Aug. 1
-1936Since
Nov. 27—
Shipped—
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Since
Aug. 1
Week
125,059
66,415
2,467
7,422
2,720
capacity.
This percentage compares with 125.8 for Sep¬
tember; 115.8 for August; 119.8 for July; 111.0 for June;
105.2 for May, and 103.7 for October, 1935.
The average
number of active spindle hours per spindle in place for the
month was 298.
The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours, and the average hours per spindle in place, by
States, are shown in the following statement:
66,199
32,499
195
160
5,204
"705
6,131
33,000
72,199
255,520
5,029
9,000
5,407
67,067
170,364
.57,407
526,864
24,876
341,731
1,750
11,232
4,934
155,053
1,431
352
.16,283
4,813
8,661
3,533
92,633
.18.385
18.385
Via Virginia points
Via other routes, &c
171,219
6,451
104,827
--
Deduct Shipments—
.
.
207
Active
Total to be deducted
1936
method of computing the percentage of activity has been
used.
Computed on this basis the cotton spindles in the
United States were operated during October, 1936, at 123.3%
-1935-
Aug. 1
12,891
5,225
-
Nov. 28,
Spindle Hours
October
for
Spinning Spindles
State
.39,022
Leaving total net overland
*
355,645
18,425
236,904
Active Dur¬
Oct. 31
ing Oct.
Total
Spindle in Place
United States
27,911,666
23,638,270
8,328,468,743
298
Cotton growing States
New England States.
The
foregoing shows the week's net overland movement
has been 39,022 bales, against 18,425 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a gain over a year ago of
118,741 bales.
this
year
1936
In
Sight and Spinners'
Takings
19,017,368
7,914,874
979,424
17,372,302
5,531,082
734,886
6,432,823,260
1,692,806,584
202,838,899
207
1,883,156
731,576
3,332,904
1,714,482
616,454
3,048,972
658,560
2,999,650
172,544
382,230
310,664
5,521,110
801,292
5,428,200
563,182
190,456
558,772
671,702
651,065,657
168,519,360
1,135,712,050
226,482,750
881,467,420
206
68,748,700
304
All other States
Alabama
Connecticut
1935
Since
Aug. 1
Week
Receipts at ports to Nov. 27
Georgia
Since
Aug. 1
Week
Maine
217,563
4,228,359
222,432
39,022
Southern consumption to Nov. 27-125,000
355,645
2,165,000
18,425
105,000
236,904
1,695,000
Net overland to Nov. 27
—-381,585
6,749,004
Interior stocks in excess—
23,431
Excess of Southern mill takings
1,214,421
r Total marketed
over
-
-405,016
New Hampshire
New York
North Carolina
South Carolina
648,024
30,271
Bales
233,697 1934
341
307
122
119,683,729
90,167,479
1,943,958,064
265,799,725
2,077,158,593
227,134,370
69,877,010
194,716,800
207,977,036
177
321
245
365
355
276
300
247
Census report
issued
on
Nov. 21, compiled from the
linters) ginned from the crop of 1936 prior to Nov. 14, com¬
pared with 8,436,538 bales from the crop of 1935 and 8,634,632 bales from the crop of 1934.
Below is the report
5,329,282
7,810,006
7,766.039
421,548 1933
-497,847 1932
346
230
individual returns of the ginners, shows 10,766,378 ruiining
bales of cotton (counting round as half bales and excluding
years:
Since Aug. 1-
Bales
Week—
J.934—Nov. 30
1933—Dec.
1
1932—Dec.
2
338
214
Cotton Ginned from Crop of 1936 Prior to Nov. 14-—
422,760
The
previous
648,816
840,768
Virginia
All other States,.
7,923,370
Decrease.
Movement into sight in
5,697,438
639,860
253,454
Tennessee
Texas
374,744
61,116
980,746
508,628
6,064,044
1,084,920
-
Rhode Island
302,115
8,481,428
North, spinn's'takings to Nov. 27
Mississippi
6,395,168
1,226,087
518,003
consumption to Nov. 1—
Came into sight during "week
Total in sight Nov. 27
345,857
28,887
737,704
4,281,416
226,236
-
Massachusetts
4,463,264
*
Average per
In Place
Including movement by rail to Canada.
in full:
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
REPORT
Below
ON COTTON GINNING
[Number of bales of cotton ginned from the growth of 1936 prior to Nov. 14,1936,
and comparative statistics to the corresponding date in 1935 and 1934.]
of the week:
Running Bales
Closing Quotations for Middling Cotton
'
Week Ended
Nov. 27
Saturday Monday
Tuesday
11.95
12.13
11.90
11.90
11.98
12.57
12.40
12.41
12.48
12.40
12.30
12.30
12.02
11.90
11.90
12.56
11.70
12.45
11.60
12.45
12.53
11.60
11.70
12.09
11.99
11.99
12.07
—
Houston
Dallas
11.66
11.76
11.55
11.65
11.76
11.65
HOLI¬
1,092,391
DAY.
1,007,119
904,076
67,034
623,371
144,078
26,106
1,002,557
529,462
1,178,161
106,582
40,737
461,426
253,543
672,436
239,580
2,061,482
18,623
4,241
69,157
796,030
216,367
23,847
905,589
465,436
1,082,410
198,264
72,145
504,528
267,344
593,762
358,024
2,140,177
25,476
12,000
1,149,048
California
11.95
268,356
27,212
981,585
730,640
1,776,549
279,235
81,966
433,333
254,567
641,803
376,382
Florida
12.50
11.65
12.07
11.63
11.73
11.73
-
Arizona
Georgia
Louisiana
*
11.61
Mississippi.
Missouri
11.70
11.70
-
New Mexico
North Carolina
Oklahoma
New Orleans Contract Market—The
the
*8,634,632
Arkansas
12.38
11.98
11.65
for
*8,436,538
101,969
Alabama
11.95
12.46
12.38
11.56
11.65
Fort Worth
Little Rock_
closing quotations
leading contracts in the New Orleans cotton market for
past week have been as follows:
South Carolina
-
Tennessee
Texas
Virginia
2,536,819
23,315
-
All other States
Saturday,
Monday,
Tuesday,
Wednesday,
Thursday,
Nov. 21
Nov. 23
Nov. 24
Nov. 25
Nov. 26
*
Nov. 27
Nov.(1936)
December- 11.78
11.55
11.79
11.64-11.65 11.70
Bid. 11.57
Bid
11.84
—
116461165a
11.69-11.70 11.55-11.56 11.57-11.58 11.63
11.64-11.65
HOLI¬
April.--..
11.69
May
11.52-11.53 33.54
11.58
11.47
11.53
DAY.
The statistics in this report include 225,615 round bales for 1936; 167,251
159,677 for 1934.
Included in the above are 7,884 bales of
American-Egyptian fpr 1936: 9,490 for 1935. and 9,021 for 1934.
The statistics for 1936 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted bv mail.
The revised total of cotton ginned this season prior to Nov. 1 is 9,881,527
for 1935 and
11 68
February.
March
11,208
Includes
41,130 bales of the crop of 1936 ginned prior to Aug. 1 which was
counted in the supply for the season of 1935-36, compared with 94,346 and 99,787
bales of the crops of 1935 and 1934.
Friday,
Jan. (1937) 11.71
1934
*10,766,378
12.13
12.20
12.01
Savannah
Montgomery
Augusta
Memphis
United States.
11.95
New Orleans
Norfolk
Half Bales arid Excl. Linters)
1935
1936
Friday
11.87
12.07
Mobile
11.98
—
as
State
Wed'day Thursday
11.87
12.05
Galveston—
(<Counting Round
on—
11.58-11.60
bales.
June
Consumption, Stocks, Imports, and Exports—United States
11.47
11.62
July
11.48
Cotton consumed during the month of October, 1936, amounted to 646,Cotton on hand in consuming establishments on Oct. 31, was
August...
499 bales.
September
October
11.25
—
11.15-11.16 11.16
112361125a
11.17
1,402,916 bales, and in public storages and at compresses 8,028,140 bales.
The number of active consuming cotton spindles for the month was 23,-
bid
Tone—
Spot
Steady.
Quiet.
Steady.
Steady.
Steady.
Options.
Steady.
Barely stdy
Steady.
Steady.
638,270.
Steady.
The total imports for the month of October,
1936,
were
9,944
bales and the exports of domestic cotton, excluding linters, were 861,016
bales.
World Statistics
<
"International
Cotton
Bulletin"
for
October—The
October, 1936, issue of the "International Cotton Bulletin,"
International ^Federation of Master
Manufacturers' Associations, Man¬
chester, England, was recently published.
The publication
contains state of trade reports, international cotton statistics,
cotton trade statistics, cotton mill notes, and data on cotton
growing and on American, Egyptian and East Indian cotton.
official organ of the
Cotton Spinners' and
Two items of interest in the October "Bulletin"
are:
The steps taken in United States to eliminate false-packed American
cotton; another article deals with the prevalence of false-packed, plated
(1)
and two-sided bales in American cotton.
This has been extracted from
a
U. S. Government publication.
,
(2)
The world's production of commercial cotton, exclusive of linters, grown
in 1935, as
compiled from various sources,
Weather Returns by Telegraph—Reports to us by tele¬
graph this evening denote that opinion differs greatly as to
how much cotton still is to come to the gins.
Many sections
claim picking is from 95% to 98% completed.
There have
been rains in eastern division of the cotton belt, but con¬
ditions are more favorable for saving remnants of the cotton
crop in other sections.
Austin
in.
Amarillo
presented at that meeting.
Rainfall
1 day
Texas—Galveston
held in July last in Sile-Maria, Switzerland, together with the various papa's
__1
Abilene
Activity in the Cotton Spinning Industry for October
Bureau
of the
Census announced
on
Nov.
20
that, according to preliminary figures, 27,911,666 cotton
spinning spindles were in place in the United States on
Oct. 31, 1936, of which 23,638,270 were operated at some
time
during the month, compared with 23,514,270 for
September, 23,433,658 for "August; 23,251,764 for July;
23,021,042 for June; 22,833,364 for May, and 23,128,014
for October, 1935.
The hours of employment and of produc¬
tive machinery are affected generally by organized short
time.
However, in order that the statistics may be com¬
parable* with those for earlier months and years, the
same
26,641,000 bales, counting
of spinning cotton spindles, both active and idle, is about 152.000,000.
Rain
The minutes of the meeting of the joint Egyptian Cotton Committee
1936—The
was
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31, 1936, was 27,631,000 bales.
The total number
1
Brownsville-
1
Corpus Christi
2
Dallas
1
Del Rio_
2
El Paso
1
Houston
1
Palestine
Port Arthur
2
San Antonio
2
Oklahoma—Oklahoma City.
Arkansas—Fort Smith
Little Rock
Louisiana—New Orleans
1
-
2
2
Shreveport
Mississippi—Meridian
Vicksburg
2
2
Alabama—Mobile
1
1.72
dry
0.62
day
day
0.06
day
0.22
days
0.02
day
0.18
days
0.09
day
0.30
day
0.20
days
0.22
da/
1.48
days
0.28
dry
dry
0.24
days
days
0.19
days
0.61
days
0.54
dry
day
0.57
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in.
in
in.
in.
Thermometer
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
.high
high
high
high
77
74
72
70
80
76
72
70
60
78
74
78
76
72
72
72
74
74
72
72
75
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
40
26
36
30
48
46
32
mean
40
mean
32
38
mean
59
50
54
50
64
61
52
55
46
58
34
mean
54
38
40
34
30
28
42
mean
mean
58
58
mean
53
mean
51
50
36
mean
28
mean
28
36
mean
50
50
mean
55
mean
mean
mean
mean
mean
mean
mean
mean
mean
58
55
Volume
Financial
143
Rain
Birmingham
Montgomery
Rainfall
2 days
2 days
0.42 in.
0.70 in.
dry
dry
_1 day
0.18 in.
2 days
0.02 in.
Florida—Jacksonville
Miami
Pensacola
Georgia—Savannah-.
Atlanta
1
day
0.22
dry
0.48
days
0.05
day
0.04
day
0.22
day
0.26
Augusta
Macon
2 days
South
Carolina—Charleston_2
North Carolina—Asheville
1
Charlotte
1
Raleigh
1
"Wilmington
Tennessee—-Memphis
Chattanooga
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
in.
in.
in.
in.
in.
in.
0.10 in.
0.24 in.
1 day
1 day
dry
Nashville
1 day
0.06. in.
Thermometer
low 24
mean
low 30
mean
low 40
mean
low 50
mean
low 36
mean
75 low 38
mean
66
low 26
mean
68
low 32
mean
70
low 30
mean
72
low 38
mean
62
low 20
mean
64
low 26
mean
64
low 28
mean
64
low 32
mean
66
low 34
mean
68
low 26
mean
70
70
74
80
68
high 68
47
50
57
65
52
56
46
50
50
55
41
85
46
48
46
47
Chronicle
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
8,000 bales.
Exports from all India ports record a gain
of 1,000 bales during the week, and since Aug. 1 show an
increase of 10,000 bales.
Alexandria
Receipts and Shipments—We. now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
8
a.
m.
Above
zero
Memphis
Above
Above
zero
3.6
9.4
10.7
Above
zero
of gauge.
of gauge.
Above
zero
of gauge.
Shreveport
Vicksburg
Receipts from
of gauge.
of gauge.
zero
the
This
15.3
following table
Plantations—The
Receipts at Ports
Stocks at Interior Towns
Receipts from Planations
Ended 1935
1934
1935
1936
"
390,000
4,311,108
180,000
3,443,328
1936
1934
1934
1935
This
Since
Week
Aug.
Total exports
Since
Week
1
To Liverpool
4,000 64,894
To Manchester, &c
10,000
65,4 90
To Continent and India— 27,000 195,331
To America
2,000
y,97y
7.0
,
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.
1936
400,000
4,483,424
Exports (bales)—
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Week
This week
JFcct
2.0
5.4
9.4
4.3
9.3
1934
Nov. 29, 1935
Fcot
New Orleans
1935
Receipts (cantars)—
Since Aug. 1_ _:
Nov. 27. 1936
"•
Nashville
1936
Nov. 25
the dates given:
on
a
Alexandria, Egypt,
mean 44
low 20
The
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
3495
•
Aug.
This
Since
Week
1
Aug.
1
9,000 81,235
9,000 57,609
37,000 278,682
3,000
11,866
58,000 429,392
43,000 335,694
8,000 47,127
6,000 47,663
30,000 256,229
2,000
13,274
46,000 364,293
Note—A cantar is 99 lbs.
Egyptian bales weigb about 750 lbs.
This statement shows that the receipts for the week ended Nov. 25 were
4(j0,000 cantars and the foreign shipments 43,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm.
Demand for home trade is good.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
Aug.
21..
76,336
96.074
71,884 1,132,176 1,094,1241,104,626 63,862 92,915 58,929
1.140,781 1,119,6861,102,173 149,970 184,700 120,080
1936
28.. 141,365 159,138 122,533
Sept.
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
Oct.
193645
2.. 319,754326,252 244,448 l,832.026;i,784,489 1,547,572 473,918 500,519 345,820
9.. 330.033 387,060240,603 1.980,336 1,990,723 1,640,092 478,3434)93,294337,159
16.. 370,723372,945 208,963 2,098,733 2.132,3451,735,609 498,120 514,566300,444
23.. 378,683 406,164 232,059 2.179,563 2,220,751,1,829,198 483,163:493,570 325.648
30.. 385,111 372,149 201,932 2.266,371
plantations was 240,994 bales, stock at interior
having increased 23,431 bales during the week.
World's Supply and
seasons
sources
obtainable; also the takings
sight for the like period:
are
or
from which statistics
amounts
out
gone
of
s.
d.
d.
s.
d.
95*@U
9
2
@94
6.33
6.70
95* @11
9 2
@94
6.21
6.70
95* @11
9
2
@94
6.11
@10 5
@10 2
6.99
95* @11
9
2
@94
6.17
18
6.98
9
2
@94
6.53
25
105*@11$*
10 0
@10 2
6.73
954 @11
95*@ll
9
3
@95
6.40
10 0
@10 2
7.02
6.80
10
9
5
@97
0.50
@10 5
6.99
9J*@11 J*
@115*
@115*
95
@10 2
10
9
5
6.40
V
Oct.—
2
I05*@ii5*
9
11
11
@125* 10 0
@12 ys 10 3
@
97
6.59
23
10J* @12
10
2
@10
4
6.96
10
@115*
9
6
@97
@10 0
30
10 5* ©12
10
6
@11
0
6.81
10
@115*
9
6
@10 0
6.45
6.47
Nov.—
11
@12
10 5
@10 7
6.92
6.47
11
@11 0
6.71
@10 2
6.77
11
@125*
@12 A
10 6
20
10
2
@10 4
6.76
10
@115* 10 0
105*@115* 10 0
10 1
105* @12
@10 2
13
@10 2
6.77
11
@12 J*
10
6
@11
6.72
105*@12
3
@10 5
6.59
6
27
0
10
News—As
shown
on
a
previous
page,
the
exports of cotton from the United States the past week have
reached
up
108,169 bales.
The shipments in detail, as made
from mail and telegraphic reports, are as follows:
Bales
GALVESTON—To Copenhagen—Nov. 21—Frode, 722
To Genoa—Nov. 25—Maddalena Odero, 2841
722
2,841
19—City of Joliet, 4,441
4,441
To Melbourne—Nov. 25—Trent Bank, 175
175
To Gdynia—Nov. 19—City of Joliet, 324
Nov. 21—Krakow,
1,231: Frode, 324
1,879
To Hamburg—Nov. 19—City of Joliet, 100
100
To Japan—Nov. 19—Asuka Maru, 4,850---Nov. 24—Fernlane, 11,748
16,598
HOUSTON—To Genoa—Nov. 23—Maddalena Odero, 2,351
2,351
To Japan—Nov. 21—Munsterland, 8,292...Nov. 22—Colo¬
rado Springs, 5,527
Nov. 23—Belfast Maru, 4,526--Nov.
25—Bordeaux Maru, 2,442
20,787
To Manila—Nov. 22—Colorado Springs, 42
42
To China—Nov. 22—Colorado Springs, 100
100
To Copenhagen—Nov. 20—Frode, 28
28
To Gdynia—Nov. 20—Frode, 935—Nov. 19—Krakow, 1,594
2,529
NEW ORLEANS—To London—Nov. 21—City of Omaha, 481
481
To Havre—Nov. 24—West Ekonk, 6,988__
6,988
To Gdynia—Nov. 18—Vasaholm, 459—Nov. 23—Frode, 400
859
To Ghent—Nov. 24—West Ekonk, 670670
To Porto Colombia—Nov. 21—Tivives ,10
10
To Trieste Nov. 24—Ida, 740
740
To Bremen—Nov.
—
Cotton
1936
Takings,
1935
Week and Season
Week
Season
Week
Season
-
Visible supply Nov. 20
Visible supply Aug.
1
8,051,235
7,599,556
4,899~258
American in sight to Nov. 27-
405,016
Bombay receipts to Nov. 26—
Other India ship'ts to Nov. 26
Alexandria receipts to Nov. 25
Other supply to Nov. 25 *b—
47,000
15,000
80,000
10,000
Total supply
Deduct—
4,295", 259
7,923,370
333,000
170,000
853,600
139,000
374",744
8,481,428
283,000
177.000
898,200
160,000
55,000
30,000
78,000
12,000
8,608,251 14,898,886
8,149,300 13,714,229
8,150,851
8,150,851
7,697,174
7,697,174
457,400
324,400
133,000
Visible supply Nov. 27
6,748,035
452,126
329,126
123,000
6,017,055
4,327,455
1,689,600
Total takings to Nov. 27_a
Of which American
Of which other
5,301.835
1,446,200
*
a
d.
6.74
@10 3
Shipping
Takings of Cotton—The follow¬
from all
d.
@10 3
towns
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
Middl'g
Upl'ds
@10 3
16
past week were 217,563 bales, the actual movement from
to Finest
1
105*@115*
4
-
(1) That the total receipts
ings, Common
Twist
105*@115* 10 1
10 3
105*@12
105* @115* 10 0
28
27.. 217,563 222,432119,7552,397,188 2,350,4251,973,968 240,994251,319110,549
The above statement shows:
Cotton
32s Cop
'i
■
10
d.
s.
85* Ebs. Shirt¬
Sept.
6- 259,641 363,686 148,501 2,301,784 2,287,5541,922.254 295,054 398,140188,532
from the plantations since Aug. 1, 1936, are 5,431,473 bales;
in 1935 were 5,668,319 bales and in 1934 were 3,598,901
bales.
(2) That, although the receipts at the outports the
d.
21—__ 105* @115* 10 1
2,253,100,1,882,223 471,919404,498254,957
13.. 264,096:
330,485 134,427 2,342,886 2,316,783 1,963.293 305,198 359,714175.466
20.. 251,440:271,993 133,525 2,373,7572,321,5381,983,174 282,311276,748153,406
s.
Aug.—
Nov.
.
1935
85* Lbs. Shirt¬
201,842 188,943 137,090 1,219,831 1,178,8791,152,815 280,892 248,136187,732
nI! 271,456 215.017 191,728 1,339,682 1,274,0811,226,568 391,307 310.219 265.481
18.. 340,815 265,021 230,070 1,499,275 1,414,6041,339,176 500,408 405,544342,678
25.. 314,287 336,897 237,205 1 677,8621,610,222
322,464 492.874 532.515344,223
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,165,000 bales in 1936 and 1,695,000 bales in 1935—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 4,583,035 bales in 1936 and 4,322,055 bales in 1935,
of which 3,136,835 bales and 2,632,455 bales American,
b Estimated.
-
To Antwerp—Nov.
100
18—Edam, 651—Nov. 24—West Ekonk,
751
250
To Lusac—Nov. 24—Ida, 250
19—Aussa, 814
To Rotterdam—Nov. 18—Edam, 2,078
To Genoa—Nov. 20—Prusa, 1,262—Nov. 24—Jolee, 1,010-To
Marseilles—Nov.
To Oporto—Nov. 20—Prusa, 950
To Tallin—Nov. 18—Edam, 50
Japan—Nov. 19—Belfast, 4,472
To Liverpool—Nov. 20—Lach Ranza, 7,102
To Copenhagen—Nov. 18—Vasaholm, 48
To Bremen—Nov. 17—Fralkenwald, 5,216
To Hamburg—Nov. 17—Fralkenwald, 996
To Gothenburg—Nov. 18—Vasaholm, 365--:
To Abo—Nov. 18—Vasaholm, 100
To San Fieliph—Oct. 14—Tivives, 400
To San Salvador—Oct. 14—Tivives, 100
CORPUS CHRISTI—To Ghent—Nov. 22—Aquarius, 796To Antwerp—Nov. 22—Aquarius, 150
To Havre—Nov. 22—Aquarius, 2,649
To Dunkirk—Nov. 22—Aquarius, 654
To Rotterdam—Nov. 22—Aquarius, 177;
MOBILE—To Liverpool—Nov. 19—Hastings. 2,880
To Manchester—Nov. 19—Hastings, 2,328
To Antwerp—Nov. 18—Arizpa, 500
To Bremen—Nov. 18—Arizpa, 1,690
To Hamburg—Nov. 18—Arizpa, 38
To Rotterdam—Nov. 18—Arizpa, 1,219
To Japan—Nov. 17—Asuka Maru, 5,400
PENSACOLA, &c.—To Ghent—Nov. 23—Arizpa, 188
To Bremen—Nov. 23—Arizpa, 794
To Rotterdam—Nov. 23—Arizpa, 50
To Genoa—Nov. 21—Ida, 50
GULFPORT—To Liverpool—Nov. 16—Hastings, 291
To Bremen—Nov. 18—Arizpa, 10
—
50
4,472
To
India Cotton Movement from All
Ports—The receipts
of Indian cotton at
Bombay and the shipments from all India
as cabled,
have been as follows:
ports for the week and for the season from Aug. 1
for three years,
1935
1936
*
1934
Nov. 26
Since
Since
Receipts—
Week
47,000
Bombay
Week
Aug. 1
283,000
55.00C
Aug. 1
333,00(
Since
Week
22,000
Aug.
1
292,000
Since August 1
For the Week
Exports
from—
Bombay—
1936
Creat
Great
| ContU Jap'n&
Britain
i,ooo'
nent
1,000
China
Total
45,000
47,000
2,000
29,000
2,000
36,000
31,000
38,000
Britain
8,000
9,000
10,000
Conti¬
nent
64,000
83,000
86,000
Japan &
China
236,000
213,000
232,000
Total
308,000
305,000
328,000
Other India1935
1934
Total all—
8,000
13,000
71,000
fifi.nnnl
106,000
30,000
104.000
177,000
170,000
37,000
39,000
150,000
189,000
45,000
62,000
79,000
61,000
75.000
75,000
170,000
187,000
236,000
29,000
213,000
485,000
475,000
'9,000
236,000
232,000
517,000
15,000
7,000
17,000
8,000! 29,000
1936
9,000^
1935
15,000
1934
10,000
8,000
17.000
29,000
36,000
Total
-
814
2,078
2,272
950
—-i-
7,102
48
5,216
996
365
—
100
400
100
796
150
2,649
654
177
2,880
2,328
500
1,690
38
1,219
5,400
188
794
50
50
291
10
108,169
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Financial
3496
.85c.
1.00
over
the entire western section of the country was
.30c.
.45c.
Salonica
.85c.
1.00
stressed in this connection.
Venice
.45c.
Flume
.30c.
.45c.
Barcelona
.27c.
.42c.
Japan
Rotterdam
.30c.
•45c.
Shanghai
Stand¬
Genoa
*
:
*
,50c.
.65c.
*
*
Copenhag'n .42c.
.57c.
*
-1'
*
Naples
.55c.
Leghorn
,4Cc.
,40c.
Gothenb'g
.42c.
.570.
,65c.
.50c.
.45c.
.60c.
Bombay x
,46c.
.61c.
Bremen
.30c.
.45c.
Stockholm
.42c.
.57c.
Hamburg
.32c.
.47c.
x
ard
Density
ard
Oslo
Rate is open,
-
.550.
58,000
673,000
218,000
Forwarded-Total stocks.
-
Nov. 20
Nov. 13
53,000
712,000
247,000
Nov. 6
Of which American
50,000
Amount afloat
Of which American
Nov. 27
;<8,000
727,000
248,000
4' ,000
12,000
222.000
87,000
62,000
725,000
253,000
98,000
85,000
28,000
257,000
123,000
Total imports
Of which American
57,000
237,000
89,000
40,000
217,000
86,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
each
Saturday
Monday
Tuesday
Quiet.
Quiet.
Thursday
Quiet.
Friday
Quiet.
Wednesday
Moderate
Market,
12:15
Quiet.
demand.
P. M.
6.73d.
6.73d.
6.70d.
6.76d.
6.73d.
Mld.Upl'ds
Futures.
Quiet,
Steady,
Steady,
un¬
4 pts.
changed to 6 to 8 pts.
1 pt. adv.
advance.
decline.
Quiet but
opened
Market,
6.72d,
Steady,
Very stdy,,
Steady,
Quiet but
stdy.,
3
pts.
2 to 1
3
to
advance.
dec.
Quiet but
pts. st'dy; unch
to 1
pt. adv
Steady,
Steady,
Quiet but
1 pt. adv. stdy., 4 to 1 to 3 pts. 1 to 2 pts.
steady, un¬ 1 to 5 pts.
advance.
advance.
to 1 pt. dec 5 pts. dec.
changed to advance.
P. M.
1
pt.
News generally
each day are given below:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
was
added
notice in
mand
some
for
quarters was taken of persistent Italian de¬
and of 'estimates that Italy has already
wheat
20,000,000 bushels of foreign wheat.
Contributing,
to irregularity of Chicago wheat prices toward
the close was the pre-holiday "evening up" operations, many
traders not caring to be heavily committed over Thanks¬
bought
however,
giving Day, especially in view of the extremely critical situa¬
abroad.
tion
% to l%c. up.
During this session
levels since 1933 were reached.
Strained po¬
litical conditions abroad, together with unusually active ex¬
Today prices closed
the
highest
port demand, did much to advance wheat values.
It was
currently predicted Italy would purchase fully 16,000,000
bushels
more
wheat than previously had been believed prob¬
New Contract
d.
d.
d.
d.
d.
A.
d.
December (1936)
6.52
'mm
6.50
6.53
6.52
6.47
6.53
6.51
6.48
March
6.49
6.53
6.52
6.47
6.52
6.50
6.47
May__
6.47
6.52
6.50
6.45
6.50
6.48
6.45
6.49
6.48
January (1937)-.
July...
6.14
January (1938)..
6.49
6.18
December
6.53
m
•
—
—
6.19
m
m
6.42
6.23
6.14
-
mm
6.47
6.25
6.43
October
mm.
6.20
mm
mm
6.53
6.46
6.44
6.23
6.21
6.19
6.19
6.19
mm
-
-
6.41
6.19
6.15
d.
d.
d.
d.
sharp upturns on the Chicago Board in the early
trading.
Reports of damaging frost in Argentina and men¬
led
to
Europe were bullish develop¬
Open inter¬
98,911,000 bushels.
political conditions in
acing
ments that were not lost
est in
wheat
was
sight of by the trade.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sit. Mon. Tues.
Wed. Thurs. Fri,
No. 2 red
133% 132 % 132 % 133
HOL
133 K
CLOSING
WHEAT
OF
PRICES
6.51
__
Sat.
.
-
6.50
6.50
6.50
December
-
6.47
6.48
6.48
6.44
6.44
May
July
6 24
--
--
--
6.15
-
Thurs.
HOL
104%
117%
115%
104%
6.43
6.22
6.18
6.18
--
--
6.20
Season's High
DAILY
When Made
Nov. 18, 1936
and
119%
117%
106%
CLOSING
Season's
December
May
Nov. 27. 1936 July
PRICES
OF
Sat.
Friday Night, Nov. 27, 1936
flour,
nor
Business
mand
day.
has
It
coming
is
over
there
was
no
marked changes in prices for
been any appreciable change in de¬
especially dull just prior to the holi¬
hoped that
some
good business will be forth¬
since bakers have been
the next few weeks,
buying so lightly over the past two months.
Colder weather
is expected to stimulate the demand.
The Pacific Coast
situation is not helping matters much.
With shipping tied
up, flour mills in that area are running very lightly.
Wheat—On the 21st inst.
prices closed 3^c. lower to Mc.
During the early session the market scored new highs
for the season.
However, the bulge attracted considerable
profit taking which brought about a reverse action that prac¬
tically wiped out all the gains.
The sharp early gains in
prices were influenced largely by reports of drought damage
and dust storms that apparently are cutting heavily into the
prospects of the domestic 1937 breadstuff crops.
Even in
Chicago dust clouds were observable, and in North Dakota
the weather was reported as the dryest in 44 years.
Despite
the setback of prices, the undertone remained strong.
A
moderate export business in Canadian wheat was reported.
Buenos Aires closed slightly higher, apparently due to rains,
which, it was reported, stopped the harvest in some localities
in northern Argentina. On the 23d inst. prices closed 7/gc.
lower to %c. higher. The grave developments in the European
political situation had an influence in firming prices at times,
but sustained new speculative demand for wheat futures
lacked volume.
Besides, there was a strong counteracting
influence in the decidedly larger estimates of the Argentine
wheat crop now being harvested.
This latter did much to
make all grain prices average lower during this session. Not
only were Argentine wheat crop estimates increased, but
prospects pointed to curtailment of Canadian wheat exports
in December and January, sharper competition from Argen¬
tina and Australia being looked for, with the closing of St.
Lawrence ports for the winter.
Canadian exports on Monday
totaled only 600,000 bushels.
The report of a 2,000,000
bushel decrease in the U. S. visible supply had no appreciable
effect marketwise.
On the 24th inst. prices closed ]/% to %c.
higher. A sudden turn-about movement took place in this
market late today )24th) in which prices scored moderate
net gains, after a spell of weakness.
Indications of better
export demand for Canadian wheat were largely responsible
for late upturns of prices and word of dust storms in domestic
wheat territory, the Dakotas and Nebraska in particular—
played its part in favor of the market's upward side. Late
estimates were that around 1,000,000 bushels of Canadian
wheat had been bought to be shipped to other countries.
There was talk also that France was in the market on a big
scale as an importer.
July wheat, representing the 1937
domestic crop, led the advance of prices in Chicago, and
higher.
When
Tues.
107%
107%
105%
107
105%
107%
105% 106
Made
•
May 28, 1936
Sept. 2, 1936
Oct.
2, 1936
105%
96%
FUTURES IN
Mon.
107%
106%
May
July--
and
85
——
WHEAT
6.20
BREADSTUFFS
Low
Nov. 27. 1,936
■
November—..— ————-108%
December
105%
Flour—There have been
Fri.
118%
116%
105%
6.24
-
--
-
CHICAGO
Wed.
117%
115%
-...104% 104%
July---------
6.50
6.49
IN
Tues.
117%
115%
.
May
--
FUTURES
Mon.
116%
115%
/
December
6.49
--
Liverpool wheat market
Surprising strength of the
DAILY
Close Noon Close Noon Close Noon Close Noon Close Noon Close
result of the grave political
item was the report
bullish
some
to
Nov. 27
more than the market could
in favor of the upward side.
export purchases of Canadian wheat were the largest
time, totaling more than 1,500,000 bushels.
Much
that
in
An
abroad.
situation
adv.
Prices of futures at Liverpool for
Nov. 21
to be
profit-taking appeared
able.
Market
closed %c. off to %c. up. During
strength, but on the bulges
On the 25th inst. prices
Uneasiness again prevailed as a
Only small lots.
-
the session there were flashes of
handle.
it
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Spot
1936
Lack of moisture
especially
to $1.05, as
Piraeus
Havre
*
against $1.03K earlier.
rose
.65c.
Antwerp
Manchester .30c.
Stand¬
.50c.
High
Density
ard
.45c.
.30c.
High
Trieste
Stand¬
High
Density
Liverpool
Nov. 28,
Chronicle
Wed.
WINNIPEG
Thurs.
108
105%
107%
106%
Fri.
HOL 108%
107%
108%
107%
Corn—On the 21st inst. prices
closed 3^-cent off to H-cent
up.
At times this grain showed more pronounced strength
than wheat, being influenced by a vigorous commercial and
feeding demand.
Talk was heard that the greatest possible
imports of Argentine corn this season will fall short oi United
States requirements.
Stress is being laid on dry weather as
emphasizing shortage of feed.
On the 23d inst. prices closed
unchanged to %-cent down.
In the early trading price
records for the deferred months were lifted, but later these
gains were lost when the wheat market turned weak.
Re¬
ceipts of corn on Monday were somewhat larger than of late.
Bookings of corn to arrive, though were small, and on the
whole the country showed no disposition to sell freely.
On
the 24th inst. prices closed unchanged to %-cent higher.
Rural offerings of corn were very light.
It is reported that
an easier price trend in Argentina and the refusal of com¬
mercial interests to follow advances in spot, discouraged
buying of corn.
Fear of a squeeze in December again was
revived when it was noted that the open interest in that de¬
livery increased.
On the 25th inst. prices closed %c. lower to %c. higher.
This
market
the
ruled
most of the
heavy
A feature
session.
simultaneous buying of
wheat.
Cash premiums for corn were lower.
Today prices
closed lc. down on December and % to %c. down on the
was
rest
selling
of
of the list.
Liquidation of December
for the heaviness that
Open interest
against
corn
responsible
was
prevailed through most of the session.
53,571,000 bushels.
was
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon.
Tues.
Wed. Thurs.
No. 2 yellow
131%
DAILY CLOSING PRICES
— -
105%
98%
94%
99%
95%
Season's High and When Made
December
107%
Nov. 18, 1936
May
100
July
96%
May (new)--.101
July (new)
97%
130
127%
HOL
Fri.
125
OF CORN FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
December
May,
July
May (new)
July (new)
130%
Nov. 23, 1936
Nov. 21, 1936
Nov. 21, 1936
Nov. 21, 1936
105%
105%
98%
94%
99%
95%
98%
94%
99%
95%
105%
98%
94%
99%
95%
HOL 104%
98%
94%
99%
95%
Season's Low and When Made
December
52%
May
85%
July
85
May (new)... 89%
July (new)
86%
June
2, 1936
July 29, 1936
Oct.
1, 1936
Nov. 2. 1936
Nov. 2, 1936
Oats—On the 21st inst.
prices closed unchanged to ^c.
Trading was light and without special feature. On
the 23d inst. prices closed J^c. to 3^c. off.
The heaviness
in othpr grains, especially corn, naturally influenced oats.
On the 24th inst. futures closed unchanged to %c. lower.
There was very little of interest to the trading in this grain.
On the 25th inst. prices closed V2c. lower to %c. higher.
Heaviness prevailed generally, with price fluctuations nar¬
row.
Today prices closed % to *4c. up.
There was little
advance.
in
the
news
to
account
this
for
firmness
outside
of
the
strength in wheat.
DAILY CLOSING PRICES
OF OATS
Sat.
No. 2 white
57%
Mon.
57%
IN NEW YORK
Tues.
57%
Wed.
57%
Thurs.
HOL
Fri.
57%
<
Financial
r«r«M i*s
December.
May..
July—
High and
46%
December
—
45
44%
42%
44%
41%
44%
41%
42%
Low
Aug.
3. 19361 May
Nov. 22, 19361 July
DAILY
44%
May
37$
•
Wheat
York
Corn
Flour
Bushels
Barrel,
new
Total week
i:666
1936..
or
DAILY
CLOSING
PRICES
OF
RYE
as
Since
Week
Since
Week
Since
Nov. 21
July 1
Nov. 21
July 1
Nov. 21
July 1
1936
1936
1936
1936
1936
1936
Barrels
July 1 to—
United
Barrels
Bushels
Bushels
Bushels
Bushels
Kingdom.
Continent
36,380
14,385
1.054,080
339,103
So. & Cent. Amer.
10,500
283,500
18,500
2", 330
11,000
57,838
Total 1936.....
May
July
-
S"t*on's High and When Made
December
96
May
July
92%
8514
j
82,095
December
Nov. 18. 1936 May
Nov 25, 19361 July
DAILY CLOSING PRICES OF
RYE
Sat.
December
Mon.
7914
May
...
5514
75$
71
Tues.
79%
7814
78$
Wed.
Sat.
Mon.
Tues.
87
87
80
8714
May—!
Sat.
Wed.
December..—
6154
5914
May...-....-.-
Closing quotations
were as
Tues.
6154
5914
Thurs.
13354
Manitoba No. l.f.o.b. N. Y. 11914
Cera. New York—
No. 2 yellow, all rail
125
.7.30 @7.55
6 90#7.10
6 05@6 35
Boston
80
IN WINNIPEG
Wed.
6214
5914
Baltimore
Fri.
Thurs.
HOL
a
26,000
3,000
8,000
20,000
67,000
552.O0O
19,000
645,000
3,000
122,000
38,000
349,000
1,000
95,000
23,000
1,000
12,000
.....
850,000
Sioux City
St Louis
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:
Barley
bMs mtbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lb.. bushMlbs. bushASlbs.
127,000
Minneapolis..
138,000
282.000
115,000
2,000
171, ,000
81, 000
6, ,000
763, ,000
11,000
498,000
23.000
38.000
753, 000
427, 000
98.000
10,000
23~66O
30,000
44,000
73,000
297.000
2,000
280,000
Duluth
Milwaukee...
1.548,000
710,000
227,000
Chicago
12,000
Toledo
34,000
Detroit
9,000
179.000
Indianapolis..
St.
-
129,000
Louis
Peoria
41.000
Kansas City..
14,000
Omaha
34,000
762,000
192,000
St. Joseph
Wichita
Sioux City
Buffalo
490,000
90,000
36,000
15,000
256,000
455,000
90,000
763,000
15~666
40,000
1.000
Milwaukee
61.000
60, ,000
128,000
6. 000
2,000
3,000
205, 000
4,002.000
452, 000
23,000
260.000
I
423.000
Same wk.1935
321,000
382,000
6.911.000
6,732,000
5,616,000
5,723,000!
1,429.000,
5,825.000
1.654.000
718,000 1,719.000
466,000 2,230.000
Same wk.1934
1,221,000
578,000, 1,876,000
2,778,000.
1—
48,000
2,000
14,000
.
f,098.000121,924,000
6.536,000211,334.000 40.468.000
237,000
4S"66O 17,876"66O
1.549.000
46,000
415,000
8,000
250,000
150,000
-
4.000
6.706.000
7.000
7,002,000
Duluth b
1,475,000
1.677,000
Detroit
Buffalo c
358,000
afloat-
On Canal
Total Nov. 21. 1936—
66.330.000
Total Nov. 14. 1936—
68,516,000
76.368.000
Total Nov. 23. 1935-.
a
25,315,000
7,507,00032,769,000
Saturday, Nov. 21, 1936, follow:
Wheat
185,000
495.000
86.000
32.000
Baltimore
14,000
5,000.
New Orleans *
17,000
Oats
Rye
20.000
67,000
14,000
77,000
Baltimore—Also has 104.000 bushels foreign corn In bond; also 102.000 bushels
foreign
In bond, b Duluth—Includes 126.000 bushelR feed wheat,
c Buffalo—
61.000 bushels Argentine corn In store; and 95,000 bushels Argentine oorn
rye
12,000
grain
not
Included
Wheat
Ft. William & Pt.
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushes
3,866.000
Since Jan. 1*3613.457.000120,016,000
1935—1
231.000
92.000
474.000
1,411,000
4,122,000
Arthur 21,911,000
812,000
4,586.000
Other Canadian and other
water
3,440,000
233,000
1,506.000
5,361.000
5,313,000
5,455,000
1,137,000
1,296.000
3,416,000
6,566,000
6,838,000
5,801,000 42,888,000
'5,837.000
5.361.000
1,137,000
17.671.000
6.566.000
points......... 38,331,000
-
Canadian.............
2.811.000
60,612,000
..
67,829,000
..
66,330,000
64,364.000
1935—211,994,000
3,735,000
5,801,000 48,249,000
6,974.000 24.237.000
4,688.000 49,471.000
7,161 000 24,214,000
2,786,000 50,371,000 12,132,000 19,510,000
The world's
shipment of wheat and
corn, as
shown in the following:
Corn
Week
Since
Week
Since
Since
July 1
July 1
Nov. 20
Julyl
July 1
1936
Argentina-
Since
Nov. 20
Exports
Australia
47,000
622,000
9.451.000
157.000
14,485,000
439.000
7,221.000
1936
1935
1936
1936
1935
Bushels
Bushels
Bushels
Bushels
Bushels
5,006.000
1,160,000
1,070,000
975,000
.
96.394.000 61.799.000
1,000
1,000
33,896.000 24,610.000
170,000
8.038.000
3,200,000
22,785.000 44.862.000 8.527.000159,005.000125.617.000
26,329,000 37,290.000
I
I
—
500,000
352.000
4.720.000
11.072.000
13,400,000
|
256,000
400.000'
Total
22,000
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Nov. 20, and since July 1, 1936, and July 1, 1935, are
Oth. countr's
-
848,000
I
10,036,000 21,683.000
8,963,000 195,196,000182,217,000. 9,045,000177,080,000150,501,000
79,000
4,374,000 3.812.000
19,000
68.000
15,605,000 4,563,000 4,301,000
* Receipts do not Include grain passing through New Orleans for foreign porta
lhrough bills of lading.
,
Total Nov. 23.
Black Sea...
77,000
I
Week
510.000
India
845:666
Since Jan T3S11,714,000
534.000; Duluth,
9,179,000 Buffalo afloat, 1,103,000; Duluth, 5,288,000; Erie, 2,462,000; Albany,
3,048,000; Chicago, 122.000; on Lakes, 1.020,000; Canal, 821,000; total, 25,969,000
bushels, against 27,317,000 bushels in 1935.
North Amer.
282:666
"V.ooo
310.000
Barley—Buffalo,
Bushels
511,000
wk.1986'
above:
2,560,000; on Lakes, 621,000: total, 3,615.000 bushels, against 102.000 bushels In
1935.
Wheat, New York, 2,111.000 bushels; New York afloat, 815.000; Buffalo,
22,000
270.000
Three Rivers.
Total
Ji
_
•
2,000
17,000
1,915.000
Sorel
Halifax..
5,837.000 17.671.000
5.865.000 17.376,000
9,716,000 15.775.000
Barley
63~666
ssiooo
..
22.000
227,000
26,000
Galveston.—
Montreal
Boston
5,801,000 42,888.000
4,688.000 44.158,000
2.786,000 44,916.000
Wheat
Corn
bbls 196lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushMlbs. bush.48lbs.
.
1,696,000
61.186.000 38.448,000
Total receipts of flour and grain at the seaboard ports for
York—
6.122.000
1,887,000
170,000
163,000
47.000
—
Total Nov. 21. 1936—130,694,000
8,182,00050.016,000
78.094,00010.995.00042.340.000
6.343,000117,606,000101,386,000
Philadelphia
5,0911666
5,944,666
4,601,000
—
Summary—
.
1986
New
306.000
_Total Nov. 23, 1935—135.626.000,
4,000
1934
Flour
2,2981666
9,270,000
35,000
449,000
Total Nov. 14, 1936-.
5,000
1935
Receipts at—
2,226.000
16.000
Total Nov. 21. 1936— 64,364.000
.
the week ended
29,000
103,000
939,000
Total Nov. 14. 1936—136,345.000
Since Aug
9,000
8,000
ftfloftt
Minneapolis
American.....
Total wk.1926
396,000
9,000
559.000
12.000
571, 000
34,000
246 000
...
398, ,000
77.000
230,000
1,135,000
1,019,000
12,000
-
Montreal
11.000
68.000
109.000
Vote—Bonded
Rye
38.000
40.000
—........
afloat.
Oats
10,000
118,000
On Lakes
Also has
Corn
182,000
1,555,000
3,399.000
8,707,000
Peoria
All the statements below
56.000
175,000
288,000
487.000
3,683,000
1,733.000
-
Indianapolis
2 95
7,000
1,495,000
Omaha
Chicago
Oats, good
26,000
4,734,000
14,755.000
4,512.000
Kansas City.
Rye flour patents
5 55@ 5.70
Seminola.bbl., Nos. 1-310 2)® 10.30
196,000
986.000
....
St. Joseph
"
Wheat
731,000
1,000
17.000
3,491,000
Wichita
57
1,000
253,000
1,349,000
—
Hutchinson
Rye, No. 2. f.o.b. bond N. Y.
91
Barley, New York—
47% lbs. malting
10654
Chicago, cash
100-140
Barley
Bushels
66.000
Fort Worth.....
Oats, New York—
No. 2 white
Rye
Bushels
10,000
Galveston.
follows:
Oats
Bushels
817.000
New Orleans
6214
59?4
Corn
99.000
afloat......
5
Flour
45.000
Bushels
......
New York...
8714
21@5 6 » Cornflour
3.10
0 20^6 45 Barley goods—
Hard winter patents.... 6 40 @6 65
Coarse
4.75
Hard winter clears
5.35@5.5o
Fancy pearl,Nos.2,4&7 6.90® 7 25
Receipts at—
39 199.000
Bushels
United States—
fFLOUR
Spring oats, high protein
Spring patents
Clears, first spring
Soft winter straights
Hard winter straights—
1.000
2,510.00ft
GRAIN STOCKS
GRAIN
Wheat, New York—
No. 2 red. c.i.f.. domestic
1,437:666
64.515.000
Wheat
Fri.
HOL
80
6154
5914
223,666
3,558,000
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Nov. 21, were as follows:
7854
7954
HOL
8754
FUTURES
Mon.
"Y.666
at
Philadelphia
DAILY CLOSING PRICES OF BARLEY
23,261.000
194,000
11,000
visible
The
granary
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
December
47,5°0
Fri.
Thurs.
79H
79
7914
79
2,242,021
1.539,334
2.384.000
944,000
7,000
WINNIPEG
IN
FUTURES
Total 1935...
When M"de
June
3.1936
Aug. 11, 1936
Oct.
3.1936
Spa van's Lou• and
Nov. 25. 1936
95
91%
84%
HOL
39.612,000
496,500
Other countries...
CHICAGO
Th*'rs. Fri,
IN
95
9114
84%
95%
91^
84%
Corn
Wheat
Flour
Week
and Since
This grain
Wed.
Tues.
95%
91H
84%
66,000
below:
West Indies
FUTURES
Mon.
94%
90%
83%
47,590
Exports for Week
less irregular.
Sat.
77.000
329,000
356,000
82,095
The destination of these exports for the week and since
Brit. No. Am. Col.
December
47~,666
3,558,000
2,510.000
1935
highs during the session, but eased off towards
price trend being more
77,666
282:666
38,000
845.666
July 1, 1936, is
profit-taking.
Today prices closed unchanged
%c. higher.
There was little of interest in the trading,
the
Barley
Bushels
1,000
Same week
the close on
to
Rye
Bushels
~
l.ois'.ooo
Montreal
j
,
42,095
511,000
Orleans
Halifax
Rye—On the 21st inst. prices closed %g. down to He. up.
were no spectacular features to the market as prevailed
a short
time age, trading being relatively quiet.
On the
23d inst. prices closed He. to He* up.
Reports of severe
weather in the northwest tended to boost the rye market. On
the 24th inst. prices closed He. to He. higher.
This grain
advanced on unfavorable new crop prospects despite a steady
to easier tone in the Canadian market, and offerings of both
May and December by elevators.
Oats
Bushels'
287,000
...
Sorel
New
There
reached
•
Bushels
Three Rivers
On the 25th inst. prices closed % to *^c. down.
for the week
shown in the annexed
are
.
Exports from—
45%
45%
HOL
44%
45%
44%
45%
44%
45%
45
-
>
Juiy 29. 1936
Oct.
1.1936
CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
December
Saturday, Nov. 21, 1936,
statement:
41%
When Made
May 27. 1936
New
|
3497
The exports from the several seaboard ports
44%
-
and
26%
40%
When Made
I
Season's
Aug. 19, 1936 December
4814
May.....
July
44%
44%
42%
—
.
Season's
45%
ended
45%
HOL
45%
,
Chronicle
CHICAGO
Thurs. Fri.
DAILY CLOSING PRICES OP OATS FUTURES IN
Sal. Mon. Tues.
Wed.
on
Weather Report for the Week Ended Nov. 25—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 25, follows:
Texas—Houston:
weather was reported in the Ohio Valley, the
the morning of Nov. 18, while
drops occurred in the Lake region and the upper
Mississippi and Missouri valleys; at White River, Ont., the 24-hour change
was —50 degrees and at Cochrane, Ont., —40 degrees.
Snow was reported
from the Lake region northeastward, but amounts were light.
During
the following 24 hours only two United States stations reported precipi¬
tation—.01 inch at Detroit, Mich., and .20 inch at Tatoosh Island, Wash.
Considerably
warmer
in extreme east and
Gulf States and along the Atlantic coast on
marked
Oklahoma—Oklahoma City:
the St. Lawrence and
Mountain and Plateau
of the Missouri Valley
rain over most of the State.
Wheat and volunteer
Livestock generally in good condition.
Arkansas—Little
Rock:
Moderate
temperatures; light
plowing done.
well; late com¬
in some lowlands
some good pastur¬
age available.
Good progress made in handling tobacco, gathering corn,
plowing and terracing.
Picking and ginning of cotton about completed.
Kentucky—Louisville:
Temperatures moderate to low.
Some growth
continuing; grass pastures about gone; considerable rye pasture available.
Fall grains show slow improvement; condition excellent. Corn gathering
advanced.
Late potato-digging finished.
Cribbed corn well dried.
Too
dry for tobacco stripping.
Tennessee—Nashville:
New York,
Estimates of November sales for the country
predict an increase in volume over a year ago of
10 to 12%, notwithstanding the fact that the month has one
less Saturday and one less business day than November, 1935.
Department stores on the West Coast, while sharing to a
certain extent in the general improvement, nevertheless ex¬
pressed fears that the protracted shipping strike will show its
retarding effect in the total sales results.
Trading in the wholesale dry goods markets showed sus¬
tained activity.
Re-orders on all classes of seasonal goods
as
well as on gift items continued to be placed in large
volume, to replenish retailers' stocks.
Immediate delivery
in many lines, however, was increasingly difficult to obtain.
Wholesalers were confronted by an even more serious de¬
livery situation, and prices in many lines continued to follow
a rising trend.
Flannels were again advanced, and some
mills were reported to be sold up on their entire 1937 pro¬
duction.
Business in silks made an impressive showing, and
indications pointed to a record spring season.
Prices were advanced, partly in sympathy with rising raw
silk quotations.
Trading in rayon yarns was marked by a
continued scarcity of all types of yarns
This lack of available
stocks, and increasing productions costs due to higher wage
demands, brought forth renewed rumors of impending price
advances, in connection with the opening of books for
February business early next week. The continued shutdown
of the plant of the largest producer of acetate yarns is making
itself felt among manufacturers of spring dress goods, many
of whom had planned to use this type of yarns for their
novelties in view of high silk quotations.
materially.
as
Mississippi.
local freezing
extended nearly to the coast.
northward and
with condition
to very good.
Early-sown grains are doing well
Tennessee and late-sown are coming up.
Considerable rye pasture
available in Kentucky and quite generally fall and winter grains are
'
-
-
*
.
in
is
in
good shape for the winter.
Seeding was retarded in portions of North
Carolina by dryness, and in lowlands in Tennessee by wet soil.
Little
growth is reported in Missouri because of dryness although the condition
is generally good.
In most northern portions of the belt the weather was
not so beneficial; rain is needed generally and there were some reports of
damage by severe duststorms.
In the eastern two-thirds of Kansas winter wheat has made the usual fall
growth and there is sufficient moisture to carry
western third of the
State needs rain badly.
Cotton Goods—Trading in the gray cloth
quieted down, largely under the influence of de¬
clining raw cotton quotations, and, with the holiday inter¬
fering during the latter part of the week, total sales were
rather limited.
A feature was the demand for narrow print
cloths, sales of which actually exceeded those of wide print
cloths, a rather unusual occurrence.
Prices remained fairly
steady, reflecting the strong position of the mills. Business
in fine goods was quiet.
While buyers showed continued
interest, many mills stayed out of the market in the belief
that prices are likely to show further improvement, since
buyers are reported to be still in need of substantial quan¬
tities.
Closing prices in print cloths were as follows: 39-inch
80's, 9% to 11c.; 39-inch 72-76's, 9 A to 10c.; 39-inch 68-72's,
8A to 9c.; 38H-inch 64-60's, 7 A to 8c.; 38^-inch 60-48's,
634? to 7c.
Domestic
it into the winter, but the
Winter wheat sowing is
and early planted is up to good stands; oats
are generally good in this State, and oats and rye made excellent progress
in Arkansas.
Rye is poor in northern sections of Minnesota.
In western
portions of the belt most grains need moisture and in a large area germi¬
nation of late sown is poor.
In the Northwest lack of moisture has been
especially unfavorable.
Corn and Cotton—Corn husking is Hearing completion generally, and
in most States of the belt this work has been finished.
Cotton picking
and ginning made good progress in the few States where the crop is still
in the field.
Except in some eastern lowlands of Arkansas, and in por¬
tions of South Carolina this work is nearly completed; in North Carolina
picking is about three-fourths done.
Weather
Bureau furnished the following resume
of
conditions in the different States:
Virginia—Richmond:
Temperatures averaged about four degrees sub¬
freezing weather general on 19th.
Good
Woolen
normal; precipitation negligible;
Most winter wheat and oats looking good.
Mea¬
dows and pastures continue to improve.
Tobacco about all marketed
Threshing peanuts begun; quality good.
Husking corn about completed.
Considerable butchering done in western counties.
down
week for all farm work.
Carolina—Raleigh:
Week favorable for gathering crops.
Cotpicking about three-fourths done.
Seeding of small grains continues,
reports of retardation from mountain region due to dryness.
Fall
truck good.
but
South
Carolina—Columbia:
Week fair, except rain on last day,
mostly
rye
_
,
Mississippi—Vicksburg:
t
,
t
Week dry; favorable for outside
x
work.
close; more needed for plowing, pastures and
stock water.
Heavy frost in south on 23d; damage slight.
Louisiana—New Orleans:
Dry most of week, but general rams at
to
moderate rain
at
Light
live¬
close
beneficial and timely.
Temperatures moderate until 21st and 22d
heavy frosts and local freezing, except on the coast; damage slight.
Excellent progress made in harvesting and grinding cane, but too dry
for plowing or planting.
very
when
;
its
previous brisk
pace.
more
fabrics slowed
While buyers were
wear
than about two-thirds of
their
ton
light.
Generally favorable for completion of grain sowing.
Oats and
growing well.
Wheat germination good.
Fall cabbage shipments
reported on the coast.
Late cotton picking and ginning made fair advance
in north, but considerable still in fields locally.
Georgia—Atlanta:
Little or no rain.
All growing crops considerably
retarded by persistently dry weather.
Temperature averaged slightly
below normal with heavy frosts over State and freezing temperatures
extending below Macon on Monday, causing some injury to exposed truck
and other tender plants.
Sowing of wheat and oats continues.
Yams and
cane being harvested.
Truck and pastures only fair.
Some strawberries
set out in south.
,
Florida—Jacksonville:
Frosts on 17th and 23d damaged tender grass
and such truck as beans and squash in northern counties.
Pastures dry
and only fair.
Cane grinding and syrup making continue.
Citrus ripen¬
ing rapidly; shipments increasing.
Truck shipping of peppers, eggplants
and squash.
Potato planting slow on account of dry weather.
Celery
fine; making good growth.
Some strawberries ma timing.
Alabama—Montgomery:
Only light rains during the week.
Grain
cover-crops mostly up to good stands in north, but soil continues too dry
in middle and south for planting and germination, except in scattered
localities.
Truck crops need rain badly.
Goods—Trading in men's
from
believed to have covered not
North
>
whole
markets
nearly completed in Texas,
The
a
.
damage during the week, with tender vege¬
fair
Friday Night, Nov: 27, 1936.
during
during
most of the period, the call for seasonal apparel showed
further expansion, and initial Christmas shopping increased
injured as far south as northern Florida and southern
In Louisiana heavy frost occurred Sunday and Monday, and
Grains—From the Ohio Valley and Tennessee
small grains had a generally good week,
winter grains doing
Retail trade continued to register appreciable gains
the past week.
With cold temperatures prevailing
Sotith Dakota.
progress
sown
THE DRY GOODS TRADE
springs dry.
There was little farm activity in this area.
Precipitation
is needed, also, in most Rocky Mountain sections and in the middle Mis¬
sissippi Valley, where Missouri reports the third consecutive week with¬
out precipitation of consequence; in the Southeast rain is needed for plant¬
ing and germination.
A light snow cover is general in New York, but
elsewhere the ground is mostly bare, except for portions of northeastern
Small
Early
very late sowing made good progress, except
where too wet.
Clover made fair to good growth, still
ing up;
ington, the Walla Walla district noted the driest period of record since
March 1, which is representative of extreme southeastern Washington
and Oregon also reports the driest season of record, with some wells and
and
oat pastures
to moderate
rainfall, except in northwest.
Very favorable for gathering cotton and
corn and threshing rice; this work about completed, except in some east¬
ern lowlands.
Wheat, oats, rye, winter pastures and late fall and winter
truck made excellent progress and in good to excellent condition.
Much
morning of Nov. 20, with only a few
noting minus changes; at most in¬
northeastward
light to heavy
fair.
reported in the Lake region and the Northeast, and locally in the South¬
west.
Light, scattered precipitation was reported in the Gulf States, the
Lake region and Northeast, and locally in the West during the next 24
hours.
Except in the east Gulf States, along the Atlantic Coast and locally
in the Missouri Valley and Northern Rocky Mountains, rising temperatures
were reported.
The week was considerably warmer than normal in portions of the south¬
ern
Appalachian and east Gulf sections and quite generally from the
Mississippi Valley westward, except for portions of Oregon and northern
California.
Over southern California and the northern Great Plains, the
week averaged from 12 to 15 degrees warmer than normal, while in more
than half the country plus departures ranged from 2 to as much as 8 degrees.
A comparatively small area, including the Lake region and a narrow strip
reaching from the middle Gulf coast and lower Ohio Valley northward
and northeastward had below-normal warmth, with the largest deficiencies,
7 to 9 degrees, reported in the Lake region and the Northeast.
No zero
weather occurred in the United States though the freezing line dipped farther
southward than a week ago, with frost damage occurring as far south as
norther Florida and southern Mississippi.
The lowest minimum reported
in the United States by a first-order station was 4 degrees at Northfield,
Vt., on Nov. 19, and Sault Ste. Marie, Mich., on Nov. 23.
On this latter
date White River, Ont., noted a minimum of —16 degrees.
Precipitation of consequence was confined to the lower Mississippi Valley
and portions of the west Gulf States.
Light rains fell in the far Southwest,
the extreme Northwest, the eastern Lake region, and the Northeast.
While the shaded area on the chart is extensive, numerous stations, especially
in the upper Mississippi and Missouri valleys, the Lake and Appalachian
regions, the Ohio Valley and Tennessee and the Southeast, had amounts
ranging from only a trace up to .04 inch.
The warm, dry weather of the week was generally beneficial for out¬
door work and much plowing was accomplished in nearly all central dis¬
tricts from the Rocky Mountains eastward to the Ohio Valley.
Little or
no
rain occurred, and some soil blowing was reported in Plains States
from Oklahoma northward and in the middle and northern Rocky Moun¬
tain region and the upper Mississippi Valley.
Considerable wind erosion
occurred Sunday in Wyoming and severe duststorms Friday were injurious
to winter grains in several States.
In the far Northwest droughty conditions were more serious; in Wash¬
Several States reported frost
Weather mostly clear with
needs
changes were from 4 to 30 degrees.
As on the preceding
day there was only negligible precipitation.
On Nov. 21 much lower
temperatures were reported in a large north-central area, though plus
changes were still general in most Gulf States, the Lake region and from
the
Ohio* Valley and Tennessee northeastward.
Precipitation, mostly
light and in the form of snow, was reported along the northern border
from the Lake region eastward.
The colder weather moved eastward,
and by Sunday morning had brought decidedly lower temperatures to the
near Southwest and most States east of the Missouri Valley.
Snow was
tation
Temperatures averaged slightly high.
Heavy rains
the upper coast and light rains elsewhere, except
on
needed in extreme south.
terior stations plus
1
1936
duststorms during latter part of week.
Considerable plowing done.
Win¬
ter wheat made fair progress; condition fair to very good, but crop now
and the Canadian Northwest.
Temperatures rose decidedly by the
stations, mostly in Alberta, Canada,
28,
dry in Panhandle.
Week favorable for outdoor work.
Winter-wheat
sowing nearing completion and early planted up to nice stands.
Oats,
ranges and cattle generally good.
Truck making good progress, but rain
temperature
Temperatures fell along the Atlantic coast and in
upper Mississippi valleys and locally in the Rocky
regions; warmer weather was reported in portions
Nov.
Chronicle
Financial
3498
,
requirements, many users marked time in placing ad¬
ditional orders, chiefly in view of the rapid succession of
price advances. A few duplicate orders on fancy materials
were placed by clothing manufacturers, and a brisk call de¬
veloped for spot overcoatings and heavy suitings as cold
weather stimulated retail sales of winter apparel.
Business
in women's wear goods continued quiet, although fleeces and
dressy coatings had a steady call for the manufacture of
winter coats.
New spring lines showed advances of 10 to
15c. a yard, and mills anticipated a brisk demand as the
major part of spring requirements remains to be filled.
Showings of the new winter resort wear materials met with
active interest on the part of garment manufacturers. Reports
from retail centers continued their satisfactory showing as
consumer
demand received further impetus from ideal
weather conditions and the broadening buying power of the
public.
Foreign Dry Goods—Trading in linens remained active.
items and fancy linens expanded, and
wear moved in good volume.
Business in burlap was quiet, and sales were limited to spot
and afloat goods.
Prices were slightly lower, reflecting the
easier
Calcutta trend.
Domestically lightweights, were
The call for holiday
materials for
use
in winter resort
quoted at 3.85., heavies at 5.35c.
Volume
Financial
143
Chronicle
3499
MUNICIPAL
Specialists in
"
Illinois & Missouri
Bonds
BONDS
Dealer Markets
WM. J. MERICKA & CO.
INCORPORATED
Union Trust Bids,
One Wall Street
135 S. La Salle St.
CLEVELAND
NEW YORK
CHICAGO
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
DIREGT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
The
move is along the line of the recent
ruling of the department in the
of the New York Marine Parkway
Authority, the bonds of which the
Federal agency held not exempt from Federal income tax on the
ground
that the district does not perform an essential governmental function and
case
as
a result should not be classed as a
political subdivision.
Previous court rulings have controverted this stand, and since the Marine
Parkway
WE OFFER.
a
$5,000 Hillsboro County School Dist. No. 4
tions, dealers
such
5% Bonds due July 1, 1940
say,
would have
Thomas M. Cook & Company
BEACH, FLORIDA
News Items
f
New
Municipal Debt Trends Discussed—At a
recent meeting of the
Municipal Finance Officers' Associa¬
tion in Toronto an excellent
history of municipal borrowing
in Canada was given by Thomas Bradshaw, President of the
American
Life
Assurance
Co.
of
Toronto.
The
prepared in pamphlet form by the above-
named Association and is
being distributed in order to pre¬
generally avail¬
public officials and students of public finance.
it for future reference and to make it
serve
able to
League of Municipalities Concludes
two-day convention held in Asbury Park
a
the
more
officials
of
than
finished their discussions
100
on
municipalities in this State
relief
administration, taxation
problems and other matters of importance in local govern¬
ment, including their recommendation that the incoming
legislature broaden the tax base so as to relieve some of the
burden
on
real estate.
results of the session
to the New York
We quote
as
reported in
in part as follows on the
an Asbury Park dispatch
"Herald Tribune" of Nov. 21:
Taxation and relief
were
the major problems of the
the New Jersey State League of Municipalities, which
Idaho—Governor Ends Sales Tax—Governor C. Ben Ross
Nov. 25
on
2%
sales
signed
a proclamation officially ending Idaho's
midnight on that date, according to a
dispatch from Boise.
tax
United Press
at
Illinois—Special Session Adjourns—Will Reconvene Dec. 1
Legislature adjourned its special relief session
Nov. 17 until Dec. 1, according to Springfield advices.
is said that when it reconvenes the leaders.plan to take
—The State
on
It
up
proposal of the State administration to continue the
a
3% sales tax, which, without leislative action, will drop to
2% on Dec. 31.
The extra cent under the present law is
devoted to relief of the unemployed.
Indiana—Governor-Elect
ford
tax
to
Call
Townsend, Governor-elect,
conference
will
be
held
second week of December.
will be asked to attend.
Tax
Conference—M. Clif¬
that a State-wide
Indianapolis, probably the
Representatives of retail groups
announces
in
Recommendations for revision of
the State gross income tax will be submitted to the Indiana
Legislature, Mr. Townsend said.
The study meeting,
said Mr. Townsend, who will participate, will be
confined
as far as possible to revision of the gross income tax enacted
by
the present regime of Governor Paul V. McNutt and defended repeatedly
by Mr. Townsend in his campaign for election.
Massachusetts—Booklet
Municipal Statistics Com¬
piled— Tyler, Buttrick & Co., Inc., 75 Federal St., Boston,
are
distributing the 13th edition of their booklet on the
financial statistics of the above State, its counties, cities,
towns and districts.
The data given include population,
assessed valuation, gross and net debt, net debt and
per
capita ratios, tax levy, tax collections and similar related
information.
This edition of their quarterly series also con¬
tains an outline map of the Commonwealth, showing all its
political subdivisions. Copies are available upon request.
of the American Bar Association, it was disclosed
on
Nov. 18
by Arnold L. Frye, of Hawkins, Delafield & Longfellow,
municipal bond attorneys of New York, speaking at a meeting
of the Chicago Bar Association. Mr. Frye is chairman of the
on
municipal law.
...
Federal income taxes.
distinct
This action is said to have
come as a
surprise to municipal bond dealers and investors.
Until now, all special assessment bonds have been generally regarded exempt
from Federal taxes, and it is expected that the matter will be argued out
before
the supreme court before acceptance of the ruling of the internal
department as final on the subject.
revenue
attracted approxi¬
"The manner in which local government accepted this alarming chal¬
lenge," he said, "will go down in history as one of the outstanding achieve¬
ments of municipal administration and will redound to the credit of local
officials for years to come.
On all sides we find laudation for the competent
manner
in which we have reduced the costs of relief and eliminated from
the rolls those who are not entitled to assistance."
"Russell J.
Eldridge, director of the New Jersey State Employment Serv¬
ice, told a gathering of overseers of the poor in an address on "Getting
People Back to Work" that his bureau had placed 5,043 persons in private
employment in October, 1936, 40% more than in the corresponding montn
in 1935.
Of those placed in private industry, 546 came from tne relief rolls.
Mr. Eldridge said his active file of applicants had been reduced from
221,489 on July 1, 1936, to 250,638 on Oct. 1.
This reduction of 71,000
had been accomplished by finding jobs for some, eliminating others who
had found employment for themselves, and still others who were not
actually seeking work.
He urged the overseers to list with nim all the
unemployed on the relief rolls who were capable of working
.
Fall to Act
on
Tax Plan
While municipal officials applauded Governor Harold G. Hoffman and
Arthur Potterton, Jersey City Director of Revenue and Finance, conven¬
tion speakers who urged enactment of "replacement taxes," they took no
formal action to lay such a program before the Legislature.
In previous years, tbe
sales tax
as measures to
declared
league has indorsed both the income tax and the
broaden the tax base, and similar action this year
be unnecessary.
A resolution condemning so-called tax
limitation proposals as "unsound in principle and ruinous in practice" was
was
to
adopted without discussion.
Mayor Meyer C. Ellenstein of Newark, elected President of the league
John V. Hinchliffe of Paterson, in his address before the
main session to-day advocated repeal of the personal property tax in New
to succeed Mayor
Jersey.
Its operation, he said, was driving business out of the State.
At
failure of Newark to attract five large industrial
its doorstep he laid the
enterprises, with a payroll of 10,000 persons, in the last year.
„
Bi-Partisan Accord Hinted
Delegates to the convention were speculating today
on
the significance
of addresses made by Governor Hoffman and Director Potterton Thursday
night, both urging a replacement tax program.
Governor Hoffman indicated that he would renew his plea before the
1937 Legislature for a series of substitute taxes, not only to provide financing
for emergency relief, but to lighten the burden on real estate at least 33 1-3 %
Similar views expressed by Director Poster ton, chief fiscal officer for Mayor
Frank Hague's administration in Jersey City, indicated that so far as the
Democratic members of the Legislature were concerned, the Governor's
plea would not be in
Municipal Special Assessment Bonds Held Subject to
reported that the( Internal Rev¬
enue Department has again
questioned the tax exemption of
certain types of municipal bonds, as in the case of the Marine
Parkway Authority bonds discussed in these columns
recently.-—V. 143, p. 2883.
The said Department is re¬
ported to have instructed all its examiners to the effect that
all the interest from special assessment bonds is subject to
Federal Income Taxes—It is
two-day session of
mately 1,200 municipal officials, including 230 overseers of tne poor, to
the largest gathering in the league's history.
The assembled mayors and commissioners appeared confident as the
convention adjourned, that the Legislature would begin a drastic revision
of the State's tax structure early in 1937, finding new "replacement taxes"
to lighten the burden now carried by real estate.
Samuel S. Kenworthy, Executive Secretary of the league, in his annual
report submitted this morning, estimated that the State would be required
to raise $15,000,000 for emergency relief in 1937, $5,000,000 less than the
total expenditures for relief during 1936.
Mr. Kenworthy's estimate was
based on the continuance of Works Progress Administration activities
which nave absorbed a substantial part of tne relief burden in the last year.
He expressed pride in the manner in which the municipalities had met the
relief problem when it was handed back to them last spring on two weeks'
notice.
i •
Says "Challenge" Was Met
of
Municipal Bondholders' Committees Discussed—Pro¬
posals for. Federal control of municipal bondholders' com¬
mittees were discussed at Washington recently by members
of the Securities and Exchange Commission and a committee
committee
on the market for
Jersey—State
Meeting—After
Canadian
address has been
decidedly adverse effect
outlined in the July 20th issue of the Internal Revenue
Bulletin, Volume 15, No. 29.
We are somewhat at a loss
to determine why this ruling was not
brought to the atten¬
tion of the municipal fraternity before this, inasmuch as it
will provoke possible lengthy litigation should it be enforced.
Harvey Building
North
a
issues.
In connection with, the above report we are informed that
the basis for this action was contained in the instructions
Price—4.05 Basis
WEST PALM
case came to the foreground the supreme court has handed down
favoring the New York Port Authority along similar lines.
Removal of the Federal tax-exemption from special assessment
obliga¬
decision
vain.
Legislature to be Called in Special Session—It
from
Trenton
on
Nov. 24
that
Governor
was
reported
Hoffman
had
special session of the State Legislature to
act on unemployment insurance legislation soon after the
hearing to be held on Dec. 2 on the report of the New Jersey
Social Security Commission.
This course will be followed
decided to call
a
by the Governor, it is said, in consequence of his failure to
receive assurance from Washington that the time for State
compliance with the provisions of the Federal social security
extended beyond the Dec. 31 limit now fixed bylaw
act will be
The commission's report presents three plans.
Governor Hoffman hopes
that the hearing next month may result in an agreement upon one of these
proposed acts, making possible a speedy and satisfactory enactment of
Financial
3500
unemployment insurance legislation.
The special session will be called,
however, regardless of the outcome of the hearing.
Governor said he had discussed the matter with
Harry L. Derby, chair¬
man of the state commission; Circuit Court Judge John C. Barbour, former
President of the Senate, and Commissioner William J. . Ellis of the State
Department of Institutions and Agencies.
*
Asked If he would recommend a specifie plan in a special message, the
Governor declared that it was more likely he would present the report of
the commission as forwarded to him.
Upheld in U. S. Court
—Ohio's wage law providing a minimum wage for women and
minors was upheld by a three-judge Federal court on Nov.
20, but an appeal will be made to the United States Supreme
Court, which last year found unconstitutional a New York
State minimum wage law almost identical with the Ohio
Ohio—State's Minimum Wage Law
pared
with
*
Pennsylvania—Governor May Call Special Session—Gov¬
Earle has disclosed that he may call a special session
of the State Legislature, to convene on Dec. 1. His purpose
in calling the session would be to recommend enactment of
a State unemployment insurance law, thus enabling the State
to retain $22,500,000 revenue collectible under the Federal
Social Security Act.
Unless a State law is adopted the
receipts from the levy will be retained by the Federal Gov¬
ernment for the establishment of an employment insurance
28,
provides an average interest rate of
the former average of 5.75%.
Maturities will
said that the agreement
30 years, it is
1936
2.62%, com¬
extend over
reported.
LEEDS, Ala.—BONDS SOLD—The City
Clerk states that $49,000 4%
by the Public Works
Leeds or at the First
bonds have been purchased at par
Dated Aug. 1, 1936. Payable in
National Bank of Birmingham.
semi-ann. sewer
Administration.
MOBILE
COUNTY (P.
O. Mobile), Ala.—BONDS PUBLICLY OF¬
aggregating $675,000 funding and refunding
FERED—Offering of new issues
bonds, dated Dec. 1. 1936 and due serially Dec. 1. 1939 to 1966,
was
made on Nov. 24 by a group headed by McAlister, Smith & Pate,
Inc., and including Wat kins. Morrow & Co., Inc.. Birmingham; Cumber¬
land Securities Corp., Nashville; Grau & Co.,
Inc., Cincinnati: Fox.
Einhorn & Co., Inc., Cincinnati; C. H. Little & Co., Jackson, Tenn.;
Merchants National Bank. Mobile, and First National Bank, Mobile.
The
bonds are priced to yield from 3.00% to 4.00%, according to maturity.
They are tax-exempt in Alabama and exempt from all present Federal
4Vi%
income
statute.
Nov.
Chronicle
taxes.
,
^
.
(A total of $1,350.000 bonds, of which the above are a part, were awarded
recently to the above syndicate conditioned upon final approving opinion
by the attorneys, as noted in these colums—V. 143, p. 3183.).
ernor
fund.
Municipals
California
DONNELLAN A CO.
San Francisco, Calif.
111 Sutter St.
TeIetypo-8 F
Telephone Exbrook 7067
Special Session Called—Governor Earle on Nov. 25 called
his New Deal Legislature, which takes office on Nov. 30,
into special session for Dec. 1 to enact an unemployment
insurance law under the Federal Social Security Act, it is
stated.
The present Legislature, in which the Senate is
controlled by Republicans, failed to adopt the legislation
necessary fo Pennsylvania to obtain a credit of 90% of taxes
totaling $25,000,000, which employers of the State will
The County Supervisors will receive bids until
chase of $10,000 tax anticipation warrants of
contribute this year.
of other States.
CALIFORNIA
ALAMEDA COUNT Y(P.O.Oakland),Calif.—WARRANT OFFERING—
10 a. m. Dec. 8. for the pur¬
Tennyson School District.
CALIFORNIA,
State of—GRAPH PREPARED ON RESOURCES
FINANCES—Heller, Bruce & Co., Mills Tower, San Francisco,
AND
the
have prepared a large single sheet giving a graphic representation of
State's resources and finances, and comparing its statistical data with those
This information should prove of interest to
investors in California bonds.
OFFERINGS
IMPERIAL IRRIGATION DISTRICT (P. O. El Centro), Calif.—
ALLOTMENT APPROVED—We quote in part as follows from a
WANTED
PWA
Arkansas—I lllnols—Missouri—Oklahoma
press
MUNICIPAL BONDS
release (No. 3041) just made
available by the above named Federal
agency:
Works Administrator Harold L. Ickes today announced the
allotment of $2,760,000 to the Imperial Irrigation District of El Centro,
Calif.
The allotment is a loan of $1,518,000 and a grant of $1,242,000.
"The allotment permits the construction of the first unit of the AllAmerican Canal Power Project.
As it was originally submitted the appli¬
"Public
Francis, Bro. & Co.
ESTABLISHED
dealers and
1877
cation proposed to utilize all of the water power
but this called for completion within two years.
Investment Securities
TULSA
ST. LOUIS
Bond Proposals and Negotiations
potentialities of the canal,
The present proposal now
permits completion of the first unit within a year, offering employment to
an average of approximately 1.550 men throughout the life of the project.
"There are. altogether, four power sites on the Ail-American Canal.
The Imperial Irrigation District, which has contracted to repay the cost of
the canal, expects eventually to instal power machinery at each of these
sites,
as
was
contemplated
in
the
Boulder Canyon Project Act which
Canal. The canal, 80 miles
authorized construction of the All-American
long, taps the Colorado River 15 miles north of Yuma, Ariz., and flows
westward along the Mexican border into the valley, whlcn is below sea level.
At four points it loses elevation snarply.
"Tne power development will be a by-product of the Ail-American Canal.
The actual cost of the canal, approximately $38,500,000. is to be repaid to
the Government.
Based on tnis cost, the Imperial Irrigation District's
share would be about $27,000,000."
KINGS
Sealed
bids
COUNTY (P. O. Hanford), Calif.—BOND OFFERING—
will be received until 2 p. m. on Nov. 27 by E. F. Pickerill,
County t ierk, for the purchase of a $48,000 issue of 4% Lemoore Union
Elementary School District bonds.
Bidders for a lesser rate of interest
than 4% are invited.
Denom. $1,000.
Dated Dec. 1, 1936.
Due on
Dec. L as follows: $1,000. 1937 to 1943. $2,000. 1944 to 1956, and $3,000,
1957 to 1961, ail incl.
Prin. and int. (J. & D.) payable at the County
Treasurer s office in Hanford in lawful money of the United States.
Bonds
must be taken up and accepted on or before 5 p. m. on Dec. 16.
A com¬
plete transcript of all of the proceedings incident to this issue will be deliv¬
ered to the successful bidder immediately following sale.
A certified check
of the issue, payable to the
County Supervisors, must accompany the bid.
for 5% of the amount
LOS
ANGELES
COUNTY
(P.
O.
Los
Chairman of the Board of
Calif.—BOND
Angeles).
OFFERING—L. E. Lampton, County Clerk, will receive bids until 2 p. m.
Deo. 8 for the purchase of $20,000 bonds of Los Angeles County Water
Interest is not to exceed 6%.
"Works District No. 22.
Due May 1,
1957.
Assessed valuation of
outstanding debt, none.
Area, 240.21 acres;
check for 3% is required.
Clerk L. E. Lampton will receive bids
15 for the purchase of $9,000 bonds of Enterprise School
rate is not to exceed 5%.
Denom. $1,000.
Dated
June 1, 1936.
Due June 1, 1946. Assessed valuation of taxable property,
$16,248,705; bonded debt, $72,000.
Area, 5.72 square miles; population,
3.080. a certified check for 3% is required.
BOND
BENTON, Ark .—BONDS VOTED—At an election held on Nov. 10
are said to have approved the issuance of $21,000 in bonds
be used on a $39,000 Public Works Administration water works con¬
struction project.
It is said that the bond issue has been authorized by
the City Council and a loan and grant of $39,000 has been approved by
the voters
to
the PWA.
DE
WITT
TO
SCHOOL
BE
DISTRICT
ISSUED—At
a
1 (P. O. De Witt), Ark.—
election to be held on Nov. 12
NO.
special
the voters are said to have approved the segregation of a
fund from the 18-mill school tax previously voted.
This
six-mill building
six mills, over a
of the payments on a $50,000 bond issue
for the construction of a new school building.
It is stated that the district
is accepting bids on the said bond issue.
period of 25 years, will take
OFFERING—County
until 2 p. m. Dec.
District.
Interest
ARKANSAS
BONDS
Dated May 1, 1936.
taxable property, $166,095;
population, 285. A certified
care
LOS
ANGELES
COUNTY
(P.
O.
Los
Calif.—BOftb
Angeles),
OFFERING—Sealed bids will be received until 2 p. m. on
Dec. 1. by L. E.
Lampton, Clerk of the Board of County Supervisors, for the
two issues of school bonds, aggregating $89,000. as follows:
$61,000 Monrovia
These
Drive
City
bonds
School
are
School
District
bonds.
Dated
purchase of
Dec.
1,
1936.
divided into three blocks:
$21,000 Huntington
$20,000 Wild Rose School Site, and $20,000
Site;
Orange Avenue School Site bonds, all of which blocks mature
from Dec. 1, 1937 to 1951, inclusive.
28,000 Santa Monica City High School District bonds.
Dated Jan. 1,
1936.
Due on Jan. 1 as follows:
$2,000, 1942 to 1946; $3,000,
1947 and 1948. and $4,000, 1949 to 1951.
Denom. $1,000.
Interest rate is not to exceed 5%, payable semi-annually.
Prin. and int. payable in lawful money of the United States, at the County
Mobile County,
Ala., Bonds
McALISTER, SMITH & PATE, Inc.
«T
NEW YORK
BROAD STREET
ALABAMA
FLORENCE,
Ala.—BOND
REFINANCING
AGREEMENT
PLETED—The City Counicl reports the completion of an
COM¬
agreement with
protective committee representing bondholders to refinance the city
debt of $3,000,000. exclusive of $240,000 against municipal electric light
and power plant and $380,000 against the municipal water system.
Iti s
COUNTY
SCHOOL
DISTRICTS
(P.
O.
Santa
Ana),
Calif.—BOND SALES—The two Issues of school bonds aggregating $611,-
CHARLESTON. S. C.
BIRMINGHAM, Ala.—BOND OFFERING—Sealed bids will be received
until Dec. 10 by O. E. Armstrong, City Comptroller, according to report,
for the purchase of two issues of bonds aggregating $230,000, divided as
follows: $200,000 flood project bonds maturing in from 1 to 10 years, and
$30,000 1 to 5-year airport bonds.
It is stated the issues will mature in
equal annual amounts.
the
required. (This report supplements the offering notice given here recently
—V. 143, p. 3351.)
ORANGE
Telephone WHltehall 4-6766
GREENVILLE. S. C.
Treasury.
The bonds will be sold for cash only and at not less than par
Bids will be received for all or any portion of said
bonds, the bids to designate specifically the bonds desired.
All bids for a
portion of the bonds shall bear the same rate of Interest.
Payment for and
delivery of the bonds will be made in the office of the Board of Supervisors.
A certified check for 3% of the bonds bid for, payable to the board, is
and accrued interest.
Bought—Sold—Quoted
000, offered for sale on Nov. 24—V. 143, p. 3184—were sold as follows:
$487,000 Santa Ana High School District bonds to a syndicate composed
of R. H. Moulton & Co. of Los Angeles, the First Boston Corp.
and Griffith, Wagenseller & Durst, of Los Angeles, as 2Hb, pay¬
ing a premium of $2,455. equal to 100.504, a basis of about 2.21%.
Due from 1937 to 1956, incl.
4,000 Santa Ana School District bonds to a group composed of the Harris
Trust & Savings Bank of Chicago, the First of Michigan Corp.
of "Detroit and Donnellan & Co. of San Francisco, paying a pre¬
mium of $27, equal to 100.02, a net interest cost of about 2.13%
on the bonds divided as follows: $38,000 as 3 ^s, maturing $7,000
in 1938; $11,000, 1939; $8,000, 1940; $7,000, 1941, and $5,000
in 1942; the remaining $86,000 as 2s, maturing $8,000 In 1943;
$5,000, 1944; $3,000, 1945; $8,000, 1946; $6,000, 1947; $5,000.
1948; $3,000. 1949; ^2,000, 1950; $5,000, 1951 to 1953; $10,000.
1954 and 1955, and $11,000 in 1956.
1
Financial
Volume 143
3501
Chronicle
MENDOCINO COUNTY (P. O. Ukiah), Calif .—BONDS DEFEATED
are informed that at the election on Nov. 3 the voters defeated the
—We
proposal to issue $60,000 in 4% county jail bonds.
REDWOOD CITY, Calif.—BOND ELECTION—It is said that an elec¬
the proposal to
4% refunding bonds, aoproved at the election on Sept.
1935. and ruled illegal by the State Supreme Court.
issue $425,000 in
COUNTY
BERNARDINO
SAN
(P.
O.
24,
Bernardino), Calif.—
County Super¬
San
PIERCE-BIESE CORPORATION
BOND OFFERING—C. V. Kelty, Secretary of the Board of
visors, will receive bids until Dec. 7 for the purchase of $250,000 bonds of the
San Bernardino School Districts.
Interest rate is not to exceed 4%,
SAN
DIEGO COUNTY SCHOOL
Calif.—BOND
OFFERING—Sealed
DISTRICTS
bids
will
be
(P.
O.
received
JACKSONVILLE
Dec.
Miami
Orlando
Tampa
San Diego),
until
BONDS
FLORIDA
tion will be held on Dec. 8 in order to resubmit to the voters
7
by J. B. Lees, County Clerk, for the purchase of two issues of school bonds
aggregating $225,000, divided as follows:
$160,000 San Dieguito Union High School District bonds. Due on Dec. 7
as follows: $6,000,
1939 to 1941; $7,000. 1942 to 1944; $8,000,
1945 and 1946; $9,000, 1947 to 1950; $10,000, 1951; $11,000,
1952, and $12,000, 1953 to 1956.
65,000 Escondido Union High School District bonds. Due on Dec. 7 as
follows: $3,000,. 1937 to 1951, and $4,000, 1952 to 1956.
Interest rate is
not
Dated Dec. 7, 1936.
Florida
LEEDY. WHEELER & CO
5%, payable J. & D.
Denom. $1,000.
the $160,000 issue will be received up to 11:15
exceed
to
Bids
on
Prin.
and int. payable in lawful money at the office of the County Treasurer.
The approving opinion of Orrick, Palmer & Dahlquist of San Francisco
will be furnished. A certified check for 3 % of the amount of bonds bid for,
payable to the Chairman of the Board of Supervisors, must accompany
a.
m.
Municipals
and bids on the $65,000 issue will be received up to 11 a. m.
Jacksonville, Fla.
Bell
Orlando
System
Teletype
Jacksonville
10
No.
96
bid.
the
SANTA CRUZ COUNTY
(P. O. Santa Cruz), Calif.—BOND SALE
District bonds offered for sale
143, p. 3351—was awarded to Weeden & Co. of San
Francisco, as 2s, paying a premium of $167, equal to 100.167, a basis of
about 1.98%.
Dated Dec. 1, 1936.
Due $5,000 from 1937 to 1956 incl.
—The $100,000 issue of Watsonville School
TULARE
COUNTY
O.
(P.
Visalia),
Calif.—BOND
OFFERING—
Gladys Stewart, County Clerk, will receive bids until 10 a. m. Dec. 7 for
the purchase of $60,000 5% bonds of Lindsay Unified School District.
Denom. $1,000.
Certified check for 5% required.
19356
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONl ANA
NEW
lc.
MEXICO
—
WYOMING
—
Teletype: Dnvr 51
COLORADO
LUPTON.
Colo.—BOND
been sold
to
SALE—An issue of $12,000
Gray B. Gray. Inc., of Denver.
water
GRAND
JUNCTION, Colo.—BOND OFFERING—Helen C. TomlinCity Auditor., will receive bids until 7:30 p. m. Dec. 2 for the purchase
$13,000 Paving District No. 37 bonds.
Interest rate is not to exceed
6%.
Dated Dec. 1, 1936.
HUERFANO COUNTY HIGH SCHOOL DISTRICT (P. O. Walsenburg), Colo.—BOND CALL—F. H. Daneford, County Treasurer, is re¬
ported to be calling for payment as of Nov. 30, on which date interest shall
school bonds of Oct. 1, 1919, numbered 76 to 100.
SALIDA,
Colo.—BOND SALE—An
works refunding bonds has been sold to
issue of $137,000 3H% water¬
Boettcher & Co. of Denver.
to which we refer
is tjle
so-called, Kanner Bill under
the 3c. of the gas tax
bonds in the open market instead of
applying this to debt service.
Under the Kanner Bill the various counties
and road districts have retired up to the present time, over $4,560,000 of
bonds.
The Kanner Bill has also served a most useful purpose in tying up
funds temporarily, where refunding is in progress and making them avail¬
able for debt service on refunding bonds, where otherwise they might have
been attached by mandamus.
It is our opinion that this law will not be
chdJi^od materially.
"The third bill is the Futch Bill, which as modified by the 1935 Legislature
allows payment of tax certificates against real estate owned by the State
for taxes for 1933 and previous years, to be paid by the use of bonds and '
coupons.
Since school district bonds can be used for this purpose as we]
as county road district bonds, a large amount, both of school district debt
as well as other debt has been retired.
As a matter of fact, more bonds have
probably been turned in under the Futch Bill than under the Kanner Bill.
We believe this law will be continued, but amended to include 1935 and
prior years taxes.
On the whole, its effects have been beneficial in bringing
rolls."
back property on the live tax
FLORIDA, State of—BOND REFUNDING PLANS CONTEMPLATED
on Nov. 23 announced from Chicago that nine
•—R. L. Crummer & Co.,
Florida counties and other taxing units have taken steps to
CONNECTICUT
Finance
has approved a proposal to issue $122,000 school building bonds.
The
question must be submitted to the voters for approval before issuance of the
can
adjust funded
indebtedness aggregating approximately $20,000,000 par value.
Officials
of Bay,
Monroe, Sarasota, Seminole, Desoto and
DAN BURY, Conn.—BONDS PROPOSED—The Town Board of
be made.
EAST HADDAM, Conn.—BONDS VOTED—At a meeting of the tax¬
payers held on Nov.
18 the issuance of $80,000 refunding bonds was
authorized.
Martin
counties, Atlantic Gulf Special Road and Bridge District, and St. Lucie
Inlet District and Port Authority have signed funding bonds, the announce¬
ment said.
Crummer & Co., acting as reorganization agent, said exchange
of the new bonds for old would be completed by Jan. 1.
The new bonds in general have sliding interest rate scales, providing
for lower rates in every case except the Seminole bonds.
Rates of these
will be unchanged.
Crummer & Co. officials said principle amounts were
unchanged
but
maturity dates
were
extended approximately
10 years.
Most of the new bonds are 30-year term.
NEW
BRITAIN, Conn.—BOND OFFERING—Sealed bids addressed to
MIAMI
W. H. Judd, President of the Board of Finance and Taxation, care of New
Britain National Bank, New Britain, will be received until 11:30 a. m. on
Dec. 3 for the purchase of $125,000 2% coupon bonds, divided as follows:
$75,000 water fund bonds, 13th series, 3rd issue.
Due $5,000 on July 1
from 1938 to 1952, incl.
50,000 school bonds, 27th series, 2d issue.
Due $5,000 on July 1 from
1937 to 1946, incl.
as
and
to both principal and semi-annual interest (J. & J.) at the First
National Bank of Boston, or at the New Britain National Bank,
New Britain
holder's option.
Debt Statement Nov.
18, 1936
Assessed valuation (last completed grand list)
Bonded debt limit (5%)
-_$118,742,459
5,937,123
Total bonded debt, not including these issues
Water bonds, included in total debt
Subway bonds, included in total debt
Net bonded debt (3.65%)
Sinking fund, not including water or subway sinking funds.
Year
Tax Levy
1934...
6,233,000
1,190,000
403,000
4,339,370
292,630
Uncollected Oct. 31,1936
$160,925
225,875
330,709
$2,655,370
2,644,595
2,742,149
Taxes due May 15, delinquent June 16.
Population, 1930 Census, 68,128.
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 principal and interest, from the revenue of the Subway Depart¬
ment.
By authority of Section 470 of the General Statutes they are de¬
ductible in figuring net bonded debt.
of the
town
Fla.—BOND ELECTION CONTEMPLATED—The
paving; $100,000 water supply facili¬
$37,500 fire station, and $35,000 bridge con¬
$375,000 golf course; $290,000 street
ties; $50,000 police station;
bonds.
PENSACOLA, Fla.—BOND EXCHANGE OFFER—It is announced by
Roark, City Manager, that 4^% refunding bonds of 1936 are
offered in exchange for improvement bonds maturing in 1941 and
refunding bonds due in 1941.
The following serial bonds are available
subject to previous exchange: $18,000, 1942; $42,000, 1943; $19,000, 1944:
$33,000, 1945; $25,000, 1946; $3,000, 1948; $39,000, 1949 and 1950, and
$18,000, 1951, making a total of $236,000.
These exchanges are offered
on an even basis.
The city reserves the right to substitute maturities
George J.
now
requested in the year' next preceding or
ties requested if that maturity has been
gave
$50,000 sewer bonds.
BRADFORD COUNTY (P. O. Starke), Fla.—BOND CALL—It is
stated by A. J. Thomas, Clerk of the Board of County Commissioners, that
refunding bonds of Jan. 1, 1934, numbered 1, 7 8, 12, 15, 20, 22 23
27,
28, 31, 36 to 44, and 46, are being called for payment at par and accrued
interest on Jan. 1, at the Hanover National Bank & Trust Co. of New
,
,
York.
Nov.
17
to vote
on
the proposed issuance
of
$398,000 in 4% electric light plant bonds, mentioned in these columns in
October—V. 143, p. 2718—it is stated by the City Manager that an in¬
junction has been obtained restraining the holding of the election.
It is
considered probable that this action was instituted by a public utility com¬
pany.
FLORIDA, State of—REPORT ON POSSIBLE 1937 LEGISLATION—
is taken from the November 1936 bulletin issued
by A. B. Morrison & Co., Inc., Congress Building, Miami:
"The Florida Legislature meets in April of 1937, and while it is too early
to make any predictions, there are three general laws which if amended
materially may have important effects on the financial structure.
The following statement
TAX
KP. O. Lake Wales),
POLK
COUNTY (P. O. Bartow), Fla.—BOND INTEREST PAY¬
of County Commissioners announces that funds are on
MENT—Board
due Oct. 1, 1936, on Special
14, 16 and 18.
Holders of
obtain payment by presenting them at paying agent, together
with complete information as to ownership, principal amount, road and
bridge district number, coupon rate, maturity and bond numbers. (Official
notice of the above payment appears as an advertisement on page IV.)
deposit for the payment of interest coupons
Road and Bridge District Numbers 10, 12,
coupons may
In connection
voters of
p.
Fla.—VOTERS APPROVE REFUNDING PLAN—
with the report given in these columns on the approval by the
the election held on Nov. 17—V. 143,
the bond refunding plan at
3352—we give herewith the text
Petersburg on Nov. 18:
of an Associated Press dispatch out of
By a vote of nearly five to one, the municipal electorate yesterday
approved a new plan to refund the city's $21,000,000 bond debt at an
estimated saving in interest or $10,000,000 over an existing agreement.
A bondholders' protective committee headed by Kennetn M. Keefe of
Jacksonville and New York, controls nearly $10,000,000 of the bonds,
the remainder being held by independents. Holders of St. Petersburg bonds
are scattered over the United States and in foreign countries.
St. Petersburg's debt refunding is the largest in the State.
Under
LAND, Fla.—BOND ELECTION POTSPONED—In connection with
election scheduled for
SPECIAL
school bonds have been
St.
FLORIDA
,
COUNTY
ST. PETERSBURG,
election held on Nov. 7
their approval to the proposed issuance of
an
the year next following the maturi¬
exhausted.
SCHOOL DISTRICT NO. 53
Fla.—BONDS SOLD—It is reported that $36,000
purchased by a local investor, paying a price of
100.10.
The Public Works Administration is said to have approved a loan
of $36,000 and a grant of $29,445 on the project.
POLK
DELAWARE
MIDDLETOWN, Del.—BONDS VOTED—At
voters
BEACH,
City Council is reported to have authorized the calling of an election early
in January to have the voters pass on the issuance of $2,313,500 in bonds,
divided as follows:
$1,046,000 sanitary sewer; $380,000 storm sewer;
struction
All of the bonds will be dated July 1, 1936, issued in $1,000 denoms.
payable
DE
compared to the total area of the State; lc. on
(incl. those in special road and bridge districts), as compared to the total
for State roads in the entire State.
"It appears unlikely to us that the total of the gas tax will be changed.
It does appear likely, however, that more counties are likely to follow
precedent already set in taking a portion of the 3c. tax for general operating
expenses.
This has been done in individual cases heretofore.
In our
opinion it is not safe to figure that because a county at present receives a
certain amount of gas tax that this tax will continue unchanged as regards
"The second Act
son,
the
area as
which counties and road districts may elect to use
of
the
the basis of
allocated to them for the purchase of
DENVER
Telephone: Keystone 2395
extension bonds has
at
on
the basis of population as compared to the total population of the State;
and lc. on the basis of the amount spent for State roads in the county,
debt service.
FORT
bonds
"The most important question is whether or not the gas tax and its present
allocation will be modified materially.
The State tax at present is 7c., of
which 3c. is allocated to the various counties on the following schedule:
amount spent
DONALD F. BROWN & COMPANY
cease,
FLORIDA
23—V.
Nov.
on
the agreement
ratified yesterday by a vote of 2,886 to 581, St.
debt over a 35-year period at much lower interest
Petersburg will refund its
™
Passage of the agreement was hailed by city officials
important factor in stabilizing real estate values and
capital.
t
and realtors as an
attracting outside
1.
IDAHO
CALDWELL, Idaho—BOND SALE—The $45,000 coupon or registered
general obligation bonds offered on Nov. 23—V. 143, p. 3185—were awarded
to the First National Bank of Caldwell as 3s at par plus a premium of $110,
equal to 100.244.
Dated Dec. 1, 1936.
Sudler, Wegener & Co. of Botoe
and the Idaho First Security Trust Co. of Nampa also submitted bids.
3502
Financial
•
Chronicle
EMMETTSVILLE
INDEPENDENT SCHOOL DISTRICT
(P.
O.
Emmett), Idaho—BOND OFFERING—Herman Werle, Clerk of the Board
of Trustees, will receive bids until 8 p.m. Dec. 7 for the purchase of $36,000
coupon school building bonds, which are to bear interest at no more than
6%.
Denom. $500.
Dated Jan. 1, 1937.
Interest payable Jan. 1 and
July 1.
Certified check for 5% of amount of bid, payable to the District
Treasurer, required.
Due $4,000 from Jan. 1, i948, to 1956 inclusive.
These bonds were approved by the voters at an election held on Nov. 2,
Tenders may be submitted
the acceptance of all or none
COOK COUNTY (P. O.
DISTRICT NO.
county for street construction in
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago),
OF BONDS INVITED—William J. Gormley, District
111.—TENDERS
Treasurer, will receive until 11 a. m. on Nov. 28, tenders of refunding bonds
of 1936, series A and B, in the principal amount of not more than $319,000.
In submitting tenders for sale of the bonds to the district, the following
conditions must be observed:
Idaho—BOND OFFERING—Sealed bids will be re¬
m. on Dec. 4 by Flossie G. Hill, Clerk of the Board of
the purchase of a $50,000 issue of coupon school bonds.
Interest rate is not to exceed 2M%. payable semi-annually, Jan. 1 and
July 1.
Dated Jan. 1, 1937.
The bonds shall be issued and made payable
on the amortization plan for and within a period of six years after the
issuance thereof.
They will be issued in accordance with the provisions
of Section 32-710, Idaho Code Annotated
(1932), the plan and form of
bonds, together with the contract, if any, for the issue, must be approved
by the State Board of Education and Board of Regents of the University
of Idaho.
A certified check for $2,500, payable to the District Treasurer,
must accompany the bid.
Gooding),
ceived until 8 p.
for
JEROME
SCHOOL
AND
LINCOLN
CLASS
DISTRICT,
COUNTIES
A,
NO.
33
JOINT
O.
(P.
maturity on said bonds at the price at which they are offered and also
the price in dollars (exclusive of accrued interest) at which they are offered.
(b) Tenders stating the highest average yield to maturity will be con¬
sidered the tenders offering bonds at the lowest prices.
to
(c) Tenders stating a price in dollars
bonds offered will not be considered.
which exceeds the par value of the
Tenders accepted shall obligate the district to accept delivery of the
bonds and to pay therefor such amount, plus accrued interest to the date
of delivery, as will yield to the district income at the average yield stated
in such tender, but in any event not more than the price in dollars stated
(d)
INDEPENDENT
Jerome),
Tenders must state the amount and maturity or maturities of and the
payable on the bonds offered and the average yield
(a)
rate or rates of interest
Idaho—
BOND OFFERING—Charles H. Weltereth, Clerk of the Board of Trustees,
will receive bids until 8 p.m. Dec. 4 for the purchase of $40,000 school
in such tender.
Right is reserved to reject all tenders and any tender not complying
rejected.
(e)
building bonds, which are to bear interest at not more than 3 3^%, payable
semi-annually.
Dated Jan. 1, 1937.
Due on the amortization plan over
a 10-year period.
Certified check for 5% of amount of bid, payable to
the District Treasurer, is
Chicago), III.—PWA GRANTS $2,523,272—
has made a grant of $2,523,272 to the
Chicago.
The total cost is estimated at
$5,607,272, and the county will finance its share of the project from funds
to be obtained from the State as its share of the motor fuel tax.
2
GOODING COUNTY INDEPENDENT SCHOOL DISTRICT NO. 10
O.
in the alternative or may be conditioned upon
of the bonds offered.
The Public Works Administration
COUNTY SCHOOL
1956, incl.
(P.
Right is reserved to reject all tenders and any tenders not complying
rejected.
(e)
with the terms of the notice will be
(P. O. St. An¬
thony), Idaho—BOND SALE—The $33,000 issue of school bonds offered
for sale on Nov. 23—V. 143, p. 3185^-was awarded to the Estate of Idaho
as 3^s, at par.
Dated Dec. 1, 1936. Due $3,000 from July 1, 1946 to
Trustees,
delivery, as will yield to the county income at the average yield stated
tender, but in any event not more than the price in dollars stated
of
in such
in such tender.
1935, according to report.
FREMONT
Nov. 28, 1936
with the terms of the notice will be
Tenders may be submitted in the alternative or may be conditioned
the alternative or may be conditioned upon the acceptance of all or none
required.
in
of
the bonds offered.
KELLOGG, Idaho—BOND SALE DETAILS—In connection with the
sale of the $37,000 refunding bonds to the First National Bank of Spokane,
reported in these columns recently—V. 143, p. 3185—it is stated by the
City Treasurer that the bonds were sold for a premium of $28.50, equal to
issue of $60,000 5% water and sewage revenue
Co. of Chicago.
100.079, a basis of about 2.40%, on the bonds divided as follows: $15,000
2s, maturing $5,000 from 1938 to 1940, and $22,000 as 2Ms, maturing
$5,000 1941 to 1943, and $7,000, 1944.
sewer
EVERGREEN
Peoria—V.
NOTUS, Idaho—BONDS NOT SOLD—The two issues of not to exceed
6% semi-annual coupon bonds aggregating $6,800, offered for sale on Nov.
24—V. 143, p. 3352—were not sold as no bids were received, according to
the Village Clerk.
The issues are divided as follows:
•$4,700 water works bonds.
Due from Dec. 1, 1938 to 1956.
2,100 sewer and drainage bonds.
Due from Dec. 1, 1938 to 1956.
Chicago.
•
WINCHESTER,
111.—BOND SALE—The village has sold an
bonds to H. B. La Rocca &
PARIS, III.—BOND SALE DETAILS—The $175,000 3^% water and
system bonds sold recently at a price of par to N. L. Rogers & Co. of
143, p. 3353—are dated Dec. 1, 1936 and mature Dec. 1 as
follows:
$2,000, 1939 to 1942, incl.; $3,000, 1943 to 1947, incl.; $4,000,
1948 to 1953, incl.; $5,000, 1954 to 1959, incl.; $6,000, 1960 to 1962, incl.;
$7,000, 1963 to 1966, incl.; $8,000, 1967 to 1969, incl.; $9,000 in 1970 and
1971, and $10,000 in 1972.
Legality approved by Champan & Cutler of
as
V
INDIANA
Idaho—BOND OFFERING—Mae
Schofield, Village
Clerk, will receive bids until 7:30 p. m. Dec. 7 for the purchase of $7,000
coupon general obligation water works purchase and improvement bonds,
which are to bear interest at no more than 6%.
Denom. $500 and $100.
Dated Dec. 1,1936.
Principal and semi-annual interest (Feb. 1 and Aug. 1)
payable at the Village Treasurer's office.
Certified check for 5% of
amount of bid, payable to the Village Treasurer, required.
;
PARK,
INDIANAPOLIS,
Ind.—SCHOOL TAX RATE HIGHER—The State
Tax Board has fixed the city school tax rate at $1.07 per $100 of assessed
valuation, an 18-cent increase over this year's rate of 89 cents, according
to report.
Part of the increase is due to inclusion in the budget of various
items for school construction purposes.
MITCHELL, Ind.—BOND SALE—Magnus & Co. of Cincinnati have
an issue
of $60,000 434% sewage revenue bonds.
Denom.
Dated Nov. 1, 1936.
Interest payable May 1 and Nov 1.
Due
ILLINOIS
purchased
$500.
'CABERY COMMUNITY HIGH SCHOOL DISTRICT NO. 114 (P. O.
Cabery), 111.—BOND SALE—Ballman & Main of Chicago have pur¬
and are now offering to investors at prices to yield from 1.75%
to 2.90%, an issue of $17,000 334 % coupon school building bonds.
Denom.
$1,000.
Dated Nov. 1, 1936.
Principal and semi-annual interest (Jan. 1
and July 1) payable at the Continental Illinois National Bank & Trust Co.
of Chicago.
Due $1,000 yearly on Jan. 1 from 1939 to 1955, inclusive.
serially.
VAN
BUREN,
Ind.—BOND OFFERING—W. C. Michaud, Town
Clerk-Treasurer, will receive sealed bids until 6 p. m. on Dec. 15 for the
purchase of $3,500 6% refunding bonds.
Dated Jan. 2, 1937.
Denom.
$50.
Due $350 annually on Jan. 2 from 1938 to 1947, inclusive.
Interest
payable semi-annually.
chased
•
CHICAGO,
111.—SCHOOL
BOARD
FEDERAL
OBTAINS $2,351,454
GRANT—jThe Board of Education has obtained
a
grant of $2,351,454 from
Iowa
the Public Works Adminsitration toward the $5,225,454 which the Board
will expend in a program of rehabilitating 20 school buildings.
CHICAGO PARK DISTRICT, 111.—OBTAINS GRANT FROM WPA—
Two grants totaling $155,663 for an equal amount of projects estimated to
cost an aggregate of $345,819 have been maoe to the District by the Public
Works Administration.
Municipals
.
CHICAGO
SANITARY
Polk-Peterson Corporation
Des Moines
DES
DISTRICT,
III.—BOND CALL—Ross A.
Woodhull, President of the Board of Trustees, and Frank O. Birney,
District Treasurer, announce the call for redemption on Jan. 1, 1937,
at the First National Bank of Chicago, of $6,623,500 series B refunding
bonds of 1935, described as follows:
Davenport
Iowa City
Cedar Rapids
A.
$2,579,000 4^s, Nos. B35491 to B35740, B43861 to B44609, B66893 to
B67982, B83893 to B84382.
Denom. $1,000.
1,997,000 4s.
Denom. $1,000.
1,525,000 4Hs.
Nos. B2991 to B3505, B25321 to B26100, B81143 to
T.
&
T.
Sioux City
Sioux Falls, S. D.
Teletype: DESM 31
IOWA
ALBIA SCHOOL DISTRICT (P. O.
Albia), Iowa—MATURITY—It
is now reported by the District Secretary that the $30,000 2% % semi-ann.
refunding bonds purchased by the Carleton D. Beh Co. of Des Moines, as
noted here recently—V. 143, p. 3185—are due on Jan. 1 as follows:
$2,000.
1938; $3,000, 1944; $2,000, 1945 to 1951; $3,000, 1952, and.$4,000 in 19531
Denom. $1,000.
Nos. B1 to B520.
Denom. $1,000.
2,500 434s.
Nos. B25251 to B25255.
Denom. $500.
B81372.
520,000 5s.
CHICAGO SCHOOL DISTRICT,
Ottumwa
Waterloo
Building
MOINES
111 .—CONSOLIDATION OF WAR¬
and 1954.
RANT SUITS REFUSED BY COURT—The following report on the refusal
of the court to sanction consolidation of the various suits being brought
CLINTON, Iowa—BOND OFFERING—It is stated by Harry W. Cowles,
City Auditor, that he will receive bids until Dec. 4, for the purchase of a
$38,000 issue of fire equipment bonds.
against the school board and the city administration in attempts to force
payment of 1929 school tax anticipation warrants appeared in the Chicago
"Journal of Commerce" of Nov. 11:
"Efforts of the Chicago Board of Education to,force
DAVENPORT,
consolidation of the
Iowa—BOND
ELECTION—It
various actions being brought
election
view toward obtaining court judgments to effect payment on the
is
reported
that
an
234 % fire, street and sewer equipment bonds.
against the board and city officials with a
1929 tax
anticipation warrants failed to win the support of Judge Michael Feinberg
in the Cook County circuit court yesterday in the case of the First National
Bank in St. Louis, owner of a substantial block of the warrants.
"Expressing doubt as to the right to compel consolidation of the suits,
Judge Feinberg continued the hearing until Dec. 14.
One
The St. Louis bank is
Failed
HASTINGS,
will
JOICE
obligation of the board of education, and that bonds could
•
/
•
(c) Tenders stating a price in dollars
the bonds offered will not be considered.
INDEPENDENT
SCHOOL
DISTRICT
(P.
which exceeds the par value of
O. Joice),
Iowa
$5,000 school building bonds.
Bidders are to name rate of interest.
Dated Dec. 1, 1936.
Interest payable June 1 and Dec. 1.
Due $500 yearly
Dec. 1 from 1945 to 1954, incl.
Purchaser is to furnish the bonds and
the
legal
LE
opinion.
$8,000 park bonds
on Nov. 16 to the White-Phillips Corp. of Davenport
noted in V. 143, p. 3353, are dated Dec. 1, 1936 and ma¬
ture from Dec. 1, 1941 to 1956, optional after five years.
Coupon bonds
in the denomination of $500 each.
Interest payable J. & D.
that
as
MARS,
were
2%s at
Iowa—BOND SALE DETAILS—The
awarded
par, as
MELROSE, Iowa—BONDS NOT SOLD—It is stated by the City Clerk •
the two issues of bonds, aggregating $3,000, offered on Nov. 16—
143, p. 3186—were not sold.
They will be reoffered later, he states.
The bonds are divided as follows: $2,000 improvement fund and $1,000
that
V.
/
grading fund bonds.
will be con¬
Tenders accepted shall obligate the county to accept delivery of the
bonds and to pay therefor such amount, plus accrued interest to the date
(d)
OFFERING—1Town Clerk C. L. Parker
Nov. 30 for the purchase of $5,500 town
on
(a) Tenders must state the amount and maturity or maturities of and
the rate or rates of interest payable on the bonds offered and the average
•<
8 p. m.
of
COOK COUNTY (P. O. Chicago), III.—BOND TENDERS SOUGHT—
The county has up to $1,117,500 available for the purchase of series A and B
refunding bonds of 1936 presently outstanding. Sealed tenders of bonds for
resale to the county will be received by Joseph L. Gill, County Treasurer,
until 11 a. m. on Nov. 28. Tenders must meet the following conditions:
*
Iowa—BOND
bids until
—BOND OFFERING—E. H. Ostrem, Secretary of the Board of Directors,
will receive bids until 8 p.m. Nov. 30, for the purchase at not less than par
"Judgments against the board, constituting corporate obligations, could
be funded, it is held by attorneys for the warrant holders, and the suits
have been filed with this objective.
"There still are outstanding about $10,000,000 of the warrants, $63,175,000 of which were issued originally."
offered.
receive
hall bonds.
not be issued for that purpose.
are
the issuance of $65,000 in
DUMONT CONSOLIDATED SCHOOL DISTRICT (P. O. Dumont),
Iowa—MATURITY—The District Secretary reports that the $36,000
refunding bonds purchased by the Polk-Peterson Corp. of Des Moines,
as 234s,
as noted here recently—V. 143, p. 3353—are due on Dec. 1
as
follows:
$2,000, 1937 to 1946; $3,000, 1947 to 1950, and $4,000 in 1951.
"Plans to refund the unpaid warrants and interest through the issuance
of $10,000,000, for which legislation had been passed at Springfield, failed
when the State Supreme Court ruled that the warrants were a moral and
I
(b) Tenders stating the highest average yield to maturity
sidered the tenders offering bonds at the lowest prices.
on
April 1, 1937.
"A similar action has been filed in the county court on behalf of a num¬
ber of holders of the warrants by Halsey, Stuart & Co., Inc.
This com¬
plaint is based on the ruling in the Federal district court in favor of the
Norfolk & Western Ry. that payment of any available funds should have
been prorated among all holders instead of paying off in full the low serial
numbers, as had been the custom of the board.
yield to maturity on said bonds at the price at which they are offered
and also the price in dollars (exclusive of accrued interest) at which they
Nov. 27 in order to vote
by Mr. Crosser is $2,400,000 bonds issued and $2,485,000 retired in the
five years, exclusive of water works bonds not retired with tax money.
On April I, 1932 there were $5,391,000 outstanding.
On April 1, this
year,
the
amount
of municipal
bonds outstanding was
$5,588,000.
Des Moines will retire $624,000 bonds this year and has issued $464,000
during 1936.
Another $240,000 in bonds probably will be issued before
of Fifty-five Plaintiffs
Kulp and Tucker & Urion, Bishop & Sladke, attorneys.
not a corporate
on
DES MOINES, Iowa—REPORT ON BOND ISSUANCE AND RETIRE¬
of 55 plaintiffs holding apprxoimately
Refunding
held
MENTS—This city has issued in the past five years almost as many bonds
as it has retired in the same period, according to C. A. Crosser,
Secretary of
the Des Moines bureau of municipal research.
The computation as figured
$2,500,000
of the warrants that have grouped into a suit originally filed by the Chicago
City Bank & Trust Co.
They are represented by Rathje, Hinkley, Barnard,
one
was
„
MILFORD CONSOLIDATED SCHOOL DISTRICT
Iowa—BOND
...
(P. O. Milford),
by the District Secretary that $6,000
3% semi-annual refunding bonds have been purchased by Viet.h, Duncan.
Worley & Wood, of Davenport.
Due on Jan. 1 as follows: $3,000, 1949;
$2,000, 1950 and $1,000 in 1951.
SALE—It
is stated
Volume
Financial
143
OSCEOLA COUNTY (P. O. Sibley), Iowa—CERTIFICATE SALE—
The $20,000 issue of secondary road construction anticipation certificates
offered for sale on Nov. 20—V. 143, p. 3353—was purchased by the Sibley
State Bank of Sibley at 1H % plus a premium of $5.00.
It is stated by the
County Treasurer that the purchaser is to pay for the legal opinion and the
cost or printing the certificates.
________
PLYMOUTH COUNTY (P. O. Le Mars), Iowa—WARRANT OFFER¬
ING—County Treasurer A. Langhout will receive bids until 2 p. m. Dec. 14
for the purchase of $45,000 secondary road construction fund anticipatory
warrants.
Dated Dec. 15, 1936; payable $25,000 Dec. 31, 1937, and
$20,000 Dec. 31, 1938.
1
STUART, Iowa—MATURITY—In connection with the sale of the
$16,000 funding, and $19,000 refunding bonds to Shaw, McDermott &
Sparks, of Des Moines, as 3^s at par, as noted in these columns—V. 143,
p. 3353—it is stated by the City Clerk that the funding bonds mature in
1952 and the refunding bonds in 1955.
WORTH
1935.
Denom. $1,000.
Due May 1 as follows: $198,000, 1943; $205,000,
1944; $210,000, 1945; $217,000 in 1946 and $223,000 in 1947.
All, but not
less than all, of the bonds are callable at any interest date on the following
basis: At 105 and accrued int. if redeemed on or before May 1, 1940; re¬
demption thereafter will be made at 105 and accrued interest less
of 1 %
for each year or fraction thereof between May 1, 1940 and the redemption
date.
Bidder to bid for the entire issue and name a single interest rate
therefor, expressed in a multiple of
of 1%.
Prin. and int. (M. & N.)
payable at the State Treasurer's office at Annapolis, or at Baltimore, at the
option of the holder.
Successful bidder to pay accrued interest from Nov. 1,
1936 to date of delivery of the bonds.
A certified check for 2%, payable to
the
(P.
O.
Northwood), Iowa—CERTIFICATE
OFFERING—Louie Mostrom, County Treasurer, will receive bids until
10 a. m. Dec. 1 for the purchase of $5,000 anticipatory road certificates.
check for 3 % of amount of issue, payable to the
County
the
State
named
SCHOOL
unnamed, will be regarded as a conditional bid.
The legality
by Marbury, Gosnell & Williams of Balti¬
approving opinion of this firm will be furnished the purchaser.
Delivery of the bonds will be made on or before noon on Jan. 6, 1937.
or
ENDS FISCAL YEAR
DISTRICT
(P.
WITH GENERAL FUND SURPLUS OF $1,182,-
800—A balance sheet issued by William S. Gordy Jr., State Comptroller,
shows that the State had a general fund surplus of $1,182,800 at the close
of the fiscal year on Sept. 30, 1936, compared with a surplus of $1,113,954
Sept. 30, 1935.
Receipts over expenditures in the recent fiscal period
$608,274, comparative figures being $28,614,667 and $28,-
amounted to
006,393.
I
.
MASSACHUSETTS
O.
Kan.—BOND
building
Ottawa),
SALE—An issue of $125,000 1%%, 2% and 2>$% coupon school
bonds was purchased recently by the Baum, Bernheimer Co. and Callender,
Burke & MacDonald, both of Kansas City, Mo., jointly, at a price of
100.10, a basis of about 2.17%.
Denom. $1,000.
Dated Sept. 1, 1936.
as follows: \ % % bonds mature on
July 1 and Jan. 1 in 1937, 1938 and
1939; 2% bonds mature on Jan. 1 and July 1 from Jan. 1, 1940 to July 1,
1948; the 2^ % bonds mature on Jan. and July 1 from Jan. 1, 1949 to July 1,
Due
Prin. and int. (J. & J.) payable at the office of the State fiscal agency
Topeka.
Legality to be approved by Bowersock, Pizzell & Rhodes of
Kansas City, Mo.
CHICOPEE,
WILSON COUNTY (P. O.
Fredonia), Kan.—BOND OFFERING—
W. D. McGinnis, County Clerk, will receive bids until Nov. 30 for the pur¬
issue of $9,500 unemployment relief bonds.
Mass.—NOTE
SALE—An
issue
CLINTON, Mass.—LOAN OFFERING—Sealed bids will be received by
noon on Nov. 27, for the purchase at discount
of $19,000 notes, payable
April 1, 1937.
GARDNER, Mass.—BOND SALE—The $17,000
Bidder—
Merchants National Bank of Boston
bonds offered for sale
SALE—The
on
of water works
3353—was purchased
premium of $301.00, equal
$15,000
issue
a
Offerings Wanted:
R. L. Day & Co—
l%%
chants
Bell Teletype N.
Bank in
Boston.
,
The Merchants National Bank of Boston will certify that the notes are
City Council of Northampton,
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
Department
Merchants National Bank of Boston for Boston funds.
BANK
NATIONAL
NEW ORLEANS,
National
Mass.—NOTE
issued under the authority of an order of the
the legality of which has been approved by
MUNICIPALS
Bond
100.659
100.303
100.279
100.13
100.01
100.03
OFFERING—Albina L. Richard,
City Treasurer, will receive bids until 5 p. m. Dec. 2 for the purchase <?f
$125,000 revenue anticipation temporary loan notes dated Dec. 4, 1936 add
payable $65,000 June 10, 1937 and $60,000 Aug. 10, 1937.
Denomina¬
tions 4 for $25,000, 2 for $10,000 and 1 for $5,000.
Payable at the Mer¬
NORTHAMPTON,
LOUISIANA & MISSISSIPPI
WHITNEY
Rate Bid
1 y2%
1M%
1H %
1K %
1H %
Tyler, Buttrick & Co
Newton, Abbe & Co
Nov. 19—V. 143, p.
by the Security Trust Co. of Lexington, paying
to 102.00, according to report.
highway and
Int. Rate
L. S. Carter & Co.
KENTUCKY
revenue
coupon
parking bonds offered on Nov. 24—V. 143, p. 3354—were awarded to Whit¬
ing, Weeks & Knowles of Boston as lj^s at a price of 100.91, a basis of
about 1.30%.
Dated Nov. 1, 1936 and due Nov. 1 as follows: $2,000 from
1937 to 1944, incl., and $1,000 in 1945.
Other bids were as follows:
Hornblower & Weeks
Ky.—BOND
temporary
the Town Treasurer until
Certified check
for 2% of amount of bid required.
of $175,000
loan notes has been sold to the First National Bank of Boston on an .89%
discount basis.
Due $100,000 April 15, 1937 and $75,000 May 14, 1937.
1956.
in
CARLISLE,
No
each proposal.
Treasurer, must accompany
of the bonds will be approved
KANSAS
\
an
of
bids will be accepted unless such condition is waived by the
bidder to the satisfaction of the Commission before the opening of the bids.
A bid conditioned upon the approval of the bidder, or of counsel, whether
on
Treasurer, required.
County will furnish the blank certificates.
chase of
order
conditional
more, and the
COUNTY
OTTAWA
3503
Chronicle
Bids stating the rate of interest that bidders will offer for the whole,
but not for any part, of the loan (one rate of interest to include both ma¬
turities) must be sealed and must include interest to date of delivery.
Interest on a 360-day to the year basis is to follow and no offer to discount
LA.
Raymond 5409
O, 182
the loan will be considered.
LOUISIANA
STOUGHTON,
HOUMA, La.—CERTIFICATES OFFERED TO PUBLIC— The Ernest
offered
on
Mass.—NOTE
issue of $100,000 notes
Second National
Dated Dec. 3,1936, and due Nov. 10,
SALE—The
Nov. 24—V. 143, p. 3354—was awarded to the
M. Loeb Co., Inc., of New Orleans, has purchased and is now offering to
investors at prices to yield 3.75% an issue of $80,000 5% coupon electric
light and water certificates of indebtedness.
Denom. $500.
Dated Aug. 15,
Bank of Boston at 0.269%
1936.
Merchants National Bank of Boston
0.28%
Leavitt & Co. (plus $2 premium)
0.32%
0.33%
0.35%
0.351%
0.39%
Principal and semi-annual interest (Feb. 15 and Aug. 15) payable at
Due on Aug. 15 as follows:
$12,000, 1940 to 1945 and $8,000,1946. Legality approved by Campbell &
Holmes, and Titche & "^itche, both of New Orleans, and Clay, Dillon &
Vandewater, of New York.
These certificates of indebtedness are issued by the City of Houma to
defray the cost of purchasing and instating additions to the municipally
owned electric light and water plant.
They are secured by an irrevocable
pledge of all of the revenues of the electric light and water plant being
subordinate only to a $30,000 unpaid balance of a first mortgage bond issue
(which is practically offset by the sinking fund now amounting to $23,298.20) and which fully pays out in 1939.
the Bank of Terrebonne & Trust Co., Houina.
Earnings Applicable to Debt Service
*1936
<
*
After all Charges,
1935
Depreciation,
&c.
1933
1934
$52,876.95
$40,857.49
Officially estimated.
$40,351.22
$36,895.62
Financial Statement (As Officially Reported Oct. 29, 1936)
Assessed valuation
1936
Actual valuation of taxable property
$2,133,260.00
(as officially
estimated)
8,533,040.00
Total debt including this issue
269,442.00
Less: Light and water debt incl. this issue
.-$110,442.00
Plus: Sinking fund
23,298.20
133,740.20
Net bonded debt
$135,702.80
JENNINGS, La.—BOND SALE—The $97,000 water works and
sewer¬
extension bonds offered on Nov. 24—V. 143, p. 2886—were awarded
Dr. Charles F. Boagni and the Planters Tr. & Sav. Bank, both of Opelousas as 3Hs at par, plus a premium of $485.50, equal to 100.50, a basis of
age
1937.
Other bids
were as
discount.
follows:
<
;
Discount Basis
Bidder—
New England Trust Co
Whiting, Weeks & Knowles
Norfolk County Trust Co
Faxon, Gade & Co
National Bank of Boston
First
0.41%
Msss.—BOND OFFERING — Lewis
A. Hodges, City
Treasurer, will receive sealed bids until 11 a. m. on Dec. 1 for the purchase
of $45,000 coupon, registerable as to principal only, municipal relief, Act
of 1936 bonds.
Dated July 1, 1936.
Denom. $1,000.
Due $5,000 on
July 1 from 1937 to 1945 incl.
Bidder to name one rate of interest in a
multiple of M of 1%.
Coupon bonds exchangeable for fully registered
certificates, interest on which is payable at City Treasurer's office.
Both
principal and interest (J. & J.) payable in Boston, Mass., or at the City
Treasury in Taunton.
These bonds will be valid general obligations of the
city, exempt from taxation in Massachusetts, and all taxable property in
the city will be subject to the levy of unlimited ad valorem taxes to pay
both principal and interest.
The bonds will be engraved under the super¬
TAUNTON,
vision of and authenticated as to their genuineness by The First National
Bank
of Boston.
The legality
of this issue will be examined by Ropes,
Gray, Boyden & Perkins of Boston, a copy of whose opinion will accompany
the bonds when delivered without charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details required
in the proper issuance of these bonds will be filed with The First National
Bank of Boston, where they may be inspected.
Bonds will be delivered to
the purchaser on or about Wednesday, Dec. 9, 1936, at The
Bank of Boston, 17 Court Street, Office Boston, Mass.
First National
to
about
3.72%.
The Whitney National Bank of New Orleans offered a
premium of $1,905 for 4s.
Dated Nov. 2, 1936.
Due on Nov. 2 as fol¬
lows: $1,000, 1937 to 1942; $2,000, 1943 to 1947; $3,000, 1948 to 1953;
$4,000, 1954 to 1959; $5,000, 1960 to 1962, and $6,000, 1963 to 1966.
P
MANSFIELD, La.—BOND SALE—The $39,500 refunding bonds offered
on
Nov. 24—V. 143, p. 2886—were awarded to the Whitney National Bank
of New Orleans
as
Dated
1936.
Oct.
1,
4&s.
at par, plus a premium of $250, equal'to 100.633.
Due serially from 1938 to 1961; optional on any
interest payment date on and after Oct. 1, 1946.
MOORINGSPORT,
La.—BONDS TO BE SOLD—It is stated by the
PARISH
SCHOOL
La.—BONDS
VOTED—It
ORLEANS
LEVEE
DISTRICT
(P.
on
(including motor vehicle
$36,671,236.00
—
Municipal light debt
Sinking funds (other
Population 38,000.
$83,000.00 bonds
light debt remain as
$1,905,600.00
$302,500.00
$278,000.00
$136,650.00
(included in total debt)
than water)
mature Dec.
above.
1,
1936, but the water and municipal
.
1936
1935.
1934
Tax levy.
$1,439,553
$1,540,250
$1,532,452
Uncollected Nov. 23,1936
427,804.42
196,530.61
14,497,71
We
DISTRICT
is stated
Parish Schools that at the election held
1935
for year
Total bonded debt (not including present loan)
Water debt (included in total debt)
(P. O. Natchi¬
Superintendent of
143, p. 2719—the
approved the issuance of the $350,000 in school bonds.
toches),
voters
valuation
excise)
Year
City Clerk that $22,000 4% semi-annual water works bonds approved by
the voters at an election held on Nov. 17 will be purchased by the Public
Works Administration.
Due in annual instalments beginning in 1939.
NATCHITOCHES
Financial Statement, Nov. 15, 1936
Assessed
Buy for
Our Own Account
by the
Nov. 16—V.
O.
New
Orleans)
MICHIGAN
MUNICIPALS
La.—BOND
SALE—The $1,881,000 issue of refunding bonds offered for sale on Nov. 27
—V. 143, p. 3032—was awarded to a syndicate composed of Stranahan,
Harris & Co., Inc.; Graham, Parsons & Co.; B. J. Van Ingen & Co.;
Cray, McFawn & Company
all
DETROIT
of New York; Sutherlin & Scranton,
Inc.; T. J. Feibleman,: Edward Jones
Inc.; all of New Orleans; the Weil, Roth & Irving Co.; the Provident
Savings Bank & Trust Co., and Breed & Harrison, Inc., all of Cincinnati,
paying a price of 100.11 for the bonds maturing from 1940 to 1952 as 4s,
the remaining bonds as 3^s.
& Co,.
Telephone CHerry 6828
A. T. T. Tel. DET347
MICHIGAN
VERNON PARISH (P. O. Leesville), La.—BOND OFFERING—T. L.
Treasurer and Superintendent-of the Parish School Board, will
a. m. Dec. 17 for the purchase of $4,000 6% bonds of
Harvey,
CLINTON TOWNSHIP UNION SCHOOL DISTRICT NO.
receive bids until 10
Slagle School District No. 138, Ward Six.
Dated Jan. 1, 1937.
Interest
payable semi-annually.
Due yearly on Jan. 1 from 1938 to 1942, incl.
Certified check for $20 required.
MARYLAND
r
MARYLAND
mission will receive sealed bids until 1 p. m. on Dec. 22 for the purchase of
Dated May
1,
Clemens),
on
1 (P. O.
Mich.—BOND SALE—The $69,000 refunding bonds
Nov. 23—V. 143, p. 3354—was awarded to the First of Michigan
Corp. of Detroit at a net interest cost of about 2.955%.
The successful
bid was par plus a premium of $31, equal to 100.04, for the issue divided
as
(State of)—BOND OFFERING—The State Roads Com¬
$1,053,000 not to exceed ZK% registered road bonds.
Mount
offered
follows:
$45,000 3s, due $5,000 on March 15 from 1943 to 1951, inclusive.
24,000
due March 15 as follows: $4,000 in 1938 and $5,000 from
to 1942, inclusive.
All of the bonds are dated Oct. 1,1936.
1939
3504
Financial
DETROIT,
Mich.—TO
Chronicle
Nov.
1936
28.
ISSUE ABOUT $22,500,000 BONDS—'The
city is expected to offer at competitive sale on Dec. 14 a new issue of
about $22,500,000 general purpose refunding bonds, the proceeds of which
will be used to redeem a similar amount of obligations callable between
Feb. 1 and April 15, 1937.
Tne bonds proposed to be sold will mature
serially on Jan. 15, 1938 to 1963, lncl.
Bidders will be asked to name the
$890 premium on 2}4a, submitted
by the First National Bank of Minneapolis and St. Paul.
rate of
price of $82,002.
interest, which must be at least }4% less than the rates carried on
the debt to be refunded.
These coupons are 4% and higher.
Consumma¬
tion of the scheduled sale will constitute another step in the extensive re¬
funding
program
inaugurated by the city several
years
ago.
In each in¬
the new bonds have been marketed at interest rates far lower than
those carried on the original obligations, with the result that the city has
stance
succeeded in greatly lowering annual
interest charges on its funded debt.
by the city was held on
Sept. 14, when a non-callable issue of $19,952,000, bearing interest rates of
2%, 3 and 3)4%, was awarded to a syndicate jointly managed by the
First National Bank of New York and Halsey, Stuart & Co., Inc., of New
York, at a net interest cost of only 3.170%.
The second highest bid was an offer of
ROCHESTER,
HOLDINGS
SOLD—The
STEARNS COUNTY (P. O. St. Cloud), Minn.—WARRANT SALE—
of the
Attorney General.
FERGUS
FALLS, Minn—CERTIFICATE OFFERING—B. M. Lein,
City Clerk, will receive bid3 until 5 p. m. Dec. 7 for the purchase at not less
par of the following certificates of indebtedness, which are to bear
interest at no more than 3%:
<4
than
$1,938.10 water main extension certificates.
Denom. $387.62.
Due $387.62
yearly on Dec. 1 from 1937 to 1941.
694.10 water main extension certificates.
Denom. $138.82.
Due
$138.82 yearly on Dec. 1 from 1937 to 1941. •
125.00 water main extension certificates.
Denom. $25. Due $25 yearly
on Dec. 1 from
1937 to 1941.
of the Board of
Education, will receive sealed bids until 11 a. m. on Nov. 28
for the purchase of $83,000 not to exceed 3)4% interest refunding bonds.
Dated Dec. 1, 1936.
Due Feb. 1 as follows:
$5,000, 1938 to 1941 incl.:
$6,000, 1942 to 1946 inch; $4,000, 1947; $7,000, 1948; $5,000, 1949 to 1951
inch, and $7,000 in 1952.
Interest payable F. & A.
A certified check for
$2,000 must accompany each proposal.
The approving opinion of Miller,
Canfield, Paddock & Stone of Detroit will be furnished tne successful bidder.
FUND
The $100,000 3% warrants offered on Nov. 20—V. 143, p. 3355—were
disposed of to local banks.
Warrants were sold in the sum of $40,000 to the
First State Bank of Sauk Centre, $20,000 to the First State Bank of Albany
and $40,000 to the American National Bank of St. Cloud, subject to opinion
The last previous refunding operation conducted
LOCKPORT TOWNSHIP AND CITY OF THREE RIVERS SCHOOL
DISTRICT NO.
1, Mich.—BOND OFFERING—E. L. Banker, Secretary
Minn.—SINKING
$70,000 sinking fund holdings offered for sale by the city on Nov. 23—V.
143, p. 3355-—were awarded to Harold E. Wood & Co. of St. Paul at a
337.50
construction certificate#.
Denom.
yearly on Dec. 1 from 1937 to 1941.
$67.50.
sewer
Due $67.50
Dated Dec. 1, 1938.
Principal and interest payable at the City Treasurer's
office. Certified check for 5% of amount of bid, required.
MELVINDALE, Mich.—REFUNDING APPROVED—The Public Debt
Commission
the
of
State has approved the plan to refund $1,303,000
$966,400 special assessments and bond interest
Refunding bonds will be issued in two series, to mature
in 1966 with option of prior payment.
general obligation bonds,
§ MISSISSIPPI MUNICIPALS
totaling $405,936.
Bought—Sold—Quoted
MONROE,
Mich.—BOND SALE—The
$185,000
refunding
special
143, p. 3354—were awarded to
Halsey, Stuart & Co., Inc. of Chicago as li^s, at a price of 100.22, a basis
of about 1.70%.
Due Nov. 1 as follows: $23,000 from 1937 to 1943, incl.
and $24,000 in 1944.
assessment bonds offered on Nov.
23—V.
Scliar IT L Jones
incorporated
PENNSAUKEN
TOWNSHIP (P. O. Merchantvi'le), N. J.—BOND
OFFERING—Robert V. Peabody, Township Clerk, will receive bids until
A. T. T. TEL. N. O. 180
New Orleans
8p.m. Nov.30 for the purchase at not less than par of $240,000 coupon,
registerable, tax revenue bonds described as follows:
$45,000 dated Nov. 9, 1936 and payable Nov. 9, 1938.
45.000 dated Nov. 10, 1936 and payable Nov. 10, 1938.
45,000 dated Nov. 11, 1936 and payable Nov. 11, 1938.
45,000 dated Nov. 12, 1936 and payable Nov. 12, 1938.
45,000 dated Nov. 13, 1936 and payable Nov. 13, 1938.
15,000 dated Nov. 14, 1936 and payable Nov. 14, 1938.
Bidders
are
r
TELEPHONE RAYMOND 1189
MISSISSIPPI
HOLLY
SPRINGS, Miss.—BOND ELECTION—A special election is
said to be scheduled for Dec. 8 in order to vote on the issuance of $70,600
in electric revenue bonds.
to name rate of interest,
expressed in a multiple of one 1-100
of 1 %, but not to exceed 6%.
Denovn. $1,000.
Principal and sani-annual
interest payable at the Pennsauken Township National Bank,
North
Merchantville.
Bonds , ill be redeemable at par at any time on five days'
notice.
Certified check for 2% of amount of bonds bid for, payable to
the Township, req tired.
Approving opinion of Caldwell & Raymond
of New York will oe furnished by the township.
PONTIAC SCHOOL DISTRICT, Mich.—BOND SALE—The $453,000
refunding bonds offered on Nov. 25—V. 143, p. 3354—were awarded to
Shannon, Kenower & Co. of Detroit.
The price was par, plus a premium
Of $226, equal to 100.049, the maturities from 1938 to 1941 to bear interest
at 2}4% and the balance of the issue at 2%.
Stranahan. Harris & Co. of
Toledo offered a premium of $57.15 for 2^s.
Dated Dec. 1, 1936.
Due
Dec. 1 as follows:
$60,000, 1938 to 1940; $55,000, 1941 to 1944, and
$53,000 in 1945.
MISSISSIPPI
(State
of)—REPORT
ON GAS TAX COLLECTIONS
Vehicle Commission reports gasoline
ended Nov. 15 at $1,010,540, a record for any
comparable period.
Refunds on fuel used for agricultural purposes totaled
$11,767, against $81,765 for the corresponding 1935 period.
Commission
was created
May 1 and its collections from that date through Oct. 30
total $6,284,301, compared to $5,308,007 in corresponding 1935
period,
an increase of $976,293.
Refunds dropped from $442,599 to $91,873.
Net
increase in gasoline tax receipts was $1,418,893, an average of $202,699
monthly for the period.
From the six cent tax counties received 2)4
cents, Highway Department 2M cents and highway sinking fund \ M cents
for payment of bonds issued in carrying forward the current
$42,O0O,OOO
highway construction program in cooperation with Public Works Admin¬
AND
DISBURSEMENTS—Motor
tax collections
for 30 days
istration and United States Bureau of Public Roads.
PASS
CHRISTIAN, Miss.—BONDS PUBLICLY OFFERED—A $22,500
issue of 4 )4 % water works improvement bonds is being offered by Dane &
Northwestern Municipals
Minnesota, North and South Dakota, Montana,
Oregon, Washington
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlantic 4201
Teletype—Mpls287
Weil, Inc., of New Orleans, for general investment, priced at from 102 in
1937 to 105 from 1940 to 1961.
Denom. $1,000 and $500.
Dated Sept. 1,
1936.
Due on Sept. 1 as follows: $1,000, 1937 to 1956, and $500, 1957 to
1961.
Prin. and int. (M. & S.) payable at the City Depository.
Legality
to be approved by Charles & Trauernicht of St. Louis, Mo.
(These bonds are part of the $25,000 issue sold to the above firm early in
September, as noted in these columns—V. 143, p. 1915.)
PEARL RIVER COUNTY (P. O. Poplarville), Miss.—BOND OFFER¬
ING—}!. K. Rouse, Clerk of the Board of County Supervisors, will receive
bids until noon Dec. 7, for the purchase of the following bonds:
$1,900 Union Consolidated School District bonds.
2,400 Nicholson Consolidated School District bonds.,
MISSOURI
MINNESOTA
BELLE, Mo.—BOND SALE—It is reported that $41,525 4)4 % semi-ann.
INDEPENDENT SCHOOL DISTRICT NO. 27 (P. O.
Hibbing), Minn.—BOND ELECTION POSTPONED—In connection with
bonds have been purchased by Witsma, Zoernig & Co., Inc., of St. Louis.
The bonds are divided as follows: $26,675 water works and $14,850
public
the election
sewer
reported
nicht of St. Louis.
HIBBING
that was scheduled for Nov. 18 and then postponed, as we
to Dec. 8—V. 143, p. 3187—it is stated by W. A. McFarlana,
Clerk of the Board of Education, that no new date for the election has been
determined.
MINNEAPOLIS, Minn.—BOND
SALE—The $1,030,000 coupon, fully
registerable, bonds described below, which were offered on Nov. 24—
V. 143, p. 3188—were awarded at public auction to
Pnelps, Fenn & Co.
New York as 1.70s at par plus a premium of
$1,675, equal to 100.162, a
basis of about 1.67 %.
SCHOOL
Legality approved by Charles & Trauer¬
DISTRICT
(P.
O.
Crowder),
Mo.-BOND
SALE—A $3,500 issue of 5% semi annual school bonds is reported to have
been purchased by E. A. Gessler & Son of St. Louis.
KIRKWOOD SCHOOL DISTRICT.(P. O. Kirkwood), Mo.—BONDS
VOTED—At the election held on Nov. 17, the voters approved the Issu¬
ance of the $253,000 in school bonds
by a count of 1,945 to 315. according to
,
LADUE,
Bigelow, Webb & Co.; Harris Trust & Savings Bank; Chemical Bank,
N.Y., and F. S. Moseley & Co.—Rate 1.70%, premium $1,650.
Halsey, Stuart & Co.—Rate 1.70%, premium $550.
Lehman Bros.; Bancamerica-Blair, Estabrook &
Co., and Piper, Jaffray &
Hopwood—Rate 1.75%, premium $1,625.
Salomon Bros. & Hutzler—Rate
1.75%, premium $1,400.
First National Bank & Trust Co. of
Minneapolis; E. B. Smith & Co.;
Boatmen's National Bank and Illinois Co. of
Chicago—Rate 1.75%,
premium $750.
Lazard Freres & Co., Inc.;
Goldman, Sachs & Co.; Newton, Abbe & Co.;
Stern Bros. & Co. of Kansas
City and Allison-Williams Co.—Rate 1.75%
premium $500.
Blyth & Co.; R. H. Moulton & Co.; Eldredge & Co., and E. H. Rollins &
Sons, Inc.—Rate 1.90%, premium $4,100.
Dick & Merle-Smith; Equitable
Security Co.; Washburn & Co.; C. S.
Ashmun Co.—Rate 1.90%,
premium $3,700.
i
Bankers Trust Co., New York; Brown-Harriman &
Co.; First of Michigan
Corp. and N. W. National Bank & Trust Co.—Rate 1.90%, premium
$2,500.
DEER
CREEK
AND
McKNIGHT,
Mo.—MERGER
AP¬
PROVED BY VOTERS—At the special election held on Nov. 17 the voters
of the above municipalities
roundly approved the proposal to consolidate
as
a
city of the fourth class, with
a
total
population of about 2,500.
With
an area of 4,523
acres, the new city will be the largest incorporated district
in the county.
The complete vote in the three units was 668 for the con¬
solidation and only eight opposed.
A two-thirds vote in each unit was re¬
quired to make the proposal effective.
Ladue voted 299 to 5 for consoli¬
dation, Deer Creek 212 to 1, and McKnight 157 to 2.
be known
as
The
new
city will
Ladue.
SCOTT COUNTY DRAINAGE DISTRICT NO. 18 (P. O.
Benton),
Mo.—BONDS SOLD—A $19,000 issue of 4% semi-annual refunding bonds
is reported to have been purchased by the Reconstruction Finance
Corpora¬
Dated Oct. 1, 1935.
Legality approved by Charles & Trauernicht
of St. Louis.
tion.
WEBSTER
GROVES,
Mo.—BOND SALE—The
Mississippi
Valley
Trust Co. of St. Louis is said to have purchased
recently the following bonds,
aggregating_$250,000, paying a premium of $606, equal to 100.242:
$150,000 sanitary'°sewer district bonds*~as 2 ^sT"" Due" on Feb. 1,"^195^",
^
optional on Feb. 1, 1938.
100,000 sanitary sewer district bonds
1956.
as
2)4a.
Due from Feb. 1, 1939 to
_
Successful bid.
MINNEAPOLIS, Minn.—BOND SALE—The $950,000
described below,
which
were
offered
on
Nov. 27—V.
coupon
MONTANA
bonds
143, p. 3188—were
awarded to
Halsey, Stuart & Co. of Chicago on a bid of 100.351 for 2.20s,
2.18%:
$600,000 Minneapo!is-St. Paul Sanitary District sewerage disposal system
a
CROWDER
storm drain bonds.
Dated Dec. 1, 1936.
Due in 10 equal annual instalments, beginning in
1937 and ending in 1946.
The following is an official tabulation of the bids received:
Phelps, Fenn & Co.—Rate 1.70%, premium *$1,675.
*
Dated Oct. 1, 1936.
the Superintendent of Schools.
It is said that these bonds will not be
scheduled for offering until a Public Works Administration allotment has
been approved for the project.
'
$750,000 public relief bonds.
100,000 permanent improvement, work relief, bonds.
30,000 school bonds.
150,000
bonds.
basis of about
bonds.
JUDITH
BASIN
COUNTY
SCHOOL DISTRICT NO. 25 (P. O.
Hobson), Mont.—BOND OFFERING—A. E. Tubbs, District Clerk, will
Dec. 21, for the purchase of $14,850 school build¬
receive bids until 2 p. m.
ing bonds.
Due on Dec. 1 as follows:
$21,000, 1939 to 1954; and
$22,000, 1955 to 1966, inclusive.
850,000 Minneapolis-St. Paul Sanitary District sewer bonds.
Due on
Dec. 1 as follows:
$12,000, 1939 to 1952; and $13,000, 1953 to
1966, inclusive.
Denom. $1,000.
Dated Dec. 1, 1936.
Interest payable semi-annually.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the school board.
If amortization bonds are sold the entire issue
may be put into one
single bond or divided into several bonds, as the board of trustees may
REDWOOD COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Redwood Falls), Minn.—BOND SALE—The $85,000 school
building bonds offered on Nov. 20—V. 143, p. 3188—were awarded to a
group made up of Kalman & Co. and Harold E. Wood & Co. both of St.
Paul, and Piper, Jaffray & Hopwood and Bigelow, Webb & Co. both of
Minneapolis, as 2^a, at a premium of $900, equal to 101.058, a basis of
about 2.34%. Dated Dec. 1, 1936. Due on Dec. 1 as follows:$5,000,1939,
and $10,000, 1940 to 1947, inclusive.
the last bond which will be in the amount $450;
the stun of $800 will
become payable on the last day of July 1938, and a like amount on the
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 they will be in the amount of $800 each,
except
same
day each
year
thereafter until all of such bonds
the last instalment will be in the amount of $450.
The said bonds whether amortization or serial
are
paid, except that
bonds, will bear date of
February 1937. and win bear Interest at a rate not exceeding 6%, payable
semi-annually, on Jan. 1 and July 1, and will be redeemable in full on any
interest payment date from and after five years from the date of issue.
Volume
The bonds will be sold for not lees than par
with accrued interest,
bidders must state the lowest rate of interest at which they
bonds at
All
to
and ali
will purchase the
par,
behalf of the State Board of Land Com¬
by a certified check for $1,000 payable
bids other than by or on
be accompanied
the order of the Clerk.
missioners
3505
Financial Chronicle
143
must
SCOBEY, Mont.—BOND SALE—The $30,000 issue of refunding bonds
offered for sale on Nov. 19—V. 143, p. 3188—was purchased by the State
Board of Land Commissioners as 3&S, it is stated by the City Clerk.
No other bid was received.
STEVENSVILLE,
Mont.—BOND OFFERING—Sealed bids will be
Dec. 7, by C. L. Franks, Town Clerk, for the
received until 8 p. m. on
a $30,000 issue of water works improvement
rate is not to exceed 4%, payable J. & D.
Dated Dec. 1,
bonds.
purchase of
1930.
Interest
Amortiza¬
the second choice
of the Council.
These bonds, whether amortization or serial in form, will
be redeemable in full at the option of the Town on any interest payment
date from and after 10 years from the date of the issue thereof.
A certified
check for $1,000, payable to the Town Clerk, must accompany the bid.
(This report supplements the offering notice given in these columns
recently—V. 143, p. 3034.)
tion bonds will be the first choice and serial bonds will be
NEBRASKA
AND
BONDS
MUNICIPAL
OMAHA, DOUCLAS COUNTY,
OTHER
NEBRASKA
LINCOLN
ISSUES
The 'National company
OF OMAHA
rint National Bank
AT.* T. Teletype OMA 81
BldC-
NEBRASKA
COUNTY (P. O. Beaver City), Neb.—BOND SALE—An
issue of $35,000 2 X % bonds has been sold to the First Trust Co. of Lincoln.
FURNAS
NEWMAN GROVE, Neb.—BOND AWARD
DEFERRED— It is stated
$10,000 not to exceed
for Nov. 20—V. 143,
by P. A. Carlson, City Clerk, that the award of the
5% semi annual park improvement bonds, scheduled
&3355—is being held in 10 years.to the approval of a Federal grant. Due
20 years, optional
up subject
STROMSBURG, Neb.—BONDS SOLD—Tt is now reported by the City
Clerk that the $31,000 refunding bonds authorized by the City Council,
as noted recently in these columns—V. 143, p. 3189—have been purchased
by local banks.
NEVADA
Interested parties. Without taking a definitive position on any one plan the
Commission desires to set forth some of the conclusions which it has reached
and suggests that they be considered as recommendations;
"In order to procure an adequate and equitable readjustment of the debt,
all ooligations outstanding in the hands of the public should be refunded, the
sinking fund abandoned and its holdings of city paper canceled.
"The defaulted interest should be compromised, preferably in such fashion
that no interest is funded
If this be impossible any interest not paid in cash
should be funded by refunding bonds identical in type to those Issued to
refund the principal so that the city will Issue only one type of obligation.
"In order to insure equity between bondholders, the refunding bonds
should be callable term bonds.
Their maturity should be such that, on a
serial annuity basis, the estimated available funds will provide for the. in¬
terest and retire the bonds at or prior to maturity.
"The bondholders are entitled to refunding bonds having such reasonable
security
features
as
they
desire
provided, In practice, they
will not be
or expensive to comply with, and will not hamper, in any way,
future growth of the city. The features included in the plan presently pro¬
difficult
posed by the consolidated creditor groups are substantially those which the
Commission is inclined to approved in the case of North Bergen and,
subject to analysis of their effect, the Commission believes that they can be
approved in this case.
"As to interest rate, the Commission feels that it is in the interest of
both the bondholders and the city that the refunding bonds should be
brought to par as promptly as conditions will permit.
A 4% bond will,
admittedly, go to par more rapidly than a bond at a lower coupon rate.
The same argument might be said to require the refunding bonds to bear
interest at an even higher rate.
It is clear, however, that payment of
interest at a rate higher than 4% would materially retard the reduction of
the principal and substantially impair the city s ability to reduce the
principal and, therefore, its ability to bring the bonds to par and maintain
them at that position.
This reduces the discussion to a question of fact
as to whether the city will be able to pay 4% and, at the same time, retire
some of the bonds so as to maintain the market.
A tax levy of about $1.500,000 under present conditions is not exorbitant and under such a tax levy
the Commission estimates that the sum of $630,000 can annually be made
available for debt service.
Under these circumstances, on refunding at
4%, about $456,000 would pay the interest, leaving $174,000 for principal,
while if the refunding were at 4X%. for example, there would be only
$117,000 available for principal retirement.
Furthermore, it is believed
that where the bondholder is to be given every reasonable security pro¬
vision, and
In effect, takes a first mortgage bond in replacement of a
debenture theretofore held by him, an interest rate of 4% per annum should
be
an
adequate
return."
ATLANTIC
CITY,
N.
J.—REFUNDING PROGRAM DECLARED
dated Nov. 25, the Protective Com¬
EFFECTIVE—In an announcement
mittee for Holders of
that it has de¬
bonds which was
committee dated
Bonds of Atlantic City, N. J., states
clared operative and effective a plan for the refunding of
contained In an agreement between the city and the
July 20 last.
Refunding bonds will be ready around the middle of January
and will be available only through the committee.
The committee announces that holders who have not deposited their
bonds with the depositary, Bank of New York & Trust Co., New York,
must do so on or before Dec. 23 if they wish to obtain refunding bonds
Holders depositing now will receive the same distributions
interest which have been made to former depositors.
approximately 91.4% of outstanding bonds already have
assented to the refunding plan, according to the committee, and holders
of an additional 1.5% have indicated their intention to assent.
. ^
ELKO, Nev.—BOND OFFERING NOT SCHEDULED—In connection
with the report given in these columns recently to the effect that Mayor
David Dotta would receive bids until Dec. 3 for the purchase of two issues
of bonds aggregating $59,000, consisting of $34,000 street improvement
and $25,000 water works bonds—V. 143, p. 3355—we are now advised
by J. A. Hogle & Co. of Salt Lake City, in a letter dated Nov. 20, that
promptly.
the date of sale has not yet been set.
25 to receive sealed bids on Dec. 10 for the purchase of an
$3,000,000 general refunding bonds, the purpose of which will
be to fund into permanent obligations all temporary debt maturing prior to
Dec. 1, 1937.
The sale will mark second step in the city's program
financial rehabilitation begun in June of this year. The bonds will be part
of issues aggregating $8,985,000 authorized in June under Chapter 77, New
Jersey Pamphlet Laws of 1935, with covenants providing for
municipal operations on a cash basis. The initial step in the city's refinanc¬
ing program was completed in June, when public award was made
010,000 refunding bonds to a banking group headed by Lehman Bros,
New York.
The financing was negotiated by the city at a net interest cost
of 4.307%.
Following the sale, the city discontinued the use of
interest-bearing warrants, tax revenue bonds and notes, and tax anticipar
with respect to
Holders
of
CAMDEN,
voted
N.
3—BOND OFFERING—The Board
of Commissioners
Nov.
additional
HAMPSHIRE
NEW
for
MANCHESTER, N. H.—TEMPORARY LOAN—The $500,000 tax
anticipation notes offered on Nov. 27—V. 143. p. 3355—were awarded to
the First National Bank of Boston at 0.68% discount.
Dated Nov. 27,
1936 and due in instalments of $250,000 each on April 16,1937 and May 18,
1937.
Other bids were as follows:
Discount
0.71 %
0.71 %
0.74%
0.75%
Bidder—
Faxon, Gade & Co. (plus $10
premium)
E. H. Rollins & Sons
First Boston Corp. (for
Arthur Perry &
$375,000 of issue)
Co
NEW HAMPSHIRE, State
of—BROADENING OF TAX BASE SUG¬
of the State's tax base to Include
placed recently before the Asso¬
GESTED—A suggestion for the broadening
income and sales taxes is said to have been
ciation of New
Hampshire Assessors.
adoption of Income and sales taxes, the proceeds from which could be so ear¬
marked that there could be a lessening of the burden of taxation on real
estate."
"The home
point where he is ready
aimed to decrease bis burden."
owner," he declared, "has got to the
at any theory which is
ALLriii Company
H. L.
New Jersey
Mmmipipal Bonds
Telephoi^RI&por 2-7333
A. T. & T.
KMrfe N. Y. 1-528
New York
100 Broadway
and General Market Issues
B. J. Van Ingen
«T
WILLIAM STREET.
A. T.
Sc.
T.i
Y
N.
scrip,
tion notes.
.
„
.
,
,,
of the city's financing program has been reflected in the
been made in improving its finances throughout the
For the 10 months ended Oct. 31, 1936, current tax collec¬
17.5% ahead of those in the corresponding months of 1935 and
The effectiveness
steady progress that has
current year.
tions were
from
all
sources
Departmental
showed an increase of 12.63%.
expenditures for the period were
the 10 months of 1935.
$1,534,192.12, against $1,612,906.21 in
CAMDEN, N. 1.—REPORTS GAIN OF 17.5% IN CURRENT TAX
COLLECTIONS—Reflecting continued application of energetic methods
for collection of revenue and economies in operation, City of Camden,
N. J., which in June of this year discontinued the use of scrip and warrants
and set up its budget on a cash basis under a refinancing program, reports
further substantial gains in receipts from taxes and from other sources and
reduction in budget expenditures.
For the ten months ended Oct. 31,
1936 current taxes collected totaled $3,296,984.48 as compared with
$2,805,894.24 in the corresponding period of 1935, increase of $491,090.24
or 17.5%. according to figures just released by George E. Brunner, Mayor
and Director of Revenue and Finance.
Delinquent taxes collected in the
10 months' period amounted to $2,279,824.85 for 27.73% of the $4,615,197.88 delinquencies outstanding at the beginning of the current year.
This compares with collections of $1.298,941.11 in the corresponding months
of 1935 or 26.47% of the $4,907,013.78 of delinquencies outstanding at the
beginning of that year.
,,
,
Current and delinquent collections for the 10 months of 1936 equalled
78.06% of the
$5,863,136.34 tax levy of the current year as against collec¬
months of 1935 equalling 70.57% of the $5,816,251.03 tax
tions for the 10
MUNICIPAL BONDS
Now Jersey
of $5,of
revenue
Asserting that the State faced an "open revolt" of real estate owners.
Judge George R Spring, Chairman of the State Tax Commission, told the
association "in my opinion the tax base must ultimately be broadened by
to grasp
placing of
& Co. Inc.
T«I«phon i John 4-6864
N. Y.
Newark Tel.: Market 8-8124
1-730
in Camden
Mayor
$198.12, is the
levy of that year.
Per capita assessed valuation of real property
is $1,123, the lowest of any of the five largest cities in the State,
Brunner points out.
Per capita gross debt, amounting to
second lowest among these five cities.
„„„„„
Miscellaneous revenue collected in the 10 months of 1936 was
$691,050.50
compared with $542,184.76 in the 10 months of 1935, an increase of
$148,871.74.
A substantial portion of this increase is traceable to
cation of penalties for tax delinquencies effective Jan. 1 of this year.
Water
Department current revenues showed increase of $86,740.97 to $417,490.80.
Revenues from all sources totaled $6,021,032.55 against $5,345,814.46
in 10 months of 1935, increase of $675,218.09 or 12.63%.
Departmental
expenditures for the 10 months amounted to $1,534,192.12 or 78.95%
of the $1,943,188.06 budget appropriations for the year.
This compared
with expenditures of $1,612,906.21 in the 10 months of 1935 or 87.26%
of that year's budget appropriations.
_
as
appli¬
_
ELIZABETH, N. J.—BONDS PUBLICLY OFFERED—John B. Carroll
York, are making public offering of $250,000 4% and 4X%
bonds, consisting of $150,000 4% general funding bonds due Dec. 1 in
1944 and 1945, priced to yield 2.30% to 2.40%, and $100,000 4H%
refundings due Dec. 1,1948,1955 and 1957, priced to yield 2.80% to3.10%.
& Co., New
$60,000 Town of West New York, N. J. 4y2s
Due December 1,
1933-40
-
to
yield 2.50%-3.00%
Colyer, Robinson $ Company
INCORPORATED
1180 Raymond Blvd.,
New York
Newark
MArket 3-1718
HILLSIDE TOWNSHIP, N. J.—BONDS PUBLICLY OFFERED—
Mather & Co.; Stranahan, Harris & Co., Inc., and E. H. Rollins
Morris
5H% general
Maturities range from
HOBOKEN, N. J.—PLANS $168,000 BOND ISSUE—An ordinance
introduced at the meeting of the Board of Commissioners on Nov. 17
A. T. & T. Teletype
Wire:
NWRK 84
REctor 8-8066
offering $286,000 4^% and 5% school district bonds, and
improvement bonds at prices to yield from 1.50% to 4,50%.
Jan. 1, 1937 to 1971.
& Sons, Inc., are
was
providing for an issue
NEW
ASBURY,
PARK,
N.
JERSEY
J.— MUNICIPAL FINANCE COMMISSION
REFINANCING—The Municipal Finance
LINDEN, N. J.—APPROVES
VIEWS ON PROPOSED DEBT
Commission, acting in and for the city, ata special meeting held on Nov. 10,
directed that the following statement, containing its views with respect to a
plan of refinancing the indebtedness of the municipality,
public record, and that copies of the memorandum
of
be made a matter
be transmitted to
and other interested parties:
"The Municipal
Finance Commission has, over a period of several
months, given study to possible methods of refinancing the debts of the
City of Asbury Park including the plans proposed by certain of the incounsel to the Commission, the Court
of $168,000 3H% bonds, the proceeds
be used to take up an equal amount of 5% tax revenue
bonds would be dated Dec. 1, 1936.
At the same time,
a resolution calling for the conversion to coupon form
refunding bonds, dated June 1, 1935.
a
BONDS—The City Council has
authorizing the issuance of bonds, including
The program will be undertaken jointly
Administration.
resolution
sewer
projects.
Works
of which would
bonds. The new
the Board passed
of $25,000 serial
MORRISTOWN, N. J .—BOND
adopted
$80,000 for two
with the Public
OFFERING—Nelson S. Butera, Town
the purchase
refunding
June 1 as
Clerk, will receive sealed bids until 8:15 p. m. on Dec. 4 for
of $221,000 not to exceed 4%
interest coupon or registered
bonds of 1936.
Dated Dec. 1, 1936.
Denom. $1,000. Due
.
3506:
Financial
Chronicle
follows:
$15,000 from 1937 to 1944 incl.; $20,000 from 1945 to 1948 incl.,
and $21,000 in 1949.
Rate of interest to be expressed in a multiple of
M of 1%.
Principal and interest (J. & D.) payable at the First National
Bank, Morristown.
A certified check for 2% must
accompany each
proposal.
The approving legal opinion of Hawkins, Delafield &
Long¬
fellow of New York will be furnished the successful bidder.
SAYREVILLE, N. J.—BOND OFFERING—Joseph J. Weber, Borough
Treasurer, will receive sealed bids until 8 p. m. on Dec. 2 for the purchase
of $194,000 not to exceed
as follows:
6% interest
registered bonds, divided
coupon or
$170,000 refunding bonds.
Due Dec. 1 as follows:
$2,000, 1937 to 1942
incl.; $6,000, 1943 and 1944; $9,000, 1945 and 1946; $11,000,
1947 and 1948; $14,000 from 1949 to 1951 incl., and
$16,000 from
1952 to
1955
incl.
Authorized pursuant
Jersey Laws of 1934, as amended.
24,000 emergency relief bonds.
Due $3,000
1944 incl.
Authorized
Laws of 1936.
pursuant
to
to
Chapter 233, New
Dec.
on
Chapter
1
from
24,
1937
New
to
Jersey
Each issue is dated Dec. 1, 1936.
Denom. $1,000.
Different rates
may be named on the two issues, but all of the bonds of each loan must
bear the same coupon.
Rate of interest to be expressed in a multiple of
M
1-10 of 1%.
Principal and interest (J. & D.) payable at the Con¬
Bank & Trust Co., New York City.
Bids must be for all or
of both issues.
The price bid for the refunding issue must be not
less than $170,000, and not more than
$171,000.
In the case of the relief
or
tinental
none
issue, the minimum and maximum are $24,000 and $25,000, respectively.
certified check for 2% of the amount of bonds bid
for, payable to the
order of the Borough Treasurer, must
accompany each proposal.
The
approving opinion of Caldwell & Raymond of New York City will be
A
furnished the successful bidder.
.
TRENTON, N. J.—BOND SALE—An issue of $148,500 4% water
system bonds authorized on Nov. 11 will be sold to the sinking fund com¬
mission.
Dated Dec. 15, 1936.
One bond for $500, others
$1,000 each.
as follows: $13,500 in 1937 and
$15,000 from 1938 to 1946 incl.
Prin¬
cipal and interest (J. & D.) payable at the City Treasurer's office, or at the
Broad Street National Bank, Trenton.
The bonds are payable from
Due
unlimited ad valorem taxes and will be
proved
a
as
Hoyt & Washburn of New York City.
NEW
to legality by Reed,
MEXICO
NEW MEXICO (State of)—BOND SALE—An issue of
$500,000 3%
State highway debentures has been taken by the State Finance Board at
Due $250,000
par.
on
Oct. 1 in each of the years 1943 and 1944.
NEW
bids will be received on Dec. 15 for the
purchase of $10,000,000 3%
general and refunding bonds, for the purpose of providing funds with which
to permit an immediate start on the
construction of the second rube of the
Midtown Hudson Tunnel, now
being built under the Hudson River between
39th St., Manhattan, and Weehawken, N. J.
The bonds to be sold, ac¬
cording to
an announcement made by Frank C.
Ferguson, Chairman, follow¬
meeting of the Board of Commissioners on Nov. 24, are part of a total
$22,000,000, due in 1976.
The remaining $12,000,000, Mr. Fer¬
guson stated, will be used for refunding various
outstanding Port Authority
bonds carrying higher rates of interest.
Bids on the public offering of
$10,000,000 will be received on an all or
none basis, and the bonds will not be
subject to redemption prior to Dec. 15,
1950 except for sinking fund purposes
and, moreover, will not be callable
for any purpose before Dec.
15, 1941. They will be redeemable in whole or
in part on interest payment dates at a
price of 103 beginning on Dec. 15,
1941, and b hereafter on or before Dec. 15, 1945; at 102 thereafter and on or
before Dec. 15, 1950; at 101 thereafter
up to Dec. 15, 1955; and at par at
any time thereafter to final
maturity. The bonds are 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 New York.
In addition to
authorizing the offering of $10,000,000 3% bonds on
Dec. 15, the Board of Commissioners
approved of the
ing
a
issue of
filing of an appli¬
cation with the Federal
Emergency Administration of Public Works for a
grant of $9,000,000, with which to complete the New
Jersey approach
through Union City and into North Bergen. The Board
similarly voted to an
alternative proposition of financing construction of the second
tube, through
the filing of an application for a
$33,000,000 loan with the Public Works
agency to cover the entire cost of the project.
The southerly tube, which
is being financed with a Port
Authority bond issue of $42,000,000 and a
Federal grant of $4,780,000, will be
ready for two-way traffic operation in
November, 1937. The $46,780,000 thus being expended, together with the
$33,000,000 estimated as the total cost of the second
tube, work on which
will soon be under
way, indicates that the Midtown Hudson Tunnel when
carried to its ultimate stage, will have
cost in the neighborhood of $80,000,000.
SCHENECTADY, N. Y.—TAX SALE ON DEC. 15—The annual sale
of property for unpaid taxes will be held
on Dec. 15.
As of Nov. 21, the
unpaid taxes against the 1936 levy of $4,922,005 was $411,992.
amount of
According to Clarence H. Greene, City Comptroller, additional payments
of taxes prior to the tax sale date will
reduce this year's tax sale list below
;,v v-;';
SYRACUSE, N. Y.—TAX COLLECTIONS—Comptroller
YORK
BINGHAMTON, N. Y.—BOND OFFERING PLANNED—City Comp¬
Everette E. Allen, announces that an offering of
$230,000 flood
protection and airport bonds will be made about Dec. 15.
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 7
Hartsdale), N. Y.—BOND SALE—The issue of $76,890
(P. O.
coupon or regis¬
tered school bonds offered on Nov. 25—Y. 143m p. 3189—was awarded to
Rutter & Co. of New York as 2MJs, at a price of
100.38, a basis of about
2.46%.
Dated Dec. 1, 1936 and due Dec. 1 as follows;
$3,890, 1937;
$3,000 from 1938 to 1940 incl. and $4,000 from 1941 to 1956 incl.
Other
were as
Sealed
1936
28,
AUTHORITY, N. Y.—BOND OFFERING—
that of last year.
troller
bids
Nov.
PORT OF NEW YORK
C. H. King
reported that on Nov." 17, 11.7% of the 1936 tax
levy remained uncollected,
compared with 11.03% of the 1935 levy uncollected at the close of last
year,
and
14% or more uncollected at the end of each of several preceding
years.
The tax budget this year was
$9,157,635.
WILNA (P. O. Carthage), N. Y.—BOND SALE—The issue of
$50,000
registered emergency relief bonds offered on Nov. 27—V. 143,
3357—was awarded to the Manufacturers & Traders Trust Co. of Buffalo
as l^s, at a price of
100.07, a basis of about 1.74%. Dated Dec. 1, 1936
coupon or
p.
and due Dec.
1
as
follows:
$2,000, 1937; $3,000 in 1938 and 1939 and
$6,000 from 1940 to 1946, inclusive.
follows:
Bidder—
A
Stranahan, Harris & Co., Inc
Int.
Rate
Rate Bid
2.50%
2.60%
2.70%
2.70%
2.70%
Roosevelt & Weigold
George B. Gibbons & Co., Inc
A. C. Allyn & Co., Inc
Ira Haupt & Co__„
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
100.189
100.23
100.579
100.18
100.11
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
KIRCHOFER &, ARNOLD
HEMPSTEAD, N. Y.—BONDS OFFERED FOR INVESTMENT— George
B. Gibbons & Co., Inc. of New York are offering an issue of
$187,000
2M% "water bonds at prices to yield from 0.80% to 2.50%, according to
maturity.
Due serially on Feo. 1 from 1938 to 1966, incl.
The bonds are
legal investment for savings banks and trust funds in New York State.
The town reports assessed valuation of
$451,155,977 and net bonded debt
of $1,051,000, or less than
or 1% of assessed valuation.
JAMESTOWN, N. Y —BOND SALE—The $200,000 coupon emergency
on Nov. 27—V. 143,
p. 3357—were awarded to R. W.
Pressprich & Co. and Rutter & Co., both of New York, jointly, as 1.60s,
at a price of 100.079, a basis of about
1.59%. Dated Dec. 1, 1936 and due
$40,000 each year from 1942 to 1946, incl.
Second high bid of 100.039
f§
1.60s was submitted by Blyth & Co., Inc. of New York.
INCORPORATED
RALEIGH, N. O.
A
NORTH
T. T. TELETYPE
RLGH
80
CAROLINA
relief bonds offered
LONG
BEACH, N. Y.—DECREASE IN TAX RATE—The tax rate for
1937 has been fixed at $1,685 per $100 of assessed
valuation, as against the
present rate of $1.86.
Next year's budget amounts to
$1,090,763.50, as
compared with $1,128,841.35 in 1936.
Slightly lower debt service charges,
together with estimated increases in water and license
revenues, accounted
for the decrease in the 1937 budget.
Net budget for next year is $729,388.07
and compares with $842,088.99 in the
present year.
MEXICO,
PARISH,
PALERMO,
VOLNEY AND RICHLAND
HASTINGS,
NEW
HAVEN,
CENTRAL SCHOOL DISTRICT
Oswego County, N. Y.—BOND SALE—The
registered school bonds of 1936 offered
NO.
1,
issue of $265,000 coupon or
Nov. 24—V. 143, p. 3189—was
awarded to Adams, McEntee & Co., Inc. of New York as
2.40s, at a price
of 100.82, a basis of about 2.34%.
Dated Dec. 1, 1936 and due Dec. 1
as follows:
$7,000 from 1939 to 1943, incl. and $10,000 from 1944 to
incl.
Second high
bidder
offer was 100.41 for 2.50s.
was
on
1966,
Roosevelt & Weigold of New York, whose
NASSAU COUNTY (P. O.
Mineola), N. Y.—ADOPTS BUDGET OF
$8,414,602—The Board of Supervisors adopted a net budget of
$8,414,602.57 for 1937, which is less by $291,644.71 than the 1936
figure.
The
budget does not include the revolving fund item of
$500,000.
Under a
bill passed three years ago, inclusion of that amount
annually in the budget
as
a
cushion against anticipated tax collections was
made mandatory.
law, however, was amended last year, making the
appropriation
merely permissive.
This was the result of a revision in the tax
collection
procedure, by which the county is assured of funds
previously not available
for its needs in the early months of the
year.
While the law was mandatory,
a fund of $1,000,000 had been
amassed.
The new budget includes
$2,715,000 for bond interest, as compared with $2,010,000 in the
present period.
NEW YORK, State of—TAX
STATEMENTS TO BE FURNISHED
PROPERTY OWNERS—Property owners of New York
State next year will
receive for the first time an official statement of the
amount of local taxes
assessed against their property, with a notice of
dates and places for pay¬
The
ment.
This new system, designed for the
convenience of property owners, is
required by Section 69-a of the Tax Law, as amended at the
regular 1936
session of the Legislature.
In the past, taxpayers have been
compelled to
seek out the various tax collectors in order
to make payments or to ascer¬
tain the amount of taxes due.
Because
the
innovation
has
caused
considerable
misunderstanding
among local officials and many taxpayers, the State Tax
Commission acted
today to clarify the requirements.
In a letter to city and
village treasurers, Deputy Commissioner Daniel
R. Spratt, director of the Bureau of Local
Assessments, Special Franchises,
Land Tax and Equalization, reviews the
amended statute and submits a
suggested form of statement.
The form calls for the location of
the property, a
description of it, the
amount of tax and the amount of collector's
fees. Space is also provided for
filling in the dates and places for receiving
taxes, the name of the tax col¬
lector and similar related material.
Mr. Spratt points out in his letter that
expenses for postage, printing
and stationery required in
sending such statements are to be a
against the tax district.
•
charge
;
-
,
OYSTER BAY, N.Y.—BOND
OFFERING—Harry Tappen, Town Super-
visor, will receive sealed bids until 10 a. m. on Dec. 1 for the
purchase of
$11,000 not to exceed 6% int. coupon or registered Plainview Water
District
refunding bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due $1,000
on Dec. 1 from 1941 to
1951, incl.
Prin. and int. (J. & D.) payable at
the Oyster Bay Trust Co., Oyster Bay, with New
York
exchange.
A
certified check for $250, payable to the order of the
town, must accompany
each proposal.
Approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
BURLINGTON,
N. C.—NOTE SALE—A $20,000 issue of bond
anticipation notes is reported to have been purchased on Nov.
17, by the
Morris Plan Industrial Bank of
Burlington, at 4%.
CHOWAN COUNTY (P. O.
Edenton), N. C —NOTE SALE—The
Branch Banking & Trust Co. of Wilson is said to have
purchased on Nov. 17,
a $90,000 issue of bond
anticipation notes at 3H %, Plus a premium of $15.
GREENSBORO, N. C.—BOND CALL—It is stated by G. C. Eichhorn,
City Treasurer, that all outstanding general refunding bonds numbered 1
3,150, and 3,155 to 7,519, aggregating $6,450,000, are being called for
payment on Jan. 1, 1937, on which date interest shall
cease, and constitute
all bonds of an original issue of
$7,515,000, except $1,065,000 which have
heretofore been retired. Dated July 1,1933.
Due on July 1,1958, redeem¬
able on any interest payment date
prior to maturity.
Said bonds and
interest accrued to Jan. 1, 1937, will be paid on or after
that date upon
presentation of same in negotiable form
accompanied by all Jan. 1 and
subsequent coupons, at the Irving Trust Co., New York.
to
GUILFORD COUNTY (P. O. Greensboro), N. C.—BONDS
AUTH¬
ORIZED—The County Supervisors are said to have
passed an order provid¬
ing for the issuance of $100,000 in refunding bonds.
HENDERSON COUNTY (P. O.
Hendersonville), N. C.—BOND
SALE—The $3,500 school funding and $16,377.50
funding bonds offered
on Nov. 24—V.
143, p. 3357—were awarded to the First-Citizens
Bank & Trust Co. of Smithfield as
2Ms, paying a premium of $2.18, equal
to 100.01, a basis of about
2.745%. Dated July 1, 1936. Due on Aug. 1,
1940. The second highest bid was an offer of 100.13 on
3s, submitted by
R. S. Dickson & Co. of Charlotte.
for sale
HIGH POINT, N. C.—PWA GRANT ANNOUNCED—The
following Is a
portion of a press statement made available on Nov. 16 by the Public
Works
Administration:
"A $6,000,000 power project to turn a hitherto
unbridled Blue Ridge
Mountain stream into a benefactor of mankind was made
possible today
when Administrator Harold L. Ickes announced an
allotment of a PWA
grant only of $2,595,000 to the City of High Point, N..C.
The city plans to dam the
seasonally raging Yadkin River, about 12
miles from Winston-Salem, in such a manner that it
will furnish electric
power to its own residents and nearby rural districts.
The city now owns
and operates the electric distribution
system, purchasing energy from a
private power company. The city in its application gives this
information
concerning the franchise which specifically states that the power
company
shall not sell electric lights or electric current in
opposition to the City of
High Point.
It is therefore, not anticipated that the
city's right to build
this project will be subjected to
litigation.
The Rivers and
vision providing a
Army, of certain
North and South
Harbors Act of Jan. 21, 1927, enacted into law
the pro¬
general survey by the Corps of Engineers, United States
rivers
in the United States.
The Yadkin-Pee Dee, in
Carolina was one of these rivers and was
surveyed and
reported under date of Jan. 10, 1931 by U. S. District
Engineer of Charles¬
ton, S. C. This survey included a study of the
Styers project on the Yadkin
River, four miles upstream from State Highway No. 48 which crosses
the
river from Winston-Salem and
Moxy Valley and this project is to be built
in accordance with the
plans of the United States Engineers with
certain
modifications.
MONROE, N. C.—BOND
refunding bonds offered
on
SALE—'The $170,000 coupon or
registered
Nov. 24—V. 143, p. 3357—were awarded to
Lewis & Hall of Greensboro and the Interstate
Securities Corp. of
Charlotte,
The first $30,000 bonds will bear interest at 4% and the
balance
of the issue 3
% %. The purchasers are paying a premium of $77,
equal to
100.045. A syndicate represented by R. S. Dickson &
Co. of Charlotte
offered a premium of $50 for
$94,000 4j^s and $76,000 4s.
jointly.
The bonds mature as follows:
$30,000 4% bonds on Dec. 1: $3,000, 1939
1943, and $5,000, 1944 to 1946; the remaining $140,000 as
35*s, on
Dec. 1: $5,000, 1947 to
1951; $7,000, 1952; $8,000, 1953 to 1956; $10,000,
1957 to 1959; $15,000,1960 and
1961, and $16,000 in 1962. The net interest
cost is about
3.77%.
to
Volume
11
a.
C —BOND OFFERING—Sealed bids will
N.
OXFORD,
until
Financial
143
be received
of the Local
purchase of two
Easterling, Secretary
Nov. 30, by W, E.
on
m.
Government Commission, at his office in Releigh, for the
of bonds aggregating $48,000, as follows:
$20,000 water refunding bonds.
Due $2,000 from
issues
Dec. 15, 1942 to
1951,
incl.
•
,
28,000 refunding bonds.
Due on Dec. 15 as follows: $2,000, 1942 and
1943, and $3,000, 1944 to 1951, all incl.
Denom. $1,000.
Dated Dec. 15, 1930.
There will be no auction.
Delivery at place of purchaser's choice.
Prin. and int. (J. & D. 15), pay¬
able in New York City in legal tender.
Coupon bonds, registerable as to
prin. only.
Bids must be on a form furnished by tbe above Secretary.
The approving opinion of Storey, Thorndike, Palmer & Dodge, of Boston,
will be furnished.
A certified check for $960, payable to the State Treas¬
urer, must accompany the bid.
'
A separate bid for each separate issue (not less than par and accrued
int.) is required.
Bidders are requested to name the int. rate or rates,
not exceeding 6% in multiples of \i of 1%; each bid may name one rate
for part of the bonds of any issue (having the earliest maturities) and
another rate for the balance, but no bid may name more than two rates
for any issue, and each bidder must specify in his bid the amount of bonds
of each rate.
The bonds will be awarded to the bidder offering to purchase
the bonds at the lowest int. cost to the town, such cost to be determined
by deducting the total amount of the premium bid from the aggregate
i mount of int. upon all of the bonds until their respective maturities.
REIDSVILLE, N. C.—NOTE SALE—A $30,000 issue of revenue antici¬
pation notes is said to have been purchased recently by the First Citizens
Bank & Trust Co. of Smithfield, at 1 H%.
STATESVILLE, N. C —NOTE SALE—The $15,000 revenue antici¬
pation notes offered on Nov. 21—V. 143, p. 3357—were awarded to R. S.
Dickson & Co. of Charlotte on a 2% interest basis, plus a premium of $1.50.
Dated Nov. 21, 1936 and payable May 21,
3507
Chronicle
Due $300 yearly on Nov.
incl.
1 from 1937 to 1946,
Certified check for
$100, required.
Ohio—TO ISSUE BONDS—The village plans to
issue $10,000 bonds to finance improvements to the electrical distributing
system.
At the recent election, the voters defeated a $25,000 filtration
bond issue.
The referendum on the question, it is said, was necessary
because the loan would have placed the village's bonded debt above the
legal limit.
No vote is required on the $10,000 issue.
MONROEVILLE,
COUNTY
MONTGOMERY
ING—F.
E.
(P.
O.
Dayton),
Ohio—BOND OFFER¬
Clerk of the Board of County Commissioners, will
m. Dec. 10 for the purchase of $340,000 refunding
Treon,
receive bids until 10
a.
bonds, which are to bear interest at no more than 6%.
Denom. $1,000.
Dated Dec. 1, 1936.
Interest payable semi-annually.
Due $17,000 each
1, 1941 to June 1, 1951, incl.
Certified check for
$3,400, payable to the County Treasurer, required.
six months from Dec.
OLMSTED
DISTRICT, Ohio—BOND SALE—An
been sold to the State Teach¬
SCHOOL
FALLS
issue of $45,000 4% school building bonds has
ers Retirement System at a price of 100.61.
PARMA
No bids
CITY
DISTRICT,
SCHOOL
Ohio—BONDS NOT SOLD—
refunding bonds offered on
submitted for the $94,000 4%
were
The offering included a $56,000 10-mill limitation
issue, due semi-annually from 1942 to 1951 incl., and $38,000 bonds issued
outside tax limitations, to mature semi-annually from 1942 to 1951 incl.
All dated Oct. 1, 1936.
Nov. 23—V. 143, p. 3036.
PLAIN
Ohio—BOND
OFFERING
28 of $90,000 4% school
DISTRICT,
SCHOOL
CITY
CANCELED—The offering scheduled for Nov.
bonds has been canceled.—Y. 143, p. 3191.
$25,000
1937.
Tulsa Oklahoma School Building
NORTH
DAKOTA
LOGAN CENTER TOWNSHIP (P. O. Kcmpton,
Due
R. J. EDWARDS, Inc.
Established 1892
Due $200 from
5s, according to report.
No other bid was received.
1, 1937 to 1942, inclusive.
Dec.
OKLAHOMA CITY,
OKLAHOMA
Lone Distance 158
AT&T O. K. CY 19
MUNICIPALS
OHIO
OKLAHOMA
SCHOOL
EUFAULA
MITCHELL, HERRICK & CO.
CUYAHOGA BUILDING,
700
CANTON
CINCINNATI
AKRON
CLEVELAND
COLUMBUS
SPRINGFIELD
DISTRICT, Okla.-W)\7>
OKLAHOMA, State cf—BANKS DROP
Ohio—BOND OFFERING
BARBERTON,
DETAILS—The $231,000
jfirst mortgage sewer revenue bonds being offered for sale on
Dec. 2, as noted intelprevious issue, will mature as follows:
$5,000 March 1
and Sept. l .from 1938 to|1941, incl.; $5,000 March 1 and $6,000 Sept. 1,
1942; $6,000 March 1 andjSept. 1 from 1943 to 1957, incl.
In naming an
interest rate other,than 14% Abiddders must express fractions, if any, in a
multiple of
of 1 %. kThe bonds will be sold subject to favorable approv¬
ing opinion of Squire, Sanders & Dempsey of Cleveland.
4%
coupon
Chairman
COUNTY
(P. O.
CAMP & CO.,
the award had been made to
Porter
Hamilton), Ohio—BOND OFFERING—
Commissioners, will
purchase of the following 4 M % bonds:
due.
come
Denom. $1,000, $500 and 1 for
$481.79.
Due on Dec. 1 as follows:
$1,481.79, 1938; and
$1,000 in each of the years from 1939 to 1957; except in 1941,
1944, 1947, 1950, 1953 and 1956, in which years $1,500 will
23,481.79 special
•
bonds.
assessment
due.
come
14,669.66 special assessment bonds.
Due
Dec.
on
1
as
Denom. $750, except one for $419.66.
$419.66, 1938; and $750, 1939 to
follows:
1957, inclusive.
1, 1936.
Principal and semi-annual
Dec. 1) payable at the County Treasurer's office.
$475, $235 and $150, required.
Dated Nov.
CINCINNATI
ON EXTRA
SCHOOL
DISTRICT,
LEVY—Directors
of the Good
interest (June 1 and
Certified checks for
Ohio—MAY
OREGON
VOTE AGAIN
alternative
to
the
extra
operating levy is the closing of the schools for
about 49 days this winter, according to
SCHOOL
DISTRICT,
City Recorder,
of $15,000 4%
Denom. $1,000.
Dated July 1,1936.
July 1 beginning in 1947.
Certified check for $1,000
series D w^er bonds.
yearly
on
Due $2,000
required.
Ore.—BOND OFFERING—Sealed bids will be received
7 by Stewart Hardie, City Rrecorder, for the purchase
4% coupon city building bonds.
Denom. $500 and
$400.
Dated Jan. 2, 1937.
Due as follows:
$400 in 1938 and 1939,
and $500, 1940 to 1947.
Prin. and int. (J. & J.) payable in lawful money
at the fiscal agency of the city in New York.
A certified check for 5% of
the bid, payable to the city, is required.
CONDON,
until 8 p. m. on Dec.
of a $4,800 issue of
EUGENE, Ore.—SINKING FUND BOND
OFFERING—It was re¬
ported by C. M. Bryan, City Rrecorder, that he would receive sealed bids
until 7:30 p. m. on Nov. 25 for the purchase of various bonds aggregating
$93,500, which are now owned by the city.
Bids are to show date to which
interest accrues.
Funds to be at either the First National Bank, Eugene,
or the United States National Bank, Eugene, not later than Dec. 15.
JACKSON COUNTY SCHOOL
DISTRICT NO. 74 (P. O.
Medford).
of 5% coupon school bonds offered
143, p. 2891—was purchased by Tripp & McClearey,
Inc., of Portland, at a price of 103.50, a basis of about 4.51%.
Dated
Dec. 1,1935.
Due $1,000 on Dec. 1 in 1944 to 1946.
Int. payable J. & D.
Ore.—BOND SALE—The $3,000 issue
for sale on Nov. 2—V.
members of the Board of Education.
Ohio—BOND OFFERING—
C. R. Barnhart, Clerk of the Board of Education, will receive bids until
noon Dec. 9, for the purchase of $50,000 school building bonds, which are
to bear interest at no more than 4%.
Denom. $1,000.
Dated March 1,
1936.
Interest payable semi-annually.
Due $1,000 on Aprilll and Oct. 1
in each year from 1939 to 1948, incl.
Certified check for $500, required.
CIRCLEVILLE
ATHENA, Ore.—BOND OFFERING—B. B. Richards,
will receive bids until 7:30 p. m. Nov. 30 for the purchase
Government League recently
passed a resolution favoring the resubmittion to the voters of an extra
operating levy of 1.74 mills for one year in "order to continue the schools
at their present standard for 1937.
The operating levy, along with a
building levy, was defeated at the recent general election.
The chief
INC.
Portland, Oregon
Building,
receive bids until noon Dec. 8, for the
$47,283.51 special assessment bonds.
Denom. $1,000, except one for
$283.51.
Due on Dec. 1 as follows: $2,283.51,1938; and $2,000
in each of the years from 1939 to 1957, except in 1941, 1944,
1947, 1949, 1951, 1954 and 1957, in which years $3,000 will
by Okla¬
Oregon Municipals
President of the Board of County
Ralston,
$300,000 into the State Treasury
.
100.008 for 6s.
BUTLER
TAX CASE—Fearing retalia¬
Commission, an agreement for the dismissal
the enforcement of the 1935 income tax laws, as relating
banks, upon the payment of
homa banks.
Grau & Co.)
Walter
L.
of the State Tax
of 113 suits against
to
BEDFORD, Ohio—BIDS REJECTED—All of the bids submitted for the
$136,000 general obligation sewage disposal works bonds offered as 4s on
Nov. 15 were rejected.
As previously reported in these columns, Grau &
Co. of Cincinnati were high bidders, with an offer of 101.101 for 5H&,
Widmann, Holzman & Katz of Cincinnati were second high, their bid being
(In V. 143, p. 3358—it was reported that
.
McKinney, Clerk of the Board of Education, will receive bids until 7:30
p. m. Nov. 30 for the purchase at not less than par of $12,500 school building
bonds, which are to bear interest at rate named in the successful bid. Due
$1,500 yearly beginning three years after date of issue, except that the last
instalment is to be $2,000.
Certified check for 2% of amount of bonds
bid for required.
tory action from the Legislature at its approaching session the Oklahoma
Bankers Association is said to have worked out with H. L. McCracken,
OHIO
r
5%
Price to Yield 2.90%
R. R.), N. Dak.—
BOND SALE—The $1,200 issue of township road nad bridge bonds offered
for sale on Nov. 20—V. 143, p. 3035—was purchased by a local investor,
as
April 1, 1949.
MULTNOMAH COUNTY SCHOOL
DISTRICT NO. 5 (P. O. Collins
View) Ore.—BOND OFFERING— Sealed bids will be received until 1p.m.
Dec. 4, by Mrs. Leone Emert, District Clerk, for the purchase of a
$17,000 issue of school bonds.
Interest rate is not to exceed 4%, payable
semi-annually.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows: $1,000,
1937 to 1944, and $1,500, 1945 to 1950, all incl. Prin. and int. payable at
on
the County
McCulloch,
Treasurer's office.
The approving opinion of Teal,
Shuler & Kelley, of Portland, will be furnished.
A
the bid.
Winfree,
certified
Ohio—BOND OFFERING—F. D. King, City Auditor,
will receive bids until 2 p. m. Dec. 11 for the purchase at not less than par of
$12,000 work relief project bonds, which are to bear interest at no more than
4%. Denom. $500. Dated Dec. 1, 1936. Interest payable semi-annually.
Due $1,500 yearly on Dec. 1 from 1939 to 1946, incl.
Certified check for
$120, payable to the City Treasurer, required.
check for $350 must accompany
Ohio—BOND OFFERING—H. N. Swain, Village Clerk, \yiU
receive bids until noon Dec. 11 for the purchase at not less than par of
$12,000 5% fire apparatus bonds.
Denom. $600.
Dated Dec. 1, 1936.
Interest payable semi-annually.
Due $600 each six months from Dec. 1,
1938 to June 1, 1948, incl. Certified check for $600, payable to the Village
Treasurer, required.
SCHOOL DISTRICT, Pa .—BOND ELECTION—The
School Board on Dec. 18 will submit to the voters a proposal to issue $67,000
high school building improvement bonds.
DELAWARE,
EATON,
JOHNSVILLE-NEW LEBANON RURAL SCHOOL DISTRICT (P.O.
New
Lebanon), Ohio—BOND OFFERING—G. W. Shock, Clerk of the
Board of Education, will receive bids until noon Dec. 10 for the purchase
not less than par of $3,050 4% delinquent tax bonds.
Denom. $600
at
except one for $650.
Dated May 1,1936.
Interest payable semi-annually
Due $650, May 1, 1937, and $600 on May 1 in each of the years from 1839
1941.
Certified check for $100, payable to the Board of Education,
to
required.
LYME TOWNSHIP
RURAL SCHOOL
DISTRICT (P. O. Monroe-
ville), Ohio—BOND OFFERING—E. W. Selfe, District Clerk, will receive
Dec. 15 for the purchase of $35,000 4% school
bonds. Dated Dec. 2, 1935. Denoms. $1,000 and $500. Due $500, April 15
and $1,000, Oct. 15 from 1937 to 1958 incl.; $500, April 15 and $1,500,
Oct. 15, 1959.
Interest payable A. & O. 15.
In naming an interest rate
other than 4%, bidders must express fractions in multiples of H of 1%.
A certified check for $1,000, payable to the order of the Board of Education
must accompany each proposal.
sealed bids until noon on
'
LYNCHBURG,
Ohio—BOND OFFERING— O. E.
Haines, Village
for the purchase of $3,000 5%
Denom. $300. Interest payable semi-annually.
Clerk, will receive bids until noon Dec. 5,
road improvement bonds.
PENNSYLVANIA
Pa.—BONDS VOTED—The
approved the issuance of $75,000 water system
BENTLEYVILLE,
Nov. 3
CAMP
borough
voters
on
bonds.
HILL
DISTRICT,
SCHOOL
CENTER VILLE
Pa.—BOND ELECTION—
held on Dec. 8 at which a proposal to issue
submitted to the voters.
An election is to be
bonds will be
$90,000
SCHOOL DISTRICT (P. O. Shamokin), Pa.—
BOND OFFERING—W. J. Ryan, Secretary of the Board of Directors, will
receive bids until 8 p. m. Dec. 9, for the purchase of $251,000 bonds.
Interest payable June 1 and Dec. 1.
Due on Dec. 1 as follows: $17,000,
1937; $4,000, 1938; $6,000, 1939; $9,000, 1940; $12,000, 1943; $8,000,
1944 $10,000, 1945; $12,000, 1946; $14,000, 1947; $12,000, 1948; $14,000.
1949; $16,000, 1950; $19,000, 1951; $22,000, 1952; and $25,000, 1953 and
1954.
Certified check for $1,000, required.
COAL TOWNSHIP
EASTON,
receive sealed
Pa.—BOND OFFERING—O. E. Rogers, City
bids until 9 a. m. on Dec. 8 for the purchase
Clerk, will
of $47,000
registerable as to principal only, refunding
bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due Dec. 1 as follows:
$10,000, 1940 and 1941; $7,000 in 1942, and $10,000 in 1943 and 1944.
Bidder to name one rate of interest on all of the bonds.
A certified check
for 2% of the bonds bid for, payable to the order of the City Treasurer,
mus t accompany each proposal .The bonds will be issued subject to approving
lega Jopinion of Townsend, Elliott & Munson of Philadephia.
1.
lji.l3^,lK.or2%
GREENTREE
coupon,
SCHOOL
Arthur H. Wilson, Secretary
DISTRICT,
Pa.—BOND
OFFERING—
win receive
of the Board of School Directors,
3508
Financial
Chronicle
Nov. 28. 1936
Hadley, however, recently placed the estimated needs of the department
$48,820,205, or nearly $12,000,000 more than the Mayor anticipated.
Real estate men throughout the city have announced that they will vigor¬
ously oppose any attempt to increase the tax rate.
Council has until
Dec. 15 to fix by ordinance any change in the present rate.
The Treas¬
urer's estimates for 1937 include an appropriation of $14,615,785 for the
sinking funds, compared with $8,054,599 established by the Fund Com¬
at
missioners.
The latter amount, however, does not take into account the
chance that the State Supreme Court, wnich is still considering the matter,
may
require that the entire $6,667,025 owing to the fund for the year 1935
be provided for in next year's budget.
The city has petitioned the
permit payment of the deficiency over a period of seven years.
Court
to
PITTSBURGH, Pa.—COURT UPHOLDS RESIGNATION OF McNAIR
AS MAYOR—The Common Pleas Court on Nov. 17 blocked the effort of
William N. McNair to regain the office of Mayor.
Unanimously three
Judges ruled Mr. McNair's spectacular resignation Oct. 6 is "beyond re¬
call." and that Cornelius D. Scully is lawfully Mayor.
The Judges. Thomas M. Marshall, Ralph H. Smith and James H. Gray,
rejected as an "extremely artificial technicality" the argument of Mr.
McNair's attorneys that tne resignation was not accepted properly.
The
Court held furtner that the resignation had created a public emergency,
whether tne Council said so or not, and that all other questions were minor
in comparison.
Attorneys for Mr. McNair would not say immediately
whether tney would carry the case to the State Supreme Court.
PITTSBURGH, Pa .—BONDS DEFEATED—'The proposed $5,000,000
public improvement bond issue which was submitted to the voters at the
election was defeated.
recent general
READING
SCHOOL
DISTRICT,
Pa .—BOND
OFFERING— Sealed
bids will be received until Dec. 14 for the purchase of an issue of $100,000
school building bonds to mature $20,000 annually from 1937 to 1941. incl.
PENNSYLVANIA
bids until 7:30 p. m. Dec. 8 for the purchase of $35,000 3)4 % coupon bonds.
Denom. $1,000.
Dated Dec. 1, 1930.
Interest payable June 1 and Dec. 1.
Due $5,000 yearly on Dec. 1 from 1939 to 1943. and $10,000 Dec. 1, 1944.
Certified check for $1,000, puyable to the District Treasurer, required.
District will furnish approving opinion of Bur0win, Scully & Churchill
of Pittsburgh.
SAYRE, Pa.—BOND SALE—The State Retirement Board has purchased
issue of $30,000 3% operating expense bonds at a price of par.
Due
as follows: $3,000. 1938 to 1940, incl.; $4,000, 1941: $3,000. from
1942 to 1944, incl., and $4,000 in 1945 and 1946.
Optional after June 30,
an
June 30
1938.
■-.> :•
>
..
;r/;:
>'■
^
SAYRE,
GROVE CITY, Pa.—BOND SALE—The $100,000 coupon funding bonds
on Nov. 23—V. 143. p. 3192—were awarded to Geo. C.
Applegate,
K. Cunningham & Co., and Glover & MacGregor. all of Pittsburgh,
jointly, as 2>£s. at par, plus a premium of $728. equal to 100.728. a basis of
about 2.17%. Singer. Deane & Scribner of Pittsburgh offered a premium of
$543 for 214s.
Dated Dec. 1, 1930.
Due $5,000 yearly on Dec. 1 from
1937 to 1950.
offered
S.
Pa.—BOND SALE—The $55,000 3% refunding bonds sold
recently to E. H. Rollins & Sons of Philadelphia at a price of 101 56—
V. 143, p. 3359—are dated Dec. 1, 1936 and mature Dec. 1 as folio*s:
$5,000 In 1938. 1910, 1942, 1944, 1946. 1948, 1950, 1952 and in 1954.
and $16,000 in
UPPER
HARRIS TOWNSHIP SCHOOL DISTRICT
(P. O. BoaUburg),
Pa.—BONDS NOT SOLD—The $24,500 not to exceed 4% interest bonds
on Nov.
13—V. 143. p. 3030—were not sold, the offering having
been temporarily postponed.
Dated Dec. 1, 1930. and due on Dec
1 as
follows:
$1,000 from 1938 to 1948 inch, and $1,500 from 1949 to 1957 incl.
TOWNSHIP
SCHOOL
DISTRICT
O.
(P.
Shaver-
town, Box 175), Pa.—BOND OFFERING—A. G. Prater, District Secre¬
tary, will receive bids until Jan. 2 for the purchase of $26,000 4% bonds.
Interest payable semi-annually.
Certified check for 2% required.
PROVIDENCE
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Mont
Clare), Pa.—BONDS VOTED— By a vote of 753 to 448 the district
Nov. 3 voted approval of an issue of $55,000 school building bonds.
on
offered
^KINGSTON
1956.
STATE COLLEGE. Pa.—BONDS VOTED—On Nov. 3 a proposal to
issue $70,000 sewage disposal plant bonds was approved by the voters.
WARREN
TOWNSHIP
SCHOOL
DISTRICT
(Franklin
County),
Pa.-—BOA D OFFER IA G—H.
L.
McDonald.
District
Secretary,
win
receive bids until 1 p. m. Dec. 5. for thp purchase of $3,500 3)4 % bonds.
Interest payable semi-annually.
Certified check for 10%. required.
YORK
SCHOOL
issue $40,000
recent
school
generai
DISTRICT, Pa.—BONDS VOTED—A proposal "to
bonds was approved by the voters at .the
building
election.
LANCASTER, Pa.—BONDS VOTED—The voters of the city at the
Nov. 3 election gave their approval to the issuance of $50,000 playground
bonds.
I
RHODE
LOYALSOCK
TOWNSHIP SCHOOL DISTRICT (P. O. Williamsport), Pa.—BONDS NOT SOLD—The issue of $12,500 3>4% operating
revenue bonds offered on Nov. 14—V. 143,
p. 2892—was not sold, as no
bids were received.
Dated July 18. 1936 and due as follows: $1.500. 1937;
$2,000, 1938: $3,000, from 1939 to 1944, incl.
Callable on or after July
18,1937 at par and accrued interest.
MT.
CARMEL, Pa.—BONDS VOTED— By
residents
on
recent
a
vote of 2.860 to 2.438 the
Nov. 3 voted approval of an issue of $430 000
NANTICOKE
SCHOOL
CHARLESTON,
SCHOOL
DISTR
CT,
Pa .—BOND
OFFERING—
to the uistrict Secretary will be received until 8
p. m.
Dec. 15, for the purchase of $600,000 not to exceed 2%% interest school
bonds.
Dated Jan. 15, 1J37.
Denom. $1,000.
Due as follows:
$30,000,
1938: $35,000, le39 to 1942. incl.; $40,000 in 1943 and 1944 and $50,000
from 1945 to 1951, incl.
Legality to be approved by Townsend. Elliott &
Munson of
Philadelphia.
NORTH
BELLE
VERNON
SCHOOL
DISTRICT,
Pa.—BOND
OFFERING—Joseph E. Hixenbaugh, District Secretary, will receive sealed
bids until 8 p. m. on Dec. 15 for the purchase of $25,000 not to exceed
4%
interest coupon or registered school bonds.
Dated Dec. 15, 1936.
Denom.
$1,000.
Due Dec. 15 as follows: $1,000 in 1938 and $3,000 from 1939 to
1946, incl.; optional
of interest
on or after
Dec.
15.
1940.
Bidder to
name
one
rate
all of the bonds, expressed in a multiple of
% of 1 %.
Prin.
and int. (J. & D.) payable in Oharleroi.
A certified check for $1,000,
payable to the order of the district, must accompany each proposal.
Sale
of the bonds is subject to approval of issue
by the
on
ment of Internal
Pennsylvania Depart¬
Affairs.
PENNSYLVANIA (State of)—CONSIDER BOND ISSUE—It is re¬
ported that State officials will decide within the next few days wnether to
Issue $5,500,000 refunding bonds for the purpose of
providing part of the
funds required to redeem the total of $11,200,000
dated Dec. 1,1921, which have been called
1936.
Although
assets
in
the sinking
424% series D bonds,
for redemption at par on Dec. 1,
fund,
which
include
are sufficient in amount to meet the entire issue in
tion exists
to whether it would
government
full,
some ques¬
be more profitable for the State to
refund part of tne loan rather than market its Federal
holdings at this time"
as
PENNSYLVANIA
not
(State of)—LOCAL BOND ISSUES APPROVED—
The
Department of Internal Affairs, Bureau of Municipal Affairs, has
approved the issues of bonds described below.
The information includes
the name of the municipality, amount and
purpose of issue, and date
approved:
,
Municipality and Purpose—
Norwood Borough (Delaware uounty;—furcna
oorougn ^ueiaware County)—Purchasing
Date
Approved
Amount
xNorwoou
""
"
'
SOUTH
general election the voters gave their approval to a proposal to issue
Sealed bids addressed
,,
for the fiscal year.
refunding bonds.
on
bonds,
as
a
"deficiency in revenue, 1935-1936."
The deficiency, the Auditor
stated, would be met from $145,100 in back taxes which were received by
City Treasurer Walter F. Fitzpatrick after the city had closed its books
DISTRICT, Pa.—BONDS VOTED—At the
$200,000 school bonds.
NORRISTOWN
"
and procuring fire-fighting apparatus.
West lownship (Huntington County)—Refurn
•Refunding
bonded indebtedness
Nov. 12
Nov. 10
70,000
_
Nov.
9
DARLINGTON COUNTY SCHOOL DISTRICT NO. 2 (P. O. Darlington), S. C.—PWA LOAN REJECTED—It is stated by Jerome F.
Pate, Attorney for the district, that although a loan of $72,000 for high
school additions was approved by the Public Works Administration last
December, the offer of the loan was rejected because the bonds had already
been sold to a group headed by Johnson, Lane, Space & Co. of Savannah,
noted
as
in these columns
$1,000,000 instalment payment into the sinking fund on Feb. 1, 1937,
modifying an earlier ruling that the municipality would have to make pro¬
vision in the new budget for the full amount of
$6,667,000.
The Court
previously had ruled that the City Council had acted illegally in failing to
appropriate the larger amount to the fund in 1935.
In its current decision,
however, the Court refused to grant the city's request for permission
to,
provide the balance of the amount due in instalments over a period of seven
years, declaring that this matter would be considered in future years.
Finance
Committee of the
bonds
issued
to
secure
Board
of
system.
This
action, which will add $477,521 to the school budget, was made on the basis
that the State will be able to keep its pledge to
give the Board of Education
$1,729,000 toward 1936 salaries and $3,500,000 for 1937.
If the promised
grants do not materialize, the School Board will have to borrow $6,300,000
against delinquent taxes in order to avert a deficit in operations, according
to report.
PHILADELPHIA, Pa.—$1.60 RISE IN TAX RATE
THREATENED—On the basis of tentative budget
requirements for 1937, and the
current prospect of a $9,000,000 deficit in operations in the
present year,
the city may be forced to effect an increase of $1.60 in the tax
rate, accord¬
C. White
year will amount
Mayor Wilson had previously stated that the budget
for 1937 would reach $82,006,000.
In arriving at this figure, he fixed the
Treasurer's Department requirements at $37,120,440.
City Treasurer
only $70,635,383.
in
that
amount
from
the
Public
Works
"^ORANGEBURG,
WATERBORO, S. C.—BOND CALL—D. B. Black, Town Clerk and
Treasurer, states that the town has exercised its option and is calling for
redemption at his office or at the Central Hanover Bank & Trust Co., New
York City, on Dec. 31, on which date interest is to cease, the following
5% bonds, aggregating $45,000:
$15,000 electric light bonds, numbered 1 to 30.
Dated Dec. 1,1914. Due
on Dec. 1, 1954. optional on Dec. 1, 1934.
12,000 sewerage bonds, numbered 1 to 36.
Dated Oct. 1, 1914.
Due on
Oct. 1. 1954, optional on Oct. 1, 1934.
6,500 additional water works bonds.
Dated Oct. 1, 1915.
Due on
Oct. 1, 1955, optional on Oct. 1, 1935.
Numbered 1 to 36.
8,500 additional sewerage bonds, numbered 1 to 36. Dated Oct. 1,1915.
Due on Oct. 1, 1955, optional on Oct. 1, 1935.
18,000 water works bonds, numbered 1 to 36.
Dated Oct. 1, 1914.
Due
on Oct. 1, 1954,
optional on Oct. 1, 1934.
SOUTH
DAKOTA
CARTHAGE SCHOOL DISTRICT (P. O. Carthage), S. Dak.—
BONDS SOLD—It is stated by the District Clerk that the $10,000 4%
semi-annual gymnasium-auditorium bonds offered for sale without success
on Aug.
11, as noted here, were sold to the C. W. Britton &o. of Sioux
City on Nov. 16.
LAKE
ANDES, S. Dak.—BONDS NOT SOLD—It is now reported by
City Auditor that the two issues of not to exceed 4)4% semi-annual
aggregating $47,000, offered on Sept. 28, as noted here—V. 143,
p. 2096—were not sold, owing to an error in the proceedings.
The bonds
are
divided as follows: $40,000 refunding, and $7,000 funding bonds.
the
bonds
Dated Oct. 1, 1936.
LEAD, S. Dak.—BOND OFFERING—E. C. Thorpe, City Treasurer,
coupon
on Nov. 13 next year's school tax rate at 92.5 cents,
this year, voted pay restorations in 1937 for more than half the
teachers and other employees of the educational
same as
press reports from Philadelphia.
City Controller Robert
has certified to Council that the estimated revenue for next
loan
S. C.—BOND SALE—The city has sold an issue of
$50,000 3% refunding bonds to Johnson, Lane, Space & Co. of Augusta at
par. Due $5,000 yearly on Jan. 1 from 1938 to 1947, incl.
Education, in setting
to
a
Administration, has been purchased by that Federal agency, at par.
the
ing to
December.
^
Will receive bids until
school
in
ORANGEBURG, S. C.—BONDS SOLD TO PWA—It Is stated by the
City Clerk and Treasurer than $98,000 4% semi-annual hospital addition
$10,000
PHILADELPHIA, Pa.—SUPREME COURT RULES IN SINKING
FUND CASE—The State Supreme Court has authorized the
city to make a
TO RESTORE PAY CUTS—The
CAROLINA
S.
C.—BOND OFFERING NOT CONTEMPLATED
—In connection with a current report to the effect that the city has con¬
templated the issuance of $1,500,000 in refunding bonds, we are Informed
by Mayor Burnet R. May bank that the city will not take up the matter
of issuing such bonds until after the first of the year, inasmuch as the water
works bonds to be retired are not due until April 1, 1937.
16.800
Dormont Borough (Allegheny County)—Construct¬
ing storm sewers and resurfacing streets
...
ISLAND
PROVIDENCE, R. I.—FISCAL YEAR DEFICIT—Figures issued by
William F. Brown. City Auditor, show that the city had a deficit of $816,556.97 for the fiscal year ended Sept. 30.
This included $700,000 bor¬
rowed in anticipation of taxes and $116,556.97 which the Auditor described
July.
Dec. 31. for the purchase of an issue of $40,000 4%
Denom. $5,000.
Interest payable Jan. and
city hall bonds.
Due in 1946.
VIBORG
INDEPENDENT
SCHOOL
DISTRICT NO. 4
(P. O.
B. Skola, Clerk of the Board
Education, will receive bids until Dec. 12 for the purchase of $9,000
refunding bonds, which are to bear interest at not more than 4%.
Denom.
$1,000.
Dated
Jan.
1,
1937.
Interest
payable semi-annually.
Due
$1,000 yearly on Jan. 1 from 1938 to 1946, inclusive.
Viborg), S. Dak.—BOND OFFERING—F.
of
WAGNER, S. Dak.—BOND OFFERING—J.
will receive bids until 8
p. m.
and
S. Slivis' City Auditor,
Dec. 4 for the purchase of $28,000 funding
refunding bonds.
TENNESSEE
BRADLEY COUNTY (P. O. Cleveland), Tenn.—BOND SALE—A
issue of $44,000 3% school bonds has been sold to O.
H. Little & Co. c
Jackson at a premium of $340, equal to 100.772.
Financial
143
Volume
bids will be re¬
Auditor, for the
purchase of two issues of 4% bonds aggregating $120,000, divided as follows:
$80,000 local Improvement bonds.
Due $4,000 from Dec. 1, 1937 to 1966
CHATTANOOGA, Tenn.-BOND OFFERING— Sealed
Dec. 1, by F. K. Rosamond, City
ceived until 11 a. m. on
inclusive.
40,000 local
Due $2,000 from Dec. 1,
improvement bonds.
1937 to 1956
inclusive.
Prin. and int. (J. & D.) payable in lawful money
at the National City Bank in New York.
No bid will be considered at
less than par and accrued interest.
Ttte approving opinion of Caldwell &
Raymond, of New York, will be furnished the purchaser.
These bonds
are issued under the authority of Chapter 727, Private Acts of Tennessee
for 1931, and are full faith and credit obligations.
A certified check for 2%
of the face value of the bonds, payable to the City Treasurer, must accom¬
pany the bid.
(This report supersedes the offering notice given in these columns re¬
cently—V. 143, p. 3359.)
Dated Dec.
1, 1936.
CLAIBORNE COUNTY (P. O. Tazewell),
Tenn.—BOND REFUND¬
AGENT APPOINTED—It is announced by Clark & Co., Nashville
Trust Building, Nashville, that they have been employed to refund all
outstanding bonds of the county and to arrange for the liquidation of past
due coupons.
Information on various items is requested of bondholders
at this time by the agent.
ING
ROANE COUNTY (P. O. Kingston), Tenn.—BONDS TO BE SOLD—
It is stated by the Clerk of the County Court that the $15,000 4% semi¬
annual court house bonds authorized last July, as noted here at that time,
will be purchased by the Public Works Administration.
SPRING CITY, Tenn,—BOND SALE—A
works extension bonds is reported to
water
by the Public Works
$25,000 issue of 4% semi-ann.
have been purchased at par
Administration.
3509
Chronicle
for less than par and
will be con¬
instalments, as nearly equal as practicable.
No bids
accrued interest to date of payment into the City Treasury,
furnished by the City Clerk. Prin. and int.
payable at the City Treasurer's office, or at the city's fiscal agency in New
York.
Tne bidder is to pay for the opinion of Thomson, Wood & Hoffman
of New York, and for the printing of the bonds, but the city shall furnish
the opinion of the City Attorney and the Attorney General.
A certified
check for $10,000, payable to the city, must accompany the bid.
sidered.
Bids to be on forms
Texas—BONDS REFUNDED—It is now
SHAMROCK,
stated that
election
by the
the $183,000 5% refunding bonds approved by the voters at the
held on June 9 nave been refunded for the outstanding 6% bonds
Brown-Crummer Investment Co.
of Dallas.
Due in 30 years.
TEXAS, State of—WARRANT SALE—We are informed by Charley
Locknart, State Treasurer, that the $3,000,000 deficiency warrants offered
for sale on Nov. 19—V. 143, p. 3360—were awarded to the Republic
National Bank & Trust Co. of Dallas, at 1.90%, subject to final approval.
TYLER, Tex.—BOND SALE—The city has sold an issue of $75,000
354 % school bonds, dated Nov. 15, 1936, to the Peoples National Bank
and the Tyler State Bank & Trust Co., both of Tyler, jointly, on a bid of
>ue
follows: $1,000,1937. $2,000,1938 to 1950, and $3,000,1951 3.73%.
Ear. plus a premium of $150, equal to 100.20, a basis of about to 1966.
as
WICHITA
FALLS,
Tex.—CITY APPROVES BOND REFUNDING
have approved the plan for the refunding
PLAN—The city council is said to
which
75%
refund¬
rates
three
of the
years'
city's obligations proposed by the bondholders' committee,
is stated to have 60% of the obligations committed to the plan of the
necessary for making the plan operative.
A total of $3,389,500 in
ing bonds, dated June 1, 1936, due 1969, would be issued.
Interest
would be graduated from 2>Yi% the first three years, 4% the next
years; 4M% the next five years, to 4^% for the remaining years
bonds.
At any time when the city has $25,000 in excess or one
interest requirements, tenders of bonds will be sought.
of the
COUNTY (P. O. Lebanon), Tenn.—BOND SALE DE¬
now reported by E. O. Dodson, Clerk of the County Court,
school bonds purchased jointly by the Harris Trust &
Savings Bank of Chicago, anl Nunn, Shwab & Co. of Nashville, as 23Aa, at
par, as noted here recently—V. 143, p. 3359—are dated Nov. 1, 1936, and
mature on Nov. 1 as follows: $3,000, 1937 and 1938; $4,000, 1939 to 1943;
$5,000. 1944 to 1950; $6,000, 1951 to 1953; $7,000, 1954 to 1956; $8,000,
1957 to 1959, and $10,000, 1960 and 1961.
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
TEXAS
FIRST SECURITY TRUST CO.
WILSON
TAILS—It is
that
OFFERINGS
the $144,000
WANTED
MUNICIPALS
SALT LAKE CITY
BAY CITY, Texas—BOND ELECTION—An election will be held on
Dec. 1 to vote on the issuance of $225,000 in light and power plant bonds,
Phone Wasatch
Bell Teletype: 8L K-37
2221
according to report.
BEAUMONT, Texas—BOND CALL—The city is said to
on Dec. 1, on which
payment at par and accrued interest,
shall cease, the following bonds:
be calling for
have
SCHOOL DISTRICT (P. O. Panguitch),
U ah—BOND SALE CONTRACT—We are informed by J. A. Hogle &
Co. of Salt Lake City, that they have entered into a contract with the offi¬
cials of the above district to purchase the 4 A % school building bonds that
are optional on Jan. 1, 1937.
COUNTY
GARFIELD
y 1
DISTRICT NO. 1-A (P. O. Linden), Texas
Nov. 6 the voters are said to
approved the issuance of $100,000 in road bonds.
CASS COUNTY ROAD
—BONDS
UTAH
date interest
$12,000 4% school bonds, issued in 1902.
8,000 4% city hall bonds, issued in 1902.
5,000 5% abbatoir bonds, issued in 1911.
VOTED—At an election held on
CLEBURNE, Texas—BONDS
PUBLICLY OFFERED—A $40,000 issue
.
bonds is being offered by
investment. Denom.
$1,000. Dated Nov. 1, 1936. Due from Aug. 1, 1940 to 1944 incl.
Prin.
and int. (F. & A.) payable at the office of the City Treasurer in Cleburne.
Legality approved by the Attorney General of the State and by Clay, Dillon
of 4H 7o waterworks, sewer and school refunding
Rauscher. Pierce & Co. of San Antonio, for general
& Vandewater. of New
$15,000.00
NORFOLK, Va., Water 5s,
Due August
1, 1969 @ 3.16% basis
York City.
F. W. CRAIGIE
COUNTS LEVEE DISTRICT (P. O. Dallas),
SUITS FILEu—As a result of the failure of
property owners of the above district to pay their taxes during the past
three years, it is said that the delinquencies total more than $3,000,000.
Bondholders of the District are reported to have filed suits to collect the
DALLAS CITY AND
Tex.—BOND PAYMENT
& COMPANY
Richmond, Va.
A. T. T. Tel. RIeh.
Phone S-9187
Va. •$
amounts due.
on
FAIRFIELD, Texas—BOND ELECTION—An election will be
Nov. 30, it is said, to vote on the issuance of $80,000 in 4% light
bonds, maturing in 20 years.
held
plant
revenue
FORT STOCKTON INDEPENDENT SCHOOL DISTRICT, Tex.—
SALE—The district has sold an issue of $40,000
refunding
3^%
BOND
bonds to II. C. Burt & Co.
of Houston.
to the District
Texas—
according
Secretary.
HIGHLAND
RURAL
SCHOOL DISTRICT NO. 8
HARRIS COUNTY (P. O.
(P. O.
by the County Super¬
last July by the State
Houston) Texas—BOND SALE DETAILS—
sale of the $200,000 3% road bonds to the County
Sinking Fund, reported in these columns recently—V. 113, p. 3193—the
County Auditor states that the bonds are described as follows:
Denom.
$1,000. Dated Dec. 10. 1936. Due $40,000 annually for five years. Prin.
and int. (J. & D.) payable in Houston. Legality approved by Clay, Dillon
6 Vandewater, of New York.
In connection witn the
(P. O. Edinburgh Texas—REPORT ON RE¬
CONTROL BONuS— Refunding of $1,421,000
Hidalgo County flood control bonds practically has been completed, accord¬
ing to C. K. Leslie, County Auditor.
The transaction means a saving of
approximately $441,033 in interest of taxpayers, it was stated.
The 1934
series will be refunded and exchanged for the 1936 series of water improve¬
ment refunding bonds.
The interest rate of 6% on the old bonds will be
reduced to 4% for the first six years, 5% on the next six year, 5H% for
the next 10 years, and 6% for the last year.
The commissioners court of Hidalgo County has reversed its recent stand
of refusing to raise the tax rates of road districts and at a recent meeting
It took action to raise the district tax rates.
Tnese increases range from
7 cents per $100 assessed property valuation to 93 cents per $100 assessed
HIDALGO COUNTY
OF FLOOD
FUNDING
valuation.
The commissioners, however,
still must appear before the Federal Court
in Houston to face the charges, brought after they had previously refused
to rise the taxes to a point sufficient to take care of the interest and principal
payments to the holders of the road district bonds.
PLAIN VIEW,
Texas—LITIGATION
TERMINATED ON PWA
ALLOTMENTS—It is reported that litigation between the city and the
Utilities Co. involving $523,000 of proposed loans and grants of
the Public Works Administration, now in the United States Supreme
Court as one of several applications opposed by utility companies, will
be terminated in accordance with an agreement reacned on Nov. 17.
Texas
POTTER COUNTY (P. O. Amarillo), Texas—BOND SALE CON¬
TRACT—The county is said to have entered into a contract with Under¬
wood, Edwards & Co. of Fort Worth for the refunding at lower interest
rates of the $276,000 5% court house and jail bonds mentioned in these
columns recently—V. 143, p. 3360.
Original bonds are dated Oct. 10,
1930, mature serially to 1960, becoming optional in 1940.
It is said
that bonds will be exchanged with the consent of the holders.
The new
bonds will be dated Dec. 1, 1936, and will mature on the same schedule
as did the old bonds.
RUSK
ROAD
COUNTY
DISTRICT NO. 1
(P. O. Henderson),
Texas—BOND ELECTION CANCELED—It is,reported that the Com¬
missioners' Court has canceled the election which was scheduled for Nov. 18
to vote on the issuance of $2,000,000 in road bonds, mentioned
recently—V. 143, p. 2726.
The county is said to have been advised
could be held invalid on several legal points.
It is under¬
in order
here
that the election
stood that a new
election will be called soon.
T®xa*—BOND OFFERING—Sealed bids will be
Dec. 17, by James Simpson, City Clerk, for the
of bonds, aggregating $325,000, divided as follows:
$100,000 fire station building; $60,000 police and fire alarm station; $12,000
health building; $30,000 Stinson airport; $30,000 bridge construction;
$45,000 street improvement, and $48,000 sewer construction bonds,
interest rate is not to exceed 4%, payable semi-annually.
Denom. $1,000.
Dated Jan. 1, 1937.
Due within 20 years, to be paid serially in yearly
SAN
ANTONIO,
received until 10 a. m. on
purchase of seven issues
.
Council
Nov. 24 to a group
Patterson, of
Price Bid
Bidder—
HIGH
Sweetwater), Tex.—BONDS SOLD—It is reported
intendent that $50,000 school bonds were purchased
Board of Education, as 4s at par.
/
coupon
sale on
composed of Brown Harriman & Co., Inc., Miller
Richmond, and the Burke & Herbert Bank & Trust Co.
of Alexandria, at a price of 107.159, a basis of about 2.51%.
Dated
Dec. 1, 1936.
Due from Dec. 1, 1937 to 1971 inclusive.
The following is an official list of the tenders received:
on
&
SCHOOL DISTRICT (P. O. Fulbright),
issue of building bonds has been sold,
FULBRIGHT
BONDS SOLD—An $10,000
VIRGINIA
ALEXANDRIA, Va .—BOND SALE—The $250,000 issue of 3%
semi-annual public improvement and funding bonds offered ror
Nov. 23—V. 143, p. 3194—was definitely awarded by the City
& Co., Inc.; Miller & Patterson-Burke and
Co
$267,897.50
Alex. Brown Sons, Baltimore
266,902.50
Stranahan, Harris & Co., Inc., Toledo
266,560.00
Estabrook & Co., New York, and F. W. Craigie & Co., Rich¬
mond (jointly)
265,097.50
First of Michigan Corp., and The Milwaukee Company
263,247.59
Mason-Hagan, Inc., Richmond, and Phelps, Fenn and Co.,
*
Brown Harriman
Herbert Bank & Trust
262,150.00
New York...
Halsey, Stuart & Co., Inc., New
F. S. Moseley & Co., New York;
York
Granbery, Safford & Co., New
York, and Brown, Goodwyn & Co., Washington, D. C
Lehman Brothers, and Hemphill, Noyes & Co., New York
Scott, Horner & Mason, Inc., Lynchburg, Va.; James H. Causey
& Co., New York, and Tne Weil, Roth & Irving Co., Cin—
Blyth & Co., Inc., The Richmond Corp., Richmond..
Graham, Parsons & Co., New York, and Frederick N. Nolting, Inc.,
Richmond
The Citizens
National Bank, Alexandria,
Baltimore
Va
Mercantile Trust Co.,
*
261,912.50
260,875.00
260,717.00
259,672.50
257,177.50
256,057.50
253,451.65
251,952.50
bid.
Successful
OFFERED FOR INVESTMENT—The successful bidders rebonds for general subscription priced to yield from 0.50
according to maturity.
These bonds are said to be full faith
credit obligations.
BONDS
offered the above
to
2 65%,
and
FRONT ROYAL, Va.—BOND SALE—The $100,000 issue of 4% coupon
semi-annual water works refunding bonds offered for sale on Nov. 23—
V. 143, p. 2566—was not awarded at that time, the bids being
consideration at an adjourned meeting on Nov. 25.
The highest
held for
bid
Frederick E. Nolting, In®.,
of Richmond.
Dec. 1, 1966.
SOUTH HILL, Va.—BOND SALE—The $51,000 issue of coupon
refunding bonds offered for sale on Nov. 20—V. 143, p. 3194—was awarded
jointly to the Citizens Bank of South Hill, and Miller & Patterson, of
Richmond, as 3Hs, paying a price of 103.05, a basis of about 3.28%, to
optional date.
Dated Nov. 1, 1936. Due on Nov. 1, 1966; callable on
received was an
Nov. 1,
1956.
The second
offer of 109.178, tendered by
Dated Dec. 1, 1936.
Due on
offer of 100.567 on 3Hb, submitted
Inc. of Richmond.
supersedes the sale notice given here recently—V. 143,
highest bid was an
by
Frederick E. Nolting,
(This report
p.
3360.).
REDEMPTION—Notice is being given
by the Board of Sinking Fund Commissioners of Virginia that the Com¬
monwealth will on Jan. 1, 1937. exercise the right to redeem and pay so
much of the $11,750,000 2-3% funded debt (Century bonds), issued under
Act of Assembly approved Feb. 20, 1892, dated July 1, 1891, interest
payable on Jan. and July 1, principal due July 1, 1991. Redeemable at any
time after July 1, 1906.
The holders of these bonds are asked to present
them for payment at the office of the State Treasurer is Richmond, on or
VIRGINIA, State of—BOND
to cease on that date.
appeared in these columns early in October—V. 143, p.
repeating it at this time as a matter of record to bond¬
before Jan. 1, interest
(This notice
2414—but we are
holders.)
WASHINGTON
ISSAQUAH, Wash.—BOND OFFERING—Minnie W. Schomber, Town
Clerk, informs us that an issue of $42,500 coupon water system bonds will be
offered for sale on or about Jan. 3.
Interest is not to exceed 5 %. Denom.
$500. Principal and semi-annual interest (June and December) payable at
3510
Financial Chronicle
GRIMSBY,
—
Oregon
—
Idaho
—
SPOKANE
SEATTLE
$1,500,000
Fawcett, City
QUEBEC (Province of)—DEBT BILLS PASSED—The upper house of
Provincial Legislature recently passed the measure
providing that
"every issue of bonds, debentures or debenture-stock, for industrial or
the
commercial purposes, must be limited to the
amount
value of the immovable
property
ZILLAH, Wash.—BOND
SALE—A $14,000 issue of water and
sewer
bonds is reported to have been
purchased on Nov. 23 as 4s, by
William P. Harper & Son Co. of Seattle.
revenue
guarantee the issue."
The bill, which was discussed in these
columns sometime ago, is entitled "An Act ot
Protect People's Savings and
Prevent Over-capitalization."
The bill, as introduced, did not state how
"real value" was to be
determined, nor provide for penalties for violation
of the Act. Two amendments to the bill
were inserted prior to its passage
and it is expected that numerous others will be
necessary.
DANE
COUNTY (P. O. Madison), Wis.—NOTE
OFFERING—It is
by Austin N. Johnson, County Clerk, that he will sell at
public
on Dec. 3, at 10 a.
m., a $300,000 issue of 1% corporate
purpose
notes.
Denoms. as designated by the purchaser and the
chairman and the
Au|dit Committee of the County Board.
Dated Dec. 1, 1936.
Interest
payable at maturity.
Due on Aug. 2, 1937.
Prin. and int. payable in
lawful money at the First National Bank of
Madison.
Notes and legal
opinion to be furnished by the purchaser. A certified check for
$1,000 must
accompany the bid.
INTEREST CUT APPROVED—It is further
reported that the legislature
a measure "to reduce
legal and judicial interest from 5%
3% within the Province." Prior to adoption of this bill the Legislature,
it is said, was advised tnat the
City of Quebec had a debt of $42,000,000,
stated
has sanctioned
auction
to
costing 5%, and that
Montreal.
QUEBEC,
ST.
will
be
K.
Watt,
new
city hall and police station bonds.
SAINT HYACINTHE, Que.—BOND SALE—The
$248,000 334% bonds
on Nov. 23—V. 143, p. 3194—were awarded to
the Bank of Montreal
price of 99.83, a basis of about 3.52%.
The total consists of:
offered
at a
$39,000 bonds, dated Aug.
1, 1934 and due serially
on
Aug. 1 from 1937
24,500 bonds, dated June 1, 1935 and due serially
received
on
Dec. 1 from 1937
to 1964 inclusive.
p. m. on Dec. 1 by E. H.
Stibby, City Clerk, for the purchase
$55,000 issue of 4% coupon grade and high school bonds.
Denom.
$500.
Dated Oct. 1, 1936.
Due as follows: $1,500, 1940 to
1943; $3,000,
1944 to 1946, and $4,000, 1947 to
1956; optional after five years.
Principal
and interest (A. &
O.) payable in Peshtigo.
A $500 certified check must
to 1965 inclusive.
84,500 bonds, dated Dec. 1, 1935 and due serially
to 1965 inclusive.
accompany the bid.
.
WYOMING
Ont.— BOND OFFERING—Stuart
to principal and semi-annual interest at the
Imperial Bank of Canada,
Toronto.
Denom. $1,000.
Bids must be for all of the bonds and payment
for and delivery of the obligations to be made at St.
Catherines.
a
SAUK CITY, Wis.—BOND
SALE—The $45,000 coupon or registered
sanitary sewer bonds offered on Nov. 24—V.
143, p. 3360—were awarded
to Harley, Haydon & Co. of
Madison on a bid of 101 for
2Ks, a basis of
about 2.10%.
The Milwaukee Co. bid 100.99.
Dated Dec. 1, 1936.
Due on March 1 as follows:
$2,000, 1938, 1939 and 1940; $5,000, 1941;
$6,000, 1942 to 1945; and $5,000 in 1946 and 1947.
au¬
Due serially in
f
Due serially in from 1 to 5 years.
All of the bonds will be dated Dec. 1, 1936.
Coupon bonds, payable as
Administration grant.;
bids
been
20,000 2% direct relief bonds.
$3,000,000 in high¬
Wis.—BOND OFFERING— Sealed
has
from 1 to 30 years.
17 by the County Supervisors.
1:30
CATHERINES,
$150,000 3)^%
were authorized
Nov. 10, as noted in these columns—
KENOSHA COUNTY (P. O.
Kenosha), Wis —BONDS AUTHORIZED
PESHTIGO,
DEFICIT—City
Commissioner of Finance, will receive sealed bids until 5
p. m. on Nov. 30,
for the purchase of $170,000 bonds, divided as follows:
Prin. and
—The County Supervisors are said to
have accepted a proposal to issue
$80,000 in highway bonds, to be used in connection
with a Public Works
of
FUND
sinking fund shall be established.
be
issue of $125,000
GRANT COUNTY (P. O.
Lancaster), Wis.—BOND ISSUANCE NOT
CONTEMPLATED—It is said that a proposal to issue
until
Que.—CITY TO
of
its deficit for the current fiscal year.
issue for which capital payment or
Interest rate is not to
Dated Dec. 1, 1936. Due on
way bonds was tabled on Nov.
a somewhat similar condition obtained in the case
thorized by the provincial Legislature to borrow
$650,000 in order to meet
The loan may be effected by bond
EAU CLAIRE COUNTY
(P. O. Eau Claire) Wis.—BOND OFFERING
CONTEMPLATED—We are informed by the County Clerk that bids
will
on
representing the real
existing and affected by the hypothec
given to
WISCONSIN
by the County Board of Supervisors
143, p. 3360.
;
LENNOX AND ADDINGTON (Counties
of), Ont.—BOND SALE—
An issue of $25,000 3H % bonds, due
$15,000 in 1939 and $10,000 in 1940,
has been sold at a price of par to the Dominion Bank
of Canada.
Treasurer,
Is said to have called for
payment on Nov. 15, the following bonds:
Nos. 4
to 12, of Local improvement district No.
1623; Nos. 300 to 321 of district
No. 4073, and Nos. 44 to 46, of district No. 4213.
V.
$124,100,000.
If unemployment relief expenditures are taken
into account the actual
deficit was in excess of $3,000,000.
This represents a sharp increase from
the year ended April 30, 1935, when the
deifict, inclusive of relief costs,
amounted to $2,100,000.
Relief costs in the 1935-36 fiscal period was
almost $1,000,000 higher than for the 11 months
ended March 31. 1935.
SEATTLE, Wash.—BOND CALL—H. L. Collier, City
Treasurer, is
reported to be calling for payment from Nov. 19 to Dec.
2, various local
improvement district bonds.
exceed 3%, payable J. & D.
Denom. $500.
Dec. 1 as follows: $8,000,1937 to
1946,(and $9,000, 1947 to 1951.
int. payable at the
County Treasurer's (office. These bonds
to
With revenue receipts at the
highest level in the history of the province a
surplus of $159,536 is reported on ordinary account,
compared with a
surplus of $191,275 in the previous year.
WASH INGTON
an
-
MANITOBA (Province of)—$2,200,000 INCREASE IN DEBT—Net
debt of Manitoba in the year ended April
30, 1936, increased by $2,00,000
$70,200,000, the public accounts show. Gross funded debt increased by
Issaquah.
Due serially on June 1 from 1939 to 1955;
redeemable at 105
during first five years, at 102 during next five years, and at
par thereafter.
Legal opinion by Shorett, Shorett & Taylor of Seattle.
received about the first of the
year for the purchase of
county court house, sanitarium and asylum bonds.
a
Co.,
Ltd.,
price of 100.25.
to
PORTLAND
V.
% bonds at
1936
&
to borrow $181,500 for municipal
public works and local improvement
programme to be carried out during the winter and spring months.
Teletype—SEAT 191 Teletype—PTLD ORE 100
TACOMA, Wash.—BONDS CALLED—O.
Robertson
HULL, Que.—LOAN AUTHORIZED—City Council has been authorized
Montana
Ferris & Hardgrove
Teletype—SPO 170
SALE—Isard,
London, have purchased an issue of $8,660 4
Due serially on Nov. 2 from 1937 to 1941 incl.
NORTHWESTERN MUNICIPALS
Washington
Nov. 28,
Ont.—BOND
ST. JEROME,
on
Dec. 1 from 1937
on
Sept. 1 from 1937
'J
100,000 bonds, dated Sept. 1, 1936 and due serially
;
to 1966 inclusive.
Que.—BOND SALE—The issue 8f $17,000
bonds offered
Nov. 23—V. 143, p. 3194—was awarded to the
Banque Canadienne
Nationale of Montreal as 3Mjs, at a price of 99.76, a basis of about
3.55%.
Dated June 1, 1936 and due serially on Dec. 1 from 1937 to
1945 inclusive.
on
ST. JOSEPH d'ALMA, Que.—BACK INTEREST PAID—The
parish
which is under the supervision of the Quebec
Municipal Commission, has
been authorized to pay interest coupons of June and
December, 1933, and
June, 1934.
On water works bonds, coupons of May; 1933, are
being paid;
CARBON COUNTY
(P. O. Rawlins), Wyo.—BOND SALE DETAILS
—It is stated by the
County Clerk that the $30,000 hospital bonds pur¬
chased jointly by the Rawlins National
Bank, and the First National Bank
of Rawlins, as noted here
recently—V. 143, p. 3194—were sold as 3Hs,
paying a premium of $450, equal to 101.50, a basis of
about 3.32%.
Due
in 20 years, optional in
10 years after date of issuance.
ST.
LAMBERT, Que.—TO PAY MAY 1 BOND INTEREST—Acting
Municipal Commission, the Board of Aldermen
the suggestion of the
on
recently voted to borro
which
was
defaulted
$76,484 from the bank in order to pay bond interest
May 1, 1936. Payment to bondholders is expected
v
on
to be made about Dec.
1.
SWANSEA, Ont.—BOND SALE—Harrison
at
to
Canadian Municipals
inclusive.
BRAWLEY, CATHERS & CO.
KING
ST. WEST,
TORONTO
ELGIN
6438
TORONTO HARBOUR COMMISSIONERS (P.
—BOND CALL—It is announced that the Board of
suant
CANADA
ALBERTA
(Province of)—DEBT INCREASE OF
$7,472,301 RE¬
PORTED—The public accounts of Alberta for the
year ended March 31,
1936, show a cash dificit on ordinary account of
$1,650,792, according to
report.
This represents a reduction of about
$400,000 from the previous
year when the deficit amounted to
$2,081,760.
During the period covered
by the report the United Farmers of Alberta held office for
five months and
the Social Credit Government seven
months.
The net debt of the
Province, it is said, increased during the year
by
$7,472,301 to $158,081,350.
The increase in the net debt is
accounted for
by the deficit and special expenditures such as
unemployment relief.
Borrowings of the Province from the Dominion
Government jumped
$8,814,000 to a total of $25,217,750.
This figure is included in the net debt.
Increased taxes and reductions in
bond interest provided for
by the
budget for the current fiscal year are expected to
yield a surplus on ordinary
account of
$1,731,889.
No steps
toward establishment of Social Credit
were taken during the
thus any financial effects are not
shown.
The effect of the
reduction in interest and other economic
policies of the Government put
into effect this year will only be shown when
the financial statement for the
year ending March 31, 1937, is made available.
year
and
EAST YORK
TOWNSHIP, Ont.—SEEKS REDUCTION IN CAPITAL
DEBT—The Finance Committee
recently submitted to council a report
a reduction in the township's capital
debt.
requesting
The committee drafted 12 schedules
showing particulars
annual capital payments and total interest
payments.
The ommittee pointed out that the fiscal
agents desired
the principal being $6,203,280 for a term of
35
or
an
annual
concerning
Schedule
years with interest at
No. 5,
3.12%
payment of $297,616, making the total interest and
principal
payable $10,416,560.
Council favored Schedule 10, with the
principal
amount one-third less, or
$4,135,520 for the same number of years, with
interest at 3%, making the annual
payment $192,464, bringing the total
interest and principal payable to
$6,736,240.
Schedule Adopted
The following recommendations were adopted
by Council:
1.
That it
would not accept the report of the fiscal
agents.
2. It would not pay any¬
thing beyond the original commitment.
3.
It would not accept the basis
contained in Schedules 1-5 of the financial committee's
report.
4. That
the Hydro Commission pay interest at 3%.
5.
That first instalment on
capital debt be paid in 1938.
6. That Schedule No. 10 of the
report be
adopted.
7.
That a review be made three years hence.
8.
That provi¬
sion be made for the expansion of township services.
'
,•
TISDALE TOWNSHIP, Ont.—BOND SALE—W. L. McKinnon &
Co.; McLeod, Young, Weir & Co. and Drapper Dobie & Co., all of Toronto,
recently purchased an issue of $80,000 5% water works and sewerage bonds,
due serially from 1937 to 1951, incl.
This issue is in addition to that of
$150,000 which was awarded to a larger group on Oct. 26.
Information and Markets
25
& Co. of Toronto purchased
price of 102 an issue of $117,680 4)4 % bonds, due on Dec. 1 from 1937
1948, incl., and $24,545AM % bonds, due on Dec. 20 from 1937 to 1962,
a
to the terms of the trust
O. Toronto), Ont.
Commissioners, pur¬
deeds, has elected to redeem on March 1,
1937, at a price of 105 and accrued interest to that date, all of the bonds
then outstanding (except those
previously called and not yet presented
for redemption for sinking fund
purposes), of the issue of 4)4s, secured by
trust deed dated Sept. 1, 1913, in favor of National Trust
Co., Ltd. and
the Toronto General Trusts Corp., as trustees.
The bonds, with all
interest coupons due subsequent to March 1, 1937 attached to
the instru¬
ments, will be redeemed at any of the places optional to the holder.
These
§laces areGuaranty Trust Co., New York (successor of National Bank of
'oronto; as follows: Principal office or agency <of the Bank of Toronto in
Commerce in New York City); or at the Midland
Bank, Ltd., the successor
of the London City and Midland Bank,
Ltd., London England.
NEW ISSUE OF BONDS FOR EXCHANGE— Simultaneous
with the
above call notice, the Board of Commissioners announces
as
It is the present intention to make
Harbour
a
new
follows:
issue of bonds of the Toronto
Commissioners,
guaranteed by the
City of Toronto, dated
1, 1937 and maturing not later than Sept. 1, 1953.
Particulars of
such proposed new issue of bonds and the terms on whih
bonds now
March
being
called for redemption on March 1, 1937,
may be exchanged for bonds of the
proposed new issue may be obtained on or about Jan. 15,
1937, by com¬
municating with any one of the following:
1.
2.
3.
The Toronto Harbour
Commissioners, Toronto, Canada.
Guaranty Trust Co. of New York, N. Y., U. S. A.
Midland Bank, Ltd., London, England.
VANCOUVER, B. C.—REPORTS
—The
INCREASE IN TAX COLLECTIONS
city reports that collections of
current taxes
during the first 10
$8,151,511, or 80.47% of the total levy of $10,129,277.
This year's budget estimated that only 80% would be collected
for the full year." Current collections for 1935
to
Oct. 31 aggregated
$8,701,228, or 78.65% of the total levy of $11,063,690.
Collection
of
arrears shows a marked increase, with
$2,278,701 received out of $8,327,140
outstanding at Jan. 1.
This compares with $1,648,390 received at Oct.
31,
1935, out of $7,869,643 outstanding.
Receipts of current taxes and arrears so far this year, aside from $109,582
paid in the first two days of November, amounted to
$10,430,213, compared
with $10,349,619 for the first 10 months of
1935.
Receipts from license
fees have also showed slight improvement.
months
of
1936
totaled
.
WINDSOR,
Ont.—TAX COLLECTIONS EXCEED YEAR'S ESTI¬
MATE—Tax collections during the first 10 months of 1936 were in excess
of the amount anticipated for the entire
year.
The 1936 budget was based
ou an anticipated collection of
75% of the current levy.
Collections to
Oct. 31 amounted to 75.23%.
Collection of the additional levy for relief
is progressing, with 64.33% paid.
Collections of arrears have also shown
improvement.
Collections of the original levy total
supplementary levy $237,670 and of
$2,910,936, of the
arrears
$849,137.
@FedFRASER